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NIIT Tech ties up with SATS for cargo handling systemsIn the last seven days, NIIT Technologies has announced two major tieupsone for the cargo handling systems with the Singapore Airport Terminal Services (SATS) as well cargo handling services at Jakarta, Bali and Surabaya airports in Indonesia.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 8:38 am Excl: MTNL to get Rs 1400 cr tax refundCNBCTV18 learnt that Staterun telecom Mahanagar Telephone Nigam Ltd (MTNL) is expected to get a tax refund of Rs 1,400 crore as the Tribunal upholds the company\'s stance on tax dispute. The telecom major would get back Rs 756 crore along with Rs 624crore interest for four assessment years.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 8:20 am Videocon, STel join 3G race; Uninor keeps at bayCNBCTV18 now learns that Videocon too may bid for the 3G licence. Uninor has opted to stay out of the race. The company has said that there would be many more opportunities later for 3G services. We are yet to get 2G Spectrum in all circles.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 7:48 am Mah Satyam demands Rs 300 cr tax refund: SourcesSources tell CNBCTV18 that Mahindra Satyam has now demanded a tax refund of Rs 300 crore which they claim was paid on the inflated balance sheet.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 7:05 am Have raised Rs 245cr via QIP: ManappuramIn an interview with CNBCTV18, VP Nandakumar, Chairman and Managing Director of Manappuram General Finance Leasing, spoke about his outlook for the company.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 6:34 am Rain Comm has no plans to exit cement bizRain Commodities Ltd plans to hive off its cement business into a wholly owned subsidiary. An official from the company has said that they had no plans to exit the cement business, reports CNBCTV18 quoting NewsWire18. However, he did not rule out the possibility of dilute upto 49% in the cement arm sometime later.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 6:08 am Govt likely to stub out FDI in tobacco: SourcesThe government may ban foreign direct investment(FDI) in tobacco, reports CNBCTV18 quoting sources. A policy decision to this effect is likely to be taken shortly.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 6:07 am Google to leave China on April 10: Report!Google will close its business in China next month, Chinese media reported on Friday.Source: Zee News : Business | 19 Mar 2010 | 6:02 am To book revenue for Ahmedabad proj from H2 FY11: Adi GodrejThe township project, Godrej said, with an area of 40 million square feet and an average rate of Rs 2500 per square feet will mostly be residential.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 5:59 am Citigroup may withdraw from Bharti loan talksCNBCTV18 reported today, quoting DowJones Newswire that Citigroup may withdraw from Bharti loan talks.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 5:36 am POSCO, SAIL to tie up for Jharkhand steel plantSouth Korea\'s POSCO has agreed to tie up with staterun Steel Authority of India Ltd to build a USD 3.3 billion steel plant in eastern India, the Business Standard reported on Friday.Source: Moneycontrol Top Headlines | 19 Mar 2010 | 5:28 am Cabinet approves 8 percent rise in dearness allowance - Sify
Source: Business - Google News | 19 Mar 2010 | 3:32 am Will S&P's outlook upgrade lead to higher forex borrowing? - Moneycontrol.com
Source: Business - Google News | 19 Mar 2010 | 3:30 am What's next for Google's operations in China?SHANGHAI (Reuters) - Two months after Google Inc shook the world with its threat to leave China on censorship and hacking concerns, there are increasing signs that an exit is imminent as the two sides refuse to back down.Source: Reuters: Money News | 19 Mar 2010 | 3:30 am GLOBAL MARKETS - Banks lift stocks; Greece woes dent euroLONDON (Reuters) - European shares rose modestly on Friday, lifted by gains in banking stocks, but concerns over Greece's large debt burden remained, keeping the euro on the back foot against the dollar.Source: Reuters: Money News | 19 Mar 2010 | 3:25 am Corp Bank needs 60 bln rupees of capital in 3 yearsMUMBAI (Reuters) - State-run Corporation Bank requires 60 billion rupees of capital in the next three years to meet credit growth, chairman and managing director J.M. Garg said on Friday.Source: Reuters: Money News | 19 Mar 2010 | 3:22 am India seeks U.S. investment to form manufacturing hubWASHINGTON (Reuters) - Commerce and Industry Minister Anand Sharma urged U.S. companies on Thursday to jump on board India's rapid growth and help it expand its manufacturing base.Source: Reuters: Money News | 19 Mar 2010 | 3:17 am INTERVIEW - Strides to use licensing income, loan for buyoutsMUMBAI (Reuters) - Strides Arcolab Ltd plans to utilise an estimated $100 million from licensing income to partly fund its two buyouts from South Africa's Aspen Pharmacare next fiscal, its top official said on Friday.Source: Reuters: Money News | 19 Mar 2010 | 3:16 am Govt to inject capital into banks by May - officialMUMBAI (Reuters) - The government will pump 90 billion rupees ($2 billion) into state-run banks under the first phase of capital injection, a finance ministry official said on Friday.Source: Reuters: Money News | 19 Mar 2010 | 3:10 am Bharti Airtel up 3% on 3G license hopes - Business Standard
Source: Business - Google News | 19 Mar 2010 | 3:02 am Sensex lacklustre; Bharti, RCom, SBI up - Economic Times
Source: Business - Google News | 19 Mar 2010 | 2:55 am Congress skates on thin parliamentary iceNew Delhi: The government’s ambitions to boost economic growth through pro-market legislation may be sinking into parliamentary quicksand amid a slew of stalled bills, reluctant allies and an emboldened opposition. In just the last week, the ruling Congress party has seen its landmark women’s and nuclear liability bills stalled despite the left-of-centre government enjoying a parliamentary majority after 2009’s resounding re-election. With clumsy party management and a degree of political haughtiness after that victory, Congress managed to lose some parliamentary allies, annoy others and galvanise a divided opposition who believe the ruling coalition majority is softer than it seems. While the women’s Bill was socially rather than economically significant, a message of weakness was sent out. In doubt now is the government’s ability to pass other important laws, from the introduction of foreign universities into India to the opening up of insurance to foreign companies, the latter languishing in a standing committee. The nuclear Bill, which limits nuclear firms’ liability in case of industrial accidents, will delay entry of US firms into India’s $150 billion nuclear market and is a setback for industry, where power blackouts can be a huge drain on resources. “The government’s biggest mistake has been arrogance,” said Mukhtar Naqvi, vice president of the main opposition party, the Bharatiya Janata Party (BJP), which supported the women’s Bill to reserve a third of parliamentary seats to females. “That has meant many parties that were willing to support bills in Parliament have now lost confidence in the government. “That will make passing reforms through parliament more difficult in the future.” Recovering quicker than expected from the global crunch, India’s economy is forecast to grow at more than 7% this year and nearly 9% in 2011. But investors question its sustainability unless policies are introduced to push investment into India’s dilapidated roads, ports and airports and allow India’s large savings to be channelled into productive returns. Bills that liberalize insurance and banking look increasingly off the table as does legislation to open up retail, which could resolve supply bottlenecks contributing to high inflation Finance minister Pranab Mukherjee’s Budget last month relies on growth over spending cuts to reduce the fiscal deficit from a 16 year high of 6.9% and help cut record borrowing. Not all reform will need legislation, and the government has already passed cuts in fertilizer subsidies and raised fuel prices to reduce the fiscal deficit. Sales of stakes in state firms are also underway. But a weakness in Parliament sends a signal across India’s political spectrum. Plans to streamline tax revenues depend on each of India’s 28 states agreeing, and political bickering among its allies will do nothing to help that. Don’t Worry, Be Happy Markets have priced in the slow pace of reform as something in India’s DNA and are resigned that this democracy of 1 billion people and more than 20 official languages will never be able to compete with rival China when it comes to bulldozing policy. And some in the government say don’t worry about speed. “9% growth even without those reforms we will manage,” said Kaushik Basu, chief economic adviser to the finance ministry. But the coalition’s weakening came quicker than expected. This was meant to be an easy year for Congress, riding high after re-election and with few state elections to worry about. The women’s Bill put a stop to that. The withdrawal of the Samajwadi Party and the Rashtriya Janata Dal from supporting the coalition in protest cost Congress 26 seats in the Lok Sabha. Congress has 208 seats -- 64 short of a majority -- and it relies on a host of other parties to stay in government. Two regional parties within the coalition, Trinamool Congress from West Bengal and the DMK from Tamil Nadu, have opposed the government over fuel price hikes in the Budget, although they are staying in the coalition. The majority coalition may be in fact be the equivalent of the fairy tale’s emperor with new clothes. “The Congress party has to stop deluding itself that it has a two-thirds majority in Parliament,” wrote political analyst Manoj Joshi in the Mail Today. “It does not even have a majority.” Congress has realised it made mistakes “We should have held more consultations with the opposition parties, particularly the BJP,” one senior Congress party leader and government minister told Reuters on condition of anonymity. The opposition appears invigorated, especially the BJP. It is renewing its leadership and is challenging the government over its Archiles heel -- food inflation. Food inflation and the need to recover from the global crunch have already distracted Congress from introducing new policies. Now political mistakes have cost it wasted weeks in Parliament. Source: LatestNews-Home - Livemint.com | 19 Mar 2010 | 2:38 am India asks US to support Doha talks for global trade pact - Hindustan Times
Source: Business - Google News | 19 Mar 2010 | 2:37 am Cabinet raises cost of living allowance for govt staffNEW DELHI (Reuters) - The government on Friday raised the cost of living allowance for government employees and pensioners by 8 percent, a cabinet minister told reporters.Source: Reuters: Money News | 19 Mar 2010 | 2:34 am Samsung, LG see growth, but know rivals are catchingSEOUL (Reuters) - Technology powerhouses Samsung Electronics and LG Electronics reinforced market optimism that strong demand recovery is in place, while cautioning that competition from global rivals is heating up.Source: Reuters: Money News | 19 Mar 2010 | 2:29 am Rupee steady amid mixed cues; dollar gains hurtMumbai: The Indian rupee remained steady in afternoon trade on Friday as choppy shares provided little cues on direction of fund flows while gains in the dollar versus major currencies weighed on sentiment. At 1:58pm, the partially convertible rupee was at Rs45.45/46 per dollar, virtually unchanged from its close of Rs45.445/455 on Thursday. On Wednesday, the rupee had risen to Rs45.3325, its strongest since 11 January. The central bank is open to taking policy action before its April review, deputy governor K.C. Chakrabarty said on Thursday, contrary to earlier comments that it would refrain from taking inter-policy steps. The euro stabilised but remained under pressure on Friday after Greece said it could not achieve promised deficit cuts if its borrowing costs remain so high. The main stock index were trading marginally higher helped by firm Asian markets. One-month offshore non-deliverable forward contracts were quoting at 45.54, weaker than 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 45.4900, with the total traded volume on the two exchanges at about $2.4 billion. Source: Home - Livemint.com | 19 Mar 2010 | 2:17 am Asian bond market fundamentals “compelling”: State StreetHong Kong: There is a large structural shift in capital flows to Asian bond markets from Europe and the United States as investors warm up to the region’s strong growth prospects, State Street Global Advisors said. Fiscal problems in the eurozone economy and smaller public debt to GDP ratios in Asia compared to Western counterparts made them more attractive, Bill Street, managing director and head of international alpha strategies told reporters on Friday. “In Asia, I think government bonds offer good value on the caveat that some look a bit rich,’ Street said during a visit to Hong Kong. SSgA is the investment management arm of State Street Corp, the world’s second-biggest money manager with $1.9 trillion in assets under management. “The reason is that they are underpinned by strong fundamentals while there is a lot of concern and lot of risk premium in the Europoean bond markets,” he said. In 2010, the Boston-based firm estimates government debt as a percentage of GDP at 4.4% for the region compared to 12.2 for the UK, 11.4% for the United States and 6.6% for the eurozone. On Greece, he said the debt crisis would likely be resolved in a few weeks, which would lead to a sharp tightening in spreads and called its threat to go the IMF “brinkmanship.” Athens raised the stakes in its quest for EU help on Thursday to tackle its debt crisis, saying it could not achieve promised deficit cuts if its borrowing costs remained high and may have to call in the IMF. Source: LatestNews-Home - Livemint.com | 19 Mar 2010 | 2:11 am World Bank to give soft loan of $1.05bn for educationThe World Bank has decided to extend an additional soft loan of USD 1.05 billion (Rs 4,772 crore) to the government to improve the quality of education under two major schemes on elementary and technical education.Source: India Business News | Business News - Times of India | 19 Mar 2010 | 2:07 am Uninor not to bid for 3G spectrumNew Delhi: Telenor’s India unit will not participate in the country’s 3G wireless spectrum auction scheduled for April, the company said on Friday. “We can not participate in these auctions when we haven’t even received the 2G spectrum that we have already paid for,” the company, which operates under the Uninor brand, said in a statement. The company, which currently operates 2G mobile services in eight of India’s 22 zones and is expanding, said its current focus is on strengthening voice services, which have been the mainstay for telecom firms in India. “We also believe that there will be other opportunities and routes to get into 3G at a stage when the market is really ready for it and the demand makes for a sound business case,” it said in the statement. Source: LatestNews-Home - Livemint.com | 19 Mar 2010 | 1:49 am Govt hikes dearness allowance by 8%New Delhi: The government on Friday raised the cost of living allowance for its employees and pensioners by 8%, a Cabinet minister told reporters. The hike will cost the government an additional Rs6,970 crore ($1.5 billion) each year, Ambika Soni said at a briefing after the Cabinet took the decision. The dearness allowance (DA) is linked to the percentage rise in the 12-month average of the consumer price index (CPI) and is revised twice a year. Source: Home - Livemint.com | 19 Mar 2010 | 1:33 am Welspun to buy Rs 2 cr pref shares in MSK Projects - Sify
Source: Business - Google News | 19 Mar 2010 | 1:31 am Asian shares up after US economic reportsHong Kong: Most Asian stock markets turned higher on Friday as modestly positive reports about the US economy underpinned optimism about the global recovery. Markets fluctuated earlier in the day before trading largely in green. Oil prices slipped below $82 a barrel, and the dollar gained against the yen and weakened against the euro. Helping confidence were US data released overnight showing inflation remains in check and manufacturing is growing, adding to the broader impression of recovery in the world’s largest economy, a major export for Asian countries. Still, the advance was constrained by worries about Greece’s debt crisis. This week has brought new signs European indecision and discord were hampering a quicker resolution to the country’s fiscal crisis. Amid the uncertainty, Greece said it could be forced to turn to the International Monetary Fund (IMF) for aid if European leaders can’t agree on a bailout plan next week. In Japan, the Nikkei 225 stock average reversed early losses to climb 80.69 points, or 0.8%, to 10,824.72. South Korea’s Kospi was up 0.7% at 1,681.15 and Hong Kong’s market rose 0.1% to 21,352.24. Elsewhere, Shanghai’s market added 0.4%, Australia’s index ticked 0.2% higher and Taiwan’s market rose 0.2%. In currencies, the dollar gained to 90.43 yen from 90.35 yen. The euro was higher at $1.3614 from $1.3603. Oi prices were lower in Asia, the benchmark contract shedding 33 cents to $81.87 a barrel. The contract lost 73 cents overnight. US market futures were up slightly, pointing to a stronger opening on Friday. Overnight on Wall Street, US markets pushed to another higher finish. The Dow rose 45.50, or 0.4%, to 10,779.17. That marks the highest close since 1 October 2008. The Dow last rose for eight straight days in the period ended 27 August 2009. The broader Standard & Poor’s 500 index slipped 0.38, or less than 0.1%, to 1,165.83. Source: Home - Livemint.com | 19 Mar 2010 | 1:15 am Reliance Comm: applies for broadband spectrum auctionNEW DELHI (Reuters) - Reliance Communications, India's No. 2 mobile operator, said it had applied to participate in an April auction for broadband wireless access (BWA) in all of the country's telecoms zones.Source: Reuters: Money News | 19 Mar 2010 | 1:02 am India asks US to relax visa norms for professionalsWashington: India has strongly taken up the difficulties faced by its companies and American MNCs in getting a US visa for Indian professionals with the Obama administration and asked to make sure that the issue does not hinder the fast growing trade and commerce ties between the two countries. Concluding his three-day trip to Washington, commerce and industry minister, Anand Sharma, said that he effectively raised the visa issue with top Obama administration officials, in particular those being given to Indian professionals; who are in a very high demand in the US. “I have the issue of visas, particularly for the professionals. Given the fact that a large number of Indian entities are engaged here generating employment and creating wealth,” Sharma said. Noting that there has been significant agreements between Indian and the US cooperate entities, he said recently Bharati group has given $2.5 billion contract to the IBM. “We have Indian professionals visit the countries, or go to work in other countries in the USA or for that matter other parts of Europe. Arguing that the impression that Indian professionals eat into the jobs of the Americans was “not correct,” he said “in India, we have large number of multinationals which have their R&D hubs in India. More than 130 of the Fortune 500 countries have already established their bases in India. So it is mutually rewarded.” He said that chairmen and CEOs of who’s who of the US industry have expressed need for greater understanding and creating sensitivity about the contributions made by the Indian companies and also the fact that India was not a net exporter of services. “We are net importer of services too. So, the impression that the jobs are lost was not correct. I do expect that the business leaders in the US would make special effort to inform and sensitize those Congressmen and women who may not have been adequately informed or may have certain misgivings, which I share,” Sharma said. The minister, at the same time, did concede the delay in issuing of Indian business visas to US business has been discussed in the past. “It was not only vis-a-vis US, but other countries as well. We had a comprehensive visa review and at no stage our policy was intended to restrict business visas or create difficulties for those who generally come and work,” Sharma said dismissing concerns being expressed by the US business on delay in issue of Indian business visa to US professionals. He said that all Indian missions have a complete clarity on the visa policy. In fact, an advisory has been sent to all Indian missions through foreign ministry last week Indian ambassador to US, Meera Shankar said by and large business visas have been issued fairly promptly. “I think there have been some questions about the new rules that have come out of India for revisiting India in two months primarily on security grounds. Those apply to tourist visas. They do not apply to business visas,” she said. Source: Home - Livemint.com | 19 Mar 2010 | 1:02 am Videocon bids for 3G airwaves; eyes overseas partnersThe firm is in talks with European and US companies for partnering its 3G operations in the country.Source: Daily News & Analysis: Money News | 19 Mar 2010 | 12:33 am L&T unit gets $308 million orderIndia's top engineering and construction firm won an order worth Rs14 billion ($308 million) for a six-lane highway.Source: Daily News & Analysis: Money News | 19 Mar 2010 | 12:31 am Madison and Indiatimes create Magic for Airtel at Indian Digital Media Awards 2010The creatives for Airtel Digital TV launch on Indiatimes and ET won the award for "Best Use of Online Banner Advertising in Rich Media" at the Indian Digital Media Awards 2010 organized by www.exchnage4media.com.Source: India Business News | Business News - Times of India | 19 Mar 2010 | 12:24 am China tries to cool yuan dispute with USBeijing: China on Friday said it was sending an envoy to the United States to try to ease trade frictions as its currency regime comes under fire, but cautioned that pressure from US legislators would complicate talks. The announcement, and comments by China’s commerce ministry, appeared aimed at lowering the temperature in an increasingly heated dispute, with US senators threatening to slap duties on Chinese products if Beijing does not allow the yuan to rise. “Channels of communication between our two sides are open. All issues of concern to either side can be discussed through these channels,” He Ning, head of the commerce ministry’s North American division, told a media briefing. But China gave no indication that it was ready to abandon its commitment to a stable yuan exchange rate and market expectations of an appreciation remained muted. China said vice commerce minister Zhong Shan will visit the United States from 24-26 March for discussions focused on the “Sino-US trade balance and trade frictions”. But demands by the US Congress that Beijing revalue the yuan, which it has held near 6.83 per dollar since the global credit crunch struck in mid-2008, will stand in the way of dialogue, the commerce ministry’s He said. “This will make the whole situation more complex, imposing an external disturbance on our normal channels of communication. That’s a trend that we do not want to see,” He said. Beijing says this currency stability has benefited the global economic recovery. US lawmakers say it is an unfair subsidy for made-in-China goods that has stolen American jobs. A semi-annual US Treasury report due on 15 April could label China a “currency manipulator”, adding to pressure on Beijing and threatening a deepening rift between the world’s biggest and third-biggest economies. Gradual appreciation? Just last week, market expectations were growing that a solid recovery in Chinese exports and a build-up in inflationary pressure might prod the government to permit yuan appreciation. Investors have scaled back their bets on any imminent move this week on the view that Beijing will find it politically unpalatable to appear to cave into US pressure. The yuan was bid just a touch above a three-week low in offshore forwards on Friday, implying expectations of 2.5% appreciation over the next 12 months. The burst of rancour with the United States has grabbed headlines over the past week, but China is the world’s largest exporter and the yuan’s exchange rate is an issue that affects virtually all countries. Visiting Washington, Indian commerce and industry minister Anand Sharma said China’s exchange rate policy created problems for Indian exporters. “We feel that the policy should be such that exporters should not be disadvantaged,” he told Reuters after a speech. But Kaushik Basu, chief economic adviser in India’s finance ministry, said New Delhi was unlikely to join other states in putting pressure on China to revalue the yuan. A Japanese deputy finance minister told reporters China should understand global calls for a more flexible yuan but it would be “wrong” for Washington to resort to sanctions. In a discussion paper for a meeting of officials from the Group of 20 industrialised and emerging nations, Canada said that stalling on economic and financial reforms agreed at a G20 summit in Pittsburgh last year would bring unsustainable debt levels, higher interest rates and another crisis. The Canadian discussion paper did not mention China by name, but said in a scenario where rich countries cut deficits, but emerging markets neither let their currencies float, nor encouraged their own consumers to spend more, “by 2011, deflation would occur in advanced countries, real interest rates would increase sharply, and growth would stall”. Source: LatestNews-Home - Livemint.com | 19 Mar 2010 | 12:24 am L&T wins Rs1,400 cr road project from NHAIMumbai: Construction giant Larsen & Toubro (L&T) has won a road project worth Rs1,400 crore from the National Highway Authority of India (NHAI). L&T Samakhiali Ghandhidham Tollway, a special purpose vehicle incorporated by the construction major has signed the agreement with NHAI to build 6-lane highways, L&T said in a filing to the Bombay Stock Exchange. The estimated cost of the order is about Rs1,400 crore, which is to be executed on build, operate and design basis, the filing added. The project is to be completed within a period of 30 months, it said. “The company is optimistically viewing the expanding road infrastructure space and is keen on adding a few more key road corridors in its kitty in the near future,” the company said. Larsen currently has 13 projects in its road portfolio. Shares of Larsen & Toubro were trading at Rs1,623 on BSE, up 0.36% from previous close. Source: LatestNews-Home - Livemint.com | 19 Mar 2010 | 12:16 am L&T bags Rs 1400 cr project from NHAI - Economic Times
Source: Business - Google News | 19 Mar 2010 | 12:10 am ‘Google to leave China by April’Shanghai: US Internet giant Google will close its business in China next month and may announce its plans in the coming days, Chinese media reported on Friday, after rows over censorship and hacking. The China Business News quoted an official with an unidentified Chinese advertising agency as saying Google would go through with its threatened withdrawal on 10 April, but that Google had yet to confirm the pull-out. The agency is a business partner of Google, the report said. The report did not specify whether Google would close all or part of its operations in the country. The newspaper quoted an unidentified Google staff member as saying the company may announce on Monday the details of its exit from China and compensation for its local staff. Google China spokeswoman Marsha Wang declined to comment on the report, telling AFP only that there had been “no update” on the company’s situation. The report was the latest in a series of clues to emerge recently indicating Google planned to leave China, which has the world’s largest population of online users, at 384 million. Google has cried foul over what it said were cyberattacks aimed at its source code and the Gmail accounts of Chinese human rights activists. The Financial Times reported last week that Google was “99.9 percent” certain to abandon google.cn, citing an unnamed source. Chinese media said on Wednesday that Google sent a notice to clients saying google.cn could close at the end of March. The issue has sparked a simmering war of words between China and the administration of US President Barack Obama, which has called on Beijing to allow an unfettered Internet. The dispute has exacerbated mounting tensions between the two over a range of trade and diplomatic issues. Beijing tightly controls online content in a vast system dubbed the “Great Firewall of China”, removing information it deems harmful such as pornography and violent content, but also politically sensitive material. Google has continued to filter google.cn results to abide by Chinese censorship demands, but says it will eventually stop the screening. Google confirmed earlier this week that it had received a letter purportedly from a group of 27 Chinese advertising agencies calling for the US company to open talks on compensation for possible business losses if it leaves China. However, representatives of several of the firms subsequently told AFP they knew nothing of the letter and Chinese media reports have raised doubts about its authenticity. Source: Home - Livemint.com | 19 Mar 2010 | 12:05 am ‘Google to leave China by April’Shanghai: US Internet giant Google will close its business in China next month and may announce its plans in the coming days, Chinese media reported on Friday, after rows over censorship and hacking. The China Business News quoted an official with an unidentified Chinese advertising agency as saying Google would go through with its threatened withdrawal on 10 April, but that Google had yet to confirm the pull-out. The agency is a business partner of Google, the report said. The report did not specify whether Google would close all or part of its operations in the country. The newspaper quoted an unidentified Google staff member as saying the company may announce on Monday the details of its exit from China and compensation for its local staff. Google China spokeswoman Marsha Wang declined to comment on the report, telling AFP only that there had been “no update” on the company’s situation. The report was the latest in a series of clues to emerge recently indicating Google planned to leave China, which has the world’s largest population of online users, at 384 million. Google has cried foul over what it said were cyberattacks aimed at its source code and the Gmail accounts of Chinese human rights activists. The Financial Times reported last week that Google was “99.9 percent” certain to abandon google.cn, citing an unnamed source. Chinese media said on Wednesday that Google sent a notice to clients saying google.cn could close at the end of March. The issue has sparked a simmering war of words between China and the administration of US President Barack Obama, which has called on Beijing to allow an unfettered Internet. The dispute has exacerbated mounting tensions between the two over a range of trade and diplomatic issues. Beijing tightly controls online content in a vast system dubbed the “Great Firewall of China”, removing information it deems harmful such as pornography and violent content, but also politically sensitive material. Google has continued to filter google.cn results to abide by Chinese censorship demands, but says it will eventually stop the screening. Google confirmed earlier this week that it had received a letter purportedly from a group of 27 Chinese advertising agencies calling for the US company to open talks on compensation for possible business losses if it leaves China. However, representatives of several of the firms subsequently told AFP they knew nothing of the letter and Chinese media reports have raised doubts about its authenticity. Source: Tech News - Livemint.com | 19 Mar 2010 | 12:05 am GM to launch its electric car E-Spark by this year-endAutomobile major, General Motors, today said that it would launch the electric version of its small car 'Spark' in the Indian market this year-end.Source: HindustanTimes.com - Top Business News Headlines | 19 Mar 2010 | 12:03 am GM to launch electric Spark by year-endMumbai: Automobile major General Motors on Friday said it would launch the electric version of its small car ‘Spark’ in the Indian market by the end of this year. “We are set to launch our electric car, E-Spark, by the end of this year in India,” GM Motors’ marketing director Gaurav Gupta said. “It will be an electric version of our small car Spark and will be the first four-door passenger car in the world in this segment,” he said. Considering the extra cost incurred on electric engines, Gupta said the E-Spark’s price may be a little higher than the Spark. “The acquisition price may be slightly higher. But the operating costs will be very low,” he said. The company is entering into the light commercial vehicle (LCV) segment as well this year, he said. The vehicles would be produced by the joint venture formed with Chinese company SAIC. When asked if there was any plan to export engines to China, Gupta said the company would look at all business opportunities allowed by the laws of both the countries. “As a global company, we will not miss any opportunity. If the norms prevailing in both the countries allow, we will look at export of engines,” he said. GM is expecting to sell 1-lakh units in India this year, Gupta said. “We are on the growth path. Last year, we sold around 70,000 units. We hope, this year, we can improve this figure to 1-lakh, with a growth rate of about 50%. We are upbeat on our ‘Beat’ from which we see more than 40% sales emanating,” he said. The company is strongly focusing on localisation with a view to drive down costs, he said. The company is planning to phase out its model, Aveo, gradually. “Our aim is to capture a double-digit marketshare in India in a few years,” Gupta said. Source: Home - Livemint.com | 19 Mar 2010 | 12:03 am Dalmia Cement demerger to boost transparency, growth - Moneycontrol.com
Source: Business - Google News | 19 Mar 2010 | 12:00 am Bharti doubles broadband speeds at no extra costIn a move that could raise the bar for broadband services in the country, Bharti Airtel is launching a 4 Mbps wire line connection for just Rs 899 a month startingSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am Fedders Lloyd Corp. (Rs 80.15): BuyInvestors with a short-term trading perspective can buy the stock of Fedders Lloyd Corporation. The stock is moving in a very narrow band between Rs 75 and Rs 85 since March 3. Since this sideways move follows the small upward burst after theSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am Food inflation rate eases on cheaper food itemsThe annual Wholesale Price Index-based food price inflation eased for the second straight week in early March even as fuel inflationSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am Carlos Ghosn says small car will be priced lower than NanoThe ultra low-cost car that the joint venture of the French car major Renault and Bajaj is working on may be priced below the `Tata Nano', Mr Carlos Ghosn, Chief Executive Officer of Renault and Nissan, said onSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am Day Trading GuideThe stock is witnessing buying interest at lower levels. We recommend a buy with stop at RsSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am British Airways woes deepen as strike grows globalBritish Airways is putting on a brave face, claiming that the number of cabin crew who will work through this weekend's strike has “increased significantly” and that 65 per cent of its flights will operate as normal, but with workersSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am 8 telecom companies bid for 3G, broadband wireless spectrumThe Government has, so far, received applications from eight telecom companies to bid for third generation (3G) and broadband wireless access (BWA) spectrum to be auctioned starting AprilSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am S&P pegs growth in next fiscal at 8%Global rating agency Standard and Poor's on Thursday raised India's rating outlook from negative to stable as it expects the country's fiscal situation to improve following the measures announced in the UnionSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am Bets big on electric carsWe have the technology, we are selling it in the US. We have the Altima hybrid and the Fuga hybrid. Nissan has the technology to use it in the US market which means it is available for Renault but we're not using it too much because we do notSource: Business Line - Home Page | 19 Mar 2010 | 12:00 am M.S. Banga to leave Unilever after 33 yearsMr M.S.(Vindi) Banga, President, Global Foods, Home and Personal Care and member of the Unilever Executive based in London, has decided to leave Unilever at the end of May after serving the FMCG major for 33Source: Business Line - Home Page | 19 Mar 2010 | 12:00 am Congress party skates on thin parliamentary iceNEW DELHI (Reuters) - The government's ambitions to boost economic growth through pro-market legislation may be sinking into parliamentary quicksand amid a slew of stalled bills, reluctant allies and an emboldened opposition.Source: Reuters: Money News | 18 Mar 2010 | 11:59 pm Posco, Sail to tie up for Jharkhand steel plant: ReportThe plant with an initial production capacity of three million to four million tonnes a year is expected to be located in the mineral-rich state of Jharkhand, a newspaper said.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 11:53 pm Apollo to open 11 new hospitals next fiscal: ReportThe addition of new hospitals is part of the company's on going expansion plan worth Rs18 billion, a paper reported citing its chairman Pratap C Reddy.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 11:52 pm Apple director Jerry York dies at 71York, who sat on Apple's board, once worked as chief financial officer at International Business Machines Corp and Chrysler, and served on the board of General Motors.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 11:36 pm General Motors to launch its electric car E-Spark by this year-endGM is entering into the Light Commercial Vehicle (LCV) segment as well this year. The company is planning to phase out its model, Aveo, gradually.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 11:23 pm David Headley pleads guilty in Mumbai attack, Danish plotChicago: A Chicago man pleaded guilty on Thursday to scouting targets for the deadly 2008 assault on Mumbai and plotting an attack on a Danish newspaper in which his accomplices instructed him to behead any captives. David Headley, 49, has been cooperating with US investigators since his arrest in October and faces up to life in prison, but will escape the death penalty, prosecutors said. He pleaded guilty to 12 counts, including conspiring to bomb and murder US, Indian and Danish citizens, and supporting the Islamist militant group Lashkar-e-Taiba, US District Judge Harry Leinenweber said. No sentencing date was set. Headley, outfitted in an orange prison jumpsuit and leg shackles with his head closely shaved, gave mostly one-word answers to the judge’s questions, indicating he understood his plea. In the agreement with prosecutors, Headley promised to cooperate and provide testimony against others in exchange for a pledge he would not to be extradited to India, Pakistan or Denmark. “Not only has the criminal justice system achieved a guilty plea in this case, but David Headley is now providing us valuable intelligence about terrorist activities,” US attorney general Eric Holder said in a statement. Three other men have been charged in the case, including Pakistani-born Chicago businessman Tahawwur Rana, 49, who has pleaded not guilty to similar charges and is being held without bond. Rana’s lawyer has said he was “duped” by Headley. Lashkar, a group fighting Indian rule in Kashmir, has denied any link to Headley or Rana. Two Pakistanis, Ilyas Kashmiri and Abdur Rehman, are also charged in the US case, but are not in custody. Suicide mission Kashmiri was described in court documents as a leader of an Islamist group with close ties to al Qaeda. Rehman, a former Pakistani army officer nicknamed “Pasha,” was Headley’s contact with Lashkar-e-Taiba, prosecutors said. Headley was told by Kashmiri in a May 2009 meeting in Waziristan, Pakistan, that the planned attack in Denmark would be a suicide mission, so the attackers should make “martyrdom videos beforehand,” according to the plea agreement. Headley also was told that “the attackers should behead captives and throw their heads out of the newspaper building in order to heighten the response from Danish authorities,” it said. Aimed as revenge for the newspaper’s 2005 publication of cartoons depicting the Prophet Mohammed that offended many Muslims, the attack never came off. Headley was arrested at Chicago O’Hare International Airport on 3 October before leaving for Pakistan. He was found with about 13 surveillance videos from Denmark that he planned to deliver to his handlers. The Denmark attack was put on hold by Lashkar because the group was facing pressure after the Mumbai attacks, the plea agreement said. The Mumbai attacks that killed 166 people, including six Americans, strained relations between India and old rival Pakistan and led India to suspend a 4-year-old peace process. But Kashmiri had already told Headley he could provide support for the Denmark plot and Lashkar’s backing was not needed. Headley tried to seek out Kashmiri’s European contacts, the plea agreement said. Headley, who spent his childhood in Pakistan and whose father was Pakistani, changed his name in 2005 from Daood Gilani to ease his travels, “portraying himself in India as an American who was neither Muslim nor Pakistani.” Prosecutors have said he scouted several targets throughout India, including figures in Bollywood, India’s movie industry. Beginning in 2002, Headley travelled three times to Lashkar camps to receive weapons training and learn survival skills and combat tactics, according to the plea agreement. Headley’s case number is 09-CR-830. Source: Home - Livemint.com | 18 Mar 2010 | 11:20 pm Reliance, Tata, Adani have bought 4,830 hectare of Gujarat govt land in 3 yearsThe Gujarat government has earned over Rs377.99 crore revenue by way of land allotment to these industrial giants.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 11:08 pm India seeks US investment to form manufacturing hubWashington: A top Indian official urged US companies on Thursday to jump on board India’s rapid growth and help it expand its manufacturing base. “I would like American businesses and Indian industry to come together to make India a manufacturing hub and one of the workshops of the world,” commerce and industry minister Anand Sharma said in a speech to a business group. Toward that end, India is issuing a new foreign investment policy document on 31 March and a new manufacturing policy document “before the fall,” he said. Sharma’s speech came one day after he and US trade representative Ron Kirk signed a framework agreement aimed at boosting bilateral trade and investment flows. The pitch also comes when high US employment and competitive pressures from China already have many US lawmakers worried about America’s manufacturing base. The outsourcing of call-center and other service sector jobs to India has also raised concerns. US President Barack Obama, who hosted Prime Minister Manmohan Singh at the White House in November 2009, is expected to visit India in summer or early fall, Indian ambassador to the United States Meera Shankar told the business group. US exports to India have grown rapidly in recent years and remained relatively strong last year, even as the global economic crisis took a toll on world trade. The United States exported about $16.5 billion worth of goods to India in 2009, down about 7% from 2008, compared with a 15% drop in total exports. US imports from India plunged 17.5% last year to about $21.2 billion, but that was less than the 23.3% overall drop in imports last year. Still, the $37.7 billion in trade between the United States and India last year was roughly 1/10th of the trade between the United States and China. Also, US business investment in India totaled only about $13.6 billion through 2007, compared with $28.3 billion in China and $101.6 billion in Japan. India is creating national investment and manufacturing zones to attract more foreign interest, he said. The first will be in Rajasthan, alongside the Delhi-Mumbai industrial corridor, he said. “We want these manufacturing zones to be incubators of new innovations and new technologies,” Sharma said. Source: LatestNews-Home - Livemint.com | 18 Mar 2010 | 11:07 pm Shares rise 0.2%, set for 6th weekly gainMumbai: Indian shares were trading 0.2% higher on Friday, supported by a firm Asia, and were set to post their sixth straight weekly gain. The sentiment was also boosted after rating agency Standard and Poor’s lifted its outlook on India to stable on Thursday, citing an improving fiscal position and strong economic growth. By 10:24am, the 30-share BSE Index was trading up 0.17%, or 30.22 points, at 17,549.74, with 21 of its components gaining. “It all looks good from a long-term perspective, until there is some negative event which spoils the party,” said Rakesh Rawal, head of private wealth management at Anand Rathi from Bangalore. A Reuters poll expects Sensex to rise to 18,000 points by end-June and end 2010 at 19,250, driven by earnings optimism and supported by robust economic growth. However, small bouts of profit booking were not ruled out, dealers said. Foreign funds have been consistently buying this month, which has fuelled gains of nearly 7% so far in the month. Top mobile operator Bharti Airtel rose nearly 2%, after data released by an industry body showed on Thursday that it has added 2.9 million mobile users in February, taking its total subscribers to 124.6 million. Banks were mixed. Top lender State Bank of India and private lender HDFC Bank rose 1.3% and 0.5% respectively, while top private lender ICICI Bank dropped 0.4%. Standard & Poor’s on Thursday also raised its outlook on 12 Indian banks, including the three above, to stable from negative. There were concerns over monetary tightening after a central bank deputy governor said late on Thursday that the Reserve Bank of India was open to taking policy action ahead of its 20 April policy review. The RBI is under increasing pressure to raise interest rates for the first time since the global downturn, with headline inflation nearing 10%. India’s second-largest software services exporter Infosys Technologies shed 0.1%, after it hit all-time highs in the previous session. Mortgage lender Housing Development Finance Corp dropped 1.1% after gaining more than 2% over three previous sessions. In the broader market, gainers led losers in a ratio of 1.6:1 in a volume of 100 million shares. The 50-share NSE index was up 0.1% at 5,252,45. Source: Home - Livemint.com | 18 Mar 2010 | 11:04 pm Soon, new watermark on cheques to check fraudThree images for the watermark have been short-listed, one of which will finally be selected for printing on cheques of all banks in the country.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 11:02 pm Ahmedabad owes Rs4,800 crore to income tax departmentIn the case of Ahmedabad, the I-T department had to declare the outstanding dues as 'arrears on demand' after many taxpayers went to court against the tax assessment made by the department.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 10:59 pm Sensex up 44 points in early tradeThe sensex, which had gained nearly 380 points in the last three sessions, added 44.54 points at 17,563.80 points in the first five minutes of trading.Source: Daily News & Analysis: Money News | 18 Mar 2010 | 10:54 pm Videocon bids for 3G airwaves; eyes overseas partnersMumbai: Videocon Industries Ltd has placed a bid for third-generation (3G) mobile spectrum in India, coming up in April for auction, a top official said on Friday. “We have already placed a bid for 3G spectrum, except Mumbai and Delhi...,” chairman Venugopal N Dhoot told Reuters over the phone. The company, which already has second-generation (2G) radio wave licences, is also looking at roping in foreign partners for its 3G fray, he said. The firm is in talks with European and US companies for partnering its 3G operations in the country. Dhoot, however, declined to name the companies. It intends to roll out the services through Videocon Industries. Telecoms firms including Bharti Airtel, Vodafone and Etisalat DB India Telecom, a unit of UAE-based Emirates Telecommunication Corporation will vye for third-generation (3G), as they clamour for capacity for new services. At 10.39am, shares of Videocon Industries were up 0.37% at Rs228.6 a share in a firm Mumbai market. Source: Home - Livemint.com | 18 Mar 2010 | 10:54 pm Rupee down by 2 paise against dollar in early tradeThe Indian rupee depreciated by two paise to 45.46 in early trade today as dollar strengthened overseas.Source: India Business News | Business News - Times of India | 18 Mar 2010 | 10:32 pm Posco eyes Rs 25000 cr project in J'khand - Indian Express
Source: Business - Google News | 18 Mar 2010 | 10:29 pm Sensex up 44 points in early tradeThe Bombay Stock Exchange on Friday opened over 44 points higher, extending gains for the fourth straight day on sustained buying after the upgrading of the country's sovereignty rating. Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 10:21 pm Sensex up 44 points in early tradeThe Sensex, which had gained nearly 380 points in the last three sessions, added 44.54 points at 17,563.80 points in the first five minutes of trading.Source: India Business News | Business News - Times of India | 18 Mar 2010 | 10:21 pm Oil slumps on strong dollarSingapore: Oil fell further in Asian trade on Friday as a strong US dollar dampened investor appetite for crude futures, analysts said. New York’s main contract, light sweet crude for April delivery, fell 29 cents to $81.91 a barrel. Brent North Sea crude for May delivery eased 26 cents to $81.22. The crippling debt crisis facing Greece remained a drag on the euro as investors turned to the US dollar which is regarded as a safe haven asset during a crisis. “The lingering and unresolved situation with the Greek fiscal troubles has strengthened the US dollar versus the euro,” said Victor Shum, a Singapore-based analyst with energy consultancy Purvin and Gertz. “That has caused some selling of oil futures,” he said. A stronger greenback makes dollar-denominated crude more expensive for buyers using weaker currencies. The dollar soared in New York after Greek Prime Minister George Papandreou said on Thursday his country would go to the International Monetary Fund for cash if fellow European Union members failed to step in. His remarks sent the euro plummeting to a day low of $1.36, before a modest recovery. In Asian trading on Friday, the euro changed hands at $1.361 compared with 1.360 in late US trade Thursday. Analysts also said oil futures prices had risen too fast in recent days and did not reflect demand on the ground. “Prices are running ahead of fundamentals and remain disconnected from the physical market,” said Mike Fitzpatrick, vice president of MF Global. Crude futures had risen on Wednesday on signs of stronger energy demand in the United States and after the OPEC oil cartel decided to freeze its output levels in line with market expectations. The US Department of Energy said stockpiles of distillates, including diesel and heating fuel, fell more than expected, by 1.5 million barrels, in the week ending 12 March. Gasoline sank 1.7 million barrels, widely topping forecasts. OPEC left its output ceiling unchanged at 24.84 million barrels a day at a meeting in Vienna, citing uncertainty in the macroeconomic environment and world oil demand. OPEC said it would review the economic situation at its next ordinary meeting in Vienna on 14 October. Source: Home - Livemint.com | 18 Mar 2010 | 10:01 pm Google to leave China April 10: state mediaUS Internet giant Google will close its business in China next month and may announce its plans next week, Chinese media reported on Friday, after rows over censorship and hacking. Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 8:59 pm Strides Arcolab buys stakes in onco JVs with Aspen Pharma - Business Standard
Source: Business - Google News | 18 Mar 2010 | 2:16 pm 33 years on, Vindi Banga quits UnileverManvinder Singh Banga, better known as Vindi Banga, currently president, global foods, home and personal care and member of the Unilever Executive, has decided to leave the organisation at the end of May.Source: India Business News | Business News - Times of India | 18 Mar 2010 | 2:12 pm My heart is very much in India: Manvinder Singh 'Vindi' BangaAfter putting in a marathon 33 years at Unilever, Banga has decided he will leave Unilever in May this year.Source: India Business News | Business News - Times of India | 18 Mar 2010 | 2:11 pm Five players apply for 3G, BWA attracts four cosThe DoT on Thursday received five applications for 3G auctions and four applications for Broadband Wireless Access (BWA).Source: India Business News | Business News - Times of India | 18 Mar 2010 | 2:08 pm S&P ups India's outlook to stableCiting improving fiscal situation and strong economic growth, on Thursday, S&P revised upward the ratings outlook for India to 'stable' from 'negative'.Source: India Business News | Business News - Times of India | 18 Mar 2010 | 2:06 pm Daimler plans to invest Rs 4400 crore in IndiaThe world's largest truck maker Daimler on Thursday said it will invest Rs 4,400 crore over the next five years to set up a manufacturing plant here.Source: India Business News | Business News - Times of India | 18 Mar 2010 | 2:02 pm Welspun to buy 75% in MSK projectsPipe manufacturer Welspun-Gujarat Stahl Rohren on Thursday said it will acquire controlling stake in construction firm MSK Projects India for Rs 400 crore.Source: India Business News | Business News - Times of India | 18 Mar 2010 | 2:01 pm Good news for India's economy, credit rating upgradedThe world’s largest rating agency, Standard and Poor (S&P), reaffirmed on Thursday the India recovery story as it revised its outlook on the world’s second-fastest growing economy to ‘stable’ from ‘negative’, though the rating remained ‘BBB minus’. Back in business Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 2:00 pm Battle hots up for CDSL takeover Mumbai: The takeover battle for Central Depository Services (India) Ltd (CDSL) has taken a dramatic twist, with the Bombay Stock Exchange Ltd (BSE), the largest shareholder in the depository, planning to stop it from buying office space in Mumbai for Rs65 crore, when the latter’s board meets on Friday, according a person with direct knowledge of the matter. CDSL is now headquartered in BSE-owned Phiroze Jeejeebhoy Towers in Mumbai.  According to BSE management, buying a new office is an unnecessary expenditure, the person said. BSE, whose board has approved its plan to acquire CDSL, is keen to buy the depository to boost its balance sheet and profits. Its chief executive Madhu Kannan is also trying to wrest back market share from the exchange’s larger and younger rival, National Stock Exchange of India Ltd (NSE). As part of this effort, BSE, in recent months, has extended market timings, reduced transaction fees, changed the delivery dates of its derivative products and started focusing on technology. To this end, Asia’s oldest bourse has acquired a technology company Marketplace Technologies Pvt. Ltd. Now BSE wants to acquire CDSL and use a portion of the Rs1,700 crore reserves that the bourse has to push the depository into new businesses such as insurance and pension funds. But CDSL wants to remain independent. BSE spokesperson Kalyan S. Bose declined comment. The story began in early February when BSE, which already owns 36.6% in the depository, approached CDSL with an informal request for preference shares to increase its stake to 51%. The proposal was rejected. Incidentally, NSE increased its stake in rival National Securities Depository Ltd (NSDL) from around 16% to 25%. A CDSL board member, who wanted to remain anonymous because of the forthcoming board meeting, said the depository needed to be “an autonomous, independent organization for the proper functioning of the capital markets”. “If we become a BSE subsidiary, then NSE members, who are depository participants, may hesitate to do business with us,” a CDSL official added. He too declined to be identified. As part of its defence, CDSL has enlisted the support of its first managing director and former CEO of ICICI Bank LtdP.V.Maiya, who has written to other shareholders seeking support for the cause of an independent capital markets entity. State Bank of India, Bank of Baroda and Bank of India own nearly 10% each in CDSL and have a member on the board, while HDFC Bank Ltd has a 14.5% stake but no board seat. In his letter, Maiya, who was part of the CDSL founding team, wrote that “all through our interactions, it was clear that Sebi (Securities and Exchange Board of India) wanted CDSL to be an independent and professionally run entity in the capital market”. BSE too is wooing these banks to buy their stakes and has recently appointed merchant bankers for the deal. A director at one of the banks, who asked that neither he nor his bank be identified, confirmed that BSE’s management had indeed sought an appointment with him to discuss the stake sale. He wouldn’t say whether his bank wanted to sell. A director at another bank, who too did not want to be identified, said the matter to sell its stake in CDSL hasn’t come up before its board. On the face of it, “there is no conflict”, if a bourse owns a depository, said Sandeep Parekh, a former director at Sebi. Sebi has appointed a committee under former Reserve Bank of India governor Bimal Jalan to study the governance and holding structure of market infrastructure institutions such as bourses and depositories. Globally, some bourses such as Deutsche Boerse AG (a shareholder in BSE) have depositories as subsidiaries. But in the US, Depository Trust and Clearing Corp. is independent of the New York Stock Exchange. BSE has offered to acquire CDSL shares at around Rs50 apiece valuing it at Rs500 crore. According to its website, CDSL has demat custody of shares worth Rs8.4 trillion, or about one-fifth that of rival NSDL. In the week ended 13 March, CDSL made settlements worth Rs8,142 crore, slightly more than one-fourth of what NSDL did in the same period. The battle for the depository turned bitter last week after BSE found that CDSL has plans to acquire office premises—43,500 sq. ft spanning four floors—for Rs65 crore. For the fiscal year ended March 2009, CDSL had cash reserves of Rs93.5 crore. “We have problems with the current premises at the BSE building. How can two organizations of national importance remain within the same building, which faces security hazards?” the CDSL official, quoted earlier, asked pointing to steel-plated doors at CDSL office entrance. After it got to know about the purchase, BSE wrote a letter to CDSL on 12 March, with a copy to other shareholders, asking it to explain who had authorized the purchase. “Our finances are improving and we can afford this place. Six board members approved it,” said the CDSL board member. In general, “unless the articles of a company impose specific conditions, purchase of property for the purposes of the business is a decision that the board can make”, said Sujjain Talwar, partner at law firm Economic Laws Practice. “The collective wisdom of the board cannot usually be set aside by a shareholder...unless he can demonstrate that the board is making such purchase with mala fide intentions. If the shareholders lose faith in the board, they can always remove the board by passing an ordinary resolution.” The plans to buy the building were approved by a sub-committee of the CDSL board, which included its chairman and independent director S.S. Thakur, managing director V.V, Raut, independent director M.R. Mayya, Bank of India’s nominee director A. Kuppuswamy and BSE nominee Prakash R. Kacholia. BSE has also opened the battle on another front seeking to nominate Ashish Chauhan, its deputy CEO, to the CDSL board. If it succeeds, it will have four directors, proportional to its shareholding in CDSL. Currently, Kacholia and Kannan apart, BSE’s chief financial officer L.P. Aggarwal is also part of the CDSL board. Manish Ranjan in New Delhi contributed to this story. ravi.k@livemint.com Source: LatestNews-Home - Livemint.com | 18 Mar 2010 | 1:45 pm Royal Challengers crush Rajasthan Royals by 10 wicketsBangalore: Praveen Kumar recorded the first hat-trick of Indian Premier League III as a dominant Royal Challengers Bangalore mauled a sorry-looking Rajasthan Royals by 10 wickets to notch up their second consecutive win in the Twenty20 tournament in Bangalore on Thursday night. Praveen (3/18) notched up the seventh hat-trick in the tournament’s history, while skipper Anil Kumble and Jacques Kallis (2/20) ably supported him from the other end to restrict the Rajasthan side under the three figure mark. Delhi Daredevils’ Amit Mishra, Chennai Super Kings duo of L Balaji and Makhaya Ntini, Kings XI Punjab’s Yuvraj Singh (twice) and Deccan Chargers’ Rohit Sharma had achieved the feat in the previous editions of the event.  Royal Challengers Bangalore Skipper Anil Kumble with team mates celebrates the wicket of Rajasthan Royals Michael Lumb during their match in the Indian Premiere League season-3 championship in Bangalore on thrusday. Shailendra Bhojak/PTI Kallis continued his good showing with the bat with a sparkling unbeaten 44 while Pandey blossomed in the South African’s company, scoring an elegant 42 innings. Kallis’ 34-ball essay was embellished with seven boundaries, while Pandey, the first Indian to score an IPL century last season, struck as many and a six in his entertaining 30 ball innings. With this victory, Royal Challengers have registered two wins out of three matches they have played so far, while Rajasthan Royals have slumped to their third successive defeat in the tournament.  Earlier, Yusuf Pathan, who was reprieved twice, showed glimpses of brilliance, scoring 26 runs off 24 balls with the help of two sixes and a four, while Martyn innings’ (19 off 24) was a struggle. Royals batting came a cropper today as after Yusuf and Martyn, only two other batsmen — Naman Ojha (16 off 18) and Michael Lumb (10 off 18) — could only manage double figures. Brought back into the attack in the 17th over, Praveen first bowled Martyn of the second delivery of his third over, had Sumit Narwal brilliantly caught at square leg by Manish Pandey and then castled Paras Dogra of the next ball to the delight of the capacity crowd. SCORE BOARD Royal Challengers Manish Pandey (42) not out, Jacques Kallis (44) not out Bowling: Munaf Patel 3-0-23-0, Morne Morkel 3-0-34-0, Shane Warne 2-0-12-0, Sumit Narwal 2.4-0-24-0. Rajasthan Royals Naman Ojha c Uthappa b Kallis 16; Michael Lumb st Boucher b Kumble 10; Damien Martyn b Praveen 19; Abhishek Jhunjunwala b Kallis 5; Yusuf Pathan run out 26; Paras Dogra b Praveen 3; Sumit Narwal c Pandey b Praveen 0; Shane Warne b Kumble 4; Morne Morkel st Boucher b Kumble 2; Munaf Patel run out 0; Siddarth Triwedi not out 0 Bowling: Praveen 4-0-18-3, Steyn 4-0-18-0, Vinay Kumar 4-0-25-0, Kallis 4-0-22- 2, Kumble 3.5-0-9-3 Source: LatestNews-Home - Livemint.com | 18 Mar 2010 | 1:45 pm The Mint report for 18 March 2010New Delhi: The Indian government’s new visa rules have claimed a casualty. Indiabulls Power has cancelled a Rs3,000 crore contract awarded to Chinese power generation company Sepco for a project in Maharashtra. The move came after it became clear Sepco couldn’t meet the project deadlines because of visa problems. Government rules for work visas don’t allow more than 40 foreigners to work on an electricity generation project at a given time. Indiabulls has now given the order for the project to BHEL. India’s four big private phone companies have submitted their applications for bidding for 3G spectrum. Bharti Aritel, Reliance Communications, Vodafone Essar, and Tata Teleservices have given their applications to the department of telecommunications. India’s 3G spectrum auction has been delayed for more than two years and is now expected to start on 9 April. Food prices may finally be starting up ease. The food price index rose 16.3% in the week ending 6 March compared to a year earlier. That’s lower than the previous week, when the index climbed 17.8%. While food prices may be moderating, prices of fuel have gone up. India’s fuel price index shot up 12.68% in the week ending 6 March. The previous week it had gone up 11.38%. Ratings agency Standard and Poor says it has revised its outlook for India from stable to negative. But it also says it expects India’s fiscal position to improve over the next few years and its economy to grow. Source: LatestNews-Home - Livemint.com | 18 Mar 2010 | 1:08 pm S upgrades India outlookFactoring in the governments push to improve its finances and higher growth, Standard & Poor's today revised the outlook on Indias sovereign credit rating to stable from negative.Source: Business Standard | Front Page Headlines | 18 Mar 2010 | 1:04 pm Posco turns to SAIL for India plantDelays in Orissa prompt Korean giant to tie up with state-owned steel-maker in Jharkhand.Source: Business Standard | Front Page Headlines | 18 Mar 2010 | 1:02 pm Union government workforce shrinkingThe number of Union government employees fell by 15% between 2000 and 2009. Altough the number of employees is projected to rise this year and the next, similar projections have been made earlier but the actual numbers have come in lower.  Graphic: Yogesh Kumar/Mint Source: LatestNews-Home - Livemint.com | 18 Mar 2010 | 1:00 pm Data bank of Micro credit borrowers next yearCredit Information Bureau India Limited (CIBIL) has inked a partnership with 31 leading microfinance institutions to start a Microfinance Credit Information Bureau. These 31 MFIs are part of the newly formed Microfinance Institutions Network (MFIN), a self regulatory organisation of NBFC MFIs.Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 10:37 am AI’s male crew also need to shape upWhile it may take some more time for the Women’s Reservation Bill to become law, on another front parity has finally been achieved so far as women and their male colleagues are concerned, reports Tushar Srivastava.Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 10:35 am CAT decision opens door for selection of BSNL directorsCentral Administrative Tribunal (CAT) has given a ruling in favour of all the 18 Indian Telecom Service (ITS) officers allowing them to appear in the interview for the post of director (Enterprises) in the Bharat Sanchar Nigam Ltd (BSNL) board, reports Manoj Gairola.Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 10:33 am Toyota braces for racketeering claimsLawyers seeking civil damages against Toyota Motor Corp on behalf of US consumers for diminished resale value of recalled vehicles are broadening their cases to add racketeering claims against the automaker.Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 10:31 am ‘Not money, but challenge; India an option’Barely hours after Unilever President (Global Foods, Home and Personal Care) and member of the Unilever Executive Manvinder Singh Banga (Vindi Banga to friends) put in his papers, he was upbeat, enthusiastic and looking forward to his next move. But even after 33 years at a Euro 40 billion (Rs 250,000 crore) company, Banga is not hanging his executive boots yet. Excerpts from an interview:Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 10:29 am Cute Rasna turns naughty to keep up with the timesKids are not what they used to be. No kidding. Just ask Rasna, the brand that made home-made squash a national trend by combining a variety of value-priced soft drink concentrates with the cuteness of a girl reports Vivek Sinha. Source: HindustanTimes.com - Top Business News Headlines | 18 Mar 2010 | 10:27 am Nokia to launch music service in India soonMumbai: In order to fight piracy, Nokia plans to launch its music service ‘Comes With Music’ in India in a couple of months to give unlimited music access to its consumers, a top company official said. “To fight piracy we need to develop content that is compelling, innovative, exclusive and subscription models which are almost free,” Nokia India marketing director Vineet Taneja told the agency here. “This service will be targeted for mid and top-end models ...starting with Rs6,000-7,000 handsets. Service will be available in existing and upcoming handsets,” he added. The company has tied-up with Indian record labels including, T series, Venus, Tips, Big Music, Eros and Indian Music Industry (IMI). With the launch of the music service, consumers will get access to unlimited music downloads from the Nokia Music Store for a year, Taneja said, adding that “it will offer 3.5 million tracks of all genres, Indian and international labels”. Consumers can browse, download and sync music either to their computer or directly on to the mobile device, he said. Nokia has already launched this service in 26 countries. ”We first launched the music service in the UK in the year 2000 and later ventured into other markets like Australia, Malaysia, Singapore, Finland and others. We also have tie-ups with international music labels like Universal Music Group, Sony BMG, EMI and Warner,” Taneja said. ”We started this journey of giving music beyond voice and SMS some five years ago or so. Today every device has music ...a low-end handset will at least have FM radio,” he said. The way we define music is the one that has a memory card...our range in this segment starts from Rs4,000. In the next few weeks we will launch something that is even cheaper than this, he added. On the growing competition he said, ”competition will always be there. There is a need to stick to basics, for innovation, distribution and brand-building. In this industry it is easy to pick up volumes but difficult to sustain. We had competition in the past...we had Sony Ericsson and Motorola and these are not small companies.” Source: Tech News - Livemint.com | 18 Mar 2010 | 5:26 am Google working with Intel, Sony on TV projectNew York: Internet search engine giant Google has teamed with Intel and Sony to develop Google TV, a platform for bringing the web into the living room via televisions and set-top boxes, says a media report. The Google TV project has been underway for several months and is based on its software Android, which is available in some smartphones, The New York Times reported. The effort would help Google and Intel to extend their dominance of computing to television, an arena where they have little sway. For Sony, which has struggled to retain a pricing and technological advantage in the competitive TV hardware market, the partnership is an effort to get a leg up on competitors, it added. Spokesmen for Google, Intel and Logitech declined to comment, while a Sony spokesman said he was not familiar with the project, the daily said. According to the publication, the partnership would make it as easy for TV users to navigate Web applications, like the Twitter social network, as it is to change the channel. In addition, the report said that three companies have tapped Logitech, which specialises in remote controls and computer speakers, for peripheral devices, including a remote with a tiny keyboard. Source: Tech News - Livemint.com | 18 Mar 2010 | 5:03 am
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