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Gazprom eyes British energy sector - reportMOSCOW (Reuters) - Russian gas export monopoly Gazprom is preparing to invest 1 billion pounds ($1.48 billion) to become one of Britain's biggest fuel suppliers, The Sunday Times reported.Source: Reuters: Money News | 28 Mar 2010 | 3:35 am ECB's Nowotny says can live with current euro rateVIENNA (Reuters) - There is no reason to worry about the euro currency's retreat from high exchange rates against the U.S. dollar, European Central Bank (ECB) Governing Council member Ewald Nowotny was quoted as saying on Sunday.Source: Reuters: Money News | 28 Mar 2010 | 3:24 am ‘Average out gas prices sectorally to make rates uniform’New Delhi: A government-appointed consultant has advocated pooling or averaging out prices of natural gas supplied to sectors like power and fertilizer to make rates uniform for all plants across the country irrespective of source. Spanish consultant Marcados Energy Market Pvt Ltd, appointed to recommend rationalizing multiple natural gas prices, in its final report stated that pooling of gas consumed by sensitive power and fertilizer sectors was the “most suited” option. Gas is now sold at anywhere between $1 and $5.73 per million British thermal units (mmBtu), depending on the source. The consultant said sectoral averaging out of prices was better than a general cost-based pool covering all consuming sectors and all suppliers that could be achieved only through legislation. Sectoral pooling “would serve the basic objectives without being heavy on administrative arrangements and cost,” the report said. “It would also facilitate an eventual migration to competitive markets.” At present, the government fixes the price of gas produced from blocks given on nomination to state-run Oil and Natural Gas Corp (ONGC) and Oil India (OIL), while for others it is determined in line with production sharing contracts. Gas from fields given to ONGC and OIL on nomination basis was sold at about $1.8 per mmBtu, while in the north east it was priced at $1-1.2 per mmBtu. Prices range from $3.5 to $5.73 per mmBtu for gas from the blocks that were awarded before the introduction of New Exploration and Licensing Policy (NELP) in 1999, while gas from Reliance Industries’ eastern offshore KG D6 field is priced at $4.20 per mmBtu. The consultant suggested pooling or averaging out all prices to power and fertilizer sectors so that consumers get gas at the same price irrespective of the source. “We believe that the sectoral pool option would leave sufficient room for price discovery for new gas supplies,” it said. Marcados said sectoral pooling would not require legislative changes “instead...(it) could work through a simpler policy directive”. “The policy would need to set out the detailed guidelines for constitution and operations of the pool, notify a pool operator, set out the institutional mechanism, and also the transition processes,” it further added. The consultant was, however, against pooling of gas transportation tariff. “We have examined the issue, but have found it to be inefficient and distortionary. It can also result in stranded assets that would prevent efficient gas market development.” Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 3:22 am Larsen & Toubro wins $82 mln Oman power contractMUSCAT (Reuters) - Engineering firm Larsen & Toubro has been awarded a 31.5 million rials ($81.8 million) contract to revamp and extend electrical networks in Oman's Dhahira region, a tender board official said on Sunday.Source: Reuters: Money News | 28 Mar 2010 | 3:14 am UK insurer Prudential to pay over 20 mn pounds in bonuses: reportLondon: British insurer Prudential Plc has agreed to pay out bonuses worth over £20 million to stop staff attrition at its Asian business, which the company is to buy from AIG, says a media report. Recently, Prudential entered into a deal to acquire AIA, the Asian operation of American insurer AIG, for over £23 million. “Prudential has agreed to pay out more than £20 million in bonuses to stop staff defections at the giant Asian business it is trying to buy,” The Sunday Times has reported. According to the publication, two senior executives at AIA quit last week in protest against the takeover, as they had wanted to float the business on the Hong Kong Stock Exchange rather than sell it. “Steve Roder, the finance director, and Peter Cashin, the chief legal counsel, were expected to make paper fortunes from the listing,” the report noted. Prudential and AIG have now created a new bonus scheme for other executives worried about missing out on the windfall. “It is understood the scheme is worth ‘tens of millions of dollars´ shared between a large number of executives. “Although the cash will be paid out by AIG before the deal concludes, Prudential has agreed to the payments. The scheme may also require a rubber stamp from the US government’s pay tsar,” the publication said. The US government has about 85% stake in AIG and would retain an 11% shareholding in the new enlarged Prudential once the deal goes through. Source: World Business - Livemint.com | 28 Mar 2010 | 1:45 am UK insurer Prudential to pay over 20 mn pounds in bonuses: reportLondon: British insurer Prudential Plc has agreed to pay out bonuses worth over £20 million to stop staff attrition at its Asian business, which the company is to buy from AIG, says a media report. Recently, Prudential entered into a deal to acquire AIA, the Asian operation of American insurer AIG, for over £23 million. “Prudential has agreed to pay out more than £20 million in bonuses to stop staff defections at the giant Asian business it is trying to buy,” The Sunday Times has reported. According to the publication, two senior executives at AIA quit last week in protest against the takeover, as they had wanted to float the business on the Hong Kong Stock Exchange rather than sell it. “Steve Roder, the finance director, and Peter Cashin, the chief legal counsel, were expected to make paper fortunes from the listing,” the report noted. Prudential and AIG have now created a new bonus scheme for other executives worried about missing out on the windfall. “It is understood the scheme is worth ‘tens of millions of dollars´ shared between a large number of executives. “Although the cash will be paid out by AIG before the deal concludes, Prudential has agreed to the payments. The scheme may also require a rubber stamp from the US government’s pay tsar,” the publication said. The US government has about 85% stake in AIG and would retain an 11% shareholding in the new enlarged Prudential once the deal goes through. Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 1:45 am Coal India selloff may fetch Rs10k crNew Delhi: The government is likely to raise about Rs10,000 crore from the proposed divestment of its 11% stake in Coal India. “The coal ministry and Coal India have had series of meetings with the department of disinvestment till date. The DoD expects the stake sale to generate around Rs10,000 crore for the government,” a person in the know of the development told PTI. The government at present holds 100% equity in the country’s largest coal producer. It is planning to sell 10% of its stake through an initial public offering (IPO) which may happen in July-August. In addition, it will be offering 1% of its share to the employees of CIL and its subsidiaries which comprise about 4.16 lakh. When contacted, CIL chairman Partha S Bhattacharyya declined to comment on the amount the Centre may raise from IPO, but said the IPO is on a fast track. “We might hit the capital markets by the end of July,” he said. A draft proposal for government approval for selloff may reach the Cabinet by April end. Bhattacharyya, however, did not comment on it. In the wake of the poor response to an auction-based route for selling its shares in two power firms NTPC, REC and NMDC, the government is likely to go for the book-building process which would offer a price band to investors to buy shares of the coal major, while CIL employees may get a 5% discount on the issue price. “The Sebi had recently given special dispensation to Coal India by which it would be able to offer shares to employees of its subsidiaries as well,” Bhattacharyya added. The government is likely to sell its 63.13 crore shares in the IPO, while the company’s employees could be offered an additional 6.31 shares. The CIL disinvestments would be part of the government effort to raise about Rs40,000 crore through stake sale in 2010-11. The country’s largest coal producer with 80% market share last week paid a dividend of Rs2,210 crore to the government for 2009-10. “After our proposed listing, the reward of shares will spread to many investors. We want to share our prosperity with our shareholders. Today we have only one shareholder--the government and going forward we would have many,” said Bhattacharyya. Source: Home - Livemint.com | 28 Mar 2010 | 1:26 am Indian cos hiring forensic experts to detect accounting fraudsNew Delhi: Concerned over corporate frauds especially after the Satyam scam, many Indian companies have started hiring forensic accountants to detect misreporting in books of accounts, global consultancy firm KPMG said. “The need of forensic accountants is prevalent across industries. The current availability of industry specific forensic accountants is quite low and there exists a gap between demand and supply,” KPMG executive director Deepankar Sanwalka said. Indian companies are rolling up their sleeves to fight against corporate frauds and are resorting to forensic accounting to ensure increased transparency in their books. “In the wake of the growing number of fraud incidents coming to light both within India and internationally more and more companies are looking towards forensic accountants to help ensure increased transparency,” he said. The majority of corporate fraud cases involve accounting schemes designed to deceive investors and auditors about the true financial condition of a corporation. Forensic accounting is a scientific process of gathering, analyzing and documenting financial information that can stand the test of time in the courts and as such would go a long way to check the rising cases of fraud. “With the break out of the Satyam scam several companies have become more aware and wary of the repercussions of fraud. Forensic is a word that not many were familiar with a few years ago,” Sanwalka said. Experts believe that in today’s world of increasing white-collar crimes, forensic accounting could provide investors a better view of the company’s accounts. The multi crore Satyam fraud came into light in January 2009 when the then chairman B Ramalinga Raju had confessed to overstating the accounts in the balance sheet. To unravel India’s biggest corporate fraud, the government also sought help of private forensic accountants as govt investigators were finding it difficult to figure out the intricate accounting web in the company’s books. “For a high growth economy like India, the risk of perpetration for white-collar crimes is very high. Regulators in India also are increasing focus in this space. The opportunities for Forensic Accountants and investigators for white collar crime are growing at a rapid speed,” he said. Source: LatestNews-Home - Livemint.com | 28 Mar 2010 | 12:59 am ECB's Papademos happy with EU Greece dealNEW YORK (Reuters) - Lucas Papademos, vice president of the European Central Bank, said on Saturday the EU's latest agreement on Greece should allay concerns about a sovereign debt crisis in Europe.Source: Reuters: Money News | 28 Mar 2010 | 12:50 am DIPP opposes proposal for extra FDI filterNew Delhi: The Department of Industrial Policy and Promotion (DIPP), a nodal agency for matters related to FDI, has opposed a proposal of the National Security Council to set up an additional filter besides FIPB for clearing the FDI applications, sources said. “They (NSC) are saying there should be more channels to clear FDI proposals but then, what would be the role of Foreign Investment Promotion Board (FIPB), it may become redundant,” a source said. At present, FDI proposals are cleared by the finance minister on the recommendations of the FIPB, which has representatives of different ministries. The National Security Council, an advisory body relating to national security issues, reports to the Prime Minister. The council has raised concerns over flow of funds from inimical forces into the nation masquerading as FDI in sensitive areas of defence, telecom, pharmaceutical and airports. The DIPP, a nodal agency under the Commerce and Industry Ministry for matters related to FDI, has strongly advocated that creating another layer of clearance mechanism would result in delays. The department is keen on promoting India as a foreign investment destination. At the policy level, it has taken an initiative to frame a single composite document to remove procedural bottlenecks. Even in the midst of financial crunch since September 2008, FDI inflows have been stable around USD 27 billion dollars annually. Source: Home - Livemint.com | 28 Mar 2010 | 12:43 am Airtel to offer 50Mbps Internet speed in Delhi for Rs 8,999Telecom major Bharti Airtel today said it will offer broadband speed of 50 mbps, which will enable its customers to download full length movies in a few minutes, for Rs 8,999 per month.Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 12:36 am RBI for firm regulation of clearing housesNew Delhi: The Reserve Bank of India (RBI) has made a case for further tightening the regulatory mechanism for clearing houses saying they are critical for smooth functioning of the markets. “Central counter-parties have emerged as critical elements for the smooth functioning of the financial markets...they need to be regulated more firmly for robust risk management systems,” RBI said in its financial stability report. Though clearing houses help in reducing systemic risk posed by derivative markets, they do not make risks disappear, RBI said. They accumulate a large share of the smaller pool of counter-party risks, it added. “Their capital, margining and collateral requirements need to be assessed from a prudential and systemic stability perspective,” the central bank said. Clearing houses are central counter-parties (CCPs) that stand between trading partners and guarantee the trade. CCPs serve an important role in reducing counter-party risks and help in reducing the liquidity requirement by multi-lateral netting, RBI said. “In the wake of the recent financial crisis, regulatory attention shifted to the large swathe of over the counter cash and derivative products, which was perceived to be one of the major factors in perpetrating the financial crisis,” RBI said. Among the global regulatory efforts to reduce systemic risks include incentivizing the move to guaranteed settlements through CCPs, which are also sought to be put in place even in the OTC markets, the report said. “In the US, half of the trade in derivatives happen on OTC and this was the key reason for the financial crisis. However, in India, central counter-parties are functioning in most of the financial markets,” SMC Capital equity head Jagannadham Thunuguntla said. Thunuguntla said there is a need to regularly upgrade the system to keep in line with the new products that hit the market for better functioning of the financial markets. CNI Research chairman and managing director Kishore P. Ostwal said, “the average daily derivative volume is about Rs75,000 crore out of which the unsettled contract managed by the clearing house is only Rs7,500-10,000 crore a day. The volume goes up in the last few days before the settlement date.” Ostwal said clearing houses provide the much-needed confidence to the players in the financial market and thus need to be financially sound to handle the large amount of settlements. Source: Home - Livemint.com | 28 Mar 2010 | 12:35 am India Inc hiring experts to detect accounting frauds: KPMGConcerned over corporate frauds especially after the Satyam scam, many large Indian companies have started hiring forensic accountants to detect misreporting in books of accounts, global consultancy firm KPMG has said. Source: HindustanTimes.com - Top Business News Headlines | 28 Mar 2010 | 12:34 am Axis Bank to buy up to 5% stake in Max New YorkMumbai: Private sector lender Axis Bank on Sunday said it is in talks with Max New York Life to acquire up to 5% stake in the latter. “We are in talks with Max New York Life to pick up a less than five per cent stake. We are working on the valuation and the result of the talks will be known soon,” Axis Bank executive director and CFO S Sengupta told PTI in Mumbai. The bank has tied up with Max New York Life to distribute the latter’s life insurance products beginning 1 April after ending its relationship with MetLife. “Our distribution tie-up will be on, irrespective of whether we acquire a stake in Max New York Life or not,” Sengupta said. Max New York Life is a joint venture between the US-based New York Life and Analjit Singh’s Max India. A stake, even a small one, will indicate a strong relationship between Axis Bank and Max New York Life, besides creating value for the bank, Sengupta said, adding, “Max New York Life is growing rapidly and our investment will only increase in value.” Ending the tie-up with MetLife will not affect existing customers as Axis Bank will continue to service them, Sengupta said. When asked why the bank was moving away from MetLife to Max New York Life, Sengupta said its arrangement with MetLife was coming to an end and “as per existing regulations, we can have a tie-up with only one player and hence, we decided to go with Max New York Life.” Axis Bank has no plans to turn into a manufacturer of insurance products and would continue to remain a distributor, he said. “The market is crowded and we would be a late entrant. Besides, it would require substantial capital... it makes greater sense for us to remain a distributor,” he said. In the general insurance segment as well, Axis Bank distributes the products of Bajaj Allianz. When asked if the bank had any plans to offer health insurance products, Sengupta said the bank would evaluate pros and cons and then take a decision. “When health insurance comes in, we will evaluate whether we want to be a manufacturer or remain just a distributor,” Sengupta said. Source: Home - Livemint.com | 28 Mar 2010 | 12:17 am Car makers to hike prices from 1 AprilMumbai: With the government set to implement the Euro IV emission norms from 1 April, several car makers said they would be increasing the prices of their vehicles from April. Major automobile makers including Tata Motors, Fiat, Hyundai, Mahindra and General Motors, plan to up their prices after the implementation of the new emission norms, which will require them to upgrade their products. “We will increase prices across all models except the Chevrolet Beat and Spark in the first week of April by up to Rs6,000 following the new emission norms,” General Motors’ vice president (corporate communications), P Balendran, told PTI in Mumbai. “We were compelled to increase prices after the Budget following a hike in excise duty rates. This will be the second price hike by the company after the Budget,” Balendran said. Several car makers had jacked-up their prices after the Budget 2010 and if they do so again in April, it would mean that prices would be going up for the second time in less than two-months. From April onwards, India will adopt stricter emission norms under which 13 major cities will upgrade to BS IV from BS III and the rest of the country would move up from BS II to BS III as per the recommendations of the Mashelkar Committee to control pollution. Hyundai Motor India also plans to increase prices across all its models in the first week of April by up to Rs5,000. “We will increase the prices in the first week of April in the range of Rs4,000-5,000,” Hyundai Motor’s regional sales manager, Kumar Priyesh, said, adding the company was ready to follow the BS IV standards from the stipulated April 1 date. Homegrown Tata Motors and Mahindra & Mahindra also indicated that a price hike was on the cards after 1 April. “I cannot comment on the quantum of the price hike as of now. We will take a call once the new emission norms come into effect,” Tata Motors president, (passenger car business unit), Rajiv Dube, said. Auto-major Mahindra & Mahindra president, automotive sector, Pawan Goenka, said, “We will increase prices across all our models after the implementation of the new emission norms.” The company would decide on its quantum soon, he added. Other car-makers like Fiat India, Mercedes-Benz and Toyota are also likely to effect a price-hike in April though they said that they would take a call on the matter only after the new emission norms come into force. “We will take a final call after the implementation of the new emission norms. We have not decided yet about a price hike,” Fiat India Automobile head (corporate communications) Marius D’Lima, said. According to the Society of Indian Automobile Manufacturers (Siam), about 1.22 million cars were sold in India during April 2009 to January 2010, a 25% growth over the same period a year-ago. Source: Home - Livemint.com | 28 Mar 2010 | 12:01 am Core industries grow 4.5 % in FebruaryThe six ‘core' infrastructure industries have registered a 4.5 per cent year-on-year growth in February, compared to 1.9 per cent in the same month lastSource: Business Line - Home Page | 28 Mar 2010 | 12:00 am Tea outlook positiveThe tea industry has every reason to look ahead in 2010 with great deal of optimism and confidence, according to the Tea Market Annual Report published by J Thomas and Company Private Limited, the world's oldest and largest teaSource: Business Line - Home Page | 28 Mar 2010 | 12:00 am More Indian firms may borrow abroadMore Indian corporates are expected to tap the overseas market for funds through External Commercial Borrowings or bond issues as interest rates in the domestic market are likely to harden in the comingSource: Business Line - Home Page | 28 Mar 2010 | 12:00 am Soon, two firms may audit accounts of every companyThat looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said hereSource: Business Line - Home Page | 28 Mar 2010 | 12:00 am ‘Next wave of export growth will be from new markets'With the country's export destinations limited to the US and Europe, which were the first to get affected in the recent global financial meltdown, India saw its trading opportunities buffeted by this adverse turn ofSource: Business Line - Home Page | 28 Mar 2010 | 12:00 am Russia could get third N-site; joint venture plan spurs decisionIndia could earmark a third atomic power project site for Russian participation shortly, a move that could help the latter consolidate its head-start in the Indian nuclearSource: Business Line - Home Page | 28 Mar 2010 | 12:00 am Brokerage stocks fail to keep pace with rising marketShare prices of brokerage firms have underperformed the stock market in recentSource: Business Line - Home Page | 28 Mar 2010 | 12:00 am Africa is destination next for India Inc - Economic Times
Source: Business - Google News | 27 Mar 2010 | 11:58 pm Expanded IIP basket from April data: SenThe government will come out with a more representative data on industrial production by adding nearly 150 new items and deleting the obsolete ones from the bask of goods and services that make up the IIP data, from the April estimate onwards.Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 11:50 pm Wills India Lifestyle Fashion Week | Day 4New Delhi: Day four of the Wills India Lifestyle Fashion Week (WIFW) started the day by Abhi Rahul, Chandrani Siingh Fllora, Debarun , Jaya Rathore, Soltee by Sulaksha Monga, Zurkhe by Rajdeep Ranawat & Naresh Chauhan. Some of the other designers presenting on the day were Charu Parashar, Preeti S. Kapoor, Risa Abhijeet Khanna, Puja Arya, Sanskar by Sonam Dubal, Kiran Uttam Ghosh. Taika by Poonam Bhagat, Mynah’s Reynu Taandon, Niki Mahajan, Abraham & Thakore and Lecoanet Hemant. Some of the other shows to watch out for on day five will be Rabani & Rakha, Siddartha Tytler and the Wills Lifestyle Grand Finale by Rajesh Pratap Singh. 1. Abraham & Thakore | Black is Back An interpretation of traditional clothing to create a modern fashion statement for an urbane Indian wardrobe. Playing with shape and proportion and juxtaposing somewhat unexpected elements. Taking a fresh look at decoration in both form and material. 2. Lacoanet Hemant The earthy feel of the collection is highlighted through the choice of material and nature- inspired designs. Organic cotton poplin, khadi, wild and handloom silk are prominent while the shapes further enhance the theme with drapes and flowing necklines. Source: LatestNews-Home - Livemint.com | 27 Mar 2010 | 11:29 pm Banks tap global markets - The Hindu
Source: Business - Google News | 27 Mar 2010 | 11:27 pm Economy to expand by 7.4% in current fiscal: AssochamWith the economy likely to perform better in the last quarter, industry body Assocham expects the country to clock a growth rate of 7.4 per cent, marginally exceeding the official estimate.Source: India Business News | Business News - Times of India | 27 Mar 2010 | 11:07 pm India Inc hiring experts to detect accounting frauds: KPMGConcerned over corporate frauds especially after the Satyam scam, many large Indian companies have started hiring forensic accountants to detect misreporting in books of accounts, global consultancy firm KPMG has said.Source: India Business News | Business News - Times of India | 27 Mar 2010 | 11:04 pm Axis Bank eyeing less than 5% stake in Max New York LifePrivate sector Axis Bank is in talks with Max New York Life to pick-up a less than five per cent stake in the latter and hopes to seal the transaction soon, a senior bank official said.Source: India Business News | Business News - Times of India | 27 Mar 2010 | 10:54 pm Union threatens more strikes at British AirwaysLONDON (Reuters) - The union representing British Airways' striking cabin crew warned on Saturday that it would stage more stoppages unless there was a breakthrough in the dispute over pay and jobs.Source: Reuters: Money News | 27 Mar 2010 | 10:54 pm General Motors recalls 5,000 heavy duty vans due to fire riskGM said the last eight digits of the vehicle identification numbers for the heavy duty Express 2500 and 3500 series vans recalled are A1129327 through A1142523.Source: Daily News & Analysis: Money News | 27 Mar 2010 | 10:43 pm ECB Weber: Current rate levels appropriate - NikkeiTOKYO (Reuters) - European Central Bank Governing Council member Axel Weber said current interest rate levels are appropriate, signalling that the central bank will stick to low rates for some time, the Nikkei newspaper reported on Sunday.Source: Reuters: Money News | 27 Mar 2010 | 9:41 pm GM recalls 5,000 heavy duty vans due to fire riskDETROIT (Reuters) - General Motors Co said it would recall about 5,000 heavy duty vans built in February and March and halt production and sale because of a risk of engine fires due to a suspected faulty alternator.Source: Reuters: Money News | 27 Mar 2010 | 9:34 pm Tiwary, Ganguly end Kolkata’s losing streakMohali: Manoj Tiwary and Sourav Ganguly hammered blistering half-centuries as Kolkata Knight Riders thumped Kings XI Punjab by 39 runs in their Indian Premier League match here on Saturday. Electing to bat, the Knight Riders posted a competitive 183 for five, their highest score of the tournament, and then restricted Kings XI Punjab at 144 for six to snap their three-match losing streak. Tiwary blasted a 47-ball 75 bejewelled with eight fours and two sixes, while Ganguly’s breezy 40-ball innings included six fours and one six. Chasing 184 to win, Kings XI Punjab batsmen got starts but couldn’t materialize them into big score as they lost half of their side within 100 runs inside 15 overs.  Kolkata Knight Riders batsman ManojTiwary plays a shot during an IPL3 match against Kings XI Punjab, in Mohali, on Saturday. Kamal Kishore/ PTI For Punjab, Yuvraj (24) opened the innings with Ravi Bopara (0) but a fiery Shane Bond delivery found the latter infront of wicket as the home team lost their first wicket in the first over. Yuvraj, however, slammed two fours off Ashoke Dinda in the fourth over and later in the sixth over hit Ajit Agarkar for a four and six. However, the euphoria was shortlived as the Mumbai pacer struck in the very next delivery to sent Yuvraj back into the hut. In pursuit of a six, Yuvraj miscued his shot as Tiwary picked up a brilliant catch at midwicket. Agarkar struck again in his next over, removing Manvinder Bisla (22) as Kings XI Punjab were reduced to 54 for three in 7.3 overs. Mahela Jayawardene (16) and Kumar Sangakkar (30) tried to steady the ship with a 38-ball stand but Angelo Matthews cleaned up the former in the 14th over and three balls later the skipper was also stumped by wicketkeeper Wriddhiman Saha as Punjab slided to 98 for five. Pathan (22) and Karan Goel (17) tried their heart out and played some brilliant shots but it was too little too late as the match slipped out of Punjab’s hands. Earlier, Tiwary forged a crucial 79-run stand for the third wicket with Ganguly and later slammed two sixes and two fours in the last over to lift Kolkata Knight Riders from 45 for two to 183 for five. Knight Riders were off to a rollicking start with opener Chris Gayle (14) clobbering three fours off Brett Lee as the Australian, playing his first match in IPL 3, bleeded 19 runs in his first over. Ganguly also didn’t lag behind and punished Irfan Pathan for consecutive fours in the second over to take Kolkata to 27 in two overs. However, Shalabh Srivastava put the brakes on the score, getting rid of Gayle, who miscued a pull shot and Manvinder Bisla took a good catch at the boundary line. Ganguly picked up a couple of fours more to keep the scoreboard ticking before newman Mandeep Singh popped one up straight to Lee at mid on to see his side reduce to 45 for two in five overs. With Vikramjeet Malik and Piyush Chawla bowling in tandem, runs dried up for the Kolkata team and Ganguly and Manoj Tiwary had to depend on ones and twos to take KKR to 75 for two in 10 overs. In the 11th over, Ganguly slammed the first six of the match when he sent Chawla out of the park and followed it up with a boundary at cover to step the gas. Tiwary also joined the party and pulled Malik for a midwicket boundary, before picking up another four at cover to bring up the hundred for the Knight Riders. Tiwary and Ganguly played some intelligent cricket to keep the momentum going and the latter brought up his half-century in the 14th over. However, the left-handed skipper didn’t last long and was dismissed by Pathan in the 15th over. Chawla then cleaned up Newman David Hussey as suddenly KKR slided to 130 for four in 16 overs. Tiwary reached his fifty in the next over and blasted two sixes and as many fours in the last over to swell the KKR innings in the end. Brief Score Kolkata Knight Riders: 183 for five in 20 overs (Sourav Ganguly 50, Manoj Tiwary 75 not out; Shalabh Srivastava 2/23). Kings XI Punjab: 144 for six in 20 overs (Kumar Sangakkara 30, Shane Bond 2/24). Source: LatestNews-Home - Livemint.com | 27 Mar 2010 | 5:00 pm SBI Life gets nod for commercial products - Economic Times
Source: Business - Google News | 27 Mar 2010 | 1:56 pm Nano dream up in flamesIt’s not even a year since the world’s cheapest car, Tata Nano, hit the roads, but after a brand new Nano went ablaze in Mumbai recently there are fears that the dream car story may just be on its way to becoming a nightmare. Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 1:51 pm Sick Air India must give upgrades to retired babus - Times of India
Source: Business - Google News | 27 Mar 2010 | 1:33 pm Make the most of credit counsellingEven though consumer credit counselling is an old concept in many countries, in India, it is of recent origin.Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 1:25 pm Delhi's weekend crowd tramples on Metro manners - Times of India
Source: Business - Google News | 27 Mar 2010 | 1:17 pm RCom to offer free calls Sunday - The Hindu
Source: Business - Google News | 27 Mar 2010 | 1:00 pm Bharti deal could take months to close: Zain chairmanThe closing of the deal between Kuwaiti telecom company Zain and India's Bharti Airtel could take weeks or months, Zain's chairman was quoted as saying on Saturday.Source: Business Standard | Front Page Headlines | 27 Mar 2010 | 12:54 pm Educational institutes have a new address: HaryanaThe agrarian state of Haryana also wants to become an education hub. Nearly 10,000 students will soon get quality education every year at the 14 upcoming institutes in the state which include medical and technical colleges, an Indian Institute of Management and an All India Institute of Medical Sciences (AIIMS).Source: Business Standard | Front Page Headlines | 27 Mar 2010 | 12:54 pm Amazon jungles, Antarctica show up in Indian travellers' plansThe Indian traveller is thinking out of the box this summer. From the jungles of Amazon to a cruise to Antarctica, there is a genre of tourists opting for the road less travelled and experimenting with newer destinations across the globe.Source: Business Standard | Front Page Headlines | 27 Mar 2010 | 12:52 pm Chandrasekhar bites into Kannada paperKannada Prabha, the third-largest Kannada daily, is owned by Express Publications (Madurai).Source: Business Standard | Front Page Headlines | 27 Mar 2010 | 12:50 pm Hitachi, Toshiba, Mitsubishi and JGC ready to invest in DMICLeading Japanese corporations such as Toshiba Corporation, Hitachi, Mitsubishi Heavy Industries and JGC Corporation are planning big investments in the proposed Rs 3.6-lakh crore Delhi-Mumbai Industrial Corridor (DMIC) project.Source: Business Standard | Front Page Headlines | 27 Mar 2010 | 12:44 pm Core industries grow 4.5 % in February - Hindu Business Line
Source: Business - Google News | 27 Mar 2010 | 12:32 pm Economy to grow between 8 and 8.5 pc: RangarajanThe economy is expected to grow between 8 per cent and 8.5 per cent next year amidst concern of inflation, the Chairman of Economic Advisory Council to the Prime Minister, C Rangrajan, said in Ahmedabad.Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 12:05 pm New COO for Air India likely in ten daysAir India is likely to get a new chief operating officer in the next 10 days, a senior civil aviation official said in Mumbai on Saturday. Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 12:00 pm Bharti deal could take months to close: ZainKuwait-based Zain Telecom on Saturday said closing the $10.7-billion deal with Bharti Airtel to sell its African assets could take months although it will be signed in the next few days. Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 11:56 am Growth in power sector will ensure 8-10 growth in GDP: MaranUnion Textiles Minister Dayanidhi Maran on Saturday said a 20-25 per cent growth in the power sector would ensure eight to ten per cent growth in the country's GDP and stressed the need for more investments. Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 11:54 am Bharti deal could take months to close: ZainThe closing of the deal between Kuwaiti telecom firm Zain and Bharti Airtel could take weeks or months, Zain\'s chairman was quoted on Saturday as saying.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 10:45 am RCom hits 100mn user mark; celebrates with free airtimeReliance Communications has become the second Indian mobile operator to cross the 100 million subscriber milestone.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 9:22 am Kishore Biyani: Taking Future Group to next phase of growthKishore Biyani has spread his wings beyond the shopping isles of his Big Bazaar and Pantaloon stores, but he has still got his eyes firmly on the wallet of the Indian consumer as he forays into life insurance, financial services and even telecom. India\'s retail king Kishore Biyani, Future Group talks about his journey so far.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 9:12 am May form SPV for unlocking value: HDFCHDFC is looking at a substantial value unlocking move in which its investments in several noncore businesses will be moved out of the company. Deepak Parekh, Chairman, HDFC said HDFC\'s investments in its noncore business will be moved into a special purpose vehicle (SPV).Source: Moneycontrol Top Headlines | 27 Mar 2010 | 7:30 am Inflation seen peaking in March says central chief statisticianThe Reserve Bank of India unexpectedly raised key rates last week to help tame inflation, which is at close to 10%, and warned of pressure from rising demand in the rebounding economy.Source: Daily News & Analysis: Money News | 27 Mar 2010 | 7:18 am Inflation to drop in 2-3 months: MontekPlanning Commission deputy chairman Montek Singh Ahluwalia on Saturday said that inflation would come down in the next two to three months because of declining food prices.Source: India Business News | Business News - Times of India | 27 Mar 2010 | 7:13 am Men n their machinesThe lawns at British High Commissioner Sir Richard Stagg’s residence were decked up with colourful lights at the unveiling ceremony of the Jaguar and Land Rover brands by hosts Sir Stagg and Gurmeet Singh Anand of AMP Motors.Source: HindustanTimes.com - Top Business News Headlines | 27 Mar 2010 | 7:04 am EU summit moves stoke fears of twospeed EuropeConcerns that a gulf is opening between European Union countries that use the euro and those that do not, resurfaced at an EU summit that saw euro zone states agree a plan to help debtladen Greece.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 6:57 am Punj Lloyd to sell stake in PipavavEngineering and construction firm Punj Lloyd will sell its stake of just over 19% in Pipavav Shipyard to cofounder SKIL Infrastructure to raise cash by selling assets, the Economic Times said on Saturday.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 6:16 am Nokia buys US mobile browser firm in NovarraTop mobile phone maker Nokia has agreed to buy privatelyheld US mobile browser firm Novarra to improve Web surfing on a wide range of its lowend and midrange phones.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 6:02 am Seventh straight week of gains for Sensex - The Hindu
Source: Business - Google News | 27 Mar 2010 | 5:24 am RenaultNissan, Daimler eye mutual stakesA tieup between RenaultNissan group and Daimler AG to cut costs and share development spend is moving closer, sources said, although analysts remain unconvinced of the benefits.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 5:02 am Mahindra may freeze Renault JVMahindra Mahindra, India\'s largest utility vehicles and tractor maker, is likely to freeze investments in its joint venture with French carmaker Renault, the Economic Times reported on Saturday.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 4:58 am GE plots big solar push, takes on First SolarGeneral Electric Co (GE) is betting on thinfilm solar technology and plans to roll out a new panel next year that has the potential to lead the market, a company executive told Reuters on Friday.Source: Moneycontrol Top Headlines | 27 Mar 2010 | 4:58 am British Airways cabin crew stage second strikeLONDON (Reuters) - British Airways cabin crew began a four-day strike on Saturday, the second walkout this month that will cost the company millions of pounds and lead to more travel chaos before the busy Easter holiday period.Source: Reuters: Money News | 27 Mar 2010 | 4:45 am RCom to offer free talktime on March 28Telecom major Reliance Communications (RCom) will offer free local and STD calling on its network on March 28 as it celebrates the 100-million subscriber base.Source: India Business News | Business News - Times of India | 27 Mar 2010 | 4:23 am Zain, Bharti deal could take months to close - chairmanKUWAIT (Reuters) - The closing of the deal between Kuwaiti telecom firm Zain and Bharti Airtel could take weeks or months, Zain's chairman was quoted on Saturday as saying.Source: Reuters: Money News | 27 Mar 2010 | 4:19 am ‘Zain, Bharti deal could take months to close’Kuwait: The closing of the deal between Kuwaiti telecom firm Zain and India’s Bharti Airtel could take weeks or months, Zain’s chairman was quoted on Saturday as saying. “The deal will be signed in the next few days ... (but) the closing of the deal could take weeks or months, for our assets to be transferred under a new name which is Bharti,” Zain chairman Asaad al-Banwan told Al Arabiya television in an interview aired on Saturday. Zain is about to sell its African assets, excluding Sudan and Morocco, to Bharti for $9 billion, finally giving the Indian buyer a much sought-after foothold in Africa’s fast-growing market. Banwan said shareholders were expected to get a cash dividend from the sale, but it still needed approval of the firm’s board. “There will be good dividends for the shareholders,” Banwan said, reiterating that the returns from the deal will be booked in 2010, not 2009. The firm is yet to announce its 2009 results. Last month, Zain said it would make $9 billion from the assets sale, $4 billion of which will be used to pay off debt, and the remaining $5 billion will be pocketed by the firm. On Wednesday, the Kuwaiti firm said the due diligence for the deal had been completed and that it would be signed in a few days. Exclusive talks between the two firms for the African assets sale expired on 25 March. Source: Home - Livemint.com | 27 Mar 2010 | 4:18 am Gujarat riots: Narendra Modi appears before SITGandhinagar: Chief minister Narendra Modi appeared before the Supreme Court-appointed SIT on Saturday and was questioned for the first time on his alleged role in the 2002 Gujarat riots that have come back to haunt him. Ending the suspense as to where he would appear, the 59-year-old senior BJP leader drove to the Special Investigation Team (SIT) office around noon at the old state secretariat building here. Modi suffered the ignominy of being the first-ever chief minister of any state to be called for questioning in a criminal complaint of mass murder after he and his administration were accused of aiding and abetting riots in one area in Ahmedabad. SIT chief R K Raghavan was not present at the SIT office when Modi appeared. A K Malhotra, the number two in the SIT and a former DIG in the CBI, is believed to be questioning the chief minister. Elaborate security arrangements were made at the SIT office for the deposition of the chief minister where a large crew of media persons had assembled since morning. Clad in a crisp white kurta and pyjama, Modi greeted the waiting media persons with folded hands after alighting from his car before proceeding to the SIT building. The SIT had summoned Modi to depose in connection with a complaint of Zakia Jaffery, widow of former Congress MP Eshan Jaffery, who was killed in Gulbarg society riots case of 2002 along with 69 others. The complaint also alleged that he had instructed officers not to take action. Social activist and a Modi baiter Teesta Setalvald said, “Today is an important day for democracy and rule of law when a sitting chief minister has been forced to appear before an inquiry team after various attempts to block justice.” Gujarat government spokesman Jai Narayan Vyas dismissed suggestions of a setback to Modi following his appearance before SIT. “We have always said that he will abide by rule of law but much hype is being made. There is no setback as far as BJP government or Modi is concerned. Mr Modi is cooperating,” he said. Modi’s appearance before SIT assumes significance as he is a serving chief minister who is being questioned before any authority in connection with the 2002 riots. Today’s event was preceded by drama after Modi refused to appear on 21 March calling as false claim that the SIT had fixed that day for questioning him in connection with the 2002 riots. The Supreme Court had on 27 April last year asked the SIT to inquire into Zakia’s complaint in which she has alleged that Modi and 62 others, including his Cabinet colleagues, police officials and senior bureaucrats, aided and abetted the post-Godhra riots in Gujarat. Zakia approached the apex court after the Gujarat High Court had on November 3, 2007 refused to give any direction and asked her to seek redressal before the magistrate’s court. The wife of the slain Congress leader had alleged that between February and May 2002 there was a “deliberate and intentional failure” of the state government in protecting the lives and property of innocent people. SIT had to face legal hurdles while probing Zakia’s complaint when in July last year former BJP MLA Kalu Malivad (one of the 63 people named in the complaint) approached the Gujarat High Court demanding a stay on investigations by SIT with regard to Zakia Jaffery. The high court had dismissed the petition saying as the SIT is directly working under the supervision of the Supreme Court, no relief can be granted in this matter. Malivad has now approached the apex court challenging the high court verdict. Inquiring into Zakia’s complaint, SIT has already recorded statements of a number of persons, including former minister of state for home Gordhan Zadafia, BJP leader I K Jadeja, former BJP MLA from Lunawada Kalu Malivad, sitting MLA from Mehsana Anil Patel, ex-IPS officer R B Sreekumar, social activist Teesta Setalvad, IG Shivanand Jha, some senior police officers and political leaders. Source: Home - Livemint.com | 27 Mar 2010 | 4:12 am
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