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Strides to buy Aspen\'s Brazilian facility for $75mnArun Kumar, Group CEO VC of Strides Arcolab said that the company is picking up the penicillin and penems facility in Campos, Brazil. \"Its an all cash acquisition. Regulatory approvals are pending, post which the company will takeover the operations with immediate effect.\"Source: Moneycontrol Top Headlines | 4 Mar 2010 | 5:51 am Govt may not compensate PSU oil retailers: SourcesFinance minsitry sources today said that public sector oil retailers are unlikely to get additional compensation from the government, reports CNBCTV18. The government, however, will consider intervening if crude crosses USD 85/bbd, sources said.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 5:12 am Govt rules out fuel price hike rollback !Govt Wednesday ruled out any rollback of duty hike on petroleum products despite Opposition`s protest.Source: Zee News : Business | 4 Mar 2010 | 5:07 am Everest kanto Cylinder bags order worth $25m from UAEPrem Khurana, Chairman and Managing Director of Everest Kanto Cylinder said that the company has received order worth USD 25 million from UAE. He further said that order worth USD 27 million will be executed before May 2010.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 4:38 am IT sector to see 58% sequential growth in 2010: IGateIGate founder and CEO Phaneesh Murthy is optimistic about IT sector\'s growth. Speaking to CNBCTV18, Murthy said IT companies can expect 58% sequential growth in the first three quarters of 2010.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 4:37 am Australia`s ANZ to reenter India after 10 yearsAustralia and New Zealand Banking Group received approval to set up operations in India, the second fastest growing major economy, and targets a A$100 million (USD 90.50 million) pretax profit from India in three to four years.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 4:31 am Strides Arcolab to buy Brazil facility from AspenStrides Arcolab said on Thursday it has entered into a pact with Aspen to acquire its facility in Campos, Brazil, for about USD 75 million.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 4:15 am Will exceed sales of Rs 100cr in FY11: TricomChetan S Kothari, Managing Director of Tricom India said the company will exceed sales of Rs 100 crore in FY11.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 3:32 am Lyondell setback unlikely to faze India's richest man - Reuters
Source: Business - Google News | 4 Mar 2010 | 3:00 am Israeli army nixes raid after Facebook leakThe Israeli military called off a raid in Palestinian territory after a soldier posted details, including the time and place, on social networking website Facebook, Israel\'s Army Radio reported on Wednesday.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 2:54 am Facebook CEO in no rush for IPO: WSJFacebook Chief Executive Mark Zuckerberg is in no rush to take the popular socialnetworking site public, the Wall Street Journal reported on Wednesday.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 2:54 am Euro`s woes mixed blessing for carmakersGlobal carmakers exporting from the euro zone ought to benefit from newfound weakness in the currency but auto executives at the Geneva Autoshow agree the 10% drop over the last three months is hard to handle.Source: Moneycontrol Top Headlines | 4 Mar 2010 | 2:54 am BNP Paribas bullish on rupee sees it trending down to 45 - Moneycontrol.com
Source: Business - Google News | 4 Mar 2010 | 2:47 am Sensex volatile metal realty FMCG power advance - Moneycontrol.com
Source: Business - Google News | 4 Mar 2010 | 2:46 am Suzlon bags wind energy project from GSPL in Gujarat - Business Standard
Source: Business - Google News | 4 Mar 2010 | 2:38 am Bangladesh police arrest Facebook share tipsterA Dhaka-based Facebook stocks tipster with over 10,000 followers has been arrested on charges of illegally manipulating Bangladesh's overheated stock exchange, police said Thursday. Source: HindustanTimes.com - Top Business News Headlines | 4 Mar 2010 | 2:30 am INTERVIEW - Mahindra to set date on U.S. launch in 2-3 wksMUMBAI (Reuters) - Mahindra & Mahindra, India's largest utility vehicle and tractor maker, hopes to announce in 2-3 weeks a timeframe for the launch of its pick-up trucks in the United States, a top official said on Thursday.Source: Reuters: Money News | 4 Mar 2010 | 2:28 am Cartier plans to expand distribution network in IndiaIn order to cash in on growing brand consciousness, luxury watchmaker Cartier plans to expand its distribution network in India, a top company official said in Mumbai. Source: HindustanTimes.com - Top Business News Headlines | 4 Mar 2010 | 2:24 am Tata Teleservices users increase to 1.8 million in February: Senior officialTata Tele, 26% owned by Japan's NTT DoCoMo, had outpaced bigger rivals Bharti Airtel and Vodafone Essar in January by adding 3 million users.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 2:18 am Asian shares fall on Greece, global outlookThe euro initially rose against the dollar after Greece's planned pay cuts and tax hikes to reduce its deficit but slid later as investors sought safe-haven assets.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 2:09 am Temple stampede kills 50 people: policeNew Delhi: At least 50 people, including women and children, were killed in a stampede at a temple in Uttar Pradesh on Thursday, police said. Hundreds of people who had gathered inside an old temple panicked after a wooden gate at the temple collapsed. “The toll is likely to rise further as many women and children are injured. At least 20 are serious,” said Brij Lal, a senior police officer. About 8,000 people had gathered at the Hindu temple to collect free clothes and food being handed out by a local holy man. The stampede began when a large metal gate fell onto some of the devotees, officials said. Emergency vehicles and rescue teams rushed to the scene. The Ram Janki temple is in the town of Pratapgarh, 650 kilometres (400 miles) southeast of New Delhi and 25 kilometres north of the city of Allahabad. Source: Home - Livemint.com | 4 Mar 2010 | 2:01 am HPCL seeks crude oil storage space in south IndiaNEW DELHI (Reuters) - State-run Hindustan Petroleum is seeking 2.20 million barrels of crude oil storage space in India's first such strategic facility to be built in the south, a senior company official said.Source: Reuters: Money News | 4 Mar 2010 | 1:59 am India gold buying stays weak for third day in a rowGold slipped on Thursday as investors booked profits after the metal rallied to a 6-½ week high the previous day, but an increase in ETF holdings highlighted bullion's growing safe haven appeal.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 1:52 am Suzlon Energy gets 52.5 MW wind turbine orderThe wind turbine maker did not provide financial details of the deal.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 1:50 am Greece could sell islands to cut debt - German MPs - Reuters
Source: Business - Google News | 4 Mar 2010 | 1:49 am Oil slips from seven-week highs as dollar risesLondon: Oil slid towards $80 on Thursday as the dollar strengthened, dragging fuel prices off seven-week highs after news of another build in US crude inventories. The dollar gained around 0.25% against a basket of currencies while the euro slipped before a European Central Bank meeting at 6:25pm, which was expected to keep interest rates at a record low of 1.0%. Benchmark US crude oil futures for April fell 45 cents to $80.42 per barrel by 2:34pm. The contract reached a peak of $81.23 on Wednesday, its highest intraday point since 12 January. London ICE Brent for April fell 40 cents to $78.85. “A stronger dollar and a build in US crude stocks are both negative factors,” said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. “We expect oil prices will come down from these levels as fundamentals are not supportive.” The Energy Information Administration said on Wednesday US crude inventories last week rose by a larger-than-expected 4.1 million barrels, while gasoline stocks also increased. Balancing that data were figures showing total US oil demand grew 0.3% in the past four weeks from a year earlier, raising expectations for an end to a 1-1/2-year period of sustained consumption decreases. But currencies again led sentiment, analysts said, with the focus on the euro zone and worries that a prolonged economic slowdown would hit demand for energy. The dollar fell against the euro on Wednesday as concerns eased about deficits in European countries. A weaker dollar tends to support oil prices, making dollar-denominated commodities cheaper for other currency holders. Greece’s budget-balancing pledges on Wednesday helped restore appetite for risk, boosting the euro against the dollar. On Thursday, the spotlight shines again on the euro zone when it reports revised gross domestic product for the fourth quarter. China Investment Corp, the country’s sovereign wealth fund, believes commodity prices are outpacing the global economic recovery, fuelled by loose monetary policies, a top official said on Thursday. “Personally, I think the prices are a bit too high, relative to the strength of real economic recovery,” Jesse Wang, CIC executive vice president and chief risk officer, said on the sidelines of a conference in Beijing. Oil prices have ranged between $69 and $84 a barrel over the past few months at a time of uncertainty over the pace of recovery. But a decline in crude stocks and the surplus held in floating storage has set the stage for an increase towards the $80-$90 range, according to Barclays Capital. The latest data from the Joint Oil Data Initiative (JODI) implies Asian demand has been growing by more than 2 million barrels per day from a year earlier, according to Barclays. “If Asian demand can grow at such rapid rates when prices are in the $70 to $80 range, then prices cannot stay in that range for much longer,” Barclays analysts headed by Paul Horsnell said. An interest rate decision by the Bank of England is also due on Thursday, at 5:30pm, followed by US durable goods and factory order statistics for January. On Friday, attention will turn to US non-farm payrolls. Source: Home - Livemint.com | 4 Mar 2010 | 1:47 am Rupee reverses gains as stocks drop over 0.5%Mumbai: The Indian rupee reversed early gains on Thursday afternoon as the domestic sharemarket extended its fall to more than half a percent while the dollar also edged up against major currencies. At 1:35pm, the partially convertible rupee was at Rs45.84/85 per dollar after hitting Rs45.76, its strongest since 19 January, and marginally weaker than Rs45.82/83 at close on Wednesday. The dollar index, a gauge of its performance against six major currencies, was up 0.3%, hurting the rupee. The euro eased against the dollar on Thursday ahead of a European Central Bank meeting but retained some support as investors encouraged by Greece’s latest austerity measures cut some of their record short positions in the single currency. The main index, or Sensex, opened marginally higher but soon turned negative, and was trading down about 0.5%. One-month offshore non-deliverable forward contracts were at Rs45.87/97, little changed from the onshore spot 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 Rs45.91, with the total traded volume on the two exchanges at about $2.9 billion. Source: Home - Livemint.com | 4 Mar 2010 | 1:41 am Mahindra Forg raises Rs 100 cr via warrants issueAuto component manufacturer Mahindra Forgings on Thursday said it has raised Rs 100 crore by issuing warrants to promoter group firm, Mahindra & Mahindra on preferential basis.Source: HindustanTimes.com - Top Business News Headlines | 4 Mar 2010 | 1:34 am Madoff investors await Luxembourg court ruling on claimsThe verdict could have implications for many pending cases against UBS, which acted as a custodian for, but did not run, the LuxAlpha and LuxInvest funds.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 1:28 am Indian tourists vital for Paris tourism: French officialHighlighting Paris' key features, Paris Convention and Visitors Bureau managing director Paul Roll said the city had unique cultural offering, lots of shopping destinations, a vibrant night life and restaurants with less tax.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 1:23 am Rupee reverses gains as stocks drop over 0.5 pctMUMBAI (Reuters) - The rupee reversed early gains on Thursday afternoon as the domestic sharemarket extended its fall to more than half a percent while the dollar also edged up against major currencies.Source: Reuters: Money News | 4 Mar 2010 | 1:19 am Hike in milk prices, cereals push food inflation to 17.87%However, it is expected to surge significantly next week when the impact of the fuel price hike would be reflected in the index.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 1:12 am Tata Tele adds 1.8 mln users in Feb - execKOLKATA (Reuters) - Tata Teleservices Ltd, India's fifth-largest mobile services provider, has added around 1.8 million subscribers in February and expects to reach 75 million users by March next year, a senior official said on Thursday.Source: Reuters: Money News | 4 Mar 2010 | 1:08 am Asian shares fall on Greece, global outlookHONG KONG (Reuters) - Asian shares failed to hold on to their early gains on Thursday, slipping into negative territory as worries about Greece and the outlook for the global economy made investors cautious.Source: Reuters: Money News | 4 Mar 2010 | 12:47 am Food price inflation rises to 17.87%India's annual food price inflation based on wholesale prices rose slightly to 17.87% for the week ended Feb 20 from 17.58 the week before, as per official data released Thursday.Source: India Business News | Business News - Times of India | 4 Mar 2010 | 12:47 am Economic recovery still not broad-based: Pranab MukherjeeAsia's third largest economy is forecast to expand 7.2% in the year to March 2010, helped by stimulus measures and government spending, recovering from a six-year low in the previous year.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 12:37 am Titan plans Rs1 billion capex in FY-11Part of the capex will be used for the firm's retail expansion plans as it plans to add more stores in the next fiscal, managing director Bhaskar Bhat told reporters.Source: Daily News & Analysis: Money News | 4 Mar 2010 | 12:30 am Maintain 'reduce' on Punj Lloyd with target of Rs 171: Kotak - Economic Times
Source: Business - Google News | 4 Mar 2010 | 12:26 am Food inflation accelerates slightly - Moneycontrol.com
Source: Business - Google News | 4 Mar 2010 | 12:25 am Infosys plans wage hikes in April reportsInfosys Technologies, India's No. 2 IT services exporter, plans to raise wages for all its staff by 8-12 per cent in April on a rebound in demand for outsourcing services, media reports said on Thursday.Source: HindustanTimes.com - Top Business News Headlines | 4 Mar 2010 | 12:17 am Food inflation up 17 87 pc in 12 months GovtIndia's food price index rose 17.87 per cent in the 12 months to Feb 20, while the fuel price index was up 9.59 per cent, the government said today.Source: HindustanTimes.com - Top Business News Headlines | 4 Mar 2010 | 12:12 am Rupee gains 5 paise against US dollar in early tradeThe rupee appreciated by five paise to 45.77 a dollar in the early trade today in line with other rising Asian currencies amid increased capital inflows by foreign funds into the firming domestic equities market.Source: HindustanTimes.com - Top Business News Headlines | 4 Mar 2010 | 12:04 am Box shipping rates hiked 30-40%Shipping lines have hiked container freight rates by 30-40 per cent in the Indian-Europe-US sector to capitalise on the recent rebound in demand and increase inSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am Margins may be low from the UK deal for TCSTCS has further expanded its footprint with governmental clientele, by bagging a £600 million (around Rs 4,140 crore) contract from UK's PADA (Pension Accounts Delivery Authority) for administering the latter's NEST (National EmploymentSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am Rupee hits 6-week high at 45.82/dollarThe Indian rupee has gained more than one per cent against the dollar in the last three trading sessions post the UnionSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am Rupee seen in 45-45.50 band by month-endThe Indian rupee is expected to appreciate further against the dollar in the coming days on the back of strong capital inflows into the country, say bankers andSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am LyondellBasell rejection lifts Reliance IndustriesReliance Industries continued its upward journey and closed at Rs 1,021.95, up 3.9 per cent, after touching its weekly high at RsSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am BSNL has 1 lakh staff more than needed: Pitroda panelA committee headed by Mr Sam Pitroda, advisor to the Prime Minister, has suggested a 15-point formula to turn around Bharat Sanchar Nigam Ltd, including downsizing it by one lakhSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am Sensex back at 17,000The Sensex regained the 17,000 mark on Wednesday for the first time after January 21 as foreign institutional investors (FIIs) continued to buy for the third consecutive session from BudgetSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am SREI Infrastructure Fin (Rs 73.8): BuyInvestors with a short term perspective can buy SREI Infrastructure Finance. This stock has been witnessing brisk action over the last three trading sessions. The 7 per cent gain recorded on Wednesday has helped the stock close above both its 50-Source: Business Line - Home Page | 4 Mar 2010 | 12:00 am USD-INR future at critical supportThe rupee found a surprise mention in Finance Minister's Budget speech though it was only with regard to the currency receiving a unique symbol that captures ‘the Indian ethos andSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am StanChart will list in India this yearBritish Asia-focused bank Standard Chartered confirmed on Wednesday that it would list in India in the second quarter of 2010, as it plans to ramp up operations in its second most successfulSource: Business Line - Home Page | 4 Mar 2010 | 12:00 am ANZ to re-enter India after 10 yearsSydney: Australia and New Zealand Banking Group received approval to set up operations in India, the second fastest growing major economy, and targets a A$100 million ($90.50 million) pretax profit from India in three to four years. Australia’s fourth-largest lender, which is focussing on the emerging pools of wealth in fast growing Asia, hopes to set up a branch in Mumbai in the next 12 months. “India is a real market of substance,” Alex Thursby, ANZ CEO Asia Pacific, Europe and America told Reuters. “I am confident it will give us a good part of the A$1.5 billion 2012 targeted profit from Asia.” ANZ’s entry into India comes ten year after it sold its assets in the country to Standard Chartered. It is re-entering a market that is crowded and highly regulated. State-run lenders control nearly three-fourths of India’s market and only a handful of foreign banks, such as Citigroup, Standard Chartered and HSBC have a major share of corporate lending. ANZ, which waited for 2 years to get the banking license from the Reserve Bank of India, was the second largest foreign bank in the country when it quit along with some smaller south Asian markets to focus on Australia, New Zealand and Asia-Pacific. Almost a decade later, ANZ is reviving its Asian focus and aims to get a fifth of its profit from there. Last year it bought some Asian assets of Royal Bank of Scotland and is now focussing on China, India and south east Asia. ANZ plans to focus on institutional lending and the mining and agricultural sector, Thursby said. Source: Home - Livemint.com | 3 Mar 2010 | 11:57 pm Bharat Oman to commission refinery in Sept quarter: MinisterBharat Oman Refineries Ltd (BORL) will commission its 120,000 barrels per day Bina refinery in central India in the July-September quarter.Source: Daily News & Analysis: Money News | 3 Mar 2010 | 11:54 pm Equity funds lose on energy, consumer betsMumbai: Indian equity funds recorded a drop in net values in February, contrasting a positive return from local shares as their bets on small and medium sized firms and those mainly in the energy and consumer sectors tumbled. Actively managed diversified stock funds, the biggest mutual funds category by number and assets, saw an average 0.3% loss, according to data from global funds tracker Lipper. Seven of every 10 such funds underperfored the 0.44% gain in India’s main share index, the data showed. “These funds have had higher exposure to mid and small caps, which underperformed the large cap indices,” Chintamani Dagade, a senior research analyst at Morningstar India, said. “Additionally, their exposure to energy and fast moving consumer goods stocks dragged down their returns,” he added. Indian equity mutual funds heavily rely on relatively illiquid small and mid-cap stocks to generate outperformance. They held 44% of their equity investments in shares of such firms at February-end, suffering a blow from a 1.7% drop in the BSE Mid Cap and 2% fall in BSE Small Cap indices, data from fund tracker ICRA Online showed. The funds also invested 16% of their assets in shares of energy firms, making it their second biggest sectoral bet, and suffered as the BSE Oil & Gas index fell 3.45%. Shares in the Indian energy major Reliance Industries, the biggest bet of Indian funds industry, fell 6.6% over the month, cutting returns from equity funds. The index heavyweight fell as investors feared the firm would overpay for LyondellBasell. Shares recovered on Wednesday, however, on reports bankrupt Lyondell had rejected Reliance’s offer. A 7.5% exposure to consumer non-durables also hurt returns as the BSE FMCG index fell 2.3 percent. ITC, one of top-10 preferred stock of the funds industry, fell 7.3% as India raised the excise duty on cigarettes. Funds investing in share of healthcare, technology and financial firms bucked the trend to post gains in February with those betting on gold leading the pack. A globally-focussed fund, AIG World Gold managed by AIG Global Asset Management, was the top performer among Indian equity funds in February, with returns of 5.06%. The gold exchange-traded funds gained an average 2.4% during the month as the yellow metal rose. On the continuous charts, gold futures closed at Rs16,789 per 10 grams, up 2.9% in February, as domestic physical traders picked up bargains at lower levels. Indian fixed income funds betting on government bonds lost 0.2% as the benchmark 10-year bond ended the month up 27 basis points at 7.86% on borrowing concern and accelerating inflation sparking fears of an aggressive rate hike. Finance minister Pranab Mukherjee in his budget speech last week raised gross market borrowing by 1.3% in 2010/11 to Rs4.57 trillion. Net borrowing in 2010/11 is seen at Rs3.45 trillion. Source: Home - Livemint.com | 3 Mar 2010 | 11:53 pm Food inflation accelerates slightlyNEW DELHI (Reuters) – Food inflation accelerated slightly in late February, defying government predictions that price rises would start to moderate, adding to pressure on the Reserve Bank of India (RBI) to raise interest rates in April.Source: Reuters: Money News | 3 Mar 2010 | 11:41 pm Govt to consider exports of grains: PawarNew Delhi: India, sitting on a huge stockpile of grains, will soon discuss lifting a ban on exports of wheat and common grades of rice, the agriculture minister said on Thursday. Sharad Pawar told reporters a panel of ministers headed by finance minister Pranab Mukherjee would meet next week to discuss the issue as the country has the ability to export grains. “This will be discussed in the next meeting. We have to a take a definite view,” he said. India, the world’s second-biggest wheat producer, recently approved the sale of small quantities of wheat from government stocks to neighbouring Nepal. Government officials last month said the country would sell an additional 200,000 tonnes of wheat to Nepal, despite a ban on overseas sales of the grain, and may supply limited quantities of rice to Bangladesh. On 1 February, stocks of wheat at warehouses were at 20.6 million tonnes, up 22.6% from a year earlier, while that of rice rose 26.7% to 25.6 million tonnes. The government banned exports of wheat in early 2007 and prohibited overseas sales of common rice varieties in 2008. Source: Home - Livemint.com | 3 Mar 2010 | 11:38 pm Markets drop 0.5%; IT stocks fallMumbai: Indian shares eased on Thursday as investors took some profits after the market had risen 4.6 percent over the past three sessions. Export-led outsourcers dropped as the rupee climbed to a six-week high. By 10:15am, the 30-share BSE Index was trading down 0.45% at 16,923.41, with 21 of its components declining. The 50-share NSE index was down 0.5% at 5,063.85. “The market seems to be consolidating after the rally post the budget. Some amount of profit booking is also expected after the steep rise we saw,” said R.K. Gupta, managing director of Taurus Mutual Fund, adding 16,800 was a good support level. He said advance quarterly tax paid by companies around the middle of the month would be the next trigger for the market. Software services bellwether Infosys was down 1.5%, while rivals Tata Consultancy and Wipro shed 0.9% and 1.1% respectively. The companies get most of their revenue from exports and the rupee’s rise could crimp their margins, said Harit Shah, research analyst with Karvy Stock Broking. Infosys plans to raise wages for all its staff by 8-12% in April on a rebound in demand for outsourcing services, media reports said. Reliance Industries extended gains and rose 0.3% after a source said told Reuters the energy major has no plans to raise its bid for bankrupt LyondellBasell. The stock has gained 6.3% since the close of 25 February on fading hopes of the LyondellBasell buy. In the broader market, gainers led losers in a ratio of 1.4:1 on volume of 80 million shares. Source: Home - Livemint.com | 3 Mar 2010 | 11:38 pm Australia`s ANZ to re-enter India after 10 years - Moneycontrol.com
Source: Business - Google News | 3 Mar 2010 | 11:25 pm Food inflation accelerates slightlyNew Delhi: India’s food inflation accelerated slightly in late February, defying government predictions that price rises would start to moderate, adding to pressure on the Reserve Bank of India (RBI) to raise interest rates in April. The food price index rose 17.87% in the 12 months to 20 February and the fuel price index was up 9.59%. The rise in the food price index was higher than an annual rise of 17.58% in the previous week. With food inflation showing signs of impacting the wider economy, the central bank is widely expected to raise borrowing rates at its next policy review given that inflation has already topped its revised end-March forecast of 8.5%. Union agriculture minister Sharad Pawar on Wednesday told Parliament food prices have started easing and would further ease following a good winter crop. However, the government’s decision to raise petrol prices by about 6% and diesel by 7.75% in last week’s Budget to help increase revenues and cut the budget deficit may prevent food prices from easing. “Today, truckers have decided to raise the prices. This is basically the second round of impact of the fuel price hike and will have some impact on food prices for the month of February and March,” said Sujan Hajra, chief economist with Anand Rathi Securities in Mumbai, before Thursday’s data was released. The government’s decision to raise fuel prices for the first time since July has met with anger from both the opposition and ruling coalition allies, underlining the challenge in cutting a near 7% fiscal deficit. High food prices coupled with a pick in manufacturing and fuel prices are expected to push the headline inflation to double-digits by end-March from 8.56% in January. In January, the RBI surprised markets with a bigger-than-expected rise in banks’ cash reserve requirements, but left the borrowing rates unchanged. Inflation in manufacturing picked up to 6.55% in January from about 5% in December, a sign that inflationary pressures were spreading to other sectors of the economy. Source: Home - Livemint.com | 3 Mar 2010 | 11:23 pm Sonia Gandhi signals support for fuel price riseNew Delhi: Sonia Gandhi, head of the ruling Congress party and India’s most powerful politician, backed the finance minister on Thursday, effectively signalling her support for a move to raise taxes on fuel. The budget move to raise fuel prices for the first time since July has met with anger from both the opposition and government allies, underlining the challenge in cutting the fiscal deficit from a 16-year-high of 6.9% of GDP. Gandhi spoke at a meeting of her party MPs, seeking to remove resentment among a section of the Congress party worried that a rise in fuel prices would worsen already high inflation and anger millions of voters. “She congratulated the finance minister (Pranab Mukherjee) on his well-balanced Budget and said growth is the engine of the Budget,” Sandeep Dixit, a Congress MP who attended the party’s closed door meeting, said. Other lawmakers at the meeting told Reuters that it was clear from her statement she was giving support for fuel price rise. There is no danger to the stability of the government on the issue, but a strong political opposition has fed speculation that the government may be forced to strike a messy compromise and partially roll back the hike, particularly on diesel. Petrol prices rose about 6% and diesel prices by 7.75% after the government proposed to increase factory-gate taxes and import duties on the fuels as part of last week’s 2010-11 Budget, which has stressed fiscal prudence. Source: Home - Livemint.com | 3 Mar 2010 | 11:00 pm Infosys planning wage increase in AprilMUMBAI (Reuters) - Infosys Technologies, India's No. 2 IT services exporter, plans to raise wages for all its staff in April on a rebound in demand for outsourcing services, a spokeswoman said on Thursday.Source: Reuters: Money News | 3 Mar 2010 | 10:55 pm Toyota sued over deaths in California crashLos Angeles: Relatives of a California state trooper and three family members whose fatal car wreck helped spark Toyota’s wide-ranging safety recall have sued the automaker for defects they say caused the vehicle to speed out of control and crash. The lawsuit, filed on Tuesday in San Diego Superior Court, was the latest in a wave of product-liability cases and other legal action brought against Toyota Motor Corp over complaints of sudden, unintended acceleration in its vehicles. But the fiery 28 August crash near San Diego of a Lexus ES 350 sedan driven by off-duty California Highway Patrol Officer Mark Saylor drew intense media attention and renewed government scrutiny of safety problems that led to the recall of some 8.5 million Toyota vehicles worldwide. Toyota President Akio Toyoda, grandson of the company’s founder, extended his condolences to the Saylor family in an apology he delivered to a congressional hearing last week. Saylor was driving his wife, their 13-year-old daughter, and his brother-in-law on a family outing when their car “began to accelerate on its own” and sped out of control despite Saylor’s attempts “to apply the brakes and otherwise do everything possible to stop” the car, the lawsuit says. The car reached speeds of up to 193 km per hour before it struck another vehicle, plowed through a fence, hit a berm and flew through the air, then rolled several times into a field and burst into flames. The family’s final moments before impact were captured in the recording of a frantic 911-emergency cell phone call placed by Saylor’s brother-in-law, Christopher Lastrella, in which he is heard telling the dispatcher, “Our accelerator is stuck ... We’re in trouble ... there is no brakes.” Others in the car are heard saying, “hold on” and “pray” as the call ended, the lawsuit said. The suit names Toyota, its US division and other corporate entities as defendants, along with the Lexus dealership where Saylor was given the doomed car as a “loaner vehicle” while his own Lexus was being serviced. Although the suit makes no specific allegations as to the root cause of the unintended acceleration, it says the car in question “was defective when it left the control of each defendant” and that “adequate warnings of the danger were not given.” The suit seeks unspecified monetary damages on behalf of the parents of Saylor and his wife. Toyota officials have said they do not comment on pending litigation. San Diego County Sheriff’s investigators concluded the crash likely was caused by the gas pedal becoming stuck in an all-weather rubber floor mat designed for a larger vehicle but placed by the Lexus dealership in the sedan loaned to Saylor. But the accident report said “other avenues of unintended acceleration could not be explored,” mechanical or electrical, due to catastrophic damage to the vehicle. The report also revealed that another driver who had been loaned the same car a few days earlier told investigators the vehicle raced out of control on him when the gas pedal jammed in the floor mat, which he managed to free after placing the gear shift into neutral. He complained to a dealership receptionist when he returned the car, the receptionist told investigators she alerted the detail specialist on duty, but the detailer claimed never to have received such a complaint, the report said. Toyota has recalled more than 5 million vehicles in the United States for slipping floor mats. Another 2.2 million US recall notices were issued for sticking accelerator pedals. The US Transportation Department has said that complaints of unintended acceleration in Toyota and Lexus vehicles are linked with more than 50 US crash deaths under investigation over the past decade. Source: Home - Livemint.com | 3 Mar 2010 | 10:50 pm Toyota sued over deaths in California crashLos Angeles: Relatives of a California state trooper and three family members whose fatal car wreck helped spark Toyota’s wide-ranging safety recall have sued the automaker for defects they say caused the vehicle to speed out of control and crash. The lawsuit, filed on Tuesday in San Diego Superior Court, was the latest in a wave of product-liability cases and other legal action brought against Toyota Motor Corp over complaints of sudden, unintended acceleration in its vehicles. But the fiery 28 August crash near San Diego of a Lexus ES 350 sedan driven by off-duty California Highway Patrol Officer Mark Saylor drew intense media attention and renewed government scrutiny of safety problems that led to the recall of some 8.5 million Toyota vehicles worldwide. Toyota President Akio Toyoda, grandson of the company’s founder, extended his condolences to the Saylor family in an apology he delivered to a congressional hearing last week. Saylor was driving his wife, their 13-year-old daughter, and his brother-in-law on a family outing when their car “began to accelerate on its own” and sped out of control despite Saylor’s attempts “to apply the brakes and otherwise do everything possible to stop” the car, the lawsuit says. The car reached speeds of up to 193 km per hour before it struck another vehicle, plowed through a fence, hit a berm and flew through the air, then rolled several times into a field and burst into flames. The family’s final moments before impact were captured in the recording of a frantic 911-emergency cell phone call placed by Saylor’s brother-in-law, Christopher Lastrella, in which he is heard telling the dispatcher, “Our accelerator is stuck ... We’re in trouble ... there is no brakes.” Others in the car are heard saying, “hold on” and “pray” as the call ended, the lawsuit said. The suit names Toyota, its US division and other corporate entities as defendants, along with the Lexus dealership where Saylor was given the doomed car as a “loaner vehicle” while his own Lexus was being serviced. Although the suit makes no specific allegations as to the root cause of the unintended acceleration, it says the car in question “was defective when it left the control of each defendant” and that “adequate warnings of the danger were not given.” The suit seeks unspecified monetary damages on behalf of the parents of Saylor and his wife. Toyota officials have said they do not comment on pending litigation. San Diego County Sheriff’s investigators concluded the crash likely was caused by the gas pedal becoming stuck in an all-weather rubber floor mat designed for a larger vehicle but placed by the Lexus dealership in the sedan loaned to Saylor. But the accident report said “other avenues of unintended acceleration could not be explored,” mechanical or electrical, due to catastrophic damage to the vehicle. The report also revealed that another driver who had been loaned the same car a few days earlier told investigators the vehicle raced out of control on him when the gas pedal jammed in the floor mat, which he managed to free after placing the gear shift into neutral. He complained to a dealership receptionist when he returned the car, the receptionist told investigators she alerted the detail specialist on duty, but the detailer claimed never to have received such a complaint, the report said. Toyota has recalled more than 5 million vehicles in the United States for slipping floor mats. Another 2.2 million US recall notices were issued for sticking accelerator pedals. The US Transportation Department has said that complaints of unintended acceleration in Toyota and Lexus vehicles are linked with more than 50 US crash deaths under investigation over the past decade. Source: World Business - Livemint.com | 3 Mar 2010 | 10:50 pm Sonia Gandhi signals support for fuel price riseNEW DELHI (Reuters) - Sonia Gandhi, head of the ruling Congress party and India's most powerful politician, backed the finance minister on Thursday, effectively signalling her support for a move to raise taxes on fuel, lawmakers said.Source: Reuters: Money News | 3 Mar 2010 | 10:47 pm Australia's ANZ to re-enter India after 10 yearsSYDNEY (Reuters) - Australia and New Zealand Banking Group received approval to set up operations in India, the second fastest growing major economy, and targets a A$100 million ($90.50 million) pretax profit from India in three to four years.Source: Reuters: Money News | 3 Mar 2010 | 10:42 pm Strides Arcolab buys Brazil facility from AspenMUMBAI (Reuters) - Strides Arcolab said on Thursday it has bought Aspen's facility in Campos, Brazil, with related products and intellectual properties for about $75 million.Source: Reuters: Money News | 3 Mar 2010 | 10:15 pm Sensex sluggish in morning tradeA benchmark index for Indian equities was sluggish in morning trade on Thursday and was 37 points lower about an hour into trade.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 10:07 pm Sensex erases early gains on profit sellingErasing early gains, the Bombay Stock Exchange Benchmark Sensex dipped below the 17,000 levels after losing over 53 points on Thursday on emergence of profit booking at existing higher levels. Source: HindustanTimes.com - Top Business News Headlines | 3 Mar 2010 | 10:01 pm Rupee gains 5 paise against US dollar in early tradeThe rupee appreciated by five paise to 45.77 a dollar in the early trade on Thursday in line with other rising Asian currencies amid increased capital inflows by foreign funds into the firming domestic equities market. Source: HindustanTimes.com - Top Business News Headlines | 3 Mar 2010 | 9:49 pm Navy plane crashes into residential area; pilot, co-pilot dead - Times of India
Source: Business - Google News | 3 Mar 2010 | 2:02 pm StanC's jewel in crown India glitters with $1-b net profit - Economic Times
Source: Business - Google News | 3 Mar 2010 | 1:32 pm 9 more planes for SpicejetSpiceJet plans to induct nine more aircraft by 2012, Chief Executive Officer Sanjay Aggarwal said on Wednesday. "We plan to induct nine more aircraft by 2012… The company is likely to break-even by March-end for this year." Source: HindustanTimes.com - Top Business News Headlines | 3 Mar 2010 | 12:56 pm All economy mode at JetAs demand for premium class seats continues to be on the decline, Jet Airways is reconfiguring the seats in at least 17 Boeing 737 aircraft to an all-economy class, Sudhir Raghavan, the company’s chief commercial officer, said.Source: HindustanTimes.com - Top Business News Headlines | 3 Mar 2010 | 12:55 pm Will English become India’s weakness?New Delhi: Inside a classroom in Mumbai’s Vile Parle neighbourhood, eight-year-olds are intently listening to the sounds of English characters and words, and watching them take shape on a television screen. A year ago, such classes weren’t taking place at Shri Madhavrao Bhagwat High School, a Marathi-medium school run by Shilpa Abhyankar. That was when some parents approached her, requesting English classes for their children. Amused initially, Abhyankar had to eventually give in. She hired Language Labs Inc., a Mumbai-based private language training institute, to teach English to primary section students at the school. A not-so-quiet linguistic revolution is under way. Abhyankar’s is just one of innumerable schools who are turning to English as either a full or a partial medium of education as demand for speakers of the “global language” surges nationwide.  Medium of instruction: An audio-visual class for English in progress at Shri Madhavrao Bhagwat High School, a Marathi-medium school in Mumbai. Various studies, including a report by Nasscom, have shown only 10-15% graduates are ‘employable’ in business services and only 26% engineers in technical services due to educational deficiencies. Abhijit Bhatlekar / Mint Intellectuals view English as the “link language” India needs to be on the same wavelength as other countries on a host of common global concerns. But not everyone believes English is a cure-all. British linguist David Graddol argues in his soon-to-be-launched book English Next India that forcing primary school children to learn everything in a language that is not their mother tongue will only breed an under-educated generation. He recommends that English-medium teaching should begin only at the secondary level. Historians see the introduction of English in India by British administrator Thomas Babington Macaulay in 1835 as an attempt to create a class of interpreters to do business in the colony. Since then, English has come to be seen as the language of opportunity, and the number of English speakers has kept on rising. Some 191,000 Indians returned the language as their mother tongue, the language first learnt by a person, or the native language, in the 1971 census. Thirty years later, the number had increased to 226,000. The increase of English speakers from 1991 to 2001 was almost 27%. Plugging the hole Nonetheless, the spread of the language remains limited. The Annual Status of Education Report (ASER) for 2009, released by Pratham—the largest non-governmental organization in the education sector— shows only 43.8% of students in class I could read the English alphabet, even in upper case. Plugging this hole is a central thrust of the government’s skill development programme, which promotes the teaching of English in schools and colleges as a key vocational education component among other courses. For the programme that seeks to impart skill-based training to 500 million people by 2022, the government has also set up a national skill development board and a national skill development funding corporation for policy direction, review and finance. At the Central Board of Secondary Education, the examination body for secondary schools in India, chairman Vineet Joshi says he receives most applications for affiliation from English-medium schools. The Maharashtra state board embarked on starting semi-English medium schools in 2008 in response to growing demand, opting to teach science and mathematics in English at the secondary level. English-medium teaching is often viewed as synonymous with private school education, and is thus reflected in the rising percentage of private school enrolments. According to ASER 2008, the percentage of rural children who studied in private primary schools went up from 16% in 2004 to 26% in 2008. Government schools are also doing their best to gain ground. Abhyankar’s school in Mumbai, for instance, runs audio-visual lessons for spoken English for classes III-V even though it is unable to provide headphones. “We are a government school. This is not the ideal way, but this is better than nothing,” says Abhyankar. Tea-ching English, she adds, would boost the confidence of her students, who are mostly from lower middle class and slums. Graddol, however, told Mint he doesn’t agree with the idea of teaching English at the cost of everything else. English’s disadvantage “The whole task of trying to teach English in government schools is an incredibly difficult one. It’s still a mystery to me why people study English when they cannot speak it. If you continue, you will have another generation coming out of schools which didn’t study other subjects properly because you put children prematurely in an English-medium school,’’ he says. Graddol’s coming book follows the evolution and reform of the English language in India. It will be released in March this year, a decade after his first book English Next. The new book argues that the advantage offered by its large population of English speakers, which has given India an edge over other developing countries until now, will be neutralized in the coming years. China has launched an English teaching programme and is likely to have more English speakers than India in a decade. In Russia, English has already become the working language. Even in Latin America and parts of Europe, Graddol says, English is now being seen as a basic skill, and India would get no special benefit once the language is spoken by everyone everywhere. But the skewed focus on teaching English would mean a “half-baked education” for many Indians, and could see the country losing out to China, the linguist says. Podcast: Ming Chen, executive vice president of EF Education First Asia, talks about teaching and learning English in China English Next India cites the example of Malaysia, where the government in July 2009 annulled an earlier decision to teach science and mathematics in English after concerns that children’s education was suffering as only 10% of teachers were well-versed in English. ASER reports, released annually since 2004, have also pointed out a drop in learning levels in schools. Various other studies, including a 2008 report by software lobby group Nasscom, have shown only 10-15% graduates are “employable” in business services and only 26% engineers in technical services due to educational deficiencies. Graddol suggests using the mother tongue at the primary level and adopting English as a medium of instruction only at the secondary level to ensure that the learning process is meaningful. He also says consolidating multilingualism could be India’s strength and recommends a three-language formula codified in 1968. The formula promoted primary education in the mother tongue and the teaching of English, Hindi as well as other regional languages at the secondary level. The linguist points out another danger. “Smaller languages will decline and regional languages will also lose domains of use,” he says. Threat to vernaculars In Gujarat, for instance, a poor pass percentage in Gujarati-medium schools compared with English-medium schools has led to the closing down of several vernacular schools. In Maharashtra too, the mushrooming of English-medium schools has caused a sharp decline in the number of Marathi-medium schools. In Pune, widely regarded as the cultural capital of the state, the number of Marathi-medium schools came down from 719 in 2006 to 604 in 2007, according to the Environment Status Report of 2008. The Holy Family School in Andheri, Mumbai, which has both Marathi- and English-medium wings, has seen a steady fall in enrolment of students in the vernacular medium over the past five years. Principal Francis Swamy recalls children whose fathers farmed their lands or had occupations such as driving buses and autorickshaws, and mothers who worked in households as maids. Yet, when many of them pulled their children out of the Marathi-medium wing of Swamy’s school, they only moved to an English-medium school. “Such is the craze for English that it cuts across class,” Swamy says. The National Curriculum Framework for School Education in India, drafted in 2005, also makes a strong pitch for multilingualism. States where English is not the official language have largely seen government-run schools adopt regional languages as the medium of instruction, even as private schools have taught in English. Graddol calls for broader reforms in education, including infrastructure, quality of teachers and academic practices. “English may be a useful catalyst, but the final goal must lie beyond English,” he says. But Meena Kandasamy, a Dalit activist and poet who teaches English at Anna University in Chennai, sees a larger role for English in Indian society—one of a link language. “Today, people all over the world face similar problems— terror, violence, exploitation —and they need to learn and understand from each other’s resistance struggles,” she says. “They are all different stories, but they are also extremely similar. If you have to say these stories simultaneously, you would be using English.” In Part 2 of the series, read about the politics of language. Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Air India gets less govt money than promisedHyderabad: Cash-strapped Air India has received only Rs325 crore in the first tranche of equity infusion from the government, Rs75 crore short of the approved sum.  Short of cash: Nacil chairman and MD Arvind Jadhav. Harikrishna Katragadda / Mint In a letter to the national airline on 27 February, the ministry of civil aviation stated that it was giving Rs75 crore of the promised amount to the Airports Authority of India (AAI), said two senior officials in the ministry of civil aviation, asking not to be identified. Air India, run by state-owned National Aviation Co. of India Ltd (Nacil), may see a similar cut in the next tranche of equity infusion of Rs400 crore that’s due later in March, one of the officials said. On 18 February, the Cabinet Committee on Economic Affairs had approved the release of Rs800 crore as equity infusion into Nacil in two equal portions to ease the airline’s cash flow crunch and help it borrow at lower rates. Air India, which had a loss of Rs5,548 crore in 2008-09, is seeking a Rs5,000 crore equity infusion from the government. Air India’s current equity is Rs145 crore. The 2010-11 Budget has made a provision of another Rs1,200 crore for the airline. Nacil chairman and managing director Arvind Jadhav confirmed Air India had received only Rs325 crore and the remaining was given to AAI. “I cannot answer why. You will have to ask the ministry of civil aviation,” Jadhav told Mint on the sidelines of India Aviation 2010, the second international exhibition and conference on civil aviation, organized by the civil aviation ministry and the Federation of Indian Chambers of Commerce and Industry. “Since Air India owes some Rs700 crore (to) AAI in terms of dues, there is nothing wrong in allocating Rs75 crore to AAI,” said the same ministry official quote earlier. “AAI is also in financial distress.” A senior Air India official, on condition of anonymity, said Air India was “in the process of clearing AAI dues and it has already started making payments”. “The equity base of Air India (is) already low,” he added. The official said according to Air India’s accounts, the airline has to pay AAI Rs320 crore in balance dues and not Rs700 crore as claimed by the authority. Air India has been paying AAI Rs5 crore every month for the past year as part of a settlement mechanism, he added. A senior AAI official declined to comment on the dispute over the dues. In November, a group of ministers that deals with Air India issues decided to infuse capital into the flag carrier, but tagged this to cost-cutting measures by the airline. On Wednesday, civil aviation minister Praful Patel said Air India is “planning to return 22 leased aircraft starting this month”. Air India has decided to cut its fleet size to 105 by March 2011 from 146 now, the civil aviation ministry had said in a statement on 18 February. A senior airline consultant, who did not want to be identified, said the government’s equity infusion would not help Air India tackle its long-term issues. “These are short-term relief,” he said. “With Air India generating a whopping Rs400 crore cash deficit a month, it will have to find hard-hitting cost-cutting measures, including wage cut(s) and downsizing.” pr.sanjai@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Iceland tops innovation index, India slides to 56th positionNew Delhi: India, which has declared the next 10 years as the decade of innovation, slipped 13 places from its position last year in a ranking of 130 countries on innovation. Smaller countries such as Trinidad and Tobago, Romania and Latvia edged out India in the survey that polled businessmen from several countries and relied on data sets from the World Bank and the Organisation for Economic Cooperation and Development. Inadequate political stability, lower broadband and mobile phone usage (per 100 inhabitants) and insufficient infrastructure facilities were cited as key reasons for India’s drop in rankings.  Graphic: Yogesh Kumar/Mint Iceland grabbed top honours this year, despite being badly hit by the financial crisis. The US, last year’s topper and among the biggest research and development spenders in the world, plummeted to 11th place behind Singapore, New Zealand and Hong Kong. India was ranked 43rd in last year’s index, which too was an 18-rank decline from its position in 2008. However, the first edition only featured 107 countries. “It’s a relative ranking, so even a half point difference between countries sends rankings tumbling. Also, ranking criteria is partly subjective and several respondents had higher expectations from India than previous years. So, last year’s ‘average’ could be this year’s ‘bad’,” said Dutta. “I haven’t analysed the report, but it doesn’t sound right that all criteria have the same weight,” said Anirban Dutta, a science policy expert at Delhi University. “Political stability cannot be reasonably compared to availability of scientists. So, I would take the findings with a pinch of salt,” he said. Though most innovation indices rank countries on the basis of their research spending as a proportion of the gross domestic product (GDP) and number of scientific publications and their patent output, and other newer parameters, Dutta’s exercise complements these with broader criteria such as soundness of banks and ease of doing business. According to Soumitra Dutta, innovation is far more broad-based and not necessarily confined to laboratories. “There are several innovations in India’s agriculture sector that can’t be captured by citations or patents. So, every year we try to improve our criteria and make innovation as broad-based as possible,” he said. For ranking purposes, each factor is categorized under two heads—input and output. Input factors reflect how conducive a country is to innovation, while output factors tell how effectively a country translates innovation into knowledge, competitiveness and wealth. “These results are averaged and on the basis of that, global ranks are calculated,” he said. The report puts China at 43, six places down from last year. Indian policymakers and scientists frequently compare their research and innovation output with China’s, which in the past two decades has overtaken India on several indices that measure scientific prowess. India spends less than 1% of its GDP on research and development. China dedicates 2% of its four-times-larger GDP to science and research. jacob.k@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Will establish IPL as greatest cricket spectacle in the world New Delhi: The third edition of the Indian Premier League’s, or IPL’s, Twenty20 tournament starts on 12 March. In the run-up to the event, P.B. Vanchi, director, GMR Sports Pvt. Ltd, the company that owns the Delhi Daredevils team and which is part of the GMR Group, an industrial conglomerate with interests in infrastructure, spoke to Mint on his company’s plans and IPL 3. Edited excerpts:  Playing forward: P.B. Vanchi says the expansion of the league next year makes the present season all the more critical for his team. Hemant Mishra /Mint This season is critical for both reasons. The first season in 2008 was a war effort for both IPL and the franchises. Though it was a spectacular show, we had plans to take it to the next level in the second season. Unfortunately, we had to put the plans on hold due to the shift to South Africa. The plans will be implemented this year and we are confident that we will be able to firmly establish IPL as the greatest cricket spectacle in the world. The fact that the structure of the tournament will be expanded from next year makes it all the more critical for us to focus on the success of the present season. This will ensure a solid platform to leverage on the proposed changes next year. What does the induction of the new teams mean for you?  Our inherent Delhi advantage will also ensure that we continue to be one of the strongest propositions for sponsors and licensees, despite the two new teams coming in. At its core, the value of a sports team is driven by the potential size of its fan base and the disposable income of its fans. Delhi remains the leader in both parameters and so we believe that our value will be unaffected by the inclusion of new teams. How do you plan to increase the value of your team? We are currently focused on maximizing the value of our team by focusing on on-field performance, the brand and fan base, and cost control. Hospitality and merchandising are big opportunities for sports teams worldwide. Any plans in the seareas? Absolutely. In fact, our first Daredevils sports bar will be launched in the new Delhi international airport, which is also incidentally owned by GMR (Group). We plan to launch a number of such theme bars across NCR (National Capital Region) in the coming months. We are also closing a number of exciting licensing and merchandising deals. The first season created a whole new audience for the games, such as housewives. Will these people stay with the game? Absolutely. IPL is not just cricket; it is a holistic entertainment proposition. Not only will it attract and retain non-traditional viewers, those who come to the stadium will be left craving for more. Has India’s ascent to the top spot in Test cricket rankings done anything for you? Anything that increases interest in cricket is good for IPL. We are confident that India’s stellar performances in all forms of cricket in the last few months will further stoke the viewers’ interest in IPL. We would like to highlight here that some of India’s key players who have driven India’s performance in the last few months are actually Daredevil players—like (Virender) Sehwag, (Gautam) Gambhir and (Dinesh) Karthik. Finally, is there any player, from any generation, whom you would have loved to have? Viv Richards would have come in handy. The first in a series of interview of IPL team owners and executives. Tomorrow: Deccan Chargers. priyanka.m@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Surge in oil imports points to recovery; trade deficit widensExports and imports retained their growth momentum in January. Imports, however, are rising much faster than exports, leading to an increase in the trade deficit. We expect FY10 trade deficit to be lower than in FY09. Maintaining their momentum, India’s exports grew 11.5% in January—the third straight month of growth. Imports grew much faster at 35.5%—the second straight positive month. In FY10 year-to-date (YTD) (April-January), exports and imports have contracted 18% and 20%, respectively. Also See| Huge Inflows (Graphic) In January, oil imports rose 56% year-on-year (y-o-y) following the 42.8% growth in December. Since August, oil imports have been between $6.3 billion and $6.5 billion a month. In January, however, oil imports were $7.1 billion, the highest in the last 15 months. This reflects the effect of the rebound in international oil prices. After turning positive in December, non-oil import growth maintained its positive trend with 28.8% y-o-y growth in January—the strongest in the previous 16 months. Stabilization in this category indicates significant improvement in industrial activity and domestic demand. In January, the trade deficit continued to widen, but the pace has slowed down. During January, it rose to $10.4 billion from $10.1 billion in the previous month, the highest trade deficit in the last 14 months. For FY10 YTD, it stood at $86.6 billion. Additionally, in Budget FY11, the government has extended the 2% interest subvention on pre- and post-shipment export credit till 31 March 2011. The move will help exporters keep their interest costs low. India’s trade deficit has risen almost five fold, from $2.2 billion in February 2009 to $10.4 billion in January, mainly owing to rebound in international commodity prices, particularly oil and the revival in domestic demand. As domestic demand is likely to remain strong and oil prices hold above $75 per barrel, we expect trade deficit to be high in FY10 and FY11. India’s new-found natural-gas resources, on the other hand, are replacing the use of petroleum products such as naphtha and fuel oil, especially in fertilizer production. This could reduce imports of fertilizers and help contain trade deficit. Graphic by Yogesh Kumar/Mint feedback@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm The new Indian family homeWhen Bangalore-based architects Kiran Venkatesh and his wife Nithya were deliberating on an exciting theme for an architecture exhibition, they first thought of the India code +91—and then homed in on single-family, independent houses designed between 2000 and 2009 in different parts of the country.  This house in Hyderabad’s Jubilee Hills area, designed by Nandu Associates, has exterior walls of inexpensive Dholpur stone. The vaulted roof segments are lined with solar power panels. In a day and age where the cookie-cutter approach is often used to build homes, the houses featured at the Max Mueller Bhavan exhibition are distinct in their elevations, interiors, colour and texture. Glossy colour photographs of each residence hang alongside their layout sketches. There is a section devoted to large black-and-white designs and models of homes yet to be built. The exhibition has been organized by InCITE, a contemporary architecture initiative that the couple instituted with its first show in 2008. It has been accompanied by a workshop, organized by and8 architekten and InCITE, and nine presentations on contemporary designs and architecture. “The idea of our initiative was to begin an exchange of contemporary design patterns and styles that (have) emerged in the last 10 years in urban Indian homes,” says Venkatesh, who also runs InFORM Architects Pvt. Ltd in Bangalore. Click here to see more images of products featured in ‘+91 Residences’ Seventy-seven architecture firms are taking part, 91 homes completed between 2000-09 have been showcased, and 19 work-in-progress residences and 42 models have also been featured. Some dominant, albeit contrasting, trends are evident in these works. Compact, functional homes  This Kerala home designed by Lijo Reny Architects is bright, with natural light flooding in from large openings, but remarkably cool because of skylights. For Mohandas Konanoor, a Bangalore-based software engineer whose 2,800 sq. ft house (designed by Venkatesh) is featured in the exhibition, functionality was a prime concern. “I insisted on a small kitchen garden and garage, but I also ensured that the design of the house was completely functional, without any wastage of space or any unnecessary features,” Konanoor says. Compact housing is an international trend, says Achim Aisslinger, who runs architecture and design firm Aisslinger+Bracht in Hamburg, Germany, and was in Bangalore for a presentation at the exhibition. “Minimal housing is the order of the day in Europe as most people have curbed their real estate investments,” he says. Aisslinger has designed Loft Cube, a portable 160 sq. ft space that doubles as a portable home and workplace. It takes three days to set up. Priced at $140,000 (around Rs64.5 lakh), it is expensive by European property standards, but has got a good response, says Aisslinger. Homing in on the environment  Designed by Uday and Mausumi Andhare of Indigo Architects, this home in Ahmedabad looks like a conventional bungalow on the outside, but actually has few barriers to the outdoors. A bamboo blind is sometimes the only exterior ‘wall’ for its living spaces. They have other grassy weapons in their eco-warrior arsenal too. “We install vertical screens made of heat-treated bamboo...that help in considerably cooling down the interiors. We also try to build in multiple courtyards or openings in a house so that there is enough natural light without heating up the interiors,” says Jos. In another residence on show, designed by Hyderabad-based architect B. Nanda Kumar, the placement of vaulted roof segments is meant to ensure that overhead solar panels get the maximum possible exposure to the sun. And, no, “green” measures don’t necessarily add to costs. The design by Delhi-based architects Rohit Raj and his wife Vandana for a retirement home in Solan, Himachal Pradesh, uses local materials such as slate, stone from Manali and local wood to bring a natural texture to the structure, keep the budget within manageable limits and check the carbon footprint. Spatial shifts There is a growing pragmatism among architects while designing homes for younger couples. Two very different trends are visible here. One interesting feature in contemporary homes, says architect Uday Andhare of Ahmedabad-based Indigo Architects, is the lack of barriers. Andhare cites examples of houses without living rooms or with verandas flowing into living rooms, separated only by a bamboo screen. Nanda Kumar, for example, has created five terraces that surround the Hyderabad residence he designed. They keep the outdoors accessible throughout the home, creating a sense of openness. In complete contrast is another trend. “There is (also) an emerging stream of thought where working couples prefer homes that can be locked up like a box when they leave,” Andhare adds. “Open spaces are minimal in them.” At home together The draw for visitors lies not only in the ideas on display, but in the options and guiding principles behind them. “There is no sense of competition in this, we only tried to showcase the various patterns that have emerged in the way we live, over the years,” says Venkatesh. Write to us at businessoflife@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Reliance has no plan to raise bid for LyondellMumbai: Reliance Industries Ltd (RIL) has no plans to increase its bid for bankrupt LyondellBasell Industries AF after creditors rejected a $14.5 billion (Rs66,555 crore) offer, two people briefed on the matter said. Market conditions didn’t justify raising the offer further, the people said, declining to be identified because they aren’t authorized to speak to the media. Asia’s richest man Mukesh Ambani may be prompted to spend Reliance’s $3.5 billion cash elsewhere, said Victor Shum, an analyst at Purvin and Gertz Ltd. The Mumbai-based company’s shares surged 4.7% after the bid was rejected on Tuesday for a second time this year. Reliance is seeking assets abroad to reduce the risk of investing mostly in India, where it is battling a lawsuit over natural gas supplies with a company owned by Mukesh’s estranged brother Anil Ambani. “Reliance has a very strong position in India but it doesn’t internationally,” Nathan Schaffer, an analyst at PFC Energy, said by phone from Houston. “There will be plenty of opportunities to pick up some attractive assets.” Alok Agarwal, chief financial officer at Reliance, couldn’t be reached at his office. Rising crude oil prices coupled with weak global demand for fuels and chemicals are prompting companies to sell assets. Oklahoma-based Devon Energy Corp., the biggest independent US oil and gas producer, on 16 November announced it was putting oil blocks from the Gulf of Mexico to the Caspian Sea up for sale to raise $7.5 billion to cut debt and fund onshore developments. Houston-based ConocoPhillips plans to sell $10 billion of assets in two years to cut debt that may include exploration and production holdings in North America and gas properties in the North Sea, chief executive officer Jim Mulva said in October. Reliance operates India’s biggest natural gas field, owns the world’s largest refining complex at Jamnagar in Gujarat, and has cash holdings of Rs 160 billion . While it has interests in overseas oil blocks, including in Peru, Iraq and Australia, only one in Yemen is producing at 4,400 barrels a day, according to Reliance’s earnings statement for the three months ended 31 December. Reliance seeks a “far more widespread global footprint” in the near term, Ambani told shareholders on 17 November. The company may buy oil fields in the Gulf of Mexico and Brazil to hedge the risk of investing mostly in India, P.M.S. Prasad, president of its oil and gas business, said on 14 September. In December, Reliance hired Walter van de Vijver, a former exploration chief at Royal Dutch Shell Plc, to head its overseas business. feedback@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Services gain most since Jan 2009: HSBCBangalore: India’s banking, hotels and other services grew in February at the fastest pace since at least January 2009; HSBC Holdings Plc and Markit Economics’ Purchasing Managers’ Index (PMI) rose to 60.9 last month from 59 in January, according to a report released on Wednesday. A reading above 50 indicates expansion. The PMI for manufacturing rose to 58.5 in February from 57.6 in January, the 11th monthly reading above 50, HSBC and Markit said The report raised India’s economic growth forecast to 9% from 8% for the next fiscal and said the central bank may increase interest rates by 150 basis points. Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Ranbaxy Labs loses a key generics opportunity Ranbaxy entered into a settlement with Astellas/Boehringer Mannheim in November 2007, under which it could launch the generic version of Flomax on 2 March 2010, eight weeks before the expiry of the pediatric exclusivity. Ranbaxy had said it would be the only player, as it had a first-to-file status. Impax cited Flomax sales at $2 billion, or around Rs9,180 crore today. With monthly sales of around $170 million, assuming 10% price erosion and a 15% market share, revenue could be around $45 million for eight weeks. It could vary, too, depending on actual market conditions. Whatever the quantum, it would have provided a significant earnings kicker for Ranbaxy in the first half of 2010.  Graphic: Yogesh Kumar/Mint The regulatory issues at two of its Indian units have still not been resolved, despite the company making efforts to address FDA’s concerns. In addition, in its most recent action, FDA found fault at a US manufacturing facility run by Ranbaxy’s subsidiary OHM Laboratories Inc. The regulator issued a warning letter, saying the violations were similar to those noticed in its other plants in earlier years. It said Ranbaxy’s attempts to make global corrections after past regulatory actions were still inadequate. The company needs to get a foolproof grip over its operations to ensure they are compliant in every respect. The new warning letter concerns a plant that accounts for barely 1% of its US market supplies, but has done disproportionate harm to it. With big US generic opportunities now becoming more uncertain, it is back to basics for Ranbaxy. The company and its parent, the Daiichi-Sankyo Group, have been collaborating in different markets, leveraging Ranbaxy’s distribution and generic strengths. These are expected to reflect in its second-half performance, the management said in a conference call. India operations, too, are expected to contribute increasingly to growth. But these alone may be difficult to justify its price-earnings multiple of around 30 times based on 2010 consensus estimates. It would be hoping for luck to side with it in the rest of 2010, in the US market. Write to us at marktomarket@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Investors will take time to accept MFs getting listedWoods: Would introduction of the direct taxes code and goods and services tax (GST) in 2011 change your outlook or sector choice?  Subramaniam: It will not change our outlook or sector choice. But we will be conscious of the fact that the introduction of GST may help certain sectors reduce their cost of operations. The impact of these reductions will be factored in our assumptions and we could look at valuations before making our decision. KEA: Are your sales picking up after you got listed? How has your experience been with the new platform? Subramaniam: Our sales have definitely picked up in the last few months. In fact, in the last few months while the industry has seen outflows, we have seen decent inflows. The platform is still new and investors will take time to accept it. Also See MF and Budget 2010 (Graphic) Rupan: You just have 25 stocks in the fund. Why?  Fund analysis: Subramaniam. Kaushik Chakravorty / Mint Subramaniam: We usually have around 25 to 40 stocks in our portfolio. Since the markets have run up in recent months, the fund manager had more reasons to sell and, therefore, the number of stocks are on the lower side. Livemint: Any thoughts on how the auto sector is doing? Subramaniam: In terms of sales numbers, the auto sector is doing quite well. While the long-term opportunity for automobile companies is bright, stock valuations in the auto sector are not inexpensive. KEA: What about the Budget? Subramaniam: The Budget is well balanced, and some measures are prudent. For example, the intention to keep the fiscal deficit under control. Source: Morningstar feedback@livemint.com Source: LatestNews-Home - Livemint.com | 3 Mar 2010 | 12:45 pm Broadband to get Rs 18K cr pushThe government is planning to spend Rs 18,000 crore over three years to lay a five lakh km optic fibre cable (OFC) network to reach every gram panchayat.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:29 pm Sensex regains 17k, up 227 on FII buyingThe continuing post-budget rally added a further 227 points to the BSE sensex as it reached the 17K mark again after six weeks.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:28 pm Auto stocks at 52-week highRiding on the robust February sales numbers, auto stocks zoomed to their 52-week high, while auto ancillary stocks piggybacked on auto makers to net handsome gains in the past couple of days.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:26 pm AI eyes 15-17% pay cut, awaits Cabinet approvalA 15-17% pay cut is on the cards for employees of the loss-making Air India-Indian Airlines combine.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:23 pm 'No consultancy by rating agencies'A committee set up to have a re-look at the regulation of credit rating agencies has suggested that rating agencies should not carry out consultancy and advisory services.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:20 pm RIL has no plans to hike Lyondell bidReliance Industries Ltd has no plans to increase its bid for bankrupt LyondellBasell Industries after creditors rejected a $14.5 billion offer, two people briefed on the matter said.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:19 pm Aviation min to oppose service taxThe aviation ministry is going to oppose the Budget's move to levy service tax as it threatens to derail the wobbly recovery being seen by the industry, by threatening to make flying costlier by 10.3%.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:15 pm Tata Tele to pay back for below-par serviceTata Teleservices on Wednesday said it would compensate its subscribers if the company fails to meet the pre-determined levels of service standards, a move that would help retain customers and force others to follow suite.Source: India Business News | Business News - Times of India | 3 Mar 2010 | 12:14 pm Maharashtra opts for a faceliftConcerned by the steady slide in its status as an investment destination, Maharashtra has taken its first tentative steps towards a major makeover exercise.Source: Business Standard | Front Page Headlines | 3 Mar 2010 | 11:42 am Govt widens scope of anti-abuse provisions in I-T actThis article has been modified. Please see the clarification at the end.Source: Business Standard | Front Page Headlines | 3 Mar 2010 | 11:36 am Creating a digital replica of Delhi, one step at a timeNew Delhi: Three men led by Siddharth Singh walk slowly through the dirty, narrow warren of lanes that fan out through east Delhi’s Shakarpur area. Two of them push what looks like a sophisticated three-wheeled pram that bristles with an assortment of wires and consoles. The third carries an oversized map on which he regularly puts marks.  Tedious groundwork: Harish and Babban, two members of the DSSDI project, use a ground-penetrating radar machine for their mapping work in Priyadarshani Vihar, east Delhi. Ramesh Pathania / Mint Their progress is erratic. Every 20m the trio pauses and the pram is wheeled gingerly across the breadth of the lane. Whenever the device passes over an underground pipe, a sinusoidal squiggle appears on its console. There’s a short confabulation and then the team moves on. A trail of curious onlookers gathers behind the team. They whisper among themselves for a bit and then one of them asks the men what they are doing. In another corner of Delhi, S.K. Sinha navigates the radials of Connaught Place while poised in front of a computer screen. He weaves through the high-rise buildings, each of which is an exact miniature of those on the ground. “Every lamp post, tree and manhole that you see,” says Sinha pointing to the uncannily real graphic on the screen, “is as it is on the ground.” Sinha and Singh are part of a huge team that has been working round the clock for the last year and a half. They have persistently and methodically looked high and low, counting manholes, walking streets, and probing the ground for pipes and wires. Their progress has been painstaking, but the Delhi State Spatial Data Infrastructure (DSSDI) project, the most ambitious mapping project undertaken in any city in India, is now nearing completion. Like a recalcitrant beast being tamed, Delhi is yielding grudgingly; and its anatomy is gradually emerging from the mess. The project, a collaboration between the Delhi government and the Survey of India, aims to create a comprehensive 3-dimensional geographical information system (GIS) for Delhi. When it’s done, a digital replica of the city, true to its terrain, and mapping all its overground and underground features will be available. It will come with information on the inhabitants of every structure in the city, land ownership patterns, and geographical data such as terrain profiles and hydrological characteristics. Major General Girish Kumar of the Survey of India is at the centre of the undertaking. His office in a run-down government complex is festooned with complex charts. “This is not just an academic exercise,” he says pointing to a large diagram. “Based on the data we’ve collected we’re going to create applications for 26 departments of the Delhi government.” Applications on underground pipes and utilities will be used by agencies such as the Delhi Jal Board; land use and occupancy data will be used by the income tax department; and the mapping of electricity poles will come in handy for utilities such as BSES. For government departments, the benefits are double-edged. They will, for the first time in most cases, have access to comprehensive and detailed civic records. But, as Kumar points out, it will also become more difficult for them to fudge data. Not surprisingly, cooperation from them has been “uneven”. While the project is using some data from the Survey of India, Census of India and agencies of the Delhi government, most of the work is being done from scratch. “A lot of the existing data was unreliable,” says Kumar. As an example, he mentions the 2001 Census, which put the total number of buildings in the National Capital Territory (NCT) of Delhi at 2.7 million. “In the normal course we’d expect an increase of between 10% and 20% over a decade,” explains Kumar. But as it turns out, DSSDI has already counted 3.4 million buildings, and the total, according to Kumar, is likely to be as high as five million. The census data was clearly inaccurate. Data with agencies such as the Municipal Corporation of Delhi, or MCD, was even scantier. “They had records of 8 lakh properties, of which half was digital and the other half was on paper,” says Kumar. Even the 1:25,000 scale (1 centimetre to 250m) maps of the Survey of India weren’t adequate for their purposes. DSSDI commissioned the Indian Air Force (IAF) to take aerial photographs covering 1,486 sq km of the city on a 1:8,000 scale. Each of these 2,500 photographs, says Sinha, deputy director of the project, overlapped with the ones around it by 60%. When the basic principles of triangulation and some not-so-basic software, was applied to these overlapping images, a “seamless” 3-dimensional layout of the city emerged. The photographs had given the cartographers most of the detail they were looking for, but they had limitations. “In some cases, buildings clustered close together obscured lanes running between them,” says Sinha. “And in others, lanes that were 3m wide showed up as lines, but smaller ones weren’t visible.” That’s where the tedious groundwork came in. The photographs were geographically referenced or anchored with the help of existing maps and the 800 global positioning system (GPS) points that were established on the ground. The city was divided into 1,900 squares, each of which had a separate map. Nearly 1,500 people from the Survey of India and private agencies such as Navayuga Spatial Technologies which had been hired for the project, fanned out across the city, verifying the data, measuring distances from GPS points, and marking features like lanes, lamp posts and manholes which might not have appeared on the photographs. This detailing allowed the maps to be scaled up from the original 1:8,000 to 1:2,000. After these details had been added, the teams doing the property and underground utility surveys took over. The 400 people in the property survey have been trawling the city listing the inhabitants of every construction “over 2m in height” and taking photographs of buildings. These photographs will be used to create textures, which according to Sinha, will be applied to the 3-dimensional model, making its depictions accurate down to the right colour. Simultaneously, a team of 100, of which Siddharth Singh is a member, has been doing the survey of underground utilities. Using ground-penetrating radar (GPR) machines, they’ve been trawling the streets of Delhi. The machine Singh uses is relatively simple, but “the massive Terravision GPR machine that we have is being used for the first time in the country,” says Kumar proudly. It’s been running day and night, moving 5km an hour over every inch of the 18,000km of roads in the Capital, converting the murky network of sewers, cables, water and gas pipes that run through the underbelly of the city into clicks and parabolic curves. These underground features are correlated with those over-ground such as taps and junctions to establish what they carry and which utility company they belong to. Back in the office of DSSDI, data operators and engineers have been working three shifts a day, six days a week on 110 computer systems to collate and analyse the huge amount of data that is coming from the field. The project has had its ups and downs. There have been frustrating delays due to rains, general elections and hostility from residents of Delhi who’ve mistaken the team for officials of the MCD. “Delhi is a difficult city to work in,” says Kumar. “There have been times when our teams have been roughed up and have had to be rescued by the police.” Given the size and complexity of the task, progress has been fast. The survey of New Delhi—north, central and southwest districts—is complete. Work in the remaining five districts is nearing completion. The anatomical model of Delhi that is emerging has, according to Kumar, an astonishing 337 layers, one each for ATMs, banks, parks, trees, hospitals, etc., the assortment of features that make a city. “It’s the best project in the country,” avers GIS expert I.V. Murali Krishna of Jawaharlal Nehru Technical University, Hyderabad. According to him, the project design takes into account all the complexities of a city like Delhi. “But it will only succeed, if in the long term, government departments use and update the database in coordination,” he says. Will the project data be freely accessible? “Some of it is going to be linked to the Delhi government website before the (October) Commonwealth Games,” says Kumar. “But we need clearance from the ministry of defence before we do that.” Also to be decided is whether DSSDI will sell data to private companies. In the meantime, the excitement is building up at the DSSDI office. “This is a dream project for a cartographer,” says Sinha with a gleam in his eye. “It is,” agrees Kumar. “Did you know,” he chuckles, “that there are parts of Delhi which have as many as 200 manholes a square kilometre?” akshai.j@livemint.com Source: Tech News - Livemint.com | 3 Mar 2010 | 10:31 am Nasa to launch latest high-tech weather satelliteWashington: The US is poised to launch Thursday the latest in its family of high-tech meteorological satellites that watch storm development and weather conditions on Earth from high in space. The launch window for the Geostationary Operational Environmental Satellite-P (GOES-P) will open at 6:17 pm (2317 GMT) on Thursday and close an hour later, US space agency Nasa said in a statement. A Delta IV rocket will carry the satellite to its orbit around 22,000 miles (35,406 kilometers) above the Earth’s surface. From orbit, GOES-P will collect and send back to Earth data that will be used by scientists to monitor weather, make forecasts and issue warnings about meteorological incidents. The satellite will also detect ocean and land temperatures, monitor space weather, relay communications and provide search-and-rescue support. The first GOES satellite was launched in 1975. GOES-P is the latest in the most recent generation of US geostationary weather satellites. GOES-P will be launched for Nasa and the National Oceanic and Atmospheric Administration (NOAA), which oversees the US National Weather Service, by United Launch Alliance, a joint venture of Boeing and Lockheed Martin. “GOES are the backbone of NOAA’s severe weather forecasts, monitoring fast-changing conditions in the atmosphere that spawn hurricanes, tornadoes, floods and other hazards,” said Steve Kirkner, GOES program manager at NASA’s Goddard Space Flight Center in Maryland. Instruments on board GOES-P — which will swap the letter P for the number 15 once in space — include an imager that senses energy from areas of Earth, and a “sounder” that uses a scan system to gather data from which scientists can calculate temperatures, moisture profiles and ozone distribution. The GOES-P also has a space environment monitor, which will beam real-time data to Earth about energetic particles in space that pose a risk to satellites and astronauts and can disrupt navigation and communications systems. The space environment monitor includes an X-ray telescope that will measure solar X-ray emissions and the intensity and duration of solar flares, which can lead to changes in ionospheric conditions that disrupt radio communications and Global Positioning System (GPS) signals. A key piece of equipment on GOES-P is the Solar X-Ray Imager, which every minute will capture an image of the sun’s atmosphere, providing space weather forecasters with information they need to determine when to issue alerts of conditions that may harm space and ground systems. Source: Tech News - Livemint.com | 3 Mar 2010 | 5:38 am Peugeot, Mitsubishi rule out capital tie-upParis: French carmaker PSA Peugeot Citroen and Japan’s Mitsubishi Motors Corp. on Wednesday ruled out a capital tie-up after a meeting at the Geneva Auto Show. In a joint statement, the two car markers said Peugeot Citroen CEO Philippe Varin and Mitsubishi Motors president Osamu Masuko met on Tuesday and decided that a capital alliance “was not appropriate in the current circumstances.” But they said they want to broaden the existing cooperation between the two companies. In December the car makers said they were in talks that could lead to a “strategic partnership.” That announcement came after a report in Japan’s Nikkei business daily last year which said that the two car makers were in the final stages of capital tie-up talks with Peugeot Citroen looking to buy a 30 to 50% stake in Japan’s No. 4 automaker. Varin has repeatedly said that partnerships or acquisitions could be possible provided Peugeot Citroen remains independent and the add-ons provide real benefits and fit with the overall strategy. Peugeot Citroen spokesman Hugues Dufour said the two CEOs decided that “current uncertainty about the economy and markets” meant that the second condition — creating shareholder value — could not be met. Peugeot Citroen has already worked with Mitsubishi on product development with cooperation on 4x4 vehicles, clean technologies with electric vehicles and a joint venture in Russia. Mitsubishi had formed a capital tie-up with DaimlerChrysler AG, which held a 37.3% stake in the Japanese automaker. But DaimlerChrysler sold the entire stake in Mitsubishi in 2005, ending the tie-up. In early trading in Paris, PSA Peugeot Citroen shares were little changed on the news, rising 0.2% to €20.23. In Tokyo shares of Mitsubishi Motors Corp. closed at ¥132, up 0.8%. Source: World Business - Livemint.com | 3 Mar 2010 | 4:43 am Nomura US hiring binge key to global ambitionTokyo: Nomura Holdings Inc’s Takumi Shibata is ready to poach top US bankers to fulfil his ambitious plan to turn Japan’s top investment house into a global player. Shibata, Nomura’s chief operating officer and architect of its international expansion, picked up the Asian and European businesses of failed Wall Street firm Lehman Brothers in late 2008. Barclays grabbed Lehman’s US arm at the time, so Shibata’s No. 1 priority now is to plot a further US expansion. Big institutional investors don’t want to put all their eggs in one basket — the financial crisis showed it pays off to spread your risk. That means there’s an opportunity for “new” entrants like Nomura, Shibata said in an interview at Nomura’s headquarters. “Institutions need to diversify,” said Shibata, adding that around a quarter of the entire US trading pie is up for grabs. “The next several months are the weeding out,” Shibata predicted. “Tightening spreads and a tightening regulatory environment will cause head winds for the industry.” That’s because the easy money in bond trading has been made. And regulators are making noise about limiting proprietary trading, or trading for one’s own account, jolting firms that dominate that business. “It’s only during difficult times that market share will move,” Shibata said. The US market makes up half of the world’s banking fees, so you’ve got to be there, he added. Heading his to-do list is beefing up Nomura’s US stock and bond trading businesses by adding more research and venturing into new areas like convertibles. In all, Shibata sees US staffing jumping by a quarter to 2,000 in the financial year to March 2011. The US expansion is meant to drive Nomura’s ambitious target to derive three quarters of revenues from overseas in five years, up from 50% now. Shibata wants to bring international revenue up to 60% in the next year. Once Nomura has established a credible trading business, deals will follow, Shibata said, adding that it will take time. “Companies are shy to switch allegiance,” Shibata said. Shibata has dispatched Glenn Schiffman, a former Lehman media banker in Asia, to build the US M&A business. Schiffman’s brief is to poach several rainmakers first, Shibata said, declining to pinpoint sectors because then other firms “will put up defenses.” It’s virgin territory: Nomura now has fewer than two dozen people in investment banking in the Americas. “He’s starting from scratch,” one Hong Kong banker told Reuters last week. Shibata, who used to head Nomura’s asset management operations, has been consulting “his teachers” — big-time US fund managers who can kick business Nomura’s way — in plotting his US expansion. It goes down to individual “names” he contemplates hiring. A big US expansion? Big names? Nomura has been there before. A 1990s foray built on proprietary trading and mortgage securities ended in tears when world markets swooned in 1998 after Russia’s debt default. Nomura took more than $1 billion in charges and closed down a US operation that was known for its big bets — and big bonuses. This time is different, Shibata said, adding that Nomura now has a singular focus on customer trading and is building a truly global organisation with plenty of controls. Source: World Business - Livemint.com | 3 Mar 2010 | 4:38 am Early April deadline set for RBS asset sales: sourcesLondon: Part-nationalised Royal Bank of Scotland has set an early April deadline for potential buyers of its payment processing arm and more than 300 bank branches, people familiar with the matter said. RBS, 84% state-owned after it was bailed out by the UK taxpayer at the height of the credit crisis, was ordered last year by EU antitrust regulators to sell these and a string of other assets to compensate for billions received in state aid. Details on both the bank branches and Global Merchant Services were received by suitors early this week, the sources said, following “teaser” documents sent earlier in the year. Over 40 bidders have shown an interest in the payment processing unit, best known as WorldPay, and were considering offers, industry sources said. The release of the information memorandum provides the first detailed financial disclosure on the asset. The deadline for indicative offers had been set at April 7, sources said, just days after the long Easter weekend. That deal, estimated to be worth between £1.5 billion and £3 billion ($2.2 billion-$4.5 billion), has seen private equity firms including BC Partners, Apax Partners and Advent International as potential suitors, according to industry sources. RBS last week said there was “quite a queue” of interested suitors looking at WorldPay, but “a queue not quite as long” for the bank branches — the RBS-branded network in England and Wales and NatWest in Scotland. Two sources told Reuters the deadline for indicative bids for the branches — a far more complex sale — had been set for just before the Easter break in the first days of April. One of the sources said RBS would decide after that deadline, and based on indicative valuations, whether to proceed with the bank sale or “pause” it until the market and broader UK economy improves next year. The branches on the block are focused on business banking — a fact regulators and the UK government have said should boost competition — and RBS has said it expects them to return to profit after suffering disproportionately from rising bad debts. “Half a dozen” bidders are expected to put in tentative offers for the branches, one of the sources said. “This is a complicated asset, which requires a strong management team to take it on,” one of the sources said, explaining the smaller number of potential suitors. “It isn’t really a business as such, it is a collection of assets.” National Australia Bank has shown an interest, a source said, while Spain’s Santander and Virgin Money are also expected to consider indicative offers. Resolution, which plans to acquire financial services firms ahead of a stock market debut in 2012, is following the situation but is not expected to send in an indicative offer at this stage. RBS declined to comment on details of either sale. “All disposals will progress at a pace which secures the interests of both our customers and shareholders,” a spokesman said. “We will of course update the market as and when appropriate, however, it would not be appropriate to comment during the sales process.” The bank, pressing ahead with EU-mandated sales, has already sold part of its stake in commodities venture RBS Sempra and is in talks to sell the remainder. It also plans to sell or IPO its insurance arm by 2012, again to satisfy demands on state aid. Source: World Business - Livemint.com | 3 Mar 2010 | 3:37 am Lenovo takes aim at mobile Internet, China marketBeijing: China’s Lenovo, the world’s No.4 personal computer maker, said it will develop more products this year for the mobile Internet, attempting to gain ground after a late start into the hot smartphone market. Lenovo entered the mobile phone sector last year when it repurchased a mobile unit it sold less than two years earlier. It had originally sold the business to focus on its core PC operations, but jumped back into the mobile market recognising the growing convergence between smartphones and PCs. Lenovo entered the smartphone market with a thin, touchscreen device based on Google Inc’s Android operating system, which it debuted at the Consumer Electronics Shows in January. In doing so, it joined a growing cast of traditional handset makers such as Dell and Acer using the Google platform as they seek new opportunities in smartphones. “We launched a number of mobile Internet products at CES and we’d like to be more productive in the segment,” Lenovo CEO Yang Yuanqing told reporters on the sidelines of the opening session of the annual Chinese People’s Political Consultative Conference on Wednesday. Yang also said Lenovo aims to gain market share in its home China market, where it now controls about a third of the market, as it returns to its roots as an emerging market specialist following its less than successful purchase of IBM’s PC assets. “The Chinese market is growing very fast,” he said. “I’m confident we can grow our market share.” Lenovo previously said its China sales jumped 41% in October-December as it and its peers benefited from China’s 4 trillion yuan ($585 billion) stimulus spending package, partly aimed at encouraging the public sector and rural consumers to buy more electronic products. A rising profit margin in the final 2009 quarter helped Lenovo post net profit of $79.5 million, reversing a net loss of $96.7 million a year ago, marking a fledgling turnaround for the biggest player in China’s PC market. Source: World Business - Livemint.com | 3 Mar 2010 | 3:07 am
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