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Promoter\'s 81% in Mundra Port to be merged with Adani EntIn an interview with CNBCTV18, Devang Desai, Chief Financial Officer, Adani Enterprises, spoke about the latest happenings in the company and his outlook on the sector.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 8:17 am Phoenix Hosp signs pact with Mariott to set up hotelsRuia familypromoted Phoenix Hospitality has entered into an agreement with Mariott International to set up hotels in Agra and Mumbai, with a total project cost of Rs 340 crore.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 8:16 am Shell says 2010 global investments down to $28 blnRoyal Dutch Shell CEO Peter Voser said on Wednesday, investments in global projects in 2010 will fall to USD 28 billion from USD 30USD 32 billion this year.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 7:50 am ICICI to provide SMX clearing and settlementICICI Bank Ltd will provide clearing and settlement services to the Singapore Mercantile Exchange (SMX), the exchange said on Wednesday.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 7:50 am Apollo Tyres exports to rise to 20% of sales FY11 Q1Apollo Tyres exports to rise to 20 pct of sales FY11 Q1Source: Moneycontrol Top Headlines | 11 Nov 2009 | 7:31 am Pyramid Saimira shares tumble after SEBI orderTheatre operator Pyramid Saimira Theater Ltd shares fell by their daily limit of 10% in early trades on Wednesday, after the company was barred from dealing in securities by the regulator for seven years.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 7:25 am Yum India head aims for $1 billion sales by 2015Yum Brands Incorporation, owner of the KFC, Taco Bell and Pizza Hut fastfood chains, wants to have 1,000 restaurants in India generating sales of USD1 billion by 2015, the head of its Indian operations said on Tuesday.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 7:20 am India clocks fastest car sales growth in over 2 yearsCar sales are often an important gauge of consumer sentiment in the absence of other indicators, and the latest numbers speak volumes.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 6:57 am Logistics cos to invest Rs 50 bn on expansionLogistics firms in India plan to invest about Rs 50 billion over the next three years to expand warehousing operations across the country, a senior official of an industry body said on Wednesday.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 6:57 am Central Bank of India expects to maintain loan growthStaterun lender Central Bank of India expects to maintain loan growth of 20% in FY10, its Chairman and Managing Director S. Sridhar said on Wednesday.Source: Moneycontrol Top Headlines | 11 Nov 2009 | 6:57 am Oil above $79 on bullish China data!Oil rose above USD 79 a barrel on Wednesday, after dipping a day earlier, as signs of robust economic growth in China offset mildly bearish US industry data showing surprise builds in crude and distillate stockpiles.Source: Zee News : Business | 11 Nov 2009 | 5:32 am British bank Lloyds to cut 5,000 jobs!Britain`s state-controlled Lloyds Banking Group is to cut 5,000 roles by the end of 2010, it said on Tuesday, confirming earlier media reports.Source: Zee News : Business | 11 Nov 2009 | 5:32 am Pyramid plunges 10% on BSE after SEBI ban!Pyramid Saimira Theatre on Wednesday nosedived nearly ten percent to hit the lower circuit on the Bombay Stock Exchange, a day after market regulator SEBI banned the entity from dealing in stock markets for seven years.Source: Zee News : Business | 11 Nov 2009 | 5:32 am Car sales jump 34%, bikes up 14% in October!Domestic passenger car sales have recorded 33.88 percent increase at 1,32,615 units in October from 99,052 units in the same month last year.Source: Zee News : Business | 11 Nov 2009 | 5:32 am China`s industrial output, retail sales grow above 16% in Oct!China said on Wednesday that massive government spending was paying off as a new wave of data showed the world`s third-largest economy continued to strengthen following the worst global crisis in decades.Source: Zee News : Business | 11 Nov 2009 | 5:32 am AI Board meets today; may scrap PLI to management!A crucial meeting of the Air India Board on Wednesday is likely to take decisions on several cost-cutting measures such as a proposal to scrap the PLI to its management cadre, and adopt the financial accounts for 2008-09.Source: Zee News : Business | 11 Nov 2009 | 5:32 am Nifty ends above 5000; metals shine - Economic Times
Source: Business - Google News | 11 Nov 2009 | 3:22 am GLOBAL MARKETS - Dollar hits 15-mth low, stocks firm on rate viewLONDON (Reuters) - The dollar hit a fresh 15-month low and world stocks held near a three-week high on Wednesday after remarks from Federal Reserve officials reinforced the view that U.S. interest rates will remain near zero for some time.Source: Reuters: Money News | 11 Nov 2009 | 3:15 am Bharti adds 2.7 mln mobile users in Oct - industryNEW DELHI (Reuters) - Bharti Airtel, India's top mobile operator, added 2.7 million users in October, taking its total to 113.2 million, data from an industry body showed.Source: Reuters: Money News | 11 Nov 2009 | 3:14 am India gold traders at bay on record high pricesIndia gold traders were reluctant to place fresh orders as prices struck a fresh record high in afternoon trade today, helped by firm overseas leads, but a strong rupee checked a further rise.Source: Daily News & Analysis: Money News | 11 Nov 2009 | 3:12 am US cannot be complacent about dollar, says World BankWorld Bank president Robert Zoellick said that the dollar's role as a reserve currency is intact, but the US cannot take it for granted and needs to tackle its huge fiscal deficit.Source: Daily News & Analysis: Money News | 11 Nov 2009 | 3:08 am BSE Sensex provisionally closes up 2.65 pctMUMBAI (Reuters) - The BSE Sensex provisionally rose 2.65 percent on Wednesday, led by gains in Reliance Industries and Infosys Technologies, with sentiment underpinned by firm global markets.Source: Reuters: Money News | 11 Nov 2009 | 3:07 am UPDATE1-Shree Renuka acquires Brazilian firm for $82 mln - Reuters India
Source: Business - Google News | 11 Nov 2009 | 3:05 am Wipro scouting for BPO buys - Times of India
Source: Business - Google News | 11 Nov 2009 | 3:03 am Govts should keep fiscal stimulus in 2010: World BankWorld Bank president Robert Zoellick said he was comfortable about growth prospects for the world this year but recommended governments did not remove stimulus measures in 2010.Source: Daily News & Analysis: Money News | 11 Nov 2009 | 3:03 am Ambani family pact not binding on RIL: CounselReliance Industries Ltd on Wednesday sought to impress upon the SC that the family pact between Mukesh and Anil Ambani, brokered by their mother Kokilaben, was not binding on the company.Source: India Business News | Business News - Times of India | 11 Nov 2009 | 3:01 am ICICI Bank to act as clearing bank for SMXThe country's second largest lender, ICICI Bank today entered into an agreement for clearing and settlement banking membership of Singapore Mercantile Exchange (SMX).Source: Daily News & Analysis: Money News | 11 Nov 2009 | 3:00 am RBI fixes Reference rate for US dollar and EuroThe RBI today fixed the Reference rate for the US currency at Rs46.57 per dollar and the single European unit at Rs69.72 per euro from Rs46.53 per dollar and Rs69.69 per euro.Source: Daily News & Analysis: Money News | 11 Nov 2009 | 2:58 am Lodha Developers aims to launch IPO in DecMUMBAI (Reuters) - Lodha Developers hopes to launch an initial public offering to raise up to 30 billion rupees ($640 million) in December, encouraged by a revival in demand for homes, a top company official said on Wednesday.Source: Reuters: Money News | 11 Nov 2009 | 2:51 am Oct car sales rise fastest in over 2 years - Reuters India
Source: Business - Google News | 11 Nov 2009 | 2:47 am Shree Renuka acquires Brazilian firm for $82 mlnMUMBAI (Reuters) - India's biggest sugar refiner Shree Renuka Sugars Ltd said on Wednesday it has acquired Brazilian sugar and ethanol producer Vale Do Ivai S.A. Acucar E Alcool for $82 million.Source: Reuters: Money News | 11 Nov 2009 | 2:33 am India gold traders at bay on record high pricesMUMBAI (Reuters) - India gold traders were reluctant to place fresh orders as prices struck a fresh record high in afternoon trade on Wednesday, helped by firm overseas leads, but a strong rupee checked a further rise.Source: Reuters: Money News | 11 Nov 2009 | 2:22 am Gold traders at bay on record high pricesMumbai: The gold traders were reluctant to place fresh orders as prices struck a fresh record high in afternoon trade on Wednesday, helped by firm overseas leads, but a strong rupee checked a further rise. “We did a few deals yesterday, but the market has turned quiet today. Traders are enquiring, but aren’t materializing,” said Pinakin Vyas, chief manager-treasury, IndusInd Bank, Mumbai. The gold contract on the Multi Commodity Exchange (MCX) made a new record high of Rs16,784 in afternoon trade, surpassing an earlier high of Rs16,749 hit in morning trade. The rupee reversed its early fall in afternoon trade on Wednesday as local shares rose 2%, while the dollar continued to trade marginally lower against a basket of currencies. A strong rupee makes the dollar-quoted asset cheaper. Dealers said traders were seen comfortable in booking stocks at $1,050 an ounce or Rs16,200 per 10 grams levels as they seek to replenish stocks for the wedding season, which will last till December. “Still there is appetite, I have plenty of orders at $1,050-1,060,” said another dealer with a state-run bank. Source: Home - Livemint.com | 11 Nov 2009 | 2:18 am American says TPG could invest in struggling JALTOKYO (Reuters) - Private equity firm TPG Capital could partner with American Airlines on a minority investment in Japan Airlines to prevent its defection to a rival airline group, the chief financial officer of American parent AMR Corp said.Source: Reuters: Money News | 11 Nov 2009 | 2:15 am Cyclone Phyan to hit Gujarat, Maharashtra this eveningMumbai: Cyclonic storm ‘Phyan’ will hit south Gujarat and north Maharashtra by late Wednesday evening following a deep depression in the south east and adjoining central Arabian sea and fishermen have been warned against venturing into the sea, the weather office said. The depression, which developed on Tuesday, intensified into a cyclone early Wednesday morning and the system is likely to move north northeastwards and cross south Gujarat and north Maharashtra coast between Alibag (Maharashtra) and Valsad (Gujarat) by late Wednesday evening or night, the latest bulletin from the weather office said. The sea will be very rough along and off Maharashtra and south Gujarat coast and fishermen have been warned against venturing along the Maharashtra, Goa and Gujarat coasts, it said. Cyclonic storm over east central Arabian Sea moved northwards and lay centred at 05:30am on Wednesday over same area near latitude 16.0 degree North and longitude 71.5 degree East about 250 kilometers west northwest of Goa and 350 kms south southwest of Mumbai and 620 kms south southwest of Surat in Gujarat. Squally winds reaching 55-65 kmph gusting to 75 kmph are likely along and off Maharashtra and south Gujarat coast during, Met Office said. Under the influence of the deep depression, rainfall was experienced in most parts of Maharashtra, with heavy to very heavy showers at few places including the metropolis and neighbouring Thane district. Deputy director general, Met Dept, Mumbai, said the cyclone may not directly hit Mumbai... but the impact of the severe weather has already started in the city. In the afternoon perhaps, it will be more severe, disturbed weather will be there like heavy rains, storms and sea will become very rough. “As far as Mumbai and coastal areas are concerned, we have informed the state government, disaster management authority, BMC to take all precautions for the safety of life and property. We have advised people in low-lying areas to take shelter.” Isolated extremely heavy rainfall is likely in Konkan and Goa and central Maharashtra, the Met Office bulletin added. Source: Home - Livemint.com | 11 Nov 2009 | 2:04 am Warhol’s Michael Jackson portrait sells for $812K Michael Jackson by Any Warhol The artwork sold at Christie’s in New York City Tuesday evening. Christie’s estimated that the portrait would sell for $500,000 to $700,000. The 1984 portrait depicts a smiling Jackson in a jacket with squiggles of red and yellow in his hair. The auction house says the seller is an anonymous private collector based in New York who bought the image from the Andy Warhol Foundation in the 1990s. It did not say who bought the artwork. The image was one of 47 lots auctioned Tuesday, including two other Warhol paintings. Source: LatestNews-Home - Livemint.com | 11 Nov 2009 | 2:03 am India Economic Summit | WEF in 180 secondsClick here to read Mint’s complete coverage of the India Economic Summit Source: LatestNews-Home - Livemint.com | 11 Nov 2009 | 1:56 am Koda bought 600 vehicles to please supporters - Economic Times
Source: Business - Google News | 11 Nov 2009 | 1:48 am Online activists hijack Facebook groupsSan Francisco: Activists claimed on Tuesday to have seized control of nearly 300 Facebook community groups in a self-proclaimed effort to expose how vulnerable online reputations are to tampering. A contingent that identified itself as Control Your Info (CYI) claimed credit for commandeering 289 Facebook Groups, saying it was simple to get into poorly protected administrative settings at the website. “This is just one example that really shows the vulnerabilities of social media,” said a blog post at controlyour.info. “If you chose to express yourself on the Internet, make sure the expressions are your own and not a spammers. This isn’t some kind of scare tactic, nor is it a hack, it’s a feature that can be used, and is being used, in bad ways.” CYI claimed its motives were pure and that the move was more of a “take-over” than a computer hack of Facebook groups. Facebook Groups are themed chat venues that users of the social networking service can join to socialize online with people who share interests. “Facebook Groups suffer from a major flaw,” said a message on the CYI blog. “If an administrator of a group leaves, anyone can register as a new admin. So, in order to take control of a Facebook group, all you really have to do is a quick search on Google.” Once CYI accessed groups as administrators it had authority to change anything, including pictures, descriptions and settings. CYI fired off messages to the groups telling them they had been “hijacked” and the justification for the attacks. CYI rechristened each group with its name and logo. CYI promised to restore the violated groups to their original conditions after it makes its point. “Our main goal is to draw attention to questions concerning online privacy awareness,” CYI said. “People have even lost their jobs over Facebook content. We wanted to do something about this.” Facebook said there was no hacking involved and there was no confidential information at risk. The groups targeted had been abandoned by their owners, which left doors open for group members to make themselves administrators. “Group administrators have no access to private user information and group members can leave a group at any time,” Facebook said. “In the rare instances when we find that a group has been changed inappropriately, we will disable the group, which is the action we plan for these groups.” Source: Tech News - Livemint.com | 11 Nov 2009 | 1:45 am Online activists hijack Facebook groupsSan Francisco: Activists claimed on Tuesday to have seized control of nearly 300 Facebook community groups in a self-proclaimed effort to expose how vulnerable online reputations are to tampering. A contingent that identified itself as Control Your Info (CYI) claimed credit for commandeering 289 Facebook Groups, saying it was simple to get into poorly protected administrative settings at the website. “This is just one example that really shows the vulnerabilities of social media,” said a blog post at controlyour.info. “If you chose to express yourself on the Internet, make sure the expressions are your own and not a spammers. This isn’t some kind of scare tactic, nor is it a hack, it’s a feature that can be used, and is being used, in bad ways.” CYI claimed its motives were pure and that the move was more of a “take-over” than a computer hack of Facebook groups. Facebook Groups are themed chat venues that users of the social networking service can join to socialize online with people who share interests. “Facebook Groups suffer from a major flaw,” said a message on the CYI blog. “If an administrator of a group leaves, anyone can register as a new admin. So, in order to take control of a Facebook group, all you really have to do is a quick search on Google.” Once CYI accessed groups as administrators it had authority to change anything, including pictures, descriptions and settings. CYI fired off messages to the groups telling them they had been “hijacked” and the justification for the attacks. CYI rechristened each group with its name and logo. CYI promised to restore the violated groups to their original conditions after it makes its point. “Our main goal is to draw attention to questions concerning online privacy awareness,” CYI said. “People have even lost their jobs over Facebook content. We wanted to do something about this.” Facebook said there was no hacking involved and there was no confidential information at risk. The groups targeted had been abandoned by their owners, which left doors open for group members to make themselves administrators. “Group administrators have no access to private user information and group members can leave a group at any time,” Facebook said. “In the rare instances when we find that a group has been changed inappropriately, we will disable the group, which is the action we plan for these groups.” Source: LatestNews-Home - Livemint.com | 11 Nov 2009 | 1:45 am RBI may trim stimulus: RangarajanMumbai: The Reserve Bank of India (RBI) may withdraw some monetary stimulus if inflation rises towards the end of 2009, C Rangarajan, chairman of the Prime Minister’s economic advisory council, said on Wednesday. “If inflation pressures develop, monetary authorities may take measures earlier. RBI will wait and see how price situation develops in Nov-Dec,” Rangarajan said. The fiscal deficit needed to be reduced by 1 to 1.5 percentage points in the next fiscal year, he said. “Next year we might have to start the process of withdrawing some of the measures,” he said referring to the fiscal stimulus, adding that excise duties needed to be adjusted while the government’s expenditure needed to be cut in 2010-11. He said, however, the roll-back of tax incentives would also depend on the way the economy evolves. Rangarajan said with expectations of a normal monsoon, the economy is likely to grow by 7-8% in the next fiscal. The GDP grew by 6.1% in the first quarter of 2009-10 and the year may end with 6.5%. On monetary policy, he said if inflationary pressure builds up, the RBI may begin tightening rates even earlier. “If the inflationary pressure develops, then authorities (RBI) may take action even earlier... RBI will have to wait and see how price situation evolves during the period of November-December,” former RBI governor said. Inflation, which was at 0.1% for the week ended 24 October, is expected to rise to around 5% by March next year while food inflation is already hovering around 15%, burning a hole in the pocket of the common man. Source: Home - Livemint.com | 11 Nov 2009 | 1:28 am Midsession: Markets up 2%; Infosys climbs 4.3%Mumbai: Indian shares extended gains to 2% on Wednesday afternoon, led by gains in software companies such as Infosys Technologies Higher Asian and European equities also helped the sentiment. At 1:37pm, the 30-share BSE index was up 1.95% at 16,761.89 points, with 27 components advancing. The 50-share NSE index was up 1.9% at 4,975.50. Infosys was up 4.3% at Rs2,312.75. Shares rose more than 1% at noon after a choppy start, led by software firms such as Infosys Technologies on hopes of improving demand and supported by gains elsewhere in Asia. Software companies gained ground after The Economic Times reported the president of industry body Nasscom expected the industry to grow 4-7% in the current fiscal year and return to growth of more than 10% next year. At 11:52am, the 30-share BSE Index was up 1.02 % at 16,608.88, with 23 components gaining. The 50-share NSE index was up 1.23 % at 4,939.40. “I think the market is moving up purely on liquidity as global cues are supportive. But as such, it is fairly priced at current levels,” said Rajen Shah, chief investment officer at Angel Broking. The benchmark fell 0.35 % on Tuesday, after rising 7.1 % over the previous four sessions. It has risen more than 70 % this year as foreign funds bought a net $14.5 billion of equities, and some investors have expressed concern about the rapid advance. Top software firm Tata Consultancy rose 2.2 %, second-ranked Infosys Technologies was up 2.5 and third-ranked Wipro climbed 3.1 %. Top bank State Bank of India led the losses, as traders locked in gains after the recent rally. It was down 1.1 % after rising 10.7 % in three previous sessions. Second-ranked ICICI Bank was up 1 % at Rs903.70. On Tuesday, its chief executive said bad loans had peaked and loan quality should improve. In the broader market, gainers outpaced losers in a ratio of 1.7:1, with 174 million shares changing hands on the Bombay Stock Exchange. Source: Home - Livemint.com | 11 Nov 2009 | 1:18 am Rupee strengthens as shares gain 2%Mumbai: The Indian rupee reversed its early fall in afternoon trade on Wednesday as local shares rose 2%, while the dollar continued to trade marginally lower against a basket of currencies. At 1:35am, the partially convertible rupee was at Rs46.39/40 per dollar, off an early low of Rs46.61 and stronger than its previous close of Rs46.50/51. Shares rose more than 2% after a choppy start, led by software firms such as Infosys Technologies on hopes of improving demand and supported by gains elsewhere in Asia. Foreigners have bought a net $14.5 billion of shares so far in 2009, after selling more than $13 billion last year. The inflows have helped the rupee recover from its record low of 52.2 hit in early March. The dollar index, a gauge of the US unit’s performance versus six majors, was down 0.1%. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at Rs46.4575 and 46.4550 respectively, with the total traded volume on the two exchanges at about $1.1 billion. Source: Home - Livemint.com | 11 Nov 2009 | 1:10 am Tapping best talents for premier institutes a problem: PMNew Delhi: As the country embarked upon setting up new IITs, IIMs and central universities, Prime Minister Manmohan Singh on Wednesday said attracting best talents for these premier institutions remains a problem. “We must find ways of attracting the best talents as faculty in our premier institutions. We today face difficulty in finding top level professors and lecturers in the newly created IITs, IISERs and other such institutions,” he said. Addressing the National Education Day function here to commemorate the birth anniversary of Maulana Abul Kalam Azad, independent India’s first education minister, Singh said, “this state of affairs cannot be allowed to prevail.” The government has started major expansion of higher education by opening eight new IITs and 15 central universities. It has also been decided to set up six IIMs, 10 NITs, 20 IIITs and 6,000 model schools during the 11th Plan (2007-12). Observing that efforts should be made to find ways to improve the quality of teachers, the Prime Minister asked the academics and planners to address this problem of deficiency in the quality of teaching in schools, colleges and universities. Singh also said the country needed an additional ten lakh teachers to implement the Right To Education Act, which seeks to provide free and compulsory education in the 6-14 age group. Source: LatestNews-Home - Livemint.com | 11 Nov 2009 | 1:07 am Surplus cash in system keeps Indian o/n rates steady - Reuters India
Source: Business - Google News | 11 Nov 2009 | 1:03 am Gulf Air flight makes emergency landing in Mumbai, all aboard safe - Economic Times
Source: Business - Google News | 11 Nov 2009 | 12:56 am Rains impede cotton harvesting; pulses to gainMumbai: Unseasonal rains in western and southern parts of India have impeded harvesting of cotton in two biggest producing states and sustained heavy showers could damage the crop, industry and government officials said on Wednesday. Northern Maharashtra and southern Gujarat are likely to receive heavy to very heavy rains due to a cyclonic storm, weather department said early on Wednesday. Gujarat is India’s biggest producer of cotton followed by Maharashtra. “Farmers are not harvesting due to rains. They will start once rains stop,” said NP Hirani, chairman of the Maharashtra State Cotton Growers Marketing Federation Ltd. Cotton crop may, however, benefit from the rains as the sowing in June was delayed by almost a month because of the patchy rains, but consistent heavy rains for more than two days may cause damage, an official at Maharashtra government’s agriculture department said. Sugar cane crushing is likely to stay subdued for a week due to rains, industry officials said on Tuesday. Pulses to gain Rains may improve yield of tur or pigeon peas and hasten sowing of chana, traders said. “Rainfall is conducive for tur crop. It will certainly improve yields,” said Damodhar Gilda, a trader based in Gulbarga, in southern Karnataka state. Rains have been improving soil moisture level and that will help sowing of the winter pulse, Gilda added. Spot chana prices have corrected by more than Rs130 per 100 kg in past two days due to rains, while chana futures opened lower on Wednesday. Source: LatestNews-Home - Livemint.com | 11 Nov 2009 | 12:54 am China data shows world's workshop back in businessBEIJING (Reuters) - Chinese factory output growth surged to a 19-month high in October, showing the world's third-largest economy has firmly put the worst of the global financial crisis behind it.Source: Reuters: Money News | 11 Nov 2009 | 12:21 am October car sales rise fastest in over 2 yearsNew Delhi: Car sales in India rose the fastest in over two years in October on festival buying and easier credit, and analysts said the data firmed up belief the industry was back on track for robust growth. Firms sold 132,615 cars in October, compared with 99,052 units sold a year ago, data from the Society of Indian Automobile Manufacturers showed. The 34% rise was the steepest since February 2007, when they had jumped an annual 46.5%. Demand was also stoked by a $4-billion payout to government employees as back pay in September, ahead of Diwali, the Indian festival of lights which is an auspicious time for purchases. “The numbers are showing that the industry is on a growth path again,” Vaishali Jajoo, autos analyst at Angel Broking said. Jajoo expects passenger vehicle sales to rise 8-10% in the current fiscal year to March 2010. Firms sold 1.55 million passenger vehicles in 2008-09, flat versus a year ago. Car sales are also an important gauge of consumer sentiment in the country in the absence of other indicators. India is a market that holds out hope for global automakers, according to auto analysts and industry officials, showing a 19% rise in car sales since the fiscal year began in April, compared with flat sales in mature markets like Europe and the United States. On Sunday, Carlos Ghosn, chief executive of the Renault-Nissan alliance, forecast the Indian car market to touch 2 million units in the current fiscal year, and triple in the next 10 years. World over, car makers would sell 60 million units this year and next, he said. Indian carmakers have sold 821,954 units so far this year, 17.5% more than the same period last year. Trucks Vroom on Economy Boost Sales of trucks and buses in India, a key barometer of industrial activity, rose 52% to 42,562 units in October, the fourth straight rise and the strongest expansion since April 2007. They had grown 71.5% then. India’s industrial output has been on an upswing in recent months. Latest data showed the index of industrial production rose 10.4% in August, the fastest in 22 months, and a Reuters poll of analysts indicated it could have risen 7.3% in September. Motorcycle sales rose 14.2% to 611,828 units in October. Source: Home - Livemint.com | 11 Nov 2009 | 12:07 am Apple tops phone chart; Nokia, Samsung step upHelsinki: The world’s two largest cellphone makers, Nokia and Samsung Electronics, unveiled on Tuesday their latest rivals to the iPhone as Apple became the top profit generator in the handset industry. Apple Inc overtook Nokia in the September quarter as the cellphone maker generating the highest total operating profit in the industry, research firm Strategy Analytics said. Nokia said on Tuesday it had started deliveries of its top- of-the-range N900, while Samsung Electronics Co Ltd announced it would launch its own open mobile platform, bada, in December as it tries to make up for a late start in the smartphone market. Nokia and Samsung together sell around 60% of all cellphones globally, but they have lost some ground to Apple and Research In Motion Ltd, maker of the Blackberry. The N900 model is the first Nokia phone to run on the Linux Maemo operating system, which analysts see as key for Nokia to regain ground in the coming years. “The Maemo platform, which powers the N900, reflects Nokia’s need to replace its legacy software platforms with something more powerful to compete with Apple and others,” said Ben Wood, head of research at British consultancy CCS Insight. “Samsung’s announcement of bada shows it has also identified the same requirement. The big question is, does the mobile phone world need yet another operating system?” While Nokia has lost ground in the smartphone business, it is still the world’s largest smartphone maker by volume. Samsung’s volumes are well behind Apple, RIM and HTC Corp. But measured by profits, Nokia lost in the third quarter against Apple, which entered the cellphone market only in mid-2007. Apple does not unveil profits per business line, but Strategy Analytics estimated Apple’s operating profit for its iPhone handset unit stood at $1.6 billion in the third quarter, compared with Nokia’s $1.1 billion. “With strong volumes, high wholesale prices and tight cost controls, the PC vendor has successfully broken into the mobile phone market in just two years,” said Alex Spektor, an analyst at Strategy Analytics. Apple sold 7.4 million iPhones during the July-September quarter, generating sales of $4.5 billion. Nokia sold 108.5 million phones in total in the same quarter, generating sales of €6.9 billion ($10.36 billion), but its profits were hurt by the economic downturn. Worries over smartphone boom Global sales of mobile handsets will snap a four-quarter losing streak in the last three months of the year as the industry is buoyed by economic recovery, a Reuters poll of analysts showed on Tuesday. Sales are expected to rise 3% in the fourth quarter as the Christmas period brings a brighter end to a year in which sales are forecast to fall 6.9%, the poll of 31 banks, brokerages and research firms showed. While the broader handset industry has struggled, smartphones sales have boomed and analysts have forecast the smartphone market will grow 20% to 30% this year. But there are signs that increased competition is starting to put pressure on margins and put some companies on the defensive. This week, the world’s No. 4 smartphone brand, HTC, said it expected fourth-quarter revenue to fall almost 15% from the same period a year earlier, as the intense rivalry forces prices down. Strategy Analytics said growth in the smartphone market slowed to just 5% in the third quarter from 17% in the second quarter. “On the supply-side, a weak lineup from Nokia, the industry giant, has helped to keep a cap on growth,” said Neil Mawston from Strategy Analytics. “On the demand-side, consumers have been buying huge volumes of high-end feature phones with touchscreens from Samsung and LG and many consumers seem happy for now to go without full app-store support,” Mawston added. Source: World Business - Livemint.com | 11 Nov 2009 | 12:06 am Apple tops phone chart; Nokia, Samsung step upHelsinki: The world’s two largest cellphone makers, Nokia and Samsung Electronics, unveiled on Tuesday their latest rivals to the iPhone as Apple became the top profit generator in the handset industry. Apple Inc overtook Nokia in the September quarter as the cellphone maker generating the highest total operating profit in the industry, research firm Strategy Analytics said. Nokia said on Tuesday it had started deliveries of its top- of-the-range N900, while Samsung Electronics Co Ltd announced it would launch its own open mobile platform, bada, in December as it tries to make up for a late start in the smartphone market. Nokia and Samsung together sell around 60% of all cellphones globally, but they have lost some ground to Apple and Research In Motion Ltd, maker of the Blackberry. The N900 model is the first Nokia phone to run on the Linux Maemo operating system, which analysts see as key for Nokia to regain ground in the coming years. “The Maemo platform, which powers the N900, reflects Nokia’s need to replace its legacy software platforms with something more powerful to compete with Apple and others,” said Ben Wood, head of research at British consultancy CCS Insight. “Samsung’s announcement of bada shows it has also identified the same requirement. The big question is, does the mobile phone world need yet another operating system?” While Nokia has lost ground in the smartphone business, it is still the world’s largest smartphone maker by volume. Samsung’s volumes are well behind Apple, RIM and HTC Corp. But measured by profits, Nokia lost in the third quarter against Apple, which entered the cellphone market only in mid-2007. Apple does not unveil profits per business line, but Strategy Analytics estimated Apple’s operating profit for its iPhone handset unit stood at $1.6 billion in the third quarter, compared with Nokia’s $1.1 billion. “With strong volumes, high wholesale prices and tight cost controls, the PC vendor has successfully broken into the mobile phone market in just two years,” said Alex Spektor, an analyst at Strategy Analytics. Apple sold 7.4 million iPhones during the July-September quarter, generating sales of $4.5 billion. Nokia sold 108.5 million phones in total in the same quarter, generating sales of €6.9 billion ($10.36 billion), but its profits were hurt by the economic downturn. Worries over smartphone boom Global sales of mobile handsets will snap a four-quarter losing streak in the last three months of the year as the industry is buoyed by economic recovery, a Reuters poll of analysts showed on Tuesday. Sales are expected to rise 3% in the fourth quarter as the Christmas period brings a brighter end to a year in which sales are forecast to fall 6.9%, the poll of 31 banks, brokerages and research firms showed. While the broader handset industry has struggled, smartphones sales have boomed and analysts have forecast the smartphone market will grow 20% to 30% this year. But there are signs that increased competition is starting to put pressure on margins and put some companies on the defensive. This week, the world’s No. 4 smartphone brand, HTC, said it expected fourth-quarter revenue to fall almost 15% from the same period a year earlier, as the intense rivalry forces prices down. Strategy Analytics said growth in the smartphone market slowed to just 5% in the third quarter from 17% in the second quarter. “On the supply-side, a weak lineup from Nokia, the industry giant, has helped to keep a cap on growth,” said Neil Mawston from Strategy Analytics. “On the demand-side, consumers have been buying huge volumes of high-end feature phones with touchscreens from Samsung and LG and many consumers seem happy for now to go without full app-store support,” Mawston added. Source: Home - Livemint.com | 11 Nov 2009 | 12:06 am Apple tops phone chart; Nokia, Samsung step upHelsinki: The world’s two largest cellphone makers, Nokia and Samsung Electronics, unveiled on Tuesday their latest rivals to the iPhone as Apple became the top profit generator in the handset industry. Apple Inc overtook Nokia in the September quarter as the cellphone maker generating the highest total operating profit in the industry, research firm Strategy Analytics said. Nokia said on Tuesday it had started deliveries of its top- of-the-range N900, while Samsung Electronics Co Ltd announced it would launch its own open mobile platform, bada, in December as it tries to make up for a late start in the smartphone market. Nokia and Samsung together sell around 60% of all cellphones globally, but they have lost some ground to Apple and Research In Motion Ltd, maker of the Blackberry. The N900 model is the first Nokia phone to run on the Linux Maemo operating system, which analysts see as key for Nokia to regain ground in the coming years. “The Maemo platform, which powers the N900, reflects Nokia’s need to replace its legacy software platforms with something more powerful to compete with Apple and others,” said Ben Wood, head of research at British consultancy CCS Insight. “Samsung’s announcement of bada shows it has also identified the same requirement. The big question is, does the mobile phone world need yet another operating system?” While Nokia has lost ground in the smartphone business, it is still the world’s largest smartphone maker by volume. Samsung’s volumes are well behind Apple, RIM and HTC Corp. But measured by profits, Nokia lost in the third quarter against Apple, which entered the cellphone market only in mid-2007. Apple does not unveil profits per business line, but Strategy Analytics estimated Apple’s operating profit for its iPhone handset unit stood at $1.6 billion in the third quarter, compared with Nokia’s $1.1 billion. “With strong volumes, high wholesale prices and tight cost controls, the PC vendor has successfully broken into the mobile phone market in just two years,” said Alex Spektor, an analyst at Strategy Analytics. Apple sold 7.4 million iPhones during the July-September quarter, generating sales of $4.5 billion. Nokia sold 108.5 million phones in total in the same quarter, generating sales of €6.9 billion ($10.36 billion), but its profits were hurt by the economic downturn. Worries over smartphone boom Global sales of mobile handsets will snap a four-quarter losing streak in the last three months of the year as the industry is buoyed by economic recovery, a Reuters poll of analysts showed on Tuesday. Sales are expected to rise 3% in the fourth quarter as the Christmas period brings a brighter end to a year in which sales are forecast to fall 6.9%, the poll of 31 banks, brokerages and research firms showed. While the broader handset industry has struggled, smartphones sales have boomed and analysts have forecast the smartphone market will grow 20% to 30% this year. But there are signs that increased competition is starting to put pressure on margins and put some companies on the defensive. This week, the world’s No. 4 smartphone brand, HTC, said it expected fourth-quarter revenue to fall almost 15% from the same period a year earlier, as the intense rivalry forces prices down. Strategy Analytics said growth in the smartphone market slowed to just 5% in the third quarter from 17% in the second quarter. “On the supply-side, a weak lineup from Nokia, the industry giant, has helped to keep a cap on growth,” said Neil Mawston from Strategy Analytics. “On the demand-side, consumers have been buying huge volumes of high-end feature phones with touchscreens from Samsung and LG and many consumers seem happy for now to go without full app-store support,” Mawston added. Source: Tech News - Livemint.com | 11 Nov 2009 | 12:06 am Now, location-based mobile tariffsNew Delhi, Nov. 10 After offering seconds-based billing, mobile operators are now looking to introduce location-based tariffs that will enable users get discounts if they make calls from an area where the operator’s network is relativelySource: Business Line - Home Page | 11 Nov 2009 | 12:00 am States will retain power to tax alcoholic beveragesNew Delhi, Nov. 10 In what appears to be a victory for States, alcoholic beverages are to be kept out of the purview of the proposed Goods and Services Tax (GST) system.Source: Business Line - Home Page | 11 Nov 2009 | 12:00 am Rupee to vacillate sidewaysMajor upheaval was witnessed in the foreign exchange markets on Monday as dollar declined sharply against major currencies. Group of 20 nations abstaining from making any move to aid the declining dollar in its weekend meeting, coupled with theSource: Business Line - Home Page | 11 Nov 2009 | 12:00 am Impose ceiling on banks’ exposure to interest rate futuresGambling by any other name, be it “price discovery”, “improving liquidity”, “widening and deepening the market”, or “conforming to global practices” cannot shed its basic characteristics.Source: Business Line - Home Page | 11 Nov 2009 | 12:00 am Soon, TV shows will come ‘live’ on your mobile phonesMumbai, Nov. 10 Bored sitting in traffic? Well soon you might be able to stream your favourite Saas-Bahu serial, movie, cricket match or news on your mobile phone ‘live’.Source: Business Line - Home Page | 11 Nov 2009 | 12:00 am Great Eastern Shipping (Rs 247.7): SellWe recommend a sell in the stock of Great Eastern Shipping Company from a short-term horizon. From March low of Rs 142, the stock had continued to be in an intermediate-term uptrend till October high of Rs 310. After encountering significantSource: Business Line - Home Page | 11 Nov 2009 | 12:00 am Steel prices may stabilise at current low levelsNew Delhi, Nov. 10 Steel prices are likely to remain stable at currentSource: Business Line - Home Page | 11 Nov 2009 | 12:00 am RIL strikes oil in Cambay BasinMumbai/ Ahmedabad, Nov. 10 Reliance Industries on Tuesday announced the discovery of oil in one of the onshore blocks in the Cambay Basin in Gujarat.Source: Business Line - Home Page | 11 Nov 2009 | 12:00 am Day Trading GuideDLF appears to be resumed its short-term downtrend. We recommend a sell in this counter. We notice formation of a long gravestone doji candlestick pattern in ICICI Bank, signalling bearishness. We recommend aSource: Business Line - Home Page | 11 Nov 2009 | 12:00 am Double-digit growth by next year: NasscomNew Delhi, Nov. 10 With a turnaround in global business sentiment, the Indian IT sector is expected to return to double digit growth by the next financial year, according to the Nasscom President, Mr Som Mittal.Source: Business Line - Home Page | 11 Nov 2009 | 12:00 am Test flights on green fuel by global airlines New Delhi: With global aviation bodies like International Air Transport Association pressing for reduction of carbon emissions in the sector, some major airlines have carried out test flights using biofuel and alternative fuel, which are cleaner. Though the civil aviation sector accounts for only 2% of the global carbon emission, the industry has conducted sufficient research on the usage of alternative fuels, from the prospective of both environment and cost. Qatar Airways, Virgin Atlantic, Continental Airlines, Air New Zealand and Japan Airlines are some of the global carriers which have carried out experiments to fly their aircraft using a blend of alternative fuel and aviation turbine fuel. Qatar Airways CEO Albar Al Baker recently said that his country was set to become the primary supplier of a new and cleaner jet fuel that powers an aircraft by a refined form of natural gas. The airline, he said, was also planning to use the Gas- to-Liquid (GTL) fuel in many of its planes over the next few years. GTL, a 50-50 blend of gas and conventional oil-based kerosene fuel, was successfully tested last month on a Airbus A 340-600 aircraft, which flew from London Gatwick to Doha using Rolls Royce Trent engines. “Qatar’s position as the GTL capital of the world has been enhanced with this achievement. GTL technology enables us to produce liquid fuels and other products from natural gas in our bid to achieve carbon-neutral growth,” he said. The first experiment with green fuel was conducted by Virgin Atlantic when it flew a Boeing 747 jumbo from Heathrow to Amsterdam in February 2008 with one of its engines powered by a fuel made out of coconut and babassu nut that is found in the Amazon forests. Continental Airlines, Air New Zealand and Japan Airlines have also carried out similar biofuel experiments with flying Boeing 737s and Boeing 747s in January this year. Pointing out that emission reductions could be achieved through technology, infrastructure and sustainable biofuels, the IATA has said the prospects of biofuels were the most exciting because for the first time air transport has the possibility of an alternative to traditional jet fuel. “Our attention is on camelina, jatropha and algae which do not compete for land or water with food crops but have the potential to reduce our carbon footprint by up to 80 per cent,” IATA DG and CEO Giovanni Bisignani said recently, adding, these could be grown in almost any soil condition, in salt water or even waste water. He said four test flights with sustainable biofuels have proven that they meet the technical and safety standards for use in commercial aviation. “Progress is going at a much faster pace than anybody anticipated. Three years ago sustainable biofuels were a dream. Now we expect certification no later than 2011,” Bisignani said. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 11:50 pm Oct car sales rise fastest in over 2 yearsNEW DELHI (Reuters) - Car sales in India rose the fastest in over two years in October on festival buying and easier credit, and analysts said the data firmed up belief the industry was back on track for robust growth.Source: Reuters: Money News | 10 Nov 2009 | 11:45 pm SingTel says has made no decision to list unitsSingapore Telecommunications, Southeast Asia's biggest telecom firm, has made no decision to list any of its businesses.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 11:36 pm World Bank chief sees risk to world growth in 2010World Bank president Robert Zoellick said on Wednesday he saw some "downside risks" to world growth in 2010.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 11:32 pm No timeframe yet for Shanghai listing: HSBC Asia CEOHe declined to comment on who was advising the bank on the deal.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 11:29 pm RIL readying $25bn for global shopping: Sources - Moneycontrol.com
Source: Business - Google News | 10 Nov 2009 | 11:25 pm PM adviser says RBI may trim stimulusMUMBAI (Reuters) - The Reserve Bank of India may withdraw some monetary stimulus if inflation rises towards the end of 2009, C. Rangarajan, chairman of the Prime Minister's economic advisory council, said on Wednesday.Source: Reuters: Money News | 10 Nov 2009 | 11:24 pm Pyramid Saimira dips 10% on BSE after SEBI ban - Hindu Business Line
Source: Business - Google News | 10 Nov 2009 | 11:01 pm Indian markets open flatIndian equities markets opened quietly Wednesday with a flat benchmark index and broader market indices signifying low level of transactions.Source: IndiaeNews.com: Business News | 10 Nov 2009 | 11:00 pm Sensex opens flat, gains 31 points in early tradeIndian equities markets opened quietly Wednesday with a flat benchmark index and broader market indices signifying low level of transactions.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 10:59 pm Rupee marginally down at 46.52 a dollar in early tradeDemand for the US currency from refiners and importers mainly put some pressure on the Indian rupee.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 10:59 pm Climate takes back seat at APEC, focus on tradeSingapore: With little prospect of any new climate change initiatives emerging at an APEC meeting in Singapore this weekend, the climate agenda might instead focus on liberalizing trade in green goods and services. Keeping the fragile global economic recovery on track will dominate the talks at the 21-member Pacific rim group meeting, but climate change is also expected to feature prominently with just weeks to go before a major UN climate gathering. Analysts, however, say the leaders will offer no major initiatives to give the Copenhagen talks a much needed push. The United Nations wants the 7 December-18 December Copenhagen meeting to yield a broader, and tougher, legally binding agreement by all nations to fight climate change but negotiations have largely stalled, dimming hopes of success. The Asia-Pacific Economic Cooperation forum gathering represents one of the final opportunities ahead of Copenhagen for world leaders to try to overcome differences on the shape of a broader climate pact to fight rising seas, more chaotic weather and threats to crops and livelihoods. APEC, which ranges from economic giants the United States, Japan and China to oil-rich Brunei, accounts for more than 40% of world trade and over 60% of the world’s greenhouse gas emissions. “I wouldn’t really expect major progress. I think it’s going to be overwhelmed by trade, financing,” said Changhua Wu, Greater China director for think tank The Climate Group. She pointed to the depressing mood that had settled over the Copenhagen talks process and the huge range of unresolved issues. “I think we could see greater emphasis on macroeconomic stability in general this year,” said Leong Wai Ho, senior regional economist at Barclays Capital in Singapore. But he pointed to the region being prone to costly climate disasters such as typhoons and storm surges and the predicted greater intensity of such disasters as the planet warms. Recent storms in Taiwan, Vietnam and the Philippines have killed hundreds, destroyed roads, bridges, farms and homes, lowered farm output and pushed up food prices. “This link suggests that, despite the distraction from the global economic crisis, APEC leaders are widely expected to call for further cuts in energy consumption amongst themselves at the Singapore meeting,” Leong told Reuters. Wu and other analysts said APEC might try to boost regional trade in clean-energy products and services. “Our argument would be if you want to push the economy into gear again a very good way to do that would be through green investments because they normally imply a lot of jobs,” said Kim Carstensen, the head of conservation group WWF’s global climate initiative. China, South Korea and Japan have large spending plans to boost the clean-energy sector and are keen to boost global market share. The United States is also pushing for greater market access for its green goods. Keeping Factories Humming In a draft leaders’ declaration obtained by Reuters, APEC backs limiting the global average temperature increase to within 2 degrees Celsius and for emissions to peak within the next few years and then fall by 50% from 1990 levels by 2050. The timeframe for the emissions peak would be longer in developing countries, the draft says. It reinforces an earlier goal of reducing energy intensity by at least 25% by 2030 and to try to boost trade in green goods and services. Given the fragility of the global recovery and concerns over rising unemployment in the United States, bread-and-butter issues will dominate leaders’ discussions, said Song Seng Wun, senior economist at CIMB brokerage in Singapore. “First things first is to get the factories humming again and Americans start spending again with their own money,” he said. The leaders’ final declaration needed to point to goals and benchmarks for success at Copenhagen, said Carstensen. “I would look to them to produce some signals of ambition, referring to Copenhagen, referring to Copenhagen as a place where results need to be achieved,” he said. A key climate benchmark for APEC would be the final text retaining the goal to cut emissions by half by 2050. “Normally it doesn’t survive in these kinds of circumstances,” Carstensen said, referring to past objections from China and other big developing nations on adopting a 2050 emissions target unless rich nations adopt a 2020 target as well. The draft doesn’t mention a 2020 target. Some analysts also pointed to the growing threat of protectionism and US and French references to slapping so-called “carbon tariffs” on goods from big developing nations. “Rather than looking for positive ways to win-win, we are turning to win-lose,” said Simon Tay, Schwartz Fellow of the US-based Asia Society. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 10:57 pm APEC ministers warn economic crisis is not overSingapore: Asia-Pacific ministers warned on Wednesday that the global economic crisis was far from over and a current upturn was a respite rather than recovery. Ministers from the Asia-Pacific Economic Cooperation forum (APEC) have gathered in Singapore for meetings that will culminate in a weekend summit that US President Barack Obama will attend. Obama, in an interview with Reuters, said he would work with China on his Asian visit to address the economic recovery and trade imbalances. After foreign and trade ministers met for breakfast on Wednesday, Singapore’s representative George Yeo said they had discussed the global economic recovery, reform of financial institutions and resisting protectionism. He said the consensus among ministers was that the global economic crisis was “by no means over”. “The upturn that we now have is a respite. The situation is still fragile. We should still address the root cause of the problem,” he said. Finance ministers from the 21-member Pacific rim group have a separate meeting on Thursday and, according to a draft statement, will pledge to keep up economic stimulus plans. World Bank President Robert Zoellick said he was comfortable about world growth prospects this year, but saw downside risks for 2010 and recommended governments keep stimulus measures in place through next year. “Recovery globally is not going to be symmetrical. It’s going to be at a different pace,” he told a World Bank conference in Singapore on Wednesday. The trade and foreign ministers also have other issues on their agenda -- including ways to mitigate the impact of climate change by promoting energy efficiency. Foreign ministers from five of the six countries involved in North Korea diplomacy are attending, including US secretary of state Hillary Clinton, and could talk about ways to restart the nuclear disarmament process on the sidelines. Free trade models But the centrepiece - or the elephant in their room, depending on various outlooks - is free trade. They will look at various models for an Asia-Pacific free trade area, which leaders of the group could then discuss at their weekend summit in Singapore. “We will continue to put in place building blocks towards a possible Free Trade Area of the Asia-Pacific (FTAAP) in the future,” said a draft declaration to be issued by APEC economic ministers this week and obtained by Reuters. The key word there is “possible”. APEC member economies account for 40% of the world’s population across four continents, more than half of global gross domestic product and nearly half of world trade. But their members range from relatively poor countries such as Papua New Guinea, Peru and the Philippines, emerging markets such as Indonesia, Thailand and Malaysia, and rich economies, including the United States and Japan. They all have different ideas about the pace and extent of open trade and investment. The United States, by far the biggest economy, needs to show leadership in APEC, US Chamber of Commerce president Thomas Donohue said in an address in Singapore. “You can’t lead and stand on the sidelines at the same time,” Donohue said, noting some 168 free trade agreements are in force in Asia on Wednesday. APEC’s industrialized countries have yet to reach open trade goals set 15 years ago with a deadline of next year, even as the they ponder an ambitious free trade area, officials said. The “Bogor Goals”, adopted at the 1994 Asia-Pacific Economic Cooperation summit in Bogor, Indonesia, called for industrialized members to achieve free trade and investment targets by 2010 and for developing member economies to do so by 2020. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 10:56 pm Sensex advances further at mid-session led by IT stocksMarketmen said the upsurge was led by IT stocks after Nasscom yesterday said the country's software exporting business would regain double-digit growth from April 2010.Source: Daily News & Analysis: Money News | 10 Nov 2009 | 10:49 pm BillPay2India makes bill payments easy for NRIs in USNow, sitting in the US, non-resident Indian have the luxury of paying their various bills in India through the internet or from their mobiles.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 10:48 pm Fed officials see choppy recovery for US economyAustin/Atlanta: High unemployment and reluctant consumers will likely make an incipient US economic recovery weak and erratic, top Federal Reserve officials said in a string of speeches across the country on Tuesday. That means interest rates, currently at historic lows close to zero, should remain near that floor for the foreseeable future, the policymakers said. “The strength and durability of the expansion is in question,” said Janet Yellen president of the Federal Reserve Bank of San Francisco, in Phoenix, Arizona. “High unemployment, weak job growth and paltry wage increases are a recipe for sluggish consumer spending growth and a tepid recovery.” Echoing her remarks, Richard Fisher, head of the Dallas Fed, flagged commercial real estate and a heavy reliance on government stimulus as other key risks. “The more demand you steal from the future, the less future demand there is for you to steal,” Fisher told the Austin Headliners’ Club, a group of Texas business executives, lobbyists and politicians. The US economy grew 3.5 % in the third quarter, unofficially emerging from its worst recession in generations. But the jobs picture remains dismal, with the unemployment rate surging to 10.2 % in October, its highest level since 1983. A Reuters poll on Tuesday showed economists expect it to hit 10.5 % in mid-2010 before subsiding. Fisher said he was mindful of the possibility that the central bank’s pledge to keep rates at rock bottom for an “extended period” could fuel unwanted speculative activity in financial markets. “I am fully aware that the law of unintended consequences is lurking in the shadows,” Fisher said. “Were this to become a disorderly influence, I would expect the FOMC and other authorities to craft an appropriate remedy,” he said. Pressed on the issue by reporters, he added: “Thus far, the dollar has not been in a disorderly depreciation.” Some analysts fear a more rapid fall in the US dollar, which recently hit a 15-month low, could disrupt global markets. The Fed slashed borrowing costs in response to the global financial crisis, and has pumped more than $1 trillion into the banking system. The White House and Congress also lent a hand with a $788 bilion stimulus package of tax cuts and spending. As key government programs like mortgage tax credits and car-buying incentives wane, private demand may struggle to fill the void, Fed officials said, particularly given the state of the labor market. “At this juncture, it’s hard to be encouraged about a fast rebound in job growth,” said Dennis Lockhart, president of the Atlanta Fed. Still, Lockhart said he could envision a scenario where the Fed might have to tighten policy even with unemployment “frustratingly high”. Richmond Fed President Jeffrey Lacker was more upbeat than his colleagues, telling CNBC the broad contours of recovery would be the same even without government stimulus. Nevertheless, he made clear he was not itching to push up rates. Asked if a hike was in the cards for next year, Lacker, considered an inflation hawk, responded: “It is too soon to say ... it could take longer than that. What I’m going to look for is growth that is strong enough and well-enough established that we need higher real interest rates.” Eric Rosengren, of the Boston Fed, agreed: “It’s a question of timing. We’re not there yet.” Yellen, Lockhart and Lacker are among the voters this year on the Fed’s policy panel, while Rosengren will move into a voting slot in 2010. While Yellen and Rosengren are seen as Fed “doves,” Lockhart is considered more of a hawk. Fed Board Governor Daniel Tarullo spoke in New York, but focused his remarks on financial regulation rather than the economic outlook. As officials looked for ways to describe the likely shape of the economy’s trajectory -- a V representing a robust rebound, an L denoting stagnation, a W flagging the risk of renewed contraction -- the alphabet no longer seemed enough. “The letter I would choose doesn’t exist in our alphabet, but if I were to describe it, it would look something like an “L” with a gradual upward tilt of the base,” Yellen said. Fisher was thinking along the same lines, but opted for a symbol instead. “We are more likely to see a more uneven recovery -- not a V-shaped recovery but something more akin to a check mark, where the elongated arm of that check mark inclines at a slope that is less than desirable and might possibly be repressed by an occasional pause or several quarters of weak growth,” he said. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 10:40 pm Dr Reddy’s unit revenue to grow 10-15% in FY10Bangalore: Dr Reddy’s Laboratories expects revenue at its pharmaceutical ingredients and outsourcing services unit to rise 10-15% in this fiscal year, helped by stability in global economy, an official said. Dr Reddy’s, India’s No. 2 drug maker by sales, is seeing a pickup in business in the second half of the year to March 2010 versus the first half when the recession crimped demand for active pharmaceutical ingredients by global generic players. “We are getting out (from the slowdown) slowly in the second half, but it is not like a swing from one end to another, its a gradual emergence,” said Dr Reddy’s president of pharmaceutical services & active ingredients (PSAI) unit, Abhijit Mukherjee. “Outsourcing will continue to gain momentum,” Mukherjee told Reuters in a phone interview on Tuesday from the company headquarters in Hyderabad. “The business momentum in the next three to four years is quite positive.” Revenue at Dr Reddy’s pharmaceutical services and active ingredients unit, which accounts for about a third of its business, rose 13% in the last fiscal year to March 2009 to Rs18.76 billion ($403 million). Global drug giants, faced with thinning pipelines for new products and stiff competition from generic drugs, are increasingly outsourcing drug development work to firms in countries such as India to help cut costs and shorten the time for a drug launch. Analysts say growth in the sector will also be boosted by the biggest loss of patent protection in history in the next couple of years, depriving global pharma majors of exclusivity on some of the world’s most famous and profitable medicines. The ongoing restructuring in the sector and the tough new climate has put costs at centrestage for drugmakers. “It (pharma outsourcing services) is not just going to come back but it is going to come back with higher intensity,” said Mukherjee. “We, as a generic API player, are well poised to take substantial advantage out of this.” The unit’s sales rose 11% in the quarter ended 30 September from a year ago to Rs5.38 billion, and Mukherjee said growth in the remaining two quarters of the fiscal year could be higher as companies increase outsourcing on global economic revival. At 9:50am, shares in Dr Reddy’s was trading up 1.4%, after having risen as much as 2% in the opening deals, on the Bombay Stock Exchange. New plant Dr Reddy’s is setting up a new plant for its pharma service and active ingredients unit in a special economic zone in southern India with an initial investment of Rs2.5 billion, Mukherjee said. The first phase will start operations in 2011. The company has six plants in India, which have been approved by the United States Food and Drug Administration. It also operates one plant each in Mexico and Britain, approved by the US regulator. New York-listed Dr Reddy’s Laboratories last month beat forecasts by more than doubling quarterly net profit and maintained its full fiscal year forecast of 10% revenue growth on the launch of new generics. Shares in Dr Reddy’s, which has a market value of $4 billion, have more than doubled so far this year, outperforming a 54% jump in the healthcare index and 70% surge in the main index. The 12-month mean target price for its shares is Rs1,005.23, according to Thomson Reuters I/B/E/S. Of the 33 brokerages polled, 14 have a strong buy rating on the stock compared to 11 three months ago. Source: Home - Livemint.com | 10 Nov 2009 | 10:24 pm Capital inflows not a concern now: Finance secretaryNew Delhi: Rising capital inflows into India are not a concern now and authorities are monitoring the situation, finance secretary Ashok Chawla said on Wednesday. “The flows have increased in the recent past, that was expected,” he said. Money has been coming in, as of now it is not a cause for concern. On Tuesday, a Reserve Bank of India (RBI) deputy said India faced a dilemma of needing to contain rising inflation while trying to support growth and managing foreign capital inflows. “While we are watching the situation, the RBI and Securities and Exchange Board of India (Sebi) are seeing what is happening in terms of inflows in the equity market. We don’t see the need for any specific action in this regard,” Chawla said. Chawla said India’s economy was unlikely to reach growth rates of 8-9% until exports revived. Earlier this month, the trade minister said exports may start growing in annual terms from the March quarter. India’s September trade deficit shrunk to $7.77 billion and imports fell 31.3% year-on-year to $21.38 billion, according to government data. Source: LatestNews-Home - Livemint.com | 10 Nov 2009 | 10:21 pm Rupee marginally down against dollar in early tradeThe rupee depreciated by two paise to 46.52 against the US currency in early trade, extending its previous day's losses, on dollar demand from refiners.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 9:48 pm Oil above $79 on bullish China dataSingapore: Oil rose above $79 a barrel on Wednesday, after dipping a day earlier, as signs of robust economic growth in China offset mildly bearish US industry data showing surprise builds in crude and distillate stockpiles. The dollar slipped but stayed above recent 15-month low against a basket of currencies as investors paused for breath after a spike in the euro and higher-yielders, while Japan’s benchmark Nikkei edged up 0.2% as the yen’s advance against the dollar limited gains. Data released on Wednesday showed that industrial output growth in the world’s No. 2 oil user spurted to a 19-month high in the year to October, underlining the Chinese economy’s brisk recovery from the global downturn in response to massive fiscal and monetary stimulus. The US market is closed on Wednesday for a national holiday, so traders will scour inventory data by the Energy Information Administration, due on Thursday, for further clues on the outlook for demand from the world’s top energy consumer. A monthly report by producer group OPEC, due later in the day, could also offer clues on the outlook for global oil demand. US crude for December delivery rose 11 cents to $79.16 a barrel by 0220 GMT, after settling down 38 cents at $79.05 on Tuesday. London Brent crude was up 11 cents to $77.61. Oil prices have risen about 77% so far this year, but are still 46% off their high of more than $147 a barrel struck in July last year. “The Chinese economic data will be a significant near-term boost for the market. The data provides evidence of the strength of the Chinese economy,” said David Moore, commodity strategist with the Commonwealth Bank of Australia. “Oil’s underlying tone remains firm. We do not think that the fundamentals justify prices at such levels, given high inventories and with demand still weak, but you can’t argue with the market.” The pace of demand recovery in the United States remains patchy. US crude stocks rose 1.2 million barrels last week, higher than analyst projections for a 600,000-barrel build, as imports rebounded, weekly inventory data from the American Petroleum Institute (API) showed on Tuesday. Inventories of distillates, which include heating oil and diesel, posted a surprise gain of 640,000 barrels, compared with analyst forecasts of a fall of 700,000 barrels due to colder weather in the northeastern United States. Oil fell on Tuesday after Ida, the first real storm threat of the 2009 season, was downgraded from a hurricane on Monday, and as companies began restoring their Gulf of Mexico operations. But the US Minerals Management Service said more than 43% of oil output and nearly 28% of natural gas output remained shut late on Tuesday. Source: Home - Livemint.com | 10 Nov 2009 | 9:08 pm States bat for dual tax rate under GST - Economic Times
Source: Business - Google News | 10 Nov 2009 | 1:56 pm Renault, Mahindra to revamp LoganNew Delhi: As the world’s third largest auto player, the Renault-Nissan alliance has had a successful run. But its presence in India has been on the fringes at best. Chief executive Carlos Ghosn intends to reverse that and took time off from his activities at the World Economic Forum’s India Economic Summit to meet with his joint venture partners. His ultra low cost car with Bajaj Auto Ltd remains on track for a 2012 launch and Renault plans to introduce more models into the Indian market. He also promised to deepen his engagement with India and visit again in March when the first vehicle rolls out from Nissan’s facility in Chennai. Ghosn, who successfully manages two disparate companies, says it’s a task that requires enormous discipline. He never sits in Paris and takes a decision that affects Nissan and never takes a decision concerning Renault while sitting in Tokyo. Edited excerpts:  Cost focus: Renault’s Carlos Ghosn says frugal product planning and engineering are essential for the success of a low-cost car. . Ramesh Pathania / Mint Earlier today (Tuesday) you clearly articulated what you’ve been saying all along—small cars, least expensive. Seems like a big vision statement from you. I understand that the media was a little impatient. And I’m told that the length of time it was taking was a sign of trouble, which it was not. It was a sign of really making sure that we had a solution that both partners agreed was (the) best one. The roles and which party will be doing what have been clarified and I’m taking this opportunity of being in India to make sure we have a clear statement about how our collaboration with Bajaj will be going. And hopefully, this answers a lot of questions coming from the media and for us it’s answered a very important question about what is our entry point into the Indian market. You mentioned making clear what each partner does. What exactly would each partner do? To summarize: all the part which is design, engineering and manufacturing of the car will be mainly Bajaj’s responsibility, with the support of the Renault-Nissan alliance. The marketing and sales side in and outside India will be our responsibility, with the support of Bajaj. We made it very clear about who is going to be doing what. I understand from Rajiv that he’s doing very well in two- and three-wheelers. I envy his Ebitda (earnings before interest, taxes, depreciation and amortization) margins and so I understand when he says he wants to concentrate on this segment. Isn’t it a risk to tie up with a company that has primarily been a two- and three-wheeler maker so far? They’re not doing it alone. They’re doing it with our support. Bajaj has skills and a mindset that we don’t—frugal product planning and frugal engineering—which are absolutely essential for the success of a product like this. We obviously have the knowledge and experience of how to make cars but we need, in order to be successful, to have a team of engineers and team of product planners that are passionately designing to cost. If you don’t do that, you’re not going to be successful in delivering what we hope will be the lowest price and the lowest running-cost product.  Competitive note: Carlos Ghosn says the small car will have much better fuel consumption than any model in the market today. Ramesh Pathania / Mint There’s been intense speculation about your tie-up with Mahindra to manufacture and market the Logan. What have you learned from that experience? The Logan is a good car. All the people who bought the Logan in India are very satisfied with it. The only problem we have, and this is not a customer problem, is that the sales of the Logan are not at a level we’ve been expecting and we are trying to understand why the Logan has been such a success in Russia, Eastern Europe and North Africa and Brazil and why in India it’s been so limited in sales. We are addressing this situation. There are a lot of explanations regarding the price, the tax incentives for cars below 4m in length. This is a very price-sensitive market and a difference of 5% in pricing can make a big difference. We have plans to revamp the Logan. The strategy of Renault is not to be limited to one car for the Indian market. We now have the intention to have a full product line-up. As a potential competitor, what is your assessment of Tata’s ultra low cost car? I don't talk about competitors. I was the first one to say when the Nano was announced, who took the Nano seriously. I think it is a good concept and it corresponds to a need especially in a developing market. I am not taking it lightly. Is the ultra low cost car being made in collaboration with Bajaj your version of the Nano? Too early to say. You’ll see when you see the product. I think it is going to be a different product from the Nano but it will address the same concern—low price point and a much better fuel consumption than anything in the market today. In the past year or so, more small cars are being sold in the developed world than ever before. How will this shift affect the profitability of auto makers? Small cars are not by definition unprofitable. Car makers did not think that it was absolutely necessary and crucial to make small cars profitable. All those dealing with small cars are very profitable but others did not think it necessary to build their profitability around small cars. But now that everybody is getting conscious about the fact that small cars are a very important part of the picture, particularly because most of the growth is going to come from emerging markets...car makers are going to have to get back to the drawing board and ensure that every single small car they build is going to be profitable. That’s one of the reasons why we’re building our ultra low cost car in collaboration with Bajaj. Renault-Nissan is also working on alternative-fuel cars. How are your efforts in this area progressing? We have hybrid cars but we’re not leading the pack. We’re in the middle of the pack. Where we want to establish a leadership is in the zero-emission cars, so we’re taking a lot of initiative and spending a lot of money to be the technology leaders in electric cars. We’re taking very concrete steps because we’re building a 500,000 unit capacity both in battery and cars worldwide, in Japan, Europe and the United States. So it’s going to be difficult to take leadership from us as there is no capacity for the moment and if electric cars really take off we’re going to be the dominant player in the beginning. So, our strategy is clearly leadership in the mass marketing of affordable electric cars and also be a global manufacturer of hybrid engines and also to fine-tune the internal combustion engine. samar.s@livemint.com Rajesh Mahapatra is with Hindustan Times. Source: Home - Livemint.com | 10 Nov 2009 | 12:45 pm Bajaj fails to get its name on low-cost carRenault-Nissan alliance finalised a deal with Bajaj Auto to produce an ultra-low cost car by 2012, though denying 'hamara Bajaj' a place in the badging of the car.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 12:25 pm Differences set to delay GST rolloutAs differences among states and the Centre persist over various aspects of GST, the deadline of April 1, 2010 for its implementation is likely to be missed.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 12:23 pm 7 years ban for Pyramid SaimiraMarket regulator Sebi banned Pyramid Saimira Theatre Ltd for seven years from accessing capital markets.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 12:20 pm 9-10% growth by 2012-13, says FMIt is possible for India to achieve a growth rate of 9% to 10% by the beginning of 2012-13, said FM Pranab Mukherjee.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 12:17 pm India among top 3 markets: NooyiUS-based beverages major PepsiCo said India is among its top three markets and the company will continue to build India-specific strategy to sustain growth.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 12:16 pm No deal with RNRL without govt role: RILRIL told the Supreme Court that it was unwilling to sign any gas supply agreement with Anil Ambani's RNRL without the government having a significant role in it.Source: India Business News | Business News - Times of India | 10 Nov 2009 | 12:13 pm RIL discovers oil in Cambay basinMukesh Ambani-controlled Reliance Industries (RIL) today said it has made its first on-land oil discovery in the Cambay basin, around 130 km from Ahmedabad.Source: Business Standard | Front Page Headlines | 10 Nov 2009 | 11:43 am Renault-Nissan finally signs ultra-low-cost deal with BajajJoint venture to split manufacturing and marketing functions.Source: Business Standard | Front Page Headlines | 10 Nov 2009 | 11:40 am Dual tax structure for goods & servicesDiscussion paper sets out broad plan, no clarity on deadline.Source: Business Standard | Front Page Headlines | 10 Nov 2009 | 11:39 am Govt to tighten rules for FDI approvalsFIPB powers to be expanded, automatic route curtailed.Source: Business Standard | Front Page Headlines | 10 Nov 2009 | 11:37 am India offers lessons IT companies can take overseasBangalore: A year ago, MindTree Ltd built a technology solution for a local pump maker that mines business data on inventory and sales and builds charts that help in better business decisions. The company is now taking the solution to US customers. It has already secured two overseas clients, including a consumer goods firm. Indian software vendors have traditionally built their business model of writing software code and maintaining them based on customer specifications. Most contracts with US and European clients are based on time, material or people they deploy on projects. But within India, the market is different. “Customers expect an end-to-end solution, not body shopping,” said P.K. Gopalakrishnan, head of Indian markets at MindTree. This, he said, helps firms such as his to understand a business problem and build a solution that can then be replicated with customers in other markets. Companies such as Tata Consultancy Services Ltd (TCS) and Wipro Ltd have also been building this new business model and have got several overseas customers in the past 18 months. The focus came at the same time when technology spending in the US dropped due to an economic downturn and customers were looking at different ways to cut costs. TCS, India’s largest information technology (IT) vendor, which earned nearly one-tenth of its revenue from the local market last month, won a £150 million (around Rs1,160 crore) contract from UK’s Cardiff city council to implement a technology solution to improve the workflow between various government departments, similar to what it has built for states such as Andhra Pradesh and Gujarat. “Building it one time and replicating many times is fundamental fulcrum strategy for our government business,” said Tanmoy Chakrabarty, vice-president for global government business group at TCS. The firm expects at least 10-15% of its revenue would come from licensing revenue from such business in three years, he said. Even as Indian companies are making headway in taking local business models overseas, the scale is still small. The India arm of International Business Machines Corp. (IBM) took overseas its model of IT outsourcing with mobile phone service firm Bharti Airtel Ltd, where it built and maintains the entire IT infrastructure. “That is a rare example. We are yet to see such models by Indian companies,” said Sabyasachi Prasad, partner at Tholons, an offshore advisory firm. Wipro, which has a strong presence in the local market, recreated its entire business in West Asia based on the India model. It is now working with firms such as Cisco Systems Inc. and EMC Corp. to implement business solutions it provided in India in other markets such as the US. “Every market (there) is a different game plan. The beauty is that we have a mature market model and emerging market model and we can pick and choose and replicate the best of breed in any country that we want,” said Suresh Vaswani, joint chief executive of Wipro Technologies, the global IT services arm of Wipro. . But for firms such as Infosys Technologies Ltd, the Indian market is a new area. It is now bringing in expertise gained from working with customers in the West. “We don’t experiment much in India. We experiment outside and bring it to India,” S.D. Shibulal, chief operating officer at Infosys, said in an interview on 9 October. Source: Tech News - Livemint.com | 10 Nov 2009 | 9:08 am News Corp’s Murdoch warns Google blockSydney: 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 | 3:58 am Barclays, HSBC signal bad debts may have peakedLondon: Britain’s top two banks, HSBC and Barclays, signalled bad debts may be past their peak, with HSBC declaring on Tuesday the first drop in US consumer finance impairments for three years. Strong investment banking underpinned profits for both banks, although Barclays shares dipped on concern its investment bank will be unable to sustain its growth and is seeing costs rise. Barclays Plc reported a third-quarter pretax profit of £1.56 billion ($2.6 billion), down from £2.8 billion a year ago, largely due to losses on the value of its own debt and other one-off items. Excluding those, profit in the first nine months of the year more than doubled to £4.4 billion, the bank said. HSBC Holdings Plc, Europe’s biggest bank, said its underlying third quarter profits were “significantly ahead” of a year ago, though it gave no figures in its trading statement. It was boosted by improvement at its troubled US consumer finance business, which it is running down. Bad debts there dipped to about $3 billion, their first fall since the start of 2006 and their lowest level for over a year. “I believe the biggest jolt has now passed through the global economy,” said HSBC chief executive Michael Geoghegan. “The world will likely see a two-speed recovery and emerging markets currently offer the brightest prospects for growth.” Barclays said it expected impairments for the full year to be around the bottom end of the previously referenced 2009 consensus range of between £9 billion and £9.6 billion. Its impairment charges and other provisions were £1.4 billion in the third quarter, down from £1.8 billion in the previous three months. Bad debts in the first nine months of the year hit £6.2 billion, up from £3.8 billion a year ago, as a fragile UK economy and rising unemployment led to more borrowers defaulting on loans. By 0940 GMT Barclays shares were down 2.3% at 335 pence, while HSBC added 3% to 713pence, having risen to their highest in just over a year. The DJ Stoxx Europe bank index was up 0.5%. Relative Winners Both HSBC and Barclays are emerging as relative winners from the crisis and have avoided taking any direct government cash, unlike rivals including Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc. “The continuing spectre of government interference looms over the likes of Lloyds and RBS, while Barclays and HSBC remain free of such shackles,” said Richard hunter, head of UK equities at Hargreaves Lansdown Stockbrokers. As retail profits continue to bear the scars of high bad debts, both banks have been underpinned by strong investment banking operations — areas which have generated high but increasingly controversial bonus payments to top performers. Both banks said they would not decide payouts until January. Barclays Finance Director Chris Lucas said the bank would adhere to guidelines agreed by world leaders in September. Profits at Barclays Capital, the investment bank arm, reached £1.4 billion in the nine months, or £2.7 billion excluding a charge on its own debt. It is reaping the benefit from last year’s purchase of the US operations of bankrupt Lehman Brothers and the build-up of its equities and M&A advisory business in Europe and Asia. HSBC, which decided three years ago not to take on Wall Street’s big investment banks and shifted to an emerging markets-led, financing-focused strategy, said its investment bank revenue slowed from a buoyant first half but were still well ahead of the year-ago level. Barclays and HSBC join a batch of rivals reporting strong third-quarter results as capital markets and trading activity have remained lively, including US rivals Goldman Sachs and JPMorgan along with Europe’s Credit Suisse and BNP Paribas. Source: World Business - Livemint.com | 10 Nov 2009 | 3:35 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
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