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Insurance ind fears tax on unrealised gains, wants changeInsurance companies have been requesting the government to make changes in the first schedule of the Finance Act 2009. which was amended and which suggests a levy of tax on unrealised gains.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 5:54 am SP places Airtel on watch negative after bid for ZainStandard Poor\'s Ratings Services said today that it had placed its \'BBB\' longterm corporate credit rating on Indiabased telecommunications service provider Bharti Airtel Ltd. on CreditWatch with negative implications following the company\'s proposed bid for Zain Africa BV.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 5:32 am Maruti Suzuki to hire 3,000 employees in next three yearsMaruti Suzuki, India\'s top carmaker, will add 3,000 employees in the next three years, a senior official said on Friday.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 5:32 am AP High Court dismisses Ramalinga Raju\'s bail pleaThe Andhra Pradesh High Court has dismissed B Ramalinga Raju\'s, former Chairman of Satyam Computer Services Ltd (now Mahindra Satyam) bail plea.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 5:04 am Reliance may raise Lyondell offerEnergy major Reliance Industries may raise its offer for LyondellBasell that will include cash and stock options for shareholders and creditors, the economictimes.com website reported on Friday.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 4:35 am New fertiliser policy: Impact analysis key beneficiariesIn a major reform signal for the fertiliser sector, the Cabinet has approved the nutrientbased fertliser subsidy plan. It has allowed a 10% hike in urea prices and a price decontrol of all other fertlisers.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 3:46 am France`s Carrefour in talks with Indian companiesFrench retailer Carrefour is in talks with Indian companies for a partnership and expects to start its business in India with cashandcarry activities, the company told Reuters.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 3:18 am Key facts about the fertiliser sectorThe government eased controls on several fertilisers and raised prices of the popular urea nutrient by 10 percent. The decision is expected to help improve the country\'s fertiliser mix, which is heavily skewed in favour of urea, that attracts the biggest subsidies.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 3:11 am Bharti may sell shares to SingTel: ReportIndia\'s largest mobile services operator Bharti Airtel may sell shares to Singapore Telecommunications to partly fund its purchase of Zain\'s African assets and avoid taking on too much debt, the Economic Times newspaper said on Friday.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 3:09 am India computer sales at 1.97 mln units in Oct-Dec - IDC - Reuters India
Source: Business - Google News | 19 Feb 2010 | 3:08 am Fed's disc rate hike won't impact mkts much: BNP Paribas - Moneycontrol.com
Source: Business - Google News | 19 Feb 2010 | 3:00 am Tourism business in the middle of nowhereSanghamitra Jena talks about setting up a touring business in Orissa, against all odds.Source: Moneycontrol Top Headlines | 19 Feb 2010 | 2:50 am Virgin Mobile launches GSM services in MaharashtraVirgin Mobile customers calling any other network will be charged at 40p/min for local and 50p/min for STD calls, again, without any packs, the release said.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 2:39 am FACTBOX - Forecasts, recommendations by PM econ panelREUTERS - The prime minister's economic advisory council on Friday gave a series of forecasts and recommendations in its review of the financial year 2009/10, a week before Finance Minister Pranab Mukherjee presents the 2010/11 annual budget in parliament.Source: Reuters: Money News | 19 Feb 2010 | 2:37 am Zain's Africa asset sale is strategic moveThe Kharafi group, one of Kuwait's largest family businesses, owns 11.47% of Zain through one of its units.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 2:35 am Bharti shares resume fall on Zain; down 12% on weekNew Delhi: Bharti Airtel shares resumed their fall on Friday after two days of mild gains, with a $9 billion potential deal for Kuwaiti telecom Zain’s African assets weighing on the stock. Rating agency Standard & Poor’s put Bharti on “creditwatch with negative implications”, citing possible significant deterioration in Bharti’s cash flow protection measures and weakening of its business risk profile after it enters Africa. Bharti and Zain are in exclusive talks until 25 March for the Kuwaiti firm’s operations in 15 African countries and have agreed for an enterprise value of $10.7 billion for the assets, including $1.7 billion debt in Zain Africa books. At 0741 GMT, Bharti shares were down 1.6% in a weak Mumbai market. The leading Indian mobile operator’s market value has plunged 12%, or more than $3 billion, this week since it confirmed the deal to $22.7 billion. Debt is seen as the most likely option for the Indian firm that currently has a low gearing, though media reports have also talked about other funding options such as a rights issue and a preferential allotment of shares to SingTel, which currently owns 32% in Bharti. Bharti is yet to detail its funding plans. The company is also keen to participate in India’s planned auction of third-generation spectrum, which analysts see costing between $1 and $1.5 billion for each phone firm to win pan-India radio waves. S&P said a potential debt-funded acquisition and the spending for the 3G auction could increase the Bharti’s pro forma consolidated debt in 2010-11 to about 3 times Ebitda, from 1.4 times for the 12 months ended December 2009. “Bharti’s business risk profile could weaken because of the macroeconomic and political risks associated with, and the lower profitability of Zain Africa’s operations,” S&P analyst Yasmin Wirjawan said. S&P, however, noted the proposed deal would provide growth opportunities in Africa, which has a low mobile penetration than India, and that the combined entity with more than 163 million users would benefit from economies of scale. Separately, the Economic Times reported Bharti may sell shares to SingTel to partly fund its purchase of Zain assets and avoid taking on too much debt. Bharti’s shares were the second-worst performer in 2009 among the benchmark index that rose 81%, as a price war in India clouds earnings growth potential. Source: Home - Livemint.com | 19 Feb 2010 | 2:33 am GLOBAL MARKETS - Fed action lifts dollar, unsettles global stocksLONDON (Reuters) - The U.S. dollar rose and global stocks and commodity prices fell on Friday after the Federal Reserve caught investors on the hop with a rise in its emergency lending rate.Source: Reuters: Money News | 19 Feb 2010 | 2:30 am Bharti Airtel shares resume fall after two days of mild gainsThe leading Indian mobile operator's market value has plunged 12%, or more than $3 billion, this week since it confirmed the deal to $22.7 billion.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 2:25 am How is a Bt Brinjal created? - Livemint
Source: Business - Google News | 19 Feb 2010 | 2:22 am Honda says new hybrid system for big cars in sightTOKYO (Reuters) - Honda Motor Co has taken a big step towards developing a new hybrid system for larger cars, its head of automobile research and development said on Friday, indicating a finished product could be about three years away.Source: Reuters: Money News | 19 Feb 2010 | 2:16 am IT industry seeks tax sop extension in budgetThe software industry wants units in software technology parks or STPIs to be treated at par with special economic zones or SEZs.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 2:11 am Key facts about the fertiliser sector - Moneycontrol.com
Source: Business - Google News | 19 Feb 2010 | 2:10 am French retailer Carrefour to enter India; in talks with potential partnersGlobal retail chains have long been frustrated in their efforts to set up shop in the world's second-fastest growing major economy, where organised retail accounts for just 6% of industry sales.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 2:07 am How is a Bt Brinjal created?Last week, the union minister for environment and forests, Jairam Ramesh, extended the moratorium on the commercial cultivation of Bt brinjal. The merits of Bt brinjal have divided the community of scientists and activists in India. But to understand the debate better, on Just to Clarify we wanted to look more closely at the Bt brinjal itself, and at why and how it was created. Our guest today is Dr. Himanshu Sinha, a reader in the department of biological sciences at the Tata Institute of Fundamental Research. Source: Home - Livemint.com | 19 Feb 2010 | 2:07 am Sensex down over 100pts; Cairn, Maruti, HCL Tech outperform - Moneycontrol.com
Source: Business - Google News | 19 Feb 2010 | 2:00 am Nestle sees higher growth in 2010Nestle's full-year sales for the full year were 108 billion Swiss francs ($99.91 billion), also exceeding the average forecast of 105.9 billion francs in a Reuters analyst poll.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 1:56 am Carrefour in talks with Indian cosMumbai: French retailer Carrefour is in talks with Indian companies for a partnership and expects to start its business in India with cash-and-carry activities, the company told Reuters. The world’s second largest retailer, however, declined to give names of the companies it is negotiating with and also did not confirm whether it was in talks with Future Group, which runs Pantaloon Retail, India’s largest listed retailer. “Carrefour and some Indian companies have been discussing partnerships but we do not want to comment on any of the company we have been talking to,” Carrefour said in a emailed statement to Reuters. Indian media has speculated on a tie-up between Pantaloon and Carrefour to launch franchise stores in India. Earlier this week, Future Group chief executive Kishore Biyani told Reuters that his company was in talks with several overseas retailers but declined to specify whether Carrefour was one of them. Indian regulations do not allow foreign direct investment by multi-brand retailers although they can come in through franchise agreements with local players. Foreign retailers are allowed to invest up to 51% in single-brand retail and 100% in cash-and-carry ventures. India’s robust economic growth at more than 7% and its burgeoning middle-class with greater spending power are magnets for foreign retailers who are facing declining demand in their home markets. The Indian retail market is estimated to be worth about $450 billion, of which organised retail with a share of 6% is growing at more than 20%. Cash and Carry The restrictions on foreign investments in retail have left overseas players with no choice but to enter the Indian market with domestic partners, or set up cash and carry ventures. “Carrefour will develop its activities in India with the start of cash & carry activities in 2010,” the company said. The French firm has set up two entities in India — Carrefour WC&C India Pvt Ltd to carry on cash and carry business and Carrefour Master Franchise Company Pvt Ltd for its retail business. Carrefour, which has been scouting the Indian market for nearly seven years, has been meeting local vendors and suppliers to finalise sourcing arrangements for food and non-food items. The company already sources supplies worth about $2 billion from India, according to industry estimates. Wal-Mart, which has a joint venture with Bharti Enterprises has set up its cash-and-carry store in north India while Germany’s Metro AG operates around five cash-and-carry stores in the country. Source: Home - Livemint.com | 19 Feb 2010 | 1:53 am PM's council for clear policy on genetically modified crops - The Hindu
Source: Business - Google News | 19 Feb 2010 | 1:52 am Overall India PC market sales (shipments) touch 19.7 lakh unitsDesktop PC sales accounted for nearly two-thirds of total PC sales at 12.7 lakh units, representing a 14.6 % increase year-on-year, it said in a statement.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 1:51 am Nestle makes $9.55 billion full-year profitGeneva: Swiss food and drinks company Nestle SA reported a full-year net profit of 10.4 billion Swiss francs ($9.55 billion) Friday, a significant drop from the 18 billion francs it earned the previous year, when it benefited from the sale of part of its stake in eye care company Alcon. The maker of Nescafe, Perrier, Jenny Craig and Haagen Dazs said sales reached 108 billion francs ($99 billion) in 2009. Earnings per share were 2.92 francs ($2.68). Nestle’s chief executive, Paul Bulcke, said the company had made changes to its products over the year and cut costs. “We were able to grow substantially faster than our industry,” he said. With 4.1% organic growth the company missed its long-term target of 5% a year. The Nespresso coffee machine capsules business fared particularly well, while sales of its Nestle-brand ice creams and Lean Cuisine diet foods suffered during 2009. “In some years we do very well, and other years we fall slightly below,” Nestle’s chief financial officer, Jim Singh, told investors in a conference call. Still, the results were in line with analysts’ expectations. The world’s biggest packaged food firm suffered a drop in net profit during the first half of 2009 as the recession and a strong Swiss franc hit sales. Since then, raw material costs have eased again and the company has embarked on a drive to adjust the price of its products to appeal to all market segments. Nestle said it cut costs by over 1.5 billion francs last year. The fourth quarter in particular “showed very strong momentum across the board, well above consensus _ and our estimates,” said Andrew Wood, a senior analyst at research firm Sanford C. Bernstein. Observers have been closely watching the Vevey, Switzerland-based company for signs that it is planning to expand its portfolio through takeovers. Last month, it purchased rival Kraft’s frozen pizza business for $3.7 billion. In addition to substantial cash reserves, Nestle is also due to reap a windfall of $28 billion from the sale of its remaining Alcon stake to Novartis later this year. The company said it plans to launch a 10 billion-franc share buyback program once an existing 25 billion-franc buyback scheme is completed during 2010. Nestle said it expects its food and beverages business to achieve higher organic growth than in 2009 — an outlook that Wood, the analyst at Sanford C. Bernstein, described as “cautious.” The company’s board will propose a dividend of 1.60 ($1.47) per share at the next annual general meeting. Shares in Nestle rose 1.9% to 52.40 francs ($48.15) in early trading on the Zurich exchange. Source: LatestNews-Home - Livemint.com | 19 Feb 2010 | 1:42 am IT industry seeks tax sop extensionMumbai: India’s export-driven IT sector has sought an extension of a key tax benefit scheme to beyond its 2011 deadline in next week’s Budget, which industry players say will help small and medium technology companies. The software industry wants units in software technology parks or STPIs to be treated at par with special economic zones or SEZs, which are duty-free economic enclaves where units can claim tax breaks for longer than 10 years, besides other perks. “One of our demands is that STPI units get the same benefits as SEZ units keeping in mind the small and medium enterprises,” said Som Mittal, president of National Association of Software and Services Cos (Nasscom), a software lobby. “Large companies are already in the 21-22% tax bracket so they will not be impacted by the extension of the STPI scheme. There will be no loss to the exchequer too as these big companies are paying these taxes,” Mittal said. The government had introduced the Software Technology Parks of India (STPI) scheme in 1991 to encourage software exports, which helped make India one of the world’s leading hubs for software and business process outsourcing. In its Budget last July, the government had extended tax benefits for units in STPI by a year to March 2011. Units set up in these parks are eligible for a 10-year tax holiday, besides other perks. Mid-cap companies such as MindTree and HCL Technologies Ltd are likely to benefit from the extension, said Harit Shah, technology analyst with Karvy Stock Broking. “We expect a further extension in light of the fact that the industry has just recovered from a severe global slowdown, with mid-sized IT companies, in particular, bearing the brunt of slowing order flows,” Shah said. Education Sops Nasscom has also asked the government to increase its outlay for education and e-governance schemes, including the Unique Identification (UID) project. A financial crisis in the US, which accounts for more then 50% of India’s software exports, saw the sector’s revenue growth slow to 16% in 2008-09 from the 20% clip of the pre-Lehman crisis years. Earlier in the month, Nasscom lowered its forecast by 7-8% for India’s software and services exports for 2010-11 to $56-57 billion. It expects revenue in the sector, led by top outsourcers Tata Consultancy Services , Infosys and Wipro to hit $49.7 billion this fiscal. Source: Home - Livemint.com | 19 Feb 2010 | 1:39 am Bharti shares resume fall on Zain; down 12 pct on wkNEW DELHI (Reuters) - Bharti Airtel shares resumed their fall on Friday after two days of mild gains, with a $9 billion potential deal for Kuwaiti telecom Zain's African assets weighing on the stock.Source: Reuters: Money News | 19 Feb 2010 | 1:36 am IT industry seeks tax sop extension in budgetMUMBAI (Reuters) - India's export-driven IT sector has sought an extension of a key tax benefit scheme to beyond its 2011 deadline in the budget, which industry players say will help small and medium technology companies.Source: Reuters: Money News | 19 Feb 2010 | 1:33 am Rupee down 16 paise against dollar in early tradeThe rupee fell by 16 paise in the early morning trade against the dollar, which gained overseas after the US Federal raised the discount rate for loans to banks.Source: HindustanTimes.com - Top Business News Headlines | 19 Feb 2010 | 1:28 am Carrefour to enter India, in talks with partnersMUMBAI (Reuters) - French retailer Carrefour, which has been looking to crack the restrictive India market for seven years, plans to kick off its operations in the country this year by setting up a wholesale business.Source: Reuters: Money News | 19 Feb 2010 | 1:17 am FY10 growth seen more than 7.2%: PM adviser - Moneycontrol.com
Source: Business - Google News | 19 Feb 2010 | 1:10 am S&P places Bharti on watch negative after bid for Zain - Economic Times
Source: Business - Google News | 19 Feb 2010 | 12:56 am Toyota head prepares for Congress grilling on recallsTOKYO/WASHINGTON (Reuters) - The head of Toyota Motor Corp bowed to pressure to testify before U.S. lawmakers and explain the company's safety crisis, becoming the highest profile Japanese executive to face such a grilling from Congress.Source: Reuters: Money News | 19 Feb 2010 | 12:53 am OPI hiring 1,000 additional employees throughout IndiaTo accommodate this growth, OPI has begun building-out three additional floors at its existing Bangalore and Kochi offices. The new workspaces are scheduled to be completed by May 2010.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 12:51 am Food inflation to moderate in 2-3 months - adviserNEW DELHI (Reuters) - India's food price inflation, which is near 18 percent, will moderate in the next two to three months, C. Rangarajan, the prime minister's economic adviser, said on Friday.Source: Reuters: Money News | 19 Feb 2010 | 12:42 am Govt must start fiscal consolidation in FY11: PM panelNew Delhi: India’s fiscal imbalance is a matter of concern and the process of consolidation must begin in the next financial year itself, the Prime Minister’s Economic Advisory Council said on Friday. The council also said inflation was a down-side risk to its projected growth rate of at least 8.2% in 2010-11, and any policy action would have to factor in the “significant” danger of high food inflation spreading into broader prices. India is seen growing at more than 7.2% in the year that runs till 31 March, largely as stimulus measures helped boost the economy in the aftermath of the global financial crisis. “Although the large deficits this year and the last year did have a counter-cyclical impact, it is necessary to initiate measures towards fiscal consolidation in the forthcoming budget,” the council said in its review of the financial year 2009-10. Source: Home - Livemint.com | 19 Feb 2010 | 12:23 am Economic growth to exceed 7.2% in 2009-10: PMEACAs regards the current fiscal, the Prime minister's Economic Advisory Council, chairman, C Rangarajan said the growth rate could be more than the 7.2 % projected by the Central Statistical Organisation (CSO).Source: Daily News & Analysis: Money News | 19 Feb 2010 | 12:15 am Fed seeks to calm markets after discount rate riseWashington: US Federal Reserve officials moved to calm speculation that a surprise rise in its emergency lending rate could bring forward broader policy tightening, saying borrowing costs in the economy would stay low. Fed chairman Ben Bernanke flagged the move last week, saying the US central bank aimed to widen the spread between its main policy rate that remains pegged near zero and the discount rate at which banks can borrow from the Fed. However, no one in markets expected it to act so soon and the timing of the move well ahead of the 16 March policy meeting — prompted investors to price in a greater likelihood of a rise in the benchmark fed funds rate late this year. The dollar jumped and government bonds and bank stocks fell after the Fed raised the discount rate by 25 basis points to 0.75% even as it cast it as a response to improved financial market conditions and not a change in monetary policy. “This is a significant and likely symbolic move that will impact on market sentiment,” Robert Rennie, a strategist at Westpac in Sydney said in The Dealing Room, a Reuters Messaging chat room. “The emergency easing cycle began with discount rate cuts - it was all about easing liquidity to banks. So the move to raise the discount rate means the long journey towards normalisation has begun.” Thursday’s move is the first increase in any of the Fed’s lending rates since the financial crisis blew up in 2007 and the first rate change since December 2008. “The modifications are not expected to lead to tighter financial conditions for households and businesses and do not signal any change in the outlook for the economy or for monetary policy,” the Fed said in a statement. Overblown expectations While investors initially brushed aside the Fed’s assurances that no tightening for the broad economy was on the cards, warnings from a senior Fed official that markets have gone too far in their tightening bets finally did sink in. St. Louis Federal Reserve Bank president James Bullard said investors belief in high probability of a rise in the Fed’s benchmark rate this year was “overblown” and that the discount rate rise should not be seen as a policy signal. “The discount rate move is part of a normalization process which is akin to our discontinuing many of our liquidity programs,” Bullard, who votes on the Fed’s interest rate-setting panel this year, told reporters in Memphis. “It does not indicate anything one way or the other about what we might eventually do with the federal funds rate,” he added. The dollar pared gains and treasury futures trimmed losses, after Bullard’s comments and reminders from fellow Fed officials that cheap credit was still the order of the day. Source: LatestNews-Home - Livemint.com | 19 Feb 2010 | 12:04 am Indian rupee pares losses; US discount rate hike weighs - Reuters India
Source: Business - Google News | 19 Feb 2010 | 12:02 am Maruti Suzuki to add 3,000 employeesThe company is also investing Rs2 billion to add showrooms and stockyards, SY Siddiqui, head of human resources, told reporters.Source: Daily News & Analysis: Money News | 19 Feb 2010 | 12:00 am Loans against FDs may lose sheenLoans against fixed deposits (FDs) may lose their sheen once banks shift to the proposed Base Rate scheme for all fresh loans sanctioned by them with effect from April 1, saySource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Britain in a pickle as fiscal deficit may rise to over 8.7%All eyes have been focused on Greece as it attempts to grapple with a massive public sector debt load, yet now it seems they're not alone and even parts of the continent known for their fiscal fortitude are inSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Holdings in US Treasuries drop $2 billion in DecIndia's holding of US Treasuries dropped $2 billion in December 2009 on a month on monthSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Will farmers make a shift in fertiliser usage?Mr Sunil Mukhati is a farmer near Indore in Madhya Pradesh. He grows soyabean during the kharif season and chickpea (chana) and wheat during the rabi. For him, the Centre's decision to hike the price of urea by 10 per cent makes noSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Day Trading GuideWe recommend a sell in DLF with stop-loss at Rs 311. Initiate fresh short position if ICICI Bank declines below Rs 830 and SBI drops below Rs 1,920, with stiff stop-loss. As long as Infosys stays above Rs 2,519, it has the possibility of headingSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Centre to hike retail urea price from April 1The Centre has decided to hike the maximum retail price (MRP) of urea from Rs 4,830 to Rs 5,310 a tonne with effect from AprilSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am IPL to be screened live in movie halls abroadCricket lovers overseas can now watch the Indian Premier League (IPL) matches live in movie halls. In fact, 3D viewing is on the cards if the script goes according toSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Pressure on Vedanta's UK investors growingA campaign to encourage shareholders in Mr Anil Agarwal's Vedanta Resources to sell their stakes is hottingSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Nahar Industrial Enterprises (Rs 72.4): BuyTraders with a short-term trading perspective can buy Nahar Industrial Enterprises. The stock halted its January decline at Rs 63.5 and has been meandering sideways between Rs 65 and Rs 71 since February 5. But high trading interest was witnessedSource: Business Line - Home Page | 19 Feb 2010 | 12:00 am DoT may get ‘poor' rating if it doesn't finish 3G auction by JuneIn a bid to put telecom reforms on fast track, the Government has set deadlines with ratings and weightage for completing various policy measures being undertaken by the Department of Telecom, including auctioning of 3G spectrum bySource: Business Line - Home Page | 19 Feb 2010 | 12:00 am Maruti Suzuki to add 3,000 employeesKOLKATA (Reuters) - Maruti Suzuki, India's top carmaker, will add 3,000 employees in the next three years, a senior official said on Friday.Source: Reuters: Money News | 18 Feb 2010 | 11:28 pm Yahoo-Microsoft deal set, taking aim at GoogleSan Francisco: US and European regulators have cleared the long-discussed Internet search partnership between Microsoft Corp. and Yahoo Inc., enabling the rivals to form a tag team as they try to mount a more serious challenge to Google Inc. The government approvals announced Thursday anointed an alliance that Microsoft and Yahoo proposed nearly seven months ago after years of flirtation and often contentious negotiations. Microsoft first approached Yahoo about working together in late 2006 and again in 2007. In 2008, Microsoft launched a hostile bid to buy Yahoo in its entirety, only to withdraw the $47.5 billion offer in exasperation. Yahoo now plans to rely on Microsoft’s search technology in an attempt to boost its sagging profits. Yahoo’s stock has been slumping since Microsoft took away its last offer of $33 per share in May 2008. The stock ended up 10 cents at $15.54 Thursday. Microsoft is counting on the 10-year deal with Yahoo to provide more muscle as it tries to counter Google’s domination of the lucrative Internet search market. The companies make money by charging advertisers to pay to have their links appear when people search for certain terms. While gaining access to Yahoo’s Internet search audience and advertisers is bound to help, it could still prove to be too little, too late. The US Department of Justice and European Commission had no problems with Microsoft and Yahoo working together largely because Google is so far ahead of them in the lucrative Internet search market. Allowing Microsoft and Yahoo to join forces should spur “greater competitive pressures in the marketplace,” the Justice Department predicted in a statement. Google processes two-thirds of the world’s search requests, followed by Yahoo with 7.4%, China’s Baidu.com at 7% and Microsoft at just 3.2%, according to Internet research firm comScore Inc. Microsoft has been making some minor strides in the US since it overhauled its search engine and renamed it Bing last summer. But the progress has primarily come at Yahoo’s expense. It’s going to take a while before all the pieces of the complex Microsoft-Yahoo deal will be in place. The companies hope Microsoft’s technology will be ready to start processing search requests that people enter on Yahoo’s US site by the end of this year. But getting everything ready around the rest of the world is expected to take until 2012. Yahoo figures to make more money from the deal because it allows the company to keep 88% of the revenue from search ads on its Web site during the first five years, while Microsoft absorbs most of the expenses. Yahoo estimates the partnership eventually could boost its annual operating profit by $500 million. The financial gains aren’t expected to start flowing to Yahoo until next year. To start, Yahoo will get $150 million from Microsoft to help offset its expenses for the transition to a new technology. The payments will be made in installments, with the first checks due before April. Microsoft will also take on about 400 of Yahoo’s 13,900 employees, with the first transfers expected to take place this year. “Although we are just at the beginning of this process, we have reached an exciting milestone,” Microsoft CEO Steve Ballmer said. “I believe that together, Microsoft and Yahoo will promote more choice, better value and greater innovation to our customers as well as to advertisers and publishers.” Even though Microsoft’s technology will be steering things, Yahoo insists its search results and advertising won’t be identical to what’s served up on Bing. Yahoo can still shape the presentation of the results. “This breakthrough search alliance means Yahoo can focus even more on our own innovative search experience,” said CEO Carol Bartz. Yahoo finally cozied up to Microsoft after Bartz replaced company co-founder Jerry Yang early last year. The company was reeling at the time because a proposed search partnership with Google had just unraveled after the Justice Department threatened to sue to block the deal on antitrust grounds. Yahoo wanted to fight regulators, but Google didn’t. Microsoft helped persuade the Justice Department to oppose the proposed Yahoo-Google deal. Google didn’t object to Microsoft teaming up with Yahoo. “There has always been robust competition in our industry, which keeps us on our toes and benefits users,” Google spokesman Adam Kovacevich said. Source: Home - Livemint.com | 18 Feb 2010 | 11:28 pm Yahoo-Microsoft deal set, taking aim at GoogleSan Francisco: US and European regulators have cleared the long-discussed Internet search partnership between Microsoft Corp. and Yahoo Inc., enabling the rivals to form a tag team as they try to mount a more serious challenge to Google Inc. The government approvals announced Thursday anointed an alliance that Microsoft and Yahoo proposed nearly seven months ago after years of flirtation and often contentious negotiations. Microsoft first approached Yahoo about working together in late 2006 and again in 2007. In 2008, Microsoft launched a hostile bid to buy Yahoo in its entirety, only to withdraw the $47.5 billion offer in exasperation. Yahoo now plans to rely on Microsoft’s search technology in an attempt to boost its sagging profits. Yahoo’s stock has been slumping since Microsoft took away its last offer of $33 per share in May 2008. The stock ended up 10 cents at $15.54 Thursday. Microsoft is counting on the 10-year deal with Yahoo to provide more muscle as it tries to counter Google’s domination of the lucrative Internet search market. The companies make money by charging advertisers to pay to have their links appear when people search for certain terms. While gaining access to Yahoo’s Internet search audience and advertisers is bound to help, it could still prove to be too little, too late. The US Department of Justice and European Commission had no problems with Microsoft and Yahoo working together largely because Google is so far ahead of them in the lucrative Internet search market. Allowing Microsoft and Yahoo to join forces should spur “greater competitive pressures in the marketplace,” the Justice Department predicted in a statement. Google processes two-thirds of the world’s search requests, followed by Yahoo with 7.4%, China’s Baidu.com at 7% and Microsoft at just 3.2%, according to Internet research firm comScore Inc. Microsoft has been making some minor strides in the US since it overhauled its search engine and renamed it Bing last summer. But the progress has primarily come at Yahoo’s expense. It’s going to take a while before all the pieces of the complex Microsoft-Yahoo deal will be in place. The companies hope Microsoft’s technology will be ready to start processing search requests that people enter on Yahoo’s US site by the end of this year. But getting everything ready around the rest of the world is expected to take until 2012. Yahoo figures to make more money from the deal because it allows the company to keep 88% of the revenue from search ads on its Web site during the first five years, while Microsoft absorbs most of the expenses. Yahoo estimates the partnership eventually could boost its annual operating profit by $500 million. The financial gains aren’t expected to start flowing to Yahoo until next year. To start, Yahoo will get $150 million from Microsoft to help offset its expenses for the transition to a new technology. The payments will be made in installments, with the first checks due before April. Microsoft will also take on about 400 of Yahoo’s 13,900 employees, with the first transfers expected to take place this year. “Although we are just at the beginning of this process, we have reached an exciting milestone,” Microsoft CEO Steve Ballmer said. “I believe that together, Microsoft and Yahoo will promote more choice, better value and greater innovation to our customers as well as to advertisers and publishers.” Even though Microsoft’s technology will be steering things, Yahoo insists its search results and advertising won’t be identical to what’s served up on Bing. Yahoo can still shape the presentation of the results. “This breakthrough search alliance means Yahoo can focus even more on our own innovative search experience,” said CEO Carol Bartz. Yahoo finally cozied up to Microsoft after Bartz replaced company co-founder Jerry Yang early last year. The company was reeling at the time because a proposed search partnership with Google had just unraveled after the Justice Department threatened to sue to block the deal on antitrust grounds. Yahoo wanted to fight regulators, but Google didn’t. Microsoft helped persuade the Justice Department to oppose the proposed Yahoo-Google deal. Google didn’t object to Microsoft teaming up with Yahoo. “There has always been robust competition in our industry, which keeps us on our toes and benefits users,” Google spokesman Adam Kovacevich said. Source: World Business - Livemint.com | 18 Feb 2010 | 11:28 pm Fed move not to hit India capital outflows - sourcePATNA, India (Reuters) - Capital outflows from India won't be hit after the U.S. Federal Reserve's decision to raise the discount rates, a Reserve Bank of India (RBI) official said on Friday.Source: Reuters: Money News | 18 Feb 2010 | 11:10 pm Bridgestone operating profit falls 42% in 2009Tokyo: Bridgestone Corp, Japan’s largest tyremaker, reported a 42% drop in 2009 operating profit, hurt by a downturn in the global car market and the strength of the yen, but it forecast an earnings recovery this year. The company, which competes with France’s Michelin, booked an operating profit of ¥75.7 billion ($824.8 million) for 2009, down from ¥131.6 billion the year before. That compared with an average estimate of ¥67.79 billion in a poll of 12 analysts. For this year, Bridgestone forecast an operating profit of ¥94 billion, undershooting analysts’ average forecast for a ¥123.7 billion profit. Global car sales have been picking up in recent months thanks to government stimulus measures worldwide, but automakers including Nissan Motor Co have warned this recovery may slow as such incentives peter out. Michelin last week reported a weaker-than-expected net profit for 2009 and said rising rubber prices and an unclear market outlook were making the company “extremely vigilant.” Shares of Bridgestone have risen 4.5% in the past three months, underperforming the Nikkei stock average’s 6.8% gain. Source: Home - Livemint.com | 18 Feb 2010 | 11:04 pm Fed move not to hit India capital outflows: sourcePatna: Capital outflows from India won’t be hit after the US Federal Reserve’s decision to raise the discount rates, a central bank official said on Friday. “I don’t see any major impact on capital outflows. We have tightened (policy), they have also tightened,” said a senior official at India’s central bank who did not wish to be identified. “The capital account is partially convertible so capital flows are subject to sentiment.” he added. Source: Home - Livemint.com | 18 Feb 2010 | 10:59 pm Sensex down 173 points in opening trade on Asian cuesThe 30-share Sensex, which had lost 101.07 points in the previous trading session, plunged 173.68 points, or 1.06 per cent to 16,154.16 points.Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:58 pm Facebook ties up with PayPalFacebook and PayPal on Thursday announced a tie-up to use PayPal as the way to pay for Facebook's advertising and developer systems. Under the tie-up, advertisers around the world will be able to use PayPal to pay for Facebook advertisements.Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:56 pm Sensex declines; financials, Reliance fallMumbai: The Bombay Stock Exchange Sensex was trading lower on Friday morning, taking cues from weak Asian markets which tumbled following the US Federal Reserve’s sudden move to raise the interest rate it charges banks for emergency loans. Financials led the decline, with leading lender State Bank of India decline 1.9% while top private lender ICICI Bank dropped 1.8%. By 10:48 am, the 30-share BSE Index was trading down 0.93% at 16,176.45, with 25 of its components gaining. “Market has become jittery due to a knee-jerk reaction to the surprise discount rate hike by Fed and the rise in dollar index,” said Sandip Sabharwal, chief executive of portfolio management services at Prabhudas Lilladher. “From a long-term perspective, Fed’s move is not really a negative. Monetary easing cannot always continue and the move points that recovery is under way,” he added. Energy major Reliance Industries, which has the highest weight on the main index, declined 1.6% to Rs981.90, as the economictimes.com website reported the company may raise its offer for LyondellBasell that will include cash and stock options for shareholders and creditors. “In our view, any payment higher than $13.5 billion would stress the valuation of LB (LyondellBasell) considering the still weak global petrochemical demand environment and subdued margins outlook,” Mumbai-based brokerage Sharekhan said in a note. Non-ferrous metals producer Sterlite Industries was down 2.7%, as London Metal Exchange copper fel1 more than 1%, hurt by a firmer dollar and a hike in the US Federal Reserve discount rate. Aluminium producer Hindalco and Tata Steel, the world’s eighth-largest steel maker, shed 2% each. Top mobile operator Bharti Airtel erased early gains and was trading flat after The Economic Times newspaper said the company may sell shares to Singapore Telecommunications to partly fund its purchase of Zain’s African assets and avoid taking on too much debt. In the broader market, losers led gainers in a ratio of 1.8:1 in a volume of 92 million shares. The 50-share NSE index was down 1% at 4,836.85. Source: Home - Livemint.com | 18 Feb 2010 | 10:45 pm Rupee down 16 paise against dollar in early tradeThe rupee fell by 16 paise in the early morning trade against the dollar, which gained overseas after the US Federal raised the discount rate for loans to banks.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 10:44 pm Reliance may raise Lyondell offer: reportMumbai: Energy major Reliance Industries may raise its offer for LyondellBasell that will include cash and stock options for shareholders and creditors, the economictimes.com website reported on Friday. Reliance, India’s largest-listed firm, had offered a deal that would value the bankrupt petrochemicals maker at about $13.5 billion, but earlier this week the target firm settled a dispute with creditors, paving the way for an exit from bankruptcy. Reliance Industries could not be immediately reached for comment. The enterprise value of LyondellBasell is now pegged at a minimum of $14.5 billion and Reliance is trying to tweak its bid, the website reported, quoting several unnamed sources close to the development. “The valuation would have to be higher but RIL’s offer would highlight the synergies in business and cross savings as a selling point to the creditors,” one of the sources told the website. Apart from a higher financial bid, Reliance is also looking at other options, including one offering stock and cash option, the source said, adding that the Indian company would be ready with a changed plan by end February. Source: Home - Livemint.com | 18 Feb 2010 | 10:20 pm Hong Kong shares hit 1-week low on Fed moveHong Kong: Hong Kong shares fell 2.27% to a one-week low by midday Friday, as banks came under pressure after the Federal Reserve raised the discount rate, sparking fears of further monetary tightening. The benchmark Hang Seng Index ended down 463.88 points at 19,958.27 by midday, its lowest since 10 February and heading for its biggest one-day percentage drop in two weeks. The China Enterprises Index of top locally listed mainland Chinese stocks was down 2.65% at 11,293.67. Market turnover rose to HK$24.9 billion ($3.21 billion) from midday Thursday’s HK$19.55 billion. The Fed said it would raise the interest rate it charges banks for emergency loans to 0.75% from 0.5%, taking a step towards normalising emergency policy used to fight the worst financial crisis since the Great Depression. But the Fed also said the move did not signal any change in the outlook for the economy or for monetary policy, and left its benchmark interest rate unchanged near zero. “The market will interprete it as a sign that the Fed is preparing their exit strategy,” said Ben Kwong, chief operating officer at KGI Asia. “In that sense, investors will be more cautious. China is already much more obvious — they’ve started their tightening measures.” Investors have been jittery about a potential sell-off in equities once central banks start turning off the liquidity taps — one of the main drivers of the blistering 52% gain in Hong Kong stocks in 2009. Last year, central banks slashed interest rates to record lows and many of them have been providing unlimited amounts of cash to the financial system, some of which has found its way into share prices given the paltry returns on money. Dealers said investors were reluctant to stake out new positions until they see how Shanghai stocks react to the China central bank’s latest move on Friday to clamp down on excessive lending. Markets in China will reopen on Monday after being closed all this week for the Lunar New Year holidays. The People’s Bank of China after the market close on Friday raised banks’ reserve requirements for the second time in two months. Chinese lenders Bank of Communications fell 4% and ICBC slipped 3.2%. Top Chinese property developer China Overseas Land lost 2.9%. “Investors are worried that the Chinese banks will react to the reserve requirement increase,” Kwong said. “They are dumping the H shares in preparation for the decline of the A share market.” China’s Solargiga Energy Holdings, which makes ingots and wafers used in solar products, fell 2.9% to a one-week low after solar bellwether First Solar issued a disappointing outlook for 2010.. Shares in Chinese health food firm Ruinian International fell 5.7% on their debut, as a broad market slump weighed on its HK$900 million ($115.9 million) initial public offering. Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 10:15 pm ET Now: First look at Notion Ink's Adam tabletSource: India Business News | Business News - Times of India | 18 Feb 2010 | 10:12 pm 'Adam's inspiration is a spiral-bound notebook'Technoholik.com editor Sriram Sharma interviews Makarand Kulkarni, the designer of Notion Inks Adam tablet, which has been billed as an 'iPad killer'.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 10:00 pm Toyota head prepares for Congress grilling on recallsTokyo/Washington: The head of Toyota Motor Corp will testify to US lawmakers next week after bowing to pressure to explain the company’s worst ever safety crisis, becoming the highest profile Japanese executive to face a such a grilling from Congress. Akio Toyoda, the grandson of Toyota’s founder, said on Friday he intends a “sincere explanation” of the problems that lead to the recall of millions of vehicles after accepting an invitation to testify next Wednesday before a congressional panel. His decision ends days of uncertainty about how the embattled automaker would respond to calls for a better response to its safety issues. Toyoda previously said he would send the company’s North American chief and that he had no plans to appear before Congress himself, a stance that later drew criticism from Japan’s transport minister. “I look forward to speaking directly with Congress and the American people,” Toyoda said in statement. Toyoda also said the firm is investigating the causes of the unintended acceleration and braking, which have led to a recall of about 8.5 million cars worldwide. The US House Oversight and Government Reform Committee invited Toyoda on Thursday, a month into a safety crisis that has tarnished its reputation, hurt sales and sapped profits. “It’s good that he has decided to accept (the invitation),” Seiji Maehara, Japan’s transport minister said on Friday. “But it’s a shame there was flip-flopping on the decision.” Shares of Toyota eased 1.2% in Tokyo trade on Friday, having fallen some 20% since 21 January, wiping out more than $25 billion in market capitalisation. US Market Analysts said Toyoda’s initial silence on the recall woes and earlier apparent reluctance to testify had reflected badly on the world’s largest automaker. “Toyota gave the impression that it was not serious enough about the issue or taking the US market too lightly when it said Mr. Toyoda had no imminent plans to travel to the US,” said Tsutomu Yamada, a market analyst at kabu.com Securities. Public relations experts said company executives appearing at such panels needed to be well prepared and able to answer any kind of question. “The important thing is that they actually answer all questions and don’t dodge or run away,” said Shoichi Yoshikawa, President and CEO of Hill & Knowlton Japan. A company source said while they have not yet decided whether Toyoda would speak in Japanese or English, they have contacted some translation companies already. Toyota has recalled more than 6 million vehicles in the US market for problems involving the accelerator pedal becoming stuck, either by a loose floor mat or because of a glitch in the pedal assembly. Up to 34 crash deaths have been blamed on unintended acceleration in Toyota vehicles since 2000, according to complaints tracked by US regulators. A separate recall is under way to fix software controlling the brakes on Toyota’s Prius hybrid, while US safety regulators have also begun a preliminary investigation into complaints about steering problems in late model Corollas. Toyoda, just seven months into his tenure in the top job at the automaker, has at times appeared uneasy with the heightened scrutiny. The House oversight panel said it had also issued a subpoena for internal documents Toyota had fought to keep sealed in a legal battle with a former employee who says the automaker routinely hid evidence of safety problems. White House spokesman Robert Gibbs said the Obama administration hoped Toyota would do all it could to rectify “a dangerous situation.” “Everybody, I think, is rightly concerned about the recalls that have happened,” Gibbs told reporters aboard Air Force One. Congress Pleased Representative Edolphus Towns, chairman of the oversight panel and Representative Darrell Issa, ranking Republican, said they were pleased Toyoda had agreed to answer questions. “We believe his testimony will be helpful in understanding the actions Toyota is taking to ensure the safety of American drivers,” they said in a joint statement. The House oversight hearing on Wednesday is one of two congressional inquiries set for next week into the Toyota safety crisis. On Tuesday, the US House Energy and Commerce Committee will hold its own hearing. The oversight panel has asked insurers for information they provided to US safety regulators on reports of unintended acceleration in Toyota vehicles. Toyota’s safety woes are deepening at a time when automakers worldwide are struggling to emerge from a deep decline in sales — led by a collapse in the US market — that prompted bankruptcies and consolidation. Toyota’s US sales dropped 16% in January and are expected to take a big hit in February as well. Source: World Business - Livemint.com | 18 Feb 2010 | 9:34 pm Sensex down 173 points on Asian cuesSensex fell by 173 points in the opening trade on Friday extending yesterday's losses on continued sell-off by funds, sparked by a weak trend on other Asian bourses.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 9:26 pm Indian bond yields up after US discount rate hikeMumbai: Indian federal bond yields rose on Friday, mainly tracking higher US treasury yields after the Federal Reserve raised its discount rate on Thursday. • At 9:20 am, the yield on the benchmark 10-year bond was at 7.90% after rising to 7.94% in early deals. It had ended at 7.86% on Thursday. • Shorter-dated US Treasury yields rose on Friday with the two-year note yield hitting its highest in a month after the US central bank lifted its discount rate, while the spread between two-year and 10-year yields narrowed. • The Federal Reserve said on Thursday that the discount rate, the rate it charges banks for emergency loans, would be increased to 0.75% from 0.50%, effective Friday, although it left its benchmark federal funds rate unchanged near zero. • Dealers said the domestic market was awaiting clarity on next fiscal year’s borrowing numbers, which will be announced in the federal budget on 26 February. • The government will gradually wind down its growth-supporting stimulus over the 2010-11 financial year beginning on 1 April, but will still need to borrow a record amount from the market, a Reuters survey of economists showed. • The survey of 27 participating economists showed a median fiscal deficit of 5.6% of gross domestic product in 2010-11. Gross market borrowing of the government is forecast to rise to a record Rs4.61 trillion in the next fiscal year from the current year’s 4.51 trillion. Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 9:02 pm Fed hikes discount rate, says loose policy to stayWashington: The US Federal Reserve raised its emergency lending rate for the first time since the financial crisis, lifting the dollar and hitting bonds as markets brushed off Fed assurances it was not a prelude to a rise in the main policy rate. The Fed cast its decision to raise the discount rate it charges banks by 25 basis points to 0.75% as a response to improved market conditions that allowed it to scale back emergency aid for financial institutions. It took pains to distinguish its efforts to foster market liquidity from monetary policy and to draw the distinction between the discount rate and its main federal funds rate, which remains near zero to help a fragile US economic recovery. Fed officials also insisted the move that takes effect on Friday was not a sign that a policy tightening was forthcoming. “They do not signal any change in the outlook for monetary policy and are not expected to lead to tighter financial conditions for households and businesses,” Fed Governor Elizabeth Duke said in an address, echoing the Fed statement. Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, loose monetary policy was still the order of the day. “Monetary policy — as evidenced by the fed funds rate target — remains accommodative,” Lockhart said in a speech. “This stance is necessary to support a recovery that is in an early stage and, in my view, still fragile.” The move was flagged by Fed chairman Ben Bernanke last week, but its timing - well ahead of the 16 March policy meeting — surprised markets and convinced investors the Fed moved one step closer to lifting its benchmark rate. Return to Normal “The Fed can talk all day about how the discount rate hike is technical and not a policy move, but the market sees it as a shot across the bow,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York. The US dollar climbed to a nine-month high against the euro, while US stock futures and government bond prices fell after the announcement. Interest rate futures markets moved to price in about a 70% chance of a rise in the Fed’s main policy rate, the federal funds rate, by late September, up from 54%. “This is a significant and likely symbolic move that will impact on market sentiment,” Robert Rennie, a strategist at Westpac in Sydney said in Reuters Dealing Room. “The emergency easing cycle began with discount rate cuts — it was all about easing liquidity to banks. So the move to raise the discount rate means the long journey towards normalisation has begun.” The dollar pared gains and treasury futures trimmed losses, however, after another Fed policymaker, James Bullard, warned market expectations of a rise in the Fed’s benchmark rate were “overblown.” St. Louis Federal Reserve Bank President Bullard is a voter on the Fed’s interest rate-setting panel this year. Before the financial crisis erupted in 2007, the discount rate was typically a full percentage point above the federal funds rate. The Fed’s decision on Thursday begins to move it back nearer its traditional premium and it said it would assess over time whether it needed to further widen the spread between the discount rate and the federal funds rate. The Fed halved the spread between the two rates in August 2007, when it cut the discount rate by a half-percentage point in a first attempt at taming the credit crisis. It narrowed the spread to just a quarter point in March 2008. Both of those cuts, like Thursday’s hike, came outside of the Fed’s scheduled meetings, where decisions on the federal funds rate are taken. The increase in the discount rate was the first rise in either rate since June 2006. Economic Outlook Unchanged The central bank’s view of the economy has brightened in recent months as job losses eased, consumer spending strengthened and businesses stepped up purchases of equipment and software. Still, the Fed has warned that recovery from the deepest US recession since the 1930s will probably be sluggish and has said it expects to keep the federal funds rate near zero, where it has been since December 2008, for “an extended period.” In its statement on Thursday, it said the economic and policy outlook remained broadly unchanged from late January, when its policy committee reiterated that low-rate pledge. Some other central banks around the world have begun to tighten policy. Australia led the way last year and its central bank chief signalled on Friday more rate increases in months ahead while China took several steps to curb bank lending. In the US, however, the Fed has said extraordinarily low interest rates are still warranted with the unemployment rate near 10%. “I don’t think the Fed dares (to) increase the fed funds or policy rate in the face of unemployment at double-digit type of levels,” Bill Gross, the manager of Pimco, the world’s biggest bond fund, told Reuters after the Fed announcement. Other changes announced on Thursday included shortening the typical maximum maturity for primary credit loans to overnight from 28 days, effective 18 March, and raising the minimum bid rate for the Fed’s Term Auction Facility, another program put in place to foster market liquidity. Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 8:19 pm Food inflation inches close to 18%Continuing its rise for the fourth week in succession, food inflation reached 17.97% in the week ending Feb 6. Analysts see an increasing chance of a stimulus pull-back and the central bank jacking up interest rates.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 1:09 pm Tata Tele becomes fifth largest telcoTata Teleservices added the highest number of subscribers in January - the sixth month in a row. While 2.9 million subscribers came on board TTSL in January, market leader Bharti Airtel added 2.8 million.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 12:59 pm AV Birla eyes $65bn turnover by 2015AV Birla group chairman Kumar Mangalam Birla has projected a group turnover of $65 billion by 2015. A major portion of this is likely to come from overseas ventures.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 12:58 pm Nokia Siemens bags $300m Aircel dealNokia Siemens Networks announced it has secured a deal from Aircel in excess of $300 million to roll out and manage its radio and core network and services in Haryana, Punjab and Rajasthan.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 12:57 pm Corus to shut UK unit from todayTata Steels European arm Corus on Thursday said it will start the process of shutting down some of the mills of its Teesside Cast Product plant in England on Friday, a move that will render 1,600 workers jobless.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 12:52 pm Air Works buys 85% in British firmAir Works Engineering on Thursday announced the acquisition of 85% stake in a British firm, Air Livery, known for its aircraft painting services and facilities. The deal is understood to be worth about $20 million.Source: India Business News | Business News - Times of India | 18 Feb 2010 | 12:51 pm Nacil to get a Rs 800-cr lifeline - Economic Times
Source: Business - Google News | 18 Feb 2010 | 12:46 pm Remembering Louis MalleAlliance Francaise de Delhi, in partnership with NDTV Lumière, will showcase French director Loius Malle’s films, including some notoriously controversial ones, at a five-day film festival starting Friday. “Louis Malle represents a very interesting phase in French cinema and when NDTV Lumière approached us, they had a complete synergy in what we were doing. We want to present a good body of cinema from an important era,” says Hema Singh Rance, manager, communications, at Alliance Francaise de Delhi.  Goodbye Children (1987) According to Dhruvank Vaidya, business head, NDTV Lumière,“He is one of the most well-known directors of all time (40th in Entertainment Weekly’s list of Top 50 directors of all time) and has made some amazing and path-breaking films. He has made several documentaries on India as well. His film-making sensibility is likely to appeal to Indian audiences.” A predominant characteristic of Malle’s filmography is variety, arising from the director’s determination never to repeat himself. This is reflected most strongly in Zazie dans le métro (1960), an energetic farce which is in total contrast to his preceding films. “In a lot of ways he was a director question norms of cinema in his era,” adds Rance. Malle travelled to India in 1969 and made two documentaries on the poverty he saw in the country, Calcutta and L’Inde Fantome. Malle later moved to the US; his return to France saw him attain the pinnacle of his film-making career with Au revoir les enfants (1987), his autobiographical account which went to receive two Oscar nominations. The films that will be screened at the festival: Les Amants (The Lovers) (1959) is a tender yet explicit depiction of a frustrated housewife’s desire for an extra-marital affair. Protagonist Jeanne Moreau, played by Jeanne Tournier, lives with her husband Henri (Alain Cuny) and child in a mansion near Dijon. Zazie dans le Métro (Zazie In The Metro) (1960) is an energetic comic farce in which a young girl wreaks mayhem when her plan to travel on the Paris underground is thwarted by a strike. Le Feu Follet (The Fire Within) (1963) is a melancholic yet powerful study of a writer on the brink of killing himself. Le Souffle au Coeur (Murmur of the Heart) (1971) An affectionate look at adolescence, featuring an incestuous relationship between a young woman and her teenage son. Au Revoir les Enfants (Goodbye Children) (1987) is an autobiographical and intensely moving account of the war-time school days of Louis Malle himself. The festival starts on19 February. A film will be screened everyday at 7pm at Alliance Française de Delhi, ML Bhartia Auditorium, 72, Lodi Estate, New Delhi. varuni.k@livemint.com Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 12:45 pm Quick Edit | The masters of inflationIf a minister comments in Parliament that the price of a commodity was expected to rise, one can be sure that such an observation will fuel inflationary expectations. What about a situation where ministers say they expect prices to come down? Could that lead to a decline in prices? Are ministerial statements magic devices that command prices? Not really. On Wednesday, finance minister Pranab Mukherjee and agriculture minister Sharad Pawar said they expect prices to moderate in the next few months. Inflationary expectations are based on inflation that exists in one time period and influences that economic agents feel can fuel or dampen inflation. When Pawar made his statement about sugar prices going up, he did so when inflation was already high. That fuelled inflationary expectations. His statement on inflation moderating comes at a time when food price inflation is still going north. Currently, prices tell people a different story and the ministers’ statements will be discounted against the background of rising prices. Sorry, this ain’t no magic flute. Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 12:45 pm Quick Edit | Market prices are greenAre the best things in life really free? If you’re a sincere environmentalist, the best you could do for Mother Nature is to make sure some things aren’t free. Activists—the kind who thronged Copenhagen last year—insist the environment will be cleaner once alternative fuels get more subsidies. We think, though, that India’s environment will be cleaner if the government just retracted some of its existing ones. On Thursday, the Union cabinet approved a fertilizer subsidy policy that aims at balancing fertilizer use. Mint reported on Wednesday that decades of such subsidies in Punjab have skewed the soil’s nutrient value, keeping it addicted to fertilizers. Subsidies for oil, too, only ensure more consumption of hydrocarbons and, hence, more emissions. Subsidized electricity or water ensures that people operate electric pumps or hose lawns for hours together, depleting water reserves. These subsidies push prices too far downward, skewing incentives. State action is only hurting the environment in these cases. It’s the free market that’s the cure. Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 12:45 pm Time to unlock huge public sector resourcesIf you look at how much just Central PSUs (public sector units) own, rough calculations suggest 40-50% of GDP (gross domestic product) is locked up in their capital. They give you a return of around 2%. If these PSUs were in education and health, then a return of around 2% is understandable.  So we should reorganize or restructure this capital. We need government expenditure on infrastructure, health, education, environment, creating an IPR (intellectual property rights) regime, allowing for innovation and supporting start-up businesses in the private sector. For all of that we need resources and we have the resources. We just need to move it from there (PSUs) into these sectors. Therefore, there is a huge reason why disinvestments should be done. Social sector needs government When you are talking of a knowledge-based economy, we are not only talking about engineers and doctors or lawyers or management people, we are talking about basic sciences, we are talking about languages, humanities. Without those you cannot have a knowledge-based economy, you cannot have good research and development. So the government has to set up universities. Also See A low-yield exercise? (Graphics) Our private sector is neither resourceful nor enlightened to support universities. They may support private higher institutes of learning but certainly not the basic university structure. In 15-20 years, I don’t see it happening. And we can’t wait that long for India to become a knowledge-based economy, given our large army of young people who need to be trained. So it’s here the government has to step in. Let’s talk about primary schools. For primary schools, the role of the private sector is limited in rural areas and small towns, because school education is something where you address the poorer communities. It’s like an infrastructure investment; it takes a long time before it starts showing up returns. You need at least one generation. Where the private sector does put money is in big cities for elite schools. But for general education system, again the government has to play a role. Clearly, the government has to find resources for them. It is the moral responsibility of the government to provide primary health and primary education. These are the rights of citizens. Development for its own sake One of the things about the UPA (United Progressive Alliance) government, the last one as well as this, is that one sees the focus on development for development’s sake, which I think is important. There has never been so much focus on actual development in the history of the country since Independence. Things have to be logically and consistently argued. So if we can logically and consistently argue that we need education and health for every citizen, since it is their birthright, then it is the responsibility of the government to find the resources. And then, we cannot have the resources sitting in the public sector units. Otherwise the disinvestment issue becomes a political battle. That is what I mean by public discourse. We are not following the whims and fancies of good and bad political leaders. That’s not the idea; we are a democracy, everybody has to be involved. So, if we can make a case to ourselves that come what may we need these resources, then we will search for resources; disinvestment will become an option immediately. So, before getting into the disinvestment debate, let us convince ourselves. Education, health and infrastructure are essential for the country’s development. And that is not because you want to grow faster than China—it is because you have a duty towards your citizens. As told to Sanjiv Shankaran Shubhashis Gangopadhyay, managing trustee of the India Development Foundation, was economic adviser to the Union finance minister in 2008. Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 12:45 pm The Time Out-Mint PlannerDELHI Dance Sattriya 20 February Indira P. P. Bora, dancer, choreographer and guru, showcases Sattriya, an Assamese devotional dance form. Sattriya is associated with the oral traditions of Vaishnavism in Assam. The dance was originally practised exclusively within a ‘sattra’ (monastery), choreographed to songs in praise of Krishna. The performance includes a ‘gayan-bayan’ (musical storytelling) performance by monks from the Bhogpur ‘sattra’. Bora ‘s own solo is in praise of Sankardeva, who is credited with creating Sattriya dance. There is also a ‘jhumura’ performance (a sub-genre of Sattriya) by students of Kalabhumi, the school Bora runs with daughter Menaka. 6.30pm. Birla Mandir, Mandir Marg. For details, call 23746050. Around town Think with Edward de Bono 23 February Edward de Bono, philosopher and author of around 60 books on the correct approach to thinking, is in India this fortnight. Over three lectures, part of the “Think” series, De Bono will give his audience a first-hand lesson in thinking better and faster. 10am onwards. The Leela Kempinski Hotel, Ambience Island, NH8, Gurgaon (0124-4771234). For tickets, log on to www.bookmyshow.com Sacred Sites 20 February Two tours begin at the Indira Gandhi National Centre for the Arts, Janpath. Walk 1 will go to Vishwa Shanti Stupa, the Judah Hyam Synagogue, Gurdwara Rakab Ganj, Sacred Heart Cathedral and Mandir Marg. Walk 2 will see the Parsi Anjuman, Jama Masjid, Jain Lal Mandir, Gauri Shankar Temple, Gurdwara Sisganj, St Stephen’s Church, Bagh-e-Bedil and Fatehpuri mosques. Long stretches are covered by car. 2pm. For details, contact The Attic, 36, Regal Building, Connaught Place (23746050). Tales under Trees  Young environmentalists: Let a child read you a story at Tales under Trees. 20 February Children’s writers Deepa Agarwal and Devika Rangachari, organizers of this event, have planned activities based on environmental themes for children aged 9-10. Agarwal will read out from The Mango Tree. Environmentalist Ranjit Lal will take a group of children on a nature walk in Lodhi Gardens. There are also story and poetry readings by the children, “environmental magic” by teenager Ishaan Shivkumar, dances, a quiz and a poster-making contest. 9.30am-noon. Gandhi-King Plaza, India International Centre, 40, Max Mueller Marg, Lodhi Estate (24619431). Art Legacy—A Vanguard Till 21 February A group exhibition of paintings by Madhu Imartey, Prajakta Palav, Parag Tendal and Yashwant Deshmukh, all influenced by contemporary Konkani artist Prabhakar Barwe, whose work is also on display. They engage with themes of politics and new media. 11am-7pm. Gallery Threshold, F-213/A, Lado Sarai (41829181). Film Children’s films 20 February The Kriti Film Club, in association with the American Center, presents a day-long screening of award-winning international children’s films, including The Hobart Shakespeareans, Beginning Filmmaking and Autism, The Musical. 11.15am-6.45pm. Kriti Film Club, S-35, Tara Apartments, Alaknanda (26033088). Call Kriti ahead to confirm a seat or email space.kriti@gmail.com MUMBAI Around town Poetry reading 23 February The prospect of listening to poet Adil Jussawalla reading poems will guarantee a full house. Jussawalla’s distinct approach to tone, sound and form has been a crucial influence on Indian poetry in English. Come early if you want sitting space. Jussawalla will be reading from a new and as-yet-unpublished work. The event has been organized by the online literary journal ‘Almost Island’ and Jnanapravaha. 6.30pm. Jnanapravaha, Queens Mansion, Third floor, AK Nayak Marg, Fort (22072974/5). Art Black Candy  Bold in black: Artist Mithu Sen at her Faridabad studio. Her provocative new exhibition, Black Candy, opens at Chemould Prescott Road next week. 23 February-20 March Mithu Sen has built a reputation for herself as the creator of works that explore women’s issues, laced with humour. The delicate strokes in her paintings are balanced by the graphic imagery, which packs a brutal punch. Her work has, so far, explored the politics and violence of creating a feminine identity. Foetuses and phalluses recur in Sen’s installations and paintings. Black Candy sees Sen turning her attention to masculinity. 11am-7pm (Sunday closed). Chemould Prescott Road, Queens Mansion, Third floor, Ghanshyam Talwatkar Marg, Fort (22000212). Theatre Kharaashein 19 February Director Salim Arif has combined Gulzar’s poems and stories to create Kharaashein, a collage that delves into the lives of people caught in communal riots. The Urdu play balances politics and emotion, and even introduces humour through its plot. For those familiar with Faiz and Ghalib, the play is doubly delicious. 6pm and 9pm. Prithvi Theatre, Janki Kutir, Juhu Church Road, Vile Parle, West (26149546). Tickets, Rs200. Around town Room for Wonder 25 February-2 March Phillips Antiques holds an exhibition-cum-sale of restored antique furniture. Look out for Naga beds, art deco sofa sets and furniture. The exhibition marks the 150th anniversary of the Colaba antique dealer. 10am-7pm. Coomaraswamy Hall, Chhatrapati Shivaji Maharaj Vastu Sangrahalaya, Mahatma Gandhi Road (22151009). Nehru Planetarium anniversary 24 February It’s been 33 years since the Planetarium first had us star-struck. To celebrate its anniversary, it is hosting inter-school competitions, starting with an on-the-spot astro-painting contest. Individual entries will also be accepted. Participation is restricted to children in the 10-14 age group. Registration for all events closes on 20 February. 10am-1pm. Hall of Quest, Nehru Planetarium, Worli (24964676). For details, email suhas@nehru-centre.org Welfare of Stray Dogs Sale 25-28 February The people from the Welfare of Stray Dogs have collected enough new and second-hand books to hold a charity sale. Proceeds will be used in the sterilization and immunization drives for stray dogs in Mumbai. Who knows, the dog-eared copy you pick up might just save a real dog somewhere. 10am-6pm. Garage of Vaswani Mansion, opposite KC College, Dinshaw Vacha Road, Churchgate. Prices start at Rs10. Mumbai BirdRace 21 February Grab a pair of binoculars, carry along a bird-spotting catalogue and help your team spot as many avian species in the concrete jungle as you can. The Mumbai BirdRace offers prizes to teams that spot the most birds. To register and for details, log on to www.indiabirdraces.com Music Zev Eisenberg 21 February Zev Eisenberg, or The Wolf from electronica outfit Wolf+Lamb, brings the eclectic sounds of New York’s nightlife scene to town. Eisenberg and his partner Gadi Mizrahi (Lamb), who form the critically acclaimed Wolf+Lamb, are known for their daring, provocative and unusual rhythms. 4pm. Aurus, Juhu Tara Road, Santacruz, West (67106666). BANGALORE Music Vayali Bamboo Orchestra 21 February In 2004, 10 young men in Kerala with an interest in folklore came together. The Vayali Folk Group held its first meetings in bamboo huts near the river Nila. Today, a much larger Vayali is dedicated to the preservation and propagation of folk arts. The Orchestra will play instruments entirely fashioned out of different species of bamboo, many of these built from scratch by Vayali members in consultation with local temple drummers in Kerala. 3.10am. Fireflies Ashram, Dinnepalya, Kaggalipura post office (28432725). Tickets, Rs350, available at Casa Piccola in Indira Nagar, Koramangala, Residency Road and Jayanagar, at Reynolds Inc on Brigade Road and online at www.indianstage.in Dance Bharatanatyam 21 February Anuradha Vikrant, a Bangalore-based Bharatanatyam dancer, will perform three pieces. Vikrant will begin with a pushpanjali, an invocatory piece, followed by varnam, a long piece, and end with an abhinaya
sequence titled Chaliye Kunjanamo. 6.45pm. Ravindra Kalakshetra, Kannada Bhavan, JC Road (22221271). Art  Death and elephants: Arresting (and distressing) art by Krishnaraj Chonat. My Hands Smell of You Till 13 March My Hands Smell of You was “a desperate cry for slowing down”, says Bangalore-based artist Krishnaraj Chonat in a note introducing his show. At the show, you’re greeted by a canvas of a human, wide-eyed and smug, lazing on a branch like a wildcat; belly to the bark, limbs dangling, with a glazed gaze painted on. Another step in, Chonat has you shrieking to a halt beside a model skeleton, overrun by herds of wild beasts. 11am-7pm, (Wednesday-Monday. Sundays by appointment only). GallerySKE, 82, Presidency, St Mark’s Road (65951972). Sakti Burman, The Complete Collection 22 February-10 March Kolkata-born Sakti Burman adds a twist to the way art is collected—he makes affordable what would otherwise be a rather pricey bunch. The exhibition includes 24 of Burman’s works from the last two decades, in the serigraph medium. Mumbai-based art collector Lavesh Jagasia, who coordinated the effort, says each print is made in high-quality ink on archival paper, all numbered, titled and signed by the artist. The price includes individual “certificates of authenticity”. 10.30am-6pm (Sundays closed). Gallery Sumukha, 24/10, BTS Depot Road, Wilson Garden (22292230). Artworks are priced at Rs30,000 (22x30 inches) and Rs45,000 (30x40 inches); the complete collection is Rs9 lakh. CHENNAI — By Karuna Amarnath Film Celebrating French intellectuals 22-26 February This film festival will celebrate the life and works of some well-loved figures: authors Jean Marie G. Le Clezio, Simone de Beauvoir and Julia Kristeva, statesman Leopold Sedar Senghor and anthropologist Claude Levi-Strauss. On 22 February, see ‘Jean Marie G. Le Clézio’ by Michèle Gazier and Jacques Malaterre. On 23 February, watch ‘I want all of Life-Freedom Simone de Beauvoir’ by Pascale Fautrier and Pierre Seguin. On 24 February, there is ‘Julia Kristeva , étrange étrangère’ by Francois Caillat, and on 25 February, ‘Leopold Sedar-Senghor, un long poeme rythme’ by Beatrice Soule. Finally, on 26 February, see ‘Claude Lévi-Strauss par lui-même’ by Pierre-André Boutang and Annie Chevallay. 11am-6pm. AFM auditorium, Alliance Francaise de Madras, New No. 24 (Old No. 40), College Road (28271477/9803). Theatre  Raising money: A scene from the play Moonshine & Skytoffee. Moonshine & Skytoffee 19 February The Madras Coastal Round Table 162 presents Moonshine & Skytoffee, a comedy by the city-based theatre group Perch, to raise funds for their “empowering through education” project. The play is based on two short stories—The Love Letter and The Card-sharper’s Daughter—by acclaimed Malayalam writer Vaikom Muhammad Basheer and has been a hit every time since it was first performed in 2004. 7.30pm. The Music Academy, 168, TTK Road (9566358885). Tickets, Rs1,000, Rs500, Rs300 and Rs150. Art Seize On Till 27 February With a focus on facial expressions, artist Viraj Naik presents his latest collection of paintings, inspired by daily observations of the behaviour of people. 11am-7pm. Apparao Galleries, 7, Wallace Gardens, 3rd Street, Nungambakkam (28332226). Untitled Till 23 February Physically challenged artist Uday Kumar will exhibit his collection of work, inspired by the people and things around him. The highlights of this series are the flying horses, symbolic of dreams translating into reality. 10am-7pm. Gallery Sri Parvati, 28/160, Eldams Road, Alwarpet (24353341). Around town Cheriyal painting and mask-making 26-28 February The Madras Craft Foundation presents a three-day workshop on Cheriyal painting and mask-making from Telangana. The registration fee includes the cost of materials and conveyance between the venue and the Madras Craft Foundation. Registration closes on 24 February. 10.30am-5.30pm. DakshinaChitra, East Coast Road, Muttukadu (9841777779). Registration, Rs2,000. Photography So Close but So Far Till 25 February This exhibition by Spanish photographer Mariona Otero Ibanez explores the similarities between people, however different the cultures they come from. She does a comparative study between Chennai and Manchester in this fun, lively series. 11am-7pm. The Madras Terrace House, 15, Sripuram 2nd Street, Royapettah (45038391). KOLKATA — By Indranil Bhoumik Film  Inspiration films 20-26 February Sometimes, art inspires art. This event that celebrates films that inspired other films opens with the Italian film ‘8 1/2’, which won an Oscar for best foreign language film in 1964. On Sunday, Woody Allen’s ‘Stardust Memories’, a tribute to ‘8 1/2’, will be screened. Satyajit Ray’s ‘Charulata’, on 23 February, will be followed by Ira Sachs’ ‘Forty Shades of Blue’, which it inspired, on 24 February. Other films being shown are Michelangelo Antonioni’s ‘Blow-Up’ and Kundan Shah’s ‘Jaane Bhi Do Yaaro’. 5-7pm. Aakriti Art Gallery, First floor, Orbit Enclave, 12/3A, Picasso Bithi (formerly Hungerford Street) (22893027/5041). By invitation only; to request an invite, call Aakriti Art Gallery. Art Art on Easel Till 24 February This exhibition, presented by artworkshop, features young artists Anjan Modak, Satavisha Hazra, Soma Das and Sumana Biswas. Seemingly naïve in perspective and technique, their works reference both mythology and everyday life for a thought-provoking perspective. 11am-8pm. Starmark, G-202, City Centre, Salt Lake (40063301). Poster Women II 22-24 February The Weavers Studio Centre for the Arts and Zubaan present an exhibition showcasing women artists depicting socially relevant issues in their art. Its earlier edition, Poster Women I, mapped the women’s movement in India through posters. The second edition comprises
numerous old scrolls, cloth banners, phads, patachitras, Madhubani paintings and other tribal art by women
. 11am-7pm (22 February) and 10am-7pm (23-24 February). Weavers Studio Centre for the Arts, 94, Ballygunge Place (24613135). Theatre Anter Hote Udasi 24 February The Hindi play Anter Hote Udasi is a theatrical collage of Pakistani short stories written by eminent Sindhi, Baluchi and Punjabi writers: Mehshar, written by Gaus Bahar; Chottisva Darwaza, written by Naseem Kharal; Anter Hote Udasi, written by Bano Kudnsia, and Maang, written by Jamal Abrur. A Choopkatha production, it is a poignant reflection on subcontinental society and women’s place in it. 6pm. Eastern Zonal Cultural Centre, IB 201, Salt Lake City. Tickets, Rs10. For details, call 23356739 or 9830617619. Around town Raksha 21-27 February This series of seminars and exhibitions on textile traditions and conservation of traditional textiles is presented by Sutra (a society for the conservation of textile heritage), in collaboration with the Botanical Survey of India, the Indian Museum (Kolkata), the Victoria and Albert Museum (UK), and the Indian Council for Cultural Relations (ICCR). A select range of handwoven and patterned textiles, accessories, jewellery and other handicrafts will be on sale too. Rabindranath Tagore Centre, ICCR, 9A, Ho Chi Minh Sarani. For event timings, call 9830105433. All content on this page is provided by Time-Out Write to us at businessoflife@livemint.com Source: LatestNews-Home - Livemint.com | 18 Feb 2010 | 12:45 pm Friend turns 'foe' in tank battle simulator dealThe deeply traditional Indian Army, which prides itself on training outdoors with real equipment, could soon start training on simulators like other high-tech armies.Source: Business Standard | Front Page Headlines | 18 Feb 2010 | 12:17 pm Mid-size retailers still feel the slowdown pinchRustomjee Business School, promoted by realtor Boman Irani, stands tall on S V Road in Mumbais Dahisar area. Just a year ago, it was the site of an equally impressive Mega Mart promoted by Vishal Retail.Source: Business Standard | Front Page Headlines | 18 Feb 2010 | 12:15 pm Cabinet bites the bullet, raises urea prices 10%Barely a week before the Union Budget for 2010-11, the United Progressive Alliance (UPA) government today raised urea prices 10 per cent. It also allowed the industry to fix retail prices of other subsidised fertilisers, while limiting the governments subsidy burden under a new policy that will determine the subsidy on phosphorus and potash based on their nutrients.Source: Business Standard | Front Page Headlines | 18 Feb 2010 | 12:14 pm Reserve Bank in focus again as IMF announces more gold saleThe International Monetary Fund said it would soon begin sales of 191.3 tonnes of gold remaining in its plan to raise new resources for lending, with traders saying it may seek buyers among Asian central banks. Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:42 am Land bank corp to aid infra projectsA law to speed up environmental approvals and land acquisition for highway projects and a push to aid a market for long-term bonds to fund large infrastructure projects are among key measures expected to be announced in the budget. Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:40 am Ailing airlines may not get budget aidLike the past, the Union Budget next week is unlikely to bring smiles for India’s aviation czars, whose accountbooks are currently painted in deep red, reports Lalatendu Mishra. Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:38 am Poor funds use threatens urban mission projectsWith more than a dozen states failing to utilise funds for implementing urban infrastructure projects under the government’s Jawaharlal Nehru National Urban Renewal Mission, it seems unlikely that the flagship programme will see any increase in resource allocation in the coming budget, reports Moushumi Das Gupta. Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:36 am LG dials villages to up mobile salesSouth Korean consumer durables major LG Electronics India has chalked out plans to double its share in the mobile handset market. The company is eyeing in rural markets and smaller towns coupled with innovative products customised for Indian users to ramp up its sales, reports Vivek Sinha. Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:33 am Tatas face British strike as ministers try to stop layoffsTatas could become the first Indian industrial group to face a major strike in Britain after unions hinted at “strategic action” by workers to thwart a decision by Tata Steel-owned Corus to mothball a plant in northeast England. Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:31 am Chak de Hockey say advertisersIs Hockey the new kid on the block? Not yet. But the Hockey World Cup, which is just around the corner, is the new property a host of Indian brands want to get associated with, reports Rachit Vats. Source: HindustanTimes.com - Top Business News Headlines | 18 Feb 2010 | 10:28 am Union working on proposal to keep Corus plant runningLondon: Three companies are prepared to form a group that would maintain production at Corus Group’s Teesside steel plant in the UK, which is due to start shutting down on Friday, a trade union said. The group is willing to sign an agreement to buy the output from the Teesside Cast Products plant, Terry Pye, the Unite union’s national officer for the steel industry, said in a telephone interview. The group would rent the site after six months and take over responsibility for the workforce, he said. He declined to identify the three companies. UK financier Jon Moulton, who tried to buy car maker MG Rover in 2000, is putting together a group to bid for the plant, the Northern Echo reported, without saying how it obtained the information. Corus, the European unit of Tata Steel Ltd, said it has lost about £150 million (Rs1,086 crore) keeping the plant open after a group of four customers who accounted for about 80% of Teesside’s business reneged on a 10-year supply contract last year. Corus plans to start the partial mothballing of the plant on Friday, it said in an emailed statement. Source: World Business - Livemint.com | 18 Feb 2010 | 10:28 am Toyota faces new probe on Corolla steering in US!US regulators launched a preliminary investigation into reported steering problems on the Corolla sedan on Wednesday.Source: Zee News : Business | 18 Feb 2010 | 5:25 am Capgemini cautious on 2010, but stands by 2011 goal Paris: Europe’s largest computer consultancy, Capgemini, on Thursday predicted profits and sales would slip further this year but stuck to its longer-term outlook amid signs of improving economic conditions. Last year’s earnings came slightly ahead of expectations but investors initially focused on the 2010 margin outlook, which disappointed those who had banked on a smaller decline. Capgemini shares fell as much as 4.1% but then reversed course to trade nearly 5% higher after the company reaffirmed its long-term outlook. The stock outperformed a little changed DJ technology index. The French company, which competes for technical services budgets with the likes of US giant Accenture and France’s Atos Origin, cut its 2009 dividend to €0.80 per share from €1, as 2009 sales fell 5.5% and profit margins suffered compared to a lesser degree. Investors initially focused on the lower margin outlook but those fears eased after a conference call in which execuitves confirmed its 2011 outlook. Several analysts said that the results were slightly ahead of expectations and showed the group’s resilience to cris. Capgemini forecast 2010 sales would contract by 2 to 4% on a like-for-like basis. It expects it operating margin to narrow to between 6-6.5% from 7.1% last year and 8.5% in 2008. “Consensus for the 2010 margin is 6.9%,” analysts said. Chief executive Paul Hermelin said that the outlook was cautious in a market he described as still rather soft but nevertheless stabilising during 2010’s first half. “Positive signs included stabilising prices, an upturn in demand from financial services, a more dynamic US market and an increasing appetite from clients for larger projects,” he said. “These signals should gather speed in the second half 2010 when we expect to return to positive growth,” Hermelin said. Capgemini’s cautious outlook contrasted with that of French peer Atos Origin who said on Wednesday that it would further improve its profitability this year by resorting to cost cuts to cushion against a still challenging economic climate and lower revenue. “Unlike Atos, Capgemini had little additional room for more cost cuts this year, which partly explains why its margin will narrow,” chief financial offficer Nicolas Dufourcq said. Keeps longer-term forecast Chief executive officer Hermelin reiterated that Capgemini was aiming for an operating margin of 8% in 2011, assuming that the global IT services market returns to usual growth rates of 4-6%. That compares favourably to the average outcome of eleven analysts polled by Reuters. Collectively, they are looking for a 7% operating margin on revenues of 8.357 billion. Capgemini’s revenue reached €8.371 billion in 2009, down 5.5% versus 2008, meeting the group’s guidance. Consulting, which is highly sensitive to the economic climate, was the worst hit with sales down 14.7% like-for-like. Outsourcing, which accounts for roughly 36% of revenue, grew a feeble 0.3%. “These FY 2009 results were marginally ahead of expectations, due to tight control of costs, the guidance of 2010 appears weaker than expected,” analysts from brokerage PiperJaffray said in a note. With net cash of €1.3 billion at end-2009, Capgemini, which earlier this month bought Swedish software group IBX, remained on the lookout for small acquisitions. The company did not disclose the terms of the IBX deal. “It plans to continue to expand in software services in North America and in emerging countries,” Hermelin said. Source: Tech News - Livemint.com | 18 Feb 2010 | 4:09 am
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