|
|
|
|
Don\'t expect any major interest rate hike till March: MMIn an interview with CNBCTV18, Arun Malhotra, Senior VP Sales and Channel Development, Automotive Sector, Mahindra Mahindra spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 8:42 am Novartis plans to buy rest of Alcon for $39 blnSwitzerland\'s Novartis plans to get full control of eye care group Alcon for a total USD 39.3 billion, to diversify away from prescription drugs, after agreeing to acquire a majority stake from Nestle.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 8:00 am See 1.2m tonne capacity from Karnataka plant: ACC LimitedACC Limited announces the inauguration of their new cement plant which is called Kudithini Cement Works at Bellary in Karnataka. In an interview with CNBCTV18, Sumit Banarjee, Managing Director of the company, spoke about it.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 8:00 am Gammon Infra intends to acquire 24% stake in Mumbai portIn an interview with CNBCTV18, Pervez Umrigar, Managing Director, Gammon Infrastructure, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 7:48 am LT wins Rs 987 crores order from GNFCLarsen Toubro has secured a major order valued at Rs 987 crores from Gujarat Narmada Valley Fertilizers Company Limited for setting up a 1120 MTPD Ammonia equivalent, Natural Gas based Synthesis Gas Generation plant at Bharuch, Gujarat in June 2012.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 7:04 am Novartis buys Nestle`s Alcon majority for $28.1 bnSwitzerland\'s Novartis agreed to buy a majority stake in eye care group Alcon for USD 28.1 billion, further diversifying its business away from prescription drugs to ensure more stable cash flows.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 5:56 am Gallantt Ispat IPO price at Rs 50/sh: Gallantt MetalsChandra Prakash Agarwal, Managing Director of Gallant Metal says the issue will be priced in at Rs 50 per share.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 5:50 am HPCL plans endMarch revamp at Vizag plantHindustan Petroleum Corporation plans to shut a 60,000 barrels per day crude unit and a 600,000 tonne per year fluid catalytic cracking unit at its Vizag refinery for maintenance from end March, a senior company official said on Monday.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 5:50 am To use proceeds from stake sale for expansion: Himadri ChemBain Capital has acquired 16% stake in Himadri Chemicals Industries for Rs 252 crore and is also making an open offer for 20% at Rs 400 per share. In an exclusive interview with CNBCTV18, Anurag Choudhary, Chief Executive Officer, Himadri Chemicals Industries gives more details.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 5:36 am Marico eyes S Asia, buys hairstyling brand from ColgatePersonal care products maker Marico said on Monday its Malaysian unit has acquired hair styling brand \'Code 10\' from Colgate Palmolive Company for an undisclosed sum.Source: Moneycontrol Top Headlines | 4 Jan 2010 | 5:21 am Chinese firms trading with Iran evade US sanctions: Report!Chinese companies banned from doing business in the United States for selling military equipment to Iran are evading US sanctions, The Wall Street Journal said on its website citing a nonproliferation watchdog group.Source: Zee News : Business | 4 Jan 2010 | 4:32 am Singapore economy shrinks 6.8% in fourth quarter !Singapore`s economy shrank 6.8 percent in the fourth quarter to December from the previous three months, but the slowdown was less than expected for the whole year, the trade ministry said Monday.Source: Zee News : Business | 4 Jan 2010 | 4:32 am Rupee gains 7 paise against dollar in early trade!The Indian rupee today gained 7 paise against the US currency in early trade on increased capital inflows into stock markets in line with firming global cues.Source: Zee News : Business | 4 Jan 2010 | 4:32 am Manufacturing growth up for 1st time in 3 mths!The rate of growth in manufacturing rose for the first time in three months in December, with activity reaching its highest since May on sharp rises in new work and output, a survey showed.Source: Zee News : Business | 4 Jan 2010 | 4:32 am Markets starts on firm note; Sensex opens up 72 pts!The Bombay Stock Exchange benchmark Sensex on Monday rose by 72 points, or 0.41 per cent, in early trade with markets opening at 0900 hrs on the first trading session in the New Year.Source: Zee News : Business | 4 Jan 2010 | 4:32 am Japan stocks, US dollar rise on US job hopes!Japanese stocks led Asian equities higher on Monday and the US dollar climbed against major currencies on optimism that US employment figures later in the week will reflect a sustained economic recovery.Source: Zee News : Business | 4 Jan 2010 | 4:32 am Oil touches 80 on US economy demand optimismOil prices touched $80 a barrel today in Asia on optimism a gradual US economic recovery in 2010 will boost demand for crude. Source: HindustanTimes.com - Top Business News Headlines | 4 Jan 2010 | 3:51 am Sensex ends at 19-month closing high - Economic Times
Source: Business - Google News | 4 Jan 2010 | 3:29 am New start for UK bank Northern Rock after overhaulLondon: Northern Rock, Britain’s first major victim of the global credit crisis, started the new year on Monday under a new structure intended to prepare the mortgage lender to return to the private sector. Northern Rock PLC said it was business as usual for its customers and that they did not have to take any action because of the new structure. Under the overhaul effective on 1 January, the company’s riskiest assets have been vested in a new company known as Northern Rock (Asset Management) PLC. That company will not be accepting deposits or making new loans, but will free up the rest of Northern Rock to do business. Northern Rock, once the country’s fifth biggest lender, suffered the first run on a British bank since 1866 after the Bank of England announced in September 2007 that it had provided emergency funding. The government pumped £27 billion in loans and assumed contingent liabilities of £29 billion in an effort to keep Northern Rock afloat, before resorting to nationalization on 22 Febuary, 2008. The government gauranteed 100% of customers’ deposits in Northern Rock, and that guarantee remains in place. The new entity holds £10 billion ($16 billion) in mortgages, £5 billion cash, £5 billion of the government loan to Northern Rock and £19 billion in retail deposits. The rest of the old Northern Rock was placed in a company known as AssetCo, which holds £80 billion of Northern Rock assets, the rest of the residential mortgage book, the bulk of the existing government loan to Northern Rock plus the bank’s wholesale funding instruments. It will not accept deposits. As of October, Northern Rock accounted for 5.5% of the mortgage market, compared to 7.5% at the end of 2007; and it held 1.5% of UK savings deposits. Since Northern Rock was taken over, the government also took control of mortgage lender Bradford & Bingley, an 84% stake in Royal Bank of Scotland and a 43% stake in Lloyds Banking Group. Source: World Business - Livemint.com | 4 Jan 2010 | 3:07 am GM India sees vehicle sales rising 43% in 2010New Delhi: General Motors expects to sell 100,000 vehicles in 2010 in India, up 43% from 70,000 sold in 2009, its India head said on Monday. The company expects to sell 5,000 units per month of the newly launched Chevrolet Beat, Karl Slym, president and managing director of General Motors India, said. “The Beat can be a real game changer in the Indian mini-car segment,” Slym told reporters after launching the compact hatchback. The car will sell in India with price tag starting from Rs3,34,000 ($7,111). In December, the US automaker had said it would form a joint venture with China’s SAIC Motor Corp in India in the first quarter of 2010 to make and sell small cars, mini commercial vehicles and other products. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 3:06 am Aditya Birla Minacs, NorthStar partner on wealth management solution Mumbai: Aditya Birla Minacs, a global business solutions company of Aditya Birla Group, has joined hands with NorthStar Systems International, to provide a total wealth management package. Aditya Birla Minacs is a pioneering business solutions company that partners with global corporations in the BFSI (banking, financial services and insurance), TIME (telecom, infrastructure, media, and entertainment) and manufacturing industries. NorthStar Systems is a leading provider of wealth management software solutions. The new total wealth management offering from Aditya Birla Minacs and NorthStar is a combination of innovative tools and systems which help wealth managers get out of monitoring operational lapses, thus giving them the freedom to focus on their core function like managing and growing customer relationships, the release added. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 3:00 am Economy to grow at over 7.5 pct in FY10 - adviserNEW DELHI (Reuters) - The economy is expected to grow at more than 7.5 percent in the fiscal year ending March, boosted by better growth in the December quarter, the finance ministry's chief economic advisor Kaushik Basu said on Monday.Source: Reuters: Money News | 4 Jan 2010 | 2:58 am Markets end year’s 1st session 0.54% upMumbai: Indian shares closed 0.54% higher on Monday, with auto makers leading the gains after posting strong sales in December. The 30-share BSE index ended up 93.92 points at 17,558.73 with 22 components gaining. The 50-share NSE index closed up 0.6% at 5,232.20. Source: Home - Livemint.com | 4 Jan 2010 | 2:53 am Markets end year’s 1st session 0.54% upMumbai: Indian shares closed 0.54% higher on Monday, with auto makers leading the gains after posting strong sales in December. The 30-share BSE index ended up 93.92 points at 17,558.73 with 22 components gaining. The 50-share NSE index closed up 0.6% at 5,232.20. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 2:53 am GM India sees vehicle sales rising 43 pct in 2010NEW DELHI (Reuters) - General Motors expects to sell 100,000 vehicles in 2010 in India, up 43 percent from 70,000 sold in 2009, its India head said on Monday.Source: Reuters: Money News | 4 Jan 2010 | 2:51 am Mercedes loses crown to BMW, sales decline over 10% in IndiaGerman luxury carmaker Mercedes on Monday said it has lost leadership position in the premium segment in India to rival BMW and reported a decline of 10.43 per cent in sales in the country for the last year.Source: India Business News | Business News - Times of India | 4 Jan 2010 | 2:47 am Food inflation to ease next month MontekThe Planning Commission on Monday said that0 food inflation will come down next month from a more than a decade's high of around 20 per cent, as apprehensions about adverse effect of drought were easing. Source: HindustanTimes.com - Top Business News Headlines | 4 Jan 2010 | 2:46 am No mining in Anantapur, apex court tells OMCNew Delhi: The Supreme Court on Monday extended its interim order banning mining and transportation of iron ore by Obulapuram Mining Company (OMC) Pvt Ltd, owned by the Reddy brothers, in Anantapur district of Andhra Pradesh. The bench comprising Chief Justice K.G. Balakrishnan and justice B.S. Chauhan decided to continue with its 17 December 2009 order after both the Andhra Pradesh government and OMC preferred that the matter be heard by the Supreme Court instead of the Andhra Pradesh high court. The Supreme Court had stayed the high court order allowing the mining and transportation of iron ore by OMC Pvt Ltd. Attorney general G.E. Vahanvati appearing for the Andhra Pradesh government assailed the high court order which allowed the mining activities despite the apex court appointed CEC and government appointed three-member committee pointing out irregularities in the mining operation which was carried out by encroaching the forest area. He said the committee criticised Karnataka minister G. Janardhana Reddy and his brother for the illegal mining done by them in the Bellary reserve forest. The attorney general said the CEC report alleged the OMC has extended the area of mining operations by removing the pillars which formed the boundary of the area for which the lease was granted. Further, he submitted that the company had not allowed the carrying out of the survey in the area. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 2:46 am Banks to take cue from RBI policy to decide rates: Kotak MahindraRBI is widely expected to hike its cash-reserve ratio and policy rates to tackle inflation and suck out the excess liquidity from the system.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 2:45 am Corporate India set to witness high level of attrition in 2010New Delhi: With the revival of the job market India Inc is all set to witness a significant jump in attrition levels as well, especially in sectors like aviation, information technology and business process outsourcing, executives search firm GlobalHunt India said today. “Attrition is a sign that there is a growth in the industry. Attrition will go up, the moment the job market picks up,” GlobalHunt India director Sunil Goel said, adding that sectors such as BPO as well as IT and aviation were likely to see the maximum attrition. The year 2009, was one of the worst years in terms of job market as terms such as ‘layoffs’, ‘pink-slips’, ‘right sizing’ became hot topics in household discussions. The later part of 2009, however, saw signs of revival reflecting improving sentiment in India. The International Labour Organisation also reported that as many as five lakh jobs were created in the third quarter following the government’s stimulus measures. Besides, according to global staffing services firm Manpower, recruitment pace is expected to return to the pre-recession level this year and corporate India’s hiring outlook has risen across all sectors. Job seekers in the services, public administration, education, mining and construction, finance, insurance, real estate, and the wholesale and retail trade sector, could look forward to the most favourable hiring environment in 2010, Manpower had said. The year 2010 is likely to be a good year in terms of company growth perspective, industry growth perspective and hence attritions are expected. However, it would be lesser than the levels of 2007, when attrition reached its peak. Goel further said “increase in hiring across different sectors will lead to increase in attrition as well. Employees who fall under 25-30 age group bracket and hold less than 5 years of experience will cause maximum attrition.” A sector-wise analysis shows that BPO, ITeS and aviation sectors will witness attrition level of as much as 40-45% this year, followed by retail and telecom (35-40%), IT (30%), pharma and infrastructure (20-25%), while research and development will see 15-20% of attrition. “Though there will be high level of attrition, it would be more at the fresher and beginner level as people at these positions always want to experience different things, organisations and different profile,” Goel added. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 2:45 am Mercedes-Benz India eyes double-digit '10 sales growth - Reuters India
Source: Business - Google News | 4 Jan 2010 | 2:43 am Investors kisk off 2010 in bullish moodLONDON (Reuters) - Financial markets kicked off 2010 on an upbeat note on Monday with world stocks close to 15-month highs on hopes for a sustainable economic recovery.Source: Reuters: Money News | 4 Jan 2010 | 2:38 am Mercedes-Benz India eyes double-digit '10 sales growthNEW DELHI (Reuters) - The Indian arm of Mercedes-Benz, a unit of Daimler, expects to post double-digit sales growth this year from a year ago as it launches new models in Asia's fourth-largest auto market, its chief executive said.Source: Reuters: Money News | 4 Jan 2010 | 2:35 am Credit line for Japan Airlines to be doubled to $2.2 bnTokyo: The Japanese government will double its credit line for Japan Airlines Corp. to $2.2 billion as a stopgap measure to keep the cash-strapped carrier afloat by the time its state-backed bailout is worked out later this month. The expansion of $2.2 billion (¥200 billion) credit line was finalized by the state-owned Development Bank of Japan last week over speculation that the Japan Airlines was heading for bankruptcy proceedings. In its negotiations with other airlines for receiving capital injection, JAL is also considering Delta Airlines Inc. as a potential partner rather than its current marketing alliance partner American Airlines Inc., sources familiar with the matter said. Deputy Prime Minister Naoto Kan, transport minister Seiji Maehara and other ministers in charge of a bailout for the nation’s largest carrier came up with the sum during a meeting at the prime minister’s office on Sunday afternoon. But the government said it will provide no guarantees for the envisaged DBJ bridge loans to support JAL until the state-backed Enterprise Turnaround Initiative Corp. of Japan decides on a financial package for the carrier by the end of this month. The government also requested the turnaround body to decide on aid measures for JAL at an early date. Source: World Business - Livemint.com | 4 Jan 2010 | 2:34 am Credit line for Japan Airlines to be doubled to $2.2 bnTokyo: The Japanese government will double its credit line for Japan Airlines Corp. to $2.2 billion as a stopgap measure to keep the cash-strapped carrier afloat by the time its state-backed bailout is worked out later this month. The expansion of $2.2 billion (¥200 billion) credit line was finalized by the state-owned Development Bank of Japan last week over speculation that the Japan Airlines was heading for bankruptcy proceedings. In its negotiations with other airlines for receiving capital injection, JAL is also considering Delta Airlines Inc. as a potential partner rather than its current marketing alliance partner American Airlines Inc., sources familiar with the matter said. Deputy Prime Minister Naoto Kan, transport minister Seiji Maehara and other ministers in charge of a bailout for the nation’s largest carrier came up with the sum during a meeting at the prime minister’s office on Sunday afternoon. But the government said it will provide no guarantees for the envisaged DBJ bridge loans to support JAL until the state-backed Enterprise Turnaround Initiative Corp. of Japan decides on a financial package for the carrier by the end of this month. The government also requested the turnaround body to decide on aid measures for JAL at an early date. Source: Home - Livemint.com | 4 Jan 2010 | 2:34 am Novartis aims to buy rest of Alcon for $39 blnZURICH (Reuters) - Switzerland's Novartis aims to buy the rest of U.S. eye care group Alcon for a total $39.3 billion, including a majority stake from Nestle, to diversify away from prescription drugs.Source: Reuters: Money News | 4 Jan 2010 | 2:23 am Gold traders continue picking up bargainsMumbai: India gold traders continued to pick up bargains on Monday as a firm rupee made the dollar-quoted yellow metal cheaper, and prices stayed below the keenly-watched Rs17,000 mark, dealers said. “We have been doing good business in the last couple of sessions... we filled few orders at $1,097-1,098 (an ounce) on Friday and today at $1,100-1,103,” said a dealer with a private bank in Mumbai. The Indian rupee rose to its highest in a month on Monday, tracking strong regional currencies and as foreign banks bought the local currency to arbitrage in the offshore non-deliverable forwards (NDF) market. International spot gold traded at $1,110.70/1,111.50 an ounce as against 1,096.35/1,098.35 in the previous session, while gold February contract was trading at Rs16,742 at 2:44pm. “We have advanced orders placed at around $1,080 and people are buying outright,” said another dealer with a private bank. Traders said gold sales rebounded in December as easing prices prompted buyers to stock up for wedding demand. “We saw good business in the month of December, gold below Rs17,000 is always an attractive price for traders,” said the private bank dealer. India’s gold imports in December jumped to 32-35 tonnes provisionally from 3 tonnes a year ago, the head of Bombay Bullion Association (BBA) said on 1 January. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 2:18 am Zydus Cadila gets DCGI nod to conduct trials for H1N1 vaccine Mumbai: Drug maker Zydus Cadila on Monday said that it has received approval from the Drug Controller General of India (DCGI) for conducting clinical trials for the swine flu (H1N1) vaccine. With this approval Zydus Cadila becomes the first Indian pharma company to commence multicentric clinical trials of its vaccine, the Ahmedabad-based firm said in a statement to the Bombay Stock Exchange (BSE). In recent times, the pandemic H1N1 Influenza has claimed thousands of lives across the globe. “With the vaccine in the market soon, we should be able to prevent further loss of lives to this infectious disease,” Zydus Cadila chairman and managing director Pankaj R. Patel said. With the speedy completion of trials and the fast track approvals, the indigenous H1N1 vaccine is expected to hit the markets by April this year, the company said. According to the company, the demand for H1N1 vaccine in India is estimated to touch 50 to 60 million doses in initial phase. Zydus Cadila’s egg-based inactivated vaccine has been developed by the group’s experts at its Vaccine Technology Centre in Ahmedabad. Currently, the H1N1 vaccine market is estimated to be $676 million. The market is expected to cross $7 billion by 2011. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 2:18 am Gold traders continue picking up bargainsMumbai: India gold traders continued to pick up bargains on Monday as a firm rupee made the dollar-quoted yellow metal cheaper, and prices stayed below the keenly-watched Rs17,000 mark, dealers said. “We have been doing good business in the last couple of sessions... we filled few orders at $1,097-1,098 (an ounce) on Friday and today at $1,100-1,103,” said a dealer with a private bank in Mumbai. The Indian rupee rose to its highest in a month on Monday, tracking strong regional currencies and as foreign banks bought the local currency to arbitrage in the offshore non-deliverable forwards (NDF) market. International spot gold traded at $1,110.70/1,111.50 an ounce as against 1,096.35/1,098.35 in the previous session, while gold February contract was trading at Rs16,742 at 2:44pm. “We have advanced orders placed at around $1,080 and people are buying outright,” said another dealer with a private bank. Traders said gold sales rebounded in December as easing prices prompted buyers to stock up for wedding demand. “We saw good business in the month of December, gold below Rs17,000 is always an attractive price for traders,” said the private bank dealer. India’s gold imports in December jumped to 32-35 tonnes provisionally from 3 tonnes a year ago, the head of Bombay Bullion Association (BBA) said on 1 January. Source: Home - Livemint.com | 4 Jan 2010 | 2:18 am Food inflation to ease next month: Montek Singh AhluwaliaHe further said that inflation, at the moment, was not caused by excess money supply, but was dominantly on account of surge in food prices.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 2:17 am JSW Energy opens at 2% premium on BSE, 6% on NSEJSW Energy listed over 164 crore shares on the bourses today, becoming the fourth power company to hit the capital markets in the fiscal.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 2:08 am Mercedes-Benz India eyes double-digit 2010 sales growthNew Delhi: The Indian arm of Mercedes-Benz, a unit of Daimler, expects to post double-digit sales growth this year from a year ago as it launches new models in Asia’s fourth-largest auto market, its chief executive said. Mercedes-Benz sold 3,220 cars in India last year, as compared to 3,250 in 2008. “In 2010, we are ready with a range of products,” Wilfried Aulbur told reporters, after launching two new models. He said the company will launch a few more models on Tuesday at the India Auto Expo in the capital city of New Delhi. “We will grow at very solid double-digit numbers,” he said, without giving details. Keen to boost sales, global automakers will unveil a slew of cars at India’s Auto Expo, which runs from Tuesday to 11 January as they turn to one of the few remaining growth markets to keep their engines humming. Mercedes-Benz India Ltd, fully owned by Daimler, had been making cars and trucks in India since 1994, but initially as a joint venture with the country’s largest vehicle maker Tata Motors. After the joint venture ended in 1997, the German firm had been making its C, E and S class cars at a facility that it leased from Tata Motors until the end of 2008. It launched a new facility in Pune, in western Maharashtra state, in February last year. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 2:08 am JSW Energy briefly dips below IPO priceMUMBAI (Reuters) - Shares in power utility JSW Energy briefly fell below its IPO price on Monday afternoon after a strong stock market debut in the morning triggered profit taking.Source: Reuters: Money News | 4 Jan 2010 | 2:07 am Bosch sees 2010 sales up 10 pct as carmakers restockNEW DELHI (Reuters) - German industrial conglomerate Robert Bosch sees sales at its core car parts business rising by a tenth in 2010, on growth in emerging markets and as carmakers build up inventory, a senior official said on Monday.Source: Reuters: Money News | 4 Jan 2010 | 2:03 am Aditya Birla Minacs partners with NorthStar SystemsThis new solution combines Aditya Birla Minacs' integrated back- and middle-office with Northstar's fully integrated wealth management platform.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 2:02 am Ranbaxy launches skin-care drug in IndiaRanbaxy, majority owned by Japan's Daiichi Sankyo, will have exclusive marketing rights for Lulifin in India as part of the agreement with Summit Pharmaceuticals.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 2:01 am Bosch sees 2010 sales up 10% as carmakers restockNew Delhi: German industrial conglomerate Robert Bosch sees sales at its core car parts business rising by a tenth in 2010, on growth in emerging markets and as carmakers build up inventory, a senior official said on Monday. The world’s top car-parts maker, which saw a 20% slump in the unit’s sales to €22 billion ($31.5 billion) in 2009, sees revenue returning to pre-recession levels of 2007 by 2012, Bernd Bohr, head of the car parts division, told a conference. Bosch has described 2009 as one of the most difficult in its nearly 125-year-old history, as the global recession pummelled car sales worldwide forcing it to cut jobs in Germany and overseas. “Inventory adjustments have taken place in 2009 and is not likely to be repeated in 2010,” Bohr told the news conference ahead of an auto show in the Indian capital. “We see continued growth in emerging markets.” But the path to recovery in developed markets like the United States, Europe and Japan would take longer, and sales there would likely touch 2007 levels only by 2015 or 2016, he said. A revival in the sales of mid- and large vehicles, which use more of Bosch components compared with smaller vehicles, is also seen boosting growth, Bohr said. Bosch would invest Rs20 billion ($431 million) in India between 2010 and 2012, largely to expand capacities and for research and development, the firm said in a statement. It has not finalised its capital expenditure globally, but Bohr said typically the firm’s annual spend was close to 5-6% of sales. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 2:00 am Small and green cars to be flavour of 10th Auto ExpoCompanies like Honda and Toyota are expected to launch global concept of their compact cars, while the expo will also see automobile companies showcasing their green technologies.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 1:58 am JSW Steel hikes prices by 3-5% across all categories Mumbai: JSW Steel Ltd, the country’s third-largest steel-maker on Monday said that it has raised product prices by 3-5% across all categories led by an increase in raw material prices and pick-up in demand. “We have raised product prices across all categories by 3-5% starting this month,” JSW Steel, director sales and marketing, Jayant Acharya said. “Prices of raw materials like iron ore and coal have seen a pick-up and demand (for steel) is coming back. Overall steel demand in India should grow by more than 9% because there is a pick-up in construction, auto and housing sector,” he added. Acharya said that there was a possibility that steel prices may be hiked again within the next six months when companies enter into long term agreements with suppliers in April. “Coal prices have jumped 20% this year over the last fiscal, while iron ore prices are 20-30% higher,” JSW Group’s chief financial officer Seshagiri Rao said. He said that coking coal prices were likely to see a 10% increase in 2010, while iron ore prices could rise by 15%. “Demand recovery is happening globally. Prices won’t come down,” Rao said. He said flat products, used in cars and white goods, had shown strong demand in 2009, while demand for long products grew by 30% in December. “JSW Steel will need 12 million tonnes iron ore in fiscal 2011 as against its requirement of 11 MT in FY10,” Rao said. The company, which currently requires 4.5 MT of coking coal, will import more to meet its requirement of 5 MT to be used for expansion of a steel plant in Vijaynagar. Source: LatestNews-Home - Livemint.com | 4 Jan 2010 | 1:58 am Lenovo unveils ThinkPad design with AMD chipsSan Francisco: Lenovo Group Ltd is unveiling a new look for its classic ThinkPad line, and is including Advanced Micro Devices Inc microprocessors in the laptops for the first time. The new ThinkPad Edge series, with a sleeker design, simplified keyboard and slightly larger keys, will come in three screen sizes, three colors and start at $549 in the United States. The Edge line is targeted at small and medium-sized businesses, which tend to focus on design and aesthetics, according to Charles Sune, segment manager for ThinkPad. The announcement was made ahead of the annual Consumer Electronics Show being held this week in Las Vegas. China-based Lenovo is the world’s No. 4 PC maker. Its PC shipments jumped 18% year-over-year in the July-September period, according to industry tracker IDC. The company reported revenue for the same time period fell 5% to $4.1 billion. Introduced in 1992 by IBM, the ThinkPad was hailed as a forerunner in laptop design; more than 30 million ThinkPad units have been sold. Big Blue sold its PC division to Lenovo in 2005. The addition of AMD Neo chips to the ThinkPad family will let Lenovo offer lower price points, the company said. ThinkPads running on chips from Intel Corp will still be offered. The PC maker is also launching a new entry-level ThinkPad for commercial customers that Sune said will “bridge the gap between netbooks and laptops,” and features a full-sized keyboard. The 11.6-inch X100e, weighing less than £3, will start at $449. Source: Tech News - Livemint.com | 4 Jan 2010 | 1:55 am Novartis plans complete takeover of AlconZurich: Switzerland’s Novartis aims to buy the rest of US eye care group Alcon for a total $39.3 billion, including a majority stake from Nestle, to diversify away from prescription drugs. Novartis said on Monday it would exercise an option to acquire a 52% stake in Alcon from Nestle, the world’s largest food group, for $28.1 billion, boosting its holding in Alcon to 77%. The Swiss drugmaker bought an initial 25% stake in 2008. Novartis, which had been widely expected to snap up the stake, also plans to buy out the 23% held by Alcon minority shareholders for $11.2 billion, ending uncertainty as to whether or not it would go for full control. Novartis and rival drugmakers such as GlaxoSmithKline and Sanofi-Aventis are pushing into areas like consumer healthcare and generics as they face the biggest loss of patent protection in history. Jeffrey Holford, an analyst at stockbroker Jefferies in London, said Novartis needed full control of Alcon to achieve its planned synergies and would likely end up paying more. The fixed exchange ratio proposal of 2.80 Novartis shares for each remaining Alcon share is less generous to minorities, amounting to $153 per share compared with the $180 agreed with Nestle. “What we are seeing here is the starting point of a negotiation. It think they’ll end up paying more for it, but they are trying to not pay more than they are paying for the Nestle stake,” Holford said. Novartis chief executive Daniel Vasella said he was confident Alcon minority shareholders would accept the offer. Alcon said its independent director committee was reviewing the Novartis offer, but noted that minorities were being offered about 15% less than what Novartis is paying Nestle. Diversification Vasella told a conference call: “It’s an excellent opportunity to acquire the world leader in eye care,” adding the two companies had complementary portfolios and Alcon could benefit from Novartis’ wide geographic reach. “It’s a great strategic fit and I’m very optimistic about the outlook for the business.” Novartis said it expected to complete the deal in the second half of the year, funding it from available cash resources and up to $16 billion of external debt financing. It will also ask its shareholders to approve the issuance of 98 million new shares to pay for the Alcon minority shares, together with 107 million shares held in treasury. Novartis said it expects about $200 million of annual pretax cost synergies within three years after closing with the 77% stake through shared service agreements, collaborations, joint ventures and other business arrangements. But Vasella said Novartis did not expect big job cuts as expected job creation should balance out redundancies. Cash-Rich Nestle Nestle, the Swiss maker of Nescafe coffee and KitKat chocolate bars, said in a separate statement the deal would allow it to launch a new 10 billion Swiss franc ($9.64 billion) share buyback programme for two years once its existing 25 billion programme is completed this year, less than some had forecast. Nestle shares were 1.1% higher at 50.75 Swiss francs at 0911 GMT, compared with a 0.7% rise in the DJ Stoxx European food and beverage index, while Novartis dipped 0.8% to 56.05 francs, compared with a 0.6% firmer DJ Stoxx European healthcare sector. Analysts say Nestle could also use some of the Alcon proceeds for acquisitions, with the fiercest speculation around whether it might enter the fray for British chocolatier Cadbury and bid against Kraft Foods. “The 10 billion franc buyback announcement could disappoint investors and renew speculation that Nestle is about to get involved in a large M&A transaction,” said Kepler Capital Markets analyst Jon Cox. Nestle has always declined to comment on a Cadbury bid although chief executive Paul Bulcke said in September the group had no plans for big acquisitions. Analysts say a more likely target could be U.S. babyfood group Mead Johnson Nutrition Co, valued at around $9 billion. “This divestment of our interest in Alcon will enable our management to concentrate on accelerating the development of Nestle’s position as the world’s leading nutrition, health and wellness company,” Bulcke said on Monday. Source: World Business - Livemint.com | 4 Jan 2010 | 1:53 am Novartis plans complete takeover of AlconZurich: Switzerland’s Novartis aims to buy the rest of US eye care group Alcon for a total $39.3 billion, including a majority stake from Nestle, to diversify away from prescription drugs. Novartis said on Monday it would exercise an option to acquire a 52% stake in Alcon from Nestle, the world’s largest food group, for $28.1 billion, boosting its holding in Alcon to 77%. The Swiss drugmaker bought an initial 25% stake in 2008. Novartis, which had been widely expected to snap up the stake, also plans to buy out the 23% held by Alcon minority shareholders for $11.2 billion, ending uncertainty as to whether or not it would go for full control. Novartis and rival drugmakers such as GlaxoSmithKline and Sanofi-Aventis are pushing into areas like consumer healthcare and generics as they face the biggest loss of patent protection in history. Jeffrey Holford, an analyst at stockbroker Jefferies in London, said Novartis needed full control of Alcon to achieve its planned synergies and would likely end up paying more. The fixed exchange ratio proposal of 2.80 Novartis shares for each remaining Alcon share is less generous to minorities, amounting to $153 per share compared with the $180 agreed with Nestle. “What we are seeing here is the starting point of a negotiation. It think they’ll end up paying more for it, but they are trying to not pay more than they are paying for the Nestle stake,” Holford said. Novartis chief executive Daniel Vasella said he was confident Alcon minority shareholders would accept the offer. Alcon said its independent director committee was reviewing the Novartis offer, but noted that minorities were being offered about 15% less than what Novartis is paying Nestle. Diversification Vasella told a conference call: “It’s an excellent opportunity to acquire the world leader in eye care,” adding the two companies had complementary portfolios and Alcon could benefit from Novartis’ wide geographic reach. “It’s a great strategic fit and I’m very optimistic about the outlook for the business.” Novartis said it expected to complete the deal in the second half of the year, funding it from available cash resources and up to $16 billion of external debt financing. It will also ask its shareholders to approve the issuance of 98 million new shares to pay for the Alcon minority shares, together with 107 million shares held in treasury. Novartis said it expects about $200 million of annual pretax cost synergies within three years after closing with the 77% stake through shared service agreements, collaborations, joint ventures and other business arrangements. But Vasella said Novartis did not expect big job cuts as expected job creation should balance out redundancies. Cash-Rich Nestle Nestle, the Swiss maker of Nescafe coffee and KitKat chocolate bars, said in a separate statement the deal would allow it to launch a new 10 billion Swiss franc ($9.64 billion) share buyback programme for two years once its existing 25 billion programme is completed this year, less than some had forecast. Nestle shares were 1.1% higher at 50.75 Swiss francs at 0911 GMT, compared with a 0.7% rise in the DJ Stoxx European food and beverage index, while Novartis dipped 0.8% to 56.05 francs, compared with a 0.6% firmer DJ Stoxx European healthcare sector. Analysts say Nestle could also use some of the Alcon proceeds for acquisitions, with the fiercest speculation around whether it might enter the fray for British chocolatier Cadbury and bid against Kraft Foods. “The 10 billion franc buyback announcement could disappoint investors and renew speculation that Nestle is about to get involved in a large M&A transaction,” said Kepler Capital Markets analyst Jon Cox. Nestle has always declined to comment on a Cadbury bid although chief executive Paul Bulcke said in September the group had no plans for big acquisitions. Analysts say a more likely target could be U.S. babyfood group Mead Johnson Nutrition Co, valued at around $9 billion. “This divestment of our interest in Alcon will enable our management to concentrate on accelerating the development of Nestle’s position as the world’s leading nutrition, health and wellness company,” Bulcke said on Monday. Source: Home - Livemint.com | 4 Jan 2010 | 1:53 am Dubai's Emaar looks abroad for growth - Economic Times
Source: Business - Google News | 4 Jan 2010 | 1:50 am Rupee hits 1-month high on strong Asian unitsMumbai: The Indian rupee rose to its highest in a month on Monday, tracking strong regional currencies and as foreign banks bought the local currency to arbitrage in the offshore non-deliverable forwards (NDF) market. “Foreign banks are seen selling (dollars) as there is negative arbitrage in the one-month NDF,” said a trader with a private bank. At 1:50pm, the rupee was trading at Rs46.40/41 per dollar, after touching Rs46.39, its highest since 4 December. The one-month rupee NDF was trading at Rs46.4350. Source: Home - Livemint.com | 4 Jan 2010 | 1:49 am Bosch developing common-rail unit for Nano - Business Standard
Source: Business - Google News | 4 Jan 2010 | 1:37 am Eyeing M&A, India's Reliance raises $577 mln - Reuters
Source: Business - Google News | 4 Jan 2010 | 1:07 am Outdone by Dubai, Taiwan tower seeks green awardTaipei 101 will spend T$60 million ($1.9 million) over the next year to meet 100 criteria for an environmental certificate that it would hold over Dubai.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 1:03 am India gold futures edge lower as rupee weighsThe most-active February gold contract was 0.16% lower at Rs16,707 per 10 grams at 11.42am.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 1:02 am Marico buys Malaysian hair styling brandMumbai: India’s personal care products maker, Marico Ltd, said on Monday its Malaysian unit acquired hair styling brand ‘Code 10´ from Colgate Palmolive Company for an undisclosed sum. The deal marks Marico’s entry into the Malaysian hair styling market, it said in a statement. “It meets two requirements. It enables us to enter Malaysia, and it helps us grow our strengths - hair cream and hair gels,” said Milind Sarwate, chief of finance, HR and strategy. The Malaysian hair styling market is estimated at 150 million Malaysia Ringgits ($43.86 million). Code 10 is the number 3 player in the country with a double-digit market share, Marico said in a statement. Prior to the deal, Marico’s presence in Malaysia was through its flagship brands, Parachute and Nihar. The current turnover of the Code 10 brand is about Rs120 million annually, Sarwate said. Colgate Palmolive will continue to distribute the Code 10 range of products, comprising hair creams and hair gels, for a limited period under a transition services agreement, he said. “You can’t take over everything overnight. For a period of about six months Colgate will distribute for us, then we will take it over on our own,” Sarwate said. Source: Home - Livemint.com | 4 Jan 2010 | 12:59 am Australia floods peak, but farmers see export boonDays of heavy rains in outback New South Wales state over New Year have swollen rivers and left hundreds of rural properties cut off by floodwaters.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 12:52 am Eyeing M&A, Reliance raises $577 mlnMUMBAI (Reuters) - Reliance Industries raised $577 million through a share sale, the second big equity fund raising in under four months for India's largest listed company as it looks to buy bankrupt petrochemicals firm LyondellBasell.Source: Reuters: Money News | 4 Jan 2010 | 12:51 am Bosch sees 10% year-on-year rise in global car parts salesGerman autos parts supplier Robert Bosch expects global sales of its car parts division to rise 10 percent year-on-year in 2010.Source: Daily News & Analysis: Money News | 4 Jan 2010 | 12:45 am L&T gets order worth Rs987 cr from GNFC Mumbai: Engineering and construction major Larsen & Toubro on Monday said that it has bagged an order worth Rs987 crore from Gujarat Narmada Valley Fertilisers Company Ltd (GNFC) for setting up a gas generation plant at Gujarat. The company has received an order from GNFC for setting up a 1,120 metric tons per day (MTPD) ammonia equivalent, natural gas-based synthesis gas generation plant at Bharuch, Gujarat in June 2012, Larsen & Toubro (L&T) said in a filing to the Bombay Stock Exchange (BSE). The scope of the work includes engineering, construction, testing and commissioning of the plant. GNFC is in the business of manufacturing and selling fertilisers and chemicals and has an existing ammonia plant, the filing added. Shares of Larsen & Toubro were trading at Rs1,688.05 on the BSE, up 0.52% from previous close. Source: Home - Livemint.com | 4 Jan 2010 | 12:27 am Rupee gains 7 paise against dollar in early tradeThe Indian rupee gained 7 paise against the US currency in early trade on increased capital inflows into stock markets in line with firming global cues.Source: HindustanTimes.com - Top Business News Headlines | 4 Jan 2010 | 12:13 am Hedge funds may throw cash into the pitThe last week of 2009 ended with a flourish. But the first trading week of 2010 may not start with a bang. The bulls needed to make a statement. They did it in style, but not inSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am 'A company's success depends on a good supply chain'With the recent acquisition of Multipart of the UK, a supply chain services provider, TVS Logistics Services Ltd has achieved its target of Rs 1,000 crore in turnover at least a year earlier than targeted. The company is confident of doublingSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am AP sets up task force to protect IT industryThe Andhra Pradesh Government has formed a task force to protect the interests of IT and ITeS industry in the State in view of the on-going agitation for a separateSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am Employee stock options are back in vogueIf the falling markets in 2008 were a deterrent to companies issuing stock options to their employees, 2009 has seen a comeback for this form ofSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am Delhi show may have a lot under the bonnetOver the next week, the who's who of the Indian automobile industry will gather at the Pragati Maidan in New Delhi, as the fifth edition of the biennial auto expo promises to be yet another excitingSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am Lakshmi Vilas Bank (Rs 84.1):BuyWe recommend a buy in the stock of Lakshmi Vilas Bank from a short-term horizon. It is evident from the charts of the stock that from its March 2009 low of Rs 51.5, it has been on a longer term uptrend forming higher peaks and troughs. TwinSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am JSL - BuyInvestors with a medium-term perspective can consider investing in the stock of JSL. The company is an integrated steel producer which manufactures a variety of products; including stainless steel plates, welded steel tubes, cold rolled stripsSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am Three themes for portsAsk Rajesh Samson, Partner-IRG (Infrastructure, Real Estate & Government), Ernst & Young, about ports, and he readily responds with three themes. “Enhance physical capacity, streamline private participation in ports, and addressSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am PM warns against distortion of emission reduction goalsMitigation of greenhouse gas emissions is no doubt an important goal, but it must co-exist with other equally important goals, according to the Prime Minister, Dr ManmohanSource: Business Line - Home Page | 4 Jan 2010 | 12:00 am Manufacturers can't afford to skip the Expo - Business Standard
Source: Business - Google News | 3 Jan 2010 | 11:56 pm Godrej Consumer hogs limelight on acquisition buzz - India Infoline.com
Source: Business - Google News | 3 Jan 2010 | 11:45 pm JSW Energy plans Rs 40000 cr investment to develop 8000 MW - Economic Times
Source: Business - Google News | 3 Jan 2010 | 11:42 pm JSW Energy plans Rs40,000 cr investment in 8k MW projectMumbai: JSW Energy, the first company to be listed on the bourses in 2010, said on Monday that it plans to invest around Rs40,000 crore in developing power projects of 8,000 MW. “We have got 8,000 MW in the pipeline, so this money will be needed for that. The investment (for this) is close to Rs40,000 crore,” company’s MD Sajjan Jindal said on Monday but did not specify the duration for this investment. The company is implementing projects worth 3,200 MW in Maharashtra, 1,320 MW in Chhattisgarh and 1,600 MW in West Bengal. It plans to become an over 11,000 MW company by 2015. The power producer on Monday listed shares on the Bombay Stock Exchange where it opened at a premium of 2% over the issue price of Rs100. On the National Stock Exchange the scrip was listed at Rs106, a premium of 6%. JSW Energy, which raised about Rs2,700 crore through an initial public offer held last month, will utilise the issue proceeds to fund expansion, repay debt and for general corporate purposes, Jindal said. “Part of the issue proceeds will be used for expansion into new projects, part will be used for repaying debt and part of the proceeds is for general corporate purpose,” he told reporters after the company’s listing ceremony in Mumbai. JSW Energy, which has an installed capacity of 995 MW, is also setting up a 860 MW plant in Vijaynagar (Karnataka) and 130 MW plant in Barmer (Rajasthan). The company has 2,790 MW capacity of projects under construction and implementation stage. It will commission about 2,100 MW of units by December 2010, including the 1,200 MW plant in Ratnagiri, Maharashtra, Jindal said. He added that 55 per cent of the power generated by the company would be sold commercially or on merchant basis, while the remaining 45 per cent would be sold through long-term Power Purchase Agreements (PPAs). “For the next three to four years, India is going to have acute shortage of electricity. Therefore, we are more tilted towards merchant power. Over time, as India develops more power plants, we will shift towards long term PPA-backed sales,” Jindal said. Meanwhile, JSW Energy is also exploring opportunities in the power distribution sector to diversify the company’s business. The company is presently engaged in generation, transmission and trading of electricity and is eyeing electricity distribution in the western region, as it has power plants in the region. JSW Energy plans to evacuate power from its generating stations through its transmission lines and further distribute it. Source: Home - Livemint.com | 3 Jan 2010 | 11:24 pm RIL raises Rs 2,587 cr via sale of treasury stocksThe company has sold 2.5 crore shares in the open market at an average price of Rs 1,035 a piece to Life Insurance Corporation, sources close to the development said.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 11:19 pm Rupee gains 7 paise against dollar in early tradeThe Indian rupee today gained 7 paise against the US currency in early trade on increased capital inflows into stock markets in line with firming global cues.Source: HindustanTimes.com - Top Business News Headlines | 3 Jan 2010 | 11:08 pm Manufacturing growth up for 1st time in 3 monthsMumbai: The rate of growth in Indian manufacturing rose for the first time in three months in December, with activity reaching its highest since May on sharp rises in new work and output, a survey showed. The HSBC Markit Purchasing Managers’ Index (PMI), based on a survey of 500 companies, rose to 55.6 in December from 53.0 in November. The reading was the strongest since May’s 55.7, which was the strongest in 2009. A reading above 50 means activity expanded during the month. “Concerns that growth in India’s manufacturing sector was taking a decisive turn for the worse should be allayed by this impressive release,” said Robert Prior-Wandesforde, senior asian economist at HSBC. “While the headline index didn’t quite manage to hit a new cycle high, it wasn’t far away at 55.6, buoyed by stronger gains in the output and orders components,” he said. The economy grew an annual 7.9% in the September quarter, but growth was expected to slow in the December quarter when the impact of a weak monsoon would be seen on crops, giving the government more room to keep pro-growth policies in place. “The rise in the new exports orders index suggests that external demand is also playing an increasingly important role in driving output gains,” Prior-Wandesforde said. The new orders index rose to 60.10, the highest for the year, from November’s 54.60. “Nevertheless, the release suggests that most manufacturing companies remain cautious about the durability of the recovery. They remain reluctant to hire workers, with the employment balance a touch below 50.0, as well as pass on much of the strong rises in input costs into higher output prices,” he said. “Both factors will change over time, however, if we are right in suggesting that the economic recovery will continue at a robust pace.” Source: Home - Livemint.com | 3 Jan 2010 | 10:55 pm Sensex up 72 pts in opening tradeThe Bombay Stock Exchange benchmark Sensex on Monday rose by 72 points, or 0.41 per cent, in early trade with markets opening at 0900 hrs on the first trading session in the New Year. Source: HindustanTimes.com - Top Business News Headlines | 3 Jan 2010 | 10:32 pm Flight operations normal in Delhi, but backlog continues - Economic Times
Source: Business - Google News | 3 Jan 2010 | 10:20 pm BSE Sensex up 0.3 pct; autos up, Reliance downMUMBAI (Reuters) – The BSE Sensex rose 0.3 percent on Monday, supported by firm Asian markets and domestic auto makers following strong December sales.Source: Reuters: Money News | 3 Jan 2010 | 10:17 pm Manufacturing growth up for 1st time in 3 mthsMUMBAI (Reuters) - The rate of growth in manufacturing rose for the first time in three months in December, with activity reaching its highest since May on sharp rises in new work and output, a survey showed.Source: Reuters: Money News | 3 Jan 2010 | 10:04 pm Reliance raises $559.5 mn in share saleMumbai: Reliance Industries Ltd raised Rs26 billion ($559.5 million) by selling 25 million shares at a 5% discount to Life Insurance Corp of India, two sources with knowledge of the deal said on Monday. The sale of existing treasury shares comes as energy-based conglomerate Reliance Industries, India’s largest listed firm, looks to buy bankrupt petrochemicals firm LyondellBasell in a deal sources say could be worth as much as $12 billion. Reliance, which is controlled by India’s richest man, Mukesh Ambani, and has interests in petrochemicals, refining, oil and gas exploration and retail, had raised $660 million in a share sale in September. The latest sale is priced at Rs1,035 each, or 5% below the stock’s closing price on Thursday. Shares in Reliance Industries were down 1.8% at Rs1,069.80 on Monday, after dropping to as low as Rs1,022 earlier. Citigroup and Bank of America-Merrill Lynch were arrangers for the deal, sources said. A Reliance spokesman declined to comment. State-run Life Insurance Corp of India, the country’s biggest insurer, had held 6.04% in Reliance Industries as of 30 September 2009, according to Thomson Reuters data. It is the top holder among institutions in the company. Source: Home - Livemint.com | 3 Jan 2010 | 9:40 pm Rupee gains 7 paise against dollar in early tradeThe Indian rupee on Monday gained 7 paise against the US currency in early trade on increased capital inflows into stock markets in line with firming global cues.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 9:25 pm Markets starts 2010 on firm note; Sensex opens up 72 ptsThe Bombay Stock Exchange benchmark Sensex on Monday rose by 72 points, or 0.41 per cent, in early trade with markets opening at 0900 hrs on the first trading session in the New Year.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 9:12 pm We will sustain growth rate if voted to power again: Modi - Times of India
Source: Business - Google News | 3 Jan 2010 | 6:45 pm 'RBI should reduce liquidity'The Prime Minister's economic adviser, C Rangarajan, wants RBI to remove excess money from the system to check rising prices as food inflation neared the decades high of 20%.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 2:14 pm 'Stay invested, markets poised for good run'Most of us greet the New Year with a lot of optimism. Yet, there's always a sense of anxiety about how the year may unfold. Little wonder that we look for some predictions be it on our future, health or finance.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 2:11 pm Going green: Tata's new mantraTata Steel aims to reduce carbon dioxide emissions at its Jamshedpur plant from the current 1.8 tonne to 1.7 tonne per tonne of liquid steel made by 2012. The ideal global benchmark though is 1.5.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 2:08 pm Shell, BP eye Petrobras stake in ONGC fieldFlagship explorer ONGC is set to see a change in its partnership for developing a lucrative gas find off the Andhra coast. Anglo-Dutch giant Shell and UK major BP have evinced interest in picking up the 15% equity that Brazils Petrobras is offloading in the acreage.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 2:00 pm Essar's deal with American Tower going nowhereAfter three attempts to merge the company with larger rivals, Essar Telecom Infrastructure is nowhere near its purported $400 million deal with broadcast and wireless communications sites developer American Tower Corporation (ATC).Source: India Business News | Business News - Times of India | 3 Jan 2010 | 1:44 pm MTNL wants DoT to pay for its pension billThe PSU has undertaken three rounds of VRS to cut the excessive workforce but is unable to get any benefit due to the pension outgo.Source: India Business News | Business News - Times of India | 3 Jan 2010 | 1:41 pm Budget' 10: Depts, ministries ask for the moonWhile Finance Minister Pranab Mukherjee is aiming for a return to the path of fiscal prudence, various departments of the central government appear to be out of sync.Source: Business Standard | Front Page Headlines | 3 Jan 2010 | 12:11 pm Cervical cancer drug majors vie for India pieGlobal cervical cancer drugs majors Merck and GlaxoSmithKline (GSK) are battling it out in India, which is potentially the worlds largest market for such drugs.Source: Business Standard | Front Page Headlines | 3 Jan 2010 | 11:34 am Sugar price up on UP banThe Mayawati governments decision to ban import of raw sugar into Uttar Pradesh has sent sugar prices soaring. Ex-mill sugar price in the state is at a record high of Rs 3,700 a quintal, up 7-8 per cent from a month ago, though crushing season is on.Source: Business Standard | Front Page Headlines | 3 Jan 2010 | 11:32 am Extended trade from today, brokers buck upParesh Gandhi, director at brokerage firm BM Gandhi Securities, is not sure if he will be able to spend an hour at the gym. With trading in the stock markets starting at 9 am from today, Gandhi would have to start an hour early for work.Source: Business Standard | Front Page Headlines | 3 Jan 2010 | 11:30 am Citigroup’s creator watches its decline, alone with his regretsThis is my final annual meeting as chairman,” says , standing near the window of his office, peering at a grainy photograph of him and his wife on stage at Carnegie Hall more than three years ago. They are smiling broadly, and behind them is a packed house of cheering Sandy WeillCitigroup Inc. shareholders. A huge banner dangling from the balcony reads “Thank You Sandy”. After studying the photo for a few moments, Weill said quietly, “I thought the company was impregnable.” He knows now, of course, that he was wrong. Weill built his wealth, status and power by creating what was once the world’s largest bank. Now, as Citi struggles to regain its footing, Weill’s legacy has taken on a darker hue. Though he was once viewed as a brilliant deal maker, some critics now cast him as the architect of a shoddily constructed, unmanageable financial supermarket.  Managerial problems: Sandy Weil, the former head of Citigroup. While Weil acknowledges some of his own mistakes for the Citi debacle, he holds his successors—John Reed and Charles Prince—responsible for it. Hannelore Foerster/Bloomberg In its efforts to recover, Citi is dismantling itself, scrapping many of the assets that Weill threw together. During a series of recent interviews, Weill spoke candidly about the loss, frustration and humiliation caused by Citi’s fall. “I feel incredibly sad,” he says. While he acknowledges some of his own mistakes for the Citi debacle, he is also quick to give the back of his hand to his former co-chief executive officer, John Reed, and his successor, Charles Prince. And Weill vigorously defends his record, rebutting critics who say that Citi was an unstable creation. Judah Kraushaar, a hedge fund manager and former banking analyst who worked with Weill on his autobiography, said that Citi’s problem wasn’t that it was unmanageable, but that it lacked enough good managers—and that Weill was a good manager. “When he left, the company had all the hallmarks of how Sandy ran a business: it was lean; it didn’t have a bloated balance sheet,” says Kraushaar. “Had he picked a different successor things could have turned out very differently.” At one point, Weill had hoped to return and help the company recover and to defend his legacy himself. But the bank no longer has a place or a need for its old chief executive. Now, Weill, 76, is trying to move on to a life without Citi. “It’s never going to be the same company that it was,” Weill said one morning shortly before Christmas. Sitting in his office on the 46th floor of the General Motors building in Manhattan, Weill is surrounded by reminders of a lifetime on Wall Street. The space is breathtaking with floor-to-ceiling windows and views stretching out over Central Park. One wall is devoted to framed magazine and newspaper articles chronicling his career. Here, from this solitary perch, Sandy Weill has watched his banking colossus come undone. “In the beginning, I felt that we should be able to weather that storm,” Weill says, recalling the late summer days of 2007, when the collapse of the subprime market brought Citi’s troubles to the surface. At this point, Weill believed that the company could be fixed, and he wanted to fix it. Weill no longer had any official position at Citigroup, having retired as chief executive in 2003 and as chairman in 2006. But he was still hugely invested in the company. He owned at least 16 million shares in 2006, according to his last public filing as Citi chairman. At the same time, Weill remained close with Citi employees, shareholders and board members. They had been keeping him up to date about events at the company. “People were calling him all the time, trying to get him wound up, get him mad,” said Todd Thomson, the former head of wealth management at Citi. When Thomson was forced out in 2007, Weill was one of his first calls: “I unloaded to Sandy,” Thomson says. For Weill, calls like these—coupled with the collapsing share price—burned; they made him want to act. Starting in late 2007, he began approaching some members of Citi’s board about returning to help with its recovery. He tried first when the board was looking to replace Prince as chief executive, and later after Vikram Pandit got the job. At the time, Weill imagined that he would be welcomed. “I had 50 years of experience,” he says. “I felt that just because I retired didn’t mean my brain went to mush. Maybe I could help.” No one responded to his offers. The rejection stung. Citigroup had for so long been central to his life. It was hard to accept that he had no control or influence over it anymore. Weill continued to track it closely. “He was watching every movement of the stock; he was reading everything,” recalled Mike Masin, a longtime friend and a former chief operating officer of Citigroup. One news item, in particular, was crushing: Last winter, The New York Post ran a picture of Weill on its front page with the headline, “Pigs Fly: Citi Jets Ex-CEO to Cabo”. He had taken the corporate plane to vacation in Mexico, weeks after Citi had accepted a $45 billion taxpayer bailout. The flight provoked a public outcry and media frenzy. Weill says he was horrified by being cast as a greedy, out-of-touch Wall Streeter taking advantage of taxpayers. The night the Post article came out, he issued a news release promising to never again use the Citi jet. In April, Weill and Citi agreed to terminate the consulting contract in which he was provided use of that jet, as well as office space, cars and security. Weill firmly contends that what he built at Citigroup created huge value for employees and shareholders. Beyond that, he has been an enormously generous philanthropist, giving some $800 million to charity over the last three decades, he says. This, he says, is what he wants to be remembered for. Still, many people see Weill as a root cause of Citi’s troubles. He bought up businesses around the globe, from New York to Tokyo to Sao Paolo, but his critics say he never managed to meld them into a cohesive company. To some, this was the foundation of its failure. Weill said that the model on which he built the company was not at fault, that it was the management that failed. For this, he accepts partial responsibility. “One of the major mistakes that I made was my recommending Chuck Prince,” he says of his handpicked successor, who ran the company from 2003 to 2007. Weill blames Prince for letting Citi’s balance sheet balloon and taking on huge risks. Once close friends and colleagues, the two men no longer speak. Prince declined to comment for this article. Analysts say that managerial problems plagued the Citi empire and that its board, which might have imposed some order, became little more than a rubber stamp during the Weill era. Weill remains in far better shape than most other Citi investors. Although Forbes bounced him from its list of the 400 wealthiest Americans—the magazine once estimated his net worth at $1.5 billion—he still lives regally: a $42 million apartment in Manhattan; homes in Greenwich, Connecticut, and the Adirondacks; and a yacht. Citi, meanwhile, has recently shown some signs of improvement: it posted a third quarter profit and repaid $20 billion to the government last month. But for so many who depended on Citi, the bank has caused irreversible damage. It’s a reality that Weill says pains him. “Look what it’s done,” he says. “It’s hurt the dreams of so many people.” ©2010/The New York Times feedback@livemint.com Source: World Business - Livemint.com | 3 Jan 2010 | 10:05 am Govt s market kitty zooms in 2009The government could be among the least active investors in the stock markets, but it appears to have come out the winner in terms of returns.Source: HindustanTimes.com - Top Business News Headlines | 3 Jan 2010 | 9:56 am Maruti sells one lakh in Dec 2009Maruti Suzuki has become the first auto company in India to cross the one lakh retail sales in a month, clocking 1,00,874 units sales in December 2009.Source: HindustanTimes.com - Top Business News Headlines | 3 Jan 2010 | 9:48 am Clarity at last on taxing perksThe Finance Act 2009 abolished the Fringe Benefit Tax payable by employers on fringe benefits provided to employees, and restored the taxation of these benefits as perquisites at the hands of employees.Source: HindustanTimes.com - Top Business News Headlines | 3 Jan 2010 | 9:43 am Leyland upbeat on China importsEven as the domestic automotive component industry is making its mark in the global arena, the country's second-largest commercial vehicle manufacturer, Ashok Leyland, said components from China form an intrinsic part of its products and that the company would increase imports.Source: HindustanTimes.com - Top Business News Headlines | 3 Jan 2010 | 9:31 am Eyeing a place on world stageWith a chance to break into the top five biggest automobile markets in the world by 2015-16, the domestic automobile industry will begin the decade with a bang, with the biennial New Delhi Auto Expo.Source: HindustanTimes.com - Top Business News Headlines | 3 Jan 2010 | 9:14 am Kraft to sweeten its hostile 10 bn pound Cadbury bid: reportLondon: The American food giant Kraft is likely to sweeten its hostile £10-billion takeover bid for the British chocolate maker Cadbury, says a media report. “Irene Rosenfeld, chairperson and chief executive of Kraft Foods, will raise her offer in the next two weeks in a final attempt to persuade Cadbury shareholders to succumb to a bid,” the Sunday Times said. Cadbury has already rejected Kraft’s existing offer as derisory and unappealing. Kraft has to make a move by 19 January, after that date it can make a higher offer only if a rival takeover bid is made by another suitor. Meanwhile, another American chocolate maker, Hershey, is working up detailed plans for a rival offer for several weeks, but it is expected to wait to see the details of any improved offer from Kraft before making a move, the Sunday Times said. “It (Hershey) may also wait for Cadbury to release critical trading information on 15 January, as part of its defence against the Kraft bid,” the report added. Cadbury chairman Roger Carr is expected to reject any bid from Hershey or Kraft unless it tops 800 pence a share. Cadbury shares closed at 797 pence on 31 Decembe, 61 pence higher than Kraft’s offer. Cadbury would prefer a tie-up with Hershey, a pure confectionery business, rather than being subsumed into Kraft, a company it describes as a low-growth conglomerate, the report said. Meanwhile, Swiss food giant Nestle and Ferrero Group of Italy are also waiting in the wings and could still bid. “Ferrero is thought to have met Hershey and private equity firms, KKR and Blackstone, to discuss a possible bid for Cadbury, but nothing firm has so far been agreed,” the daily said. Kraft has told its own investors it will maintain a disciplined approach to the bid battle and will not sacrifice its credit rating. Besides, Hershey also risks losing its investment-grade rating if it takes on too much debt to buy Cadbury. Source: World Business - Livemint.com | 3 Jan 2010 | 4:42 am JAL against bankruptcy, favours Delta offerTokyo: The president of Japan Airlines Corp said he is against a bankruptcy proceeding under a state restructuring plan and has no plans to completely withdraw the carrier from overseas flights, the Asahi Shimbun daily reported. In an interview conducted on Friday and published on Sunday, the Asahi also said JAL president Haruka Nishimatsu preferred Delta Air Lines as the carrier’s overseas partner to American Airlines. A government-backed turnaround fund has told JAL’s main creditors it favours a bankruptcy proceeding as part of a rescue package for Asia’s largest carrier by revenue, sources with knowledge of the matter have told Reuters. But Nishimatsu is against the plan, suggesting tough negotiations ahead between the airline and the Enterprise Turnaround Initiative Corp of Japan (ETIC), the Asahi said. “The image (of bankruptcy) would affect us and we would lose customers,” Nishimatsu was quoted as saying. “If we lose recognition from customers, restructuring would be difficult and this will trouble the ETIC too.” JAL’s shares hit a record low last week on expectations that it was headed for bankruptcy. The Asahi also said Nishimatsu was eyeing an alliance with Delta and the SkyTeam airline group, ending its current ties with American Airlines and the oneworld alliance. The two US carriers have made rival offers of financial aid, keen to gain a greater foothold in Japan and access to JAL’s network to the rest of Asia. “(Switching to SkyTeam) would involve a big process of changing systems, but (we need to consider) whether or not to value Asia,” Nishimatsu told the Asahi. “In that sense, SkyTeam has many Asian carriers.” JAL has said it will make a decision on which overseas partner it will choose by early January. Despite being burdened by unprofitable international routes, Nishimatsu ruled out a complete withdrawal from overseas flights, saying Asian routes offered business opportunities. Several Japanese cabinet ministers have asked JAL to hand its international business over to rival carrier All Nippon Airways, but the transport minister is opposed to the idea, the Mainichi Shimbun reported last week. Source: World Business - Livemint.com | 3 Jan 2010 | 2:42 am
|
