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Govt hikes petrol price by Rs 4/l, diesel by Rs 2/lThe government has hiked prices of petrol and diesel prices by Rs 4 per litre and Rs 2 per litre respectively. The government however decided to leave prices of kerosene and liquefied petroleum gas (LPG) untouched. The hike comes into effect from midnight.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 6:32 pm Cement cos\' June sales nos see good growthCement companies have announced their numbers for the month of June, 2009. Jaiprakash Associates sold 8.04 lakh tonnes in the month of June, which increased 29% on yearonyear basis.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 5:01 pm June utility vehicle sales grew despite fall in mkt: MMMahindra Mahindra saw a total sales growth of about 24% for the month of June, Rajesh Jejurikar, the companys Chief Operations (Automotive Sector), told CNBCTV18 in an exclusive interview. Jejurikar said sales utilitySource: Moneycontrol Top Headlines | 1 Jul 2009 | 4:17 pm Maruti Suzuki June sales up at 75,109 unitsAuto companies have announced its June 09 sales number. Maruti Suzuki India June sales were up at 75,109 units versus 61,247 units, YoY. The companys Q1 sales were up 17.5% at 2.27 lakh units versus 1.93 lakh units, YoY.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 2:51 pm Indian Bank reduces prime lending rate by 50 bps to 12%State-run lender Indian Bank has reduced its prime lending rate by 50 basis points to 125 with effect from Wednesday.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 2:41 pm Maruti sales jump 23% in JuneThe country's largest car maker, Maruti Suzuki India Ltd, on Wednesday reported a 22.63 per cent jump in its sales at 75,109 units in June against 61,247 units in the same month last year.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 2:39 pm Will use QIP proceeds to invest in BOT projects: HCCHindustan Construction Company has successfully raised Rs 480 crore by selling 4.7 core shares through a qualified institutional placement. Praveen Sood, CFO, HCC, said the QIP funds will be used to invest in buildoperatetransfer (BOT) projects and deleverage balance sheets.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 2:37 pm Inflation to average 5% in FY'10: AssochamInflation may have turned negative, but will start rising after three months to average 5% this fiscal as monetary and fiscal policies firm up prices, a study by Assocham said.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 2:31 pm Retailers protest Maharashtra's VAT hike on mobile phones - Moneycontrol.com
Source: Business - Google News | 1 Jul 2009 | 2:21 pm Petrol price hiked by Rs 4/litre, diesel by Rs 2/litreThe government, however, decided against the decontrol of petrol and diesel prices, while leaving LPG and Kerosene prices unchanged.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 2:16 pm SpiceJet eyes break-even in FY 10, rules out fare hikeSpice Jet may also commence international operations in 2010 as it would qualify eligible to fly overseas, Sridharan said.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 2:03 pm PPT awards construction of iron ore terminal to BWIOTPL - Economic Times
Source: Business - Google News | 1 Jul 2009 | 1:51 pm Shinsei AMC plans to launch third equity fund - Hindu Business Line
Source: Business - Google News | 1 Jul 2009 | 1:45 pm INSTANT VIEW - Govt raises retail fuel pricesNEW DELHI (Reuters) - The government has raised the price of petrol by 10 percent and diesel by about 6.5 percent, the first increase in a year, Oil Minister Murli Deora said on Wednesday.Source: Reuters: Money News | 1 Jul 2009 | 1:45 pm Govt raises fuel prices for first time in a yearNEW DELHI (Reuters) - The government unexpectedly raised gasoline and diesel prices by as much as 10 percent on Wednesday, its first increase this year, passing some of oil's rally into an economy just beginning to find its feet amid a global recession.Source: Reuters: Money News | 1 Jul 2009 | 1:41 pm SBI Life pips ICICI Pru to become largest private life insurer - Economic Times
Source: Business - Google News | 1 Jul 2009 | 1:37 pm Shree Renuka to buy Brazilian sugar co for $100mn: SourcesShree Renuka Sugars is looking to buy a Brazilian sugar company for USD 100 million, reports CNBCTV18s Varinder Bansal, quoting sources. Shree Renuka had recently raised the same amount via a qualified institutional placement and sources say the amount would be used to fund the acquisition.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 1:27 pm Govt hikes petrol prices by Rs 4; diesel up Rs 2Days before presenting the Budget, the government hiked petrol and diesel prices while leaving LPG and kerosene prices unchanged.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 1:25 pm Petrol dearer by Rs4, diesel Rs2The UPA government on Wednesday increased the prices of petrol and diesel by Rs4 and Rs2 per litre respectively, which would be effective from midnight tonight. However, the prices of LPG and kerosene remain unchanged. The decision months after coming of the UPA government in power comes at a time when the current international crude oil prices were hovering around $70.29 per barrel. Even after the price rise, the total under recovery to be borne by oil marketing companies such as India Oil Corp., Bharat Petroleum and Hindustan Petroleum, will be around Rs70,000 crores for the current financial year, provided the crude oil prices remain at the same level. Of the total amount under recovery, Rs40,000 crore alone is on account of kerosene and LPG. Source: Home - Livemint.com | 1 Jul 2009 | 1:25 pm Arvind ends license pact with US-based HartmarxMUMBAI (Reuters) - Textiles firm Arvind Ltd said on Wednesday it terminated its business agreement with US-based Hartmarx Corp with whom it had a licensing pact for three brands.Source: Reuters: Money News | 1 Jul 2009 | 1:18 pm Govt hikes petrol prices by Rs 4/ltr, diesel by Rs 2/ltr - Economic Times
Source: Business - Google News | 1 Jul 2009 | 1:18 pm ANALYSIS - Wall St's fear gauge suggests the worst is overNEW YORK (Reuters) - Growing confidence that the U.S. economy is putting the worst recession in decades behind it has pushed the index known as Wall Street's fear gauge to its lowest level since just before Lehman Brothers collapsed last September.Source: Reuters: Money News | 1 Jul 2009 | 1:17 pm Govt may hike petrol prices by Rs 5Sources said petroleum minister Murli Deora is believed to have discussed the necessity of raising fuel prices with party leaders and he may have also sounded PM Manmohan Singh.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 12:52 pm India guar futures fall on Rajasthan rains - Reuters India
Source: Business - Google News | 1 Jul 2009 | 12:50 pm US lending rates could stay near zero for yrs!US benchmark lending rates could stay near zero for a couple of years based on the amount of slack now in the economy.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm No entry fee on mutual funds from Aug 1: SEBI!Indian mutual funds can not levy any entry charge for investments from August 1, the Securities and Exchange Board of India said in a note late on Tuesday.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Oil rises above USD 70 as US crude inventories drop!Oil rebounded in Asian trade after falling overnight on figures showing declining consumer confidence in US.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Unitech to raise Rs 2,789 cr through QIP!Real estate firm Unitech has said it will raise over Rs 2,789 crore through private placement of shares to institutional investors at Rs 81 a piece.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm GM`s CEO grilled at court over co`s sale!GM CEO Fritz Henderson on Tuesday defended the automaker`s plan to sell bulk of its assets to a new co and quickly emerge from bankruptcy protection.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Maruti Suzuki sales up 22.6% in June !Passenger car market leader Maruti Suzuki Wednesday reported a 22.6 percent surge in its sales in June, compared to the same month a year ago.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Manufacturing growth slows from 8 month peak: PMI!Manufacturing activity in India slowed slightly in June but still expanded for a 3rd straight month, a survey showed.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Exports dip by 29% in May, imports down 39%!India`s exports and imports have declined by 29.2% and 39.2% respectively due to the slowdown.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Poor rains in next 3 wks could affect farm GDP growth!Poor rainfall in rain-dependent central and southern India in next 3 weeks could affect agricultural GDP growth in coming season.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Fare revision likely in Mamata`s Railway Budget!Nominal passenger fare revision, incentives on freight transport and enhanced funding for security are likely to be the highlights of the Railway Budget.Source: Zee News : Business | 1 Jul 2009 | 12:44 pm Commodity players seek reforms, market depthMumbai: Indian commodity futures traders are seeking permission for foreign funds and banks to invest in the market and more powers to the regulator to boost trade and protect investors, industry players said. India’s six-year old commodity futures market which traded worth Rs52.49 trillion in 2008-09, doesn’t allow banks, mutual fund and foreign institutional investors, unlike equity and debt markets. “On participation side we need participation from banks, mutual fund and foreign institutional investors,” said Dilip Bhatia, director, Kotak Commodity Services Ltd. “I expect some amendment in the Banking Regulation Act, where the commodities could be a permissible activity under section 6,” he added. More funds into the market and investor-driven activity will help curb speculation, and improve price discovery, traders say. “This will ensure better depth and diverse participation... foreign investors and banks have immense interest in commodity trading ..they already hold stakes in many exchanges,” said a senior official with a commodity exchange. Biggest bourse Multi-Commodity Exchange (MCX), part-owned by Fid Fund (Mauritius) Ltd. — an affiliate of Fidelity International — and NYSE Euronext, while rival National Commodity and Derivatives Exchange (NCDEX) is part-owned by Goldman Sachs. According to the Futures Industry Association, MCX, NCDEX are ranked 22nd and 34th respectively among top derivatives exchanges in the world. Industry players are also hoping that proposed trade curb in the form of commodity transaction tax (CTT), in last year’s budget, may be repealed. Regulator Forwards Markets Commission has appealed against it, an official said. Former finance minister P. Chidambaram, in the 2008-09 budget proposed to introduce a transaction tax for commodities futures trades, called the CTT, similar to a securities transaction tax levied on equity trades. He had proposed a CTT to the extent of 0.017% payable by sellers on any sale transaction in futures and options, while the buyer will pay 0.125% for any sale transaction in options. At present a 0.125% tax is levied on all transactions of securities traded on stock exchanges and for derivatives, STT stands at 0.017%. Industry participants also hope the Forward Contracts (Regulation) Amendment Bill 2006, which strengthens the regulator’s powers may be considered in the budget session. It has provisions for strengthening the regulator and introducing options trading. Analysts said a strong regulator on the lines of the Securities and Exchange Board of India, which regulates India’s equity markets, is required to facilitate banks and foreign funds participation in the commodity futures trade. Another expectation among commodity traders are measures to strengthen the spot market to facilitate futures trade. “The future market without a strong underlying spot is bound to attract speculation... Agricultural Produce Marketing Committee Act should go in an orderly manner,” Sudip Bandyopadhyay, managing director of Reliance Money, a unit of Reliance Capital. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 12:44 pm Sensex bounces back, ends up 151pts - Business Standard
Source: Business - Google News | 1 Jul 2009 | 12:27 pm Iraq approves BP oil deal, rejects other bidsBAGHDAD (Reuters) - Iraq on Wednesday approved a contract for BP Plc and China's CNPC to develop its massive Rumaila oilfield but rejected other bids for deals it had hoped would revive its struggling oil and gas sector.Source: Reuters: Money News | 1 Jul 2009 | 12:25 pm Rupee climbs as shares gain, but oil weighsThe rupee erased early losses and climbed on Wednesday after the stock market nosed higher, while a weakening of the dollar against major currencies also helped.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 12:25 pm Govt examining Shipping Corp stake sale, shares upNEW DELHI (Reuters) - India is looking at reviving an up to 15 percent stake sale plan in state-run Shipping Corp of India, a minister said on Wednesday, sending its shares up more than 7 percent.Source: Reuters: Money News | 1 Jul 2009 | 12:19 pm Govt reviewing Shipping Corp stake sale, shares riseNew Delhi: India is looking at reviving an up to 15% stake sale plan in state-run Shipping Corporation of India (SCI), a minister said on Wednesday, sending its shares up more than 7%. The government had planned to sell the holding in the country’s largest shipping company in 2005, but the move was shelved on strong opposition from its then communist allies and the company’s employees. Asset sale plans have been revived after the ruling coalition rode to power for a second five-year term in May, without the support of the communists. The government also needs money to lower its bloated fiscal deficit. “We are examining it in the ministry. Now we have to go into the details of the subject,” shipping minister GK Vasan told reporters, when asked whether government would revive its earlier proposal of selling 15%. He declined to give a time frame, saying: “ Ministry is waiting for the right economic climate.” Finance minister Pranab Mukherjee is expected to outline a roadmap for selling stakes in the state companies in his budget on Monday. Shares in Shipping Corp, valued at more than $1 billion, jumped 7.3% to Rs133.70, outperforming the broader market that gained 1%. The government owns more than 80% of the firm and the remainder is held by the public. Shipping Corporation reported net profit of Rs9.4 billion ($196 million) for the year ended March on sales of 41.67 billion. The company, which owns 83 ships, is in the process of adding another 32, Vasan said. “We have to improve the financial health of the Shipping Corporation this year. We have funds to do it,” he said, without elaborating. Vasan also said the government was considering listing state-owned Cochin Shipyard through an initial public offer. The company had last year submitted a proposal to the government to be allowed for an IPO. “All these things are on agenda in the ministry,” Vasan said. The authorities have named National Hydroelectric Power Corp, Oil India Ltd, Coal India Ltd, telecom firm BSNL and national carrier Air India as candidates for divestments. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 12:17 pm Kapil Sibal asks IITs to expand into areas of medicine, lawNew Delhi: Seeking to take forward reforms in education, HRD minister Kapil Sibal on Wednesdat asked the IITs to expand into new areas like medicine and law and evolve a framework in this regard. Interacting with the IIT directors in Delhi, Sibal said that the institutes need to explore the possibility of having multiple campuses, good connectivity and courses with multi-disciplinary approach. “You need to prepare a framework on how to achieve expansion, inclusiveness and excellence. IITs are good because you get the best students, not necessarily you give them the best. What you need is to give them the best,” he said at a meeting at the IIT in Delhi. He also said the IITs should go beyond the fixed boundaries. “There should be multifarious disciplines in IITs — school of medicine, law, social science and even literature. What I want is innovation. Why cannot the 14 IITs become 14 universities with innovation,” he said. Sibal’s remarks assume significance in view of a government-appointed committee suggesting for starting multi-disciplinary approach in the IIT system. The committee on renovation and rejuvenation has favoured the idea of making IITs universities and allow them to start courses in various disciplines. Sibal also emphasised on more interaction with the industry and provide technology solution for the growth of the economy. Nearly 52% of the GDP in the country is generated from service sector while 30% comes from manufacturing and the balance from agriculture. “Impact of science and technology is crucial for all these sectors. The country will have a surplus 47 million students by 2020. They need to be absorbed in India and outside. IITs need to be the leaders of knowledge economy with creation intellectual property,” he said. Emphasising on expansion, Sibal asked the IITs explore the possibility to open more campuses with better connectivity. He appreciated the efforts of IIT Kanpur to open a branch in Noida. As enrollment of girl students remain abysmal in IITs, he asked the directors to find ways how more women could be encouraged to pursue education in these institutions. At present, girls constitute 10% of IIT students. “You prepare the framework on all these issues. ministry will consider that and come up with a concrete policy to help you,” he said. Sibal lamented over India lagging behind in research. While about 50,000 people are doing Ph.D in China per year, the number is about 5,000 in India. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 12:12 pm Full exports recovery in 2010: Moody's - Hindu Business Line
Source: Business - Google News | 1 Jul 2009 | 12:10 pm Power Finance to sell 3-yr bondsMumbai: Power Finance Corp. plans to sell at least Rs1.5 billion of bonds, a company official and another individual familiar with the development said on Wednesday. The company plans to sell three-year bonds carrying a coupon rate of 7.2%, they added. Power Finance also plans to enter into an integrated swap to hedge interest rate risk on the bonds. Companies use an integrated swap to take the rates lower as the swap makes the liability floating for the borrower. They invite separate bids for swaps, and complete a transaction where the counterparty pays the company the rate on the bond, and the company would pay the benchmark rate plus the spread. “We have decided on an integrated swap. We have invited bids for spread over one-year and only after the bids have been evaluated will we open the bond sale,” the company source said. Market sources say the issue is likely to open and close on Monday. The company plans to raise Rs230 billion via bonds and structured deals in fiscal 2009-10. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 12:10 pm Network18 Media FY09 net loss at Rs181.87 crMumbai: Media firm, Network18 Media & Investments on Wednesday reported a consolidated net loss of Rs181.87 crore for the year ended 31 March, 2009. The company had a net profit of Rs4.52 crore for the year ended March 2008, Network18 Media & Investments said in a statement. The company’s revenue rose to Rs1,032.66 crore for the year ended March 2009, against Rs568.40 crore in the same period last year, the release added. “The money being raised at the corporate level shall be used to invest in operations needing growth capital and significantly de-leverage balance sheets of other group companies,” Network18’s, managing director, Raghav Bahl said. Shares of Network18 Media on Wednesday settled at Rs111.10 on the BSE, down 5.16% from the previous days’ close. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 11:59 am China first investor in post-LTTE Sri LankaColombo: Sri Lanka has granted China an exclusive economic zone in its first post-war effort to attract more investment from Asia’s largest economy, the country’s investment promotion agency said on Wednesday. Hong Kong-based conglomerate Huichen Investment Holdings Ltd. will invest $28 million to develop the zone located in Mirigama, which is 55 km (34 miles) from the main port in the capital Colombo and 40 km from the international airport. “The Chinese company will establish, develop, and market the new special economic zone,” A.M.C. Kulasekera, BOI deputy director general, said in a statement. China has long had ties with Sri Lanka and was a steadfast ally in the last stage of a 25-year war with the Tamil Tigers, using diplomatic heft at the United Nations to keep a Western-led move to impose a truce off the Security Council agenda. It also sold weapons to the government as it built up its armed forces to defeat the separatist rebels. China’s deepening ties with Colombo have led to growing concern in India which fears it is part of Beijing’s policy of strategic encirclement by building close relations with all its neighbours. Sri Lanka declared total victory on 18 May in a war that has been a drag on its $40 billion economy for decades. It is expecting foreign direct investment this year to surpass the record $889 million seen in 2008. Already, Chinese firms have built or are building similar turnkey investment zones in African countries, including Ethiopia and Zambia, to house manufacturing and other businesses, besides their mainstay mineral and resource extraction firms. Huichen has interests in coal, metal and gem mining mostly in Mongolia and Africa, and also in manufacturing of agricultural machinery, buses, cars and motorcycles, according to its English-language web site. It also sells finished gemstones, and is preparing to add Sri Lankan sapphire and opal to its offerings, the web site said. Already, China’s government and Chinese firms are taking part in two major projects, building the Hambantota port in southern Sri Lanka and the financing of a coal-fired electricity plant. To build the second and third phases of the 900 megawatt coal-fired Norochcholai power plant, China offered an $891 million loan with a tenure of 20 years at 2%, state media reported this week. China’s Exim bank also gave $360 million to finance the first phase of the Hambantota port, in which Chinese firms are building the harbour and fuel oil bunkering terminals to service ships plying the busy sea lanes at the Indian Ocean island’s south. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 11:57 am Irda bars insurers from investment in IDRsNew Delhi: Insurance regulator Insurance Regulatory and Development Authority (Irda) on Wednesday prohibited insurance companies from investing in Indian Depository Receipts (IDRs), the instruments through which foreign companies raise funds from the Indian equity market. Insurers said the Irda move would not affect them much, but stock analysts said the decision would diminish the attractiveness of the IDR market. “On examination of the features of IDR, it is observed that an investment in an IDR by any insurer would amount to an indirect investment made outside the country and would not be in compliance with section 27 C of Insurance Act,” Irda said in a circular. Section 27 C of the Act bars investment of insurance funds outside India. “In view of the extent statutory restrictions on overseas investments, it would not be in order for insurers to invest in Indian depository receipts,” the insurance regulator said. Through IDR, foreign companies mobilize funds from the Indian markets by offering their equity shares, in the form of rupee denominated depository receipts. I Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 11:57 am Live chat with Udayan Mukherjee: Login nowMoneycontrol is conducting a live chat with CNBCTV18 Managing Editor Udayan Mukherjee right now. He will be chatting about what the market can expect from the Budget.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 11:55 am Realty sector awaits demand spurMumbai: India’s real estate sector wants larger tax breaks for new homes, especially for the largely untapped, middle-income and cheaper projects, to spur sales. The housing sector, the largest revenue contributor by far for real estate developers in India, has been hit by slumping sales and falling unit prices as the country’s growth began to slow amidst the credit crunch. “The distress is more locally generated and more to do with property prices,” Raja Kaushal, executive director and chief operating officer of BNP Paribas Real Estate India. Duplicate service taxes need to be brought down for developers, while transaction costs need to come down for home buyers, he said. Real estate companies such as India’s largest listed real estate developer DLF Ltd , Tata Housing, Puravankara Projects and Unitech have rushed to launch middle or low-income housing projects to drive cash flows amidst the liquidity crunch. The government needs to initiate public-private partnership in low income housing by providing land banks, available with the government, to the developers, Maharashtra Chamber of Housing Industry said in a note. It also wants the bracket for priority lending for houses increased to up to Rs3 million from Rs2 million. “We don’t need to generate demand, it just needs to come at the right prices,” Kaushal said. Lending Mortgage lenders want an increase in the bracket for tax concessions on housing loans to Rs250,000. Tax payers now get a relief of up to Rs150,000 for interest payments. Analysts say that this will help spur demand and benefit buyers as well as help boost sales for the industry. A separate tax relief for capital repayment should be provided for, RR Nair, chief executive, LIC Housing Finance, said. Besides the relief to consumers, the government needs to increase the tax exemption limit to mortgage lenders. Kapil Wadhawan, managing director of Dewan Housing Finance, said the exemption limit for a tax free reserve should be raised to 40% of the pre tax profits or revenue. The exemption was slashed to 20% 2 years ago. “I think one way (to) actually pass on the benefits to the customers is to reduce the base of interest instead of tinkering too much with individual tax slabs,” he said. However, demands on exemptions may not be answered, analysts point out. “Their margins are fairly high, they’re higher than software, so why (should they) get benefits,” Shailesh Kanani an analyst at Angel Broking. The companies also want tax relief for five year deposits like that given to banks, Wadhawan said, adding this would help raise cheap long term funds. Cheaper funds need to reach National Housing Bank, the state-run funding agency for housing firms, to lend to housing finance companies at lower rates, he said. Source: Home - Livemint.com | 1 Jul 2009 | 11:50 am Global IT spending decline more than expected: ForresterGlobal IT spending is expected to dip 10.6% this year, but software and BPO are the two sectors that are least affected. The recovery is expected to start with the US in Q4.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 11:50 am City Union Bank approves 1:4 rights issueThe board of City Union Bank has approved a 1:4 rights issue of eight crore shares and a qualified institutional placement up to Rs 300 crore S Balasubramanian, Chairman and CEO, City Union Bank, said the bank will decide the rights issue price after regulatory approvals.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 11:41 am ‘54 overseas students died in Oz in 2008, half Indians’Melbourne: About 54 overseas students, nearly half of them Indians, died of various causes in Australia last year, but coroners were trying to suppress the details of the deaths, a leading daily in Melbourne reported on Wednesday. The report in The Age, which comes amid a series of racial attacks targeting Indian students in Australia, claimed the toll is higher than the federal government has admitted. State and territory coroners, under the National Coroners Information System (NCIS), have refused an application by the daily for data on deaths of overseas students in the year to November 2008, the paper said. A spokeswoman for Victorian Coroner Jennifer Coate said the information would not be made public because it was not exhaustive. “The nationality and occupation of someone who has died is not required to be automatically recorded,” she said. The refusal came after the NCIS previously indicated that the information would be made available, the report said. In February, under questioning in Parliament, the government said 51 overseas students died in that year, with 34 dying of “unknown” causes. Fourteen cases were cited as accidents and three as death from illness. But an investigation by The Age has established the death toll is higher than 51 — around 54 — with most coming from India, Korea and China. Nearly half were Indians, the report said adding, Indians were holding one-fifth of the total student visas at that time. The government numbers showed no suicides, but the real figure is at least three, the daily claimed. It also carried a story datelined Rampura Phul in Punjab, detailing the trauma of the family of Mangat Garg, whose son Razat died after being hit by a train on the western fringes of Melbourne on the Valentine’s Day. Australian Police suggested that the hospitality management student had committed suicide but the family is alleging murder and is not satisfied with the investigation, the report said. The valuables and cash he was carrying at the time of the incident was not found on his body, Garg said. The daily quoted a leading expert on international education, Monash University business professor Chris Nyland, as saying that there was a need for a federal advisory body on student safety. Nyland also called for mandatory statistical reporting of international student deaths. Currently, if an overseas student dies in Australia, the education provider is not required to give a cause of death when it reports the matter to the department of education, employment and workplace relations. A spokeswoman for education minister Julia Gillard said the law would be reviewed this year and next. Opposition Immigration spokeswoman Sharman Stone said she sought the data in February because foreign-student organisations suspected under-reporting of deaths. “To have 34 cited as unknown is an extraordinary statistic.” Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 11:40 am BSE Sensex rises 1 pct; Reliance, autos gainMUMBAI (Reuters) - The BSE Sensex rose 1 percent on Wednesday after data reinforced signs of an economic recovery, but trading was choppy as investors took profits ahead of an updated budget next week.Source: Reuters: Money News | 1 Jul 2009 | 11:39 am M&M automotive sales grow 18.72% in JuneNew Delhi: Auto major Mahindra & Mahindra on Wednesday reported 18.72% growth in its total automotive sales in June at 22,999 units compared with 19,371 units in the corresponding month last year. Domestic sales during the month stood at 22,526 units against 18,179 units in the year-ago period, up 23.91%, the company said in a statement. However, exports during the month stood at 473 units compared with 1,192 units in the same month last year, down 60.32%. Sales of utility vehicles registered 56.07% growth at 17,653 units against 11,311 units in the same period last year. Three-wheelers sales, however, decline by 22.74% at 3,357 units compared with 4,345 units in the corresponding period a year ago, it said. The sales of light commercial vehicles decreased to 1,015 units in June 2009, from 1,172 units in June 2008, down 13.40%, the statement added. Mahindra-Renault’s sedan ‘Logan´ recorded 62.92% decrease in sales at 501 units in June this year compared with 1,351 units in the same month last year. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 11:39 am Tata Motors, Indian Bank tie-up for financing Fiat carsMumbai: Tata Motors on Wednesday said that it has entered into an understanding with Indian Bank for financing Fiat cars which are available through the Tata-Fiat dealer network. Customers can avail loans up to 85% of the on-road price for tenure ranging up to 7-years, at an attractive interest rate of 11.5% per annum, a release said. This will be for the new Fiat cars of their choice from the Linea, Palio and Grande Punto range, the release said. This facility will be available at all the 1,646 branches of Indian Bank and the 100 sales touch-points of the Tata-Fiat distribution network. This tie-up will provide consumers a single window for availing loans for the whole range of Fiat cars distributed by Tata Motors. Source: LatestNews-Home - Livemint.com | 1 Jul 2009 | 11:36 am What to look for in budgetNew Delhi: The government will present the 2009-10 Union budget on 6 July and is expected to expand both the budget deficit and its market borrowing requirement to support growth. Following are some scenarios on what finance minister Pranab Mukherjee may announce and its impact on financial markets. The current fiscal year of 2009-10 runs until the end of next March. Budget Deficit The government is almost certain to expand the 2009-10 budget deficit beyond the 5.5% set in an interim and pre-election budget in February. Bonds have priced in expectations that the deficit will swell to between 6.25% and 6.5% of GDP. So it is unlikely to be rattled so long as the deficit is around these levels. But any sign that the government is bowing to pressure for populist spending measures to make good on promises made in the April and May general election would spark a bond sell off. If it also fails to present a plan to bring the deficit back under control in subsequent years, the country’s credit rating could come under pressure. Government Borrowing Target The government will raise its borrowing target for 2009-10 to help pay for its increased budget deficit. A Reuters poll suggests it will rise to Rs3.95 trillion, a level already factored into bond prices, from Rs3.62 trillion set in the interim budget in February. Bond yields have jumped to factor in a massive increase in government borrowing. Ten-year bond yields, for example, are up 170 basis points since the start of the year. The forecast borrowing would be 29% above 2008-09 borrowing of Rs3.06 trillion. Asset Sales Mukherjee is likely to announce plans to sell shares in some state run firms to help fund rural and social programmes, a central part of the government’s election platform. Asset sales would relieve pressure on the bond market and help keep the budget deficit in check. Analysts say the stock market could absorb Rs100 billion ($2.1 billion) in share sales. A higher amount would be difficult to swallow and would weigh on market sentiment. Analysts suggest Coal India Ltd and hydro-power generator NHPC would be among the easiest IPOs to complete. Shares in railways consulting firm RITES, power equipment maker Bharat Heavy Electricals Ltd, Rural Electrification Corp and power transmission firm Power Grid Corp could also be sold off smoothly, they say. However, potential sales of telecoms firm Bharat Sanchar Nigam Ltd and Air India may be problematic. Unions have opposed IPOs of the telecoms firm and loss-making Air India would need to be restructured to make it attractive to investors. Infrastucture Mukherjee is expected to announce more plans to repair India’s shoddy infrastructure, considered by many foreign investors as the Achilles’ heel of the economy that prevents the sort of double-digit growth seen in China. Infrastructure investment is currently around 6% of GDP, so that figure could rise, although the budget deficit limits spending for now. Measure would cover both urban and rural projects and include improving the rural roads network and building more low-cost homes to deal with massive demand. It will also announce plans to revamp public transport across the country including building metro rail networks in other cities. These moves will be positive for infrastructure firms and could benefit India’s largest infrastructure firm Larsen & Toubro and others such as GMR, GVK and HCC among others. Indeed, the real estate sub-index on the Bombay stocks market has more than doubled in the past three months, compared with a 50% rise in the main index. Reforms The government is unlikely to unveil any significant economic reform plans in the budget even though its decisive election victory has put pressure on it to deliver new initiatives. Parliament is already chewing over plans to raise the foreign investment ceiling in insurers to 49% from 26% and reforms in the pension fund management sector -- a process likely to take 6-8 months before approval is reached. Source: Home - Livemint.com | 1 Jul 2009 | 11:23 am Shaw Wallace sells 10.2% in United Spirits - Reuters India
Source: Business - Google News | 1 Jul 2009 | 11:11 am Markets regain to end 1% up on renewed confidenceMumbai: Indian shares rose 1% on Wednesday after data reinforced signs of an economic recovery, but trading was choppy as investors took profits ahead of an updated budget next week. Gains were led by Reliance Industries after the energy giant said it could not sign a deal to sell gas at below state-set prices to a former group firm without the government’s approval. Auto shares climbed after top car maker Maruti Suzuki, leading utility vehicles producer Mahindra & Mahindra and motorcycle maker Hero Honda Motors all reported double-digit sales growth in June. Hindalco Industries fell 3.5% to Rs83.40 after the top aluminium producer posted a 78% slump in 2008/09 consolidated profit. Manufacturing activity expanded for a third straight month in June, albeit at a slightly slower pace, reflecting strong local demand, data showed on Wednesday. Still, investors only took trading positions as they awaited policy direction from the budget on Monday, traders said. “There has already been a good run-up in the market, and people are going for safe positions so they can deal with any unexpected negativity,” said Tejas Doshi, head of research at Sushil Finance. The 30-share BSE index rose 1.05%, or 151.63 points, to 14,645.47 points, with 25 components closing higher. It slipped nearly 1% in the afternoon before pulling back. The 50-share NSE Index was up 1.16% at 4,340.90 points. The benchmark had rallied by almost half during April-June in their best quarterly gain in 17 years, but investors are wary their expectations on the budget may be too high. “The volumes are strong, but people are taking more daily positions. Future direction should only be known after the budget measures,” said K K Mital, chief executive for portfolio management services at Globe Capital Market. Finance minister Pranab Mukherjee is likely to announce plans to sell shares in some state run firms to help fund rural and social programmes, but the cash-strapped government could expand the budget deficit and its market borrowing. Reliance Industries, which has the heaviest weight in the main index, rose 1.7% to Rs2,057.35 after its statement late on Tuesday on the gas deal eased concerns its profits could be affected. Financial stocks rose in anticipation of budget moves to help attract more investments in the sector. Top lender State Bank of India firmed 2.2% to Rs1,779.80, ICICI Bank gained 1% to Rs729.25 and HDFC Bank added 0.7% to Rs1,502. Mahindra & Mahindra rallied 3.2% to Rs714.35 after its June sales rose 19%, while Maruti gained 0.4% to Rs1,070.15 as its sales climbed 23%. Top vehicles maker Tata Motors, expected to report monthly numbers later Wednesday, was up 2.8% at Rs299.30. Consumer goods maker Hindustan Unilever closed up 2.1% at Rs272.70, after hitting a 52-week high of 275.20 as investors bet strong local demand would boost revenues. In the broader market, losers outpaced gainers in the ratio of 1.06:1, on above-average volume of 373.5 million shares. Source: Home - Livemint.com | 1 Jul 2009 | 11:10 am Hopes, hypes reign free as budget knocksMumbai: The run-up to India’s annual budget, always a spectacle of expectation, is especially fevered this year after a decisive election and precarious global economy added pressure on the government to deliver big initiatives even as it manages a heavy deficit. From ministries and industries making public demands to saturation media coverage, the tone of anticipation to the release of the budget, scheduled this year for Monday, is closer to that of a big sporting event or national election. Unrealistic hopes will be disappointed, budget watchers warn. “Basically it’s become like a free-for-all,” said Andrew Holland, chief executive for equities at Ambit Capital in Mumbai and a veteran investment banker. “When I first came here (India) 10 years ago, these ministries would go, make their recommendations and so forth, and that would be about it. But now they walk out of there saying we want this, we want that, and it becomes market expectations,” he said. India’s bond market moves on speculation over the government’s borrowing plans, while share prices move on talk of incentives or tax cuts for industries, infrastructure spending plans and liberalization of foreign investment rules. Much of the anticipation is focused on the direction the second administration of Prime Minister Manmohan Singh will take now that the Congress-led ruling coalition can act more freely than it did when it depended on leftists in the last government. “This year, it’s different: there is a much stronger government at the centre, and we’re in the thick of a global economic crisis. So there’s a lot of expectation of the government,” said Manoj Vohra, director of research at the Economist Intelligence Unit (EIU). The proliferation of financial TV channels has added to the frenzy, with ubiquitous billboard ads by CNBC’s Indian venture touting its coverage and referring to the budget as the “Big B”, a play on the nickname of Bollywood superstar Amitabh Bachchan. In New Delhi, the finance ministry building, a red sandstone structure adjacent to the presidential palace, is barred to entry by leak-hungry journalists for a month before the budget release. Building towards anti-climax For many years the televised budget speech was one of the few opportunities for Indians to hear the government directly, and some finance ministers have added a measure of showmanship, with P. Chidambaram, for example, quoting Tamil poetry. The heightened anticipation and scrutiny of this year’s budget add to the pressure on policymakers, who are managing a fiscal deficit that last year swelled to 6.2%. “I won’t draw the conclusion that it necessarily pushes government in a populist direction,” said Pratap Bhanu Mehta, who heads the Centre for Policy Research. “Certainly it does put pressure. Everybody wants more.” The buildup to this year’s spending plan, with fevered talk of a “dream budget” that inaugurates reforms, strengthens social outlays and trims the deficit, has bred unrealistic expectations. “People across the economy are pinning too much expectation on this particular budget, because they expect something dramatic perhaps to happen,” said Shubhada Rao, chief economist at Yes Bank. The high impact that taxes and subsidies have on the lives of people in a country where poverty remains widespread have long made the annual budget plan especially important for Indians. While the stakes have risen because there is now more money to spend and thus more room for policy argument -- Nomura expects a 16% increase in expenditure for the year ending in March 2010 to Rs3.2 trillion ($66.7 billion) -- the annual budget speech is not as significant as it once was. Off-budget spending and policy measures during the year reduce the impact of the yearly budget speech. “We’ve already had duty cuts and export bans and stimulus packages, and the government has made other policy announcements,” said the EIU’s Vohra. Also, the government has relatively little flexibility in deciding how its budget will be spent. Brokerage CLSA figures that at least 72% of expenditure is “sticky”, with commitments for interest payments, pensions, security and subsidies for items including food, fertilizer and petroleum accounting for the bulk of spending. Source: Home - Livemint.com | 1 Jul 2009 | 11:08 am Survey to provide assessment of global crisis on economyIndia's economic growth slowed to 6.7 per cent in 2008-09 after registering over nine per cent during the preceding three years.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 11:08 am Maruti Suzuki rules out price hikes in neartermMayank Pareek, HeadMarketing, Maruti Suzuki, said the auto maker saw doubledigit sales growth in the last two quarters. \"Higher exports boosted overall sales growth.\" He ruled out any price hikes in the nearterm.Source: Moneycontrol Top Headlines | 1 Jul 2009 | 11:07 am Sensex rises over 151 points to close at 14,645.47The Sensex, which commenced the day higher and tumbled to touch a low of 14,355.52, closed at 14,645.47, showing a gain of 151.63 points.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 11:04 am Facebook in investor spotlight, but values varySan Francisco: For Facebook’s employees and early investors, the big payday is coming. But it will not follow the standard Silicon Valley script. Instead of cashing out via the hoopla of an initial public offering -- which CEO Mark Zuckerberg has said was a few years out -- equity holders in the social networking website get to sell their shares to a Russian investment firm. The move marks a new trend among start-ups to raise funds by selling shares in private placements instead of going public at time when demand for IPOs is very weak. The impending deal -- due to be unveiled in the next month or so -- will provide an important benchmark for investors sizing up the value of one of the world’s fastest-growing and most closely watched Internet companies. “It’s an interesting indicator,” said Adam Oliveri, a managing director at SecondMarket, which provides a marketplace for trading in private shares and other illiquid assets. If the world’s largest online social network, with more than 200 million active users, eventually decides to float shares to the public, the price that its common stock has previously traded will be a benchmark, Oliveri added. Facebook, which increasingly competes with online giants like Google Inc and Yahoo Inc for the attention of Web surfers and advertisers, has attracted interest from investors keen to get a piece of the action. In 2007, Microsoft Corp invested $240 million in Facebook preferred shares, snagging a 1.6% stake. Russia’s Digital Sky Technologies said in May it would buy “at least $100 million” of Facebook common stock to let current and former employees unlock money tied up in company equity. The deal comes on top of $200 million in funding that Digital Sky pumped into Facebook in May, putting a $10 billion valuation on Facebook’s preferred shares. The value of Facebook’s common shares, as well other key aspects of the stock-purchase plan such as timing and eligibility, remain unknown. In an April filing with the California Department of Corporations, Facebook listed the fair market value of its nearly 7.9 million common stock at $5.27 a share, or about $4.2 billion. But that value was established prior to the DST deal. The Wall Street Journal has cited a $6.5 billion valuation for Facebook common shares in the DST deal. That translates to $14.50 a share, according to Oliveri’s calculations. Oliveri said his own conversations with contacts suggest the price for Facebook stock in the DST deal has not been fixed. But quotes from interested buyers and sellers of Facebook common stock on the secondary market lie between $10 and $10.50 a share, valuing it at up to $4.7 billion. NEW TREND “Five years ago it would be frowned upon to have the whole company trying to sell shares,” said Industry Ventures founder Hans Swildens, whose firm helps arrange private stock sales for budding tech companies. He said Facebook’s program underscores a trend that may grow among start-ups as venture capital dries up and the recession saps liquidity and demand for big-time IPOs. Firms like SecondMarket, Saints and Industry Ventures involved in the purchasing of private company shares say they are increasingly working directly with companies to craft programs that function like a company-sponsored benefit plan for employees hoping to sell their shares. The terms of the deals vary, with pricing for shares sometimes based on anything from an exchange-like bid-and-offer system to scrutiny of appraisals under tax codes. “It’s opaque. They’re not saying anything,” said one Facebook shareholder who hopes to sell shares. Facebook and Digital Sky promised in May to provide details of the plan to eligible participants during the summer. Spokesman Larry Yu said the terms of that deal call for share sales to occur within a time window, but he added that Facebook has no plans to provide a public update about the program. A representative for the DST did not return calls for comment. Facebook attempted to create a program for employees to sell shares to an unidentified investor in 2008, but the plan was put on hold as markets tanked. The initial plan limited the amount of shares an employee could sell to 20% of his or her holdings, or $700,000, whichever was less, according to a former Facebook employee. “I’ve been approached hundreds of times from all kinds of investors wanting to buy my shares”, said a former Facebook employee, noting that he believes there is greater long-term value in holding his shares. Source: Tech News - Livemint.com | 1 Jul 2009 | 11:04 am Police boat breaks down near Bandra-Worli sealink - Hindu
Source: Business - Google News | 1 Jul 2009 | 10:46 am June manufacturing activity expandsMUMBAI/NEW DELHI (Reuters) - India's manufacturing activity expanded for a third straight month in June, albeit at a slightly slower pace, reflecting strong local demand, data showed on Wednesday.Source: Reuters: Money News | 1 Jul 2009 | 10:44 am Air India Express to start operations in next few weeksThe low budget arm of Air India, Air India Express, would start its domestic operations over the next few weeks.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 10:37 am BJP seeks probe in Air India's aircraft purchase programmeDemanding an inquiry into the purchase of 111 new aircraft by Air India, the BJP has said the proposal was the root cause of the airline's financial woes.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 10:34 am Budget may boost farm, energy sectorsNew Delhi: India is expected to give commodities and energy a boost in its updated budget on Monday, as lifeline monsoon rains are forecast to be below normal, threatening farm output and economic growth. The government may seek to keep prices of food items such as sugar, grains and edible oils down, by either keeping import duties low or limiting exports. Following are some of the expectations on the budget for the 2009-10 fiscal year that began on 1 April, based on representations by industry and trade bodies:, FARM POLICY • Food subsidy could be raised from around Rs50,000 crore ($10.4 billion) in 2008-09. • Farmers may be offered relief on interest on loans to boost rural demand for items ranging from consumer goods to gold. ENERGY • May give tax holiday for natural gas production, as is the case with crude oil, to attract investment and help ongoing projects. • Natural gas, which attracts different taxes in various states, may get a uniform levy of 4% across the country. • May impose 5% import tax on crude oil and raise taxes on fuel. Roadmap for fuel price deregulation likely. • Gas pipelines may get infrastructure status to allow them to take advantage of a 10-year tax holiday, boosting investment. SUGAR • Might extend duty-free imports of raw sugar beyond July to augment supplies as domestic production is low. • Sugar producers expect lower excise duty on molasses to boost ethanol production. GRAINS • Tight control on exports may continue as the government would like to wait and see how the monsoon rains progress. If rainfall increases, some exports of wheat may be allowed as stocks are high. EDIBLE OILS • Import duty change, if any, would seek to balance huge domestic stocks and inflationary fear due to weak monsoon. A small hike on the current zero duty on imports of crude oils and 7.5% on refined oils may be imposed. BASE METALS • May announce safeguard duty on primary aluminium to help protect domestic producers such as state-run National Aluminium Co from cheap imports. The government had recently imposed a similar duty on rolled products. • May lower import duty from 5% on unfinished metals such as copper cathodes, zinc ingots and aluminium ingots to help consuming industries. STEEL AND IRON ORE • Unlikely to raise steel import duty as prices are poised to rise and the government would want to keep costs down for its infrastructure push. • Iron ore exports could be curtailed to preserve domestic resources for local steel mills and keep prices down. Source: Home - Livemint.com | 1 Jul 2009 | 10:33 am Hype, expectation herald budget releaseMUMBAI (Reuters) - The run-up to the annual budget, always a spectacle of expectation, is especially fevered this year after a decisive election and precarious global economy added pressure on the government to deliver big initiatives even as it manages a heavy deficit.Source: Reuters: Money News | 1 Jul 2009 | 10:21 am J&K Grameen Bank starts operationsJ&K Grameen Bank, which was formed after merging two regional rural banks sponsored by J&K Bank, started operations today.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 10:16 am Diageo cuts 900 jobs, closes distilleryLondon: Diageo PLC, the world’s biggest spirits maker, said on Wednesday that it is cutting 900 jobs as it shutters a distillery and packaging plant as part of a cost-cutting restructure of operations in Scotland. Diageo said that the restructuring, which includes closing one of the company’s oldest distilleries and its related cooperage, will trim costs by some £40 million ($66 million) in 2012. The company said that the job cuts, to be made over the next two years, will be partly offset by the creation of around 400 new jobs through the expansion of another Scottish packing plant and a new cooperage. Diageo Scotland managing director Bryan Donaghey said that the plans were necessary to secure the company’s business in a competitive global market. “These decisions have been extremely difficult to take,” Donaghey said. “We have only reached them after an exhaustive review of all the possible alternatives.” Source: World Business - Livemint.com | 1 Jul 2009 | 10:12 am Rail budget will be simple and pro-people: MamataWith the rail budget to be presented on July 3, railway minister Mamata Banerjee said that it will be a people's budget.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 10:11 am “Don’t be a one sided nerd” : Web Exclusive from LindauEven as the students mobbed the Nobel laureates at the Lindau meetings (details in previous post) -- for instance Robert H Grubbs flanked by some Indian students in the picture below -- Richard Ernst from Zurich, winner of 1991 Nobel in chemistry, was busy telling young researchers to have activities and passion beyond science. ”Never forget your passion. Don’t become a one-sided nerd.” Ernst told the audience, obviously amidst loud cheer and applause. Reason: he demonstrated by a set of slides (below) how some of the renowned scientists followed their passion besides hard-nosed science, and later by his own example of his 30-year-old passion for painting, what science and passion can do to each other.  To see the rest of the images, visit Seema Singh’s blog Lab Rats While returning from the US in 1968, Ernst came to Europe via Asia, where he stopped at the Nepalese capital city of Kathmandu and had a chance encounter with Tibetan paintings, painters, and philosophers. Thus began his life-long craze for Tibetan and Buddhist paintings and philosophy - he started collecting paintings, began restoring them and in the process started studying the pigments used in many of those paintings. He has a small lab built next to his bedroom where he uses Raman Spectroscopy to analyze pigments. All these years of deep study of Buddhism (he displayed a marvelous understanding of the cultural history of Central Asia through a bunch of slides) has led him to start a project called ”Science meets dharma” through which he teaches science to the monks and nuns. He even had a workshop for them in a monastery in southern India. ”These monks are spiritually very enlightened but they know nothing about science,” he said. So, there he goes: bringing science even to the monks! His theory: both Buddhism and science are based on two tenets: wisdom and compassion. Source: Tech News - Livemint.com | 1 Jul 2009 | 10:04 am Gammon Infra to raise Rs 500cr via QIPGammon Infra is looking to raise Rs 500 crore through the QIP route. Pervez Umrigar, CMD, Gammon Infrastructure, said, \"This is for the purpose of financing the infrastructure development business of the group, the ongoing SPVs as well as for future opportunities.\"Source: Moneycontrol Top Headlines | 1 Jul 2009 | 9:05 am StanChart in talks on RBS China, India units: sourceHong Kong: Standard Chartered is in talks to purchase assets in China and India owned by the Royal Bank of Scotland, a source with direct knowledge of the matter said on Wednesday. StanChart’s pursuit of the units comes as RBS tries to wrap up the sale of its retail and commercial banking divisions in Asia. The initial plan was to sell the entire group to one buyer for at least $2 billion. But that effort failed, and the process is now focused on selling various parts to separate buyers, sources involved with the process say. ANZ, Australia’s fourth-largest lender, said in May that it had submitted a non-binding bid for the RBS assets and had raised $2 billion in a share sale to both fund the acquisition and strengthen its balance sheet. ANZ is in talks to buy RBS units in Hong Kong, Taiwan, Singapore, Vietnam and Indonesia, according to a Bloomberg report. The report said StanChart was eyeing the RBS Malaysian assets too. Edinburgh-based RBS is refocusing on its core businesses and plans to exit or shrink in up to 36 of the countries where it operates. The bailed-out bank, now 70% owned by the UK government, is selling its commercial and retail banking units in Asia, and keeping its investment banking business. “We are well advanced with the sale process, however due to regulatory constraints and the confidentiality of the process we will not be commenting on any individual bidders or elements of the transaction process until its completion,” RBS spokeswoman Yuk Min Hui said in an emailed statement on Wednesday. The Asian assets for sale include 28 branches in India, where RBS has more than 1.3 million customers; 20 in Indonesia, where it has the largest foreign-owned bank network; and 17 in Taiwan, serving over 1 million customers. RBS has 13 branches in China. RBS is likely to fetch close to $1 billion from the sale of its Asian assets than the $2 billion that had earlier been expected, agency has reported. The three main contenders for the Asia assets have been ANZ, HSBC Holdings and Standard Chartered. It was not clear on Wednesday where HSBC stood in the process. The bank could not be reached immediately for comment. “We have already earlier this year said publicly that we were involved in that process, but the outcome at this stage is unknown,” ANZ spokesman Kevin Foley said on Wednesday, adding that ANZ is still in talks with RBS. Source: Home - Livemint.com | 1 Jul 2009 | 8:50 am TVS scooters nudge sales up 6% in JuneNew Delhi: Two-wheeler maker TVS Motor Company on Wednesday reported a 6% increase in its sales at 1,15,448 units in June against 109,082 units in the same month last year. The company’s sales growth was mainly due to its scooter sales which rose by 20.8% to 25,945 units in June compared to 21,466 units in the same month last year, TVS Motor said in a statement. The company sold 46,048 motorcycles in June 2009 against 51,409 units in the same month last year. Exports was also down by 32.8% 10,087 units against 15,010 units in the corresponding period of the previous year. Source: Home - Livemint.com | 1 Jul 2009 | 8:43 am StanChart in talks on RBS China, India units - sourceHONG KONG (Reuters) - Asia-focused Standard Chartered is in talks to purchase banking assets in China and India owned by the Royal Bank of Scotland (RBS), a source with direct knowledge of the matter said on Wednesday.Source: Reuters: Money News | 1 Jul 2009 | 8:34 am Gold traders continue to replenish stocksMumbai: India’s retail gold traders continued to replenish stocks on Wednesday as prices stayed near the previous day’s one-week low, but below normal monsoons could dampen demand in the short-term, traders and dealers said. “I sold around 50 kgs yesterday (Tuesday) and have entered into deals today (Wednesday) as well,” said wholesale trader Harshad Ajmera, proprietor of Kolkata-based JJ Gold House. “Traders (retail) are filling in their stocks after the wedding season,” said Ajmera, adding they would hunt for more bargains if prices correct. The most-active August contract was steady at Rs14,442 per 10 grams at 2:05pm, near its previous day’s low when a strong dollar overseas spurred selling. Traders said below normal monsoons in India could dampen gold sales, which is already reeling under pressure due to a slowing economy and high prices. “Certainly gold sales would get affected due to the monsoon factor,” said a dealer with a state-run bank in Mumbai, adding sales might be down by 20-30% on year. The July-September monsoon, crucial to agriculture and rural incomes, has been delayed and is forecast to be at 93 percent of the long-term average. Demand for gold in India hinges on a good monsoon, which boosts farm output and rural incomes. Source: Home - Livemint.com | 1 Jul 2009 | 8:28 am Mood mixed among Asian sharesTokyo: Asian stock markets put in a mixed performance on Wednesday, with Seoul gaining but Tokyo and Sydney weak as data showed the process of swinging the global economy around to a recovery would be a slow grind. In Europe, financial bookmakers expected Britain’s FTSE 100 to open up, along with Germany’s DAX and France’s CAC-40. Oil held above $70 a barrel after US industry inventory data showed a bigger-than-expected fall in crude stocks, which pared some of the previous day’s losses after data had unsettled investors about a potential US economic rebound. In Japan, business confidence pulled back from a record low hit three months ago, but the improvement was smaller than market players had expected and still a negative reading. That followed an unexpectedly steep slide in US consumer confidence in June, which dented optimism on Wall Street about prospects for recovery and weighed on shares in Asia. But news of a smaller-than-expected drop in South Korea’s exports lifted shares in Seoul 1.6%, and factory surveys in China showed a steady recovery in June, boosting Shanghai stocks by 1.6%. The broader MSCI index of Asia-Pacific shares excluding Japan, which hit a 2009 peak earlier in June, edged down 0.2%. Tokyo’s Nikkei share average fluctuated heavily before closing 0.2% in the red. Currencies too struggled for direction as rallies in commodity-related and riskier currencies paused. “There’s no consensus in the market right now between optimism and pessimism, as it’s in the midst of recovery trade after extreme moves,” said Minoru Shioiri, chief manager of forex trading at Mitsubishi UFJ Securities. “Perhaps you can say the market has been leaning toward risk-taking, but it still needs to affirm that a recovery in the real economy is keeping pace with expectations.” In Japan, Orix Corp and All Nippon Airways slid after sources familiar with the matter said they were set to announce large public share offerings. Brokerage CLSA’s China Purchasing Managers’ Index rose in June to an 11-month high of 51.8 and China’s official purchasing managers’ index (PMI) for June also showed China’s economic recovery is on more solid ground. Nonetheless, Australia saw a weak start to the new quarter. The benchmark index fell 2.1% as miners such as BHP Billiton shed 2% and growth-sensitive stocks such as mall owner Westfield Group lost ground. Mixed bag Japan’s business confidence figures came after the US Conference Board’s index of consumer attitudes fell in June to 49.3 from 54.8 in May, deflating US stocks on the last day of the quarter. The Dow Jones industrial average slipped 0.97%, the Standard & Poor’s 500 Index dropped 0.85% and the Nasdaq eased 0.49%. Still, Wall Street closed out its best quarter in a decade. Markets are likely to be subdued as they await key US jobs data on Thursday which help put another piece in the puzzle about how fast the world’s largest economy is mending. Speaking ahead of that and a raft of US data later on Wednesday, San Francisco Federal Reserve President Janet Yellen said the Fed’s key interest rates could stay near zero for a couple of years. The dollar index initially gained but later dropped back to stand steady on the day and the yen recouped ground lost to outflows from Japanese pension and mutual funds, traders said. The dollar climbed 0.3% to ¥96.65, after touching its highest in nearly two weeks, while the euro was steady at $1.4033. Gold edged higher to $930.10 an ounce, taking a breather after falling more than 1% the previous day when a stronger dollar prompted broad-based selling across the commodities sector. US crude futures stood at $70.41 a barrel, helped by news from the American Petroleum Institute that domestic crude stocks fell 6.8 million barrels to 349.7 million barrels last week, against analysts’ forecasts of a 2 million barrel fall. Source: Home - Livemint.com | 1 Jul 2009 | 8:05 am Marks & Spencer 1Q sales up 2.9%London: Clothing and food retailer Marks & Spencer Group PLC said on Wednesday that first quarter sales rose by 2.9%, though comparable sales in its home market in Britain declined by 1.4%. The drop in UK sales was nevertheless smaller than the 2.5% drop forecast by analysts. Sales outside Britain in the 13 weeks to 27 June, the company’s fiscal first quarter, rose by 15.9%, and online portal M&S Direct posted 28% growth, the company said in a trading update. It did not report profit figures. “Consumer confidence appears to be stabilizing,” said Stuart Rose, the company chairman. “However, we remain cautious about the outlook for the remainder of this and next year and will continue to run the business accordingly.” Marks & Spencer shares were up 2.8% at 314.5 pence on the London Stock Exchange. In May, Marks & Spencer reported that its full-year profit fell 38% to £508 million ($835 million) while revenue rose just 0.4%, and the company cut its dividend by a third. Source: World Business - Livemint.com | 1 Jul 2009 | 7:46 am Exports decline by 29.2% in MayIndia's exports declined by 29.2% in May contracting for the eighth month in a row as overseas shipments hit by the slowdown in major global markets.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 7:10 am No entry fee on mutual funds from Aug 1: SEBIMutual funds have been barred from charging an entry fee on investments from Aug 1, India's market regulator said in a late evening announcement on Tuesday.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 6:48 am Global cues push up markets down on QIP bluesThe Sensex closed the day at 14645.47. The market bounced up by 151.63 points or 1.05% after falling nearly 300 points in the previous day's session.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 6:48 am Sensex up 193 pointsRealty, energy and banking stocks gave a boost to markets, which rose from the red to trade more than 193 points above its last closing figure.Source: India Business News | Business News - Times of India | 1 Jul 2009 | 6:42 am Happy 30th birthday, WalkmanTokyo: Thirty years ago Sony launched the Walkman, a gadget which revolutionised the way people around the world listened to music but has since been overtaken by an icon of the digital age — the iPod. The 1 July, 1979 rollout of the portable cassette player helped transform the Japanese company into a global electronics powerhouse. Sony sold 30,000 Walkmans in the first two months after its launch, and 50 million within a decade. Three decades on, however, Sony is struggling against rivals such as Apple, which has enjoyed immense success with its iPod music player. Times have changed since Sony engineer Nobutoshi Kihara sketched out designs for the Walkman by hand. “Back in my days, we had to draw product designs on paper,” Kihara told the agency in an interview in 2006 after his retirement. “I would close my eyes and imagine our products. I would imagine joggers with Walkmans to see how the hinges should move or how the products fit into the lives of the users.” Sony co-founder Masaru Ibuka came up with the idea for the gadget on one of his overseas trips, during which he used to listen to music on existing tape recorders that were too heavy to be considered truly portable. The initial reaction to the Walkman was poor. Many retailers thought that a cassette player without a recording mechanism had little chance of success. That changed, and today total sales of the Walkman have reached 385 million around the world, including newer digital models that use flash memory. Sony says it chose the name “Walkman” partly because of the popularity of Superman at the time and the fact it was based on an existing audio recorder called the “Pressman.” It initially planned to call the machine “Soundabout” in the US and “Stowaway” in Britain, but changed its mind after hearing that children in Europe were already asking their parents for a “Walkman”. The name stuck, and in 1986 it was included in the Oxford English Dictionary. For people who have grown up with iPods, Sony’s original gadget can leave something to be desired. They include 13-year-old Scott Campbell who was asked by the BBC to swap his Apple gadget for a vintage Walkman for a week. His friends, he said, “couldn’t imagine their parents using this monstrous box.” It also took him three days “to figure out that there was another side to the tape.” “I mistook the metal/normal switch on the Walkman for a genre-specific equaliser, but later I discovered that it was in fact used to switch between two different types of cassette,” he added. Sony has tried to repackage the Walkman in recent years with new versions, including one that looked like a jelly bean, with some success. It sold seven million Walkmans in the year to March, up from 5.8 million the previous business year, a company spokeswoman said. But it has failed to pose a serious challenge to Apple, which sold 100 million iPods in less than six years after its launch in 2001, making it the fastest selling music player in history. Sales have since topped 200 million. Sony is hoping its new touch-screen X-series Walkman will revive sales of the gadget. For many observers, the success of the iPod illustrates the way Sony has lost its golden touch in recent years, failing fully to exploit the opportunities of the Internet and the digital age. As well as losing its lead in portable music players, Sony’s PlayStation 3 has been trumped by Nintendo’s Wii as the top-selling home video game console. Sony announced in May its first annual loss in 14 years and warned it would stay in the red this year. Chief executive Howard Stringer has vowed to meld the company’s strength in electronics with its games and movies. He is also slashing 16,000 jobs and axing about 10% of Sony’s manufacturing plants. Source: Tech News - Livemint.com | 1 Jul 2009 | 5:28 am Morgan Stanley, Mitsubishi UFJ announce allianceNew York: Morgan Stanley and Mitsubishi UFJ Financial Group have agreed to pool their lending resources, under an agreement designed to help win more investment banking business. The agreement calls for the establishment of a joint venture that would provide loans to companies throughout North America. It said the companies would have combined loan commitments to US companies of more than $100 billion. Tuesday’s agreement expands on the existing relationship between Morgan Stanley and Japan’s biggest bank. Last year, during the heart of the financial crisis, Mitsubishi UFJ invested $9 billion in Morgan Stanley, making it Morgan Stanley’s largest investor. Banks often provide low-cost loans to customers, and hope to use that lending as a base from which to win more business in other areas, such as in securities underwriting and merger advising. They often also provide the loans as a low-cost service to clients who already generate significant business elsewhere. The venture “provides our clients with even stronger financing capabilities,” Morgan Stanley chief executive John Mack said in a statement. The venture could give Morgan Stanley a greater ability to compete with rivals such as JPMorgan Chase & Co, Bank of America Corp and Citigroup Inc, which combined make about two-thirds of US syndicated loans. Source: World Business - Livemint.com | 1 Jul 2009 | 5:20 am Fare revision, vendor passes likely in Rail budgetBesides, economic meals at stations and more janata trains are expected to find mention in the budget as also expediting work on railway coach factory in Rae Bareli.Source: Daily News & Analysis: Money News | 1 Jul 2009 | 4:12 am Petro sector, taxes of local bodies to be out of GST netNew Delhi, June 30 The petroleum sector would be kept out of the proposed Goods and Services Tax (GST) regime, a senior Finance Ministry official said.Source: Business Line - Home Page | 1 Jul 2009 | 12:00 am UTN not mandatory for filing income-tax returnsNew Delhi, June 30 The Central Board of Direct Taxes has deferred the implementation of furnishing of the unique transaction number (UTN) for filing income-taxSource: Business Line - Home Page | 1 Jul 2009 | 12:00 am Hindalco net down 78% on dip in demandMumbai, June 30 Hindalco Industries Ltd, an Aditya Birla Group company, has reported 78 per cent dip in its consolidated net profit at Rs 485 crore (Rs 2,193 crore) in the year ended March 2009 due to the global economic turmoil and consequentSource: Business Line - Home Page | 1 Jul 2009 | 12:00 am Private trusts may be allowed to invest in listed stocksPrivate trusts may soon be permitted to park their funds in listed shares and specified debt securities, official sourcesSource: Business Line - Home Page | 1 Jul 2009 | 12:00 am Current account turns surplus on lower trade deficitMumbai, June 30 For the first time in nearly two years, India’s current account recorded a surplus in the fourth quarter of last fiscal.Source: Business Line - Home Page | 1 Jul 2009 | 12:00 am Philips on a rejig, to move away from consumer electronicsNew Delhi, June 30 In a shift in its India strategy, Philips Electronics has decided to move away from consumer electronics to medical, health and wellness products.Source: Business Line - Home Page | 1 Jul 2009 | 12:00 am Day Trading GuideDLF tumbled 8 per cent in the last trading session witnessing selling interest. We recommend a sell in this counter as the near-term outlook is bearish. Fresh short position can be initiated if ICICI Bank divesSource: Business Line - Home Page | 1 Jul 2009 | 12:00 am Asset price inflation trumps consumer price indexAt its meeting last week, the Federal Open Market Committee (FOMC), which is charged with the conduct of the US monetary policy, expectedly left interest rates where theySource: Business Line - Home Page | 1 Jul 2009 | 12:00 am Consumers may get a say in mediclaim settlementsKolkata, June 30 Consumer representatives may get a say in claims settlement for mediclaim policies if the recommendations of the Third Party Administrator Committee are accepted by the insuranceSource: Business Line - Home Page | 1 Jul 2009 | 12:00 am Bharat Forge (Rs 143.75): SellWe recommend a sell in Bharat Forge from a short-term trading perspective. It is apparent from the charts of Bharat Forge that after bottoming in January at the low of Rs 69, it commenced to trend upward. The stock was on an intermediate-termSource: Business Line - Home Page | 1 Jul 2009 | 12:00 am Mobile payments: Citibank begins trial projectBangalore: The Indian arm of Citibank NA has tied up with telecom operator Vodafone Essar Ltd and mobile phone maker Nokia India Pvt. Ltd to conduct the world’s largest pilot project of a cellphone payment technology in Bangalore. Known as near field communication, or NFC, the technology allows users to make payments by tapping their mobile phones against a reader terminal, letting consumers use their phones like electronic wallets. Citibank tested the technology in New York three years ago, followed by another trial in Singapore earlier this year, but has not been able to find a business model around it. The US bank is now counting on India, the world’s fastest growing mobile phone market with at least 400 million connections and a young, tech-savvy population. “This is not a technology trial but a business model trial... We hope new service offerings such as discount coupons and information download will bring incremental revenues,” Jeff Semenchuk, executive vice president, head of growth ventures, Citi Innovation, at Citibank said on Tuesday. Several companies in India such as mChek India Payment Systems Pvt. Ltd, Mumbai-based C-SAM India Pvt. Ltd and NCR Corp. India Pvt. Ltd have experimented with NFC or plan to soon, as Mint reported earlier in June. Citibank, Nokia, Vodafone, MasterCard Worldwide and technology provider, ViVOtech Inc., have borne the cost of subsidizing the NFC readers at merchant establishments. poornima.m@livemint.com Source: Tech News - Livemint.com | 30 Jun 2009 | 7:05 pm Ludhiana easiest city to do business in India: IFC reportPatna ranks as the least expensive city in which to start a business.Source: Business Standard | Front Page Headlines | 30 Jun 2009 | 6:34 pm R-Power in talks to sell 15% to foreign investorReliance Power Ltd (R-Power), part of the Reliance Anil Dhirubhai Ambani (ADA) group, is in talks with five leading global power companies to sell 15 per cent equity stake in the company.Source: Business Standard | Front Page Headlines | 30 Jun 2009 | 6:32 pm SBI improves its home loan offerOffers to fix rates in second, third year of loan.Source: Business Standard | Front Page Headlines | 30 Jun 2009 | 6:32 pm Primary market buzz returns, but analysts wary of fatigueGMR Infra issue withdrawal shows concerns remain even as flood of QIPs & Mahindra Holiday IPO success lift spirits.Source: Business Standard | Front Page Headlines | 30 Jun 2009 | 6:30 pm Five Indian banks among top 1,000 in the worldNew Delhi: Five Indian lenders figure in the 2009 list of the world’s top 1,000 banks compiled by trade magazine ‘The Banker’ after a year of carnage in the global banking industry.  The publication of the latest list follows the financial maelstrom that ripped through the global banking industry last year, requiring governments in the US and Europe to rescue banks with hundreds of billions of dollars in state-funded bailouts. Sandeep Bhatnagar / Mint Only two, State Bank of India at the 64th position and ICICI Bank Ltd at 81st, figure among the top 100 by tier I capital—a core measure of a bank’s financial strength that consists largely of shareholders’ capital. Punjab National Bank, HDFC Bank Ltd and Bank of India come in at 239, 242 and 263, respectively, on the list to be published in the July issue of ‘The Banker’, a part of the Financial Times group that has been carrying the rankings since 1970. The publication of the latest list follows the financial maelstrom that ripped through the global banking industry last year, requiring governments in the US and Europe to rescue banks with hundreds of billions of dollars in state-funded bailouts. Banking industry profits last year fell 85.3% from $780.8 billion in 2007 to $115 billion and return on equity dropped from 20% to 2.69%, according to the magazine. JP Morgan Chase and Co., followed by Bank of America Corp., Citigroup Inc., Royal Bank of Scotland Plc. and HSBC Holdings Plc. were the top five banks by by capital strength. HSBC was the only one among the five that didn’t receive any government support. Banks that stuck to the basics, taking deposits and lending in their home markets, fared the best. Industrial and Commercial Bank of China, followed by China Construction Bank and Spain’s Banco Santander SA achieved the largest profits. “In future banks will be run much more conservatively,” said the magazine’s editor Brian Caplen in a press statement. “Regulators will require them to hold more capital and be less leveraged. This will reduce the profits of the industry as a whole but will bring about a safer banking system.” Source: World Business - Livemint.com | 30 Jun 2009 | 4:39 pm
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