|
|
|
|
Planned allocation for education this BudgetMeet people like you and find out what they think about the budget. Here\'s what Vandana Seshan, a student, had to say.Source: Moneycontrol Top Headlines | 26 Feb 2010 | 11:53 am Budget 2010 mixed for realty, boost for affordable housingIn a move to boost affordable housing, Finance Minister Pranab Mukherjee has proposed an extension of the 1% interest subsidy scheme to March 2011.Source: Moneycontrol Top Headlines | 26 Feb 2010 | 7:45 am Ashok Leyland says Budget conservative but goodIn an interview with CNBCTV18, R Seshasayee, Managing Director of Ashok Leyland spoke about the Union Budget and his outlook.Source: Moneycontrol Top Headlines | 26 Feb 2010 | 7:32 am GOVT HIKES PETROL, DIESEL PRICESThe government has announced a hike in the prices of auto fuels like petrol prices by Rs 2.67 per litre and diesel prices by Rs 2.58 per litre with effect from tonight.Source: Moneycontrol Top Headlines | 26 Feb 2010 | 7:12 am Budget for small businesses: Excise duty hikedWorried about taxes? Find out how this budget affects your pocketSource: Moneycontrol Top Headlines | 26 Feb 2010 | 6:58 am Excise duty hike not a major setback for cement cosWhile Mukherjee chose to up the excise duty by 2% to 10%, the quantum of the increase was lesser than the 4% hike expected by the industry.Source: Moneycontrol Top Headlines | 26 Feb 2010 | 6:52 am Budget leave the salaried class happier!Worried about taxes? Find out how this budget affects your pocketSource: Moneycontrol Top Headlines | 26 Feb 2010 | 6:51 am Good health for senior citizens this BudgetAre you a senior citizen? Find out how the tax affects you.Source: Moneycontrol Top Headlines | 26 Feb 2010 | 6:43 am Jewellery got more expensive for homemakers this BudgetAre you a homemaker? Find out how the tax affects you.Source: Moneycontrol Top Headlines | 26 Feb 2010 | 6:40 am Subsidy: Petrol, diesel prices raisedThe Indian government subsidizes many industries and products, from gasoline to foodSource: Moneycontrol Top Headlines | 26 Feb 2010 | 6:39 am Union Budget 2010: Govt raises defence allocation to Rs 147344 cr - Economic Times
Source: Business - Google News | 26 Feb 2010 | 2:57 am Karunanidhi lauds Union Budget - The Hindu
Source: Business - Google News | 26 Feb 2010 | 2:51 am INDIA BUDGET:Income tax slabs raised; seen boosting consumption - Reuters India
Source: Business - Google News | 26 Feb 2010 | 2:50 am Tata Motors Q3 net profit at Rs 650 cr - NDTV.com
Source: Business - Google News | 26 Feb 2010 | 2:43 am Budget doles out Rs16,500 crore for state banksMumbai: The general Budget has earmarked Rs16,500 crore for recapitalisation of state-run banks to enable them to maintain minimum capital adequacy at 8% in tier I capital by 31 March 2011. “The Indian banking system has emerged unscathed from the crisis. We need to ensure that the banking system grows in size and sophistication to meet the needs of modern economy,” Union finance minister Pranab Mukherjee said in his Budget speech. State-run banks were expecting a timeline for government’s re-capitalisation programme to assess fund raising needs. The World Bank has approved $2-billion loan for recapitalisation of Indian banks, but government was yet to come out with timeline to disburse the funds. The finance minister also proposed to extend by six months the period for repayment of the loan amount by farmers from 31 December 2009 to 30 June 2010. Mukherjee also raised interest subvention to 2%, from 1%, as an incentive to those farmers who repay their short-term crop loans as per schedule. Infrastructure Finance Co Ltd, authorised to refinance bank lending to infrastrcuture projects, is expected to more than double refinancing amount in FY11, from 3000 crore in 2009-10, Mukherjee said in his Budget speech. The Budget also said Reserve Bank of India is considering providing some additional banking licenses to private sector players to extend geographic coverage of banks. The finance minister said banking licences could be given to non-banking finance companies if they meet Reserve Bank of India’s eligibility criteria. The Budget also extended scheme of 1% interest subvention on housing loans for affordable housing up to 31 March 2011. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 2:43 am Defence budget hiked 4%New Delhi: The government on Friday allocated Rs1,47,344 crore towards defence in 2010-11 Budget, a paltry 4% increase from last year’s Rs1,41,703 crore. Of the allocation provided, Rs60,000 crore would go for capital expenditure, finance minister Pranab Mukherjee said presenting the Budget for 2010-11 in the Lok Sabha. The 4% increase in real terms would amount to only Rs5,641 crore. Last year, the government had provided a steep hike of about 34% for the defence working out to an increase of Rs36,103 crore. Mukherjee, however, said considering the importance of defence of the country, more funds would be provided on the basis of requirements in the future. The defence allocation continues to hover over 2.5% of the GDP, though there have been suggestions to increase it substantially in view of the prevailing security situation. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 2:43 am Budget reactions | Thrust on policy announcementsNew Delhi: Mint spoke to Avinash Narvekar, Partner, Ernst and Young, to get his first reactions to the Budget 2010-11 and what according to him were some of the important announcements made. Narvekar said the Budget was on the expected lines. “There is a bit of a withdrawal of the stimulus through increase in the indirect taxes. Not much of a difference as far as Corporate tax is concerned. But the smart move which has been made is to keep increasing the Minimum Alternate Tax (MAT) and this somewhere times in with the Direct Tax Code objective (DTC) of removing incentives and lowering the tax rates,” he said. “The personal tax slabs have been increased, putting more purchasing power in the hands of individuals. But this is not very significant move,” he further added. Narvekar feels that the thrust was on policy announcements rather than individual specific amendments. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 2:37 am GLOBAL MARKETS - Stocks firmer; euro zone yields fallLONDON (Reuters) - World stocks rose on Friday, aided by upbeat economic data from Japan and expectations for solid corporate results, while two-year euro zone yields hit record lows as investors wary of the Greek debt crisis sought safety.Source: Reuters: Money News | 26 Feb 2010 | 2:36 am Market gives thumbs up to Budget - Economic Times
Source: Business - Google News | 26 Feb 2010 | 2:35 am Lloyds Banking posts £6.3 billion 2009 loss, bad debts soarLloyds Banking Group, Britain's largest retail bank said bad debt losses will improve this year, however, it said impairments fell 21% fall in the second half of last year from the first half.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 2:34 am Realty stock gain after tax sops for developersAt 0654 GMT, the sectoral index was up 2.7 %after earlier extending gains to 3%. Shares of top-listed DLF, Unitech and Housing Development & Infra were up 3-6%.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 2:33 am Rise in MAT to impact software firms - Economic Times
Source: Business - Google News | 26 Feb 2010 | 2:31 am Nandan Nilekani to head new Technology Advisory GroupNew Delhi: The government on Friday proposed the setting up of a technology advisory group to be headed by UIDAI chairman Nanadan Nilekani for creating reliable and tamper-proof IT projects. The announcement was made by finance minister Pranab Mukherjee in his budget speech. “A Technology Advisory Group for Unique Projects (TAGUP) is proposed to be set up under the Chairmanship of Nandan Nilekani for creation of reliable and secure IT projects,” Mukherjee said. He said an effective tax administration and financial governance system calls for creation of IT projects which are reliable, secure and efficient. He listed certain IT projects such as the Tax Information Network, New Pension Scheme, National Treasury Management Agency, Expenditure Information Network and the ambitious Good and Service Tax. He said the group will look into the various technological and systemic issues. Nilekani, one of the founders of Indian IT giant Infosys, had left his job last year to join the government in its ambitious plan of rolling out a 16-digit unique identification number to all residents of the country. Such a large exercise has never been undertaken in any part of the world and the UID will see a close collaboration of private as well as government sector. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 2:26 am Govt may raise fuel prices later on Friday - oil secyNEW DELHI (Reuters) - The government may raise state-set fuel prices later on Friday following an increase in factory gate and import taxes, Oil Secretary S. Sundareshan said.Source: Reuters: Money News | 26 Feb 2010 | 2:22 am Maruti, Hyundai to hike car pricesWhile the country's largest car maker, Maruti Suzuki India (MSI), said its car will become costly by two per cent, Hyundai Motor India said it will result in a price rise of Rs 6,500-25,000 on average.Source: India Business News | Business News - Times of India | 26 Feb 2010 | 2:22 am India precious metals duty hike to hit import revivalThe government's move to raise customs duties on precious metals will impact imports of the metals that were beginning to bounce back after a sharp fall in 2009, traders and analysts said on Friday.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 2:21 am Budget 2010 mixed for realty, boost for affordable housing - Moneycontrol.com
Source: Business - Google News | 26 Feb 2010 | 2:20 am Jaguar Land Rover boosts profits of Tata MotorsFor the quarter to December sales volumes rose 28% from the September quarter with improvement in volumes coming mainly from North America, Europe and China, the company said in a statement.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 2:16 am Govt may raise fuel prices later todayNew Delhi: India may raise state-set fuel prices later on Friday following an increase in factory gate and import taxes, Oil Secretary S. Sundareshan said. “Wait for a few hours,” Sundareshan said, when asked if fuel prices would be raised. Clickto read Mint’s Budget 2010 coverage Separately, oil minister Murli Deora said the tax proposals were being studied by his ministry. Petrol and diesel prices in India are capped by the government to protect the poor and tame inflation. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 2:15 am Budget doles out 165 bln rupees for state banksMUMBAI (Reuters) - Budget 2010/11 has earmarked 165 billion rupees for recapitalisation of state-run banks to enable them to maintain minimum capital adequacy at 8 percent in tier I capital by March 31, 2011.Source: Reuters: Money News | 26 Feb 2010 | 2:14 am Crop loan at 5 per cent interest for farmers farm credit up by 16 per centIn a bonanza to farmers, the government today announced a subsidised five per cent interest rate on crop loans on timely repayment, while proposing a 15 per cent hike in credit made available for farm sector.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 2:14 am Crop loan at 5% interest for farmers, farm credit up by 16%New Delhi: In a bonanza to farmers, the government on Friday announced a subsidised 5% interest rate on crop loans on timely repayment, while proposing a 15% hike in credit made available for farm sector. This would be as a result of finance minister proposing to hike to 2% the interest subvention provided to farmers, giving them at an effective rate of 5% per annum. Farmers get crop loan of up to Rs3 lakh at 7%. Watch videos, play the budget game, and find out how the budget affects you. All that and more on Livemint.com’s exclusive Budget 2010 microsite. (Click here) In his Budget speech for 2010-11, finance minister Pranab Mukherjee also allocated Rs400 crore to raise farm production in the eastern parts of India, comprising Bihar, Chhattisgarh, Jharkhand, eastern UP, West Bengal and Orissa. “In the last Budget, I provided an additional 1% interest subvention as an incentive to those farmers who repay their short-term crop loan as per schedule. I propose to raise this subvention for timely repayment of crop loan from 1% to 2% for 2010-11,” he said. Noting that banks are consistently meeting the targets set for agriculture credit flow in past few years, Mukherjee said that for 2010-11, target has been raised to Rs3,75,000 crore from Rs3,25,000 crore in the current year. In view of drought and severe floods in some parts of the country, he extended the period for repayment of loan amount by farmers under the Rs71,000 crore debt waiver scheme by six months till 30 June 2010. To give impetus to food processing, Mukherjee said five more mega food parks would be established to provide latest infrastructure facilities, in addition to the 10 already being set up. Mukherjee said that external commercial borrowings would be available for cold chain sector for preservation or storage of agricultural and allied produce, marine products and meat. “Changes in the definition of infrastructure under the ECB policy are being made,” the minister added. ECB is a form of debt raised overseas. Listing the four-pronged strategy to spur growth in the farm sector, Mukherjee said the government would focus on raising agriculture production, reduction in wastage, credit support to farmers and thrust to the food processing sector. “The first element of the strategy is to extend the green revolution to the eastern region of the country comprising Bihar, Chhattisgarh, Jharkhand, eastern UP, West Bengal and Orissa, with the active involvement of gram sabhas and the farming families. For the year 2010-11, I propose to provide Rs400 crore for this initiative,” he said. The finance minister proposed to organise 60,000 “pulses and oil seed villages” in non-irrigated areas during 2010-11, in order to raise output of pulses and oilseeds where there is a deficit and country is dependent on import. For this purpose, he has provided Rs300 crore in the Budget and said the initiative will be an integral part of the Rs25,000 crore Rashtriya Krishi Vikas Yojana. Mukherjee has earmarked Rs200 crore for launching climate resilient agriculture initiative, which involves concurrent attention to soil health, water conservation and preservation of biodiversity. This fund will benefit states like Punjab and Haryana which were the centre of action during green revolution but due to excessive use of chemicals and fertilisers, the soil condition has deteriorated over the years. Pointing out that there is wastage of grains procured for buffer stocks due to acute shortage of storage capacity, he said that the government has extended the guarantee period given by Food Corporation of India to private parties for hiring godowns to seven years from the current five years. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 2:14 am Petrol diesel prices hiked from midnightFuel prices in the country are set to increase with Finance Minister Pranab Mukherjee today announcing restoration of basic duty on petrol, diesel and crude petroleum and a rise of Re 1 in central excise duty. According to TV reports, petrol and diesel prices to go up by Rs 2.67 a litre and Rs 2.58 a litre respectively in Delhi from midnight tonight.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 2:13 am PM gives top rank to Mukherjee’s Budget; says ‘job well done’New Delhi: Terming as “exceedingly good”, Prime Minister Manmohan Singh said on 26 February the Budget would help the economy to return to 9% growth while allaying the fears that it would fuel “inflationary” expectation. Watch videos, play the budget game, and find out how the budget affects you. All that and more on Livemint.com’s exclusive Budget 2010 microsite. (Click here) “A job well done” was how Singh summarised finance minister Pranab Mukherjee’s Union Budget for 2010-11, presented in Parliament on 25 February. You must look at the total picture emerging from the budget. The net revenue gain for the finance minister is only Rs20,000 crore. In an economy as large as India, this resource mobilisation effort and balance should not trigger any inflationary expectation. At the same time it gives the muscle needed.. “The finance minister has not called back to the pre stimulus excise duty rate. He has still exercised moderation signalling the economy that you cannot have all things together,” said Singh, who in the 90s had donned the mantle of finance minister in the Narasimha Rao government. The Prime Minister said despite a negative agricultural growth, the economy will this year grow by at least 7.2%. “In my view, it will grow 7.5%. That is a tribute to the resilience of the economy, to the manufacturing sector, revival of export momentum,” he said. He asserted that as far as agriculture was concerned, the finance minister has zeroed in on a four-fold strategy of doing everything possible that can be done to increase productivity. On fiscal deficit, he said, the Finance Minister has committed the government will cap the fiscal deficit at the Centre and states at 68% by 2014-15. “This is the recommendation of the Finance Commission. We are endorsing the roadmap that has been taken into account by the Finance Commission in presenting its report,” he added. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 2:05 am Budget gives relief to taxpayers; Re1 increase in petrol, diesel pricesWhile direct tax proposals are expected to result in a loss of Rs26,000 crore for the year, those relating to indirect taxes are estimated to result in a net revenue gain of Rs46,500 crore.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 2:04 am Italian telecoms billionaire turns himself in massive money-laundering caseSilvio Scaglia who founded No. 2 Italian telecoms company Fastweb, was led away by police after his private jet touched down in Rome's Ciampino airport just after midnight.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 2:02 am RBI considering more licences for opening new banks MukherjeeThe Reserve Bank of India is considering more licences to promoters, including those operating Non Banking Financial Companies (NBFCs), to open new banks in the country, Finance Minister Pranab Mukherjee said today.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 2:02 am Mukherjee lays budget in Rajya SabhaFinance Minister Pranab Mukherjee laid a copy of the 2010-11 Budget in the Rajya Sabha on Friday.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 2:02 am Kautilya invoked for the fourth time in annual Union budget speechAside from his budget speech today, finance minister Pranab Mukherjee had quoted Kautilya in July 2009 and when he read out the Budget proposals for the fiscal 1984-85.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 1:58 am INDUSTRY VIEW - Company officials react to budgetMUMBAI (Reuters) - India needs to review public spending and improve its fiscal position, Finance Minister Pranab Mukherjee said on Friday, kicking-off the presentation of his budget for the fiscal year that starts on April 1.Source: Reuters: Money News | 26 Feb 2010 | 1:58 am Pranab, Mamata failed people, says LaluNew Delhi: “Dada and Didi have failed the people.” This was how Rashtriya Janata Dal chief Lalu Prasad vented his ire against the general and railway budgets in his inimitable style. “Dada and Didi have failed the people. Both are concerned only about West Bengal. The county had seen Didi a few days back. Today it also saw Dada. “Both are only concerned about Kolkata (West Bengal). They did not do anything for Bihar, which was neglected in both budgets,” the former railway minister, whose party also staged a walkout in protest against proposed duties related to petroleum products, told reporters outside Parliament. Prasad said a “government which cannot check price is incompetent and an incompetent government has to be changed”. Prasad, whose party is extending outside support to the government, said the government did not take any political party into confidence before presenting the budget. Asked why he is opposing the proposals of a government which he is supporting from outside, Prasad said: “What do I do. They are increasing prices.” He claimed the entire opposition is united on the issue. “We have no trust on the Congress government and we will jointly protest,” he said. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 1:58 am Defence allocation for 2010 11 raised to Rs 147 344 croreIndia's defence expenditure has been raised 3.98 per cent to Rs.147,344 crore (Rs.1.47 trillion/$32 billion) in the budget for fiscal 2010-11 presented by Finance Minister Pranab Mukherjee in the Lok Sabha on Friday.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 1:56 am Asian stocks higher as euro regains some groundHong Kong: Asian stock markets were mostly higher Friday, while the euro regained some ground after swooning on concerns about Greece’s financial crisis. The regional move higher came despite US and European markets slipping overnight. Oil prices headed toward $79 a barrel. Greece’s uncertain outlook as it struggles with a financial crisis has intensified broader fears over the debt mountains in other European nations. Those concerns dragged Athens’ bourse down nearly 3% and the euro to near a ninth-month low against the dollar. Japan’s Nikkei 225 stock average rose 42.92 points, or 0.4% to 10144.88 and Hong Kong’s Hang Seng added 198.41, or 1%, to 20,597.98, following on the upward momentum after Wall Street pared its sharp losses on Thursday. Elsewhere, South Korea’s market rose 0.3% and Australian shares gained 0.5%. Other markets fared worse, with Shanghai and Singapore stocks losing 0.3%. In currencies, the euro rose to $1.3577 from $1.3547. The dollar strengthened to ¥89.35 from ¥89.13. Oil prices climbed in Asian trade, with benchmark crude for April delivery up 31 cents at $78.48. The contract lost $1.83 to $78.17 overnight. On Wall Street Thursday, the Dow fell 53.13, or 0.5%, to 10,321.03. The broader Standard & Poor’s 500 index slipped 2.30, or 0.2%, to 1,102.94. The Nasdaq composite index fell 1.68, or 0.1%, to 2,234.22. Source: Home - Livemint.com | 26 Feb 2010 | 1:54 am Budget eyes 400 billion rupees from stake sales in FY11India expects stake sales in state firms to fetch 400 billion rupees ($8.6 billion) in 2010/11, an estimate analysts believe is achievable as most upcoming government offers would draw investor interest.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 1:50 am India needs 4 pct farm growth for 9 pct GDP growth - minNEW DELHI (Reuters) - India's farm sector must grow at 4 percent to achieve a target of 9 percent growth in the economy in the medium term, Pranab Mukherjee said on Friday.Source: Reuters: Money News | 26 Feb 2010 | 1:49 am Jaguar Land Rover boosts Tata Motors profitsMUMBAI (Reuters) - Tata Motors, India's top vehicle maker, reported a rise in sales and margins at its Jaguar Land Rover (JLR) unit as luxury buyers returned after the global crisis, but analysts said that the revival had to be sustained for continued recovery.Source: Reuters: Money News | 26 Feb 2010 | 1:46 am Fiscal deficit at 5 5 with help of partial stimulus roll backThe Finance Minister Pranab Mukherjee today presented a budget with fiscal deficit of 5.5 per cent of GDP as he pegged total expenditure at Rs 11.09 lakh crore while the total tax and non-tax revenue estimated at Rs 6.82 lakh crore for the year 2010-11.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 1:42 am Banking: Budget promises additional licences for NBFCs - Moneycontrol.com
Source: Business - Google News | 26 Feb 2010 | 1:40 am Govt raises allocation for MSME at Rs2,400 cr for 2010-11New Delhi: The government proposed to increase allocation for the Micro, Small and Medium Enterprises (MSMEs) sector on 26 Februray by over Rs600 crore to Rs2,400 crore for 2010-11. MSMEs, which employs about 60 million people and contributes about 40% to India’s overall exports, were badly hit by the global slump in demand. Watch videos, play the budget game, and find out how the budget affects you. All that and more on Livemint.com’s exclusive Budget 2010 microsite. (Click here) “I propose to raise the allocation for this sector from Rs1,794 crore to Rs2,400 crore for the year 2010-11, finance minister Pranab Mukherjee said while presenting Budget 2010-11. Prime Minister Manmohan Singh in 2009 had constituted a high level task force to suggest an action plan to help the MSME sector ride out of the global slowdown. The report of the task force was submitted to the Prime Minister last month. The report, among other things, has recommended extension of the stimulus package specific to the sector for one more year, besides calling for an easy procurement policy and creating a separate fund for the industry. Mukherjee said that “a high level council on small and medium enterprises will monitor the implementation of the recommendation and the agenda for action.” The MSME Ministry had sought Rs5,000-Rs5,500 crore over the next three years to implement the recommendations of the task force. There are 26 million MSMEs in the country, contributing about 45% to India’s total manufactured output. Source: Home - Livemint.com | 26 Feb 2010 | 1:40 am FM cuts I-T rates; to give more money to consumersNew Delhi: In a relief to individual tax payers, the government changed the slabs cutting the rate to 10% for income up to Rs5 lakh, while leaving the threshold limit for tax-free income unchanged at Rs1.6 lakh. Mint’s editors analyzes the Budget live! Visit Livemint.com’s Budget 2010 microsite on budget day for breaking news and analysis. (Click here)  In case of income over Rs8 lakh, tax would be levied at a rate of 30% -- which was hitherto applicable on income above Rs5 lakh. The tax concessions would put more money in the hands of consumers. Finance minister Pranab Mukherjee also extended income tax exemption to investment in infrastructure bonds by up to Rs20,000 over and above the existing limit of Rs1 lakh. In a major relief to the corporate sector, the government proposed to reduce the surcharge on corporate tax to 7.5% from 10% now. However, it has increased the Minimum Alternate Tax (MAT) from existing 15% to 18% on book profits of those companies which do not pay tax because of various exemptions. Source: Home - Livemint.com | 26 Feb 2010 | 1:40 am Govt lifts borrowing in budget, bonds hitNEW DELHI (Reuters) – The government will increase market borrowing by 1.3 percent in the next fiscal year, disappointing bond investors, as it counts on a surging economy and a partial rollback of stimulus measures to cut its fiscal deficit.Source: Reuters: Money News | 26 Feb 2010 | 1:39 am Fiscal deficit at 5.5% with help of partial stimulus roll backThe deficit is much lower than the budgeted estimate for the current fiscal at 6.8%, which, however, has been revised to 6.7%.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 1:39 am Union budget is balanced, focused: Finance expertsThe Sensex zoomed over 350 points backed by strong technicals and a friendly budget which focused on maintaining growth and reducing fiscal deficit.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 1:30 am PM gives top rank to Mukherjee s Budget says job well doneTerming as "exceedingly good", Prime Minister Manmohan Singh today said the Budget would help the economy to return to nine per cent growth while allaying the fears that it would fuel "inflationary" expectation.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 1:29 am India Inc lauds FM for good Budget regrets MAT hikeIndian industry today welcomed the Union Budget for 2010-11 saying it was a balanced approach though it expressed disappointment over the hike in minimum alternate tax (MAT) from 15 per cent to 18 per cent.Source: HindustanTimes.com - Top Business News Headlines | 26 Feb 2010 | 1:25 am Industry on recovery path - Pranab MukherjeeNEW DELHI (Reuters) – The government raised its factory gate taxes as industry is on a recovery path, Finance Minister Pranab Mukherjee said on Friday, forecasting the economy to grow at 8.5 percent in the year to March 2011.Source: Reuters: Money News | 26 Feb 2010 | 1:24 am India Inc lauds FM Pranab Mukherjee for good budget; regrets MAT hikeConfederation of Indian Industry (CII) president Venu Srinivasan complimented the finance minister for calibrated roll back of stimulus measures, which is what the industry was looking forward to.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 1:23 am Budget 2010: winners, losers among companiesMUMBAI (Reuters) - India needs to review public spending and improve its fiscal position, Finance Minister Pranab Mukherjee said on Friday, kicking-off the presentation of his budget for the fiscal year that starts on April 1.Source: Reuters: Money News | 26 Feb 2010 | 1:18 am Service tax exemption for news agencies meeting certain criteria: FM'Accredited news agencies which provide news feed online attract service tax,' finance minister Pranab Mukherjee said while presenting the 2010-11 budget in the Lok Sabha.Source: Daily News & Analysis: Money News | 26 Feb 2010 | 1:09 am Car makers to hike rates after excise duty increaseNew Delhi: Major auto makers in the country reacted to the government’s decision on 26 February to increase the central excise duty to 10% by saying they will increase car prices -- possibly by up to Rs25,000. While the country’s largest car maker, Maruti Suzuki India (MSI), said its car will become costly by 2%, Hyundai Motor India said it will result in a price rise of Rs6,500-25,000 on average. “Car prices will go up by about 2%. This is essential to offset the increase in central excise duty announced by the finance minister today,” MSI chairman R C Bhargava said. The government today increased the central excise duty by 2% to 10%, partially rolling back the cut made earlier. Meanwhile, a Hyundai Motor spokesperson said: “We will be forced to hike our prices by Rs6,500 to Rs25,000.” Volvo Auto India also said that the increase in excise duty will result in increase of price of its cars. Source: Home - Livemint.com | 26 Feb 2010 | 12:58 am INSTANT VIEW - Budget urges fiscal prudenceNEW DELHI (Reuters) - India needs to review public spending and improve its fiscal position, Finance Minister Pranab Mukherjee said on Friday, kicking-off the presentation of his budget for the fiscal year that starts on April 1.Source: Reuters: Money News | 26 Feb 2010 | 12:53 am Toyota may miss North American output targetTokyo: Toyota Motor Corp. is likely to miss its February-April production target in North America by 20% due to slumping sales amid massive recalls, Japan’s top business daily said Friday. Toyota will produce 350,000 vehicles in North America from February to April, down 20% from the automaker’s original target, the Nikkei business daily said, citing unnamed sources. Toyota spokeswoman Ririko Takeuchi could not confirm the report, saying the company has not released latest production figures for the region. The Nikkei said the world’s biggest automaker has already told auto parts suppliers about the lower production. Toyota has recalled 8.5 million vehicles, more than 6 million of them in the US, the automaker’s biggest market, battering its reputation for safety and quality. Toyota President Akio Toyoda on Wednesday appeared before Congress and repeatedly apologized for safety problems that have resulted in the recalls. He visited the assembly line at the company’s largest North American manufacturing plant Thursday and met with transportation secretary Ray LaHood, repeating pledges to boost safety efforts. To cope with falling sales following the recalls, Toyota said in late January it would halt production temporarily in San Antonio, Texas, and Georgetown, Kentucky, in March and April. The Kentucky plant, which makes the Camry, Avalon and Venza vehicles, also plans to take a non-production day on 26 February. The Texas plant makes the Tundra pickup truck. Toyota already halted production of eight models covered by the US recall for five days in early February at four plants in the US and one in Canada. Shares in Toyota rose 2.3% to 3,345 yen in the morning session Friday. Masatoshi Sato, market analyst at Mizuho Investors Securities Co. Ltd., said it was a technical rebound following heavy selling of Toyota stocks amid the recall crisis. “Investors already expected Toyota’s U.S. sales to fall sharply in the wake of the recall crisis. What we cannot predict here is how long falling sales will drag on,” said Sato. Toyota’s sales in the US tumbled 16% in January even though sales by most other rivals rebounded from last year’s dismal results. If slumping sales in the US continue, Toyota may have to suspend output in North America further and downgrade its worldwide production projection for this year, the Nikkei said. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 12:53 am Jaguar Land Rover boosts Tata Motors profitsMumbai: Tata Motors on Friday posted a consolidated net profit for the second straight quarter as sales from its British Jaguar and Land Rover unit recovered. The company, which is India’s largest trucks and bus maker, reported a consolidated net profit of Rs6.5 billion for its fiscal third quarter ended December. In the year-ago period, the company had posted a net loss of Rs26 billion. Tata’s JLR British luxury unit, which it bought in 2008 from Ford for $2.3 billion, has weighed on earnings as demand crumbled during the financial crisis, but sales and margins have been picking up. In January, Tata reported a net profit of Rs4 billion for its domestic operations in the December quarter on increased demand for its cars, trucks and buses. Shares in Tata Motors, valued at $7.7 billion, rose 34% in the December quarter, outperforming the main index. Source: Home - Livemint.com | 26 Feb 2010 | 12:44 am Oil holds near $78; demand, recovery doubts weighSingapore: Oil held around $78 a barrel on Friday after sliding more than 2% the day before, as worries over the US economy and demand recovery weighed on the market. Focus is now on a series of US economic data including fourth-quarter gross domestic product, consumer sentiment for February and existing home sales for January due later on Friday, after soft US employment and durable goods data raised more concerns about a recovery. US crude for April delivery shed 15 cents to $78.02 a barrel at 1:38pm, after falling $1.83 on Thursday. Brent crude for April fell 18 cents to $76.11 a barrel. “Oil prices have been drifting a bit lower earlier, but it has come back up because of the dollar. Prices will trade around the recent ranges in the near term, but they are very sensitive to international economic news,” said David Moore, commodities strategist at the Commonwealth Bank of Australia in Sydney. The dollar index was down nearly 0.1% at though the US currency edged up versus the yen. But the yen held on to broad gains against the euro as doubts about the pace of a global recovery and fears over sovereign debt problems in Greece kept investors off riskier currencies. A weaker dollar makes oil and other commodities more affordable for holders of other currencies, and gold rose further after the 1 percent rise overnight. Oil markets have looked to the broader economy for signs of a rebound since the recession sent prices from above $147 a barrel in July 2008 to below $40 in December of that year. Doubts over the pace of the global recovery have tempered optimism in oil markets, with the International Energy Agency (IEA) saying there is more downside risk to demand than upside. “In terms of the oil demand, it is more the downside possibility,” said Nobuo Tanaka, executive director of the Paris-based IEA which advises 28 industrialised nations on their energy policy. But he also told Reuters there are upside risks such as weather and geopolitical factors. Tanaka earlier said oil market price volatility may increase this year as the global economic recovery gathers steam and eats into inventory and spare capacity. The US Congress is likely to pass a regulatory reform bill this year that would include giving the top US futures watchdog greater authority to regulate over-the-counter (OTC) swaps, a commissioner at the Commodity Futures Trading Commission (CFTC) said on Thursday. After the CFTC proposed measures last month to limit the size of the bets investors could take on US futures exchanges it regulates, some expressed concern regulation could drive investors to less transparent markets such as in unregulated OTC derivatives, or drive money abroad. The market is also watching the impact of a nationwide dockworkers’ strike which France’s biggest trade union has called for on Friday to protest what it described as a violation of the right to strike in one port. Source: Home - Livemint.com | 26 Feb 2010 | 12:43 am Markets gains more than 1% following budgetMumbai: Indian shares extended gains to more than 1% on Friday afternoon, as finance minister said the fiscal deficit for 2010/11 was seen at 5.5%, lower than 6.9% for 2009/10. At 12:15pm, the 30-share BSE index was up 1.35% at 16,473.55 points, with 27 components advancing. The 50-share NSE index was up 1.6% at 4,936.55. Markets were trading 0.3% higher on Friday, tracking strong Asian markets, but all eyes were on the national budget scheduled for release at 11:00am. The budget comes against the backdrop of a rebounding economy, which should allow the finance minister Pranab Mukherjee to start rolling back stimulus measures and focus on fiscal consolidation. “All the noises so far hint the stimulus withdrawal will not come as a shock. It will rather be a gradual approach,” said Jigar Shah, vice-president of equity sales at Motilal Oswal. “I think they will not talk of too many things at the same time, but take up few issues and concentrate on them. We will see what kind of reforms they announce.” Gross domestic product data for the December quarter is also due around the same time as the budget, and a Reuters poll showed the economy probably grew an annual 6.8%. By 10:20am, the 30-share BSE Index was trading up 0.33% at 16,307.06, with 21 of its components in the green. The 50-share NSE index was up 0.4% at 4,877.75. Banks and automobile companies were mixed. Top lender State Bank of India and private lender HDFC Bank were up 1.2% and 0.7% respectively. Rival ICICI Bank edged 0.5% lower. Top vehicle maker Tata Motors climbed 1.2% ahead of its consolidated third-quarter result due around 3:00pm. After market hours on Thursday, the company said its Jaguar Land Rover unit had received a 340 million pound loan from the European Investment Bank. Tractor and utility vehicle maker Mahindra and Mahindra rose 0.8%, but leading car maker Maruti Suzuki slid 1.2%. Drug maker Ranbaxy Laboratories fell 6.6% to Rs424.25 as analysts said its 2010 guidance fell short of expectations. “CY10 guidance is lower than we expected and is probably conservative,” Citigroup analysts Prashant Nair and Akshay Rai said in a note. Ranbaxy, which is 64% owned by Japan’s Daiichi Sankyo, forecast a rise of 48% in net profit in 2010 to 4.6 billion rupees and a growth of 6% in sales to 78 billion. In the broader market, gainers led losers in a ratio of 1.5:1 on volume of 42 million shares. Source: Home - Livemint.com | 26 Feb 2010 | 12:31 am UN says will create science panel to review IPCCNusa Dua, Indonesia: An independent board of scientists will be appointed to review the world’s top climate science panel, which has been accused of sloppy work, a UN climate spokesman said on Friday. The Intergovernmental Panel on Climate Change (IPCC) has been under fire after it was revealed one of its 2007 reports wrongly included a prediction that Himalayan glaciers could vanish by 2035. The figure should have been 2350. That mistake and others have fuelled a resurgence of climate scepticism in some quarters but the UN says the fundamental claims of the IPCC -- that dangerous climate change is caused by mankind -- remains unshaken. The panel will be part of a broader review of the IPCC to be announced next week, said Nick Nuttall, spokesman for the UN Environment Programme (Unep). “It will be [made up of] senior scientific figures. I can’t name who they are right now. It should do a review of the IPCC, produce a report by, say, August and there is a plenary of the IPCC in South Korea in October. “The report will go there for adoption,” he told reporters on the sidelines of a Unep conference in Nusa Dua, on the Indonesian island of Bali, where environment ministers have been meeting this week. “There’s no review panel at the moment. Yesterday, it was clear from the member states roughly how they would like this panel to be, i.e. fully independent and not appointed by the IPCC but appointed by an independent group of scientists themselves,” he said. The terms of references for the panel would be announced next week, he said. “I think we are bringing some level of closure to this issue.” Nuttall said the broader review of the IPCC would examine whether there would be a ban on it using “grey literature”, a term to describe non-peer reviewed science. The IPCC has rules for allowing grey literature. Scientists say the material, such as government agency reports or other respected work not published in scientific journals, is crucial for trying to get a complete picture of the current state of climate science. Achim Steiner, executive director of Unep, told reporters on Monday that he did not support a ban on the use of grey literature and that the media had overblown the IPCC’s mistakes. The IPCC’s 2007 assessment report on the causes and impacts of climate change cites more than 10,000 scientific papers and is over 3,000 pages long. It is the main source of guidance for policymakers in the fight against climate change. Source: LatestNews-Home - Livemint.com | 26 Feb 2010 | 12:19 am Sensex surges over 350 pts on direct tax sopsThe Sensex surged over 350 points within a minute of direct tax sops, including income tax concessions, proposed by FM Pranab Mukherjee, while taking in its stride the partial withdrawal of stimulus measures.Source: India Business News | Business News - Times of India | 26 Feb 2010 | 12:01 am You don't need maths to become a bank officer!If you want to become a bank officer but are not so good at maths, there is no need toSource: Business Line - Home Page | 26 Feb 2010 | 12:00 am United Bank IPO subscribed 33 times; retail response goodUnited Bank of India's initial public offering closed on Thursday with subscriptions of 33.38 times. The issue received bids for 167 crore shares against the 5 crore shares onSource: Business Line - Home Page | 26 Feb 2010 | 12:00 am ICICI Bank hikes deposit rates on select maturitiesICICI Bank today hiked interest rates on its 390-day deposit by 25 basis points to 6.75 per cent from 6.5 per cent and on 590-day deposit by 50 basis points to 6.75 per cent from 6.25 perSource: Business Line - Home Page | 26 Feb 2010 | 12:00 am 3G auction process begins; 3 top bidders to get spectrum in 17 circlesThe Government on Thursday invited applications from telecom operators for bidding for third generation (3G) and broadband wireless access (BWA) spectrum to be auctioned, starting April 9.Source: Business Line - Home Page | 26 Feb 2010 | 12:00 am Toil, trouble return to the FalklandsA new storm is brewing in the remote, windswept South American Las Malvinas islands.Source: Business Line - Home Page | 26 Feb 2010 | 12:00 am Food inflation eases to 17.58%The annual Wholesale Price Index-based food inflation eased to 17.58 per cent for the week ended February 13 against the previous week's annual rise of 17.97 perSource: Business Line - Home Page | 26 Feb 2010 | 12:00 am Layman's guide to the BudgetAs the Union Finance Minister, Mr Pranab Mukherjee, unfolds the Union Budget for 2010 today, a sheaf of information will be laid out. The common person need not be disheartened at being unable to understand the Budget, as even analysts andSource: Business Line - Home Page | 26 Feb 2010 | 12:00 am India will return to 9% growth path soon: SurveyPainting an optimistic forecast for the economy in the medium to long run, the Economic Survey for 2009-10 has said the country has bounced back from the global economic slowdown and is on its way to returning to the robust growth path of aroundSource: Business Line - Home Page | 26 Feb 2010 | 12:00 am Current inflation trend is lopsided…try skewflation!The year 2009-10 was characterised by a “somewhat unusual” inflation, with food inflation soaring while inflation in the non-food sector wasSource: Business Line - Home Page | 26 Feb 2010 | 12:00 am Finance Commission cautions on public debtAmong the many firsts to its credit, the 13th Finance Commission has prescribed a combined debt-GDP ratio of 68 per cent for the Centre and the States to be achieved bySource: Business Line - Home Page | 26 Feb 2010 | 12:00 am India needs fiscal prudence: FMNew Delhi: India needs to review public spending and improve its fiscal position, Union finance minister Pranab Mukherjee said on Friday, kicking-off the presentation of his Budget for the fiscal year that starts on 1 April. He also unveiled efforts to lift agricultural production in a country where high food prices have helped push broader inflation to what some economists expect could hit 10% next month, with a push to improve farm output in the eastern part of India. All the media coverage. On one easy-to-use website. BrowseLivemint.com’s Budget 2010 microsite. Bond yields fell 4 basis points after Mukherjee’s remarks on fiscal prudence, as well as a December quarter GDP growth figure of 6%, which fell short of a Reuters poll forecast of 6.8% as farm output fell 2.8%.  Economists polled by Reuters ahead of the budget forecast Asia’s third-largest economy would cut its fiscal deficit to 5.6% of GDP in the year starting 1 April, from a target of 6.8% in the current year, a 16-year high. Government borrowing was forecast to rise by another 2.2% to Rs4.61 trillion ($99.5 billion), according to the Reuters poll ahead of Friday’s speech. Mukherjee was expected to count on surging economic growth, which his ministry forecasts will grow by 8.5% in the next fiscal year, as well as higher revenues from sales of government company stakes and 3G mobile licences to forestall the need for spending cuts. The government growth target for next year exceeds the 8% forecast in a Reuters poll of economists in late January. Mukherjee was expected to unveil gradual measures to roll back fiscal stimulus implemented to ease the pain of the global downturn, including tax breaks to several sectors. Source: Home - Livemint.com | 25 Feb 2010 | 11:40 pm Fiscal discipline gets top billing - Economic Times
Source: Business - Google News | 25 Feb 2010 | 9:53 pm Ranbaxy: FDA battle to cast a shadow - Economic Times
Source: Business - Google News | 25 Feb 2010 | 9:37 pm Rupee gains 9 paise against dollar in early tradeThe rupee appreciated against the dollar by 9 paise to 46.31 in early trade today, tracking other firming Asian currencies.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 9:36 pm Sensex rises 74 points in opening trade on Asian cuesThe Bombay Stock Exchange benchmark Sensex recovered by over 74 points in the opening trade today on fresh capital inflows from foreign funds amid a firming Asian market.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 9:13 pm Rupee edges up, eyes the budgetMumbai: The Indian rupee was trading up on Friday, tracking local shares and regional peers, but traders were cautious ahead of the national budget that is expected to balance growth and fiscal consolidation. Finance minister Pranab Mukherjee is scheduled to begin his budget speech at 11:00am against the backdrop of a rebounding economy and investors are hoping he would be firm on keeping borrowing in check. At 9:43am, the partially convertible rupee was at Rs46.25/26 per dollar, stronger than Thursday’s close of Rs46.3950/4050. It opened at Rs46.30 and touched a low of Rs46.33. “We expect the rupee to be in Rs46.25-46.35 band before the budget,” said a dealer at state-run Union Bank of India. If the budget is disappointing in terms of sharper-than-expected increase in excise duty and corporate tax, the rupee may touch Rs46.60, dealers said. Most Asian units were stronger compared to the dollar. The dollar index against six majors was down 0.2%. Indian shares were trading up 0.4%, taking cues from strong Asian markets. One-month offshore non-deliverable forward contracts were at Rs46.33/43, close to the onshore rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs46.2525. Source: Home - Livemint.com | 25 Feb 2010 | 8:51 pm Wall St falters on data, Greece; Apple nudges NasdaqNew York: US stocks recovered most of their losses but ended lower on Thursday after weak employment and durable goods data added to recent worries about the strength of the economic recovery. Trading started on a sour note, but rumors of a 4-for-1 stock split planned by Apple Inc coincided with a late-day rebound in stocks. A spokesman said the company has not made an announcement of a stock split. The Nasdaq reaped most of the benefit of Apple’s rebound and the index ended just short of break-even. Some analysts said the broader move was a result of an oversold market earlier in the session. “The market might be beginning to believe that there was some overreaction, and now (they) are looking at it as a buying opportunity,” said Jeff Kleintop, chief market strategist at LPL Financial in Boston. Still, poor news on durable goods orders excluding transportation, which unexpectedly fell in January, and a jump in weekly jobless claims, fed negativity. The data came on top of disappointing reports on consumer sentiment and home prices and sales earlier this week. Industrial and financial shares ranked among the biggest drags on the S&P 500. JP Morgan Chase & Co slipped 0.5% to close at $40.64 on the New York Stock Exchange. The Dow Jones industrial average shed 53.13 points, or 0.51%, to 10,321.03. The Standard & Poor’s 500 Index declined 2.30 points, or 0.21%, to 1,102.94. The Nasdaq Composite Index dipped 1.68 points, or 0.08%, to close at 2,234.22. Concerns about the debt loads of some euro-zone countries were revived after rating agencies said they might downgrade Greece’s sovereign debt rating. The news added to investor anxiety ahead of a new 10-year bond Greece will issue in the next few weeks. Moody’s said a change in Greece’s rating would depend on whether Athens could smoothly enact a fiscal reform plan, while Standard & Poor’s said a downgrade by one or two notches in the next month was possible. The move could increase borrowing costs and exacerbate Greece’s problems. Coca-Cola Co contributed the most to the Dow’s slide after it said it will acquire the North American bottling businesses of Coca-Cola Enterprises Inc for about $13 billion. Coke shares fell 3.7% to $53.12, while CCE soared 32.9% to $25.48. Apple was among the Nasdaq’s leaders, gaining 0.7% to $202.01. Also buoying the index, Express Scripts jumped 8.5% to $95.23 after at least three brokerages raised their price target on the company’s stock. Health insurance stocks were in focus as US President Barack Obama and Republicans clashed at a summit on his stalled healthcare overhaul. The Morgan Stanley healthcare payor index spent most of the day in the negative before ending up just 0.02%. Also in Washington, Federal Reserve chairman Ben Bernanke said in his second day of congressional testimony that US regulators are looking into how Wall Street firms like Goldman Sachs helped Greece arrange derivatives deals that critics say were used to disguise the size of its budget deficits. About 8.5 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year’s estimated daily average of 9.65 billion. Advancing stocks narrowly outnumbered declining ones on the NYSE by 1,512 to 1,504, while on the Nasdaq, decliners beat advancers 1,500 to 1,121. Source: Home - Livemint.com | 25 Feb 2010 | 8:27 pm Tata Motors seals 340m loan for JLRAfter several months of discussions with the European Investment Bank (EIB) for a loan of 340 million, Tata Motors on Thursday said that it has finally sealed the transaction, securing guarantees from private banks.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 1:25 pm 'Fair returns from Zain deal'The Bharti-Zain deal has come under scrutiny yet again by investment bankers and analysts, which have noted that the Indian telecom major has a tough task on its hand if it succeeds in acquiring the assets in Africa.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 1:23 pm Wipro starts probe into $4 million fraudEmbezzlement by employees is seen to be a common phenomenon among Indian companies. And some say even the $4 million that a Wipro employee is said to have embezzled is a relatively ordinary figure.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 1:22 pm Fingers-crossed: Will markets tune into FM?Ahead of the budget on Friday morning, the BSE sensex remained ranged for better part of Thursday and ended just 2 points lower at 16,256.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 1:20 pm Rise in food inflation slows downThe pace of rise in food inflation showed faint signs of slowing down after four weeks, with the index settling at 17.58% year-on-year period ending on February 13 as prices of pulses and vegetables eased.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 1:19 pm An enabling state for inclusive growthThe Union finance ministrys Economic Survey of financial year 2009-10 outlines a new agenda for economic and governance reform to create, as the Survey says, an enabling government.Source: Business Standard | Front Page Headlines | 25 Feb 2010 | 12:56 pm Set fisc in order, panel tells Centre, statesStates to get higher share of taxes, debt relief; 68 per cent combined debt cap proposed.Source: Business Standard | Front Page Headlines | 25 Feb 2010 | 12:53 pm P J Nayak is BS Banker of the YearP J Nayak, former chairman and CEO of Axis Bank, is the Business Standard Banker of the Year for 2009. Nayak was the unanimous choice of a five-member jury led by H N Sinor, former CEO of the Indian Banks Association.Source: Business Standard | Front Page Headlines | 25 Feb 2010 | 11:59 am Core sector clocks 9.4% growth in JanSix core sectors, which act as a bellwether for industrial activity, expanded 9.4% in January riding on the back of a rising demand for cement and steel.Source: India Business News | Business News - Times of India | 25 Feb 2010 | 8:21 am JLR gets 340 mn pounds loan from European Investment BankNew Delhi: Homegrown auto firm Tata Motors on Thursday said its UK-based subsidiary Jaguar Land Rover (JLR) has secured £340 million loan from the European Investment Bank (EIB) that will be utilized for research and development. “The facility (loan) is an eight year amortizing loan to finance development of micro and full hybrid drive trains and research into more energy efficient car bodies for the premium car segment by Jaguar Land Rover,” the company said in a statement. These activities will contribute to lower carbon dioxide (CO2) emissions and the loan was granted under the European Clean Transport Facility, it added. “This will support the progress of turnaround in JLR’s business in challenging market conditions, alongside cost cutting measures, increase of volumes and the improved margins strategy currently being implemented by JLR,” Tata Motors vice-chairman Ravi Kant said. The loan is structured with guarantee support from banks, including State Bank of India and Bank of Baroda, with Credit Suisse working in the lead. Credit Suisse, Standard Chartered Bank, Deutsche Bank and JP Morgan are providing additional guarantees to meet EIB credit requirements. The EIB loan completes the last major element of the funding plan for Jaguar Land Rover, which has been an important part of Tata Motors’ efforts to strengthen its group balance sheet over the past year, the company said. In 2009, JLR secured over £500 million of funding, including facilities from SBI, StanChart, Bank of Baroda, GE Capital, and Bank of Ireland. Source: World Business - Livemint.com | 25 Feb 2010 | 6:46 am FM to table Eco Survey, Finance Commission report!A day before unveiling the Budget, Finance Minister Pranab Mukherjee will table the Economic Survey in Parliament on Thursday which will take stock of the economy and also the impact of stimulus on industry.Source: Zee News : Business | 25 Feb 2010 | 5:33 am Economic Survey: Govt optimistic on growth!The Finance Ministry Thursday tabled a cautious but optimistic Economic Survey 2009-10 in parliament.Source: Zee News : Business | 25 Feb 2010 | 5:33 am Toyota workers worry but back embattled bossTokyo: Anxious Toyota workers in the automaker’s hometown rallied behind their president after he faced a grilling from US lawmakers over the company’s safety problems, but many fear the crisis is far from over. Thousands of miles away in Washington, Toyota Motor Corp’s chief Akio Toyoda appeared before a sometimes hostile congressional panel, where he apologised for any accidents Toyota drivers have experienced. The panel appearance of Toyoda, the 53-year-old grandson of the company’s founder, was a dramatic turn in a safety crisis that broke a month ago with a series of recalls over unintended acceleration and braking problems that now includes more than 8.5 million vehicles globally. Hours before Toyoda appeared before the congressional panel, some residents spent a nervous evening at a bar in Toyota City, located in Japan’s industrial heartland in central Japan. “We are not just drinking. We are drinking while being worried about what’s happening. We cannot help drinking because we are worried,” said Hidemi Miyaji, who as a sales manager at Aicello Chemical works closely with Toyota. Many of the city’s 420,000-plus residents rely directly or indirectly on Toyota for jobs. It has nearly 26,000 people working at seven Toyota plants and more than 1,400 industrial plants, more than 30% of which are auto-related. “There were some tough questions, but I think he answered them earnestly,” Shingo Mori said of Toyoda’s panel appearance. Mori works at Toyota’s Kamigo Logistics Center, which handles parts for export to the United States. “He took responsibility for what happened. Now we all need to work together to meet our customers’ needs and try to regain the trust that we’ve lost,” said Mori, who has worked at Toyota factories in several states in the United States. One Toyota subcontractor said criticism of the company had gone too far, putting businesses like his own at risk. “Not just Toyota, but everything made in Japan, seems to be under attack and the situation seems to be a bit hysterical,” said the head of the firm, who declined to give his name. “I had some hope for the future of our business, but now I am very concerned.” Others also backed Toyoda’s decision to go to Washington, but agreed with their company chief that the automaker had allowed quality standards to slip during a period of fast growth. “Each of us needs to be more careful and improve our quality,” said Hiromi Kawae, a 34-year-old Toyota factory worker, adding that the series of recalls has disgraced Toyota’s brand. “I am worried what’s going to happen to us from now on,” said the uniform-clad Kawae as he spoke outside a Toyota factory. He wasn’t alone in his fears. “This city became big because of Toyota and without Toyota’s revival, our economy won’t recover,” said 53-year-old city council member Masatoshi Hieno. While some critics have questioned whether Toyoda was up to the job, loyal Toyota fans in the city also said the challenge he faces would make him a stronger leader. “The pinch is the chance. With this incident, Toyota’s cars will become even safer,” said Kazutoshi Kamiya, a Toyota City council member who runs a business hotel in the city. Source: World Business - Livemint.com | 25 Feb 2010 | 2:03 am
|
