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See aluminium in $18002000/t range ahead: NalcoNalcos aluminium inventory is low at 10,000 tonne, its CMD CR Pradhan told CNBCTV18 in an interview. \"We see aluminium prices ranged between USD 18002000 per tonne.\"Source: Moneycontrol Top Headlines | 10 Aug 2009 | 9:45 am Moser Baer clarifies: IT Dept seeks Rs 2.98cr not Rs 2978crThe Income Tax Department demands Rs 2.98 Cr from Moser Baer not Rs 2978 Cr. The reports earlier suggest that Supreme Court had issued a notice to Moser Baer to pay Rs 2978 Cr to the Income Tax.Source: Moneycontrol Top Headlines | 10 Aug 2009 | 9:28 am No plan to hike prices: Coal MinistryThe Coal Ministry has said there was no plan to hike coal prices as of now, though it may seek a minimal hike in prices. \"Local coal prices are 50% lower than global rates,\" it told NewsWire18Source: Moneycontrol Top Headlines | 10 Aug 2009 | 9:20 am Glenmark to launch Crofelemer in emerging mkts by 2010Glenn Saldanha, MD and CEO, Glenmark Pharma, says the company is in final stages of Phase III trials for Crofelemer in the US. \"We plan to launch Crofelemer in India, Brazil, and other emerging markets by 2010. Post launch, the market size of the drug is seen at USD 80 million in 23 years.\"Source: Moneycontrol Top Headlines | 10 Aug 2009 | 8:59 am Expect Rs130cr revenue from Goa Project per yr: Mundra PortRajeev Sinha, Director, Mundra Port, said that Goa projects total cost is at Rs 350 crore and he expects the project to be completed within two years. Sinha said that revenue of Rs 130 crore per year is expected form the project is at full capacity. He expects 2225% margins from Goa Project, he added.Source: Moneycontrol Top Headlines | 10 Aug 2009 | 7:23 am Haven\'t discussed stake sale options: Maytas InfraMaytas Infra had a board meeting on Friday. Ved Jain, Government Nominated Director of Maytas Infra said, the board did not discussed stake sale options. He said, the company would start functioning fully after corporate debt restructuring (CDR) implementation. He didnt see cancellations of contracts.Source: Moneycontrol Top Headlines | 10 Aug 2009 | 6:56 am Will see 15% order flow increase in FY10: ThermaxThere have been several upgrades and downgrades after this earnings season. One set of numbers which did not go well with the street was Thermax. MS Unnikrishnan, MD of Thermax said that there were large cancellations and holding back of orders in the past few quarters.Source: Moneycontrol Top Headlines | 10 Aug 2009 | 6:38 am Japanese economic data lift recovery hopes!Hopes mounted Monday that Japan`s economy is on the mend after its worst recession in decades as the current account surplus showed the first rise in 16 months and machinery orders rebounded.Source: Zee News : Business | 10 Aug 2009 | 6:26 am Gulf Air plans to sack 272 workers: Union!Gulf Air trade unions on Sunday alleged the struggling Bahrain-owned carrier is planning to dismiss 272 workers within three months as part of a restructuring plan.Source: Zee News : Business | 10 Aug 2009 | 6:26 am `World avoided second Great Depression`!Stimulus spending by govts helped the world avoid a second Great Depression, says Paul Krugman.Source: Zee News : Business | 10 Aug 2009 | 6:26 am Sensex surges over 257 points in early trade!The Bombay Stock Exchange benchmark index Sensex surged by over 257 points in early trade on Monday, on fresh capital inflows by foreign funds, triggered by firming trends in Asian markets amid better-than-expected US jobs data.Source: Zee News : Business | 10 Aug 2009 | 6:26 am Oil eases but holds above $70!Oil was down in Asian trade on Monday after the dollar strengthened on the back of better-than-expected US unemployment data.Source: Zee News : Business | 10 Aug 2009 | 6:26 am Auto industry posts healthy growth in July; to continue trend!The domestic passenger car segment grew for the sixth consecutive month with July sales posting a robust 30.91 percent jump on account of low-base during the same month last year, which is expected to fuel the momentum for the next 2-3 months as well.Source: Zee News : Business | 10 Aug 2009 | 6:26 am SNC-Lavalin posts $80-million profit in Q2!Canada`s SNC-Lavalin, which is at the centre of the alleged Rs 300-crore (USD 60 mn) bribery scandal in Kerala, has reported a higher profit of USD 80 million for the second quarter.Source: Zee News : Business | 10 Aug 2009 | 6:26 am Daiichi Sankyo says to delay offer for Zenotech!Japan`s No.3 drugmaker Daiichi Sankyo said on Monday it would again delay its open offer for a 20 percent stake in India`s Zenotech Laboratories after an Indian court asked it to postpone the launch.Source: Zee News : Business | 10 Aug 2009 | 6:26 am Satyam scam: SC dismisses MTIA`s plea!The Supreme Court on Monday dismissed the petition of the Midas Touch Investor Association seeking compensation of nearly Rs 5,000 crore for three lakh retail shareholders in fraud-hit Satyam Computer Services.Source: Zee News : Business | 10 Aug 2009 | 6:26 am Audit of Reliance Industries' books not done: CAGCAG, the official auditor, has said his office was yet to ratify the Rs 45,000-crore capital expenditure claimed by Mukesh Ambani-led Reliance Industries for tapping natural gas from the Krishna-Godavari basin.Source: Hindustan Times News Feeds 'Business' | 10 Aug 2009 | 6:20 am North saw 12% vol growth in cement demand: Barak Valley CemBK Garodia, Managing Director of Barak Valley Cement, said that cement demand in the NorthEast region remains robust and that there is a 1012% volume growth in the Northern belt. Garodia said the company is looking to increase capacity and acquire mines. He said the companys net realisations are at Rs 4,200 per tonne.Source: Moneycontrol Top Headlines | 10 Aug 2009 | 5:48 am Webel SL Energy to raise Rs 45 crore via QIPWebel SL Energy Systems is raising about Rs 45 crore through a qualified institutional placement (QIP) issue for long term working capital requirements, President Finance R Sathyamurthy told CNBCTV18. Part of the money would also be used for debt repayment and as growth capitalSource: Moneycontrol Top Headlines | 10 Aug 2009 | 5:36 am Will exit Mahindra Satyam at opportune time: LTLarsen Toubro Finance is set to raise Rs 500 crore via 5 million secured, redeemable and nonconvertible debentures (NCDs) with a face value of Rs 1000.Source: Moneycontrol Top Headlines | 10 Aug 2009 | 5:30 am L&T says no decision to sell Satyam stake yet: TVIndian engineering and construction firm Larsen & Toubro has not taken a decision to sell its stake in outsourcer Mahindra Satyam, a senior official at Larsen told CNBC TV18 on Monday.Source: Hindustan Times News Feeds 'Business' | 10 Aug 2009 | 5:18 am CIL eyeing partnership with BHP, Rio Tinto - Zee News
Source: Business - Google News | 10 Aug 2009 | 4:32 am Sensex ends below 15000; M&M, ACC, HUL plunge - Economic Times
Source: Business - Google News | 10 Aug 2009 | 4:19 am L&T Infotech partners with Micro Focus to set up CoEL&T Infotech today said it has partnered with Micro Focus to set up a Center of Excellence (CoE) in Mumbai.Source: Daily News & Analysis: Money News | 10 Aug 2009 | 4:12 am BSE Sensex provisionally falls 1.7 pctMUMBAI (Reuters) – The BSE Sensex provisionally fell 1.7 percent on Monday, as fears that weak monsoon rains -- crucial for the country's domestic-demand-led economy -- will hurt a nascent economic revival weighed on investor confidence.Source: Reuters: Money News | 10 Aug 2009 | 4:08 am Sensex closes 258 points down, below 15,000-markIndian equities markets ended trade in the red Monday, with a key index shedding 258 points after volatile trading most of the day.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 4:00 am Car sales jump 31 percent in JulyDomestic car sales shot up by nearly 31 percent to cross 115,000 units in July, from about 88,000 units in the same period a year ago, an industry body said Monday.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 4:00 am Auto industry posts healthy growth in July; trend to continueNew Delhi: Indian car sales should pick up helped by coming festive season demand after they climbed for a sixth successive month in July, propelled by new launches and a revival in bank financing, industry and analysts said on Monday. Car sales are a leading gauge of consumer sentiment in India, in the absence of other indices and the country is one of the few markets in the world where demand has been picking up. Data from the Society of Indian Automobile Manufacturers showed companies sold 115,067 cars during July, 31% more than 87,901 cars a year earlier. “Unlike last year banks are willing to lend now and there is a return in customer demand, which will grow sales,” said Ashish Nigam, analyst with Antique Stock Broking. “There could be some effect because of the bad monsoons this year, but I think that would be only temporary. With the new launches there are more urban buyers and I see demand for vehicles being sustained,” he said. Vehicle sales get a boost during the festival season, which starts from the last week of September, when many families like to make major purchases and an industry official said dealers had already started stocking for the festive season. “I think some dispatches are happening because this time Diwali is coming early,” said Dilip Chenoy, director general of Siam, referring to the festival of lights in October. Automobile stocks have been among the major gainers this year on the back of improving outlook for the sector. Leader utility vehicle and tractor maker Mahindra & Mahindra has more than trebled this year and top carmaker Maruti Suzuki India has rallied 148%, outpacing the BSE index that has risen 57% over the same period. Maruti, in which Japan’s Suzuki Motor Corp has a 54% stake, reported a 33.4% jump in July sales on strong demand for its Swift model and A-Star exports. Its profit in the June quarter had unexpectedly leapt a quarter from a year earlier, helped by a fall in commodity prices and lower costs. Sanjiv Duggal, who runs the world’s biggest India fund, managing over $4 billion at HSBC, said last week automobile and property were set to benefit from India’s stimulus measures to boost growth. Car sales had registered their first fall in three years last year in July and fell in five out of the last six months of 2008 as the rising cost of financing purchases and higher prices crimped demand. On average, July sales for Maruti, Tata, Mahindra & Mahindra Ltd, the country’s top utility vehicle and tractor maker, and Hyundai Motor India have risen by about one-third, according to Reuters calculations. LIGHT TRUCKS RISE Sales of trucks and buses, a barometer of economic activity, rose 9.6% from a year earlier to 37,624 units, their first rise since July last year, the Siam data showed, helped by sales of light commercial vehicles. But sales of medium and heavy trucks and buses were still falling. Motorcycle sales rose 19.5% to 546,245 units from a year ago. Source: Home - Livemint.com | 10 Aug 2009 | 3:52 am Upward burst in BRIC manufacturing optimism - KPMGLONDON (Reuters) - Manufacturing firms in the world's four leading emerging markets have become increasingly optimistic about future demand, with confidence highest in Brazil, a survey showed on Monday.Source: Reuters: Money News | 10 Aug 2009 | 3:47 am RHJ head says Opel sale not foregone conclusionFRANKFURT (Reuters) - The outcome of the bidding process for GM's German unit Opel is not a foregone conclusion despite widespread backing for rival bidder Magna, the head of RHJ International said in a newspaper interview.Source: Reuters: Money News | 10 Aug 2009 | 3:44 am Rice worries boost wheat futuresMumbai: Indian wheat futures hit fresh highs on Monday on hopes of higher demand driven by a drop in rice sowing due to poor monsoon rains, analysts said. The shortfall in India’s monsoon rains since 1 June worsened to 28% on 8 August from 25% three days earlier, said two senior officials of the weather office. As per latest data, paddy sowing area fell to 19.13 million hectares from 25.68 million hectares because of weak monsoon rains. Lower rice acreage indicates lower output of the grain, which may increase the focus on wheat as an alternative grain resource for India, analysts said. “The stress on government reserves continues as rains play tricky,” Kotak Commodity Services Ltd said in a broker note. At 3pm, August futures contract on National Commodity and Derivatives Exchange was at Rs1,175 per 100 kg, up 2%. The contract hit fresh highs of Rs1,187 earlier in the session. India last month banned export of any wheat or rice through diplomatic arrangements. The government may sell a part of its bulging wheat stocks in the local market to control domestic prices. Wheat stocks stood at 32.92 million tonnes as on 1 July, almost double the required buffer norm of 17 million tonnes. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:43 am OIL may price IPO at Rs 1000-1100 a share - Economic Times
Source: Business - Google News | 10 Aug 2009 | 3:42 am Upward burst in BRIC manufacturing optimism: KPMGLondon: Manufacturing firms in the world’s four leading emerging markets have become increasingly optimistic about future demand, with confidence highest in Brazil, a survey showed on Monday. Accountants KPMG said its twice-yearly survey on manufacturing sentiment in the so-called BRICs (Brazil, Russia, India and China) showed a large jump in expectations for business conditions. Its overall index showed a net balance of 46.5% of firms expecting improvement compared with just 3.6% doing so in January. Anything above zero indicates optimism. KPMG also said a net balance of 44.8% of firms predicted higher new orders versus 4.9% in January. Consequently, business revenues are set to increase strongly, it said. “The BRIC manufacturing sector appears to have swiftly returned to strength following the slump in confidence that ensued from last year’s global financial crisis,” Ian Gomes, chairman of KPMG’s High Growth Markets Practice, said in a note. “Robust growth is widely forecast - based on expectations of improving domestic demand, the success of government stimulus measures and signs of stabilization in the world economy.” The survey, which reflects responses from about 1,000 manufacturing firms in the four countries, found that India was the least optimistic market with 38.5% of respondents expecting higher business activity versus 16.0% expecting deterioration. The remainder either expected conditions to stay the same or said they did not know. Brazilian manufacturers were the most optimistic among the BRICs, with 67.8% seeing improvement to just 2.9% expecting a slide. Optimistic Russians outweigh pessimists over improved business activity by 55.7% to 6.0%. The figures for China were 55.3% to 8.7%. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:41 am Small businesses expect economic recovery in 2010: surveyNew York: Emerging from the challenges presented by the recessionary condition, more than half of the small and mid-sized businesses in the US expect an economic recovery in 2010, a survey says. More than 58% of small business owners expect an economic turnaround in 2010, while 14% anticipate a rebound by the end of 2009 and rest 14% think the recovery would be in 2011 or later, as per the survey conducted by HR solutions provider Administaff. The business confidence survey found that 83% of the business owners said their biggest concern for 2009 is economy, followed by 53% citing government healthcare reform. Besides, about 44% said controlling operating costs is their concern while 33% said rising health-care costs are the other business worries, the survey, which was carried out across small and medium-sized businesses in the US, revealed. “However, for 2010 and later, concern about the overall state of the economy fell to 36%, when the largest number of survey participants expressed a 55% tie-vote for being ‘ very concerned´ about both potential tax increases and the effect of government expansion on business, and 50% listed the federal deficit,” the report said. Business houses are also anticipating an increase in sales and many of them said they would meet or exceed their 2009 performance plans. On the pipeline for new business to balance the rest of the months in 2009, 41% responded said that they expect a sales increase, 35% predict it would stay the same, while only 15% anticipate decreasing sales and 9% weighed in as unsure. In addition, 60% of the owners and managers of small and medium-sized businesses said that they are either meeting or exceeding their 2009 performance plans, with the remaining 40% reporting that they are doing worse than expected. “Throughout America’s history, the entrepreneurial spirit has overcome obstacles and capitalised on opportunities, and our current economic setting is no exception,” Administaff chairman and chief executive officer Paul J. Sarvadi said. “Small and medium-sized businesses are battling through the challenges of recession and appear to be preparing for recovery in 2010,” Sarvadi added. The survey was conducted in July, 2009 among chief executive officers, chief financial officers and other executives in a variety of industries throughout the US. According to the report, respondents said that they are continuing to be cautious in managing current staffing and compensation plans. About 60% of the people surveyed said they are maintaining current staffing levels, while 23% are adding new positions, layoffs were named by 16% as a current management strategy. The report also revealed that majority of the participants expect to maintain employee compensation at current levels for the remainder of this year. Source: World Business - Livemint.com | 10 Aug 2009 | 3:39 am Small businesses expect economic recovery in 2010: surveyNew York: Emerging from the challenges presented by the recessionary condition, more than half of the small and mid-sized businesses in the US expect an economic recovery in 2010, a survey says. More than 58% of small business owners expect an economic turnaround in 2010, while 14% anticipate a rebound by the end of 2009 and rest 14% think the recovery would be in 2011 or later, as per the survey conducted by HR solutions provider Administaff. The business confidence survey found that 83% of the business owners said their biggest concern for 2009 is economy, followed by 53% citing government healthcare reform. Besides, about 44% said controlling operating costs is their concern while 33% said rising health-care costs are the other business worries, the survey, which was carried out across small and medium-sized businesses in the US, revealed. “However, for 2010 and later, concern about the overall state of the economy fell to 36%, when the largest number of survey participants expressed a 55% tie-vote for being ‘ very concerned´ about both potential tax increases and the effect of government expansion on business, and 50% listed the federal deficit,” the report said. Business houses are also anticipating an increase in sales and many of them said they would meet or exceed their 2009 performance plans. On the pipeline for new business to balance the rest of the months in 2009, 41% responded said that they expect a sales increase, 35% predict it would stay the same, while only 15% anticipate decreasing sales and 9% weighed in as unsure. In addition, 60% of the owners and managers of small and medium-sized businesses said that they are either meeting or exceeding their 2009 performance plans, with the remaining 40% reporting that they are doing worse than expected. “Throughout America’s history, the entrepreneurial spirit has overcome obstacles and capitalised on opportunities, and our current economic setting is no exception,” Administaff chairman and chief executive officer Paul J. Sarvadi said. “Small and medium-sized businesses are battling through the challenges of recession and appear to be preparing for recovery in 2010,” Sarvadi added. The survey was conducted in July, 2009 among chief executive officers, chief financial officers and other executives in a variety of industries throughout the US. According to the report, respondents said that they are continuing to be cautious in managing current staffing and compensation plans. About 60% of the people surveyed said they are maintaining current staffing levels, while 23% are adding new positions, layoffs were named by 16% as a current management strategy. The report also revealed that majority of the participants expect to maintain employee compensation at current levels for the remainder of this year. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:39 am OIL may price IPO at Rs1,000-1,100 a shareNew Delhi: Oil India Ltd, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on 7 September at Rs1,000-1,100 a share. OIL is looking at pricing its initial public offering (IPO) at closer to the prevailing share price of Oil and Natural Gas Corp (ONGC), a source close to the development said. ONGC, the nation’s largest explorer, was trading at Rs1,167 on the Bombay Stock Exchange at 1400 hrs on Monday. OIL, the source said, believes its earnings per share (EPS) and book value are better than ONGC and so it is looking at pricing the issue in the range Rs1,000-1,100. The price band will, however, be fixed by a Group of Ministers in the last week of August. The IPO, the second after the highly successful offering by hydroelectric power generator NHPC, will open on 7 September and close on 11 September. OIL will be listed on the bourses on 29 September. The OIL management is currently holding an investor meeting in Hong Kong and Singapore. OIL, which produces 3.5 million tonnes of oil annually, will offer 2.64 crore equity shares or 11% to the public through the IPO, while the government will simultaneously sell 10% of its stake in the company to state refiners. Post-IPO and disinvestment, the government’s stake in the company will decrease from 98.13% to around 78.5%. The source said the IPO proceeds would be used to fund the capex requirement of Rs2,300 crore for 2009-10 and Rs2,400 crore for 2010-11. OIL was to launch its IPO of 11% equity on 10 November 2008, but the stock market downslide led to the postponement of the plan. Alongside the IPO, the government will sell 10% of its current holding in OIL to Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum. IOC will get about 5% while HPCL and BPCL would take about 2.5% each. The public holding will be about 12%. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:36 am 'Engineering exports to remain flat this fiscal'India's engineering exports are expected to remain flat this fiscal at $37.5 billion, a senior industry official said here Monday.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 3:30 am Expect Rs130cr revenue from Goa Project per yr: Mundra Port - Moneycontrol.com
Source: Business - Google News | 10 Aug 2009 | 3:27 am PSUs to import pulses to meet festive demandNew Delhi: State-run MMTC, State Trading Corporation (STC), PEC and National Agricultural Cooperative Marketing Federation (NAFED) have floated tenders to import over 2,00,000 tonnes of pulses to augment supply during festival season. STC has floated a tender to import about 1,18,000 tonnes of pulses, MMTC for 46,000 tonnes,and PEC for 31,000 tonnes, while Nafed has invited bids for an unspecified quantity, according to the tender notices published on the website of the respective PSUs. The pulses will be sourced from Myanmar, Africa, Canada and the US. Most of the tendered pulses will reach Indian ports by September and the rest by December, they said. The festival season has just started and the demand for pulses is expected to increase during this time. State-run agencies have floated tenders in last ten days asking bidders to supply the produce during this period, when the demand goes up. Currently, the prices of pulses have skyrocketed to Rs 90 a kg in the domestic market. According to tender notices, public sector undertakings (PSUs) are importing yellow peas the most, followed by tur (pigeon peas), urad (black mapte), moong (green gram), chana (chick peas) and dun peas. Agriculture minister Sharad Pawar had said that as on 22 July PSUs have contracted 10,29,000 tonnes of pulses, of which 9,13,000, tonnes have arrived and 7,30,000 tonnes out of which have been sold in the open market. India imports pulses to bridge the demand-supply gap of about 3,50,000 tonnes. The country’s pulses production is estimated to be 14-15 million tonnes against the demand of 17-18 million tonnes. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:20 am Weak monsoons pose risk to growth, inflation: CrisilMumbai: The weak monsoon this year poses risks to India’s growth and inflation rates as any drop in agricultural production may result in higher burden on the exchequer to provide relief to affected states, Crisil said. After a dismal June there was some improvement in July rainfall, but a 64% shortage during the 30 July - 5 August week raised the total deficiency in this season to 25%. Crisil measures the impact of rainfall using an index named Deficient Rainfall Impact Parameter (DRIP), which is based on the premise that both the availability of irrigation and the level of precipitation affect crop production. “DRIP scores based on data till 5 August show that Uttar Pradesh, Madhya Pradesh, Maharashtra, Andhra Pradesh, Bihar and West Bengal have been hit the most by poor rainfall,” DK Joshi, principal economist at Crisil, said in a note on Monday. These six states account for 47% of total summer food grain production and 46% of total summer rice production in India. Crisil said food inflation, which is already under pressure, may accelerate further due to lack of buffer stock for rain-dependent coarse cereals and pulses. However, sufficient stocks of rice, projected by DRIP scores as the most adversely impacted crop, will keep a lid on rice prices, it added. While the overall national agriculture is not at same level of risk as it was in 2002, the “grave situation” faced by some states will definitely shave off part of the GDP and the extent of damage will be clear by end-August, Crisil said. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:17 am Govt to announce steps to boost exports - Anand SharmaNEW DELHI (Reuters) - The government will announce steps to encourage the export sector at the forthcoming trade policy review scheduled later this month, Trade Minister Anand Sharma told reporters on Monday.Source: Reuters: Money News | 10 Aug 2009 | 3:07 am 41 killed, 230 wounded in wave of Iraq bombingsKhaznah, Iraq: At least 41 people were killed and more than 230 wounded in a spate of bloody bomb attacks near the restive northern Iraqi city of Mosul and in the capital Baghdad on Monday, the police said. In the deadliest single attack, two booby-trapped lorries exploded before dawn in the village of Khaznah, east of Mosul, leaving 23 people dead and 138 wounded. The massive blasts levelled 35 houses and gouged deep craters in the ground in the prosperous village of 3,000, home to members of the tiny Shabak community, a sect of Kurdish origin. “I was sleeping on the roof and I woke up as if there was an earthquake. After that I saw a plume of smoke and dust spreading everywhere,” resident Mohammed Kadhem, 37, told AFP. “A minute later another bomb went off, knocking me off the roof onto the ground. I was struck unconscious by shrapnel and stones,” he said. Falah Ridha, a 23-year-old nurse wounded in the attack, said he was the only survivor of 12 people in his family home. “Eleven people in my family were killed when their house collapsed. All of them woke up after the first bomb, but the second bomb was very close to my house, it was like an earthquake,” he said. “No one else escaped, just me.” Mosul has been the frequent target of attacks despite a marked decline in violence elsewhere in the country, and US commanders describe it as the last urban bastion of Al-Qaeda loyalists in Iraq. The country’s second city with a population of about 1.6 million, Mosul is mainly Sunni - both Arab and Kurdish - but it also has significant Christian and Shiite Turkmen minorities. In Baghdad, two bombs went off as day labourers were gathering in the early morning looking for jobs, police and the interior ministry said. The first bomb, hidden inside a bag of cement, exploded at Hay al-Amel in the west of the capital, killing seven people and injuring 46. The second attack, a car bomb in Shurta Arbaa in the north of the city, killed nine people and wounded 36 others. A third bombing attack on a market in the southern suburb of Saidiyah killed two people and wounded 14. On Friday, a powerful car bomb blast killed at least 37 Shiite Muslims near a mosque in Mosul in a wave of attacks that also killed 10 people in Baghdad, threatening to plunge the country into a new round of sectarian conflict. Despite a marked reduction in violence in recent months, attacks against security forces and civilians remain common in Baghdad, Mosul and in the ethnically divided northern oil-rich city of Kirkuk. The number of violent deaths fell by a third last month to 275 from 437 in June, following the pullout of US forces from urban areas. The figure in May was 155, the lowest of any month since the invasion. The Shabak community numbers about 30,000 people living in 35 villages in the province of Nineveh, and many want to become part of the autonomous Kurdish region of northern Iraq. They speak a distinct language and largely follow a faith that is a blend of Shiite Islam and local beliefs. The Shabak community was persecuted under ousted Iraqi dictator Saddam Hussein and after the US-led invasion of 2003 they were targeted on a number of occasions by Al-Qaeda. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:07 am Sensex slips back into red, down 49 pointsA key index of the Indian equities markets fell back into negative terrain Monday afternoon amid volatile trading.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 3:02 am Weak monsoons pose risk to growth, inflation - Crisil - Reuters India
Source: Business - Google News | 10 Aug 2009 | 3:02 am Samajwadi Party wants PM to quit over price riseSenior Samajwadi Party leader Kamal Akhtar Monday demanded the resignation of Prime Minister Manmohan Singh over the spiralling prices of essential commodities, though the party supports the government in parliament.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 3:02 am Swine flu deaths mount to sixPune/Chennai: A 35-year-old Ayurvedic doctor and a four-year-old boy died of swine flu in Pune and Chennai on Monday, taking the toll due to the dreaded viral infection in the country to six. The medic, Babasahib Mane, died in the Sassoon Hospital in Pune this morning, becoming the third person in the worst hit Maharashtra city to succumb to swine flu, a senior health official said. Mane was ailing for sometime and blood had been found in his sputum in the last couple of days, he said. In Chennai, a four-year-old boy, who was admitted to a private hospital with kidney and liver-related complications and had tested positive for swine flu, died this morning, health officials said. The boy had also been suffering from asthma. This is the first case of flu death in the city. “The boy was in a very critical condition. He had been suffering from asthma and he had been taken from one hospital to another for various complications. Ultimately he landed up in this hospital for a kidney-related problem...and they found the boy testing positive (for swine flu),” Tamil Nadu health secretary V K Subburaj said. The boy, who was on a ventilator, died following “multi- organ failure,” S Ilango, director of public health, said. With the two deaths on Monday, the swine flu toll in the country has climbed to six. Pune had reported India’s first swine flu death on 3 August with 14-year-old Reeda Sheikh succumbing to the disease. On Saturday, 53-year-old Fahmida Panwala from Mumbai and 42-year-old teacher Sanjay Tukaram Kokre from Pune had died of swine flu. Pravin Patel, a 43-year-old NRI, died in Ahmedabad on Sunday. A total of 82 fresh cases were reported from across the country on Sunday, taking the total number of positive cases to 864. With the number of cases rising rapidly, Prime Minister Manmohan Singh stepped in and reviewed the situation with health minister Ghulam Nabi Azad on Sunday. Singh asked Azad to ensure that his ministry co-ordinates with state governments on efforts to contain the spread of the infection and set up a panel of experts to correctly disseminate information on H1N1 virus. Azad has asked people having flu symptoms to take precautions and stay away from public places till their status of infection was clear. He said three companies were working to develop a swine flu vaccine in the country. “WHO has provided virus seed to several countries including India. If another country develops the vaccine before us, we will adopt it,” he said. Source: Home - Livemint.com | 10 Aug 2009 | 3:01 am Indian bond yields rise more on supplies - Reuters India
Source: Business - Google News | 10 Aug 2009 | 3:00 am JSW Energy readies $600 mn IPOMumbai: JSW Energy Ltd, a group firm of steel maker JSW Steel Ltd, plans to file a regulatory application in the next two days for an IPO worth about $600 million, three sources familiar with the deal said on Monday. JSW Energy, which aborted an IPO worth up to $1 billion last year, joins a rash of power firms looking to raise equity after a vigorous stock market rally since March. JM Financial, ICICI Securities, JPMorgan, SBI Capital Markets and Kotak Mahindra Capital Co. are among bankers arranging the issue, sources said, declining to be named as they are not authorized to speak to the media. A senior company official could not be immediately reached. The firm plans to use its IPO proceeds to fund expansion. The company is building power plants with a combined capacity of nearly 3,000 MW and has plans to develop utilities in western, eastern and southern India, its website showed. Adani Power’s $630 million IPO closed subscribed more than 20 times on 31 July and state-run utility NHPC’s $1.25 billion IPO, which opened on Friday, is already subscribed more than 3.5 times. Indian firms have raised more than $8.5 billion in share sales so far this year, already surpassing the total for 2008. India suffers from a peak power deficit of about 12%, and power companies are raising funds to expand their generating capacity. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 3:00 am Kerala scam accused company posts $80-million profitCanada's SNC-Lavalin, which is at the centre of the alleged Rs 300-crore ($60 mn) bribery scandal in Kerala, has reported a higher profit of $80 million for the second quarter of 2009 - up from $75 million during the same period in 2008.Source: Hindustan Times News Feeds 'Business' | 10 Aug 2009 | 2:57 am JSW Energy readies $600 mln IPO - sourcesMUMBAI (Reuters) - JSW Energy Ltd, a group firm of steel maker JSW Steel Ltd, plans to file a regulatory application in the next two days for an IPO worth about $600 million, three sources familiar with the deal said on Monday.Source: Reuters: Money News | 10 Aug 2009 | 2:56 am Weak monsoons pose risk to growth, inflation - CrisilMUMBAI (Reuters) - The weak monsoon this year poses risks to India's growth and inflation rates as any drop in agricultural production may result in higher burden on the exchequer to provide relief to affected states, Crisil said.Source: Reuters: Money News | 10 Aug 2009 | 2:52 am India's July car sales jump 31% - BBC News
Source: Business - Google News | 10 Aug 2009 | 2:51 am Monsoon rains shortfall widens, say sourcesNew Delhi: The shortfall in monsoon rains since 1 June worsened to 28% on 8 August from 25% three days earlier, but rainfall is forecast to revive in two key crop regions, senior officials of the weather office told Reuters on Monday. The soybean-producing central India, which has been almost totally dry for over two weeks, is expected to see better rains in the next seven days, they said. In Uttar Pradesh, the country’s top cane producer, rainfall was likely to improve from Wednesday, the officials, who did not want to be identified, said. “There is some good news. We are expecting revival in central and northwestern India,” one official at the India Meteorological Department said. But the revival was unlikely to make up for the deficit in early August and rainfall during the month was expected to be lower than the forecasts of 101% of average, the officials said. Low rainfall has heightened concerns of crop damage, encouraging Prime Minister Manmohan Singh to ask states to take prompt steps to ease rural distress. The damage to sugar crop has helped lift ICE front-month raw sugar futures to a fresh high of 21.55 cents a lb, the highest since March 1981. Source: Home - Livemint.com | 10 Aug 2009 | 2:48 am Govt says to roll out solar power plan by DecNEW DELHI (Reuters) - India will roll out a 20 gigawatt solar power plan by the end of December, the country's renewable energy secretary said on Monday.Source: Reuters: Money News | 10 Aug 2009 | 2:43 am Sensex surges over 257 points in early tradeThe Bombay Stock Exchange benchmark index Sensex surged by over 257 points in early trade today, on fresh capital inflows by foreign funds, triggered by firming trends in Asian markets amid better-than-expected US jobs data.Source: Hindustan Times News Feeds 'Business' | 10 Aug 2009 | 2:43 am Stakeholder selling 29% of Lenovo parentBeijing: The controlling shareholder of Lenovo’s parent company wants to sell nearly half of its holdings, as it looks for strategic partners to help bolster the firm’s business, a spokeswoman said on Monday. The asset management unit of the Chinese Academy of Sciences is seeking yuan2.76 billion ($404 million) for 29% of Legend Holdings, said a spokeswoman for Legend, parent of the world’s No. 4 PC maker. The Academy currently owns 65% of Legend Holdings. Lenovo dominates its home PC market in China, but has struggled on the world stage, especially in developed markets, since its landmark acquisition of IBM’s PC assets in 2004. The Academy is seeking a new investor to help improve management of the firm, the spokeswoman said. “It is meant to improve the corporate governance structure of Legend Holdings and to introduce more resources from new investors,” she said, adding the planned sale is in line with the Academy’s push to make its subsidiaries more market-oriented. The bidder should have no less than yuan4 billion ($585.3 million) of registered capital and its major business should cover finance, energy and real estate, she said, without elaborating. Lenovo shares were up 1.29% midway through the trading day in Hong Kong. The planned sale should have no immediate impact on the listed Lenovo, but will benefit Legend Holdings in the longer run, said Charles Gu, an analyst with JPMorgan. “A new investor will bring in new expertise,” he said, adding that potential buyers were most likely to be domestic. Founded in 1984 as a spin-off of the Chinese Academy of Sciences, Lenovo started as a distributor for foreign brands and began its own production in 1990. Lenovo’s share of the global PC market in the second quarter rose 0.5 percentage points to 8.7%, research firm IDC said, reversing consecutive quarters of falling market share. Lenovo reported a third straight quarterly loss in April-June, but the loss was smaller than expected thanks in part to China’s massive stimulus package, stabilising consumer demand and a slew of cost-cutting measures. Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 2:37 am ‘Great Depression 2.0’ avoided but recovery slow: KrugmanKuala Lumpur: The world has avoided a “Great Depression 2.0” but it will take at least two years for the global economy to make a full recovery, Nobel prize-winning economist Paul Krugman said on Monday. Krugman said in a speech to an international business forum here that although the worst of the financial crisis was over, the world now faces a prolonged slowdown like Japan’s “lost decade” of the 1990s. “How do we get out? I think the technical answer is -- God knows. We have a great shortage of role models,” said Krugman, a professor of economics at Princeton University in the United States. Krugman said that in the past, swift economic recoveries saw affected countries export their way out of trouble, trading with countries with large surpluses. “Unless we can find another planet to export to, we cannot have an export-led recovery from this global financial crisis, which means we have a serious difficulty,” he said. Other possible solutions -- consumer spending, business investment and housing booms are all unlikely to kick-start the US or world economy this time. “We seem to have avoided the Great Depression 2.0,” Krugman said, but added: “I do believe that full recovery is at least two years and probably more than that off.” Source: LatestNews-Home - Livemint.com | 10 Aug 2009 | 2:37 am Stakeholder selling 29% of Lenovo parentBeijing: The controlling shareholder of Lenovo’s parent company wants to sell nearly half of its holdings, as it looks for strategic partners to help bolster the firm’s business, a spokeswoman said on Monday. The asset management unit of the Chinese Academy of Sciences is seeking yuan2.76 billion ($404 million) for 29% of Legend Holdings, said a spokeswoman for Legend, parent of the world’s No. 4 PC maker. The Academy currently owns 65% of Legend Holdings. Lenovo dominates its home PC market in China, but has struggled on the world stage, especially in developed markets, since its landmark acquisition of IBM’s PC assets in 2004. The Academy is seeking a new investor to help improve management of the firm, the spokeswoman said. “It is meant to improve the corporate governance structure of Legend Holdings and to introduce more resources from new investors,” she said, adding the planned sale is in line with the Academy’s push to make its subsidiaries more market-oriented. The bidder should have no less than yuan4 billion ($585.3 million) of registered capital and its major business should cover finance, energy and real estate, she said, without elaborating. Lenovo shares were up 1.29% midway through the trading day in Hong Kong. The planned sale should have no immediate impact on the listed Lenovo, but will benefit Legend Holdings in the longer run, said Charles Gu, an analyst with JPMorgan. “A new investor will bring in new expertise,” he said, adding that potential buyers were most likely to be domestic. Founded in 1984 as a spin-off of the Chinese Academy of Sciences, Lenovo started as a distributor for foreign brands and began its own production in 1990. Lenovo’s share of the global PC market in the second quarter rose 0.5 percentage points to 8.7%, research firm IDC said, reversing consecutive quarters of falling market share. Lenovo reported a third straight quarterly loss in April-June, but the loss was smaller than expected thanks in part to China’s massive stimulus package, stabilising consumer demand and a slew of cost-cutting measures. Source: World Business - Livemint.com | 10 Aug 2009 | 2:37 am ANALYSIS - Jobs data propels staffing stocks, risks remainNEW YORK (Reuters) - Investors who pushed up shares of U.S. temporary employment agencies can relax a bit after Friday's U.S. jobs report came in better than expected.Source: Reuters: Money News | 10 Aug 2009 | 2:29 am Bharti shares fall on worries over higher MTN bid - Reuters India
Source: Business - Google News | 10 Aug 2009 | 2:23 am Car sales up 6th month, seen picking upNEW DELHI (Reuters) - Indian car sales should pick up helped by coming festive season demand after they climbed for a sixth successive month in July, propelled by new launches and a revival in bank financing, industry and analysts said on Monday.Source: Reuters: Money News | 10 Aug 2009 | 2:20 am Noon: Markets fall on monsoon woes, Bharti dropsMumbai: Indian shares fell 1% on Monday, as fears that weak monsoon rains - crucial for the country’s domestic-demand-led economy - will hurt a nascent economic revival weighed on investor confidence. Top telecoms firm Bharti Airtel fell as much as 4.8% to Rs365.50, its lowest level in more than 3 months, after a source familiar with the negotiations told Reuters on Friday that the company may increase its offer for a stake in South African peer MTN by between 5 and 10%. Profit-taking on a recent rally in automakers such as Mahindra & Mahindra and Maruti Suzuki, and consumer-goods firms Hindustan Unilever and ITC dragged the main index lower. Also See Monsoon Tracker (Graphics) “It’s only because of the weak monsoon that the market is behaving like this. Other than that, the market looks good,” S Ranganathan, head of research at LKP Shares, said. “Sectors that may be hurt by weak rains like consumer goods and autos are victims of profit-taking.” India’s prime minister asked state governments on Saturday to take first steps to deal with poor monsoon rains that have hit sowing of important crops, leading to a sharp rise in prices of food items like sugar. Monsoon rains in India, where only 40% farmland is irrigated, were 25% below normal since the start of the season in June and 64% below normal in the week to 5 August. Energy giant Reliance Industries, India’s top listed firm with the most weight in the main index, retreated 0.8% to Rs1,980. However, higher Asian markets, buoyed as better-than-expected US jobs data boosted hopes for a recovery in the global economy, lent some support. No. 2 outsourcer Infosys Technologies gained 1.7% to Rs2,076, and bigger rival Tata Consultancy Services climbed 4.2% to Rs529.70. By 11:36am, the 30-share BSE index was down 1% at 15,003 points, with 24 stocks declining, after rising as much as 1.7%. The 50-share NSE index was down 1% at 4,435.25. Top carmaker Maruti Suzuki slid 4.7% to Rs1,231, while No. 1 utility vehicle maker Mahindra & Mahindra dropped 6.6% to Rs779.45. Leading vehicle maker Tata Motors eased 3.5% to Rs400. India’s auto index was down 3.9%. Automobile firms had reported better-than-expected profits in April-June, helped by lower input costs, while their July sales soared on new launches and easier finance, driving the auto index up more than a third from 13 July through Wednesday last week. Hindustan Unilever shed 3.7 to Rs259.90, while ITC fell 2.5% to Rs224.30. In the broader market, losers led gainers by 2 to 1 on relatively heavy volume of 132.8 million shares. Asian shares were higher on Monday, with Japan’s Nikkei up 1.2%, while MSCI’s measure of other Asian markets rose 0.5%. Graphics by Sandeep Bhatnagar / Mint Source: Home - Livemint.com | 10 Aug 2009 | 1:35 am 26 Bihar districts declared drought-hitTwenty six of Bihar's 38 districts were declared drought-hit Monday in view of scanty rainfall that has badly hit transplanting of paddy seedlings and affected millions of farmers, officials said.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 1:30 am Sensex trying to recover after morning plungeA key index of the Indian equities markets was trying to crawl back into the green early Monday afternoon, after slipping more than 178 points into the red earlier.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 1:30 am Rupee moves in line with sharesMumbai: The Indian rupee swayed in line with seesawing shares on Monday afternoon with likely dollar inflows from the NHPC’s initial public offering helping the local unit. At 1:00pm, the partially convertible rupee was at Rs47.78/79 per dollar, off an early high of Rs47.64 but still stronger than its previous close of Rs47.85/86. On Friday, the rupee had dropped to 48 during trade, its weakest since 31 July. Dealers said most custodian banks were seen selling dollars which they suspected were the inflows towards the NHPC’s initial public offer which is currently underway. State utility NHPC Ltd’s up to $1.25 billion IPO was subscribed more than 3 times by late afternoon on Friday in a response that may push the government to offload stakes in other firms. Indian shares gained as much as 1.7% early before dropping more than 1% on worries that weak monsoon rains will hurt a nascent revival in the domestic economy weighed on investor confidence. Shares were trading up 0.4% at 1:00pm. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at Rs47.8425 and Rs47.8400 respectively, with the total traded volume on the two exchanges at about $815 million. Source: Home - Livemint.com | 10 Aug 2009 | 1:25 am ‘L&T says no decision to sell Satyam stake yet’Mumbai: Indian engineering and construction firm Larsen & Toubro has not taken a decision to sell its stake in outsourcer Mahindra Satyam, a senior official at Larsen told CNBC-TV18 on Monday. “No decision at the board or management level has been taken (to sell our stake in Mahindra Satyam). It is some kind of an enabling situation we wanted to create,” Larsen’s chief financial officer, Y M Deosthalee, told the television channel. Last week, the company — which had lost out in the race for a controlling stake in Satyam — said it had sought permission from market regulators to sell its stake in the outsourcer. The 12% stake, which Larsen had built up in Satyam prior to its sale, is no longer strategic after Larsen lost out on the bid to acquire the outsourcer, Deosthalee said. “It is now converted to the level of a portfolio investment,” he said, adding that it would exit the company at an opportune time, but was in no immediate hurry. Based on the expanded share capital after Satyam’s takeover, Larsen’s stake in the company is at 6.9%. “Today it is not so much of a strategic stake because in no way we are going to claim anything in that company,” said the CFO of Larsen, which has a small outsourcing unit — L&T Infotech. Satyam, once India’s fourth-largest software services firm, was put up for sale after being rattled by the country’s biggest corporate fraud. It was eventually bought by software firm Tech Mahindra. Under the conditions of the Satyam sale, bidders for the company are barred from selling their stakes, acquired prior to the bid, for six months as they were given access to Satyam’s financial information that was not public at that time. “The agreement we have signed... doesn’t have much importance now,” Larsen’s Deosthalee said. Shares in Mahindra Satyam were trading down 1.7% at Rs100.75 at 12.32 pm, while the main index was down 0.6%. Source: Home - Livemint.com | 10 Aug 2009 | 1:19 am Battle over control of Asarco heads to US courtNew York: India’s Sterlite Industries and Mexican miner Grupo Mexico will take their battle for control of bankrupt US copper miner Asarco LLC to court on Monday, as Asarco seeks to put an end to its four-year bankruptcy. Asarco, which sought court protection in 2005 amid a worker strike and more than $1 billion in environmental damage and asbestos claims, is asking judge Richard Schmidt of the US bankruptcy court in Corpus Christi, Texas to approve a sale of itself for more than $2 billion to Sterlite as part of its reorganization plan. The move is opposed by Grupo Mexico, which acquired Asarco in a leveraged buyout in 1999, but lacks board control due to the bankruptcy. Grupo Mexico, the largest copper miner in Mexico, has submitted its own offer to regain control of Asarco, making a bid it says is worth $3.1 billion in cash and notes. Judge Schmidt will hear evidence on the merits of both plans at the hearing. Asarco chief executive Joseph Lapinsky could be asked to testify during the proceedings. A flood of Asarco’s creditors filed objections to Grupo Mexico’s plan last week. The company’s union, which supports the Sterlite deal, said Grupo’s plan was “inadequate” and that it is “very unlikely” it would be able to reach a labour agreement with the Mexican miner after months of “painstaking” negotiations. Private equity fund Harbinger Capital, one of Asarco’s largest bondholders, had made an alternate $500 million reorganization plan offer for the company, but last week suspended consideration of its plan, saying it would support the Asarco-Sterlite deal. An ultimate decision from judge Schmidt on Asarco’s fate would bring to an end a more than year-long international battle over the sale of the copper miner, which owns three mines in Arizona. The sale could offer significant repayment to many of the company’s creditors. Sterlite had made a $2.6 billion offer for Asarco in May 2008, but backed out of that deal in October, saying it needed a substantial reduction in price after a drop in the copper markets. That also led Grupo Mexico to reduce its offer from an earlier $2.7 billion proposal that offered full repayment to creditors. Months of negotiation resulted in revised bids of $1.7 billion and $1.55 billion from Sterlite and Grupo, respectively, which were later pushed higher. A key issue in the hearing this week will also be a US federal court decision earlier this year that found Grupo Mexico in 2003 had made a “fraudulent transfer” of Asarco’s “crown jewel,” a controlling stake in Peruvian miner Southern Copper Corp. Judge Andrew Hanen, who sits in US district court in Brownsville, Texas, found that Grupo Mexico should return the stake in Southern Copper to Asarco along with a cash payment, in a decision Asarco says is now worth about $7.5 billion. Sterlite’s plan for Asarco envisions keeping that judgment, while under Grupo’s plan, it would be ineffective. Grupo is appealing the decision. Grupo Mexico says its plan would offer more repayment to creditors and that it would pursue claims against Sterlite for backing out of its earlier deal. Sterlite, an affiliate of London-listed Vedanta Resources Plc, has been promised a break-up fee should its offer not go through. The case is In re: Asarco LLC, US bankruptcy court, Southern District of Texas, No. 05-21207. Source: Home - Livemint.com | 10 Aug 2009 | 1:15 am Battle over control of Asarco heads to US courtNew York: India’s Sterlite Industries and Mexican miner Grupo Mexico will take their battle for control of bankrupt US copper miner Asarco LLC to court on Monday, as Asarco seeks to put an end to its four-year bankruptcy. Asarco, which sought court protection in 2005 amid a worker strike and more than $1 billion in environmental damage and asbestos claims, is asking judge Richard Schmidt of the US bankruptcy court in Corpus Christi, Texas to approve a sale of itself for more than $2 billion to Sterlite as part of its reorganization plan. The move is opposed by Grupo Mexico, which acquired Asarco in a leveraged buyout in 1999, but lacks board control due to the bankruptcy. Grupo Mexico, the largest copper miner in Mexico, has submitted its own offer to regain control of Asarco, making a bid it says is worth $3.1 billion in cash and notes. Judge Schmidt will hear evidence on the merits of both plans at the hearing. Asarco chief executive Joseph Lapinsky could be asked to testify during the proceedings. A flood of Asarco’s creditors filed objections to Grupo Mexico’s plan last week. The company’s union, which supports the Sterlite deal, said Grupo’s plan was “inadequate” and that it is “very unlikely” it would be able to reach a labour agreement with the Mexican miner after months of “painstaking” negotiations. Private equity fund Harbinger Capital, one of Asarco’s largest bondholders, had made an alternate $500 million reorganization plan offer for the company, but last week suspended consideration of its plan, saying it would support the Asarco-Sterlite deal. An ultimate decision from judge Schmidt on Asarco’s fate would bring to an end a more than year-long international battle over the sale of the copper miner, which owns three mines in Arizona. The sale could offer significant repayment to many of the company’s creditors. Sterlite had made a $2.6 billion offer for Asarco in May 2008, but backed out of that deal in October, saying it needed a substantial reduction in price after a drop in the copper markets. That also led Grupo Mexico to reduce its offer from an earlier $2.7 billion proposal that offered full repayment to creditors. Months of negotiation resulted in revised bids of $1.7 billion and $1.55 billion from Sterlite and Grupo, respectively, which were later pushed higher. A key issue in the hearing this week will also be a US federal court decision earlier this year that found Grupo Mexico in 2003 had made a “fraudulent transfer” of Asarco’s “crown jewel,” a controlling stake in Peruvian miner Southern Copper Corp. Judge Andrew Hanen, who sits in US district court in Brownsville, Texas, found that Grupo Mexico should return the stake in Southern Copper to Asarco along with a cash payment, in a decision Asarco says is now worth about $7.5 billion. Sterlite’s plan for Asarco envisions keeping that judgment, while under Grupo’s plan, it would be ineffective. Grupo is appealing the decision. Grupo Mexico says its plan would offer more repayment to creditors and that it would pursue claims against Sterlite for backing out of its earlier deal. Sterlite, an affiliate of London-listed Vedanta Resources Plc, has been promised a break-up fee should its offer not go through. The case is In re: Asarco LLC, US bankruptcy court, Southern District of Texas, No. 05-21207. Source: World Business - Livemint.com | 10 Aug 2009 | 1:15 am Decline in exports a concern - Anand SharmaNEW DELHI (Reuters) - Decline in exports is a matter of concern, but the stimulus measures already offered by the government have started working, Trade Minister Anand Sharma said on Monday.Source: Reuters: Money News | 10 Aug 2009 | 1:07 am Watch/Listen - Mint in Multimedia - 10 AugustVideo story: The week in review All of last weeks major stories in this video review - the fight between the Ambani brothers over gas escalates and Bharti and MTN extend deadline for merger talks to the end of the month Video story: Pasta on the go Chief Amol of the Italian restaurant Cibo, at New Delhi’s Hotel Janpath demonstrates how to make a quick, creamy chicken pasta Audio story: Companies getting away with partial disclosures to exchanges Listen to Sandeep Parekh, professor IIM-A and author of Initial Private Opinion blog, talk about how companies can exploit the unclear Sebi guidelines on passing information to shareholders Video story: Taking stock Katik Varma of iTrust Financial Advisors says weak global cues and poor monsoons resulted in selling and profit booking at the end of the week Source: Home - Livemint.com | 10 Aug 2009 | 1:06 am Audit of Reliance Industries' books not done: CAGIndia's official auditor has said his office was yet to ratify the Rs.45,000-crore ($9-billion) capital expenditure claimed by Mukesh Ambani-led Reliance Industries for tapping natural gas from the Krishna-Godavari basin.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 1:00 am Asia stocks score modest gains on US jobs dataHong Kong: Asian stocks made modest gains on Monday after better-than-expected US jobs data raised hopes the United States can lead the world out of recession, but Asian currencies were kept in check by a fluctuating US dollar. The US jobs report on Friday, which showed fewer-than-feared job losses in July and a surprise dip in the unemployment rate, underpinned equities across Asia. Shares in Japan reached a 10-month closing high as the US jobs data encouraged investors, but Japanese manufacturers forecast a sixth straight quarterly fall in machinery orders in July-September, a leading indicator of capital spending. That led some economists to suggest that the Bank of Japan’s view that the economy will improve later this fiscal year was too rosy. “If final demand continues to be very weak and if it is difficult to see when companies will recover, then it will take a long time for the BOJ to seek an exit strategy, including normalising interest rates,” said Junko Nishioka, chief Japan economist at RBS Securities in Tokyo. Major European stock futures were down 0.4% while US equity futures were 0.07% lower. The MSCI Index of Asia-Pacific stocks outside Japan was up 0.5% but still off 11-month peaks seen last week. The index has surged 78 percent since a rebound in global equities began on 9 March. Shares of Japanese resin maker Mitsubishi Rayon soared 19.8% on a report the company would be acquired by Japan’s largest chemical company Mitsubishi Chemical Holdings, which jumped 4.7%. Japan’s top tyre maker Bridgestone posted a second-quarter operating loss but its shares surged 5.6% as the company raised its full-year profit forecast. In Australia, a rise in demand for home loans in June for a ninth straight month reinforced the view that a strengthening housing market is driving economic recovery. The benchmark S&P/ASX 200 index was flat but coal shares rallied on a likely takeover of Australian coal miner Felix Resources Ltd by China’s Yanzhou Coal. Those shares were suspended. Shares in global commodities miner Rio Tinto Ltd, however, fell 3.3% after China stepped up its espionage allegations against the company. The US dollar fluctuated after jumping more than 1% on Friday on the jobs data. The dollar index, which measures the U.S. currency against a basket of others, was 0.11% lower at 78.976. While the jobs data has led to speculation US interest rates may rise as soon as later this year, analysts expect the US Federal Reserve to dampen talk of an early rate rise after its two-day meeting ends on Wednesday. “If interest rates were to rise in this situation, that may pour cold water on the recovery,” said Hiroshi Maeba, deputy managing director of forex trading at Nomura Securities in Tokyo. Those expectations put pressure on US Treasuries while Japanese government bonds were depressed by the rise in Japanese stocks. Oil prices meanwhile recovered from an early morning slide to regain $71 but were subdued after OPEC President Jose Botelho de Vasconcelos, signalled on Sunday that oil producers were unlikely to cut output when they meet next month, saying prices were not bad at current levels. Investors will be looking for more clues on the US economic outlook in a flood of reports this week including chain store sales on Tuesday, US trade data for June on Wednesday and July retail sales on Thursday. July consumer prices, industrial production and consumer sentiment for August will all be released on Friday. Amid persistently weak consumer demand in major Western markets, many export-reliant Asian economies have pinned their hopes on a rapid recovery in China. Chinese Premier Wen Jiabao said over the weekend that fiscal and monetary stimulus would remain in place, amid some concerns that asset bubbles may be forming as economic growth snaps back. Expectations that a barrage of economic data out of China on Tuesday will affirm the world’s third-biggest economy is on a firm recovery path helped Hong Kong’s Hang Seng Index, which was up 2.1%. But investors in mainland China were cautious and shares in Shanghai closed down 0.3%. Source: Home - Livemint.com | 10 Aug 2009 | 12:59 am India plans e-auction of coal blocks in 2010 - Economic Times
Source: Business - Google News | 10 Aug 2009 | 12:39 am Sensex down 124 pts, surrenders early gains Sensex plunged by over 124 points in late morning trade, reversing an early upward trend, as speculators preferred to book profits.Source: India Business News | Business News - Times of India | 10 Aug 2009 | 12:15 am 26 Bihar districts declared drought-hitTwenty six of the 38 districts of Bihar have been declared drought-hit, an official said Monday.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 12:01 am Car sales jump 31 percent in JulyDomestic car sales increased by nearly 31 percent to cross 115,000 units in July from about 88,000 units in the same period a year ago, an industry body said Monday.Source: IndiaeNews.com: Business News | 10 Aug 2009 | 12:00 am Mahindra Satyam bags 30 contractsMahindra Satyam or the erstwhile Satyam Computer Services has bagged around 30 IT contracts, after it was taken over by telecom solutions company Tech Mahindra inSource: Business Line - Home Page | 10 Aug 2009 | 12:00 am Consumers go for high-end durablesChennai, Aug. 9 Amitabh Tiwari, Business Head (Home Entertainment Business), LG Electronics India (P) Ltd, recalls that last year the company struggled to sell even 50 units of its top-end 50-inch plasma TVs aSource: Business Line - Home Page | 10 Aug 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 10 Aug 2009 | 12:00 am Gold vulnerable in short term, crude range-boundSentiment continues to play a significant role in commodity price performance. Leading indicators are slowly but surely turning positive. Economies are seen having hit the trough and beginning to reverseSource: Business Line - Home Page | 10 Aug 2009 | 12:00 am Milk turning dearerNew Delhi, Aug. 9 Even as consumers are reconciling themselves to dearer sugar, they are being served a double whammy – this time from milk.Source: Business Line - Home Page | 10 Aug 2009 | 12:00 am Great expectations from ChinaThe Western media has been engaged in recent weeks in analysing the prospects of China coming to the rescue of the global economy. The issue of Time dated August 10, 2009 has an article discussing the possibility of its economicSource: Business Line - Home Page | 10 Aug 2009 | 12:00 am Comex gold to consolidate, riseComex gold futures fell lower on Friday as the dollar rallied on optimistic US jobs data and the market digested news that the European central banks extended an agreement limiting gold sales. But gold could soon reverse its losses if globalSource: Business Line - Home Page | 10 Aug 2009 | 12:00 am Dhampur Sugar Mills (Rs 77.65): BuyWe recommend a buy in Dhampur Sugar Mills from a short-term perspective. It is evident from the charts of the stock that it has been trending upwards since November 2008 low of Rs 19.50. Since then, it has been forming higher peaks and higherSource: Business Line - Home Page | 10 Aug 2009 | 12:00 am Jet Konnect: A flexible solutionThe need for a “rapidly deployable and flexible solution” saw Jet Airways launch, Jet Konnect, its new low-cost sub-brand in May this year. In an interaction with Business Line, the airline’s Chief Commercial Officer,Source: Business Line - Home Page | 10 Aug 2009 | 12:00 am ONGC may get Cairn royalty reimbursedNew Delhi, Aug. 9 The Finance Ministry is believed to be favourably inclined towards the Petroleum Ministry’s proposal that ONGC be reimbursed the royalty that it will have to pay on behalf of Cairn India in the Rajasthan oil field.Source: Business Line - Home Page | 10 Aug 2009 | 12:00 am Gold futures slightly lower on strong rupeeMumbai: India gold futures were slightly lower on Monday weighed by a strong rupee, which makes the dollar-denominated asset cheaper, analysts said. The most-traded October contract was 0.16% lower at Rs14,844 per 10 grams at 10:58am. The Indian rupee rose from a one-week low hit in the previous session as a rally in Asian shares kindled hopes of foreign fund inflows into local stocks. “We expect lacklustre trade in gold till the statement from FOMC on Wednesday,” said Debjyoti Chatterjee, associate vice-president with ADMISI Commodities. Gold may trade in the range of Rs14,750-15,000, said Chatterjee. The policy-setting Federal Open Market Committee (FOMC) will meet on Tuesday and Wednesday, and central bankers are expected to hold the overnight fed funds rate in a range between zero and 0.25%. “Gold may trade sideways to down and may move in the range of Rs14,750-14,950,” said Abhishek Chauhan, technical analyst, Angel Commodities. Open interest for October gold on MCX was at 13,855 lots, down from 14,113 a day earlier. Volume on Saturday was 0.69 kg. Source: Home - Livemint.com | 9 Aug 2009 | 11:22 pm Sensex surges over 257 points in early trade The Sensex surged by over 257 points on fresh capital inflows by foreign funds, triggered by firming trends in Asian markets.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 11:02 pm Car sales jump 30.91%, bikes up 19.48% in JulyDomestic passenger car sales recorded 30.91% increase at 1,15,067 units in July from 87,901 units in the same month last year.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 10:52 pm Service to back up phone numbersCustomers can make use of the service by walking into any Univercell outlet, said the service providers.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 10:44 pm Rupee up 10 paise at 47.74 a dollarRupee on Monday appreciated by 10 paise to 47.74 against the dollar in early trade on expectations of increased capital inflows.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 10:28 pm ONGC orders probe into blow outOil and Natural Gas Corp (ONGC) has ordered for a probe into the partial blow of hydrocarbon gas from its well, near Bhayli village in Vadodara.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 9:48 pm Publicis to buy Microsoft’s Razorfish for $530mnNew York: French advertising company Publicis Groupe SA has agreed to buy Microsoft Corp.’s digital advertising firm Razorfish in a move to boost its share of advertising on the web, according to a joint statement released Sunday. The deal is valued at $530 million, comprised of cash and 6.5 million Publicis Groupe treasury shares. The two companies also signed a five-year strategic alliance agreement that will allow Publicis to purchase display and search advertising from Seattle-based Microsoft on favorable terms across Microsoft’s digital properties in exchange for certain minimum guaranteed purchases. Under terms of that agreement, Razorfish will continue to be a preferred provider to Microsoft for digital strategy, creative and marketing services and Microsoft has committed to spend a minimum amount for those services each year. In addition to Microsoft, Razorfish’s major clients include Ford Motor Co., Best Buy Co., McDonald’s Corp. and Starwood Hotels & Resorts Worldwide Inc. Razorfish will continue to operate under its brand name and be part of VivaKi, the new Publicis Groupe entity created in June 2008 to reflect independent operations of Digitas, Starcom MediaVest Group, Denuo and ZenithOptimedia. Razorfish’s management team, led by Chief Executive Officer Bob Lord, will remain unchanged. “The acquisition of Razorfish is another step forward in realizing our strategic vision of building a world leader in digital communications, a critically important space for our clients,” said Maurice Levy, chairman and chief executive of Publicis Groupe in a statement. “More than anything, this acquisition should demonstrate that Publicis Groupe now presents a wider pool of resources, talent and expertise that will help our clients market their products or services in a way that takes maximum advantage of the new digital world.” Levy added that when the transaction is completed, about 25% of the company’s annual revenue will come from digital communications, up from around 21% currently. The cash component of the purchase price will be based on the shares’ value, calculated by the average closing price of Publicis Groupe stock during the 20-trading-day period ending on the eighth business day prior to the closing date of the transaction. The transaction is expected to close during the fourth quarter of 2009. Publicis is the world’s fourth largest communications company with ad agencies including Leo Burnett,Publicis, Saatchi & Saatchi and media buyers Starcom MediaVest Group and ZenithOptimedia. In digital advertising, it owns Digitas. Razorfish became part of Microsoft’s umbrella as part of the company’s $6 billion acquisition of aQuantive Inc. in May 2007. Source: Tech News - Livemint.com | 9 Aug 2009 | 9:12 pm Moms get a chance to be managers againA unique Tata initiative seeks to accommodate aspiring women professionals looking for a second stint after taking a break to attend to domestic demands.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 7:10 pm Which company became the 11th telecom brand to enter Mumbai recently?Which company became the 11th telecom brand to enter Mumbai recently?Source: Daily News & Analysis: Money News | 9 Aug 2009 | 5:30 pm Jupiter to provide support for a good part of the weekWorries over the monsoon cast a pall over markets last week. After some early-week strength, stocks weakened by Friday.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 3:26 pm Nifty seen moving in 4300-4650 bandContrarian players may make small-sized buys near the lower end of the range.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 3:24 pm How going online helped the Indian Railways to connectThe website, with services such as reservation, train schedules, fares and PNR inquiry, sees a few million hits each day.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 3:23 pm If you've invested in RPower, NHPC is a no-brainerThe stock, which is fairly priced, is a good bet even for those looking for listing day gains.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 3:22 pm Asean FTA gives coffee growers sleepless nightsLow-cost coffee has already hit Indian exports; now they fear domestic sales will fall as well.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 3:21 pm 'A deluge of QIPs and GDRs could impact liquidity'Sanjay Dongre, senior fund manager at UTI Mutual Fund, spoke on development and earnings growth and the impact of the delayed monsoon on the market.Source: Daily News & Analysis: Money News | 9 Aug 2009 | 3:20 pm Review of Reliance Industries gas not over yet: AuditorIndia's official auditor has on record said his office was yet to ratify the Rs.45,000 crore ($9 billion) capital expenditure claimed by Mukesh Ambani-led Reliance Industries for tapping natural gas from the Krishna-Godavari basin.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 2:24 pm 'Make land acquisition last resort'In a wide-ranging interview with ET NOW senior editor Andy Mukherjee, Amartya Sen applies concepts of 'Neeti' and 'Nyaya' to discuss the burning issues of today.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 2:18 pm How Digital Age has revolutionised musicI received an e-mail at the weekend from my friend Soumitra Ranjan, a Microsoft executive-turned professional musician, with an attachment: his song, Fisherman’s Dream.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 2:09 pm Kingfisher eyes east, Jet looks west at low-cost fliersThe competition in the low-fare flight segment is all set to intensify. Vijay Mallya-owned Kingfisher Airlines and Naresh Goyal’s Jet Airways are looking at East and West Asia for full service offerings, and come September, Air India’s low-fare offering too will be airborne.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 2:07 pm Sebi move to aid small players The latest Sebi move towards a uniform exit load for fund houses will stop the practice of small investors subsidising the bigger ones in the same scheme.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 2:03 pm IRDA backs 5-yr lock-in for ownersInsurance regulator IRDA is ready with final guidelines on corporate governance for the sector focusing on key areas such as lock-in period for promoters, whistle blowing policy, governance structure and disclosures.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 2:01 pm ‘I’m very happy doing philanthropy’The 27-year-old Roshni Nadar is in the media glare for more reasons than one. Not only is there a rising curiosity over her future plans at HCL but also her current role at Shiv Nadar Foundation, which recently announced the launch of Vidyagyan, a school for underprivileged children. She took time off to speak to Hindustan Times about her role and future plans. Excerpts:Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 2:01 pm 'Global crisis costs $11.9tn'The world has spent a staggering $11.9 trillion to wriggle out of the financial crisis, the sum which is enough to finance a 1,779 pound handout for every person living on the planet, The Telegraph said quoting the IMF.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 1:59 pm MSD set to expand India presenceMSD India, the India subsidiary of the $29 billion US-based pharmaceuticals giant Merck and Co., is planning to step up its India presence.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 1:58 pm ‘The global crisis is an opportunity, not a problem’A pioneer of the IT industry in India, Nadar believes the global financial crisis can turn into an opportunity for the country. “We must grab the opportunity an not let it go,” he said. Nadar spoke to Mahua Venkatesh about the IT industry, the financial crisis and his role in the Shiv Nadar Foundation.Source: Hindustan Times News Feeds 'Business' | 9 Aug 2009 | 1:55 pm Oil India IPO on Sept 7, price band on August 25Northeast explorer Oil India Ltd will make its first public offering of shares on September 7. Simultaneously, the government will also dilute 10% of its equity in the firm.Source: India Business News | Business News - Times of India | 9 Aug 2009 | 1:52 pm Paulson’s calls to Goldman raise doubtsBefore he became the US treasury secretary in 2006, Henry M. Paulson Jr agreed to hold himself to a higher ethical standard than his predecessors. He sold all his holdings in Goldman Sachs, the investment bank he had run, and said he would avoid any substantive interaction with Goldman executives unless he first obtained an ethics waiver from the government. But today, seven months after Paulson left office, questions are being asked about his part in decisions last fall to prop up the teetering financial system with taxpayer dollars, including aid that benefited his former firm. Last month in Washington, answering questions from members of Congress about his relationship with Goldman, Paulson testified: “I operated very consistently within the ethic guidelines I had as secretary of the treasury.” He added that he had asked for a waiver involving his interactions with the bank “when it became clear that we had some very significant issues with Goldman Sachs”. Copies of two waivers he received—from the White House counsel and the treasury department—show they were issued on 17 September. That was a day after the government agreed to lend $85 billion (Rs4.07 trillion) to the American International Group Inc. (AIG), which used the money to pay off Goldman and other banks financially threatened by AIG’s potential collapse. While Paulson spoke to many Wall Street executives during that period, he was in very frequent contact with Lloyd C. Blankfein, Goldman’s chief executive, according to a copy of Paulson’s calendars acquired by The New York Times through a Freedom of Information Act request. During the week of the AIG bailout alone, they spoke two dozen times, far more frequently than Paulson did with other Wall Street executives. Michele Davis, a spokeswoman for Paulson, said Federal Reserve officials, not Paulson, had played the lead role in shaping and financing the AIG bailout. But Paulson was closely involved in decisions to rescue AIG, according to two senior government officials who requested anonymity. Ethics specialists said the circumstances of Paulson's waivers were troubling. ©2009/THE NEW YORK TIMES Source: World Business - Livemint.com | 9 Aug 2009 | 1:45 pm In the deluge of social networking sites, how many will make the cut?Bangalore: In July, Mohit Kapoor made a slick presentation on his new company to a gathering of technology developers for cellphones at the Bangalore arm of Mobile Monday, a global forum of mobile technology enthusiasts. The presentation marked the soft launch of Goolel, yet another India-centric social networking site. Five years after the world’s largest social networking site, Facebook, hit the Internet, companies here are still scrambling to join the social networking bandwagon. Also See Social Standing (Graphics) In April, Hyderabad-based nLeague Services Inc. entered the already crowded social networking landscape with Zahdoo.com. March saw American Internet company AOL Llc. bring Bebo.com to India. Social networking sites started gaining traction in India some three years back with the rising popularity of global sites Facebook and Orkut. Soon, Indian sites caught on; Ibibo.com, Indyarocks.com, Bharatstudent.com and Bigadda.com emerged. Today, the market is cluttered with at least a dozen sites but the two global first-movers —Orkut and Facebook—account for at least 90% of the market, according to Diptarup Chakraborti, a principal research analyst at Gartner India, a research and consulting firm. HT Media Ltd, which publishes Mint, has a presence in the space through DesiMartini.com. Kapoor is convinced there is a market for offerings such as his. “In terms of technology, there are no (geographical) barriers,” says Kapoor, chief executive at Gurgaon-based Goolel Technologies Pvt. Ltd, which runs the eponymous site. “But people want to feel at home. You have to create that Indian environment.” He claims to be the only player focused on delivering a “rich user experience” on mobile phones. However, his isn’t the first offering to target mobile phone users. “Facebook mobile (the mobile version of the online site) will be a hugely important way to enable people in India to stay connected,” says Meenal Balar, international marketing manager at Facebook. Another social networking site, Indyarocks, says it draws its inspiration from market leaders in South-East Asia—Mixi.com in Japan, Qq.com in China and Cyworld.com in South Korea—all popular social networking sites with local origins. “They continue to rule the market with specific offerings (in the) local language,” says Kalyan Manyam, co-founder of Indyarocks, which has 3.4 million registered users. Manyam soon plans to offer messaging and blogging in seven Indian languages. None of the social networking sites mentioned in the story were ready to reveal details of revenue or cost. Nobody knows what is the critical mass to break even, said Shivanandan Pare, chief operating officer at Bigadda, RelianceBIG Entertainment Pvt. Ltd’s social networking site. But Pare is hopeful. “Since our sales force went out to get advertisers in January, we have had 40 brands (advertising on the site).” Gartner’s Chakraborti compares the rush to build online communities to the dot-com boom of the 1990s. “Ten years back, it was all about eyeballs, eyeballs. Today, it is all about communities, communities.” On the lines of the dot-com bust, Chakraborti predicts a shakeout in the next two-three years. “A big percentage (of these networks) will not survive.” “There are many ‘me toos’ created over the (last) two-three euphoric years,” says Ashish Kashyap, CEO at Ibibo, a social networking site that has positioned itself as a talent-showcasing platform. “There is no space for ‘me toos’…you have got to differentiate and solve a problem.” The numbers, too, do not seem to add up. India has between 34 million and 50 million internet users, according to various estimates. According to Internet market research firm comScore Inc., the country had 34.6 million Internet users (who access the Web from their homes/offices) in June, of which at least 65%, or 22.61 million, accessed social networking sites. In many developed markets, social networks and blogging sites have dislodged personal email in the hierarchy of the online world, said media measurement firm Nielsen Co. in its “Global Faces and Networked Places March 2009” report. Still, Facebook is yet to turn a profit and users are too busy connecting with old friends and lost love to click on advertisements. “Everyone is experimenting with different things (to make money from advertising). Some things will work; some things won’t,” said Rahul Kulkarni, product manager at Google India who oversees Indian market leader Orkut. For Orkut, India, with 13 million active users, is the third largest market after Brazil and the US. Source: Tech News - Livemint.com | 9 Aug 2009 | 1:45 pm For most junior ministers, it's no work and all playThe United Progressive Alliance (UPA) has come back to power for a second time, but nothing seems to have changed for S S Palanimanickam neither his portfolio, nor his work profile. The DMK Member of Parliament continues to have no work.Source: Business Standard | Front Page Headlines | 9 Aug 2009 | 12:44 pm New Pension Scheme is born, but refuses to growFour months after its launch, registering yourself to be a member of the New Pension Scheme (NPS) is not an easy task.Source: Business Standard | Front Page Headlines | 9 Aug 2009 | 12:42 pm RBI wants to regulate housing finance firmsThe Reserve Bank of India (RBI) has added a rider for offloading its stake in the National Housing Bank (NHB) to the government by suggesting it handle the regulation, licensing and supervision of housing companies to provide banks and housing finance companies a level playing field.Source: Business Standard | Front Page Headlines | 9 Aug 2009 | 12:37 pm Only states can decide on aviation fuel tax issue, says Patel - Economic Times
Source: Business - Google News | 9 Aug 2009 | 8:54 am Rio Tinto mulls $100 mn in exploration projectMumbai: UK-based diamond producer Rio Tinto Diamonds plans to invest $75-100 million on a pre-feasibility study of its diamond mines project in Madhya Pradesh, a top company official said. “We plan to start a pre-feasibility study at the Bunder Diamond project in Madhya Pradesh and invest $75-100 million by early 2010,” Rio Tinto diamonds managing director Bruce Cox said. If the study shows that the project is viable, then the company would consider further investments, Cox said.“We could then invest a further USD 300-400 million over the next 4-5-years,” he said. The company is currently working for prospecting and mining licences with several Indian states, Cox said. The most advanced exploration project is at Bunder in Madhya Pradesh where Rio Tinto has discovered a cluster of eight diamondiferous lamproites. Rio Tinto has spent more than $25 million over the last five-years on diamond exploration in India and is the first foreign company to be granted prospecting licences. The reconnaissance work has resulted in the discovery of more than 15 pipes with Rio Tinto’s Bunder project, the first of its kind in India, and set to be a world-class diamond mine. “We would be delighted to be mining and marketing Indian diamonds in the not-too-distant future,” Cox said. ”The world is also looking to India as a driver of future growth in the diamond industry, be that through their highly innovative and flexible manufacturing sector, or as an end consumer of diamonds,“ Rio Tinto general manager for sales and marketing Jean-Marc Lieberherr said. “We will continue to work collaboratively with our partners and the industry, including the Gem and Jewelery Export Promotion Council to create demand for diamonds throughout the distribution pipeline,” Lieberherr said. Long-term diamond fundamentals suggest at the aggregate level, diamond demand will exceed supply resulting in a robust price outlook, he said. Rio Tinto is one of the world’s major diamond producers through its 100% control of the Argyle mine in Australia, 60% of the Diavik mine in Canada and a 78% interest in the Murowa mine in Africa. More than 90% of the Argyle production is cut and processed in India while more than 60% from its Diavik mine is cut and polished in India. Rio Tinto is also celebrating 20-years of diamond business in India this year. It had opened its office in Mumbai in 1989 in recognition of the growing importance of India as a major trading partner and diamond cutting centre. Source: World Business - Livemint.com | 9 Aug 2009 | 3:09 am
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