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No doubt over Satyam probe after officer\'s arrest: GovtCorporate Affairs Minister Salman Khurshid today said that the arrest of R Vasudevan, the CLB official who was caught red handed by the CBI accepting bribe does not put a question mark on the Mahindra Satyam deal.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 6:51 am Jyothy Labs sees gross margins at 45% from laundry bizIn an interview with CNBCTV18, Ullas Kamath Deputy Managing Director, Jyothy Laboratories, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 5:47 am Insecticides India\'s FY10 sales to cross Rs 425crIn an interview with CNBCTV18, Rajesh Agarwal Managing Director of Insecticides India spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 5:31 am Infosys backoffice services unit\'s executive quitsA senior executive at Indian outsourcer Infosys Technologies\' business process outsourcing arm has resigned, a spokesman said on Thursday, two days after the division\'s Chief Executive quit.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 5:07 am SREIled consortium plans 400 MW power plantA consortium led by Srei Infrastructure Finance Ltd plans to set up a 400MW power plant in Haldia, West Bengal, for an estimated cost of Rs 1820 billion, a top official told Reuters.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 5:07 am Belgium on the block as GM outlines Opel cuts!A top General Motors executive said Wednesday the future of Opel`s Belgian plant was "uncertain" as he outlined plans to cut 9,000 jobs at GM`s loss-making European unit, over half of them in Germany.Source: Zee News : Business | 26 Nov 2009 | 4:59 am Dubai seeks debt delay, some units cut to junk!Dubai said on Wednesday two of its flagship firms planned to delay repayment on billions of dollars of debt as a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate`s breakneck growth.Source: Zee News : Business | 26 Nov 2009 | 4:59 am Wall Street ekes out pre-Thanksgiving gains!US stocks managed to hold modest gains after a series of economic reports led by better-than-expected data on jobless claims kept the mood positive ahead of the Thanksgiving Day holiday.Source: Zee News : Business | 26 Nov 2009 | 4:59 am Sensex down 57 points in early trade on Asian cues!The Bombay Stock Exchange benchmark Sensex on Thursday fell by over 57 points in early trade on capital outflows by foreign funds, triggered by weak Asian markets.Source: Zee News : Business | 26 Nov 2009 | 4:59 am Washington Post closes bureaus outside US capital!The Washington Post will close its remaining bureaus outside the US capital, the paper said Wednesday, in an attempt to cut costs in the prevailing economic climate.Source: Zee News : Business | 26 Nov 2009 | 4:59 am Indian IT firms jump on cloud computing bandwagonIndian IT firms may be forced to look beyond their breadandbutter offshoring model, as a potential game changer in the form of \"cloud computing\", the hottest new buzzword in Silicon Valley, floats east.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 4:13 am Lanco Infra tying up funds for three power projectsLanco Infratech is set to achieve financial closure for at least three major coalfired power projects entailing total investments of over Rs 15,000 crore.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 4:08 am RIL units to get 20% of gas needs from D6Reliance Industries (RIL) will be able to meet about 20% of its requirement of 11.80 mscmd of gas from its KrishnaGodavari Basin D6 block. The Government has allocated 2.34 mscmd of D6 gas to RIL.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 4:00 am Uninvited guests crash White House dinnerThe Secret Service is investigating how an uninvited couple was admitted to US President Barack Obama\'s White House state dinner, penetrating layers of security, a spokesman said on Wednesday.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 3:54 am Karnataka hikes power tariff by 34.16 paise/unitThe Karnataka Electricity Regulatory Commission (KERC), on Wednesday, increased the power tariff in the State by an average of 34.16 paise/ unit.Source: Moneycontrol Top Headlines | 26 Nov 2009 | 3:42 am Sensex closes below 16900; banks, oil & gas decline - Economic Times
Source: Business - Google News | 26 Nov 2009 | 3:26 am FUND VIEW - Tata wary of realty; bets on industrials, ITMUMBAI (Reuters) - Tata Mutual Fund is overweight industrial capital goods firms in India on hopes a reviving economy will boost order books in the current quarter and the next, lifting corporate earnings, a fund manager said.Source: Reuters: Money News | 26 Nov 2009 | 3:13 am Tata Steel output in Europe stabilizing - execMUMBAI (Reuters) - Tata Steel Ltd, the world's No. 8 steelmaker by output, is seeing manufacturing output in Europe stabilizing, a company executive said on Thursday.Source: Reuters: Money News | 26 Nov 2009 | 2:59 am BSE Sensex extends losses, banks lead fallMUMBAI (Reuters) – The BSE Sensex extended losses to 2 percent on Thursday afternoon, with banks leading the fall.Source: Reuters: Money News | 26 Nov 2009 | 2:54 am Dubai seeks debt delay, some units cut to junkDUBAI/NEW YORK (Reuters) - Dubai said on Wednesday two of its flagship firms planned to delay repayment on billions of dollars of debt as a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.Source: Reuters: Money News | 26 Nov 2009 | 2:54 am Orascom chairman eyes Bouygues Telecom: ReportOrascom Telecom, which owns shares in Egyptian telecom operator Mobinil coveted by its other shareholder France Telecom, is not ready to sell them.Source: Daily News & Analysis: Money News | 26 Nov 2009 | 2:53 am Priced at Rs.41000. Also launches the Wego scooter - Business Standard
Source: Business - Google News | 26 Nov 2009 | 2:51 am India traders shrug off record gold prices, stock upMUMBAI (Reuters) - India gold traders stocked up to meet demand in the wedding season that will last till December, hoping gold's rally will continue from record high prices, even as scrap flow eased, dealers said on Thursday.Source: Reuters: Money News | 26 Nov 2009 | 2:41 am Tata Steel Turns to Loss on Lower Prices, Output - Bloomberg
Source: Business - Google News | 26 Nov 2009 | 2:38 am WB to take back Singur land for power project with BhelBhel officials had inspected the site in Singur earlier this month where the state government proposed to set up a 1600 MW mega power plant as a joint venture.Source: Daily News & Analysis: Money News | 26 Nov 2009 | 2:34 am GLOBAL MARKETS - Dubai debt worry stirs cautious investorsLONDON (Reuters) - Debt problems in Dubai weighed on stocks, helped lift bonds and stirred currency trades on Thursday, as the dollar hit a 14-year low against the yen and gold climbed to a new record high.Source: Reuters: Money News | 26 Nov 2009 | 2:30 am Tata Steel posts consolidated quarterly net loss of $584.7 mnMumbai: Tata Steel Ltd, the world’s No. 8 steelmaker by output, reported a consolidated quarterly net loss on Thursday, hurt by the weak performance of its European unit Corus. Tata Steel, which bought No. 2 European steelmaker Corus in 2007, said its consolidated July-September net loss was Rs27.07 billion ($584.7 million), after minority interest and share of profit of associates, compared with a profit of Rs47.72 billion a year earlier. Consolidated net sales fell to Rs252.70 billion from Rs441.99 billion a year earlier. Last month, the firm said its Indian operations’ net profit fell 49.5%. Shares in Tata Steel, valued at $10.7 billion, extended losses to 5.2% at Rs533.10 after the results, while the BSE 30-share index was down 1.8%. The firm’s shares have leapt 150% this year, better than a 77% jump in the main index. Source: Home - Livemint.com | 26 Nov 2009 | 2:28 am Gold crosses psychological Rs 18,000 levelGold, which had set a new milestone at Rs 18,000 per ten gram in the previous session, opened higher by Rs 80 at Rs 18,080 per ten gram in the Delhi bullion market.Source: India Business News | Business News - Times of India | 26 Nov 2009 | 2:17 am Markets extend losses to 2%; banks lead fallMumbai: Indian shares extended losses to 2% on Thursday afternoon, with banks leading the fall. At 2:43pm, the 30-share BSE index was down 1.95% at 16,863.96 points, with 25 components falling, having been down 2% earlier. The 50-share NSE Index was down 1.9% at 5,009.75. Markets were trading 0.3% lower in the morning on light volume, ahead of the expiry of monthly derivatives contracts and weighed down by weak Asian markets. By 12:02pm, the 30-share BSE Index was trading down 0.3% at 17,147.70, with 14 of its components declining. The 50-share NSE index was down 0.3% at 5,090.80. “Trade will be lacklustre until the second half when we will see more action as derivatives contracts expire today,” said Vaibhav Sanghavi, director of Ambit Capital. Reliance Industries, which has the most weight in the index, slipped 0.3% to 1,093.45 rupees as the energy major began trading ex-bonus. The company had set one bonus share for every held. Outsourcer Mahindra Satyam extended losses and was down 4.1% at Rs86.80, after India’s federal investigation agency filed new charges over an accounting fraud that hit the company earlier this year. The stock fell as much as 8.3% in early deals after sliding more than 10% on Wednesday. V.K. Sharma, head of private client group at HDFC Securities, said he was advising clients to stay away from the stock until there was further clarity. “Investors are playing a blind game until the audited numbers are out. There could be more skeletons hidden in the closet,” said V.K. Sharma, head of private client group at HDFC Securities. Earlier this month, Chief Executive C.P. Gurnani had told Reuters TV the restatement of company results for recent years would be made on or before 30 June, 2010. Cigarette-to-hotel business ITC was down 0.9% at 266.25 rupees, after 259,923 shares changed hands in block deals on the National Stock Exchange at Rs266.35. ITC is open to raising its holding in EIH, which runs the Oberoi hotel chain, newspapers had reported on Thursday, citing ITC’s chairman. IT bellwether Infosys, which had touched an all-time high on Wednesday, edged 0.5% lower at Rs2,421.40. Private-sector HDFC Bank was down 1.2% at Rs1,780.80, after rising 4.8% over four sessions. In the broader market, losers outpaced gainers in a ratio of 1.2:1 on low volume of 122 million shares. Source: Home - Livemint.com | 26 Nov 2009 | 2:14 am Mahindra Satyam recovers after a steep slide - India Infoline.com
Source: Business - Google News | 26 Nov 2009 | 2:13 am Tata Steel consolidated qtrly net loss $584.7 mlnMUMBAI (Reuters) - Tata Steel Ltd, the world's No. 8 steelmaker by output, reported a consolidated quarterly net loss on Thursday, hurt by the weak performance of its European unit Corus.Source: Reuters: Money News | 26 Nov 2009 | 2:13 am Film review | Tears of the nightIt’s not an easy task recreating a horrific event that has affected so many thousands of people directly and so many millions indirectly. The terrorist attacks of 26 November, like 9/11, were a surreal spectacle for some of us—a spectacle that we helplessly watched unfold on TV. Every person has a nighmare vision or interpretation of it. What must have gone through a hostage’s mind when faced with the gunmen? What did he or she say to them? What was the last thing the Mumbai police officers say before they were shot? any of the gunmen have a moment of mercy? When Siddharth Sengupta, director of Un Hazaron ke Naam, a film on the attacks that is going on air tonight on Star Plus to commemorate the first anniversary of the event, began writing it in 2008, he faced silent survivors. “Nobody wanted to talk to us. We could not finally meet any survivors, and had to depend entirely on newspaper reports and what was already documented,” he says. He began shooting in May 2009 to make it ready for the telecast today. Un Hazaron ke Naam is fairly simple in narrative and purpose. It traces the night of 26 November through five stories: that of an assistant chef at the Oberoi and his parents, a couple and their daughter who went to the Taj to attend a wedding, a man who went to see off his son and daughter-in-law at the CST, the domestic help of a Jewish family at Nariman House, and a young girl who is forced to look beyond her comfortable existence.  Ultimately it was about people’s pain and tears, which is why I avoided dealing with any other emotions such as rage and disillusionment that people went through,” Sengupta says. In doing so, the film loses out on a point of view. While dealing with something as monumental as 26/11, being detached might be a sort of an achievement, but the film’s apolitical, emotional appeal also makes it tiresome towards the end. Scene after scene, there are survivors crying, grieving, contemplating. In the aftermath of 9/11, some American critics heralded the end of the age of irony. Entertainment and art will change forever, they said, everything was black-and-white, evil or good, right or wrong. That, of course, did not happen and some of the most passionate writings and artworks about and inspired by 9/11 have explored life beyond the immediate emotions.  All the scenes of the film were recreated on various locations; only a few shots were taken at a real location, the CST station. “We all wanted to do something after this event, and I was fortunate to have been able to do something. I hope people who actually experienced it first-hand are not hurt by the way we have tried to recreate the killings and the violence,” Sengupta says. Un Hazaron ke Naam premieres on Star Plus tonight at 10pm. The repeat telecast is on Sunday, 29 November, on Star Plus at 8pm. Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 2:10 am Telcos not serious about Zain consortium - minNEW DELHI (Reuters) - Indian state telecoms Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd are not seriously considering to join a consortium that is seeking a stake in Kuwait's Zain, Junior Telecoms Minister Gurudas Kamat told parliament on Thursday.Source: Reuters: Money News | 26 Nov 2009 | 2:04 am Microsoft showcases Indic language input tools - Indian Express
Source: Business - Google News | 26 Nov 2009 | 2:01 am Balrampur Chini Sept quarter net climbs 193% - Business Standard
Source: Business - Google News | 26 Nov 2009 | 1:44 am Traders shrug off record gold prices, stock upMumbai: The gold traders stocked up to meet demand in the wedding season that will last till December, hoping gold’s rally will continue from record high prices, even as scrap flow eased, dealers said on Thursday. “Our Chennai centre is seeing some activity, I have ordered for some additional stocks, which is expected today,” said a dealer with a state-run bank in Mumbai. “Delhi is also responding to current levels,” added the dealer. “Even at this level, demand has emerged, I did some 50-60 kgs so far in the day,” said another dealer with a bullion dealing state-run bank. The most-traded December gold contract on the Multi Commodity Exchange (MCX) was trading 0.34% higher at Rs17,782 per 10 grams at 2:15 pm, after hitting a record high of Rs17,868 earlier. While a weak rupee, which makes the dollar-quoted asset expensive, weighed on sentiment, they added. The rupee dropped further in afternoon trade on Thursday, weighed by losses in domestic shares and also month-end dollar demand from banks. The flow of scrap also eased as sellers sought higher prices, they added. “No one is ready to sell now, in fact I have buyers for coins,” said Jitendra Kantilal, partner, Jugraj Kantilal, a scrap dealer in Zaveri Bazzar, which also sells coins. Source: Home - Livemint.com | 26 Nov 2009 | 1:43 am Food inflation soars to 15.58% YoY - Moneycontrol.com
Source: Business - Google News | 26 Nov 2009 | 1:41 am Gold surges to Rs 18000-level in futures trade - Economic Times
Source: Business - Google News | 26 Nov 2009 | 1:40 am Toyota to fix gas pedals on four million vehiclesToyota Motor Corp will fix the accelerator pedals to address a safety issue linked to bursts of sudden acceleration and deadly accidents.Source: Daily News & Analysis: Money News | 26 Nov 2009 | 1:35 am Food inflation rises to 15.58%On an annual basis, potato prices more than doubled, pulses became expensive by over 35%, while onions rose by 27%.Source: Daily News & Analysis: Money News | 26 Nov 2009 | 1:32 am Food inflation rises to 15.58%On an annual basis, potato prices more than doubled, pulses became expensive by over 35 per cent, while onions rose by 27 per cent.Source: India Business News | Business News - Times of India | 26 Nov 2009 | 1:23 am A year after, India remembers Mumbai attacksMumbai: Mumbai held tearful memorials and police staged a show of strength on Thursday as India’s financial hub marked the first anniversary of terrorist raids that killed 166 people and ratcheted up tensions with Pakistan. While emotionals onlookers waved Indian flags and banners with slogans such as “End The Violence”, police commandoes with new weapons and armoured cars tracked the route the 10 terrorists took for an attack that stunned the country. Also Read |Vigilant India remains vulnerable to attacks 26/11 One Year Later (Full Coverage) Lounge Exclusive |26/ 11 Other residents lit candles outside a Jewish centre, one of several sites from luxury hotels to the city’s biggest railway station, that were targeted by the Pakistan-based militants in a rampage lasting three days.  Police officials march in a parade marking the first anniversary of the terror attack in Mumbai on Thursday. Rajanish Kakade / AP “We just wanted to show our support and show that we care,” said Subir Kumar Singh, who was leaving a written message on a banner outside the Leopold cafe, a popular tourist spot that still has bullet marks from the attacks. The raids highlighted the lack of preparedness of India to terrorist attacks and showed how regional tension in South Asia could undermine stability in Asia’s economic powerhouse as it emerges on the global stage. The police march was aimed at trying to show they were now better prepared. Many police, some armed with only sticks or old rifles, were reported to have fled the attackers who used grenades and automatic rifles. Nine terrorists were killed by police in the attacks. The lone survivor, Mohammad Ajmal Kasab, is on trial and could face the gallows if found guilty. Many foreigners, including US, British and Canadian nationals were killed. Some local residents shouted “Hang Kasab” as they walked past the seafront Taj Mahal Hotel, where the terrorists guided by handlers in Pakistan by telephone, battled commandoes for nearly three days through a myriad of plush corridors. “The first thing I did today was go to the temple and pray because my life was saved,” said Mukesh Agrawal, who was wounded at the city’s main train station. “(I) pray that something like this will not happen in my city. I am going back to the station tonight to see the place. It’s been a year, but I remember everything.” Jewish Prayers As a groundswell of emotions swept the city, Indian newspapers and TV stations indulged in a painful public soul-searching in chat shows, debates and editorials. “26/11: lest we forget” -- read a front-page editorial in the Mint newspaper.  A woman holds a candle to mark the first anniversary of the Mumbai attacks outside Trident hotel in Mumbai on Thursday. Arko Datta / Reuters New Delhi has sought to bring international pressure on Islamabad to act against terrorists operating from its soil, including the Pakistan-based group Lashkar-e-Taiba (LeT) blamed for masterminding the raids. “The government of Pakistan could do more to bring to book people who are still roaming around the country freely, to dismantle the infrastructure of terrorism and I can only hope that there will be progress in that area,” Prime Minister Manmohan Singh said this week in Washington. In a move seen as trying to appease that frustration as well as deflect US pressure to act, a Pakistani court indicted on Wednesday seven Pakistani suspects on terror charges in connection with the attacks. In Mumbai, police officers said their show of strength was a message of confidence for the city residents. “We wanted to tell the people that Mumbai is safer,” Rakesh Maria, the chief investigator in the attacks, told Reuters. “When I look back, the only thing that rankles is the loss of so many lives. If only we could have prevented it.” At Nariman House, a Jewish centre in a south Mumbai alley, Rabbi Yehuda Krinsky lit candles and read sacred verses on Wednesday in memory of six Jews killed by the militants. The centre has been shuttered since last November, its windows draped with plastic sheets, its walls and tiles still pockmarked and shattered from the fierce gunbattle. “It brings back images of the Holocaust,” said Krinsky, chairman of the orthodox Jewish movement’s international centres. Source: Home - Livemint.com | 26 Nov 2009 | 1:22 am India s food inflation jumps to 15 58 pcAnnual food inflation based on the official wholesale price index jumped to 15.58 per cent for the week ended Nov 14, as prices of potatoes more than doubled, while onion became dearer by 27 per cent over the past 52 weeks.Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 1:19 am Investors worry about another attack after MumbaiMUMBAI (Reuters) - The risk of militants striking again in India worries many investors who fear that a second attack similar to last year's Mumbai raids could shake what has so far proved to be a resilient economy.Source: Reuters: Money News | 26 Nov 2009 | 1:16 am Orissa seeks Jharkhand's help to check illegal miningOrissa has sought Jharkhand's help to check illegal mining in the state, a senior official has said.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 1:04 am Farmers clash with police in Uttar PradeshAgitated over the government's sugarcane policy, farmers in Uttar Pradesh's Muzaffarnagar and Baghpat district disrupted a rail route, targeted public vehicles and clashed with the police, officials said Thursday.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 1:04 am India's food inflation jumps to 15.58 percentIndia's annual food inflation based on the official wholesale price index jumped to 15.58 percent for the week ended Nov 14, as prices of potatoes more than doubled, while onion became dearer by 27 percent over the past 52 weeks.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 1:00 am Acer: Windows 7 good for sales, within expectationsAcer Inc, the world's No 2 PC maker, said Microsoft Corp's Windows 7 operating system launch last month has been "very positive" for year-end PC demand.Source: Daily News & Analysis: Money News | 26 Nov 2009 | 12:27 am Opel to slash 9,500 jobs to fix European plantsBerlin: The US auto maker General Motors has confirmed it will retain all four plants of its European subsidiary Opel in Germany but will cut 9,500 jobs in Europe as part of restructuring to make the company profitable again. The head of GM’s European operations Nick Reilly on Thursday assured state premier of Thuringia in eastern Germany Christine Lieberknecht that Opel’s Eisenach plant in the state will remain open. Eisenach is an highly efficient plant and “we want to keep it as an important resource for Opel,” Reilly said after talks with Lieberknecht at Opel’s main German plant in Ruesselsheim, near Frankfurt. Reilly had confirmed earlier that the Ruesselsheim plant as well as two other German sites in Bochum in the state of North Rhine Westphalia and in Kaiserslautern in the state of Rhineland Palatinate will also be kept. Before meeting Lieberknecht, Reilly held discussions with the state premier of Hessen, Roland Koch, and assured him that the Ruesselsheim plant will continue to remain GM’s main operational base in Europe and there will be no lay-offs there related to the planned restructuring. The Ruesselsheim plant is extremely important for GM as it is not only a manufacturing plant but also a research and development centre, Reilly said. The General Motors’ recent decision to shift its European headquarters from Zurich to Ruesselsheim “is an indication of how much importance the GM has for the site,” Reilly said. However, Opel needs to restructure the company and to reduce its capacity by 20% to make it profitable again and to remain globally competitive, GM’s European chief said. He indicated that GM plans to lay off between 9,000 and 9,500 workers from its present European workforce of around 45,000. Opel and its sister brand Vauxhall also has plants in Spain, Belgium, Britain and Poland. Around 25,000 of its European workers are based in Germany. Vauxhall employs about 5,500 people at its two plants in Britain. General Motors had caused shock and outrage in Germany earlier this month by abruptly cancelling a plan to sell Opel to the Canadian manufacturer of auto components Magna and a Russian investment bank. The proposed deal with Magna was the choice preferred by the German government for the loss-making auto maker because Magna had promised to keep all four German plants and to lay off a maximum of only 2,600 German workers. The German federal government and state governments had offered Opel a bridging loan of €1.5 million in May after it looked almost certain that Magna would buy the company. They had also expressed readiness to provide Opel an additional credit of €4.5 billion if the deal gets through. Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 12:14 am Opel to slash 9,500 jobs to fix European plantsBerlin: The US auto maker General Motors has confirmed it will retain all four plants of its European subsidiary Opel in Germany but will cut 9,500 jobs in Europe as part of restructuring to make the company profitable again. The head of GM’s European operations Nick Reilly on Thursday assured state premier of Thuringia in eastern Germany Christine Lieberknecht that Opel’s Eisenach plant in the state will remain open. Eisenach is an highly efficient plant and “we want to keep it as an important resource for Opel,” Reilly said after talks with Lieberknecht at Opel’s main German plant in Ruesselsheim, near Frankfurt. Reilly had confirmed earlier that the Ruesselsheim plant as well as two other German sites in Bochum in the state of North Rhine Westphalia and in Kaiserslautern in the state of Rhineland Palatinate will also be kept. Before meeting Lieberknecht, Reilly held discussions with the state premier of Hessen, Roland Koch, and assured him that the Ruesselsheim plant will continue to remain GM’s main operational base in Europe and there will be no lay-offs there related to the planned restructuring. The Ruesselsheim plant is extremely important for GM as it is not only a manufacturing plant but also a research and development centre, Reilly said. The General Motors’ recent decision to shift its European headquarters from Zurich to Ruesselsheim “is an indication of how much importance the GM has for the site,” Reilly said. However, Opel needs to restructure the company and to reduce its capacity by 20% to make it profitable again and to remain globally competitive, GM’s European chief said. He indicated that GM plans to lay off between 9,000 and 9,500 workers from its present European workforce of around 45,000. Opel and its sister brand Vauxhall also has plants in Spain, Belgium, Britain and Poland. Around 25,000 of its European workers are based in Germany. Vauxhall employs about 5,500 people at its two plants in Britain. General Motors had caused shock and outrage in Germany earlier this month by abruptly cancelling a plan to sell Opel to the Canadian manufacturer of auto components Magna and a Russian investment bank. The proposed deal with Magna was the choice preferred by the German government for the loss-making auto maker because Magna had promised to keep all four German plants and to lay off a maximum of only 2,600 German workers. The German federal government and state governments had offered Opel a bridging loan of €1.5 million in May after it looked almost certain that Magna would buy the company. They had also expressed readiness to provide Opel an additional credit of €4.5 billion if the deal gets through. Source: World Business - Livemint.com | 26 Nov 2009 | 12:14 am Gems, jewellery industry seeks changes in Direct Taxes CodeNew Delhi, Nov. 25 The gems and jewellery industry wants provisions such as search and seizure and tax on gross assets in the Direct Taxes Code to be modified.Source: Business Line - Home Page | 26 Nov 2009 | 12:00 am No re-look at cases handled by arrested CLB member: GovtNew Delhi, Nov. 25 The Corporate Affairs Minister, Mr Salman Khursheed, said on Wednesday that the arrest of Mr R. Vasudevan, Member, Company Law Board, will have no bearing on the Satyam scam case. The Minister also ruled out a re-look at otherSource: Business Line - Home Page | 26 Nov 2009 | 12:00 am Use NSE platform for mutual funds trading from Nov 30Mumbai, Nov. 25 From November 30, investors will be able to transact in mutual funds units via the National Stock Exchange’s fully automated online system. The exchange has issued elaborate guidelines in thisSource: Business Line - Home Page | 26 Nov 2009 | 12:00 am Banks may get more time for NPA provisioningThe Reserve Bank of India may give banks a breather by extending the deadline for increasing the provision coverage for non-performing assets (NPAs) to 70 per cent from September 2010 to March 2011.Source: Business Line - Home Page | 26 Nov 2009 | 12:00 am No need to ban cotton export, says MaranThe Union Minister of Textiles, Mr Dayanadhi Maran, on Wednesday said the current situation does not warrant any ban on raw cotton export.Source: Business Line - Home Page | 26 Nov 2009 | 12:00 am Oct crude oil output dips, gas risesNew Delhi, Nov. 25 Domestic crude oil output continued with its declining trend in October, with production dropping by 2.2 per cent against the same month last year. Natural gas production remained robust registering a 44.2 per cent increaseSource: Business Line - Home Page | 26 Nov 2009 | 12:00 am New lease of life for illiquid stocksSeveral illiquid and dormant stocks have now got a fresh lease of life on the exchanges.Source: Business Line - Home Page | 26 Nov 2009 | 12:00 am Vardhman Textiles (Rs 188.9): BuyWe recommend a buy in Vardhman Textiles from a short-term horizon. It is evident from the charts of the stock that it has been on an intermediate-term uptrend since March low of Rs 43. Moreover, with in this uptrend the stock was on a medium-termSource: Business Line - Home Page | 26 Nov 2009 | 12:00 am Cane price issue: The savings are only notionalBL Research Bureau The stock market may have reacted too soon in marking up the entire pack of sugar stocks, in response to the announcement that mills in Uttar Pradesh had reached an agreement with growers on a cane price of Rs 190-195/quintalSource: Business Line - Home Page | 26 Nov 2009 | 12:00 am Day Trading GuideWe recommend a sell in DLF as the near-term stance is bearish. Initiate fresh short-position if ICICI Bank drops below Rs 885 and SBI declines below Rs 2,300, with firm stop-loss. AvoidSource: Business Line - Home Page | 26 Nov 2009 | 12:00 am India too poor to bid for Olympics: sports ministerNew Delhi: India’s hopes of hosting an Olympics in the near future was dealt a blow by the sports minister Manohar Singh Gill, who said the country was far too poor to even consider the idea. India will stage the Commonwealth Games next year and the country’s Olympic association IOA chief Suresh Kalmadi had said India would bid for the 2020 Summer Games after the successful delivery of the New Delhi event. “I am not sure if India should be thinking of the Olympics. Look at the poverty here,” Gill told the parliament. “Some of our colleagues (in Parliament) and people outside casually say we should be bidding for the Olympics... I don’t think so,” Gill told the country’s lawmakers, according to Thursday’s Hindustan Times. “China spent $50 billion for the Beijing Olympics. Are you ready to spend that much?” India, a nation of 1.2 billion, has the second fastest growing economy after China and see the Commonwealth Games in October next year as an opportunity to show off New Delhi as a major global destination. India doubled its Commonwealth Games budget to $344 million and Gill told the Upper House that the estimated cost of training and competition venues alone was Rs41 billion (approx $888.5 million). Organizers came under heavy criticism following delays in the completion of infrastructure, leading to the Commonwealth Games Federation (CGF) expressing dissatisfaction at the tardy progress of work. Source: Home - Livemint.com | 25 Nov 2009 | 11:59 pm Investors worry about another attack after 26/11Another strike in India could prove a political distraction for a government that is gaining traction with financial reforms in such sectors as insurance and pensions.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 11:53 pm Asian stocks fall as dollar slides; gold at recordHong Kong: Asian stock markets dropped Thursday as mostly positive economic news in the US failed to inspire investors and the dollar tumbled to a 14-year low against the Japanese yen. Gold, meanwhile, hit a new record high of $1,196.8 an ounce as investors increased their bets on commodities to hedge against the sinking dollar. Concerns the greenback will continue to languish were running high following indications the US wasn’t overly concerned about its currency’s slide and will keep interest rates at ultra low levels for some time. That helped dragged the dollar as low as 86.27 yen its weakest since July 1995. The rising Japanese currency in turn hit shares of major exporters like Toyota and Canon whose overseas profits and competitiveness erode with a stronger yen. Most major markets were lower throughout the region, with Japan’s Nikkei 225 stock average losing 58.40 points, or 0.6%, to 9,383.24 and Hong Kong’s Hang Seng shedding 242.19 points, or 1.1%, to 22,369.61. In China, Shanghai’s benchmark fell 68.81, or 2.1%, to 3,222.25. Markets in Australia, Singapore and Taiwan were modestly lower. Overnight in the US, a drop in unemployment claims and a rise in home sales lifted stocks in light trading ahead of the Thanksgiving holiday Thursday, when US markets are closed. The Dow Jones industrial average rose 30.69, or 0.3%, to 10,464.40, its second gain in three days and its best finish since October 2008. The broader Standard & Poor’s 500 index rose 4.98, or 0.5%, to 1,110.63, and the Nasdaq composite index rose 6.87, or 0.3%, to 2,176.05. Oil prices fell to near $77 a barrel Thursday in Asia, with benchmark crude for January delivery down 67 cents to $77.29 a barrel. The contract rose $1.94 on Wednesday. In currencies, the dollar was lower at 86.62 yen from 87.35 yen. The euro traded moderately lower at $1.5103 from $1.5132. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 11:24 pm Infosys backoffice services unit's exec quitsJoydeep Mukherjee was heading the knowledge process outsourcing services at Infosys BPO.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 11:14 pm Gold buying a matter for RBI - finmin execNEW DELHI (Reuters) - Any decision on whether India would buy more gold from the International Monetary Fund (IMF) would be taken by the Reserve Bank of India (RBI), a finance ministry official said on Thursday.Source: Reuters: Money News | 25 Nov 2009 | 11:11 pm Rupee down 8 paise at 46 28 a dollar in early tradeThe Indian rupee on Thursday depreciated by 8 paise to 46.28 against the US currency in early trade on expectations of capital outflows by foreign funds.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 11:04 pm Sensex slips on opening, down 34 pointsA key Indian equities index slipped soon after opening bell Thursday and was ruling about 34 points down, 10 minutes into trade.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 11:02 pm Satyam continues fall for 4th day, tanks 8%Mumbai: Shares of Mahindra Satyam continued its downslide for the fourth consecutive day, plunging 8% in the morning trade on the BSE, as investors dumped the stock on concerns that the losses suffered on fraud may stretch further. After a weak opening on the Bombay Stock Exchange (BSE), the scrip tanked to a low of Rs83.05, down 8.28% over its previous close. Shares of Satyam have been on a downtrend for the past four sessions, losing nearly 21% from its valuation on Friday last when the scrip was quoting at Rs104.55. Marketmen said investors are booking profits in the stock amid the concerns over its financial health after the investigating agency CBI said on Tuesday that Satyam scam may stretch to a staggering Rs14,000 crore, nearly double of what it was estimated to be earlier. On the National Stock Exchange the scrip was heavily beaten and plunged 9.25% to Rs82.35. Over 1.49 crore shares of Mahindra Satyam changed hands on both the bourses within minutes of opening of trade. The Central Bureau of Investigation (CBI) has filed the second chargesheet in the multi-crore Satyam scam against its founder chairman B Ramalinga Raju and others, including the recently arrested internal auditor VS Prabhakar Gupta. The scrip was later quoting at Rs87.25, down 3.64% on the BSE. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 11:02 pm Computer sales in India up 24 percent in July-September quarterIn another sign of recovery in Indian industry, the sales of personal computers in the country were up 24 percent in the quarter ended Sep 30 and touched 2.19 million units, according to leading market research firm IDC.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 11:00 pm Sensex down 57 pts in early trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex today fell by over 57 points in early trade on capital outflows by foreign funds, triggered by weak Asian markets.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 10:54 pm Rupee down 8 paise at 46.28 a dollar in early tradeThe Indian rupee today depreciated by 8 paise to 46.28 against the US currency in early trade on expectations of capital outflows by foreign funds.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 10:47 pm Sensex down 57 pts in early trade on Asian cuesWinding up of positions by speculators on the last day of November month's expiry in the derivatives segment also put some pressure.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 10:31 pm Sensex down in early trade on Asian cuesSensex today fell by over 57 points in early trade on capital outflows by foreign funds, triggered by weak Asian markets.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 10:20 pm Rupee down 8paise at 46.28 a dollarMumbai: The rupee on Thursday depreciated by 8paise to 46.28 against the US currency in early trade on expectations of capital outflows by foreign funds. At the Interbank Foreign Exchange (Forex) market, the domestic unit traded 8paise down at 46.28 a dollar. The rupee ended 17paise higher at 46.20/21 against the US currency in the previous session. Forex dealers said expectations of more capital outflows by foreign funds as stock market may open lower in tandem with weak Asian equity markets and demand for the US dollar from importers mainly put pressure on the rupee. They said, dollar’s losses against other currencies contained the fall. Source: Home - Livemint.com | 25 Nov 2009 | 10:05 pm Rupee down 8 paise at 46.28 a dollar in early tradeThe Indian rupee today depreciated by 8 paise to 46.28 against the US currency in early trade on expectations of capital outflows by foreign funds.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 10:00 pm 18,000!Gold touches new high in Ahmedabad.Source: Daily News & Analysis: Money News | 25 Nov 2009 | 9:34 pm ITC keeps options open in race for EIH stake - Moneycontrol.com
Source: Business - Google News | 25 Nov 2009 | 9:31 pm AIG cuts salaries to 3 top executivesInsurer American International Group Inc said it has cut the salaries of three top executives to comply with pay restrictions for companies that took federal bailout money, according to a regulatory filing yesterday.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 9:30 pm Dollar tumbles to 14-year low vs yenTokyo: The dollar tumbled to 14-year low against the Japanese yen on Thursday after indications US interest rates will remain low and that the Federal Reserve isn’t overly concerned about the dollar’s slide. The dollar sank to 86.51 yen in Tokyo trading, the lowest since July 1995. Analysts said some investors were selling the dollar to buy gold, which surged to another record on Thursday. Japan’s finance minister Hirohisa Fujii said Japan “will take appropriate steps if foreign exchange rates move abnormally.” A strong yen is generally seen as bad for Japan’s economy because it erodes overseas income for the country’s big auto and electronics exporters. Panasonic Corp. president Fumio Ohtsubo described the yen’s appreciation as “very severe” to reporters, saying it was an added blow given the already weak state of the economy. The dollar has also been falling against the 16-nation euro, which rose to a 15-month high on Wednesday. It eased to $1.5114 on Thursday from $1.5132 late Wednesday. The renewed slump in the dollar was driven largely by the publication on Tuesday of the minutes to the Fed’s last rate-setting meeting on 3-4 November. The Fed said at the time that it plans to keep interest rates at “exceptionally low levels” for an “extended period,” currently the Fed funds rate stands at a range between zero and 0.25%, and that the fall in the dollar had been “orderly.” Currency traders seized on the reference to the dollar as the Fed is usually wary of talking about changes in currency values. Interest rate differences are likely to drive further dollar losses, analysts say. The US interest rate is among the lowest in the world. Source: Home - Livemint.com | 25 Nov 2009 | 9:14 pm Oil lowers to $77 in Asia trade on profit-takingSingapore: Oil was lower in Asian trade Thursday after a strong overnight rally on the back of positive US data and a weak dollar, analysts said. New York’s main contract, light sweet crude for January delivery, fell 50 cents to $77.76 a barrel. Brent North Sea crude for January delivery dropped 47 cents to $77.97. Prices surged overnight as fresh US data showed jobless claims fell in the week ending 21 November to an adjusted 466,000, the lowest since September 2008. A separate report showed consumer spending rose more than expected in October, and a third said sales of new homes rose at their strongest pace since September 2008. “The overwhelming (market) sentiment was based on the economic news,” said Andy Lipow, analyst at Lipow Oil Associates. Crude prices probably eased off in morning Asian trade as investors switched focus to digest the weekly oil data from the US Department of Energy (DoE), analysts said. “The inventory numbers were uninspiring so there was not anything to drive the market higher,” said Jason Feer, Singapore-based regional vice president for energy analysts Argus Media. “Demand fundamentals are still fairly weak.” The DoE said Wednesday in its weekly report that crude stocks rose by one million barrels in the week ended November 20 and gasoline reserves were up by the same amount. The weekly DoE report is closely watched by the market because the US is the world’s biggest energy consumer. Meanwhile, Opec member Algeria said the oil cartel was likely to maintain its production levels when the organisation meets next month in Angola. “We are going to keep the same output level until we have a clearer vision of the world economic situation,” Algeria energy minister Chakib Khelil said in a report carried by the APS news agency. The Organisation of the Petroleum Exporting Countries supplies 40% of the world’s crude. Source: Home - Livemint.com | 25 Nov 2009 | 9:01 pm Wall Street ekes out pre-Thanksgiving gainsNew York: US stocks managed to hold modest gains after a series of economic reports led by better-than-expected data on jobless claims kept the mood positive ahead of the Thanksgiving Day holiday. The Dow Jones Industrial Average drifted up 30.69 points (0.29%) on Wednesday to close at 10,464.40, its best closing level since 2 October 2008. The tech-heavy Nasdaq composite rose 6.87 points (0.32%) to 2,176.05 while the Standard & Poor’s 500 index added 4.98 points (0.45%) to 1,110.63. Market action came after a series of economic reports that sent mixed signals to traders. Trading was quiet with many participants absent ahead of today’s holiday. One report showed initial claims for US jobless insurance benefits plunged to their lowest levels since September last year. The adjusted number of new unemployment claims in the week ending 21 November decreased by 35,000 to 466,000 from the previous week’s revised figure of 501,000. Other data showed US incomes rose 0.2% and consumer spending jumped 0.7% in October, helped by a rebound in auto sales. A third report showed orders for durable manufactured goods fell 0.6% in October. Source: Home - Livemint.com | 25 Nov 2009 | 8:44 pm Satyam tanks in face of financial concernsMumbai: Shares of Satyam Computer Services Ltd fell 13.28% during the day on the Bombay Stock Exchange a day after the revelation by the Central Bureau of Investigation, or CBI, of an additional Rs4,739 crore fraud in the company. The shares closed 10.9% down at Rs90.55 each. The exchange’s benchmark index closed 0.4% up at 17,198.95.  Scam-tainted: The Satyam Computer corporate office in Hyderabad. Bharath Sai/Mint On Wednesday, investment advisory CLSA Asia-Pacific Markets put out a report titled Unsteady Ship with a sell recommendation on Tech Mahindra, citing risks posed by uncertainties surrounding the performance of Satyam. “Tech Mahindra management now seems to be indicating a revenue run-rate of US$1.0-1.2 billion at Satyam, compared to US$1.1-1.3 billion in August and US$1.3 billion in May,” said CLSA analysts Bhavtosh Vajpayee and Nimish Joshi in the report. “This continued downtick in commentary indicates that business stability at Satyam is still sometime away.” The report further said that “with clarity around Satyam’s financial health unlikely to emerge before June 2010, in our view, Satyam will find it extremely tough to attract and retain marquee clients”. The analysts also hinted that the current positive hiring mood among other technology companies could make it tough for Satyam to retain talent. Also See Triggering Decline (Graphics) “The Company Law Board has granted time till 30 June. But our effort is to get the restated numbers out as early as possible. Everybody’s interests are best served by that,” said a Satyam spokesperson. Analysts also continue to be concerned by Satyam’s liabilities. “While the class-action lawsuit could be a long-drawn-out affair, historical experience suggests that final settlement could be anywhere between 3% and 6% of total claims. Checks suggest that total claims have been in the US$1-1.5 billion range. Thus, cash outflow could be in the US$30-90 million range,” CLSA’s Vajpayee and Joshi wrote. “There are concerns about contingent liabilities and legal issues. Without clarity on the financials of the company, it is very hard to put a value on its shares,” said Shashi Bhushan analyst with Mumbai-based brokerage Prabhudas Lilladher Pvt. Ltd. “Investors will be groping in the dark till such time there is more clarity.” On 17 November, Satyam (since rebranded Mahindra Satyam) informed stock exchanges that 37 companies sent legal notices seeking repayment of Rs1,230 crore of loans. Satyam responded by terming the claim “legally untenable”. On Wednesday, citing unnamed sources, CNBC TV-18 reported that Mahindra Satyam was looking at out-ofcourt settlements with the companies. A spokesperson for Satyam said there was no such plan. Interestingly, in his confession of 7 January, company founder B. Ramalinga Raju had admitted to arranging Rs1,230 crore from 37 firms for operating expenses at Satyam. He had also provided the names of the firms, several of which are privately held firms promoted by his family. On Wednesday, a Satyam executive said customers had stopped deserting the company and that it was not offering discounts to win new deals. “We inherited 380 customers and we have not lost any. We have added about 36, so we have about 420 (as of now),” Atul Kunwar, president, global operations, said at the Reuters India Investment Summit in Bangalore. It is the new management’s performance that could be encouraging some investors to trade in the stock, said Hardik Shah, technology analyst with Mumbai-based Asit C Mehta Investment Intermediates Ltd. Still, “nobody, can take a call on the share’s valuation at this point in time with any degree of certainty”, he added. Prabhudas Lilladher’s Bhushan also questioned the price Tech Mahindra had paid for Satyam. “The difference in the bid price offered by an experienced investor like Wilbur Ross and the winning bid from Tech Mahindra should give you an indication of the vast differences in the perception of risks involved,” he said. Tech Mahindra’s winning bid of Rs58 a share was nearly thrice the offer of Rs20 a share made by private equity firm WL Ross and Co. Llc. At Rs58 a share, Tech Mahindra had agreed to pay Rs2,889 crore to acquire a 51% stake in the fraud-hit company. Engineering firm Larsen and Toubro Ltd (L&T), which was also bidding for Satyam, had made a bid of Rs45.90 a share. Last week, L&T sold a 2.32% stake in the information technology company for around Rs306 crore, a month after the lock-in period for holding the shares expired. The lock-in period was part of the terms and conditions of the bid process. L&T still holds a 4.58% stake in Satyam. The latest fraud, according to CBI, is over and above the Rs7,136 crore fraud disclosed by Raju on 7 January, which put Satyam at the centre of the largest corporate fraud investigation by multiple agencies in the country. This takes the total extent of the fraud to Rs11,875 crore. Graphics by Sandeep Bhatnagar / Mint Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 12:45 pm After Europe, Volvo plans to bring hybrid buses to IndiaNew Delhi: After hybrid cars, get ready for hybrid buses. Swedish auto maker Volvo Bus Corp. believes India is ready for hybrid buses and is working on starting trials in the local market. “We are in discussions where we would like to bring the buses to India as soon as possible for exhibitions and discussions,” said Edward Jobson, environmental director, Volvo Bus Corp. The company could start offering test rides to prospective customers next summer, he said. Hybrid buses, which run on both a diesel engine and electric batteries, typically emit half the amount of carbon dioxide emitted by diesel buses. However, they are also around one-and-a-half times more expensive. This has resulted in transport companies across the world being wary of making them a part of their fleets. “This is a new concept and we’ll have to see how it develops,” said Sugato Sen, senior director general at industry lobby group Society of Indian Automobile Manufacturers. “While state transport undertakings may not be very interested initially, there could be a market among long-distance operators and hotels.” But Volvo, which has secured an order to sell hybrid buses to Sales-Lentz, a Luxembourg-based bus operator, says that this perception is changing. Lower costs in operating these buses would mean operators could recover their costs in five-seven years, it claims. Running costs are between 30% and 35% lower, according to Volvo. The firm said it is in discussions with the urban development ministry on how the government can make it viable for state transport undertakings to run these buses. “Government support would be required in the initial first step,” said Akash Passey, managing director of Volvo Buses India. He declined to provide details on the kind of support the bus maker is looking at. The company initially plans to import the buses as none of the key components of hybrid vehicles such as the battery pack and electrical motor are made in India. These components are difficult to localize, according to Jobson. “They’re global products in the automotive world,” he said. The company declined to talk about when the buses could be assembled in India. “It’s too early to talk about assembly,” said Passey. However, Passey hinted that Volvo could look at making the buses in India. “We must remember that every bus Volvo sells in India at present is made in the country,” he said. “The government’s intention is to always work on localizing technology, but they could make an exception for public transport vehicles especially when they have to be imported in a completely built up form,” said V.G. Ramakrishnan, senior director, automotive and transportation practice at consultancy firm Frost and Sullivan. Heavy industries minister Vilasrao Deshmukh recently said that his ministry would ask the government to reduce duties on hybrid vehicles when it presents the next budget. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 12:45 pm The remains of the nightBhopal: One day in November, patients start gathering at 7am outside the Sambhavna Trust Clinic, a small, free clinic in one of the areas worst affected by the Bhopal gas tragedy. After getting their tokens, they sit in the warm winter morning sun to wait their turn.  A few kilometres away at the Chingari Trust, a rehabilitation centre for children of gas victims born with congenital defects, seven-year-old Kushi Verma’s twisted frame lies on her mother’s lap. She was born with cerebral palsy. Herspine is so curved that she can’t even sit straight. Her words are slurred, and she can barely manage a delicate smile. Nisa, Verma and others like them are at the core of a debate that continues to rage 25 years after the leak of methyl isocyanate from Union Carbide’s factory here. Are these ailments and congenital defects a result of that leak, and the continuing impact of pollutants in and around the factory? No one is sure, and there are no statistics that anyone had bothered to collect. Also Read our previous stories in this series And there are two, opposite schools of thought. None of the studies conducted by the state’s hospitals has “shown a significant incidence of medical problems in the gas affected wards”, says Babulal Gaur, minister for gas relief and rehabilitation, Madhya Pradesh. He adds that the Union Carbide factory is absolutely safe. Rachna Dhingra, an activist with the International Campaign for Justice in Bhopal, has problems with both claims. Chemicals dumped on the factory premises, she claims, continue to pollute groundwater in the area. And the exposure to gases from the factory 25 years ago and the continuing pollution have, according to her, left Bhopal with a slew of medical problems. The schism between activists and the government seems to be widening. The medical and environmental legacies of the disaster remain highly disputed, and none of the dozens of studies done on them has addressed the issue with any degree of finality. Thus, while Dhingra insists that instances of respiratory diseases, cancer, heart problems and congenital defects can be “found in every second house in some areas”, Nalok Banerjee, officer in charge at the Centre for Rehabilitation Studies of the state government, claims that not a single study done by government hospitals in Bhopal has shown a greater than normal incidence of medical problems in the 36 gas-affected wards.  Lasting effects: Seven-year-old Kushi Verma lies on her mother’s lap at the rehabilitation centre for gas victims run by Chingari Trust in Bhopal. Madhu Kapparath / Mint Government doctors Mint spoke to at Kamala Nehru Hospital, a so-called “super-speciality” hospital for gas victims, agree that the only way to examine correlations between current medical problems and the gas tragedy would be through a larger study on the lines of the ICMR one. In rebuttal, V.M. Katoch, director general, ICMR, says the studies were meant to span the decade from 1984 to 1994. “No major problems were apparent in those studies,” he says. “Therefore, they were not extended.” The results of those studies are, however, only now being made public. Katoch has no explanation for the delay, only that it shouldn’t have happened and there were “too many committees” involved. ICMR, he claims, is now making an effort to restart its studies. They’ve asked for research proposals, but Katoch says that in the past six months, ICMR has received only two. The effort seems half-hearted, and Katoch almost admits as much. “There’s no point in reopening these studies,” he says. “Bhopal should look at the future.” Public health expert Srinath Reddy of the Public Health Foundation of India is sympathetic to the suffering of the victims of the tragedy, but warns that after 25 years, it is very difficult to establish a direct relationship between their problems and the disaster. A number of factors complicate the situation including, says Reddy, “the possibility (given the circumstances) of a number of psychosomatic illnesses”. Environmental issues A similar state of confusion prevails on the environmental impact of the gas tragedy. Tota Ram Chauhan, who was the chemical plant operator at the Union Carbide factory, is an angry man. “The contamination at the site continues,” he says. “On a hot summer day, you still won’t able to stand for more than 10 minutes at the spots (inside the plant) where Union Carbide dumped toxic chemicals.” Activists maintain there are at least a dozen such sites within the plant premises that still have high concentrations of heavy metals, chemical benzene hexachloride and Sevin (the fertilizer that Union Carbide was manufacturing). In addition, they say waste from what were once the effluent solar evaporation ponds of the factory continues to poison groundwater in the area. Arif Nagar basti is sprawled around the solar evaporation ponds of the factory, and abuts its broken wall. For many years, residents here consumed water from hand pumps. The result, they say, is that they suffer from skin and respiratory problems, and the growth of children in the area is stunted. A few years ago, the state government, on a directive from the Supreme Court, removed the hand pumps and laid water pipes to supply clean water. Residents here, however, complain that the supply is erratic and the water they get is discoloured. Officials of the Madhya Pradesh government disagree. They point to studies conducted by the Madhya Pradesh Pollution Control Board and the National Environmental Engineering Research Institute (Neeri) as proof that neither the site nor the groundwater in the area is polluted. They admit that 346 of the 386 tonnes of toxic soil and chemicals that were collected from the factory a few years ago remain in storage in a warehouse on the premises, but insist this material is secure. Other than this, there is no contaminated material at the site, they say. The Neeri reports, which the Madhya Pradesh government extensively quotes, only claim that no overground contaminants remain at the site, says acting director Tapan Chakrabarti. “The question of buried contaminants remains open.” The most recent water and soil sampling was done by the Central Pollution Control Board a little over a fortnight ago. The results of the as yet unreleased report were shared with Mint by its chairman S.P. Gautam. It indicates high levels of copper, zinc and manganese in groundwater taken from locations around the factory. Chloroform levels at Atal Ayub Nagar, located along its boundary, were “high”. The government’s claims and conflicting reports have left residents befuddled. They know that not everything is fine at Union Carbide, but nobody is sure what exactly is wrong. The tragedy has not ended. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 12:45 pm Quick Edit| 26/11: lest we forgetOne year later: Sandeep Unnikrishnan, Hemant Karkare, Ashok Kamte, Vijay Salaskar, and 11 bravehearts from Mumbai Police are dead. Vilasrao Deshmukh is a Union cabinet minister and R.R. Patil is back as the home minister of Maharashtra. The Taj Mahal Palace and Tower and the Oberoi Trident are limping back to normal. Leopold Cafe is selling mugs with 26/11 motifs to tourists. Mohammad Ajmal Kasab’s trial is dragging on. The Lashkar-e-Taiba has grown in power even as the Pakistan government says it wants to crack down on the terrorist organization. Prime Minister Manmohan Singh tells The Washington Post, “Every day I receive intelligence reports saying that terrorists based in Pakistan are planning other similar acts.” The Shiv Sena and the Maharashtra Navnirman Sena are trying to outdo each other. The citizen protests and candlelight vigils have been forgotten as the city embraces amnesia. This is what Milan Kundera meant when he wrote about the important struggle of memory against forgetting. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 12:45 pm Godrej, Marico eye 250 mn pounds UK brandMumbai: Godrej Consumer Products Ltd and Marico Ltd have bid for a £250 million (Rs1,925 crore) British brand called Simple, which is one of the largest beauty product brands in the UK, according to people familiar with the development. Simple was recently put on sale by its promoters, Duke Street Capital, a private equity group that acquired the brand in 2004 for £225 million. The acquisition of British brand Yardley’s last month by Wipro Consumer Care and Lighting, a unit of Wipro Ltd, seems to have awakened a sleeping giant: the Indian consumer goods industry. Apart from hunting for brands in West Asia and Africa, other large consumer goods firms are also scouting for acquisitions in Europe, the people said on condition of anonymity. According to them, Godrej Consumer is also in talks with a hair care company based in the Netherlands. Godrej Consumer said it would not be able to comment on specific deals. Marico, in an email reply, said, “Marico is, in line with its growth aspirations, an acquisitive company. However, we do not confirm or deny any market speculation as regards any specific target.” Experts said Simple and the Dutch hair care firm are ideal targets for Godrej Consumer but the size of the deal may prove too much to handle. If rival bidders emerge, the firm may not be able to make a counter offer, they said. cnbctv18@livemint.com Source: Home - Livemint.com | 25 Nov 2009 | 12:45 pm Gold shining at over Rs 18,000The yellow fever is rising. Gold crossed an all-time high of Rs 18,000 (per 10 gram) in Delhi market, on back of high demand and a depreciating dollar.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 12:44 pm NTPC's move stalled by oil interest in RussiaIndia's interest in Russia's oilfields may have stalled state-run NTPC's efforts to initiate action against Russian power equipment manufacturer Technoprom Exports.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 12:38 pm Oman Oil buys 26% in BPCL projectState-run Bharat Petroleum has wrested a 50% premium to allow Oman Oil Company to re-enter its Rs 11,397 crore Bina Refinery project.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 12:34 pm Lending rates must be more transparent: RBIRBI governor D Subbarao asked banks to reduce operating costs and bring in more flexibility and transparency in lending rates.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 12:32 pm Satyam dips 11% as CBI ups fraud amountShares of Mahindra Satyam plunged nearly 11% on the BSE, a day after the CBI said the loss suffered by investors in the fraud may stretch to a staggering.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 12:30 pm India, Bangladesh to ink power exchange dealIndia and Bangladesh will sign an agreement for exchanging electricity in off-peak hours and opening gates for cross-investment in the power sector.Source: India Business News | Business News - Times of India | 25 Nov 2009 | 12:27 pm Pakistan court charges Mumbai attack suspectsIslamabad: A Pakistani court indicted seven Pakistani suspects on terror charges on Wednesday in connection with last year’s attack on Mumbai, a defence lawyer said.  Gruesome act: A file photo of Mumbai’s Chhatrapati Shivaji Terminus in the aftermath of the 26/11 terror attack. Lashkar-e-Taiba has been blamed for the attack, in which 166 people were killed. PTI Pakistani security agencies have also detained a former army major for possible links with two men arrested in Chicago on terrorism charges, an army spokesman said. According to US court documents, the Chicago pair discussed a planned attack on a Danish newspaper with members of the banned Pakistan-based group Lashkar-e-Taiba (LeT), which has been blamed for the Mumbai attack a year ago, in which 166 people were killed. Pakistan is under pressure from both India, which wants it to crack down on militants operating in Kashmir, and from the US, which wants it to root out Taliban fighters to help put down an insurgency in neighbouring Afghanistan. A lawyer for one of the seven men charged with taking part in the Mumbai attack said they had pleaded not guilty. They are allegedly linked to LeT. “The statements recorded and the evidence produced against the accused are contradictory to the charges,” lawyer Shahbaz Rajput told Reuters. India has refused to resume peace talks with Pakistan and sought to bring international pressure on Islamabad to act against militants operating from its soil, including LeT. Washington wants relations between the uneasy, nuclear-armed neighbours to improve so its crucial ally Pakistan can focus on fighting Taliban militants, as well as helping in the war in Afghanistan. LeT is not believed to have carried out attacks inside Pakistan but its presence may still worry the government, which wants to demonstrate it is in control despite a battle against militants on several fronts. It has a large network of support among Pakistanis around the world, raising fears it could attack Western targets. Last month, David Headley and Tahawwur Hussain Rana were arrested in Chicago and accused of planning an attack on a Danish newspaper which ran cartoons of the Prophet Mohammad in 2005, sparking protests by Muslims in several countries. Rana is a Pakistan-born Canadian citizen while Headley is an American citizen who had spent time in Pakistan. Pakistani military spokesman Major-General Athar Abbas said a former army major was detained in connection with the case. “He’s still in detention and is being questioned,” he said. LeT talked to the pair about about possible attacks in India, which it said should be given priority over the alleged Denmark plot, court documents said. LeT has denied links with the Chicago arrests. Once nurtured by Pakistan’s powerful Inter-Services Intelligence (ISI) spy agency to fight India in Kashmir, Lashkar shares al Qaeda’s concept of global jihad, or holy war. Pakistani authorities officially banned Lashkar after it was blamed for a 2001 attack on the Indian parliament but analysts say it is tolerated unofficially. Authorities also briefly put Lashkar’s founder, Hafiz Mohammad Saeed, under house arrest and closed the offices of Jamaat-ud-Dawa (JuD), a charity he headed, after the United Nations said it was a new alias for LeT and put it on a terrorist list in 2008. But JuD has apparently re-emerged under another name and its cadres were involved in relief activities for those displaced by an army offensive against the Taliban in Pakistan’s Swat valley in May. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 12:06 pm Sensex lifeline: high beeps and pratfallsSatyam (10.92% down) The shares of Satyam Computer Services declined 10.92% after brokerage firm CLSA said that investors should exit this stock immediately. CLSA said there is no fundamental basis to buy Satyam at 12-14 times forward earnings when no formal financials will be known till June. Astec LifeSciences (2.23% up) Astec LifeSciences gained 2.23% at Rs84 on the first day of listing, against the issue price of Rs82. The company told CNBC-TV18 that the management expects sales at Rs150 crore for 2010-11 and Rs220 crore for 2011-12. It expects earning per share to be Rs11-12 for fiscal 2011. Maytas Infra (7% down) The shares of Maytas Infra declined 7% on market concern that the Central Bureau of Investigation’s evidence of an additional Rs4,739 crore fraud in Satyam Computer Services might affect the company. The shares of Tech Mahindra, which holds 42.7% in Satyam, declined 4.85%. Areva T&D (5.39% up) The shares of Areva T&D were up 5.39% on reports that Alstom and Schneider Electric had raised joint bid for Areva SA’s power-grid unit. The group’s offer is valued at around $6 billion. Areva may select a winner this week, which could trigger an open offer in the listed Indian entity. Bajaj Hindusthan (4.53% up) Bajaj Hindusthan gained 4.53% after the company’s board approved expansion of power generation capacity by 400MW. The new projects, which will cost around Rs1,600 crore, are expected to be completed within 20 months. With this, the group’s capacity will increase from 430MW to 830MW. BPCL (6.88% up) Bharat Petroleum Corp. Ltd (BPCL) gained 6.88% after a subsidiary of the firm discovered oil in a Brazilian block. Kotak Institution maintains buy rating with a target price of Rs675 and expects potential upside to their earnings estimates from a favourable subsidy-sharing scheme. Balrampur Chini (1.2% up) The Balrampur Chini Mills stock gained 1.2% after the firm said its September quarter standalone net profit stood at Rs42.7 crore, against Rs14.6 crore a year ago. The company’s board has proposed a dividend of Rs3 per equity share for the year ended 30 September. MphasiS (4% down) MphasiS declined 4% after reporting results for the quarter ended October on Tuesday. Morgan Stanley says the information technology firm’s growth rates have been eroding, from a high 15% quarter-on-quarter growth in October 2008 to 2% in October. Source: LatestNews-Home - Livemint.com | 25 Nov 2009 | 11:44 am Media deals in circulationIndustry shows revival signs as firms start raising money again.Source: Business Standard | Front Page Headlines | 25 Nov 2009 | 11:39 am Banking at phone hubs soonOutlets of telecom companies such as Airtel and Vodafone may soon double as bank kiosks for financial services like funds transfer or bill payment, especially in parts of the country where there are very few banks or none at all.Source: Business Standard | Front Page Headlines | 25 Nov 2009 | 11:37 am Centre plans frequent scan of FII holdingsVolatility in investments concern for RBI.Source: Business Standard | Front Page Headlines | 25 Nov 2009 | 11:36 am Maintaining Kolkata port a liability: GovernmentThe shipping ministry has expressed concern over the mounting navigability maintenance costs of Kolkata and Haldia ports and asked authorities to justify the existence of these ports.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 11:03 am Government plans to build expressways between major citiesThe central government plans to build expressways connecting major cities of the country for speedy movement of passengers, goods and freight, a minister said here Wednesday.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 11:01 am Technology key to securityAfter terrorist attacks on September 11, 2001 by Al-Qaeda, the US put greater stress on IT making it a key weapon against war on terrorism. In 2004, the department of Homeland Security (DHS) spent $3.75 billion (Rs 17,300 crore) and in 2005 more than $11 billion (Rs 50,800 crore) on IT. Sinace then there has been no terrorist attack in the US.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 10:15 am Subbarao throws 4 challenges for banksReserve Bank of India (RBI) Governor Duvvuri Subbarao said that reform initiatives in the wake of the crisis are aimed at making banking more challenging and thereby spur innovations of a more value adding and sustainable variety, reports HT Correspondent.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 10:13 am Ready to take action against the corrupt NTPCIndia’s largest power company, NTPC Ltd said it is ready to initiate strict action against any of its employees, if found guilty by the Central Bureau of Investigation (CBI) in its evidence of alleged kickbacks by the Russian company, Technopromoexport (TPE) for securing the Rs 2,066 crore contract for the thermal power project at Barh in Bihar, reports Anupama Airy.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 10:11 am CM on Barh NTPC kickbackPatna Chief Minister Nitish Kumar on Wednesday demanded a thorough inquiry into the alleged payment of kickbacks by the Russian company for procuring the Rs 2066 crore contract for the construction of NTPC power plant at Barh, reports HT Correspondent.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 10:01 am Ambani gas row: MoU, demerger scheme cannot be ignored: RNRL - Economic Times
Source: Business - Google News | 25 Nov 2009 | 9:47 am Pawar calls all-party meeting on sugarcane pricingWith the government facing hurdles in finalising amendments to the bill on sugarcane pricing, Agriculture Minister Sharad Pawar Wednesday convened an all-party meeting to thrash out a political consensus on the issue.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 9:03 am Steep hike in power tariff in KarnatakaConsumers in Karnataka will have to shell out additional amount for electricity from Dec 1 with the authorities increasing the power tariff between 30 paise and Rs.1.20 per unit.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 9:02 am India seeks $3-bn World Bank aid for widening highwaysIndia has approached the World Bank for $3 billion to fund widening of 7,000-km single-lane national highways into double lanes, Road Transport and Highways Minister Kamal Nath said Wednesday.Source: IndiaeNews.com: Business News | 25 Nov 2009 | 9:02 am Anil Ambani entitled to earlier rights in RIL if de merger failsAnil Ambani is legally entitled to be reinstated vice chairman of Reliance Industries Ltd (RIL) if its de-merger on the basis of the family pact fails, counsel for Reliance Natural Resources Ltd (RNRL) told the Supreme Court on Wednesday.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 7:57 am IT cos cautious on growth, eye M&ABangalore: India’s top IT firms expressed optimism about a gradual recovery on Wednesday but stopped short of flagging a sharp rebound in the near term on uncertainties about the strength of the global economic resurgence. Executives from the companies, hit by a collapse in demand caused by largest downturn since the Great Depression, told the Reuters India Investment Summit in Bangalore that overseas firms were gradually turning to them in the search for cost savings. However, sluggish technology spending by Western clients, moderate fees, a stronger rupee currency and rising competition from global rivals such as IBM and Accenture are likely to keep them away from past years’ heady growth rates. “We are more comfortable with the environment now than at the beginning of the year,” V Balakrishnan, chief financial officer of Infosys Technologies, seen as a trend-setter in India’s showpiece outsourcing sector, said at the summit. “Most of the companies are feeling much better about the economy now than they were some six, eight months back. But will they go overboard (in IT spending)? I don’t think so, because they are still cautious about the environment.” The overall outsourcing sector has been on a roll in recent months following a brutal slide in demand at the end of last year as turmoil in the financial sector, software firms’ key client base, led to cancellation or postponement of contracts. India’s mid-sized software services company HCL Technologies said on Monday it had won a contract worth $200 million from British insurer Equitable Life. Tata Consultancy Services, Infosys and Wipro have also announced deals in recent months from companies such as oil and gas major BP, mobile operator T-Mobile UK, brewer SABMiller and Volkswagen. Suresh Vaswani, co-chief executive of IT business at Wipro, India’s No. 3 software exporter, said the deal pipeline had improved in the first half of the current fiscal year that began in April, compared with the immediate post-crisis period. “The recovery is taking place slowly,” he said. New York-listed Wipro is betting on a demand uptick from its financial clients, which produce about a quarter of its revenue, as consolidation in the sector boosts demand for technology. Mahindra Satyam -- earlier known as Satyam Computer, a company that was rocked by India’s biggest corporate fraud and subsequently sold -- is also adding new clients, said Atul Kunwar, president of its global operations. Optimism about a growth rebound has sent Infosys shares up 118% this year, in line with a surge in the sector index and outperforming the broader market that has risen 78%. Tata Consultancy has soared 194%. “The market is hoping the next financial year will be much better growth-wise than this year or last year,” said Srividya Rajesh, a fund manager with Sundaram BNP Paribas Asset Management, which holds Infosys and Tata Consultancy shares in its portfolio. “But whether the sector has got out of the woods or not will be known only once the technology spending patterns become clearer early next year,” she said. Indian IT firms provide services ranging from managing complex networks and call centres to software coding, and their clients include Citigroup, Credit Suisse, General Electric and BT Group Plc. The sector’s scorching pace of growth has halted as many top customers were badly bruised by the recession, forcing them to tackle severe cost cuts and leaving little room to boost technology spending. Pricing Environment Balakrishnan of Infosys said while demand for fee cuts from clients had abated thanks to the economy’s limping back to life, the No. 2 IT exporter did not see prices going up in the short term as customers were spending selectively on technology. “You will live on similar pricing environment for some more time till the supply demand situation changes more in favour of demand,” he said. “As long as the pricing remains stable, we are OK on the margins.” But a 12% rise in the rupee against the US dollar from a record low in early March could have an impact on profit margins, Balakrishnan said. Every one-percentage-point rise in the rupee crimps margins by 30 to 50 basis points at top IT firms that bill more than half their revenues in dollars. The companies hedge some portion of their revenue to deal with the currency volatility. “If the pricing pressure and the rupee rise happen at the same time, then it will be a challenge for the companies,” said Rajesh of Sundaram BNP Paribas Asset Management. Small is Beautiful Indian software firms are looking to expand in markets such as Asia-Pacific and Europe to cut their dependence on the U.S. market, which brings in more than half the sector’s $60 billion revenues but has been badly hit by economic and market turmoil. Infosys, which has built up a cash pile of nearly $3 billion, said it was looking to buy firms in sectors such as consulting, utilities and healthcare to boost its presence in geographies such as France and Germany, Balakrishnan said. But the deal sizes would be smaller, with target companies revenues at about $400 million to $500 million. So far, Indian outsourcers have shied away from blockbuster deals despite having the required financial muscle and instead focused on acquiring smaller IT divisions to tap opportunities in select areas or geographies. Source: Tech News - Livemint.com | 25 Nov 2009 | 5:38 am Anil Ambani entitled to earlier rights in RIL if de merger failsAnil Ambani is legally entitled to be reinstated vice chairman of Reliance Industries Ltd (RIL) if its de-merger on the basis of the family pact fails, counsel for Reliance Natural Resources Ltd (RNRL) told the Supreme Court on Wednesday.Source: HindustanTimes.com - Top Business News Headlines | 25 Nov 2009 | 5:16 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
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