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AIG sells Taiwan subsidiary to Primus for $2.15 bn!Insurer American International Group Inc said late on Monday that it has agreed to sell its nearly 98 percent stake in Taiwan unit Nan Shan to an investor group led by Hong Kong`s Primus Financial for about USD 2.15 billion.Source: Zee News : Business | 13 Oct 2009 | 6:22 am FDI jumps 40.51% to 3.26 bn in August!India received foreign direct investment of USD 3.26 billion in August, a robust growth of 40.51 percent over the same month last year, in spite of the persisting global financial crisis.Source: Zee News : Business | 13 Oct 2009 | 6:22 am US recession over, unemployment seen at 10%!The worst US recession since the Great Depression has ended, but weak household spending as the labour market struggles to create jobs will slow the pace of the economy`s recovery, according to a survey released on Monday.Source: Zee News : Business | 13 Oct 2009 | 6:22 am Ambani brothers truce seen unlikely; hurdles remain!Anil Ambani`s call to end a bitter feud with his elder brother Mukesh over the split of the Reliance business empire is unlikely to lead to a quick resolution before a hearing in a feud over gas supplies.Source: Zee News : Business | 13 Oct 2009 | 6:22 am Russia, China sign deals worth USD 3.5 billion!Russia and China signed agreements worth USD 3.5 billion on Tuesday, but the former rivals-turned-strategic partners were still working on an energy deal, a top Russian official said.Source: Zee News : Business | 13 Oct 2009 | 6:22 am AIG sells Taiwan unit for $2.2 bln; more deals seenTAIPEI/HONG KONG (Reuters) - American International Group struck a deal to sell its Taiwan life insurance for $2.15 billion, marking its largest disposal of a division since a government bailout last year saved it from collapse.Source: Reuters: Money News | 13 Oct 2009 | 4:11 am GM CEO says possible to sign Opel deal this weekSHANGHAI (Reuters) - General Motors Co may finalise a deal this week to sell a majority stake in its European carmaking arm Opel to a Canadian-Russian consortium, its chief executive said on Tuesday, as the firm sheds unwanted brands.Source: Reuters: Money News | 13 Oct 2009 | 4:02 am UPDATE 1-India's United Spirits to sell stock as PE talks fail - Reuters India
Source: Business - Google News | 13 Oct 2009 | 4:01 am United Spirits to sell stock as PE talks failMumbai: United Spirits is set to sell new shares worth about $300-350 million to institutions to help cut its debt, after efforts to sell a stake to private equity firms and Diageo failed. The world’s third-largest spirits maker by volume is set to place the shares with institutions (QIPs) as early as this week, three sources with direct knowledge of the deal said. “The market is good enough for a share sale. Why opt for a PE firm that buys at the same price and adds little value otherwise,” one source said. The sources declined to be named as they are not authorised to speak to the media. UB Group chief financial officer Ravi Nedungadi and United Spirits president Vijay Rekhi did not respond to emails sent to them for comments. Citigroup and UBS are among arrangers for the deal, which follows several months of talks with private equity firms Blackstone and Kohlberg Kravis Roberts & Co as well as investment firm Capital International. United Spirits has debt of Rs6,500 crore ($1.4 billion), which it took partly to fund the acquisition of scotch whisky maker Whyte & Mackay, and has said it aims to cut this to Rs4,000 crore by the end of March 2010. Chairman Mallya said in early September he planned to cut the firm’s debt by end October. Kingfisher Factor In June, United Spirits sold treasury stock, carried on its books from past mergers and acquisitions, at an average Rs900 a share to raise about $186 million, which it used to repay some of its loans. It still has over 8 million shares of treasury stock which it can sell or issue fresh ones. Sources said United Spirits would opt for the latter. It got shareholders approval last month to raise up to $350 million. “If the market holds, we should be done with it soon,” one source said. “Private equity investments through preferential allotment have a lock-in of one year, there’s more due-diligence involved and they also look for board seats,” said Jagannadham Thunuguntla, equity head of investment bank SMC Capitals. “Institutional investors coming through the QIP route have no such hassles, it is also faster,” he added. Indian firms, sparked by a more than 75% rise in the benchmark index and nearly $13 billion in net foreign fund inflows into shares this year, have sold equity worth more than $15 billion, primarily to cut debt. United Spirits’ loss-making group firm and airline operator Kingfisher Airlines, which is also looking to raise funds, could be a possible factor in PE firms being hesitant to invest in the company, said an executive with an investment bank which has worked with the group in the past. United Spirits has pledged shares to secure loans for Kingfisher Airlines, its annual report showed. Valuation, a major reason for the break-down of talks between it and Diageo, is another factor to watch out for as its margins come under pressure from a rise in molasses prices due to the poor sugarcane crop, analysts said. Analysts expect a 400 basis points dip in operating margins in the first half of 2009-10 from rising molasses prices. A 1% hike in molasses prices impact earnings negatively by 2%. Shares of United Spirits, valued at $2.1 billion, have risen just 3.3% so far this year compared to a 76% rise in the main index. The Bombay stock market was closed on Tuesday for a local holiday. Source: Home - Livemint.com | 13 Oct 2009 | 3:57 am Car sales jump 21% in SeptemberNew Delhi: Car sales in India rose an annual 21% in September for their eighth straight rise, with industry officials expecting continued robust growth as the economy improves and consumer confidence grows. Festival spending and easier availability of loans buoyed sales, with demand fed by a Rs180 billion ($4-billion) payout to government workers as backpay and bonuses paid to employees ahead of Diwali, the festival of lights. India is one of two bright spots for the auto industry worldwide, besides China, the world’s largest auto market, where volumes are far larger than in India. Indian firms sold 129,683 cars during the month, compared with 107,517 units in the year-ago period, data from the Society of Indian Automobile Manufacturers (Siam) showed on Tuesday. Sales have risen 14.8% in the first six months of the fiscal year that began in April, reflecting consumer optimism and the resumption of automobile loans by banks after a halt following the credit freeze late last year. “Everybody is cautiously optimistic,” Dilip Chenoy, the chief of the automakers’ group told reporters. “The optimism is coming from many factors of the economy that are showing strong recovery.” “The caution is that it is not yet certain if the global recovery is on steam.” Next month Siam would revise its current forecast for growth of 5% in passenger vehicle sales for the year to March 2010, Chenoy said, adding that growth could be in double digits if the numbers continued to pan out the way they had. Sales of trucks and buses rose 6.5% to 45,451 units in September, the third consecutive rise, the data showed. Chenoy said the economy had to improve further before sales picked up in this segment. Siam has forecast a rise of 7 to 10% in sales of trucks and buses for the full year. In comparison, car sales grew just 1.3% in 2008-09, while truck and bus sales plunged by a fifth. Motorcycle sales rose 6.6% to 673,891 units in the month. In Asian peer China, the country’s biggest automaker, SAIC Motor Corp, became the latest player to say sales were racing ahead, up 47 percent in the first nine months of the year from a year ago. The strong sales followed similar reports in recent days from most of the Chinese industry’s top players, including Geely Automobile, Dongfeng Automobile and the China units of General Motors and Volkswagen. Source: Home - Livemint.com | 13 Oct 2009 | 3:50 am Corporate India not in favour of dual GST: Deloitte surveyNew Delhi: The industry is not in favour of two rates for the proposed Goods and Services Tax (GST) at the Centre and the state level, a study has found. “More than two-third of respondents are not in favour of dual GST. About 75% of respondents for telecom, transport and logistics segments are not in favour of dual GST,” Deloitte said in a pre-GST survey released here. The Empowered Committee on GST headed by West Bengal finance minister Asim Dasgupta has agreed to a dual structure of the proposed indirect tax regime, which is likely to be introduced from April 2010. The new tax regime would do away with most of the indirect taxes levied at the Centre like excise and services tax, and VAT and Octroi at the State level. The survey also pointed out that the introduction of dual GST with the few states not coming on board on 1 April, 2010 is a distinct possibility that is not fancied by many respondents. The survey includes 304 respondents across various industry segments. Source: LatestNews-Home - Livemint.com | 13 Oct 2009 | 3:40 am FDI inflows add cheer to diwali mood, up over 40% in AugNew Delhi: Along with a double digit growth in the industrial production, foreign direct investment in the country rose by an impressive 40.51% in August, adding cheers to Diwali mood. The country received foreign direct investment of $3.26 billion in August this fiscal against $2.32 billion a year ago even as the global economy is yet to show concrete recovery. However, the inflows in August were less than the July level of $3.47 billion, as per the RBI data. The inflows in July had also risen by 56% on annualised basis. The country had attracted $100 billion of FDI in equity since 2000 up to July this year. Experts see signs of recovery as also global investors’ confidence in the Indian economy. “Foreign investors are confident about the India growth story,” Axis Bank economist Saugata Bhattacharya said. HDFC Bank economist Jyotinder Kaur said that as the recovery become apparent, FDI inflows are likely to rise in the coming months. “The inflows would rise because foreign investors see India as a good long-term destination,” she said. Factory output grew by 10.4% in August on the back of robust growth in mining and manufacturing sectors, the official data released on Monday said. Source: LatestNews-Home - Livemint.com | 13 Oct 2009 | 3:39 am China, Russia bolster ties with gas, trade dealsBEIJING (Reuters) - Russia and China bolstered their close but increasingly imbalanced relationship on Tuesday when Russian Prime Minister Vladimir Putin ushered through deals worth $3.5 billion and looked to sign a tentative gas supply agreement.Source: Reuters: Money News | 13 Oct 2009 | 3:33 am India September Car Sales Rise on Festival Demand - Wall Street Journal
Source: Business - Google News | 13 Oct 2009 | 3:32 am Coal bed found below Videocon project area in West BengalThe Videocon Group, which has proposed to set up a Rs.21,000-crore steel and power project in West Bengal's Burdwan district, Tuesday said Coal India has opposed the plant, saying there was a coal bed below the project area.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 3:30 am Auto sales up 14 percent in first half this fiscalTotal automobile sales increased 14.51 percent between April and September this fiscal over that in the corresponding period last fiscal, as per data released by an industry body Tuesday.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 3:30 am India Inc not in favour of dual GST: Survey - Economic Times
Source: Business - Google News | 13 Oct 2009 | 3:18 am Russia, China sign $3.5 bln of deals as Putin visitnRussian and Chinese companies have signed deals worth $3.5 billion during the Russian PM's visit to Beijing, his deputy Alexander Zhukov said.Source: Daily News & Analysis: Money News | 13 Oct 2009 | 3:11 am TCIL starts process to exit from Bharti HexacomNew Delhi: Having failed to get returns on its Rs100-crore investment in Bharti Hexacom, state-run Telecom Consultants India Limited (TCIL) started the process to sell its 30% stake in the JV on Tuesday by inviting investment bankers to work out the valuation. Bharti Hexacom (BHL) is a joint venture (JV) between Bharti Airtel and TCIL. It offers mobile telecom services in Rajasthan and North East. State-run telecom consultancy firm TCIL is a 30% stake holder in Bharti Hexacom. The proposal to exit BHL was cleared by the government in August, citing issues related to non-payment of dividend. The interested agencies will have to submit their proposal with TCIL by November 12 this year, TCIL said on Tuesday. TCIL’s investment in the JV company is in excess of Rs100 crore, but Bharti has not paid any dividend saying that the company was ploughing back revenues into the company for its expansion. The Cabinet Committee on Economic Affairs had cleared sale of TCIL’s stake on the condition that it should be done at the right time to obtain the best price. The proceeds from TCIL’s stake sale in Bharti-Hexacom is expected to be used for expansion and diversification of the consultancy firm’s operations. Source: LatestNews-Home - Livemint.com | 13 Oct 2009 | 3:08 am Analysis- Crisis spurs Asia to hasten cooperation, a littleThere are signs that the global financial crisis is finally pushing governments in the region to cooperate more actively.Source: Daily News & Analysis: Money News | 13 Oct 2009 | 3:07 am Madhya Pradesh tribals protest inaction on droughtThousands of tribals, including a large number of women and children, held a rally in Madhya Pradesh's Barwani district Tuesday alleging inaction by the central and state governments on drought and high food prices.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 3:00 am Oil edges above $73; equities, dollar supportLondon: Oil rose for the fourth straight session on Tuesday, edging above $73 a barrel on the back of rising optimism about the pace of global economic recovery and weakness in the dollar. US crude for November delivery rose 31 cents to $73.58 by 0809 GMT, after settling at a seven-week high of $73.27 on Monday. London Brent crude gained 44 cents to $71.80. With earnings from a number of major US firms this week, the market is likely to take trading cues from Wall Street, which some investors expect to continue a winning streak. A monthly report from the Organization of the Petroleum Exporting Countries, due later in the day, could also offer further indications that global oil demand has started to strengthen. “We’re revising our forecast range for oil up to $70 to $80 for the remainder of the year, from $65 to $75,” said Sumisho Sano, general manager of Research at SCM Securities in Tokyo. “Sentiment is moderately positive, and while fundamentals do not necessarily justify higher prices, the trend of a weaker dollar has been a big boost. Cold temperatures in the US have also been very price supportive.” The National Weather Service said total US heating demand will be higher than normal this week as the first seasonal wave of cold weather hits the Northeast and Midwest. Dollar dip Further support for oil has come from weakness in the dollar as investors positioned ahead of US corporate earnings on expectations strong results would bolster risk tolerance and high-yielding currencies. Dollar-priced commodities like oil tend to rise when the greenback falls as they become less expensive for holders of alternative currencies. The S&P 500 managed a sixth consecutive day of gains on Monday to end at its closing high for the year, but the Dow and Nasdaq ended little changed as investors opted to lock in profits before the earnings season began in earnest. Asian equities hit 14-month highs on Tuesday ahead of results from such bellwethers as Goldman Sachs and General Electric. European shares were moderately higher. Traders have been looking for signs of an economic turnaround that could support fuel demand, which has been hard hit by the recession. US weekly oil inventory data from the American Petroleum Institute (API) will be delayed until Wednesday due to the Columbus Day holiday, while the Energy Information Administration (EIA) report will be released on Thursday. A Reuters poll of analysts forecast the data will show a 700,000-barrel build in crude stocks last week, after a surprise drawdown last week. Distillate stocks were seen falling by 100,000 barrels while gasoline inventories were forecast to have risen by 700,000 barrels. Source: Home - Livemint.com | 13 Oct 2009 | 2:58 am DBS drops out of race for ING private bank - sourceSINGAPORE (Reuters) - DBS Group, Southeast Asia's biggest lender, has pulled out of the race to buy ING's private banking unit in Asia, as it did not want to pay a premium for the business, a source with knowledge of the deal told Reuters.Source: Reuters: Money News | 13 Oct 2009 | 2:50 am Capital Foods to take its Ching’s ready-to-eat meals overseasMumbai: Noodles, sauces and snacks manufacturer Capital Foods is planning to launch its products in the overseas markets under the brand name ‘Ching’s Secret´, besides, setting up two new manufacturing units in India. “We will be introducing our Ching’s noodles in the US, Canada and Singapore soon. Besides, we also plan to launch our ready-to-eat meals in the US, Canada, Australia and the Middle East next month,” Capital Foods managing director Ajay Gupta told PTI here. The company will invest Rs34 crore to set up two new manufacturing units in Vapi, Gujarat, for processing frozen foods, Gupta said. “We will be investing around Rs34 crore in the two facilities which will be operational by mid-2010,” he said. At present, the company has one facility in Vapi that manufactures hakka and instant noodles, along with soup and sauce mixes. It also has one facility each in Kandla, Gujarat, and Nashik, Maharashtra. Gupta said the company aims to become a niche player in Chinese processed foods. “Our noodles cater to the way Indians prefer to eat Chinese -- that is our opportunity. Besides, Ching’s targets people in the age group of 18-25. People look at noodles as a full meal rather than a snack,” Gupta said. The noodles market in India is worth Rs 1,100 crore and Capital Foods enjoys 20 per cent share in that, he said. The company had, last November, launched its range of soups to give competition to Hindustan Unilever’s Knorr soups. “We use frozen dried vegetables rather than dehydrated ones to preserve taste and at the same time make it healthier,” Gupta said Source: LatestNews-Home - Livemint.com | 13 Oct 2009 | 2:49 am Jewellers sell gold scrap, Indian buying persistsSingapore / Mumbai: More gold scrap entered the physical market on Tuesday as bullion hovered near all-time highs, while last-minute purchases by Indian consumers ahead of religious festivals kept premiums steady in Asia. Jewellers in Indonesia and Thailand were still cashing in on gold’s rise to a record above $1,060 an ounce, but dealers in Singapore said there was buying interest from India before Dhanteras and the festival of lights of Diwali later this week. Gold was slightly higher at $1,056.75, within sight of a record of $1,061.20 set on 8 October. Bullion has gained as much as 21% this year on fund buying driven by uncertainties in the dollar’s outlook. However, the high price may take a toll on jewellers. “Compared to last year, my sales in tonnage terms is down by 35-40%,” said Chanda Venkatesh, proprietor of Chanda Anjaiah Parameshwar, a wholesaler in Hyderabad city. “It is as if international sellers are taking prices up to cash in on India’s Dhanteras demand. I’ll bet prices will fall by $100 after the festival,” he added. Indian retailers expect more sales before Dhanteras on Thursday, when Hindus buy precious metals with the belief it will make them prosperous. Diwali, which falls on Saturday, marks the peak of the festive season which started in August. Weddings take place during the festive season and jewellery forms an essential part of the dowry basket in the world’s largest gold consumer. But dealers expected imports to fall as much as 35% this year due to high prices. “India buys on dips, so I really hope the price will fall. It’s still too expensive for them,” said a physical dealer in Singapore, who sells bullion to India. “Thai consumers are still dishoarding. There are scraps from Indonesia but I think they also want to hold on to their stocks for future sales in the local market,” he said. Premiums for gold bars were steady at 60 to 70 US cents an ounce to the spot London price in Singapore. Indian dealers quoted premiums for gold bars at between 70 cents and $1 an ounce to the spot London price, depending on the quality. That was unchanged from last week. Selling by retail investors persisted in Tokyo, which further widened the discount for gold bars to $1 an ounce, a level last seen in June. “The scale of the sale is bigger compared with a few weeks ago,” said a physical dealer in Tokyo. In Hong Kong, a centre for bullion trading in east Asia, premiums were barely changed at 30 to 40 cents, as speculators waited for more gains in price before they cashed in. “There’s not much buying and selling. We are still watching for the US dollar, whether or not it will continue weakening,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. “The media is still talking about a higher gold price, so people are reluctant to sell gold,” he said, adding that another failure to break through last week’s record above $1,060 could lead to a technical correction. The dollar drifted against a basket of currencies on Tuesday but stayed soft against the Australian dollar, which earlier hit a 14-month high boosted by optimism that robust US corporate earnings would sustain investors’ risk appetite. Source: Home - Livemint.com | 13 Oct 2009 | 2:48 am Gold hits record high as dollar slips vs euroLONDON (Reuters) - Gold rose to a record high at $1,063.60 an ounce on Tuesday as the dollar slipped against the euro, increasing the metal's appeal as an alternative asset.Source: Reuters: Money News | 13 Oct 2009 | 2:47 am Car sales rise 21 pct y/y in Sept - industryNEW DELHI (Reuters) - Car sales in India rose an annual 21 percent in September for their eighth straight rise, with industry officials expecting continued robust growth as the economy improves and consumer confidence grows.Source: Reuters: Money News | 13 Oct 2009 | 2:39 am GM CEO says possible to sign Opel deal this weekShanghai: General Motors Co chief executive Fritz Henderson said on Tuesday that it was possible a deal on the sale of a majority stake in Opel, its European carmaking arm, could come this week. “It’s quite possible to see documents signed this week,” Henderson said. The comments followed a statement by Opel labour leader Klaus Franz on Monday that he expected GM to sign a contract this week to sell a 55% stake in Opel to a consortium including Canada’s Magna and Russia’s Sberbank. The two companies have vowed to inject €500 million ($739 million) into Opel, aiming to use it to make an aggressive push into the Russian market, and plan to cut about 10,500 European jobs. Henderson also told a news conference in Shanghai that it was not on his agenda during his trip to China to talk to Chinese regulators about a deal to sell GM’s Hummer brand to Chinese machinery maker Tengzhong. GM finalized a deal with Sichuan Tengzhong Heavy Industrial Machinery last Friday on the sale of its Hummer business, although the deal still faces a number of hurdles including regulatory approvals. Henderson was also upbeat on the prospects for the Chinese auto market, forecasting it to continue to grow at a significant pace in the future. GM said last week that its China vehicle sales surged 55.6% in the first nine months of this year from year-earlier levels, surpassing forecasts. Source: World Business - Livemint.com | 13 Oct 2009 | 2:35 am GM CEO says possible to sign Opel deal this weekShanghai: General Motors Co chief executive Fritz Henderson said on Tuesday that it was possible a deal on the sale of a majority stake in Opel, its European carmaking arm, could come this week. “It’s quite possible to see documents signed this week,” Henderson said. The comments followed a statement by Opel labour leader Klaus Franz on Monday that he expected GM to sign a contract this week to sell a 55% stake in Opel to a consortium including Canada’s Magna and Russia’s Sberbank. The two companies have vowed to inject €500 million ($739 million) into Opel, aiming to use it to make an aggressive push into the Russian market, and plan to cut about 10,500 European jobs. Henderson also told a news conference in Shanghai that it was not on his agenda during his trip to China to talk to Chinese regulators about a deal to sell GM’s Hummer brand to Chinese machinery maker Tengzhong. GM finalized a deal with Sichuan Tengzhong Heavy Industrial Machinery last Friday on the sale of its Hummer business, although the deal still faces a number of hurdles including regulatory approvals. Henderson was also upbeat on the prospects for the Chinese auto market, forecasting it to continue to grow at a significant pace in the future. GM said last week that its China vehicle sales surged 55.6% in the first nine months of this year from year-earlier levels, surpassing forecasts. Source: Home - Livemint.com | 13 Oct 2009 | 2:35 am Cut soot, slow climate change: ScientistsGlobal warming is caused by excess of greenhouse gases, mainly carbon dioxide, but cutting down other pollutants such as soot can help slow climate change in a big way, say the world's leading scientists, including an Indian American.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 2:30 am Miners pull FTSE down 0.3%; UK inflation dueLondon: Britain’s leading shares were 0.3% lower early on Tuesday, retreating from a 12-month high set the previous session with investors staying on the sidelines ahead of UK inflation data and upcoming US corporate earnings. By 0757 GMT, the FTSE 100 index was 16.63 points lower at 5,193.54, having gained 48.30 points, or 0.9% to 5,210.17 on Monday, its highest close since late September 2008. Weakness in heavweight mining stocks was the main drag on blue chips as metals prices retreated after a rally on Monday. Among the worst off, Lonmin, Eurasian Natural Resources, Antofagasta, Randgold Resources and Rio Tinto shed 0.5 to 1.2%. Rio Tinto delivers a third quarter production update on Wednesday. “We’re taking a bit of a pause first thing after the highs hit yesterday, with investors still having a desire to push higher but wanting to see the outcome of the third-quarter US corporate earnings before running too far ahead,” said David Morrison, market strategist at GFT Global. Investors were watching out for earnings news on Tuesday from healthcare firm Johnson & Johnson and, after the US close, from the world’s biggest chip-maker Intel. Banking giants JP Morgan Chase, Citigroup, Goldman Sachs and Bank of America are all also scheduled to release numbers later this week. British banks were weaker awaiting news from their US peers, and with ongoing rights issue concerns lingering. Lloyds Banking Group was the top FTSE 100 faller, down 3%, while Barclays, Royal Bank of Scotland, and Standard Chartered lost 0.2 to 2.1%. More than a quarter of the staff of the Singapore office of RBS Coutts have quit in a mass resignation, and some could be joining Swiss rival BSI. HSBC was flat. The bank hopes to list its shares in Shanghai next year, becoming one of the first overseas companies to do so, its chief executive Michael Geoghegan told Reuters in an interview on Monday. Whitbread in demand Whitbread was easily the top blue chip gainer, up 3.2% after Britain’s biggest hotel and restaurant operator posted a better-than-expected first-half pretax profit as sales at its Costa Coffee chain rose by over 20%. Tobaccos and beverages were among the top performing sectors as defensive considerations returned, with drinks group Diageo up 1.1% and British American Tobacco ahead 0.9%. Utilities got a boost from a positive note on the sector from Cazenove, with United Utilities adding 0.8% and Severn Trent up 1.3% as the broker upped its ratings for both on valuation grounds. Investors eyed UK September inflation data, due at 0830 GMT, which will provide more clues on the health of the economy and the outlook for interest rates. Consumer price inflation is seen rising 0.2% for the month in September, bringing the figure for the year to 1.3%, down from 1.6% the previous month. A batch of domestic economic surveys released overnight painted a fairly positive picture. British retail sales rose at their fastest annual pace in 5 months in September but the rise was skewed by a slump in sales last year and the timing of the August Bank holiday, a survey from the British Retail Consortium showed. Meanwhile, the decline in Britain’s manufacturing and services sectors eased markedly in the third quarter, but probably not enough for the economy to return to growth just yet, a survey from the British Chambers of Commerce showed. And house prices in England and Wales rose in September at their fastest rate since the credit crunch began more than two years ago, a survey from the Royal Institution of Chartered Surveyors indicated. Source: Home - Livemint.com | 13 Oct 2009 | 2:17 am China ‘strongly’ protests PM’s visit to ArunachalBeijing: Ten days after the event, China on Tuesday expressed “strong” dissatisfaction over Prime Minister Manmohan Singh’s visit to Arunachal Pradesh during electioneering. “We demand the Indian side address China’s serious concerns and not trigger disturbance in the disputed region so as to facilitate the healthy development of China-India relations,” Chinese foreign ministry spokesman Ma Zhaoxu said. “China is strongly dissatisfied with the visit to the disputed region by the Indian leader disregarding China’s serious concerns,” Mas said in a statement posted on the ministry’s website. He noted that China and India had “never officially settled” demarcation of their border, and China’s stance on the eastern section of the China-India border was “consistent and clear-cut”. Singh had toured and addressed an election rally in Arunachal Pradesh on 3 October. Recently, China had blocked part of a loan to India from the Asian Development Bank (ADB) for developmental projects in Arunachal Pradesh. China also protested a visit to the state last month by exiled Tibetan leader the Dalai Lama. India says China is illegally occupying 43,180 sq kms of Jammu and Kashmir. On the other hand, China accuses India of possessing some 90,000 sq km of Chinese territory, mostly in Arunachal Pradesh Source: Home - Livemint.com | 13 Oct 2009 | 2:09 am Asia stocks at 14-month high before earningsHONG KONG (Reuters) - Asian stocks rose to a 14-month high and the U.S. dollar steadied on Tuesday, with some investors taking bets that third-quarter U.S. corporate earnings, expected to shrink for the ninth quarter, will be good enough to keep a rally going.Source: Reuters: Money News | 13 Oct 2009 | 2:04 am India asks rich to help spur poor nations' economiesNoting that developing countries had been most affected by the global economic crisis, India has urged rich nations to honour their pledges and keep up the stimulus and other efforts to spur their economies.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 2:03 am Human rights group opposes trial of genetically modified cornRaising concerns over the open air trial of genetically modified corn in Jabalpur, the Asian Human Rights Commission (AHRC) has asked the state government to stop it.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 2:02 am India hits hard at protectionist tendencies in rich nationsIndia has come out strongly against protectionism in any form saying such measures would only serve to delay the global recovery from the economic crisis and would only create problems for the future.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 2:00 am Foreign direct investment rises 40.37 percent in AugustDespite a slowdown in the economy, India saw an impressive 40.37 percent jump in the flow of foreign direct investment (FDI) into the country in August over the same month last fiscal, latest data released by the central bank Tuesday showed.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 2:00 am Trai to float consultation paper on merger and acquisition normsNew Delhi: Telecom regulator Trai said on Tuesday it will float a consultation paper on merger and acquisitions in the sector by the next month, a move that could unleash the second wave of consolidation in the sector. “Our target is to float a consultation paper by November on mergers and acquisitions,” Trai member R N Prabhakar told reporters on the sidelines of a conference here. The paper will deal on issues related to spectrum allocation and pricing, he added. Trai is considering changes in the M&A norms in the telecom sector that could facilitate consolidation in this competitive sector. The consultation paper would also deal on the issues whether telcos be allowed to trade in the wireless spectrum and buy each other out. Spectrum trading is not allowed in the country at present. Moreover, there is a three-year lock-in clause that prevents promoters of new telcos from selling stake and exiting a venture. The consultation paper will take a relook at that clause as well. Source: LatestNews-Home - Livemint.com | 13 Oct 2009 | 1:56 am TRAI to float consultation paper on M&A norms - Business Standard
Source: Business - Google News | 13 Oct 2009 | 1:52 am Moderate polling in Maharashtra, Haryana, Arunachal pollsMumbai / Chandigarh /Itanagar: Moderate polling was on Tuesday recorded in the assembly elections in Maharashtra, Haryana and Arunachal Pradesh amidst stray incidents of violence in which a polling agent was killed. While over 20% of the voters exercised their franchise in Maharashtra and Haryana till noon, the turnout in Arunachal Pradesh was over 25%, poll officials said. The polling agent was killed in a clash between supporters of Congress nominee Dillu Ram and Independent candidate Kulwant Bazigar in Gulha assembly constituency in Haryana’s Kaithal district, a police official said. The 48-year-old deceased, Jyoti Ram, was Bazigar’s polling agent. In Maharashtra’s Gadchiroli district where 17 policemen were shot dead by the Maoists on 8 October, naxalites opened fire at a patrol party near Kasansur in Aheri block shortly before polling commenced. No one was injured, police said, adding security forces did not retaliate. In another incident, naxals opened fire at a polling station at Bonde in Korchi taluka of the district. While no one was hurt, additional forces were despatched by an airforce chopper to Bonde, Manoj Sharma, ASP, Gadchiroli, said. Over 1.29 lakh state police and central forces have been deployed across the state where voting is being held for 288 Assembly seats, DGP (Elections) A N Roy said. Meanwhile, an FIR was registered against three-time Congress MLA Janardhan Chandurkar for allegedly violating the Model Code of Conduct by trying to influence voters by distributing money in suburban Bandra in Mumbai, police said. Among the early voters in Maharashtra were Union ministers Sharad Pawar and Vilasrao Deshmukh, industrialist Anil Ambani, Shiv Sena chief Bal Thackeray and cricketer Sachin Tendulkar. The fate of 3,559 candidates, including chief minister Ashok Chavan, his deputy Chhagan Bhujbal and 37 ministers will be decided by the electorate comprising 7,56,34,525 voters. Sons and daughters of leaders like Vilasrao Deshmukh, Sushilkumar Shinde, Gopinath Munde and late Pramod Mahajan are making their electoral debut. In Haryana, over 20% of the voters exercised their franchise till noon for 90 assembly constituencies, election officials said. Long queues were seen in front of most booths in Arunachal Pradesh where elections to 57 seats in the 60-member Arunachal assembly are being held. More than 1.31 crore eligible voters, including 59 lakh women, will decide the fate of 1,222 candidates in fray for 90 assembly seats in Haryana. Prominent contestants include chief minister Bhupinder Singh Hooda, his ministerial colleagues -- Birender Singh, Kiran Choudhry and Randeep Singh Surjewala, former chief minister and INLD chief Om Prakash Chautala, INLD’s secretary general Ajay Chautala, and Haryana Janhit Congress supremo Kuldeep Bishnoi. In Arunachal Pradesh, three Congress candidates, including chief minister Dorjee Khandu, have already been elected unopposed from the predominantly Buddhist district of Tawang. Around 7.25 lakh voters are eligible to cast their votes in favour of 151 candidates. The Congress has put up its candidates in all 60 seats. UPA allies, NCP and Trinamool Congress, have put up 36 and 26 candidates respectively. The Trinamool Congress is contesting for the first time in the state. The BJP has put up only 18 candidates. Among the candidates are former chief minister Gegong Apang, who was elected seven times consecutively from Tuting-Vinkiong, Kameng Dolo who is trying his luck for the eighth time from Chayangtajo and former union minister Omak Apang from Pasighat West. All of them are contesting on Congress tickets. Counting of votes in all the three states will be taken up on 22 October. Source: Home - Livemint.com | 13 Oct 2009 | 1:45 am Wipro unit eyes personal care assets of UK's LornameadBANGALORE (Reuters) - The consumer products unit of Wipro Ltd is in advanced talks to buy some assets of British personal care company Lornamead, the Economic Times reported on Tuesday.Source: Reuters: Money News | 13 Oct 2009 | 1:35 am Citi begins retail banking in VietnamHanoi: US-based Citibank became the first US bank to offer a retail banking service in Vietnam on Tuesday, the latest Western institution to target consumers in what is considered an untapped market. The company has been in Vietnam since 1993, with branches in Hanoi and Ho Chi Minh City, but until Tuesday had offered corporate and investment services without retail banking. “We believe in Vietnam’s future and are committed to continuing to invest here and actively participate in Vietnam’s economic growth,” Shirish Apte, chief executive of Citi Asia Pacific, said in a statement. Citibank’s new branch will also provide counter teller services, operate ATMs and provide wealth management services, it said. British-based HSBC and Standard Chartered, as well as Australia’s ANZ, already operate retail banking services in Vietnam. Vietnam’s population of about 86 million remains largely rural but the country is fast modernising, presenting a vast potential market for both local and foreign banks. The sector remains relatively undeveloped, with only 10% of the population using automated teller machines, The Saigon Times weekly reported earlier this year. Source: World Business - Livemint.com | 13 Oct 2009 | 1:31 am Citi begins retail banking in VietnamHanoi: US-based Citibank became the first US bank to offer a retail banking service in Vietnam on Tuesday, the latest Western institution to target consumers in what is considered an untapped market. The company has been in Vietnam since 1993, with branches in Hanoi and Ho Chi Minh City, but until Tuesday had offered corporate and investment services without retail banking. “We believe in Vietnam’s future and are committed to continuing to invest here and actively participate in Vietnam’s economic growth,” Shirish Apte, chief executive of Citi Asia Pacific, said in a statement. Citibank’s new branch will also provide counter teller services, operate ATMs and provide wealth management services, it said. British-based HSBC and Standard Chartered, as well as Australia’s ANZ, already operate retail banking services in Vietnam. Vietnam’s population of about 86 million remains largely rural but the country is fast modernising, presenting a vast potential market for both local and foreign banks. The sector remains relatively undeveloped, with only 10% of the population using automated teller machines, The Saigon Times weekly reported earlier this year. Source: Home - Livemint.com | 13 Oct 2009 | 1:31 am Watch/Listen: Mint in Multimedia-13 OctVideo story: The Mint report for 12 October 2009 HDFC unveils better than expected results; IRDA opposes proposal to remove commissions in insurance; industrial production rises Video story: Gurgaon’s success masks Haryana’s woes Inadequate investment in human capital leads to resentment against areas that contribute most to state’s revenue Video story: MNS could hit Cong votes, not just Sena’s The fact that the party has never been in power and absence of real issues may work to its advantage: analysts Audio story: NREGA review catches hands in the till The first phase of the audit in Bhilwara district has revealed irregularities and corruption relating to the use of sub-standard materials, the use of machinery instead of manual labour and the non-issuance of job cards, needed to ensure that the right people are being paid Audio story: Factory output at 22-month high; RBI may not hike rate Output at factories, utilities and mines rose 10.4% in August from a year earlier, higher than what economists expected, and July’s annual growth was revised up to 7.2% from 6.8% Source: LatestNews-Home - Livemint.com | 13 Oct 2009 | 1:23 am India 2009-10 growth forecast cut after poor monsoonMumbai: India’s economy will grow slightly less than expected this year as the weakest monsoon in nearly 40 years weighs on the agriculture sector, but growth will pick up next year in line with a global recovery, a Reuters poll shows. Asia’s third-largest economy is expected to grow 6.0% in the fiscal year ending March 2010, the slowest in seven years and down from a forecast of 6.3% in a similar Reuters poll three months ago. But analysts now expect growth in 2010-11 will accelerate to 7.5%, up from a previous forecast of 7.2% and boosting the chances of interest rate hikes next year. The government expects growth of 6.3% or higher this year, accelerating to around 7% in 2010-11. The economy grew 6.7% in 2008-09, slowing from rates of 9% or more in the previous three years, as the global credit crisis and business slowdown hit harder than expected. “Agriculture will certainly act as a dampener (this year),” said Rupa Rege Nitsure, chief economist at Bank of Baroda. “Though the direct impact of agriculture on the overall GDP growth is not much, the indirect impact on rural consumption, allied activities, services and industrial sector could be significant.” June-September monsoon rains were 23% below normal, the weakest since 1972, and the prospect of smaller harvests pushed food prices up an annual 15.5% in late September. Wholesale price inflation, the most watched price barometer in India, is forecast to accelerate from an average of 2.8% in 2009-10 to 6.0% in 2010-11 as economic activity picks up domestically and globally. Analysts had expected lower levels of 2.0 and 5.5%, respectively, in the previous poll. The combination of strengthening growth and rising inflation has analysts expecting that by early 2010 the Reserve Bank of India will start unwinding some of the stimulus measures taken in late 2008 and early 2009, although it has said it will ensure that the recovery is secure before beginning to hike rates. The poll forecasts interest rates will rise in the first quarter of fiscal 2010-11, a few months sooner than expected in the previous poll. The rupee, which was quoted at 46.11 to the US dollar on Tuesday, is set to appreciate by 5% between now and the end of fiscal 2010-11, the poll shows. Source: Home - Livemint.com | 13 Oct 2009 | 1:16 am Tata Steel to spend Rs.2,000 crore on environment in ChhattisgarhIndia's largest private sector steel maker, Tata Steel, will invest Rs.2,000 crore on environment conservation at its Rs.19,500-crore plant coming up in Chhattisgarh's militancy-hit Bastar district.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 12:31 am Goa pollution control board's powers curtailedEven as 91 out of the 103 open cast mines in Goa are being probed for illegalities and discrepancies in their operations, a missive from the ministry of environment and forests, curtailing powers of the State Pollution Control Board (SPCB), has put the government here in a tizzy.Source: IndiaeNews.com: Business News | 13 Oct 2009 | 12:01 am HDFC net rises 24% in Q2Mumbai, Oct. 12 HDFC Ltd reported a 24 per cent growth in net profit at Rs 664 crore in the second quarter of 2009-10, over Rs 534 crore in the corresponding quarter lastSource: Business Line - Home Page | 13 Oct 2009 | 12:00 am Sensex rises 340 on industrial performanceMumbai, Oct. 12 Positive industrial production numbers for August ignited Foreign Institutional Investor (FII) interest, pushing the equity market indices beyond the psychological 17k (BSE) and 5k (NSE).Source: Business Line - Home Page | 13 Oct 2009 | 12:00 am 3 ADAG group cos see inter se transfer of sharesMumbai, Oct. 12 In a disclosure to the exchanges, three Anil Ambani group companies said their promoter holdings have been re-structured through transfer of shares among group companies. Reliance Communications, Reliance Capital and RelianceSource: Business Line - Home Page | 13 Oct 2009 | 12:00 am Cement cos trim output to match demand in Q2Mumbai, Oct. 12 Cement companies seem to have cut production in a conscious attempt to match the sharp fall in demand and prices during the second quarter ofSource: Business Line - Home Page | 13 Oct 2009 | 12:00 am Increase in exports can be 10-14%, says Vijay KelkarBangalore, Oct. 12 The report of the Task Force, appointed by the Finance Commission, would be published on the Commission’s Web site soon. It would enable better awareness and constructive policy dialogue, said Dr Vijay Kelkar, Chairman,Source: Business Line - Home Page | 13 Oct 2009 | 12:00 am Lukewarm response to oil, gas blocks auctionNew Delhi, Oct. 12 The latest and most ambitious oil and gas auction round evoked poor response with only 36 of the 70 blocks offered receiving bids.Source: Business Line - Home Page | 13 Oct 2009 | 12:00 am Industrial growth hits 22-month high in AugustThe country’s industrial output has registered a 10.4 per cent year-on-year jump in August, marking a 22-month high since the 12.2-per cent of OctoberSource: Business Line - Home Page | 13 Oct 2009 | 12:00 am Aggressively priced Chevrolet Cruze to heat up D segment battleNew Delhi, Oct. 12 General Motors (GM) India announced on Monday the launch of the Chevrolet Cruze, the first car in the company’s long awaited 300 series.Source: Business Line - Home Page | 13 Oct 2009 | 12:00 am We are still in the woods, though from where I stand I can see the exit: Infosys officialThe Banking and Financial sector in North America that pushed the world into the economic crisis is now showing signs of recovery, and is consequently increasing its technology spend. In a chat with Business Line, Mr AshokSource: Business Line - Home Page | 13 Oct 2009 | 12:00 am ‘Other income’ boosts Axis Bank Q2 net 32%Mumbai, Oct. 12 Net profit of Axis Bank grew by 32 per cent to Rs 531.64 crore for the second quarter ended September 30, over the same period last year, aided mainly by increase in other income and reduction in cost of funds.Source: Business Line - Home Page | 13 Oct 2009 | 12:00 am Oil weakens in Asian trade on profit-takingOil fell in Asian trade today on profit-taking after overnight gains driven by hopes for improved demand as the global economy recovers, analysts said.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 11:50 pm SBI looking to sell up to $1 bln in bondsSINGAPORE (Reuters) - State Bank of India said is looking to raise between $500 million and $1 billion from a bond sale, its chairman said on Tuesday.Source: Reuters: Money News | 12 Oct 2009 | 11:45 pm United Spirits to sell stock; PE talks skid - sourcesMUMBAI (Reuters) - United Spirits is set to sell new shares worth about $300-350 million to institutions after efforts to sell a stake to private equity firms and Diageo failed.Source: Reuters: Money News | 12 Oct 2009 | 11:27 pm RCom revenue disputed by DoT audit - Livemint
Source: Business - Google News | 12 Oct 2009 | 11:08 pm Assembly polls to test govt, speed of reformsMumbai: The government faces an electoral test in three state polls on Tuesday that could help dictate how fast the ruling Congress party pushes ahead with reforms and measures to revive economic growth. The polls in Maharashtra, Haryana and Arunachal Pradesh will be the first popularity test of the left-of-centre government since its landslide win in a May general election. The vote comes as the government has grappled with an economic slowdown, rising food prices and the worst dry spell in four decades, trends that have slowed the pace of reforms and pushed up government spending on food imports and drought relief. A good performance by Congress could help convince Prime Minister Manmohan Singh the government can tackle key reforms such as disinvestment and a new tax code, without an electoral cost. “Victory in the states will bolster their confidence to push forward more aggressively with the initial set of policy measures that they’ve already embarked on,” said Sanjay Kumar, a fellow at the Centre for the Study of Developing Societies. “A big win will give them greater confidence to do more.” A mixed performance can lead to delays in execution and prompt more populist spending, such as a rural employment guarantee scheme, analysts said, just as investors worry about a rising fiscal deficit. Some Congress party insiders say that with the opposition Bharatiya Janata Party weak and divided, the main pressure for social spending is coming from politicians within the government, who could gain influence with a poor ruling party showing. Counting of the electronic vote is on 22 October. State elections tend to be about local issues such as China’s claim over Arunachal Pradesh and an anti-migrant sentiment in Maharashtra. However, the Congress has highlighted its record of several years of rapid economic growth before the recent slowdown, and measures such as a loan waiver for farmers and the jobs scheme that helped win the national vote. Analysts say the Congress is expected to retain most of Haryana’s 90 seats and Arunachal Pradesh’s 60. The race for the 288 seats in Maharashtra, where the Congress and its Nationalist Congress Party ally are battling the combination of the main opposition BJP and the hardline Hindu party Shiv Sena, is expected to be tougher. The breakaway faction of Shiv Sena, the Maharashtra Navnirman Sena, could play spoiler and split the vote, perhaps leading to a hung assembly in the prosperous state and delaying projects such as plans to upgrade the infrastructure of financial hub Mumbai. “If the Congress has to get support from the Third Front and independents, administration will be chaotic and the focus will be on staying in power rather than any meaningful policy execution,” said Kumar Ketkar, editor of the Loksatta newspaper. “It will be a distraction at the centre and prompt some populist measures and perhaps more spending.” Source: LatestNews-Home - Livemint.com | 12 Oct 2009 | 10:33 pm Axis Bank: Higher credit offtake could drive up nos - Economic Times
Source: Business - Google News | 12 Oct 2009 | 9:28 pm Markets closed for holiday on TuesdayMumbai: India’s stocks, bonds and currency markets are closed on Tuesday for a holiday due to elections in the western state of Maharashtra, home to the country’s financial hub Mumbai. The 30-share BSE index closed 2.31%, or 384.01 points, higher at 17,026.67 points on Monday. The partially convertible rupee closed at Rs46.48/49 per dollar on Monday, about 0.2% weaker than Friday’s close of Rs46.40/42. The benchmark 10-year bond yield ended at the day’s high of 7.36% on Monday, its highest since 14 September and above Friday’s close of 7.32%. Source: LatestNews-Home - Livemint.com | 12 Oct 2009 | 9:05 pm Volatile Re sees IT cos snip hedging dealsWild swings in the value of the rupee against the US dollar are making domestic software outsourcing companies go for shorter duration currency hedges.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 4:38 pm IIP shows recovery no flash in the panPowered by growth in all the three sectors and a jump of over 8% in all the four use-based groupings, the index of industrial production recorded a robust rise of 10.4%.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 4:27 pm Audit firm says RCom inflated revenues by 23%The special auditors appointed by DoT have reportedly pointed out some glaring irregularities in the accounts of RCom.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 4:25 pm Sensex back at 17K on IIP, global cuesThe markets on Monday recouped most of the last week's losses to close above psychological levels of 17000 on Sensex and 5000 on Nifty.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 4:22 pm Nelp VIII a damp squibThe eighth round of India's 'liberalised' oil and gas exploration auctions ended with a whimper as a large number of companies stayed away.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 4:18 pm IT spending to hit $37.6 bn by 2013IT spending in India is expected to reach $37.6 bn by 2013, as new business -- mainly the small- and medium-sized ones -- adopt the technology.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 4:15 pm Ambani feud reveals 'policy vacuum' on natural resourcesOver the past three months, hardly a day has gone by without the sibling rivalry between the Ambani brothers hogging the headlines.Source: Daily News & Analysis: Money News | 12 Oct 2009 | 4:13 pm HDFC net up 24%, NPA dips - Financial Express
Source: Business - Google News | 12 Oct 2009 | 4:11 pm General Motors annonuces launch of Chevrolet CruzeUnited States car maker General Motors announced the launch of its luxury Sedan Chevrolet Cruze in India. The car would be available in two manual diesel variants priced at Rs 10.99 lakh and Rs 12.45 lakh exshowroom, Delhi.Source: Moneycontrol Top Headlines | 12 Oct 2009 | 3:37 pm Tariff wars: It\'s about survival of the fittest, says IdeaTariff wars are the order of the day in the Tariff wars: It\'s about survival of the fittest, says Ideatelecom sector but Idea is not concerned. In an interview to CNBCTV18, Sanjeev Aga, MD of Idea Cellular, said it was not about the survival of the fittest.Source: Moneycontrol Top Headlines | 12 Oct 2009 | 3:19 pm Wockhardt\'s CDR package finalised, domestic loans rejiggedWockhardt\'s corporate debt restructuring (CDR) package has been finalised, reports CNBCTV18. All domestic loans have been restructured. Interest rate has not been punitive in the CDR process.Source: Moneycontrol Top Headlines | 12 Oct 2009 | 3:00 pm Salman Khurshid clarifies stand on CEO salaries issueClarifying his stand on the issue of CEO salaries, Minister for Corporate Affairs has said the government had received complaints from board members and shareholders on the issue of excessive pay.Source: Moneycontrol Top Headlines | 12 Oct 2009 | 2:57 pm Data glut threatens computer scienceMountain View, California: It is a rare criticism of elite US university students that they do not think big enough. But that is exactly the complaint from some of the largest technology companies and the federal government. At the heart of this criticism is data. Researchers and workers in fields as diverse as bio-technology, astronomy and computer science will soon find themselves overwhelmed with information. Better telescopes and genome sequencers are as much to blame for this data glut as are faster computers and bigger hard drives.  Mega-scale problems: The main courtyard of Google headquarters, California. By donating computing wares to universities, Google and IBM hope to train engineers and scientists to think in Internet scale. The next generation of computer scientists has to think in terms of what could be described as Internet scale. Facebook, for example, uses more than 1 petabyte of storage space to manage its users’ 40 billion photos. A petabyte is about 1,000 times as large as a terabyte, and could store about 500 billion pages of text. It was not long ago that the notion of one company having anything close to 40 billion photos would have seemed tough to fathom. Google, meanwhile, churns through 20 times that amount of information every single day just running data analysis jobs. In short order, DNA sequencing systems, too, will generate many petabytes of information a year. “It sounds like science fiction, but soon enough, you’ll hand a machine a strand of hair, and a DNA sequence will come out the other side,” said Jimmy Lin, an associate professor at the University of Maryland, during a technology conference held here last week. The big question is whether the person on the other side of that machine will have the wherewithal to do something interesting with an almost limitless supply of genetic information. At the moment, companies such as International Business Machines Corp. (IBM) and Google Inc. have their doubts. For the most part, university students have used rather modest computing systems to support their studies. They are learning to collect and manipulate information on personal computers or what are known as clusters, where computer servers are cabled together to form a larger computer. But even these machines fail to churn through enough data to really challenge and train a young mind meant to ponder the mega-scale problems of tomorrow. “If they imprint on these small systems, that becomes their frame of reference and what they’re always thinking about,” said Jim Spohrer, a director at IBM’s Almaden Research Center. Two years ago, IBM and Google set out to change the mindset at universities by giving students broad access to some of the largest computers on the planet. The companies then outfitted the computers with software that Internet companies use to tackle their toughest data analysis jobs. And, rather than building a big computer at each university, the companies created a system that let students and researchers tap into giant computers over the Internet. This year, the National Science Foundation, a federal government agency, issued a vote of confidence for the project by splitting $5 million among 14 universities that want to teach their students how to grapple with big data questions. The types of projects the 14 universities have already tackled veer into the mind-bending. Purdue looks to carry out techniques used to map the interactions between people in social networks into the biological realm. Researchers are creating complex diagrams that illuminate the links between chemical reactions taking place in cells. A similar effort at the University of California, Santa Barbara, centres on making a simple software interface—akin to the Google search bar—that will let researchers examine huge biological data sets for answers to specific queries. Lin shares the opinion of numerous other researchers that learning these types of analysis techniques will be vital for students in the coming years. “Science these days has basically turned into a data-management problem,” Lin said. By donating their computing wares to the universities, Google and IBM hope to train a new breed of engineers and scientists to think in Internet scale. Of course, it’s not all good will backing these gestures. IBM is looking for big data experts that can complement its consulting in areas such as healthcare and financial services. It has already started working with customers to put together analytics systems built on top of Hadoop. Meanwhile, Google promotes just about anything that creates more information to index and search. Nonetheless, the universities and the government benefit from IBM and Google providing access to big data sets for experiments, simpler software and their computing wares. “Historically, it has been tough to get the type of data these researchers need out of industry,” said James C. French, a research director at the National Science Foundation. “But we’re at this point where a biologist needs to see these types of volumes of information to begin to think about what is possible in terms of commercial applications.” ©2009/THE NEW YORK TIMES feedback@livemint.com Source: LatestNews-Home - Livemint.com | 12 Oct 2009 | 2:32 pm Data glut threatens computer scienceMountain View, California: It is a rare criticism of elite US university students that they do not think big enough. But that is exactly the complaint from some of the largest technology companies and the federal government. At the heart of this criticism is data. Researchers and workers in fields as diverse as bio-technology, astronomy and computer science will soon find themselves overwhelmed with information. Better telescopes and genome sequencers are as much to blame for this data glut as are faster computers and bigger hard drives. Mega-scale problems: The main courtyard of Google headquarters, California. By donating computing wares to universities, Google and IBM hope to train engineers and scientists to think in Internet scale. The next generation of computer scientists has to think in terms of what could be described as Internet scale. Facebook, for example, uses more than 1 petabyte of storage space to manage its users’ 40 billion photos. A petabyte is about 1,000 times as large as a terabyte, and could store about 500 billion pages of text. It was not long ago that the notion of one company having anything close to 40 billion photos would have seemed tough to fathom. Google, meanwhile, churns through 20 times that amount of information every single day just running data analysis jobs. In short order, DNA sequencing systems, too, will generate many petabytes of information a year. “It sounds like science fiction, but soon enough, you’ll hand a machine a strand of hair, and a DNA sequence will come out the other side,” said Jimmy Lin, an associate professor at the University of Maryland, during a technology conference held here last week. The big question is whether the person on the other side of that machine will have the wherewithal to do something interesting with an almost limitless supply of genetic information. At the moment, companies such as International Business Machines Corp. (IBM) and Google Inc. have their doubts. For the most part, university students have used rather modest computing systems to support their studies. They are learning to collect and manipulate information on personal computers or what are known as clusters, where computer servers are cabled together to form a larger computer. But even these machines fail to churn through enough data to really challenge and train a young mind meant to ponder the mega-scale problems of tomorrow. “If they imprint on these small systems, that becomes their frame of reference and what they’re always thinking about,” said Jim Spohrer, a director at IBM’s Almaden Research Center. Two years ago, IBM and Google set out to change the mindset at universities by giving students broad access to some of the largest computers on the planet. The companies then outfitted the computers with software that Internet companies use to tackle their toughest data analysis jobs. And, rather than building a big computer at each university, the companies created a system that let students and researchers tap into giant computers over the Internet. This year, the National Science Foundation, a federal government agency, issued a vote of confidence for the project by splitting $5 million among 14 universities that want to teach their students how to grapple with big data questions. The types of projects the 14 universities have already tackled veer into the mind-bending. Purdue looks to carry out techniques used to map the interactions between people in social networks into the biological realm. Researchers are creating complex diagrams that illuminate the links between chemical reactions taking place in cells. A similar effort at the University of California, Santa Barbara, centres on making a simple software interface—akin to the Google search bar—that will let researchers examine huge biological data sets for answers to specific queries. Lin shares the opinion of numerous other researchers that learning these types of analysis techniques will be vital for students in the coming years. “Science these days has basically turned into a data-management problem,” Lin said. By donating their computing wares to the universities, Google and IBM hope to train a new breed of engineers and scientists to think in Internet scale. Of course, it’s not all good will backing these gestures. IBM is looking for big data experts that can complement its consulting in areas such as healthcare and financial services. It has already started working with customers to put together analytics systems built on top of Hadoop. Meanwhile, Google promotes just about anything that creates more information to index and search. Nonetheless, the universities and the government benefit from IBM and Google providing access to big data sets for experiments, simpler software and their computing wares. “Historically, it has been tough to get the type of data these researchers need out of industry,” said James C. French, a research director at the National Science Foundation. “But we’re at this point where a biologist needs to see these types of volumes of information to begin to think about what is possible in terms of commercial applications.” ©2009/THE NEW YORK TIMES feedback@livemint.com Source: Tech News - Livemint.com | 12 Oct 2009 | 2:32 pm PE firms seek mega deals in education, healthcareAlthough private equity (PE) firms remain optimistic on investment opportunities in sectors such as education and healthcare, the deal scenario does not show an encouraging trend. Data from VCCEdge, VCCircle’s financial research unit, shows divergent trends in these two sectors in the first nine months of 2009. Across nine deals in each sector this year, PE investments in education tripled to $108 million (Rs503.2 crore) in January to September against $35 million in 2008, but healthcare suffered a steep fall.  Graphics: Yogesh Kumar / Mint Even in education, deals have been struck mostly in the test preparation and skills development category as against the formal segment. The biggest investment was Navis Capital Partners’ $30 million for a majority stake in ITM Trust, an executive education service provider. TutorVista Global Pvt. Ltd, Career Point Infosystems Ltd and FIITJEE Ltd, which together attracted investments worth $15 million, are in the same genre. On the face of it, these two sectors have everything going for them for a bigger PE investment. Their non-cyclical nature and untapped potential have, in fact, stoked the appetite of sector-focused funds. For instance, Milestone Religare Investment Advisors Pvt. Ltd is raising a Rs600 crore healthcare and education fund. Spring Healthcare, an investment company set up by Sabre Capital with commitments of Rs250 crore, will hike its fund size to Rs400 crore. Kaizen Management Advisors, whose education-focused fund hit the road last month, is looking at raising $150-200 million. Despite this, PE firms say there are few scalable opportunities. “There is very little representation of the education sector in the capital markets,” says Praveen Chakravarty, chief operating officer and head of institutional equities sales at BNP Paribas India, a banking and financial services firm. One of the few listed companies is Educomp Solutions Ltd, which provides infrastructure services to education firms. The company, which investors consider a proxy for education in India, trades at a high value as it gets a so-called scarcity premium. The same holds true for healthcare. Though there are listed firms such as Apollo Hospitals Enterprise Ltd and Fortis Healthcare Ltd, the entry premium is high. “If someone wants to directly invest in healthcare including domestic LPs (limited partners), it’s tough given the valuations,” says Ajay Nair, senior associate at Sabre Capital, which has opted for the roll-up model by setting up Spring Healthcare to build a portfolio of hospitals and diagnostic chains. A roll-up transaction is one in which smaller companies in a traditionally fragmented industry are consolidated to achieve scale. PE investing is also challenging in healthcare due to structured ownership and management of doctors in India, says Aluri Srinivasa Rao, managing director of Morgan Stanley PE. Despite the challenges, these sectors offer huge potential. The $35 billion healthcare industry is projected to touch at least $75 billion by 2012 and $150 billion by 2017, says consulting firm Technopak Advisors. Education is an $80 billion market in India skewed in favour of the private sector ($50 billion). There are some policy upsides that could spur investments. The Foreign Educational Institutions (Regulation of Entry and Operations, Maintenance of Quality and Prevention of Commercialization) Bill, expected to be tabled in the winter session of Parliament, proposes to allow 100% foreign direct investment in higher education. Also, the classification of educational institutes and hospitals as infrastructure by insurance and banking regulators is expected to raise investor interest. “A lot of limited partners are realizing that there are very few markets expanding and moving in the right direction as rapidly as education in India,” says Sandeep Aneja, managing director of Kaizen. For LPs looking to gain entry at relatively cheaper valuations in these sectors, PEs prove a good bet. This is also reflected in fund-raising. “Sectoral themes are more appealing to LPs,” says Rajesh Singhal, managing partner at Milestone Religare. feedback@livemint.com Content from VCCIRCLE Source: LatestNews-Home - Livemint.com | 12 Oct 2009 | 2:26 pm Interested in deep waters not onshore blocks: ONGCOil and Natural Gas Corporation (ONGC) is interested in deep waters, said the companys Chairman RS Sharma. He added that the company is not very keen on onshore blocks.Source: Moneycontrol Top Headlines | 12 Oct 2009 | 1:12 pm IIP growth raises hopes of recovery - Business Standard
Source: Business - Google News | 12 Oct 2009 | 12:39 pm Children's wallets grow fastIndian children received Rs 664-cr pocket money this year.Source: Business Standard | Front Page Headlines | 12 Oct 2009 | 12:34 pm Govt to up stakes in 3 banksMay subscribe to preferential equity.Source: Business Standard | Front Page Headlines | 12 Oct 2009 | 12:32 pm Lukewarm response to oil, gas blocks auction - Hindu Business Line
Source: Business - Google News | 12 Oct 2009 | 12:30 pm RCom under-reported revenues, says Trai auditCosts govt Rs 315 crore in wireless and spectrum fees.Source: Business Standard | Front Page Headlines | 12 Oct 2009 | 12:30 pm NW18: Govt source says RBI hasn`t sought fin min view on bk HTM cap hikeNW18: Govt source says RBI hasn`t sought fin min view on bk HTM cap hikeSource: Moneycontrol Top Headlines | 12 Oct 2009 | 11:56 am Containers rates to go up ahead: Shipping CorporationContainer rates are all set to go up as the west enters into the winter season, believes S Hajra, CMD, Shipping Corporation of India. In an interview to CNBCTV18, Hajra said rates had bottomed out.Source: Moneycontrol Top Headlines | 12 Oct 2009 | 11:54 am NW18: Top stories on NewsWire18 at 1800 ISTNW18: Top stories on NewsWire18 at 1800 ISTSource: Moneycontrol Top Headlines | 12 Oct 2009 | 9:45 am Coal India may import 4 mln tn thermal coal FY10NW18:Coal India may import 4 mln tn thermal coal FY10, 1012 mln in FY11Source: Moneycontrol Top Headlines | 12 Oct 2009 | 9:25 am Textile minister Maran says to cut duty on manmade fibresNW18: Textile minister Maran says to cut duty on manmade fibresSource: Moneycontrol Top Headlines | 12 Oct 2009 | 9:23 am GM to launch all future cars from new platform; rolls out Cruze - Economic Times
Source: Business - Google News | 12 Oct 2009 | 8:00 am World Steel body sees full demand recovery in 2010Beijing: Global steel consumption will rebound by more than 9% next year, recovering after this year’s 8.6% decline, which was less severe than earlier expected thanks to strong China growth, a global body said on Monday. China, which contributes about half of the global output, will see its apparent consumption jump 18.8% to 526 million tonnes this year, the World Steel Association said on Monday. The body previously expected China’s demand to fall 5%. In April, the group had forecast that global apparent consumption - which does not make any adjustments for possible changes in stock levels - would fall 14.1% this year. “The global recovery is stronger than we predicted in April. According to our current forecast, China will rebound 19% in 2009 and 5% in 2010,” Daniel Novegil, chairman of the World Steel Economics committee, said in a statement. “Emerging economies will slow down 17% in 2009 but grow 12% in 2010. Apparent steel use in developed economies that contracted 34 percent in 2009 will rebound 15% in 2010. Therefore, the World Steel Association forecasts that global steel demand will return to growth in 2010.” Global demand will rise 9.2% to 1.206 billion tonnes next year from 1.104 billion tonnes, the group said in its first forecast for 2010. The recession slashed global steel demand deeply this year, cutting into earnings for industry leaders such as ArcelorMittal, but Chinese production has boomed as Beijing embarked on an infrastructure-focused stimulus plan. But analysts have raised questions about the sustainability of China’s unexpectedly strong growth, questioning how much of it is speculative demand versus end-use. Li Shijun, the Vice Secretary General and a outspoken industry analyst for the China Iron and Steel Association (CISA), said the demand outlook for China could be overestimated due to lack of consideration on the country’s inventories. “Many Chinese firms have been builting up stocks this year after destocking last year, so that the country’s massive production does not necessary mean a strong real recovery,” Li said during an industry conference in Beijing. Data of steel inventories in Chinese steel makers, merchants and end users are not available from official statistics, partly due to the country’s massive but fragmented industry. But Chinese steel mills have been cutting prices since they hit a 10-month high early August, which analysts said was because output was far exceeding actual domestic demand. China’s Baoshan Iron and Steel Co Ltd (Baosteel), China’s largest steel maker, on Saturday cut prices for its major steel products by 9-13% for November sales versus the October tag. Some analysts have worried that China’s position in the annual iron ore price negotiations with miners could be weakened further in the coming year as steel mill production picks up. But Luo Bingsheng, CISA’s vice Chairman, said China’s iron ore imports have exceeded actual demand by 50 million tonnes so far this year and the massive amounts would leave no room for further price rises. CISA’s Secretary General Shan Shanghua said the industry body saw global iron ore supply exceeding demand in 2010 as global steel production to recover slowly. Analysts also have said that iron ore deliveries to China could fall in the rest of the year as global top miners including Brazil’s Vale and Australia’s Rio Tinto and BHP Billiton would prioritise clients who have officially signed annual deals. Source: World Business - Livemint.com | 12 Oct 2009 | 5:13 am Citigroup set to pay $6,00,000 in fine to FINRA : reportLondon: Citigroup will have to pay $6,00,000 in fine to an US regulator for providing derivative transactions as that helped foreign clients avoid paying billions of dollars in taxes on dividends, a media report says. “Citigroup is to be fined over derivatives transactions that were partly designed to help foreign clients avoid taxes on dividends,” British daily the Financial Times has reported. The $6,00,000 fine by Financial Industry Regulatory Authority (FINRA), which oversees broker dealers, comes after the US authorities hardened their stance on offshore tax operations with a series of actions in the past few months. According to the publication, FINRA’s fine against Citigroup Global Markets is expected to be announced later on Tuesday and partly involves the bank’s failure to control trading related to strategies including so-called “total return swaps”. Such swaps helped Citi’s foreign clients receive the full value of dividends from US securities without paying the withholding tax. As part of their campaign, regulators have targeted the complex derivatives deals used by banks that they allege help offshore bank clients avoid billions of dollars in US taxes. In US, dividends on stock paid to foreign investors is subject to withholding taxes, depending on applicable treaty between America and the foreign investor’s home country. Source: World Business - Livemint.com | 12 Oct 2009 | 3:08 am
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