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Expect 60K mw to be delivered by 11th Plan: ExPower SecyFormer Power Secretary RV Shahi expects 55,00060,000 mw of power to be delivered by the 11th Plan.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 9:43 am TCI expects 2030% increase in EBITDA marginsVineet Aggarwal, ED, TCI expects a 2030% raise in EBITDA margins. On the companys capex plans, he said, \"This fiscal we have kept a budget of Rs 150160 crore, bulk of it going in for a purchase of a ship if the market conditions improve. We are also looking at investing Rs 2530 crore in trucks and Rs 2530 crore in creating new warehouses.\"Source: Moneycontrol Top Headlines | 20 Aug 2009 | 9:32 am ABG Shipyard to raise Rs 400cr via equity; stock up 3%ABG Shipyard is looking to raise up to Rs 400 crore via equity, reports CNBCTV18, quoting NewsWire18. The company is raising equity to reduce working capital debt. Total debt currently stands at Rs 2,100 crore now.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 9:15 am Binani Cement to raise USD 6070mn via ECB in FY10Binani Cement will raise USD 6070 million via external commercial borrowings (ECBs) in FY10. The company is scouting for acquisitions and plans to spend USD 250300 million in three years.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 7:13 am Exclusivity period for MTN deal extended to Sep 30: BhartiBharti Airtel has announced that the exclusivity period for the MTN deal has been extended to September 30 from August 28 earlier. The management has indicated that the talks with MTN may or may not lead to any transaction but said that the talks with MTN were progressing satisfactorily.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 6:51 am US deficit estimate to be trimmed to $1.58 tr!The Obama administration will trim its budget deficit forecast for fiscal 2009 to USD 1.58 trillion, after scrapping money earmarked for bailing out more banks, officials said on Wednesday.Source: Zee News : Business | 20 Aug 2009 | 6:19 am Indians earn 20 times less than Western peers!Indians are paid nearly 20 times less than their counterparts in developed nations like US.Source: Zee News : Business | 20 Aug 2009 | 6:19 am Adani Power lists with 5% premium on BSE!Adani Power Thursday got listed at Rs 105 on the Bombay Stock Exchange, a premium of five per cent over its issue price of Rs 100.Source: Zee News : Business | 20 Aug 2009 | 6:19 am US sees worst pay rise in 33 years in 2009: Hewitt!The year 2009 has so far turned out to be the worst in 33 years for employees in the US in terms of salary hike.Source: Zee News : Business | 20 Aug 2009 | 6:19 am PFRDA to meet PoPs on Aug 26, ask them to get their act right!Unhappy with the way the New Pension System activities have been carried out so far by the contact and collection centres, the interim pension regulator PFRDA will meet them on August 26.Source: Zee News : Business | 20 Aug 2009 | 6:19 am No difference between Power and Oil Ministries: Shinde!A day after Petroleum Ministry threw its weight behind NTPC in its legal fight against Reliance Industries, Power Minister Sushilkumar Shinde on Thursday said his ministry had no differences on the issue with the Oil Ministry.Source: Zee News : Business | 20 Aug 2009 | 6:19 am OilMin pledges support for NTPC in legal fight with RIL!The Petroleum Ministry is believed to have told the Power Ministry that it would support NTPC Ltd in the state power firm`s legal fight to get natural gas from Reliance Industries.Source: Zee News : Business | 20 Aug 2009 | 6:19 am NTPC appoints Macquarie as consultant to acquire coal mines!State-run power producer NTPC on Thursday said it has appointed Macquarie as consultant for acquiring coal mines in Indonesia.Source: Zee News : Business | 20 Aug 2009 | 6:19 am US to wind down Clunkers program!The Obama administration is developing plans to wind down the popular Cash for Clunkers program and could announce by Friday when the incentives will no longer be available.Source: Zee News : Business | 20 Aug 2009 | 6:19 am Ceat may hike tyre prices by 35% in OctoberRubber prices surged 1015% last quarter and Indian rubber prices are at Rs 103 per kg. Tyre companies are now considering raising prices given the higher input costs. Commenting on the issue PK Chowdhary, MD of Ceat said he would have to hike tyre prices by 35% in October.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 6:05 amcom/india/newsarticle/stocksnews.php?autono=411998 target=_blank> Ceat may hike tyre prices by 35% in October Rubber prices surged 1015% last quarter and Indian rubber prices are at Rs 103 per kg. Tyre companies are now considering raising prices given the higher input costs. Commenting on the issue PK Chowdhary, MD of Ceat said he would have to hike tyre prices by 35% in October. Source: Moneycontrol Top Headlines | 20 Aug 2009 | 6:05 am The world's most powerful womenForbes' Power Women list isn't about celebrity or popularity; it's about influence. Queen Rania of Jordan (No. 75), for instance, is perhaps the most listened-to woman in the Middle East; her Twitter feed has 600,000 followers.Source: Hindustan Times News Feeds 'Business' | 20 Aug 2009 | 5:38 am World's richest womenTopping the list is Christy Walton, who is worth $20 billion. Walton is the widow of Wal-Mart ( WMT - news - people ) scion John Walton, who died in a plane crash in 2005. Right behind her is Alice Walton, worth $19.5 billion. The Well-Paid Women CEOs of America’s Largest Companies Source: Hindustan Times News Feeds 'Business' | 20 Aug 2009 | 4:52 am Top-paying jobs for womenMuch to our surprise, pharmacy topped the list, where women pharmacists earn a median wage of $1,647 per week or about $86,000 a year. The Well-Paid Women CEOs of America’s Largest CompaniesSource: Hindustan Times News Feeds 'Business' | 20 Aug 2009 | 4:38 am Maruti Expects Double-Digit Sales Gro... - Wall Street Journal
Source: Business - Google News | 20 Aug 2009 | 4:28 am Sensex closes below 15000; M&M, Marut... - Economic Times
Source: Business - Google News | 20 Aug 2009 | 4:24 am JSW Energy IPO likely in two months - Business Standard
Source: Business - Google News | 20 Aug 2009 | 4:18 am FOCUS - Thin stocks, low output will keep food costlyMUMBAI (Reuters) - Government efforts to check spiralling food cost in India have nipped some surge, but a patchy monsoon has seen households hoarding food ahead of festivals, leaving prices straining at the leash.Source: Reuters: Money News | 20 Aug 2009 | 4:16 am BSE Sensex provisionally rises 1.3 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 1.3 percent on Thursday, helped by strong overseas markets after a pullback in Chinese peers lifted sentiment and boosted commodity prices.Source: Reuters: Money News | 20 Aug 2009 | 4:14 am What exactly are the Ambani’s squabbling about?Over the last few weeks, every business newspaper in India has carried on its front page news of the ongoing dispute between the Ambani brothers. In the last few days, the news has been supplemented by a series of advertisements from Anil Ambani’s Reliance Anil Dhirubhai Ambani Group. But what exactly is the genesis of this dispute? How did it originate, how did the government get involved, and what is currently the state of affairs? To answer these questions, we have with us Mr. Ajit Kapadia, vice chairman at the Centre for Fuel Studies and Research, a Vadodara-based non-profit. Source: Home - Livemint.com | 20 Aug 2009 | 4:12 am Interest rates to go up, says ICICI Bank chiefNew Delhi: The country’s largest private sector lender ICICI bank on Thursday said lending rates will start going up any time now, contrary to the SBI Chairman’s projection that borrowers can breathe easy till Diwali. “I really believe that interest rates are not going to go down from here. Gradually they would go up. When? ...would really depend on how fast the credit growth takes place”, ICICI bank chief executive officer and managing director Chanda Kochhar said. Her statement comes a day after SBI Chairman OP Bhatt said that rates would not rise till Diwali and may even soften by 25-50 basis points before the busy season in October. In April, ICICI bank was the first to reduce lending and deposit rates by 50 basis points after announcement of the annual credit policy by the Reserve Bank of India (RBI). Replying to questions on impact of the large government borrowing on the financial system, Kochhar said, “I don’t think that amount is small. It does have its own impact on interest rates and financial system... I am sure there is a thought behind it.” In order to step up expenditure to stimulate the economy reeling under the impact of the global financial meltdown, the government decided to raise Rs4,51,000 crore through market borrowings this fiscal, up from Rs3,10,000 crore in 2008-09. Expressing concern over the high government borrowing, RBI governor, D Subbarao had recently said that it was impairing the ability of the central bank to further lower the interest rates through monetary measures. Source: Home - Livemint.com | 20 Aug 2009 | 4:05 am GIC Did Not Take Part In Swiss Govt's... - Wall Street Journal
Source: Business - Google News | 20 Aug 2009 | 4:04 am India's inflation rises, still minus 1.53 per centIndia's annual rate of inflation rose marginally to minus 1.53 per cent for the week ending August 8 from minus 1.74 per cent the week before, according to official data released.Source: Hindustan Times News Feeds 'Business' | 20 Aug 2009 | 4:03 am Close: Markets gain 1.3% tracking Chinese rallyMumbai: Indian shares rose 1.3% on Thursday, helped by strong overseas markets after a pullback in Chinese peers lifted sentiment and boosted commodity prices. The 30-share BSE index ended up 202.68 points at 15,012.32, with 27 stocks gaining. The 50-share NSE index closed up 59.35 points at 4,453.45. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 4:03 am Close: Markets gain 1.3% tracking Chinese rallyMumbai: Indian shares rose 1.3% on Thursday, helped by strong overseas markets after a pullback in Chinese peers lifted sentiment and boosted commodity prices. The 30-share BSE index ended up 202.68 points at 15,012.32, with 27 stocks gaining. The 50-share NSE index closed up 59.35 points at 4,453.45. Source: Home - Livemint.com | 20 Aug 2009 | 4:03 am Datawatch: How power IPOs fared on listing dayPower project development company Adani Power promoted by Adani Enterprises listed today at Rs 108 on the NSE at a premium of 8% to its issue price of Rs 100 a share. On the BSE, the share opened at Rs 105, at a premium of 5% to its issue price.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 4:00 am JSW Energy IPO likely in two months New Delhi: Sajjan Jindal-led JSW Energy is looking to come out with its initial public offering (IPO) in the next two months to raise about Rs3,000 crore for partly funding its expansion plans. “Provided we get the necessary regulatory approval, we may come out with an IPO in the next two months,” JSW Group CFO Seshagiri Rao said in an interview. The company had last week filed for the Draft Red Herring Prospectus (DRHP) with Sebi to hit the capital market. The market watchdog normally takes 30 days to give its nod for the IPO, he said, adding: “Subject to that JSW Energy may come out with the offering.” The company is targeting to install a capacity of 11,000 MW in the next five years which would entail an investment of about Rs55,000 crore. Currently, JSW Energy is setting up a 3,200 MW super critical thermal power plant entailing an investment of Rs15,000 crore at Ratnagiri in Maharashtra. The company had earlier withheld its plans to come out with an IPO citing weak market condition amid the global financial meltdown. With improved market conditions, Adani Power and NHPC were the first two entities to give shape to their IPO plans. While, Adani Power got listed today at Rs105 on the Bombay Stock Exchange (BSE), a premium of 5% over its issue price, state-run NHPC is expected to get listed soon. Source: Home - Livemint.com | 20 Aug 2009 | 3:54 am India to ready 1 mn skilled workforceNew Delhi: Targetting to have one million skilled workforce in the country in the next five years, the government will set up 5,000 skill development centres nation-wide and also 11 advanced training institutes for trainers. “The skill development centres will be set up mostly in unserviced areas like hilly terrain and backward regions,” minister of state for labour and employment Harish Rawat said. The move will enable large number of unskilled workforce in these areas acquire skills and get employment in developed regions in the country, he said during the Global Skill summit in the national capital. The government’s skill development policy envisages training one million workforce in the next five years and one million people every year thereafter. Remarking on the shortage of experts to train the workforce, he said his ministry has also undertaken an initiative to “establish 11 advanced training institutes under PPP mode”. The minister said modernization of the employment exchanges in the country would be completed by this year. Speaking on the occasion, member, Planning Commission Narendra Jadhav rued that only 2% people receive vocational training in the country. He said five sub-committees set up under the National Skill Development Coordination Board to recommend issues on vocational education have already prepared their reports and they would be submitted soon. “While two sub-committees have already presented their reports, the remaining will submitted theirs in the next few days,” he said. “The Planning Commission will make a comprehensive presentation to the Prime Minister in near future” after the reports are submitted. Two reports on skill development—one prepared by McKinsey and the other by Michigan Ross School of Business in association with Ficci—were released at the summit. The government earlier had announced setting up of 1,500 new ITIs to create a pool of skilled hands for the industry. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 3:53 am Monsoon gap narrows to 27%: sources New Delhi: “India’s monsoon deficit narrowed to 27% as at 18 August as improved rainfall in the past week reduced the seasonal shortfall by two percentage points,” government sources said on Thursday. India still faces a drought as weak June-September monsoon rains have hit planting of several crops such as rice, sugarcane and oilseeds and raised food prices. “Rainfall in the cane-growing northwest India was 37% below average, improving from a 43% deficit a week ago,” officials at the ministry of earth sciencies, said. “The shortfall in the soybean-growing region of central India widened by 3 percentage points to 22%,” the sources said, With output of rice and oilseeds expected to drop, food prices have risen at annual rates of more than 10% in early August, although the country’s wholesale price index has shown a year-on-year decline for 10 weeks in a row. Prime Minister Manmohan Singh said this week that India was facing the prospect of a drought, and the government is planning a crackdown on hoarding of farm commodities and imposing limits of stock traders can keep. The government hopes to step up crop planting in the winter season to offset the expected loss in the summer-sown crop. It is also aiming to increase purchases of grain from farmers to ensure adequate stocks with government agencies. Home minister P. Chidambaram said that the cabinet had approved a higher price for rice purchased by government agencies. Source: Home - Livemint.com | 20 Aug 2009 | 3:50 am Rupee up 6 paise at 48.73 a dollar in early tradeThe Indian rupee on Thursday appreciated by 6 paise against the dollar in early trade on expectations of increased capital inflows as stock markets may open on a strong note in line with other firming Asian bourses.Source: Hindustan Times News Feeds 'Business' | 20 Aug 2009 | 3:42 am Sterlite hikes Asarco bid by $500 m - Sify
Source: Business - Google News | 20 Aug 2009 | 3:40 am Sensex up 328 pointsA key index of the Indian equities markets moved further into the green a little more than an hour before end of trade Thursday and was ruling 328 points higher than its last closing figure.Source: IndiaeNews.com: Business News | 20 Aug 2009 | 3:30 am Maruti to export 100,000 A-Star unitsNew Delhi: The country’s largest car maker, Maruti Suzuki India, on Thursday said it is targeting to export 100,000 units of its small car A-Star. The company is aiming a total of 120,000 units to sell in the overseas market this financial year. “Out of the total exports, A-Star alone will comprise 100,000 units while the rest would be other models,” Maruti Suzuki India executive officer (marketing) Mayank Pareek told reporters. The auto maker also expects double-digit growth in April-October period this fiscal. “So far, our sales have been good and we will attain double-digit growth till October in this fiscal,” he added. In July, the sales in the top cities have turned around despite the fear of weak monsoon, he said, adding 44% of its total sales has come from major cities. “As of now, there is no impact of a weak monsoon on sales as we are selling not only to farmers but to other people also in the rural areas. But in the long term, it will definitely have an impact,” Pareek said. The company currently has an inventory level of three weeks and is producing more to meet the upcoming festive demands. On the company’s diesel-engine plans, Pareek said it will expand the production capacity to 300,000 units per annum by 2010-11 from the existing 240,000 units. Maruti Suzuki India will launch its small car Zen Estilo with 1L KB-series engine next week. It is also working on upgrading all its models to meet the Bharat Stage IV emission norms. “We are also working big time on launching CNG variants as after the discovery of gas in KG basin and other locations the availability of CNG will be easy and shall be popular,” Pareek said. He also said the company is planning to export the new Zen Estilo to Indonesia. Source: Home - Livemint.com | 20 Aug 2009 | 3:30 am Rupee holds firm on stong sharesBy Mumbai: The Indian rupee held on to gains in afternoon session on Thursday helped by a firm domestic sharemarket and also buoyed by higher regional peers. At 2:15pm, the partially convertible rupee was at Rs48.65/66 per dollar, stronger than its Tuesday’s close of Rs48.78/79. The currency market was shut on Wednesday for a local holiday. Dealers said there was some oil demand preventing a sharp rise in the rupee. Oil is India’s biggest import and refiners are the largest buyers of dollars in the domestic currency market. Local shares were trading up 1.8%, joining strong markets across Asia after a pullback in Chinese peers lifted sentiment and boosted commodity prices. One-month offshore non-deliverable forward contracts were quoting at Rs48.67/77, weaker than the onshore spot rate. In the currency futures market, the most traded near-month contract on the National Stock Exchange and MCX-SX was quoting at Rs48.6600 and Rs48.6625 respectively, with the total traded volume on the two exchanges at about $1.05 billion. Source: Home - Livemint.com | 20 Aug 2009 | 3:29 am India gold demand abates; buyers eye fallMUMBAI (Reuters) - India's gold demand abated on Thursday after picking up for three continuous sessions as domestic prices neared the 15,000-rupee mark, dealers said.Source: Reuters: Money News | 20 Aug 2009 | 3:21 am GAIL opposes $6.75/mmBtu rate for Ravva Satellite field gas New Delhi: State-run gas utility GAIL India has opposed the $6.75 per million British thermal unit price sought by the Cairn India-led joint venture for the gas produced from the Ravva Satellite fields in the KG basin. “We have told them in no uncertain terms that $6.75 per mmBtu price is not acceptable to us,” a GAIL official said. The Cairn-ONGC-Videocon consortium had last month written to the petroleum ministry seeking a 57% hike in the Ravva Satellite field gas price citing provision in the production sharing contract (PSC) for the field. GAIL, at present, buys 0.9 million standard cubic meters per day of gas produced from the Ravva Satellite fields at $4.3 per mmBtu and has a right to match the rate the Cairn-led consortium discovers from the market. “We don’t agree with the price discovered by Cairn. We feel $4.3 per mmBtu is a just price,” he said adding: “The government will now have to decide between continuing gas sales to GAIL or giving the consortium marketing freedom.” The new price sought by the Ravva consortium is 60% more than the maximum price of $4.2 per mmBtu approved for Reliance Industries’ KG-D6 fields till 2014. Gas from Panna/Mukta and Tapti fields operated by a joint venture (JV) led by UK’s BG Group is sold at $5.51 per mmBtu and from the Lakshmi fields at USD 4.75 per mmBtu. The official said the petroleum ministry has asked GAIL if it is willing to buy gas at the new price and in case the state-run firm refuses, the Ravva joint venture would have the freedom to market the gas produced from the satellite field to private parties at a price not less than $6.75 per mmBtu. In case it is decided that the joint venture may market the gas produced from the field to private parties, they would not be allowed to charge any marketing margin. The production sharing contract for Ravva stipulates that the price of natural gas produced from the gas field other than existing discoveries for use in India shall be priced at market determined rates. Price revision for the Ravva Satellite field is due since December 2008. The Ravva JV in April this year invited offers from Vemagiri Power Generation Ltd of the GRM Group, GVK Power and Infrastructure Ltd and Silkroad Sugar Pvt Ltd for selling the 0.9 mmscmd of gas. “Silkroad offered a price of $6.75 per mmBtu and accordingly the Ravva JV asked GAIL to match the price,” he said. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 3:20 am Gold demand abates; buyers eye fallMumbai: India’s gold demand abated on Thursday after picking up for three continuous sessions as domestic prices neared the Rs15,000 mark, dealers said. “Traders don’t want to buy, they want prices to fall now,” said a dealer with a state-run bank in Mumbai. “They had bought in reasonable quantities since Monday.” The most-active October contract was 0.15% lower at Rs14,914 per 10 grams at 2:43pm. The contract had gained 0.5% in the previous session, before touching a high of Rs15,010, a level last seen on 14 August. Dealers said buying appetite could revive if prices fall further from here as traders sought to replenish stocks to meet festive demand. The world’s largest consumer will celebrate Ganesh Chaturthi on 23 August. “People are looking for $930 (an ounce) to buy,” said another dealer from a private bank. Source: Home - Livemint.com | 20 Aug 2009 | 3:08 am Swiss sale of UBS stake oversubscribed - tradersLondon / Zurich: The Swiss government’s sale of a 9% stake in UBS drew lively bids, traders said on Thursday, with a price range seen above the stock’s closing price in the previous session. The Swiss had initially set a price range of 16 to 16.50 Swiss francs per share, but traders indicated a range at 17 to 17.25 francs, saying the books were three to five times oversubscribed. That could net the government up to 5.7 billion Swiss francs ($5.3 billion), just below its original investment of 6 billion francs in mandatory convertible notes. UBS will also pay the government 1.8 billion francs to compensate for lost interest rates it would otherwise have had to pay, leaving Berne in the black on the deal. The Swiss National Bank said the government sale indicated the market was more confident in UBS, while Switzerland’s financial regulator FINMA said it supported the sale since the bank now had a “stable, sound capital base”. UBS shares were up 0.6% at 16.84 francs at 0758 GMT, having closed at 16.74 francs on Wednesday, while the DJ Stoxx bank sector index was up 1.44%. Tax Settlement The sale is being run by Credit Suisse, Morgan Stanley and UBS itself, traders said. A Swiss Finance Ministry spokesman declined to comment on the placement, adding that details would be announced later on Thursday. Switzerland said late on Wednesday it would sell the stake, saying a capital raising in June and the settling of a tax dispute with the US had increased confidence in the bank. The news came just hours after Switzerland agreed to reveal details of about 4,450 wealthy American clients of UBS to US authorities in a tax dispute settlement that breaks the seal on Swiss banking secrecy. Other Swiss banks, such as Credit Suisse, Julius Baer, Zuercher Kantonalbank (and Union Bancaire Privee (UBP), are now fretting that the US taxman’s spotlight could fall on them, the Wall Street Journal reported. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 3:07 am Jinnah book sales soar after author Jaswant's expulsionCuriosity equals book sales. That equation seems to be at work with Jaswant Singh's 'Jinnah: India - Partition - Independence' zooming to the top of the bestseller list as people dig into their pockets to find out why the Bharatiya Janata Party (BJP) expelled its veteran leader.Source: IndiaeNews.com: Business News | 20 Aug 2009 | 3:00 am Watch/Listen - Mint in Multimedia - August 20Video story: Making an example Mint’s Santosh K. Joy says that the BJP was sending out a clear message by expelling veteran leader Jaswant Singh Video story: Belt tightening Congress chief Sonia Gandhi tells her party members to hand over 20% of their salaries over the next year for drought relief. Audio story: What exactly are the Ambani’s squabbling about? On this weeks show we discuss the genesis of the Ambani dispute: How it originated, how the government got involved, and what the current state of affairs is Slideshow: India Art summit click here to view slideshow Mint covered the India Art Summit, capturing some of the more interesting facets on camera. Video story: Mint Report Infrastructure finance company IIFCL to get a 1.2 billion dollar world bank loan, first nationwide database of financial frauds will be up next week Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 3:00 am Sensex soars over 300 points in early tradeThe 30-share index rose by 307.36 points to 15,117.00 points in early trade on heavy buying by funds at existing attractive levels following firming global trends.Source: Hindustan Times News Feeds 'Business' | 20 Aug 2009 | 2:52 am Inflation slightly up at -1.53% from previous -1.74%New Delhi: India’s wholesale price index fell in the year to 8 August for the tenth week in a row, but drought-like conditions continued to push up food prices and broader inflation is expected by economists to rise sharply in coming months. The widely watched wholesale price index fell 1.53% in the 12 months to 8 August. That compares with a 1.74% decline in the prior week and a market forecast for a decline of 1.49%. The food articles index surged 10.5% compared with a year ago as a weak monsoon hit crops. It was the second week in a row that the food price index saw growth of at least 10%. “Going forward we could see negative numbers for another month or so and they will slowly become positive,” said D K Joshi, principal economist of CRISIL. “The impact of the poor monsoon will show up later with food prices which have anyway spiked.” The market was unmoved by the data, with the benchmark stock index holding on to earlier gains of 1.75%, unchanged from before the data release. The benchmark 10-year bond yield was also unchanged at 7.22%. Analysts say government action is now needed to tame rising food prices caused by insufficient rainfall as monetary policy cannot tackle supply-side bottlenecks. At a policy review last month, the central bank revised up its inflation outlook for the fiscal year ending March 2010 to 5% from 4%. It left the key policy rate unchanged after having slashed the rate by 425 basis points between October and April. “The Reserve Bank of India’s dilemma continues with co-existence of elevated prices and inflationary expectations as well as the need to maintain comfortable liquidity - perhaps for longer duration than earlier envisaged, given the impact of drought on the economy,” Shubhada Rao, chief economist with Yes Bank, said. “We believe that the probability of rate hike gets lower in the current fiscal year.” A poor monsoon and a possible decline in farm output could drag down overall growth in Asia’s third largest economy in 2009/10 (April/March). The economy grew 6.7% in 2008/09 (April/March), slower than 9 percent in the previous year, and the central bank has forecast 6% growth in 2009/10 with an upward bias. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 2:50 am Nokia dials rural market with new servicesNokia Corporation on Wednesday said the company aims to tap the fastgrowing rural market with various new services. It would also look at lowering the affordability barrier for mobile phones by providing microfinancing facilities.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 2:49 am Apollo Tyres plans to hike pricesKochibased Apollo Tyres Ltd plans to sell its passenger car tyres in Europe and may eventually use its Dutch plant to manufacture its Apollo brand.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 2:43 am YouTube co-founder backing new US F1 teamValencia, Spain: YouTube co-founder Chad Hurley is putting some of his fortune into Formula One as primary investor in the new US F1 team due to enter the sport next season. “I am thrilled to be a part of America’s first Formula One team in more than 40 years,” the multi-millionaire told the autosport.com website. “Getting in on the ground floor of a project of this size and scope is a tremendous opportunity, and I look forward to helping shape the US F1 vision and corporate strategy for years to come.” Hurley, CEO of the video-sharing website that was sold to Google in 2006 for $1.65 billion in 2006, said he was attracted by the mix of technology, design and sport that Formula One represented. “I see tremendous potential for all sports to integrate more media, more social connections, connect with the fans and build a fan base,” he said in an interview ahead of this weekend’s European Grand Prix in Valencia. “And that’s exactly what I hope to bring to US F1, bringing my experience and perhaps my opinions of how we could go about that. “Obviously video is something I am deeply involved with today, and that is going to be a big part of what we do at US F1,” he added. “Hopefully we can create compelling content that individuals around the world have an opportunity to view and share, and really feel like they are part of the team.” US F1 are one of three new outfits confirmed for next year’s championship, with the starting grid due to be expanded to 13 teams from the current 10. The team are due to use a Cosworth engine but intend to showcase American talent and technology from their base in Charlotte, North Carolina. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 2:41 am Credit quality of Indian cos has improved: CrisilMumbai: The credit quality of Indian companies has improved a little in 2009-10 on better profitability and funding access, after peaking in the second half of 2008-09, ratings agency Crisil said on Thursday . Easing interest rate burden, cheaper overseas borrowings over rupee-denominated loans and improved market valuations providing relief in the form of institutional placements and preferential allotments helped ease credit quality pressure of Indian companies, it said in a statement. “Companies have benefited from the accommodative stance of monetary policy, an increased appetite for risk in international capital markets, and improved sentiment in the Indian equity market,” Raman Uberoi, senior director at Crisil Ratings, said. Total interest expenses for 403 non-financial companies in the S&P CNX 500 index dropped 5% in Jan-March quarter, and by another 12% in the April-June quarter, compared with the preceding quarters, the Crisil study said. Corporate profitability bounced back after January 2009 because of lower commodity prices and funding costs and it crossed levels last seen in 2007-08 in the June 2009 quarter, it added. However, easing of credit pressure does not mean a return of credit strength as profiles of Indian companies remain vulnerable to demand uncertainty, said Ajay Dwivedi, director, Crisil Ratings, in a statement. “This is especially true for companies that earn significant revenues from rural markets, which are exposed to the effect of drought this year,” Dwivedi said, adding credit profiles are also vulnerable to interest rate increases and exchange rate uncertainty. Source: Home - Livemint.com | 20 Aug 2009 | 2:41 am Internet is the next big marketing platformThe advantages of marketing via digital media were put forward by speakers on the second day of the twoday CII Annual Marketing Summit.Source: Moneycontrol Top Headlines | 20 Aug 2009 | 2:38 am China rebound lifts global stocksLONDON (Reuters) - Chinese stocks rebounded sharply on Thursday, giving a fillip to global equities and fostering demand on foreign exchanges for higher-yielding currencies.Source: Reuters: Money News | 20 Aug 2009 | 2:29 am Bharti, MTN extend merger talks until 30 SeptNew Delhi /Johannesburg: Bharti Airtel and South Africa’s MTN Group extended until 30 September their exclusive talks aimed at merging their operations to create the world’s third-largest mobile operator. It was the second extension to the talks, which were first announced in late May. The companies had earlier extended the exclusive talks by a month to 31 August. The companies said in separate but similar statements that discussions continued to progress satisfactorily, though no decision had yet been taken to acquire any shares or implement the potential transaction. “It simply means the uncertainty continues,” said Sanjay Chawla, telecom analyst at Mumbai brokerage Anand Rathi. “There could be issues on pricing, management representation or Bharti GDRs not wanted by MTN shareholders,” he said. Shares in Bharti, valued at about $32 billion, unwound early gains to be down 0.6% at 1.30 pm in a Mumbai market up 1.8%. “The stock is not going to outperform till this is sorted out,” Chawla said. Bharti and MTN had revived merger talks in May, a year after previous talks broke down over who would control a merged entity. A merger would create an emerging markets giant with more than 200 million customers across India, Africa and the west Asia. The exclusive talks over the deal, which would see each firm pay cash and stock for a stake in the other were initially due to end on 31 July. A combined entity would be the third-biggest mobile operator based on subscribers, behind China Mobile and Vodafone, although its annual sales of $20 billion would be dwarfed by China Mobile’s $60 billion and Vodafone’s $65 billion. Under the initial terms, MTN and its shareholders would take a 36% economic interest in Bharti and the Indian firm would end up with 49% of MTN. Puzzling Shares in MTN, which has a market value of $29 billion, were down 0.7% in Johannesburg, lagging a 1.3% rise in the JSE Top-40 index. “I find it puzzling. They have been in discussions for quite a while now. It’s not great to keep the stock in limbo like this,” said Mark Ansley, a telecom analyst at Cape Town-based Cadiz African Harvest, which owns MTN shares. “We have seen it in the past that ratings turn to drift while stocks are kept in limbo in terms of corporate action. It’s certainly not good news. Our view is that we will like to see some advancement in the negotiations,” Ansley said. Some MTN shareholders, including the South Africa’s Public Investment Corporation (PIC), have indicated they might hold out for a higher price, as they felt Bharti needed to pay a bigger premium for effective control of MTN. Both Bharti and MTN had said the structure and terms of the potential transaction may be adjusted. Separately, a source familiar with the negotiations had told Reuters that Bharti might increase its offer by between 5 and 10%. The deal would give both firms exposure to new markets ripe for growth, while a full merger, the eventual aim of the talks, would yield cost savings, allow for technology sharing, and provide financial muscle for more expansion, analysts said Standard Chartered was advising Bharti Airtel, while Bank of America Merrill Lynch and Deutsche Bank were advising MTN. Source: Home - Livemint.com | 20 Aug 2009 | 2:11 am WPI falls, food prices surge on poor monsoonNEW DELHI (Reuters) - India's wholesale price index fell in the year to Aug. 8 for the tenth week in a row, but drought-like conditions continued to push up food prices and broader inflation is expected by economists to rise sharply in coming months.Source: Reuters: Money News | 20 Aug 2009 | 2:02 am Bharti, South Africa's MTN extend pact talks to Sep 30Bharti Airtel and South Africa's MTN Thursday said they were extending their talks for a proposed $23-billion financial alliance till Sep 30, with no final pact in sight even as the revised deadline of Aug 31 approaches.Source: IndiaeNews.com: Business News | 20 Aug 2009 | 2:00 am Bharti and MTN extend exclusive talks to Sept 30NEW DELHI/JOHANNESBURG (Reuters) - Bharti Airtel and South Africa's MTN Group extended until Sept. 30 their exclusive talks aimed at merging their operations to create the world's third-largest mobile operator.Source: Reuters: Money News | 20 Aug 2009 | 1:56 am Scientists develop high-yield deep water riceTokyo: A team of Japanese scientists have discovered genes that enable rice to survive high water, providing hope for better rice production in lowland areas that are affected by flooding. The team, primarily from the University of Nagoya, reported their findings in Thursday’s issue of Nature, the science magazine. The genes, called SNORKEL genes, help rice grow longer stems to deal with higher water levels. Deep-water rice generally produces lower-yield rice plants. But the researchers report they have succeeded in introducing the genes to rice varieties that are higher-yield. According to the report, as water levels rise, accumulation of the plant hormone ethylene activates the SNORKEL genes, making stem growth more rapid. When the researchers introduced the genes into rice that does not normally survive in deep water, they were able to rescue the plants from drowning. Motoyuki Ashikari, who headed the project, said his team is hoping to use the gene on long grain rice widely used in Southeast Asia to help stabilize production in flood-prone areas where rice with the flood-resistant gene is low in production about one-third to one-quarter that of regular rice. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 1:49 am FTSE gains in early trade on commodities, asian stocksLondon: Britain’s top share index rose 1.0% in early trade on Thursday, driven by gains in heavyweight energy stocks as crude prices firmed on lower US stockpiles, and tracking gains in the US and Asian markets. By 0733 GMT, the FTSE 100 was up 47.74 points at 4,737.41, after reversing earlier losses to close slightly higher on Wednesday. Heavyweight oil producers added the most points to the index, as crude prices climbed above $72 a barrel, buoyed by industry data showing a steep drop in crude imports and stockpiles in top consumer the United States. BP, Royal Dutch Shell, BG Group, Tullow Oil and Cairn Energy put on 1-1.9%. Also in the resources sector, BHP Billiton, Anglo American, Xstrata, Vedanta Resources, Lonmin and Kazakhmys were up 1.5-3.1%, helped by firmer metal prices. Rio Tinto, the world’s second-largest miner, added 1.7% after posting a record drop in first-half profit, in line with market forecasts, and saying it was confident about the future after a tough 18 months. “The tone today is very much set by the Asian rebound overnight,” said Tim Hughes, head of sales trading at IG Index. “The whole market is being really driven from a global context and continuing positive sentiment among traders. In spite of the equity market performance over the last few months, no one seems willing to give up the ghost on this rally.” The UK benchmark has gained 37% since hitting a floor in early March, and is up 6.8% so far this year. However, volumes on the index have been low on average in August, the height of the northern hemisphere’s summer. Hughes said the low summer volumes raised the question of how much one can read into the daily market movement as a longer-term trend. Chinese stocks surged 4.5% and Japan’s Nikkei average gained 1.8%. US stocks rose on Wednesday, shaking off a slide in China’s equity market, as investors responded favourably to a surprising drop in crude oil stockpiles that might suggest an improving demand outlook. Banks were other standout gainers on the FTSE 100, with HSBC , Royal Bank of Scotland, Barclays, Standard Chartered and Lloyds Banking Group up 0.9-3.7%. UK retail sales, due at 0830 GMT, will provide a gauge of the state of the British economy. Investors will shift their focus to US weekly jobless claims later in the day. Among individual movers, Diageo slipped 1% after ING downgraded the drinks group to “hold” from “buy”. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 1:41 am Bharti-MTN extend talks period till S... - Business Standard
Source: Business - Google News | 20 Aug 2009 | 1:39 am Mercedes-Benz special edition now in IndiaNew Delhi: Luxury carmaker Mercedes-Benz India on Thursday launched its special edition C-Class model priced between Rs28.46 lakh and Rs31.30 lakh (ex-showroom Delhi) in both petrol and diesel variants in the country. The company plans to produce only 60 units of this special edition vehicle in order to maintain exclusivity. “The C-Class has been the star of young achievers and dynamic individuals whose lifestyles is a celebration of aspiration, ambition and drive,” said company’s managing director and CEO Wilfried Aulbur. The company earlier this week also announced plans to invest Rs150 crore in network expansion in the country. Source: LatestNews-Home - Livemint.com | 20 Aug 2009 | 1:29 am Inflation inches slightly up: Is it t... - Moneycontrol.com
Source: Business - Google News | 20 Aug 2009 | 1:16 am Central banks turn net buyers of gold... - Economic Times
Source: Business - Google News | 20 Aug 2009 | 1:12 am Sensex soars over 300 points in early tradeThe Sensex surged by over 300 points in early trade on heavy buying by funds at existing attractive levels following firming global trends.Source: Daily News & Analysis: Money News | 20 Aug 2009 | 1:08 am India's inflation rises, still minus 1.53 percentIndia's annual rate of inflation rose marginally to minus 1.53 percent for the week ending Aug 8 from minus 1.74 percent the week before, according to official data released Thursday.Source: IndiaeNews.com: Business News | 20 Aug 2009 | 1:00 am Inflation rises slightly to (-)1.53 per centInflation for the week ended August 8 rose slightly to (-)1.53 per cent against (-)1.74 per cent in the previous week.Source: Daily News & Analysis: Money News | 20 Aug 2009 | 12:52 am Sonia Gandhi, Chanda Kochhar among top 20 powerful womenSonia Gandhi and Chanda Kochhar ranked in the top 20 of the World's 100 Most Powerful Women list compiled by Forbes.Source: Daily News & Analysis: Money News | 20 Aug 2009 | 12:40 am Mphasis Q3 net zooms 128% - Business Standard
Source: Business - Google News | 20 Aug 2009 | 12:38 am Lalu Prasad wants 'janata hotels' for Bihar's poorRashtriya Janata Dal chief Lalu Prasad Thursday asked the Bihar government to open 'janata hotels' in rural areas to provide cheap food to poor people in view of the drought.Source: IndiaeNews.com: Business News | 20 Aug 2009 | 12:31 am Sensex extends gains, up 2 percentA key index of the Indian equities markets extended its gains a little before Thursday noon, even as other key Asian indices climbed into the green after a dismal show Wednesday.Source: IndiaeNews.com: Business News | 20 Aug 2009 | 12:30 am Soon, shopowners and teachers will turn ‘bankers’Mumbai, Aug.19 Individuals such as shop owners, PCO operators, petrol pump owners, retired teachers and members of self-help groups will soon be able to offer services as banking correspondents, as per recommendations of a Reserve Bank of IndiaSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Day Trading GuideFresh short-position can be initiated if DLF slips below Rs 360, with tight stop-loss. Utilise rallies to sell ICICI Bank with stiff stop at Rs 735. We reiterate our sell recommendation inSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Gold loses glitter in June quarterMumbai, Aug. 19 Gold demand in the second quarter of 2009 was down 38 per cent to 109 tonnes on the back of high prices and weak economic conditions, according to the Gold Demand Trends published by the World Gold CouncilSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Ministry lays the road for global players with mega projectsThe Ministry of Road Transport and Highways is actively pursuing mega projects in the highways sector to attract international players.Source: Business Line - Home Page | 20 Aug 2009 | 12:00 am New Delhi Television (Rs 162.45): SellWe recommend a sell in the stock of New Delhi Television from a short-term perspective. It is apparent from the charts that the stock has been on a medium-term uptrend from its July low of Rs 104. However, the stock encountered resistance (JuneSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Banks step up issue of certificates of depositBangalore, Aug. 19 After a long lull, banks have stepped up short-term resource mobilisation through issue of certificates of depositSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Despite low rice output forecast, basmati MEP cut to $800/tonneNew Delhi, Aug. 19 Even as the Agriculture Minister, Mr Sharad Pawar, has confirmed that the country’s rice output may drop by 10 million tonnes this year and put “pressure on availability and market prices”, the Centre hasSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Retail loan rates may dip further: SBI chiefHyderabad, Aug. 19 Retail borrowers, including home and auto loan seekers, can expect a further lowering of interest rates in the next three to six months as banks report better liquidity positions and appetite for domestic creditSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Apply for public issues through SMSMumbai, Aug. 19 Ekkay Magic, a Baroda-based IT services company that focuses on software development and related services, has launched a service that allows investors to apply for an IPO through SMS.Source: Business Line - Home Page | 20 Aug 2009 | 12:00 am Tata DoCoMo open to buying new players in IndiaTokyo, Aug. 19 Japanese telecom major NTT DoCoMO, along with its Indian partner Tata Teleservices may snap up one of the new mobile operators as consolidation in the Indian market begins to take place inSource: Business Line - Home Page | 20 Aug 2009 | 12:00 am Adani Power lists at 5 pc premium on BSEAdani Power today got listed at Rs 105 on the Bombay Stock Exchange, a premium of five per cent over its issue price of Rs 100.Source: Daily News & Analysis: Money News | 19 Aug 2009 | 11:55 pm HAL to supply components for Sukhoi fighters to RussiaThe Hindustan Aeronautics Ltd will supply components to Russia for its Sukhoi range of combat jets for export to third countries.Source: Daily News & Analysis: Money News | 19 Aug 2009 | 11:49 pm Adani Power shares make disappointing debutMUMBAI (Reuters) - Shares in Adani Power bounced around the issue price of 100 rupees after a shaky opening for India's first large IPO in 18 months, a performance that may prompt other listing hopefuls to lower their valuation expectations.Source: Reuters: Money News | 19 Aug 2009 | 11:47 pm Low-cost airlines make profit while f... - Economic Times
Source: Business - Google News | 19 Aug 2009 | 11:42 pm MySpace buying online music sensation iLikeSan Francisco: MySpace on Wednesday announced it is buying online music discovery hotspot iLike and plans to expand the service to other forms of entertainment such as games and films. Financial terms of the deal were not disclosed, but technology blogs claiming inside sources have valued the deal at approximately $20 million. “The iLike acquisition advances our relentless pursuit of innovation and the need to create new distributed social experiences in music and beyond,” said MySpace chief executive Owen Van Natta. Since being founded two years ago by brothers Ali and Hadi Partovi, iLike has become a favorite way for people to find new music, live performances, and concert tickets. “MySpace is trying to recapture relevance from Facebook and attempting to use iLike to broaden their potential customer base and create a more viable future,” said analyst Rob Enderle of Enderle Group in Silicon Valley. “It isn’t a bad idea, iLike is a well-regarded property and catching Facebook organically is likely not in the cards.” It appears iLike was under pressure from investors eager to reap profit, according to Michael Gartenberg, vice president of strategy and analysis at market research firm Interpret. “It was a way for them to get out,” Gartenberg said of iLike’s backers. “These guys were the high-flying Web 2.0 company and they sold for a lot less than their perceived valuation not long ago.” The value of iLike had recently been pegged at more than $50 million. People can visit iLike’s eponymous website or install the startup’s applications at Apple’s online iTunes shop or social networks including Facebook, MySpace, Bebo, hi5 and Orkut. ILike reports having 55 million users. Gartenberg believes iLike’s dependence on other websites as stages for its applications proved to be a weakness. “It’s a problem any time you are totally dependent on someone else for your core platform,” Gartenberg said. “The dependence on Facebook really was an issue.” MySpace expects to close the iLike deal quickly and said there are no plans to yank the service from arch-rival Facebook. “ILike is a great application across many social networks and we expect to extend that,” Van Natta said. ILike will remain based in Seattle. MySpace indicated it is eager to apply iLike discovery and sharing technology to other areas of entertainment such as videogames and film. “It’s a humbling moment for Ali and me,” the brothers wrote in a message posted at iLike’s website. “Having built the most popular music services on the other social networks, we never imagined that we’d someday team up with MySpace, and we’re excited to see what we can accomplish as one team.” The iLike.com website and applications will continue to operate as they always have “except that we’ll be working to make them even better,” the brothers wrote. ILike said it will continue testing a service selling digital music downloads and its goal is to eventually enable people to “impulse buy in-page” from anywhere they can access the Internet. “Launching another store is going to be challenging in a universe that is so dominated by Apple and iTunes,” Gartenberg said. “But we are still in the early stages where no one is willing to roll over and concede the market to anyone.” News Corp-owned MySpace has focused on connecting music makers and song lovers since being eclipsed last year by Facebook as the world’s most popular social-networking service. “By itself this doesn’t do what MySpace needs done, but as part of a larger acquisition strategy and blended with targeted improvements this could eventually work,” Enderle said. “I worry, however, that this may be less a part of a broader strategy, which hasn’t been articulated, and more of Hail Mary pass to make it look like they are doing something strategic. If it is the latter this won’t end well at all.” Source: Tech News - Livemint.com | 19 Aug 2009 | 11:33 pm Sensex up 252 points in early tradeIndian equities markets made a strong start Thursday with a key index soaring 252 points within five minutes of the opening bell.Source: IndiaeNews.com: Business News | 19 Aug 2009 | 11:30 pm Sterlite revises offer to purchase operating assets of AsarcoReuters - Sterlite Industries (India) Ltd: Revised offer to purchase operating assets of Asarco LLC.Source: Reuters: Money News | 19 Aug 2009 | 11:23 pm MphasiS quarterly net more than doublesBANGALORE (Reuters) - MphasiS Ltd reported a more than doubling of its quarterly net profit as the mid-sized Indian IT services provider bagged new outsourcing contracts despite a challenging global economic environment.Source: Reuters: Money News | 19 Aug 2009 | 11:16 pm Indra Nooyi among Forbes’ most powerful womenNew York: German leader Angela Merkel and businesswomen dominate Forbes magazine’s new list of powerful women, while First Lady Michelle Obama and secretary of state Hillary Clinton didn’t break the top 30. Merkel headed the list, published on Wednesday, for the fourth year running, with the magazine highlighting her role as leader of the huge German economy and her likely re-election in September. Reflecting the world’s focus on recession and the struggle to keep the financial markets afloat, Merkel was followed almost exclusively by businesswomen. In second place came Sheila Bair, chairman of the Federal Deposit Insurance Corp, which insures US banks. Third was Indra Nooyi, chief executive at PepsiCo, then Cynthia Carroll, the chief executive of mining giant Anglo American, and Ho Ching, chief executive at Singapore’s government investment company Temasek Holdings. Hillary Clinton slipped from 28 last year, when she was close to winning the Democratic presidential nomination to 36, despite heading the powerful US State Department. Michelle Obama came into the list for the first time. Although she has the ear of the US president around the clock, she ranked only 40. Below her, at 42, came Britain’ Queen Elizabeth II. The full list can be seen at www.forbes.com/women- Source: World Business - Livemint.com | 19 Aug 2009 | 11:01 pm Swine flu masks sell like hot cakes in Madhya PradeshSwine flu masks have been selling like hot cakes in Madhya Pradesh though there has not been a single positive case in the state so far. While many shops have no stock, others are selling at twice or thrice the usual price.Source: IndiaeNews.com: Business News | 19 Aug 2009 | 10:30 pm Chinese military goes onlineBeijing: China’s defence ministry launched its first official website on Thursday, part of an effort by the normally secretive military to be more transparent. The site’s launch including an English version comes as the US army’s top general visits Beijing for talks with his Chinese counterparts. Army Chief of Staff General George Casey will visit the headquarters of the People’s Liberation Army on Thursday and meet PLA Chief of the General Staff Chen Bingde. China has long been tightlipped about its military strength and capacity, drawing criticism from other countries wary of the Asian giant’s growing power and skyrocketing military spending. Beijing says it is modernizing is military, but for purely defensive purposes. But in recent years, China has been increasing its international military ties. Earlier this year, Chinese warships were sent to patrol waters off Somalia as part of the international effort against piracy. Defence minister Liang Guanglie said earlier this month the army would develop peacefully and increase cooperation with foreign armed forces to fulfill its international obligations. A defence ministry spokesman last month said the military planned to establish more information offices nationwide and hold more news conferences. The website includes sections on China’s defence policies and laws and news about military exercises, peacekeeping roles and international military exchanges. A picture of President Hu Jintao, who is also chairman of the Communist Party’s Central Military Commission, which controls the military, is prominent on the home page. Pictures and information on weapons and equipment are also displayed. China’s military spending has jumped by double-digit percentages for nearly two decades. This year, Beijing announced a 14.9% rise in military spending to 480.68 billion yuan ($70.27 billion), though it was a smaller increase than previous years. That spending puts it on par with Japan, Russia and Britain, but it is still dwarfed by the US, which spends nearly 10 times as much. Source: Tech News - Livemint.com | 19 Aug 2009 | 9:40 pm Swiss to reveal some UBS accounts, other banks eyedBERNE/WASHINGTON (Reuters) - Switzerland has agreed to reveal the names of about 4,450 wealthy American clients of UBS AG to U.S. authorities in a tax dispute settlement that pierces Swiss banking secrecy and now threatens to spill over to other banks.Source: Reuters: Money News | 19 Aug 2009 | 7:09 pm Hearing on Satyam founder’s petition adjourned to Aug 24The Andhra Pradesh High Court on Wednesday adjourned the hearing till August 24 on the petitions challenging the proposed lie detector and brain mapping test on Satyam Computer founder B Ramalinga Raju and two other accused in the multi-crore fraud in the IT company.Source: Hindustan Times News Feeds 'Business' | 19 Aug 2009 | 4:19 pm Realtors lining up big IPOsMumbai-based realtors Lodha Group and Oberoi Constructions are set to file their draft red herring prospectuses (DRHPs) with Sebi.Source: Daily News & Analysis: Money News | 19 Aug 2009 | 4:08 pm Sebi likely to cap exit load at 1 yearThe regulator is also said to have suggested that fund houses should not give excessive commissions to garner market share.Source: Daily News & Analysis: Money News | 19 Aug 2009 | 4:04 pm Glenmark drug comes a cropperThe molecule, targeted at chronic obstructive pulmonary disease (COPD), was outlicensed to US-based Forest Laboratories in 2004 for further development.Source: Daily News & Analysis: Money News | 19 Aug 2009 | 4:00 pm 'Delay in tests may lead to evidence getting destroyed'With the plan to conduct polygraph and brain mapping tests on B Ramalinga Raju hitting a road block, the CBI feels that the delay will have serious impact on the investigation.Source: Daily News & Analysis: Money News | 19 Aug 2009 | 3:57 pm Healthcare costs can be killing, so get yourself a medical coverTaxes and death are the only certainties in life -- we have heard that before. And one more to that. Medical emergencies.Source: Daily News & Analysis: Money News | 19 Aug 2009 | 3:51 pm Truant rains could hit GDP growthDrought-like situation due to sparse monsoon could hit rural consumption demand and gross domestic product growth, said Chanda Kochhar, MD and CEO, ICICI Bank.Source: Hindustan Times News Feeds 'Business' | 19 Aug 2009 | 1:58 pm Banks may be asked to aid small irrigationThe government is likely to ask banks to offer loans for small and micro irrigation projects to reduce the dependence on monsoons. These micro irrigation projects are mostly undertaken by zonal authorities under the aegis of Nabard.Source: Hindustan Times News Feeds 'Business' | 19 Aug 2009 | 1:55 pm The real story behind Jaswant's expulsionHis adulation of Jinnah was the cause celebre, but differences have been building up between him and the BJP.Source: Business Standard | Front Page Headlines | 19 Aug 2009 | 1:20 pm Sun wins US court ruling in Eli Lilly patent challengeSun Pharmaceuticals has succeeded in having a key patent of Eli Lilly's blockbuster cancer medicine, Gemzar, invalidated in the US market.Source: Business Standard | Front Page Headlines | 19 Aug 2009 | 1:18 pm Air India may vacate Nariman Point HQGlobal search for COO to start in a week, says Patel.Source: Business Standard | Front Page Headlines | 19 Aug 2009 | 1:15 pm UBS to detail some US accounts, others face scrutinyBerne / Washington: Switzerland will hand over details of about 4,450 UBS AG bank accounts to US authorities, settling a tax dispute that has threatened Swiss banking secrecy, the two governments said on Wednesday. The Swiss government has also agreed to review and process requests by the United States seeking information from Swiss banks besides UBS about account holders who may have tried to evade US taxes, the US government said. “This announcement today should send a signal - no matter what institution you’re with, the IRS is willing to pursue both the institution and the individual,” Internal Revenue Service commissioner Doug Shulman told reporters. Shulman said the accounts were at one time worth $18 billion, but he could not provide a current figure. The agreement ends a dispute that has strained relations between the United States and Switzerland and challenged the latter’s jealously guarded bank secrecy laws. It could help UBS, the world’s second-largest wealth manager, restore an image that has been battered by the financial crisis and the U.S. dispute, and may open the way for the Swiss government to sell its stake in UBS. “It’s good to get this out of the way but the confidence of a lot of clients has been compromised so I’m not sure we will see inflows return in Q3. It will take time to recover reputation from this,” said Jaap Meijer, an analyst at Evolution Securities in London. Switzerland’s finance minister Hans-Rudolf Merz said the government wants to sell its stake as quickly as possible and while it would be good business, it also has to consider other factors. UBS shares were down 1% at 16.74 Swiss francs, having reversed some of their earlier losses. Swiss rival Credit Suisse was down 1.3% and Julius Baer dropped 0.7%. UBS Chairman Kaspar Villiger said the agreement helps resolve one of UBS’ most pressing issues. “I am confident that the agreement will allow the bank to continue moving forward to rebuild its reputation through solid performance and client service.” New treaty The new treaty between the United States and Switzerland would allow action in the case of “tax fraud and the like” in the UBS case, the Swiss government said. Precise details will be published 90 days after the agreement comes into force. The US government retains the right to go back and use a summons to collect the names, which roughly equal the number of accounts, if the enforcement process fails, Shulman said. The client accounts to be disclosed will likely belong to people suspected of committing tax fraud under the terms of a double taxation agreement that obliges Switzerland to provide help if Washington seeks it in a criminal investigation. Shulman would not comment on whether the IRS has any open probes of other banks. “The IRS is now gaining institutional skill and knowledge in how to pursue these types of cases and they’re going to use that. This is, I believe, the beginning and not the end,” said Peter Hardy, a former federal prosecutor and specialist in white-collar crime at Post & Schell in Philadelphia. Source: World Business - Livemint.com | 19 Aug 2009 | 1:09 pm The preferred address for tech start-upsBangalore: It is 10am when Ashish Sinha hurriedly enters his office in Jayanagar in south Bangalore after a 45-minute bus ride. Without wasting time, the 31-year-old switches on his laptop and opens his email to search for a telephone number. He dials the number and starts talking, scribbling notes at the same time.  Business plan: Ashish Sinha, an alumnus of the Indian Institute of Technology, Roorkee, and the Indian Institute of Management, Bangalore, plans to convert some of the features on his portal into paid services. Hemant Mishra/Mint Sinha is not a journalist, but a blogger. For the past two-and-a-half years, Bangalore-based Sinha has been profiling technology start-up firms on his portal Pluggd.In, sometimes as many as three in a day. Giving many of these fledgling firms a leg-up, showcasing their products and services to potential investors and early users. In order to keep his start-up directory—the first of its kind in the country—updated, Sinha meets at least two start-up firms and two angel investors a day. Leaving his office at 8pm, he blogs from home till 2am, profiling the firms, writing articles on the latest developments in the start-up world and discussing issues faced by fledgling firms. Over months, Sinha has drawn a dedicated following of venture capital firms, such as Ojas Venture Partners and IDG Ventures India, looking for new ideas to invest in. And what started as a mere blog has evolved into a full-fledged portal with channels on funding, strategy, jobs and an exhaustive start-up directory. It is unlike other Indian websites, including VentureWoods and WATBlog, that too write on start-up firms. Pluggd.In, which claims at least a million unique visits a month on average, stands out because it is usually the first to bring a company to the limelight, giving it the kind of exposure that is crucial to tempt early adopters—people who take a leap of faith to try a firm’s offerings, thus validating its products or services. The start-up field is splattered with premature deaths of firms whose products or services failed to click with potential customers, and investors, in the absence of a clear marketing strategy. Sinha, an alumnus of the Indian Institute of Technology, Roorkee, and the Indian Institute of Management, Bangalore—both premier institutes—worked for around six years in product management at companies such as International Business Machines Corp., Ketera Technologies Inc. and Yahoo Inc. He started Pluggd.In because he was attracted by the freedom of the blogging medium. The soft-spoken blogger says the entrepreneurial ecosystem in India is inclined towards charismatic and media-savvy entrepreneurs. Quite a few bright start-ups fail, he says, as their promoters can’t create a buzz around them. “Pluggd.In, on the other hand, talks only about a product or a technology. We do not get influenced by the personal charisma or media suaveness of an entrepreneur,” he says. And as for showcase events such as Proto and HeadStart Network Foundation for start-up firms, Sinha says many of these are about creating that buzz and gathering a large audience. “Most events are sophisticated, suit-and-tie events. You really cannot go there and say, ‘I don’t have money to give to my employees’. They are not the forums to talk about such things.” Sinha says many companies that were first profiled on Pluggd.In were later showcased at start-up events. Expectedly, he is criticized by the organizers of these events for spoiling their bid to bring a company into the limelight for the first time. “The number of hate mails I get is very high. As long as what you are doing is right, even if it (annoys) certain people, it’s OK.” Kallol Borah, a co-founder and director of HeadStart Network Foundation, says a start-up showcase event is different from Pluggd.In, except for the common link provided by entrepreneurs. “Pluggd.In is a website. I also visit it. It’s a media portal driven by Ashish. HeadStart, on the other hand, was founded on the premise that an entrepreneur showcases his company and that we help the company become more customer-centric and not VC (venture capital)-centric,” he says. Early-stage technology venture capital firm Ojas Venture Partners, a regular visitor at both Pluggd.In and HeadStart events, says neither blogging nor a showcase can lead to funding. “They are both discovery mechanisms,” says Rajesh Srivathsa, managing partner, Ojas, adding that both have their place. Sinha says his biggest challenge lies in reaching out to companies in smaller cities. “A lot of social entrepreneurs are working there, but no one is writing about them.” Sinha says his friends and acquaintances help him get in touch with new firms. At times, these firms approach him directly. Meanwhile, some very young firms have gained from Pluggd.In’s coverage. For six-month-old Wingify, a New Delhi-based firm that offers website optimization software, the biggest challenge was in getting early adopters. The firm is yet to launch its product, but was pleasantly surprised when, within three weeks of being featured on Pluggd.In, it got 10 early users and possibly its first customer. Pluggd.In had profiled the firm in July, says Paras Chopra, chief executive, Wingify. The start-up had approached Sinha for using its optimization software on his website. He used it, liked it and profiled it, says Chopra, adding that Sinha continues to use the software. The firm is now in talks with a Bangalore-based venture capital firm, which has a portfolio company looking for the kind of technology Wingify offers, said Chopra, adding that the talks are at an advanced stage. “Having early adopters is crucial for a firm like ours. We need validation, some early users, before we make an announcement to the world. A lot of positive things have happened to us since the coverage,” says Chopra. Though Sinha does not charge the firms anything for profiling them, he works as a consultant for start-ups, advising them on issues such as refining a product or their sales plans. Also, he helps investors in doing due diligence on start-ups before they commit funding. He also charges a fee for connecting start-ups to angel investors. Sinha now plans to make money from his portal by converting a few of its features into paid services. Sinha, who left his job with Yahoo in April, said earlier he didn’t want to monetize his website. “Now, I think it’s time for me to structure it better and formalize it.” Source: Tech News - Livemint.com | 19 Aug 2009 | 1:00 pm India emerging as centre for cybercrime: UK studyLondon: India is fast emerging as a major hub of cybercrime as recession is driving computer-literate criminals to electronic scams, claimed a study by researchers at the University of Brighton.  Growing danger: Reported cases of spam, hacking and fraud have multiplied 50-fold from 2004 to 2007, the study claims. John Zich / Bloomberg “Russia, China and Brazil are world leaders in cybercrime, with groups and individuals in India powering up to compete. Yet companies in Europe and the US are increasingly moving IT functions and software development tasks to India, Brazil, Russia and Eastern Europe in a bid to draw on their good IT skills and lower wages”, says Prof. Howard Rush who lead the study. Although cybercriminal activity remained low in India compared with other emerging economies, the report says that “there has been a leap in cybercrime in recent years”. Reported cases of cases of spam, hacking and fraud have multiplied 50-fold from 2004 to 2007, it claims. “One recent report ranked India in 2008 as the fourteenth country in the world hosting phishing websites. Additionally, the booming of call centres in India has generated a niche for cybercriminal activity in harvesting data”, the report maintained. The report also says that cybercrime is a global industry but the combination of poor economic opportunities and high skills is driving many developing regions to surface as major players in cybercrime. Source: Tech News - Livemint.com | 19 Aug 2009 | 12:37 pm Orissa seeks more aid for backward regionOrissa Wednesday asked the central government to extend the long-term assistance to the state's backward Kalahandi, Bolangir and Koraput (KBK) region.Source: IndiaeNews.com: Business News | 19 Aug 2009 | 12:01 pm Nepal assures India on peace process, discusses new trade pactIndia and Nepal Wednesday discussed the finalisation of a revised trade treaty as Kathmandu promised to push the peace process at home and made a pitch for more Indian investment.Source: IndiaeNews.com: Business News | 19 Aug 2009 | 11:00 am RBS head sees support for UK restructuring panelLondon: Many of Britain’s biggest financial firms would back a new panel to help companies restructure their debt, one of London’s top banks said on Wednesday. Derek Sach, head of Royal Bank of Scotland’s global restructuring group, said a panel to referee difficult debt restructurings and modelled on London’s Takeover Panel would receive support from big City institutions. “There are plenty of people around the City who would support it, and could take on the chairmanship, and like the Takeover Panel it would work with a lot of secondees from people like us to work for them,” said Sach. The mooted restructuring panel would be run by restructuring practitioners such as accountants, lawyers and lenders. The Takeover Panel was set up in 1968, initially on an informal basis, and has since been given a formal role to oversee takeovers in the City of London. Sach, who first joined RBS from private equity firm 3i in 1992 to set up London’s first dedicated restructuring team. and who has also headed Tesco Personal Finance, said the new panel is a “wonderful idea” and would help streamline restructuring processes. “If you have a syndicate owed £500 million ($823 million) and one lender is holding out on a deal who is owed £5 million, there is no remotely simple court process to bring that lender into line,” Sach said. “The only one I know of is a pre-pack administration but to do that for one small lender isn’t really feasible,” he said. Court action The informal, private approach taken by a panel would often be better suited to restructurings than the courts. “So many of these processes do not lend themselves to legislation,” Sach said. London’s financial community gathered last week at the Royal Courts of Justice to watch the first major restructuring court case in London since the start of the economic downturn. Creditors to IMO Car Wash resorted to a courtroom showdown after failing to agree a restructuring deal. Updating an approach previously taken by the Bank of England, the panel idea could be criticized for its London focus, Sach admitted. He added, however, that all restructurings are resolved in a single jurisdiction, even if the banks come from all over Europe. “It won’t solve everything but that’s no reason not to start it - it would go a long way towards making restructurings in London smoother,” he said. Source: World Business - Livemint.com | 19 Aug 2009 | 6:25 am Asian electronics makers riding global turnaroundBangkok: Asian electronics makers are forecasting a turnaround in the second half of this year, citing a pick-up in global demand. Several companies say the worst is over for a sector at the heart of emerging Asia’s battered, export-reliant economies - from Thailand to Singapore, Malaysia and Taiwan. “I think the weakness in electronic component demand has hit bottom in the second quarter because new orders are now increasing,” Anusorn Muttaraid, director of Thailand’s Delta Electronics, told Reuters on Wednesday. Delta, 24% owned by Taiwan’s Delta Electronics Inc, expects dollar sales to rise 11.7% in 2009, a rebound from just 1% growth in 2008, he said. In Taiwan, Hon Hai Precision Co Ltd, the world’s largest electronics contract maker, is aiming for revenue to grow by 30% this year as increasing numbers of companies cut costs through outsourcing rather than maintaining their own labour-intensive production lines. Other electronics manufacturers offer similarly bullish forecasts. Taiwanese contract laptop PC maker Compal Electronics Inc is revising up its forecast for total global PC shipments this year. Compal and crosstown rival Quanta Computer Inc together manufacture more than half of the world’s laptop PCs, and their forecasts are usually closely watched as an indicator to the overall health of the sector. In Japan, industry data released on Wednesday showed orders for Japanese equipment used to make semiconductors outpaced sales for the fourth straight month in July as the chip sector inches out of its worst-ever downturn. In South Korea, shares in Hynix Semiconductor, the world’s second-biggest maker of memory chips, jumped nearly 4% on Wednesday on rising chip prices. Hanwha Securities analyst Seo Do-won expects Hynix to report a modest operating profit for the current quarter following many quarters of losses. And in Malaysia, Unisem, which owns manufacturing plants in Malaysia, Indonesia, China and Europe, said last month it expected sales to grow 10-15% in the third quarter from the second as customers replenish inventories. Malaysian Pacific Industries (MPI), another contract electronics maker, is expected to report a smaller quarterly loss for the April-June quarter later on Wednesday, helped by higher sales, analysts said. The gains have started to show up in some trade data. On Monday, Singapore reported the smallest drop in electronics exports in four months. Electronics shipments dropped 14.5 percent in July from a year earlier, after falls of 21.6% in June, 21.8% in May and 25.6% in April. “The days of collapsing global demand seem to be fading in the rear view window,” said Vishnu Varathan, an economist at 4CAST, a market research firm. There are also anecdotal signs of a pick-up. Delta and other Thai electronics firms such as the local unit of hard-disk drive maker Western Digital have started hiring staff again in recent months to meet an increase in orders from clients. Delta, which produces power supply equipment used in telecommunications and computer products, planned to bring its workforce back to normal levels after cutting it to about 9,000 from 11,000, Anusorn said. Its main clients include IBM and Nokia. But some express caution, raising questions over whether demand is sustainable and highlighting the slow pace of the global economic recovery. ”We have to monitor whether demand is growing through next year or it’s just only because their clients want to replenish their inventories,” said Adithep Vanabriksha, deputy chief investment officer of Aberdeen Asset Management in Bangkok, which manages $676 million in Thai assets. Since the end of the second quarter, Delta shares have shot up 25%, outperforming a 5.7% gain in the overall Thai stock market. Unisem shares increased 25 percent over the same period, while MPI rose 16% in the Kuala Lumpur market, where the main index was up nearly 8%. Source: Tech News - Livemint.com | 19 Aug 2009 | 4:44 am Air France-KLM abandons bid for Czech Airlines Paris: Air France-KLM on Wednesday said that it has pulled out of the bidding for Czech Airlines, citing tough times for the airline industry. Air France-KLM said in a statement that it informed the Czech finance ministry of its decision Wednesday, and suggested that Czech Airlines focus on a recovery plan instead of a selloff. The current economic environment has significantly impacted the airline business. Under such circumstances, Air France-KLM believes that CSA might focus on developing and implementing a stand-alone recovery plan aimed at restoring its profitability, the statement said. Air France-KLM and the Czech consortium Unimex-Travel Service were picked by Czech government in April as candidates to take over the state-owned Czech airline. The Czech state aims to sell its 91.5% stake in the national carrier, also called CSA, in a public tender this year. The Czech finance ministry said in a statement on Wednesday that it has been informed about Air France-KLM’s decision but plans to go ahead with the public tender as scheduled. The Unimex-Travel Service consortium has until 30 September to submit a binding offer. The government will then decide whether the offer will be accepted, the ministry said. It was expected the government could get up to 5 billion koruna ($276 million) for CSA. Source: World Business - Livemint.com | 19 Aug 2009 | 4:01 am
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