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Maruti looks to export Ritz to South-East Asia, Middle East!With shipment of Ritz to Indonesia starting last month, the country`s largest carmaker Maruti Suzuki today said it will now look for opportunities to export the small car to South-East Asia and the Middle East.Source: Zee News : Business | 7 Feb 2010 | 5:11 am Indian envoy to meet Brumby; Police ask victims to report cases - Hindustan Times
Source: Business - Google News | 7 Feb 2010 | 2:46 am Australia to end bank and funding guaranteesThe withdrawal is the latest move to lift crisis measures brought in during the global downturn and which helped Australia avoid recession.Source: Daily News & Analysis: Money News | 7 Feb 2010 | 2:23 am Corporate tax cut not likely in Budget 2010-11The government may not tinker with the corporate tax rates in the Budget 2010-11 despite pressure from India Inc to slash rates or at least do away with surcharge and cess.Source: India Business News | Business News - Times of India | 7 Feb 2010 | 2:19 am G7 reassures on Greece, talks tough on banksIQALUIT, Canada (Reuters) - Reassurances about debt-strapped Greece and agreement that banks should pay for future rescue funds capped an international meeting in Canada's Arctic, as European policymakers sought to convince jittery markets that they have things under control.Source: Reuters: Money News | 7 Feb 2010 | 2:18 am ANALYSTS' VIEW - Euro zone seeks to calm Greek crisis fear at G7REUTERS - The euro zone's top finance officials sought on Saturday to ease concerns about a deep budget crisis that has roiled financial markets and raised questions about the future of the single currency group.Source: Reuters: Money News | 7 Feb 2010 | 1:44 am Toyota May Start Prius Recalls - Wall Street Journal
Source: Business - Google News | 7 Feb 2010 | 12:51 am FACTBOX - Major issues at G7 meeting in CanadaREUTERS - Finance ministers and central bankers from the Group of Seven economies met in the Canadian Arctic to discuss the euro zone's budget crisis, the recovery from global recession and reforms of international banking.Source: Reuters: Money News | 7 Feb 2010 | 12:44 am HDFC Bank expands donation facility,adds Golden temple in foldExpanding its religious donation online facility, the country's second largest private sector lender HDFC Bank has brought the Golden Temple of Amritsar in its fold and plans to have more such tie-ups during the year.Source: India Business News | Business News - Times of India | 7 Feb 2010 | 12:38 am PM signals further opening of retail trade to curb price riseThe Prime Minister, Dr Manmohan Singh, today pitched for opening up of retail trade to bridge the wide difference between the retail and farmgate prices. He stated that greater competition was necessary in the wake of the retail prices having shotSource: Business Line - Home Page | 7 Feb 2010 | 12:00 am L&T plans to enter general, not life, insuranceLarsen & Toubro is gearing up to enter the general insurance business with no plans of a foray into the life insuranceSource: Business Line - Home Page | 7 Feb 2010 | 12:00 am Minister to decide Bt brinjal fate on Feb 10With the three-week, seven-city public debate ending in Bangalore on Saturday, the controversial Bt brinjal now awaits a crucial, even-handed verdict on its fate from the Environment Minister on FebruarySource: Business Line - Home Page | 7 Feb 2010 | 12:00 am Weekly News Round upThe report of the expert group on pricing of petroleum products, headed by MrKirit S. Parikh, has recommended a Rs 6 a litre increase in price for kerosene sold under the public distribution system and an increase of Rs 100 for every 14.2-kg LPGSource: Business Line - Home Page | 7 Feb 2010 | 12:00 am Extended hours improve cash volumes on NSEWith an extra hour of trading time, domestic market participants seem to be punching in more stockSource: Business Line - Home Page | 7 Feb 2010 | 12:00 am Unveil your Dream Budget 2010Business Line invites you to tell the Finance Minister your Budget expectations. Send in your Budget wish list (in about 200 words) to BudgetTwentyTen@ gmail.com, along with reasoning. Attach your digital photograph (as a high resolution `jpg' file)Source: Business Line - Home Page | 7 Feb 2010 | 12:00 am Commercial vehicle makers skid on tyre shortageAfter posting robust sales for the last few months, the commercial vehicle (CV) industry's production is decelerating due to low supply of tyres, especially radials.Source: Business Line - Home Page | 7 Feb 2010 | 12:00 am Worst is over for global economy but recovery weak G7Finance ministers from the world's top seven industrialised (G7) nations who wound up their two-day informal chats in the Canadian Arctic city of Iqaluit admitted on Saturday that the recovery from the global recession is still weak.Source: HindustanTimes.com - Top Business News Headlines | 6 Feb 2010 | 11:50 pm Market ready for a rebound: AnalystsThe Dalal Street may witness a corrective bounce back this week buoyed by a recovery in the US markets as analysts feel traders are waiting on the sidelines to enter the market shrugging off fresh concerns over the world recovery.Source: India Business News | Business News - Times of India | 6 Feb 2010 | 11:36 pm Infra investment doubles to 8% in 5 yrs: Plan PanelThe Planning Commission today said investment in the infrastructure sector has doubled in the past five years from 4 per cent to 8 per cent of GDP.Source: India Business News | Business News - Times of India | 6 Feb 2010 | 11:33 pm Indian pleads guilty in international online brokerage hacking scheme - Times of India
Source: Business - Google News | 6 Feb 2010 | 11:19 pm G7 reassures on Greece, talks tough on banksMinisters and central bank governors said economies were recovering from recession but stuck to their view that it was too early to withdraw government help.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 10:47 pm INOX Leisure open offer for Fame India from April 1 - Press Trust of India
Source: Business - Google News | 6 Feb 2010 | 10:43 pm G7 wants banks to pay for rescue, details pendingThe idea of a global tax on banks to recapture bailout costs gained ground on Saturday, boosted by the Obama administration's latest proposals.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 10:42 pm Toyota to recall Prius for brake glitch - dealerTOYOTA CITY, Japan (Reuters) - Toyota Motor Corp, which has recalled more than 8 million vehicles around the world for problems with unintended acceleration, has decided to recall its new Prius hybrid in Japan to fix a braking software glitch, a dealer said on Sunday.Source: Reuters: Money News | 6 Feb 2010 | 10:34 pm Nagpur Airport to invest Rs20 crore in apron, other facilitiesAround Rs15-crore will be invested in the apron which can accommodate more aircraft and Rs4-5-crore on other facilities such as gradients for easy luggage and passenger movement, car-park, etc.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 10:27 pm Good port infrastructure must for India to scale up tradeThe government's ambitious Sethusamudram Ship Channel project and its plan to develop coastal shipping and Inland Water Transport (IWT) are expected to open avenues for dredging in the country.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 10:24 pm Geithner says zeal for bank reform intactIQALUIT, Canada (Reuters) - U.S. Treasury Secretary Timothy Geithner insisted on Saturday that major economies were not easing up on their commitment to stiffen the rules for banks just because the global economy was recovering.Source: Reuters: Money News | 6 Feb 2010 | 9:00 pm IT raid: Chhattisgarh IAS officer has 220 bank accounts - Economic Times
Source: Business - Google News | 6 Feb 2010 | 4:51 pm Toyota India says global recall not to hit its salesA day after Toyota Motor Corp chief apologised for global recalls, its India head said the situation in the US and elsewhere would not affect its operations.Source: HindustanTimes.com - Top Business News Headlines | 6 Feb 2010 | 1:26 pm Merkel wants new definition of economic growthEurope needs a new definition for economic growth, German Chancellor Angela Merkel said on Saturday ahead of a special European Union summit on economic growth strategies next week.Source: HindustanTimes.com - Top Business News Headlines | 6 Feb 2010 | 1:25 pm Saturday Special: Sensex rises 125 pts - Economic Times
Source: Business - Google News | 6 Feb 2010 | 12:42 pm Jubilant profits soarJubilant FoodWorks Limited (JFL), a leading food service company and master franchisee of pizza major Domino’s International, reported a 50 per cent rise in its total revenues at Rs 117 crore, while its net profits jumped by more than six times to Rs 11.4 crore for the third quarter ended December 31, 2009, as compared to the same period last year. Source: HindustanTimes.com - Top Business News Headlines | 6 Feb 2010 | 12:28 pm SBI launches hard drive on softwareBank puts all 13,000 branches on core banking platform.Source: Business Standard | Front Page Headlines | 6 Feb 2010 | 12:18 pm Modi raises the heat at meetTempers flared and charges were traded between the Bhartiya Janata Party and the Congress at the meeting of chief ministers of states convened by Prime Minister Manmohan Singh here today to debate the sharp rise in food prices. Finance Minister Pranab Mukherjee had to intervene at least thrice as Gujarat Chief Minister Narendra Modi fired one salvo after the other at the Central government.Source: Business Standard | Front Page Headlines | 6 Feb 2010 | 12:16 pm Sena blinks, will not oppose KhanMy Name Is Khan, produced by Dharma Productions with Shah Rukh Khan and Kajol as lead actors, will in all probability hit theatre screens across Mumbai on February 12. The Shiv Sena, which had taken umbrage on Khans observation that Pakistani cricketers shouldnt have been ignored for the Indian Premier League, softened its stand today and said it will not oppose the screening of the film. Mumbai is the largest grosser for films in the country.Source: Business Standard | Front Page Headlines | 6 Feb 2010 | 12:13 pm When you re sold a defective cell phoneIn order to protect the interests of consumers and force cell phone manufacturers to take responsibility for the products they sell, the department of telecommunication needs to take two urgent initiatives.Source: HindustanTimes.com - Top Business News Headlines | 6 Feb 2010 | 12:11 pm Team formed to revamp PDSManmohan Singh will lead committee of 11 Cabinet ministers and chief ministers.Source: Business Standard | Front Page Headlines | 6 Feb 2010 | 12:10 pm Obama: No retreat on financial, healthcare reformsWASHINGTON (Reuters) - President Barack Obama vowed on Saturday not to abandon his push for financial regulatory and healthcare reforms as he sought to boost the morale of fellow Democrats after the loss of a pivotal U.S. Senate seat.Source: Reuters: Money News | 6 Feb 2010 | 10:52 am BSE clocks a profit of Rs55 croreIts total income stood at Rs119 crore for the reporting quarter as against Rs102 crore in the year-ago period, a press release issued stated.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 10:45 am Do not worry about security: AP Guv tells investorsInvestors need not worry about the safety and security situation of the state in the wake of recent disturbances, Andhra Pradesh Governor E S L Narasimhan said here today.Source: India Business News | Business News - Times of India | 6 Feb 2010 | 10:34 am Implement Parikh Committee report, says CARE - The Hindu
Source: Business - Google News | 6 Feb 2010 | 9:46 am Toyota India chief says global recalls not to hit India salesToyota has recently recalled more than 7.5-million cars worldwide. The company also announed that it will suspend US sales of eight models including the Camry and the Corolla.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 8:36 am Iran discovers new oil and gas fields - reportTEHRAN (Reuters) - Iran's oil minister announced on Saturday the discoveries of an oil field and a gas field, estimating the total value of their reserves at $85 billion, a semi-official news agency reported.Source: Reuters: Money News | 6 Feb 2010 | 7:32 am Probe in Satyam scam almost complete: Salman KhursheedAccounts of scam-hit IT firm Satyam Computer Services, now Mahindra Satyam, are in the process of being restated after Raju, its founder-chairman, last January admitted to fudging accounts for years.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 7:25 am Farm outlook brightens, food prices to dip: PMNEW DELHI (Reuters) - India's farm output in 2009/10 will be higher than initial estimates, raising prospects that food inflation, which has soared in recent months, will soon be controlled, Prime Minister Manmohan Singh said on Saturday.Source: Reuters: Money News | 6 Feb 2010 | 7:19 am Satyam probe almost complete: KhurshidThe government expressed hope that the multi-crore rupee Satyam fraud case would move on the "fast track" in courts as the investigation is almost complete.Source: India Business News | Business News - Times of India | 6 Feb 2010 | 7:15 am Killing research no certain cure for Big PharmaAstraZeneca, GlaxoSmithKline and Pfizer, have all taken a knife to research and development in the past week, ditching drug discovery work that does not pay its way.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 6:54 am HDFC Bank ties up with Shiromani Gurdwara Parbandhak CommitteeThis tie-up will enable lakhs of devotees of the Golden Temple spread across the world, to conveniently send their offerings to the holy shrine using HDFC Bank's secured net banking services.Source: Daily News & Analysis: Money News | 6 Feb 2010 | 6:45 am Maruti records highestever monthly salesIndia\'s largest carmaker Maruti Suzuki reported a 33% increase in sales in January to a monthly high amid general strength of vehicle sales in the country.Source: Moneycontrol Top Headlines | 6 Feb 2010 | 4:42 am Sensex loses 442 points over the weekA benchmark index of Indian equities lost 442 points during an extended week ending Saturday as selling pressure built up across the markets, especially on the last two trading days.Source: India Business News | Business News - Times of India | 6 Feb 2010 | 4:25 am Toyota India unit: no recall link to India, sees sales doublingMUMBAI (Reuters) - Toyota Kirloskar Motors, the Indian unit of Toyota Motor Corp, expects to double its sales in the next five to seven years, powered by its Etios cars to be launched at the end of this year, a top company official told Reuters on Saturday.Source: Reuters: Money News | 6 Feb 2010 | 4:17 am Gold rises on buying, firm global cuesNew Delhi: Gold prices recovered by Rs50 to Rs16,440 per ten grams here on Saturday on buying at existing levels amid a positive trend in the global markets. Standard gold and ornaments rose by Rs50 each to Rs16,440 and Rs16,290 per ten grams, respectively. Sovereign gained Rs25 at Rs13,925 per eight-gram piece. Marketmen said some local buying at attractive lower levels and reports of recovery in the overseas markets helped gold prices recover. The price of the precious metal overseas, which normally sets the trend for the domestic market here, recovered by $1.80 to $1,065.00 an ounce in New York last evening. Gold had tumbled by Rs410 per ten grams in the previous session on heavy selling. On the other hand, silver ready remained steady at Rs24,600 per kg on lack of support, while weekly-based delivery fell by Rs30 to Rs24,310 per kg. Silver coins too remained unchanged over last close at Rs32,900 (rpt) 32, 900 for buying and Rs33,000 for selling of 100 pieces. Source: Home - Livemint.com | 6 Feb 2010 | 4:08 am Gold recovers on buying, firm global cuesGold prices recovered by Rs 50 to Rs 16,440 per ten grams here today on buying at existing levels amid a positive trend in the global markets.Source: India Business News | Business News - Times of India | 6 Feb 2010 | 4:03 am New orders engineer recovery in McNally Bharat Engineering - NDTV.com
Source: Business - Google News | 6 Feb 2010 | 4:01 am Toyota Kirloskar sees doubling sales in 5 to 7 yearsMumbai: Toyota Kirloskar Motors, the Indian unit of Toyota Motor Corp expects to double its sales in the next five to seven years, powered by its Etios cars to be launched at the end of this year, a top company official told Reuters on Saturday. Etios is a compact car, developed by Toyota specifically for the Indian market, and showcased at the Delhi Auto Expo last month. In 2010, the company expects its sales to grow more than 15% from 2009, when it had sold 55,497 cars. “For us to become a significant player in the volume market segment, we need at least 10% market share and we expect to achieve that in the next five to seven years,” managing director Hiroshi Nakagawa said in an interview. Toyota has a 3% share of the local automobile market, and sells brands like Innova, Fortuna, Sedan’s CorollaAltis and Camry. The compact car segment in India accounts for about three-fourth of the total cars sold in the country, with market leader Maruti Suzuki dominant. Etios will be competing with Maruti’s Swift Hatchback, Swift D’zire, Hyundai’s i20 and Tata Motor’s Manza. “Maruti Suzuki is a giant and we are the challengers,” Nakagawa said, adding the company would consider further strengthening its product line-up but there were no complete plans yet. Toyota Kirloskar, in which Toyota has a 89% equity stake, is expanding its dealership network to about 150 dealers by the end of this year. Quality issues Nakagawa said Toyota’s recent recall of 7.5 million cars had absolutely no link to India, where it has not recalled any of its cars. “This is a good chance for us to review quality related activities in India. We are undertaking a review of our quality processes,” he said. Currently, Toyota India unit’s localization stands at about 50% and this would be taken to 100% eventually, but Nakagawa did not provide any timeframe for this. Etios will be launched with a local content of 70 to 80%. Toyota Kirloskar Motors has a plant at Bidadi near Bangalore with a production capacity of 80,000 units annually, which produces the cars sold in India. A second plant currently under construction at Bidadi would produce Etios with an initial capacity of 70,000 units. Production is expected to start at the end of this year. “Once we get acceptance from customers, we will be able to ramp up to 200,000 units,” Nakagawa said. Source: Home - Livemint.com | 6 Feb 2010 | 3:23 am Aviation Budget \'10 wishlist: Focus on air traffic controlIn the runup to the Union Budget 2010, CNBCTV18 puts the spotlight on the aviation sector. Ravi Nedungadi, Chief Financial Officer of Kingfisher Airlines and Dinesh Keskar of Boeing India discuss the outlook for the sector and its wishlist from the Finance Minister.Source: Moneycontrol Top Headlines | 6 Feb 2010 | 2:58 am Farm outlook brightens, food prices to dip: PMNew Delhi: India’s farm output in 2009-10 will be higher than initial estimates, raising prospects that food inflation, which has soared in recent months, will soon be controlled, Prime Minister Manmohan Singh said on Saturday. Singh also said the economy was likely to grow at 7.5% for the fiscal year ending March, at a faster clip than the 6.7% economic expansion recorded for the previous year. India’s food price index rose an annual 17.56% in late January, just ahead of the Reserve Bank of India (RBI) setting the stage for rate hikes by raising banks’ cash reserve requirements more than what markets had been expecting. As persistently high food prices spill over into broader inflation and stoke public anger, government officials and the RBI are walking a fine line between controlling prices and nurturing the recovering economy. Singh told a conference of chief ministers that state governments should improve data collection as gloomy forecasts after 2010 saw the worst monsoon in 37 years had raised inflationary expectations. “This year the initial data made available by states showed much less production than what the states’ latest estimates show,” Singh said. The government is expected to issue the latest crop estimates next week. In November, the government said the country’s summer-sown rice output would fall 18%, while cane production would drop 9% - a forecast that raised the spectre of higher food prices and large imports of sugar and rice. “As expectations play a very big role in determining food prices, the initial low expectation, therefore, also contributed to the price increase,” the Prime Minister said. Prospects of large imports by India, the world’s top sugar consumer, catapulted New York raw sugar futures to a 29-year high this week, although on Friday, fears over the global economy helped futures fall to a six-week low. Singh said the prospects of winter-sown crops were also bright, further improving the supply situation. “Post-monsoon rains have been good. All this augurs well for our ability to stabilize food prices at a reasonable level,” he said. Rising food prices have given opposition parties ammunition against the UPA coalition, which was voted back to power last year on the back of strong support in rural areas, where farmers have gained from higher grain prices. “We are all very concerned about the distress that the sharp rise in food prices has caused to the common man,” Singh said. “I believe that the worst is over as far as food inflation is concerned. The Prime Minister said India had adequate stocks of rice and wheat to maintain food security. On Friday, Singh was quoted by a spokesman of the Congress party as saying the country would try to control rising prices by increasing production. The government has also taken a series of measures to control sugar prices. Source: Home - Livemint.com | 6 Feb 2010 | 2:37 am Economy to grow by 7 5 pc in 2009 10 PMPrime Minister Manmohan Singh on Saturday said the economy is expected to register a growth rate of 7.5 per cent in this financial year (2009-10), up from 6.7 per cent a year ago.Source: HindustanTimes.com - Top Business News Headlines | 6 Feb 2010 | 2:07 am Sensex rises 0.79% led by realty, metalsMumbai: After two days of mayhem, the markets got a reprieve on Saturday on a special 90-minute session with the BSE benchmark Sensex gaining 125 points on all-round buying driven by positive cues from the Wall Street. The Bombay Stock Exchange (BSE) 30-share index Sensex resumed higher by 142 points and touched an intraday high of 15,951.07 points before ending at 15,915.65, a net rise of 124.72 points, or 0.79%, from its last close. On Friday, it crashed by 434 points on global cues. Significantly, all the sectoral indices ended in the green, with the worst hit sectors in the past two sessions - realty, metals, oil & gas and IT counters - leading the rally. The National Stock Exchange’s 50-share index Nifty also shot up by 38.60 points, or 0.82%, to finish at 4,757.25 from its previous close, after opening over 42 points. US stocks rose on Friday on speculation that the European Union may propose a solution for Greece’s budget deficit. The Dow Jones Industrial Average closed flat after rising 163 points intraday due to last hour profit booking, while Nasdaq gained 0.74% and the S&P 500 0.29%. The markets also got some consolation from the chairman of the Prime Minister’s economic advisory council C. Rangarajan, who had on Friday said the government might not roll back the economic stimulus measures at a go and efforts could be be made in the budget to lower fiscal deficit, said marketmen. Realty and metals were the biggest gainers. While realty counter rally was charged by the largest real estate company DFL which rose by 1.60% and the metals rally was driven by Hindalco which shot up 2.39%. The Sensex gainers pack was led by Hindalco, followed by Jaiprakash Associates which gained 2.24%, Sterlite 1.73%, Infosys 1.59%, Tata Steel 1.50%, Wipro 1.42%, RIL 1.26%, Tata Power 1.22%, Tata Motors 1.11% and M&M rose 1.07%. Among the BSE sectoral indices, the Realty rose by 69.63 points, or 2.14%, followed by the Metals by 246.53 points, or 1.60%, the Oil & Gas by 115.57 points, or 1.21%, and the IT by 49.68 points, or 1.04%. The small-cap and mid-cap indices also finished higher by 124.01 points, or 1.54%, and 88.56 points, or 1.40%, respectively. The market breadth was positive with 1,931 shares ending with gains while only 607 finished with losses on the BSE. Trading volume was limited to Rs835.26 crore. Reliance Media World was the top traded share with a turnover of Rs29.42 crore followed by Essar Oil (Rs25.26 core), Reliance Industries (Rs21.46 crore), Indraprastha Gas (Rs19.71 crore) and SpiceJet (Rs18.22 crore). Source: Home - Livemint.com | 6 Feb 2010 | 2:06 am
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