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Indian Oil plans to hire 250 staff this yearState-run refiner Indian Oil Corporation plans to recruit 250 people this year primarily to fill the vacancies in its engineering division, a top company official has said.Source: HindustanTimes.com - Top Business News Headlines | 10 Jan 2010 | 3:00 am China vows to keep "hot money" out of property marketBEIJING (Reuters) - China vowed on Sunday not to let foreign speculative investment affect the property market, the latest expression of official concern that real-estate prices are racing ahead too fast.Source: Reuters: Money News | 10 Jan 2010 | 2:57 am Life insurers add 13 lakh agents during 2008-09New Delhi: Life insurance companies have appointed around 13 lakh agents during 2008-09 despite the sector going through a tough phase following the impact of the global financial crisis. The number of life insurance agents increased to 29.37 lakh by the end of March 2009, according to Insurance Regulatory and Development Authority (Irda) annual report 2008-09. In 2007-08, life insurance companies added 10 lakh insurance agents. More than one-fourth of the insurance agents were recruited by the country’s largest insurer Life Insurance Corporation in the last fiscal. It recruited 3.45 lakh agents in 2008-09 compared with 2.34 lakh in 2007-08. On the other hand, private insurers added 9.43 lakh agents in the last fiscal against 7.72 lakh a year ago. Among the private insurers, the biggest recruiter was ICICI Prudential. The insurance company hired 1.88 lakh agents in the last fiscal. Reliance Life was the second largest player in agents appointment in the last fiscal. It hired 93,051 advisers in 2008-09. Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 2:53 am Life insurers add 13 lakh agents during 2008-09New Delhi: Life insurance companies have appointed around 13 lakh agents during 2008-09 despite the sector going through a tough phase following the impact of the global financial crisis. The number of life insurance agents increased to 29.37 lakh by the end of March 2009, according to Insurance Regulatory and Development Authority (Irda) annual report 2008-09. In 2007-08, life insurance companies added 10 lakh insurance agents. More than one-fourth of the insurance agents were recruited by the country’s largest insurer Life Insurance Corporation in the last fiscal. It recruited 3.45 lakh agents in 2008-09 compared with 2.34 lakh in 2007-08. On the other hand, private insurers added 9.43 lakh agents in the last fiscal against 7.72 lakh a year ago. Among the private insurers, the biggest recruiter was ICICI Prudential. The insurance company hired 1.88 lakh agents in the last fiscal. Reliance Life was the second largest player in agents appointment in the last fiscal. It hired 93,051 advisers in 2008-09. Source: Home - Livemint.com | 10 Jan 2010 | 2:53 am Delta, American investment in JAL put on ice - sourceTOKYO (Reuters) - Delta Air Lines and American Airlines will not be invited to invest in Japan Airlines until after a new management has been put in place, if ever, a person familiar with the matter said.Source: Reuters: Money News | 10 Jan 2010 | 2:49 am LG confirms LCD TV sales target, eyes more marketSEOUL (Reuters) - South Korea's LG Electronics Inc, the world's No. 2 TV brand, said on Sunday it aimed to increase its global market share in LCD TVs to 15 percent this year from 11 percent last year.Source: Reuters: Money News | 10 Jan 2010 | 2:46 am India on fast-track for divestment: NTPC mulls FPO - Commodity Online
Source: Business - Google News | 10 Jan 2010 | 2:45 am Fiat to bring ‘By Diesel 500’ premium small car to IndiaNew Delhi: Italian carmaker Fiat today said it plans to bring its super premium hatchback ‘By Diesel 500´, a co-branded model with European clothing firm Diesel, in India as it looks to add more style statement to its portfolio. “Depending on customer feedback and orders we get, we can bring the co-branded 500 by February or March. It will be costlier than the normal ‘500’ we are selling now in India,” Fiat India president and CEO Rajeev Kapoor told PTI. The company is showcasing the ‘By Diesel 500’ at the 10th Auto Expo here. Fiat had launched super premium small car ‘500’ in India 2008 with an average base price of about Rs15 lakh. It has sold about 65 units in India so far. Fiat India vice-president (Commercial) Ravi G Bhatia said the idea behind plans to bring ‘By Diesel 500´ to India is to add more glamour, in tune with the European preference for making fashion statement, to Fiat’s product portfolio. “The number of customers in India who want to make fashion statement is on the rise and the co-branded 500 will address those section of people,” Bhatia added. Since the car will be imported as completely built up unit from Italy, it would take about two months for delivery from the date of booking. Source: Home - Livemint.com | 10 Jan 2010 | 2:37 am ET Awards Live on ET NOW on Jan 10 at 4:30 pm, also available on Tata Sky, Channel 542At this edition of the Economic Times Awards for Corporate Excellence, Finance Minister Pranab Mukherjee will spell out Vision 2020.Source: India Business News | Business News - Times of India | 10 Jan 2010 | 1:58 am Govt shortlists Citi, Kotak among 6 to advice on NMDC selloffNew Delhi: Six leading bankers, including Citigroup and Kotak Mahindra, are learnt to have been shortlisted for managing the estimated Rs14,000-crore divestment programme of state-owned iron ore producer NMDC. Last month as many as 17 investment bankers had made presentations to the inter-ministerial group (IMG), set up under the Finance Ministry, for advising the government on the follow-on-public offer (FPO) of the country’s largest miner. “The IMG shortlisted six bankers, which include Citigroup, Kotak Mahindra, RBS Equities, UBS Securities, Morgan Stanley and Edelweiss Capital to advice on the FPO,” one of the investment bankers told PTI today. The IMG also shortlisted the Mumbai-based law firm Crawford Bayley to advice on the share sale from the seven firms which presented their cases before it in December, a Finance Ministry official said, who also confirmed the appointment of the six bankers as book runners-cum-lead managers of the FPO. The development could not be confirmed independently with the shortlisted bankers or the law firms. ICICI Securities, Citigroup, Morgan Stanley, SBI Caps, JM Financial, Kotak Mahindra, IDFC-SSKI, Enam Securities, DSP Merril Lynch, Deutsche Bank, Nomura Financial, IDBI Capital, Edelweiss Capital, Axis Bank, Karvy Investors, RBS Equities, and UBS Securities comprised the 17 banks which made presentations to the IMG. Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 1:34 am Soon, a No. 3 in the cabinet hierarchy? - Times of India
Source: Business - Google News | 10 Jan 2010 | 12:45 am Twitter is hiring, many openings for software engineersNew York: Popular micro-blogging site Twitter is expanding headcount and has many openings for software engineers. Twitter is looking to hire people for as many as 27 key positions in the company, which had started operating from a garage in 2006. Twitter has sprang on popularity charts with a number of celebrities, including Britney Spears, India’s Shah Rukh Khan and US daily The New York Times using the service and scores of people using it for dissemination of information. It is looking for people in areas right from software engineering to product and technical operations; administrative department to managing media services to take the company to the next level of growth. “We are a hard-working team looking for a few key people to help take us to the next level,” Twitter said on its website. The company, as per information available with its website in April last year, has about 120 employees. Twitter offers micro-blogging which allows users to send short text messages, among others, on various multimedia platforms. Source: Tech News - Livemint.com | 10 Jan 2010 | 12:36 am Twitter is hiring, many openings for software engineersNew York: Popular micro-blogging site Twitter is expanding headcount and has many openings for software engineers. Twitter is looking to hire people for as many as 27 key positions in the company, which had started operating from a garage in 2006. Twitter has sprang on popularity charts with a number of celebrities, including Britney Spears, India’s Shah Rukh Khan and US daily The New York Times using the service and scores of people using it for dissemination of information. It is looking for people in areas right from software engineering to product and technical operations; administrative department to managing media services to take the company to the next level of growth. “We are a hard-working team looking for a few key people to help take us to the next level,” Twitter said on its website. The company, as per information available with its website in April last year, has about 120 employees. Twitter offers micro-blogging which allows users to send short text messages, among others, on various multimedia platforms. Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 12:36 am Govt finds novelty while checking suspicious transactionsNew Delhi: A sudden deposit of Rs14 crore in a dormant account and a public listed firm purchasing Rs1.63 crore forex to arrange a business trip abroad are some suspicious transactions tracked by the government last year. According to a finance ministry report, several strange and clever ways of dubious transactions made through the country’s banking channels were detected during its anti-money laundering and terror financing checks in 2008-2009. Among the many cases, the financial intelligence found that Rs14 crore was remitted at one go to an inactive account, and a company got Rs1.63 crore forex to fund its employees’ business trip to Kyrgyztan. In a transaction pertaining to “cross border remittances”, the report mentions the process of dubious transaction where “two customers settled in Dubai were reported to have received funds of around Rs 42 crore through Real Time Gross Settlement (RTGS) in their Indian accounts. The funds were immediately used for investment in the stock market. “Thy were found to have received funds through serially numbered Demand Drafts of Rs5 lakh earlier,” the report said. In an another case, the financial intelligence machinery found that “a husband and wife paid insurance premium of Rs2.5 crore for over 15 life insurance policies, out of which over Rs80 lakhs was paid in cash in multiple installments of less than Rs50,000. “As per the feedback received, the information resulted in the admission of undisclosed income of the entire amount of insurance premium,” the report for 2008-09 said. Source: LatestNews-Home - Livemint.com | 10 Jan 2010 | 12:23 am Govt approves road projects worth Rs 6,152 crThe Union Government has approved road projects worth Rs 6,151.94 crore in five States for upgrading nearly 561.87 km ofSource: Business Line - Home Page | 10 Jan 2010 | 12:00 am NRIs invited to invest in pharmaceutical sectorThe Union Minister for Health and Family Welfare, Mr Ghulam Nabi Azad, invited People of Indian Origin living abroad to become partners in the healthSource: Business Line - Home Page | 10 Jan 2010 | 12:00 am Weekly News Round upKarnataka has rolled out a red carpet welcome to ArcelorMittal. The company is interested in investing Rs 30,000 crore for setting up a 6 m.t integrated steel plant in the State. The State gave in-principle clearance for 38 projects worth Rs 1.38Source: Business Line - Home Page | 10 Jan 2010 | 12:00 am Foreign institutions log over 80% gains on investmentsRetail investors accustomed to seeing their portfolios shed values have reason to envy the performance of the foreign institutional investors (FIIs). Net of funds repatriated, FII holdings have appreciated by 82 per cent or about $69 billion (RsSource: Business Line - Home Page | 10 Jan 2010 | 12:00 am Union Budget likely on Feb 26The Union Budget for 2010-11 is likely to be presented on February 26, the Finance Minister, Mr Pranab Mukherjee, said hereSource: Business Line - Home Page | 10 Jan 2010 | 12:00 am PepsiCo's $200-m investment proposal gets Cabinet nodPepsiCo's proposed $200-million investment into PepsiCo India got the approval of the Cabinet Committee on Economic Affairs (CCEA) on Saturday. PepsiCo now has three years to invest the additional $200 million, but the company plans to pump inSource: Business Line - Home Page | 10 Jan 2010 | 12:00 am Ranbaxy pitches for Bangalore biotech firm BiovelRanbaxy Laboratories has pitched in to acquire Biovel Life Sciences Ltd, a little-known, closely-held biotechnology company based in Bangalore, according to information Business Line obtained from top sources in both theSource: Business Line - Home Page | 10 Jan 2010 | 12:00 am NTPC follow-on offer likely in Feb first weekNTPC's follow-on public offering is likely to hit the market in the first week of February. The draft prospectus for the issue will be filed with SEBI on Monday, official sourcesSource: Business Line - Home Page | 10 Jan 2010 | 12:00 am Simplify insurance products; use tech to reduce cost: FicciFederation of Indian Chambers of Commerce and Industry (Ficci) has made these recommendations on the way forward for the life insurance sector, which was opened for private players a decade ago.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 11:48 pm India asks US authorities not to take action against Satyam - Economic Times
Source: Business - Google News | 9 Jan 2010 | 11:37 pm Yamaha to launch scooters in IndiaJapanese two-wheeler maker Yamaha on Sunday said it would introduce scooters in the Indian market in order to tap the potential in segment.Source: India Business News | Business News - Times of India | 9 Jan 2010 | 11:23 pm Five of Top-10 firms lose Rs 25k cr in mcap; ONGC top gainerAfter a promising start during the first week of the year, five of the country's top 10 companies saw an erosion of nearly Rs 25,000 crore from their market cap, while PSU oil firm ONGC added over Rs 8,000 crore to its kitty.Source: India Business News | Business News - Times of India | 9 Jan 2010 | 11:19 pm Indian employees' confidence among highest in the world: StudyThe Indian employees, along with their peers in Brazil and China, portray highest levels of confidence in the future of their companies, a study says.Source: India Business News | Business News - Times of India | 9 Jan 2010 | 11:15 pm IBM to scale up BPO operations; plans to hire 5,000Betting big on the India story, global IT giant IBM plans to scale up its BPO operations in the country and would hire 5,000 staff this year.Source: India Business News | Business News - Times of India | 9 Jan 2010 | 11:14 pm Bitter news: Sugar prices may remain firm in coming months - Economic Times
Source: Business - Google News | 9 Jan 2010 | 11:11 pm Indian Oil plans to hire 250 staff this year - Economic Times
Source: Business - Google News | 9 Jan 2010 | 11:03 pm Hollywood, Web and gadgets a winning mix at CES 2010Las Vegas: The premier Consumer Electronics Show (CES), which ends here Sunday rebounded from a global economic drubbing, wowing attendees with gadgets that merge 3-D, software, entertainment, and the Web. “CES is back,” analyst Rob Enderle of the Enderle Group said of the annual event at which electronics makers from around the world gather to display their latest creations. “Last year when I left I was thinking ‘It’s the last CES;’ it was a morgue.” Device makers who felt the chill the fiscal crisis put on sales of consumer electronics last year poured passion and innovation into proven products and hot trends such at electronic-readers and 3-D television sets. “This is one of the most exciting CES events we’ve had in years,” said Scott Steinberg, lead technology analyst for DigitalTrends.com. “There is innovation in terms of incremental gains instead of revolutionary changes. We are seeing baby steps and hints of giant steps to come.” Two Silicon Valley titans absent from the show floor left giant footprints on the gathering of more than 2,500 exhibitors. Also Read Latest Updates on CES 2010 CES was awash in e-reader, tablet, and slate devices that in some cases seemed hurried out to get a jump on an “iSlate” that iPhone, iPod and Macintosh computer maker Apple is expected to unveil later this month. “I think a lot of the tablet buzz was trying to get upwind of Apple,” said Roger Kay, president of Massachusetts-based Endpoint Technologies Associates. “It’s kind of a game of chicken or leapfrog where you’re investing or pretending to invest in the tablet area in a bid to try to claim it before someone else gets there.” A host of device makers unveiled smartphones, netbooks, or tablets based on Google’s Android software. A Google team had the Internet star’s new Nexus One smartphone available for private meetings and on display one evening at an event in a Las Vegas hotel but not on the CES show floor. “Google was kind of the stealth company here,” Enderle said. “Google Androids were in devices all over the place.” Television makers who have seen prices driven down by competition and the economy enthralled CES attendees by crafting eye-grabbing 3-D and Internet services into high-definition flat-screen models. “We’ve seen a pretty dramatic shift from hardware-centric to software-centric,” Gartner analyst Van Baker said of televisions unveiled at CES, which ends Sunday. “Manufacturers are struggling with that. Increasing the value with software implies service, and it’s not an easy transition for them.” Internet pioneer Yahoo! added its software “widgets” to some televisions last year at CES and built on that momentum this week with an expanded array of sets and online services. “It won’t be long before every TV is Web-connected in one shape or form, whether it’s technology in the TV or through a set-top box,” Enderle said. “They’re all pushing this pretty hard.” Forrester Research analyst James McQuivey said that 3-D TVs face “an uphill slog” and it is unlikely consumers will rush to buy them after many upgraded to high-definition sets in the past three years. “I don’t think we are going to be wearing those 3-D glasses at home any time soon,” Steinberg said. Growth of 3-D has been slow because of a lack of programming, the need for the special glasses and the higher prices of 3-D sets. But, last month’s release of science fiction blockbuster “Avatar,” a 3-D film by “Titanic” director James Cameron, has renewed interest in the medium and ESPN, Discovery and others announced plans this week to broadcast 3-D programming. In another nod to Digital Age tastes, CES abounded with chips, controllers, and other offerings tailored to enhance videogame play as far as making experiences 3-D. By Sunday, CES had logged more than 112,000 attendees in a 20% jump from last year’s gathering, according to the Consumer Electronics Association that runs the event. Gartner expects consumer electronics sales to improve along with the economy. Source: LatestNews-Home - Livemint.com | 9 Jan 2010 | 11:02 pm Hollywood, Web and gadgets a winning mix at CES 2010Las Vegas: The premier Consumer Electronics Show (CES), which ends here Sunday rebounded from a global economic drubbing, wowing attendees with gadgets that merge 3-D, software, entertainment, and the Web. “CES is back,” analyst Rob Enderle of the Enderle Group said of the annual event at which electronics makers from around the world gather to display their latest creations. “Last year when I left I was thinking ‘It’s the last CES;’ it was a morgue.” Device makers who felt the chill the fiscal crisis put on sales of consumer electronics last year poured passion and innovation into proven products and hot trends such at electronic-readers and 3-D television sets. “This is one of the most exciting CES events we’ve had in years,” said Scott Steinberg, lead technology analyst for DigitalTrends.com. “There is innovation in terms of incremental gains instead of revolutionary changes. We are seeing baby steps and hints of giant steps to come.” Two Silicon Valley titans absent from the show floor left giant footprints on the gathering of more than 2,500 exhibitors. Also Read Latest Updates on CES 2010 CES was awash in e-reader, tablet, and slate devices that in some cases seemed hurried out to get a jump on an “iSlate” that iPhone, iPod and Macintosh computer maker Apple is expected to unveil later this month. “I think a lot of the tablet buzz was trying to get upwind of Apple,” said Roger Kay, president of Massachusetts-based Endpoint Technologies Associates. “It’s kind of a game of chicken or leapfrog where you’re investing or pretending to invest in the tablet area in a bid to try to claim it before someone else gets there.” A host of device makers unveiled smartphones, netbooks, or tablets based on Google’s Android software. A Google team had the Internet star’s new Nexus One smartphone available for private meetings and on display one evening at an event in a Las Vegas hotel but not on the CES show floor. “Google was kind of the stealth company here,” Enderle said. “Google Androids were in devices all over the place.” Television makers who have seen prices driven down by competition and the economy enthralled CES attendees by crafting eye-grabbing 3-D and Internet services into high-definition flat-screen models. “We’ve seen a pretty dramatic shift from hardware-centric to software-centric,” Gartner analyst Van Baker said of televisions unveiled at CES, which ends Sunday. “Manufacturers are struggling with that. Increasing the value with software implies service, and it’s not an easy transition for them.” Internet pioneer Yahoo! added its software “widgets” to some televisions last year at CES and built on that momentum this week with an expanded array of sets and online services. “It won’t be long before every TV is Web-connected in one shape or form, whether it’s technology in the TV or through a set-top box,” Enderle said. “They’re all pushing this pretty hard.” Forrester Research analyst James McQuivey said that 3-D TVs face “an uphill slog” and it is unlikely consumers will rush to buy them after many upgraded to high-definition sets in the past three years. “I don’t think we are going to be wearing those 3-D glasses at home any time soon,” Steinberg said. Growth of 3-D has been slow because of a lack of programming, the need for the special glasses and the higher prices of 3-D sets. But, last month’s release of science fiction blockbuster “Avatar,” a 3-D film by “Titanic” director James Cameron, has renewed interest in the medium and ESPN, Discovery and others announced plans this week to broadcast 3-D programming. In another nod to Digital Age tastes, CES abounded with chips, controllers, and other offerings tailored to enhance videogame play as far as making experiences 3-D. By Sunday, CES had logged more than 112,000 attendees in a 20% jump from last year’s gathering, according to the Consumer Electronics Association that runs the event. Gartner expects consumer electronics sales to improve along with the economy. Source: Tech News - Livemint.com | 9 Jan 2010 | 11:02 pm IBM to scale up India business process outsourcing operationsThe IT major has decided to scale up its outsourcing operations in India at a time when many global companies, hit by the financial turmoil, have downsized their outsourcing contracts.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 11:01 pm Mercedes Benz told to pay Rs5 lakh compensationNew Delhi: A consumer court has ticked off automobile manufacturer Mercedez Benz for delivering a “defective” car to a buyer and directed it to pay Rs5 lakh as compensation to him. “It is regrettable that such an automobile manufacturer has adopted a practice to sell their cars in India by issuing glorifying advertisements about the performance of their vehicle,” the National Consumer Commission, comprising members Justice R K Batta and P D Shenoy, said. The Commission made the observation while awarding a compensation of Rs 5 lakh to the consumer. “The complainant had purchased this car to enjoy the feel of a new car of world standard. Persistent defects clearly show that the car was a defective piece which had to be sent constantly for repairs,” the panel said. Rajiv Chadha, the complainant, had sought Rs50 lakh in compensation alleging unfair trade practices and deficiency in service by the automobile manufacturer in delivering a car having defects, including rattling of doors. Mercedes Benz India Limited claimed that there were no manufacturing defects in the vehicle. Source: LatestNews-Home - Livemint.com | 9 Jan 2010 | 10:57 pm Mercedes Benz told to pay Rs5 lakh compensationNew Delhi: A consumer court has ticked off automobile manufacturer Mercedez Benz for delivering a “defective” car to a buyer and directed it to pay Rs5 lakh as compensation to him. “It is regrettable that such an automobile manufacturer has adopted a practice to sell their cars in India by issuing glorifying advertisements about the performance of their vehicle,” the National Consumer Commission, comprising members Justice R K Batta and P D Shenoy, said. The Commission made the observation while awarding a compensation of Rs 5 lakh to the consumer. “The complainant had purchased this car to enjoy the feel of a new car of world standard. Persistent defects clearly show that the car was a defective piece which had to be sent constantly for repairs,” the panel said. Rajiv Chadha, the complainant, had sought Rs50 lakh in compensation alleging unfair trade practices and deficiency in service by the automobile manufacturer in delivering a car having defects, including rattling of doors. Mercedes Benz India Limited claimed that there were no manufacturing defects in the vehicle. Source: Home - Livemint.com | 9 Jan 2010 | 10:57 pm Five of Top-10 firms lose Rs25k cr in mcap; ONGC top gainerMumbai: After a promising start during the first week of the year, five of the country’s top 10 companies saw an erosion of nearly Rs25,000 crore from their market cap, while PSU oil firm ONGC added over Rs 8,000 crore to its kitty. During the week ended 8 January, NTPC, NMDC, Infosys Technologies, TCS and Bharti Airtel together lost over Rs24,546.71 crore from their market capitalisation (m-cap). Outsourcing firm TCS was the biggest loser during the week shedding Rs9,639.21 crore from its m-cap slipping by a notch to the eighth position. Its m-cap stood at Rs1,37,101.86 crore. The companies which were able to buck the losing trend were RIL, ONGC, MMTC, SBI and Bhel. These together added Rs18,744.68 crore to their market valuation. Mukesh Ambani-led Reliance Industries able to maintain its numero-uno position by adding Rs4,124.65 crore to its m-cap, taking its total valuation to Rs3,62,164.68 crore. RIL was followed at the second spot by state-run oil firm ONGC that saw its valuation surge by Rs8,362.98 crore, the highest by any company during the week. Power firm NTPC was at third spot losing Rs3,999 crore. The total m-cap of ONGC stood at Rs2,60,225.62 crore and NTPC at Rs1,90,346.44 crore. Trading firm MMTC added Rs4,305.75 crore to its m-cap taking its total valuation to Rs1,76,542.25 crore, while the country’s largest iron ore producer NMDC lost Rs1,447 crore from its valuation and stood at Rs1,66,140.75 crore. Source: Home - Livemint.com | 9 Jan 2010 | 10:55 pm Cellular operators in Kerala wooing customers with new strategiesThe Mobile subscriber base in Kerala is 2.09 crore with BSNL, Reliance and Airtel together having about 31 lakh subscribers.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 10:49 pm Indian Oil Corporation plans to hire 250 staff this yearIndia's largest oil firm would deploy the new staff in all its 10 refineries across the country, Indian Oil director (HR) VC Agrawal told PTI in Mumbai.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 10:42 pm Sachin Tendulkar highest tax paying sportsperson in IndiaSachin paid Rs1.5 crore for the quarter till December and stood at 115th position ahead of MS Dhoni among the 500 top tax payers of the country.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 10:42 pm ICICI Prudential to make profits sooner than expected: CEOICICI Prudential has chalked out strategies for business turn around which includes introducing an array of cheaper insurance products in the market in near future.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 10:37 pm Indian firms set to report rising profitsMumbai: Indian firms are expected to announce a sharp rise in profits when the quarterly reporting season kicks off this week, aided by improving business and a low base from the depths of the financial crisis. The 30 companies that make up Mumbai’s benchmark Sensex index are forecast to announce a year-on-year increase in net profit of between 15 and 20 % for the quarter ending December, analysts told AFP. “We have definitely turned the corner. Earnings will be robust, aided by the low base effect of the December 2008 quarter,” said Hitesh Agrawal, head of research at Mumbai’s Angel Broking. India’s economy grew by a faster-than-expected 7.9% in the three months to September, picking up pace from the previous quarter when it expanded by 6.1%. “Demand across sectors is picking up and business confidence is high. The economy has been boosted by foreign capital inflows and government stimulus packages,” said Jigar Shah, senior vice president of Kim Eng Securities India. Infosys Technologies, the Bangalore-based pioneer of India’s flagship software sector, announces its profits Tuesday, the first index heavyweight to report earnings. TCS, the largest software exporter, announces its earnings on 15 January and rival Bangalore-based Wipro on 20 January. India’s largest oil exploration firm Oil and Natural Gas Corp (ONGC) takes its turn on 21 January and the country’s largest passenger car maker Maruti Suzuki India will be centre stage on 23 January. The improved business sentiment in India is reflected in the Mumbai stock exchange which vaulted by 80% over 2009 -- its biggest annual gain in 18 years -- after it had declined 52% in full-year 2008. Such has been the force of the revival that India’s government and central bank now face a tricky balancing act in fighting inflation and keeping economic recovery on track. Analysts say that any monetary policy action in coming months is likely to be mild to avoid snuffing out the recovery. “The RBI could make a ‘calibrated exit´ from the current overtly accommodative monetary policy,” Edelweiss Securities analyst Siddharth Sanyal said in a latest report to clients. A hike in rates or the cash reserve ratio -- the amount which commercial banks have to keep aside as deposit -- would take place during the first quarter of calendar year 2010, the Edelweiss report said. Finance minister Pranab Mukherjee in December said he expected India to grow between 7.5-8% for the year to March 2010. Shah and Agrawal said the recovery would mean Indian companies had to cope with rising input costs from metals, commodities, fuel prices and financing -- if the expected tightening of monetary policy materialises. “Companies have to get proactive as input costs will start to rise,” Agrawal told AFP, forecasting Sensex companies to show a 20-percent profit growth in the three months to December. India was better insulated from the direct impact of the global turmoil that hit growth in 2008 and early 2009 due to its strong local demand base. Sectors such as automobiles, steel, cement and infrastructure could report the strongest results thanks to robust domestic demand, analysts say. The auto sector has been one of the most robust, showing record sales and export growth last year. Its growth has been fuelled by several new car launches and cheap finance. Japanese-controlled Maruti Suzuki India, South Korea’s Hyundai Motor and India’s Tata Motors have all announced higher sales of cars and sports utility vehicles last year, pointing to renewed buoyancy in the Indian economy. Car sales in December leapt 40% from 2008 levels, according to industry data. Source: Home - Livemint.com | 9 Jan 2010 | 9:44 pm Will build 20 km a day by April: Nath - Indian Express
Source: Business - Google News | 9 Jan 2010 | 2:49 pm Corporate round up - Economic Times
Source: Business - Google News | 9 Jan 2010 | 1:53 pm PepsiCo gets CCEA nod to invest $200 million in India - Economic Times
Source: Business - Google News | 9 Jan 2010 | 12:40 pm Bill Gates II from India or China: US SurveyA sizeable number of Americans believe that the next Bill Gates will come from India or China, as the two Asian giants are fast marching ahead on the global platform, a new US survey reveals.Source: Business Standard | Front Page Headlines | 9 Jan 2010 | 11:36 am Rush begins to become patent agentsThere has been a sharp increase in the number of graduates who want to qualify as patent agents the intermediates between patent applicants and the patent office.Source: Business Standard | Front Page Headlines | 9 Jan 2010 | 11:33 am Budget on February 26The Budget is usually tabled in Lok Sabha on the last day of February. This year, February 28 is Sunday. Government managers had initially planned to table the Budget on February 27 but Prophet Mohammads birthday falls on the same day, which makes it a public holiday.Source: Business Standard | Front Page Headlines | 9 Jan 2010 | 11:32 am Huawei sets eye on three ITI factoriesGovernments security concerns about Chinese equipment makers not a deterrent.Source: Business Standard | Front Page Headlines | 9 Jan 2010 | 11:30 am An economist who learnt by losing his moneyThose who have followed the global economy closely over the last decade will realise that most central banks and governments actually worked the opposite way.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 11:18 am Google becoming "giant monopoly" - German ministerBERLIN (Reuters) - Internet search engine Google Inc is becoming a "giant monopoly" like Microsoft and could face legal action if it does not become more transparent, Germany's justice minister said.Source: Reuters: Money News | 9 Jan 2010 | 10:05 am Global corporate defaults rise to record in 09 - S&PNEW YORK (Reuters) - The number of global corporate bond issuers that defaulted on their debt climbed to a record high in 2009, as companies worldwide struggled in the economic downturn, credit rating agency Standard & Poor's said on Friday.Source: Reuters: Money News | 9 Jan 2010 | 9:22 am Air India to go for bridge loans to take aircraft deliveriesThe decisions were taken at a Board meeting, which also reviewed a series of cost-cutting measures ahead of getting a Rs800-crore equity infusion from the government.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 8:30 am Daimler CEO Dieter Zetsche to stay another three yearsZetsche has been a member of Daimler's management board since 1998 and took over the post as CEO in 2006.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 8:04 am Ahluwalia: Economy likely to grow 9% in FY12The economy is likely to return to an annual growth rate of 9 percent by the fiscal year ending in March 2012.Source: Moneycontrol Top Headlines | 9 Jan 2010 | 8:00 am Bank of America to pay bonuses close to \'07 levelsBank of America Corp will pay its investment bankers bonuses close to the levels of 2007, as it tries to reduce defections following its takeover of Merrill Lynch Co.Source: Moneycontrol Top Headlines | 9 Jan 2010 | 8:00 am FY10 outlook: LT sees 30% growth in order inflowEngineering and construction major, Larsen Toubro\'s current orderbook is at Rs 900 billion, says company\'s Chairman and Managing Director, AM Naik, reports CNBCTV18, quoting NewsWire18. He sees order inflow growth at 30% in FY10.Source: Moneycontrol Top Headlines | 9 Jan 2010 | 7:44 am Daimler CEO Zetsche to stay another 3 years -report - Economic Times
Source: Business - Google News | 9 Jan 2010 | 7:43 am Experts discuss entrepreneurial mantra for 2010As we start the New Year and a new decade its time to draw up the entrepreneurial agenda for 2010. What are the new imperatives in a post Lehman world for young startups? What are the lessons to be learnt and is there any India specific entrepreneurial mantra.Source: Moneycontrol Top Headlines | 9 Jan 2010 | 6:00 am Gold rebounds on global cuesBuying in gold picked up as prices rebounded in the overseas market on dollar weakness, traders said.Source: Daily News & Analysis: Money News | 9 Jan 2010 | 5:01 am Gold rebounds on global cuesGold rebounded by Rs 220 to Rs 17,100 per ten gram here on Saturday due to fresh buying triggered by a firming global trend on a weakening dollar.Source: India Business News | Business News - Times of India | 9 Jan 2010 | 4:50 am Rel Foundation to set up worldclass university in IndiaMukesh Ambani says there is need for overhauling the method of education in India. \"Access to world class education is a prerequisite for a strong India.\" Reliance Foundation, he added, plans to set up worldclass university in India.Source: Moneycontrol Top Headlines | 9 Jan 2010 | 4:35 am Budget on Feb 26, GST roll out later - MukherjeeNEW DELHI (Reuters) - The government will present its annual budget on February 26 and was aiming at enacting legislation in the second half of this year for introducing a new Goods and Services Tax (GST), the finance minister said on Saturday.Source: Reuters: Money News | 9 Jan 2010 | 4:26 am Global recovery faster but sutainability in question - IMFWARSAW (Reuters) - Global economic recovery is faster and stronger than expected but there are still risks for its sustainability, the International Monetary Fund's head for Europe, Marek Belka, was quoted on Saturday as saying.Source: Reuters: Money News | 9 Jan 2010 | 4:09 am Govt clears Pepsico’s proposal to inject $200 mn in IndiaNew Delhi: The government on Saturday cleared a proposal of the US-based soft drinks major Pepsico Holdings Pvt Ltd to inject additional equity of $200 million (around Rs930 crore) into its Indian arm within three years. A few month ago the company had announced plans to pump in $200 million in 2010 on expanding manufacturing capacity, market infrastructure, supply chain and R&D. The investment, approved by the Cabinet Committee on Economic Affairs at its meeting here, would take Pepsico’s total FDI into the country to $655 million. The company had said of the planned $220 million investments, $170 million will be from Pepsico while $50 million would come from its bottling partners. The approval is to invest the money within three years but the company has plans to spend it within a year. “This is by far the largest investment made by the company... in a single year since its entry into India,” PepsiCo India chairman and CEO Sanjeev Chadha had said in a recent interview. The $200 million is part of PepsiCo’s $500-million investment plans, spread over three years, announced by the company’s India-born global head Indra Nooyi during her visit to the country last year. Pepsico, which held its high-profile global board meeting in India in November, had announced that it would triple its business in country every five years. Source: LatestNews-Home - Livemint.com | 9 Jan 2010 | 4:01 am JAL’s main banks to agree to bankruptcy planTokyo: The main creditor banks of Japan Airlines are in the final stages of deciding to accept a plan to put the carrier through bankruptcy as part of a state-led restructuring, three sources familiar with the matter said. A state-backed turnaround fund is considering putting about ¥300 billion ($3.2 billion) in fresh capital into JAL, provided it files for bankruptcy and creditors agree to waive debt, sources told Reuters earlier this week. JAL’s main creditors, which include Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group, had countered with a proposal to restructure JAL without a bankruptcy filing. But with the state-backed Enterprise Turnaround Initiative Corp of Japan (ETIC) holding firm that bankruptcy is the most transparent and orderly way to deal with JAL’s problems, the banks will almost certainly agree to the plan, sources said. “JAL needs ¥300 billion and the ETIC is the only one that can provide it. If the ETIC is pushing for a court-led restructuring then we have to accept it. Otherwise JAL will collapse,” said one of the sources, who has direct knowledge of the discussions between the banks, the government and the ETIC. The ETIC is planning to set up a credit line of more than ¥600 billion in coordination with the state-owned Development Bank of Japan to ensure JAL has enough funds to keep operating once it files for bankruptcy, a fourth source with knowledge of that plan told Reuters. The ETIC is eyeing some time between 19 January for JAL to file for bankruptcy and for the ETIC to officially announce its plan to support the carrier, sources have said. Source: LatestNews-Home - Livemint.com | 9 Jan 2010 | 3:51 am Finance minister says budget on 26 February, GST roll out laternew Delhi: India will present its annual budget on 26 February and was aiming at enacting legislation in the second half of this year for introducing a new Goods and Services Tax (GST), the finance minister said on Saturday. Pranab Mukherjee also said he is hopeful growth rate of Asia’s third largest economy could touch 8 percent in the fiscal year to March 2010, faster than 6.7% in the previous year. A raft of stimulus through tax cuts and higher spending by the government, coupled with central bank’s aggressive rate cuts and infusion of liquidity in financial markets helped the economy weather the global slump faster than most nations. With faster growth in output in recent months and rise in inflation, India is widely expected to withdraw some of its fiscal stimulus in the forthcoming budget. “Budget will be presented on 26 February,” Mukherjee told reporters at a luncheon meeting but gave no details. Stake sales Industry bodies have urged the government to extend fiscal stimulus by six months this year, but a 16-year high fiscal deficit of 6.8% of gross domestic product estimated for 2009/10, has left little room for extending tax concessions. Mukherjee said it would take 7-8 months for the government to bring in legislations for introducing GST, which was earlier scheduled on April 2010. The federal and state government are now still debating the rates of proposed GST, which would replace a multitude of levies such as excise duty, service tax, value-added tax, and ease the burden of industry. The government expects the proposed tax reform along with higher growth in the economy leading to more revenues and stake sales in state-run firms, could help lower the fiscal deficit in 2010/11 to an estimated at 5.5%. Sunil Mitra, a secretary in the finance ministry looking at disinvestment of state-run firms, said some of the big-ticket share sales including that of Steel Authority of India Ltd and Coal India Ltd would come in the next fiscal year. An initial public offering of telecoms firm BSNL was also likely in 2010/11, he said. The Congress Party-led coalition government, which was re-elected for a second 5-year term in July, accelerated the stake sale process and sold shares in NHPC and Oil India that fetched $1.8 billion. India aims to sell shares of about 60 state-run firms in the coming years, with offers for power utility NTPC, miner NMDC, Rural Electrification Corp and Satluj Jal Vidyut expected by end-March 2010, Mitra said. Source: LatestNews-Home - Livemint.com | 9 Jan 2010 | 3:39 am Stocks fight off losses. dollar softensWorld stocks teetered near 15month highs and the US dollar fell on Friday after a soft US employment report tempered expectations for a global economic recovery.Source: Moneycontrol Top Headlines | 9 Jan 2010 | 3:30 am Govt approves road projects worth Rs6,152 cr in five states New Delhi: The government on Saturday approved road projects worth Rs6,152 crore in five states for upgrading nearly 562 km of four-lane highways into six lanes. The projects include six-laning of 435 km in Rajasthan, Maharashtra and Gujarat at an estimated Rs4,279.94 crore, which are part of the Golden Quadrilateral (GQ) scheme and four/six laning of 122.87 km stretch on Maharashtra-Goa and Goa-Karnataka border at an estimated Rs1,872 crore. The projects were approved by the Cabinet Committee on infrastructure. The stretches for six-laning are the Pune-Satara section of the national highway in Maharashtra, Samakhiali-Gandhidham section in Gujarat and Udaipur-Ahemdabad section in Rajasthan and Gujarat. The total project will be under design, build, finance, operate and transfer (DBFOT) pattern, an official statement said. The concession period for these three projects is between 24 and 30 years while that for the other Rs1,872-crore project is 23 years, an official statement said. The main objective of these projects is to expedite improvement of infrastructure in these states, it said. The Cabinet had given approval for six-laning of 6,500 km of the existing four-lane Highways under NHDP in October 2006. Source: LatestNews-Home - Livemint.com | 9 Jan 2010 | 3:22 am Twitter hiring workers to turn Tweets into moneyTwitter, the popular but moneylosing microblogging service, is hiring engineers and specialists who can help turn it into a moneymaker.Source: Moneycontrol Top Headlines | 9 Jan 2010 | 3:19 am Daewoo Shipbuilding wins total $750 mln ordersSEOUL (Reuters) - South Korea's Daewoo Shipbuilding & Marine Engineering, the world's second-biggest shipbuilder, said on Saturday that it had won orders totalling $750 million.Source: Reuters: Money News | 9 Jan 2010 | 3:10 am Union Budget likely on Feb 26The Union budget for 2010-11 is likely to be presented on February 26, two days ahead of the conventional date.Source: India Business News | Business News - Times of India | 9 Jan 2010 | 2:02 am
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