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See 3040% growth in 2010: LIC Housing FinanceLIC Housing Finance has been one of the outperformers in 2009. In an interview with CNBCTV18, R Ramachandran Nair, Director and Chief Executive, LIC Housing Finance, speaks about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 7:27 am LT secures Rs 581 crore ordersLarsen Toubro (LT) has secured Orders worth Rs. 581 crore from Powergen Infrastructure (L.L.C) and Bangalore Water Supply Sewerage Board during the third quarter of 200910.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 7:21 am Hyundai Motor 2009 sales up 10% vs 2008Hyundai Motor Co, South Korea\'s top automaker, sold 3.1 million vehicles this year globally, up 10 percent from 2008.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 5:48 am UP govt to get 900MW from Rosa project: Rel PowerReliance Power started production from its first power plant Rosa in Uttar Pradesh on December 29, 2009. In an exclusive interview with CNBCTV18, JP Chalasani, Chief Executive Officer, Reliance Power, gives more details about the project.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 5:35 am Expect to improve 5year CAGR of 1718%: HSILHindustan Sanitaryware Industries (HSIL) has been growing at a compound annual growth rate (CAGR) of 1718% since the past five years and expects to maintain at the same rate going forward, says it Joint Managing Director, Sandip Somany. He is confident that the company will sustain its operating profit margin (OPM) at 20%.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 5:34 am Rough ride still ahead for German economy: Merkel!German Chancellor Angela Merkel warned that the country`s worst post-war recession would drag into 2010, in a New Year`s television address to be broadcast on Thursday.Source: Zee News : Business | 31 Dec 2009 | 5:22 am Iceland approves Icesave compensation!Iceland Parliament`s approved paying nearly four billion euros to Britain and the Netherlands, which had compensated more than 320,000 of their savers in a failed Icelandic bank.Source: Zee News : Business | 31 Dec 2009 | 5:22 am Asian stocks set for near 70 percent gain in 2009!Asian stocks rose Thursday, poised for a near 70 percent gain on the year, while the dollar hovered near 16-week highs as a jump in US consumer confidence reinforced views that the world`s largest economy was gradually recovering.Source: Zee News : Business | 31 Dec 2009 | 5:22 am Maldivian economy hit severely by global crisis: IMF!The IMF has said the current global crisis has hit the economy of Maldives severely and suggested for the strengthening of the banking sector to improve the island nation`s financial health.Source: Zee News : Business | 31 Dec 2009 | 5:22 am China insists will reform yuan at its own pace!China will move ahead with yuan reform at its own pace, keeping a close eye on economic growth and the job market, a unit of the central bank said on Thursday.Source: Zee News : Business | 31 Dec 2009 | 5:22 am Geely gets China`s support for Volvo, 2010 auto sales!Geely, China`s No 1 private carmaker, said on Thursday that its parent company has strong support from the Chinese government to acquire Ford Motor`s Volvo unit.Source: Zee News : Business | 31 Dec 2009 | 5:22 am 3G auction to be held by mid-Feb: Source!The government is planning to auction third-generation wireless radio spectrum by mid-February, about a month later than had been scheduled, a senior government official told a news agency on Thursday.Source: Zee News : Business | 31 Dec 2009 | 5:22 am Govt to sell state firm shares every 2-3 weeks: Paper!The government is expected to sell shares in 17 to 18 state firms in each of the next two fiscal years, with an issue happening every two to three weeks, an Indian daily reported, citing an unnamed government official.Source: Zee News : Business | 31 Dec 2009 | 5:22 am US takes controlling stake in GMAC in third bailout!The US government threw troubled GMAC a third lifeline, of 3.8 billion dollars, and took a controlling stake in a bid to turn around the mortgage and auto lender.Source: Zee News : Business | 31 Dec 2009 | 5:22 am BSE Sensex rises to highest level since May 2008 !The Bombay Stock Exchange benchmark Sensex on Thursday rose by over 139 points, or 0.80 percent, in early trade after on selective buying by funds and retail investors in power and metal stocks.Source: Zee News : Business | 31 Dec 2009 | 5:22 am Private placement an option: Panacea BiotecRajesh Jain, Joint Managing Director of Panacea Biotec said that the objective of buyback is to highlight to people that the business is doing well. He further said that the company may look at private placement to explore inorganic growth opportunities. However, there were no plans yet.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 5:14 am 7 western albums you must buyIts time for names and acts from the last 40 yrs to show the posers a thing or two.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 5:11 am Designing the future: Our very own Leonardo da MistryInnovator Pranav Mistry has already won accolades. He now wants to be the newage Renaissance Man.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 5:11 am 5 hot startups to watch in 2010We sift through a crowd of startups to bring you the ones we think you need to look out for next yr.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 5:11 am Japan mulls merging JAL\'s int\'l service into ANA\'sSeveral cabinet members of the Japanese government want Japan Airlines Corp to withdraw completely from its international flights business and consolidate it with that of All Nippon Airways Co.Source: Moneycontrol Top Headlines | 31 Dec 2009 | 4:38 am Sensex to enter silver jubilee year - Economic Times
Source: Business - Google News | 31 Dec 2009 | 3:20 am Rupee extends gains tracking dlr's broad drop - Economic Times
Source: Business - Google News | 31 Dec 2009 | 3:13 am Finance commission lobbies for fiscal consolidation ahead - Moneycontrol.com
Source: Business - Google News | 31 Dec 2009 | 3:10 am India bond yields stay down, mkt dull on year-end - Reuters India
Source: Business - Google News | 31 Dec 2009 | 3:02 am Sensex ends 2009 in style; rallies 81%Mumbai: Indian shares provisionally rose 0.77% on Thursday to end the year up 81%, their biggest annual gain since 1991. The 30-share BSE index provisionally ended up 134.10 points at 17,477.92. The 50-share NSE index provisionally closed up 0.76% at 5,208.75 points. Source: Home - Livemint.com | 31 Dec 2009 | 3:01 am Sensex to enter silver jubilee year in 2010The BSE sensex which will be entering the 25th year on January 2, 2010 has come a long way and so also the Indian market and the economy.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 3:00 am Tamil Nadu rakes in Rs15,000 cr investments in 2009Chennai: Tamil Nadu, a home for many auto-companies like Hyundai Motor India, Ford India, Nissan, managed to attract Rs15,000 crore in investments during 2009 even as others were struggling to get industries to set up shop in their respective states. Even as states like Karnataka made several attempts to attract investments, including an offer of land to ArcelorMittal on the lines of a similar invite to Tata for its Nano plant last year, Tamil Nadu saw tyre manufacturer Michelin set up shop and the expansion of facility by US auto-giant Ford India. According to government officials, since 2006, the investment made in Tamil Nadu is Rs 46,100 crore by various companies. However, the highlight of this is the “suppliers” who set up operations near the mother plants so as to ‘synergise´ their business. “Normally the investments made by the companies are mainly discussed. How much employment would the facility generate and how much land they would require. But, the real thing is that the investments brought in by the suppliers (who are called as daughter companies) are not given much prominence,” Tamil Nadu Industrial Guidance and Export Promotion Bureau vice chairman E Velmurugan told PTI. “Since 2006, Tamil Nadu has attracted investments over Rs 46,100 crore. Then the investments made by these daughter companies would be more than that. But this has not been highlighted at all,” he said. He said the employment generations from these facilities would cross at least a minimum of over two lakh over the next few years. Admitting that there was an impact to the State due to the economic crisis, Velmurugan said the crisis had only made many companies to with-held their proposals. “The companies which had planned to invest in Tamil Nadu and those proposed to ramp up their operations have stopped their move. However, with the signs of recovery they should be able to continue with their proposals.” With the presence of many autocompanies in and around the metro, Velmurugan said that for every minute a car would be manufactured in Chennai purely making it as Detroit by 2011-12. “Apart from the Hyundai Motor India and the presence of Ford, the recent entrants like Nissan Renault, every minute a car would be made in Chennai making it as one of the favourite destination for foreign companies”, he said. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 2:54 am Mobile number portability by March 2010Mobile Number Portability (MNP), which allows users to retain their number even if they switch operators, was to be introduced in metro cities and the so-called Category A telecom zones from Dec 31.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 2:48 am FTSE up on New Year’s Eve; banks, commodities rallyLondon: Britain’s top share index gained 0.4 percent at the start of the New Year’s Eve half-day session, on track for its biggest yearly gain since 1997, helped by a rally from banks, energy stocks and miners. At 0910 GMT, the FTSE 100 was up 18.72 points at 5,416.58, after closing down 39.75 points at 5,397.86 on Wednesday -- snapping a five-session winning streak. “The Santa rally is supposed to be petering out, but it does not mean we’re going to get a sudden downward correction,” said Howard Wheeldon, strategist at BGC Partners. “Global economic figures in December have actually been a lot, lot better than many of us had feared and at the moment there don’t seem to be indications that the heat has been turned off,” he said. Banks, added the most points to the index, recovering from recent falls, with Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered putting on 0.5 to 1.7%. The UK benchmark index has rallied about 57% since hitting a six-year trough in March and is up about 22% for the year. Commodity stocks, pressured on Wednesday, were in demand. Royal Dutch Shell, BG Group and BP added 0.1 to 0.6% as crude rose towards $80 a barrel. Against a backdrop of firmer metals prices, Antofagasta, Fresnillo, Randgold Resources and Lonmin gained 0.6 to 1.3%. Buyers also came in for food retailers on hopes of solid post-Christmas sales ahead of updates from the sector in the coming weeks. Wm Morrison, J Sainsbury, Tesco and Marks & Spencer climbed 0.1 to 0.9%. British house prices rose for an eighth consecutive month in December to end the year nearly 6 percent higher than they started it, mortgage lender Nationwide said. The BoE credit conditions survey for the fourth quarter of 2009 will be released at 0930 GMT. On the other side of the Atlantic, US jobless claims are scheduled for release at 1330 GMT, after London’s close, as well as the New York ISM index of business activity and optimism. London equity markets close at 1230 GMT on Thursday. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 2:41 am Rupee extends gains tracking dlr's broad dropMUMBAI (Reuters) - The rupee extended its gains in afternoon trade on Thursday boosted by the dollar's further drop against major currencies and stronger domestic shares.Source: Reuters: Money News | 31 Dec 2009 | 2:35 am India gold futures higher on global cuesInternational gold was quoted at $1,097.5 an ounce at 12.02pm versus earlier close of $1,092.65. With a 25% rally this year, gold has posted it's ninth consecutive annual rise.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 2:22 am Oil near $80, on track for strongest gain in decadeOil rose towards $80 on Thursday, extending its rally to a seventh day and poised for the best annual gain in a decade, driven by a drop in US crude and fuel stocks as icy weather stoked demand.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 2:21 am After tough year, Dubai expats pack up, eye AsiaThe $26 billion debt debacle sank Dubai's markets and spurred many foreign professionals to hasten their retreat from the city-state for more job security.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 2:19 am 3 Idiots adds punch to bleak 2009 box officeMumbai: A stand-off between producers and multiplex owners and a shortage of hits marked a bleak year for Bollywood in 2009, but Aamir Khan starrer 3 Idiots may have saved the industry from hitting rock-bottom, trade analysts said. The world’s biggest film industry spent more than Rs1500 crore and released 120 films, but only a handful of those made it to the list of hits. “2009 was a mixed year for Bollywood, mainly because the producer-multiplex standoff meant that there were no films for three months, and even when they were released, the content wasn’t up to the mark,” Sidharth Roy Kapur of UTV Motion Pictures, one of India’s biggest production houses, told Reuters. Marketing and release of all films was suspended for three months after producers and multiplex owners reached a dead-lock over revenue sharing. It was resolved only after they agreed to a 50-50 share. “The strike also meant that there were too many films that released at the same time, because of which a lot of good films didn’t get a decent run at the box office, trade analyst Vajir Singh said. Director Rajkumar Hirani’s year-end release 3 Idiots could bring some cheer to the industry, with the makers claiming that the film grossed Rs100 crores after four days in theatres. “Successful film makers like Rakeysh Om Prakash Mehra (Delhi-6), Ashutosh Gowariker (What’s Your Raashee) and Madhur Bhandarkar (Jail) were unsuccessful this year. Expensive films like Blue and Kambakkth Ishq fared very badly at the box office and there weren’t any small films that did well either,” Singh said. The industry had a handful of hits, including Love Aaj Kal, Ajab Prem Ki Gazhab Kahani and Wanted, he said. A lack of good scripts may have added to the box office debacle this year, trade analysts said. “What has happened is that there are too many people with money who want to make films and as a result a lot of scripts which may not have been chosen earlier are being made into films,” Kapur said. Sci-fi Hollywood extravaganzas like Avatar have pulled Indian cine-goers to theatres. Industry insiders are optimistic that a number of big banner films will turn the tide next year. “2010 will start off with some good films including Karan Johar’s My Name is Khan and later Mani Ratnam’s Ravan. Hopefully, it should be a better year,” Singh said. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 2:16 am India wins slowdown battle; defeated by rising prices in ’09New Delhi: India achieved the distinction of being the second fastest growing economy amid the global recession in 2009, but the joy was marred by the decade’s sharpest rise in food prices to the chagrin of common man. For a country that continued to lose on its exports throughout the year that has gone by, economy achieved a remarkable growth of about 7% (during April- September 2009) on the back of focused government stimulus in tandem with well articulated interest rate-cum-monetary policy of RBI. But it is a paradox of sorts that price line that dipped from a 13-year high into negative zone at one point during the year climbed sharply again, with food inflation touching more than a decade’s high of 20%. From the growth focus, the government had to concentrate on fighting the natural disaster ranging from drought to floods in different parts of the country that led to shortages of foodgrains and fruit and vegetable and the resultant spurt in their prices caused a political storm. To add to this roller coaster, developments in the economy, including in the share market, the general elections in May that helped Congress led UPA to retain power, lent further colour. In the New Year, fear of rising inflation will continue to influence the economic policies, whether it is monetary review to be announced by the RBI on 29 January or the Budget to be unveiled by Union finance minister Pranab Mukherjee towards the end of February. Powered by strong doses of three stimulus packages, the Indian economy did well, only next to China in terms of growth. Despite widespread drought and devastating floods in parts of the country, the economy during 2009-10 is estimated to expand by 8%, up from 6.7% in the previous fiscal. India’s growth during 2008-09 dipped from 9% on account of the impact of the global financial crisis. Stimulus, green shoots and exit policy will continue to remain the buzzwords as the government in the coming year will move forward to withdraw the extraordinary steps it took to fight the impact of global meltdown, domestic drought and spiralling food prices. The focus of economic planners during the initial months of 2009 was to continue the stimulus to tide over the impact of financial crisis triggered by collapse of America’s iconic banker Lehman Brothers in September 2008. Not waiting for the election results, Mukherjee, while presenting an interim budget in February 2009 provided the third stimulus package to the industry to by announcing tax cuts and raising public expenditure. These stimulus packages, backed by easing of monetary policy by the Reserve Bank, yielded some results which economists described as “green shoots”. As the green shoots appeared, the economy started looking up and in the second quarter (July-September 2009-10) recorded a high growth rate of 7.9%, much more than anticipated by any analyst or think tank. The impact, however, was not so visible on the external front as exports continued to remain in the negative zone for most part of the year. This has been on account of slow recovery in the external market. Now with the US economy during the quarter (July- September) recording a growth of 2.2%, though less that the initial estimate of 3.5%, Indian exports too may look up in future. After a gap of 13 months, exports in November registered a growth of 18% and rise might continue with the global economy gradually shedding the recession, described as worst since the Second World War. Buoyed by the performance in the second quarter, the Planning Commission and the Prime Minister’s Economic Advisory Committee (PMEAC) have talked about revising their growth projections once the data for the second quarter was made public. Both these organisations had projected 6.5% growth rate for the current fiscal. The green shoots, which are apparently taking firm roots, were initially threatened by the widespread drought quickly followed by devastating floods. The twin impact of drought and floods badly impacted the farm sector and output of agriculture and allied sector growth rate slipped to below 1% during July-September 2009. Shortage, more importantly the likely shortage of essential food items, adversely hit inflation. The rate of inflation, measured by movement of wholesale prices, sprang up from the sub-zero level to cross 4% mark and continue the northward march in the coming year. More significantly, the food inflation soared to decade’s high of around 20%, driven mainly by the rising prices of pulses, potato and other vegetables. Spiralling prices prompted the government to take host of fiscal and administrative measures to check inflation. On the fiscal these include cut in duty and removal of import restrictions on various essential items including pulses and edible oil. As regard the administrative initiatives, the Centre persistently goaded the state governments to initiate action against hoarding. These short-term measures may provide temporary respite, but in the long term, as suggested by recent the mid-year review of the economy, the government will have to encourage food production to raise farm output. Besides managing inflation, the real dilemma before the government is to time the exit leading to withdrawal of the stimulus, responsible for green shoots on the positive side and unsustainable fiscal deficit on the negative. Fiscal deficit is expected to soar to 6.8% of the GDP during 2009-10, from 6.2% in the previous fiscal, on account of the twin impact of tax cut and high public expenditure. RBI, in a small way, launched the first phase of exit in October by withdrawing some of the liquidity injection measures. These half-hearted measures are likely to continue in the final review of the monetary policy to be announced in January. The task, however, will be more difficult for Mukherjee who will have to take a call on raising taxes in the upcoming Budget in February. As 28 February, the usual day for presentation of the general budget in the Lok Sabha, is Sunday, the bad news may come early, most likely on 26 February 2010. Source: Home - Livemint.com | 31 Dec 2009 | 2:14 am Mobile number portability by March - Economic Times
Source: Business - Google News | 31 Dec 2009 | 2:08 am 2009, the year of commodities, ends with a bangCommodity markets are on course for their strongest year since 1973, lifted by oil's biggest annual gains in a decade and a 140% surge in copper prices.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 2:06 am Hyundai Motor 2009 sales up 10% versus 2008: OfficialHyundai Motor Co, South Korea's top automaker, sold 3.1 million vehicles this year globally, up 10% from 2008.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 2:05 am Food price data reinforce tightening viewNew Delhi: Indian food price inflation returned to near 20% in mid-December, reinforcing expectations the Reserve Bank of India (RBI) could tighten policy in coming weeks to prevent a broader break-out of inflationary pressures. The food price index rose 19.83% in the 12 months to 19 December, with food prices surging after the weakest monsoon in 37 years and then floods in parts of the country hit crops. That was higher than an annual rise of 18.65% a week earlier, and just below an annual 19.95% rise on 2 December. Reserve Bank of India and government officials have said the rise in food prices reflected supply problems which monetary policy could not address, but the central bank has also said it was worried about a spill over to other prices. “The RBI may look to dampen inflationary expectations through a possible CRR (cash reserve ratio) hike before the January policy review,” said Manas Paul, an economist with Axis Bank. The RBI’s next scheduled policy review is on 29 January, but the central bank can change policy at any time. On Monday, RBI deputy governor Shyamala Gopinath said the focus of monetary policy was shifting to managing recovery and contain inflation. Most economists polled by Reuters early this month expected the Reserve Bank to start tightening policy by raising banks’ cash reserve ratio, or the proportion of deposits that banks must set aside as cash, by the end of January. “A CRR hike of 50 basis point cannot be ruled out in near term ahead of 29 January policy review,” said Shubhada Rao, chief economist with Yes Bank. Comfort Level Broader annual wholesale price inflation was 4.8% in November. Some economists expect it to reach about 8% by the end of the fiscal year in March, well above the central bank’s perceived comfort level of about 5%. Food prices are politically sensitive in India, as hundreds of millions live on marginal incomes, and the price rises have sparked protests and walkouts in Parliament. The government last week allowed open market sale of wheat at lower prices, and on Tuesday it extended a deadline for sugar firms to meet their export obligations for importing sugar. Montek Singh Ahluwalia, deputy head of the planning commission, last week said food prices were likely to moderate in January. Prices of perishable food items came down on weekly basis, with the food articles sub index falling 0.4% to 287.7. “The progressive concern over week-on-week inflation is easing, as the prices of perishable items like fruits and vegetables are coming down,” Rao said. The fuel index rose an annual 4.45% in the 12 months to 19 December as the statistical aberrations caused by price spikes in 2008 faded. Source: Home - Livemint.com | 31 Dec 2009 | 2:05 am Government should invest more in rural areas: Assocham New Delhi: The government should invest more in agriculture, health care and education sectors in rural areas as private sector is reluctant to go there, industry chamber Assocham said on Thursday. In an note sent to the finance ministry, Assocham president Swati Piramal said that private investments are highly unlikely at initial stages for programmes in rural agriculture, health care and education, as the private sector is apprehensive if its investments would bear any fruits. The chamber feels that the three key sectors in agrarian regions can be uplifted provided huge public investments are diverted through higher central budgetary allocations, by launching schemes similar to other popular social schemes like National Rural Employment Guarantee Act. The industry chamber said that these sectors can be overhauled provided its responsibility remains entirely in state’s domain. Therefore, it has urged the government that in each panchayat there should be at least one health centre which should be equipped with necessary machines to detect and diagnose diseases. Such health centres should be set up through centrally sponsored social welfare schemes in which salaries, perks and perquisites of doctors, nurses and other technicians be higher to motivate qualified staff to go to far flung areas, it said. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 2:02 am High potato pulses rates push food inflation to 19 83 pcIndia's annual food inflation based on wholesale prices rose to 19.83 per cent for the week ended Oct 19 from 18.65 per cent the week before as prices of essential commodities continued to rule high.Source: HindustanTimes.com - Top Business News Headlines | 31 Dec 2009 | 2:01 am Mobile number portability by March 2010New Delhi: The government will introduce mobile number portability across the country by 31 March 2010, pushing back its introduction by up to 3 months in parts of the country, the government said in a statement on Thursday. Mobile Number Portability (MNP), which allows users to retain their number even if they switch operators, was to be introduced in metro cities and the so-called Category A telecom zones from 31 December, and in other areas by 20 March 2010. “The government has now decided to implement it in whole of the country in one go, by 31 March 2010,” the ministry of communications and information technology said in the statement. Source: Home - Livemint.com | 31 Dec 2009 | 1:58 am L&T secures Rs 581 crore orders - Moneycontrol.com
Source: Business - Google News | 31 Dec 2009 | 1:57 am Mobile number portability by March 2010New Delhi: India will introduce mobile number portability across the country by 31 March 2010, pushing back its introduction by up to 3 months in parts of the country, the government said in a statement on Thursday. Mobile Number Portability (MNP), which allows users to retain their number even if they switch operators, was to be introduced in metro cities and the so-called Category A telecom zones from 31 December and in other areas by 20 March 2010. “The government has now decided to implement it in whole of the country in one go, by 31 March 2010,” the ministry of Communications and Information Technology said in the statement. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 1:36 am Mobile number portability by March 2010NEW DELHI (Reuters) - The government will introduce mobile number portability across the country by March 31, 2010, pushing back its introduction by up to 3 months in parts of the country, the government said in a statement on Thursday.Source: Reuters: Money News | 31 Dec 2009 | 1:33 am 2009, the year of commodities, ends with a bangSingapore: Commodity markets are on course for their strongest year since 1973, lifted by oil’s biggest annual gains in a decade and a 140% surge in copper prices. With the Reuters/Jefferies CRB index on track for a 24% rally in 2009, gold heading for its ninth increase in as many years, sugar near record highs and cocoa headed for its fourth annual rise, traders are describing 2009 as “the year of commodities”. But the strategies that worked this year may fail in 2010 as the market switches from picking up bargains left in the wake of the financial market meltdown that started in 2008 to a strategy based on macro economic data and fundamentals. “The year 2009 was really a value proposition, it was about momentum buying on value, which was buying on cheapness in the market,” Mark Pervan, Head of Commodity Research at ANZ, said. “2010 is going to be much more macro driven, more fundamentally driven. You won’t see so much influence from the dollar. It will be more closely aligned with supply and demand.” First amongst CRB constituents is copper, which is heading for a rally of nearly 140% this year. Unprecedented levels of Chinese imports, speculative fervour and more lately, threats to supply, have pushed London copper from a 50-month low of $2,825 in December last year to a 16-month peak of $7,415 on New Year’s Eve. Injecting a little extra fizz into copper bulls’ New Year celebrations is the imminent strike by workers at Chile’s giant Chuquicamata mine, who are preparing to down tools within days after owner Codelco, the world’s No. 1 copper miner, refused to back down in a wage negotiation spat. Even the arrival of 10,000 tonnes of copper in LME warehouses on Wednesday, the biggest increase in percentage terms since September, bringing stocks to just shy of half a million tonnes, wasn’t enough to cool investor ardour. Peng Qiang, an analyst at COFCO Futures said: “The upward trend in the market remains, despite the jump in LME copper stocks yesterday and the firm dollar.” Sugar is another standout in 2009 — up the best part of 130%. “2010 may be the year of the tiger, but 2009 was the year of commodities,” a trader in Sydney said. “I am a little surprised markets haven’t given back more for the end of the year. Given that, I reckon 2010 will see us off to the races. Precious metals in particular should chase higher,” He said gold, currently at $1,197.7 and up a quarter this year and having touched a record high of $1,226.10 earlier this month, would find support down to $1,070, with investors targeting a move towards $1,300 or higher. But he doubted sugar would repeat its sweet 2009 performance. “The thing with sugar is that it can fix itself in a year. It’s not like the eight years it takes to build a copper mine or 25 years an oil refinery can take.” Oil prices have also surged, up nearly 80% in the year, but the market would need to rally an additional more than 80% to top its record high of last year near $150 a barrel. US crude for February delivery rose 37 cents, or 0.5%, to $79.65 a barrel by 0506 GMT, after touching a five-week high of $79.85 in quiet pre-holiday trade, just shy of the psychologically key $80 mark. Prices have risen 14 percent in just over two weeks. On the downside, grains failed to inspire this year — wheat has tumbled 11% while corn managed a paltry 1.5% rise. Soy rose 6.5% for the year, with strong demand led by top buyer China and poor supplies from Latin America countered by a record US harvest. Analysts said expectations of bumper soy production in South America will likely weigh on soy’s 2010 outlook. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 1:31 am After tough year, Dubai expats pack up, eye AsiaHONG KONG (Reuters) - For lawyer Wilfred Goh, the sign it was time to leave Dubai came early in 2009, when the financial crisis took its toll, plunging the emirate's main stock index down roughly 70 percent in a matter of months.Source: Reuters: Money News | 31 Dec 2009 | 1:14 am Asia stocks end 2009 with 68 pct gain, oil risesHONG KONG (Reuters) - Asia stocks rose on Thursday, racking up a 68 percent gain for the year, as a jump in U.S. consumer confidence reinforced views that the world's largest economy is gradually recovering.Source: Reuters: Money News | 31 Dec 2009 | 1:04 am L&T bags Rs 581 cr contracts in coal handling, water businessEngineering and construction major Larsen and Toubro said it has bagged orders worth Rs 581 crore from Powergen Infrastructure and Bangalore Water and Sewerage Board during the third quarter of the current fiscal.Source: India Business News | Business News - Times of India | 31 Dec 2009 | 12:48 am Asia stocks end 2009 with 68% gainHong Kong: Asia stocks rose on Thursday, racking up a 68% gain for the year, as a jump in US consumer confidence reinforced views that the world’s largest economy is gradually recovering. The dollar slipped from near 16-week highs against the yen, while oil looked set to post its strongest year in a decade as markets snapped back from one of the worst financial crises in generations. Major European share markets were set to open slightly higher, according to financial spreadbetters, while US equity futures were flat. Equities and commodities are expected to build on this year’s gains in 2010 unless the global recovery fizzles out, but market watchers are uncertain whether the dollar’s rebound this month is temporary or the start of a longer-term upturn. The MSCI index of Asia Pacific stocks traded outside Japan rose 1% in thin trade, taking its gains for the year to near 70%. That marks its best performance since 1993 and far outpaces expected gains of just over 20% in US and European equities. Markets in Japan and South Korea were already closed ahead of the New Year’s holiday and many others held abbreviated sessions. Equity investors were encouraged by data showing US consumer confidence rose to a three-month high in December, and by a Chicago business barometer, which hit a four-year high. A decisive rebound in US consumer demand will be vital for a sustained global recovery next year. The encouraging reports spurred the Dow Jones industrial index to a slight gain on Wednesday, setting the U.S. blue chip index up for its first annual gain in two years. Shares in Asia have bounced sharply from March lows, reflecting renewed risk appetite from investors as the global downturn began to ebb early in the year. Asian stock markets are set for continued but more modest gains in 2010, said Sebastien Barbe, Asia economist at Calyon in Hong Kong. “The rally in Asian equities will continue because there is still a lot of cash in the global economy. Asia is perceived as the place where economic growth will be strong in the next five year and it does not have the problem of government or household debt that the West has,” said Barbe. Markets in Asia and elsewhere next year will be influenced by the pace of economic recovery, the expected timing of US interest rate hikes and policymakers’ strategies for unwinding emergency stimulus plans introduced during the global financial crisis, analysts say. Calyon does not expect the US Federal Reserve to increase rates until 2011, arguing that while US economic data is improving it is still weak. “If we are wrong, and markets price in an earlier than expected US rate increase, that will have an impact on equity markets, including in Asia,” said Barbe. OIL WITHIN SIGHT OF $80 As markets in London opened, the dollar slipped against the yen and the euro. It had hit a 16-week high against the Japanese currency at around 92.77 in New York trade. The euro jumped 0.3% to $1.4434, while the yen rallied to 91.89 per dollar by mid-afternoon in Asia, Reuters data showed. The dollar had gained against the Japanese currency earlier this month but looks set to end a volatile year with a modest loss for 2009 against a basket of major currencies Resource stocks gained as oil prices rose for a seventh straight day, trading 0.5 % higher at just shy of $80 a barrel. Copper prices which have more than doubled this year, hit 16-month highs. Oil prices rose on the back of a drawdown in US oil inventories and unseasonally cold weather across the northeastern United States. Oil is now poised to post its strongest year in a decade, having rallied nearly 80 % since the start of 2009. Signs that the US economic recovery may be on more solid footing have dented gold’s appeal as a hedge against further weakening of the dollar, although spot gold picked up on Thursday, rebounding to $1,099.85 an ounce from $1,092.55 at the New York close. Dollar weakness for much of the year pushed gold to a record high in December and its ninth annual rise in as many years. It looked set to end 2009 with a gain of around 25%. However, the near-term outlook for the metal is uncertain as traders are unsure if the dollar will build on its recent gains. Much will depend on when the Federal Reserve believes the US economic recovery is entrenched enough that it can raise interest rates from near zero and withdraw other stimulus measures without threatening growth. As the year drew to a close, Australia’s stock market posted its biggest annual gain in 16 years with a sterling 31% rise from a year ago, reflecting rising global demand for commodities ranging from iron ore to oil. “There’s definitely been a sense -- and there has been for the last several months -- that in Australia we weathered this so much better than anyone else,” said Cameron Peacock, an analyst at IG Markets in Melbourne. The Australian dollar has been the best performing major currency and was on track for a resounding 27% gain against the US dollar this year. The Aussie edged up to $0.8975, from $0.8904 late on Wednesday. Against a trade-weighted basket of currencies, it is up 25% this year, helped by its relatively high yield which has attracted investors as risk appetite improved. With Australia expected to raise interest rates again soon and demand for commodities seen continuing to rise next year, traders say the Aussie is poised for further gains early in 2010. Most Asian currencies also strengthened against the US dollar in 2009, led by a 17% rally in the Indonesian rupiah as foreign investors flocked to the region to cash in on its solid recovery. Regional currencies are likely to gain further in 2010 despite the US dollar’s near-term strength, analysts say. Source: Home - Livemint.com | 31 Dec 2009 | 12:34 am IATA for minimal use of pat-down searches for air securityKuala Lumpur: With the US issuing tougher rules for air security, the International Air Transport Association Thursday said it supports improved technology to devise long-term solutions and recommended minimal use of measures like pat-down searches. In a letter to US Homeland Security Secretary Janet Napolitano, IATA’s director General Giovanni Bisignani said “the air transport system cannot support 100% pat-down searches over the long term” even though short-term temporary and extra-ordinary security measures were needed until the immediate threat had abated. IATA is recommending a smaller percentage of intensive pat downs accompanied by technologies or proportionate screening procedures as a means to achieve near-term security requirements with reduced delays, he said in a statement. The representative body of the international aviation industry stressed that the long term solutions to security of passengers and employees must include improved technology and effective risk assessment techniques. Bisignani said while security was a government responsibility, it was a shared priority with the industry and called for better information sharing. Following the failed attempt to blow up a Detroit-bound airliner, the US aviation authorities announced a new set of rules for all international flights heading to the country, including “thorough pat-down” at boarding gates, focused on upper legs and torso. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 12:31 am L&T wins Rs581 cr contracts in coal handling, water businessMumbai: Engineering and construction major Larsen and Toubro said on 31 December it has bagged orders worth Rs581 crore from Powergen Infrastructure and Bangalore Water and Sewerage Board during the third quarter of the current fiscal. In a filing to the Bombay Stock Exchange, L&T said it received a Rs392 crore order for material handling business and another Rs189 crore order for water business during the third quarter of 2009-10. The Rs392 crore contract from Powergen Infrastructure, is for setting up a coal handling plant at Tiroda Thermal Power Plant of Adani Power in Maharashtra in 30 months. Meanwhile, the Rs189 crore contract secured from Bangalore Water and Sewerage Board includes laying of steel pipeline, envisaging transmission of 500 million litres of water per day from Kaveri river to Bengaluru. The project is scheduled to be completed within 24 months. Shares of the company were trading at Rs1,685.05, up by 1.21% on the BSE in early morning trade. Source: LatestNews-Home - Livemint.com | 31 Dec 2009 | 12:21 am Oil near $80, on track for strongest gain in decadeSingapore: Oil rose towards $80 on Thursday, extending its rally to a seventh day and poised for the best annual gain in a decade, driven by a drop in US crude and fuel stocks as icy weather stoked demand. The fall in crude stocks in the world’s top energy user over the past four weeks, pushing surplus inventories to its lowest in 11 months, eclipsed the firm dollar, which held near 16-week peaks on a soft Japanese yen in Asia trade, before sliding. US crude for February delivery rose 49 cents, or 0.6%, to $79.77 a barrel by 0702 GMT, after touching a five-week high of $79.85 in quiet pre-holiday trade. Prices have risen 14 percent in just over two weeks. London Brent crude rose 67 cents to $78.70. After sliding to a five-year low under $33 at the start of 2009, oil prices staged a steady climb to a high of $82, making for an average of $62 for the year. Oil’s near 80 percent rise this year puts it on track for the sharpest gains since 1999. This came on the back of OPEC supply cuts, a rebound in emerging market demand and the revival of a popular dollar/oil spread trade. “The U.S. market does seem now to be undergoing a fairly rapid burning off of excess inventory, helped along by demand recovery and the continuation of historically low crude mports,” Barclays Capital said in a report. “Crude inventories would be expected to climb from this point into May, but they have ended 2009 with the lowest excess over the five-year average seen at any point during the year.” U.S. crude stockpiles fell by 1.5 million barrels in the week to 25 December, just off an expected 2 million-barrel decline, data from the Energy Information Administration showed. Crude inventories have slid by 19.5 million barrels in the past four weeks, eroding the excess supply to 50.1 million barrels. Most of that draw came in the isolated West Coast market, with Gulf Coast and East Coast inventories showing builds, but prices were also lifted by a 2 million-barrel drop in distillates as cold weather hit the US Northeast, the world’s largest heating oil market. Temperatures were expected to remain unseasonably cold for the next two days, forecaster Meteorlogix said. 2010 A BRIDGING YEAR Barcap sees 2010 as a bridging year between 2009’s demand-side weakness and the return to supply-side tightness in 2011, with geopolitical concerns playing an enhanced role, global refining margins to remain muted, while the overhang of global distillates would slowly ease as recovery mode sets in. Crude oil’s robust end-year rally has also taken back the OPEC basket value to within $2 of its high for the year, and in the past week it has risen by $4.87 to $76.19 a barrel. Oil’s ascent came despite the stronger dollar as the inversely correlated trade that had gained favour as an inflation hedge this year broke down in the face of oil-related geopolitical fears and improving demand outlook. The dollar was up 7% versus the yen for December, on track for its best monthly performance since February. For 2009, the greenback was up 2.2% versus the Japanese currency, though it still looked to end a volatile year with a modest loss against a basket of major currencies. The improvement in US consumer confidence, underscoring optimism in its economic recovery, also supported Asian equities, which are set for a near 70 percent rise on the year. Commodity markets are on course for their strongest year since 1973, lifted by oil’s biggest annual gains in a decade and a 140% surge in copper prices. Worries about potential supply impact from the political upheaval in OPEC-member Iran have also supported crude prices this week. Hundreds of thousands of government supporters rallied across Iran on Wednesday, swearing allegiance to the clerical establishment and accusing opposition leaders of causing unrest. Eight people were killed on Sunday and at least 20 pro-reform figures were arrested in anti government protests. Source: Home - Livemint.com | 31 Dec 2009 | 12:11 am China hits back at US steel pipe decisionChina decried a US decision to impose duties of 10 to 16% on Chinese-made steel pipe, saying it had been made a scapegoat of protectionist interests.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 12:08 am Hyundai Heavy sees tough 2010, aims to boost ordersSeoul: South Korea’s Hyundai Heavy Industries Co Ltd, the world’s largest shipbuilder, expects a lingering shipbuilding downturn in 2010 but said it aimed to boost new orders by two thirds next year. New orders Hyundai received in 2009 dropped 62% from 2008 amid an order draught in its mainstay shipbuilding industry since last year’s financial crisis. Shippers suffering weak global demand not only place few new orders but ask for existing ones to be delayed or cancelled. “The global economic recovery is set to continue in 2010 but the shipbuilding industry will see the downturn lasting for a considerable time due to overcapacity and weakness in shipbuilding financing,” Hyundai’s vice chairman and chief executive officer, Min Keh-sik, said in a statement to mark the closing of 2009. Top shipyards including Hyundai, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries have weathered the slump thanks to order backlogs amassed in past years. But the prolonged downturn will likely force them to take lower-margin orders next year, hurting profits in the coming years, analysts say. Hyundai said in a filing to the Korea Exchange that it was targetting $17.7 billion in new orders next year, compared with $10.6 billion in 2009. The company, which also builds offshore plants, engines and wind power equipment, said it aimed to post 21.55 trillion won ($18.52 billion) in sales in 2010, compared with 21.33 billion won in 2009. The revenue target is lower than a 23.33 trillion won average analyst forecast compiled by Reuters I/B/E/S. Hyundai’s shares fell 13% this year weighed down by the weak outlook, against the wider market’s 50% gain. Hyundai added it planned capital expenditure of 472.5 billion won in 2010, without providing details. Source: Home - Livemint.com | 31 Dec 2009 | 12:07 am Food price index up 19.83% year-on-year on Dec 19: GovtIndia's annual wholesale inflation rose to 4.78% in November, compared with 1.34% rise in October and 8.48% a year ago.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 12:05 am ONGC Videsh arm raises $75 million via bonds: SourcesThe 10-year bonds were sold at a yield of 8.54% and Standard Chartered Bank was the arranger, the sources said.Source: Daily News & Analysis: Money News | 31 Dec 2009 | 12:03 am Brokers' body against change in market timeSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am Cement cos in North, East may post higher profitsThe December quarter may see yet another period of strong numbers from cement producers. However, a disparity between regions isSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am Hindustan Oil Exploration (Rs 297.3): BuyWe recommend a buy in the stock of Hindustan Oil Exploration Company from a short-term perspective. It is evident from the charts of the stock that after bottoming in March low of Rs 44 the stock has been on an intermediate-term uptrend. In JuneSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am Kelkar presents roadmap for fiscal consolidationWith fiscal health back in the spotlight, the Thirteenth Finance Commission has recommended a new roadmap for achieving medium-term fiscal consolidation throughSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am 3G spectrum auctions likely from Feb 13The much-awaited auctions for third generation (3G) spectrum is likely to start from FebruarySource: Business Line - Home Page | 31 Dec 2009 | 12:00 am Private mills breach co-op sugar bastion in MaharashtraPrivate mills are making slow inroads into Maharashtra's sugar industry, currently a bastion of cooperativeSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am TCS to step up hiring as info-tech spending takes offIn what could be a firm indicator of turnaround times for the IT industry, the CEO of India's largest IT services company said fiscal 2010-11 is likely to see his company step up the pace of hiring, give wage hikes, as well as increase capitalSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am More IPOs in 2009 but the shares trade below issue priceMost companies that issued IPOs this year are seeing their shares trade below the issue price. But size-wise, the offerings of 2009 have been larger than those in the previousSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am Day Trading GuideUtilise rallies to sell DLF with stiff stop-loss at Rs 372. As long as ICICI Bank trades above Rs 869 and SBI hovers above Rs 2210, the near-term outlook stays positive. We recommend a buy in these two counters with tight stop-loss. DesistSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am Fiscal deficit can't be sustained for long: PranabStating that the Indian economy cannot sustain a high fiscal deficit for very long, the Finance Minister, Mr Pranab Mukherjee, said on Wednesday that it is, however, still too early to pull out of the fiscalSource: Business Line - Home Page | 31 Dec 2009 | 12:00 am Rupee gains 7 paise against dollar in early tradeThe Indian rupee gained 7 paise against the US currency in early trade on hopes of fresh capital inflows into stock markets in line with firming trends on other Asian markets on ThursdaySource: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 11:57 pm 2009, the year of commodities, ends with a bangSINGAPORE (Reuters) - Commodity markets are on course for their strongest year since 1973, lifted by oil's biggest annual gains in a decade and a 140 percent surge in copper prices.Source: Reuters: Money News | 30 Dec 2009 | 11:51 pm Sensex rises 139 points on buying by fundsThe Bombay Stock Exchange benchmark Sensex today rose by over 139 points, or 0.80 per cent, in early trade after buying selective by funds and retail investors in power and metal stocks.Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 11:45 pm Tollywood feeling Telangana ire - NDTV.com
Source: Business - Google News | 30 Dec 2009 | 11:37 pm Food price index up 19.83 y/y on Dec 19 - govtNEW DELHI (Reuters) - The food price index rose 19.83 percent in the 12 months to Dec. 19, while the fuel index was up 4.45 percent, the government said on Thursday.Source: Reuters: Money News | 30 Dec 2009 | 11:32 pm Great decade, but what after Ratan says tata?It will be interesting to see where the group heads for in the next decade when its chairman Ratan Tata makes way for a younger person to take over the reins.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 11:30 pm Sical Logistics cancels repurchased FCCBs - Equity Bulls
Source: Business - Google News | 30 Dec 2009 | 11:03 pm Sical Logistics spurts on new order win - India Infoline.com
Source: Business - Google News | 30 Dec 2009 | 11:03 pm BSE Sensex rises to highest since May 08MUMBAI (Reuters) - The BSE Sensex hit its highest level in nearly 20 months on Thursday, led by index heavyweights Reliance Industries and Infosys Technologies,Source: Reuters: Money News | 30 Dec 2009 | 11:01 pm Sical Logistics jump 9.96% on bagging contract - Myiris.com
Source: Business - Google News | 30 Dec 2009 | 10:30 pm Rupee up on dollar softness, share market gainsMumbai: The rupee rose on Thursday as sentiment was boosted by stronger regional peers and the sharemarket’s rise to a new high for 2009, though some month-end dollar demand from refiners capped the gains. At 10:45 am, the partially convertible rupee was at 46.64/65 per dollar, stronger than 46.73/74 at close on Wednesday. “The market is very quiet, a bit directionless at the moment, all are staying aside as there is no clear view. Just the genuine demand-supply is getting matched,” a senior dealer with a large state-run bank said. Oil is India’s biggest import and refiners are the largest buyers of dollars in the local currency market. Demand for dollars tends to peak at the end of each month, when importers are required to make payments for their imports. The US dollar held near 16-week highs on a broadly soft Japanese yen on Thursday, but still looked to end a volatile year with a modest loss against a basket of major currencies. The index of the dollar against six major currencies was down 0.2%, and Asian units were stronger against to the dollar. Indian shares were up 0.9%, rising to their highest level since May 2008, supported by gains in US and Asian markets. But with major centres in Asia shut or winding down for the new year, no major fund flows were expected. Foreign fund inflows of about $17 billion in the stock market this year has been a key factor helping the rupee bounce back from a record low of 52.2 hit in early March. Last year, outflows of more than $13 billion, had pushed the rupee down by a fifth. One-month offshore non-deliverable forward contracts were quoted at 46.61/71, not far from the onshore spot rate. In the currency futures market, the most traded near-month contracts on the National Stock Exchange and MCX-SX were both quoting at 46.74 respectively, with the total traded volume on the two exchanges at about $460 million. Source: Home - Livemint.com | 30 Dec 2009 | 10:28 pm Sensex rises 139 points on buying by fundsThe Sensex today rose by over 139 points, or 0.80%, in early trade after on selective buying by funds and retail investors in power and metal stocks.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 10:13 pm ONGC arm raises $75 mn via bondsMumbai: ONGC Videsh (OVL), the overseas arm of India’s Oil and Natural Gas Corp, has raised about Rs3.5 billion ($75 million) via bonds, two sources with knowledge of the deal said on Thursday. The 10-year bonds were sold at a yield of 8.54% and Standard Chartered Bank was the arranger, the sources said. OVL had last week raised about Rs20 billion via 8.40% five-year bonds, having looked to raise up to Rs24 billion. Reuters Basis Point, citing sources, reported last week that OVL had also signed a $200 million three-year refinancing priced at around 145 points all-in, with a margin slightly below 100 basis points. OVL had early this year raised Rs50 billion via one-year commercial paper, to help fund the acquisition of Imperial Energy Corp PLC, and ONGC’s chairman said ONGC was looking to refinance OVL’s debt. Source: LatestNews-Home - Livemint.com | 30 Dec 2009 | 10:07 pm Rupee gains 7 paise against dollar in early tradeThe Indian rupee today gained 7 paise against the US currency in early trade on hopes of fresh capital inflows into stock markets in line with firming trends on other Asian markets.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 9:59 pm 3G auction to be held by mid-Feb - sourceNEW DELHI (Reuters) - The government is planning to auction third-generation wireless radio spectrum by mid-February, about a month later than had been scheduled, a senior government official told Reuters on Thursday.Source: Reuters: Money News | 30 Dec 2009 | 9:35 pm 3G auction to be held by mid-Feb: sourceNew Delhi: India is planning to auction third-generation wireless radio spectrum by mid-February, about a month later than had been scheduled, a senior government official told Reuters on Thursday. “January 25 will be the last date for applications. Auctions would start around Feb 10-12,” the official, who did not want to be named, said, adding that the new schedule should be released later in the day. The auction, which would allow mobile firms to offer high speed Internet services on phones, has been deferred several times before. The auction had been due to start from 14 January. The telecoms minister said last week that schedule would be met, but the government is yet to seek applications. Analysts expect phone companies to spend between $1-$1.5 billion on all-India 3G spectrum, while building the high-speed networks will cost billions of dollars more. Source: LatestNews-Home - Livemint.com | 30 Dec 2009 | 9:31 pm Ex-McKinsey director may be in Galleon plea dealBy Emily Chasan and Jonathan Stempel (Reuters) - Anil Kumar, a former McKinsey & Co director accused of leaking information in the Galleon hedge fund case, has agreed to waive indictment in the case, signaling that he may have reached a deal with prosecutors that could include a guilty plea.Source: Reuters: Money News | 30 Dec 2009 | 8:05 pm AIG executive resigns after pay limitsNEW YORK (Reuters) - A top executive at American International Group Inc has resigned because of pay curbs imposed by the Obama Administration's pay czar, the insurer said on Wednesday.Source: Reuters: Money News | 30 Dec 2009 | 5:50 pm Bharti set to take 70% stake in Warid TeleTelecom giant Bharti Airtel is close to clinching a deal to acquire 70% stake in Warid Telecom, a local mobile company in Bangladesh owned by Abu Dhabi Group.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 12:47 pm Hotel stocks check in to 52-wk highOn the back of strong bookings of rooms and increased food and beverage sales, hospitality sector stocks are buzzing at the bourses.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 12:46 pm States may get higher tax shareThe government will be able to meet the fiscal consolidation target set by the 13th Finance Commission in the five years between 2010 and 2015, chairman of the commission Vijay Kelkar said.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 12:45 pm Brokers lobby to postpone early tradingThere were hectic parleys on Wednesday by the broking community to influence the two exchanges NSE and BSE to postpone their decisions to start trading at 9am from Monday.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 12:44 pm No immediate withdrawal of stimulus: FMFinance minister Pranab Mukherjee on Wednesday said immediate exit from the stimulus packages may not be a prudent step for the government as it has to be timed with the global economic situation.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 12:43 pm Govt shelves introduction of tax numberThe government is likely to shelve the introduction of the Unique Transaction Number (UTN), which tax payers need to quote along with PAN while filing returns, to take credit of taxes deducted at source.Source: India Business News | Business News - Times of India | 30 Dec 2009 | 12:42 pm Denim cos to cut wrinkles, tailor workforce for Gen YDenim is one of the worlds oldest fabrics, yet it remains eternally young, declared an American Fabrics magazine writer in 1969. This Levi Strauss & Co post on its website reflects what Indian denim producers intend to do let the Generation Y tailor the pair of jeans for the market.Source: Business Standard | Front Page Headlines | 30 Dec 2009 | 12:25 pm I-T Dept claims Rs 30k cr for MAT violationsThe Income Tax (I-T) Department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax (MAT).Source: Business Standard | Front Page Headlines | 30 Dec 2009 | 12:24 pm Every third week may see a PSU public issueThe next year could see frenetic stock market activity with public issues of government-owned companies coming out every two-three weeks. The government action plan for PSU disinvestment, which is expected to be in place by March, would aim for no more than a three-week gap between two PSU issues.Source: Business Standard | Front Page Headlines | 30 Dec 2009 | 12:22 pm India-EU free trade talks enter key phaseNew Delhi: Negotiations between India and the European Union (EU) over a free trade agreement enter a crucial stage with both sides set to discuss legal texts and tariff liberalization in the eighth round of talks to be held on 25-29 January in the Capital. They will take place as differences persist over non-trade issues raised by the EU such as child labour and human rights.  Trade avenues: A tug boat tows an AP Moeller-Maersk container vessel at the Algeciras port in Spain. The value of India’s trade with the EU is larger than its trade with either China or the US. Kabier Mikel Laburu | Bloomberg “We would like to make quick progress on text-based negotiations in this round. Tariff-line-wise discussions will start now, including in sectors where additional requests from both sides are there,” commerce ministry additional secretary P.K. Chaudhery, who heads the Indian negotiating team, told Mint. “Our overall objective is to have an ambitious and balanced outcome. Both sides have sensitivities and we will try to protect ours,” he said. He recently met the EU’s chief negotiator, Ignacio Garcia Bercero, in Brussels and both sides had tentatively developed a road map as to how talks should proceed, Chaudhery said. “Small groups have already met on sanitary and phyto-sanitary measures, investment and intellectual property rights (IPR),” he said. Sanitary and phyto-sanitary measures deal with food safety and animal and plant health. “It has tentatively been decided to hold the next round of negotiations at Brussels in March. Efforts will be made to lay sufficient ground for negotiations in Brussels during the upcoming Delhi negotiations,” he added. Both sides resolved to conclude the negotiations by end-2010 during the India-EU summit in New Delhi in November. Also See Tough Negotiations (Graphics) India will need to tread carefully to ensure it gets a good deal, said Abhijit Das, deputy project coordinator and officer in charge, Unctad India Programme. “EU is a huge market for India. There is considerable complementarity on both sides. However, modulation of high expectations on both sides would be crucial so that negotiations do not face any roadblock,” Das said. “The inclusion of any non-trade issues could be a sticking point. It could be a good deal for India provided it is well negotiated.” The proposed bilateral deal between the EU and India has so far been a contentious one, with non-government organizations opposing any such deal. ActionAid, an agency that works among the poor, believes India and the EU are unequal partners in trade and “any agreement would massively increase the extent of liberalization in the country”. In a report released in June 2008, ActionAid said issues that developing countries rejected at the World Trade Organization (WTO) for being anti-development, such as investment, competition and government procurement, are being forced back on to the agenda by the EU. Chaudhery does not foresee any need for a full round of discussions after March. “We will undertake intense discussions in the January and March rounds, given there is a political mandate to conclude negotiations in 2010,” he said. “I do not think we will need any full round of discussions after the March round. Pointed discussion may be needed on specific sectors through small groups of negotiators.” Both sides have offered to eliminate tariff lines in 90% of traded goods. “How we tackle the rest 10% of sensitive items is a matter of negotiations. As our tariffs are higher, we will take more time to adjust our duty structure, which EU does not have any objections to,” Chaudhery said. India and the EU commenced negotiations in June 2007 in Brussels for an ambitious bilateral trade agreement and so far, seven rounds of talks have been held. This will be the most ambitious trade agreement for India as EU is India’s largest trade partner with annual bilateral trade totalling around €77 billion (Rs5.34 trillion). India also ranks ninth on the EU’s list of major trading partners. Minister of state for commerce and industry Jyotiraditya Scindia had told Parliament on 2 December: “Legal texts of the proposed agreement have been exchanged and are being discussed. Tariff liberalization offers have also been exchanged on trade in goods.” The negotiations cover areas such as trade in goods, trade in services, investment, sanitary and phyto-sanitary measures, technical barriers to trade, trade remedies, customs cooperation and trade facilitation, dispute settlement, competition and intellectual property rights. Scindia said India is committed to an early conclusion to the talks. “EU has 27 member countries having varying trade interests and has to consult all member countries before moving ahead on different issues. India also undertakes consultations with the stakeholders to assess the impact of various offers and requests made by the EU for the FTA negotiations to protect the interests of India’s agricultural, industrial and other sectors.” Among the hurdles faced by the two sides are IPR disputes, high Indian taxes on wines and spirits from Europe, and EU concerns over social issues such as human rights and child labour in India. On the contentious non-trade issues, Chaudhery said these are not so far on the negotiating table. “Each side has the right to raise their concerns. We have also raised concerns over non-trade barriers in the EU. It is up to us what we accept to negotiate,” he said. “We have to listen to what their concerns are. It depends on our social and political situation, what we would like to negotiate,” he added. Earlier this year, the European Parliament said human rights and democracy constitute an essential element of the free trade agreement. It raised its concern regarding the “continuing persecution of religious minorities and human rights defenders in India” and the current human rights and security situation in “Indian-administered Kashmir”. It had also called on India to sign the nuclear non-proliferation treaty, even though the Nuclear Suppliers Group has lifted its embargo on India’s nuclear trade. Chaudhery said government procurement, a key demand from the EU, is not part of the negotiations. “Both sides are only trying to understand systems of the other party. No formal negotiation on this front is expected.” On IPR, Chaudhery said India is keen on including traditional knowledge and biodiversity in the agreement. On SPS, he said: “We have made very good progress to our satisfaction and are close to resolving all outstanding issues.” As far as negotiations on investment are concerned, Chaudhery does not see much problem as foreign investment in most of the sectors in India are open through the automatic route. “We have sensitivity in some sectors like retail and defence, which is well known.” Chaudhery said the EU not being a single customs union is of concern to India when it comes to trade in services. “We have to tackle this issue. We need to see what commitments they are offering. That stage will come when we exchange offers with them which will take place simultaneously. Though we are ready with our offer, EU is yet to be ready with their list.” India also opposed the EU’s offer to follow a non-GATT (General Agreement on Tariffs and Trade, which preceded the WTO) style of negotiations by clubbing services and investment negotiations together. “It is only during the seventh round they agreed to follow the GATT style of negotiation which we are familiar with. Now both services and investment will be negotiated differently,” he said. Asked whether India’s concern over drugs seized in transit in Europe and the EU’s concern over high local taxes on European alcohol have the potential to derail the talks, Chaudhery said: “It is up to our negotiating skills to find resolution of such issues without hitting any roadblock. We have got great assurance from EU that they will resolve the drugs seizure issue to our satisfaction. We have also assured that we are in discussion with state governments to resolve their concern on the alcohol front.” A draft version of the bilateral negotiations, which was apparently leaked and posted on the Internet earlier this year, indicated that the EU is pressing for a greater level of commitment on IPR protection from India under the free trade agreement. The EU expects the bilateral agreement to specify the rights and obligations between the two parties beyond those agreed under the Trade Related Intellectual Property Rights (TRIPS) agreement, also known as the TRIPS-plus standards of protection. This had raised concerns in India over access to cheap medicines and agricultural inputs. Source: Home - Livemint.com | 30 Dec 2009 | 10:21 am Innovator network plans giant leap on the back of 3 IdiotsMumbai: As India prepares to launch itself into a new decade of economic growth, the year’s top movie is energizing a rapidly expanding national network of grass-roots enterprise. If you’ve seen 3 Idiots, a frothy film about an impoverished, smart-alecky student-inventor who lives by his wits, you can’t miss the scooter-powered flour mill, a cycle-powered horse shaver and an exercycle-cum-washing machine.  Creativitypays: A scene from the film 3 Idiots, with the scooter-powered flour mill, which was sourced from NIF, in the background. The inventions were sourced from the National Innovation Foundation (NIF), set up nine years ago by the Indian government with inspiration and support from a 16-year-old proponent of grass-roots invention, the Honey Bee Network. Both NIF and Honey Bee (the name is a metaphor for the cross-pollination of ideas) figure in the credits of 3 Idiots. The popular attention to rural invention couldn’t come at a better time for a nation that increasingly values creativity but is still given to rote learning at schools and colleges. “We can call Mr Chopra’s contribution the Idiot-NIF fund,” joked Anil Gupta, Honey Bee’s founder and professor, Indian Institute of Management, Ahmedabad (IIMA). “I hope what Munnabhai did for Gandhigiri, this film will do for innovation in India,” he said, referring to 3 Idiots director Raju Hirani’s last movie. NIF has 140,000 inventions from 545 districts in its database, generating 220 patent applications in India and one in the US. Over the last two years, officials and inventors have travelled to China, Indonesia and the Philippines to share their stories.  In the spotlight: Jehangir Painter with his scooter-powered flour mill. Ganesh Surse/HT The stories of the inventors whose machines feature in Chopra’s film mirror the adversity-derived chutzpah that has so endeared “Rancho” to India over the last six days: • Remya Jose (20), a student from Kerala’s Malappuram district, created the exercycle-cum-washing-machine when her mother was ill and father had cancer. The Discovery Channel shot a video of her invention, now a YouTube hit. • Mohammed Idris (32), a class V dropout and a barber from western Uttar Pradesh’s Meerut district, invented a cycle-powered horse clipper that pares equine hair in half the time that it takes hard-to-find electric shavers. • Jehangir Painter (49), a painter from north Maharashtra’s Jalgaon town, put together a scooter-powered flour mill to relieve his wife from the tedium of blackout-induced three-hour waits for wheat to be ground. When the Hindustan Times called Painter at his home 430km north of Mumbai, he had seen 3 Idiots and was waiting for the return of his scooter. “It felt great, and me and my yellow scooter are a talking point in Jalgaon,” he said. His favourite scene? “I liked the shot where Kareena (Kapoor) walks towards Aamir beside the lake,” he said. “And my scooter is framed with them.” The Indian ability to innovate is not new and is exemplified by the word jugaad. It has no direct English translation, but refers to the ability to engineer a solution—mechanical or otherwise—to a problem. Jugaad has now entered mainstream lexicon as the get-it-done ability of Indian companies. It has also found its way into some business school courses. IIMA’s Gupta is now on a week-long, 250km trek of discovery of such solutions. It is a journey he organizes twice a year so scientists and other experts can uncover talent in India’s remotest corners. Gupta explained how he was examining a farmer’s Rs200 invention to pick weeds from a paddy field in an Assam village. NIF is India’s national effort to move backyard inventions discovered by the Honey Bee Network beyond the jugaad stage and into mainstream business. It gets experts from the Council of Scientific and Industrial Research and the Indian Council of Medical Research (ICMR) to mentor inventors. After such vetting, at least 140 projects over the last four years have been funded under the Micro Venture Innovation Fund, a “high-risk” fund set up by the Small Industries Development Bank of India. Meerut’s Idris, for instance, has received Rs25,000 to explore the market for his horse-shaver. Depending on the innovation and aptitude of the inventors, some win fellowships to national laboratories; others are routed to small and medium firms that may offer royalties, exclusive or non-exclusive marketing rights, a share in profits or simple purchase of inventions, explains Kumar. ICMR is closely involved because more than half the discoveries flow from traditional medical knowledge. From Arunachal Pradesh, Gupta said 3 Idiots was a “great effort to link the small ideas with the big picture” and should hopefully now symbolize the national storehouse of inventors. “They (the movie makers) have ignited the fire, now we have to channel it,” said Gupta. “It’s a great opportunity to create mass awareness.” Source: Home - Livemint.com | 30 Dec 2009 | 9:54 am Canon revenues up 27 sees rosy 2010Canon, the Japanese imaging and printing firm, has set a solid momentum for 2010. Despite the slowdown, the digital imaging equipment maker saw its revenue growing from the Indian operation in 2009. Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 9:11 am GST regime to boost logistics sectorPresently, the supply chain in India is driven more by tax savings reasons than by logistics efficiency, driving up the transport and warehousing costs.Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 9:10 am India s decade could pave way for an Indian centuryCalling it “The Decade That Was India’s”, leading US daily Wall Street Journal says India’s ability to make the success of the last 10 years the norm across regions and industries, “could well pave the way for an Indian century.” Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 9:07 am Fund managers new destination pilgrimage centresWith a turnaround in the air, fund managers have regained the confidence to return to their annual vacation schedule, unlike last year when the insecurity in the financial sector left them stuck to their seats. Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 9:06 am CAG finally gets a look at RIL booksOfficials of the Comptroller and Auditor-General’s (CAG) office Government auditors on December 14 began scrutiny of the books of Reliance Industries Limited (RIL) gas project based in Kakinada, Andhra Pradesh. Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 9:05 am Gold drops as dollar reboundsGold prices edged down on Wednesday after snapping a three-session winning streak the day before, with the dollar’s firmness curbing bullion's appeal as a currency alternative. Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 9:04 am Air fares could see a hikeAirlines in India would want to forget 2009 in a hurry. Possibly the worst times the sector saw after September 11 2001 attacks on the World Trade Centre in United States of America. Source: HindustanTimes.com - Top Business News Headlines | 30 Dec 2009 | 9:02 am Nov air demand rose but yields still lagging: IATAZurich: International air passenger and freight demand rose in November, a clear sign of global economic recovery, although the improvement was accentuated by the sharp fall in traffic at the end of 2008. Passenger demand rose 2.1% in November compared to a year earlier and air freight climbed 9.5%, data from the International Air Transport Association (IATA) showed on Wednesday. “Demand continues to improve, but we still have a lot of ground... to recover. We cannot anticipate any significant improvement in yields in the coming months,” said IATA chief executive Giovanni Bisignani. The industry body forecasts the sector will lose $11 billion this year and $5.6 billion in 2010. Air freight, a key barometer of the strength of world trade, tends to pick up early in the economic recovery cycle when businesses start to replenish their inventories. The November numbers told a tale of diverging demand in the world’s regional economies. Freight carriers saw a large rise in demand in Asia-Pacific, Latin America, the Middle East and North America, a more modest rise in Africa and a fall in Europe. Passenger traffic rose strongly in the Middle East and at a slower pace in Latin America and Asia Pacific, but fell in Europe, North America and Africa. Passenger demand is now 6.4% higher than the low point reached in the first quarter of 2009, IATA said, although it is still 6% off its early 2008 peak. Freight demand is 20% higher than the December 2008 low, but remains 10% below its early 2008 peak. IATA represents 230 airlines including Qantas, British Airways, Cathay Pacific, Japan Airlines and United Airlines. Source: World Business - Livemint.com | 30 Dec 2009 | 4:32 am
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