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SC stays winding up, merger proceedings of Subhiksha!The Supreme Court has stayed the winding up proceedings initiated against cash-strapped retail chain Subhiksha Trading Services Ltd till November 23.Source: Zee News : Business | 15 Nov 2009 | 5:27 am CIL to move SEBI for selloff guidelines!Coal India will soon approach the market regulator SEBI seeking clarity on whether the PSU can issue shares to the employees of its subsidiaries at the time of disinvestment and the Initial Public Offer.Source: Zee News : Business | 15 Nov 2009 | 5:27 am Mutual funds to be traded on stock exchanges!There is some good news for those who wish to invest in mutual funds but are in two minds for putting their hands in the product through fund managers.Source: Zee News : Business | 15 Nov 2009 | 5:27 am Some of upcoming real estate IPOs may falter: Consultant!A couple of real estate IPOs may falter from around 15 lined up in the next few months if the issues are not reasonably priced, a realty consultant said.Source: Zee News : Business | 15 Nov 2009 | 5:27 am SC seeks reply from Adidas India on I-T dept`s petitions!The Supreme Court has sought a reply from Adidas India Marketing Pvt Ltd on a couple of petitions by the Income Tax Department, which said the company should pay tax on goods outsourced for manufacturing.Source: Zee News : Business | 15 Nov 2009 | 5:27 am RIL rally helps 8 of top-10 cos add Rs 1 lk cr in m-cap!Reliance Industries helped eight of the top-10 Sensex firms add over Rs 1 lakh crore in their market valuation during the last week, while the state-run MMTC and private telecom services provider Bharti Airtel saw value erosion.Source: Zee News : Business | 15 Nov 2009 | 5:27 am British PM vows to curb bankers` bonus !Prime Minister Gordon Brown has promised to introduce legislation to "transform" the policing of Britain`s financial sector when his government sets out its political programme this week.Source: Zee News : Business | 15 Nov 2009 | 5:27 am Auction of Ponzi king Madoff's items raises one-million-dollarsThe items were just some of the possessions he collected during his career as one of America's biggest fraudsters of all time.Source: Daily News & Analysis: Money News | 15 Nov 2009 | 3:22 am Britain may sell aircraft carrier to India: ReportAs part of its cost-cutting plans, Britain may sell off one of its new two-billion-pound aircraft carriers to India which has lodged a firm expression of interest.Source: Daily News & Analysis: Money News | 15 Nov 2009 | 3:03 am Mahindra target to sell one lakh used cars by 2014Mahindra Firstchoice, a multi- brand pre-owned car sales major from the Mahindra and Mahindra group, has set a target to sell one lakh used cars by 2014, a top company official said.Source: India Business News | Business News - Times of India | 15 Nov 2009 | 3:02 am Citi to sell Bellsystem stake to Bain for $1 bn Tokyo: Citigroup Inc said on Sunday it has agreed to sell its stake in Japanese telemarketer Bellsystem24 to US private equity firm Bain Capital for ¥93.5 billion ($1 billion). Bain has been widely expected to buy Bellsystem24 after securing exclusive negotiation rights earlier this month. Sources said last week that Bain was close to finalising a roughly ¥100 billion deal for the company, marking the largest buyout by a foreign private equity firm in Japan in nearly two years. Bain has beaten off rivals Permira and a team of CVC Capital and Blackstone, which had also made offers in the final round of bidding for Bellsystem24. Citigroup put Bellsystem24 up for sale as part of a global effort to raise cash and replenish its capital. It has already raised more than $7 billion by selling other assets in Japan including a broker, a trust bank and a fund management arm. Citigroup said in an emailed statement that it had agreed to sell its 93.5% stake in Bellsystem24 for ¥93.5 billion in cash in a tender offer to be launched by a firm owned by funds advised by Bain Capital. The tender offer will likely start on or before 20 November and be completed on 30 December, Citigroup said. The US bank said the deal was not expected to have a material impact on its net income or capital ratios. The sale of Bellsystem24 initially drew strong interest from a number of private equity firms including Kohlberg Kravis Roberts & Co, which teamed up with trading house Itochu Corp before dropping out of the race. The Nikkei newspaper said the total cost of the deal for Bain would reach 120 billion yen, including a special dividend payment. No one at Bain Capital could be reached for comment. The deal will rank as Japan’s largest buyout by a foreign private equity firm since March 2008, when Permira bought agrichemical company Arysta LifeScience Corp for more than $2 billion. Bellsystem24 is Japan’s largest telemarketing firm. It competes against Moshi Moshi Hotline Inc and Transcosmos Inc in Japan. Bellsystem24 is now owned by Citigroup Capital Partners, which was known as Nikko Principal Investments, a private equity arm of brokerage group Nikko Cordial, which was bought by Citigroup in 2007. Nikko Principal paid 220 billion yen to buy Bellsystem24 in 2004. While the sale price is roughly half its purchase price, Citigroup has generated returns from its investment by restructuring the company’s debt to take some cash out, a method known as recapitalisation. Bain’s financing will be supported by banking units of Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc, sources familiar with matter said. Source: Home - Livemint.com | 15 Nov 2009 | 2:52 am Local court restricts Maytas from loans on land collateralIn a major setback to cash -strapped infrastructure firm Maytas Properties, promoted by former Satyam Computer founder B Ramalinga Raju's family, a local court has passed an order barring the company from using land as collateral for loans.Source: India Business News | Business News - Times of India | 15 Nov 2009 | 2:48 am AIRSHOW - Arms race dominates Dubai air showDUBAI (Reuters) - Middle East tension is driving demand for military hardware at the Dubai Air Show which opened on Sunday, but recession means fewer orders for civilian jets.Source: Reuters: Money News | 15 Nov 2009 | 2:34 am China-U.S. spar over currencies ahead of Obama visitSINGAPORE (Reuters) - The United States and China sparred over exchange rates at a meeting of Asia Pacific leaders on Sunday, pointing to tricky talks ahead for President Barack Obama when he flies to China to address economic tensions.Source: Reuters: Money News | 15 Nov 2009 | 2:10 am Obama warns over imbalances; APEC shuns exchange rates - Moneycontrol.com
Source: Business - Google News | 15 Nov 2009 | 2:10 am Citi to sell Bellsystem stake to Bain for $1 blnTOKYO (Reuters) - Citigroup Inc said on Sunday it has agreed to sell its stake in Japanese telemarketer Bellsystem24 to U.S. private equity firm Bain Capital for 93.5 billion yen ($1 billion).Source: Reuters: Money News | 15 Nov 2009 | 1:53 am BSNL, Bharti want 6% uniform licence fee, Rcom differsNew Delhi: Two major telecom players — Bharti Airtel and BSNL — want an uniform licence fee of 6% on revenues from all services like mobile, landline, long distance telephony, ISP among others. A Department of Telecom panel had recommended 8.5% as the uniform licence fee. Anil Ambani-led Reliance Communication, however, says licence fee should be decided based on the revenue slab of the company based on gross or adjusted gross revenue and the incumbent operators should be asked to pay higher licence fee for holding excess spectrum beyond contractual amount of 6.2 Mhz of spectrum for GSM players and 5 Mhz of spectrum for CDMA operators. The operators responded to TRAI consultation paper on ‘overall spectrum management and review of licence terms and conditions´. At present, fixed line and mobile operators pay 6-10%, depending on the circles, as licence fee while NLD, ILD and VSAT as well as Internet with Net telephony paying only 6% while pure ISPs pay no licence fee. DoT mooted the idea of uniform licence fee after allegation came against RCom that the operator was passing higher revenue earning services to the low licence fee category thereby causing loss to the the exchequer. BSNL and Bharti Airtel said that uniform licence fee will reduce the arbitrage and ensure the level playing field. Further, this will be easy to implement in a transparent manner and will maximise the revenues to the exchequer. Source: Home - Livemint.com | 15 Nov 2009 | 1:18 am Shoppers Stop to raise fundsThe company is looking at generating Rs1 bn to Rs1.2 bn ($21.6 mn to $26 mn) for the acquisition of group firm and hypermarket chain Hypercity.Source: Daily News & Analysis: Money News | 15 Nov 2009 | 1:03 am Yuan as new global currency? It can bode well for IndiaThe fact that World Bank President Robert Zoellick has said that China's yuan may become the global reserve currency over the next 15 years assumes significance not just for the world but also for India. It has the potential to make Indian goods relatively more competitive as the Chinese currency today is highly controlled.Source: IndiaeNews.com: Business News | 15 Nov 2009 | 1:02 am Early winter snowfall cheers Himachal hoteliersEarly winter snowfall in Himachal Pradesh has brought cheer to the state's hospitality industry and the hope that Shimla will witness a White Christmas after nearly two decades.Source: IndiaeNews.com: Business News | 15 Nov 2009 | 1:01 am UP sugar mills to pay Rs 180/qtl for cane to resume production - Hindu Business Line
Source: Business - Google News | 15 Nov 2009 | 1:00 am Why is Tamil Nadu obeying Kerala law on Mullaperiyar: JayalalithaaContinuing the war of words on the Mullaperiyar dam row, AIADMK chief J. Jayalalithaa has charged the DMK-led Tamil Nadu government with 'giving credence' to a Kerala law by not raising the water level of the dam.Source: IndiaeNews.com: Business News | 15 Nov 2009 | 1:00 am Gold consumption may remain steady at 800-850 tonnes in 2009Mumbai: Despite the global slowdown, weaker dollar value and reduced physical offtake, total consumption of gold in India may remain static to around 800-850 tonnes for the calendar year 2009, from 900 tonnes last year, thanks to sustained rural buying and retail investment demand, trade sources said. Traders expect total imports of gold to remain around 475-500 tonnes during the year. In 2008, the country imported total 712.6 tonnes of gold, according to World Gold Council (WGC). Of which, 500 tonnes of gold was for Jewellery making and 211 tonnes for investment purposes. In 2009, the country may import less gold but the consumption for gold jewellery and investment purposes would remain steady, Agri-commodity Consultant, Dhimant Bhatt said. “I believe total imports would reach to round 500 tonnes this calendar year though higher prices have gone up to record levels recently. Standard gold prices in the domestic market hovered around Rs16,800 per 10 gram, an all time high levels,” Bullion Analyst, Bhargav Vaidya said. Gold prices may see some correction in the short run as rural demand for physical gold is likely to weaken due to overall slowdown and erratic monsoon but overall bullish trend to continue next year, Bhatt said. Average price of gold in 2009 so far has increased by 21% to Rs15,105 per 10 gram from average Rs12,500 per 10 gram in the full year 2008. “The gold market become more vibrant and I would like to add that price gap between landing cost of imported gold and market price has reduced to almost zero levels and there is no disparity in the market due to availability of online spot trading platform for gold trading,” RiddiSiddhi Bullions managing director, Prithviraj Kothari said. The market will be highly volatile in next six months and target range will be $1,020-USD 1,178 an ounce. Prices may remain in the range of Rs17,500 to Rs18,500 per 10 gram in rupee terms and may see Rs15,000-Rs15,500 per 10 gms on lower side, Kothari said. One should always buy gold on dips or on any correction, he added. It can be noted that gold prices jumped up by nearly 1.5 times from average Rs5,850 in 2004 to Rs15,105 per 10 gram over past five years on increasing demand for investment purpose. It is considered as a hedge against inflation. COMEX gold futures for December delivery traded near $1,120 an ounce last week after rallying to a fresh record of $1,122.20 an ounce in the previous session. A weak US dollar and general flat currency fear across the globe shot up the gold price to new highs. Source: Home - Livemint.com | 15 Nov 2009 | 12:19 am Some of upcoming real estate IPOs may falter: ConsultantInvestors would like to see the pricing, the credibility of the developers and their ability to execute the undertaken or proposed projects, before subscribing.Source: Daily News & Analysis: Money News | 15 Nov 2009 | 12:09 am Mutual funds to be traded on stock exchanges - Hindu Business Line
Source: Business - Google News | 15 Nov 2009 | 12:06 am Shoppers Stop to raise fundsMUMBAI (Reuters) - Department store Shoppers Stop is planning to raise funds to acquire 32 percent in group firm and hypermarket chain Hypercity, a top official said over the weekend.Source: Reuters: Money News | 15 Nov 2009 | 12:03 am L&T goes greenFor Larsen & Toubro’s ECC premises in Chennai, it will be one more milestone. The administrative building along the busy Chennai-Bangalore national highway has won acclaim for its design. It is among the four buildings on the 25-acreSource: Business Line - Home Page | 15 Nov 2009 | 12:00 am Weekly News Round UpHDFC announced acquisition from DSP Merrill Lynch Capital of a 41 per cent equity stake in a finance service company Credila Financial Services that specialises in education loans. Through this acquisition, HDFC is entering the education loanSource: Business Line - Home Page | 15 Nov 2009 | 12:00 am A demand Wave for new Google toolMumbai, Nov. 14 Netizens with entrepreneurial instincts are capitalising on the hype surrounding Google’s new online collaboration tool — Google Wave.Source: Business Line - Home Page | 15 Nov 2009 | 12:00 am Inflation rate rises on costlier food, fuelsNew Delhi, Nov. 14 In an ominous start to the Government’s first monthly release of prices report, the Wholesale Price Index-based inflation in October rose to 1.34 per cent, more than double from the previous month, as minerals, fuels andSource: Business Line - Home Page | 15 Nov 2009 | 12:00 am Cos with prime land attract interest, benign and hostileCigarette maker Golden Tobacco may not be doing well in its business but is still in the news because its factory on 7.5 acres sits on highly priced real estate in western Mumbai.Source: Business Line - Home Page | 15 Nov 2009 | 12:00 am Banks aim to score big with education loansMumbai, Nov. 14 The economic slowdown has not deterred students from taking bank loans to finance higher studies.Source: Business Line - Home Page | 15 Nov 2009 | 12:00 am Recession pains not over for 16 of 65 sectors surveyedBL Research Bureau Corporate India’ slow march to recovery may have prompted the Finance Minister to hope for an over 7 per cent growth in GDP for FY-10, but for Sesa Goa, Steel Authority of India, Jet Airways, Mastek, Great EasternSource: Business Line - Home Page | 15 Nov 2009 | 12:00 am Belgaum gets an aerospace SEZ - Economic Times
Source: Business - Google News | 14 Nov 2009 | 11:18 pm SFIO to begin prosecution of Satyam’s RajuNew Delhi: The Serious Fraud Investigation Office will shortly begin prosecution of Satyam Computer founder B Ramalinga Raju and others who perpetrated an accounting scam, which is being probed by multiple agencies. “SFIO has been asked to begin prosecution for violation of company law in the Satyam case... it will also be against partners of Price Waterhouse (Satyam’s auditor at that time)”, a senior official of Corporate Affairs Ministry said. SFIO, an arm of the Corporate Affairs Ministry, had investigated the multi-crore rupee Satyam accounting fraud and submitted a report to the government detailing violations of the company law by Raju and others. The investigating agency will initiate proceedings on about 30 charges mostly under the Companies Act 1956, while the Central Bureau of Investigation will be acting on five or six charges involving criminal offences under the penal code. The Corporate Affairs Ministry asked SFIO to initiate prosecution in the Satyam case after obtaining opinion of the Solicitor General of India. Besides Raju, SFIO will seek prosecution of Raju’s brother Rama Raju, Satyam’s former CFO Vadlamani Srinivas, and Price Waterhouse auditors S Gopalakrishnan and Srinivas Talluri. Raju had in January disclosed fudging the IT company’s books for years and has since been arrested and is awaiting trial. The investigating agency submitted a preliminary report to the government in April. The SFIO report had highlighted various acts of commissions and omissions by Raju and Price Waterhouse. Besides SFIO and CBI, the Satyam fraud case was probed by central and state governments, SEBI and the Institute of Chartered Accountants of India. Satyam, which was administered by a government appointed board after the fraud came to light, was acquired by Tech Mahindra in April and has been rechristened Mahindra Satyam. Source: LatestNews-Home - Livemint.com | 14 Nov 2009 | 11:07 pm 'Indian software industry will hold out against competition'The $60-billion information technology industry in India will continue to attract overseas business, despite competition from other emerging markets that also offer lower costs, says the India head of global software giant Computer Associates.Source: IndiaeNews.com: Business News | 14 Nov 2009 | 11:00 pm US banks failure toll reaches 123 so far in 2009 New York: The number of bank failures in the US has continued to increase with a staggering 123 entities going out of business so far this year, despite the economy witnessing some signs of recovery. The authorities shut down three banks — Orion Bank based in Naples, Pacific Coast National Bank in San Clemente and Century Bank FSB of Sarasota on 13 November, taking the count of failed banks to 123 this year. The Federal Deposit Insurance Corp (FDIC), which was named the receiver of the failed banks, took over Orion Bank, with about $2.7 billion in assets and $2.1 billion in deposits and Century Bank with $728 million in assets and $631 million in deposits. Meanwhile, Pacific Coast National Bank was also shut down. It had $134.4 million in assets and $130.9 million in deposits. In addition, FDIC had entered into a purchase and assumption agreement with Iberia Bank of Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB. However, the maximum number of collapses this year took place in July, when 24 banks were closed down, while 20 entities bite the dust last month. Despite the slowly improving economic situation, soaring unemployment rate have resulted in rising defaults, primarily impacting the small and medium banks. Banks are failing at the fastest pace in 17 years even as the economy grew for the first time in one year at 3.5% in the September quarter. Estimates show that bank collapses this year have made the FDIC poorer by about $25 billion and the agency has projected such costs to reach $100 billion by 2013. So far in November, eight banks have been collapsed, while in the last week of October, nine banks were shut down on the same day costing the FDIC nearly $2.5 billion. Faced with increasing failures, the FDIC has proposed the banks to pre-pay their premiums, which would boost the federal agency’s insurance fund by $45 billion. After the Wall Street giant Lehman Brothers collapsed in September last year, which pushed the financial system into a tizzy, 135 US banks have gone out of business. Partners Bank, Jennings State Bank, Warren Bank, Flagship National Bank, Community Bank of Lemont, Pacific National Bank, Georgian Bank and Irwin Union Bank, are among the entities which collapsed this year. Source: LatestNews-Home - Livemint.com | 14 Nov 2009 | 10:57 pm BSNL may submit financial bid for Zambia TelecomNew Delhi: State-run BSNL is likely to submit financial bid for a majority stake in Zambia’s leading telecom company, Zambia Telecommunications Ltd (Zamtel). “We are doing due diligence at the moment after qualifying in the first round. I think there is great possibility that we will put up the financial bid for Zamtel based on our estimation emerging out of the current due diligence process,” BSNL CMD Kuldeep Goyal said. Yesterday, chairman and managing director of MTNL — the other PSU which has also been shortlisted for the second-round of bidding process — R S P Sinha said the company is interested in Zamtel. The Zambian government is offering between 51% and 75% of its stake in Zamtel. The process is likely to be completed in the first quarter of 2010. South Africa’s Telkom, Africa’s biggest fixed-line operator, which is sitting on about 10 billion rand ($1.35 billion) after selling its mobile unit Vodacom to Britain’s Vodafone, is on the shortlist. The prequalified companies and consortia have been invited to participate in the due diligence process that has started from 2 November and will continue till 23 December. Others on the shortlist are a consortium of Russia’s second-biggest mobile phone operator Vimpelcom and Altimo, the telecom arm of Russia’s Alfa Group; a consortium of Egypt’s Orascom Telecom and its subsidiary Telecel Globe; Angola’s UNITEL — a consortium of Unitel S A and Angola Cables S A; Portugal Telecom; and a consortium of Libya’s LAP Greencom and LAP Green Networks. Zamtel’s revenue for the year to end-December was $100 million. It is Zambia’s only licenced fixed-line provider of voice and data communications. Source: LatestNews-Home - Livemint.com | 14 Nov 2009 | 10:56 pm CS India bags Rs175 crore order from two shipyardsThe establishment of this new unit is unique for the maritime industry as CIG is the only player to pre-process steel plates for ship kits and construction industry.Source: Daily News & Analysis: Money News | 14 Nov 2009 | 10:56 pm VC firms to invest upto USD7 million in eYantra by next monthThe amount raised will be utilised to facilitate the company's expansion to new geographies, besides developing eco-friendly products.Source: Daily News & Analysis: Money News | 14 Nov 2009 | 10:48 pm Obama warns over imbalances; APEC shuns exchange ratesSINGAPORE (Reuters) - U.S. President Barack Obama said on Sunday the world economy was on a path to recovery but warned that failure to re-balance the global economic system would lead to further crises.Source: Reuters: Money News | 14 Nov 2009 | 10:46 pm Stem cell banking, a Rs100-crore business in IndiaNew Delhi: Almost non-existent a few years ago in the country, stem cell banking is now a flourishing business with more and more people wishing to store their baby’s cord blood as a form of bio-insurance, even though it comes at a heavy price. Cord blood storage is fast gaining momentum as a less traumatic alternative to treat neurological illnesses, and as a guarantee for the family against a host of diseases. Stem cell treatment is a therapy in which new cells are injected into damaged tissues and banks generally charge anything between Rs60,000 and Rs80,000 to harvest the cord blood for private use. Increased awareness about the benefits of stem cell therapies has led to mushrooming of several firms providing treatment and blood storing services in less than six years. According to Stem Cell Global Foundation (SCGF), a Delhi-based organisation promoting research, stem cell banking is a Rs100 crore business in India and at an annual growth of over 35%, it is expected to touch Rs140 crore by 2010. The overall market for stem cell research is also growing very fast and it could reach Rs2,200 crore by next year, said Karan Goel, chairman and founder of the foundation. “The reason behind the exceptional growth is because therapies using stem cells are giving hopes to millions of patients afflicted with chronic diseases and not responding to conventional treatment,” Goel said. According to Goel, ”Market growth estimates for other Asian countries, except China, are less than that for India.” While there are currently seven institutes which provide the cord blood storing facilities, over 15 institutes are involved in research and therapy. LifeCell, the first such organisation to bring this concept to India, claimed that about 20,000 parents have so far banked their baby’s cord blood stem cells with it. Cyrobanks India, another major player, said to have gathered more 15,000 clients since it made an entry in the country four years ago. “It’s a growing field and we are confident with the growing awareness, more and more people will come forward to store their baby’s cord blood,” said Asim Ghazi, a spokesperson for Cyrobanks India. According to health experts, the stem cells collected from the cord blood of a newborn are very rich that can differentiate into blood and immune system as well as heart, brain, spinal and pancreatic tissues. “These stem cells have the power to regenerate, repair or replace damaged cells in the body,” said Dr Sonia Naik at Sitaram Bharatia Institute of Science and Research, New Delhi. “It is like an assurance for the child and its family members,” she said, adding a child’s stem cells have a 25% chance to match for a sibling. Dr Anoop Mishra, head of diabetes and metabolic diseases, Fortis Hospitals, said stem cells are also ideal for treating genetically inherited disorders of metabolism. ”If you have a family history or are worried about a predisposition to certain diseases, cord blood banking could be your ray of hope,“ said Mishra, who recently undertook a clinical trial using stem cells to cure diabetic foot. Globally, stem cells are used to treat over 130 diseases and it is estimated that more than 500 clinical trials are being done to develop therapies using stem cells. “The cells can be used in allogenic or autologous transplant for Haematopoietic regeneration in diseases like thalassemia, leukemia, cancers and many more,” Dr Naik said. However, people are little skeptical about procedure being adopted by the laboratories to store the cord blood as there were no regulatory norms. But allying such fears, Ghazi of Cyrobanks said banks adopt highly advanced technology in preserving the placenta umbilical cord after the baby is delivered and the cord cut. “This blood is sent to a bank where it is processed and preserved by freezing them in liquid nitrogen at a temperature of -196 degrees Celsius,” he said, adding through the procedure blood can be safely stored for 600 years. However, these facilities come at a very heavy price. “There is a fee for service in case of private donation as the cord blood product is owned by the mother. In case of public donation the parents do not incur any charges,” said Ghazi, adding that with increasing number of clients, the fees will also go down. Source: LatestNews-Home - Livemint.com | 14 Nov 2009 | 10:37 pm Stem cell banking, a Rs100-crore business in IndiaNew Delhi: Almost non-existent a few years ago in the country, stem cell banking is now a flourishing business with more and more people wishing to store their baby’s cord blood as a form of bio-insurance, even though it comes at a heavy price. Cord blood storage is fast gaining momentum as a less traumatic alternative to treat neurological illnesses, and as a guarantee for the family against a host of diseases. Stem cell treatment is a therapy in which new cells are injected into damaged tissues and banks generally charge anything between Rs60,000 and Rs80,000 to harvest the cord blood for private use. Increased awareness about the benefits of stem cell therapies has led to mushrooming of several firms providing treatment and blood storing services in less than six years. According to Stem Cell Global Foundation (SCGF), a Delhi-based organisation promoting research, stem cell banking is a Rs100 crore business in India and at an annual growth of over 35%, it is expected to touch Rs140 crore by 2010. The overall market for stem cell research is also growing very fast and it could reach Rs2,200 crore by next year, said Karan Goel, chairman and founder of the foundation. “The reason behind the exceptional growth is because therapies using stem cells are giving hopes to millions of patients afflicted with chronic diseases and not responding to conventional treatment,” Goel said. According to Goel, ”Market growth estimates for other Asian countries, except China, are less than that for India.” While there are currently seven institutes which provide the cord blood storing facilities, over 15 institutes are involved in research and therapy. LifeCell, the first such organisation to bring this concept to India, claimed that about 20,000 parents have so far banked their baby’s cord blood stem cells with it. Cyrobanks India, another major player, said to have gathered more 15,000 clients since it made an entry in the country four years ago. “It’s a growing field and we are confident with the growing awareness, more and more people will come forward to store their baby’s cord blood,” said Asim Ghazi, a spokesperson for Cyrobanks India. According to health experts, the stem cells collected from the cord blood of a newborn are very rich that can differentiate into blood and immune system as well as heart, brain, spinal and pancreatic tissues. “These stem cells have the power to regenerate, repair or replace damaged cells in the body,” said Dr Sonia Naik at Sitaram Bharatia Institute of Science and Research, New Delhi. “It is like an assurance for the child and its family members,” she said, adding a child’s stem cells have a 25% chance to match for a sibling. Dr Anoop Mishra, head of diabetes and metabolic diseases, Fortis Hospitals, said stem cells are also ideal for treating genetically inherited disorders of metabolism. ”If you have a family history or are worried about a predisposition to certain diseases, cord blood banking could be your ray of hope,“ said Mishra, who recently undertook a clinical trial using stem cells to cure diabetic foot. Globally, stem cells are used to treat over 130 diseases and it is estimated that more than 500 clinical trials are being done to develop therapies using stem cells. “The cells can be used in allogenic or autologous transplant for Haematopoietic regeneration in diseases like thalassemia, leukemia, cancers and many more,” Dr Naik said. However, people are little skeptical about procedure being adopted by the laboratories to store the cord blood as there were no regulatory norms. But allying such fears, Ghazi of Cyrobanks said banks adopt highly advanced technology in preserving the placenta umbilical cord after the baby is delivered and the cord cut. “This blood is sent to a bank where it is processed and preserved by freezing them in liquid nitrogen at a temperature of -196 degrees Celsius,” he said, adding through the procedure blood can be safely stored for 600 years. However, these facilities come at a very heavy price. “There is a fee for service in case of private donation as the cord blood product is owned by the mother. In case of public donation the parents do not incur any charges,” said Ghazi, adding that with increasing number of clients, the fees will also go down. Source: Tech News - Livemint.com | 14 Nov 2009 | 10:37 pm BSNL may submit financial bid for Zambia TelecomState-run BSNL is likely to submit financial bid for a majority stake in Zambia's leading telecom company, Zambia Telecommunications Ltd (Zamtel).Source: India Business News | Business News - Times of India | 14 Nov 2009 | 10:31 pm 'No FDI in aviation, for now' - Economic Times
Source: Business - Google News | 14 Nov 2009 | 10:29 pm GE and China's AVIC to form avionics joint ventureBEIJING (Reuters) - General Electric Co and Aviation Industry Corp, a Chinese state-owned aircraft maker, agreed on Sunday to form an avionics joint venture that will have China's booming commercial aircraft market as one of its main targets.Source: Reuters: Money News | 14 Nov 2009 | 9:36 pm SC seeks reply from Adidas India on I-T dept's petitionsThe SC has sought a reply from sports apparel manufacturer Adidas India Marketing Pvt Ltd on a couple of petitions by the Income Tax Department, which said the company should pay tax on goods outsourced for manufacturing.Source: India Business News | Business News - Times of India | 14 Nov 2009 | 9:24 pm China trade official plays down talk of yuan shiftBEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate.Source: Reuters: Money News | 14 Nov 2009 | 9:09 pm Air India CMD trying to provoke pilots' strike: ICPAA major pilots' association has charged Air India chief Arvind Jadhav with trying to provoke a strike and on that pretext declare a lockout which could make several wage agreements lapse.Source: India Business News | Business News - Times of India | 14 Nov 2009 | 9:06 pm FSA to get powers to curb UK banker bonuses - DarlingLONDON (Reuters) - City regulators are to be given new powers to stop bankers receiving bonuses that "would cause instability" to the financial system, British finance minister Alistair Darling said in a newspaper interview on Sunday.Source: Reuters: Money News | 14 Nov 2009 | 8:20 pm Russia's Putin wins approval for gas pipeline to EUNOVO-OGARYOVO, Russia (Reuters) - Russian Prime Minister Vladimir Putin won Slovenia's approval on Saturday for the South Stream pipeline, undermining European Union efforts to reduce dependency on Russian gas supplies.Source: Reuters: Money News | 14 Nov 2009 | 7:43 pm BMTC expands fleet - Times of India
Source: Business - Google News | 14 Nov 2009 | 6:07 pm Steel demand to outstrip supply - Hindu
Source: Business - Google News | 14 Nov 2009 | 2:08 pm What are Carlos Ghosn\'s India plans for RenaultNissan?Carlos Ghosn speaks about the relationship with Mahindra Mahindra, and why he chose Bajaj as a partner.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 1:43 pm What is WPI? - Economic Times
Source: Business - Google News | 14 Nov 2009 | 1:28 pm Visit Bharat, courtesy UNDP, govt15 villages already on the travellers itinerary; 135 more on the way.Source: Business Standard | Front Page Headlines | 14 Nov 2009 | 12:18 pm Give priority to locals in jobs: MNS to SBIContinuing its agitation for the cause of Maharshtrian youth, Raj Thackeray-led Maharasthra Navnirman Sena (MNS) has written a letter to State Bank of India (SBI) for considering locals for its new job openings.Source: Business Standard | Front Page Headlines | 14 Nov 2009 | 12:17 pm UltraTech, Samruddhi merger meet todayWithin one-and-a-half-months of Grasim's decision to demerge its cement business, the second phase of consolidation is likely to begin tomorrow.Source: Business Standard | Front Page Headlines | 14 Nov 2009 | 12:16 pm UP sugar mills declare bonus for cane growersWill help state government breathe easy.Source: Business Standard | Front Page Headlines | 14 Nov 2009 | 12:15 pm Dispossessed tribes ready to wage war with the stateIn June this year, Naxalites, as Communist extremists are called in the country, pumped several bullets into Vimal Meshram, the 42-year-old head of the Lohandiguda panchayat in the Bastar region of Chhattisgarh. He died on the spot. Meshram had supported Tata Steels proposed 5.5 million tonnes per annum steel project in the region. He had actively campaigned for the plant and even negotiated with the villagers to give up their land. Meshram, said a senior cop, had drawn the ire of the Naxalites for misappropriation of the money that was to be distributed to the people displaced by the steel project.Source: Business Standard | Front Page Headlines | 14 Nov 2009 | 12:13 pm Metro's Noida line grosses Rs.16 lakh on second dayThe Delhi Metro's Noida link Saturday received a staggering footfall of 70,000 people just one day after it opened to public, grossing nearly Rs.16 lakh (Rs.1.6 million) in revenue, a Delhi Metro official said.Source: IndiaeNews.com: Business News | 14 Nov 2009 | 11:01 am Set standards for rural roads: Nitish KumarBihar Chief Minister Nitish Kumar urged the Indian Road Congress (IRC) to set standards for rural roads and chalk out a work plan for maintenance of all kinds of roads across the country. The 70th session began here Saturday.Source: IndiaeNews.com: Business News | 14 Nov 2009 | 11:00 am Government to revive closed West Bengal fertiliser unitsThe government will revive the two closed state-owned fertiliser units in West Bengal through public-private partnership (PPP), a senior official said said Saturday.Source: IndiaeNews.com: Business News | 14 Nov 2009 | 11:00 am 600 mn to get UID by 2014, says Nilekani - Times of India
Source: Business - Google News | 14 Nov 2009 | 10:36 am Nissan says all-electric Leaf will compete on priceThe five-passenger hatchback, which is being designed to have an all-electric range of 100 miles (160 km), would cost only 1 to 2 percent more than traditional combustion engine vehicles in its class.Source: Daily News & Analysis: Money News | 14 Nov 2009 | 10:09 am Deutsche Bank won clients during economic crisis: ReportGermany's largest bank, Deutsche Bank increased the number of its affluent clients during the financial crisis and saw its client base grow faster than the market.Source: Daily News & Analysis: Money News | 14 Nov 2009 | 9:58 am Japan's Hitachi to raise up to $4.5billion: SourcesHitachi Ltd, Japan's biggest electronics firm by revenue, plans to raise up to 400 billion yen ($4.5 billion) through a public share offering and an issue of convertible bonds.Source: Daily News & Analysis: Money News | 14 Nov 2009 | 9:45 am Tata Steel to start work at Orissa plant in DecIndia\'s Tata Steel will start constructing a 6 milliontonne steel plant in Orissa from next month, its Managing Director H.M. Nerurkar said on Saturday.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 9:38 am Pranab warns of razor-edge-walk recovery, asset price-bubblesFinance minister Pranab Mukherjee today said the world economy is showing signs of recovery, but warned against formation of asset price-bubbles.Source: Daily News & Analysis: Money News | 14 Nov 2009 | 9:14 am Punjab to develop Amritsar as tourism hubThe Punjab government Saturday announced plans to strengthen the infrastructure and promote the city of Amritsar as a tourist destination.Source: IndiaeNews.com: Business News | 14 Nov 2009 | 9:05 am Government plans venture capital fund for prospecting minesThe steel ministry is in talks with a financial institutions to promote a venture capital fund for funding the prospecting of iron ore mining, Steel Secretary Atul Chaturvedi said here Saturday.Source: IndiaeNews.com: Business News | 14 Nov 2009 | 9:05 am India's first aviation SEZ opened in BelgaumGlobal aerospace majors such as Europe's SABCA and Canada's Magellan Aerospace will set up shops in India's first special economic zone (SEZ) devoted exclusively for the aviation industry here.Source: IndiaeNews.com: Business News | 14 Nov 2009 | 9:05 am IT officials to quiz bank officials in Koda scam - Times of India
Source: Business - Google News | 14 Nov 2009 | 8:32 am India economy to grow 6-7% in FY10: PranabThe Indian economy could expand between 6 and 7 per cent in the year to March 2010 despite a bad monsoon, the finance minister said on Saturday as data showed accelerating inflation in October.Source: India Business News | Business News - Times of India | 14 Nov 2009 | 8:01 am Economy to grow 6-7 pct in FY10 says Pranab MukherjeeNEW DELHI (Reuters) - The economy could expand between 6 and 7 percent in the year to March 2010 despite a bad monsoon, the finance minister said on Saturday as data showed accelerating inflation in October.Source: Reuters: Money News | 14 Nov 2009 | 7:48 am Sharp recovery in gold prices on higher global cuesGold prices recovered sharply on the bullion market here on Saturday on heavy stockists buying triggered by firming of prices in international markets.Source: India Business News | Business News - Times of India | 14 Nov 2009 | 6:14 am Rackspace says to continue investing in cloudWeb hosting company Rackspace Hosting Inc plans to continue investing in cloud computing and is closing the gap with Amazon.com, its top executive said.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 6:09 am Disinvestment of unlisted PSUs is difficult: Pradip BaijalPradip Baijal, former Secretary, Department of Divestment says the divestment proceeds should go to a consolidated fund of India.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 5:34 am CA institute lists cos for IFRS convergenceThe Institute of Chartered Accountants of India (ICAI) has brought out a list of over 400 companies that should converge their accounting practices with International Financial Reporting Standards (IFRS) by April 2011.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 4:44 am BSNL puts 93mline GSM tender on holdIn a move that could delay its mobile roll out plans further Bharat Sanchar Nigam has directed all its zonal offices across the country not to place any purchase order under the 93millionline tender until further orders.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 4:41 am Nalco to partner NPC for nuclearpower projectPublic sector aluminium giant National Aluminium Company (Nalco) plans to enter nuclear power generation and distribution in partnership with Nuclear Power Corporation (NPC).Source: Moneycontrol Top Headlines | 14 Nov 2009 | 4:32 am Jet pilots\' union NAG deregistered by Labour CommissionAfter it nearly grounded India\'s number one carrier Jet Airways, National Aviators Guild (NAG) has now itself been deregistered by the Labour Commission.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 4:29 am RBI cautions NBFCs on \'politically exposed persons\'The Reserve Bank of India has cautioned nonbanking finance companies that in the event of an existing customer or the beneficial owner of an existing account subsequently becoming a politically exposed person (PEP) then the companies should obtain senior management approval to continue the business relationship.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 4:27 am HDFC picks up 41% in Credila FinancialHousing finance major HDFC is entering the education loan business, which the company sees as a high growth segment.Source: Moneycontrol Top Headlines | 14 Nov 2009 | 4:23 am On Children’s Day: the realityNew Delhi: All through childhood, I associated Children’s Day with something special. At school, we’d be given sweets and allowed a longer lunch break, and all our teachers seemed to make at least a marginal effort to give us less homework.  This Children’s Day is particularly significant because it marks the 20th anniversary of the UN Child Rights Convention. We talk to Angela Walker, spokesperson for Unicef India; Deepa Bajaj, chief executive of Child Survival India, and Thomas Chandy, CEO of Save the Children in India, to get their thoughts on Children’s Day. What are the three biggest issues affecting children in India today? Walker: Child labour, obstacles to the enrollment and attendance of children in schools, and child marriage. Ending child marriage is very important because a girl who stays in school when she has children is far more likely to send her own children to school, to get them immunized and to practice better health and hygiene. Bajaj: Malnourishment, illiteracy and the compulsion to be gainfully employed at a young age in order to support their families. Chandy: Death from easily preventable and treatable diseases and conditions — two million children below the age of five die every year from these, while over four lakh children die within the first 24 hours of life every year in India. Child labour — officially there are approximately 13 million children below the age of 14 engaged in child labour. Finally, there is a lack of education in a country where education is a fundamental right. Approximately 53% of children drop out at the elementary level and 20% of children drop out by the second grade. Click here to view slideshow of photographs taken of children in India by Raghu Rai How can a regular individual help? Walker: Every individual is a voter and can make a difference. People need to bring these issues to the attention of lawmakers. The capability of this country is enormous: there are rockets being sent to the moon, luxury hotels, Bollywood stars, engineers, teachers — the list goes on. If Indian society as a whole stood up against these issues, they would end. Bajaj: They can support needy children in their own environment. They can help their maid’s children, their driver’s children, their peon’s children to get a quality education and basic health and nutrition. They can volunteer their time. They should not employ children to work as maids. Chandy: They can show their support for a campaign through offering funds, signing up to volunteer, writing letters to newspapers, etc. With the EVERY ONE campaign that Save the Children has just launched to prevent children under 5 dying needlessly, we are collecting thumbprints from the public that we will then present to the government. This is not only to show public support for the cause but also to build pressure on the government to deliver on its promise to reduce child mortality by two-thirds by 2015. Massive public support is critical for policy change to take effect. Again, while the law can act as a deterrent, the social and cultural acceptance must end if we are to eliminate this scourge of child labour. Do not employ children. What is the one issue children face that you think is most easily or immediately solvable? Walker: Proper neo-natal care makes a huge difference to an infant’s chance of survival. Of infants who die, 73% are in first 4 weeks. There are no-cost solutions to this such as breast feeding in the first 2 hours, or washing of hands with soap to avoid infection. Many children die of hypothermia due to traditional practices like not putting clothes on the baby right away. If we can make people aware of these simple, no-cost interventions it could make a huge difference. Bajaj: Every child should have the right to live a healthy life. The state should provide basic health facilities. Chandy: There are no easy solutions unfortunately. However, if I were to pick one area that needs to be worked on immediately, it is the government’s commitment to the UN Child Rights Convention guaranteeing its children the Right to life as enshrined under Article 6 of the UNCRC. India is also committed to the Millennium Development Goals. There are several low-cost home-based interventions that can reduce the number of children dying by up to 70% if provided universally. What is the one piece of legislation you would like to see enacted? Walker: The proper legislation is already in place. I would like to see it implemented. Although the Right to Education bill has been passed, millions of children are still not in school. Bajaj: The implementation of the Right to Education bill and child labour laws. Chandy: The Child Labour Prohibition and Regulation Act is a flawed pieced of legislation and must be scrapped and replaced by new legislation that bans all forms of child labour. On the 20 year anniversary of the Child Rights Convention, what score would you give India on a scale of 1 to 10 in terms of the rights and quality of life its children enjoys? Walker: I am not a numbers person. I’m not comfortable rating the country. What I can tell you is that at Unicef, we are very happy with many of the laws enacted — like the right to education, and laws against child labour and marriage. Bajaj: Four out of 10. We have made some improvements but we still have miles to go. Chandy: Four out of 10 since India’s growth has not been inclusive and does not address the needs of millions of marginalised children in the country. Source: Home - Livemint.com | 14 Nov 2009 | 3:53 am Google, Authors try to answer book deal concernsWashington: Google and the Authors Guild filed a new version of a deal to create a massive online library on Friday in hopes of answering antitrust and copyright concerns in the US and overseas. Google’s plan to put millions of books online has been praised for expanding access to books but has also been criticized on antitrust, copyright and privacy grounds. According to a 30-page court filing made by the parties late on Friday, a section was eliminated that required the book registry created by the settlement to give Google at least as good a deal as any competitor. In another shift, money from unclaimed or orphan works will go to an independent fiduciary rather than go to the registry. The justice department, in September, had pointed to that arrangement as a conflict of interest since it was the registry that was also tasked with locating writers and paying them for their online sales. Under the new deal, unclaimed funds will eventually go to charities. The class action agreement must be approved by a court, and the justice department had recommended that the previous version be rejected because of concerns that it might break antitrust law. It also had concerns about violations of copyright law. “We’ve had numerous discussions and quite a lot of dialogue with the justice department and feel we’ve addressed their key concerns,” said Richard Sarnoff, president of Bertelsmann Digital Media. The agreement is designed to settle a 2005 class action lawsuit filed against Google by authors and publishers who had accused the search engine giant of copyright infringement for scanning libraries full of books. International Objections As part of the amended deal, books in the registry would be reduced to those copyrighted in the US or published in Australia, Canada and the UK. There had been significant international objection to the deal on the grounds that non-English speaking authors, in particular, were represented by the authors and publishers who sued Google but had no say in negotiating the deal. Dan Clancy, architect of the Google program, said the search giant would reach out to authors’ groups overseas. German book publishers have been up in arms about the deal, and on 24 September they criticized European regulators for failing to take a stand against the settlement. The French publishing house La Martiniere, the French Publishers’ Association and authors’ group SGDL asked a Paris court to fine Google for infringement for digitizing their books. On 22 October, a group representing authors in China accused Google of copyright infringement. Critics of the deal have been a varied group that includes Yahoo, Amazon, Microsoft, the National Writers Union, Consumer Watchdog and singer Arlo Guthrie. The case is Authors Guild et al v Google Inc 05-08136 in US district court for the southern district of New York (Manhattan) Source: Home - Livemint.com | 14 Nov 2009 | 3:33 am First tranche of AI equity infusion likely by Dec: PatelAir India is likely to receive the first tranche of equity infusion by December, Civil Aviation Minister Praful Patel said on Saturday.Source: India Business News | Business News - Times of India | 14 Nov 2009 | 3:24 am Obama seeks rebalancing; Asia warns of protectionismSingapore: US President Barack Obama called on Saturday for a new strategy to rebalance global growth, but leaders around the Pacific rim, gathering for a weekend summit, took aim at signs of US trade protectionism. Obama, who was due to arrive in Singapore late on Saturday for the Asia Pacific Economic Cooperation (APEC) summit, reiterated his call to redress the economic imbalances blamed by many for the global financial crisis. The strategy calls for America to save more, spend less, reform its financial system and cut its deficits and borrowing. “It will also mean a greater emphasis on exports that we can produce, and sell all over the world,” Obama said in a speech in Tokyo, his first stop on a nine-day Asian tour before leaving for Singapore. “We simply cannot return to the same cycles of boom and bust that led us into a global recession.” Fresh government figures on the US trade deficit, which ballooned by more than 18% to $36.5 billion in September, could add urgency to Obama’s efforts to seek greater export opportunities in China and other Asian countries. But leaders of APEC, a 21-member grouping accounting for more than half of all global output and 40% of world trade, called on the United States to show leadership on free trade, especially in jump-starting the Doha round of global talks. A row between two APEC members, Peru and Chile, soured the mood just as the summit was getting under way on Saturday. Peru said it would leave Singapore early after recalling its envoy from Chile over charges a Peruvian military officer had spied for the Chilean government. The spying charges emerged as tensions between the South American neighbours ran high over a maritime border dispute. The APEC meeting is the last major gathering of global decision-makers before a UN climate summit in Copenhagen in three weeks meant to ramp up efforts to fight climate change. However, the latest draft of a final statement showed that they had watered down their text on emissions cuts, dropping a reference to reductions of 50% by 2050, pledging instead to “substantially” cut carbon pollution by 2050. Sniping at Washington Although Obama proclaimed his faith in open markets, the sniping of regional leaders ahead of his arrival underlined the challenge he faces to convince them it’s more than lip service. After taking office in January, the US president focused first on a huge stimulus to the economy and then on a domestic agenda that so far has included little attention to trade. No end is in sight for the Doha trade round, now eight years old, despite pledges by Obama and others to get a deal by 2010. Mexican President Felipe Calderon, singling out Washington for trends “going in the opposite sense of free trade”, said protectionism was a major threat to the global economic recovery. Russian President Dmitry Medvedev, who followed Calderon to the podium, made the same point. In Mexico’s neighbour the United States, “the old wrong idea of protectionism” was emerging in Congress and among other policymakers, Calderon said, citing as an example increasing “buy American” clauses in US legislation. US inaction on trade is giving China and Asia an opening to forge trade agreements amongst themselves, said C Fred Bergsten, president of the Peterson Institute for International Economics. “There is a lot of activity in the region and this is all in the absence of US engagement. What the Asians are hoping is that with this trip, Obama will begin the process of re-engaging with Asian in economic terms.” Calling himself “America’s first Pacific President”, the Hawaii-born Obama signalled a commitment to the region, but with no new specifics on how to re-invigorate his trade agenda. He in fact missed the summit’s first day of business, after delaying his departure for Asia to attend a memorial service for soldiers killed in a mass shooting at a US military base. Other leaders have taken advantage of the spotlight to take veiled or even direct pot shots at the world’s biggest economy. Chinese President Hu Jintao helped set the tone, saying Beijing had done its part to lead the world out of recession but had been hit by trade probes and protectionist barriers. Stick with Stimulus However, China’s policy of pegging the yuan currency to a weakening dollar -- which make Chinese exports comparatively cheaper -- has also come under fire at the meeting. Obama has said he will raise the issue on a visit next week to China. Aside from endorsing further moves toward free trade, the 21 leaders of APEC will agree to stick with economic stimulus policies until “a durable economic recovery has clearly taken hold”, according to the draft declaration. Obama will undoubtedly be in the limelight on Sunday, the summit’s final day, and when the leaders pose for a traditional “family photo”. Some participants feel the Bush administration gave insufficient attention to the region, a point Obama addressed in Japan without mentioning his predecessor. “I know that the United States has been disengaged from these organisations in recent years. So let me be clear: those days have passed ... the United States expects to be involved in the discussions that shape the future of this region, and to participate fully in appropriate organisations.” Source: Home - Livemint.com | 14 Nov 2009 | 3:18 am
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