|
|
|
|
11 US banks collapse every month; 133 folded up so far!With three more American banks biting the dust, the total number of collapses in 2009 has touched 133, more than five-fold that of last year.Source: Zee News : Business | 13 Dec 2009 | 5:07 am AI to meet foreign pilots` hiring agencies to discuss wage cut!Air India has convened a meeting of foreign pilots` recruitment agencies on Wednesday to discuss its proposal to slash wages by 10 percent.Source: Zee News : Business | 13 Dec 2009 | 5:07 am Goldman`s mortgage bets crippled AIG: Report!Goldman Sachs Group Inc played a bigger role in fuelling the mortgage bets that crippled American Insurance Group Inc than has been publicly disclosed, the Wall Street Journal reported on Saturday.Source: Zee News : Business | 13 Dec 2009 | 5:07 am Cairn India begins work at oil block in Sri Lanka - Business Standard
Source: Business - Google News | 13 Dec 2009 | 3:15 am Kuwait sees no OPEC policy change after price dropKUWAIT (Reuters) - The recent drop in the price of oil will not affect OPEC's inclination to keep its production target unchanged when its ministers meet later this month, Kuwait's oil minister said on Sunday.Source: Reuters: Money News | 13 Dec 2009 | 3:02 am Kuwait sees no oil policy change after price dropOil fell for the eighth consecutive session on Friday, edging below $70 a barrel as a stronger dollar pressured prices.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 2:48 am Dubai owes Japan firms $7.5 billon in uncollected billsThe figure includes public works projects, such as subways and roads, commissioned by the Dubai government.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 2:46 am Venezuela, Cuba sign $3 billion in joint projectsCuba, which is heavily dependent on imports of fuel and food, pays part of its Venezuelan oil bill with the services of 40,000 doctors and other professionals.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 2:44 am Oman's economy grew 1%-2% in 2009: Economy ministerSource: Daily News & Analysis: Money News | 13 Dec 2009 | 2:42 am Tata Power to commission Bhutan project in 2013Mumbai: The country’s largest private power utility Tata Power Company has begun construction of the 114 MW Dagachhu hydel power project in Bhutan and expects to commission the first unit in 2013. Tata Power will build and operate the run-of-the-river project in partnership with the Bhutanese government. While Tata Power holds 26 per cent in the project, the remaining 74 per cent is with the Bhutanese government-owned agencies. “There are two units of 57 mw each at the Dagachhu project. The first unit will be commissioned in 2013 and it will take about four years for the whole project to be completed,” said Tata Power executive director for strategy and business development Banmali Agrawala. The $201.5 million project has achieved financial closure through loans secured from Asian Development Bank, Austrian export credit agency OeKB, and Bhutan’s Druk Green Power Corp., the rest being equity participation. A part of the capital has been used to award contracts for civil work and equipment among other things. “Major clearances, including environmental approvals, are in place. Contracts for civil work and equipments are in place as well. The design of the entire plant and all the soft part is over and work on the ground will start now,” Agrawala said. Tata Power and the Bhutanese government have signed a long-term power purchase agreement with Tata Power Trading Company for evacuation of power into India. After fulfilling the local electricity needs in Bhutan, which is very minimal, all the power would be evacuated to India, Agrawala said, adding Bhutan Power Transmission has agreed to provide transmission access to the Bhutanese border. The Dagachhu project marks Tata Power’s entry into Bhutan, which has a huge potential for hydel power generation. The utility has also make a mark into the Nepalese hydel power sector through an exclusive joint venture it has signed with Norway’s SN Power recently. “There clearly is a lot of potential for hydel power in Bhutan. We are definitely open to setting up more plants in Bhutan, but it depends on the pace at which the government there would want the private sector to come in,” Agrawala said. The company is increasing its thrust on renewable energy and will invest accordingly from the Rs23,600 crore capex announced for the next three years to increase generation capacity. It has over 10,000 MW plants under various stages of construction and implementation. Source: Home - Livemint.com | 13 Dec 2009 | 2:22 am Manager effectiveness highest in Indian cos StudyHighlighting the influence of managers on the performance of an organisation's staff, Indian employees have reported the highest levels of manager effectiveness as compared to their peers globally.Source: HindustanTimes.com - Top Business News Headlines | 13 Dec 2009 | 1:18 am Hinduja Bank bullish on investment banking, corp advisory bizMumbai: Switzerland-based Hinduja Bank, which recently upped its stake to 51% in a domestic stock-broking firm, plans to strongly focus on the domestic capital markets business, investment banking and corporate advisory, a senior bank official said. The bank recently acquired an 11% stake in addition to its existing 40% in the Chennai-based stock-broking and financial services firm Paterson Securities. “We were already active in the capital markets business here but acquiring a 51% stake gives us a stronger access to this market. We scent a growth opportunity in investment banking and corporate advisory here,” said Hinduja Bank head-Global Investment Solutions Andreas Luethi. The bank plans to leverage Paterson Securities’s strong presence and high reputation in the south to grow its business. It also plans to expand its footprint to other regions, including Mumbai, and plans to increase its head count. Paterson Securities has 2,500 clients and serves a diversified group of customers comprising financial institutions, large corporates, high networth individuals and retail clients. Hinduja Bank had acquired 40% stake in Paterson last December and bought an additional 11% a few weeks back. “We want to be known as an Indian specialist. We are now looking to spread our wings from the south to Mumbai and other parts of the country. We will be adding staff soon,” Luethi said. The Chennai based broking firm has been on expansion mode over the past one year, having added 15 branches, taking its total network to 30. Luethi said Paterson will remain a separate entity and become the central partner for Hinduja Bank in the country for stock-broking, corporate finance advisory, research and asset management-related services. Asked if more acquisitions are being considered, he said, “We are open to acquisitions if a good opportunity presents itself.” He, however, added that the bank has no immediate plan to open branches here. Source: Home - Livemint.com | 13 Dec 2009 | 1:18 am Oman's economy grew 1-2 pct in 2009 - Econ MinDUBAI (Reuters) - Oman's economy was expected to grow by a sluggish 1-2 percent this year after being hit by lower oil prices in the second quarter, the country's economy minister Ahmad Mekki said in remarks published on Sunday.Source: Reuters: Money News | 13 Dec 2009 | 1:16 am Government to award 17 port projects to private playersThese 17 projects, once completed, will enhance the cargo handling capacity in the country by 183.5 million tonne per annum.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 1:02 am Manager effectiveness highest in Indian cos: StudyHighlighting the influence of managers on the performance of an organization's staff, Indian employees have reported the highest levels of manager effectiveness as compared to their peers globally.Source: India Business News | Business News - Times of India | 13 Dec 2009 | 1:01 am 6 of top 10 cos add Rs 24k cr in m-cap; Airtel biggest gainerSix out of the top 10 companies added over Rs 24,000 crore to their market capitalization last week with telecom giant Bharti Airtel alone contributing one-third of the gain.Source: India Business News | Business News - Times of India | 13 Dec 2009 | 12:59 am Measures taken up against swine flu ahead of Kumbh MelaDoctors are being given special training by teams of doctors from Dehradun and New Delhi under a programme of central government.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 12:59 am RInfra bags Rs 1,000 cr Kandla-Mundra road project in GujaratAfter bagging the Pune-Satara highway project last week, RInfra has now bagged the Rs 1,000 crore Kandla-Mundra Road Project from NHAI.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 12:57 am Women CEOs: India Inc beats US hands downGender imbalances continue to prevail in corporate boardrooms across the world, but the situation is much better in our country if the number of women CEOs that India Inc has is any indication, nearly four times more than that of the US, a survey says.Source: India Business News | Business News - Times of India | 13 Dec 2009 | 12:56 am Boeing eyeing over 30 pc share in Indian defence marketBoeing today said it was eyeing an over 30 per cent share in the USD 100 billion Indian defence market in the next 10 years.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 12:51 am Development Credit Bank reduces unsecured loanbook to Rs 200 croreDevelopment Credit Bank has successfully reduced the portion of retail unsecured loans to around Rs 200 crore from around Rs 700 crore a year-ago.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 12:47 am Kerala Catholic Bishops Council cautions against 'hasty' marriagesKCBC has asked the community members to get married after proper investigation of both the parties, especially if the bride and groom are residing abroad.Source: Daily News & Analysis: Money News | 13 Dec 2009 | 12:46 am US limits executives pay to $500,000 at 4 bailed-out firmsWashington: Continuing with its strict compensation regulations for the bailed-out entities—Citi, AIG, General Motors and GMAC—the US government has extended the pay cap for their executives, limiting the annual cash salaries to $500,000. The US pay czar has imposed new restrictions on compensation for the 26th to 100th highest paid employees at the bailed-out firms. In October, the government had slashed the pay by 50% for the top 25 executives at these four companies. Exorbitant pay packages on the Wall Street attracted widespread criticism in the wake of the financial turmoil, with many blaming such practices for excessive risk taking. Kenneth R. Feinberg, the special master appointed by President Barack Obama to look into pay structure at bailed out firms, has asserted that cash should account only for 45% of the total compensation. Popularly known as the pay czar, Feinberg has noted the decision should be implemented immediately at Citi, AIG, GM and GMAC, which have received billions of dollars from the Troubled Asset Relief Programme (Tarp). “(Annual) Cash salaries generally limited to USD 500,000 ... Overall, cash is limited in most cases to 45 per cent of total (compensation); all other pay must be in company stock,” the pay czar said in a statement on Friday. At least 50% of compensation of these employees should be held for three years or more, in order to focus more on long term goals of the company. Going by the pay czar’s latest ruling, all sorts of incentive pay at the four firms should be subject to “clawback” regulations, depending on the long term results. “Any cash incentives must be delivered over two years -- large lump-sum cash bonuses (are) rejected,” the statement noted. Moreover, the practice of giving “substantial cash guarantees to departing executives, regardless of their performance” has been frozen at the four firms. Among three other entities which received huge bailout funds, Bank of America has been exempted since it has already paid back the rescue funds. In the case of two other companies—Chrysler and Chrysler Financial—the total pay of their executives is less than $50,000. Feinberg in October had said that even including the value of stock that must be held for the long term, the total pay package would be reduced by 50% for the 25 top paid executives at the bailed out institutions. The extravagant executive compensation continues to remain a controversial topic globally, with the UK recently proposing to impose a 50 per cent temporary tax on bonuses paid for British bankers. Source: Home - Livemint.com | 13 Dec 2009 | 12:43 am Yeddyurappa to 'bare all' on Reddys' mining work? - IBNLive.com
Source: Business - Google News | 13 Dec 2009 | 12:34 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 | 13 Dec 2009 | 12:09 am India resists pressure to go beyond Kyoto ProtocolCopenhagen: India has opposed any amendment to the Kyoto Protocol at the Copenhagen Climate meet as the EU pushed for an agreement that is “broader” than the 1997 treaty and puts more obligations on developing countries for cutting emissions. The tiny Pacific island of Tuvalu has raised the proposal of adding another protocol to the Kyoto Protocol. Developing nations mainly India, China, South Africa and Brazil are, however, sticking to a one protocol approach. “Our focus is on heightened implementation of the convention,” Vijay Sharma, India’s environment secretary told the gathered negotiators. “The spotlight is on existing commitments.” Tuvalu is a small island where people live two meters above sea level, and it could be swamped by rising sea levels. Tuvalu’s representative Ian Fry requested the minister of the Copenhagen Climate Change Conference, Connie Hedegaard to immediately form a contact group to consider the proposal for a new protocol that calls for vigorous action, such as binding cuts and puts less than 1.5 degree limit in warming, by developed countries and emerging economies. President Connie Hedegaard had to suspend the work of the COP following a deadlock on the issue with some nations like Australia and EU supporting it. Developing nations (India and China) and oil producing states including Saudi Arabia have opposed it on the ground that there should not be any detraction from Kyoto Protocol, the treaty that imposes legally binding sanctions on industrialised nations, excluding the US. India and other nations suspect that Europe’s support for a new protocol is also an attempt to weaken the Kyoto Protocol. “Several provisions in the draft are inconsistent and obviously in conflict with the convention provisions pertinent to historical responsibility and equity,” Sharma said. “There are articles bracketing the Annex 1 and non-Annex countries and allows Annex 1 to abandon Kyoto, which is not the right message to give at this point of time,” he added. The Kyoto Protocol sets binding targets for 37 industrialised countries, called Annex 1 countries, for reducing greenhouse gas emissions to an average of five per cent against 1990 levels between 2008-2012. However, Tuvalu and Alliance of Small Island States (Aosis) have said here that the Copenhagen summit needs to produce a document much stronger than the Kyoto Protocol that neither puts obligations on US nor on emerging economies. Sweden’s environment minister Andreas Carlgren told reporters, “If we were to end up with an agreement where the only legally binding part would be the Kyoto Protocol then we would not manage to achieve what is needed.” Fry has repeatedly stated that his country do not want to “kill” the Kyoto Protocol but to make it tougher on both developed and developing nations. A major portion of this conference is to extend the Kyoto Protocol into its second commitment period starting from 2013 where developed countries have to make cuts will be listed in Annex B, which is a top priority for India and China at this climate meet. Source: Home - Livemint.com | 13 Dec 2009 | 12:06 am 6 of top 10 cos add Rs 24k cr in m cap Airtel biggest gainerSix out of the top 10 companies added over Rs 24,000 crore to their market capitalisation last week with telecom giant Bharti Airtel alone contributing one-third of the gain.Source: HindustanTimes.com - Top Business News Headlines | 13 Dec 2009 | 12:02 am Govt readies for knowledge network roll-outThe Ministry of Communications and IT has circulated a Cabinet note for the final phase of the National Knowledge Network, which seeks to connect research and academic institutions in the country over a high-speed multi gigabitSource: Business Line - Home Page | 13 Dec 2009 | 12:00 am Insurance firms emerge a major force on the boursesInsurance companies have become a major force in Indian stock markets with the growing popularity of their market-linkedSource: Business Line - Home Page | 13 Dec 2009 | 12:00 am Honda upbeat on Jazz despite tepid market responseSix months into its launch, the Jazz has not exactly set Honda singing about sales but it continues to be upbeat about the hatchback'sSource: Business Line - Home Page | 13 Dec 2009 | 12:00 am Political crisis deepens in APThe political crisis is fast deepening in Andhra Pradesh, with the ruling Congress(I) Government getting resignation letters from a large number of its legislators and reported offers of resignation from even its ministers, in the wake of theSource: Business Line - Home Page | 13 Dec 2009 | 12:00 am Price rise more in non-traded food items: FMC chiefEven as the passage of the Bill to amend the Forward Contracts (Regulation) Act is in limbo with political parties blaming the inflationary trend in essential commodities on futures trading, the Forward Markets Commission (FMC) Chairman, Mr B.C.Source: Business Line - Home Page | 13 Dec 2009 | 12:00 am Cyclone Ward barrelling in towards TN coastFriday's tropical cyclone, ‘Ward', over the south-west and adjoining south-east Bay of Bengal has decisively taken a turn to the west, shaping it up for a landfall over coastal TamilSource: Business Line - Home Page | 13 Dec 2009 | 12:00 am Consumers feel the heat of food price riseIf you had paid Rs 500 at the beginning of the year for a kg of a dozen items in your grocery basket such as atta, rice, sugar and various dals, do you know how much it would cost you now? You would have to shell out at least 35 per cent moreSource: Business Line - Home Page | 13 Dec 2009 | 12:00 am ONGC seeks windfall tax on crude oilState-run Oil and Natural Gas Corp (ONGC) has sought levy of windfall tax on crude oil price of over $60 per barrel to pay for fuel subsidies.Source: India Business News | Business News - Times of India | 12 Dec 2009 | 11:58 pm Dubai owes Japan firms $7.5 bln in uncollected bills - NikkeiTOKYO (Reuters) - The Dubai government and its affiliated firms owe non-financial Japanese companies roughly $7.5 billion in credit that had not been collected as of Oct. 31, a study by the Japanese government showed.Source: Reuters: Money News | 12 Dec 2009 | 11:29 pm Venezuela, Cuba sign $3 billion in joint projectsHAVANA (Reuters) - Cuba and Venezuela signed cooperation deals worth nearly $3 billion on Saturday, underscoring Caracas' role as the communist-run island's closest political and commercial ally.Source: Reuters: Money News | 12 Dec 2009 | 11:24 pm INTERVIEW - Coca Cola CEO says supports global climate dealCOPENHAGEN (Reuters) - The Coca-Cola Company supports a global climate deal and aims to reduce its environmental footprint by focusing on water use, refrigeration and packaging, its chief executive said on Saturday.Source: Reuters: Money News | 12 Dec 2009 | 11:18 pm 11 US banks collapse every month 133 folded up so farWith three more American banks biting the dust, the total number of collapses in 2009 has touched 133, more than five-fold that of last year.Source: HindustanTimes.com - Top Business News Headlines | 12 Dec 2009 | 11:14 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 | 12 Dec 2009 | 11:14 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 | 12 Dec 2009 | 11:14 pm Air India, hiring agencies to discuss expat pilots’ wage cutMumbai: Air India has convened a meeting of foreign pilots’ recruitment agencies on Wednesday to discuss its proposal to slash wages by 10%, in its bid to reduce costs and the differences between the pay packets of Indian and foreign pilots. The meeting comes in the backdrop of the agencies opposing any unilateral move on lowering foreign pilots’ wages and allowances and demanding negotiations before any such decision being implemented. “The AI management has called a meeting on December 16 to discuss the issue of reduction in the wages of expatriate pilots,” a source close to the development told PTI. The agencies, supplying foreign pilots to the national carrier, have also asked the management not to go ahead with its plan of implementing the proposal from January 1, they said, adding, “initially the management had proposed these cuts from December itself, but after the agencies protested, it extended the cut-off date till January 1.” The agencies want to consult the pilots before they accept or reject the proposal, they said. Air India has recently proposed a 10% cut in the salaries of about 150 expat pilots currently on its rolls, besides slashing their bonuses by 50% and withdrawal of reimbursements including travel to home base, licence, medical costs and visa fees. The expat pilots are paid through approved agencies which are given a monthly fee. The national carrier hires expat pilots through global pilots recruitment agencies like Rishworth Aviation Ltd, Sigma, EDL (Economic Dynamics), Aviator, N.G.Aviation, Tital and Next Gen, with the first three providing over 90% of foreign pilots. Air India has around 153 foreign pilots, besides 1,253 Indian pilots and about 200 trainees. A major demand of the Indian pilots unions like ICPA and Indian Pilots Guild, which had recently gone on agitation, is to curtail the packages offered to the expats as a cost-cutting measure and ensure some compatibility between the Indian and foreign pilots’ pays and allowances. With a total staff strength of 30,505, the airline is targeting to lower its total manpower costs from Rs 839 crore in the first two quarters of the current financial year to Rs 650 crore in the next two quarters, official figures show. In response to an RTI application earlier, Nacil had said it paid Rs 93.29 crore towards salaries and expenses to the agencies which had provided expat pilots to Air India and Air India Express in the last fiscal. Nacil had said a Boeing-737 commanding pilot is paid $10,000, while a B-777 commander $12,700, a B-747 and Airbus A-310 commander get $8,750 as salary. They also get an annual bonus of $12,000, $13,000 and $15,000 on completion of one, two and three/four years in service respectively. In addition, the company spends up to Rs7,500 per day to accommodate them in hotels and provide chauffeur-driven AC cars for non-flying duties as well. Source: Home - Livemint.com | 12 Dec 2009 | 11:09 pm Aegon Religare to enter health ins launch upto three productsPrivate life insurer, Aegon Religare, plans to enter the health insurance segment while continuing to focus on term insurance products, a senior company official said.Source: HindustanTimes.com - Top Business News Headlines | 12 Dec 2009 | 11:01 pm Macroeconomic indicators - IIP in October up by 10 pct - SteelGuru
Source: Business - Google News | 12 Dec 2009 | 10:22 pm Embrace clean tech for growth: Modi - Daily News & Analysis
Source: Business - Google News | 12 Dec 2009 | 10:03 pm 2009: the year of Twitter, FacebookWashington: Twitter, fueled by smartphones and online bursts of 140 characters, soared to lofty heights over the past year while Facebook eclipsed MySpace to become the world’s leading social network. “Those are the big winners,” said Jason Keath, a North Carolina-based social media consultant and founder of SocialFresh.com, an organizer of social media conferences. “Facebook more or less tripled their size this year.” “Twitter grew immensely,” added Keath. “I think they were somewhere around maybe two to four million users at the beginning of the year. Now they’re near 40 million.” With 350 million members, “if Facebook was a country it would be the fourth most populous nation,” said Scott Stanzel, a former deputy press secretary to president George W. Bush who has also worked for software giant Microsoft. “Going back one year ago I don’t think people would have thought Twitter would have had the influence it’s had,” added Stanzel, who now runs Stanzel Communications, a Seattle-based public relations consulting firm that offers social media planning among its services. “It was gaining popularity but it has really exploded this year and it’s done so in a way that’s become incredibly pervasive,” he said. Twitter has reportedly spurned takeover offers worth hundreds of millions of dollars from Google and Facebook and its influence as a communications and news-breaking tool has been validated in a number of ways over the past year. In June, the State Department asked Twitter to delay scheduled maintenance on the service because it was being used by protestors angered by the results of Iran’s disputed presidential election. More recently, Google and Microsoft began integrating Twitter messages into their respective search engines, a new feature described as real-time search. Rampant adoption of smartphones has much to do with Twitter’s growth, according to Jack Levin, co-founder and chief executive of ImageShack, an online media hosting company which runs yfrog.com, a service for sharing images and video on Twitter. “The explosion of smartphones in the United States and many other countries has led to the success and ease of communication between people and Twitter is certainly in the middle of that,” Levin said. “People obviously want to communicate and Twitter is really a communications platform,” he said of the service which allows users to pepper one another with messages of 140 characters or less and provide links to the Web. “It’s a hybrid between instant messenger and email,” Levin said. Levin’s yfrog.com is one of the thousands of applications created for Twitter by outside software developers credited with fueling the popularity of the microblogging service. Facebook, which started the trend of opening up to outside creators of fun mini-programs, was also quick to realize the appeal of being able to connect from anywhere at any time. “The thing they’ve done and MySpace didn’t do is they’ve really expanded the scope of their network past the initial site,” Keath said. “Facebook Connect is a big piece of that, where you can take your Facebook account and log in from other places.” Facebook and Twitter are popular because essentially they “provide real value to people in their personal and work lives,” according to Stanzel. “You can keep up with hundreds if not thousands just by having a Facebook account or by being active on Twitter,” he said. Stanzel also credited social media tools with “redefining the way in which companies or politicians relate to their consumers or constituents.” “Companies or politicians who have taken to Facebook or Twitter or YouTube are building more of a permanent relationship with their constituents or with their customers because they’re engaged in a conversation,” he said. Keath predicted Twitter’s growth is “going to slow,” saying it is inconceivable the San Francisco-based firm could match this year’s meteoric surge in user numbers. Twitter needs to be wary of spammers “putting out garbage, bad information, trying to direct message everyone in the entire service, porn links and things like that,” Keath added. “That would cause people to restrict their networks a little more.” Stanzel warned that if Twitter “starts becoming overrun with advertising or becomes too complicated they might see their growth slow down or even reverse.” Keath suspects Twitter, which has yet to unveil a plan for making money, will seek over the next year to become “more of a marketing tool.” “I think there will be a lot of emphasis on providing more value to businesses and commerce in general,” he said. As for Facebook, Keath said it “looks highly likely that they’re going to launch a payment portal, a payment tool. “There’s debate over whether there would be high adoption of giving Facebook your credit card information,” he said. “But if they do that they’re not only going to have your social network but your commerce too. “And then they’ve pretty much locked in most of your activity online.” Source: Tech News - Livemint.com | 12 Dec 2009 | 9:43 pm 2009: the year of Twitter, FacebookWashington: Twitter, fueled by smartphones and online bursts of 140 characters, soared to lofty heights over the past year while Facebook eclipsed MySpace to become the world’s leading social network. “Those are the big winners,” said Jason Keath, a North Carolina-based social media consultant and founder of SocialFresh.com, an organizer of social media conferences. “Facebook more or less tripled their size this year.” “Twitter grew immensely,” added Keath. “I think they were somewhere around maybe two to four million users at the beginning of the year. Now they’re near 40 million.” With 350 million members, “if Facebook was a country it would be the fourth most populous nation,” said Scott Stanzel, a former deputy press secretary to president George W. Bush who has also worked for software giant Microsoft. “Going back one year ago I don’t think people would have thought Twitter would have had the influence it’s had,” added Stanzel, who now runs Stanzel Communications, a Seattle-based public relations consulting firm that offers social media planning among its services. “It was gaining popularity but it has really exploded this year and it’s done so in a way that’s become incredibly pervasive,” he said. Twitter has reportedly spurned takeover offers worth hundreds of millions of dollars from Google and Facebook and its influence as a communications and news-breaking tool has been validated in a number of ways over the past year. In June, the State Department asked Twitter to delay scheduled maintenance on the service because it was being used by protestors angered by the results of Iran’s disputed presidential election. More recently, Google and Microsoft began integrating Twitter messages into their respective search engines, a new feature described as real-time search. Rampant adoption of smartphones has much to do with Twitter’s growth, according to Jack Levin, co-founder and chief executive of ImageShack, an online media hosting company which runs yfrog.com, a service for sharing images and video on Twitter. “The explosion of smartphones in the United States and many other countries has led to the success and ease of communication between people and Twitter is certainly in the middle of that,” Levin said. “People obviously want to communicate and Twitter is really a communications platform,” he said of the service which allows users to pepper one another with messages of 140 characters or less and provide links to the Web. “It’s a hybrid between instant messenger and email,” Levin said. Levin’s yfrog.com is one of the thousands of applications created for Twitter by outside software developers credited with fueling the popularity of the microblogging service. Facebook, which started the trend of opening up to outside creators of fun mini-programs, was also quick to realize the appeal of being able to connect from anywhere at any time. “The thing they’ve done and MySpace didn’t do is they’ve really expanded the scope of their network past the initial site,” Keath said. “Facebook Connect is a big piece of that, where you can take your Facebook account and log in from other places.” Facebook and Twitter are popular because essentially they “provide real value to people in their personal and work lives,” according to Stanzel. “You can keep up with hundreds if not thousands just by having a Facebook account or by being active on Twitter,” he said. Stanzel also credited social media tools with “redefining the way in which companies or politicians relate to their consumers or constituents.” “Companies or politicians who have taken to Facebook or Twitter or YouTube are building more of a permanent relationship with their constituents or with their customers because they’re engaged in a conversation,” he said. Keath predicted Twitter’s growth is “going to slow,” saying it is inconceivable the San Francisco-based firm could match this year’s meteoric surge in user numbers. Twitter needs to be wary of spammers “putting out garbage, bad information, trying to direct message everyone in the entire service, porn links and things like that,” Keath added. “That would cause people to restrict their networks a little more.” Stanzel warned that if Twitter “starts becoming overrun with advertising or becomes too complicated they might see their growth slow down or even reverse.” Keath suspects Twitter, which has yet to unveil a plan for making money, will seek over the next year to become “more of a marketing tool.” “I think there will be a lot of emphasis on providing more value to businesses and commerce in general,” he said. As for Facebook, Keath said it “looks highly likely that they’re going to launch a payment portal, a payment tool. “There’s debate over whether there would be high adoption of giving Facebook your credit card information,” he said. “But if they do that they’re not only going to have your social network but your commerce too. “And then they’ve pretty much locked in most of your activity online.” Source: Home - Livemint.com | 12 Dec 2009 | 9:43 pm Cyclone Ward to cross Tamil Nadu coast on Sunday night - Hindustan Times
Source: Business - Google News | 12 Dec 2009 | 9:26 pm Indian telecom market crowded by new entrantsStein-Erik Vellan, head of Norway's Uninor, the newest Indian mobile phone operator, insists his company will be one of the survivors in what has rapidly become a very crowded market.Source: HindustanTimes.com - Top Business News Headlines | 12 Dec 2009 | 9:06 pm Google to produce, sell own 'Nexus One' phones - reportLOS ANGELES (Reuters) - Google Inc plans to sell its own cellphone direct to consumers as soon as next year, bypassing wireless operators in a rare strategic move, the Wall Street Journal cited sources as saying on Saturday.Source: Reuters: Money News | 12 Dec 2009 | 8:55 pm Google hints at making mobile telephoneThe Internet on Saturday buzzed with renewed rumors of Google making its own smartphone, after the Internet powerhouse said it is internally dabbling with a mobile device.Source: HindustanTimes.com - Top Business News Headlines | 12 Dec 2009 | 8:53 pm No boon for U.S. firms in Iraq oil deal auctionBAGHDAD (Reuters) - Critics said the 2003 U.S. invasion of Iraq said was driven by oil, but United States oil majors were largely absent from an Iraqi auction of oil deals snapped up instead by Russian, Chinese and other firms.Source: Reuters: Money News | 12 Dec 2009 | 8:35 pm Goldman Sachs played bigger role in AIG trades - reportCHICAGO (Reuters) - Goldman Sachs Group Inc played a bigger role in fueling the mortgage bets that crippled American Insurance Group Inc than has been publicly disclosed, the Wall Street Journal reported on Saturday.Source: Reuters: Money News | 12 Dec 2009 | 8:30 pm Bitten by the bugMost of us would love to own a Volkswagen Beetle — that bug-shaped people’s car made popular in no small measure by the 1968 film The Love Bug.Source: HindustanTimes.com - Top Business News Headlines | 12 Dec 2009 | 1:24 pm Pitch your ideas to Vulture's NestHere's another reality show, but of a different kind this one includes engineering and management students who will vie for funding for their business ideas from real time investors.Source: Business Standard | Front Page Headlines | 12 Dec 2009 | 12:08 pm Indian drugs face EU musicIndian medicine accounted for over 50 per cent of all drug seizures in Europe for intellectual property rights violation last year. Industry experts said this indicates the seriousness of the problem. This data was revealed in the recently-released 2009 report of the European Union on the customs enforcement activities of its member states.Source: Business Standard | Front Page Headlines | 12 Dec 2009 | 12:07 pm Ministers join Telangana protestThe political crisis in Andhra Pradesh worsened on Saturday when 20 ministers of the state cabinet from non-Telangana regions decided to resign to protest the formation of the separate state of Telangana.Source: Business Standard | Front Page Headlines | 12 Dec 2009 | 12:06 pm Over Rs 25,000-cr Mumbai realty in a limboThe Maharashtra governments decision not to provide water connection to high-rise buildings (above seven floors) in Mumbai till 2012 has dealt a body blow to the citys real estate developers.Source: Business Standard | Front Page Headlines | 12 Dec 2009 | 12:05 pm DB Corp – IPO: Invest - Hindu Business Line
Source: Business - Google News | 12 Dec 2009 | 11:46 am Volkswagen starts production of first India car - Financial Express
Source: Business - Google News | 12 Dec 2009 | 10:23 am $447 billon spending bill clears U.S. Senate hurdleWASHINGTON (Reuters) - A $447 billion bill that would fund dozens of U.S. government agencies through September cleared a procedural hurdle in the U.S. Senate on Saturday and appeared to be headed for passage.Source: Reuters: Money News | 12 Dec 2009 | 9:07 am Iraq aims to power out of war into oil big leagueBAGHDAD (Reuters) - Iraq, emerging from the shadows of war, expects to boost its oil output to rival the level of top producer Saudi Arabia after awarding some of its most attractive oilfields to global energy companies this week.Source: Reuters: Money News | 12 Dec 2009 | 7:32 am Volkswagen rolls out its first made in India car PoloGerman Auto major Volkswagen today rolled out its first made-in-India car 'Polo' at its plant at Chakan in the presence of Maharashtra Chief Minister Ashok Chavan.Source: HindustanTimes.com - Top Business News Headlines | 12 Dec 2009 | 7:28 am Spike in commodity prices won\'t derail mkts: MS BangaGrowing jobless list for over a year has now eaten American consumers ability to spend. With US consumption being the engine of global growth, the last two years recession has altered the equation forever.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 6:31 am US froze $2 billion held for Iran in CitibankA US court last year secretly froze more than USD2 billion allegedly held for Iran in Citigroup Inc accounts.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 6:31 am CLB member Vasudevan CS sent to JC till Dec 23 in graft caseThe Company Law Board (CLB) member R Vasudevan and a company secretary associated with a leading vernacular daily were today remanded to 12 days of judicial by a Delhi court in a graft case.Source: HindustanTimes.com - Top Business News Headlines | 12 Dec 2009 | 6:29 am No plan to tax FII fund inflows, says Pranab - domain-B
Source: Business - Google News | 12 Dec 2009 | 6:21 am Volkswagen rolls out its first made-in-India car 'Polo'German Auto major Volkswagen rolled out its first made-in-India car 'Polo' at its plant at Chakan in the presence of Maharashtra chief minister Ashok Chavan.Source: India Business News | Business News - Times of India | 12 Dec 2009 | 5:48 am Telengana unrest takes a heavy toll on pharma industry in APPharma companies in Andhra Pradesh have said they have lost nearly Rs 400 crore in the last 10 days due to the Telengana unrest in the state.Source: India Business News | Business News - Times of India | 12 Dec 2009 | 5:10 am Have Travellers \'Chequed\' out?Travellers cheques (TCs) date back to the end of the 19th century with American Express and Thomas Cook as the first issuers. Thomas Cook had issued a precursor to the TC, Cooks Circular Note, in 1874 in New York.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 5:10 am Marico to hold prices despite rise in input costsPersonal care products maker Marico Ltd has seen raw material costs rising since October, but the firm will hold its product prices for now, its chairman said on Friday.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 4:11 am Cotton farmers cut sales on price rise hopesIndia\'s cotton supply is likely to be tight in the next few weeks as farmers in most states are stocking their produce, hoping that prices will rise further, growers and traders said.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 4:11 am IOC unit to reopen by year end: SourceStaterun Indian Oil Corp expects to reopen its 40,000 bpd crude unit by endDecember after a maintenance shut down at its Koyali refinery in western Gujarat state, a company source said on Friday.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 4:11 am Reservoirs swell; crops and power to gainWater levels in India\'s main reservoirs rose above average on Thursday, the first time since end July, reducing the risk to the wheat and rapeseed crops from a failed monsoon and boosting hydro power supply.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 4:11 am Indian barriers cost US farmers millions: US studyUS farmers and food manufacturers lose millions of dollars in sales to India each year because of that country\'s high tariffs and other trade barriers, a US trade panel said on Friday.Source: Moneycontrol Top Headlines | 12 Dec 2009 | 4:11 am Obama argues for strong financial watchdog agencyWashington: President Barack Obama defended on Saturday a consumer watchdog agency the financial industry wants to weaken or strip from legislation that would strengthen the regulation of Wall Street. The Democratic-controlled House of Representatives on Friday approved the biggest changes in financial regulation since the Great Depression — a much-needed victory for Obama, whose job approval rating has fallen below 50%. He and his fellow Democrats want to impose steps that would avoid a repeat of the meltdown that put the US economy on the brink of collapse a year ago, and he used his weekly radio and Internet address to argue for “common-sense reforms.” The bill would create an inter-agency council to police systemic risk in the economy, crack down on hedge funds and credit rating agencies, set up a financial consumer watchdog agency, and expose federal reserve monetary policy to unprecedented congressional scrutiny, among other reforms. Republicans and lobbyists for banks and Wall Street firms, whose profits could be threatened, have fought for months to weaken and delay reforms, criticizing what they call an unneeded and costly intrusion on business. The battle will continue for months in the Senate, which is expected to push for more modest legislation. Obama said the new Consumer Financial Protection Agency that would be established would have the power “to put an end to misleading and dishonest practices of banks and institutions” regarding credit and debit cards or mortgage, auto and payday loans. Critics of the new agency charge that it would create more government bureaucracy, stifle innovation and lead to less consumer choice — claims Obama rejected. “Americans don’t choose to be victimized by mysterious fees, changing terms, and pages and pages of fine print. And while innovation should be encouraged, risky schemes that threaten our entire economy should not,” he said. Obama, who is under strong political pressure to create jobs and reduce the country’s 10% jobless rate, said it appeared the economy was turning the corner. “These are good signs for the future but little comfort to all of our neighbors who remain out of a job,” he said. Source: LatestNews-Home - Livemint.com | 12 Dec 2009 | 3:49 am Volkswagen aims for a tenth of India market in 4-6 yrsMumbai: Volkswagen AG, which recently took a stake in Suzuki Motor Corp to step up its presence in India, said on Saturday it aims to grab 8-10% of the country’s market share in the next 4-6 years. The German automaker on Saturday launched production of its Polo hatchback, which had its European debut earlier this year, in its plant in western India. It said it sees the need for a smaller car in the Indian market. “We know that we need a car below the level of the Polo,” said Jochem Heizmann, a member of the board of Volkswagen. “We are working towards this but no decision has been made yet.” Volkswagen and Suzuki Motor plan to develop a new small car that would cost between $4,300 and $5,400 for the Indian market, following their recent tie-up, the Economic Times reported this week. Volkswagen will buy a one-fifth stake in Suzuki Motor for $2.5 billion, tapping the Japanese firm’s expertise in small cars and dominance in India as VW seeks to become the number one automaker, the companies said earlier in the week. Volkswagen is looking at various opportunities for synergies with Suzuki, Heizmann said, declining to give details. He added the firm could consider bringing to India the cheapest car on its table, Up, which is priced at about $8,800. It has set a target to localise production in India to about 80% in 2-3 years from the current levels of almost 50% as it seeks to offer cars at more competitive prices. The western Indian plant, which has an annual capacity of 110,000 cars, will produce 3 models — the Polo, the Skoda Fabia and a saloon — that will be launched in the second half of 2010, it said. The Polo is expected to start selling in March 2010 but Volkswagen declined to give price details. The company expects to expand its dealer network in India to around 200 showrooms for the Volkswagen Skoda and Audi brands over the next 2-3 years. Source: LatestNews-Home - Livemint.com | 12 Dec 2009 | 3:41 am Gold slides on weak global cuesGold prices fell by Rs 250 to Rs 17,110 per ten gram in the bullion market on Saturday as investors resorted to heavy selling amid a weakening global trend.Source: India Business News | Business News - Times of India | 12 Dec 2009 | 3:34 am
|
