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Debt restructured, Maytas won\'t repay till 2012Banks have approved the corporate debt restructuring (CDR) for Maytas Infra, which will comprise both bank and nonbank funds. The Hyderadabadbased Maytas debt repayment has been put on hold for a period of three years, Ved Jain, the companys board member said.Source: Moneycontrol Top Headlines | 2 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 | 2 Jul 2009 | 5:01 pm Capacity utilisation beyond 50% currently: MM ForgingsVidyashankar Krishnan, MD, MM Forgings, said capacity utilisation has gone beyond 50%. Over the next few months, we expect it to grow by another 20%.Source: Moneycontrol Top Headlines | 2 Jul 2009 | 4:35 pm Consolidation good for aviation industry: SpiceJetAjay Singh, Director, SpiceJet expects the airline load factor to be around 70%. He, said, low cost airlines were doing better than full service airlines. Refusing to comment on speculation of buying other LCC, Singh, said, We never comment on what may or may not be in the works. But, as a concept, consolidation is good for the industry.Source: Moneycontrol Top Headlines | 2 Jul 2009 | 4:09 pm To use 80% of QIP proceeds to retire debt: HDILSarang Wadhawan, MD, Housing Development and Infrastructure (HDIL), said interest costs are down from Rs 500 crore to Rs 300 crore. He said the company plans to use 80% of funds raised via the QIP to retire its debt.Source: Moneycontrol Top Headlines | 2 Jul 2009 | 3:23 pm S Kumars to raise Rs 1000 cr via QIP issueS Kumars board approved Rs 1000 crore qualified institutional placement (QIP) issue. Nitin Kasliwal, Chairman, SKumars, said the company would use QIP funds for expansion plans. \"We are looking at raising about USD 7080 million in the next 23 months,\" he added.Source: Moneycontrol Top Headlines | 2 Jul 2009 | 2:53 pm Abolish service tax on tourism: Ezeego1.comNeelu Singh, COO, Ezeego1 shares her views on the budget. According to her, what could really give a boost to the tourism industry would be to abolish service tax for a period of 5 years.Source: Moneycontrol Top Headlines | 2 Jul 2009 | 2:24 pm Govt to write off Rs 2820 cr ITI\'s lossesSK Chatterjee, CMD, ITI, said the company was proposing to have joint venture (JV) partner in three of its units and was in the process of identifying consultant for JV. We will sell over 50% stake in three units, he added. He further said, the government would write off losses of Rs 2,820 crore.Source: Moneycontrol Top Headlines | 2 Jul 2009 | 2:24 pm Rupee ends 5 paise weaker at 47.94/95 against dollarRupee turned weaker after the initial firmness and ended five paise lower at 47.94/95 against the dollar as the American currency recovered overseas.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 2:08 pm Tech Mahindra may increase Satyam stake to 42.7%Sanjoy Anand, CFO, Tech Mahindra, said the open offer response is poor on account of the higher share price. He said the company will look for a preferential allotment and increase its stake to 42.7%. \"We have an outlay of Rs 1,155 crore between the open offer and preferential issue.\"Source: Moneycontrol Top Headlines | 2 Jul 2009 | 1:57 pm India flying on one engineThe government’s new Economic Survey for 2008-09 tells us in stark and numerical terms what most economists, business people and investors instinctively knew. High government spending supported domestic demand, as shell-shocked consumers and companies withdrew into their shells after the global economic crisis went from bad to worse after September 2008.  Illustration: Jayachandran / Mint This rescue operation was timely, but it can endanger future growth and stability if the government does not cut extra spending when the economy eventually settles down. This is the much-discussed fiscal exit strategy. Then, consumers and companies will have to fill the demand vacuum. In any economy, there are four sources of demand: from consumers, the government, investment spending and net exports. Thus, think of the economy as a plane powered by four engines. Which engine does most of the work depends on the weather. Is it clear as in 2007 or turbulent as in 2009? Net exports rarely matter in an economy such as ours where domestic demand is king. However, the relative importance of the three parts of domestic demand --- consumer spending, government spending and investment activity --- keeps changing. What happened in the past few years? Investment spending measured by gross capital formation accounted over half of total growth through most of the five-year economic boom. Private and government consumption were relatively less important growth drivers in those years. But everything changed in 2008-09. The contribution of gross fixed capital formation to Indian economic growth was 42.5%. The contribution of private consumer spending collapsed from 53.8% in 2007-08 to 27% in 2008-09. In contrast, the contribution of government consumption shot up from 8% to 32.5%. In short, the huge rise in government spending in the last financial year prevented an economic collapse. But this steep rise in public spending is bound to pull down the national savings rate which can finance future growth. (The savings data for 2008-09 is not yet available. Public sector savings is one component of gross domestic savings.) Fiscal pump priming can only be a temporary palliative. The government now needs to create conditions for a revival in consumer and corporate spending through economic reforms. Thus, fiscal correction and radical reforms are finance minister Pranab Mukherjee’s two big tasks on Monday, when he unveils the Union budget. Does India need a reforms push or a fiscal push? Tell us at views@livemint.com Source: Home - Livemint.com | 2 Jul 2009 | 1:35 pm FACTBOX - Themes and scenarios for G8 summit in ItalyReuters - Leaders from the Group of Eight industrial nations and major developing nations will hold talks from July 8-10 in the central Italian city of L'Aquila.Source: Reuters: Money News | 2 Jul 2009 | 1:29 pm Rupee drops on dollar's gains, choppy shares - Reuters India
Source: Business - Google News | 2 Jul 2009 | 1:27 pm INTERVIEW - Eros pins hopes on new Bollywood releasesReuters - With a slate of highly-anticipated Bollywood films on the anvil, Indian movie distributor Eros International Plc expects to set the box office on fire and boost its overall revenue by 20 percent for the current financial year.Source: Reuters: Money News | 2 Jul 2009 | 1:23 pm Economic Survey: cautiously optimisticNew Delhi: The Economic Survey, prepared by the finance ministry said India could see growth of around 7% this year and more in coming years if it makes sweeping  Anil Padmanabhan, deputy managing editor, Mint talks to Arvind Virmani, the chief economic advisor of the finance minstry about what the Economiv Survey is all about and some of the highlights of the document and the state of the Indian economy. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 1:23 pm Maytas Infra gets Rs 100 cr bank loan, more time to repay debt - Business Standard
Source: Business - Google News | 2 Jul 2009 | 1:15 pm Exelon raises hostile bid for NRG to $7.5 billionNEW YORK (Reuters) - Exelon Corp raised its hostile takeover bid for independent power producer NRG Energy Inc by more than 12 percent to $7.45 billion on Thursday to sway investors ahead of NRG's annual meeting.Source: Reuters: Money News | 2 Jul 2009 | 1:14 pm Oil cos to lose Rs 40000 cr if prices not raised: Citi - Business Standard
Source: Business - Google News | 2 Jul 2009 | 1:07 pm India on track for 7% growth; reforms urgedNew Delhi: India could see growth of around 7% this year and more in coming years if it makes sweeping reforms including the removal of fuel subsidies and accelerates infrastructure development, a government report said on Thursday. The economic survey, prepared by the finance ministry, also said inflation was no longer a worry and called for an urgent return to the targeted fiscal deficit of 3%. Also Listen to Anand Virmani’s interview (Audio story) Its release comes days before the new government unveils its budget on Monday for the fiscal year ending March 2010. The government is widely expected to expand both the budget deficit and its borrowing to support economic growth. But analysts said any actual reforms would likely be gradual and the report should be treated as a signal of intent. Also Read Budget 2009 “It is wrong to assume everything will be announced in the budget. It is the strategic intent, a clear roadmap. The market should take it positively,” said Amitabh Chakraborty, president for equities at Religare Securities in Mumbai. The partially convertible rupee was little changed at 47.85/86 after the survey release, while the yield on the most traded 2021 federal bond was steady at 7.19%. The 30-share BSE index edged higher but later surrendered the gains and was down 1% by early afternoon. Clickto read challenges and prospects stated by the Economic Survey India’s fiscal deficit ballooned to 6.2% in 2008-09 as the government unleashed stimulus spending to insulate the economy against the global downturn. “It is heartening to see that the survey has seriously raised concerns on fiscal consolidation and gives confidence that the budget will see a good trigger for disinvestment and rationalization of fuel and fertilizers,” said Rupa Rege Nitsure, chief economist at Bank of Baroda. The finance ministry’s snapshot of the economy was largely upbeat and said the outlook for a return to stronger growth was achievable if the government embraces reforms. “India should be back on the new trend growth path of 8.5 to 9% per annum provided the critical policy and institutional bottlenecks are removed,” the report said. “It is therefore imperative that the government revisit the agenda for pending economic reforms in the first instance.” The Indian economy grew by 9% or more annually in the three years ended March 2008. Also on Thursday, the government said the wholesale price index fell 1.3% in the year to 20 June, compared with the previous week’s annual decline of 1.14%, slightly smaller than analysts had forecast in a Reuters poll. The annual inflation rate was 11.91% during the corresponding week of 2008. Reforms While earlier reform calls from the finance ministry were blocked due to political opposition amid the previous government’s power-sharing agreement with the left, prospects for liberalization of the economy are brighter after the Congress party won a decisive election result in May. The finance ministry’s report called for a selldown in stakes of state-run companies to generate Rs25,000 crore ($5.23 billion) annually, reform of fertilizer and food subsidies and an auction of third-generation mobile phone spectrum. It also called for “greater urgency” to removing hurdles to investment in infrastructure. While the Reserve Bank of India (RBI) has slashed interest rates by 425 basis points since October to revive demand, real rates remain high and continue to act as a brake on loan growth. “The expectation that there could be further cuts in policy rates and in lending rates may have resulted in investment decisions being deferred,” the report said. It also called for implementation of a goods and services tax by April 2010 to maximise revenues and simplify the tax regime. The report said government should take advantage of the recent low price in oil costs to free petrol and diesel prices. Late on Wednesday, the government unexpectedly raised petrol and diesel prices by as much as 10%, passing onto consumers some of the recent rise in global oil prices. The finance ministry urged other steps to improve the investment climate including an increase in foreign investment caps in insurance to 49% from 26%. It also called for allowing foreign investment in multi-brand retail, starting with food retailing, and urged the removal of price controls on sugar and fertilizers. Source: Home - Livemint.com | 2 Jul 2009 | 1:07 pm Medvedev raps Russia shipmaker over late India dealSEVERODVINSK, Russia (Reuters) - President Dmitry Medvedev on Thursday lashed out at Russian shipbuilder Sevmash for delays on a landmark contract with India, traditionally a close trading partner.Source: Reuters: Money News | 2 Jul 2009 | 12:55 pm Rains revive but still 29% below normalNew Delhi: India’s monsoon rains for the week ended 1 July were 29% below normal, improving from a 68% shortfall in the previous seven days, the weather office said on Thursday. The June-September annual rains are the main source of irrigation for Indian farms and are crucial for Asia’s third-largest economy. Countrywide rainfall was 39.6 mm in the latest week against a normal 56.0 mm, the India Meteorological Department office said. It said all 36 weather zones received rains during the week, indicating a revival after a weak phase during the previous two weeks. The monsoon was normal in 10 areas and surplus in three, while 23 zones recorded deficit to scanty rains. Rainfall during 1 June to 1 July was 92.2 mm, 46% below normal. It was better than 1 June to 24 June when the rains were 52.8 mm, 54% below normal. Last week, the weather office said total rainfall from the four-month monsoon would be only 93% of the long-term average, coming in below normal for the first time in four years. Although the weather office says monsoons would improve in July, some forecasters disagree. “It is going to be dry weather in July,” Michael Ferrari, vice president of the US based firm Weather Trends International, told reporters Thursday on the sidelines of a sugar conference in New Delhi. He cited two localised factors hurting the progress of monsoons: the presence of strong pressure over central India, and water in the Indian Ocean had not warmed up sufficiently. “Overall monsoon would be a failure,” he said. But the weather office was hopeful of good rains in coming weeks. “We are still hopeful that monsoon rains will catch up in the first fortnight of July and to a large extent make up for the deficiency in June,” said L.S. Rathore, a top official at the government’s weather office. The monsoon hit the southern coast on 23 May, ahead of the normal date of 1 June, but displayed a weak phase for about two weeks since 7 June. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 12:51 pm Over 275000 schools opened under flagship scheme: Economic Survey - Economic Times
Source: Business - Google News | 2 Jul 2009 | 12:49 pm PPT awards iron ore terminal work to Blue Water - Economic Times
Source: Business - Google News | 2 Jul 2009 | 12:37 pm Indian rupee drops as dollar gainsMumbai: The Indian rupee fell on Thursday after hitting a two-week high early, as the dollar gained against major currencies and choppy shares ahead of next week’s budget dampened sentiment. The partially convertible rupee ended at 47.95/96 per dollar, compared with Wednesday’s 47.88/90. It hit 47.74 in early trade, its highest since 16 June. “Although oil prices were a comforting factor, there was little support from the stock market so the initial gains were erased,” a dealer with a private sector bank said.“Nobody wants to keep a position till the budget is out,” he added. The government said in a report the economy could grow 7% this year and more in coming years if it made sweeping reforms including removal of fuel subsidies, and speeds infrastructure development. The report, ahead of the budget on Monday, also projected the current account surplus to be between 0.3-2.8% of gross domestic product in 2009-10. In the last fiscal year, the deficit was 2.6%. The dollar rose on Thursday, recovering from a near three-week low against the euro as traders booked profits on short positions in the U.S. currency ahead of key U.S. unemployment figures due later in the day. Trading in Indian shares were volatile and the 30-share BSE index gained marginally as investors waited for the budget. The index had leapt 49.3% in April-June, its biggest quarterly gain in 17 years, in anticipation of an economic rebound. Oil fell around $1 to just above $68 a barrel on Thursday as US gasoline stocks were bigger than expected. India imports about 70% of its crude and lower prices reduce demand for dollars. Source: Home - Livemint.com | 2 Jul 2009 | 12:27 pm Stock market turnover sees marginal increase in '08: Survey - Business Standard
Source: Business - Google News | 2 Jul 2009 | 12:17 pm Pay trouble in Air India: Staff threaten strike - Economic Times
Source: Business - Google News | 2 Jul 2009 | 12:11 pm Gitanjali Gems acquires 70% stake in MobileNXT - Reuters India
Source: Business - Google News | 2 Jul 2009 | 12:10 pm Air India's employees to get salaries tomorrowPayments were being made only to the lower grade employees as a special case on July 3 instead of the earlier decision of doing so in the middle of the month.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 12:06 pm Wipro warns job aspirants from falling prey to bogus emailsBangalore: Software major Wipro Technologies on Thursday warned job aspirants from falling prey to fraudsters who had sent out bogus e-mails in its name asking them to appear for an interview after making a payment. The emails had been sent out to job aspirants registered in job portals informing that they had been shortlisted for interviews for various vacancies ranging from software programme, assistant manager to H R assistants, Pradeep Bahirwani, VP talent acquisition, Wipro Technologies told the agency. The company had come across such instances of fradulent letters earlier as well, after aspirants who either had relatives, friends or acquaintances in the company crosschecked with them about the authenticity of the letters. “But this time we have come across emails that carry the company logo and its letterhead”, said Bahirwani. The letters signed by one Narayan Murli also asks aspirants to deposit a refundable security deposit of Rs4670 in a particular account number as payment towards the interview, and offers a salary ranging from Rs15,000 to Rs65,000 a month, he said. “We are not sure how many such letters have been issued, but we wish to warn aspirants not to fall prey to it”,he said. These letters, he said, were replete with spelling and erroneous language and originated from some public domain like Gmail and not from the company’s domain and warned job aspirants to be on the lookout for such errors. “Moreover the letters state that the office is located in Noida and the interview is scheduled at Noida. In fact, we do not have an office in Noida”, he said. Pradeep said the common modus operandi of these fraudsters,who aim at maximising their returns from these interview payments, was that they keep changing the account numbers and close down the accounts after a period of time. The names of those signing the letters and the account holder also keep changing. The account in this particular incident was registered with a leading bank. The designation of the person signing the letter was never mentioned in these letters, he said. Giving details on Wipro’s recruitment procedure,Pradeep said it drew talent from various sources, including campus, portals and fell on its own data base. The letters orignated from its company domain and most important they never charged any payment, he said. The software major has also spoken to one of the job portals about these fradulent letters. The company which is in the process of filing a complaint with the police warned aspirants from tier two and three cities with less access to information and were more likely to fall prey. Such fradulent letters were not necessarily restricted to Wipro.Similar instances had been reported from other IT firms as well, he said. Source: Home - Livemint.com | 2 Jul 2009 | 12:03 pm Iran hardliners urge legal action against MousaviTehran: Iranian hardliners pressed on Thursday for legal action against moderate leaders accused of inciting post-election turmoil that has dimmed Western hopes of engaging Tehran on its disputed nuclear programme. “Those who hold illegal rallies and gatherings should be legally pursued,” parliament member Mohammad Taghi Rahbar was quoted as saying by the hardline Javan newspaper. It said he was among several lawmakers preparing to write to the judiciary complaining about defeated candidate Mirhossein Mousavi’s activities after the disputed 12 June election. The student branch of the pro-government Basij militia, which helped police suppress street protests after the vote, has also urged the attorney-general to take Mousavi to court. The authorities have blamed Mousavi, a moderate former prime minister, for last month’s violence, in which at least 20 people were killed. Mousavi, who says the poll was rigged in favour of hardline President Mahmoud Ahmadinejad, rejects the charge. The unrest has posed a dilemma for Western powers torn between sympathy for the protesters and a desire to keep alive chances for dialogue on what they suspect is an Iranian nuclear weapons programme. Iran denies it is seeking to make bombs. In Berlin, German Chancellor Angela Merkel said she wanted next week’s Group of Eight summit to send a strong signal to Iran, without forfeiting possible talks on the nuclear issue. G-8 leaders will meet in Italy on 8-10 July, a month after Ahmadinejad was re-elected in a vote his opponents have denounced as a fraud. Tehran has cracked down on protesters, jailing many and accusing the West of fomenting unrest. Human rights “I hope the meeting sends a strong message of unity, a united message that the right to demonstrate and human rights cannot be separated and that they apply to Iran,” Merkel said. “I strongly support President (Barack) Obama’s offer to Iran of direct talks. We will accompany this in a united way. We cannot drop the issue of a nuclear-armed Iran just because of the current situation. That would be completely wrong.” Iranian officials deny the election was rigged, saying it was the nation’s “healthiest” since the 1979 Islamic revolution. The authorities have portrayed the unrest as the work of local subversives and foreign powers, especially Britain. Two out of nine Iranian staffers at the British embassy who were detained on Sunday remain in custody. “The leadership in Iran must know that if they choose a path of reason, then we want Iran to develop prosperously,” Merkel told the Bundestag lower house of parliament. “But if this is not the case, we will not shy away from stating our opinions and showing solidarity with those, including members of the British embassy, that have been put under pressure.” Germany is one of six world powers which have offered Iran economic and other incentives if it stops enriching uranium, a process that can produce fuel for power stations, or if carried further, for nuclear weapons. Iran has refused to halt the work. Iran’s top military commander on Wednesday said the European Union (EU) must apologize for its “interference” after the presidential election before any nuclear talks can resume. Mousavi and another losing candidate, pro-reform cleric Mehdi Karoubi, again denounced the election result on Wednesday and said Ahmadinejad’s next cabinet would be illegitimate. Despite their defiance, analysts say they have few practical options after Iran’s top legislative body on Monday certified results showing Ahmadinejad had won re-election by a landslide. The clerical leadership is likely to ignore the reformers and keep backing Ahmadinejad, who enjoys the public support of Supreme Leader Ayatollah Ali Khamenei, Iran’s top authority. The semi-official Fars news agency said seven people linked to “anti-revolutionary” groups had been detained for taking part in “riots and unrest” in Tehran and the northwestern city of Qazvin. Iran’s police chief said on Wednesday 1,032 people had been detained during the protests in Tehran, but most had been freed. The International Campaign for Human Rights in Iran said on Tuesday reports from within Iran indicated that as many as 2,000 people, including opposition leaders, professors, journalists, students and protesters may be in detention across the country. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:52 am Homosexuality legalized by Delhi high courtNew Delhi: In a victory for gay rights activists, the Delhi high court on Thursday, legalised homosexual acts among consenting adults holding that the 149-year-old law making it a criminal offence is violative of fundamental rights and not punishable. “We declare section 377 of Indian Penal Code in so far as it criminalises consensual sexual acts of adults in private is violative of Articles 21, 14, and 15 of the Constitution,” a Bench comprising Chief Justice A P Shah and Justice S Murlidhar said. Read the Delhi high court ruling The verdict, which was described as “progressive” by the gay rights activists who fought an eight-year-long legal battle, said “section 377 denies a person’s dignity and criminalises his or her core identity solely on account of his or her sexualities and thus violates Article 21.” “As it stands, section 377 denies a gay person a right to full personhood which is implicit in notion of life under Article 21 of the Constitution,” the Bench said in its 105-page judgement allowing the plea of gay right activists seeking to decriminalise homosexual acts among consenting adults which otherwise attracts punishment upto life imprisonment. However, the Bench said Section 377 of the Indian Penal Code which criminalises homosexuality, will continue for non-consensual and non-vaginal sex involving minors. Cheerful reaction The ruling has brought cheers to the gay community and rights activists who described it as a “progressive” move which will change their “level of dignity”, but religious leaders strongly disapproved of the judgement. The activists, who formed an organisation ‘Voices Against Section 377´ to fight for gay rights, said the judgement will give a “new lease of life to ‘Lesbian, Gay, Bisexual and Transgender (LGBT)´ persons who have “all along suffered humiliation”. “Today’s judgement changed the level of dignity for us. It reflects the pride that we have in diversity. It is about equality and it has brought out a very new understanding which will take things forward,” Sumit Bouth, an activist of Voice Against Sec 377, told reporters here. Anjali Gopalan, the Director of Naz Foundation which filed the case in the High Court, said that the judgement indicated “a change in attitude” towards homosexuals. However, religious leaders were not so enthusiastic about the High Court judgement which legalised gay sex among consenting adults. “It is absolutely wrong to legalise homosexuality. If the government attempts to scrap the Sec 377, we will oppose it strongly,” Ahmed Bukhari, Shahi Imam of Delhi’s Jama Masjid said. All India Muslim Personal Law Board member Maulana Khalid Rashid Firangi Mahli said that homosexuality is not allowed by any religion. “It is against all religions. It is against the culture of Indian society. We feel there is no need to legalise homosexuality. This practice is unnatural. It should continue as a criminal act,” he said. Father Dominic Immanuel said that churches have no objection to decriminalising homosexuality but it should not be legalised. “We have no objection to decriminalise homosexuality because we do not consider these people as criminals,” Immanuel said. However, Gopalan sought to dismiss criticism of the religious groups, saying there are people in every religion who are homosexuals. “What religious groups are saying is wrong. There thinking can change,” she said. She refereed to Vatsayan, who wrote ‘Kamasutra,’ and said the book has a mention about homosexuals. “Even sculptures depicting homosexuality can be found at Khajurao indicating that homosexuality is a global phenomenon,” she said. Gopalan was of the view that today’s High Court judgement is just a beginning and that there are more battles to be fought. “The objective is that this group should get the same right as others have in the country,” she said. Source: Home - Livemint.com | 2 Jul 2009 | 11:44 am Air India’s employees to get salaries on FridayNew Delhi: Air India on Thursday said it was working on the formalities to disburse salaries to lower grade employees by Friday, as per the agreement reached with the unions last week. “Air India is working towards paying wages and salaries to its employees in the lower grades on July three as part of the decision finalised at a meeting with the unions last week,” an airline spokesperson told the agency. He said since the payments were being made only to those employees as a special case on July three instead of the earlier decision of doing so in the middle of the month, “the process of identifying all eligible employees in various departments on various grades, is taking time.” The formalities to make the payments through the electronic clearance systems were also being complied with, the spokesperson said, refuting reports that the salaries would not be paid tomorrow. Following several rounds of discussions in the past two weeks, the unions had withdrawn their call for a day’s strike after the management agreed to disburse salaries of around 70% of the unionised workforce by Friday. The unions had been protesting the management’s earlier decision to pay the salaries by 15 July. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:42 am India Inflation Down 1.3% - Wall Street Journal
Source: Business - Google News | 2 Jul 2009 | 11:37 am We want a strong national carrier: PatelNew Delhi: The borrowings of Air India, which is facing a severe financial crunch, have more than doubled in less than two years and the airline has been now asked to prepare a restructuring plan in the next 30 days. “The airline has been facing a financial crunch for the past few years. The borrowings of Air India have risen steeply from Rs6,550 crore in November 2007 to Rs15,241 crore in June this year,” civil aviation minister Praful Patel told Lok Sabha on Thursday. He also said the borrowings have gone up largely due to servicing of debt on account of purchase of new aircraft and its operating losses which have compounded due to the present economic recession and the high oil prices last year. He said the National Aviation Company of India Limited (Nacil) has been advised to formulate “a concrete proposal for equity induction and provision of loans”. Patel also made it clear that there was no plan to retrench any employee of Air India. He later told reporters that government’s support to Air India “cannot be taken for granted” and it should prepare a restructuring plan in the next 30 days.” “It cannot be open ended.The government is committed.We want a strong national carrier.” Patel said there was every reason for Air India to respond quickly. The management, the employees, all will have to come out with a proper restructuring plan”. The government, he said, wanted to know “what is needed to be implemented in the coming weeks and years”. The minister said Air India was appointing SBI Caps as a consultant to carry out its financial restructuring plans. To a question on whether government proposed to allow foreign airlines to invest in domestic carriers, Patel said, “The proposal to allow foreign airlines to invest in domestic airlines is under examination.” Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:35 am 3G auction to take time, rules awaitedNew Delhi: The government will auction 3G wireless spectrum within three months after the government finalizes the number of slots and the floor price for each, the telecom minister said, indicating the process would take time. The potential multi-billion dollar auction was initially planned for January, but has been delayed after high prices fetched by private telecoms companies for selling stakes prompted a review of the floor price. “Two issues are there. What will be the number of slots going to be auctioned? And what is the base price for each slot?” A Raja told lawmakers on Thursday in the upper house of Parliament in reply to questions. He said a committee of ministers would be constituted to consider the issues. “I hope it will be settled within a fortnight as soon as the committee is constituted,” he said. “Within three months as soon as the stipulation comes from the government,it will be completed,” Raja said, on the auction. As per the initial guidelines issued last year, the government planned to conduct the auction for 20 of India’s 22 telecoms zones and had said firms could bid for four slots in most of these areas. The auction of third-generation radio spectrum would allow firms to offer high-speed Internet and video downloads on mobile phones. Source: Tech News - Livemint.com | 2 Jul 2009 | 11:33 am 3G auction to take time, rules awaitedNew Delhi: The government will auction 3G wireless spectrum within three months after the government finalizes the number of slots and the floor price for each, the telecom minister said, indicating the process would take time. The potential multi-billion dollar auction was initially planned for January, but has been delayed after high prices fetched by private telecoms companies for selling stakes prompted a review of the floor price. “Two issues are there. What will be the number of slots going to be auctioned? And what is the base price for each slot?” A Raja told lawmakers on Thursday in the upper house of Parliament in reply to questions. He said a committee of ministers would be constituted to consider the issues. “I hope it will be settled within a fortnight as soon as the committee is constituted,” he said. “Within three months as soon as the stipulation comes from the government,it will be completed,” Raja said, on the auction. As per the initial guidelines issued last year, the government planned to conduct the auction for 20 of India’s 22 telecoms zones and had said firms could bid for four slots in most of these areas. The auction of third-generation radio spectrum would allow firms to offer high-speed Internet and video downloads on mobile phones. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:33 am Sensex ends 13 points up at 14,658.49Bombay Stock Exchange benchmark Sensex ended moderately up by 13 points, partly on government plans and positive recommendations in the Economic Survey.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 11:25 am Bomb in Pakistan’s Rawalpindi kills up to sixIslamabad: A suspected suicide bomber on a motorcycle blew himself up next to a bus in the Pakistani city of Rawalpindi on Thursday killing up to six people, police said. “About 25 people were on board and as the bus reached a square, a motorcyclist hit its fuel tank,” city police chief Nasir Durrani told reporters. “According to our reports, five to six people were martyred and 16 wounded.” Pakistan has been hit by a wave of bombings in recent weeks in response to a military offensive against Taliban militants in the northwest of the country. The bus was carrying factory workers home, an intelligence agency official said. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:24 am LPG supply sufficient, says DeoraNew Delhi: The government on Wednesday categorically stated there was no overall shortage of domestic cooking gas in the country and regular supplies were being maintained. “Public sector oil marketing companies have reported that at present, there is no overall shortage of LPG in the country,” petroleum minister Murli Deora said in a written reply to a question in the Lok Sabha. Regular LPG supplies to distributors was being made by the oil marketing companies (OMCs) through indigenous production and imports in accordance with the genuine demand of customers registered with the LPG distributors. As on 1 June 2009, OMCs are serving 10.67 crore LPG customers through their 9,378 LPG distributorships in the country, covering about 55% of the households. “OMCs have released 10.07 lakh new LPG connections in the country during April and May,” he said. Indian Oil, Bharat Petroleum and Hindustan Petroleum supplied 10.63 million tonnes of domestic LPG in the country during 2008-09 against 10.29 million tonnes in the same period of the previous year, showing a growth rate of 3.26%, he said. “The possibility of blackmarketing/ diversion of subsidized domestic LPG cylinders by some unscrupulous elements cannot be ruled out due to the wide gap between the retail price of LPG for domestic use and the market price for commercial LPG,” Deora said. To a separate question, minister of state for petroleum and natural gas Jitin Prasada said there was no proposal before the government for introduction of 5-kg commercial LPG cylinders or for banning the use of bigger LPG cylinders of 19 kg, 35 kg and 47.5 kg for commercial purposes. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:18 am Shaw Wallance sells entire stake in United SpiritsMumbai: Shaw Wallance and Company has sold its entire 10.27% stake in Vijay Mallya-promoted United Spirits Ltd (USL) for Rs904.95 crore, through an open market transaction. Shaw Wallance and Company has sold 10,282,553 shares representing 10.27% stake in the company, United Spirits said in a disclosure on the Bombay Stock Exchange. In 2005, United Breweries acquired Shaw Wallace & Company, following which it was merged with the group’s flagship company USL last year. As of March quarter, Shaw Wallace & Company held 10.27% stake and UB Holdings had 23.84% interest in USL. United Spirits has over 150 products in its portfolio including brands Black Dog, Signature, Royal Challenge and Romanov. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:15 am Choppy Sensex holds modest gains, awaits budgetMUMBAI (Reuters) - The BSE Sensex eked out modest gains in volatile trade on Thursday as investors discounted the government's reform intentions in an annual survey and waited for specific announcements in the budget early next week.Source: Reuters: Money News | 2 Jul 2009 | 11:10 am White House carves out separate India desk at NSCWashington: Implementing the commitment of US President Barack Obama to deepen Indo-US strategic ties, the White House has carved out a separate India desk at its National Security Council (NSC). India is only the second country after Russia to be handled separately by a Senior Director at the National Security Council, thus indicating the significance being attached to New Delhi by the Obama Administration, which is keen to take the ties between the two nations to a new level. “We have recently done a slight restructuring of the National Security Council whereby Donald Camp has been appointed to be the senior director exclusively for India, because we want to put focus on that relationship,” NSC spokesman Mike Hammer told the agency. “This is rather unusual,” he said. “It reflects our commitment to try and develop a strategic partnership that is going to be in the interest of both countries. That simply reflects our commitment and interests in strengthening what we already feel is a good relationship that can be furthered deepened,” Hammer said. The spokesman said Russia is the only other country which has an exclusive senior director at the NSC. “That is the only other example we have,” he said. “This is coming out of the President’s interest based on a very good relationship he is developing with Prime Minister (Manmohan) Singh. And of course, the President very much looks forward to welcome him at the White House in the Fall,” Hammer said. On behalf of Obama, national security advisor General James Jones had invited Singh to visit White House this fall; which has been accepted by the Prime Minister. This visit is separate from that of the September visit of the Prime Minister to attend the G-20 Summit in Pittsburg. Source: LatestNews-Home - Livemint.com | 2 Jul 2009 | 11:09 am Markets end flat over budget worryMumbai: Indian shares eked out modest gains in volatile trade on Thursday as investors discounted the government’s reform intentions in an annual survey and waited for specific announcements in the budget early next week. The country could see growth of around 7% this year and more in coming years if it makes sweeping reforms including removal of fuel subsidies, and speeds infrastructure development, the survey said. “This is only a statement of intent. Honestly, we will have to wait for the actual budget for direction,” said Deven Choksey, managing director at K R Choksey Shares & Securities. The budget will be presented to parliament on Monday. State-run oil firms led by Oil and Natural Gas Corp were key gainers after India unexpectedly raised gasoline and diesel prices, while Reliance Industries fell on uncertainty about a gas supply deal with a former group firm. The 30-share BSE index rose 0.09%, or 13.02 points, to 14,658.49 points, with 17 components in the red. The index rose nearly 0.8% at one point, but profit-taking then pushed it down more than 1% in the afternoon. The 50-share NSE Index closed up 0.2% at 4,348.85 points. “The conviction is missing in the market, and profits are being booked at higher levels. A big problem is that index heavyweights such as Reliance, Bharti and Larsen & Toubro are not participating,” Choksey said. The benchmark index has risen 52% this year, largely on high expectations for reforms to further open up the economy after the coalition government won a second five-year term in May with more seats in parliament. Investors expect the government to unveil pro-reform measures in the budget such as 3G wireless spectrum auction and stake sales in state firms to raise cash. [ Oil firms rallied on expectation of easing subsidy burden incurred from selling products at discounted rates. On Wednesday, the government raised petrol and diesel prices by as much as 10% the first increase this year. ONGC rose 7% to 1,126.45 rupees and gas transporter GAIL added 7.9% to 310.45 rupees. Oil marketing firms Indian Oil Corp rose 1.5% to Rs549.35 and Hindustan Petroleum Corp gained 2.7% to Rs319.75. Tata Steel rose 6.4% to Rs420.15, its highest close in more than two weeks, on the company’s plans to sell global depositary receipts worth about $600 million. Top aluminium producer Hindalco gained 1.4% to Rs84.55 rupees after lenders agreed to relax terms of a $982 million bank loan. The stock had fallen 3.5% on Wednesday after it reported profits fell sharply in 2008/09. Uncertainty over a gas supply deal pulled down Reliance Industries, which has the maximum weightage in the BSE index. The stock fell 2.3% to Rs2,010.15 after it said it would appeal to the Supreme Court against a ruling to enter into an unfavourable gas supply deal with former group firm Reliance Natural Resources Ltd. Shares of auto firms fell on worries higher fuel prices may hit demand for vehicles. Top car maker Maruti Suzuki shed 1.5% to Rs1,053.80, largest vehicles maker Tata Motors slipped 1.7% to Rs294.30, while motorcycle maker Hero Honda fell 1% to Rs1,384.55. In the broader market, advances outpaced declines in the ratio of 1.3:1 on above-average volume of 373.2 million shares. Source: Home - Livemint.com | 2 Jul 2009 | 10:59 am 'Economic growth could revive to 7.5%'The government proposed sweeping economic reforms and said growth could revive to as much as 7.5% this year if the US economy bottoms out by September.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 10:42 am India needs funds, policy for infrastructureNEW DELHI (Reuters) - India's efforts to revamp its creaking infrastructure are constrained by shortage of long-term finance and policy initiatives are needed to speed up projects, the government said in a report on Thursday.Source: Reuters: Money News | 2 Jul 2009 | 10:41 am HC gives Jet, Sahara last chance to settle disputeJustice Dhananjay Chandrachud said both parties are being given a final chance to sit across the table and arrive at a consensus by July 15.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 10:31 am IOCs burden to dip by Rs 750cr/month post fuel price hikeCommenting on the latest move by the government, SV Narasimhan, DirectorFinance, Indian Oil Corporation said that underrecoveries were manageable after the fuel price hike. IOCs burden would come down by Rs 750 crore per month post fuel price hike, he said.Source: Moneycontrol Top Headlines | 2 Jul 2009 | 10:29 am Reforms needed to return India to high growth - govtNEW DELHI (Reuters) - India could see growth of around 7 percent this year and more in coming years if it makes sweeping reforms including removal of fuel subsidies, and speeds infrastructure development, a government report said on Thursday.Source: Reuters: Money News | 2 Jul 2009 | 10:23 am Volatility in equities soared to record high in 2008: SurveyNew Delhi: Volatility in the country’s equity markets touched record levels in 2008, which is also the highest among global bourses, the Economic Survey on Thursday stated. “The volatility of weekly returns of Indian indices increased in 2008 and was even higher than that of indices outside India, such as S&P 500 of USA and Kospi of South Korea,” the pre-budget Economic Survey 2008-09 tabled in Parliament today showed. It pointed out that the capital market scenario in 2008 should be seen in the backdrop of heightened uncertainties triggered by the international financial crisis, slowdown in the global economic growth, fluctuations in international food, commodity and fuel prices and volatility in overseas financial markets. The government has taken steps to ensure soundness and stability of the Indian capital market and has initiated various regulatory measures in this regard, the survey said. “... The regulatory measures initiated during the year (2008) were aimed at ensuring the soundness and stability of the Indian Capital market,” it noted. In comparison to 3.83% volatility on weekly returns in the US for its bellwether index S&P 500, 4.19% for South Korea’s Kospi, India’s benchmark index Sensex witnessed a volatility of 4.57%. According to the survey all major indices of the Indian capital market witnessed high volatility. The National Stock Exchange benchmark Nifty saw a volatility of 4.30%, for BSE-500 4.68 per cent and 4.89% for Nifty Junior. The volatility in the Indian markets have increased significantly on a year-on-year basis as well as the 30-share index Sensex saw fluctations of 3.17% in December 2007. Similarly, at the end of 2007 S&P 500 and Kospi had a volatility of 1.28% and 2.17% respectively. The year 2008 started on a bullish note for the Indian capital market and saw the two benchmark indices scaling new historic peaks of 20,873 points and 6,287 points on 8 January. However, this momentum could not be sustained and the indices recorded significant downtrend in line with the decline in all the major international indices during the second half of 2008, the Survey said. During 2008, the BSE Sensex and Nifty indices declined by 51.8% and 52.4% respectively. “The domestic stock markets exhibited an upward trend from mid July to the first week of September 2008, but weakened thereafter and recorded losses till end December 2008. This was attributed to volatility in international equity markets by foreign institutional investors and slowdown in domestic activity,” it noted. Source: Home - Livemint.com | 2 Jul 2009 | 10:09 am John Peace named StanChart chairman, to quit ExperianLondon: Asia-focused bank Standard Chartered named John Peace as its permanent chairman on Thursday, prompting him to step down as chairman of financial data company Experian. Peace, 60, has been acting chairman at Standard Chartered since January, when Mervyn King stepped down at short notice to become a treasury minister. Peace, a veteran of retail and financial services who attended Sandhurst Military Academy and is a fellow of the Royal Society of Arts, will quit as chairman of Experian once a new chairman is found. He will remain chairman of Burberry Group. The appointment rules Peace out of the running for the chairman’s role at part-nationalised Lloyds Banking Group, which he had been linked to. Former Citi chairman Win Bischoff is the hot favourite to land that role, although the search is still in progress. Peace had also reportedly been short-listed to become chairman of supermarket group J Sainsbury. He has held a number of top roles in financial services and retail, which Standard Chartered said includes extensive international experience and a thorough working knowledge of Asia. Most of the jobs have been linked to retailer GUS and its spin-offs. He was GUS chief executive for six years from 2000, after joining the company in 1970. In 1980 he co-founded CCN, a trading company formed by GUS to provide information services to retailers and other lenders. CCN later became Experian, a FTSE 100 firm, where he was CEO and then chairman when it was demerged in 2006. He has been Burberry chairman since 2002 and oversaw its flotation. Standard Chartered has weathered the financial crisis better than most rivals thanks to its Asia focus and traditionally strong capital and liquidity. “The group is in excellent shape, as you can see from our recent trading update, and I look forward to continuing to work with our great management team and board,” Peace said. By 0900 GMT, Standard Chartered shares were up 0.4% at 1,186 pence, Experian was unchanged at 455.25p and Burberry was up 1.1% at 426.5p. Source: Home - Livemint.com | 2 Jul 2009 | 10:07 am John Peace named StanChart chairman, to quit ExperianLondon: Asia-focused bank Standard Chartered named John Peace as its permanent chairman on Thursday, prompting him to step down as chairman of financial data company Experian. Peace, 60, has been acting chairman at Standard Chartered since January, when Mervyn King stepped down at short notice to become a treasury minister. Peace, a veteran of retail and financial services who attended Sandhurst Military Academy and is a fellow of the Royal Society of Arts, will quit as chairman of Experian once a new chairman is found. He will remain chairman of Burberry Group. The appointment rules Peace out of the running for the chairman’s role at part-nationalised Lloyds Banking Group, which he had been linked to. Former Citi chairman Win Bischoff is the hot favourite to land that role, although the search is still in progress. Peace had also reportedly been short-listed to become chairman of supermarket group J Sainsbury. He has held a number of top roles in financial services and retail, which Standard Chartered said includes extensive international experience and a thorough working knowledge of Asia. Most of the jobs have been linked to retailer GUS and its spin-offs. He was GUS chief executive for six years from 2000, after joining the company in 1970. In 1980 he co-founded CCN, a trading company formed by GUS to provide information services to retailers and other lenders. CCN later became Experian, a FTSE 100 firm, where he was CEO and then chairman when it was demerged in 2006. He has been Burberry chairman since 2002 and oversaw its flotation. Standard Chartered has weathered the financial crisis better than most rivals thanks to its Asia focus and traditionally strong capital and liquidity. “The group is in excellent shape, as you can see from our recent trading update, and I look forward to continuing to work with our great management team and board,” Peace said. By 0900 GMT, Standard Chartered shares were up 0.4% at 1,186 pence, Experian was unchanged at 455.25p and Burberry was up 1.1% at 426.5p. Source: World Business - Livemint.com | 2 Jul 2009 | 10:07 am S Kumars to raise Rs1000 cr to fund expansion plansNew Delhi: Textile major S Kumars Nationwide plans to raise Rs1,000 crore through issue of shares on qualified institutional placement (QIP) basis to fund its expansion plans. The board of directors has approved raising an amount not exceeding Rs1,000 crore through the issue of shares, S Kumars Nationwide Ltd (SKNL) said in a filing to the Bombay Stock Exchange. The company would seek shareholders nod for the proposal. “Currently, SKNL is looking at raising $70-80 million (Rs335-382 crore) and half of this amount in next two-three months,” SKNL vice-chairman and MD Nitin Kasliwal told news channel CNBC TV18 in an interview. “The reason why we are doing this is because we are focused on our growth plan and we are going on a long-term strategy which is to maintain debt-equity ratio,” he said, adding that the ratio is below 1:10 equity level. Kasliwal said QIP is also intended to “take care of our strategy from a balance sheet perspective.” Kasliwal told the channel that the money raised through QIP will not be used for the acquisition of US-based bankrupt suit maker Hartmarx. S Kumars and British firm Emerisquethe acquired Hartmarx for about $120 million last. “The Hartmarx acquisition is fully funded from internal accrual and debt in SKNL.” MORE PTI BSM PPB MR 07021452 DELHI Source: Home - Livemint.com | 2 Jul 2009 | 9:52 am Oil falls towards $68, gasoline stocks riseLondon: A bigger than expected rise in US gasoline stocks and a fresh focus on global financial weakness pushed oil markets down a dollar on Thursday to around $68 a barrel. For the next clue on the economic health of the world’s top energy consumer, traders were looking to US non-farm payroll data for release on Thursday, expected to show unemployment at a 26-year high of 9.6%. US crude fell $1.08 to $68.23 a barrel by 3:26pm. The contract settled 58 cents lower at $69.31 on Wednesday. London Brent crude dropped by 92 cents to $67.87. “There’s a sense we’re breaking to the down-side because of weak economic data ... unemployment, house prices, lower stock markets,” said Christopher Bellew of Bache Commodities. In addition he cited Wednesday’s US government inventory data that showed gasoline stockpiles in the United States rose by 2.3 million barrels last week. Distillates, including diesel, also rose by 2.9 million barrels, although crude stocks dropped by 3.7 million barrels. Traders viewed the increase in motor fuel ahead of the US 4 July Independence Day holiday - which traditionally marks the peak of the US summer driving season - as a symptom of continued demand weakness. Some analysts are still bullish, however, and say the Organization of the Petroleum Exporting Countries (Opec) has been very successful in stabilising the market. Oil has rallied from a low of $32.40 in December last year to highs above $70 a barrel in June, although it is only around half last July’s record of more than $147. Over the second quarter of this year it gained around 40 % - the strongest quarterly gain since 1990. Opec support “Everybody has been surprised at the effectiveness of the Opec cuts,” said Angus McPhail of British-based investment firm Alliance Trust. “We’re in a normalised range somewhere between $60 and $80 in the current environment, excluding the Iranians kicking off... Nigeria etc... I think that’s what we’re looking at and it’s what OPEC’s looking at too.” Political unrest in oil producer Iran has had little impact on prices because the oil market is well-supplied and there is no expectation of Iran cutting off supplies. Militant unrest in Opec member Nigeria has had a bigger impact. It has forced the shut-in of an estimated 600,000 to 700,000 barrels per day (bpd). The involuntary output reduction has improved Opec’s compliance with production curbs, although discipline has retreated from a peak of around 80% earlier this year. Reuters’ latest Opec survey assessed compliance at around 72% of promised cutbacks totalling 4.2 million bpd since September. As output creeps higher, one of Opec’s smallest crude exporters Qatar told at least two Asian term buyers it will supply its Marine crude at full contracted volumes for August, compared with 14 percent supply curbs for July, sources at the firms said on Thursday. While the West has taken the brunt of economic downturn, analysts have been looking to Asia to keep generating fuel demand. But the governments of China and India this week both unexpectedly raised gasoline and diesel prices by as much as 10 percent, potentially capping demand growth. Source: Home - Livemint.com | 2 Jul 2009 | 9:51 am Dual structure of GST could be adopted - surveyNEW DELHI (Reuters) - India could adopt dual structure of Goods and Service Tax (GST), expected to be implemented from April, 2010, as it would balance fiscal autonomy of both centre and states, a key government report said on Thursday.Source: Reuters: Money News | 2 Jul 2009 | 9:49 am MySpace, Web servers not liable for assaults: US courtLos Angeles: Internet servers like MySpace cannot be held liable when minors are sexually assaulted by people they first meet on a website, a California appeals court ruled in an opinion filed late on Tuesday. The ruling by the Second District Court of Appeal in Los Angeles is consistent with federal appeals court rulings. It comes a day before the sentencing, also in Los Angeles, of a Missouri woman accused of using a fake MySpace profile to harass a teenage girl. The girl committed suicide. The appellate court consolidated several similar lawsuits brought by minor girls dubbed “Julie Does” and their parents or guardians, claiming that MySpace failed to implement available age-verification software or set the default security on the girls’ accounts to “private.” But the Los Angeles-based appeals court found that a section of the Communications Decency Act immunizes Web servers against the girls’ claims of negligence and product liability. Attorneys for the plaintiffs could not be reached for comment. A spokeswoman for MySpace, which is owned by News Corp, said in a statement that the company was “pleased” the court had reaffirmed other courts’ decisions that it and other websites “cannot be held liable for content posted by, or wrongdoing committed by, individuals who visit our site.” Electronic Frontier Foundation spokeswoman Rebecca Jeschke said the opinion was “very important” in light of recent calls by several states’ attorneys general for online classifieds site Craigslist to remove what they claimed were illegal sex ads. The controversy erupted after two people were allegedly killed by others they met through the online ads. Social networking sites were also watching the so-called MySpace Mom case in Los Angeles, in which Missouri mother Lori Drew was indicted on charges that included felony conspiracy for harassing her daughter’s rival with cruel messages via a fake MySpace profile. A federal jury cleared Drew of the most serious charges but found her guilty of three misdemeanor counts. She faces up to a three years in prison and fines when she is sentenced on Thursday. The case made worldwide headlines and brought calls for social networking sites to crack down on such activities. “The idea is, you hold the speaker responsible not the soapbox,” Jeschke said. “If you want any kind of social interaction on the Internet this is very important.” Source: Tech News - Livemint.com | 2 Jul 2009 | 9:45 am YouTube doubles video file size to 2GWashington: Video-sharing site YouTube announced that it was doubling the size limit for uploads to its website to allow users to post more high-definition (HD) video. YouTube, in a blog post, said the size limit for uploads to the site was being doubled - from one gigabyte to two gigabytes. “The increase means you can upload longer videos at a higher resolution as well as large HD files directly from your camera,” YouTube said. “The changes allow you to share links directly to the HD version of your video, as well as embed the HD version on your blog or website,” it said. HD video is increasingly popular but the higher resolution results in larger files. A YouTube spokesman told AFP that while file size for individual videos was being increased to two gigabytes, the 10-minute length restriction for videos posted on the site remains in place. Source: Tech News - Livemint.com | 2 Jul 2009 | 9:25 am India 3G auction will take time, rules awaitedNEW DELHI (Reuters) - India will auction 3G wireless spectrum within three months after the government finalises the number of slots and the floor price for each, the telecoms minister said, indicating the process would take time.Source: Reuters: Money News | 2 Jul 2009 | 9:11 am RBI for improvement in quality of WPI, IIP dataRBI governor D Subbarao highlighted the need to further refine the calculation of WPI and IIP data.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 9:07 am Tech Mahindra may increase Satyam stake to 42.7% - Moneycontrol.com
Source: Business - Google News | 2 Jul 2009 | 8:59 am Air India asked to give restructuring plan in 30 days: PatelCivil aviation minister Praful Patel today asserted that government support cannot be taken for granted by the airline.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 8:52 am Survey for lifting ban on farm futuresThe government should lift the ban on futures trading on rice, sugar, tur and urad and decontrol sugar sector.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 8:27 am Survey urges government to decontrol petrol, diesel pricesIt is time to decontrol automobile fuel prices taking advantage of low inflation and global crude prices, the Economic Survey 2009 said.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 7:42 am Rising food prices could undermine inclusive growth: SurveyHigh domestic food prices are still a cause for concern despite India hugely benefiting from a slump in global oil and commodity prices.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 7:39 am Govt should raise Rs 25,000 cr from disinvestment every yearThe government should sell a minimum 10 per cent stake in all unlisted public sector enterprises and "auction" those that can't be revived.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 7:36 am Economic Survey calls for sweeping reformsFinance minister Pranab Mukherjee today tabled the Economic Survey for 2008-09 that prescribes doing away with cess and surcharges on taxes.Source: Daily News & Analysis: Money News | 2 Jul 2009 | 7:34 am Decontrol petrol, diesel prices: Economic SurveyIt is high time that petrol and diesel prices were decontrolled taking advantage of low inflation and global crude prices, the Economic Survey said.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 7:27 am 58 million jobs opportunities expected in 2007-12 period: Economic SurveyNearly 58 million jobs are expected to be created in the five years from 2007 to 2012 with the non-agriculture sector boosting employment during that period, the Economic Survey tabled in Parliament today said.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 7:20 am Inflation at -1.3%, third week negativeInflation stayed negative for the third week in a row, at minus 1.3 per cent for the week ended June 20.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 7:00 am Bring in sweeping tax reforms; eliminate cess, surcharges: Economic SurveyThe govt should phase out all cesses, surcharges on taxes and securities transaction tax, fringe benefit tax and introduce a new income tax code, the Economic Survey said.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 6:49 am Economic Survey tabled; HighlightsFinance minister Pranab Mukherjee on Thursday tabled the Economic Survey for 2008-09 that prescribes doing away with cess, surcharges on taxes, including Fringe Benefit Tax.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 6:41 am Markets shrug off economic surveyHowever, the markets response to them seemed to be lukewarm with the Sensex gaining 13.02 points by the end of day's trade to end the day at 14,658.49Source: Daily News & Analysis: Money News | 2 Jul 2009 | 5:20 am Ailing Air India may test India's reform zealNEW DELHI (Reuters) - Prime Minister Manmohan Singh has been confronted by a high-profile challenge less than two months into his second term -- how to fix the ailing national airline carrier, which has asked the government for a bailout.Source: Reuters: Money News | 2 Jul 2009 | 5:09 am Sensex opens 95 points higher on firm Asian cuesThe Sensex opened higher by 95 points on increased capital inflows by foreign funds ahead of the economic survey amid firming trends in the global markets.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 5:03 am Rupee up 15 paise against dollar in early tradeThe Indian rupee appreciated by 15 paise against the dollar in early trade on weakness in the greenback against major Asian currencies.Source: India Business News | Business News - Times of India | 2 Jul 2009 | 4:28 am Tier II cos’ top honchos take home lessBangalore, July 1 Salaries of senior executives in smaller IT firms grew at a slower pace than that of their counterparts in top tier firms in fiscal 2009 over the previous year. Information disclosed by firms such as MindTree Consulting, SonataSource: Business Line - Home Page | 2 Jul 2009 | 12:00 am Cap put on MF sales expenses pie in exit loadMumbai, July 1 The Securities and Exchange Board of India has put a cap of one per cent on the maximum amount an asset management company can retain from the exit load or the contingent deferred sales charges (CDSC) on mutual funds for marketingSource: Business Line - Home Page | 2 Jul 2009 | 12:00 am ECB policy: Realty players see no near-term gainNew Delhi, July 1 Real estate players on Wednesday hailed the Government’s decision to open the external commercial borrowing (ECB) window for special economic zone (SEZ) developers, although some players felt that the move may not offerSource: Business Line - Home Page | 2 Jul 2009 | 12:00 am Exports, imports down in MayNew Delhi, July 1 Exports in May continued the declining trend and plummeted 29.2 per cent compared with MaySource: Business Line - Home Page | 2 Jul 2009 | 12:00 am Alstom in race for Areva’s T&D bizChennai, July 1 Alstom of France, a global leader in the power generation equipment and services business, is believed to be the front-runner for buying out Areva’s power transmission and distribution division, according to reliable powerSource: Business Line - Home Page | 2 Jul 2009 | 12:00 am Day Trading GuideThe near-term stance is cautious for DLF, desist trading in this counter. Infosys is testing significant resistance level Rs 1800. Initiate fresh long position if the stock exceeds Rs 1815, with tightSource: Business Line - Home Page | 2 Jul 2009 | 12:00 am DD may go digital, open up for pvt broadcastersAlong with the television antennas sticking out from millions of roof tops across the country, DD’s TV audiences could soon need set-top boxes.Source: Business Line - Home Page | 2 Jul 2009 | 12:00 am Petrol price raised by Rs 4 & diesel Rs 2; cooking fuels sparedNew Delhi, July 1 The Government today hiked the retail price of petrol by Rs 4 a litre and diesel by Rs 2 a litre.Source: Business Line - Home Page | 2 Jul 2009 | 12:00 am Aptech (Rs 178.10): BuyWe recommend a buy in Aptech from a short-term trading perspective. It is evident from the charts of Aptech that after taking support around Rs 60 in early December, the stock has been trending upward. Since then, the stock has been formingSource: Business Line - Home Page | 2 Jul 2009 | 12:00 am Maruti, Hero Honda post higher sales in JuneMumbai, July 1 June was a heady month for Maruti-Suzuki and Hero Honda in the car and two-wheeler segments as they consolidated their leadership positions. Factors such as lower interest rates, ease in credit disbursement and a more buoyantSource: Business Line - Home Page | 2 Jul 2009 | 12:00 am Hindalco closes Novelis plant in UK, to recast capex planAditya Birla group flagship firm Hindalco Industries has decided to trim its overseas operations and is restructuring its capital expenditure in India in an effort to stabilise operations.Source: Business Standard | Front Page Headlines | 1 Jul 2009 | 8:12 pm Petrol prices up Rs 4 a litre, diesel Rs 2No change in cooking gas, kerosene prices; negligible impact on inflation.Source: Business Standard | Front Page Headlines | 1 Jul 2009 | 8:09 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 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 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 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 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 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 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 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 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 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
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