|
|
|
|
See difficulty in implementation of royalty on mining: MSPLExecutive Director of MSPL Rahul Baldota said there would many issues when the government implements the 10% ad valorem duty on mining.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 9:13 am Looking at acquisitions worth Rs 1000cr: DaburSunil Duggal, Chief Executive Officer, Dabur India. says the FMCG major could acquire companies close to Rs 1000 crore. He does not rule out making an acquisition in FY10.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 8:38 am Reliance MF considering IPO, scouts for global acquisitionsIndia\'s largest mutual fund may also be the first to go public. Sundeep Sikka, CEO, Reliance Mutual Fund, says the company is considering an initial public offering.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 7:59 am Economic downturn bottoming out, says US Federal ReserveSignalling that the worst of the economic crisis could well be over, the US Federal Reserve has said that the downturn is bottoming out and financial conditions in the country have improved in recent months.Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 7:55 am China steel makers must stop future projects, says officialA top government official in China urged steel producers on Thursday to stop projects aimed at expanding capacity as Beijing tries to curb a glut in the industry that is dampening prices.Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 7:39 am Margins to improve due to rising prices: Jayshree TeaDP Maheshwari, MD, Jayshree Tea, said tea prices are expected to remain firm and may pick up from September onward. For Jayshree Tea, the total production wont come down. Jayshree Tea, if anything, should get benefited, he said, adding that margins for the company should go up.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 7:14 am Toyota to make more fuel-efficient hybrid: reportToyota Motor Corp. will start selling a new hybrid car in 2011 that is more fuel efficient than its Prius, in a bid to keep pole position in environmentally friendly vehicles, a report said on Thursday.Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 7:08 am Germany, France edge out of global economic recessionTwo of Europe's biggest economies, Germany and France, emerged from recession today as both recorded unexpected growth in a further sign that a recovery is beginning to take shape. Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 6:33 am Switzerland, US agree to deal on UBSThe US and Swiss governments have reached an agreement in the case against UBS over charges of tax fraud, a US government attorney said Wednesday.Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 5:58 am Microsoft teams up with NokiaThe world's largest software maker Microsoft and the biggest mobile phone maker Nokia on Wednesday announced a partnership that will enable Microsoft Office to run on Nokia phones.Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 5:56 am Sensex rebounds to hold hefty gains at open!The Bombay Stock Exchange benchmark recovered sharply by gaining over 308 points in early trade on Thursday on emergence of buying at lower levels triggered by an attractive industrial data and firming global trend.Source: Zee News : Business | 13 Aug 2009 | 5:55 am Nigeria, China to sign agreement against fake products!Nigeria on Wednesday said it will sign an agreement with Chinese government to check the import of fake products from Beijing.Source: Zee News : Business | 13 Aug 2009 | 5:55 am STT removal in Direct Taxes code finds favour with mkt players!The removal of Securities Transaction Tax (STT) proposed in the new Direct Taxes Code may prove beneficial for market players as it may bring back strong volumes, analysts said.Source: Zee News : Business | 13 Aug 2009 | 5:55 am Microsoft ordered to stop selling Word in US !A US judge has ordered Microsoft to stop selling its popular Word document creation application in the country in 60 days after finding that the software contains technology that violates a patent held by a third party.Source: Zee News : Business | 13 Aug 2009 | 5:55 am Oil gains on US recovery hopes; stays above 70/barrel !Oil prices rose in Asian trade on Thursday after the Federal Reserve said the recession-hit US economy was stabilising, analysts said.Source: Zee News : Business | 13 Aug 2009 | 5:55 am US Fed keeps interest rates steady near zero percent!The Federal Reserve kept its benchmark interest rate at near zero percent Wednesday and showed no signs of changing course as the US begins to emerge from a 20-month recession.Source: Zee News : Business | 13 Aug 2009 | 5:55 am FDI inflow increases 5 times in April-June!Signs of India`s economic recovery appears to have raised the confidence among foreign investors with the flow of foreign investment surging five times in the April-June quarter.Source: Zee News : Business | 13 Aug 2009 | 5:55 am Real estate lawyers hard hit by economic crisis!The heady days of the real estate boom are over for most lawyers who made quite a packet dealing with clients on the lookout for purchasing land, with most of them having to deal with petty cases now.Source: Zee News : Business | 13 Aug 2009 | 5:55 am Aviation woes: Praful Patel to brief Cabinet!Civil Aviation Minister Praful Patel is expected to make a detailed presentation on the problems of the civil aviation sector in a Cabinet meeting on Thursday.Source: Zee News : Business | 13 Aug 2009 | 5:55 am Worst of economic downturn may be over in US, say economistsUS economists are generally agreed that America's worst economic downturn since the Great Depression is over, but an average American is unlikely to feel things are significantly better anytime soon. Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 5:40 am India to grow only 80mn ton rice vs 99mn ton last yr: KRBLThe weak monsoon has brought into focus the agriculture sector. Anil Mittal, CMD of KRBL, Indias largest basmati miller, said the country\'s rice production is expected to come down to 80 million tonne versus 99 million tonne last year.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 5:36 am Ministerial group to examine aviation crisis, says Praful PatelAccording to private carriers, their collective losses went up to $2 billion in the past year, while Air India has also accumulated similar losses, of which $1 billion was in 2008-09. Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 5:24 am JP Associates expects to sell 13.5 mt cement in FY10Manoj Gaur, Executive Chairman, JP Associates, said cement had issues of regional imbalances. He expected the company to sell 13.5 million tonne cement in FY10.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 5:10 am See 30% revenue growth this year: PantaloonAs the swine flu scare spreads across India, its effect is gradually being seen in the retail sector as well. Kishore Biyani, CEO, Pantaloon said the company saw some impact of swine flu on sales in Pune. We saw over 20% fall in sales in Pune and 68% fall in sales in Mumbai, he added.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 4:36 am PSL Ltd bags Rs 500-cr order from GAIL for pipeline projectPipe manufacturer PSL Ltd said it has bagged an order worth around Rs 500 crore from GAIL India for supply of steel linepipe.Source: Daily News & Analysis: Money News | 13 Aug 2009 | 4:21 am PM to address CMs regarding drought situation on Monday - Indian Express
Source: Business - Google News | 13 Aug 2009 | 4:17 am Sensex rebounds to robust gains in early tradeThe Bombay Stock Exchange benchmark recovered sharply, gaining over 308 points in early trade on Thursday.Source: Daily News & Analysis: Money News | 13 Aug 2009 | 4:14 am BSE Sensex provisionally rises 3.5 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 3.5 percent on Thursday, as equity markets across the world were boosted by positive comments from the U.S. Federal Reserve about the world's largest economy.Source: Reuters: Money News | 13 Aug 2009 | 4:13 am Recovering economy takes a rain check, hit by decline in rainfall, swine flu pandemicAgriculture, auto, FMCG, consumer durables, hospitality... the list of affected sectors is long in this season of a truant monsoon and a virulent virus strain.Source: Daily News & Analysis: Money News | 13 Aug 2009 | 4:11 am India, ASEAN sign deal on free trade in goods - Reuters India
Source: Business - Google News | 13 Aug 2009 | 4:10 am Poor customer service costs Rs11,640 cr loss every year: surveyMumbai: According to a recent servay conducted by Greenfield Online, business in India lose up to Rs11,640 crore in revenue every year due to poor service as customers abandon transactions or end relationships when companies do not meet their expectations. “India loses Rs11,640 crore (US$2.46 billion) due to poor customer service every year in revenue due to inability to meet customer expectations,” the survey said. India pays a higher cost of poor customer service compared to New Zealand and Australia that were also part of the survey. The three countries put together lose Rs28,000 crore in revenue, the survey sponsored by Genesys Telecom Labs, part of Alcatel-Lucent company, said. “Businesses in India, Australia and New Zealand suffer significant losses every year due to poor customer service over the web, in the contact centre, or via mobile devices as consumers abandon transactions or end relationships when companies do not meet their expectations,” it added. Of the over 1,500 people surveyed, the bigggest complaint was about trying to reach through to the call centre, the survey found. In India, 56% consumers admitted to having ended a relationship due to poor customer service, while 50% had an experience that made them more likely to do so in the past year, the survey said. “Customer service has a long way to go vis-a-vis developed countries. Mobile and Internet will be the preferred contact points for customers and companies should invest in high-end technology to stop customer churn to competitors,“ Genesys Telecom Labs India, managing ditrector, Shamsheer Ahmed said. Indian customers felt annoyed by the inability to reach a human agent to answer a query or agents being poorly trained, Greenfield Online said. Having to repeat information every time their call was forwarded to another department, long wait times to talk to a customer service executive and working with agents who were not authorised to make decisions also annoyed them the most. For transactions abandoned due to poor customer service, an identical number (62%) turned into business for a competitor, and 38% of transactions were completely abandoned and lost to all companies, Greenfield Online said. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 4:04 am Close: Markets rally 3% on global optimismMumbai: Indian shares rose 3.32% on Thursday, as equity markets across the world were boosted by positive comments from the US Federal Reserve about the world’s largest economy. Sentiment was also boosted after finance minister Pranab Mukherjee said on Wednesday India proposes to reform its archaic tax laws, phase out exemptions, simplify rules on corporate mergers and help improve compliance. The 30-share BSE index ended up 498.33 points at 15,518.49, with all stocks gaining. The 50-share NSE index closed up 3% or 147.50 points at 4,605.00. Source: Home - Livemint.com | 13 Aug 2009 | 4:00 am Close: Markets rally 3% on global optimismMumbai: Indian shares rose 3.32% on Thursday, as equity markets across the world were boosted by positive comments from the US Federal Reserve about the world’s largest economy. Sentiment was also boosted after finance minister Pranab Mukherjee said on Wednesday India proposes to reform its archaic tax laws, phase out exemptions, simplify rules on corporate mergers and help improve compliance. The 30-share BSE index ended up 498.33 points at 15,518.49, with all stocks gaining. The 50-share NSE index closed up 3% or 147.50 points at 4,605.00. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 4:00 am 'Everyone will be an LCC and everyone stands to lose': CAPA - Business Standard
Source: Business - Google News | 13 Aug 2009 | 3:57 am India, Asean ink free trade pactBangkok: India and the 10-country Southeast Asian bloc Asean signed a free trade agreement on Thursday after more than six years of negotiations, but the deal did not embrace software and information technology. Thai and Indian officials said the free trade agreement (FTA) would eliminate tariffs on products including electronics, chemicals, machinery and textiles, that account for more than 80 percent of total trade in goods between the two sides. The agreement will be effective from 1 January 2010, and tariffs on the products covered would be reduced to zero between 2013 and 2016, according to a joint statement. The agreement was signed in Bangkok on the sidelines of a meeting of economic ministers of Association of South East Asian Nations (Asean) -- grouping Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. After strong lobbying by India’s farm sector, led by Kerala and Karnataka, the terms of the FTA let India protect its agricultural sector by excluding 489 products, mostly commodities including rubber, from tariff cuts. Tariffs on a much smaller list of products described as “highly sensitive”, including palm oil and coffee, would be reduced over about 10 years, but only modestly. Kerala had objected to slashing duties on fish, rubber, palm oil, pepper, tea and coffee. Indonesia and Malaysia had actively sought Indian tariff cuts on palm oil products, but India insisted on protecting its products from cheaper Asean imports, mainly from those countries. Amit Mitra, secretary-general of the Federation of Indian Chambers of Commerce and Industry, told reporters before the signing: “We came to the conclusion that it will be a win-win for both sides. Our minds have met. Of course, a few will lose, but many more will gain.” He said the Asean countries were not yet ready for an FTA encompassing software, information technology and tourism. “India has the most powerful IT and software industry in the developing world ... It is still not clear when Asean can conclude an IT agreement with India. As soon as we sign this today, we will start negotiations on an IT agreement,” he added. Asean is India’s fourth-largest trading partner after the European Union, the US and China. Two-way trade between India and Asean was $47 billion in 2008, the statement said. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 3:54 am Oil rises on positive economic newsLONDON (Reuters) - Oil rose back above $71 a barrel on Thursday after positive economic news from the United States and Europe's two largest economies, despite data showing U.S. crude inventories rose much more than expected last week.Source: Reuters: Money News | 13 Aug 2009 | 3:53 am India wheat rises on rice output concern - Reuters India
Source: Business - Google News | 13 Aug 2009 | 3:49 am Oil rises above $71 on positive economic newsLondon: Oil rose back above $71 a barrel on Thursday after positive economic news from the United States and Europe’s two largest economies, despite data showing US crude inventories rose much more than expected last week. US light crude for September delivery rose $1.25 cents to $71.41 a barrel by 1:49pm, having ended a four-day falling streak on Wednesday. London Brent crude gained $1.10 to $73.99. Gross domestic product (GDP) in France and Germany, the euro zone’s two biggest economies, rose by 0.3 percent each in the second quarter against expectations for a decline of 0.3%. The unexpectedly bullish news added to sentiment that the worst of the deepest financial crisis in decades was over, particularly after the US Federal Reserve made its clearest statement yet that it sees the recession nearing an end. This in turn pressured the dollar, as investors moved to riskier assets, including commodities, after the Fed on Wednesday held its benchmark rate near zero and said it would likely keep it there for an extended period to guide the way to recovery. US crude inventories rose much more than expected last week on higher imports and lower demand from domestic refiners, US Energy Information data showed on Wednesday. But forecasts that an oil demand recovery is at hand led traders to shrug off the bearish weekly data from the world’s biggest consumer of energy. Analysts at Barclays Capital forecast a bullish upswing in global oil demand, seven times larger than the forecast from the International Energy Agency, although they said there was continuing upside risk. “In the US, a swing up in industrial output, consumer sales, final sales and a turn in the wholesale goods inventory argue for an impending sharp change in the underlying dynamic of US oil demand,” Barclays Capital said in its weekly oil data review. Potentially tightening supplies and adding support, reports from the US National Hurricane Center said the Atlantic could get its first named storm of the year as a tropical depression strengthens on a track toward the US Virgin Islands. Tropical storms and hurricanes can disrupt the operations of offshore oil platforms and coastal refineries. Source: Home - Livemint.com | 13 Aug 2009 | 3:37 am Brokers make costly loans as IPOs returnMumbai: Indian brokerages are borrowing ultra short-term money at almost twice the market rate, often from mutual funds, to lend to clients seeking shares in IPOs, fund managers said, in a sign of froth building in the market. Demand from investors for relatively costly funds to invest in IPOs demonstrates an increase in risk appetite and craving for higher returns as one-year bank deposit rates have been slashed to roughly 6.5% from about 10% last year. It also shows individual investors expect to see a strong market performance by newly listed companies in the soaring stock market, as they would need big early returns in order to repay loans carrying interest rates of as much as 20%. “I think this is the beginning of such risk-prone behaviour from investors. It will only increase until there is one listing debacle,” said Arun Kejriwal, director at research firm KRIS. Brokerages have between them borrowed up to Rs100 billion ($2.1 billion) for IPO financing in the last few weeks, the fund managers said. None of the brokers would comment. “They are lending the 15 days paper at 7-8% levels for IPO funding,” said K. Ramkumar, head of fixed income at fund manager Sundaram BNP Paribas. He declined to name the issuers. Three-month commercial paper pays a coupon of about 4.5%. The brokerages are issuing secured non-convertible debentures with a 15-day call option to fund houses and are lending the money to their rich clients at a minimum 11.5% and as much as 20%, the fund managers said. When rates were broadly higher early last year, brokerages were charging about 13.5% to applicants for shares in the IPO by Reliance Power, which has never traded above its listing price. Individuals are turning to expensive loans from brokers because banks can take longer to process applications and can be less willing to lend large amounts. IPO Comeback IPOs are making a comeback after an 18 month absence, helped by a rally of as much as 87% in the Bombay Stock Exchange 30-share index from its March low. While no major listings have yet been completed, there is high demand and high hopes for over-sized returns. Adani Power’s $630 million IPO in late July closed more than 20 times subscribed and state-run NHPC’s $1.25 billion IPO, which closed on Wednesday, was nearly 24 times covered. The NHPC shares earmarked for high net worth investors were subscribed nearly 57 times, according to stock exchange data, meaning many applicants will receive far fewer IPO shares than they had sought. Adani Power expects to make its trading debut around 20 August. Another state firm, Oil India Ltd, is readying a $500-$600 million IPO in September, bankers have said. A clutch of companies, including at least a dozen state-run firms, are considering either IPOs or follow-on offerings as they gear up for expansion in Asia’s third-largest economy. For a Factbox on possible share sales by state-run firms. Treasury heads of financial services firms said the NHPC IPO led to a spurt in demand for 10-to-15 day paper, pushing up rates on short-term paper by about 80 basis points (bps) in the last 15 days. They declined to be named as they are not authorized to speak to the media. “The interesting aspect is whether people would make money (from these deals) and that depends on the equity market and how the listing goes,” said the treasury manager of a diversified financial services firm. Source: Home - Livemint.com | 13 Aug 2009 | 3:36 am Rallis, Tata Chem could eventually be merged: Emkay Global - Moneycontrol.com
Source: Business - Google News | 13 Aug 2009 | 3:34 am Greater incentives for savings in new taxes codeNew Delhi: Saving for the future in insurance, provident fund and pension schemes may get more attractive with a higher relief at Rs3 lakh against the present provision of Rs1 lakh if the proposed Direct Taxes Code becomes a law. The draft Direct Taxes Code unveiled by finance minister Pranab Mukherjee on Wednesday proposes raising the tax exemption limit on savings to Rs3 lakh. “The limit for deduction for savings has been substantially increased to Rs3 lakh,” an official statement said on the new tax code, which has been put up for public comments. However, the code proposes imposing a tax on the money withdrawn from savings schemes like PPF, EPF and GPF. At present, tax is not imposed on withdrawal from these schemes. The proposal is progressive and a move towards doing away with the existing taxation structure for savings, said tax expert Aseem Chawla, who is a partner with law firm Amarchand Mangaldas . “The tax code wishes to implement the Exempt, Exempt Tax (EET) mode of taxation which is very good but it has to do it in a gradual manner,” he said. With regard to withdrawals from savings schemes, the code suggested that these should be taxed under the EET (Exempt Exempt Taxation) mode of tax, implying that the tax should be levied at the time of withdrawal while contributions and returns should be exempt from tax. On this, Chawla said, the move in the short to medium term could be beneficial, but not in the long term like 15 years. With regard to PPF and other pension fund schemes, the code said the government should continue the tax exempt status to withdrawals of amounts accumulated up to 31 March 2011. The contributions to the PPF and pension schemes after the commencement of the code, it added, should be subject to EET mode of taxation. Withdrawals, it said, should be included in the income of the assessee during the relevant year and taxed accordingly. The EET mode of taxation, the code said, would encourage long term savings by the people. Also, the code suggested that retirement benefits would be exempt from tax if saved in the Retirement Benefits Account. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 3:34 am India monsoon ‘grim’, 29% gap up to 11 AugNew Delhi: India’s monsoon was 29% below average from 1 June –11 August, while food prices rose 10%, officials said ahead of a government report likely to show rainfall was below normal for the third straight week. Weather officials said low rainfall so far, the worst in at least five years, would hit winter-sown crops such as rapeseed and wheat, while a trade body said edible oils imports by the world’s top buyer would surge as rains will hit output of oilseeds, particularly groundnut. The weak monsoon has already damaged the cane crop, and prospects of big purchases by the world’s top sugar consumer has helped New York sugar rise to the highest level in nearly three decades. A government source said Prime Minister Manmohan Singh was likely to meet chief ministers of all the states on Monday to discuss the drought-like situation. The weather office chief, Ajit Tyagi, said on ET Now television channel that the situation was grim and low rainfall may hurt winter-sown crops as well. Difficult year “Yes, it’s a difficult year ... we have advised the states well in advance that there are some areas of concern particularly over northwest India and parts of Andhra Pradesh, maybe central India also,” he said. Northwest India is a key sugarcane area, while central India grows soybean. Andhra Pradesh cultivates rice and corn. But Tyagi said he was not in a position to saw if that the country was suffering from a drought. “We don’t declare drought. We are meteorologists. Agriculture department does that,” Tyagi told Reuters. The government says India has grain stocks to last more than a year, and that it would act against hoarding and speculation, but analysts said they are worried about rising inflation in the months ahead. India’s wholesale price index fell 1.74% on 1 August from a year ago, but the “food articles index” was up 10%. Erratic monsoon rains, which began with the driest June in 83 years and improved last month, were 29% short of normal in 1 June-11August, unchanged from the previous day, government sources said. Soybean But the key soybean crop, which had received virtually no rainfall in the past three weeks, got a shot in the arm on Wednesday, when rainfall was up to four times of normal, the weather office said. It said the region was likely to receive heavy rains in the next few days also, cheering traders who had feared that further delay in rains would reduce soybean yield by 5-7%. Annual monsoon rains in India, where farmers depend on the June-September showers to irrigate 60% of their farmland, are likely to be 87% of the long-period average this year. The weather office, which initially predicted normal rainfall for the season, has scaled down the forecast twice. Source: Home - Livemint.com | 13 Aug 2009 | 3:34 am India signs ASEAN free trade pactEnding months of uncertainty, India and the 10-nation Association of South East Asian Nations today signed a crucial trade pact that will break duty barriers in the 1.7 billion consumer market in the region.Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 3:28 am GoM to study impact of jet fuel prices on aviation industry - Press Trust of India
Source: Business - Google News | 13 Aug 2009 | 3:28 am GoM to study ATF price impact on aviation sectorNew Delhi: A group of ministers (GoM) would be set up soon to study the impact of high jet fuel prices on the aviation industry and recommend measures to bring down its burden on the operational costs of the airlines. This was decided on Thursday at a meeting of the Union Cabinet, chaired by Prime Minister Manmohan Singh, where civil aviation minister Praful Patel made a presentation on the health of the aviation sector. After the meeting, Patel said the GoM, to be set up soon by the Prime Minister, would focus on the “very high nature” of sales tax being imposed on aviation turbine fuel (ATF) by various state governments as also its base price, which was “much higher” than most countries. ATF accounts for over 40% of the total operational cost of an airline in India, compared with 20-25% globally. The minister said he briefed the Cabinet on the need for additional capital infusion in Air India, which currently has an equity base of only Rs145 crore and has ordered planes worth over Rs50,000 crore. He also informed the meeting about the decision of Airports Authority of India to raise funds by issuing infrastructure bonds worth Rs5,000 crore. AAI is modernizing and upgrading a large number of airports throughout India, including those in Kolkata and Chennai. On airport charges described as ”very high” by the airline industry, Patel said these accounted for 7-8% of their total operating costs and the rates in India were “comparable” with those worldwide. India has emerged as the ninth biggest aviation market in the world, but was “still the least penetrated”, he said, adding the country accounted for 0.02 air trips per capita, compared with 0.1 in China and 2.2 in the US. This reflects the “big opportunities” which exist in the country in the sector which is estimated to grow at the rate of 8.5% per annum by 2015, the minister said. The overall aviation industry accounted for $14 billion in terms of revenues and investments of all airlines while Indian Railways accounted for $18 billion, he said. While the number of planes in India had gone up from 158 in 2003-04 to 396 now, domestic flight departures per week had risen from 5,108 in 2003-04 to 11,048 in 2008-09. Pointing out that average yields of the airlines had gone down due to the global financial downturn, Patel said the average airline ticket price had fallen from Rs6,035 in 2003 to Rs 3,956 in 2008 while variable costs like that of ATF kept rising. As a result, the number of flights operated by all airlines had fallen by 12.5% in 2009, while passenger traffic had risen from 28.5 million in 2003-04 to 69.6 million in 2007-08 and stabilised at 70.1 million in 2008-09. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 3:27 am Gold prices higher on festive demandMumbai: India’s gold prices rose on Thursday as traders continued to replenish stocks to meet festival demand as domestic prices stayed around Rs15,000 levels, dealers said. “I think buying may continue as long as prices remain between Rs15,000 and Rs15,200 levels,” said a dealer with a private bank in Mumbai. India’s festival season is underway and gold traders are hopeful of a rebound in demand. The world’s largest consumer of gold celebrates Janmasthami and Ganesh Chaturthi this month. Source: Home - Livemint.com | 13 Aug 2009 | 3:25 am Gold prices higher on festive demandMumbai: India’s gold prices rose on Thursday as traders continued to replenish stocks to meet festival demand as domestic prices stayed around Rs15,000 levels, dealers said. “I think buying may continue as long as prices remain between Rs15,000 and Rs15,200 levels,” said a dealer with a private bank in Mumbai. India’s festival season is underway and gold traders are hopeful of a rebound in demand. The world’s largest consumer of gold celebrates Janmasthami and Ganesh Chaturthi this month. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 3:25 am How did hackers crash Twitter?Last week, millions of people around the world experience severed attacks of panic as Twitter blacked out for hours. It even seemed, for a while, that Facebook would be next, and that the end of civilization was well nigh. Everything turned out all right, of course, and we were told that Twitter had simply experienced a denial of service attack. But exactly happens during such an attack, and how does it bring down a web site? To talk about this subject, we have on the show S. Maheswaran, national manager for strategic accounts at Websense, which specializes in web security gateway software. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 3:21 am India signs free trade pact with ASEANIndia and 10-nation economic bloc ASEAN on Thursday inked a free trade pact in Bangkok, which will open the 1.7 billion consumer market to each other.Source: India Business News | Business News - Times of India | 13 Aug 2009 | 3:19 am LT bags Rs 4,000cr Jaiprakash power plant orderLarsen Toubro Ltd (LT) on Wednesday signed a Rs 4,000crore agreement to supply power equipment to Jaiprakash Power Ventures (JPVL), a unit of Jaiprakash Associates Ltd.Source: Moneycontrol Top Headlines | 13 Aug 2009 | 3:09 am Rupee stronger on share gains, firm Asian unitsMUMBAI (Reuters) - The partially convertible rupee was stronger on Thursday afternoon, buoyed by gains in local shares, which raised expectations for capital inflows, while higher regional peers also underpinned sentiment.Source: Reuters: Money News | 13 Aug 2009 | 3:07 am India, ASEAN sign deal on free trade in goodsBANGKOK (Reuters) - India and the 10-country Southeast Asian bloc ASEAN signed a long-delayed free trade agreement on Thursday after more than six years of negotiations.Source: Reuters: Money News | 13 Aug 2009 | 3:06 am UK Prudential's H1 profit falls, raises dividendLONDON (Reuters) - Britain's biggest insurer, Prudential, raised its interim dividend after reporting a smaller-than-expected drop in first-half profit, and said on Thursday its capital position remained strong.Source: Reuters: Money News | 13 Aug 2009 | 3:05 am Nifty gains momentum; Tier II stocks outperform - Economic Times
Source: Business - Google News | 13 Aug 2009 | 3:03 am No panic on Mumbai's first day of restrictionsThe first day of restrictions in Mumbai on account of swine flu started Thursday with the usual crowds of office-goers, the familiar rush in suburban trains and traffic jams on roads. Only school buses and schoolchildren were conspicuously absent.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 3:00 am Madhya Pradesh bans use of air conditioners in government officesHit by a severe power crisis, the Madhya Pradesh government has decided to stop using air conditioners in its offices across the state from Thursday.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 3:00 am Kaminey Mumbai release delayed, UTV still positiveMumbai: Bollywood movie Kaminey will release only by Sunday or Monday in Mumbai, as the swine-flu scare has delayed the screening of the flick in the city, the producer of the film said. However, the dealy in release of the movie will not impact its quaterly earnings figures.  Bollywood actors Priyanka Chopra and Shahid Kapoor gesture during a promotional event of their forthcoming movie ‘Kaminey’ in Bangalore on Wednesday. PTI UTV Motion Pictures, an arm of the company, is going ahead with the release of its Shahid Kapur and Priyanka Chopra starrer film across the country and worldwide on Friday, but it will be released in Mumbai and suburbs only after three-day theatre shut down. The decision comes after the Maharashtra government’s directive to close down theatres as a preventive measure to curb the spread of the pandemic. According to the company, Mumbai region constitutes 10-15% of the total theatrical revenue share. “Our scheduled release this weekend of the movie Kaminey will proceed with its theatrical release as planned all over the world with approximately 1,200 prints,” the company said. The movies division’s “overall quarterly performance would not be affected as we have already presold and earned on our release “Agyaat” and in September too we have two more releases lined up,” UTV added. To further reduce any negative impact-- which is anyway covered with insurance, we are opening the movie to paid previews-- at a premium ticket price-- tonight across other parts of the country in over 200 theatres, it said. Shares of UTV Software were trading at Rs439.30, up 0.80% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 2:55 am Govt to trim tax rates, phase out exemptions - Reuters India
Source: Business - Google News | 13 Aug 2009 | 2:54 am India's inflation falls to minus 1.74 percent - Sify
Source: Business - Google News | 13 Aug 2009 | 2:54 am WPI falls, erratic rains boost food pricesNEW DELHI (Reuters) - India's wholesale price index fell in the year to Aug. 1 for the ninth week in a row, but there were signs prices could rise faster in the coming months due to a weak monsoon and growing manufacturing demand.Source: Reuters: Money News | 13 Aug 2009 | 2:47 am Govt to trim tax rates, phase out exemptionsReuters - The government proposes to reform its archaic tax laws, cut corporate tax rates to 25 percent, phase out exemptions, and simplify rules on corporate mergers.Source: Reuters: Money News | 13 Aug 2009 | 2:44 am Brokers make costly loans as IPOs returnMUMBAI (Reuters) - Indian brokerages are borrowing ultra short-term money at almost twice the market rate, often from mutual funds, to lend to clients seeking shares in IPOs, fund managers said, in a sign of froth building in the market.Source: Reuters: Money News | 13 Aug 2009 | 2:41 am Sensex holding on to gains in afternoon tradeA key index of the Indian equities markets was holding on to its gains Thursday, ruling 310 points higher early afternoon.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 2:32 am Ministerial group to examine high jet fuel pricesPrime Minister Manmohan Singh has decided to constitute a ministerial group to look into the issue of high aviation fuel prices in India that has exacerbated the current crisis of the industry.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 2:31 am Govt forms GoM to look into airline woesThe government has decided to set up a panel of ministers to look into the issue of jet fuel pricing and the demands of airline industry, Praful Patel said.Source: India Business News | Business News - Times of India | 13 Aug 2009 | 2:30 am Watch/Listen - Mint in Multimedia 13 AugustVideo story: Tax overhaul Pranab Mukherjee unveiled a draft for comprehensive tax reform on Wednesday. Mint’s Anil padmanabhan discusses it with Prerna Mehndiratta of BMR Advisors. Audio story: How did hackers crash Twitter? Last week, millions of people around the world experience severed attacks of panic as Twitter blacked out for hours, caused by a ‘denial of services’ attack: We try to find out exactly what this means Video story: Parched Earth A new study says groundwater is depleting faster than previously estimated in four states. Mint’s Jacob Koshy talks about the implications Video story: Mint Report Industrial output touches a 16-month high; three airlines turn out profits during a downturn; Mphasis is set to buy an India unit of AIG Source: Home - Livemint.com | 13 Aug 2009 | 2:29 am Microsoft ordered to stop selling Word in USSeattle: A federal judge in Texas has ordered Microsoft Corp. to stop selling some versions of its Word software in the US within two months. US district court judge Leonard Davis was reaffirming his court’s May decision, which found Microsoft’s widely used word processing program infringes on a Canadian technology company’s patent. The dispute is over the way Word 2003 and Word 2007 encode and display information. Also Read Microsoft Word’s 60 Day Ultimatum The judge makes exceptions for versions of Word that remove certain custom code before opening a file, leaving the door open for Microsoft to come up with a technical workaround to the injunction. The judge also has ordered Microsoft to pay $290 million to Toronto-based i4i LLP. Microsoft says it will appeal. Source: Tech News - Livemint.com | 13 Aug 2009 | 2:14 am Microsoft ordered to stop selling Word in USSeattle: A federal judge in Texas has ordered Microsoft Corp. to stop selling some versions of its Word software in the US within two months. US district court judge Leonard Davis was reaffirming his court’s May decision, which found Microsoft’s widely used word processing program infringes on a Canadian technology company’s patent. The dispute is over the way Word 2003 and Word 2007 encode and display information. Also Read Microsoft Word’s 60 Day Ultimatum The judge makes exceptions for versions of Word that remove certain custom code before opening a file, leaving the door open for Microsoft to come up with a technical workaround to the injunction. The judge also has ordered Microsoft to pay $290 million to Toronto-based i4i LLP. Microsoft says it will appeal. Source: Home - Livemint.com | 13 Aug 2009 | 2:14 am Gold rises on better global cues, festive demandGold futures prices gained 0.12% on the Multi Commodity Exchange today as speculators indulged in creating fresh positions influenced by firming global trend.Source: India Business News | Business News - Times of India | 13 Aug 2009 | 2:12 am Retailers come up with special offers in the run up to I-DayNew Delhi: Independence day is serving as another spring-board for big retail chains to come up with special offers and product promotions to boost sales and increase footfall in their outlets. While Reliance Retail has free gifts and offers in its value stores, Big Bazaar has kicked off its annual shopping festival with discounts on many of its products. Industry leader RIL’s subsidiary Reliance Retail has come up with a month-long ‘Azadi Ka Jashn’ offer at three of its value formats- Reliance Fresh, Reliance Super and Reliance Mart which includes 60% discount on apparels, 50% rebate on footwear and a prize of digital home theatre with 29 inch CTV during the month of August. “With this, we are integrating all our three value formats under a single campaign. We expect footfall to be two and half times more than in any normal period,” Reliance Retail vice-president and head (marketing and consumer experience) Peshwa Acharya said. Big Bazaar, the hypermarket format of Kishore Biyani promoted Future Group has announced a five-day-long ‘Maha Bachat´ campaign from 12-16 August. The offer is valid on a range of 1.6 lakh products including food and grocery to apparel, footwear, toys, luggage, home decor, furniture, electronics and fine gold jewellery across its 116 stores in the country. “Now into its fourth year, ‘Five Days Maha Bachat’ has become synonymous with ‘value shopping´ for millions of customers across India,” Big Bazaar president (Concept) Sadashiv Nayak said. He said the company is expecting a footfall of 55 lakh customers during the offer period at its stores. Other Future Group formats like Furniture Bazaar, Home Bazaar, Navaras and One Mobile are also offering the ‘Maha Bachat´ offer. Vishal Retail’s three-day long ‘Aazadi Mehengai Se´ campaign is offering 60% discount on apparels, 40% on home and kitchen appliances and special gift vouchers. The company’s 170-odd supermarkets across the country have the offer valid from 14-16 August. Another Delhi-based hypermarket chain V-Mart is giving flat 20% discount on footwear, home furnishing and luggage items and 50% rebate on garments. Global eye health company Bausch & Lomb has launched the week-long ‘1947- Vision for Independence´ promotion at all its outlets involving distribution of free daily disposable lenses to customers in the age group of 19-47 years. “It has always been our endeavor to be at the forefront of celebrating occasions in the lives of our consumers, by providing them with something extra to make that day special for them,” Bausch & Lomb India managing director Harish Natarajan said. Source: Home - Livemint.com | 13 Aug 2009 | 2:11 am Rupee stronger on share gains, firm Asian unitsMumbai: The partially convertible Indian rupee was stronger on Thursday afternoon, buoyed by gains in local shares, which raised expectations for capital inflows, while higher regional peers also underpinned sentiment. At 1:55pm, the rupee was at Rs48.19/20 per dollar, stronger than its previous close of Rs48.37/38. The rupee has traded in a Rs48.10-48.25 band so far during the session. On Wednesday, it had dropped to Rs48.50, its weakest since 30 July. Traders said they were awating the monsoon forecast update due after 4:00pm for clues of its impact on the Indian economy. Shares were trading up more than 2.3%, joining higher Asian peers, as investor appetite for riskier assets was boosted after the Federal Reserve’s comments. The US Fed said on Wednesday the world’s largest economy was showing signs of levelling out two years after the onset of the deepest financial crisis in decades and it moved to phase out one emergency measure. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX were both quoting at Rs48.22 each, with the total traded volume on the two exchanges at an average $780 million. Source: Home - Livemint.com | 13 Aug 2009 | 2:10 am Tourists throng Himachal on long weekendMost hotels in various tourist destinations in Himachal Pradesh are totally booked ahead of the three-day extended weekend that starts with the Janmasthami festival Aug 14.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 2:00 am Microsoft to stop selling Word in USA US judge has ordered Microsoft to stop selling its popular Word document creation application in the country in 60 days. Microsoft Office, which includes Word, accounted for more than $3 billion in worldwide sales in Microsoft's most recent fiscal year.Source: Hindustan Times News Feeds 'Business' | 13 Aug 2009 | 1:36 am Tata Chemicals to become largest stakeholder in Rallis IndiaMumbai: Tata Chemicals has made an offer to purchase the entire holding of Tata Tea in Rallis India for up to Rs249.79 crore, as part of a move to become the single largest stakeholder in the agro-chemical manufacturer. In a filing to the Bombay Stock Exchange, Tata Tea said it has received an offer from Tata Chemicals to purchase from the company up to 29,38,713 equity shares (its entire holding of 24.52% in Rallis India) at a price not exceeding Rs850 per share. As of 30 June 2009 the total promoter holding in Rallis India stood at 45.20% out of which 9.40% stake is being held by Tata Chemicals. The rest 35.80% stake in Rallis India is being held by other Tata group firms like Tata Tea (24.52%), Tata Sons (7.52%), Tata Investment Corporation (2.42%) and Ewart Investments (1.35%), which Tata Chemicals intends to purchase. The announcement comes a day after Tata Chemicals received the board’s approval to raise its stake in Rallis India by purchasing an additional 35.80% stake from other promoter group companies in a move which would make it the single largest shareholder in the company. “The offer is subject to transfer of shares satisfying all the tests prescribed under SAST Regulations for being regarded as an inter-se transfer amongst the qualifying promoters and being eligible for exemption from an open offer obligation,” Tata Chemicals had said in a filing to the exchange on Wednesday. The transfer of shares would be by way of inter-se transfer among qualifying promoters at a maximum price of Rs850 per share and the offer of Tata Chemicals would be considered by Tata Tea’s committee of directors constituted for this purpose. Shares of all the three Tata group firms were trading in the positive territory with Rallis India surging the maximum among them to hit a 52-week-high on the BSE. Rallis India was trading at Rs790, up 7.20%, Tata Chemicals at Rs268.30, up 3% and Tata Tea was hovering around Rs900. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 1:36 am Steel Authority of India invites bids for bond saleMumbai: Steel Authority of India has invited bids for at least Rs300 crore of bonds on Thursday, according to a termsheet seen by Reuters. The company is looking to sell 15-year bonds, with a call option exercisable at the end of the twelfth year, and with an indicative coupon rate of 8.50-8.70%. Interest will be paid annually. The bonds are rated ‘AAA´ by Fitch and CARE. Bids for the issue, which has a unspecified greenshoe option, can be submitted by 1:00pm on Thursday with intimation of allocation at 6:00pm the same day and pay-in scheduled for August 18. Allotment is scheduled for 25 August. Source: LatestNews-Home - Livemint.com | 13 Aug 2009 | 1:22 am Everonn Systems soars on Rs 92cr order - Business Standard
Source: Business - Google News | 13 Aug 2009 | 1:18 am Ministers panel to look into airline woes - Praful PatelNEW DELHI (Reuters) - The civil aviation minister said on Thursday the government has decided to set up a panel of ministers to look into the issue of jet fuel pricing and the demands of airline industry.Source: Reuters: Money News | 13 Aug 2009 | 1:17 am Pantaloon sales in Pune down by 20%: BiyaniNew Delhi: The infectious swine flu, is now impacting retail sales, with the Future Group subsidiary Pantaloon Retail witnessing as much as 20% fall in sales, at its Pune and Mumbai stores, the regions which have come under severe grip of the pandemic. The company has temporarily shut down one of its outlets in Pune, while sales in Mumbai have also been affected, according to a senior official. “Sales in Mumbai are down by 6-8%, while in Pune they are down by around 20%,” Future Group chief executive officer Kishore Biyani told CNBC-TV 18. He said the company has shut down one of its stores in Pimpri locality of Pune. Biyani, however, said the company is witnessing almost normal operations in the rest of the country and is aiming to clock Rs250 crore during the five-day long Independence Day promotion offer period. “We are seeing decent business but we are not seeing the rush as we normally see... But we are still expecting a sales of around Rs250 crore and whatever our yesterday’s numbers suggest, we are on track,” he said, adding that Pantaloon stores in the north, south and east have done better than expected. Asked if there is any likelihood that government may directive to shut down outlets in view of the swine flu, Biyani said: “We sell daily necessities and our stores need to remain open.” Biyani said Pantaloon Retail is looking to achieve a sales growth of 30% this fiscal and plans to add 35-40 lakh sq ft of additional retail space during the year. “We are confident of 30% growth in terms of overall revenue,” he said. While the company expects double-digit growth in same store sells, Biyani said the additional retail space will also contribute to its performance. He added that the company will also close in on its fund raising plans within the next 6-8 weeks, but did not give details regarding the amount sougth to be raised or the likely modalities. Source: Home - Livemint.com | 13 Aug 2009 | 1:10 am India receives $15-bn foreign investment in April-JuneSigns of India's economic recovery appears to have raised the confidence among foreign investors with the flow of foreign investment surging five times in the April-June quarter.Source: Daily News & Analysis: Money News | 13 Aug 2009 | 1:06 am Inflation falls to minus 1.74%Inflation dipped to minus 1.74% for the week ended August 1, the lowest in three decades, even as prices of essential food items like pulses, cereals fruit and vegetables continued to rise.Source: India Business News | Business News - Times of India | 13 Aug 2009 | 1:03 am Recast food policy to address malnutrition: expertsWith Indians eating less cereals and pulses, the government must recast its food policy and launch a nutrition literacy movement fast if it is serious about addressing the problem of malnutrition, experts warn.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 12:31 am Sensex extends gains, strong Asian cues helpA key index of the Indian equities markets extended its gains a little before noon Thursday to rule 336 points in the green and was backed by strong cues from the Asian markets.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 12:31 am India's inflation falls to minus 1.74 percentIndia's annual rate of inflation fell marginally to minus 1.74 percent percent for the week ending Aug 1 from minus 1.58 percent the week before, according to official data released Thursday.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 12:31 am US scientists find northern India's water is vanishingUsing satellite data from the US space agency NASA, American scientists have found that groundwater levels in northern India have been declining by as much as 30 centimetres per year over the past decade. Researchers concluded the loss is almost entirely due to human activity.Source: IndiaeNews.com: Business News | 13 Aug 2009 | 12:30 am Day Trading GuideFresh long position can be initiated only if DLF exceeds Rs 385, with tight stop-loss. Buy ICICI Bank in dips with stiff stop-loss at Rs 698. Initiate fresh short-position only if InfosysSource: Business Line - Home Page | 13 Aug 2009 | 12:00 am L&T bags Rs 4,000-cr Jaiprakash power plant orderNew Delhi, Aug. 12 Larsen & Toubro Ltd (L&T) on Wednesday signed a Rs 4,000-crore agreement to supply power equipment to Jaiprakash Power Ventures (JPVL), a unit of Jaiprakash AssociatesSource: Business Line - Home Page | 13 Aug 2009 | 12:00 am New Code promises lower direct tax ratesIndia has taken the next step towards structural changes in direct taxes by releasing a draft of the proposed new Direct Tax Code for public debate.Source: Business Line - Home Page | 13 Aug 2009 | 12:00 am Lakshmi Overseas Industries (Rs 94.20): BuyWe recommend a buy in Lakshmi Overseas Industries from a short-term perspective. It is evident from the charts of the stock that following a medium-term downtrend from its June peak of Rs 122 halted at the July low of Rs 68. Since then the stockSource: Business Line - Home Page | 13 Aug 2009 | 12:00 am Deora briefs PM on gas rowThe Petroleum Minister, Mr Murli Deora, met the Prime Minister, Dr Manmohan Singh, on Wednesday and apprised him of the ongoing dispute over Reliance Industries Ltd’s (RIL) Krishna-Godavari basin D6 block gas and several other issuesSource: Business Line - Home Page | 13 Aug 2009 | 12:00 am Equity fund inflows rise 44% this fiscalBL Research Bureau The stock market rally since March has prompted retail investors to commit fresh money to equitySource: Business Line - Home Page | 13 Aug 2009 | 12:00 am It costs Rs 6 to reach Re 1 to the poorestWhile agricultural technology is scale-neutral, profitability favours those who have the capacity to hold the stocks and sell at high prices, reduce the cost of production and forge market tie-ups, probably in commercial crops. And mainly theySource: Business Line - Home Page | 13 Aug 2009 | 12:00 am Deciphering the CodeNew Delhi, Aug. 12 The Union Home Minister, Mr P. Chidambaram, said the best way to read the Code is to first read the chapter pertaining to that part of the code in the discussion paper.Source: Business Line - Home Page | 13 Aug 2009 | 12:00 am Airlines carry more passengers but earn lessNew Delhi, Aug. 12 Airlines have started to come out of the dive that they started in November 2008, when they flew 3 million passengers, compared with 4.1 million in May of that year.Source: Business Line - Home Page | 13 Aug 2009 | 12:00 am IIP growth hits a gusher in JuneNew Delhi, Aug. 12 The domestic industry recorded a year-on-year growth of 7.8 per cent in June, marking a 16-monthSource: Business Line - Home Page | 13 Aug 2009 | 12:00 am Sensex opens in the green, up 1.76%Indian equities markets opened on a positive note Thursday, with a key index gaining 1.76 percent within 20 minutes of start of trade.Source: India Business News | Business News - Times of India | 12 Aug 2009 | 11:37 pm Sensex opens in the green, up 1.76 percentIndian equities markets opened on a positive note Thursday, with a key index gaining 1.76 percent within 20 minutes of start of trade.Source: IndiaeNews.com: Business News | 12 Aug 2009 | 11:30 pm 'Staff productivity might take a hit due to H1N1'Also not surprisingly, given the frequent movement of its workforce across borders, the IT sector seems to be the most gripped by the fear of the flu.Source: Daily News & Analysis: Money News | 12 Aug 2009 | 11:16 pm Rupee falls 21 paise against dollar in early tradeThe Indian rupee depreciated by another 21 paise to trade at 48.15 against the dollar on sustained capital outflows amid heavy dollar buying.Source: India Business News | Business News - Times of India | 12 Aug 2009 | 10:58 pm Coal India eyes $1.25 bln IPO in a year - paperMUMBAI (Reuters) - State-run miner Coal India Ltd plans to raise up to 60 billion rupees ($1.25 billion) by selling 10 percent through an initial public offer (IPO) expected within a year, the Business Standard reported on Thursday, citing unnamed sources.Source: Reuters: Money News | 12 Aug 2009 | 10:22 pm Sugar gets bitter as price soars to over Rs 30 per kgAfter tur dal, its the turn of sugar. In a short span of a week, retail sugar prices have risen by a whopping Rs 5/6 per kilo with the wholesale price of the commodity jumping by Rs 600 to Rs 3,050 from Rs 2,450 a week ago.Source: India Business News | Business News - Times of India | 12 Aug 2009 | 4:29 pm Taxes will be lower for high-income groupsTax rates will be 10% for incomes from Rs1.6 lakh to Rs10 lakh, 20% for incomes upto Rs25 lakh, and 30% for earnings above Rs25 lakh per annum.Source: Daily News & Analysis: Money News | 12 Aug 2009 | 4:15 pm Infra delays to cost GDP $200 bnThe projected GDP loss of $200 billion would be one-tenth of India's GDP in 2017.Source: Daily News & Analysis: Money News | 12 Aug 2009 | 3:57 pm Naik says not selling Satyam stake immediatelyL&T had requested to the Securities and Exchange Board of India to allow it to sell shares before the minimum lock-in period of six months.Source: Daily News & Analysis: Money News | 12 Aug 2009 | 3:55 pm Jaiprakash Power, L&T in Rs 4K cr pactEngineering and construction major Larsen & Toubro Ltd will supply and construct boiler and STG islands for a 1,320 megawatt (mw) thermal power project.Source: Daily News & Analysis: Money News | 12 Aug 2009 | 3:55 pm CV sales looking up as auto majors revisit capex plansCV sales seem to be looking up and may end the year with a smile, what with the economy picking up and several CV makers revisiting capacity expansion plans.Source: Daily News & Analysis: Money News | 12 Aug 2009 | 3:54 pm Ravi Kumar to step down as Bhel CMD on Sept 30: SourcesBHEL CMD Ravi Kumar is likely to step down on September 30, reports CNBCTV18, quoting sources. Kumar is likely to join the private sector post retirement.Source: Moneycontrol Top Headlines | 12 Aug 2009 | 2:41 pm Orbit QIP issue opens today, to raise $2030m at Rs 185/shThe qualified institutional placement of Orbit Corporation opens today, reports CNBCTV18, quoting sources. Orbit plans to raise USD 2030 million via the QIP at Rs 185 per share.Source: Moneycontrol Top Headlines | 12 Aug 2009 | 2:15 pm Mumbai court to assess property of Harshad MehtaThe Supreme Court has asked a special court in Mumbai to assess the liabilities and assets of stockbroker Harshad Mehta, who was involved in the securities scam that rocked the country in the early nineties.Source: India Business News | Business News - Times of India | 12 Aug 2009 | 1:47 pm Govt proposes radical changes in direct taxesThe government today initiated radical tax reforms through a draft code that aims to reduce the tax burden and streamline the over four-decade-old Income Tax Act.Source: Business Standard | Front Page Headlines | 12 Aug 2009 | 1:40 pm Industrial production surges 7.8% in JuneGovernment data released on Wednesday showed industrial production was firmly on the revival track to clock a 7.8% growth rate in June, reversing the bleak trends since the global economic crisis was set off.Source: India Business News | Business News - Times of India | 12 Aug 2009 | 1:37 pm New tax code gets tough on wilful evadersThe new Direct Tax Code has proposed some stringent penalty provisions in case of wilful attempt to evade tax, but maximum penalty mooted will not be more than two times the amount of tax payable.Source: India Business News | Business News - Times of India | 12 Aug 2009 | 1:32 pm Government mulls raising retirement age to 62 yrsMove aimed at easing strain on finances in a drought year.Source: Business Standard | Front Page Headlines | 12 Aug 2009 | 1:26 pm Trawling the graveyard of lost blogsNew Delhi: The high point of Seshadri Ganjur’s three-year blogging career proved, ironically, to also be its low point—and indeed, even a foretaste of its ultimate demise. In April 2006, puzzled that no mainstream media house was willing to probe the honorific title of “Dr” that Vijay Mallya accorded himself, Ganjur conducted some investigations. “One source mentioned that the degree was from one American university, a United Breweries Ltd website mentioned another,” Ganjur says. “So, I started contacting these universities. A couple said no such PhD was given, and in one case, the university itself was fake.”  Illustration: Jayachandran / Mint Noorentu Sullu (tag line: “You may not be a ‘Dhrutharashtra’, but we want to be the Sanjaya for you!”) slowed soon afterwards and stopped publishing in early 2008. Partly, Ganjur says, this was because he had started another satirical blog named Majavani (voice of fun)—also defunct now—and partly because his career had accelerated. “But also, I realized I have to watch what I say, and I felt a little jittery about writing,” he says. “And being watchful was taking the fun out of it.” Noorentu Sullu and Majavani thus entered the vast mortuary of Indian blogs—of blogs that were mediocre and half-hearted to begin with, of course, but also of healthy, popular blogs such as Majavani, which attracted a couple of thousand visitors every day at its peak. Only their domain names, on perpetual lease from Blogger or LiveJournal, live on, preserving the content they once showcased. In part, this may be a natural phase in the adoption of new technologies by people who were first excited by the blog and subsequently realized that they didn’t have as much to say, as many potential readers, or as much time as they thought they did. In 2008, a Technorati survey estimated that fewer than eight million of the 133 million blogs it tracked had been updated within the last four months; in other words, 95% of Technorati’s tracked blogs were asleep, comatose or dead. Inertia is a particularly potent factor. “In my case, it was mostly inaction,” says one Mumbai-based blogger who abandoned his blog after two sporadic years, and who did not want to be named because his firm does not allow its employees to speak to the press. “But also, I began to feel like it was too much effort for the few people who might read it.” For others, the ferocious proliferation of Indian blogs was in itself a deterrent; it got harder to stand out and to be read. “As blogs got more prevalent, every Tom, Dick and Harry was starting a blog, and I just didn’t like the idea any more, because there were more idiots out there than intelligent writers,” says Vinod Ganesh, who wrote a popular humour blog in 2004 and 2005, abandoned it in 2008, tried to begin afresh elsewhere, and finally gave it up for good. “Also, I wasn’t gaining anything from it after a point.”  Happily, however, not every blog has been abandoned because its owner wanted to entirely secede from the online space. Akshay Mahajan started blogging at Trivial Matters in 2003, when he was an engineering student with a passion for photography. His posted photos and accompanying write-ups won him the Best Indi Photoblog award at the 2006 Indibloggies; more crucially, it won him the attention of a couple of journalists at Tehelka, who garnered him photo assignments. Mahajan quit his engineering degree, and he has been a photojournalist ever since. Last month, however, Mahajan stopped blogging at Trivial Matters. “It had been a great personal journey for me. It helped me learn so much, and it helped me train as a photographer,” he says. “But I’m involved in a new effort now”—the online photo magazine Blind Boys—“and it would have been too exhausting to support both. In a way, I’ve graduated into a bigger, bolder venture online.” Ayeshea Perera contributed to this story. This is the third in a four-part series. Tomorrow: Tweet now, blog later Source: Tech News - Livemint.com | 12 Aug 2009 | 1:00 pm MoD's mixed messages in medium fighter contestThis weekend, two Boeing F/A-18 Super Hornet fighters will land in Bangalore for flight trials by the Indian Air Force (IAF), an eight-month-long selection process, involving six different aircrafts, to zero in on a multi-role medium fighter for the IAF.Source: Business Standard | Front Page Headlines | 12 Aug 2009 | 12:53 pm Death toll mounts to 17Swine flu today claimed five more lives, four of them in worst-hit Pune alone, taking the countrywide toll to 17, even as authorities in Mumbai shut down schools and colleges for a week and cinema halls for three days to check the spread of the virus.Source: Business Standard | Front Page Headlines | 12 Aug 2009 | 12:51 pm Microsoft, Nokia form alliance to rival RIMSeattle / Helsinki: Microsoft Corp and Nokia announced an alliance on Wednesday to bring advanced business software to smartphones in a bid to counter the dominance of Research in Motion Ltd’s Blackberry device. The alliance between the world’s largest software firm and the largest cellphone maker means the latest online versions of Microsoft’s Office suite of applications, including Word, Excel and PowerPoint, will be available on a range of Nokia handheld devices. The two companies, at one time fierce rivals in the mobile telecommunications business, expect to offer Nokia phones running Office sometime next year, targeting the lucrative market for business users. “This is giving some of our competitors — let’s spell it out, RIM — a run for their money,” said Nokia executive vice president Robert Andersson, in a telephone interview. “I don’t think BlackBerry has seen the kind of competition we can provide them now.” The alliance may also counter Google Inc’s recent move into free online software, which has been targeted at Microsoft’s business customers. Source: Tech News - Livemint.com | 12 Aug 2009 | 9:32 am Govt warns users of Facebook and Twitter of malwareNew Delhi: The government has warned the users of social networking sites such as Facebook, Myspace and Twitter of a virus that is spreading through these sites targeting the members. Indian Computer Emergency Response Team (CERT-In), under the Department of Information Technology, the apex body that monitors Internet security threats in the country, said a new worm ‘Koobface’ is propagating through social networking sites such as Facebook, MySpace, hi5, Bebo and Twitter. CERT said the virus is spreading by sending spam containing a message with a link to a video to people on these sites. The virus is particularly dangerous as it uses the infected machine to target other systems and distribute additional malware, generate ‘pay per click´ advertising revenue and steal sensitive data, CERT said on its website. The Koobface works by taking control of social networking sites and spamming friends with messages containing links to sites that lead to malware traps. Source: Tech News - Livemint.com | 12 Aug 2009 | 6:42 am Samsung launches OmniaHD at Rs33,990New Delhi: Mobile handset maker Samsung on Wednesday announced the launch of ‘OmniaHD’ in the Indian market, Priced at Rs33,990, OmniaHD is a full-touch handset, equipped with 720P high definition (HD) video recording on mobile and 9.4 cm amoled screen, Samsung said in a statement. The company also launched OmniaPRO B7320, priced at Rs16,500. Based on Windows Mobile 6.1 OmniaPRO is equipped with features like a three-megapixel camera, FM radio and Wi-Fi, it added. “Samsung OmniaHD exemplifies our vision of providing premium phones for consumers who desire functionality, style, usability and entertainment in one innovative device. Samsung Omnia series keeps the consumers at the forefront of work and play, staying connected , anytime, anywhere,” Samsung India country head (mobile business) Sunil Dutt said. Source: Tech News - Livemint.com | 12 Aug 2009 | 5:42 am Smartphone sales boom on falling prices: GartnerHelsinki: Global cellphone sales continued to fall in April-June, but at a slower pace than in the previous three months as falling prices boosted demand for advanced smartphones, research firm Gartner said on Wednesday. Total cellphone sales fell 6% in the second quarter as recession-hit consumers in both emerging and developed markets reined in spending, Gartner said, adding it still expects the market to fall 4% this year. In January-March the wireless industry saw its weakest ever quarter, with sales to consumers down 9%. “Things are definitely stabilising regarding demand,” said Gartner analyst Carolina Milanesi. In addition to weaker consumer demand, the industry was hit by retailers continuing to unwind large inventories of unsold phones as the economic slowdown bit in late 2008. Gartner said retailers’ stocks fell by some 14 million phones in the latest quarter, compared with a decline of 25 million in the first, and said it expects inventories to have a smaller impact on the overall market in the second half of 2009. Nokia, Apple win smartphone share Bucking the slowdown in the wider market, smartphone sales grew 27% year-on-year in the quarter, boosted by cheaply priced phones like Nokia’s first touch-screen model, the 5800, which make advanced functions available at a 200-300 euro price range. Smartphones share many of the functionalities of computers, offering services like e-mail and Internet browsing. “The concern is: how much money will consumers be ready to spend after the economy improves. Has the market been changed forever as (regards) pricing?” Milanesi said. Gartner said top handset maker Nokia increased its smartphone market share -- a major issue for investors -- to 45 percent, boosted by demand for its cheaper models after its flagship high-end N97 smartphone met with little enthusiasm. Nokia shipped just 500,000 N97s in June, compared to Apple’s iPhone 3G S, which sold 1 million units in its first weekend in the same month, Gartner said. Of the top five vendors, Sony Ericsson saw the sharpest drop in sales from the first quarter, with market share falling to just 4.7% as the firm has missed key trends like full keyboards, Internet browsing and navigation, Gartner said. Large losses at Sony Ericsson have sparked market speculation of a possible breakup of the 50-50 venture, but both owners have said they are committed to the operation and could inject more money into it if necessary. Ericsson chief executive Carl-Henric Svanberg told Reuters late on Tuesday the venture provided an important part of Ericsson’s overall wireless strategy. While that benefit does not justify continuing losses at the business, Svanberg said Sony-Ericsson is adjusting to a quickly falling market and is determined to return to profitability. Source: Tech News - Livemint.com | 12 Aug 2009 | 3:57 am
|
