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DE Shaw to retain $100125m in DLF Assets: SourcesDE Shaw will retain USD 100125 million in DLF Assets (DAL), reports CNBCTV18 quoting sources. It has been reported that DE Shaws partial exit is based on fair market value, however, it is yet to receive Reserve Bank of India (RBI) approval. Moreover, DE Shaw may exit DAL if it faces a hurdle from the RBI.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 8:31 am See Rs 7000 cr rev from Alstom JV in 45 yrs: Bharat ForgeAmit Kalyani, ED, Bharat Forge, said approval from Foreign Investment Promotion Board (FIPB) for a joint venture (JV) with Alstom was seen in 1520 days. The JV will generate Rs 7,0008,000 crore revenue in four to five years. Engineering and planning for Alstom JV have been done, he added.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 8:14 am Ambuja Cem July cement dispatches at 1.44 mtAmbuja Cement has announced its July cement dispatches numbers. The company dispatched 1.44 million tonne, report CNBCTV18, quoting NW18.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 6:49 am IEA official warns of shrinking oil supplies: Report!A disastrous energy crunch is looming because most of the major oil fields in the world have passed their peak production, a leading economist warned Monday.Source: Zee News : Business | 3 Aug 2009 | 6:48 am MTNL`s net profit last fiscal falls 63 percent!State-run telecom operator Mahanagar Telephone Nigam Limited`s (MTNL) net profit nose-dived 63 percent in 2008-09 to Rs.211.7 crore from Rs.586.8 crore the previous fiscal.Source: Zee News : Business | 3 Aug 2009 | 6:48 am Microsoft to ship IE with Windows 7 in Europe!Microsoft has said that it would not separate its Internet Explorer (IE) Web browser from versions of Windows 7 shipped to the European Union when the new operating system launches worldwide in October.Source: Zee News : Business | 3 Aug 2009 | 6:48 am Sensex opens at 15694.78, up by 24.47 points!The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) on Monday opened at 15,694.78 points, as against Friday`s close at 15,670.31 points.Source: Zee News : Business | 3 Aug 2009 | 6:48 am Officials see US economic growth in 2nd half!Top US administration officials said that economic growth is highly likely to resume in the second half of the year, but warned of "hard choices" to contain rising deficits once recovery is assured.Source: Zee News : Business | 3 Aug 2009 | 6:48 am Bharti-MTN extend exclusive talks period till Aug 31!Telecom firm Bharti Airtel on Monday said it has extended the exclusive talk period with South Africa-based MTN for a potential transaction till August 31, as talks are still inconclusive.Source: Zee News : Business | 3 Aug 2009 | 6:48 am No bailout for aviation sector: Govt!Even as pvt airlines called off their planned strike, the govt ruled out any bailout for the sector.Source: Zee News : Business | 3 Aug 2009 | 6:48 am RIL\'s D6 gas to be used as per govts policy: Murli DeoraPetroleum Minister, Murli Deora said that the government would give first priority to supply gas to existing power plants adding that RNRLs Dadri plant was neither installed nor functional and would therefore, allot D6 gas to RNRL only as and when the Dadri plant operations started.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 6:38 am Auto companies see robust YoY sales growth in JulyAuto companies reported strong monthly sales and registered robust yearonyear (YoY) sales growth in July 2009. Maruti Suzuki\'s July total sales surged 33.36% to 78,074 units as against 58,543 units in the same period of last year, reports CNBCTV18 quoting NewsWire18.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 6:22 am Exports decline by 27.7 pc in JuneIndia's exports declined by 27.7 per cent in June over the same month last year, contracting for the ninth month in a row, as overseas shipments were hit by a slowdown in major global markets like the US and Europe.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 6:18 am Barclays bank 1H net profit up 10 per centBarclays PLC, the world's third-largest bank in terms of assets, said on Monday that profit in the first half rose by 10 per cent, lower than analysts' forecasts, and pretax profit from Barclays Capital doubled.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 5:53 am Philips launches modular switches in IndiaThe Netherlands-based electronics and durables player Philips announced the launch of modular switches for the first time in India as part of its strategic focus on emerging markets.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 5:25 am 30% of restructured loans to become NPAs: Exchairman, OBCBD Narang, Ex Chairman of OBC said that the banks are focused on restructuring, and not recovery. The restructuring of loans delays the recovery period. He feels that about 3035% of the restructured loans will become NPAs. Real estate loans will take long time to recover, he added.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 5:16 am Bharti, MTN extend deal talks to Aug 31In a press release, Bharti Airtel said that Bharti and MTN had entered into an exclusivity agreement regarding the potential transaction until July 31, 2009.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 5:07 am MTNL's net profit last fiscal falls 63 per centState-run telecom operator Mahanagar Telephone Nigam Limited's net profit nose-dived 63 per cent in 2008-09 to Rs 211.7 crore from Rs 586.8 crore the previous fiscal.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 4:45 am No bailout for private airlines: Govt - Indian Express
Source: Business - Google News | 3 Aug 2009 | 4:25 am Nifty, Sensex closes at 52-week high - Economic Times
Source: Business - Google News | 3 Aug 2009 | 4:24 am Suzuki Q1 ahead of plan, keeps cautious forecastsTOKYO (Reuters) - Japan's Suzuki Motor Corp posted an 80 percent drop in quarterly operating profit hit by a stronger yen and declining sales, and it kept its annual forecasts amid an uncertain outlook for global vehicle demand.Source: Reuters: Money News | 3 Aug 2009 | 4:20 am GMR Infra eyes 7.2 mln rupees/day from Hyd road projectNEW DELHI (Reuters) - GMR Infrastructure Ltd expects to get 7.2 million rupees a day from a toll road-project it has got in Hyderabad, a senior official said on Monday.Source: Reuters: Money News | 3 Aug 2009 | 4:18 am No bailout for private airlines; Govt promises to look into grievancesGovernment today ruled out any financial package for them but promised to do whatever possible to address the "reasonable" grievances of the aviation industry.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 4:15 am GLOBAL MARKETS - Banks, China boost equities to 2009 highLONDON (Reuters) - World stocks clambered to a new 2009 high on Monday with banking news from Europe generally positive and signs of a pick up in Chinese economic activity lifting Asian shares.Source: Reuters: Money News | 3 Aug 2009 | 4:14 am INTERVIEW - Mahindra Satyam winning new deals, but hurdles remainBANGALORE (Reuters) - Indian IT services firm Mahindra Satyam is winning new outsourcing deals, but business is yet to see a total turnaround as some cautious clients wait for stability to return to the company before loosening their purse strings, an official said.Source: Reuters: Money News | 3 Aug 2009 | 4:11 am BSE Sensex provisionally rises 1.9 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 1.87 percent on Monday, riding on strong corporate earnings around the globe and encouraging economic data.Source: Reuters: Money News | 3 Aug 2009 | 4:06 am Nothing to do with Ambanis’ dispute; will protect gas: govt New Delhi: Asserting that it had no role in the Ambani family dispute, the government today declared in Parliament that it will do everything to protect its legal right to regulate usage of gas. “We have nothing to do with the private dispute of two industries or industrialists. However, we have everything to do with protecting the interests of the government and public interest, this is our constitutional and legal obligation,” oil minister Murli Deora said in Lok Sabha. Making a statement in response to allegations by Samajwadi Party (SP) leader Mulayam Singh Yadav that Uttar Pradesh was being discriminated against, Deora said Anil Ambani group’s proposed Dadri power plant would be considered for gas along with other such projects. “Anil Ambani group firm RNRL’s Dadri power plant is neither installed nor functional,” he said, adding that it would treated on the same footing as other similar plants. Not satisfied, SP members rushed to the well of the House creating a din, but speaker Meira Kumar continued with the day’s business that saw introduction of a few bills before the House was adjourned for lunch. Deora said that the MoU between Mukesh and Anil Ambani not only stipulated sharing of gas between companies run by them from KG-D6 fields, but also from other fields that RIL may explore and operate in the future, thus necessitating government’s petition in Supreme Court challenging the Bombay high court decision. “The final order of the Bombay high court has implications on government’s rights to formulate and implement the gas utilisation policy under the Production Sharing Contract (PSC),” Deora said, explaining why the government had to move Supreme Court against the high court order. “Notwithstanding government policies and provisions of the PSC, the order observes that the provision of (Ambani) MoU are binding on the parties,” he said. He said that the Ambani MoU provides for 12 mmscmd for NTPC, 28 mmscmd to RNRL and the remaining gas from KG-D6 and also other fields to be split between RIL-RNRL in 60:40 ratio. “Under the circumstances, it was necessary to file an SLP in the Supreme Court and accordingly action has been taken,” he said, refusing to give details as the matter was subjudice. Rejecting contentions that the government did not argue its case before the Bombay high court that initially heard the gas dispute between the two brothers, he said it was on the government’s plea that the court lifted stay on gas sales. “Government placed before the court its submissions indicating its right under the PSC, including inter-alia the gas utilisation policy,” he said. Citing the PSC, he said that the gas to be produced from KG-D6 fields is to be utilised in accordance with the Gas Utilisation Policy to be approved by the government. “We will make all endeavours to protect government’s legal rights to regulate the utilisation of gas and its allocation,” Deora said. An empowered Group of Ministers (eGoM) allocated the first 15 mmscmd of gas from KG-D6 to urea plants that has helped save Rs 3,000 crore in fertiliser subsidy. Further, 18 mmscmd was allocated to power plants that helped produce 4,000 MW of additional power. “An additional 25 mmscmd needs to be supplied to existing power plants to enable optimum operations and to power plants to be commissioned in 2009-10, which would lead to additional generation of over 5,000 MW,” Deora said. On Mulayam Singh Yadav’s allegation, he said that Uttar Pradesh was not being discriminated and NTPC’s Dadri plant had been allocated 0.45 mmscmd gas from KG-D6 fields. Out of the 15 existing gas-based urea plants that have been given gas, five of them are in that state. “As far as RNRL’s Dadri power plant is concerned, the case was considered by the eGoM. This plant is neither installed nor functional,” he said. Deora said RIL’s KG-D6 fields started gas production on April one and are currently producing around 31 mmscmd. “Within a year, it is expected to go up to 80 mmscmd,” he said. “The first priority (of the additional production) will be to supply gas to existing plants, which are not operating at all or are operating sub-optimally because of non-availability of gas,” he added. Source: Home - Livemint.com | 3 Aug 2009 | 4:06 am Barclays profit up 8 pct, bad debts almost doubleLONDON (Reuters) - Barclays Plc fell short of expectations with an 8 percent rise in half-year profit as bad debts at Britain's second biggest bank almost doubled to offset buoyant earnings from its enlarged investment bank.Source: Reuters: Money News | 3 Aug 2009 | 4:04 am Govt re-introduces Companies BillNew Delhi: The government today re-introduced Companies Bill in the Lok Sabha to replace a 52-year-old law and simplify regulations dealing with formation, mergers and acquisitions and winding up of companies. The Companies Bill, 2008, which lapsed with the dissolution of the 14th Lok Sabha, was reintroduced by the Corporate Affairs minister Salman Khurshid in the Lower House. Besides other things, the new Bill will be shorter and will try to harmonise the company law framework with sectoral regulations. The proposed Bill will have 480 sections compared to over 600 sections in the Companies Act, 1956 in addition to providing for greater shareholder democracy and less government intervention. The new legislation will try to promote shareholders democracy with protection of rights of minority shareholders, responsible self-regulation with adequate disclosure and accountability and lesser government control over internal corporate processes, said the statement of objects and reasons of the new Bill. It will also make it mandatory for listed companies to have 33% independent directors and provides for formation of One Person Company (OPC), while empowering the government to provide a simpler compliance regime for small companies. The bill also proposes to make stringent provisions for companies seeking to raise money from the public. They would not be allowed to raise deposits from the public without obtaining permission from the relevant regulator. There will be a single forum for approval of mergers and acquisitions, whether domestic or with foreign entities. Also the procedure for merger of holding and wholly-owned subsidiaries would be shortened. The bill also seeks to prohibit insider trading by company directors or key managerial personnel. Such activities will be treated as a criminal offence. Under the proposed norms, every company director would be required to acquire a unique director identification number, a provision which would check the menace of vanishing companies. The bill also provides for a framework for enabling fair valuations of companies for various purposes and strengthening Investor Education and Protection Fund. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 3:59 am India rupee rises to 7-wk high as stocks gain 1 pct - Reuters India
Source: Business - Google News | 3 Aug 2009 | 3:58 am HSBC profit halves to $5 bln as bad debts jumpLONDON (Reuters) - HSBC Holdings Plc, Europe's biggest bank, said its first-half profit halved from a year ago to $5 billion as it was hit by rising bad debts in the United States, Europe and Asia.Source: Reuters: Money News | 3 Aug 2009 | 3:54 am Leakage shuts 40000 bpd oil output at Indian offshore fields - Reuters India
Source: Business - Google News | 3 Aug 2009 | 3:53 am Local demand spurs India manufacturing expansionMUMBAI (Reuters) - Growth in India's manufacturing activity held steady in July, helped by robust local demand, but intense competition curbed companies' pricing power even as raw material costs jumped, a survey showed.Source: Reuters: Money News | 3 Aug 2009 | 3:50 am Philips to launch India specific productsNew Delhi: Aiming to tap emerging markets, consumer durable major Philips is going to introduce more products in kitchen appliances segment, developed specifically for the Indian market. “We have been working on developing products keeping in mind needs of the Indian consumer and in the next 6 to 12 months, Philips will introduce more products in India, particularly in kitchen appliances segment,” Philips Electronic India CEO Murali Sivaraman told reporters. The company said it is working on introducing products in a competitive price range across all its existing categories, which includes health care, lifestyle and lighting in the developing countries like India. “Around 29 % of the company’s sales in the first half of 2009 came from emerging markets. We will continue to focus on bringing innovative products,” Philips executive vice president and member of board of management Gottfried Dutine said. He said the company spends around 8% of its turnover on Research and Development (R&D) on developing new products every year. Last year, Philips spent €1.6 billion on R&D globally. Philips, which on Monday launched modular switches for the first time in India, said it has made two strategic acquisitions to strengthen local market leader positions. ””India’s modular switch market is expected to grow by 20% over the next year...The introduction of Philips modular switches complete our broad range of consumer lighting solutions,“ Sivaraman said. The company said the modular switches are priced between Rs90 and Rs150 each, and have added features like USB charger, FM radio and sockets. “The product range was developed in India for local market needs and to further expand the company’s broad range of consumer solutions,” Sivaraman added. Philips India is a wholly-owned subsidiary of the Dutch player Royal Philips Electronics. Source: Home - Livemint.com | 3 Aug 2009 | 3:48 am SCENARIOS - Possible outcomes of Bharti, MTN deal talksMUMBAI (Reuters) - Bharti Airtel and South Africa's MTN Group extended talks -- aimed at merging their operations to create the world's third-largest mobile operator -- by a month to Aug. 31.Source: Reuters: Money News | 3 Aug 2009 | 3:40 am HSBC says profit slumps 57% as bad debts leapLondon: HSBC, Europe’s biggest bank, said on Monday that first-half net profits slumped by 57% to $3.35 billion (2.35 billion euros) as bad debts ballooned to nearly 14 billion dollars. Impairment charges and other credit provisions soared by 39% to $13.9 billion in the six months to June, compared with the figure in the same period of last year, HSBC said in a results statement. The bank added that it was “strongly positioned for the upturn” but warned that the “economic outlook remains uncertain”. Pre-tax profits sank by 51% to $5.019 billion in the reporting period, while group net operating income fell 12% to $34.741 billion. “Our performance proves our ability to deliver profit, generate capital and make distributions to our shareholders throughout the business cycle -- even in challenging market conditions,” HSBC chairman Stephen Green said. “We are pleased with our results and profitability overall is ahead of the expectations we had at the outset of this year. In large part this reflects an excellent performance in our Global Banking and Markets business. “It also reflects progress made in the US, where we announced our decision to run off a major part of our consumer finance business in March.” The group said its consumer lending business in the United States posted a $2.9 billion pre-tax loss for the first half. The division was devastated by the collapse of the subprime home loan market and is being wound down. HSBC added that the deep downturn could be bottoming out amid international efforts to repair the shattered global financial system. “Operating conditions in the financial sector have continued to improve as the effects of government and central bank policies work through the system and it may be that we have passed, or are about to pass, the bottom of the cycle in the financial markets,” Green added. “Nonetheless, the timing, shape and scale of any recovery in the wider economy remains highly uncertain. Our view continues to be cautious as long as a number of serious impediments to growth remain.” HSBC, while escaping the need for a British government bailout, raised 12.5 billion pounds ($18 billion, 13.7 billion euros) earlier this year via a sale of new shares to bolster its finances. “The proceeds from the rights issue have reinforced our capital strength, allowing us to navigate the economic and regulatory environment, take long-term decisions in support of our brand and customer relationships and look confidently at expansion opportunities consistent with our strategy,” it added on Monday. Source: Home - Livemint.com | 3 Aug 2009 | 3:39 am Hyundai to increase output; will hire 1,000 peopleNew Delhi: The country’s second largest car maker Hyundai Motor India will ramp up its capacity by about 20% from September onwards to cater to increased demand in the overseas markets and plans to hire 1,000 people in August. The company has already increased its output by about 25% since July and its workforce by over 1,000 employees at its two plants in Chennai. “We have started the third shift from 10 July at plant-I, for which we hired over 1,000 people. We will start the third shift at the plant-II from 14 September and induct another 1,000 people this month for this,” said Hyundai Motor India Ltd (HMIL) managing director and CEO H.S. Lheem. After increasing its output last month, the company is currently producing about 2,000 units per day and it will go up by 400 units more once the third shift at plant-II starts. Lheem said the company’s total workforce will cross the 12,000 mark after induction of new staff this month. “We had very good sales in July. In domestic sales, we increased over 50% and sold more than 23,000 units,” he said. The demand in export markets was growing, said Lheem. The company has sold 45,543 units in July, of which 22,350 cars were handed over to overseas customers. Besides, HMIL would also increase its headcount to 800 Indian staff from the existing 210 people at its research and development centre in Hyderabad. On the export front, the country’s largest car exporter asked the government to provide incentives to compete with other auto makers from different exporting nations. “The Korean government has already announced the completion of a free trade agreement with all the members of the European Union. All the actual import duties of all smaller cars within five years and bigger cars within three years will be nullified in all the EU countries. “We are asking the government to consider a free trade agreement with the EU or the government should provide the same amount of incentives, otherwise we will loose our competitiveness against Korean products,” Lheem said. The EU countries contribute over 55% to HMIL’s total export volume, he said. “The Indian government provides us the focus market scheme, but major export markets of all the EU countries are missed in this scheme. The government should expand the scope of focus market scheme,” Lheem said. He said the company’s decision to shift the production of i20 to a European country is also to save transportation costs and all the import duties imposed in the EU. Asked about its proposed smaller car than Santro, Lheem said, “After shifting of the i20 volume, we can develop some additional volume for our smaller car than Santro. We will introduce the model by 2011, which will be produced exclusively from Chennai facility. It will be marketed in other countries also.” Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 3:34 am Govt to enforce energy efficiency in climate fightNew Delhi: India will make energy efficiency ratings a must for electric appliances, including airconditioners and refrigerators, from January, stepping up domestic efforts to fight climate change, officials said. Power distribution transformers and fluorescent lights will also carry labels that provide information about the energy consumption of a product and enable customers to make an informed choice. Environment minister Jairam Ramesh said the efficiency ratings system will extend to all electric motors, colour televisions and LPG stoves by June, 2010. Labeling is currently voluntary. “This will include all appliances in these categories to be sold in India or for export,” Ramesh said. Energy efficiency is a key focus in India’s national climate change policy, unveiled last year and which lays out a roadmap to a green economy but doesn’t fix a target for carbon emissions. The government hopes to save 10,000 megawatts of power by efficient use of energy by 2012. A top climate official said India would unveil a trading scheme centred on energy efficiency certificates that could possibly expand to renewable energy. The plan involves creating a market-based mechanism that would allow businesses using more energy than stipulated to compensate by buying energy certificates from those using less energy or using renewable energy. The government is setting up energy benchmarks for each industry sector. Companies that do not meet the benchmarks would have to buy these certificates under a reward and penalty system. “The broad outlines are ready and we should be able to finalise it within a few months,” the official, who asked to remain anonymous, said. Most firms in India, which is Asia’s third-largest economy and the fourth-largest emitter of planet-warming carbon dioxide, have yet to plan for the impact of climate change and do not measure emissions or have deadlines to curb them, according to studies. India’s top firms also face little stakeholder pressure to combat climate change with only about 40% of major companies setting voluntary carbon emission reduction goals, according to a survey of CEOs by KPMG consultants last year. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 3:31 am Deora's statement in Lok Sabha on Reliance gasFollowing is the text of a statement by Petroleum and Natural Gas minister Murli Deora on the controversy over gas from the Krishna-Godavari basin that was auctioned to Reliance Industries:Source: IndiaeNews.com: Business News | 3 Aug 2009 | 3:30 am NTPC to lose Rs 30K cr if gas price is revised: Anil AmbaniAnil Ambani has written to the Power Minister saying NTPC may lose Rs 20,00030,000 crore if gas price is revised. Anil Ambani in a letter to the Power Minister has said that Reliance Natural Resource (RNRL) would be delighted if NTPC gets its rightful share of gas.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 3:24 am Indian exports dive for ninth successive monthIndia's exports plunged by more than a quarter in June, marking the ninth straight month that overseas sales have fallen due to the global economic slump, official data showed Monday.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 3:23 am Bharti-MTN extend exclusive talks period till August 31Telecom firm Bharti Airtel on Monday said it has extended the exclusive talk period with South Africa-based MTN for a potential transaction till August 31, as talks are still inconclusive.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 3:18 am COMEX longs, gold/silver ratio suggest gold top heavy - Reuters India
Source: Business - Google News | 3 Aug 2009 | 3:16 am Sensex up 97 points in opening tradeThe BSE benchmark Sensex, which had surged 3.34 per cent in the past two sessions to close at its highest level in 13 months on Friday, gathered another 97.03 points, or 0.62 per cent, at 15,767.30 in opening trade.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 3:09 am Opposition forces govt to defer judges assets billNew Delhi: In a setback to the United Progressive Alliance government, a united Opposition on Monday stalled in the Rajya Sabha the introduction of a controversial Bill, which seeks declaration of judges’ assets without making them public. Law minister M. Veerappa Moily was forced to defer the Judges (Declaration of Assets and Liabilities) Bill, 2009 after the Opposition, including Bharatiya Janata Party and Left, took strong objection to clause VI of the Bill which states that high court and Supreme Court judges would declare their assets but the same would not be made public. After failing to muster support of the Opposition and sensing the mood of the House, including from the Congress members, Moily said, “It (introduction of the Bill) is deferred.” Opposition to a bill at the introduction stage itself is a rare phenomenon prompting deputy chairman K. Rahman Khan to cite an earlier ruling and seek the opinion of the House. The Congress has to go by consensus as in the 245-member Upper House, the party and its allies have a strength of 79. Moily dismissed suggestions that the bill was circulated among the judiciary before being brought to the House. At present, there is only an internal mechanism created by Supreme Court on the declaration of assets by judges. “There is no law (to deal with the issue),” he said. “We found a lot of corruption in many places in judiciary. We need to deal with that,” the minister said. Observing that government can hardly do anything with regard to corruption in judiciary, Moily said judges could not even be impeached. Only one issue is pending for which the Rajya Sabha chairman has constituted a committee to look into the issue. He said the government proposes to bring a comprehensive judges enquiry bill that will deal with the issue of corruption on a much wider scale. “We are working a roadmap on judicial reforms,” he said. A national consultation would be held later this month, Moily said. Making a demand for reference of the bill to the Parliamentary Standing Committee, Congress parliamentarian Jayanthi Natrajan said it may be violative of Right to Information Act. Lawyer Ram Jethmalani said the bill violates the basic feature of the Constitution. He described it as “conspiracy in corruption” and said the government was destroying the independence of judiciary by giving them a favour. “It creates suspicion that judiciary is seeking favour...” CPM member D. Raja said the proposed legislation cannot be accepted and nobody was above the law. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 3:09 am Bhubaneswar Institute of Technology ties up with US firmUS chip maker Cypress Semiconductor Corp will set up a design technology laboratory on the campus of the Bhubaneswar Institute of Technology (BIT) and train its students.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 3:01 am Main water reservoirs only 35 percent fullIndia's 81 main water reservoirs were only 35 percent full on July 30, the government's Central Water Commission (CWC) said here Monday. More than halfway through the annual monsoon, the lack of water due to poor rainfall is raising the spectre of shortages of power as well as water for irrigation.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 3:01 am Despite Deora's defence, house adjourned over Reliance gas rowIndia's lower house of parliament was adjourned for nearly two hours Monday when some members of the opposition alleged that Uttar Pradesh was not being given its due share of Reliance Industries' Krishna-Godavari gas even after Petroleum Minister Murli Deora explained the government stand on the matter.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 3:00 am Goa port chief does not want fishing vesselsFishing trawlers dotting the seas off Mormugao could lead to the port there losing a key global security code, the Mormugao Port Trust (MPT) has warned.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 3:00 am SCENARIOS: Possible outcomes of Bharti, MTN deal talks - Reuters
Source: Business - Google News | 3 Aug 2009 | 2:59 am Despite Deora's defence, house adjourned over Reliance gas row - Economic Times
Source: Business - Google News | 3 Aug 2009 | 2:59 am Exports dive for ninth successive monthNew Delhi: India’s exports plunged by more than a quarter in June, marking the ninth straight month that overseas sales have fallen due to the global economic slump, official data showed Monday. Shipments slid 28% to $12.8 billion from $17.73 billion in the same month a year earlier as demand for made-in-India goods continues to shrink. The figures came ahead of an announcement planned later this month of the government’s annual trade policy for the fiscal year to March 2010, which is expected to offer more assistance to hard-pressed exporters. India’s imports also fell, by 29.3% to $19 billion , reflecting the decline in global oil prices and a slowdown in domestic demand. As a result, India’s trade deficit narrowed to $6.16 billion in June from $9.12 billion in the same month a year earlier. The World Trade Organization has forecast that global trade will shrink by nine to 11% this year because of the recession in developed countries like the United States, Europe and Japan. The global slowdown has “adversely impacted our trade,” commerce minister Anand Sharma said last week, calling the outlook “not very encouraging.” Unlike China, where overseas sales have been a main growth driver over the past three decades, exports account for just 15% of gross domestic product in India’s still relatively inward-looking economy. Economists say this has partially shielded India from the worst global downturn since the 1930s Great Depression. But the fall in exports has left some industries, such as garments and jewellery, reeling and created widespread job losses. Source: Home - Livemint.com | 3 Aug 2009 | 2:58 am Guarseed futures dip on weak spot demand - Hindu
Source: Business - Google News | 3 Aug 2009 | 2:57 am Suzuki Q1 profit down 80 pct, keeps forecastTokyo: Japan’s Suzuki Motor Corp posted an 80% drop in quarterly operating profit hit by a stronger yen and declining sales, and it kept its annual forecasts amid an uncertain outlook for global vehicle demand. Suzuki, Japan’s fourth-biggest automaker and known for its penny-pinching expertise, made an operating profit of ¥6.86 billion ($72.4 million) in the April-June quarter, down from a profit of ¥33.8 billion a year earlier. The result was better than a consensus estimate for a ¥2.9 billion profit in a survey of six analysts by Thomson Reuters, as cost cuts added ¥52.3 billion to profit, equivalent to three-quarters of its annual goal for cost-saving contribution. Suzuki earned a net ¥2.14 billion in the first quarter, down 92% from ¥26 billion a year earlier. Revenue fell 37% to ¥577.1 billion as car sales declined 12.4% to 541,000 vehicles. “(The first-quarter result was) better than anticipated,” a Suzuki spokesman said. But he added: “There are many uncertainties facing the industry. The sales environment is tough in Europe and the United States, and our sales recovery is lagging in Japan. We need to wait and see before we revise any projections.” For the financial year to the end of next March, the maker of compact cars left its operating profit forecast at ¥10 billion and its net forecast at ¥5 billion . The projections were based on a cautious assumption for the dollar to average ¥90 and the euro to average ¥115 during the year. Consensus forecasts from 17 analysts call for a much higher operating profit of 41.3 billion yen. Support From India Bigger Japanese rivals Honda Motor Co and Nissan Motor Co surprised markets last week with unexpected first-quarter profits, which they attributed largely to deeper cost cuts rather than anticipation of a recovery in demand. Suzuki has been able to offset some of the sales plunge in developed markets with big growth in India, where it is the top-selling brand through unit Maruti Suzuki India Ltd. Suzuki’s global car sales fell 12% to 541,000 units in the first quarter, but sales in India grew about 10% to 197,000 units. That helped it outsell France’s Renault SA in the first half of 2009 to rank No.9 in global auto sales. Last month, Maruti Suzuki, in which Suzuki owns 54.2%, unexpectedly reported a rise in April-June net profit driven by brisk export demand for the new A-Star hatchback, higher selling prices and lower raw materials costs. Earlier, rival compact-car maker Daihatsu Motor Co reported a 73% drop in April-June operating profit to ¥4.99 billion and tripled its first-half profit forecast to ¥6 billion citing slightly better-than-expected revenue and deeper cost cuts. It kept its full-year forecasts intact. Shares in Suzuki have risen 95% in the year to date, outperforming Tokyo’s transport subindex, which is up 53%. Daihatsu, a unit of Toyota Motor Corp, has gained 36%. Before the results were announced, Suzuki shares ended up 1.3% at ¥2,420 , while the transport sector gained 2.4%. Daihatsu ended down 0.5% at ¥1,060 after its results. Source: Home - Livemint.com | 3 Aug 2009 | 2:53 am Ambuja Cements production in July up at 14.39 lakh tonnes Mumbai: Cement company, Ambuja Cements on Monday said that its production for the month of July stood at to 14.39 lakh tonnes as against 13.95 lakh tonnes in the year-ago period. Its despatches rose to 14.38 lakh tonnes as comapred to 13.76 lakh tonnes in the corresponding period of the previous fiscal, a press release issued here said. For the January-July 2009 period, the cement company’s production stood at 112.91 lakh tonnes as against 106.17 lakh tonnes in the year-ago period. Its despatches stood at 113.02 lakh tonnes as against 105.87-lakh tonnes, the release said. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 2:52 am Bank on voiceprintWith the growth of online banking and frauds thereon (including phishing and pharming scams), customers and financial institutions seem united in their quest for a secure solution.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 2:50 am BSNL expects Rs 1,000 cr from tower sharingBharat Sanchar Nigam Ltd has said it is expecting to generate Rs 1,000 crore of revenue within one year from infrastructure sharing.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 2:46 am Sun Pharma settles dispute with MedImmune for cancer drug Mumbai: Sun Pharmaceutical Industries on Monday said that it has settled its dispute with US-based pharma firm MedImmune for marketing a generic version of latter’s Ethyol, a drug used in the treatment of head and neck cancer. The company, along with its subsidiaries, has executed a settlement agreement with MedImmune, stipulating the dismissal of the lawsuits filed in the US district court of Maryland regarding generic version of Ethyol, drug maker Sun Pharma said in a filing to the Bombay Stock Exchange (BSE). Under the settlement agreement, MedImmune would grant a licence to Sun Pharma for certain patents, permitting the India-headquartered company to continue marketing the generic version of Ethyol in the US, it further said. “The settlement resolves the entirety of the litigation between the parties,” Sun Pharma said. The terms of settlement are confidential. Ethyol is a prescription drug given through injection prior to each postoperative radiation treatment session for head and neck cancer. It is used to lower the rate of moderate to severe xerostomia (dry mouth). Shares of Sun Pharma were trading at Rs1,164.20, down 0.66% in afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 2:46 am Panasonic slips to Q1 loss, outlook unchangedTokyo: Japan’s Panasonic Corp reported a smaller-than-expected quarterly loss as it cut costs to fight a firmer yen and weak TV and digital camera demand, and it stood by its annual outlook for its net loss to shrink by half. Panasonic saw sales of its electronics gadgets slow as the global downturn forced consumers to tighten their purse strings, while sluggish corporate capital spending hit demand for its factory automation equipment. It is shutting 40 manufacturing sites and shedding 15,000 jobs to counter the headwind and better compete with rivals such as Sony Corp, Samsung Electronics Co Ltd and LG Electronics Inc. Panasonic, which vies with Sony for the title of the world’s largest consumer electronics maker, kept its net loss forecast of ¥195 billion ($2.06 billion) for the year to March. That is half as big as a ¥379 billion loss a year earlier, but worse than the consensus of a ¥185 billion loss in a poll of 18 analysts by Reuters. But Panasonic halved its loss forecast for the six months to September to a net loss of ¥100 billion , compared with its May forecast for a ¥195 billion loss. On the operating level, which shows a company’s core earnings strength and comes before restructuring charges in Panasonic’s accounting method, it maintained its annual outlook of a ¥75 billion profit, up 3% on the year. In an effort to improve profitability by boosting its presence in the “green energy” business, Panasonic is planning to acquire Sanyo Electric Co Ltd, the world’s largest rechargeable battery maker. The merged entity would be a dominant player in auto batteries for hybrid cars, which are enjoying strong demand. In April-June, the maker of Viera flat TVs and Lumix digital cameras booked a net loss of ¥52.98 billion , down from a ¥73 billion profit a year earlier, and compared with analysts’ estimate of a ¥58.3 billion loss. The quarterly loss was much smaller than a ¥444.3 billion loss in the previous three months, but still lags the performance of its South Korean rivals. Helped in part by a softer won, both Samsung and LG posted a bigger net profit in the latest quarter than a year earlier. Shares in Panasonic closed up 0.1% at ¥1,502 ahead of the announcement on Monday, slightly underperforming the Tokyo stock market’s electrical machinery index, which rose 0.4%. The stock has gained 41% since April, while the sector index put on 34%. Source: Home - Livemint.com | 3 Aug 2009 | 2:46 am Sensex extends gains, up 119 points The key index of the BSE extended its gains, climbing 119 points from its previous close.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 2:38 am L&T bags Rs 5300 cr Mumbai High revival order - Business Standard
Source: Business - Google News | 3 Aug 2009 | 2:33 am Tourism ministry holding roadshows abroadSeeing the immense tourism potential of the 2010 Commonwealth Games, the tourism ministry is organising a number of roadshows abroad to attract travellers, Tourism Minister Kumari Selja said here Monday.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 2:32 am Demand for Delhi's retail rental drops 25 percent: ReportWith the economic slowdown impacting consumer sentiments, the demand for retail rental space in Delhi has seen a 25 percent decline over six months, says a report by the global realty consultant CB Richard Ellis released Monday.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 2:32 am Sensex extends gains, up 119 pointsA key index of the Indian equities markets extended its gains Monday afternoon, climbing 119 points up from its previous close.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 2:31 am Bharti, South Africa's MTN extend pact talks to Aug 31Bharti Airtel and South Africa's MTN Monday said they were extending their talks for a proposed $23-billion financial alliance till Aug 31, having failed to reach a pact within the earlier deadline that had expired Friday.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 2:30 am India's merchandise exports decline ninth straight monthIndia's merchandise exports fell for the ninth straight month in June and were valued at $12.82 billion, down 27.7 percent over $17.73 billion registered in the like month of last year, the latest trade data showed Monday.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 2:30 am Government has right to formulate gas usage policy: DeoraHC's directive that gas from Reliance Industries' fields be sold at rates 44 per cent lower than approved prices has implications on government's right to formulate usage policy.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 2:30 am Gold demand turns sluggish as prices jumpMumbai: India gold local demand turned sluggish on Monday as dealers waited for a correction in prices, even as a strong rupee lifted sentiment, dealers said. The most-active October gold contract on the Multi Commodity Exchange was 0.09% higher at Rs14,835 at 1:34 pm, after gaining about 1% in Friday’s trade. “There are no buyers as prices went up on Friday,” said a dealer with a state-run bank, adding “Though the rupee is supporting, traders are waiting for lower prices.” A strong rupee makes the dollar-quoted asset cheaper. The rupee had risen to a one-month high, helped by a dollar’s global weakness against other currencies. Gold prices inched up on Monday on hopes of upcoming demand with the festival season around the corner, but dealers said prices need to correct by about 2% to revive demand. “We have plenty of advanced orders at $935 (an ounce),” said another dealer with a state-run bank. Following were the prices being quoted by HDFC Bank in rupees in the spot market at 1:15 pm. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 2:22 am Nothing to do with Ambanis' dispute; will protect gas: GovernmentAsserting that it had no role in the Ambani family dispute, the government today declared in parliament that it will do everything to protect its legal right to regulate usage of gas.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 2:13 am Bajaj Auto sales fall marginally in JulyNew Delhi: Country’s second largest two- wheeler maker Bajaj on Monday reported a marginal decline in its motorcycle sales at 1,68,163 units in July, even as it plans to step up domestic bike production by 25% in August. The company had sold 1,68,971 units in July last year, Bajaj Auto Ltd (BAL) said in a statement. Total two-wheeler sales during the month also declined marginally at 1,68,731 units compared with 1,69,971 units in the same period a year ago, it added. BAL’s exports, however, went up by 1.98% to 68,585 units in July from 67,253 units a year ago. The company’s total vehicle sales stood at 1,92,835 units last month compared to 1,93,704 units in the same period a year ago, the statement said. “Bajaj plans to step up its domestic motorcycle production by about 25% in August, 2009, in response to the strong demand,” the company said, without giving details. The company sold about 10,000 units of its new 100cc Discover DTS-Si since its launch on 17 July. It is expecting the sales to double in August. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 2:09 am India's Exports Decline for 9th Month on Weak Demand - Bloomberg
Source: Business - Google News | 3 Aug 2009 | 2:07 am Casio aims big in Indian digital camera marketNew Delhi: Japanese durables maker Casio is aiming to capture more of the Indian digi-cam market as it plans to more than double its points of sale as well the volume sale of cameras in India. The company, one of the global pioneers in digital photography, is also looking to introduce more models in the country from its global portfolio. “We are going for a more localised distribution model this year which will see our points of sales more than doubling from the existing 80 to a figure of 200 by March 2010,” Casio India head (Sales and Marketing) Kulbhushan Seth told the agency. He said the company sold 1,000 units of digital cameras in the country last fiscal. “This year, we are aiming to more than double our sales to 2,500 units on the back of strengthening the retail distribution channel. Compared to our calculator, watches and musical instruments businesses, our camera market in India is still weak and we want to rectify it,” Seth said. Casio is also planning to expand its camera portfolio in the country. It has currently seven ranges in the Indian market at a price band of Rs1,000-55,000. “We will be launching new ranges every six months. Our next launch will be the FC 100 compact digital, a latest product from our global stable which will be introduced in a month or two,” he added. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 1:59 am Ambani gas row: Murli Deora to clarify Govt's stand todayPetroleum Minister Murli Deora will clarify Centre’s stand on the issue today even as the Left parties have been demanding that the Government takeover of marketing and distribution of Krishna-Godavari Basin gas that is to be supplied to Anil Ambani's proposed power plant at Dadri, UP. The disputeSource: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 1:55 am Bharti, MTN extend M&A talks; terms maybe revisedNEW DELHI/JOHANNESBURG (Reuters) - Bharti Airtel and South Africa's MTN Group extended talks to combine their operations to create the world's third-largest mobile operator and analysts said Bharti might need to sweeten its offer to clinch the deal.Source: Reuters: Money News | 3 Aug 2009 | 1:54 am Bombay High Court approves merger of RIL, RPLThe Bombay HC today dismissed an appeal filed by two shareholders against the merger of Reliance Industries Ltd and Reliance Petroleum Ltd.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 1:35 am Govt not partisan in Ambani gas row: DeoraOil minister Murli Deora on Monday addressed the Parliament and attempted to clarify the govt's stance in Lok Sabha over gas supply to Ambanis proposed power plant in Uttar Pradesh.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 1:24 am Pakistan SC adjourns Saeed detention hearing indefinitely Islamabad: Hafiz Saeed, the mastermind of the Mumbai attacks, will continue to be a free man with Pakistan’s Supreme Court on Monday indefinitely adjourning the hearing of petitions challenging his release after the advocate general representing Punjab government in the case resigned. The apex court adjourned indefinitely the hearing of the petitions challenging JuD chief Hafiz Saeed’s release, two days after India said that there was enough evidence to continue investigation against him in connection with 26/11 attacks. “The hearing of two petitions filed by the Federal and Punjab governments have been adjourned indefinitely by the apex court,” Saeed’s counsel A.K. Dogar said. Sources said that the move was apparently linked to the the resignation yesterday of Punjab’s advocate general Raza Farooq who was representing the provincial government in the case. “The provincial government sought time from the apex court to appoint a new advocate general and asked for the hearing to be adjourned,” sources said. The reason for Raza’s resignation was not clear, but speculation is rife that he might have resigned in wake of the SC verdict on the Musharraf case that declared appointment of former chief justice Abdul Hamid Dogar as unconstitutional. It also ruled that most appointments made by Dogar, with a few exceptions, were unconstitutional. Source: LatestNews-Home - Livemint.com | 3 Aug 2009 | 1:21 am No bailout for private airlines, says governmentCivil aviation minister Praful Patel ruled out any kind of bailout for private airlines saying that "we are not even bailing out Air India, which is owned by the government".Source: India Business News | Business News - Times of India | 3 Aug 2009 | 1:06 am Rupee rises to one month high tracking weak dollarMumbai: The rupee climbed to a one-month peak on Monday, extending gains into a third straight session, as losses in the dollar versus majors helped but dollar demand from oil refiners prevented further gains. At 9:35 am, the partially convertible rupee was at 47.86/87 per dollar, off an early high of 47.79, its strongest since July 2 and above its previous close of 47.93/95. “There are state-run banks buying dollars for oil refiners,” a senior dealer with a foreign bank said. “There is no intervention so far but stocks would be watched.” Dollar demand from oil refiners tends to be high during the end of each month when they make payments for their imports, but some demand continued even on Monday, dealers said. Shares are expected to start higher as steady markets across Asia and optimism about an economic recovery after a slew of solid corporate results spurs momentum but trading could be choppy after the index rose to its highest close in 13 months in the previous session. Foreign funds have bought a net $7.3 billion worth of shares this year, following net sales of more than $13 billion in 2008. Traders said gains in Asian currencies and other majors against the dollar helped the rupee. The dollar hit its lowest point this year against a basket of currencies after higher oil prices, steady global stock markets and US GDP data boosted investments in riskier assets. Dealers said they would watch for dollar buying intervention by the central bank to prevent sharp appreciation in the rupee. One-month offshore non-deliverable forward contracts were quoting at 47.89/99, little weaker than the onshore spot rate. Source: Home - Livemint.com | 3 Aug 2009 | 12:52 am Barclays profit up 8%, bad debts almost doubleLondon: Barclays Plc fell short of expectations with an 8% rise in half-year profit as bad debts at Britain’s second biggest bank almost doubled to offset buoyant earnings from its enlarged investment bank. Barclays on Monday reported a pretax profit in the six months to the end of June of £2.98 billion, up from £2.75 billion a year ago but below the average analyst forecast of £3.5 billion from seven analysts polled by Reuters. Trends seen in the first half continued in July and the bank said the difficult environment would remain. Barclays Capital, the investment bank arm, reported a £4.68 billion writedown on credit market exposures, including impairment on loans of £1.17 billion. Another £3.39 billion in other group impairments and credit provisions took total impairments to £4.56 billion, up 86% from £2.45 billion a year ago. That dragged profit in UK retail banking down 61% to £268 million and knocked its commercial bank profits 42% lower to £404 million. Barclays Capital profit doubled from a year ago to £1.05 billion from £524 million, thanks to its acquisition of Lehman Brothers in the US and strong debt, currency and commodities revenues. Source: Home - Livemint.com | 3 Aug 2009 | 12:45 am Sensex up 0.4%; Bharti gains 0.5%Mumbai: Indian shares climbed 0.4% on Monday, as a spate of strong corporate results across the world over the past few weeks and encouraging data boosted hopes for an economic recovery and lifted markets in Asia. Top telecoms firm Bharti Airtel rose 0.5% to Rs412.50 after the firm extended exclusive merger talks with South Africa’s MTN by a month to 31 August. A posible deal would create the world’s third-largest mobile operator. Energy giant Reliance Industries, which has the most weight in the main index, was another major gainer, climbing 1.3% to Rs1,983. Engineering and construction firm Larsen & Toubro advanced 0.5% to Rs1,514.80 after it won two contracts from state-run Oil & Natural Gas Corp totaling over Rs53 billion ($1.1 billion). But trading was choppy as investors looked to take profits after the market rose to its highest close in 13 months in the previous session. Growth in India’s manufacturing activity held steady in July amid robust local demand and a slight rebound in exports, but intense competition curbed companies’ pricing power even as raw material costs jumped, a survey showed. By 11:31 am, the 30-share BSE index was up 0.4% at 15,730.11 points, with 20 stocks advancing. Trading was choppy, with the market falling 0.2% at one stage after rising to a 13-month high of 15,767.34. The benchmark has jumped 16 percent over the past three weeks, riding a global equities rally and as a majority of the companies in the index reported better-than-expected quarterly earnings. “Investors have seen most of the quarterly reports and are now digesting these results and taking positions accordingly,” Avinash Gupta, assistant vice president of equity research at Bonanza Portfolio, said. “But they are more in a hurry to exit if they get the chance than those looking to enter the market now.” The main index has leapt 95% from a 2009 low in early March, and is up 62 percent — the third-best performance among major indices tracked by Reuters — this year after slumping by more than half in 2008. This has sparked concerns about pricey stocks, with the 30 shares in the BSE index trading at around 17.5 times one-year forward earnings — lower than stocks in the main indexes in Shanghai and Hong Kong, but well above levels in Brazil, Russia, South Korea and Indonesia. Though companies reported strong earnings, revenue remained subdued amid weak demand and analysts cautioned that inflationary pressures in the coming quarters could erode cost benefits that have aided earnings. But a rush of liquidity pouring into equity markets after governments across the globe pushed stimulus measures to boost flagging economic growth will limit any correction, traders said. Non-ferrous metals firm Sterlite Industries gained 2.6% toRs 661.80 as copper prices hit a 10-month high on Monday. However, consumer-goods firm Hindustan Unilever fell 2.4% to Rs284.35, while private-sector lender HDFC Bank slid 1.6% to Rs1,476 on Monday. In the broader market, gainers led losers 1,329 to 967 on relatively moderate volume of 140.8 million shares. The 50-share NSE index was up 0.4% at 4,656.40. Most Asian shares were higher on Monday, with MSCI’s measure of Asian markets other than Japan rising 0.8%. Japan’s Nikkei was flat after closing at a 10-month high in the previous session. Brokerage CLSA’s China purchasing managers index rose to a one-year high of 52.8 in July, confirming official PMI data over the weekend that indicated an expansion in manufacturing, while US gross domestic product numbers on Friday showed the world’s largest economy shrank by less than expected in the second quarter. Source: Home - Livemint.com | 3 Aug 2009 | 12:38 am Bank employees to strike on August 6-7 Employees of state-run banks to go on strike following failure of talks with govt over hike in wages and other demands.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 12:36 am Oil extends gains on US recovery hopesOil advanced further in Asian trade Monday, still cheered on by data showing the US economy contracted at a slower-than-expected pace in the second quarter, analysts said.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 12:23 am Day Trading GuideSource: Business Line - Home Page | 3 Aug 2009 | 12:00 am Bullish momentum likely to sustain on liquidity flowsDalal Street is likely to see stronger momentum this week, as the flow of liquidity grows by the week. Corporate and economic fundamentals appear to have taken a back seat as the lure of smart earnings growth has opened a floodgate ofSource: Business Line - Home Page | 3 Aug 2009 | 12:00 am ONGC begins drilling operations off Kerala coastKochi, Aug. 2 Oil and Natural Gas Corporation, which started drilling operations in the Kerala-Konkan basin, has said that the early results of the ultra deep oil exploration will be available in 100 days.Source: Business Line - Home Page | 3 Aug 2009 | 12:00 am Banks hope to make fast buck via IPOsMumbai, Aug. 2 With the primary market for equity issuance reviving after a hiatus of almost a year-and-a-half, domestic banks are keenly eyeing listing gains from the initial public offers (IPOs) of Adani Power Ltd and NHPC Ltd.Source: Business Line - Home Page | 3 Aug 2009 | 12:00 am No service tax on commission paid by companies to MDs, DirectorsNew Delhi, Aug. 2 Corporate honchos and Directors on the boards of companies have got a booster dose from theSource: Business Line - Home Page | 3 Aug 2009 | 12:00 am Sluggish growth in creditThe recent credit policy review was preceded by a detailed review of monetary developments. This document is, as usual, painstakingly prepared showing the position in respect of the various dimensions of the Indian economy. The survey ofSource: Business Line - Home Page | 3 Aug 2009 | 12:00 am No pit stops along the way for India Inc’s borrowingsBL Research Bureau For all the talk of a slowdown, corporate India didn’t really apply the brakes on its borrowing programme in the last fiscal year.Source: Business Line - Home Page | 3 Aug 2009 | 12:00 am Private airlines put strike plan ‘on hold’New Delhi, Aug. 2 There will be no disruption to domestic flights on August 18.Source: Business Line - Home Page | 3 Aug 2009 | 12:00 am Comex gold likely to rise higherComex gold futures ended stronger on Friday as the dollar slid to its lowest level after economic data showed improvement in the US GDP and manufacturing figures. Month-end position adjustments gave prices a boost too. The dollar fell to its lowestSource: Business Line - Home Page | 3 Aug 2009 | 12:00 am HCL Infosystems (Rs 118.8): BuyWe recommend a buy in HCL Infosystems from a short-term perspective. It is evident from the charts of HCL Infosystems that after forming a bottom reversal pattern (double bottom) between November 2008 and April 2009, it began to move northward.Source: Business Line - Home Page | 3 Aug 2009 | 12:00 am PSU bank staff plan two-day strike from 6 AugustMumbai: “About nine lakh employees of PSU banks plan to strike work on 6-7 August for higher wages and pension,” a union representative said on Monday. “Staff at the banks, which dominate banking in India, and some private sector and foreign banks would participate in the strike,” C.H. Venkatachalam, convenor of the United Forum of Bank Union, said. “Talks with Indian Bank Association (IBA) once again fell on wage increase and pensions forcing us to go ahead with the strike call,” he said. Venkatachalam further said that the members of the union are scheduled to meet with the IBA on Tuesday to try and resolve the issues. Earlier, the unions had called a strike on 12 June but withdrew it in the last hour after banks agreed to meet some of their demands on a pension scheme and higher wages. Source: Home - Livemint.com | 2 Aug 2009 | 11:33 pm Sensex up 97 points in opening tradeContinuing its winning streak for the third consecutive session, the benchmark Sensex gained 97 points in opening trade on increased capital inflows by foreign funds.Source: Daily News & Analysis: Money News | 2 Aug 2009 | 11:24 pm Bharti extends exclusive talks with MTN on merger to Aug 31Bharti Airtel and MTN Group extended their exclusive talks aimed at merging their operations to create the world's third-largest mobile operator by a month to August 31.Source: India Business News | Business News - Times of India | 2 Aug 2009 | 10:46 pm Rupee up 11 paise against dollar in early tradeThe Indian rupee today hardened by 11 paise to touch a one-month high of 47.83 a dollar in early trade in line with other Asian currencies.Source: India Business News | Business News - Times of India | 2 Aug 2009 | 10:30 pm ANZ likely to clinch RBS Asian deal this weekSydney: Australia and New Zealand Banking Group Ltd is likely to pay about A$930 million ($775 million) to buy some Asian assets from British lender Royal Bank of Scotland plc this week, a source briefed on the situation told Reuters on Monday. The deal would mark ANZ’s biggest overseas purchase, cement its position as a regional bank and would be a key step in Australia’s fourth biggest bank’s goal to generate a fifth of its revenue from Asia by 2012. ANZ has been in talks for weeks to buy retail and commercial banking operations in six Asian countries from RBS, which is selling assets to concentrate on its home market after racking up huge losses during the credit crisis. “I think it will happen this week at some stage. This week is more likely,” the source said. The source declined to be identified as the negotiations were confidential. ANZ was pursuing assets in Hong Kong, Singapore, the Philippines, Indonesia, Vietnam and Taiwan, the source added. ANZ has spent about A$2 billion over the past decade in buying mostly minority stakes in banks from China to Vietnam. ANZ’s Asian aggressive expansion is in contrast to the strategy adopted by the three top Australian banks, which have heavily relied on domestic growth. ANZ was not in talks to buy RBS’s Indian and Chinese businesses, the source said. “China and India just proved to be too difficult given that ANZ doesn’t have banking licence (for those countries) at this moment,” the source added. ANZ declined to comment on the progress on the talks or give details of the assets which it was pursuing. An RBS spokeswoman in Hong Kong said: “We are well advanced with the sale process, however due to regulatory constraints and the confidentiality of the process we will not be commenting on any individual bidders or elements of the transaction process until its completion.” JP Morgan said in a report last week the Asian operations of RBS made a net loss in 2008 due to higher impairments and lack of operational efficiencies. “RBS has a small number of branches across multiple geographies... across Asia. In our view, this is what appeals to ANZ in effectively holding the potential for a bolt-on acquisition across multiple geographies to strengthen their existing presence,” the report added. ANZ shares were up about 3%, in-line with the gains in its peers after Goldman Sachs JBWere upgraded its rating on Australian banks. RBS, 70% owned by the British government, has put the assets up for sale as part of a plan to retreat to its home market and exit or shrink in up to 36 other countries. Asia-focused Standard Chartered was in talks to buy RBS’s assets in China, India and Malaysia, a source told Reuters last month. RBS had initially planned to sell the entire group to one buyer for at least $2 billion. Standard Chartered declined to comment on Monday. ANZ raised about $2 billion in May to fund the potential acquisition, but some analysts have questioned the wisdom of an Asian deal with RBS minus the Indian and Chinese assets. Source: World Business - Livemint.com | 2 Aug 2009 | 10:02 pm Which auto company is launching its Fortuner SUV in India on August 24?Which auto company is launching its Fortuner SUV in India on August 24?Source: Daily News & Analysis: Money News | 2 Aug 2009 | 5:30 pm Anil outburst works, Govt changes tackFamily rights later, national rights first. In a change of stance, the Govt has said that it is unconcerned about any family agreement between the Ambani brothers and will file an “interim application” in the Supreme Court within three days to protect its “own rights and policies” on the pricing and utilisation of natural gas, being produced by RIL. Anupama Airy and Nagendar Sharma report. The dispute Source: Hindustan Times News Feeds 'Business' | 2 Aug 2009 | 5:20 pm Pivotals willing, Nifty can top 4700The rollovers this time were better than the last 2-3 expiries, with rollover cost remaining almost the same at 40-45 basis points.Source: Daily News & Analysis: Money News | 2 Aug 2009 | 4:28 pm 4265-4825 range for NiftyThe last week witnessed a bullish undertone as the players bid farewell to the July derivatives series. The rally was led by the technology and the mid-cap stocks.Source: Daily News & Analysis: Money News | 2 Aug 2009 | 4:26 pm Rs 100-crore baby elephant marks new ambition in Indian animationWould you put Rs 100 crore to ride on the adventures of a baby elephant in 3D animation? Shabuddin Chowdari is. And he is confident of a new trend in India’s fledgling but increasingly ambitious animation film industry which is keen to walk the steps pioneered by works like Jungle Book. Saurabh Turakhia reports.Source: Hindustan Times News Feeds 'Business' | 2 Aug 2009 | 4:25 pm How American Express keeps track of customer satisfactionCustomer engagement offers an in-depth perspective on the impact of customers on the organisation's growth and goals.Source: Daily News & Analysis: Money News | 2 Aug 2009 | 4:21 pm Banks' Q1 showing may be calm before the stormBanking sector results for the quarter ended June have been in line with expectations as banks continue to make profits.Source: Daily News & Analysis: Money News | 2 Aug 2009 | 4:21 pm How much oil do Opec countries really have?World over, oil is a major source of energy. But naysayers predict it may not be too long before we run out of this all-important fuel.Source: Daily News & Analysis: Money News | 2 Aug 2009 | 4:21 pm Airlines call off August 18 strike 48 hrs after threatening a strike, the Federation of Indian Airlines withdrew the call on Sunday due to the agitated 'public sentiments'.Source: India Business News | Business News - Times of India | 2 Aug 2009 | 1:41 pm Japanese financial firms develop a yen for IndiaJust a fortnight ago, Japans financial powerhouse, Nomura, bought a 35 per cent stake in LIC Mutual Fund in a deal that values the Indian firm at Rs 800 crore. Nomura, which in October 2008 acquired the Asian operations of bankrupt US investment bank, Lehman Brothers, employs over 2,600 people in India. Last week, it surprised many by issuing half-page advertisements expressing its intent to recruit in large numbers.Source: Business Standard | Front Page Headlines | 2 Aug 2009 | 1:38 pm Power traders see black hole in CERC margin capTraders of electricity in India have started surrendering licences, saying a four paise cap on their margin imposed by the electricity regulator in 2006 has made the trading business unviable. Also, at least two-thirds of the 40 licensed traders in the country, most of whom were issued licences in 2004, are yet to begin operations.Source: Business Standard | Front Page Headlines | 2 Aug 2009 | 1:38 pm Eurofighter sweetens its India offerWith the four-nation Eurofighter consortium facing the uncomfortable reality of dwindling orders at home, Indias tender for 126 medium fighters, worth some $11 billion, is now crucial. So, Eurofighter has reworked some of its most fundamental tenets and structures, to appear more appealing to India.Source: Business Standard | Front Page Headlines | 2 Aug 2009 | 1:36 pm Domestic airlines call off strikePressured by low-cost carriers, the Federation of Indian Airlines (FIA) has called off its decision to suspend domestic operations on August 18, two days after it was announced.Source: Business Standard | Front Page Headlines | 2 Aug 2009 | 1:36 pm Index equity funds shine in market rallyIndex-based equity funds that track the performance of benchmark indices such as sensex and Nifty have trumped a majority of diversified equity mutual funds (MFs).Source: India Business News | Business News - Times of India | 2 Aug 2009 | 12:57 pm Online Ayurveda firm gets FDA warning for flouting safety lawsMumbai: The US drug regulator, the Food and Drug Administration (FDA), has issued a warning to California-based Bazaar of India Inc., an online distributor of Indian Ayurvedic products, saying it was flouting US laws on safety and promotional ethics. FDA’s move, targeting at least 11 Ayurvedic drugs marketed by the firm, follows a controversy that erupted in the US last year after a paper in the Journal of American Medical Association (Jama) claimed that one-fifth of the Ayurvedic products made locally and in India and sold in the US online contained lead, mercury or arsenic in excess of acceptable limits. The paper was lead-authored by Robert Saper of the department of family medicine at the Boston University School of Medicine and Boston Medical Center. Bazaar of India is among a few online distributors of Ayurveda products in the US whose products were tested in a study by Jama for the report. In a 7 July letter to Kush Khanna, president and chief executive of Bazaar of India, FDA said the products marketed by the firm were drugs under US law as they are intended to cure or prevent disease, and there was no evidence that they were generally recognized as safe and effective. The FDA letter, posted on its website, warned the firm that it could be charged with misbranding because these products were offered for conditions that were not amenable to self-diagnosis or treatment by individuals who were not medical practitioners. Bazaar of India, according to the FDA letter, had been promoting brands such as Acnenil, Cold Aid, Sugar Fight, Heart Plus, Hingwastika, Bakuchi, Guggulu, Brahmi, Tagar, Licorice and Triphala, with label information that they they were meant to treat conditions such as acne, cold, diabetes and heart diseases, among others. Khanna could not be contacted for comment. However, a disclaimer on the company’s website says, “The statements on this website have not been evaluated by the Food and Drug Administration. Products and information provided on this site are not intended to diagnose, treat, cure or prevent any disease. If you have a medical condition, consult your physician. All information is provided for educational purposes only.” Although FDA said in its letter that US law authorizes the seizure of illegal products and injunctions against the manufacturers of such products, it gave the company 15 days to notify the regulator of steps taken to correct the violations. “It is unfortunate that Ayurveda as an authentic medicinal system that has been in practice for centuries here is yet to be fully understood and recognized in the US,” said Ranjit Puranik, chief executive of Mumbai-based Ayurvedic drug maker Shree Dhootapapeshwar Ltd, who is also general secretary of the Ayurvedic Drug Manufacturers Association of India. He added, however, that distributors of Ayurveda products often did not understand that promoting drugs without required approvals and without following marketing rules would invite regulatory action. Source: Tech News - Livemint.com | 2 Aug 2009 | 9:26 am Capital constraints, rising bad loans hurt foreign banks’ opsMumbai: Rising non-performing assets, or NPAs, and constraints on capital flows following the global financial turmoil have taken their toll on foreign banks’ operations in India.  Bucking the trend: A Standard Chartered Bank branch in Delhi. The bank’s loan book grew 12% last year. Madhu Kapparath / Mint Foreign banks’ loan portfolio in the one year to 3 July declined by 7.1% although the Indian banking industry posted loan growth of 16.3% during the period. In the same period last year, foreign banks’ loan growth was at least 33%, riding high on demand for mortgages, auto loans and other consumer loans. The global financial crisis that intensified after the collapse of Wall Street investment bank Lehman Brothers Holdings Inc. in mid-September hit most large banks in the US and Europe hard. After being bailed out with capital infusions, these banks are now focusing on their domestic markets instead of aggressively expanding overseas, including India. Banks need capital to expand loan assets, but in many cases, parents of foreign banks operating in India are not in a position to infuse capital. Rising NPAs are also discouraging foreign banks from the aggressive asset creation they pursued in the past few years when the Indian economy was growing at an average pace of 8.5% and consumers were buying homes and cars and spending more on their credit cards. Banks have to set aside money to cover NPAs, for which they require more capital. Net NPAs at the Indian arm of Citibank NA increased to Rs10,507 crore at the end of fiscal 2009, against Rs4,718 crore in the previous year. Such loans as a percentage of net advances more than doubled to 2.6%, up from 1.23%. The local unit of HSBC Holdings Plc increased provisions for bad loans by 65% to Rs2,879.39 crore in 2009. Net NPAs at the bank rose to 1.42% of net advances, from 0.58%. Its gross NPAs, or bad assets before provisions, reached 5.56% in March. Deutsche Bank AG’s Indian arm saw a threefold increase in provisions and contingencies at Rs249 crore for 2009 from Rs76.82 crore in the previous year. Its net NPAs as a percentage of loans rose to 0.88% from 0.22%. Citibank has stopped expanding its personal loan book to arrest rising delinquencies even though it wants to continue expanding its mortgages and credit-card portfolio. The bank’s corporate banking portfolio grew to Rs19,981 crore in 2009 from Rs18,742 crore in the previous year while the retail book grew to Rs22,416 crore from Rs21,557 crore. While Citibank and Standard Chartered Bank continued to expand their advances, albeit at a slower pace, HSBC and Deutsche Bank have seen a dip in their advances portfolios. HSBC’s loan book shrank by 8% in 2009—from Rs29,944 crore to Rs27,588 crore. In contrast, the contraction in Deutsche Bank’s loan book was marginal, from Rs8,960 crore to Rs8,797 crore. Barclays Bank Plc. is also seeing a rise in NPAs. The bank aggressively built its unsecured loan portfolio after it entered the business in 2006. Fitch Ratings in April had said Barclays India increased its loan book from Rs170 crore in March 2007 to Rs12,000 crore in December 2008. Since then it has scaled down the growth of unsecured assets. Fitch expects Barclays’ NPAs to increase significantly in the medium term. The rating agency expects delinquencies to increase in the corporate portfolio too as companies weather slowing demand. An official at Deutsche Bank attributed the slowdown in advances largely to the credit environment and the bank’s cautious approach to the business. He declined to be named. Stuart A. Davis, chief executive of HSBC’s Indian unit, had earlier said the lending slowdown had been largely on account of the economic downturn which resulted in lower demand from customers. Standard Chartered Bank’s loan book grew 12% last year and it seemed to be an exception. “We continue to grow our consumer and wholesale banking book,” said Neeraj Swaroop, regional chief executive, Standard Chartered Bank, for India and South Asia. India’s private banks, too, are seeing a slowdown in credit growth. In the year till 3 July, their loan portfolio grew by 4.2%, sharply down from 22.3% growth in the previous year. Among private banks, ICICI Bank Ltd and Kotak Mahindra Bank Ltd are shrinking their loan books, while HDFC Bank Ltd and Axis Bank Ltd continue to grow their loan books. ICICI Bank, India’s largest private sector lender, has seen its loan book shrinking by 11.61% to Rs1.98 trillion for the year ending 30 June. The bank intends to expand its assets by 5% this fiscal, increasing home loans and corporate banking business in the second half. According to Dipak Gupta, executive director of Kotak Mahindra Bank, the bank’s advance book contracted on account of the credit squeeze and it was pruning its retail assets. “We consciously have stayed away from growing our retail book,” Gupta said, citing increasing loan delinquency. India’s public sector banks, which account for three-fourths of the banking industry, have expanded their loan book by close to 22% in the past one year, lower than the 26.3% in the previous year, but outpacing their private and foreign counterparts. Source: World Business - Livemint.com | 2 Aug 2009 | 9:26 am Serendipity, lost in the digital delugeWe’ve gained so much in the digital age. We get more entertainment choices, and finding what we’re looking for is certainly fast. Best of all, much of it is free. But we’ve lost something as well: the fortunate discovery of something we never knew we wanted to find. In other words, the digital age is stamping out serendipity.  The shared world: On social networking sites such as Facebook and Twitter, we are discovering what everyone else is learning, and usually from people we have selected because they share our tastes. It gives us a measure of the owner’s quirky tastes and, more often than not, we find a singer, a musician or a documentary we’d never known before. But CDs have disappeared inside the iPod. And shelves of videos are rarely seen as we get discs in the mail from Netflix or downloaded from Vudu. And, one day soon, book collections may end up inside a Kindle. With an e-book reader, the person on the subway seat across from you will never know what you are reading. Ah, the techies say, no worries. We have Facebook and Twitter, spewing a stream of suggestions about what to read, hear, see and do. We come to depend on it to lead us to the funny article on TheOnion.com or the roving food cart serving goat curry. It’s useful. But that isn’t serendipity. It’s really group-think. Everything we need to know comes filtered and vetted. We are discovering what everyone else is learning, and usually from people we have selected because they share our tastes. It won’t deliver that magic moment of discovery that we imagine occurred when Elvis Presley first heard the blues, or when Michael Jackson followed Fred Astaire’s white spats across the dance floor. And there is just too much information. We can have thousands of people sending us suggestions each day— some useful, some not. We have to read them, sort them and act upon them. As we pay for them with our time, the human need for surprise presents an opportunity for new businesses. Can someone sort the information and provide the relevant thoughts to the specific person who doesn’t yet know he needs it? Facebook is providing some tools to subdivide friend lists, so posts from the cat-video coterie won’t interfere when you’re jousting with political-news fanatics. An entire ecosystem has been built up around Twitter in an attempt to cash in on its popularity and its unwieldiness. Services such as TweetRiver, Tweepular, TweetSum, TwitZap, TwitHive, Tweenky, Tweetree, Splitweet and CoTweet, to name just a few, have proliferated in order to manage the incoming information. Twitter itself has bought a few of them. This week, it redesigned its site around the search engine of one such company. And the reason for the redesign was mainly to give its users tools that encourage serendipity. Biz Stone, a Twitter co-founder, wrote to the Twitterati, “Repositioning the product to focus more on discovery is an important first step in presenting Twitter to a wider audience of folks around the world who are eager to start engaging with new people, ideas, opinions, events and sources of information.” Still, those are solutions for information management, not for encouraging welcome randomness. It probably won’t help the quirky new television show or a new blog find an audience. Many software developers are trying to recreate serendipity. StumbleUpon is a Web service that steers users towards content they are likely to find interesting. Readers tell the service about their professional interests or hobbies, and it serves up sites to match them. It’s a good try, but it is still telling readers what they want to know. UrbanSpoon, one of the most popular applications for the iPhone, tries for randomness with a slot-machine widget. Shake the phone and three dials—for location, cuisine and price—spin to find a random restaurant. It gets about a million shakes a day, said Ethan Lowry, one of the co-founders of the company, which is based in Seattle and now owned by IAC/InterActiveCorp. “It was designed with a real serendipity problem in mind,” he said, recalling that his friends were once heading for the same old place for lunch when he held up his cellphone and said, “Imagine if you shook this like a Magic 8 Ball and it gave you an answer.” For them, it was one of those magic moments because they identified a need that demanded a new business. “You get bored. It gets itchy and gets worse over time,” Lowry said. “You want a new experience.” But a funny thing happens with frequent users of the application. They start relying on its search engine or the “Talk of the Town” feature, an algorithm that generates suggestions that uncannily echo local sentiment. The algorithm is high-tech crowdsourcing, substituting for the serendipity that customers are seeking. We’ll have to keep hoping that someone chances upon the solution. ©2009/THE NEW YORK TIMES Respond to this column at feedback@livemint.com Source: Tech News - Livemint.com | 2 Aug 2009 | 9:09 am
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