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Orchid gets USFDA nod; stock up by 25%Orchid Chemicals is up 25% because its got a The US Food and Drug Administration (USFDA) nod abbreviated new drug application (ANDA) for launching Piperacillin and Tazobactam.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 9:15 am Datawatch: 37 stks trading at discount to investment valueIn the last datawatch we saw stocks which were trading at a discount to book value. Now we turn our attention to stocks which are trading at a discount to Investment value.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 7:46 am Year post Lehman bust, US technically out of recession: BBCA year after the Lehman Brothers\' collapse, the US was technically out of recession, Nik Gowing, Presenter of BBC World News said. India, he said, was moving in a very robust way and things in China too were moving in the right direction, though the growth was unstable.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 7:12 am Govt draws plan to attract FDI in technical textilesThe government has chalked out plans to seek investment from the US and European nations in the fast growing special textiles sector, which is engaged in production of the specialised variant of the commodity used by industries.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 7:05 am Tube Invt sees over 10% YoY growth in bicylce bizL Ramkumar of Tube Investments sees a good growth in the bicycle business. \"The business is growing at more than 10% over the last year.\"Source: Moneycontrol Top Headlines | 16 Sep 2009 | 7:05 am LIC Housing Fin CAR may rise to 15% post QIPLIC Housing Finance\'s current CAR is at 13.5%. The companys CAR is likely to rise to 15% post QIP. Its FY10 BV may be improve to Rs 350 per shares from Rs 326.50. Its FY10 RoE is expected to decline to 18.9%.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 6:52 am `Land meant for real estate should be given for WB IT project`!In the wake of West Bengal scraping a proposed IT township project after a land scam at Vedic Village, industry body Nasscom today said the state government should provide land to IT companies from its real estate pool.Source: Zee News : Business | 16 Sep 2009 | 6:36 am We are over-hired: Infosys COO!Infosys Technologies Ltd, India`s second-ranked software exporter, said the business environment is challenging and clients are cautious in spending, although pressure for price cuts has eased.Source: Zee News : Business | 16 Sep 2009 | 6:36 am British PM Brown admits need for spending cuts!British Prime Minister Gordon Brown conceded he would have to cut spending in order to tackle Britain`s soaring debt, but promised voters on Tuesday "vital frontline" services would not be affected.Source: Zee News : Business | 16 Sep 2009 | 6:36 am Pipavav Shipyard IPO opens today!The Initial Public Offer (IPO) of the private sector ship builder, Pipavav Shipyard, will hit the capital market on Wednesday.Source: Zee News : Business | 16 Sep 2009 | 6:36 am Adobe to buy Omniture for USD 1.8 billion!Adobe Systems Inc plans to pay USD 1.8 billion for fast-growing business software maker Omniture Inc as the maker of Photoshop and Acrobat looks to turn around declining sales.Source: Zee News : Business | 16 Sep 2009 | 6:36 am US recession over, but economy still weak: Bernanke!Federal Reserve chairman Ben Bernanke said Tuesday the US recession "is very likely over" technically but that the economy remains weak.Source: Zee News : Business | 16 Sep 2009 | 6:36 am IOC losing Rs 79 cr per day on selling fuel below costState-run Indian Oil Corp (IOC), the nation's largest fuel retailer, is losing about Rs 79 crore per day on selling auto and cooking fuel below cost.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 6:11 am FY10 sales seen at around Rs 550cr: Eastern SilkFY10 sales were seen at around Rs 550 crore, says Shyam Sunder Shah, Chairman of Eastern Silk.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 5:56 am School biz will contribute 3040% to revenues: Edserv SoftS Giridharan, Chairman and Chief Executive Officer, Edserv Softsystems said that the school business would contribute 3040% to the companys revenues. Majority of revenues will come from higher education, he added. The company plans to set up 50 new schools over the next six months, he said.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 5:54 am Lehman crisis fallout: Fearful customers rush to PSU banksAn RBI report shows how private banks in India lost to nationalised banks, in deposit and loans growth since last September. The report says that deposits of nationalised banks which were growing by 21.8% as of September 2008 shot up to a growth pace of 24.5% by March this year.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 5:25 am RNRL wants SC to make NTPC party to its case against RILAlleging that Mukesh Ambani-led RIL was trying to wriggle out of gas supply contracts with NTPC and itself, Anil Ambani group firm RNRL on Wednesday asked the Supreme Court to make the power PSU a party to its ongoing case against RIL.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 5:03 am IOC looking to source 1-mn tonnes of crude from RIL's KG fieldIndian Oil Corp (IOC), the nation's largest PSU refiner, is looking to buy 1-million tonnes of crude oil from Reliance Industries' KG basin field for two refineries operated by a subsidiary in Tamil Nadu.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 4:55 am Capitalism is immoral, undemocratic: Michael MooreThe man who ridiculed former US President George W Bush in his documentary 'Fahrenheit 9/11' is back again and this time Michael Moore has targetted America's economic system, blaming it for the current global financial crisis.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 4:38 am Aviation min to seek nod for Air India equity infusionIndia's civil aviation ministry will shortly seek cabinet approval to infuse equity into state-run carrier Air India, the ministry said on Wednesday.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 4:31 am Nifty closes above 4950; Tata Steel, SAIL surges - Economic Times
Source: Business - Google News | 16 Sep 2009 | 4:26 am Ministry to Seek Cabinet Approval to Infuse Equity in Air India - Wall Street Journal
Source: Business - Google News | 16 Sep 2009 | 4:15 am GLOBAL MARKETS - World stocks at new 11-mth high, U.S. dollar skidsLONDON (Reuters) - World equities rose on Wednesday to new 11-month highs, after upbeat U.S. data boosted faith in an economic recovery, persuading more investors to sell their low-yield dollars to buy growth-oriented stocks and commodities.Source: Reuters: Money News | 16 Sep 2009 | 4:12 am TCS to reduce the salary of campus recruits - Siliconindia.com
Source: Business - Google News | 16 Sep 2009 | 4:12 am BSE Sensex provisionally rises 1.4 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 1.37 percent on Wednesday, on hopes for robust quarterly earnings and a pick-up in consumer spending.Source: Reuters: Money News | 16 Sep 2009 | 4:09 am Wall Street Journal to charge mobile readersNEW YORK (Reuters) - The Wall Street Journal soon will begin charging people to read the paper on mobile devices such as their BlackBerrys, the paper's owner Rupert Murdoch said on Tuesday.Source: Reuters: Money News | 16 Sep 2009 | 4:08 am Avoid Pipavav Shipyard IPO: Nirmal Bang - Moneycontrol.com
Source: Business - Google News | 16 Sep 2009 | 4:02 am EU to push for G-20 bank bonus ‘sanctions’Brussels: European Union (EU) leaders will press their G-20 partners to introduce “sanctions” for banks that hand out excessive bonuses, according to a draft summit communique seen by AFP on Wednesday. “The G-20 should commit to agreeing to binding rules for financial institutions on variable remunerations backed up by the threat of sanctions at the national level,” the draft said ahead of a special summit in Brussels. The text will be put to the heads of the 27 EU member states meeting on Thursday evening to agree a common position to take to the G-20 summit in Pittsburgh gathering the world’s major economies next week. Seeking new rules that “fulfil the commitment subscribed to in London” in April at the last G-20 summit, the EU bloc’s stance is that bonus pay in the financial sector should be tied to “long-term performance.” Specifically, they also want to block the exercising of stock options over set timeframes and end the insulation of top directors from fall-out when banks fail, following a number of high-profile payouts to failed bank chiefs. French President Nicolas Sarkozy has threatened to walk out of the Pittsburgh talks if the discussions on bonuses do not bear fruit, although his proposals for capping bonuses have met with reservations in Britain and the United States. US President Barack Obama said on Monday Wall Street cannot return to high-risk operations and expect “taxpayers will be there to break their fall,” although experts expect resistance in Washington to heavy regulation. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 3:59 am MAXimum impact - Business Standard
Source: Business - Google News | 16 Sep 2009 | 3:55 am ‘India may need $1.7 trillion for infrastructure financing’Mumbai: India will require $1.7 trillion in financing over the next decade to meet its infrastructure needs, Goldman Sachs said in a note on Wednesday. The figure is higher than Goldman’s earlier estimate of $620 billion, while the government’s projections for the 11th Five-Year Plan for 2007-2012 envisages $500 billion in infrastructure spending. Goldman Sachs said it estimates that in the decade to 2020, India would need to more-than-double its electricity capacity, increase length of paved roads by half, and add substantially to its railway, irrigation, ports and airports to keep pace with economic growth and urbanisation. However, India will be able to meet its infrastructure financing needs domestically, without significant recourse to external capital, on account of a rising domestic savings rate and robust balance sheets, it said. Goldman Sachs expects gross savings rate in Asia’s third largest economy to rise to 40% of GDP by 2016 and remain at high levels for well over a decade. India’s domestic savings are on a sustained upturn, primarily due to favourable demographics, and also due to rising GDP growth and lower per capita incomes, it said. It also said that household savings can be intermediated through the financial sector to the government, which then spends on infrastructure. However, it would be more efficient if household savings were channelled directly to infra through pension/insurance funds, it added. India’s infrastructure build-out and financing presents enormous opportunities, not just for producers of capital goods, developers and raw material providers, but also for financial intermediaries. Source: Home - Livemint.com | 16 Sep 2009 | 3:54 am GM Daewoo launches new mini-carGM Daewoo hopes to make inroads into the mini-car market with its first such vehicle now on sale in South Korea and due to come to Europe at the start of 2010. It will be assembled at GM plants in India, Vietnam, Columbia and Uzbekistan.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 3:45 am Gold demand weak as prices near 7-month highMumbai: Gold traders dettered from making fresh purchases on Wednesday as prices hit their highest level in seven months, nearing the keenly-watched Rs16,000 mark, dealers said. “There are no buyers, no one wants to get stuck with high-priced stocks,” said Haresh Acharya, head of bullion desk, Ahmedabad-based wholesaler, Parker Agrochem. The most-traded October contract was held within a striking distance of Rs16,000 after a weak dollar overseas spurred buying in alternative assets. The contract traded 0.37% higher at Rs15,935 per 10 gram at 2:29pm, after hitting a high of Rs15,988, a level last seen on 21 Feburary. Traders were stationed on the sidelines seeking lower prices to stock up for festivals starting later in the month. “I have plenty of advanced orders at $950 (an ounce),” said a dealer with a state-run bank. India celebrates Dussera festival later this month and Diwali and Dhanteras in October, which is expected to revive sagging gold sales. The World Gold Council’s January to June figures show India’s gold imports fell 55% to 126.7 tonnes from 282.3 tonnes a year earlier. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 3:45 am Gold demand weak as prices near 7-month highMumbai: Gold traders dettered from making fresh purchases on Wednesday as prices hit their highest level in seven months, nearing the keenly-watched Rs16,000 mark, dealers said. “There are no buyers, no one wants to get stuck with high-priced stocks,” said Haresh Acharya, head of bullion desk, Ahmedabad-based wholesaler, Parker Agrochem. The most-traded October contract was held within a striking distance of Rs16,000 after a weak dollar overseas spurred buying in alternative assets. The contract traded 0.37% higher at Rs15,935 per 10 gram at 2:29pm, after hitting a high of Rs15,988, a level last seen on 21 Feburary. Traders were stationed on the sidelines seeking lower prices to stock up for festivals starting later in the month. “I have plenty of advanced orders at $950 (an ounce),” said a dealer with a state-run bank. India celebrates Dussera festival later this month and Diwali and Dhanteras in October, which is expected to revive sagging gold sales. The World Gold Council’s January to June figures show India’s gold imports fell 55% to 126.7 tonnes from 282.3 tonnes a year earlier. Source: Home - Livemint.com | 16 Sep 2009 | 3:45 am Wealth firms tap India's newly rich as stocks reboundMUMBAI (Reuters) - Indian wealth managers are set to jumpstart hiring and revive expansion plans as a rebound in domestic shares mints millionaires once again, creating fertile hunting ground for new clients.Source: Reuters: Money News | 16 Sep 2009 | 3:39 am AUTOSHOW - Carmakers see bumpy road to recoveryFRANKFURT (Reuters) - Executives at the Frankfurt Motor Show predicted a bumpy road to a car market recovery as they showcased their latest "green" technology, which they hope will transform the industry.Source: Reuters: Money News | 16 Sep 2009 | 3:34 am Downturn may cost 25 million jobs in OECD countries: reportParis: The economic downturn will likely cost as many as 25 million people their jobs by end-2010 as the unemployment rate nears a record 10% in the OECD group of countries, according to a report released on Wednesday. The Organisation for Economic Co-operation and Development said 15 million jobs were lost between end-2007 and July 2009 and 10 million more could go by the end of next year despite signs that the economy is picking up. “A major risk is that much of this large hike in unemployment becomes structural in nature,” the report said. The OECD-wide unemployment rate has already hit the highest on records going back to World War II, surging to 8.3% by June 2009 from 5.6% at the end of 2007, the annual report from the Paris-based OECD said. The latest aggregate readout, for July, is 8.5%. Spain, Ireland and the United States were worst hit, with unemployment rates rising by 9.7 percentage points, 7.8 percentage points and 4.5 percentage points respectively between the start of 2007 and mid-2009, it said. “The labour market outlook would be even worse if governments has not pursued expansionary monetary and fiscal policy,” said the OECD, estimating that government spending on anti-recession projects will raise total employment next year by about 0.8-1.4% more than would otherwise have happened. This downturn is destroying considerably more jobs than other recessions since the early 1970s, the report says. Most of the world’s high-income countries and a few others are members of the OECD but others such as China and India are not. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 3:34 am Yamaha launches superbike for Rs.20 lakhTwo-wheeler manufacturer Yamaha India Wednesday rolled out a super bike, V Max, priced at Rs.20 lakh.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 3:32 am EU parliament set to return Barroso to presidencyStrasbourg: Months of heated political debate are set to end later on Wednesday when members of the European parliament vote on whether to return Jose Manuel Barroso to the EU’s most high-profile post. Since they were elected in June, many parties in the new assembly have variously railed against the incumbent European Commission president, notably over his handling of the economic crisis. But no other candidate has emerged and as Barroso put the finishing touches to his campaign in Strasbourg on Tuesday, it appeared that he had clinched the support of at least the minimum 369 of the 736 deputies to win a new five-year mandate. In a last appeal to garner maximum backing, the former Portuguese premier vowed to take on board some of the recommendations he had heard from the house for his second term. “What I propose is no less than a transformational agenda for Europe,” he told the lawmakers, in a raucous final hearing. “If you want a strong commission that stands up to (EU) member states, you should give this commission the strong support it needs,” he said, arguing that a second term would bolster the role of the European institutions. Support from the 53-year old politician’s conservative brethren was never in question, but the Socialist bloc, the second largest in the parliament, has refused to back him, although some members might break ranks. The Greens had most vehemently opposed him as a lackey of the leaders of the 27 European Union member states and refuse to give their vote, but even they failed to stand up another candidate. “I have to say that I believe I must be hallucinating,” Greens leader Daniel Cohn-Bendit told the assembly, at the idea that some colleagues might think Barroso would stand up to the EU’s leaders. “Jose Manuel Obama—Yes, he can,” Cohn-Bendit said, in a mocking parody of US President Barack Obama’s election campaign theme. Yet Barroso was the only publicly-declared contender for the top job. The European Commission is the EU’s executive arm. Based in Brussels, it is responsible for drawing up legislation that impacts on the lives of about half a billion Europeans, as well as enforcing the rules already in place. Its president—who like the commissioners is appointed rather than elected—has significant leverage to influence legislative priorities. The commission will have a budget of €138 billion ($200 billion) in 2010. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 3:32 am UPSC to accept job applications online by next yearUnion Public Service Commission (UPSC), the recruitment and selection body for government services, will accept online job application by next year.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 3:31 am Equity infusion into Air India to be discussed soonStating that the revival plan for cash-strapped national carrier Air India was well on track, Civil Aviation Minister Praful Patel Wednesday said that his ministry will shortly seek cabinet approval for equity infusion into the airline.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 3:31 am Cathay Pacific to raise $245 mn from HAECO stake saleHong Kong: Cash-strapped Cathay Pacific Airways, Hong Kong’s dominant carrier, on Wednesday said it will sell part of its stake in an aircraft maintenance company to parent Swire Pacific for $245 million. Cathay will sell 12.45 percent of Hong Kong Aircraft Engineering Co Ltd (Haeco) for HK$1.9 billion ($245 million) or HK$91.83 per share, slightly below Haeco’s close of HK$93.30 on Wednesday, it said in a statement. The airline is expected to post a one-time gain of HK$1.27 billion from the deal, to be booked this year. Analysts said the fund raising would immediately help ease the company’s capital spending requirements for new aircraft, which are estimated at HK$4 billion this year and HK$7 billion in 2010. “This is a positive move as fundraising needs for the company will decrease after this HK$2 billion deal,” said Nomura analyst Jim Wong. The company’s net debt to equity ratio will fall to 76%, from 81% at end-June, after the completion of the transaction, he added. After the deal, Cathay’s interest in the aircraft maintenance company will fall to 15% from 27.45%, the company said in a statement. Cathay returned to profit in the first half of 2009, thanks to a huge fuel-hedging gain. But it warned last month of strong headwinds ahead. The outlook for global airlines this year has worsened, with the International Air Transport Association (IATA) trade group projecting $11 billion in losses as weak passenger and cargo demand pressure revenue. Shares of Cathay, a unit of conglomerate Swire Pacific, ended up 4% at HK$12.36 on Wednesday. They have gained 41% this year, slightly below a 49% rise on the broader market. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 3:30 am Govt issues Rs 10306cr oil bondsCNBCTV18 learns that the government has issued oil bonds worth Rs 10,306 crore. Of which, Rs 6,207 crore bonds have been issued to Indian Oil, Rs 2,034 crore bonds to HPCL and Rs 2,065 crore bonds to BPCL.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 3:25 am Gold demand weak as prices near 7-month highMUMBAI (Reuters) - India gold traders dettered from making fresh purchases on Wednesday as prices hit their highest level in seven months, nearing the keenly-watched 16,000-rupees mark, dealers said.Source: Reuters: Money News | 16 Sep 2009 | 3:21 am Nifty crosses 4,900-mark, Sensex up 187 pointsThe Bombay Stock Exchange benchmark Sensex rose by 187 points to a 16-month high in opening trade on Wednesday as foreign funds bought shares driven by reports of advance tax payments by some big corporate houses and firming global markets. Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 3:19 am Downturn may cost 25 million jobs in OECD - reportPARIS (Reuters) - The economic downturn will likely cost as many as 25 million people their jobs by end-2010 as the unemployment rate nears a record 10 percent in the OECD group of countries, according to a report released on Wednesday.Source: Reuters: Money News | 16 Sep 2009 | 3:18 am India to launch Oceansat-2 on 23 September: IsroBangalore: Indian Space Research Organisation (Isro) will launch Oceansat-2 satellite, which will help identify potential fishing zones and in coastal zone studies, on 23 September in a mission that would have European flavour. The 970-KG spacecraft would set-off by the home-grown Polar Satellite Launch Vehicle (PSLV) from Sriharikota spaceport on the east coast, where preparations for the launch are in full swing. “Oceansat-2 is tentatively scheduled to be launched at around noon on 23 September,” S. Satish, spokesperson of Bangalore-headquartered Isro, told PTI. The satellite is intended for identification of potential fishing zones, sea state forecasting, coastal zone studies and providing inputs for weather forecasting and climate studies. It is an in-orbit replacement to Oceansat-1, launched by Isro in May 1999 and was used to study physical and biological aspects of oceanography. “Data from Oceansat-1 (which has completed ten years of service) was widely used by fishermen,” Isro chairman G. Madhavan Nair said. Besides Isro, European space agencies would be keenly looking forward for the missions success as a set of six European nano satellites would ride piggyback and accompany Oceansat-2 on its trip to orbit. Besides two Rubin nano satellites from Germany, the four cubesats lined up for the mission are: Beesat (built by Technical University, Berlin), UWE-2 (University of Wuerzburg, Germany), ITU-pSat (Istanbul Technical University, Turkey) and SwissCube-1 (Ecole Polytechnique Federal de Lausanne, Switzerland). Oceansat-2 would carry an Ocean Colour Monitor (OCM) and a Ku-band pencil beam Scatterometer, besides a Radio Occultation Sounder for Atmospheric Studies (Rosa), developed by the Italian Space Agency (ASI). Isro chief said the Ku-band pencil beam Scatterometer with a ground resolution cell of 50 KMs X 50 KMs is expected to provide the wind vector range of four to 24 metres per second with better than 20% accuracy in speed and 20 degree in wind direction. The on-board Scatterometer is a very good instrument for getting surface wind on the sea. It is required for sea state forecasting. And for maritime navigation, the wave height and disturbance is also important, Nair said. The eight-band OCM is similar to the one in Oceansat-1 with appropriate spectral bandwidth modifications based on the experience gained. OCM, with 360 metres spatial resolution and a swath of 1,420kms, would provide a two-day repeativity. Since Oceansat-2 is a continuity mission to Oceansat-1, the same polar sun synchronous orbit of 720 KMs has been retained. An Isro official said Oceansat-1 essentially could look at only the colour of the ocean but the upcoming spacecraft is a comprehensive system and would look at surface winds and temperature, among other things. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 3:18 am India to launch Oceansat-2 on 23 September: IsroBangalore: Indian Space Research Organisation (Isro) will launch Oceansat-2 satellite, which will help identify potential fishing zones and in coastal zone studies, on 23 September in a mission that would have European flavour. The 970-KG spacecraft would set-off by the home-grown Polar Satellite Launch Vehicle (PSLV) from Sriharikota spaceport on the east coast, where preparations for the launch are in full swing. “Oceansat-2 is tentatively scheduled to be launched at around noon on 23 September,” S. Satish, spokesperson of Bangalore-headquartered Isro, told PTI. The satellite is intended for identification of potential fishing zones, sea state forecasting, coastal zone studies and providing inputs for weather forecasting and climate studies. It is an in-orbit replacement to Oceansat-1, launched by Isro in May 1999 and was used to study physical and biological aspects of oceanography. “Data from Oceansat-1 (which has completed ten years of service) was widely used by fishermen,” Isro chairman G. Madhavan Nair said. Besides Isro, European space agencies would be keenly looking forward for the missions success as a set of six European nano satellites would ride piggyback and accompany Oceansat-2 on its trip to orbit. Besides two Rubin nano satellites from Germany, the four cubesats lined up for the mission are: Beesat (built by Technical University, Berlin), UWE-2 (University of Wuerzburg, Germany), ITU-pSat (Istanbul Technical University, Turkey) and SwissCube-1 (Ecole Polytechnique Federal de Lausanne, Switzerland). Oceansat-2 would carry an Ocean Colour Monitor (OCM) and a Ku-band pencil beam Scatterometer, besides a Radio Occultation Sounder for Atmospheric Studies (Rosa), developed by the Italian Space Agency (ASI). Isro chief said the Ku-band pencil beam Scatterometer with a ground resolution cell of 50 KMs X 50 KMs is expected to provide the wind vector range of four to 24 metres per second with better than 20% accuracy in speed and 20 degree in wind direction. The on-board Scatterometer is a very good instrument for getting surface wind on the sea. It is required for sea state forecasting. And for maritime navigation, the wave height and disturbance is also important, Nair said. The eight-band OCM is similar to the one in Oceansat-1 with appropriate spectral bandwidth modifications based on the experience gained. OCM, with 360 metres spatial resolution and a swath of 1,420kms, would provide a two-day repeativity. Since Oceansat-2 is a continuity mission to Oceansat-1, the same polar sun synchronous orbit of 720 KMs has been retained. An Isro official said Oceansat-1 essentially could look at only the colour of the ocean but the upcoming spacecraft is a comprehensive system and would look at surface winds and temperature, among other things. Source: Tech News - Livemint.com | 16 Sep 2009 | 3:18 am Rupee rises to 1-month peak; share gains boostMumbai: The Indian rupee rose to its higest in more than a month on Wednesday afternoon as gains in domestic shares boosted capital inflow hopes while the dollar’s weakness against major currencies also underpinned sentiment. At 2:40pm, the partially convertible rupee was at Rs48.25/26 per dollar, its highest since 14 August and above its previous close of Rs48.65/66. Shares rose more than 1%, helped by a rise in global markets and as higher advance tax data bolstered hopes for stronger quarterly corporate earnings. Foreigners have bought shares worth $8.9 billion so far in 2009, after having sold more than a net $13 billion last year. The dollar index, a gauge of the US unit’s performance versus six majors, was down 0.4%. Asian units too were trading stronger. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 48.4375 each, with the total traded volume on the two exchanges at about $552 million. Source: Home - Livemint.com | 16 Sep 2009 | 3:09 am MONEY MARKETS-Korean, Indian swap rates ease after recent spike - Reuters
Source: Business - Google News | 16 Sep 2009 | 3:01 am Facebook becomes ‘cash flow positive’Washington: Facebook announced on Tuesday it was earning more money than it was spending and had signed up its 300 millionth member. Facebook co-founder and chief executive Mark Zuckerberg said the fast-growing social network had become “cash flow positive” last quarter, meaning that it is now earning enough to cover operating costs. “Earlier this year, we said we expected to be cash flow positive sometime in 2010, and I’m pleased to share that we achieved this milestone last quarter,” Zuckerberg said in a blog post. “This is important to us because it sets Facebook up to be a strong independent service for the long term.” Facebook’s announcement is significant in that the Palo Alto, California, company, unlike other Web giants such as Amazon, eBay, Google and Yahoo!, had yet to prove how it would translate traffic growth into cash. Zuckerberg, who created Facebook with two Harvard University roommates five years ago, did not provide any financial details but the company is believed to pull in hundreds of millions of dollars a year from advertising. The chief executive also announced that “as of today, Facebook now serves 300 million people across the world.” Facebook signed up its 200 millionth user in April. US software giant Microsoft bought a 1.6% stake in Facebook in 2007 for 240 million dollars, valuing the social network on paper at 15 billion dollars. A Russian Internet company invested $200 million in a nearly 2% stake in Facebook in May in a deal that valued the social networking giant at $10 billion. Source: Tech News - Livemint.com | 16 Sep 2009 | 3:00 am Facebook becomes ‘cash flow positive’Washington: Facebook announced on Tuesday it was earning more money than it was spending and had signed up its 300 millionth member. Facebook co-founder and chief executive Mark Zuckerberg said the fast-growing social network had become “cash flow positive” last quarter, meaning that it is now earning enough to cover operating costs. “Earlier this year, we said we expected to be cash flow positive sometime in 2010, and I’m pleased to share that we achieved this milestone last quarter,” Zuckerberg said in a blog post. “This is important to us because it sets Facebook up to be a strong independent service for the long term.” Facebook’s announcement is significant in that the Palo Alto, California, company, unlike other Web giants such as Amazon, eBay, Google and Yahoo!, had yet to prove how it would translate traffic growth into cash. Zuckerberg, who created Facebook with two Harvard University roommates five years ago, did not provide any financial details but the company is believed to pull in hundreds of millions of dollars a year from advertising. The chief executive also announced that “as of today, Facebook now serves 300 million people across the world.” Facebook signed up its 200 millionth user in April. US software giant Microsoft bought a 1.6% stake in Facebook in 2007 for 240 million dollars, valuing the social network on paper at 15 billion dollars. A Russian Internet company invested $200 million in a nearly 2% stake in Facebook in May in a deal that valued the social networking giant at $10 billion. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 3:00 am LIC Housing Fin QIP issue closesThe latest to join the qualified institutional placement (QIP) rush is LIC Housing Finance. CNBCTV18 learns the company\'s issue closed yesterday. The QIP was priced at Rs 660 per share.Source: Moneycontrol Top Headlines | 16 Sep 2009 | 2:55 am India chases gold despite Asia rally Singapore: Jewellers in India entered the physical market on Wednesday despite gold’s rally to an 18-month high, reflecting expectations of further rises in prices ahead of a major Hindu festival, dealers said. Purchases by India, the world’s largest gold consumer, helped offset selling by holders in Indonesia and Thailand and kept premiums for gold bars steady at 50 to 70 US cents an ounce to the spot London prices in Singapore. Gold hit a high of $1,017.75 an ounce, its strongest since March 2008, after the US dollar dropped to 2009 lows against the euro. Bullion has gained around 16% this year as investors sought a safe heaven due to the dollar’s weakness. “It seems the jewellery sector is covering some (stocks). Recently, we’ve seen order from customers from jewellery sector,” said Dick Poon, manager of precious metals at Heraeus in Hong Kong. India’s gold demand normally rises between August and October, when consumers buy bullion for auspicious reasons to celebrate festivals which peak with the Diwali festival of lights next month. A strong rupee also helped local consumers cope with rising gold prices. “Demand has been good this morning. It slowed down a bit after gold rallied,” said a dealer at a private bank in Mumbai. “I think gradual increase in the prices will not impact demand but any sudden jumps in the prices will.” Weddings usually take place during the festive season, when parents give gold jewellery to their daughters for financial security. India accounted for more than 20% of global demand for gold jewellery in 2008. “India is still buying despite the high prices. Maybe they are afraid that prices will go up again,” said a dealer in Singapore. “But people are complaining sales to Indonesia have been slow,” he said. Dealers have expected demand from Indonesia, the world’s most populous Muslim nation, to pick up during the Ramadan fasting month which culminates with the Eid al-Fitr festival later this month. Instead, the physical market saw steady sales of scraps from Indonesia, which suggested that local dealers still had excess stocks because of poor demand earlier this year. “If gold price continue at this level through the end of September, we will probably see more scraps coming in,” said another dealer in Singapore. Gold prices are likely to correct after their current run above $1,000 an ounce, but may rebound to as high as $1,100 within the next six months if inflation fears grow, metals consultancy GFMS said on Monday. In Hong Kong, gold bars were on par with the London spot prices, unchanged from last week, although there were also offers at 10 to 20 cents premiums, dealers said. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 2:46 am Future Group to raise 10 bln rupees by listing armMUMBAI (Reuters) - Future Group plans to raise more than 10 billion rupees ($207 million) by listing its venture capital arm, Future Ventures, by the end of March next year, chief executive Kishore Biyani said.Source: Reuters: Money News | 16 Sep 2009 | 2:36 am IOC losing Rs 79 cr per day on selling fuel below cost - Press Trust of India
Source: Business - Google News | 16 Sep 2009 | 2:34 am Sensex trades firm in afternoonIndian equities were trading in the green Wednesday afternoon, with a key index ruling 140 points higher than its previous close.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 2:30 am Govt to take up Air India equity infusion: PatelNew Delhi: The government will consider the issue of infusing equity into ailing Air India shortly, civil aviation minister Praful Patel said on Wednesday. “The Government is committed to equity infusion (in Air India) for which we are moving the Cabinet very shortly. The government is also committed to reduce the high cost debt (of Air India) to low cost debt with the assistance from banks,” Patel said here on the sidelines of an aviation symposium. Air India is currently saddled with a debt of Rs16,000 crore on an equity base of Rs145 crore. It has been demanding a bailout package from the government, consisting of equity infusion and a soft loan. It has accumulated losses of over Rs7,200 crore up till 31 March 2009. Patel also said the ministerial committee, constituted to look into the issue of reduction of sales tax on aviation turbine fuel, will meet soon to decide on the matter. Airlines have been demanding reduction of sales tax on jet fuel to 4% from an average of 26% at present. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 2:23 am Jai Corp mulls setting up three power plants in MaharashtraAnand Jain-controlled Jai Corp Ltd, proposes to set up three power projects aggregating 6,200 MW, in Raigad district of Maharashtra.Source: Daily News & Analysis: Money News | 16 Sep 2009 | 2:15 am IOC losing Rs79 cr per day on selling fuel below costNew Delhi: State-run Indian Oil Corp (IOC), the nation’s largest fuel retailer, is losing about Rs79 crore per day on selling auto and cooking fuel below cost. “International oil prices have softened a bit, resulting in a marginal reduction in our under-recoveries on petrol, diesel, domestic LPG and kerosene,” an IOC official said. IOC and sister PSUs - HPCL and BPCL, who have been barred by the government from revising fuel prices to keep inflation under check, calculate the desired selling price for petrol and diesel on 1st and 16th of every month based on the previous fortnight’s average global oil price. The three firms currently lose Rs3.63 per litre on petrol and Rs2.33 a litre on diesel. These are lower than Rs4.69 per litre loss on petrol and Rs3.09 a litre on diesel they suffered in the first fortnight of September. “IOC lost Rs90 crore per day on fuel sales in the first fortnight of September. This has come down to Rs79 crore a day from today,” the official said. On domestic LPG and kerosene, the desired price of which is calculated on a monthly basis, the three firms make a loss of Rs158.55 per 14.2-kg LPG cylinder and Rs17.15 on every litre of kerosene sold. “At current oil prices, IOC will end the fiscal with a revenue loss of Rs23,510 crore and the industry (IOC plus BPCL and HPCL) will see a revenue loss of Rs41,440 crore,” he said. The basket of crude oil India buys from overseas markets averaged $68.07 per barrel in September as against the August average of $71.98 a barrel. Petroleum secretary R.S. Pandey had last week stated that the government will compensate under-recovery or revenue loss on sale of domestic LPG and kerosene through issue of oil bonds. At current prices, the revenue loss on kerosene would be Rs17,000 crore while that on LPG would be another Rs12,000 to Rs13,000 crore. These will be met through issue of bonds. The Rs10,000 to 11,000 crore under-recovery on petrol and diesel would be partly met by upstream firms like ONGC by way of discounts on crude oil and LPG they sell to the three retailers. “Oil marketing companies (IOC, BPCL and HPCL) may have to bear a part of the under-recovery on auto fuels,” Pandey had stated. Of the Rs103,292 crore revenue loss on fuel sales in 2008-09 fiscal, 68% was met by the government through issue of oil bonds. Upstream firms ONGC bore Rs28,225 crore, GAIL India Rs1,781.2 crore and Oil India Ltd Rs2,936.7 crore. Source: LatestNews-Home - Livemint.com | 16 Sep 2009 | 2:10 am Rupee rises by 18 paise to 48.45 a dollar in opening tradeThe Indian rupee strengthened by 18 paise against the US currency in the opening trade on Wednesday as exporters sold the dollar, which weakened against major currencies.Source: Hindustan Times News Feeds 'Business' | 16 Sep 2009 | 2:09 am NALCO to invest in nuclear power project - Reuters India
Source: Business - Google News | 16 Sep 2009 | 2:08 am Nifty crosses 4,900-mark, Sensex up 187 pointsThe Sensex rose by 187 points to a 16-month high in opening trade today as foreign funds bought shares.Source: Daily News & Analysis: Money News | 16 Sep 2009 | 1:47 am Strike at Cummins' Pune plant - Business Standard
Source: Business - Google News | 16 Sep 2009 | 1:32 am Japanese bank shares slide on political concernsTokyo: Shares of Japanese banks fell on Wednesday after incoming financial services minister Shizuka Kamei said he would push for a moratorium on some loan repayments, cutting revenue for fragile lenders. Kamei, a 72-year-old veteran politician and strong opponent of privatisation, told reporters on Tuesday he favoured a three-year moratorium on the repayment of loan and mortgage principal. The policy would be aimed at helping individuals and smaller companies hit by the credit crisis, he said. “Financial institutions are not fulfilling their responsibilities. (Finance) is like blood flowing through the body and we want to make sure it reaches even tiny blood vessels,” he told a group of reporters in Tokyo. “We want to quickly work on a moratorium for exempting small and medium-sized businesses and individuals from repaying loans and mortgages for about three years.” Investors took his stance as a negative for lenders in the world’s second-largest economy. “This is leading to selling of bank shares,” said Norihito Fujito, general manager in the investment research and information division at Mitsubishi UFJ Securities. Tokyo’s index of bank stocks fell 1.9% by the close of trade, underperforming the benchmark Topix index, which ended little changed. Local banks, which do much of their lending to smaller firms, were among the hardest hit. Shares of Kagawa Bank fell 7% to ¥360, while Tokushima Bank dropped 6.2% to ¥376. Mitsubishi UFJ Financial Group, Japan’s largest bank by assets and market value, fell 1.7%. Although Kamei served stints as both transport and construction minister, he has little financial experience. He is a harsh critic of the market-oriented policies introduced by former prime minister Junichiro Koizumi. Much of his initial comments have focused on plans to dismantle Koizumi’s privatisation efforts, which were lauded by investors. Source: World Business - Livemint.com | 16 Sep 2009 | 1:24 am POLL - 60 pct of Americans find Wall St pay unreasonableNEW YORK (Reuters) - A majority of Americans believe Wall Street executive compensation is "unreasonable," and that bankers fared better than others during the financial crisis, a poll conducted for Reuters shows.Source: Reuters: Money News | 16 Sep 2009 | 1:13 am Jammu region may be declared hit by droughtAuthorities here are considering declaring the Jammu region drought-hit as it has received 40 percent less rainfall this monsoon.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 1:02 am Unable to plant 30 mn trees, Punjab looks to private landUnable to find enough government land in Punjab to achieve its target of planting 30 million trees every year, the state government is looking towards private land, including those of NRIs and absentee farmers, to bridge the gap.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 1:01 am India changed attitude on Doha talks: BritainNew Delhi: India has changed its attitude towards the slow-moving Doha trade talks and sent a positive signal by hosting a September ministerial meeting in New Delhi, Britain’s trade minister said late on Tuesday. Along with China, India’s place at the global table in the G-20 is likely to bolster collaboration on trade, Mervyn Davies told Reuters during a visit to the India. New Delhi is seen as a key player in the Doha trade talks, which broke down last year in a dispute between the United States and developing nations, spearheaded by India, over farm tariffs and subsidies. Led by Union commerce minister Anand Sharma who came to office after the ruling Congress-led UPA coalition won a second term in May, India has made optimistic noises on reaching an agreement. “I saw change in India,” Davies said when asked about India’s stance on Doha. “In India we’ve seen a realization that Doha is important, that a global trade deal would have a hugely positive impact on world trade.” A successful Doha round could boost the global economy by $300-700 billion a year, according to a study by the Peterson Institute for International Economics. Leaders hope to clinch a deal by the end of 2010 and ward off protectionist policies that the World Trade Organisation (WTO) has warned could slow recovery. Game changer Davies did not say by which date the deal could be signed but India had sent a “very positive” signal by hosting a trade ministers’ meeting this month. Political will mattered more than disputes on specific issues to secure a deal, he said. “We must not take the pressure off. We’ve got to all collectively be pushing for a global trade deal,” he said. The Doha Development Round was launched in late 2001 to boost global trade and help developing countries increase exports by lowering trade barriers. New Delhi has insisted on measures to protect India from a possible surge in cheap imports that could swamp its millions of poor farmers. The tough stance by India, which has weathered the financial crisis better than rich nations, has highlighted the growing clout of Asia’s third biggest economy on global issues such as trade and climate change. Davies said India and China’s inclusion in the G-20, which will shortly meet in Pittsburgh, had changed the nature of the dialogue in the world. “(It) can only be good for collaboration around climate change, around trade, and around financial stability,” he said. Source: Home - Livemint.com | 16 Sep 2009 | 12:43 am Moody’s ups Indonesia’s rating by a notch to Ba2Hong Kong: Moody’s Investors Service raised Indonesia’s sovereign rating to Ba2 from Ba3, praising the country’s economic resilience and its upbeat growth prospects. The outlook on the rating is stable and the rating is now two notches below investment grade. Moody’s analyst Aninda Mitra said Indonesia’s economy could weather the global uncertainties better than other sovereigns in the Ba-rating category and compared with its regional peers. He said management of Southeast Asia’s largest economy was improving and the appropriate policy stance was expected to persist in the foreseeable future. “These developments highlight the growing credibility and predictability of government policies, and are expected to ensure macro-economic stability,” he said Source: World Business - Livemint.com | 16 Sep 2009 | 12:43 am Noon: Markets up 0.9%; metals, banks riseMumbai: Indian shares rose to their highest in nearly 16 months on Wednesday, as investors betted on robust quarterly earnings and a pick-up in consumer spending. Firmer regional markets also underpinned sentiment. Tata Steel, the world’s eighth-largest steel producer by output, led the gainers after Federal Reserve Chairman Ben Bernanke said the US recession was probably over boosting metals stocks across regions. Financial issues ICICI Bank and State Bank of India firmed after advance taxes paid by companies for the September quarterly pointed to stronger profits. “There is clear visibility for an uptrend in the market until December,” said Amitabh Chakraborty, president of equities at Religare Capital. “The advance tax data clearly indicates second-quarter earnings are good. Third-quarter earnings are also likely to be higher as last year the numbers were subdued.” Most Indian companies follow the April to March fiscal year. By 11:44am, the 30-share BSE index was up 0.87% at Rs16,598.03, with 26 components advancing. It rose to 16,642.44 in early deals, its highest since 29 May, 2008. The 50-share NSE index was up 0.9% at 4,934.20. In the broader market, gainers outpaced losers in the ratio of 1.7:1 on moderate volume of 174 million shares. Among metal producers, Tata Steel rose 5.2% to Rs517 and while Sterlite Industries firmed 3.1% to Rs766.45. “Tata Steel looks good on the recent rise in Corus’ product prices and the improvement in the unit’s operating capacity to 70% from 50% in the first quarter,” said Eric Martins, senior research analyst at Systematix Shares. State Bank was up 1.9% at Rs2,046.45 and ICICI gained 1.4% at Rs854. In Asia, Japan’s Nikkei was 0.54% higher, while MSCI’s measure of other Asian markets gained more than 2%. Source: Home - Livemint.com | 16 Sep 2009 | 12:33 am US approves new H1N1 vaccineWashington: The US Food and Drug Administration (FDA) approved the new swine flu vaccine on Tuesday, a long-anticipated step as the American government works to get vaccinations under way next month. The vaccine is made by CSL Ltd. of Australia; Switzerland’s Novartis; Sanofi-Pasteur of France; and US-based Medimmune, which makes the only nasal-spray flu vaccine. Health and human services secretary Kathleen Sebelius announced the vaccine’s approval to Congress, and said she hopes to get the first limited supplies distributed early in October. The bulk of vaccine will start arriving on 15 October, and Sebelius said it should be available at 90,000 sites around the US. “We will have enough vaccine available for everyone” eventually, Sebelius said everyone who wants it, that is. The government has ordered 195 million doses for now but may order more if needed, she said. Typically 100 million Americans seek flu vaccine every year. But the vaccine, which protects against what doctors prefer to call the 2009 H1N1 flu strain, will not arrive all at once. About 45 million doses are expected by mid-October. That is why the government wants the people most likely to catch swine flu, and to suffer complications from it, to be first in line - including children and pregnant women. FDA licensure means that the government has certified the vaccine is made properly and meets specific manufacturing and quality standards. Separately, the National Institutes of Health is studying the vaccine dosage and safety. Last week, the NIH announced that one dose appears to protect adults and that protection kicks in eight to 10 days after the shot. Source: Home - Livemint.com | 16 Sep 2009 | 12:32 am Aviation min to seek nod for Air India equity infusionNEW DELHI (Reuters) - The civil aviation ministry will shortly seek cabinet approval to infuse equity into state-run carrier Air India, the ministry said on Wednesday.Source: Reuters: Money News | 16 Sep 2009 | 12:12 am US recession ‘likely over,’ but economy still weak: BernankeWashington: The recession in the United States “is very likely over” but its economy remains weak due to tough credit conditions and high unemployment, Federal Reserve chairman Ben Bernanke said on Tuesday. In his clearest comments to date indicating the economy has turned a corner, Bernanke said growth appears likely in the third quarter after a slump that began in late 2007. “Even though from a technical perspective, the recession is very likely over at this point, it’s still going to feel like a very weak economy for some time as many people will still find that their job security and their employment status is not what they wish it was,” he said. “So that’s a challenge for us and policymakers going forward,” he added in response to a question at a Washington forum. Bernanke was speaking at a Brookings Institution forum a year after the collapse of Lehman Brothers triggered a financial panic and deepened the recession. A year later, Bernanke said there is “agreement among the forecasting community at this point that we are in a recovery,” and that growth is occurring in the third quarter and will continue into 2010. “But the general view of most forecasters is that the pace of growth in 2010 will be moderate, less than you might expect given the depth of the recession,” he said. Bernanke said that activity outside the regulated banking system—the so-called shadow banking system—appeared to be reviving even though that sector may be less important than before the recession. He said he saw “encouraging” signs in securitization—the repackaging of loans that are sold to investors—even in areas not supported by special Fed guarantees. “I imagine that the shadow banking system, at least in the medium term, will not return to the size it was before,” he said. “On the other hand, there are a lot of securitizations that have proved their viability—mostly plain-vanilla securitizations of various types, in consumer products, consumer lending, student loans, a variety of other things. “We are seeing now—very encouraging, we’re seeing more activity taking place completely outside of the Fed’s program.” Still, Bernanke noted that the tighter credit conditions will hurt growth and hurt job creation, thus impacting the overall economy for a time. “The arithmetic is that unless the economy grows significantly faster than its longer-term growth rate, it’ll be relatively slow in creating jobs over and above those needed to employ people coming into the labour force, and therefore the unemployment rate would tend to come down quite slowly,” he said. The US economy contracted at a pace of 1% in the second quarter after a hefty 6.4% decline in the first quarter. But the unemployment rate rose in August to a 26-year high of 9.7% as 216,000 jobs were lost. Although the pace of job losses has slowed, many analysts say unemployment could top 10% even with a rebounding economy. Bernanke’s comments “don’t officially put the recession to bed,” said Ryan Sweet, at Moody’s Economy.com, who noted that the officially recognized arbiter of business cycles—the National Bureau of Economic Research—will probably not declare an end to the recession for some time. Meanwhile the producer price index for finished goods was up a seasonally-adjusted 1.7% in August due to rising energy prices, the Labour Department said Tuesday. “While recent data are encouraging and consistent with a resumption of growth, the economy is not roaring back,” Sweet said. Separately, Treasury secretary Timothy Geithner said that US economic recovery has not yet arrived but is on that way thanks to a range of government actions including some that were “offensive.” “I would say there’s no recovery yet,” Geithner said in an interview with ABC television. “We don’t have in place yet a real recovery. We define recovery, and the president will define recovery, as people back to work, people able to get a job again, businesses investing again. And we are not at the point where we can say that yet.” Geithner said the crisis forced the government into a series of bailouts and other actions to limit the damage, which he said would help foster recovery. “We got into this because we borrowed too much,” he said. “We lived beyond our means both as a country—many businesses did it, many families did it, obviously the financial sector did that. But in a crisis, in a fire that was that powerful, the government had to do some deeply offensive things to help contain the damage.” Source: World Business - Livemint.com | 16 Sep 2009 | 12:02 am Generate energy in greener ways, World Bank urges IndiaOver 400 million people in India have no access to electricity and providing this is an obvious priority for planners. But producing electricity from coal -- the main source now -- adds to global warming, leading the World Bank to urge India to move to greener ways to generate power.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 12:01 am Climate change may reduce South Asia GDP 4-5 percent: World BankA global warming of two degrees Celsius -- the minimum the world is likely to experience -- could result in permanent GDP reductions of four-five percent for South Asia, warns a new World Bank report.Source: IndiaeNews.com: Business News | 16 Sep 2009 | 12:00 am RBI may not hike rates till economy recoversThe Reserve Bank of India indicated on Tuesday that it will maintain low interest rates till it is totally certain that the country has recovered from the global financial crisis, even as it cautioned that inflationary pressures are building up.Source: Business Line - Home Page | 16 Sep 2009 | 12:00 am Rupee to move sidewaysAll eyes were riveted on the dollar index as it plunged to the low of 76.4 on Friday, sending the yen, euro and other currencies surging higher. Equities and commodities too benefited from the weakening dollar as funds moved out of dollarSource: Business Line - Home Page | 16 Sep 2009 | 12:00 am e-district national rollout by MarchNew Delhi, Sept. 15 After e-passport and e-biz, another e-governance project may set the cash registers ringing for tech companies.Source: Business Line - Home Page | 16 Sep 2009 | 12:00 am Infosys cautiously optimistic on recovery signsBangalore, Sept. 15 Infosys Technologies said it was “pleasantly surprised” by the early signs of recovery, but continued to maintain a cautious stance on the businessSource: Business Line - Home Page | 16 Sep 2009 | 12:00 am Intelligence Bureau seeks ‘unlimited’ mobile snoopingNew Delhi, Sept. 15 The Intelligence Bureau has told the Department of Telecom that it wants telecom rules amended to enable it to monitor all mobile calls without any restrictions.Source: Business Line - Home Page | 16 Sep 2009 | 12:00 am Higher advance tax payment spells recoveryMumbai, Sept. 15 If the advance tax paid by India Inc in the second quarter is anything to go by, the Indian economy is well on the road to recovery. Companies from sectors such as oil and gas, banking, and auto filled the Government coffers bySource: Business Line - Home Page | 16 Sep 2009 | 12:00 am AI joins discount race, cuts domestic fares 20-46%New Delhi/Mumbai, Sept. 15 While a strike is on, air passengers suffer. But once it is over they get a bonanza, even if only for a few days.Source: Business Line - Home Page | 16 Sep 2009 | 12:00 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be theSource: Business Line - Home Page | 16 Sep 2009 | 12:00 am Thundershowers line up along coasts, parts of peninsulaThe monsoon trough continued to run close to the foothills of the Himalayas on Tuesday but the unsettled weather marked by widely separated thundershowers ruled the roost in the south peninsula.Source: Business Line - Home Page | 16 Sep 2009 | 12:00 am Karnataka Bank (Rs 135.2): BuyWe recommend a buy in Karnataka Bank from a short-term horizon. It is evident from the charts that the stock, after encountering key resistance at Rs 155 in late May, began to decline. It was on a medium-term downtrend until it found support atSource: Business Line - Home Page | 16 Sep 2009 | 12:00 am Australian lower house passes Asean trade billCanberra, Australia: Australia’s House of Representatives on Wednesday passed legislation that would enable the country to join in a free trade agreement with its Southeast Asian neighbors and New Zealand. The government plans to have the Senate vote on the legislation on Thursday to enshrine in law Australia’s participation in a free trade zone including the 10-member Association of Southeast Asian Nations plus New Zealand. Home affairs minister Brendan O’Connor said all 12 nations involved were passing similar laws before the free trade area comes into effect on 1 January next year. “The agreement will reduce or eliminate tariffs across a region that is home to 600 million people and a region with a combined GDP of $3.2 trillion,” O’Connor told Parliament on Wednesday. “This means greater job opportunities in Australia,” he said. The trade pact was signed in February in the Thai resort town of Cha-Am. While Australia’s major political parties support the deal, some lawmakers have questioned the value of other free trade deals Australia has negotiated to date. Australia already has bilateral free trade pacts with Singapore and Thailand—both Asean countries—as well as New Zealand, United States and Chile. The only three independent lawmakers in the House of Representatives released a union-commissioned report on Wednesday that argues a proposed bilateral free trade agreement with China would cost 26,000 Australian jobs. “We’re most certainly not singling out China here,” independent lawmaker Bob Katter told reporters. “I personally would feel far more comfortable if it were a report saying we should reverse the United States free trade deal” which took effect in 2005, Katter said. Asean also includes Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, and Vietnam. Source: World Business - Livemint.com | 15 Sep 2009 | 11:16 pm Playcast: The challenges of getting India to giveThe India Giving Challenge is an online fundraising competition which offers corporates and NGOs the opportunity to participate in the Joy of Giving Week, a social movement that aims to engage Indians in ”giving back” to society. The Joy of Giving Week will take place from September 27 – October 3, 2009, while the Challenge began on September 1 and will continue till October 10. The challenge encourages corporate and NGOs to raise funds online by reaching out to their employees, customers, partners and supporters who in turn will reach out to their friends and families thus creating a community approach to fundraising. In this podcast, we speak to Dhaval Udani of GiveIndia.com to find out more details about this initiative, the challenges that lie behind organising an event of this nature and how the culture of giving and fund raising has evolved in India. Source: Home - Livemint.com | 15 Sep 2009 | 11:14 pm Godrej Consumer eyes acquisitions in emerging marketsMumbai: Godrej Consumer Products Ltd is looking to make acquisitions in big emerging markets including China, South Africa and Brazil and would consider raising debt or selling equity to institutional investors to fund the purchases, its group chairman said. Adi Godrej, who is chairman of the Godrej group of companies, also said the company’s property business, a unit of Godrej Industries with vast holdings in Mumbai that is planning an IPO, is likely to account for about 30% of group profit in two to three years, from about 10% now. “Godrej Consumer Products is looking for more acquisitions in developing countries with large populations, like China, South Africa and Brazil,” Godrej told Reuters in an interview. Source: Home - Livemint.com | 15 Sep 2009 | 10:59 pm Lehman accuses Barclays of taking $8.2 bn more than allowedSan Francisco: Lehman Brothers has accused Barclays Capital of taking $8.2 billion more than it should have when it bought key assets of the failed investment bank a year ago. Lehman made its claim in a court filing on Tuesday, the one-year anniversary of its chaotic bankruptcy filing. The court approved the sale of its US banking business to Barclays less than a week after it filed. Now Lehman wants a judge to force Barclays to give back some of the money it took as part of the deal, including $5 billion it said was given as extra collateral. Lehman said the extra value was not disclosed to the court. “Because of these undisclosed and unauthorized features of the deal, Barclays received billions more than the value it paid,” Lehman lawyers wrote in an argument to the court. A Barclays spokesman, Michael O’Looney, said Lehman is simply making “an opportunistic claim.” “Now that the economy has begun to stabilize the Lehman Estate is trying to re-trade the deal on the basis of a meritless argument,” O’Looney said by e-mail. Lehman said Barclays took the $5 billion as well as another $2.3 billion in margin deposits on its Options Clearing Corp. accounts, and about $2.7 billion in other assets added before the court’s approval of the sale. It said Barclays took on about $1.7 billion in liabilities. “The number may be even larger” than $8.2 billion, Lehman lawyers wrote in their brief, saying there were other assets that Lehman has yet to calculate. They are also likely being explored in an independent investigation by Anton Valukas, a lawyer at the Jenner & Block law firm who was appointed as the examiner in the case. Valukas, a former federal prosecutor and a specialist in white-collar crime, started his investigation in January and has yet to file his report. He will determine, in part, whether Lehman executives lied, committed fraud or mismanaged the company. Lehman Brothers Holdings Inc.’s bankruptcy case was filed in the Southern District of New York. The filing marked the end of what was once the nation’s fourth-largest investment bank. Source: World Business - Livemint.com | 15 Sep 2009 | 10:42 pm Lehman accuses Barclays of taking $8.2 bn more than allowedSan Francisco: Lehman Brothers has accused Barclays Capital of taking $8.2 billion more than it should have when it bought key assets of the failed investment bank a year ago. Lehman made its claim in a court filing on Tuesday, the one-year anniversary of its chaotic bankruptcy filing. The court approved the sale of its US banking business to Barclays less than a week after it filed. Now Lehman wants a judge to force Barclays to give back some of the money it took as part of the deal, including $5 billion it said was given as extra collateral. Lehman said the extra value was not disclosed to the court. “Because of these undisclosed and unauthorized features of the deal, Barclays received billions more than the value it paid,” Lehman lawyers wrote in an argument to the court. A Barclays spokesman, Michael O’Looney, said Lehman is simply making “an opportunistic claim.” “Now that the economy has begun to stabilize the Lehman Estate is trying to re-trade the deal on the basis of a meritless argument,” O’Looney said by e-mail. Lehman said Barclays took the $5 billion as well as another $2.3 billion in margin deposits on its Options Clearing Corp. accounts, and about $2.7 billion in other assets added before the court’s approval of the sale. It said Barclays took on about $1.7 billion in liabilities. “The number may be even larger” than $8.2 billion, Lehman lawyers wrote in their brief, saying there were other assets that Lehman has yet to calculate. They are also likely being explored in an independent investigation by Anton Valukas, a lawyer at the Jenner & Block law firm who was appointed as the examiner in the case. Valukas, a former federal prosecutor and a specialist in white-collar crime, started his investigation in January and has yet to file his report. He will determine, in part, whether Lehman executives lied, committed fraud or mismanaged the company. Lehman Brothers Holdings Inc.’s bankruptcy case was filed in the Southern District of New York. The filing marked the end of what was once the nation’s fourth-largest investment bank. Source: Home - Livemint.com | 15 Sep 2009 | 10:42 pm Airline trade group forecasts deeper 2009 lossesWashington: The outlook for global airlines this year has worsened, with a leading trade group projecting $11 billion in losses as weak passenger and cargo demand pressure revenues. “The industry situation remains bleak,” Giovanni Bisignani, director general of the International Air Transport Association trade group, said on Tuesday. “With rising fuel costs and falling yields, recent optimism in the global economy has not appeared on the industry’s bottom line,” he told government and industry officials in a speech. In coming months the airline industry could see other bankruptcies, Bisignani said, declining to be more specific about carriers or regions that are most vulnerable. But he said smaller- and medium-sized carriers have not had the access to debt markets that their larger peers enjoy, putting them in a more fragile condition. Low-cost, Slovakia-based airline SkyEurope filed for bankruptcy and suspended all flights earlier this month. Japan Airlines, Asia’s biggest carrier, is undergoing a state-supervised restructuring after years of losses. US and other carriers are seeking to invest in the company. Bisignani said the two-year downturn is worse than the financial hit carriers took after the 11 September, 2001 hijack attacks on New York and Washington when travel was severely depressed. “This is not a short-term shock,” Bisignani said in projecting nearly $4 billion in losses for 2010. But airlines are not looking for government bailouts similar to help extended after the 2001 attacks and the billions given to distressed US automakers this year, he said. In the United States, Bisignani made his first formal pitch to the Obama administration to relax the law that restricts foreign ownership of domestic airlines. The IATA trade group estimated in June that airlines would lose $9 billion in 2009 after an $8.5 billion loss in 2008, when record high oil prices dragged down results. The Geneva-based group’s 230 member airlines account for some 93% of international air traffic. Members include British Airways, Cathay Pacific, Emirates and United Airlines. During an earlier conference call with reporters, Bisignani said revenues were expected to slump by 15% this year and would not return to 2008 levels until 2012 at the earliest. For 2009, IATA said it expects passenger traffic to fall 4%, compared with its June estimate of 8 percent. It sees cargo demand falling 14%. The updated forecast assumes oil prices average $61 a barrel, up from $56 a barrel in the previous forecast. Despite the dour forecast, sentiment on airlines has improved recently as cost-cutting has helped soften the blow from weaker demand and some airlines have said revenue trends may improve. US airline shares were mostly higher on Tuesday, with some carriers rising as much as 8%. The Arca Airline Index was up more than 4%. Among non-US carriers, Air France-KLM rose 1% in Paris and British Airways was flat in London trading. “The dynamics of the US airline industry are very different from the dynamics of the global airline industry” that IATA represents, said Michael Boyd, an airline consultant. For instance, he said non-US carriers such as JAL are highly dependent upon international travel that has taken a hit in the recession, unlike US airlines. On Monday, Delta Air Lines Inc, the world’s largest carrier, boosted its operating margin forecast for the third quarter, citing an estimated drop in fuel costs. After Delta’s improved outlook, many investors are betting that other U.S. airlines will come out with similarly positive announcements, said airlines analyst Helane Becker of Jesup & Lamont Securities. “The realization that everyone else is going to put out guidance is maybe catching up to people,” Becker said in explaining the airline stock rally on Tuesday. In a research note Monday, JP Morgan analyst said he expected Continental Airlines to be the next to unveil an improved outlook. The new forecasts could spur a rash of analyst upgrades, which would bode well for stocks. “A lot of stocks are rated ‘hold´ or ‘sell´ by a lot of analysts,” Becker said. “There is room for analyst upgrades.” Source: World Business - Livemint.com | 15 Sep 2009 | 10:14 pm Airline trade group forecasts deeper 2009 lossesWashington: The outlook for global airlines this year has worsened, with a leading trade group projecting $11 billion in losses as weak passenger and cargo demand pressure revenues. “The industry situation remains bleak,” Giovanni Bisignani, director general of the International Air Transport Association trade group, said on Tuesday. “With rising fuel costs and falling yields, recent optimism in the global economy has not appeared on the industry’s bottom line,” he told government and industry officials in a speech. In coming months the airline industry could see other bankruptcies, Bisignani said, declining to be more specific about carriers or regions that are most vulnerable. But he said smaller- and medium-sized carriers have not had the access to debt markets that their larger peers enjoy, putting them in a more fragile condition. Low-cost, Slovakia-based airline SkyEurope filed for bankruptcy and suspended all flights earlier this month. Japan Airlines, Asia’s biggest carrier, is undergoing a state-supervised restructuring after years of losses. US and other carriers are seeking to invest in the company. Bisignani said the two-year downturn is worse than the financial hit carriers took after the 11 September, 2001 hijack attacks on New York and Washington when travel was severely depressed. “This is not a short-term shock,” Bisignani said in projecting nearly $4 billion in losses for 2010. But airlines are not looking for government bailouts similar to help extended after the 2001 attacks and the billions given to distressed US automakers this year, he said. In the United States, Bisignani made his first formal pitch to the Obama administration to relax the law that restricts foreign ownership of domestic airlines. The IATA trade group estimated in June that airlines would lose $9 billion in 2009 after an $8.5 billion loss in 2008, when record high oil prices dragged down results. The Geneva-based group’s 230 member airlines account for some 93% of international air traffic. Members include British Airways, Cathay Pacific, Emirates and United Airlines. During an earlier conference call with reporters, Bisignani said revenues were expected to slump by 15% this year and would not return to 2008 levels until 2012 at the earliest. For 2009, IATA said it expects passenger traffic to fall 4%, compared with its June estimate of 8 percent. It sees cargo demand falling 14%. The updated forecast assumes oil prices average $61 a barrel, up from $56 a barrel in the previous forecast. Despite the dour forecast, sentiment on airlines has improved recently as cost-cutting has helped soften the blow from weaker demand and some airlines have said revenue trends may improve. US airline shares were mostly higher on Tuesday, with some carriers rising as much as 8%. The Arca Airline Index was up more than 4%. Among non-US carriers, Air France-KLM rose 1% in Paris and British Airways was flat in London trading. “The dynamics of the US airline industry are very different from the dynamics of the global airline industry” that IATA represents, said Michael Boyd, an airline consultant. For instance, he said non-US carriers such as JAL are highly dependent upon international travel that has taken a hit in the recession, unlike US airlines. On Monday, Delta Air Lines Inc, the world’s largest carrier, boosted its operating margin forecast for the third quarter, citing an estimated drop in fuel costs. After Delta’s improved outlook, many investors are betting that other U.S. airlines will come out with similarly positive announcements, said airlines analyst Helane Becker of Jesup & Lamont Securities. “The realization that everyone else is going to put out guidance is maybe catching up to people,” Becker said in explaining the airline stock rally on Tuesday. In a research note Monday, JP Morgan analyst said he expected Continental Airlines to be the next to unveil an improved outlook. The new forecasts could spur a rash of analyst upgrades, which would bode well for stocks. “A lot of stocks are rated ‘hold´ or ‘sell´ by a lot of analysts,” Becker said. “There is room for analyst upgrades.” Source: Home - Livemint.com | 15 Sep 2009 | 10:14 pm Airlines cut fares to boost trafficDiscounts range between 20 and 50%.Source: Daily News & Analysis: Money News | 15 Sep 2009 | 9:33 pm AI staff blame management, Govt for lossA day before the Air India management meets to decide the Maharaja’s fate, its 23,000 employees have written a letter to the company, the civil aviation minister and Prime Minister Manmohan Singh, reports Soubhik Mitra.Source: Hindustan Times News Feeds 'Business' | 15 Sep 2009 | 5:13 pm Air India bonus cut move on Sept 18Sources also indicated that Air India may have to take more loans for the short term to keep afloat, over and above the current debt of Rs 16,000 crore on its books.Source: Daily News & Analysis: Money News | 15 Sep 2009 | 4:05 pm SA may not approve Bharti-MTN deal this yearSouth Africa's communications regulator said it might not grant approval for the proposed tie-up between mobile phone group MTN and Bharti Airtel this year.Source: Daily News & Analysis: Money News | 15 Sep 2009 | 4:03 pm 'Risk-taking ability has declined in the case of most pharma firms'DNA managed to catch up with Glenmark Pharmaceuticals 's MD & CEO Glenn Saldanha amidst a flurry of meetings and appointmentsSource: Daily News & Analysis: Money News | 15 Sep 2009 | 3:27 pm Government training institutes in sore need of a revampIndia's GDP of $1,200 billion is growing nominally at around 11% per year (assuming 6% real growth plus 5% inflation).Source: Daily News & Analysis: Money News | 15 Sep 2009 | 3:25 pm Bartronics readies funds for UIDBartronics, one of the leading players in the RFID, smart card and biometric solutions market, is likely to raise equity to prepare for the unique identification (UID) cards project taken up by the Centre.Source: Daily News & Analysis: Money News | 15 Sep 2009 | 3:24 pm HCL Infosystems ups ante on system integrationHCL Infosystems, the IT hardware services provider, has identified system integration (SI) business as its main growth driver.Source: Daily News & Analysis: Money News | 15 Sep 2009 | 3:22 pm New tax code a capital-gains shockerThe direct tax code (DTC), which the government intends to apply from April 2011, contains large-scale changes with respect to capital gain taxation.Source: Daily News & Analysis: Money News | 15 Sep 2009 | 3:21 pm IPL-III on a rough pitchThe Indian Premier League is facing a rough pitch. With a little over six months to go for the third leg of the most successful cricket properties of recent times, with a brand value of $2 billion, IPL is facing hostile bouncers four to be precise that it is finding hard to negotiate.Source: Business Standard | Front Page Headlines | 15 Sep 2009 | 1:22 pm Yesterday once more: Realty firms start raising pricesDLF, the countrys largest property developer, will soon conduct a poll among property brokers to decide the pricing and number of apartments to be offered in the second phase of its Capital Greens project in West Delhi.Source: Business Standard | Front Page Headlines | 15 Sep 2009 | 1:20 pm Q2 advance tax collections point to robust recoveryAdvance tax collections for the second quarter of the current financial year (2009-10) have shown robust growth of 35 to 40 per cent across industries, reinforcing the governments hopes of a sooner-than-expected recovery.Source: Business Standard | Front Page Headlines | 15 Sep 2009 | 1:18 pm Govt open to dual listing for MTN in India: PranabIn a statement that has major implications for cross-border deals with Indian companies, Finance Minister Pranab Mukherjee today said the government was open to permitting dual listed companies.Source: Business Standard | Front Page Headlines | 15 Sep 2009 | 1:16 pm IT's success must make a difference to society: Sonia - Hindu Business Line
Source: Business - Google News | 15 Sep 2009 | 12:31 pm China interested in IPI, India can rejoin: Iranian envoyWith India going slow on the tri-nation gas pipeline, Iranian ambassador to India Seyed Mehdi Nabizadeh Tuesday said China is interested in the proposed multi-billion project but left the door open for New Delhi to rejoin the peace pipeline.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 12:30 pm South Africa may not approve deal this yearCape Town/New Delhi: South Africa’s communications regulator said it might not grant approval for the proposed tie-up between mobile phone group MTN and Bharti Airtel this year. Paris Mashile, chairman of the Independent Communications Authority of South Africa (Icasa), also told Reuters on Tuesday the regulator would not talk to MTN about any deal until “all the documentation and facts and everything” were ready.  Talk time: A file photo of a customer at the MTN headquarters in Johannesburg, South Africa. The Bharti-MTN transaction is subject to an end-September deadline set by the companies. Nadine Hutton/Bloomberg The Bharti-MTN transaction, which would create the world’s third largest mobile group by subscribers, is subject to an end-September deadline set by the companies. But the two 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. South Africa is pressing India for an agreement on the dual listing of companies before the end-September deadline, The Economic Times reported on Tuesday. The Indian government said on Tuesday it was open to a dual listing by MTN on exchanges in India and South Africa, PTI reported. “There is a provision for the dual listing of companies,” finance minister Pranab Mukherjee told reporters in Chennai, the news agency reported. “The South African minister met me at G-20 finance ministers meeting and there I suggested to him that this arrangement is to be looked into in the Indian context,” Mukherjee was quoted as saying. Bharti and MTN were involved in similar talks last year but failed to reach an agreement, leading to failed negotiations. Siphiwe Nyanda, South Africa’s communications minister, said on Tuesday that he was not interested in blocking the deal. “What I am saying is all we are interested in is what kind of management agreement outcome results out of this and all we want is that this remains a South African company. That is all,” Nyanda said. MTN, the country’s second biggest mobile operator and the only one still owned by South Africans, was set up with government help in 1994 when apartheid ended as the country’s first black-owned group. South Africa’s top carrier Vodacom was sold to Britain’s Vodafone and was listed on the Johannesburg bourse in May. That deal narrowly escaped being blocked by powerful trade union COSATU, which feared job losses. COSATU said on Sunday it would judge the MTN/Bharti deal on its merits, particularly its effect on jobs. Ranjana Smetacek, a spokeswoman for Bharti Airtel, declined to comment on whether a delay in regulatory approval would be a roadblock for the deal. One analyst said regulatory problems were always present in cross-border transactions. “But in this case, it looks slightly strange that South Africa is now saying they are cautious over the deal after so many days of negotiations. But anyway, Bharti, MTN have to answer all questions raised by regulators and the government there,” said R.K. Gupta, managing director at Taurus Asset Management in New Delhi. “So the deal is going to get stretched and a further extension in talks cannot be ruled out,” Gupta added. Bharti has increased the cash component of its offer for a 49% stake in MTN to $10 billion (Rs48,600 crore) 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. MTN shares were up 0.3% at 123.94 rand by 5.30pm, outperforming a flat JSE Top-40 index, while Bharti shares closed 0.8% weaker at Rs416.05. Reuters feedback@livemint.com Gugulakhe Lourie in Johannesburg and Tony Munroe in Mumbai contributed to this story. Source: World Business - Livemint.com | 15 Sep 2009 | 12:13 pm IISc to lead search for indigenous systemsNew Delhi: The Union government has finally set the ball rolling on tapping indigenously developed technology and advanced surveillance systems to improve internal security, two years after it first announced the programme and nearly nine months after the Mumbai terror attack. The department of science and technology (DST) tasked the Indian Institute of Science (IISc), Bangalore, in July with identifying specific technologies and coordinating organizations and individuals already developing such know-how. “We have about 15 proposals from people and organizations across the country,” said N. Balakrishnan, associate director, IISc, Bangalore. Though it isn’t clear yet what specific technologies the government has in mind, Balakrishnan said the project would cover four broad areas: Materials detection, information security, video analytics and large-scale data mining. Essentially, these have to do with collecting a wide range of data such as travel history, educational qualifications, biometrics from a large number of people and preparing risk profiles of them. Though the Centre has earmarked only Rs35 crore for the project, Balakrishnan emphasizes that funds are not going to be a problem. “This is a large project, where civil and defence agencies are closely going to work with each other. (T.) Ramasami (the incumbent DST secretary) will even provide (Rs)3,500 crore if need be,” he said. The United Progressive Alliance (UPA) government had previously said it would harness indigenous technology for combating terror attacks. Less than a week after a series of blasts on 13 May 2008 killed 60 people in Jaipur, then Union science minister Kapil Sibal said the government had imported a surveillance system from a US firm (he didn’t specify which) that was to be customized to Indian conditions and tested at the New Delhi railway station. This was to be done by the Faridabad-based Central Electronics Ltd (CEL), a public sector unit. S.K. Kaicker, chairman and managing director, CEL, said preliminary tests were still on and the system was yet to be implemented. In a recent lecture, P.S. Goel, head, Recruitment and Assessment Centre, Defence Research and Development Organisation, said the organization had developed a variety of bombs and communication systems that could have been used by the National Security Guards commandos who battled terrrorists during the Mumbai attack in November. “These were developed over many years...but unless they are used, it has no value,” he told Mint. Another scientist with Council of Scientific and Industrial Research (CSIR), who didn’t want to be identified, said CSIR too had funded research projects with the private sector to develop security-related technology. However, they hadn’t progressed beyond pilot trials. One of them was Mobilis, a communication system that allows soldiers in an operation to be constantly in touch with a central command via a handheld device, developed by Bangalore-based Encore Software Ltd. “It was to be taken up by the Indian Army for testing...but they never picked it up,” the official added. Vinay Deshpande, chief executive officer of Encore Systems, couldn’t be immediately reached for comment. Balakrishnan, however, says this specific project was “result-oriented” and in the next few years would contribute to a fundamental change in the way technology is used to bolster internal security. “After Mumbai, there’s a much greater level of seriousness across the government...that will pull this project a long distance,” he said. jacob.k@livemint.com Source: Tech News - Livemint.com | 15 Sep 2009 | 11:43 am Centre to finalise IFRS roadmap by Nov: KhurshidThe centre will finalise a comprehensive roadmap for Indian corporates by November to adopt the International Financial Reporting Standards (IFRS) set to be operational from 2011, Corporate Affairs Minister Salman Khurshid said Tuesday.Source: IndiaeNews.com: Business News | 15 Sep 2009 | 10:30 am Cultural interpretation and iterative design are importantBangalore: Finding patterns is what Elizabeth F. Churchill does. Patterns that underlie human behaviour and can point to what certain people might want to use their mobile phones for or how they might go about finding a friend online. A psychologist by training with a PhD in cognitive science from the University of Cambridge, Churchill has specialized in observing people and the way they interact with technology for 15 years now.  User-friendly: Churchill says it’s important that there is cultural work that makes technology useful for people. But due to cultural differences, a rapid iterative, data-centred approach is needed to serve users’ needs. Hemant Mishra/Mint In a conversation, Churchill (who was born in India) explains how in her present position as principal research scientist at Yahoo Inc., she aims to mine cultural patterns in a bid to make technology more useful to people across multiple cultures. Edited excerpts: Why is “usability” becoming crucial in new technology development? “Usability” is one part of a bigger picture; it helps achieve the tasks a user sets out to achieve. But I look at “usefulness” as more important. Sure “usability” is important in a development lab, when prototypes are built. But then there has to be an ethnographic, anthropological approach that looks at how this technology is being used. Humans are so creative, what are they using the technology for? How does it sit in everyday life? When we add applications we must understand how “useful” they are. Are there examples you can share of product development that shows how technology can be made useful? There are multiple ways that technology can be used—take Yahoo Personals. In the US market it is huge, it has great design, the back-end algorithmic stuff, the interactivity makes it usable, but in a market like India it is not a useful product. That is because the brokering of serious relationship differs in these two societies. So, it’s very important that there is cultural work that makes technology useful for people. Or else you will have people say the features are great, but it doesn’t work for me. So how does the socio-cultural aspect get integrated into the technology development cycle? Cultural interpretation and iterative design are important. It’s not just about sticking a social scientist in the lab, the nuances have to be interpreted, and the lab has to be linked to strategy. Take an example: about 10 years ago, when SMS was hugely popular in the UK and mobile use was huge in Japan, but it wasn’t so in the US. Was it about cultural difference? No, that situation was about the larger ecosystem for mobile phone usage, about availability of bandwidth and appropriate pricing. When a human-centred social scientist detects patterns, it has to be backed by surveys and interviews, there has to be both qualitative and quantitative data, it is a philosophical approach. Take another example—while working on access control and settings for Flickr, huge differences came up in the way this was used in Scandinavia, where more pictures had private access and less in the public domain than in the US, where more photos were in the public domain. This is a pattern of cultural difference. So, a rapid iterative, data-centred approach is important to serve users’ needs. As business gets more global, will there be more such culture-specific development? The sweet spot, the trick, is in balancing this—what is general enough to be of business value, but also addresses deeply important local differences, not the quirky personality differences of each user. At Yahoo, the open strategy is a huge boon for us; we are leveraging the development network. The Web is about co-creation, groups of users building collectively, it is like a cottage industry of creation—the participatory nature allows us to harness the creativity of a large number of people. We have a focus group in India that is throwing up ideas—it is a youth-centred demographic here, skews towards more mobile use, social networking sites, so we are looking at Yahoo social networking sites on mobiles. Then there are questions such as what handsets should be used? What applications work? Will maps or shopping make sense in India? There is a global perspective, but the user experience design team will look at local traditions as well. In developed markets, where newspaper readership is dropping, we are asking where people are getting their coupons from. So we are brokering different conversations, there is no one size that fits all. What is the role of the social scientist in such participatory networks? We are humanizing technology, and are part of the ideation process, but I also believe that there should be an understanding of technology. I trained as a social scientist and also have a masters in artificial intelligence. I don’t build the infrastructure, but I go out in the field and social perspectives are part of the discourse, of the culture of technology development. At Yahoo, research is central and is taken very seriously, and I know I am being heard and supported by my leadership. What are the challenges you see in developing technology in such participatory networks? It is increasingly about data ownership, data privacy, about storing information online and the security of such information online or in the cloud. We look at issues such as the terms of service when users put up all that content out there. And then the question of what is data, what is metadata? Say I post a picture of this group on Flickr. From a technology perspective it is my picture, but then people comment on the picture. The comments plus the views makes it a social object. Who owns the data? These are the debates right now and also about access control, storage as people continuously create. What are the benefits from having worked across geographies as you have? How has this contributed to your work? I was born in India (in Kolkata) and lived in Bihar in a copper mining town, so when I returned here after many years it still felt familiar. I studied in the UK and have worked in Japan and in San Francisco, where I live. There are multiple local cultures that I can access by just stepping out in different directions from my front door. Spanish, gay, ethnic Chinese, each have a distinct local tradition right there. But being born in the digital era does not mean a person has access to technology, every digital native cannot access technology equally. There are infrastructure access issues. There is culture and then there is infrastructure, it is about a whole ecosystem. Source: World Business - Livemint.com | 15 Sep 2009 | 9:28 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 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
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