|
|
|
|
Aviation industry to grow in long term: ICRA!The aviation industry in the country is expected to grow in the medium to long term but is likely to continue incurring losses in the near future, according to rating agency ICRA.Source: Zee News : Business | 8 Nov 2009 | 5:25 am PM pushes for reforms, says will exit stimulus next year!Prime Minister Manmohan Singh, who as finance minister in the 90s initiated liberalisation, on Sunday said his government would steadily pursue reforms to feed economic growth, while withdrawing the fiscal stimulus by next year.Source: Zee News : Business | 8 Nov 2009 | 5:25 am Banks` non-performing assets up 26%!The average non-performing assets (NPAs) of Indian banks during the second quarter this fiscal went up by 26 percent, says an industry lobby report.Source: Zee News : Business | 8 Nov 2009 | 5:25 am Jindal Steel files complaint against Railways with CCI!Jindal Steel and Power Ltd (JSPL) has filed a complaint with competition watchdog CCI against the Indian Railways for entering into an "exclusive agreement" with state-run SAIL for supply of products.Source: Zee News : Business | 8 Nov 2009 | 5:25 am Mahindra Satyam says added 35 clients since AprilMahindra Satyam, earlier known as Satyam Computer Services, was acquired by India's Tech Mahindra in an auction in April after the firm was hit by India's biggest corporate fraud.Source: Daily News & Analysis: Money News | 8 Nov 2009 | 3:24 am Bharti Airtel says didn't start tariff war - Business Standard
Source: Business - Google News | 8 Nov 2009 | 3:07 am Designer wear replica beckons in Delhi's bylanesIf a sari by Sabyasachi Mukherjee or a lehenga by Manish Malhotra seems out of reach, try visiting the crowded lanes of Chandni Chowk in Delhi's old quarter. The replicas there promise to jazz up every woman's bridal wardrobe even as they give nightmares to designers.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 3:04 am No change in India's foreign investment policy in retailThere will be no change in the government's policy of a ban on foreign direct investment in multi-brand retail industry, Commerce Minister Anand Sharma said here Sunday.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 3:04 am Renault Nissan to open Chennai factory early next yearDespite his Indian alliance not going as smoothly as expected, the head of Japan's Nissan Motors and France's Renault SA, Carlos Ghosn said their venture will be opening their factory in south India early next year.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 3:02 am Expat pilots, hiring firms account for 10% of AI salary billAir India has been spending around ten per cent of the airline's total salary bill to pay over 160 foreign pilots and hiring firmsSource: Daily News & Analysis: Money News | 8 Nov 2009 | 3:02 am Government targeting 9 percent growth in two yearsThe government Sunday said it still had an unfinished agenda -- to put the country's economic growth back at 9 percent and more.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 3:00 am Bahrain can become as India's window to Gulf: OfficialThe Gulf kingdom of Bahrain could act as the conduit for channelling the synergies of India and the six-member Gulf Cooperation Council (GCC), said the head of Bahrain's Economic Development Board here Sunday.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 3:00 am Obama wins big as House approves historic healthcare billWashington: The US House of Representatives has approved the broadest overhaul of US healthcare in four decades, handing President Barack Obama a hard-fought victory for his top domestic priority. Heeding Obama’s appeal to “answer the call of history,” lawmakers late Saturday capped 12 hours of bitter debate with a 220-215 vote. The bill amounts to a 10-year, trillion-dollar plan to extend health coverage to some 36 million Americans who lack it now. “Tonight, in an historic vote, the House of Representatives passed a bill that would finally make real the promise of quality, affordable healthcare for the American people,” Obama said in a statement. The fight to remake health care in the world’s richest country shifted to the US Senate, where its fate remained unclear amid a tense intra-party dispute among Democrats anchored on what role the US government should play. Obama said he was “absolutely confident” the Senate would pass its own bill, stressing: “I look forward to signing comprehensive health insurance reform into law by the end of the year.” House Speaker Nancy Pelosi, who has faced tough criticism from Republicans over the proposal, said the healthcare bill “improves quality, lowers cost, expands coverage to 36 million more people and retains choice.” If, as expected, the House and Senate pass rival versions of healthcare legislation, they will need to thrash out a compromise version and approve it in order to send it to Obama to sign into law, a frequently tough process. Obama and Democratic House leaders had invested heavy political capital in what they knew would be a close contest sure to shape his legacy and the fate of his ambitious plan to remake US healthcare if the bill went down to defeat. The president telephoned wavering members on Friday and paid a rare visit to Congress on Saturday, buttressed with a speech from the White House Rose Garden, but still 39 Democrats joined 176 Republicans to oppose the plan. One Republican - Joseph Cao of Louisiana - broke ranks, nominally fulfilling, in the barest terms, Obama’s vow to secure bipartisan support. The chamber’s Democrats erupted in loud cheers and triumphant applause the moment the bill had the 218 votes needed for passage, about 11:07pm. Final House passage came after a flurry of votes, including a 240-194 vote to sharply tighten restrictions on government funds for abortions, vital to cementing support from a platoon of anti-abortion Democrats. The House then voted 176-258 to defeat the Republican alternative to the overall plan - with one lone Republican, Representative Timothy Johnson of Illinois, joining the Democrats in opposition. Republicans appealed to swing-vote Democrats from battleground districts to reject what they warned would end up being a costly government takeover of healthcare, stoking traditionally American suspicions of the public sector. “This bill bulldozes individual liberty and puts the government just where it doesn’t belong,” said Republican Representative Sam Johnson. The United States is the only industrialized democracy that does not ensure that all of its citizens have healthcare coverage, with an estimated 36 million Americans uninsured. Washington spends vastly more on healthcare - both per person and as a share of national income as measured by Gross Domestic Product - than other industrialized democracies, but with no meaningful edge in quality of care, according to the Organization for Economic Cooperation and Development. The bill would create a government-backed insurance plan, popularly known as a “public option,” to compete with private firms and would end denial of coverage based on preexisting medical problems. Under the White House-backed bill, Americans would have to buy insurance and most employers would have to offer coverage to their workers - though some small businesses would be exempt and the government would offer subsidies. Source: LatestNews-Home - Livemint.com | 8 Nov 2009 | 2:55 am Mahindra Satyam says added 35 clients since AprilNEW DELHI (Reuters) - Indian IT services firm Mahindra Satyam has added 35 new clients since April 13 and lost just a small handful, said the firm's chief executive officer, who added that the worst was behind the company.Source: Reuters: Money News | 8 Nov 2009 | 2:44 am INTERVIEW - Egypt trade with China to reach $10 bln in 3 yearsSHARM EL-SHEIKH, Egypt (Reuters) - Egypt's annual trade with China will grow to $10 billion within three years from $6 billion at present, Egypt's Trade Minister Rachid Mohamed Rachid said on Saturday.Source: Reuters: Money News | 8 Nov 2009 | 2:34 am Bank of Maharashtra cuts loan, deposit ratesThe bank would offer home loans upto Rs30 lakh for 8% fixed rate in the first two years, 8.5 in the third year, 9.5% in the fourth year and 9.75% in the fifth year.Source: Daily News & Analysis: Money News | 8 Nov 2009 | 2:30 am Aramco gas supplies to rise 30 pct in 5 yrs - reportsRIYADH (Reuters) - Saudi Aramco plans to raise its daily gas supplies by 30 percent within five years to 8 billion cubic feet, Al-Hayat newspaper quoted its Chief Executive Khalid al-Falih as saying on Sunday.Source: Reuters: Money News | 8 Nov 2009 | 2:13 am PM talks growth, reforms; outlines stimulus exit p... - Moneycontrol.com
Source: Business - Google News | 8 Nov 2009 | 2:13 am Bharti Airtel not seeking new buysNew Delhi: India’s top mobile operator, is not actively seeking acquisitions, after its $23 billion planned tie-up talks with South Africa’s MTN collapsed, the Indian firm’s chairman Sunil Mittal said on Sunday. With political rather than commercial factors seen as the deal-killer with MTN, analysts have said Bharti could look at Kuwait’s Zain, Sweden’s Millicom and Egypt’s Orascom. “Hopefully sometime soon,” Mittal told reporters at the Word Economic Forum, replying to a question whether the company was actively looking at new buys. “We are taking a break,” he said. Bharti Airtel director Akhil Gupta said last week the company would look at buying a stake in Zain if there was an opportunity, but there was nothing on the horizon. An international acquisition would open new revenue streams for Bharti Airtel as its home market saturates and cut-throat competition is pushing call charges even lower in a market which already offers some of the world’s cheapest call rates. Bharti has maintained that emerging markets, including Africa, were of interest for acquisitions. Bharti, which also runs a Mobile operation in Sri Lanka, was interested in Millicom’s assets in the country, but Etisalat emerged as the winner of the assets. In India, stiff price competition has clouded the outlook for the once-booming telecom sector as a sharp fall in call charges would hit operators’ profitability. After a strong response to a per-second billing plan launched by sixth-ranked operator Tata Teleservices, India’s three leading mobile firms, Bharti Airtel, Reliance Communications and Vodafone Essar, have launched similar plans. “The question is how long this is going to last,” Mittal said of the price war. “This is a business that needs huge investments, one has to commit billions of dollars,” Mittal said, adding lower return on investments would force consolidations in the industry. “At the end of the day every economic model will require returns and if there are no returns, you will see consolidation,” he said. “World over consolidation has taken place. Wherever there have been more operators, they have been reduced. There is empirical evidence.” India’s telecoms regulator is revisiting the country’s M&A policy for telecoms and Mittal said operators would take their decision based on the policy. A senior official at No. 2 player Reliance Communications has said they expected a consolidation in the Indian telecom sector to be kicked off in the next 18-24 months. Singapore Telecommunications (SingTel) has agreed to increase its effective stake in Bharti Airtel to 31.95% from 30.43%. When asked if it was planned earlier, Mittal said there was no “roadmap” for SingTel increasing its stake. Source: LatestNews-Home - Livemint.com | 8 Nov 2009 | 2:05 am Renault committed to bringing low-cost car in IndiaNew Delhi: French carmaker Renault on Sunday said it is committed to bringing in a low-cost small car as the concept is still relevant not only in India, but globally also, despite differences with its partner Bajaj Auto. Renault has been working with India’s second largest two-wheeler maker Bajaj Auto to launch an ultra low-cost car, which was initially tagged to be around $2,500 (about Rs1 lakh), in the domestic market by 2011 and is, at present, reportedly facing difficulties on host of issues such as branding and price point. “The entry price point, which will be $2,500 is still very important for the market, not only for India, but also for lot of emerging markets. We have to bring in the car with basic feature, basic functionality at a very affordable price,” Renault chairman and CEO Carlos Ghosn told reporters here on the sidelines of India Economic Summit here. He, however, declined to comment if the proposed small car would stick to earlier announced price point of $2,500. “..(whether) it is going to be $2,500 or $2,800 or $3,000 (not sure)... (but) I am stuck into making customers happy and satisfied. But it is not going to be very far of ...,” Ghosn said when asked if project is stuck due to differences on the price of the car with Bajaj. India’s largest auto maker Tata Motors, earlier this year, introduced Nano, considered to be the world’s cheapest car, with a price tag of just over Rs1,00,000. “I know that some of our competitors like Tatas has already put the car in the market ... its moving on. We will continue to work to bring in this car (with Bajaj) into the market,” Ghosn said. Bullish on the Indian market, he said: “I am very optimistic about the growth of the market in India. When you move from two million cars a year to six million cars a year, this is very appealing to global carmakers.” He said India’s capability in frugal engineering and frugal product planning becomes key on the backdrop of the global downturn and shift towards small and lower priced products. “The products that are selling the most are the products affordable but with just necessary features and I think Indian engineers are second to none in this segment,” he added. On the issues that Renault was facing in India with its various partners, he said: “I never thought that coming to India will be right at the first time. Nobody get it right in the first time in any country, and particularly in a country with long tradition and long history like India.” So we would be naive to think that everything you are going to undertake, you are going to be successful in the first time. But we have the patience, we have the determination and we have the focus, and hopefully the modesty to recognise when things are going well and when things are not going well and to learn from them.“ He admitted that fall in sales of Logan, a product of Renault’s joint venture with Mahindra & Mahindra, was a cause of concern and the company is talking with M&M on ways to overcome the situation. Ghosn said the plant at Chennai, where Renault and Nissan had jointly announced to invest Rs4,200 crore to produce four lakh cars annually, is likely to start production in the early part of 2010. Source: LatestNews-Home - Livemint.com | 8 Nov 2009 | 1:55 am Renault committed to bringing low-cost car in IndiaNew Delhi: French carmaker Renault on Sunday said it is committed to bringing in a low-cost small car as the concept is still relevant not only in India, but globally also, despite differences with its partner Bajaj Auto. Renault has been working with India’s second largest two-wheeler maker Bajaj Auto to launch an ultra low-cost car, which was initially tagged to be around $2,500 (about Rs1 lakh), in the domestic market by 2011 and is, at present, reportedly facing difficulties on host of issues such as branding and price point. “The entry price point, which will be $2,500 is still very important for the market, not only for India, but also for lot of emerging markets. We have to bring in the car with basic feature, basic functionality at a very affordable price,” Renault chairman and CEO Carlos Ghosn told reporters here on the sidelines of India Economic Summit here. He, however, declined to comment if the proposed small car would stick to earlier announced price point of $2,500. “..(whether) it is going to be $2,500 or $2,800 or $3,000 (not sure)... (but) I am stuck into making customers happy and satisfied. But it is not going to be very far of ...,” Ghosn said when asked if project is stuck due to differences on the price of the car with Bajaj. India’s largest auto maker Tata Motors, earlier this year, introduced Nano, considered to be the world’s cheapest car, with a price tag of just over Rs1,00,000. “I know that some of our competitors like Tatas has already put the car in the market ... its moving on. We will continue to work to bring in this car (with Bajaj) into the market,” Ghosn said. Bullish on the Indian market, he said: “I am very optimistic about the growth of the market in India. When you move from two million cars a year to six million cars a year, this is very appealing to global carmakers.” He said India’s capability in frugal engineering and frugal product planning becomes key on the backdrop of the global downturn and shift towards small and lower priced products. “The products that are selling the most are the products affordable but with just necessary features and I think Indian engineers are second to none in this segment,” he added. On the issues that Renault was facing in India with its various partners, he said: “I never thought that coming to India will be right at the first time. Nobody get it right in the first time in any country, and particularly in a country with long tradition and long history like India.” So we would be naive to think that everything you are going to undertake, you are going to be successful in the first time. But we have the patience, we have the determination and we have the focus, and hopefully the modesty to recognise when things are going well and when things are not going well and to learn from them.“ He admitted that fall in sales of Logan, a product of Renault’s joint venture with Mahindra & Mahindra, was a cause of concern and the company is talking with M&M on ways to overcome the situation. Ghosn said the plant at Chennai, where Renault and Nissan had jointly announced to invest Rs4,200 crore to produce four lakh cars annually, is likely to start production in the early part of 2010. Source: World Business - Livemint.com | 8 Nov 2009 | 1:55 am Manmohan Singh says reform pace will quickenNEW DELHI (Reuters) - Prime Minister Manmohan Singh said on Sunday that India was better placed than ever before to push reforms in Asia's third largest economy and forecast the government would wind down its stimulus measures next year.Source: Reuters: Money News | 8 Nov 2009 | 1:51 am PM assures India reform pace will quickenNew Delhi: Prime Minister Manmohan Singh said on Sunday that India was better placed than ever before to push reforms in Asia’s third largest economy and forecast the government would wind down its stimulus measures next year. Asia’s third largest economy would grow by more than 7% next year, Singh said, still below the government’s medium-term rate target of 8-9% that is seen as helping to reduce widespread poverty. “In the coming months and years, I hope to see a decisive change in the pace of our progress to become a leading economy in the world,” Singh said. “(We) will strive to build political concensus needed for these legislative actions to be completed.” The prime minister won a resounding election victory in May and recent state polls have bolstered the ruling coalition, raising hopes the government will push forward with reforms, especially in the financial sector. Reforms in Singh’s first 2004-2009 government stalled due to pressure from his communist allies, now out of the ruling coalition after election defeats in May. The prime minister said with a normal monsoon next fiscal year growth was expected to be more than 7% and the government would take steps to wind down the stimulus in 2010. “There are clear signs of an upturn in the economy,” Singh told the World Economic Forum’s India Economic Summit in New Delhi. Finance Minister Pranab Mukherjee said last week that the government would maintain its fiscal stimulus for the time being until uncertainty eased over the impact of poor monsoon rains and the global economic outlook. The Reserve Bank of India has started what it calls the first phase of the exit from its easy monetary policy, worried about inflationary pressures. The prime minister added the economy is expected to expand by 6.5% in the year to March 2010. India’s economic growth slowed to 6.7% in the 2008/09 fiscal year through March after three straight years of at least 9 percent, and government officials have said growth in the current year is on track for roughly 6.5%. Source: Home - Livemint.com | 8 Nov 2009 | 1:49 am Bharti Airtel not seeking new buys, sees local shake upNEW DELHI (Reuters) - Bharti Airtel, India's top mobile operator, is not actively seeking acquisitions, after its $23 billion planned tie-up talks with South Africa's MTN collapsed, the firm's Chairman Sunil Mittal said on Sunday.Source: Reuters: Money News | 8 Nov 2009 | 1:45 am Bills on GST, direct tax code likely in winter sessionNew Delhi: Several important economic Bills that will pave way for introduction of Goods and Services Tax, Direct Taxes Code and empower the Reserve Bank to supercede erring boards of private sector banks are likely to be tabled in the winter session of the Parliament. Other bills likely to come up in the Winter Session, beginning 19 November, include a legislation for increasing voting powers of foreign entities who have stake in private sector banks from ten per cent, official sources said. A legislation to amend the Sebi Act to revise upper age limit of the members of appellate tribunal SAT, pension reforms bill, a bill to empower RBI to inspect associate entities of banks, are also expected, they said. Thirteenth action taken report on Ketan Parekh scam is also likely to be introduced in Parliament in the forthcoming session, the sources added. With just over four months left for the scheduled date of implementation of GST, a bill amending the Constitution may be presented to launch the new indirect tax system that will create a uniform market for goods and services. It will empower the Centre to tax goods beyond manufacturing stage. At present, the power to tax is entrusted with states. The bill will also empower states to tax services. The sources said a separate bill would also be presented to replace the archaic Income Tax Act with the Direct Taxes Code. DTC is likely to be implemented from 2011-12. While GST is scheduled to be introduced from 1 April, 2010, some states like Madhya Pradesh and Gujarat have been saying that implementation should be delayed as there are a host of issues to be resolved. Finance minister Pranab Mukherjee also said he would not be surprised if there is a slippage by a few months. Empowered Group of state finance ministers, which has been dealing with the Centre on GST, has already constituted working groups to suggest constitutional amendments and Model GST Act. Direct Taxes Code will replace Income Tax Act of 1961, but its draft has evoked sharp reactions on certain provisions like taxing withdrawal from long term savings and minimum alternate tax. The finance minister has assured a parliamentary panel that concerns raised by corporates and other tax payers will be addressed before any further steps are taken on direct taxes code. As far as an amendment to Banking Regulations Act to empower RBI to supercede board of banks is concerned, the Centre has the power to fire the board of directors of PSU banks since it is the single largest stakeholder. However, the RBI has no such right when it comes to other banking entities. To provide more power to RBI to deal with erring boards, the bill seeks to confer RBI with similar powers to deal with private sector and co-operative banks. Source: LatestNews-Home - Livemint.com | 8 Nov 2009 | 1:35 am Jubilant to sell off unit by March: ChairmanIn October, Jubilant said it would hive off the unit, which has annual sales of about Rs1.5 bn, as it plans to focus on its core pharmaceutical business.Source: Daily News & Analysis: Money News | 8 Nov 2009 | 1:21 am Expat pilots hiring, account for 10% of AI salary bill - Livemint
Source: Business - Google News | 8 Nov 2009 | 1:14 am HIGHLIGHTS - Prime Minister Manmohan Singh says reform pace will quickenNEW DELHI (Reuters) - There are clear signs of an upturn in the Indian economy, which is expected to expand by 6.5 percent in the year to March 2010, Prime Minister Manmohan Singh said on Sunday.Source: Reuters: Money News | 8 Nov 2009 | 1:11 am India may 'wind down' fiscal stimulus next year: Manmohan SinghPrime Minister Manmohan Singh Sunday said the measures taken by his government helped India brave the financial crisis better than most countries, but it may 'wind down' by next year the fiscal stimulus that was launched last December.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 1:04 am Worst is behind, but road ahead long, uncertain: PMIndia may have faced the global downturn better than most countries but the road ahead to accelerated growth will not be an easy one to endure, Prime Minister Manmohan Singh said Sunday.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 1:04 am Bharat Sanchar Nigam's 3G services in Orissa by year-endState-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) will expand its third-generation (3G) network across Orissa by the year-end, a senior company official said Sunday.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 1:02 am Idea Cellular booked for not keeping records of GPRS usersTelecom company Idea Cellular has been booked for not keeping records of customers using its GPRS service after a woman accused an unidentified client of creating an objectionable profile of her and posting it on the net, police said Sunday.Source: IndiaeNews.com: Business News | 8 Nov 2009 | 1:02 am Emami to foray into cement biz; invest Rs1,750 cr in 3 yrsNew Delhi: Kolkata-based FMCG major Emami is diversifying into cement business and will invest Rs1,750 crore to set up production units in the next three years. “We are diversifying into the cement business, considering the potential and demand of it in the country, particularly in the eastern region. The total investment for the venture will be around Rs1,750 crore for the next three years,” Emami group director Mohan Goenka said. As part of the new plan, group company Emami Cement will set up a fully integrated cement plant in Chhatisgarh with an installed capacity to produce 3.1 million tonnes. The company will also set up two grinding units, one in Orissa with an annual capacity of 0.6 million tonnes and another in West Bengal with 1.5-million-tonne a year capacity, simultaneously. “We have already acquired 400 acres of land in Chhatisgarh for starting up an integrated plant there. At the same time, we will also start constructing grinding units in Orissa and West Bengal as well,” Goenka said. The construction of the Chhatisgarh plant, which will have a 40MW power plant, will start by middle of next year. The plant is likely to be operational by 2012, he added. On the funding of the investments, Goenka said it will be through a mix of internal accruals and debt. “The three projects will have a 2.5:1 debt-equity ratio and the group’s contribution will be Rs500 crore,“ Goenka said, adding, a major part of the investments will be on the Chhattisgarh plant. He said the product will be sold under the Emami brand and cater to the eastern region only. Goenka said out of the total cement production of around 250 million tonnes in the country, the eastern states account for around 25 million tonnes. “However, with various constructions and government projects happening, the demand for it could rise,” he said. Emami’s foray into the cement business was prompted by a strong demand in West Bengal. “The demand in Bengal was 3.65 million tonnes between April and September, while production was at 2.37million tonnes.” Source: LatestNews-Home - Livemint.com | 8 Nov 2009 | 12:48 am Renault committed to bringing low-cost car in India - Livemint
Source: Business - Google News | 8 Nov 2009 | 12:45 am Jubilant says to sell off unit by March - chairmanNEW DELHI (Reuters) - Drugmaker Jubilant Organosys expects to sell off its performance polymers business by end March, its chairman said on Sunday.Source: Reuters: Money News | 8 Nov 2009 | 12:41 am Bharti Airtel not seeking new buysBharti Airtel chairman Sunil Mittal said the company was not actively seeking acquisitions after its $23 billion planned tie-up with South Africa's MTN collapsed.Source: Daily News & Analysis: Money News | 8 Nov 2009 | 12:37 am Expat pilots hiring, account for 10% of AI salary billMumbai/New Delhi: Cash-strapped Air India has been spending around 10% of the airline’s total salary bill to pay its team of over 160 foreign pilots and hiring firms. As revealed by the airline in response to an Right To Information application, NACIL paid Rs93.29 crore towards salaries and expenses to the agencies which provided expatriate pilots to Air India and Air India Express last fiscal. Of this, Air India paid Rs46.63 crore ($93,27,644.23) while its budget arm Air India Express spent Rs46.66 crore ($93,33,732.11) on the expat pilots during the same period. Unlike several other carriers across the globe, Air India does not recruit pilots on its own but hires them through placement firms like Rishworth Aviation Limited. “In addition, the company spends up to Rs7,500 per day to accomodate foreign pilots in expensive hotels and provide chauffeur-driven air conditioned cars to them for non-flying duties as well,” a Indian Pilots Guild spokesperson said. The company has kept these pilots out of its cost- restructuring plan, which include proposals to cut wages, allowances and incentives, the spokesperson said. There are 163 expatriate pilots in Air India, besides 1,253 Indian pilots and about 200 trainees. With a total staff strength of 30,505, the airline is targeting lowering total manpower costs from Rs 839 crore in the first two quarters of the current financial year to Rs650 crore in the next two quarters, official figures show. As per the reply to the RTI application on pilots, a Boeing-737 Commander is paid $10,000, a B-777 commander $12,700 and B-747 and Airbus A-310 commanders $8,750 as salary. They also get a yearly bonus of $12,000, $13,000 and $15,000 on completion of one, two and three/four years in service respectively. The expats are being paid up to 25% more than Indian pilots and given nine days of fully-paid leave every month, the spokesperson claimed. These pilots are also provided business class tickets to commute every month to any worldwide destination of their choice while Indian pilots are not even granted 30 days of leave a year and they travel economy class, he said. “Not only this, when an expat pilot is on leave, his accomodation remains booked in the hotel irrespective of the vacation period,” an Indian Commercial Pilots Association (ICPA) leader alleged. The pilots unions have been protesting the proposals to slash their salaries and allowances and drawing comparisons with the working conditions of their expatriate counterparts. The executive pilots or commanders had also held a five-day stir in September on the issue. Source: LatestNews-Home - Livemint.com | 8 Nov 2009 | 12:36 am Arrest in export fall reassuring - trade ministerNEW DELHI (Reuters) - The arrest of a steep fall in exports is reassuring, Trade Minister Anand Sharma said on Sunday.Source: Reuters: Money News | 8 Nov 2009 | 12:32 am Hindustan Con sees order book of $4.3 bln by March'10NEW DELHI (Reuters) - Hindustan Construction Co expects its order book to rise by a quarter to about 200 billion rupees ($4.3 billion) for the year ended March 2010, Chairman Ajit Gulabchand told reporters on Sunday at the World Economic Forum.Source: Reuters: Money News | 8 Nov 2009 | 12:23 am Global car sales have bottomed - Nissan/Renault's GhosnNEW DELHI (Reuters) - The global car market has bottomed and is on track for 60 million units sales this year and next, Carlos Ghosn, who heads Japan's Nissan Motor Co and France's Renault SA, said on Sunday.Source: Reuters: Money News | 8 Nov 2009 | 12:08 am PM pushes for reforms, says will exit stimulus next yearWith a normal monsoon next year, we hope to achieve a growth rate of over 7 %," PM Manmohan Singh said addressing the inaugural of the India Economic Summit organised by WEF and CII.Source: India Business News | Business News - Times of India | 8 Nov 2009 | 12:07 am UP sugar mills may start crushing next weekThe deadlock over cane pricing in Uttar Pradesh seems near resolution, with a couple of private sugar mills and five cooperative factories slated to commence crushing in the comingSource: Business Line - Home Page | 8 Nov 2009 | 12:00 am Bet on sectors dependent on direct consumer spendingBL Research Bureau For investors who would like to bank on the recovery, businesses that sell directly to the consumer or benefit from government spending seem to be the safe bets.Source: Business Line - Home Page | 8 Nov 2009 | 12:00 am Weekly News Round upState Bank of India has snipped interest rates by 25-50 basis points on deposits up to five years duration. This is the second time in as many months that it has cut term deposit rates. Last month, the bank had reduced term deposit rates by 25 basisSource: Business Line - Home Page | 8 Nov 2009 | 12:00 am BSNL staff protest divestment planNew Delhi, Nov. 7 The employees union of Bharat Sanchar Nigma Ltd said that the Government’s proposal to list profitable PSUs was totally against the interest of the companies and the workers. BSNL is one of the PSUs mentioned in the listSource: Business Line - Home Page | 8 Nov 2009 | 12:00 am Silver delivers higher returns than goldSilver has outperformed the yellow metal in terms of return on investments despite gold hitting new peaks in the recent months.Source: Business Line - Home Page | 8 Nov 2009 | 12:00 am Banks turn back to recurring depositsMumbai, Nov. 7 Even as top bankers are making noises about the need for increasing low-cost current and savings account (CASA) deposits, they are quietly getting their branches to step on the gas to garner long-term resources under recurringSource: Business Line - Home Page | 8 Nov 2009 | 12:00 am ADRs gain over $6 billion last weekNew York: Led by private sector lender HDFC Bank, Indian stocks trading on American bourses gained over $6 billion last week. For the week ended 6 November, Indian entities listed on the New York Stock Exchange and Nasdaq added $6.41 billion to their market-cap, with HDFC Bank alone accounting for $1.38 billion. The banking major’s valuation stood at $17.06 billion. Among the 16 companies trading as American Depository Receipts (ADRs), another major gainer was IT firm Wipro whose valuation jumped by $1.3 billion to $26.43 billion. Apart from HDFC Bank and Wipro, copper producer Sterlite Industries and IT bellwether Infosys Technologies also witnessed a substantial gain to their market capitalisation. Sterlite Industries’ valuation grew by $1.10 billion to $14.69 billion, while that of Infosys Technologies rose by $1.02 billion to its valuation of $27.26 billion. ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms. The market capitalisation of outsourcing firm Genpact went up by $444 million to $3.01 billion and auto maker Tata Motors saw an increase of $347 million to $5.47 billion. Private sector lender ICICI Bank’s market capitalisation rose by $256 million to $2.03 billion and pharma major Dr Reddy’s Laboratories witnessed a growth of $256 million to $3.88 billion. During the week, IT firm Mahindra Satyam and internet firm Sify Technologies were the only two losers. Mahindra Satyam’s valuation fell by $34 million, while that of Sify Technologies’ slipped marginally to $0.4 million. Meanwhile, among other ADR gainers - internet firm Reddif.com, BPO companies - WNS Holdings and EXLService Holdings and telecom majors - Tata Communications, Mahanagar Telephone Nigam and pharma firm Dr Reddy’s Laboratories’ valuations increased in the range of $5 million to $122 million. The unemployment rate in the US skyrocketed to a 26-year high of 10.2% in October, as companies continued to trim their workforce to cut costs. On Friday the US markets ended in the green, with Dow Jones Industrial Average settling up by 17.46 points at 10,023.42 and S&P 500 rose by 2.67 points to 1,069.30. Besides, tech heavy Nasdaq was up 7.12 points at 2,112.44. Source: Home - Livemint.com | 7 Nov 2009 | 11:58 pm Top firms add Rs67k cr in market valuation last weekMumbai: Eight of the country’s top-10 most valued firms added a sum of over Rs 67,000 crore to their combined market valuation last week, with mining giant NMDC contributing the most to its kitty. However, state-run NTPC and largest software exporter TCS witnessed a combined erosion of Rs1,910.78 crore from their market capitalisations in the week ended 7 November. Mining giant NMDC added as much as Rs15,363.21 crore to its market cap in the reviewed week, taking its total market valuation to Rs1,34,165.45 crore. Numero-uno in the list, Reliance Industries Ltd (RIL) added Rs4,189.96 crore to its market capitalisation to Rs3,21,517.51 crore for the week under review. Last week, the market traded for four days only, Monday (2 November) being a holiday on the occasion of Gurunanak Jayanti. State-owned oil firm ONGC followed RIL with its market valuation surging by Rs5,668.01 crore to Rs2,47,937.81 crore at the end of the week. Public sector trading firm MMTC moved to third place after adding Rs29,523 crore to its market cap which stood at Rs1,80,734.25 at the end of the week. Power utility NTPC slipped to fourth slot after losing Rs 824.54 crore from its market valuation. Public sector lender SBI, which figured at the fifth By 11080943 place, added Rs 838.04 crore taking its market cap to Rs 1,39,940.25 crore. NMDC jumped to sixth slot from eighth after witnessing the highest surge in its valuation. Shares of NMDC rose nearly thirteen per cent during the week to close at Rs 338.40 on the Bombay Stock Exchange (BSE) on Friday trade. IT bellwether Infosys Technologies slipped to seventh slot from sixth even after adding Rs 710.92 crore to its market cap, while software company TCS slipped to eighth from seventh after losing Rs 1,086.24 crore from its market cap. Infosys’ market cap surged to Rs1,27,151 crore, while TCS’ valuation dipped to Rs1,21,474 crore. Private telecom services provider Bharti Airtel (9th slot) and power equipment maker Bhel (10th place) together added Rs 10,754.07 crore to their market valuation. At the end of the week the total market cap of Bharti Airtel stood at Rs1,21,460.91 crore and BHEL’s at Rs1,08,749.32 crore. In the top-10 club, RIL is followed by ONGC (Rs2,47,937.81 crore), MMTC (Rs1,80,734.25 crore), NTPC (Rs1,73,484.48 crore), SBI (Rs1,39,940.25 crore), NMDC (Rs1,34,165.45 crore), Infosys (Rs1,27,150.91 crore), TCS (Rs1,21,473.62 crore), Bharti Airtel (Rs1,21,460.91 crore), and Bhel (Rs 1,08,749.32 crore), in that order. Source: Home - Livemint.com | 7 Nov 2009 | 11:23 pm Global car sales have bottomed: Carlos GhosnThe global car market has bottomed and is on track for 60 million units sales this year.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 11:19 pm German co to set up wood-working machines plant in BangaloreHomag India, a wholly-owned subsidiary of Germany's Homag Group that manufactures wood-working machines, plans to set up a unit in India; production to start by mid-2012.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 11:09 pm Koda discharged, mining deals inked by him under scannerFormer Jharkhand chief minister Madhu Koda, who faces arrest on charges of laundering Rs.2,500 crore, was Sunday discharged from the Apollo Hospital here. Meanwhile, Income Tax (IT) authorities have started scrutinising the mining deals inked by Koda when he was in power.Source: IndiaeNews.com: Business News | 7 Nov 2009 | 11:04 pm 'Talking photographs' to change social networkingCreated by US-based firm, AirMe Inc, photoWall's technology enables multiple users to take photos, instantly tag them and send to their Flickr or Facebook accounts.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 10:43 pm IDBI Bank to open branch in Dubai by December-end - Press Trust of India
Source: Business - Google News | 7 Nov 2009 | 10:24 pm Fannie Mae seeks claims worth $15.8 bn from LehmanBattered mortgage lender Fannie Mae has sought claims to the tune of $15.8 billion from bankrupt Lehman Brothers, mainly related to derivatives contracts.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 9:42 pm Pak traders may bid for India's rice import tenderAccording to industry experts, traders from Pakistan are expected to participate in the tender as the country has one million tonnes of surplus rice for exports. They may even bag the order as they sell rice at cheaper rates than Vietnam and Thailand.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 9:26 pm Encourage merger of small banks to create large ones: AssochamIndustry body Assocham has asked the government to encourage mergers of smaller banks to create larger ones in order to mitigate risks arising out of surge in non-performing assets.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 9:24 pm Gold surges to record after weak US jobs data - Economic Times
Source: Business - Google News | 7 Nov 2009 | 6:01 pm Fixed Deposit rates likely to go up - Economic Times
Source: Business - Google News | 7 Nov 2009 | 1:26 pm It's raining offers in IIM-A, optimism back - Times of India
Source: Business - Google News | 7 Nov 2009 | 1:08 pm Great Indian telecom boom begins to ring hollowWhen telecom executives went into a meeting with Communications Minister A Raja on Tuesday evening inside the peeling walls of Sanchar Bhawan in New Delhi, they may have believed that things were so bad they could not get any worse. They were wrong. The highlight of the meeting was Raja asking mobile telephony operators to reduce termination charges, the money that an operator pays another to whose network the call is made.Source: Business Standard | Front Page Headlines | 7 Nov 2009 | 12:25 pm T Rowe Price pays Rs 700 cr for 26% in UTIThe four sponsors of UTI Asset Management Company today signed an agreement with T Rowe Price, the US-based fund house, to offload 26 per cent stake for around Rs 700 crore.Source: Business Standard | Front Page Headlines | 7 Nov 2009 | 11:47 am Rosy Blue rules the world of glitterCycling around Surat in the mid-1960s, Dilip Mehta, a gangly teenager learning the ropes of the diamond trade, had little inkling of the globe-trotting road that the stones would take him on. It would be a fairy-tale-like journey that would see this college drop-out from Mumbai appointed a Baron by the king of a faraway country called Belgium. But this was no fairy tale.Source: Business Standard | Front Page Headlines | 7 Nov 2009 | 11:35 am DTH sparks new row between producers and multiplexesA new battlefront has opened between multiplexes and big banner production and distribution houses. Ignoring the revenue concerns of the multiplexes, Reliance Big Pictures, Percept Pictures, UTV Movies and Dharma Productions want to release their new films on direct-to-home (DTH) television shortly after their release on theatre screens.Source: Business Standard | Front Page Headlines | 7 Nov 2009 | 11:31 am Vendors to share BSNL's 3G ad spend - Business Standard
Source: Business - Google News | 7 Nov 2009 | 11:30 am Silver delivers higher returns than gold - Hindu Business Line
Source: Business - Google News | 7 Nov 2009 | 11:17 am See scope for more int\'l listings of Indian cos: NYSENYSE Group\'s Ronald Kent says Indian companies have space for international fundraising via listingsSource: Moneycontrol Top Headlines | 7 Nov 2009 | 9:16 am Food prices to decline after winter crop: Sharad PawarFood prices will decline after the rabi crop as production of wheat, rice, pulses, oil seeds and sugarcane during the winter is expected to be higher than in the drought-hit kharif season, union agriculture minister Sharad Pawar said Saturday.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 8:14 am India may not achieve 9% growth during 11th Five Year PlanIndia may not achieve its growth target of nine per cent during the 11th Five Year Plan period as the economic slowdown and drought would likely take their toll, a senior Planning Commission member said.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 8:09 am Sensex, Nifty bounced by 2% over the weekKey indices Sensex and Nifty bounced by nearly 2% over the week even as global markets are expected to influence activity at home amid possibility of FII pullout at the year-end.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 7:57 am India may not achieve 9% growth during 11th Five-Year PlanThe Planning Commission might revise the growth target by this year-end and is likely to conduct a mid-term appraisal of the 11th Plan.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 7:19 am 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 Chavan’s 2nd innings as Maharashtra CM to be a sterner testMumbai: Ashok Chavan, who was sworn in as Maharashtra chief minister on Saturday, faces a sterner test of his leadership and managing skills through the choppy waters of coalition politics after just over 10 months at the helm of affairs in the state in the previous stint. Chavan’s non-controversial image may have landed him the top job after Vilasrao Deshmukh made way in the wake of Mumbai terror attacks, but his real test would lie in managing the coalition which took 15 days of hard bargaining between Congress and NCP over portfolios and the number of ministeries. The excellent equations 51-year-old Chavan enjoys with Congress command, specially with Congress leader Rahul Gandhi, also helped in no small measure in warding off potential challenges from more seasoned aspirants Vilasrao Deshmukh and Narayan Rane, both former chief ministers. The selection of Chavan also underlines the importance of political inheritance in Congress. He inherited the political legacy of his late father SB Chavan, becoming the first father-son duo in the state’s history to adorn the chief ministerial chair. The senior Chavan was a loyalist of the Nehru-Gandhi family. Source: LatestNews-Home - Livemint.com | 7 Nov 2009 | 5:38 am China eyes home demand, not exportsThe need for China and other countries with big current account surpluses will be a main theme for finance ministers at the Group of 20 meeting in Scotland.Source: Daily News & Analysis: Money News | 7 Nov 2009 | 5:01 am Gold scales to a new peak on higher global cuesGold prices continued their record journey as the metal scaled to an all-time high of Rs 16,900 per 10 gram at the bullion market here on Saturday, sparked by aggressive buying from stockists and traders.Source: India Business News | Business News - Times of India | 7 Nov 2009 | 4:23 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 Gold soars to new high on strong demandNew Delhi: Gold prices on Saturday spiked to a new high of Rs16,900 per 10 gram in the bullion market here on strong marriage season demand amid firming global trends. Gold gained Rs75 to close at Rs16,900 per 10 gram, a level never seen before. The precious metal in the US markets scaled a new high of $1,099 an ounce. Marketmen said fresh buying by stockists and jewellery fabricators to meet the demand during the marriage season and strong global cues led gold to touch an all-time high level. They said the precious metal, which has been on a record setting spree since last few trading sessions, also influenced by the Reserve Bank of India’s move to buy 200 tonnes of gold from the IMF, raising speculation that more countries would follow suit. Standard gold and ornaments rose by Rs75 each to Rs16,900 and Rs16,850 per ten gram, respectively. Sovereign climbed to fresh peak of Rs13,300 per piece of eight gram. Silver ready closed flat at Rs27,500 per kg in restricted buying, while silver weekly-based delivery lost Rs70 at Rs27,185 per kg. Silver coins rose by Rs200 to set a record high level of Rs33,500 for buying and Rs33,600 for selling of 100 pieces on hectic marriage season demand. Source: Home - Livemint.com | 7 Nov 2009 | 4:13 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 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: LatestNews-Home - Livemint.com | 7 Nov 2009 | 3:05 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 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 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 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
|
