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Don\'t see impact of price hike on demand: Bajaj AutoIn an interview with CNBCTV18, Rajiv Bajaj, Managing Director of Bajaj Auto spoke about the excise duty hike and the road ahead for his company.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 6:40 am BHEL gets $1.3bn order for power plantsPower equipment maker Bharat Heavy Electricals Ltd said on Tuesday it had secured an order to set up two coalbased power plants in western Maharashtra state.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 6:39 am Will be interested in banking license: Reliance CapitalSam Ghosh, Chief Executive Officer of Reliance Capital, said that if a banking opportunity arises, the company would like to get into banking. We have to await detail guidelines on banking license, he added.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 5:58 am Would be interested in a banking license: IFCIBudget 201011 said the RBI is considering giving some additional banking licenses to private sector players. NBFCs could also be considered, if they meet the RBI\'s eligibility criteria. As far as IFCI is concerned, Atul Kumar Rai, IFCI, says, it would be a contender.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 5:56 am MM to undertake cost reductions to maintain marginsFinance Minister Pranab Mukherjees Union Budget 2010 hiked the excise duty by 2% to 10%. The industry, however, was expecting the duty hike. In an exclusive interview with CNBCTV18, Rajesh Jejurikar, Chief of Operations Automotive Sector, Mahindra Mahindra, discusses the impact of excise duty hike on the auto sector.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 5:21 am Auto cos\' Feb sales touch record highThe Indian automobile sector has every reason to celebrate and rejoice. First, the Union Budget, which came as a sigh of relief for auto majors, wherein Finance Minister Pranab Mukherjee announced a lowerthanexpected hike in excise duty and now a robust increase in sales numbers for the month of February for most of the industry majors.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 5:13 am Reliance may look elsewhere as Lyondell hopes fadeEnergy major Reliance Industries is likely to turn its attention to other acquisition opportunities if its bid for LyondellBasell, valuing the bankrupt firm at USD 14.5 billion, falls short.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 5:04 am Reliance Cap, IFCI await guidelines on banking licenseBoth companies said they would be interested in a banking license and they were awaiting RBI\'s detailed guidelines.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 4:58 am Not applying for banking license, says IDFCIn an interview with Rajiv Lall, Chief Executive Officer and Managing Director of IDFC, discusses his outlook for the bank.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 4:52 am Refining profitability will be hit due to duty hikes: IOCSV Narasimhan, DirectorFinance of Indian Oil Corporation (IOC) sees no concern on the quantum of subsidies. The subsidies may be reviewed on regular basis.Source: Moneycontrol Top Headlines | 2 Mar 2010 | 4:40 am EdServ to acquire SmartLearn WebTV - Hindu Business Line
Source: Business - Google News | 2 Mar 2010 | 2:47 am NALCO gets Orissa govt's okay for new bauxite mineBHUBANESWAR, India (Reuters) - State-run National Aluminium Co Ltd (NALCO) has got an approval for a new bauxite mining lease in eastern India, a senior government official said on Tuesday.Source: Reuters: Money News | 2 Mar 2010 | 2:45 am India's exports rise 11.5 percent in January - Sify
Source: Business - Google News | 2 Mar 2010 | 2:45 am Sensex up over 300 pts, auto leads - Financial Express
Source: Business - Google News | 2 Mar 2010 | 2:44 am Hyundai feeds on Toyota woes; GM recalls 1.3 mln carsSEOUL/DETROIT (Reuters) - South Korea's Hyundai Motor Co announced a sharp rise in February sales, benefiting from recall woes at rival Toyota Motor Co, which planned aggressive incentives to win back U.S. customers.Source: Reuters: Money News | 2 Mar 2010 | 2:43 am ANALYSIS - Europe all mouth and no money in green tech raceBRUSSELS (Reuters) - Europe's plan to lead the green technology race has a gaping financial hole for the next four years, handing the advantage to rivals China, Japan and the United States.Source: Reuters: Money News | 2 Mar 2010 | 2:37 am GM triples Opel financing, cuts state aid requestFRANKFURT (Reuters) - General Motors will provide 1.9 billion euros ($2.57 billion) in equity and loans to European arm Opel, tripling its funding and cutting its request for state aid in a bid to win over European governments and labour.Source: Reuters: Money News | 2 Mar 2010 | 2:37 am BMW posted 2009 profit in US: CEOResidual values have bottomed out and are now increasing in markets such as the United States and the United Kingdom, said chief executive Norbert Reithofer.Source: Daily News & Analysis: Money News | 2 Mar 2010 | 2:33 am Auto stocks zoom on surging sales - Business Standard
Source: Business - Google News | 2 Mar 2010 | 2:24 am Reliance may look elsewhere as Lyondell hopes fade - Reuters
Source: Business - Google News | 2 Mar 2010 | 2:23 am DEALTALK - Prudential, Merck help end Europe's deal droughtLONDON (Reuters) - Prudential's $35.5 billion bet on Asia is a rare bit of good news for Europe's dealmakers, who have seen a recovery this year in U.S. and emerging-market mergers and acquisitions pass them by.Source: Reuters: Money News | 2 Mar 2010 | 2:20 am Reliance may look elsewhere as Lyondell hopes fadeMUMBAI (Reuters) - LyondellBasell has rejected Reliance Industries' offer that values the bankrupt firm at $14.5 billion, Bloomberg reported, a decision that could push the Indian energy major to focus on other overseas targets.Source: Reuters: Money News | 2 Mar 2010 | 2:16 am International air traffic recovery gains pace - IATAZURICH (Reuters) - The recovery in global demand for air traffic gathered pace in January, airline industry body IATA said on Tuesday, in another sign that world trade is on the mend after the steep decline last year.Source: Reuters: Money News | 2 Mar 2010 | 2:09 am Indian bond yields off 1-wk high on value buying - Reuters India
Source: Business - Google News | 2 Mar 2010 | 2:02 am PM rules out rollback of fuel price hike - All India Radio
Source: Business - Google News | 2 Mar 2010 | 1:53 am BSE Sensex rises 2 pct; Tata Motors jumpsMUMBAI (Reuters) - The BSE Sensex extended gains to 2 percent on Tuesday afternoon, with auto makers leading the charge on robust February sales.Source: Reuters: Money News | 2 Mar 2010 | 1:48 am Hyundai feeds on Toyota woes; GM joins recallsSeoul / Detroit: South Korea’s Hyundai Motor Co announced a sharp rise in February sales, benefiting from recall woes at rival Toyota Motor Co, which planned aggressive incentives to win back US customers. Toyota is facing a slide in US sales after recalling more than 6 million vehicles there due to problems with uncontrolled acceleration and braking glitches which have shone a spotlight on vehicle safety issues. US auto sales data, due later on Tuesday, are expected to show Toyota’s market share sliding to its lowest level in more than five years, according to industry tracking firm Edmunds.com. In the latest of a string of product problems across the industry, General Motors Co said it was voluntarily recalling 1.3 million vehicles in North America to fix a power steering problem linked to 14 crashes and one injury. GM said the affected vehicles can be still be “safely controlled” but it may require greater steering effort under 15 mph (24 kph). “After our in-depth investigation, we found that this is a condition that takes time to develop. It tends to occur in older models out of warranty,” GM vice president of Quality Jamie Hresko said in a statement. Hyundai, which has been enjoying a surge in popularity for its cheap and fuel efficient models, said its February sales jumped 23% from a year ago to nearly 250,995 vehicles. Hyundai has sought to cash in on the hit to Toyota’s reputation, offering incentives for consumers to switch to its models such as the Sonata and Elantra. Incentives Toyota, which is facing an investigation for steering problems in its popular Corolla model, is not yet out of the woods on its recalls. The world’s largest automaker said on Monday it will replace an oil hose in almost 1 million US vehicles due to the risk of a leak that could damage the engine. The fix includes late-year models of Camry, Avalon, Rav4, and Lexus 350 ES and 350 RX. In an effort to regain US market share, Toyota will offer zero-percent financing for 60 months on some 2010 model year vehicles, including its most popular Camry and Corolla sedans and other vehicles involved in safety recalls, a source briefed on the matter told Reuters on Monday. Returning Toyota customers will also receive a complimentary two-year maintenance package, while cash rebates ranging from $500 to $3,000 will also be offered, the source said. The person declined to be identified because the information has yet to be announced by Toyota. Kazaka Securities analyst Yoshihiko Tabei the measures were a step in the right direction to avoid further damaging cuts in production. “Lower factory utilisation rates would have a substantial negative impact on Toyota’s earnings. It is crucial for Toyota to drive sales so it does not need to lower production levels.” US sales hit Industry tracking firm Edmunds.com sees Toyota’s market share dropping to 12.6% in February, its lowest level since July 2005 and compared to 17% for all of 2009, as Toyota cut sales and production of some its most popular models last month. Shares in Toyota were largely flat in Tokyo trade, having fallen more than a fifth since late January, when the recall crisis erupted. Some $30 billion in the company’s market value has been wiped out since then. Hyundai shares ended down 1.3% ahead of its sales data. Toyota global quality control chief Shinichi Sasaki and North American president Yoshimi Inaba are scheduled to appear before a Senate committee on Tuesday for a third hearing on its handling of consumer complaints about sudden acceleration. In written testimony released before his appearance, Sasaki reiterated Toyota’s plans to tackle quality and safety issues including working more closely with regulators, giving regions more autonomy on recalls and improving information sharing between regions. Inaba said dealers had repaired more than 1 million of the 6 million recalled US vehicles President Akio Toyoda, who appeared before a Congressional panel last week, returned to Japan on Tuesday, having also travelled to China to apologise in person for the recall problems. Source: World Business - Livemint.com | 2 Mar 2010 | 1:46 am Hyundai feeds on Toyota woes; GM joins recallsSeoul / Detroit: South Korea’s Hyundai Motor Co announced a sharp rise in February sales, benefiting from recall woes at rival Toyota Motor Co, which planned aggressive incentives to win back US customers. Toyota is facing a slide in US sales after recalling more than 6 million vehicles there due to problems with uncontrolled acceleration and braking glitches which have shone a spotlight on vehicle safety issues. US auto sales data, due later on Tuesday, are expected to show Toyota’s market share sliding to its lowest level in more than five years, according to industry tracking firm Edmunds.com. In the latest of a string of product problems across the industry, General Motors Co said it was voluntarily recalling 1.3 million vehicles in North America to fix a power steering problem linked to 14 crashes and one injury. GM said the affected vehicles can be still be “safely controlled” but it may require greater steering effort under 15 mph (24 kph). “After our in-depth investigation, we found that this is a condition that takes time to develop. It tends to occur in older models out of warranty,” GM vice president of Quality Jamie Hresko said in a statement. Hyundai, which has been enjoying a surge in popularity for its cheap and fuel efficient models, said its February sales jumped 23% from a year ago to nearly 250,995 vehicles. Hyundai has sought to cash in on the hit to Toyota’s reputation, offering incentives for consumers to switch to its models such as the Sonata and Elantra. Incentives Toyota, which is facing an investigation for steering problems in its popular Corolla model, is not yet out of the woods on its recalls. The world’s largest automaker said on Monday it will replace an oil hose in almost 1 million US vehicles due to the risk of a leak that could damage the engine. The fix includes late-year models of Camry, Avalon, Rav4, and Lexus 350 ES and 350 RX. In an effort to regain US market share, Toyota will offer zero-percent financing for 60 months on some 2010 model year vehicles, including its most popular Camry and Corolla sedans and other vehicles involved in safety recalls, a source briefed on the matter told Reuters on Monday. Returning Toyota customers will also receive a complimentary two-year maintenance package, while cash rebates ranging from $500 to $3,000 will also be offered, the source said. The person declined to be identified because the information has yet to be announced by Toyota. Kazaka Securities analyst Yoshihiko Tabei the measures were a step in the right direction to avoid further damaging cuts in production. “Lower factory utilisation rates would have a substantial negative impact on Toyota’s earnings. It is crucial for Toyota to drive sales so it does not need to lower production levels.” US sales hit Industry tracking firm Edmunds.com sees Toyota’s market share dropping to 12.6% in February, its lowest level since July 2005 and compared to 17% for all of 2009, as Toyota cut sales and production of some its most popular models last month. Shares in Toyota were largely flat in Tokyo trade, having fallen more than a fifth since late January, when the recall crisis erupted. Some $30 billion in the company’s market value has been wiped out since then. Hyundai shares ended down 1.3% ahead of its sales data. Toyota global quality control chief Shinichi Sasaki and North American president Yoshimi Inaba are scheduled to appear before a Senate committee on Tuesday for a third hearing on its handling of consumer complaints about sudden acceleration. In written testimony released before his appearance, Sasaki reiterated Toyota’s plans to tackle quality and safety issues including working more closely with regulators, giving regions more autonomy on recalls and improving information sharing between regions. Inaba said dealers had repaired more than 1 million of the 6 million recalled US vehicles President Akio Toyoda, who appeared before a Congressional panel last week, returned to Japan on Tuesday, having also travelled to China to apologise in person for the recall problems. Source: Home - Livemint.com | 2 Mar 2010 | 1:46 am Political storm brews over fuel price hikesNEW DELHI (Reuters) - The government faces strong political opposition over a hike in fuel prices announced in last week's budget. Here are some of the issues behind the storm.Source: Reuters: Money News | 2 Mar 2010 | 1:30 am Tata Motors up 11% on robust Feb sales - Economic Times
Source: Business - Google News | 2 Mar 2010 | 1:26 am January exports up 11.5% at $14.3 bnNew Delhi: India’s exports rose an annual 11.5% in January to $14.3 billion, the third consecutive rise after 13 straight months of decline, the government said on Tuesday. Imports rose 35.5% from a year earlier to $24.7 billion. The trade deficit stood at $10.4 billion in January compared with $5.4 billion a year earlier. Exports for April-January, the first 10 months of the 2009-10 fiscal year, were down 17.8% at $131.9 billion from the same period in the previous year. Source: Home - Livemint.com | 2 Mar 2010 | 1:25 am Japan pushes to scrap commercial whaling banTokyo: Japan pushed Tuesday to lift a 24-year-old ban on commercial whaling, setting up a clash at talks in Florida with implacable foes opposed to its pursuit of the giant mammals. Tokyo’s position against the International Whaling Commission (IWC) moratorium risked new tensions with environmental campaigners and Australia, which has slapped Japan with a legal ultimatum unless it stops whaling. “To gain the right to resume commercial whaling, what and how much can we give?” Japanese fisheries minister Hirotaka Akamatsu told reporters ahead of the closed-door talks among lower-level IWC negotiators in Florida. “We will continue our patient negotiations,” he said, after last month hinting at a compromise that would see Japan scale back its troubled annual whale hunt in Antarctica if it can hunt commercially in its own waters. At the weekend, militant anti-whalers heading back to Australia declared an end to this season’s pursuit of Japanese harpoon ships after a series of dramatic clashes in Antarctic waters. Paul Watson, captain of the Sea Shepherd Conservation Society fleet, estimated that they had reduced the Japanese kill by up to half, costing the whalers between $70 and 80 million. He said Sea Shepherd’s harassment techniques, which included the use of rancid butter-bombs, acoustic weapons, water cannon and a futuristic powerboat, had managed to block harpooning entirely for more than a month. The IWC slapped a moratorium on commercial whaling in 1986. But Japan uses a loophole that allows lethal “scientific research” for its annual Antarctic hunts, while Norway and Iceland defy the ban entirely. The three nations have since killed more than 30,000 whales. The Florida talks come ahead of the annual IWC meeting in June, when nations will discuss a compromise proposal by the commission’s chair to permit commercial whaling but with the goal of gradually reducing the total catch. “In the end, I will go to the IWC meeting (in June) and voice Japan’s position and make sure it will bear fruit,” Akamatsu told reporters. Despite its scientific justification, Japan makes no secret of the fact that meat from slaughtered whales ends up in restaurants and shops. It maintains that whaling is a centuries-old tradition for the island-nation. But Australia’s government is threatening to haul Japan in front of the International Court of Justice this year, calling anew Tuesday for an eventual end to all whaling except for indigenous subsistence hunts. Japan has called the ultimatum “extremely regrettable”, and Akamatsu stood firm as negotiators from key nations were to meet through Friday in a resort town on Florida’s Gulf coast. The compromise would bring the whaling of Japan, Norway and Iceland under IWC control, requiring that DNA samples be handed over for any “research” whaling, and aim to “significantly” reduce the catch over 10 years. Cristian Maquieira, chairman of the 88-nation IWC, said the rancorous status quo “should not be regarded as an option” despite the angry reaction of Australia and New Zealand to Japan’s efforts to dilute the ban. While not addressing the Antarctic, the IWC compromise would set up a whale sanctuary in the South Atlantic, where key players such as South Africa and Brazil oppose whaling. Environmental groups have been scathing over the proposal, with Greenpeace arguing that it effectively undoes the landmark 1986 moratorium, which is credited with restoring stocks of the ocean giants. “And after a 10-year period of doing this, there is absolutely nothing beyond that, so it just opens up the floodgates again,” said Phil Kline, an oceans campaigner at Greenpeace USA. Source: LatestNews-Home - Livemint.com | 2 Mar 2010 | 1:20 am Tata Motors up 11 pct on robust Feb sales, resultMUMBAI (Reuters) - Shares in Tata Motors rallied more than 11 percent on Tuesday afternoon as investors cheered the top Indian vehicle maker's strong sales growth in February and improved working at its UK-based Jaguar and Land Rover unit.Source: Reuters: Money News | 2 Mar 2010 | 1:17 am Maruti posts highest-ever monthly sales in Feb at 96,650 unitsIndia's largest car maker Maruti Suzuki India today reported its highest-ever monthly sales of 96,650 units for February, a jump of 22.05% over the same month last year.Source: India Business News | Business News - Times of India | 2 Mar 2010 | 1:04 am Bajaj motorcycle sales jump 78% in FebruaryThe country's second largest two-wheeler maker Bajaj Auto today reported 78.03% jump in motorcycle sales at 2,34,623 units in February.Source: India Business News | Business News - Times of India | 2 Mar 2010 | 12:48 am Prudential jolts Asian insurance merger and acquistion to lifeCanada's Manulife Financial and France's Axa are both seen as potential contenders for AIG's American International Association (AIA) unit, because of their ambitions to grow in Asia.Source: Daily News & Analysis: Money News | 2 Mar 2010 | 12:37 am Maruti posts highest ever monthly sales in Feb at 96 650 unitsIndia's largest carmaker Maruti Suzuki India today reported its highest-ever monthly sales of 96,650 units for February, a jump of 22.05 per cent over the same month last year.Source: HindustanTimes.com - Top Business News Headlines | 2 Mar 2010 | 12:34 am Asia stocks up 3rd day, Aussie dollar slipsHong Kong: Asian shares climbed for a third session on Tuesday, led by tech stocks, while the Australian dollar slipped on uncertainty about the pace of future interest rate hikes. Major European stocks were expected to open little changed, according to financial bookmakers, with weaker commodity prices hurting resources shares and preventing markets from following through on a higher Wall Street close. The euro eased against the US dollar, with dealers unconvinced that Greece’s fiscal crisis was close to being resolved without an aid package from the European Union. Doubts about Greece’s resolve to tackle its massive debt have grown ahead of the country’s second sovereign bond sale this year, which is due later this month. Fears about the ability of a handful of European countries to finance their growing borrowing have kept a lid on riskier assets so far this year, even though the global economic recovery generally appears to be on track. “It is a deep-seated problem,” Kimihiko Tomita, head of foreign exchange at State Street Global Markets in Tokyo, said about Greece’s commitment to cutting its debt. “It is an example of how hard it can be to regain trust once you lose it,” he said. Lower volatility in financial markets and upbeat comments from SanDisk, the biggest maker of NAND flash memory cards, lifting tech-heavy Asian share markets such as South Korea and Taiwan. Japan’s Nikkei share average finished 0.5% higher. Strength in the tech sector won an edge over weakness in Astellas Pharma Inc, which dropped 2.1% after launching a $3.5 billion hostile offer for US firm OSI Pharmaceuticals. The MSCI index of Asia Pacific shares outside Japan rose 0.6%, with the information technology sector in clear command of the day, up 1.6%. After plunging 14% in the month to 8 February on worries about the strength of the global recovery and Greece, the index has retraced nearly half its losses, with international fund managers slowly rebuilding their exposure to the region. But clearly risks remain. Hong Kong’s Hang Seng index, a favourite among foreign investors for its exposure to China, fell 0.8%, led by a 6.9% drop in HSBC’s stock after Europe’s biggest bank posted disappointing 2009 results. In currency markets, the Australian dollar slipped 0.2% to $0.8990 despite a rate hike by the Reserve Bank of Australia and signals of more to come amid a surprisingly strong recovery. This was the fourth rate increase in five RBA policy meetings, putting Australia far ahead of most other rich nations where growth is tepid and rates are at 1 percent or less. Few market watchers think the RBA is done raising rates, but the pace may not be as furious as it was in the latter part of 2009. “The tightening bias is still intact, though the timing of future rate hikes is debatable. I think they are likely to stay on the sidelines until June, after they have the latest inflation numbers and the budget in May,” said Su-lin Ong, senior economist with RBC Capital Markets in Sydney. The 100-day moving average, currently at $0.9067, capped a small rebound in the Australian dollar last month and stands as a near-term obstacle. The euro slipped 0.1% to $1.3535 about a cent above 9-month lows plumbed in February, while the US dollar index rose 0.5% against a basket of major currencies Sterling dipped 0.4% to $1.4931 and was seen likely to stay weak after tumbling to a 10-month low the previous day, hurt by worries that a UK election due in months could give neither the opposition Conservatives nor the ruling Labour Party a parliamentary majority. Copper retreated from five-week highs hit in the previous session as concerns over supply from Chile eased after mines there reopened following a massive weekend earthquake. Shanghai copper futures slid nearly 2% and London prices dropped more than 1%, dragging the rest of the base metals complex lower, as investors focused on the slow recovery in global demand, highlighted by bulging stocks of the industrial metal. Oil eased 0.2% to $78.57 a barrel, with the dollar strengthening on European sovereign risk worries and forecasts for rising U.S. crude and gasoline inventories capping prices. Source: Home - Livemint.com | 2 Mar 2010 | 12:26 am General Motors to recall 1.3 million vehicles over steering problemsUS safety regulators opened an investigation on Jan. 27 into approximately 905,000 Cobalt models in the United States after receiving more than 1,100 complaints of power steering failures.Source: Daily News & Analysis: Money News | 2 Mar 2010 | 12:16 am Hyundai Feb sales up 23%, growth slows from JanSeoul: Hyundai Motor Co said on Tuesday its February sales rose 23% but momentum is set to weaken as Toyota offers aggressive incentives to win back customers and the end of tax breaks hits domestic sales. The South Korean carmaker is keen to drive its global market sales at the cost of Toyota’s month-long safety crisis, but kept its 2010 US market share target unchanged as competition heats up. Rivalry in the battered US market has intensified as the sector recovers from its worst downturn. Toyota, seeking to regain market share lost during its recall crisis, is planning to roll out an aggressive incentive programme in March, including 0% financing and free maintenance, a source briefed on the matter said on Monday. Hyundai, which offered Toyota-targeted incentives in February, said it had no immediate countermeasures against aggressive sales promotions from Toyota in the United States. “Instead, we will go ahead with our plans. We will do our utmost to reach this year’s goal in the United States,” Chaz Lee, director of Hyundai’s overseas marketing division, told reporters on the sidelines of a ceremony to sign its sponsorship contract with the Union of European Football Associations (UEFA). The South Korean carmaker is targeting 4.5% market share in the United States this year, up from last year’s 4.2%. Hyundai sold 250,995 vehicles last month, driven by brisk sales in new models of Sonata sedans and sports utility vehicle Tucson. That represented a 23% rise from a year earlier, marking its eighth consecutive month of double-digit growth since July, 2009. But month-on-month, it dropped 7.5% as the government ended in December tax incentives for customers trading in old cars, while reduced working days in February due to Lunar New Year holidays cut sales in China, its biggest overseas market. Hyundai said last week it would recall 47,000 of its new Sonata sedans to fix faulty door latches, seeking to avoid the damaging criticism Japanese rival Toyota faces for its handling of a series of safety problems. Kia Motors Corp, Hyundai’s affiliate, said sales jumped 46% to 138,811 vehicles in February from a year ago. Shares in Hyundai Motor ended down 1.3% prior to the monthly results, lagging a 1.3% gain in the broader market. Source: LatestNews-Home - Livemint.com | 2 Mar 2010 | 12:13 am Auto cos' Feb sales touch record high - Moneycontrol.com
Source: Business - Google News | 2 Mar 2010 | 12:10 am Illegal Net pharmacies thriving hereThe International Narcotics Control Board (INCB) has said India has become one of the main sources of drugs sold through illegally operating Internet pharmacies that despatch orders placed with them from buyers in other countries, using courierSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am Amtek Auto (Rs 184.7): BuyInvestors with a short-term trading perspective can buy Amtek Auto. This stock was one of the strong movers in the Budget session and closed about 8 per cent higher accompanied by strong volumes. The stock has been trudging sideways in a sleepySource: Business Line - Home Page | 2 Mar 2010 | 12:00 am 3G players kept out of tax break under Sec 80 IAThe Government has decided that telecom companies offering 3G services will not be allowed to claim tax breaks under Section 80 IA of the Income Tax Act. This could further queer the pitch for new and foreign players planning to bid for theSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am Pvt life insurers back in hiring modePrivate life insurance companies, which heavily pruned their headcount last year, are now charting out aggressive hiringSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am RIL may have to up its bid for LyondellThe race to acquire LyondellBasell is still wide open ten days after Reliance Industries had upped its offer for the bankrupt chemicals company to $14.5Source: Business Line - Home Page | 2 Mar 2010 | 12:00 am Downloads for personal use to attract service taxNext time you download a paid software application including games from a foreign supplier/Web site into your computer or to your mobile phone for individual use, you may have to pay a service tax of 10 per cent to theSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am Prudential to buy AIG's Asian unit for $35.5 bBritain's largest insurer Prudential will take over the Asian operations of troubled financial giant American International Group (AIG), continuing the trend of European firms looking to Asia to compensate for weak demand in homeSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am Govt borrowings likely to be lower this fiscalGross borrowings by the Government this year are likely to be lower than the budgeted and revised estimates of Rs 4.51 lakh crore, owing to squeeze inSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am Tata Motors sales up 58%Tata Motors saw a 58-per cent growth in sales in February due to the revival in the commercial vehicles market and its expanding passenger car portfolio. The company registered vehicle sales at 69,427 units, up from 43,811 units last February. ItSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am Hike in threshold limit for withholding tax proposedBudget 2010-11 has proposed a hike in threshold limits for deduction of tax from various payments including those to contractors, fees for professional or technical services, winnings from lottery or crossword puzzle and winnings from HorseSource: Business Line - Home Page | 2 Mar 2010 | 12:00 am Lyondell rejects Reliance bid: BloombergMumbai: Bankrupt petrochemicals firm LyondellBasell has rejected a bid by energy major Reliance Industries, Bloomberg reported, citing two people briefed on the matter. Reliance, controlled by billionaire Mukesh Ambani, is likely to turn its attention to other acquisition opportunities if its bid for Lyondell, valuing the bankrupt firm at $14.5 billion, falls short. Source: Home - Livemint.com | 1 Mar 2010 | 11:55 pm Welspun Gujarat bags order worth Rs 600 cr - Business Standard
Source: Business - Google News | 1 Mar 2010 | 11:44 pm US envoys’ Beijing visit aims to heal tiesBeijing: Top US envoys were due in Beijing on Tuesday on a mission to patch up ties rocked by a flurry of disputes over trade, Taiwan and other sensitive issues. Deputy secretary of state James Steinberg and Senior White House Asia adviser Jeffrey Bader are expected to meet Chinese foreign minister Yang Jiechi and other leaders during the visit scheduled to run through Thursday. The State Department said Steinberg would also discuss efforts to restart six-nation talks on ending North Korea’s nuclear programs, along with hoped-for Chinese support for a new round of sanctions against Iran. “We’ve gone through a bit of a bumpy path here, and I think there’s an interest both within the United States and China to get back to business as usual as quickly as possible,” State Department spokesman PJ Crowley said in Washington on Monday. China suspended military exchanges after Washington announced a $6.4 billion weapons package for Taiwan in January and has threatened to retaliate against US aerospace firms involved in the deal. Beijing protested again when President Barack Obama met at the White House with Tibet’s exiled leader the Dalai Lama, whom Beijing accuses of seeking independence for the Himalayan region. Beijing has also lashed back angrily at Google’s announcement in January that its e-mail accounts were hacked from China and was reconsidering whether to keep filtering Chinese search results. Soon after, US secretary of state Hillary Rodham Clinton criticized the censorship of cyberspace, and China’s foreign ministry said her remarks damaged bilateral relations. The new tensions join recurring friction over human rights and commerce, with US critics accusing China of deliberately undervaluing its currency to boost its massive trade surplus. Meanwhile, Beijing last month charged Washington with abusing trade relief measures after US regulators increased import duties on Chinese-made steel pipes. Chinese foreign policy hawks have said such frictions should prompt Beijing to withhold cooperation on issues like climate change and punishing Tehran for its nuclear defiance. Beijing has already drawn flack for ruling out new sanctions against Iran, a major source of energy supplies for the booming Chinese economy. Steinberg and Bader’s visit offers a chance to communicate face-to-face on those issues and “kind of refocus on the future,” Crowley told reporters. While Beijing has said little other than to confirm the visit, Chinese officials and state media have recently sounded more conciliatory. “We hope the friction will calm,” Premier Wen Jiabao said Saturday during a rare online question-and-answer session with the public. Steinberg is regarded as positive and constructive on China-US issues and should receive a sympathetic hearing, said Liu Jiangyong of the Institute of International Studies at Beijing’s Tsinghua University. “President Obama has many important things that need to get done in the area of China-US relations and progress will depend on the discernment and positions of his top officials,” Liu said. Source: LatestNews-Home - Livemint.com | 1 Mar 2010 | 11:40 pm Reliance may look elsewhere as Lyondell hopes fadeMumbai: Indian energy major Reliance Industries is likely to turn its attention to other acquisition opportunities if its bid for LyondellBasell, valuing the bankrupt firm at $14.5 billion, falls short. Reliance, controlled by billionaire Mukesh Ambani, has made no secret of its overseas ambitions and raised a war chest for potential deals by selling $2 billion in stock in recent months. On Monday, the New York Post reported a creditor group led by US private equity firm Apollo Management, which is controlling Lyondell’s bankruptcy process in the United States, is expected to reject Reliance’s latest bid. “Reliance, being the size it is, will be looking at other options overseas even if this bid fails, and sooner than later, something else will come up,” said Rakesh Rawal, head of private wealth management at Anand Rathi Financial Services. Shares in India’s most valuable listed company were trading up about 1% by 11.30 a.m. on Tuesday, underperforming the 1.5% gain in the benchmark. The stock had risen as much as 2.1% in early trade. Reliance made a $2 billion offer to buy private Canadian oil-sands firm Value Creation Inc, according to media reports, although three people familiar with Reliance’s thinking have said the Calgary, Alberta-based firm may not be an ideal target. Other possible targets include assets owned by US-based Valero Energy and Sunoco, energy assets belonging to ConocoPhillips and refineries in Europe that are up for sale, bankers have said. “In the short term, I will be happy if the bid fails because the acquisition risk has been removed and Reliance’s profits will remain unaffected,” Rawal said. “But from a longer-term perspective, I am sad because the company could have gained a lot of synergies from this acquisition over the next few years,” said Rawal, who recommends the stock to his clients. Reliance, with interests in petrochemicals, refining, oil and gas exploration and retail, has been trying to buy Luxembourg-headquartered Lyondell since November, when it made a bid valuing the target at about $12 billion. “The company’s shares have underperformed the market since the middle of last year, but that’s because of various factors such as a weak refining and petrochemical margin environment, concerns about how the company is going to sustain growth in the long term and the gas case,” said Maulik Patel, an oil and gas analyst at K R Choksey Shares and Securities. Reliance is embroiled in a legal battle over gas supplies to Reliance Natural Resources, which is led by Mukesh’s estranged younger brother Anil. In November, investors cheered Reliance’s Lyondell bid as the company was seen as snatching a potential bargain. A deal would significantly enhance Reliance’s presence in major markets such as the United States and Europe and catapult it into the ranks of top global chemicals makers such as Saudi Arabia’s SABIC, Germany’s BASF and Dow Chemical Co. Reliance has since raised its offer twice, sources have said, with chances for success clouded by the prospect senior creditors such as Apollo Management may take a loss at the price Reliance has proposed and gain more from an independent Lyondell. Reliance declined to comment on Tuesday. Reliance is being advised by boutique US investment banking firm Perella Weinberg Partners on the Lyondell bid, two sources familiar with the matter have told Reuters. Perella could not be immediately reached for comment. Source: LatestNews-Home - Livemint.com | 1 Mar 2010 | 11:34 pm Oil stays above $78 in Asian tradeNew York's benchmark futures contract, light sweet crude for April delivery, added 10 cents to $78.80 a barrel. It had hit an intra-day high of $80.62 yesterday, the highest level since mid-January.Source: Daily News & Analysis: Money News | 1 Mar 2010 | 11:21 pm GM recalling 1.3 mn vehicles over steering problemsDetroit: General Motors Co is recalling 1.3 million compact cars in North America to address a power steering problem that has been linked to 14 crashes and one injury, the company said on Tuesday. US safety regulators opened an investigation on 27 January into approximately 905,000 Cobalt models in the US after receiving more than 1,100 complaints of power steering failures. The complaints included 14 crashes and one injury. The recall covers the 2005-2010 model year Chevrolet Cobalt and 2007-2010 Pontiac G5 in the US; 2005-2006 Pontiac Pursuit sold in Canada, and the 2005-2006 Pontiac G4 sold in Mexico, GM said in a statement. GM said it told the US National Highway Traffic Safety Administration about the voluntary recall on Monday after concluding its own investigation that began in 2009. GM said the affected vehicles can be still be “safely controlled” but it may require greater steering effort under 15 mph (24 kph). Drivers will see a warning light and hear a chime if the power steering fails. “After our in-depth investigation, we found that this is a condition that takes time to develop. It tends to occur in older models out of warranty,” GM vice president of quality Jamie Hresko said in the statement. “Recalling these vehicles is the right thing to do for our customers’ peace of mind,” he said. GM said it is currently developing a remedy to fix the problem and will notify customers when the plan is finalized. The recall comes at a time of heighted public and regulatory scrutiny over vehicle safety issues in the wake of massive recalls by Toyota Motor Corp. Toyota global quality control chief Shinichi Sasaki and North American President Yoshimi Inaba are scheduled to appear before a Senate committee on Tuesday for a third hearing on its handling of consumer complaints about sudden acceleration. Source: World Business - Livemint.com | 1 Mar 2010 | 11:19 pm GM recalling 1.3 mn vehicles over steering problemsDetroit: General Motors Co is recalling 1.3 million compact cars in North America to address a power steering problem that has been linked to 14 crashes and one injury, the company said on Tuesday. US safety regulators opened an investigation on 27 January into approximately 905,000 Cobalt models in the US after receiving more than 1,100 complaints of power steering failures. The complaints included 14 crashes and one injury. The recall covers the 2005-2010 model year Chevrolet Cobalt and 2007-2010 Pontiac G5 in the US; 2005-2006 Pontiac Pursuit sold in Canada, and the 2005-2006 Pontiac G4 sold in Mexico, GM said in a statement. GM said it told the US National Highway Traffic Safety Administration about the voluntary recall on Monday after concluding its own investigation that began in 2009. GM said the affected vehicles can be still be “safely controlled” but it may require greater steering effort under 15 mph (24 kph). Drivers will see a warning light and hear a chime if the power steering fails. “After our in-depth investigation, we found that this is a condition that takes time to develop. It tends to occur in older models out of warranty,” GM vice president of quality Jamie Hresko said in the statement. “Recalling these vehicles is the right thing to do for our customers’ peace of mind,” he said. GM said it is currently developing a remedy to fix the problem and will notify customers when the plan is finalized. The recall comes at a time of heighted public and regulatory scrutiny over vehicle safety issues in the wake of massive recalls by Toyota Motor Corp. Toyota global quality control chief Shinichi Sasaki and North American President Yoshimi Inaba are scheduled to appear before a Senate committee on Tuesday for a third hearing on its handling of consumer complaints about sudden acceleration. Source: Home - Livemint.com | 1 Mar 2010 | 11:19 pm Toyota details quality steps for latest US hearingThe automaker's North American president, Yoshimi Inaba, said in prepared testimony for a US senate Commerce Committee hearing the overhaul will allow Toyota to "better share" quality and safety information.Source: Daily News & Analysis: Money News | 1 Mar 2010 | 11:15 pm Toyota details quality steps for latest US hearingWashington: Toyota Motor Corp executives in North America will have more authority over recall decision-making under quality control changes that will also give safety a sharper focus in vehicle design, company officials said on Tuesday. The automaker’s North American president, Yoshimi Inaba, said in prepared testimony for a US Senate Commerce Committee hearing the overhaul will allow Toyota to “better share” quality and safety information across its global operations and with regulators. Inaba restated Toyota’s apology for losing customer focus during its period of rapid global growth, a condition that fueled sharp US criticism of its attention to safety and triggered recalls of more than 8 million cars and trucks worldwide for unintended acceleration and braking problems. “We sincerely regret that our shortcomings have resulted in the issues associated with our recent recalls,” Inaba said. US Senate investigators have reviewed thousands of documents from the company, regulators and insurers over the recall firestorm that has jolted the company’s reputation for quality and reliability. The hearing will focus on recalls in 2009 and 2010 with special emphasis on criticism that regulators at the National Highway Traffic Safety Administration were not aggressive enough when investigating complaints of sudden acceleration in Toyota vehicles. Transportation Secretary Ray LaHood, who will also testify, has defended the agency. Shinichi Sasaki, the executive who heads quality control, said in separate testimony the Toyota quality assurance overhaul will cover vehicle design, manufacturing sales and service. The automaker will emphasize safety in its designs with more focus on driver behavior and real world driving conditions. It will improve its network for collecting consumer information, establish new technical offices in the United States, and will review vehicle data recorders and enhance other diagnostic tools. The company plans to establish an independent review panel to assess quality control changes. The Commerce Committee hearing follows two similar sessions in the House of Representatives last week where Toyota president Akio Toyoda expressed testified last Wednesday. Toyota said dealers have so far fixed more than 1 million recalled vehicles. Source: Home - Livemint.com | 1 Mar 2010 | 10:34 pm PM rules out roll back of petrol, diesel pricesMumbai: Prime Minister Manmohan Singh on Monday ruled out rolling back a price hike in motor fuel prices despite pressure from his main allies, saying populist policies would hurt the economy in the long-term. Petrol prices rose about 6% and diesel prices by 7.75% after the government increased factory-gate taxes and import duties on the fuels as part of last week’s 2010-11 federal budget, which stressed fiscal prudence to cut a wide deficit. But with food prices rising at an annual rate of nearly 20%, government allies Trinamool Congress and the DMK party, which give the ruling Congress party a parliamentary majority, have said higher fuel prices will further hurt the poor. “Any increase in prices does hurt some people, but we have to take a long-term view,” Singh told reporters on his way back to India from a visit to Saudi Arabia, according to state-owned broadcaster Doordarshan News. The government sets retail prices of petrol, diesel, cooking gas and kerosene to help control inflation and protect consumers, particularly the poor, from sharp fluctuations in energy prices. But it is now considering abandoning control of fuel prices, which require huge state subsidies, in order to cut the fiscal deficit to an estimated 5.5% of GDP in 2010-11 from 6.9%. The Indian economy, which is forecast to grow at 7.2% in the year to March 2011, has the capacity to absorb the increase in fuel prices without putting much additional pressure on inflation, Singh said on Monday. “The increase in fuel prices, the direct effect on Wholesale Price Index will be no more than 0.40%,” he said. High food prices helped push wholesale price inflation to 8.56% in January. “My hope now is that with the Rabi (winter sown) crop coming into the market, prices which have caused a great degree of concern in areas like wheat, sugar, oilseeds and pulses, will see some moderation,” Singh was quoted as saying. Following populist policies indefinitely, Singh said, would harm the economy in the long run, eroding the investment climate and the capacity to create new jobs as well as the government’s ability to invest in welfare schemes, Singh said. “So we have to balance these factors,” Singh said. Source: Home - Livemint.com | 1 Mar 2010 | 10:34 pm Toyota details quality steps for latest US hearingWashington: Toyota Motor Corp executives in North America will have more authority over recall decision-making under quality control changes that will also give safety a sharper focus in vehicle design, company officials said on Tuesday. The automaker’s North American president, Yoshimi Inaba, said in prepared testimony for a US Senate Commerce Committee hearing the overhaul will allow Toyota to “better share” quality and safety information across its global operations and with regulators. Inaba restated Toyota’s apology for losing customer focus during its period of rapid global growth, a condition that fueled sharp US criticism of its attention to safety and triggered recalls of more than 8 million cars and trucks worldwide for unintended acceleration and braking problems. “We sincerely regret that our shortcomings have resulted in the issues associated with our recent recalls,” Inaba said. US Senate investigators have reviewed thousands of documents from the company, regulators and insurers over the recall firestorm that has jolted the company’s reputation for quality and reliability. The hearing will focus on recalls in 2009 and 2010 with special emphasis on criticism that regulators at the National Highway Traffic Safety Administration were not aggressive enough when investigating complaints of sudden acceleration in Toyota vehicles. Transportation Secretary Ray LaHood, who will also testify, has defended the agency. Shinichi Sasaki, the executive who heads quality control, said in separate testimony the Toyota quality assurance overhaul will cover vehicle design, manufacturing sales and service. The automaker will emphasize safety in its designs with more focus on driver behavior and real world driving conditions. It will improve its network for collecting consumer information, establish new technical offices in the United States, and will review vehicle data recorders and enhance other diagnostic tools. The company plans to establish an independent review panel to assess quality control changes. The Commerce Committee hearing follows two similar sessions in the House of Representatives last week where Toyota president Akio Toyoda expressed testified last Wednesday. Toyota said dealers have so far fixed more than 1 million recalled vehicles. Source: World Business - Livemint.com | 1 Mar 2010 | 10:34 pm Google acquires photo-editing site PicnikGoogle did not disclose the financial terms of the deal for Picnik, a 5-year-old Seattle-based start-up which said on its website that it has 20 employees.Source: Daily News & Analysis: Money News | 1 Mar 2010 | 10:32 pm Sensex surges 243 points in opening trade on global cuesThe Bombay Stock Exchange benchmark Sensex surged up by a whopping 243 points, or 1.47 per cent, in the opening trade today on capital inflows by foreign funds, driven primarily by a rally on global bourses.Source: HindustanTimes.com - Top Business News Headlines | 1 Mar 2010 | 10:31 pm Telco software groups line up facing Google, AppleThe two consortiums, wireless Linux group LiMo and application alliance WAC, offer operators alternatives to the software and services of Apple, Google or Nokia as they can brand and customise their software.Source: Daily News & Analysis: Money News | 1 Mar 2010 | 10:25 pm Markets rise as Tata Motors rallies 9.6%Mumbai: Indian shares rose more than 1% on Tuesday, powered by Tata Motors that rallied after robust February sales and strong consolidated result for the December quarter. Traders said the market was also catching up with gains elsewhere as trading resumed after a three-day weekend, and supported by last Friday’s budget that stepped up some spending and eased tax rules for individuals. By 10:50am, the 30-share BSE index was trading up 1.42% at 16,663.26, with 25 of its components advancing. The 50-share NSE index .NSEI was up 1.3% at 4,987. “The budget has protected the market from downside risks. But it still lacks the momentum,” said Deven Choksey, managing director and CEO of KR Choksey Shares. “The firm dollar is a worry. That could hamper flows into our country.” On Friday, finance minister Pranab Mukherjee announced plans to hike spending on social and agricultural programmes popular among voters, and adjusted taxes to put more money in the hands of the middle class. Tata Motors raced as much as 9.6% after the country’s top vehicle maker reported on Friday a rise in sales and margins at its Jaguar Land Rover (JLR) unit as luxury buyers returned after the global crisis. On Monday, when the market was closed it reported February sales jumped 58 percent from a year earlier. “JLR has demonstrated the ability to turn around volumes and realisations, while keeping costs in check,” Nomura analysts Kapil Singh and Prabhat Awasthi said in a note, and raised the stock to “buy” from “reduce”. “The domestic truck business remains on firm footing, backed by revival in industrial production,” they wrote. The stock was trading up 9.5% at Rs778.25. Maruti Suzuki India, the leading car maker, firmed 1.5% to Rs1,486 after its sales in February rose 22%. Top utility vehicle maker Mahindra and Mahindra was up 5.1% and No. 1 motorcycle maker Hero Honda was up nearly 1%. Reliance Industries, which has the highest weight on the main index, was up 0.8 percent at Rs985.50. It rose as much as 2.1% after a report said the energy major’s bid for chemicals maker LyondellBasell might fail. In the broader market, gainers were nearly thrice the number of losers on volume of 103 million shares. Source: Home - Livemint.com | 1 Mar 2010 | 10:20 pm Oil steady below $79 as dollar remains firmSingapore: Oil was steady below $79 on Tuesday as the dollar stiffened on European sovereign risk woes and forecasts for rising US crude and gasoline inventories capped prices. The front-month contract for US crude touched $80.62 on Monday, its highest since 13 January, tracking commodity gains led by copper and after Chilean state energy company ENAP said it was boosting diesel imports following Saturday’s earthquake. But prices retreated after the dollar gained 0.65% against a basket of currencies. On Tuesday the dollar gained a further 0.37% as concern swirled about sovereign risk issues in Europe. US crude for April delivery rose 9 cents to $78.79 a barrel by 9:38am, while London ICE Brent climbed 11 cents to $77.00. “The dollar is the big driver, and if it continues to rally, I do expect crude to go lower,” said Clarence Chu, an energy trader at Hudson Capital Energy in Singapore. “I am quite skeptical that the problem with the euro is over. I honestly don’t see the dollar weakening against euro.” US crude inventories probably rose 1.3 million barrels last week amid higher imports, a Reuters survey showed, while gasoline stockpiles may have gained 400,000 barrels. Distillates, a fuel category that includes heating oil and diesel, probably fell by 600,000 barrels, the poll showed, because of sustained heating demand in the wake of a third major snowstorm to hit the US Northeast, the biggest regional consumer of heating oil. Industry group the American Petroleum Institute (API) will publish inventory data later on Tuesday, followed by government statistics from the Energy Information Administration on Wednesday. RESISTANCE LEVEL Positive macroeconomic data from the United States also gave oil prices a temporary boost on Monday, but prices failed to hold above $80 a barrel. Consumer spending increased slightly faster than expected in January, while February growth of the manufacturing sector was slower than forecast. “In the last week we tried a few times to break above $80.50 and every time we fell,” Chu said. “Chart patterns show there is quite a strong resistance at that level.” Fears about the ability of a handful of European countries to finance their growing debts have kept a lid on risky assets, even though the global economic recovery generally appears on track. Asian shares rose for a third straight session, led by tech stocks, while the Australian dollar slid ahead of what is expected to be a close decision by the central bank on whether to raise interest rates again. Chile’s Aconcagua and Bio Bio refineries, with a combined capacity of 220,000 barrels per day, were damaged in Saturday’s quake. “I would keep an eye on gasoline because of the refinery shutdowns,” Chu said. “If there is structural damage it may cause trouble for gasoline.” On Sunday a senior military official from Iran, the world’s fourth-largest exporter of crude, said the country could make European nations suffer by cutting off energy supplies and could target any adversary with its missiles. “So far it is just a shouting match, but that is something that I would definitely pay attention to,” Chu said. “If you don’t let them export oil and they can’t get gasoline, that may push Iran over the edge.” Source: Home - Livemint.com | 1 Mar 2010 | 10:07 pm Hindustan Dorr buys UK engineering firmThe UK firm is involved in the design, manufacture and assembly of large equipment used in mining, power generation, oil, gas and nuclear sectors.Source: Daily News & Analysis: Money News | 1 Mar 2010 | 10:03 pm Obama said poised to offer more healthcare changesWashington: President Barack Obama will offer changes to his healthcare overhaul this week, the White House said on Monday, and Democrats said they were working to include more ideas advocated by Republicans. After a healthcare “summit” last week failed to win Republican converts, Obama and his fellow Democrats have been expected to launch a final push for an overhaul of the $2.5 trillion US healthcare industry using a process known as reconciliation to move the measure through the Senate without opposition support. “The president will speak on this later in the week, likely on Wednesday,” said White House spokesman Robert Gibbs. “He’ll discuss process and policy.” With virtually no Republican votes, Democrats in the Senate and House approved the bills last year to reshape healthcare by cutting costs, regulating insurers and expanding coverage to tens of millions of Americans who now lack it. But efforts to merge the two measures and send a final version for Obama to sign into law collapsed in January after Democrats lost their crucial 60th Senate vote in a special election in Massachusetts. Nancy Pelosi, the speaker of the House of Representatives, said Obama would soon propose a healthcare bill “much smaller” than the bill passed by the House. “In a matter of days, we will have a proposal,” Pelosi said in Denver, according to Fox News. “It will be a much smaller proposal than we had in the House bill, because that’s where we can gain consensus. But it will be big enough to put us on a path of affordable, quality healthcare for all Americans that holds insurance companies accountable.” An aide to Pelosi said Democrats were working to include more Republican ideas into the healthcare plan. “We are continuing our discussions with our members as well as with the White House and Senate to finalize this legislation and to find ways to incorporate Republican proposals that strengthen the bill,” said Nadeam Elshami, Pelosi’s spokesman. Can Washington accomplish anything? The push for a healthcare overhaul is seen as politically risky for both Republicans and Democrats, before congressional elections in November in which more than one third of the Senate and every seat in the House will be up for grabs. With the public focused on an unemployment rate hovering just below 10 percent, some Americans consider the healthcare push an unwelcome distraction from the economy. But failure to do anything to control skyrocketing costs or ease the plight of the tens of millions of Americans without insurance coverage could heighten the perception that Washington is too wrapped up in partisanship and pleasing special interests to do anything meaningful to help voters. A healthcare revamp received some support from investor Warren Buffett, the world’s second richest man, who said the country badly needed a change. But he said he would prefer a program focused on out-of-control costs. “It’s like a tapeworm eating at our economic body,” Buffett said on CNBC television. “If it was a choice today between Plan A, which is what we’ve got, or Plan B, which is the Senate bill, I would vote for the Senate bill,” he said. “But I would much rather see a Plan C that really attacks costs, and I think that’s what the American public wants to see.” Rising costs, Buffett said, are holding back an economy that faced an “economic Pearl Harbor” in late 2008 when capital markets seized up. Republicans insist that Obama should scrap the existing healthcare plans and start over. They condemn any talk of reconciliation, which would allow the Democrats to pass a healthcare plan in the Senate -- where they control 59 seats -- with a simple majority of 51 votes. Democrats are also fighting to keep enough supporters to pass the bill in the House, where they would need 216 votes for passage. The White House says Obama’s healthcare plans include many Republican ideas, and that Republicans have used reconciliation to pass many sweeping pieces of legislation — including major tax cuts —when they held Senate majorities. Source: LatestNews-Home - Livemint.com | 1 Mar 2010 | 10:01 pm Rupee gains 10 paise against dollar in early tradeThe domestic currency had closed 30 paise higher at Rs46.10/11 in the previous session on Friday. The markets were closed yesterday on account of Holi.Source: Daily News & Analysis: Money News | 1 Mar 2010 | 10:00 pm Former Australian prime minister lined up for ICC roleThe ICC's rotation policy requires an Australasian candidate to fill the role from 2012. Incumbent president David Morgan is due to hand over to India's Sharad Pawar for a two-year term later this year.Source: Daily News & Analysis: Money News | 1 Mar 2010 | 9:49 pm Rupee gains 10 paise against dollar in early tradeThe rupee appreciated by 10 paise to 46 a dollar in the early trade today in line with other Asian currencies and increased capital inflows by foreign funds into equities.Source: India Business News | Business News - Times of India | 1 Mar 2010 | 9:46 pm Rupee hits 2-week high on firm peers, stocksMumbai: The rupee was trading near a two-week high on Tuesday, boosted by gains in local shares and other Asian currencies, but some dollar buying by state-run banks capped the rise. At 10:00am, the partially convertible rupee was at Rs46.04/045 per dollar, after opening at Rs45.95, a level last seen on 17 February. It had ended at Rs46.085/095 on Friday and the market was closed on Monday for a holiday. “Firstly, stocks are positive at the moment, so some positive out there. Second, we had a long weekend so pipeline supplies should keep the trend stronger for the rupee,” said R.K. Gurumurthy, treasurer at ING Vysya Bank. The rupee had traded in the narrow range of Rs45.95-46.07. “We see some buying by state-owned banks, could also be genuine import covers,” Gurumurthy said, adding that there was also caution on where the stock market would go from here. Indian shares were up 1.1%, and most Asian units were stronger compared to the dollar. One-month offshore non-deliverable forward contracts were at Rs46.08/18, 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 Rs46.1250. Source: Home - Livemint.com | 1 Mar 2010 | 9:44 pm Sensex surges 243 points in opening trade on global cuesThe Bombay Stock Exchange benchmark Sensex surged up by a whopping 243 points, or 1.47 per cent, in the opening trade on Tuesday on capital inflows by foreign funds, driven primarily by a rally on global bourses.Source: India Business News | Business News - Times of India | 1 Mar 2010 | 9:21 pm Infra bonds not so temptingInfrastructure bonds that have come as an additional investment category with a ceiling of Rs 20,000 may not be an attractive choice for those in the lower tax bracket (10% tax category under the revised tax slabs).Source: India Business News | Business News - Times of India | 1 Mar 2010 | 6:40 pm GDP needs to grow 8.8% in Q4 to meet 7.2% target in 2009-10Source: India Business News | Business News - Times of India | 1 Mar 2010 | 6:39 pm Mercedes posts 78% higher sales in FebLuxury car-maker Mercedes-Benz reported 78% rise in its sales for the month of February 2010 compared with the number of cars sold in the same month last year.Source: India Business News | Business News - Times of India | 1 Mar 2010 | 6:38 pm NBFCs can rein in volatilityNBFCs at times have more capital than banks. Often, NBFCs help to discern the volatile nature of their sources of funds.Source: India Business News | Business News - Times of India | 1 Mar 2010 | 6:36 pm Ad part of battle over market shareP&G may move court against HUL for the latter's advertisement attacking Tide. HUL witnessed a 2.4% decline in revenue growth in soaps and detergents during the December quarter.Source: India Business News | Business News - Times of India | 1 Mar 2010 | 6:34 pm Feb manufacturing growth at 20-month high: PMI!India`s manufacturing industry in February grew at its fastest pace in 20 months, expanding for the third month thanks to expanding output and new orders, a survey showed.Source: Zee News : Business | 1 Mar 2010 | 5:39 pm Finland, Sweden hit by record official recessions in 2009!The blast of the global downturn hit Finland and Sweden with the worst recessions for more than half a century last year, official data showed on Monday.Source: Zee News : Business | 1 Mar 2010 | 5:39 pm PM rules out roll back of petrol and diesel prices!Prime Minister Manmohan Singh on Monday ruled out any roll back in petrol and diesel prices.Source: Zee News : Business | 1 Mar 2010 | 5:39 pm RBI data may dash Pranab's hopes on bank reachFinance Minister Pranab Mukherjee wants to extend the geographic coverage of banks and told the Lok Sabha during his Budget speech that the central bank was considering allowing more private players in banking.Source: Business Standard | Front Page Headlines | 1 Mar 2010 | 12:24 pm No restraint on revenue deficit yetFinance Minister Pranab Mukherjee may have earned plaudits for projecting a decline in the fiscal deficit to 5.5 per cent of gross domestic product (GDP) for 2010-11, but his targets for revenue deficit reduction are relatively modest and represent a departure from the 13th Finance Commission's recommendations.Source: Business Standard | Front Page Headlines | 1 Mar 2010 | 11:30 am FM to consider tax relief plea of urban cooperative bankersFinance Minister Pranab Mukherjee has promised a delegation of urban cooperative bankers that their demand for some relief from payment of 30 per cent income tax on the profits made by their banks will be considered.Source: HindustanTimes.com - Top Business News Headlines | 1 Mar 2010 | 8:15 am TVS Feb sales rise 31pcLeading two-wheeler manufacturer TVS Motor Company reported 31 per cent jump in February sales on Monday at 1,40,544 units against 107,301 units in the same month previous year. Source: HindustanTimes.com - Top Business News Headlines | 1 Mar 2010 | 7:39 am Tata Motors Feb sales vroom 58 per centThe country's largest automaker, Tata Motors, on Sunday reported a 58 per cent jump in February sales at 69,427 units, against 43,811 units sold in the same month last year.Source: HindustanTimes.com - Top Business News Headlines | 1 Mar 2010 | 6:23 am Mkts likely to have a post Budget rally tomorrow AnalystsThe stock market is likely to carry on with the feel-good factor of the Budget in the coming week and open on a positive note tomorrow, say analysts, adding however, going forward, the market will take cues from its global peers to find direction. Source: HindustanTimes.com - Top Business News Headlines | 1 Mar 2010 | 5:57 am India to grow 9 10 per cent for 25 years PMIndia will grow at the rate of 9 to 10 per cent for the next 25 years, Prime Minister Manmohan Singh said in Riyadh on Monday. Source: HindustanTimes.com - Top Business News Headlines | 1 Mar 2010 | 4:17 am India to grow 9-10% for 25 years: PMIndia will grow at the rate of 9 to 10 percent for the next 25 years, Prime Minister Manmohan Singh said on Monday.Source: India Business News | Business News - Times of India | 1 Mar 2010 | 1:25 am
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