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Venus Remedies outlicenses Sulbactomax to South Korean coThe company outlicenses Sulbactomax an antiinfective drug which will take care of the resistance in antibiotics, to South Korean company, says its Managing Director Pavan Chaudhary.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 8:47 am No formal request by MTN for dual listing yet: GovtThere has been no formal request made by MTN for dual listing, says Salman Khurshid, Corporate Affairs Minister.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 8:00 am See Sep bike sales at 2.5 lakh units: Bajaj Auto\"The company will sell 2.5 lakh unit motorcycles in September,\" said Rajiv Bajaj adding that he expects 80,000 export this month.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 6:58 am Film hire terms up 22.5% post new agreement: MultiplexesSince the past few months, multiplexes had been suffering a setback due to a number of tremors that the industry had been facingfirst the tiff between multiplex owners and produces and then the swine flu fear. It is only now that a surge in occupancy levels is being witnessed by multiplex owners.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 6:33 am India needs to be engaged in mgmt of world economy: PM!Prime Minister Manmohan Singh on Thursday said India needs to be engaged in management of the world economy as it has a lot at stake and a lot to contribute.Source: Zee News : Business | 23 Sep 2009 | 6:30 am World Bank unveils USD 4.3 billion in loans to India!The World Bank on Tuesday announced USD 4.3 billion in loans to India, including USD 2 billion for the banking sector, to help strengthen its economy amid the global economic crisis.Source: Zee News : Business | 23 Sep 2009 | 6:30 am Air India Board likely to decide on employees` perks!The Air India Board is likely to take a final call on employees` Productivity-Linked Incentives (PLI) or flying allowance issue in its crucial meeting on Wednesday.Source: Zee News : Business | 23 Sep 2009 | 6:30 am GM restores 3,000 jobs, prepares to raise output!General Motors Co said on Tuesday it planned to restore about 3,000 jobs at US assembly plants and related facilities and is getting set to raise North American production by up to 45 percent next year.Source: Zee News : Business | 23 Sep 2009 | 6:30 am Yahoo to spend USD 100 million to promote brand!Yahoo Inc said Tuesday it will spend USD 100 million to promote its brand globally.Source: Zee News : Business | 23 Sep 2009 | 6:30 am US economy recovering but fixes needed: Geithner!US Treasury Secretary Timothy Geithner says the nation is moving toward economic recovery but that the regulatory system is broken and must be fixed.Source: Zee News : Business | 23 Sep 2009 | 6:30 am Sources say MTN may choose tax neutral holding co structureCNBCTV18 learns that MTN executives would meet today to take stock of the Bharti deal to consider alternatives for the deal. Sources say that MTN might consider a holding company in neutral and liberal tax domain as one possible alternative structure.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 5:01 am Suven Life looks at multiple options to raise $50mSuven Life will need funds in Q1 of 2010. The company is looking to raise USD 50 million via GDR/ADR/FCCB, said Venkat Jasti.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 4:45 am Globus Spirits ends day 1 below issue price - Moneycontrol.com
Source: Business - Google News | 23 Sep 2009 | 4:26 am World Bank grants over USD 4 billion to IIFCL - Moneycontrol.com
Source: Business - Google News | 23 Sep 2009 | 4:25 am Nifty ends below 5000; Suzlon, Bharti down - Economic Times
Source: Business - Google News | 23 Sep 2009 | 4:15 am India Aug refinery output up 3 pct y/y - govtNEW DELHI (Reuters) - Indian refiners processed 3.268 million barrels per day (bpd) of crude oil in August, up 3 percent from a year ago, official data showed on Wednesday.Source: Reuters: Money News | 23 Sep 2009 | 4:12 am Venus Remedies, Korean firm sign out-licensing deal - Business Standard
Source: Business - Google News | 23 Sep 2009 | 4:07 am World Bank approves $4.3 bn loan to IndiaNew Delhi: The World Bank’s board has cleared $4.3 billion (about Rs20,640 crore) of loans for India to support the government’s plans to reinforce the capital of state-owned banks, build infrastructure and boost economic growth. Approved on Tuesday, this is the World Bank’s largest annual loan package for the country, eclipsing the $3.7 billion of loans cleared in 2006-07. In August, the Washington, DC-based agency separately approved a loan of $330 million for India. The loans were approved in the context of a decision taken by members of the Group of Twenty (G-20) last year to use multilateral institutions to help the global economy to cope with fallout from the financial crisis in some developed markets, according to Roberto Zagha, World Bank’s country director for India. “The steps taken by the G-20 to augment the resources of multilateral development banks have led to substantial stepping up of World Bank lending to India,” Prime Minister Manmohan Singh said on Wednesday on the eve of his departure for Pittsburg, US, to attend a G-20 summit. Of the $4.3 billion package, $2 billion would be directed to the central government which, in turn, would use the money to inject capital into some public sector banks. The residual amount would be split between a loan of $1.2 billion to the government’s India Infrastructure Finance Company Ltd (IIFCL), $1 billion to public sector PowerGrid Corp. of India Ltd (PGCIL) and $150 million for the Andhra Pradesh Rural Water Supply and Sanitation Project. The loans, except for the one on social infrastructure, are of 28 years to 30 years duration. The interest rate on these loans is 55 basis points above the six-month London interbank offered rate, or Libor. One basis point is one-hundredth of a percentage point. Libor is the rate that the most creditworthy international banks dealing in euro, dollars charge each other for large loans. According to data on the World Bank’s web site, the government had identified 19 banks which together would need capital infusion of Rs22,489 crore ($4.8 billion) by 2011 to support their growth and simultaneously make sure that state ownership did not fall below 51%. In addition to the $2 billion loan, which is likely to be drawn by the government in January, the World Bank board also gave the government an option to draw another $1 billion by June 2010. Banks need to back every rupee lent with a portion of shareholders’ capital. The World Bank’s web site said the government eventually plans to ask banks to back lending of every Rs100, adjusted for risks, with shareholders’ capital of at least Rs 2. Currently, the mandated minimum capital needed is Rs9 for every Rs100 lent. A World Bank press release said public sector banks did not have to fulfil conditions to qualify for the loan because it is a Development Policy Loan (DPL) to the Indian government. A DPL provides budgetary support and is meant for quick disbursement. The DPL is “predicated upon maintenance of an appropriate macroeconomic framework, and an effective medium-term strategy for economic growth and poverty reduction,” the release said. “Moreover, as this operation is designed to support the government budget, it is also predicated upon the maintenance of satisfactory public financial management practices.” Conditions that accompany a World Bank loan have earlier generated controversy in India. In July, two officials in the finance ministry, who did not want to be identified, told Mint the government’s negotiations with World Bank to raise capital for public sector banks did involve tough negotiations on loan conditions. The World Bank had backed down on its initial demand that the loan meant for public sector banks be accompanied by financial sector reforms, the official said. Thomas Rose, the World Bank’s adviser, East Asia Pacific Region, who along with Zagha and a few other officials spoke to the media from Washington, said: “DPL does not contain conditionality going forward.” Further, prior actions taken by the government on macroeconomic conditions were sufficient, Rose said. During negotiations with the World Bank, the government had not identified banks that would receive an injection of fresh capital, he added. Besides banks, the financial sector in India will see more capital inflow through a $1.2 billion loan to IIFCL, the government’s wholly owned subsidiary to finance infrastructure. According to Zagha, the infusion of every $1 billion into IIFCL would lead to a multiplier of $4 billion through private sector spending. IIFCL would use the loan to support infrastructure spending largely in roads, power generation and transmission projects and ports. Unlike the DPL, the loan to IIFCL comes with conditions attached. Projects funded by IIFCL using the Bank’s loans would have to meet environmental and social safeguard policies, and follow a process laid down for equipment procurement. According to the Bank’s media statement, environmental and social safeguard policies seek to mitigate the impact of large infrastructure projects on people and their habitat. The $1 billion loan to PGCIL is largely meant to help the company strengthen India’s grid system to allow it to handle a greater load. The $150 million loan for social infrastructure aims to provide piped water to 2.1 million people and extend sanitation services to 1 million people. This loan is for a duration of 35 years and carries only a service charge of 25 basis points. sanjiv.s@livemint.com Source: Home - Livemint.com | 23 Sep 2009 | 4:07 am BSE Sensex provisionally ends down 1 pctMUMBAI (Reuters) – The BSE Sensex provisionally closed 1 percent lower on Wednesday as investors turned cautious on concerns valuations could be stretched after a five-day run of gains that had taken the market to 16-month highs.Source: Reuters: Money News | 23 Sep 2009 | 4:06 am Sensex down nearly 150 pts on heavy selling in blue chips @ 15:25 hrs - Sify
Source: Business - Google News | 23 Sep 2009 | 4:05 am Ford to produce small car in India from early 2010NEW DELHI (Reuters) - Ford Motor Co will launch production of its Figo small car in India in early 2010, it said in a statement on Wednesday.Source: Reuters: Money News | 23 Sep 2009 | 4:05 am Cadbury CEO sees 20 pct higher Kraft bid fair - noteLONDON (Reuters) - Cadbury Chief Executive Todd Stitzer believes a 20 percent higher bid from Kraft of about 12.2 billion pounds ($19.93 billion) would be a fair price, according to a note obtained by Reuters.Source: Reuters: Money News | 23 Sep 2009 | 4:03 am Markets break 5-day rally, end 1% downMumbai: Indian shares closed almost 1% lower on Wednesday as investors turned cautious on concerns valuations could be stretched after a five-day run of gains that had taken the market to 16-month highs. The 30-share BSE index provisionally ended 0.8% or 166.93 points lower at 16,719.50, with 25 stocks declining. The 50-share NSE index closed 50.25 points lower at 4,969.95. Source: Home - Livemint.com | 23 Sep 2009 | 3:57 am TCS gets 5-yr contract from AP state govtMUMBAI (Reuters) - Tata Consultancy Services Ltd, India's leading IT services firm, said on Wednesday it had secured a five-year project to build and operate a state-wide area network in southern Andhra Pradesh state.Source: Reuters: Money News | 23 Sep 2009 | 3:56 am Cadbury CEO sees 20% higher Kraft bid fairLondon: Cadbury chief executive Todd Stitzer believes a 20% higher bid from Kraft of about £12.2 billion ($19.93 billion) would be a fair price, according to a note obtained by Reuters. He also told investors that he does not expect Kraft to walk away from its proposed acquisition and sees some strategic sense in combining the two companies, while there would be revenue synergies from such a deal. “On price, Todd seemed to admit that a 15x EBITDA multiple would be a fair price,” the note by Bank of America/Merrill Lynch sales specialist Simon Archer said. Analysts say a multiple at that level puts the price for Cadbury around 900 pence per share, valuing the entire company at around £12.2 billion ($20.4 billion), up from Kraft’s initial bid of 745 pence per share, or £10.2 billion. Cadbury shares were steady at 788-1/2 pence at 0925 GMT while the current Kraft cash and share offer is valued at around 718 pence reflecting the recent fall in Kraft shares. Stitzer also outlined areas where synergies might be found to bolster Kraft’s “modest” $625 million annual synergies target, the note said. He saw revenue synergies between Cadbury and Kraft in countries such as Germany, China and Brazil. Stitzer and Kraft’s boss Irene Rosenfeld are attending the two-day Bank of America/Merrill Lynch Global Consumer and Retail Conference in London, starting Tuesday, where they are speaking to investors in separate sessions. Source: Home - Livemint.com | 23 Sep 2009 | 3:56 am Indian economy to improve in coming qtrs-fin min - Reuters India
Source: Business - Google News | 23 Sep 2009 | 3:53 am Obama star power faces new test at UN meetingUnited Nations: US president Barack Obama makes his United Nations debut on Wednesday calling on world leaders to shoulder more responsibility in confronting global challenges. Obama will use his maiden speech to the UN general assembly to highlight the new tone he has brought to U.S. foreign policy, stressing cooperation and consultation over the unilateralism of his predecessor, George W. Bush. Despite the change in tone, Obama has few tangible foreign policy achievements to show for his first eight months in office. As he wrestles with a number of thorny diplomatic issues, Obama will insist that other countries live up to their obligations. “This cannot be solely America’s endeavor,” Obama will say, according to advance excerpts of his address. While his global popularity all but assures Obama a warm UN welcome, the audience will be studded with reminders of past problems and future perils. Iranian president Mahmoud Ahmadinejad, Libyan leader Muammar Gaddafi and Zimbabwean President Robert Mugabe are among the leaders due to address the gathering — a chorus of skeptics who will likely seek to undercut Obama’s star turn. Also scheduled to make speeches this week are Israeli prime minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas, who have both rebuffed Obama’s efforts to reinvigorate stalled Middle East peace talks. Obama’s moment in the UN spotlight will at least afford him relief from troubles at home, where his approval ratings have slipped amid bitter debate over his chief domestic policy priority — reforming US healthcare. Obama, who later this week hosts a Group of 20 summit in Pittsburgh, will likely call for further cooperation to buttress the weak global economy and fight climate change. He can be expected to lay out his foreign policy priorities, ranging from the war in Afghanistan to Middle East peacemaking to nuclear standoffs with Iran and North Korea, issues on which he has made little headway so far. But he will insist the United States cannot do it all on its own. “Those who used to chastise America for acting alone in the world cannot now stand by and wait for America to solve the world’s problems alone,” Obama will say. “We have sought — in word and deed — a new era of engagement with the world. Now is the time for all of us to take our share of responsibility for a global response to global challenges,” he will say. “If we are honest with ourselves, we need to admit that we are not living up to that responsibility.” Iran’s Ahmadinejad has rocked the boat before at the General Assembly, and his speech later on Wednesday will likely be the sharpest counterpoint to Obama’s address. Iran is due to hold direct talks next month with the United States and other international powers concerned about its nuclear ambitions. But Ahmadinejad recently repeated that Tehran will never drop its nuclear program and said again that the Holocaust was a lie, raising the stakes before next month’s talks and spurring Germany to threaten a walkout if he repeats it again in his UN speech this week. The United States and other members of the negotiating group — the five permanent members of the U.N. Security Council and Germany — are slated to meet on the sidelines of the General Assembly on Wednesday. Seeking Support for Afghan War The US leader is expected to seek to shore up support for the war in Afghanistan, where US combat deaths have risen as a resurgent Taliban has confounded efforts to stabilize the country. Obama can be expected to reassert the US commitment to Afghanistan and to aiding neighboring Pakistan in its fight against Islamic militancy. But whether that will be enough to win deeper international backing remains to be seen. Obama’s global entreaties have already come up short on at least one count. Despite hard lobbying before this week’s UN meeting, US diplomats were unable to broker a breakthrough between Israel and the Palestinians, prolonging a standoff that has bedeviled generations of US leaders. Obama held talks and a photo opportunity with Israeli Prime Minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas on Tuesday, but anyone hoping for concrete signs of progress was disappointed. Libya’s Gaddafi follows Obama to the podium on Wednesday for his first UN speech, one that could inflame US emotions over the Lockerbie bombing following Scotland’s release of a Libyan official accused in the 1988 attack. Not in the New York audience will be North Korea’s reclusive president, Kim Jong-il — another fixture in former President George W. Bush’s “axis of evil,” who still confounds policymakers in the Obama administration. North Korea could figure in Obama’s push for tougher global safeguards against nuclear proliferation. Obama will likely press Pyongyang to return to suspended six-party talks on its own nuclear program. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 3:50 am SEBI passes order against insider trading in KLG CapitalSEBI passes order against insider trading in KLG Capital Services. SEBI debars executives of SKIL Infrastructure from trading. SKIL is co promoter of Pipavav Shipyard.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 3:48 am India's Sensitive Index Posts First Decline in Six Days, Led by ... - Bloomberg
Source: Business - Google News | 23 Sep 2009 | 3:45 am Economy to improve in coming quarters: FMKolkata: India’s economy will continue to improve in the 2009-10 fiscal year (April-March) as stimulus packages have helped spur demand, but a full economic revovery will still take time, the finance minister said on Wednesday. Growth for the fiscal year would exceed 6% despite a poor monsoon, Pranab Mukherjee said. India, Asia’s third-largest economy, grew 6.7% in 2008-09, slowing from rates of 9% or higher in the previous three years as the global downturn hit harder than expected. “If the present trend continues, second quarter GDP would be better than the first quarter,” Mukherjee said. The economy grew 6.1% in the April-June quarter from a year earlier, picking up from an annual rate of 5.8% in the previous quarter. Deficient monsoon rains, which were running 20% below average in mid-September, were a risk to growth, but Mukherjee said late rains have eased the drought situation and would help winter crops. “With the late monsoon, there is less reason for apprehension because the water situation in the centrally monitored reservoirs has improved,” he said. The government has raised farm subsidies to mitigate the impact of drought and is looking to early sowing of winter crops to offset the loss of summer crops. Mukherjee said the shortfall in the sowing area of the summer crop was between 60 to 65 million hectares, which could translate into an output shortfall of 14-15 million tonnes. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 3:40 am Economy to improve in coming quarters: FMKolkata: India’s economy will continue to improve in the 2009-10 fiscal year (April-March) as stimulus packages have helped spur demand, but a full economic revovery will still take time, the finance minister said on Wednesday. Growth for the fiscal year would exceed 6% despite a poor monsoon, Pranab Mukherjee said. India, Asia’s third-largest economy, grew 6.7% in 2008-09, slowing from rates of 9% or higher in the previous three years as the global downturn hit harder than expected. “If the present trend continues, second quarter GDP would be better than the first quarter,” Mukherjee said. The economy grew 6.1% in the April-June quarter from a year earlier, picking up from an annual rate of 5.8% in the previous quarter. Deficient monsoon rains, which were running 20% below average in mid-September, were a risk to growth, but Mukherjee said late rains have eased the drought situation and would help winter crops. “With the late monsoon, there is less reason for apprehension because the water situation in the centrally monitored reservoirs has improved,” he said. The government has raised farm subsidies to mitigate the impact of drought and is looking to early sowing of winter crops to offset the loss of summer crops. Mukherjee said the shortfall in the sowing area of the summer crop was between 60 to 65 million hectares, which could translate into an output shortfall of 14-15 million tonnes. Source: Home - Livemint.com | 23 Sep 2009 | 3:40 am Ford small car is called Figo! - Business Standard
Source: Business - Google News | 23 Sep 2009 | 3:39 am Indian air force a third of China’s: Air Chief MarshalNew Delhi: India’s air force is just a third the size of rival China’s and far short of the aircraft required to meet the security challenges it faces, the country’s air force chief said on Wednesday. “Our present aircraft strength is inadequate. Aircraft strength is one third that of China,” said Air Chief Marshal P.V. Naik was quoted as saying by the CNN-IBN website on Wednesday. “The government of India is doing a lot to augment air force capability,” he said in a speech in Gandhinagar. The comments come against the backdrop of media reports about Chinese army and air “incursions” into India in the past several weeks that have been denied by both New Delhi and Beijing. The Asian giants and economic rivals have yet to agree on their more than 4,000 kilometre (2,480 mile) border, the dispute over which dates back to a brief but bitter conflict in 1962 that exposed India’s military vulnerability. India says China occupies 38,000 square kilometres (14,670 square miles) of its territory, while Beijing claims 90,000 square kilometres or the whole of the northeastern Indian state of Arunachal Pradesh. Naik said there were two ways to counter China’s reported incursions. “One way is to take up weapons and go to the border. The other way is to build systematic weapons capability to tackle the threat,” he said. Naik’s remarks follow similar ones by former navy chief Sureesh Mehta, who last month said India could not compete with China on defence spending and warned Beijing was “creating formidable military capabilities”. India has begun trials of the world’s leading fighter jets as it prepares to place an order for 126 planes in a contract worth $12 billion dollars. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 3:21 am Suzlon to raise $100m via block deal: SourcesSuzlon Energy is going to raise approximately USD 100 million via a block deal, reports CNBCTV18, quoting sources. Suzlon promoters are going to sell five crore shares (5% equity) at about Rs 95 per share. The deal is to be executed on the stock exchange via block deal.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 3:09 am Pricol official beaten to death by employees in CoimbatoreCHENNAI, India (Reuters) - A senior official of a auto-parts manufacturer was beaten to death by angry employees in Coimbatore after dozens of workers were sacked, police said on Wednesday.Source: Reuters: Money News | 23 Sep 2009 | 3:05 am India urges G-20 to shun protectionism, US pushes planNew Delhi/Washington: Prime Minister Manmohan Singh called on Group of 20 nations on Wednesday to send a strong warning against protectionism this week as world leaders seek to shore up a tentative global recovery and prevent future economic crises. G-20 host nation the United States slapped tariffs on Chinese-made tyres earlier this month, reviving fears of a tit-for-tat round of protectionist measures that risk strangling trade and plunging the global economy back into recession. “We would also like to see a strong message to emerge from Pittsburgh against protectionism in all its forms, whether trade in goods, services, investment or financial flows,” Manmohan Singh said in a statement before leaving for a 24-25 September summit of top industrialized and emerging nations. Singh said the global economy and financial markets have shown an improvement since G-20 summits earlier this year, but said the economy was “still not out of woods.” Washington has scoffed at the idea of a budding trade war, while pushing a plan for G-20 nations to build a more balanced global economy that would be less prone to painful boom and bust cycles. British Prime Minister Gordon Brown said on Tuesday there was substantial backing among the group for creating a new framework to shrink surpluses run by top exporters such as China while cutting ballooning deficits in others. But such a plan would ultimately need to convince consumers in debt-laden nations including the United States to save more and buy less, which would be a tall order. And such a process would almost certainly require an even weaker US dollar, which fell to one-year lows on Wednesday. China is likely to agree publicly with the broad aim of a new framework, especially if it gives emerging nations more clout on the world stage, but is expected to resist any sweeping reforms that could threaten its robust growth. It is also expected to brush off any calls from the West to let its tightly controlled yuan currency move more freely. It is also unclear whether Germany and Japan, two other big exporters, would back the US proposal, and how such a plan would be implemented and enforced. Brazil, one of the emerging heavyweights of the developing world, spoke out against the US proposal, saying the IMF already played a role in monitoring economies and calling Washington’s plan “obscure”. Policy plans While the G-20 meeting may signal another step in a long-term global power shift, investors will focus on clues on how the United States and leading European nations plan to wind down massive emergency stimulus programmes without destabilizing economies again. “We believe that some level of global coordination is likely in the quarters ahead. This is particularly for central bank exit strategies which may be coordinated so as not to trigger adverse currency movements,” Glenn Maguire, Societe Generale’s chief Asia economist, said in a note. “Yet, we remain sceptical on the ability to put into place a more rigid framework that would enforce a new economic world order,” Maguire said. World leaders are also expected to talk tough about the need for tighter financial regulations, though concrete reforms are expected to remain a distant prospect. First, the G-20 has no law-making power and any real changes will be left to national authorities. Secondly, there is no agreement how far the new rules should go and on Wednesday German finance minister Peer Steinbrueck accused London of doing its best to block stricter rules to protect its position as a financial marketplace. High on the agenda for US President Barack Obama and other leaders will be proposals for restraining banker pay and making banks patch up their balance sheets to help prevent a repeat of the near meltdown of the financial system. G-20 leaders will also be discussing climate change, where rifts remain between rich and developing economies over how quickly to cut carbon dioxide emissions and who should foot the bill. US treasury secretary Timothy Geithner said on Tuesday the world’s biggest economy was at the “beginnings” of a recovery, and the key was to ensure that the recovery was self-sustaining. “To make sure that as we recover from this crisis we are laying the seeds for a more balanced, more sustainable recovery: That is the agenda,” Geithner said. However, recent stabilisation in financial markets and economies may be quickly blunting political momentum for change. French Economy Minister Christine Lagarde said she feared growing signs of economic recovery could undermine commitments to rework and regulate the world financial order. “Numerous players are saying ... let’s go back to our old habits and carry on with our business as we did in the past,” she told a news conference. Source: Home - Livemint.com | 23 Sep 2009 | 3:03 am Government aiming to bring fiscal deficit down to 4 percentFinance Minister Pranab Mukherjee Wednesday said the government planned to scale down fiscal deficit to 4 percent by 2012.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 3:01 am Himachal Pradesh despatches 74 lakh boxes of applesThe apple season in Himachal Pradesh has finally picked up with 7,400,000 boxes having been transported out of the state.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 3:00 am Paradip Port to float tender to pump oil out of sunken shipThe Paradip Port in Orissa has decided to float a global tender to pump the stored oil out of a Mongolian ship that sank off its coast Sep 9.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 3:00 am Sensex trying to recoup losses in afternoonA key index of Indian equities markets was trying to recoup losses Wednesday afternoon amid volatile trading conditions.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 3:00 am India seeks strong G20 stand against protectionism - Reuters India
Source: Business - Google News | 23 Sep 2009 | 2:56 am JPMorgan ups offer for EcoSecuritiesLondon: A JPMorgan Chase & Co vehicle on Wednesday increased its cash offer for London-listed carbon offset aggregator EcoSecurities, garnering further support from shareholders. Carbon Acquisition Company said it had increased its recommended offer to 105 pence per share, valuing EcoSecurities at some £129 million ($211 million), and bought a further 18.3 million EcoSecurities shares, or almost 15.5% of the company. The new offer compares with JP Morgan’s previous bid of 100 pence and a rebuffed offer of 90 pence from rival bidder Pedro Moura Costa, the co-founder and former president of EcoSecurities. EcoSecurities in a brief statement recommended shareholders accept the revised JP Morgan offer. “It’s slightly unusual to outbid yourself without the other party intervening but it’s likely 105 pence was the price they had to pay on market to acquire the additional shares,” said analyst Ken Rumph at Nomura Code. Analyst Gus Hochschild at Mirabaud, however, said the increased offer was in response to market expectations that Guanabara would make a counterbid. Costa’s investment vehicle, Guanabara, said last week it was extending its offer for EcoSecurities and that it reserved the right to increase its offer further now that a bidding war had broken out. Guanabara’s advisors declined to comment on the JP Morgan statement and when contacted by Reuters on Wednesday, Costa said his position had not changed since last week’s statement. “We are in the process of due diligence to decide on a potential revised offer,” he said via telephone. Including acceptances from shareholders owning 19.9% of the firm, JP Morgan now owns or has agreed to acquire 35.9% of EcoSecurities. “The door is still open for Guanabara,” Nomura’s Rumph added. “35% still isn’t more than 50%.” At 0811 GMT, shares in AIM-listed EcoSecurities were up 2.4% at 105.6 pence. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 2:54 am Consumer durable cos looking at 2030% rise in salesConsumer durables manufacturers are anticipating 20 to 30 per cent rise in sales growth this festive season, against the same period during 200809 despite the lack of adequate availability of finance for them, according to industry experts.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 2:52 am India seeks strong G20 stand against protectionismNEW DELHI (Reuters) - Prime Minister Manmohan Singh urged the Group of 20, which meets from Thursday, to make a stand against protectionism and called for a greater role for emerging nations in the running of multilateral lenders.Source: Reuters: Money News | 23 Sep 2009 | 2:47 am Gold traders continue to trickle in on strong rupeeMumbai: India gold traders continued to trickle in on Wednesday as the rupee strengthened, making the dollar-quoted asset cheaper, to build up stocks in the middle of the festival season, dealers said. “The rupee has appreciated so it is making gold cheaper for traders. They are just buying bare minimum for festivals,” said a dealer with a state-run bank in Mumbai. “I sold around 250 kgs since yesterday evening.” “Volumes are expected to pick up due to festive demand,” said another dealer with a private bank. The most-traded October contract was up 0.30% at Rs15,864 per 10 grams at 1:53pm. The Indian rupee hit a six-week high in early deals on Wednesday as dollar demand from importers and weaker domestic shares offset the weakness in the dollar overseas. Dealers said the underlying demand is still strong, with many traders staying on the sidelines to replenish stocks. “I have plenty of orders in the range of $990-1,000 (an ounce),” said another dealer with a private bank. India, the world’s largest consumer of the yellow metal, is in the midst of the festival season, with Dussera on Monday and Diwali and Dhanteras next month, 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 | 23 Sep 2009 | 2:45 am Gold traders continue to trickle in on strong rupeeMumbai: India gold traders continued to trickle in on Wednesday as the rupee strengthened, making the dollar-quoted asset cheaper, to build up stocks in the middle of the festival season, dealers said. “The rupee has appreciated so it is making gold cheaper for traders. They are just buying bare minimum for festivals,” said a dealer with a state-run bank in Mumbai. “I sold around 250 kgs since yesterday evening.” “Volumes are expected to pick up due to festive demand,” said another dealer with a private bank. The most-traded October contract was up 0.30% at Rs15,864 per 10 grams at 1:53pm. The Indian rupee hit a six-week high in early deals on Wednesday as dollar demand from importers and weaker domestic shares offset the weakness in the dollar overseas. Dealers said the underlying demand is still strong, with many traders staying on the sidelines to replenish stocks. “I have plenty of orders in the range of $990-1,000 (an ounce),” said another dealer with a private bank. India, the world’s largest consumer of the yellow metal, is in the midst of the festival season, with Dussera on Monday and Diwali and Dhanteras next month, 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 | 23 Sep 2009 | 2:45 am Kale Consultants to partner IATAKale Consultants, a provider of IT solutions to the airline, logistics and travel industries, has been selected by the International Air Transport Association (IATA) as the prime technology supplier for the development of its industrywide Simplified Interline Settlement (SIS) project.Source: Moneycontrol Top Headlines | 23 Sep 2009 | 2:44 am Tata Motors in tie-up with UBI for channel financingMumbai: Tata Motors has entered into an understanding with the Union Bank of India to provide an added facility to Tata Motors’ dealers for funding of their purchases of the company’s cars and utility vehicles. With this arrangement, UBI will be one of the preferred channel financiers of Tata Motors, a press release said on Wednesday. Tata Motors, TML Distribution Company Ltd, a wholly-owned subsidiary of Tata Motors, and UBI have mutually agreed to pool their resources together to make accessible organised finance at competitive rates to the Tata Motors dealers across the country, the release said. UBI’s wide range of banking services and financial products include finance for purchase of vehicles. UBI has a large network of over 2,650 branches across the country. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 2:42 am European markets rise before Fed rate decisionLondon: European equities edged higher Wednesday, lifted by overnight gains on Wall Street and buoyant commodity prices, with investors on tenterhooks before a US Federal Reserve interest rate call. The FTSE 100 index gained 0.56% to 5,171.31 points in London morning deals. Frankfurt’s DAX 30 advanced 0.54% to 5,740.19 points and in Paris the CAC 40 added 0.48% to 3,841.51 points. The DJ Euro Stoxx 50 index of top eurozone shares climbed 0.49% to 2,895.43 points. Later Wednesday, the Federal Reserve will conclude a two-day meeting and is expected to reaffirm its massive economic stimulus program as it seeks to support a fragile recovery from recession. Analysts say the Fed is certain to keep a near-zero interest rate along with an array of programs to keep credit flowing. The accompanying statement could provide hints on the speed and shape of the economic recovery, and any monetary policy response in the coming months. “All eyes (are) on the Fed rate announcement and the tone of any accompanying statement,” said Arifa Sheikh-Usmani, equity trader with financial betting firm Spreadex. “I would expect markets to trade fairly sideways until that comes out later,” she added. “We are still seeing clients buying on weakness which shows that there is still some momentum in the market, however, the rally is certainly less enthusiastic than it was a couple of weeks ago.” The Federal Open Market Committee (FOMC), headed by Fed chairman Ben Bernanke, will issue a statement at 11:45pm. In foreign exchange trade on Wednesday, the dollar fell to a new one-year low against the euro amid expectations that US interest rates will remain low for a considerable length of time. The dollar has fallen sharply this week as many investors sold safehaven assets on the back of growing economic optimism, dealers said. The European single currency jumped as high as $1.4842 on Wednesday, before pulling back to $1.4799. “The dollar remains under pressure as stocks rise and risk appetite continues to improve,” said Calyon analyst Stuart Bennett. “The bullish (positive) sentiment for stocks is likely to keep the dollar under pressure whilst the main focus today is on central banks.” Wall Street on Tuesday hit fresh 2009 highs on economic recovery optimism and company earnings prospects. The Dow Jones Industrial Average gained 0.52% to 9,829.87 points. The tech-heavy Nasdaq composite rose 0.39% to 2,146.30 while the broad-market Standard & Poor’s 500 index added 0.66 percent to 1,071.66 points. Meanwhile, leaders of the G-20 key developed and developing countries will kick off two-day talks in the US city of Pittsburgh, Pennsylvania, on Thursday. They are expected to discuss ways to unwind their unprecedented support to fight the global economic crisis - although they remain cautious for fear of jeopardizing a return to growth. The Tokyo stock market will reopen on Thursday after a series of public holidays. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 2:40 am European markets rise before Fed rate decisionLondon: European equities edged higher Wednesday, lifted by overnight gains on Wall Street and buoyant commodity prices, with investors on tenterhooks before a US Federal Reserve interest rate call. The FTSE 100 index gained 0.56% to 5,171.31 points in London morning deals. Frankfurt’s DAX 30 advanced 0.54% to 5,740.19 points and in Paris the CAC 40 added 0.48% to 3,841.51 points. The DJ Euro Stoxx 50 index of top eurozone shares climbed 0.49% to 2,895.43 points. Later Wednesday, the Federal Reserve will conclude a two-day meeting and is expected to reaffirm its massive economic stimulus program as it seeks to support a fragile recovery from recession. Analysts say the Fed is certain to keep a near-zero interest rate along with an array of programs to keep credit flowing. The accompanying statement could provide hints on the speed and shape of the economic recovery, and any monetary policy response in the coming months. “All eyes (are) on the Fed rate announcement and the tone of any accompanying statement,” said Arifa Sheikh-Usmani, equity trader with financial betting firm Spreadex. “I would expect markets to trade fairly sideways until that comes out later,” she added. “We are still seeing clients buying on weakness which shows that there is still some momentum in the market, however, the rally is certainly less enthusiastic than it was a couple of weeks ago.” The Federal Open Market Committee (FOMC), headed by Fed chairman Ben Bernanke, will issue a statement at 11:45pm. In foreign exchange trade on Wednesday, the dollar fell to a new one-year low against the euro amid expectations that US interest rates will remain low for a considerable length of time. The dollar has fallen sharply this week as many investors sold safehaven assets on the back of growing economic optimism, dealers said. The European single currency jumped as high as $1.4842 on Wednesday, before pulling back to $1.4799. “The dollar remains under pressure as stocks rise and risk appetite continues to improve,” said Calyon analyst Stuart Bennett. “The bullish (positive) sentiment for stocks is likely to keep the dollar under pressure whilst the main focus today is on central banks.” Wall Street on Tuesday hit fresh 2009 highs on economic recovery optimism and company earnings prospects. The Dow Jones Industrial Average gained 0.52% to 9,829.87 points. The tech-heavy Nasdaq composite rose 0.39% to 2,146.30 while the broad-market Standard & Poor’s 500 index added 0.66 percent to 1,071.66 points. Meanwhile, leaders of the G-20 key developed and developing countries will kick off two-day talks in the US city of Pittsburgh, Pennsylvania, on Thursday. They are expected to discuss ways to unwind their unprecedented support to fight the global economic crisis - although they remain cautious for fear of jeopardizing a return to growth. The Tokyo stock market will reopen on Thursday after a series of public holidays. Source: Home - Livemint.com | 23 Sep 2009 | 2:40 am India to review wheat purchase price in OctoberNew Delhi: The Indian government will review the price at which it plans to buy wheat from domestic farmers when the new sowing season starts in October, the farm secretary said on Wednesday. In an effort to boost output, the government increased wheat prices in recent years. It paid farmers Rs1,080 ($22.50) per 100 kg for the 2009 harvest, up from Rs1,000 in 2007-08 and Rs650 per 100 kg in 2005-06. Farm secretary T. Nanda Kumar told reporters the Commission for Agricultural Cost and Prices had made a recommendation and it would be reviewed next month. Another increase in the fixed price would encourage farmers to plant more wheat, which could help cover a shortfall in summer crops this year due to deficient monsoon rains. Up to mid-September, monsoon rains are about 20% below normal following a poor start to the season. Farmers in India, the world’s second-biggest producer of the grain, grow only one wheat crop in a year, with sowing from October and harvests from March. Kumar said early sowing and expected better soil moisture due to some late monsoon rains would improve productivity. He said wheat sowing was expected to start early in the eastern state of Bihar and northern state of Uttar Pradesh, a leading producer. “Wheat productivity may be increased by 20% due to early sowing. Improvement in late monsoon rains has led improved soil moisture and an increase in water reservoirs level,” Kumar said. India produced a record 80.58 million tonnes of wheat in 2008-09. Last week, the government said wheat output in the next season might fall 2%. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 2:39 am India urges G20 to shun protectionism, U.S. pushes planNEW DELHI/WASHINGTON (Reuters) - India's prime minister called on Group of 20 nations on Wednesday to send a strong warning against protectionism this week as world leaders seek to shore up a tentative global recovery and prevent future economic crises.Source: Reuters: Money News | 23 Sep 2009 | 2:32 am Cyril Shroff demystifies Sebi's new takeover norms - Moneycontrol.com
Source: Business - Google News | 23 Sep 2009 | 2:30 am Firms raise $530 mn in share salesMumbai: Indian companies and their founders raised a combined $530 million in share sales on Wednesday, sources familiar with the deals said, taking advantage of stock market that has risen to 16-month highs this week. Construction and engineering firm Jaiprakash Associates raised nearly $250 million through the sale of about 50 million shares at Rs238.46 each, two sources with knowledge of the deal told Reuters. The founders of Suzlon Energy Ltd sold 70 million shares to raise about $142 million, stock exchange data showed, and the firm said the proceeds would be infused into the company. The sale of the 4.5% stake cut the founders’ holding to 53.08%, a statement from the wind turbine maker said. “The proceeds raised through the sale of minor stake are intended to be used primarily to infuse funds into the company as unsecured debt or equity,” chairman Tulsi Tanti said. Suzlon had planned to sell about 50 million shares but raised the offer to 70 million shares, sources said. Citigroup was the sole arranger for the offer. Drug maker Cipla Ltd raised about $140 million by selling shares to institutional investors at Rs263.75 each, a person familiar with the deal said. Capitalising on a sharemarket that has risen 75% in 2009, Indian firms have raised about $15 billion through share sales, with most of it concentrated in the past six months. Jaiprakash’s second sale On Tuesday, sources told Reuters that Jaiprakash planned to raise up to $200 million through the share sale. The shares were part of the treasury stock created after the company absorbed its units Jaypee Hotels, Jaypee Cement, Gujarat Anjan Cement and group firm Jaiprakash Enterprises in March, creating a stock of around 200 million shares. In June, Jaiprakash had sold 25 million shares from the block at Rs201.05 each, raising $104 million. “The funds may be used for their growth plans in cement or power businesses, or even to retire some high-cost debt,” an analyst at brokerage Religare Hichens Harrison said. “This is their second share sale this year. It should take care of their funds requirement in the near term.” Jaiprakash, which has interests in hydropower, construction, real estate, cement and hospitality, has debt of about Rs10,000 crore ($2.1 billion), and plans to nearly double its cement-making capacity to 25 million tonnes a year by 2010. Source: Home - Livemint.com | 23 Sep 2009 | 2:20 am Launch of Oceansat-2 a fantastic achievement: NairSriharikota: Indian Space Research Organisation (Isro) chairman G. Madhavan Nair on Wednesday termed as a “fantastic achievement” the launch of Oceansat-2 and six other nano satellites. “This is a fantastic achievement. Once again we have proved that we can do the job precisely,” he said minutes after Isro’s warhorse rocket PSLV C-15 put in orbit the seven satellites within a span of 20 minutes. Prime Minister Manmohan Singh conveyed his “deepest appreciation” of the space scientists on the successful conduct of the mission, Nair announced. “Whenever we face difficulties, Isro has always emerged stronger,” George Koshy, senior space scientist incharge of launch vehicles, said. Isro Telemetry, Tracking and Command Network (Istrac) director S. K. Shivakumar said that a command centre in Mauritius had picked up the signal from Oceansat-2 soon after it separated from the launch vehicle. Vikram Sarabhai Space Centre director K. Radhakrishan said the successful launch of the seven satellites had once again demonstrated the maturity of the Polar Satellite Launch Vehicle (PSLV). He noted that this was the 15 successive, successful launch of PSLV. Source: Tech News - Livemint.com | 23 Sep 2009 | 2:04 am Launch of Oceansat-2 a fantastic achievement: NairSriharikota: Indian Space Research Organisation (Isro) chairman G. Madhavan Nair on Wednesday termed as a “fantastic achievement” the launch of Oceansat-2 and six other nano satellites. “This is a fantastic achievement. Once again we have proved that we can do the job precisely,” he said minutes after Isro’s warhorse rocket PSLV C-15 put in orbit the seven satellites within a span of 20 minutes. Prime Minister Manmohan Singh conveyed his “deepest appreciation” of the space scientists on the successful conduct of the mission, Nair announced. “Whenever we face difficulties, Isro has always emerged stronger,” George Koshy, senior space scientist incharge of launch vehicles, said. Isro Telemetry, Tracking and Command Network (Istrac) director S. K. Shivakumar said that a command centre in Mauritius had picked up the signal from Oceansat-2 soon after it separated from the launch vehicle. Vikram Sarabhai Space Centre director K. Radhakrishan said the successful launch of the seven satellites had once again demonstrated the maturity of the Polar Satellite Launch Vehicle (PSLV). He noted that this was the 15 successive, successful launch of PSLV. Source: Home - Livemint.com | 23 Sep 2009 | 2:04 am Ford launches small car FigoUS auto giant Ford Motor Co Wednesday unveiled its first small car for the Indian market, 'Ford Figo'.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 2:00 am Fitness tests for Assam high rises after quakesThe Assam government Wednesday decided to launch a massive screening of multi-storied apartments and old buildings after a 6.3 magnitude earthquake Monday led to cracks in several structures in the state.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 2:00 am Ford CEO says U.S. market looking goodNEW DELHI (Reuters) - The CEO of Ford Motor Co said on Wednesday the U.S. market was looking good and vehicle sales were expected to increase.Source: Reuters: Money News | 23 Sep 2009 | 1:56 am Suzlon promoters offload 4.50% stake for about Rs689 crMumbai: Wind power major Suzlon Energy on Wednesday said three of its promoters have offloaded 7 crore shares representing 4.50% stake in the company for an estimated Rs689 crore. Three promoters of Suzlon—Nidhi T. Tanti, Brij J. Tanti and Girish R. Tanti—have sold around 7 crore equity shares amounting to 4.50% of the paid-up capital of the company on Wednesday, Suzlon said in a filing to the Bombay Stock Exchange. Although the company did not disclose the price at which the shares were offloaded, but calculated on the basis of today’s opening share price the deal value amounts to Rs688.80 crore. Following the sale, the promoter or promoter group holding in the company stands reduced to 53.08% of the paid-up capital. The promoters of the company have been on a selling spree since March quarter of this year. In the March quarter the promoter holding stood at 65.83, which got reduced to 59.82% in the June quarter. The filing further said these promoters intend to provide the funds raised through the stake sale to Suzlon either in form of debt or equity subject to necessary approvals. Shares of the company were trading at Rs91.10, down 3.67% in morning trade on the BSE. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 1:47 am Firms raise $530 mln in share salesMUMBAI (Reuters) - Indian companies and their founders raised a combined $530 million in share sales on Wednesday, sources familiar with the deals said, taking advantage of stock market that has risen to 16-month highs this week.Source: Reuters: Money News | 23 Sep 2009 | 1:45 am Manmohan Singh leaves for G20 summit in PittsburghPrime Minister Manmohan Singh Wednesday left for the US to attend the G20 summit in Pittsburgh hosted by President Barack Obama.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 1:30 am Game Group’s profit down and sales still fallingLondon: British computer and video games retailer Game Group on Wednesday posted an expected 59% slump in first-half profit and said sales had continued to fall in its second half. The group, which trades from 1,368 stores, concessions and franchises in nine European countries and Australia, made a profit before tax and non-recurring costs of £14.5 million ($23.7 million) in the six months to 31 July. That compares with company guidance of £13 million to £16 million and £35.8 million in the 2008 period. The profit fall partly reflects an exceptionally strong release schedule in 2008, including record breaking software launches such as Wii Fit. First-half sales fell 7.0%, while sales at stores open at least a year were down 16.3% and down 16.6% for the 33 weeks to 19 September. Game said its gross margin increased 190 basis points to 28.9% and it raised its full-year gross margin guidance to a rise of 170 to 220 basis points from guidance of 150 to 175 basis points. Trading statements from UK retailers over the last month have supported hopes of a quick recovery from recession and have generally been backed up by official data. However, many retail executives and analysts remain cautious given rising unemployment, low earnings growth, heightened debt levels and an expected rise in VAT at the turn of the year. Game said that although the retail environment continued to be tough it was “optimistic” for the Christmas selling period. This optimism was based on recent manufacturer price reductions on the Microsoft Xbox 360 Elite and Sony’s new model Playstation 3 which are stimulating the hardware market and a strong line up of software and accessory releases in the run-up to Christmas. The firm is paying an interim dividend of 1.88 pence, up 5.0%. Prior to Wednesday’s update analysts were on average forecasting a year to end-January 2010 underlying pretax profit of about £112 million, according to Reuters Estimates, down from £126.2 million in the previous year. Game shares have lost nearly a quarter of their value over the last year on fears of slower growth, lack of newsflow on the next generation of consoles and the threat posed by digital distribution, underperforming general retailers by about 35%. The stock closed on Tuesday at 171.3 pence, valuing the business at £594 million. Source: LatestNews-Home - Livemint.com | 23 Sep 2009 | 1:30 am Markets trading flat, Sensex down 0.25 percentMumbai, Sep 23 (ANS) Indian equities markets were trading on a fairly quiet note a little after Wednesday noon with a key index ruling 0.3 percent lower than its previous close.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 1:01 am World Bank approves $4.3-bn loan for IndiaThe World Bank has approved $4.3 billion in loans for India to help finance infrastructure projects and support its economic stimulus programme.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 1:01 am RBI governor dons teacher's hat for rural kidsReserve Bank of India (RBI) Governor D. Subba Rao turned into a teacher to give simple lessons on the role of the central bank to about 500 students of a rural-based government school in Karnataka.Source: IndiaeNews.com: Business News | 23 Sep 2009 | 1:00 am Rupee off 6-week high on dollar demandMumbai: The Indian rupee came off six-week highs touched in early deals on Wednesday as dollar demand from importers and weaker domestic shares offset the weakness in the dollar overseas. At 12:30pm, the partially convertible rupee was at Rs48.0275/03 per dollar, weaker than Tuesday’s close of Rs47.9550/96. In early deals the rupee hit Rs47.85, its highest since 10 August. Indian shares lacked momentum on Wednesday, inching down on caution after a five-day run of gains that took the market to 16-month highs, with Bharti Airtel hit by uncertainty about its tie-up with MTN. The ailing dollar fell to a one-year low against a basket of currencies on Wednesday as speculators dumped the low-yielding greenback ahead of a Federal Reserve policy decision later in the day, which is expected to keep rates at record lows. The dollar index, which measures the dollar’s value against a basket of six major currencies, was down 0.05% at $76.082. Source: Home - Livemint.com | 23 Sep 2009 | 12:52 am Oil prices ease but stay above $71Oil eased in Asian trade today on profit-taking but stayed above $71 a barrel ahead of this week's Group of 20 summit and a US central bank meeting, analysts said.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 12:26 am World Bank approves $4.3bn loan for infrastructure in IndiaThe World Bank has approved four projects worth $4.3bn to India to bolster its economic stimulus programme and support the infrastructure sector.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 12:09 am Bharti-MTN deal will trigger open offerSEBI on Tuesday threw a spanner in the works of the proposed $24-billion (over Rs 1,15,000-crore) Bharti-MTN deal, making open offer obligations applicable in the case of ADR and GDR holders with voting rights.Source: Business Line - Home Page | 23 Sep 2009 | 12:00 am Ford upbeat on India as Alan Mulally stops overMumbai, Sept. 22 A Google search would throw up an endless number of results for Mr Alan Mulally. This is hardly surprising given that he is the President and CEO of Ford Motor Company.Source: Business Line - Home Page | 23 Sep 2009 | 12:00 am Auto cos rev up in advance tax paymentNew Delhi, Sept. 22 Indian Oil Corporation (IOC), NMDC and Standard Chartered Bank have entered the league of top 10 advance taxpayers for the September 15 instalment this fiscal.Source: Business Line - Home Page | 23 Sep 2009 | 12:00 am Is systemic risk back?Is the medicine working? It must be the question uppermost in the minds of the members of the Federal Open Market Committee (FOMC), headed by Mr Ben Bernanke, as they meet to review the US economy and decide the course of monetarySource: Business Line - Home Page | 23 Sep 2009 | 12:00 am FIIs continue to have voracious appetiteMumbai, Sept.22 The buying spree of foreign institutional investors continues as their net inflows for the current calendar year crossed the $10-billion mark on Tuesday.Source: Business Line - Home Page | 23 Sep 2009 | 12:00 am Insurance claims may be taxable under new codeMumbai, Sept. 22 The insurance claims paid to policy holders in the event of death or disability will be subject to payment of income tax if the new Direct Taxes Code proposals are implemented.Source: Business Line - Home Page | 23 Sep 2009 | 12:00 am A year on, Satyam has 50% fewer staffHyderabad, Sept. 22 Nearly one year after Satyam Computer Services prepared its second-quarter results in 2008, the number of employees at the crisis-hit company (now, Mahindra Satyam) is put at 28,000, including 4,000 inSource: Business Line - Home Page | 23 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 | 23 Sep 2009 | 12:00 am Reliance Infratel revives IPO planMumbai, Sept. 22 Reliance Communications has revived plans of listing its tower subsidiary Reliance Infratel a year after the proposal was put on hold following the globalSource: Business Line - Home Page | 23 Sep 2009 | 12:00 am Prime Focus (Rs 202.4): BuyWe recommend a buy in Prime Focus from a short-term horizon. It is apparent from the charts of the stock that from the March low of Rs 51.8, the stock has been on an intermediate-term uptrend. Moreover, it has been on a medium-term uptrend sinceSource: Business Line - Home Page | 23 Sep 2009 | 12:00 am Yahoo sees Asia growth, committed to AlibabaSeoul: Yahoo Inc expects its business in Asia to grow in the coming year and to increase its market share if the overall economy continues to recover, a senior executive told Reuters on Wednesday. The No. 2 US Web company expects its Web search partnership deal with Microsoft Corp to help it focus on investing for growth, Rose Tsou, managing director for Asia, said in an interview in Seoul. “(The Microsoft deal) will free up lot of resources for Yahoo to invest in...areas from Web services to mobile experiences to display advertising.” In Asia, Yahoo posted “modest growth” in sales in recent quarters, helped by strength in areas such as sponsored search, Tsou said. By contrast, Yahoo’s overall business suffered a 13% revenue drop in the second quarter from a year earlier as advertisers remained tight-fisted. “There is a fair chance that we will grow in the coming year or so if the economy doesn’t get worse,” she said. “Given our strength, we really think Yahoo is well poised to take more share when the economy comes back.” Yahoo, which trails market leader Google Inc and also faces competition from social networking sites such as Facebook, is in the midst of a turnaround aimed at building a more consumer and advertising-focused brand. On Tuesday, it said it would kick off a $100 million global branding campaign. “After the (Microsoft) deal closes, our search backing infrastructure will be migrated to (Microsoft’s new search engine) Bing, but there are lots of search user experiences (where) Yahoo can continue to innovate,” Tsou said. She added that content services such as news, finance, sports and entertainment were “priorities.” Tsou said the company would “smartly invest in unique opportunities” in each market, taking the example of its robust e-commerce business in Taiwan. Yahoo expects 20-30% growth in the Taiwanese e-commerce sales this year, she said. But Tsou said Yahoo had no current acquisition plans. “We don’t have any new shiny object that we are chasing.” Yahoo made an early foray into Asia to build a solid position and has 172 million unique users in Asia Pacific as of June along with dominance of the region’s online advertising market. Online advertising, which accounts for only 10-15% of the overall advertising industry, has “huge room to grow” as people spend more time on the Internet, Tsou said. Yahoo is the top player in Japan through its stake in Softbank-controlled Yahoo Japan Corp and also ranks No.1 in Taiwan and Hong Kong. But in other markets, Yahoo faces tough competition with home-grown rivals — Baidu Inc in China and NHN Corp in South Korea. In China, the world’s biggest Internet market by users, Tsou said Yahoo remained committed to its existing partnership with Alibaba Group, after it sold a small stake in China’s top e-commerce company Alibaba.com earlier this month. Yahoo still holds a 40% stake in the unlisted parent Alibaba Group, to which it handed over exclusive rights to the “Yahoo China” brand. “Yahoo will not have a separate plan outside Alibaba in China,” Tsou said. Source: Tech News - Livemint.com | 22 Sep 2009 | 11:49 pm Sensex down nearly 40 points in opening tradeThe 30-share index, Sensex, which had gained 145.13 points in the previous trading session, lost 39.82 points at 16,846.61 in the first five minutes of trade.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 11:03 pm Decision on Air India employees' flying allowance likely todayAir India is seeking a bailout package in the form of equity infusion and soft loan from the government. They had proposed a 50 per cent cut in flying allowance of its employees last month.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 10:32 pm SingTel may raise stake in Bharti-MTN: Morgan StanleySingapore: Singapore Telecommunications could maintain a 25% stake in the combined entity created as a result of a potential merger between India’s Bharti Airtel and South Africa’s MTN, Morgan Stanley said in a report on Wednesday. “We do not expect the Bharti-MTN transaction to have material dilutive impact to SingTel’s EPS (earnings per share),” analysts at the US investment bank said. “Indeed, if the Bharti-MTN transaction goes through and SingTel increases its stake in the new entity using debt (which is very likely), we see room for slight EPS enhancement.” SingTel, Southeast Asia’s biggest phone firm, owns about 30.4% stake in Bharti Airtel, India’s leading mobile operator. SingTel has said in the past it will remain a significant shareholder after any deal, though some analysts have expressed concerns that its stake in the combined entity could fall below 20%. Bharti Airtel’s planned tie-up with South Africa’s MTN faces scrutiny from regulators and politicians. It said on Tuesday the deal would comply with the laws in both countries and any required waivers would be sought when appropriate. Bharti Airtel’s statement came shortly after the Indian market regulator amended takeover regulations by bringing depositary receipt holders with voting rights on par with shareholders. Morgan Stanley said the latest change in takeover regulations in India creates uncertainties about the deal, but if the transaction goes through, it expects SingTel could borrow to increase its stake in the combined entity. SingTel could enhance its earnings-per-share compound annual growth rate (CAGR) by 200-300 basis points assuming a 25% stake in the new entity, the research report said. Source: World Business - Livemint.com | 22 Sep 2009 | 9:55 pm Indiachem '09 hopes to woo buyers from 60 countriesThe department of chemicals & petrochemicals, government of India, Gujarat government and the Federation of Indian Chambers of Commerce and Industry (FICCI) are jointly organising INDIACHEM Gujarat 2009.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 9:30 pm Norms clear ADS/GDR role in offersIf you are holding an ADS or GDR with voting rights, then you will have to make an open offer.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 3:26 pm Mumbai High St rentals drop mostThe economic slowdown has significantly impacted retail rentals in India.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 3:19 pm Hero Honda says 2 wheels will score over cheap 4sAllaying concerns over competition from low-cost cars, Hero Honda Motors Ltd chairman Brijmohan Lall Munjal said 2 wheelers would remain the vehicle of choice in the country.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 3:12 pm TaMo to launch 3 JLR models by NovTata Motors owned Jaguar and Land Rover will roll out its Discovery 4, Range Rover and Range Rover Sports models in November.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 3:07 pm The coming collapse of China's savings surplusChina's massive investment surge since last year to prop up economic growth is drawing down the country's famed savings surplus into a deficit.Source: Daily News & Analysis: Money News | 22 Sep 2009 | 3:03 pm Primary markets set for fireworks after DiwaliPricing worries remain, but bankers expect IPOs to raise over Rs 40,000 crore in the next few months.Source: Business Standard | Front Page Headlines | 22 Sep 2009 | 12:56 pm PF regulator mulls handling corporate pension fundsThe Pension Fund Regulatory and Development Authority (PFRDA) will consider a proposal to manage the pension funds of companies at its board meeting tomorrow, extending its role from being manager of individual pension plans.Source: Business Standard | Front Page Headlines | 22 Sep 2009 | 12:54 pm Takeover Code change to impact Bharti-MTN dealOpen offer must for all future GDR/ADR issues with voting rights.Source: Business Standard | Front Page Headlines | 22 Sep 2009 | 12:51 pm EU court backs Google over LVMH on net adsLuxembourg: An adviser to the European Union’s top court backed Google on Tuesday in a row with luxury goods maker LVMH over Internet advertising, saying the web search firm had not infringed trade mark rights. “Advocate general Poiares Maduro considers that Google has not infringed trade mark rights by allowing advertisers to buy keywords corresponding to registered trade marks,” the European Court of Justice said in a statement on Tuesday. The case centres on whether Google has the right to sell brand names for Internet search advertising - an important money-spinner for the group. Companies such as shoe stores, for example, pay Google so their name appears alongside Internet search results for a brand of designer shoes they sell. Louis Vuitton and others have been fighting such advertising after makers of imitation products piggybacked on those brands in online searches to attract customers. The French courts last year referred the case to the EU tribunal, seeking guidance on whether Google’s use of keywords contravened companies’ rights under EU trade mark laws. Maduro said in his opinion that the use of the trade marks was limited to the selection of keywords, which concerned only Google and the advertisers. “When selecting keywords, there is thus no product or service sold to the general public. Such a use cannot therefore be considered as being a use made in relation to goods or services covered by the trade marks,” he said. He added that Internet users’ access to information concerning a trade mark should not be limited by the owner. “In effect, the mere display of relevant sites in response to keywords is not enough to establish a risk of confusion on the part of consumers as to the origin of goods or services,” Maduro said. The Luxembourg-based court follows the opinion of its advocates general in a majority of cases. The judges of the court are beginning their deliberations in this case and will give judgment at a later date, the statement said. Source: Tech News - Livemint.com | 22 Sep 2009 | 4:51 am Bank of America to face SEC trial, exits loss-sharing dealWashington: Bank of America Corp. now faces a trial with the Securities and Exchange Commission (SEC) over billions in bonuses paid at Merrill Lynch, after a judge threw out the bank’s $33 million settlement and rebuked the agency for not pursuing charges against executives. The news comes as Bank of America (BofA) executive Anne Finucane prepares to meet Tuesday with Edolphus Towns, a New York Democrat, about BofA’s takeover of the troubled investment bank. BofA missed a Monday deadline to turn over details of the hastily arranged acquisition to a congressional committee. The SEC had accused BofA of failing to disclose to shareholders that it had authorised Merrill to pay up to $5.8 billion in bonuses to its employees in 2008 even though the investment bank lost $27.6 billion that year. BofA had agreed to pay $33 million to settle the charges without admitting or denying wrongdoing, saying it didn’t violate disclosure rules but wanted to avoid litigation with the SEC at a time of market uncertainty. But US district judge Jed Rakoff last week called the proposed settlement a breach of “justice and morality,” and ordered a trial. He questioned why individual executives at Bank of America weren’t charged, and said the settlement unfairly penalised shareholders. “The SEC gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger, the bank’s management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth,” Rakoff wrote in his ruling. Both the SEC and BofA have defended the earlier settlement proposal as appropriate. But after Rakoff’s ruling, the agency weighed its options, either to go to trial or attempt to renegotiate the accord with Bank of America. On Monday, the SEC said it will “vigorously pursue” its case against Bank of America, adding that it could seek to bring additional charges if supported by the record of evidence that develops in the trial—meaning it could charge individual executives. Bank of America spokesman Scott Silvestri said the bank’s position “continues to be that the (disclosure document) met all legal requirements.” “We intend to vigorously defend ourselves in court,” Silvestri said in a statement. The SEC trial comes as Bank of America faces pressure from other fronts. The New York attorney general’s office is doing its own investigation into the Merrill Lynch deal and has been drafting what are likely to be civil fraud charges against top bank executives in the coming weeks. Also, the bank missed a noon deadline Monday to provide additional information about the Merrill Lynch deal to a congressional committee. Towns, chairman of House Committee on Oversight and Government Reform, told the bank in a letter on Friday that it was hiding behind attorney-client privilege, which Congress can refuse to recognise during its investigations. Silvestri declined to comment on whether or not the bank met the deadline, but said Finucane, a member of Bank of America’s executive management team, will meet with Towns on Tuesday to discuss the matter. Separately on Monday, Bank of America agreed to pay $425 million to government agencies, including the treasury department, to exit an arrangement under which public funds might have been used to shoulder losses on $118 billion worth of risky assets from the Merrill Lynch takeover. The option was never used, but the government has argued that the bank benefited from the promise of protection. The move is part of a broader effort by the bank to reduce its reliance on various forms of government support. Charlotte, North Carolina-based BofA has been one of the largest benefactors of the government’s financial rescue program, receiving a total of $45 billion from the taxpayer-financed $700 billion financial bailout program. Source: World Business - Livemint.com | 22 Sep 2009 | 4:43 am GIC trims Citi stake to below 5%; reaps $1.6 bnSingapore: Singapore’s largest sovereign wealth fund GIC said on Tuesday it had halved its stake in Citigroup to below 5%, making a profit of $1.6 billion as global equity markets rebound. The stake sale came after Singapore’s smaller fund Temasek Holdings lost an estimated over $4 billion in Bank of America-Merrill Lynch and Barclays in hasty exits around the start of 2009. Analysts said GIC, also known as the Government of Singapore Investment Corp, took advantage of a rally in world stocks to take some money off the table and the sale suggested the fund may have some concerns about the outlook for global banks. “Perhaps timings wise GIC benefited from the rally,” said Song Seng Wun, an economist at CIMB. “The sale also reflects underlying concerns that although global institutions may have seen their darkest days, there could still be uncertainty ahead as OECD countries in particular could see patchy growth as a result of the recession,” he said. From late 2007, GIC plouged billions of dollars into Citigroup and UBS and like other sovereign funds, had suffered initial losses in battered global banks as the financial crisis hit companies. Ng Kok Song, group chief investment officer of GIC, which manages an estimated $200 billion-plus in assets, said the fund realized a profit of $1.6 billion from the sale of Citigroup shares. The Singapore investor had a profit including unrealized gains of about $3.2 billion based on Citigroup’s closing price of $4.43 on 21 September, he said. On 11 September, GIC exchanged its $6.88 billion holding of Citigroup convertible preferred stock into ordinary shares at $3.25 a share as part of a rescue package, gaining in the process an over 9% stake in the US bank. “A stake below 5% reflects GIC’s goals and desire to be a portfolio investor,” it said in a statement. “GIC will continue its investment in Citigroup as we are confident of its long-term prospects.” Source: World Business - Livemint.com | 22 Sep 2009 | 3:57 am
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