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Baba Kalyani: Creating an engineering giantBharat Forge is known as the global forging major and Indias largest exporter of auto component. 75% of its revenue comes from outside India and not just via exports but from businesses located across the world. But, in 5 years that is most likely going to change. The company is in the process of transforming itself into an engineering giant.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 8:00 am Chhabria`s mother challenges Shaw Wallace-UB group merger!Ranibai Rajaram Chhabria, mother of late Manohar Rajaram Chhabria, has challenged the merger of Shaw Wallace with UB group saying she was entitled to a fifth of her deceased son`s estate.Source: Zee News : Business | 4 Aug 2009 | 7:05 am UBS remains cautious after Q2 loss, big outflows!UBS said it remained cautious about its prospects after client withdrawals spurred by protracted US tax litigation dragged the Swiss bank into another big quarterly loss on Tuesday.Source: Zee News : Business | 4 Aug 2009 | 7:05 am Toyota post Q1 loss, lifts cautious forecasts!Toyota Motor Corp reported its third straight quarterly loss but lifted its bearish forecast to call for a smaller loss this year as deep cost reductions help make up for some of the slump in global vehicle sales.Source: Zee News : Business | 4 Aug 2009 | 7:05 am Google CEO Schmidt to quit Apple board!Google Inc Chief Executive Eric Schmidt is resigning from Apple Inc`s board of directors, the companies said, citing increased competition between the two leading technology companies.Source: Zee News : Business | 4 Aug 2009 | 7:05 am Supreme Court seeks reply from Samsung India on TDS!The Supreme Court has sought a reply from Samsung India Electronics on the I-T department plea that the firm is liable to deduct tax in respect of goods outsourced for manufacturing.Source: Zee News : Business | 4 Aug 2009 | 7:05 am Will achieve 18% margin in FY10: Exide IndustriesAK Mukherjee, DirectorFinance and CFO, Exide Industries said that the company has seen a growth rte of 18% in the replacement market. He added that the first quarter results have been boosted by replacement and industrial sector. Mukherjee is confident of achieving 18% margin in FY10.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 6:52 am Bumper crop in Pak pulls down India's onion export in JulyGood crop in Pakistan has dented demand for Indian onion, dragging the export of the farm item from this country down by about 24 per cent in July. Source: Hindustan Times News Feeds 'Business' | 4 Aug 2009 | 6:38 am Bank of America pays $33-mn fine for misleading bonusesThe Bank of America agreed to pay US regulators a $33-million fine for misleading its investors about billions of dollars in bonuses paid to Merrill Lynch executives when it acquired the investment bank.Source: Hindustan Times News Feeds 'Business' | 4 Aug 2009 | 6:30 am Infosys BPO inks 5year deal with TMobile UKInfosys BPO, the business process outsourcing subsidiary of Infosys Technologies, today announced that it has secured a fiveyear contract with TMobile UK.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 6:29 am Indian outsourcer HCL acquires data centre in USIndian outsourcer HCL Technologies has acquired its first data centre in the US from one of its customers. HCL actually acquired the data centre in October but delayed announcing it until this month pending the upgrade of the facility.Source: Hindustan Times News Feeds 'Business' | 4 Aug 2009 | 6:17 am Stimulus packages helped in improving sales: Hero HondaAnil Dua, VP, Sales and Marketing, Hero Honda, told CNBCTV18 in an exclusive interview that stimulus packages have helped in improving sales. He feels that the industry growth, barring Hero Honda, still remains low at 23%. The strong presence in rural areas was the key growth driver for the company, he added.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 5:24 am Standard Chartered bank H1 profit up 5.5 pctStandard Chartered PLC reported on Tuesday that first-half profit rose 5.5 per cent compared with a year ago even as provisions for bad loans more than doubled to over a billion dollars. Source: Hindustan Times News Feeds 'Business' | 4 Aug 2009 | 5:21 am Have enabling resolution to raise up to $500m: Lanco InfraSpeaking about the QIP, J Suresh Kumar, CFO of Lanco Group told CNBCTV18 that they have an enabling resolution to raise up to USD 500 million. He added that a QIP of USD 150 million has been done in the first tranche and with a dilution of 7.5%.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 4:44 am Credit loss to reduce in next 23 quarters: ICICI BankChanda Kochhar of ICICI Bank, said there was no need for the bank to raise equity capital as the CAR stood at 17.5%. Kochhar sees strong credit growth in the second half of FY10. \"The bank will have to restructure some more loans in the next two to three quarters,\" she said, adding, credit loss would reduce in the next two to three quarters.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 4:44 am Bharti shares fall 3 pct on MTN deal concernsShares in India's Bharti Airtel fell more than 3 per cent by Tuesday afternoon on concerns the country's top mobile operator may have to cough up more to buy a proposed stake in South Africa's MTN.Source: Hindustan Times News Feeds 'Business' | 4 Aug 2009 | 4:41 am Supreme Court seeks reply from Samsung India on TDSThe Supreme Court has sought a reply from Samsung India Electronics on the I-T department plea that the firm is liable to deduct tax in respect of goods outsourced for manufacturing.Source: Hindustan Times News Feeds 'Business' | 4 Aug 2009 | 4:38 am StanChart says in talks to buy China, India assetsHONG KONG (Reuters) - Standard Chartered Bank is in onging discussions to buy assets in India and China, a senior executive at the Asia-focused bank said on Tuesday.Source: Reuters: Money News | 4 Aug 2009 | 4:19 am Amway plans ad blitz, brick & mortar presenceDirect selling major Amway plans a host of new initiatives as it celebrates its 50th year of business.Source: Daily News & Analysis: Money News | 4 Aug 2009 | 4:15 am India gold buying trickles in ahead of festivalsMUMBAI (Reuters) - Indian gold buyers trickled in at lower levels on Tuesday as traders geared up to meet festive demand, dealers said.Source: Reuters: Money News | 4 Aug 2009 | 4:13 am Bharti says to expand cable network to BhutanNEW DELHI (Reuters) - Bharti Airtel said on Tuesday it had signed an accord with the government of Bhutan to expand the firm's optic fibre cable network to the Himalayan kingdom.Source: Reuters: Money News | 4 Aug 2009 | 4:12 am Hyundai says made no decision on new China plant - Reuters India
Source: Business - Google News | 4 Aug 2009 | 4:07 am Govt to prune unproductive expenditure: Finance Ministry - Business Standard
Source: Business - Google News | 4 Aug 2009 | 4:06 am SPIC to be reopened, says Azhagiri - Business Standard
Source: Business - Google News | 4 Aug 2009 | 4:05 am Infosys BPO inks 5-yr pact with T-Mobile UKNew Delhi: Infosys BPO, the BPO arm of Infosys Technologies announced on tuesday that it has secured a five-year contract with T-Mobile UK. Infosys BPO has been engaged by T-Mobile UK to support several core processes for their finance directorate which cover customer finance, commercial finance and accounting (F&A), and procurement operations, Infosys BPO said. “We are pleased to have been selected by T-Mobile UK. Our strong F&A capabilities combined with our understanding of the telecom industry helps us successfully transform businesses of our clients,” Infosys BPO vice president and head (Communications, Media and Entertainment (CME)) Gopal Devanahalli said. The deal size was, however, not disclosed. T-Mobile is one of the world’s largest mobile operators with more than 125 million customers worldwide and about 16.7 million customers in the UK itself. “We were keen to partner with a company that possessed a good understanding of our requirements and business needs. We are confident of gaining immense value through our partnership with Infosys BPO,” T-Mobile UK Head of Customer Finance Tim Spence said. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 4:01 am RBI: will not slow down financial reformsMUMBAI (Reuters) - India will not slow down on financial reforms, but would recalibrate the roadmap for reforms given the backdrop of the global crisis, the Reserve Bank of India Governor Duvvuri Subbarao said on Tuesday.Source: Reuters: Money News | 4 Aug 2009 | 3:55 am Close: Sensex falls by 92 pts on weak global cuesMumbai: Indian shares fell 0.69% on Tuesday, as weak markets across Asia and Europe sparked profit-taking after a 17.5% rise over the past three weeks. The 30-share BSE index ended down 93.25 points at 15,830.90, with 19 stocks declining. The 50-share NSE index closed down 30.90 points at 4,680.50. (Reporting by Pratish Narayanan) REUTERS Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:55 am Nearly 33% stocks outperform Sensex so far this year - Business Standard
Source: Business - Google News | 4 Aug 2009 | 3:50 am CAG points out Rs1846 cr irregularities in state-owned firmsHeavy Industries and Public Enterprises minister Vilasrao Deshmukh said CAG has pointed out financial irregularities of Rs1404.32 crore in 2008 and Rs4547.63 crore in 2007.Source: India Business News | Business News - Times of India | 4 Aug 2009 | 3:48 am GM takes more time to negotiate over Opel saleFrankfurt: General Motors is taking more time to negotiate with Magna and RHJ International over the planned sale of its European arm Opel, the company said on Tuesday. Canadian auto parts group Magna and Belgium-based RHJ are locked in a takeover battle for Opel, in which GM is relinquishing control in return for state support. GM was expected to recommend one of the two bidders to its new board of directors at a meeting on Monday. But it said on Tuesday that it merely brought the board up to speed on talks without making a recommendation as negotiations were still dragging on. Sources informed earlier this week that the German government officials and GM representatives are expected to meet with Magna and RHJ this week to further discuss the sale. GM, which holds 35% of Opel shares, and Germany, which will provide state aid, must agree on the buyer but so far the two have disagreed. Germany prefers the Magna offer and GM likes RHJ’s bid. German economy minister Karl-Theodor zu Guttenberg had said in a weekend newspaper interview that both suitors had to improve their bids to win government backing. Magna, a Canadian auto parts supplier, wants to expand Opel’s full-scale car assembly business and forecasts high growth rates, particularly in Russia, home of its bidding partner, state-controlled bank Sberbank. RHJ aims to shrink production to return Opel to profit and may be open to selling it back to GM at a later date. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:47 am GM takes more time to negotiate over Opel saleFrankfurt: General Motors is taking more time to negotiate with Magna and RHJ International over the planned sale of its European arm Opel, the company said on Tuesday. Canadian auto parts group Magna and Belgium-based RHJ are locked in a takeover battle for Opel, in which GM is relinquishing control in return for state support. GM was expected to recommend one of the two bidders to its new board of directors at a meeting on Monday. But it said on Tuesday that it merely brought the board up to speed on talks without making a recommendation as negotiations were still dragging on. Sources informed earlier this week that the German government officials and GM representatives are expected to meet with Magna and RHJ this week to further discuss the sale. GM, which holds 35% of Opel shares, and Germany, which will provide state aid, must agree on the buyer but so far the two have disagreed. Germany prefers the Magna offer and GM likes RHJ’s bid. German economy minister Karl-Theodor zu Guttenberg had said in a weekend newspaper interview that both suitors had to improve their bids to win government backing. Magna, a Canadian auto parts supplier, wants to expand Opel’s full-scale car assembly business and forecasts high growth rates, particularly in Russia, home of its bidding partner, state-controlled bank Sberbank. RHJ aims to shrink production to return Opel to profit and may be open to selling it back to GM at a later date. Source: World Business - Livemint.com | 4 Aug 2009 | 3:47 am No relaxation in labour laws, says ministerNew Delhi: The Centre on Tuesday said there is no question of relaxing the labour laws and instead has asked states to implement them to protect workers, particularly in the wake of global economic slowdown. “There is no question of liberalising the labour laws. Implementation of these laws is good both for employers and employees,” labour minister Mallikarjun Kharge told the Rajya Sabha in reply to a calling attention notice by D. Raja (CPM) on situation arising out of retrenchment and job losses. Kharge dismissed the suggestion of relaxing the labour laws by industrialist and independent member Rahul Bajaj, who found himself in a heated argument with Brinda Karat (CPM) as she pointed to “conflict of interest”. Bajaj said his voice was being “muffled”. The labour minister said the impact of global slowdown on the Indian economy has been felt since the middle of 2008 and his ministry is closely monitoring the situation. “The state governments have also been advised to ensure industrial peace and implement labour laws so that the interest of the workmen is protected,” he said. However, he lamented that the labour laws do not have the kind of force enjoyed by other statutes like CrPC. “Whatever is implemented, we do it with folded hands” and nothing was implemented without a tripartite involvement of the government, employers and employees. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:44 am Canon launches document management; eyes Rs50 crNew Delhi: Digital imaging equipment maker Canon India on Tuesday entered the document management services business to tap the enterprise market and said it expects to achieve Rs50 crore worth of revenue from the division by 2010. “Through our new division called Document Management Consulting Services, we will provide corporate houses and enterprises consultancy and solutions ranging from installing printing devices to managing the entire process of printing more effectively,” Canon India senior vice president, Alok Bharadwaj said. The company aims at handling 50 crore documents under the service and expects to garner a share of 25% of the estimated Rs150-crore India’s management printing services by 2010. “Our services will enable corporate houses to save up to 30% of their costs. We will be working on contractual basis, provide them with printing devices and consultancy services and we shall earn on per print,” Bharadwaj said. “Of the estimated Rs1,500-crore Indian printing and copier market in the enterprise section, the document management services comprises of Rs 150 crore. We expect the market to grow to Rs200 crore by next year. By that time we will able to garner around 25% of it,” he said. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:40 am Govt to prune unproductive expenditure: finance ministryNew Delhi: The finance ministry said on Tuesday, it would prune unproductive expenditure and moderate inflation while staying focussed on fiscal consolidation. “The government will continue to take necessary measures to moderate inflation, prune unproductive expenditure and closely monitor Fiscal Responsibility and Budget Management (FRBM) targets,” the ministry said in its third quarter review of 2008-09. The process of fiscal consolidation, it said, was “a necessary pre-requisite for sustained growth,” and continued to be “in focus.” The fiscal deficit upto the end of the third quarter (April-December) 2008-09 was Rs2,18,262 crore, nearly thrice of Rs77,578 crore in the previous year’s corresponding period. The ministry said it would harmonise the need for resources for development expenditure within the fiscal discipline imposed by FRBM Act, 2003. While the Act required fiscal deficit to be brought down to 2.5% of the Gross Domestic Product (GDP) by 2008-09, the government’s steps to stimulate the economy, impacted by the global financial downturn, soared it to 6.2% last fiscal. Even for the current fiscal, it has been pegged at 6.8% of the GDP. The government, however, has prepared a roadmap to return to the FRBM target as soon as the negative effects of the economic crisis on India are overcome. It plans to bring down the fiscal deficit to 5.5 % of the GDP in 2010-11 and 4% in 2011-12. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:39 am RIL gas sales rise to 35 mmscmd a dayNew Delhi: Reliance Industries’ gas sales from its eastern offshore fields have risen to 35 million cubic metres a day, the highest since the nation’s most prolific fields started producing in April. RIL now has the capacity to produce 60 mmscmd but is constrained to produce less as the government is yet to identify customers beyond the initial 40 mmscmd that had been allocated primarily to fertiliser and power producers in accordance with the Gas Utilisation Policy. Sources said from among the customers identified by the government, Ratnagiri Gas and Power, the firm that operates the Dabhol plant, and state-run NTPC are yet to draw even a single unit from RIL’s Krishna Godavari (KG) basin D6 fields. Ratnagiri Gas and Power has been allocated 2.7 mmscmd but is not taking any gas as it has a contract to buy gas from Petronet LNG Ltd till September-end. NTPC, which was allocated 2.67 mmscmd, has not signed the contract with RIL so far, they said. Fertiliser firms, who had been given the first right over KG-D6 gas, from this week are drawing 14.5 mmscmd, the highest ever after urea-making plants that were shut for maintenance became operational. Fifteen fertiliser firms have been allocated 14.96 mmscmd of gas. Power firms are drawing 18 mmscmd while steel makers like Essar are drawing between 2.5 and 3 mmscmd, they said. Sources said RIL gas sales will cross 40 mmscmd a day when the country’s largest gas-fired power plant, RGPPL, starts drawing gas. RGPPL currently buys 4-5 mmscmd of expensive imported liquefied natural gas (LNG) under a take-or-pay agreement from Petronet. Its allocation of gas from KG-D6 would increase to 8.4 mmscmd in April next year when all the electricity generation units at Dabhol are fully functional. Oil regulator directorate general of Hydrocarbons, in a recent status report on KG-D6 gas, stated: “So far eight wells have been put on production. These eight wells have a maximum production potential of about 50-52 mmscmd and the wells are producing less to match the present offtake ...” The gas production potential is likely to increase further to 80 mmscmd after nine other completed wells are put on production by the end of August, the DGH said. RIL has so far signed contracts with 15 fertiliser plants for 14.96 mmscmd gas and 19 power plants for 25.07 mmscmd. Besides, 3.31 mmscmd gas has been committed to steel plants. Petroleum minister Murli Deora yesterday told Parliament that an additional 25 mmscmd would need 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 an additional generation of over 5,000 MW. Besides, demand from other industries like refineries have also to be met from the KG-D6 fields. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:32 am Airtel bags project from Bhutan govtNew Delhi: Telecom firm Bharti Airtel has entered into an agreement with the Bhutan government for creating a new terrestrial cable network in the neighboring country. Airtel has inked an MoU with the Royal Government of Bhutan to extend fibre connectivity to the Himalayan Kingdom, Bharti Airtel said in a statement on Tuesday. “At Bharti, we have always believed in undertaking business projects that have a positive impact on the society at large. The launch of Bhutan Fibre Connect is reiteration of Bharti Airtel’s commitment to building a truly global network,” Bharti Airtel chief executive officer and joint managing director Manoj Kohli said. The initiative will enable enterprises in Bhutan to reach out to different countries by accessing Bharti’s cable assets, through its international cable landing stations in Chennai and Mumbai. “...Bhutan has identified Information and Communications Technology as a priority sector for creating an Information Society, providing government services to citizens and businesses through the deployment of e-Government solutions and further the growth of the IT/ITES industry and data centre market in Bhutan,” Royal Government of Bhutan minister for information and communications Lyonpo Nandalal Rai said. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:29 am Ybrant Digital acquires Max Interactive in all-cash dealMumbai: Digital marketing solutions provider, Ybrant Digital, on Tuesday announced the acquisition of privately-owned Max Interactive, the top Ad network in Australia, in an all-cash deal. This acquisition comes on the heels of Ybrant’s recent acquisition ‘dream ad’, the leading ad network in Latin America in April 2009. The deal details were not disclosed. Max Interactive specialises in banner-based web advertising, mobile and email marketing with advertisers such as Vodafone, Telstra, HP, Nokia, Nissan, Citibank, American Express, Visa, Rabo Bank, Land Rover, Qantas, Jack Daniels, Newscorp, Adobe, Qantas, Virgin and Nestle, a press release issued here said. Max’s publishers include Webjet, RewardsCentral, 3 Mobile, About Seniors, MobileActive, Ski.com.au, Yakedi and Ybrant’s Oridian, to name a few. “While this acquisition marks our entry into APAC market, more significantly, Max will be our first sales group that has successfully sold banners, search key words and emails together in any one market,” Ybrant Digital’s chairman & CEO, Suresh Reddy, said in the release. Max Interactive’s founder and director, Dominic Elfer said, “We are excited to combine forces with Ybrant. Their global sales force and strong technology backbone will give us a compelling competitive edge to take on the Aussie market with renewed vigour.” The brand, Max Interactive, will continue under the same name and will be highlighted as ‘A Ybrant Digital Network’. “Dominic Elfer will integrate into the team as managing director of Australia under the Ybrant Networks Division, headed by Jacob Nizri,” the release said. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:27 am Sensex back in negative zone after breaching 16k levelThe BSE-30 share index, which had crossed 16,000-point mark to touch a high of 16,002.46 points in opening trade, plunged into the negative terrain to trade 109.28 points down at 15,814.95 as foreign funds and retail investors preferred to book profits at the prevailing higher levels.Source: Hindustan Times News Feeds 'Business' | 4 Aug 2009 | 3:24 am No plan of retrenchment in civil aviation sector: Praful PatelThe government on Tuesday said that there was no plan of retrenchment and early retirement scheme for the employees working in the civil aviation sector.Source: India Business News | Business News - Times of India | 4 Aug 2009 | 3:20 am Barclays India wealth arm sees 25% growthThe Indian wealth management unit of Britain's Barclays expects its business to expand 25 percent annually for at least three to five years.Source: India Business News | Business News - Times of India | 4 Aug 2009 | 3:11 am Nissan-Renault signs electric car deal in VictoriaTokyo: An alliance between carmakers Nissan and Renault said Tuesday it had reached an agreement with the government of the Australian state of Victoria to promote the use of electric cars. The companies said in a press release they had signed a preliminary accord to “identify potential areas of cooperation” for electric vehicles. Nissan Australia chief executive Dan Thompson said in the release that his company hopes to sell a “battery-powered family sized car” in the country by 2012. Nissan Motor Co. and Renault SA, which have had an alliance since 1999, have fallen behind other companies in gas-electric hybrid technologies and are looking to take the lead in purely electric, or zero-emission, vehicles. The alliance has partnered with local governments in the US, Europe and Asia to promote the cars. Nissan, Japan’s No. 3 automaker, showed an electric hatchback called the Leaf to reporters in Japan earlier this week. The company said the car will cost about the same as gas-powered models and have a range of 100 miles (160 kilometers) on a single charge. General Motors Corp., Ford Motor Co. and other automakers are also planning electric vehicles in the near future. Governments in the US, Europe and Japan are offering or planning tax breaks and other incentives for environmentally friendly vehicles. Source: World Business - Livemint.com | 4 Aug 2009 | 3:11 am Nissan-Renault signs electric car deal in VictoriaTokyo: An alliance between carmakers Nissan and Renault said Tuesday it had reached an agreement with the government of the Australian state of Victoria to promote the use of electric cars. The companies said in a press release they had signed a preliminary accord to “identify potential areas of cooperation” for electric vehicles. Nissan Australia chief executive Dan Thompson said in the release that his company hopes to sell a “battery-powered family sized car” in the country by 2012. Nissan Motor Co. and Renault SA, which have had an alliance since 1999, have fallen behind other companies in gas-electric hybrid technologies and are looking to take the lead in purely electric, or zero-emission, vehicles. The alliance has partnered with local governments in the US, Europe and Asia to promote the cars. Nissan, Japan’s No. 3 automaker, showed an electric hatchback called the Leaf to reporters in Japan earlier this week. The company said the car will cost about the same as gas-powered models and have a range of 100 miles (160 kilometers) on a single charge. General Motors Corp., Ford Motor Co. and other automakers are also planning electric vehicles in the near future. Governments in the US, Europe and Japan are offering or planning tax breaks and other incentives for environmentally friendly vehicles. Source: LatestNews-Home - Livemint.com | 4 Aug 2009 | 3:11 am IRB Infra bags MIDC order for airport development - Business Standard
Source: Business - Google News | 4 Aug 2009 | 3:10 am NTPC to acquire coal mines abroadThe National Thermal Power Corporation (NTPC) is planning to bid aggressively for the upcoming ultra mega power projects. Not just that, NTPC is also looking to acquire coal mines abroad, as about 78% of the total coal requirement for the company is expected to be imported, going forward.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 3:01 am Sensex volatile, in red before closeA key index of the Indian equities markets was trading on a volatile note Tuesday, though in a tightly bound range, and was ruling 111 points in the red about 90 minutes before closing bell.Source: IndiaeNews.com: Business News | 4 Aug 2009 | 3:00 am Indian rupee pares gains as stocks fall 1 pct - Reuters India
Source: Business - Google News | 4 Aug 2009 | 2:56 am Nifty below 4700; Infy, ONGC, Bharti, ICICI Bk, SAIL slip - Moneycontrol.com
Source: Business - Google News | 4 Aug 2009 | 2:55 am Reliance shifts fuel sales to Gulf, Europe; Asia fallsNew Delhi: Reliance Industries fuel exports shifted sharply in the second quarter after it doubled the size of its facilities to become the world’s biggest, diverting fuel sales from Asia to the Gulf and Europe. According to an analysis of detailed shipping data obtained by Reuters, the 1.24 million barrel per day (bpd) refinery complex -- which has gradually commissioned almost all of its major units since late last year -- shipped one-third less petrol and diesel to Asia in April-June this year versus a year ago. But it increased sales by a quarter to the West Asia, a region increasingly reliant on imports due to petrodollar-fuelled economic growth, while sales to Europe surged six-fold, rising to become it’s second-biggest market as it produced premium fuels to meet higher European environmental standards. It also sold fuel directly into the US market for the first time, shipping nearly 184,000 tonnes (1.55 million barrels) of gasoline. The cut in supplies to Asia knocked the region from Reliance’s No. 2 to its No. 4 market, as a two-thirds drop in petrol shipments outweighed a rise in diesel. No comment was available from Reliance. Since the start of commercial production at its second, 580,000 barrels per day (bpd) plant from mid-March, Reliance has stepped up fuel supplies to the West Asia, Africa and Europe besides venturing into the US. The majority of the shipments were concluded by independent trading companies who buy directly from Reliance at its Jamnagar terminal with the flexibility to sell anywhere in the world, the data show, but they also reflect Reliance’s desire to shift from traditional markets into either nearby high-growth markets or seek a premium for its ultra-clean production in the West. Total fuel exports rose 31% in the quarter ending June. Diesel exports to Europe and the Mediterranean leapt to 1.27 million tonnes (nearly 9.5 million barrels) while shipments to South America nearly halved to 195,600 tonnes. “In Europe the specs are tighter and prices are better so they want to maximise sales to Europe after start up of the new refinery. Their fuel can now meet specs for the transport sector. Earlier it was used mainly for heating,” said a trade source. US promise eventually The data largely confirms initial analyst and trader forecasts on the likely flow of Reliance’s increased fuel supplies, the world’s biggest one-off incremental refinery expansion since the firm fired up its first plant a decade ago. But the expected rise in sales to the world’s biggest market -- the US -- appears to have been stymied by the onset of the worst recession in decades, although longer-term prospects have grown brighter as the onset of new carbon emission limits may cause already limited US refining capacity to shrink. In the June quarter, Reliance directly sold about 183,700 tonnes of petrol to the US and Bahamas. It also sold about 66,300 tonnes of 0.10% diesel to Hess Corp in May, which the US company took to the Mediterranean. “What we know from our records is that this gasoline parcel eventually went to the US,” said the trade source. Diesel supplies to Petrobras declined about 14% to 293,500 tonnes in the quarter; of this about 100,000 tonnes were shipped to Europe. “A few years ago they had a deal with Petrobras to buy crude and and sell diesel. But South America is not a natural market for India due to the distance involved unless there are compelling reasons,” said the trade source. Diesel supplies to the West Asia declined nearly 24% but shipments for Saudi Aramco more than doubled to 464,970 tonnes from 201,550 tonnes in the year ago quarter. Reliance has a term diesel supply contract with Saudi Aramco. Reliance’s petrol shipments to the West Asia surged nearly five-fold to 592,900 tonnes due to higher supplies to Iran, despite continued political pressure from the US to attempt to limit shipments to the Opec producer, which depends on gasoline imports because of a shortfall in refining capacity. Reliance did not sell any fuel to Iranian state oil firm NIOC in June but exported a total 251,300 tonnes of petrol in April and May compared to one 31,000 tonne cargo in April-June 2008. Source: Home - Livemint.com | 4 Aug 2009 | 2:52 am Reliance shifts fuel sales to Gulf, Europe; Asia fallsNEW DELHI (Reuters) - Giant Indian refiner Reliance Industries' fuel exports shifted sharply in the second quarter after it doubled the size of its facilities to become the world's biggest, diverting fuel sales from Asia to the Gulf and Europe.Source: Reuters: Money News | 4 Aug 2009 | 2:51 am Rupee pares gains as stocks fall 1%Mumbai: The Indian rupee gave up gains in afternoon trade on Tuesday as losses in the domestic share market raised worries of capital outflows but weakness in the dollar versus majors provided some support. At 2:17pm, the partially convertible rupee was at Rs47.63/64 per dollar, off an early high of Rs47.43 - its strongest since June 12 and little changed from Monday’s close of Rs47.635/645. Indian shares dropped 1% in afternoon session as investors cashed in profits after the market rose to its highest close in 14 months in the previous session following a 17.5% jump over the past three weeks. The euro hovered below its year’s highs against the dollar on Tuesday, taking a breather from rapid gains the previous day as investors took profits on riskier assets. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at Rs47.7350 each, with the total traded volume on the two exchanges at about $1.2 billion. Source: Home - Livemint.com | 4 Aug 2009 | 2:50 am Mahindra looking to expand nontractor farm equipment bizMahindra Mahindras farm equipment sector plans to expand its nontractor farm equipment business.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 2:47 am Exports continue to head south, plummet 27% in JuneIndias merchandise export growth continued to decline for the ninth consecutive month in June, plummeting by 27.7 per cent, and amounted to $12.82 billion, compared with $17.73 billion registered in June 2008.Source: Moneycontrol Top Headlines | 4 Aug 2009 | 2:43 am Watch/Listen: Mint in Multimedia 4 AugustAudio story: Local administration to clear forest projects Listen to a podcast with Praveen Bhargav, a trustee of Wildlife First, and member of the National Board for Wildlife, on the importance of ensuring that all forest clearance proposals get a green signal from gram sabhas Video story: The Mint Report Bharti and MTN extend their deadline for exclusive merger talks and Mint’s Anup Roy talks about companies seeking cheap loans Audio story: Kolkata transport ban causes commuter chaos An on the ground report from Mint’s Rajdeep Datta Ray about the situation on the roads in Kolkata which were facing chaos in the wake of a transport strike Video story: Small is beautiful Many auto dealers find real estate costs eating into their margins, but Skoda in India has an idea that could change that. Video story: Slower decline Mint’s Anil Padmanabhan says India’s non-oil imports are contracting much more slowly and that lends hope to the belief that domestic demand is picking up Video story: Class of entrepreuners Watch student Mandeep Jhaj, a farmers daughter who wants to land a corporate job, talk about the appeal that private universities such as Lovely hold for her Source: Home - Livemint.com | 4 Aug 2009 | 2:43 am Barclays India wealth arm sees 25% annual growthMumbai: The Indian wealth management unit of Britain’s Barclays expects its business to expand 25% annually for at least three to five years as it taps into the country’s growing rich, a top official said. Barclays started its Indian private banking operations last November and has more than 100 staff in five large cities, including Mumbai and Delhi, catering to individuals with at least $1 million in investable surplus. “We are likely to increase our staff by another 15-18% this year, both on the coverage side and support side,” said Satya Bansal, chief executive of the Indian wealth unit. “We would be expecting a growth rate of 25 percent per annum,” he told Reuters in an interview. Bansal did not disclose assets under advisement but Robert Morrice, chairman of Barclays in Asia Pacific, had told a Reuters summit in Tokyo in July the Indian wealth unit was on target to have more than $1 billion in assets by the end of 2009. Source: Home - Livemint.com | 4 Aug 2009 | 2:37 am Noon: Markets extend losses to 1% on profit-takingMumbai: Indian shares were down 1% on Tuesday afternoon, as investors took profits after the market closed at its best level in 14 months in the previous session following a 17.5% jump over the past three weeks. At 2:14pm, the 30-share BSE index was down 0.92% at 15,777.08 points, with 22 stocks declining. The 50-share NSE index was down 0.84% at 4,671.85. Markets fell 0.5% as investors cashed in profits after the market rose to its highest close in 14 months in the previous session following a 17.5% jump over the past three weeks. The main index opened up 0.2% and then rose past 16,000 points for the first time in 14 months before falling back. Top telecoms firm Bharti Airtel fell 2.6% to Rs400.45 on concerns it may have to sweeten its offer for a deal with South Africa’s MTN. State-run Oil and Natural Gas Corp slid 2% to Rs1,152.90 as oil edged back from the previous day’s 3% gains, with worries about a rise in US crude inventories offsetting optimism from positive US and Chinese manufacturing data. Diversified cigarette maker ITC, which eased 2.6% to Rs241.80, and outsourcer Infosys Technologies that slipped 2% to Rs2,035, were among the other major losers. By 11:07am, the 30-share BSE index was down 0.5% at 15,843.92 points, with 19 stocks declining. Earlier, it rose as much as 0.5% to 16,002.46 - its highest since 2 June last year. The 50-share NSE index was down 0.5% at 4,687.25. “Everybody wanted the 16,000 mark to be breached, but after that we fell back as there are no more triggers for the market to go up now,” Arun Kejriwal, strategist at research firm KRIS, said. The benchmark’s rally over the past three weeks has been driven by strong domestic and global corporate earnings. However, the rally has boosted gains to more than 96% from a 2009 low in March and 65.1% this year, stoking concerns about rich valuations. The market had discounted the earnings and big reforms would be needed to spur the market upwards, analysts say. In the broader market on Tuesday, gainers led losers 1,410 to 819 on relatively heavy volume of 156 million shares. Other Asian markets were higher on Tuesday, with Japan’s Nikkei up 0.2%, while MSCI’s measure of other Asian markets rose 0.1%. Source: Home - Livemint.com | 4 Aug 2009 | 2:35 am Essar Steel to buy Shree Precoated for Rs600 crMumbai: Essar Steel Ltd on Tuesday decided to buy Pune-based Shree Precoated Steels Ltd that makes colour coated steel products used by auto makers for over Rs600 crore, an company official said. An announcement on the deal is expected by late afternoon today. The purchase will give Essar Steel Ltd, a foothold into the galvanized and colour coated market, making it a significant supplier to the auto-manufacturing hub in Pune. Shree Precoated steels, an unlisted company, has a capacity to make 6 lakh tonnes of cold steel, 4.5 lakh tonnes of galvanized steel and 3.5 lakh tonnes of colour coated steel. Essar Steel, that has 30% share of the hot rolled coil or base grade steel, can now feed the primary steel to Shree Precoated Steel to convert into value added products. Steel makers have higher margins from value added products than from the sale of primary steel. Source: Home - Livemint.com | 4 Aug 2009 | 2:24 am Barclays India wealth arm sees 25 pct annual growthMUMBAI (Reuters) - The Indian wealth management unit of Britain's Barclays expects its business to expand 25 percent annually for at least three to five years as it taps into the country's growing rich, a top official said.Source: Reuters: Money News | 4 Aug 2009 | 2:08 am Global automakers beat f'casts, remain cautiousTOKYO/FRANKFURT (Reuters) - Leading global automakers reported forecast-beating quarterly results on Tuesday, but continued to give cautious outlooks for the industry, which remains hard hit by weak demand and a lack of consumer credit.Source: Reuters: Money News | 4 Aug 2009 | 2:04 am India, Singapore sign joint plan to boost tourismIndia and Singapore Tuesday signed a joint action plan which, officials said, would help both countries attract more tourists.Source: IndiaeNews.com: Business News | 4 Aug 2009 | 2:00 am StanChart raising $1.7 bn for Asia growthLondon: Asia-focused bank Standard Chartered unveiled a surprise £1 billion ($1.7 billion) fundraising on Tuesday as it beat expectations with a record pretax profit for the first six months of 2009. Standard Chartered chief executive Peter Sands said the share placing was “absolutely not” to build a warchest for a big acquisition, but was to give the bank firepower to take advantage of opportunities as Asian economies and customers recovered. “It’s about staying ahead of the game,” Sands said on a conference call. “Given that we see Asia having a shorter and shallower recession than other parts of the world, our clients are seeing a light at the end of the tunnel, and we want to anticipate that and support them.” He said the bank was in talks about small acquisitions in China and India, which would cost “low hundreds of millions of dollars”. Standard Chartered is in talks to buy Royal Bank of Scotland’s assets there, which could cost about $200 million, a person familiar with the matter has previously told Reuters. By 0735 GMT its shares were down 3.8% at £13.82, due to the placing of 4% of the bank’s stock. Record Profits Standard Chartered reported pretax profit for the six months to the end of June of $2.84 billion, up from $2.59 billion a year ago and ahead of a forecast of $2.49 billion from a Reuters poll of five analysts. Other European banks have also reported improving results to the end of June, including HSBC and Barclays in Britain, and Switzerland’s Credit Suisse, but Standard Chartered has weathered the financial crisis better than most thanks to its focus on Asia and strong capital and liquidity. Unlike many rivals, it has not taken taxpayer rescue cash, but raised $2.7 billion in a rights issue last year. Wholesale banking fuelled the first-half profit rise with a 36% jump in operating profit to $2.25 billion. Consumer banking is faring less well as Asian economies have weakened, bad debts have risen and its business in Korea has struggled. The unit’s operating profit tumbled 57% to $348 million, but Sands said he was confident the business was through the worst and was being successfully reshaped. The bank’s charge for bad loans more than doubled to $1.1 billion as both wholesale and consumer banking losses rose. Core tier 1 capital, a key measure of balance sheet strength, will rise to 8.4% after the share placing, up from 7.6% at the end of June and 6.1% a year ago. The bank may hold the ratio above 8%, Sands said. Source: Home - Livemint.com | 4 Aug 2009 | 1:59 am Intel lets Facebook users focus computer power on researchSan Francisco: Intel unveiled a software program Monday that lets Facebook users devote spare computer processing power to researching diseases or climate change. The world’s largest computer chip company teamed with nonprofit group GridRepublic to create a “Progress Thru Processors” application based on the popular online social networking service’s operating platform. The application enables Facebook users to allot idle computing power to work on projects for Rosetta@home, Climateprediction.net or Africa@home. Rosetta@home uses donated computing power to seek cures for cancer, HIV/AIDS, Alzheimer’s and other diseases. Climateprediction.net seeks to enhance understanding of climate change by predicting and testing weather models. Africa@home is focused on finding effective ways to combat malaria by studying simulation models of disease transmission and the potential impact of new drugs and vaccines. “The social and scientific utility of volunteer computing is a function of the number of participants; the more people we sign up, the greater the good we can collectively do,” said GridRepublic executive director Matt Blumberg. He said the relationships “will help bring large numbers of new people into volunteer computing, enabling research and discovery which would otherwise be impossible.” In July, Facebook reported that it passed the 250-million-member mark. Volunteers taking part in Progress Thru Processors essentially provide researchers with an online pool of computing power that can be used to work on complex tasks that would be daunting for a single machine. “Small contributions made by individuals can collectively have a far-reaching impact on our world,” said Deborah Conrad, Intel vice president and general manager of corporate marketing. “By simply running an application on your computer, which uses very little incremental resources, you can expand computing resources to researchers working to make the world a better place.” A beta, or test, version of the application was launched online at facebook.com/progressthruprocessors. The application is designed to run unnoticed as a background process on computers, according to Intel. Source: Tech News - Livemint.com | 4 Aug 2009 | 1:27 am Bharti shares fall 3 percent on MTN deal concerns - Reuters
Source: Business - Google News | 4 Aug 2009 | 1:03 am Eicher domestic sales rise first time in a year - Reuters India
Source: Business - Google News | 4 Aug 2009 | 1:01 am Eicher domestic sales rise first time in a yearNew Delhi: Sales rose for the first time in over a year at the Indian joint venture of Eicher Motors and Sweden’s Volvo during July, data showed on Tuesday, with improved industrial activity in the economy. Commercial vehicle sales have plunged in India on slow economic activity. Sales between April and June are down 13% on year, following a 22% decline in the 2008-09 fiscal year, industry data shows. But analysts have cited a raft of optimistic economic data to forecast a recovery in sales in the world’s fifth-largest truck market from September onwards, with growth returning in the 2010-11 fiscal year. “There is going to be a strong recovery in the second half (from) improving IIP numbers and freight rates,” Vaishali Jajoo, autos analyst at Angel Broking, said, forecasting “low single- digit growth” for 2009-10 sales. Both the IIP, the index of industrial output and manufacturing activity rose in May, the second successive expansion. The Indian economy is also seen growing at 7% in 2009-10, above the 6.7% seen a year ago. VE Commercial Vehicles, the joint venture, sold 1,769 Eicher-branded trucks and buses during July in India, a rise of 5% over the year-ago month, it said in a statement. The last rise was in June 2008, when sales rose an annual 7%. Total sales, including exports, rose 14% to 2,112 units, the firm said. Eicher is a tiny player in the Indian commercial vehicles segment, which clocked sales of 111,136 units between April and June. On Monday, India’s top truck and bus maker Tata Motors reported a 23% rise in domestic sales of commercial vehicles in July. By 12:14 pm, shares in Eicher Motors were 2.1% higher at Rs398, edging past the 1.2% rise in the sector index. The broader market was flat. Shares in the firm, which the market values at around Rs10.5 billion, have risen by two-thirds so far this year, below the sector index’s 147% surge, but above the Mumbai market’s 64% increase. Source: Home - Livemint.com | 4 Aug 2009 | 1:00 am Asia stocks trim gains but recovery hopes remainHong Kong: Asian stocks hit an 11-month high on Tuesday before profit taking pulled them back, while the Australian dollar also pared gains after the country’s central bank left interest rates unchanged but offered no clues on when tightening would begin. Major European stock futures were down 0.3% and US equity futures off 0.4% after the FTSEurofirst 300 index and the S&P 500 index both closed at nine-month highs on Monday. The Reserve Bank of Australia shifted away from its rate cutting bias and expressed more optimism on the economy, but stopped short of indicating a need to eventually raise rates, disappointing investors with bets on the Australian currency. Still the market backdrop remained positive, and corporate results have been inspiring optimism, adding fuel to a rally that is into its fifth month. Shares of HSBC, Europe’s largest lender, climbed 7% after the company said after Hong Kong’s market closed on Monday that first-half profits were cut in half compared with a year ago but still beat analysts’ forecasts, spurring a wave of brokerage upgrades. “We’re seeing a lot of positive factors - good US indicators and solid Japanese earnings, both of which are boosting the Nikkei. But right now we’re also seeing a bit of natural reaction to these rises,” said Masayuki Kubota, a senior fund manager at Daiwa SB Investments in Tokyo. Japan’s Nikkei share average edged up 0.2% to a 10-month high, driven by technology-related stocks. After the close, Toyota Motor Corp posted its third straight quarterly loss, but gave an improved outlook based on deep cost reductions. The MSCI index of Asia Pacific stocks outside Japan was largely unchanged by midafternoon after earlier hitting its highest level since early September. The materials sector outperformed by a wide margin, up 1.5%. Since 9 March, when a global equity market rally began, the index has risen 75%, leading the world. Valuations have been ticking higher and earnings outlooks are uncertain, but so far investors have been comfortable paying what they view as a growth premium. On a 12-month forward basis, the Asia Pacific index is trading at around 14.8 times earnings, up from 10.9 times on 9 March but still below the last bull market peak of 16 times, according to global estimates tracker Thomson Reuters I/B/E/S. Asia’s economies, especially in China and South Korea, were among the first in the world to show results of stimulus spending. However, the US economy has also indicated growing momentum, emboldening investors to shift more money out of cash and into higher-yielding assets. US auto sales in July were a 2009 high, thanks largely to a “Cash for Clunkers” government programme that offered a handout to trade in older, less fuel-efficient cars. In addition, a US manufacturing gauge showed much less contraction in the sector than expected in July. The ICE Futures US dollar index, a measure of the currency’s value against a basket of six major currencies, was little changed after earlier touching a 10-month low. Sentiment was negative after the index dropped through major chart support overnight. Government bonds remained under pressure from growing appetite for risk, despite the equity market’s intraday volatility. Oil prices also fell on profit taking after a three-day rally helped crude clear $70 a barrel. US light crude for September delivery was down 0.7% to $71.10 and Brent was off 0.35% to $73.29 Source: Home - Livemint.com | 4 Aug 2009 | 12:56 am Surat's diamond indutry upbeat over Mumbai exhibitionAfter battling recession and financial crunch, diamond industries in Surat are gearing up again for making international business.Source: Daily News & Analysis: Money News | 4 Aug 2009 | 12:54 am Global trade revival key to economic recovery: WTO chiefNew Delhi: A swift conclusion to a new world trade pact could serve as a powerful stimulus for recovery from the global financial crisis, World Trade Organisation (WTO) chief Pascal Lamy said in an interview published on Tuesday. “Waiting for the crisis to disappear to conclude the Doha Round would mean depriving the world economy of a powerful engine for recovery,” Pascal Lamy, head of the WTO, told Business Standard newspaper. The Doha Round of trade liberalisation talks were launched in the Qatari capital in late 2001 but have been repeatedly stalled by disputes between rich and developing nations on agricultural and industrial products. “Reviving international trade can act as a stimulus for global recovery,” Lamy said, adding that the governments must fight rising protectionism that has come about as a result of the global crisis. The WTO director general said that he would use global trade talks to be held in New Delhi on 3-4 September as a platform to make the case that concluding this round by the end of next year will be in the interest of all. The meeting in India is being held as a precursor for a G20 summit of rich and developing nations to be held in Pittsburgh in the US on 24-25 September. Last month, the leaders agreed to wrap up the Doha talks by 2010. Lamy added that he detected a new will among countries to achieve a Doha deal after talks collapsed a year ago. “Crucially, the political support is far greater now than it has been in the past 12 months,” he said in the email interview, adding progress has been made in such areas as anti-dumping, fisheries and subsidies. Lamy also said that the newly elected governments in India and the US could revitalise the talks, even though the two countries have not changed their positions. “Since the US and Indian elections, there seems to be a different atmosphere surrounding the talks, a willingness on both sides to look at different ways of tackling the outstanding differences,” he said. Negotiators almost clinched a deal last year but the talks fell apart in a row between the US and emerging nations led by India over efforts to assist poor farmers. Source: World Business - Livemint.com | 4 Aug 2009 | 12:51 am Sensex slips furter, down 77 pointsA key index of the Indian stock markets was over 77 points in the red shortly before noon Tuesday.Source: IndiaeNews.com: Business News | 4 Aug 2009 | 12:31 am Sensex back in negative zone after breaching 16k levelSensex lost over 109 points in early trade, after breaching the 16,000-point mark for the first time since June 2 last year at the outset.Source: Daily News & Analysis: Money News | 4 Aug 2009 | 12:26 am Cement cos’ concrete performance in Q1BL Research Bureau The cement sector has been one of the outstanding performers of India Inc in the June quarter, with the sales of 11 listed companies expanding nearly 23 per cent relative to the same period last year. Net profits expanded by aSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be theSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am Sensex up 750 points in 3 days, Nifty tops 4,700Mumbai, Aug 3 Equities continued their rally for the third day on Monday, driving the benchmark indices to their highest level in more than aSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am Indiabulls Real Estate (Rs 261.2): BuyWe recommend a buy in Indiabulls Real Estate from a short-term trading perspective. It is evident from the stock’s charts that after forming a triple bottom, bullish reversal pattern spanning between October 2008 and May 2009, it broke outSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am Indian Hotels may explore new debt servicing optionsMumbai, Aug. 3 Indian Hotels Company, which operates the Taj Group of Hotels, could look at new ways to service its debt.Source: Business Line - Home Page | 4 Aug 2009 | 12:00 am Govt will protect its right to use, allocate gas: DeoraNew Delhi, Aug. 3 Spelling out the Government’s position on the allocation of gas from the Krishna-Godavari Basin’s D6 gas field, the Petroleum Minister, Mr Murli Deora, told Parliament on Monday that the Government has “nothingSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am Tata Motors revs up in JulyMumbai, Aug. 3 July was a good month for Tata Motors from the viewpoint of passenger car and commercial vehicles sales. It was also memorable, since it kicked off the debut sales figures of theSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am Bill to free private trusts invest in specified securitiesNew Delhi, Aug. 3 The Centre has taken one more step towards enabling private trusts to invest in listed shares and specified debt securities.Source: Business Line - Home Page | 4 Aug 2009 | 12:00 am Auto, cement stocks take Sensex to year’s highBL Research Bureau With the Sensex rallying to a new yearly high, it is 1,300 points higher than where it was the same time last year. Though the index has gained only 9 per cent year on year, a handful of stocks have delivered over 100 per centSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am Exports continue to head south, plummet 27% in JuneNew Delhi, Aug. 3 India’s merchandise export growth continued to decline for the ninth consecutive month in June, plummeting by 27.7 per cent, and amounted to $12.82 billion, compared with $17.73 billion registered in JuneSource: Business Line - Home Page | 4 Aug 2009 | 12:00 am EXCLUSIVE - U.S. bank regulators dig in against Obama shake-upWASHINGTON (Reuters) - Top U.S. bank regulators will speak out on Tuesday against some key elements of the Obama administration's plan to reshape financial regulation, saying parts of it were unneeded or could be disruptive.Source: Reuters: Money News | 3 Aug 2009 | 11:46 pm UBS posts $1.32 bn losses in Q2 Zurich: Swiss banking giant UBS on Tuesday said that it lost 1.4 billion Swiss francs ($1.32 billion) during the second quarter, as it issued a cautious outlook for the coming months. Market conditions improved during the period but the overall economic environment in most areas where the bank was operating remained recessionary, said UBS. Sustainable recovery is not yet visible, it said. The bank said its second quarter earnings were hurt by a credit charge of 1.2 billion francs, restructuring charges of 582 million francs and an impact of 492 million francs in relation to the sale of UBS Pactual. During the same period last year, the bank lost 358 million francs. UBS also failed to stem an outflow of assets during the second quarter. Its wealth management and Swiss bank division posted net new money outflows of 16.5 billion francs. The bank’s wealth management Americas division posted outflows of 5.8 billion francs and its global asset management division recorded an outflow of 17.1 billion francs. UBS’ latest results contrast starkly with those of fellow Swiss banking giant Credit Suisse, which posted a 29% leap in second quarter profits of 1.571 billion francs. Source: Home - Livemint.com | 3 Aug 2009 | 11:38 pm Sensex touches 16000, slips into negative zone BSE's Sensex lost over 109 points in early volatile trade after breaching the 16000-point mark for the first time since June 2 last year.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 11:21 pm SKorea FTA with EU to puncture Indian car exportsHyundai India frets as South Korea's proposed Free Trade Agreement with EU threatens Indian car exportsSource: India Business News | Business News - Times of India | 3 Aug 2009 | 11:19 pm Sensex slips into red at opening bellA key index of the Indian equities markets slipped into the red soon after opening higher Tuesday and was ruling 54 points down, about five minutes into trading.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 11:00 pm New approach primes cancer cells for radiotherapy London: A new approach to cancer treatment which radically increases the effectiveness of radiotherapy has been identified by researchers. The study, published in the journal Cancer Research, showed that treating mice with certain drugs improved the stability of blood vessels in the tumours. Normally, blood vessels in tumours are badly developed, weak and twisted, and as a result cancer cells have lower oxygen levels than normal cells. But by using drugs to improve the blood vessels, the scientists at the Gray Institute for Radiation Oncology & Biology of the University of Oxford increased the oxygen concentration inside the tumour, an effect that boosts tumours’ sensitivity to radiotherapy. A better, more stable blood supply in the tumour also enables better delivery of chemotherapy drugs to the cancers. “We are very excited to have uncovered this brand new approach to cancer treatment, where the drugs prime the cancer cells for radiotherapy,” says professor Gillies McKenna, director of the Gray Institute. “It’s a counterintuitive technique because you might expect that by increasing an oxygen supply to tumour cells you would help them grow, but actually by oxygenating the cell with a better blood supply we enable radiotherapy and chemotherapy to do a better job of killing them.” The scientists tested the effects of four drugs which are in clinical use or under development for cancer therapy. The drugs block a cell signalling pathway which is commonly activated in cancer cells. The drugs were given to the mice at doses which did not alter tumour growth but the effects of them acted to increase the blood supply to the tumours. “Previous work by our group had shown that treatment with some of these types of drugs could improve radiotherapy, but it was not understood how. Now with the new understanding, strategies could be developed to use these drugs to soften up tumour cells before treating them with radiotherapy,” professor McKenna added. Source: Tech News - Livemint.com | 3 Aug 2009 | 10:06 pm Rupee up 19 paise against dollar in early tradeThe rupee touched a two-month high of 47.44 against the US dollar in early trade on increased capital inflows amid expectations that the local bourses would open on a strong note.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 10:04 pm Bill Clinton to address IIT summit in ChicagoFormer American President Bill Clinton will be among many top leaders to address the seventh Pan-IIT Global Conference being held in Chicago in October.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 8:30 pm A dry July, but all’s not lostDuring the past two decades, most major droughts were caused by a dry July and led to a lower farm production and a dip in the growth in gross domestic product, the basic measure of the market value of all goods and services created in a year. Gaurav Choudhury reports.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 5:05 pm RBI shouldn't keep markets guessing, says SubbaraoReserve Bank of India governor D Subbarao has told top officials of the central bank that policy communication hereafter would ensure that markets aren't kept guessing about the central bank's moves.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 4:29 pm Coming soon: China slide from trade surplus to deficitThe tectonic plates that underlie China's economic growth are shifting rapidly, and perhaps as early as next year, the country will for the first time in over 30 years slip into a trade deficit.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 4:03 pm Exports -- no light at end of tunnelAt home, if there are green shoots of recovery, at least they are not reflected in the import numbers which too have registered a negative growth rate for the sixth consecutive month (-29.3%).Source: Daily News & Analysis: Money News | 3 Aug 2009 | 4:02 pm Bharti-MTN deal suspense continuesThe transaction, if completed, could result in a potential cross-shareholding deal worth over $23 billion.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 4:00 pm Unitech to sell tower business for Rs 750 croreNo details are available on the potential buyers. Unitech officials were not available for comment. The telecom tower manufacturing facility is based out of Nagpur.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 3:57 pm ETF's the emerging starNilesh Jasani, managing director, equity research, Credit Suisse Securities, expects as much as $5-10 billion to come into India through this route over the next 12 months.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 3:55 pm Equity-fund inflows hit 1-year highOverall, funds had combined net inflows of $9.52 billion -- the highest weekly tally since mid-June 2008. Fixed-income fund groups, excluding money market funds, took in a net $4.36 billion.Source: Daily News & Analysis: Money News | 3 Aug 2009 | 3:53 pm Companies Bill Housed in Lok Sabha - Economic Times
Source: Business - Google News | 3 Aug 2009 | 3:47 pm High-cost deposits bleed SBI’s retail businessAn aggressive lending rate coupled with a high cost of deposits have seen the State Bank of India’s (SBI) retail business bleeding, probably for the first time ever, in the first quarter of this financial year.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 3:29 pm BPTP to build Rs 500-cr Noida hotel for HyattDelhi-based Business Parks and Town Planners (BPTP) has tied up with Hyatt India Consultancy, to construct a Rs 500 crore, 500-room, 5-star hotel on the country’s most expensively bid-for commercial plot in Noida.Source: Hindustan Times News Feeds 'Business' | 3 Aug 2009 | 3:26 pm Govt not interested in pvt rows: Deora The stand articulated in Lok Sabha is a setback for Anil who had demanded that the govt should stay away from corporate feud with his brother.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 1:44 pm Exports dip 28% on low global demandIndia's exports fell for ninth month in a row due to global downturn. According to the latest trade data released by the commerce ministry, exports in June dipped 27.7%.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 1:43 pm RIL artificially keeping output low: AnilChairman of ADA group Anil Ambani on Monday alleged that Mukesh Ambani-controlled RIL artificially kept the K-G basin gas production at low level to make undue profit.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 1:39 pm Bharti, MTN extend talks to Aug 31On Monday, Bharti Airtel and MTN both fuelled expectations of a possible merger of the two firms with the extension of exclusive talks to August 31.Source: India Business News | Business News - Times of India | 3 Aug 2009 | 1:37 pm Wipro's consumer care biz logs hefty growthRural focus to boost consumer business share to 9 per cent of turnover.Source: Business Standard | Front Page Headlines | 3 Aug 2009 | 1:12 pm D6 output artificially low: AnilAnil Ambani today claimed that gas production from Reliance Industries Ltd's KG D6 block is artificially being kept at lower levels" owing to lack of demand at the present exorbitant prices of $4.20 at well-head, resulting in astronomical delivered prices of nearly $7 being charged to customers.Source: Business Standard | Front Page Headlines | 3 Aug 2009 | 1:07 pm K-G gas dispute creates uproar in Lok Sabha againThe dispute between Mukesh and Anil Ambani over the supply and price of natural gas from the D6 field in the Krishna Godavari (K-G) basin forced the Lok Sabha to adjourn at least once with Petroleum Minister Murli Deora asserting that the government did not have anything do with "the private dispute of two industries or industrialists" but was trying to protect the interests of the government and public.Source: Business Standard | Front Page Headlines | 3 Aug 2009 | 1:05 pm RIL artificially keeping gas production low: Anil AmbaniLaunching a fresh attack on Reliance Industries (RIL), which is involved in a bitter legal tussle with Reliance Natural Resources (RNRL), ADAG Chairman Anil Ambani said RIL was artificially keeping gas production low at the KG basin.Source: Moneycontrol Top Headlines | 3 Aug 2009 | 11:27 am PM assures of protecting interest of Kerala's farmersPrime Minister Manmohan Singh Monday assured Kerala that interests of the state farmers will be taken care of after chief minister V.S. Achuthanandan expressed fears that a trade agreement with ASEAN nations would affect the state's agriculture.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 10:33 am After search deal with Microsoft, Yahoo faces an identity crisisSunnyvale, California: Carol A. Bartz, chief executive of Yahoo Inc., has been hobbled. Three weeks ago, doctors gave her a new left knee, made of titanium and plastic. As a result, she is limping around Yahoo’s headquarters here, occasionally standing to hold a chair and stretch her leg while a bottle of painkiller Percocet sits at the ready on her desk.  Losing sheen?Microsoft chief Steven A. Ballmer (right) and his counterpart at Yahoo, Carol Bartz, sign an agreement for partnership in Internet search and advertising at Yahoo headquarters in Sunnyvale. Yahoo Via NYT In a lengthy interview on Friday before departing for a vacation, Bartz said she sold the search business because Yahoo could no longer continue to match the level of investment Google Inc. and Microsoft were making in searching, one of the Web’s most lucrative and technologically complex businesses. While reducing the marketing and infrastructure costs associated with search, the deal will also provide money that Yahoo can use to bolster other businesses. Bartz plans to invest the money in Yahoo’s display ad, content and mobile services technology. Yahoo will lose some of its most talented engineers to Microsoft and as many as 400 employees through layoffs. The deal also undercuts years of investment around search technology. By selling the technological crown jewels, the company also may lose some of its high-technology credibility. But the core of Yahoo remains intact, according to Bartz. “We haven’t eviscerated the company,” she said. Given Yahoo’s battering by investors, Bartz lamented that Yahoo and Microsoft failed to explain the relationship better to Wall Street. She blamed herself for a comment she made several weeks ago, at an industry conference, that Microsoft would have to pay Yahoo “boatloads of cash” to win its search business. Wall Street had become enamoured with the previous, more immediately lucrative proposals between Microsoft and Yahoo. Last year, in an attempt to improve its search business and better compete with its archrival Google, Microsoft offered $46 billion (Rs2.2 trillion) to buy all of Yahoo. Analysts estimate that the new deal—involving what many people saw as Yahoo’s most important asset—is worth only around $4-5 billion. “It’s rather like getting a Picasso and saying, ‘You know, the canvas costs $200, the paint cost $300, so we’ll sell it to you for $500’,” said Jeffrey Lindsay, an analyst at Sanford C. Bernstein. “I’ve never seen investors so angry.” Microsoft chief Steven A. Ballmer has gone to unusual lengths to defend the deal on Yahoo’s behalf. Last week, he told a group of investors gathered at Microsoft’s headquarters that it was “sort of unbelievable” that Yahoo got to keep such a high percentage of the ad sales while spending nothing on the underlying infrastructure to run the search operation. And Bartz argues that the more generous offers came during far different economic times. In addition, she said, analysts have underestimated the two-and-half years it will take to integrate the two companies’ search and advertising systems. The companies also face the daunting process of getting approval from regulatory agencies that are now closely scrutinizing deals on antitrust grounds. Bartz said that she avoided Ballmer’s immediate advances after taking the helm of Yahoo. “He called my first day,” she said. “I told him: ‘Go away. I haven’t even found the bathroom.’” When Bartz finally began negotiations, Ballmer presented two options: a large up-front payment or a higher percentage of revenue tied to ads sold on Yahoo websites. Ultimately, Ballmer and Bartz ended up on the phone debating minute details. Bartz also fought to play down Microsoft’s Bing brand on the Yahoo search results page, with just a bit of text instead of a logo, and she pushed Ballmer hard to make sure that Yahoo retained the right to sell its own display ads to big advertisers. Meanwhile, Bartz has plenty of other work to do at Yahoo. She has picked up on the dysfunction throughout the company during her eight months on the job. For one, Yahoo has not poured enough money into creating a top-class technology infrastructure capable of delivering a variety of services to consumers. Bartz also complained about a lack of balance between the different product groups. Motivated employees in the company’s sports section have turned it into a must-visit Web destination by breaking news stories and providing witty commentary. Other sections have languished. Spending money to fix these problems made more sense to Bartz than haemorrhaging cash in a bid to keep pace with Google and Microsoft. Microsoft has backed its new search engine Bing with billions of dollars in infrastructure and marketing investments. While encouraged by some of Bing’s innovations, Bartz figures that Google will most likely match them soon. “That is the arms race I don’t want to be in,” she said. But some investors fear that Yahoo may be trading the most profitable business of the 21st century—search—for a deflating, hyper-competitive media business that appeared to peak in the 20th century. “I don’t think the surviving pieces are very interesting,” said Michael Lippert, manager of the Baron iOpportunity fund, which acquired Yahoo shares earlier this year on the anticipation of a lucrative search partnership. Lippert was disappointed by the terms of the deal but did not make out too badly; his fund also owns Microsoft stock, which rose slightly last week. “Ballmer got himself a fantastic deal.” ©2009/The New York Times Source: Tech News - Livemint.com | 3 Aug 2009 | 8:53 am Tata Motors reports 18 percent growth in salesJuly sales of auto major Tata Motors grew 18 percent to 48,054 vehicles as against 40,729 units sold in the year-ago period, the company said Monday.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 8:03 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 last year, the latest trade data showed Monday.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 8:01 am As Deora speaks on Reliance gas, Mulayam alleges corruptionSamajwadi Party leader Mulayam Singh Yadav shocked the Lok Sabha Monday when he levelled corruption charges against Petroleum Minister Murli Deora, who had earlier sought to spell out the government stand on the dispute over Reliance gas between the two Ambani brothers.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 8:00 am The power of romance makes 'Love Aaj Kal' rock box officeLove is immortal. Ask Saif Ali Khan and Deepika Padukone whose recently released 'Love Aaj Kal' has sent the cash registers ringing, raking in Rs.8 crore (Rs.80 million) on its opening day. And experts say the movie has tremendous box office potenial.Source: IndiaeNews.com: Business News | 3 Aug 2009 | 7:30 am Barclays, HSBC stage banking sector fightbackLondon: Top British banks Barclays and HSBC reported strong profits on Monday despite soaring bad loans, giving a boost to the crisis-hit banking sector as it seeks green shoots of economic recovery. The pair, which have avoided state control unlike rival British banks, posted combined net profits of $6.55 billion (4.58 billion euros) for the first six months of the year. Barclays’ profit rose and although net earnings at HSBC fell they were better than expected and still reached $3.35 billion. The results set the tone for results due this week from state-controlled Lloyds and Royal Bank of Scotland, as well as nationalised Northern Rock. All three were devastated by the global financial crisis and were bailed out by British Prime Minister Gordon Brown’s Labour government. However, Barclays said Monday that it made a “good start” to 2009 and was “strongly positioned for the upturn.” HSBC, Europe’s biggest bank, said the results proved it could generate profits “throughout the business cycle -- even in challenging market conditions.” In London stock market trade, Barclays shares surged more than 8% higher and HSBC stock won more than 6%, helping push the FTSE 100 index to its highest level so far this year. The FTSE, which was also powered higher by rising commodity prices, hit a ten-month peak of 4,693.06 points in earlier morning deals. HSBC also forecast the deep downturn could be past the worst amid international efforts to repair the shattered global financial system, which has yet to recover from the credit crunch which erupted in August 2007. “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,” said HSBC chairman Stephen Green. “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.” Barclays said its first-half net profits soared nearly 10% as its investment banking unit was boosted by markets turmoil and the part-purchase of Lehman Brothers. Net earnings leapt 9.9% to 1.9 billion pounds (2.2 billion euros, $3.2 billion) the six months to the end of June, compared with 1.7 billion pounds in the same part of 2008. But impairment charges and other credit provisions almost doubled to 4.56 billion pounds. Barclays has avoided nationalisation in the wake of the credit crunch by courting investment from wealthy Gulf states. In 2008, Barclays secured additional capital from investors in Abu Dhabi and Qatar in order to bolster its finances. Meanwhile, HSBC said Monday that its first-half net profits slumped by 57% to $3.35 billion (2.35 billion euros) as bad debts ballooned by 39% to $13.9 billion . Despite tumbling profits, HSBC had bolstered its finances earlier this year when it raised 12.5 billion pounds ($18 billion, 13.7 billion euros) via a sale of new shares. Analysts argue that many leading bank executives were attracted by short-term profits and large bonuses, damaging their ability to take well-judged business risks, and helping spark the global financial crisis. The prime minister’s official spokeswoman said Monday that banks needed to ensure that they were chasing long-term stability rather than quick profits. “We need to make sure that what we see is more credit flowing into businesses and households... it’s important we’re looking at long-term stability and not short-term profit,” she told reporters. Source: World Business - Livemint.com | 3 Aug 2009 | 6:28 am Microsoft’s Bing gains another 1% of US searchLondon: Microsoft increased its share of the US Internet search market by another 1% point in July, taking its combined share with new search partner Yahoo to 20.36%, according to data released on Monday. Internet data firm StatCounter said Microsoft’s new Bing search engine had 9.41% of the US market in July, up from 8.23% in June. Google’s share slipped to 77.54% from 78.48%. Microsoft and Yahoo announced a 10-year Web search deal last week to challenge Google. They plan to use Bing to power search queries on Yahoo’s sites, with Yahoo’s sales force taking responsibility for selling premium search ads to big buyers for both companies. StatCounter said on Monday: “Bing continues to make slow but steady progress but the combined Yahoo figures suggest that the deal announced last week will have to demonstrate major future synergies if it is to make any dent in Google’s dominance.” StatCounter said Google’s share of the global search market slipped in July to 89.23% from 89.80% in June. Source: Tech News - Livemint.com | 3 Aug 2009 | 5:57 am Mahindra Satyam winning new deals, but hurdles remainBangalore: 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. While there have not been any major client losses since April, some customers continue to keep Mahindra Satyam on their “watch list” to track its performance for about six months, said Atul Kunwar, head of operations in Europe, Asia Pacific, the West Asia, Africa and India. Mahindra Satyam was earlier known as Satyam Computer Services. Satyam was acquired by Tech Mahindra in an auction in April after the firm was hit by India’s biggest corporate fraud that was revealed in January. “Definitely, there is a sense of optimism that has started to come back but it isn’t something that’s windfall kind of a situation right now,” Kunwar told Reuters in a phone interview from his Mumbai office on Monday. “I won’t say that we have crossed the hump,” he said. “The momentum is starting to build (but) it is not that it has reached critical mass kind of a thing.” Shares in Mahindra Satyam, which counts General Electric Co, Citigroup and Cisco Systems Inc among its clients, fell 1.2% to Rs103.35 in the main Mumbai market that rose 1.6%. While the stock is down 39% in 2009, it has more than doubled since 13 April when Tech Mahindra -- majority owned by Mahindra & Mahindra -- won a competitive bidding to acquire fraud-hit Satyam. However, brokerage CLSA said in a report on 23 July that the assumption about customer losses being over was “overly simplistic” and that stabilising operations amid a challenging global economic environment was tougher than thought earlier. “In fact, until clarity emerges on Satyam’s financials, we would refrain from valuing Satyam as a going concern itself since client losses can linger on for several quarters,” it said. Mahindra Satyam is in the process of restating its accounts. New Outsourcing Wins Kunwar said Mahindra Satyam was seeing good business momentum in the geographies excluding the United States, with the company “actively participating” in some deals in Europe that could bring in revenues of about $50 million over four to five years. “Europe is actually, from the point of view of looking at all these terrains, moving faster towards getting the momentum.” The company has also won new deals in Africa in the last couple of weeks, Kunwar said, but declined to give details as the information was not public yet. In India, the company is bidding for a “large number” of government deals. Non-US regions bring in about 50% of Mahindra Satyam’s revenue and the firm expects a sharp surge in India, Africa and the West Asia businesses in about two years, Kunwar later told Reuters TV in an interview, but did not give details. In June, Satyam had announced a “virtual pool” programme under which about 8,500 employees, who had not been working on any outsourcing project for three months, were sent home for up to six months on a reduced salary structure to cut costs. About 1,200 employees from the programme have already been asked to return following new outsourcing wins, Kunwar said. Source: Tech News - Livemint.com | 3 Aug 2009 | 5:47 am
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