|
|
|
|
Greenply Ind boost capacity to 8.64mn sheets in FY10In an interview with CNBCTV18, Ashok Sharma, Senior VPFinance, Greenply Industries spoke about the latest happenings in his company and sectorSource: Moneycontrol Top Headlines | 17 Dec 2009 | 7:18 am GVK sells bonds to fund Bangalore airport stake buyA unit of GVK Power and Infrastructure sold 6.85 billion rupees of bonds to fund the purchase of Larsen Toubro\'s stake in Bangalore International Airport.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 7:18 am KEC International wins projects worth Rs 550 croreKEC International Ltd has won major orders in Algeria and Abu Dhabi worth Rs 474 crore and Rs 76 crore respectively, against international competition.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 6:34 am DLFDAL integration in favour of DAL promoters: SP TulsianIn an interview with CNBCTV18, SP Tulsian of sptulsian.com, spoke about the DLFDAL integration as the DLF board approves integration.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 5:51 am US House narrowly approves year-end jobs!Democrats in the House Wednesday muscled through a year-end plan to create jobs, mixing about $50 billion for public works projects with another almost $50 billion for cash-strapped state and local governments.Source: Zee News : Business | 17 Dec 2009 | 5:28 am US delays its $5 bn Citi sale after weak pricing!The US Treasury delayed a plan to sell its $5 billion of Citigroup Inc (C.N) shares after a stock offering by the bank attracted weak demand and priced at a much lower-than-expected $3.15 a share.Source: Zee News : Business | 17 Dec 2009 | 5:28 am US sues Intel over anti-competitive conduct!The US Federal Trade Commission sued Intel Wednesday alleging that the computer chip-making giant used anti-competitive practices to maintain its dominance.Source: Zee News : Business | 17 Dec 2009 | 5:28 am US Fed Reserve keeps interest rates near zero!The US Federal Reserve Wednesday kept interest rates at their historic low of near 0 percent and noted signs that the world`s largest economy is recovering from recession.Source: Zee News : Business | 17 Dec 2009 | 5:28 am Credit Suisse to pay $536 mn for violating sanctions!Credit Suisse AG has agreed to pay $536 million in settlement claims for financial misconduct by processing payments that let Iran, Libya and other nations gain access to US financial institutions.Source: Zee News : Business | 17 Dec 2009 | 5:28 am Bank of America names Brian Moynihan as new CEO!Bank of America`s board of directors have chosen consumer banking chief Brian Moynihan to replace Ken Lewis as CEO on Jan 1.Source: Zee News : Business | 17 Dec 2009 | 5:28 am Shopper`s Stop to invest Rs 350 cr in five year`s period!Leading retail chain, Shopper`s Stop, plans to invest Rs 350 crore to set up 32 new stores and up its pan-India network to 60 in the next five-years, a top company official said.Source: Zee News : Business | 17 Dec 2009 | 5:28 am AIG to file prospectus for AIA IPO: Report!Bailed-out US insurer American International Group (AIG.N) plans to file a prospectus for a multibillion-dollar IPO of its Asian life insurance unit before Christmas, the Financial Times reported on Thursday.Source: Zee News : Business | 17 Dec 2009 | 5:28 am NAB in surprise bid for AXA Asia Pacific businesses!National Australia Bank (NAB) Thursday said it has agreed key terms to acquire AXA Asia Pacific`s Australian and New Zealand businesses in a surprise announcement which follows a rival takeover offer.Source: Zee News : Business | 17 Dec 2009 | 5:28 am Sensex down 63 points in opening trade !The Bombay Stock Exchange benchmark Sensex on Thursday fell by over 63 points to 16,849.59 in opening trade.Source: Zee News : Business | 17 Dec 2009 | 5:28 am Tata Motors denies interest in Swaraj MazdaTata Motors, India\'s leading vehicle maker, on Wednesday denied it had any interest in acquiring a stake in Indian truck and bus maker Swaraj Mazda.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 5:01 am Gitanjali Gems unit to add 40 multiformat storesGitanjali Lifestyle, a unit of Gitanjali Gems, will add 40 multiformat stores under its Maya brand over three years and expects revenue of 10 billion rupees from multiformat stores, a top official said.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 5:01 am Egypt invites Tata Motors to build Nano plantEgypt has invited India\'s Tata Motors to build a factory to make the Nano, the world\'s cheapest car, in the African country for the local market and sales elsewhere, the Mint newspaper reported on Thursday.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 5:01 am Tata, Mahindra eyeing Fiat\'s Italy plantAutomakers Tata Motors and Mahindra Mahindra have shown interest in taking over Fiat\'s Termini Imerese plant in Italy, the Business Standard reported on Thursday.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 5:01 am Sensex ends lower; DLF, BPCL, L&T down - Economic Times
Source: Business - Google News | 17 Dec 2009 | 3:22 am Samsung sees infotainment,lifecare as new businessChief executive Choi Geesung said that Samsung would further cement its leading position in televisions, mobile phones, memory chips and liquid crystal displays.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 3:18 am BSE Sensex provisionally ends down 0.3 pctMUMBAI (Reuters) - The BSE Sensex provisionally ended down 0.27 percent on Thursday after a volatile session as investors waited for triggers to add to positions in the run-up to the earnings season.Source: Reuters: Money News | 17 Dec 2009 | 3:17 am Ennore Coke to buy 90% in Australian firmThe company will spend another $30 million to $40 million for developing the mines in Australia.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 3:15 am Govt to import food items to check rising prices: Pranab MukherjeeThe government will import essential commodities to improve supplies, finance minister Pranab Mukherjee on Thursday said, as food inflation touched a ten-year high.Source: India Business News | Business News - Times of India | 17 Dec 2009 | 3:14 am Hindustan Copper sees FY10 net cross Rs1 billionState-run Hindustan Copper Ltd expects its net profit in FY10 to surge to more than 1 billion rupees from Rs50 million.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 3:13 am Whirlpool to focus on air-conditioner segment, to launch new range by FebruaryA unique feature of this range (split air-conditioners) would be its efficiency in saving power and energy, he said, without, however, divulging its pricing.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 3:12 am JSW Steel cuts flat product prices by Rs500 a tonneFlat products are used in manufacture of automobiles and consumer goods such as refrigerators and washing machines.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 3:12 am India spot gold down as buyers await price fallMUMBAI (Reuters) - India's gold prices fell in the physical market on Thursday afternoon as buyers stayed away expecting a further fall in prices, dealers said.Source: Reuters: Money News | 17 Dec 2009 | 3:05 am Steel Authority of India Ltd share sale plan goes to cabinetThe government plans to sell 20% in SAIL, India's top domestic maker of the alloy, in two equal tranches.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 3:05 am Price of Amul butter up by Rs 2 per 100 gram packGCMMF marketing its dairy products under the brand 'Amul' has decided to hike the prices of butter by Rs 2 per 100 gram pack from next week.Source: India Business News | Business News - Times of India | 17 Dec 2009 | 3:01 am Not enough inflation data yet to prompt RBI action: Kotak - Moneycontrol.com
Source: Business - Google News | 17 Dec 2009 | 2:53 am Cabinet to take up SAIL disinvestment proposal soonNew Delhi: A 20% share sale proposal in PSU steel maker SAIL will be taken to the Cabinet by mid-January next year, steel secretary Atul Chaturvedi said on Thursday. “The 20% share sale proposal of SAIL will be moved to the Cabinet in next 3-4 weeks,” he told reporters on the sidelines of the Ficci Steel Summit in the national capital. He said the draft proposal that has been approved by the steel ministry and has now been sent to different ministries for comments. The share sale programme for the country’s largest steel maker will see the government offload 10% stake in the company and SAIL coming out with a public offer in the same proportion, in two phases. The government at present holds a little over 85% stake in the steel major and plans to mop up about Rs9,000 crore based on SAIL’s share price, from the proposed disinvestment. Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 2:42 am Spot gold down as buyers await price fallMumbai: India’s gold prices fell in the physical market on Thursday afternoon as buyers stayed away expecting a further fall in prices, dealers said. “Everyone knows prices will come down soon....there was almost no buying interest today so far,” said a dealer with a private bank based in Mumbai. Buyers are looking at sub-$1,100 levels dealers said. Dealers, however, said December was proving to be positive for gold, with some traders stationed on the sidelines to take advantage every time prices fall. India’s December gold imports are likely to spurt to 15-20 tonnes from 3 tonnes a year earlier, mainly on the back of the wedding season demand and easing prices, the head of the Bombay Bullion Association (BBA) said in an interview on 9 December. However, a major drop in prices is overruled as the wedding season will last till December-end, dealers said. Source: Home - Livemint.com | 17 Dec 2009 | 2:42 am Time Warner to acquire NDTV Imagine for $126.5 mn - Business Standard
Source: Business - Google News | 17 Dec 2009 | 2:40 am Gateway Distriparks says IFC to invest in unitMUMBAI (Reuters) - Gateway Distriparks Ltd said on Thursday International Finance Corp will invest 248.9 million rupees in its unit Snowman Frozen Foods Ltd.Source: Reuters: Money News | 17 Dec 2009 | 2:38 am Govt offers $81 mn subsidy for wind powerMumbai: Government will offer Rs380 crore ($81 million) in incentives to wind power projects that feed into the national grid, the government said on Thursday, a move analysts believe will attract large companies. The country ranked fourth in the world after Germany, Spain and the United States in grid-connected wind projects, with 9,587 megawatt (MW) of capacity in November 2008 that fed over 54 billion units of electricity to the grid, official data showed. Wind power projects will be given Rs0.5 for each unit of power fed into the grid with a ceiling of Rs0.62 crore per MW for a minimum 4 years and maximum 10 years, the ministry of new and renewable energy said in a statement on its website. The subsidy will be for projects of up to 4,000 MW until 2012, it said. This looks better than an existing tax benefit scheme because it provides direct cash benefits to the developers, Bhargav Buddhadev, analyst at Noble group, said. “It will now attract genuine utility size players to enter into wind farm development,” he said. Most of the wind projects are in small private hands, but large companies such as Tata Power Co have plans to diversify into the energy source. Wind turbine maker Suzlon could also expect more orders, analysts said. Buddhadev also said the incentive would increase the internal rate of return by at least 3-4% for a project. Government currently allows wind power firms accelerated depreciation and the ministry said projects can either continue to claim this benefit or avail the new subsidy, not both. The country has been facing large outages due to shortfall in power production. Last month, power minister Sushilkumar Shinde had said India was likely to add only 78% of its targeted 14.5 gigawatts power capacity in 2009/10. Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 2:38 am Global steel sector seen overcoming recessionThe global steel industry is seen gradually emerging from the adverse effects of recessionary conditions demand downturn and price collapse that plagued the industrial world in particular from the second half of 2008 following the financial market crisis that emanated from the US.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 2:37 am Bajaj Hindustan back in black, posts Rs 69 cr net profitBajaj Hindustan has reported a net profit of Rs 69 crore in the quarter ended September 30 against a net loss of Rs 87 crore logged in the same period last year.Source: Moneycontrol Top Headlines | 17 Dec 2009 | 2:30 am FOREX-Dollar leaps to 3-mth high; Greece woes dent euro - Reuters
Source: Business - Google News | 17 Dec 2009 | 2:26 am Copenhagen climate talks in troubleCOPENHAGEN (Reuters) - Prospects for a strong U.N. climate change deal grew more remote on Thursday at the climax of two years of talks, with developed and developing nations deadlocked on sharing cuts in greenhouse gases.Source: Reuters: Money News | 17 Dec 2009 | 2:25 am Indian bourses to open trading at 9am from 4 JanNew Delhi: Based on the feedback received from different sections of India’s investment community, the country’s two main exchanges—BSE and NSE—have jointly agreed on Thursday to open the bourses for trading from 9am with effect from 4 January 2010. The BSE in a statement said, “… it has been jointly decided by BSE and NSE that the revision of market open timing to 9 am shall be effective from January 4, 2010. In the interim, the current market open timing of 9:55 am shall continue.” The brokers opposed the decision as they claimed infrastructure is inadequate to start trading early in such a short notice. Brokers said the plans for starting trading earlier were a result of the two exchanges trying to outdo each other, rather than a well thought through plan to draw more investors to the market. “In the rest of the world, they first see whether the infrastructure needed for this is in place. Here, the exchanges seem to be absolutely ignorant,” said Deven Choksey, chief executive of K.R. Choksey Shares. “By infrastructure I mean the banking and clearing systems, which are just not in place for a 9 o’ clock start,” said Choksey, who has been in the market for more than two decades. The BSE is Asia’s oldest stock exchange and the owner of the benchmark Sensex index. But newer entrant NSE has stolen a march over it, and now has about 1,400 listed companies and boasts a daily turnover of $3.2 billion, treble that of the BSE. On Wednesday, the exchanges said the market would open at 9 am effective 18 December, an advancement of nearly an hour. The unilateral decision to advance trading timings shocked all involved with the country’s markets from institutions to individuals. Immediate response was of disapproval, upon which the exchanges decided on a relook into the matter, a person close to the development said earlier. The market closing time would continue to remain unchanged at 3:30 pm. In October, market regulator Sebi allowed stock exchanges to fix trading timings between 9am and 5 pm. PTI and Reuters contributed to the story. Source: Home - Livemint.com | 17 Dec 2009 | 2:25 am Gemini Communications locked at upper circuit - Moneycontrol.com
Source: Business - Google News | 17 Dec 2009 | 2:20 am Govt offers $81 mln subsidy for wind powerMUMBAI (Reuters) - The government will offer 3.8 billion rupees ($81 million) in incentives to wind power projects that feed into the national grid, the government said on Thursday, a move analysts believe will attract large companies.Source: Reuters: Money News | 17 Dec 2009 | 2:18 am Food inflation picks up; RBI tightening seenNEW DELHI (Reuters) - Food prices rose 19.95 percent in first week of December from a year earlier, its fastest in 2009, and adding pressure on the Reserve Bank of India (RBI) to tighten monetary policy.Source: Reuters: Money News | 17 Dec 2009 | 2:14 am Food inflation at 19.95%, RBI may hike ratesFood inflation touched more than a decade's high of 19.95% as of December five, driven by costlier vegetables, pulses, milk, wheat and rice, even as economists said they expected Reserve Bank to hike rates to tame price rise.Source: India Business News | Business News - Times of India | 17 Dec 2009 | 2:13 am Govt to consider imports to boost food supply - MukherjeeNEW DELHI (Reuters) - The finance minister said on Thursday that rising food prices was an area of concern and would consider imports to augment food supply.Source: Reuters: Money News | 17 Dec 2009 | 2:13 am For investors, that was easy. Now comes 2010LONDON (Reuters) - For some people, investing in 2009 was easy -- just put your money into oversold riskier assets and watch them rise.Source: Reuters: Money News | 17 Dec 2009 | 2:09 am Time Warner buys India’s NDTV Imagine for $126.5 mnNew Delhi Time Warner Inc said Thursday its board had approved the acquisition of Indian entertainment channel NDTV Imagine Ltd. for $126.5 million. The purchase from NDTV Networks Plc will be made through unit Turner Asia Pacific Ventures, Inc. and will see it gain a 92% stake in Imagine, and includes $50 million to fund business after the sale has closed. “This acquisition marks another significant milestone in Turner’s business in India,” said Steve Marcopoto, president of Turner Broadcasting System Asia Pacific Inc, in a statement. “Our accelerated pace of investment here underscores both our commitment to this dynamic market and our view of India’s compelling long-term potential,” he added. NDTV Imagine, a Hindi-language general entertainment channel launched last year, operates in the competitive reality television and drama market. “Time Warner’s experience, expertise and resources will ensure that Imagine achieves its full potential in the near future,” said Prannoy Roy, chairman of NDTV Limited, of which NDTV Networks Plc. is an indirect subsidiary. Roy said the sale was part of a restructuring plan for NDTV Networks, which would leave its parent company debt-free and with a cash surplus. Turner’s presence in India includes partnerships with English-language news channel CNN-IBN and Zee Entertainment and Enterprises Ltd. Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 2:04 am BSE, NSE delay move for earlier trading startMUMBAI (Reuters) - India's top stock exchanges have postponed by two weeks moves to extend their trading hours, bowing to criticism from brokers who said the infrastructure needed for beginning trading earlier in the day was absent.Source: Reuters: Money News | 17 Dec 2009 | 2:01 am Food price index up 19.95% on December 5: GovernmentThe driest spell in 37 years and floods in some parts of the country have trimmed farm output and pushed up food prices.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 1:27 am Wall Street fat cats see frugal compensation diet in ‘09New Delhi: The bailed out fat cats on the Wall Street woke up to stringent compensation norms this year sans hefty bonuses, as the Obama regime cracked down on excessive risk-taking ways of financial chieftains. After extending billions of dollars to protect themselves from the economic turmoil, the US moved to arrest the trend of exorbitant pay among the nation’s big entities like Citigroup, Bank of America and American International Group. Mirroring the extravagance on the Wall Street, nine leading American banks paid more than $32 billion to its employees in 2008. These payouts came, even as they received $175 billion of taxpayers’ money, revealed the report from the New York Attorney General Andrew M Cuomo. Thanks to President Barack Obama’s pay czar, the talks of billions of dollars of compensation have given away to unprecedented pay caps and even ‘say on pay´ rights for shareholders. Last week, Goldman Sachs— one of the best performing banking giant — announced that annual bonus for its top 30 executives would be in stocks, reversing the practice of huge cash rewards. Echoing the public anger on massive Wall Street pay, the American President recently described some banking executives as fat cats. On the other hand, a handful of CEOs like Vikram Pandit, the chief of Citi - the recipient of $45 billion bailout money - continues to take a base salary of just one dollar. As Cuomo put it in his report on bank bonuses, there is no “clear rhyme or reason to the way banks compensate and reward their employees. “... even a cursory examination of the data suggests that in these challenging economic times, compensation for bank employees has become unmoored from the banks’ financial performance”. Earlier this month, the US pay czar Kenneth R Feinberg capped the cash salaries of top executives at bailed out companies Citi, AIG, General Motors and GMAC, to $500,000. The curbs would be applicable for the 26th to 100th highest paid employees at these rescued entities This follows the 50% pay cut imposed by Feinberg on top 25 executives at the four firms in October. Tightening the compensation rules, the US has also proposed clawback clause for incentive pay and is directly linked to long term results of the company. This year, Goldman Sachs’ top 30 executives including its CEO Lloyd Blankfein would be getting bonuses in stocks and the same cannot be encashed for five years. The move is likely to become more of a Wall Street trend than exception, in the backdrop of tough regulations on compensation. Indicating that many top honchos in the US were paid much higher, a research report showed that 35 CEOs at Fortune 500 companies received a whopping 129 times their “ideal salaries” in 2008. The conclusions were based on a new type of theoretical analysis proposed by Purdue University researcher Venkat Venkatasubramanian, to determine fair CEO compensation. According to the Fortune magazine, Goldman Sachs CEO Lloyd Blankfein received a compensation of $1.1 million while Citi’s Pandit got $10.8 million in 2008. The chief of Bank of America, which was given $45 billion in TARP funds, Kenneth D Lewis had a pay packet of $10 million last year. “Compensation should be tied to performance in order to link the incentives of executives and other employees with long-term value creation,” US Treasury secretary Timothy Geithner had said in June. The public outrage over huge executive salaries despite the crisis ravaging many economies continues to haunt the leaders worldwide. In a move that shocked the British bankers, UK government has called for a one-time tax of 50% on discretionary bonuses above £25,000. Similarly, France has mooted tax for bonuses amounting more than €27,000. Meanwhile, as the year of American bailouts comes to a close, the strict on compensation regulations for Troubled Asset Relief Program (TARP)-funded entities too are easing. TARP had primarily pumped in billions of dollars worth fresh capital into battered companies. Thanks to climbing scrips and investor appetite, many banking entities like Citi and Wells Fargo have announced plans to return taxpayers’ money; while Bank of America has already repaid TARP funds worth $45 billion. Source: World Business - Livemint.com | 17 Dec 2009 | 1:15 am Stock exchanges delay start of extended hoursA spokesman for the BSE said both exchanges will start the extended hours from January 4, 2010, instead of the earlier planned December 18.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 1:15 am Wall Street fat cats see frugal compensation diet in ‘09New Delhi: The bailed out fat cats on the Wall Street woke up to stringent compensation norms this year sans hefty bonuses, as the Obama regime cracked down on excessive risk-taking ways of financial chieftains. After extending billions of dollars to protect themselves from the economic turmoil, the US moved to arrest the trend of exorbitant pay among the nation’s big entities like Citigroup, Bank of America and American International Group. Mirroring the extravagance on the Wall Street, nine leading American banks paid more than $32 billion to its employees in 2008. These payouts came, even as they received $175 billion of taxpayers’ money, revealed the report from the New York Attorney General Andrew M Cuomo. Thanks to President Barack Obama’s pay czar, the talks of billions of dollars of compensation have given away to unprecedented pay caps and even ‘say on pay´ rights for shareholders. Last week, Goldman Sachs— one of the best performing banking giant — announced that annual bonus for its top 30 executives would be in stocks, reversing the practice of huge cash rewards. Echoing the public anger on massive Wall Street pay, the American President recently described some banking executives as fat cats. On the other hand, a handful of CEOs like Vikram Pandit, the chief of Citi - the recipient of $45 billion bailout money - continues to take a base salary of just one dollar. As Cuomo put it in his report on bank bonuses, there is no “clear rhyme or reason to the way banks compensate and reward their employees. “... even a cursory examination of the data suggests that in these challenging economic times, compensation for bank employees has become unmoored from the banks’ financial performance”. Earlier this month, the US pay czar Kenneth R Feinberg capped the cash salaries of top executives at bailed out companies Citi, AIG, General Motors and GMAC, to $500,000. The curbs would be applicable for the 26th to 100th highest paid employees at these rescued entities This follows the 50% pay cut imposed by Feinberg on top 25 executives at the four firms in October. Tightening the compensation rules, the US has also proposed clawback clause for incentive pay and is directly linked to long term results of the company. This year, Goldman Sachs’ top 30 executives including its CEO Lloyd Blankfein would be getting bonuses in stocks and the same cannot be encashed for five years. The move is likely to become more of a Wall Street trend than exception, in the backdrop of tough regulations on compensation. Indicating that many top honchos in the US were paid much higher, a research report showed that 35 CEOs at Fortune 500 companies received a whopping 129 times their “ideal salaries” in 2008. The conclusions were based on a new type of theoretical analysis proposed by Purdue University researcher Venkat Venkatasubramanian, to determine fair CEO compensation. According to the Fortune magazine, Goldman Sachs CEO Lloyd Blankfein received a compensation of $1.1 million while Citi’s Pandit got $10.8 million in 2008. The chief of Bank of America, which was given $45 billion in TARP funds, Kenneth D Lewis had a pay packet of $10 million last year. “Compensation should be tied to performance in order to link the incentives of executives and other employees with long-term value creation,” US Treasury secretary Timothy Geithner had said in June. The public outrage over huge executive salaries despite the crisis ravaging many economies continues to haunt the leaders worldwide. In a move that shocked the British bankers, UK government has called for a one-time tax of 50% on discretionary bonuses above £25,000. Similarly, France has mooted tax for bonuses amounting more than €27,000. Meanwhile, as the year of American bailouts comes to a close, the strict on compensation regulations for Troubled Asset Relief Program (TARP)-funded entities too are easing. TARP had primarily pumped in billions of dollars worth fresh capital into battered companies. Thanks to climbing scrips and investor appetite, many banking entities like Citi and Wells Fargo have announced plans to return taxpayers’ money; while Bank of America has already repaid TARP funds worth $45 billion. Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 1:15 am Watch/Listen: Mint in Multimedia 17 DecemberSlideshow: Armchair Tourism Watch a slideshow about travel magazines focused on India Podcast: Just to Clarify What kind of cameras does somebody like Cameron use to shoot his movies? How does the projection in the cinema hall work? What in heaven’s name is the role of those glasses? And how do our eyes get tricked into perceiving depth where there is none? Video:The Mint report for 16 December 2009 States upset UPA plan for GST rollout; Dr. Reddy’s wins court ruling on selling generic drug. Video: Egypt sends a Nano invitation to Tata Mohamed Higazy, Egypt’s ambassador to India, insisted that Tata Motors would definitely consider the government’s proposal after the initial phase of the launch of the Nano Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 1:11 am Food inflation rises to 19 95 per centGalloping prices of potatoes and pulses raised food inflation to 19.95 per cent in the first week of December against 19.05 per cent in the previous week.Source: HindustanTimes.com - Top Business News Headlines | 17 Dec 2009 | 12:57 am Esprit buys $500 mn JV stake from China ResourcesHong Kong: Hong Kong fashion retailer Esprit Holdings is buying out its partner in a Chinese retail joint venture for HK$3.88 billion ($500 million) as part of a drive to expand in the world’s third largest economy. The deal will see Esprit take full control of the 10-year-old venture, while China Resources Enterprise, which is selling the stake, will focus on its core businesses including food processing and distribution, supermarkets and beer production. The Chinese conglomerate said it would record a HK$3.2 billion gain from sale of the stake. “China Resources has been talking about the disposal of non-core assets for a long time, so the news itself is no surprise. The move (by Esprit) has been talked about for some time,” said Peter Pak a vice president of BOCI Research. “But maybe in terms of numbers, it was a surprise. People might have felt valuations are a little too expensive,” Pak said. Esprit, whose competitors include Hennes & Mauritz and GAP, has been hit by a weak wholesaling environment in Europe and lacklustre retail growth. The fashion group said China presented great strategic value and would be one of its most important growth engines. Shares of China Resources rose nearly 3.5 percent to HK$28.80, the highest since May 2008, as it resumed trading following a half-day suspension. The stock later reversed course and fell 2.3 % as of 0721 GMT, tracking a 1.7% drop in the broader market. Esprit dived more than 7.7% to HK$46.10, its lowest since September 2009, before trimming losses to 1.6%. Shares of China Resources Enterprise have more than doubled so far this year prior while Esprit shares have gained 16.6%, compared with a 50% rise in the Hang Seng Index as of Wednesday’s close. Esprit Eyes China Expansion The world’s No.7 fashion group by market value said earlier this month that it would cut the number of new stores planned for the current fiscal year to 50, from an earlier target of 60-80, as consumers were still very conservative. Esprit said it aimed to open more stores in China. The joint venture, Tactical Solutions Incorporated, has 1,112 outlets in 171 Chinese cities, comprising 345 self-operated stores and 767 franchise stores as of June 30, 2009. It distributes “Esprit” and “Red Earth” trademarks products in China. “The transaction will further facilitate Esprit to continue its expansion in the PRC,” Esprit said in the statement. In November, China Resources Enterprise said it may consider spinning off of its beer and supermarket businesses but that no timetable had been set. Beijing-backed China Resources operates supermarkets, processes meat, and produces its Snow-brand beer with SABMiller Plc in the world’s fastest growing major economy. It posted a 55% rise in profit to HK$1.04 billion ($143.2 million) for the July-September quarter as sales grew. UBS is the financial adviser for Esprit and Goldman Sachs is the adviser for China Resources Enterprise. Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 12:56 am Esprit buys $500 mn JV stake from China ResourcesHong Kong: Hong Kong fashion retailer Esprit Holdings is buying out its partner in a Chinese retail joint venture for HK$3.88 billion ($500 million) as part of a drive to expand in the world’s third largest economy. The deal will see Esprit take full control of the 10-year-old venture, while China Resources Enterprise, which is selling the stake, will focus on its core businesses including food processing and distribution, supermarkets and beer production. The Chinese conglomerate said it would record a HK$3.2 billion gain from sale of the stake. “China Resources has been talking about the disposal of non-core assets for a long time, so the news itself is no surprise. The move (by Esprit) has been talked about for some time,” said Peter Pak a vice president of BOCI Research. “But maybe in terms of numbers, it was a surprise. People might have felt valuations are a little too expensive,” Pak said. Esprit, whose competitors include Hennes & Mauritz and GAP, has been hit by a weak wholesaling environment in Europe and lacklustre retail growth. The fashion group said China presented great strategic value and would be one of its most important growth engines. Shares of China Resources rose nearly 3.5 percent to HK$28.80, the highest since May 2008, as it resumed trading following a half-day suspension. The stock later reversed course and fell 2.3 % as of 0721 GMT, tracking a 1.7% drop in the broader market. Esprit dived more than 7.7% to HK$46.10, its lowest since September 2009, before trimming losses to 1.6%. Shares of China Resources Enterprise have more than doubled so far this year prior while Esprit shares have gained 16.6%, compared with a 50% rise in the Hang Seng Index as of Wednesday’s close. Esprit Eyes China Expansion The world’s No.7 fashion group by market value said earlier this month that it would cut the number of new stores planned for the current fiscal year to 50, from an earlier target of 60-80, as consumers were still very conservative. Esprit said it aimed to open more stores in China. The joint venture, Tactical Solutions Incorporated, has 1,112 outlets in 171 Chinese cities, comprising 345 self-operated stores and 767 franchise stores as of June 30, 2009. It distributes “Esprit” and “Red Earth” trademarks products in China. “The transaction will further facilitate Esprit to continue its expansion in the PRC,” Esprit said in the statement. In November, China Resources Enterprise said it may consider spinning off of its beer and supermarket businesses but that no timetable had been set. Beijing-backed China Resources operates supermarkets, processes meat, and produces its Snow-brand beer with SABMiller Plc in the world’s fastest growing major economy. It posted a 55% rise in profit to HK$1.04 billion ($143.2 million) for the July-September quarter as sales grew. UBS is the financial adviser for Esprit and Goldman Sachs is the adviser for China Resources Enterprise. Source: World Business - Livemint.com | 17 Dec 2009 | 12:56 am Ennore Coke to buy 90% in Australian firmKolkata: Ennore Coke Ltd plans to buy a 90% stake in an Australian mining firm, a top official said on Thursday. “We are in the process of acquiring 90% stake in an Australian mining company called Broughton at an estimated cost of around $15 million, and with reserves of 30 million tonnes of coking coal,” Ganesan Natarajan, chief executive of Ennore Coke, told Reuters in an interview. He expects to complete the acquisition by mid-June 2010. The company will spend another $30 million to $40 million for developing the mines in Australia. It is planning to spend 20 billion in next 3 years for increasing its coking coal capacity. “Over the next three years we are planning to scale up our total capacity to 2 million tones per annum, from 400,000 tonnes at present.” The company is also looking at coking coal assets in New Zealand with minimum reserves of 30-40 million tonnes, Natarajan added. The company expects a total revenue of 3.5 billion rupees in FY10 compared with 1.08 billion rupees last year, with increased capacity driving growth. “We have scaled up our capacity at Haldia plant (in West Bengal) from 150,000 tonnes to 300,000 tonnes.” At 1:34 p.m., shares at Ennore Coke were trading up 0.75% at Rs54 in a weak Mumbai market. Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 12:56 am BSE, NSE postpone new trade timing to January 4, 2010 - Economic Times
Source: Business - Google News | 17 Dec 2009 | 12:49 am GVK sells bonds to fund Bangalore airport stake buyMumbai: A unit of GVK Power and Infrastructure sold Rs6.85 billion of bonds to fund the purchase of Larsen & Toubro’s stake in Bangalore International Airport, a top GVK official told Reuters on Thursday. “Yes, the funds were raised for the purchase of the stake in the Bangalore airport,” GVK’s chief financial officer Isaac George told Reuters over the telephone. GVK had early this month said it plans to buy a 17% stake in Bangalore International Airport Ltd (BIAL) for Rs6.87 billion from L&T Infrastructure Development Projects Ltd. Last month, GVK had also said it would buy a 12% stake in BIAL from Flughafen Zuerich AG for Rs4.85 billion. In addition to Bangalore, GVK also holds an equity stake in Mumbai International Airport Pvt Ltd. GVK Airport Developers Pvt Ltd sold one-year bonds carrying a coupon rate of 8.98%, rated ‘AA-minus(so) by Brickwork, and Standard Chartered Bank was sole arranger to the issue. Source: LatestNews-Home - Livemint.com | 17 Dec 2009 | 12:38 am Oil prices down in Asian tradeBrent North Sea crude for delivery in February eased 11 cents to US$ 74.18.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 12:32 am Rupee weakens by 18 paisa against dollarThe Indian rupee today weakened by 18 paisa to 46.85 against the US dollar in early trade on fresh dollar demand from importers on the back of strong dollar in overseas market amidst subdued local stocks.Source: HindustanTimes.com - Top Business News Headlines | 17 Dec 2009 | 12:31 am Rio eyes new market with first iron ore sale to IndiaSydney: Rio Tinto Ltd/Plc has made its first sale of iron ore from its mines in Australia to India, potentially opening doors in a major exporter of the steel-making raw material that is busy ramping up its steel capacity. The sale of 160,000 tonnes to Essar Steel, while small, is unusual as India very rarely imports iron ore, with Indian traders saying the timing could be linked to problems with output in the country’s top iron ore producing state of Orissa. “This is a landmark development both for Rio and India even though it’s for only a small amount of iron ore,” said DJ Carmichael analyst James Wilson. “If the 160,000 tonnes turns into 3 million tonnes, then goes up from there, Rio’s got a strong foothold in a market that will eventually need to import more raw materials to support its growth, not unlike China.” Essar said the iron ore was needed as the company expands its steel capacity to 10 million tonnes from 4.6 million tonnes, but a spokesman but did not say if the firm would be importing more in the near future. The bulk of Australian iron ore traditionally goes to steel markets in Japan, South Korea, Taiwan and increasingly China, which represents the greatest growth market for Rio. “This is only one shipment at this stage, but this is very significant in terms of forging a relationship with Essar,” Rio’s iron ore division chief, Sam Walsh, said in a statement. “We have long believed that India is a long-term market of great potential, and this development should be seen in that context,” he said. Rio will initially sell Essar Steel Ltd 160,000 tonnes of Pilbara Blend fines later this month but Essar could be in the market for up to 3 million tonnes of ore, according to a Rio spokesman, adding that the sale had been done on a spot basis. The sale also could precede domestic shipments of iron ore in India by Rio from the as-yet undeveloped Orissa project in eastern India, Walsh said. Rio has described Orissa as one of the world’s key iron ore discoveries. India’s need for iron ore should grow as its steel capacity expands to meet growth in infrastructure and consumer goods sales. Government policy calls for India to produce over 100 million tonnes of steel a year by 2019/20. In 2008/09, the country produced 56.39 million tonnes, up slightly from the previous year. Short-term Problems However, an Indian iron ore dealer and a metals analyst said the imports could be temporary to tide over a supply shortage. “The scope for imports is good, but it is not as if we will turn into a net importer overnight,” said a dealer in a large international trading company in New Delhi. India, the world’s third biggest producer of iron ore, is seeing a severe shortage of supplies from the eastern state of Orissa where the government has been taking action against illegal mining. In 2008/09, Orissa produced 70 million tonnes of iron ore out of 222 million tonnes of the nation’s total production. “This should be temporary. India has enough iron ore reserves,” said Pawan Burde, vice president of research at PINC Research in Mumbai. Rio is in a development joint venture with India’s state-owned Orissa Mining Corp, which holds rights to mining leases in Orissa. Source: World Business - Livemint.com | 17 Dec 2009 | 12:24 am Rio eyes new market with first iron ore sale to IndiaSydney: Rio Tinto Ltd/Plc has made its first sale of iron ore from its mines in Australia to India, potentially opening doors in a major exporter of the steel-making raw material that is busy ramping up its steel capacity. The sale of 160,000 tonnes to Essar Steel, while small, is unusual as India very rarely imports iron ore, with Indian traders saying the timing could be linked to problems with output in the country’s top iron ore producing state of Orissa. “This is a landmark development both for Rio and India even though it’s for only a small amount of iron ore,” said DJ Carmichael analyst James Wilson. “If the 160,000 tonnes turns into 3 million tonnes, then goes up from there, Rio’s got a strong foothold in a market that will eventually need to import more raw materials to support its growth, not unlike China.” Essar said the iron ore was needed as the company expands its steel capacity to 10 million tonnes from 4.6 million tonnes, but a spokesman but did not say if the firm would be importing more in the near future. The bulk of Australian iron ore traditionally goes to steel markets in Japan, South Korea, Taiwan and increasingly China, which represents the greatest growth market for Rio. “This is only one shipment at this stage, but this is very significant in terms of forging a relationship with Essar,” Rio’s iron ore division chief, Sam Walsh, said in a statement. “We have long believed that India is a long-term market of great potential, and this development should be seen in that context,” he said. Rio will initially sell Essar Steel Ltd 160,000 tonnes of Pilbara Blend fines later this month but Essar could be in the market for up to 3 million tonnes of ore, according to a Rio spokesman, adding that the sale had been done on a spot basis. The sale also could precede domestic shipments of iron ore in India by Rio from the as-yet undeveloped Orissa project in eastern India, Walsh said. Rio has described Orissa as one of the world’s key iron ore discoveries. India’s need for iron ore should grow as its steel capacity expands to meet growth in infrastructure and consumer goods sales. Government policy calls for India to produce over 100 million tonnes of steel a year by 2019/20. In 2008/09, the country produced 56.39 million tonnes, up slightly from the previous year. Short-term Problems However, an Indian iron ore dealer and a metals analyst said the imports could be temporary to tide over a supply shortage. “The scope for imports is good, but it is not as if we will turn into a net importer overnight,” said a dealer in a large international trading company in New Delhi. India, the world’s third biggest producer of iron ore, is seeing a severe shortage of supplies from the eastern state of Orissa where the government has been taking action against illegal mining. In 2008/09, Orissa produced 70 million tonnes of iron ore out of 222 million tonnes of the nation’s total production. “This should be temporary. India has enough iron ore reserves,” said Pawan Burde, vice president of research at PINC Research in Mumbai. Rio is in a development joint venture with India’s state-owned Orissa Mining Corp, which holds rights to mining leases in Orissa. Source: Home - Livemint.com | 17 Dec 2009 | 12:24 am Food price index up 19.95% on 5 DecNew Delhi: India’s annual food prices rose at 19.95% in first week of December, its highest in 2009, and adding pressure on the central bank to tighten monetary policy. The food price index rose 0.3% in the 12 months to 5 December, as the worst dry spell in nearly four decades and floods in parts of the country hurt summer crops. The yield on the benchmark 10-year bond was steady at 7.68% after the release of the data. The one-year swap rate rose to a 12-month high of 5.15% on Wednesday, around 67 basis points above the 2-1/2-month low hit late November. But it remained steady after the release of data. Since food prices have already started pushing up manufacturing prices, rising 4 percent in November compared to a year ago, analysts say the central bank could tighten liquidity supply in December. The central bank holds its next policy meeting in late January, but it can adjust monetary policy at any time. C. Rangarajan, chairman, Prime Minister’s Economic Advisory Council, was quoted by media this week saying Reserve Bank of India may tighten monetary policy in December as inflation could rise to near 7% in March. Food prices are politically sensitive in India and the federal government is under pressure from the opposition parties and allies to contain inflation, especially food prices which are hurting poorer sections in the country. Finance minister Pranab Mukherjee told parliament on Tuesday that government was concerned about rising prices and would take all necessary steps to tame inflation. The annual wholesale price inflation, which stood at 1.34% in October, rose to 4.78% in November. Economists have said the index could climb to as much as 8% by the end of the fiscal year, above the central bank’s perceived comfort zone of around 5%. The central bank, which cut its key lending rate by 425 basis points during the worst of the global crisis, began scaling back its monetary stimulus at its last policy review in October by removing some of the liquidity support measures. It left its key rates steady in October, but the fastest economic expansion in 18 months in the quarter through September fuelled expectations that it will bring forward a rate rise to contain inflation. Source: Home - Livemint.com | 17 Dec 2009 | 12:14 am New Wind power incentives to cost government Rs.380 cr - Sify
Source: Business - Google News | 17 Dec 2009 | 12:12 am Setback for foreign law firms - Economic Times
Source: Business - Google News | 17 Dec 2009 | 12:05 am Top Mexican drug lord dead after clashFive suspects died in the firefight in the southern city of Cuernavaca including Beltran Leyva, the head of one of the country's leading drug cartels.Source: Daily News & Analysis: Money News | 17 Dec 2009 | 12:01 am Sterling Biotech (Rs 98.7): BuyWe recommend a buy in the stock of Sterling Biotech from a short-term perspective. It is evident from the charts that the stock has been trending down, forming lower peaks and troughs since the August 2008 peak of Rs 263. However, the stock'sSource: Business Line - Home Page | 17 Dec 2009 | 12:00 am A year into collapse, Satyam set to get a new identityIt is exactly one year to this day when Satyam Computer Services, then in top-4 IT services company league, took the corporate world by surprise by announcing its controversial plan to buy the two Maytas companies – Maytas Infra and MytasSource: Business Line - Home Page | 17 Dec 2009 | 12:00 am India Infrastructure refinance scheme may cover NBFCs tooIn a bid to give a fillip to infrastructure lending, the India Infrastructure Finance Company Ltd (IIFCL) proposes to expand the scope of its refinance scheme to make it attractive not just for banks but also for non-banking finance companies,Source: Business Line - Home Page | 17 Dec 2009 | 12:00 am Foreign telecom cos up in arms against uniform licence feeInternational players, including AT&T and BT, have written to the telecom regulator opposing a move to impose uniform licence fee for all categories of telecomSource: Business Line - Home Page | 17 Dec 2009 | 12:00 am It's 9 to 3.30 for BSE, NSE from tomorrowAfter an amusing scramble by the two premier stock exchanges to each open earlier than the other, NSE and BSE both decided on Wednesday they would commence trading at 9 a.m. from DecemberSource: Business Line - Home Page | 17 Dec 2009 | 12:00 am Global steel sector seen overcoming recessionThe global steel industry is seen gradually emerging from the adverse effects of recessionary conditions – demand downturn and price collapse – that plagued the industrial world in particular from the second half of 2008 following theSource: Business Line - Home Page | 17 Dec 2009 | 12:00 am Orchid sells unit to US co for $400 mThe US-based Hospira has acquired Orchid Chemicals & Pharmaceuticals' generic injectable business for $400 million (about Rs 1,850 crore) that would enable the Chennai-based company to wipe out itsSource: Business Line - Home Page | 17 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 | 17 Dec 2009 | 12:00 am Investors show craving for gold ETFsThe assets under management of listed gold exchange-traded funds rose 10.5 per cent in November, against the industry growth of 6 perSource: Business Line - Home Page | 17 Dec 2009 | 12:00 am The menace of inflationDespite the abundance of talent in policymaking, the government seems to be at its wit's end in tackling the menace of rising prices. Double-digit inflation was on the cards when the central bank pressed the panic button in the wake of theSource: Business Line - Home Page | 17 Dec 2009 | 12:00 am Markets seesaw; Bharti, banks fall; techs upMumbai: Indian shares seesawed on Thursday as a lack of clear direction from regional markets kept investors wary. Energy major Reliance Industries, leading telecom Bharti Airtel and state-run Oil and Natural Gas Corp drifted into negative territory. “There is disinterest ahead of the holiday season, people don’t want to take positions. Most triggers are over for now, there are none in the next fortnight,” said Ambareesh Baliga, vice president at Karvy Stock Broking. At 11:20am, the 30-share BSE index was up 0.1% at 16,928.61, with 17 components advancing. The index fell as much as 0.4% in early trade. The 50-share NSE index was down marginally at 5,041.40 points. The benchmark has gained about three-quarters this year and gains in 2010 is likely to be less spectacular, a Reuters poll showed. Traders said investors were also cautious ahead of the main stock exchanges’ plan to bring forward the start of trading hours by 55 minutes to 9:00am, from Friday. “They have not given us enough time to prepare and all the infrastructure will have to work overtime initially,” said Gajendra Nagpal, chief executive of New Delhi-based Unicon Financial Intermediaries. Bharti lost 1.4% to Rs321.10, a day after news it plans to buy Bangladesh’s Warid Telecom for a reported $900 million from Abu Dhabi Group. Bharti had risen 2.8% on Wednesday, as investors bet on a shift in focus by the company to smaller targets after its planned $24 billion merger with South Africa’s MTN failed. Financial stocks extended their fall on fears the central bank may look to tighten monetary policy sooner than expected following rising inflation, that could touch 7% by March. Top lender State Bank of India shed 0.8% to Rs2,136 and HDFC Bank dropped 0.7% to Rs1,681, while mortgage firm Housing Development Finance Corp fell 0.4% to Rs2,599. Largest-listed developer DLF fell nearly 4% to Rs364.25 on worries higher mortgage rates would impact sales just when property demand had started recovering. Stocks of export-focused technology firms were among the gainers on the back of the Federal Reserve’s confidence about the US economy and helped by a weaker rupee. Tata Consultancy Services and smaller rival Wipro rose 1.6% each, to 725 and Rs682.55 respectively, while bellwether Infosys Technologies climbed 0.4% to Rs2,555.25. In the broader market, advances led declines in the ratio of 2:1 on volume of 103 million shares. Source: Home - Livemint.com | 16 Dec 2009 | 11:46 pm Zardari under pressure after Pak SC rulingIslamabad: Pakistan’s president faced fresh calls to step down Thursday after the Supreme Court struck down an amnesty that had protected the increasingly unpopular leader and several of his political allies from corruption charges. The decision late Wednesday sharpened political tensions in the nuclear-armed nation just as the United States and its other Western allies want it to unite and fight against al-Qaida and Taliban militants based along the Afghan border. While it is generally agreed that President Asif Ali Zardari has immunity from prosecution as president, his opponents now plan to challenge his eligibility to hold the post. Zardari and his aides say any corruption charges against him are politically motivated and that he will not step down. Critics said he was morally obligated to resign, at least while the court heard any challenges to his rule. “It will be in his own interest, it will be in the interest of his party and it will be good for the system,” said Khawaja Asif, a senior leader from the opposition Pakistan Muslim League party. The amnesty was part of a US-brokered deal with former military ruler Pervez Musharraf that allowed former prime minister Benazir Bhutto to return home from self-exile and participate in politics without facing charges her party says were politically motivated. Zardari, Bhutto’s husband, took control of the party after Bhutto was assassinated in 2007. The amnesty, known as the National Reconciliation Ordinance, either stopped corruption investigations or probes into other alleged misdeeds or wiped away convictions in cases involving up to 8,000 ministers, bureaucrats or politicians from across the spectrum. Civil rights activists have long argued that the amnesty unfairly protected the wealthy elite. Zardari has long been haunted by corruption allegations dating back to governments led in the 1990s by his late wife. He spent several years in prison under previous administrations. The Supreme Court this week heard allegations he misappropriated as much as $1.5 billion. The court on Wednesday singled out an alleged multimillion dollar money laundering case involving Zardari and his late wife that had been heard in a Swiss court until the attorney general under Musharraf withdrew proceedings against them last year as a result of the amnesty. The court said this was illegal and ordered the government to ask Swiss authorities to reopen the case. Pakistani papers welcomed the decision as a victory for justice. Many editorialists said it boded ill for Zardari. “Zardari: an accused president,” read the headline over a front-page story by a well-known critic in The News. Pakistani political analyst Rasul Bakhsh Rais doubted that Cabinet ministers and other politicians affected by the ruling would simply step down. He noted that investigative and prosecuting entities in Pakistan are not really independent of the government. “They will play all these tricks and they will stay in power,” Rais said, predicting many messy court battles ahead. Some analysts said Zardari may be able to take some of the sting out of his opponents attacks — and ultimately survive in office — if he gives up many of the powers he inherited from Musharraf. A few weeks ago, amid mounting pressure, Zardari relinquished command of the country’s nuclear arsenal and said he would give up more powers soon. But that’s a promise he’s made before, including in a major speech to lawmakers just days after being sworn in. Source: LatestNews-Home - Livemint.com | 16 Dec 2009 | 11:43 pm Rahul Bajaj not happy with move to phase out hamara BajajBajaj Auto chairman Rahul Bajaj is not too happy with his son's decision to phase out the company's iconic scooters, but feels the decision of Rajiv Bajaj will be in the interest of the company at large.Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 11:35 pm Sensex down 63 points in opening trade on global cuesThe Bombay Stock Exchange benchmark Sensex today fell by over 63 points to 16,849.59 in opening trade on fresh capital outflows by foreign funds, triggered by weak global markets.Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 11:24 pm Money, technology key to fight climate change, says PMNew Delhi: Seeking a constructive approach to move forward in the global efforts to combat climate change, Prime Minister Manmohan Singh on Thursday said India is willing to do more provided there are “credible” arrangements from rich nations on financial support and technology transfers. “Climate change cannot be addressed by perpetuating the poverty of the developing countries,” Singh said in a statement before his departure for climate change summit in Copenhagen. He said India, as a responsible member of the international community, has announced that it will reduce the emissions intensity by 20-25% in 2020 as compared to 2005. Singh noted India has also launched a comprehensive Action Plan on Climate Change and the eight national missions have been set up. “We are willing to do more provided there are credible arrangements to provide both additional financial support as well as technological transfers from developed to developing countries,” he said. Singh’s remarks come as negotiations in Copenhagen have hit a roadblock with no headway being made on agreement on emission cuts, mitigation targets and financing. Prime Minister Manmohan Singh will be leading the Indian delegation at the Summit level talks scheduled for Friday. The developing countries are angry that the mysterious draft text that has been prepared by the Danish presidency has not been circulated for the rest of the parties to study. There is a strong suspicion that this is a deliberate move on the part of the developed nations. Noting that it is inevitable that the blamegame is going to start at some stage, Ramesh said that while India, China and other BASIC countries have tried, there was a “determined effort” to ensure that the Kyoto Protocol gets into “intensive care and it is in intensive care”. Maintaining that there is a likelihood of the Kyoto Protocol being abandoned, he said the negotiations have taken place in bad faith and “there is a huge trust deficit here”. “I think it is incredible that we are almost at the ultimate day of the negotiations and we don’t have texts on which we can negotiate,” he said, hoping that a text will be put on the table. He said all developing countries want an agreement. “We want negotiations to succeed and we are certain if there are disappointments from Copenhagen, the developing countries are not to blame for this,” he said. The minister felt that the negotiations would probably end in a political agreement but it was the “content of the political declaration” that was still uncertain. “A political declaration is inevitable but the question is what is the content of the political declaration,” he said. Chaos ensued on Wednesday when it was announced that the Danish presidency had prepared texts on both tracks dealing with the Kyoto Protocol and the Long Term Cooperative Action. Source: Home - Livemint.com | 16 Dec 2009 | 11:14 pm Indian American in Forbes top 12 CEO exits of 09Ramani Ayer, Indian American chief of debt-ridden Hartford Financial Services, is one of the 12 high profile CEOs who left their companies in 2009, according to Forbes. Others on the list include bailed out auto major General Motors' head Rick Wagoner and troubled insurance giant AIG's chief Edward Liddy.Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 11:04 pm Hospira acquires Orchid Chemicals for $400 mn - Economic Times
Source: Business - Google News | 16 Dec 2009 | 11:01 pm Rupee hits one-week low as dollar climbs abroadMumbai: The rupee weakened to a one-week low on Thursday as the dollar climbed overseas on the back of optimism about the US economy, but a big corporate cashed in dollars and limited the Indian unit’s drop. At 11:12am, the partially convertible rupee was at Rs46.77/78 per dollar after hitting 46.87, which was its lowest since 9 December, and weaker than Wednesday’s close of Rs46.655/665. “It should have fallen further but a corporate who sold early in the morning has supported it at current levels,” said Naveen Raghuvanshi, an associate vice president at Development Credit Bank. The US Federal Reserve on Wednesday voiced growing optimism on the US economy as job losses slow, but repeated a vow to keep interest rates unusually low for “an extended period”. This boosted the dollar, with the euro dropping 1% and falling below $1.4400 for the first time in three months. “The rupee should be around Rs46.75 on the top side and Rs46.85/90 I think will be the range where exporters can come in to sell,” Raghuvanshi said. Shares flip-flopped with little clear direction from regional markets, and forex dealers said consistent selling of dollars by exporters continued supporting the rupee. One-month offshore non-deliverable forward contracts were quoted at Rs46.81/91, pricing in a slightly weaker rupee than the spot rate. Source: Home - Livemint.com | 16 Dec 2009 | 10:50 pm Fed holds rates low as weak economy caps inflationWashington: The US economy is growing, but only weakly. Layoffs have slowed, yet jobs remain scarce. And interest rates will need to rise — but not anytime soon. That was the mixed picture sketched Wednesday by the Federal Reserve, which pledged to hold rates at a record low to reduce unemployment and sustain the recovery. And the assessment was reinforced by government data on inflation, home building and US trade. Fed Chairman Ben Bernanke and his colleagues did sound a more optimistic note by pointing to the slowdown in job losses. But they made clear the recovery is far from strong: Consumer spending remains sluggish, the job market weak, wage growth slight and credit tight. Companies are still wary of hiring, they said. In the meantime, the Fed isn’t wavering from its commitment to keep its bank lending rate at zero to 0.25 percent, where it has stood since last December. It said again it will keep rates there for an “extended period.” In response, commercial banks’ prime lending rate, used to peg rates on home equity loans, certain credit cards and other consumer loans, will remain about 3.25%. That’s its lowest point in decades. Super-low interest rates are good for borrowers who can get a loan and are willing to take on more debt. But those same low rates hurt savers. The rock-bottom rates are especially hard on people on fixed incomes who earn scant returns on savings accounts and certificates of deposit. Michael Darda, chief economist at MKM Partners, predicted that rates would stay where they are for most of next year. “We believe the Fed is essentially out of the picture until late 2010 or early 2011,” Darda said. The Fed’s “optimism was constrained by a long list of caveats,” he added. Low inflation is one sign of the economy’s weakness. Companies are finding it hard to raise prices because consumers fearful for their jobs remain wary of spending much. That was clear from a Labor Department report Wednesday on consumer prices. Prices did move higher last month. But that was mainly because of volatile energy costs. After stripping out volatile energy and food prices, inflation disappeared last month. That gives the Fed leeway to hold its key interest rate at a record low to aid the recovery. At the same time, home construction rebounded in November after a setback in October. And applications for new building permits _ a gauge of future activity _ rose more than economist had predicted. A housing recovery is vital to the overall economy. Also, the government said its broadest measure of foreign trade posted a sharp increase in the July-September quarter, signaling higher demand for foreign goods. That, too, is seen as a sign of a slowly strengthening economy. The current account is the broadest measure of trade because it includes not only trade in goods and services but also investment flows among countries. For last month, the Consumer Price Index, the most closely watched inflation barometer, rose 0.4%. That was up from a 0.3% increase in October. The government said energy prices rose 4.1%, reflecting more expensive fuel oil and gasoline. Energy prices, though, are already in retreat. Oil prices are down about 10% this month. “Aside from the surge in energy prices ... there were few signs of any inflationary pressures,” said Paul Ashworth, economist at Capital Economics Ltd. The uptick in inflation last month, however slight, ate into Americans’ already-weak wages. Average weekly earnings, adjusted for inflation, dipped 0.7% from November 2008, according to a separate Labor Department report. It was the first such drop this year. The Fed said it expects to wind down several emergency lending programs when they are set to expire next year. That seemed to strike a confident note that the Fed thinks it can gradually lift supports it provided at the height of the financial crisis. The central bank made no major changes to a program, set to expire in March, to help further drive down mortgage rates. The government is spending an unprecedented amount to prop up the housing market. The Fed expects to have bought $1.25 trillion in mortgage securities from Fannie Mae and Freddie Mac by the end of March. It’s bought $845 billion so far. It’s also on pace to buy $175 billion in debt from those groups under the same deadline. So far, the Fed has bought nearly $156 billion. Its efforts to lower mortgage rates are paying off. Rates on 30-year loans averaged 4.81%, Freddie Mac reported last week. That’s down from 5.47% last year. The government has propped up the housing market in other ways, too. It’s spending roughly $15 billion for a tax credit for homebuyers. And that credit is being extended until spring at a cost of $8.5 billion. In addition, the cost of bailing out Fannie and Freddie could soar as high as $300 billion, according to Barclays Capital. The Fed said it has leeway to hold rates at super-low levels because it expects that inflation will remain “subdued for some time.” Fed policymakers repeated their belief that slack in the economy — meaning plants operating below capacity and the job market staying weak — will keep inflation down. Some worry that the Fed’s cheap-money policies will stoke inflation. But Bernanke, who’s been named Time magazine’s “Person of the Year” for 2009, has sought to assure skeptical lawmakers and investors that when the time is right, he’s prepared to withdraw the extraordinary stimulus money the Fed has injected into the financial system. Doing so would reduce the likelihood of igniting inflation or new asset bubbles. Some encouraging signs for the economy have emerged lately. The economy finally returned to growth in the third quarter, after four straight losing quarters. And all signs suggest it picked up speed in the current, final quarter of this year. Source: LatestNews-Home - Livemint.com | 16 Dec 2009 | 10:37 pm Sensex down 63 points in opening trade on global cuesThe Bombay Stock Exchange benchmark Sensex today fell by over 63 points to 16,849.59 in opening trade on fresh capital outflows by foreign funds, triggered by weak global markets.Source: India Business News | Business News - Times of India | 16 Dec 2009 | 10:16 pm Indian shares seen flat to higher; Bharti in focus - Reuters India
Source: Business - Google News | 16 Dec 2009 | 10:02 pm Rupee down 14 paise at 46.81 in early tradeThe Indian rupee today depreciated by 14 paise against the US dollar in early trade amid hopes of capital outflows and a rise in the American currency in the overseas market.Source: India Business News | Business News - Times of India | 16 Dec 2009 | 9:53 pm Asian shares steady after Fed optimismTokyo: The dollar rose and hit a three-month high against the euro on Thursday and Asian shares were broadly steady after the Federal Reserve voiced some optimism about a stabilising economy. The Fed on Wednesday left the benchmark interest rate near zero as expected and reaffirmed the rate will be low for some time. It also reminded markets that it will let most of its special liquidity expire by early next year. The dollar rose broadly on year-end position unwinding, adding to its gains for the month. Gains in the currency have been helped by data showing slowing US job losses and improving consumer confidence. The Fed’s statement, which highlighted improvement in housing and noted last month’s decline in the unemployment rate, did little to alter the dollar firmness of recent weeks. “They are just coming out and saying things are looking a bit better. There is nothing in there that really challenges a slightly more upbeat view of the US economy,” said Adrian Foster, Rabobank’s head of financial markets research Asia-Pacific in Hong Kong. The euro hit a three-month low against the dollar of $1.4450 on trading platform EBS, with its losses exacerbated by stop-loss selling. The dollar advanced broadly, hitting a 2-month high of 77.265 against a basket of currencies and also rallying to a 2-month peak against the Swiss franc. Asian shares were steady, with the MSCI’s index of Asian stock markets outside Japan only slightly lower at 403.83, not far from a roughly 15-month peak of 416.89 struck in mid-November. Japan’s Nikkei share average hit a seven-week high as exporters such as TDK advanced as the dollar clawed higher against the yen and inched further away from a 14-year trough hit in late November. “We are beginning to see a positive scenario for Japan. The outlook for the U.S. economy appears to be improving and that’s good news for the export industry. The dollar’s strength will also help halt the yen’s advance,” said Kenichi Hirano, operating officer at Tachibana Securities. In other stock markets, Taiwan shares gained half a percent, while South Korean shares dipped half a percent with losses by banks including KB Financial Group weighing. Oil rose for a third session above $72.74 a barrel after rising 2.8% on Wednesday on data showing that crude stocks in the United States fell more than expected last week. Gold was little changed near $1,138 per ounce. Source: Home - Livemint.com | 16 Dec 2009 | 9:41 pm Oil above $72 on surprise fall in US inventoriesSingapore: Oil rose for a third session to above $72 a barrel on Thursday, buoyed by a surprisingly large drawdown in US crude and distillate stockpiles, easing worries over flagging demand in the world’s top energy user. Crude has risen for three days in a row after a nine-session rout, in which prices plummeted 11.3% from levels above $78 a barrel. Analysts attributed the fall to persistently poor fuel demand and bloated US oil inventories. A report from the US Energy Information Administration on Wednesday showed crude inventories declined by 3.7 million barrels last week, eclipsing analyst forecasts for a more modest draw of 1.8 million barrels. A 2.9-million-barrel draw in US distillate stocks, which include heating oil and diesel, was almost five times bigger than the 600,000-barrel dip analysts expected, while gasoline stocks grew less than expected. Crude for January delivery rose 6 cents to $72.72 a barrel by 0220 GMT, after settling up $1.97 a barrel at $72.66 on Wednesday. London Brent crude was up 16 cents at $74.45. “Inventory was the single issue that was dragging down the market -- there’s no question about it,” said Tony Nunan, risk manager with Tokyo-based Mitsubishi Corp. “The economy may not be falling any more, but we’re not out of the woods yet -- we still have a lot of inventory and fuel demand remains anaemic. We’re going to see this pattern of volatility in prices, with swings determined by inventory levels.” A further drawdown in distillate stockpiles could be on the cards, after a 10-day National Weather Service forecast earlier this week called for lower-than-normal temperatures in most of the eastern US, the world’s biggest regional consumer of heating oil. Economic data unveiled this week appears to have placed the US on track for a gradual recovery. Weekly jobless claims, due later, are expected to confirm a brightening outlook for the world’s largest economy. Economists forecast a total of 465,000 new filings for jobless benefits for the week ended 12 December, down from 474,000 in the prior week. The US Federal Reserve opted on Wednesday to hold interest rates near zero amid “subdued” inflation risks, and said rates should remain exceptionally low for an extended time to help spur an economic recovery. The US dollar retained its strength on Thursday, steadying against the yen and hitting its highest level in three months against the euro, after the Federal Reserve voiced some optimism about a stabilising economy. On the supply front, the Organization of the Petroleum Exporting Countries, whose daily production meets around a third of global crude demand, will convene in Angola to discuss output policy on 22 December. Few expect OPEC to scale back the 4.2 million barrels a day output cuts the group has agreed upon since last year. Most members are comfortable with the current range of oil prices. Source: Home - Livemint.com | 16 Dec 2009 | 8:39 pm Kamineni-Wockhardt hospital deal in ICULess than 6 months after Wockhardt Hospitals sealed a deal with Fortis to sell 10 hospitals for Rs 909 crore, their relationship with Hyderabad-based Kamineni Hospitals group seems to be headed for splitsville.Source: India Business News | Business News - Times of India | 16 Dec 2009 | 5:13 pm Time Warner to acquire NDTV ImagineLOS ANGELES (Reuters) - Time Warner Inc on Wednesday said it will buy NDTV Imagine Limited (Imagine) from NDTV Networks Plc, an indirect subsidiary of NDTV Ltd for $126.5 million, further expanding its international reach.Source: Reuters: Money News | 16 Dec 2009 | 4:46 pm India should cut red-tapeIndia and Singapore will cooperate with each other in setting up 14 innovation Universities in India, said HRD minister Kapil Sibal while speaking at the Singapore Symposium, jointly organised by the CII and the ISAS.Source: India Business News | Business News - Times of India | 16 Dec 2009 | 1:28 pm Qatar to supply extra 5mt gas/yr to IndiaQatar has agreed to consider Indias demand for supplying an additional 5 million tonne a year of gas in ships on a long-term contract.Source: India Business News | Business News - Times of India | 16 Dec 2009 | 1:26 pm Sunil Mittal gets Shastri awardSunil Bharti Mittal, chairman Bharti Enterprises was presented the 10th Lal Bahadur Shastri National Award by the President of India, Pratibha Patil.Source: India Business News | Business News - Times of India | 16 Dec 2009 | 1:23 pm GST rollout set to miss April deadlineNow, its almost certain that the scheduled implementation of the proposed Goods and Services Tax will miss its target of April 1, 2010.Source: India Business News | Business News - Times of India | 16 Dec 2009 | 1:22 pm NSE gets an extra work hour to make more moneyIndia’s premier stock exchange, the National Stock Exchange (NSE), has advanced its working hours by an hour.Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 1:07 pm States rain on govt’s 1 April GST deadlineNew Delhi: India will be unable to meet its deadline for introduction of the single goods and services tax (GST) by 1 April, after all the state governments, with the exception of those of Kerala and Jammu and Kashmir (J&K), refused to sign on and instead proposed that the launch of a unified tax regime be deferred by a year to 2011. The empowered committee of state finance ministers that met on Wednesday has asked for another meeting in the first week of January to finalize the contentious issue of tax rates.  GST has been billed as the single biggest tax reform initiative that will economically unify the country and do away with the myriad tax structures that are currently in place. TFC has computed that the implementation of GST will grow the economy by as much as an additional 1.5 percentage points every year over and above the current rate of growth. Immediately after the meeting of the empowered committee, Madhya Pradesh finance minister Raghavji, who uses only one name, said: “Our demand for deferring the implementation was supported by even Congress-ruled states.” Bihar finance minister Sushil Modi said the move to GST could be delayed by a year. The empowered committee’s chairman, Asim Dasgupta, finance minister of West Bengal, admitted as much when he said that the Central government had been unable to introduce GST legislation in the winter session of Parliament, which is due to conclude on 21 December. Once Parliament approves the legislative changes by a two-thirds majority, it will have to be endorsed by the assemblies of majority of the 28 states by a similar margin. To implement GST, the Central government will have to introduce a Bill seeking amendments to the Constitution. Currently, the power to tax have been divided between the Central and state governments. Dasgupta added that India’s finance minister Pranab Mukherjee “has said he is very willing to discuss (this) with us in January after this Parliament session is over”. He said, “After our meeting with him, we would be able to take a decision on constitutional amendments and other preparations.” The empowered committee will reassemble on 7 January in New Delhi for a two-day meeting, which will also see the review of the study undertaken by the National Institute of Public Finance and Policy on the revenue implications of the introduction of GST for states. This will be preceded by a meeting of the state finance secretaries on 6 January. According to a person familiar with the development who did not want to be identified, the representative for Tamil Nadu, endorsed by Raghavji, argued for more time as states were still stabilizing the value-added tax regime that India moved to in 2005. Some state finance ministers, who were pushing for deferment of the GST deadline, maintained that industry representatives were opposed to the introduction of GST mid-way through the year, a reaction to a proposal to roll it out by June instead of 1 April, the beginning of the fiscal year for the Central and state governments, and most Indian firms.  Move delayed: Asim Dasgupta, finance minister of West Bengal and chairman of the empowered committee of state finance ministers. Indranil Bhoumik / Mint Vivek Mishra, partner at audit firm Pricewaterhouse Coopers, said he wasn’t surprised by the delay given the complexity involved in moving to a GST regime. He added that the new tax regime could be delayed beyond 2011. “Based on the amount of issues to be decided, all the elements are yet to be in place. It will take one year only to have the design of GST in place. It may take another two years to implement it,” he said. liz.m@livemint.com Asit Ranjan Mishra and PTI also contributed to this story. Source: Home - Livemint.com | 16 Dec 2009 | 12:14 pm Draft-II surfaces amid reshuffleThe Danish chair of the UN talks on climate change, Connie Hedegaard, today stepped down and was replaced by Danish Prime Minister Lars Lokke Rasmussen.Source: Business Standard | Front Page Headlines | 16 Dec 2009 | 12:10 pm Tata Motors, M eye fiat plantIndian automobile majors Tata Motors and Mahindra & Mahindra (M&M) have shown interest in taking over the Termini Imerese plant owned by Italys largest car maker Fiat.Source: Business Standard | Front Page Headlines | 16 Dec 2009 | 12:06 pm Rate views rattle Asian markets before FedShifting views on interest rates in 2010 whipsawed markets on Wednesday, with the Australian dollar tumbling as investors scaled back their bets on aggressive rate hikes, while US Treasuries rose before the last Federal Reserve meeting this year.Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 10:36 am Gitanjali Lifestyle buys 76 in Salasar RetailGitanjali Gems Ltd said on Wednesday its unit Gitanjali Lifestyle Ltd has acquired 76 per cent in Salasar Retail Ltd. Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 10:35 am Linkedin dresses up for India focus in online recruitingSocial networking is commonly associated with linking up to friends on Internet sites such as Facebook and Orkut, but steadily behind the scene, LinkedIn, which has made a lucrative business of using online networking in job recruitments, is pushing ahead in a different way.Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 10:32 am Bill for commercial divisions in high courtsThe government on Wednesday introduced in Lok Sabha the bill for creation of commercial divisions in the High Courts, to exclusively hear and decide commercial disputes of Rs 5 crore and above. Source: HindustanTimes.com - Top Business News Headlines | 16 Dec 2009 | 10:08 am Taiwan unveils super-tiny microchipTaipei: Taiwan has developed tiny microchips that could lead to lighter and cheaper laptops or mobile phones, researchers and observers said on Wednesday. State-backed National Nano Device Laboratories in northern Hsinchu city said it had succeeded in packing more transistors into smaller chip space than anyone else so far. “Electronic gadgets like cell-phones and laptops could become smaller, lighter and cheaper with this technology,” Yang Fu-liang, the lab’s chief, told AFP. Currently, laptops seldom weigh less than about 1.5 kilogrammes but the latest development could see notebook computers weighing as little as 500 grams. “It’s indeed the most advanced chip technology ever,” said Nobunaga Chai, an analyst at Digitimes, a Taipei-based industry publication. The field Yang and his team are working on is called 16-nanometre technology, referring to the space between transistors on a chip. The smaller the space, the more transistors can be fitted on to the chip. An average human finger nail is 25 million nanometres long. Researching new technologies at this microscopic level poses formidable challenges to scientists. “Sixteen nanometres used to be considered the final frontier,” said Yang. Source: Tech News - Livemint.com | 16 Dec 2009 | 6:02 am
|
