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Unitech Wireless set to launch by Dec 2009Unitech Wireless, in which Telenor recently bought a majority stake, is on track for launch in OctoberDecember this year. The company has more that 900 employees on board with more than 1,200 shortlisted distributors.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 8:12 am Saving Lehman wouldn\'t have averted crisis: Nouriel RoubiniThe man who foresaw the economic crisis, Nouriel Roubini, says the crisis could not have been averted even if the US government had saved Lehman Brothers from collapsing. Lehman Brothers was a symptom and not the cause of the problem, Roubini said, adding that the crisis started two years before Lehman.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 7:47 am Mah Satyam update: 15 deals worth $50mn in frayMahindra Satyam now seems to be back on track with the new CEO CP Gurnani taking charge. The company says, it has added 32 clients since May with just a handful of clients moving out. It is chasing deals in the USD 50 million bracket, says the company, adding that over 15 USD 50 million deals are in contention.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 7:44 am Tyre spat shouldn`t hurt US ties: China!China tried on Tuesday to allay fears of a trade war with Washington over tire tariffs, saying it will press a World Trade Organisation case against new US duties but wants to avoid harming relations.Source: Zee News : Business | 15 Sep 2009 | 6:56 am Total SA pulls out of USD 10 bn petrochemical project in AP!After India-born billionaire Lakshmi N Mittal, French oil major Total SA has pulled out of the planned USD 10 billion refinery-cum-petrochemical project at Vizag in Andhra Pradesh.Source: Zee News : Business | 15 Sep 2009 | 6:56 am Indian coffee planters profit from higher global prices!Indian coffee planters have never had it so good as their aromatic beans continue to fetch higher prices, with the global meltdown having marginal impact on the consumption of the brew.Source: Zee News : Business | 15 Sep 2009 | 6:56 am Sensex rises 114 pts in opening trade!The Bombay Stock Exchange benchmark index Sensex recovered by 114 points in opening trade on Tuesday after yesterday`s fall on buying by fund and retail investors driven by firming trend in global markets.Source: Zee News : Business | 15 Sep 2009 | 6:56 am US looking at selling Citi shares: Report!The US Treasury Department is talking to Citigroup Inc about how to sell the roughly one-third stake the govt acquired as part of its bailout of the bank, a news agency reported, citing people familiar with the matter.Source: Zee News : Business | 15 Sep 2009 | 6:56 am World wealth down 11 percent, fewer millionaires!The 2008 global recession caused the first worldwide contraction in assets under management in nearly a decade, according to a study that found wealth dropped 11.7 percent to USD 92.4 trillion.Source: Zee News : Business | 15 Sep 2009 | 6:56 am IOC may shell out 1,100 cr to buy 5% stake in Oil India!Indian Oil Corp will buy one crore equity shares or five percent stake in Oil India Ltd before the PSU explorer gets listed on the bourses later this month.Source: Zee News : Business | 15 Sep 2009 | 6:56 am Shipping Ministry favours divestment in Cochin Shipyard!The Shipping Ministry supports the Department of Economic Affairs` move to divest government equity in state-run Cochin Shipyard, the largest shipping and ship repair yard in India, a top ministry official said on Tuesday.Source: Zee News : Business | 15 Sep 2009 | 6:56 am OVL, partners drop plans to develop oil field in Iran!ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd have dropped plans to develop an oil field in Iran after the discovery was found to be commercially unviable.Source: Zee News : Business | 15 Sep 2009 | 6:56 am Lessons of financial crisis being ignored: Obama!US President Barack Obama warned financial firms on Monday to heed the lessons of Lehman Brothers` collapse a year ago and get behind a regulatory overhaul he wants Congress to pass this year.Source: Zee News : Business | 15 Sep 2009 | 6:56 am Corporates\' advance tax payments rise in Q2Based on their profitability estimates, companies pay advance tax every quarter. Nineteen companies have so far declared their Q2FY10 advance tax numbers. All the companies have registered a rise in their advance tax payouts.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 6:50 am Glenmark to raise more funds via stake sale in generic armGlennmark Pharmaceutical has raised Rs 413.56 crore via qualified institutional placements through the issue of over 1.87 crore shares. The Pharma has no plans to raise any further equity capital in the parent company but would be raising capital via stake dilution Glenmark generics for further debt repayment.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 5:43 am Lakshmi Vilas Bk to raise Rs 265cr via rights, stk up 9.5%Lakshmi Vilas Bank plans to raise Rs 265 crore via a rights issue, says its Managing Director VS Reddy. \"We are also looking at raising Rs 100 crore via tierII bonds.\" However, he adds, \"We will have no further equity issuance this year.\"Source: Moneycontrol Top Headlines | 15 Sep 2009 | 5:20 am QIP funds to aid repay debt, invest in game biz: Delta CorpDelta Corp QIP proceeds will help in repayment of debt and building the gaming business, says its Director and Chairman Jaydev Mody. \"Half of the revenues will come from real estate and the remaining from the casinos business going forward.\"Source: Moneycontrol Top Headlines | 15 Sep 2009 | 4:59 am BSE Sensex provisionally rises 1.5 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 1.48 percent on Tuesday, led by gains in Reliance Industries and ICICI Bank on expectations for stronger quarterly earnings.Source: Reuters: Money News | 15 Sep 2009 | 4:17 am Equities end sharply higher; Nifty shies away from 4900 - Economic Times
Source: Business - Google News | 15 Sep 2009 | 4:16 am Regulator may not approve MTN, Bharti deal by year-end - Reuters India
Source: Business - Google News | 15 Sep 2009 | 4:10 am Altamount eyes $200 mn from India’s super richMumbai: Indian multi-family office Altamount expects assets under supervision to double to Rs10 billion ($206 million) in six months as it taps the growing rich as well as non-resident Indians, a top aide said. Multi-family offices are wealth management firms that normally tap rich with investable funds of $30 million or more. Altamount, which launched India operations in February, is eyeing clients with at least $15 million in investable assets. Richa Karpe, a director at Altamount Capital, told Reuters in an interview the firm had signed seven families so far to advise on assets worth Rs5 billion, and was in talks with several others who could bring in about Rs30 billion. “We are looking to close Rs1,000 crore (Rs10 billion) and with about 15 families in the next six months,” Karpe said. “Traction for this service is definitely there and whoever we have presented to have really liked the concept... We have a pipeline of 3,000 crore,” the Mumbai-based executive said. Altamount will soon start an office in India’s capital New Delhi and has plans to set up shop in London and Dubai with an eye on a large number of wealthy non-resident Indians. Karpe said global financial crisis had added to the allure of the multi-family offices as they are seen independent and have performed relatively better than traditional wealth managers, many of whom are accused of selling toxic investments to rich. The steep losses have raised demand for better advice and transparency, and multi-family offices, who do not manufacture products but charge a fee of 50-100 basis points of the assets under supervision for their advice, are gaining, Karpe said. In India, the number of wealthy fell by nearly a third to 84,000 in 2008, the fastest drop in the world after Hong Kong, as a 52% slump in domestic shares hurt the net worth of individuals, according to a Merrill Lynch/Capgemini report. By comparison, the world’s rich lost a fifth of their wealth in 2008. Their number fell 15% as the crisis wiped out two years of growth, the report said. Their wealth dropped below 2005 levels to $32.8 trillion. “Internationally, there has been a lot of flow of money back to family offices,” Karpe said. Industry studies estimate that single-family offices worldwide manage upward of $3 trillion. Multi-family businesses run by banks and other institutions have about $350 billion in assets, according to consulting firm Cerulli Associates. A rebound in Indian shares, which has more than doubled from a low hit in early March, is also helping wealth managers attract clients. Source: Home - Livemint.com | 15 Sep 2009 | 3:57 am JAL to cut 6,800 jobs, pursue tie-upTokyo: Japan Airlines (JAL) said on Tuesday it would slash 6,800 jobs and pursue a tie-up with a foreign carrier in an effort to return to profit in the face of severe turbulence unleashed by the global recession. The job cuts, which will shrink JAL’s workforce by 14%, are part of an emergency restructuring plan being prepared by Asia’s largest carrier, which is seeking financial aid from the government. “The personnel reduction cannot wait,” president Haruka Nishimatsu told reporters after briefing a government panel on the planned revamp. “The world is changing, and we have to adjust our size. It’s easy to expand, but it’s extremely difficult to downsize,” he said. JAL, which lost more than $1 billion in the April-June quarter, has already slashed thousands of jobs in recent years. Nishimatsu said JAL aimed to seal a tie-up with an overseas carrier by mid-October, without naming any potential partners. According to local media, Delta Air Lines and American Airlines’ parent company are both interested in taking stakes in the Japanese group. Delta is part of the SkyTeam global airline alliance, while JAL and American Airlines belong to the rival Oneworld grouping. The Nikkei business daily reported over the weekend that JAL aimed to raise around 250 billion yen ($2.7 billion) by March next year by taking out loans and selling new shares and other assets. The Japanese airline announced last month a drastic reduction in flight services as it braces for a second straight year in the red, hit by the global economic downturn and swine flu fears. Industry experts said the downsizing would give JAL some breathing space but would not cure all its ills. “Of course, cuts to unprofitable routes and personnel are necessary, but they won’t solve JAL’s recurring problems,” said Makoto Murayama, a transport analyst at Nomura Securities. He said it was imperative for the company to reduce the burden of generous pensions payments to its retired workers. JAL has forecast a net loss of 63 billion yen in the year to March 2010, after a 63.2 billion yen deficit last year. It has had a troubled record since its 1987 privatization and a complex merger with domestic carrier Japan Air Systems which was finally completed in. Source: World Business - Livemint.com | 15 Sep 2009 | 3:53 am HSCI launches 2 variants of Honda City - Business Standard
Source: Business - Google News | 15 Sep 2009 | 3:47 am Asian Currencies Gain on Signs Recovery May Spur Rate Increases - Bloomberg
Source: Business - Google News | 15 Sep 2009 | 3:46 am Mirc Electronics sees revs of 20 bln rupees in FY10MUMBAI (Reuters) - Mirc Electronics Ltd, which sells consumer electronic products under the Onida brand, expects revenues worth 20 billion rupees in FY10 compared with around 16 billion rupees last year, a senior official said.Source: Reuters: Money News | 15 Sep 2009 | 3:43 am No sweet memories for former Lehman employeesMUMBAI (Reuters) - A year after Lehman Brothers collapsed, Indians who used to work in the once prestigious Wall Street investment bank are reliving the shocking memories of Black Monday.Source: Reuters: Money News | 15 Sep 2009 | 3:39 am Nifty surges; JSPL, DLF, Hero Honda, Sterlite up 3-7% - Moneycontrol.com
Source: Business - Google News | 15 Sep 2009 | 3:34 am BBC mulls sale of some part of Worldwide arm: reportLondon: Broadcasting major BBC is considering putting on the block some part of its commercial arm, BBC Worldwide, in a move following a review of its operations, says a media report. In an interview to The Guardian, BBC’s director general, Mark Thompson said the executives were considering the “part- privatization” of BBC Worldwide. The options under consideration for divestment include a stock market listing of BBC Worldwide business, which had annual revenues of about £1 billion last year. “One of the things we should look at over this period is whether 100% ownership of Worldwide is essential going forward,” Thompson said. According to the publication, BBC would keep control of the commercial arm, which publishes magazines and licences merchandise from popular programmes such as Top Gear. BBC Worldwide also sells the rights to popular shows such as Strictly Come Dancing to international buyers. The report also said BBC Worldwide has been in talks with rival broadcaster Channel 4 about a potential joint venture, however, the idea of the sale of the business has not been initiated before. Thompson stressed that the corporation was looking at a “whole range of things” including offering a stake to a rival broadcaster or even an international partner. Such a move would end speculation that Worldwide could merge with Channel 4 to create a rival state-funded organisation. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 3:34 am Tirupati laddoo gets geographical copyrightNew Delhi: ‘Tirupati laddoo’ offered to devotees at the Lord Venkateswara Temple in Andhra Pradesh has been awarded geographical copyright that bars others from naming or marketing the sweetmeat preparation under the same name. The Tirumala-Tirupati Devasthanams, a trust that administers the Venkateswara Temple in the Tirumala hills, had applied for Geographical Indication (GI) with the Chennai- based Geographical Indication Registry in March last year. “The GI certificate for Tirupati laddoo has been granted to the trust (TTD). The laddoo is now protected under law and nobody can copy it,” G.L. Verma, assistant registrar of Trade Marks and GI, told PTI from Chennai. Under GI, the right to marketing a product is tied to a definite geographical territory and the manufactured goods should be produced or processed or prepared in that territory. Popular items that have been granted GI tag world over include Champagne and Tequilla, and the procedure helps in preventing others from surreptitiously exploiting a brand name that has evolved over a period of time. The GI status provides legal protection and facilitates for action in case of infringement. GIs are covered as an element of Intellectual Property Rights. P.H. Kurian, controller-general of Patents, Designs, and Trade Marks, also confirmed granting of GI status to Tirupati laddoo. TTD, however, couldn’t be reached for comments. Tirupati Laddoo is the popular name for Sri Vari Laddoo that is offered as ‘prasadam´ (sacred food) to the devotees after they worship Lord Venkateswara. “The size and flavour are typical characteristics of Tirupati laddoo. Tirupati laddoos are not produced anywhere in the world and are very unique in terms of quality, reputation and other characteristics, which go into its making,” TTD had claimed in its application. Primarily there are two types of laddoos -- small and big. A small laddoo weighs about 174 grams, whereas the big ones weigh between 700 and 720 grams. In the past, GI tag has been awarded to a number of Indian products or goods including Darjeeling Tea, Madhubani Paintings and Goa Feni. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 3:34 am BBC mulls sale of some part of Worldwide arm: reportLondon: Broadcasting major BBC is considering putting on the block some part of its commercial arm, BBC Worldwide, in a move following a review of its operations, says a media report. In an interview to The Guardian, BBC’s director general, Mark Thompson said the executives were considering the “part- privatization” of BBC Worldwide. The options under consideration for divestment include a stock market listing of BBC Worldwide business, which had annual revenues of about £1 billion last year. “One of the things we should look at over this period is whether 100% ownership of Worldwide is essential going forward,” Thompson said. According to the publication, BBC would keep control of the commercial arm, which publishes magazines and licences merchandise from popular programmes such as Top Gear. BBC Worldwide also sells the rights to popular shows such as Strictly Come Dancing to international buyers. The report also said BBC Worldwide has been in talks with rival broadcaster Channel 4 about a potential joint venture, however, the idea of the sale of the business has not been initiated before. Thompson stressed that the corporation was looking at a “whole range of things” including offering a stake to a rival broadcaster or even an international partner. Such a move would end speculation that Worldwide could merge with Channel 4 to create a rival state-funded organisation. Source: World Business - Livemint.com | 15 Sep 2009 | 3:34 am Oil rises to $69; position limit fears cap gainsLONDON (Reuters) - Oil rose towards $69 a barrel on Tuesday, lifted by a weaker dollar and an expected draw in U.S. crude stocks, but concerns that a major U.S. exchange will increase enforcement of position limits capped gains.Source: Reuters: Money News | 15 Sep 2009 | 3:29 am HCL Info to raise up to Rs820 crore via QIPMumbai: IT hardware provider HCL Infosystems Ltd plans to raise up to Rs820 crore by October through sales of shares and warrants, its chairman said on Tuesday. Ajai Chowdhry said the firm would garner up to Rs500 crore by placing shares with qualified institutional investors and a further Rs320 crore by issuing warrants to promoters. The warrants would be issued by the first week of October, while the share sale would take 4-5 weeks, Chowdhry told a news conference. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 3:29 am SAfrica regulator may not approve MTN, Bharti deal by yr-endCAPE TOWN (Reuters) - South Africa's communications regulator said on Tuesday it was unsure if mobile phone group MTN's proposed tie-up with Bharti Airtel would get approval before the end of the year.Source: Reuters: Money News | 15 Sep 2009 | 3:19 am GAIL signs pact with Kerala for developing gas infra - Business Standard
Source: Business - Google News | 15 Sep 2009 | 3:16 am Oil India issue price set at Rs1,050: sourceMumbai: Shares in state-run explorer Oil India were priced at Rs1,050, the top end of its IPO range, and will be listed on 1 October, a source familiar with the situation said. PTI quoted Oil India’s chairman saying the company’s shares will be listed on 30 September. The PTI report said the shares were priced at Rs1,050. A spokesman for Oil India was not immediately available. The company’s $570 million IPO was subscribed nearly 31 times, quelling fears investor appetite for new offerings had waned in the wake of a tepid market debut for two recent big listings. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 3:16 am Aluminium demand seen up in 09-10: FIMIMumbai: The aluminium demand growth is expected to accelerate to 4-5% this year from 3% last year, helped by the power, auto and construction sectors, a top official at the Federation of Indian Mineral Industries (Fimi) said. Aluminium consumption was likely to be more than 1.2 million tonnes in 2009-10 (April-March) up from last year’s 1.15 million tonnes, said A.K. Sharma, chairman of the standing committee for non-ferrous minerals and industries at Fimi. “People are purchasing the metal even at higher prices, which shows demand is there,” Sharma said in a phone interview late on Monday. “The auto sector worldwide is picking up. In India also demand is strong from transport, plus construction and power sectors,” Sharma said. Indian demand expanded at 7 to 8% in 2007-08 but then slowed in 2008-09, said Sharma, who is also the director of production at state-run National Aluminium Co Ltd (Nalco). India produced 1.35 million tonnes of aluminium in 2008-09, a small share of global production of 40.16 million tonnes. Nalco, the third-largest aluminium producer, is expanding the capacity of its smelter in the eastern state of Orissa to 460,000 tonnes by December, although it would take a year for actual production to be increased to that level, Sharma said. In 2009-10, Nalco is aiming for output of 435,000 tonnes, a 20% jump from 361,262 in 2008-09, which he said would be used to meet local demand and exports. “We already have about 80,000 tonnes committed for exports. Our aim is to export 100,000-120,000 tonnes by the end of year,” Sharma said. Nalco has launched aluminium billets and rolled products for export that have just started to be purchased by Singapore, Dubai and Sri Lanka. “We wanted to introduce these in the foreign market to get some capability outside,” he said. Nalco would float global tenders for the billets and rolled products in addition to alumina, aluminium ingots and aluminium sows it already exports, Sharma said. The company’s exports are small, but its selling prices are seen as a benchmark in the international market. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 3:11 am Oil India issue price set at Rs 1050; to raise Rs 2772 cr - Economic Times
Source: Business - Google News | 15 Sep 2009 | 3:10 am Regulator may not approve MTN, Bharti deal by year-endCapetown: South Africa’s communications regulator said on Tuesday it was unsure if mobile phone group MTN’s proposed tie-up with India’s Bharti Airtel would get approval before the end of the year. “I am not too sure (if approval will granted by year-end),” Paris Mashile, chairman of the Independent Communications Authority of South Africa (Icasa), told Reuters. “Until such time they bring in all the documentation and facts and everything, we look at it in terms of the licensing conditions of MTN, it is then that we will engage MTN.” The deal, which would create the world’s third-largest mobile group by subscribers, is subject to an end-September deadline. But the two companies have extended talks twice before, and a person with direct knowledge of the matter said on Monday it was possible the talks could be further extended by a few days into October. MTN and Bharti were involved in similar talks last year but failed to reach an agreement, leading to negotiations being called off. Bharti has increased the cash component of its offer for a 49% stake in MTN to $10 billion from a proposed $7.6 billion, two people familiar with the matter said last week. On top of that, Bharti would pay $4 billion in stock for a total package of $14 billion, 7% more than the earlier $13 billion proposed deal. Source: Home - Livemint.com | 15 Sep 2009 | 3:07 am Telenor affirms 2009 targets, eyes dividendsOslo: Norwegian telecom company Telenor kept its main targets for 2009, and said it would seek to resume paying dividends from the 2010 financial year and that price pressure continued on its mobile markets. Telenor, which has operations in 13 countries in Europe and Asia, affirmed on Tuesday its 2009 guidance for an EBITDA margin of around 34% and steady 2009 revenues compared to 2008. Its shares were up 0.2% at 62.65 crowns by 0718 GMT while the DJ Stoxx Telecom Index was up 0.3%. Telenor said its medium-term ambitions were “to keep or improve revenues, boost cash flow margins and deliver according to plan” its India roll-out, in presentation material for its Capital Markets Day. “The financial crisis has led to change—the focus on operational performance has become much more important in our industry ... so we can be ready when things start moving again,” chief executive Jon Fredrik Baksaas told investors and reporters in Telenor’s headquarters on the outskirts of Oslo. Telenor said market trends impacting its business pointed to “growth in voice but at a slower pace, growing demand for mobile data access and services (and) continued price pressure”. In India, its latest venture whose large cost forced Telenor to stop paying dividends, the Norwegian company repeated that it expected an EBITDA breakeven about three years after launch and operating cash flow breakeven five years after launch. Telenor expects to begin offering mobile services in India in late 2009. Telenor said it aimed to resume its dividend policy from financial year 2010, distributing some 40-60% of normalised net income and aiming for nominal increases in payouts. It saw little room for share buybacks in the mid-term. Telenor said its next court case in Russia was on 30 September, when its appeal hearing of the Farimex case will be heard. Telenor lost another round of its Russian legal battle against tiny Vimpelcom investor Farimex in August, when a Moscow appeals court rejected its latest attempt to delay the enforcement of a $1.7 billion Siberian court fine levied on the Norwegian company for allegedly blocking Vimpelcom’s expansion. The company faces the prospect of losing its stake in Vimpelcom after Russian bailiffs in June ordered the sale of its shares to cover the fine. The case is being watched as a sign of how foreign investors are treated in Russia. Source: Home - Livemint.com | 15 Sep 2009 | 3:07 am JAL CEO: may pick Delta, American if open-sky agreedTOKYO (Reuters) - Japan Airlines Corp's chief executive officer said the loss-making airline was likely to pick Delta Airlines or American Airlines for a tie-up partner, but only if an "open-sky" agreement could be reached.Source: Reuters: Money News | 15 Sep 2009 | 3:03 am Loss of exclusivity on Imitrex not to hit profit says DRLMint reports that that Dr Reddy\'s has said they would not be hurt by the loss of exclusivity on generic Imitrex. DRL\'s 180day exclusivity on generic Imitrex ended in August. This exclusivity on generic imitrex had helped the company nearly double its revenue.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 3:02 am Shipping ministry to boost port infrastructureThe shipping ministry will sign 20 to 25 public-private partnership (PPP) agreements this year to boost port infrastructure in the country, Shipping Secretary A.P.V.N. Sarma said here Tuesday.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 3:00 am Sensex up 221 points in afternoon tradeIndian equities were trading in the green Tuesday afternoon, with a key index 221 points higher than its previous close.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 3:00 am BSNL chair says no decision yet on Zain dealNEW DELHI (Reuters) - Bharat Sanchar Nigam Ltd is still considering whether to join a consortium that is buying a 46 percent a stake in Kuwait's Zain, the chairman of the state-run telecom said on Tuesday.Source: Reuters: Money News | 15 Sep 2009 | 2:49 am Stocks ready to slip as reports awaited - CNNMoney.com
Source: Business - Google News | 15 Sep 2009 | 2:47 am Del Potro ends Federer’s reign in New YorkNew York: It was not expected to happen but Juan Martin del Potro did not care. The Argentine left Roger Federer, and the rest of the tennis world, stunned as he subdued the five-times champion in a pulsating five-set final to claim the US Open crown on Monday. Standing tall at 1.98 metres (6-foot-6), the Argentine skyscraper left Federer trailing in his shadow as he won an action-packed 3-6 7-6 4-6 7-6 6-2 battle to capture his first grand slam crown at a floodlit Arthur Ashe Stadium.  Juan Martin delPotro of Argentina celebrates defeating Roger Federer of Switzerland in the men’s final at the U.S. Open tennis championship in New York on 14 September 2009. Reuters After being gifted his third match point with a double fault, an incredulous Del Potro kept his eye on the ball as he watched a Federer backhand float long to seal victory. He dropped his racket and collapsed on to his back, with legs splayed and his hands covering his face, an X-shaped emblem of triumph. With his body still shaking with emotion, Del Potro got back on to his feet as the tears started to flow freely. “I had two dreams this week. One was to win the US Open and the other one is to be like Roger,” the 20-year-old Del Potro told the cheering crowd as he picked up a cool $1.85 million for his run in New York. Then turning to his victim, the sixth seed added: “One is done but I need to improve a lot to be like you. You fought until the final point; you are a great champion. “I’m very happy to be here with this crown, with these people, on this court... this will be in my mind forever.” French Open and Wimbledon champion Federer, who had been bidding for a 16th grand slam crown in a final that had been pushed back to Monday, said: “I had a great tournament but he was the best.” The victory allowed Del Potro to become the first South American man to triumph in New York since compatriot Guillermo Vilas in 1977. But unlike 22 years ago, Del Potro was not mobbed on court by dozens of fans who wanted to get up close and personal with a champion. Instead, Del Potro poured cold water all over his head to ensure he was not dreaming this moment. The Argentine capped his incredible Flushing Meadows journey by becoming the first man to beat Rafael Nadal and Federer back-to-back in a grand slam arena. For Federer, it was a case of so close, yet so far. “I was two points from the match today. That’s the way it goes sometimes. But I’ve had an unbelievable run (this year). “Being in all major finals and winning two of those, I’m losing the other two in five sets. “Sure, I would have loved to win those two as well. But the year has been amazing already. Got married and had kids, don’t know how much more I want.” GREEDY FEDERER On court, though, Federer can be a very greedy man. After romping through the opening set, Federer stood two points from taking a two-set lead at 5-4 but watched in horror as a Hawk-Eye overrule handed Del Potro break point. Convinced the ball-tracking system had picked up the wrong mark, a clearly irritated Federer dropped his serve as the set swung Del Potro’s way. He roared through the tiebreak 7-5.  Juan Martin delPotro (L) of Argentina hugs Roger Federer of Switzerland after defeating him in the men’s singles final match at the U.S. Open tennis championship in New York on 14 September 2009. Reuters “Come on, you are allowed two seconds to challenge, the guy takes 10,” Federer yelled at the umpire as he walked to his chair. “Are there any rules? That was way too long.” Told by umpire Jake Garner to be quiet, Federer uncharacteristically swore as he snapped: “Don’t tell me to be quiet. I’ll talk when I want to talk. I don’t give a ... what he says.” Fired up by the exchange, the Swiss punished a luckless Del Potro in the next game. Serving to stay in the set, Del Potro missed an easy smash to go 0-15. On the next point he saw a Federer forehand slice bounce on the tape and fall dead on his side. Federer held up his hand to apologise but the Argentine rolled his eyes as if to say ”You cannot be serious!” Two double faults later, the set was over. But the Del Potro forehand, which proved so devastating in the second set, was once again blazing winners in the fourth and the way he kept spanking the balls brought the crowd alive. Leading 3-2 with a break, he ended a fast-paced 21-shot rally by curling a forehand in on the run and as the ball dropped in, he kept on running to exchange high-fives with cheering fans in the front row. But just four games later, Del Potro was left gasping as Federer stood two points from victory. An ace and a forehand thunderbolt got Del Potro out of trouble and he pumped the air in delight. Fifty six minutes later, the Argentine was lying flat on his back. For Federer it ended an amazing reign in New York that had spanned 40 matches. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 2:47 am Big Pictures takes 'Ghajini' to South KoreaBig Pictures, a subsidiary of the Reliance Anil Dhirubhai Ambani Group (R-ADAG), is trying to tap the international market and has sold the rights of Aamir Khan starrer superhit action thriller 'Ghajini' in South Korea.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 2:30 am Public sector banks back on recruitment overdriveEven as job opportunities remain scarce in other sectors, banks are continuing to hire, providing relief to youngsters.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 2:29 am Mah Satyam update: 15 deals worth $50mn in fray - Moneycontrol.com
Source: Business - Google News | 15 Sep 2009 | 2:27 am Audit firms of listed cos may have to rotate partnersThe SEBI Committee on Disclosures and Accounting Standards (SCODA) has recommended mandatory rotation every five years of the partners of the audit firms signing the accounts of a listed company.Source: Moneycontrol Top Headlines | 15 Sep 2009 | 2:24 am Iran nuclear talks probably in Turkey: EUBrussels: Talks next month between Iran and six world powers on Tehran’s nuclear programme will probably be held in Turkey, European Union foreign policy chief Javier Solana said on Tuesday. The talks from 1 October will “very likely” be held in Turkey, Solana told reporters in Brussels ahead of EU foreign ministers’ talks. The five United Nations Security Council permanent members - the United States, Russia, China, Britain and France - plus Germany are due to take part in the talks with Iran’s top nuclear negotiator Saeed Jalili. Solana hailed the upcoming meeting as a step-change for US involvement. “The Americans will be present in a formalized manner. This is new and I think that has to be evaluated positively by the Iranians,” he told reporters. The last such encounter, with the United States taking part, took place in July 2008 in Geneva. However an EU diplomat stressed that the then Bush administration had made it clear that it was a “one-off” event. Now with US President Barack Obama’s new “open-handed approach” to Iran, Washington, which has no diplomatic relations with Tehran, will be actively involved in the whole ongoing process, the diplomat said. “At this point in time, we are going to try to enter into a negotiation,” said Solana, stressing the “double-track approach,” - the carrot and stick of trade, aid and sanctions. The meeting comes after Iran submitted a document to world powers laying out its position on resolving several global security problems. The text said the Islamic republic was ready to enter into negotiations on a number of issues. Western nations are calling on Iran to halt its uranium enrichment drive which they suspect is for making atomic weapons. Tehran denies the charges and says its nuclear programme has peaceful goals. The United States has said the new offers from Iran are “not really responsive” to concerns about its nuclear programme, tempering hopes for new talks aimed at breaking a three-year impasse. Tehran is already under three sets of UN sanctions and European diplomats said on Friday that the EU could consider introducing more unilateral sanctions if the UN Security Council cannot agree to do so. Europe and others envisage adopting fresh sanctions if the impasse persists, but are aware that reluctance from veto-wielding UNSC nations Russia and China could limit their effectiveness. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 2:18 am Musharraf not to be tried for treasonIslamabad: Pakistan’s former military ruler Pervez Musharraf was given a “safe exit” after his resignation last year because of a negotiated settlement guaranteed by “international and local” stakeholders, President Asif Ali Zardari has disclosed. All “international and local powers” having stakes in the region were “guarantors” of Musharraf’s negotiated resignation, Zardari said, adding he participated in the negotiations that led to the former President’s resignation in August last year. “I remained part of the negotiations and I hope that General Pervez Musharraf will play golf,” he told reporters at an iftaar dinner hosted by him at the presidency on Monday. Zardari did not name the international and local players that acted as guarantors for the settlement. Though he did not give further details, Zardari tacitly conceded that Musharraf could not be tried for treason as is being demanded by some opposition parties, especially the PML-N of former Premier Nawaz Sharif. The possibility of Musharraf being tried for treason has arisen after the Supreme Court recently declared the emergency imposed by him in 2007 as unconstitutional and illegal. Musharraf has been living outside Pakistan since mid-April, when he went abroad to deliver a series of lectures. The Saudi royal family has reportedly been involved in efforts to pressure PML-N chief Sharif not to insist on Musharraf’s trial. Legal experts believe Musharraf’s trial would involve a number of people, including politicians, Generals and judges, who supported his actions and this could lead to embarrassing disclosures. Asked about Prime Minister Yousuf Raza Gilani’s comment that Musharraf’s trial is not suitable, Zardari said this question should be put to the Premier. “I am the President of Pakistan and will not make any comment on the Prime Minister’s statement,” he said. Zardari said the ruling Pakistan People’s Party always opposed dictators and had never accepted Musharraf as president. “The PPP has taken revenge through democracy and removed the dictator from the presidency,” he said. He outlined plans for the formation of a ‘Truth and Reconciliation Commission´ to promote the process of national healing and unity. Zardari said he would ask the Prime Minister to establish such a body. “The Truth and Reconciliation Commission should be headed by (leading rights activist) Asma Jehangir,” he added. Replying to a question, Zardari said the PPP-led government will fulfil its constitutional tenure of five years. Zardari said Prime Minister Gilani is the country’s chief executive and he only advises him in his capacity as chief of the PPP. In response to another question, he said there were similarities in the deaths of PPP founder Zulfikar Ali Bhutto, his sons Shahnawaz and Murtaza Bhutto and former premier and his wife Benazir Bhutto. “Anti-democratic forces were involved in the assassination of the Bhutto family. We were not against individuals but the thinking that creates such kind of incidents,” he said. When Zardari’s attention was drawn to home minister P. Chidambaram’s comments in the US about terrorism emanating from Pakistan, the President said his upcoming visit to America would not be affected by the “Indian propaganda”. Responding to another question, Zardari claimed that the self-governance package for the Northern Areas was promulgated to fulfil longstanding demands of the people of the region. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 2:04 am News report on Goa bulb scam now a court caseThe Panaji bench of the Bombay High Court has taken cognisance of a newspaper report on an alleged scam in the purchase of Compact Fluorescent Lamps (CFL) worth over Rs.50 lakh (Rs.5 million) and ordered that the article be converted into a public interest litigation (PIL).Source: IndiaeNews.com: Business News | 15 Sep 2009 | 2:00 am Oil India issue price set at 1,050 rupees - sourceMUMBAI (Reuters) - Shares in state-run explorer Oil India were priced at 1,050 rupees, the top end of its IPO range, and will be listed on Oct. 1, a source familiar with the situation said.Source: Reuters: Money News | 15 Sep 2009 | 1:51 am FTSE flat in early trade, UK inflation eyedLondon: Britain’s leading shares were flat early on Tuesday, pressured by losses in heavyweight oil majors as investors awaited UK inflation data to gauge the extent of economic recovery. By 0802 the FTSE 100 was up 0.36 points at 5,019.21. Gains in Asia overnight, where shares hit multi-month highs helped provide some underlying support to the index, while Wall Street also ended in positive territory. The UK index is up 45% since touching its March lows, and closed at a near-one-year high on Monday at 5,018.85. However, the FTSE is still 7.3% below the level it was before the collapse of Lehman Brothers a year ago. “The momentum has sort of slowed down from last week. We’ll be looking for the (inflation) figures for further direction from here,” said Philip Gillet, sales trader at IG Index. Energy stocks were lower as crude prices steadied at around $69 a barrel. BP, Royal Dutch Shell and Tullow Oil were 0.4 to 1% lower. BG Group bucked the trend, however, adding 1.7% after unveiling another new discovery in the Santos Basin concession, offshore Brazil. Technology firm Smiths Group shed 2.2% after Morgan Stanley cut the stock’s rating to “equal-weight” from “overweight”, but raised its price target to 850 pence from 825 pence citing valuation grounds. Drugmakers were under pressure, with AstraZeneca and GlaxoSmithKline shedding 0.5% and 0.2% respectively. Miners were mixed as metals prices rebounded from the previous session’s lows. Rio Tinto, Xstrata, Lonmin Kazakhmys and Fresnillo advanced 0.5 to 2.4%. Banks were higher with Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group up 0.1 to 1.2%. The Financial Times reported that UK finance minister Alistair Darling plans to force the country’s banks to draw up ‘living wills´ that would allow them to be dismantled more easily in the event of another financial crisis. BT Group was 3% higher, buoyed by an upgrade by Credit Suisse, which raised the stock to “outperform” from “neutral” and upped its price target to 170 pence from 120 pence. Beverage firm SABMiller added 0.8% after HSBC raised the stock’s target price to 1,485 pence from 1,350 pence with a “neutral” rating. Peer Diageo was up 0.6%. UK INFLATION EYED Investors will eye UK inflation data at 0830 GMT, for further evidence on how the economy is faring and the outlook for interest rates. CPI is expected to rise 0.3% on the month for a 1.4% year-on-year advance, compared with a flat reading in July which resulted in a 1.8% year-on-year gain. In a fresh sign that the economy could be recovering, data showed house prices in England and Wales rose for the first time in more than two years. The Royal Institution of Chartered Surveyors said its seasonally adjusted balance of surveyors reporting a rise in prices in the last three months, versus those recording a fall, was +10.7 in August from an upwardly revised -5.7 in July. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 1:50 am Noon: Sensex rises 1.4%; banks gainMumbai: Indian shares climbed 1.4% on Tuesday, with financial issues such as State Bank of India and ICICI Bank among the gainers on hopes for easier accounting rules for bond holdings. Investors are betting data on tax payments by companies expected this week will indicate stronger earnings for the September quarter, Deven Choksey, managing director and CEO of K R Choksey Shares, said. Also Read 15 Sept ’08 | Wall St blues paint bourses red Leading engineering and construction firm Larsen & Toubro Ltd and energy giant Reliance Industries Ltd led the gainers on signs a pick-up in economic activity will help the companies. By noon 12:00pm, the 30-share BSE index was up 1.4% at 16,439.40 points, with 28 components in the green. The 50-share NSE index was up 1.6% at 4,887.25. The benchmark, which had snapped a six-session rally on Monday, last week more than doubled from its March low and is up around 70% since the beginning of the year. Telecoms firm Bharti Airtel was down 0.2% at Rs418.65 after a South African official said its proposed tie-up with mobile phone group MTN would need cabinet approval in South Africa. State Bank, India’s largest lender, rose 2.25% to Rs2,000 and rival ICICI gained a percent to Rs834 on hopes the central bank would raise their hold-to-maturity (HTM) limits of government bond holdings - a move that would reduce notional mark-to-market provisioning. A Reserve Bank of India official told reporters on Monday the central bank would examine a proposal to raise the HTM limits of government bond holdings of commercial banks. Reliance Industries was up 1.3% at Rs2,174.50 while Larsen & Toubro rose 1.8% to Rs1,635.90. In the broader market, gainers were nearly three times the number of losers on moderate volume of 148 million shares. In Asia, Japan’s Nikkei was trading 0.1% higher, while MSCI’s measure of other Asian markets was up 0.8%. Source: Home - Livemint.com | 15 Sep 2009 | 1:47 am Planters seek level-playing field to be globally competitiveTea, coffee, rubber and spice planters in South India Tuesday called for drastic amendments to the various acts pertaining to land, labour and wages so that they could be globally competitive.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 1:31 am Kisan Mouldings opens plant in Chhattisgarh; shares surge 20%Mumbai: Plastic products maker Kisan Mouldings on Tuesday said it has opened a new manufacturing plant in Chhattisgarh and expects to start two more plants soon. Shares of the company surged nearly 20% on the Bombay Stock Exchange (BSE) to touch a year’s high of Rs40.90 after the announcement. The company has inaugurated a new manufacturing unit in Mahasamund, Chhattisgarh, which will produce PVC pipe, water tanks and moulded furniture, Kisan Mouldings said in a filing to BSE. The new plant was inaugurated on 3 September, the company said, adding that it intends to produce around 1,500 MTs of PVC pipes with the help of this unit to get a total production of 15,000 to 16,000 MTs. The new unit will help the company to cater the northern and eastern areas of the country more smoothly, it said. Two more locations, where Kisan Mouldings plans future expansions very soon, are in Solan (Himachal Pradesh) and Dewas (Madhya Pradesh). “We expect with the investments in three new factories, which is done over the last one year at a cost of about Rs53 crore, would help us to double our volumes by FY 2010,” Kisan Mouldings MD Satish Aggarwal said. Source: LatestNews-Home - Livemint.com | 15 Sep 2009 | 1:26 am Rupee higher on stocks gain, strong Asian marketsMumbai: The Indian rupee continued to trade higher in afternoon session on Tuesday as domestic shares rose more than 1%, while gains in other Asian units versus the dollar also underpinned sentiment. At 1pm, the partially convertible rupee was at Rs48.59/60 per dollar, largely unchanged from morning levels, but stronger than Rs48.74/75 at close on Monday, when it had dropped to Rs48.80 during trade, its weakest since 4 September. Shares were trading up 1.3%, with financial issues such as State Bank of India and ICICI Bank among the gainers on hopes for easier accounting rules for bond holdings. Foreign portfolio flows into and out of local stocks set the direction for the rupee. So far this year, net inflows of $8.8 billion have helped the rupee recover from its record low of Rs52.2 in early March. Dealers said they were also watching the dollar’s moves versus majors for cues. The index of the dollar versus six majors was marginally higher. Most Asian currencies were trading higher against the dollar. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both at Rs48.64, with the total traded volume on the two exchanges at about $965 million. Source: Home - Livemint.com | 15 Sep 2009 | 1:20 am World wealth down 11%, fewer millionaires: reportNew York : The 2008 global recession caused the first worldwide contraction in assets under management in nearly a decade, according to a study that found wealth dropped 11.7% to $92.4 trillion. A return to 2007 levels of wealth will take six years, according to a Boston Consulting Group study that examined assets overseen by the asset management industry. North America, particularly the United States, was the hardest hit region, reporting a 21.8% decline in wealth firms’ assets under management to $29.3 trillion, primarily because of the beating US equities investments took in 2008. Also Read |The Crash One Year Later (Full Coverage) Also hit hard were off-shore wealth centers, like Switzerland and the Caribbean, where assets declined to $6.7 trillion in 2008 from $7.3 trillion in 2007, an 8% drop. The downturn has “shattered confidence in a way we have not seen in a long time,” said Bruce Holley, senior partner and managing director at BCG’s New York office. The study forecasts that wealth management firms’ assets under management will not return to 2007 levels, $108.5 trillion, until 2013, a six-year rebound. Europe posted a slightly higher $32.7 trillion of assets under management, edging out North America for the wealthiest region, though the total wealth in region dropped 5.8%. Latin America was the only region to report a gain in assets under management, posting a 3% uptick from $2.4 trillion in 2007 to $2.5 trillion in 2008. Millionaire ... not The economy’s retreat also pounded millionaires who made risky investments during the economic boom. The number of millionaires worldwide shrank 17.8% to 9 million, the BCG study found. Europe and North America were hardest hit in that regard, posting 22% declines. The United States still boasts 3.9 million millionaires, the highest population on the globe. Singapore had the highest density of millionaires at 8.5% of the population. Other countries included Switzerland, at 6.6%, Kuwait, at 5.1%, United Arab Emirates, at 4.5%, and the United States, at 3.5%. Source: World Business - Livemint.com | 15 Sep 2009 | 1:16 am World wealth down 11%, fewer millionaires: reportNew York : The 2008 global recession caused the first worldwide contraction in assets under management in nearly a decade, according to a study that found wealth dropped 11.7% to $92.4 trillion. A return to 2007 levels of wealth will take six years, according to a Boston Consulting Group study that examined assets overseen by the asset management industry. North America, particularly the United States, was the hardest hit region, reporting a 21.8% decline in wealth firms’ assets under management to $29.3 trillion, primarily because of the beating US equities investments took in 2008. Also Read |The Crash One Year Later (Full Coverage) Also hit hard were off-shore wealth centers, like Switzerland and the Caribbean, where assets declined to $6.7 trillion in 2008 from $7.3 trillion in 2007, an 8% drop. The downturn has “shattered confidence in a way we have not seen in a long time,” said Bruce Holley, senior partner and managing director at BCG’s New York office. The study forecasts that wealth management firms’ assets under management will not return to 2007 levels, $108.5 trillion, until 2013, a six-year rebound. Europe posted a slightly higher $32.7 trillion of assets under management, edging out North America for the wealthiest region, though the total wealth in region dropped 5.8%. Latin America was the only region to report a gain in assets under management, posting a 3% uptick from $2.4 trillion in 2007 to $2.5 trillion in 2008. Millionaire ... not The economy’s retreat also pounded millionaires who made risky investments during the economic boom. The number of millionaires worldwide shrank 17.8% to 9 million, the BCG study found. Europe and North America were hardest hit in that regard, posting 22% declines. The United States still boasts 3.9 million millionaires, the highest population on the globe. Singapore had the highest density of millionaires at 8.5% of the population. Other countries included Switzerland, at 6.6%, Kuwait, at 5.1%, United Arab Emirates, at 4.5%, and the United States, at 3.5%. Source: Home - Livemint.com | 15 Sep 2009 | 1:16 am Fight against Maoists is failing, says PMNew Delhi: Prime Minister Manmohan Singh warned India’s police chiefs on Tuesday that a campaign against Maoists has failed to produce results and that Maoist violence was on the rise in many states. Singh’s comment is the clearest signal yet of the government’s concern at a rebellion that has virtually put a vast swathe of the countryside rich in minerals out of official control, hurting potential business worth billions of dollars. Though the economic impact of the rebellion remains limited with the Maoists largely operating out of jungle hideouts, the insurgency and the sense that it is worsening adds to risks for companies mulling investments. “I would like to state frankly that we have not achieved as much success as we would have liked in containing this menace,” Singh said, underscoring concern over what he has described as the single biggest home-grown threat to India’s internal security. “It is a matter of concern that despite our efforts the level of violence in the affected states continues to rise.” The rebellion began about four decades ago championing the cause of poor peasants in the country’s east but has now spread to about 20 of India’s 29 states with the rebels targeting police and government property in hit-and-run attacks. The country’s cities and bigger towns are largely free of the violence, but Singh warned that the rebels had managed to retain support among a cross section of society. “Despite its sanguinary nature the movement manages to retain the support of a section of the tribal communities and the poorest of the poor in many affected areas,” he said. “It has influence among certain sections of the civil society, the intelligentsia ... all this adds to the complexity of the problem.” The government’s fight against the Maoists has been hurt because police fight them with the outdated weapons and are often outnumbered by Maoists, who are skilled in jungle warfare and are well-equipped with rocket launchers, automatic rifles and explosives. “As I have stated before dealing with left-wing extremism requires a nuanced strategy, a holistic approach,” he said. “It can not be treated solely as a law and order problem.” Source: Home - Livemint.com | 15 Sep 2009 | 12:44 am Google launches online news reader ‘Fast Flip’Washington: Internet giant Google unveiled its “Fast Flip” online news reader on Monday, featuring stories from major media outlets, including the BBC, The New York Times and The Washington Post. Google, which launched Fast Flip at the TechCrunch50 technology conference in San Francisco, compared using the quick-loading product to flipping through the pages of a magazine “really fast without unnatural delays.” Fast Flip allows users to quickly browse through news stories from the websites of Google’s three dozen partners. A Web surfer can quickly jump from one article to the next using large arrows at speeds significantly faster than the time it usually takes to load a Web page. “As the name suggests, flipping through content is very fast, so you can quickly look through a lot of pages until you find something interesting,” Fast Flip developer Krishna Bharat, a Google engineer, said in a blog post. Other companies supplying content include magazines such as the Atlantic, BusinessWeek, Cosmopolitan, Elle, Marie Claire, Newsweek and Popular Mechanics, as well as online news sites TechCrunch, Salon and Slate. The Mountain View, California-based Google has had a strained relationship with some US publishers and Bharat said the Internet company would share advertising revenue from Fast Flip with its media partners. The firm’s popular news aggregator website Google News has drawn fire from a number of US newspaper owners for linking to their articles without payment. The Internet search and advertising heavyweight has dismissed the criticism and countered that it is providing newspapers a free service by driving traffic to their websites. “Partners will share the revenue earned from contextually relevant ads” on Fast Flip, Bharat said. “This gives publishers an opportunity to introduce new readers to their content.” The new feature, the Google engineer argued, will allow readers to scan articles faster, thus reading more of them and bringing more ad revenue to publishers. “The publishing industry faces many challenges today, and there is no magic bullet,” he continued. “However, we believe that encouraging readers to read more news is a necessary part of the solution.” With print advertising revenue and circulation declining, US newspaper publishers have been actively searching for ways to earn more money from the Web, including possibly charging for content online. Fast Flip allows readers to browse stories by topic, by publication or by “most viewed,” “most popular” or even “recommended.” It shows only the first page of a story and users who want to read more have to click through to the website of the host publication. Through the feature, users can share content with friends or members of a social network and Google said it is offering a mobile version. For the moment, Fast Flip is considered an experimental “Google Labs” product. It is accessible at fastflip.googlelabs.com. Source: Tech News - Livemint.com | 15 Sep 2009 | 12:38 am OVL, partners drop plans to develop oil field in IranNew Delhi: ONGC Videsh Ltd (OVL) and its partners Indian Oil Corporation (IOC) and Oil India Ltd (OIL) have dropped plans to develop an oil field in Iran after the discovery was found to be commercially unviable. The joint venture of OVL, IOC, OIL had in 2006 made an oil discovery in the Farsi offshore block which was, in the initial estimates, thought to contain one billion barrels of reserves. “The oil discovery has been found to be commercially unviable primarily due to high sulphur content in the oil,” an official in the consortium said. The joint venture has informed the same to National Iranian Oil Company (NIOC) and have decided to abandon the project. “The oil discovery has been held to be non commercial and we are not pursuing development of the discovery,” he said. The three have, however, submitted a master development plan envisaging an investment of $5 billion over 7-8 years in developing a massive gas field they discovered in Farsi. The discovery, which was subsequently named Farzad-B gas field, has inplace reserves of up to 21.68 trillion cubic feet (Tcf), of which recoverable reserves may be 12.8 Tcf. OVL holds 40% interest in the Farsi offshore block located in the eastern part of the Persian Gulf off the coast of Iran near the Saudi Arabian border and covers an area of 3,500 square kilometres. The Indian consortium wants to liquefy the gas and ship it back home in the form of liquefied natural gas (LNG). OVL, the overseas arm of state-run Oil and Natural Gas Corp, IOC and OIL have a service contract for the Farsi block where they will be reimbursed 35% $90 million investment they made during the exploration phase. If the consortia gets the developmental rights, they will be paid a 15% rate of return over and above the investments they make. In the commercial viability report to NIOC, OVL—the operator of the field—has said the least gas volume was 9.48 Tcf and the high-case estimate was 21.68 Tcf after independent studies by Fugro Robertson Ltd of the UK and ONGC’s Institute of Reservoir Studies. OVL and IOC have 40% stake each in the Farsi offshore block that was awarded to the consortium in 2002. OIL has the remaining 20%. The official said the commercial viability study of the gas discovery in Farsi block was completed in November 2007 while the report of commercial viability of the oil find was completed in April 2008. Under Iranian rules, the project promoters are not allowed to take oil or gas out of the country. OVL had to fund all exploration operations that would be reimbursed only after ascertaining commerciality. “The commerciality study for the gas discovery was submitted to the NIOC in December 2007 and accepted by the NIOC in September 2008, whereupon the gas field was named the Farzad-B offshore gas field,” the official said. The approval, however, did not include any timeline or deadlines for further discussions. “In the event that the NIOC and the consortium fail to reach an agreement in respect of the master development plan for the Farzad-B offshore gas field within six months from 1 October 2008, the first date of the month following the date on which NIOC approved the commerciality study, either party may elect to withdraw from the negotiations unless the period is extended by agreement between the parties,” he said. Thereafter, NIOC may invite other companies and the Indian consortium to submit their proposal for the master development plan under competitive conditions, although priority would be given to the proposal submitted by the consortium. “No timeline has been established for the implementation of the master development plan,” he said. Once the agreement on the master development plan is reached, NIOC will invite the consortium to negotiate the development services contract. Source: World Business - Livemint.com | 15 Sep 2009 | 12:30 am Kingfisher flight back in Mumbai after technical snagA Kingfisher Airlines flight to Bangalore returned minutes after take-off from here Tuesday when a technical snag was detected, an airport official said.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 12:00 am 75 tourists in Himachal stranded by landslidesAround 75 tourists, including 50 foreigners, are still stranded in Himachal Pradesh's Spiti Valley after the closure of roads due to landslides triggered by rains and snowfall last week, police said Tuesday.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 12:00 am RNRL seeks to be a party in NTPC-Reliance Industries caseNew Delhi, Sept. 14 The Anil Ambani group company Reliance Natural Resources Ltd (RNRL) on Monday filed an application before the Supreme Court seeking to be a party in the legal battle between NTPC and Mukesh Ambani-promoted Reliance IndustriesSource: Business Line - Home Page | 15 Sep 2009 | 12:00 am Focus shifts to South as skies over North clear upWith the seasonal monsoon trough having retired to the Himalayan foothills and only its tail wagging over the extreme north, the focus has shifted to the growing weather activity over the southern peninsula.Source: Business Line - Home Page | 15 Sep 2009 | 12:00 am Now, a loan mela to buy jewelleryBangalore, Sept. 14 After automobile and home melas, consumers can now grab the bank’s lending hand at jewellery melas too — at a time when gold prices are rising to new highs.Source: Business Line - Home Page | 15 Sep 2009 | 12:00 am Uniform price sought for gas delivered to urea plantsNew Delhi, Sept. 14 The Fertiliser Ministry is seeking a uniform price for natural gas delivered to urea plants across the country. This, it says, would facilitate the proposed decontrol of ureaSource: Business Line - Home Page | 15 Sep 2009 | 12:00 am Guidelines soon on safety aspects of nutraceuticalsMumbai, Sept. 14 From oils that protect your heart by reducing bad cholesterol to juices that fix your iron intake or curd that lines your stomach with good bacteria — the marketplace is flooded with nutraceutical or functional products.Source: Business Line - Home Page | 15 Sep 2009 | 12:00 am Day Trading GuideThe near-term outlook is bearish for DLF. We recommend a sell. As long as ICICI Bank trades above Rs 815 and SBI trades above Rs 1,935, the outlook stays positive for the stocks. WeSource: Business Line - Home Page | 15 Sep 2009 | 12:00 am Audit firms of listed cos may have to rotate partnersMumbai, Sept.14 The SEBI Committee on Disclosures and Accounting Standards (SCODA) has recommended mandatory rotation — every five years — of the partners of the audit firms signing the accounts of a listedSource: Business Line - Home Page | 15 Sep 2009 | 12:00 am IndianOil to issue 1:1 bonus sharesMumbai, Sept. 14 Indian Oil Corporation’s board has recommended issue of bonus shares in the ratio of one share of Rs 10 for one equity share of Rs 10 held. Consequent to the issue, IOC’s paid-up equity capital would increase to RsSource: Business Line - Home Page | 15 Sep 2009 | 12:00 am Prism Cement (Rs 52.9): SellWe recommend a ‘sell’ in Prism Cement from a short-term perspective. It was apparent from the charts of Prism Cement that the scrip, after bottoming in October 2008 to a low of Rs 13.50; was on a strong uptrend. However, the stockSource: Business Line - Home Page | 15 Sep 2009 | 12:00 am Public sector banks back on recruitment overdriveHyderabad, Sept. 14 Even as job opportunities remain scarce in other sectors, banks are continuing to hire, providing relief to youngsters.Source: Business Line - Home Page | 15 Sep 2009 | 12:00 am Oil steady below $69 on strong equities, weak dollarSingapore: Oil traded unchanged, slightly below $69 on Tuesday, capping losses as buoyant equities and the dollar’s fall against the euro helped to offset concerns about an inventory build ahead of the US autumn season. While analysts expect the market to be cautious until details emerge of how regulations on position limits would be imposed, they expect only indirect impact from fears about any US-China trade dispute, with a bigger role for equities and the dollar. “Equities are doing somewhat better in Asia today, continuing the trend from the United States,” said Victor Shum, a Singapore-based analyst at Purvin and Gertz. “The primary factors for the market are strong equities and a weaker dollar against the euro.” Nymex crude for October delivery fell 6 cents to $68.80 a barrel by 0608 GMT, after settling down 43 cents on Monday, while ICE Brent lost 29 cents to $67.15. Oil has more than doubled from this year’s low of $32.70 struck on 20 January, but is still 53% below its record high of more than $147 hit in July 2008. The market this year has failed to move above the $75-level struck on 25 August. The CME Group Inc, which runs Nymex, sent an advisory on Friday to traders and brokers warning of tighter enforcement of existing position limits on Nymex, CME, and other exchanges from 14 September. “The devil is in the details of the regulations,” Shum added. “And until we know the details, the market will be a bit cautious but not unduly worried.” While the euro climbed to stay in sight of its 2009 highs, supported by growing talk that Asian central banks were bidding the single currency and moving away from the US dollar, Japan’s Nikkei stock average squeezed out gains of 0.1%, buoyed by Toyota Motor Corp and other exporters. China’s key stock index opened up 0.08% on Tuesday, as traders added that the impact of the US decision to impose special duties on Chinese tyre exports would be limited. “The impact of that trade war is only on equities. And since oil is following equities, you could argue that the impact is somewhat indirect,” Shum added. Oil prices would struggle to rise above $75 in the short term because of plentiful product stocks as the US autumn season approached, Shum added. “There is an overhang of distillates and fundamentals remain weak. These factors will combine to keep a lid on oil prices.” A preliminary Reuters poll ahead of weekly petroleum inventory reports showed forecasts for a 2.7-million-barrel drawdown in domestic crude stocks, a 1.5-million-barrel increase in distillate supplies and an 800,000-barrel build in gasoline stocks. Industry group the American Petroleum Institute (API) will release its inventory data later on Tuesday, while the US Energy Information Administration, a government agency, will issue its own report on Wednesday. Source: Home - Livemint.com | 14 Sep 2009 | 11:56 pm Asian stocks edge up on exporters, dollar driftsHong Kong: Asian stocks drifted back near one-year highs on Tuesday as investors looked past a trade spat between the United States and China, with exporter shares in Japan getting a lift as the yen’s surge relented. The Nikkei average edged up 0.1% as companies such as Canon Inc bounced back from a slide sparked by the yen’s jump to a seven-month high against the dollar, which took the Japanese currency into territory seen as damaging to exporter earnings. The yen slipped back to more than ¥91 per dollar, providing some relief to investors worried that sustained gains would prove a serious obstacle to Japan Inc’s gradual recovery this year. While officials in the outgoing Japanese government voiced concern about the yen’s rise, the former finance minister tipped to again take the helm of the ministry -- Hirohisa Fujii -- has said Japan should not intervene in markets. “Market participants speculate Fujii may be more tolerant of a stronger yen and reluctant about intervening in the forex market,” said Makoto Yamashita, chief Japan interest rate strategist at Deutsche Securities in Tokyo. Japan has racked up foreign reserves totalling more than $1 trillion, second only to China’s, from its previous bouts of yen-selling intervention. But Japan has stayed out of the market since 2004, even during last year’s violent yen surge as leveraged carry trades were unwound. Other Asian indexes also posted slight gains. Seoul’s Kospi rose 0.8%, with financial shares such as Shinhan Financial Group leading gains. The MSCI index of Asia-Pacific shares was up 0.4%, recouping some of the previous day’s losses and hovering just below a one-year peak struck last week. For the year, the MSCI benchmark for Asia is still up about 53%. On Monday, the US S&P 500 edged up 0.6% and reached its highest levels of 2009 after a slew of merger activity suggested big investors still see value in the market following this year’s rebound. Optimism about potential deals overshadowed concerns about trade friction between the United States and China after Washington imposed special duties on Chinese tyre imports. White House economic adviser Larry Summers said late on Monday that the United States acted responsibly in slapping duties on Chinese tyres after trying to negotiate a settlement with Beijing. The battered US dollar was little changed in Asia, holding off a one-year low touched on Friday. The dollar index, a gauge of its performance against six major currencies, was steady at 76.691. The dollar edged up 0.3% against the yen to ¥91.13, pulling up from the seven-month low of ¥90.18 hit on Monday. The euro dipped 0.1% to $1.4615 but hovered near a nine-month high. The Australian dollar slipped after the country’s central bank felt the economy was substantially stronger than expected at this month’s policy meeting but decided there was enough uncertainty over the outlook to argue against a rate hike, according to meeting minutes. The Aussie dipped 0.2% to $0.8604, just below a one-year high. Safe-haven government bonds lost ground as stock markets stabilised. The benchmark 10-year Japanese government bond yield edged up 1.5 basis points to 1.305%, holding in a range between 1.285% and 1.355% over the past few weeks. Source: Home - Livemint.com | 14 Sep 2009 | 11:38 pm World wealth down 11 pct, fewer millionaires - reportNEW YORK (Reuters) - The 2008 global recession caused the first worldwide contraction in assets under management in nearly a decade, according to a study that found wealth dropped 11.7 percent to $92.4 trillion.Source: Reuters: Money News | 14 Sep 2009 | 11:35 pm Crisis sparks soul-searching at B-schoolsNew York: A year after the collapse of Lehman Brothers plunged the world into financial meltdown and jolted the foundations of capitalism, business students don’t just want to learn how to maximize profit for shareholders and themselves. Instead, many talk about sustainability, ethical leadership and managing companies for the benefit of all ”stakeholders.” “It’s fair to say that 15 or 20 years ago, the vast majority wanted to find lucrative careers,” said Liz Maw, executive director of Net Impact, a non-profit organization that promotes socially sustainable business practices. “Now the great progress is that people see an MBA as a tool to learn how to be an effective manager of many organizations,” she said, pointing to growing interest in the non-profit sector, government and entrepreneurship among MBA students. Maw said the trend started around 7 or 8 years ago, coinciding with growing awareness of corporate social responsibility and the environment. But it has accelerated during the financial crisis, which revealed how a short-term thirst for profits fuelled risky business practices. Also Read | The Crash One Year Later (Full Coverage) Asked to name their role models, a group of MBA students at New York’s Columbia University cite freedom hero Mahatma Gandhi, a CEO known as an environmentalist and financier-philanthropist Warren Buffett. “The financial crisis is going to be so deeply associated with our generation, it will put a sense of responsibility on all of us as future leaders,” said Gary Schueller, 28, who has just started a two-year MBA at Columbia Business School. Schueller named Gandhi as his role model, and within the business world singled out Jeffrey Swartz, chief executive of environmentally conscious shoemaker Timberland. “He’s a pretty solid example of somebody who’s done a good job of creating a socially friendly company,” Schueller said. Tim Eby, a 28-year-old engineer who worked for IBM before starting his MBA this month at Columbia, said scandals such as the Ponzi scheme run by disgraced financier Bernard Madoff had made him nervous about even naming a role model. “I’m sure a few years ago somebody would have said Bernie Madoff is my guy,” Eby said. Second-year MBA Olivia Albrecht, 26, echoed that caution, but made an exception for financier Warren Buffett, one of the world’s richest men and most generous philanthropists. Bruce Kogut, director of the Sanford C. Bernstein Center for Leadership and Ethics at Columbia, said the faculty had been debating how to learn the lessons of the crisis. “Some of it is simply ’Why did our models and what we teach fail, and did they fail?’” Kogut said. ”There also is this issue of ’Are we turning out people who have unrealistic expectations of their worth and the compensation they should receive?’” New elements have been introduced to the curriculum this year, and in the summer, Thomas Russo, former vice chairman of Lehman Brothers, taught a course. This year’s students will study the collapse of the auto industry. Oath to serve greater good Students at Harvard Business School have created an MBA Oath and are encouraging their peers around the world to pledge to act ethically and ”strive to create sustainable economic, social, and environmental prosperity worldwide.” Launched in May, the oath was taken by more than half the graduating class of 2009 at Harvard Business School. The idea of MBA students signing their version of the Hippocratic Oath was the subject of a satirical sketch on the ”The Daily Show with Jon Stewart,” but organizers say it’s a start, even if so far there is no enforcement mechanism. Larry Estrada, 29, a Harvard MBA student from Seattle, said the oath stemmed from a desire to professionalize the MBA and restore some credibility in the face of negative stories about business school alumni involved in the meltdown. “I don’t think these are necessarily lofty goals, but in the current state of the industry, they certainly seem like a higher standard,” Estrada said. A list of signatories on the web site www.mbaoath.org shows students from as far afield as Britain, India and Australia. While many MBA students sound idealistic, their teachers warn that it’s easy to slide down the slippery slope. Dana Radcliffe, a professor at Cornell University’s Johnson School, taught a course on ethics and corporate culture last semester that he said focused on ”what leads good or decent people to do bad things.” “One of the big areas that needs to be discussed more is ethical responsibility with regard to risk. What should you do when you don’t know? How diligent should you be in seeking out how risky a situation is?” he said. “I’m not optimistic that these lessons will be learned.” Albrecht, one of the Columbia MBA students, said only time would tell whether the financial crisis proves to be a turning point for this generation ”like a 9/11 pivotal experience.” “Changes from our generation in terms of thinking on leadership and ethics is not going to shift what jobs you would necessarily go into, (but) it’s going to hopefully shift your perspective when you are in those jobs,” she said. “The data won’t be out there for maybe 15 years until we are in a decision-making position and our generation really is in the leadership role in these companies and organizations.” Source: World Business - Livemint.com | 14 Sep 2009 | 11:24 pm Crisis sparks soul-searching at B-schoolsNew York: A year after the collapse of Lehman Brothers plunged the world into financial meltdown and jolted the foundations of capitalism, business students don’t just want to learn how to maximize profit for shareholders and themselves. Instead, many talk about sustainability, ethical leadership and managing companies for the benefit of all ”stakeholders.” “It’s fair to say that 15 or 20 years ago, the vast majority wanted to find lucrative careers,” said Liz Maw, executive director of Net Impact, a non-profit organization that promotes socially sustainable business practices. “Now the great progress is that people see an MBA as a tool to learn how to be an effective manager of many organizations,” she said, pointing to growing interest in the non-profit sector, government and entrepreneurship among MBA students. Maw said the trend started around 7 or 8 years ago, coinciding with growing awareness of corporate social responsibility and the environment. But it has accelerated during the financial crisis, which revealed how a short-term thirst for profits fuelled risky business practices. Also Read | The Crash One Year Later (Full Coverage) Asked to name their role models, a group of MBA students at New York’s Columbia University cite freedom hero Mahatma Gandhi, a CEO known as an environmentalist and financier-philanthropist Warren Buffett. “The financial crisis is going to be so deeply associated with our generation, it will put a sense of responsibility on all of us as future leaders,” said Gary Schueller, 28, who has just started a two-year MBA at Columbia Business School. Schueller named Gandhi as his role model, and within the business world singled out Jeffrey Swartz, chief executive of environmentally conscious shoemaker Timberland. “He’s a pretty solid example of somebody who’s done a good job of creating a socially friendly company,” Schueller said. Tim Eby, a 28-year-old engineer who worked for IBM before starting his MBA this month at Columbia, said scandals such as the Ponzi scheme run by disgraced financier Bernard Madoff had made him nervous about even naming a role model. “I’m sure a few years ago somebody would have said Bernie Madoff is my guy,” Eby said. Second-year MBA Olivia Albrecht, 26, echoed that caution, but made an exception for financier Warren Buffett, one of the world’s richest men and most generous philanthropists. Bruce Kogut, director of the Sanford C. Bernstein Center for Leadership and Ethics at Columbia, said the faculty had been debating how to learn the lessons of the crisis. “Some of it is simply ’Why did our models and what we teach fail, and did they fail?’” Kogut said. ”There also is this issue of ’Are we turning out people who have unrealistic expectations of their worth and the compensation they should receive?’” New elements have been introduced to the curriculum this year, and in the summer, Thomas Russo, former vice chairman of Lehman Brothers, taught a course. This year’s students will study the collapse of the auto industry. Oath to serve greater good Students at Harvard Business School have created an MBA Oath and are encouraging their peers around the world to pledge to act ethically and ”strive to create sustainable economic, social, and environmental prosperity worldwide.” Launched in May, the oath was taken by more than half the graduating class of 2009 at Harvard Business School. The idea of MBA students signing their version of the Hippocratic Oath was the subject of a satirical sketch on the ”The Daily Show with Jon Stewart,” but organizers say it’s a start, even if so far there is no enforcement mechanism. Larry Estrada, 29, a Harvard MBA student from Seattle, said the oath stemmed from a desire to professionalize the MBA and restore some credibility in the face of negative stories about business school alumni involved in the meltdown. “I don’t think these are necessarily lofty goals, but in the current state of the industry, they certainly seem like a higher standard,” Estrada said. A list of signatories on the web site www.mbaoath.org shows students from as far afield as Britain, India and Australia. While many MBA students sound idealistic, their teachers warn that it’s easy to slide down the slippery slope. Dana Radcliffe, a professor at Cornell University’s Johnson School, taught a course on ethics and corporate culture last semester that he said focused on ”what leads good or decent people to do bad things.” “One of the big areas that needs to be discussed more is ethical responsibility with regard to risk. What should you do when you don’t know? How diligent should you be in seeking out how risky a situation is?” he said. “I’m not optimistic that these lessons will be learned.” Albrecht, one of the Columbia MBA students, said only time would tell whether the financial crisis proves to be a turning point for this generation ”like a 9/11 pivotal experience.” “Changes from our generation in terms of thinking on leadership and ethics is not going to shift what jobs you would necessarily go into, (but) it’s going to hopefully shift your perspective when you are in those jobs,” she said. “The data won’t be out there for maybe 15 years until we are in a decision-making position and our generation really is in the leadership role in these companies and organizations.” Source: Home - Livemint.com | 14 Sep 2009 | 11:24 pm Sensex rises 114 pts in opening trade on global cuesThe Sensex recovered by 114 points in opening trade after yesterday's fall on buying by fund and retail investors.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 11:22 pm IOC may shell out Rs 1,100 cr to buy 5 pc stake in Oil IndiaIndian Oil Corp will buy one crore equity shares in Oil India Ltd before the PSU explorer gets listed on the bourses later this month.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 11:18 pm Microsoft testing ‘Visual Search’Washington: US software giant Microsoft unveiled a twist on the Internet search experience on Tuesday with a new feature which allows Web surfers to search using image galleries instead of text links. Microsoft, which teamed up with Yahoo! in July in a bid to challenge Internet search giant Google, rolled out a beta, or test, version of the feature at the TechCrunch50 technology conference in San Francisco. Microsoft senior vice president Yusuf Mehdi described “Visual Search,” which is being built into the company’s recently launched new search engine Bing, as a “more graphical way to search and discover information.” “Visual Search” allows users to conduct certain searches faster than the traditional image search offered by rival Google and other search engines. Microsoft, in a blog post, said a study conducted by Microsoft Research found that consumers can process results with images 20% faster than text only results. “It’s like searching through a large online catalogue,” Microsoft said. A search at bing.com/visualsearch for “digital cameras,” for example, returns a gallery of thumbnail pictures of digital cameras which can then be filtered by manufacturer or by price, displaying a new set of images. Hovering over a particular image or clicking on it will provide information about that particular product and the images rearrange themselves on the page as a search query is refined. Source: Tech News - Livemint.com | 14 Sep 2009 | 10:37 pm Indian coffee planters profit from higher global pricesIndian coffee planters have never had it so good as their aromatic beans continue to fetch higher prices, with the global meltdown having marginal impact on the consumption of the brew.Source: IndiaeNews.com: Business News | 14 Sep 2009 | 10:30 pm Wipro sees pick-up in European business in Q2Bangalore: Wipro Ltd, India’s No. 3 outsourcing firm, is seeing a pick-up in growth momentum in Europe in this quarter on increased demand and stability in billing rates, a senior official said on Monday. Wipro saw good opportunities in Europe as some economies revived, and corporates’ decision-making had become faster than in the period after the collapse of Lehman Brothers, said Ayan Mukerji, head of European operations for Wipro’s IT services business. “From my perspective, if we look at some of our wins in quarter one and the pipeline that we have and what we think that we will close, it’s not too bad,” Mukerji told Reuters in a phone interview from his London office. “I am definitely not absolutely upbeat, but I am very optimistic,” he said. “I think quarter two is definitely looking better than quarter one.” Wipro, whose financial year runs from April to March, was seeing stability in pricing in Europe, and most of the talks with its clients on price cuts have ended, Mukerji said. Germany and France, the two key European markets for Wipro, reported a return to economic growth in the April-June quarter, ending their recessions. Indian software firms such as Wipro and Infosys Technologies are looking to expand in markets such as Europe and Asia Pacific to cut their dependence on the US market, which brings in more than half the sector’s about $60 billion revenue but has been badly hit by economic and market turmoil. Europe accounted for about 26% of Wipro’s revenue in the quarter ended June, compared to 27% a year ago. The United States brought in 60% of the company’s Rs62.5 billion ($1.3 billion) revenue in April-June. In Europe, the outsourcers face competition from big global IT players such as IBM Inc, Hewlett-Packard and Accenture, as well as European firms such as Capgemini and Anglo-Dutch computer services firm Logica. Pricing stability The Wipro executive said overall IT spending in Europe was likely to remain flat to lower for at least the next couple of quarters, but more companies were likely to take to offshoring to reduce costs. Last month, oil and gas major BP Plc chose Wipro and four other outsourcers, IBM, Accenture, Tata Consultancy and Infosys, as part of a drive to consolidate the number of its services providers. Mukerji said the firm expected to win more deals from global corporations’ drive to reduce number of IT services providers. Shares in Wipro, which counts Citigroup, Cisco, Nokia Siemens Networks and Credit Suisse as clients, ended up nearly 1% on Monday at Rs557.70 on the Bombay Stock Exchange. Wipro, which has a market value of $17 billion, trades at 20.6 times its one-year forward earnings, as compared to 21.2 times in Tata Consultancy and 21.7 times in Infosys, according to Thomson Reuters I/B/E/S. Wipro, majority owned by billionaire Azim Premji who turned the family’s ailing vegetable oil business into IT services major, offers IT solutions such as system integration, software application development and manages call centres. Source: World Business - Livemint.com | 14 Sep 2009 | 10:22 pm Obama to Wall Street: Get behind regulatory reformNEW YORK (Reuters) - U.S. President Barack Obama warned financial firms on Monday to heed the lessons of Lehman Brothers' collapse a year ago and get behind a regulatory overhaul he wants Congress to pass this year.Source: Reuters: Money News | 14 Sep 2009 | 9:47 pm RNRL seeks to join NTPC-RIL battle in Supreme CourtRNRL also wants gas at the same price from RIL's KG D6 block and has already filed an appeal to that effect. The apex court will hear the contentious issue on October 20.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 4:29 pm Tide Water selloff this fiscal, says chairmanThe 42% comprise the combined equity stake held by Andrew Yule (around 27%), United India Insurance (10%-plus) and LIC (4%).Source: Daily News & Analysis: Money News | 14 Sep 2009 | 4:27 pm Biz confidence index up after five quartersNCAER said during the quarter ended June, the highest gains were in the intermediate sector at 67%, followed by capital goods at 51%.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 4:25 pm Omaxe to launch three township projs by DecemberOmaxe is looking at equity infusion and joint ventures with land owners for these projects. Malhotra said the company plans to raise funds through a qualified institutional placement (QIP) in the next one or two quarters.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 4:23 pm Exide recharges, eyes Rs 100 cr investmentThe company is also planning to increase its smelter capacity to meet requirement for lead, which has been subject to volatile price movements in the last one year.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 4:08 pm Auto cos to gain from urban market revivalWhile the deficient monsoon has hit rural sales of auto companies, there is also some good news for them. Growth in the urban market is moving into the positive zone.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 4:06 pm Interest rates may not rise in near term, says BeryPointing out that the huge buffer stocks lying with the government can be a disincentive for the traders, Bery said that in commodities like sugar and pulses, among others.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 3:24 pm Birla Retail sees same-store sales rising 3-4%After seeing low footfalls, Aditya Birla Retail, the retail unit of Aditya Birla group, is witnessing an uptick in business.Source: Daily News & Analysis: Money News | 14 Sep 2009 | 3:22 pm Financial crisis | One year after LehmanThe collapse of Lehman Brothers Holdings Inc. sent seismic shocks through the global financial system. The rules on Wall Street changed at a stroke. Also See A Year After Lehman (Graphics) Markets froze, asset prices tumbled, companies slashed production and the global economy plunged into recession that is still reshaping economies and markets. Source: World Business - Livemint.com | 14 Sep 2009 | 1:45 pm New norms to ease vehicle repossessionKey changes are expected in vehicle repossession norms to ease the process for banks to take back cars and two-wheelers from owners that default on loan repayments.Source: Business Standard | Front Page Headlines | 14 Sep 2009 | 12:37 pm NTPC sets riders for KG gas deal - Economic Times
Source: Business - Google News | 14 Sep 2009 | 12:37 pm Firms see group health insurance costs doubleCompanies are seeing the cost of buying health insurance for their employees more than double, with insurers increasing the premium on group covers to partly cover mounting losses after they lost the option of cross-subsidising it with more lucrative property covers.Source: Business Standard | Front Page Headlines | 14 Sep 2009 | 12:35 pm India, Mongolia energise ties, sign civil nuclear pactIndia Monday signed a civil nuclear pact with Mongolia and announced a soft loan of $25 million to bolster the economy of the resource-rich Central Asian country that has been hit by global recession.Source: IndiaeNews.com: Business News | 14 Sep 2009 | 12:00 pm Railways to start special train to promote GamesIndian Railways will launch a special train to promote the Commonwealth Games 2010, Railways Minister Mamata Banerjee said here Monday.Source: IndiaeNews.com: Business News | 14 Sep 2009 | 11:31 am Global stock markets shaken up by US-China trade dispute London: European and Asian markets fell on Monday and the US stocks were nearly flat in early trading as investors worried that a new trade dispute between the US and China could hurt a fledgling global economic recovery. Germany’s DAX fell 0.9% to 5,571.51 and Britain’s FTSE 100 lost 0.7% to 4,975.01. France’s CAC-40 shed 1.0% to 3,696.18. Asian indexes lost as much as 2%. In mid-morning trade, the Dow Jones Industrial Average fell 52.37, or 0.6%, to 9,553.04. The Standard & Poor’s 500 index fell 5.76, or 0.6%, to 1,036.97. The US decision to impose trade penalties on Chinese tyres infuriated Beijing, which condemned the move as protectionist and said it violated global trade rules. Crucially, the dispute suggests international economic cooperation is weak ahead of the Group of Twenty summit later this month in Pittsburgh. With the US-Chinese trade a key link in the global economy, investors were spooked by the potential repercussions. Chen Deming, China’s minister of commerce, said the penalties would hurt relations with the US. A ministry statement said President Barack Obama had given in to “US domestic trade protectionism”. “The possibility of a trade war would be detrimental to a world economy reeling from the biggest financial crisis in over 70 years, especially at a time when Group of Seven nations are considering the unwinding of fiscal and monetary stimuli,” said Ashraf Laidi, chief market strategist at CMC Markets in London. Also hurting sentiment outside the US was the dollar’s recent drop against world currencies such as the yen, the pound and the euro against which it hit a yearly low last week. Although it recovered somewhat on Monday, its sharp fall this month has hurt confidence in companies in export-heavy European and Asian economies. In Asia, Japan’s Nikkei 225 index took the day’s biggest hit, 2.3% to 10,202.06. Toyota, the world’s largest car company, lost 2.6%, electronics giant Canon was off 3.4% and Sony dropped 2.4%. Hong Kong’s Hang Seng closed down 1.1% while Korea’s Kospi shed 1%. Australia’s key index lost 1.4%, India’s Sensex was down 0.5% and Taiwan’s benchmark fell 1.1%. Shanghai’s market defied the downswing, adding 1.2%. Oil prices dropped in Europe, with benchmark crude for October delivery down 45 cents to $68.84 (Rs3,352.50) a barrel. On Friday, the contract tumbled $2.65 to settle at $69.29. The dollar, which has tanked in recent days, rebounded modestly to 90.84 yen (Rs49) compared with 90.42 yen. The euro fell to $1.4559 from $1.4597. Jeremiah Marquez in Hong Kong contributed to this story. Source: World Business - Livemint.com | 14 Sep 2009 | 10:15 am Yahoo! seeks to sell stake in Alibaba.com: report Hong Kong: US internet giant Yahoo! is seeking to sell up to $150 million worth of shares in Alibaba.com, Dow Jones Newswires reported on Monday. Yahoo! is selling its direct stake in Alibaba.com, of 57.48 million shares acquired at its initial public offering, the Dow Jones Newswires said, citing a term sheet it had seen. The stake amounted to about 1% of shares in the Hong Kong-listed e-commerce firm. Dow Jones Newswires said Yahoo! will sell the shares for HK$19.80-20.30 ($2.54-2.60) each, representing a discount of 4-6.4% on Alibaba.com’s closing price of 21.15 Hong Kong dollars on Monday. Even after the discount, Yahoo! will make a respectable profit of at least 47% on the IPO price of $13.50 less than two years ago, Dow Jones Newswires said. John Spelich, Hong Kong-based vice-president for international corporate affairs at Alibaba Group, the parent company of Alibaba.com, said that they welcomed the share sale. “We are pleased to learn of the Yahoo! decision because having broader ownership of Alibaba.com with increased liquidity and support among institutional investors is what Alibaba.com hoped to achieve,” he said in a statement. Source: Tech News - Livemint.com | 14 Sep 2009 | 6:50 am Asia airports, shippers ripe for deals: CitiHong Kong: Asia’s airports and container shippers will be the focus of IPOs and M&A deals in the region’s industrials sector in the near term as governments look to reduce deficits and shippers consolidate, a top Citigroup banker said on Monday. Global merger and acquisition volumes in the industrials sector have plummeted more than 40% in 2009 to roughly $138 billion, according to Thomson Reuters data. Despite the gloomy numbers, Asia is strong compared with Western markets, and strategically sound deals would move ahead, Michael Borch, Citi’s head of industrials, global investment banking, Asia Pacific, told Reuters. “It is fairly well documented, what Korea is looking to do with Incheon Airport,” Borch said in an interview. “The most likely outcome will be an IPO, but of a minority stake in the airport. The reason being that with infrastructure funds, there are only a few that are happy to buy into assets without control. The only way you can monetize an asset without control is by way of an IPO.” Other regional governments have already tapped the markets for their airports. Beijing Capital International Airport Co, for example, is listed in Hong Kong. “Infrastructure asset sales can contribute to deficit reduction,” Borch said. Airports Authority of India plans an IPO next near, according to media reports. Hong Kong’s government previously had plans to privatize its Airport Authority through an IPO, but the plan has been shelved, with no clear signs of revival. Container shippers Borch added that the industrials sector would also see deals in container shipping lines. “You’ve got an industry where you’ve seen a drop off in the transport requirement of something like 25%, at the same time where they have ordered new ships,” he said. “The volume is down dramatically and the supply side is up incredibly.” Earlier this month, a top executive at Maersk Line, a unit of the world’s top container shipper A.P. Moller-Maersk, told Reuters the industry needed to consolidate after it suffered major losses as a plunge in world trade hit freight rates and volumes. Some analysts expect state-backed companies such as Singapore’s Neptune Orient Lines (NOL) and China’s Cosco Holdings to lead the way in the consolidation process. “There are way too many of these companies,” said Borch. “For us the interesting thing is to try and figure out who are the winners, and to pick the winners.” Source: World Business - Livemint.com | 14 Sep 2009 | 4:14 am Chevron approves $37 bn Gorgon LNG projectPerth: Chevron Corp and its partners gave a formal green light to building the Gorgon liquefied natural gas project in Australia, the world’s biggest new development, at a lower than estimated cost of $37 billion. Monday’s final investment decision, widely expected after the project cleared a series of key regulatory hurdles last month following years of review, is the starting gun on a project that will generate huge revenues for contractors and deliver some 8 percent of the world’s LNG when it begins production in 2014. The decision underscores a growing appetite for gas in the Asia Pacific region and heralds a shift in the hierarchy of Asian consumers that will see China overtake Japan as the dominant LNG buyer, a strategic position that gives China increased bargaining power as it chooses which project to back. Gorgon will also put pressure on about a dozen other LNG projects in Australia that are competing for both willing buyers in China, India, South Korea or Japan, and for the limited manpower and materials necessary to build the huge terminals that will make Australia the world’s No. 2 gas exporter behind Qatar. Chevron put a price tag of A$43 billion ($37 billion) on the first 15 million tonne per year (tpy) phase of the project, some 14% less than costs estimated by the government several months ago, and said the partners would decide within a year whether to add two further production units on Barrow Island, from an initial three, to expand output. “Gorgon has been a long time coming. Gorgon is destined to be an iconic project, a legacy project with massive investments set in motion today,” George Kirkland, Chevron’s executive vice president of global upstream and gas, said at a briefing in Perth. Chevron reiterated that it will fund its share of the project’s construction from its own balance sheet. The go-ahead will be a relief to Chevron and partners ExxonMobil and Royal Dutch Shell, each holding a 25% stake in the project, who have endured years of delay amid environmental concerns about its location on Barrow Island, off the coast of western Australia, and rapid cost escalation. Kirkland said the recent downturn in the oil and gas industry has reduced capital costs, working to their advantage. It is expected to create about 10,000 jobs at its peak and will be a boost for both the country’s export earnings and a potential boon for project contractors ranging from US firm KBR to South Korea’s Hyundai Heavy Industries and Australia’s Leighton Holdings. Chevron has already awarded A$2 billion worth of contracts and expects to award a further A$10 billion by year end. “Gorgon could prompt other projects to speed up to try and fix costs before the next great leap forward caused by rapid expansion and limited resources,” said Tony Regan, an LNG consultant with Tri-Zen International in Singapore. Challenges ahead The Gorgon gas field, discovered more than 30 years ago, is the first LNG project to be approved since December 2008 and is also Australia’s largest ever resource project, set to generate A$300 billion in Australian export earnings and a government revenue of A$40 billion. Gorgon is also a breakthrough in terms of being the world’s biggest carbon sequestration project. Chevron will spend A$2 billion to bury 40% of Gorgon’s greenhouse gas emissions, or 3.4 million tonnes per annum, by injecting the gas into a reservoir 2 km below Barrow Island. Analysts said the greatest challenge for Gorgon partners would be implementing the large-scale carbon capture programme and meeting the government’s stringent environmental conditions, laid down to protect more than 20 endangered animals found on the island, such as the flatback turtle, the spectacled hare-wallaby and the golden bandicoot. “Carbon capture hasn’t been done on such a large scale and it requires a fairly cutting edge technology, so this could potentially be a risk for the partners,” said Leigh Bolton, an analyst at Holmwood Consulting in London. The greater Gorgon area is estimated to have resources of 40 trillion cubic feet of natural gas, the equivalent of 6.7 billion barrels of oil. The resource contains enough equivalent energy to power a city of 1 million people for 800 years, Chevron said. More sales to come Chevron and Shell, which have a combined total of about 5 million tonnes of Gorgon gas left to be sold, said regional demand remained buoyant and they were confident of securing more sales in the coming months. “We’re confident of demand. Shell’s access to LNG import terminals around the world will give it further options for Gorgon gas,” Jon Chadwick, Shell’s executive vice president for Australia, told Reuters in an interview. Some analysts have warned about the raft of other new LNG projects planned around the region and said the market was unlikely to be able to accommodate all the new capacity, most of which was targeted to come onstream in 2015-2016. “The previously expected rise in US LNG demand won’t be around anymore because of the surge in domestic gas supplies. So a lot of the gas in the Middle East will have to make its way to Asia, where demand growth for LNG too has its limits,” said an analyst who declined to be identified. Proposed LNG capacity of about 130 million tonnes a year is exceeding 80 million tonnes of uncontracted demand in the Pacific region over the next decade, brokerage firm Bernstein said in a report last month. Source: World Business - Livemint.com | 14 Sep 2009 | 4:10 am
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