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'SBI, ICICI Bank home loan rates even out'Wondering if SBI can steal a march with a low-interest home loan strategy, ICICI Bank today said the effective rate offered by the public and private bank was the same and claimed it was much faster in serving customers.Source: Hindustan Times News Feeds 'Business' | 23 Aug 2009 | 6:39 am SC notice to Centre, CBEC on Hindustan Coca-Cola's pleaThe Supreme Court has issued notice to the Centre, the Central Board of Excise & Customs (CBEC) and others on a petition filed by softdrinks major Hindustan Coca-Cola Beverage (P) Ltd against the department's notice asking the firm pay excise duty of about Rs 2.20 crore.Source: Hindustan Times News Feeds 'Business' | 23 Aug 2009 | 5:58 am Ten US banks bite the dust every month; 81 failures in `09!Four more American banks went belly up last week, pushing the total failures to a staggering 81 entities so far this year, even as the country`s economy is showing early signs of recovery.Source: Zee News : Business | 23 Aug 2009 | 5:37 am Kochhar named among four `women to watch` globally!Business magazine Forbes has named ICICI Bank chief Chanda Kochhar among four women from across the world to watch out for in the next 12 months.Source: Zee News : Business | 23 Aug 2009 | 5:37 am Upbeat mood to prevail on D-Street on strong global cues!After witnessing muted trading for the last three weeks, Dalal Street is expected to show a positive bias this week on strong global cues, analysts said.Source: Zee News : Business | 23 Aug 2009 | 5:37 am GM to focus on used-car biz; plans to expand retail network!General Motors India is working on increasing its used-car business 15-fold and will push its second-hand cars through existing as well as new dealerships across the country.Source: Zee News : Business | 23 Aug 2009 | 5:37 am 8 of top 10 most valued cos lose Rs 36K cr; Airtel, BHEL gain!8 out of the country`s top 10 coveted firms lost Rs 36,000 crore from their market cap during the week ended Aug 22, while power equipment maker BHEL and telecom major Bharti Airtel together added Rs 6,074 crore to their kitties.Source: Zee News : Business | 23 Aug 2009 | 5:37 am World emerging from deep slump but can it last?!Turnabouts in European and Asian economies, along with recent gains in the US, are raising hopes that that the worldwide recession is drawing to a close. That`s not to say the coast is clear.Source: Zee News : Business | 23 Aug 2009 | 5:37 am Indian ADR gains USD 468 mn in a week!Indian stocks on American bourses saw their total market capitalisation rise by USD 468 million, even as seven companies witnessed value erosion this week.Source: Zee News : Business | 23 Aug 2009 | 5:37 am BMW to decide on capacity expansion in 2011German luxury car maker BMW will consider increasing the production capacity of its Indian manufacturing facility in 2011, only after the sales from the plant crosses the 3,000-units mark next year.Source: Hindustan Times News Feeds 'Business' | 23 Aug 2009 | 5:33 am GDP likely to grow by 7 pc in 2009-10: SurveyWith various segments of the industry showing signs of recovery, a CII-Ascon survey today said the county's economic growth could go up to 7 per cent during 2009-10 against 6.7 per cent in the previous fiscal.Source: Hindustan Times News Feeds 'Business' | 23 Aug 2009 | 5:19 am Indian ADR gains $468 mn in a weekIndian stocks on American bourses saw their total market capitalisation rise by $468 million, even as seven companies witnessed value erosion this week.Source: Hindustan Times News Feeds 'Business' | 23 Aug 2009 | 4:18 am BJP leader’s killing sparks violence, policeman burnt aliveHaldwani: A local BJP leader was shot dead allegedly by a BSP activist, sparking massive violence during which a policeman was today burnt alive by a mob which also torched a police station and dozens of vehicles in Uttarakhand’s Nainital district. Balawant Singh, head of Kotabagh block in the district, was allegedly shot at by BSP constituency incharge Neeraj Tiwar after they reached Kaladunghi police station with their supporters following a dispute last night. Singh was rushed to a hospital where he was declared brought dead, police said, adding Tiwari was arrested. As Singh’s body was handed over to his family this morning, angry supporters took control of the police station and set it ablaze. Head constable Puranlal was beaten by the mob which threw him into the fire. He was taken to a hospital where he was declared dead, senior superintendent of police Mohan Singh Bangyal said.Three other policemen were also injured in the violence as the irate crowd torched dozens of vehicles. Three persons, including a woman, were wounded as police fired in air to disperse protesters who marched to Kotwali and blocked traffic after placing Singh’s body on the road. Chief minister Ramesh Pokhriyal has ordered suspension of all police personnel who were on duty at the police station at the time of the killing of the BJP leader, the chief minister’s spokesman Anil Chandola said. A joint action was launched by police and provincial armed constabulary (PAC) personnel who regained control of the police station by afternoon, the SSP said. Source: LatestNews-Home - Livemint.com | 23 Aug 2009 | 4:05 am Bangladesh exports to India to reach $1 bln by 2011DHAKA (Reuters) - Bangladesh's exports to India will reach at least $1 billion by the end of 2011 as customers in that India now find several of its neighbour's products attractive, a business leader said on Sunday.Source: Reuters: Money News | 23 Aug 2009 | 4:00 am Deora rules out immediate hike in petroleum pricesPetroleum minister Murli Deora ruled out any immediate hike in the prices of petroleum products and said that a call would be taken after the crude prices stabilise.Source: Daily News & Analysis: Money News | 23 Aug 2009 | 3:35 am 8 of top 10 most valued cos lose Rs 36K cr; Airtel, BHEL gainEight out of the country's top 10 coveted firms lost Rs 36,000 crore from their market cap during the week ended August 22, while power equipment maker BHEL and telecom major Bharti Airtel together added Rs 6,074 crore to their kitties.Source: Hindustan Times News Feeds 'Business' | 23 Aug 2009 | 3:32 am GM decision on Opel buyer urgently needed - MerkelBERLIN (Reuters) - German Chancellor Angela Merkel expressed her regret at General Motors' failure to choose a buyer for its German unit Opel, and said that a decision was "urgently" needed for the carmaker's future.Source: Reuters: Money News | 23 Aug 2009 | 3:27 am Many states want two GST rates - Press Trust of India
Source: Business - Google News | 23 Aug 2009 | 3:24 am Monsoon revival brings cheer to Himachal apple growersThe revival of the monsoon in Himachal Pradesh, India's main apple basket, has rekindled the hopes of farmers of getting an optimum output from the surviving apple crop after drought-like conditions led to 35-40 percent drop in production.Source: IndiaeNews.com: Business News | 23 Aug 2009 | 3:00 am Fortis close to buying Wockhardt hosp... - Economic Times
Source: Business - Google News | 23 Aug 2009 | 2:30 am Gujarat tops on solar projects with $2.4 bn investmentThe Gujarat government has approved 34 solar power projects at an investment of Rs.12,000 crore (Rs.120 billion/$2.4 billion) over the next few years, to rank it the top Indian state for this clean energy, a senior official has said.Source: IndiaeNews.com: Business News | 23 Aug 2009 | 2:30 am Delhi is top solid waste producer: StudyDelhi is the highest municipal solid waste producer in the country followed by Mumbai, according to a survey by the Federation of Indian Chambers of Commerce and Industry (FICCI).Source: IndiaeNews.com: Business News | 23 Aug 2009 | 2:30 am A new era of India-Arab economic ties dawnsAs the world fights an economic downturn, a new dimension is being added to trade and business relations between India and the Arab world, enhancing centuries-old ties between two sides of the Arabian Sea. Though Arab countries, particularly the Gulf nations, have traditionally been looked at as an important source of oil and gas for India, today it has changed into cooperation across multiple sectors marked by cross-investments from both sides.Source: IndiaeNews.com: Business News | 23 Aug 2009 | 2:30 am Modern India to raise Rs150 cr for IT SEZMumbai: Realty firm Modern India on Sunday said it has initiated dialogue with private equity firms to raise Rs150 crore for part-funding the proposed IT/ITeS Special Export Zone at Khopoli in Maharashtra. “We are talking to private equity players, both in India and abroad, to raise Rs150 for developing the IT/ITeS Special Economic Zone (SEZ) at Khopoli,” Modern India chairman V K Jatia said. The deal is likely to be sealed within the next six months, he said, adding that the company might have to dilute up to 30-35% stake in the project for raising the amount. Modern India Property Developers, a company subsidiary, would develop the SEZ on 34 acres of land and proposed to invest around Rs560 crore. “We are awaiting the notification from the Board of Approval. Apart from that, all other formalities, including the acquisition of land are in place,” Jatia said. The funding of the SEZ would be done at a debt-equity ratio of 2:1. Three PSU banks have committed extending Rs 100 crore each as loan for the development of the project, he said. odern India would bring in the remaining equity from internal accruals, he said. Jatia said that the work on the SEZ was expected to start in around six months from now and would take two to two and a half years to complete. Source: LatestNews-Home - Livemint.com | 23 Aug 2009 | 2:27 am Sudheendra Kulkarni quits BJP, cites ideological differencesNew Delhi: Reeling under internal bickerings and controversy surrounding Jaswant Singh’s expulsion, the BJP today suffered further embarrassment when Sudheendra Kulkarni, who was a close aide of Atal Bihari Vajpayee and LK Advani, decided to quit the party. Fifty-two year-old Kulkarni, an erstwhile speech-writer of Advani, said he was ending his “active association” with the party as he wanted to have the “freedom to express” his views but insisted that his decision has nothing to do with the ouster of Jaswant Singh. “I have, after 13 years of being a full-time activist of BJP, decided to end my active association with the party. I continue, however, to be its well-wisher,” he said. When asked what prompted his decision, Kulkarni, a former journalist and a one-time CPI(M) card holder, said, “I have concluded that I cannot make any meaningful contribution to the party any more as I have ideological differences with it as it stands today.” “I want to have the freedom to express my views and be sincere to my convictions. At the same time, I respect the discipline of the party and, therefore, I have stepped out.” BJP vice-president Mukhtar Abbas Naqvi said that his dissociation from the BJP or its leaders is not going to have any effect on the party. “Kulkarni is not a member of BJP or an office-bearer of the party,” he said. After BJP’s debacle in the Lok Sabha polls, Kulkarni had been critical of the party’s election campaign strategy and management as also Varun Gandhi’s hate speech. He had incurred the wrath of the RSS when he wrote about Sangh Parivar “interference” in BJP’s functioning. In a newspaper article yesterday, Kulkarni had been highly critical of the way Jaswant Singh was expelled from BJP at its Shimla conclave. On whether his step was triggered by the manner in which Singh was removed, he said, “I would like to clarify that my decision has nothing to do with his removal. I had taken this decision several weeks back and communicated it to Advaniji.” He said Advani was “extremely sad” when he conveyed his decision. “I continue to have the highest respect for both Advaniji and Vajpayeeji,” he said and thanked them for supporting him. When asked about his future plans, Kulkarni said, “I will continue to be active in public life and work closely with like-minded people in all political parties to make my humble contribution to the promotion of good governance and towards building a national consensus on major national issues”. Reacting to his decision, BJP spokesperson Prakash Javadekar said Kulkarni was not a member of the BJP since 2005. “He was associated with election-related work. The whole election mechanism was wound up immediately after the Lok Sabha polls by party president Rajnath Singh,” he said. Another BJP spokesperson Balbir Punj described Kulkarni as a “valuable colleague” but said, “If Kulkarni feels that he is uncomfortable in BJP and he has taken a decision to leave the party, well, that is his decision.” Kulkarni, an IIT graduate and a columnist, was national secretary of BJP when Advani was the party president. However, he resigned in 2005 in the wake the controversial statement made by Advani in Pakistan, where he described Mohammad Ali Jinnah as “secular”. That speech of Advani was reportedly written by Kulkarni. But Kulkarni continued to serve the party through his close association with Advani. He had served as director and later as an Officer on Special Duty in the PMO under Vajpayee. During the recent Lok Sabha elections, Kulkarni was active in the election campaign management and was even seen defending the party on news channels and through his columns. However, he embarrassed the BJP soon after the poll results when he wrote a piece in a magazine where he took a very critical view of the party’s election campaign strategy. He even stated that Advani had failed to assert himself during crucial times in the course of the campaign. The party had distanced itself from his views when senior BJP leader Sushma Swaraj described Kulkarni as an “independent journalist” who was free to air his opinion. She had said the views expressed by him in the article were not that of the party. Since then, Kulkarni has been virtually inactive within the BJP. Source: Home - Livemint.com | 23 Aug 2009 | 2:09 am DoT to seek legal view on extra spectrum allocation to telcosNew Delhi: The Department of Telecom (DoT) has decided to seek legal opinion in the matter of allotment of additional radio waves beyond 4.4 Mhz to mobile operators. An internal note of the DoT said, “We may seek legal opinion in the matter of allotment of additional spectrum beyond 4.4 Mhz to operators who meet the criteria.” DoT turned to legal advise after its options in this matter got limited due to a pending decision on Spectrum Panel report and a TDSAT’s order. Both are against the current subscriber-linked allocation of the spectrum norm. TDSAT in March this year had categorised all the spectrum allocated beyond 6.2 Mhz as illegal in an order. DoT is seeking the view as per an internal note of the Department “so that the growth of the industry is not adversely affected.” At present the license agreement provides allotment of spectrum up to 6.2 Mhz. Mobile operators like Bharti Airtel, Vodafone-Essar, Idea Cellular, and Reliance Communications who have sought (2G) spectrum beyond 6.2 Mhz in certain circles have not got it in accordance with the legal advice provided to DoT by the Solicitor General of India Ghoolam E Vahanvati. However, the solicitor general’s advise applies to allocations only beyond 6.2 Mhz and not beyond 4.4 Mhz. Thus, operators seeking spectrum beyond 4.4 Mhz and up to 6.2 Mhz are still eligible for getting the same as per a TRAI order of January 17, 2008 and the DoT is trying to accommodate it. A Spectrum Review Committee report of DoT which is currently under TRAI examination has suggested that “no additional spectrum should be assigned to any licensee in the future based on subscriber-linked criteria (SLC). This includes licensees who may have already become eligible for additional spectrum.” It further said all assignments of 2G spectrum auction in future should be through auction. DoT feels TRAI will launch a consultation process and seek the views of all stakeholders before stating its views on the spectrum panel’s report which is a time consuming process. “After the receipt of the recommendation of the TRAI, the government will have to take further decision in the matter. If the government decides on allotment of additional spectrum through auction and not on SLC, withdrawal of spectrum already allotted will be difficult and may also lead to litigation”, said the DoT note. Lack of clarity in this regard has impacted mostly the existing operators’ expansion plans who are in dire need of spectrum in various circles as they have met the prescribed subscriber mark. Source: LatestNews-Home - Livemint.com | 23 Aug 2009 | 2:09 am DoT to seek legal view on extra spectrum allocation to telcosNew Delhi: The Department of Telecom (DoT) has decided to seek legal opinion in the matter of allotment of additional radio waves beyond 4.4 Mhz to mobile operators. An internal note of the DoT said, “We may seek legal opinion in the matter of allotment of additional spectrum beyond 4.4 Mhz to operators who meet the criteria.” DoT turned to legal advise after its options in this matter got limited due to a pending decision on Spectrum Panel report and a TDSAT’s order. Both are against the current subscriber-linked allocation of the spectrum norm. TDSAT in March this year had categorised all the spectrum allocated beyond 6.2 Mhz as illegal in an order. DoT is seeking the view as per an internal note of the Department “so that the growth of the industry is not adversely affected.” At present the license agreement provides allotment of spectrum up to 6.2 Mhz. Mobile operators like Bharti Airtel, Vodafone-Essar, Idea Cellular, and Reliance Communications who have sought (2G) spectrum beyond 6.2 Mhz in certain circles have not got it in accordance with the legal advice provided to DoT by the Solicitor General of India Ghoolam E Vahanvati. However, the solicitor general’s advise applies to allocations only beyond 6.2 Mhz and not beyond 4.4 Mhz. Thus, operators seeking spectrum beyond 4.4 Mhz and up to 6.2 Mhz are still eligible for getting the same as per a TRAI order of January 17, 2008 and the DoT is trying to accommodate it. A Spectrum Review Committee report of DoT which is currently under TRAI examination has suggested that “no additional spectrum should be assigned to any licensee in the future based on subscriber-linked criteria (SLC). This includes licensees who may have already become eligible for additional spectrum.” It further said all assignments of 2G spectrum auction in future should be through auction. DoT feels TRAI will launch a consultation process and seek the views of all stakeholders before stating its views on the spectrum panel’s report which is a time consuming process. “After the receipt of the recommendation of the TRAI, the government will have to take further decision in the matter. If the government decides on allotment of additional spectrum through auction and not on SLC, withdrawal of spectrum already allotted will be difficult and may also lead to litigation”, said the DoT note. Lack of clarity in this regard has impacted mostly the existing operators’ expansion plans who are in dire need of spectrum in various circles as they have met the prescribed subscriber mark. Source: Tech News - Livemint.com | 23 Aug 2009 | 2:09 am SC notice to Centre, CBEC on Coca Cola’s pleaNew Delhi: The Supreme Court has issued notice to the Centre, the Central Board of Excise & Customs (CBEC) and others on a petition filed by softdrinks major Hindustan Coca-Cola Beverage (P) Ltd against the department’s notice asking the firm pay excise duty of about Rs2.20 crore. A Bench headed by Justice S H Kapadia, while issuing notice to the ministry of finance, the Central Board of Excise & Customs, the commissioner of Central Excise and others, also stayed the Gauhati High Court’s judgment that dismissed the softdrinks major’s plea challenging the department’s notice. After acquiring a plant at Jorhat in Assam in November 1998, the softdrinks major had undertaken substantial expansion there, for which it claimed to have become entitled to excise exemption in accordance with a central government order of 1989. The order said that all goods manufactured in units located in Assam and other North-Eastern states were exempt from excise duty equivalent to the amount paid by the manufacturer from the current account maintained under the Central Excise Rules, 1944. It is entitled to duty refund from the account current under the notification, the softdrinks major said, adding that there was no need for it to first utilise the excise credit received on the purchase of inputs (called set-off) and then pay the balance in cash. Hindustan Coca-Cola Beverage (P) Ltd (HCCBL) said that the High Court had erred in holding that the manufacturer ought to have utilised the credit available before paying duty. HCCBL senior counsels Harish Salve and Sparsh Bhargava said that the High Court failed to appreciate that a requirement to necessarily avail of credit was brought in by a Notification in August 2003, and thus the excise order, passed in June 2003, was not valid. Source: Home - Livemint.com | 23 Aug 2009 | 1:49 am Saba Ali Khan launches her signature jewelleryA jewellery designer by profession, Saba Ali Khan, daughter of Sharmila Tagore, has tied up with a diamond brand to design her signature line that she calls 'an exclusive piece of art'.Source: IndiaeNews.com: Business News | 23 Aug 2009 | 1:30 am Offer subsidies to exports sector: AssochamThe government should announce subsidies to the crisis-hit exporters in the forthcoming foreign trade policy to make India's exports sector more competitive, the Associated Chambers of Commerce and Industry (Assocham) has said.Source: IndiaeNews.com: Business News | 23 Aug 2009 | 1:30 am JSW to set up Rs 1900 cr cement plant... - Press Trust of India
Source: Business - Google News | 23 Aug 2009 | 1:07 am GM to focus on used-car business; plans to expand retail networkNew Delhi: General Motors India is working on increasing its used-car business 15-fold and will push its second-hand cars through existing as well as new dealerships across the country. The company has 17 outlets of pre-owned cars — Chevrolet-OK — and plans to increase that to 50 by the end of this year. Now, the company is working on extending the business to all its existing dealerships that have been dealing only with new vehicles so far. “We started the pre-owned cars outlets in March-April and already it has started to show results. Last month, we exchanged over 100 cars through these and we hope it will continue to grow in numbers,” General Motors India president and managing director Karl Slym told PTI. “We currently have 203 dealers across the country and our plan is to increase that to 260 by the end of 2009. In line with this, we are also looking to take the pre-owned cars outlets to all our dealerships,” Slym said. He, however, did not give any time-frame for undertaking this operation. The company had in June announced extension of its 3-year or one lakh km warranty scheme to used-car owners. The cars offered through these outlets go through a 110-point checklist by GM India trained engineers, besides a detailed history check. Source: Home - Livemint.com | 23 Aug 2009 | 12:51 am North Korea envoys hold talks with South ministerSeoul: Senior North Korean officials visiting the South for the funeral of a former president met Seoul’s unification minister on Saturday, in the highest-level meeting between the rival states in nearly two years. The nearly two-hour meeting ended with Yonhap news quoting South Korean minister Hyun In-taek as saying the Northern officials’ departure could be delayed. Local media said his comment hinted at North Korean officials meeting with the South’s president Lee Myung-bak later in the day. The presidential house said it was unaware of any such meeting with the delegation sent by North Korean leader Kim Jong-il, while the Unification Ministry could not immediately be reached for comment. “There is a message just in holding the meeting,” Hyun told reporters ahead of the talks. But in an indication of the North’s anger at the South Korean president Lee Myung-bak’s government, the group is set to leave on Saturday before the state funeral for former president Kim Dae-jung, awarded the 2000 Nobel Peace Prize for brokering the first summit between the leaders of the two Koreas. Relations chilled after Lee took office last year and effectively ended Kim’s “Sunshine Policy” of engagement by cutting off a steady flow of unconditional aid to the North, calling on it to reduce security threats to the region if it wanted help. Impoverished North Korea has all but severed ties with Lee’s government, which ended aid once equal to about 5% of the North’s estimated $17 billion yearly GDP. The first dispatch of envoys to the South in nearly two years follows moves by the communist North this month to reduce tension after conducting a nuclear test in May, firing missiles and threatenin1g to attack its capitalist southern neighbour. The North’s rare conciliatory step could mean it wants greater contact with the outside world after being hit with UN sanctions for its nuclear test. The North Korean delegation is scheduled to leave later on Saturday. Source: LatestNews-Home - Livemint.com | 23 Aug 2009 | 12:46 am Federal Reserve’s Kohn can promise low rates, low inflationJackson Hole: US Federal Reserve vice chairman Donald Kohn said on Saturday there is no inconsistency between the Fed’s pledge to keep interest rates low for an extended period while also keeping inflation low. “Speaking for this policy maker, the commitment to low rates is designed to keep inflation from falling and falling persistently below what we might want it to be for a long time,” Kohn said, discussing a paper at an annual Fed conference. “It’s not designed to raise inflation expectations,” he said. The paper, by University of California, Santa Cruz economist Carl Walsh, said the low-rates pledge could conflict with the Fed’s desire to avoid an undesirable pick-up in inflation. The Fed chopped benchmark US rates to near zero last year and pumped hundreds of billions of dollars into the economy to help boost economic activity during a severe financial meltdown and a painful recession which started in December 2007 and is only now showing signs of ending. Kohn further defended the Fed’s decisions to buy long-term securities as emergency measures to spur growth after it had cut interest rates as far as it could. Economists, including officials at the Fed, have questioned whether those purchases are successful in lowering rates. The Fed vice chairman said investors still put a premium on the ability to easily raise short-term funds. In that environment, a central bank has considerable scope to step in and affect asset prices, he said. Kohn cited market reaction to the recent Bank of England decision to expand long-term securities purchases as an example. “The markets must perceive that there’s some effect there,” he said. A European Central Bank official said that that institution is not likely to deviate from its inflation targeting strategy and warned that pulling benchmark euro zone rates down to near zero, as the Fed has done, may unsettle markets. “The zero lower bound may interfere with the functioning of financial markets, thereby upsetting the stimulative impact of very low rates,” ECB Executive Board member Juergen Stark said, commenting on the same paper. The ECB, which has avoiding bringing rates down as far as its US counterpart, is expected to keep them on hold at a record low 1 percent at its September policy meeting as it waits to see the impact of efforts already undertaken to revive the economy and spur credit flows. Rates near zero may set the stage for financial and economic imbalances and new instability, Stark said. There is no reason why the ECB should shift from its current monetary policy strategy as the financial system rebuilds after the crisis, he said. “We in continental Europe have introduced ... a rather robust strategy, so there is no need to make any adjustment, to move from inflation targeting, to flexible inflation targeting, to price level targeting,” he said. Source: LatestNews-Home - Livemint.com | 23 Aug 2009 | 12:45 am BJP is ‘narrow-minded’: JaswantNew Delhi: Sticking to his contention in his new book that Mohammad Ali Jinnah was a “great man” who has been “demonised” in India, Jaswant Singh has said his expulsion from BJP showed that the party was “narrow-minded”. The expelled BJP leader said the party did not distinguish between Jinnah’s personal attributes as a human being and his politics while taking a decision to sack him from the party for writing the book ‘Jinnah: India, Partition, Independence´. “I didn’t think the party is so narrow-minded...so nervous about Jinnah and Patel and to get so railed at what I have written. I have a feeling, which I voiced also, that perhaps my former colleagues had not really read the book when they passed the sentence,” he told Karan Thapar on ‘Devil’s Advocate´ programme of CNN-IBN. When asked whether he denigrated Vallabhai Patel in his book, Singh said: “I have simply pointed out facts of history. I haven’t denigrated any icon.” The former BJP leader said he would have felt better if the party had not used the word “expel” and informed him in person. “I wish they had not used the word expel. They had better choice of phrases. It hurt me when no one personally came and conveyed the decision. Even Advani has not called me,” Singh said. Asked whether Advani had called him after the expulsion, Singh said: “No. But it doesn’t matter now and its too late.” Singh said after informing him about his expulsion, BJP president Rajnath Singh had said they would discuss the issue some other time which never happened. Asked whether he thinks that the BJP took the decision to expel him only after party leaders read the book, he said: “No. I don’t believe that because that is not practical... its quite a feat in speed reading if you have read 700 pages. I don’t believe my prose is a fiction. It is not easy and it requires attention. It would be a remarkable feat.” Asked whether he deliberately missed events such as Pathan tribal invasion of Kashmir in September 1947, which led to war with Pakistan, Jaswant said, “I didn’t overlook it because the book deals with partition. “The subject (Pathan invasion) is a separate one, it is a subject that is altogether a subject. I have also pointed out the great killings of Calcutta in vivid detail. I didn’t overlook the mistakes of his (Jinnah’s) public life.” Singh said it would have taken a separate book if he had written about other aspects relating to Jinnah. Rejecting criticism that he had exculpated Jinnah of the charge of launching a war against India, Singh said he had not done so. “Distinction has to be made between personal attributes and public conduct. These are two very different things,” he said. Source: LatestNews-Home - Livemint.com | 23 Aug 2009 | 12:41 am Indian ADR gains $468 mn in a week, HDFC leadsNew York: Indian stocks on American bourses saw their total market capitalisation rise by $468 million, even as seven companies witnessed value erosion this week. The 16 entities listed on the New York Stock Exchange and the Nasdaq witnessed their cumulative market valuation climb to $468 million for the week ended 21August, led by private sector lender HDFC Bank, which alone gained $502 million. However, the total gain during the week was offset by the losses suffered by seven firms totalling $617 million, with copper producer Sterlite Industries and auto maker Tata Motors losing the most. IT bellwether Infosys Technologies saw its valuation jump by $202 million to $24.21 billion, while that of private sector lender ICICI Bank rose by $166 million to $17.29 billion. Among the entities trading as American Depository Receipts (ADRs), Sterlite Industries ended the week shedding as much as $297 million in its valuation to $9.3 billion while second major loser, Tata Motors l$USD 212 million at$4.98 billion. Source: Home - Livemint.com | 23 Aug 2009 | 12:23 am Large corporates drive export growthThe vast pool of skilled and unskilled workers sending home their modest earnings that add up to India’s foreign exchange kitty might still be the harsh reality of the economy. There is, however, another facet emerging: Of big corporates.Source: Business Line - Home Page | 23 Aug 2009 | 12:00 am NTPC to power up wind energy plansNew Delhi, Aug. 22 Amid increasing challenges on the fuel front, NTPC is fast-tracking plans on diversifying its fuel mix, with wind power a key thrust area in the renewables space.Source: Business Line - Home Page | 23 Aug 2009 | 12:00 am Weekly News Round upThe UK-based Vendanta Resources' subsidiary Sterlite Industries on Thursday said it has raised its offer for the operating assets of bankrupt US copper mine Asarco by about $500 million. The revised bid will be $2.1 billion in cash. While there isSource: Business Line - Home Page | 23 Aug 2009 | 12:00 am DGCA to probe Delhi airport terminal damageNew Delhi, Aug. 22 The Director-General of Civil Aviation, Dr N. Zaidi, will conduct an independent enquiry into the damage to Terminal 1-D due to heavy rains and winds that lashed the Capital onSource: Business Line - Home Page | 23 Aug 2009 | 12:00 am Gas row clouds NELP auction: DeoraMumbai, Aug 22 The public spat between the Ambani brothers on the pricing of gas from the Krishna Godavari basin has impacted investor sentiment in the ongoing eighth New Exploration Licensing Policy (NELP) auction process, said the PetroleumSource: Business Line - Home Page | 23 Aug 2009 | 12:00 am States not for cutting sales tax on jet fuelNew Delhi, Aug. 22 State governments are not keen on reducing the sales tax levied on aviation turbine fuel (ATF) from its current levels which vary from 4 per cent to 30 per cent.Source: Business Line - Home Page | 23 Aug 2009 | 12:00 am More stocks hit their lows this March, not last OctChennai, Aug. 22 In October 2008 the Sensex may have hit its nadir in the recent bear market, but the majority of Indian stocks did not. They actually bottomed out much later.Source: Business Line - Home Page | 23 Aug 2009 | 12:00 am More retail investors taking to online tradingRetail investors are routing more of their stock market transactions through Internet accounts, data from the National Stock Exchange show.Source: Business Line - Home Page | 23 Aug 2009 | 12:00 am WHO cautions on swine flu ‘explosion’Mumbai, Aug. 22 Even if you choose to wear a surgical mask to protect against swine flu and you are in Mumbai, chances are you will not find one at the local chemist shop. As the World Health Organisation (WHO) cautions of a possibleSource: Business Line - Home Page | 23 Aug 2009 | 12:00 am Hidesign to focus on India-specific productsNew Delhi: Feeling the heat of recession in developed countries, premium leather accessories maker Hidesign is focusing on India and other emerging markets to grow business, and will soon introduce products specifically for the country. The company, which has tied up with Kishore Biyani-led Future Group, said it will roll out its latest and the first India-specific brand — Holii — in all the major cities by next month. It expects to clock sales of Rs25 crore within two years from the new brand. Besides developing the Holii brand, the company has tied up with fashion designer Rohit Bal for another collection, which will also be launched by next month. “Our sales in the US, the UK and Russia have gone down by 10-15% as these countries are witnessing degrowth in their economies. Interestingly, countries like India, Vietnam, Malaysia and Indonesia are doing well and have lot of potential,” Hidesign President Dilip Kapur said. He said the company has been growing at 30% in India over the last few years and expects to maintain it this fiscal as well. “Our new brand is completely a new concept and is very Indian in terms of its designs. We will be working closely with the Future Group, where they will provide expertise in retail and operations while we will be associated with brand building and design,” Kapur said. As part of the agreement, Hidesign will sell its new range of products in Future Group’s Pantaloon stores across all the major cities in the country. The company will be introducing the new range in around 30 shop-in-shops, including Pantaloon and Shopper’s Stop in Bombay and Kolkata in the next two-three months, in addition to its exclusive stores. Hidesign plans to have a total of 12 exclusive stores in this fiscal, of which 8 are already operational. “We have already opened eight exclusive stores and will open 4 in the coming months,” he said. Talking about the Rohit Bal collection, Kapur said, “The design will be Indian and will be out in the market by next month. This is the first time an Indian designer’s collection of our range will be sold in all the big cities outside India like Milan, New York.” He did not divulge the name of this brand. Based in Pondicherry, Hidesign operates 48 stores in India and is currently present in 23 countries. Source: LatestNews-Home - Livemint.com | 22 Aug 2009 | 11:49 pm Japan opposition wary of polls showing a landslideTokyo: Japan’s Democratic Party leader cautioned against polls showing his opposition may be headed for a landslide election victory, saying that complacency is the major enemy in the run-up to the 30 August general election. The Democrats could win more than 300 of the 480 seats in parliament’s lower house, although the number could change as more than 30% of voters had not yet decided how they would vote, Kyodo news agency said based on a telephone survey. Other polls by newspapers have also shown the opposition Democrats may score a runaway victory, seizing power from Prime Minister Taro Aso’s ruling Liberal Democratic Party (LDP) that has ruled for most of the past 54 years. “This trend is clearly far stronger than I actually feel,” Yukio Hatoyama, leader of the opposition Democrats, said during a TV programme. “We are not complacent at all and if we relax in the final one week, we will be out... The most dangerous thing is to relax.” Hatoyama added that about 100 Democrats candidates were straddling the line between victory and defeat. An overwhelming victory for the opposition Democrats would end a policy deadlock in parliament, where the party and its allies already control the less powerful upper chamber and can delay legislation. The Kyodo poll showed the LDP, struggling with voter anger over scandals and long-term uncertainties about the economy and social security, could see its strength more than halved to slightly over 100 seats from 300 ahead of the election. Hatoyama vowed not to increase government debt issuance in new fiscal year that starts on 1 April next year, if the Democrats take control of the government. New government bond issuance hit a record ¥44.1 trillion ($470 billion) in the current fiscal year, boosted by Tokyo’s stimulus spending, which has helped the economy return to growth after the longest and deepest recession since World War Two. “If we were to increase debt any more, the country wouldn’t hold out. We must make efforts to reduce it,” Hatoyama said. “We can’t be pleased about a return to growth by such a degree... I don’t think the economy will improve this way. Source: LatestNews-Home - Livemint.com | 22 Aug 2009 | 11:31 pm Strike hits bank operations for second dayMumbai: Trading volume in Indian currency and bond markets was hit for a second day on Friday following a two-day strike by about 900,000 employees at state-run banks, demanding higher wages and pension. State-run banks, led by State Bank of India, the country’s largest lender, control more than half the banking sector assets and dominate the fixed-income and foreign exchange markets. “The strike is total everywhere. Most of the branches are closed,” C H Venkatachalam, convenor of the United Forum of Bank Union, which represents all bank unions, said. The chief labour commissioner in New Delhi has called a meeting between unions and the Indian Banks’ Association, which represents the management, at 3 pm to resolve the standoff, he said. Normal banking operations will resume on Saturday, Venkatachalam said, adding there would be no further strike if the issues were settled. A spokesman for the Reserve Bank of India declined to comment on the strike. Trading volume in the bond market was low at Rs445 crore ($93 million) by 1 pm . Trading on Thursday, when the strike began, was Rs2,915 crore , compared with Rs4,350 crore on Wednesday. India has 80 commercial banks, including 29 foreign banks and nearly 3,000 urban and rural co-operative banks. Unions of all state-run banks as well as 12 small private sector banks, including Federal Bank, Bank of Rajasthan and Lakshmivilas Bank, are participating in the strike. But large private sector lenders ICICI Bank and HDFC Bank were open. M S Sundararajan, chairman of state-run Indian Bank, said he was trying to reduce the disruption in operations. “ATMs (automated teller machines) are loaded with cash, alternative modes of distribution is also there,” he said. Source: LatestNews-Home - Livemint.com | 22 Aug 2009 | 11:23 pm More gold for Bolt as Jamaica win relaysBerlin: Usain Bolt made it three out of three as he helped Jamaica claim gold in the 4x100 metres relay at the world championships on Saturday in the second-fastest time ever run. Their victory in 37.31 seconds was bettered only by their winning time of 37.10 at last year’s Beijing Olympics. It completed another great night for the Jamaican sprinters after the women won the 4x100 gold and both 4x400 teams qualified for Sunday’s final. A full house at the Olympic Stadium also had a world record to cheer as Poland’s Anita Wlodarczyk hurled the hammer 77.96 metres to break Russian Tatyana Lysenko’s three-year-old mark of 77.80. It might not have attracted the same publicity as Bolt’s heroics in the 100 and 200 but it earned a gold medal and the same $100,000 cheque. There were Kenyan one-twos in the men’s marathon and women’s 5,000 metres. Abel Kirui won the morning marathon in a championship record two hours 06 minutes and 54 seconds with Emmanuel Mutai taking silver and Ethiopia’s Tsegay Kebede claiming bronze. Vivian Cheruiyot, silver medallist in 2007, won a tactical 5,000 by storming down the final straight to finish in 14:57.97 with Sylvia Kibet snatching second from Ethiopian favourite Meseret Defar. American Dwight Phillips won the long jump with a mark of 8.54 metres while injured Australian Olympic champion Steve Hooker claimed the pole vault gold with just one successful attempt at 5.90 metres. US Absent With the United States disqualified from the 4x100 relay after Friday’s semi-finals, Jamaica merely had to get the baton round safely to secure gold. Time-served doper Steve Mullings led them off, Michael Frater ran a solid back straight and Bolt took command on the bend. He ensured a safe handover to Asafa Powell and the individual bronze medallist roared home. Bolt is now triple world and Olympic champion, five of the titles achieved with world records. He said his tiredness was to blame for Jamaica’s narrow failure to break their world record but described winning three world golds as wonderful. “I’m proud of myself and the relay is always fun, much better than running alone,” he said. Asked if he was a legend, he added. “I don’t think so. Year after year I have to become champion and champion again.” Trinidad & Tobago took silver in 37.62, a time only ever bettered by Jamaica and the U.S., while Britain won bronze in 38.02. Similar story It was a similar story in the women’s event after the US went out in the semi-finals when they dropped the baton. World and Olympic 100 champion Shelly-Ann Fraser took Jamaica clear after the second leg and 100 silver medallist here Kerron Stewart brought them home in 42.06. Bahamas took silver and Germany a crowd-pleasing bronze. In the men’s 4x400 relay, the United States fared much better. They rested individual gold and silver medallists LaShawn Merritt and Jeremy Wariner but still qualified fastest for Sunday’s final. Poland continued their good run at the championships with Wlodarczyk’s stunning hammer gold. After her world record throw on the second attempt she passed with her next three but then had a real scare when Germany’s Betty Heidler launched a last-round monster that measured 77.12 015 — good enough for silver. Long jump winner Phillips, like all the American team, had JO stitched into his vest in honour of Jesse Owens. In an emotional ceremony, medals were presented by Marlene Hemphill Dortch, Owens’ granddaughter, and Kai Long, son of Owens’ German long jump friend and rival Luz Long at the 1936 Olympics here. Sunday, the final day of action, features the women’s marathon in the morning then seven finals squeezed into a two-hour evening session, where the men’s 5,000 and 800, women’s 1,500 and both 4x400 relays should be the highlights. Source: LatestNews-Home - Livemint.com | 22 Aug 2009 | 11:11 pm INTERVIEW - ECB's Nowotny-Europe double-dip recession unlikelyJACKSON HOLE, Wyo. (Reuters) - The European economy will improve in the second half of this year, driven by policy measures, but a sustained recovery will likely not take hold until the beginning of 2010, European Central Bank Governing Council member Ewald Nowotny said on Saturday.Source: Reuters: Money News | 22 Aug 2009 | 10:47 pm ECB's Trichet warns on complacency as economy healsJACKSON HOLE, Wyo. (Reuters) - European Central Bank President Jean-Claude Trichet warned policy-makers from around the world on Saturday not to forget the lessons of the devastating financial crisis now that the worst has passed.Source: Reuters: Money News | 22 Aug 2009 | 10:45 pm Power and petroleum ministries role i... - SteelGuru
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Source: Business - Google News | 22 Aug 2009 | 12:51 pm Every third rail ticket now reserved onlineIf you thought only air passengers book their tickets online, think again. Every third reserved ticket sold by the Railways is on the internet. Ticket sale data between April and July 2009 provided by the Indian Railway Catering and Tourism Corporation (IRCTC), which sells online tickets, out of the 880,000-odd tickets sold online everyday, around 300,000, or 34 per cent, were online.Source: Business Standard | Front Page Headlines | 22 Aug 2009 | 12:46 pm Inquiry ordered into airport roof collapseThe civil aviation ministry has directed the Directorate General of Civil Aviation (DGCA) to enquire into the collapse of the roof of terminal 1D of the Delhi airport on Friday because of heavy rain and wind. DGCA will submit its report in two months, said a release from the civil aviation ministry.Source: Business Standard | Front Page Headlines | 22 Aug 2009 | 12:45 pm Audit firms may face action for wrong-doingThe ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants.Source: Business Standard | Front Page Headlines | 22 Aug 2009 | 12:42 pm Fed's Kohn - Fed can promise low rates, low inflationJACKSON HOLE, Wyo. (Reuters) - U.S. Federal Reserve Vice Chairman Donald Kohn said on Saturday there is no inconsistency between the Fed's pledge to keep interest rates low for an extended period while also keeping inflation low.Source: Reuters: Money News | 22 Aug 2009 | 12:36 pm India, Nepal sign new treaty to boost tradeNEW DELHI (Reuters) - India and Nepal signed a trade treaty on Saturday to allow Nepalese goods duty-free access to India and agreed to bolster security along their border to thwart militant attacks, officials said.Source: Reuters: Money News | 22 Aug 2009 | 11:28 am States not to lower sales tax on ATF; airlines' hopes dashedStates today refused to lower sales tax rates on jet fuel, cost of which accounts for over 40 per cent of the total operational cost of airlines and is the foremost issue facing the aviation industry, beset with host of other problems.Source: Hindustan Times News Feeds 'Business' | 22 Aug 2009 | 11:18 am Mamata flags off Tollygunge-Garia metro, state government upsetRailway Minister Mamata Banerjee Saturday inaugurated the much-awaited six-km expanded stretch of the city's Metro railway from Tollygunge to Garia Bazar in the southern fringes, but West Bengal's ruling Left Front (LF) cried foul as Chief Minister Buddhadeb Bhattacharjee was not invited for the function.Source: IndiaeNews.com: Business News | 22 Aug 2009 | 9:00 am German politicians blast GM for delaying Opel dealBERLIN (Reuters) - German politicians reacted angrily on Saturday to the failure of carmaker General Motors to choose a buyer for its German unit Opel, prompting an appeal to the United States government to help broker a solution.Source: Reuters: Money News | 22 Aug 2009 | 8:43 am Fed's rate path, inflation aims may clash - paperJACKSON HOLE, Wyo. (Reuters) - The U.S. Federal Reserve's stated intention to keep interest rates exceptionally low for "an extended period" may conflict with its desire to avoid inflation, an academic economist told central bankers on Saturday.Source: Reuters: Money News | 22 Aug 2009 | 8:39 am American Airlines announces new baggage policyAmerican Airlines' passengers travelling between locations in Europe, India and the US will soon have to pay 50 dollars (about Rs 2,400) to check-in their second baggage under the airlines' revised baggage policy.Source: Hindustan Times News Feeds 'Business' | 22 Aug 2009 | 7:40 am States not to lower sales tax on ATF; airlines' hopes dashedThe Union Cabinet earlier this month decided to set up a ministerial group to look into the issue of high ATF pricee.Source: Daily News & Analysis: Money News | 22 Aug 2009 | 7:18 am Bad drought situation in Bihar: Official teamAn 11-member central team visiting the drought-hit parts of Bihar for the past three days has found the situation in the affected areas to be grim, the team's leader said Saturday.Source: IndiaeNews.com: Business News | 22 Aug 2009 | 7:00 am Fasting, but feasting at a cost this RamadanLast year Yousuf Anwar of Jamia Nagar in Delhi used to buy Gulf-imported dates at Rs.150 a kg for iftar - a ritual to break the day-long Ramadan fast. But this year, he says, the costs have doubled - a bitter pill during the festive month.Source: IndiaeNews.com: Business News | 22 Aug 2009 | 7:00 am Air fares between India and Trinidad to become cheaperIndian High Commissioner to Trinidad and Tobago Malay Mishra has announced that state-owned Caribbean Airlines and Air India are working on a project to reduce air fares between the two countries.Source: Hindustan Times News Feeds 'Business' | 22 Aug 2009 | 6:56 am Miraculous escape for 141 Air India passengersOne hundred and forty-one passengers and crew of a Chennai-bound Air India flight had a miraculous escape when the pilot managed to safely land the aircraft here Saturday in spite of a tyre burst while taking off from Singapore.Source: IndiaeNews.com: Business News | 22 Aug 2009 | 6:31 am Delhi airport roof collapse: Govt to pull up contractor GMRThe roof of Delhi\'s new swanky airport terminal1D built to weather even earthquakes and cyclones came crashing down in the storm that hit the capital last evening.Source: Moneycontrol Top Headlines | 22 Aug 2009 | 6:05 am ADAG counters govt claims: Stated facts in ad campaignIn a response to the governments statement, JP Chalasani, Chief Executive Officer of Reliance Power, said there was no question of carry out any propaganda against the government. ADAG is committed to uphold the country\'s legal system. All facts in the advertisements are correct, he added.Source: Moneycontrol Top Headlines | 22 Aug 2009 | 5:55 am Is the Direct Tax Code Compliant with... - Moneycontrol.com
Source: Business - Google News | 22 Aug 2009 | 5:19 am Ericsson CEO clueless about fate of Nortel dealSwedish telecom major Ericsson, whose acquisition of Nortel's wireless business here last month has been challenged by BlackBerry maker Research In Motion and Canadian opposition parties, says it is still in the dark about the fate of the deal.Source: Hindustan Times News Feeds 'Business' | 22 Aug 2009 | 4:32 am Doha breakthrough possible with more focus - officialNEW DELHI (Reuters) - An early agreement on a global trade deal is possible with more cooperation and negotiators are working overtime for the success of the Doha round of talks, a World Trade Organisation (WTO) official said on Saturday.Source: Reuters: Money News | 22 Aug 2009 | 3:51 am US stocks soar to new 2009 highsNew York: US stocks soared to fresh year highs on a record jump in existing-home sales in July and Federal Reserve chief Ben Bernanke’s comments that global recovery prospects “appear good.” The Dow Jones Industrial Average surged 155.91 points (1.67%) to finish at 9,505.96 yesterday, the fourth day in a row of gains. The blue-chip index had not finished above 9,500 since early November and has now climbed about 45% from its March low. The tech-heavy Nasdaq composite leapt 31.68 points (1.59%) to 2,020.90, while the broad-market Standard & Poor’s 500 index advanced 18.76 points (1.86%) to 1,026.13. “Ben Bernanke helped Wall Street rally to new highs for the year. Stocks jumped after the Fed chairman said that the economy is on the verge of recovery,” said Scott Marcouiller of Wells Fargo Advisors. “A better-than-expected report on home sales also provided evidence the economy is improving,” he added. After opening higher, stocks surged after the National Association of Realtors reported existing-home sales blazed a record in July, setting a four-month rally for the first time in five years. Source: Home - Livemint.com | 22 Aug 2009 | 3:28 am RBI to sell state loans for $925 mlnMUMBAI (Reuters) – The Reserve Bank of India (RBI) said late on Friday it will introduce a non-competitive bidding facility in conducting an auction of 10-year state development loans on Aug 25.Source: Reuters: Money News | 22 Aug 2009 | 3:26 am Govt to get Rs 84,000 cr from KG Basin D6 projectTerming the ongoing media campaign by certain shareholders of the Reliance Anil Dhirubhai Ambani Group as most unfortunate, the Government said that it is necessary to correct the ongoing propaganda against the Government in the matters, some of which are sub judice in Courts.Source: Moneycontrol Top Headlines | 22 Aug 2009 | 3:23 am Loans at 4% for sugarcane growersThe Centre will extend loans to sugarcane growers at 4 per cent towards purchase of seed, fertilisers and pesticides.Source: Moneycontrol Top Headlines | 22 Aug 2009 | 3:19 am
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