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India Inc likely to lay out jobs bonanza in FY 11: Experts!A windfall awaits those looking for lucrative employment avenues with just four sectors --IT, telecom, banking and healthcare -- expected to generate over five lakh jobs by March next year, experts said.Source: Zee News : Business | 11 Apr 2010 | 6:04 am Plan panel estimate on BPL families in 10 days: Montek!The Planning Commission is expected to submit its estimate on the number of below the poverty line (BPL) families within 10 days to the government, which will help it finetune the food security bill.Source: Zee News : Business | 11 Apr 2010 | 6:04 am Massive fire engulfs plastics market in Delhi - Oneindia
Source: Business - Google News | 11 Apr 2010 | 3:25 am RBI may lift CRR, rates by 0.25-0.5% on 20 April: bankersMumbai: Growing concerns over runaway inflation and signs of stable economic recovery may prompt the Reserve Bank to hike its key short-term lending and borrowing rates by up to 0.50% in its annual monetary policy on 20 April, top bankers said on Sunday. The apex bank, which began unwinding its monetary stimulus by upping the Cash Reserve Ratio (banks’ portion of deposits with the RBI) by 0.75% in January and policy rates by 0.25% in March, is set to tighten the policy stance further to fight inflation — presently hovering beyond its comfort zone, they said. Ballooning prices of milk, fruits and pulses pushed up food inflation to 17.70% for the week ended 27 March while the overall inflation that includes variation in prices of food and non-food items, presently stands at 9.89%. But banks are unlikely to hike their lending rates in the immediate future unless the quantum of increase in RBI’s key-rates is significant enough to force them pass on the cost burden to the customer, Oriental Bank of Commerce’s chairman and managing director T Y Prabhu said. “RBI is likely to hike the rates by anywhere between 0.25-0.5% as the inflation situation warrants monetary action. I do not expect lending rates to go up immediately as the liquidity in the system is enough to absorb even a 0.25% rise in key-rates,” Prabhu said. Besides the inflation concerns, the pick up seen in the economic recovery is also expected to provide comfort to the central bank to go ahead with its exit strategy from the monetary stimulus, bankers said. “I expect that the cash reserve ratio ratio will be hiked by 0.25% as the focus of the central bank now is to bring down inflation,” State Bank of India chief financial officer S S Ranjan said. Ranjan, however, was of the view that the Reserve Bank is unlikely to hike the policy rates immediately after it did so just last month although hike in CRR is very likely. Another hike in key policy rates in a short span of time is unlikely to happen, he said. Recently, after the pre-policy consultation with the Reserve Bank, Indian Banks Association chairman M N Nair had said that the primary concern of the apex bank was to contain the high inflation and it will have to take steps to check the inflationary pressures. State-owned Central Bank of India’s chairman S Sridhar expects the Reserve Bank to hike its policy rates by 0.25-0.5%. Central Bank would take a call on hiking its lending rates after assessing RBI’s policy signals, Sridhar said. A similar view was expressed by Kolakata-based Uco Bank’s chairman, S K Goel who said that in all likelihood the RBI may hike its repo, reverse repo rates by 0.25-0 .5% in the policy. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 3:18 am Tiana Power acquires thermal power project from Malaysian companyTiana Power Projects, promoted by US-based Nathani family said it has taken over AGC Power (India) Pvt Ltd, having the thermal power project of 1,320 MW for a total consideration of Rs 23 crore in Andhra Pradesh.Source: Daily News & Analysis: Money News | 11 Apr 2010 | 3:03 am International brands bet high on Indian budget hotel segmentFrance-based Louvre Hotels, that operates Golden Tulip brand, and UK's largest chain Premier Inn are planning to expand their foot prints in the country in the next 2-3 years.Source: Daily News & Analysis: Money News | 11 Apr 2010 | 2:57 am Intl brands bet high on Indian budget hotel segmentMumbai: Even as the Indian hospitality is back on recovery, global players such as Golden Tulip and Premier Inn are betting big on the budget hotel segment, that boomed during the economic downturn. France-based Louvre Hotels, that operates Golden Tulip brand, and UK’s largest chain Premier Inn are planning to expand their foot prints in the country in the next 2-3 years. “There is a huge scope for us in the budget segment as the moderate-priced hotels is increasingly addressing need of people who want to travel but have cheaper accomodation,” Louvre Hotels’ President, Pierre Frederic Roulot told PTI. Louvre Hotels, which operates 7 brands across the world is planning to open 50 hotels in the next 5 years under its 4 mid-scale brand such — Golden Tulip, Tulip Inn, Campanile and Premiere Classe. “We are planning 50 hotels in the next 5 years. By end of 2010 we plan to open 10 Golden Tulip and Tulip Hotels with 1200 rooms. Campanile and Premier Classe are our budget brands and we plan to launch this brands by next year,” Roulot said, adding that currently, it has 3 Golden Tulip hotels Lucknow, Jaipur and Gurgaon. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 2:30 am Hike of over 2% in home-loan rates to affect realty sectorMumbai: Any hike of over 2% in home-loan interest rates would have an adverse impact on the real estate sector, an expert has said. “A 0.50% hike in interest may make an emotional impact on buyers. But if it goes to a level of 2-2.5%, then it would definitely affect the sector,” real estate money management and services firm Jones Lang LaSalle Meghraj’s (JLLM) chairman & country head Anuj Puri told PTI here. Rising inflation is a worry as it would set the stage for further monetary tightening by regulators. But, hopefully, the revised income tax norms will negate the negative impact in the long-term, he said. “While interest rates do have an effect on residential real estate sales, the fact is that the newly-revised income tax norms will negate any negative impact in the long-term,” Puri said. “In the last budget, the Finance Minister assured that the Direct Tax Code, which will be introduced in the next fiscal, will bring more money into the taxpayers’ pocket. This will help buyers to overcome the interest rate-hike,” he said. Considering the need for low-cost homes in India, the demand for affordable housing will sustain for decades to come, he said. “The shortfall in this segment, at this point in time, is still in the range of millions, and India’s ever-growing rate of urbanisation will act as a constant demand catalyst. However, both affordable and mid-income housing will continue on parallel paths, since they represent two entirely different and equally valid business propositions to developers,” Puri said. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 2:29 am Poland plunged into grief by death of presidentSmolensk: Russian investigators focused on the pilots’ last decisions as a plane crash which killed Poland’s president and wiped out its military leadership plunged the Polish nation into deep mourning on Sunday. Tens of thousands of people poured onto the streets of Warsaw and other Polish cities to show their grief after the jet came down in thick fog near the Russian city of Smolensk, killing 97 people including President Lech Kaczynski and a host of top state, military and religious officials. Poland started a week of national mourning and the president’s identical twin brother, former prime minister Jaroslaw Kaczynski, was among the first relatives to go to Russia to identify the victims. A nationwide minute of silence was to be held at midday. Russia ordered a day of national mourning on Monday. Russian Prime Minister Vladimir Putin is leading an official investigation into the crash on Saturday, but Russian officials have already said the Polish pilots ignored air traffic control warnings that they were too low. The Russian-built Tupolev Tu-154 jet was taking the presidential party to a memorial service for 22,000 Poles massacred by Soviet troops in World War II when it hit tree tops in fog while approaching Smolensk airport, officials said. The symbolism of the president’s mission to a country which has long been a rival of Poland only added to the national shock over the deaths. Tens of thousands of mourners gathered in front of the presidential palace in Warsaw and the nearby Pilsudski Square. They prayed, sang the national anthem, waved the red and white Polish flag and lay a carpet of candles and flowers in the national colours. Kaczynski’s populist nationalism often made him a divisive figure at home and in Europe. But the nation united in grief. “It’s my heart that told me to come here, I simply had to come,” said 45-year-old translator Anna Ciostek, who went to the square with her daughter and mother. Bronislaw Komorowski, the head of Poland’s lower house of parliament who took over as interim head of state, joined the throngs in Pilsudski Square. “The unprecedented scale of this tragedy is unique on a global scale,” he told AFP. “We have to deal with this very difficult problem, and we will deal with it.” Polish Prime Minister Donald Tusk and the late president’s twin brother went to the crash site late on Saturday where they were met by Russian Prime Minister Vladimir Putin. He returned to Warsaw on Sunday and cancelled a visit to Washington for a nuclear safety summit this week, as well as a following visit to Canada. The body of the president will be transported directly to Warsaw from the scene of the crash, RIA Novosti news agency said, quoting an unnamed local government source. The remains of the other victims will be sent to Moscow for identification, it added. Besides the 60-year-old head of state, the crash killed his wife Maria, Poland’s military chief of staff and the heads of the main services, its central bank governor, the deputy foreign and defence ministers, an archbishop and members of parliament. “Everything must be done to establish the reasons for this tragedy in the shortest possible time,” said Putin. The Tu-154 had already made three approaches to Smolensk airport when it crashed in the fog, according to witnesses and airport officials. At least one other plane had been diverted to another airport. The jet “clipped the tops of the trees, crashed down and broke into pieces,” regional governor Sergei Antufiev said. Lieutenant General Alexander Alyoshin, deputy head of the Russian air force, said the Polish pilots had ignored warnings from air traffic controllers that they were too low. “The head of the (air traffic control) group ordered the crew to return to horizontal flight, and when the crew did not fulfil the instruction, ordered them several times to land at another airport,” he said. “Nonetheless the crew continued to descend. Unfortunately this ended tragically.” Wreckage was scattered across a forest, but the black-box flight recorders were quickly found. The crash was only a few kilometers (miles) from the Katyn Forest where Kaczynski and his delegation were to have attended a memorial service for the Polish officers and troops killed in 1940 by Soviet troops acting on orders from Josef Stalin. The service was intended to help reconciliation between Poland and Russia, two decades after the end of the Cold War and the ensuing demise of communism. Polish communities around the world held their own special church services for the president and the European Union also declared Monday a day of mourning. Global leaders around the world expressed condolences to Poland. US President Barack Obama remembered “a distinguished statesman... widely admired in the United States as a leader dedicated to advancing freedom and human dignity.” German Chancellor Angela Merkel was “deeply shocked”, while French President Nicolas Sarkozy hailed Kaczynski as a man “driven by ardent patriotism, who dedicated his life to his country.” Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 2:15 am Simba plans toy factory in South IndiaWith a view to tap the enormous potential in the Rs 1,500-crore Indian toy industry, Germany's Simba Dickie Group plans to set up a manufacturing unit in south India by 2011, a top company official said.Source: India Business News | Business News - Times of India | 11 Apr 2010 | 1:47 am Banks unlikely to fix base rates at very low level: expertsMumbai: Banks are unlikely to fix their base rate at a very low level even though the Reserve Bank of India has given them the freedom to decide the methodology to arrive at their respective base rates, experts said on Sunday. “I do not think anyone can fix the base rate so low as the Reserve Bank has clearly said that the transparency aspect needs to be maintained in the lending process,” Care Rating Agency managing director and CEO, DR Dogra told the agency. According to Dogra, the likely base rate in the banking industry is likely to be in the range of 7% to 9%. To enhance transparency in lending, the Reserve Bank on Friday issued guidelines to replace the existing benchmark prime lending regime with base rate from 1 July, below which no bank can lend. RBI also gave time till December for banks to change and fine tune the method of calculating the new rate. Base rate of banks assumes significance as so far, banks used to lend much lower below their BPLR to their top rated corporate clients and to common customers at a much higher price, which invited the Reserve Bank’s attention to the issue. Given that banks are free to choose the methodology, which means they can benchmark the base rate even to a 14-days or 45-days deposit (means around 4% interest), there is a possibility that some banks may fix their base rate at very level, according to banking sources. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 1:17 am Sebi Irda battle it out? - Livemint
Source: Business - Google News | 11 Apr 2010 | 1:15 am Govt for SAIL-Posco deal by May-endSAIL and South Korea's Posco may seal a deal by the end of next month to set up an estimated Rs 15,000 crore steel plant in Jharkhand with the government offering all support to expedite the project.Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 1:04 am Videocon eyeing Philips' consumer products biz in IndiaDiversified conglomerate Videocon Industries is understood to be making moves to acquire consumer electronics business of Philips India.Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 12:55 am Ogilvy wins big in GoafestMumbai: The fiftth edition of India’s premier advertising festival Goafest 2010 ended with ad agency Ogilvy& Mather winning most metals at the Creative Abbys. Ogilvys tally came up to 43 metals in total. They bagged three golds, nine silvers and thirty bronze. What’s noteworthy was the Grand Prix which equals to Goafest’s best of show, which went again to Ogilvy for their work on Zoo Zoo’s, the animated characters created for Vodafone.  Traditionally print and outdoor have seen the highest number of entries. There was a marginal drop in their entries this time around. Print saw 752 entries while last year, the festival had seen 840 entries for print. Outdoor saw 964 entries this year, versus 1140 entries the previous year. But digital saw a manifold growth. It got 295 entries this year, versus 65 last year.” Source: Home - Livemint.com | 11 Apr 2010 | 12:46 am Sebi Irda battle it out?The capital market regulator, Securities and Exchange Board of India (Sebi) clarified exclusively to Mint that it aims to cover Life Insurance Corporation (LIC)- India’s largest insurance company- and eight of the remaining insurance companies whose names did not feature in an order it issued on 9 April 2010 that bans them from selling, advertising or marketing unit-linked insurance plans (Ulips). Says K.N. Vaidyanathan, executive director, Sebi: “Out of 23 insurance companies, 14 companies have been served a notice, where we had competed the investigation and the member (Prashant Saran who passed this Sebi order) had come to the conclusion.” Sebi is presently evaluating ther companies, he said, though they have already been sent a copy of this Sebi order, “for their their reference and appropriate action.” S B Mathur, secretary general, The Life Insurance Council - an industry association of life insurers - said in an interview on CNVB-TV18 that insurance companies will meet the Life Insurance Council on the morning of 12 April, to decide their further course of action. Speaking to Mint exclusively, J Hari Narayan, chairman, Irda said, “The Sebi order is anti-policy holders. So, I am directing the 14 insurance companies to continue selling ULIP products, notwithstanding the Sebi order. We are not proceeding against Sebi. The ball is in Sebi’s court now.” Irda has responded to Sebi in its press release that asks insurance companies to keep selling “in accordance with the Insurance Act, 1938, Rules, Regulations and Guidelines issued thereunder by the IRDA.” In an order that Sebi passed late in the night of 9 April, it banned 14 insurance companies, including HDFC Standard Life Insurance Company Ltd, Aviva Life Insurance Company Ltd, Birla Sun Life Insurance Company Ltd, from selling ULIPs. It said that under section 11 of the Sebi Act, any firm that runs a collective investment scheme must get a prior approval from Sebi. It concluded that since Ulips are a combination of investment and insurance, companies offering Ulips must seek Sebi’s prior approval before investing their corpuses into the equity markets, which is regulated by Sebi. Interestingly, though Sebi has banned these insurance companies from accepting fresh or additional money through Ulips (including existing ones), the order also seems to indicate that this ban will be eased once insurance companies seek Sebi’s approval for such policies that combine insurance with investment. In other words, just like currency futures as a hedging instrument that is governed both by the Reserve Bank of India (RBI; India’s banking regulator that oversees currency matters) and the Sebi (that overlooks stock exchanges on which currency futures are traded), Sebi also intends to overview ULIPs as they collect money from investors and invest in the stock markets, in addition to Insurance Regulatory Development Authority (Irda)- the insurance regulator- for Ulip’s insurance portion. If insurance companies keep selling they will be violating a quasi-judicial order and Sebi may take them to court. Source: Home - Livemint.com | 11 Apr 2010 | 12:42 am Indian drugmakers gear up to challenge frivolous MNC patentsLeading domestic drugmakers have decided to collectively challenge frivolous patent applications filed by multinationals in India under the aegis of the Indian Pharmaceutical Alliance.Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 12:41 am Industrial growth to be in double digits in Feb: economistsNew Delhi: Industrial growth is likely to continue its double-digit run for the sixth consecutive month in February in the range of 14-16%, despite a poor show by the six core segments, say economists a day before the release of the data. Crisil principal economist D K Joshi said industrial growth is likely to be 14% in February, with consumer durables and capital goods as the key drivers. Axis Bank economist Saugata Bhattacharya pegged the growth at 16%. He also believed that consumer durables would lead the industrial expansion, but said intermediate goods would be another prime driver. Industrial production expanded 16.7% in January. The February figures could be lower than January’s because of the dismal performance of the six core segments, which constitute over 25% of the index of industrial production (IIP), Joshi said. Growth of the six key infrastructure sectors slowed to 4.5% in February against a robust 9.4% in January, prompting many economists to raise doubts over the sustainability of high economic growth rate. Industrial growth in January was a tad slower than December’s 17.6%. It was for the second month in January that industrial growth was more than 15% and fifth month in a row that it was in double digits. Consultant firm Deloitte India senior director Kumar Kandaswami said industrial recovery is not narrow, even though some sectors are showing lower growth. Some sectors like leather products, vegetable fibre textile, including jute, and food products are still showing negative growth. He said stimulus packages provided by the government to blunt the impact of the global financial meltdown was only partly responsible for the recovery as there are some fundamental rise in demand that have supported the growth. After Indian economy came under the ripple effects of the collapse of the US financial services icon Lehman Brothers in the middle of September, 2008 and industrial growth started turning negative from October, the Government cut duties and stepped up public expenditure to revive the economy. The economic growth slowed down to 6.7% during 2008-09, from 9% in the previous three years. After the stimulus measures started yielding results, the Central Statistical Organisation has estimated the economy to grow by 7.2% during 2009-10. This fiscal, Prime Minister Manmohan Singh has expected the economy to grow by 8.5% and nine per cent next fiscal. Source: Home - Livemint.com | 11 Apr 2010 | 12:27 am 8 of top-10 cos add Rs26k cr in m-cap; RIL major gainerMumbai: In the week that saw the benchmark index Sensex scaling new heights, eight out of the top 10 companies added over Rs26,000 crore to their market capitalisation, with Reliance Industries emerging as the top gainer. State-run oil firm ONGC and top outsourcing firm TCS, however, together lost Rs 7,102.96 crore from their market capitalisation (m-cap) for the week ended April 9. During the week, the 30-share index of the Bombay Stock Exchange (BSE) touched a 25-month high of 18,047.86 points but closed a tad lower at 17,933.14 points, yet gaining 1.23% at the end of Friday’s trade. Reliance Industries, the numero uno in the list, saw its valuation surging by Rs 9,913.6 crore to end the week at Rs3,67,573.24 crore. RIL surged nearly 3% to close at Rs1,123.95 on the BSE at the end of the trade. Oil major ONGC, which is the second largest scrip by m-cap, however, lost Rs 4,128.02 crore from its valuation, while power producer NTPC, at third spot, saw its m-cap swelling by Rs3,009.59 crore. ONGC’s m-cap stood at Rs2,27,928.68 crore, while NTPC’s valuation rose to Rs 1,74,391.48 crore. Trading firm MMTC and leading outsourcing firm TCS shuffled their earlier positions with each other. MMTC inched up to the fourth place from fifth after adding Rs745.5 crore to its m-cap, while TCS slipped to the fifth spot after losing Rs2,974.94 crore from its m-cap. It can be noted that the IT counters had a bad week last week as investors had been selling the IT stocks following the steep rise in the rupee against the dollar. The total market valuation of MMTC stood at Rs1,58,615 crore and TCS saw its valuation dipping to Rs1,55,117.89 crore. IT bellwether Infosys Technologies, however, bucked the trend and added Rs 427.5 crore to its m-cap to occupy the sixth slot, as investors are betting on a better-than-expected Q4 earnings by the company. Infosys will announce its fourth quarter results on 13 April. The country’s largest public sector lender SBI, which was at the seventh spot added Rs180.94 crore to its valuation. Infosys saw its valuation surging to Rs1,53,717.77 crore while SBI’s m-cap swelled to Rs1,33,740.65 crore during the week. State-run power equipment supplier Bhel, at the eighth spot, added Rs 7,080.91 crore to its m-cap and and mining giant NMDC, at the ninth position, saw its valuation surging by Rs2,676.18 crore. The total market valuation of Bhel stood at Rs1,25,500.69 crore and NMDC at Rs1,19,535.71 crore. Telecom leader Bharti Airtel saw its valuation swelling by Rs2,240.53 crore, taking its total m-cap to Rs1,16,982.6 crore. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 12:17 am Delhi’s rich heritage, swanky business hubs big draw for foreignersNew Delhi: Delhi with its rich heritage sites, modern healthcare centres and swanky business hubs emerged as the favourite destination among foreign tourists including business travellers in 2008, a study has revealed. According to the latest data on state-wise tourist arrivals available with Ficci, a total of 23.4 lakh foreigners visited Delhi in 2008. The total foreign tourist arrivals (FTAs) in India during the period was 53.6 lakh. At the second spot, Maharashtra was close with 20.6 lakh visitors, followed by Tamil Nadu, Uttar Pradesh and Rajasthan, the Ficci-Evalueserve study on India Inbound Tourism said. Mumbai and Pune are the biggest attraction among foreigners in Maharashtra, which is the third largest state. While Tamil Nadu is famous for its beaches, hill stations, heritage sites, temples and wildlife, Uttar Pradesh is a popular destination due to the presence of religious and historical sites including the world famous Taj Mahal. The study said one-third of foreign tourist visiting India travel to Rajasthan, which is known for palaces, art and culture. The North-east region -- Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura -- which offers numerous leisure and adventure is emerging as a significant FTA destination. Meanwhile, another study by FICCI-Evalueserve said the medical tourism sector was not affected in 2009 even when the FTAs to India declined to 51.6 lakh from 53.6 lakh in 2008. FTAs in 2009 declined primarily due to the global economic slowdown and Mumbai terror attacks, it said. “The reasons are not far to seek. All medical procedures, including hospitalisation and recover costs are relatively low in India as compared to Europe and America,” it said. The number of medical tourists in India is expected to reach 10 lakh by 2012, with India’s share in the global medical tourism industry reaching 2.4%. The domestic market is likely to reach Rs 4,400 crore by 2012, the study said. Source: LatestNews-Home - Livemint.com | 11 Apr 2010 | 12:15 am MSEs running below capacity due to fund shortage: AssochamIndustry chamber Assocham has called for setting up a separate fund for the micro and small enterprises sector to ensure better flow of finances to them, as most of these units are able to utilise only 70 per cent of their capacity for want of funds.Source: HindustanTimes.com - Top Business News Headlines | 11 Apr 2010 | 12:07 am U.S. wants constructive talks on China's currencyBOAO, China (Reuters) - The United States wants constructive not confrontational talks with China about the value of its currency, a top State Department official said of an issue that has added to recent Sino-U.S. strains.Source: Reuters: Money News | 11 Apr 2010 | 12:01 am Now, Maharashtra plans ‘green tax' on vehicles?To maintain a car or a commercial motor vehicle is going to get more expensive in Maharashtra, with the State Government planning to introduce a ‘green tax' on commercial vehicles that are more than seven years old and on non-commercialSource: Business Line - Home Page | 11 Apr 2010 | 12:00 am SEBI's order seen as a investor protection moveIn trying to establish its part-jurisdiction over ULIPs, is the ultimate aim of Sebi to shave off commissions on ULIPs which are as high as 30 per cent, and which have given them a colossal advantage over mutualSource: Business Line - Home Page | 11 Apr 2010 | 12:00 am Supporting ‘Robin Hood tax' in a different way!Looking for a new way to change the world? Dress as many people up as Robin Hood ofSource: Business Line - Home Page | 11 Apr 2010 | 12:00 am 3G bidding quiet on Day 2Bidding for third generation (3G) spectrum on Day 2 of the auction continued to be restrained with the value for pan-India airwaves moving up by just Rs 172 crore to Rs 4,085 crore. This is 16.7 per cent higher than the initial base price of RsSource: Business Line - Home Page | 11 Apr 2010 | 12:00 am Coke to fund Chennai lake revival in water recharge effortHindustan Coca-Cola Beverages Pvt Ltd (HCCB) has launched a project to rejuvenate the 1,000-acre Nemam Lake in Tiruvallur district, nearSource: Business Line - Home Page | 11 Apr 2010 | 12:00 am Insurance regulator asks cos to continue selling ULIPsIn a late Saturday night order the Insurance Regulatory Authority of India asked insurance companies to go ahead and sell unit-linked insurance plans, notwithstanding the Friday order of Securities and Exchange Board of India banning 14 firmsSource: Business Line - Home Page | 11 Apr 2010 | 12:00 am Major fire at Concor's Tughlakabad depotContainer Corporation of India (Concor), which lost 175-200 containers in a fire accident at its inland container depot (ICD) in Tughlakabad here on Saturday, is all set to resume normal operations fromSource: Business Line - Home Page | 11 Apr 2010 | 12:00 am Exporters may get more sops; Com Min review underwayThe government is mulling granting more incentives to exporters as part of its strategy to take exports to $200 billion in the current fiscal.Source: HindustanTimes.com - Top Business News Headlines | 10 Apr 2010 | 11:59 pm Plan panel estimate on BPL families in 10 days: MontekNew Delhi: The Planning Commission is expected to submit its estimate on the number of below the poverty line (BPL) families within 10 days to the government, which will help it finetune the food security bill. “We will have it within 10 days,” Planning Commission deputy chairman Montek Singh Ahluwalia told PTI. He added that the Commission is examining the Tendulkar committee report, which had projected the number of BPL families at about 8 crore, up from the Plan panel’s earlier estimate of 6.5 crore. The number of BPL households, Ahluwalia added, could be somewhere between 7.5 crore and 8 crore which would be in line with the Tendulkar report. An empowered group of ministers (EGoM) has asked the Commission to provide exact definition of BPL families who would be entitled to a specified quantity of rice or wheat every month, under the proposed food security Bill. The EGoM has cleared the Bill on March 18 but the same was sent back to it amid speculation that UPA chairperson Sonia Gandhi wanted some key changes in the draft. These included raising the quantity of highly subsidised rice or wheat to 35 kg per month for each BPL family, from 25 kg proposed in the draft Bill, and widening the scope of the beneficiaries to women, children and other sections of the society who don’t figure in the official BPL list. Ahluwalia said, however, that the BPL household numbers would be nowhere near 11 crore or so that have been suggested by some states. He said various other estimates on the BPL household numbers are completely arbitrary and do not adopt any methodology. “My own view is that the Tendulkar report has produced a workable outcome.” Ahluwalia said if the Tendulkar line is accepted by the government, after the Commission sends in its views, the number will go up to “may be 7.5 to 8 crore. That depends on how you calibrate.” The Plan panel head admitted that there would be definitely an increase in the number of BPL families. He, however, said bringing in more households under the BPL list will not mean that the poverty in the country has increased. “It’s not that poverty has increased... He (Tendulkar) has changed the poverty line so that more people are below the poverty line.” In fact, Ahluwalia said trends indicate that the poverty in the country is going down. Source: LatestNews-Home - Livemint.com | 10 Apr 2010 | 11:45 pm Indian cos likely to lay out jobs bonanza in FY 11: expertsNew Delhi: A windfall awaits those looking for lucrative employment avenues with just four sectors --IT, telecom, banking and healthcare -- expected to generate over five lakh jobs by March next year, experts said. According to experts at various global consulting firms, financial year 2010-11 comes with huge job opportunities across sectors and different hierarchical levels in companies. “Banking, telecom, IT are the top three sectors where hiring intensity and volumes are significant. The overall hiring for IT & ITes sector is expected to be 1,50,000 professionals for fiscal 2011,” Kelly Services’ managing director Kamal Karanth told PTI. Both, global consultancy Ernst & Young and workforce solutions provider Kelly Services, expect telecom sector to generate over one lakh jobs this fiscal. Kelly Services expects healthcare and banking sectors to provide around 2.5 lakh and 40,000 jobs, respectively in FY 11. “Some other sectors that are likely to lead hiring in 2010 include pharma, FMCG and education as these sectors are facing a talent crunch at present,” E&Y partner and national head (People & Organisation) N S Rajan said. The experts believe that hiring would be also be robust across sectors such as real estate, retail trade sector and manufacturing among others. “Overall hiring is likely to remain bullish with positive business outlook for most companies. In manufacturing sector including the auto and auto ancillary sectors, around 25 lakh jobs are likely to be created,” staffing firm TeamLease VP Rajesh AR said. Another HR services provider Kenexa’s director (India RPO) Ray Pereira said, “we see a lot of hiring happening in sectors like healthcare, hospitality & travel and real estate. Considerable hiring is also seen in manufacturing, education and consultancy services.” According to Kelly Services, job seekers in the services, public administration, education, mining and construction, finance, insurance, real estate and the wholesale and retail trade sector, could look forward to the most favorable hiring environment in current fiscal. Source: Home - Livemint.com | 10 Apr 2010 | 11:31 pm India Inc likely to lay out jobs bonanza in FY 11: ExpertsA windfall awaits those looking for lucrative employment avenues with just four sectors --IT, telecom, banking and healthcare -- expected to generate over five lakh jobs by March next year, experts said. Source: HindustanTimes.com - Top Business News Headlines | 10 Apr 2010 | 11:26 pm About 100 crorepatis in Rajya Sabha; Rahul Bajaj richestNew Delhi: About 100 Rajya Sabha members have declared their assets worth more than Rs1 crore with independent Parliamentarian from Maharashtra Rahul Bajaj being the richest. According to an analysis by an NGO, renowned industrialist Bajaj has declared his movable and immovable assets worth over Rs300 crore followed by Janta Dal (Secular) MP M A M Ramaswamy (Karnataka) and T Subramani Reddy of Congress (Andhra Pradesh) who have declared assets of more than Rs278 crore and Rs272 crore respectively. Samajwadi Party’s Jaya Bachchan from Uttar Pradesh and expelled SP leader Amar Singh have admitted wealth of Rs215 crore and Rs79 crore respectively, the data said. The analysis was done by Association of Democratic Reforms (ADR) and National Election Watch (NEW), an umbrella body of about 1,200 NGOs worldwide, after analysing self-sworn affidavits filed by 219 members at the time of their elections to Rajya Sabha by exercising Right to Information Act. According to the data, a total of 98 MPs have declared their assets worth crores and 37 MPs have pending criminal cases against them. Congress has the highest of seven MPs with pending criminal cases followed by six from BJP and four each from BSP and Shiv Sena. Interestingly, two Rajya Sabha MPs -- CPI’s D Raja from Tamil Nadu and Saman Pathak of CPI(M) from West Bengal -- have declared zero (0) assets. CPI(M) Parliamentarian Brinda Karat from West Bengal has declared assets worth Rs1.74 lakh and Revolutionary Socialist Party’s Abani Roy (West Bengal) Rs72,000. The highest of 33 crorepatis are from Congress, 21 from BJP and seven from Samajwadi Party, it said. The association also made an analysis of education details of the members. Out of the 219 Rajya Sabha MPs, whose affidavits were analysed, 179 are graduates, 18 are class XII qualified, 11 are high school passed and two have attended school only till class eight. Commenting on the analysis, L C Jain, former member Planning Commission and member of national election watch said, “The entry of people with criminal cases is an assault on the dignity of the Upper House.” Source: LatestNews-Home - Livemint.com | 10 Apr 2010 | 11:00 pm Insurance companies can reject claim for understating ageThe commission said a person's age could rightly be determined from his school certificate rather than on the basis of entry registered in the licence as the former have higher evidentiary value.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 10:49 pm Hike of over 2% in home-loan rates to affect realty sectorRising inflation is a worry as it would set the stage for further monetary tightening by regulators. But, hopefully, the revised income tax norms will negate the negative impact in the long-term.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 10:34 pm Insurance co can reject claim for understating ageAn insurance company can reject a claim if the policy holder had understated his age at the time of joining the scheme, the National Consumer Commission has held.Source: HindustanTimes.com - Top Business News Headlines | 10 Apr 2010 | 10:32 pm RBI may lift CRR, rates by 0.25-0.5% on April 20: BankersGrowing concerns about runaway inflation and signs of stable economic recovery may prompt the RBI from taking this step.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 10:27 pm 3G bids inch up on second day of auctionNEW DELHI (Reuters) - Bids rose on the second day of India's multi-billion dollar third-generation (3G) auction, with one provisional winning bid for national cover touching 40.85 billion rupees ($922 million), or about a 17 percent premium to the base price, government data showed.Source: Reuters: Money News | 10 Apr 2010 | 10:26 pm EPFO ups life insurance benefit - Economic Times
Source: Business - Google News | 10 Apr 2010 | 10:22 pm Cooperation in a three-speed recoveryWASHINGTON (Reuters) - The synchronized global recession has given way to a three-speed recovery, raising questions about how well the world will work together to ensure the recovery stays on track.Source: Reuters: Money News | 10 Apr 2010 | 9:13 pm U.S. regulators consider 2nd find against ToyotaDETROIT (Reuters) - U.S. safety regulators may seek a second penalty against Toyota Motor Corp for knowingly delaying a massive recall over defective accelerator pedals, after imposing a record $16.4 million fine against the automaker on Monday.Source: Reuters: Money News | 10 Apr 2010 | 9:11 pm Paramount Airways vouches to offer business class comfort at no-frill prices - Economic Times
Source: Business - Google News | 10 Apr 2010 | 6:00 pm Day 2: 3G auction closes at Rs 4085cr - Times of India
Source: Business - Google News | 10 Apr 2010 | 4:08 pm IRDA: Life insurers can continue ULIP businessIRDA chairman J Hari Narayan has asked all the 14 companies to continue with their business as usual, "notwithstanding the order of Sebi."Source: India Business News | Business News - Times of India | 10 Apr 2010 | 4:04 pm Day 2: 3G auction closes at Rs 4,085crThe second day of bidding by nine telecom operators for three slots of pan-India 3G spectrum saw a closing price of Rs 4,085 crore for all circles, up from Rs 3,980 crore on Friday.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 3:59 pm Dravid, Uthappa power RCB to comfortable win over KKRBangalore: Rahul Dravid (52) and Robin Uthappa (52) smashed breezy half-centuries to script Royal Challengers Bangalore’s clinical seven-wicket win over Kolkata Knight Riders and brought their Indian Premier League campaign back on track on Saturday night. Bangalore have not only enhanced their semifinal chances with this win as they have moved to number two in the points table but also made life tough for their rivals, as now they need to win all three remaining games to stand any chance to finish among top four. Chasing a modest 161 to win, the hosts overhauled the target with 17 balls to spare as Uthappa unleashed a flurry of boundaries to finish off the game for the hosts in a hurry after Dravid set it up with a brilliant knock. Earlier, Kolkata Knight Riders huffed and puffed to 160 for nine after a sensational start, squandered by a middle-order collapse, at M Chinnaswamy stadium. Brendon McCullum (45), Chris Gayle (34) and Sourav Ganguly (33) batted well for the Kolkata after being sent in to bat but their middle-order put up a pathetic show. Paceman R Vinay Kumar (3/23) did well for Bangalore by striking regularly which turned the tide in the favour of his side. In Bangalore’s chase Uthappa’s breathtaking 22-ball unbeaten knock had five sixes and three fours while Dravid’s 35-ball knock had five fours and two sixes.  Royal Challengers Bangalore’s Robin Uthappa plays a shot during the IPL T20 match against Kolkata Knight Riders at Chinnaswamy stadium in Bangalore on Saturday. Shailendra Bhojak/PTI Dravid hit the ball clean and hard and found the gaps with precision and also hit two sixes off Ajit Agarkar. He raised 72 runs (53 balls) in association with S Sriram (27), who replaced Manish Pandey in the team. When Uthappa trudged in, RCB required 77 runs in 9.2 overs. The stocky Bangalorean made short work of the target, taking Ishant Sharma and Ajantha Mendis to the cleaners with his power-hitting. If Ishant conceded 17 runs in his fourth over, Mendis went for 18 as Uthhapa smote the finger spinner into the mid-wicket stands with stunning reverse sweep. Uthappa and Ross Taylor (14 not out) produced a blistering 62 runs in just 23 balls to bury Knight Rider’s challenge. Earlier, at one stage, Kolkata were placed comfortably at 101 for one in 11 overs, looking for a huge score, but the whole script changed as the visitors struggled to keep wickets in hand. Kolkata got off to a rollicking start with Ganguly and Gayle going hammers and tongs right from the word go. They had galloped to 52 in barely 32 balls when Kallis produced the much-needed breakthrough for Bangalore. Venturing to hit the burly fast bowler over the top, Gayle holed out to Dravid at covers but not before hitting six fours and a six in his 15 ball cameo.  McCullum continued to slay the RCB attack, keeping the run-rate at around nine. But his dismissal, caught by Vinay Kumar at square leg off Kumble, stopped the visitors in their tracks. The Kiwi batsman hit five fours and two sixes in his crucial knock but did not get any support from his middle-order colleagues as the batsmen came and went in hurry. Vinay Kumar and Kallis (2 for 31) bowled extremely well to ensure that their rivals do not build on a solid start. SCORE BOARD Royal Challengers Bangalore S Sriram b Ashok Dinda 27 J Kallis ct Chris Gayle b Ashok Dinda 8 R Dravid ct Ajit Agarkar b Angelo Mathews 52 R Uthappa not out 52 R Taylor not out 14 D Steyn - - A Kumble - - V Kohli - - C White - - P Kumar - - V Kumar - - Total: 164/3 17.1 overs Kolkata Knight Riders 160 / 9 ( 20.0 ) RR: 8.00 S Ganguly ct Anil Kumble b Vinay Kumar 33 C Gayle ct Rahul Dravid b Jacques Kallis 34 B McCullum ct Vinay Kumar b Anil Kumble 45 M Tiwary ct Cameron White b Jacques Kallis 0 A Mathews ct Ross Taylor b Vinay Kumar 1 W Saha ct Vinay Kumar b Dale Steyn 13 C Pujara runout (Jacques Kallis) 16 A Agarkar not out 6 A Dinda runout (Robin Uthappa) 0 I Sharma ct Robin Uthappa b Vinay Kumar 0 A Mendis not out 1 Total: 160/9 20 over Source: LatestNews-Home - Livemint.com | 10 Apr 2010 | 1:45 pm SEBI, IRDA fight may go to courtThe fight between the market regulator Securities and Exchange Board of India and the insurance regulator Insurance Regulatory and Development Authority over the unit linked insurance products (ULIPs) intensified on Saturday and is likely to enter the courtroom.Source: HindustanTimes.com - Top Business News Headlines | 10 Apr 2010 | 1:04 pm Corbett mulls special tiger policeAmid mounting concern over the dwindling population of tigers in the country, a special tiger protection force has been mooted in the Jim Corbett National Park in Uttarakhand. The force will assist the staff of the countrys oldest national park in reducing the poaching risk to the endangered animal.Source: Business Standard | Front Page Headlines | 10 Apr 2010 | 1:00 pm Polish president, top officials killed in crashPoland's President Lech Kaczynski, its central bank head and the country's military chief were among 96 people killed when their plane crashed in thick fog on its approach to a Russian airport on Saturday.Source: Business Standard | Front Page Headlines | 10 Apr 2010 | 12:59 pm Bid for 3G continues on Day 2 of auction in DelhiOn Saturday, the maximum pan-India bid price touched Rs 4085 crore, up from Friday's Rs 3919 crore.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 12:58 pm 3G bids move higher on day twoThe second day of the auction of 3G spectrum saw greater interest from bidders with the pan-India licence reaching a bid of Rs 4,085.23 crore, 16.72 per cent higher than the base price of Rs 3,500 crore. The first day of 3G auction had seen the price go up to Rs 3,913 crore.Source: Business Standard | Front Page Headlines | 10 Apr 2010 | 12:58 pm Irda asks insurers to ignore Sebi ban on UlipsInsurance Regulatory and Development Authority (Irda) today asked 14 life insurance companies to ignore Securities and Exchange Board of Indias (Sebis) ban on renewal and sale of unit-linked insurance plans (Ulips) as it was not in public interest.Source: Business Standard | Front Page Headlines | 10 Apr 2010 | 12:54 pm Why the RBI should let the rupee flyA productive economy cannot be built by tethering the currency to the vested interests of uncompetitive producers.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 12:52 pm No immediate plans to enter low-cost segment: Maruti - Hindu Business Line
Source: Business - Google News | 10 Apr 2010 | 12:31 pm Invest in State, Stalin tells industrialists - The Hindu
Source: Business - Google News | 10 Apr 2010 | 12:27 pm Eurogroup telecon to discuss Greece safety net SundayBRUSSELS/ATHENS (Reuters) - Euro zone finance ministers will hold talks on Sunday to detail how a safety net for Greece would work, European officials said on Saturday, as Greece's prime minister indicated Athens may use the mechanism if necessary.Source: Reuters: Money News | 10 Apr 2010 | 12:12 pm Denying promised holiday an offenceTime-sharing of resorts is quite popular in several countries. Europe, for example, has an estimated 1,500 such holiday resorts. But Europe also has a regulation to protect consumers from unfair and unethical practices adopted by time share companies. Source: HindustanTimes.com - Top Business News Headlines | 10 Apr 2010 | 12:12 pm Irda locks horns with Sebi, asks insurers to keep selling UlipsIrda's order comes within 24 hours of Sebi banning 14 insurers, including those belonging to the Tatas, Reliance Anil Ambani Group, SBI, ICICI Bank and HDFC among others from raising the funds through Ulips.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 11:32 am SEBI bars 14 insurers from issuing ULIPs; IRDA respondsNEW DELHI (Reuters) - The Securities and Exchange Board of India (SEBI) has barred 14 life insurance companies in India from issuing unit-linked insurance products (ULIPs) with immediate effect, according to a notice posted on its website.Source: Reuters: Money News | 10 Apr 2010 | 11:22 am IRDA rejects ULIP ban, asks insurers to do biz as usualIn a piquant situation, insurance regulator Irda today rejected the market regulator Sebi's ban on life insurance companies to raise funds through unit-linked insurance policies and asked them to do business as usual.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 10:51 am Bharti to work with Ericsson, Nokia Siemens on 3GLeading Indian telecommunications carrier Bharti Airtel will work with its existing equipment suppliers when it builds its 3G mobile network following a longdelayed auction, a top executive said.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 10:17 am Sun Pharma gets US nod for Namenda genericIndian drugmaker Sun Pharmaceuticals said on Saturday its unit had received tentative US regulatory approval to market a generic version of Forest Laboratories\' Namenda tablets.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 10:17 am IMF warns high public debt "tremendous" challengeCAMBRIDGE, England (Reuters) - IMF chief Dominique Strauss-Kahn said on Saturday that public debt in the advanced economies is set to increase significantly and reversing the rise would be a "tremendous" challenge.Source: Reuters: Money News | 10 Apr 2010 | 10:06 am Need to revisit financial sector rules: FM - Business Standard
Source: Business - Google News | 10 Apr 2010 | 10:00 am DBS CEO, who joined in Nov, earned $3m in two monthsThe new chief executive of Singapore\'s DBS, who joined in November last year, received S$4.2 million (USD 3.02 million) in his first two months in the job as his pay package was boosted by bonus shares.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 9:48 am Life insurance companies to meet on ULIP ban on MondayAgainst the backdrop of Sebi banning 14 life insurers from selling ULIPs, the insurers are likely to meet here on Monday to discuss their future course of action against the order.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 9:30 am ULIP issue a matter between two regulators: Finance secretaryThe finance ministry has said it will not interfere in the matter of SEBI banning 14 life insurers from raising funds from the market for the unit-linked insurance plans.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 9:12 am How the US cracked open secret vaults at UBS: ReportAfter the collapse of Lehman Brothers in September 2008, Switzerland\'s largest bank was teetering. UBS, which was more than three times bigger than Lehman in terms of assets, had to write down some U50 billion during that tumultuous period.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 9:11 am Sebi asks brokers body to bring out code of ethicsThe Securities and Exchange Board on Saturday asked stock brokers body Association of National Exchanges Members of India (ANMI) to come out with a code of ethics in a year's time. Source: HindustanTimes.com - Top Business News Headlines | 10 Apr 2010 | 8:24 am Eurogroup to hold teleconference on Greece SundayEuro zone countries have pledged to lend to Greece if the debt-stricken country cannot finance itself in the market.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 7:58 am Nokia Siemens starts manufacture of 3G products locallyNokia Siemens Networks on Saturday said it has started manufacturing 3G products locally in India at its Chennai facility and would invest Rs 105 crore over the next two years.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 7:57 am Nokia Siemens commence manufacture of 3G products locallyWith this move, Nokia Siemens Networks has become the first Telecommunication infrastructure vendor to manufacture 3G products locally, company officials said.Source: Daily News & Analysis: Money News | 10 Apr 2010 | 7:55 am Bharti Airtel to work with network partners on 3GIndian telecommunications carrier Bharti Airtel will work with its existing equipment suppliers when it builds its 3G mobile network following a longdelayed auction for 3G licenses, a top executive said.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 7:48 am Suzlon bullish on China despite cost pressuresCompetition has got tougher for foreign wind power manufacturers in China, but Indian turbine maker Suzlon Energy still expects to increase its market share as it further cuts costs, the company\'s managing director said.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 7:48 am BHEL to pick up 25% stake in Karnataka power projectThe state-run BHEL and Karnataka State Electricity Board are likely to soon announce a Rs 9,000 crore joint venture project to set up a 1,600-mw power plant in the state.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 7:20 am RILAtlas Energy JV: Scott Hanold analyses deal potentialAtlas Energy has announced a USD 1.7 billion Marcellus Shale joint venture with Reliance Industries. The former is a key Marcellus Shale gas producer in the US.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 6:23 am 3G auction: Experts see intense bidding aheadThe much anticipated 3G auctions kicked off yesterday. In an exclusive interview with CNBCTV18, Jaideep Ghosh, ED, KPMG and Nitin Gupta, Partner, EY, talk about 3G auctions and give their outlook going forward.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 6:20 am Maruti to launch new WagonR by month-endThe country's largest carmaker Maruti Suzuki India today said it has invested Rs 290 crore in upgrading its hatchback WagonR that will be rolled out from a new platform with a new engine by end of this month.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 5:56 am President asks PSUs to be partners in agriculturePresident Pratibha Patil on Saturday asked the public sector units to partner the agricultural sector to enhance the country's farm productivity.Source: India Business News | Business News - Times of India | 10 Apr 2010 | 5:27 am Energy Devt Co gets order worth Rs 31 croreEnergy Development Company Ltd, engaged in the generation of electricity and infrastructure contracts, said on Saturday it has won a twoyear contract worth Rs 31 crore for construction and replacement of bridges in Tripura.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 5:11 am Microsoft says committed to China despite Google pull-backBOAO, China (Reuters) - Microsoft remains strongly committed to China, even after Google's recent decision to shutter the China-based version of its search engine over censorship issues, a top executive said.Source: Reuters: Money News | 10 Apr 2010 | 4:54 am DB Corp board approves restructuringNewspaper publisher DB Corp Ltd said on Friday it will demerge its FM Radio business and merge Bhaskar Publication Allied with itself.Source: Moneycontrol Top Headlines | 10 Apr 2010 | 4:40 am Bharti to work with Ericsson, Nokia Siemens on 3GBOAO, China (Reuters) - Leading Indian telecommunications carrier Bharti Airtel will work with its existing equipment suppliers when it builds its 3G mobile network following a long-delayed auction, a top executive said.Source: Reuters: Money News | 10 Apr 2010 | 4:27 am Yuan rise still on cards despite rare trade deficitBEIJING (Reuters) - China recorded its first monthly trade deficit in six years, but a customs official called the shortfall a blip and economists doubted it would stand in the way of a resumption in the yuan's rise before long.Source: Reuters: Money News | 10 Apr 2010 | 2:29 am
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