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New Zealand economic recovery fragile: central bankNew Zealand's economy is recovering from the impact of the global crisis but the progress of the upturn is uncertain, central bank governor Alan Bollard said on Monday.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 6:43 am New Zealand economic recovery fragile: central bankNew Zealand’s economy is recovering from the impact of the global crisis but the progress of the upturn is uncertain, central bank governor Alan Bollard said on Monday.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 6:35 am US makes $4 billion from bailout banksThe US government has hauled in about $4 billion in profits from large banks that have repaid their obligations from last year's federal bailout, The New York Times reported on Sunday.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 6:32 am ILFS to take over Maytas Infra; open offer to followILFS has taken management control in Maytas Infra, the infrastructure company that was entangled with the Satyam scam. Minister of Corporate Affairs Salman Khursheed said ILFS will be the new promoter of the infrastructure company.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 6:28 am NMDC to sell limestone to steel companies!Steel Minister Virbhadra Singh Monday said the National Mining Development Corporation (NMDC) will sign Memorandums of Understanding (MoUs) with steel companies to sell limestone mined in Himachal Pradesh.Source: Zee News : Business | 31 Aug 2009 | 6:28 am Sensex down 225 points in opening trade!Snapping a seven-session winning streak, the Bombay Stock Exchange benchmark Sensex fell over 225 points in opening trade on Monday on emergence of profit booking by funds and retail investors amid weak Asian markets.Source: Zee News : Business | 31 Aug 2009 | 6:28 am Oil eases in Asia ahead of key US economic data!Oil fell in Asian trade on Monday as investors awaited more data due out this week that they hope will show a recovery is underway in the US and other major economies, analysts said.Source: Zee News : Business | 31 Aug 2009 | 6:28 am Economy recovers; GDP grows 6.1% in Q1!Economy grew by 6.1 percent during the first quarter of the current fiscal despite economic crisis impacting manufacturing and other sectors.Source: Zee News : Business | 31 Aug 2009 | 6:28 am Japanese industrial output up 1.9 % in July!Japanese industrial production rose a stronger-than-expected 1.9 percent in July from the previous month, up for the fifth straight month, on robust output in the auto and steel industries, Tokyo said on Monday.Source: Zee News : Business | 31 Aug 2009 | 6:28 am 22 months of US recession, 1st year of Lehman demise!Weathering the worst ever financial storm in nearly 80 years, the US economy in September, will not only be in recession for 22 consecutive months but the month also marks the first anniversary of Lehman Brothers` failure.Source: Zee News : Business | 31 Aug 2009 | 6:28 am Bookings for inbound travel in October decent: Thomas CookMadhavan Menon, MD at Thomas Cook India said that 2009 had not been a good year for the company and that the company had seen a downtrend in corporate travels, but said that the bookings for inbound season starting October looked decent.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 6:23 am Macs in crosshairs of hackersIt all used to be simpler for Mac users: viruses and other malicious software affected Windows computers, not them. That is slowly changing. "The threats have intensified," says Candid Wuest from anti-virus maker Symantec.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 6:08 am Maytas Infra posts Rs 490 crore lossInfrastructure company Maytas Infra posted a net loss of Rs 489.79 crore last fiscal compared to a profit of Rs 99.64 crore in the previous period, it said in a regulatory statement today.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 6:07 am Govt appoints IL&FS as new promoters of MaytasInfrastructure Leasing and Financial Services Ltd, a leading infrastructure development and finance company, will be the new promoter of Maytas Infra. IL&FS will be the biggest stakeholder with 37 per cent share.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 5:51 am Toyota's Fortuner a huge hit, booking closed for nowToyota's newly launched sports utility vehicle Fortuner has been a massive hit with 3,100 orders. Meanwhile, considering the rush, the company has stopped taking further orders for the next seven months.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 5:48 am Britannia settles 'Tiger' brand tangle with US firmBiscuit major Britannia Industries Ltd has settled legal issues with Kraft Inc, US, over using the 'Tiger' brand, a top company official said in Kolkata today.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 5:30 am Ansal Properties may raise funds via QIPAnsal Properties Infrastructure has had shareholder approval to go for a qualified institutional placement (QIP) issue. We have enabling resolution for QIP, the company\'s VC and MD, Pranav Ansal told CNBCTV18 in an interview but added that there was no immediate plan to go for a QIP.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 5:29 am Auto cos gear up for festive magic; buy stocks or wait?The automobile sector surprised the markets with better than expected Q1 results. And now, the industry is gearing up for the better FY10. Industry experts, on the sidelines of the SIAM Annual Convention on Friday, sounded extremely optimistic on account of spurt in auto demand in the impending festive season.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 5:05 am IL&FS to buy 22.51 pct stake in Maytas - Reuters India
Source: Business - Google News | 31 Aug 2009 | 4:30 am Sensex ends below 15700; Metals, IT d... - Economic Times
Source: Business - Google News | 31 Aug 2009 | 4:28 am Despite upbeat GDP, drought may limit... - Economic Times
Source: Business - Google News | 31 Aug 2009 | 4:18 am ANALYSIS - Bubble trouble; but Asia home prices seen rising stillSINGAPORE (Reuters) - "Bubble" may be the word on everyone's lips when talking about spiralling housing prices in China, Hong Kong and Singapore, but contrarians believe these fears are overblown and prices have yet to peak.Source: Reuters: Money News | 31 Aug 2009 | 4:13 am Oil near $72 as stocks sink, recovery questionedOil prices fell to near $72 a barrel today in Asia as China's stock market tumbled and commodities investors questioned whether the US economy can recover strongly in the second half.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 4:10 am RTRS-India kicks off interest rates f... - Reuters India
Source: Business - Google News | 31 Aug 2009 | 4:10 am Sensex ends 255 pts down, tracking weak AsiaMumbai: Indian shares fell 1.61% on Monday, as investors cashed in profits after the market jumped 7.5% over the previous 1 week and as weak overseas peers weighed on sentiment. The 30-share BSE index ended down 255.70 points at 15,666.64, with 21 stocks declining. The 50-share NSE index closed down 70.35 points at 4,662.10. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 4:10 am No final call on SAIL FPO yet, says Steel SecyThere has been a buzz in the market on the government talking about divesting 10% stake in SAIL via a FPO. However, Steel Secretary PK Rastogi says no final call on SAIL FPO has yet been taken. \"SAIL divestment is not an option that is being discussed.\"Source: Moneycontrol Top Headlines | 31 Aug 2009 | 4:09 am Oil drops near $71 as Chinese stocks fallLONDON (Reuters) - Oil fell towards $71 a barrel on Monday as a drop in China's key stock index and weaker European equities stoked worries about the pace of economic recovery and a revival in energy demand.Source: Reuters: Money News | 31 Aug 2009 | 4:06 am BSE Sensex provisionally falls 1.65 pctMUMBAI (Reuters) - The BSE Sensex provisionally fell 1.65 percent on Monday, as investors cashed in profits after the market jumped 7.5 percent over the previous 1-½ weeks and as weak overseas peers weighed on sentiment.Source: Reuters: Money News | 31 Aug 2009 | 4:05 am Obama touts ‘strong alliance’ after Japan revolutionWashington: President Barack Obama called on Japan to maintain a strong alliance with the United States, while Asia-Pacific leaders sought closer ties out of the historic shift in power after Japan’s general election. Yukio Hatoyama’s centre-left Democratic Party of Japan (DPJ) won a landslide victory in Sunday’s election, ending five decades of almost permanent rule by the conservative Liberal Democratic Party. Hatoyama has unnerved some, however, by calling for a more independent Japan. Just after polls closed, White House spokesman Robert Gibbs said Obama “looks forward to working closely with the new Japanese Prime Minister”. “We are confident that the strong US-Japan alliance and the close partnership between our two countries will continue to flourish under the leadership of the next government in Tokyo,” Gibbs said in a statement. The US State Department said it hoped for early talks with Japan on issues ranging from North Korea’s nuclear drive to the fight against global warming. Secretary of State Hillary Clinton believes “the US-Japan alliance is strong and remains a cornerstone of peace and security in East Asia,” State Department spokesman Ian Kelly said. Hatoyama, while saying the US alliance would remain “the cornerstone” for Japan, has pledged to devote more attention to Asia. In an essay on The New York Times website, Hatoyama said that “as a result of the failure of the Iraq war and the financial crisis, the era of US-led globalism is coming to an end and that we are moving toward an era of multi-polarity.” North Korea was among the first to react to Hatoyama’s win, but there was no hint of reconciliation. It called on Japan to break with its “crooked” past and apologise for coercing Asian women to serve in its World War II brothels. Japan has a “historic, legal and moral” obligation to frankly acknowledge and pay compensation for wartime sex slavery, the ruling communist party newspaper Rodong Sinmun said in a commentary. South Korea expressed hope that the election would bring a new improvement in relations with Japan. President Lee Myung-Bak congratulated Hatoyama. “I am confident Japan will not only continue to develop under your and the DPJ’s leadership, but will also greatly boost its contribution to the peace and joint development of the international community,” the President said. “I look forward to working closely with you on developing the Korea-Japan relationship into a solid, mature partnership.” Australian Prime Minister Kevin Rudd said he looked forward to “expanding on our relationship” under the new government. “It is a most significant development in Japanese domestic politics,” Rudd said, adding that he would discuss new areas of cooperation when he telephones Hatoyama on Monday. Other politicians and world media hailed a political revolution in Japan. “After the election of Barack Obama in the United States” this election “marks a new historic victory for socialists, social democrats and progressives in the world,” said Martine Aubry, leader of the French Socialist Party. In Germany, the left-leaning Sueddeutsche Zeitung daily commented: “The LDP lost power after decades, because their politicians are arrogant and overbearing.” Frankfurter Allgemeine Zeitung daily said: “The word revolution does not really seem suited to Japan. But on first sight, what happened on Sunday was definitely revolutionary. “The people are just hoping that everything will get better (again). There will probably be disappointments. But the people are unlikely to start wanting a return to the LDP.” In Russia, the Kommersant daily highlighted how Hatoyama, the grandson of a prime minister of the 1950s who helped revive relations with Russia, also has good ties with Moscow. Hatoyama heads the Japan-Russia society, has met top Russian officials and his son teaches at Moscow State University, it said. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 4:04 am Plan panel to assess drought impact on economyThe first meeting of the reconstituted Planning Commission in New Delhi Tuesday will assess the impact of drought and global recession on the Indian economy this fiscal, a top official said here.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 4:01 am Jharkhand BJP opposes using Church for grain distributionThe Jharkhand government's plans to seek help of the Catholic Church for distributing food grains in the drought-hit state have drawn flak from the Bharatiya Janata Party (BJP).Source: IndiaeNews.com: Business News | 31 Aug 2009 | 4:00 am Tata Motors posts consol Q1 loss on JLR unitMUMBAI (Reuters) - Tata Motors, India's largest vehicle maker, posted a consolidated first quarter loss on Monday, as its loss-making Jaguar and Land Rover (JLR) unit erased gains from accounting changes and asset sales.Source: Reuters: Money News | 31 Aug 2009 | 3:59 am 22 months of US recession, 1st year of Lehman demiseWashington: Weathering the worst ever financial storm in nearly 80 years, the US economy in September, will not only be in recession for 22 consecutive months but the month also marks the first anniversary of Lehman Brothers’ failure. Unlike last September, this time around, the financial conditions have improved and the pace of GDP contraction is slowing down. A slew of unprecedented measures including mammoth stimulus packages and near-zero interest rate seem to have helped in bringing the nation’s economy on stabilisation path. Despite the efforts, the US economy next month would be in recession for 22 months continuously, the longest ever since the 1930s Great Depression. The American economy officially slipped into recession in December 2007 and the situation turned for the worse, with the bankruptcy of then Wall Street giant Lehman Brothers on 15 September, 2008. Indicating that the worst could well be over, the US GDP shrank less than expected at 1% in the second quarter of 2009 and is widely anticipated to exit recession later this year. In the first quarter, the GDP contracted 6.4%. Moreover, the rate of unemployment slipped to 9.4% in July while the count of people seeking unemployment benefits came down for the week that ended on 22 August. Since Lehman Brothers bankruptcy, the country has seen millions of job losses, rising bank failures and massive public spending, to name a few. The unemployment rate is currently hovering around 9.4% and is anticipated to remain higher, till the economy stabilises. Further, so far this year, the number of US bank failures has shot up to 84, over three times that of just 25 in 2008. Apart from a stimulus package worth $787 billion, the Federal government has also pumped in billions of dollars into the system by way of various programmes and bailout measures. Moreover, since late last year, the benchmark interest rate is at near-zero. With huge public spending, the country’s fiscal deficit for 2009 is projected to be around $1.6 trillion. Nonetheless, recently, US Federal Reserve Chairman Ben S Bernanke said that economic activity is “levelling out” and that financial conditions have improved. Source: Home - Livemint.com | 31 Aug 2009 | 3:54 am Tata Motors posts consolidated Q1 loss on JLR unitMumbai: Tata Motors, India’s largest vehicle maker, posted a consolidated first quarter loss on Monday, as its loss-making Jaguar and Land Rover (JLR) unit erased gains from accounting changes and asset sales. The company, which controls about 60% of the world’s fifth-biggest truck and bus market, reported a Rs329 crore ($67.4 million) consolidated loss for April-June. In the year-ago quarter, the company posted a consolidated net profit of Rs720 crore, but the figures are not comparable as the previous period contains the figures for JLR for the period 2 June to 30 June, the company said. Consolidated net sales for the quarter rose to Rs16,290 crore from Rs14,410 crore a year ago. In July, Tata Motors reported a standalone net profit of Rs514 crore. Shares in Tata Motors, valued at $4.5 billion, were up 0.4% at Rs491.60 at 4.23 p.m., ahead of its results, while the main index was down 1.6%. Its shares have more than trebled so far this year. Source: Home - Livemint.com | 31 Aug 2009 | 3:54 am Higher lock-in for ULIPs seen helping tax fundsNEW DELHI (Reuters) - India's tax funds are poised to improve market share as the proposed hike in lock-in period for rival unit-linked insurance plans (ULIPs) make mutual funds the most liquid equity tax-saving instrument.Source: Reuters: Money News | 31 Aug 2009 | 3:53 am Kingfisher Airlines board OKs raising $100 mlnMUMBAI (Reuters) - Kingfisher Airlines Ltd said on Monday its board approved raising an additional $100 million through various means, including global depositary receipts, in a statement to the exchange.Source: Reuters: Money News | 31 Aug 2009 | 3:52 am Recession, drought to hit India's gro... - Sify
Source: Business - Google News | 31 Aug 2009 | 3:51 am India hungry for foreign oil despite home findsIndia’s biggest oil find in decades is now on stream but the country, with its rapidly growing economy, will still be one of the hungriest consumers of foreign crude, analysts say.Source: Hindustan Times News Feeds 'Business' | 31 Aug 2009 | 3:42 am Allied Digital plans to raise USD 50 ... - Press Trust of India
Source: Business - Google News | 31 Aug 2009 | 3:39 am India-Swiss talks on black money in DecemberNew Delhi: India will begin in December its first round of consultations with the Swiss government on tracing black money stashed by Indians in banks in that country, but there is no guarantee of prosecution of offenders on the basis of information secured from them. Finance Ministry sources said that Indian officials will have their first round of discussions with officials of Swiss government to evolve a legal system that will enable India to trace black money stashed in tax havens in that country. They said that such a system could be evolved through a Double Taxation Avoidance Treaty (DTAT) with Switzerland on the model of the agreements reached with countries of the Organisation of Economic Cooperation and Development (OECD). But, the sources said, that while DTAT could lead to information being secured from Switzerland in specific cases in which individuals would have violated laws in India it cannot guarantee that such persons could also be prosecuted for that offence. This is because, they point out, that in a similar case in April, Germany gave information in a case where an individual had violated tax laws and on the information given by the German government tax due from him was also collected. But Germany gave the information on the specific condition that no prosecution would be launched against the individual and the government had to comply with that condition, the sources said. Sources said getting information from the Swiss banks was not an easy task and first the Indian government should become eligible to ask for such information under a proper bilateral treaty. That was why the two countries would be having discussions. The Swiss government is said to have such agreements with 80 or 90 countries and recently the US government successfully tracked some cases of American citizens stashing away their money there. The US could even prosecute them. The issue of Indians stashing away money in Swiss tax havens came into prominence during the Lok Sabha elections and the Opposition and the government traded charges on the issue. It also came against the backdrop of allegations that a race horse owner Hasan Ali of Pune had stashed away thousands of crore of rupees in Swiss banks and taxes amounting to several crores of rupees were due from him. The sources said the government was fully seized of the issue of illegal money of Indian citizens outside the country in secret bank accounts and was vigorously pursuing all necessary steps in coordination with the countries concerned. Dates for renegotiation of article concerning exchange of information to broaden scope of existing treaties with countries like Switzerland and Belgium have been finalised. Further, a letter has also been written to Germany for renegotiation through the External Affairs Ministry. Countries, which may be considered for entering into Tax Information Exchange Agreements (TIEAs) have been shortlisted and model TIEA is in the last stage of finalisation, the sources said. The Income Tax Act, 1961 has been amended this year with a new formulation which will enable the Government to enter into tax agreements with non sovereign jurisdiction. Further, options for domestic measures to obtain information on bank accounts maintained abroad by Indian citizens is also under way, they said. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 3:32 am Standard Chartered Bank trades in interest rate futuresMumbai: Standard Chartered Bank said it has completed one of India’s first interest rate futures transactions in the new form with the National Stock Exchange on Monday. The global banking major traded one contract at Rs94.50 for a notional amount of Rs2 lakh, a press release issued here said. An interest rate future is a contract to buy or sell a debt instrument (10-year government bond) at a price decided in advance for delivery at a future date. By locking into a price, the contract helps eliminate the interest rate risk. The transaction takes place via the stock-exchange which ensures delivery. “The addition of interest rate futures enhances Standard Chartered Bank’s suite of risk management products and services, which are customised to suit our proprietary business requirements and risk management capabilities,” the bank’s Financial Markets India and South Asia regional head Hemant Mishra said. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 3:30 am Nagarjuna Const raises $75m via QIPSources indicate that Nagarjuna Construction has raised USD 75 million via a qualified institutional placement (QIP) issue. The issue priced at Rs 133 a share got a bid worth USD 104 million and the QIP book closed on Friday. IDFC SSKI, Kotak and RBS were the lead bankers to the QIP issue.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 3:29 am Globus Spirits IPO opens; should you ... - Moneycontrol.com
Source: Business - Google News | 31 Aug 2009 | 3:19 am Oil drops below $72 as equities fallLondon: Oil fell to below $72 a barrel on Monday as a drop in China’s key stock index and weaker European stocks stoked worries about the pace of economic recovery and a revival in energy demand. China’s key stock index dived 6.74% on Monday to a three-month closing low and recorded its second-biggest monthly loss in 15 years. European equities opened lower. “I’m sure that weaker stock markets are feeding through into lower oil prices. It could indicate weaker demand from China,” said Christopher Bellew, a broker at Bache Commodities in London. US crude for October fell $1.09 to $71.65 a barrel by 2:13pm. London Brent crude fell $1.16 to $71.63. “The sharp drop in Chinese markets is causing concerns and is inevitably making some investors rethink on the risks to China’s economy and question their assumptions on the country’s growth rate and energy consumption,” said Daniel Liu, a commodities strategist at MG Global Singapore. Jitters about the Chinese economy also weighed on other Asian stock markets. Earlier in the session, oil rose on growing optimism about a global economic recovery, with positive data from Japan adding to the ebullience. Source: Home - Livemint.com | 31 Aug 2009 | 3:18 am Pakistan army kills 30 militants; border reopensIslamabad: Pakistani soldiers killed at least 30 Taliban militants in overnight gunbattles across the northwestern Swat Valley after a suicide bombing on a police station killed 17 cadets, the military said Monday. Hundreds of miles (kilometers) away, a southwestern border crossing with Afghanistan reopened after an administrative dispute culminated in an attack on a line of waiting Nato fuel tankers. One driver was killed and 16 trucks destroyed when the fuel caught fire. Taliban militants were suspected in both blasts, which came hours apart. The al-Qaida-linked insurgents have vowed to avenge the army’s recent offensive to retake the Swat Valley and the death of their top leader in a US missile strike near the Afghan border. Sunday’s suicide attack in Swat was the deadliest attack since the military regained control of the northwestern region in July. Soldiers looking for militants after the attack encountered resistance in several areas, and battles raged overnight into early Monday, army spokesman Col. Akhtar Abbas said. A separate army statement said one soldier was killed in the fighting in three separate areas of the valley. The military has said it is restoring security in Swat after its three-month offensive ended the Taliban’s rule over many areas there. But suicide attacks and skirmishes continue. The death toll in Sunday’s suicide attack rose to 17 on Monday as one of the wounded died, local hospital official Ikram Khan said. The bomber sneaked into a police courtyard in the valley’s main town of Mingora and detonated his explosives next to a group of volunteers training for a community policing force. The other bomb, near the border crossing, ripped through a line of Nato fuel trucks backed up by a two-day closure resulting from a dispute over fruit inspections. At least one driver was killed and 16 trucks destroyed on the Pakistani side of the Chaman crossing, police official Gul Mohammad said. The border crossing reopened Monday, he said. Chaman is one of two main crossing points for supplies for American and Nato troops fighting the Taliban in Afghanistan. The foreign troops get about 75% of their supplies through Pakistan. Pakistani customs officials said their increased and lengthy inspections of Afghan trucks carrying pomegranates and grapes prompted Afghan officials to close the border. Officials had warned that the closure was a security risk because it left nearly 1,000 trucks, many of them carrying supplies to international troops, exposed. The Taliban’s Afghan heartland of Kandahar is just across the border. Customs and security officials from both sides agreed to end their dispute Monday, Mohammad said. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 3:16 am Gold demand sluggish as rupee weakensMumbai: India gold demand remained sluggish on Monday as the rupee weakened, making the dollar-quoted asset expensive, ahead of an inauspicious period to buy the yellow metal, dealers said. “I have not entered into a single deal since morning on a weak rupee. No one is buying inspite of discounts on the bank rate,” said Daman Prakash Rathod, director with MNC Bullion in Chennai. Dealers said a dip below $945 an ounce could revive some buying interest. “I have a lot of orders at $943 (an ounce),” said a dealer from a state-run bank. The Indian rupee continued to be weak in afternoon trade with lower local shares fuelling concerns about capital outflows, with losses in most other Asian peers adding to the gloom. Dealers expect the physical offtake to remain muted ahead of an inauspicious period to buy gold. Shradh, a period for paying homage to ancestors, is from 5 to 19 September. “Buying would be limited as Shradh is near-by and even marriages are limited,” said Rathod. Source: Home - Livemint.com | 31 Aug 2009 | 3:14 am Namibian President given ceremonial r... - Sify
Source: Business - Google News | 31 Aug 2009 | 3:10 am Saving lives: by designOn Saturday, Index, a Copenhagen based non-profit that sponsors awards every second year for innovative designs that improve life, announced the winners of its 2009 awards. Mint takes a look at the designs that won across five different categories: body, home, work, play, and community. Click here to view a slideshow of the Index Award winners Freeplay Fetal Heart Rate Monitor: Winner, Body According to UNICEF, children in developing countries are 500 times more likely to die in their first day of life than at one month of age. Newborn mortality accounts for nearly 60 percent of infant deaths. In order to make it easier to measure an infant’s heart rate during birth, John Hutchinson – the CTO of Freeplay Energy of Cape Town, and University College London medical associate John Wyatt, have created the Freeplay fetal heart rate monitor.  Freeplay fetal heart rate monitor Should an infant not receive enough oxygen in the mother’s placenta, its heart rate slows down to lower the need for oxygen. According to childbirth experts, this is a reliable sign that the fetus is not handling the birth process well. Discovering the lowered heart rate allows medical workers to change tactics and suspend delivery. The Freeplay monitor has a robust design, created expressly for the harsh conditions of rural and remote settings in the developing world. It has only an on-off switch and a hand crank for generating its own electricity: cranking for one minute provides 10 minutes of operation; two minutes provides 20 minutes etc. Chulha: Winner, Home The World Health Organization estimates that 1.6 millions deaths per year occur due to toxic fumes released during indoor cooking with bio-mass fuels. The chulha was designed to counter this. Philips Design is making the stove available to social entrepreneurs free of charge, so that they can produce the stove, themselves, and generate local business. Although the focus in creating the stove was Indian families in rural areas, Philips sees potential for the chulha in Africa and Latin America as well. Kiva: Winner, Work Kiva is the world’s first person-to-person micro-lending Web site. It empowers people to lend directly to small entrepreneurs. Lenders at Kiva are not paid interest. The site has lent more than $87 million to date, and has a 98-percent payback rate. PIG 05049, Winner: Play PIG 05049 was an actual pig, raised and slaughtered on a commercial farm in the Netherlands. Rotterdam designer, Christien Meindertsma decided to track all the ways in which the animal was used in order to bring to light how resources are consumed in a highly industrialized world. She found that she could document 185 products contributed to by the pig, including ammunition, train brakes, automobile paint, soap and washing powder, bone china and cigarettes, and has published a book on her findings. Better Place: Winner, Community Better Place is a provider of electric vehicle services. The organization aims to move drivers, the automotive industry and energy-distribution past the internal-combustion engine to a more sustainable mode of transport.Rather than focusing on a particular design element, Better Place takes a holistic view and includes measures like providing hundreds of thousands of plug-in charge-spots, and providing switching stations for mechanized battery exchange of lithium-ion batteries (which, in a typical sedan, can deliver a range of about 100 miles / 160 kilometers on a single charge.) To read more posts about non profits, development and social responsibility, click here. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 3:10 am Higher lock-in for ULIPs seen helping tax fundsNew Delhi: Tax funds are poised to improve market share as the proposed hike in lock-in period for rival unit-linked insurance plans (ULIPs) make mutual funds the most liquid equity tax-saving instrument. However, a large scale shift from ULIPs to mutual funds is unlikely immediately as advisers continue to promote insurance products which earn double-digit commissions on at least the first premium as against about 50-100 basis points from funds. India’s insurance regulator is considering a plan to increase the lock-in period for investments under ULIPs to five years from three years now, said R. Kannan, member actuary of Insurance Regulatory and Development Authority. “Probably in another one month we will do this job,” he said, adding the change should make ULIPs a better long-term investment vehicle. However, the step would reduce liquidity of ULIPs, which analysts see working in favour of tax planning mutual funds, popularly known as equity linked savings scheme (ELSS), that will continue to offer a three-year lock-in. “ELSS products will become more competitive in a way, in terms of returns, costs and holding period,” said Chintamani Dagade, senior research analyst at Morningstar India, adding that such funds will attract more inflows. “That’s a good thing to happen to (fund) industry,” he added. ULIPs, which combine investment and insurance, have emerged as a popular investment product offering market-linked returns. These plans, launched in 2001, have been the favourite of insurance seeking investors who wanted to ride the stock market, and among insurance advisers for their higher commissions. This was evident from the success of the insurance industry when firms rode a surge in the equity market until 2007 as household savings were increasingly diverted into ULIPs, swelling insurers’ new business premiums. However, of late, the insurance regulator has initiated steps to moderate the rush to sell ULIPs. Earlier, on 20 August, it directed insurers not to charge any fees on surrender of such plans after five years, and in July it imposed a ceiling on some charges that ULIPs would levy from October onwards. A higher lock-in will reduce their attractiveness, at least among savvy investors, but reversing the trend will not be easy for mutual funds, particularly after a recent regulation that restricts them from paying upfront fee to agents. “Mainly because of the commission issues, ULIPs will be targeted by distributors... it’s a sellers’ market,” said Dagade. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 2:56 am India grows 6.1 pct y/y in June qtr; monsoon a riskNEW DELHI (Reuters) - India's economy grew 6.1 percent in the June quarter from a year earlier, roughly in line with forecasts, as government stimulus measures helped spur demand, but a poor monsoon threatens to crimp growth later in the year even as it drives prices higher.Source: Reuters: Money News | 31 Aug 2009 | 2:46 am Ambani gas tussle: RIL writes to Oil Secy, counters claimMukesh Ambaniled RIL has written to the Oil Secretary, countering allegations of hoarding gas made by ADAG. It has said that of the government allocated 40 mmscmd, 9.4 mmscmd is still unoperational. RIL has said that it has received a number of requests on the government allocated price and that gas has not been denied to any customer.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 2:36 am Infosys sees big market in subsegments of verticalsIn a bid to expand its addressable market, Infosys Technologies Ltd is focused on building solutions and domain competencies to tap the subsegments of industry verticals and horizontal service offerings.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 2:33 am Recession, drought to hit India's growth target: AhluwaliaGlobal recession and drought this fiscal will derail India's nine percent growth target for the 11th Five Year Plan (2007-12), says a top Planning Commission official.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 2:32 am Textiles export to US to go up by $1.5 bn: MaranIndia's exports to the US can increase by $1.5-billion if it made an effort to bail out the ailing textiles sector, according to Textiles Minister Dayanidhi Maran, now on an official visit to the US.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 2:31 am Noon: Markets extend losses to 2% on profit-takingMumbai: Indian shares extended losses to 2% on Monday afternoon, as investors cashed in profits after the market jumped 7.5% over the past 1-weeks and as weak overseas peers weighed on sentiment. At 2:03pm, the 30-share BSE index was down 2% at 15,611.85 points, with 24 stocks declining. The 50-share NSE index was down 1.9% at 4,642.05. Engineering and construction firm Larsen & Toubro, which fell 1.8% to 1,585.50 rupees, and No. 2 outsourcer Infosys Technologies, which dropped 2.3% to 2,136.50 rupees, led the losses. Energy giant Reliance Industries, which has the most weight in the main index, dropped 1.1% to Rs2,046.95. Top telecoms firm Bharti Airtel, which is in exclusive merger talks with South Africa’s MTN, slid 0.9% to Rs430.80 rupees. State-run explorer Oil and Natural Gas Corp bucked the trend and rose 1% to 1,191 rupees, after it said late on Friday it had discovered gas at a block in the north-eastern state of Tripura. By 10:33am, the 30-share BSE index was down 0.9% at 15,779.30 points, with 23 stocks declining, after falling as much as 1.4%. The 50-share NSE index was down 0.9% at 4,691.20. “This may be just a temporary blip. As Asian markets are lower, we are also retreating,” Hemant Thukral, vice president at Asian Markets Securities, said. “We see that there is more interest from market participants, and there may still be some buying left.” On Friday, the benchmark had gained for the seventh day in a row for the first time in 4-months, and finished at its strongest since 3 August, when it had closed at a 14-month high. Equity markets worldwide have been boosted recently by a view the global economy was on the road to a sustainable recovery. The BSE index is up 1.9% in August, having been down more than 6% earlier in the month on worries about a weak monsoon, high valuations and looming inflation. Having priced in a global upturn, investors are still looking for more signs world growth can be sustained once the impact of massive government stimulus spending fades, some analysts say. There are also worries stocks may have moved ahead of economic fundamentals and could be due for a correction. Investors will also be awaiting data on India’s April-June GDP growth, which is forecast to be up 6% from a year earlier. The data is expected at about 11:00am. India may have seen accelerating growth in the June quarter thanks to stimulus measures, but drought in nearly half of the country’s districts and the global slump could hinder faster recovery. The fiscal deficit data is due at 4:00pm. In the broader market, gainers led losers 1,138 to 858 on relatively light volume of 94.7 million shares. Asian shares were lower, with Japan’s Nikkei down 0.1%, while MSCI’s measure of other Asian markets fell 1.1%. Source: Home - Livemint.com | 31 Aug 2009 | 2:26 am Cash-rich Infy finding it difficult to acquire companiesThe NASDAQ-listed firm is eyeing regions other than the US and Europe to expand overseas.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 2:25 am Reuters Summit - Chinese growth can overcome falling stock marketBEIJING (Reuters) - China's economy should be undented by the steep fall in the country's stock market, but private investment and consumption must pick up for the recovery to be sustainable, a senior government economist said on Monday.Source: Reuters: Money News | 31 Aug 2009 | 2:22 am Harris Stratex eyes role in MTNL WiMax projectUSbased wireless equipment maker Harris Stratex is interested to take part in Mahanagar Telephone Nigam Ltds franchisee project for rolling out WiMaxbased broadband services.Source: Moneycontrol Top Headlines | 31 Aug 2009 | 2:18 am ANZ says bad debt bottoming, profit in lineSydney: ANZ, Australia’s fourth-largest lender, forecast it was starting to see bad debt provisions bottom out and expressed cautious optimism on the outlook for economies of Asia and Australia, sending its shares more than 4% higher. ANZ said total provision charges were tracking slightly better than expectations as it reiterated an outlook it gave in May for higher second-half charges. ANZ’s comments were more upbeat than those earlier this month from competitor Westpac Banking Corp, which saw the bad debt cycle yet to peak and Commonwealth Bank of Australia Ltd, which pointed to risks for the Australian economy. “I think we’ve hit the peak of the cycle,” chief executive Mike Smith of the Australia and New Zealand Banking Group Ltd (ANZ) told analysts in a trading update, referring to provisions. ANZ, which said it saw cash profit this year in line with 2008, said this half and the next would be similar in terms of bad loan provisions, and the bank’s second half ending 30 September would be one of its worst. Smith’s comments come 13 months after ANZ shocked investors by saying it would take a A$1.2 billion ($1 billion) hit for bad debts as the global credit crisis impacted its earnings. Investors punished the bank’s shares then as they recorded their biggest one-day percentage fall since the stockmarket crash of October 1987. In contrast, its share rose by as much as 5.5% on Monday. “What the trading update did today was confirm that the full year impairment costs in 2010 will be lower than 2009,” said Tom Quarmby, an analyst at Macquarie Equities. “The banks hadn’t given enough visibility around whether that could be the case.” Smith’s forecast that ANZ had seen the bottom for bad debt provisions drove ANZ shares 4.1% higher to close at A$21.29. Westpac shares were up 0.3% at A$24.37 and Commonwealth stock was up 1.9% at A$46.00, in a broader market that closed lower. At the end of last week, ANZ’s shares had risen 34%, lagging a 41% gain in the banking sector subindex. In the trading update for the 10 months ended 31 July, Smith there were no real surprises and the business was performing much as expected. The bank, while expressing cautious optimism for the Australian and Asian economies, said difficult economic conditions remain in New Zealand, the only economy where provision growth for the group is not moderating. ANZ said it has raised A$23 billion in funding for the financial year. Borrowing costs continue to rise as wholesale debt is replaced by new issuance, it said. “It’s clearly quite positive,” said Mark Nathan, who holds ANZ shares in the portfolio he manages at Fortis Investment Partners. “The capital position is very, very strong (and) the profit number looks like it’s going to be slightly ahead of where the market was expecting,” Nathan added. Last October, ANZ reported a 32% decline in cash profit to A$3.03 billion, the bank’s first full year profit decline in 10 years. It then said in May this year that credit provision charges in the second half would be about 20% higher than the first half, where they totalled A$1.435 billion. Although Australia’s economy is one of the few globally to avoid recession, its lenders are operating in an environment of slowing credit growth and rising unemployment. But they have been spared the hit taken by their offshore peers, leaving them cashed up and on the prowl for cheap assets. Citigroup analyst Craig Williams lifted his forecast for cash earnings per ANZ share by 18 percent for the full year, following the release of the update. Earlier this month, ANZ agreed to buy the Royal Bank of Scotland Group Plc’s retail, wealth and commercial operations in Taiwan, Singapore, Indonesia and Hong Kong, as well as the British lender’s institutional businesses in Taiwan, the Philippines and Vietnam. It has a goal of becoming a super regional bank in the Asia Pacific, generating a fifth of revenue from Asia by 2012. Source: World Business - Livemint.com | 31 Aug 2009 | 2:17 am ANZ says bad debt bottoming, profit in lineSydney: ANZ, Australia’s fourth-largest lender, forecast it was starting to see bad debt provisions bottom out and expressed cautious optimism on the outlook for economies of Asia and Australia, sending its shares more than 4% higher. ANZ said total provision charges were tracking slightly better than expectations as it reiterated an outlook it gave in May for higher second-half charges. ANZ’s comments were more upbeat than those earlier this month from competitor Westpac Banking Corp, which saw the bad debt cycle yet to peak and Commonwealth Bank of Australia Ltd, which pointed to risks for the Australian economy. “I think we’ve hit the peak of the cycle,” chief executive Mike Smith of the Australia and New Zealand Banking Group Ltd (ANZ) told analysts in a trading update, referring to provisions. ANZ, which said it saw cash profit this year in line with 2008, said this half and the next would be similar in terms of bad loan provisions, and the bank’s second half ending 30 September would be one of its worst. Smith’s comments come 13 months after ANZ shocked investors by saying it would take a A$1.2 billion ($1 billion) hit for bad debts as the global credit crisis impacted its earnings. Investors punished the bank’s shares then as they recorded their biggest one-day percentage fall since the stockmarket crash of October 1987. In contrast, its share rose by as much as 5.5% on Monday. “What the trading update did today was confirm that the full year impairment costs in 2010 will be lower than 2009,” said Tom Quarmby, an analyst at Macquarie Equities. “The banks hadn’t given enough visibility around whether that could be the case.” Smith’s forecast that ANZ had seen the bottom for bad debt provisions drove ANZ shares 4.1% higher to close at A$21.29. Westpac shares were up 0.3% at A$24.37 and Commonwealth stock was up 1.9% at A$46.00, in a broader market that closed lower. At the end of last week, ANZ’s shares had risen 34%, lagging a 41% gain in the banking sector subindex. In the trading update for the 10 months ended 31 July, Smith there were no real surprises and the business was performing much as expected. The bank, while expressing cautious optimism for the Australian and Asian economies, said difficult economic conditions remain in New Zealand, the only economy where provision growth for the group is not moderating. ANZ said it has raised A$23 billion in funding for the financial year. Borrowing costs continue to rise as wholesale debt is replaced by new issuance, it said. “It’s clearly quite positive,” said Mark Nathan, who holds ANZ shares in the portfolio he manages at Fortis Investment Partners. “The capital position is very, very strong (and) the profit number looks like it’s going to be slightly ahead of where the market was expecting,” Nathan added. Last October, ANZ reported a 32% decline in cash profit to A$3.03 billion, the bank’s first full year profit decline in 10 years. It then said in May this year that credit provision charges in the second half would be about 20% higher than the first half, where they totalled A$1.435 billion. Although Australia’s economy is one of the few globally to avoid recession, its lenders are operating in an environment of slowing credit growth and rising unemployment. But they have been spared the hit taken by their offshore peers, leaving them cashed up and on the prowl for cheap assets. Citigroup analyst Craig Williams lifted his forecast for cash earnings per ANZ share by 18 percent for the full year, following the release of the update. Earlier this month, ANZ agreed to buy the Royal Bank of Scotland Group Plc’s retail, wealth and commercial operations in Taiwan, Singapore, Indonesia and Hong Kong, as well as the British lender’s institutional businesses in Taiwan, the Philippines and Vietnam. It has a goal of becoming a super regional bank in the Asia Pacific, generating a fifth of revenue from Asia by 2012. Source: Home - Livemint.com | 31 Aug 2009 | 2:17 am Maytas Infra gets proposal to replace promotersMUMBAI (Reuters) - The board of Maytas Infra Ltd, linked to scam-hit outsourcer Satyam Computer, has received a proposal to replace the existing founders of the company, it said on Monday.Source: Reuters: Money News | 31 Aug 2009 | 2:10 am As hybrid cars gobble rare metals, shortage loomsLos Angeles: The Prius hybrid automobile is popular for its fuel efficiency, but its electric motor and battery guzzle rare earth metals, a little-known class of elements found in a wide range of gadgets and consumer goods. That makes Toyota’s market-leading gasoline-electric hybrid car and other similar vehicles vulnerable to a supply crunch predicted by experts as China, the world’s dominant rare earths producer, limits exports while global demand swells. Worldwide demand for rare earths, covering 15 entries on the periodic table of elements, is expected to exceed supply by some 40,000 tonnes annually in several years unless major new production sources are developed. One promising US source is a rare earths mine slated to reopen in California by 2012. Among the rare earths that would be most affected in a shortage is neodymium, the key component of an alloy used to make the high-power, lightweight magnets for electric motors of hybrid cars, such as the Prius, Honda Insight and Ford Focus, as well as in generators for wind turbines. Close cousins terbium and dysprosium are added in smaller amounts to the alloy to preserve neodymium’s magnetic properties at high temperatures. Yet another rare earth metal, lanthanum, is a major ingredient for hybrid car batteries. Production of both hybrids cars and wind turbines is expected to climb sharply amid the clamor for cleaner transportation and energy alternatives that reduce dependence on fossil fuels blamed for global climate change. Toyota has 70% of the US market for vehicles powered by a combination of an internal-combustion engine and electric motor. The Prius is its No. 1 hybrid seller. Jack Lifton, an independent commodities consultant and strategic metals expert, calls the Prius “the biggest user of rare earths of any object in the world.” Each electric Prius motor requires 1 kilogram (2.2 lb) of neodymium, and each battery uses 10 to 15 kg (22-33 lb) of lanthanum. That number will nearly double under Toyota’s plans to boost the car’s fuel economy, he said. Toyota plans to sell 100,000 Prius cars in the United States alone for 2009, and 180,000 next year. The company forecasts sales of 1 million units per year starting in 2010. As China’s industries begin to consume most of its own rare earth production, Toyota and other companies are seeking to secure reliable reserves for themselves. Reuters reported last year that Japanese firms are showing strong interest in a Canadian rare earth site under development at Thor Lake in the Northwest Territories. A Toyota spokeswoman in Los Angeles said the automaker would not comment on its resource development plans. But media accounts and industry blogs have reported recently that Toyota has looked at rare earth possibilities in Canada and Vietnam. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 2:00 am April-June GDP growth at 6.1%New Delhi: India’s economy grew 6.1% in the June quarter from a year earlier, roughly in line with forecasts, as government stimulus measures helped spur demand, although a poor monsoon threatens to crimp growth later in the year even as it drives inflation. The economy accelerated from its 5.8% rate in the previous quarter, data showed on Monday, propelled by a pick-up in activity in the mining, manufacturing, electricity and services sectors from the previous quarter. Growth was just above analysts’ median forecast of 6% annual expansion, and economists said weakness in agriculture could be offset by growth in manufacturing and services later in the year. Abheek Barua, chief economist at HDFC Bank in New Delhi, expects growth for the full year of 5.8%, with agriculture declining by 3%, although strength in industrial output and services may prompt him to lift his forecast. He expects the Reserve Bank of India to hold off on any tightening measures until the end of 2009. “I think by January they would want to send some kind of monetary signal to thwart inflationary expectations,” he said. “By April policy we will see the first rate hike of 25 basis points preceded by a 50 basis point increase in CRR (cash reserve ratio),” he said. Data showed manufacturing output expanded 3.4% in the June quarter while farm output was up 2.4%. The services sector grew 7.8% in the June quarter, compared with 10.2% in the same year-ago period. The benchmark stock index trimmed losses to 1% from 1.1% before the data release. The benchmark 10-year bond yield was unmoved at 7.45%, its highest in 9- months, from before the release of the data. The partially convertible rupee was unchanged at 48.85/87 from earlier. Monsoon Blues In the 2008-09 fiscal year to 31 March, India’s economy grew 6.7%, its weakest in six years and well below rates of 9% or more in the previous three years. Just as early signs of recovery were visible with rising sales of cars and homes, the economy was jolted by the worst rainfall since 1972, with drought-like conditions engulfing 40% of the country’s districts. However, last week the Reserve Bank of India warned that the poor monsoon is more likely to drive inflation than to curb growth. The index of food prices jumped 13.3% in the year through 15 August, even as India’s wholesale price index fell for the 11th straight week. The central bank cut its key lending rate by 425 basis points between October and April, while the government has slashed duty rates and stepped up spending to pump-prime the economy and prevent massive job losses. Last month, the central bank estimated growth during 2009-10 at 6% with an upward bias. The finance minister said last week growth could rebound to 8% next year. Source: Home - Livemint.com | 31 Aug 2009 | 1:57 am UK ready to contribute extra $11 bln to IMFLondon: Britain is ready to provide an extra $11 billion as part of efforts to increase the resources of the International Monetary Fund, finance minister Alistair Darling said. Writing in Monday’s Guardian newspaper, Darling said G20 finance ministers meeting in London on Friday would step up efforts to repair the world’s financial system and secure economic recovery. In April, world leaders pledged to treble the IMF’s resources to $750 billion to help it support the emerging markets most hit by the recession. Darling said Europe should take a lead in ensuring this target is met. “Europe should set an example and do more to meet the target by committing up to $175 billion—with the UK ready to provide up to an additional $11 billion, taking our total contribution to over $26 billion,” Darling wrote. On the domestic front, Darling said the government would “do more” to support the economy and was confident growth would resume around the turn of the year. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 1:56 am As monsoon winds down, risk shifts to winter wheatNEW DELHI (Reuters) - Just as India's sugar, soybean and rice farmers begin to breathe easier as the worst monsoon in nearly four decades winds down on a less sombre note, those planning to grow winter wheat are bracing for a serious knock-on impact.Source: Reuters: Money News | 31 Aug 2009 | 1:54 am Panasonic still awaits approvals for Sanyo bidTokyo: Japan’s Panasonic Corp said on Monday it was still waiting for an approval from four anti-trust regulators for its planned acquisition of Sanyo Electric Co Ltd. It said it would give another update on its plan to take control of the world’s largest rechargeable battery maker, a deal worth at least 400 billion yen ($4.3 billion), by end-October. Panasonic, which vies with Sony Corp for the title of the world’s largest consumer electronics maker, said in December it would offer 131 yen per Sanyo share and has so far gained clearance from seven anti-monopoly regulators worldwide. Panasonic plans to start the tender offer for Sanyo shares soon after it wins regulatory approval in 11 countries and regions including China, Europe and the United States. The company declined to say which countries or regions have given it the go-ahead and which ones have yet to make a decision. Its shares closed down 0.5% at 1,490 yen, while Sanyo’s shares were down 1.2 percent at 251 yen. Source: Home - Livemint.com | 31 Aug 2009 | 1:50 am Panasonic still awaits approvals for Sanyo bidTokyo: Japan’s Panasonic Corp said on Monday it was still waiting for an approval from four anti-trust regulators for its planned acquisition of Sanyo Electric Co Ltd. It said it would give another update on its plan to take control of the world’s largest rechargeable battery maker, a deal worth at least 400 billion yen ($4.3 billion), by end-October. Panasonic, which vies with Sony Corp for the title of the world’s largest consumer electronics maker, said in December it would offer 131 yen per Sanyo share and has so far gained clearance from seven anti-monopoly regulators worldwide. Panasonic plans to start the tender offer for Sanyo shares soon after it wins regulatory approval in 11 countries and regions including China, Europe and the United States. The company declined to say which countries or regions have given it the go-ahead and which ones have yet to make a decision. Its shares closed down 0.5% at 1,490 yen, while Sanyo’s shares were down 1.2 percent at 251 yen. Source: World Business - Livemint.com | 31 Aug 2009 | 1:50 am Maytas Infra gets proposal to replace promotersMumbai: The board of Maytas Infra Ltd, linked to scam-hit outsourcer Satyam Computer, has received a proposal to replace the existing founders of the company, it said on Monday. Maytas Infra has referred the proposal to the Company Law Board, it said in a statement to stock exchanges. IL&FS is likely to be the new promoter of the Hyderabad-based infrastructure company, Salman Khurshid, minister of state for minority & corporate affairs said. Source: Home - Livemint.com | 31 Aug 2009 | 1:44 am Cash-rich Infosys finding difficult to make acquisitions at right priceBangalore: Software major Infosys, which has a robust cash chest for sure and made no secret of its intention to buy out companies with strategic fit, is finding it difficult to acquire right firms at the right prices. The country’s second largest software exporter had cash and cash equivalents of Rs12,030 crore, including investment in liquid mutual funds and certificate of deposits, as of June end this year. “We are looking at acquisitions. But acquisitions will happen only when you find the right company, it has to be at the right price, they want to be acquired and that’s difficult”, said the Bangalore-headquartered company’s CEO and managing director S Gopalakrishnan. The Nasdaq-listed firm is eyeing regions other than the US and Europe to expand overseas. “We are expanding into the Middle East, South and Latin America. We already have a siginificant presence now in Japan, China and Australia. We are looking at geographies outside the US and Europe”, Gopalakrishnan said. Asked if the transition phase following the exit of Nandan M Nilekani, who quit as chairman to head the Unique Identification Authority of India (UIDAI), has been completed, Gopalakrishnan said: “Yes, it’s immediately done”. Nilekani’s responsibilities have now been distributed among the top management of the company. There is no proposal to appoint an executive chairman in his place “at this point”. Gopalakrishnan did not agree with perception of some analysts who have argued that the global recession has bottomed out. “It’s very difficult to extrapolate at this point because there are negative cues also”, he said pointing out to failure of another set of banks in the US last week. “There are positive news and negative news. So, I think the uncertainty will continue and it’s better to be cautious at this point and wait for two quarters of good numbers before we can say that it’s all behind us”. He said Infosys’ customers are also echoing similar sentiments. “Customers are also saying the same thing. They are also saying it’s too early to say that it (global recession) is behind us and it’s over. So, we have to be cautious”, he said. Source: Home - Livemint.com | 31 Aug 2009 | 1:40 am IL and amp;FS to be new promoters of MaytasInfrastructure Leasing and Financial Services Ltd (IL and amp;FS), a leading infrastructure development and finance company, will be the new promoter of Maytas Infra, union Minister for Corporate Affairs Salman Khurshid announced Monday.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 1:31 am Maytas Infra posts Rs.490 crore lossInfrastructure company Maytas Infra posted a net loss of Rs.489.79 crore last fiscal compared to a profit of Rs.99.64 crore in the previous period, it said in a regulatory statement Monday.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 1:30 am Japan Democrats take power, tough challenges loomTokyo: Japan’s next leader, Yukio Hatoyama, began talks on Monday on forming a government to tackle challenges such as record unemployment and a fast-ageing society after voters gave his party a sweeping mandate for change. Sunday’s historic election win by the Democratic Party of Japan (DPJ) breaks a deadlock in parliament and will usher in a government that has promised to focus spending on consumers, cut wasteful budget outlays and reduce the power of bureaucrats. The defeated Liberal Democratic Party (LDP), which had ruled Japan for most of the last half-century, was left to lick its wounds after suffering its worst election performance since the party was founded in 1955. “It’s taken a long time, but we have at last reached the starting line,” Hatoyama told a news conference at his home in Tokyo on Monday. “This is by no means the destination. At long last we are able to move politics, to create a new kind of politics that will fulfil the expectations of the people.” Hatoyama is to set up a transition team to organise the change of government, but has said he will not announce his cabinet until he is officially elected prime minister by a special session of parliament, probably in about two weeks. Investors welcomed the end to a political deadlock that has stymied policies as Japan struggled with its worst recession since World War II. The Democrats and its small allies won control of the upper house in 2007 and were able to delay bills. The yen rose to a 7-week high, buoyed by the end of electoral uncertainty. The Nikkei share average edged lower after hitting a near 11-month high as the stronger yen sent shares of exporters lower. Media forecasts show the Democrats won about 308 seats in the lower house, nearly tripling their strength in the 480-member chamber. The LDP won only 119 seats, down from 300. “The problem is how much the Democrats can truly deliver in the first 100 days. If they can come up with a cabinet line-up swiftly, that will ease market concerns over their ability to govern,” said Koichi Haji, chief economist at NLI Research Institute. Spending worries Despite the Democratic Party’s landslide win, many voters and analysts said the victory was driven more by frustration with the LDP than broad support for the decade-old opposition. “It’s not that the Democrats were good. I voted for them as a punishment for the LDP. The LDP has to change,” said Etsuji Inuzuka, 47, who works in the furniture business. The untested Democrats, who will face an upper house election in less than a year, will have to move quickly to keep support among voters worried about a record jobless rate and a rapidly ageing population that is inflating social security costs. Japan is ageing more quickly than any other rich country. More than a quarter of Japanese will be 65 or older by 2015. Analysts say the Democrats’ spending plans might give a short-term lift to the economy, just now emerging from recession, but worry that its programmes will boost a public debt already equal to about 170% of GDP. Falls in wages and retail sales in data released on Monday underlined the economy’s weakness, although industrial output rose on the back of worldwide stimulus spending. “There are some signs the economy is bottoming out in Japan. But recovery is still weak and it’s hard to believe that the worst is over,” said Akihiko Tembo, president of the Petroleum Association of Japan. The Democratic Party victory ended the “iron triangle” - a three-way partnership between the LDP, big business and bureaucrats that turned Japan into an economic juggernaut from the ashes of the country’s ruin in World War Two. That strategy foundered when Japan’s “bubble” economy burst in the late 1980s and growth has stagnated since. Reforms in question Support for the LDP had been on a downtrend for years, but then charismatic leader Junichiro Koizumi steered the party to a big election win in 2005 with promises of market-friendly reform. Those reforms came under fire even within the LDP for worsening social and income gaps and were further attacked after the global crisis tipped Japan into recession. In an essay published in the New York Times, Hatoyama railed at “unrestrained market fundamentalism” of US-led globalisation but after the election victory he played down those comments. “We are not saying that the market principles are all bad ... But the current economic situation is one where there needs to be corrections in areas where reform went too far,” Hatoyama said. The Democrats want a diplomatic stance more independent of key ally the United States, raising fears about possible friction in the alliance. They have also vowed to improve ties with Asian neighbours, often frayed by bitter wartime memories. Budgetary matters will claim much of the government’s attention in its early days. Party leaders have said they might freeze or redirect some of the 14 trillion yen ($149.5 billion) in stimulus spending planned for the year to 31 March, 2010. Source: LatestNews-Home - Livemint.com | 31 Aug 2009 | 1:27 am Indian equities markets start week on negative noteIndian equities started the week on a dismal note with a key index falling 1.12 percent below its previous close about five minutes into trade.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 12:32 am India registers 6.1 percent growth April-JuneIndia registered a 6.1 percent economic growth during the first quarter of this fiscal (April-June), even as the manufacturing sector's output expanded by a relatively lower rate of 3.4 percent, official statistics said Monday.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 12:31 am Britannia settles 'Tiger' brand tangle with US firmBiscuit major Britannia Industries Ltd has settled legal issues with Kraft Inc, US, over using the 'Tiger' brand, a top company official said here Monday.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 12:30 am Indian economy grows by 6.1% in Q1, against 7.1% a year agoThe country managed a reasonable economic growth of 6.1% during the first quarter of the current fiscal despite the global financial crisis.Source: Daily News & Analysis: Money News | 31 Aug 2009 | 12:15 am Dummy fuel for Kudankulam nuclear power project receivedWith the receipt of dummy fuel from Russia, India has moved a step forward towards commissioning the first unit of 2x1,000 MW Kudankulam Nuclear Power Project in Tamil Nadu.Source: IndiaeNews.com: Business News | 31 Aug 2009 | 12:01 am Gold to trade range-bound; base metals may rise in Q4As concerns over global macro-economy begin to wane and data flows remain positive, commodity market participants are looking closely for signals of price direction. It may be brave to make a sweeping generalisation; yet, one can see commoditySource: Business Line - Home Page | 31 Aug 2009 | 12:00 am Comex gold likely to consolidateComex gold futures rose sharply higher on Friday as a weakening dollar and signs of economic recovery boosted the metal as a hedge against rising inflation in the longer term. The dollar, however, turned higher against the euro towards the end, as aSource: Business Line - Home Page | 31 Aug 2009 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 31 Aug 2009 | 12:00 am FTP, a ‘holistic strategy’ for exporters: ScindiaFor the Indian exporters reeling under demand recession and thinning order books, there is scarcely any solace. Yet, nothing is lost for them, says the Minister of State for Commerce and Industry, Mr Jyotiraditya Scindia, as the five-year ForeignSource: Business Line - Home Page | 31 Aug 2009 | 12:00 am Indian cos hope to tap Australian energy resources if FTA sails throughNew Delhi, Aug. 30 At a time when Indian utilities are scrambling for securing energy assets abroad, easier access to Australia’s vast natural resources could be among the possibilities for domestic companies, if the proposed Foreign TradeSource: Business Line - Home Page | 31 Aug 2009 | 12:00 am Drop in housing loans slows retail credit growthRetail credit, which was until a couple of years ago, viewed as a big growth driver for banks, has seen steep moderation in the recent past, data from the RBI Annual Report released this week show.Source: Business Line - Home Page | 31 Aug 2009 | 12:00 am Infosys sees big market in sub-segments of verticalsIn a bid to expand its addressable market, Infosys Technologies Ltd is focused on building solutions and domain competencies to tap the sub-segments of industry verticals and horizontal serviceSource: Business Line - Home Page | 31 Aug 2009 | 12:00 am India-specific hedge funds among top global performersHedge funds investing in India are now among the top performers globally, after languishing at the bottom of the charts, hit by poor returns and outflows in 2008. Inflows into India specific hedge funds, however, continue to be muted.Source: Business Line - Home Page | 31 Aug 2009 | 12:00 am Bernanke’s continuance in the FedNews has come of the US President, Mr Barack Obama, recommending that the Fed Chairman, Mr Ben Bernanke, be given a second term as head of the Federal Reserve. The reactions that this news has received are generally positive.Source: Business Line - Home Page | 31 Aug 2009 | 12:00 am Praj Industries (Rs 101.7): BuyWe recommend a buy in the stock of Praj Industries from a short-term perspective. It is evident from the charts of Praj Industries that following a medium-term correction from June high of Rs 122 to July low of Rs 70, the stock found support atSource: Business Line - Home Page | 31 Aug 2009 | 12:00 am Sensex down 225 points in opening trade on profit bookingSnapping a seven-session winning streak, the Bombay Stock Exchange benchmark Sensex fell over 225 points in opening trade today.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 10:51 pm Space shuttle reaches space station for 9-day stayFlorida: US space shuttle Discovery arrived at the International Space Station on Sunday with food, equipment and new lab gear for the orbital outpost. After nearly two days of traveling following its launch late Friday night, Discovery reached the Space Station at 8:54pm EDT as it sailed 362 km over the Atlantic. “The entire rendezvous and docking was smooth as silk,” said NASA mission commentator Rob Navias. During their nine-day visit, the Discovery astronauts plan to unload more than seven tons of gear packed aboard the shuttle and conduct three spacewalks to help ready the $100 billion outpost for full-time science operations. Nasa hopes to complete the station, a $100 billion project of 16 countries, by the end of next year after six more shuttle flights. Construction began in December 1998. The first spacewalk, scheduled for Tuesday, will be to replace a tank of ammonia coolant and retrieve two European science experiments that will be coming back to Earth for analysis. Nicole Stott, a rookie astronaut who will be transferring to the station crew, will perform the spacewalk together with astronaut Danny Olivas. Stott is the last station crewmember to launch aboard the shuttle. Nasa is turning over station crew transport to Russia while it studies proposals from aspiring US commercial carriers. Discovery’s cargo includes new laboratory gear for science experiments and a second freezer to store samples until they can be transported back to Earth. Also aboard is a $5 million treadmill named after Comedy Central television host Stephen Colbert, who won naming rights to the station’s final module after fans swarmed a NASA publicity campaign. The US space agency chose the name Tranquility for the last connecting hub and offered up COLBERT - an acronym for Combined Operational Load Bearing External Resistance Treadmill - as a consolation prize. “Let’s face it, being weightless is mostly just a desperate bid to get away from that bathroom scale every morning,” Colbert joked in a video message to Nasa. “You guys and gals are ambassadors to the universe. Don’t make us look bad. Put down the astronaut ice cream, tubby.” Nasa took the ribbing in stride, though it considers exercise a crucial part of the station crew’s day. Resident astronauts spend about two hours a day exercising to help offset bone loss, muscle wasting and other adverse effects of weightlessness. Scientists hope to get a better understanding of the mechanisms underlying bone loss in space, which is similar to osteoporosis, when a half-dozen mice aboard Discovery return from a three-month stay aboard the space station. Half have been laced with an extra gene tied to bone formation. The other three are unaltered. Before linking up with the station, Discovery commander Rick Sturckow backflipped the shuttle so astronauts aboard the outpost could take pictures of Discovery’s heat shield. The images are part of post-Columbia safety procedures to assure the shuttle was not damaged by debris during its climb to orbit. Columbia was hit by a suitcase-size chunk of foam that fell off its fuel tank during liftoff. The shuttle broke apart, killing the seven astronauts aboard, as it flew through the atmosphere for landing. Preliminary assessments show Discovery arrived in orbit with no obvious damage, said LeRoy Cain, head of Nasa’s mission management team. Source: Tech News - Livemint.com | 30 Aug 2009 | 10:03 pm AT&T eyes BSNL stake to re-enter India - Economic Times
Source: Business - Google News | 30 Aug 2009 | 7:53 pm GE's looking for allies in home loans & MROAnish Shah took over as president and chief executive officer, GE Capital India, a little more than two months ago. He talks of the company's aggressive plans in mortgage and aviation maintenance.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 4:08 pm 'India set to be the best performer among BRICs'Investors should put at least 5-10% of their assets outside their home country, believes Rajesh Saluja, CEO of ASK Wealth Advisors.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 3:57 pm No more virtual pools, Satyam tells employeesTech Mahindra, is set to move forward with its grand plan of integrating and leveraging the company's overall strengths.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 3:50 pm IBM listens when Indian developers talkSteve Robinson, vice-president of worldwide sales for IBM Rational Software, listens very attentively when software developers in India talk.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 3:46 pm Key US data releases could help rupee gain groundAmong major currencies, the pound fell to an 11-week low against the euro and to a one-month low against the US dollar, as concerns grew over UK government's finances.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 3:30 pm Low cane output in UP to spark row be... - Financial Express
Source: Business - Google News | 30 Aug 2009 | 3:19 pm Markets on the cusp of a Fibonacci breakoutThe market witnessed a bullish breakout as the Nifty closed at its highest level in the calendar year -- in fact, it ended the week at its highest since the week ended June 06, 2008.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 3:18 pm Bull rally facing a planetary minefieldIndian markets rose in all five trading sessions last week as investors were encouraged by continued signs of a sustainable economic recovery around the world.Source: Daily News & Analysis: Money News | 30 Aug 2009 | 3:17 pm Mamata effect: West Bengal industry caught in a cleft stickDirect land acquisition fiat forces companies to appoint land brokers.Source: Business Standard | Front Page Headlines | 30 Aug 2009 | 12:47 pm Jairam says no more in-principle approvalsThe Ministry of Environment and Forests has abolished the system of in-principle approvals, to put an end to the practice of launching projects without obtaining the final clearance. The move signals that the ministry has begun to take a tough stand on environmental clearances in ecologically sensitive areas.Source: Business Standard | Front Page Headlines | 30 Aug 2009 | 12:45 pm Sterlite gets crucial nods; verdict todayIn the protracted bidding war for bankrupt copper miner Asarco, Sterlite Industries has moved a step ahead of rival Grupo Mexico by securing the support of the US companys creditors, its workers union, the Arizona Attorney General and state legislators.Source: Business Standard | Front Page Headlines | 30 Aug 2009 | 12:44 pm UPA's 100 days: Long on promise, short on deliveryHundred days is too short a time to judge anyone, more so a new government battling an economic slowdown, an epidemic that is testing the countrys stretched public health infrastructure, and lower seasonal rains that threaten to shave half a per cent off the economic growth and hurt rural spending.Source: Business Standard | Front Page Headlines | 30 Aug 2009 | 12:41 pm
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