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IBM lists top 5 innovations!IBM has released a list of top five innovations, which will help city authorities in addressing health problems like H1N1 virus, energy and water needs as well as crisis management.Source: Zee News : Business | 20 Dec 2009 | 5:34 am Japan, UAE sign oil pact !Japan will stockpile crude oil produced in the UAE under a bilateral agreement that stipulates Tokyo could receive emergency supplies with priority in the event of a supply shortage.Source: Zee News : Business | 20 Dec 2009 | 5:34 am DLF to bring all rental properties under single entity!Realty major DLF has decided to bring all of its rental properties under a single umbrella, as part of a business restructuring, to optimise the value of its various realty verticals.Source: Zee News : Business | 20 Dec 2009 | 5:34 am `Corporate output less as staff busy on Orkut, Facebook`!Corporate employees on an average spend 60 minutes on social networking sites like Orkut and Facebook in office hours leading to loss of productivity, a survey said.Source: Zee News : Business | 20 Dec 2009 | 5:34 am S Africa`s News Cafe makes India foray !South African premium cocktail-bar chain News Cafe plans to invest up to Rs 100 crore over the next five years to expand operations in IndiaSource: Zee News : Business | 20 Dec 2009 | 5:34 am Volkswagen to end deal spree!Volkswagen is unlikely to make further strategic deals in the near future, its CEO signalled, suggesting an end to the company`s recent spree which included the taking of a stake in Suzuki.Source: Zee News : Business | 20 Dec 2009 | 5:34 am Services sector grew at faster pace in first seven months !India`s services sector expanded at a faster pace in the first seven months this fiscal compared to the like period last year, according to an industry survey.Source: Zee News : Business | 20 Dec 2009 | 5:34 am Hyundai to set up joint venture in China!Hyundai Motor has signed an initial agreement to create a commercial vehicle joint venture with China`s Baotou Bei Ben Heavy-Duty Truck Co with a total investment of $400 million.Source: Zee News : Business | 20 Dec 2009 | 5:34 am Separatism, terrorism make India risky for global investors!The spurt in separatist movements and terror threats in the country have made India riskier for global investors, a UK research firm has said.Source: Zee News : Business | 20 Dec 2009 | 5:34 am Satyam scam, slowdown make 2009 hard for software industryNew Delhi: The Satyam Computer accounting scam, slowdown and resultant hiring freeze by many made 2009 an unforgettable year for the Indian information technology industry. There was never a dull moment for bad news during the year, given the fact that Satyam’s founder B Ramalinga Raju came out of the closet with an accounting fraud on 7 January. The scam tarnished the credibility of India’s IT story, requiring others to do a lot of convincing to retain clients. As dramatic it was, the World Bank, within a week of the Satyam scam coming to light, announced it had banned, besides Satyam, Wipro and Megasoft from working for it for allegedly “providing improper benefits to the Bank staff” during the course of their projects with it. While the cases dated back to mid-2007, the timing of the disclosures only helped compound the woes of the IT industry. To give the government its due credit, it acted swiftly by superseding the Satyam Board, which brought in new auditors to restate accounts, and ascertained employee count and within months found a new owner in Tech Mahindra. Satyam has since been renamed Mahindra Satyam. Multiple agencies probed the scam, whose size was initially estimated at Rs7,800 crore, and Raju, once a celebrated IT icon, is in custody awaiting trial. 2009 also saw the software exporting community trying hard to keep their margins as clients cut down on IT spends. The huge forex losses due to fluctuation of rupee didn’t help them either. Bulk of IT companies’ revenue comes from the US and Europe and they earn more when the dollar is stronger. Although the dollar was stronger, many of them had hedged against a stronger rupee - which it was in 2007 - thus losing out any which way. The fallout of this was that top Indian IT companies, which used to hire up to 25,000 people annually, put recruitment on hold. Many of them, including Infosys, postponed campus recruitments. Talking of Infosys, its poster-boy Nandan Nilekani left the IT company he helped found to join the government for a project to give every Indian citizen a unique identity number. Globally, the industry saw a few mergers and acquisitions. In April, US business software company Oracle Corporation announced that it would buy its Silicon Valley rival Sun Microsystems for $7.4 billion in cash. The takeover has moved Oracle, the world’s second-largest software maker, into the server and storage computers market, placing it against IBM and Hewlett-Packard. In September, the world’s second largest PC maker Dell Inc entered into an agreement to acquire computer services firm Perot Systems for about $3.9 billion, making it one of the biggest deals in the IT space since the global financial turmoil hit the sector. The acquisition was aimed at helping Dell foray into the software space. Copier major Xerox Corporation announced that it will acquire outsourcing entity Affiliated Computer Services (ACS) for about $6.4 billion in a cash and stock deal. Indian IT industry is passing through a difficult phase. Shrinking budgets, pressure on revenues and bottomline, competition from global bigwigs are staring at the home-grown software multinationals who have to adjust to a new scenario than the one they have been used to so far. In a way, the game is just beginning now. Source: LatestNews-Home - Livemint.com | 20 Dec 2009 | 2:59 am Commonwealth Games make Delhi CM jittery - IBNLive.com
Source: Business - Google News | 20 Dec 2009 | 2:53 am Petroleum exporting countries needs more compliance with oil targets: LibyaThe comments underline the concern of some in the Organization of the Petroleum Exporting Countries about ample supply, even though oil has rallied to around $73 a barrel.Source: Daily News & Analysis: Money News | 20 Dec 2009 | 2:47 am Full repayment of Dubai debt still an optionDubai World will meet creditors on Monday and is expected to formally request a standstill on debt, mainly linked to its property units.Source: Daily News & Analysis: Money News | 20 Dec 2009 | 2:40 am DB Hospitality to invest Rs 5500 cr - Expressindia.com
Source: Business - Google News | 20 Dec 2009 | 2:34 am Egypt to build biggest car tyre factory in MideastCAIRO (Reuters) - Egypt is planning to build the biggest car tyre factory in the Middle East at a cost of 600 million Egyptian pounds ($109 million), the state news agency MENA quoted an industry executive as saying on Saturday.Source: Reuters: Money News | 20 Dec 2009 | 2:20 am Silver may continue to outshine gold's performance in 2010Demand for silver in the coming year is expected to rebound to normal levels in 2010 as the emergence of key new markets for silver would help to boost prices further.Source: Daily News & Analysis: Money News | 20 Dec 2009 | 1:45 am On Dalal Street size wasn t everything in 20092009 turned out to be a year when stock market minnows beat the big fish of Dalal Street, as mid-cap and small-cap shares outperformed blue chips, setting the momentum for 2010.Source: HindustanTimes.com - Top Business News Headlines | 20 Dec 2009 | 1:10 am Corporate India grappling with rising healthcare costsMumbai: Most of the Indian companies providing healthcare cover to their employees are grappling with an average of 10% rise in premiums over the last three years, a survey said. The reasons for this are emergence of new medical technologies and over-recommendation of services, a Watson Wyatt survey said. “In 45% of the cases observed, major reasons for rise in premium was advent of sophisticated medical technologies and malpractices like over-recommendation of services,” the survey said. Watson Wyatt is a global, multi-practice consulting firm specialising in insurance and financial services, human consulting and employee benefits. The rising premiums, have, however, not affected the importance Indian corporates pay to healthcare cover in their hiring and retention plans, it said. “Forty one percent of the companies observed use healthcare cover as a talent attraction and retention tool, while 11% use it to minimise work loss,” the survey said. A significant finding of the survey is that inspite of rising premium costs, economic turbulence and the difficulty in maintaining an affordable healthcare cover, 62% of the companies observed did not reduce any premium costs out of employees salary. “Over 54% of those observed, do not plan to share it with the employees even in the coming year,“ it added. Rising healthcare costs are making corporates strive to strike a balance between increasing premium costs and retaining their attraction for the right kind of talent. “To achieve this objective, it is crucial that companies are constantly reviewing and customising their healthcare plans. It is vital that employers design an appropriate plan, employ efficient ways to manage it and ensure that employees understand its value,” the Watson Wyatt survey said. Though healthcare costs have increased due to medical inflation, increased competition in the stand-alone health insurance space will put downward pressure on premium costs, it added. Source: LatestNews-Home - Livemint.com | 20 Dec 2009 | 1:07 am Bankers see higher interest rates, strong credit growth in 2010Mumbai: With a substantial recovery from the economic slowdown expected in 2010, top bankers have said this could well be translated into a healthy pick up in the bank credit growth, but may also result in a higher interest rate regime. Also, a ballooning food inflation and advancing wholesale-price inflation might soon force the Reserve Bank, which unfolded its first phase of monetary stimulus exit by restoring SLR in October, to effect a “twin” action, hiking CRR and policy rates beginning from early next year, they said. With liquidity surplus in the system, a hike in Cash Reserve Ratio, the percentage of amount banks should keep with RBI, will help to mop up the excess, after which the central bank could start raising its lending and borrowing rates (repo, reverse repo), to exit from the easy money regime, bankers said. “The year 2009 was quite eventful for banks and it showed the resilience of the system to a huge crisis in related markets. “As we move ahead, when we shun the impact of slowdown, I expect the bank credit growth to revive considerably, which may result in upward movement of lending rates as well,” Bank of Baroda chairman and managing director M D Mallya said. Bank credit, which grew around 10% in November, remained muted largely because corporates opted for non-banking sources for cheap finance in view of the sufficient liquidity conditions, Mallya said, adding once the RBI sucks out excess money, corporate borrowers are likely to come back to banks. RBI is widely expected to lift its policy rates by at least 0.5% by April while a 0.5% hike in CRR could happen as early as in January, bankers said. Oriental Bank of Commerce CMD T.Y. Prabhu echoed the view saying that the industry is poised for a healthy revival in business in the next year and corporate demand is likely to go up in the next quarter. “We can see corporates coming back with their project proposals as the economic activities picking up. The pick up is already happening. This would only go better in the months ahead and I’m quite optimistic about the new year,” Prabhu said. There are unlikely to be any issues in the bank’s Non-Performing Assets (NPAs) over the next one year in the banking industry as the Reserve Bank has ensured adequate provisions from lenders -- the latest measure hiking the risk weight for commercial real estate loans and raising loan loss coverage ratio to 70%. “I do not see any alarming signs on the banks’ NPAs as most of the banks have done adequate provisioning for likely defaults. The RBI’s decision to hike the loan loss coverage ratio to 70% is also a prudent move. I think all the banks will achieve that in the set time-frame,” IndusInd Bank’s head Global Banking Group J Moses Harding, said. Bankers also expect the consolidation talks in the Indian banking system to gain momentum in 2010 both in public and private sectors, as it is warranted by evolving competition in the global banking space. Source: LatestNews-Home - Livemint.com | 20 Dec 2009 | 12:48 am Confederation of Indian Industry preparing roadmap on aviation sectorThe draft paper would include viewpoints on the sector from all stakeholders, including airlines, MRO (Maintenance, Repair and Overhaul) players, charter operators, and airport operators.Source: Daily News & Analysis: Money News | 20 Dec 2009 | 12:23 am Dubai Holding will not sell Jumeirah GroupDubai rocked global markets on November 25 when it asked creditors for a standstill agreement on $26 billion in debt linked to conglomerate Dubai World.Source: Daily News & Analysis: Money News | 20 Dec 2009 | 12:19 am Full repayment of Dubai debt still option - paperDUBAI (Reuters) - Dubai, set to ask creditors for a standstill on restructuring some $22 billion in debt linked to troubled conglomerate Dubai World, may still repay lenders in full, a local newspaper said on Sunday, citing unnamed sources.Source: Reuters: Money News | 20 Dec 2009 | 12:08 am Dubai Holding will not sell Jumeirah Group - execDUBAI (Reuters) - Dubai Holding, owned by the ruler of the Gulf emirate, will not sell or list its luxury hotelier Jumeirah Group to pay off debt maturing next year, Jumeirah Group's chairman was quoted as saying on Sunday.Source: Reuters: Money News | 20 Dec 2009 | 12:06 am IPL set to score $2.2 b in long-term dealsThe cash registers of the IPL are yet to close though. The league has already approved the inclusion of two more franchises for the 2011 season. The auctions for the two new franchises would be held in January with a base price of $225 million each.Source: Business Line - Home Page | 20 Dec 2009 | 12:00 am New I-T rules on perks may be taxing for high-fliersIn the upcoming New Year, most senior management and high-flying executives in corporate India will have to pay more income- tax on their perks, thanks to the new rules on valuation of perquisites notified by the Government onSource: Business Line - Home Page | 20 Dec 2009 | 12:00 am Public sector coped better with downturnPublic sector undertakings have managed the economic slowdown better than their private sector peers, despite a spike in their employee expenditure in the wake of hikes granted to the Union GovernmentSource: Business Line - Home Page | 20 Dec 2009 | 12:00 am Consumers prefer to pledge gold jewellery than sellingWith gold prices rising to record levels, consumers now seem to prefer pledging jewellery rather than selling it to make sure that they do not miss out on any rise in the prices in the comingSource: Business Line - Home Page | 20 Dec 2009 | 12:00 am Small iPhone developer Tapulous sees big successPlayfish was recently acquired by Electronic Arts for $275 million in cash.Source: Daily News & Analysis: Money News | 19 Dec 2009 | 11:51 pm Apr-Oct services growth gains momentum: CII surveyNew Delhi: Growth in the services sector led by an over 20% jump in the wireless and broadband subscriber base gained momentum during the April-October period of this year against the same period last year, a CII survey said. “There has been a significant improvement in the growth rates of various services sectors during April-October 2009 compared to April-October 2008,” the survey based on response from 350 firms said. The survey points out that around 12% of the services sector including wireless and broadband subscribers and asset under management firms registered excellent growth rate of over 20% during the period compared to 12.5% April-October last year. It further said services like exchange earnings from foreign tourists, franchising, life insurance premium, housing finance, education and training fall under high growth category of 10-20%. Railways’ freight and passenger revenues, international and domestic air passenger traffic and software services fell under moderate growth of 0-10%, the survey said. Source: LatestNews-Home - Livemint.com | 19 Dec 2009 | 10:53 pm BIG FM network eyeing tie-ups in tier 2 and 3 citiesAnil Ambani-owned BIG 92.7 FM, India's number one FM station, plans to seal alliances with radio networks in the northeast and is eyeing the south as well.Source: Daily News & Analysis: Money News | 19 Dec 2009 | 10:50 pm Reliance Retail plans 85 jewellery stores over next three yearsThe multi-format retailer, which operates 15 Reliance Jewels outlets, has charted a road-map designed to give a greater focus on metros and larger towns.Source: Daily News & Analysis: Money News | 19 Dec 2009 | 10:43 pm India Inc grappling with rising health care costsMost Indian companies providing health care cover to their employees are grappling with an average of 10% rise in premiums over the last three years, a survey said.Source: India Business News | Business News - Times of India | 19 Dec 2009 | 10:41 pm Now, salaried employees to pay tax on perksEarlier, the tax on these perks were paid by the employer in the form of the Fringe Benefit Tax (FBT) that was done away with in the Budget 2009-10 by finance minister Pranab Mukherjee.Source: Daily News & Analysis: Money News | 19 Dec 2009 | 10:23 pm Tax on perks to be effective from April 2009The government all set to impose tax on all perks --residential accommodation, conveyance and others -- paid for by the company, under a new law that replaces the already abolished Fringe Benefit Tax.Source: India Business News | Business News - Times of India | 19 Dec 2009 | 10:21 pm Indian ADRs added $3.1 billion past week, Wipro leadsThe cumulative valuation of the Indian stocks trading on the American bourses rose by $3.1 billion past week, with IT major Wipro emerging as the biggest gainer in terms of market capitalisation.Source: India Business News | Business News - Times of India | 19 Dec 2009 | 10:02 pm Traffic at Ahmedabad airport soars free of recession after effectsEarlier, the meltdown had snapped 10 air-links to the city.Source: Daily News & Analysis: Money News | 19 Dec 2009 | 9:45 pm IMF approves $31 mn for Seychelles to boost reformsAntananarivo: The Seychelles government said on Saturday a new $31 million loan from the International Monetary Fund would support a second wave of reforms on the heavily indebted Indian Ocean archipelago. IMF approved the loan in the early hours of Saturday and cancelled an existing two-year standby arrangement (SBA) for $26 million which had a year outstanding. Finance minister Danny Faure said the new Extended Fund Facility (EFF) would kick in immediately. “The EFF will bring funds of $31 million to support our medium term reform strategy which is looking at debt restructuring, public sector reform and preserving the macroeconomic stabilisation,” he told Reuters in a phone interview from Seychelles’ capital, Victoria. An interest payment default last year by Seychelles on its 2011 eurobond highlighted an acute balance of payments crisis and triggered a raft of fiscal and monetary reforms to liberalise the once state-controlled economy in late 2008. The Indian Ocean archipelago last week launched an exchange offer on the $230 million bond and three other debt instruments to help place it on a more sustainable footing. The impact of the global crisis and decades of unsustainable spending had left Seychelles close to collapse. This year, the tourism-driven economy is expected to contract by 7.5% before re-bounding to 4% in 2010, although Faure said the recovery in the tourism sector would be vulnerable to external wobbles. Central Bank governor Pierre Laporte told Reuters last week disciplined monetary policy and aggressive cuts in government spending had stabilised the economy far faster than he had predicted. Smooth second round Seychelles’ external debt topped $800 million at the start of 2009. Faure said the EFF would allow for a smoother second round of reforms after the shock-therapy of 2008-2009. “But now it is more of a well-structured reform, the pace will be smoother, we will build on the first round of reforms,” he said. Faure added the Treasury’s priority was to overhaul the tax sector. In his Budget speech last month, he said business tax rates would be reduced while a flat-rate income tax would replace social security fund contributions. Source: LatestNews-Home - Livemint.com | 19 Dec 2009 | 9:32 pm Asia spending again after global financial meltdownLaden with colourful bags full of gifts, Andy Xu makes his way through Hong Kong’s jam-packed Causeway Bay shopping district apparently unfazed by the past year’s global economic crisis.Source: HindustanTimes.com - Top Business News Headlines | 19 Dec 2009 | 9:31 pm Airlines eye contact less travelAirlines are trying to shrug off a financially-plagued decade by promising passengers more low fares as well as a seamless, paperless and even “contact-less” travel experience, industry executives said.Source: HindustanTimes.com - Top Business News Headlines | 19 Dec 2009 | 9:23 pm U.S. Senate health bill alters company taxes, profitsWASHINGTON (Reuters) - Proposed changes to the U.S. Senate's pending healthcare reform bill include measures targeting industry profits and taxes, and a move to ensure health insurers spend a certain amount on medical care, according to a document released on Saturday.Source: Reuters: Money News | 19 Dec 2009 | 7:38 pm Storm threatens U.S. retailers' last holiday pushLOS ANGELES/CHICAGO (Reuters) - U.S. retailers' final weekend sales push before Christmas was under threat as a severe winter snowstorm struck the East Coast, forcing store closures and keeping shoppers at home on "Super Saturday."Source: Reuters: Money News | 19 Dec 2009 | 7:33 pm Rising inflation may push interest rates up - Economic Times
Source: Business - Google News | 19 Dec 2009 | 4:30 pm CAG punches holes in rural health mission - Indian Express
Source: Business - Google News | 19 Dec 2009 | 3:52 pm Nilekani meets CM - Times of India
Source: Business - Google News | 19 Dec 2009 | 3:39 pm Water supply halved for new non-bulk users - Times of India
Source: Business - Google News | 19 Dec 2009 | 3:03 pm A big buzz around small carsThe hoopla around the Nano, the worlds cheapest car, may be missing this time round but next months Delhi Auto Expo will put a fleet of keenly awaited roadsters on show, including half-a-dozen small cars.Source: India Business News | Business News - Times of India | 19 Dec 2009 | 1:57 pm Indian firm behind visual effects in AvatarA significant part of James Camerons mega epic Avatar, with a budget of over $230 million (nearly Rs 1,100 crore) the most expensive Hollywood movie ever made has been brought to life by an Indian visual effects (VFX) company Prime Focus.Source: Business Standard | Front Page Headlines | 19 Dec 2009 | 11:57 am As molecule deals fall, pharma firms see cure in late licensingIndian companies engaged in discovery of new drugs have twisted the model as many molecules licensed to foreign collaborators failed to reach the market. This so-called outlicensing strategy has been revised and the domestic companies are conducting a larger part of the initial trials themselves, choosing to license out the molecules much later than they used to.Source: Business Standard | Front Page Headlines | 19 Dec 2009 | 11:51 am Gadkari replaces Rajnath as BJP chiefNitin Gadkari today became president of the main opposition Bharatiya Janata Party (BJP), replacing Rajnath Singh. He is the first Maharashtrian to reach the partys top post.Source: Business Standard | Front Page Headlines | 19 Dec 2009 | 11:50 am New IT rules on perks may be taxing for high-fliers - Hindu Business Line
Source: Business - Google News | 19 Dec 2009 | 11:13 am Game s on WoodyTiger Woods joins a long list of worthies who get mocked at by online gamers through a flash game, with the newly created Tiger Hunting, available for free play on Break.com, reports Gopal Sathe.Source: HindustanTimes.com - Top Business News Headlines | 19 Dec 2009 | 10:56 am Volkswagen CEO signals end to deal spreeFRANKFURT (Reuters) - Volkswagen is unlikely to make further strategic deals in the near future, its chief executive signalled, suggesting an end to the company's recent spree which included the taking of a stake in Japan's Suzuki.Source: Reuters: Money News | 19 Dec 2009 | 9:41 am Dubai World's banks expect formal standstill requestLONDON (Reuters) - Bankers expect Dubai World to make a formal request for a standstill on its $26 billion debt at Monday's creditor meeting, but it could be more than a month before banks agree, bankers said on Friday.Source: Reuters: Money News | 19 Dec 2009 | 7:25 am IOC wins first battle over Jones Sydney relay medalsThe International Olympic Committee (IOC) on Friday won the first legal battle in favour of its decision to strip the Sydney 2000 Olympics relay medals from team mates of disgraced sprinter Marion Jones.Source: Moneycontrol Top Headlines | 19 Dec 2009 | 5:56 am State Bank of India raises $100 mn senior debtState Bank of India, India\'s top lender, said late on Friday it had raised a USD 100 million fiveyear senior debt carrying a 4.5% coupon.Source: Moneycontrol Top Headlines | 19 Dec 2009 | 5:56 am Suzlon repays acquisitionrelated $780mn debtWind turbine maker Suzlon Energy said on Friday it has repaid loans taken to fund acquisitions and reduced overall debt by USD 350 million.Source: Moneycontrol Top Headlines | 19 Dec 2009 | 5:50 am Tata urges simultaneous spectrum allocation to 3G winnersRatan Tata, chairman of conglomerate Tata group, has urged the government to allocate spectrum simultaneously to all winners of a forthcoming thirdgeneration wireless auction, the Economic Times said on Saturday.Source: Moneycontrol Top Headlines | 19 Dec 2009 | 5:48 am Distressed hotels could find buyers in 2010The recessionravaged U.S. lodging industry will offer opportunities next year for wouldbe hotel investors interested in picking up plum properties suffering from falling revenue and high debt.Source: Moneycontrol Top Headlines | 19 Dec 2009 | 4:18 am Fresh buying leads to recovery in goldGold prices recovered at the bullion market sparked by stockists and jewellers buying supported by rising trend in International markets.Source: India Business News | Business News - Times of India | 19 Dec 2009 | 4:15 am Sensex down by nearly 400 pts during the weekMumbai: The market corrected after two-weeks of gains as the benchmark sensex tumbled by nearly 400 points during the week under review on selling in the frontline counters. This week Bombay Stock Exchange 30-share barometer moved in a range of 17,275 and 16,693.06 before concluding at 16,719.83, a steep fall of 399.20 points or 2.33% over its preceding weekend’s close. The 50-issue Nifty of the National Stock Exchange too slumped by 129.60 points or 2.53% to settle the week at 4,987.70 from its last weekend’s close. Marketmen said profit-booking emerged after inflation trebled to 4.78% in November. Investors fear Reserve Bank in its attempt to arrest rising prices might adopt tighter monetary measures which could lead to higher interest rates. “Market was expecting an inflation of 4.1-4.2%. But the inflation numbers came as a shock and the banking as well realty stocks plunged sharply,” said Ashika Stock Brokers Research head Paras Bothra. From the sectorial indices, Health Care and IT stocks were in keen demand and escaped selling amid hopes that there would be spurt in outsourcing from developed economies in the wake of signs of economic recovery in the US. Market shrugged off reports of higher advance tax payments by India Inc, which indicated robust quarterly performance. The top heavyweight and petro-chem giant, Reliance Inds (RIL) suffered a sharp setback and dropped by 5.47%, contributing the sharp fall in index. From the Sensex pack, HDFC Bank plunged by 6.64%, REL Com by 6.51%, DLF by 6.39%, ICICI Bank by 6.31%, Sterlite Ind by 5.47%, SBI by 5.33%, HDFC by 4.37%, Bharti Airtel by 4.30%. However, rise in Tata Motors, Tata Steel, Infosys Tech, TCS, Wipro, ACC, M&M and Sun Pharma cushioned the fall to some extent, otherwise it would have been much more pronounced. World stocks displayed a feeble trend after US Federal Reserve at the end of a two-day policy meeting on Wednesday detailed its plans to remove excess liquidity. The market was worried that the RBI might hike rates even before the January policy meet as food inflation touched 19.95% as of 5 December, has become a hot political issue which even stalled Parliament proceedings earlier this week. However, majority of marketmen are not much worried as they attribute the fall to year-end selling by FIIs ahead of Christmas and new year season. Hightech Securities director Sanjeev Bhambri opined that “the market may face more pressure in the short-term but the long-term looks bullish.” During the week, the trading volume on the BSE and NSE remained low at Rs21,891.70 crore and Rs66,754.71 crore compared to last week’s turnover of Rs24,675 crore and Rs72,890 crore respectively. Source: LatestNews-Home - Livemint.com | 19 Dec 2009 | 3:28 am Sensex falls nearly 400 pts during the weekThe market corrected after two-weeks of gains as the benchmark Sensex tumbled by nearly 400 points during the week under review on selling in the frontline counters.Source: India Business News | Business News - Times of India | 19 Dec 2009 | 3:11 am UN climate talks acknowledge Copenhagen accord Copenhagen: UN climate talks avoided failure on Saturday by formally acknowledging a new US-led accord for combating global warming despite opposition from several nations. “The conference of the parties takes note of the Copenhagen Accord,” said a final decision at the 193-nation talks that stopped short of endorsing the deal. UN talks are meant to operate by consensus and several countries had spoken against the US-led plan. The decision would list the countries that were in favour of the deal and those against. Source: LatestNews-Home - Livemint.com | 19 Dec 2009 | 3:07 am POLL - Global stock market rally has further to runLONDON (Reuters) - An explosive rally in world stock markets this year from multi-year lows in March has lost some momentum but most major indexes will rise further by end-2010, according to a Reuters poll of more than 200 strategists.Source: Reuters: Money News | 19 Dec 2009 | 3:05 am Sensex set for slower rise in 2010 - Economic Times
Source: Business - Google News | 19 Dec 2009 | 2:54 am Merger activity to show tepid recovery in 2010PHILADELPHIA (Reuters) - The energy, finance, technology and healthcare industries are expected to be the hottest areas in a dealmaking market that in 2010 is likely to expand gradually from this year's depressed levels.Source: Reuters: Money News | 19 Dec 2009 | 1:59 am Dhoni banned for next two ODIs, Sehwag named captainNagpur: Indian captain Mahendra Singh Dhoni was on Saturday slapped with a two ODI ban for slow over-rate during the second cricket one-dayer against Sri Lanka here, dealing a huge blow to the home team’s prospects in the ongoing five-match series. International Cricket Council’s match referee Jeff Crowe imposed an immediate two match suspension on Dhoni for slow over-rate after conducting a hearing last night. In the absence of Dhoni, dashing opener Virender Sehwag has been named the captain for the next two one-dayers in Cuttack on 21 December and Kolkata on 24 December. “ICC match referee, Jeff Crowe, has imposed an immediate two match suspension on M S Dhoni for slow over-rate after conducting a hearing last night,” the BCCI said in a statement. The Indian players have been penalised 40% of their match fees. “The Indian team for the next two ODIs will be led by Virender Sehwag,” the brief statement added. The thrilling second one-dayer ended about 45 minutes after the scheduled finish time because of frequent discussions between the Indian players during the closing stages of Sri Lanka’s chase. The decision to ban Dhoni was taken by match referee Crowe of New Zealand, considering the quantum of extra time the Indians took to complete their alloted overs. Tamil Nadu wicket-keeper batsman Dinesh Karthik, who featured in India’s Twenty20 squad against the Lankans, is to be inducted in the team as a replacement for the charismatic Dhoni. The five-match series is currently tied 1-1 after India won the first match in Rajkot by three runs, while the Sri Lankans snatched a thrilling three wicket victory in the second game here on Friday. Dhoni’s unavailability will be a big setback for the Indians as he has been in great touch in the recent series against the islanders, scoring 72 and 107 in two matches played so far. With flamboyant middle-order batsman Yuvraj Singh being a doubtful starter as he is still recovering from a finger injury and flu, the Indian batting will be weaker in the next two games. The ICC is yet to make an official announcement under what clauses Dhoni had been banned. “Once we get a detailed report from the match referee Jeff Crowe we will issue a statement giving all the details,” an ICC spokesman told PTI from Dubai. Source: Home - Livemint.com | 19 Dec 2009 | 1:56 am
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