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Iraq budget panel sees 2010 oil price at $60 per barrel!A committee reviewing Iraq`s budget proposals for 2010 has recommended spending plans be based on average oil prices of USD 60 per barrel.Source: Zee News : Business | 30 Aug 2009 | 6:32 am Employees aim for up to 5 percent stake in VW: Report!The roughly 370,000 employees of Volkswagen and Porsche are striving initially to acquire a stake of up to 5 percent in the automotive group, VW`s labor chief told a German newspaper.Source: Zee News : Business | 30 Aug 2009 | 6:32 am Satyam accounts restatement likely by end-December: Director!The restatement of fraud-hit Satyam Computer`s accounts is likely to be completed by end-December, a top official said.Source: Zee News : Business | 30 Aug 2009 | 6:32 am `Insurance-specific accounting norms likely in 2-3 months`!The Institute of Chartered Accountants of India (ICAI) is likely to come out with insurance specific accounting standards in the next three months, a top official said.Source: Zee News : Business | 30 Aug 2009 | 6:32 am Recent rains to boost India sugar cane crop, yield!A recent revival of monsoon rains will help India`s cane crop but the world`s top sugar consumer will still need to import in the new season from October, the head of a trade body said.Source: Zee News : Business | 30 Aug 2009 | 6:32 am German unemployment to stay under 4 mn: Report!German Labour Minister Olaf Scholz expects unemployment to keep rising in the coming months but believes it will stay below four million, according to a magazine interview to be published Monday.Source: Zee News : Business | 30 Aug 2009 | 6:32 am GM wants Russians barred from Opel takeover: Report!US auto giant General Motors wants Russian firms barred from taking over its German subsidiary Opel, but Berlin does not agree, according to the weekly Der Spiegel.Source: Zee News : Business | 30 Aug 2009 | 6:32 am Conclusion of Doha talks will boost global rade: FICCIWith the stage set for a mini-ministerial meeting of the World Trade Organisation in New Delhi this week, a leading industry lobby in India has urged the member countries to prepare an action plan for the early conclusion of the Doha Round trade talks.Source: Hindustan Times News Feeds 'Business' | 30 Aug 2009 | 5:12 am Satyam accounts restatement likely by end-December: DirectorThe restatement of fraud-hit Satyam Computer's accounts is likely to be completed by end-December, a top official said.Source: Hindustan Times News Feeds 'Business' | 30 Aug 2009 | 4:28 am India cannot be blamed for Doha deadlock: SharmaMumbai: Defending India’s stand on the Doha talks, Commerce Minister Anand Sharma said it was wrong to blame India for the 14-month deadlock and on the contrary New Delhi was making an effort to re-engage in the multi-lateral global trade deal. “There has been a deadlock for close to 14 months for various reasons. Sometimes, it has been projected that there was non-agreement and it was India which was responsible. No, that’s not correct. We took a position. Other developing countries took a position,” Sharma said at a function here last night. The Doha round of talks had collapsed at Geneva in July last year primarily on concerns over level of protection available to farmers in the developing countries in the multilateral global trade pact. “If the talks collapse, then nobody is the gainer. Our objective is to re-engage and put in place a rule-based multilateral trade regime which is fair, equitable and which corrects the historical distortions that have hurt the developing world,” Sharma said. India is hosting the World Trade Organisation (WTO) ministerial meeting in New Delhi this week, which would be attended by major groupings like the G-20 led by India and Brazil, African Group led by Egypt, the US and the European Union. “It has taken the initiative for resumption of WTO talks as it feels that opening of world trade at multilateral level was crucial for revival of the global economy.” India’s stand would be to ensure that the new regime took on board the legitimate aspirations of developing nations, he added. Sharma flayed protectionist measures taken by larger economies and cautioned that it would only deepen the recession. “It (protectionism) will deepen the recession and delay the recovery. Therefore, no government should go in for protectionist measures. India has shown maturity in this respect by signing trade agreements with ASEAN and South Korea,” he said. India signed a free trade agreement with the Association of South East Asian Nations (ASEAN), paving the way for duty free trade in about 4,000 products,including apparel, leather,silk and processed food for the next seven years. It also clinched the Comprehensive Economic Partnership Agreement (CEPA) deal with South Korea, which would open up trade and investment between the two countries. Source: LatestNews-Home - Livemint.com | 30 Aug 2009 | 4:06 am Irrational Tamiflu use may make H1N1 virus resistant: WHONew Delhi: Irrational use of swine flu drug can make the H1N1 virus resistant to the medicine making it fatal as the Tamiflu loses its efficiency, the World Health Organisation (WHO) has warned. The global health body has cautioned India since indiscriminate pill-popping or not completing the course of medicine as suggested by the physician is quite common in the country. The WHO, in its warning, has said that already 12 countries, including China and Singapore, have reported cases of resistance to Tamiflu. “The ability to constantly change is a hallmark of influenza viruses. Flu virus often change from one season to the next or they can even change within the course of one flu season. Some changes can result in the virus being resistant to one or more of the antiviral drugs that are used to treat or prevent influenza,” experts from Centre for Disease Control and Prevention and WHO said. “Irrational use of antiviral drugs could facilitate the emergence of resistance,” they added. Explaining the phenomenon Dr YK Gupta, head of the department of pharmacology, AIIMS said, “Resistance can be because the virus kills the drug or it learns to to live with that drug or develops multiple resistance organism to it.” Cases of Oseltamivir (Tamiflu) resistant viruses have been reported in different parts of the world with four in Japan, two each in USA, Hong Kong in China and one each in Denmark, Canada, Singapore and China. Dr Vishwa Mohan Katoch, DG, ICMR said, “Administering Tamiflu is in the hands of the government. It has not been given to private parties. In this way, we have curbed the overdose factor. But, we are insisting that people should complete the five-day course advised to them even if they feel better off the second day.” According to WHO experts, a person with drug-resistance to Tamiflu has the potential to spread drug resistant strains of swine flu, but so far there is no evidence of onward transmission from these cases too. Dr Randeep Guleria, department of medicine, AIIMS said, “An alternative drug, Relenza (scientific name Zanamivir) is there but since it is in the form of a nasal drop, many would be reluctant to take it. Moreover, it has not been introduced as there is a fear that patients may become resistant to both at a time when there is no third alternative.” Source: LatestNews-Home - Livemint.com | 30 Aug 2009 | 3:57 am Japan votes in election, opposition tipped to winTokyo: Japanese voted in a historic election on Sunday that looked set to oust the long-ruling conservative party and give the opposition the job of nurturing a recovery from the country’s worst recession since World War Two. Media surveys suggest the untested Democratic Party of Japan (DPJ) could win by a landslide over the Liberal Democratic Party (LDP) that has ruled for most of the past 50 years, although some analysts say those predictions may be excessive. A DPJ victory in the lower house election would break a deadlock in parliament, where the opposition and its allies won control of the less powerful upper chamber in 2007 and can delay bills. Financial markets would generally welcome an end to the political stalemate. “I don’t like what’s going on now in this country. Things have to change,” said Kazuya Tsuda, a 78-year-old retired doctor in Tokyo who voted for the Democratic Party. Japanese media will announce the results of exit polls after voting ends at 8:00pm (1100 GMT). Later in the evening they will issue further projections based on partial vote counts. Turnout was 41.83% as of 4:00pm (0700 GMT), the Internal Affairs Ministry said, down slightly from the 2005 election when voters turned out in droves to hand the LDP, then led by charismatic premier Junichiro Koizumi, a huge win. Democratic Party leader Yukio Hatoyama, 62, the wealthy grandson of a former prime minister, told voters on Saturday the election would change Japanese history. “This is an election to choose whether voters can muster the courage to do away with the old politics,” he said. The Democrats have pledged to refocus spending on households with child allowances and aid for farmers while taking control of policy from bureaucrats, often blamed for Japan’s failure to tackle problems such as a creaking pension system. The party wants to forge a diplomatic stance more independent of the United States and build better ties with Asia, often strained by bitter wartime memories. “I don’t think the LDP can change anything,” said Ryoji Kawakita, a 63-year-old white-collar worker who voted for the Democratic Party. “I think, even though it will be difficult, the DPJ might be able to achieve change because they have the will.” Analysts worry spending plans by the Democrats, a mix of former LDP members, ex-Socialists and younger conservatives founded in 1998, will inflate Japan’s massive public debt and push up government bond yields. The party has vowed not to raise the 5% sales tax for four years while it focuses on cutting wasteful spending and tackling problems such as a shrinking and greying population. Japan is ageing more quickly than any other rich country, inflating social security costs. More than a quarter of Japanese will be 65 or older by 2015. “It seems like the Democrats are just saying what the people want to hear, but I’m not sure they can follow through on these promises,” said Taku Yamada, a 30-year-old health-care industry worker who voted for the LDP. The economy returned to growth in the second quarter, mostly because of short-term stimulus around the world, but the jobless rate rose to a record 5.7% in July. “The Democrats have good policy proposals. But I’m not sure all of them are really achievable. If we have a handover of power, everything has to start from scratch and it would be ordinary people who end up suffering,” said Tomiko Machida, a 75-year-old pensioner who voted for the LDP. “The new government needs to do something about unemployment. I see many young people idling around doing nothing.” Incumbent prime minister Taro Aso has said the Democrats would be unable to manage the economy and the business-friendly LDP had better plans for growth. The LDP favours steps to promote corporate activity rather than helping consumers directly. If victorious, Hatoyama is expected to quickly cement a coalition with two tiny allies whose cooperation is needed to maintain control of the upper house. A new leader is expected to attend a series of international meetings including the UN General Assembly and a G-20 summit in Pittsburgh in September. A key challenge for the next government will be managing ties with China, forecast to overtake Japan as the world’s second-biggest economy next year. Source: Home - Livemint.com | 30 Aug 2009 | 3:48 am Himachal Pradesh records over 50 percent deficit rainfallHimachal Pradesh has received 53 deficit rainfall this year and there is not much hope of overcoming this shortfall as the monsoon in the state generally starts receding from Sep 15, weather officials said Sunday.Source: IndiaeNews.com: Business News | 30 Aug 2009 | 3:30 am Kuwait official sees no Sept OPEC supply cut - paperKUWAIT (Reuters) - OPEC is unlikely to cut output at its September meeting because oil prices were stable, a member of the Kuwait's Supreme Petroleum Council said in published remarks on Sunday.Source: Reuters: Money News | 30 Aug 2009 | 3:12 am Maytas' 2008/09 net loss at 4.9 bln rupeesMUMBAI (Reuters) - Indian infrastructure company Maytas Infra Ltd had a net loss of 4.9 billion rupees ($101 million) in 2008/09 ended in March against a net profit of 996.4 million rupees a year ago, a company statement said late on Saturday.Source: Reuters: Money News | 30 Aug 2009 | 3:10 am India cannot be blamed for Doha deadlock: SharmaThe Doha round of talks had collapsed at Geneva in July last year primarily on concerns over level of protection available to farmers in the developing countries in the multilateral global trade pact.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 3:09 am RSS chief confident BJP will solve its problemsNew Delhi: The leadership crisis in BJP continued to elude a solution as Mohan Bhagwat met L K Advani over breakfast on Sunday after which the RSS expressed confidence that the party leaders would stand united, “overcome the challenge” and resolve the problems amicably to emerge stronger. In what is seen as a balancing act, RSS chief Bhagwat this morning drove to Advani’s residence for breakfast like he went to another senior leader Murli Manohar Joshi’s house for a luncheon meeting yesterday. “The RSS is assured that the BJP leadership as a party will stand united, face the present situation, overcome all problems and emerge stronger. We have been given such an assurance and we also feel that they will resolve the problems,” RSS leader Madan Das Devi, who accompanied Bhagwat to the breakfast meeting, told reporters after the discussions. He described Advani as the “senior most” leader of the BJP and said it was natural that he and other leaders would meet Bhagwat and discuss the current situation in the party and the nation. To a question on the situation in BJP, Devi pointed out that Bhagwat had already said in his Friday’s press conference that the BJP leaders will discuss among themselves and come out with a decision which would be announced when it is taken. He said BJP is a big party of activists and “crises will keep coming” and the RSS was confident that all problems would be resolved. Top BJP leaders have met Bhagwat in the last two days and held intense discussions with him on overcoming the current leadership crisis triggered by the Lok Sabha poll defeat and brought more starkly to the fore after the rebels sharpened attack on Advani and party president Rajnath Singh in the wake of expulsion of Jaswant Singh over his book on Jinnah. Sources said the RSS chief’s visit here and discussions between the leaders of the Sangh and the party were some sort of brainstorming sessions over the reasons for the electoral defeat. It was conveyed to the party by the Sangh founthead that it cannot resort to indiscriminate expulsion of leaders and there should be some platform in the organisation for ventilating grievances by leaders, sources said. There has been intense speculation over the possible successors to Advani and Rajnath Singh as leader of the Opposition in the Lok Sabha and party president respectively but party sources said that no no decision has been taken nor nor had the RSS given consent to any proposal. Emergence of a dark horse for both the posts is also not not said to be ruled out. BJP leader from Uttarakhand Bhagat Singh Koshiyari met Bhagwat today while his rival and former chief minister B C Khanduri, who was removed after the Lok Sabha debacle, had met the RSS chief yesterday. Uttar Pradesh BJP leader Kalraj Mishra also met Bhagwat today. While Bhagwat leaves for Haridwar at the end of his Delhi visit, discussions are expected to be carried on among the BJP leaders in the next few days. Source: Home - Livemint.com | 30 Aug 2009 | 3:07 am Kashmir's ailing industrial body cries for helpFinding it hard to even pay wages to its over 1,700 employees, Jammu and Kashmir Industries, an umbrella organisation for state government-run firms, may sell assets and close down many of its ventures in the industrially backward state.Source: IndiaeNews.com: Business News | 30 Aug 2009 | 3:03 am Q+A - Trade ministers meet in Delhi - Reuters India
Source: Business - Google News | 30 Aug 2009 | 3:00 am Q+A - Trade ministers meet in DelhiGENEVA (Reuters) - India is hosting a meeting of about 36 trade ministers this week to "re-energise" the Doha round of trade talks.Source: Reuters: Money News | 30 Aug 2009 | 2:45 am Airlines criticise airport developer’s demand for 10% fee hikeNew Delhi: The demand by the joint venture companies running Mumbai and Delhi airports to raise their charges by 10% for the second time this year has been criticised by the aviation industry, which feels it would add to the pressure mounted by the high jet fuel cost burden. Both GVK-led Mumbai International Airport Ltd and GMR-led Delhi International Airport Ltd have separately written to the Civil Aviation Ministry seeking 10% hike in the airport charges, saying the hike was part of their concession agreement. The ministry is yet to take a decision on the issue but is examining the proposals from the private airport operators. The industry, which recently gave an unprecedented strike call to protest high jet fuel prices and steep airport charges, is demanding no further hikes in the airport charges, which include levies for landing, route navigation, parking and facilitation. Industry sources said when the sector was passing through extreme financial pressures, there was no real urgency for the ministry to allow a second hike in airport charges this year. Seeking early steps to make the newly-created Airport Economic Regulatory Authority functional, they said any decision on these charges should be left to this body which should decide after a proper review of the entire gamut of problems being faced by the industry. In February, the ministry had allowed the two airports to charge a development fee of Rs200 from domestic passengers and Rs1,300 from international fliers at New Delhi and Rs100 and Rs600, respectively, from local and overseas passengers at Mumbai. This would generate Rs3,370 crore for the modernisation of these airports. While refusing to reduce state sales taxes on aviation turbine fuel at their recent meeting, the Empowered Committee of State finance ministers headed by West Bengal’s Asim Dasgupta has reportedly said it was of “critical” importance that the airport charges, which are governed so far by the ministry, be “reviewed and reduced”. According to industry figures, Kuala Lumpur airport charge about $203 to hande a small Airbus A-320 aircraft for a three-hour turnaround while Indian airports charge four times more at $1,060 for the same. Figures showed that airlines would have to pay $2,331 for handling a long-haul flight of a Boeing B-777 in India while at Kuala Lumpur airport charges $753, sources said. Similarly, Indian airports charge $3,471 to handle a Boeing B-747 jumbo jet for a three-hour turnaround, while Singapore’s Changi Airport charges are 40% lower at $2,476. While Dubai airport charges $1,341 to handle a big Airbus A-340 plane, Indian airports levy $3,282. However, a newly-formed Association of Private Airports Operators (APAO) refuted these figures and quoted a survey by aviation consultancy firm Jacob Consultancy showing that Mumbai airport ranked 50th for its low airport charges. The APAO, comprising private-led operators of airports in Delhi, Mumbai, Hyderabad, Bangalore and Cochin, said airport fees were raised by 10% in February, the first hike after eight years. It also claimed that these airports had exempted landing charges on smaller aircraft and were offering 15% discount on landing charges if the payments were made in 15 days from the date of invoice. However, industry sources said the recent Delhi High Court ruling allowing continuation of the airport developed fees being charged by all private airport operators in the country, would encourage other airports also to go ahead with it, thus further increasing the cost of air travel and reducing demand. Maintaining that airlines were opposed to any further hike in airport charges, the sources said this amounted to the travelling public financing airport modernisation. The Parliamentary Standing Committee on Transport, Tourism and Culture had earlier taken a similar stand and raised questions whether the private parties were unable to fund these plans. Quoting figures of the International Air Transport Association, sources said India was imposing high overflight charges at seven profitable airports to cross-subsidise other non-profitable airports, a move which does not comply with International Civil Aviation Organisation (ICAO) norms. According to ICAO, the airport charges should be equitable in cost allocation to ensure there are no cross subsidies between users, they said. While India raised its airport fees by 10% earlier this year, Malaysia slashed it by 50% in response to the economic downturn. Source: Home - Livemint.com | 30 Aug 2009 | 2:45 am FACTBOX - Issues in the Doha round of trade talks(Reuters) - Trade ministers from about 36 countries are meeting in Delhi this week to give new impetus to the Doha round of trade talks.Source: Reuters: Money News | 30 Aug 2009 | 2:41 am PREVIEW - Trade ministers to meet in India on Doha talksGENEVA (Reuters) - Trade ministers will meet in New Delhi this week to inject new impetus into the faltering Doha round trade talks in the run-up to the G20 summit in Pittsburgh.Source: Reuters: Money News | 30 Aug 2009 | 2:36 am India Maytas' 2008/09 net loss at 4.9... - Reuters
Source: Business - Google News | 30 Aug 2009 | 2:34 am Govt to bail out Air India - papersMUMBAI (Reuters) - The government has agreed to inject funds into the ailing national carrier Air India, newspapers reported on Sunday, citing government sources.Source: Reuters: Money News | 30 Aug 2009 | 2:17 am ADRs gain over $2.60 bn, Infosys contributes mostNew York: Indian stocks trading on American bourses gained over $2.60 billion last week with IT bellwether Infosys Technologies accounting for half of the gains. For the week ended 28 August, Indian entities listed on the New York Stock Exchange and Nasdaq added $2.63 billion to their valuation. Infosys alone contributed $1.13 billion to the total gain. The valuation of IT major Wipro rose by $673 million, while that of copper producer Sterlite Industries grew by $553 million. Infosys and Wipro last week bagged a sizable chunk of five-year outsourcing deal from British oil giant BP. The multi-crore rupee contract will a big boost for these companies, currently under pricing and margin pressure in the wake of global downturn. Auto maker Tata Motors gained $445 million. However, private sector lender HDFC Bank emerged as the major loser during the week. The company witnessed a value erosion of 190 million dollars. Among the 16 companies trading as American Depository Receipts (ADRs), Mahindra Satyam’s valuation climbed by $67 million. The market capitalisation of telecom major Tata Communications and IT firm Patni Computer Systems increased by $53 million and $42 million respectively. However, total gain of about $3 billion was offset by a handful of companies including BPO firm Genpact, private sector lender ICICI Bank and telecom major Mahanagar Telephone Nigam Ltd (MTNL). The second biggest loser was Genpact, shedding $60 million to its valuation, while ICICI Bank’s market capitalisation declined by $28 million. Other losers include MTNL, pharma major Dr Reddy’s Laboratories, outsourcing firms WNS Holdings and EXLService Holdings, internet companies Rediff.com and Sify Technologies slipped in the range of $4 million to $13 million. Source: Home - Livemint.com | 30 Aug 2009 | 2:06 am Ambani battle over gas cries for consistent government policyThe feud between the two Ambani brothers - Mukesh and Anil - seems to be an unending saga on the lines of television soap operas, with the story becoming increasingly complex by the day and the number of characters involved in each episode rising rapidly.Source: IndiaeNews.com: Business News | 30 Aug 2009 | 2:00 am Every year 1 ft of groundwater declines in Delhi: NasaNew Delhi: With several parts of the country already reeling under drought, there is more bad news. Scientists in United States have found that groundwater levels in north Indian cities, including Delhi, are declining as much as one foot per year over the past decade. Concerned over this trend, the scientists said this was due to “human activity” and warned that if measures were not taken, the region could witness collapse of agriculture output and severe shortage of potable water. The scientists, with the help of Nasa satellite data, have found that ground levels in northern India have been declining by as much as 33 centimeters (one foot) per year over the past decade, according to an article in NASA website. And the “researchers concluded that loss is almost entirely due to human activity”. More than 108 cubic kilometers of groundwater disappeared from aquifers in areas of Haryana, Punjab, Rajasthan and the nation’s capital, between 2002 and 2008, the article said. The findings is based on data from Nasa’s Gravity Recovery and Climate Experiment (GRACE). “The region has become dependent on irrigation to maximize agricultural productivity. If measures are not taken to ensure sustainable groundwater usage, the consequences for the 114 million residents of the region may include a collapse of agricultural output and severe shortages of potable water,” said the article, which was reprinted on US embassy website. A team of hydrologists, led by Matt Rodell of Nasa’s Goddard Space Flight Center, found that underground water supply is being “pumped and consumed by human activities, such as irrigation cropland, and is draining aquifers faster that natural resources process can replenish them”, it said. “We don’t know the absolute volume of water in the northern Indian aquifers, but GRACE provides strong evidence that current rates of water extraction are not sustainable,” Rodell said. Source: LatestNews-Home - Livemint.com | 30 Aug 2009 | 1:44 am Airlines criticise airport developer's demand for 10% fee hikeThe demand by the joint venture companies running Mumbai and Delhi airports to raise their charges by 10 per cent for the second time this year has been criticised by the aviation industry.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 1:23 am Drought affects gold biz; Aug import may have dipped 90%New Delhi: India’s gold import may have slumped by 90% in August despite the advent of the festival season, as high prices prevented people from buying the precious metal, especially after drought triggered fears of dent in rural income. “Gold imports in August will remain within 10 tonnes as prices are ruling high at over Rs15,000 per 10-gram level,” Bombay Bullion Association director Suresh Hundia told PTI. Gold prices were ruling at Rs14,600 per 10 grams in the beginning of the last month. India imported 98 tonnes of gold in August 2008, highest in a month last year, as prices fell leading to an escalation in demand in the build-up to the previous festive season. However, as the country is now facing a double whammy of drought in about half the region and soaring food prices, demand for gold remained subdued, as people preferred spending on basic necessities to buying jewellery, according to Hundia. Poor rains this year have raised fears of a slump in farm output affecting rural income, as over 60% of India’s population still depends on agriculture for livelihood. Importantly, the import of gold this festival season (September-December) may not match the last year level of 146 tonnes if prices remain firm, Hundia said. Gold was trading at Rs15,050 per 10 grams for the October delivery on the country’s largest commodity exchange MCX yesterday. The country’s gold import is estimated to have slowed down to about 69.4 tonnes from January to August this year, compared with 261 tonnes a year earlier. Gold imports remained sluggish this calendar year with the purchase from overseas falling to 59.4 tonnes from January to July, compared with 163 tonnes a year before. The import fell to a new low in January at just 1.8 tonnes, followed by zero purchase both in February and March due to a high prices, as investors took refuge in the safe haven status of the precious metal cutting down on dependence on stock markets. Source: Home - Livemint.com | 30 Aug 2009 | 1:12 am Iran's President urges reduction in crude exportsTEHRAN (Reuters) - Iran should further develop its oil downstream sector and reduce crude exports, President Mahmoud Ahmadinejad told parliament on Sunday as he presented his proposed new cabinet to lawmakers.Source: Reuters: Money News | 30 Aug 2009 | 1:01 am Conclusion of Doha talks will boost global rade: FICCIWith the stage set for a mini-ministerial meeting of the World Trade Organisation (WTO) here this week, a leading industry lobby in India has urged the member countries to prepare an action plan for the early conclusion of the Doha Round trade talks.Source: IndiaeNews.com: Business News | 30 Aug 2009 | 1:01 am Indians' indifference to health frustrates insurers, fitness chainsWhat do fitness chains and life or health insurance companies in India have in common? The answer: Consumer apathy.Source: IndiaeNews.com: Business News | 30 Aug 2009 | 1:00 am Govt to bail out Air India - papers - Reuters India
Source: Business - Google News | 30 Aug 2009 | 12:55 am GM to form China venture with FAW for $293 mnShanghai: General Motors said on Sunday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with total investment of 2 billion yuan ($293 million). The 50-50 joint venture, based in the northeast China city of Changchun in Jilin province, will make light-duty trucks and vans, GM said in a statement. “For us in China, this is an important complement to the rest of our portfolio,” Kevin Wale, president and managing director for GM’s China operations, told reporters in a conference call. “We are well established in passenger vehicles and mini commercial vehicles and we haven’t had a presence in the truck segment. Adding a truck portfolio rounds that out.” The venture will use two existing FAW plants in Changchun and the city of Harbin, also in the northeast, with combined annual capacity of roughly 90,000 vehicles, Wale said. A greenfield plant, currently under construction in Harbin, will add 100,000 units of capacity by the end of next year, he said. Vehicles made at the venture will carry the FAW brand and will focus on supplying the China market, but they could be exported under a GM brand through the Detroit automaker’s global network in the future, Wale said. GM is making Buick, Chevrolet and Cadillac models at its flagship China venture with SAIC Motor Corp. It also makes minivans, pickup trucks and the Spark compact car in a three-way tie-up with SAIC and Liuzhou Wuling Automobile. SAIC-GM-Wuling sold 87,925 vehicles in July, up 90.7% from a year earlier, helped by Beijing’s stimulus initiatives to support the industry, including subsidies for buyers in rural areas. GM, which now holds 34% of SAIC-GM-Wuling, has been seeking to raise its stake in the venture. Domestic media reported earlier this month that GM had secured an initial deal to take over Liuzhou Wuling Auto’s 15.9% stake for roughly 300 million yuan ($43.9 million). Wale reiterated the US automaker’s interest in raising its stake in the venture but made no further comment on the issue. Source: LatestNews-Home - Livemint.com | 30 Aug 2009 | 12:53 am GM to form China venture with FAW for $293 mnShanghai: General Motors said on Sunday it has agreed to set up a light commercial vehicle production venture with major Chinese automaker FAW Group, with total investment of 2 billion yuan ($293 million). The 50-50 joint venture, based in the northeast China city of Changchun in Jilin province, will make light-duty trucks and vans, GM said in a statement. “For us in China, this is an important complement to the rest of our portfolio,” Kevin Wale, president and managing director for GM’s China operations, told reporters in a conference call. “We are well established in passenger vehicles and mini commercial vehicles and we haven’t had a presence in the truck segment. Adding a truck portfolio rounds that out.” The venture will use two existing FAW plants in Changchun and the city of Harbin, also in the northeast, with combined annual capacity of roughly 90,000 vehicles, Wale said. A greenfield plant, currently under construction in Harbin, will add 100,000 units of capacity by the end of next year, he said. Vehicles made at the venture will carry the FAW brand and will focus on supplying the China market, but they could be exported under a GM brand through the Detroit automaker’s global network in the future, Wale said. GM is making Buick, Chevrolet and Cadillac models at its flagship China venture with SAIC Motor Corp. It also makes minivans, pickup trucks and the Spark compact car in a three-way tie-up with SAIC and Liuzhou Wuling Automobile. SAIC-GM-Wuling sold 87,925 vehicles in July, up 90.7% from a year earlier, helped by Beijing’s stimulus initiatives to support the industry, including subsidies for buyers in rural areas. GM, which now holds 34% of SAIC-GM-Wuling, has been seeking to raise its stake in the venture. Domestic media reported earlier this month that GM had secured an initial deal to take over Liuzhou Wuling Auto’s 15.9% stake for roughly 300 million yuan ($43.9 million). Wale reiterated the US automaker’s interest in raising its stake in the venture but made no further comment on the issue. Source: World Business - Livemint.com | 30 Aug 2009 | 12:53 am Satyam accounts restatement likely by end-Dec: directorMumbai: The restatement of fraud-hit Satyam Computer’s accounts is likely to be completed by end-December, a top official said. “It is a difficult task - over eight years of accounts have to be looked at. However, we are hopeful of completing the accounts restatement by end-this year,” Satyam’s government-appointed director, C Achuthan said. Satyam’s Founder, B Ramalinga Raju, had, last year confessed to cooking up the IT major’s accounts to the tune of Rs8,000 crore, after which the Government removed him and appointed a team of experts including Kiran Karnik, Deepak Parekh and C Achuthan, among others, on the company’s Board to bring it back on track. Satyam was recently acquired by the Anand Mahindra-led Tech Mahindra and the brand name changed to Mahindra Satyam. The company’s name, however, still remains Satyam Computer. “Global audit majors, KPMG and Deloitte, are working on restating the accounts and the process should, hopefully, be completed by end-December this year,” Achuthan said. While the company is regaining its health, both in terms of number of clients as well as employee morale, its financial-side recovery would, however, take some more time, he said. “Financial side recovery would take some time,” Achuthan, a former presiding officer of the Securities Appellate Tribunal, said. “The company is not yet generating enough funds to declare dividends - this will take some time. There are also some liabilities such as the class action suits against the company in the US. These will have to be resolved,” he said. The company also has a large labour force and consequently, huge overheads. “There has to be a matching revenue-generation,” he said. On the class action suits against the company, he said that out-of-court settlement would be preferable as that would save a lot of time in settling disputes. “However, before taking any decision, the company’s interests will be taken into consideration,” Achuthan said. Source: LatestNews-Home - Livemint.com | 30 Aug 2009 | 12:37 am ISRO announces abrupt end of Chandrayaan-IBangalore: ISRO had to abruptly abandon its 10-month maiden moon mission after the spacecraft lost contact with its controllers early on Saturday, much ahead of its two-year mission period. “The mission is definitely over. We have lost contact with the spacecraft,” Mylswamy Annadurai, project director of the Chandrayaan-1 told PTI. However, he said the mission, which had five indigenous and six international experiments, had almost completed its scientific objectives. “It (Chandrayaan-1) has done its job technically ... 100%. Scientifically also, it has done almost 90-95% of its job,” said Annadurai. The two-year mission, launched on 22 October last year, was abandoned early on Saturday as the mission controllers “abruptly lost” radio contact with the mooncraft at 0130 IST. The Deep Space Network at Byalalu near here received the data from the 1,380 kg Chandrayaan-1, which carried 11 instruments on board, including six from overseas, during the previous orbit up to 0025 hours, ISRO said in a statement. Chandrayaan-I, which propelled India into the select group of moon-faring nations, has completed 312 days in space and more than 3400 orbits around the moon. Earlier, the mission had developed snag in its star sensor which helps focus the spacecraft to a particular lunar position and scientists had to patch up two other instruments to keep its orientation. ISRO is conducting detailed review of the telemetry data from the spacecraft. “We will analyse as to what happened,” Annadurai said. “Detailed review of the telemetry data received from the spacecraft is in progress and the health of the spacecraft sub-systems is being analysed,” the ISRO statement said. Chandrayaan-1 spacecraft, launched by homegrown PSLV-C11 from Satish Dhawan Space Centre at Sriharikota, has provided large volume of data from sophisticated sensors such as terrain mapping camera, hyper-spectral imager and moon mineralogy mapper, meeting most of the scientific objectives of the mission. ISRO said last month Chandrayaan-1 had sent more than 70,000 images of the lunar surface which provide breathtaking views of lunar mountains and craters, especially craters in the permanently shadowed areas of the Moon’s polar region. Chandrayaan-1 was also collecting valuable data pertaining to the chemical and mineral content of the Moon, ISRO said on 17 July. Significantly, on 21 August, ISRO and Nasa performed a unique joint experiment that the Indian space agency said could yield additional information on the possibility of existence of ice in a permanently shadowed crater near the North pole of the moon. Source: Tech News - Livemint.com | 30 Aug 2009 | 12:28 am ISRO announces abrupt end of Chandrayaan-IBangalore: ISRO had to abruptly abandon its 10-month maiden moon mission after the spacecraft lost contact with its controllers early on Saturday, much ahead of its two-year mission period. “The mission is definitely over. We have lost contact with the spacecraft,” Mylswamy Annadurai, project director of the Chandrayaan-1 told PTI. However, he said the mission, which had five indigenous and six international experiments, had almost completed its scientific objectives. “It (Chandrayaan-1) has done its job technically ... 100%. Scientifically also, it has done almost 90-95% of its job,” said Annadurai. The two-year mission, launched on 22 October last year, was abandoned early on Saturday as the mission controllers “abruptly lost” radio contact with the mooncraft at 0130 IST. The Deep Space Network at Byalalu near here received the data from the 1,380 kg Chandrayaan-1, which carried 11 instruments on board, including six from overseas, during the previous orbit up to 0025 hours, ISRO said in a statement. Chandrayaan-I, which propelled India into the select group of moon-faring nations, has completed 312 days in space and more than 3400 orbits around the moon. Earlier, the mission had developed snag in its star sensor which helps focus the spacecraft to a particular lunar position and scientists had to patch up two other instruments to keep its orientation. ISRO is conducting detailed review of the telemetry data from the spacecraft. “We will analyse as to what happened,” Annadurai said. “Detailed review of the telemetry data received from the spacecraft is in progress and the health of the spacecraft sub-systems is being analysed,” the ISRO statement said. Chandrayaan-1 spacecraft, launched by homegrown PSLV-C11 from Satish Dhawan Space Centre at Sriharikota, has provided large volume of data from sophisticated sensors such as terrain mapping camera, hyper-spectral imager and moon mineralogy mapper, meeting most of the scientific objectives of the mission. ISRO said last month Chandrayaan-1 had sent more than 70,000 images of the lunar surface which provide breathtaking views of lunar mountains and craters, especially craters in the permanently shadowed areas of the Moon’s polar region. Chandrayaan-1 was also collecting valuable data pertaining to the chemical and mineral content of the Moon, ISRO said on 17 July. Significantly, on 21 August, ISRO and Nasa performed a unique joint experiment that the Indian space agency said could yield additional information on the possibility of existence of ice in a permanently shadowed crater near the North pole of the moon. Source: Home - Livemint.com | 30 Aug 2009 | 12:28 am India's jewellery exports regain shee... - Press Trust of India
Source: Business - Google News | 30 Aug 2009 | 12:17 am Satyam accounts restatement likely by end-December: DirectorThe restatement of fraud-hit Satyam Computer's accounts is likely to be completed by end-December, a top official said.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 12:08 am Healthcare industry grew 42 percent in first quarterIndia's healthcare industry registered 42.44 percent growth in net profit during April-June, according to the Associated Chambers of Commerce and Industry (Assocham).Source: IndiaeNews.com: Business News | 30 Aug 2009 | 12:00 am PM showcases Cairn success to invite foreign investmentsBarmer (Rajasthan), Aug. 29 The Petroleum Minister, Mr Murli Deora, has assured the Rajasthan Government that his Ministry will consider the demand for a refinery to be set up in the State.Source: Business Line - Home Page | 30 Aug 2009 | 12:00 am Rise in sugar prices may turn festival season bitterSugar prices in India have been surging relentlessly for several weeks. Exacerbated by global cues, it seems to have gone completely out of the Government’s control. The sweetness of the festival season is sure to be soured by the highSource: Business Line - Home Page | 30 Aug 2009 | 12:00 am Chandrayaan-1 loses radio contact with ISROISRO has lost radio contact with the spacecraft from the wee hours of Saturday, according to a statement from the space organsiation.Source: Business Line - Home Page | 30 Aug 2009 | 12:00 am Ganpati mandals raking it in despite triple threatMumbai, Aug. 29 Piety towards Lord Ganesha, considered the remover of obstacles, seems to have triumphed over the economic slump, security concerns and swineSource: Business Line - Home Page | 30 Aug 2009 | 12:00 am Weekly News Round upThe Delhi High Court has held that the Airport Development Fee being charged at Delhi and Mumbai airports is legal. Dismissing petitions last Wednesday, including one filed by the Resources of Aviation Redressal Association, the court said: "ThereSource: Business Line - Home Page | 30 Aug 2009 | 12:00 am Investors shying from stocks of Reliance cosMumbai, Aug. 29 The dispute between the Ambani brothers, which is scheduled for a final hearing in the Supreme Court on October 20, seems to have kept investors away from both the Reliance groups’Source: Business Line - Home Page | 30 Aug 2009 | 12:00 am Air India may get Rs 5,000-cr equity thrust from GovtNew Delhi, Aug. 29 Air India is likely to receive about Rs 5,000 crore as equity from the Government over the next two years.Source: Business Line - Home Page | 30 Aug 2009 | 12:00 am Panel to look into incentive issueMumbai, Aug. 29 Air India has decided to form a five-member committee to look into its earlier decision to halve productivity-linked incentives and flying allowance, which saw much opposition from its employees.Source: Business Line - Home Page | 30 Aug 2009 | 12:00 am Unichem gets FDA approval for clonidine hydrochloride tabletsClonidine hydrochloride formulations have annual sales of approximately USD 334 million in the US, a company statement said here. The product will be now immediately commercialised from Unichem's Goa plant.Source: Daily News & Analysis: Money News | 29 Aug 2009 | 11:48 pm RIL's Jamnagar refinery likely to get CISF cover from SeptemberAfter having a second thought, the Reliance Industries Ltd (RIL) has conveyed to the home ministry that it was keen to take CISF security cover for its Jamnagar refinery for its foolproof protection.Source: Daily News & Analysis: Money News | 29 Aug 2009 | 10:59 pm Germany eyes steps to fight credit crunch - documentBERLIN (Reuters) - Germany is considering offering banks 10 billion euros in state-backed loans to prevent a credit crunch from throttling a nascent economic recovery, according to an Economy Ministry proposal seen by Reuters.Source: Reuters: Money News | 29 Aug 2009 | 10:38 pm Cement demand to grow by 8 per cent in the next one yearDuring the first half of the current year, cement industry witnessed growth of almost 11 per cent as compared to the corresponding period last year.Source: Daily News & Analysis: Money News | 29 Aug 2009 | 10:34 pm ICAI insurance-specific accounting norms likely in 2-3 monthsCurrently, there are 32 common notified accounting standards for all companies of various sectors. The new accounting standards would be additional to the existing 32 standards.Source: Daily News & Analysis: Money News | 29 Aug 2009 | 10:31 pm ICAI insurance-specific accounting no... - Economic Times
Source: Business - Google News | 29 Aug 2009 | 10:29 pm Rep. Frank eyes Fed audit, emergency lending curbsWASHINGTON (Reuters) - Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve's emergency lending powers and subject the central bank to a "complete audit."Source: Reuters: Money News | 29 Aug 2009 | 10:06 pm Small car, big leapThe Nano is now more than a car; it is the meeting point between two Indias — of aspiration and affluence, and the realisation of a dream for many of its new owners, cutting across classes and geographies. Vanshika Sahni explores...Source: Hindustan Times News Feeds 'Business' | 29 Aug 2009 | 3:48 pm Cairn's gusher to cut oil imports by 20% - Times of India
Source: Business - Google News | 29 Aug 2009 | 2:37 pm Second biggest oil field starts productionStarting off at 30,000 barrels per day, the MBA field is expected to scale up to 200,000 in two years, around 10% of India's total oil consumption.Source: Daily News & Analysis: Money News | 29 Aug 2009 | 2:31 pm Onboard treat for Indian foodiesPassengers flying with German carrier Lufthansa can have a rich gourmet experience of Indian culinary as the airlines today unveiled a new in-flight menu for its passengers.Source: Hindustan Times News Feeds 'Business' | 29 Aug 2009 | 2:05 pm Kerala's farm labour pain worsensThe Kerala government recently announced a cash prize of Rs 10 lakh to anyone who can manufacture user-friendly machines that can make climbing coconut tress easier for women and senior persons. The reason for this novel announcement was simple: Male members of the Vettuva community are simply refusing to work as tree climbers, their traditional livelihood.Source: Business Standard | Front Page Headlines | 29 Aug 2009 | 1:02 pm ICAI to dig deeper into SatyamThe Institute of Chartered Accountants of India (ICAI), the regulatory body for chartered accountants in the country, is now making a second and final report on the role of the auditors in the massive accounting fraud at Satyam Computer Services, now called Mahindra Satyam.Source: Business Standard | Front Page Headlines | 29 Aug 2009 | 1:01 pm Cabinet to take up Air India revival planThe Committee of Secretaries formed to monitor the turnaround plan of Air India today asked the civil aviation ministry to move a proposal on the financial restructuring of the airline to the Cabinet in consultation with the finance ministry.Source: Business Standard | Front Page Headlines | 29 Aug 2009 | 1:00 pm Rajasthan may finally get refinery at BarmerAs Cairn India began to pump crude oil today from its Mangala oilfield here, there was a flicker of hope for Rajasthan which has for long demanded a refinery at Barmer to process the crude oil.Source: Business Standard | Front Page Headlines | 29 Aug 2009 | 12:59 pm Sudden death for Indian moon missionIndias moon mission, Chandrayaan-1, came to an abrupt end today after communication link with the spacecraft snapped. The spacecraft, which has 11 instruments on board including six from overseas, will now continue to orbit the moon and may eventually taste the lunar dust. Launched on October 22 last year, it was expected to orbit the moon for two years.Source: Business Standard | Front Page Headlines | 29 Aug 2009 | 12:58 pm Investors shying from stocks of Relia... - Hindu Business Line
Source: Business - Google News | 29 Aug 2009 | 12:33 pm Rise in sugar prices may turn festiva... - Hindu Business Line
Source: Business - Google News | 29 Aug 2009 | 12:33 pm Auto ind buoyant on back of good festive demand: ExpertsAutomobile sectorone of the worst hit industries due to economic recession combined with a dip in the demandis now brimming with hope. Industry experts, on the sidelines of the SIAM Annual Convention on Friday sounded extremely optimistic on account of spurt in auto demand.Source: Moneycontrol Top Headlines | 29 Aug 2009 | 11:05 am Committee of Secretaries review Air India\'s turnaround planA Committee of Secretaries (CoS) is reviewing Air India\'s turnaround plan, reports CNBCTV18.Source: Moneycontrol Top Headlines | 29 Aug 2009 | 10:54 am Sebi revamps primary mkt advisory committeeSecurities and Exchange Board of India (SEBI) has revamped the primary market advisory committee. The market regulator has inducted Kaushik Chatterjee, Group CFO of Tata Steel while Prithvi Haldea, Nimesh Kampani and Ravi Mohan are out.Source: Moneycontrol Top Headlines | 29 Aug 2009 | 10:02 am India has 'good climate' to foster oil & gas sector: PMPrime Minister Manmohan Singh inaugurated production from the country's biggest oil find in more than two decades and said that India offered "a very good" climate for foreign investment in the sector.Source: Hindustan Times News Feeds 'Business' | 29 Aug 2009 | 9:28 am Siemens to invest $15 million in Arava PowerGerman industrial conglomerate Siemens AG said it will buy a 40 per cent stake in Israeli solar company Arava Power for $15 million.Source: Hindustan Times News Feeds 'Business' | 29 Aug 2009 | 8:52 am MTN wants to finalise merger talks with Bharti quickly: ReportSouth Africa's leading telecom services provider MTN wants to finalise merger talks with India's telecom giant Bharti Airtel as soon as possible, a media report has said.Source: Hindustan Times News Feeds 'Business' | 29 Aug 2009 | 8:48 am Government reviews Air India's turnaround planA committee of secretaries (CoS) set up to look into the financial health of Air India Saturday asked the civil aviation ministry to forward its turnaround plan for the cash-strapped national carrier to the cabinet.Source: IndiaeNews.com: Business News | 29 Aug 2009 | 8:33 am Government to review Tea Board's incentive schemesThe government will review all incentive schemes of the Tea Board of India to monitor their effectiveness, a top board official said here Saturday.Source: IndiaeNews.com: Business News | 29 Aug 2009 | 8:32 am Interest rate futures for the layman, experts speakInterest rate futures, that long cherished dream of Indian bankers, bond dealers, and reformers will be launched on Monday. This is an instrument that will help a company fix its interest cost, irrespective of interest rate movements.Source: Moneycontrol Top Headlines | 29 Aug 2009 | 7:52 am Govt to infuse additional equity in Air IndiaNew Delhi: The government is understood to have decided to infuse additional equity in Air India and give a soft loan to counter the financial crunch, as a high-level committee on Saturday asked the civil aviation ministry to move a note on the issue for consideration of the Union cabinet. The Committee of Secretaries (CoS), headed by cabinet secretary K M Chandrasekhar, which reviewed the turnaround plan of the ailing carrier, directed the ministry to prepare the cabinet note on the matter. The note, to be prepared in consultation with the finance ministry, would be ready for circulation to the cabinet ministers in the next 7 to 10 days, official sources said after the meeting here. Also Read | Air India: A timeline of the crisis Though there was no official confirmation of the quantum of equity infusion and the soft loan the government could give to the national carrier, there were indications that its equity base, which now stands at only Rs145 crore, would be enhanced by at least Rs2,500 crore. While the government would make only a partial contribution as equity infusion to the airline, a major part of resource mobilisation is likely to be through issuance of Initial Public Offer or infrastructure bonds, they said, adding the cabinet would now take a final call on the issue. At the first meeting of the CoS last month, Air India had sought an equity infusion of about Rs2,500-3,000 crore and a loan of Rs10,000 crore at 5-7% interest for repayment over five years. The carrier’s losses had gone up to about Rs7,200 crore in 2008-2009, while it has a debt of Rs16,000 crore. It has started negotiating with banks and financial institutions to turn its high-cost debt of Rs10,000-11,000 crore into low- interest loans. However, the banks wanted the national carrier to get a comfort letter or a sovereign guarantee to convert these high-cost debt, which the government has agreed upon, sources said. At the meeting, the finance ministry made projections on the quantum of equity infusion and the soft loan which could be given to the ailing carrier by the government. The government has also asked the petroleum ministry to extend the credit limit on the purchase of jet fuel by Air India for at least three more months, they said. Air India CMD Arvind Jadhav made a presentation on the turnaround plan spread over 36 months as well as the steps taken in the past two months to reduce costs, enhance revenue and transform business practices. The CoS maintained the airline company now needed to “examine its strategic position with respect to its shareholders’ (government) objectives”. Source: LatestNews-Home - Livemint.com | 29 Aug 2009 | 7:51 am Punish promoters, not workers for pollution: NGOPromoters of industrial units that pollute must be prosecuted instead of shutting them down, a move that ends up punishing the poor workers, an NGO here says.Source: IndiaeNews.com: Business News | 29 Aug 2009 | 7:32 am Maharashtra seeks Rs.15,000 crore to tackle droughtFaced with a drought-like situation ahead of the assembly elections, the Maharashtra government Saturday demanded Rs.15,000 crore from the centre to tackle the calamity.Source: IndiaeNews.com: Business News | 29 Aug 2009 | 7:30 am ICAI preparing final report in Satyam caseICAI was now preparing its final report on the Satyam Computers case after having submitted its preliminary report to the Union ministry of corporate affairs.Source: Daily News & Analysis: Money News | 29 Aug 2009 | 6:29 am Government to infuse additional equity in Air IndiaThe government is understood to have decided to infuse additional equity in Air India and give a soft loan to counter the financial crunch.Source: Daily News & Analysis: Money News | 29 Aug 2009 | 6:15 am Cairn India starts oil output from Rajasthan blockBARMER, Rajasthan (Reuters) - Cairn India, a unit of U.K.-based Cairn Energy Plc, on Saturday began pumping crude from its Mangala oil field in the Rajasthan block, the first major crude oil discovery in the energy-hungry nation in two decades.Source: Reuters: Money News | 29 Aug 2009 | 5:24 am PM launches Cairn India's oil fields in BarmerCairn India on Saturday started pumping crude from its Rajasthan block, the first major oil discovery in the energy-hungry nation in more than two decades. Source: Hindustan Times News Feeds 'Business' | 29 Aug 2009 | 5:15 am Chandrayaan loses contact with Isro ground stationBangalore: India’s Chandrayaan-1 spacecraft today lost contact with Isro’s ground station, putting a question mark on the fate of country’s maiden moon mission launched in October last year. “We are not able to establish contact with the spacecraft. We are not getting the data. We are not able to send commands,” an Isro official said. “In simple terms, the spacecraft has become dumb.It can’t speak”, the official said on condition of anonymity. Meanwhile, Isro spokesperson S Satish said based on the data obtained till its previous orbit at 0025 hours today, health of the spacecraft was being analysed and it was expected to throw more light on the problem. Space Agency officials said it appeared that India’s moon mission was virtually over. Isro does not have “much hope” on its continuation, the officials said. Isro said radio contact with Chandrayaan-1 spacecraft was abruptly lost at 0130 hours today. Deep Space Network at Byalalu near here received the data from Chandrayaan-1 during the previous orbit up to 0025 hours. Detailed review of the telemetry data from the spacecraft is in progress and health of the spacecraft sub-systems being analysed. Chandrayaan-1 was launched from Satish Dhawan Space Centre at Sriharikota on the eastern coast on 22 October last year. The spacecraft has completed 312 days in orbit, making more than 3,400 orbits around the moon and providing large volume of data from sophisticated sensors like terrain mapping camera, hyper-spectral imager and moon mineralogy mapper, meeting most of the scientific objectives of the mission, space agency officials said. Radio contact loss with Chandrayaan-1 comes just over four months after the onboard star sensor used for determining the orientation of the spacecraft started malfunctioning (on 26 April) To overcome this anomaly, Isro devised an innovative technique for using redundant sensors gyroscopes along with antenna pointing information and images of specific location on the surface of the moon, for determining the orientation of the spacecraft. This method had been validated and based on this information, mission operations were being carried out till early today satisfactorily. Along with star sensor failure,one of the bus management units had also failed then. Isro Chairman G Madhavan Nair said in an interview earlier this month that 95% of the scientific objectives of the Chandrayaan-1 mission had been achieved. “Another 5%, what’s left out, we will try to take up in the next season which is starting in October so that we can complete all the observations”, he had said. Isro had convened a meeting of scientists next month to “ensure it has not left out anything. Today, we know that there is no redundancy on board. So, if further failure....if it happens, then we will be crippled,” he had said. There were 11 payloads on board the 1,380 kg Chandrayaan-1 — five designed and developed in India, three from European Space Agency, one from Bulgaria and two from the United States. Source: LatestNews-Home - Livemint.com | 29 Aug 2009 | 5:14 am Chandrayaan loses contact with Isro ground stationBangalore: India’s Chandrayaan-1 spacecraft today lost contact with Isro’s ground station, putting a question mark on the fate of country’s maiden moon mission launched in October last year. “We are not able to establish contact with the spacecraft. We are not getting the data. We are not able to send commands,” an Isro official said. “In simple terms, the spacecraft has become dumb.It can’t speak”, the official said on condition of anonymity. Meanwhile, Isro spokesperson S Satish said based on the data obtained till its previous orbit at 0025 hours today, health of the spacecraft was being analysed and it was expected to throw more light on the problem. Space Agency officials said it appeared that India’s moon mission was virtually over. Isro does not have “much hope” on its continuation, the officials said. Isro said radio contact with Chandrayaan-1 spacecraft was abruptly lost at 0130 hours today. Deep Space Network at Byalalu near here received the data from Chandrayaan-1 during the previous orbit up to 0025 hours. Detailed review of the telemetry data from the spacecraft is in progress and health of the spacecraft sub-systems being analysed. Chandrayaan-1 was launched from Satish Dhawan Space Centre at Sriharikota on the eastern coast on 22 October last year. The spacecraft has completed 312 days in orbit, making more than 3,400 orbits around the moon and providing large volume of data from sophisticated sensors like terrain mapping camera, hyper-spectral imager and moon mineralogy mapper, meeting most of the scientific objectives of the mission, space agency officials said. Radio contact loss with Chandrayaan-1 comes just over four months after the onboard star sensor used for determining the orientation of the spacecraft started malfunctioning (on 26 April) To overcome this anomaly, Isro devised an innovative technique for using redundant sensors gyroscopes along with antenna pointing information and images of specific location on the surface of the moon, for determining the orientation of the spacecraft. This method had been validated and based on this information, mission operations were being carried out till early today satisfactorily. Along with star sensor failure,one of the bus management units had also failed then. Isro Chairman G Madhavan Nair said in an interview earlier this month that 95% of the scientific objectives of the Chandrayaan-1 mission had been achieved. “Another 5%, what’s left out, we will try to take up in the next season which is starting in October so that we can complete all the observations”, he had said. Isro had convened a meeting of scientists next month to “ensure it has not left out anything. Today, we know that there is no redundancy on board. So, if further failure....if it happens, then we will be crippled,” he had said. There were 11 payloads on board the 1,380 kg Chandrayaan-1 — five designed and developed in India, three from European Space Agency, one from Bulgaria and two from the United States. Source: Tech News - Livemint.com | 29 Aug 2009 | 5:14 am Recent rains to boost sugar cane crop, yieldNew Delhi: A recent revival of monsoon rains will help India’s cane crop but the world’s top sugar consumer will still need to import in the new season from October, the head of a trade body said. “Recent rains will certainly have positive impact on the plantation for 2010-11 harvest and is likely to have positive impact on 2009-10 cane yield,” Samir Somaiya, president of the Indian Sugar Mills Association (ISMA), told Reuters in an interview. India’s cane harvest contracted last year because farmers switched to competing crops such as wheat and rice, for which the government paid lucrative rates directly to farmers. This year, the worst monsoon in nearly four decades, particularly in the top cane-growing state of Uttar Pradesh, has hit the crop, raising import prospects and pushing benchmark New York raw sugar futures to the highest in almost 30 years. “With 4 million tonnes of imports, carryover stocks of imported sugar will be 3 million tonnes as about a million tonnes will be processed before the season ends next month,” Somaiya said. A Reuters poll on 5 August, showed India would import 4.5 million tonnes in the new season. Sterling Smith, an analyst for brokers Country Hedging Inc in Minnesota, US, said many in the trade were assessing whether a weak monsoon had inflicted more damage than Indians were willing to admit in their effort to keep a lid on global prices. Somaiya said rising prices had not helped Indian mills because they had hardly any stock of sugar, but the sugar trade abroad had gained from India’s scarcity, making it important for the country to become self-sufficient in the commodity. “There has been a regular increase in our sugar consumption but there is a volatility in sugar production and sugar cane planting. So, let us get sugar production and cane planting to a level where we can meet our own demand,” he said. He said consumption in India had increased steadily irrespective of prices. “Consumption keeps rising. Even when sugar prices had crashed, consumption did not fall,” he said. Traders say mills in India have produced about 14.8 million tonnes of sugar in 2008-09, 44% lower than a year ago. Somaiya said ISMA members would meet soon to assess the cane crop and next year’s production. J B Patel, president of the National Federation of Cooperative Sugar Factories Ltd. on Tuesday said a weak monsoon would cut the cane crop, and output might not rise beyond 16 million tonnes in 2009-10. Kushagra Nayan Bajaj, joint managing director of India’s top sugar producer Bajaj Hindusthan Ltd told Reuters in a recent interview that next year’s consumption would rise 4.3% to 24 million tonnes. Source: LatestNews-Home - Livemint.com | 29 Aug 2009 | 5:11 am Jackson death ruled homicide, focus on doctorLos Angeles: Pop star Michael Jackson’s death was ruled a homicide from drug overdose on Friday, fueling speculation his personal physician, Dr. Conrad Murray, may soon be charged with manslaughter or another crime. The Los Angeles County Coroner said in its ruling that the powerful anesthetic propofol, which is used in surgery and has been dubbed “milk of amnesia” by some doctors, as well as the sedative lorazepam were the primary drugs responsible for Jackson’s sudden death on 25 June at the age of 50. Other drugs found in the singer’s body were midazolam, diazepam, lidocaine and ephedrine. Los Angeles police said they will refer the case to prosecutors for possible criminal charges when they have completed a probe into Jackson’s death. In previous court filings, police have said Murray, who was with the singer the day he died, was being investigated for manslaughter. Jackson, whose “Thriller” CD is the best-selling album of all time, died suddenly in Los Angeles after suffering cardiac arrest only weeks before a series of comeback concerts. Murray, a heart specialist with offices in Houston and Las Vegas, was hired to care for the singer while he prepared for the concerts, and he was at Jackson’s bedside the day he died. The doctor previously has admitted to police that he administered propofol, which has a milky appearance and is used to sedate patients, to help Jackson sleep. Rush to charge? Police have looked into the activities of other Jackson doctors including his dermatologist. On Friday the California Attorney General’s office said it will begin an independent investigation of several physicians whose names have come up in the Los Angeles police probe. Murray’s attorney cautioned that the probe is not complete, nor are all the details of Jackson’s death known. “We will not be responding until we get a full autopsy report, including the entire list of drugs found in Mr. Jackson, their quantities, and all other data that would allow independent medical experts to analyze and interpret,” attorney Ed Chernoff said in a statement. The coroner said the complete toxicology report remained sealed at the request of Los Angeles police and prosecutors. The list of drugs in Jackson’s system provided by the coroner on Friday reads like a cocktail of sedatives, painkillers and one stimulant. Midazolam, which is similar to propofol, is used to make patients drowsy during procedures such as colonoscopies. Diazepam, the generic version of Valium, is used to calm anxiety, while lidocaine is a painkiller and ephedrine is a stimulant. Defense attorney Steve Cron, a professor at Pepperdine University School of Law, said Murray could face up to four years in prison if convicted of involuntary manslaughter. Forensics expert Dr. Lawrence Kobilinsky, who chairs the Department of Science at the John Jay College of Criminal Justice, said prosecutors would look at the amount of propofol and other drugs in Jackson’s system, whether errors were made in administering drugs in combination, and whether Murray gave proper dosages or a lethal dosage. Jim Cohen, a professor of law at Fordham University, said Murray could put up a vigorous defense. “It’s not an open and shut case,” he said. “Everyone says (propofol) can only be administered in a hospital setting. I’m sure they’ll find some expert who says that’s preferred, but preferred doesn’t mean it’s required.” Source: LatestNews-Home - Livemint.com | 29 Aug 2009 | 4:55 am
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