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Microsoft-Yahoo deal draws antitrust probe !The US Department of Justice is looking into the advertising and search alliance between Microsoft and Yahoo, the companies said Friday.Source: Zee News : Business | 12 Sep 2009 | 7:02 am Industry body asks Goa Govt to regain investor confidence!Goa Chamber of Commerce and Industry (GCCI) has said the state government should work on regaining the confidence of investors, which is lost due to agitations against various projects.Source: Zee News : Business | 12 Sep 2009 | 7:02 am US stocks end week lower after five days of gains !US stocks edged lower Friday after five straight days of gains, signaling some lingering concerns about the economy among investors despite upbeat consumer confidence figures.Source: Zee News : Business | 12 Sep 2009 | 7:02 am Jet cancels 281 flights; talks to resume!Jet Airways cancelled 281 flights on Saturday on the fifth day of its pilots` strike.Source: Zee News : Business | 12 Sep 2009 | 7:02 am China slams US tyre tariffs, threatens retaliation!Beijing lashed out at the US on Saturday after Washington slapped steep tariffs on imported Chinese tyres.Source: Zee News : Business | 12 Sep 2009 | 7:02 am Jet standoff: Pilots, mgmt to meet todayJet crisis enters its fifth day today. The management and pilots have still not managed to break their deadlock.Source: Moneycontrol Top Headlines | 12 Sep 2009 | 5:24 am Vedanta ups offer for Asarco, now up to US judge to decide - Economic Times
Source: Business - Google News | 12 Sep 2009 | 4:33 am Jet strike enters fifth day, 180 flights axed - Sify
Source: Business - Google News | 12 Sep 2009 | 4:16 am Global economic crisis to continue - IMF chiefBERLIN (Reuters) - The global economic crisis will continue and countries must do more to adopt financial market regulations, International Monetary Fund Managing Director Dominique Strauss-Kahn told a German magazine on Saturday.Source: Reuters: Money News | 12 Sep 2009 | 4:09 am Delhi Metro gets its first indigenous metro coach from BEML - domain-B
Source: Business - Google News | 12 Sep 2009 | 3:43 am Trans-Kashmir trade booms, but barter not favouredWhen trade across the Indian and Pakistani sides of Kashmir resumed after a gap of nearly 60 years, there was euphoria. Almost a year on, business has soared, touching Rs.26.30 crore (over $5.2 million), but many are disheartened with the 'medieval exchange' of goods.Source: IndiaeNews.com: Business News | 12 Sep 2009 | 3:32 am Jet strike enters fifth day, 180 flights axedA crippling strike by Jet Airways pilots entered the fifth day Saturday, leading to the cancellation of 180 flights including 25 on the international route, officials said.Source: IndiaeNews.com: Business News | 12 Sep 2009 | 3:32 am FM follows what his ministry preached; travels economy class - Press Trust of India
Source: Business - Google News | 12 Sep 2009 | 3:26 am Jet cancels 260 flights; pilots’ strike enters 5th dayNew Delhi: Jet Airways’ 260 domestic and international flights, including 32 from the national capital, were cancelled today as the strike by the pilots entered the fifth day after nine-hour long conciliation talks between them and the management ended in a deadlock. The pilots maintained that they were “hopeful” of a breakthrough as negotiations will continue today. “A total of 235 domestic and 25 international flights remained cancelled for the fifth consecutive day today,” the airlines said in a statement. Jet tried to accommodate some of its passengers in its low-cost arm JetLite by combining the flights on Mumbai- Ahmedabad, Mumbai-Vadodara, Mumbai-Kochi, Mumbai-Mangalore, Kolkata-Bangalore, Kolkata-Guwahati, Mumbai-Mangalore and Kolkata-Agartala sectors. The airlines also merged their Chennai-Mumbai and Bangalore-Mumbai to fly on Bangalore-Chennai-Mumbai sector. The airlines run a total of 380 flights to domestic and international destinations. The strike by the pilots has caused huge loss of revenue for the airlines. Jet’s ticketing and check-in counters at the IGI airport here wore a deserted look. Yesterday, the pilots and the management representatives sat for face-to-face negotiations for the first time since the stir started on Tuesday, but the marathon talks before Chief Labour Commissioner here ended inconclusively. The talks would continue today in Mumbai, with only the two sides present. According to Capt Girish Kaushik, the president of the pilots’ body National Aviators Guild (NAG) leading the stir, the pilots will not resume work “as of now” and the agitation will continue. He said he was “hopeful” of resolving the issue soon. The management is ready to take back four sacked pilots, the main demand of the agitators, but wants “pre-conditions” to be applied to the NAG, a member of the pilots’ union said on condition of anonymity. “But we want the law of the land to dictate the fate of NAG,” he said. A solution to end the stir which had severely disrupted flights affecting thousands of passengers was widely expected on the first day of conciliation talks yesterday especially after the two sides were reported to have worked out a broad understanding on Thursday night to break the impasse. Sources said the talks saw a lot of hard bargaining by the two sides especially over issues which have a larger impact on the employees of the private airline. Source: Home - Livemint.com | 12 Sep 2009 | 3:26 am Vijender in split decision over commercial rightsNew Delhi: Indian Olympic and world championship boxing medalist Vijender Kumar has been caught in unusual bout of sparring between two companies vying to promote the middleweight. Vijender secured India’s first world championships podium finish with a bronze at Milan this week after earning the nation’s first Olympics boxing medal, also a bronze at Beijing last year. The 23-year-old’s good looks has earned him commercial endorsements and ramp walks usually reserved for cricketers but his agents are crying foul over media reports of a new deal. Infinite Optimal Solutions (IOS) said in a statement they had exclusive commercial rights through a 10-year contract until 2015 with Vijender and any deal by another company would be illegal. However, rivals Percept Holdings, who local media reported had signed him up for around Rs50 million ($1 million) say it was a “business partnership” to promote live events and brand endorsements would stay with his old agents. Cricket-centric endorsement is facing a challenge from other sports in India after the medal-starved nation won three medals in Beijing, including a first-ever individual gold from shooter Abhinav Bindra. There was no immediate comment from the boxer, who lost his semi-final bout on Friday. Source: Home - Livemint.com | 12 Sep 2009 | 3:19 am India lodges strong protest after rockets fired from PakAmritsar: India on Saturday lodged a strong protest with Pakistan over the firing of three rockets from across the border that exploded two kilometres inside Punjab. The issue was raised at a flag meeting between the Border Security Force (BSF) and Pakistani Rangers in the wee hours after the missiles landed in open fields in Modhey and Dhoneya Khurd villages in Attari sector on the Indo-Pak border, prompting retaliatory gunfire from the Indian border troops.  A BSF jawan collects the remains of a rocket fired from across the border at a village in Wagah sector, some 40 kilometers from Amritsar. PTI photo “We held a flag meeting at about 1 am and made a very strong protest to them (Pakistani Rangers) about this incident,” he told reporters here. “Yesterday night, at about 10 pm, the BSF troops posted at Pulkanjini border outpost saw flashlights and firing from Pakistan territory and after a very short gap, they heard explosions,” Singh said. “Our troops on the border retaliated immediately, very strongly... after that no incident of fire from Pakistani side was reported,” he said. “Three rockets were fired from Pakistani side. There was no damage but it raises suspicion about developments on the other side of the border,” a BSF official said. During the meeting, the Rangers “feigned ignorance (about the incident) but said they will look into it,” he said. New Delhi suspects that the border incidents were mainly aimed at diverting attention of the Indian forces to push in infiltrators. In the flag meeting, which was held at the joint check post at the international border in Attari, commandant H S Dhillon led the BSF delegation while wing commander Akbar Bhatt was leading the delegation of Pakistan Rangers. “The firing from Pakistan may be an attempt to demoralise the villagers as well as newly-deployed woman BSF constables,” Baljit Singh, panchayat member of a border village, said. For the first time in the history of BSF, 16 women constables of the force were deployed on Friday at Rorawali village near Attari border to facilitate frisking of ladies. The step was taken following demands from farmers to let village women pass the barbed fencing wire on the border to their agricultural fields within Indian territory. Source: Home - Livemint.com | 12 Sep 2009 | 3:07 am Obama to impose tariffs on Chinese tiresPresident Barack Obama has slapped punitive tariffs on all car and light truck tires entering the US from China in a decision that could anger the strategically important Asian powerhouse but placate union supporters important to his health care push at home.Source: Hindustan Times News Feeds 'Business' | 12 Sep 2009 | 2:56 am Drought expands in India, sugar regions hitNEW DELHI (Reuters) - India's drought has spread to nearly half its more than 600 districts, particularly in sugar-producing areas, but the government said its grain stocks were bigger than last year and sugarcane output would not fall.Source: Reuters: Money News | 12 Sep 2009 | 2:20 am Biocon, Amylin Pharma tie up to develop new diabetes drugBiocon Ltd on Friday said it had tied up with Amylin Pharmaceuticals, Inc. to jointly develop, make and market a novel peptide drug to treat diabetes.Source: Moneycontrol Top Headlines | 12 Sep 2009 | 2:16 am INTERVIEW - Japan business lobby warns of factory flightTOKYO (Reuters) - Policy proposals by Japan's new ruling party aimed at protecting workers and slashing emissions threaten to dent economic growth and push companies to build factories overseas, an official of Japan's top business lobby said.Source: Reuters: Money News | 12 Sep 2009 | 2:16 am Air India says no hike in its fares despite Jet strikeAir India said today it has not hiked its fares or overcharged passengers in the wake of the agitation by Jet Airways' pilots.Source: Daily News & Analysis: Money News | 12 Sep 2009 | 2:11 am Pilots' strike: Jet cancels 260 flightsJet Airways today cancelled 260 flights, including 25 international, as the pilots' strike entered the fifth day. A marathon meeting between the Jet management and the striking pilots in New Delhi on Friday remained inconclusive.Source: Hindustan Times News Feeds 'Business' | 12 Sep 2009 | 1:37 am China blasts U.S. tyre duties as protectionist blowBEIJING/WASHINGTON (Reuters) - China decried a U.S. decision to impose added duty on Chinese-made tyres, calling the move protectionist abuse that sent a wrong signal before a G20 summit and could stoke reactions impeding global recovery.Source: Reuters: Money News | 12 Sep 2009 | 1:15 am Stealing bananas to recharge cell phones? It's done in BiharNeed money to recharge your mobile phone and don't have any? Just steal a bunch of bananas and sell it to buy a recharge coupon - that is what poor youths in Bihar's Raghopur area are doing to keep their mobiles ringing.Source: IndiaeNews.com: Business News | 12 Sep 2009 | 1:00 am Venezuela's Chavez announces huge gas strikeMADRID (Reuters) - Venezuelan President Hugo Chavez said on Friday a consortium, including Spanish oil major Repsol, has struck a natural gas field, which may be the biggest gas field yet found in Venezuela, and one of the largest in the world.Source: Reuters: Money News | 12 Sep 2009 | 12:19 am Microsoft-Yahoo deal draws antitrust probeThe US Department of Justice is looking into the advertising and search alliance between Microsoft and Yahoo, the companies said on Friday.Source: Hindustan Times News Feeds 'Business' | 12 Sep 2009 | 12:05 am Jet Airways cancels 281 flights; talks to resume in MumbaiJet Airways today cancelled 281 flights, 21 of them international, as the strike by the pilots entered the fifth day.Source: Daily News & Analysis: Money News | 12 Sep 2009 | 12:05 am S&P sees banks’ asset quality worsening moderatelyMumbai, Sept. 11 A significant proportion of the loans restructured by banks last year under the one-time forbearance from the Reserve Bank of India could become non-performing over the next two years if economic conditions continue to remainSource: Business Line - Home Page | 12 Sep 2009 | 12:00 am Cumulative industrial growth for April-July at 4.6%New Delhi, Sept. 11 The cumulative industrial growth for the first four months of the current fiscal works out to 4.6 perSource: Business Line - Home Page | 12 Sep 2009 | 12:00 am Indonesian co keen on trading coal for equity in power projectsMumbai, Sept. 11 The large-size power projects announced by various Indian companies seem to have prompted a standalone Indonesian coal miner to come knocking on theirSource: Business Line - Home Page | 12 Sep 2009 | 12:00 am Investing in a rewarding retirementRetirement is not a stage in one’s life to submit to and meekly disappear into; nor is it only about maintaining independence and dignity. It can even be aspirational, or so ICICI Prudential Life’s latest campaign would have youSource: Business Line - Home Page | 12 Sep 2009 | 12:00 am Jet impasse continuesNew Delhi/Mumbai, Sept. 11 The talks between Jet Airways’ agitating pilots and the management remained inconclusive on Friday despite over eight hours of protracted negotiations at the office of the Chief Labour Commissioner here.Source: Business Line - Home Page | 12 Sep 2009 | 12:00 am FIIs pump in Rs 3,000 crMumbai, Sept. 11 The FIIs took the lead in giving direction to the Indian equity markets during the week with net inflows of more than Rs 3,000 crore.Source: Business Line - Home Page | 12 Sep 2009 | 12:00 am Handsets sans identity code to go dead from Dec 1About 25 million cellular subscribers are in for a surprise — they could get disconnected because the Department of Telecom has asked mobile operators to stop providing services to users whose handsets do not have the International MobileSource: Business Line - Home Page | 12 Sep 2009 | 12:00 am Major ports may soon invest in PSU sharesNew Delhi, Sept. 11 Major ports may be allowed to invest their surplus of over Rs 12,000 crore in the equities of public sector undertakings in case the ports do not have any immediate need for funds.Source: Business Line - Home Page | 12 Sep 2009 | 12:00 am Dr Reddy’s promoters deny stake saleHyderabad, Sept. 11 The scrip of Dr Reddy’s Laboratories Ltd fell 1.45 per cent to end at Rs 809.25 on the Bombay Stock Exchange onSource: Business Line - Home Page | 12 Sep 2009 | 12:00 am Markets this weekThe bellwether BSE Sensex on Monday closed above the psychological 16,000-mark for the first time in 15 months on the back of revival in the South-West monsoon, positive global cues and strong FII support. It closed at 16,016, adding 327 pointsSource: Business Line - Home Page | 12 Sep 2009 | 12:00 am US trials confirm one dose of H1N1 vaccine worksWashington: US trials of Sanofi- Pasteur SA’s and CSL Ltd’s H1N1 swine flu vaccines confirm that only one dose is needed to protect people, US health officials said on Friday. “I am very pleased today to be able to tell you that the initial results from the NIH (National Institutes of Health) sponsored trial corroborate and reinforce the findings from the companies,” Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told a news conference. Fauci said the immune response was quick, too. People appear to be protected eight to 10 days after being vaccinated. “Americans who get their H1N1 vaccine will most likely be immunized and protected against the virus sooner than we thought,” Health and Human Services Secretary Kathleen Sebelius told the news conference. Sebelius said US officials had feared the most vulnerable Americans would not be fully immunized until November. “It shortens the window of worry and more people can be protected much earlier,” Sebelius said. Fauci said the trials had shown very few side-effects and all so far were minor. CSL reported on Thursday that other trials showed just a single dose of vaccine was needed and, last week, Novartis AG and China’s Sinovac Biotech Ltd also said they could protect people with one dose of their vaccines. The new H1N1 strain of flu, declared a pandemic in June, could eventually infect one third of the world’s population, or 2 billion people, according to the World Health Organization. Rushing to vaccinate Because it is a new strain, infectious disease experts have said people would likely need two doses to get full immunity against the virus. They are rushing to put in place vaccine programs as the weather cools in the Northern Hemisphere and the traditional flu season starts. The United States hopes to vaccinate 160 million Americans considered at highest risk of death or severe disease by the beginning of December. These include pregnant women, people with asthma, diabetes or heart disease and children and young adults. The studies show that adults under age 65 will need only one dose, meaning supplies will cover more people. Studies in children and pregnant women are ongoing, but typically children who have never been immunized against flu need two doses to get full protection. US officials have said they expect to have 195 million doses of H1N1 vaccine and plan to distribute the H1N1 vaccine for free. Dr. Jesse Goodman of the US Food and Drug Administration said mid-October was still a realistic date for most US vaccination to start. “As it becomes ready we will try to make it available,” Goodman said. Dr. Anne Schuchat of the US Centers for Disease Control and Prevention said H1N1 flu was now active in all 50 US states, mostly in children and young adults. “The levels of flu activity that we are seeing now in September are extremely unusual for this time of year,” Schuchat said. “It is a bit of a race to get the vaccine available and out there as quickly as possible ahead of the disease,” she said. The officials urged Americans to get their seasonal flu vaccine, which is now being delivered to doctors’ offices. Schuchat said 38 million doses were available now and 115 million doses would eventually be rolled out. Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 11:41 pm Weekly review: Sensex reclaims 16K - Business Standard
Source: Business - Google News | 11 Sep 2009 | 11:26 pm Bharti, MTN May Extend Deadline for Deal, Economic Times Says - Bloomberg
Source: Business - Google News | 11 Sep 2009 | 10:22 pm 180 Jet Airways flights cancelled, pilots' strike onJet Airways cancelled 180 flights, including 25 international, Saturday on the fifth day of a strike by its pilots.Source: IndiaeNews.com: Business News | 11 Sep 2009 | 9:30 pm Obama launches push for financial regulatory reformWASHINGTON (Reuters) - The Obama administration is launching a broad push for action on financial regulatory reform, returning to a key legislative priority even as the debate over healthcare consumes the U.S. Congress.Source: Reuters: Money News | 11 Sep 2009 | 9:24 pm Wall St Week Ahead - Big mood shift seen in year after LehmanNEW YORK (Reuters) - U.S. stocks are poised to repeat their advance next week as investors bet that the economic recovery is gaining strength and company outlooks are turning rosier.Source: Reuters: Money News | 11 Sep 2009 | 9:16 pm Bengal housing minister has alternative site for Wipro, Infy - Economic Times
Source: Business - Google News | 11 Sep 2009 | 8:28 pm RBI mulls hike in banks' HTM holdingReserve Bank of India Deputy Governor Usha Thorat on Friday said the central bank will soon come out with draft norms on repoability in corporate bonds and credit derivatives.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:29 pm Omaxe township aims to garner Rs 7,500 cr salesOmaxe Ltd expects sales of Rs 7,500 crore from its proposed township over 3,601 acres at Bulandshahar in Greater Noida.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:27 pm TED's here to tickle your intellectIt is probably the only stage in the world where you can listen to a neuroscientist explain the intricacies of brain structure, followed a presentation on body language.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:26 pm Dishman sets sights on USThe pharma firm entered Japan last month and according to Murthy, the revenues from that market would be about $5-10 million this fiscal.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:24 pm Hero Honda aims to sell 6 lakh units this festival seasonHero Honda Motors Ltd, India's biggest two-wheeler company by sales, is gearing up for the upcoming festival season.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:21 pm Ambuja Realty in big hospitality pushThe construction on these properties would start in a few months. The group is taking up construction for its hospital project at Siliguri in November at a cost of Rs 65 crore.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:19 pm Industry: light at the end of tunnel?The manufacturing sector, which accounts for four-fifths of the total weight in the index, has fared well with an increase in production to the tune of 6.8% in July and of 7.8% in June.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:07 pm Govt weighs Nalco, Hind Copper JV to tap synergyLast month, mines minister B K Handique had said various options were being considered to boost the performance of Hindustan Copper.Source: Daily News & Analysis: Money News | 11 Sep 2009 | 4:05 pm Govt fails to break Jet impasse, stir into Day 4Talks between the Jet Airways management and its protesting pilots remained inconclusive after a marathon government-mediated nine-hour negotiation failed to break the deadlock even as the stir entered the fourth day affecting nearly 250 flights. HT Correspondent reports.Source: Hindustan Times News Feeds 'Business' | 11 Sep 2009 | 3:43 pm RBI to unveil draft norms for allowing repo in corp bonds - Economic Times
Source: Business - Google News | 11 Sep 2009 | 2:41 pm With 6.8% rise, July IIP backs up revival - Economic Times
Source: Business - Google News | 11 Sep 2009 | 2:11 pm India's forex reserves up by dollar 1.287 bnIndia foreign exchange reserves increased by $1.287-billion to $277.649-billion for the week ended on September 4 as compared to $276.362-billion in the previous week.Source: Hindustan Times News Feeds 'Business' | 11 Sep 2009 | 2:04 pm Lounge reviewsSony’s NWZ B143F Walkman  Head banger: The Sony USB-drive-based MP3 player. Try as I might, I just can’t see fashionable music fans flaunting their Sony B143Fs in front of their iPod-toting friends. But just imagine if a little branding had happened: Boy 1: “Your player sucks compared to my iPod Shuffle…” Boy 2: “Oh, this. This is my Sony Fatal Tsunami Attack MP3 player…” Boy 1: “Drool, swoon, drool...” What a pity. Especially because there is much to like about this feisty, capable little music player that is impressive, despite the yawn-with-mouth-wide-open USB-drive design it is cursed with. The good The B143F test piece we received came with a glossy red finish on the display and controls side, and a more sober and sturdy rubberized finish on the other: a nice mix of macho and metrosexual. The little Chiclet-sized screen is very bright and you should have no trouble figuring it out in any light condition. As with most Sony MP3 devices, the sound quality was quite good. (Disclaimer: We tested it with a pair of tried and tested Panasonic in-ear phones that tend to give all devices a little fillip.) And if listening to the powerful device at full volume isn’t enough, Sony has built in a little bass-boost button on one side that significantly ups the low frequencies in a flash. This is actually quite a smart feature to have. With most such crammed devices, managing the audio equalizer, if there is one at all, can be quite painful. You need both acute eyesight and reedy fingers to manoeuvre through the menus. So a bass boost in one step is a good thing. And if the 4GB on-board memory fails to deliver sufficient music variety, there is always the FM radio function. The player also has a good audio recording functionality that can be activated with a single button press. Perfect for sting operations (recordings are in the form of WAV files and eat up around 1.5MB per minute). The highlight of the player, however, was the 70-minute charging facility. Plug it into a computer USB port and it’ll be ready to go in just over an hour. And the company website promises 90 minutes of operation at just 3 minutes of charging. The not-so-good While strolling around Connaught Place in New Delhi one evening, I noticed that every time the earphone wires moved, the quality of the FM radio signal wavered. And that too in a disconcerting fade in, fade out way. As if you were running towards and then away from a speaker entirely randomly. I felt giddy after a while and had go inside a KFC and order a burger. To recuperate. Talk plastic The B143F is a good MP3 player, decent value for money at Rs3,990, and except for a spot of bother with the FM radio, was very well-mannered indeed. But with a name like that… Sidin Vadukut ********* Ping, Bangalore  Big bites: Fire Cracker Prawns at Ping, Bangalore. The good “All momos are dim sums, but all dim sums are not momos,” the maître d’ reiterated as we scrutinized the menu. The comprehensive list of steamed and pan-fried dim sums confused us initially (who would have thought of combining tofu and spinach in a steamed dim sum or chicken and basil in the steamed Spicy Chicken and Basil Cheong Fan?). We decided to opt for the set platters—vegetarian (Rs325) and non-vegetarian (Rs425). Each platter offers two pieces each of six varieties of dim sums. Vegetarians must try the Spicy Soya and Basil Dim Sums. Don’t pass it over because of the rather unappetizing-looking green wrap (the colour comes from the basil). While my taste buds were on fire because of an overdose of chillies, there was also the lingering taste of refreshing basil. My non-vegetarian co-diner recommends the Fire Cracker Prawns with Orange Chilli Dip for the crisp outer layer and soft prawn meat filling. And the Lamb and Ginger Wotip for the unusual combination. For the main course, we ordered the Eight Treasure Tofu, an interesting fusion of tofu, bamboo shoots, bell pepper, shitake, pak choi and water chestnuts stir-fried in a mild sesame soya sauce. The sauce is not very spicy and does not overpower the other ingredients. The Crispy Fried Fish, tossed with home-made tamarind sauce, though a tad too tangy, tasted good with burnt garlic noodles. The restaurant also has a special menu for children which is not too experimental. It has dishes such as French fries and chicken lollipops which they are always happy to eat. The not-so-good Most of the dim sums are a bit bland for the Indian palate. If you like your food a little on the tangy side, don’t forget to ask for the wasabi mayonnaise dip. As for the platters, a diner doesn’t get to choose the dim sums, which would make them a limiting and boring option on a repeat visit. Ping is yet to obtain a bar licence, so we ordered a green apple bubble tea, which came with tapioca balls at the bottom of the glass. It was way too syrupy, and did not complement the subtle flavours of the dim sums. While Ping has gone the extra mile to ensure the place doesn’t look like an “Oriental” restaurant, Abba and Westlife don’t quite gel with dim sums and jasmine green tea either. Talk plastic A meal for two can cost up to Rs1,000 (taxes included) for the main course and dim sums. The executive meal, which has an assortment of three dim sums, a stir-fry to accompany rice or noodles and one dessert, is priced at Rs250 (taxes extra) for the vegetarian lunch and Rs275 for the non-vegetarian one. For reservations, call 080-41521773. Pavitra Jayaraman n Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 1:45 pm Jet pilots, management hover in no-fly zoneDisagreements over pilots union stall agreement.Source: Business Standard | Front Page Headlines | 11 Sep 2009 | 1:29 pm Sterlite tops Grupo's offer price in Asarco bid warJust when everyone wrote him off for his bid for bankrupt mining company Asarco, Vedanta Resources Chairman Anil Agarwal is back with a vengeance.Source: Business Standard | Front Page Headlines | 11 Sep 2009 | 1:27 pm Marketing cos may have to bear auto fuel subsidyMumbai: Exploration firms may have to bear most of the losses from auto fuel subsidy, expected at around Rs15,000-16,000 crore in fiscal 2010, till global crude prices are at $70 a barrel, oil secretary R.S. Pandey said in an interview on Friday. But oil marketing companies (OMCs) also may have to bear some of the subsidy. Edited excerpts: You have just finished many road shows for the New Exploration Licensing Policy-8 (Nelp-8). What was the response?  Crude concerns: Oil secretary R.S. Pandey says the government will not subsidize oil marketing firms for under-recovery on petrol and diesel. Sanjit Das / Bloomberg`` But the bids are yet to be received; the date is early October, rather mid-October, and let us see how the response comes. But because of the prospectivity of India, the Krishna-Godavari (KG) basin gas, the Cairn Energy (find), while on the western part of our country, the response so far has been good, but there is also downturn in the global economy... So let us see how the final bids go. Would the auto fuel losses or subsidies be borne at all by the OMCs or would it be fully borne by a combination of the government and the upstream companies? This year’s situation is very different from what it was last year; last year it has been volatility of an extreme kind, it was really very bad. The overall extent of subsidy was Rs1.03 trillion; it was a very difficult year. This time, the situation is somewhat different. But this time also, the consumer’s interest has to be taken on board; it’s a difficult situation. The estimates are that the overall under recovery when we close the year will be to the extent of Rs45,000-50,000 crore. Of this, about Rs17,000 crore will be on account of kerosene, about Rs12,000-13,000 crore will be on account of liquefied petroleum gas (LPG), and the remaining Rs15,000-16,000 crore will be on account of petrol and diesel. As for kerosene and LPG, assuming that crude stays more or less at the current level, which is around $70 per barrel, that will be contributed entirely by government. As far as the subsidy on auto fuel is concerned, which is estimated to be around Rs15,000-16,000 crore, most of it will come from upstream companies, but some sharing could be done by downstream companies also. Are you saying that the under-recovery will be split between upstream and downstream companies? In what proportion? The government has decided that the under-recovery on LPG and kerosene will be borne entirely by the government. Now the question of under recovery for petrol and diesel is estimated to be about Rs15,000-16,000 crore. A bulk of it would be borne by the upstream companies and to some extent, it could be borne by the downstream companies also. The government is not going to subsidize this Rs15,000-16,000 crore. Would 80% of it come from upstream companies, or more? I won’t hazard a guess in terms of percentages. We will look at the profitability of upstream companies on the nominated blocks and also look at the profitability of the oil marketing companies and take a call. Will compensation in any form be given to OMCs through bonds? Yes. On account of kerosene and LPG, the total under recovery would be compensated by the government. Most likely, the form would be bonds but let us see how it goes. We understand that there is a cabinet note on natural gas pricing ready. The tariff commission has recommended that the administered pricing mechanism of gas prices require a revision and that is under process. When it will be decided and in what form, it is premature to say at this stage. Will there be a comprehensive overhaul of policy along the lines of the documents lying with you from various committees, including the Rangarajan Committee, which would be a big policy shift rather than a quarter-to-quarter movement on these decisions? Quarter-to-quarter, the extent of subsidy and the sharing among the companies is decided in the ministry. But about the long-term policy resolution of the whole issue, recently in pursuance of the announcement in the budget by the finance minister, the petroleum ministry has constituted a committee headed by Kirit Parikh. There are two more economists, the secretaries in the ministry of petroleum and finance are also members, and in three months time, it is expected that this committee will come out with some kind of a recommendation for consideration of the government about the long-term view, about retail prices of essential petroleum products. So let us wait and see. Any timeline for fuel pricing reforms? The committee has been given three months timeline and let’s see after the report comes then how the government accepts or modifies it. cnbctv18@livemint.com Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 1:24 pm SFIO says Elder Pharma violated Companies ActNew Delhi: Elder Pharmaceuticals Ltd has violated the provisions of the Companies Act and the Indian Penal Code (IPC), according to the final investigation report submitted by the Serious Frauds Investigation Office, or SFIO, to the government, people familiar with the matter said. The ministry of corporate affairs (MCA) had ordered an investigation into the affairs of Elder Pharma last year, on suspicion of alleged balance-sheet manipulation and siphoning off funds following some income-tax disclosures by the company. MCA has now issued a notice to Elder Pharma on the basis of the report, seeking replies on the alleged violations of the Companies Act, the people said on condition of anonymity. The ministry is also studying the IPC violations and may initiate prosecution proceedings on the basis of the recommendations, they said. The Mumbai-based Elder Pharma said it has provided the investigating agency the information it sought. The company also confirmed the receipt of a show-cause notice and said they were working on compounding the offences. Elder Pharma denied any information on any violations under IPC. cnbcvt18@livemint.com Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 1:23 pm US eyes $7.8 bn missile sale to TurkeyWashington: The Barack Obama administration has notified Congress of a possible sale to Turkey of advanced Patriot PAC-3 antimissile systems and related gear valued at up to $7.8 billion. The primary contractors would be Raytheon Co and Lockheed Martin Corp, the Pentagon’s Defense Security Cooperation Agency said in a notice made public on Friday. The proposed government-to-government sale would include 13 Patriot fire units, 72 Patriot Advanced Capability (PAC-3) missiles and a range of related hardware. Turkey would use the PAC-3 guided missiles to boost its missile-defense capability, strengthen its homeland defense and deter regional threats, the agency said. “Turkey is a partner of the United States in ensuring peace and stability in the region,” it said. “It is vital to the U.S. national interest to assist our North Atlantic Treaty Organization ally in developing and maintaining a strong and ready self-defense capability that will contribute to an acceptable military balance in the area.” The proposed sale of this equipment and support would not alter the basic military balance in the region, the agency said. This would mark the first Turkish purchase of PAC-3 missiles, the notice said. Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 1:22 pm Delta in talks to take Japan Airlines stake: sourceTokyo: Delta Air Lines, the world’s biggest carrier, is in talks to take a stake in Japan Airlines Corp and forge a business alliance, a source familiar with the matter said on Friday. The business alliance will likely include code-sharing on international flights, the source said, speaking on condition of anonymity because the deal has not been decided and the negotiations are not public. Shares of Delta, which declined to comment on the report, were up 2% in morning New York Stock Exchange trading. “I can’t verify what has been reported by NHK and can’t comment further at this time,” a Japan Airlines spokeswoman said. Standard & Poor’s Equity analyst Jim Corridore reiterated his “buy” rating on Delta, saying the purchase of a Japan Airlines stake would boost the Atlanta-based carrier’s presence in Japan and further diversify its international route network. “While we might question the timing of any major cash outlay during a severe air travel demand downturn, we think DAL has enough cash on its balance sheet to make a major investment,” Corridore said in a research note. Japan Airlines, or JAL, posted a 99 billion yen ($1.1 billion) net loss for the April-June quarter and is headed for its second-straight annual loss this business year to March, hit by a downturn in travel and as it struggles to rein in costs. The earnings slide forced JAL to secure a 100 billion yen credit line earlier this year backed by the government, a deal that has required it to draw up a wide-ranging restructuring plan under supervision by the state. JAL has announced plans to cut unprofitable routes, reduce its workforce, merge its cargo business with a rival and slash pension costs in a controversial measure that could be derailed with retirees opposed to the move. Delta, which acquired Northwest Airlines last year, has moved to ramp up its operations in high-growth markets even as weak air travel demand has hurt financial results. For instance, last month Delta announced a deal with US Airways Group Inc <LCC.N> to swap takeoff and landing rights at New York’s LaGuardia and Washington Reagan National airports. The accord, which must be approved by US regulators, would enable Delta to more than double the nonstop destinations it serves from LaGuardia, and bolster the company’s plans to build a major hub in New York. Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 1:14 pm Yen rises broadly, US dollar index fallsNew York: The yen rose across the board on Friday as a pullback in Wall Street shares and a drop in oil prices negated upbeat US consumer sentiment, rekindling safe-haven demand for the Japanese currency. The dollar slipped against a basket of currencies, touching a nearly one-year low earlier, as the sell-off continued, on track for its worst weekly performance in more than three months. The greenback also fell to a fresh 2009 low versus the euro, but it recouped most of its losses. The prospects for economic recovery and low US borrowing rates continued to encourage investors to move cash out of the dollar into riskier assets in other currencies. “Today we’re getting a little bit more action versus the yen and weaker US stocks are helping,” said Patrick Brodie, chief FX dealer at Sumitomo Mitsui Banking Corp in New York. The yen typically benefits when there is heightened risk aversion in the market. “In the dollar’s case, selling has been fairly persistent all week and today is no exception. The euro and the Australian dollar should continue to make new highs next week.” In early afternoon trading in New York, the dollar was down 1.4% on the day against the yen at 90.48 yen, having hit a seven-month low of 90.22, according to Reuters data. Traders say there are option barriers at the 90 yen area, limiting the dollar’s downside. The dollar was down 2.7% this week versus the yen. The euro was also 1.4% lower versus the Japanese currency, trading at 131.88 yen. The InterContinental Exchange’s dollar index, a gauge of the greenback’s performance against six other major currencies, was down 0.2% at 76.655 after falling to 76.457, its lowest in nearly a year. The euro was little changed at $1.4597, 2% higher on the week. The euro zone single currency hit a 2009 high of $1.4627 earlier, according to Reuters data. The euro briefly erased gains earlier when a US Coast Guard training exercise on the Potomac river set off a security scare as the United States marked the eighth anniversary of the 11 September attacks. Investors sold the dollar this week as signs emerged of a global recovery from one of the worst downturns this century. That encouraged investors to leave the perceived safety of the greenback and favor riskier assets such as stocks, emerging markets and commodity-linked currencies. A report showing improving US consumer sentiment on Friday further added to recent evidence that an economic recovery was picking up speed. The Reuters/University of Michigan Surveys of Consumers preliminary reading of consumer confidence index for September came in at 70.2, the highest since June. “Dollar selling momentum has picked up and it is likely to continue for a while,” said Win Thin, a currency strategist at Brown Brothers Harriman in New York. Solid data out of China added to the view the global economy is on the road to recovery. Questions about the dollar’s long-term value added to the negative sentiment towards the US currency. Sterling, meanwhile, rose 0.2% to $1.6682, within sight of a one-month high of $1.6742, while the New Zealand dollar gained 0.5% to US$0.7066. Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 1:10 pm Jet Airways’ face-off with pilots continuesNew Delhi/Mumbai: Neither Jet Airways (India) Ltd nor its striking pilots blinked on Friday, and the high-profile dispute between them is likely to leave passengers in the lurch for a fifth day on Saturday. The action will move from New Delhi to Mumbai when the two sides resume negotiations at SM Centre, Jet Airways’ headquarters in the city.  Mediation moves: Chief labour commissioner S.K. Mukhopadhyay (left) during a meeting with Jet officials and pilots in New Delhi on Friday. Vijay Verma /Mint. “The talks will now resume in Mumbai. We are hopeful that this pilot stand-off will be over by tomorrow,” said Girish Kaushik, president of the National Aviator’s Guild (NAG), the newly-formed union for pilots at Jet Airways. “I am an eternal optimist. I was hoping that talks would end today,” Jet Airways executive director Saroj K. Datta said, while denying that his company has decided to reinstate the sacked pilots. “No agreements have been signed as yet.” Jet’s pilots did not show up for work on Tuesday in response to the sacking of two pilots who were the prime movers of the new pilot union. Two others pilots were also subsequently sacked. The New Delhi negotiations—called by the country’s chief labour commissioner— ended in a stalemate because neither side agreed to budge on these two issues. Politicians such as Congress parliamentarian Sanjay Nirupam were also in the negotiating fray. On Friday, Jet Airways cancelled 255 flights, including 210 domestic services and 45 international ones, as 489 out of its 760 Indian pilots reported sick. It could ferry only 7,800 domestic passengers against an average 23,000 a day and 9,200 international passengers against 10,500 a day. In a press conference on Thursday, Nirupam said Jet Airways’ founder-chairman Naresh Goyal’s threat to shut the airline was completely unacceptable as it “was not his personal property”, but owned by shareholders and an employer of 13,000 Indians. On late Thursday night, there were hopes of a settlement, as Nirupam met Goyal and Datta along with Jet counsel Harish Salve to work out a way to end the four-day confrontation. Through a teleconference, pilots (in Mumbai) and Jet’s management (which was camping in New Delhi) agreed on certain terms and conditions to end the stalemate. Around the same time, Girish Kaushik, president of the pilots’ guild, said that the airline management had agreed to reinstate the sacked pilots and was ready to modify some of the terms and conditions in the preliminary deal on the suggestion of the union. But the deal fell apart a few hours later, because Jet insisted the pilots’ union should either be dissolved or should continue with certain restrictions on its ability to disrupt flights, a senior Jet executive said on Friday evening. In the Friday meeting in New Delhi, Datta and Jet’s vice-president (projects and regulatory affairs) K. Mohan represented the airline, while Kaushik and NAG’s joint secretary Sam Thomas represented the pilots at the office of chief labour commissioner S.K. Mukhopadhyay. On the reports of Jet Airways and the pilots agreeing to end the four-day stalemate, shares of the airline rose by 1.64% on the Bombay Stock Exchange to close at Rs257.40 on Friday in a flat market. tarun.s@livemint.com Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 1:00 pm Mahindra Satyam pulls out of $75 mn project in AustraliaMelbourne/New Delhi: IT firm Mahindra Satyam has pulled out of the proposed $75 million project that would have created a software hub at Deakin University in Australia, says a media report. “Mahindra Satyam has pulled the plug on a $75 million software hub at Deakin University that would have delivered 2,000 Geelong jobs,” Australian newspaper ‘Geelong Advertiser´ has reported. Geelong is in the state of Victoria. A spokesperson for Mahindra Satyam confirmed the development and added that the company would return the money given to it by the Australian government. Attributing to a letter written by the company to the state government, the report said that the global financial crisis was forcing Mahindra Satyam to abandon the IT complex project at Waurn Ponds. “The need to concentrate on an extensive internal restructuring program of our business precludes Mahindra Satyam from embarking on expansion projects of this kind,” the letter from Mahindra Satyam’s president of corporate affairs Sujit Baksi said. The future of the project at Geelong became uncertain after the company’s (then known as Satyam) founder B Ramalinga Raju admitted in January this year of cooking up the account books and committing fraud at the IT firm. Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 12:53 pm Factories flash recovery signalsNew Delhi: The country’s industrial output expanded for the seventh month in a row, reaffirming that the worst is over for the economy and that the effects of three fiscal stimulus packages initiated by the government since December and the six rounds of interest rate cuts by the Reserve Bank of India since September 2008 have had their effect. Economists, however, cautioned that the drought, which has affected large tracts in the country, could push up food prices and also pose downside risks to growth. Data released by the Central Statistical Organisation (CSO) on Friday showed that the Index of Industrial Production (IIP) grew 6.8% in July, higher than the 6.4% growth registered during the same month a year ago.  Graphics: Ahmed Raza Khan / Mint While both intermediate goods and consumer goods grew faster than during the previous year, the capital goods segment, which was shrinking till May this year, continued its positive momentum since June. The growth in consumer goods was led by a sharp revival in consumer non-durables, which grew by 5%—an eight-month high. The recovery in factory output was also broad-based in July, with 15 out of 17 industry segments registering growth. The manufacturing sector, which accounts for about 80% of the production basket, recorded a 6.8% growth, compared with 6.9% in July 2008, while the electricity sector grew 4.2% against 4.5% in the same month last year. The mining sector posted a robust growth of 9.9% against a tepid growth of 2.8% a year ago. Economies across Asia are beginning to show signs of recovery from the worst global recession since the Great Depression. The Organisation for Economic Co-operation and Development (OECD), a grouping of rich nations, which on Friday released its composite leading indicators (CLIs) for July, also said that “clear signals of recovery are now visible in all major seven economies, in particular in France and Italy, as well as in China, India and Russia”. While CLI for India increased by 1.3 points in July, 1.1 points lower than a year ago, CLI for China increased 1.5 points in the same period, 0.7 point lower than a year ago. CLI gives an advance view on economic activity. “This is for the second consecutive month that IIP clocked higher growth than its corresponding month a year ago when the economic scenario was much stable, thus substantiating the proposition that recovery of Indian economy is foreseeable,” said Soumendra K. Dash, chief economist at CARE Ratings. Gaurav Kapur, senior economist at ABN Amro Bank, thinks a period of consolidation in industrial production has started, which may continue for at least another quarter. “However, higher food prices and a drought may act as a dampener and may prolong the consolidation period,” he said. The Purchasing Managers’ Index, Kapur said, has indicated that inventories are beginning to be pared down from July; till June, companies were building up inventories. “The strong IIP numbers seen in June and July coupled with the base effect kicking in from October could result in industrial growth surprising on the upside. At this point, it appears that the government’s stimulus measures are offsetting the drought impact,” Rohini Malkani, economist with Citigroup India, said in an advisory note. However, HDFC Bank Ltd chief economist Abheek Barua thinks IIP growth would not sustain at the current level. “We don’t see a clear pattern as yet. There are imminent risks going forward. We have not seen the impact of drought as yet. The credit offtake has also not increased. We may see industrial sector grow at 5-6% this year,” said Barua. However, ABN Amro’s Kapur said bank credit growth may not give the broader picture as non-banking sources of funding such as external commercial borrowings and equity markets have picked up. Monsoon activity has picked up in recent weeks, with the cumulative rainfall deficiency now at 20%, down from 29% in mid-August. “This, coupled with the improvement in water levels in reservoirs, 51% of full storage capacity versus 66% last year, is encouraging and bodes well for the (rabi) winter crop,” Malkani said. However, with 278 out of 593 districts now drought-hit, Malkani felt that damage to summer crop (kharif) sowing may have already been done, with crop sowing down 7.2%. Finance minister Pranab Mukherjee on Monday said the second and third quarters of the current fiscal year are unlikely to see the economy expanding at the pace it did in April-June period, but he stuck to the government’s original growth forecast of above 6% for the current fiscal year. India’s economy grew at 6.1% during the first quarter of the current fiscal. The industrial revival also depends on how quickly developed countries, especially the US, recover, Kapur said. Exports have been a significant contributor to the manufacturing sector. India’s exports continued to shrink for the 11th month in a row, though the contraction rate declined to 19.7% in August. Source: Home - Livemint.com | 11 Sep 2009 | 12:49 pm US posts $111.4 bn August budget deficitWashington: The US government on Friday posted a smaller-than-expected $111.40 billion budget deficit for August, marking a record-matching 11 straight months of deficits. The August budget gap was well below the forecasts of analysts polled by Reuters, who predicted a $152.0 billion deficit for the month. The deficit was slightly smaller than the year-earlier budget gap of $111.91 billion, but this was due in part to calendar shifts that held down this year’s August outlays. A Treasury official said some $25 billion in August 2009 federal benefit payments were shifted to July, With one month to go in the 2009 fiscal year, which ends 30 September, the deficit stood at a record $1.378 trillion, versus a same year-ago deficit of $500.53 billion. The White House budget office on 25 August forecast a $1.58 trillion deficit for the full 2009 fiscal year, implying that September—in normal times a surplus month—would produce a deficit of more than $200 billion. A September deficit would mark a record 12 consecutive months of deficits. Only three other times has the United States racked up 11 consecutive monthly deficits—July 1982 to May 1983; May 1986 to March 1987; and May 1991 to March 1992. The Treasury said receipts for August fell to $145.54 billion from $157.02 billion a year earlier, marking a 7.3% decline. For the first 11 months of the fiscal year, receipts are down 16.2% to $1.885 trillion from $2.251 trillion, as the economy struggled through the worst recession since the 1930s Great Depression. Outlays for August fell to $256.94 billion from $268.93 billion a year earlier. For the fiscal year to date, outlays, driven largely by spending on economic stimulus and financial rescue programs, are up 18.6 percent to $3.264 trillion. Source: LatestNews-Home - Livemint.com | 11 Sep 2009 | 12:49 pm States pay two-thirds of tax revenues as salariesState governments are saddled with a high salary and pension bill for its employees, leaving very little for public funding of development schemes and investments for the creation of productive assets, said a study presented to the 13th finance commission. HT Correspondent reports.Source: Hindustan Times News Feeds 'Business' | 11 Sep 2009 | 12:45 pm ‘Late monsoon rains soften drought punch’Late monsoon rains have triggered hopes that the drought this year will be reduced substantially, helping maintain a 6 per cent economic growth rate, Finance Minister Pranab Mukherjee said. HT Correspondent reports.Source: Hindustan Times News Feeds 'Business' | 11 Sep 2009 | 12:42 pm 20 Indian companies in Forbes ‘Best Under A Billion’ listAs many as 20 Indian companies made it to the list of Forbes Asia’s ‘Best Under A Billion’ list whicn names 200 firms picked from over 12,000 publicly listed companies. HT Correspondent reports.Source: Hindustan Times News Feeds 'Business' | 11 Sep 2009 | 12:39 pm Back to roots: JSW set to diversify into farm sectorAfter establishing their stronghold in an array of sectors from steel to power, the country’s fourth largest business family, Jindal Group of Companies, is going back to its roots.Source: Hindustan Times News Feeds 'Business' | 11 Sep 2009 | 12:37 pm Pranab to try to persuade West Bengal on IT projectFinance Minister Pranab Mukherjee said Friday that he will speak to the West Bengal government on allocating land to IT majors Wipro and Infosys after the state scrapped a mega project.Source: IndiaeNews.com: Business News | 11 Sep 2009 | 12:31 pm Revival signals strong, industry grows 6.8%Industrial output growth rose by 6.8 per cent year-on-year in July, lower than the previous month’s upwardly revised 8.2 per cent growth, but still high enough to trigger hopes of a sustained economic revival. HT Correspondent reports.Source: Hindustan Times News Feeds 'Business' | 11 Sep 2009 | 12:31 pm Cipla in pact with Swiss major to develop anti-allergy drugDomestic drug major Cipla Ltd has signed a long-term collaboration agreement with Swiss specialty pharmaceutical major Meda, to develop and market an anti-allergic rhinitis drug for various global markets.Source: Business Standard | Front Page Headlines | 11 Sep 2009 | 12:31 pm India revising tax treaties to nab defaulters: PranabIndia will go for amending double taxation avoidance treaties with other countries to allow for exchange of information on tax evaders, Finance Minister Pranab Mukherjee said here Friday.Source: IndiaeNews.com: Business News | 11 Sep 2009 | 12:30 pm India mulls law to cap emissionsIndia for the first time hinted that it would unilaterally and voluntarily try to curb carbon emissions that cause global warming, ahead of its participation in an important round of global negotiations in Copenhagen to hammer out a climate change deal. Limits will be imposed on the amount of carbon spewed out by five key activities that account for most of the country’s harmful emissions. Union minister of state for environment and forests Jairam Ramesh said on Friday that this move could be backed by domestic legislation, which will also set emission targets for the year 2030.  Bold steps: Minister of state for environment Jairam Ramesh. Ramesh Pathania/Mint He was addressing a conference with Danish Prime Minister Lars Lokke Rasmussen, who is in India to discuss climate change issues with Prime Minister Manmohan Singh. Ramesh said it was time for India to stand up and be counted as a “positive player” in the international talks on climate change and that the country needed to undertake mitigation projects not just based on international financial support, but also for its own people. “Demonstrating a proactive stance is really important in order for India to urge increased action from industrialized countries. Depending on details, this might be such a stand,” said Navroz Dubash, senior fellow at the Centre for Policy Research, a think tank. India and China have had severe disagreements with the developed countries during climate change negotiations. The two countries have insisted that they should not be asked to cap their emissions, since they are still low on a per capita basis and that such limits would harm their march away from mass poverty. Ramesh had in July lashed out at what he described as pressure from developed nations on India to accept binding limits on emissions, in a meeting also attended by visiting US secretary of state Hillary Clinton. The measures that are being considered as part of the mitigation options are mandatory fuel efficiency norms by 2012, power generation from clean coal technology, 15-20% of total energy generation from renewable energy (excluding hydro power), reduced emissions from agriculture and all public buildings to be “Energy Conservation Building Code” compliant by 2012. According to a recent report on climate change by consulting firm McKinsey and Co., the five biggest carbon spewers in India are power, industries such as steel and cement, habitat, transport, agriculture and forestry. “We cannot avoid coal. Coal will continue to be the base of our energy economy,” Ramesh added. “This is a signal to the world that don’t mess with us, and that we will take mitigation action and monitoring domestically. It is like the FRBM Act. It was passed in order to create the consensus for fiscal prudence domestically,” added Ramesh. The FRBM Act (Fiscal Responsibility and Budget Management) is a bipartisan legislation to keep government deficits within defined limits. Source: Home - Livemint.com | 11 Sep 2009 | 12:17 pm African firms intend buying BP, Shell Zimbabwe assetsHarare: African oil firms Engen Petroleum and KenolKobil said they plan to buy BP and Shell’s Zimbabwe assets in anticipation of growth under a unity government formed earlier this year. The move would be the highest-profile exit by major foreign investors since President Robert Mugabe and Prime Minister Morgan Tsvangirai set up a power-sharing government in February. Zimbabwe has asked the world for help for its devastated economy, and says it needs $10 billion to rebuild dilapidated infrastructure and ease a 90% unemployment rate. Western donors want political and economic reforms before aid flows to the once-prosperous southern African country. Foreign investors are also likely to remain cautious. Engen—one of South Africa’s leading petroleum products retailers—and Kenya’s oil retailer KenolKobil said they were to acquire all the shares in Shell Zimbabwe and BP Zimbabwe. The companies plan to acquire more than 75 service stations in a deal now under consideration by Zimbabwean authorities. European aid? A Europe Union delegation will visit Zimbabwe on 12-13 September for meetings with government leaders, the first such talks in seven years, in a bid to restore aid and cooperation with the African state. BP and Shell, whose joint Zimbabwe operations employ about 400 people and whose blending plant in Harare has a capacity of 30 million litres per year, were not available for comment. Engen has existing operations in Zimbabwe and Jacob Segman, managing director of KenolKobil, said the joint venture would seek to benefit from the country’s reconstruction. “While Zimbabwe’s economy has declined sharply over the last decade, it still boasts good infrastructure and we believe that this will form the basis of renewed economic growth,” Segman said in the statement. Source: World Business - Livemint.com | 11 Sep 2009 | 12:12 pm Sensex lifeline: high beeps and pratfallsPSL (3.53% up) Shares of PSL Ltd gained 3.53% after the US imposed preliminary duties ranging from 10.9-30.7% on steel pipes from China. The company told CNBC-TV18 that its order book has increased by Rs1,000 crore in the last few weeks and the current global order book is at Rs4,000 crore. Sterlite Industries (2.62% down) The Sterlite Industries ( India ) Ltd stock fell 2.62% after the firm raised its bid for Asarco Llc to $2.56 billion (around Rs12,416 crore today) in an all-cash deal, from $2.29 billion earlier, which included a $2.14 billion cash component and $208 million copper price participation note. Godrej Industries (11.77% up) Shares of Godrej Industries Ltd gained 11.77% after chairman Adi Godrej said Godrej Properties will launch its initial public offering (IPO) in the next three months. The company will also offer 3.5% stake via a pre-IPO placement. The firm’s shares closed at Rs197.95 each on Friday. Avaya Global (5.01% up) Shares of Avaya GlobalConnect Ltd gained 5.01% on the National Stock Exchange on Friday after CNBC-TV18 reported that Reliance MF has written to the Securities and Exchange Board of India seeking an open offer in the company. Reliance MF holds around 6% stake in Avaya Global. Patel Engineering (3% up) Shares of Patel Engineering Ltd gained 3% after the management told CNBC-TV18 that they are looking at Rs1,400 crore equity and had already invested Rs400 crore. The company is looking at various options to raise the balance amount and could look at another public issue. Glenmark (2.42% down) Glenmark Pharmaceuticals Ltd ended at Rs219.90, down 2.42%, after CNBC-TV18 reported that Glenmark raised $85 million (around Rs412 crore) through qualified institutional placement at Rs221 per share. Source: Home - Livemint.com | 11 Sep 2009 | 11:52 am Pfizer India’s new strategy for emerging markets All big pharmaceutical firms—just like other big firms—are focusing on newer markets for growth. Developed markets are large and important but have not been able to deliver. Of the 70 emerging market countries that Pfizer Inc. operates in, India is one of its priority markets. Pfizer Inc.’s current thinking for emerging markets is driven by a new business model, which talks about a strong local presence, faster responses, addressing the lower end of the market, and developing medicines specifically for emerging markets. This is as opposed to developing medicines for the US and EU and then seeding them in emerging markets. It will follow a regional hub approach, rolling out successful products across the region. The strategy reads similar to that of consumer firms such as Hindustan Unilever Ltd and Nestle India Ltd, addressing local markets using local strategies. Branded generics is a sound strategy for India. Multinational pharmaceutical firms have lagged Indian companies in growth. In the year ended December, India’s pharmaceutical market grew by around 10%, according to ORG IMS Research Pvt. Ltd. Indian companies grew by 12%, more than twice the rate of their multinational rivals. Pfizer India did quite well, with sales growing by 12%, after excluding sales from products sold to Johnson and Johnson. Launching generic products is only one part of Pfizer Inc’s strategy. It will also pursue acquisitions and alliances. Pfizer has entered into alliances with Aurobindo Pharma Ltd for supply of around 60 generic drugs for sale in emerging markets. Pfizer India expects the Indian pharmaceutical market to grow by 11-12% and reach $20 billion (Rs97,000 crore) by 2015. In the current fiscal year to March, Pfizer has been growing faster than the market. Its entry into the generics market will drive its growth rate further, as its generics product portfolio becomes bigger and market penetration grows. On the flip side, there will be some moderation in margins, as the domestic market for generic products is very competitive. Profitability improvements would come from a higher share of products that have patent protection. Pfizer India can rapidly grow share in the generics market, if it wants to, to get the scale advantage. It has adequate firepower, with Rs540 crore cash in hand as on November and no debt. Write to us at marktomarket@livemint.com Source: Home - Livemint.com | 11 Sep 2009 | 11:31 am Patel Engg considering power venture listingRupen Patel, MD of Patel Engineering, said the company was considering a possibility of listing its power venture. Patel is investing around Rs 6,800 crore in the power business. The venture would start generating money from sometime next year, he said.Source: Moneycontrol Top Headlines | 11 Sep 2009 | 11:20 am Rupee breaks fall; up 0.9% over the weekMumbai: The rupee rose on Friday, snapping a two-day slide as falls in the dollar versus majors currencies boosted sentiment, but the unit pared some early gains in line with choppy local stocks. The partially convertible rupee closed at 48.48/49 per dollar, off an early high of 48.38 but still 0.3% stronger than its previous close of 48.63/64. The rupee rose 0.9% over the week. On Thursday, the rupee had risen at least 48.29 during trade, its strongest since 14 August. “The rupee has to close below 48.40 consistently for a few days to rise towards 47.80 or else it is likely to remain rangebound between 48.40-49.00,” a senior dealer with a foreign bank said. Traders said the rupee was helped by the dollar’s fall to a one-year low against a basket of currencies as continued concern over its long-term value further soured the near-term technical picture. Other Asian currencies were also stronger against the dollar. Source: Home - Livemint.com | 11 Sep 2009 | 11:14 am Omaxe looking to raise Rs650cr via QIP, PE for new townshipA subsidiary of Omaxe is all set to develop a township. The total investments for the township would be Rs 700725 crore, adding that he was looking to raise Rs 650 crore via private equity and qualified institutional placements.Source: Moneycontrol Top Headlines | 11 Sep 2009 | 11:10 am Meltdown flashback Change of guard: A file photo of logos at the former Lehman Brothers, now Barclays Capital building in Times Square, New York. Eric Thayer / Reuters. Negotiators want to have a deal in place by the time Asian markets open for trading on Monday morning. The fear is that Lehman’s banking partners could stop lending money that the 158-year-old firm needs to fund its operations. As the day wears on, potential bidders— including Goldman Sachs—signal they’re not interested. Nobody knows what might be lurking in Lehman’s books because of its heavy exposure to securities based on now-souring mortgages.  Source: World Business - Livemint.com | 11 Sep 2009 | 11:10 am Jet management, pilots fail to break deadlockJet Airways' planes remained grounded for the fourth day Friday as a marathon meet between the management and the striking pilots failed to reach an agreement.Source: IndiaeNews.com: Business News | 11 Sep 2009 | 11:00 am Small MTN investors seek bigger Bharti sweetenerJOHANNESBURG (Reuters) - Small MTN investors want more money from Bharti Airtel for a planned multi-billion dollar tie-up, casting doubt over whether they will step in line if the two reach a deal.Source: Reuters: Money News | 11 Sep 2009 | 10:54 am FY10 revenue likely to be flat: Renaissance JewellerySumit Shah, MD, Renaissance Jewellery commenting on its business said that the last year revenues were about Rs 750 crore and the year before that it was Rs 675. We would be about flat or maybe 5% below in terms of revenue, he addedSource: Moneycontrol Top Headlines | 11 Sep 2009 | 10:49 am Shakeout shows too big banks may fail The warning was ominous: Massive global wealth destruction. That’s what Lehman Brothers Holdings Inc. executives predicted in a confidential memo prepared for government officials before they filed the biggest bankruptcy in US history.  Ominous warning: A black car leaves the garage of the Federal Reserve Bank of New York on 14 September 2008. Bloomberg The message didn’t get through. Two dozen of the world’s most powerful bankers, brought together by treasury secretary Henry M. Paulson Jr and Federal Reserve Bank of New York president Timothy F. Geithner the weekend of 13 September 2008, to devise a rescue plan for Lehman, were too busy saving themselves to see the larger threat. The discussion among the CEOs was “How do we prevent the next firm from going under?”, former Merrill Lynch and Co. chief executive officer John A. Thain, who cut a deal to sell his company that weekend, said in an interview. There should have been much more discussion about the impact directly on the markets if Lehman went bankrupt. Of all the quakes of 2008—the fall of Bear Stearns Companies Inc. in March, the takeover of mortgage buyers Fannie Mae and Freddie Mac and the salvaging of American International Group Inc. in September —the failure to account for the effects of Lehman’s demise was the most critical because its aftershocks came closest to wrecking the world economy.  The financial chieftains spent the weekend unwinding derivatives trades—bets made on whether companies will pay their debts—and trying to keep bank-to-bank loans flowing. They ignored the market for commercial paper, short-term loans used by businesses worldwide to cover everyday expenses, including payroll and utilities. Lehman’s downfall on Monday, 15 September, sparked a run on the $3.6 trillion (Rs175 trillion) money market industry, which provides those loans. The panic left companies stranded with insufficient cash and ravaged the accounts of millions of people. Within a week, the US stepped in with a $1.6 trillion programme to halt withdrawals from money market funds, part of $13.2 trillion it has committed to beating back the worst financial crisis since the Great Depression. “They put the entire financial system at risk, and they didn’t have to,” said Harvey R. Miller, a partner at Weil Gotshal and Manges Llp in New York who represented Lehman in the bankruptcy, referring to government officials. “They were warned. I told them, Armageddon is coming. You don’t know what the consequences will be.’ Their response was, We have it covered.’” Paulson and Geithner, who succeeded him as treasury secretary, both declined to comment. “One year later, policy makers haven’t learned the lesson of the bankruptcy,” said Richard Bernstein, CEO of Richard Bernstein Capital Management Llc in New York and former chief investment strategist for Merrill Lynch. Rather than break up institutions such as Bank of America Corp. and Citigroup Inc., or limit their expansion, the US has given them billions of dollars in tax incentives and loan guarantees that enabled them to grow even bigger. To protect against a bank collapse touching off another freefall, President Barack Obama has proposed regulatory changes that rely on the wisdom of bankers and government overseers—the same people who created the conditions that led to Lehman’s bankruptcy and were unable to foresee its consequences. Designating certain institutions as too big to fail, and not having a thorough regulatory process to match, practically invites another catastrophe, Bernstein said. Rescue efforts exposed a financial system with so many moving parts that US regulators and the world’s top bankers couldn’t keep track of them all. Like the fictitious substance ice-nine in Kurt Vonnegut Jr’s 1963 novel Cat’s Cradle, a seed of which set off a chain reaction that transformed all the world’s water into ice, Lehman’s failure froze credit markets. “I remember at the end of the week calling up my wife and saying, “Jamie, go to the ATM, go to the cash machine, and take cash out,” Mohamed El-Erian, CEO of Pacific Investment Management Co., the world’s largest bond-fund manager, said. “She said, Why? I said, ‘I don’t know whether the banks are going to open tomorrow.’ The system was freezing in front of our eyes.” Like other financial institutions, Lehman’s problems stemmed from borrowing too much to finance too many hard-to-sell investments, such as mortgage-backed securities, that were declining in value as a result of the deteriorating real estate market. Lehman was different because the government let it declare bankruptcy, meaning the company’s creditors were wiped out as well as its stockholders. The ensuing panic doomed the oldest US money market fund, the $62.5 billion Reserve Primary Fund, started in 1971 by Bruce R. Bent. Reserve Primary had lent Lehman $785 million, about 1.3% of its assets, some of it in short-term loans that Lehman was now unable to repay. In a two-day run on the fund, more than 60% of its money was withdrawn. Its net asset value fell below $1 a share, or broke the buck, on 16 September, making investors vulnerable to losses and triggering withdrawals at other funds. The run on money market funds, considered the safest investments after bank deposits and the major buyers of commercial paper, sent shivers through the global economy. World stock markets lost $2.85 trillion, or more than 6% of their value, in three days. “We did not expect how the Lehman Brothers bankruptcy would transmit through the commercial-paper market and cause all the stress in the money funds,” said David Nason, a former assistant treasury secretary under Paulson. “The oversight may have had something to do with who was at the meetings,“ said Joshua H. Rosner, managing director at New York investment research company Graham Fisher and Co. They were all bankers. “It wasn’t a mistake to let Lehman fail; it was a mistake to let them go without putting foam on the tarmac,” Rosner said. “If they had a variety of stakeholders in the room, those stakeholders would’ve told the regulators they needed to do something about commercial paper.” feedback@livemint.com Sree Vidya Bhaktavatsalam in Newport Beach, California, contributed to this story. Source: World Business - Livemint.com | 11 Sep 2009 | 10:48 am How the markets panicked after the bankruptcy filing New York: Treasury secretary Henry M. Paulson Jr left his suite at Manhattan’s Waldorf-Astoria Hotel on 15 September after a sleepless night, feeling he’d done all he could to minimize the damage from that morning’s collapse of Lehman Brothers Holdings Inc., aides said.  Money fund: Bruce R. Bent, founder and CEO of Reserve Management. Bloomberg At meetings concluded the previous evening at the Federal Reserve Bank of New York, Paulson and executives of the world’s largest financial institutions worked to head off two threats they anticipated in the wake of the biggest bankruptcy in US history. The bankers spent hours trying to unwind Lehman-related credit-default swaps, bets made on whether companies will repay their debts. And with the help of a rule change by Federal Reserve chairman Ben S. Bernanke, they were confident bank-to-bank loans would keep flowing. The general feeling was things were working, said Phillip L. Swagel, Paulson’s assistant secretary for economic policy, who remained in Washington that weekend. Nobody accounted for Bruce R. Bent. The 72-year-old graduate of St John’s University in Queens, New York, created the first money market fund in 1971, the Reserve Primary Fund. He touted it as an investment so safe it would lull clients to sleep—so safe that, even with $785 million (around Rs3,807 crore now) in loans to tottering Lehman, Bent and his wife had jetted to Rome that Sunday evening to celebrate their 50th wedding anniversary. Bent’s $62.5 billion fund had lent money to Lehman, mostly by acquiring short-term notes called commercial paper, used by companies to pay everyday expenses such as utilities and payroll and by Wall Street to fund everything from takeovers to the mortgages it turns into bonds. Money funds like Bent’s are the biggest buyers of commercial paper, purchasing about 40% of outstanding issues, according to the Fed. It was commercial paper and the $3.6 trillion money market industry that traded the notes that came close to sinking the global economy—not a breakdown in credit-default swaps or bank-to-bank lending. The bankers were focused on saving themselves, and commercial paper, as invisible as the air they breathed, never came up at the meetings, according to one of the two dozen executives invited to the New York Fed by its president, Timothy F. Geithner, 48, and Paulson. Like ice-nine, the fictitious substance in Kurt Vonnegut Jr’s novel Cat’s Cradle, a single seed of which could harden all the world’s water, commercial paper was the crystallizing force that froze credit markets, choking off the ability of firms and banks to borrow money and pay bills. That a 158-year-old investment bank with $613 billion in liabilities could go belly up made every institution seem vulnerable. Within hours, investors were yanking money out of funds that just the day before seemed impregnable. The first victim was Reserve Primary. By 1pm on Monday, 15 September, in New York, less than 13 hours after the 12.37am bankruptcy announcement, client demands for immediate cash-outs totalled $18 billion, exceeding a quarter of the fund’s assets. Even more alarming, Reserve Primary’s bank, Boston-based State Street Corp., had quit honouring withdrawal requests. The entire financial system was coming to a grinding halt incredibly rapidly, Robert P. Kelly, CEO of Bank of New York Mellon Corp., the world’s biggest custody bank, recalled in an interview nine months later. “At the time, I don’t think the average American really understood how bad things were.” Just before 2pm on Monday, executives at New York-based Reserve Management Co. concluded that no one was willing to help them raise cash by purchasing their Lehman commercial paper. “Paulson and Bernanke totally f—ed this up,” Reserve chief investment officer Patrick R. Ledford said on a call with three colleagues, according to a transcript of the conversation obtained by the US Securities and Exchange Commission and posted on the agency’s website. “I don’t think they thought this goddamned thing through, to figure out what the rippling effects would be”. Paulson and Bernanke both declined to comment. Michele Davis, Paulson’s assistant secretary for public affairs, defended her boss. Nobody can point to what we could have done differently, Davis said. History will bear it out. In a sign of distress, the yield of overnight commercial paper for top-rated non-financial companies climbed to 3.43% on that Monday, from 2.12% on Friday, 12 September, according to the Fed. It was the biggest one-day jump since the central bank began tracking the statistic in 1997. By the end of the week, $230 billion was gone from the industry, according to Crane Data Llc. The market was frozen, and nobody could buy or sell, said Jack Winters, a retired 33-year veteran of the industry who worked for Federated Investors Inc., Fidelity National Financial Inc. and Lehman. The only bids were low-ball. How do you set prices for securities in that environment? Money funds aim to maintain what’s called a net asset value, or NAV, of $1. That means every dollar an investor puts in is worth at least a dollar at all times. Gains are credited to customers and distributed monthly as cash or new shares. If a fund’s share value drops below $1 because of an investment loss, it’s called breaking the buck. When news that Reserve Primary broke the buck hit the wires at 5.04pm that Tuesday, the race was on. It was already too late for Willard Scolnik, a 78-year-old retired architect in Palm Harbor, Florida. Scolnik was visiting his son Stuart in Washington on 16 September. He was watching a financial news channel a little after 5pm with his son’s dog, Bella, on his lap when he heard that Reserve Primary had fallen below $1. He flipped open his phone and started dialling. Scolnik said his $400,000 in the fund was earmarked for living expenses and a lung transplant for his other son, David. “My reason for being with Reserve Primary was they were supposed to be conservative, and they told us that we could sleep well knowing they would do nothing to cause us any pain,” Scolnik said of the fund. So, big shock. By late Thursday night, the Treasury and Fed were ready to stop the carnage. The next morning, 19 September, the government announced a temporary guarantee for money market funds, a $50 billion insurance programme that backed all shares. The backstop remains in effect through 18 September. Though his son David’s health has deteriorated, Scolnik said he hasn’t yet needed a lung transplant. Scolnik is suing to recover the $50,000 he didn’t get back after Reserve liquidated its assets. “It makes me feel awful, vulnerable, he said. Next time I won’t trust anyone.” feedback@livemint.com Christopher Condon in Boston contributed to this story. Source: World Business - Livemint.com | 11 Sep 2009 | 10:48 am Asian stocks advance on China economy data; Japan shares fallTokyo / Sydney: Asian stocks rose and the MSCI Asia Pacific Index had its biggest weekly advance since July after Chinese economic data beat economist estimates. Japanese shares dropped on a worse-than-expected economic growth report. Poly Real Estate Group Co., China’s second largest developer by market value, advanced 3.7% in Shanghai after government reports showed industrial production and investment growth accelerated. CNOOC Ltd, China’s third biggest oil company, rose 2.2% in Hong Kong as crude oil rose to the highest in more than a week. Dentsu Inc., Japan’s largest advertising agency, dropped 2.7% after the government revised economic growth figures lower and the yen strengthened. The MSCI Asia Pacific Index added 0.2% to 117.46 as of 5.38pm in Tokyo. It rose 4.1% in five days, the most since the week ended 24 July. The gauge has surged 60% in the past six months as economies recovered from the first global recession since World War II. There’s a lot of expectation priced in after the recent rally, said Matt Riordan, who helps manage about $4.1 billion (around Rs19,885 crore) at Paradice Investment Management in Sydney. Still, the economic data globally and earnings have tended to surprise on the upside. China’s Shanghai Composite Index rose 2.2%, while Hong Kong’s Hang Seng Index added 0.4% after the Chinese statistics bureau said industrial production increased 12.3% in August from a year earlier. Japan and India were the only Asian markets to drop. The Nikkei 225 Stock Average lost 0.7%. Futures on the Standard and Poor’s (S&P) 500 Index slipped 0.1%. Treasurys declined, sending the yield on the 10-year note up by 2 basis points, before an industry report that economists predict will show US consumer confidence improved for the first time in three months. The S&P 500 added 1% on Thursday after the labour department reported the number of Americans filing first-time claims for unemployment benefits dropped more than economists had estimated. Treasury secretary Timothy Geithner also said the government is preparing to withdraw some of its support for financial markets. China’s Premier Wen Jiabao signalled he will maintain unprecedented government spending because China’s economic rebound is unstable. The Shanghai Composite Index has climbed 64% this year amid surging loan growth. The climb in August industrial production was higher than the 10.8% increase the previous month and beat the 11.8% estimate of economists surveyed by Bloomberg. Urban fixed-asset investment for the 8 months to 31 August rose 33%. Economists in the survey expected 32.7%. The MSCI Asia Pacific climbed for a sixth straight month in August, the longest stretch of gains since the 10 months ended July 2007. Stocks on the gauge are priced at an average 1.6 times book value, up from 1 at the index’s low in March, according to Bloomberg data. Greater-than-expected profit reports have fuelled the rally. Among the 642 companies on the MSCI Asia Pacific Index that reported quarterly net income in the past two months, 35% have beaten analyst estimates, while 21% have missed. Stocks also fell as the yen strengthened to 91.24 versus the dollar, the highest since February, depressing the local value of Japanese firms’ overseas sales. feedback@livemint.com Source: Home - Livemint.com | 11 Sep 2009 | 10:42 am Selling the India story to investors, Kotak styleKotak Investment Banking is holding a conference to woo foreign investors into India. In an interview to CNBCTV18, Kotaks Executive Director MA Sourav Mallik said the perception over India had changed since the beginning of the year.Source: Moneycontrol Top Headlines | 11 Sep 2009 | 10:27 am GM, Chinese partner may tap IndiaShanghai: US automaker General Motors Corp., or GM, and Chinese partner SAIC Motor Corp. are considering making mini-vehicles together in India because of demand for low-cost automobiles, according to two people familiar with the discussions. The firms may draw on Wuling mini-vehicle technology, said the people, who did not want to be identified. SAIC-GM-Wuling Automotive Co., China’s largest mini-van maker, is owned by GM, SAIC and Liuzhou Wuling Motors Co. The potential in India is great and small cars are popular there and it will be good investment for both companies for the long term, said Liu Lixi, a Shanghai-based analyst of Northeast Securities Co Ltd. Ford Motor Co., the only major US automaker to stay out of bankruptcy, said it will start producing a small car in India next year to be sold in the country and exported. Rising disposable incomes in India may more than double car sales to three million annually by 2015. Tata Motors Ltd, the Mumbai-based automaker, plans to increase production of the Nano. SAIC spokeswoman Zhu Xiangjun declined to comment. Global automakers have turned to emerging markets, such as China and India, for growth while sales in their home markets have slumped. Passenger car sales in India rose 26% in August, while they surged 90% in China. China government’s stimulus measures have helped double sales at Shanghai General Motors Co. Ltd, GM’s passenger car venture with SAIC Motor, to 63,303 in August. Sales of Wuling minivans more than doubled to 88,711 during the month. Source: Home - Livemint.com | 11 Sep 2009 | 10:13 am See capital infusion of Rs 700cr in H2: Central BankCentral Bank\'s present quarter will not be as good as last one in terms of treasury income, says its CMD S Sridhar. \"As far as the other income is concerned, I dont think it would be that much of a difference,\" he said.Source: Moneycontrol Top Headlines | 11 Sep 2009 | 10:10 am GE Hitachi in talks with India on 6 nuclear unitsLONDON (Reuters) - GE Hitachi Nuclear Energy said on Friday it was in talks with India's state-owned nuclear power body to build at least 6 nuclear reactors.Source: Reuters: Money News | 11 Sep 2009 | 10:02 am Sterlite wins Asarco bid, topping Grupo Mexico by almost 3%Mumbai: Nonferrous metals and mining firm Sterlite Industries (India) Ltd, locked in a bidding war for more than a year with Grupo Mexico SAB for bankrupt Asarco Llc, topped its rival’s offer for the US copper miner by almost 3%. The offer was increased to $2.57 billion (Rs12,465 crore) in cash from $2.14 billion, Mumbai-based Sterlite, said in a statement to the National Stock Exchange.  Planning ahead: Vedanta Resources chairman Anil Agarwal. Indranil Bhoumik / Mint. Prices of the metal doubled this year on rising Chinese demand and optimism the US economy will recover. Copper for three-month delivery rose as much as 1.5% to $6,390 and traded at $6,370.25 a tonne at 6am in London. Sterlite and its UK-based parent Vedanta Resources Plc are among miners that benefited from the rally. “Vedanta wants to invest $20 billion to increase metal and power production and buy Asarco, for which it first bid in May 2008,” founder Anil Agarwal said in July. Sterlite shares fell as much as 4.8% to Rs729.20 and ended at Rs746.20 on NSE on Friday. Grupo Mexico closed Mexico City trading at 23.08 pesos, up 0.3%. Sterlite’s American depository receipts rose 1.9% to $15.70 at close of trade on Thursday in New York. Grupo Mexico secured court recommendation on 31 August to be allowed to regain control of Asarco. US bankruptcy judge Richard Schmidt sent his recommendation to a district court judge who will make the final decision on Asarco, at least five years after the company filed for bankruptcy. US district judge Andrew Hanen said in court he plans to make his decision by the end of November. Schmidt, in Corpus Christi, Texas, compared competing plans from Grupo Mexico and Sterlite that each promised to fully repay creditors who claim to be owed $3.62 billion. Grupo Mexico’s plan was the better of the two, Hanen said. Asarco, the third largest producer in the US, owns mines that hold around five million tonnes of copper resources. It produced 237,000 tonnes of copper last year. Source: World Business - Livemint.com | 11 Sep 2009 | 9:44 am Sterlite\'s new Asarco bid to be 1517% EPS accretive: IIFLSterlite has confirmed to CNBCTV18 that they indeed have raised their bid for Asarco. Bijal Shah, VP Research of IIFL said that the deal would still be EPS accretive in FY11 to the extent of 1517%.Source: Moneycontrol Top Headlines | 11 Sep 2009 | 9:43 am Industry will grow, says finance ministerFinance Minister Pranab Mukherjee said the positive growth in the Indian industry will continue in the next few months, but it may fail to compensate for the shortfall in exports.Source: IndiaeNews.com: Business News | 11 Sep 2009 | 9:02 am Biocon, US firm to jointly make drug for diabetesIndia's biotech major Biocon Friday entered into a strategic tie-up with the US-based Amylin Pharmaceuticals to jointly produce a peptide hybrid molecule for treating diabetes.Source: IndiaeNews.com: Business News | 11 Sep 2009 | 9:02 am India's industrial output up 6.8 percent, Mukherjee upbeatFurther signs of recovery in India's industry emerged Friday with the latest official data indicating a 6.8 percent growth in July over the like month last year.Source: IndiaeNews.com: Business News | 11 Sep 2009 | 9:01 am Volkswagen says it will invest 4 billion euro in ChinaBerlin: Europe’s biggest automaker Volkswagen said on Friday it planned to invest €4 billion ($5.8 billion) to boost its presence in China over the next three years. Volkswagen said that the money would be invested in new products and in increasing its manufacturing capacity, with production at its Nanjing plant set to increase to 300,000 units per year and at Chengdu to 350,000 by 2012. “China is one of Volkswagen’s most important markets worldwide,” chief executive Martin Winterkorn said in a statement. “Demand for our products is growing so fast that our capacity is no longer sufficient.” “We expect to achieve double-digit growth in China this year and to secure our market leadership going forward,” said Winfried Vahland, head of Volkswagen China. He added that Volkswagen was “well on the way” to meeting its target of doubling its yearly vehicle sales in China to two million units per year sooner than its original 2018 target. In the first six months of 2009, Volkswagen sold 650,000 vehicles in China, 22.7% more than in the year-earlier period, it said. Source: World Business - Livemint.com | 11 Sep 2009 | 8:13 am No plan to sell stake in Great Offshore: VideoconVideocon does not have any plan to sell its 3% stake in Great Offshore. ABG Shipyard and Bharati Shipyard have been involved in a heated battle to take over control of Great Offshore and if Videocon decides to sell its stake to either party, it could be crucial for them.Source: Moneycontrol Top Headlines | 11 Sep 2009 | 8:02 am Factory output strength adds to rate rise caseNEW DELHI (Reuters) - Indian industrial output grew for a seventh month in July, adding to signs of economic upturn and the case for an interest rate rise early in 2010, although weak exports and a poor monsoon remained risks to growth.Source: Reuters: Money News | 11 Sep 2009 | 7:58 am HSBC on track to lend 15 bn pounds to UK homeownersLondon: HSBC Holdings, Europe’s biggest bank, said it expects to fulfil its plan to lend £15 billion ($25 billion) to UK homeowners this year, up by a fifth from 2008. HSBC has said it will increase lending to UK homeowners this year to increase its mortgage share as rivals retreat due to pressure on their balance sheets. Its UK gross mortgage lending was £6.7 billion in the first six months of the year, with net lending of £4.2 billion. “At the beginning of the year we said we had an appetite for £15 billion of mortgages, and in the fist half we took on about 40% of that and our anticipation is that subject to demand we would use up that 15 billion appetite,” Stephen Anderson, chief risk officer for HSBC in Europe, told analysts on Friday. He said the bank’s “conservative and cautious principles” would remain, however, citing its own origination of mortgages and low loan-to-value average. HSBC is easily Britain’s biggest bank by market value, but has a modest share of the domestic mortgage market. It was the sixth biggest lender last year and ranked seventh for outstanding mortgages balances at end-2008, with £50.5 billion of loans, representing a 4.1% market share, according to Council of Mortgage Lending data. Anderson, speaking at a presentation to analysts on managing risk, said there were signs of stability in its UK unsecured loan book, after a rise in impairments in recent years. “Broadly we see signs of stabilisation but it’s far too early to say there could not be further deterioration if unemployment goes through faster than expected or if interest rate rises come through,” he said. Brian Robertson, HSBC’s chief risk officer, said returns across the industry will reduce and bank models will shift as lenders face pressure to hold more capital at local subsidiaries as well as group level. “The regulator in Mexico wants us to have more capital in Mexico, even though we are capitalised at 10, 11 or 12% in Mexico,” Robertson said. “They think we should possibly have more capital ... and that’s the view of the regulatory community around the world, they each wish to protect their own banking system,” he added. Source: World Business - Livemint.com | 11 Sep 2009 | 7:50 am Volkswagen in talks with Malaysian automaker over production jvKuala Lumpur/Hamburg: German carmaker Volkswagen is exploring the possibility of building cars in Malaysia with local automaker Proton Holdings. “In May, Volkswagen agreed to assemble vehicles with a local partner in Indonesia in what was a first step to expand our activities in the Asean market,” a VW spokesman said on Friday. “Over the long term, these investments in Indonesia are not sufficient to serve the entire Asean market. Local production in Malaysia is therefore a further option in this strategy.” The spokesman said no decision had been taken. Proton was not available for comment. Malaysian newspaper Star reported the partnership talks were not expected to see VW take a stake in Proton, a move it tried before. Instead, the two are considering assembling cars for VW at Proton’s plant in Tanjung Malim in northeastern Perak state. Proton shares have risen 17% in the past week on speculation the company, whose market share has fellen in recent years, was close to securing a foreign partner. VW, which believes the 10-member Asean region offers “enormous” growth potential, attempted twice to form a strategic alliance with Proton as early as 2004 only to see talks break down in November 2007. Seeking another way to get a foothold in the region, VW decided to begin building Tourans in Indonesia after teaming up with Indomobil Group, the country’s largest auto company and parent to Volkswagen’s exclusive Indonesian distributor PT Garuda Mataram Motor. Efforts to serve the Asean market are complicated by big differences between markets, with Thais mainly buying pick-ups, while MPVs are popular in Indonesia and motorbikes in Vietnam. Furthermore, import duties of up to 100% for vehicles coming from the EU allow sustained growth only through local assembly. Rewards for successful entry into the market could be significant, with 570 million people living in the Asean realm where car ownership is a fraction of that in western nations. Instead of the 500 cars per 1,000 inhabitants in countries like Germany, there are only 49 in Indonesia or 146 in Thailand by comparison, an industry body said last month. Source: World Business - Livemint.com | 11 Sep 2009 | 7:27 am India rupee snaps 2-day slide; up 0.9 pct on week - Reuters India
Source: Business - Google News | 11 Sep 2009 | 7:09 am PSL says US\' import duty on pipes a positiveThe US import duty is a positive for PSL and may not impact Indian exporting companies,\" Ashok Punj of PSL said.Source: Moneycontrol Top Headlines | 11 Sep 2009 | 6:20 am Motorola launches Google’s Android based handsetNew Delhi: Amid fierce competition in the fast growing handset market, US-based mobile phone maker Motorola on Friday announced the launch of its new device Motorola CLIQ, which will run on Google’s Android operating system. The development is being seen as a step towards breaking the monopoly of global software giant Microsoft, whose Windows operating system is used in most of the high-end devices. The CLIQ is the first touch screen Android device from the stable of the US firm which is witnessing sagging revenues amid steeper competition from handset majors like Apple’s iPhone, Windows based devices and Nokia. The phone would be compatible to 3G and Wi-Fi services. Though the company did not talk as to when the device will hit the Indian shores, it is expected that the phone will be available across the globe from the fourth quarter. Android is a Linux-based operating system for mobile devices that was introduced in November last year. It allows developers to write managed code in the Java language, controlling the device via Google-developed Java libraries. With the CLIQ, Motorola would also debut its application called MotoBlur which allows users to synchronise their contacts, posts, feeds, messages, e-mails and photos from sources as diverse as Facebook, Twitter, MySpace, Gmail, corporate e-mail and have them appear on the device’s screen, Christy Wyatt, Vice-President, Software Platforms and Ecosystem, Motorola Inc said. Source: Tech News - Livemint.com | 11 Sep 2009 | 4:57 am Delta in talks to take big stake in Japan AirlinesTokyo: Delta Air Lines, the world’s biggest carrier, is in talks to invest in Japan Airlines Corp (JAL) and become its top shareholder, public broadcaster NHK said on Friday. A JAL spokesman declined to comment on the report, which said Delta was in talks to invest several tens of billions of yen in Asia’s largest airline by revenue. JAL is forecasting a net loss of ¥63 billion ($692 million) for the year to March, hit by the global economic slump. It has been rushing to sell assets and slash costs after earlier this year securing a ¥100 billion credit line backed by the government. The deal requires it to take drastic restructuring measures under state supervision. Source: World Business - Livemint.com | 11 Sep 2009 | 4:12 am
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