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Margins to get boost from new CERC norms: PTCIn an interview with CNBCTV18, TN Thakur, CMD of Power Trading Corporation (PTC) spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 7:12 am Glenmark Pharma Q2 net down 31 percent - Reuters India
Source: Business - Google News | 29 Oct 2009 | 4:28 am SEBI signs MoU with Dubai Financial Services AuthoritySecurities and Exchange Board of India signed a bilateral memorandum of understanding with Dubai Financial Services Authority to establish a general framework for cooperation, consultation and mutual assistance.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 4:27 am Bharat Petroleum Q2 net loss narrowsReuters - Three months ended Sept. 30 (versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 29 Oct 2009 | 4:27 am Sensex ends over 200 points lower - Economic Times
Source: Business - Google News | 29 Oct 2009 | 4:23 am Bajaj Elec sees FY10 engg proj order book 10-11 bln rupeesMUMBAI (Reuters) - Electrical appliances maker Bajaj Electricals expects the order book for its engineering and projects business at 10-11 billion rupees for the year ending March 2010, a senior official said on Thursday.Source: Reuters: Money News | 29 Oct 2009 | 4:20 am Mahindra says difficult to raise pricesMUMBAI (Reuters) - A senior official of Mahindra & Mahindra said on Thursday it is difficult for India's largest utility vehicles maker to raise prices, despite rising input costs.Source: Reuters: Money News | 29 Oct 2009 | 4:18 am Birla Capital gets SEBI nod for merchant banking servicesYash Birla Group company Birla Capital Financial Services Ltd said it has received the go ahead from Securities and Exchange Board of India for launching merchant banking services.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 4:17 am M&M Q2 net profit at Rs 843.6 crore - Economic Times
Source: Business - Google News | 29 Oct 2009 | 4:12 am Glenmark Pharma Q2 net down 31 percentMUMBAI (Reuters) - Glenmark Pharmaceuticals Ltd on Thursday posted a 31 percent fall in quarterly net profit, hurt by higher interest costs, but topped analysts expectations.Source: Reuters: Money News | 29 Oct 2009 | 4:10 am BSE Sensex provisionally close down 1.5 pctMUMBAI (Reuters) – The BSE Sensex closed 1.5 percent lower in volatile trade on Thursday, pulled down by weakness in world equities after weak U.S. data fuelled concerns over global growth.Source: Reuters: Money News | 29 Oct 2009 | 4:08 am Mahindra Q2 net soars; drought a concernMUMBAI (Reuters) - Mahindra & Mahindra Ltd on Thursday said quarterly net profit nearly trebled helped by cost cuts and strong sales but a weak monsoon and rising input costs could hurt going forward.Source: Reuters: Money News | 29 Oct 2009 | 4:06 am Sterlite net drops 28 percent - Sify
Source: Business - Google News | 29 Oct 2009 | 4:03 am UDPATE 1-PNB Q2 net up 31 pct, says no concerns on asset quality - Reuters India
Source: Business - Google News | 29 Oct 2009 | 4:01 am Sesa Goa under fraud investigation - Reuters India
Source: Business - Google News | 29 Oct 2009 | 3:58 am PNB Q2 net up 31 pct, says no concerns on asset qualityNEW DELHI (Reuters) - State-run Punjab National Bank on Thursday said quarterly profit rose 31 percent, as trading gains doubled and its loan book grew by a quarter but the proportion of restructured loans rose.Source: Reuters: Money News | 29 Oct 2009 | 3:58 am REC Q2 net up 60.14 per cent to Rs 494.36 crore - Economic Times
Source: Business - Google News | 29 Oct 2009 | 3:55 am Oil rises near $78 on expected US economic growthLondon: Oil rose towards $78 on Thursday as the United States, the world’s biggest energy consumer, was expected to return to economic growth, but gains were limited by the weakness of prompt fuel demand. US crude oil futures rose 28 cents to $77.74 a barrel by 3:11pm, London Brent crude rose 42 cents to $76.28. Analysts said investors would focus on economic figures, with oil’s weak fundamental picture unchanged. US gross domestic product data will be published at 6:00pm. Economists estimate that the government’s advance estimate will show GDP grew 3.3% in the third quarter, the first quarter to show positive growth since the second quarter of 2008 when the economy eked out growth of 1.5%. “The US GDP data will be released today...the market expectation is a 3.3% increase from the previous month,” oil analysts with Mizuho Corporate Bank wrote in a research note. Mizuho Corporate cautioned that any moves of the dollar and the equity market could continue to influence oil prices as the recent strength of the greenback and the fall in share prices contributed to much of the slide of oil prices from a one-year high of $82 hit on 21 October. The dollar fell against the euro on Thursday, reversing the recent strength, while European shares were rising. Above all, weak demand for oil is likely to cap any gains in prices that bright economic data may encourage and there are doubts about how sustainable global economic recovery will be. On Wednesday, official weekly US oil data showed an increase in gasoline inventories. Total oil product demand dropped by about 3% from a year earlier. Another set of data showed sales of new US homes tumbled unexpectedly in September, the first drop in six months. Source: Home - Livemint.com | 29 Oct 2009 | 3:55 am Sesa Goa under fraud investigationMUMBAI (Reuters) - Sesa Goa, a $5 billion unit of London-listed Vedanta Resources, is being investigated by the government for financial and other irregularities.Source: Reuters: Money News | 29 Oct 2009 | 3:40 am Bank of India Q2 profit halves to Rs323 cr; shares dip 9%Mumbai: Public sector lender Bank of India reported a decline of 57% on Thursday in net profit to Rs323.34 crore for the second quarter of current fiscal, over the same period a year earlier. However, the bank’s total income grew by 12% to Rs5,164.96 crore in the latest quarter of the current financial year from Rs4,612.27 crore of the year ago quarter, Bank of India said in a filing to the Bombay Stock Exchange (BSE). The bank’s earning from interest rose to Rs4,488.99 crore during the July-September quarter of the financial year 2009-10 from Rs3,962.77 crore of the last year. For the half year ended 30 September, 2009, the state-run lender posted a net profit of Rs907.66 crore, down 31.4% as compared to Rs1,324.81 crore of the same period last fiscal. Shares of the bank fell nearly 9% and were trading at Rs371.75 in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 3:40 am PNB Q2 net up 31%, says no concerns on asset qualityNew Delhi: State-run Punjab National Bank on Thursday said quarterly profit rose 31%, as trading gains doubled and its loan book grew by a quarter but the proportion of restructured loans rose. “Most of the rescheduling I have done is on a pre-emptive basis,” executive director Mohan Tanksale said. “There is no cause for concern. That is amply demonstrated by the fact that my gross NPAs (bad loans) have come down”. “(This) is to take care of cash flow mismatches by elongating the repayment period with or without a reduction in interest.” The economic slowdown has cut sales and profits at businesses on muted domestic demand and falling exports. But analysts are optimistic about an improvement in the rest of the fiscal year. By the end of the September quarter, PNB had restructured 5.8% of its total loan portfolio compared with 5.2% at the end of the June quarter. PNB’s stock had under performed the sector index and the broader market during the September quarter, largely as analysts fretted over the quality of its assets. The stock has since then beaten both indices, as these concerns abated. Shares in PNB, which the market values at Rs2,600 crore, rose 17.4% during the period, compared with the banking index’s 20% ascent and the Mumbai market’s 18% climb. By 3:03 pm on Thursday, PNB shares were down 1.42% at Rs840.35, in line with the broader market. For the September quarter PNB, reported a net profit of Rs927 crore compared with Rs707 crore a year ago. Total income rose 14.4% to Rs6,076 crore. Treasury income stood at Rs150 crore, up from 720 million a year ago, helped by a fall in government paper yields and a rising stock market. Net interest margins stood at 3.64%, down from 3.78% a year ago. Outlook K R Kamath, who took over as chairman on Wednesday, said the bank’s would grow loans in excess of the central bank’s forecast of 18 percent for the sector during 2009/10 and saw stable interest rates for the next three months. He did not see an impact on profit from the central bank’s recent directive to hike the provision ratio for bad debts, as PNB’s provisioning exceed the new norm. PNB also said it would sell a 26% stake in subsidiary PNB Housing Finance Ltd and also merge PNB Gilts with itself by end-December. It would also pick up a 63.64% stake in Kazakhstan’s Dana Bank. Source: Home - Livemint.com | 29 Oct 2009 | 3:39 am Amazon.com rolls out shortcut for paying onlineWhen shoppers make a purchase on Amazon.com, they will be able to enter their PayPhrase and PIN, see an order confirmation and check out in seconds.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 3:35 am Gas row: NTPC to pass on higher price burden to customersThe power ministry, which is the administrative ministry of stateowned NTPC Ltd, has said if the stateowned power generation major is denied D6 Block gas at USD 2.34 per mBtu, it will not take the burden and will instead pass it on to the customers.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 3:23 am Inflation picks up, set to accelerateNEW DELHI (Reuters) - India's wholesale inflation rose at its fastest pace in six months in the year to Oct. 17 and is set to quicken sharply, just as the Reserve Bank of India (RBI) forecast this week in laying the ground work for a future rate rise.Source: Reuters: Money News | 29 Oct 2009 | 3:20 am Limagrain buys 51% stake in Avesthagen seed coAvesthagen Ltd has licensed its field crop technologies to Groupe Limagrain for 10 million (nearly Rs 70 crore) to be paid over two tranches, according to Avesthagens top official. In return, the European seeds major acquires 51% stake in Avesthagens subsidiary, Atash Seeds, which created the technologies.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 3:08 am Gold buyers continue to stock for weddingsMumbai: India gold traders continued with their purchases for a fourth straight day on Thursday to stock for weddings as prices stayed near $1,030 (an ounce) levels, but an early weakness in rupee weighed on sentiment, dealers said. “Traders have responded well to the recent correction after Diwali and alot of orders are getting filled up,” said Pinakin Vyas, chief-manager treasury, IndusInd Bank in Mumbai. International gold prices, which guides the domestic markets, climbed above $1,030 per ounce as a weaker dollar supported prices, while a fall in holdings in the world’s largest gold-backed exchange-traded fund capped gains. International spot gold has fallen about 2% since the start of the week. The Indian rupee, which fell to near one-month lows early in the session on Thursday, recovered to be trading marginally above its previous close, as exporters sold dollars to book profits while a recovery in the domestic sharemarket also boosted. A weak rupee makes the dollar-quoted asset expensive. “Deals are happening and it has been a good day so far for us, they all want to stock now after good Diwali and Dhanteras,” said another dealer with a private bank. Dealers added traders would speed-up their purchases if prices stay or dip slightly from their current levels. India’s wedding season will continue till December. “Consolidation at these levels could help, and a dip to $1,020-1,025 would help even better,” he added. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 3:04 am FM urges banks to lend more to farm, small sectorsAt a meeting with the CEOs of northbased public sector banks, the Finance Minister, Pranab Mukherjee, urged them to enhance credit flow to employmentgenerating sectors.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 3:02 am Japan Airlines turns to govt for bailoutTokyo: Japan Airlines Corp said it would apply for assistance from a state-backed corporate turnaround body, setting the stage for a large injection of public funds into the troubled airline. The government has been scrambling to secure financing and map out a restructuring plan for JAL, which is headed for its fourth annual loss in five years, weighed down by $15 billion in debt and crippling legacy costs. JAL, Asia’s largest airline by revenue, said it started preliminary talks with the Enterprise Turnaround Initiative Corp, a body of turnaround specialists established by the government this month to buy debt of and invest in struggling but viable firms. “JAL will need huge money, huge public money, through both capital and loans,” said Shinjiro Takagi, the head of a transport ministry taskforce trying to rescue JAL. “We have decided the ETIC will be suitable for the public money.” The ETIC, which can draw on up to 1.6 trillion yen ($17.8 billion) in state-guaranteed funding, will decide on whether it can help JAL after studying its assets and its restructuring plan - a process that could take a few months. “The government is expected to accept JAL’s request for turnaround assistance, as the airline is a special case in view of the heavy industry regulation by the transport ministry and the oligopolistic market,” said Junko Nishioka, chief economist at RBS Securities. Transport Minister Seiji Maehara said that reviving the airline was very important to the Japanese economy. “JAL’s operation covers more than a half of Japan’s sky and considering its global network and how it connects regional economies, its revival is extremely important for Japan’s economy as well as for our policy,” Maehara told parliament. JAL shares closed Thursday up 2.7% at 115 yen, outperforming a 1.8 percent fall in the Nikkei average. The Nikkei business daily reported the government was considering a new law forcing the reduction of pension benefits to retirees of the struggling airline if it received public funds, which would address a key hurdle to its survival. A JAL official said the airline is not in a position to comment on the Nikkei report. Japanese media have said JAL may need some 800 billion yen ($8.8 billion) for future retirement and pension payments, double the 408 billion yen balance in its corporate pension system. Senior vice finance minister Naoki Minezaki said the government could not guarantee bridge loans to the troubled carrier without assurances it would cut costs. The government plans to submit legislation to parliament next year, though differing views within the government make it unclear what provisions the bill will contain, the Nikkei said. Another proposal is for the state-owned Development Bank of Japan - already JAL’s biggest lender - to loan JAL a further 200 billion yen this year and for the state to guarantee the loans once the legislation is passed, the Nikkei said. The proposal would also likely to include plans to support the overall aviation industry such as a reduction in airport landing fees, the newspaper said. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 3:02 am HDIL Q2 net dips 44% to Rs148.59 crMumbai: Housing Development & Infrastructure Ltd (HDIL) reported a 44% decline in net profit at Rs148.59 crore during the second quarter ended 30 September, 2009. Total income of the realty firm dropped to Rs381.05 crore during the July-September quarter, from Rs503.02 crore in the corresponding period a year ago. Shares of HDIL were trading at Rs335.70, down 3.38% in the afternoon trade on the BSE. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 3:02 am Japan Airlines turns to govt for bailoutTokyo: Japan Airlines Corp said it would apply for assistance from a state-backed corporate turnaround body, setting the stage for a large injection of public funds into the troubled airline. The government has been scrambling to secure financing and map out a restructuring plan for JAL, which is headed for its fourth annual loss in five years, weighed down by $15 billion in debt and crippling legacy costs. JAL, Asia’s largest airline by revenue, said it started preliminary talks with the Enterprise Turnaround Initiative Corp, a body of turnaround specialists established by the government this month to buy debt of and invest in struggling but viable firms. “JAL will need huge money, huge public money, through both capital and loans,” said Shinjiro Takagi, the head of a transport ministry taskforce trying to rescue JAL. “We have decided the ETIC will be suitable for the public money.” The ETIC, which can draw on up to 1.6 trillion yen ($17.8 billion) in state-guaranteed funding, will decide on whether it can help JAL after studying its assets and its restructuring plan - a process that could take a few months. “The government is expected to accept JAL’s request for turnaround assistance, as the airline is a special case in view of the heavy industry regulation by the transport ministry and the oligopolistic market,” said Junko Nishioka, chief economist at RBS Securities. Transport Minister Seiji Maehara said that reviving the airline was very important to the Japanese economy. “JAL’s operation covers more than a half of Japan’s sky and considering its global network and how it connects regional economies, its revival is extremely important for Japan’s economy as well as for our policy,” Maehara told parliament. JAL shares closed Thursday up 2.7% at 115 yen, outperforming a 1.8 percent fall in the Nikkei average. The Nikkei business daily reported the government was considering a new law forcing the reduction of pension benefits to retirees of the struggling airline if it received public funds, which would address a key hurdle to its survival. A JAL official said the airline is not in a position to comment on the Nikkei report. Japanese media have said JAL may need some 800 billion yen ($8.8 billion) for future retirement and pension payments, double the 408 billion yen balance in its corporate pension system. Senior vice finance minister Naoki Minezaki said the government could not guarantee bridge loans to the troubled carrier without assurances it would cut costs. The government plans to submit legislation to parliament next year, though differing views within the government make it unclear what provisions the bill will contain, the Nikkei said. Another proposal is for the state-owned Development Bank of Japan - already JAL’s biggest lender - to loan JAL a further 200 billion yen this year and for the state to guarantee the loans once the legislation is passed, the Nikkei said. The proposal would also likely to include plans to support the overall aviation industry such as a reduction in airport landing fees, the newspaper said. Source: World Business - Livemint.com | 29 Oct 2009 | 3:02 am MM launches Gio, India\'s first compact truck at Rs 1.65lkMahindra and Mahindra (MM) have launched Indias first compact truck Gio at Rs 1.65 lakh. The company will be manufacturing at its Haridwar plan with an initial capacity of 20,000 units. Gio sports 9.1 hp kohler engine.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 3:00 am \'WiproGE Healthcare equity to stay 49:51\'Wipro Ltd does not see any changes to the equity structure in joint venture WiproGE Healthcare post integration of all the GE Healthcare units in India with the joint venture.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 3:00 am US panel favours 100% FDI in telecom sectorThe United States Telecommunications Subcommittee, an advocacy body which looks into telecom regulations around the world, has suggested a slew of reforms for India to implement in the communications sector.Source: Moneycontrol Top Headlines | 29 Oct 2009 | 2:58 am RBI pushing for acquisition of weak, sick urban coopsThe Reserve Bank of India appears inclined to encourage takeover of weak/sick urban cooperative banks (UCBs) by domestic scheduled commercial banks (SCBs).Source: Moneycontrol Top Headlines | 29 Oct 2009 | 2:54 am Zee Ent to merge 6 Zee News channels with itselfMumbai: Television broadcaster Zee Entertainment Enterprises Ltd on Thursday said its board approved acquiring six regional general entertainment channels of Zee News Ltd in a share-swap deal. The board approved issuing four Zee Entertainment shares for every 19 Zee News shares, it said in a statement to the BSE. Zee Entertainment will merge Zee Marathi, Zee Talkies, Zee Bangla, Zee Telugu, Zee Kannada & Zee Cinemalu with itself, effective 1 January 2010, it added. For fiscal 2009, the six channels reported operating profit of Rs797 million on revenue of Rs3.4 billion. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 2:50 am U.S. SEC search for ways to peer into fast tradesHigh-frequency traders use computer algorithms to buy and sell shares at lightning speed, and they gain additional millisecond advantages by renting access from brokerages.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 2:45 am Reliance Inds to post muted Q2; gas pricing row eyedMUMBAI (Reuters) - Weak refining margins will dent quarterly results at Reliance Industries, and a rise in gas production at a field off India's east coast and the resolution of a gas pricing row are key to future performance.Source: Reuters: Money News | 29 Oct 2009 | 2:42 am StanChart’s Q3 boosted by strong Asia, wholesaleLondon: Asian-focused bank Standard Chartered Plc said on Thursday it was benefiting from growth across its franchises but cautioned the economic outlook remained fragile. In its third-quarter trading statement published on Thursday, the bank said its key wholesale division -- which caters to corporations, other banks and government agencies -- had seen continued strong income performance although competitor activity was increasing. Its consumer banking business, which has been hit by higher loan losses, lower margin lending and less demand for investment products, saw sustained income with strong mortgage performance, cost discipline and improving portfolio credit quality. Source: Home - Livemint.com | 29 Oct 2009 | 2:42 am Rupee off lows on profit-takingMumbai: The Indian rupee bounced back from its lowest level in nearly a month on Thursday afternoon as exporters sold dollars following the rupee’s sharp fall against the greenback over the last four sessions while a recovery in the local sharemarket also boosted. At 2:20pm, the partially convertible rupee was at Rs47.34/35 per dollar, off a low of Rs47.6250 earlier in the session, its lowest since 5 October, and unchanged from its previous close of Rs47.34/35. At the day’s low, the rupee had shed 2.4% of its value so far this week hurt by dollar demand from refiners and importers to meet month-end committments and weakness in the stock markets. Shares which dropped over 1.5% in early trade, recovered most losses to be trading down 0.3%. Foreign portfolio inflows into local shares are a key driver for the rupee. Foreigners have bought a net $14.4 billion of local equities so far this year, after being sellers of more than $13 billion in 2008. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at Rs47.4450 each, with the total traded volume on the two exchanges at about $2.2 billion. Source: Home - Livemint.com | 29 Oct 2009 | 2:35 am European shares hit fresh 3-week low, oils weighLondon: European shares hit a three-week low for a second session on Thursday, with energy and banking stocks the biggest losers after results from Royal Dutch Shell and Deutsche Bank. By 0807 GMT, the pan-European FTSEurofirst 300 index of top shares was down 0.5% at 975.49 points after falling to a low of 974.50, the lowest level in three weeks. “Markets had run ahead of themselves and are correcting. There are worries US. GDP figures may be weaker than expected, with other economic data like home sales not that great,” said Bernard McAlinden, market strategist at NCB Stockbrokers. US third-quarter gross domestic product figures are out at 1230 GMT and will be closely watched by investors for insight into the health of the world’s biggest economy. Energy stocks featured among the biggest losers as oil fell towards $77 a barrel. Royal Dutch Shell slipped 2.6% after it said third-quarter net profit fell 73% and chief executive Peter Voser warned of a slow recovery. BG Group, BP and Total were down 1 to 1.8%. Banks were on the downside. Deutsche Bank fell 4.7%. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 2:29 am Zee Ent board approves acquisition of R-GEC - Business Standard
Source: Business - Google News | 29 Oct 2009 | 2:17 am Inflation rises to 1.51% on costlier food itemsThe wholesale prices-based inflation stood at 1.21% in the previous week.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 2:17 am Why RBI did not hike rates to contain inflation - Moneycontrol.com
Source: Business - Google News | 29 Oct 2009 | 2:00 am No pre-condition but Pak must curb terror groups: PMSrinagar: Prime Minister Manmohan Singh said there were no no pre-conditions for talks with Pakistan but they cannot make headway unless there is “effective control” of the terror groups operating in that country. Winding up his two-day visit to the Kashmir valley, he also voiced the hope that separatists and others would reciprocate his appeal for a dialogue with all sections of the people of Jammu and Kashmir. Asked at a press conference here whether his statement yesterday that Pakistan should destroy terror camps will be a pre-condition for talks, Singh said “it is not a pre-condition. “But there is a practical way of looking at (things). Negotiations can’t make headway unless Pakistan brings under effective control these terror groups.” He said India is a democracy and if day and day out terrorists continue attack and take the precious lives “we cannot create an atmosphere for negotiations”. “Negotiations can’t make headway unless Pakistan brings under control the terrorist elements which aid and abet terrorism in India,” the Prime Minister. He also made it clear that Pakistan’s actions against those believed to be behind the Mumbai attacks were not not satisfactory and expressed the hope that Islamabad would bring all the perpetrators of 26/11 attacks to justice. Source: Home - Livemint.com | 29 Oct 2009 | 1:52 am Asian shares slump, yen benefits as safer havenHong Kong: Asian shares fell sharply on Thursday after weak US economic data rekindled investor worries about growth, while hedge funds sold risky assets, lifting the yen and supporting the dollar. European stock index futures pointed to a lower open, adding to the previous session’s sell-off and mirroring the sharp drop on Wall Street. Asian investors were unnerved by a surprise drop in US home sales last month, which followed a decline in consumer confidence, highlighting risks to a recovery in the world’s biggest economy. The MSCI index of Asia Pacific stocks traded outside Japan slid 2.4% while the Thomson Reuters index of regional shares was down 1.4%, marking a third session of losses. “Everybody’s been calling for a correction but I think the speed and volume of what we’re seeing has caught the market by surprise,” said Ben Potter, a research analyst at IG Markets in Australia, where shares tumbled 2.4%. “There has been a big change in underlying sentiment which has triggered faint alarm bells.” High-yielding Australian and New Zealand currencies fell to three-week lows and Indonesia’s central bank was seen in the market for a second day to support the rupiah. Currency traders said hedge funds, whose flight from risky assets had aggravated a sell-off in Latin American markets on Wednesday, were seen taking profits on Asian investments ahead of their business year-end in November. Short-term speculators were also pocketing gains. However, losses were restrained compared with Wednesday’s 5% slump in the MSCI’s Latin American stock index. The New Zealand dollar came under additional pressure after the central bank vowed to maintain record-low rates until at least July 2010. The Australian dollar -- which has climbed about 40% against the dollar since March -- hit $0.8942 at one point, its lowest point in three weeks, while the rupiah hit a one-month low at 9,700 to the dollar. It is still Asia’s best performing currency this year, up 13%. ANZ Cautious The yen’s strength added pressure on shares of exporters in Japan, driving the Nikkei index down 1.8% and below the 10,000 points mark for the first time in three weeks. The yen rose to as high as 90.25 to the dollar from 90.78 on Wednesday, when it gained more than 1%, while the dollar was steady against a basket of currencies near its highest in more than two weeks. Foreign investors were pulling out of South Korea’s stock market, which saw the biggest net selling by foreigners this year as the benchmark Kospi index fell 1.5%. Asian stocks have been among the strongest performers this year though and each pullback has been taken as buying opportunity to play the Asia growth story. Disappointing US home sales data on Wednesday overshadowed news that US durable goods orders rose for the second time in three months and raised fears that US third-quarter gross domestic product, due out later on Thursday, would fall short of forecasts for 3.3% annualised growth. Receding rate rise expectations in New Zealand heaped pressure on the Kiwi dollar, which fell as far as $0.7163, its lowest level in more than three weeks, after the central bank kept interest rates on hold and said it expected them to remain at a record low until July at least. While Norway followed Australia and raised interest rates on Wednesday as its economy recovers from the global downturn, New Zealand central bank governor Alan Bollard was notably cautious about the global outlook on Thursday. “There remain significant vulnerabilities and challenges to be worked through in many economies,” Bollard said in a statement. “This process could weigh on global growth going forward.” Australian banks have also been surprisingly cautious this week, despite being far less affected by the crisis than their US and European peers. Mike Smith, chief executive of Australia and New Zealand Banking Group said on Thursday the financial crisis was only just beginning to play out and economies were fragile. “This isn’t over yet,” Smith said. “Often it’s the aftershocks that do the most damage.” The bank reported a strong recovery in second-half profits but its cautious outlook helped its shares lose 2%. Resources stocks were hit by falling commodity prices with Australian mining giant Rio Tinto sliding 4.9%. Australian bond futures rallied on safe-haven inflows and as investors pared bets for a sharp rate rise next week. Three-year bond futures were 0.160 points higher at 94.81. The oil price was down 0.2% at $77.22 a barrel after losing $2.09 on Wednesday. In Hong Kong, shares in PetroChina slid 4.8% by lunchtime after disappointing third-quarter results from the world’s second-most valuable oil and gas producer. Japan Airlines bucked the slide in Japanese shares, rising 2.7% ahead of an announcement by the government on a plan to restructure the struggling carrier. Japanese electronics giant NEC Electronics Corp tumbled 8.3% after reporting on Wednesday a far bigger quarterly loss than a year ago. Source: Home - Livemint.com | 29 Oct 2009 | 1:27 am Deutsche Bank profit more than triples in Q3Frankfurt: Deutsche Bank AG, Germany’s biggest bank by assets, said Thursday that tax credits and increased trading revenue pushed its third-quarter earnings more than three times higher. The company made a net profit of euro1.4 billion ($2.07 billion) in the July-September period compared with euro414 million a year earlier. The gain was propelled by some euro369 million in tax benefits. Revenue rose 64% to euro7.2 billion compared with euro4.4 billion in the same quarter last year. The third quarter 2009 results beat expectations on revenue and earnings with analysts polled by Thomson Reuters expecting euro836 million in net profit and euro6.7 billion in revenue. The results were in line with the preliminary figures that Deutsche Bank released earlier this month. Chief executive Josef Ackermann said the gains in net profit and revenue were seen across the board and in all of its units. “In this quarter, we again delivered a solid profit, whilst maintaining balance sheet discipline and further bolstering our capital strength,” he said, adding that the bank worked to expand its offerings. “All our business segments were profitable in the quarter,” Ackermann said. “Across our sales and trading platform, we maintained and extended the reductions in balance sheet and risk-weighted assets which reflect our strategic decision to reduce levels of trading risk, even at the expense of short-term revenue gains in some business areas.” Looking forward, he said Deutsche Bank, based in Frankfurt, was prepared to “bolster our long-term competitive position” and said there were challenges and opportunities. “We are well-prepared for both,” he said. For the nine-month period, Deutsche Bank had a net profit of euro3.6 billion compared with euro952 million in 2008. Revenue was euro22.4 billion compared with nearly euro14.5 billion. Third-quarter revenue was helped by Deutsche Bank’s reduction of its holding in automaker Daimler AG, which resulted in a euro110 million gain. That helped offset charges of euro350 million related to the commercial paper vehicle Ocala Funding LLC and a loss of euro111 million from changes in credit spreads on its own debt. Deutsche Bank said its corporate banking and securities revenues more than tripled to euro4.4 billion for the quarter compared with euro1.1 billion a year earlier, driven up by revenue in sales and trading. Revenue in the corporate investments division rose to euro5.1 billion from euro1.7 billion in the third quarter of 2008. The bank’s third-quarter sales and trading revenue was euro3.1 billion, a figure Deutsche said was its best-ever for a third quarter, despite euro300 million in losses related to write-downs in the structured credit business. Meanwhile, global transaction banking, asset and wealth management, private clients and asset management and private business clients divisions all saw their revenues increase. On Wednesday, Deutsche Bank said it would buy Sal.Oppenhiem Group for euro1.1 billion as part of its efforts to boost its wealth management operations. Total assets at the end of the quarter were down 20% on the year to euro1.6 billion. They were 20% lower on a nine-month basis. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 1:24 am Nintendo’s Q2 profit falls 52%, cuts forecastTokyo: Nintendo Co Ltd reported a 52% slide in quarterly profit on Thursday, hurt by slowing demand for its flagship Wii videogame console and the strong yen, and slashed its full-year forecast. Demand for Nintendo products has cooled as rival Sony Corp has bolstered its line-up of console games, and as Apple Inc’s iPhone has become a popular platform for handheld games. Nintendo’s earnings, like those of other Japanese exporters, have been blunted by the stronger yen, which eats into overseas profits. Nintendo, which also faces stiff competition in the videogame market from Microsoft Corp, posted an operating profit of ¥64 billion ($709 million) in the July-September quarter, compared with ¥133 billion a year earlier. That was also lower than an average of ¥90 billion in a poll of four analysts by Thomson Reuters. Reuters calculated the quarterly figure by subtracting Nintendo’s first-quarter results from the first-half figures released on Thursday. Nintendo cut its operating profit forecast for the year to March 2010 by a quarter to ¥370 billion, ending a three-year run during which it booked a record profit on booming demand for its Wii console and DS portable device. Analysts are expecting a full-year profit of ¥442.8 billion, according to Thomson Reuters. In September, Sony’s Playstation 3 usurped Nintendo’s Wii to become the top-selling US video game console for the first time since its release, according to research group NPD. Shares of Nintendo finished down 1.1% ahead of the results. The stock has declined about 28% so far this year, compared with a 14% rise in the Nikkei 225 share average. Source: Tech News - Livemint.com | 29 Oct 2009 | 1:12 am Nintendo’s Q2 profit falls 52%, cuts forecastTokyo: Nintendo Co Ltd reported a 52% slide in quarterly profit on Thursday, hurt by slowing demand for its flagship Wii videogame console and the strong yen, and slashed its full-year forecast. Demand for Nintendo products has cooled as rival Sony Corp has bolstered its line-up of console games, and as Apple Inc’s iPhone has become a popular platform for handheld games. Nintendo’s earnings, like those of other Japanese exporters, have been blunted by the stronger yen, which eats into overseas profits. Nintendo, which also faces stiff competition in the videogame market from Microsoft Corp, posted an operating profit of ¥64 billion ($709 million) in the July-September quarter, compared with ¥133 billion a year earlier. That was also lower than an average of ¥90 billion in a poll of four analysts by Thomson Reuters. Reuters calculated the quarterly figure by subtracting Nintendo’s first-quarter results from the first-half figures released on Thursday. Nintendo cut its operating profit forecast for the year to March 2010 by a quarter to ¥370 billion, ending a three-year run during which it booked a record profit on booming demand for its Wii console and DS portable device. Analysts are expecting a full-year profit of ¥442.8 billion, according to Thomson Reuters. In September, Sony’s Playstation 3 usurped Nintendo’s Wii to become the top-selling US video game console for the first time since its release, according to research group NPD. Shares of Nintendo finished down 1.1% ahead of the results. The stock has declined about 28% so far this year, compared with a 14% rise in the Nikkei 225 share average. Source: Home - Livemint.com | 29 Oct 2009 | 1:12 am Hitachi posts $1.5 bn interim lossTokyo: Japanese high-tech giant Hitachi Ltd. said Thursday that it had lost about $1.5 billion in the six months through September because of weak demand for electronics. Hitachi, which makes everything from refrigerators to nuclear power systems, posted a net loss of 133.2 billion yen ($1.47 billion) for the first half of its business year, against a year-earlier profit of 14.2 billion yen. The loss was roughly in line with a preliminary estimate released by the company earlier this week. It logged an operating loss of 24.8 billion yen for the first half period, against a 197.1-billion-yen profit a year earlier. Revenue fell to 4.12 trillion yen from 5.31 trillion yen. Hitachi is restructuring after losing 787.3 billion yen in the year to March 2009 -- the biggest ever loss for a Japanese manufacturer. The overhaul includes up to 7,000 job cuts, a tie-up in mobile telephones with fellow high-tech makers NEC and Casio Computer and a move to take full control of five of its key businesses. Hitachi maintained its outlook for a net loss of 230 billion yen for the year to March 2010, alongside an operating profit of 80 billion yen and revenue of 8.7 trillion yen. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 1:04 am Video: Training for the Delhi Half MarathonWith the Delhi Half Marathon only two days away, Mint pays a visit to a training session at the Siri Fort Sports Complex to chat with marathon participants, understand how they train, and get best advice on pre-marathon dos and don’ts. Also read Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 12:57 am China steps up climate diplomacy as Copenhagen loomsPresident Hu Jintao told U.S. president Barack Obama last week that China wants a successful outcome in Copenhagen when the world gathers from December 7.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 12:54 am Sesa Goa says it is being investigated by governmentThe investigation by India's Serious Fraud Investigation Office (SFIO) will look into financial and other irregularities.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 12:42 am Google unveils service for music searchLos Angeles: Google stepped onto the Internet music stage on Wednesday, unveiling a service for finding, listening to or buying songs online. Google announced an alliance with Lala.com and MySpace-owned iLike at Capitol Records headquarters in Los Angeles that could cut down on the number of mouse clicks it takes to sample or purchase a song on the Web. “We are very excited today to be introducing a music search feature,” Google vice president of search Marissa Mayer said before a demonstration of the new music service known as OneBox. “The search results will allow you to do a whole song play to verify it is the song you are looking for,” she said, rather than just the 30-second stream typical of most major online music providers. Google music search lets people search using song artists, titles, and even snippets of lyrics. Google began rolling out OneBox on Wednesday, with availability limited to the United States. “I think this is a game-changing thing Google has done,” said Wendy Nussbaum of Universal Music Group. “The key thing for us is you are leading people to legitimate sources of music. Consumers want something easy, and Google gives them that.” A pop-up widget powered by iLike or Lala instantly appears with OneBox search results and offers to play the sought-after song. The MySpace box also provides links to buying MP3 downloads of songs, matching music videos and upcoming concerts by artists, if any are planned. “Music on Google; how cool is that?” said iLike founder Ali Partovi, now a senior vice president at MySpace, which bought his company just weeks ago. Partovi described OneBox as “something where everyone is a winner and no one is a loser - the consumer, rights holders, artists, us, that is amazing.” Google said it is not getting any share of revenues made by the music services, which have money-sharing deals with artists and record labels behind the content. At least one mainstream music act has given the early thumbs up to the new Google service and its hookup with iLike and Lala. “Being involved with this made total sense,” said Ryan Tedder, lead singer of the band One Republic. Tedder promoted One Republic on MySpace after the band was dropped by its label. One Republic is now an international sensation, and its debut album “Dreaming Out Loud” has gone platinum - in large part due to strong online promotion, according to Tedder. “If it wasn’t for MySpace and the Internet, we wouldn’t be here,” he said. Source: Tech News - Livemint.com | 29 Oct 2009 | 12:41 am Google unveils service for music searchLos Angeles: Google stepped onto the Internet music stage on Wednesday, unveiling a service for finding, listening to or buying songs online. Google announced an alliance with Lala.com and MySpace-owned iLike at Capitol Records headquarters in Los Angeles that could cut down on the number of mouse clicks it takes to sample or purchase a song on the Web. “We are very excited today to be introducing a music search feature,” Google vice president of search Marissa Mayer said before a demonstration of the new music service known as OneBox. “The search results will allow you to do a whole song play to verify it is the song you are looking for,” she said, rather than just the 30-second stream typical of most major online music providers. Google music search lets people search using song artists, titles, and even snippets of lyrics. Google began rolling out OneBox on Wednesday, with availability limited to the United States. “I think this is a game-changing thing Google has done,” said Wendy Nussbaum of Universal Music Group. “The key thing for us is you are leading people to legitimate sources of music. Consumers want something easy, and Google gives them that.” A pop-up widget powered by iLike or Lala instantly appears with OneBox search results and offers to play the sought-after song. The MySpace box also provides links to buying MP3 downloads of songs, matching music videos and upcoming concerts by artists, if any are planned. “Music on Google; how cool is that?” said iLike founder Ali Partovi, now a senior vice president at MySpace, which bought his company just weeks ago. Partovi described OneBox as “something where everyone is a winner and no one is a loser - the consumer, rights holders, artists, us, that is amazing.” Google said it is not getting any share of revenues made by the music services, which have money-sharing deals with artists and record labels behind the content. At least one mainstream music act has given the early thumbs up to the new Google service and its hookup with iLike and Lala. “Being involved with this made total sense,” said Ryan Tedder, lead singer of the band One Republic. Tedder promoted One Republic on MySpace after the band was dropped by its label. One Republic is now an international sensation, and its debut album “Dreaming Out Loud” has gone platinum - in large part due to strong online promotion, according to Tedder. “If it wasn’t for MySpace and the Internet, we wouldn’t be here,” he said. Source: LatestNews-Home - Livemint.com | 29 Oct 2009 | 12:41 am India, UK to study barriers in transfer of green tech: PrezTransfer of costly and sophisticated technologies for reducing green house gas emissions to developing nations at affordable prices remains a issue between developing and developed nations.Source: Daily News & Analysis: Money News | 29 Oct 2009 | 12:29 am Markets down 1% as global mood dampensMumbai: Indian shares extended losses and fell 1% on Thursday morning, tracking a fall in Asian and US stocks, which tumbled after disappointing data on the US housing market fuelled concerns about global growth. Banks continued to be the top losers, on worries their profits would be hurt after the central bank raised the provision ratio for bad debts in its credit policy review. By 11:22am, the 30-share BSE Index was trading down 1.07% at 16,109.73, with 22 of its components declining. The 50-share NSE index was down 1.05% at 4,775.60. It slipped below 16,000 mark in early deals and touched a low of 15,993.83 points. “We may correct more as globally the concerns still remain. Globally, the economic data is yet to indicate recovery,” said K.K. Mital, head of portfolio management services at Globe Capital. The benchmark has rallied 67% so far this year, as foreign funds poured in over $14 billion in Indian equities. However, Sensex has shed around 4% so far in the week, and is down nearly 6% this month, on concerns over the speed of recovery, and as the central bank set a hawkish tone at its policy review this week. Top lender State Bank of India was down 1.4% at Rs2,187.80 while private lender ICICI Bank shed 1.8% at Rs796. Energy giant Reliance Industries was down 0.9% while state-run explorer Oil & Natural Gas Corp rose 0.9%, ahead of their quarterly earnings announcement. Reliance Industries is expected to report a net profit of Rs38.6 billion, while ONGC may report its net profit rose 7.3% to Rs51.6 billion, a Reuters poll showed. In the broader market, losers were nearly thrice the number of gainers in a volume of 133 million shares. Source: Home - Livemint.com | 29 Oct 2009 | 12:18 am Inflation at 1.51% on 17 OctNew Delhi: India’s wholesale price index rose 1.51% in the 12 months to 17 October, higher than previous week’s annual rise of 1.21%, government data showed on Thursday. It compared with a median forecast of a 1.59% rise in a Reuters poll. The annual inflation rate was 10.82% during the corresponding week of 2008. On Tuesday, the Reserve Bank of India raised the WPI inflation projection to 6.5% with an upside bias by end-March 2010 from 5.0% earlier. The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly. Last week, the Union cabinet approved the launch of a new monthly inflation data series with 2004 as the base year. Source: Home - Livemint.com | 29 Oct 2009 | 12:15 am Govt investigates Sesa Goa for financial irregularitiesMumbai: India’s Sesa Goa, a $5 billion unit of London-listed Vedanta Resources, is being investigated by the Indian government for financial and other irregularities, sending its shares down as much as 6%. India’s largest iron-ore exporter said it and its unlisted Sesa Industries Ltd (SIL) subsidiary were under investigation by the Serious Fraud Investigation Office (SFIO), and the probe had to be completed in six months. “The scope of investigation includes looking into the state of affairs of the company and SIL in respect of mismanagement, malpractices, financial and other irregularities,” Sesa Goa said in a statement. By 0530 GMT, shares in Sesa Goa were down 3% in a weak broader market. The shares fell 12% on Tuesday after local media first reported the investigation. Sesa said then it was unaware of any probe, and its shares rose 7% on Wednesday after earlier dropping to a 3-week low. “Sesa Goa is expanding its mining operations in India, and this might have invited regulatory scrutiny,” said Deven Choksey, chief executive of K.R. Choksey Shares and Securities. “Otherwise it is very confusing and there is no clarity on what this investigation is all about.” In 2007, Vedanta bought a 51% stake in Sesa Goa for nearly $1 billion from Japan’s Mitsui & Co. In January, IT services firm Satyam Computer was hit by India’s largest corporate fraud when founder and chairman Ramalinga Raju said profits had been falsely inflated for years. That $1 billion-plus fraud prompted calls for more transparency in the accounting practices of Indian firms. Sesa Goa said on Thursday it believed the investigation originated from a complaint filed by a shareholder of Sesa Industries Ltd in 2003. It said it had received requests from the Registrar of Companies for information from 2001 to 2009. Source: Home - Livemint.com | 29 Oct 2009 | 12:02 am Class Action suit provision in Cos Bill to compensate investorsNew Delhi, Oct. 28 The Corporate Affairs Minister, Mr Salman Khurshid, on Wednesday said that the Companies Bill, 2009 will also have provisions for Class Action suits that will allow investors to seek compensations fromSource: Business Line - Home Page | 29 Oct 2009 | 12:00 am Banks told to lend more to farm, small sectorsNew Delhi, Oct. 28 At a meeting with the CEOs of north-based public sector banks, the Finance Minister, Mr Pranab Mukherjee, urged them to enhance credit flow to employment-generatingSource: Business Line - Home Page | 29 Oct 2009 | 12:00 am Shankar Sharma’s plea against ban dismissedThe Securities Appellate Tribunal (SAT) on Wednesday dismissed an appeal filed by Mr Shankar Sharma against a February 2009 SEBI order that barred him from accessing the securities market for a period of one year.Source: Business Line - Home Page | 29 Oct 2009 | 12:00 am US panel favours 100% FDI in telecom sectorThe United States Telecommunications Sub-committee, an advocacy body which looks into telecom regulations around the world, has suggested a slew of reforms for India to implement in the communications sector.Source: Business Line - Home Page | 29 Oct 2009 | 12:00 am Metal counters lose shine on LME volatilityMumbai, Oct. 28 The BSE metal index has dipped over 8 per cent in the last one week against the 4 per cent drop in Sensex.Source: Business Line - Home Page | 29 Oct 2009 | 12:00 am Tata Communications (Rs 438.1): SellWe recommend a sell in the stock of Tata Communications from a short-term perspective. It is apparent from the charts of the stock that following a medium-term uptrend from Rs 382 in February it changed direction. Since then, it has been on anSource: Business Line - Home Page | 29 Oct 2009 | 12:00 am Day Trading GuideUtilise rallies to sell DLF with tight stop-loss at Rs 412. We recommend a buy in ICICI Bank with stiff stop-loss at Rs 800. Fresh long position can be initiated if Infosys moves above RsSource: Business Line - Home Page | 29 Oct 2009 | 12:00 am Higher income pushes Bank of Baroda net up 60%Mumbai, Oct. 28 Bank of Baroda’s net profit grew 60 per cent to Rs 634 crore for the quarter ended September 30, 2009, from Rs 395 crore in the same period last year.Source: Business Line - Home Page | 29 Oct 2009 | 12:00 am Infrastructure sector growth slips to 4% in SeptemberNew Delhi, Oct. 28 Growth in key infrastructure sectors slipped in September after a strong showing in August, which could contribute to a possible moderation in the industrial recoverySource: Business Line - Home Page | 29 Oct 2009 | 12:00 am RBI pushing for acquisition of weak, sick urban co-opsMumbai, Oct. 28 The Reserve Bank of India appears inclined to encourage takeover of weak/sick urban co-operative banks (UCBs) by domestic scheduled commercial banks (SCBs).Source: Business Line - Home Page | 29 Oct 2009 | 12:00 am Oil extends fall on stockpiles datathe surprise rise in stock was seen as a further sign of sluggish demand in the world's biggest energy consumer.Source: Daily News & Analysis: Money News | 28 Oct 2009 | 11:53 pm Japanese shares open sharply lowerJapanese share prices opened sharply lower today, with the benchmark Nikkei-225 index falling 200.45 points.Source: Daily News & Analysis: Money News | 28 Oct 2009 | 11:34 pm M&M launches mini truck Gio - Economic Times
Source: Business - Google News | 28 Oct 2009 | 11:29 pm Google Voice call blocking limited: Google IncGoogle Voice has been surrounded in controversy since its launch in March. Google has said that Apple Inc rejected the Voice application for the iPhone.Source: Daily News & Analysis: Money News | 28 Oct 2009 | 11:25 pm BSE Sensex down 1.8% early on weak AsiaThe BSE Sensex fell 1.8% in early trade on Thursday.Source: Daily News & Analysis: Money News | 28 Oct 2009 | 11:20 pm EPFO seeks approval for higher equity exposureThe Employees Provident Fund Organisation (EPFO) will be seeking approval from its apex decision-making body, the Central Board of Trustees (CBT), to implement a finance ministry order to invest up to 15 per cent of the fund in equity.Source: Business Standard | Front Page Headlines | 28 Oct 2009 | 12:55 pm Big Pharma cures for ailing heritageA Johnson & Johnson subsidiary has developed chemicals that can protect monuments.Source: Business Standard | Front Page Headlines | 28 Oct 2009 | 12:54 pm No loans if your close relative is a defaulterBanks base credit card, loan decisions on residential address rather than only borrowers income profile.Source: Business Standard | Front Page Headlines | 28 Oct 2009 | 12:53 pm Easy online storage on demandNew Delhi: A colleague in Dubai wants to share a huge presentation complete with videos and pictures. But alas there are a minefield of issues. Your corporate email has pathetic file upload limits. And security policy rules out using personal emails or insecure file sharing. What to do? Just drop it. No, I don’t mean drop the idea, I mean use Drop.io’s excellent sharing and storage service. Using Drop.io you can create a temporary online storage space, called a “drop”, complete with password controls. With upto 100 mb storage per drop, you can share anything you want in moments, or as soon as your bandwidth will let you. But Drop.io is more than just that. You can email in data into a drop, and even use the drop to record voice mails and create conference calls. And much more. See this week’s PlayStream video for a quick brief on the superb Drop.io service. For all queries, comments and suggestions email us at playstream@livemint.com Source: Tech News - Livemint.com | 28 Oct 2009 | 10:40 am Disney launching iPhone, iPod touch applicationsLos Angeles: Walt Disney Co is launching free iPhone and iPod touch applications, giving fans access to Disney content and interactive features anywhere. Disney.com, part of the Disney Interactive Media Group, said it will offer users of the popular Apple Inc devices items like the new “Click2Life” feature that lets fans take pictures of images from the Disney.com Web site, and eventually in the physical world, and unlock exclusive content. For instance, a teenager may one day see a poster of an upcoming “Pirates of the Caribbean” film in a mall, snap a picture of the poster with an iPhone and then generate video content related to that picture or character. Jason Davis, vice president of Disney.com, said in an interview that the media giant realized it already had a huge audience of iPhone and iPod touch users for its content on its existing mobile application on Disney.com. Disney.com reaches nearly 31 million unique visitors per month and said that among mobile Web sites, it ranks as the No. 1 entertainment mobile site. It also has an expanding lineup of many paid applications currently available in Apple’s App Store including Toy Story Mania!, Disney Fairies Fly, The Nightmare Before Christmas and Breakspin. “Our iPhone and iPod touch traffic is heavily made up of kids and moms. The iPod touch has a very specific demographic geared to the tween,” he said, adding that within Disney content, there are various safety controls. “Because the applications are self-contained, once you’re in the application, you can’t get into anything else,” he said. The new application organizes Disney-branded content within one destination on each device, lets users interact with Disney characters through customizable photo frames and audio greetings, listen to Radio Disney live, watch music videos and buy Disney music on Apple’s iTunes Store. Source: Tech News - Livemint.com | 28 Oct 2009 | 5:15 am
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