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Brigade Ent eyes 2530% margins in affordable housing segProperty developer Brigade Enterprise has entered the affordable housing segment. The company targets EBITDA margins of 2530% in the segment. In an interview with CNBCTV18, MR Jaishankar, MD, Brigade Enterprise spoke about the affordable housing segment and his outlook for the company.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 8:11 am SAIL eyes overseas coking coal minesStaterun Steel Authority of India Ltd is looking at acquiring licenses for coking coal mines abroad to protect itself from fluctuating raw material prices, its chairman said on Tuesday.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 6:54 am UBS targets $15 bln pretax profit midtermUBS Chief Executive Oswald Gruebel is targeting annual pretax profit of 15 billion Swiss francs (USD 14.87 billion) as he aims to put the subprime crisis and a U.S. tax row behind the bank and win back clients.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 6:54 am Shoppers Stop plans to raise Rs 250cr in 12 monthsGovind Shrikhande, President and CEO of Shoppers Stop speaks about the company\'s fund raising plans and the road ahead.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 6:17 am Oil falls in Asia after overnight gains!Oil fell slightly in Asian trade on Tuesday after overnight gains spurred by a weak dollar and hopes of improved energy demand amid a global recovery, analysts said.Source: Zee News : Business | 17 Nov 2009 | 5:41 am CMIE, DSP ML up GDP growth forecast to 6.2%!The economic think-tanks CMIE and DSP Merrill Lynch on Monday scaled up the GDP growth projections to 6.2 per cent this fiscal.Source: Zee News : Business | 17 Nov 2009 | 5:41 am Banks should cut lending rates by 2 pc: Assocham!The government should direct commercial banks to cut lending rates by at least 2 per cent to encourage corporates to increase borrowing from them, instead of tapping other sources, Assocham said on Monday.Source: Zee News : Business | 17 Nov 2009 | 5:41 am OPEC head says USD 75 to 80 a barrel a `good price`!USD seventy-five to 80 a barrel is a satisfactory price for oil, the president of OPEC said on Monday, adding that the cartel may leave production unchanged at its meeting next month.Source: Zee News : Business | 17 Nov 2009 | 5:41 am Fed will keep eye on sliding dollar: Bernanke!Federal Reserve Chairman Ben Bernanke has said that the central bank will monitor the sliding US dollar but pledged anew to keep interest rates at record lows to nurture the economic recovery.Source: Zee News : Business | 17 Nov 2009 | 5:41 am Domestic crude oil prodn falls 1.2% in H1 FY10: CMIE!Domestic crude oil production in India declined by 1.2 percent in HI of the current fiscal from the same period a year ago due to fall in output by oil exploration and production major-- ONGC.Source: Zee News : Business | 17 Nov 2009 | 5:41 am RBI asks banks to disclose commission from MF, insurers!To lend transparency, the Reserve Bank on Monday directed banks to disclose the commission it received from mutual funds and insurers for referring their products to customers.Source: Zee News : Business | 17 Nov 2009 | 5:41 am Sensex extend gains, up 47 pts in opening trade!The Bombay Stock Exchange benchmark index Sensex moved up by over 47 points in opening trade on Tuesday on continued capital inflows by funds and retail investors, driven by overnight gains on the US market.Source: Zee News : Business | 17 Nov 2009 | 5:41 am Cisco raises Tandberg offer to $3.41 bn!Networking giant Cisco Systems raised its offer to buy Norwegian video communications company Tandberg by 11 percent - to USD 3.41 billion.Source: Zee News : Business | 17 Nov 2009 | 5:41 am Rupee marginally up by 8 paise at 46.13 a dollar!The Indian rupee inched higher by 8 paise to 46.13 against the dollar in early trade on Tuesday, extending gains for the third straight day as the US currency dropped against major units.Source: Zee News : Business | 17 Nov 2009 | 5:41 am Reliance plans aggressive explorationEnergy major Reliance Industries plans an aggressive exploration campaign over three years, Chairman Mukesh Ambani said.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 5:38 am Bharti Airtel\'s CEO confident on 3G timelineBharti Airtel, India\'s top mobile phone operator, said it is confident the country will proceed on schedule with 3G spectrum auctions in January, with high hopes for the technology in the competitive market.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 5:36 am Mukesh Ambani outlines RIL growth plan, hints at int\'l buysMukesh Ambani, speaking at RIL\'s annual general meeting, said the company will bet on retailing and international acquisitions, apart from its existing business, to grow.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 5:16 am Bharti starts operations on consortium cableBharti Airtel Ltd, India\'s top telecoms firm, said on Tuesday it had launched operations on an undersea cable network that would directly connect Singapore with the United States.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 5:14 am IT budgets likely to be flat to slightly lower: InfosysInfosys CFO, V Balakrishnan, speaks about the future outlook for the company as well as the sector on the whole.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 4:46 am Five Indian cos among top 15 Asian energy companiesFive Indian companies are among the top 15 Asian energy companies, racing past China which had three companies in the list, according to Platts, a global provider of energy and commodities information.Source: India Business News | Business News - Times of India | 17 Nov 2009 | 3:33 am Royal Enfield launches Classic models in HyderabadThe 120-year-old company has come out with these models which expected to attract the market with the sale of 50,000 units this year.Source: Daily News & Analysis: Money News | 17 Nov 2009 | 3:30 am Hyundai set to roll out small car - Sakaal Times
Source: Business - Google News | 17 Nov 2009 | 3:23 am RIL to focus on renewable energy, says Mukesh Ambani - Business Standard
Source: Business - Google News | 17 Nov 2009 | 3:22 am Nifty ends on flat note; ONGC, DLF, Idea down - Economic Times
Source: Business - Google News | 17 Nov 2009 | 3:18 am Mahindra Lifespace in race to build new city in MauritiusMahindra Lifespace Developers, the real estate arm of the Mahindra & Mahindra Group, has been shortlisted by the Mauritius Government to build an entire new city on the island.Source: Daily News & Analysis: Money News | 17 Nov 2009 | 3:13 am Air India expects first round of Govt funding by JanuaryMumbai: National Aviation Company of India Ltd, which runs ailing carrier Air India, said it expects the first instalment of government funding to the tune of Rs400 crore by January 2010. Union civil aviation minister Praful Patel said earlier in November India will infuse equity into the state-run carrier by March, but the airline would have to generate Rs2,000 crore through cost cuts and revenue gains. Further instalments would be linked to savings effected on account of cost-cutting exercise adopted by the national carrier at various levels, the company said on Tuesday. Air India will cut its fleet size and network in the coming months it added. Source: Home - Livemint.com | 17 Nov 2009 | 3:06 am Oil leak in Haldia-Paradip pipeline in OrissaAn oil leak was Tuesday spotted at a crucial pipeline of the state-run Indian Oil Corp in Orissa's Bhadrak district, raising concerns over its environmental impact and loss of supplies.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:04 am RIL betting on hydrocarbon asset acquisitions abroadOil-to-retail business house Reliance Industries (RIL) Tuesday said it would continue acquiring hydrocarbon assets overseas to ensure better synergy between domestic and international operations.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:04 am NALCO shelves project in South Africa, to go ahead in IranState-run National Aluminium Co (NALCO) has decided not to pursue its planned aluminium smelter and power plant in South Africa as it could not get coal linkage, but will push a similar project in Iran, a senior company official said.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:03 am Air India to fix incentive cut quantum TuesdayThe Air India management is expected to take a call Tuesday on the quantum of reduction of performance linked incentives (PLI), which constitutes a major chunk of the salaries of its 31,500 employees.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:03 am NCW rules out sexual assault in mid-air scuffleThe National Commission for Women (NCW) has ruled there was no sexual assault on an air hostess during a mid-air scuffle on board an Air India flight last month.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:02 am Mahindra Satyam ties up with Gen-i, Australasian ICT - Economic Times
Source: Business - Google News | 17 Nov 2009 | 3:01 am Court can't impose family pact on shareholders: RILMukesh Ambani-led Reliance Industries Ltd (RIL) Tuesday argued before the Supreme Court that the judiciary cannot impose a private family pact between a company's promoters on its shareholders.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:01 am Kolkata Metro: A factfileFactfile on the Kolkata Metro, which completed its silver jubilee this year.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:00 am Haryana tells oil firms to shift depots from residential areasConcerned over the devastation caused by the recent oil depot fire near Jaipur, the Haryana government has asked leading public sector oil companies to review and shift their depots located near residential areas in the state.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 3:00 am HT Media hives off Hindi businessesHT Media announced on Monday that its board has approved the demerger of its Hindi media business to its unlisted unit Hindustan Media Ventures.Source: Moneycontrol Top Headlines | 17 Nov 2009 | 2:59 am INTERVIEW - GMR Energy to bid for select ultra mega projectsMUMBAI (Reuters) - GMR Energy, a unit of GMR Infrastructure, plans to bid for select ultra mega power projects and is scouting for more projects on the lines of its Emco Energy acquisition, a top official told Reuters.Source: Reuters: Money News | 17 Nov 2009 | 2:54 am Reliance Ind plans aggressive explorationMUMBAI (Reuters) - Energy major Reliance Industries plans an aggressive exploration campaign, investments in petrochemicals and overseas acquisitions as India's top company prepares itself for the next phase of growth.Source: Reuters: Money News | 17 Nov 2009 | 2:38 am Buy Ultratech Cement: Angel Broking - Moneycontrol.com
Source: Business - Google News | 17 Nov 2009 | 2:35 am RIL outlines growth plan, to scout for acquisitions overseasIndia's most valuable company, Reliance Industries Ltd, outlined its growth plan and said it is scouting for oil and gas properties overseas.Source: Daily News & Analysis: Money News | 17 Nov 2009 | 2:35 am India gold at record, attracts scrap salesMUMBAI (Reuters) - India gold hitting a fresh record high on Tuesday attracted scrap sales, but domestic demand abated after a slight pick-up late in the previous session, dealers said.Source: Reuters: Money News | 17 Nov 2009 | 2:34 am Rupee seesaws on choppy sharesMumbai: The Indian rupee continued to seesaw on Tuesday afternoon tracking shaky local shares and a largely steady dollar overseas. At 2:15pm, the partially convertible rupee was at Rs46.23/24 per dollar, little changed from its previous close of Rs46.20/21. On Monday, it had hit 46.0 during trade, its strongest since 20 October. The US dollar was off 15-month lows on Tuesday, but its broad downtrend still looked intact after senior Federal Reserve officials reinforced a view that US rates would stay low for a while. Indian shares shed 0.6% on Tuesday after Asian stocks surrendered early gains, shrugging off the US Federal Reserve’s comments it was likely to keep interest rates at very low levels for some time. Foreigners have bought a net $15 billion worth of shares so far in 2009, after selling more than $13 billion last year. The inflows have helped the rupee recover from a record low of 52.2 in March. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were quoting at 46.27 and 46.2725 respectively, with the total traded volume on the two exchanges at about $2 billion. Source: Home - Livemint.com | 17 Nov 2009 | 2:32 am Rupee seesaws on choppy shares; dlr eyed - Economic Times
Source: Business - Google News | 17 Nov 2009 | 2:22 am Lehman Brothers sues Barclays over windfall profitsLehman Brothers Holdings Inc has filed a lawsuit against Barclays Capital Inc alleging the British bank took control of excess assets in collusion with Lehman executives.Source: Daily News & Analysis: Money News | 17 Nov 2009 | 2:21 am NCW rules out sexual assault on AI air hostess - Times of India
Source: Business - Google News | 17 Nov 2009 | 2:15 am Gold at Rs,17,000 level attract scrap salesMumbai: India gold hitting a fresh record high on Tuesday attracted scrap sales, but domestic demand abated after a slight pick-up late in the previous session, dealers said. Gold futures on the Multi Commodity Exchange (MCX) was trading at Rs16,950 per 10 grams, up 0.15% at 2:43pm, after hitting a fresh record of Rs17,021 in early trade. “There are sellers, but it is not a heavy rush. Some people are waiting for further rise to 17,500 (rupees),” said Kapil Kumar Chokshi, Chokshi Arvind Jewellers, which buys scrap. Chokshi Jewellers offered to buy scrap at Rs17,200. However, dealers said, the physical offtake abated in the middle of the wedding season, which will last till December. “Yesterday I did some deals at $1,127-1,130 (an ounce)... but there is nothing since morning,” said a dealer with a state-run bullion dealing bank in Mumbai. “I don’t even have a single advanced orders.” Source: Home - Livemint.com | 17 Nov 2009 | 2:07 am Role reversal in ‘Paa’ an opportunity of a lifetime: AbhishekMumbai: Bollywood star son Abhishek Bachchan, who plays father to real life dad Amitabh Bachchan in R Balakrishnan’s upcoming movie Paa feels that it is a lifetime oppurtunity for him. “This is a role of a lifetime. Very few actors get such an experience and opportunity... especially a son to play father to his own ‘Paa’. We are only and perhaps the first actor father-son duo to have played themselves in a role reversal,” Abhishek said in an interview. He said that Paa, where Big B plays a 13-year-old boy suffering from progeria, a rare genetic disorder which accelerates ageing, is a simple, light hearted and happy film. “Paa is not a film about progeria. It is a happy film about a father and his son and the sweet moments that they share,” Abhishek said. “The genetic disorder is just the unique backdrop of the film... just like Mili where my mother (Jaya Bachchan) is suffering from a disease but the film was not about the illness,” he said. “There is a family in Kolkata where three children of a family suffer from progeria syndrome. But Balki did not want us to meet them and discuss their condition because it would have been very insensitive and intrusive,” the Junior Bachchan said. Abhishek plays Amol Arte, a young politician and MP from Lucknow in the film. “I have modelled my look after Sachin Pilot and Milind Deora. There were no special efforts taken for my look in the film because we wanted to keep the character as normal as possible,” he said. Besides, we had to maintain the uniqueness of Dad’s look in the film and did not want to overload it with different types of looks for other characters, he added. The actor said that Balki made him shave “which I had not done for 5-6 years.” Abhishek also lost 15 kg when he shot for Paa. “I had lost weight for Raavan and Mani Ratnam took ill during the making which delayed the shooting schedule for six months. Paa was scheduled to go on floors in December this year after I finish Raavan. Due to the delay in Raavan, we completed Paa during that period,” he said. On working with his father in movies, Abhishek said Paa is my fifth film with him. I am used to pressures of sharing screen space with him. I have never thought about the pressures and expectations as a challenge. I prefer using that energy to better my performance.“ “I got to spend time with him as for the last couple of years, my films have been shot outside Mumbai or abroad. Also due to the make up, it was easy to forget the real person behind the mask,” he added. On director Balki, the actor said that his approach towards life was very unique. “There is a freshness which can be witnessed in his films like Cheeni Kum and this is evident in his direction as well,” he said. He also said that Paa was not inspired by Robbin Williams film Jack where the character is 10 years old but looks 40, when he first goes to a public school. “It is a fantasy film based on the character’s experiences at school while Paa is a father-son relationship story,” he said. Speaking about his experience in the film, Abhishek said that it was inevitable that his father will be best in terms of performance, more so with a new look. “But if the characters around him do not perform well, the world around Amitabh Bachchan’s character will become unbelievable. It was a big challenge before me, Vidya Balan and Paresh Rawal was to be as convincing as possible,” he said. Abhishek also does not see AB Corp as a full fledged production studio when asked about other projects in the pipeline, except for Paa and Marathi film Vihir which is ready for release. “I want the company to be a small production house which makes films we believe in and make them well irrespective of the language. It is not necessary that the films we make will have a Bachchan acting in it,” he said. The junior B has no plans to reduce his acting assignments and don the producer’s hat. “I will not be an active producer but will have a say in what kind of films, the company will be making,” says Abhishek, who is one of the directors of A B Corp. The actor is trained in production and has handled AB Corp’s previous projects Mrityudataa and Majorsaab. The actor is currently shooting for Ashutosh Gowariker’s Khele Hum Jee Jaan Se where he is paired opposite Deepika Padukone. “This is a period film on the Chittagong uprising of 1930. The film went on floors last week and we are currently shooting in Goa,” he says. Abhishek said that Mani Ratnam’s Raavan will release next summer. The actor is paired with wife Aishwarya Rai in the film. Source: LatestNews-Home - Livemint.com | 17 Nov 2009 | 2:07 am Ferrero weighs Cadbury alliance offer - reportMILAN (Reuters) - Italian chocolatier Ferrero might be considering an offer with friendly investors for an alliance with British confectioner Cadbury, the subject of a hostile bid from Kraft, an Italian newspaper reported on Tuesday.Source: Reuters: Money News | 17 Nov 2009 | 2:06 am UBS targets return to profit, says will take timeZURICH (Reuters) - UBS boss Oswald Gruebel is targeting an annual pretax profit of 15 billion Swiss francs ($14.9 billion) as he aims to put the subprime crisis and a U.S. tax row behind the loss-making bank and win back clients.Source: Reuters: Money News | 17 Nov 2009 | 2:03 am Obama prods China on yuan but Hu silent on issueBEIJING (Reuters) - U.S. President Barack Obama on Tuesday urged a reluctant China to let its yuan currency rise in value at a summit where strains over trade between the two giants crept into proclamations of goodwill.Source: Reuters: Money News | 17 Nov 2009 | 1:50 am INTERVIEW - Bharti Airtel confident on 3G timeline - CEOHONG KONG (Reuters) - Bharti Airtel, India's top mobile carrier, said it is confident India will proceed on schedule with 3G spectrum auctions in January, with high hopes for the technology in the highly competitive market.Source: Reuters: Money News | 17 Nov 2009 | 1:50 am JP Asso to raise Rs 1500 cr through Infra arm IPO - Business Standard
Source: Business - Google News | 17 Nov 2009 | 1:43 am Bharti Airtel confident on 3G timeline: CEOHong Kong: Bharti Airtel, India’s top mobile carrier, said it is confident India will proceed on schedule with 3G spectrum auctions in January, with high hopes for the technology in the highly competitive market. India held a pre-bidding conference on Monday in the run-up to third-generation (3G) spectrum auctions that have been twice delayed but are now scheduled to take place on 14 January. “It went well. Our confidence is high,” Bharti chief executive Manoj Kohli told Reuters in an interview on Tuesday in Hong Kong, commenting on the Monday conference. “If everything goes well, within a few weeks of the auction we should get some spectrum.” He added that Bharti Airtel was still deciding whether or not to bid for spectrum for WiMax, a stationary wireless technology that also has high-speed data transmission capabilities similar to 3G. India will auction WiMax spectrum concurrently with 3G. “It’s under consideration,” he said of the company’s view on WiMax, adding it would soon make a final decision. India’s fast-growing mobile market could provide fertile ground for 3G, with as many as 200 million users possible by 2014, according to some projections. But the broader mobile market is also becoming increasingly competitive as the existing 11 national and regional players cut rates to attract subscribers before four new companies start operation this year. Bharti, whose biggest competitors include Reliance Communications, Vodafone Essar and Tata Teleservices expected the prevailing stiff competition to continue into 2010, as the government worked on new rules that may allow faster consolidation, Kohli said. “This intensive hyper-competitive market is a short-term phenomenon, maybe two to three quarters,” he said. “Consolidation, I think, will be expedited by the hyper-competitive situation in the market.” Current laws prohibit Indian mobile carriers from being acquired until three years after starting up. But many complain such rules are stifling much-needed consolidation, leading the government to consider relaxing the restriction. “We believe policy will become more flexible, maybe in the next six months,” Kohli said. Separately, Kohli said Bharti Airtel was still evaluating whether or not to make a public offering for its infrastructure unit, Bharti Infratel, as it focuses on its core wireless service. He said that if Bharti proceeded with the plan, the timeframe could be within the next 12-18 months. Source: Home - Livemint.com | 17 Nov 2009 | 1:29 am Himachal restores its resthouses in lap of natureWooden frames and shingled eaves, the sound of birds and rustling leaves -- the Himachal government has begun restoration of its resthouses in forests to promote ecotourism and to give visitors a chance to unwind far from the madding crowd.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 1:06 am Motorola to buy video company BitBandBitBand provides Internet-based television technology to 60 operators in countries such as Holland, Italy and Russia.Source: Daily News & Analysis: Money News | 17 Nov 2009 | 1:05 am Turkish trinkets draw crowds at trade fairIt's a talisman to keep greedy eyes at bay but at the India International Trade Fair here, the Nazar boncugu, or the Turkish Evil Eye, is grabbing all attention.Source: IndiaeNews.com: Business News | 17 Nov 2009 | 1:04 am Reliance plans aggressive explorationIn April, Reliance Industries began pumping gas from its find in the Krishna Godavari basin, which is expected to almost double the country's gas supplies at peak production.Source: Daily News & Analysis: Money News | 17 Nov 2009 | 1:03 am Novartis says lower H1N1 vaccine dose may sufficeZurich: A US clinical study suggests that just half a dose of the Novartis AG H1N1 vaccine may be enough to generate a protective immune response, the Swiss drugmaker said on Tuesday. Novartis said data from about 4,000 individuals suggested that half a dose of its US-approved unadjuvanted H1N1 vaccine met immune criteria in adults and the elderly. The data also showed that its adjuvant was well tolerated, which could potentially quadruple the Novartis vaccine supply. Adjuvanted vaccines contain an additive to boost the immune system response and need less of the active ingredient than the unadjuvanted types approved by the US Food and Drug Administration. US health officials have been scrambling to get the swine flu vaccine to market after the virus emerged too late to be included in this year’s regular seasonal flu version. Initially, officials said there would be enough for everyone, but the public quickly grew frustrated when supplies ran short. The FDA has approved H1N1 vaccine from five makers who already produce seasonal flu vaccine — GlaxoSmithKline Plc, AstraZeneca Plc’s MedImmune unit, Novartis, Sanofi-Aventis, and CSL Limited. Source: LatestNews-Home - Livemint.com | 17 Nov 2009 | 1:01 am Reliance plans aggressive explorationMumbai: Energy major Reliance Industries plans an aggressive exploration campaign, investments in petrochemicals and overseas acquisitions as India’s top company prepares itself for the next phase of growth. The company will work towards attaining global scale for its conventional energy platform -- petrochemicals, refining and oil and gas exploration -- and invest in its new businesses such as retailing and alternative energy, chairman Mukesh Ambani said at the company’s annual meeting of shareholders. “The business transformation initiative would create a Reliance that is able to scale up existing businesses; adds new business both organically and inorganically,” said Ambani, who is India’s richest man. At 12.50 pm, the shares were down 1.1% at Rs2,125 in the Mumbai market that was down 0.1%. Reliance, founded by Ambani’s father Dhirubhai, a school teacher’s son, has grown rapidly as it diversified from making textiles to polyester to refining to oil and gas exploration, but a sluggish global economy seen its profit fall in the past for four quarters. A high-profile legal battle over a deal to sell gas to Reliance Natural Resources, led by Mukesh’s estranged younger brother Anil, at below the price set by the government, has also unnerved investors. Ambani did not mention the gas dispute in his speech. He said while the global financial crisis had fundamentally changed the world of business, Reliance expected it would have both strong growth and a larger global footprint. “Exploration and production business would give the company a much higher growth trajectory in the coming years,” Ambani said. In April, Reliance began pumping gas from its find in the Krishna Godavari basin off India’s east coast, which is expected to almost double the country’s gas supplies at peak production. Gas production has crossed 6 billion cubic metres and the field is slated to plateau production by the second half of 2010. Oil production has reached 2.8 million barrels with daily peak production expected by the end of the year, Ambani said. This production is from just three of the 19 discoveries in the area, he said. The company also plans to set up a petrochemical complex at Jamnagar in Gujarat that would nearly double its current capacity to 4 million tonnes a year. “Now that the oil and gas petroleum refining projects are commissioned, Reliance will work on making this world-class project a reality.” It already has the single largest refining complex in world at Jamnagar, with a capacity to process 1.24 million barrels per day. Source: Home - Livemint.com | 17 Nov 2009 | 1:01 am UBS targets return to profit, says will take timeZurich: UBS boss Oswald Gruebel is targeting an annual pretax profit of 15 billion Swiss francs ($14.9 billion) as he aims to put the subprime crisis and a US tax row behind the loss-making bank and win back clients. Chief executive Gruebel said on Tuesday the new strategic plan was a “revolution” for UBS and reaffirmed his commitment to an integrated banking model twinning traditional wealth management strength with a broad investment banking offering. But he said the turnaround would not come immediately. “The transformation we are undertaking is a fundamental one and will not happen quickly,” he said ahead of UBS’s first strategic presentation since his February appointment. “I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations,” he said in a statement ahead of the bank’s investor day. Gruebel also said he was aiming for a cost-to-income ratio of 65 to 70% and return on equity of 15 to 20%, as the main targets over a period of three to five years. “Pre-tax of 15 billion certainly sounds good. But who knows what will happen in five years, and will the targets be reached in three or five years? UBS says themselves that they need time. There is a long and stony path before them,” one trader said. Since his 26 February appointment Gruebel, the 65-year-old former Credit Suisse boss, has been pushing through a tough restructuring that involved selling Brazilian unit Pactual for $2.5 billion, boosting UBS’ capital strength and cutting costs. But UBS shares consistently underperformed rivals in 2009 and fell again after UBS posted a larger-than-expected third quarter loss on 3 November, the seventh out of eight straight quarters the Swiss bank has been unprofitable. UBS shares have risen just 18% this year while the wider DJ Stoxx European banking sector has gained nearly 60%, and domestic rival Credit Suisse’s stock has doubled in value. Banking veteran Gruebel, a former trader with no university education, said he wanted UBS to boost its number one position as banker to the super rich and remain the number one bank in Switzerland. “Our strategy represents an evolution in terms of the business portfolio but a revolution in the way we will operate,” he said. He gave no targets for reversing wealthy client withdrawals, but a presentation for the investor day said it would take time to restore positive net new money growth in wealth management. The wealth management division, to which UBS owes much of its fame, is still losing net client money at all of its divisions, including in the core Swiss market. Road To Recovery Gruebel took on his toughest challenge to date earlier this year when he agreed to come out of retirement to steer UBS through a subprime and tax storm. The no-nonsense CEO, seen in Switzerland as a turnaround guru after he managed to restructure Credit Suisse in his 2002-2007 tenure there, has also brought in new executives to head up nearly all of UBS’s key divisions. His latest addition, ex-Merrill Lynch private banking veteran Robert McCann, faces the challenge of making UBS’ American wealth management division profitable in the aftermath of a bitter US tax row and amid stronger competition in the US private banking arena. Gruebel said the recovery of UBS’ investment bank, blamed for bringing the whole group to its knees after risky bets on the US subprime market, was “already evident”. He stressed that the rebuilding of the investment bank would go through the fixed-income division, the segment which led UBS to make more than $50 billion of writedowns. UBS’ investment bank made $4.3 billion revenues since the start of this year, nearly eight times less than sector leader Goldman Sachs, which had revenues of $33.5 billion, and one fourth of the $16.7 billion reported by Credit Suisse. UBS also said it expected net new money at the asset management division to be positive again in 2010. Source: LatestNews-Home - Livemint.com | 17 Nov 2009 | 12:56 am UBS targets return to profit, says will take timeZurich: UBS boss Oswald Gruebel is targeting an annual pretax profit of 15 billion Swiss francs ($14.9 billion) as he aims to put the subprime crisis and a US tax row behind the loss-making bank and win back clients. Chief executive Gruebel said on Tuesday the new strategic plan was a “revolution” for UBS and reaffirmed his commitment to an integrated banking model twinning traditional wealth management strength with a broad investment banking offering. But he said the turnaround would not come immediately. “The transformation we are undertaking is a fundamental one and will not happen quickly,” he said ahead of UBS’s first strategic presentation since his February appointment. “I am determined, however, that we build a firm for sustainable profit and not one to focus only on short-term expectations,” he said in a statement ahead of the bank’s investor day. Gruebel also said he was aiming for a cost-to-income ratio of 65 to 70% and return on equity of 15 to 20%, as the main targets over a period of three to five years. “Pre-tax of 15 billion certainly sounds good. But who knows what will happen in five years, and will the targets be reached in three or five years? UBS says themselves that they need time. There is a long and stony path before them,” one trader said. Since his 26 February appointment Gruebel, the 65-year-old former Credit Suisse boss, has been pushing through a tough restructuring that involved selling Brazilian unit Pactual for $2.5 billion, boosting UBS’ capital strength and cutting costs. But UBS shares consistently underperformed rivals in 2009 and fell again after UBS posted a larger-than-expected third quarter loss on 3 November, the seventh out of eight straight quarters the Swiss bank has been unprofitable. UBS shares have risen just 18% this year while the wider DJ Stoxx European banking sector has gained nearly 60%, and domestic rival Credit Suisse’s stock has doubled in value. Banking veteran Gruebel, a former trader with no university education, said he wanted UBS to boost its number one position as banker to the super rich and remain the number one bank in Switzerland. “Our strategy represents an evolution in terms of the business portfolio but a revolution in the way we will operate,” he said. He gave no targets for reversing wealthy client withdrawals, but a presentation for the investor day said it would take time to restore positive net new money growth in wealth management. The wealth management division, to which UBS owes much of its fame, is still losing net client money at all of its divisions, including in the core Swiss market. Road To Recovery Gruebel took on his toughest challenge to date earlier this year when he agreed to come out of retirement to steer UBS through a subprime and tax storm. The no-nonsense CEO, seen in Switzerland as a turnaround guru after he managed to restructure Credit Suisse in his 2002-2007 tenure there, has also brought in new executives to head up nearly all of UBS’s key divisions. His latest addition, ex-Merrill Lynch private banking veteran Robert McCann, faces the challenge of making UBS’ American wealth management division profitable in the aftermath of a bitter US tax row and amid stronger competition in the US private banking arena. Gruebel said the recovery of UBS’ investment bank, blamed for bringing the whole group to its knees after risky bets on the US subprime market, was “already evident”. He stressed that the rebuilding of the investment bank would go through the fixed-income division, the segment which led UBS to make more than $50 billion of writedowns. UBS’ investment bank made $4.3 billion revenues since the start of this year, nearly eight times less than sector leader Goldman Sachs, which had revenues of $33.5 billion, and one fourth of the $16.7 billion reported by Credit Suisse. UBS also said it expected net new money at the asset management division to be positive again in 2010. Source: World Business - Livemint.com | 17 Nov 2009 | 12:56 am Bharti Airtel confident on 3G timeline: CEO - Economic Times
Source: Business - Google News | 17 Nov 2009 | 12:42 am Noon: Sensex eases 0.6%; Reliance, ICICI dropMumbai: The BSE Sensex shed 0.6% on Tuesday after Asian stocks surrendered early gains, shrugging off the US Federal Reserve’s comments it was likely to keep interest rates at very low levels for some time. Index heavyweights ICICI Bank and Reliance Industries led the fall, as investors locked in profits after a recent rally. At 12:30pm, the main 30-share BSE index was trading down 0.58% at 16,933.88, with 23 of its components losing ground. The 50-share NSE index was down 0.62% at 5,026.70. ICICI dropped 1.9% to 901.80 rupees after the stock had risen more than 16% this month. ”These kind of short-term corrections are bound to happen in a market which has risen so much and so fast this year, and it’s healthy for the overall market,” said K.K. Mital, head of portfolio management services at Globe Capital. The BSE index is up more than three-quarters this year, mainly helped by foreign fund inflows of nearly $15 billion. “Any downside should be used as buying opportunities as liquidity flow continues to be strong,” Mital said. ”I don’t expect the market to drop sharply from these levels.” Reliance Industries was down 0.8% at Rs2,130. The energy giant told shareholders at an annual meeting the company was planning an aggressive exploration campaign over three years. The market had opened up 0.1% following a Wall Street rally after Fed chairman Ben Bernanke reinforced expectations that interest rates would stay low to spur growth. Bernanke acknowledged in a speech that the dollar’s slump was raising some prices but said other factors restraining inflation were winning the day, helping reinforce the market’s already benign view toward US interest rates. His remarks and better-than-expected US retail sales data fueled broad gains on Wall Street, with the Dow Jones industrial average rising 1.3% and the S&P 500 climbing 1.5%. Asian stocks edged lower after hitting 15-month highs, with the MSCI’s measure of regional markets other than Japan down 0.5% and Japan’s Nikkei falling 0.6% by 12:04pm. Export-driven software stocks such as Infosys Technologies rose 1.9% to 2,394 rupees and Tata Consultancy Services was up 2.4% at 681.95 rupees on hopes of a pick in outsourcing demand early next year, traders said. In the broader market, 1,462 losers led 1,121 gainers on volume of 169 million shares. Source: Home - Livemint.com | 17 Nov 2009 | 12:39 am GLOBAL MARKETS - Asia shares, gold, oil ease, dollar in focusSINGAPORE (Reuters) - Asian shares, gold and oil eased on Tuesday as investors locked in recent gains while keeping an eye on the ailing dollar, which was pinned near 15-month lows on expectations that U.S. interest rates will stay extremely low for some time.Source: Reuters: Money News | 17 Nov 2009 | 12:33 am Copenhagen deal should have immediate effect: ObamaBeijing: US President Barack Obama said on Tuesday that climate talks in Copenhagen next month should fix a new deal which has “immediate operational effect”, even if an original goal of a legally binding pact is out of reach. Obama’s remarks came after a meeting with his Chinese counterpart Hu Jintao, who has pushed for a strong outcome at Copenhagen and refused to back a proposal to rekindle stalled negotiations by aiming for a scaled-down political deal. Together the US and China account for 40% of world emissions, so their support is vital to any agreement. “Our aim there ... is not a partial accord or a political declaration but rather an accord that covers all of the issues in the negotiations and one that has immediate operational effect,” Obama said of the Copenhagen talks. The international community had set a December deadline to agree a framework to tackle global warming from 2013, but a rift has opened between developed and developing nations over who should cut emissions, by how much, and who should pay for it. Danish Prime Minister Lars Lokke Rasmussen, in a last-ditch bid to dispel growing gloom about the talks he will host from 7-18 December, has proposed a delay in a legally binding pact until 2010 or later and aim for a political deal first. Obama, who advocates strong action on climate change but is struggling to get legislation mandating domestic action through the US Congress, backed that plan. But his call on Tuesday for a wide-ranging agreement that would take effect immediately suggests he is keen to walk away from the talks with more than just a piece of paper. China has said only that it is “studying” the proposal. Beijing has invested large amounts of diplomatic capital in reaching a new deal. Hu earlier this year unveiled the country’s first pledge to curb carbon emissions at a UN summit. And some in China, and other developing nations, are suspicious that the push for a delay is a rich nation ploy to defer facing costly responsibilities for decades of emissions. After his talks with Obama, Hu said the two sides had committed to working more closely on tackling global warming and called for a “positive outcome” from the talks, although experts admit that time has essentially run out to fix a legal deal. Hu emphasised a long-standing global agreement that states countries have a shared responsibility for tackling warming but should take on different levels of commitment depending on their economic and social situation. Obama said the world’s top two carbon emitters had committed to take “significant” action to mitigate their output of carbon dioxide, and agreed to cooperate in areas including renewable energy, cleaner coal and electric vehicles. Source: LatestNews-Home - Livemint.com | 17 Nov 2009 | 12:33 am Sensex wipes off early gains, falls over 137 ptsErasing early gains, the Bombay Stock Exchange benchmark Sensex today fell over 137 points at midsession on emergence of profit selling by funds in realty, bank and refinery sector shares.Source: India Business News | Business News - Times of India | 17 Nov 2009 | 12:17 am Michelin to invest Rs 4,000 cr in new Chennai plantChennai/New Delhi, Nov.16 French tyre major Michelin intends to set up a manufacturing unit at Gummidipoondi, some 40 km north of Chennai. The company will invest Rs 4,000 crore over sevenSource: Business Line - Home Page | 17 Nov 2009 | 12:00 am RBI survey upbeat on corporate profitsMumbai, Nov. 16 The professional forecasters’ survey of the Reserve Bank of India is bullish about the corporate sector’s profitability in the current financial year.Source: Business Line - Home Page | 17 Nov 2009 | 12:00 am GVK Power and Infra (Rs 50.4): BuyWe recommend a buy in GVK Power and Infrastructure from a short-term perspective. It is apparent from the charts that the stock has been on a long-term uptrend from its life-time low of Rs 10.3 recorded in October 2008. Since then the stock hasSource: Business Line - Home Page | 17 Nov 2009 | 12:00 am PSU refiners borrow more as fuel losses mountNew Delhi/Mumbai, Nov. 16 The Centre’s delay in making good the losses incurred on cooking gas and kerosene for this fiscal has only increased the borrowing burden on the public sector refining trio of IndianOil, Hindustan PetroleumSource: Business Line - Home Page | 17 Nov 2009 | 12:00 am Banks asked to disclose to customers fees, commissions received from mutual fundsMumbai, Nov. 16 In a move to curb mis-selling of financial products and ensure transparency, the Reserve Bank of India on Monday asked banks to disclose to their customers details of the commissions and other fees received by them while sellingSource: Business Line - Home Page | 17 Nov 2009 | 12:00 am Gold zooms to new highMumbai, Nov. 16 Gold prices seem to be on a record breaking spree. If the current bullish trend in the yellow metal persists prices may cross Rs 17,000-mark for10Source: Business Line - Home Page | 17 Nov 2009 | 12:00 am Pranab says no stimulus withdrawal this yearThe Government is likely to exit from the stimulus packages only in phases as and when the economy fully recovers from the financial crisis. It also indicated that there will not be any withdrawal of stimulus in this calendarSource: Business Line - Home Page | 17 Nov 2009 | 12:00 am It is back to the campus for IT companies this yearChennai, Nov. 16 After staying away from campus recruitments through this academic year, information technology companies are all set to go to colleges toSource: Business Line - Home Page | 17 Nov 2009 | 12:00 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be theSource: Business Line - Home Page | 17 Nov 2009 | 12:00 am Seafood export value rises 7%, volume fallsKochi, Nov. 16 The value realised from seafood exports has risen by 7 per cent despite a fall in the volume during the first six month of the fiscal.Source: Business Line - Home Page | 17 Nov 2009 | 12:00 am Gold makes new record; breaches 17k-levelGold breached the psychological Rs 17,000-per-ten-gram mark for all the running contracts in futures trading at the Multi Commodity Exchange on a firming trend in the global markets where it crossed USD 1,140 an ounce.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 11:58 pm Gold breaches 17K in futures trade - NDTV.com
Source: Business - Google News | 16 Nov 2009 | 11:49 pm Money and your childAccording to a recent survey commissioned by Cartoon Network, Indian kids received an average of Rs. 258 as monthly pocket money in 2009, a sharp increase from Rs. 193 the kids received in 2008. The Kid’s Lifestyle Research throws up interesting facts. Kids in Ludhiana receive Rs. 419 on an average and kids in Delhi receive Rs. 295 and in third place are kids in Bangalore with Rs. 290. The slowdown has not impacted kids in anyway. In fact, parents were willing to cut back on holidays, but not on kid’s pocket money. The whole exercise had me thinking on how just a typical kid would handle the issue of pocket money. [More...] a. The Hedonistic Kid : Blows up the entire pocket money on malls / small treats with friends / toys / other goodies. Runs out his Rs. 258 midway and takes a line of credit from his mom and gradually builds up an impressive outstanding balance. Mom and son / daughter soon have to sit down and negotiate the kid’s balance sheet and CDR (Child Debt Restructuring) gets underway. b. The Making Ends Meet Kid : Just about manages to hang on to her Rs. 258. Usually course corrects midway or balances books with help of friends. Such kids know the value of money, but also want to have a good time. c. The Balanced Kid : Has the equivalent of a household budget. Prioritises spending and is keen to save a sizeable kitty at the end of every month. Such kids know the power of savings. The act of saving and accumulating a corpus gives them a positive sense of accomplishment. Such kids are every mother’s dream and will grow up as balanced individuals who can delay gratification if the situation so demands. d. The Financial Planning Kid : Now, this is a mythical kid that I would like to see emerge. This kid goes up to her dad and has the following dialogue : Daughter : Dad, thanks for the pocket money of Rs. 250/-. But I need to discuss something important with you. Dad : Go ahead. Daughter : I would like you to index it to something relevant, like your salary for example. Give me 0.5% of your salary at all times. Or increase my pocket money by a factor of 10% pa. Dad : Hmm, sounds interesting. Let me think about it. Daughter : I have one interesting win-win deal for you. Dad : Now, what can this be? Daughter : Of the Rs. 250 you give me, I will invest Rs. 200 every month in an equity scheme. It’s a risk, but its worth it if you give a matching contribution of Rs. 200/- . This amount is independent of the investment plans that you have for me, which I don’t agree with anyway. Dad : What is wrong with that? Daughter : The choice of investment for starters. You have invested in an Insurance scheme so that it takes the guilt out of you. I think you were impressed with the celebrity endorser as well as the clever name. Dad : Nah…It combines Insurance with Investment. And once I invest, I will have complete peace of mind. Daughter : OMG…you are saying exactly the same thing the advisor uncle said…Honestly, isn’t your term insurance enough. And the money you save on charges and fees may as well be given to me as enhanced pocket money. Dad : But it is all for your sake, sweetheart. Daughter : Thanks Dad, keep that dialogue with mom…I am cutting to the chase : Your company group insurance plus some term insurance will do just fine…just re-direct the savings into my bank account. I am in a hurry to accumulate wealth. I want to build my own Antilla. Dad : Yes madam…what ever you say. I know all of this is in the realm of fantasy. But one day, some kid may miraculously mutate into one helluva high integrity financial advisor. Source: LatestNews-Home - Livemint.com | 16 Nov 2009 | 11:48 pm SAIL eyes overseas coking coal minesKolkata: State-run Steel Authority of India Ltd (SAIL) is looking at acquiring licenses for coking coal mines abroad to protect itself from fluctuating raw material prices, its chairman S.K. Roongta said on Tuesday. The company is in talks with firms in Australia, New Zealand, Mozambique and Indonesia, Roongta told reporters. “We are looking at both operational and exploration licenses. We are looking to secure 30-40% of our coking coal needs through acquisitions,” he said. The company’s annual coking coal requirement stands at 15 million tonnes, he said. Source: Home - Livemint.com | 16 Nov 2009 | 11:18 pm Sun Pharma gets tentative FDA nod for generic Gleevec tabletsMumbai: Sun Pharmaceutical Industries on Tuesday said it has got tentative approval from the US drug regulator for generic Gleevec (imatinib meyslate tablets), used in the treatment of chronic myeloid leukaemia. The US Food and Drug Administration (USFDA) has granted tentative approval for the company’s abbreviated new drug application (ANDA) for generic Gleevec, Sun Pharma said in a filing to the Bombay Stock Exchange (BSE). The tentatively approved drug (imatinib meyslate tablets) is therapeutically equivalent to Gleevec tablets of Novartis. The approval of imatinib mesylate tablets are in the strengths of 100 mg and 400 mg. The annual sales of these tablets are about $950 million in the US. Shares of Sun Pharmaceutical were trading at Rs1,451.90, down 1.74% in the morning trade on the BSE. Source: Home - Livemint.com | 16 Nov 2009 | 11:13 pm Lehman sues Barclays over windfall profitsLehman Brothers Holdings Inc has filed a lawsuit against Barclays Capital Inc alleging the British bank took control of excess assets in collusion with Lehman executives when it bought its US brokerage business a year ago, court documents show. Lehman filed for bankruptcy on 15 September 2008, in the largest US bankruptcy in history. Its flagship US brokerage business was sold to Barclays less than a week later in a hurriedly assembled deal. Lehman said in September this year that Barclays Capital got an $8.2 billion “windfall profit” due to the fire sale of its business for an undisclosed $5 billion discount off the book value of securities transferred to Barclays. “The windfall to Barclays was not disclosed to the court, the Lehman boards or Lehman’s lawyers so as to allow the transfer to Barclays of billions of dollars in excess assets, without consideration, in a manner designed to avoid judicial, corporate and creditor oversight,” Lehman said in a Monday court filing. The charges come after Lehman received approval in June to probe whether Barclays got “too good of a deal” when it bought Lehman’s brokerage business, as the British bank was able to quickly book a $4.2 billion gain on its $1.75 billion purchase. Barclays said at the time that it did not expect the probe to result in any additional claims. In the lawsuit, Lehman requested the court to order Barclays to “disgorge to Lehman any ill-gotten gains it obtained” and pay punitive damages. A Barclays Asia spokesman said in an email that all queries on the lawsuit should be directed to its New York office. Barclays’ New York officials were not immediately available for comment, outside of normal US hours. The case is In re: Lehman Brothers Holdings Inc, US Bankruptcy Court, Southern District of New York, No. 08-13555. Source: Home - Livemint.com | 16 Nov 2009 | 11:07 pm Lehman sues Barclays over windfall profitsLehman Brothers Holdings Inc has filed a lawsuit against Barclays Capital Inc alleging the British bank took control of excess assets in collusion with Lehman executives when it bought its US brokerage business a year ago, court documents show. Lehman filed for bankruptcy on 15 September 2008, in the largest US bankruptcy in history. Its flagship US brokerage business was sold to Barclays less than a week later in a hurriedly assembled deal. Lehman said in September this year that Barclays Capital got an $8.2 billion “windfall profit” due to the fire sale of its business for an undisclosed $5 billion discount off the book value of securities transferred to Barclays. “The windfall to Barclays was not disclosed to the court, the Lehman boards or Lehman’s lawyers so as to allow the transfer to Barclays of billions of dollars in excess assets, without consideration, in a manner designed to avoid judicial, corporate and creditor oversight,” Lehman said in a Monday court filing. The charges come after Lehman received approval in June to probe whether Barclays got “too good of a deal” when it bought Lehman’s brokerage business, as the British bank was able to quickly book a $4.2 billion gain on its $1.75 billion purchase. Barclays said at the time that it did not expect the probe to result in any additional claims. In the lawsuit, Lehman requested the court to order Barclays to “disgorge to Lehman any ill-gotten gains it obtained” and pay punitive damages. A Barclays Asia spokesman said in an email that all queries on the lawsuit should be directed to its New York office. Barclays’ New York officials were not immediately available for comment, outside of normal US hours. The case is In re: Lehman Brothers Holdings Inc, US Bankruptcy Court, Southern District of New York, No. 08-13555. Source: World Business - Livemint.com | 16 Nov 2009 | 11:07 pm Obama asks China to resume talks with Dalai LamaBeijing: Describing Tibet as part of China, US President Barack Obama on Tuesday supported the early resumption of talks between Beijing and representatives of the exiled Tibetan spiritual leader Dalai Lama. “We did note that while we recognize that Tibet is part of the People’s Republic of China, the US supports the early resumption of dialogue” between the Dalai Lama’s representatives and Beijing, Obama said after his meeting with Chinese counterpart Hu Jintao here. China, which has governed Tibet since its troops occupied the territory in the 1950s, has repeatedly accused the Dalai Lama of leading a campaign to split the Himalayan region from the rest of the country. The 74-year-old Dalai Lama, who fled to India amid a failed uprising against Chinese rule in 1959, has denied the allegations. The last formal talks between the Dalai Lama’s envoys and Chinese officials, the seventh since 2002, ended in an impasse in July last year, with China demanding that he prove that he did not support Tibetan independence. Relations have been particularly tense this year after large scale riots in Lhasa, Tibet’s capital, in which hundreds of shops were torched and Chinese civilians were attacked. Obama, who is here on his maiden state visit to the Communist nation, warned Iran that it faced “consequences” if it failed to show greater openness on its nuclear programme. “Iran has an opportunity to present and demonstrate its peaceful intentions but if it fails to take this opportunity, there will be consequences,” he said. The US President said he and Hu want climate change talks in Copenhagen next month to result in a global deal that has “immediate operational effect.” We “agreed to work toward a successful outcome in Copenhagen,” Obama told reporters. “Our aim there is... not a partial accord or a political declaration, but rather an accord that covers all the issues in the negotiations and one that has immediate operational effect,” he said. On North Korea’s nuclear weapons programme, Obama said the six-party talks process should resume “as soon as possible”. “We agreed on resuming the six-party talks process as soon as possible,” Obama said. On his part, Hu said that both sides were “committed to dialogue and consultation in resolving the Korean peninsula nuclear issue.” Hu said that the two countries “will continue to have consultations on an equal footing to properly resolve economic and trade frictions.” Source: LatestNews-Home - Livemint.com | 16 Nov 2009 | 10:59 pm Asia stocks retreat, dollar pressuredSingapore: Asian stocks surrendered early gains on Tuesday as investors took profits from recent gains, while the dollar was pinned near 15-month lows after Federal Reserve Chairman Ben Bernanke repeated the central bank was likely to keep interest rates at very low levels for some time. Gold eased off record highs set on Monday but held near $1,140 an ounce, with investors still regarding it as an attractive alternative investment given persistent US dollar weakness and despite bullion’s already strong run-up this year. The dollar edged up against a basket of major trading-partner currencies, off 15-month lows hit overnight, but its broad downtrend was seen as intact on a growing view that US interest rates are likely to stay low for a while. Markets showed little reaction to talks between US President Barack Obama and Chinese President Hu Jintao in Beijing. Both leaders agreed to work to ease trade and economic frictions between the two giants but appeared to break no new ground on the contentious issue of the value of the yuan. Obama nudged Hu to allow the yuan currency to appreciate but the Chinese leader had no public comment on either the yuan or the dollar. Asian stock markets erased early gains by midday, with the yen’s strength against the ailing dollar weighing on shares of Japanese exporters and offsetting gains in commodities-linked shares after a surge in oil and gold prices overnight. The Nikkei average fell 0.7%, while the MSCI index of Asia Pacific stocks traded outside Japan shed 0.4% after earlier hitting its highest level since late July last year. A global equities rally is showing signs of losing steam as it extends into a ninth month. Investors are growing cautious about the prospect for further significant gains amid forecasts for only a sluggish economic recovery next year. Bernanke’s remarks on rates and better-than-expected U.S. retail sales data had fueled broad gains on Wall Street overnight, with the Dow Jones industrial average rising 1.3% and the S&P 500 climbing 1.5%. Bernanke acknowledged in a speech that the dollar’s slump was raising some prices but said other factors restraining inflation were winning the day, helping reinforce the market’s already benign view toward US interest rates. Gold took a breather after a record-setting rally and was quoted at $1,137.60/8/40 an ounce in early Tuesday trade, off a fresh high of $1,143.25 set on Monday, although bullion continued to be supported by the dollar’s weak outlook. Spot gold prices have surged some 29% so far this year. US crude futures dipped below $79 a barrel, after settling more than 3% higher the previous day, as investors awaited industry data on US stockpiles later in the day to gauge oil demand. Source: Home - Livemint.com | 16 Nov 2009 | 10:56 pm Oil falls in Asia after overnight gainsA lower greenback makes dollar-denominated commodities - like gold and crude oil - cheaper for buyers using stronger currencies. In turn, that tends to lift demand and prices.Source: Daily News & Analysis: Money News | 16 Nov 2009 | 10:51 pm Who is Raj Rajaratnam? Don't ask in Sri LankaCOLOMBO (Reuters) - Billionaire hedge fund titan Raj Rajaratnam's shadow in Sri Lanka is so big that his arrest in the United States initially knocked 5 percent off the local stock market.Source: Reuters: Money News | 16 Nov 2009 | 10:47 pm Playboy CFO quits, Golden Gate not buying companyThe chief financial officer of Playboy Enterprises Inc , Linda Havard, resigned on Monday, effective at the end of the year.Source: Daily News & Analysis: Money News | 16 Nov 2009 | 10:43 pm Caterpillar chairman wants to increase sales in IndiaIn India, Caterpillar is in fourth place in terms of the sales of diggers, loaders and other construction machines.Source: Daily News & Analysis: Money News | 16 Nov 2009 | 10:41 pm Business tycoons say have no regrets with big buysRatan Tata, the head of Tata Motors Ltd, India's largest vehicle maker. Tata bought Jaguar and Land Rover from Ford Motor Co last year.Source: Daily News & Analysis: Money News | 16 Nov 2009 | 10:36 pm Rupee marginally up by 8 paise at 46.13 a dollarThe Indian rupee inched higher by 8 paise to 46.13 against the dollar in early trade today, extending gains for the third straight day as the US currency dropped against major units.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 10:07 pm Sensex up 47 points in opening tradeThe Sensex moved up by over 47 points in opening trade today on continued capital inflows by funds and retail investors, driven by overnight gains on the US market.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 10:04 pm Business tycoons say have no regrets with big buysWASHINGTON (Reuters) - Ratan Tata, who bought the Land Rover and Jaguar brands, and Rupert Murdoch and Carlos Slim, who bought or invested in U.S. newspapers, said on Monday that they have no regrets with their purchases.Source: Reuters: Money News | 16 Nov 2009 | 10:02 pm For safer skies, will drunk pilots be grounded for life?Pilots may no longer get away almost scot free with mild punishments after turning up to operate flights in an inebriated condition.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 3:21 pm Grey areas cloud 3G auction prospectsNew Delhi: The much awaited (and much delayed) auction of spectrum required for third generation, or 3G, mobile services and WiMax services may not be as succesful as the government wants it to be, if the thin attendance at Monday’s pre-bid conference, held by the department of telecommunication, or DoT, is any indication. And those who attended were disappointed with the conference failing to explain any procedural issues as well as clarify various policies. A similar pre-bid conference was held on 23 December last year, where the attendance was at least twice that on Monday. “There was no standing room the last time around and the number of people from other countries was negligible this time around,” an analyst with a global research firm said, speaking on condition of anonymity.  Graphics: Sandeep Bhatnagar / Mint DoT has scheduled auctions of 3G and broadband wireless access, or BWA spectrum, or radio waves, starting on 14 January. The auction is expected to earn the government at least Rs35,000 crore. “This auction has been designed to favour the incumbent operators and in no way does it help or allow an international telecom operator to come in with any chance of creating a viable business,” the India representative of one of the largest telecom firms in the world said, speaking on condition of anonymity as he is not authorized to speak to the media. “No foreign operator would bid unless they are already present in the country and have a viable business in place already.” The 3G auction could have been an entry route for international telcos that missed out on India’s telecommunications boom. The auction will also be the first such in the country for spectrum—the primary reason for the pre-bid conference. In the case of spectrum needed to provide second generation (2G) telecommunication services (the one currently available), telcos needed to pay around Rs1,651 crore for a UAS licence (Universal Access Services) and were allocated the spectrum along with the licence depending on availability. 3G spectrum, however, which is required for higher capacity voice calls and faster data access on mobile phones, will be auctioned. “There are too many grey areas in the policy and other matters concerning the auction. A foreign operator does not want to participate in such a scenario,” added the India representative of the international telecom company. “There are still too many unknowns, especially coming from Trai (Telecom Regulatory Authority of India), not just on norms on mergers and acquisitions, but also on spectrum trading and sharing,” said a consultant who advises a number of telecom firms and who did not want to be identified given the sensitivity of the issue. Trai is expected to come out with recomendations on spectrum management within the next three months based on the 2G spectrum committee report. The report recommends a number of policy changes including the delinking of licence from spectrum and making spectrum a tradable commodity. “If these policy changes and relaxations come into force, it could considerably increase the value of the spectrum auctioned,” the consultant added. Other issues that are a cause of concern include the availability of 2G spectrum for the successful bidders. DoT has said that winning bidders in the 3G auction will be eligible for 2G spectrum to start plain-vanilla telephone services. However, given that existing telecom operators have been clamouring for additional spectrum on a priority basis, it is unclear whether the new allottees will get the spectrum before them. Potential bidders are also concerned about the price of the 2G licence in the event of spectrum being delinked from the licence, considering that winning bidders would have to get a UAS licence to operate telecom services in the country. Another grey area is the timeline for getting a licence. If a new entrant is a winning bidder for 3G spectrum, DoT has not clarified on the amount of time to be given to get a UAS licence and whether there will be a fast-track process for clearing such applications. Recently, a government security clearance for Norway-based Telenor’s acquisition of stake in Unitech Wireless (a 2G service provider) took almost a year. “It’s in the government’s interest to come out with all” details so that “potential bidders can take them into consideration when formulating their bidding and roll-out strategies”, said Kunal Bajaj, managing director with strategy analysis firm BDA Connect Ltd. This would increase the number of bidders, he added. It doesn’t make sense for a bidder to receive only 3G spectrum and no 2G spectrum, he said. Officials of DoT present at the conference assured potential bidders that all the issues would be clarified soon. “Whatever queries have not been answered here will be answered on the DoT’s website,” said J.S. Deepak, joint secretary with DoT. “On 8 December, we will come out with the notice inviting applications (NIA) which will be a legal binding document on the auction. The frequencies of the spectrum on auction will also be given in the NIA,” he added. Deepak also said that there was no link between the auction and the Trai consultation process on spectrum management. “There were many issues that were not clarified but, overall, there was a lot of interest and the discussion was quite lively. Clarity is needed as far as the Trai 2G policy changes are concerned,” a senior executive with one of India’s Top 3 telecom firms said. “But 3G is an evolution of 2G and if 2G issues are not cleared then how do we go ahead with the auction?” shauvik.g@livemint.com Source: LatestNews-Home - Livemint.com | 16 Nov 2009 | 12:45 pm Essar buys Warid's operationRuias-owned Essar group on Sunday announced acquisition of majority stake in Dhabi Group's Warid Telecom operation in Uganda and Congo, a move that would further strengthen Indian firms' presence in South Africa.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 12:41 pm Returns of mid-cap funds declineMid-cap funds which have been the fire flies in the past few months seems to be taking a heavy beating as the markets enter the corrective zone.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 12:39 pm SAIL, NMDC selloff may get Rs 14K crThe Centre will take a final call on the proposal for divesting stakes in SAIL and NMDC by December.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 12:38 pm 'Naxals threat to India's eco power'Recognising that Naxal violence could cripple India as a growing economic power, the corporate sector has proposed deeper international cooperation and private sector involvement in securing domestic and international borders.Source: India Business News | Business News - Times of India | 16 Nov 2009 | 12:36 pm Underdog Palm takes on giants in smartphonesIn a land of cellphone giants, Palm Inc. is a mouse. Palm is tiny compared with Apple Inc., Research in Motion Ltd, Samsung Electronics Co. Ltd, Google Inc., Microsoft Corp. and Nokia Oyj, which are battling to control the future of smartphones. Palm invented the category of an Internet-surfing pocket-computer phone with its Treo line in 2002. But more recently it lost its way in the market as some of its rivals developed more innovative phones. Its new management team, heavily laden with talent from Apple, introduced a new generation of smartphones in June with the $199 Palm Pre (Rs9,174) on Sprint’s network. The second phone in the line, the $99 Pixi, went on sale on Sunday.  Track record: Palm chief and former head of Apple’s iPod unit Jon Rubinstein believes Palm doesn’t need to be as big as its rivals to thrive. Jim Wilson / NYT While no one expected Palm’s sales would rival the sales of iPhones or BlackBerrys —and they have not—developers have not rushed to write applications for the phone as they have for the iPhone and Android phones. A lack of traction could prove important. If the market will have room only for a few smartphone standards, Palm, as the smallest company, could well find itself struggling as the perpetual also-ran. Jon Rubinstein, Palm’s chief executive who was the top Apple engineer and the first head of its iPod division, said in an interview that Palm does not need to be as big as its rivals to thrive. His former employer, after all, was long able to carve out a lucrative niche in the computer business. “One of the key things we need to do as a company is to get to scale,” he said. “We need to bring on more carriers and more regions.” Analysts expect that Palm will sell an upgraded version of the Pre with Verizon early next year and add AT&T later in the year. It sells phones in six countries and is steadily expanding to others in Europe and North America. Investors trying to read the mood of the consumer are unsure whether Palm will prevail. The volatility in Palm’s stock is a sign of the uncertainty over its ability to challenge the iPhone and BlackBerry. Palm’s shares bounced up to $12.40 on Friday on speculation it would be acquired by Nokia, a prospect many analysts find unlikely.
Palm looks particularly small if smartphone applications are tallied. Apple’s App Store has at least 100,000 apps. No other phone operating system comes close, though there are about 10,000 apps for Android. Palm has about 300. “You develop for the iPhone first and for Android second, then for Palm or not,” said Philip Cusick, an analyst with Macquarie Securities. Cusick suggested that a large portion of phone buyers do not care about applications even though Apple has based the marketing campaign for its iPhone on selling the apps. “If applications become important, then Palm is going to have trouble,” he said. Rubinstein said Palm would never need as many applications as the iPhone. “We are focused on quality over quantity,” he said. Palm is still testing its app store, called the App Catalog, with a small group of developers. It will open to anyone who wants to write an app next month—six months after the Pre was introduced. Rubenstein says he expects developers will write for Palm devices, in part because Palm’s operating system, called webOS, is based largely on the same languages used to design websites. Android, by contrast, is based on Sun’s Java language, and Apple uses a variation of the C computer programming language.
This year, Palm is hoping for a tactical advantage with the Pixi, which will sell for a lower price than most Android phones—$99 directly from Sprint and as low as $30 at Wal-Mart Stores Inc. That puts it in direct competition with other phones with keyboards such as RIM’s popular BlackBerry Curve. Verizon’s second Droid phone, the Eris made by HTC, also sells for $99, but it lacks a physical keyboard. “We think the Pixi is in the sweet spot of the market now,” he said. “It was designed for people who are transitioning from feature phones and getting their first smartphone.”
©2009/The New York Times feedback@livemint.com Source: World Business - Livemint.com | 16 Nov 2009 | 12:26 pm China is sending more students to the USAmerican universities are enrolling a new wave of Chinese undergraduates, according to the annual Open Doors Report. While India was, for the eighth consecutive year, the leading country of origin for international students—sending 103,260 students, a 9% increase over the previous year—China is rapidly catching up, sending 98,510 last year, a 21% increase. “I think we’re going to be seeing 100,000 students from each for years to come, with an increasing share of them being undergraduates,” said Peggy Blumenthal, executive vice-president of the Institute of International Education, which publishes the report with support from the state department. Overall, the number of international students at colleges and universities in the US increased by 8% to an all-time high of 671,616 in the 2008-09 academic year—the largest percentage increase in at least 25 years, according to the report. With the current recession, the influx of international students has been especially important to the American economy, according to Allan E. Goodman, president of the institute. “International education is domestic economic development,” Goodman said. ©2009/The New York Times Source: LatestNews-Home - Livemint.com | 16 Nov 2009 | 12:26 pm Underdog Palm takes on giants in smartphonesIn a land of cellphone giants, Palm Inc. is a mouse. Palm is tiny compared with Apple Inc., Research in Motion Ltd, Samsung Electronics Co. Ltd, Google Inc., Microsoft Corp. and Nokia Oyj, which are battling to control the future of smartphones. Palm invented the category of an Internet-surfing pocket-computer phone with its Treo line in 2002. But more recently it lost its way in the market as some of its rivals developed more innovative phones. Its new management team, heavily laden with talent from Apple, introduced a new generation of smartphones in June with the $199 Palm Pre (Rs9,174) on Sprint’s network. The second phone in the line, the $99 Pixi, went on sale on Sunday. Track record: Palm chief and former head of Apple’s iPod unit Jon Rubinstein believes Palm doesn’t need to be as big as its rivals to thrive. Jim Wilson / NYT While no one expected Palm’s sales would rival the sales of iPhones or BlackBerrys —and they have not—developers have not rushed to write applications for the phone as they have for the iPhone and Android phones. A lack of traction could prove important. If the market will have room only for a few smartphone standards, Palm, as the smallest company, could well find itself struggling as the perpetual also-ran. Jon Rubinstein, Palm’s chief executive who was the top Apple engineer and the first head of its iPod division, said in an interview that Palm does not need to be as big as its rivals to thrive. His former employer, after all, was long able to carve out a lucrative niche in the computer business. “One of the key things we need to do as a company is to get to scale,” he said. “We need to bring on more carriers and more regions.” Analysts expect that Palm will sell an upgraded version of the Pre with Verizon early next year and add AT&T later in the year. It sells phones in six countries and is steadily expanding to others in Europe and North America. Investors trying to read the mood of the consumer are unsure whether Palm will prevail. The volatility in Palm’s stock is a sign of the uncertainty over its ability to challenge the iPhone and BlackBerry. Palm’s shares bounced up to $12.40 on Friday on speculation it would be acquired by Nokia, a prospect many analysts find unlikely.
Palm looks particularly small if smartphone applications are tallied. Apple’s App Store has at least 100,000 apps. No other phone operating system comes close, though there are about 10,000 apps for Android. Palm has about 300. “You develop for the iPhone first and for Android second, then for Palm or not,” said Philip Cusick, an analyst with Macquarie Securities. Cusick suggested that a large portion of phone buyers do not care about applications even though Apple has based the marketing campaign for its iPhone on selling the apps. “If applications become important, then Palm is going to have trouble,” he said. Rubinstein said Palm would never need as many applications as the iPhone. “We are focused on quality over quantity,” he said. Palm is still testing its app store, called the App Catalog, with a small group of developers. It will open to anyone who wants to write an app next month—six months after the Pre was introduced. Rubenstein says he expects developers will write for Palm devices, in part because Palm’s operating system, called webOS, is based largely on the same languages used to design websites. Android, by contrast, is based on Sun’s Java language, and Apple uses a variation of the C computer programming language.
This year, Palm is hoping for a tactical advantage with the Pixi, which will sell for a lower price than most Android phones—$99 directly from Sprint and as low as $30 at Wal-Mart Stores Inc. That puts it in direct competition with other phones with keyboards such as RIM’s popular BlackBerry Curve. Verizon’s second Droid phone, the Eris made by HTC, also sells for $99, but it lacks a physical keyboard. “We think the Pixi is in the sweet spot of the market now,” he said. “It was designed for people who are transitioning from feature phones and getting their first smartphone.”
©2009/The New York Times feedback@livemint.com Source: LatestNews-Home - Livemint.com | 16 Nov 2009 | 12:26 pm Airports seek to raise charges again citing slow revenue growthOperators of the high-traffic airports in Mumbai, Delhi and Hyderabad have proposed another increase in airport charges to counter slower-than-expected revenue growth.  Double trouble: A file photo of Hyderabad International Airport. Bharath Sai / Mint The Airports Economic Regulatory Authority, or Aera, says it will decide on the proposal only after consultations with stakeholders, including airlines and airport operators, but legal agreements already in place suggest that the newly established regulator may have its hands tied. Delhi International Airport Pvt. Ltd, or DIAL, and Mumbai International Airport Pvt. Ltd, or Mial, have sought to increase passenger service fees, and aircraft landing, parking and route navigation charges by 10% each. GMR Hyderabad International Airport Ltd, or Ghial, has sought approval for a steep 20% increase in the user development fee charged per domestic passenger from Rs375 to Rs450; it proposes to more than double the fee from Rs1,000 to Rs2,600 per international passenger. Bangalore International Airport Ltd, or Bial, which levies a user development fee of Rs260 and Rs1,070 per domestic and international passenger, respectively, has already sought Aera’s approval for an increase by an undisclosed margin. Private airport operators are seeking to recover a part of their investment and meet service standards after a global economic downturn last year led to a sharp decline in passenger growth and revenue. Consumer forums and airlines say the increase in charges isn’t justified. “I feel it’s extremely unfair,” said D. Sudhakara Reddy, Chennai-based national president of consumer group Air Passengers Association of India (APAI). “How is it justified? On what basis?” “We should study some information and go to courts,” said Reddy, who added that the consumer forum was approaching Aera, asking that the voice of consumers be heard before permitting any increase. Aera chairman Yashwant Bhave said any decision on another increase will be made after consultations with all stakeholders. Mumbai airport was granted a 10% increase in airport charges in December, followed by Delhi airport in February. Charges at all other airports including those run by Airports Authority of India were allowed the same increase from April this year. However, even Aera may find it difficult to overrule another increase by the New Delhi and Mumbai airports, at least. A clause in the state support agreement signed at the time of airport privatization in 2006 between the government and the airport operators specifies minimum benchmarks for tariff setting. The clause said the initial “airport charges” will continue “for a period of two (2) years from the effective date (2006).” If the operators are able to complete specified project work within the specified time frame, “a nominal increase of ten (10) per cent over the Base Airport Charges shall be allowed for the purposes of calculating Aeronautical Charges for the duration of the third (3rd) Year.” The project term for DIAL and Mial started from 2006, going up to the next 30 years and extendable for another 30 years. The agreement also mandated how future charges will be set, saying the airport operators would have the option of increasing the base charges by at least 10% from the start of the fourth year till the end of the term. Airlines fear that an increase in charges could crimp growth in passenger traffic. In October, the number of passengers who travelled by domestic carriers rose 25% from a year ago to four million. Paramount Airways Pvt. Ltd’s chairman and managing director M. Thiyagrajan said the airline hoped the new regulator would weigh the pros and cons before approving another hike in charges. Many airports across the globe have either reduced or frozen fees and levies in the aftermath of the global economic downturn, said Orhan Abbas, Emirates’ vice-president, India and Nepal. “Indian airports have taken a different turn altogether where the airport authorities have decided to levy an airport development fee on domestic and international departures,” he said. “We think this change would adversely affect the aviation sector.” The increase that had been granted last year was the first in airport charges for 10 years, and “after that what we have asked for is entitlement under the concession agreement,” said Sidharath Kapur, chief financial officer (airports), GMR Group, the majority stakeholder in both Delhi and Hyderabad airports. He said the airport had “certain standards to meet and the compensation is based on that.” In the case of the Hyderabad airport, aeronautical charges are linked to the Wholesale Price Index, Kapur said. A Mial spokesman said the airport had written to the ministry for a 10% increase in airport charges earlier this year, but was directed to wait for the regulator to come into place in September. Kapur said airports such as Delhi, being expanded at a cost of $2 billion (Rs9,220 crore), had to recover the cost of investment. “We are also sympathetic to them (airlines) but airlines have a flexibility to alter their business model, dropping routes, etc. Airport (business) is long-term. I have to build and ensure service standards, and ensure my bottom line is also not in the red,” he said. tarun.s@livemint.com Source: LatestNews-Home - Livemint.com | 16 Nov 2009 | 12:07 pm Govt to observe annual 'India Corporate Week'Beginning this December, the Ministry of Corporate Affairs will observe the third week of the month every year as India Corporate Week.Source: Business Standard | Front Page Headlines | 16 Nov 2009 | 11:46 am Cooperate on climate change, PM tells Saran, RameshPrime Minister Manmohan Singh has instructed Minister of State for Environment and Forests Jairam Ramesh and the PM's special envoy on climate change Shyam Saran to sit together and formulate a "joint statement" on India's approach to the Copenhagen Climate Summit scheduled for December 7 to 18.??Alarmed by the confusion created by the public expression of divergent opinions by his key advisors on climate change, the prime minister summoned Saran and Ramesh and asked them to put theirSource: Business Standard | Front Page Headlines | 16 Nov 2009 | 11:45 am Chandra plans US wellness empireMedia and broadcasting mogul Subhash Chandra is creating a health and wellness platform in the US to cash in on the world's fastest-growing market for fitness solutions.Source: Business Standard | Front Page Headlines | 16 Nov 2009 | 11:44 am Glimmers of progress at a leaner NewsweekSix months ago, Newsweek embarked on a bold effort to staunch its losses in a brutal economic time, with a major redesign, price increases, a steep reduction in circulation, and a continuation in a long series of steps away from weekly news and toward commentary and analysis. From the legion of people in the media who write about one another’s organizations, there was plenty of scepticism, even some derision. Last week, Newsweek laid off 13 people from its already depleted editorial staff, but the reaction from the professional media watchers was muted, notably lacking in declarations that the strategy had failed and that the magazine was doomed. After quoting the editor, Jon Meacham, as saying that the future remained promising, even the reliably sardonic Gawker.com added only this comment: “Can’t blame him, really. Tough times.” Whether Newsweek’s plan pays off eventually, this is a time when even smart strategies can fail, and Newsweek has plenty of company in the struggle. Through the first nine months of the year, the volume of advertising in American magazines fell 27.2% from the period a year earlier—29.2% for Newsweek—and dozens of magazines have closed, including big names such as Gourmet, Domino, Vibe and Hallmark Magazine. Newsweek decided to stop the expensive pursuit of high circulation and focus on a smaller readership of higher-income people who appeal to advertisers. Many publications have made similar moves, but few have gone as far; Newsweek lowered its rate base, the minimum circulation promised to advertisers, from 3.1 million to 2.6 million in early 2008, then to 1.9 million in July. It will go to 1.5 million in January. With the combination of fewer ad pages and fewer copies, the magazine’s owner, the Washington Post Co., reported that Newsweek’s ad revenue in the third quarter was down 48% from last year. But because of cost-cutting and price increases, the outlook appears, if not good, then a little less bad than it did earlier this year. The Washington Post Co.’s magazine division, which is primarily Newsweek, had a third-quarter operating loss of $4.3 million (around Rs20 crore), after losing $25.4 million in the first half of the year. “It’s been a disgusting economy, in case nobody else noticed,” said Thomas E. Ascheim, the chief executive of Newsweek. He said revenue per subscriber was up, adding that in 2010 “we expect to operate less in the red” and holding out a hope of profitability in 2011. ©2009/The New York Times feedback@livemint.com Source: World Business - Livemint.com | 16 Nov 2009 | 10:13 am Aircraft makers see West Asian carriers leading industry pickupDubai: Demand from West Asia carriers will top 1,400 new jets over the next 20 years, the world’s biggest plane makers said on Monday, driven by economic growth and ambitious state development plans. Even in the near term, the requirements of West Asian carriers are expected to generate steady business for manufacturers as the region largely defies the global trend of slumping passenger travel. “The Middle East market encompasses all aircraft segments and is a barometer for the rest of the world,” said John Leahy, chief operating officer of EADS NV unit, Airbus SAS. “The recovery begins here.” Boeing Co., the No. 2 plane maker behind Airbus, projected the region would need 1,710 new jets over the next 20 years, valued at around $300 billion (Rs14 trillion). Boeing said it expected West Asian carriers to double their fleet from 840 in 2008 to 1,860 in 2028. Boeing said it expected passenger traffic to grow at a rate of 4.9% each year over the next 20 years. In a presentation at the Dubai Air Show, Boeing said growth and rising incomes in emerging markets in West Asia as well as China and India would balance global aircraft demand. Meanwhile, Airbus projected carriers in West Asia will need 1,418 new passenger aircraft, valued at $243 billion, to satisfy the demand, which is above global average. Airlines in the region include the United Arab Emirates’ Emirates, the Arab world’s biggest airline, Abu Dhabi carrier Etihad Airways PJSC and Royal Jordanian, the only Arab carrier in the international airline One World Alliance. Airlines around the world have been crippled by reduced spending on travel, a drop in global trade and rising oil prices. To cut their bloated cost bases, many have grounded planes and cancelled or deferred aircraft orders. In contrast, some carriers in West Asia—especially the Gulf Arab region—have been adding to fleets and expanding routes. Emirates said earlier on Monday it was considering placing more orders with Boeing and Airbus. “We are in discussions... there won’t be anything at the airshow (but) we are talking to Boeing and Airbus,” Sheikh Ahmed bin Saeed Al-Maktoum told reporters at the air show. “It would be in the 10s of planes... I think we can say 777s (from Boeing) and could be A330s on the Airbus side.” Industry players saw airlines returning to profitability over the next two years underpinned by a recovery in global economic growth and passenger traffic. Emirates, which bucked the downward trend in aviation with earnings surging 165% in its fiscal half-year results, said profit would be around $544.5 million for the year. Etihad Airways said it expected revenues of about $3 billion in 2009, despite pushing back its profitability target to 2011 from 2010 due to the financial crisis. Boeing said it expected West Asia and Asia Pacific air travel market to grow 6.3% between 2008 and 2028, and predicted that West Asian carriers alone would require around 150 freighters over the next 20 years. feedback@livemint.com Source: World Business - Livemint.com | 16 Nov 2009 | 10:07 am Sistema taps Temasek to develop Asia bizMoscow:AFK Sistema OAO, owner of Russia’s biggest mobile phone operator, is asking Temasek Holdings, Singapore’s government-owned investment company, to help it develop its Asian business. “We would like Temasek to cooperate with us,” Sistema chairman Vladimir Evtushenkov said, adding that Sistema wants to expand its telecommunications business to Indonesia, Myanmar and Vietnam. The company is completing a pan-Indian telecommunications network, he said. Source: World Business - Livemint.com | 16 Nov 2009 | 9:47 am
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