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Indian ADRs gain $217 mn in a week!The cumulative valuation of the 16 Indian stocks trading on American bourses rose by USD 217 million last week, although a host of them witnessed a decline in their market capitalisation.Source: Zee News : Business | 22 Nov 2009 | 5:41 am EU recession over, but sharp contrasts in east!The European Union may have inched out of its sharpest recession since the global slump of the 1930s, but green shoots are not emerging uniformly across the 27-nation bloc`s eastern member states.Source: Zee News : Business | 22 Nov 2009 | 5:41 am Bring parity in entertainment tax rates across India: Assocham!The Centre should act as a coordinator to bring uniformity in entertainment tax rates, currently varying between 30 percent and 40 percent across the country, for growth of the entertainment and media industry, Assocham has said.Source: Zee News : Business | 22 Nov 2009 | 5:41 am British business chiefs seek path to recovery!Britain`s business leaders gather here on Monday for an annual conference expected to focus on how companies can recover from the country`s longest recession on record.Source: Zee News : Business | 22 Nov 2009 | 5:41 am D-Street to remain volatile; dance to global tunes: Analysts!Dalal Street is likely to witness volatile trade this week and seek direction from global markets in the absence of any major domestic trigger, believe analysts.Source: Zee News : Business | 22 Nov 2009 | 5:41 am US regional banks grow on the cheap amid crisis!The 20-year record high bankruptcy rate for US banks and businesses is giving regional banks on sound footing the opportunity to expand swiftly and on the cheap.Source: Zee News : Business | 22 Nov 2009 | 5:41 am Govt won`t tax capital inflows: Ahluwalia!India is not considering imposing a tax to curb an influx in overseas funds, and indeed wants an increase in inflows, the deputy chairman of the government`s planning commission said on Friday.Source: Zee News : Business | 22 Nov 2009 | 5:41 am 60% US employees unhappy with present jobs: Survey!As many as six in every 10 American employees are unhappy with their present jobs and are planning to look for new jobs next year, a survey says.Source: Zee News : Business | 22 Nov 2009 | 5:41 am Discounts for disabled in Himachal government-run hotelsHimachal Pradesh will offer a discount of 30 percent on hotel room tariff from next month to physically challenged people who opt to stay at any of its 57 economy and high-end establishments.Source: IndiaeNews.com: Business News | 22 Nov 2009 | 3:01 am Reliance Makes Cash Offer for Bankrupt LyondellBasell - Bloomberg
Source: Business - Google News | 22 Nov 2009 | 2:53 am CITU, INTTUC workers clash near HPL project - Indian Express
Source: Business - Google News | 22 Nov 2009 | 2:48 am Microsoft eyes Indian smartphone mktThe world's largest software firm Microsoft today said it is sharpening its focus on the fast growing smartphones market and other wireless devices in India.Source: India Business News | Business News - Times of India | 22 Nov 2009 | 2:39 am ICICI Bank among best firms for nurturing talentICICI Bank and Infosys Technologies, have made it to the list of top 12 companies in the Asia Pacific region for being instrumental in building leadership capability within their organisation.Source: India Business News | Business News - Times of India | 22 Nov 2009 | 2:35 am All well on the waterfront: TN - News Today
Source: Business - Google News | 22 Nov 2009 | 2:23 am Red carpet welcome by Obama awaits Manmohan SinghWashington: A red carpet welcome awaits Prime Minister Manmohan Singh as he lands at the Andrews Air Force Base on Sunday as the first state guest of President Barack Obama for a visit that is expected to take the Indo-US strategic relationship to the next level. The Prime Minister, his wife Gursharan Kaur, and his delegation would be welcomed by a group of children and the Indian American community, before he drives to the Willard Intercontinental Hotel, three blocks away from White House. Singh would be staying at the hotel instead of the historic Blair House, US President’s designated guest house. The Prime Minister’s state visit actually starts on November 24 when US President Barack Obama and First Lady Michell would personally welcome Singh and his wife at the White House and he would be given a 21-gun salute. Singh, however, would kick-off his trip tomorrow by addressing the American business community, which is his way of acknowledging their contribution in strengthening of the US-India relationship and in particular their role in the passage of the landmark civilian nuclear deal. There is a huge enthusiasm among the US corporate leaders with many of them flying in from various parts of the country just for this event. Later in the evening, he would address the intellectual community at the prestigious think tank Council on Foreign Relations and would directly respond to their questions. The two countries are also expected to ink MoUs in renewable energy, IPR in agriculture and announce Singh-Obama Knowledge Initiative. The Prime Minister and the Indian delegation would also be hosted for lunch by Secretary of State Hillary Clinton and Vice President Joseph Biden. The most anticipated part of the entire trip however has been the evening of 24 November, when Obama and Michell host the first black-tie dinner for the Prime Minister. An invitation to the dinner is believed to be the hottest ticket in Washington this week. While no official list has been announced so far, media reports say that some 400 people have been invited to the dinner, which would have the President and the First Lady’s personal touch, including on the menu and entertainment. While officials on both sides are reluctant to discuss the possible outcome of the Indo-US summit, it is widely expected that the Obama-Singh meeting would mark another milestone in the history of Indo-US relationship. Administration officials have said it is no co-incidence that Manmohan Singh is Obama’s first state guest. In fact, Singh is one of the rarest of the world leaders who has been a State Guest twice, and in two different administrations. Bill Clinton had earlier invited Atal Bihari Vajpayee on a state visit in 2000. The Prime Minister is expected to conclude his trip to the US by meeting leaders of the influential Indian American community, a large number of whom are flying to Washington from various parts of the country to attend his reception hosted by the Indian Ambassador to the US Meera Shankar. Before he leaves Washington for the Commonwealth Heads of the Government meetings in Trinidad and Tobago, observers here feel the Prime Minister would leave his permanent stamp on the Indo-US relationship, taking it to the ‘3.0 level´. Source: LatestNews-Home - Livemint.com | 22 Nov 2009 | 2:18 am Spectrum is a tax riddle says PwCThe government should clarify taxation rules regarding payments made for acquiring spectrum while working to resolve the issue of 3G spectrum allocation, according to financial consultancy firm PwC.Source: HindustanTimes.com - Top Business News Headlines | 22 Nov 2009 | 2:15 am FACTBOX - Glossary of terms in U.S. healthcare debateREUTERS - The debate over U.S. healthcare reform is full of terms familiar to lawmakers and lobbyists but often obscure to the public.Source: Reuters: Money News | 22 Nov 2009 | 2:15 am FACTBOX - Details of Senate healthcare reform billREUTERS - Democrats in the U.S. Senate cleared the first procedural hurdle for sweeping healthcare reform on Saturday by voting to open debate on the historic legislation.Source: Reuters: Money News | 22 Nov 2009 | 2:09 am Jaya steps up attack on Raja on spectrum issueDays after calling for dropping union IT Minister A Raja over alleged spectrum scandal, AIADMK chief Jayalalithaa has released "documents", which she said showed the "dubious manner" in which 2-G spectrum was alloted.Source: HindustanTimes.com - Top Business News Headlines | 22 Nov 2009 | 2:07 am From lingerie to cereals, Future Group pushes private labelsThe group is looking at diverse segments to grow, including food items, home, personal care and so on.Source: Daily News & Analysis: Money News | 22 Nov 2009 | 1:43 am STAR says govt regulation has no role in media sectorNew Delhi: Blaming excessive regulations for the media and entertainment industry’s acute financial crisis, Rupert Murdoch’s Indian venture Star Group on Sunday said the government and regulator had no role in the sector. At the same time, Star India CEO Uday Shankar alleged that politicians and industrialists were trying to control the media, saying: “There is a sense of media badgering that I get and I have increasingly been getting from the upper segments of the society... “A lot of people do it innocently and I don’t doubt that for a moment ... but when an MP says, I smell a rat. Their (politician’s and industrialists) objective is to control it.” Shankar said that the faulty government policies and lack of monitoring and accounting for cable industry and resultant revenue leakages had put the industry in a dire situation. “Most of the players are facing acute financial crisis... other than two or three none is making money,” he said. Demanding that the industry be left to market forces and content be monitored in conformity with the defined policy, he told PTI: “Government should step back from its control mindset and allow self regulation... “I think government bodies are not comfortable with a vibrant media. By trying to control the media (by asking it to adhere to its Content Code), the government is not improving it but trying to defang it.” The Group said it commands a market leadership position with 15% share and has the largest bouquet of channels ranging from sports to music to family entertainment. On why he was suddenly raising these issues and if he had got a go-ahead from media baron Murodch, who was in India earlier this month, Shankar said he had spoken on industry issues earlier also and his mandate as CEO was to protect the interest of the group which he was doing. He urged the industry to join forces for the common cause and overcome internal differences. Asked if he was suggesting that the industry should overcome petty interests and infighting to face bigger challenges, he said: “Yes... You are putting words in my mouth but I will agree with that.” On whether he was speaking on behalf of the entire industry and if the issue was being discussed by others in the business, he said: “The industry (Indian Broadcasting Foundation) is showing signs of coming together but it is not yet coming together with the urgency it should.” Asked whether the broadcasters want the Ministry of Information and Broadcasting and TRAI to completely lay off, Shankar said: “When newspapers can regulate themselves through Press Council of India and Editors Guild, then why not television channels? Regulation has to be redefined. Tariff fixation should be left to the market as it will serve the industry well.” With Star India already on the board of IBF, a body of broadcasters formed in 1999 to promote the Indian broadcasting industry, Shankar added that instead of having another body, concrete action is required to address the issue of self regulation rather than just having internal discussions. “More action is needed rather than discussions. A new approach is required to run the industry as internal rifts have hurt it,” Shankar said. He also blamed an underdeveloped cable industry for what he called “broken down economics” of television channels in the country. On Trai’s pay-per-view move, Shankar said “What they did is that tended up fattening the purse of the cable operators at the cost of the customers and the broadcasters.” He said the word regulation itself needs to be reconsidered and that the objective of the regulatory body should be management and not regulation. “In a regulated regime some party or stakeholder in the value chain would be a disproportionate beneficiary and the end-customer is always the loser,” Shankar added. Source: LatestNews-Home - Livemint.com | 22 Nov 2009 | 1:37 am IPhone to go on sale in South KoreaApple's iPhone will go on sale in South Korea this week, offered by the country's No. 2 mobile carrier KT Corp, KT said.Source: Daily News & Analysis: Money News | 22 Nov 2009 | 1:34 am Spectrum is a tax riddle, says PwCThe government should clarify taxation rules regarding payments made for acquiring spectrum while working to resolve the issue of 3G spectrum allocation, according to financial consultancy firm PwC.Source: India Business News | Business News - Times of India | 22 Nov 2009 | 1:26 am Integrated townships new mantra for developersIntegrated township is the new buzzword with realtors planning huge investments in projects that they say would reduce pressure on city infrastructure.Source: Daily News & Analysis: Money News | 22 Nov 2009 | 1:18 am ULFA twin blasts claim 6 lives, injure 54 in AssamNalbari, Assam: Six people were on Sunday killed and 54 others injured, including 34 seriously, in the two blasts suspected to have been triggered by Ulfa near a police station here, five days ahead of the banned militant outfit’s raising day. A high alert has been sounded across Assam after the blasts and patrolling intensified in the affected area. Nalbari police superintendent Jitmol Doley said the bombs were planted in bicycles placed at a distance of 50 meters from each other and went off in a gap of few minutes. Rumours of a third blast in the town were discounted by the police. Four persons-- Pawan Thakur from Bihar and local residents Ganesh Das, Dipu Das and Keshab Das -- were killed on the spot, while two others -- Mohammad Ali, a village headman and Secunder Ali -- died on way to hospital, he said. Vehicles parked in the area were damaged due to the impact of the blasts. Following the blasts, people came out of their homes in protest and shouted slogans against the Ulfa. The police immediately cordoned off the entire busy area, which has a number of shops, and began a thorough check of the town. Fearing more blasts, the district administration made announcements over the public address system asking the people to stay indoors. A total 34 critically injured have been rushed to Gauhati Medical College and Hospital and the rest to Nalbari Civil Hospital, Doley said. Security was tightened in both Lower and Upper Assam districts following intelligence reports that a group of Ulfa militants have entered the state to carry out subversive activities, official sources said. According to the intelligence reports, 9 Ulfa militants belonging to the banned outfit’s 709 and 27 battalions have entered the state to carry out their nefarious designs. In capital Guwahati, security was intensified and vehicles were being checked at sensitive and entry and exit points, they said. Chief Minister Tarun Gogoi, who is in Delhi, condemned the blasts and condoled the death of the innocent people. “We will not tolerate the killing of innocent people. Security has been further heightened and a massive search operation launched to nab the killers,” he said. The Ulfa, facing heat in Bangladesh which led to the arrest of its two top leaders Sashadhar Choudhury and Chitraban Hazarika on 6 November, is suspected to have initiated fresh offensive in Assam after a comparative lull. The outfit allegedly burnt down 12 oil tankers and derailed four bogies of a goods train on November 16 before triggering the twin blasts today. Source: LatestNews-Home - Livemint.com | 22 Nov 2009 | 1:03 am Buy Afghani almonds, pomegranates at trade fairAfghani businessmen have not only brought their sought-after hand woven carpets and lapis lazuli stones to showcase at the India International Trade Fair (IITF) here, but also various types of nuts and pomegranates.Source: IndiaeNews.com: Business News | 22 Nov 2009 | 1:02 am ICICI, Infosys among best firms for nurturing talentNew Delhi: As many as five Indian firms, including ICICI Bank and Infosys Technologies, have made it to the list of top 12 companies in the Asia Pacific region for being instrumental in building leadership capability within their organisation. According to the list compiled by HR consulting firm Hewitt in partnership with RBL Group and US magazine Fortune, ICICI Bank emerged at the top, followed by China Mobile Communications Corp and TCL Corp, a China-based electronics goods maker. Meanwhile, the Indian arm of global FMCG major Unilever, Hindustan Unilever, was ranked at the fourth spot, Aditya Birla Group was at the sixth spot, Infosys Tech was ranked eighth and another IT major Wipro cornered the 10th slot. Among others on the list, agricultural products firm Olam International was positioned in the fifth place, beer and wine products producer Lion Nathan was at the seventh position. The New Zealand Refining Company was ranked ninth and TrustPower Ltd and British American Tobacco Berhad stood at the 11th and 12th positions, respectively. Meanwhile, in the global top 25 firms list, there were as many as three Indian companies - ICICI Bank, Hindustan Unilever and Infosys Technologies. Regarding the decent presence of Indian firms, Hewitt Associates Talent and Organisation Consulting (Business Leader) Ajay Soni said: “It comes as no surprise that Indian firms have a good presence in these lists. These companies are well-positioned for growth despite the economic challenges.” In the global list, ICICI Bank was on the fifth spot, Hindustan Unilever stood at the 10th spot, while Infosys have made a space for itself on the 24th slot. The global top 25 list was topped by technology giant IBM, followed by Proctor & Gamble, while General Mills and McKinsey cornered the third and fourth positions, respectively. The others in the list include fast-food chain McDonald’s (sixth), US-based conglomerate General Electric (seventh), Titan Cement (eighth) and China Mobile (ninth), Colgate Palmolive (12th), Whirlpool Corporation (15th), Pepsico (20th), American Express (21st), Intel Corporation (23rd) and FedEx Corporation (25th). On ICICI Bank, the survey said: “ICICI Bank doesn’t just have recruiters trolling for talent outside the company; it also has 600 employees who act as talent scouts internally, identifying coworkers with leadership potential.” Hindustan Unilever, which has 15,000 employees, calls it a “70-20-10” model for developing its workforce that is 70% of learning happens on the job, 20% through mentoring, and 10% through training and coursework. Wipro HR Head Prateek Kumar said, “We cannot build leadership overnight it is a continuous process, we have to nurture leadership within the organisation.” Soni further said, “Indian companies come with a mix of cutting edge leadership practices, innovative procedures and the zest to create a robust leadership pipeline.” Source: LatestNews-Home - Livemint.com | 22 Nov 2009 | 12:44 am Russia chief says Renault won't up Avtovaz stake nowMOSCOW (Reuters) - The head of state-owned conglomerate Russian Technologies said on Saturday French car maker Renault might raise its 25 pct stake in troubled Russian partner Avtovaz in future, but won't do so for now.Source: Reuters: Money News | 22 Nov 2009 | 12:20 am Poland says to sell CO2 permits to Ireland soonWARSAW (Reuters) - Poland will sign an accord shortly under the global Kyoto Protocol to sell surplus carbon emission permits worth 15 million euros to Ireland, Environment Minister Maciej Nowicki said on Saturday.Source: Reuters: Money News | 22 Nov 2009 | 12:13 am Manufacturing sector set for recovery with high growth in first halfNew Delhi, Nov. 21 The manufacturing sector is showing signs of revival with a higher growth trajectory in the first half of the fiscal over the corresponding period last year, according to a CII M-ASCONSource: Business Line - Home Page | 22 Nov 2009 | 12:00 am 200 more ‘King Longs’ to offer BEST rideMumbai, Nov. 21 Brihanmumbai Electric Supply & Transport Undertaking (BEST) will be acquiring 200 air-conditioned buses from Chinese manufacturer King Long for Rs 110 crore, adding to its existing fleet of 143 ‘King Longs’ as theySource: Business Line - Home Page | 22 Nov 2009 | 12:00 am Tata DoCoMo to bill roaming calls too by the secondNew Delhi, Nov. 21 It’s the death of roaming charges. In yet another game-changing move, Tata DoCoMo is extending to roaming services seconds-based billing that it offers for local calls. Subscribers on Tata DoCoMo’s network movingSource: Business Line - Home Page | 22 Nov 2009 | 12:00 am Gold sales fall by 30-40% in 7 months this fiscalKochi, Nov. 21 Gold sales in the country have registered a fall in terms of quantity by 30-40 per cent in the first seven months of the current fiscal due to economic recession as well as increase in gold prices, Mr C. Vinod Hayagriv, Chairman,Source: Business Line - Home Page | 22 Nov 2009 | 12:00 am Retail investors make Rs 1.9-lakh cr in market rallyBL Research Bureau Stock price gains have generated crores of rupees in notional wealth for investors holding on to equities so far this year. However, only a small slice of this may have accrued to retail investors.Source: Business Line - Home Page | 22 Nov 2009 | 12:00 am ICICI Bank raises $750 m through overseas bond issueMumbai, Nov. 21 ICICI Bank has raised $750 million (about Rs 3,500 crore) through an overseas bond issue, at an yield of 5.5 perSource: Business Line - Home Page | 22 Nov 2009 | 12:00 am HTW looking at acquisitions in South IndiaThe company has manufacturing units in Haryana and Maharashtra, and plans to launch products in the near future.Source: Daily News & Analysis: Money News | 21 Nov 2009 | 11:49 pm Five of top firms lose Rs24k cr; RIL maintains top slotMumbai: As many as five companies among the elite club of top-10 Sensex firms have witnessed an erosion of over Rs24,000 crore from their market capitalisation previous week, while RIL maintained the top position with a valuation of Rs3.49 lakh crore. In the week ended 20 November, the five firms - ONGC, MMTC, NMDC, Bhel and Bharti Airtel - together lost a sum of Rs24,665.37 crore from their market valuation. However, the other five firms -- RIL, NTPC, SBI, Infosys Technologies and TCS -- added Rs12,365.47 crore to their market capitalisation (m-cap). The country’s most-valued firm, Reliance Industries Ltd (RIL), added Rs1,388 crore to its market cap, taking its total valuation to Rs3,49,188 crore previous week, while mining giant NMDC was the biggest loser as it shed Rs8,445 crore from its valuation. The numero-uno RIL had a market cap of Rs3,47,799 crore in the week ended 13 November. State-run oil firm ONGC was at the second position, even though it saw a decline of Rs3,069 crore from its market cap, with its total valuation at Rs2,50,066 crore. Power producer NTPC inched up to third slot from fourth after adding Rs124 crore, while trading behemoth MMTC slipped to fourth place after losing Rs7,883 crore from its m-cap. The total market valuation of NTPC surged to Rs1,77,360 crore, while the m-cap of MMTC declined to Rs1,72,259 crore. NMDC stood at the fifth place followed by SBI and Infosys Technologies. The market capitalisation of NMDC stood at Rs1,64,356.64 crore. The market valuation of public sector lender SBI stood at Rs1,48,292 crore, while Infosys Technologies’ market cap surged to Rs1,39,173 crore. IT firm Tata Consultancy Services added Rs4,521 crore, with its m-cap at Rs1,35,692.68 crore. Power equipment maker Bhel climbed to ninth position from tenth even after losing Rs465 crore from its m-cap. Telecom services provider Bharti Airtel lost Rs4,803 crore, with its market valuation at Rs1,09,633.76 crore. Meanwhile, the 30-share Sensex gained 1.02% to close at 17,021.85 points at the end of Friday’s trade on the Bombay Stock Exchange. Source: LatestNews-Home - Livemint.com | 21 Nov 2009 | 11:40 pm ADRs gain $217 mn in a week on Wall St riseNew York: The cumulative valuation of the 16 Indian stocks trading on American bourses rose by $217 million last week, although a host of them witnessed a decline in their market capitalisation. For the week ended 20 November, Indian entities listed on the New York Stock Exchange and Nasdaq added $217 million to their valuation, although the loss suffered by 10 companies eroded some of the gains posted by the remaining six entities. As many as 10 companies, including private sector lender ICICI Bank and copper producer Sterlite Industries, together lost $1.27 billion from their market capitalisation. IT major Wipro, which led the gains among the Indian stocks, saw its market capitalisation rising by $921 million to $30 billion last week. Meanwhile, ICICI Bank was the major loser during the week. The company has witnessed a value erosion of $467 million to its valuation to $21.17 billion. ADRs are bought and sold on American bourses just like stocks and are issued by banks or brokerage firms. However, among the 16 companies which trades as American Depository Receipts (ADRs), private sector lender HDFC Bank was another major gainer with its valuation jumping by $288 million to $19.02 billion. HDFC Bank is followed by IT bellwether Infosys Technologies, whose valuation increased by $206 million to $29.23 billion. On the other hand, Sterlite Industries saw its market capitalisation falling by $242 million to $1.56 billion. Apart from ICICI Bank, Sterlite Industries, IT firms-- Mahindra Satyam (earlier known as Satyam Computer Services) and Patni Computer Systems too witnessed a significant erosion to their valuations. Mahindra Satyam’s valuation fell by $169 million to $3.46 billion, while Patni Computer Systems plunged by $159 million to $1.24 billion. Outsourcing firm Genpact and telecom major Tata Communications Ltd’s market-cap declined by $87 million and $68 million respectively. The other losers include--internet firms-- Sify Technologies, and Reddif.com, telecom major Mahanagar Telephone Nigam Ltd, pharma major Dr Reddy’s Laboratories, valuations slipped in the range of $5 million to $38 million. While, auto maker Tata Motors’ market-capitalisation rose by $54 million, BPO companies-- WNS Holdings ($10 million), EXLService Holdings ($11 million). On Friday the US markets ended in the negative zone, with Dow Jones Industrial Average ending down 14.28 points at 10,318.16 and the S&P 500 falling 3.52 points to 1,091.38. Source: LatestNews-Home - Livemint.com | 21 Nov 2009 | 11:29 pm Brides forced to be austere with high gold pricesNew Delhi: For Indian brides buying jewellery, the bigger the better is the general rule, but record gold prices during this year’s wedding season are forcing many to compromise. India is the world’s biggest consumer of gold, so the rise of local prices to records above $1,000 an ounce is keenly felt here - and nowhere more so than in the jewellery shops, an obligatory stop before any ceremony. While few women are prepared to trade down on the size of their purchases, some are turning to new designs that retain the bulk and glitz but have reduced content of the precious metal. Leading gold retailers in New Delhi and Mumbai say they are flooded with requests by clients for cheaper necklaces, rings, earrings, bangles or armbands. “Clients come, select the design and tell us to make it with less gold,” a store manager at Mehrasons, a leading gold shop in New Delhi, told AFP, asking not to be named because he was not authorised to speak to the media. Gold has cultural and religious significance for Indians - considered auspicious and a sign of wealth and prosperity. Traditionally, daughters from the majority Hindu population are given gold ornaments at the time of their marriage. The gold is known as “streedhan”, or women’s wealth, and most families will spend as much as they can afford. “Big pieces of jewellery mean high gold content, but that is no longer affordable,” said Prabhu Thakkar, a gold trader based in Mumbai’s Jhaveri Bazaar, a wholesale market for gold and silver. “Indians are never happy with small delicate designs. They need glossy, thick jewellery,” he said. “For Indians, big is beautiful.” One solution is to buy big pieces but designed differently with lower gold content. Some jewellery manufacturers are importing technology and alloys from Europe to make ornaments using hollowing techniques that help them reduce gold content by up to 50%. Using the modern techniques, goldsmiths are trained to flatten 22-carat gold and then stuff it with an alloy that is a mix of copper and silver to make the ornament heavy. “I have purchased Italian machinery and hired foreign designers to work on Indian designs using electroforming and hollow techniques,” Ritesh Jain, of Aurogold, a manufacturing and retailer in Mumbai, told AFP. “People in India are always keen to buy gold but they cannot afford huge quantities these days. We have found new methods to move our stock quickly,” Jain said. His company is investing over $100,000 to buy and install the new machinery. Calvin John, a brand manager of Tanisq, a gold retail chain owned by the Tata conglomerate, said the trend of using gold in smaller quantities picked up after 2004, when the price of the precious metal began rising. Local prices of gold, which have accelerated to highs in line with international prices, rose by 9% in the third quarter of this year, the World Gold Council said in a report released Thursday. The report said that retail investment in India - investment in gold bars or coins - fell 67% over 12 months to 26 tonnes in the third quarter to September as high prices and a poor monsoon dented consumer sentiment. Jewellery demand fell 42% to 111.6 tonnes, while total demand, which comprises jewellery and retail investment demand, fell 49% to 137.6 tonnes, the report said. India usually imports between 700 and 800 tonnes of the metal every year and accounts for about 20% of global demand. In recent weeks, international gold prices have blazed a record-breaking trail on concerns about the declining strength of the dollar as the world’s reserve currency. For brides-to-be shopping during India’s ongoing wedding season, which runs from November to the end of January, the high prices are a headache. Source: Home - Livemint.com | 21 Nov 2009 | 11:09 pm Reliance offering about $12 bln for Lyondell - sourcesMUMBAI (Reuters) - Reliance Industries is offering about $12 billion to buy a controlling interest in bankrupt chemical company LyondellBasell Industries to create one of the largest petrochemical firms in the world, two sources with direct knowledge of the deal said.Source: Reuters: Money News | 21 Nov 2009 | 10:44 pm Reliance offers to buy Lyondell for over $12 bn: sourcesMumbai: India’s Reliance Industries is offering about $12 billion to buy a controlling interest in bankrupt chemical company LyondellBasell Industries to create one of the largest petrochemical firm in the world, two sources with direct knowledge of the deal said. “The offer is in the vicinity of about $10 to $12 billion,” one source said, while another said it was around the upper end of the band. The two sources declined to be named as they are not authorised to speak to the media. The deal, if closed, will make it one of the largest overseas acquisitions by an Indian company. In 2007, Tata Steel bought Anglo-Dutch Corus steel maker for $13 billion. On Saturday LyondellBasell said Indian energy giant Reliance Industries has made a non-binding cash offer to buy a controlling interest and the offer represented a potential alternative to its previously filed reorganisation plan to emerge from Chapter 11 bankruptcy. Reliance said it had made a preliminary non-binding offer to acquire, for cash, a controlling interest in LyondellBasell upon its emergence from Chapter 11. “The offer is preliminary and subject to customary conditions including conduct of due diligence, documentation and receipt of sufficient creditor support,” it said. Both Reliance and LyondellBasell did not disclose the size of the offer in their statements. Bank of America Merrill Lynch is among the advisors for Reliance, they said. Reliance, India’s largest conglomerate, has been looking to expand, taking advantage of low valuations to delve into international markets. The company is aiming to attain 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 this week at the company’s annual meeting of shareholders. In September, Reliance raised about $660 million in a share sale that analysts said was likely to help the firm make acquisitions. It has $4 billion in cash, $8bn in treasury stock that can be sold and if it doubles its current net debt-to-equity of 0.35x it can borrow another $10bn, Macquarie said in a recent research note. Luxembourg-based LyondellBasell filed for bankruptcy protection in January, unable to meet its debt obligations after demand dropped for petrochemicals products during the global economic downturn. The company, owned by investor Len Blavatnik through New York-based Access Industries, took on billions of dollars of debt obligations when an Access Industries-led group bought the company in 2007. Source: LatestNews-Home - Livemint.com | 21 Nov 2009 | 10:36 pm CBI arrests Mahindra Satyam s audit headThe Central Bureau of Investigation on Saturday arrested Mahindra Satyam's internal audit head V S Prabhakar Gupta for his alleged involvement in the multi-crore accounting fraud in Satyam Computer.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 9:14 pm EU recession over but sharp contrasts in eastThe European Union may have inched out of its sharpest recession since the global slump of the 1930s, but green shoots are not emerging uniformly across the 27-nation bloc's eastern member states.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 8:58 pm IPhone to go on sale in South KoreaApple's iPhone will go on sale in South Korea this week, offered by the country's No. 2 mobile carrier KT Corp, KT said on Sunday.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 8:21 pm Healthcare bill passes first U.S. Senate testWASHINGTON (Reuters) - A sweeping healthcare overhaul narrowly cleared its first hurdle in the U.S. Senate on Saturday, with Democrats casting 60 party-line votes to open debate on the biggest healthcare changes in decades.Source: Reuters: Money News | 21 Nov 2009 | 7:43 pm CEC has no jurisdiction to decide on mining dispute: OMC - Times of India
Source: Business - Google News | 21 Nov 2009 | 6:14 pm Reliance bid to make India's largest global acquisitionReliance Industries has offered to buy a controlling stake in the world's third largest chemical company LyondellBasell. RIL did not disclose how much it had bid but a senior merchant banker said it would have to pay at least $ 12 billion.Source: India Business News | Business News - Times of India | 21 Nov 2009 | 3:30 pm Hershey trust pushes $17-bn offer for CadburyHershey Cos controlling trust wants the candy company to make a $17 billion bid for British confectioner Cadbury Plc, the Wall Street Journal reported, citing unidentified people familiar with the matter.Source: Business Standard | Front Page Headlines | 21 Nov 2009 | 12:30 pm Kurbaan could be Karan Johar's first flopIn the film industry, any film that does below 70% on opening day is considered a dud.Source: Business Standard | Front Page Headlines | 21 Nov 2009 | 12:29 pm India mulls rice reserve sale in local markets - Economic Times
Source: Business - Google News | 21 Nov 2009 | 12:28 pm IOC fire burns Rs 100-cr hole in GIC's pocketGeneral Insurance Corporation (GIC), Indias national re-insurer, is expected to take a Rs 100-crore hit in claims for the fire that broke out at the Indian Oil Corporation (IOC) complex near Jaipur last month.Source: Business Standard | Front Page Headlines | 21 Nov 2009 | 12:27 pm ICICI raises $750 mn in overseas bondsFour other banks ready to tap the market.Source: Business Standard | Front Page Headlines | 21 Nov 2009 | 12:24 pm RIL offers to buy Dutch petrochem firmLyondellBasells acquisition could add over $50 billion to its revenues.Source: Business Standard | Front Page Headlines | 21 Nov 2009 | 12:23 pm CBI arrests internal audit head in Satyam case - Economic Times
Source: Business - Google News | 21 Nov 2009 | 12:20 pm RIL moves towards a mega takeoverIts offer to acquire Dutch firm will outdo Tata's Corus deal if it comes through.Source: Daily News & Analysis: Money News | 21 Nov 2009 | 12:15 pm Suzlon sold 35% Hansen stake for $370 million - Economic Times
Source: Business - Google News | 21 Nov 2009 | 11:32 am Identity crisisPerhaps the way out is provided by the Bengalis. They have no identity problem, knowing fully well they are the proud heirs of a long line of illustrious Bengalis which include Tagore, Subhas Bose, Karl Marx, Ho Chi Minh, TS Eliot, Pele, Led Zeppelin and Deep Purple, writes Manas Chakravarty.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 11:18 am We were not given a hearing: Reddy's mining firmObulapuram Mining Company (OMC), owned by rebel Karnataka Tourism Minister G. Janaradhan Reddy, Saturday said it was not given an opportunity to present its version by the Supreme Court's Central Empowered Committee (CEC), which recommended the controversial firm be asked stop illegal mining in Andhra Pradesh.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 11:01 am Five criminal cases filed in Orissa over illegal miningOrissa's vigilance department has filed five criminal cases against firms and people allegedly involved in illegal mining in the state, an official said Saturday.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 11:00 am In good spirits: Beam Global bets big on IndiaBeam Global Spirits Wine is a company better known perhaps by its brands. Laphroaig, Teachers, Cockburns Port, and Canadian Club are just some from a long list of popular brands of the company. Its flagship brand, Jim Beam dates back to 1795.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 10:51 am RIL makes daring bid for MNC petrochemical giantIndia’s largest private-sector company, Reliance Industries Limited (RIL), has submitted a bid to acquire Netherlands-headquartered petrochemicals giant LyondellBasell, reports HT Correspondent.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 10:28 am ICICI raises $750 mn in overseas bonds - Business Standard
Source: Business - Google News | 21 Nov 2009 | 10:27 am AirAsia set to become most connected non-local airline in IndiaAirAsia also announced three more flights to Chennai, Bangalore and Hyderabad starting from April next year.Source: Daily News & Analysis: Money News | 21 Nov 2009 | 10:16 am 'Premier Trading House' status for NALCOThe aluminium major had been been recognised as a 'Five Star Trading House' since 2005 for its substantial contribution to export of aluminium metal.Source: Daily News & Analysis: Money News | 21 Nov 2009 | 10:15 am Aurobindo Pharma sees $2 bn sales in next 3 yearsAurobindo Pharma has inaugurated a Rs 150 crore drug manufacturing plant at its pharma SEZ in Hyderabad. It expects revenues to hit USD 2 billion by 2013.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 9:22 am 3,509 Orissa farmers committed suicide in 11 yearsThe Orissa agriculture minister Saturday conceded that as many as 3,509 farmers have committed suicide in the state in the last 11 years.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 9:05 am India to have its first arbitration centre soonWith the aim of reducing the number of pending arbitration cases in India, a new arbitration centre will be inaugurated in the Delhi High Court complex next week.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 9:04 am Metro train stalls again, commuters stuckDelhi Metro's Dwarka to Noida line went haywire Saturday morning till noon. Hundreds of passengers where stuck when power supply failed. Consequently after long delays many commuters waiting on platforms took a refund on their tickets and opted for other means of transport.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 9:04 am Haryana seeks central intervention in river projectsHaryana Saturday sought the intervention of the central government in river projects and urged Union Water Resource Minister Pawan Kumar Bansal to take up the issue.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 9:03 am Haldia Petrochemicals contract workers go on strikeOver 1,500 contract workers of Haldia Petrochemicals Ltd (HPL) began an indefinite strike Saturday in support of a charter of demands including wage revision and increase in allowance.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 9:03 am Why pretend the spectrum scam has not taken place: JayalalithaaThe scam in allocation of 2G spectrum is 1,000 times bigger than the infamous Bofors gun scandal and how long is everyone going to pretend that it has not taken place, AIADMK General Secretary J. Jayalalithaa asked here Saturday.Source: IndiaeNews.com: Business News | 21 Nov 2009 | 9:01 am CBI arrests Mahindra Satyam's audit headCentral Bureau of Investigation arrested Mahindra Satyam's internal audit head for his alleged involvement in the multi-crore accounting fraud in Satyam Computer.Source: India Business News | Business News - Times of India | 21 Nov 2009 | 7:57 am Rolls Royce rolls out Ghost - Business Standard
Source: Business - Google News | 21 Nov 2009 | 7:17 am Air India offers 20 pc discount to senior citizensIn a bid to woo customers to its first and executive classes on international routes, national air-carrier, Air India, has offered a 20 per cent discount to senior citizens.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 6:39 am ICICI Bank raises $750 m from 5-yr bondsICICI Bank said it has raised $750-million (around Rs 3,465 crore) by issuing five-year bonds at its Bahrain branch.Source: India Business News | Business News - Times of India | 21 Nov 2009 | 6:06 am Shubhalakshmi Panse takes charge as ED of Vijaya BankPanse comes from Bank of Maharashtra with an experience in various fields for over 33 years.Source: Daily News & Analysis: Money News | 21 Nov 2009 | 5:21 am Govt may offload rice wheat from reserves in 10 daysThe government on Saturday said it will offload staple food grains from its reserves in the domestic market shortly to tame the surge in prices but is not "eager" to import rice to augment local supply.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 5:09 am Bharti Airtel cuts mobile roaming chargesBharti Airtel, India\'s top mobile operator, said on Friday it had launched a new bill plan that would reduce mobile roaming rates by nearly 60%.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 4:38 am India to press for reforms in WTO functioningIn the run-up to the seventh WTO Ministerial Meeting in Geneva beginning November 30, India has proposed urgent reforms in the functioning of the multilateral trade body.Source: India Business News | Business News - Times of India | 21 Nov 2009 | 4:33 am Bharti Airtel reduces roaming charges to 50 paise/minIn an interview with CNBCTV18, Atul Bindal, President, Mobile Services of Bharti Airtel Ltd, spoke about the fairly large sized cut in its roaming charges.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 4:26 am India on recovery trail, but challenges loomMUMBAI (Reuters) - India evaded the eye of the storm that sucked the global economy into the worst downturn since the Great Depression, and has emerged, along with China, as a leader of the nascent worldwide recovery.Source: Reuters: Money News | 21 Nov 2009 | 4:13 am Essar Comm to file revised bond offer docThe Reserve Bank of India (RBI) has sought a revised offer document from Essar Communication Holdings that details how it plans to use funds raised in a USD 920 million bond issue, two sources with knowledge of the development said.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 4:11 am US electric carmaker Tesla preparing IPO: SourcesUS electric sports car maker Tesla Motors plans to go public soon, two sources familiar with the matter said, amid growing interest in green technology and batterypowered vehicles.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 4:00 am Govt plans rice reserve sale in local marketsNEW DELHI (Reuters) -India, the world's second biggest rice grower, plans to sell the grain in local markets from reserves to douse fears of shortage caused by the worst monsoon in three decades, Farm Minister Sharad Pawar said on Saturday.Source: Reuters: Money News | 21 Nov 2009 | 3:37 am PNB plans to acquire majority stake in Kazakhstan-base bankThe bank is trying to take a 74% stake in a bank called Dana Bank in Kazakhstan, subject to RBI approval; the bank has completed due deligence, which is now being whetted.Source: Daily News & Analysis: Money News | 21 Nov 2009 | 2:56 am GM India will not cede ground in Chinese alliancePresident and Managing Director of General Motors India, is categorical that the proposed alliance with SAIC Motor Corporation of China for light trucks will in no way compromise his companys position.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 2:52 am Bharat Hotels to invest Rs 2,300 cr in new propertiesBharat Hotels, the holding company of The Lalit Suri Hospitality Group, will invest nearly Rs 2,300 crore in hotel properties in the next four years. This will include its foray in the midmarket segment.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 2:33 am Canada introduces express business visas for IndiansCanada has announced a new liberal business visa regime for Indian businessmen to catch up with other industrialised nations in boosting trade with India.Source: India Business News | Business News - Times of India | 21 Nov 2009 | 2:32 am DoT, Defence end stalemate on spectrumIn a move that will allow the Government to auction 3G spectrum for at least four operators in each circle, the Department of Telecom and the Ministry of Defence have struck an agreement whereby the armed forces will release 25 Mhz of radio frequency.Source: Moneycontrol Top Headlines | 21 Nov 2009 | 2:22 am Vodafone seeks more time to reply to Indian tax claimNew Delhi: British mobile phone giant Vodafone Group Plc has sought an extra two months to reply to a two-billion-dollar Indian tax claim over its purchase of India’s third-largest mobile operator. Vodafone had been told late last month to explain by 16 November the reasons why it did not deduct tax when paying $11.2 billion to buy a majority stake in Indian mobile phone operator Hutchison Essar in 2007. The company “has requested for further time till 29 January, 2010,” junior finance minister S.S. Palanimanickam told parliament in a written reply, news reports said on Saturday. The company has now been asked “to show cause why it should not be treated as an assessee in default for its failure to deduct and pay the tax”, Palanimanickam added, according to the Press Trust of India. The answer was tabled in the lower house of parliament late Friday. Vodafone argues capital gains tax is usually paid by the seller, not the buyer. But Indian tax officials argue Vodafone should have withheld two billion dollars for the Indian government from the sum it paid to a unit of Hong Kong’s Hutchison Whampoa for its Indian subsidiary. In 2008, the Bombay High Court rejected Vodafone’s petition for exemption from the tax department demand. The Supreme Court declined to hear the case and ruled that the Central Board of Direct Taxes should rule. The board is slated to take a “final view” after Vodafone replies to the tax notice. Vodafone and the tax department are at loggerheads over whether the purchase of the Indian unit, which had been held by a company registered in the Cayman Islands, is subject to Indian taxes. The company has said it “is confident that no tax is payable on this transaction”. Indian tax department officials insist tax is payable on the purchase of the company as it is located in India. Vodafone bought 67% of Hutchison Essar -- now called Vodafone Essar -- to break into the world’s fastest-growing mobile phone market as the London-listed company struggled with slowing sales in the developed world. But cut-throat competition in India’s increasingly crowded cellular market has hit revenues from Vodafone’s Indian arm. Source: LatestNews-Home - Livemint.com | 21 Nov 2009 | 2:05 am Asian tour aimed at growth and jobs ObamaAmerican President Barack Obama, who just concluded his four-nation maiden visit to Asia, said on Saturday that the tour was part of his pursuit of economic growth and jobs.Source: HindustanTimes.com - Top Business News Headlines | 21 Nov 2009 | 1:57 am
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