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Levy 10% customs duty on imported equipment: BHELK Ravi Kumar, CMD, BHEL, wants a level playing field with China. \"Interest rates, octroi situation in India is not favourable. In India, interest rates stand at about 1112% as compared to a much lower LIBOR in other countries.Source: Moneycontrol Top Headlines | 7 Aug 2009 | 7:53 am Kingfisher gets 5-bln-rupee loan from SBIKingfisher Airlines Ltd had sought a 10-billion rupee loan from State Bank of India and has been sanctioned half that amount, a junior finance minister said on Friday.Source: Hindustan Times News Feeds 'Business' | 7 Aug 2009 | 7:25 am Jetlite aircraft damaged by ladder crashAn aircraft of private carrier Jetlite was damaged when the ground staff accidentally hit the wing of the plane by a ladder, moments before its departure for Mumbai from NSC Bose international airport here, official sources said.Source: Hindustan Times News Feeds 'Business' | 7 Aug 2009 | 7:01 am India, SKorea signs FTA; to come into force next yr!Asian economic powerhouses South Korea and India Friday signed a pact to scrap or reduce most trade tariffs over the next decade, giving Seoul a head start over its rivals in a market of 1.1 billion people.Source: Zee News : Business | 7 Aug 2009 | 6:11 am NHPC IPO fully subscribed: Sources!NHPC Ltd`s initial public offering (IPO) worth up to USD 1.25 billion was fully subscribed shortly after the bookbuilding opened, three banking sources with direct knowledge said on Friday.Source: Zee News : Business | 7 Aug 2009 | 6:11 am Oil retreats in Asia, New York crude holds above $71!Oil pulled back in Asia on Friday as regional stock markets eased and investors awaited a US report on unemployment which could give fresh clues on the health of the recession-hit economy.Source: Zee News : Business | 7 Aug 2009 | 6:11 am Sensex plunges by 181 pts in early trade on Asian cues!Sensex on Friday fell by 181 points in opening trade on selling by foreign funds and retail investors, tracking other weak Asian markets.Source: Zee News : Business | 7 Aug 2009 | 6:11 am Employees of PSU banks strike work for second day!Employees of state-run banks continued their strike demanding higher wages for the second day on Friday, hitting bulk cash and current account transactions; even as ATMs began running dry across the country.Source: Zee News : Business | 7 Aug 2009 | 6:11 am `May be seeing beginning of recession`s end`!President Barack Obama said on Thursday the actions taken by his administration have helped stop an economic freefall and the United States may be seeing the "very beginnings" of the end of the recession.Source: Zee News : Business | 7 Aug 2009 | 6:11 am US reopens H-2B visa prog for foreign workers!The US has resumed accepting applications for the H-2B foreign temporary worker visa after receiving far fewer petitions from US employers than anticipated.Source: Zee News : Business | 7 Aug 2009 | 6:11 am US deficit climbs to $1.3 trillion!The US budget deficit reached USD 1.3 trillion for the current fiscal year in July, official data showed, news set to fuel opposition to US President Barack Obama`s ambitious health care and climate change proposals.Source: Zee News : Business | 7 Aug 2009 | 6:11 am Bank employees to call off strike today: PranabPSU bank employees are expected to call off their strike today, Finance Minister Pranab Mukherjee told the Lok Sabha on Friday.Source: Hindustan Times News Feeds 'Business' | 7 Aug 2009 | 5:12 am PREVIEW - Govt auctions exploration blocks amid gas rowMUMBAI/NEW DELHI (Reuters) - India kicks off marketing on Saturday for its largest ever sale of oil and gas exploration rights, hoping signs of economic recovery and a rebound in oil prices can help it fetch at least $3 billion in commitments and improve on last year's sluggish auction.Source: Reuters: Money News | 7 Aug 2009 | 4:11 am India inks FTA with S. Korea - India Infoline.com
Source: Business - Google News | 7 Aug 2009 | 4:10 am BSE Sensex provisionally falls 2.4 pctMUMBAI (Reuters) – The BSE Sensex provisionally fell 2.4 percent on Friday, as muted global markets and weak monsoon rains weighed on sentiment.Source: Reuters: Money News | 7 Aug 2009 | 4:09 am FY10 GDP growth may drop to 4.8 pct on rains - KotakNEW DELHI (Reuters) - Economic growth could drop to 4.8 percent in 2009/10 as rain deficiency in parts of the country may bring down agricultural production by up to 8 percent, Kotak Securites said on Friday.Source: Reuters: Money News | 7 Aug 2009 | 4:06 am Markets fell 2%, weighed by weak global marketsMumbai: Indian shares fell 2.28% on Friday, as muted global markets and weak monsoon rains weighed on sentiment. The 30-share BSE index ended down 353.79 points at 15,160.24, with 29 stocks declining. The 50-share NSE index closed down 104.10 points at 4,481.40. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 3:56 am Time has come to curb iron ore exports: Steel Minister - Moneycontrol.com
Source: Business - Google News | 7 Aug 2009 | 3:55 am Large govt borrowing to help achieve FY10 growth target: FM - Moneycontrol.com
Source: Business - Google News | 7 Aug 2009 | 3:55 am Japan Airlines books $1 bn loss in Q1Tokyo: Japan Airlines Corp. said on Friday, it posted a $1 billion loss in the April-May quarter, larger than its loss for all of last year, as ticket sales suffered due to the weak economy and swine flu fears. Asia’s biggest airline said its net loss was 99 billion yen ($1 billion), versus a 3.4 billion yen loss a year earlier. Sales fell 32% to 334.9 billion yen from billion yen. Japan Airlines (JAL,) which is in the midst of a massive restructuring, said income fell across both domestic and international routes, as well as its shipping business. The company said the losses came despite lower outlays for fuel and wages, in part because of lower income from fuel surcharges during the period. As part of the plan, which aims to cut costs by 53 billion yen this fiscal year and a total of 100 billion yen next, JAL said it would cut the number of weekly flights on eight international routes, cut two routes all together, and downgrade to smaller planes on a host of other routes. The company said domestic passengers fell 13% during the quarter, while international passengers were down 17%, compared to a year earlier. For the current fiscal year through March, JAL kept its forecast for a 63 billion net loss and revenue of 1.75 trillion yen. JAL shares fell 1.2 percent to 166 yen on Friday. The airline released its results during trading, but most of the fall came before the announcement. Source: Home - Livemint.com | 7 Aug 2009 | 3:44 am Sanyo to boost solar panel outputTokyo: Sanyo Electric Co. said on Friday that it would boost its solar panel production capacity by 30% within the next two years to meet surging demand fuelled by government subsidies. Sanyo will invest about 4.2 billion yen ($44 million,)in a domestic plant in Shiga prefecture to double the facility’s annual production capacity to 2,00,000 kilowatts, company spokeswoman Kumiko Makino said. In total, Sanyo’s solar panel production capacity will rise to 4,50,000 kilowatts, she said. “The move is aimed at meeting rising domestic demand thanks to the government subsidies” for homeowners, she said. Sanyo, which is being bought by its bigger rival Panasonic Corp., is focusing on environmental technologies including solar energy and rechargeable batteries in an effort to return to the black. Sanyo said last week it lost 18.4 billion yen in the three months to June due to a slump in the electronic component business. Source: Home - Livemint.com | 7 Aug 2009 | 3:43 am India's crops, shares at risk from monsoon woes - Reuters India
Source: Business - Google News | 7 Aug 2009 | 3:42 am INTERVIEW - Honeywell unit says to double India revenueNEW DELHI (Reuters) - Honeywell International's aerospace unit plans to more than double its $500 million revenue from India in five years by increasing sales of defence and commercial equipment, a top official said on Friday.Source: Reuters: Money News | 7 Aug 2009 | 3:42 am India-US trade summit to focus on collaborationsCashing in on the upswing in ties following the visit of US Secretary of State Hillary Clinton, the Sep 10-11 India-US trade summit in New York will explore collaborations in diverse sectors to boost investments in both countries.Source: IndiaeNews.com: Business News | 7 Aug 2009 | 3:32 am Most PSUs perform well after their IPO: Kotak Investment - Moneycontrol.com
Source: Business - Google News | 7 Aug 2009 | 3:31 am Continuous selling pulls down Sensex furtherContinuous selling in auto, consumer durables, realty and power stocks pulled a key index of the Indian equities markets further into the red a little more than 90 minutes before the closing bell Friday, pushing it 223 points below its last closing figure.Source: IndiaeNews.com: Business News | 7 Aug 2009 | 3:30 am Govt borrowing could “crowd out” capital: RangarajanNew Delhi: Former Reserve Bank Governor C. Rangarajan has said the massive borrowing programme of the government would have implications for the corporate world in the next fiscal and might lead to “crowding out” of capital from the market. The government has proposed to borrow Rs4 lakh crore during the current fiscal. Rangarajan, who was delivering a lecture on “International financial crisis and its impact on India’ to members of parliament on Thursday, also said that interest rates would go up by the end of the year. “Interest rates will harden by the end of the year,” he said. Rangarajan, now a member of the Rajya Sabha, said: “as long as the private demand is not picking up, the government will be able to borrow at the same rate.” He said the economy was likely to show signs of definite improvement in the second half of current fiscal which might lead to a pick-up in demand for credit by the industry. He expressed confidence that the country would clock an economic growth of 6.5 to 6.7% in 2009-10 which could go up to 7-8% during 2010-11. “We would not be able to go back to 9% GDP growth rate, unless the world economy recovers.” Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 3:28 am Bridgestone posts Q2 loss but lifts outlookTokyo: Top Japanese tyre maker Bridgestone tumbled to an operating loss in the second quarter, hit by the economic slump and a stronger yen, but raised its full-year outlook again after a surprise upgrade in June. Crediting deeper-than-expected cost cuts, Bridgestone lifted its 2009 operating profit forecast to ¥61 billion ($641 million) from ¥56 billion, catching up with the average projection of a ¥60.5 billion profit in a poll of 11 analysts by Thomson Reuters. On 25 June the company raised its full-year earnings forecasts, citing improved demand prospects in the second half as well as a weaker-than-expected yen. The surprise upgrade sent Bridgestone shares surging 8% next day. “The upgrade was positive but not a big surprise. I expected Bridgestone to exceed the 26 June operating profit forecast, but it achieved deeper cost cuts than I expected,” said UBS Securities analyst Kunihiro Matsumoto. At this pace of cost cutting the company has a good chance of making another upward revision to its profit outlook, though demand is highly likely to stay poor this year, he said. Bridgestone’s rivals have also beaten analysts’ expectations and suggested a degree of recovery in the second half of the year, while they similarly suffered losses in recent months on the back of slumping demand for cars and replacement tyres. France’s Michelin, which vies with Bridgestone to be the world’s No.1 tyre maker, last month posted a smaller-than-expected loss for January-June and forecast a recovery in the second half. Goodyear Tire & Rubber of the United States booked a smaller second-quarter loss than expected and said there were signs the downturn was easing. Bridgestone expects its tyre sales volume for both new cars and for replacement tyres in the second half to recover in the United States and Europe compared with a year ago, but not in Japan, chief financial officer Koki Takahashi told a news conference. “Sales in the second half will likely rise compared with the year-ago level, helped by governments’ measures to promote new car sales, but we are worried that the measures may only help bring forward demand meant for later,” he said, referring to the European market. On profitability, Takahashi said sales and administration costs have dropped below expected levels, while inventory has returned to a healthy level. Bridgestone expects its factory utilisation rate in Japan, which it has kept low due to plunging global sales and which has thereby weighed heavily on profits, to climb to 67 percent for the full year from 57% in the first half, though that is still well below the 2008 level of 96%, he said. Bridgestone booked an operating loss of ¥7.6 billion ($79.7 million) for April-June, swinging from a profit of ¥31.2 billion a year earlier. The firm did not provide quarterly figures, which were calculated by Reuters. It expects its operating profit to more than halve in the full calendar year from last year’s ¥131.6 billion. Shares of Bridgestone rose 14% in the last quarter, underperforming the Nikkei average, which rose 18%. The shares ended down 0.2% at ¥1,690 before the announcement, underperforming a 0.2% gain in the Nikkei average. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 3:28 am Nifty slips below 4500; Suzlon, RCom decline - Economic Times
Source: Business - Google News | 7 Aug 2009 | 3:25 am Fitness First to invest Rs125 cr to add gym spaceNew Delhi: UK-based health club operator Fitness First is planning to invest Rs125 crore in India by 2012 to add two lakh sq ft of gym area in 11 new clubs. The company is also looking to have a total membership of 55,000 across its health clubs in India as it strives to become a Rs200 crore company in the country during next three years. “We will be investing around Rs125 crore to add 11 more fitness clubs in Delhi NCR, Mumbai and Bangalore by 2012. This will entail a total space of two lakh sq ft,” Fitness First India Managing Director Vikram Aditya Bhatia said. He said the investment will come from the UK-based parent company through the Foreign Direct Investment (FDI) route. Fitness First currently operates four clubs in Delhi NCR, Mumbai and Bangalore with a space of 78,000 sq ft. “With less than 0.4% of the Indian population visiting organised sector fitness clubs, the potential for us is immense. In our four clubs, we have a membership of around 11,000 and we are adding over 800 new members every month,” Bhatia said. He said the club-members have an average age of 35 years and 40% of them are women. “With 15 clubs by 2012, we are hopeful of having a total membership of 55,000 regulars. Our target is to achieve a turnover of Rs 200 crore in another three years,” he added. Fitness First has around 550 clubs in over 20 countries across the globe with 5.5 million clients. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 3:16 am India recieves 0.93 mln T imported pulses-govt - Reuters India
Source: Business - Google News | 7 Aug 2009 | 3:13 am Aurobindo Pharma gets USFDA nod for muscle relaxant - Hindu Business Line
Source: Business - Google News | 7 Aug 2009 | 3:06 am Europe stocks lower as RBS slumps on H1 lossLondon: European shares were lower in early trade on Friday as investors awaited key US monthly jobs data, with banking shares the biggest losers after Royal Bank of Scotland posted a first-half loss. By 2:16pm, the pan-European FTSEurofirst 300 index of top shares was down 0.9% at 929.79 points. The FTSEurofirst 300 index of top European shares had surged 15% since 10 July, propelled by better-than-feared company results. The index, which has gained 43% since reaching a floor in early March, is up around 11.6% so far in 2009. Investors will closely study the US July employment report at 6:00pm, In a Reuters survey, economists forecast that 320,000 U.S. jobs were lost in July compared with a loss of 467,000 jobs in June, while the unemployment rate is seen at 9.6 percent, which would be the highest since June 1983. “I think today the worry is bad news, recently the market has ignored bad news and risen anyway ... now more sensible heads will prevail,” said Mic Mills, senior trader at spread betters, ETX Capital. Banking shares took the most points off the index. State-owned Royal Bank of Scotland slumped 15.8% after it posted a £1 billion ($1.7 billion) loss in the first-half of the year, hit by £7.5 billion of bad debts, and named a new finance director to boost turnaround efforts. HSBC, Lloyds Banking Group, Barclays and UniCredit were down 3 to 7.2%. Insurers were also on the downside. Allianz shed 2.8% as it beat expectations with a 21% rise in second-quarter net profit, but forecast that business would remain challenging with lower expected returns. “Generally, most companies tend to beat estimates, but expectations have been lowered so much it is not so difficult to beat these levels. Earnings are still down 30 something percent in the US and Europe, so it is not good,” said Philippe Gijsels, senior equity strategist at Fortis Bank. “If you look at where the profits have come most of this has been through cost cutting. Revenues are still down year on year ... the market has been hoping final demand will pick up ... I do not think final demand will be there and eventually I think earnings will disappoint,” he said. Miners were in the doldrums as copper slipped 2%. Anglo American, Antofagasta, BHP Billiton, Eurasian Natural Resources Corporation, Rio Tinto and Xstrata were down 2.5 to 7.2%. Looking at individual stocks, PSA Peugeot Citroen fell 4.7% after Standard & Poor’s on Thursday cut its ratings into junk territory, citing an expectation that low demand will hurt the French automaker’s already weak profitability. Shares in Belgium’s Umicore slumped 10.1% after the metals group reported a sharp drop in first-half profit and said it sees second-half recurring operating profit roughly the same as in the first half. Turning to the upside, defensive stocks were in favour. Telecom groups Vodafone, Telefonica, France Telecom and Deutsche Telekom were up 0.6 to 1.4%. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 2:59 am Crops, shares at risk from monsoon woesNew Delhi: Forecasts of weak rains in the next five days and inadequate water in Indian reservoirs have raised the risk to the country’s cane and soybean crops, and fears of a wider economic fall out could spook the stock market. India’s weather office said on Friday rainfall would be meagre in the main soybean region in central India, which has been unusually dry for more than 15 days and needs rains in the next few days to prevent crop damage. Government data also showed the seasonal rise in water level in reservoirs was slower than normal, raising the prospect of more power cuts with a drop in hydropower output. The water level at India’s 81 main reservoirs, also important for irrigating winter crops such as wheat and rapeseed, had risen rapidly in the previous week. The country experienced its driest June in 83 years but rainfall was almost normal in July in most regions, except for the northern sugarcane-producing state of Uttar Pradesh, where most districts are in the grip of a drought. Monsoon woes mounted on Thursday after the weather office said rainfall in the past week was a third of the average, almost as bad as the worst week in June. Weak monsoon rains have hurt the cane crop and prospects of large imports by the world’s top consumer of sugar have helped drive raw sugar futures to a 28-year high. The main stock index was trading down 2% by 0735 GMT on Friday after having fallen 2.5% the previous day, with last week’s low rainfall damping sentiment, traders said. “Stocks in some sectors had gone ahead of the market, and investors are thinking it is a good time to take profits. The monsoon is also not progressing the way it should,” said A N Sridhar, a fund manager at Sahara Mutual Fund. Annual monsoon rains are vital for India’s 1.1 billion people although the share of agriculture in the gross domestic product has halved to 17.5% in the past three decades as manufacturing and services sectors expanded while farm output stagnated. But analysts say the monsoon is still crucial for India. “This is because nearly 55% of the labour force is employed in agriculture and only 42% of the area under major crops is irrigated,” said Rajeev Malik at Maquarie Securities. Sectors such as tractors, motorcycles, mobile phones and fast-moving consumer goods could be adversely affected, he added. “India has been lucky with the July showers, but the current month remains uncertain,” he said. Source: Home - Livemint.com | 7 Aug 2009 | 2:58 am Sensex plunges by 181 points in early trade on Asian cuesContinuing its losing streak for the second consecutive session, the Bombay Stock Exchange benchmark Sensex today fell by 181 points in opening trade on selling by foreign funds and retail investors, tracking other weak Asian markets.Source: Hindustan Times News Feeds 'Business' | 7 Aug 2009 | 2:46 am Gold trade remains dull on bank strikeMumbai: India’ gold trade remained lacklustre on Friday as most banks, who are primary sellers of gold, entered into their second day of strike, dealers said. “Demand is dull as banks are on strike,” said a dealer with a state-run bank in Mumbai. India’s state-run banks remained shut on Friday as a nationwide strike by their employees demanding higher wages and pensions entered the second day. Gold demand is expected to pick up this month as traders would seek to replenish stocks to meet festive and wedding demand. Gold prices on the Multi Commodity Exchange traded slightly higher supported by a weak rupee, with traders awaiting the US jobs report to gauge the health of the economy. The most-traded October contract was 0.15% higher at Rs14,937 per 10 grams at 1:31pm. The Indian rupee extended its drop in line with lower domestic shares but losses in the dollar versus majors overseas prevented a further sharp fall. A weak rupee makes the dollar quoted gold expensive. A Reuters poll of economists forecast 320,000 jobs were slashed last month, fewer than the 467,000 workers laid off in June, but the unemployment rate was expected to climb to a 26-year high of 9.6%. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 2:45 am Arcelor to source more equipment from India, ChinaIn a bid to reduce cost, ArcelorMittal, the worlds largest steel producer, is to source more equipment from India and China for its greenfield projects worldwide.Source: Moneycontrol Top Headlines | 7 Aug 2009 | 2:44 am Sensex tumbles over 313 pts at midsessionThe Bombay Stock Exchange benchmark Sensex tumbled over 313 points at midsession on Friday on heavy selling by funds in heavyweight stocks following weakening trends at Asian markets and a lower start in European markets.Source: India Business News | Business News - Times of India | 7 Aug 2009 | 2:43 am Rupee down 18 paise at 47.85 a dollar in opening tradeThe Indian rupee on Friday moved further down by 18 paise against the US currency in opening trade on expectations of capital outflows by funds amid a weak dollar overseas.Source: Hindustan Times News Feeds 'Business' | 7 Aug 2009 | 2:43 am India, China resume border talks amid rising tensionNew Delhi: India and China began talks on Friday to resolve their long simmering border dispute, but hopes of any progress are expected to grind against a recent spike in geopolitical tensions as well as muscle flexing along the border. India’s national security adviser M.K. Narayanan and Chinese state councillor Dai Bingguo resumed the talks after a year’s gap, focusing on narrowing down differences along their Himalayan border. Twelve rounds of talks have been held before. The two are also expected to talk the language of partnership, highlighted by a burgeoning trade and a common position on climate change and global trade talks. Yet, traditional mistrust since a bloody 1962 war and sparring in recent months over what New Delhi says is China’s interference in India’s strategic matters could cloud the talks. “The outlook of this round (of talks) is certainly not good,” said New Delhi-based strategic analyst Brahma Chellaney. “The atmosphere has deteriorated in the recent months, plus there’s been escalation of tensions along the Himalayan border.” Feathers were ruffled two months ago when China objected to a $60 million Asian Development Bank loan for a project in northeast India in territory that is claimed by Beijing. India officials say China also tried to block its efforts to get the United Nations to designate a Pakistan-based militant leader a terrorist, as well as privately lobbied against a nuclear deal between India and the United States last year. Of late, Chinese patrolling of the 3,500-km (2,200-mile) border, particularly along Arunachal Pradesh state, which Beijing claims as its territory, has also been markedly assertive, Indian officials said. All this, some analysts said, was largely consistent with Chinese policy towards India, but New Delhi saw it as an increasing assertiveness as part of Beijing’s overall “Rising China” strategy. In response, India began to modernise its border roads and moved a squadron of Su-30 strike aircraft close to the border. Arunachal governor J.J. Singh, said in June up to 30,000 new troops would be deployed in the area. The reaction in Chinese official media has been strong. An editorial in the Global Times said China would never compromise on the border dispute and asked India to consider if it could afford the consequences of a conflict with China. “The Chinese government is trying to say that the public opinion in China is in favour of a more assertive stand towards India,” B. Raman, former head of RAW, said. Others say it is a warning from China that India must back down from its military posturing. That said, China may not want to escalate the border dispute now, given that it already has so much on its plate: from dealing with its restive Xinjiang region to fleshing out its relations with the United States and winning a bigger global role. So after 28 years of negotiations, there appears little hope of a breakthrough — the two sides have never even agreed on a military line separating the two armies. “They wouldn’t want to open too many fronts. So I expect status quo to be maintained in the talks,” said Bhaskar Roy, a China expert. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 2:40 am India's crops, shares at risk from monsoon woesNEW DELHI (Reuters) - Forecasts of weak rains in the next five days and inadequate water in reservoirs have raised the risk to the country's cane and soybean crops, and fears of a wider economic fall out could spook the stock market.Source: Reuters: Money News | 7 Aug 2009 | 2:39 am No takers for bigticket Bollywood flicksMore than 60 Bollywood films, including starstudded releases such as Blue, Three Idiots and London Dreams, are finding it difficult to find distributors.Source: Moneycontrol Top Headlines | 7 Aug 2009 | 2:38 am Strike hits bank operations for second dayMUMBAI (Reuters) - Trading volume in Indian currency and bond markets was hit for a second day on Friday following a two-day strike by about 900,000 employees at state-run banks, demanding higher wages and pension.Source: Reuters: Money News | 7 Aug 2009 | 2:34 am Strike hits bank operations for second dayMumbai: Trading volume in Indian currency and bond markets was hit for a second day on Friday following a two-day strike by about 900,000 employees at state-run banks, demanding higher wages and pension. State-run banks, led by State Bank of India, the country’s largest lender, control more than half the banking sector assets and dominate the fixed-income and foreign exchange markets. “The strike is total everywhere. Most of the branches are closed,” C H Venkatachalam, convenor of the United Forum of Bank Union, which represents all bank unions, said. The chief labour commissioner in New Delhi has called a meeting between unions and the Indian Banks’ Association, which represents the management, at 3 pm to resolve the standoff, he said. Normal banking operations will resume on Saturday, Venkatachalam said, adding there would be no further strike if the issues were settled. A spokesman for the Reserve Bank of India declined to comment on the strike. Trading volume in the bond market was low at Rs445 crore ($93 million) by 1 pm . Trading on Thursday, when the strike began, was Rs2,915 crore , compared with Rs4,350 crore on Wednesday. India has 80 commercial banks, including 29 foreign banks and nearly 3,000 urban and rural co-operative banks. Unions of all state-run banks as well as 12 small private sector banks, including Federal Bank, Bank of Rajasthan and Lakshmivilas Bank, are participating in the strike. But large private sector lenders ICICI Bank and HDFC Bank were open. M S Sundararajan, chairman of state-run Indian Bank, said he was trying to reduce the disruption in operations. “ATMs (automated teller machines) are loaded with cash, alternative modes of distribution is also there,” he said. Source: Home - Livemint.com | 7 Aug 2009 | 2:34 am Wage boards extend deadline for filing submissionsNew Delhi: The wage boards for working journalists and non-journalists employees have decided to extend till 30 August the deadline for submitting of representations. The last date for filing submissions was 30 June but many stakeholders including trade unions of newspaper industry had demanded an extension. “After taking into account the requests received from stakeholders, it was decided to extend the time for submitting the representations upto 30 August,” the national wage boards under Ministry of Labour and Employment said in a statement. The decision was taken at a meeting of the wage boards held on 31 July. The board also decided to supply the copies of all representations from employer and employees’ organizations to wage board members and Indian Newspaper Society, which will file its response till 30 September. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 2:33 am Hyundai joins hands with IndusInd Bank for car financeNew Delhi: The country’s second largest car maker Hyundai Motor India on Friday said it has signed a memorandum of understanding with private-sector lender IndusInd Bank for providing retail financing facilities to its car buyers. “We are glad to partner with IndusInd Bank as through this tie-up we will be able to introduce multiple customer centric initiatives for the benefit of the customers,” HMIL senior vice-president (Marketing and Sales) Arvind Saxena said. During the last six months, the company has also tied-up with Punjab National Bank, Syndicate Bank and Corporation Bank among other public sector banks to leverage its product range with easy financing options, he added. IndusInd Bank has a network of 180 branches, spread across 147 locations in 28 states and union territories. The lender also has 484 distribution outlets across the country. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 2:24 am RBI's accomodative policy to stay until recovery - minNEW DELHI (Reuters) – The Reserve Bank of India (RBI) will maintain an accommodative monetary stance until the economy shows signs of recovery, a junior finance minister told parliament on Friday, citing last month's policy review report.Source: Reuters: Money News | 7 Aug 2009 | 2:07 am Economy looking up, but scanty rains a problem: MukherjeeFinance Minister Pranab Mukherjee Friday indicated the economy was beginning to look up but he was unsure of the way it was going because of the scarce rainfall this monsoon.Source: IndiaeNews.com: Business News | 7 Aug 2009 | 2:01 am Bank strike notice greets MPsThey walked up to the bank and were greeted by a shutdown notice. Many parliamentarians Friday got a taste of the hardship caused by a two-day nationwide bank strike.Source: IndiaeNews.com: Business News | 7 Aug 2009 | 2:01 am India o/n rate steady on cash surplus, strike eyed - Reuters India
Source: Business - Google News | 7 Aug 2009 | 1:56 am RBS posts H1 loss, sees tough two years aheadLONDON (Reuters) - State-owned Royal Bank of Scotland posted a 1 billion-pound ($1.7 billion) net loss in the first-half on Friday, as bad debts soared to 7.5 billion pounds, and warned of more "poor" results to come as its recovery would take time.Source: Reuters: Money News | 7 Aug 2009 | 1:50 am NHPC sees $1.25 bln IPO fully coveredMUMBAI/NEW DELHI (Reuters) - NHPC Ltd saw its IPO worth up to $1.25 billion fully subscribed soon after opening to investors on Friday in a strong response that may embolden the government to sell stakes in more firms.Source: Reuters: Money News | 7 Aug 2009 | 1:43 am Rupee extends fall in line with weak stocksMumbai: The Indian rupee extended its drop in afternoon trade on Friday in line with lower domestic shares but losses in the dollar versus majors overseas prevented a further sharp fall. At 12:48pm, the partially convertible rupee was at Rs47.87/89 per dollar, weaker than its Thursday’s close of Rs47.68/69. On Tuesday, the rupee had climbed to Rs47.43 - its highest since 12 June. The dollar edged lower against a basket of currencies on Friday with investors awaiting the US jobs data. Indian shares were trading 1.6% lower as investor confidence across Asia was subdued following a decline on Wall Street overnight and ahead of jobs report. Volumes were affected by the two-day nationwide strike called by employees of Indian banks protesting for higher wages and pension. Traders were awaiting the monthly non-farm payrolls (NFP) and unemployment report from the US Labour Department due at 6:00pm, for direction. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at Rs47.9350 and Rs47.9325 respectively, with the total traded volume on the two exchanges at about $750 million. Source: Home - Livemint.com | 7 Aug 2009 | 1:35 am Midsession: Markets extend fall to 2%; banks dropMumbai: Indian shares extended losses to 2% on Friday afternoon led by bank stocks, taking cues from Europe where banking shares were the biggest losers after RBS posted a first-half loss. ICICI Bank and State Bank of India were among the main losers. By 1:08pm, the 30-share BSE index was trading down 1.8% at 15,235.60 points with 27 components losing, after falling as low as 15,200.35. The 50-share NSE Index was down 1.85% at 4,500.10 points Markets fell 0.8% at noon, tailing weak Asian peers as investors awaited a key US jobs report for further cues amid worries that markets may be getting ahead of fundamentals. News on Thursday that India’s monsoon rains - crucial for the country’s domestic-demand-led economy - were barely a third of normal in the previous seven days also weighed on sentiment, traders said. [ Along with banks, the auto sector, which includes top carmaker Maruti Suzuki and top utility vehicle maker Mahindra & Mahindra, fell 3.5%, extending a 4.4% drop in the previous session. But Indian state utility NHPC Ltd saw its IPO worth up to $1.25 billion fully subscribed soon after opening to investors on Friday in a strong response that may embolden the government to sell stakes in more firms. By 12:20pm, the 30-share BSE index was down 170.79 points at 15343.24 points, with 21 stocks declining. The 50-share NSE index was down 51.90 points at 4,544.25. “Stocks in some sectors had gone ahead of the market, and investors are thinking it is a good time to take profits. The monsoon is also not progressing the way it should,” A N Sridhar, a fund manager at Sahara Mutual Fund, said. “But we could see some buying coming in at lower levels as investors are still cautiously optimistic,” he added. The benchmark fell 2.45% on Thursday, as investors took profits on the market’s near 19% rally over the previous 3-weeks. The rally was driven by strong domestic and global corporate earnings. But worries that stocks are pricey have emerged as the main index has leapt 93% from a 2009 low in March and 61% this year. This year, only China’s, Russia’s and Indonesia’s benchmarks have outperformed the BSE index, which trades at 17.9 times one-year forward earnings. In contrast, benchmarks in other emerging markets such as Brazil, Indonesia and South Korea trade at a multiple of about 13-14, while Russia trades at 8 times. On Friday, Maruti Suzuki slid 3.9% to Rs1,311, while Mahindra & Mahindra dropped 6.6% to Rs823.50. Top vehicle maker Tata Motors eased 3.1% to Rs405.15. Automobile firms reported better-than-expected profits in the April-June quarter, helped by lower input costs, while their July sales soared on new launches and easier availability of finance, driving India’s auto index up more than a third from 13 July through Wednesday. The country’s top lender, State Bank of India, fell 2.4% to Rs1,754.05, while private-sector rival ICICI Bank was down 1.5% at Rs754. In the broader market, losers led gainers almost 2 to 1 on relatively heavy volume of 152 million shares. Most Asian shares were lower on Friday, with MSCI’s measure of Asian markets excluding Japan down 1% Japan’s Nikkei edged down 0.2% after falling 1.2% earlier. Source: Home - Livemint.com | 7 Aug 2009 | 1:30 am No fears of food crisis: NathNew Delhi: Allaying apprehensions of a food crisis in view of poor monsoon, minister of road transport and highways Kamal Nath said on Friday the country has enough foodgrain reserves to tackle even the worst monsoon situation. “There is no panic. We have enough foodstocks to counter even the worst monsoon scenario,” he said. Nath who was the commerce and industry minister in the previous government said an assessment of the impact of the poor monsoon can be gauged in the next two weeks. “Whatever may be the assessment, the poor monsoon may impact rural purchasing power but not food supply.” Nath said the two factors of delay in monsoon in some parts of the country and poor rainfall in others have endangered the prospects of paddy and some other crops, but it is not yet time to be sceptical about foodgrain supply. Separately the minister said India is likely to attract Foreign Direct Investment (FDI) worth $10 billion in the road sector in the next 2-3 years. Source: LatestNews-Home - Livemint.com | 7 Aug 2009 | 1:25 am Govt identifies steel firms for stake sale, says ministerNew Delhi: The government has identified two state-run steel firms for stake sale, Union steel minister Virbhadra Singh said on Friday. The minister said the government may raise Rs15,000 crore ($3.2 billion) by selling up to 20% stake in state-run firms. Singh further said the government was in the process of choosing companies for divestment. India, the world’s third largest iron ore supplier, is “seriously considering” putting curbs on exports, the minister said, without giving any further details on possible proposals. “Our first priority should be that all iron ore within the country should be utilized for making steel in the country,” Singh told reporters in a question-answer session during an industry event. He did not give any further details or a suggest any timeline for trade limitations. Spot iron ore prices in China, which buys about a fifth of its iron ore from India, have nearly doubled since April, rising to $110 a tonne on a delivered basis as benchmark price negotiations drag months past their deadline and Beijing’s stimulus plan stokes demand and aids mills’ profits. But the surge in global prices has put increasing pressure on Indian steel mills, and New Delhi has in the past used duties as a way to attempt to stem the rise in domestic prices by keeping more supplies at home -- measures that would threaten to increase global prices. Currently, export duty on iron ore lumps is 5% and on iron ore fines it is nil, but miners have been bracing for a possible increase in duties for several months. “They want to reduce the prices.. they might bring in some duty,” said the executive in the Karnataka mine. “The international iron ore market has been hotting up, so naturally it will be disadvantageous for steel companies.” Source: Home - Livemint.com | 7 Aug 2009 | 1:24 am India releases 53.5 million dollars to upgrade textile industry - Sify
Source: Business - Google News | 7 Aug 2009 | 1:15 am Bank employees to call off strike today: PranabPSU bank employees are expected to call off their strike on Friday, finance minister Pranab Mukherjee told the Lok Sabha.Source: India Business News | Business News - Times of India | 7 Aug 2009 | 1:05 am Govt may raise $3.2 bln via steel cos stake saleNEW DELHI (Reuters) – The government may raise 150 billion rupees ($3.2 billion) by selling up to 20 percent stake in state-run firms, Steel Minister Virbhadra Singh said on Friday.Source: Reuters: Money News | 7 Aug 2009 | 1:03 am Delhi has paid over Rs.200 crore for Himachal dam: DhumalThe Delhi government has provided Rs.214.83 crore to Himachal Pradesh for a hydroelectric project that will provide drinking water to the national capital, Himachal Chief Minister Prem Kumar Dhumal has said.Source: IndiaeNews.com: Business News | 7 Aug 2009 | 1:01 am Bank strike affects individuals and corporates alikeA strike by over a million employees of 25 state-run banks was affecting both individual and corporate customers Friday, the second day of the two-day strike over wages and pensions.Source: IndiaeNews.com: Business News | 7 Aug 2009 | 1:00 am Asia stocks dip as investors await US dataHong Kong: Asian stocks dipped on Friday as investors nervously awaited a key US jobs report, while the Australian dollar got only a brief lift despite signals from the central bank that interest rates could rise over time. US President Barack Obama told a crowd in Virginia that he saw the “very beginnings” of the end of recession but investors wanted to see all-important US non-farm payrolls data later for firmer evidence the world’s biggest economy has turned the corner. Major European stock futures were down 0.4% while US equity futures were up 0.04%. Australia’s central bank indicated it could pre-empt the world and raise interest rates if its economy continues to improve, giving the the Aussie dollar a brief boost. “Among industrial nations Australia has higher interest rates. A view that its economy will benefit from demand from China, whose economy is supported by stimulus measures, is making investors tend to flock to the Aussie,” said Ayako Sera, a market strategist at Sumitomo Trust & Banking in Tokyo. Corporate earnings’ reports out of Asia continued to highlight the impact of global recession and Japanese consumer electronics maker Pioneer Corp saw its shares dive more than 5% at one stage in Tokyo after posting a quarterly loss. Japan’s Nikkei share index managed to eke out a 0.2% gain though, its highest close in 10 months. Airlines did better than some sectors in the region. Japan Airlines announced a first-quarter loss but its shares slipped just 0.6 percent. Malaysia Airlines’ shares jumped more than 7% at one point as the carrier returned to profit in the second quarter. Foreign buying The MSCI index of Asia-Pacific stocks outside Japan was down 0.9% by midafternoon, but has rallied around 77% since a rebound in global equities began on 9 March. A string of improved economic data in the region in the past week has lifted risk appetite but investors are not convinced yet that an economic upturn is sustainable. Shares in Seoul rose 0.7% but the mood was cautious. “Continued foreign buying is helping markets today,” said Lee Kyung-soo, a market analyst at Shinyoung Securities in Seoul. “But there are concerns whether corporate earnings growth in the third quarter would be as strong as that seen in the second.” For further evidence of a global recovery, investors are turning their focus to US nonfarm payrolls data, which is forecast to show 320,000 jobs were lost in July compared with a loss of 467,000 jobs in June. Concern that China could rein in easy money continued to weigh on shares in China and Hong Kong where the Hang Seng Index was down 1.4%. But China Mobile extended Thursday’s gains, rising nearly 3%, on reports the world’s biggest telecom operator was going ahead with a Shanghai listing. Taiwan markets were closed due to a typhoon. In the currency markets, sterling stabilised against the US dollar after plunging on the Bank of England’s shock announcement on Thursday that it was expanding its quantitative easing plan as Britain’s downturn appeared to have been deeper than previously thought. Metals prices retreated for a second day, helping push down Australia’s benchmark S&P/ASX 200 share index by 1% as shares in mining giants BHP Billiton and Rio Tinto both dropped more than 2%. Oil prices retreated after reaching six-week highs on Thursday. Source: Home - Livemint.com | 7 Aug 2009 | 12:48 am NHPC IPO fully subscribed in an hour time The much-awaited initial public offer of state-run NHPC allured investors and was fully subscribed within an hour of the opening of the issue.Source: India Business News | Business News - Times of India | 7 Aug 2009 | 12:43 am Puma Q2 net beats forecasts, sees challenging H2 * Q2 net earnings fall 16 percent to 38.5 million eur, above f’casts * Puma CEO says expects challenging H2 * Shares indicated 0.1 percent higher (Adds details and background) Frankfurt: Puma, the world’s third-largest sports goods maker, said it expects a challenging second half of the year after posting better-than-expected results for the second quarter on Friday. “We remain highly cautious and anticipate a continued challenging and volatile retail industry due to the decline of private consumption as a result of the weakness in the global economy, which may negatively impact sales in second half,” Puma said. Puma, which still did not give a full-year outlook, said second-quarter net earnings fell 15.6% to €38.5 million ($55.36 million), beating the average estimate in a Reuters poll of analysts of €34 million. Parent company PPR announced last week that Puma’s second-quarter operating results before special items rose 1.2% to €63.1 million on sales of €600.3 million , up 4.1%percent. Both figures beat analysts’ estimates. German rival Adidas, the world’s No.2 after US bellwether Nike, on Wednesday reported a 2.5% drop in second-quarter sales, which was slightly better than expected and said it had turned the corner. Puma shares were indicated 0.1% higher, according to data from brokers ahead of market opening at 0700 GMT. As part of its efforts to battle the economic slowdown, Puma intensified its cost-cutting measures earlier this year and aims to save up to €150 million per year from 2011. Costs for such efforts crippled its first-quarter results. Puma shares trade at about 14.2 times 12-month forecast earnings, at a slight discount to Adidas, which has a multiple of 14.4, according to Thomson Reuters StarMine. Both trade at a discount to market-leader Nike’s multiple of 16. Source: Home - Livemint.com | 7 Aug 2009 | 12:39 am Allianz Q2 net profit up 21% to euro1.9 billionFrankfurt: German insurer Allianz SE said Friday its second quarter net profit rose 21% on operating earnings that rose sharply compared to the previous three quarters, prompting the company to provide an optimistic outlook. The Munich-based company said its net profit for the April-June period rose to €1.9 billion ($2.7 billion) from €1.5 billion in the second quarter of 2008. Revenues for the quarter were slightly higher at €22.2 billion compared with €21.5 billion a year ago. Operating profit of €1.8 billion during the quarter was lower than the year-ago figure of €2.7 billion. However, operating profit rose 26% compared with the first quarter 2009, when the company earned €1.4 billion, prompting the company to indicate it has seen the worst of the recession. “Overall, we achieved very good quarterly results,” Michael Deikmann, the chief executive of Allianz said in the report. “Allianz is prepared for what we perceive as ’the new normal,’ an ongoing challenging market environment with structurally lower returns. We remain strongly capitalized and our low risk profile allows us to withstand potential market shocks. In addition, we are well diversified from both a regional and business unit point of view, and are thus able to benefit from market upturn.” Still, despite repeatedly warning of continuing economic uncertainty, the company said it remains confident about its positioning to take advantage of an improving economic and operating environment and “has a sound platform for delivering solid earnings in core insurance and asset accumulation business.” In terms of divisions, the company said its life and health segment saw its operating profits improve nearly 41% to €990 million on revenues that were 10% higher at €12 billion during the second quarter. The company’s financial services segment saw its operating profits decline nearly 49% to €146 million. Revenues in financial services were nearly level for the quarter at €926 million. Meanwhile the property and casualty business saw its operating profit fall 47% to €895 million, while revenues for the division, measured in gross written premiums, fell by 3% to €9.5 billion. Overall, Allianz said that division was especially affected by the Italian earthquake and severe weather in France during the first half of the year. For the first six months of the year, Allianz said its revenues rose nearly 3% to €49.9 billion compared to €48.5 billion in the January-June period of 2008. Net profit for the first half of the year was however lower. Net profit for the first six months fell nearly 30% to €1.9 billion from €2.7 billion in 2008. Shares of Allianz closed slightly higher at €75.50 Thursday. Source: Home - Livemint.com | 7 Aug 2009 | 12:29 am Sensex plunges by 181 points in early tradeCoThe Bombay Stock Exchange benchmark Sensex tumbled over 313 points at midsession today on heavy selling by funds in heavyweight stocks.Source: Daily News & Analysis: Money News | 7 Aug 2009 | 12:11 am Pacific typhoon seen aiding monsoon cause by defaultThe west Pacific is hosting Typhoon Morakot, which is expected to ramp up to Category-4 storm (wind speeds in excess of 185 km/hr gusting to 232 km/hr) status before making a landfall on Friday over Taiwan.Source: Business Line - Home Page | 7 Aug 2009 | 12:00 am Late-hour selling sends Sensex down 390 pointsThe stock market saw a huge fall in the penultimate hour of trade on Thursday, after media reports raised fresh fears over the monsoon.Source: Business Line - Home Page | 7 Aug 2009 | 12:00 am Crompton Greaves (Rs 275.05): SellWe recommend a sell in Crompton Greaves from a short-term perspective. It is evident from the charts of Crompton Greaves that after bottoming in late March at Rs 99, it was on an intermediate-term up trend till July peak of Rs 320. However, theSource: Business Line - Home Page | 7 Aug 2009 | 12:00 am Day Trading GuideThe near-term outlook is bearish for DLF. We recommend a sell in this counter. Utilise rallies to sell ICICI Bank and SBI with tight stop-loss at Rs 780 and Rs 1,820 respectively. InitiateSource: Business Line - Home Page | 7 Aug 2009 | 12:00 am Govt looking at uniform price regime for gasNew Delhi, Aug. 6 The Government is studying the feasibility of a uniform price regime for gas. It is learnt that GAIL (India) Ltd has been asked to conduct the study.Source: Business Line - Home Page | 7 Aug 2009 | 12:00 am Govt to release Rs 2,546-cr subsidy for textiles in three days: MaranNew Delhi, Aug. 6 The Government, on Thursday, announced the immediate release of a subsidy of Rs 2,546 crore for the textile industry under the Technology Upgradation Fund scheme (TUFs) to underpin its modernisation efforts for meeting marketSource: Business Line - Home Page | 7 Aug 2009 | 12:00 am No takers for big-ticket Bollywood flicksMore than 60 Bollywood films, including star-studded releases such as Blue, Three Idiots and London Dreams, are finding it difficult to find distributors.Source: Business Line - Home Page | 7 Aug 2009 | 12:00 am Infosys pursuing 12-15 deals in $1-b rangeKolkata, Aug. 6 Infosys Technologies is pursuing a number of deals worth about $1 billion, according to its Chief Executive Officer and Managing Director, Mr S.Source: Business Line - Home Page | 7 Aug 2009 | 12:00 am Strike hits banking operationsBanking services across the country were paralysed as nearly eight lakh bank employees went on a two-day strike beginning Thursday to press their demand for a hike in wages, pension option and appointment on compassionateSource: Business Line - Home Page | 7 Aug 2009 | 12:00 am Tata Power plans Rs 29,300-cr capexMumbai, Aug. 6 Tata Power has a capital expenditure plan of Rs 29,300 crore for the next threeSource: Business Line - Home Page | 7 Aug 2009 | 12:00 am Hackers attack Twitter, FacebookSan Francisco: Twitter and Facebook suffered service problems from hacker attacks on Thursday, raising speculation about a coordinated campaign against the world’s most popular online social networks. The attacks, which came a month after the White House website was targeted in a similar online assault, left millions unable to carry out daily routines that have assumed an increasingly central part of their lives. The incidents also underscored the vulnerability of fast-growing Internet social networking sites that have been heralded as powerful new political tools to counter censorship and authoritarianism. Twitter, which allows people to broadcast short, 140-character text messages over the Internet, became a key form of communication in Iran amid the protests and clampdown that followed the country’s disputed June elections. A Facebook executive said Thursday’s cyber attacks were aimed at a Georgian blogger with accounts at the various affected sites, according to a report on technology news site CNET. In a blog post earlier on Thursday, Twitter co-founder Biz Stone said the company preferred not to speculate about the motivation of the malicious attack that knocked the site offline and made it inaccessible for several hours earlier in the day. “Twitter has been working closely with other companies and services affected by what appears to be a single, massively coordinated attack,” said Stone. Members of Facebook, the world’s largest Internet social network with more than 250 million active users, saw delays logging in and posting to their online profiles. Like Twitter, Facebook said the problems appeared to stem from a so-called denial of service attack, a technique in which hackers overwhelm a website’s servers with communications requests. Once access to Twitter had been restored, many of the site’s users posted short messages lamenting the disturbance. “now I know Im addicted to Twitter...I wasnt rite all day,” Twitter user hotlilNINA posted. Speculation swirled on the Internet that other sites, including Google, had also come under attack, after relatively lesser-known site LiveJournal said it, too, had been targeted by hackers on Thursday. But those rumors could not be confirmed. Google said in an emailed statement that it was in contact with some non-Google sites that were impacted by Thursday’s attacks to help investigate. “Google systems prevented substantive impact to our services,” the statement said. Anti-social attacks Motives for denial-of-service attacks range from political to rabble-rousing to extortion, with criminal groups increasingly threatening to hobble popular websites that don’t pay demanded fees, according to security experts. In July a wave of similar attacks disrupted access to several high-profile US and South Korean websites, including the White House site. South Korea’s spy agency said at the time that North Korea might have been behind the attacks. Twitter’s newfound fame makes it an easy target for hackers, said Steve Gibson, the president of Internet security research firm Gibson Research Corp. The number of worldwide unique visitors to the Twitter website reached 44.5 million in June, up 15-fold year-over- year, according to comScore data. Security experts said a single group could have been behind the problems on Twitter, Facebook and the other sites as hackers evolve their ability to attack multiple sites at once. “History would tell us that it’s probably the same attacker or group of attackers that is launching both attacks,” said Kevin Prince, the chief technology officer of security services provider Perimeter eSecurity. While there are ways for websites to protect themselves from denial of service attacks, Prince said the defenses were expensive, whereas mounting an attack was a relatively simple feat for hackers. Twitter said in a blog post later on Thursday that its site was back up, though it said certain users would experience degraded service while it recovers completely. Some Twitter users appeared to be taking the incident in stride. “It’s just an annoyance. Remember Twitter was down in 2007 and 2008 all the time,” said Robert Scobble, a commentator on the technology industry who boasts 93,000 “followers” on Twitter, referring to a period when Twitter’s rapid traffic growth occasionally led to several service disruptions. For lawyer Zabi Nowald, it was just another day -- Twitter or no Twitter -- as he headed to work in downtown Los Angeles with a laptop in one hand and a Blackberry in the other. Source: Tech News - Livemint.com | 6 Aug 2009 | 11:59 pm AIG ex-chief to pay millions in fraud probeTwo top former executives of troubled insurance giant American International Group agreed to pay fines to settle charges by US regulators that they misled investors by inflating the firm's results.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 11:51 pm Sensex opens weak, down 51 pointsA key index of the Indian equities markets opened in the red Friday and was 51 points down about 15 minutes into trade.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 11:30 pm Sensex plunges 181 points in early trade on Asian cuesThe Sensex today fell by 181 points in opening trade on selling by foreign funds and retail investors, tracking other weak Asian markets.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 10:56 pm Employees of PSU banks strike work for second day Employees of state-run banks continued their strike demanding higher wages for the second day, hitting bulk cash and ATMs.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 10:54 pm Rupee down 18 paise at 47.85 a dollar in opening tradeThe rupee on Friday moved further down by 18 paise against the US currency in opening trade on expectations of capital outflows by funds amid a weak dollar overseas.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 10:19 pm Build a bridge, pull it down, rebuild -- the Chinese way to ramp up GDPAn outspoken Communist Party official in China has confirmed long-held suspicions that GDP data was being massaged and exaggerated by regional party leaders.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 4:10 pm $ carry trade lifts FII stakes for first time in 7 quartersForeign institutional investors (FII) have increased their stakes in Indian companies by 100 basis points to 15.8% in the first quarter ended June 30.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:58 pm Will monsoon shock mean a downgrade?Indian economy watchers are preparing to pull out their calculators and revise GDP projections downwards --- in case the monsoon turns deficient or, worse, signals a drought.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:57 pm Red Fort + Sumitomo to bid for Merrill's realty fundThe private equity company has already raised the money for the bid and expects the deal announcement by the end of the year.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:56 pm As IT firms butt in, pure-play BPOs feel hot under the collarPure-play business process outsourcing (BPO) players are getting hit hard by intense competition -- and it's not just their peers at work.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:54 pm Man behind Crisil's rise takes the exitR Ravimohan on Thursday resigned as the chairman and director of Crisil Ltd. An official release said he would leave the company at the end of this month.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:53 pm Twitter-bitten Talisma plans Social CRM suiteRaj Mruthyunjayappa, managing director, Talisma Corporation Pvt Ltd, cannot contain his excitement while talking about social media sites such as Twitter, Second Life and YouTube.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:52 pm Roche will only help itself by making drugs affordableAn otherwise media-shy or almost off-media company, Roche India, is suddenly vocal about its efforts to reduce prices of its key life-saving drugs.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:50 pm Capex to grow at a slower paceCapital expenditure in Indian industry will grow at a CAGR of 7% over the next three fiscals compared with the 20% witnessed in the last three.Source: Daily News & Analysis: Money News | 6 Aug 2009 | 3:49 pm Open to diluting stake in Godrej Consumer: Adi GodrejAdi Godrej, Chairman, Godrej Industries, said he was open to diluting stake in Godrej Consumer, if a suitable acquisition is identified. \"We want to have acquisitions that are strategically relevant and are accretive in the long run.\"Source: Moneycontrol Top Headlines | 6 Aug 2009 | 3:13 pm Moser Baer considering fund raising via IPO for energy bizThe year 2008 was for Moser Baer with the liquidity crunch impacting their photo voltaic (PV) business. The company is hopeful that the solar energy market will see a rebound by the end of the year. The promoters of the group, Deepak and Ratul Puri are considering an IPO for their energy business and strategic acquisitions in the PV business.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 2:48 pm Strike cripples banking sectorRenuka Argade (31) had promised a payment against a cheque that was to get cleared into her account on Thursday. But now, she will have to wait till Saturday thanks to a two-day strike called by the United Forum of Bank Unions (UFBU).Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 2:22 pm Weak monsoon: farm loan demand slowsDemand for agriculture credit has been relatively slow but steady during the kharif season, despite a weak monsoon. The main demand for agriculture loans by farmers generally precede the monsoon season.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 2:19 pm Canara-Robeco JV set to tighten grip on MF bizCanara Robeco Mutual Fund, a joint venture between Canara Bank and Robeco of Netherlands, is all set to utilise the reach of its parent company with 500 trained bank staff in branches across the country.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 2:10 pm Tata Sky on drive to save 30% in costsDirect-to-home (DTH) service player Tata Sky, which has been competing for market share with old rivals such as Dish TV and recent entrants like Airtel, is on a cost-cutting drive to manage its bills even as it boosts expenditure to build on its subscriber base.Source: Hindustan Times News Feeds 'Business' | 6 Aug 2009 | 2:08 pm Even a bailout doesn’t change Goldman’s bizLloyd C. Blankfein has a story about the cataclysm that nearly brought down all of Wall Street. It goes something like this: One by one, lesser banks were swept away by the financial storm of 2008. And as the flood waters rose, no one, not even Goldman Sachs, seemed safe. The question, in Blankfein’s eyes, was how high the water would rise. But Washington stepped in with all those bailouts before the surge reached Goldman. The story, which was recounted by many friends and colleagues, represents a sobering private admission from Blankfein, Goldman’s chief executive.  Drawing scrutiny: Lloyd C. Blankfein, CEO, Goldman Sachs. Bharath Sai / Mint “We did not have a near-death experience,” said Gary D. Cohn, Goldman’s president. The government saved the financial industry as a whole, but it did not save Goldman Sachs, he said. Rarely has the view from inside a company been so at odds with the view outside it. Could Goldman Sachs have lived if all those other giant banks had failed? Could it alone survive financial Armageddon? Goldman executives are dismissive, even defiant, when critics argue the bank is playing a heads-we-win, tails-you-lose game with American taxpayers. And yet the questions keep coming. Last month, the story of Goldman’s post-crisis success—and conspiracy theories surrounding it—leapt from the business pages to the cover of Rolling Stone. The idea that nothing has changed for Goldman Sachs strikes many outsiders as absurd. In this era of mega-bailouts, Goldman is widely perceived, on Wall Street and in Washington, as too big and important to fail. If its bets pay off, Goldman profits and its employees get rich. If its bets go bad, ultimately taxpayers will have to pick up the bill. “Many observers on the market believe that Goldman and others of its size now have a free insurance policy,” said Elizabeth Warren, chairwoman of the congressional oversight panel for the $700 billion (Rs33.3 trillion) bailout fund. “Whether they do or notis less important than the fact that many in the market believe they do. That means at some level, Goldman is playing with the American taxpayers’ future.” Is Goldman gambling at America’s expense? Of course not, Cohn said. Should it change its business strategy in the wake of the gravest financial crisis since the Depression? No. Is Goldman taking big risks to make big profits? Courting more outrage over Wall Street pay with its plans to pay lavish bonuses? Throwing its weight around in Washington? No, no, no. Goldman executives dispute suggestions that high-stakes market gambles are behind its big profits—$3.4 billion in the second quarter. And they are dumbfounded when people such as Warren suggest companies such as Goldman, which paid back its bailout money last month, now operate with an implicit taxpayer guarantee. After so many wrenching changes on Wall Street and in the economy, it might come as a surprise that the post-bailout Goldman is virtually indistinguishable from the pre-bailout one. The bank has strengthened its capital base and reduced its use of leverage—the borrowed money thatturbo-charges profits on the way up and can prove devastating on the way down. But Goldman sees little reason to change the way it does business. In fact, its executives are surprised that anyone would suggest it should. Even Goldman’s conversion to a traditional banking company at the height of the crisis—a step many predicted would clip Goldman’s gilded wings—has been deftly sidestepped. It is, in other words, business as usual at Goldman—and what a business it is. Quarter after quarter, Wall Street executives scour Goldman’s results hoping to figure out how the bank makes so much money. Cohn and other executives, in recent interviews, sketched the broad outlines of an answer. Blankfein declined to be interviewed for this story. During the second quarter, Goldman bet correctly that the financial markets would calm down. It wagered that market volatility would decline and that certain securities tied to the troubled home mortgage market would revive. Its securities underwriting business bounced back too. The vast majority of profits came from trading on behalf of clients such as big mutual funds, pension funds and endowments, rather than from staking Goldman’s own money in the markets, Cohn said. Proprietary trading now accounts for about 10% of profits, down from 20% in 2005. Goldman dominated institutional trades linked to changes in a closely watched stock market index, the Russell 2000, and is benefiting because old competitors such as Bear Stearns and Lehman Brothers Holdings Inc. are no longer around. “We don’t have to outsmart the market today,” said Cohn. “We just have to do what our clients want us to do.” But unlike some of its rivals, Goldman is not shy about taking risks. The bank stood to lose as much as $245 million on any given dayduring the second quarter, basedon a common measureknown as value at risk (VAR). That was up from $184 million in mid-2008. But VAR captures only about a fifth of Goldman’s market risks andexcludes investments that are difficult to value. “Our risk appetite continues to grow year on year, quarter on quarter, as our balance sheet and liquidity continue to grow,” Cohn said. He and other executives say Goldman carefully manages its risks, which, for the most part, it has. Goldman’s latest quarterly disclosures to the Securities and Exchange Commission, filed on Wednesday, provide another glimpse into the bank’s activities. Aided by cheap credit, Goldman generated at least $100 million in daily revenue from trading on 46 separate days during the second quarter—a record. Some of Goldman’s recent practices are drawing scrutiny from government officials. In its filing on Wednesday, Goldman said various government agencies had enquired about its compensation practices, as well as its role in the market for credit derivatives, which fuelled the financial crisis. But overall, the events of the past year have not changed the way Goldman views or manages the risks its takes, said David A. Viniar, Goldman’s chief financial officer. Cohn acknowledges his bank is systemically important, meaning that its failure would probably send financial shock waves around the world. But he said that the implications of this status were unclear and that Goldman had no government backing. David A. Moss, a professor at Harvard Business School, disagrees. He says the painful lessons of the financial crisis show the federal government now stands behind all systemically important financial institutions. “We’re in a situation where we’ve extended important guarantees, both explicit and implicit, to almost all major financial institutions, yet we don’t have the regulations in place to control the excessive risk-taking that could result,” said Moss, the author of When All Else Fails: Government as the Ultimate Risk Manager. ©2009/THE NEW YORK TIMES feedback@livemint.com Source: World Business - Livemint.com | 6 Aug 2009 | 1:33 pm MFs increase exit load Fund houses have increased exit load and the minimum time period required to stay invested before making redemptions.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 1:29 pm Sensex sheds 390 points on weak monsoonA late sell-off on Thursday, mainly on fears that the monsoon could be far worse than estimated and basket selling by a hedge fund, pulled the sensex down 390 points to close at 15,514.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 1:28 pm Textile sector to get Rs 2546cr, says MaranThe government on Thursday decided to put some cash in the pockets of textile units who have been reeling under falling demand ever since the global economic slowdown began last year.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 1:28 pm DGM suspended in multi-crore scam at SBIIt is probably for the first time in the SBI's history that an official of DGM rank has been suspended in a scam, claimed sources.Source: India Business News | Business News - Times of India | 6 Aug 2009 | 1:27 pm Air India calls for insurance policy rebid, costs mountIt\'s a move that may burden the ailing maharaja even more. The cashstrapped Air India has called for a retender for its insurance policy renewal. This move may see its insurance bill jump by 3040%. CNBCTV18s Avni Raja reports.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 12:55 pm Realtors rebuild hopes on rising home salesAfter a long hiatus, home sales are finally back on track. Sales of major real estate developers have more than trebled in the June quarter compared to the preceding three months, amid growing expectations that the good times will continue to roll.Source: Business Standard | Front Page Headlines | 6 Aug 2009 | 12:50 pm UPA takes land Bill off the agendaThe long-awaited Land Acquisition (Amendment) Bill 2009 is in more trouble, with the government scrambling today to withdraw a copy of the final Bill that it circulated to MPs this morning ahead of introducing it in the Lok Sabha.Source: Business Standard | Front Page Headlines | 6 Aug 2009 | 12:48 pm India Inc to see capex drop 25%India Inc will see a 25 per cent drop in planned capital expenditure (capex) over the next three years, according to a survey of 500 industrial projects covering 11 sectors conducted by domestic credit rating agency, Crisil. The lower figure, however, still represents an average compounded annual growth rate of 7 per cent.Source: Business Standard | Front Page Headlines | 6 Aug 2009 | 12:46 pm See uptick in lending, credit offtake: BankersAC Mahajan, CMD, Canara Bank, said the bank saw a pick in credit offtake since July. He, however, was confident the banks NIMs would be close to 2.7%. He expects a 20% decline NPAs in the September quarter. Seconding his opinion, Vijaya Banks Chairman, Albert Tauro, said, he too expects NPAs to decline in the coming quarters.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 12:24 pm Panacea working to develop swine flu H1N1 vaccinePanacea Biotech has started working to develop a H1N1 swine flu vaccine with support from WHO as well as government of India, Joint MD Rajesh Jain said. \"The development is progressing effectively in a speedy manner at this point in time,\" he added.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 12:19 pm Over 26,000 Indian business visas issued in ChinaIndia has issued over 26,000 business visas in China so far in 2009, parliament was told Thursday.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 11:01 am Looking to divest up to 49% in tower arm: TTMLMukund Rajan, MD, TTML, said the company is looking to divest up to 49% stake in its tower arm after receiving shareholder approval. \"The tower business owns 2,000 towers in Mumbai.\" He added that a merger of the tower business with Tata Teleservices\' tower business is an option.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 10:25 am Punj Lloyd raises $140m via QIP at Rs 240.2/shEngineering and construction services provider Punj Lloyd has raised USD 140 million via the QIP route, confirmed, Luv Chhabra, Director of Corporate Affairs. We would use the fund for working capital and debt repayment, he said, adding that the company was looking at reducing high cost debt and replacing current debt with it.Source: Moneycontrol Top Headlines | 6 Aug 2009 | 9:55 am Know what you eatSo how healthy really is a breakfast of whole wheat bread and egg white omelettes? You can try doing all the math with the calories and grams of fat in your head but chances you are, at best, somewhere near the ball park. Use WolframAlpha, that brand new online search engine, to do the math for you. WolframAlpha, unlike say Google, does not depend on other people’s information to throw up results. It actually has a vast database of information, which it dips into everytime you run a search. So type in two slices of brown bread and the smart search engine immediately trawls up all little minutae of dietary data for the item. Add eggs, coffee and perhaps a glass of juice and WolframAlpha will keep adding one food item after the other into the calculation. Within moments you have complete dietary data for your meal displayed in a very professional looking food label format. Super useful for watchful eaters, WolframAlpha also offers potential for restaurant owners to clearly calculate and label their fare. Be amazed while the engine gives you options for all kinds of breads, egg preparations and even types of coffee. You can drill to remarkable detail. (And we love how by default the machine uses data for Starbuck’s coffee of the week. Feel free to choose boring Espresso instead.) To see the handy computational knowledge engine in action, play the video with this story. Source: Tech News - Livemint.com | 6 Aug 2009 | 9:39 am CII suggests 12-point agenda for infrastructure projectsThe Confederation of Indian Industry (CII) Thursday outlined a 12-point agenda for the faster implementation of infrastructure projects with special focus on having an infrastructure budget, a Land Bank Corp and separate regulators for the sector.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 9:30 am Larsen and Toubro scales down investment for Chennai shipyardHit by the economic slowdown, engineering and construction major Larsen and Toubro (L and amp;T) has scaled down its investment plan for the upcoming Chennai shipyard, a senior company official said here Thursday.Source: IndiaeNews.com: Business News | 6 Aug 2009 | 9:02 am
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