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Diamond jewellery a wiser choice to gold: TitanIn an interview with CNBCTV18, Bhaskar Bhat, Managing Director of Titan, spoke about the impact of rising gold prices.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 8:35 am See lead prices around $22002400/mt ahead: Amara RajaIn an interview with CNBCTV18, Jay Galla, Managing Director of Amara Raja Batteries spoke about the latest happenings in his company and sectorSource: Moneycontrol Top Headlines | 1 Dec 2009 | 8:05 am Omnitech looks at overseas acquisition worth USD 15mIn an interview with CNBCTV18, Atul Hemani, Managing Director of Omnitech Info Solutions, spoke about the companys acquisition and fund raising plans.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 8:04 am Jubilant Lilly extend drug discovery collaborationJubilant Organosys Ltd.,through its subsidiary Jubilant Biosys Ltd based in Bangalore announced that its 4 year old research collaboration with Eli Lilly Company, has successfully delivered multiple discovery milestones and preclinical candidates, resulting in a fiveyear extension and an expanded portfolio collaboration.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 7:41 am BSE to launch MF platform, ties up with Tata AMCThe Bombay Stock Exchange plans to launch its mutual fund platform, BSE Star MF. It has signed up with Tata Asset Management Company.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 7:14 am Cipla in drug supply talks with PfizerCipla Ltd is in talks with a host of global drug makers, including Pfizer Inc, to supply generic products, Joint Managing Director Amar Lulla said on Tuesday.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 5:39 am Sensex up 139 pts in opening trade on GDP data, global cues!The Bombay Stock Exchange benchmark Sensex on Tuesday gained over 139 points to trade over 17,000 points on robust economic growth for the second quarter amid firming trend on the global markets.Source: Zee News : Business | 1 Dec 2009 | 5:33 am Sahara Hospitality to build over 1,000 rooms in three years!Sahara Hospitality Ltd, which runs Hotel Sahara Star, a five-star business and leisure hotel in the city, plans to build more than 1,000 rooms over the next three-years.Source: Zee News : Business | 1 Dec 2009 | 5:33 am Dubai World $26 bn debt plan soothes contagion fears!Efforts by Dubai World to restructure about USD 26 billion in debt out of the estimated USD 59 billion it owes reassured investors that the emirate`s debt problems can be contained, helping global markets edge higher on Tuesday.Source: Zee News : Business | 1 Dec 2009 | 5:33 am TCS, Wipro, Infy in fray for Goldman Sachs\' $700m IT dealGoldman Sachs plans to issue IT contract worth $500700m, reports CNBCTV18, quoting sources. The contract, to create RD functions and software database, will span across 56 years. TCS, Infosys, Wipro, HCL, Cognizant, and IBM are believed to be in the fray.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 5:33 am Sterlite Tech wins over Rs 6 bn orders in NovSterlite Technologies said on Tuesday it won orders worth over Rs 6 billion in the month of November, taking its total order book to about Rs 20.50 billion on November 30.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 4:45 am Hero Honda posts best ever Nov monthly salesIndia\'s largest twowheeler maker, Hero Honda reported 31.49% growth in its November sales at 3.8 lakh units as against 2.89 lakh units in the same period last year and 7.34% jump as against 3.54 lakh units monthonmonth.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 4:40 am UTV Software unit signs TV syndication dealsUTV Software Communications Ltd said on Tuesday its UTV Motion Pictures unit signed a clutch of syndication deals worth 950 million rupees, granting telecast rights on its movies produced in 2008 and 2009.Source: Moneycontrol Top Headlines | 1 Dec 2009 | 4:28 am Hyundai India records highest ever sales - Times of India
Source: Business - Google News | 1 Dec 2009 | 3:20 am BSE Sensex provisionally closes up 1.6 pctMUMBAI (Reuters) – The BSE Sensex provisionally climbed 1.6 percent on Tuesday as robust November auto sales added to the positive sentiment triggered by better-than-expected GDP data. Firmer world markets also helped.Source: Reuters: Money News | 1 Dec 2009 | 3:10 am Hyundai India records highest ever salesHyundai Motor India Ltd, the countrys second largest car manufacturer and the largest passenger car exporter registered record cumulative sales for the month ending November 30, 2009.Source: India Business News | Business News - Times of India | 1 Dec 2009 | 3:09 am Stocks gain 1.6%, helped by robust auto sales, GDP dataMumbai: Indian shares provisionally climbed 1.6% on Tuesday as robust November auto sales added to the positive sentiment triggered by better-than-expected GDP data. Firmer world markets also helped. The 30-share BSE index provisionally ended up 1.62%, or 273.54 points, at 17,199.76, with 27 components gaining. The 50-share NSE index provisionally closed up 1.8% at 5,121.90. Source: Home - Livemint.com | 1 Dec 2009 | 3:07 am Divestment not more than 10% in state firms: Pranab - Economic Times
Source: Business - Google News | 1 Dec 2009 | 2:54 am Reliance not selling gasoline to Iran - co sourceNEW DELHI (Reuters) - Reliance Industries has not sold gasoline to Iran since April, a senior company official told reporters on Tuesday.Source: Reuters: Money News | 1 Dec 2009 | 2:53 am Lanco Infratech plans tie-up for power project fundingInfrastructure developer Lanco Infratech Ltd plans to tie up Rs250 billion of funding for use in power projects by June 2010.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 2:53 am India's 7.9% Growth May Force Subbarao to 'Sit Up' - Bloomberg
Source: Business - Google News | 1 Dec 2009 | 2:52 am Dubai debt plan fails to calm Gulf marketsDUBAI (Reuters) - Gulf markets tumbled again on Tuesday, taking no comfort from Dubai World's plan to restructure about $26 billion of its estimated $59 billion in liabilities, which appeared to calm global fears of contagion.Source: Reuters: Money News | 1 Dec 2009 | 2:52 am Toyota Kirloskar to raise prices 1.5-2%The price of its utility vehicle Innova, sedan Corolla Altis and pick-up Fortuner will be raised.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 2:50 am Air India incurs Rs 7226 cr loss in last two fiscals - Economic Times
Source: Business - Google News | 1 Dec 2009 | 2:46 am Global stocks rebound as Dubai fears waneLONDON (Reuters) - Worries about Dubai's debt slipped away on financial markets on Tuesday, allowing stocks to put in solid gains and weakening low-yield assets such as the dollar.Source: Reuters: Money News | 1 Dec 2009 | 2:45 am UTV signs television syndication deals worth Rs95 croreAs part of the deal, Colors will telecast the premiere run of these movies in India, followed by NDTV Imagine. These channels will have the right to telecast a fixed number of runs of each movie.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 2:44 am Hyundai India ride high on domestic sales, exports declineNew Delhi: Hyundai Motor India Ltd, the country’s second largest car manufacturer has sold 55,265 against 43,020 units making a 28.5% growth as compared to November 2008. The domestic market was the biggest gainer as it almost doubled its sales to 28,162 from 14,605 units in November registering a growth of 92.8% over the same month last year. The exports however showed a decline as it fell by 4.6% from 28,414 to 27,103 units as compared to November last year. Commenting on November, 2009 sales Arvind Saxena, senior vice president - marketing and sales, HMIL said, “The overall economic scenario has been positive and this has translated in to more footfalls in the showroom and higher automobile sales as indicated by this month’s figures.” The firm’s saloon segment made the highest impact, selling 50,501 units of the Santro, i10, Getz and i20 in total. Source: LatestNews-Home - Livemint.com | 1 Dec 2009 | 2:39 am CAT troubles continues for day four, aspirants flay iims 'laxity' - Sify
Source: Business - Google News | 1 Dec 2009 | 2:30 am Trade ministers split over Doha dealGeneva: Ministers at a key World Trade Organization meeting moved on Tuesday to bridge a gap between emerging and developed nations which has long delayed a global trade pact ahead of a 2010 deadline set by world leaders. The two sides appear unwilling to offer concessions over the level of cuts to agriculture subsidies and industrial product tariffs that had caused an eight year stalemate in the Doha round of global trade liberalization talks. But some ministers remain optimistic that differences could be narrowed. “There are domestic and strong expectations and strong political will to conclude the Round, and people will come forward with constructive suggestions,” Australian trade minister Simon Crean told reporters. As the three-day WTO ministerial meeting began on Monday, the United States called on developing countries to make “meaningful market opening” but Brazil said it was “unreasonable” to expect emerging countries to be the only ones making further concessions in order to secure a Doha accord. World Trade Organization (WTO) chief Pascal Lamy, in his opening remarks, warned ministers and senior officials from 153 member states that time was not on their side even though about 80% of the deal had been clinched. “Time is running out, and it is not credible at this stage to see issues in isolation from the work and the achievements of the past eight years,” Lamy said. World leaders, including those in the key Group of 20 emerging and developed nations, have pledged to conclude the Doha Round by 2010 but progress has been lacklustre. Since the start of Doha talks in the Qatari capital in 2001, deadlines have been missed several times. US trade representative Ron Kirk signalled that his country was prepared to enter the final stage of negotiations if developing nations hastened moves to open their rapidly growing markets. “For our part, the United States negotiating team is ready to move into the endgame,” he said. About 58% of global economic growth between now and 2014 will be provided by China, India, Brazil, Argentina, South Africa and Southeast Asian countries, according to the International Monetary Fund. “The creation of new trade flows and meaningful market opening, particularly in key emerging markets, is required to fulfil the development promise of Doha,” Kirk said. However, Brazil’s foreign minister Celso Amorim handed the ball back to the United States and other developed countries, saying: “It is unreasonable to expect that concluding the Round would involve additional unilateral concessions from developing countries.” Meanwhile, Indian commerce minister Anand Sharma also stressed the “development” aspect of the Doha Round. He pointed out that key sticking points such as cotton -- which is being held up by disagreements over US subsidies -- needed to be dealt with “sympathetically.” China, whose rapid growth has helped the world emerge from the worst recession in decades, cautioned that the Doha talks needed to be hauled back from stalemate to help nations prosper from trade. “Looking back at the 60 years of the multilateral trading system, we see that free trade has always been navigating through choppy waters,” said Chinese commerce minister Chen Deming. He warned that results derived from the Doha talks so far must not be withdrawn. “What is on the table is hard won and cannot be overturned for any excuse,” he said. Source: Home - Livemint.com | 1 Dec 2009 | 2:26 am Dubai, Abu Dhabi, DP World 5-year CDS fall - CMA - Reuters
Source: Business - Google News | 1 Dec 2009 | 2:25 am Oil rises near $78 as concerns ease over DubaiPerth: Oil climbed towards $78 a barrel on Tuesday, adding to the previous session’s advance, as concern eased that Dubai’s debt problems would set back the global economic recovery. European shares rose early on Tuesday as investors’ appetite for relatively risky equities increased, following on from gains in Asia. The dollar fell against a basket of currencies. “Dubai fears seem to be fading away,” said Carsten Fritsch, analyst at Commerzbank. “Once again, it is financial market developments -- a weaker dollar, rising stock markets and rising risk appetite,” he said of oil’s rise. US crude for January delivery rose 62 cents to $77.90 a barrel by 0929 GMT. Brent crude added 62 cents to $79.09. Government-controlled conglomerate Dubai World on Monday unveiled details of a plan to restructure about $26 billion of debt. While that appeared to ease global fears of contagion, Gulf stock markets tumbled. Oil had risen on Monday partly after the detaining of five Britons in Iran. Britain is among the Western powers embroiled in a long-running row with Tehran over the Islamic Republic’s nuclear ambitions. Data due for release later on Tuesday include US weekly retail sales, factory activity for November, pending home sales and construction spending for October. Later in the session, the American Petroleum Institute’s weekly report will give the latest indication of fuel demand in the world’s largest consumer. Crude stockpiles probably were little changed, a Reuters poll showed. Distillate inventories were expected to fall 400,000 barrels while gasoline stocks were expected to rise by 900,000 barrels, the poll showed. Oil has rallied from below $33 last December but has held in a narrow band of $70 to $82 over the past two months. Some analysts see little that would push prices above the range given ample supplies. “We see little impetus for a break to the upside, even if economic indicators surprise to the upside this week,” Credit Suisse analysts said in a research note. “The inventory overhang in the diesel and heating oil markets should prevent prices from breaking higher for the time being.” Source: Home - Livemint.com | 1 Dec 2009 | 2:20 am Content roundup: AIDS Day 2009On World AIDS Day, Mint looks at HIV/AIDS from a variety of different vantage points. Our print and multimedia coverage includes new technologies that are helping people with HIV, Tamil Nadu’s innovative approach to combating HIV, why HIV positive employees are reluctant to disclose their status, and a video preview of how a train to help spread national awareness about HIV/AIDS was constructed. Here’s a roundup of our coverage: Your All-in-one HIV/AIDS Combat guide If you or your family are living with HIV/AIDS, or if you fear you have been exposed, this is your clip-and-keep resource guide on where you can find assistance and support. (Read story here) Mint video special: HIV/AIDS in India On World Aids Day, activists and those living with HIV emphasize the importance of spreading awareness, to scale up preventive measures and also implode misconceptions. (Read story here) Video Preview: Building the Red Ribbon Express The Red Ribbon Express is currently parked at the Safdarjung train station in Delhi, as workers labour to get the vehicle ready in time for its launch on World AIDS Day. (Read story here) AIDS scheme on track, says Naco, but hurdles remain As the organization looks to take over the projects run by the Bill and Melinda Gates Foundation’s India initiative, issues surface over high costs, employee salaries. (Read story here) Verdict eases intervention for gays, but is not enough According to a report in August from the US government agency, Centers for Disease Control and Prevention, men who have sex with men is the only risk group in the US in which the annual number of new HIV infections is increasing, while new infections in heterosexuals are declining. (Read story here) World of AIDS virus (graphic) With around 33 million infected people worldwide, including 2.31 million in India alone, here’s a look back at the turning points in HIV/AIDS history. (Read story here) Taking change to the grass roots From a syringe exchange programme in Mumbai to sex reform at bars in Chennai, from sex workers’ unions in Kolkata to Satcom sessions in Karnataka, here is a guide to local-level initiatives across the country that are making a difference in the fight against AIDS. (Read story here) Learning site in Mysore for all of Asia-Pacific (video) Ashodaya has so far helped and trained community advocacy groups from nine states in India to replicate its method of capacity building. (Read story here) Sankalp helps drug addicts reach a shared solution Sankalp was established in 1995 primarily to fight the spread of AIDS among drug users in Mumbai by spreading prevention messages. (Read story here) Why the incidence of AIDS is headed south in Tamil Nadu Innovative initiatives such as a police advocacy programme help spread awareness about the disease in a state once considered high on HIV/AIDS prevalence. (Read story here) Naco goes slow on Avahan transition As the organization looks to take over the projects run by the Bill and Melinda Gates Foundation’s India initiative, issues surface over high costs, employee salaries. (Read story here) Sex workers’ union gives them the power to say no The government soon realized awareness alone couldn’t make much difference, and the programme fell through because it couldn’t empower sex workers to say no to unprotected sex. (Read story here) Satellite technology helps HIV-infected people connect better Officials think the Satcom facility can be an effective standby. (Read story here) In a closet darkly: why disclosure lies beyond corporate assurances Fear of discrimination at the workplace keeps HIV-positive employees from sharing their status; activists, policy experts criticize proposed HIV Bill (Read story here) Helping children bear the burden of AIDS The Union government’s third National AIDS Control Programme, or NACP III, aims to have 40,000 children on ART by 2012. (Read story here) Success still eludes HIV vaccine attempts Continuing trials of combination vaccines raise hopes, but the crucial 70% success rate remains a mirage for the third most prolonged vaccine project in the world. (Read story here) Source: LatestNews-Home - Livemint.com | 1 Dec 2009 | 2:11 am RIL stops gas by-product sales to IranNew Delhi: Reliance Industries Ltd (RIL) has since April stopped selling gasoline and gas oil to Iran in an apparent bid to escape sanctions by the US, where it is eyeing an acquisition. RIL till last year sold mostly gasoline to Iran but has since April this year completely stopped shipments from its twin refineries at Jamnagar in Gujarat, sources in the know said. US is seeking to restrict gasoline supplies from refiners to Iran over its suspected nuclear weapons programme. Some US senators had proposed giving President Barack Obama the authority to impose sanctions against companies supplying gasoline to Iran. RIL, which is looking to acquire US-based chemicals company LyondellBasell, however, continues to buy 5-6 million tons a year of crude oil from Iran. The company sells fuel on Freight on Board (FOB) basis to traders with clear instructions to restrict sales of fuel to Iran, sources said adding there was no truth in the speculations being floated on RIL supplying gasoline to Iran. Sources said it has even put a “destination restriction” on the fuel it sells to traders like Vitol, the said. The destination restriction means that the trader who buys fuel from RIL cannot sell it in Iran. They said RIL sells fuel to traders with clear instructions that the final destination will not be Iran. RIL’s 1.24 million barrels per day Jamnagar refining complex in Gujarat exported 6.08 million tons of petrol and diesel in July-September quarter, up from 4.5 million tons in the previous quarter and 3.76 million tons a year ago. Iran is the world’s fourth-largest oil exporter but lacks the refining capacity to meet domestic demand. Source: Home - Livemint.com | 1 Dec 2009 | 1:59 am BSE to launch MF platform, ties up with Tata AMC - Moneycontrol.com
Source: Business - Google News | 1 Dec 2009 | 1:50 am Dubai debt plan fails to calm Gulf marketsDubai: Gulf markets tumbled again on Tuesday, taking no comfort from Dubai World’s plan to restructure about $26 billion of its estimated $59 billion in liabilities, which appeared to calm global fears of contagion. In a sign that concern among banks was subsiding, UAE interbank offered rates eased, with the 3-month rate falling to 1.90500% from Monday’s 1.94125% fix. Dubai and Abu Dhabi stocks fell about 6% on their second trading day since Dubai last week asked creditors of government-controlled conglomerate Dubai World and property arm Nakheel for a delay on debt repayments as a first step to restructuring. Dubai World, which led the emirate’s transformation into a regional hub for finance, investment and tourism, unveiled details late on Monday of a plan covering $26 billion of debt owed by its main property firms, Nakheel and Limitless. “This is definitely good news, it shows they are still committed to their payments, and it removes all fears that this is a complete default,” said Hassaim Arabi, chief executive at Gulfmena Alternative Investments. News of the plan helped global markets edge higher, but did not halt the sell-off in the Gulf, which followed comments by Dubai’s leading finance official on Monday that the government would not guarantee Dubai World’s debts. The market in Qatar, reopening after a five-day Eid al-Adha holiday, plunged more than 9%, while Kuwait’s bourse was down 2.55%. “It’s a beginning, and it’s definitely a positive step in that it gives us a scale of the problem,” said a Dubai-based strategist. “But the main concern remains unchanged. What is the outcome of those negotiations with regard to the Nakheel problem?” The Abu Dhabi market had also plunged on Monday, an 8.3% fall that was its worst one-day drop on record, while Dubai’s 7.3% slide was its biggest in more than a year. But after sharp falls last week, Asian and European stocks were up on Tuesday, following a rise on Wall Street overnight. “Dubai is still a risk, but most of Asia has very limited exposure to Dubai, other than isolated banks. So people may want to avoid the banks, but most other companies are okay,” said Francis Cheung, an equities strategist at CLSA in Hong Kong. Dubai World said its restructuring efforts would not include other firms such as Infinity World Holding, Istithmar World and Ports & Free Zone World, which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone, or JAFZA. Dubai World said those firms were financially stable. The statement said Dubai World would look at options for deleveraging, including asset sales, funding requirements and formulating restructuring proposals to financial creditors. “It’s a step in the right direction,” said Raj Madha, a banking analyst at EFG Hermes in Dubai. “I’d like to see the details it promises, basically: which entities they’re talking about (selling), how big a haircut they’re going to take.” Source: Home - Livemint.com | 1 Dec 2009 | 1:41 am Glaxo takes 19 pct of Aspen after completing dealLONDON (Reuters) - GlaxoSmithKline has taken a 19 percent stake in Africa's biggest generic drugmaker, Aspen Pharmacare, after completing a strategic collaboration with the South African group, the companies said on Tuesday.Source: Reuters: Money News | 1 Dec 2009 | 1:36 am Hyundai Motor India Ltd records highest ever salesHyundai Motor India Ltd has registered record cumulative sales for the month ending November 30, 2009. The cumulative sales accounted for 55,265 units which reflect a 28.5% growth as compared to last November.Source: HindustanTimes.com - Top Business News Headlines | 1 Dec 2009 | 1:34 am Disinvestment in 3 PSUs to be completed by March: FMNew Delhi: Disinvestment in three power PSUs - NTPC, Rural Electrification Corporation (REC) and Satluj Jal Vidyut Nigam (SJVN) - would be completed during the current financial year while the process of selling stake in other profit-making PSUs is already underway. “Disinvestment of government shareholding in NTPC, SJVN and REC through public offering in domestic market, is under implementation. These public offerings are likely to be completed by March 31, 2010,” finance minister Pranab Mukherjee said in a statement in Rajya Sabha. While in NTPC and REC, 5% stake each was being off-loaded, it was 10% in SJVN through the capital market, he said. This apart, the Department of Disinvestment has started dialogue with the administrative ministries and the central public sector undertakings (CPSUs) to assess their capital expenditure requirements to be raised through issue of fresh equity in case of other public sector undertakings. Mukherjee’s statement came in response to a calling attention motion by Tapan Kumar Sen (CPI-M) on “disinvestment of government shares in profit making central public enterprises.” Noting that only profit earning CPSUs will sustain investor-interest for sharing in their prosperity, the minister said, “Already listed profitable CPSEs not meeting the mandatory public shareholding of 10% are to be made compliant.” Mukherjee said all CPSUs having positive net worth, no accumulated losses and having earned net profit for three preceding consecutive years, are to be listed through public offerings out of government shareholding or issue of fresh equity by the company or a combination of both. He said the proceeds from disinvestment would be channelized into National Investment Fund. The proceeds received from divestment would be utilized till March 2012 in select social sector programmes decided by the Planning Commission and Finance Ministry, he added. Source: Home - Livemint.com | 1 Dec 2009 | 1:32 am Rupee rallies as dollar slips, stocks gain helpsMumbai: The Indian rupee extended gains in afternoon trade on Tuesday boosted by gains in the domestic sharemarket and tracking the dollar’s drop against major currencies overseas. At 2:16pm, the partially convertible rupee was at Rs46.36/37 per dollar, stronger than its Monday’s close of Rs46.50/52. The index of the dollar against six major currencies was down 0.3%. Shares extended gains to 1.3% helped by robust November sales from leading auto makers and better-than-expected GDP data for the September quarter. Foreign portfolio buying of more than $15 billion of stocks this year has helped the rupee rise more than 12% from a record low of 52.2 in early March. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 46.4250 each, with the total traded volume on the two exchanges at about $2.2 billion. Source: Home - Livemint.com | 1 Dec 2009 | 1:31 am No cause for concern, says UAE central bankThe bank's governor, said that there's no reason for concern as UAE banks have increased their capitals and commercial banks have proven their ability to face the consequences of crisis.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 1:23 am Glaxo takes 19% of Aspen after completing dealLondon: GlaxoSmithKline has taken a 19% stake in Africa’s biggest generic drugmaker, Aspen Pharmacare, after completing a strategic collaboration with the South African group, the companies said on Tuesday. British-based Glaxo had originally said it would have a 16% holding when the deal was announced in May, but it has since bought additional Aspen shares. The asset-swap deal expands Glaxo’s emerging market presence -- a key objective for chief executive Andrew Witty -- and cements an existing relationship between the two businesses. Shares in Aspen hit a record 69.59 rand on the news and were 2.1% higher at 69.40 by 0825 GMT. Glaxo rose 0.7%. Aspen has issued 68.5 million new shares to Glaxo in exchange for Glaxo’s manufacturing plant in Bad Oldesloe, Germany, and eight specialist medicines. Taken together with Aspen shares bought by Glaxo between signing and closing, this issue takes Glaxo’s holding in Aspen to 81.7 million shares, equivalent to 19%. Abbas Hussain, Glaxo’s head of emerging markets, will be appointed to Aspen’s board as a non-executive director from 7 December. Selling branded generic drugs in emerging markets is a central plank of a drive by CEO Witty to diversify Glaxo’s business away from its traditional reliance on blockbuster medicines in Western countries. In addition to the tie-up with Aspen, Glaxo also has deals with India’s Dr Reddy’s Laboratories and a number of Chinese partners. Some analysts have questioned the strategy because of its potential to dilute margins. But Witty believes emerging markets are not fundamentally less profitable, since selling older medicines in these countries does not involve the large research spending needed to develop new drugs for Western markets. Glaxo will brief investors on its plans for emerging markets at a 10 December seminar in London. Source: Home - Livemint.com | 1 Dec 2009 | 1:23 am Economy may grow around 7pct in FY10 - adviserNEW DELHI (Reuters) - The robust growth of the economy in July-September indicated it could expand at around 7 percent in 2009/10, a top policy adviser said on Tuesday.Source: Reuters: Money News | 1 Dec 2009 | 1:14 am India resilient during wedding season; premiums softSingapore/Mumbai: Jewellers in India, the world’s largest gold consumer, returned to the physical market after bullion dropped from a record, but sales of scrap persisted in other parts of Asia on Tuesday, cutting premiums. Holders in Indonesia sold back gold for cash, while retail investors in Japan were still keen to take profits, with bullion within sight of last week’s lifetime high at $1,194.90 an ounce despite a recent correction. Gold was steady at $1,179 an ounce on Tuesday, having tumbled as much as 5% on Friday after news that Dubai planned to delay repayments of billions of dollars in debt revived fears about another global credit crisis. Premiums for gold bars weakened slightly to 30 US cents an ounce to the spot London prices from 40 cents last week in Singapore, although there were also offers at 60 cents which suggested that buyers were chasing bullion at lower levels. “Demand for gold is there, and being much talked about, but it is like a little lollipop. It is half of what we generally see at this time of the year,” said Haresh Acharya of Parker Agrochem Exports Ltd, a precious metals wholesaler in Ahmedabad. “People who have weddings are buying now at the last hour as earlier they kept waiting for lower levels that never came,” he added. Gold jewellery is presented as a gift at Hindu marriages in India and forms an essential part of the dowry basket during the wedding season, which lasts until the end of December. But record gold prices have curbed demand and ignited sales of scrap in India, with imports only reaching 18 tonnes in November, or nearly halved from the 34 tonnes in November 2008, according to the Bombay Bullion Association. “We are having the normal rush of sellers. There are not many buyers at this point. I don’t have people selling gold bars to raise money for any falls that they may have had on the stock market,” said Kapilkumar of Chokshi Arvind Jewellers, which trades gold scraps in Mumbai. Although sales of scrap persisted in Asia, dealers also noted short covering whenever gold slipped. Premiums for gold bars were steady in India at between 40 and 70 cents. “The majority of consumers are buying on dips. I guess gold will be trading in a range of $1,150 to $1,200 and I still see physical demand from India,” said a dealer in Singapore. “It’s possible that a strong rupee helps,” he said. The rupee rose after the dollar fell against major currencies as investors took the view that Dubai’s debt woes will likely be contained, reducing safety bids for the greenback. Gold premiums slipped to 20 cents from 30 cents in Hong Kong, while the discount was barely changed at $1 in Tokyo as demand from investors and the electronics sector tapered off. “The demand from the physical side is slow at the year-end. Manufacturers buy less to reduce their inventories. They need more cash in hand,” said Dick Poon, manager of precious metals at Heraeus in Hong Kong. “I think manufacturers and the industrial sector have already replenished their stocks in the past two months.” Source: LatestNews-Home - Livemint.com | 1 Dec 2009 | 1:08 am Migrant workers fill labour supply gaps: Vayalar RaviGovernments adopting protectionist immigration policies only end up deepening the negative impact of the economic crisis, Minister for Overseas Indian Affairs Vayalar Ravi said Tuesday, saying migrant workers from countries like India fill labour supply gaps that cannot be met by the local workforce.Source: IndiaeNews.com: Business News | 1 Dec 2009 | 1:06 am Sensex up over a percent, other Asian markets buoyantIndian equities continued to trade strong in the afternoon Tuesday, with a key index ruling 1.01 percent higher than its previous close.Source: IndiaeNews.com: Business News | 1 Dec 2009 | 1:04 am October exports down 6.6%: GovernmentThe trade deficit shrunk to $8.8 billion in October from $11.74 billion a year earlier.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 1:04 am Hyundai India monthly sales up 6.8 percentIndia's second largest car maker Hyundai Motor India Tuesday said sales during November stood at 55,265 units, a growth of 6.8 percent over October, while exports increased 15.65 percent.Source: IndiaeNews.com: Business News | 1 Dec 2009 | 1:02 am Maruti sales up 84 percent a year after worst showCar major Maruti Suzuki Tuesday said sales for November stood at 87,807 units, a rise of 84 percent over the like month last year when the company was hit hardest due to a demand slowdown and sold only 47,704 vehicles.Source: IndiaeNews.com: Business News | 1 Dec 2009 | 1:01 am India's Exports Decline Least in 10 Months on Global Recovery - Bloomberg
Source: Business - Google News | 1 Dec 2009 | 12:52 am Nifty moves above 5050; metals, auto lead - Economic Times
Source: Business - Google News | 1 Dec 2009 | 12:52 am Oct exports down 6.6% y-o-yNew Delhi: India’s exports fell an annual 6.6% in October to $13.19 billion, their 13th straight monthly fall, the government said on Tuesday. Imports dropped 15% from a year earlier to $22 billion. The trade deficit shrunk to $8.8 billion in October from $11.74 billion a year earlier. Exports for April-October, the first seven months of the 2009-10 fiscal year, were down 26% at $91.05 billion from the same period in the previous year. Source: LatestNews-Home - Livemint.com | 1 Dec 2009 | 12:50 am Govt will sell upto 10 pct in state firms now - MukherjeeNEW DELHI (Reuters) – The government will not sell more than 10-percent stake in listed state-run firms "at this stage," Finance Minister Pranab Mukherjee told parliament on Tuesday.Source: Reuters: Money News | 1 Dec 2009 | 12:45 am Geely taps China banks to back $1.8 billion Volvo dealLast month, Volvo's union leaders held their first talks with Geely but were still waiting to see Geely's financing plans for the loss-making Swedish carmaker.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 12:42 am Oct exports down 6.6 pct yr/yr - govtNEW DELHI (Reuters) - India's exports fell an annual 6.6 percent in October to $13.19 billion, their 13th straight monthly fall, the government said on Tuesday.Source: Reuters: Money News | 1 Dec 2009 | 12:38 am Mint video special: HIV/AIDS in IndiaLatest statistics released by UNAIDS reveal that while 2 million people died from AIDS related illnesses last year, over 33 million people are still living with HIV across the globe. Asia is home to about 4.7 million HIV positive individuals, of which 2.3 million can be found in India alone. While throughout the country, and particularly in South India, the disease is primarily transferred through sexual intercourse, in the North Eastern states of India, transfer often happens amongst injecting drug users. If preventive measures are not taken, HIV can also be passed on from a positive mother to her child in any number of ways: during pregnancy, through delivery, or through breast-feeding. Ivonne Camaroni, the HIV/AIDS project officer for Unicef India, emphasizes the importance of antenatal care in order to diagnose the infection at an early stage, and take preventive steps to ensure it is not passed on from mother to child. Those living with HIV indicate that the social stigma associated with the virus can often be as debilitating as the physiological hardships. Particularly for children, being associated with HIV can be a painful experience: they are often ostracized at school and in the community at large, while simultaneously being deprived of the support systems that should ideally be available at home. AIDS activists emphasize the importance of spreading awareness--not only about how to safeguard oneself against contracting HIV, but also about misconceptions surrounding the virus: its nature, communicability and the lifestyles of individuals who contract it. While the Indian government is currently focused more on prevention than care, activists like Anjali Gopalan, founder and executive director of the Naz Foundation, emphasize that for the over 2 million Indians who live with HIV, there is hope. “HIV is definitely a disease that can be managed,” says Gopalan. “The good part is you now have second line drugs, so even if a person gets resistant to some of the first line drugs there are other drugs they can access.” Source: LatestNews-Home - Livemint.com | 1 Dec 2009 | 12:36 am Peninsula Land gets additional Rs1.6 billion from Alok RealtorsTill date, the total cash and cash equivalent with Peninsula Land Ltd is Rs6.85 billion.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 12:26 am Maruti sales soar 66.57% in OctoberNew Delhi: The country’s largest car maker, Maruti Suzuki India, on Tuesday reported 66.57% jump in its total sales at 87,807 units during October. The company had sold 52,711 units during the same month last year. In the domestic market, Maruti sold 76,359 units from 47,704 units in October 2008, an increase of 60.07%, Maruti Suzuki India (MSI) said in a statement. Exports surged by over two-fold to 11,448 units from 5,007 units in the year-ago period, it added. Sales of the company’s once bread-and-butter model M800 grew by 31.77% at 3,040 units compared to 2,307 units in October 2008, while A2 segment (comprising Alto, WagonR, Estilo, Swift, A-Star and Ritz) witnessed 60.12% growth at 56,005 units compared to 34,976 units in the same month a year ago, the release added. A3 segment sales (consisting of SX4 and DZiRE) increased 46.30% to 8,741 units compared to 5,975 units in the corresponding period a year ago, the company said. MSI’s passenger car sales rose 61.57% at 76,106 units against 47,103 units in the same month in 2008, the filing said. Source: Home - Livemint.com | 1 Dec 2009 | 12:22 am Maruti sales zoom 66.57% in OctoberThe country's largest car maker, Maruti Suzuki India, today reported 66.57% jump in its total sales at 87,807 units during November.Source: India Business News | Business News - Times of India | 1 Dec 2009 | 12:20 am Toyota to unveil concept compact car in IndiaBangalore: Japanese car maker Toyota Motor Corporation would unveil the concept model of its compact car for the Indian market next month. Toyota’s Indian unit, Toyota Kirloskar Motor Pvt Ltd (TKM) plans to start production of its much awaited compact car in December next year at its second plant being built here. The compact car project is Toyota’s most ambitious venture in India in its 11-year existence and the company is betting big on this initiative to become a volume player. “Both hatchback and sedan version of concept vehicle of the compact car will be showcased at Auto Expo (to be held at Pragati Maidan in New Delhi from 5 to 11 January)”, TKM deputy managing director Sandeep Singh told PTI. “It’s a concept vehicle coming from Japan”. “Production will start by December of 2010. First year production plan is 70,000,” he said. TKM is also showcasing its Toyota Prius hybrid car in the biennial event in the national capital and is looking for its launch in the Indian market. “Prius we are going to display and you can say we are talking about launch of the Prius,” Singh said. He said Prius is not a volume product and the company is just looking to sell just a few numbers. Source: Home - Livemint.com | 1 Dec 2009 | 12:14 am 23% sales growth in November for TVSThe company posted total two-wheeler sales of 1,20,844 units against 98,402 units in the corresponding period of the previous year, TVS Motors said in a press release here.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 12:11 am Cipla in generic supply talks with PfizerMUMBAI (Reuters) - Cipla Ltd is in talks with a host of global drug makers, including Pfizer Inc, to supply generic products, a top official of the Indian drug maker said, sending its shares up more than 3 percent.Source: Reuters: Money News | 1 Dec 2009 | 12:09 am Mahindra Satyam to expand Malaysia operationsSatyam Computer Services was hit by India's largest corporate scandal when founder and chairman Ramalinga Raju quit in January, revealing profits had been overstated for years.Source: Daily News & Analysis: Money News | 1 Dec 2009 | 12:01 am Sensex, Nifty get GDP boosterThe higher-than-expected GDP figures for the second quarter boosted stocks on Monday, and appear to have wiped out investor-memory of the recent events inSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am Bankers expect hike in CRREven as the financial markets reacted positively to the higher-than-expected GDP data, bankers say this could lead to a hike in the Cash Reserve Ratio or in interest rates by the Reserve Bank of India sooner thanSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am Consumers may bear higher share of losses in case of claimsConsumers may have to bear a higher share of the damage or losses that they incur when they take an insuranceSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am AIA Engineering (Rs 379): BuyRecommend a buy in AIA Engineering from a short-term perspective. It is evident from the charts that the stock has been on an intermediate-term uptrend from its March low of Rs 102. Since then, the stock has been shaping higher peaks and troughs.Source: Business Line - Home Page | 1 Dec 2009 | 12:00 am Gas, manufacturing power up GDP 7.9% in second quarterGrowth has returned riding on the back of natural gas and revived industrial investments.Source: Business Line - Home Page | 1 Dec 2009 | 12:00 am Tax policies subserve larger business purposesWith a global economic crisis that looks far from having spent itself out, will countries relook their tax structures? Would corporates likewise, reengineer the way they currently organise their value creation processes? On a different note, whatSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be the stop loss; The recommendationSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am Dubai: From growth to crisisThere is much about Dubai that is artificial and based on illusion: the man-made islands designed to represent a map of the globe; the indoor ski slope in the midst of desert; the incredible hotel with glass walls looking onto a sea aquariumSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am STPI exports log 10% growth in first halfThe country's IT exports under the Software Technology Parks of India (STPI) scheme logged an estimated Rs 83,436 crore in the first half of the current financial year, with Bangalore accounting for over 30 per cent of the total exportSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am Credit demand set to pick up on GDP growth numbersThe better-than-expected second quarter GDP growth numbers has raised hopes that credit demand will pick up in the fourth quarter. Bankers and economists strongly feel that the RBI will have to continue with its accommodative stance to supportSource: Business Line - Home Page | 1 Dec 2009 | 12:00 am Cipla in drug supply talks with PfizerGlobal drug makers are increasingly looking to low-cost destinations like India to tie up supplies as they battle falling prices and increasing generic competition.Source: Daily News & Analysis: Money News | 30 Nov 2009 | 11:58 pm Sensex up 139 pts in opening trade on GDP data global cuesThe Bombay Stock Exchange benchmark Sensex gained over 139 points to trade over 17,000 points on robust economic growth for the second quarter amid firming trend on the global markets.Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 11:41 pm Sugarcane farmers hold demonstrations in LucknowArmed with sugarcane stems, thousands of farmers from various parts of Uttar Pradesh arrived here in jam-packed trains to demonstrate against the sugarcane pricing policy of the state government.Source: IndiaeNews.com: Business News | 30 Nov 2009 | 11:02 pm Sensex breaches 17,000 on opening, up 0.78 percentA key Indian equities index rose smartly soon after the opening bell Tuesday and was ruling about 0.78 percent higher about ten minutes into trade.Source: IndiaeNews.com: Business News | 30 Nov 2009 | 11:01 pm Dubai World $26 bn debt plan soothes contagion fearsDubai: Efforts by Dubai World to restructure about $26 billion in debt out of the estimated $59 billion it owes reassured investors that the emirate’s debt problems can be contained, helping global markets edge higher on Tuesday. Dubai World, the government-controlled conglomerate that led the transformation of Dubai into a regional hub for finance, investment and tourism, unveiled details of a restructuring plan late on Monday that would cover debt owed by its main property firms, Nakheel and Limitless. “Initial discussions have commenced with the banks of Dubai World and are proceeding on a constructive basis,” Dubai World said in a statement, its first comment since the crisis began. Dubai threw global markets into a tailspin last week when it said it would ask creditors of Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step to restructuring. News of the restructuring plan helped soothe some investor nerves after the Dubai government on Monday disclaimed responsibility for the debts of Dubai World, crushing assumptions by creditors that the emirate would guarantee its liabilities. Hassaim Arabi, chief executive at Gulfmena Alternative Investments, said Dubai World’s restructuring statement offered support to worried markets but was not likely to completely stem selling. “This is definitely good news, it shows they are still committed to their payments and it removes all fears that this is a complete default.” No contagion seen Stock markets in Dubai and Abu Dhabi tumbled on Monday, the first day of trade since the announcement made on the eve of a four-day public holiday. Abu Dhabi’s 8.3% plunge was its worst one-day fall on record, while Dubai’s 7.3% slide was the biggest in more than a year. Gulfmena’s Arabi said UAE markets could slide further as foreign investors bailed for the exits while other Gulf markets in Qatar and Kuwait, reopening after the Eid holiday, were seen playing catch-up to Monday’s declines. But after initial sharp falls last week, markets in Asia and the United States rallied on Monday and Asian stocks extended gains on Tuesday. “Dubai is still a risk but most of Asia has very limited exposure to Dubai other than isolated banks. So people may want to avoid the banks but most other companies are okay,” said Francis Cheung, an equities strategist at CLSA in Hong Kong. Major Wall Street indexes rose 0.3% to 0.4% on Monday, while MSCI’s index of Asia-Pacific stocks outside of Japan rose 0.6%. Dubai World said its restructuring efforts would not include other firms such as Infinity World Holding, Istithmar World and Ports & Free Zone World, which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone, or JAFZA. Dubai World said those firms were financially stable. The statement said the restructuring plan would look at options for deleveraging, including asset sales, funding requirements and the formulation of restructuring proposals to financial creditors. “It’s a step in the right direction,” said Raj Madha, a banking analyst at EFG Hermes in Dubai. “I’d like to see the details it promises basically: Which entities they’re talking about (selling), how big a haircut they’re going to take.” Source: LatestNews-Home - Livemint.com | 30 Nov 2009 | 10:43 pm Govt’s gas price hike plan may face hurdlesNew Delhi: India’s plan to hike gas prices by about a third as it edges toward market rates promises relief for hard-pressed state energy firms, but will draw flak from fertilizer and small business lobbies worried over input costs. Nearly two decades after kicking off market reforms, India has eased controls on most sectors of the economy, but still sets the prices of petrol, diesel, cooking gas, kerosene, natural gas and fertilizer. The oil ministry’s plan for the biggest jump in administered prices ever, and the first in 5 years, will boost profits for Oil and Natural Gas Corp (ONGC) and Oil India Ltd, and generate funds to extend the lives of their depleting oil fields. “A gas price rise will be a positive signal for the investor community that India is moving towards market-oriented prices, but the only immediate victim would be small industries, which may find it difficult to pass on the rising input cost,” said Manish Baghla, a senior manager at PricewaterhouseCoopers. The hike in the administered price, which applies to the 40% of India’s gas output of 140 million standard cubic metres a day (mmscmd) that is sold mainly to power and fertilizer firms, is a key step towards reducing distortions in a market with more than a dozen rates. While power companies can pass fuel costs on to consumers, fertilizer firms get a government subsidy for higher input costs. “The government wants to cap the subsidy for fiscal management and any increase in input costs will raise the subsidy burden. There will be a problem in allocation of the subsidy,” said a fertilizer ministry official. “In 2009-10 the subsidy for the fertilizer sector is fixed at Rs500 billion and we are seeing a shortfall of at least Rs200 billion.” So the fertilizer ministry opposes the plan to raise prices in steps. “In many countries the priority sector gets gas at a cheaper rate. Raising prices in tranches is not a solution,” said a fertilizer ministry official, who vowed that the ministry would air its concern over the bid to raise administered prices. The official, who declined to be identified because he is not authorized to speak to the media, said the ministry would prefer to have the pricing issue for the whole sector examined in a comprehensive way. A Spanish firm, Mercados EMI, has been hired to study the possibility of a uniform domestic price for natural gas, BC Tripathi, chairman of state-run gas firm GAIL (India) Ltd, said last month. “The gas price note has been tossed around for years and nothing has happened,” an oil ministry official said, referring to the plan to raise administered gas prices for ONGC from Rs3,200 per thousand cubic metres (mscm) to Rs4,142 in the first phase, after an escalation clause for inflation. “The ultimate vision is to see gas prices aligned more towards the actual fuel value,” the official said. India’s petroleum ministry is in talks with other ministries about raising the administered gas prices, RS Pandey, the ministry’s top bureaucrat, said last month. However, Pandey gave no timeline for the decision, which will be made by the federal cabinet. Each $1 per million British thermal units (mBtu) increase in administered gas prices raises the cost of fertilizer production by about $11.30 a tonne, or an annual impact of $200 million, a fertilizer industry expert said. Gas makes up about 9% of India’s energy mix, which is expected to rise to about 12% by 2030 as production grows. Unsustainable arrangement But the edifice of administered prices is beginning to creak and could eventually collapse, analysts say. “Administered prices are not sustainable and are unfair to producers ONGC and Oil India, especially after the government approved Reliance’s price, which has emerged as a benchmark for new fields,” said Praveen Kumar, head of the South Asia Oil and Gas Team at FACTS Global Energy. ONGC is allowed to charge only $1.80/mBtu, or a third of the $4.20 its joint venture with BG Group and India’s largest private company, Reliance Industries, gets from supplies for gas from the Panna/Mukta and Tapti fields, in western India. “India has to send out correct pricing signals at a time when the country is paying market prices of $6-$7/mBtu for liquefied natural gas imports,” Kumar said. A 30% increase in administered gas prices would earn additional annual revenue of Rs1,500 crore (nearly $325 million) for ONGC, which sells 94% of its gas at administered prices, the firm has said. NM Borah, chairman of Oil India, which sells about 90% of its daily gas output of more than 6 million cubic metres at administered prices, said his firm’s revenue would swell by up to Rs200 crore, and profit rise Rs100 crore. With inflation low, raising the price of gas might not drive prices to unbearable levels, one economist said. “There will be some moderate increase in overall price levels due to the rise in power tariffs and CNG (compressed natural gas) prices,” said Amitendu Palit, an economist at the National University of Singapore. India’s key inflation measure, the wholesale price index, was up an annual 1.34% in October, but the fuel index fell 6.56% during the month. “Since fertilizer prices are controlled, this would imply an increase in central fertilizer subsidies and a concomitant increase in revenue expenditure,” Palit added. “This would create pressures on the central fiscal deficit, already budgeted at a high level of 6.8% of GDP for 2009/10.” Source: LatestNews-Home - Livemint.com | 30 Nov 2009 | 10:32 pm 'No compromise' on carbon emission stand - Moneycontrol.com
Source: Business - Google News | 30 Nov 2009 | 10:25 pm Sensex crosses 17,000 on strong global cuesbenchmark Sensex on Tuesday gained over 139 points to trade over 17,000 points on robust economic growth for the second quarter amid firming trend on the global markets.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 10:07 pm Manufacturing growth slows in November - PMIMUMBAI (Reuters) - India's manufacturing activity expanded for the eighth straight month in November but at its weakest pace since March due to a slowdown in growth of output, new business and employment, a survey showed.Source: Reuters: Money News | 30 Nov 2009 | 10:07 pm Wall Street rises as Dubai woes easeNew York: US stocks rose on Monday, helping the Dow post its fifth straight monthly gain, on hopes that possible fallout from Dubai’s debt woes will be contained. Shortly before the market closed, Dubai’s largest company said its planned restructuring of some units involved $26 billion in debt, easing some concerns about the size of Dubai’s financial problems. An index of bank stocks rose more than 3% as investors bet bank exposure to Dubai’s debt problems would be limited. “It appears the market is coming to the conclusion that Dubai is a small, localized event,” said Charles Lieberman, chief investment officer of Advisors Capital Management, LLC in Paramus, New Jersey. Retail shares limited the advance as investors worried that the holiday shopping season might have gotten off to a tepid start. Black Friday data suggested weak sales during retailers’ most imporant sales period and underscored concerns about the economy. Black Friday, or the Friday after the US Thanksgiving Day holiday, is seen as the start of the US holiday shopping period and buyers typically flood the stores that day searching for bargains. The Dow Jones industrial average rose 34.92 points, or 0.34%, to end at 10,344.84. The Standard & Poor’s 500 index was up 4.14 points, or 0.38%, at 1,095.63. The Nasdaq Composite index was up 6.16 points, or 0.29%, at 2,144.60. For the Dow Jones industrial average, this marked its fifth-straight month of gains, while both the Dow and the S&P 500 had their largest monthly percentage advances since July. For the month of November, the blue-chip Dow average rose 6.5%, while the S&P 500 gained 5.7% and the Nasdasq added 4.9%. Bucking the retail share trend on Monday, online retailers’ shares rose after analytics firm comScore said that online spending was the highest it had ever been on Black Friday, with Cyber Monday spending expected to be even stronger. Amazon.com Inc shares hit an all-time high of $136.08 in intraday trading on Nasdaq on Monday after it said its Kindle electronic book reader posted its best sales yet in the month of November. At the close, the stock was up 3.2% at $135.91. All in the jeans After the closing bell, shares of jeans and apparel maker Guess Inc jumped more than 5% to $39.09 as the company posted a higher-than-expected quarterly profit and forecast holiday season earnings above Wall Street estimates. During the regular session, major US department stores’ stocks took a beating, with Macy’s down 3.9% at $16.31 and Saks Inc down 6.4% at $6.11, both in New York Stock Exchange trading. Earlier on Monday, and following last week’s request from Dubai for a standstill agreement on billions of dollars in debt, its government said it will not take responsibility for the debts of the Dubai World conglomerate. Volume was below average on the NYSE, with about 1.35 billion shares changing hands, under last year’s estimated daily average of 1.49 billion. On the Nasdaq, about 2.02 billion shares traded, below last year’s daily average of 2.28 billion. Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 18 to 13, while on the Nasdaq, advancing stocks only slightly outnumbered the decliners. Source: LatestNews-Home - Livemint.com | 30 Nov 2009 | 9:32 pm Rupee up 11 paise at 46.40 a dollar in early tradeExtending yesterday's gains, the rupee today rose by 11 paise to 46.40 against the dollar in early trade on hopes of more capital inflows by foreign funds and strong Asian cues.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 9:30 pm Costume jewellery: Looks like gold, but doesn't cost the worldAll that glitters ain't gold, but it is sure the next best thing. With the marriage season under way and the price of the real thing skyrocketing, people are increasingly finding wisdom in going for costume jewellery - that too on rent.Source: IndiaeNews.com: Business News | 30 Nov 2009 | 9:00 pm Pied Piper of Reliance Mobile - the Hrithik lookThere's a new Pied Piper in town. Long curly locks, face covered behind a beard, a flute on his lips, he is here to eradicate 'telecom irritants' that niggle the phone user.Source: IndiaeNews.com: Business News | 30 Nov 2009 | 9:00 pm ED attaches properties of Raju, kinThe authorities of Enforcement Directorate (ED) have attached 25 more properties worth more than Rs 50 crore from the disgraced chairman of Satyam computers B Ramalinga Raju and his family members.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 4:16 pm Dubai crisis Opportunity for Indian aviation sectorThe financial crisis in Dubai can be an opportunity for Indian Aviation Industry, Director General Airports Council International Angela Gittens said. Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 1:50 pm 7 9 reasons to smile GDP bounces backThe Indian economy grew 7.9 per cent during the July-September period — its strongest in six quarters — on the back of higher consumer spending and private investment, according to government data released on Monday.See graphics Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 1:50 pm Economy smashes forecasts, grows 7.9% in July-SeptThe Indian economy is growing much faster than even the most optimistic had dared hope with official data released on Monday pegging growth in the second quarter (July-September) at 7.9% year-on-year.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 1:30 pm Dubai turmoil not to impact domestic banksDubai's financial crisis may not have a major impact on large domestic banks, barring Bank of Baroda being the worst affected. Amongst domestic banks, Bank of Baroda (BoB) has the maximum branches in that region.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 1:11 pm Few takers for extension of trade timeIn a democratic set up, a decision with absolute majority - that is a resolution that gets the support of at least 75% of the voters - is considered to be a supreme mandate that can not be vetoed by any executive decision.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 1:07 pm Power MFs shine on pvt participationWith the contribution of the private sector increasing significantly in power projects, mutual funds (MFs) that focus on the sector have gained considerable traction.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 1:06 pm FII appetite for desi stocks risesThe Indian capital markets are again becoming attractive for foreign institutional investors (FIIs) with the slowdown easing out gradually.Source: India Business News | Business News - Times of India | 30 Nov 2009 | 1:00 pm On capitalism and the StateThe idea of the “State” is a metaphysical concept, like the Pharaoh. Classical liberals preferred to talk about “government”, that too “civil government”. This was the subject of John Locke’s two treatises of 1690, where he famously said: “Where there is no Property there is no Justice.” In India, we just have our State; we possess nothing that could be called “civil government”. Our elite bureaucrats are part and parcel of the huge State Failure we see around us, and all the corruption. As we move away from central economic planning towards capitalism, we need to think of what kind of State as well as what kind of government we must install. All the great classical liberals, from Locke to Adam Smith to Frederic Bastiat to Ludwig von Mises, with the sole exception of Gustave de Molinari, believed that a civil government was not just necessary but also vital. But such a government, to them, existed only to act against the lawless, and that too in full accordance with the “due process” of law. Such a law-abiding government comprised magistrates, policemen, judges, jailors and hangmen—nothing more. Yet, in India today, we also need certain services to be provided by the local government—services such as garbage removal, for instance. How would such a service be delivered in a capitalist society?  Illustration: Jayachandran / Mint Capitalist public administration is based on the principle that the government does not “produce” the services it “provides”. Thus, it opposes bureaucratic organizations in this field. If we look at how garbage collection is being provided today by the socialist Indian Administrative Service (IAS), it is all bound up in bureaucracy. It sets up a “department” with many rungs, recruits thousands of sweepers, buys hundreds of trucks, and so on. There is probably a very big jharoo tender—jharoo being the Hindustani word for broom. Under capitalist public administration, the entire department would be sacked. There would be just one civic official who would “contract out” the work to private companies. Thus, the market would “row” the boat; the civic officials would only “steer” it. This manner of thinking about public administration is called “new public management”, or NPM. This is now a major movement in practical public administration. There have been many successful experiments in NPM worldwide. These are not particularly new ideas either; they have been with us from the Thatcher years—what she called her “next steps programme”. Ideas of “education vouchers” and “food stamps” also fall within the ambit of NPM solutions—though I myself prefer to stress the importance of garbage collection. In the West, NPM came to the fore at a time when government budgets needed controlling. Thatcher’s 3Es slogan for her government was “economy, efficiency and economy”. We in India, too, face a spiralling government deficit. In all our cities and towns, huge bureaucracies have been set up which contribute nothing towards improving our lives or our urban environs. These must be sacked and the system of government service delivery drastically reformed. Further, if we save money by contracting out garbage collection, we will have more left over for building roads. In my book, roads and garbage collection must be top priority for all urban local governments—and both must be provided non-bureaucratically. In my honest opinion, the IAS officials are part of the problem. Further, they control all the academies of public administration here. They are the practitioners; they are also the academics. This is intellectual incest. And they are quite clear as to what kind of ideas they will oppose: After I lectured a group of them on NPM, one IAS officer told me, nonchalantly: “We are knowledge-proof”. Theirs is one huge collective effort to ignore principles, to ignore teachings. They refuse to see their own failures. And they want to continue practising their witchcraft upon us forever. Mention must also be made of land records—the first basic task of any district administration, a task that is no longer being performed. We no longer have “a law of the land”. Our socialist public administration is, therefore, in dire need of drastic reform. The socialists erected the huge big centralized State—while neglecting “government”. They worshipped their Pharaoh and enjoined upon all of us to do the same. We now need to demolish this metaphysical idol and think in terms of urban local self-government, one that is non-bureaucratic, economical, efficient and effective. We need to think in terms of “subsidiarity”—wherein the local government handles most things, and the central State handles just defence and international relations. In other words, we need to invert the pyramid. Of course, while IAS sticks its head in the sand, the market is marching ahead. There are many advertisements these days of entirely new cities being built by private developers. In these “company towns” there will be no elections, nor any bureaucracy. There will only be city managers using NPM—because this is cost-effective, provides the required services excellently and maximizes profits for the developer. Competition between cities will surely result in failure for the IAS-run cities. Perhaps then they will learn. Sauvik Chakraverti is an author and columnist. He blogs at sauvik-antidote.blogspot.com. Comments are welcome at theirview@livemint.com Source: LatestNews-Home - Livemint.com | 30 Nov 2009 | 12:45 pm AIDS scheme on track, says Naco, but hurdles remainBangalore: The nodal officer at the antiretroviral treatment (ART) centre at JN Hospital in Imphal, Manipur, pleads on the phone: “Can you take my message to the National AIDS Control Organisation (Naco)? They should cut down on bureaucracy; my patients are suffering,” says K. Priyokumar Singh, a physician who has been treating patients infected with the human immunodeficiency virus (HIV) for the past 20 years. Since the last few months, he’s been seeking stocks of an AIDS drug, Tenofovir, that he wants to substitute for two more commonly prescribed drugs—AZT (Zidovudine) and Stavudine—which cause side effects such as peripheral neuropathy (a neurological disorder) and muscle atrophy (where a 25-year-old starts looking like a 60-year-old) in some patients. Also See Fighting The Scourge (Graphics) “Of the 3,078 patients that come to our centre every month, a substantial number cannot be given AZT or Stavudine; but I can’t give Tenofovir either. They have to be sent to the centre of excellence. The process is so cumbersome that my patients never get the drug,” he said. Incidentally, the World Health Organization on Monday issued a new guideline that requires phasing out of Stavudine as this drug, even though most widely used, causes serious side effects in long-term use. Drug dispensation bottlenecks such as these are a blot on the otherwise looking-to-be-successful attempt by Naco in stalling the spread of HIV. “The ongoing mid-term review shows the programme (National AIDS Control Programme-Phase III, or NACP III) is on track (of infection reduction by 2012),” said a senior Naco official who didn’t want to be named “as the review is still in progress”. “For the first time, we have done data triangulation (synthesizing data from three sources). The analysis is not yet complete, but broadly speaking, it appears that we might have to relook at the categorization of districts (high or low prevalence),” said the official. NACP III may be on track, but AIDS managers need to factor in the reality that the economic slowdown has led to the shrinking of global funds and most countries would have to make critical choices in financing. Of the Rs11,585 crore budget for NACP III, the Indian government’s contribution is Rs2,861 crore; the rest comes from several international agencies. The biggest chunk of this, Rs2,683 crore, comes from the UK’s department for international development and the World Bank, and Rs2,237 crore has been committed by the Global Fund to Fight AIDS, Tuberculosis and Malaria, which, incidentally, is facing a corpus shortfall of around $3 billion (Rs13,950 crore today). This model of financing may not be sustained in the long run. According to a study published in the December issue of Health Affairs, India could require as much as $2.4 billion a year in 2031 to tide over AIDS, while South Africa would need $3.5 billion and China, $3.4 billion. “Middle income countries need to expand domestic funding for AIDS in line with their ability to pay,” said the study. Using mathematical modelling for the first time, the preliminary findings of the global “AIDS 2031” project suggest that in its 50th year, the AIDS pandemic would still be around, with one million people getting infected every year, and the funding requirement for developing countries could reach $35 billion a year, three times the current level. “According to the highest estimate, India’s requirement could be $2.4 billion by 2031, but if the right policies are formulated and implemented the annual cost could be much less, even half of it,” said Robert Hecht, a co-author of the study and managing director of Results for Development Institute in Washington. “In per capita terms, it could turn out to be about a dollar per person, which is less than 0.1% of the GDP of the estimated $3.3-3.5 trillion Indian economy (in 2031),” said Hecht, a former World Bank economist who also led its health, nutrition and population division. To that end, Naco isn’t looking so far into the future. “As regards budget, we seem to be set for NACP III; I can’t say about 2031,” said the Naco official. In fact, one advantage Naco has, according to Vijay Talwar, chief executive of the William J Clinton Foundation India, is that even though it works with a variety of international donors, it has managed to localize the implementation of the HIV/AIDS programme and this would facilitate the transition. He plays down the concern of diminishing donor involvement. “I don’t think foreign partners will irresponsibly walk away. I am sure every partner that Naco works with has a phasing out or transition plan in place,” said Talwar. Costing pressure is imminent as 3-5% of AIDS patients would soon need a second line of anti-retroviral drugs that are 8-10 times more expensive than the first line of drugs. “In the long term, the challenge is to make available the third line and other newer drugs at affordable cost to the patient,” said Amar Lulla, joint managing director of Cipla Ltd. “The new drugs are covered under the new patent law, which recognizes product patents, and hence, Indian generic companies can only introduce them if they are allowed to do so by the innovator company or by the government under a compulsory licence,” he added. Talwar believes the price battle isn’t unwinnable. Since 2000, AIDS drug prices have come down by 60%. “Prices have been declining year-on-year and I don’t see that stopping in the coming years.” Money is only one part of this epidemic management. On the ground, structural changes are required that would reduce vulnerability to AIDS and produce a more sustainable response. “The most pressing need of the hour is a greater amount of involvement from the government at the state and the central level to counsel and motivate patients and make them understand that it is not the end of the world,” said Rajasri Lahiri, medical officer at Calcutta Rescue, a non-profit organization providing free medical care to the economically weak since 1979. Even those implementing Naco’s programme say the state’s integrated centres for treatment and counselling are ineffectual. At least 30% of HIV infection in the Punjab region is due to quacks using infected needles, said Santokh Singh, ART in-charge at Guru Nanak Dev Medical College and Hospital in Amritsar. “Neither is anybody cracking down on quacks nor are we reaching out to the families of those infected,” said Singh. Moreover, mainstreaming the issue is necessary. “Prostitution is one of the oldest professions in the world. Still, people have pseudo social values. That is exactly where intervention should move towards,” said A.K. Srikrishnan, research manager of the Chennai-based YRG Centre for AIDS Research and Education. “We are not saying ‘you shouldn’t be doing it (having sex with a sex worker)’, but that you should do it in a way that is comfortable for everyone, including yourself.” Aveek Datta in Kolkata and Anupama Chandrasekaran in Chennai contributed to this story. seema.s@livemint.com Graphics by Sandeep Bhatnagar / Mint Source: LatestNews-Home - Livemint.com | 30 Nov 2009 | 12:45 pm Developing nations should not expect technology, finance assistance: SaranThe Prime Ministers Special Envoy on Climate Change, Shyam Saran, today reiterated that the Copenhagen climate change summit beginning on December 7 would not involve a firm binding commitment on India to cut its carbon emissions. Speaking at an event here, jointly held by National Thermal Power Corporation and the Confederation of Indian Industry, he added that developing countries should also not expect any financial or technical assistance from developed nations to help reduce their carbon footprint.Source: Business Standard | Front Page Headlines | 30 Nov 2009 | 12:37 pm Another hyped financial crisis is hereSince the financial crisis began two years ago, there have been few events that have been hyped as far beyond their real significance as Dubai World’s default on its debts, writes Dhirendra Kumar. Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 11:24 am Nakheel asks for trading halt markets fall 8 0Emirates leading property developer, Nakheel on Monday asked for suspension in trading of all its (Sukuks) Islamic bonds as Dubai's and its neighbouring Abu Dhabi stock exchange went into a free fall dropping more than seven per cent on opening. Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 11:20 am We have no plans to enter domestic sectorFor German airlines Lufthansa, India is a critical market, the airline serves seven destinations in India including Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Pune with a total of 52 flights a week. Lufthansa’s director south Aisa, Alex Hilgers spoke to Hindustan Times on a range of issues.Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 11:17 am Tata Docomo RIM together launch BlackBerry Curve 8520Telecom service provider Tata Docomo and Research In Motion (RIM), a global leader in wireless innovation, today unveiled the BlackBerry Curve 8520 smartphone.Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 11:16 am Old and new GSM operators fight over spectrumThere was a direct confrontation between the new GSM players led by Tata Teleservices and Reliance Communications (RCOM) and the old players Airtel, Vodafone, Idea and Aircel on the issue of spectrum allocation and efficient use of spectrum on the first day of open house session held by the telecom regulatory authority of India (TRAI) on Monday, reports Manoj Gairola.Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 11:15 am China sees another opportunityDubai’s debt crisis could provide China an opportunity to snap up oil and gold assets to diversify its foreign exchange investments, state-run press quoted a senior official as saying on Monday.Source: HindustanTimes.com - Top Business News Headlines | 30 Nov 2009 | 11:12 am 36 beaches to be developed in Andaman and Nicobar islandsTo promote eco-friendly tourism, the Andaman and Nicobar (A and amp;N) government has decided to develop 36 beach sites on the islands.Source: IndiaeNews.com: Business News | 30 Nov 2009 | 7:03 am CBI is ready to probe Orissa mining scamThe Central Bureau of Investigation (CBI) has agreed to probe the multi-crore Orissa mining scam. The agency filed an affidavit to this effect in the Orissa High Court Monday.Source: IndiaeNews.com: Business News | 30 Nov 2009 | 7:00 am Peugeot-Citroen assessing Indian market entryMumbai: Europe’s second-biggest carmaker PSA Peugeot Citroen is exploring various entry routes into the Indian automobile market but has not yet taken a decision, a spokesman for the group said on Monday. “We are currently assessing the opportunities offered by the India market and the way to enter this market, but we have not taken any decision yet,” Laurent Cicolella told Reuters by telephone from France. The company is also assessing whether it should enter India on its own or with a partner and whether it should launch a compact car in the country. “The points...mentioned, are part of the assessment,” Cicolella said in reply to e-mail queries. The Financial Express newspaper had reported on Monday the French automaker was expected to tie-up with Caparo India, a wholly owned unit of UK’s Caparo Group, founded by well-known non-resident Indian Swraj Paul. Cicolella said that there were no “discussions ongoing” with the Caparo Group. Global carmakers that operate in India reckon the price-sensitive compact car segment offers the best way to grab market share. The compact car segment, with a share of 70% of the total passenger vehicle market and currently dominated by market leader Maruti Suzuki, is starting to expand as more cars enter the segment. Ford, which has so far been selling mid-sized sedans in India, is set to launch a small car in India early next year. Apart from Ford, Toyota, General Motors and Volkswagen have lined up their small car launches for next year while another French carmaker Renault plans to enter the segment in India in 2012. Peugeot, which sells the popular small hatchback 207 in Europe, has said in the past it is looking at external growth opportunities and would consider acquisitions or partnerships to grow in markets where it hopes car sales will hold up. It also raised its full-year outlook and unveiled a plan to lift earnings via productivity improvements, cost cuts and more sales in emerging markets. China, Latin America and Russia are the firm’s top three picks for international growth, Cicolella said. In China, it has set up its second plant with partner DongFeng Motors, while it has two plants in Brazil and Argentina. In Russia, the company will start to assemble cars at its new plant in March 2010. Peugeot had, in the 1990s, entered into a joint venture with India’s Premier Ltd to make the Peugeot 309 in India, but the venture failed. “It (Peugeot) is a company known for its small cars in Europe,” said Peter Haynes of JATO Dynamics, which provides data on vehicles worldwide. “I think Peugeot, like any other automobile company, is looking at big developing markets like China and India for growth,” he added. Source: World Business - Livemint.com | 30 Nov 2009 | 4:26 am
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