|
|
|
|
SBI cuts deposit rates on slow credit, liquidity glutState Bank of India, SBI has snipped interest rates by 2550 basis points on deposits up to five years duration.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 6:25 am Tackling climate change: G20 has task cut outFinance ministers belonging to the world\'s 20 leading economies are gathering in Scotland for the latest G20 summit, report CNBCTV18s Sanjay Suri and Gautam Srinivasan. But there is still no clarity on the big topic of discussion: tackling climate change.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 6:16 am India, EU to resolve generic drug dispute: Trade minIndia will resolve a dispute with the European Union over generic drugs in an amicable way, Trade Minister Anand Sharma said on Friday.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 5:53 am Dr Reddy\'s files for marketing Lipitor genericDr Reddy\'s Laboratories has filed for marketing a generic version of Pfizer\'s cholesterollowering drug Lipitor in the U.S., the company said on Saturday.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 5:53 am Lufthansa announces special fares to Europe, America!Celebrating its 50th year of operations in the country, German carrier Lufthansa has announced special return fares for Indian travellers to Europe and America.Source: Zee News : Business | 7 Nov 2009 | 5:03 am Freddie Mac loses $ 6.3 billlion in 3Q!Freddie Mac`s losses narrowed to USD6.3 billion in the third quarter, but the government-controlled mortgage finance company didn`t need a federal cash infusion.Source: Zee News : Business | 7 Nov 2009 | 5:03 am G20 ministers to firm up global recovery, climate funding!Hosts Britain told the G20 it had "no reason to give up" on a new climate change deal on Friday, as finance ministers met for talks on bolstering the world economy and green finance.Source: Zee News : Business | 7 Nov 2009 | 5:03 am Opel chief quits after GM decides to keep European unit!General Motors said on Friday it will seek a new chief for European operations with Carl-Peter Forster quitting following the automaker`s decision to hang on to its Opel/Vauxhall division.Source: Zee News : Business | 7 Nov 2009 | 5:03 am AIG posts second consecutive quarterly profit!American International Group Inc, the insurer bailed out by the US government, posted its second-straight quarterly profit on Friday, helped by recovery in the value of its investments.Source: Zee News : Business | 7 Nov 2009 | 5:03 am Shell Oil to pay California $19 mn over violations!Shell Oil Company will pay California more than 19 million dollars because of environmental violations at service stations throughout the state, officials said.Source: Zee News : Business | 7 Nov 2009 | 5:03 am BSNL too offers per second billingBharat Sanchar Nigam Ltd has joined the ongoing mobile tariff war by announcing a slew of initiatives including a scheme based per second billing. BSNLs mobile services shall be available at 1 paise per second for local and STD calls within its network. Calls to other networks shall be made available at 1.20 paise per second.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 4:19 am BHEL bets on near doubling of orders in H2With the economy showing broad signs of a revival, equipment major BHEL is betting on a near doubling in order bookings in the second half of the current fiscal.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 3:52 am Aurobindo drug gets US nodAurobindo Pharma Ltd has received final approval from the US Food and Drug Administration (USFDA) for Lamotrigine tablets.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 3:39 am BEML bags Rs 185 cr NCL orderBEML Ltd had bagged a Rs 185crore order for supplying one of the largest `walking draglines\' or a huge, waste excavating bucket for Northern Coalfields Ltd.Source: Moneycontrol Top Headlines | 7 Nov 2009 | 3:32 am Glaxo for now Saudi's sole supplier of H1N1 vaccineBritish drugmaker GlaxoSmithKline is currently Saudi Arabia's sole supplier of a vaccine for the H1N1 flu virus.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 3:12 am Obama weighs steps to spur jobs, wary on deficitWASHINGTON (Reuters) - U.S. President Barack Obama on Friday listed a range of fresh options being considered by the White House to spur growth after "sobering" news that unemployment spiked to a 26 1/2-year peak last month.Source: Reuters: Money News | 7 Nov 2009 | 3:09 am Freddie Mac loses $6.3B in 3QWashington: Freddie Mac says its losses narrowed to $6.3 billion in the third quarter and the company didn’t need a federal cash infusion. The McLean, Virginia-based mortgage finance company has received about $51 billion since it was seized by federal regulators in September 2008, but avoided tapping the government for more aid for the second-straight quarter. The quarterly loss, which works out to $1.94 per share, includes $1.3 billion in dividends paid to the Treasury Department. It compares with a loss of $25 billion, or $19.44 per share, in the year-ago period. The results were driven by $7.6 billion in credit losses as the company continued to build its reserves for bad mortgages. Source: World Business - Livemint.com | 7 Nov 2009 | 3:05 am HIGHLIGHTS - Comments from G20 finmins, c.bankers meetingST ANDREWS, Scotland (Reuters) - Following are comments on Saturday from Group of 20 finance ministers, central bank policymakers and officials meeting in Scotland.Source: Reuters: Money News | 7 Nov 2009 | 2:57 am Sensex ends week 262 pts up, sectors to look at ahead - Moneycontrol.com
Source: Business - Google News | 7 Nov 2009 | 2:56 am US grieves after doctor kills 13 on army baseTexas: US President Barack Obama led his nation in mourning Friday as shocked Americans struggled to understand why an American-Muslim army doctor unleashed a massacre at a US military base, killing 13. Alleged shooter Major Nidal Malik Hasan, 39, a psychiatrist and specialist in combat stress who had been about to deploy to Afghanistan against his wishes, also wounded 30 people in Thursday’s deadly rampage. Just hours later, Americans were left reeling again when a disgruntled former employee went on the rampage in an office block in Orlando, Florida, Friday, killing one and wounding five before being arrested. Speculation swirled at Fort Hood, Texas Friday as to whether the alleged shooter Hasan had snapped under the pressure of his job counseling thousands of war-weary troops, or was motivated by deeper convictions. Obama cautioned against making hasty assumptions as an investigation was launched. “We don’t know all of the answers yet. I would caution against jumping to conclusions until we have all of the facts,” he said. “What we do know is that their families, friends, and an entire nation is grieving right now for the valued men and women that came under attack,” Obama said. He ordered flags to fly at half-staff at the White House and federal buildings, as troops here and around the world held a minute’s silence to mourn the dead. Obama would also attend a memorial service due to be held in the coming days, the White House said. The bodies of those killed will be taken to the same mortuary at Dover Air Base in Delaware that handles fallen soldiers from the wars in Afghanistan and Iraq, the Pentagon said Friday. Army chief of staff General George Casey said the attack was “a kick in the gut, not only for the Fort Hood community but for the entire army.” Hasan was shot and seriously wounded by a female civilian police officer who was being hailed as a heroine for ending his deadly rampage. He remained on a ventilator in a civilian hospital Friday. Witnesses reportedly heard him shout “Allahu Akbar!” (God is greatest) as he opened fire in a troop processing center with a semiautomatic weapon and a handgun. “There are first hand accounts here from soldiers here that are similar to that,” base commander Lieutenant General Bob Cone said. Although “Allahu Akbar” is a Muslim prayer, it has come to be associated with Islamic militants as they carry out attacks or suicide bombings. A surveillance video aired by CNN showed the major buying breakfast wearing traditional Muslim garb at a base store just hours before the shooting. The bloodshed dealt a new blow to US forces already under severe strain from repeated combat tours and plagued by a rise in suicides and depression. Fort Hood, by area the world’s largest US military base, has borne the brunt of the wars in Iraq and Afghanistan. Troops based here have suffered the highest number of casualties and have undertaken multiple tours of duty. Amid the sorrow, the shooting raised delicate questions about Muslim soldiers serving in the US Army, as some Muslim groups feared a huge backlash. Casey, the army chief of staff, said after a visit to the base that he, too, feared that possibility. “One of the reasons I told our leaders to keep their people informed and not rush to judgment or speculate until the investigation comes out, I do worry slightly about a potential backlash and we have to be all concerned about that,” he said. Hasan was born in the United States to Palestinian parents who had moved from a small town near Jerusalem. His cousin Nader Hasan, writing on behalf of the family as Hasan’s parents are dead, said they were stunned by Thursday’s events and stressed they all considered themselves Americans. “Our family loves America. We are proud of our country, and saddened by today’s tragedy,” Nader Hasan said in the message posted on The Washington Post website. Nidal Hasan’s aunt, Noel Hasan, told the daily her nephew had been subjected to harassment about his faith since the September 11, 2001 attacks and had repeatedly sought to be discharged. An unsigned video praising the attack appeared on a Islamic militant website called the Fallujah forum on Friday, and was swiftly picked up by other sites. The shooter “seemed upset and did not want to participate in this war, and he did not want to be among the ranks of infidels against his Muslim brothers,” the video said, offering its congratulations. Source: LatestNews-Home - Livemint.com | 7 Nov 2009 | 2:51 am IMF's Boutros-Ghali says FX problems symptom not causeST ANDREWS, Scotland (Reuters) - A meeting of Group of 20 finance leaders should not be fixated on exchange rate levels, as they are a symptom of underlying economic problems rather than a cause, the head of the International Monetary Fund's policy-steering committee told Reuters on Saturday.Source: Reuters: Money News | 7 Nov 2009 | 2:48 am Dr Reddy's files for marketing Lipitor genericDr Reddy's Laboratories has filed for marketing a generic version of Pfizer's cholesterol-lowering drug Lipitor in the US, the company said on Saturday.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 2:22 am BoCom sees strong 2010 China lending, bank profitsBEIJING (Reuters) - Banks in China are expected to lend 8-9 trillion yuan in 2010, slowing a touch from this year's likely new-loan total of 10 trillion yuan, Bank of Communications (BoCom) said on Saturday.Source: Reuters: Money News | 7 Nov 2009 | 2:10 am Crop insurance scheme introduced to protect farmersThe scheme protects farmers against risks of attack from pests, drought, floods and other natural calamities.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 1:58 am Japan promises aid, partnership with Mekong regionTokyo: Japan pledged ¥500 billion ($5.6 billion) in fresh aid to the Mekong region after concluding a summit Saturday aimed at catching up with neighboring China in strengthening its partnership with the Southeast Asian region. Thailand, Vietnam, Laos, Cambodia and Myanmar joined Japan at the two-day meeting, which underlined Tokyo’s determination to woo the region, rich in natural resources and low-cost labor, where China has already been setting up a major presence. Japanese Prime Minister Yukio Hatoyama said the meeting was partly in response to “changing international situations,” including China’s growing influence as well as the greater interest the US has expressed in the region. It was the first of its kind hosted by Japan. “It is fantastic that Japan can build a relationship of trust in this new way,” said Hatoyama. Laotian Prime Minister Bouasone Bouphavanh praised the meeting. “We will carry out the action plans. We see mutual benefit,” he said. Hatoyama said Japan’s interests were not in conflict with those of China and the US. “It is not a disadvantage for Japan if China strengthens its relationship with the region. We also welcome the increasing US interest in the region,” he told reporters at the prime minister’s residence. “We have hopes for a win-win situation.” The leaders issued a “Tokyo declaration” that committed Japan’s help for 63 projects in the region, including developing ports, airports and power lines, encouraging private sector investment and inviting 30,000 people, including youngsters, to visit Japan to promote exchange and understanding over the next three years. Hatoyama, who is also holding talks with each of the five leaders, proposed Japan’s cooperation for a “green Mekong,” which will include water resource management and preserving the area’s greenery and wildlife. The leaders also discussed the importance of erasing economic disparities through further development, Hatoyama said. The new aid is in addition to Japan’s previous pledges of nearly ¥400 billion ($4.5 billion) in aid for the region since 2007. In addition to the aid, private investment from Japan in the five nations has soared in the last few years. The Thai and Cambodian leaders were photographed sitting far apart from each other. The two countries are engaged in a diplomatic spat that led both to recall their ambassadors Thursday after Cambodian Prime Minister Hun Sen named deposed Thai leader Thaksin Shinawatra his economic adviser. Source: LatestNews-Home - Livemint.com | 7 Nov 2009 | 1:57 am Rico stand-off over, workers, company reach agreement - Expressindia.com
Source: Business - Google News | 7 Nov 2009 | 1:46 am GM in talks to bring Chinese cars to India: ReportGM began talks with its partners Shanghai Automotive Industry Corp (SAIC) and Wuling eight months ago to explore possibilities of bringing their light commercial vehicles to India.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 1:25 am Sensex, Nifty bounce nearly 2% on weekMumbai: Key benchmarks Sensex and Nifty bounced by nearly 2.0% over the week even as global markets are expected to influence activity at home amid possibility of FIIs pullout at the year-end. Technically, increasing build up in the Nifty positions as also in the futures and options indicate that the market is unlikely to continue with the upward movements. Analysts feel that foreign institutional investors (FIIs) which made record investments so far in the current calendar year, may book profits in the next two months as it marks the end of their accounting year. Over the week, the Bombay Stock Exchange 30-share index Sensex ended at 16,158.28, a net rise 262 points, or 1.65% over its last weekend’s close. Similarly, the National Stock Exchange 50-share index Nifty gained 84.45 points, or 1.79%, at 4,796.15 at the weekend from the previous weekend’s close. The dramatic bounce came after a two-week slide took the Sensex below 16,000 level to a ten-week intra-day low of 15,330.56 on 3 November, as the government rushed to the rescue of market, putting at rest speculation about withdrawal of financial packages given a year ago. As per data available with market regulator Sebi, FIIs made investments of more than $69 billion so far in the current calendar year. While government asserted that stimulus measures would continue and there would not be any curbs on capital inflows, the Planning Commission pitched for “aggressive” disinvestment, and said the proceeds from sale of government shares in PSUs should be utilized for new investment projects. The government’s statements resulted in a sharp pullback rally on 5 November, leading to the Sensex registering the biggest single day gain in more than five months. After plunging by nearly 6% on Monday, India’s largest private sector firm Reliance Industries rebounded to end the week higher by 1.32%. Major gainers from the Sensex pack were Bharti Airtel (9.40%), Jaiprakash Associates (8.40%), ICICI Bank (7.49%), Tata Steel (5.96%), Sterlite Ind (4.21%), Mah & Mah (5.29%), Maruti Suzuki (5.01%) and Reliance Infra (3.20%). Tata Power, however, dropped by 5.34%, ACC by 4.16%, Hindustan Unilever by 3.52% and Hero Honda by 2.29%. The trading volume fell sharply during the week. The turnover on the BSE and the NSE was Rs22,255 crore and Rs67,284 crore compared to Rs27,550 crore and Rs95,136 crore respectively, during last week. Source: Home - Livemint.com | 7 Nov 2009 | 1:08 am IDBI Bank unveils HOMES 2009> - Business Standard
Source: Business - Google News | 7 Nov 2009 | 12:48 am Dr Reddy's files for marketing Lipitor genericLipitor is the world's largest selling drug, with global sales of $8.3 billion in the last nine months.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 12:44 am Big California bank fails, has China branchesRegulators closed four other banks on Friday, in Georgia, Michigan, Missouri and Minnesota; failures already were the highest since 1992.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 12:19 am India-focused ETFs on the rise in USIronically, it is the lack of interest in the Indian capital market on the part of the latter.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am North-East monsoon vigorous over SouthNew Delhi, Nov 6 The North-East monsoon has been vigorous over south coastal Andhra Pradesh and active over Tamil Nadu and Kerala during the 24 hours ending Friday morning.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am Will Manmohan acknowledge the Modi model?Tomorrow the Prime Minister will inaugurate the World Economic Forum’s India Economic Summit. Lots of businessmen from all over the world will be present. They will listen attentively to him because they will be looking for ways to make moneySource: Business Line - Home Page | 7 Nov 2009 | 12:00 am 3.4 million apply for 11,000 clerical vacancies in SBI!Chennai, Nov. 6 Clerical jobs, you may think, are out of fashion. Think again. State Bank of India advertised a few months ago for 11,000 clerical vacancies. The response, to put it mildly, has been overwhelming.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am Windows 7 to be available off the shelf soonNew Delhi, Nov. 6 Microsoft’s latest Operating System Windows 7 will soon be available off-the-shelf and so will a host of other new software packs.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am Govt staff pension funds to hike equity investments by this fiscalMumbai, Nov. 6 Pension funds managing the New Pension Scheme (NPS) for Government employees will conform to new investment guidelines by the end of this fiscal, said fund managers.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am PSU stocks react positively to disinvestment plansMumbai, Nov. 6 Shares of PSUs with more than 90 per cent Government stake gained between 10 and 20 per cent in Friday after the Cabinet decided to raise public shareholdings in the companies to at least 10 per cent.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am SBI cuts deposit rates on slow credit, liquidity glutState Bank of India has snipped interest rates by 25-50 basis points on deposits up to five years duration.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am Patni Computer plans $200-400 m acquisitionChennai, Nov. 6 Patni Computer Systems Ltd plans to spend $200-400 million in acquiring an IT company that is into EAI (Enterprise Application Integration) space and specialising in the insurance industry. “We plan to close a deal in theSource: Business Line - Home Page | 7 Nov 2009 | 12:00 am BSNL too offers per second billingNew Delhi, Nov. 6 Bharat Sanchar Nigam Ltd has joined the ongoing mobile tariff war by announcing a slew of initiatives including a scheme based per second billing.Source: Business Line - Home Page | 7 Nov 2009 | 12:00 am Dr Reddy's files for marketing Lipitor genericMUMBAI (Reuters) - Dr Reddy's Laboratories has filed for marketing a generic version of Pfizer's cholesterol-lowering drug Lipitor in the U.S., the company said on Saturday.Source: Reuters: Money News | 6 Nov 2009 | 11:43 pm Bangladesh to import diesel from EgyptThe BPC, the country's sole importer and distributor of oil and fuels, last week completed negotiations with the state-run Kuwait Petroleum Corporation.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 11:43 pm Orissa to inspect iron ore mines for violationsSince July, the government has inspected seven mines and registered criminal cases against eight mine operators and officials of the forest and mine department.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 11:39 pm Orissa to inspect iron ore mines for violationsBHUBANESWAR (Reuters) - The Orissa government will inspect several iron ore mines, a government official said, in a crackdown on firms involved in illegal mining or violating environment rules.Source: Reuters: Money News | 6 Nov 2009 | 11:00 pm Freddie Mac posts $5 bln loss, predicts weak housingNEW YORK (Reuters) - Freddie Mac, the second largest provider of U.S. residential mortgage funding, on Friday posted a loss of $5 billion in the third quarter and predicted it would need more government support amid a "prolonged deterioration" in housing.Source: Reuters: Money News | 6 Nov 2009 | 10:42 pm Blackstone profit tops view; sees more deals aheadNEW YORK (Reuters) - Private equity firm Blackstone Group LP posted a forecast-beating quarterly profit on Friday and said it is gearing up for more deals and IPOs as the lending and equity markets recover.Source: Reuters: Money News | 6 Nov 2009 | 9:09 pm Selloff boon: Govt richer by Rs 50k cr in 1 sessionIn just one session on Friday, Dalal Street made North Block richer by over Rs 50,000 crore, before government sold even one share in its portfolio of companies.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 9:05 pm Air India may ground 650 flights per week - Economic Times
Source: Business - Google News | 6 Nov 2009 | 8:47 pm Chrysler dismantles electric car plans under FiatDETROIT (Reuters) - Chrysler has disbanded a team of engineers dedicated to rushing a range of electric vehicles to showrooms and dropped ambitious sales targets for battery-powered cars set as it was sliding toward bankruptcy and seeking government aid.Source: Reuters: Money News | 6 Nov 2009 | 8:14 pm Sun Micro sales fall, Oracle deal delay stingsNEW YORK (Reuters) - Computer maker Sun Microsystems Inc suffered a 25 percent fall in quarterly revenue, as uncertainty over its delayed sale to Oracle Corp hurt its business.Source: Reuters: Money News | 6 Nov 2009 | 8:11 pm I-banks back, IIMs act pricey again - Economic Times
Source: Business - Google News | 6 Nov 2009 | 2:55 pm Jet, Kingfisher lead fare hikes - Economic Times
Source: Business - Google News | 6 Nov 2009 | 2:40 pm BSNL looks to hold direct talks with Zain for controlling stake - Economic Times
Source: Business - Google News | 6 Nov 2009 | 2:38 pm Labour pangs likely to hold up India-EU free-trade agreement - Economic Times
Source: Business - Google News | 6 Nov 2009 | 1:58 pm RBI may've sold US T-bills to buy gold - Economic Times
Source: Business - Google News | 6 Nov 2009 | 1:54 pm 'Executing affordable housing projects will be a big challenge'Samir Jasuja, founder and chief executive of PropEquity, a real estate data and analytics provider, talks on realty trends.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 1:43 pm PEs wary of commercial realty spaceShift attention to residential segment, which is showing signs of recovery.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 1:42 pm Rationalise DTH taxes: Plan panelLevies by various government departments work out to about 50%.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 1:41 pm Drug storyRanbaxy Laboratories came in better than expectations at the net profit level, riding on exceptionally high other operating income.Source: Daily News & Analysis: Money News | 6 Nov 2009 | 1:40 pm Tatas trim holdings in group cosThe uptick in stock prices has helped several promoters monetise a portion of their holdings in the July-September quarter. In the process, some vanguards of desi businesses, including Tatas, have trimmed holdings in portfolio companies.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 12:11 pm Ayurveda's healing touch draws big businessBaba Ramdev and the Tata Group are poles apart in their area of operations, but they have one thing in common: both have been quick to spot the money-spinning potential of Ayurvedas healing touch.Source: Business Standard | Front Page Headlines | 6 Nov 2009 | 12:07 pm Birlas to foray into hotel industryFor the first time in their close to 100-year history, the Birlas are entering the hospitality arena. The Birla Group - a part of corporate folklore in the country, along with the Tatas - is going to set up its first hotel on a closed mill plot in Mumbai.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 12:05 pm Air India to slash routes in bid to cut costsCentre has categorically told the AI-IA combine to drastically prune all loss-making routes, which could include the airlines prestigious daily non-stop flights to New York from Delhi and Mumbai.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 12:05 pm Mittal daughter-in-law snaps up ailing EscadaHer father-in-law built a global steel empire relying solely on this strength and now Megha Mittal displayed the same predatory skills with her bid for insolvent European fashion house Escada.Source: Business Standard | Front Page Headlines | 6 Nov 2009 | 12:05 pm Dr Reddy's develops generic version of Pfizer's LipitorDr Reddys Laboratories has succeeded in developing a copycat or generic version of Pfizers Lipitor, the world's largest selling drug which has sales of over $10 billion.Source: Business Standard | Front Page Headlines | 6 Nov 2009 | 12:04 pm BSNL-MTNL losing share in mobile marketEven as India's mobile telephony sector has been able to buck the slowdown, the performance of government-owned BSNL and MTNL has been deteriorating, despite having a one-year lead in the launch of 3G services.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 12:02 pm Bank loans grew 9.7% on yr to Oct. 23Bank loans rose 9.7% on year as of Oct. 23, the Reserve Bank of India\'s weekly statistical supplement showed on Friday.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 12:00 pm BSNL to go direct to Zain if consortium talks failBharti Sanchar Nigam Ltd said on Friday it would directly engage Kuwait\'s Zain for purchasing a stake if talks by a consortium the Indian firm is part of fail.Source: Moneycontrol Top Headlines | 6 Nov 2009 | 12:00 pm Stop 'treaty shopping' denials for FDI: FIPB tells revenue deptThe Foreign Investment Promotion Board (FIPB) has pulled up the department of revenue for rejecting all foreign direct investment (FDI) proposals in which funds are routed through Mauritius and said it has taken a conscious policy decision to overrule such objections.Source: Business Standard | Front Page Headlines | 6 Nov 2009 | 12:00 pm Allcargo plans warehouse network to boost business Mumbai: When Shashi Kiran Shetty moved to the country’s commercial capital from Mangalore in 1978, he was clear about one thing. “I came to Mumbai to do something big in life,” he says, not unlike many other migrants to the metropolis before him. Today, Shetty is on his way to achieving his ambition.  Growth appetite: Shashi Kiran Shetty of Allcargo Global says Indian logistics sector will experience significant growth in the coming years. In 1995, Belgium-based ECU Line NV, the world’s second largest LCL firm, appointed Shetty’s Allcargo Global Logistics Ltd, which he set up in 1993, as its agent for Mumbai and New Delhi. LCL (less than a container load) firms collect small cargo and aggregate them into a full container load. Ten years later, Allcargo took a 33.8% stake in ECU and the following year, acquired the remaining shares. The takeover of ECU, which had five times the acquirer’s revenue in 2006, for €23 million (Rs160 crore today), made Allcargo the world’s No. 2 LCL firm, after OTS Logistics Group of the US. “I want to grow my company as the top in the world in LCL consolidation and India’s leading company in other areas that we are into,” says Shetty. Click here to see all of Mint’s coverage on the WEF India summit While absorbing ECU, Allcargo made sure that it would have a direct presence in containerized cargo versus being a mere freight-forwarding firm. It has started container freight stations, inland container depots and enhanced its presence in equipment leasing.  “Be it oil exploration rigs or windmills or (freight) trains, Allcargo is capable of offering end-to-end logistics for companies from any part of the world,” says a senior Allcargo executive who doesn’t want to be named. Thanks to ECU, Allcargo is in 63 countries with 140 offices, with LCL contributing at least 82% of its overall revenue. This global footprint persuaded private equity firm Blackstone Group to invest an additional $23 million in Allcargo, taking its total commitment to $75 million over two phases in the last two years. “This is a successful culmination of our partnership. We are confident that the Indian logistics sector will experience significant growth in the coming years,” said Akhil Gupta, chairman and managing director of Blackstone Advisors India Pvt. Ltd. “Shetty has created a strong logistics company with an enviable market position and we have also been impressed by both the breadth and depth of Allcargo’s management team and look forward to partnering with the company through its critical growth phase.” “The interesting fact is there is no major competitor in India. Shetty competes with international freight forwarders,” said an executive with a rival shipping firm. He didn’t want to be named. Shetty entered the logistics industry with TransIndia Freight Services in 1982, which moved general cargo and containers both within Mumbai port and across India. He established Allcargo about a decade later, identifying a niche he could build into a global business. Container traffic at major ports in India has increased from 3.4 million twenty-foot equivalent units (TEU) in fiscal 2003 to 6.6 million TEU in fiscal 2009, Param Desai of Angel Broking Ltd said in a recent note. A TEU is a standard measure of cargo in the container business. “As a result, the share of container traffic (in total cargo) in the current decade has increased from 11.5% in FY2003 to 17.6% in FY2009, with an increase in private participation in handling container terminals and customer preference in transporting cargo in containerized form as it reduces handling costs,” he wrote. Shetty has moved rapidly to tap this potential, building hubs at key points. Allcargo has set up three container freight stations, or CFS, adjacent to the Jawaharlal Nehru Port Trust near Mumbai, Chennai port and Mundra Port in Gujarat. It has also set up five inland container depots, or ICDs, at Dadri, Pithampur, Nagpur, Hyderabad and Bangalore. “Allcargo Global has built critical infrastructure where container cargo is transported the most. JN Port, Mundra port and Chennai port handle at least 95% of containerized cargo in the country,” said the Allcargo executive cited earlier. “With joint ventures, we have created a string of ICDs where we will ensure leadership with 35-55% market share.” For instance, Shetty tied up with Hind Terminals Pvt. Ltd, the Indian subsidiary of the UAE-based Sharaf Group, for the Pithampur ICD. He also chose to ignore the auction for freight train permits and focus on purchasing land for transshipment hubs. “It was a conscious decision that we took years ago not to bid for a container train licence,” the Allcargo official said. “When everybody was bidding for container train licences, we were busy buying land at cheaper prices at prime locations near the rail network.” Allcargo now plans to set up warehouses across the country to boost its LCL business. Shetty, a fitness and golfing enthusiast, says he has always wanted to be an end-to-end logistics player and “warehousing is very much a critical part of it while we continue to consolidate our LCL business.” The focus on LCL, he says, saved the firm in the slump. “During the recession, when companies decided to reduce inventories, many FCLs (full container loads) turned into LCLs, which indirectly helped us.” Typically, LCL accounts for 5% of a cargo firm’s business and FCL the remaining 95%. In Allcargo, LCL accounts for 15% and FCL the rest. Angel Broking’s Desai says the slump has taken a toll of the container business owing to weak demand and tight credit. The hardest hit were Europe and the US, where Allcargo has 50% of its exposure through ECU. Allcargo may be facing another handicap as it expands. The rival executive mentioned earlier says Allcargo lacks the “management depth that will give the company a direction to go to the next level.” Shetty says his management team has a huge appetite for growth and has delivery capabilities of a high quality. “From the outside, it may look simple. But there is a huge thought process behind by a strong management team. We will only get into an area where there is a strategic fit and it’s viable.” Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 12:00 pm Dockers wears itself out in indiaThe historic S-fit, in particular, had ITwallahs ushering in "business casuals" by fitting in mobiles, palmtops, USB ports, digital diaries and sunglasses in trousers lined with anti-radiation technology.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 11:43 am SBI cuts deposit rates on slow credit, liquidity glut - Hindu Business Line
Source: Business - Google News | 6 Nov 2009 | 11:33 am L&T offers to sell Bial stake at Rs108 a share; 10-fold returnBangalore / Mumbai: India’s largest engineering firm Larsen and Toubro Ltd (L&T) has offered to sell part of its 17% stake in Bangalore International Airport Ltd, or Bial, to its partners at Rs108 a share, giving it a return of more than 10 times, two people familiar with the development said.  Rich field: The Bangalore airport, the third busiest in the country, has been valued at more than $1 billion within 18 months of opening. Hemant Mishra / Mint Mumbai-based GVK Power and Infrastructure Ltd, which acquired a 12% stake in the project from Zurich Airport, one of the promoters, has said it will buy more shares as part of its plan to take control of the south Indian airport. L&T will sell 12% stake in Bial, but the promoters of the airport would have the first right of refusal. “The time frame for refusal ends on 19 November. After that they can sell it in the open market,” one Karnataka government official said. He did not want to be named as he was not authorized to speak to the media. L&T spokesperson D. Morada denied there was any stake sale plan. “It’s all in the realm of speculation.” The Bangalore airport, the third busiest in the country, has been valued at more than $1 billion (Rs4,680 crore) within 18 months of opening. It handled 8.7 million passengers in its first year. Sanjay Reddy, vice-chairman of GVK Power, said his company will be keen to acquire L&T’s stake if the existing shareholders of Bial are willing to forgo their right of refusal. “We are looking at how we can utilize the investments and our first focus would be on how we can add value to this project,” he said. In 2005, the public private partnership project had an equity of Rs326.7 crore, nearly three-fourths held by the private consortium led by Siemens Project Ventures. Siemens has invested Rs130.68 crore for its 40% holding in Bial, while Zurich and L&T invested Rs55.54 crore each for their 17% stake. Siemens needs to stay invested for at least three years, before it can dilute up to 14% and seven years before it exits the venture. Zurich can sell up to 12% a year after the airport opens. On Thursday, Zurich sold its 12% stake to GVK for Rs484.6 crore. L&T does not have a lock-in period. According to a senior analyst with domestic brokerage, GVK could face regulatory hurdles in acquiring a majority stake. “There could be issues when the original promoters are lowering their stake, according to the terms and conditions,” he said, not wanting to be identified since he is not authorized to speak to the media. “Also, it is hard to make a judgement call as we do not know the profitability aspects of the airport.” GVK’s Reddy said that with the 12% acquisition, it will have board representation. “Moreover, we have a strategic alliance agreement with Zurich Airport that will allow us to have some say in the management of Bangalore airport, ” he said. raghu.k@livemint.com Source: Home - Livemint.com | 6 Nov 2009 | 11:16 am How India hopes to lead the worldNew Delhi: As Prime Minister Manmohan Singh talked with the European Union (EU) officials on Friday in the Capital to seek common ground on climate change, India is going ahead with its own plans to pare domestic emissions, incentivize companies to save energy and lead the way for the world.  Positive note: Minister of state for environment Jairam Ramesh. Harikrishna Katragadda / Mint “Let us take on aggressive commitments domestically,” environment minister Jairam Ramesh told the Hindustan Times. “Let us negotiate from a position of strength because we have a good story to tell the world.” Some strands of the story are being woven together by a raft of experts and agencies trying to implement ambitious and potentially profitable plans to keep India’s carbon emissions under check, independent of international commitments. Policymakers are working on energy norms and a range of incentives for 714 of India’s most energy-intensive installations across nine sectors. “Our goal is to ensure each tonne of energy, cement, steel uses less energy than the previous tonne,” said Ajay Mathur, director general of the Bureau of Energy Efficiency and an Indian climate negotiator. The aim is to make energy efficiency profitable.  “We’ll have a national registry for energy-efficiency certificates, which will have a one-year tenure,” said Pramod Deo, chairman of the Central Electricity Regulatory Commission. “They will work like shares, or carbon credits. They should be available from April 2010.” Only after amendments to the Energy Conservation Act are passed by Parliament will it be clear if these carbon credits will be traded at a physical exchange or online. Given the political heat over perceived kowtowing to the West, these efficiency measures will likely not be offered for international verification. Singh, reiterating that India was not yet ready to quantify targets, spoke of its efforts, which stretch beyond energy efficiency to growing more forests as carbon sinks. “We have a very ambitious national plan to combat climate change,” he said after the 10th India-EU summit in New Delhi. “We have acknowledged there are ambitious plans in India,” said Swedish Prime Minister Fredrick Reinfeldt. “But we need action from everyone.” Sweden now holds the rotating EU presidency. In many sectors such as steel and power—where emissions per unit are reducing—India already has some of the world’s most efficient units.  “What’s interesting is how quickly these are copied,” said Mathur, whose bureau has successfully implemented energy ratings for refrigerators and air conditioners, first voluntary, then mandatory. For instance, the summer of 2009 saw a five-week waiting period for five-star ACs, the rating for most energy-efficient units. As it becomes evident that the effects of a warming planet are deeper and faster in India than previously thought, the Centre has also identified 127 research institutes—collectively called Indian Network of Climate Change Assessment— to study climate change. It seems clear there will be no agreement at Copenhagen, Denmark, where governments meet next month to discuss how developed and developing countries will cut carbon emissions and who will pay. “There will be no legally binding agreement in Copenhagen,” predicted Ramesh. “Only a political statement, which will then be a mandate for negotiations.” These statements, agreed other experts, would be legally binding on developed nations, not developing ones. “We must now work on the political statement,” said Ramesh. This includes building a national consensus, a process that was derailed last month by the leak of a letter Ramesh wrote to Singh. The leak wrongly implied that India was thinking of mandating domestic emission cuts and offering them as global commitments. Source: Home - Livemint.com | 6 Nov 2009 | 11:12 am Quick Edit | Hamlet and climateThe prince of Denmark once described his land as a prison. Advanced countries are quite close to getting into one at Copenhagen. Until now, they have resorted to the tactic of blaming developing countries for not agreeing to emissions cuts. This even as developed countries’ plans for cuts were often riddled with loopholes and were well short of what is required in reality. Preparatory talks for the summit at Copenhagen have floundered because rich countries could not sort these issues. A Reuters report on Friday quoted Antonio Hill of Oxfam International as saying, “There’s no question: they’re trying to get a get-out-of-jail card.” But there’s no escaping jail after many developing countries announced plans on emission cuts and better energy use. The tactic now is to say that whatever is agreed at Copenhagen will be “morally binding” on all countries. This, while a legally binding treaty is thrashed out in 2010. That too has the potential to fail, unless rich countries bring something else to the table: sincerity. They have not shown much of it so far. Source: Home - Livemint.com | 6 Nov 2009 | 11:12 am Osian’s Art Fund may yield 5%, much below expectationsNew Delhi: With the countdown for the closure of India’s largest art fund having begun, the steep erosion in valuations is causing anxiety to its investors.  Poor valuation: Neville Tuli, OAF’s chief adviser. Osian’s Art Fund (OAF), valued at nearly Rs100 crore, is due for closure on 10 November as per its redemption schedule. OAF’s chief adviser Neville Tuli says that the capital of unitholders has been preserved despite the market dropping by over 45%. But the rate of return is much lower than what was expected when the fund was set up in July 2006. Investors will now get returns of 5% a year as opposed to 20-22% (after tax), as the fund’s disclosure report had suggested in January 2007. Set up under the Indian Trusts Act, Osian’s launched its first scheme, Contemporary 1, on 9 July 2006 as a closed-ended scheme with a lock-in period of 36 months, which was open to investors only by private placement. The minimum investment was Rs10 lakh and thereafter in multiples of Rs5 lakh, with a purchase price per unit of Rs100. The investment services wing of BNP Paribas was one of the chief mobilizers of the fund. Sharad Sharma, country head for private banking at BNP Paribas, says that he would still advise clients to invest in art funds. Art allows investors such as high networth individuals to distribute their holdings among various asset classes to hedge their risks. “They are a good avenue for diversification into a new asset class,” says Sharma. “The recession impacted investments across the board and it doesn’t make sense to be put off completely because of this recent debacle.” However, in the same period (9 July 2006 to 6 November 2009), the Sensex gained 51.23% and gold rose 77.08% on the Multi Commodity Exchange of India Ltd. Funds with redemption dates already set, such as Osian’s, have to sell at whatever price they get at the time of closure. Funds that are scheduled for closure in late 2010 and 2011 may face a better fate. Mukesh Panika, director of Religare Arts Initiative Ltd whose fund closes in January 2011, predicts that upheavals in market sentiment will be largely resolved by then and that investors will be able to get a higher rate of return. Panika doesn’t disclose the expected rate of return, but says he’s positive that investors would be appeased. Arvind Vijaymohan, who heads Indian arts advisory Japa Arts Pvt. Ltd, makes recommendations to clients on their personal art collections. He strongly believes that the basic premise of art funds in a young market such as India is not very solid. Vijaymohan also attributes the disproportionate rise and subsequent fall of prices in Indian contemporary art to the profusion of art funds in 2006. “By collectively raising money to the tune of crores, these art funds made a lot of sudden capital available in the market,” he says. “And since proportional quantities of work weren’t available, severely inflated values got attached to what was.” Ashwin Ramarathinam in Mumbai contributed to this story. anindita.g@livemint.com Source: Home - Livemint.com | 6 Nov 2009 | 11:11 am Inside trade probe snares ‘Octopussy’US Federal authorities widened their crackdown on insider trading, uncovering an alleged network of conspirators with elements of a James Bond movie, including packages of money, throwaway cellphones, a ringmaster nicknamed “Octopussy” and an associate called “the Greek”. In a 24-page criminal complaint filed in a New York federal court, prosecutors alleged that 14 individuals were part of an insider trading group that generated $20 million (around Rs94 crore) in illegal profits. The group allegedly included several hedge fund traders, two lawyers, a former junior analyst at a credit rating firm and a technology company executive. The charges mark a significant broadening of ongoing criminal and civil investigations into alleged insider trading on Wall Street, in Silicon Valley and elsewhere—the most sweeping insider trading case in decades. Last month, charges were filed against hedge fund tycoon Raj Rajaratnam, founder of Galleon Group, and five others. Rajaratnam and his co-defendants, who were accused of reaping $20 million in illegal profits, have denied wrongdoing. Some of the individuals charged on Thursday moved in the same circle. In the complaint, the US alleged that Zvi Goffer, a former trader at Galleon and hedge fund Schottenfeld Group Llc, was the central figure in a ring that included his brother, a lawyer at Ropes and Gray Llp, and six other traders and hedge fund managers. “The casual betrayal of corporate secrets by insiders...makes a mockery of our system,” said Preet Bharara, the Manhattan US attorney, at a news conference announcing the charges. A related civil case was filed by the Securities and Exchange Commission. A lawyer for Goffer, who is 32 years old, declined to comment, as did a lawyer for his brother. Rick Schottenfeld, founder of Schottenfeld Group, Goffer’s former employer, said: “We are deeply troubled and shocked by the criminal allegations” against Goffer. He added that no current Schottenfeld employees have been named in the case, and said the firm is cooperating with authorities. Five of those charged on Thursday have already pleaded guilty and are helping prosecutors build a case, including three traders—Roomy Khan, C.B. Lee and Ali Far—previously identified by The Wall Street Journal as cooperating witnesses in the investigation. The government alleges that the group affiliated with Goffer used non-public information to trade stocks of Avaya Inc., 3Com Corp., Alliance Data Systems Corp. and Axcan Pharma Inc. The complaint says the information included tips supplied by Arthur Cutillo, 33, an associate in the New York office of Boston-based Ropes and Gray, about buyout announcements involving those firms. Jason Goldfarb, a Brooklyn lawyer, served as the intermediary between Cutillo and Goffer, the complaint says. The defendants allegedly used disposable cellphones to relay the information to one another. Lawyers for Cutillo and Goldfarb declined to comment. A Ropes and Gray spokesman said the firm was “deeply disappointed to learn about this situation, which suggests an extreme breach of this person’s duty of trust to our clients and to the firm”. He said the firm was cooperating with the investigation. Goffer was referred to by some people in the alleged ring as Octopussy because he “had arms in so many sources of inside information”, the complaint says. Octopussy is the title of a 1983 Bond film. In one phone conversation recorded by federal agents, Goffer, apparently worried that a trade might attract attention, told one of his alleged co-conspirators: “Someone’s going to jail, going directly to jail, so don’t let it be you,” according to the complaint. The government alleges that the defendants had knowledge of a pending acquisition of 3Com and bought shares of the computer networking company in August 2007. After Bain Capital Llc announced its plans to buy 3Com in September 2007, the complaint alleges, Goffer broke a disposable cellphone in half and bit its “SIM” computer chip before telling an unidentified “tippee” to dispose of the other half of the phone. In August, a government informant, wearing a wire, pushed Goffer to identify one of his alleged tipsters, whom Goffer had described earlier as “a guy in the construction business”, the complaint says. Goffer declined to elaborate, according to the complaint, telling the informant it was better for him not to know in case someone from the government were ever to ask. The Goffer brothers discussed using the disposable cellphones to call someone they called “the Greek”, the complaint says. His identity couldn’t be determined. Goffer, a New York City resident, had worked as a trader at Schottenfeld and Galleon before starting his own trading firm, Incremental Capital Llc. The complaint says Cutillo of Ropes and Gray passed information to Goldfarb about at least four mergers on which Ropes and Gray was an adviser, including deals involving 3Com and Axcan. Ropes and Gray represented buyout firms, including Silver Lake Partners, TPG Capital and Bain Capital, the complaint says. In the 3Com case, the government alleges that on 28 July 2007, Ropes and Gray sent a letter to 3Com indicating Bain Capital’s interest in acquiring the company. On the evening of 6 August, the complaint says, Cutillo called Goldfarb six times, passing on information about the 3Com acquisition. That same night, Goldfarb passed on the information to Goffer, who then called his younger brother, Emanuel, 31, who began buying 3Com shares the following day, according to the complaint. The 3Com deal, in which Bain Capital and China’s Huawei Technologies Co. Ltd had proposed buying the company, was abandoned in March 2008 due to opposition from a US government security panel. One defendant, trader Craig Drimal—who allegedly made $2 million in illegal profit on the Axcan deal—said to Goffer in a phone call recorded by federal agents that another individual had “some cash lying around” and is “going to take care of me”, according to the complaint. A lawyer for Drimal declined to comment. In another call, Drimal and Goffer agreed to meet on Manhattan’s Upper East Side, the complaint says. At about 2pm the following day, Federal Bureau of Investigation (FBI) agents allegedly observed Drimal arriving at the corner of First Avenue and 63rd Street in Manhattan, near Goffer’s residence. According to the complaint, they saw Goffer get into the car, then exit the car carrying “an item the size of the VHS tape”, which FBI believed was filled with cash, a kickback for a tip. At 5:30 that evening, agents saw Goffer drive to the home of Goldfarb, where he entered the building carrying a white bag that the agents also believe was filled with money. Also named as a defendant was Ali Hariri, a vice-president at Atheros Communications Inc., a Santa Clara, California, maker of wireless communications chips. Prosecutors allege that Hariri passed inside information related to forthcoming Atheros earnings to an investor who worked at a hedge fund, who made $870,000 trading on the information. A spokesman for Atheros said, “The company has launched an internal investigation, and placed Hariri on leave pending the results of that investigation and the unfolding legal proceedings.” Hariri couldn’t be reached for comment. THE WALL STREET JOURNAL wsj@livemint.com Don Clark, Chad Bray, Gregory Zuckerman and Justin Scheck also contributed to this story. Source: Home - Livemint.com | 6 Nov 2009 | 11:11 am Cautious optimism on placements at IIM-BBangalore: While the exuberance of previous years is yet to return, the mood was cautiously optimistic on the first day of summer internship placements at the Indian Institute of Management, Bangalore (IIM-B) on Friday. A good summer placement season is seen as a harbinger of a good final placement season in February-March, when students land permanent jobs. “The students I spoke to seemed to be in demand,” said Suvojoy Sengupta, partner and co-head of the India practice of Booz and Co., which has taken three students as interns. “Last year, they weren’t this confident.” In November 2008, both summer and final job placements took a beating after the crash of Lehman Brothers Holdings Inc. The Wall Street investment bank had been one of the most sought-after employers on premier B-school campuses in India. As at IIM Ahmedabad and IIM Calcutta, which started their summer internship placements earlier this week, companies on the first day at IIM-B, too, consisted mainly of consulting firms and investment banks. The consulting firms—Booz and Co., McKinsey and Co., Boston Consulting Group Inc., Bain and Co. Inc. and AT Kearney Inc.—made 19 offers on Friday at IIM-B. The investment banks included JPMorgan Chase and Co., UBS AG, Royal Bank of Scotland Group Plc, Bank of America-Merrill Lynch, Citigroup Inc. and NM Rothschild and Sons. IIM-B aims to get summer internships for at least 30% of its batch of 350 students, with around 40 companies invited on day zero. The term day zero is B-school parlance for the first slot when the most sought-after recruiters are invited to campus; it lasts a day and a half. The institute expects at least 150 companies to visit the campus. The process is likely to conclude in six-seven days. IIM-B has a larger class of 350 first-year students this year after the caste-based quota was implemented. These students will start their internships in April and graduate in March the year after. Last year, the summer placements concluded in five days for a smaller batch of 280 students. Financial services firm Anand Rathi Group was also at IIM-B making offers to students. “We are going aggressive on our investment banking division,” said Nand Sharma, director, strategy and business development at Anand Rathi. The company plans to take 10-12 interns from IIM-A, IIM-C and IIM-B, against none last year. “We need people in mergers and acquisitions and private placements,” Sharma said. poornima.m@livemint.com Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 11:06 am Fairfax County in US beckons India Inc to investFairfax County in Virginia state Friday invited India Inc to explore business opportunities in the US by investing in the county, especially in defence and aerospace sectors.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 11:00 am Markets | Tata Power to raise $300 mn selling bondsNew Delhi: The country’s biggest non- state power producer, Tata Power Co. Ltd, said it plans to raise as much as $300 million selling bonds to fund projects aimed at doubling generation capacity in the next three years. The bonds will carry a coupon of 1-1.75% and are convertible at 10% over the 5 November closing price of its shares on the National Stock Exchange, the utility said in a statement to the Bombay Stock Exchange on Friday. Source: Home - Livemint.com | 6 Nov 2009 | 10:28 am There is nothing unhealthy about beveragesNew Delhi: Atul Singhis considered a turnaround specialist. US soft drinks maker Coca-Cola Co. posted him in India four years ago after he succeeded in driving up volumes in China. Under him, Coca-Cola India Inc., too, has turned profitable, the first time after it re-entered the country in 1993. Ironically, though, even after 16 years in India, the local Thums-Up drink remains its top-selling brand. Singh, 49, president and chief executive officer of Coca-Cola India, is secretive about new launches and advertising campaigns but shares his strategy and the leadership mantras he uses to fight it out in the competitive Rs7,500 crore soft drinks market in India. Edited excerpts: How would you rate Cola-Cola India’s performance? In the last quarter, Coca-Cola India grew by 37%, its highest growth in the last 13 quarters. In fact, in the last four quarters, our growth has been in excess of 30%. China is doing very well, too, in terms of volume. Click here to see all of Mint’s coverage on the WEF India summit How have you managed to turn around Coca-Cola in India? I came here in September 2005. We did an assessment of our business, capability and portfolio and set a vision for ourselves. There were changes in the management team. We focused on what we call the manifesto for growth and we clearly aligned our system to the manifesto and the six P’s—people, portfolio, partners, profit, planet and productivity.  All clear: Coca-Cola India CEO Atul Singh believes in leading with transparency. Rajkumar/Mint In the planet area, we work in rain-water harvesting and have committed to be water neutral in a given period of time. The other focus area is energy efficiency and reducing the carbon footprint. We created the right partnerships with the kirana and the large format stores. We have trained 30,000 small shop keepers on merchandising skills and we taught them how to manage their finances. This is about managing their business and nothing to do with selling our products. The attrition rate in the company, which was very high earlier, dropped below the industry average (of around 18%). When we measure our performance across the six P’s, we have made significant progress. You announced an investment of $250 million (Rs1,170 crore now) in 2006. Where is the money being used? Since our re-entry, we have made investments of around $1.2 billion already. The $250 million investment is being used to increase our capacity in manufacturing, transportation, logistics, cold drink equipment such as refrigerators, and consumer marketing. Does the money come from the parent company? We have franchise bottlers who generate their own funds within India. The company also generates funds locally. But the $250 million has come from the parent company. Are you launching new brands in India? We have added Minute Maid, Fanta Apple and Fanta Orangy Blast. We have added different pack sizes also. Globally, we have over 400 brands and will bring to India what we believe the consumer wants. It’s difficult to say what. We will expand both the sparkling (carbonated drinks) and still (non-fizzy drinks such as Maaza) beverages range. Any acquisitions in the pipeline?  Aren’t the soft drinks companies facing a challenge from the health and nutrition point of view? There is nothing unhealthy about beverages. All our products are safe. Yes, there is a debate on obesity but that is a separate debate. Obesity is caused because of our habits. We promote an active lifestyle through sponsorship of sports; we sponsor the Olympics, the FIFA Cup. Globally, we have announced that all our products in 206 countries will have front and back labels by Q1 (first quarter) of 2011. We will have calorie content and nutrition details on the labels. The initiative is voluntary. We want to be ahead of the curve in telling people what they are eating and drinking and let them make a choice. How was your China experience different from India? Both countries have over a billion people but the per capita consumption of soft drinks in both India and China is still very low. The physical infrastructure is a challenge in India, unlike in China. Interestingly, (the) ready-to-drink industry is large in China with a surfeit of global, regional and local brands. In India, there are not that many players. An independent study shows that of the 120-billion-litre non-alcoholic beverage consumed in India, only 4% is ready-to-drink. So the opportunity is huge. With increased urbanization and growth in the middle class, more people will go for packaged drinks. Which is your favourite drink? Diet Coke. I drink six to eight cans a day. Which country did you most enjoy working in? In the last 30 years, I have lived only six years in India. I have worked in the US, Africa, Eastern Europe, China and now India. The opportunities and challenges have been unique so I have enjoyed working in all the countries. But the Romania experience was truly memorable because it was just after the revolution and the Berlin Wall had just fallen. It was a unique time in history when I was there. Do you have a favourite city? Kolkata and New York are my favourite cities. I grew up in Kolkata and my first jobs (PricewaterhouseCoopers and Colgate-Palmolive Co.) were in New York. I just enjoy the people of Kolkata and love the hustle and the bustle, the cosmopolitan nature and energy of New York. How would you describe your leadership style? I believe in leading with transparency. I believe in open communication, collaborative style and I am a good listener. I like to do the right thing the first time and every time. For me, sustainability is very important and sending the right and consistent message. I don’t like layers either, so I pick up the phone and talk to the most junior person. I have worked all over the world and I don’t believe in bureaucracy. Are you always so focused? I wanted to join the corporate world and work abroad. So I studied management. I knew I won’t make it as an engineer or a doctor. I wasn’t just smart enough. I knew I wouldn’t get into an IIT, so why bother. If you are a batsman, then don’t try and become a bowler. I keep telling people focus on your strengths and make sure you don’t have any de-railers. Lot of people try to fix their problems without capitalizing on their strengths. Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 10:26 am Legal | Mayawati moves SC in Taj corridor caseNew Delhi: Uttar Pradesh chief minister Mayawati has moved the Supreme Court on Friday challenging an Allahabad high court decision to entertain a lawsuit seeking revival of a corruption case in the multi-crore Taj Heritage Corridor scam. Mayawati approached the apex court against the 18 September order of the Lucknow bench of the high court, which issued notices to her and her cabinet colleague Nasimuddin Siddique in the corridor scam. The matter would be taken up by the court for hearing on 16 November. Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 10:24 am Exports | Iron ore exports almost double in SeptemberMumbai: The country’s iron ore exports almost doubled in September amid higher demand from steel makers in China, an Indian mineral industry group said. Sales increased to 6.3 million tonnes (mt) from 3.33 mt a year ago, the Federation of Indian Mineral Industries said in an emailed reply to a query. Sales in the six months ended 30 September rose 13% to 45 mt, the group said. Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 10:21 am There’s a long-term case for non-dollar assetsThe dollar has been the dominant global currency for over half a century, but has come under attack in the past year. A few months ago, the Chinese central bank governor suggested a world currency; other central banks including the Reserve Bank of India are shoring up gold reserves; and the dollar index, which measures the greenback against a basket of currencies, has lost some 12% in the past year. Mint spoke to foreign exchange commentator A.V. Rajwade about where the dollar is headed. Edited excerpts: Do you see the RBI’s gold buying as a loss of confidence in the dollar as a reserve currency? Partly, yes. It is an effort at the diversification of reserves. And for quite some time, there has been an inverse correlation between the dollar and the gold price. In a way, it is diversification but one wonders if it wouldn’t have been better to diversify in terms of the euro or the yen or whatever, rather than going into gold. When we say the dollar devalues, against what (is it depreciating)? It means that the euro and the yen are appreciating. (So) you might as well consider increasing (euro and yen reserves). Maybe there is a personal bias. I am not a big fan of gold. Was the dollar’s weakening earlier this year because of dollar carry trade or were there more fundamental factors? There is a dollar carry trade. The dollar’s short-term interest rates, at least for once, are lower than the yen’s rates. So, partly it was that, but I don’t think it’s only that. It was a combination of the fact that (the US has) the world’s largest fiscal deficit, a huge deficit on the current account still despite the fact that oil prices have halved compared with their peak. People are still talking about whether the economic recovery will be V-shaped, W-shaped, L-shaped, whatever—all taken together was responsible (for the dollar weakening). After depreciating for a long time, the dollar index is suddenly gaining strength. What are the factors driving this? (It’s) very difficult to say what is causing this. But I don’t think that it (this gain) indicates anything much. Fact is, if the dollar further appreciates against the euro and yen, both economies are going to have major problems. Instead of coming out of recession, any further strengthening of those currencies would create major problems for their economies. So what is happening is that the dollar exchange rate is correcting, but it is only against floating currencies. There is no correction against the currency, where it is most needed—the Chinese yuan. That is the biggest imbalance. How should Indian investors view investing in non-dollar assets? It’s a question of what time horizon you have in mind. If you are looking at a 10-year time horizon, I think there would be a case for non-dollar currencies or assets. If you are taking a short-term view, I wouldn’t advise anybody to (bet against the dollar). In the last one week, we have seen the dollar appreciating. Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 10:18 am Banking | SBI, PNB cut deposit rates by 0.25-0.50%Mumbai: The country’s two largest banks, State Bank of India (SBI) and Punjab National Bank (PNB), on Friday cut deposit rates by 0.25% to 0.50%, effective 9 November even as SBI extended its cheap home loan rate scheme till March. Following the rate cut, deposits for 181 days to less than one year will offer 5.25%, down from 5.75%. Deposits between one year and less than two years will offer 6% interest against 6.25% earlier and deposits for three years to less than five years will offer 6.50% against the current rare of 7%. The bank has also extended its low-interest rate home loan facility till March. The three schemes under which SBI gives home loans starting at 8% was scheduled to end in November. In case of PNB, the maximum rate on retail term deposits will be 7% in the bracket of deposits of three years and more. ********* Credit growth falls to single digits at 9.6% Mumbai: The credit growth in the Indian banking system has fallen to single digit, at 9.7% for the week ended 23 October, as against 29.1% a year ago, according to data from the Reserve Bank of India (RBI). The last time credit growth rate fell to these levels was in March 1997, at 9.6%. The credit growth in the industry has been falling since the start of the credit crisis in September 2008 as companies stayed away from availing fresh loans from banks for their new projects. The sluggish credit growth has forced RBI to revise its credit growth target in its second quarter review to 18% from 20% for the fiscal year ending March. RBI also advised banks to step up their lending exercise but banks complain that companies are not availing loans already sanctioned to them. The low credit growth was one of the crucial factors why RBI did not raise interest rate in the system, as even with this prevailing low rates, companies have not been availing money from banks. However, bankers are saying that companies have started availing loans and in the coming days, the credit growth figure would increase. — Anup Roy ********* Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 10:18 am Karnataka crisis: stalemate continues, Yeddyurappa blinksBangalore / New Delhi: The Bharatiya Janata Party (BJP) has asked rival factions in Karnataka to resolve their dispute by Saturday, said senior leaders who spoke on condition of anonymity. The unit has been in the throes of a crisis in the past week following a rebellion by some of its legislators against the state leadership.  Tough times: Karnataka chief minister B.S. Yeddyurappa. His close aide, principal secretary V.P. Baligar, was shunted out on Friday. Hemant Mishra / Mint Chief minister B.S. Yeddyurappa, meanwhile, announced some changes that were part of the demands made by his rivals. The chief minister’s principal secretary V.P. Baligar, a bureaucrat seen as close to Yeddyurappa, was on Friday shunted out. The Karnataka government said Baligar would take charge of the state’s industries department and I.S.N. Prasad, another senior bureaucrat, would be the new secretary to the chief minister. Late evening, at a meeting convened at BJP national leader L.K. Advani’s house in New Delhi, Yeddyurappa was asked to stay back in the capital so a compromise could be reached. “I am not going back to Bangalore,” Yeddyurappa said. “Our central leadership has advised me to stay back. The crisis would be sorted out in another 24 hours.” BJP leaders Rajnath Singh, Arun Jaitley and Sushma Swaraj were at the meeting. The priority of the “RSS (Rashtriya Swayamsevak Sangh) and the BJP at the moment is to save the government headed by Yeddyurappa rather than save the party,” said Jyotirmaya Sharma, professor, political science, Hyderabad University. “The RSS’ preference for Yeddyurappa is obvious, given his Sangh background.” Rebel BJP leader in the state and Karnataka tourism minister G. Janardhana Reddy, however, flew from New Delhi to Hyderabad, where his supporters are camping, without meeting the chief minister. Mounting pressure on the BJP, Reddy said he had with him the resignation letters of 53 legislators and these would be submitted to the party’s central command if they failed to give “better leadership.” The president of the Karnataka unit of the BJP, Sadananda Gowda, said Reddy had gone back to Hyderabad to convince his supporters on a compromise formula. He did not disclose more details. A legislator from the Reddy camp, who did not want to be identified, said Shobha Karandlaje, the state’s rural development minister, is also likely to be dropped and the speaker of the Karnataka assembly, Jagadish Shettar, would be inducted into the ministry. The portfolios in the state would also be reshuffled as part of the compromise formula, this legislator said, adding that a panel constituting members of both the factions was likely to be set up to review key administrative decisions. The rebels have been demanding the removal of Karandlaje, considered close to Yeddyurappa, and making Shettar the new chief minister. “Just dropping Shobha and removing Baligar is not enough. Yeddyurappa has lost (the) confidence of the majority of party MLAs (and) has to go. We are firm on this demand,” the rebel legislator said. Former chief minister and Janata Dal (S) leader H.D. Kumaraswamy said that if the BJP was unable to resolve its internal crisis, it should dissolve the assembly and go to the people. “It is shameful that even as people in north Karnataka are struggling to rebuild their lives after the unprecedented floods, the state government is politicking instead of assisting those in distress.” Another minister, who claims to be neutral to both factions, said: “Irrespective of which faction wins or loses, it is the party which has lost.” venkatesha.b@livemint.com Source: LatestNews-Home - Livemint.com | 6 Nov 2009 | 10:14 am Vodafone Essar faces tax hurdle in tower caseMumbai: The tax man has opened a new front against Vodafone Plc, this time against Vodafone Essar, the local venture. The income tax department has filed an objection in the Delhi high court, which is considering the scheme of demerger of Vodafone Essar’s tower assets into the three-way joint venture firm Indus Towers. Vodafone Essar and Bharti Infratel each hold 42% in Indus Towers, while Aditya Birla Telecom holds the remaining 16%. Indus has nearly 96,000 mobile phone towers across India. Legal sources, who declined to be named, have told CNBC-TV18 that the tax authorities have fears of potential tax forgone on account of the demerger of the towers owned by Vodafone Essar into Indus Towers. In response, a Vodafone Essar spokesperson said the company has been informed of the tax department’s objection and will file a response (to the objection) shortly. The tax department is learnt to have filed the objection only at the Delhi high court, even as the proposed scheme of demerger with respect to Indus Towers is being considered at other high courts across the country. This is because the demerger is being implemented through separate companies registered at different locations across the country. The move comes at a time when the tax department is already engaged in litigation with Vodafone over a separate case over a disputed tax at source demand of nearly $2 billion (Rs9,360 crore). Other sources contacted by CNBC-TV18 said Bharti Infratel and Aditya Birla Telecom have not received any objection from the tax man. They added that the income tax department’s objection to the Vodafone Essar tower demerger may be unique as similar exercises by other mobile firms have not faced such a move. cnbctv18@livemint.com Source: Home - Livemint.com | 6 Nov 2009 | 10:13 am Lounge PodcastWelcome to the inaugural edition of Lounge on Radio. Every weekend, the Lounge podcast will get you the latest from the world or arts, culture, films and lifestyle. On this week’s show, Mint’s Parul Gupta brings you a candid conversation with the author of this week’s cover story—How to be a culinary show-off. Tushita Patel, the author of cookbook, A Flash in the Pan: A guide to what to cook and how , talks about her love for cooking, her kitchen essentials and her favourite foods. Also, Lounge’s deputy editor, Sanjukta Sharma reviews the Ranbir Kapoor and Katrina Kaif starrer Ajab Prem ki Gazab Kahani . In the books segment, book critic, Chandrahas Choudhury gives his take on Tamil writer Salma’s debut novel— The Hour Past Midnight . And finally, artist MF Husain talks to the Mint team about his possible return to India . He also talks about the projects he has been working on while in exile. We hope you enjoy listening to this edition of the Lounge podcast and look forward to your feedback. Do tune in next week! Source: Home - Livemint.com | 6 Nov 2009 | 10:00 am Haryana job agency gets inquiries from US, CanadaSome cheerful news for job seekers - the Haryana government's Overseas Placement Bureau, set up to facilitate employment abroad, has received inquiries from companies in Canada and the US, an official said here Friday.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 9:06 am Airtel brings service tax operations under one roofTelecom service provider Bharti Airtel Friday launched a centre where functions relating to human resource, supply chain, finance and service taxes would be undertaken under one roof.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 9:04 am Government to expand Krishi Vigyan Kendra networkThe government will open a Krishi Vigyan Kendra (KVK), a centre for agricultural training, in each of the newly created districts across the country, Agriculture Minister Sharad Pawar said here Friday.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 9:02 am India, EU to resolve generic drugs expots tangleThe European Union (EU) is not opposed to exports of generic medicine by Indian companies through its ports, European Commissioner for Trade Catherine Ashton said here Friday.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 9:00 am Infosys offers multi-function human resource solutionsInfosys Technologies, in association with Oracle, will offer managed services platform that will help companies streamline their human resource (HR) operations and reduce costs.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 9:00 am AIG posts 2nd straight profit, insurance weakNew York: AIG, the giant insurer bailed out by the US government, posted its second straight quarterly profit on Friday, helped by recovery in the value of its investments, but its underlying business remained weak, and shares fell. “It is clearly still a troubled company,” said Rob Haines, an analyst with CreditSights in New York. “Its operations are clearly weaker than some of its higher quality competitors. AIG used to be one of those companies.” AIG’s shares, which rallied more than 8% on Thursday, fell more than 9% Friday morning. The insurer’s latest results included $1.95 billion in special gains, sending AIG into the black once more, offsetting declines in operating revenue at its insurance businesses. Net income was $455 million, or 68 cents a share, compared with a loss of $24.47 billion, or $181.02 a share, in the year-earlier quarter. Its profit in the second quarter was $1.8 billion. While insurers widely reported a drop in business in the third quarter, as the effects of rising unemployment and a contraction in spending reduced demand for coverage, the situation at AIG may be especially acute since it had already lost business in the wake of its taxpayer bailout. Chief executive Robert Benmosche, not yet three months into the job, said AIG employees were working hard to “preserve the strength of our insurance businesses in a challenging market.” The comments were made in the company’s earnings statement. AIG has received up to $180 billion of federal aid, including more than $80 billion in loans, and is now 80% owned by US taxpayers. It got the aid after soured mortgage investments nearly drove it into bankruptcy last year. The gains in the latest quarter included improvement in the value of securities held by AIG Financial Products, basically a reversal of some of the losses that were largely responsible for AIG’s massive losses in 2008. CreditSights’ Haines said it was a positive that AIG did not have any “bombshell” investment losses in the latest quarter, but that it would need to make real strides in repaying its taxpayer debts, and show several quarters of growth within its insurance operations, before anyone could take it seriously again. AIG’s general insurance operations reported a 13% decline in net policy sales. Life insurance and retirement services had a 16 percent drop in premium income. However, the general insurance and life insurance divisions both had operating profit in the quarter, driven by higher net investment income, compared with losses a year earlier. Excluding realized gains and losses, AIG’s adjusted third-quarter profit was $1.9 billion, or $2.85 a share. On that basis, four analysts on average expected $1.98 a share, according to Thomson Reuters I/B/E/S. AIG said it continued to make strides in winding down AIG Financial Products. The unit’s derivative portfolio was cut by 13 percent in the quarter to about $1.1 trillion. Benmosche warned the company could continue to see earnings volatility in future quarters, including as a result of charges related to its ongoing restructuring. The company had been trying to sell off major assets to raise funds to repay the United States. But it has struggled to find buyers willing to pay its asking price for assets. In the fourth quarter it expects to significantly reduce its federal loan balance as it consummates a $25 billion pact to give the Federal Reserve a preferred stake in two of its largest life insurance units, AIA and Alico. However, it will record a charge of about $5 billion related to that deal, and another $1.4 billion charge from its $2.15 billion October sale of Taiwan life insurance unit Nan Shan. AIG shares, after rising more than 8% on Thursday, were down more than 9% at $35.52. “It is clearly still a troubled company,” said Rob Haines, an analyst with CreditSights in New York. “Its operations are clearly weaker than some of its higher quality competitors. AIG used to be one of those companies.” AIG’s shares, which rallied more than 8% on Thursday, fell more than 9% Friday morning. The insurer’s latest results included $1.95 billion in special gains, sending AIG into the black once more, offsetting declines in operating revenue at its insurance businesses. Net income was $455 million, or 68 cents a share, compared with a loss of $24.47 billion, or $181.02 a share, in the year-earlier quarter. Its profit in the second quarter was $1.8 billion. While insurers widely reported a drop in business in the third quarter, as the effects of rising unemployment and a contraction in spending reduced demand for coverage, the situation at AIG may be especially acute since it had already lost business in the wake of its taxpayer bailout. Chief executive Robert Benmosche, not yet three months into the job, said AIG employees were working hard to “preserve the strength of our insurance businesses in a challenging market.” The comments were made in the company’s earnings statement. AIG has received up to $180 billion of federal aid, including more than $80 billion in loans, and is now 80% owned by US taxpayers. It got the aid after soured mortgage investments nearly drove it into bankruptcy last year. The gains in the latest quarter included improvement in the value of securities held by AIG Financial Products, basically a reversal of some of the losses that were largely responsible for AIG’s massive losses in 2008. CreditSights’ Haines said it was a positive that AIG did not have any “bombshell” investment losses in the latest quarter, but that it would need to make real strides in repaying its taxpayer debts, and show several quarters of growth within its insurance operations, before anyone could take it seriously again. AIG’s general insurance operations reported a 13% decline in net policy sales. Life insurance and retirement services had a 16 percent drop in premium income. However, the general insurance and life insurance divisions both had operating profit in the quarter, driven by higher net investment income, compared with losses a year earlier. Excluding realized gains and losses, AIG’s adjusted third-quarter profit was $1.9 billion, or $2.85 a share. On that basis, four analysts on average expected $1.98 a share, according to Thomson Reuters I/B/E/S. AIG said it continued to make strides in winding down AIG Financial Products. The unit’s derivative portfolio was cut by 13 percent in the quarter to about $1.1 trillion. Benmosche warned the company could continue to see earnings volatility in future quarters, including as a result of charges related to its ongoing restructuring. The company had been trying to sell off major assets to raise funds to repay the United States. But it has struggled to find buyers willing to pay its asking price for assets. In the fourth quarter it expects to significantly reduce its federal loan balance as it consummates a $25 billion pact to give the Federal Reserve a preferred stake in two of its largest life insurance units, AIA and Alico. However, it will record a charge of about $5 billion related to that deal, and another $1.4 billion charge from its $2.15 billion October sale of Taiwan life insurance unit Nan Shan. AIG shares, after rising more than 8% on Thursday, were down more than 9% at $35.52. Net profit was $455 million, or 68 cents a share, compared with a loss of $24.47 billion, or $181.02 a share, in the year-earlier quarter. The results included $1.95 billion in special gains, including from improvement in the value of securities held by AIG Financial Products, the unit largely responsible for AIG’s massive losses in 2008, which led to the US bailout. Adjusted profit, excluding realized gains and losses, was $1.9 billion, or $2.85 a share. On that basis, analysts on average expected $1.98 a share, according to Thomson Reuters I/B/E/S. Since September 2008, US taxpayers have put up to $180 billion at AIG’s disposal, including more than $80 billion in loans the company has been trying to repay through asset sales. Once the world’s largest insurer, AIG nearly collapsed under massive losses and collateral demands from credit default swaps it sold to financial firms to guarantee residential mortgage investments. Its shares initially fell more than 10% in premarket trade but later were down just 4% at $37.60. Source: Home - Livemint.com | 6 Nov 2009 | 8:27 am SBI extends 8% home loan scheme to March 2010India's largest lender State Bank of India has extended its special home loan scheme at 8% interest rate by over four months to March 31, 2010, a move which would provide relief to small home loan borrowers.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 7:21 am S Tel achieves financial closureS Tel, one of the new entrants in the Indian mobile telephony space, Friday said it has achieved financial closure for its Rs.2,000-crore project and that it would start rolling out services this year.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 7:06 am Mobs block trains, seek justice for 1984 riots victimsRail traffic on the busy Amritsar-New Delhi section was severely hit Friday as mobs demanding justice for the victims of the 1984 anti-Sikh riots, stopped trains at various places in Punjab, leaving hundreds of passengers stranded.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 7:05 am Jayalalithaa criticises sugarcane pricing policyAIADMK general secretary J. Jayalalithaa Friday criticised the central government's sugar cane policy and asked the Tamil Nadu government to clarify its position on the cane procurement price in the state.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 7:04 am India,EU ink n-pact, hope to clinch trade pact by 2010India and the 27-nation European Union Friday decided to wrap up a free trade area agreement within a year as the two sides inked a civil nuclear pact and agreed to expand cooperation on issues ranging from terrorism and climate change to the reform of global financial bodies.Source: IndiaeNews.com: Business News | 6 Nov 2009 | 7:04 am Markets remain buoyant; Sensex up 94 ptsExtending gains for the third day in succession, the Bombay Stock Exchange bellwether Sensex on Friday closed higher by 94 points even though it lost a big chunk of gains posted in early trade.Source: India Business News | Business News - Times of India | 6 Nov 2009 | 6:22 am
|
