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HCL Axon seeing improvement in SAP marketHCL Axon, the whollyowned subsidiary of HCL Technologies that specialises in SAP services, says demand is coming back into the market. \"In the SAP market, we have seen positive movement in financial services, retail and also some core entities like consumer and life sciences,\" the companys CEO Steve Cardell said.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 8:33 am Will take a call on guidance after Q2 numbers: LTBusiness for construction giant Larsen Toubro has been improving. In an interview with CNBCTV18, Wholetime Director and CFO YM Deosthalee said that the company was seeing a lot of activity in power and infrastructure but added that LT would take a call on upscaling its guidance only post Q2 numbers.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 8:00 am Moser Baer forays into solid state devices bizMoser Baer is the countrys only comprehensive storage solutions, said the company\'s CFO Yogesh Mathur. Moser Baer has grabbed 11% share in the USB market.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 7:44 am Co\'s biz valued by Russian firm, confirms Sistema ShyamNew telecom operator Sistema Shyam has confirmed agency reports that its Indian business has been valued by a Russian firm. While refusing to comment on the USD 3.5 billion valuation, Sistema Shyam said the valuation was the first step in the Russian government pickingup a stake in the company.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 7:01 am Assets will grow to Rs 1100012000cr by FY10end: LT FinN Shivaram, of LT Finance, said the company had a strong presence in project financing and had started agriculture tractor financing and microfinancing. The company has assets worth Rs 8,0008,500 crore, which should rise to Rs 11,00012,000 crore by FY10end, Shivaram said, adding, overall, \"We should achieve our target of 50% growth.\"Source: Moneycontrol Top Headlines | 24 Sep 2009 | 6:29 am Lupin to use internal accruals for Rs 400cr capexLupin\'s Rs 400 crore capex will be done through internal accruals, said it\'s CFO S Ramesh.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 5:27 am JP Asso to use stk sale funds for 360MW thermal power plantOn the growth front, Manoj Gaur said, \"JP Associate is setting up a 360 megawatt group captive thermal power plant in Uttar Pradesh and Madhya Pradesh.\"Source: Moneycontrol Top Headlines | 24 Sep 2009 | 4:52 am TIMELINE-India's steps to tide over sugar shortage - Reuters India
Source: Business - Google News | 24 Sep 2009 | 4:22 am Sensex bounces back to close higher; banks,realty up - Economic Times
Source: Business - Google News | 24 Sep 2009 | 4:21 am Tata Power drops over 3%, ends flat - Business Standard
Source: Business - Google News | 24 Sep 2009 | 4:20 am GM to develop Indian electric car - BBC News
Source: Business - Google News | 24 Sep 2009 | 4:17 am BSE Sensex provisionally ends 0.4 pct higherMUMBAI (Reuters) – The BSE Sensex provisionally ended 0.41 percent higher at 16,787.58 on Thursday.Source: Reuters: Money News | 24 Sep 2009 | 4:09 am Inflation up at 0.37 percent, prices of essential items soarEssential prices rose exorbitantly on yearly basis, fuelling inflation to 0.37 per cent during the second week of September from 0.12 per cent a week ago.Source: Daily News & Analysis: Money News | 24 Sep 2009 | 4:08 am Tata to consolidate UK JLR auto plantsLONDON (Reuters) - Tata Motors said on Thursday it is to consolidate two Jaguar Land Rover (JLR) auto plants in central England by 2014.Source: Reuters: Money News | 24 Sep 2009 | 4:07 am Punjab government exempts Adarsh schools from taxesThe Punjab government has exempted Adarsh (model) schools, coming up under the public-private partnership (PPP) model in the state, from various taxes.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 4:00 am Lucknow University to launch degree course in event managementThe Lucknow University is all set to launch a two-year post-graduate degree programme in event management - a mega industry now reaching a figure of over Rs.10,000 crore annually in India, officials said Thursday.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 4:00 am Tata to consolidate UK JLR auto plantsLondon: India’s Tata Motors said on Thursday it is to consolidate two Jaguar Land Rover (JLR) auto plants in central England by 2014. A spokesman for the company said there would be no compulsory redundancies, and it is in talks about a significant new model development programme which could create new jobs. “They are going to consolidate two West Midlands factories into one over the next five years but they are also planning to increase employment at another plant,” he said. Last month, Tata said it no longer needed UK guarantees on loans for its JLR unit as it had secured private funding and was close to finding a commercial backer for a European Investment Bank (EIB) loan. Source: Home - Livemint.com | 24 Sep 2009 | 3:52 am Tata to consolidate UK JLR auto plantsLondon: India’s Tata Motors said on Thursday it is to consolidate two Jaguar Land Rover (JLR) auto plants in central England by 2014. A spokesman for the company said there would be no compulsory redundancies, and it is in talks about a significant new model development programme which could create new jobs. “They are going to consolidate two West Midlands factories into one over the next five years but they are also planning to increase employment at another plant,” he said. Last month, Tata said it no longer needed UK guarantees on loans for its JLR unit as it had secured private funding and was close to finding a commercial backer for a European Investment Bank (EIB) loan. Source: World Business - Livemint.com | 24 Sep 2009 | 3:52 am Inflation returns to challenge policymakers - Economic Times
Source: Business - Google News | 24 Sep 2009 | 3:49 am Merkel warns G20 not to dodge regulation issueBERLIN (Reuters) - German Chancellor Angela Merkel urged Group of 20 leaders on Thursday to agree concrete new regulations for financial markets at a summit this week and not let themselves be sidetracked by other economic themes.Source: Reuters: Money News | 24 Sep 2009 | 3:47 am 13 Indian firms in Forbes Asia’s Fabulous 50 listKuala Lumpur: As many as 13 Indian companies, including Reliance Industries, Infosys Technologies and Tata Steel, have made it to the list of Forbes’ 50 best listed companies in the Asia-Pacific region. “Our list is a mix of giant, established companies- this year that list includes Australian miner BHP Billiton, Hong Kong conglomerate Noble Group and Indian oil and gas heavyweight Reliance Industries - and smaller outfits such as Agile property Holdings, Anhui Conch Cement and digital China Holdings,” Forbes Asia said in a statement. In the Forbes list, there are four Indian entities - Reliance Industries, Bharti Airtel, Infosys Technologies and Tata Consultancy Services - among the top ten firms in terms of market value, while Reliance Industries and Tata Steel feature in the top ten league in terms of sales. Other than RIL, Infosys and Tata Steel, the other Indian firms that have made it to the prestigious list include - Adani Enterprise, Axis Bank, Bharat Heavy Electricals, Bharti Airtel, HDFC bank, Jindal Steel & Power, Larsen and Toubro, Mahindra & Mahindra, Tata Consultancy Services and Wipro. The Indian league had four newcomers this year - Adani Enterprises, Axis Bank, Jindal Steel & Power and Tata Consultancy Services -- and among the Indian firms returning to the list include Bharat Heavy Electricals, Larsen & Toubro and Reliance Industries. China has again outdone the rest of the Asia Pacific with the most number of firms (16) represented in the league, followed by India with 13 entities. “The mainland firms together with five from Taiwan and three from Hong Kong account for almost half of the entries, giving Greater China the biggest regional representation on the list,” Forbes said. Taiwan moved up the ranking this year and is in the third place with five companies on the list, all of which are from the technology sector. Japan and Australia share the fourth place with four companies each on the list. The list included companies that have revenue and market capitalisation of at least $3 billion and a five year record of operating profitability and return on equity. The other criteria for being in the list include long term profitability, sales and earnings growth, stock price appreciation, projects earnings, quality of management and entrepreneurial skills. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 3:45 am 13 Indian firms in Forbes Asia’s Fabulous 50 listKuala Lumpur: As many as 13 Indian companies, including Reliance Industries, Infosys Technologies and Tata Steel, have made it to the list of Forbes’ 50 best listed companies in the Asia-Pacific region. “Our list is a mix of giant, established companies- this year that list includes Australian miner BHP Billiton, Hong Kong conglomerate Noble Group and Indian oil and gas heavyweight Reliance Industries - and smaller outfits such as Agile property Holdings, Anhui Conch Cement and digital China Holdings,” Forbes Asia said in a statement. In the Forbes list, there are four Indian entities - Reliance Industries, Bharti Airtel, Infosys Technologies and Tata Consultancy Services - among the top ten firms in terms of market value, while Reliance Industries and Tata Steel feature in the top ten league in terms of sales. Other than RIL, Infosys and Tata Steel, the other Indian firms that have made it to the prestigious list include - Adani Enterprise, Axis Bank, Bharat Heavy Electricals, Bharti Airtel, HDFC bank, Jindal Steel & Power, Larsen and Toubro, Mahindra & Mahindra, Tata Consultancy Services and Wipro. The Indian league had four newcomers this year - Adani Enterprises, Axis Bank, Jindal Steel & Power and Tata Consultancy Services -- and among the Indian firms returning to the list include Bharat Heavy Electricals, Larsen & Toubro and Reliance Industries. China has again outdone the rest of the Asia Pacific with the most number of firms (16) represented in the league, followed by India with 13 entities. “The mainland firms together with five from Taiwan and three from Hong Kong account for almost half of the entries, giving Greater China the biggest regional representation on the list,” Forbes said. Taiwan moved up the ranking this year and is in the third place with five companies on the list, all of which are from the technology sector. Japan and Australia share the fourth place with four companies each on the list. The list included companies that have revenue and market capitalisation of at least $3 billion and a five year record of operating profitability and return on equity. The other criteria for being in the list include long term profitability, sales and earnings growth, stock price appreciation, projects earnings, quality of management and entrepreneurial skills. Source: World Business - Livemint.com | 24 Sep 2009 | 3:45 am Breakthrough HIV vaccine protects trial volunteersWashington: An experimental AIDS vaccine made using two older vaccines protected volunteers, lowering the risk of infection by about a third, US and Thai researchers reported on Thursday. The vaccine is a combination of Sanofi-Pasteur’s ALVAC canary pox vaccine and the failed HIV vaccine AIDSVAX, made by a San Francisco company called VaxGen and now owned by the nonprofit Global Solutions for Infectious Diseases. It lowered the risk of HIV infection by 32% among 16,000 heterosexual Thai volunteers who had no special risk of AIDS infection, the US and Thai government researchers said. “We had 74 infections in the placebo group and 51 in the vaccine group,” Dr. Jerome Kim, a US Army colonel at the Walter Reed Army Institute of Research in Maryland, who helped lead the trial, said in a telephone interview. The result, almost completely unexpected, puzzled researchers, who say they cannot figure out why the vaccine combination is working. It is also a triumph for its supporters, who went ahead with the giant trial of 16,000 volunteers despite critics who said it was unethical or a waste of money because the vaccine was so widely expected to have no effect at all. “Myself, like others, did not think there was a very high chance that this would give any degree of efficacy,” said Dr. Anthony Fauci of the US National Institute of Allergy and Infectious Diseases, which helped pay for the study. “But nonetheless, we went ahead with the trial and it was controversial to go ahead with it.” Further muddying the waters—people who got the vaccine and who became infected anyway had just as much virus in their blood and just as much damage to their immune systems as HIV patients who went unvaccinated. This means the vaccine helps to prevent infection but does nothing to affect the virus once it is in the body. “Although the level of protection that we saw was clearly modest, the study is a major scientific advance,” Kim said. Vaccine is possible “It is the first evidence that the development of a safe and effective vaccine is possible. Although we don’t have all the answers now, it does have important implications for the future of HIV vaccine design.” Kim stressed that the vaccine may not work in the people and places where HIV is most common—in Africa, among men who have sex with men and among injecting drug users. “The vaccine was tested in Thailand and it is really specific for the strains that are circulating in Thailand now,” Kim said. Fauci said the Thai findings did not suggest whether any of these other dozens of other HIV vaccine trials should be dropped, or pursued more actively. “I know people are going to be asking the question, should we be using it right away?” Fauci said. But he and Kim said the researchers need to study the data, to see why it protected some people. Both also noted that the vaccine was formulated specifically to work against two subtypes of the human immunodeficiency virus—E, which circulates in Thailand and Southeast Asia, and B, which is common in the United States and Europe. The 16,000 volunteers in the trial got six immunizations over six months—four with ALVAC and two with AIDSVAX. ALVAC is a genetically engineered canarypox virus that has spliced into it synthetic versions of three HIV genes. AIDSVAX is made using two versions of one HIV gene, one from the B subtype and one from the E subtype. The AIDS virus infects an estimated 33 million people globally and has killed 25 million since it was identified in the 1980s. It affects immune cells called T-cells. Cocktails of drugs can control the virus but there is no cure. In 2007, Merck & Co ended a trial of its vaccine after it was found not to work, and in 2003, AIDSVAX used alone was found to offer no protection, either. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 3:41 am G20 progress on financial reform expectedBERLIN/PITTSBURGH (Reuters) - The Group of 20 summit this week will be key for financial reforms, German Chancellor Angela Merkel said on Thursday, warning that efforts to make the world less prone to financial disasters may lose momentum.Source: Reuters: Money News | 24 Sep 2009 | 3:39 am Vijayan skips court, counsel wants Antony examinedMarxist leader Pinarayi Vijayan Thursday failed to appear before a special Central Bureau of Investigation (CBI) court here in connection with the SNC Lavalin corruption case, but his counsel demanded that Defence Minister A.K. Antony be examined by the investigating team.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 3:31 am NTPC signs pact with RIL for buying part of KG D6 gas - Economic Times
Source: Business - Google News | 24 Sep 2009 | 3:30 am Narayana Murthy steps down as NDTV directorMumbai: Media firm NDTV on Thursday said N. R. Narayana Murthy, founder of IT major Infosys Technologies, is stepping down as its director with immediate effect. NDTV on Thursday informed the stock exchanges that Murthy has expressed his inability to continue on its board because of his other commitments but has agreed to act as a mentor. “In view of increasing pressure on his time and due to his commitments within and outside Infosys, N. R. Narayana Murthy has expressed his inability to continue as a director on the board of directors of the company with immediate effect,” a filing said. The filing further added that “Murthy has agreed to act as mentor for New Delhi Television Limited”. Infosys Technologies chairman of the board and chief mentor, Narayana Murthy, was acting as the non-executive independent director of the company. NDTV said “the board of directors and the company place on record their deep appreciation of the valuable contribution of Murthy as a director during his tenure on the board.” Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 3:24 am Midsession: Markets rebound after falling over 1%Mumbai: Indian shares turned positive on Thursday afternoon on short-covering ahead of the expiry of monthly derivative contracts and as the traders remained optimistic about robust corporate quarterly earnings. At 3:01pm, the 30-share BSE Index was up 0.5% at 16,802.55 points. It fell as much as 1.3% in early deals. The 50-share NSE Index was up 0.31% at 4,985.25. Telecom firm Bharti Airtel rose 2.3% to Rs423 as South African officials met with India’s markets regulator and officials from the central bank and finance ministry over its proposed tie-up with MTN. The deadline for the deal is 30 September, although it has previously been extended twice. Infosys Technologies fell 4.1% to Rs2,267.90 on concerns of higher expenses after a report it plan to give pay rises and promotions next month, dealers said. “Today, the global cues and derivatives expiry will keep the trade volatile. But, a lot also depends on how the European markets open,” said Amitabh Chakraborty, president of equities at Religare Capital. “The likely good earnings are already factored in prices. So, positives from here are not going to surprise the market. We could see a correction in the near term,” added Chakraborty. At 12:03pm, the 30-share BSE index was down 0.66% at 16,609.76 points, with 21 components declining. The market rose to 16-month highs on Tuesday. Asian shares outside Japan weakened after US shares fell on concerns the US Federal Reserve may act earlier than expected to unwind some of its extraordinary stimulus measures. The fall in the main Indian index moderated after data showed the annual inflation rate rose more than expected to 0.37% on 12 September. Engineering and construction firm Larsen & Toubro was up 0.8% at Rs1,647.90, after it won a $415 million order to set up a gas-based power plant for GMR Energy. In the broader market, 1,532 losers outweighed 1,005 gainers, in a high volume of 289 million shares. Source: Home - Livemint.com | 24 Sep 2009 | 3:23 am Mercedes banks on new Eclass Sedan to regain mkt shareLuxury car maker Mercedes has announced the launch of ninth generation of its Sedan The Mercedes E Class on Wednesday. The company is hoping to regain the market share in the executive segment by expecting the new model to give a major push to sales growth.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 3:11 am Germany seeks “good European solution” for OpelFrankfurt: Germany will seek a “good European solution” over state aid to loss-making carmaker Opel, and does not expect the European Union to block any deal, economy minister Karl-Theodor zu Guttenberg said on Thursday. He was seeking to calm a growing political storm over €4.5 billion ($6.63 billion) in aid to Opel that Berlin pledged if a group led by Canadian automotive group Magna got to buy a majority stake in Opel from General Motors (GM). GM agreed this month to sell a 55% stake in Opel to Magna and its Russian partner Sberbank. Other European countries with Opel plants such as Britain and Belgium question whether Germany was trying to safeguard jobs at home by dangling the aid for its preferred bidder Magna, which beat out a rival offer from financial investor RHJ. “We want to get a good European solution with all our European partners and not have everyone against everyone else,” Guttenberg told reporters at an event in Frankfurt. “By absolute numbers (of job cuts) we in Germany are the hardest hit,” he added. He said tying state aid to the preservation of certain plants would violate EU rules, adding: “We do not expect a veto from the European Commission.” Britain has questioned the viability of Magna’s plan to buy Opel in a letter to European competition chief Neelie Kroes, the Financial Times reported. In the letter which the paper said it obtained, British business secretary Peter Mandelson says the Canadian company’s restructuring plan would be open to political intervention, too expensive and punitive of productive plants. “We do not believe the case has been demonstrated that the current Magna proposal is commercially the most viable plan,” the FT quoted Mandelson as saying in the letter, The European Commission reiterated on Wednesday that it would examine whether Germany had tied promised state aid to the preservation of Opel plants there. Magna and Sberbank are in talks with GM and Opel labour to work out the final details of the plan, which they hope can be struck by early October. They intend to cut about 10,500 jobs from an Opel workforce of 50,000 across Europe. The Opel plant in Antwerp, Belgium, is seen as especially at risk of closure. Britain is concerned the German aid could spell more job losses for British workers at the two plants in England. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 3:08 am Reliance Indust, NTPC signs gas supply dealMUMBAI (Reuters) - Reliance Industries said on Thursday it has signed gas supply agreements with state-run utility NTPC to supply gas for some of its power plants for five years.Source: Reuters: Money News | 24 Sep 2009 | 3:06 am Pokhran II was successful: KakodkarMumbai: Rubbishing doubts on the efficacy of the hydrogen bomb test in 1998, Atomic Energy Commission chairman Anil Kakodkar on Thursday said scientists have achieved success in building deterrence capability of upto 200 kiltons. “Once again I would like to re-emphasise that the 1998 nuclear tests were fully successful. We had achieved all the objectives in toto.” “It has given us the capability to build deterrence based on both fission and thermonuclear weapon systems from modest to all the way upto 200 kilotons,” he said addressing a press conference here. Kakodkar, who was director of the Bhabha Atomic Research Centre in 1998, termed as “unnecessary” the controversy over the Pokhran-II nuclear tests triggered after claims by a former DRDO scientist that the hydrogen bomb experiment was a failure. R. Chidambaram, chairman of the AEC in 1998 and the current principal scientific adviser to the union government, made a presentation on the results of the Pokhran-II nuclear tests. Former DRDO scientist K. Santhanam, who was the DRDO coordinator for the 1998 tests, had claimed that the thermonuclear test was much below expectation triggering a controversy. Santhanam had also demanded an inquiry by an independent panel of experts into the test results. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 2:59 am BSNL yet to decide on Zain dealMumbai: India’s Bharat Sanchar Nigam Ltd is still considering whether to join a consortium that is buying a 46% stake in Kuwait’s Zain, the chairman of the state-run telecom said on Thursday. “It is a huge deal. So we have to see what is there in the consortium,” Kuldeep Goyal told Reuters. Vavasi Group, a little-known Indian firm, is leading a consortium with a Malaysian businessman to buy the stake -- comprising Kuwaiti family conglomerate Kharafi Group’s estimated 20% holding plus that of other shareholders -- in Zain, a telecom, in a deal valued at around $13.7 billion. BSNL and another Indian state-run telecom, MTNL, have been approached to join the consortium. Earlier this month, the two firms said while they were open to opportunities to expand abroad, they were yet to take a decision on the Zain deal. Source: Home - Livemint.com | 24 Sep 2009 | 2:54 am 3G auction, 2G allotment are different issues: RajaThe Union Government has said that the auction of 3G spectrum and the allotment of additional 2G spectrum for GSM players are two different issues.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 2:46 am BSNL yet to decide on Zain dealMUMBAI (Reuters) - Bharat Sanchar Nigam Ltd is still considering whether to join a consortium that is buying a 46 percent a stake in Kuwait's Zain, the chairman of the state-run telecom said on Thursday.Source: Reuters: Money News | 24 Sep 2009 | 2:44 am Tata DoCoMo partners SamsungTata DoCoMo, GSM services of Tata Teleservices Ltd, has partnered with Samsung Mobile to launch its first Android based mobile phone with inbuilt Google Mobile Services. The device called Samsung Galaxy (I7500) will be available for Rs 28,990.Source: Moneycontrol Top Headlines | 24 Sep 2009 | 2:40 am IBM India inks pact with Mexican multiplexIBM India has signed a three-year IT services agreement with Morelia, Mexico-based multiplex operator Cinepolis.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 2:31 am L and amp;T bags Rs.2,000-crore order from GMRConstruction and engineering firm Larsen and Toubro (L and amp;T) Thursday said it has received an order worth over Rs.2,000 crore from GMR Energy for setting up a gas-based power plant in Andhra Pradesh.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 2:31 am L&T bags Rs.2000-crore order from GMR - Sify
Source: Business - Google News | 24 Sep 2009 | 2:25 am Rupee flat on weak dollar, stocks - Economic Times
Source: Business - Google News | 24 Sep 2009 | 2:20 am L&T Finance’s NCD issue opens at premium of Rs29Mumbai: L&T Finance’s non-convertible debentures (NCD) on Thursday opened at a premium of Rs29 over the issue price of Rs1,000 after its listing on the National Stock Exchange here. The financial services arm of engineering and construction major Larsen & Toubro raised Rs1,000 crore through its first-ever public offer of secured redeemable non-convertible debentures. The debentures touched Rs1,029.90 in opening trade, up by 2.9% on the NSE. Later, it rose to Rs1,042.50. “Each one of the instruments—there were four of them in the five, seven and ten-year category—had been subscribed to quite well. We’ve got about 60% of the subscription coming in the seven and ten year instrument,” Larsen and Toubro, executive vice president, financial services, N. Sivaraman, told reporters here. The funds raised through the NCD issue will be used by the company for its various financing activities including lending and investments and for its business operations, including capital expenditure and working capital requirements. He said the company consciously did not offer a three-year instrument to evade any conflict with its other lines of institutional credit. L&T Finance had offered 50 lakh secured redeemable NCDs of the face-value of Rs1,000 each aggregating to Rs500 crore with an option to retain over-subscription up to Rs500 crore aggregating to a total of Rs1,000 crore. The coupon rate is 10.24% per annum and the annualised yield is 10.50%. It had offered various investment options and maturity periods range from 5-10 years and the annualised yield for ten year debenture worked out to 10.50 %. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 2:17 am Rupee weaker tracking regional sharesMumbai: The Indian rupee fell on Thursday dragged by losses in regional share markets and the dollar’s strength against major currencies. At 1:50pm the partially convertible rupee was at Rs48.10/1150 per dollar, weaker than Wednesday’s close of Rs47.98/48.00. It fell to a low of Rs48.20 in early deals. Indian shares fell as much as 1.3% on Thursday as sentiment was hit by losses in global markets, with the expiry of monthly derivatives contract keeping trade volatile. The MSCI’s measure of Asian markets excluding Japan was down 1.195. The dollar index, which measures the dollar’s value against a basket of six major currencies, was up 0.37% at $76.331. Source: Home - Livemint.com | 24 Sep 2009 | 2:11 am Citigroup plans to scale back US operations: ReportNew York: Financial behemoth Citigroup is planning to scale back its US branch network to six major metropolitan cities, including New York and Washington, and also limit its lending to affluent customers, says a media report. Attributing to people familiar with the situation, The Wall Street Journal said executives at the New York company plan to narrow the focus of Citigroup’s US branch network to six major metropolitan areas. The company would also limit its overall consumer lending in the US primarily to credit cards and “jumbo” mortgages, while catering largely to affluent customers, it added. “At the end of the day, we are not going to have the density of distribution that others have” in the US, the report quoted one Citi executive saying. According to the publication, bank executives are expected to present details of the plan to Citi board next month. The moves would leave its US banking operations concentrated in New York, Washington, Miami, Chicago, San Francisco and Los Angeles, where Citi has a substantial presence. Citi could abandon or scale back where it is an also-ran, including Boston, Philadelphia and parts of Texas, the report said citing people with knowledge of the discussions. Source: Home - Livemint.com | 24 Sep 2009 | 2:10 am Citigroup plans to scale back US operations: ReportNew York: Financial behemoth Citigroup is planning to scale back its US branch network to six major metropolitan cities, including New York and Washington, and also limit its lending to affluent customers, says a media report. Attributing to people familiar with the situation, The Wall Street Journal said executives at the New York company plan to narrow the focus of Citigroup’s US branch network to six major metropolitan areas. The company would also limit its overall consumer lending in the US primarily to credit cards and “jumbo” mortgages, while catering largely to affluent customers, it added. “At the end of the day, we are not going to have the density of distribution that others have” in the US, the report quoted one Citi executive saying. According to the publication, bank executives are expected to present details of the plan to Citi board next month. The moves would leave its US banking operations concentrated in New York, Washington, Miami, Chicago, San Francisco and Los Angeles, where Citi has a substantial presence. Citi could abandon or scale back where it is an also-ran, including Boston, Philadelphia and parts of Texas, the report said citing people with knowledge of the discussions. Source: World Business - Livemint.com | 24 Sep 2009 | 2:10 am Fed's exit strategy may use money market funds: report - Reuters
Source: Business - Google News | 24 Sep 2009 | 2:07 am Include Madhya Pradesh in Basmati-producing areas: ChouhanMadhya Pradesh Chief Minister Shivraj Singh Chouhan has urged the centre to include the state among those where the Basmati rice variety is grown, officials said here Thursday.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 2:03 am Equity central to climate change debate: Vice PresidentAhead of the UN conference on climate change in Copenhagen this December, Vice President Hamid Ansari Thursday said any action on global warming 'must enlarge the possibilities for development of the world's poor'. He stressed the importance of equity in the ongoing international debate over how to combat climate change.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 2:03 am Inflation rate inches upwards to 0.37 percentIndia's annual rate of inflation crawled up marginally by 0.37 percent for the week ended Sep 12, a rise from 0.12 percent the week before, according to official data released Thursday.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 2:01 am Trading dull at Indian stock marketsIndian equities markets were trading on a fairly tepid note a little after noon Thursday, although a key index recovered after falling steeply in the morning session and was ruling 0.74 percent lower than its previous close.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 2:01 am SC issues notice to Hewlett Packard on I-T dept’s pleaNew Delhi: The income tax department has moved the supreme court challenging IT firm Hewlett Packard India Ltd’s entitlement to tax benefits on warranty expenses incurred on replacing defective parts. Following the petition, a bench headed by Justice S. H. Kapadia has sought reply from Hewlett Packard as to why it should be allowed to claim deductions on warranty expenses. Challenging the Karnataka high court’s judgement that dismissed its plea, the department said the high court was not correct in holding the provision made by Hewlett Packard towards warranty expenses based on estimates. Hewlett Packard had filed its income tax returns declaring a total income of around Rs6.13 crore in April 2001 and had claimed deductions of around Rs91 lakh on the provision of warranty. The department, however, said the provision for warranty was a contingent liability which may or may not accrue during the year. Further, it also questioned the high court judgement in holding that the assessee followed a system of accounting that was capable of ascertaining liability with certainty. “The high court erred in upholding the view that the method of accounting followed by the assessee was such as being capable of ascertaining the liability with certainty. In fact, the assessee did not explain the method on which it was computed,” the department said in its petition. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 1:55 am GM in pact with Reva for producing electric vehiclesNew Delhi: US based car maker General Motors on Thursday joined hands with Reva Electric Car Company to develop and produce electric vehicles in the Indian market as part of its plan to make the country a global hub for environment friendly vehicles. “We are pleased to join hands with Reva to bring affordable small car platform-based electric vehicles to the market in line with government objectives to reduce fossil fuel dependence,” General Motors India, the Indian subsidiary of GM, president and MD Karl Slym told reporters here. GM’s ability to develop platforms combined with Reva’s capability in developing electric drive-trains and control system will give the Indian consumer a wider choice of electric vehicles, he added. “We are going to work closely with the central and state governments in India to develop infrastructure for electric vehicles charging and providing specific financial benefits to consumers, who make the choice to adopt an environment friendly mode of personal transport,” Slym said. Speaking about the tie-up, Reva Electric Car Company deputy chairman and chief technology officer Chetan Maini said: “Each of the partners will use their strengths, with the aim of making India a global hub for the development and manufacturing of electric vehicles and related technologies.” The two companies have already started the feasibility study of GM’s vehicle platforms to produce electric cars and are expected to announce the details in the near future. Source: Home - Livemint.com | 24 Sep 2009 | 1:54 am Vodafone launches new Internet serviceLondon: Vodafone announced a new Internet service on Thursday, offering access to a host of integrated social networks and applications, in its fight to grow data revenues and compete with smartphones like the iPhone. Vodafone, the world’s largest mobile phone operator by revenue, said its new Vodafone 360 service would use the open source Limo operating system to allow users to store contacts from the phone and social networks all in one place. Vodafone users will be able to download the service and choose a suitable data plan. As part of the launch, the operator will also offer two Vodafone 360 mobile handsets made by Samsung Electronics with a touchscreen user interface. The service hopes to capitalise on the growing demand by customers for mobile access to the Internet, to surf the Web, share photos, update social networks and read emails. The service will also allow Vodafone to compete with the likes of Apple and its iPhone, Google and the Android operating system and RIM’s Blackberry, in its bid to retain a direct link with customers. That relationship with customers has been tested in the last year as handset makers such as Apple offer application services including games and music to users, threatening to leave the operators as just a ‘pipe´ carrying traffic. In its response, Vodafone has announced its own applications store and says its existing billing relationship with customers means it is easier to buy services through an operator than a third part, like Apple. “Customers can stay in touch and share experiences through social networks, instant messaging, email, apps, maps, music and buying digital content on their mobile bill, with the personalised address book at its heart,” said Pieter Knook, director of Internet Services at Vodafone Group. Source: Tech News - Livemint.com | 24 Sep 2009 | 1:34 am Vodafone launches new Internet serviceLondon: Vodafone announced a new Internet service on Thursday, offering access to a host of integrated social networks and applications, in its fight to grow data revenues and compete with smartphones like the iPhone. Vodafone, the world’s largest mobile phone operator by revenue, said its new Vodafone 360 service would use the open source Limo operating system to allow users to store contacts from the phone and social networks all in one place. Vodafone users will be able to download the service and choose a suitable data plan. As part of the launch, the operator will also offer two Vodafone 360 mobile handsets made by Samsung Electronics with a touchscreen user interface. The service hopes to capitalise on the growing demand by customers for mobile access to the Internet, to surf the Web, share photos, update social networks and read emails. The service will also allow Vodafone to compete with the likes of Apple and its iPhone, Google and the Android operating system and RIM’s Blackberry, in its bid to retain a direct link with customers. That relationship with customers has been tested in the last year as handset makers such as Apple offer application services including games and music to users, threatening to leave the operators as just a ‘pipe´ carrying traffic. In its response, Vodafone has announced its own applications store and says its existing billing relationship with customers means it is easier to buy services through an operator than a third part, like Apple. “Customers can stay in touch and share experiences through social networks, instant messaging, email, apps, maps, music and buying digital content on their mobile bill, with the personalised address book at its heart,” said Pieter Knook, director of Internet Services at Vodafone Group. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 1:34 am Anna Joshi leaves BJP; to fight Maha polls on NCP ticketPune: In a surprise development, former BJP MP Anna Joshi has left the party to fight the state assembly election from Pune on NCP ticket, giving a jolt to the saffron alliance here. Joshi, one of the seniormost BJP leaders from the city and a two-time MLA before he became MP, will file his nomination as NCP candidate from Kothrud constituency where the Shiv Sena-Bjp alliance has fielded Chandrakant Mokate (SS), according to NCP spokesman Ankush Kakde. Cracks in the BJP city unit have surfaced with Joshi’s cross-over to a party which is ideologically opposite with its secular plank. According to BJP sources, Anna Joshi was a disillusioned man after he was denied party ticket in the last Lok Sabha and again for the ensuing assembly elections from Pune. Joshi had also held the post of deputy speaker of Maharashtra Assembly in the past. Another highlight of the nominations for eight assembly seats from Pune city was the candidature of Rohit Tilak, direct descendant of Lokmanya Tilak whom Congress has fielded from Kasaba Peth constituency. He is the grandson of late speaker of the state assembly Jayantrao Tilak and will be locked in a fight against sitting BJP MLA Girish Bapat. Meanwhile, Shiv Sena has denied reports that it was facing a rebellion against its party candidate Chandrakant Mokate, who will be taking on Anna Joshi from Kothrud constituency, after grievances aired by its activist Shyam Deshpande, who aspired for the seat. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 1:26 am Stock update: MaricoThe management mentioned that the feedback from its sales team suggests that there are initial signs of pressure on sales volumes in the north. The northern region has been the most affected by the below-normal monsoon and Marico derives 18% of its sales from the region. However, the management also pointed out that it is very difficult to make any judgement on the quantum of the slowdown in the sales and one needs to wait and watch. Thus, Marico’s sales volumes could see the impact of a below par kharif in the second and third quarters of FY2010. However, with expectations of a better rabi crop the impact, if any, is likely to be restricted for a few months. The reduction in the prices of the key variants of Saffola by 10% (in Q4FY2009) and promotional offerings helped the company to regain its double-digit volume growth in Q1FY2010 and we expect the growth to sustain in the coming quarters. Outlook and valuation With the management indicating that there are signs of pressure on the volume growth in the north, the company may witness a slowdown in its volume growth in the region in Q3FY2010 (October-December 2009). Thus, while this increases the risk to the overall growth for Marico in FY2010, we expect this to be a short-term phenomenon as the rabi crop is likely to be good with the late revival in the monsoon. While we maintain our estimates for FY2010 and FY2011, we shall revisit them after the Q2FY2010 results. At the current market price the stock trades at 22.2x its FY2010E of Rs3.9 and 19.3x its FY2011E of Rs4.5. We maintain our HOLD recommendation on the stock with a price target of Rs90. Source: LatestNews-Home - Livemint.com | 24 Sep 2009 | 1:24 am Inflation up 0.37 %New Delhi: India’s wholesale price inflation rate rose in mid-September on higher food costs, adding to the challenge for policy makers who are focused on nurturing growth but face an anticipated sharp uptick in inflation. The widely watched wholesale price index rose by a higher-than-expected 0.37% in the 12 months to 12 September. The annual change in the index unexpectedly turned positive last week after falling for 13 weeks, with high food prices being the principal contributor. The food articles sub-index rose an annual 15.64%, compared with the previous week’s 15.4% rise. The worst dry spell in nearly four decades brought drought conditions to almost half of India’s districts, hurting summer crops and prompting the government to take steps to bolster supplies. “We have seen some pick-up in base metal prices apart from food prices, which were already there for the last few weeks. We are getting to a stage where we need some monetary policy gestures,” said Abheek Barua, chief economist at HDFC Bank. “Inflationary expectations are at play and the way to address it is to reduce liquidity starting with selective credit controls,” he said. Last week, a deputy governor of the Reserve Bank of India (RBI) said WPI inflation could hit 6% by the end of the fiscal year in March, above the central bank’s July forecast of around 5%. Private sector economists have said inflation could reach as high as 8% by the end of March as the base effect of last year’s surge in energy and commodities prices starts to wane. The government and the central bank have said growth in Asia’s third-largest economy remains their principal concern. Indian economic growth is seen slowing to about 6% in the 2009-10 fiscal year from 6.7% last year, lagging the 9% or more expansion of the past three years, although growth is expected to pick up in the next fiscal year. RBI governor Duvvuri Subbarao earlier this month said the central bank would not unwind its accommodative monetary policy before ensuring recovery. Economists, however, say a relentless rise in prices may accelerate a shift in priorities. India’s economy is showing signs of recovery, including 6.1% annual growth during the June quarter and an annual 6.8% uptick in July industrial output. The Reserve Bank of India, which left its key rates steady at its quarterly review in July, cut its main lending rate by 425 basis points between October and April to boost growth. Private economists expect the central bank to begin retreating from easy monetary policy towards the end of the fiscal year by increasing bank reserve requirements. That would be followed by a rise in policy rates, analysts have said. Finance minister Pranab Mukherjee has said the government is not in favour of tight monetary policy to curb inflation, as that could hurt economic growth. Source: Home - Livemint.com | 24 Sep 2009 | 1:24 am India's headline inflation exceeds forecastsNEW DELHI (Reuters) - India's wholesale price inflation rate rose in mid-September on higher food costs, adding to the challenge for policy makers who are focused on nurturing growth but face an anticipated sharp uptick in inflation.Source: Reuters: Money News | 24 Sep 2009 | 1:05 am NTPC signs pact with RIL for buying part of K-G D6 gasNew Delhi: State-run NTPC, the country’s biggest power producer, on Thursday signed a pact with Mukesh Ambani-led Reliance Industries to buy a part of natural gas allocated to it from K-G D6 fields at a rate of $4.2 per million metric standard cubic meters (mmscmd). NTPC will buy 0.61 mmBtu of gas a day for its plant in Anta in Rajasthan, an industry official said. The gas will start flowing in the next 7-10 days, the official added. The volumes are less than one-fourth of the 2.67 mmscmd gas the Government had allocated to NTPC. The state-run power utility signed a Gas Sales and Purchase Agreement (GSPA) with RIL and a separate Gas Transportation Agreement with Reliance Gas Transportation Infrastructure Ltd. The government had last year allocated 2.67 million cubic metres per day of K-G D6 gas to NTPC’s Kawas and Gandhar in Gujarat and Anta power plants in Rajasthan NTPC does not want to take RIL gas for Kawas and Gandhar plants because of the pending legal dispute over supply of gas at $2.34 per mmBtu price quoted by RIL in a 2004 tender. “Against an allocation of 2.67 mmscmd, GSPA for only 0.61 mmscmd of gas for Anta unit will be signed for now,” he said. “Government will have to take a call on reallocating the remaining gas to NTPC’s other plants.” Source: Home - Livemint.com | 24 Sep 2009 | 12:44 am Rupee depreciates by 17paise at Rs48.15 in early tradeThe Indian rupee today fell by 17paise against the US dollar in early trade on expectations of fresh capital outflows and increased dollar demand from importers.Source: Daily News & Analysis: Money News | 24 Sep 2009 | 12:44 am Watch/listen: Mint in multimedia - 24 SeptemberVideo story: We are looking at 8% of the Indian market by 2018 Unitech Wireless Ltd managing director Stein Eric Vellan talks of the challenges in doing business in India, the new brand name and what will differentiate Telenor’s operations from its rivals in the world’s fastest-growing and second largest telecom market Video story: Why Ford’s small car is made in India Loading video... Part 1 Loading video... Part 2 The Indian market is a tremendous market and it offers Ford a chance to leverage all intellectual capability around the world to bring a fabulous small car to India, says CEO Alan Mulally Audio story: Why the Doha deadlock? What are the Doha rounds and why has there been a deadlock over it for so long? Slideshow: Isro’s Oceansat-2 in orbit along with six smaller satellites Oceansat-2 is part of India’s plan to build a group of earth observation satellites focusing on monitoring ocean and atmospheric changes, adding to its fleet of land-focused satellites Slideshow: A jewel box exhibition, sans the gems A slideshow of American artist Louis Comfort Tiffany’s glass art, featured in the show Louis Comfort Tiffany, Colours and Light Video story: The Mint report for 23 September 2009 World Bank clears biggest ever India loan; Prime Minister lays out government stance before G-20 talks; stalled trade talks with Japan will resume Source: Home - Livemint.com | 24 Sep 2009 | 12:43 am GM, Reva to partner for electric car for IndiaNEW DELHI (Reuters) - General Motors Co's Indian unit said on Thursday it will partner Reva Electric Car Co to develop electric vehicles for the Indian market.Source: Reuters: Money News | 24 Sep 2009 | 12:39 am Nintendo to cut Wii price by 20%New York/Tokyo: Nintendo Co Ltd will cut the price of its popular Wii video game console by 20%, responding to similar cuts by rivals Sony Corp and Microsoft aimed at kick-starting demand. Nintendo said it would lower the price of the Wii by $50 to $199.99 in the United States starting Sunday. The price in Japan will fall by ¥50,000 to ¥20,000 on 1 October. The move makes Nintendo the last among its peers to cut prices. Last month, Microsoft Corp slashed $100 off the price of its high-end Xbox 360 console and Sony Corp cut the price of its PlayStation 3 by $100. Nintendo has so far outsold its rivals in this generation of consoles. It has succeeded in broadening the gaming population by offering intuitive and easy-to-play games rather than focusing on life-like graphics like Sony and Microsoft. But Wii sales have tailed off in recent months and competition was set to get tougher after its rivals cut prices. “Given signs of sluggishness in Wii sales recently, cutting the price at this time should be positive for Nintendo,” said Mizuho Investors Securities analyst Etsuko Tamura. “Nintendo should be able to retain its dominant position.” Shares of Nintendo were up 1.4%, roughly in line with the broader market. Reports about the Wii price cuts first appeared on blogs including Kotaku and Engadget. Sony said that sales of of the PS3 totalled 1 million in the 3 weeks since it launched a slimmer, cheaper version of the game console. Prices for both Xbox 360 and PS3 now start at about $300, although Microsoft also sells a low-end model, the Xbox Arcade, for about $200. Video game industry sales have slumped over the past six months, and hardware sales in August declined by 25%, according to research group NPD. Analysts have pegged the drop to cautious spending by consumers in the tough economic environment, and a dearth of top-selling games. Long-awaited console price cuts and new games, including updates to the Halo, Guitar Hero and Call of Duty franchises are expected to boost sales in coming months. Source: Tech News - Livemint.com | 24 Sep 2009 | 12:35 am Isro’s Oceansat-2 in orbit along with six smaller satellitesBangalore: India on Wednesday launched the Oceansat-2 remote sensing satellite, expected to improve prediction of cyclones and rainfall in the region. The satellite, with a projected lifespan of five years, carries three instruments to study ocean surface winds for their intensity and likely path as well as for identifying potential fishing zones in Indian waters. One of the instruments is from the Italian Space Agency. Click here for a slideshow on the Oceansat-2 launch. “If we put the data (from the satellite) of the wind over the ocean in our climate models, we should be able to provide day-to-day forecast of rainfall. The models will be more accurate,” said J. Srinivasan, professor at the Centre for Atmospheric and Oceanic Sciences at the Indian Institute of Science in Bangalore. “By how much, it is difficult to say. That depends on the satellite’s path over the region.” Oceansat-2 is part of India’s plan to build a group of earth observation satellites focusing on monitoring ocean and atmospheric changes, adding to its fleet of land-focused satellites.  On target: An Isro handout photo of the launch from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh, on Wednesday. Oceansat-2 will focus on monitoring ocean and atmospheric changes. AFP It will be followed in the next two years by SARAL and Megha Tropiques, satellites being built jointly by India and France to track weather changes in the ocean and in the tropics. India has 12 remote sensing satellites, including Cartosat-2-A and Radar Imaging Satellite-2 that can see through the clouds and snap imagesround the clock. The new satellite’s predecessor, Oceansat-1, was launched in 1999 and continues to send data five years after its projected lifespan. The Indian Space Research Organisation (Isro) used a home-grown polar satellite launch rocket to put in space the 958kg cuboid-shaped Oceansat-2 and six smaller satellites—four from Germany and one each from Turkey and Switzerland—from its Sriharikota launch pad in Andhra Pradesh. The space agency did not disclose the commercial terms for the smaller satellite launches. These small satellites, weighing less than 10kg and built for research by academic institutions, are usually carried as co-passengers with a large satellite. This is the first satellite launch by the space agency after it aborted an unmanned moon probe, Chandrayaan-1, in July, 13 months short of its expected lifespan. “This is a fantastic achievement. Once again, we have proved that we can do the job precisely,” Isro chairman G. Madhavan Nair was quoted by PTI from Sriharikota after the launch. raghu.k@livemint.com Source: Tech News - Livemint.com | 24 Sep 2009 | 12:35 am Dozens still trapped as rescuers struggle in Balco NagarAs night stretched into day, rescuers Thursday continued their struggle to find survivors amongst the 50 workers suspected to be trapped under the debris of the 100-metre chimney of the Bharat Aluminium Company Ltd (Balco) plant that had crashed the day earlier killing 20 people.Source: IndiaeNews.com: Business News | 24 Sep 2009 | 12:00 am Newspapers should have solution-based pricing model: WAN-IFRA chiefChennai, Sept. 23 The future of newspaper industry lies in publishing houses doubling up as advertising agencies and offering customers a comprehensive solution, according to the Joint CEO, World Association of Newspapers and News Publishers, MrSource: Business Line - Home Page | 24 Sep 2009 | 12:00 am 3G auction, 2G allotment are different issues: RajaThe Union Government has said that the auction of 3G spectrum and the allotment of additional 2G spectrum for GSM players are two differentSource: Business Line - Home Page | 24 Sep 2009 | 12:00 am Alembic (Rs 50.2): BuyWe recommend a buy in the stock of Alembic from a short-term perspective. It is apparent from the charts that the stock has been on an intermediate-term uptrend since October 2008 low of Rs 24.7, which is a multi-year low. In early July, theSource: Business Line - Home Page | 24 Sep 2009 | 12:00 am Fund houses try to lure investors with gold ETFsMumbai, Sept.23 Many mutual fund houses are planning to launch gold exchange traded funds (ETFs) to cash in on the buzz around gold.Source: Business Line - Home Page | 24 Sep 2009 | 12:00 am ‘Trade deficit declines as export volume goes up’Exports have improved since May and trade deficit has declined to $2.5 billion currently from $10 billion in April – May, according to the Union Minister of State for Commerce and Industry, Mr JyotiradityaSource: Business Line - Home Page | 24 Sep 2009 | 12:00 am AI to cut incentives for executive staffNew Delhi, Sept 23 Air India is to cut the productivity linked incentive (PLI) scheme of close to 7,000 executive level employees, including pilots and engineers, in an effort to reduce its ballooning wageSource: Business Line - Home Page | 24 Sep 2009 | 12:00 am Day Trading GuideUtilise rallies to sell DLF with tight stop at Rs 434. Fresh short-position can be initiated if ICICI Bank declines below Rs 834 and SBI dives below 2120, with stiff stop-loss.Source: Business Line - Home Page | 24 Sep 2009 | 12:00 am Public sector banks getting $2 b to shore up capitalNew Delhi, Sept. 23 Public sector banks will soon get a $2-billion bonanza. This money is being made available by World Bank through the Finance Ministry, which will get the funds via a Development Policy Loan (DPL).Source: Business Line - Home Page | 24 Sep 2009 | 12:00 am Govt will keep interest rates low till recovery signs strengthenKolkata, Sept. 23 The Government is keen on continuing with the low-interest rate regime till the signs of global economic recovery become stronger, the Finance Minister, Mr Pranab Mukherjee, said here on Wednesday.Source: Business Line - Home Page | 24 Sep 2009 | 12:00 am Norms to ease wheat import hinge on paddy outputThe Centre will take a call on easing plant quarantine restrictions currently applicable on wheat imports once a clear picture emerges on the size of the paddy crop due for harvest from next month.Source: Business Line - Home Page | 24 Sep 2009 | 12:00 am Air India cuts employee incentive pay by up to 50 pctMUMBAI (Reuters) - State-run Air India will cut productivity linked incentives (PLI) payable to its employees by up to 50 percent, in a cost cutting measure affecting over 7,000 of its employees.Source: Reuters: Money News | 23 Sep 2009 | 11:59 pm Asia shares down following Wall St cautionHong Kong: Asian shares outside Japan fell on Thursday, mirroring investor caution in the United States, while the dollar was steady after the Fed reiterated interest rates would stay low for a long period. Japan’s benchmark Nikkei index jumped 1.7% after a three-day holiday break, but the rise reflected gains made in the rest of the region at the start of the week. A 0.8% slide in the Dow Jones on Wednesday, however, weighed on the rest of Asia’s markets and the MSCI index of Asia Pacific stocks traded outside Japan was down 1.2%. Shares in Korea fell more than 1% with some concern that a strengthening Korean won could hurt export competitiveness. In Hong Kong, the Hang Seng Index shed 2% and new listing Metallurgical Corp of China, a Chinese engineering company and the market’s biggest IPO so far this year, skidded nearly 15 percent below its issue price. Analysts said its price had been too high given an expected slowdown in investment in China’s steel industry. The dollar was up 0.4% against a basket of currencies, reflecting reasonably calm reaction after the Fed upgraded its view of the US economy and indicated it was closer to pulling back on extraordinary stimulus measures while also reiterating a pledge to keep rates very low for a long period. However, traders said its commitment to loose monetary policy means the dollar could come under renewed pressure soon as it is used to fund carry trades. “As things stand, the Fed is in absolutely no hurry to even think about normalising policy,” said Stephen Stanley, chief economist at RBS in Greenwich, Connecticut. “This remains a very dovish Fed.” Japan outperformed otherwise weak Asian share markets, although data showing a slump in Japanese exports last month was a further indication that economic recovery will be shaky. Electronics maker Sony Corp surged 3.3% after the company said sales of the PlayStation 3 video game console jumped after a price cut last month, but Japan Airlines plunged 11.1% after sources said the struggling carrier might be broken up and public broadcaster NHK reported the airline may seek a public bail-out. Markets will be eying a two-day G-20 summit in Pittsburgh starting on Thursday for further clues on the health of the global economy and when governments might start rolling back support measures for economic growth. Japanese and Korean government bonds followed US Treasuries higher on the Fed’s dovish stance although gains in Japanese treasuries were capped by a rising equity market. December 10-year Japanese government bond futures rose 0.13 point to 138.68. Gold bounced back to around $1,010 an ounce, after sliding to a New York close at $1,007.05. It has been supported by underlying weakness in the US dollar and is now about 1 percent off an 18-month high reached last Thursday at $1,023.85. Oil prices remained weak though, sliding 0.5% to $68.61 after shedding nearly 4% on Wednesday after a jump in stockpiles raised concerns about the strength of demand. Source: Home - Livemint.com | 23 Sep 2009 | 11:53 pm Chandrayaan-1 finds water on the moonBangalore: An instrument on India’s moon probe Chandrayaan-1 has discovered traces of water on the entire surface of the moon, a discovery that could lead to new questions on the origin of the Earth’s satellite. National Aeronautics and Space Administration or Nasa’s moon mineralogy mapper or M3 instrument on board the Chandrayaan-1 spacecraft found thin blanket of water on the moon. While the abundances are not precisely known, as much as 1,000 water molecule parts-per-million could be in the lunar soil: harvesting one tonne of the top layer of the moon’s surface would yield as much as 32 ounces of water, according to scientists involved in the discovery, a statement from Brown University. “When we say ‘water on the moon,’ we are not talking about lakes, oceans or even puddles. Water on the moon means molecules of water and hydroxyl that interact with molecules of rock and dust specifically in the top millimeters of the moon’s surface” Carle Pieters, principal investigator of the M3 instrument said in the statement. Besides Chandrayaan-1, scientists also found evidence of water on the moon from two Nasa probes – Deep Impact and Cassini. The research from the three missions would be published in the journal Science on Friday. Chandrayaan-1, India’s maiden deep space mission was terminated on 30 August, after is power systems failed and scientists lost contact with the spacecraft hovering over the moon. The mission, which ended in 10 months of its launch, had an objective to find water on the moon, besides identifying regions for an eventual human landing on the satellite. Scientists have speculated that water molecules may migrate from non-polar regions of the moon to the poles, where they are stored as ice in ultra-frigid pockets of craters that never receive sunlight. “If the water molecules are as mobile as we think they are — even a fraction of them — they provide a mechanism for getting water to those permanently shadowed craters,” Pieters said in the statement. Source: Tech News - Livemint.com | 23 Sep 2009 | 11:44 pm G20 summit eve: India for continuance of stimulus package - Business Standard
Source: Business - Google News | 23 Sep 2009 | 11:23 pm Honda shows small, light ‘personal mobility’ deviceTokyo: Honda’s new “personal mobility” device looks like a unicycle, but all you need to do to zip around on it—sideways as well as forward and back—and lean your weight into the direction you want to go. The U3-X—available for a test-run for reporters in Tokyo on Thursday—was designed to be small, safe and unobtrusive enough to mingle with pedestrians, according to Honda Motor Co. The single wheel on the U3-X—U stands for “unicycle” and “universal”—is made up of many tiny motor-controlled wheels, packed inside the bigger wheel, allowing the device to swerve in any direction. It stands upright on its own. Sit on it as though it’s a stool, and shift your weight to drive. The thing maintains its own balance as it scoots along at a speed of up to 6 kilometers (3.7 miles) per hour. Honda president Takanobu Ito said the machine was still “a proposal,” and the company has no sales plans, pricing or firm ideas on where or how it will be used. Honda declined to give details of the U3-X’s technology, but said it weighs less than 10 kilograms (22 pounds), runs on a full charge for an hour, and has a lithium-ion battery. “I may want to use it in my home,” Ito mused. “It’d be easier to get around so I might really use it if my legs grow weaker.” The U3-X takes a bit of getting used to. It was a bit too big for this 1.53 meter (five-foot) tall reporter, making it hard to sit on and control it well. Although Honda said the machine is meant for the elderly, it’s unclear whether they would be coordinated enough to control the device. Honda makes the Asimo walking child-shaped robot as well as the Odyssey minivan and Accord sedan. The latest device uses some of the technology of balance and movement developed in the Asimo, Ito said. Last year, Honda showed a gadget, which can support a wearer’s bodyweight, made of mechanical frames attached to a pair of shoes. Honda said it may be used by auto workers. Japanese rival Toyota Motor Corp. has shown machines that help people get around, including the Winglet, similar to the Segway, a scooter-like device that people ride standing up. Toyota also has displayed I-Real, a motorised armchair-on-wheels. Japan is one of the most rapidly aging societies in the world, and concerns are growing about helping the elderly get around. “Honda engineers are always thinking about people’s dreams and wishes about mobility. We will continue to work hard to be a leader in that area,” Ito said. Source: Tech News - Livemint.com | 23 Sep 2009 | 11:21 pm Some U.S. bailout funds won't be recovered - watchdogWASHINGTON (Reuters) - U.S. taxpayers will probably never recover all of the hundreds of billions of dollars invested to bail out financial firms, automakers and homeowners, a key watchdog for the program said on Thursday.Source: Reuters: Money News | 23 Sep 2009 | 10:53 pm Power is shifting from the west to the eastThe world is witnessing a momentous transition -- of great powers becoming weak powers -- and should be prepared for the inevitable rise of the "Chinese empire".Source: Daily News & Analysis: Money News | 23 Sep 2009 | 2:57 pm Infy co-founder very gung-ho on life sciencesWhen Infosys co-founder N S Raghavan left the company, he sold his 3.15% stake. That was the time when Infosys used to make 'millionaires'.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 2:46 pm No UMPP bids without local coal: Tata PowerTata Power said it willrefrain from bidding for ultra mega power projects if the government bans the use of domestic coal for such ventures.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 2:42 pm By December 31, your mobile number will be yours to keepMetros will be first to get portability; Users may have to pay between Rs100-Rs300.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 2:39 pm Raashee's producers slap Rs50 cr notice on AdlabsUTV Motion Pictures has slapped legal notices of Rs50 crore for allegedly abetting the piracy of What's Your Raashee?.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 2:38 pm Sethusamudram project cost rises by Rs 4500 crThe project cost for the Sethusamudram ship channel project, which originally stood at Rs 24,700 crore will now escalate by almost Rs 4,500 crore.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 2:38 pm Audit paves way for more flights to USThe US Federal Aviation Authority, or FAA, has allowed India to retain its safety credentials, bringing relief to the industry and lifting the threat against travel agreements that had been awaiting the audit to take effect. “It has been decided to keep India category 1. The FAA audit is now complete,” said civil aviation secretary M. Madhavan Nambiar, announcing the decision after both sides signed the agreement. “We are now on a level playing field.” Indian carriers such as the National Aviation Co. of India Ltd-run Air India and Jet Airways (India) Ltd will now be able to start new services to the US and also expand pending commercial agreements with US carriers. The audit concluded on Wednesday. A four-member FAA team was in India this week to complete a final audit of its Indian counterpart, the Directorate General of Civil Aviation (DGCA), on safety oversight after the International Civil Aviation Organization, or Icao, found India lacking in around 70 areas, including shortage of flight safety inspectors and other technical personnel. Since the review began earlier this year, there have been no new direct India-US flights. Nor have any new code-share agreements been approved between carriers of the two nations. Jet Airways and Air India connect cities in the US and have sought expansion of code-share agreements with US carriers such as United Airlines and US Airways. This will now be permitted following the conclusion of the audit. A downgrade in the safety standards rating to so-called category II would have prevented new services by Indian carriers to the US. Once placed in category II, no new code-share agreements would have been allowed. Climbing back to category I could have taken years. Israel was downgraded to category II late last year by FAA. “It definitely gives us a comfort level,” Nambiar said. Director general of civil aviation Nasim Zaidi said “the stumbling block”—airlines not being allowed to expand commercial agreements or increase flights—will now be “considered by their (US) law” and the conditions which would have applied with a downgrade would not apply any more. “This would not come in their (airlines’) way (anymore),” he said. Code sharing refers to a ticket marketing practice among airlines that allows carriers to share the two characters in codes used in airline reservation systems. This helps customers purchase a single ticket on a journey that has two flights such as a New Delhi-London leg and a London-New York on two different airlines. Air India, as Mint reported this month, was planning to expand its New York flights from New Delhi and Mumbai to Washington and Boston, respectively. Codes shares would be critical to such expansion. “It suggests that DGCA took the ICAO audit and identified violations seriously and adequately addressed them,” said Vikram Krishnan, associate partner at Oliver Wyman, an international aviation consultancy. “DGCA instituted an additional safety oversight infrastructure in response to the 2006 ICAO audit, which was the appropriate thing to do” This included the appointment of flight operations inspectors, taking their number to 32, approving 560 technical positions and 150 non-technical positions, and hiring of technical officers on short-term contracts, DGCA said in a statement on Wednesday. It empowered regional offices and started surveillance checks on airlines. Of 4,327 surveillance activities scheduled for this year, 2,545 were conducted by August. Zaidi said several of the positions that have been approved will be “aggressively” filled over the next “one-two years”. Air India welcomed the move. “It’s a postive development and has the potential of helping Air India as the country’s national carrier which has significant presence in the US,” said executive director Jitender Bhargava. The airline operates daily services to New York, Newark and Chicago including daily non-stop Mumbai-New York and Delhi-New York flights. Jet Airways flies daily from Mumbai, Delhi and Chennai to New York and Newark via its hub in Brussels. Source: World Business - Livemint.com | 23 Sep 2009 | 1:17 pm 3G auction may raise Rs30,000 cr, says RajaHyderabad: The money raised from the auction of 3G (third generation) air waves is now expected to be at least Rs30,000 crore against the earlier target of Rs25,000 crore, telecom minister A. Raja said on Wednesday. “Chances are there to mop up more since recession pressure is expected to end by December,” Raja said on the sidelines of a seminar. “The base price from five operators will fetch around Rs20,000 crore, and if we include Wi-Max services via auction, it (the mop-up) will easily cross the target, and we may mop up additional Rs5,000 crore easily.” Source: Tech News - Livemint.com | 23 Sep 2009 | 1:14 pm Kathalguri Tea Estate labours under a Marxian delusionThe Kathalguri Tea Estate in the Dooars, is now closed. Situated 40 km from Jalpaiguri, on the India-Bhutan border, it was a big garden with more than 1,200 acres of plantation and 1,479 workers. The annual output of the garden used to be 12 million kg of processed tea and sources in the Dooars Branch of the Indian Tea Association say it could have yielded up to 16 million kg of tea if it had been run properly..Source: Business Standard | Front Page Headlines | 23 Sep 2009 | 12:49 pm AI board okays pay cut affecting nearly a fourth of all staffersCompromise on earlier, stiffer proposal; more cost savings to follow.Source: Business Standard | Front Page Headlines | 23 Sep 2009 | 12:47 pm 'Our India investments will be a mix of buyouts and growth equity'Advent International has approximately $24 billion under management and has completed more than 250 transactions valued at over $40 billion across 40 countries.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 11:50 am ONGC says Brazil output to rise sharply by DecemberNew Delhi: India’s biggest explorer, Oil and Natural Gas Corp. Ltd (ONGC) expects crude oil output at its Brazilian field to increase sharply to 40,000 barrels per day (bpd) by the end of the year, helping the energy-starved country expand its overseas production. The BC-10 deepwater block in Brazil, which currently produces about 5,500bpd, started contributing to ONGC’s overseas production from July. ONGC has a 15% stake in BC-10. State-run ONGC currently gets about 160,000-170,000bpd from its foreign assets, which have been bought by its ONGC Videsh Ltd arm to secure energy supplies for India’s expanding economy.  Low production: The Sakhalin I field in Russia. Output from the field, in which ONGC Videsh has a 20% stake, is set to fall this year Output from two of its major projects, Sakhalin I in Russia and Greater Nile Oil project in Sudan, was set to fall this year due to natural decline, he said. The Sakhalin I project, in which ONGC has a 20% stake, has been producing oil for several years and reached peak production of 11.2 million tonnes (mt) in 2007. “The output has declined but from late 2011 or early 2012 it will gain,” Butola said. In the Sudan project, output has fallen to 175,000bpd, he said. Crude oil output from from its San Cristobal project in Venezuela can rise above 40,000bpd from a current 32,000bpd, he said, but did not elaborate. ONGC chairman R.S. Sharma said ONGC had nearly doubled crude output from Imperial Energy Ltd’s assets in West Siberia to 11,500bpd. ONGC completed its acquisition of Imperial this year. ONGC wants to increase its local oil output by 14% to 580,000bpd and gas production by 16% to 72 million cubic metre a day by the end of 2012-13. As part of this, ONGC is investing Rs30,000 crore to improve output from its ageing fields, Sharma said. It has already spent Rs14,000 crore to improve output, Sharma told shareholders, without specifying the period. The so-called recovery rate was 33% in the year ended March, compared with 28% eight years earlier, he said. The firm, which contributes about two-thirds of India’s oil output, plans to invest at least $1 billion (Rs4,800 crore) to bring east coast oil and gas fields to production starting mid-2010, said Sudhir Vasudeva, head of offshore operations at ONGC. (Rakteem Katakey of ‘Bloomberg’ contributed to this story.) Source: World Business - Livemint.com | 23 Sep 2009 | 11:03 am Wipro enters into pact with AquarionWipro Technologies, today announced it has entered into a three-year agreement with Aquarion Water Company, the largest investor-owned water utility in New England.Source: Daily News & Analysis: Money News | 23 Sep 2009 | 10:11 am Nielsen, Facebook ink pact for marketersMumbai: Nielsen and Facebook have announced a multi-year, strategic alliance to help marketers better use the Internet to develop and market new products. The alliance combines Facebook’s global consumer reach with Nielsen’s market research expertise to provide better insight and information to marketers around the world, a press release said. The first product of the collaboration, Nielsen BrandLift, is designed to provide marketers with effectiveness measurement for Facebook advertising. It will launch in the US with select test partners this week and roll-out to all Facebook advertisers in the coming months, the release said. BrandLift uses opt-in polls on Facebook’s homepage to measure consumer attitudes and purchase intent from display advertising that has appeared on the site. The partnership will enable Facebook to offer advertisers more information about how users are responding to ads on the largest social network in the world, with 300-million users. “Facebook is an increasingly vital link between consumers and brands and this collaboration will help us provide the missing elements to the clients seeking better understanding of how web content and online advertising affects consumer behaviour,“ Nielsen’s online division’s CEO, John Burbank, said. “Nielsen is the leader in measurement and is an excellent partner for us as we look to provide marketers with richer and effectiveness data,” Facebook’s CEO, Sheryl Sandberg, said. Facebook has been one of the fastest growing websites on the Internet. Source: Tech News - Livemint.com | 23 Sep 2009 | 4:51 am Samsung partners Tata Docomo for android handsetNew Delhi: Korean mobile handset maker Samsung on Wednesday said it has partnered with Tata Teleservices’ GSM brand Tata Docomo for launching its first Google-powered android handset ‘Galaxy´ in India. Samsung, which plans to launch more Android handsets in India later this year, would make the phone available at Rs28,990. “This is first of the block. There would be more this year. Android is a very serious operating system on which we will build more phones,” Samsung India Electronics general manager (marketing) Asim Warsi told reporters here. He, however, declined to divulge further details. Android is an open-source operating system for mobiles and wireless devices, initially developed by Google, which allows developers to design applications independent of the handset type. Under the exclusive tie-up, Samsung and Tata Docomo would launch the touch-screen handset and provide 500 MB free download per month for a period of six months in the circles where the telco is operating. Tata Docomo has launched its services across eight telecom circles in the country and plans to roll out its services pan-India soon. “The launch of Samsung Android is a part of our endeavour to provide subscribers a world-class product that lets them experience the vast range of applications of the android Market. We will continue working together (with Samsung) to launch more innovative mobile offerings for the Indian consumers,“ Tata Docomo president Deepak Gulati said. Samsung Galaxy (I7500) is a touch-screen handset with a 3.2-inch full touch-screen and is equipped with Google services like GMail, GTalk, Youtube, Google Search and Google Maps. Users can also download applications from the ‘Android Market´, which is available on the handset. Source: Tech News - Livemint.com | 23 Sep 2009 | 4:47 am
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