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ICICI Bank sees rise in housing finance, infra loans aheadChanda Kochhar, Managing Director and CEO, ICICI Bank, in an exclusive interview with CNBCTV18, said that two businesses will pickup in a big way for the banking sector as a whole.Source: Moneycontrol Top Headlines | 18 Jul 2009 | 3:38 pm Delhi Metro plans to repair houses, shops damaged in mishap - Hindu
Source: Business - Google News | 18 Jul 2009 | 2:41 pm BHEL sends super-critical boiler columns for NTPC projectPower plant equipment major Bharat Heavy Electricals Limited (BHEL) Saturday dispatched super-critical boiler columns, weighing a total of 100 tonnes, from its boiler plant in Tiruchirappalli to the NTPC-promoted Barh Thermal Project in Bihar.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 2:30 pm Despite glitches, ISRO confident of Chandrayaan-I completing mission - Economic Times
Source: Business - Google News | 18 Jul 2009 | 2:30 pm Govt has no locus standi to challenge Ambanis' MoU - Economic Times
Source: Business - Google News | 18 Jul 2009 | 2:07 pm Air India looking at pruning incentives to overcome lossesCash-strapped state-run carrier Air India is reworking the employees' productivity-linked incentive (PLI) scheme as part of its restructuring plan.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 2:02 pm Clinton for deepening strategic ties with IndiaUS Secretary of State Hillary Clinton Saturday expressed a desire to strengthen strategic ties with India as she began a five-day trip by pressing Pakistan to take action against terrorists who attacked Mumbai, including the luxury hotel where she is staying.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 2:00 pm Government housing scheme also for middle income groupsApart from the earlier proposal to build 1.5 million houses for urban poor, the government will build a million affordable houses for the middle income group, Minister of Housing and Urban Poverty Alleviation Kumari Selja said here Saturday.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 1:02 pm Morgan Stanley India allowed to deal in bondsThe Indian arm of US-based merchant banker Morgan Stanley was Saturday authorised to undertake primary dealer business in government securities and bonds with effect from July 20.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 1:01 pm India's longest railway bridge nearing completion at KochiThe country's longest railway bridge, at 4.62 km, is fast nearing completion and will be opened in November, an official said here Saturday.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 1:00 pm 'Investment in infrastructure can boost economy by 1.8 pc'Investments in infrastructure, particularly the roads sector, can boost the economy by 1.8 percent a year, said J.P. Nayak of Larsen and Toubro Limited here Saturday.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 1:00 pm HCL Tech to restore dividend policy in 67 quartersVineet Nayar, CEO, HCL Technologies, said most companies will come back to quarteronquarter growth in two quarters. He stated that HCL is considering restoring dividends in the next 67 quarters.Source: Moneycontrol Top Headlines | 18 Jul 2009 | 12:45 pm Australia's Riversdale concludes Mozambique coal study - Reuters India
Source: Business - Google News | 18 Jul 2009 | 11:53 am TCS Q1 net up 19% at Rs 1520 crore - Economic Times
Source: Business - Google News | 18 Jul 2009 | 11:45 am India's first woman photographer waiting for Nano - Hindu Business Line
Source: Business - Google News | 18 Jul 2009 | 11:34 am Women artisans greet 'impressed' Clinton with 'We shall overcome'Visibly delighted, US Secretary of State Hillary Clinton listened with rapt attention as a group of women artisans greeted her with 'We shall overcome' -- in Gujarati -- as she arrived at their handicrafts outlet here, soon after she declared she was 'impressed' with Indian women.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 11:32 am New trade policy to focus on untapped markets: MinisterIndia's new foreign trade policy will be unveiled next month and will focus on diversifying the country's merchandise exports to untapped markets, Commerce Minister Anand Sharma said Saturday.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 11:31 am Allahabad Bank's Q1 profit zooms 224 percentState-run Allahabad Bank posted a net profit of Rs.302.86 crore (Rs.3.02 billion) for the first quarter of 2009 as compared to Rs.93.36 crore for the same period last year, a top company official said here Saturday.Source: IndiaeNews.com: Business News | 18 Jul 2009 | 11:30 am Kiss kiss bang bangMusic Review | Kaminey  Kaminey: Composed by Vishal Bhardwaj, T-Series, Rs160. After Dhan Te Nan everything else has to be an anti-climax. It’s as simple as the law of gravity. It’s impossible to bear Mohit Chauhan do the all too familiar sad song routine. Mellow’s all right for Pehli Baar Mohabbat, but melancholy? Chauhan does melancholy exceedingly well but it’s now inching closer to b-o-r-i-n-g. Like the rest of the songs, this one too isn’t short of glowing lines: Yaad hai peepal ke jiske ghane saayen the/Humne gilhari ke jhoothe matar khaaye the. You’ll warm up to the track after a couple of listens but if it’s a Bhardwaj slow-burner you’re searching for, it’s got to be Laakad from Omkara with vocalist Rekha Bhardwaj at her best. She returns on Raat Ke Dhai Baje on Kaminey’s soundtrack. Here she’s purring like a teasing sex kitten. Sunidhi Chauhan, Kunal Ganjawala and Suresh Wadkar all pitch in to build Raat Ke Dhai Baje into a hottie, but don’t expect Beedi.  Let’s rock ’n’ roll: Shahid Kapoor in Kaminey The title track is a slow solo by Bhardwaj that stretches itself over a rain-drenched evening of gloom well. It’s not his best blues but it will do nicely. I expected another fire-bellied, lung-exploding number going by the title, but the swear word rolls off Bhardwaj’s tongue as an endearment. He is impressive with the blues and he’s had some of the finest artists at work with him—whether it’s Laakad, Paani Paani Re from Maachis, sung by Lata Mangeshkar, or even a brooding ballad like Rozaana from Nishabd, which set Bachchan’s vocals in a Springsteen-edged melody. Bhardwaj springs a surprise with his newfound hip-hop fangs and Gulzar goes on to shock again and again as he redefines Bollywood lingo with every new soundtrack. I was greedy for a lot more in Kaminey—maybe a stirring love song along the lines of Daler Mehndi’s Ru Ba Ru (Maqbool) but then it’s good that I can’t get enough of Dhan Te Nan Lalitha Suhasini is a freelance music journalist. Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 18 Jul 2009 | 11:09 am Govt wants Ambani pact declared 'null' & 'void'The government filed a petition seeking a direction to declare as "null and void" the private family agreement of the Ambanis that provides for gas supply by RIL to RNRL.Source: Daily News & Analysis: Money News | 18 Jul 2009 | 10:51 am Morgan Stanley gets India cbank OK as primary dealerMUMBAI (Reuters) - The Reserve Bank of India said on Saturday it has given its approval to Morgan Stanley to start business as a primary dealer of government bonds.Source: Reuters: Money News | 18 Jul 2009 | 10:30 am Govt wants Ambani pact declared ‘null & void’ New Delhi: The government on Saturday filed a petition before the Supreme Court seeking a direction to declare as ‘null and void’ the private family agreement of the Ambanis that provides for gas supply by RIL to RNRL. The government petition has named as respondents RIL led by Mukesh Ambani and RNRL headed by Anil Ambani which have separately filed cross-petitions against the Bombay High Court 15 June judgement. The Special Leave Petition was filed by the petroleum ministry, a day after it filed an affidavit in response to Mukesh-led RIL’s petition in the Supreme Court challenging the high court order. Just before the government moved its petition, RNRL filed its second affidavit saying the Petroleum Ministry’s affidavit yesterday was aimed at expanding its role and file pleadings that was not permissible to an intervener. The petroleum ministry’s SLP today comes in the backdrop of a debate about the role the government could play as interevener or a respondent in the ongoing RIL-RNRL case and the latest move would enable the government to take up issues that have not been touched in the high court ruling. Petroleum ministry also sought a stay on the high court judgement that asked RIL to supply gas to RNRL after mutually working out the modalities. Besides asking for setting aside the high court order, the petition sought quashing of the interpretation of the June 15 ruling that relates to gas utilisation policy and PSC. Source: Home - Livemint.com | 18 Jul 2009 | 10:14 am TCS targets USD 3 bn revenues from BPO in five yearsTata Consultancy Services today said it is targeting business process outsourcing (BPO) revenues of USD 3 billion in the next five years.Source: Daily News & Analysis: Money News | 18 Jul 2009 | 10:04 am PM assures Lanka of all support for resettlement of IDPs Colombo: Prime Minister Manmohan Singh has assured Sri Lankan President Mahinda Rajapaksa of all support for resettlement of the Tamil civilians, displaced due to fighting between security forces and the LTTE in the north. During an interaction shortly after the conclusion of the 15th Non-Aligned Summit at Sharm El-Sheikh in Egypt on on Thursday, Singh told Rajapaksa that he had won the war against the LTTE and can now also win the peace. “President Rajapaksa thanked India for the understanding it had shown in the need to defeat the terrorism of the LTTE, the assistance it had already given in bringing relief to the IDPs and the offer of continued support in this regard,” an official release said here. President Rajapaksa also hailed the strong support extended to Sri Lanka in the special session of the UN Human Rights Council in Geneva recently, it said. “Rajapaksa’s enormous talent should help solve the long drawn out issue in Sri Lanka permanently,” Singh said. Singh said that he had the highest confidence in Rajapaksa’s capability in resolving the tasks presented in the post- conflict situation in Sri Lanka, as he had a clear vision of what has to be done in the current situation, the release said. The discussions between the two leaders covered a wide range of issues of mutual interest such as the IDPs in the north, proposals for devolution of power and a political solution in Sri Lanka, the release said. The issue of fishermen of the two countries in the waters north of Sri Lanka, the current Development in the North and East, and continued cooperation between India and Sri Lanka also figured during the talks. Rajapaksa assured Singh that the government was taking all steps to keep to its target of re-settling the displaced Tamils in 180 days. This programme was first announced to the high-level Indian officials who visited Sri Lanka for exchange of views shortly after the defeat of the LTTE in May. “The government was keen to expedite the process of resettlement and rehabilitation, but it had to also be conscious of the need to ensure the safety of these citizens, especially from land mines and other dangers,” Rajapaksa said. He said the people there were also to be provided with the necessary infrastructure facilities and new livelihood opportunities. “Sri Lanka saw both the North and East as new areas for economic development, with the many opportunities available for investment, now that they had been cleared of the grip of terrorism,” Rajapaksa said. The possibility of Indian investment in these areas, mutually beneficial to the two countries, was also discussed with the objective of further exploring the opportunities that are now being worked out. Source: LatestNews-Home - Livemint.com | 18 Jul 2009 | 9:50 am Govt withdraws four directors from Satyam board - Business Standard
Source: Business - Google News | 18 Jul 2009 | 9:16 am TCS aims $3 bn back office revenue in 5 yrs Mumbai: Software services firm Tata Consultancy Services on Saturday said that it was aiming to grow its back office services revenue to $3 billion in five years. The company’s revenue from the segment, also known as business process outsourcing, was $615 million in the last fiscal year that ended 31 March. “We have an ambitious goa, the market opportunity is clearly there,” N. Chandrasekaran, chief operating officer said. Back office services contributed about 11% to TCS’s total revenue in the June quarter. But Chandrasekaran declined to forecast how much the segment would contribute to TCS’s overall revenue in five years. “TCS plans to recruit 1,500-2,000 employees, primarily in India, to ramp up its back office services business over the next 12 months,” he said. Chandrasekaran said margins in back office services were a little lower than information technology services. TCS, which published its June quarter results on Friday, beat forecasts with a 22% rise in quarterly profit and said the business environment remained weak and there was pressure on fees due to the global economic downturn. Asked whether the company faced pricing pressures in the back office segment as well, Chandrasekaran said: “It’s a common thing.” Source: LatestNews-Home - Livemint.com | 18 Jul 2009 | 9:14 am TCS says aims $3 bln back office revenue in 5 yrsMUMBAI (Reuters) - Tata Consultancy Services, India's top software services firm by sales, on Saturday said it was aiming to grow its back office services revenue to $3 billion in five years.Source: Reuters: Money News | 18 Jul 2009 | 9:11 am Endeavour astronauts prepare for first space walkWashington: Astronauts from the US space shuttle Endeavour prepared for their first spacewalk of the mission Saturday aimed at completing a Japanese space laboratory at the International Space Station. During their first full day in space, the Endeavour crew inspected the spacesuits that they will use in the five spacewalks planned during the mission. The seven-person crew, including six Americans and one Canadian also tested rendezvous equipment, installed a camera for the orbiter docking system and extended the docking ring that sits on top of the system. The Endeavour mission aims to help fulfill “Japan’s hope for an out-of-this-world space laboratory,” as the shuttle delivers state-of-the-art equipment to conduct experiments in the vacuum of space, according to Nasa. Earlier Friday the shuttle successfully docked at the space station amid questions about the integrity of the shuttle’s heat shield. During the delicate docking maneuver the two space vehicles traveled at 28,000 kilometers per hour as they approached each other, giving Commander Mark Polansky a margin of error of 1.8 inches to complete the procedure, Nasa said. The entry of Endeavour’s crew aboard the ISS brought the number of astronauts inside the orbiting space station to a record 13. As the shuttle approached the ISS, Polansky photographed the underside of the Endeavour to discover whether Wednesday’s takeoff caused any damage to the shuttle’s heat shield. During the launch, which came after five failed take-off attempts since 13 June, debris could be seen peeling away from the shuttle external rocket booster and then striking the spacecraft. Endeavour astronauts used the shuttle’s robotic arm for what the space agency called “the standard flight day two inspection” of the reinforced carbon nose cap and the wing’s leading edge. Imagery experts on the ground will continue to scrutinize images transmitted by the astronauts to determine the state of the shuttle’s thermal protection system, Nasa said. The US space agency has been cautious about conditions for the shuttle’s exit and return since the Columbia craft blew apart some 20,000 meters above the Earth in 2003 as it was returning from a 16-day space mission to land in Florida. A chunk of insulation that broke off from Columbia’s external fuel tank during takeoff had gouged the space shuttle’s heat shield, allowing superheated gases to melt the shuttle’s internal structure before it exploded, killing all seven astronauts onboard. One of the crew’s members, Endeavour Mission Specialist Tim Kopra, will be staying aboard the ISS, taking over from Japanese engineer Koichi Wakata, who has been in space for 124 days. The ISS should be completed in 2010, also the target date for the retirement of the US fleet of three space shuttles. Source: LatestNews-Home - Livemint.com | 18 Jul 2009 | 9:09 am Endeavour astronauts prepare for first space walkWashington: Astronauts from the US space shuttle Endeavour prepared for their first spacewalk of the mission Saturday aimed at completing a Japanese space laboratory at the International Space Station. During their first full day in space, the Endeavour crew inspected the spacesuits that they will use in the five spacewalks planned during the mission. The seven-person crew, including six Americans and one Canadian also tested rendezvous equipment, installed a camera for the orbiter docking system and extended the docking ring that sits on top of the system. The Endeavour mission aims to help fulfill “Japan’s hope for an out-of-this-world space laboratory,” as the shuttle delivers state-of-the-art equipment to conduct experiments in the vacuum of space, according to Nasa. Earlier Friday the shuttle successfully docked at the space station amid questions about the integrity of the shuttle’s heat shield. During the delicate docking maneuver the two space vehicles traveled at 28,000 kilometers per hour as they approached each other, giving Commander Mark Polansky a margin of error of 1.8 inches to complete the procedure, Nasa said. The entry of Endeavour’s crew aboard the ISS brought the number of astronauts inside the orbiting space station to a record 13. As the shuttle approached the ISS, Polansky photographed the underside of the Endeavour to discover whether Wednesday’s takeoff caused any damage to the shuttle’s heat shield. During the launch, which came after five failed take-off attempts since 13 June, debris could be seen peeling away from the shuttle external rocket booster and then striking the spacecraft. Endeavour astronauts used the shuttle’s robotic arm for what the space agency called “the standard flight day two inspection” of the reinforced carbon nose cap and the wing’s leading edge. Imagery experts on the ground will continue to scrutinize images transmitted by the astronauts to determine the state of the shuttle’s thermal protection system, Nasa said. The US space agency has been cautious about conditions for the shuttle’s exit and return since the Columbia craft blew apart some 20,000 meters above the Earth in 2003 as it was returning from a 16-day space mission to land in Florida. A chunk of insulation that broke off from Columbia’s external fuel tank during takeoff had gouged the space shuttle’s heat shield, allowing superheated gases to melt the shuttle’s internal structure before it exploded, killing all seven astronauts onboard. One of the crew’s members, Endeavour Mission Specialist Tim Kopra, will be staying aboard the ISS, taking over from Japanese engineer Koichi Wakata, who has been in space for 124 days. The ISS should be completed in 2010, also the target date for the retirement of the US fleet of three space shuttles. Source: Tech News - Livemint.com | 18 Jul 2009 | 9:09 am United Spirits to set up more distillation plantsAs part of its derisking strategy, United Spirits plans to move away from its dependence on molasses by converting existing distilleries of its associates into multifeed distilleries.Source: Moneycontrol Top Headlines | 18 Jul 2009 | 8:32 am Hillary meets top industry leaders Mumbai: US Secretary of State Hillary Clinton on Saturday had a breakfast meeting with top honchos of India Inc at the iconic, sea-facing Taj Hotel here. Amongst those present at the meeting included Ratan Tata, chairman of Tata Group and Reliance Industries’ Mukesh Ambani. Others present were the chiefs of India’s two largest banks, O.P. Bhatt of State Bank of India and Chanda Kochhar of ICICI Bank, Swati Piramal and Sudha Murthy, wife of Infosys Founder N.R. Narayana Murthy and a leading proponent of corporate social responsibility (CSR) initiatives in the country. Industrialist Jamshyd Godrej and Tata Group official R.K. Krishna Kumar also interacted with Clinton along with renowned corporates including Ashok Ganguly and Amrita Patel. The industry leaders widely expected to discuss the subject of protectionism and outsourcing, issues which are bound to impact them, especially in this period of global economic meltdown, at the meeting with Clinton. The meeting is also widely expected to focus on CSR, a subject close to Clinton’s heart. Clinton arrived here last night on an official visit to India during which high-level discussions are likely to promote bilateral co-operation in $30 billion Indian civil nuclear power programme and $43-billion bilateral trade. “I am happy to see you all,” Clinton told the staffers, who had survived the incidents and also helped their guests escape during that trying period. Source: Home - Livemint.com | 18 Jul 2009 | 8:09 am Clinton optimistic on signing India defence pact Mumbai: US Secretary of State Hillary Clinton on Saturday said that she expected to finalise a defence agreement essential to allowing US companies to sell sophisticated arms to India. “We are working very hard to finalise a number of agreements. I am optimistic that we will get such agreements resolved and announced,” Clinton told reporters in Mumbai in response to a question about an arms ‘end-user monitoring’ pact. Under US law, such a pact is necessary for US firms to bid on India’s plan to buy 126 multi-role fighters, which would be one of the largest arms deals in the world and could be a boon to Lockheed Martin Corp and Boeing Co. That deal is worth an estimated $10.4 billion, part of India’s $30 billion plan to modernise its military over the next five years. Lockheed and Boeing are competing with Russia’s MiG-35, France’s Dassault Rafale, Sweden’s Saab KAS-39 Gripen and the Eurofighter Typhoon, made by a consortium of British, German, Italian and Spanish firms, for the contract. Clinton is also expected to work on finalising agreements around a civilian nuclear pact signed last year, and US officials hope she will announce two sites where US firms would have the exclusive right to build nuclear power plants. The State Department has estimated that could be worth up to $10 billion for US companies. The two major US nuclear reactor builders are General Electric Co. and Westinghouse Electric Co, a subsidiary of Toshiba Corp Source: Home - Livemint.com | 18 Jul 2009 | 7:48 am Markets bounce back on recovery signs in global economyMumbai: Stronger global cues and optimism about encouraging corporate earnings, in addition to revival of the monsoon helped the markets recover their post-budget losses with over 9% jump in key indices. The Bombay Stock Exchange (BSE) ended the week up 1,240.70 points or 9.19% at a two-week high of 14,744.92 points from its previous week’s close. Similarly, the National Stock Exchange’s (NSE) 50-share Nifty also rebounded by 371.05 points or 9.27% to close the week ended 18 July at 4,374.95 points. Both the Sensex and the Nifty had fallen by nearly 9.5% each after the Budget disappointed investors by not announcing any big-bang reforms. During the week, global markets remained upbeat on signs of recovery in the economy and a positive beginning of the US earnings season. The US retail sales showed growth for the second consecutive month. Renowned economist Nouriel Roubini said the worst of the financial crisis is over and the US economy is no longer in a stage of a free fall. On the domestic front, the markets also drew support on hopes of improvement in the Q1 margins of India Inc despite slower revenue growth. After Infosys Technologies and HDFC Bank, IT major TCS beat the market expectations by posting 19% growth in their net profit for the first quarter. The market sentiment was further boosted by finance secretary Ashok Chawla’s statement that the finance ministry will introduce seven bills in Parliament, including proposals for pension and banking reforms. Analysts opined that the market is bullish and the flow of encouraging corporate results and news about economic recovery could trigger short covering in derivatives. Foreign Institutional Investors (FIIs) too have turned positive. They, however, did not rule out high level of volatility after the Supreme Court hearing on Krishna Godavari (KG) gas case between RIL and RNRL. Rejecting the Ambani family agreement on gas, the government has said a private pact cannot be allowed to threaten national interests and has asked the Supreme Court to make it a party in the ongoing case between the group firms of Anil and Mukesh Ambani. The Realty and Bank stocks attracted keen demand from investors. As a result, the BSE Realty Index zoomed by 17.62% and the Bankex by 11.10% over the week. The trading volume, however, was relatively low on the BSE at Rs 27,107 crore and Rs 82,019 crore on the NSE compared to last week’s turnover of Rs 27,528 crore and 86,675 crore respectively. Source: Home - Livemint.com | 18 Jul 2009 | 7:25 am Legendary CBS anchor Walter Cronkite dies at 92New York: Walter Cronkite, the premier TV anchorman who reported with reassuring authority on events ranging from the assassination of John F. Kennedy to the moon landing and came to be called the most trusted man in America, died on Friday. Cronkite was 92. Cronkite’s longtime chief of staff, Marlene Adler, said Cronkite died at 7.42pm. at his Manhattan home surrounded by family. She informed that the cause of death was cerebral vascular disease. Cronkite was the face of the CBS Evening News from 1962 to 1981, when stories ranged from the assassinations of Kennedy and the Rev. Martin Luther King Jr. to racial and anti-war riots, Watergate and the Iranian hostage crisis. It was Cronkite who read the bulletins coming from Dallas when Kennedy was shot on 22 November, 1963, interrupting a live CBS-TV broadcast of the soap opera As the World Turns. He died just three days before the 40th anniversary of the moon landing, another earthshaking moment of history linked inexorably with his reporting. Cronkite was the broadcaster to whom the title anchorman was first applied, and he came so identified in that role that eventually his own name became the term for the job in other languages (Swedish anchors are known as Kronkiters; in Holland, they are Cronkiters). “He was a great broadcaster and a gentleman whose experience, honesty, professionalism and style defined the role of anchor and commentator,” CBS Corp. chief executive Leslie Moonves said in a statement. His 1968 editorial declaring the US was mired in stalemate in Vietnam was seen by some as a turning point in US opinion of the war. He also helped broker the 1977 invitation that took Egyptian President Anwar Sadat to Jerusalem, the breakthrough to Egypt’s peace treaty with Israel. He followed the 1960s space race with open fascination, anchoring marathon broadcasts of major flights from the first suborbital shot to the first moon landing, exclaiming, “Look at those pictures, wow!” as Neil Armstrong stepped on the moon’s surface in 1969. In 1998, for CNN, he went back to Cape Canaveral to cover John Glenn’s return to space after 36 years. “He had a passion for human space exploration, an enthusiasm that was contagious, and the trust of his audience. He will be missed,” Armstrong said in a statement. A former wire service reporter and war correspondent, he valued accuracy, objectivity and understated compassion. He expressed liberal views in more recent writings but said he had always aimed to be fair and professional in his judgments on the air. President Barack Obama called him the ‘voice of certainty in an uncertain world.’ “He invited us to believe in him, and he never let us down. This country has lost an icon and a dear friend, and he will be truly missed,” Obama said. Off camera, Cronkite’s stamina and admittedly demanding ways brought him the nickname ‘Old Ironpants’. But to viewers, he was ‘Uncle Walter’, with his jowls and grainy baritone, his warm, direct expression and his trim mustache. When he summed up the news each evening by stating, “And that’s the way it is,” millions agreed. His reputation survived accusations of bias by Richard Nixon’s vice president, Spiro Agnew, and being labeled a ‘pinko’ in the tirades of a fictional icon, Archie Bunker of CBS’s “All in the family.” Two polls pronounced Cronkite the most trusted man in America: a 1972 trust index survey in which he finished No.1, about 15 points higher than leading politicians, and a 1974 survey in which people chose him as the most trusted television newscaster. Like fellow Midwesterner Johnny Carson, Cronkite seemed to embody the nation’s mainstream. When he broke down as he announced Kennedy’s death, removing his glasses and fighting back tears, the times seemed to break down with him. And when Cronkite took sides, he helped shape the times. After the 1968 Tet offensive, he visited Vietnam and wrote and narrated a speculative, personal report advocating negotiations leading to the withdrawal of American troops. “We have been too often disappointed by the optimism of the American leaders, both in Vietnam and Washington, to have faith any longer in the silver linings they find in the darkest clouds,” he said, and concluded: “We are mired in stalemate.” After the broadcast, President Johnson reportedly said: “If I’ve lost Cronkite, I’ve lost middle America.” In the fall of 1972, responding to reports in The Washington Post, Cronkite aired a two-part series on Watergate that helped ensure national attention to the then-emerging scandal. “When the news is bad, Walter hurts,” the late CBS president Fred Friendly once said. “When the news embarrasses America, Walter is embarrassed. When the news is humorous, Walter smiles with understanding,” he said. More recently, in a syndicated column, Cronkite defended the liberal record of Democratic presidential candidate John Kerry and criticized the Iraq war and other Bush administration policies. But when asked by CNN’s Larry King if that column was evidence of media bias, Cronkite set forth the distinction between opinion and reporting. “We all have prejudices,” he said of his fellow journalists, adding: “but we also understand how to set them aside when we do the job.” Cronkite was the top newsman during the peak era for the networks, when the nightly broadcasts grew to a half-hour and 24 hour cable and the Internet were still well in the future. As many as 18 million households tuned in to Cronkite’s top-rated program each evening. Twice that number watched his final show, on 6 March 6, 1981 compared with fewer than 10 million in 2005 for the departure of Dan Rather, Cronkite’s successor. “Walter loved reporting and delivering the news, and he was superb at both,” Rather said adding: “He deserves recognition and remembrance, too, for the way he solidly backed his correspondents and producers, defending them vigorously in coverage of difficult stories such as the Vietnam War and the Watergate crimes.” After he retired, he hosted or narrated specials on public and cable TV, and issued his columns and the best-selling Walter Cronkite: A Reporter’s Life. For 24 years he served as on-site host for New Year’s Day telecasts by the Vienna Philharmonic, ending that cherished tradition only in 2009. Cronkite joined CBS in 1950, after a decade with United Press, during which he covered World War-II and the Nuremberg trials, and a brief stint with a regional radio group. At CBS he found a respected radio-news organization dipping its toe into TV, and it put him in front of the camera. He was named anchor for CBS’s coverage of the 1952 political conventions, the first year the presidential nominations got wide TV coverage. On 16 April, 1962, he replaced Douglas Edwards as anchor of the network’s ‘Evening News’. “I never asked them why,” Cronkite recalled in a 2006 TV portrait. He said: “I was so pleased to get the job, I didn’t want to endanger it by suggesting that I didn’t know why I had it.” Cronkite won numerous Emmys and other awards for excellence in news coverage. In 1978, he and the evening news were the first anchorman and daily broadcast ever given a DuPont award. His salary reportedly reaching seven figures, he was both anchorman and star _ interviewed by Playboy, ham enough to appear as himself on an episode of ‘The Mary Tyler Moore Show’. But Cronkite repeatedly condemned television practices that put entertainment values ahead of news judgment. “Broadcast journalism is never going to substitute for print,” he said. “We cannot cover in depth in a half hour many of the stories required to get a good understanding of the world.” Walter Leland Cronkite Jr. was born 4 November, 1916, in St. Joseph, Missouri, the son and grandson of dentists. The family moved to Houston when he was 10. Cronkite quit high-school for a full-time job with the Houston Press. After a brief stint at KCMO in Kansas City, Missouri, he joined United Press in 1937. Dispatched to London early in World War-II, Cronkite covered the battle of the North Atlantic, flew on a bombing mission over Germany and glided into Holland with the 101st Airborne Division. He was a chief correspondent at the postwar Nuremberg trials and spent his final two years with the news service managing its Moscow bureau. Cronkite returned to the US in 1948 and covered Washington for a group of Midwest radio stations. He then accepted Edward R. Murrow’s invitation to join CBS in 1950. In 1940, Cronkite married Mary Elizabeth ‘Betsy’ Maxwell, whom he had met when they both worked at KCMO. They had three children, Nancy, Mary Kathleen and Walter Leland-III. Betsy Cronkite died in 2005. Morley Safer, a longtime ‘60 Minutes’ correspondent, said: “The trust that viewers placed in him was based on the recognition of his fairness, honesty and strict objectivity, and of course his long experience as a shoe-leather reporter covering everything from local politics to World War-II and its aftermath in the Soviet Union.” “He was a giant of journalism and privately one of the funniest, happiest men I’ve ever known,” Safer said. Source: Home - Livemint.com | 18 Jul 2009 | 7:19 am US not to pressurize over Indo-Pak talks: Hillary Mumbai: US Secretary of State Hillary Clinton on Saturday made it clear that Washington won’t pressurize India to resume dialogue with Pakistan, saying it is for the two sovereign governments to take a decision. “The US is very supportive of all efforts in the fight against terrorism. At the same time, we are not going to in any way pressurize to restart (Indo-Pak) dialogue as it is for these two sovereign governments to decide,” she said. On the resumption of dialogue between India and Pakistan, she said: “This is an issue to be addressed and it is for India to decide what is best for its people. “We have made it clear that US respects India’s decision,” she said. The US Secretary of State said that her government is committed to the fight against terrorism. “We expect everyone with whom we have relations to take strong action to prevent terrorism from taking roots on their soil,” she said, without naming Pakistan. Clinton said thatPakistan was, however, showing greater commitment to fight terrorism in the last six months. To a query on Pakistan giving support to organisations like LeT and JUD, she spoke in favour of dismantling all terror organisations including these two outfits. “Based on what we have seen in the last few months, there has been action not just from the government level but also from the society to fight terror in Pakistan,” she said. However, she said that it is too early to comment on any results coming from Pakistan. Voicing the US administration’s commitment to boosting bilateral ties, Clinton said that during her meeting with Indian officials she would strive to deepen the relations in the areas of economy, climate change and terrorism. To a query on India and China contributing to carbon emissions, she said that there is no inherent contradiction between poverty eradication and moving towards a carbon emission-free regime.” “What US wanted was that countries like India and China do not commit same mistakes like US and other developed countries,” she said. Source: Home - Livemint.com | 18 Jul 2009 | 7:02 am World celebrates Nelson Mandela’s 91st birthdayJohannesberg: Nelson Mandela, South Africa’s first black president, turns 91 on Saturday with a call for community service and celebrations from New York’s Madison Square Garden to downtown Johannesburg. The increasingly frail former statesman who is affectionately called Madiba, his clan name, has been inundated by messages of goodwill, from multinational companies to ordinary South Africans. But the Nobel peace laureate will spend the day at home with his family and close friends. This year’s birthday marks the inaugural Mandela Day, initiated by his charitable foundation in honour of the much-loved icon who became president in 1994. People around the world are being urged to dedicate 67 minutes of their day to volunteer for community service. The number reflects the number of years since Mandela dedicated his life to the struggle for equality in South Africa, as he joined the ruling African National Congress in 1942. Oprah Winfrey, a long-time Mandela friend, is among the big names who have pledged their support for the day. President Jacob Zuma praised Mandela as a beacon of hope, saying it has taken too long for the country to celebrate “this gold that is Nelson Mandela.” “If there is a story to be told of an icon that inspires the world, characterised by the humility, warm humanity and a will for prosperity, then Madiba’s 91-year life story offers a story of life worth living,” said Zuma. “Madiba taught us that we couldn’t live in peace in South Africa while the rest of Africa suffered the scourge of conflict and war,” added Zuma. Mandela stepped down as president in 1999, after serving one term in office. He is still revered around the world for his promotion of peace, non-racialism and the fight against HIV. “Dear Madiba, thank you for getting out of jail or you would never have been president. Very very happy birthday,” wrote an eight-year-old pupil from a girls’ school in Johannesburg, printed in one of the many special newspaper supplements dedicated to his birthday. Last year, Mandela held a lavish dinner at his rural homestead in Qunu, in the Eastern Cape province, where he invited guests ranging from former heads of state, royalty and diplomats to ordinary villagers. On Saturday, the main celebration is in New York, with a star-studded concert at Madison Square Garden. The line up includes the legendary American soul supremo Aretha Franklin, Stevie Wonder, and the West African musician Baaba Maal. In South Africa, celebrations will take place across the country under the theme of devoting time to help the less fortunate. Local pop stars will also hold a concert in downtown Johannesburg. According to his foundation, South Africa’s ambassador to the UN is lobbying for the official recognition of Mandela Day by the world body. Source: Home - Livemint.com | 18 Jul 2009 | 6:42 am Unemployment tops 10% in 15 states in June: USWashington: Unemployment topped 10% in 15 states and the District of Columbia last month, according to federal data released today. The rate in Michigan surpassed 15%, the first time any state hit that mark since 1984. The Federal Reserve this week projected that the national unemployment rate, currently at a 26-year high of 9.5%, will pass 10% by the end of the year. Most Fed policymakers said it could take “five or six years” for the economy and the labour market to get back on a path of long-term health. To get there, consumers must return to a regular spending groove and housing prices need to start rising again. Home to America’s struggling auto makers, Michigan has been clobbered by lost factory jobs. Its jobless rate of 15.2% in June was the highest in the US. Still, the Labour Department said it’s the first time in 25 years that any state has suffered an unemployment rate of at least 15%. In 1984, it was West Virginia. The state unemployment report underscores the damage that the longest recession since World War II has inflicted on companies, workers and communities. The other 14 states where unemployment topped 10% last month were: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Nevada, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. Source: LatestNews-Home - Livemint.com | 18 Jul 2009 | 5:48 am Resurgent Wall Street to be tested by earningsNew York: A suddenly resurgent Wall Street, riding a wave of economic optimism, faces challenges in the coming week with a slew of earnings reports and a detailed Federal Reserve outlook. The market staged a powerful rally in the past week, helped by upbeat results in the first in a series of corporate earnings releases and an upwardly revised economic outlook from the central bank. But investors will be looking for signs to reinforce their optimism, and will scrutinize dozens of corporate updates as well as the semiannual economic report to Congress and comments from Federal Reserve chairman Ben Bernanke. Over the past week, the Dow Jones Industrial Average shot up 7.33% over the week to Friday to 8,743.94, ending a four-week losing streak for blue chips. The broad-market Standard & Poor’s 500 index leapt 6.97% to 940.38 and the tech-heavy Nasdaq rallied 7.44 percent over the week to 1,886.61. After several weeks of consolidation and hesitation, the market was energized by generally strong earnings from the banking sector that suggested a healing in the financial system critical to recovery. Also fueling the rally was Wednesday’s release from the Fed of its updated economic forecast, showing a likely end to the economic slump this year despite a rise in its unemployment outlook. Bernanke appears in Congress on Tuesday to offer more details on the Fed outlook, but many analysts are saying they see the end of the recession in sight. Al Goldman, chief market strategist at Wells Fargo Advisors, said the dramatic rally came with many market participants caught short of stocks and rushing to get in on the rally. “So many were caught on the wrong side of the market and couldn’t stand the pain any longer,” he said. “Better-than-expected earnings and forward comments have helped the mood and will continue to be a positive for the market the rest of the year.” Fabio Folis at Barclays Capital said the market will focus on Bernanke, and that the Fed chairman will “sound a more upbeat note on growth and inflation in his semi-annual testimony” and will provide hints on the Fed’s exit from its so-called “quantitative easing” or buying up Treasury bonds to keep rates low. But the analyst said the Fed chairman will stress ongoing support for the recovery: “With unemployment expected to stay high in coming quarters, the federal funds rate is likely to stay low for an extended period.” Dina Cover, economist at TD Bank, said the markets also want to see how the Fed will manage the recovery in withdrawing its massive economic stimulus effort without sparking inflation. Also to be closely watched are earnings reports from key firms in the coming week including Caterpillar, Coca-Cola, Apple, Wells Fargo, Boeing and Yahoo!. The past week’s reports from firms including Google, JPMorgan Chase and Goldman Sachs have torn past expectations, prompting investors to boost their outlook for stocks. “Funny how fast the world can change in a week,” said Douglas Porter, economist at BMO Capital Markets. “Markets continue to behave like the bigger debate is on the strength of the economy’s second-half recovery and not whether it will recover, which is a long way from where we were a few short months ago.” Source: Home - Livemint.com | 18 Jul 2009 | 5:31 am Wall St scores best week in 4 months with IBM’s helpNew York: US stocks closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co. International Business Machines Corp, the world’s largest technology services provider, rose 4.3% to $115.42 and pushed the Dow slightly higher after boosting its profit outlook for the year after the close on Thursday. But fellow Dow components GE and Bank of America Corp reined in the blue-chip average’s gains as Bank of America’s soaring credit losses, along with GE’s unexpected drop in revenue, curbed recovery optimism after promising earnings and data earlier in the week. With companies such as Intel Corp and Goldman Sachs Group posting strong quarterly results earlier in the week, investors had been eager to see some consistency from other bellwether names. “Some optimism was priced into the earnings already after Goldman had a good quarter and the financials rallied,” said Kevin Kruszenski, head of listed trading at KeyBanc Capital Markets in Cleveland. “The market has moved 7% this week, so it’s time for a breather,” Kruszenski added. The Dow Jones industrial average gained 32.12 points, or 0.37%, to 8,743.94. But the Standard & Poor’s 500 Index dipped just 0.36 of a point, or 0.04%, to 940.38. And the Nasdaq Composite Index added 1.58 points, or 0.08%, to 1,886.61. All three major US stock indexes recorded their best week since mid-March, as both the Dow and the S&P 500 snapped four-week losing streaks. This week’s gains marked the resumption of the rally from 9 March, when the S&P 500 hit a 12-year closing low. For the week, the Dow rose 7.3%, the S&P 500 gained 7% and the Nasdaq climbed 7.4%. GE’s profit dropped nearly 50% as the slump that burdened its finance and media businesses spread to its industrial units, prompting Chief Executive Jeff Immelt to cut profit views for those parts of the company. The conglomerate’s quarterly revenue fell 17%. GE’s stock shed 6.1% to $11.65 and led the S&P Industrials index down 1.5% to 194.85. The stock was the Dow’s top percentage decliner while the industrials index was the worst performer among S&P sectors. Internet search giant Google Inc fell 2.8% to $430.25 on Nasdaq after a slump in advertising spending took a toll on Google’s quarterly revenue growth, overshadowing results that topped Wall Street’s forecasts. Elsewhere, Citigroup Inc fell 0.3%, or just 1 penny, to $3.02, erasing slight gains made after it announced results. The big US banking company relied on a gain from its Smith Barney deal with Morgan Stanley to turn a profit. Shares of CIT Group Inc surged nearly 71% to 70 cents and ranked among the most actively traded names on the New York Stock Exchange on reports the small business lender, which has a sizable clientele among fashion labels and retailers, was in talks with JPMorgan Chase & Co and Goldman Sachs Inc about short-term financing as it seeks to avoid bankruptcy. Helping sentiment was new data that showed US housing starts and building permits jumped more than expected in June, propelled by a surge in single-family home starts. The S&P 500 climbed as much as 40% from its 12-year closing low hit in early March before the run-up stalled in June. But the index has recovered from about a 7% loss since June’s peak, based on an upbeat start to second-quarter earnings season, and is now up 39% from the March low. Volume was light on the New York Stock Exchange, with 1.29 billion shares changing hands, below last year’s estimated daily average of 1.49 billion, while on the Nasdaq, about 1.91 billion shares traded, below last year’s daily average of 2.28 billion. Declining stocks slightly outnumbered advancing ones on the NYSE by 1,498 to 1,469, while on the Nasdaq, about three stocks fell for every two that rose. Source: Home - Livemint.com | 18 Jul 2009 | 5:24 am CIT talks to bondholders; bankruptcy still fearedNEW YORK (Reuters) - CIT Group Inc is in talks with a group of bondholders for $2 billion to $3 billion in rescue financing as it tries hard to avoid bankruptcy, a source close to the company said late on Friday.Source: Reuters: Money News | 18 Jul 2009 | 3:52 am U.S. House healthcare plan to add to deficit - analystsWASHINGTON (Reuters) - A sweeping healthcare reform bill being pushed by Democrats in the U.S. House of Representatives would increase already swollen federal budget deficits by $239 billion over 10 years, according to a government analysis released on Friday.Source: Reuters: Money News | 18 Jul 2009 | 3:13 am Wall St Week Ahead: Earnings to decide stocks' fateNEW YORK (Reuters) - Earnings are set to take center stage again next week as more marquee U.S. companies line up to report their quarterly scorecards and investors decide whether to keep pushing stocks higher.Source: Reuters: Money News | 18 Jul 2009 | 1:13 am AICTE official in CBI custody on bribe charge - Times of India
Source: Business - Google News | 18 Jul 2009 | 12:41 am Russia may join WTO by mid-2010: Dy PM!Russia might join the WTO by the mid 2010 if US extends the backing it has publicly promised to Moscow.Source: Zee News : Business | 18 Jul 2009 | 12:00 am Citigroup posts USD 4.3 bn Q2 profit!Citigroup Inc, the banking giant scrambling to survive the financial crisis, reported a $4.3 bn second-quarter profit.Source: Zee News : Business | 18 Jul 2009 | 12:00 am Can`t sell gas to RNRL: RIL tells SC!RIL on Friday said it would not be possible to supply gas to ADAG`s RNRL.Source: Zee News : Business | 18 Jul 2009 | 12:00 am Bharti-MTN deal is `well thought out`: Sunil Mittal!Telecom czar Sunil Mittal has said that Bharti Airtel`s proposed USD 23 billion transaction with South African telecom major MTN is a "well thought out" deal.Source: Zee News : Business | 18 Jul 2009 | 12:00 am Pulses may soar further on demand-supply mismatch: Assocham!Price of pulses, which have shot up by up to 37% in major cities in just a month, is likely to spiral further due to a demand and supply mismatch.Source: Zee News : Business | 18 Jul 2009 | 12:00 am SC pulls up Maruti for unfair trade practices!In a ruling that would cheer consumers, the Supreme Court has ruled that car manufacturers cannot charge a customer for parts and accessories which they have not provided as it would amount to "unfair trade practices."Source: Zee News : Business | 18 Jul 2009 | 12:00 am Nano buyer raring to ‘get, set, ready go’Mumbai, July 17 “I plan to drive my Nano to the Siddhi Vinayak temple,” said an elated Ashok Vichare, the first customer of the long-awaited people’s car from Tata Motors.Source: Business Line - Home Page | 18 Jul 2009 | 12:00 am Global trends lift Sensex 495 pointsMumbai, July 17 The benchmark indices delivered a surprise on Friday closing with gains of more than 3 per cent, as positive developments both in the global and domestic arena boosted investorSource: Business Line - Home Page | 18 Jul 2009 | 12:00 am Sharp rise in P-Notes value in MayNew Delhi, July 17 There had been an increase in the total value of participatory notes (PNs) with underlying Indian securities in May going by the information provided to the Lok Sabha on Friday.Source: Business Line - Home Page | 18 Jul 2009 | 12:00 am TCS beats expectations, but sees ‘some shocks in the way’Tata Consultancy Services beat market expectations with a 19-per cent rise in the net profit for the first quarter ended June 30, 2009 in spite of the challenging macro economicSource: Business Line - Home Page | 18 Jul 2009 | 12:00 am Markets this weekWeak trend in global markets and selling pressure in metals, autos and infrastructure stocks dragged the stocks lower for the fourth straight session Monday. The Sensex recovered from the day's low of 13,219 and settled at 13,400, down 103 points.Source: Business Line - Home Page | 18 Jul 2009 | 12:00 am Indirect tax mop-up takes a hit in Q1New Delhi, July 17 The excise duty and service tax rate cuts announced as part of the stimulus packages last fiscal have predictably dented the Centre’s indirect tax revenues in the first quarter thisSource: Business Line - Home Page | 18 Jul 2009 | 12:00 am SEBI panel recommends removal of no-delivery periodMumbai, July 17 The no-delivery period for transaction in shares will be removed for all corporate actions if a recommendation made by SEBI’s Secondary Market Advisory Committee is adopted, said sources close to the development.Source: Business Line - Home Page | 18 Jul 2009 | 12:00 am Kharif sowing improves as monsoon picks upNew Delhi, July 17 The pick-up in monsoon rainfall activity, especially in the western, central and southern regions, has led to a distinct improvement in kharif sowingSource: Business Line - Home Page | 18 Jul 2009 | 12:00 am Auto dealers federation chief sees racier second-half for the sectorHyderabad, July 17 If in the first half of 2009 it registered a six per cent growth over last year, the automotive sector is poised for a better second half, according to Mr S. P. Shah, President of the Federation of Automotive Dealers’Source: Business Line - Home Page | 18 Jul 2009 | 12:00 am TCS headcount falls for first timeMumbai/Chennai, July 17 The headcount at Tata Consultancy Services was down for the first time in the first quarter ended June 30, as the company has put a near-freeze on hiring. It reported a net addition decline (in headcount) ofSource: Business Line - Home Page | 18 Jul 2009 | 12:00 am Banks face fines for ATM errors - Economic Times
Source: Business - Google News | 17 Jul 2009 | 11:13 pm Citigroup losses masked by Smith Barney gainNEW YORK (Reuters) - Citigroup Inc on Friday said loan losses surged again in the second quarter, yet gains from selling most of its Smith Barney brokerage helped the company report the highest profit among big U.S. banks.Source: Reuters: Money News | 17 Jul 2009 | 9:58 pm Whose gas? Govt, RNRL & RIL askAfter filings and counterfilings, all three try to thrust their own interpretation of who owns the gas and who has the right to price it.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:15 pm Good loans, bad loans and the differenceIt's the purpose of the loan and the interest rate it comes at that decide its value.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:14 pm St says dance, music's still onWith divestment and monsoon fears assuaged, chartists predict an upmove; But valuations are filling up, say some, so rise can be limited.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:12 pm Surprise! China's appetite for US debt revivesChina's appetite for US treasuries revived in May, after an unexplained fall in its holdings in April signalled concerns that the largest holder of US paper was diversifying.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:07 pm ADAG firm in race to beam GamesPrasar Bharati shortlists Big Products for airing Commonwealth Games abroad.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:04 pm Norwest buys 8.37% stake in Shriram CityNorwest Venture Partners (NVP) has bought an 8.37% stake for over Rs 120 crore in a publicly-listed company Shriram City Union Finance Ltd.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:03 pm Growth cap funding seen gaining pace in second halfTill recently, firms were shying away from raising funds due to low valuations that came with the global meltdown.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:01 pm IT firms push for IPR, multiple standards for e-gov projectsInformation technology (IT) honchos and industry bodies are busy trying to persuade the IT ministry to relax its draft policy for e-governance projects.Source: Daily News & Analysis: Money News | 17 Jul 2009 | 8:00 pm Hillary Clinton in Mumbai on 5-day visit to IndiaMumbai: US Secretary of State Hillary Clinton arrived here onFriday night on a five-day visit to India during which the two countries will launch a new chapter in their strategic partnership and deepen their engagement. The former US first lady, Clinton, on her first visit to India as US’s chief diplomat will be spending the night at the Tower Wing of the Taj Hotel in an act of solidarity with the victims of the Mumbai terror attack on 26 November last. Clinton flew in shortly after 10 PM from Prague where her special aircraft had a refuelling halt after the flight from Washington. It is her first foreign trip since she broke an elbow. A thick blanket of security was thrown around the Colaba area of south Mumbai where the Taj hotel is located and hundreds of security personnel were deployed to provide cover for the visiting US dignitary. Clinton will be meeting top Indian business leaders, visiting a centre of the Self-Employed Women’s Association (SEWA) and paying tributes to martyrs’ of the 26/11 attacks during her stay in the city. She is expected to leave for New Delhi on Sunday. In the Capital, Clinton will meet Prime Minister Manmohan Singh and hold talks with external affairs minister S M Krishna. She will also meet UPA chairperson Sonia Gandhi and Leader of the Opposition L K Advani. She is also due to deliver a lecture at the Delhi university. Clinton’s aircraft landed at Mumbai at 10:20 pm, a senior official said. She was received at the airport by Maharashtra government Chief of Protocol S Mulick and deputy chief of Protocol S Bijoor. Ahead of her visit, Hillary said President Barack Obama’s administration was “going to do everything we can to broaden and deepen our engagement” with the UPA government. Clinton had also said, “we are starting a strategic dialogue between myself and the new minister of external affairs(S M Krishna).” Bilateral cooperation in civil nuclear field, defence and trade and investment are expected to figure prominently in the talks Clinton will have with Indian leaders. The two sides would also focus on terrorism, particularly that emanating from Pakistan, climate change, global economic crisis. In the civil nuclear field, the two sides would discuss ways to implement the landmark agreement. The two sides are in negotiations for setting up of two nuclear plants in India. Krishna and Clinton are also expected to discuss the End User Verification agreement in defence field, under which the US would be able to supply sensitive military equipment. The two sides are also expected to discuss ways to step up military cooperation, including joint exercises as well as the global economic crisis and cooperative ways to deal with the problem. Clinton’s visit to Mumbai comes nine years after her husband, former president Bill, and their daughter, Chelsea, visited the metropolis. From New Delhi, Clinton heads to Thailand to lead the US delegation at the Association of Southeast Asian Nations (ASEAN) talks. Source: LatestNews-Home - Livemint.com | 17 Jul 2009 | 7:55 pm The Mint reportOn Friday, India’s largest software exporter, Tata Consultancy Services, or TCS, posted a 19% gain in its first quarter profit for the fiscal 2010. Net profits for the quarter rose to Rs1,534 crore, up from Rs1,290 crore in the same period a year ago. Most analysts had predicted TCS would make less than Rs1,300 crore in the quarter. Last week profits of another IT giant Infosys also surprised analysts. Click here to watch video HDFC Bank paid more than Rs130 crore to the service tax department last month for violating tax rules. Officials have told Mint the payment is connected to the Central Value Added Tax, or Cenvat, credit that HDFC availed of in the fiscal year 2006-08. Banks can claim Cenvat credit for the services they buy in order to provide services to their customers. HDFC says it followed all the rules, but that auditors took a different view. After a flat Thursday, markets shot up on Friday. The Sensex surged 495 points to end at 14,75, while the Nifty jumped 157 points, closing at 4,375. The Delhi Metro Rail Corporation, or DMRC, is under scrutiny again. Just days after an accident that killed 6 people. India’s top audit body, the Comptroller and Auditor General, or CAG, says the metro company loosened testing requirements in 4 different metro contracts because they were behind schedule. In February, the CAG found many irregularities in DMRC’s quality control processes. Forty years ago this month, the first humans landed on the moon. But India’s first giant leap to the moon may see an early end, as the unmanned craft Chandrayaan-1 launched by the Indian Space Research Organisation into lunar orbit last October, has lost a major sensor. In January lunar heat forced it to delay turning on some instruments, and last month sensors that help guide the spacecraft failed. Chandrayaan-1 is now burning more fuel and transmitting lower resolution images. What do deodorants have to do with sex? Everything, if you believe the ads. Commercials for many deodorants for men show women being irresistibly attracted to the users. And that’s upsetting some people. The Advertising Standards Council of India says it has received complaints from viewers and is now examining the ads. Source: LatestNews-Home - Livemint.com | 17 Jul 2009 | 7:34 pm Are you a real nature lover?As soon as we stepped into our luxury safari tents, the bellboy switched on a couple of air conditioners. Outside, a strong breeze was blowing from the adjoining forested valley, but the tent was not constructed to exploit it for cooling. The air conditioners were sucking on the electricity grid (powered by coal-burning, inefficient, polluting and greenhouse-gas-emitting machinery), with massive diesel generators as back-up. We had just checked into a premium “ecolodge” in the heart of Bandipur National Park in the Nilgiris.  Light step: (from top) The dining tent at Shaam-e-Sarhad; and the Periyar at Thekkady. Photographs : Ramki Sreenivasan But it doesn’t have to be so. Actually, as travellers and tourists, we can make wiser, more responsible choices of destination, resorts and activities, joining the small but growing band of travellers looking for tourism options with low environmental impact and high social and economic benefits. And no, it’s not just about forgoing clean towels in the interest of “environmental concerns” of hotels that continue to use tonnes of air conditioning. For evidence that sustainable tourism can be both comfortable and stylish, look no further than Our Native Village (www.ournativevillage.com) in Hesaraghatta, on the outskirts of Bangalore. This nature-focused resort has a swimming pool, like any five-star hotel. But instead of using chlorine, its pond-style pool has aquatic plants and carbon filters to clean the water (100% rain-harvested). Most of its electricity comes from solar panels, windmills and biogas, while guests can ride a bullock cart, milk a cow, fly kites, or play gilli danda or marbles by way of “activities”. The larger focus of the truly green hotels and destinations is on preservation of the local habitat. At the Eaglenest, Arunachal Pradesh, one of Asia’s top biodiversity hot spots, the local Bugun tribal community-run ecotourism venture Vacations for Conservation (www.kaatitours.com) follows a strict leave-no-trace policy with its campsites. Since travellers come largely for the birds, locals have a direct stake in conservation. At Shaam-e-Sarhad (www.hodka.in), close to the Pakistan border in Kutch, Gujarat, the Hodka Village Tourism Committee offers accommodation in indigenous mud huts and tents and serves only vegetarian cuisine. I’d also include Ecotourism Kerala (www.ecotourismkerala.org), an arm of the state tourism department, among the beacons in the fog: They did an environmental impact assessment, asked the Kerala Forest Research Institute to lay down sustainability parameters and developed ecologically sustainable destinations in Kovalam, Thenmala, Alleppey and Periyar. While I can count only these four sustainable hotels/operators in India, their fundamental principles are eminently replicable. Consider energy management. It’s very easy to supplement grid power with alternative sources such as solar, wind and bio. Water heating can be completely powered by solar energy. And some hotels can turn this into strategy: The ITC Sonar Bangla in Kolkata has implemented energy conservation initiatives such as waste heat recovery, improved pumping systems and better efficiency in the air-conditioning system to become the first hotel in the world to obtain certified emission reductions, also known as carbon credits. Where lighting is concerned, green hotels use LEDs (light-emitting diodes), which are between two and three times more efficient than compact fluorescent lamps and 10 times more so than conventional incandescent bulbs. They not only last longer, but are also free of toxic mercury. Also, because they produce a “cool” light—traditional lighting produces more heat than light—they significantly reduce air-conditioning needs.  The construction of the hotel is another factor. As at Shaam-e-Sarhad, local architecture—nurtured by local climatic and seasonal conditions—translates into drastically reduced energy usage. Local and easily available building materials (versus imported ones) directly reduce transportation costs and save tonnes of emissions. Finally, consider how the hotel or resort cooks for its guests. All cooking fuel needs can actually be powered completely by biogas, made from the bio-waste from the hotel and its surroundings. Still think it’s impossible to be a green traveller? 10 eco-friendly strategies for travellers • Fly wise: Plan your trip to minimize air travel. Stay longer in a destination instead of making many short trips. uTravel light: Pack only what you cannot do without. The lighter your luggage, the lower the resultant greenhouse gas emissions. • Book responsibly: Do check whether your hotel, tour operator or other service providers have documented and reported environmental initiatives to save energy and minimize waste. • Before you leave: Turn off lights and unplug household appliances that can be left unplugged while you are away. • While you are there: Turn off all the lights and air conditioner/heater when you leave your room, and unplug unnecessary appliances. • Get around green: Use public transport. Walk or cycle. Try non-motorized vehicles. • Eat local: Reduce your “food miles” by choosing restaurants that buy local produce. • Save water: Use minimum water for a shower. Don’t let it run while shaving, brushing or washing. Use the hotel’s linen reuse programme. • Charge your trip sustainably: Avoid appliances that need batteries. If you cannot, get rechargeable batteries. • Offset the unavoidable footprint: Contribute to a credible carbon offsetting programme to compensate for what you’ve depleted. Source: The International Ecoutourism Society Ramki Sreenivasan is a Bangalore-based nature photographer and wildlife conservationist. Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 17 Jul 2009 | 7:33 pm TCS springs pleasant surprise When Infosys contained the drop in both volumes and pricing at 1% last quarter, the street was quite impressed. TCS has managed to increase volumes by 3.6% and contain the drop in average price realization at a mere 0.25%. Of course, TCS performance in the March quarter was relatively weaker, with organic revenues declining by 6.4%, compared with Infosys 3.2% drop, and in that sense the growth came off a lower base. But then, given TCS relatively high exposure to the troubled auto sector as well as the banking and financial services sector, one would have expected the pain to continue. The growth in volumes and revenues, therefore, is a pleasant surprise.  On a year-on-year basis, cash flow generated from operations has risen by about 10%, despite a 24.5% increase in cash profit. Ahmed Raza Khan / Mint What’s more, TCS has improved its operating margin by 113 basis points, compared with street expectations of a decline of about 90 basis points. This again is better than Infosys margin improvement of 57 basis points. A basis point is one-hundredth of a percentage point. Employee costs shrank by 65 basis points thanks to an improvement in utilization. The company has gone slow on manpower addition, and thanks to the normal attrition, its employee base has decreased for the first time on a quarter-on-quarter basis. Besides, there was a large shift in work to offshore units, which too helped contain employee costs. Offshore revenues grew by 6.2% in rupee terms against the 0.5% growth in overall revenues. The company has cut costs aggressively on other fronts as well. Selling, general and administrative expenses fell by 93 basis points and expenses on travel and communication too were rationalized. The overall cost containment is rather impressive. Any areas of concern? While the company has improved its debtor days, cash flows continue to be under some strain. On a year-on-year basis, cash flow generated from operations has risen by about 10%, despite a 24.5% increase in cash profit (net profit plus depreciation). Infosys reported an impressive 35% growth in cash flow from operations, although its cash profit grew at a lower rate of 21%. Besides, the number of active clients fell from 985 at the end of the March quarter to 933 at the end of the June quarter. Also, TCS had seven clients with annual billing of at least $100 million (Rs487 crore) at the end of the March quarter. This fell to six in the last quarter. According to the company, the drop in one client’s revenues is marginal and isn’t a matter of concern. It adds that it hasn’t lost any of its regular “annuity” clients but that the drop in the number of active clients is because of “single-project” customers, where the projects got over. Having said that, there seems to be a marginal drop in client profile, with even clients who have at least $20 million annual billing dropping from 62 to 59. But these factors are likely to be overlooked by the markets, thanks to the impressive growth in revenue and profit. The TCS stock has risen by 95% from its lows in March and now trades at a valuation of 16.3 times estimated earnings for the current year. This represents a discount of about 12% to Infosys valuations, which is a steep improvement compared with the discount of about 30% in early March. The superior growth last quarter,to some extent, justifies the market’s preference for TCS shares in the past few months. Write to us at marktomarket@livemint.com Source: Home - Livemint.com | 17 Jul 2009 | 7:30 pm They are just like usYoung men and women— aged around 30 or under—have posed for a series of portraits taken in public places by the photographer Sunil Gupta. The series—part of the show Face Up organised by Tasveer in Bangalore—is titled Mr Malhotra’s Party, which sounds evocative but odd until Gupta explains why.  Look at me: (clockwise from top) Anokhi from Mr Malhotra’s Party, photographer Sunil Gupta; Bikram and Raju from the series. Photographs by Sunil Gupta Since homosexual acts are illegal in India—the recent Delhi high court ruling against Article 377, which criminalizes homosexual activity, could change this—when the well-off members of Delhi’s gay community want to organize a get-together, they often put up a sign outside the venue saying that it is a private party, say, “Mr Singh’s party” or “Mr Sharma’s party”. Gupta—who is gay, grew up in Delhi and after extended stints overseas now lives here again— attended one such gathering which had been billed as “Mr Malhotra’s party”. He found it quite apposite. “Malhotra is the typical post-Partition refugee who came from across the border and helped make Delhi what it is today,” he says. And hence, a typical Delhi name for this portrait series of young gay men and women who live in the Capital. Looking straight into the camera and at the viewer, these confident youngsters are making a statement—“I am gay and I don’t have a problem with that”—and, implicitly, asking a question, “Do you?” At his residence, Gupta pulls out another set of photographs of gay men in public places in Delhi that he took in the early 1980s—they either have their back to the camera or are looking away or their faces are in the shadows. “Earlier, I had to persuade people (to pose), now people are asking me (if they can pose),” says Gupta. Back then, he says, feminists wrote on feminist issues, and blacks wrote or drew art about blacks. So, as an adult gay man, he photographed other adult gay men. These 12 portraits, by contrast, are a picture of diversity—there are women who posed willingly, and, he points out, the subjects happen to be ethnically diverse, hailing from different parts of India. But do the photos “work” if we are not told that the subjects are gay? They do, because they are still studies of members belonging to a minority group—albeit a larger, privileged minority that would also include the viewers of the photos. The subjects’ attire and even their names (Anokhi, Pavitr, Kaushiki, Akshara, Chapal) mark them out as members of the upper-middle class. (Gupta mentions the places in Delhi where he took the pictures: India Gate, Malviya Nagar, Savitri cinema in Greater Kailash II, Lodhi Garden, near the IIT crossing—south Delhi locales all.) We are looking at people like us—by their sexual orientation, they could be the Other; but socially they are us. Which is Gupta’s point: “The idea is to reinforce the ordinariness of it,” he says. “I am trying to say that these are normal people.” And they know that they are posing for their social peers. We can appreciate the wide-legged trousers, the right cut of their jeans and the Fabindia kurtas; and we know that they are gay—but not the aam aadmi milling about at the public places where they are posing. Gupta mentions that one of the 12 subjects is of a working-class origin. As it happens, he is the only one looking away from the camera. This conversation among the subject, the photographer and the viewer is a conversation among the privileged—like all art hung in galleries and museums, perhaps—and there is an exclusive, clubby feel to it. This awareness, besides the fact that the subjects are gay, lends an additional dimension to the photos. Along with Gupta’s photos, there are three series of portraits by the British photographer Anna Fox, who studied photography with Gupta and now, along with him, is helping set up a postgraduate photography course for the National Institute of Design in Ahmedabad. The best known, perhaps, is the Zwarte Piet (Black Pete) series of portraits of white Dutch women and children, with their faces blackened as part of a traditional celebration. Racism is very much a live issue in the West, but there is hardly anything unsettling about these placid faces— which itself could be seen as an inadequate and therefore an unsettling response. Face Up by Tasveer will be showing at Sua House, Bangalore, till 10 August himanshu.b@livemint.com Source: LatestNews-Home - Livemint.com | 17 Jul 2009 | 7:27 pm Uniformed civilians Trendsetter: Michael Jackson embraced the military look in the 1980s. Roslan Rahman / AFP Chanel: Paris-Moscou Pre-Fall 2009. Prashant Verma: Wills Lifestyle Fashion Week, Fall/Winter 2009. D&G: Milan Fashion Week, Fall/Winter 2009. Little Shilpa: Lakme Fashion Week, Fall/Winter 2009. Kunal Rawal: Military-style beret, Rs1,800, and brown military jacket for men with epaulettes and a badge embellishment, Rs17,900, at Dstress Retail Bungalow, No. 125 Gulmohar Road, Juhu, Mumbai. s.Oliver: Watch with camouflage print strap, at Ambience Mall, Gurgaon; Mega Mall, Mumbai; and Select Citywalk mall, Saket, New Delhi, approx. Rs2,999. P.U.N.K.: Steel police helmet with foam lining, Rs3,999, and camouflage belt, Rs399, at Select Citywalk mall, Saket, New Delhi. Chanel: ‘Romanov’ bag, in wool and felt leather with metal brooches, at The Imperial, New Delhi, Rs2.69 lakh. Louis Vuitton: Keep-all from the Monogramouflage collection, available on request at the Taj Mahal Palace and Tower, Mumbai; UB City mall, Bangalore; and The Oberoi, New Delhi, Rs1.08 lakh. Source: LatestNews-Home - Livemint.com | 17 Jul 2009 | 7:22 pm Sensex up 495 pts on financial reform hopes - Business Standard
Source: Business - Google News | 17 Jul 2009 | 7:19 pm EXCLUSIVE - Standoff emerges over GM's sale of OpelBERLIN/FRANKFURT (Reuters) - A crippling stalemate between General Motors and Germany could be emerging over their preferences for competing bids between RHJ International and Magna to buy GM's European carmaker Opel.Source: Reuters: Money News | 17 Jul 2009 | 7:17 pm 'Why can't India have internet numbers comparable to China?'Ram Shriram, founding investor and board member of Google, thinks the Indian government should focus on better internet access to create a conducive business environment.Source: Business Standard | Front Page Headlines | 17 Jul 2009 | 7:16 pm India breaks global potash cartelNegotiates price 26% lower than offer from a 5-producer consortium.Source: Business Standard | Front Page Headlines | 17 Jul 2009 | 7:15 pm Sensex up 495 pts on financial reform hopesRecords its highest gain since May.Source: Business Standard | Front Page Headlines | 17 Jul 2009 | 7:14 pm Air India to rejig productivity payThe governments plan to restructure Air India, the loss-making state-owned airline, includes a proposal to rework the troubled productivity-linked incentive (PLI) scheme, which accounts for over 45 per cent of the companys Rs 3,000 crore wage bill.Source: Business Standard | Front Page Headlines | 17 Jul 2009 | 7:11 pm India’s moon mission suffers setbackBangalore: Forty years after the US landed a man on the moon, India’s first steps in its journey to the Earth’s satellite with its maiden mission Chandrayaan-1 will see an early end, following repeated snags in the lunar probe. Chandrayaan, launched on 22 October, will be dumped outside the moon orbit or crashed on its surface later this year, ahead of its intended two-year mission of orbiting the moon, after the star sensors—that guide the spacecraft to the moon’s surface—failed in April.  Shortlived glory: India’s maiden mission to the moon will see an early end, much before its intended two-year lifespan, following repeated snags in the lunar probe, Chandrayaan-1. Indian Space Research Organization / AP Trouble began in January, when Isro could not switch on two of the 11 instruments on board due to the faulty design of its heat protection system. The spacecraft was around 3 degrees hotter than the intended 40 degrees Celsius, making it hard to operate its power consuming instruments—high energy X-ray spectrometer and the subkiloelectron volt atom reflecting analyser—in lunar summer. On 26 April, two star sensors developed snags that made Isro raise the craft to a higher orbit of 200km from the earlier 100km over the moon’s surface. Isro claimed on 20 May that the change was to study the gravitational field of the moon. This would help in planning for a future landings, M. Annadurai, programme director of Chandrayaan-1 had said then. Also Read Adlabs arm restored Apollo 11 footage “It (Chandrayaan) is a partial success (for Isro),” said Ajey Lele, a research fellow on space studies at Delhi-based Institute for Defence Studies and Analyses. Chandrayaan is not the first lunar probe to face such a setback. In May 1994, Clementine, the first lunar satellite of the US in two decades, failed in three months of its launch and drifted out of the moon orbit. “Very few moon missions have been successful,” said M. Krishnaswamy, project director of the lunar mission. Now, the lunar craft is being guided by the gyroscope, a back-up instrument, but it is burning more fuel as it needs to be oriented towards its surface for the cameras to snap images of the moon. “Once the mission objectives are completed, then we don’t have to continue the spacecraft as it will cost lot money to maintain it,” said Nair. “95% of the objectives have been met. I would say it’s 100% over only once all the mapping and imaging that we wanted to do is completed”. The unmanned spacecraft has so far mapped the moon’s surface, beamed thousands of images for space scientists to create a three-dimensional atlas and analyse its terrain and atmosphere. The US’ lunar reconnaissance orbiter, launched in June, follows a similar path, including identifying regions in the lunar polar regions to return a man on the moon. This is the second major setback for Isro this year. In January, W2M, a communications satellite it built for Europe’s Eutelsat, failed in orbit within a month of launch, after a snag in the electric-power subsystem of the satellite. Isro’s commercial arm Antrix Corp. Ltd had won its first satellite building contract from Eutelsat for $33 million (Rs161 crore today ). Isro has planned its second lunar mission with the Russian space agency to land a rover on the moon by 2013. The rover is expected to collect samples of moon soil and rocks, conduct on-site chemical analyses, and eventually transmit the data to earth. “The lessons learnt (for Chandrayaan-2) are that we need to harden the devices more for radiation conditions and improve the thermal management,” said Nair. By 2016, Isro plans to launch an astronaut into space. The government is yet to approve its first human spaceflight, expected to cost Rs10,000 crore, but it has sanctioned Rs325 crore for preliminary work. After that, Isro will plan a manned mission to the moon around 2020—about the same time the US and China plan their missions. raghu.k@livemint.com Source: Tech News - Livemint.com | 17 Jul 2009 | 7:09 pm See appetite for IPOs with good valuations: Prime DatabaseMahindra Holidays listed on the exchanges on July 16, 2009, the first high profile Initial Public Offering (IPO) after Reliance Power all the way back in January 2008 that is 18 months ago. Does this signal the return of appetite to the primary markets? Companies like Adani Power and Indiabulls Power would certainly hope so.Source: Moneycontrol Top Headlines | 17 Jul 2009 | 7:04 pm Crippled moon mission won’t affect Chandrayaan-2: expertsBangalore: India’s maiden moon probe is set to meet a premature end, but funds for Chandrayaan-2 won’t run dry, say space experts and scientists connected to the Indian Space Research Organisation (Isro). Chandrayaan’s biggest success, say experts, was in being able to make it to the moon’s orbit in its very first attempt. “That was the biggest selling point of the mission,” said a senior scientist in the government, who is an adviser to Isro for its Chandrayaan mission. “For a space mission, Rs400 crore is peanuts compared with a whole lot of other government programmes.” That apart, Chandrayaan was supposed to capture images from a close 100km range. That would have meant better images and more detailed maps of the moon, which would have made things a little easier for the rover, a robotic vehicle that is the highlight of the forthcoming Chandrayaan-2 mission. The moon has long periods of darkness, so it’s not everyday that a probe can capture clear, usable pictures. “The plan was that taking pictures for a year-and-a-half at this range would have got some extremely detailed, valuable maps that could have been useful for the rover. That’s a disappointment, but far, far from a failure,” said the scientist. “Now, we’re only going to be getting as good pictures as the Japanese moon probe.” Japan launched its Selene spacecraft to the moon in September 2007, followed by China’s Chang’e-2 and Chandrayaan, but the Indian spacecraft had more instruments and the mission cost was the lowest among all the nations. China spent nearly $500 million (Rs2,435 crore today) on its maiden mission. India spent Rs380 crore on the mission, less than the cost of what US space agency National Aeronautics and Space Administration (Nasa) offered Isro for a bare-bones structure of the spacecraft. Scientists say managing the heat that instruments are exposed to within the temperamental gravity of the moon’s orbit is a technical challenge. “Look back at all planetary expeditions and you’ll find a heat management issue in 80% of them,” he said. Another expert, who has retired from Isro but remains a consultant on Chandrayaan-1, said the major reason the mission cost less than other comparable global missions was because of manpower costs. “Isro’s scientists work at a fraction of the pay compared with Nasa’s experts. Otherwise, in the materials used, the technology incorporated, there was no compromise.” Until recently, other than the US and the erstwhile USSR, few countries ventured into space. “Everything was top secret. Now nobody shares any technology unless they have mastered a better one,” said the scientist. “So, there’s hardly any spending on royalty and technology transfer.” India’s moon trip comes at a time when there is a renaissance in lunar exploration by Russia, the US, and emerging Asian nations such Japan and China on the lookout for mineral resources as well as a human settlement base for planetary explorations. Raghu Krishnan in Bangalore contributed to this story. jacob.k@livemint.com Source: Tech News - Livemint.com | 17 Jul 2009 | 7:00 pm No need to raise equity currently: Neyveli LigniteCommenting on the companys expansion plans, Prasanna Kumar, CMD and DirFinance, Neyveli Lignite said they were concentrating on integrating power plants. However, he said, wind and hydel power business was giving less PFL and therefore, the company would go slow on that. On raising funds, he said there was no need to raise equity as of now.Source: Moneycontrol Top Headlines | 17 Jul 2009 | 6:40 pm Track Hillary’s India tour on Facebook, TwitterNew Delhi: The first visit to India by Hillary Clinton as US secretary of state that begins on Friday will not only be covered by the traditional press, but also by the online media community. The secretary will be covered on social networking sites Twitter, Flickr and Facebook. The “Americagov” Twitter feed (http://twitter.com/americagov) will be following the secretary every step of the way during her activities in Mumbai and New Delhi. People interested in following Clinton’s schedule in India will be using the Twitter hash tag address #HillaryIndia to follow and comment on the issues addressed during her visit. They will also be posting both professional and cell-phone photos on Flickr using the same tag, #HillaryIndia. The US secretary of state would also be available on Facebook at http://www.facebook.com/ejournalUSA. Source: Tech News - Livemint.com | 17 Jul 2009 | 5:14 pm MTN seeks $3.5 bln loan for Bharti - bankersLONDON/JOHANNESBURG (Reuters) - South Africa's MTN is in talks with a group of lenders to secure a $3.5 billion syndicated loan to back its proposed merger with Bharti Airtel, banking sources close to the deal said.Source: Reuters: Money News | 17 Jul 2009 | 4:30 pm Don\'t see a settlement in RILRNRL case soon: SP TulsianIn an important event, the government has filed its affidavit in the Reliance Industries (RIL) and Reliance Natural Resources Limited (RNRL) case, reported CNBCTV18 quoting sources. SP Tulsian said that it is too premature to say that the Ambani brothers will agree on an outofcourt settlement.Source: Moneycontrol Top Headlines | 17 Jul 2009 | 4:15 pm India needs $70 bln investment in roads - Kamal NathNEW DELHI (Reuters) - The government will need to spend $70 billion on building roads over the next three years, Transport Minister Kamal Nath said on Friday, as it looks to infrastructure spending to stimulate demand and boost the economy.Source: Reuters: Money News | 17 Jul 2009 | 3:43 pm Nano to hit Indian roads on FridayDeliveries of the first Nano cars begin in the city on Friday, with Tata Group Chairman Ratan Naval Tata set to hand over to proud owners the keys of the small automobile that has been compared with Ford\'s Model T and the Volkswagen Beetle for the potential it holds in transforming the way people commute.Source: Moneycontrol Top Headlines | 17 Jul 2009 | 3:20 pm TCS Q1 net up; sees uncertaintyMUMBAI (Reuters) - Tata Consultancy Services Ltd beat forecasts with a 22 percent rise in quarterly profit, but said the business environment remained weak and there was pressure on fees due to the global economic downturn.Source: Reuters: Money News | 17 Jul 2009 | 2:58 pm RIL opposes grant of interim relief to RNRLReliance Industries (RIL) has filed an affidavit in the Supreme Court (SC) opposing the grant of interim relief to Reliance Natural Resources (RNRL).Source: Moneycontrol Top Headlines | 17 Jul 2009 | 2:24 pm
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