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See 2025% profit growth this year: KPIT CumminsIn an exclusive interview with CNBCTV18, Kishore Patil, Managing Director and Chief Executive Officer, KPIT Cummins Infosystem, speaks about the companys growth drivers.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 8:33 am High domestic demand to pressurise tea export:Mcleod RusselIn an interview with CNBCTV18, Aditya Khaitan, Managing Director of Mcleod Russel, spoke about the tea sector.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 8:33 am No major concern from Dubai debt crisis: VoltasIn an exclusive interview with CNBCTV18, MM Miyajiwala, Executive VP and CFO of Voltas, spoke on the latest happenings in the global markets and their impact on the company.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 8:19 am Telcos price war still on, more cuts likelyIn a competitive bid to match leading integrated telecom services provider Bharti Airtels up to 60% cut in roaming rates, Vodafone too is likely to announce roaming rate cut on Saturday, reports CNBCTV18, quoting NewsWire18.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 7:18 am Dubai debt crisis won\'t have any material impact on LTIn an exclusive interview with CNBCTV18, R Shankar Raman, Executive Vice PresidentFinance of Larsen Toubro, spoke on the latest development in Dubai and its effect on the India markets.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 7:16 am Huge demand to up cement prices in North: Binani CementIn an interview with CNBCTV18, Vinod Juneja, Managing Director at Binani Group of Industries, spoke about the cement industry and its pricing.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 6:51 am India may be more flexible on climate talksEnvironment minister Jairam Ramesh said the country may have to be more flexible over climate change talks after China unveiled its first firm targets to cut carbon emissions.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 6:17 am Oman Oil picks up 26% stake in BPCL refinery projectIn an interview with CNBCTV18, SK Joshi, Director of Finance of BPCL spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 6:04 am Cement prices set to increase in North too: Sanjay LadiwalaIn an exclusive interview with CNBCTV18, Sanjay Ladiwala, President of the Cement Manufacturers Association (CMA), spoke on the recent price hike in three states.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 5:34 am Yen`s rise `harmful` to Japan`s economy: FM!The yen`s sharp rise is harmful to Japan`s export-led economy, the country`s Finance Minister said Friday as the greenback traded around 85 yen, its lowest level since the mid-1990s.Source: Zee News : Business | 27 Nov 2009 | 5:23 am Crude oil prices slide below USD 76!Oil prices sank below USD 76 a barrel Friday in Asia as investors curtailed their risky bets on commodities amid uncertainty about the global fallout from Dubai`s financial troubles.Source: Zee News : Business | 27 Nov 2009 | 5:23 am October infrastructure output up 3.5% YoY: Govt!India`s infrastructure sector output grew 3.5 percent in October from a year earlier, slower than upwardly revised annual growth of 4.1 percent in September, government data showed on Friday.Source: Zee News : Business | 27 Nov 2009 | 5:23 am Brown to push bank bailout plan at Trinidad summit!British Prime Minister Gordon Brown said he would lobby for support for his plan to make banks pay for any future bailout at a Commonwealth summit this week.Source: Zee News : Business | 27 Nov 2009 | 5:23 am Japan`s jobless rate falls to 5.1% in October!Japan`s unemployment rate fell to 5.1 percent in October from 5.3 percent in September, improving for a third consecutive month, the government said Friday.Source: Zee News : Business | 27 Nov 2009 | 5:23 am Asian stocks tumble amid dollar slump, Dubai fears!Asian stock markets tumbled Friday as the dollar continued its slide against the Japanese yen and worries over losses from Dubai`s debt problems unnerved investors worldwide.Source: Zee News : Business | 27 Nov 2009 | 5:23 am LT says Dubai exposure at $2025 mnIndian engineering conglomerate Larsen Toubro\'s exposure to Dubai is in the range of $20 million to $25 million, a senior company official told a television channel on Friday.Source: Moneycontrol Top Headlines | 27 Nov 2009 | 5:22 am Spicejet not aware of any change by IstithmarNEW DELHI (Reuters) - Spicejet said on Friday it was not aware of any change in investment strategy by Dubai World's Istithmar, which owns 13 percent of the low-cost carrier.Source: Reuters: Money News | 27 Nov 2009 | 3:13 am ANALYSIS-China climate goal faces test of trust - Reuters
Source: Business - Google News | 27 Nov 2009 | 3:02 am Easing India gold price have traders flockingMumbai: India gold prices fell by over 4% on Friday, triggering a pick-up in physcial offtake as traders executed their deals to replenish stocks for the ongoing wedding season that would last till December-end. “The old orders in place are getting filled, I must have done over 100 kgs since morning,” said Pinakin Vyas, chief manager-treasury, IndusInd Bank in Mumbai. The most traded December gold contract was trading at Rs17,486 per 10 grams, down 2.84% at 2:38pm, after hitting a low of Rs17,262 earlier. The contract had struck a record high of Rs18,047 in the previous session. But a weaker rupee weighed on traders sentiment, they added. “People are not initiating new orders as they are waiting for the rupee to get stronger... cost wise it is still expensive,” said another dealer with a state-run bank in Mumbai. The partially convertible rupee was at Rs47.045/47.060 per dollar, near a three-week low of Rs46.75 hit in early deals and well down from Thursday’s close of Rs46.44/45 on fears the recent huge foreign buying of stocks could dry up. “Probably the next level for them to iniate orders would be $1,125 (an ounce),” said the dealer. India’s gold imports so far in November were around 15-18 tonnes, lower than 34 tonnes in November 2008, the head of a leading trade body said. Source: LatestNews-Home - Livemint.com | 27 Nov 2009 | 2:57 am Honda's new Aviator launchedThe company was also increasing its production capacity to 15 lakh units this year end.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:56 am Dubai fears push Europe shares lower, oils fall - Reuters
Source: Business - Google News | 27 Nov 2009 | 2:52 am Rupee falls to 3-wk low on Dubai debt worries - Moneycontrol.com
Source: Business - Google News | 27 Nov 2009 | 2:50 am Reliance Communications cuts SMS chargesReliance said it would charge customers just 1 paisa per SMS in a new bill plan. One paisa is 1100th of a rupee. A rupee is about 2 US cents.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:42 am Dubai's debt default fears shake investor confidence, rattle stock marketsBanking, property & construction-related shares were hardest hit, after Dubai said two of its flagship firms planned to delay repayment on billions of dollar of debt, triggering fears of a default.Source: India Business News | Business News - Times of India | 27 Nov 2009 | 2:41 am Sensex recovers, but still down over 200pts; Ranbaxy up - Moneycontrol.com
Source: Business - Google News | 27 Nov 2009 | 2:40 am Omaxe says has $9.6 mln exposure to DubaiNEW DELHI (Reuters) - Indian realty firm Omaxe has a 450 million rupees ($9.6 million) exposure through a joint venture with Dubai World's property developer unit Nakheel, and is looking to exit the project, its chairman said on FridaySource: Reuters: Money News | 27 Nov 2009 | 2:40 am BSE Sensex, rupee rattled by DubaiMUMBAI (Reuters) – The BSE Sensex and the rupee skidded on Friday as Dubai's debt woes sparked fears over corporate exposure to a key trading partner and that foreign funds will lose their appetite for risk.Source: Reuters: Money News | 27 Nov 2009 | 2:38 am China's Taobao to launch handset with Lenovo MobileChina's largest online retailer, Taobao, will launch a mobile phone in partnership with Lenovo Mobile to tap into rising demand for mobile shopping.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:35 am Lenovo to reaquire cellphone unitHong Kong: China’s Lenovo, the world’s No.4 PC seller, said on Friday that it will pay $200 million to reaquire the cellphone business it sold off 1-year ago, as the lines blur between mobile phones and PCs. Lenovo spun off its mobile phone unit in 2008, saying at the time that the move was designed to help it return to its focus as a PC maker. “Since the sale in 2008, Lenovo Mobile has noticeably improved its financial position and market presence under decisive management actions, and positioned itself for growth,” Lenovo said in a statement to the Hong Kong Stock Exchange. “The directors believe that through the acquisition the group can exploit Lenovo Mobile’s experienced and successful leadership team in the China mobile industry.” Source: LatestNews-Home - Livemint.com | 27 Nov 2009 | 2:34 am Lenovo to reaquire cellphone unitHong Kong: China’s Lenovo, the world’s No.4 PC seller, said on Friday that it will pay $200 million to reaquire the cellphone business it sold off 1-year ago, as the lines blur between mobile phones and PCs. Lenovo spun off its mobile phone unit in 2008, saying at the time that the move was designed to help it return to its focus as a PC maker. “Since the sale in 2008, Lenovo Mobile has noticeably improved its financial position and market presence under decisive management actions, and positioned itself for growth,” Lenovo said in a statement to the Hong Kong Stock Exchange. “The directors believe that through the acquisition the group can exploit Lenovo Mobile’s experienced and successful leadership team in the China mobile industry.” Source: World Business - Livemint.com | 27 Nov 2009 | 2:34 am GLOBAL MARKETS - Shares tumble, yen surges on Dubai fearsLONDON (Reuters) - Fears about a global contagion from Dubai's debt crisis triggered a broad sell-off of world shares, oil and other assets on Friday, fuelling flows into the low-yielding yen and safe-haven government bonds.Source: Reuters: Money News | 27 Nov 2009 | 2:32 am Asia banks, builders battered by Dubai debt doubtsShares of leading banks across Asia, including HSBC Holdings and Standard Chartered, tumbled on Friday as concerns grew over exposure to Dubai.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:32 am Need to assess Dubai before reacting - RBIHYDERABAD (Reuters) - The governor of Reserve Bank of India (RBI) on Friday said an assessment of the impact of Dubai's debt problems was needed before deciding on a response.Source: Reuters: Money News | 27 Nov 2009 | 2:29 am Markets, rupee rattled by Dubai debtsMumbai: Indian stocks and the rupee skidded on Friday as Dubai’s debt woes sparked fears over corporate exposure to a key trading partner and that foreign funds will lose their appetite for risk. Banking, property and construction-related shares were among those hardest hit, after Dubai said two of its flagship firms planned to delay repayment on billions of dollar of debt. Foreign investors have poured roughly $15 billion into Indian stocks this year, helping drive a 75% rally through Thursday, and were among the sellers on Friday. “Whenever this sort of situation arises you will see a flight to safety, but I think within the emerging markets space India and China clearly are the favourites, so to that extent they will be protected on the downside,” said Manish Sonthalia, portfolio manager at Motilal Oswal. India’s benchmark Sensex pared losses to 2.2% on buying at lower levels in mid-afternoon trade after falling as much as 3.8%, outperforming the 4% drop in the MSCI Index of non-Japan Asia. India and the United Arab Emirates, of which Dubai is a member, are separated by the Arabian Sea and closely linked by the millions of Indians who work in the region. Indians make up about 40% of the UAE’s population, accounting for 10 to 12% of India’s inward remittances, CLSA said in a report. The UAE was the second-biggest export destination for India during the nine months through December 2008, accounting for $14.6 billion, or 11.15% of India’s total -- a share that has been rising and closing in on the United States. “This event would be a trigger for investor risk aversion and that could slow down the flow of capital into emerging markets, and Indian stocks would be affected by that,” said Gaurav Kapur, senior economist at ABN Amro Bank in Mumbai. Indian Trade Minister Anand Sharma said India’s economy was unlikely to be hard-hit by the situation in Dubai. “India is a very large economy. I don’t think some development in the real estate in Dubai is going to impact the Indian economy,” he told reporters While Indian banks are heavily focused on the domestic market, they are active in handling remittances from overseas workers and India’s banking index was down 3%. Bank of Baroda, which had a total exposure in the UAE of around 100 billion rupees ($2.1 billion) according to its chairman, saw its shares fall about 7%. The mid-sized lender has 10 branches in the Gulf, more than any other Indian bank, according to CLSA, but the exposure is mostly related to remittances, the brokerage said. Sentiment hit Several market players said the biggest impact of Dubai’s difficulties would be on sentiment. “The market was expensive, and it was looking for a reason to correct, and Dubai happened to be one,” said Anand Shah, head of equities at Canara Robecco Mutual Fund. “Fundamentally, we are not impacted. But, if the risk appetite comes off, the liquidity flow could reduce,” he said. Many Indian companies were quick to play down their exposure to Dubai. Engineering conglomerate Larsen & Toubro said it had exposure to Dubai of $20 million to $25 million. India’s largest listed realty firm, DLF, and second ranked Unitech said they had no exposure to Dubai, and leading private bank ICICI Bank said it had no material exposure. Real estate shares were down 3.83%. Nagarjuna Construction said it was slowing down its real estate operations in Dubai. “We have only one real estate project in Dubai, to develop 1.45 million sq feet ... and right now in the Dubai real estate market we are going slow on this project,” Y.D.Murthy, executive vice-president, finance told channel CNBC-TV18. Emaar MGF, a joint venture between Indian financier MGF and the UAE’s Emaar Properties, is one of several Indian property firms planning a listing. It has filed papers with the market regulator to raise about $830 million, about half the amount it had planned to raise in 2008. Emaar MGF declined comment, saying it was in a silent period after having filed the prospectus for its share offering. “For real estate per se, the pressure would be due to lack of investor appetite at a time when a slew of IPOs are lined by local real estate companies,” ABN Amro’s Kapur said. Dubai said on Wednesday it wanted creditors of Dubai World and property group Nakheel to agree a debt standstill as it restructures Dubai World, the conglomerate that spearheaded the emirate’s breakneck growth. Dubai World had $59 billion in liabilities as of August. The partially convertible rupee was at Rs46.96/97 per dollar after earlier crossing 47 for the first time in 3 weeks on fears the influx of foreign funds into Indian stocks could dry up. The benchmark 10-year bond yield was at 7.18% mid-afternoon, higher than Thursday’s 7.17% after India’s central bank chief said there was no benign policy option and that inflationary pressures were building up. The yield had hit a two-month low of 7.14% in early deals as risk aversion, spurred by the Dubai debt problem, dominated sentiment. Source: Home - Livemint.com | 27 Nov 2009 | 2:28 am Oil falls below $74 amid Dubai debt default fearsLondon: Oil prices sank to a six-week low below $74 a barrel on Friday as fears of debt default in Dubai convulsed financial markets and the dollar rose as investors moved into safer assets. US crude for January delivery was $73.70 a barrel by 0906 GMT in electronic trading, down more than 5% from Wednesday’s settlement. There was no settlement price on Thursday because US markets were closed for Thanksgiving. London Brent crude fell $1.99 to $75.00. European stocks also fell on Friday. The FTSEurofirst 3000 was down 1.4% in early trade, after falling 3.3% on Thursday. The euro was down more than 1% against the US currency as investors trimmed risk exposure. A stronger dollar diminishes the appeal for some investors of oil and commodities priced in the US currency. Dubai has asked for a debt standstill on tens of billions of dollars as part of a restructuring, sparking debt default fears that could hit other parts of the global economy and derail a fledgling recovery from 2008’s global financial crisis. “The Dubai situation is very worrying and people are obviously worried about a potential domino effect if Dubai can’t pay off their debt,” said Benson Wang, senior adviser at Commodity Broking Services in Sydney. “This episode has destroyed the confidence between borrowers and lenders and it has also shaken the confidence about the pace of a global economic recovery.” The New York Mercantile Exchange will have a shortened floor trading session on Friday. Traders said Thursday’s thin volumes and lack of a US crude settlement could also be exaggerating Friday’s oil price move. “People are coming in to work, reading the papers, absorbing the news from Dubai,” said Tony Machacek, a broker at Bache Commodities in London. “We’ve seen such a substantial continuation move because the funds are heavily long in commodities and the euro, and the drop has triggered some technical liquidation. You really have to gauge it on Brent.” Technical analysts pointed to support levels for London Brent January futures, which closed on Thursday at $76.99, down $1.45 from Wednesday. “Forget yesterday’s price action, it’s all happening this morning,” technical analyst Clive Lambert at FuturesTechs wrote in a note to investors, adding that Friday’s moves could see Brent head towards $65 a barrel. Oil prices have so far fallen about 10% since striking a year high of $82 early last month, as lacklustre economic data and bulging fuel inventories in the United States combine to dent hopes of a swift recovery in energy demand. Source: Home - Livemint.com | 27 Nov 2009 | 2:26 am RCom unveils 1paise per SMS, opens new front on tariff warMumbai: Reliance Communications on Friday introduced 1paise per SMS plan taking the tariff war to the data front from voice calls. The Anil Ambani group company launched a plan under which 1paise will be charged per SMS and at a monthly rental of Rs11, Reliance Communications president Mahesh Prasad said here. Telecom minister A Raja recently had said telcos need to bring down SMS rates which are currently at 50-60paise per SMS. Other operators are likely to follow suit. Reliance Communications stocks were down 1.54% at Rs166.30 in the afternoon trade on the BSE. Source: Home - Livemint.com | 27 Nov 2009 | 2:26 am No impact of Dubai World default on India: Anand Sharma - Economic Times
Source: Business - Google News | 27 Nov 2009 | 2:22 am Reliance Communications cuts SMS chargesNEW DELHI (Reuters) - Reliance Communications, India's No. 2 mobile operator, on Friday slashed SMS charges, further heating up an ongoing price war in the mobile market.Source: Reuters: Money News | 27 Nov 2009 | 2:21 am Reliance Communications unveils 1 paise per SMS, opens new front on tariff war - Times of India
Source: Business - Google News | 27 Nov 2009 | 2:20 am Reliance Communications unveils 1 paise per SMS, opens new front on tariff warReliance Communications today introduced 1 paise per SMS plan taking the tariff war to the data front from voice calls.Source: India Business News | Business News - Times of India | 27 Nov 2009 | 2:15 am Easing India gold price have traders flockingMUMBAI (Reuters) - India gold prices fell by over 4 percent on Friday, triggering a pick-up in physical offtake as traders executed their deals to replenish stocks for the ongoing wedding season that would last till December-end.Source: Reuters: Money News | 27 Nov 2009 | 2:13 am Dubai concerns not to impact India, says Anand SharmaNotwithstanding the UAE being India's top destination for exports, the government on Friday put up a brave face stating financial concerns in Dubai would not impact the Indian economy and the country's real estate sector.Source: India Business News | Business News - Times of India | 27 Nov 2009 | 2:13 am Cement prices hiked in 4 states: CMACement prices in Maharashtra and Gujarat have been hiked by Rs8-10 beacuse of unavailablity of railway wagons.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:12 am Financial integration deeper than trade: RBIIndia's financial integration with the global economy is deeper than its trade integration, the Reserve Bank of India governor said.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:10 am October infrastructure output up 3.5% y/yThe infrastructure sector accounts for 26.7% of India's industrial output.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:08 am No material exposure to Dubai: ICICI BankICICI Bank, India's second largest lender, said on Friday it had no material exposure to Dubai corporates.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:06 am Need to assess Dubai before reacting: RBIHyderabad: The governor of Reserve Bank of India (RBI) on Friday said an assessment of the impact of Dubai’s debt problems was needed before deciding on a response. “We should not react to instant news like this. One lesson of the crisis is that we must study the developments, and I think we must measure the extent of the problem there and how it impacts India,” Duvvri Subbarao told reporters in Hyderabad. “I have requested my officials to study this, and if necessary we will certainly communicate in the public about what the implications likely are,” he added. Indian stocks tumbled on Friday, the rupee weakened and bond yields fell as Dubai’s debt problems sparked concerns about corporate exposure and the risk of foreign investors repatriating funds. Dubai said on Wednesday it wanted creditors of Dubai World and property group Nakheel to agree a debt standstill as it restructures Dubai World, the conglomerate that spearheaded the emirate’s breakneck growth. Source: Home - Livemint.com | 27 Nov 2009 | 2:06 am Dependence on repo market a concern: RBI deputyUrgency and momentum for financial system reform is gradually waning, Shyamala Gopinath said at an event.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:04 am Suzlon's REpower gets 954 MW wind turbines order - Business Standard
Source: Business - Google News | 27 Nov 2009 | 2:02 am Remittances from Gulf may not be hit: Finance secretaryFinance secretary Ashok Chawla said on Friday Dubai debt worries are unlikely to impact remittances from the region.Source: Daily News & Analysis: Money News | 27 Nov 2009 | 2:02 am A poor economy not an excuse for lay-offs: MurthyLayoffs are an inevitable aspect of the corporate world, especially in recession. But a poor economy should not be an excuse to cut jobs, a top industry official said.Source: India Business News | Business News - Times of India | 27 Nov 2009 | 1:56 am Bank of Baroda says UAE loan book exposure 7-8%Mumbai: State-run Bank of Baroda has exposure of 7-8% of its loan book in the United Arab Emirates, a top official told Reuters on Friday. The lender’s total UAE exposure stands at around Rs10,000 croreout of a total loan book size of Rs1.5 trillion, chairman MD Mallya said over the telephone. At 12.02pm, shares in the bank was down 5.44% at Rs517, the bank index down 3.97%, and the broader Mumbai market lost 3.09%. Dubai’s debt problems revived concerns about the health of the global financial system and exposure of Indian lenders to the Middle East. “Our exposure includes both corporate and retail accounts and not only the real estate portfolio,” Mallya said. The funds had been disbursed in all the Emirate constituents like Abu Dhabi, Bahrain, Oman and not only in Dubai, Mallya said. “We see no slippages in the accounts so far. These are good performing assets,” he said, adding he is not contemplating any action on its exposure in the Middle East. Dubai’s debt problems come at a time when Indian bank loan growth was crimped to 9.8%, from average 30%, growth levels a year ago following global economic downturn. Source: Home - Livemint.com | 27 Nov 2009 | 1:39 am Gold loses shine over Dubai debt woesTokyo: Gold prices accelerated declines to fall 4.7% on Friday before recoiling slightly, as worries over debt problems in Dubai drove investors to cut positions, unleashing a broad sell-off across assets from commodities to equities. The Dubai worries pushed Asian equities outside Japan down more than 4%, led by a 5% fall in Hong Kong’s Hang Seng Index, while oil prices shed more than 5%. Gold’s fall, its biggest single-day drop in a year, dragged its sister metal silver down about 5% while platinum fell 2%. The selling in risk assets intensified as the dollar rebounded 1% against a basket of major currencies, with concerns over Dubai’s debt problems prompting traders to slash risk exposure and unwind dollar-funded carry trades. Market players who believe the dollar’s declining trend will extend well into next year are willing to buy gold on dips, possibly slowing the precious metal’s slide. Gold also receives support from increasing caution among investors over riskier assets as stocks fall, traders said. “The Dubai issue reminded people of the risk of new economies, resulting in a sell-off in stocks and an inflow of money into the dollar,” said Tetsu Emori, a fund manager at Tokyo-based Astmax Co. “But gold is suffering less than other commodities or stocks are, and that underlines gold’s relative value and investor confidence over its role as a risk hedge,” he said. Traders said the focus is on how US markets will react after returning from Thursday’s Thanksgiving holiday. Dubai struggled to assuage fears of debt default on Thursday after its move to delay repayments at two flagship firms shook confidence in west Asia as a centre for investment and a source of capital. “Traditionally, European banks are heavily exposed in the middle-east. But how far US banks are exposed is yet to be made clear,” Emori said. Even if US stocks follow other regions lower and fuel fears about a credit crunch, investors would not sell gold as heavily as at the time of the financial crisis a year ago, Emori said. “If and when other assets are sold and down, gold will likely hold onto its shine given current low interest rates, making it almost the same as cash,” he said. Spot gold was at $1,144.00 an ounce by 0827 GMT, after briefly dropping 4.7% to $1,136.80/oz, compared to New York’s notional close of $1,192.60. With the latest sell-off, gold is set to end the week flat after Thursday’s fresh record high of $1,194.90 before the dollar gained ground on concern that debt problems in Dubai could undermine the global financial system. If gold ends flat or falls, it would snap a third straight weekly gain. “Gold has not broken above $1,200 just yet. But I think it could do so any time the currency market turns in favour of gold,” said Tatsufumi Okoshi, senior economist at Nomura Securities Co. “The currency market is now attracting all of the volatility, so gold cannot help but follow the ups-and-downs of the dollar,” Okoshi said. Bullion has risen more than 30% this year, including a rise of 12% in November alone on dollar weakness, expectations of further reserve diversification by central banks and fears of inflation next year. Many expect that more central banks in developing countries will diversify foreign currency reserves into gold. Sri Lanka’s deputy finance minister Sarath Amunugama said in an interview with Reuters on Thursday the country was considering buying more gold from the International Monetary Fund. The IMF said on Wednesday it had sold 10 tonnes of gold to the Central Bank of Sri Lanka, part of the 403.3 tonnes approved for sale by the fund’s executive board in September. The fund has already sold 202 tonnes to the central banks of India and Mauritius. US December gold futures traded at $1,172.50 per ounce, down 1.2% from the previous close. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings stood at 1,127.860 tonnes as of 25 Nov, unchanged due to a holiday on Thursday. Source: Home - Livemint.com | 27 Nov 2009 | 1:31 am Dubai debt delays revive fear of financial crisisDUBAI/TOKYO (Reuters) - Investors recoiled from risky assets on Friday and dumped shares in Asian banks and builders, fearing a Dubai debt default could reignite the financial turmoil of the credit crisis.Source: Reuters: Money News | 27 Nov 2009 | 1:26 am Beckham Brad Pitt hit by Dubai debt crisisThe effects of Dubai's spiralling credit crisis has not spared even the coffers of Hollywood with A-listers like Brad Pitt and David Beckham among those affected.Source: HindustanTimes.com - Top Business News Headlines | 27 Nov 2009 | 1:24 am Remittances from Gulf may not be hit: ChawlaNew Delhi: Union finance secretary Ashok Chawla said on Friday Dubai debt worries are unlikely to impact remittances from the region. “I am not sure because the expats who are there, the remittances didn’t suffer during the period when the larger crisis was on,” Chawla told reporters when asked about the likely impact on remittances from Indian expats in the region. “So whether this should have an impact in terms of employment, in terms of salaries, and therefore in terms of remittances, is somewhat unlikely,” he added. Meanwhile, investors recoiled from risky assets on Friday and dumped shares in Asian banks and builders, fearing a Dubai debt default could reignite the financial turmoil of the credit crisis. Stocks in Tokyo and Hong Kong were haunted by suspicion of lenders’ exposure to the Dubai firms that built palm-frond shaped islands in the Gulf and planned cities from Pakistan to Africa. The emirate, which emerged from dusty obscurity to became a trading and tourism hub with global ambitions, said on Wednesday it would ask creditors of state-owned Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step towards restructuring. Dubai World, the conglomerate that led the emirate’s expansion, had $59 billion of liabilities as of August, a large proportion of Dubai’s total debt of $80 billion. Nakheel was the builder of three palm shaped islands off Dubai. The news shook markets that are recovering from the collapse of the US housing market and contagion that threatened to rupture the global financial system last year. “The panic button’s been hit again,” said Francis Lun, general manager of Fulbright Securities. Analysts expect financial support from Abu Dhabi, like Dubai a member of the United Arab Emirates and home to most of the emirates’ oil. But Dubai might have to abandon an economic model that focused on heavy real estate investment and inflows of foreign money and labour. Source: Home - Livemint.com | 27 Nov 2009 | 1:08 am Sensex slips further, down 3.32 percentA key Indian equities index slipped further into the red Friday after a negative start and was ruling 3.32 percent lower than its previous close, thanks to developments in Dubai.Source: IndiaeNews.com: Business News | 27 Nov 2009 | 1:02 am Sensex slips further, down 560 points on Dubai's debt worriesIndian stock markets joined the tumble in bourses around the world on Friday after Dubai government-owned holding said it had asked creditors for an extension of six months on debt repayments.Source: India Business News | Business News - Times of India | 27 Nov 2009 | 12:45 am Dubai debt delays revive fear of financial crisisDubai/Tokyo: Investors recoiled from risky assets on Friday and dumped shares in Asian banks and builders, fearing a Dubai debt default could reignite the financial turmoil of the credit crisis. Stocks from Tokyo to Mumbai were haunted by suspicion of lenders’ exposure to Dubai firms that built islands in the Gulf, planned cities from Pakistan to Africa and fashioned the financial hub of the world’s biggest oil exporting region. “This an important reminder that the credit crisis is forgotten but not gone,” Robert Rennie, strategist at Westpac Global Markets Group, said in a note. Asian banks, like their European peers, scrambled to distance themselves from Dubai, a desert emirate that emerged from dusty obscurity to invest in global lenders such as Standard Chartered and lure fund managers with the promise of a tax-free lifestyle. Dubai, part of the oil-exporting United Arab Emirates, said on Wednesday it would ask creditors of state-owned Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step towards restructuring. Dubai World, the conglomerate that led the emirate’s expansion, had $59 billion of liabilities as of August, most of Dubai’s total debt of $80 billion. Nakheel was the builder of three palm-shaped islands off Dubai. The news shook markets recovering from the collapse of the US housing bubble and contagion that threatened to rupture the global financial system last year. “The panic button’s been hit again,” said Francis Lun, general manager of Fulbright Securities in Hong Kong. Analysts expect financial support from Abu Dhabi, the UAE’s largest emirates and producer of most of its oil. But Dubai may have to abandon an economic model that focused on developing swathes of desert with foreign money and labour. The prospect of a bailout did little to allay concerns among investors, already worried the global economy may not be recovering quickly enough to justify a near doubling of prices for emerging market stocks and many commodities since March. “The biggest worry I have is whether this will trigger a repricing in the overall emerging market,” said Arthur Lau, a fund manager in Hong Kong with JF Asset Management. The nerves showed in credit markets, at the centre of the financial storm triggered by the Lehman Brothers’ bankruptcy last year. Asian credit default swaps, used to insure against default, were at their widest in a month, with the Asia ex-Japan iTraxx investment-grade index touching 124/129 basis points. Dubai’s credit default swaps were being quoted as high as 500-550 basis points, some traders said on Thursday. Banks Dubai’s debt problems are a hangover from a property bubble that imploded after the financial crisis derailed its plans to become a magnet for tourists and a regional hub for everything from shipping to entertainment. Banks’ exposure to a Dubai default pales in comparison to the $2.8 trillion in writedowns the International Monetary Fund estimates US and European lenders will have to make between 2007 and 2010 as a result of the credit crisis. International banks’ exposure to Dubai World could be as high as $12 billion, banking sources told Thomson Reuters LPC. It was the fear of the unknown that was driving trade. “Similar stories to the one in Dubai are likely to come out, leading risk money to pull out from assets such as commodities and stocks,” said Takahiko Murai, general manager of equities at Nozomi Securities in Japan. Japan’s biggest bank Mitsubishi UFJ Financial Group fell as Japan’s Nikkei average struck a four-month closing low. It also came under pressure from weak exporters after the dollar hit a fresh 14-year low against the yen. The Australian and New Zealand dollars retreated. Oil extended Thursday’s decline to tumble below $75 a barrel. Shanghai copper and Chicago grains each dropped around 2 percent. Shares in HSBC Holdings, one of the bookrunners on an outstanding $5.5 billion Dubai World loan, dropped more than 7% and Standard Chartered losses topped 6 percent. The London listed shares of the two lenders led the biggest tumble in European bank stocks in six months on Thursday. The Dubai crisis could have a “meaningful impact” on banks across Asia, said Daniel Tabbush, Asia banks analyst at CLSA in Bangkok, listing Standard Chartered, HSBC and Singapore’s DBS Group as the most exposed in the region. DBS shares were not traded due to a market holiday in Singapore. China State Construction International ICICI Bank were among Asian banks that said they had no exposure to Dubai after their shares fell. Builders, such as Australian construction firm Leighton Holdings, took a beating on concern that money due from Dubai’s grandiose construction projects, including the world’s tallest building, would not be paid. Source: Home - Livemint.com | 27 Nov 2009 | 12:35 am Watch/Listen: Mint in Multimedia 27 NovemberVideo: Tweet like a champ A Twitter client that is packed with features, very fast, easy to use but fully browser-based Video: Nuclear science study is new thrust area In the coming years, nuclear energy will break out of a strict government monopoly and gather pace with the help of private participation, including overseas companies Video: The Mint report for 26 Nov 2009 Government makes estimate of spurious drugs in India; CBI says Satyam trial to begin soon; Tata Steel posts quarterly losses Podcast: Nuclear education Listen to Inter-University Accelerator Centre director Amit Roy talk about how the education sector will respond to the surge in demand for nuclear scientists Source: LatestNews-Home - Livemint.com | 27 Nov 2009 | 12:30 am Asia shares skid on Dubai debt worries, yen surgesHong Kong: Asia stocks slumped on Friday as shockwaves from Dubai’s debt crisis hit the region, shaking banking shares and boosting the yen to a fresh 14-year high against a struggling dollar as investors unwound risky trades. European shares were expected to open as much as 1.5% lower, extending the previous session’s sharp sell-off after Dubai said two companies planned to delay repayment on billions of dollars of debt as a first step towarded restructuring. US stock futures fell 3.5%, signalling a rough day for Wall Street, which was closed on Thursday for the U.S. Thanksgiving holiday. The shock Dubai news raised investor fears of debt defaults that could hit the global economy just as it is trying to recover from the financial crisis. The MSCI index of Asia Pacific stocks traded outside Japan dropped 4%, while the Thomson Reuters index of regional shares fell 0.63%. Japan’s Nikkei average skidded 3.2% to a four-month closing low, coming under additional pressure from weakness in exporters as the yen climbed to its highest level in 14 years against the dollar. With the yen’s rally raising concerns the Japanese economy could slip back into recession, Japan sent its strongest signal yet that it was considering intervening to weaken the yen with the central banks asking several banks, both local and foreign, for levels at which to buy dollars. Banking shares were among the worst hit in the region on concerns about potential exposure to the billions of dollars in Dubai debt. The MSCI index of banking shares in Asia Pacific outside Japan fell 4.3%. HSBC fell 8% to HK$86.60 in Hong Kong after its London-traded shares lost 4.8% overnight. Standard Chartered, which fell 6% in London, dropped by around 7% to as low as HK$188.60, its lowest since early October. Japan’s top bank, Mitsubishi UFJ Financial Group, fell 2.2%. South Korea, Hong Kong and Taiwan were the biggest drags on the MSCI index, as these markets are most sensitive to the global economy. “Some of the tensions can spill over into those economies which are externally dependant for funding their investment plans,” said Binay Chandgothia, chief investment officer at fund manager Principal Global Investors in Hong Kong. Dubai said on Wednesday it wanted creditors of state-owned Dubai World and its property subsidiary Nakheel, to agree to a debt standstill in a first step towards restructuring. Dubai World, the conglomerate that spearheaded the emirate’s breakneck growth, had some $59 billion in liabilities as of August. The announcement sparked immediate rating downgrades of several government-related entities and sent the cost of insuring against the emirate’s debt soaring and bond prices tumbling. European shares had their worst daily%age loss in seven months on Thursday and gold climbed to a record high of $1,194.90. Chandgothia said some of the declines in Asia falls could also reflect investors locking in profits after a strong rally, which has lifted the MSCI Asia Pacific ex-Japan index by over 60% this year. “Even those who came in late into the rally late have made decent money, so there would be a tendency to take risk off the table. It’s probably not a bad time to lock-in gains and let things settle down before taking the next step,” he said. Jitters about Dubai, an influential global financial hub, also hurt credit spreads as investors shied away from riskier assets in general. The Asia ex-Japan iTraxx investment-grade index widened to 124/129 basis points (bps), the highest since 28 October, and compared with 112/114 bps on Thursday. U.S. Treasuries advanced as buyers looked to safer assets. The benchmark 10-year note rose 24/32 in price from late US trade on Wednesday to yield 3.18%, down about 9 basis points. As investors unwound their riskier bets, the yen soared against the dollar to a fresh 14-year high and also traded stronger against higher-yielding currencies like the Australian dollar The yen’s rise has raised concerns it could hurt export competitiveness, stalling the economy’s nascent recovery. “Similar stories as this Dubai one are likely to continue to come out, leading risk money to pull out from assets such as commodities and stocks,” said Takahiko Murai, general manager of equities at Nozomi Securities. Though Dubai’s announcement was made on Wednesday, Asian markets were slower to react that those in other regions. “Although there was talk of it before, there was uncertainty about the full impact,” Andrew Sullivan, a sales trader with broker MainFirst Securities in Hong Kong, adding that initially it was seen as a debt restructuring exercise before the default fears set in. “Until the details became clear, people were not so worried about the downside. It is a delayed reaction because more information became available overnight,” he said. US gold futures fell more than 2% to a low of $1,162.20 per ounce as the dollar bounced back against a basket of currencies from a 15-month low hit the previous day The rebound in the dollar also weighed on crude oil prices, pushing U.S. futures below $75 a barrel. Source: Home - Livemint.com | 27 Nov 2009 | 12:29 am Govt says too early to assess Dubai crisis impactNEW DELHI (Reuters) - India's Finance Secretary Ashok Chawla said on Friday it was too early to assess the impact of Dubai debt worries on the Indian economy and companies.Source: Reuters: Money News | 27 Nov 2009 | 12:10 am Asia banks, builders battered by Dubai debt doubtsTOKYO (Reuters) - Shares of leading banks across Asia, including HSBC Holdings and Standard Chartered, tumbled on Friday as concerns grew over exposure to Dubai, after the emirate said two of its flagship firms planned to delay repayment on billions of dollars in debt.Source: Reuters: Money News | 27 Nov 2009 | 12:07 am Forex reserves: Copper, aluminium, wheat, anyone?India’s recent purchase of 200 tonnes of gold from the IMF marked its definitive transition from a forex deficit to surplus country. Although worth just about $6-7 billion, constituting barely 3 per cent of reserves, it sent a message thatSource: Business Line - Home Page | 27 Nov 2009 | 12:00 am Third quarter PC sales up 24% over secondNew Delhi, Nov. 26 Signalling a sustained recovery in consumer sentiments, the domestic PC shipments touched 21.9 lakh units during July-September 2009 quarter, a 24-per cent growth over the previous quarter. But seen on a year-on-year basis, theSource: Business Line - Home Page | 27 Nov 2009 | 12:00 am Sensex dips below 17,000 on global cues, talk of check on FII flowsMumbai, Nov. 26 Market indices fell sharply due to heavy selling pressure as signs of weakness in the international financial markets surfaced again. The Sensex slipped below the 17,000-mark onSource: Business Line - Home Page | 27 Nov 2009 | 12:00 am IBA, bank unions to discuss wage revision, pension issues todayNew Delhi, Nov. 26 Bank unions and the Indian Banks’ Association (IBA) will return to the negotiating table in Mumbai on Friday to discuss industry-level wage revision and pension option issues, after a gap of two months.Source: Business Line - Home Page | 27 Nov 2009 | 12:00 am India Infoline (Rs 132.6): SellWe recommend a sell in India Infoline from a short-term perspective. It is apparent from the charts of the stock that after a medium-term uptrend from Rs 40 to Rs 160 (between March and early June), it encountered significant long-term resistanceSource: Business Line - Home Page | 27 Nov 2009 | 12:00 am Food price inflation: Pranab wants States to improve supply mechanismNew Delhi, Nov. 26 The Finance Minister, Mr Pranab Mukherjee, today refused to take the entire blame for food price inflation. He asked the States to do their bit by using their administrative machinery to ensure the supply of essentialSource: Business Line - Home Page | 27 Nov 2009 | 12:00 am BRIC markets lead the surgeThe BRIC magic has worked this calendar year too with all four countries – Brazil, Russia, India and China – placed among the top 15 in the performance table.Source: Business Line - Home Page | 27 Nov 2009 | 12:00 am Corus drags Tata Steel into red; consolidated loss at Rs 2,719 crMumbai, Nov. 26 Corus continued to drag down the consolidated profits of Tata Steel. Tata Steel reported a consolidated loss of Rs 2,719.8 crore in the second quarter of this fiscal against a profit of Rs 4,703.64 crore in the correspondingSource: Business Line - Home Page | 27 Nov 2009 | 12:00 am Day Trading GuideWe reiterate our sell recommendation in DLF. The near-term stance is bearish for ICICI Bank and SBI. We recommend a sell in both the counters with tight stop-loss. Fresh short-position canSource: Business Line - Home Page | 27 Nov 2009 | 12:00 am Ministry to discuss contentious M&A clauses of Competition Act in DecNew Delhi, Nov. 26 After a lull, the contentious provisions regarding mergers and acquisitions (M&As) of the amended Competition Act is back on the discussion table of the Ministry of Corporate Affairs (MCA).Source: Business Line - Home Page | 27 Nov 2009 | 12:00 am Dip in prices, Corus restructuring deepen Tata Steel losses - Moneycontrol.com
Source: Business - Google News | 26 Nov 2009 | 11:47 pm Six infra industries expand by 3.5% in October - Sify
Source: Business - Google News | 26 Nov 2009 | 11:42 pm Heavy rush expected on last day of trade fairA heavy rush is expected on the last day of the Indian International Trade Fair (IITF) Friday, organisers said.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 11:03 pm Sept quarter growth seen at 6.3%Mumbai: India’s economy is forecast to have grown an annual 6.3% in the September quarter, a Reuters poll shows, its fastest rate in the year since the global economic crisis hit the country harder than expected. The growth is driven by a jump in industrial production and signs of recovery in the global economy and will add to the case for the removal of stimulus measures and a tightening of monetary policy next year. The poll of 22 analysts showed gross domestic product in Asia’s third-largest economy is seen expanding 6.3% from a year earlier in the September quarter, picking up a touch from 6.1% in the June quarter. It would be fastest growth since the economy grew an annual 7.6% in the July-September quarter of 2008. The data is due around 11 am (0530 GMT) on Monday. “GDP growth is expected to have improved due to stronger industrial expansion and services sector activity,” said Gunjan Gulati, an economist at JPMorgan in Mumbai. “Improved aggregate demand supported by the impact of government’s fiscal stimulus measures, along with weak growth last year, drove industrial production growth,” she said. Industrial output rose a faster-than-expected 9.1% in September from a year earlier, the ninth successive month of growth. After the global economic crisis hit India harder than expected last year, the central bank slashed interest rates and flooded markets with funds, while the government rolled out fiscal stimulus measures. Policymakers have said that the exit from an accommodative stance would be a gradual one and hinges on a sustained domestic and global recovery. Union finance minister Pranab Mukherjee has said the focus would be on driving domestic demand until key developed markets recover, and there was no plan yet to withdraw fiscal stimulus measures. In its October policy review, the RBI had raised the statutory liquidity ratio, the percentage of deposits banks must invest in government bonds, by 100 basis points, unwinding a cut made last year during the credit crisis. Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 11:03 pm Sensex plummets on opening, down 411 pointsA key Indian equities index nosedived soon after the opening bell Friday and was about 411 points down just 10 minutes into trade.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 11:01 pm Indian markets join others in tumble after Dubai World debt fiascoIndian stock markets joined the tumble in bourses around the world Friday after Dubai government-owned holding company Dubai World, which manages that country's portfolio of businessess, said it had asked creditors for an extension of six months on debt repayments.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 11:00 pm The Playcast: Launches through telepresence, games that are not quite games and more tweepleHello and welcome to this weeks edition of the playcast with our resident geeks Sidin Vadukut and Krish Raghav. This week we have an interview with Anurima Roy of Hatchette India, Krish Raghav tells us about a new office distraction that is “not quite a game” and Sidin reccomends three more “follow worthy” tweeple on Twitter. First up, Sidin Vadukut and Anurima Roy discuss the virtual international launch of “Boot strapping” by author Sramana Mitra. The launch which was conducted via Cisco’s telepresence was held in five Indian cities and one American city at the same time. Anurima and Sidin talk about the experience of using the software, what it entailed and what it might mean for book launches in the future. Next Krish Raghav talks about “a game thats not quite a game” but “an Interactive experience”. And Sidin reccomends three more ‘tweeple’ for all you microbloggers to follow. Join us again next week! Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 10:48 pm Oct infrastructure output up 3.5% y/yNew Delhi: India’s infrastructure sector output grew 3.5% in October from a year earlier, slower than upwardly revised annual growth of 4.1% in September, government data showed on Friday. During April-October, the first half of the 2009-10 fiscal year, output rose 4.7% from 3.3% in the same period in 2008-09. The infrastructure sector accounts for 26.7% of industrial output. Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 10:45 pm Rupee falls 38 paise at 46.82 a dollarIndian rupee on Friday plunged by 38 paise against the US dollar in early trade largely on weak Asian cues.Source: India Business News | Business News - Times of India | 26 Nov 2009 | 10:37 pm Bloody Friday Sensex tanks more than 500 pointsAround 12.40 pm, the BSE Sensex, which opened the day at 16,718.8 points, was ruling at 16,294.6 points, down 3.32 per cent or 560.33 points, against Thursday's close at 16,854.93 points.Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 10:32 pm Unitech, DLF assure no exposure to DubaiNew Delhi: Unitech Ltd, India’s No. 2 listed real estate firm, has no exposure to Dubai, its managing director Sanjay Chandra said on Friday. “We have no business or exposure to either business from Dubai, nor any borrowings from Dubai,” he told Reuters. Shares in the company were down 4.3% at Rs74 by 10:41am, in a Mumbai market that had fallen 2.3%.Shares in Unitech’s bigger rival DLF were down 5.1% at Rs336.20. Earlier, a DLF spokesman said the company had no exposure to Dubai. Source: Home - Livemint.com | 26 Nov 2009 | 10:19 pm Chinese state to give high tech VC funds a handChina's top economic planner has issued guidelines to channel central government money into new venture capital funds to support the high-technology sector.Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 9:48 pm Siemens to merge its two Indian public listed firms> - Business Standard
Source: Business - Google News | 26 Nov 2009 | 9:46 pm Indian tourists to France spend more than the restThe French government has stepped up efforts to attract tourists from India, who spend an average of $275 daily in Paris, more than the $220 by other visitors.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 9:00 pm Why Facebook is like low-fat ice creamSarah Palin is promoting her book on it. Some 300 million people use it every day to the point where it—like a rash—is an itch. It’s called Facebook Addiction Disorder (FAD) and some 100 million people worldwide have it. Facebook itself—somewhat hypocritically—has a support group for those with FAD. Have you figured out Facebook? How to use it? How not to waste your time on it? Users say that Facebook is an “efficient” way to keep in touch with friends. Indeed, most of us join Facebook for this reason. An old college friend whom you haven’t seen or heard from in years suddenly sends an email saying that your entire college class is on Facebook and you should join too. So you do. And for a few weeks, it is delirious. Everyone is posting a flurry of messages about their current lives. “Rita Gidwani has a cold,” says one status update as these are called. A sympathetic tide of messages follow, offering prescription remedies, virtual hugs, air-borne kisses, and the whole blasted thing is as warm and fuzzy as a toasted igloo. Gradually, you keep adding “friends” who aren’t really friends. More likely, colleagues, acquaintances, people you just met at parties, people you cordially dislike, and perfect strangers who for some reason want to become your friend. You accept them all and suddenly you have 278 friends who are privy to your life; or your status updates anyway. That’s what people do on Facebook, you see. We post status updates. Most fall into the following broad categories. Shameless plug (I’ve done this): People hawk products, display articles that they’ve written, mention awards and achievements and brag about projects undertaken. This, to me, is actually a good use of Facebook’s networking potential. Click here to read more... Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 1:41 pm Tweet like a champNew Delhi: Seesmic.com is a one stop shop for a multitude of Twitter clients, pieces of software that allow you to post, read and interact with Twitter updates without actually using the Twitter.com website. But the most easily accessible one is Seesmic’s web application. You can log into the application from any browser and then do everything you would do on Twitter.com and much more. You can follow trending topics, search for terms, see profiles of users, follor or unfollow them and even reduce unwiely long URLs into short ones. And you can do all this without ever leaving the comfort of that one browser window. Seesmic uses a serious of easily manipulated columns to help you simultaneously browse multiple streams. And, if you find that too confusing, you can switch to a more conventional email inbox view to see all your updates. For a quick demo of Seesmic’s web app see this week’s episode of the Playstream series. Source: Tech News - Livemint.com | 26 Nov 2009 | 1:38 pm Tweet like a champNew Delhi: Seesmic.com is a one stop shop for a multitude of Twitter clients, pieces of software that allow you to post, read and interact with Twitter updates without actually using the Twitter.com website. But the most easily accessible one is Seesmic’s web application. You can log into the application from any browser and then do everything you would do on Twitter.com and much more. You can follow trending topics, search for terms, see profiles of users, follor or unfollow them and even reduce unwiely long URLs into short ones. And you can do all this without ever leaving the comfort of that one browser window. Seesmic uses a serious of easily manipulated columns to help you simultaneously browse multiple streams. And, if you find that too confusing, you can switch to a more conventional email inbox view to see all your updates. For a quick demo of Seesmic’s web app see this week’s episode of the Playstream series. Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 1:38 pm Why Facebook is like low-fat ice creamSarah Palin is promoting her book on it. Some 300 million people use it every day to the point where it—like a rash—is an itch. It’s called Facebook Addiction Disorder (FAD) and some 100 million people worldwide have it. Facebook itself—somewhat hypocritically—has a support group for those with FAD. Have you figured out Facebook? How to use it? How not to waste your time on it? Users say that Facebook is an “efficient” way to keep in touch with friends. Indeed, most of us join Facebook for this reason. An old college friend whom you haven’t seen or heard from in years suddenly sends an email saying that your entire college class is on Facebook and you should join too. So you do. And for a few weeks, it is delirious. Everyone is posting a flurry of messages about their current lives. “Rita Gidwani has a cold,” says one status update as these are called. A sympathetic tide of messages follow, offering prescription remedies, virtual hugs, air-borne kisses, and the whole blasted thing is as warm and fuzzy as a toasted igloo. Gradually, you keep adding “friends” who aren’t really friends. More likely, colleagues, acquaintances, people you just met at parties, people you cordially dislike, and perfect strangers who for some reason want to become your friend. You accept them all and suddenly you have 278 friends who are privy to your life; or your status updates anyway. That’s what people do on Facebook, you see. We post status updates. Most fall into the following broad categories. Shameless plug (I’ve done this): People hawk products, display articles that they’ve written, mention awards and achievements and brag about projects undertaken. This, to me, is actually a good use of Facebook’s networking potential. Also Read Shoba’s previous Lounge columns Inane personal information: Including but not restricted to body rhythms, baby poop, aches and pains, jogging and yoga schedules, what you had for breakfast, which movie you saw last night, whether you had sex, whether your flight to Qatar was delayed, and whether you got your shoe shined while waiting. All of this information would fall under the “Who cares?” category, but the sad truth is that plenty, including I, care enough to read and comment on such minutiae. Forwards: This is huge and is usually done by people who don’t want to reveal too much personal information. They send National Geographic clips about leopards not eating prey while delivering babies, about a Brit imitating a Bollywood actor, about scientific findings and newspaper articles. Forwards can be dealt with using a single paradigm: If there are over one dozen gushing comments along the lines of “Thanks for posting; it changed my world view”, the accompanying article is worth a glance. Otherwise, simply move on to “Zubin is constipated”, and other grave issues. Time-related forwards: Patriotic material on 15 August, Vande Mataram, the national anthem, the tiranga (tricolour), and long lists about why India is such a great country. Move on. Smart ideas: Haiku-like updates, existentialist questions, fun puns, provocative ideas and riddles. This is the fun part of Facebook and some people make a career of posting quirky updates. Photos: Babies, parties, pets, weddings, you name it, people post it. This is the scary part. You google names and find people “tagged” in random parties. People I know who aren’t on Facebook—like my husband and children—make their way there through friends’ photo albums. I would suggest that in the future, when all you non-Facebook people attend parties, you tell camera-toting friends, “Page 3 okay but not on Facebook please.” Or some version thereof. Therapy: If you are temporarily messed up and want group therapy for free, Facebook is a great option. I once witnessed a dog being beaten. It shook me up. Had I lived in a village perhaps, I would have knocked on my neighbour’s door and said: “You won’t believe what I just saw! It was horrible.” Instead, I posted it on Facebook and got reams of empathy from long-lost friends. Facebook is perfect for those events where the simple act of saying it aloud will make you feel better. Along the lines of “She never called back”, or “A client hung up on me”, or “A beggar mauled me”. Time pass or time waste:This is the reason Facebook is addictive. It holds to its promise of being a social networking site but it also is, for many, a great way to peer vicariously into other people’s lives. Rajesh comments that he is eating bread pakoras in Mashobra, Renu is recovering from a rocking party, Rohan posts photos of his family vacationing in Paris. None of these people are your friends but you are privy to this information because they post it on your friend’s wall. I am noticing one more trend on Facebook these days. People are dropping out. One reason is because Facebook is, without a doubt, an invasion of your privacy. There is the disconcerting knowledge that perfect strangers can surf and peek into your life. For many, that is enough to withdraw or not join at all. It also has to do with age, I suppose. Today’s 18-year-olds, unlike my generation, seem quite willing to live their lives out in public scrutiny. “Adit has a hangover,” says one post accompanied by a YouTube video of a boy I know getting thoroughly and unabashedly sloshed. I would not have dared upload such a scene. For me, the reason I am questioning my presence on Facebook is not because I am worried about invasion of privacy. It is the realization that while I enjoy surfing the virtual world, a dozen Facebook comments, compliments or validations do not equal the delicate nuances of a single human interaction, however brief. I can be poked and hugged online but they cannot equal the warm touch of a live person. Facebook, in that sense, is like low-fat ice cream. It may be necessary and even pleasurable but it makes you acutely aware of what it lacks. With low-fat ice cream, as with Facebook, you can go on fooling yourself. You can say that online is the only way possible of connecting with distant friends. Or you can go out for a walk with your neighbour and make a real friendship. Or do both in moderation. Facebook Addiction Disorder is exactly what it is: a FAD. And fads can pass. Shoba Narayan’s status has just been updated from prolific Facebook user to occasional. Write to her at thegoodlife@livemint.com Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 1:36 pm PC sales drop 3.1% for Sep quarter y-o-yMumbai: Sales of personal computers (PC) in the country for the quarter ended September reached almost 2.2 million units, a decline of 3.1% from the corresponding period last fiscal, according to data released by technology researcher IDC India. However, PC sales, which include desktop and notebook computers, for the quarter marked an increase of 24% over the previous quarter ended June. The sequential growth was led by demand from government purchase as well as festive season sales. “The July-September quarter experienced a strong boost from newfound consumer confidence that reflected in increased demand during the festive season,” said Kapil Dev Singh, IDC country manager. “This performance underlines the recovery in the India PC market.” PC sales have grown for the last three consecutive quarters after dropping from 2.3 million units in the September quarter last fiscal to 1.6 million units in the quarter ended December. lison.j@livemint.com Source: LatestNews-Home - Livemint.com | 26 Nov 2009 | 1:26 pm Gas deal is a product of conspiracy, says RNRLRNRL told the government that RIL had devised a agreement in collusion with the ministry of petroleum and natural gas to defeat the purpose of the family agreement.Source: India Business News | Business News - Times of India | 26 Nov 2009 | 12:35 pm Ranbaxy takes on GSK's Valtrex in USRanbaxy has introduced blockbuster drug Valacyclovir hydrochloride (generic version of GlaxoSmithKlines Valtrex) in the US market on November 25.Source: India Business News | Business News - Times of India | 26 Nov 2009 | 12:32 pm IOC to spend $1bn on pipelinesIndian Oil Corp, the nation's second-biggest refiner, plans to spend Rs 4650 crore to build pipelines to transport crude oil and fuels in the country, the government said.Source: India Business News | Business News - Times of India | 26 Nov 2009 | 12:29 pm ONGC, Hindujas eye stake in Iran gas fieldFlagship explorer Oil and Natural Gas Corporation is pursuing a 20-25% stake in Iran's Phase 12 of the South Pars gas field.Source: India Business News | Business News - Times of India | 26 Nov 2009 | 12:28 pm Gulf of debt Dubai default shakes financial worldGlobal stock markets fell the day after one of Dubai’s state-owned holding firms shocked the financial world with a debt default request. Dubai World, saddled with a $59 billion debt, on Wednesday asked creditors to defer payments for six-months.Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 12:17 pm Taj exorcises ghost of terrorThe two security guards with bamboo sticks look on sheepishly as guests make their way through metal detectors and X-ray scanners at the Taj Mahal Hotel in Mumbai. Before entering the hotel, however, a rather stern looking man presumably part of the hotels elite security force was asking them the purpose of their visit.Source: Business Standard | Front Page Headlines | 26 Nov 2009 | 11:55 am CBI to probe drug imports from ChinaUnregistered sources of consignment raise quality questions.Source: Business Standard | Front Page Headlines | 26 Nov 2009 | 11:53 am Omar Abdullah drives along new Kashmir road linkJammu and Kashmir Chief Minister Omar Abdullah Thursday drove through the under-construction Mughal Road that connects the Kashmir Valley to the twin border districts of Rajouri and Poonch south of the Pir Panchal mountains, and described the journey later as a 'dream come true'.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 11:00 am Ansal to speed up affordable home projectsReal estate major Ansal API has chalked out plans to complete its affordable residential projects. Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 9:43 am Sensex dips 344 ptsRising US dollar against Euro, bearish trend in Chinese and European markets and negative Tata Steel results pushed Sensex, the benchmark index of Bombay Stock Exchange (BSE), to lose 344 points. Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 9:42 am Jubilant FoodWorks to add 70 more Domino s unitsJubilant FoodWorks plans to add around 70 new Domino’s Pizza stores by the end of this financial year.Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 9:40 am Mukesh unilaterally inked gas pact for both RIL and RNRLAnil Ambani-owned Reliance Natural Resources Limited today accused Mukesh Ambani of unilaterally signing Rs 1,00,000 crore worth gas supply agreement for both RIL and RNRL.Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 9:38 am Food for thought inflation up 15 5The country is reeling under the impact of a steep rise in a number of food items, pummelled by a supply crunch in staple items such as potatoes, cereals and pulses. Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 9:37 am Tata Steel net dips on Europe opsTata Steel, the world’s eighth-largest steel-maker, has reported a consolidated net loss of Rs 2,720 crore for the quarter ending September 2009. Source: HindustanTimes.com - Top Business News Headlines | 26 Nov 2009 | 9:35 am Four government banks to assist India's literacy missionFour public sector banks - State Bank of India, Punjab National Bank, Union Bank of India, and Indian Bank - Thursday signed an agreement with the human resource development ministry to push the implementation of the government's new Rs.60 billion National Literacy Mission.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 9:08 am Chhattisgarh seeks central help to develop coal-rich areasChhattisgarh Chief Minister Raman Singh Thursday urged the coal ministry to work in tandem with the state government for developing infrastructure in the coal-rich districts.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 9:08 am Chhattisgarh urges Pawar to raise paddy support priceChhattisgarh Chief Minister Raman Singh met union Agriculture Minister Sharad Pawar in New Delhi Thursday and urged him to raise the minimum support price (MSP) for paddy to Rs.1,400 per quintal.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 9:07 am Collective action needed to tackle price rise: PawarAgriculture Minister Sharad Pawar Thursday called for a collective effort to tackle the issue of price rise, but there were fewer than 35 MPs present in the Lok Sabha to listen to the matter.Source: IndiaeNews.com: Business News | 26 Nov 2009 | 9:06 am Panasonic eyes double-digit overseas growthTokyo: Japan’s Panasonic Corp said it will target double-digit overseas sales growth in each of the next three business years, giving a glimpse of the business plan it is due to issue early next year. Driving overseas sales is important for Panasonic as it counts on the domestic market, where the population is shrinking and ageing, for more than half of its overall revenues. The maker of Viera TVs and Lumix digital cameras also said it plans to start white goods production in Europe and India, in a move to cut transportation costs and cater to local consumer taste. Panasonic is aiming for annual sales growth of 15-20% in emerging markets of Brazil, Russia, India and China -- the so-called Bric nations -- plus Vietnam over the three years, Panasonic senior managing director Hitoshi Otsuki told Reuters. Besides the Bric countries and Vietnam, where it earned ¥420 billion ($4.8 billion) in sales in the year to March 2009, Panasonic also targets Mexico, Indonesia, Nigeria, Turkey and the Balkan states including Serbia as high-priority markets. The company will aim for 30% annual sales growth in those nations for the three financial years from next April by offering electronic products designed and priced in a bid to spur demand among middle-class consumers there, Otsuki said. “We need to achieve 20 to 30% growth in emerging markets. Otherwise, double-digit sales growth in overseas markets would be out of reach,” Otsuki said in an interview on Thursday. Panasonic, the world’s No.4 flat TV maker behind Samsung Electronics Co Ltd, LG Electronics Inc and Sony Corp, does not give its sales figures for Mexico, Indonesia, Nigeria, Turkey and the Balkan states. It is set to unveil a new business strategy in January. Otsuki, in charge of Panasonic’ overseas marketing, said it will likely start refrigerator and washing machine production in Europe in three years, taking on local white goods giants such as Electrolux. Panasonic now makes washers and refrigerators in China for the European market. “It is quite inefficient to send such bulky products all the way to Europe from China. Starting up local production is just a matter of time,” Otsuki said. “If we are to buy an existing plant there or to turn to M&As, production can start next year. If we are to build a plant from scratch ... the year after next is more likely timing for local production. We have not decided which way we take.” Panasonic, which is carrying out a tender offer to take over Sanyo Electric Co Ltd, the world’s largest rechargeable battery maker, is also looking for a factory site in India to make white goods there, Otsuki said. He said details of the plant, such as the size of investment, have not been decided, but that the Indian plant will come onstream ahead of the planned European factory. Panasonic currently manufactures white goods in Southeast Asia for the Indian market. Shares in Panasonic closed down 1.7% at ¥1,108, underperforming the Tokyo stock market’s electrical machinery index, which fell 1%. Source: World Business - Livemint.com | 26 Nov 2009 | 3:50 am
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