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Satyam says no outofcourt settlement with creditorsScam fallout: 37 creditors claiming Rs 1,030 crore but Mahindra Satyam rules out outofcourt settlement.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 8:14 am WalMart: No plans to invest in retail stores in IndiaWalMart Stores has not sought to invest in retail stores in India, the junior trade minister told parliament on Wednesday.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 8:08 am Banks need to buffer capital base: RBI chiefBanks need to buffer their capital base and upgrade risk management systems, the Reserve Bank of India (RBI) governor said on Wednesday.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 8:02 am We`re running out of gold: Miners!Gold production will continue to fall, despite a brief boost in 2009 and soaring prices, as deposits are exhausted and new discoveries remain elusive, say miners.Source: Zee News : Business | 25 Nov 2009 | 7:17 am US firm on slapping tariffs on Chinese steel pipes!The United States has firmed up plans to impose up to 15 percent tariffs on imported Chinese steel pipes targeted for wideranging sanctions for alleged unfair subsidies.Source: Zee News : Business | 25 Nov 2009 | 7:17 am Ireland hit by public sector strike against cuts!Recession-hit Ireland was severely disrupted by a one-day strike Tuesday as about 250,000 public sector workers protested at planned austerity cuts in next month`s budget.Source: Zee News : Business | 25 Nov 2009 | 7:17 am Banks need to buffer capital base: RBI chief!Banks need to buffer their capital base and upgrade risk management systems, the Reserve Bank of India (RBI) Governor said on Wednesday.Source: Zee News : Business | 25 Nov 2009 | 7:17 am Japan posts $9.1 bn trade surplus in October!Japan on Wednesday posted a trade surplus for the ninth straight month in October, as the world`s number two economy gradually emerges from deep stagnation, thanks to recovery in the rest of Asia.Source: Zee News : Business | 25 Nov 2009 | 7:17 am Raising rates quickly may cause slump: World Bank!Swift interest rate hikes aimed at containing inflation in product and asset prices could cause another downturn in the slowly recovering economies of the United States and Europe, the head of the World Bank said.Source: Zee News : Business | 25 Nov 2009 | 7:17 am US central bank issues rosier outlook on economy!The US Federal Reserve has raised its growth forecasts for the US economy, but warned that unemployment in the US will remain for some time at its highest levels in a generation.Source: Zee News : Business | 25 Nov 2009 | 7:17 am Tatas may launch electric Indica by early 2011With many automakers planning to launch ecofriendly vehicles for the domestic market, Tata Motors said on Tuesday that it may launch the electric version of the small car Indica in early 2011.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 7:14 am CBI unearths additional fraud of Rs4739cr in SatyamThe Central Bureau of Investigation (CBI) has stumbled upon more evidence that could push the size of the fraud at Satyam Computer Services to Rs 11,875 crore from the initially estimated Rs 7,136 crore.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 7:09 am Pantaloons raises Rs 500cr via QIP at Rs 316In an exclusive interview with CNBCTV18, B Anand, Director of Finance, Future Group, spoke on the latest development in the company.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 7:07 am Infy to hire 20000 in FY11, says job scene improvingThe job scenario is improving, says IT major. It adds it should achieve its target of hiring 20,000 employees in FY11.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 6:31 am Wipro sees sustaining operating margins in near termWipro Ltd will be able to sustain its operating margins in the near term as the business environment improves, a top executive saidSource: Moneycontrol Top Headlines | 25 Nov 2009 | 5:53 am Welspun Gujarat raises $ 250mn via FCCBs, QIPAkhil Jindal, Director of Welspun Group speaks about the company\'s capital raising exercise and the road ahead.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 5:25 am Mah Satyam looks at outofcourt settlement with creditorsIn a recent development it has been learnt that the global IT services provider, Mahindra Satyam is looking at an outofcourt settlement option with creditors. Twenty creditors from a total of 37 may withdraw legal notices issued earlier this month against the company, sources inform CNBCTV18.Source: Moneycontrol Top Headlines | 25 Nov 2009 | 5:07 am LinkedIn co-founder sees IPO likely, but not soonLinkedIn, with 53 million members around the world, is seen as a strong IPO candidate, especially as the market starts to pick up.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 3:30 am NHPC may lag by 800 MW in 11th Plan capacity additionThe company was provided a capacity target of 5,322 mega watts in the 11th plan.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 3:27 am 'Anil Ambani entitled to earlier rights in RIL if de-merger fails' - Economic Times
Source: Business - Google News | 25 Nov 2009 | 3:25 am IDBI Bank sees credit growth pick up by DecemberIs hopeful of maintaining the loan growth target of 18% by the end of the financial year.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 3:23 am Surana Telecom to de-merge solar biz into Surana VenturesUnder the deal, Surana Telecom shareholders will get three Surana Ventures shares of Rs10 each for every four shares of Rs5 each held in the company.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 3:22 am Nifty closes with modest gain ahead of expiry; BPCL up 6.5% - Moneycontrol.com
Source: Business - Google News | 25 Nov 2009 | 3:20 am IT job market bouncing back: Infosys'The job scenario is improving, this year the market is likely to see around 2-2.5-lakh jobs,' Infosys director (human resources), Mohandas Pai, told reporters today.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 3:19 am Privately held Facebook sets up dual-class stockSAN FRANCISCO (Reuters) - Facebook has established a dual-class stock structure to ensure voting control by existing owners, but has no plans to become a public company, it said on Tuesday.Source: Reuters: Money News | 25 Nov 2009 | 3:16 am Microsoft CFO to leave, look for bigger jobNEW YORK (Reuters) - Microsoft Corp's Chief Financial Officer Chris Liddell is to leave the company at the end of the year, indicating that he is looking for a bigger job at another company.Source: Reuters: Money News | 25 Nov 2009 | 3:13 am INTERVIEW - Reliance Globalcom in data centre driveHONG KONG (Reuters) - The global unit of India's Reliance Communications will more than double its data centre operations over the next 18 months, in a bid to compete with world leaders such as AT&T and BT, its CEO said on Wednesday.Source: Reuters: Money News | 25 Nov 2009 | 3:12 am Indian rupee at 1-wk high on local stocks,weak dlr - Reuters India
Source: Business - Google News | 25 Nov 2009 | 3:10 am Bajaj Hindusthan a good bet: Sandeep Wagle - Moneycontrol.com
Source: Business - Google News | 25 Nov 2009 | 3:05 am GLOBAL MARKETS - Global stocks rise; gold at record highLONDON (Reuters) - World stocks rose while gold hit another record high and the dollar weakened on Wednesday after Federal Reserve minutes expressed confidence in the durability of the U.S. economic recovery.Source: Reuters: Money News | 25 Nov 2009 | 3:04 am Reservation for economically backward is complicated: CommissionReservation for economically backward classes is not possible without constitutional amendments, members of the commission looking into the issue said here Wednesday.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 3:02 am Reliance Globalcom doubling data center operationsHong Kong: The global unit of India’s Reliance Communications will more than double its data centre operations over the next 18 months, in a bid to compete with world leaders such as AT&T and BT, its CEO said on Wednesday. Reliance Globalcom is planning to add 1 million square feet of new data centre space to complement its existing 600,000 square feet in India and 250,000 square feet outside the country, CEO Punit Garg told Reuters in an interview in Hong Kong. “We should be adding half of that in the next six to seven months,” he said. “The rest would be in the next 12 months after that.” His unit, which now generates about $1.6 billion in annual revenue, or nearly a third of Reliance Communications’ total, has notched breakneck growth in recent years as it leverages its Flag global cable network acquired earlier this decade to become a world player. That growth should remain brisk, but could slow somewhat from the rate of about 20% in the third quarter versus second quarter levels, Garg said. “I expect quarter-on-quarter high single-digit (growth) consistently,” he said. “When I look at our backlog, I’m confident we’ll continue with this story for at least the next four to six quarters.” Reliance Globalcom is the world’s biggest direct owner of undersea cable networks following its Flag purchase, with some 65,000 miles of cable covering 60 countries. It sells capacity on the network to many of the world’s major carriers, including U.S. firms AT&T and Verizon, France Telecom and BT in Europe and KDDI Corp and SingTel in Asia. But such carrier deals only account for about 20-25% of its revenue, with the rest coming from its sales to corporate customers for more lucrative telecoms services like those supplied by providers like AT&T and BT to global companies. The doubling of its data centre space is partly designed to cater to its growing global clientele, as demand for such capability grows with the global take-off of broadband services that allow for the quick transfer of large amounts of data. “You get revenues today not for capacity, but for services,” Garg said. “Enterprises pay not for capacity but services.” Source: Tech News - Livemint.com | 25 Nov 2009 | 2:59 am Reliance Globalcom doubling data center operationsHong Kong: The global unit of India’s Reliance Communications will more than double its data centre operations over the next 18 months, in a bid to compete with world leaders such as AT&T and BT, its CEO said on Wednesday. Reliance Globalcom is planning to add 1 million square feet of new data centre space to complement its existing 600,000 square feet in India and 250,000 square feet outside the country, CEO Punit Garg told Reuters in an interview in Hong Kong. “We should be adding half of that in the next six to seven months,” he said. “The rest would be in the next 12 months after that.” His unit, which now generates about $1.6 billion in annual revenue, or nearly a third of Reliance Communications’ total, has notched breakneck growth in recent years as it leverages its Flag global cable network acquired earlier this decade to become a world player. That growth should remain brisk, but could slow somewhat from the rate of about 20% in the third quarter versus second quarter levels, Garg said. “I expect quarter-on-quarter high single-digit (growth) consistently,” he said. “When I look at our backlog, I’m confident we’ll continue with this story for at least the next four to six quarters.” Reliance Globalcom is the world’s biggest direct owner of undersea cable networks following its Flag purchase, with some 65,000 miles of cable covering 60 countries. It sells capacity on the network to many of the world’s major carriers, including U.S. firms AT&T and Verizon, France Telecom and BT in Europe and KDDI Corp and SingTel in Asia. But such carrier deals only account for about 20-25% of its revenue, with the rest coming from its sales to corporate customers for more lucrative telecoms services like those supplied by providers like AT&T and BT to global companies. The doubling of its data centre space is partly designed to cater to its growing global clientele, as demand for such capability grows with the global take-off of broadband services that allow for the quick transfer of large amounts of data. “You get revenues today not for capacity, but for services,” Garg said. “Enterprises pay not for capacity but services.” Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 2:59 am Astec LifeSciences to start a project in Q3FY11 - Moneycontrol.com
Source: Business - Google News | 25 Nov 2009 | 2:55 am Rupee at 1-wk high as dollar falls, shares riseThe rupee rose to one-week highs on Wednesday, supported by a weaker dollar overseas and on expectations the government will not impose strong measures to limit capital inflows.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 2:39 am Wal-Mart has not applied for retail stores - minWal-Mart Stores, the world's largest retailer, has not sought to invest in retail stores in India, the junior trade minister told parliament on Wednesday.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 2:37 am Indian traders buy gold despite near-record pricesMUMBAI (Reuters) - India gold traders continued to stock for weddings in anticipation of a further rise in near-record prices, but the flow of scrap sales eased, dealers said on Wednesday.Source: Reuters: Money News | 25 Nov 2009 | 2:32 am Morgan Stanley: India to sell $70 bn shares in 3 yearsThe upcoming auction of third-generation mobile spectrum will also potentially spur billions of dollars in equity raising, although not necessarily from the public markets.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 2:25 am Morgan Stanley: India to sell $70 bln shrs in 3 yrsMUMBAI (Reuters) - Morgan Stanley expects Indian firms to raise roughly $70 billion through share sales over the next three years, its India country head said on Wednesday.Source: Reuters: Money News | 25 Nov 2009 | 2:23 am India needs efficient banks and infra funding: RBIMumbai: Inefficiencies in Indian banks have meant the large cuts in official rates have not been fully passed on to customers, hampering the effectiveness of monetary policy, the head of the central bank said on Wednesday. Delayed financial sector reforms in India were necessary to open up long-term financing for infrastructure projects, rather than just relying on banks to deliver the funding, Reserve Bank of India governor Duvvuri Subbarao said. “There is a degree of stickiness and non-transparency in bank lending rates,” Subbarao said at a business conference. “The intermediation cost in India is still high, largely due to high operating cost. Although overall efficiency and productivity have improved, resources are not being utilised in the most efficient manner.” Banks have cut their prime lending rates by around 200 to 250 basis points since October 2008, around half the 425 basis points of cuts the RBI made in the repo rate, its short-term lending rate, between October 2008 and April. Further, most bank customers are not eligible for the prime lending rate and so pay higher rates for loans. “The challenge for Indian banks, therefore, is to reduce costs and pass on the benefit to both depositors and lenders,” Subbarao said. He said banks would need to augment their capital base and upgrade risk management systems, noting the Basel 2 framework for banks globally provided a standard to assess various risks and calibrate capital requirements. “Buffering the capital base of banks is obviously a standard and much-needed response to risk management,” he said. A meeting of Group of 20 finance ministers in September had agreed that banks should hold more and better quality capital. Infrastructure challenge Subbarao said financing India’s massive infrastructure needs would be a major challenge for Indian banks, and said stalled financial sector reforms could facilitate better availability of long-term financing. “This huge and growing demand of infrastructure finance will have to be met even as banks wrestle with expanding their traditional banking services,” he said. “While infrastructure typically requires long-term funding, the deposits of banks, their main source of funds, are relatively short-term.” Meeting fund requirements for infrastructure would require pending reforms to be cleared, he said. The government has estimated a funding requirement of about $500 billion to fund roads, airports, power and ports in the five years to 2012. “In advanced economies, the long-term finance space is filled by insurance companies and pension and provident funds. If some of the pending legislation gets through, in India too we can expect new sources of long-term financing to open up.” Subbarao said repurchase agreements or repos in corporate bonds would start soon. “Repos in corporate bonds are slated to start soon. We expect to issue final guidelines by end-November,” he said. The Central bank expects to come with final guidelines on repos in corporate bonds by end-November, which is expected to boost liquidity in the corporate debt market. The participant can pledge a corporate paper in exchange of funds for a certain period and at a rate determined by the market. As of now, repo transactions are allowed only in central government securities, treasury bills and state development loans. Moving ahead, Indian banks are set to increase their presence abroad, while foreign banks will have a larger presence in India, Subbarao said. Commenting on the ongoing financial inclusion programmes, the governor said, the effort should be to give access to at least minimal financial services to the excluded rather than chasing a target. Source: Home - Livemint.com | 25 Nov 2009 | 2:19 am Vigilant India remains vulnerable to attacksMumbai: The paramilitary troops outside the Trident and Taj Mahal hotels suggest a higher level of security a year after militants laid siege to Mumbai, but it may all be a mirage as the country still remains very vulnerable. While some improvements in security have meant there has not been another attack by Islamist militants since Mumbai, the country’s many chaotic cities and its 1.2 billion people make it almost impossible to plug all security loopholes. “I can’t say there won’t be another attack or a blast,” said D. Sivanandan, Mumbai’s police chief. “But if something happens, our response will be quicker and better.” The challenges Mumbai faces in preventing militant attacks are echoed in other Indian cities crippled by an underpaid and under-trained police force and a bureaucracy unable to respond quickly to the new threats. In Mumbai’s main train station, one of the 10 sites gunmen attacked and claimed most of their 166 victims last year, door-frame metal detectors remain unmanned. Luggage are not checked. Mumbai’s coastline, breached by the gunmen, is still largely unprotected. “Nothing has changed. We are no better off than we were on 26/11,” said Ajai Sahni, a senior security analyst at the Institute for Conflict Management in New Delhi. “The fact that there hasn’t been another major attack in the last year has nothing do with how good we have become; it’s about the greater pressure on Pakistan.” India has refused resumption of peace talks with Pakistan and sought to bring international pressure on Islamabad to act against the militant groups operating from its soil including the Lashkar-e-Taiba that it blamed for the attack last year. It has also raised its defence budget by a fourth and allowed private firms to hire paramilitary forces. Police chief Sivanandan points to recent additions like quick response teams, speedboats, combat vehicles and a hub for elite commandos as measures taken to improve preparedness. Lessons learnt Home minister P. Chidambaram has said the country’s vulnerability to attacks has not diminished or enhanced, but that measures such as better intelligence gathering have improved its capacity to deal with them. “India seems to have learnt a few lessons from last year, and there is greater integration in policy making and an effort to create new institutional structures and revamp existing ones,” said Brahma Chellaney at the Centre for Policy Research. “But ultimately, no country can prevent a terror attack.” The recent arrest of two men in Chicago linked to the Lashkar-e-Taiba on charges of plotting attacks in Denmark and India illustrate the threat India continues to face. A former member of the LeT said this week the group will not leave India in peace. Mumbai, India’s financial capital and a city of 18 million people, presents a snapshot of problems in securing the country. It’s 48,000 police, caught flat-footed last year with their World War II-era rifles and faulty flak jackets, are the city’s first line of defence and possibly its weakest link as well. “Given India’s history, it’s only a matter of time before a major attack of terror happens again,” Chellaney said. “The question to ask now is: are we better prepared to respond next time? The answer is yes.” Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 2:18 am Rupee at 1-week high on local stocks, weak dollarMumbai: The Indian rupee rose to one-week highs on Wednesday, supported by a weaker dollar overseas and higher local share prices. At 3:00pm, the partially convertible rupee was at Rs46.27/28 per dollar, off an intraday high of Rs46.2425, its strongest since 18 November, and stronger than Tuesday’s close of Rs46.37/38. The dollar fell to a seven-week low versus the yen. The dollar index against six major currencies was down about 0.4%. Expectations of no strong steps from the government to limit capital flows into the country also lifted sentiment. India can absorb $100 billion of capital inflows, nearly double what is expected this year, before it needs to take strong restrictive measures, C. Rangarajan, chairman of the prime minister’s Economic Advisory Council, told the Reuters India Investment Summit on Tuesday. Source: Home - Livemint.com | 25 Nov 2009 | 2:17 am India to sell $70 bn shares in 3 yrs: Morgan StanleyMumbai: Morgan Stanley expects Indian firms to raise roughly $70 billion through share sales over the next three years, its India country head said on Wednesday. Stake sales in state-run firms will account for $10-$15 billion of that, Narayan Ramachandran, who has been with Morgan Stanley since 1996, told the Reuters India Investment Summit. The upcoming auction of third-generation mobile spectrum will also spur potentially billions of dollars in equity raising, although not necessarily from the public markets, he said. “We will be raising between $20 billion and $40 billion per year, assuming markets hang in there,” Ramachandran, who has 20 years of investment experience, said at Reuters’ office in Mumbai. Indian companies have raised about $18 billion in equity thus far this year. Last year, Indian firms raised $7.2 billion in equity. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 2:13 am Mahindra Satyam says not losing clientsIT services firm Mahindra Satyam said customer attrition has stopped and it is not offering price cuts to win new deals, a company executive said.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 2:10 am Tatas may launch electric Indica by early 2011 - Moneycontrol.com
Source: Business - Google News | 25 Nov 2009 | 2:10 am Bajaj Hindusthan to add 400 MW to power capacityMumbai: Bajaj Hindusthan Ltd, part of the Bajaj Group, today said it has decided to expand the company’s power generation capacity by 400 MW at about Rs1,600 crore. The company’s board on Wednesday approved the expansion of power generation capacity by 400 MW by way of setting up of new coal based power plants of 80 MW each at five locations on the land adjacent to the existing sugar factories, Bajaj Hindusthan Ltd said in a filing to the Bombay Stock Exchange (BSE). Bajaj Hindusthan is the country’s top sugar and ethanol manufacturing company. “These new projects are expected to be completed within a period of around 20 months at an aggregate project cost of around Rs1,600 crore,” the company said. With these new power plants, power generating capacity of the group will increase to 830 MW from 430 MW, it added. Shares of Bajaj Hindusthan surged 4% in afternoon trade on the BSE and was trading at Rs 221.70. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 2:05 am India needs efficient banks and infra funding - RBIMUMBAI (Reuters) - Inefficiencies in Indian banks have meant the large cuts in official rates have not been fully passed on to customers, hampering the effectiveness of monetary policy, the head of the central bank said on Wednesday.Source: Reuters: Money News | 25 Nov 2009 | 2:02 am Flavour of India at Obama’s first state dinnerWashington: It was a taste of India at US President Barack Obama’s first state dinner, where he welcomed Prime Minister Manmohan Singh in Hindi and treated him to a range of vegetarian delicacies, including dishes prepared with herbs from the White House kitchen garden. Click Here to view a slide show on Barack Obama’s first state dinner Prime Minister Manmohan Singh and his wife Gursharan Kaur, the first state guests of the Obama administration, were received by the US first couple on the red carpet at the North Portico of the White House. Even before the state guest Singh and more than 300 other invitees were served some of the Indian delicacies at the huge tent pitched at the South Lawns of the White House, Obama set the tone by greeting in Hindi ‘Aaapka Swagat Hai’ (You are welcome). Some of the dishes were prepared by the White House chef from the kitchen garden of the First Lady Michelle Obama. To begin with, the guests were served ‘Potato and Eggplant Salad, White House Arugula With Onion Seed Vinaigrette´, followed by ‘Red Lentil Soup with Fresh Cheese’. Then the guests were treated to ‘Roasted Potato Dumplings With Tomato Chutney Chick Peas and Okra’, ‘Green Curry Prawns Caramelized Salsify with Smoked Collard Greens’ and ‘Coconut Aged Basmati’. ‘Pumpkin Pie Tart Pear Tatin Whipped Cream and Caramel Sauce’ was on their desert; and finally they were served ‘Petits Fours and Coffee Cashew Brittle Pecan Pralines Passion Fruit and Vanilla Gelees Chocolate-Dipped Fruit’. The first state dinner of the Obama White House had it all: Oscar-winning entertainers, Hollywood moguls, a knockout guest chef and even a wardrobe malfunction. Traditional evening gowns vied with saris of vibrant colors on Tuesday night at the high-glitz dinner in honor of Prime Minister Manmohan Singh. There were turbans and bindis as well as diamonds and brocades. “Everyone looks great; we’re feeling great,” White House social secretary Desiree Rogers told a phalanx of cameras as she arrived, betraying no hint of nerves at the biggest social event of the Obama presidency. First Lady Michelle Obama had been a little more forthcoming earlier in the day when she described the trick to pulling off the event as sort of like being a swan: calm and serene above the water but “paddling like mad, going crazy underneath.” The 338-person guest list was a mix of Washington insiders, Hollywood A-listers, prominent figures from the Indian community in the US, and Obama friends, family and campaign donors. Attorney general Eric Holder patted his pocket as he arrived and said his kids had prepped him with all sorts of questions for tablemate Steven Spielberg. UN ambassador Susan Rice, asked who she was most looking forward to chatting with, ventured, “I’d have to name four.” Then didn’t. Sen. Bob Casey had to scramble when his ensemble went rogue at just the wrong moment: His cummerbund dropped to the floor just as he and his wife stopped to pose before a scrum of about 40 reporters and photographers. Alfre Woodard and Blair Underwood provided the celebrity quotient, but neither could come up with a connection to India. Underwood said he was there because of Woodard. She said she was there because she’s on the President’s Committee on the Arts and the Humanities. Secretary of state Hillary Clinton, defence secretary Robert Gates, House of Representatives speaker Nancy Pelosi, senator John Kerry, former secretary of state Colin Powell and New York mayor Michael Bloomberg were among those spotted at the event. Dinner guests were treated to an eye-catching scheme of green and purple, from the green curry surrounding the prawns to the purple floral arrangements paying homage to the peacock, India’s national bird. Pumpkin was on the menu, too, with Tuesday’s dinner coming just two days before Thanksgiving. Hours before guests arrived and in keeping with tradition, Mrs. Obama previewed the glamorous table settings in the State Dining Room. That’s often the venue for such dinners, but not this time. Instead, in an effort to show Singh how much the US values relations with his country, the Obamas decided to serve dinner in a huge white tent on the South Lawn, with views of the Washington Monument and Lincoln Memorial through clear panels. It wasn’t your everyday tent: This one had chandeliers suspended from the ceiling and beige carpet on the floor. President Barack Obama, in his dinner toast, said the setting conjured images of India, where special events are “often celebrated under the cover of a beautiful tent.” Singh, in turn, told the president he was overwhelmed by the Obamas’ hospitality and said the president’s election last year had been an inspiration to millions of Indians. Magnolia branches native to both India and the US adorned the tent’s inside walls, along with ivy and nandina foliage. Guests were seated 10 apiece at round tables draped in green apple-colored cloths and napkins, offset by the sparkle of gold-colored flatware and china, including service and dinner plates from the Eisenhower, Clinton and George W. Bush settings. Floral arrangements of hydrangeas, roses and sweet peas in plum, purple and fuschia evoked India’s state bird. Mrs. Obama brought in award-winning chef Marcus Samuelsson of Aquavit, a Scandinavian restaurant in New York City, to help White House executive chef Cristeta Comerford and her staff prepare the largely vegetarian meal. Singh is a vegetarian. Samuelsson said being chosen to help whip up dinner was both “overwhelming and humbling.” The culinary offerings included potato and eggplant salad, arugula from the White House garden, red lentil soup and roasted potato dumplings or green curry prawns. Pumpkin pie tart and pear tatin were for dessert; the pears were poached in honey from the White House beehive. The after-dinner entertainment opened with the National Symphony Orchestra, under the direction of Marvin Hamlisch, playing “Summon the Heroes,” by composer John Williams. The lineup also included award-winning singer-actress Jennifer Hudson and jazz vocalist and composer Kurt Elling, both from the Obamas’ hometown of Chicago, and Indian musician and singer AR Rahman. Rahman won two Academy Awards for the music in “Slumdog Millionaire”. Among the other guests: Hollywood moguls David Geffen and Jeffrey Katzenberg. Guests with ties to India included spiritual adviser Deepak Chopra, director M. Night Shyamalan and PepsiCo chairman and CEO Indra Nooyi. Katie Couric of CBS News, Brian Williams of NBC News, Robin Roberts of ABC News and CNN Medical Correspondent Sanjay Gupta were among the media representatives invited. Oprah Winfrey was not on the list, but her best friend, Gayle King, was among the guests. Also there Obama friends Eric Whitaker and Martin Nesbitt, along with Obama’s half sister, Maya Soetoro-Ng, and her husband, Konrad; and Marian Robinson, the First Lady’s mother. Every aspect of Tuesday’s events was fraught with meaning and symbolism, from the flower colors to Mrs. Obama’s clothing designers. For the dinner, Mrs. Obama wore a sleeveless, gold and cream colored sheath dress with an overlay of silver and matching shawl by Indian-born designer Naeem Khan. At the State Dining Room event earlier in the day, the First Lady wore a skirt by Rachel Roy, who is Indian. The dinner also was a debut of sorts for florist Laura Dowling, who’s been on the job less than a month. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 2:02 am Govt seeks $2.96 bn World Bank loan for 2-laning of national highwayNew Delhi: India has sought $2.96 billion loan from World Bank for two-laning of over 17,000 km of national highway in the country, road transport and highways minister Kamal Nath told Rajya Sabha on Wednesday. Replying to supplementaries during question hour, he said World Bank has agreed to consider granting the new loan for the project. “A proposal has been forwarded to World Bank to consider an assistance of USD 2.96 billion for development of non-NHDP (National Highway Development Project) National Highway sections in various states to two-lane standards,” he said. Despite some concerns over implementation of the National Highway projects, the World Bank has also agreed to look at funding of viability gap, he said. He said there were 163 arbitration cases relating to Rs8,508.77 crore worth of highway projects under NHDP. Nath said land acquisition remains the single largest impediment in building of roads and pointed out that out of 218 projects completed under NHDP, 146 projects were completed behind schedule. State governments have been requested to set up dedicated 192 Special Land Acquisition Units to speed up land acquisition exclusively for NHDP projects, he said, adding chief secretaries have been requested to head the monitoring committee in their states to accelerate land acquisition. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 1:58 am CBI unearths additional fraud of Rs4739cr in Satyam - Moneycontrol.com
Source: Business - Google News | 25 Nov 2009 | 1:45 am US economic rebound smaller than thought but Fed optimisticThe US economy's rebound from a deep recession was smaller than initially thought, according to new government figures, but the Federal Reserve said it expects the country's recovery to pick up the pace in the coming year.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 1:45 am Suzlon signs pact with Australia s energy firmPune-headquartered wind power major Suzlon Energy signed an agreement with Australia's Infigen Energy to provide 20 units of wind power generators with a capacity to generate 42 MW.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 1:41 am Mahindra Satyam says not losing clientsMahindra Satyam said customer attrition has stopped and it is not offering price cuts to win new deals.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 1:35 am Coal India looking for more coalmine buys abroadMumbai: State-owned Coal India Ltd is planning to make more overseas coalmine acquisitions in the US, Asia, Africa and Australia, a senior official said on Wednesday. “We have already got 2 blocks in Mozambique having 1 billion tonnes reserve. We are now targeting the US, South Africa , Indonesia and Australia,” NC Jha, director-technical, Coal India Ltd, told reporters on the sidelines of a conference. The coal miner has called for expressions of interest from companies to form partnerships in these countries, and has got 53 offers, and shortlisted 39 of them, he added. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 1:34 am Infosys to focus on small buysInfosys Technologies Ltd is focussed on small acquisitions to boost growth, and does not expect pricing to improve in the near term.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 1:20 am Sensex up 142 points early afternoonA key Indian equities index was trading 142 points in the green early afternoon Wednesday, thanks to strong buying interest in oil and gas and banking scrips.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 1:02 am Infosys to focus on small buysBANGALORE (Reuters) - Infosys Technologies Ltd, India's No. 2 software exporter, is focused on small acquisitions to boost growth and does not expect pricing to improve in the near term, a top executive said.Source: Reuters: Money News | 25 Nov 2009 | 1:02 am Himachal hopes to reap bitter-sweet crop of hopThe hop flower - used to add a bitter flavour to beer - may bring in sweet business for Lahaul and Spiti district as the government plans to revive its cultivation in a big way.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 1:00 am Suzlon signs pact with Australia's energy firmPune-headquartered wind power major Suzlon Energy Wednesday signed an agreement with Australia's Infigen Energy to provide 20 units of wind power generators with a capacity to generate 42 MW.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 1:00 am Mahindra Satyam says not losing clientsBANGALORE (Reuters) - Mahindra Satyam said customer attrition has stopped and it is not offering price cuts to win new deals, a company executive said.Source: Reuters: Money News | 25 Nov 2009 | 12:55 am Financial segment improving: WiproBangalore: India’s Wipro Ltd is seeing an uptick in demand at its key financial services segment and expects to sustain overall operating margins in the near term as the business environment improves. The global banking sector has seen a slew of mergers and acquisitions in the recent past, and firms such as Wipro, the country’s No. 3 software services exporter, are cashing in on the growing need for technology services. “The recovery is taking place slowly ... Customers have decided to move on and make things happen,” Suresh Vaswani, joint CEO of Wipro’s IT business, said at the Reuters India Investment Summit in Bangalore. The company’s banking, financial services and insurance segment (BFSI), which accounts for about a quarter of its revenue, has been pressured by project delays and tightened customer spending amid the global slowdown. “Some of the uptick is driven by the consolidation activities we are doing for our clients,” Wipro Technologies chief financial officer Manish Dugar said. IT spending by banks and financial institutions has increased in the last two quarters, driven by consolidation-related work, said Rohit Kumar Anand, an analyst with PINC Research. Operating margins sustainable Wipro’s operating margins have risen over the last couple of quarters. Its IT services division posted operating margins of 23.8% for the second quarter ended 30 September, up from 22.3% for the prior quarter. “We don’t expect margins to go down, we don’t expect margins to go drastically up,” Vaswani said. Analysts say the worst seems to be over for India’s $60 billion outsourcing sector as bigger firms win large deals and pricing pressures ease. “The pipeline certainly looks better. It has looked better and better over the last couple of quarters,” Vaswani said. Wipro, which competes with larger rivals Tata Consultancy and Infosys, has forecast IT revenue to rise between 3.8% and 5.7% in October-December from the preceding quarter to $1.09 billion to $1.11 billion, exceeding street expectations. The company, which integrates IT systems, develops software applications and manages call centres, posted a 1.9% sequential rise in July-September IT revenue. In October, IT research firm Gartner said global IT spending was likely to decline 5.2% in 2009, marking the worst year on record, but it expects a return to growth of 3.3% in 2010. New market push Emerging markets, which account for about 20% of Wipro’s total revenue, are expected to be the “big thrust areas” for the company going forward. “When I say emerging markets, predominantly it’s India and the Middle East, but Australia is becoming a big part of the business now,” Wipro’s Vaswani said. “While some markets may get challenged, some other markets somehow compensate.” The United States accounts for half of the company’s revenue, while Europe contributes about 30%. New York-listed Wipro also runs consumer products and lighting businesses. Wipro shares were up 0.4% at Rs649.50 on Wednesday in the main Mumbai market, which was up 0.67%. Source: Home - Livemint.com | 25 Nov 2009 | 12:38 am Welspun Gujarat raises $ 250mn via FCCBs, QIP - Moneycontrol.com
Source: Business - Google News | 25 Nov 2009 | 12:31 am Suzlon secures order from Australian firm - Expressindia.com
Source: Business - Google News | 25 Nov 2009 | 12:22 am CBI files second chargesheet in the Satyam scamThe CBI today filed second chargesheet in the multi-crore-rupee Satyam scam against the founder chairman of the company, B Ramalinga Raju, and others, including recently arrested internal auditor of the company V S Prabhakar Gupta.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 12:17 am Gucci’s single brand FDI plan may get nodNew Delhi, Nov. 24 The Foreign Investment Promotion Board (FIPB) has recommended approving Gucci’s plans to pick-up 51 per cent stake in Luxury Goods Retail Ltd, under single brand retail.Source: Business Line - Home Page | 25 Nov 2009 | 12:00 am Eveready Industries India (Rs 68): BuyWe recommend a buy in the stock of Eveready Industries from a short-term perspective. It is clear from the charts of the stock that it has been on an intermediate-term uptrend since December 2008 low of Rs 11.50. In July, the stock breached a keySource: Business Line - Home Page | 25 Nov 2009 | 12:00 am Diversified equity funds outperform indicesThe market rally of 2009 has pushed the returns of several diversified equity funds into the triple digits, with 41 of the 176 diversified schemes clocking an absolute one year return of 100 per cent plus. About 56 per cent of the fundsSource: Business Line - Home Page | 25 Nov 2009 | 12:00 am ‘Low’ pops up over South-East Bay, may intensifyThiruvananthapuram, Nov 24 India Meteorological Department (IMD) has traced a low-pressure over South-East Bay of Bengal and adjoining south Andaman Sea on Tuesday.Source: Business Line - Home Page | 25 Nov 2009 | 12:00 am CBI claims unearthing additional fraud of Rs 4,739 cr in SatyamHyderabad, Nov.24 The Central Bureau of Investigation (CBI) has stumbled upon more evidence that could push the size of the fraud at Satyam Computer Services to Rs 11,875 crore from the initially estimated Rs 7,136Source: Business Line - Home Page | 25 Nov 2009 | 12:00 am RNRL says it was unable to raise funds for Dadri projectNew Delhi, Nov. 24 On a day when Mr Anil Ambani made a surprise appearance in the Supreme Court in the Ambani brothers’ gas row, his company Reliance Natural Resources Ltd (RNRL) said it was unable to raise the Rs 25,000 crore (around $5Source: Business Line - Home Page | 25 Nov 2009 | 12:00 am Soon, get details of online train ticket bookings on your mobileNew Delhi, Nov. 24 The next time you book your train ticket online using the Indian Railway Catering and Tourism Corporation (IRCTC) Web site, you will get an SMS on your mobile phone informing you of your confirmed ticket details such as the PNRSource: Business Line - Home Page | 25 Nov 2009 | 12:00 am CBI arrests Co Law Board chief on graft chargesNew Delhi, Nov. 24 The Acting Chairman of Company Law Board (New Delhi), Mr R. Vasudevan, was arrested on Tuesday by the Central Bureau of Investigation (CBI) for allegedly taking a bribe of Rs 7 lakh from a Company Secretary at his officialSource: Business Line - Home Page | 25 Nov 2009 | 12:00 am Hi-speed data download at 10 paise/ MB from MTSBangalore, Nov. 24 MTS, the mobile telephony services brand of Sistema Shyam Teleservices Ltd (SSTL), has announced the launch of high speed data services MBlaze with free use of a few Web sites.Source: Business Line - Home Page | 25 Nov 2009 | 12:00 am Day Trading GuideDLF is experiencing selling pressure at higher levels. Utilise rallies to sell the stock with tight stop at Rs 386. Initiate fresh short-position if ICICI Bank tumbles below Rs 885 and SBISource: Business Line - Home Page | 25 Nov 2009 | 12:00 am Govt has no plan to review FDI rules in retail - minNEW DELHI (Reuters) – The government has no plan to further liberalise foreign investment in retail sector, the trade minister said on Wednesday.Source: Reuters: Money News | 24 Nov 2009 | 11:51 pm Markets up 0.7%; Reliance, Infosys leadMumbai: Indian shares climbed 0.7% on Wednesday, led by gains in energy major Reliance Industries and IT bellwether Infosys, as a rise in Asian shares boosted investor sentiment. D.D. Sharma, senior vice president at Anand Rathi Securities, said a pick up in fund raisings by companies through placement of shares with qualified institutions, was boosting confidence. “Such investment is pointing to investor confidence in the long-term India story,” he said. Hindalco Industries, the country’s largest aluminium maker, raised $600 million through a sale of shares to institutions this week. By 11:53am, the 30-share BSE Index was trading up 0.65% at 17,243.27, with 24 of its components gaining. The 50-share NSE index was up 0.7% at 5,127.20. Reliance Industries, which has the heaviest weight in the index, gained 1.8% to Rs2,214.25, after it said it had reopened 900 gas stations. The stock also got a boost as it neared the record date on Friday for its 1:1 bonus issue, traders said. Asia’s top oil refiner China Petroleum and Chemical Corp and US private equity firm TPG are not considering a bid to buy bankrupt chemical company LyondellBasell Industries, for which Reliance has made an offer, a source close to the situation said. Infosys, India’s No. 2 outsourcer, climbed to all-time high of Rs2,453. Its chief financial officer told Reuters it was looking to acquire companies with revenue of $400 million to $500 million. Smaller rival Wipro rose 0.6% after its co-CEO told Reuters it would be able to sustain its operating margins and the pipeline looked better than that at the end of fiscal year 2009. Cigarette and hotel major ITC climbed 1.4% to Rs267.25 on better outlook, dealers said. In the broader market, gainers were nearly double the number of losers on volume of 140 million shares. Source: Home - Livemint.com | 24 Nov 2009 | 11:51 pm GM’s Saab sale collapses as buyer backs outDetroit: A deal for General Motors Co to sell Saab collapsed on Tuesday when the buyer pulled out, in a move that threatens a 60-year-old Swedish auto brand with closure after mounting losses. GM had been aiming to close a deal by the end of next month to sell Saab to a partnership led by the Swedish luxury car builder Koenigsegg and backed by China’s Beijing Automotive Industrial Holding Ltd (BAIC). Koenigsegg, a tiny Swedish company that hand builds sports cars that sell for $1 million, said it was pulling out of the deal because of the risk of delays in closing five months after reaching a preliminary deal with GM. That came as a surprising setback for GM, which has been working to shed brands as part of a more narrowly focused sales strategy after emerging from a bankruptcy in July, backed by over $50 billion in US government financing. Closure of Saab and its Trolhattan, Sweden, production hub also would threaten over 3,000 jobs and scuttle a plan spearheaded by the Swedish government to help finance a restructuring of the company. Financing the Saab sale had been seen as a major challenge for Koenigsegg even after Chinese state-run BAIC said in September that it would take a minority stake in the company. BAIC said it was disappointed the deal had fallen through and was reviewing its options but remained committed to becoming a more global company. “With regard to Koenigsegg’s withdrawal, we will carefully evaluate this project anew and make appropriate arrangements,” BAIC said in a statement. A tentative deal reached by GM to sell its Saturn brand to Penske Automotive Group Inc also collapsed at the end of September, just before it was expected to close. No Swedish Bailout Chief executive Fritz Henderson said GM would take the next few days to consider the options for Saab. “We’re obviously very disappointed with the decision,” he said. GM’s 13-member board is scheduled to meet next Tuesday in Detroit for a regular monthly meeting and the question of what to do with Saab will now lead the agenda, said one person with direct knowledge of the situation. There are no other bidders for the brand, meaning that GM’s only options would be to restart the sale process or opt for closure, the person said. Because of the pressure GM faces to focus on its remaining four core brands -- Chevrolet, Cadillac, Buick and GMC -- a wind-down of Saab operations is likely, the person said. Sweden effectively ruled out a state bailout for Saab, saying the brand’s future would have to rest with finding a new private-sector buyer. “You can’t, by state aid, keep a company ongoing, if you don’t have any chance for a competitive company,” Joran Hagglund, state secretary at Sweden’s industry ministry, told reporters. Analysts agreed that the developments pointed toward extinction for an automotive brand that got its start after World War II with a group of Swedish aircraft engineers tinkering with aerodynamic car designs. “Hudson, Studebaker, Nash and DeSoto were all great companies too,” said Autoconomy.com analyst Erich Merkle. “I think Saab will fit alongside them in automotive history.” Dwindling Appeal, Mounting Losses The collapse of the sale of Saab comes as GM scrambles to restructure its European Opel unit. GM’s board decided earlier this month to keep the unit, which includes the Opel and Vauxhall brands, rather than sell it to a group led by Canadian auto parts maker Magna International Inc. GM said earlier on Tuesday that it had repaid a loan from Germany for Opel and had trimmed its plan for job cuts at the unit to about 9,000 to 9,500 -- still representing up to 19% of the unit’s work force. The next challenge for Henderson will be whether GM can close a deal to sell its Hummer SUV line to Chinese heavy equipment maker Sichuan Tenzhong Heavy Industrial Machinery. That deal, which is awaiting approval from China’s government, has been expected to close by year end. GM bought 50% of the Saab car operations in 1990 for about $700 million. It paid $125 million and assumed debt for the remainder of the unit in 2000. But GM had never made money on Saab during the nearly two decades it owned the brand best known for its 9-5 and 9-3 sedans. Efforts to use GM platforms to engineer recent Saab models failed to win back buyers and an ad campaign to sell the brand as “Born from Jets” fizzled. Boni Sa, an analyst at CSM Worldwide in Shanghai, said BAIC might still be interested in some of Saab’s technology and brands, but a solo bid for the whole company was unlikely. “I think BAIC might give it a try if it has a chance to get the old Saab 9-5 and 9-3 platforms,” Sa said. “Even though the technologies are a bit outdated, they’re better than nothing for BAIC.” BAIC, which failed in an earlier bid for Opel, has no car brand of its own. GM vice chairman Bob Lutz described Saab as having been “on life support” by its Detroit-based owner for years. Saab sales dropped 35% in 2008. US sales this year for the brand were down nearly 62% through October at 7,441 vehicles. Earlier this month, Saab said it would terminate 81 US dealership franchise agreements, cutting its distribution by more than a third from 218 dealerships. “Saab has very well put together cars, design and engineering. But they have not had that one car that was a game-changer,” said George Augustaitis, analyst with CSM Worldwide. Saab has said it lost about $340 million in 2008. GM has not released more recent financial information for the brand. Source: Home - Livemint.com | 24 Nov 2009 | 11:47 pm Sensex advances after weak start up 49 pointsThe sensitive index of the Bombay Stock Exchange opened the day at 17,149.08 points, against Tuesday's close at 17,131.08 points but soon rose to 17,180.4 points, up 0.28 per cent or 49.32 points in about 15 minutes of trading.Source: HindustanTimes.com - Top Business News Headlines | 24 Nov 2009 | 11:40 pm Rupee up by 8 paise at 46 29 a dollar in early tradeThe Indian rupee strengthened by 8 paise to 46.29 against the US currency in early trade, extending gains for the third straight day in line with firm Asian currencies.Source: HindustanTimes.com - Top Business News Headlines | 24 Nov 2009 | 11:28 pm No plan to review FDI rules in retail, says ministerNew Delhi: The government has no plan to further liberalize foreign investment in retail sector, the commerce and industry minister said on Wednesday. India, currently, does not permit foreign direct investment (FDI) in multiple-brand retailers, restricting global firms like Wal-Mart Stores and Carrefour from selling directly to customers in the country. Foreign holdings in single-branded retailers are capped at 51%. “We have no intent to review FDI in retail sector except what is permitted in single brand retail,” Anand Sharma told the lawmakers in the Rajya Sabha. Source: Home - Livemint.com | 24 Nov 2009 | 11:24 pm Sensex advances after weak start, up 49 pointsA key Indian equities index moved into the green Wednesday after starting weak and was ruling about 49 points up, 15 minutes into trade.Source: IndiaeNews.com: Business News | 24 Nov 2009 | 11:04 pm Farmers' shutdown halts life in ChhattisgarhNormal life was paralysed across Chhattisgarh Wednesday as thousands of farmers blocked roads and highways during a day-long shutdown called to force the government to hike the minimum support price for paddy.Source: IndiaeNews.com: Business News | 24 Nov 2009 | 11:02 pm Say no to nuclear plant, Mahasweta tells tribalsRailing against a proposed nuclear power plant in West Bengal's Haripur, celebrated writer Mahasweta Devi has urged tribals to send five post cards each to Prime Minister Manmohan Singh saying no to the plant.Source: IndiaeNews.com: Business News | 24 Nov 2009 | 11:02 pm CBI custody for law board chief caught taking bribeCompany Law Board (CLB) acting chief R. Vasudevan, who was caught red handed while allegedly accepting a bribe of Rs.700,000, is now in six-day Central Bureau of Investigation (CBI) custody. He is being questioned to establish if he had any associates, the bureau spokesperson said.Source: IndiaeNews.com: Business News | 24 Nov 2009 | 11:00 pm Gold hits record on dollar, India could buy moreTokyo: Gold struck a record high for a second time this week, rising above $1,170 an ounce on Wednesday, as the dollar slipped and a newspaper reported that India was “open to buying” more gold from the International Monetary Fund. Gold has jumped nearly 13% since the beginning of this month as investors poured money into the metal after India’s central bank announced it had bought 200 tonnes of bullion from the IMF. Russia, Sri Lanka and Mauritius have followed suit. The market gained further on Wednesday after Indian newspaper the Financial Chronicle said the Reserve Bank of India (RBI) could buy the IMF’s remaining 201.3 tonnes of gold, now the subject of negotiations. The newspaper quoted an Indian government official as saying: “(The) RBI is an independent body and the government does not interfere in its affairs. It will get the gold if its bid is successful and at the price it has offered.” RBI governor, Duvvuri Subbarao, declined to comment on whether the bank would buy more gold from overseas, however. “That India report has certainly helped to push the momentum in the market today,” said Darren Heathcote, head of trading at Investec Australia. Spot gold rose to an all-time high of $1,177.90 an ounce after the India report. Prices later eased to $1,176.50 as of 0414 GMT, still up 0.5% from the notional close in New York. Gold topped the previous high of $1,173.50 hit on Monday. US gold futures for December delivery also rose to a record high of $1,177.40. “If India is potentially buying more, then that doesn’t particularly surprise me,” said David Moore, commodities strategist at Commonwealth Bank of Australia in Sydney. “At the moment, as we speak, the US dollar is going through one of its soft patches again,” he said. The US dollar held near a six-week low against the yen on Wednesday, while the Australian dollar gained on the greenback and the Japanese currency after an upbeat speech from a central banker and a rise in construction work. Traders said the relatively thin trading volume ahead of Thursday’s US Thanksgiving holiday had served to exaggerate price moves. “We’ve seen at times relatively large movements on relatively small volume because the market is literally very thin,” Heathcote said. But market sentiment remained bullish. The previous record high was the $1,174.00 marked on Monday. The purchase was part of a planned sale of 403.3 tonnes by the IMF. Kazuhiko Saito, chief analyst at Fujitomi Co Ltd in Tokyo, said investors continued to believe that other central banks might buy gold. “Gold is being bought even when the euro falls against the dollar, and what we are seeing is an active flow of funds,” Saito said. He noted that other markets were quiet, with gold attracting most of the activity. Japan’s Nikkei stock average was flat on Wednesday after hitting a four-month intraday low, with tech shares and banks sold amid persistent concerns about equity funding, a rising yen and uncertainty about government economic policy. Traders say investors are also attracted to gold, often seen as a hedge against inflation, which erodes the value of paper assets. Money has also flowed into other precious metals investment instruments. The world’s largest silver-backed exchange-traded fund, the iShares Silver Trust, said its silver holdings rose 135.98 tonnes or 1.5% from the previous business day to a record 9,252.02 tonnes as of 24 November. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,122.371 tonnes as of 24 November, up 0.914 tonnes or 0.08% from the previous business day. The US crude oil price hovered around $76 per barrel on Wednesday, following a fall of 2 percent in the previous session after data showed the US economy grew at a slower-than-expected pace last quarter. Source: Home - Livemint.com | 24 Nov 2009 | 10:58 pm High gold prices dampen wedding demandNew Delhi: The wedding season is considered the best time for gold jewellers but with the yellow metal soaring to a record nearly Rs18,000 per 10 gm, city jewellers have reported a 25% drop in demand. Even those reaching out to jewellery showrooms at the peak of the marriage season are putting a cap on their purchases, jewellers rued. They said soaring prices have adversely affected their business as demand for ornaments has witnessed a fall by at least 25% this season. During the course of the year, the marriage season tends to be at its peak from mid-November to February, barring a few weeks in December with over 25,000 marriages scheduled during the period in Delhi only. On the recent hike in gold prices, an official at state-run trading firm MMTC told the news agency, “while jewellery buying is low, there is a positive influence in buying of gold coins and bars. People are investing more in solid gold expecting the market will rise further and they would be able to get good returns for their investments.” Market watchers believe that high prices are due to an unprecedented rush of investors into the bullion market, as also high global prices. The city’s leading gold retailers in Chandni Chowk and Karol Bagh said they are flooded with requests for cheaper necklaces, rings, earrings and bangles. “Till last year, people used to give 10 or 15 tolas (100 or 150 gm) of jewellery to the prospective brides, but now they are buying only after deciding the amount of money they will spend on ornaments,” said Nitin Malik, owner of Malik Jewellers Pvt Ltd, an MMTC franchise here. Atul Jain, a jeweller from Chandni Chowk said, “sale has gone down by almost 25%. People are buying only for brides and grooms,” adding a gold ring now costs around Rs9,000 as against Rs5,000 last year. The ongoing volatility is also keeping the prospective buyers at bay as they are unable to decide whether its the right time to invest in jewellery or not. Families are cutting costs and buying new sets only for the bride. The others are just getting old jewellery polished, Jain said. According to a shop manager at a Tanishq outlet, the trend of using gold in smaller quantities picked up after 2004, when the price of the precious metal began rising. “We are now trying to satisfy customers by showing big pieces with less gold and a low price tag,” he said. Karan Kriplani, owner of Girdhari Lal Co in Connaught Place here said, “a mild sentiment exists among customers. They are hesitant in buying over the counter.” AK Chhabra, sales manager with Phulkari in Connaught Place, said people might be buying less jewellery but they are investing in solid gold -- bars and coins. Source: Home - Livemint.com | 24 Nov 2009 | 10:51 pm Flat start for equities; ICICI Bank, Bharti Airtel downNational Stock Exchange's Nifty was trading at 5082.30, lower by 0.17% or 8.8 points from the previous close. Bombay Stock Exchange's Sensex was at 17133, down 2.45 points or 0.01%.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 10:22 pm US and India agree on new economic partnershipWashington: The United States and India will establish a new economic partnership which US treasury secretary Timothy Geithner will help formally launch in India early next year, the White House said on Tuesday. The new partnership aims to strengthen economic ties between the two nations and echoes the strategic economic dialogue Washington established with China in 2006. US President Barack Obama, hosting his first state visit since taking office in January, earlier met Indian Prime Minister Manmohan Singh and said that the world’s largest democracy would be a key source for US growth. “India will play a pivotal role in meeting the major challenges we face today. And this includes my top economic priority: creating good jobs with good wages for the American people,” he told a joint White House press conference. The Treasury said the new partnership represented “a significant elevation” of the existing bilateral economic relationship between the two countries. “India is an emerging global power and a country with which the United States has an increasingly important economic and financial relationship,” Geithner said in a statement. Representatives will meet annually at cabinet level, alternately in the United States and India, with working groups getting together throughout the year to push ahead on specific economic policy areas. The Chinese-US forum, created by Obama’s predecessor George W. Bush, gathers twice a year. The United States had a modest $3.2 billion trade deficit with India in the year to September, compared with its $165.8 billion trade gap with China. Singh echoed Obama’s hope the two countries could build a mutually beneficial economic relationship. He said the transfer of advance technology could open doors for U.S. investment into fast-growing Indian markets. “The lifting of US export controls on high technology exports to India will open vast opportunities for giant research and development efforts,” said Singh, after Obama reaffirmed that he intended to fully implement a civil nuclear agreement between the two nations. “It will enable US industry to benefit from the rapid economic and technological transformation that is now underway in our country,” Singh said. Source: LatestNews-Home - Livemint.com | 24 Nov 2009 | 10:12 pm High gold prices dampen wedding demandThe wedding season is considered the best time for gold jewellers but with the yellow metal soaring to a record nearly Rs 18,000 per ten gram, city jewellers have reported a 25% drop in demand.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 10:09 pm IMF to expand crisis lending fund to up to $600 bnWashington: Participants in the International Monetary Fund’s crisis credit facility agreed to expand it by up to $100 billion, add new contributing countries and make the facility more flexible, the IMF said on Tuesday. At a meeting in Washington, the 26 participants in the IMF’s New Arrangements to Borrow (NAB), a standing loan fund for use in times of financial crisis, agreed to increase the credit arrangements to up to $600 billion from a previous pledge of up to $500 million. The NAB members also agreed to add an unspecified number of new members from a pool of 13 potential new participants. A formal decision on expanding the NAB is expected to be taken by the IMF’s executive board in coming weeks. “Current and potential NAB participants agreed to work quickly to take the necessary measures to make the new enhanced NAB effective as soon as possible,” Japan NAB chairman Daisuke Kotegawa, said in a statement. For the first time ever this year, emerging market countries such as China, Russia, India and Brazil, contributed toward the NAB facility. But they have made it clear that any future lending would depend on them acquiring a bigger stake in the way the IMF is run -- a move that would shift power away from over-represented countries mainly in the industrialized world. The emerging economies also want more say over how the resources in the NAB are spent. Kotegawa said the next review of the NAB facility would be conducted following the next review of quotas, or voting rights, in the IMF. The quota review is due to be completed by January 2011. Leaders of the Group of 20 industrial and emerging economies in April pledged immediate financing of $250 billion toward a $500 billion increase in NAB resources. “Today’s agreement on an enlarged NAB marks an important moment for multilateralism and the Fund, which will help the IMF’s effectiveness in its response to crises and help strengthen the international financial architecture” said IMF Managing Director Dominique Strauss-Kahn said. Under the NAB agreement, the chair rotates annually among participants according to alphabetical order, with Japan transferring this position to South Korea. Source: LatestNews-Home - Livemint.com | 24 Nov 2009 | 10:07 pm Rupee up by 8 paise at 46.29 a dollar in early tradeThe rupee on Weddnesday strengthened by 8 paise to 46.29 against the US currency in early trade, extending gains for the third straight day in line with firm Asian currencies.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 10:05 pm Asset bubbles can push millions into poverty: ZoellickSingapore: The post-crisis world economy faces new risks from investment bubbles that risk plunging millions back into poverty, according to World Bank chief Robert Zoellick. While unprecedented fiscal and monetary actions by the United States and the rest of the world have rescued the global economy from a deep recession, these have inevitably created risks, he said. Signs of inflated asset prices are especially evident in Asia, including in China, Hong Kong and Singapore, where property prices and stocks have surged this year, Zoellick wrote in a Financial Times article published on Wednesday. “Asset bubbles could be the next fragility as the world recovers, threatening again to destroy livelihoods and trap millions more in poverty,” he said. He urged central banks and policymakers to deal with the issue quickly or else the unprecedented policies that have steered the global economy to recovery would soon backfire. “Waiting for bubbles to burst and then cleaning up the aftermath is now a new lesson of what not to do,” said Zoellick. The G-20 had better put asset price bubbles and new growth strategies on its agenda. “Otherwise, the solutions of 2008-09 could plant the seeds of trouble in 2010 and beyond.” Adopting a tighter monetary policy when the recovery is still fragile, especially in the US, may derail the upturn and may not necessary be the answer to addressing asset bubbles, said Zoellick. He pointed out that Asian policymakers have embarked on alternatives to deal with asset bubbles in their own backyards. In the case of Singapore, where property prices rose 16% in the third quarter, authorities have resorted to release more land for residential projects and stop buyers from deferring payments until construction is completed. Zoellick warned earlier this month that Asia’s rapid economic recovery carried new risks of overheating and urged governments to carefully unwind their huge stimulus injections. Source: LatestNews-Home - Livemint.com | 24 Nov 2009 | 9:55 pm Undergrad nets Rs 32 lakh offer from Deutsche BankThe 20-year-old undergrad of Shri Ram College of Commerce is now the toast of Delhi University as he has teed in an offer from Deutsche Bank for an annual compensation package of Rs 32 lakh ($69,000).Source: India Business News | Business News - Times of India | 24 Nov 2009 | 9:51 pm Absolute imperative to bring 26/11 culprits to justice: ObamaWashington: Mounting pressure on Pakistan, the US on Tuesday joined India in underscoring the “absolute imperative” to bring to justice the perpetrators of Mumbai attacks and underlining the need for “resolute and credible steps” to eliminate “safe havens” in Pakistan and Afghanistan which undermine the security and stability around the world. Setting out to launch a “new phase” in their strategic partnership, India and the US vowed to redouble their efforts to deal effectively with terrorism and in this regard signed a MoU to enhance cooperation particularly in information sharing and capacity building. During their 90-minute meeting, Prime Minister Manmohan Singh and US President Barack Obama agreed to step up cooperation and collaboration on pressing global challenges like terrorism and climate change and decided to take new bilateral initiatives in education, healthcare and agriculture sectors. Singh and Obama noted that the India-US partnership is indispensable for global peace and security and the US President said his country looked forward to a “stable and prosperous India playing an increasingly important role in world affairs.” He said the Indo-US ties would be the “defining relationship” in the 21st century. Meeting two days ahead of the first anniversary of Mumbai attacks, the two leaders discussed the progress in case amid India’s disappointment over the lack of “sincerity” and “urgency” by Pakistan in prosecuting those held in this connection. Reiterating his condemnation of the attacks, Obama joined Singh in underscoring the “absolute imperative” to bring to justice the perpetrators of the terror strike. Singh thanked Obama for the help extended by the US in investigation relating to the attacks. A joint statement issued after the talks said the two leaders emphasized their shared interest in the “defeat of safe havens in Pakistan and Afghanistan”. “They expressed their grave concern about the threat posed by terrorism and violent extremists emanating from India’s neighbourhood, whose impact is felt beyond the region. “The two leaders agreed that resolute and credible steps must be taken to eliminate safe havens and sanctuaries that provide shelter to terrorists and their activities. These undermine security and stability in the region and around the world,” it said. Apparently referring to Pakistan, Singh said, “the forces of terrorism in our region pose a grave threat to the entire civilised world and have to be defeated.” Obama said, “obviously, Pakistan has an enormously important role in the security of the region, by making sure that the extremist organizations that often operate out of its territories are dealt with effectively.” Contending that Pakistan had begun to “recognise that extremism, even if initially directed to the outside, can ultimately also have an adverse impact on their security internally,” the US president said, progress had been seen in Pakistan’s fight against terrorism as is indicated by Pakistan military action in West and South Waziristan. With regard to Afghanistan, Obama said, “it is in our strategic interests, in our national security interests, to make sure that Al Qaida and its extremist allies cannot operate effectively in those areas.” He said the US-led international forces are going to “dismantle and degrade their capabilities and ultimately dismantle and destroy their networks.” Talking about the US campaign in Afghanistan over the last eight years, Obama said, “some of those years, we did not have, I think, either the resources or the strategy to get the job done. It is my intention to finish the job.” His statement assumes significance as it comes just ahead of the new policy to be announced by Obama on Afghanistan, under which the US is expected to send thousands of more forces to the war-ravaged country. Singh and Obama committed to continuing mutually beneficial defence cooperation through the existing security dialogue, service-level exchanges, defence exercises and trade and technology transfer and collaboration. Recognizing the scope for cooperation in the areas of non-traditional threats to security, peacekeeping, humanitarian and disaster relief, and maritime security and protecting sea lanes of communication, they agreed to expedite necessary arrangements to facilitate these activities. The two leaders agreed that strengthening high technology trade between their countries is in the spirit of their strategic dialogue and partnership. They renewed their shared commitment to technology security and that it is in their mutual interest to invigorate this area of their partnership. The Prime Minister and the President reaffirmed their shared vision of a world free of nuclear weapons and pledged to work together, as leaders of responsible states with advanced nuclear technology, for global non-proliferation and universal non-discriminatory and complete nuclear disarmament, the joint statement said. Part of that vision is working together to ensure that all nations live up to their international obligations, it said. India reaffirmed its unilateral and voluntary moratorium on nuclear explosive testing while the US reaffirmed its testing moratorium and its commitment to ratify the Comprehensive Test Ban Treaty and bring it into force at an early date. Both leaders agreed to consult each other regularly and seek the early start of negotiations on a multilateral, non-discriminatory and internationally verifiable Fissile Material Cutoff Treaty at the Conference on Disarmament. They noted that nuclear terrorism and clandestine networks are a matter of grave concern, a veiled reference to the proliferation network of father of Pakistan’s nuclear programme, AQ Khan. Singh and Obama said they look forward to the April 2010 Nuclear Security Summit and working together with all participating states for the success of the meet. On climate change, India and the US agreed to enter into a Green Partnership to address the global challenge which they noted was linked to energy security and food security. They said eliminating poverty and ensuring sustainable development and a clean energy future are among the foremost global objectives. Singh and Obama reaffirmed their intention to promote the full, effective and sustained implementation of the United Nations Framework Convention on Climate Change (UNFCCC) in accordance with the Bali Action Plan. Recognizing their special role in promoting a successful and substantive outcome at the upcoming UNFCCC meet in Copenhagen in December, they reaffirmed their intention to work together bilaterally and with all other countries for an agreed outcome. The two sides launched ‘Singh-Obama 21st Century Knowledge Initiative’ to increase university linkages and agreed to expand the Fulbright-Nehru programme. It was also decided that a Regional Global Disease Detection Centre would be set up in India as part of enhancing collaboration in the field of healthcare. Source: Home - Livemint.com | 24 Nov 2009 | 9:28 pm Asian shares gain but Nikkei hits 4-month lowHong Kong: Asian stocks climbed on Wednesday after the Federal Reserve raised US growth forecasts for 2010 but Japanese shares fell to a four-month low on worries about capital raisings and government economic policy. The dollar fell to a seven-week low ¥88.20 in morning Tokyo trade as Japanese exporters sold the US currency and the greenback also fell against other currencies. As confidence in Japan’s economy wanes, financial markets have been reflecting some of that concern with the stock market trailing rest of the region significantly these past few weeks. “International investors have been underweight Japan for quite some time,” said Mark Konyn, who oversees about $11 billion as Asia-Pacific chief executive of RCM, a unit of Allianz Global Investors. “As we went through the election this year there was a glimmer of hope that reforms combined with improvement on economic fundamentals would spur investor interest,” he said. But the yen’s rise, worries about capital raisings and doubts about government economic and fiscal policies have rattled foreign investors, who have a prominent role to play given that domestic sellers have been net sellers after a change in investment strategy by pension funds, analysts say. Funds have been cutting stocks holdings and increasing exposure to foreign holdings to diversify and rebalance their investments. “You put that (foreign investor worries) alongside the economic disappointments and the incredible amount of capital raisings going and so you have the Japanese market lagging significantly,” Konyn said. The modest recovery in the stock markets in Japan has been smothered by a wave of share and convertible bond issuance by companies looking to raise much-needed cash after the financial crisis. The benchmark Nikkei fell to a four-month low of 9,366.33 before recovering to trade flat in a broadly higher Asia boosted by sectors like materials and consumer staples. The MSCI index of Asia Pacific stocks traded outside Japan was up 0.33%. The Thomson Reuters index of regional shares was up 0.87%. Fund raising worries also dragged down shares in two of China’s top four banks in a broadly steady market. Bank of China fell as much as 4.8% to a three-week low of HK$4.40 and China Construction Bank down as much as 2.1%, its lowest level in nearly two weeks. Both had notified regulators that they were working on fundraising proposals to improve their balance sheets after a lending surge in the first half of the year, a source told Reuters on Monday. Meanwhile, gold regained its shine after inflation worries had investors chasing the yellow metal which rose to a record high of $1,175.55 per ounce. Australian stocks and the Aussie dollar were both boosted by upbeat comments from a top central banker that the country can look forward to years of brisk economic growth built on booming resource investment, rapid population growth and rising household incomes. That has revived expectations the central bank will raise interest rates by another 25 basis points to 3.75% next week. Investors are tipping a 78% chance of a rate rise, up from last week’s 62%. Source: Home - Livemint.com | 24 Nov 2009 | 9:14 pm CBI arrests CLB member on bribery charge - NDTV.com
Source: Business - Google News | 24 Nov 2009 | 8:36 pm Russian firm paid NTPC Rs 100 crore in kickbacksThe CBI has unearthed evidence of alleged kickbacks of Rs 100 crore and Rs 3.33 crore by a Russian company, Technopromoexport, to Indian agents to secure a Rs 2,066 crore power project contract. Corruption unearthed Source: HindustanTimes.com - Top Business News Headlines | 24 Nov 2009 | 1:27 pm BPCL-Videocon strikes more oil in BrazilA consortium with two Indian partners - state-run Bharat Petroleum and Videocon Industries promoted by the Dhoots - have discovered additional oil in an exploration acreage in the Campos basin.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 1:22 pm IOC signs agreement to set up a nuclear power plantIndianOil Corporation has signed an MoU with Nuclear Power Corporation of India for setting up a nuclear power plant of at least 1,000 mw.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 1:19 pm Sensex companies' earnings rise 7.2% in Q2Though the earnings before interest, tax, depreciation and amortisation of sensex companies have grown 7.2% year-on-year (y-o-y) to Rs 56,100 crore in the second quarter.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 1:15 pm Fix over Raju's steep medical billRamalinga Rajus treatment at Nizam Institute Medical Sciences is turning out to be quite an expensive affair for Chanchalguda jail authorities.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 1:11 pm Uniform licence fee at 6% or lower: TelcosThe telecom industry has voted in favour of reducing the average licence fee payable for providing telecom services in response to a recent Trai consultation paper.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 1:09 pm Hyundai faces labour unrest in ChennaiHyundai India's Chennai operations with a rebel faction, owing allegiance to Centre of Indian Trade Unions (CITU), is threatening to go on a strike from December 5.Source: India Business News | Business News - Times of India | 24 Nov 2009 | 1:05 pm Onus on states to check FDI violations in retailThe Ministry of Commerce & Industry has put the onus of monitoring any violation by companies that have been allowed foreign direct investment (FDI) in the retail sector on state governments. It has directed them to create a suitable mechanism to hold periodic scrutiny against violation of Foreign Exchange Management Act (FEMA).Source: Business Standard | Front Page Headlines | 24 Nov 2009 | 11:51 am Trade MFs on NSE from MondayExchange to launch mutual fund trading platform; BSE set to follow.Source: Business Standard | Front Page Headlines | 24 Nov 2009 | 11:50 am Law Board boss in net for graftActing chief Vasudevan caught taking Rs 7 lakh.Source: Business Standard | Front Page Headlines | 24 Nov 2009 | 11:49 am Andhra stops iron ore mining, jolt to Karnataka ministerAndhra Pradesh late Tuesday ordered a complete halt to iron ore mining across the state, delivering a huge blow to Karnataka Minister G. Janardhan Reddy's Obulapuram Mining Company (OMC).Source: IndiaeNews.com: Business News | 24 Nov 2009 | 11:00 am Now book an air taxi to hop across citiesIf you are a family of three and want to fly in the comforts of your own aircraft Air Car, the recently launched low-cost air charter company has the solution, reports HT Correspondent.Source: HindustanTimes.com - Top Business News Headlines | 24 Nov 2009 | 10:43 am We ll concentrate on organic growthHousing finance major Deutsche Postbank, which had earlier acquired Birla Home Finance, is all set to increase its focus on the self-employed to increase its presence and marketshare, reports Mahua Venkatesh.Source: HindustanTimes.com - Top Business News Headlines | 24 Nov 2009 | 10:40 am HCL Cisco tie up for security systemsHCL Security, a subsidiary of IT company HCL Infosystems and the US-Based networking major Cisco Systems signed an agreement to collaborate on the development of IP(internet protocol) based security systems, reports Vivek Sinha.Source: HindustanTimes.com - Top Business News Headlines | 24 Nov 2009 | 10:38 am Dunlop to start production from Sahaganj unit Dec 2City-based tyre manufacturer Dunlop India would resume production at its Sahaganj unit Dec 2, the company said Tuesday.Source: IndiaeNews.com: Business News | 24 Nov 2009 | 9:04 am NSE joins Twitter clubNew Delhi: The National Stock Exchange (NSE) has joined the fast-growing ‘Twitterati´ club, and to start with the bourse has begun posting live quotes of its benchmark index Nifty on the micro-blogging website Twitter. With this, NSE has become the first Indian bourse—and so far the only one—to have a presence on Twitter, which has become a favoured short-messaging social networking website and can be accessed through mobile phone and internet. Outside India, exchanges and indices having established their presence on Twitter include Nasdaq of the US and London Stock Exchange’s FTSE. NSE currently posts quotes of its Nifty index, including the current level as also the highs and lows, every 10 minutes during the market hours and plans to expand its presence to other information for investors over the time. In just about a week of its launch, the NSE has already registered about 1,600 followers for its ‘tweet´ messages, which are capped at a maximum of 140 characters per post. So far, about 500 tweets have been posted on the exchange’s page on the Twitter. An exchange official said that the NSE has distinguished itself from other bourses with its presence on Twitter. The exchange aims to add some more indices and tools on the social networking site on coming period. “To start with, it’s a live ticker of Nifty only, but it will change over the time. Through Twitter, an investor can be in touch with the market,” the official said. With Twitter, the investors can reach the NSE with their mobiles only and need not log onto Internet through computers. Twitter is a free social networking and micro-blogging service that enables a user to send and read messages known as tweets. Tweets are text-based posts of up to 140 characters. A user can send and receive tweets through the Twitter website or short message service (SMS) on mobile phone. NSE’s rival Bombay Stock Exchange (BSE), the oldest bourse in Asia, is yet to join Twitter, but recently launched a redesigned version of its website. Source: Tech News - Livemint.com | 24 Nov 2009 | 2:28 am
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