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India to overhaul higher education systemIndia\'s Congressled government is undertaking a radical overhaul of the country\'s higher education system that will include legislation allowing foreign universities to operate in the country, the human resource development minister said on Monday.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 8:39 am Nagarjuna Cons bags 5 orders worth Rs 7.22 bnNagarjuna Construction Co on Tuesday won orders worth Rs 7.22 billion for various construction, water supply and sewerage projects, it said in a statement to the exchange.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 8:15 am Exclusive: GST to have dual rates for centre, statesThe government may opt for dual structure for its proposed goods and sales tax (GST) where it has different rates for the centre and states. CNBCTV18 learns that the dual GST will come through multiple statutes.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 8:10 am Ambanis rubbish settlement rumoursBoth Reliance Industries and Reliance Natural Resources have denied reports of an outofcourt settlement.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 7:43 am AK Purwar new chairman of India Infoline Investment ServiceMr. A. K. Purwar, former Chairman of the State Bank of India has been appointed as the Chairman of India Infoline Investment Services Ltd, the NBFC arm and a material subsidiary of India Infoline LimitedSource: Moneycontrol Top Headlines | 10 Nov 2009 | 6:16 am Global biggies look to India for fresh talentThe pickup in the economy has given a muchneeded push to hiring plans in India. Global technology services and consulting majors Accenture and Deloitte are leading the way and have drawn huge recruitment plans in India.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 5:45 am Parties in Google books deal need more timeGoogle Incorporation and a group representing authors and publishers have asked the court for more time to revise a controversial deal that would allow Google to create a vast library of electronic books, according to a source close to the parties involved.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 5:31 am NissanRenault, Bajaj Auto ink ultra lowcost car dealCarlos Ghosn says NissanRenault has signed a deal with Bajaj Auto for an ultra lowcost car, which will hit the market by 2012. He also sees the small car being exported from India. \"The lowcost car will be marketed and sold by RenaultNissan.\"Source: Moneycontrol Top Headlines | 10 Nov 2009 | 5:27 am Google ordered to pay USD 500,000 to F1 racer Barrichello!Internet giant Google has been ordered to pay USD 500,000 in damages to Formula 1 racer Rubens Barrichello for hosting fake online profiles of him on its social network Orkut.Source: Zee News : Business | 10 Nov 2009 | 5:16 am Dow hits 2009 high as dollar slumps!The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for gold, oil and other commodities.Source: Zee News : Business | 10 Nov 2009 | 5:16 am Sensex climbs 179 pts in opening trade!Maintaining its four-day bull-run, the BSE benchmark Sensex rose nearly 179 pts in opening trade Tuesday, riding high on positive sentiment following the various measures adopted by Sebi to encourage SMEs to launch public issues.Source: Zee News : Business | 10 Nov 2009 | 5:16 am European Commission objects to Sun-Oracle deal!The European Commission has objected to Oracle Corp`s (ORCL.O) acquisition of computer maker Sun Microsystems Inc (JAVA.O), throwing the $7 billion deal into question.Source: Zee News : Business | 10 Nov 2009 | 5:16 am Google buys mobile ad firm for $750 mn!Google Inc said that it was acquiring of AdMob, one of the largest mobile advertising networks, for $750 million, widening its bet that cell phone advertising could become the Internet`s next-big money maker.Source: Zee News : Business | 10 Nov 2009 | 5:16 am Oil lower in Asia as Hurricane Ida worries ease!Oil fell in Asian trade Tuesday as investor worries over the potential threat posed by Hurricane Ida to petroleum installations in the Gulf of Mexico subsided, analysts said.Source: Zee News : Business | 10 Nov 2009 | 5:16 am Stronger US GDP seen in 2010: Survey!Top forecasters are growing more confident the U.S. economy has embarked on a sustainable recovery, a survey released on Tuesday showed.Source: Zee News : Business | 10 Nov 2009 | 5:16 am Yahoo plans to expand, hire people in India: CEOYahoo Incorporation plans to grow its business in India and hire additional people there, its chief executive Carol Bartz said on Tuesday.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 4:48 am Reliance finds oil in Cambay Basin block, stk up 2.14%Reliance Industries on Tuesday announced its first oil discovery in its exploration block in the Cambay Basin off Gujarat.Source: Moneycontrol Top Headlines | 10 Nov 2009 | 4:45 am Nokia CEO starts delivery of top model N900Nokia has started deliveries of its new top-of-the-range model N900, a key product for the world's top phone maker in its battle against rivals iPhone and Blackberry.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 3:28 am Nokia CEO says starts delivery of top model N900HELSINKI (Reuters) - Nokia has started deliveries of its new top-of-the-range model N900, a key product for the world's top phone maker in its battle against rivals iPhone and Blackberry.Source: Reuters: Money News | 10 Nov 2009 | 3:21 am HSBC underlying Q3 profits up sharply, shares riseLONDON (Reuters) - Europe's biggest bank HSBC Holdings Plc said its underlying third-quarter profits were significantly ahead of a year ago and losses on U.S. consumer loans had shown their first fall in three years.Source: Reuters: Money News | 10 Nov 2009 | 3:19 am Alstom Projects bags orders worth Rs 365 cr from Hindalco Ind - Economic Times
Source: Business - Google News | 10 Nov 2009 | 3:17 am BSE Sensex provisionally closes down 0.4 pctMUMBAI (Reuters) - The BSE Sensex provisionally closed 0.4 percent lower on Tuesday, led by losses in Bharti Airtel, as investors turned cautious after a four-day rally.Source: Reuters: Money News | 10 Nov 2009 | 3:14 am India hopeful of over 7% growth in FY11 - MukherjeeIndia is hopeful of more than 7% growth in the fiscal year ending March 2011 and 9 percent growth by 2012, Finance Minister Pranab Mukherjee said on Tuesday.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 3:12 am Reliance finds oil in Cambay basin block; shares upEnergy major Reliance Industries has made its first oil find in a western India block, boosting hopes the firm's oil and gas exploration business will help offset some of the weakness in the refining sector.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 3:10 am UPDATE 1-Renault-Nissan to launch Indian low-cost car in 2012 - Reuters India
Source: Business - Google News | 10 Nov 2009 | 3:02 am Sensex ends down 62pts - Business Standard
Source: Business - Google News | 10 Nov 2009 | 3:02 am Renault-Nissan to launch Indian low-cost car in 2012NEW DELHI (Reuters) - Renault, Nissan Motor Co and their Indian partner will launch an ultra low-cost car in India in 2012 that will cost less than Tata Motor's Nano, the world's cheapest car.Source: Reuters: Money News | 10 Nov 2009 | 2:49 am Stimulus exit hinges on global recovery - MukherjeeNEW DELHI (Reuters) - India will focus on driving domestic demand until key developed markets recover and will not exit fiscal stimulus measures until necessary, Finance Minister Pranab Mukherjee said on Tuesday.Source: Reuters: Money News | 10 Nov 2009 | 2:48 am India Economic Summit | Ben Verwaayen, CEO Alcatel Lucent on climate changeNew Delhi: Expectations are very high, that is from normal people like you and me. Negotiators work hard to dampen those expectations. What I am talking about? Climate change of course. With the all important meeting in Copenhagen coming up, it is clear that most people expect our global leaders to step up and show leadership. “Business is ready to meet the challenge. Just set the bar and set it high enough” Please don’t use yesterday’s arguments in todays discussions. Lots of technologies we will use to become green are or will be coming from India and other developing nations. Click here to see all of Mint’s coverage on India Economic Summit Let’s not get into finger pointing, but rise to the occasion. Those were the soundbites from my panel discussion this morning at the WEF dedicated to the theme “Trade and Climate Change: Economic Imperative or Green Imperialism?” In my view Nicolas Stern, the London School of Economics professor who has written one of the most defining reports ever on the issue was right when he said the following: we can’t afford not to act, by not being able to afford the costs of a full climate change. He was also absolutely right today when he said business should be very vocal in the coming weeks. All parts of business and not just those who are in the steel and coal sector. For all of us the transformation will be hard, it will require new thinking but it is also a massive opportunity. It may help us all to get out of the economic crisis, grow and regain the confidence from the general public. The WEF meeting concludes on a cautious positive note. Like always, lots of issues are touched upon but not solved. But the good thing is: we call it as it is, we make choices clear and we go away convinced of the tasks ahead. I go away puzzled why we could even contemplate not making the decisions needed for Copenhagen. The price to pay for failure may be bigger than world leaders think. Source: Home - Livemint.com | 10 Nov 2009 | 2:39 am Oil drops to $79 as hurricane weakensLondon: Oil prices fell on Tuesday to $79 a barrel as a late-season hurricane subsided in the Gulf of Mexico and traders awaited key US inventory data. US crude for December delivery fell 43 cents to $79 a barrel by 2:22pm, after settling up $2 on Monday. London Brent crude was down 39 cents to $77.38. Hurricane Ida, the first real weather threat to oil production of the 2009 season, was downgraded to a tropical storm on Monday, but production remained curtailed as producers awaited its passage out of the Gulf. Ida shut in 29.6% of oil production and 27.5% of gas output from the Gulf of Mexico, the US Minerals Management Service said Monday. US crude oil inventories last week look to have risen slightly due to higher imports, according to analysts polled by Reuters late on Monday. Industry group the American Petroleum Institute (API) will release weekly inventory data later on Tuesday, while a report from the US Energy Information Administration (EIA) will be delayed from Wednesday to Thursday due to a federal holiday. Oil prices have rallied 77 % so far this year, from a low of below $33 in December, though they are still nearly 47 % below their high of more than $147 a barrel touched in July last year. “The catalyst for this rally has been, in our view, long-anticipated signs of improvement in oil fundamentals in the context of generally constructive economic data,” analysts at Goldman Sachs wrote in their Commodity Watch note to investors. “Strong emerging market demand has pulled supply elsewhere, reducing US petroleum imports. Specifically, Chinese oil demand continues to surge, driven by strong economic activity.” FEEBLE DOLLAR Further support for oil prices has come as the US dollar fell to a 15-month low against a basket of major currencies, lifting gold prices to a new record and the euro above $1.50. Dollar weakness was due to expectations for US interest rates to stay near zero. The dollar edged up slightly off its lows on Tuesday, however. The US economy is projected to expand 2.7 % next year, the Blue Chip Economic Indicators newsletter for November said, marking an upward revision from the 2.5 % pace the survey panel had expected a month ago. Larger-than-expected increases at the pump in China on Monday suggested that Beijing saw little danger from the inflationary worries that beset price rise decisions just a year ago. The 7-% rise in China’s retail gasoline and diesel prices, or 480 yuan ($70.32) per tonne, is not seen curbing Chinese oil demand, which is instead expected to grow and support global oil markets. Source: Home - Livemint.com | 10 Nov 2009 | 2:35 am Ambanis rubbish settlement rumours - Moneycontrol.com
Source: Business - Google News | 10 Nov 2009 | 2:31 am RIL discovers oil in Cambay basinMumbai: Energy major Reliance Industries has made its first oil find in a western India block, boosting hopes the firm’s oil and gas exploration business will help offset some of the weakness in the refining sector. The company, India’s biggest conglomerate with interests in petrochemicals, refining, oil and gas exploration, and retail, said it made the discovery in its onland exploratory block in the Cambay basin in Gujarat state. Five wells had been drilled in the area, and the fifth well flowed at a rate of 500 barrels of oil per day (bopd), the company said on Tuesday. “This discovery is expected to open future potential within the block,” Reliance said in a statement. The news boosted shares in Reliance, which has a market value of $71 billion, as much as 3.7%. By 0813 GMT, Reliance was trading up 0.1% at Rs2,027.35, in a weak Mumbai market that slid 0.4%. “Overall, the company has had a very high strike rate,” said Maulik Patel, an oil and gas analyst at K.R. Choksey Shares and Securities. “Much more than some competitors.” “This shows the company’s exploration and production division is doing well,” Patel, who has a “hold” rating on Reliance’s stock, said. The company in April started pumping gas from its block in the vast Krishna Godavari (KG) basin off India’s east coast, where it made the country’s largest gas find. This is expected to nearly double India’s gas output when production peaks at 80 million standard cubic metres a day (mmscmd). Gas production has helped partly offset weakness in the company’s refining business, where margins have been slashed by a sluggish global economy and which led to a fourth straight fall in quarterly profit. Analysts say Reliance, which owns the world’s largest refining complex, might look to concentrate more on its oil and gas exploration and production businesses as it seeks to mitigate weak demand for its refining products. The company, controlled by billionaire Mukesh Ambani, is also embroiled in a high-profile legal battle over a deal to sell gas to Reliance Natural Resources, led by Ambani’s estranged younger brother Anil, at below the price set by the government. The latest oil discovery adds to hopes that success in the firm’s exploration and production business will help allay some of the worries related to the company’s outlook due to the refining-margin weakness and the gas dispute. Reliance holds a 100% participating interest in the Cambay basin block, which covers an area of 635 square kilometres. The block was awarded to Reliance under the fifth round of the Indian government’s auctions of oil and gas exploratory blocks. Reliance also produces oil from its D6 block in the KG basin, and holds a stake in the Panna, Mukta and Tapti oil and gas fields off India’s west coast. Source: Home - Livemint.com | 10 Nov 2009 | 2:28 am Reliance: Ambani settlement reports baselessMUMBAI (Reuters) - Reliance Industries said on Tuesday reports of a meeting between the billionaire Ambani brothers to settle a gas-pricing dispute were baseless.Source: Reuters: Money News | 10 Nov 2009 | 2:27 am India Economic Summit | Stimulus exit hinges on global recovery: FMNew Delhi: India will focus on driving domestic demand until key developed markets recover and will not exit fiscal stimulus measures until necessary, Union finance minister Pranab Mukherjee said on Tuesday. “There is a need of generating strong domestic demand until the robust recovery all over the world, particularly the developed world takes place,” he told a World Economic Forum event in New Delhi. Mukherjee repeated his pledge for massive investments in agriculture sector and infrastructure, and acknowledged that it would not be easy for Asia’s third largest economy to compensate for the loss in exports through domestic demand. “It is not easy for us to diversify the market overnight and make up the loss so we shall have to wait for some time,” he said. Click here to read Mint’s coverage of India Economic Summit The finance minister was hopeful of economic growth of more than 7% in the fiscal year ending March, 2011. “Maybe in 2012 we will be able to reach the magic figure (of 9-10% growth),” he said. Policymakers including Prime Minister Manmohan Singh have pressed the case for keeping easy fiscal and monetary policies in place to nurture growth. “This cannot continue for a long period of time,” Mukherjee said, referring to the exit from easy fiscal policy. “I have stated a number of times ... that in due course we shall have to take the corrective measures.” Mukherjee also said he was not worried about the availability of food grains and the government would continue to import food items to meet any supply shortfall. India’s economic growth slowed to 6.7% in the fiscal year through March after three straight years of at least 9%, and government officials have said growth in the current year is on track for roughly 6.5%. Source: Home - Livemint.com | 10 Nov 2009 | 2:17 am UPDATE 1-India finmin: stimulus exit hinges on global recovery - Reuters India
Source: Business - Google News | 10 Nov 2009 | 2:16 am India Economic Forum | Poor scope for educational reformsNew Delhi: Looks like there isn’t much on the horizon for reforms in the education sector. The minister of Human Resource Development lashed out at the India Economic Summit 09 against for-profit educational institutions, saying “nowhere in the world” is education for profit and such a set up would be “unacceptable”. 93% of all education in India is governmental and only 7% with the private sector. Much of the so called private educational institutions are either of poor quality or owned by politicians. In effect because of this outrage against for profit, honest private sector people don’t get into education or face phenomenal rent seeking. Either dishonest people or politicians (because they are immune from the rent seekers) thus find it easy to set up educational institutions. Not only are the standards low because of this arrangement where the money is taken in cash, this also forms the basis of the argument that the private sector isn’t delivering! Click here to see Mint’s coverage of India Economic Summit The argument that ‘nowhere in the world’ is education private and for profit is plain wrong. Unless of course the world is comprised of western Europe and the US. Europe can afford to subsidise education at all levels and therefore standards of public education are quite high. US educational system is both well funded in the primary and secondary level by the government and by private endowments in the higher education levels. In India, with the fiscal constraints and because of lack of financial support by the private sector, neither is a real option. We clearly need to move away from short term political posturing against for-profit private institutions — the national demands for education and employability are too great for us to ignore this critical reform. There is a clear need for introducing accountability into the primary and even secondary education in the public sector. The sad truth of our governmental educational system (in primary and secondary) public schools is that teachers don’t attend school, out of the few who attend occassionally, few really teach. Unless, the accountability of teachers is fixed by attendance records being made public or a fair part of the salary being conditional upon performance improvements — there is little hope for reforming the public educational system. The interesting success story of parts of India where citizens have sought attendance records of public teachers and the dramatic impact of such right to information, applications on the attendance of such schools is an indicator to this key problem in the existing system. Another indicator of the impact of accountibility of public sector education is the ‘Kendriya Vidyalaya’ institutions — which are run extremely well because children of civil servants and important people attend these schools — putting the pressure of accountability by the bureaucrats on improving their performance constantly. Source: Home - Livemint.com | 10 Nov 2009 | 2:15 am Sugar output in UP likely to dip marginally in 2009-10 - Economic Times
Source: Business - Google News | 10 Nov 2009 | 2:14 am Murdoch warns to block Google from News Corp contentSydney: Global media mogul Rupert Murdoch has accused Google of stealing from his News Corp. empire, and warned he may block the search engine from accessing its content. “People who simply just pick up everything and run with it, steal our stories - we say they steal our stories, they just take them without payment,” Murdoch told Sky News in a weekend interview here. “That’s Google, that’s Microsoft, that’s Ask.com, a whole lot of people ... they shouldn’t have had it free all the time, and I think we’ve been asleep.” Speaking specifically about Google, the chairman and chief executive of News Corp. said he was considering banning the search engine from listing his company’s content “when we start charging”. The user-pays model is already in place at News Corp’s Wall Street Journal, where readers can only access full content as a paying subscriber. News Corp, which owns an enormous number of newspapers around the world including The Australian, the New York Post and The Times of London, is planning to soon charge all its online readers. “It costs us a lot of money to put together good newspapers and good content,” Murdoch said as he defended the planned move. Nevertheless, Murdoch said last week that his plans to begin charging all News Corp’s online readers by June could be delayed. “It’s a work in progress and there’s a huge amount of work going on not just with our sites but with other people,” Murdoch told reporters in the United States. In his interview with Sky News, Murdoch also flagged a legal challenge to the “fair use” doctrine, which search engines use as justification for the reproduction of news stories. However he indicated this challenge would not happen soon, saying: “we’ll take that slowly”. Source: Tech News - Livemint.com | 10 Nov 2009 | 2:12 am Murdoch warns to block Google from News Corp contentSydney: Global media mogul Rupert Murdoch has accused Google of stealing from his News Corp. empire, and warned he may block the search engine from accessing its content. “People who simply just pick up everything and run with it, steal our stories - we say they steal our stories, they just take them without payment,” Murdoch told Sky News in a weekend interview here. “That’s Google, that’s Microsoft, that’s Ask.com, a whole lot of people ... they shouldn’t have had it free all the time, and I think we’ve been asleep.” Speaking specifically about Google, the chairman and chief executive of News Corp. said he was considering banning the search engine from listing his company’s content “when we start charging”. The user-pays model is already in place at News Corp’s Wall Street Journal, where readers can only access full content as a paying subscriber. News Corp, which owns an enormous number of newspapers around the world including The Australian, the New York Post and The Times of London, is planning to soon charge all its online readers. “It costs us a lot of money to put together good newspapers and good content,” Murdoch said as he defended the planned move. Nevertheless, Murdoch said last week that his plans to begin charging all News Corp’s online readers by June could be delayed. “It’s a work in progress and there’s a huge amount of work going on not just with our sites but with other people,” Murdoch told reporters in the United States. In his interview with Sky News, Murdoch also flagged a legal challenge to the “fair use” doctrine, which search engines use as justification for the reproduction of news stories. However he indicated this challenge would not happen soon, saying: “we’ll take that slowly”. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 2:12 am Google buys mobile ad startup for $750 millionSan Francisco: Google Inc. is buying mobile advertising network AdMob for $750 million, underscoring the Internet search leader’s determination to ensure its marketing machine reaches the growing number of people surfing the Web on phones. The all-stock deal announced Monday also represents the latest sign that Google’s leaders are feeling better about the economy’s direction, encouraging them to spend more freely after clamping down through much of this year. Once it closes within the next few months, the AdMob acquisition would become Google’s most expensive purchase since it bought online ad service DoubleClick for $3.2 billion in March 2008. It took a year to close the DoubleClick deal, far longer than Google anticipated, as US antitrust regulators took time before deciding the DoubleClick combination wouldn’t stifle competition in the online ad market. Google expressed confidence that antitrust regulators won’t need as long to vet the AdMob deal because there are still several other mobile ad networks from which to choose. AdMob shares at least one similarity with DoubleClick: AdMob’s system specializes in delivering more visual messages, known as display advertising. Google makes most of its money from text-based ads connected to search requests, but has been trying to become a bigger player in display ads a format that tends to be favored by big-spending companies trying to promote their brands. With the increasing sophistication of handheld computing devices such as Apple Inc.’s iPhone and Motorola Inc.’s just-released Droid, millions of people are regularly connecting to their favorite Internet services when they are away from their home or office computers. The trend is opening new opportunities for advertisers to peddle their wares. Research firm eMarketer Inc. expects US mobile advertising to approach $1.6 billion by 2013, up from an estimated $416 million this year. Although the traditional online ad market is far larger estimated at about $23 billion this year Google and rivals such as Yahoo Inc. and Microsoft Corp. have all been jockeying to get an early start in mobile marketing. Yahoo, Microsoft and AOL all have made acquisitions in the field since 2007. Meanwhile, Google has been building a mobile operating system, Android, to make phones more Web-friendly, largely because it hopes to plumb a new advertising channel. Google’s decision to pay such a rich price for AdMob is bound to trigger more acquisitions and investments in the mobile ad niche, predicted eMarketer analyst Noah Elkin. Other emerging mobile ad networks include JumpTap, Millennial, Mojiva, Mobclix and Quattro Wireless. AdMob chief executive Omar Hamoui, 32, started AdMob less than four years ago while he was trying to get a master’s degree at the University of Pennsylvania’s Wharton School. He was frustrated because he couldn’t find an easy way to display ads on a mobile Web site that he was trying to develop. Now AdMob serves up hundreds of millions of ads each across roughly 15,000 sites accessible over mobile phones. Its advertisers include Coca-Cola Co, Ford Motor Co. and Procter & Gamble Co. Investors seemed excited about the deal’s potential as Google shares gained $11.41, or 2.1%, to close Monday at $562.51. AdMob’s revenue this year probably won’t exceed $60 million, estimated JPMorgan analyst Imran Khan. Hamoui declined to reveal his company’s revenue in a Monday interview. Hamoui said he and the rest of AdMob’s 140 employees plan to join Google, which is based in Mountain View. AdMob is located about 20 miles (32 kilometers) to the north in San Mateo. In a research note, Broadpoint AmTech analyst Benjamin Schachter expressed surprise that Google didn’t try to develop more of its own mobile ad technology internally, given the market is still incubating. Google, though, didn’t want to wait for its own engineers to develop a system as good as AdMob’s, said Susan Wojcicki, the company’s vice president of product management. Source: Tech News - Livemint.com | 10 Nov 2009 | 2:06 am Google buys mobile ad startup for $750 millionSan Francisco: Google Inc. is buying mobile advertising network AdMob for $750 million, underscoring the Internet search leader’s determination to ensure its marketing machine reaches the growing number of people surfing the Web on phones. The all-stock deal announced Monday also represents the latest sign that Google’s leaders are feeling better about the economy’s direction, encouraging them to spend more freely after clamping down through much of this year. Once it closes within the next few months, the AdMob acquisition would become Google’s most expensive purchase since it bought online ad service DoubleClick for $3.2 billion in March 2008. It took a year to close the DoubleClick deal, far longer than Google anticipated, as US antitrust regulators took time before deciding the DoubleClick combination wouldn’t stifle competition in the online ad market. Google expressed confidence that antitrust regulators won’t need as long to vet the AdMob deal because there are still several other mobile ad networks from which to choose. AdMob shares at least one similarity with DoubleClick: AdMob’s system specializes in delivering more visual messages, known as display advertising. Google makes most of its money from text-based ads connected to search requests, but has been trying to become a bigger player in display ads a format that tends to be favored by big-spending companies trying to promote their brands. With the increasing sophistication of handheld computing devices such as Apple Inc.’s iPhone and Motorola Inc.’s just-released Droid, millions of people are regularly connecting to their favorite Internet services when they are away from their home or office computers. The trend is opening new opportunities for advertisers to peddle their wares. Research firm eMarketer Inc. expects US mobile advertising to approach $1.6 billion by 2013, up from an estimated $416 million this year. Although the traditional online ad market is far larger estimated at about $23 billion this year Google and rivals such as Yahoo Inc. and Microsoft Corp. have all been jockeying to get an early start in mobile marketing. Yahoo, Microsoft and AOL all have made acquisitions in the field since 2007. Meanwhile, Google has been building a mobile operating system, Android, to make phones more Web-friendly, largely because it hopes to plumb a new advertising channel. Google’s decision to pay such a rich price for AdMob is bound to trigger more acquisitions and investments in the mobile ad niche, predicted eMarketer analyst Noah Elkin. Other emerging mobile ad networks include JumpTap, Millennial, Mojiva, Mobclix and Quattro Wireless. AdMob chief executive Omar Hamoui, 32, started AdMob less than four years ago while he was trying to get a master’s degree at the University of Pennsylvania’s Wharton School. He was frustrated because he couldn’t find an easy way to display ads on a mobile Web site that he was trying to develop. Now AdMob serves up hundreds of millions of ads each across roughly 15,000 sites accessible over mobile phones. Its advertisers include Coca-Cola Co, Ford Motor Co. and Procter & Gamble Co. Investors seemed excited about the deal’s potential as Google shares gained $11.41, or 2.1%, to close Monday at $562.51. AdMob’s revenue this year probably won’t exceed $60 million, estimated JPMorgan analyst Imran Khan. Hamoui declined to reveal his company’s revenue in a Monday interview. Hamoui said he and the rest of AdMob’s 140 employees plan to join Google, which is based in Mountain View. AdMob is located about 20 miles (32 kilometers) to the north in San Mateo. In a research note, Broadpoint AmTech analyst Benjamin Schachter expressed surprise that Google didn’t try to develop more of its own mobile ad technology internally, given the market is still incubating. Google, though, didn’t want to wait for its own engineers to develop a system as good as AdMob’s, said Susan Wojcicki, the company’s vice president of product management. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 2:06 am Afghan and western Pak pose danger to India and US: HolbrookeWashington: Identifying Afghanistan and western Pakistan as one of the most dangerous parts of the world, special US envoy for Af-Pak has said that the region poses a great threat to not only the United States, but also India and Western Europe. “Western areas of Pakistan remain a clear and present danger to everyone not only in the United States, but in Western Europe, in Pakistan itself, in India, and elsewhere throughout the region,” special US envoy for Pakistan and Afghanistan Richard Holbrooke told the CNN in an interview. Asserting that Obama Administration’s commitment to Afghanistan remains undiminished, Holbrooke said, “We remain committed to the core objectives of defeating and dismantling al-Qaeda, of helping strengthen civilian democratic rule in Pakistan, of strengthening the Afghan people’s government and its security forces.” Holbrooke, who has not visited Afghanistan since the 20th August presidential elections, said he will attend the inauguration of Hamid Karzai’s presidency for the second term. Terming the recently concluded Pakistan trip of the secretary of state Hillary Clinton as incredible, he said, “this was a very important trip in which we committed ourselves to much greater support of Pakistan’s democratic institutions and the economy in Pakistan, with particular attention to energy.” Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 2:04 am Renault/Nissan signs agreement with Bajaj for production of a new carCarlos Ghosn, chief executive of Renault and Japan's Nissan Motor Co, said on Tuesday an agreement had been signed with India's Bajaj Auto for a low-cost car which would come to India in 2012.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 1:54 am Gold traders trickle in as prices easeMumbai: India’s gold traders trickled in on Tuesday to stock up for the wedding season as prices eased and an early strength in the rupee aided sentiment, making the dollar-quoted asset cheaper, dealers said. “Jewellers are buying in small lots of 2-3 kgs, I must have sold about 40-50 kgs since morning, prices are down and even strong rupee is acting in support,” said a dealer with a state-run bullion dealing bank. “We have seen some bit of demand, they are buying at around $1,100 (an ounce),” said another dealer with a private bullion dealing bank. The most-traded December gold contract was 0.15% lower at Rs16,592 per 10 grams at 2:19pm. The Indian rupee erased early gains and turned weaker on Tuesday afternoon hit by losses in the domestic share market. Dealers said some jewellers were stationed on the sidelines seeking further falls to replenish stocks for the ongoing wedding season, which will last till December. “We are awaiting bigger lots, more jewellers could come in at 1,080 an ounce,” said the state-run bank dealer. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 1:53 am India among top 3 markets for Pepsico: NooyiNew Delhi: US-based beverages major Pepsico on Tuesday said India is among its top three markets and the company will continue to build India-specific strategy to sustain growth. “For food processing companies like us, I think India represents top three markets in the world. India is a very different market from any western developed market,” Pepsico Chairman and chief executive officer Indra Nooyi said on the eve of its first-ever board meeting in Mumbai. This is the second time PepsiCo’s global board meeting will be held outside the US. The first one was held in Mexico five years ago. She said India is a large vibrant market and should focus on developing India-specific strategies to sustain it. “You cannot just import the western solutions to India. You have to crack solutions, which are right for India, right for the people, right for the country, right for its farmers,” she said. On its global board meeting in Mumbai this month, Nooyi said the event will be a “historic” one as it is an opportunity to highlight issues and propose investments in India. “I think it is going to be a historic board meeting... Show them (board members) the glory of India, the issues of India, so that we propose solutions, investments in India. They understand the context for which we are proposing thats why we have brought them to India,” she added. Source: Home - Livemint.com | 10 Nov 2009 | 1:47 am Yahoo aims to boost margins, grow India opsYahoo CEO Carol Bartz said on Tuesday that Yahoo, the top U.S. seller of online display ads, planned to expand its business in India and hire more people there as it targets emerging markets with low Internet penetration and high growth potentiaSource: Daily News & Analysis: Money News | 10 Nov 2009 | 1:47 am Rising food prices a cause of worry - Junior farm minThe junior farm minister K.V. Thomas said on Tuesday that while rising food prices are a cause of worry, the prospects for winter-crop sowing were good.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 1:45 am Vodafone extends cost cutting scheme, hits targetsVodafone Group, the world's largest mobile operator by revenue, is to ramp up cost cuts after a successful start to the programme offset competition in Europe and India to deliver first half results as expected.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 1:43 am Rupee weakens on share market lossesMumbai: The Indian rupee erased early gains and turned weaker on Tuesday afternoon hit by losses in the domestic share market. At 1:56pm, the partially convertible rupee was at Rs46.56/57 per dollar, weaker than Rs46.46/47 at close on Monday. In early deals, it rose to Rs46.35, its highest since 21 October. Indian shares erased gains of as much as 1.1% and turned negative on Tuesday afternoon, led by declines in No. 2 IT-services firm Infosys Technologies and leading telecom Bharti Airtel. Foreigners have bought more than $14 billion of shares so far in 2009, after selling over $13 billion last year. The inflows have helped the rupee recover from its record low of 52.2 hit in early March. Some dealers said that the rupee was already oversold and further depreciation was unlikely. One-month offshore non-deliverable forward contracts were quoting at Rs46.51/61, stronger than the onshore spot rate. Dealers said they were also watching the pound as it slipped against the dollar after Fitch Ratings said that of the four major economies with AAA status, the UK was the most at risk. Source: Home - Livemint.com | 10 Nov 2009 | 1:41 am RBI faces higher inflation, capital flowsMUMBAI (Reuters) - India is facing a dilemma of needing to contain rising inflation while trying to support growth and managing foreign capital inflows, Reserve Bank deputy governor Shyamala Gopinath said on Tuesday.Source: Reuters: Money News | 10 Nov 2009 | 1:27 am Rupee hits three-week high, rises 6 paise at 46.39 a dollarContinuing with its rising streak for the fifth day, the rupee appreciated by 6 paise in early trade to hit a 3-week high at 46.39 against the US dollar, supported by firming Asian stocks.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 1:27 am Reliance finds oil in Cambay basin block; shares upMUMBAI (Reuters) - Energy major Reliance Industries has made its first oil find in a western India block, boosting hopes the firm's oil and gas exploration business will help offset some of the weakness in the refining sector.Source: Reuters: Money News | 10 Nov 2009 | 1:20 am Sensex turns weak at midsession, down over 79 ptsThe BSE's benchmark Sensex turned weak at midsession losing over 79 points, as investors offloaded stocks to book profits. The Sensex, which commenced the day higher by 179 points, fell 79.50 points at 1300 hrs.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 1:03 am Renault-Nissan, Bajaj to launch ultra low cost car by 2012New Delhi: Promising to deliver a small car that will be the cheapest in India in terms of running costs, auto maker Renault-Nissan combine Tuesday said they along with Bajaj Auto have finalised an ultra low cost product that will hit the market by 2012. “While it is too early to say about price of the car, the cost of the car (in terms of overall running cost) will be lower than the cost of any other new car made in India today,” chairman and CEO of Renault Carlos Ghosn at the India Economic Summit. The car, which will hit the market a in 2012, was originally scheduled to be launched in India in 2011 but was delayed due to differences between the partners in terms of pricing and design. Earlier, Renault had wanted to price the car at around $2500. “It is not sufficient to launch the car on a low price only, but it also needs fuel efficiency. It will be a very competitive product and very affordable,” he said, when asked if the ULC would be priced lower than Tata Nano. As per the agreement, the design, engineering, sourcing and manufacturing will be handled by Bajaj Auto while marketing and selling will be by Renault-Nissan Alliance, Ghosn said. The brand under which the car will be sold will be selected by the Renault-Nissan alliance. “There will be no Bajaj name on the car,” Ghosn said. Source: Home - Livemint.com | 10 Nov 2009 | 1:03 am India top market for PepsiCo, says Nooyi - Hindu Business Line
Source: Business - Google News | 10 Nov 2009 | 12:59 am Nariman house being spruced up for first anniversary of 26/11 attackMumbai: Construction activities at Nariman House, one of the sites which bore the scars of 26/11 Mumbai attack, are in full swing ahead of the memorial service to be held there on the first anniversary of the strike. “The restoration works started last Saturday after we were awarded the contract on Tuesday. We have been asked to complete the work before 26 November as they are going to hold some candle light vigil,” the construction in-charge said. The five-storey building, also known as Chabad House in Colaba in south Mumbai, stands as a mute testimony to the two-day terror siege with walls of its rooms and passageways pockmarked by hundreds of bullets and splinters from grenades. “The temporary construction would be completed before 26 November after which complete restoration work would be taken up,” he said as workers went about the job at a furious pace removing shards and slabs of plaster to ready the place. However, on the bustling street below, life goes on as usual with fitness buffs pumping iron in a gymnasium and children immersed in a lively gully cricket match, forgetful of the tragedy that will perhaps remain etched on Mumbai’s psyche forever. Nariman House, a Jewish outreach center run by Chabad-Lubavitch Movement having an educational center and a synagogue, offered drug prevention services and stay to the people of their faith. It was run by Rabbi Gavriel Holtzberg and his wife Rivika, who had come to Mumbai in 2003 to serve the local Jewish community. On November 26 last year, two Pakistani terrorists had seized the building around 9:45 pm and almost 45 hours later, when the deafening rat-a-tat of gunfire and grenade blasts died down, six of its Jewish occupants, including Rabbi Gavriel and five-month pregnant Rivka, were no more. The two terrorists — Babar Imran and Nasir alias Abu Umer — also died in an encounter with NSG personnel. However, Moshe, the two-year-old son of Holtzbergs, was saved by his Indian nanny Sandra Samuel and the family’s handyman-cum-cook Qazi Zakir Hussain alias Jackie, a Muslim. Moshe now lives in Israel with his grandparents and Sandra moved with him to take care of the orphaned child. The Israeli government honoured her with the title of ‘Righteous Gentile´, the highest award presented to non-Jews, and allowed her an extended stay in the country. Among those dead was 50-year-old Norma Shvartzblat Rabinovich, who was at Nariman house waiting for her immigration papers to be ready to enable her to board a flight on December one to Tel Aviv to be with her family for her son’s 18th birthday. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 12:45 am India Economic Summit | Trade and climate changeNew Delhi: The World Economic Forum session on trade and climate change which brought together a high profile panel comprising policy and corporate leaders, saw no significant progress in terms of how different viewpoints between developed and developing countries could be reconciled. The panel comprised Special Envoy of the Prime Minister for Climate Change, Shyam Saran, chairman and managing director Moser Baer Deepak Puri, CEO of Alcatel Lucent France Ben Verwaayen, president of the US National Foreign Trade Council William Reinsch, joint executive officer, IT Business, and Wipro Board member Suresh Vaswani and Professor Lord Stern. Saran who reiterated India’s stance with regard to universal accessibility of green and transitional technology, said global negotiations did not reflect the urgency that was required to address the peril the planet was in. He also expressed disappointment with negotiations in Barcelona, saying that sessions ended without much cheer for the upcoming Copenhagen summit. “There was a deliberate attempt to downgrade negotiations in Copenhagen”, he said. Saran also called for the establishment of a global platform to put together technological and scientific resources of various countries so as to arrive at a feasible solution and diffuse climate change technology as rapidly as possible. “Such technologies must be made available as public goods”, he said. Technology and access remained the central point of discussion, with Wipro board member Suresh Vaswani suggesting that countries approach green technology with an “open source” frame of mind so that countries could modify and adapt it to fit their needs. Click here to read Mint’s coverage of India Economic Summit President of the US National Foreign Trade Council William Reinsch, while agreeing that there was need for universal access to technology, said that countries like India needed to convince other global players that sufficiently strong policies were in place to protect the right of the innovator. Sir Nicholas Stern stated that the cost of green technology did not “warrant the kind of tariffs/protectionism that certain countries are asking for”. Apart from technology another topic of discussion was the fact that climate change and economic growth were not at competition. It was agreed that while the economic crisis could put climate responsibility on the backburner, it was imperative that this should not happen. However apart from general consensus on this fact, very little was suggested in terms of how this could be brought about. The session ended with closing statements ranging from a reiteration of a sense of urgency to an agreement that climate change was a global commerce problem which affected everybody. However there were no signs that either side would be willing to significantly compromise on their position, which could be read as an indication of even less cheer for Copenhagen. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 12:42 am Yahoo plans to expand, hire people in IndiaSingapore: Yahoo Inc wants to triple its operating margin to 15-20% over the next three years by increasing revenue and keeping costs under control, CEO Carol Bartz said on Tuesday. She also said that Yahoo, the top US seller of online display ads, planned to expand its business in India and hire more people there as it targets emerging markets with low Internet penetration and high growth potential. “Six per cent operating margin is terrible, terrible... We have a commitment that it will be 15-20% in the next three years,” she said at a lunch talk organised by the American Chamber of Commerce in Singapore.  Yahoo Inc chief executive Carol Bartz speaks at a lunch talk organized by the American Chamber of Commerce in Singapore on Tuesday. AFP phot “We go where the population is, we go where the economies are growing,” she said, highlighting India, Indonesia and Vietnam as countries where Yahoo hoped to grow its presence. She would be heading from Singapore to India, she said, where she is scheduled to meet Indian Prime Minister Manmohan Singh and other senior officials. Yahoo plans to hire more people and find new partners in the world’s second-most populous nation for its various Internet initiatives. Turning to China, Bartz said Yahoo was “very happy” with its 40% investment in China’s Alibaba Group although it recently sold shares in Alibaba.com, the Chinese firm’s listed unit. Yahoo does not have a direct presence in China as it has an agreement to let Alibaba use the Yahoo brand name in the country. Microsoft and Yahoo earlier this year signed a 10-year global web search partnership to challenge market leader Google Inc, a pact that US and European antitrust regulators are evaluating. Bartz said the two partners will formally seek regulatory approval for their tie-up in the first quarter of next year as scheduled. Source: Tech News - Livemint.com | 10 Nov 2009 | 12:31 am Noon: Markets turn negative, had been up 1.1%Mumbai: Indian shares erased gains of as much as 1.1% and turned negative on Tuesday afternoon, led by declines in No. 2 IT-services firm Infosys Technologies and leading telecom Bharti Airtel. At 1:00pm, the 30-share BSE index was down 0.4% at 16,430.48 points, with 20 stocks declining, after rising as high as 16,677.53 earlier. The 50-share NSE index was down 0.4% at 4,876.65. Indian shares were up 0.2% after an early rally triggered resistance, but Reliance Industries firmed after the energy giant said it found oil in a block off the western coast. Gajendra Nagpal, CEO of Unicon Financial, said investors were upbeat after G-20 finance ministers’ pledge to keep emergency measures in place until a recovery was assured, but there was concern about valuations. Reliance, which has the heaviest weight in the main index, rose as much as 3.7% after the oil discovery announcement in the Cambay basin off Gujarat state. By 11:24am, the 30-share BSE index was trading up 0.16% at 16,525.70, with 19 of its components gaining. The 50-share NSE index was up 0.2 % at 4,909.20. The index rose as much as 1.1% in early deals, but faced resistance after rising for the past four previous. “We are cautious on our market as valuations do not support a runaway rally,” Nagpal said, although the sentiment was turning better globally with the feeling that the stimulus measures will be kept in place for some time. The benchmark index is up more than 71 % so far this year, helped by foreign funds inflow of almost $14.4 billion. Reliance was up nearly 2 % at Rs2,064 after rising as high as Rs2,100. Leading banks such as State Bank of India and ICICI Bank firmed as the long-term outlook for them was positive, analysts said. “I would still recommend a buy on banks. If the economy has to grow, banking is going to play a very vital role there,” said Nagpal. State Bank rose 1.5 % to Rs2,353 and ICICI climbed 1.3 % to Rs900.75. Wipro, the country’s No. 3 software services exporter, was up 0.8 % at Rs607.55, as it saw robust deal pipeline on the back of improving IT demand worldwide. In the broader market, gainers led losers in the ratio of 1.3:1 on volume of 151 million shares. Source: Home - Livemint.com | 10 Nov 2009 | 12:22 am Wipro eyes acquisition in BPO spaceNew Delhi: The country’s third largest software exporter, Wipro Technologies, today said it is looking for an acquisition in the BPO space, which is likely to be the next engine of growth for the IT industry. “The economy has improved. The IT demand situation is certainly improving. The deal pipeline is good, the demand environment is building up,” Wipro Technologies Joint CEO Suresh Vaswani told reporters on the sidelines of the India Economic Summit. He added the company is looking at acquisitions in the BPO space. “BPO has strong performance... BPO will drive growth for the IT industry. Acquisition is part of our strategy we keep looking at it, he said.” The company is also bullish about the current quarter. “We have given a fairly strong guidance for this quarter which is substantially more than what we gave last quarter,” Vaswani said, adding, all sectors are likely to grow, including the Banking, Financial Services and Insurance. About the pricing pressure faced by the company, he said customers are not looking at price discounts but are looking at substantial change in cost structure. “We are doing more fixed price projects which now form 40 per cent of the contracts we have. The fixed price models gives both our customers and us a win-win situation.” Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 12:14 am RIL strikes oil off Gujarat coastMukesh Ambani-run Reliance Industries announced discovery of an oilfield 130 km from Ahmedabad in Gujarat, its second major find after the offshore MA field in the Krishna Godavari basin.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 12:09 am Yahoo aims to boost margins, grow India opsSINGAPORE (Reuters) - Yahoo Inc wants to triple its operating margin to 15-20 percent over the next three years by increasing revenue and keeping costs under control, CEO Carol Bartz said on Tuesday.Source: Reuters: Money News | 10 Nov 2009 | 12:01 am Tata Steel forms joint venture with 2 Canadian firms for ore projectMumbai, Nov. 9 Tata Steel has proposed to invest $279 million (about Rs 1,300 crore) in a joint venture for an iron ore project in Canada. The Tatas will own 80 per cent equity stake with the two Canadian firms — New Millennium CapitalSource: Business Line - Home Page | 10 Nov 2009 | 12:00 am Fedders Lloyd Corp (Rs 72.5): BuyInvestors with a short-term trading perspective can buy Fedders Lloyd Corporation at current level. Short-term trend in the stock is bullish. It has been moving up vertically without any correction since October 6. Momentum indicators in theSource: Business Line - Home Page | 10 Nov 2009 | 12:00 am Day Trading GuideInitiate fresh long position only if DLF surpasses Rs 403 with stiff stop-loss. ICICI Bank and SBI witnessed buying interest in the last trading session. Fresh long position is recommendedSource: Business Line - Home Page | 10 Nov 2009 | 12:00 am L&T bags Rs 1,635-cr order from M.P. power coMumbai, Nov. 9 Engineering and construction major Larsen and Toubro has secured a balance of plant (BoP) contract valued at Rs 1,635.30 crore from the Madhya Pradesh Power Generation Co for a 1,200-MW coal fired powerSource: Business Line - Home Page | 10 Nov 2009 | 12:00 am UTI sponsors offload 6.5% stake eachMumbai, Nov. 9 The four original sponsors of UTI Asset Management Company have disinvested 6.5 per cent stake each to the US-based fund house T Rowe Price Global Investment Services for a collective consideration of around Rs 650 crore.Source: Business Line - Home Page | 10 Nov 2009 | 12:00 am Faltering coal output may leave power projects strandedNew Delhi, Nov. 9 The prospect of a power crisis looms large, with the widening demand-supply gap for domestic coal production projected to lead to a blending problem at existing coal-fired stations.Source: Business Line - Home Page | 10 Nov 2009 | 12:00 am ‘Data, video services to see dramatic growth’New Delhi, Nov. 9 An ardent fan of the Arsenal football club, Alcatel Lucent’s Global CEO, Mr Ben Verwaayen, is steering the Franco-American telecom company through what he terms as a transformation process.Source: Business Line - Home Page | 10 Nov 2009 | 12:00 am Institutions get a free hand in follow-on issue pricingMumbai, Nov. 9 The Securities and Exchange Board of India (SEBI) on Monday decided to introduce the “pure auction” method of book building in ‘Follow on Public Offers’ (FPO) (to start with). This does away with the upperSource: Business Line - Home Page | 10 Nov 2009 | 12:00 am Marketmen welcome removal of cap for FPOsMumbai, Nov. 9 SEBI’s removal of the cap price for follow-on public offerings is a fantastic idea, according to Mr Dara Kalyaniwala, VP-investment banking at Prabhudas Lilladhar CapitalSource: Business Line - Home Page | 10 Nov 2009 | 12:00 am Shipping companies to pay more for insuranceMumbai, Nov. 9 Insurance costs of shipping lines have gone up considerably in the recent past as they have been forced to take ‘kidnap and ransom’ policy after the recent flare-up on pirate attacks on high seas, off the coast ofSource: Business Line - Home Page | 10 Nov 2009 | 12:00 am Obama to visit Asia as domestic issues smoulderWashington: Barack Obama this week makes his first trip to Asia as President, leaving behind a host of domestic problems with a visit that recognizes the region’s economic and diplomatic importance to the United States. The trip, which starts on Thursday, will take Obama to an Asia-Pacific Economic Cooperation (APEC) summit in Singapore. But the critical leg will come in China, where Obama will have to navigate an increasingly complex relationship with the country that is the largest holder of US foreign debt and its second-largest trading partner. “I see China as a vital partner, as well as a competitor,” Obama told Reuters in an interview before the trip. “The key is for us to make sure that that competition is friendly, and it’s competition for customers and markets, it’s within the bounds of well-defined international rules of the road that both China and the United States are party to, but also that together we are encouraging responsible behaviour around the world,” he said. He will also visit Japan and South Korea. “The overarching theme is that America is a Pacific nation, it understands the importance of Asia in the 21st century, and it’s going to be very engaged in a very comprehensive way to make progress on a whole series of issues that are critical for our prosperity and our security,” said Ben Rhodes, a deputy national security adviser. North Korea, Iran, the global economy and trade, climate change, energy, human rights, Afghanistan and Pakistan are likely to get the most attention. Obama will also use a stop in Tokyo to speak broadly about his view of US engagement with Asia. In China from 15 to 18 November, Obama will visit Shanghai and Beijing, hold bilateral meetings with President Hu Jintao — their third and Premier Wen Jiabao. Deeply Engaged The trip is intended to make the point that the United States is deeply engaged with Asia, after years of focusing on the threat of Islamic militancy in the region. But the issues dominating US politics — his fight to reform the healthcare system, joblessness and the pressing question of how many more troops to send to Afghanistan — are likely to dog Obama on his Asian trip. Those domestic worries could make it more difficult to make progress on climate change and trade, on which he faces stiff opposition from US groups whose support he needs on healthcare and other issues. Many businesses, for example, are wary of new rules on climate change they say could be costly and labour unions worry about free trade agreements they fear could cost jobs, so Obama is unlikely to push hard for deals such as a free trade pact with South Korea. “I think the administration has been sending pretty careful signals that, hey, we’re not gone on trade ... we’ll be back to the table on trade on some of these regional agreements and some of the bilateral agreements,” said Ernie Bower, director of the Southeast Asia programme at the Center for Strategic and International Studies in Washington. “Do Asian leaders believe that? I’m not sure,” he said. With Obama enjoying sky-high popularity ratings in the countries he is visiting, concrete results may be beside the point. Noting that Obama has been in office only since January, analysts and administration officials point to this trip as mostly laying the groundwork for future cooperation. “President Obama is enormously popular in all the countries that he’s visiting. I haven’t seen the latest polls, but the numbers I have seen are staggering,” said Jeffrey Bader, senior director for East Asian affairs at the National Security Council. “When we have someone who has that degree of respect and affection and admiration, the message that he is bringing is much more likely to resonate than when you come in with a 5% approval rating,” he said. Source: LatestNews-Home - Livemint.com | 9 Nov 2009 | 11:50 pm For third year, Indian retail industry records highest theft rates - Livemint
Source: Business - Google News | 9 Nov 2009 | 11:48 pm For third year, Indian retail industry records highest theft ratesMumbai: For the third year in a row, India has recorded the highest rate of pilferage in its Rs3.7 trillion retail industry, according to the Global Retail Theft Barometer 2009 (GRTB 2009) survey that was conducted across 40 countries, and results of which will be released Tuesday. The shrinkage, or losses caused to the retailer, or shrinkage, caused by shoplifting, employees, administrative error, or vendors, amounted to 3.2% of the total size of the country’s retail industry, including the unorganized sector. The survey is prepared by the Centre for Retail Research, Nottingham, UK, and is funded by Checkpoint Systems Inc., a US-based security systems provider. “The shrinkage increased by 3.2% over last year,” Dharmesh Lamba, country manager for Checkpoint Systems, told Mint. At 45.2%,, shoplifting was the leading source of retail shrinkage, followed by employee theft (23.3%). Electronics, cosmetics, alcohol/ food, clothing and jewellery were among the leading items of theft. Source: LatestNews-Home - Livemint.com | 9 Nov 2009 | 11:11 pm Sensex up 0.78 percent in early tradeA key index of the Indian equities markets started trade in the green Tuesday and was 0.78 percent higher than its previous close about 20 minutes into trade.Source: IndiaeNews.com: Business News | 9 Nov 2009 | 11:00 pm Obama: strains unless U.S., China balance growthWASHINGTON (Reuters) - The United States sees China as a vital partner and competitor, but the two countries need to address economic imbalances or risk "enormous strains" on their relationship, President Barack Obama said on Monday.Source: Reuters: Money News | 9 Nov 2009 | 10:58 pm ‘Incredible India’ campaign wins World Travel AwardLondon: The ‘Incredible India´ campaign, an initiative by the Indian government to promote tourism, has won the World Travel Award 2009 for being the best campaign of the year. The reigning Miss World, Ksenia Kukhinova of Russia, presented the award to India’s tourism minister, Kumari Selja at a gala function held at the Grosvenor House. Selja, who is here to participate in the World Travel Market, also received the Asian Guild Award for promoting the ‘Incredible India´ campaign at a function held at the House of Lords last evening. The Award and Fellowship of the Asian Guild was presented to her by Lord Peter Archer of Sandwell. The Guild also bestowed the Fellowship on Jagdish Chander, director, India Tourist Office here for his “hard work to carry out the conviction of Incredible India campaign in the UK. “Suresh Joshi, joint director general of the Asian Guild, said “Incredible India has enriched the status of the Asian in British Society by broadening the tradition and culture of India. Shelja said “Incredible India initiative was conceived in the year 2002, when we decided to brand the country as a unique, vibrant and inclusive identity. “Through this branding, an attempt was made to create a distinct image for the country.” Shelja noted that there was no doubt that the ‘Incredible India’ initiative has positioned the country in the mind of the discerning traveller and thus played a major role in the growth of tourist arrivals to the country as well as foreign exchange earnings from tourism. “It has also re-enforced interest in the country and contributed in generating awareness about India among the younger generations.” The successful campaigns have created a sense of pride amongst the communities of Indian origin residing in different parts of the world, including the UK. The minister said that India was also working to improve the facilities and services at important tourism destinations. “We have taken initiatives to develop new tourism products such as wellness, adventure and rural tourism, which offer the visiting tourist a rejuvenating and enriching experience,” she said, adding all out efforts would be made to position India as the leading tourism destination in the world. Source: LatestNews-Home - Livemint.com | 9 Nov 2009 | 10:57 pm Dubai's Ultimate Motors to launch Super Hyper cars in IndiaDubai-based Ultimate Motors will be launching the three brands of commercial SHCs -- Shelby, Zenvo and Arash, by December.Source: Daily News & Analysis: Money News | 9 Nov 2009 | 10:27 pm India Economic Summit | Financial inclusion seen as key to social inclusion - Livemint
Source: Business - Google News | 9 Nov 2009 | 10:24 pm European Commission objects to Sun-Oracle dealNew York/Washington: The European Commission has objected to Oracle Corp’s acquisition of computer maker Sun Microsystems Inc, throwing the $7 billion deal into question. The commission said in a preliminary assessment that combining Sun’s MySQL database product and Oracle’s products could hurt competition in the database market, Sun said in a filing with the US Securities and Exchange Commission. Oracle said it “plans to vigorously oppose the Commission’s Statement of Objections”. The Commission faces a 19 January deadline on whether to approve the deal. Earlier this year, Sun struck a deal to sell itself to Oracle after several years of failed attempts to turn itself around. The deal was seen as a way to transform Sun into a diversified technology company, selling computers alongside Oracle’s software. European Union regulators said last month that Oracle has not presented evidence to placate antitrust concerns. The Commission’s prime concern appears to be Sun’s MySQL database, which it bought for $1 bln last year and which is used to run popular websites including Google, Facebook and Amazon. Oracle’s database - the top-selling product in the market - is far more robust, allowing companies to quickly access larger quantities of data. Critics of the deal worry Oracle’s ownership may hinder MySQL’s development. The US Department of Justice, which gave the deal its approval in August, issued a statement on Monday saying it believed customers will still have a variety of choices after the companies merge. “The Department’s Antitrust Division concluded that the merger is unlikely to be anticompetitive,” the department said, adding that it hoped Oracle and Sun could reach a speedy resolution with the European Commission. It is rare for US authorities to approve a merger only to see it run into trouble with European antitrust enforcers. But it has happened before, for example when General Electric Co said it would buy Honeywell in 2000. The merger was cleared by US authorities but was blocked by the European Commission on antitrust grounds in 2001. Oracle chief executive Larry Ellison recently said Sun is losing about $100 million a month because of uncertainty about its future, due to the prolonged investigation by European antitrust officials. Last Friday, Sun announced that quarterly revenue fell 25%. Rivals IBM and Hewlett-Packard Co are taking advantage of the uncertainty by luring Sun’s customers with steep discounts. Source: World Business - Livemint.com | 9 Nov 2009 | 10:16 pm European Commission objects to Sun-Oracle dealNew York/Washington: The European Commission has objected to Oracle Corp’s acquisition of computer maker Sun Microsystems Inc, throwing the $7 billion deal into question. The commission said in a preliminary assessment that combining Sun’s MySQL database product and Oracle’s products could hurt competition in the database market, Sun said in a filing with the US Securities and Exchange Commission. Oracle said it “plans to vigorously oppose the Commission’s Statement of Objections”. The Commission faces a 19 January deadline on whether to approve the deal. Earlier this year, Sun struck a deal to sell itself to Oracle after several years of failed attempts to turn itself around. The deal was seen as a way to transform Sun into a diversified technology company, selling computers alongside Oracle’s software. European Union regulators said last month that Oracle has not presented evidence to placate antitrust concerns. The Commission’s prime concern appears to be Sun’s MySQL database, which it bought for $1 bln last year and which is used to run popular websites including Google, Facebook and Amazon. Oracle’s database - the top-selling product in the market - is far more robust, allowing companies to quickly access larger quantities of data. Critics of the deal worry Oracle’s ownership may hinder MySQL’s development. The US Department of Justice, which gave the deal its approval in August, issued a statement on Monday saying it believed customers will still have a variety of choices after the companies merge. “The Department’s Antitrust Division concluded that the merger is unlikely to be anticompetitive,” the department said, adding that it hoped Oracle and Sun could reach a speedy resolution with the European Commission. It is rare for US authorities to approve a merger only to see it run into trouble with European antitrust enforcers. But it has happened before, for example when General Electric Co said it would buy Honeywell in 2000. The merger was cleared by US authorities but was blocked by the European Commission on antitrust grounds in 2001. Oracle chief executive Larry Ellison recently said Sun is losing about $100 million a month because of uncertainty about its future, due to the prolonged investigation by European antitrust officials. Last Friday, Sun announced that quarterly revenue fell 25%. Rivals IBM and Hewlett-Packard Co are taking advantage of the uncertainty by luring Sun’s customers with steep discounts. Source: Home - Livemint.com | 9 Nov 2009 | 10:16 pm Oil lower in Asia as Hurricane Ida worries easeA firmer US currency, which makes dollar-priced crude more expensive for holders of foreign units, was also a factor in pushing oil futures lower.Source: Daily News & Analysis: Money News | 9 Nov 2009 | 10:11 pm Rupee hits 3-week high, rises 6 paise against dollarContinuing with its rising streak for the fifth day, the rupee appreciated by 6 paise in early trade today to hit a three-week high at 46.39 against the US dollar, supported by firming Asian stocks.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 9:49 pm Corporates pep up hiring plans with economy on upswingThe pick-up in the economy has kicked off hiring plans in India Inc, with companies across the manufacturing and services sectors looking at new recruitments as they go into expansion mode.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 8:55 pm New SEBI IPO guidelines: Impact on retail/institutional investors - Economic Times
Source: Business - Google News | 9 Nov 2009 | 8:38 pm AI pilots to wait till Nov 24 on strike moveThe threat of strike by Air India pilots continued to hang like a sword over the management even though it agreed to pay pilots their performance linked incentive and flying allowances by Tuesday.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 2:26 pm AI to pare down perks of top brassBabus may think twice before accepting top positions like CMD or director in Air India as aviation ministry is finally paring down the exorbitant perks here to general industry levels.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 2:24 pm Sebi allows auction of shares in follow-on offerSebi on Monday allowed companies to go for pure auction of shares (offered at bid price) in a follow on public offer for pricing of issues for institutional investors.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 12:44 pm Telecom sector rings in Rs 45,000 crore for govtWhether it's a slowdown or recovery, India's telecom story is always shining. The telecom sector's contribution to the exchequer is growing exponentially.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 12:38 pm Sugar prices soar 20% in a monthCheeni Kum! That's the best advice one can give you at now, as sugar prices have soared in the past month by more than 20%. More bitter news: It's not going to come down soon. Analysts expect prices to remain high till 2011.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 12:36 pm TAN goes mobile with VuclipThe Times Audience Network (TAN), the digital video arm of the Times Group, announced on Monday a strategic partnership with Vuclip to make available its entire video library of premium content for mobile users in India.Source: India Business News | Business News - Times of India | 9 Nov 2009 | 12:15 pm Haryana govt to impose licence-raj for cable TVThe government of Haryana will shortly do what the information and broadcasting ministry had tried to introduce for years by taking a decision to auction three-year licences to run cable operations in every city and town in the state.Source: Business Standard | Front Page Headlines | 9 Nov 2009 | 11:59 am What went wrong with LoganPricing problems, poor localisation put the Mahindra-Renault sedan in reverse gear.Source: Business Standard | Front Page Headlines | 9 Nov 2009 | 11:58 am Sebi allows auction for QIBs in follow-on offersLess than a week after the government announced a bigger disinvestment programme, the market regulator today introduced a significant change in the way institutional bidders invest in follow-on public offers by allowing allotments through auctions.Source: Business Standard | Front Page Headlines | 9 Nov 2009 | 11:56 am Security group G4S eyes expansion, sales grow London: G4S, the world’s biggest security firm, said nine-month sales were boosted by demand in emerging economies and increased government spend, and it planned to boost operations in both China and Brazil. The company, formed from the 2004 merger between Denmark’s Group 4 and Britain’s Securicor, said operating profit was up 12% on sales up 9% for the nine months to the end of September, without giving specific figures. G4S, which supplies security guards and other safety-related services to firms in over 100 countries, added that margins rose 0.2% in the period. Looking ahead, chief executive Nick Buckles said that the company planned to expand further both organically and through acquisitions. The company also said it was confident of winning work at the 2012 Olympic games in London. “We’re looking to enter Brazil and invest more in China in 2010 after regulations changed there, meaning we can now, as a foreign company, own security businesses in China,” Buckles said. “We expect to spend £100 million ($166 million) a year on acquisitions and have only spent around £55 million so far and have couple of medium-sized deals in the pipeline,” he said. Shares in G4S, which have risen a quarter in 2009, were 0.6% lower at 251 pence by 2:50pm, valuing the group at around £3.5 billion. “This represents a slight slowdown on the first half performance which saw organic growth of 4.8% but is still in-line with our 2009 forecast of 4.5%. However, we expect further growth in 2010,” said Seymour Pierce analyst Kevin Lapwood. The company is expected to report an average pretax profit of £364.5 million in 2009, according to a Thomson Reuters I/B/E/S poll of 13 analysts. Source: World Business - Livemint.com | 9 Nov 2009 | 3:52 am Microsoft India seeing good response to Windows 7New Delhi: The Indian unit of Microsoft is seeing a good early response to Windows 7, its recently launched operating system, its chairman said on Monday. The Indian unit, which employs 5,300 people, has “no significant plans of hiring” this year, Ravi Venkatesan told reporters at the World Economic Forum. India and China contributed a very small portion of Microsoft’s global revenues, but he said “we are seeing good double-digit growth”. Source: Tech News - Livemint.com | 9 Nov 2009 | 3:30 am Nokia to replace 14 mn BYD phone chargersHelsinki: Nokia will replace 14 million cellphone chargers made by China’s BYD Co Ltd as chargers could fall apart and expose consumers to risk of electrical shock. “We are undertaking this exchange programme as a proactive, precautionary measure. We are not aware of any incidents or injuries relating to these three (models of) chargers,” said Nokia spokesman Doug Dawson. The world’s largest cellphone maker Nokia said BYD would cover all costs from replacement. An average charger sales price to phone manufacturers is around $1. “The plastic covers of the affected chargers could come loose and separate, exposing the charger’s internal components and potentially posing an electrical shock hazard if certain internal components are touched while the charger is plugged into a live socket,” the Finnish firm said. BYD spokeswoman Jasmine Huang said the company would issue statement later on the replacement. “During internal tests, we found the chargers could have some problems,” Huang told Reuters. Nokia said BYD chargers AC-3E and AC-3U, manufactured between 15 June and 9 August, and AC-4U, manufactured between 13 April and 25 October would be replaced. Nokia said it recommends consumers with chargers within the scope of this exchange programme to stop using the charger and exchange it for a free replacement. Source: Tech News - Livemint.com | 9 Nov 2009 | 3:25 am Direct Tax Code poses difficulties, says Catholic churchCertain provisions in the Direct Tax Code applicable to religious and charitable institutions and trusts will pose 'serious difficulties' for these organisations, the Catholic church has said.Source: IndiaeNews.com: Business News | 9 Nov 2009 | 3:03 am Jayalalithaa comes down on rationing of cooking gasAIADMK general secretary J. Jayalalithaa Monday came down heavily on the unstated rationing of cooking gas cylinders in the state and the DMK government's move to reduce kerosene entitlement.Source: IndiaeNews.com: Business News | 9 Nov 2009 | 3:02 am States order 11,185 busesVarious states have ordered 11,185 buses to boost their urban transport systems under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).Source: IndiaeNews.com: Business News | 9 Nov 2009 | 3:00 am APEC expected to maintain stimulus until recoverySingapore: APEC countries including the United States, Japan and China are expected to pledge this week to keep up their stimulus policies and push for a global trade deal in 2010 to spur a lasting economic recovery. Leaders from the grouping will also try to provide some momentum for global talks on climate change next month in Copenhagen. Here are some questions and answers about the APEC meetings in Singapore, which culminate in a leaders summit on 14-15 November. What is APEC and who is coming? The Asia Pacific Economic Cooperation forum brings together leaders from 21 of the world’s largest economies to work toward improving trade and world growth. APEC includes wealthy countries such as the US, Australia and Japan and some of the fastest growing emerging economies, including China, Malaysia, Vietnam, Thailand and Indonesia. The other APEC members are Brunei, Canada, Chile, Hong Kong, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea and Taiwan. Finance, trade and foreign ministers meet during the week and the leaders hold a two-day summit at the weekend. Among the leaders coming are: US President Barack Obama, China’s President Hu Jintao, Russian President Dmitry Medvedev, Mexico’s President Felipe Calderon, Japan’s Prime Minister Yukio Hatoyama and Indonesian President Susilo Bambang Yudhoyono. What is the main aim of APEC? APEC’s member economies account for 54% of global gross domestic product, 44% of world trade and 40% of the world’s population. It is aiming to create a free trade and investment area by 2020 to promote growth, create jobs, reduce business costs and build an Asia-Pacific community. What will the meeting say about the global economy? The leaders will pledge to maintain economic stimulus policies until a durable recovery is secured, according to a draft communique obtained by Reuters. The US has enacted a $787 billion stimulus plan and packages in Asia total more than $1 trillion, according to a study by Standard & Poors. APEC leaders will come up with a new ‘growth paradigm’ for the changed post-crisis landscape, and an expanded trade agenda for enhanced regional economic integration (REI) to avoid the past growth as usual model, according to their draft communique. What will the meeting say about global trade? APEC will push efforts to reach a new agreement to cut tariffs and subsidies in the Doha Round of the World Trade Organisation. The talks aimed at reaching a global accord have been stalled for eight years and APEC is expected to warn that rising protectionism may deepen the world’s economic slump. They will pledge utmost restraint in implementing measures that have protectionist effects, even those considered to be WTO consistent, their draft communique says. APEC leaders will say they are concerned the high level political commitment to conclude the Doha Round has yet to be translated into substantive progress in the negotiations. What will it say about climate change? APEC is not a climate body, and has no power to negotiate, making all of its decisions by consensus. But it could try to reach a common position on carbon emissions ahead of next month’s UN sponsored talks in Copenhagen. The meeting in the Danish capital will try to hammer out a new treaty to tackle global warming, but preparatory talks have become deadlocked. APEC leaders believe global emissions will need to peak over the next few years, and be reduced to 50% below 1990 levels by 2050, according to the draft by leaders of some of the world’s top polluting nations. The leaders say they will achieve their APEC-wide target of reducing energy intensity by at least 25% by 2030 and increasing forest cover through the region by at least 20 million hectares of all types of forests by 2020. APEC has also promised to spur trade in green products or technologies. What are CEOs doing at the meeting? An APEC CEO Summit on Friday and Saturday will involve 1,500 participants in what is being billed as the premier business event in the Asia-Pacific region. The chief executive officers are expected to discuss issues around the global economic recovery, whether the crisis is over for corporate earnings, the decline of the dollar, worries about a double-dip recession in the global economy, and the role of green technologies in the new economy. Among the chief executive officers or chairmen coming are those from Exxon Mobil, DHL, Siemens, HSBC and China’s ICBC. Source: World Business - Livemint.com | 9 Nov 2009 | 2:47 am Jones Lang sees a third of revenue from AsiaMumbai: Property services firm Jones Lang LaSalle sees its Asian business driving growth next year as the region powers a global economic recovery, a top official said on Monday. The company expects Asia to contribute almost a third of revenue in 2010, from a quarter in 2008, on the back of rising demand in China and India and as key markets such as Hong Kong and Australia start to show recovery. China and India — the world’s two most populous countries — have seen home and office sales reviving in major cities as prices fell as much as a fifth and lower mortgage rates, after the global financial crisis last year cut off funding and demand. “It seems Asia is recovering more quickly than the US or Europe and actually will be one of the drivers of the world recovering,” Jones Lang’s chief financial officer, Lauralee Martin, told Reuters in an interview. “It’s growing on both revenue and profit basis. It could reach a third of our revenues as we get into next year,” Martin, who is on a short visit to Mumbai, said. Jones Lang is betting on more transactions as other Asian countries also see capital coming into the market, and believes its strong position in the property management business gives it the competitive edge. “In the first nine months, we have grown our property management business by 30% because we have been able to save clients a great deal of money from that service,” Martin said. “In a slowdown, reducing employees may not be the best thing, but reducing the cost of services is certainly a better option,” she said. Last month, the Chicago-based company, one of the world’s largest real estate services firms, reported third quarter income rose a third, but said revenue fell 12% to $595 million as the global real estate downturn weighed. “The US market is not expected to get better until mid-2011. We could see a bottoming out by late 2010. But leasing and project development business will still feel pressure,” Martin said. Confidence returning In Asia, positive sentiment in the housing market has led to developers flocking back to the equity markets after a two-year hiatus, and she said talk of an asset bubble was premature. About 30 real estate firms have lined up for listings in China and India following a stocks rally. Chinese developers include Evergrande and Fantasia, while Indian firms include Emaar MGF, Lodha Developers and Godrej Properties. “For the industry this is a good thing, because it is equity going into real estate in a marketplace that needs to have some deleveraging and less debt,” Martin said. India’s benchmark stock index is up 70% so far this year, while the MSCI Asia Pacific exJapan stocks index has risen nearly 60% in the same period. “In the US and Europe, there’s nothing being built. There is property being built in Asia but it’s also a market that has business growth that is going to need that property,” Martin said. Source: World Business - Livemint.com | 9 Nov 2009 | 2:40 am JP Morgan sees overseas firms listing in China soonBeijing: “The first red-chip and foreign companies could list shares on the Shanghai stock exchange next year,” Jing Ulrich, chairman of China equities at J.P. Morgan said on Monday. Red chips are Chinese companies that have their business on the mainland but are incorporated outside China and listed on overseas bourses, usually Hong Kong. They are currently prohibited from selling shares inside mainland China. “Within the next 12 months there should be at least a handful of red chip companies or foreign companies listed in Shanghai,” Ulrich told reporters on the sidelines of a conference. She mentioned China Mobile and CNOOC Ltd as red chips that might sell shares in Shanghai. Asked about the attitude of Chinese regulators, Ulrich said: “There is strong support for this initiative and I think the conditions are ripe.” She said that listings by red chips and foreign companies would open up new choices for Chinese investors and allow foreign companies to tap into a market with ample liquidity. A number of foreign companies, including global banking giant HSBC, have expressed interest in listing on the new board mooted in Shanghai for overseas companies. Shanghai Stock Exchange vice-president Liu Xiaodong said listing rules overseas companies were still being drafted and there was no timetable. He added that those looking to list would need to have a China-related business rationale for doing so and not just use it as a venue to raise capital. Robert McCooey, a senior vice-president of NASDAQ OMX Group said that his exchange had communicated its interest to China’s securities regulator and to the Shanghai stock exchange. “We will continue to have dialogue with them and see how the international board progresses. We are interested in becoming part of it, if it makes sense at the time,” he said. NASDAQ is the largest overseas bourse for Chinese companies, with 117 listings, and McCooey said a NASDAQ listing in Shanghai would be a reciprocal show of support for the Chinese market. NYSE Euronext, the parent of the New York Stock Exchange and a rival to NASDAQ, is also keen. “We hope that NYSE Euronext is in the first group of (overseas) companies to list, but we don’t know if it will be the first,” Ronald Keng, NYSE Euronext’s head of international listings for Europe, the Middle East and Africa, and Asia, told the Hong Kong Economic Times in remarks published on Monday. Source: World Business - Livemint.com | 9 Nov 2009 | 2:31 am
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