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Petron Engineering eyes Rs 750cr turnover in FY11In an interview with CNBCTV18, TS Das, MD, Petron Engineering, speaks about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 7:55 am Lalit Modi to face BCCI probe: SourcesA threemember Board of Control for Cricket in India (BCCI) interim probe committee will launch an independent investigation into the alleged irregularities committed by IPL commissioner Lalit Modi, reports CNBCTV18 quoting sources.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 7:31 am Price hike effect on Inidan cos to be lesser: NMDCRana Som, CMD, NMDC said that impact of this price rise would be lower for domestic customer, at about 7374%, given the appreciation of the rupee.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 7:30 am Omaxe to start Rs 65cr AIIMS project next monthReal estate development and construction company Omaxe has bagged a Rs 64.8 crore contract for building the All India Institute of Medical Sciences (AIIMS), at Rishikesh, Uttarakhand. Confirming the same its Chairman and Managing Director Rohtas Goel said the project would start next month.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 6:22 am Tata, RIL among world`s 50 most innovative companies!Two Indian corporate giants, Tata Group and Reliance Industries, have made to a new list of world`s 50 most innovative companies, but it is US-based Apple Computer sitting on the top.Source: Zee News : Business | 19 Apr 2010 | 6:15 am US sees 50 bank collapses in `10; eight fold up in one day!Pushing the total count of American bank failures to 50 so far this year, eight entities collapsed in a single day last week.Source: Zee News : Business | 19 Apr 2010 | 6:15 am GMR Infra to use QIP proceeds for expansion in power, roadGlobal real estate developer GMR Infrastructure recently raised USD 315 million via a QIP issue. Originally the company planned to mop up USD 250 million from the issue. The proceeds of the same would be used for expansion in power and roads, said its Group Chief Financial Officer A Subba Rao.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 5:24 am Expect underrecovery compensation by May 2010: IOCIndian Oil Corporation is hopeful of getting compensated for underrecoveries by May 2010. Speaking to CNBCTV18, directorfinance of IOC SV Narasimhan said the FY11 projected underrecoveries stand at Rs 80,000 crore.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 5:16 am METALS-Risk aversion knocks copper after Goldman charge - Reuters
Source: Business - Google News | 19 Apr 2010 | 4:02 am UPDATE 1-Strides gets USFDA nod for mesna injection - Reuters India
Source: Business - Google News | 19 Apr 2010 | 4:02 am Nifty hovers near 5200; Tata Steel, DLF, Cairn fall - Economic Times
Source: Business - Google News | 19 Apr 2010 | 3:57 am Parliament resumes after cricket cash rowNEW DELHI (Reuters) - The parliament resumed business on Monday with the government hoping to secure passage of the budget and other reform bills after days of turmoil ended with the resignation of junior foreign minister Shashi Tharoor over corruption allegations.Source: Reuters: Money News | 19 Apr 2010 | 3:50 am Govt to probe source and uses of IPL funds: FM - Economic Times
Source: Business - Google News | 19 Apr 2010 | 3:48 am Reliance to shut VGO unit for a month - sourceNEW DELHI (Reuters) - Top refiner Reliance Industries plans to shutdown a 100,000 barrels per day (bpd) vacuum gas oil (VGO) hydrotreater at its old refinery for about a month later this week, an industry source said on Monday.Source: Reuters: Money News | 19 Apr 2010 | 3:43 am Philips Q1 beats expectations, shares at 23-month highAMSTERDAM (Reuters) - Dutch Philips Electronics on Monday reported first-quarter operating profit above the most optimistic forecast, driven by its lighting unit and cost cuts, sending shares to a 23-month high.Source: Reuters: Money News | 19 Apr 2010 | 3:40 am In Asia, Goldman clients stay loyal for nowHONG KONG (Reuters) - For now, clients of Goldman Sachs are standing behind the bank after the top U.S. securities regulator slapped charges against the Wall Street powerhouse over its marketing of a subprime mortgage product.Source: Reuters: Money News | 19 Apr 2010 | 3:37 am Toyota expected to pay $16.4 mln US fine: SourceToyota is "accepting responsibility for hiding this safety defect" from the National Highway Traffic Safety Administration "in violation of the law," a senior Transportation Department official said.Source: Daily News & Analysis: Money News | 19 Apr 2010 | 3:29 am JSW Steel looking to buy stake in Bramhani IndJSW Steel Ltd is looking to buy a controlling stake in Bramhani Industries Ltd, a report said.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 3:25 am Experts expect 50 bps hike in CRR, policy rates tomorrow - Moneycontrol.com
Source: Business - Google News | 19 Apr 2010 | 3:20 am Nitesh Estates Rs 405 cr IPO to open - Economic Times
Source: Business - Google News | 19 Apr 2010 | 3:18 am Rupee weak in line with stocks; firm dollar hurtsMUMBAI (Reuters) - The rupee continued to trade weaker in afternoon session on Monday closely tracking the domestic sharemarket with the dollar's gains versus major currencies also adding to the pressure.Source: Reuters: Money News | 19 Apr 2010 | 3:16 am Modi threatens to sue over betting allegationsNew Delhi: Embattled IPL commissioner Lalit Modi pn Monday rubbished allegations of betting and money laundering in the event and threatened to take legal action against the newspaper which has made the accusations. Modi, who is in Dubai to attend the ICC’s Executive Board meeting on behalf of BCCI president Shashank Manohar, said the charges were “nonsense” and aimed at discrediting the Twenty20 tournament. “Mr Lalit Kumar Modi, chairman and commissioner, Indian Premier League (IPL) has rubbished the front page article that appeared today in the Economic Times under the title ‘I-T Blows The Lid off IPL Sleaze - Lalit Modi charged with Betting & Laundering’,” the statement issued by the IPL on his behalf read. “Describing the article as absolutely baseless, ill founded and motivated, Lalit Modi said that he will initiate appropriate legal action against such defamatory and malicious campaign against him by a motivated section of media,” it added. Modi also wrote on his Twitter page insisting that the IPL is a clean tournament as it is being watched by the ICC’s Anti-Corruption Unit. “It’s absolute nonsense. ICC’s anti-corruption unit is tracking the tournament. (It’s) another attempt to discredit IPL,” Modi said. The newspaper, quoting an Income Tax Department report, on Monday accused Modi and some other stakeholders in the IPL of indulging in betting and money laundering. Modi is under fire ever since he picked up a public spat with now former junior foreign minister Shashi Tharoor over the issue of stakeholders in the Kochi franchise, which will make its IPL debut next year. Modi revealed the shareholding pattern of the team and it emerged that Tharoor’s close friend Sunanda Pushkar had a free equity worth Rs70 crore in it. Tharoor had to resign from his post after being accused of helping Pushkar get the stake by wielding his influence. Modi too has landed in a soup due to the controversy and his IPL offices were raided by the Income Tax department a few days ago. There is also speculation that the high-flying IPL commissioner could have his wings clipped by the BCCI as there is growing resentment over his style of functioning in the Board. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 3:14 am Volcano impact on airlines bigger than 9/11: IataParis: The International Air Transport Association (Iata) said on 19 April European governments’ response to the volcano crisis was inadequate and estimated its economic impact on airlines to be greater than the 11 September 2001 attacks. Giovanni Bisignani, head of the Iata airline industry body, estimated airline revenue losses were now reaching $250 million a day, up from an earlier estimate of $200 million on 16 April. Bisignani called for urgent action to safely re-open airspace and called for a meeting of the International Civil Aviation Organization, the United Nations aviation body. “I would say that in a couple of weeks this will be a very embarrassing story for Europe,” Bisignani told a news briefing in Paris. “It took five days to organise a conference call with transport ministers with an emergency situation all over Europe and now expanding all over the world.” Most of Europe’s airspace has been closed since 15 April after a huge ash cloud from an Icelandic volcano spread out, stranding millions of business passengers and holidaymakers and paralysing freight and businesses worldwide. “This volcano has crippled the aviation sector, firstly in Europe and is now having worldwide implications. The scale of the economic impact (on aviation) is now greater than 9/11 when US airspace was closed for three days,” Bisignani said. But Bisignani added that the US 11 September attacks had triggered a loss of confidence in air travel that was not present on 19 April. He also predicted that recovery from the current crisis would be quicker once the clouds dispersed. “We have predicted at least $200 million a day in lost revenue that is a conservative number. Today, that is more like $250 million. On top of this you have the additional cost for re-routing and compensation,” he said. European officials said they hoped to significantly increase take-offs to up to half of scheduled flights on 19 April from over a fifth on 18 April while the EU summoned ministers for talks as pressure for a solution to the travel crisis built up. Some European countries announced partial airspace re-openings but others kept no-fly decrees in place. The Dutch airline KLM, which has flown several test flights, said most European airspace was safe despite the plume of ash and dispatched two commercial freight flights to Asia on Sunday. Shares in European airlines were hit hard on Monday with shares in Air France down nearly 7% at the start of trading and by 0815 GMT, they still had lost 4 % at 11.96 euros. Meanwhile, shares in British Airways were down 3.11%, in Lufthansa they were down 4.6%, in Air Berlin. Source: Home - Livemint.com | 19 Apr 2010 | 3:13 am State Bank of India to set up windmillsSBI is the first Bank in the country to think of generating green power as a direct substitute to polluting thermal power and implement the renewable energy project for captive use.Source: Daily News & Analysis: Money News | 19 Apr 2010 | 3:09 am Railways’ freight earnings increaseNew Delhi: Railways posted 8% growth in its earnings from freight traffic during the last financial year despite missing the loading target by 2 million tonnes. During the financial year, it earned Rs57594.61 crore from freight traffic as compared to Rs53137.60 crore during the corresponding period last year, registering an increase of 8.39%. Out of the total earnings, it earned Rs22366.69 crore from transportation of 396.10 million tonnes of coal, followed by Rs8350.77 crore from 132.72 million tonnes of iron ore for exports, steel plants and for other domestic user, said a senior Railway official. Its other earnings included Rs5282.55 crore from transporting 93.15 million tonnes of cement, Rs3972.39 crore from 37.52 million tonnes of foodgrains and Rs3319.63 crore from 39.49 million tonnes of petroleum and lubricants. Besides, it earned Rs2772.43 crore from transporting 34.36 million tonnes by container service, Rs883.46 crore from 11.58 million tonnes of raw material for steel plants except iron ore and Rs4135.99 crore from transporting 68.56 million tonnes of other goods, the official said. The earnings came even as it posted a shortfall of over 2 MT in freight carried, transporting 887.99 million tonnes of freight traffic during April 2009-March 2010 as against its target of 890 MT. The shortfall was because of the mining scam in Orissa and the resultant clampdown imposed by the State Government to check illegal transportation of minerals. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 3:06 am Weaker banks, commodities push FTSE lowerLondon: Weakness from some banks, dented by fraud charges against Goldman Sachs, pushed Britain’s top share index lower in early trade on Monday, while British Airways slid with flights still grounded by volcanic ash. By 0835 GMT the FTSE 100 was down 17.96 points at 5,726.00 after it fell 1.4% on Friday. Banks were the biggest drag on the blue chips early on, extending Friday’s sharp decline, weighed down by falls from global player HSBC, off 1.3%, while Standard Chartered fell 1.3%. Goldman Sachs shares dropped on Friday after the US bank was charged with fraud in the structuring and marketing of a debt product tied to subprime mortgages. Investors were unsettled by worries the move could increase the chances of tougher reform of financial regulations, with the case seized on by politicians in the US and Europe as a reason for closer scrutiny or tighter rules for banks. “The shock of Friday’s news about Goldman Sachs is still reverberating and hitting the wider banking sector,” said Keith Bowman equity strategist at Hargreaves Lansdown. But some of the banks proved resilient as investors awaited more clues on the outlook for the sector from Citigroup results , which are due for release at 1030 GMT. Royal Bank of Scotland, which is majority-owned by the British government took on 4.5%, the top blue chip riser, adding to gains it made on Friday when BofA Merrill Lynch hiked its target price and added the stock to its Europe 1 investment list. Lloyds Banking Group, also partly state-owned added 1.2%, and Barclays added 0.2%. Airlines and travel companies were the heaviest losers as a huge ash cloud from an Icelandic volcano kept airspace over Europe closed for a fifth day. British Airways, Thomas Cook and TUI Travel fell 3 to 3.5%, while mid cap easyJet fell 3.6%. The travel freeze has had a knock-on effect on demand for raw materials with crude falling to below $82 per barrel and metal prices broadly weaker. BP, BG Group and Royal Dutch Shell fell 0.1 to 0.5%. Miners Xstrata, Lonmin, Kazakhmys, Antofagasta and BHP Billiton shed 0.3 to 1.7%. On the upside, defensive stocks gained ground as investors moved into companies perceived as relatively immune to increases in risk aversion. Imperial Tobacco and British American Tobacco gained 0.4 and 0.6% respectively. BT Group was a big riser, up 1.9% after JPMorgan upgraded its rating for the telecoms operator to “overweight” from “neutral”, saying operational momentum was underappreciated and pension concerns overdone. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 3:01 am JSW acquires control of South African coal firmJohannesburg: Indian investment company JSW has beaten two South African bidders to acquire a majority stake in South African Coal Mining Holdings (SACMH) at a price of 85.4 million rand (approximately Rs51.16 crore). JSW upped its earlier offer of 25 cents per share to 30 cents to clinch the deal, in the face of stiff competition from Shanduka Coal and Wescoal, both South African entities who had made offers to buy out SACMH. Shareholders had initially supported the Shanduka offer amid unusual interest last month to acquire SACMH, started in 2007 by the Royal Bafokeng Nation to exploit the mineral wealth of its traditional land. JSW’s offer at the time was the lowest of the three. SACMH said in statement that JSW would now acquire a stake of about 63%, currently held by its affiliates Royal Bafokeng Capital and Mainsail Trading 55, for 30 cents per share. Shareholders were also advised that a similar offer would be made to the minority shareholders of SACMH shortly. The Industrial Development Bank of India (IDBI) has provided written confirmation to the Securities Regulation Panel that the necessary resources are available to JSW to satisfy the purchase consideration necessary for acquiring all of the shares of the minorities in SACMH. Such written confirmation from IDBI will be replaced shortly with a bank guarantee from a South African Bank. SACMH is a fully-fledged South African coal producer delivering coal to parastatal electricity supplier Eskom and the export market through the Richards Bay Coal Terminal. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 3:01 am Nitesh Estates to set IPO at Rs61-69The Bangalore-based developer is aiming to raise Rs4.5 billion from the offer, and has a greenshoe option to raise another 10%.Source: Daily News & Analysis: Money News | 19 Apr 2010 | 2:57 am Airline body seeks moves to reopen Europe airspacePARIS (Reuters) - Airline industry association IATA criticised Europe's response to a volcanic ash cloud and called on Monday for urgent steps to reopen airspace after five days of closures that have cost airlines $250 million a day.Source: Reuters: Money News | 19 Apr 2010 | 2:55 am Airline group urges European airport re-openingsParis: The world’s leading airline industry group has criticized governments for using scientific theory not fact in their decisions to close large swaths of European airspace because of the Icelandic volcano’s ash cloud. The International Air Transport Association has expressed its “dissatisfaction with how governments have managed it, with no risk assessment, no consultation, no coordination, and no leadership.” “It’s embarrassing, and a European mess,” Iata CEO Giovanni Bisignani told The Associated Press. “It took five days to organize a conference call with the ministers of transport and we are losing 200 million (dollars) per day (and) 750,000 passengers are stranded all over. Does it make sense?” European civil aviation authorities were holding a conference call on 19 April about what steps could be taken toward opening airspace. Transport ministers of Britain, Germany, France and Spain were to hold another later in the day. The International Air Transport Association, in a statement, urged governments to place “greater urgency and focus on how and when we can safely reopen Europe’s skies” such as through more in-depth study of the ash cloud. “We have to not just use — as the Europeans were doing a theoretical model, let’s try to use figures and facts,” Bisignani said. “It means sending test planes at certain kinds of altitudes to check what was the situation with the ashes.” While the association says “safety is our top priority,” Bisignani said in the statement that its member airlines have run test flights with no problems and “they report missed opportunities to fly safely.” Bisignani said that Europe — unlike the United States, for example — is “not ell-equipped” when it comes to planes that can test the air quality in the skies. He estimated that once flights in Europe do resume, it would take three to six days for traffic to return to normal. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 2:55 am Banks to see modest Q4 gains as loan growth recoversMUMBAI (Reuters) - Mid-cap lenders are expected to post modest profits year-on-year in the Jan-March quarter as loan growth recovers and interest margins rise, analysts said.Source: Reuters: Money News | 19 Apr 2010 | 2:53 am Australia regulator blocks National Australia Bank bid for AXA unitThe regulator in turn cleared a rival A$13.1 billion bid by AMP. It cited concerns in the retail wealth-management market as the reason for favouring AMP over NAB.Source: Daily News & Analysis: Money News | 19 Apr 2010 | 2:50 am Volcanic ash: Many flights to UK cancelled - All India Radio
Source: Business - Google News | 19 Apr 2010 | 2:49 am Will Indian investors bear the brunt of Goldman\'s fraud?This law suit could mess up Indian investors sentiment and act as a cause for a correction. The SEC law suit could also prompt some selling in the market in stocks of companies in which Goldman Sachs has stakes.Source: Moneycontrol Top Headlines | 19 Apr 2010 | 2:48 am BP rebuilding India trade ops, hires head - sourcesNEW DELHI (Reuters) - Oil major BP Plc has shifted back its India trade-related operations from Dubai and has hired a former Essar executive to head its marketing activities in the country, industry sources said on Monday.Source: Reuters: Money News | 19 Apr 2010 | 2:34 am Rupee weak in line with stocks; firm dollar hurtsMumbai: The Indian rupee continued to trade weaker in afternoon session on Monday closely tracking the domestic sharemarket with the dollar’s gains versus major currencies also adding to the pressure. At 2:15pm, the partially convertible rupee was at Rs44.62/63 per dollar, weaker than its Friday close of Rs44.32/33. Dealers broadly predicted a range of Rs44.45 to Rs44.65 during the session, unless there was a sharp sell-off in either the stocks or the euro. The index of the dollar against six major currencies was up 0.3%. Most Asian units were trading lower compared to the dollar. Indian shares were trading down more than 1% tracking a fall in Asian markets after the fraud charges and some downbeat US corporate earnings dented investor sentiment. India’s central bank is expected to raise its short-term lending and borrowing rates on Tuesday when it announces its policy. Among economists expecting a rise in a Reuters poll, roughly two-thirds predicted 25 basis point increases and one-third foresaw 50 basis point hikes. Dealers said a higher-than-expected rate hike at the policy is likely to prompt some selling in the stock market which could weaken the rupee briefly, but in the medium to long term, the rupee was set to strengthen. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 44.6675, with the total traded volume on the two exchanges at about $6.1 billion. Source: Home - Livemint.com | 19 Apr 2010 | 2:28 am Philips enters 5 yr licensing agreement with VideoconNetherlands-based consumer durables major Philips on Monday said it has entered into a five- year licensing agreement with Videocon to market its television sets in India.Source: HindustanTimes.com - Top Business News Headlines | 19 Apr 2010 | 2:12 am Riding high at home, Ford expands overseasFord Motor Co. is making major investments in hot overseas markets after years of painful restructuring transformed the second largest US automaker into a leaner, more focused company.Source: HindustanTimes.com - Top Business News Headlines | 19 Apr 2010 | 2:08 am Smart recovery…HDFC, Bharti lifts Sensex off day's low - India Infoline.com
Source: Business - Google News | 19 Apr 2010 | 2:06 am Gold demand recedes as rupee weakensMumbai: India gold demand receded on Monday after a slight pick-up in the previous session, as the rupee weakened, making the dollar-quoted asset expensive, dealers said. “On Friday, we witnessed good volumes and did deals in the range of $1,130-1,140 an ounce, but people are waiting today as the rupee has depreciated,” said Pinakin Vyas, assistant vice-president, treasury, with IndusInd Bank. The Indian rupee dropped following a more than 1% fall in the domestic sharemarket as broad risk aversion gripped investors after fraud charges against Goldman Sachs. India imports almost all of its requirements and the local currency plays an important role in determining the landed cost of the yellow metal. International gold was trading at $1,127.95/1,128.95 at 1:51pm as against the previous close of $1,136.45/1,138.45 an ounce. It struck a 10-day low of $1,129.65 an ounce on Friday. Gold fell in Europe extending a slide begun in the previous session after US regulators charged Goldman Sachs with fraud, as a retreat in risk appetite lifted the dollar and pressured assets seen as higher risk. Source: Home - Livemint.com | 19 Apr 2010 | 2:06 am Goldman Sachs fraud rattles investors globallyLondon: Worries about the impact of fraud charges against Goldman Sachs rattled stock markets on Monday, sending investors in search of less speculative currencies and boosted government bonds. It combined, in Europe, with concerns over the economic impact of disruption of commerce due to the cloud of Icelandic volcanic ash, which has already cost the airline industry hundreds of millions of dollars, left millions of passengers stranded, and hit importers and exporters. The US Securities and Exchange Commission on Friday charged Goldman with fraud over its handling of a debt product tied to subprime mortgages. The result was a wave of risk aversion across financial markets. Some analysts have also been suggesting that equities in particular are due for a pause after world stocks hit a new year high last week. “What is there to reassure markets and provide that good news to turn around the negative risk environment? It’s not clear that there’s anything positive coming,” said Robert Ryan, currency strategist at BNP Paribas in Singapore. MSCI’s all-country world index was down 0.7%, with its more volatile emerging market component off close to 2%. The latter was on track for its biggest one day fall since 5 February. In Europe, where the airline industry has ground to a halt as a result of the volcanic ash cloud from Iceland, the pan-European FTSEurofirst 300 was down half a percent. Earlier, in Japan, the Nikkei closed down 1.74%. Market players said the Nikkei was ripe for profit-taking after surging to an 18-month peak earlier in April, in a rally that spurred worries the market may have risen too far, too fast. Yen rises The low-yielding yen rose broadly in a move that reflect concerns among investors. “People are buying yen on the back of increasing risk aversion. It’s risk-off on the Goldman news and worries over this week’s EU/IMF meeting on Greece. That’s also hitting the euro,” said Michael Hewson, analyst at CMC markets. Talks between the EU and IMF, expected to start on Monday, have been delayed to later in the week due to the ash cloud. The euro was trading down close to 1% versus the yen at 123.30 yen after shedding around 1.5% on Friday after the Goldman news. It was down around 0.4% at $1.3450. Euro zone government bonds opened higher as investors sought relative safety. Source: Home - Livemint.com | 19 Apr 2010 | 2:05 am Novartis buys generic drug firm OrielZurich: Swiss drugmaker Novartis AG has bought privately held US company Oriel Therapeutics to boost its generics portfolio in the multibillion-dollar market for respiratory drugs. The move suggests the Swiss drugmaker may see a simpler route to market with Oriel’s electronic inhaler device than with another device from Britain’s Vectura Group Plc, which Novartis has been working on, analysts said. According to industry estimates approximately 50% of the current $32 billion global market segment for asthma and chronic obstructive pulmonary disease (COPD) medicines is expected to lose patent protection by the end of 2016, Novartis’ generics unit Sandoz said in a statement on Monday. The segment is projected to grow significantly faster than the pharmaceutical market, driven by factors including a significant level of under-diagnosis. Sandoz has made generic respiratory drugs a key area for investment, partly via its alliance with Vectura. But last month it handed back to Vectura US rights for a drug widely believed to be a generic version of GlaxoSmithKline Plc’s Advair. “Clearly, this news (Oriel acquisition) may suggest that Sandoz-US sees an easier path for this product to get regulatory approval as a generic device than it did for Vectura’s device,” said Sam Fazeli, an analyst at Piper Jaffray in London. Sandoz is still working with Vectura on its product in Europe. Sandoz has signed a definitive agreement to buy Oriel Therapeutics, which focuses on developing respiratory products as generic alternatives to patented drugs for asthma and other respiratory diseases. Financial details were not disclosed. “Oriel is a strong strategic fit with Sandoz and the acquisition is expected to support our strategy of increasing the number of differentiated, higher-value products in our development pipeline,” said Jeff George, Division Head Sandoz, in a statement. “One of our strategic objectives is to offer fully substitutable generic versions of key branded medicines, including respiratory medicines,” he said. The acquisition provides Sandoz with three promising development projects targeting leading medicines in this field. Details of Oriel’s development programmes, including anticipated timing of future regulatory submissions, are not being given for competitive reasons, the Swiss group said. Novartis shares eased 0.4% to 56.35 Swiss francs by 0818 GMT, in line with the Stoxx 600 healthcare sector index, while Vectura fell 1.1%. Source: Home - Livemint.com | 19 Apr 2010 | 1:59 am Ash crisis costs six million pounds a day: TUI TravelLondon: Europe’s largest tourism operator TUI Travel said on Monday said that the disruption caused by Icelandic volcanic ash had so far cost the group about £20 million (€22.6 million, $30.5 million). The British company, which owns Airtours, First Choice and Thomson, added that daily costs were forecast to run at between five million and six million pounds as flights stay grounded. “For the group, this is a period of relatively low holiday activity, but the disruption to our programmes will still have a financial impact,” TUI Travel said in a statement to the London Stock Exchange. “Currently, the estimated cumulative cost to the group, up to and including 18 April 2010, is circa £20 million. “Estimated daily costs thereafter will run at approximately £5-6 million.” TUI Travel said that by Sunday, about 100,000 of its customers had been unable to return home from holiday. “The welfare of our customers is paramount and the group is providing appropriate assistance to all those in resort whose return home has been delayed. “In the UK, of those customers who were due to go on holiday and whose flights have been cancelled, around 90% are choosing to re-book their holidays for a later date,” the travel company added. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 1:39 am China denies agreement with US on currency appreciationChina on Monday denied reports of reaching an agreement with the United States over Washington's demand to let its currency Yuan appreciate.Source: HindustanTimes.com - Top Business News Headlines | 19 Apr 2010 | 1:33 am Yuan appreciation expectations risingBeijing: China might see increased foreign exchange inflows this year as expectations of yuan appreciation mount, the State Administration of Foreign Exchange (SAFE) said on Monday. SAFE also said it expected a smaller current account surplus this year as a percentage of GDP but a larger overall balance of payments surplus. The currency regulator made the comments in a report accompanying revised balance-of-payments data for 2009. “The relatively higher domestic interest rate and mounting expectations for yuan appreciation will increase the scale of cross-border carry trade,” the report said. The currency regulator sounded an optimistic note on a greater surplus in China’s international balance of payments due to an expected narrowing of its trade surplus and a quicker pace in outbound investments. “The country’s international balance of payments situation will be further improved this year, with the momentum of widening trade surplus continuing to ease,” the report added. SAFE revised the 2009 current account surplus to $297.1 billion from the $284.1 billion figure issued earlier this year, while the capital and financial account surplus was also revised up to $144.8 billion from $109.1 billion. The currency regulator also noted the challenges of managing inflation expectations and pursuing structural adjustments in the face of global risks. “China’s economy is still facing some pronounced problems, as there are many uncertain factors in the global financial market, and it is a big challenge to transform the economic growth model,” SAFE said. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 1:31 am Twitter supports TharoorPopularly known as the “Twitter minister” for his high level of involvement on the microblogging site, Shashi Tharoor who stepped down as minister of state for external affairs late Sunday, has found support among many netizens logged on to the service. Also read: “Indian Politics will not improve. Only people with even don’t know how to write ’ABCDEF’ can sustain there (Eg: Azhagiri). Not for Tharoor”, tweeted a user named ’diasbaby’.  A cross section of tweets about Tharoor Similar outpourings of support for the embattled minister were forthcoming, with people referring to his resignation as a “black day for democracy” and angrily pointing out that he was a “victim” and a “soft target”. On a similar vein there was a lot of anger against IPL chief Lalit Modi (twitter handle LalitKModi), who has been the other player in the whole controversy that culminiated in Tharoor’s resignation. “Episode Tharoor over... Now time for Modi to get axed... ” said a user named ’swatterhamon, while ’thekarachikid’ likened Modi to the bullying ”whiney dude from 3 idiots”. Yet another tweet from ”madversity” called him ”the more expereinced slimeball”. Yet another user named ’leoindian’ said ”I support Sasi Tharoor, Lalit modi moordabad, i hate that man, personification of deceitful machinations, co-ordinator of black mony lenderz” In the meantime a news report from CNN IBN titled ”Knives out for Modi” which hinted that the BCCI is planning to crack down on Modi, is doing the rounds, with little comments like ”Made my Monday morning” and ”modi soon to be in trouble? :)” Tharoor who built a strong support base on Twitter during his 2009 election campaign has regularly used it as a means of ’reaching out’ to his supporters. His account currently has 724,396 followers. However his frequent updates have also got Tharoor into trouble, starting from the time he used the adjective ”cattle class” to describe aircraft economy class. In this particular controversy however, he largely kept his views off Twitter until the very end when he tweeted ”I’ve had enough” and put up a link to a written statement on the issue. Modi on the other hand, notably used the service to first reveal Tharoor’s alleged involvement in the Kochi IPL team and open the proverbial can of worms. He was since warned about his Twitter usage and now restricts himself to tweeting about match results and the tournament. His last major updates have been about the Chennai Super Kings victory and the bomb blasts in Bangalore that have caused the venue of the semi finals to be shifted to Mumbai. He has 73,797 followers at present. Tharoor’s last update on his own Twitter account was made three days ago, and have largely revolved around attempts to clear his name. His last tweet, made three days ago reads ”Thanks for all the support & good wishes.U folks are the new India.We will ”be the change” we wish to see in our country. But not w’out pain!” Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 1:28 am HC dismisses plea for CBI probe against TharoorNew Delhi: The Delhi high court on Monday refused to entertain a plea seeking a CBI probe into former Union minister Shashi Tharoor’s alleged proxy stake in the Kochi IPL franchisee. A bench headed by acting Chief Justice Madan B Lokur dismissed a petition filed by an advocate, saying there is no merit in the case. The petitioner, Ajay Agarawal, contended that the former minister of state for external affairs, who quit his post on Sunday in wake of the controversy, had used his official position to help get sweat equity pegged around Rs70 crore for Sunanda Pushkar whom Tharoor has reportedly decided to marry. IPL Commissioner Lalit Modi had recently disclosed the names of the free equity holders, including Pushkar, in the Rendezvous Sports World (RSW) which shelled out approximately Rs1533 crore to bag the Kochi franchisee. Tharoor has denied having a stake in the franchise, saying that he merely played a facilitator’s role. The lawyer had earlier approached the Supreme Court but withdrew the petition and moved the high court. “There is reasonable apprehension that hawala and black money have also played big role in this Kochi IPL case,” the lawyer had alleged in his petition. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 1:26 am Allegations against Modi to be discussed in BCCI meetNew Delhi: The Cricket Board (BCCI) has rescheduled its working Committee meeting from 24 April to 2 May where allegations against Lalit Modi and all other issues related to the Kochi franchise bid would come up for discussion. The working committee meeting would be preceded by the Indian Premier League’s Governing Council meeting to be held just after the event ends on 25 April. “All the allegations (against Modi) and other issues would be discussed in the Governing Council. The date would be announced soon,” BCCI’s Media and Finance Committee chairman Rajiv Shukla told reporters here. “Working Committee meeting has been postponed because all things have to be discussed in the Governing Council meeting first. There is no point in having a Working Committee meeting before that,” he added. Asked about reports that Modi’s wings are set to be clipped after his public spat with the now former minister of state for external affairs Shashi Tharoor, Shukla said it was media speculation. Shukla also refused to comment on allegations of corruption against Modi, who has been accused of helping his friends and family buy teams in the IPL. “We are not aware of anything. We are reading all this in media reports. Even the BCCI president (Shashank Manohar) is getting to know all of this from media reports,” he said. On shifting the IPL semifinals from Bangalore to Navi Mumbai due after bomb blasts last week, a move that has angered the Karnataka government, Shukla said there was no other option in sight. “Even we are not happy with the shifting of matches like this but players’ security is paramount,” he said. Source: LatestNews-Home - Livemint.com | 19 Apr 2010 | 1:21 am Egypt sales firm sues Mitsubishi Motors for $900 mnTokyo: Japan’s Mitsubishi Motors Corp said on Monday an Egyptian sales firm is suing it for $900 million in damages, complaining it “unfairly” ended a distribution contract. Separately, the Japanese automaker slashed its estimate of annual operating profit by 54% to ¥13.8 billion ($149.7 million) citing a drop in vehicle sales and the failure to fully meet its planned cost reductions. A spokesman said Mitsubishi Motors expected no impact from the lawsuit. The maker of the Pajero SUV lowered its net profit estimate for the year ended 31 March by 6%, to ¥4.7 billion, shored up by the yen’s recent weakening. In a suit filed in an Egyptian court, sales firm Masria Co said Mitsubishi’s termination notice lacked reasonable grounds and demanded an extension of the contract or damages of $900 million, equivalent to 56% of Mitsubishi Motors’ net assets, the automaker said. Mitsubishi, Japan’s sixth-largest automaker, said it served a termination notice on Masria six months before the contract was due to expire, in accordance with agreed provisions. “Mitsubishi Motors will strenuously fight this lawsuit,” it said in a statement. Shares in Mitsubishi Motors ended down 1.5% in a weak Tokyo market before the news. The company is due to announce its annual results on 27 April. Source: World Business - Livemint.com | 19 Apr 2010 | 1:11 am Fiat family, Hinduja in running for KBC unitBrussels: The contest to buy KBC’s private banking arm, put up for sale in the aftermath of the financial crisis, pits the family behind Fiat against the Hinduja conglomerate, De Tijd newspaper said. KBC, into which the Belgian and Flemish regional governments have pumped €7 billion ($9.79 billion), in November pledged a sharp downscaling of merchant banking, the sale of private banking and a string of divestments in return for receiving state aid. The number of bidders for KBL European Private Bankers has narrowed to Italy’s Exor, controlled by the Agnelli family and majority shareholder of the Fiat group, and Indian family-owned investment firm Hinduja, the paper reported on Monday without saying where it got the information. It said that Brazilian banking group Safra was not likely to bid because it would probably only want to buy parts of the unit and KBC is understood to want to sell KBL in one piece. According to press reports, private-equity firm KKR and Swiss bank Julius Baer along with several major banks including Credit Agricole, Societe Generale, Barclays and Banco Santander have already dropped out of the bidding process. KBC declined to comment on speculation surrounding the sale of the unit. Source: World Business - Livemint.com | 19 Apr 2010 | 1:05 am Oil tumbles below $82 in Asian tradeNew York's main contract, light sweet crude for delivery in May, was down $1.49 at $81.75 a barrel.Source: Daily News & Analysis: Money News | 19 Apr 2010 | 12:36 am Philips Q1 beats expectations, H2 still uncertainAmsterdam: Dutch Philips Electronics warned markets were still uncertain despite reporting first-quarter operating profit above the most optimistic expectations fuelled by its Lighting unit and cost cuts. First-quarter earnings before interest, taxes and amortization (Ebita) rose to €504 million ($705 million) from a €74 million loss a year ago, while the average forecast given in a Reuters poll of 19 analysts was €294 million, with the top estimate at €383 million. “Nevertheless, economic uncertainty remains high and consumer confidence low,” chief executive Gerard Kleisterlee said in a statement on Monday. Philips added market developments for the second half year remained uncertain, while first-quarter sales momentum was expected to continue in the second quarter. Revenue rose 12% to €5.7 billion, while net profit was €201 million, up from a €57 million loss in the same period last year. Philips, a bellwether for the technology sector, is the world’s biggest lighting maker and Europe’s biggest consumer electronics producer. The company, whose products range from MP3 players and digital photo frames to MRI scanners, toasters and shavers, competes with the healthcare and lighting units of General Electric and Germany’s Siemens, among others. On Friday, General Electric beat analysts’ expectations and reported strong results at its Healthcare unit. Source: Home - Livemint.com | 19 Apr 2010 | 12:25 am Airbus chief does not rule out A350 delaysThe schedule envisages the first flight of the A350 XWB in 2012 and start of deliveries in 2013. It was drawn up in 2006 and had been ambitious at that time.Source: Daily News & Analysis: Money News | 19 Apr 2010 | 12:22 am GMR eyes additional $100 mn PE for power armMumbai: Indian conglomerate GMR Group aims to raise $100 million in private equity for its power business, a top official said on Monday, adding to $515 million it had collected this month. Bangalore-based GMR, which builds and manages power plants, airports and roads, is talking to firms for the additional funding and hopes to complete the deal in up to 1-“ months, group chief financial officer Subbarao Amarthaluru said. The group is expanding its Indian power capacity to 5,500 megawatts from 823 megawatts at an estimated cost of Rs300 billion ($6.7 billion), and is building road projects worth Rs50 billion, he said. Unlisted GMR Energy, the power arm of the group, had raised $200 million in private equity from Singapore’s Temasek Holdings in early April. “As part of the private equity of GMR Energy another $100 million we are planning to raise,” Amarthaluru told Reuters. The group, whose projects include renovating and running airports in New Delhi and Istanbul, has been raising funds for its ventures. Last week, flagship GMR Infrastructure raised $315 million from share sale to institutions. The funds raised through PE deals and share sale would be used over the next three years for ongoing projects, Amarthaluru said. Shares in GMR Infrastructure, which has a market value of $5.2 billion, were trading down 4.6% at Rs60.20 by 0605 GMT in a weak Mumbai market that fell 1.4%. Source: Home - Livemint.com | 19 Apr 2010 | 12:15 am Philips enters 5 yr licensing agreement with VideoconNew Delhi: Netherlands-based consumer durables major Philips said on 19 April it has entered into a five- year licensing agreement with Videocon to market its television sets in India. “We have entered into a brand licensing agreement with Videocon under which it will assume the responsibility of selling and after sale services of Philips consumer television set in India,” Philips India CEO Murali Sivaraman told on 19 April. He further added that under this agreement, Videocon which has a large integrated presence in the country will sell Philips colour television in the country manufactured by Videocon itself, according to the specifications and standards maintained by Philips globally. The company expects that with help of large sales and distribution network of Videocon across the country it will increase the presence of television sets in the country significantly. Philips, which is operating in India for more than 80 years, has earlier said that it is strategically shifting its focus on healthcare and life-style segment to promote its products in the country. Videocon had recently failed to acquire Finland-based consumer electronic maker Elcoteq. Last September, both the companies had announced that they have signed a non-binding Letter of Intent for negotiating and finalising a potential definitive transaction agreement. Source: World Business - Livemint.com | 19 Apr 2010 | 12:15 am Toyota expected to pay $16.4 mln U.S. fine - sourceWASHINGTON (Reuters) - Toyota Motor Corp has agreed to pay a record $16.4 million fine to U.S. safety regulators in response to the government's claim that it knowingly delayed a massive accelerator pedal recall in January, a government official said.Source: Reuters: Money News | 19 Apr 2010 | 12:14 am Sensex down 244 points in early trade on weak global cuesThe Bombay Stock Exchange benchmark Sensex fell over 244 points in early trade today on capital outflows by foreign funds amid weak global cues.Source: Daily News & Analysis: Money News | 19 Apr 2010 | 12:06 am Air India will resume flights to US todayAir India is to resume its non-stop flights to New York from Delhi and Mumbai on MondaySource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Solar Mission to award projects based on tariff discountsSolar project developers offering the best discount on a tariff to be notified by the electricity regulator will figure higher in the pecking order during the allocation of identified projects under the Solar MissionSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Gold prices may remain firm despite concernsSeveral factors have contributed to the recent strength in energy and metals market prices. Flow of positive economic data (US industrial production and retail sales, China's March data) has signalled improving global demand while renewedSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Bond yields continue to move up ahead of Credit PolicyBond yields stayed their northward course as traders preferred to sell anticipating further yield spikes after the Reserve Bank of India's lean season creditSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Infosys still eyes buys in EuropeInfosys Technologies has said that while it is still looking at acquisitions in Europe, it is in a better position to scale up its operations there than local players because of its access to large talent pool inSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Gold to test support levels, riseComex gold futures dropped lower on Friday, after US regulators charged investment bank Goldman Sachs, a leading commodities player, withSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am ITD Cementation India – BuyInvestors with medium-term perspective can consider purchasing the stock of ITD Cementation India (Rs 234.1). The stock, which hit a bottom, in March 2009, has been on an intermediate-term uptrend forming higher peaks andSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Day Trading GuideThe stock is reversing downward from the near-term resistance around Rs 340. We recommend a sell with stop at RsSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Outlook turns weak for India CementsI had bought short position on India Cements at 135 but after that it went to 142; then I covered the short position and entered long position at 142 but after touching 143.6, it is now ruling atSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am MCX-SX steals a march on NSE in currency tradesThe National Stock Exchange may rule the roost in stocks, but the MCX Stock Exchange seems to be stealing a march over it in the relatively new currency derivatives segment, with moreSource: Business Line - Home Page | 19 Apr 2010 | 12:00 am Rupee falls 25 paise to 44.57 a dollarThe Indian rupee depreciated by 25 paise to 44.57 a dollar in early trade on Monday on capital outflows by foreign funds from equities and the dollar's gain overseas.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 11:43 pm Sensex down 244 points on weak global cuesSensex fell over 244 points in early trade on Monday on capital outflows by foreign funds amid weak global cues.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 11:40 pm Goldman, rate hike worries pull Indian shares downMumbai: Indian shares fell as much as 1.4% on Monday, as fraud charges against Goldman Sachs and fears of another increase in interest rates weighed on investor sentiment. Reliance Industries, which has heaviest weightage in the benchmark index, led the losses, falling as much as 1.7% to Rs1,065.30 amid fading risk appetite among institutional investors. Financials such as State Bank of India and ICICI Bank dropped, mirroring their peers elsewhere in Asia on charges against Goldman though most Asian banks were not as active as their US peers in the subprime mortgage market. “All the markets globally are reacting to the charges against Goldman,” said Neeraj Dewan, director of Quantum Securities in New Delhi. “It’s more of a sentimental issue, which will have an impact on the market in the short term.” Goldman was charged on Friday with fraud by the US Securities and Exchange Commission over its marketing of a subprime mortgage product. By 10:45am, the main 30-share BSE index was down 1.2% at 17,376.95, after falling early to its lowest level in nearly a month. All but one of its components were in the red. The broader 50-share NSE index was down 1.4% at 5,191.40. The benchmark is down 0.5% so far this year, after surging 81% in 2009. Top lender State Bank of India fell 0.8% to Rs2,029.90 and No. 2 ICICI Bank dropped 0.7% to Rs915, with expectations for a rate increase when the central bank announces policy on Tuesday also keeping investors wary. A Reuters survey last week showed most economists expected the Reserve Bank of India to increase its key short-term borrowing and lending rates by at least 25 basis points. Shares in Tata Consultancy Services rose nearly 1% to Rs822.90, the only counter to trade positive in the benchmark index, on hopes the top software services exporter’s quarterly net profit will beat street estimates. Tata Consultancy is expected to report a 38% rise in the January-March net profit after market hours. In the broader market, losers were ahead of gainers in a ratio of nearly 3:1 on volume of 84 million shares. Source: Home - Livemint.com | 18 Apr 2010 | 11:39 pm RBI seen hiking rates, CRRMUMBAI (Reuters) - The Reserve Bank of India is expected to raise interest rates for the second time in a month on Tuesday and drain more liquidity from the banking system to contain rising inflationary pressures.Source: Reuters: Money News | 18 Apr 2010 | 11:19 pm Toyota expected to pay $16.4 mn fineWashington: Toyota Motor Corp. is expected to agree to a fine of more than $16 million on Monday for failing to promptly report to the government problems with sticking gas pedals on its vehicles, a Transportation Department official said. Toyota faces a Monday deadline to accept or contest the $16.4 million fine, the largest ever assessed by the government against an automaker, over evidence it knew about the defective gas pedals in September but did not issue a recall until January. Under federal law, automakers are required to notify the government within five business days when they find a potential safety defect. The Transportation official said Toyota is expected to pay the full amount of the fine within 30 days as a way of avoiding going to court against the government. The official was not authorized to speak publicly and spoke only on condition of anonymity. The official said Toyota did not intend to admit wrongdoing explicitly but the company still faces dozens of personal injury and wrongful death lawsuits in federal courts. Federal prosecutors and the Securities and Exchange Commission are conducting investigations related to the recalls. From the government’s viewpoint, the official said, the agreement to pay the full fine constituted an acceptance of responsibility for hiding the safety defect in violation of the law. Toyota declined comment on the fine. Toyota announced it would recall 2.3 million vehicles in January to address sticking pedals on popular vehicles such as the Camry and Corolla. The Japanese automaker has recalled more than 8 million vehicles worldwide because of acceleration problems in multiple models and braking issues in the Prius hybrid. The fine was based upon timelines provided by Toyota that showed it had known about the sticky pedal defect at least since 29 September 2009, when it issued repair procedures to distributors in 31 European countries to address complaints of sticking pedals, sudden increases in engine RPM and sudden vehicle acceleration. The documents also indicated that Toyota knew that owners in the United States had experienced the same problems. The Japanese automaker has been weighing its options since the fine was announced in early April but analysts expected it to pay the penalty. “When you look at the toll it’s taken on Toyota’s reputation, when you look at the number of vehicles involved, when you look at the hardship it’s placed on Toyota’s customer base, it’s only right for Toyota to take this fine,” said Dennis Virag, president of Automotive Consulting Group based in Michigan. The penalty is the largest the government can assess under law. Without the cap, government lawyers said Toyota could have faced fines of $13.8 billion, or $6,000 for each of 2.3 million vehicles that were sold with defective pedals. Transportation officials have not ruled out additional fines. The department is reviewing whether Toyota delayed for six weeks the late January recall of the 2009-2010 Venza in the United States to address floor mats that could entrap the accelerator pedal after making a similar recall in Canada. Toyota recalled the Venza in Canada in December and reported to the US government on 16 December that the floor mats could move forward and interfere with the pedal. Toyota told US authorities at the time that the floor mats in question were not imported into the US but the Venza was added to the floor mat recall in late January. Source: World Business - Livemint.com | 18 Apr 2010 | 11:12 pm Toyota expected to pay $16.4 mn fineWashington: Toyota Motor Corp. is expected to agree to a fine of more than $16 million on Monday for failing to promptly report to the government problems with sticking gas pedals on its vehicles, a Transportation Department official said. Toyota faces a Monday deadline to accept or contest the $16.4 million fine, the largest ever assessed by the government against an automaker, over evidence it knew about the defective gas pedals in September but did not issue a recall until January. Under federal law, automakers are required to notify the government within five business days when they find a potential safety defect. The Transportation official said Toyota is expected to pay the full amount of the fine within 30 days as a way of avoiding going to court against the government. The official was not authorized to speak publicly and spoke only on condition of anonymity. The official said Toyota did not intend to admit wrongdoing explicitly but the company still faces dozens of personal injury and wrongful death lawsuits in federal courts. Federal prosecutors and the Securities and Exchange Commission are conducting investigations related to the recalls. From the government’s viewpoint, the official said, the agreement to pay the full fine constituted an acceptance of responsibility for hiding the safety defect in violation of the law. Toyota declined comment on the fine. Toyota announced it would recall 2.3 million vehicles in January to address sticking pedals on popular vehicles such as the Camry and Corolla. The Japanese automaker has recalled more than 8 million vehicles worldwide because of acceleration problems in multiple models and braking issues in the Prius hybrid. The fine was based upon timelines provided by Toyota that showed it had known about the sticky pedal defect at least since 29 September 2009, when it issued repair procedures to distributors in 31 European countries to address complaints of sticking pedals, sudden increases in engine RPM and sudden vehicle acceleration. The documents also indicated that Toyota knew that owners in the United States had experienced the same problems. The Japanese automaker has been weighing its options since the fine was announced in early April but analysts expected it to pay the penalty. “When you look at the toll it’s taken on Toyota’s reputation, when you look at the number of vehicles involved, when you look at the hardship it’s placed on Toyota’s customer base, it’s only right for Toyota to take this fine,” said Dennis Virag, president of Automotive Consulting Group based in Michigan. The penalty is the largest the government can assess under law. Without the cap, government lawyers said Toyota could have faced fines of $13.8 billion, or $6,000 for each of 2.3 million vehicles that were sold with defective pedals. Transportation officials have not ruled out additional fines. The department is reviewing whether Toyota delayed for six weeks the late January recall of the 2009-2010 Venza in the United States to address floor mats that could entrap the accelerator pedal after making a similar recall in Canada. Toyota recalled the Venza in Canada in December and reported to the US government on 16 December that the floor mats could move forward and interfere with the pedal. Toyota told US authorities at the time that the floor mats in question were not imported into the US but the Venza was added to the floor mat recall in late January. Source: Home - Livemint.com | 18 Apr 2010 | 11:12 pm Goldman Sachs faces questions in EuropeGoldman Sachs is facing a potential backlash in Europe over the fraud case brought against it in the United States, with Britain's Prime Minister Gordon Brown calling for authorities there to investigate and accusing the investment bank of "moral bankruptcy."Source: HindustanTimes.com - Top Business News Headlines | 18 Apr 2010 | 10:59 pm Toyota agrees to pay 16.4 million-dollar fine: reportJapanese auto giant Toyota has agreed to pay the US government a fine of nearly 16.4 million dollars for concealing gas pedal defects.Source: HindustanTimes.com - Top Business News Headlines | 18 Apr 2010 | 10:48 pm RBI seen hiking rates, CRRMumbai: The Reserve Bank of India (RBI) is expected to raise interest rates for the second time in a month on Tuesday and drain more liquidity from the banking system to contain rising inflationary pressures. While most economists expect the RBI to continue tightening monetary policy at a gradual pace, some expect that it will grow more aggressive given strong price rises. Headline wholesale price index (WPI) inflation reached 9.9% for March, slightly less than expected but the biggest rise since October 2008. A Reuters poll of 20 economists showed that two-thirds of them expect the RBI to raise rates by 25 bps next week and the rest by 50 bps. Fourteen economists also expect the RBI to raise the cash reserve ratio, of which nine see a 25 bps rise and five predict a 50 bps increase. Bond and swap markets have priced in a 25 bps rate increase, though more market watchers are now leaning towards a 50 bps rise. Accordingly, bond yields have touched an 18-“ month high as many dealers cut their long positions. The RBI raised the CRR by a more-than-expected 75 bps in January and followed it with a between-meeting surprise 25 bps point increase in the repo and reverse repo rates in March. Here are possible outcomes of the April 20 annual policy. 25 bps hike in both rates and CRR After the tightening steps earlier this year, most analysts say a moderate, 25 bps increase next week would be the most appropriate to both contain inflation and keep the country’s nascent economic recovery on track. Inflationary pressures have strengthened, with food prices remaining stubbornly high. India’s food price index rose 17.22% in the 12 months to 3 April, while the wholesale price index rise in March was its fastest in 17 months, driven by higher fuel prices. Probability: Most likely Market impact: The benchmark bond yield, now just above 8%, may come down to 7.90-7.95% on a relief rally. However, the fall in bond yields is not likely to be sustained as a quarter percentage point rate increase may be considered too timid a response to surging prices pressures. Concerns of a mid-cycle rate hike may push the benchmark bond yield to 8.15% thereafter. 50 bps hike in both rates, 25 bps hike in CRR The central bank could get more aggressive as it looks to tamp down price pressures and avoid any surprise, inter-meeting policy action that could rattle financial markets Hikes in both rates and the CRR may allow the RBI to combat inflation more effectively, while keeping enough liquidity in the system for a smooth government borrowing programme and credit growth. However, while the government sounds concerned over the relentless rise in prices, it appears wary of stronger policy responses which could choke off economic growth. Probability: Less likely Market impact: Benchmark 10-year bond yield may rise to 8.25% as a reaction to the unexpectedly hawkish moves, but they may not rise further as uncertainty about mid-policy action will be ruled out. 50 bps hike in both rates and CRR This would be considered a very hawkish stance by the central bank and is likely to take many analysts and investors by surprise. The cumulative impact of recent policy tightening moves and such strong follow-up action may impede bank loans to more productive sectors of the economy, curbing economic growth. Probability: Least likely Market impact: The benchmark bond yield may hit 8.40%. Source: Home - Livemint.com | 18 Apr 2010 | 10:47 pm Sensex down 244 points in early trade on weak global cuesThe 30-share index, which had lost over 524 points in the previous four sessions, fell further by 244.02 points, or 1.38 per cent to 17,347.16.Source: HindustanTimes.com - Top Business News Headlines | 18 Apr 2010 | 10:26 pm Toyota expected to pay $16.4 mn US fine: SourceWashington: The Obama administration expected Toyota Motor Corp on Monday to agree to pay a record $16.4 million fine over US government allegations the company knowingly delayed a massive accelerator pedal recall in January, a source familiar with the matter said on Sunday. Toyota is “accepting responsibility for hiding this safety defect” from the National Highway Traffic Safety Administration “in violation of the law,” a senior Transportation Department official told Reuters. The decision to pay the fine does not release Toyota from potential liability in legal cases related to recalls in 2009 and this year over unintended acceleration in Toyota and Lexus vehicles, the source said. Source: World Business - Livemint.com | 18 Apr 2010 | 9:20 pm Sunanda Pushkar may face legal wall - Economic Times
Source: Business - Google News | 18 Apr 2010 | 7:19 pm Mutual funds add 60,000 investors in November-MarchIncidently, the MF distributor commissions were cut in August last, leading to apprehensions of slower growth by industry players. MFs added 3.04 lakh folios during November-March.Source: Daily News & Analysis: Money News | 18 Apr 2010 | 3:28 pm Airports Authority of India may levy landing fees on more airlinesRefuses proposal to increase airport charges at Mumbai and Delhi by 10% each.Source: Daily News & Analysis: Money News | 18 Apr 2010 | 3:24 pm AI, Jet to operate on US routeAir India and Jet Airways have come up with alternative routes to operate at least their US and Canadian flights, as European airspace is unlikely to open up till Monday.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 3:22 pm Unitech's free cash flows seen up as land's paid forThe company had witnessed negative cash flows from operations in the first half of the last fiscal, but the cash flows became positive by the third quarter, at Rs 300 crore.Source: Daily News & Analysis: Money News | 18 Apr 2010 | 3:22 pm India shining: Interns get over Rs 1 lakh a monthNeha Anand, an engineering student at the Indian Institute of Technology Bombay (IIT-B), will be flying to the US for the first time this summer.Source: Business Standard | Front Page Headlines | 18 Apr 2010 | 1:21 pm Britain, Germany weigh action against Goldman SachsBritain joined Germany in calling for a probe of Goldman Sachs Group Inc after the US Securities and Exchange Commission (SEC) said it was suing the company for fraud.Source: Business Standard | Front Page Headlines | 18 Apr 2010 | 1:19 pm End of an innings for TharoorMinister of State for External Affairs Shashi Tharoors 11-month innings in the government came to an end on Sunday.Source: Business Standard | Front Page Headlines | 18 Apr 2010 | 1:16 pm NRI investments to be made tougherThe government plans to tighten investment norms for non-resident Indians (NRI) in companies to ensure that they do not violate foreign direct investment (FDI) sectoral caps or enter areas where such investment is banned.Source: Business Standard | Front Page Headlines | 18 Apr 2010 | 1:14 pm Tata, RIL rank in top 50 cos for innovationTwo Indian corporate giants, Tata Group and Reliance Industries, have made to a new list of world's 50 most innovative companies, but it is Apple sitting on the top.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 12:54 pm 'A scholar who lived his theories'I met CK on the first day I landed in the US. Those days, when HBS admitted MBA students from abroad, they sent someone to receive them from the airport.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 12:48 pm Tata Comm questions govt over 2nd auditTata Communications, the Internet service provider from the Tata group, has questioned the government on the need for a second audit by the CAG when the Department of Telecom is already conducting a special one.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 12:44 pm Britain bans 2 NRIs for fraudTwo Indian-origin finance professionals have been fined and banned by Britain's financial regulator for abusing market conditions and profiting from confidential information.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 12:42 pm Bottom Of Pyramid Changed Business Models In IndiaWhen RK Krishna Kumar, vice-chairman of Indian Hotels Company which runs the Taj chain of hotels, brought on board management guru CK Prahalad in the early 2000s, he had little idea that a whole new category of budget hotels was in the works.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 12:33 pm MIPs may make up for debt plan shortfallWill monthly income plans (MIPs) come to the rescue of traditional debt investors, faced with dwindling returns from their favourite schemes?Source: India Business News | Business News - Times of India | 18 Apr 2010 | 12:23 pm Godrej Consumer in talks to buy co in ArgentinaGodrej Consumer Products (GCPL) is at it again. The Godrej group company is all set to make its sixth global acquisition, this time in Latin America.Source: India Business News | Business News - Times of India | 18 Apr 2010 | 12:15 pm At preschools, it’s ‘A for ATM’, ‘I for iPad’ Bangalore: If you decide to buy an iPad later this year, consulting your preschool-going child might make sense. Chances are your kid is using the tablet computer in class.  Competition ahead: Kids at a Shemrock playschool. India’s preschool industry is estimated to exceed $3.43 billion by 2012, growing at an average 28.3% since 2008, according to brokerage CLSA Asia Pacific. Hemant Mishra / Mint “Technology is going to be big in our lives and we want our students to be comfortable with it from the very beginning,” said Amol Arora, managing director, Shemrock Schools, which plans to buy one iPad each for groups of three-four students when Apple Inc. launches the computer in India by May-end. The New Delhi-based school, which plans to expand to 185 centres across India over the next year from 120 now, groups 15 students in a classroom. India’s preschool industry is estimated to exceed $3.43 billion (Rs15,264 crore) by 2012, growing at an average 28.3% since 2008, according to brokerage CLSA Asia Pacific. The concept of preschools, or playschools, has picked up pace in recent years due to increasing awareness that a huge percentage of learning takes place before the age of five as the brain develops most rapidly in this phase, said Hyderabad-based child psychologist Noora Sinha. Behavioural tendencies are also formed during this phase. Neha Ahuja, professional marketing manager (oral care), Procter and Gamble India, who sends her two-and-a-half-year-old twin sons to an upmarket preschool in Bangalore, says her main expectation is for them to learn good habits and develop a general awareness of things around them. “They are a lot more into sharing now, wishing each other in the morning and at bed time, and little things like washing hands when they come home or before food... things which are difficult to teach at home,” says Ahuja, who pays a fee of Rs2.4 lakh a year for her two children. Prajodh Rajan, president of India’s biggest preschool chain, Eurokids International, says educational goals have remained the same over the decades but approaches have changed. Eurokids wants to replace its flash cards and charts with interactive touch screens. “There is a heightened awareness among kids due to their exposure to technology and gadgets,” said Rajan. Eurokids has 584 schools in 260 cities and plans to add 250 more over the next year. The preschool industry is seeing a host of new entrants. Education firm Edserv Softsystems Ltd recently entered the preschool segment with the acquisition of Chennai-based Sparkling Minds. Aakash Educational Services Ltd, which has 45,000 pre-medical and engineering entrance coaching centres across India, started its first preschool in New Delhi on 12 April. Called Bumble Bees, the preschool has traffic parks to teach road behaviour, a dedicated super market to teach kids to shop, dummy ATMs, or automated teller machines, and even a golf course. “Competition is so high in this age that it is of utmost importance to instil confidence in a child,” said Aakash Chaudhry, director, Aakash Educational Services. “Dealing with things on their own is one way of installing it. It gives them an edge over others.” Bumble Bees even has a “mother toddler” programme for six-month-olds, charging Rs69,100 a year. Fees at most preschools are in the range of Rs40,000-1.2 lakh a year. Not everyone thinks the evolution is positive. Child psychologist Sinha says while it’s good to introduce technology, interaction with human beings is crucial for a child as they need assurance and support. “A child growing too fast is never really good. ATM is not something that a child needs at the age of two or three years because they do not understand the concept of money,” she said. deepti.c@livemint.com Source: Tech News - Livemint.com | 18 Apr 2010 | 10:40 am Women out of the loop in Silicon ValleySan Francisco: Candace Fleming’s resume boasts a double major in industrial engineering and English from Stanford, an MBA from Harvard, a management position at Hewlett-Packard and experience as president of a small software company. But when she was raising money for Crimson Hexagon, a start-up she co-founded in 2007, she recalls one venture capitalist telling her that it didn’t matter that she didn’t have business cards, because all they would say was “Mom”. Another potential backer invited her for a weekend yachting excursion by showing her a picture of himself on the boat—without clothes. When a third financier discovered that her husband was also a biking enthusiast, she says, he spent more time asking if riding affected her husband’s reproductive capabilities than he did focusing on her business plan. Ultimately, none of the 30 venture firms she pitched financed her company. She finally raised $1.8 million (Rs8 crore today) in March 2008 from angel investors including Golden Seeds, a fund that emphasizes investing in start-ups led by women. “I didn’t know things like this still happened,” says Fleming, 37. “But I know that, especially in risky times like the last couple years, some investors kind of retreat to investing via a template.” A company owned by a woman, she adds, “is just not the standard template.” Though many people say that outright sexism is rare in the tech world these days, the barriers that Fleming encountered aren’t unusual. Women own 40% of the private businesses in the US, according to the Center for W  Venturing out: Candace Fleming pitched an idea to 30 venture firms, but had no success until she tried a fund that focused on women. Rick Friedman/NYT “It’s not like people are making an effort to exclude people, but I see very little diversity in the candidate pool,” says Aileen Lee, a partner at Kleiner Perkins Caufield and Byers, a big venture capital firm. She says this reflects the different educational paths men and women follow in high school and college: Men, for a variety of reasons, are more likely to pursue computer science and engineering degrees and subsequently rise through start-up or management ranks. Women now outnumber men at elite colleges, law schools, medical schools and in the overall workforce. Yet a stark imbalance of the sexes persists in the high-tech world, where change typically happens at breakneck speed. And analysts say more than social equity is at stake. A dearth of ideas and participation by women in the technology churn has business consequences as well. The latest Web start-ups often attract more women than men as users. And many products from tech giants are aimed at women. But when Apple unveiled its new mobile computing device, it called it the iPad—a name that made many women wince with visions of feminine hygiene products. Research indicates that investing in women as tech entrepreneurs is good for the bottom line. Venture-backed start-ups run by women use on average 40% less capital than start-ups run by men and are increasingly involved in successful initial public offerings of stock, according to a recent white paper by Cindy Padnos, a venture capitalist who compiled data from 100 studies on gender and tech entrepreneurship. Even so, some people say substantial barriers still confront women trying to scale the technological peaks. “It all boils down to education and accessibility and role models,” says Anu Shukla, who has founded three tech start-ups. “There aren’t enough women entrepreneurs because they don’t see enough women entrepreneurs ahead of them and successful.” The same still holds true in the tech world’s corporate corridors. “As you look around the entry-level management positions, even just the ranks of engineers or product people, there just aren’t many women,” says Carol A. Bartz, chief executive of Yahoo Inc. “So therefore, mathematically, it tells you it’s impossible for them to move up and run something.” Math and science classes at Fleming’s all-girls high school in Albany, New York, weren’t as good as those at the all-boys school across the street, she says, so she trekked there and quickly became accustomed to being the only girl in the room. At Stanford, men outnumbered women by three to one in her engineering classes. For Poornima Vijayashanker, an Indian immigrant, college was also a time when the promise of an engineering career first became apparent. Though all the men in her family were engineers, she spent her childhood dreaming of becoming a lawyer. “To me, engineering seemed like a 9-to-5 job,” she recalls. “It wasn’t glamorous or exciting.” It wasn’t until a computer science class at Duke that she “first understood what engineering was all about—building something very quickly and being able to play with it”. She double-majored in computer science and electrical engineering—inspired by the young women who were professors in the department. Vijayashanker, 27, became the only female engineer at Mint, a personal finance website started by a friend from Duke that was sold to Intuit Inc. for $170 million last year. Now she is starting her own company, BizeeBee, making software for small business, out of her apartment in Palo Alto, California. But she is weighing a new set of challenges. Though she is just a decade younger than Fleming, she has seen enough entrepreneurial women meet pitfalls that she is trying to navigate around those issues—like timing motherhood, for example. Vijayashanker is starting her company now, partly because she wants to have a family in a few years and says the tech start-up lifestyle isn’t hospitable to child-rearing. That’s why, she says, many young women prefer working at big companies to starting their own. Unlike Fleming and Vijayashanker, Karen Watts never got the engineering bug. Watts, the 38-year-old founder and chief executive of Corefino Inc., which makes business accounting software, was taking college math classes by the time she got to high school, but engineering didn’t grab her attention. Girls begin to turn away from math and science in elementary school, because of discouragement from parents, underresourced teachers and their own lack of interest and exposure, according to a recent report by the Anita Borg Institute for Women and Technology and the Computer Science Teachers Association. Just 1% of girls taking the SAT (Scholastic Aptitude Test) in 2009 said they wanted to major in computer or information sciences, compared with 5% of boys, according to the College Board. Only 18% of college students graduating with computer science degrees are women, down from 37% in 1985. One reason is that engineering has a serious image problem, many women in the field say. “There’s a really strong image of what a computer scientist is—male, skinny, no social life, eats junk food, plays video games, likes science fiction,” says Sapna Cheryan, an assistant professor of psychology at the University of Washington who has researched why few women choose computer-science careers. According to the National Center for Women and Information Technology, 56% of women with technical jobs leave their work midway through their careers, double the turnover rate for men. Twenty per cent of them leave the work force entirely, and 31% more take nontechnical jobs—suggesting child-rearing isn’t necessarily the primary reason women move on. Many are pushed to pursue supervisory and management jobs instead of “individual contributor” jobs involving deep technical expertise, according to a recent study by the Anita Borg Institute, an organization that explores the impact of women on the technology field. What makes investors smile or frown on new firms led by women? Venture capital firms with senior female investors are more likely to attract and close deals with women-led start-ups, concluded a Kauffman Foundation report. Networks are crucial for fundraising, because most investors don’t look at pitches that come over the transom. Since an overwhelming majority of venture capitalists are men and have gotten to the firms via start-ups or business schools—both places where women are underrepresented—women have a harder time gaining access to the Valley’s boys club, analysts say. Studies have found that teams with both women and men are more profitable and innovative. Mixed-gender teams have produced technology patents that are cited 26-42% more often than the norm, according to the National Center for Women and Information Technology. There are signs that Silicon Valley is changing, albeit slowly. New organizations are sprouting up for young women in tech, like Girls in Tech and Women 2.0. One-quarter of the partners at Kleiner Perkins, the venture capital firm, are women, and some of the hottest start-ups—including Gilt Groupe, Hunch Inc., Ning Inc., Eventbrite and Meebo—were founded or co-founded by women. They could change things for the next generation of girls aspiring to engineering careers and women already entering the field, Fleming hopes. “If their success becomes visible, so girls can identify with it, they will think, ‘Oh yeah, anyone can do this,’” she says. ©2010/The New York Times feedback@livemint.com Source: World Business - Livemint.com | 18 Apr 2010 | 9:41 am SJVNL aims to double outputSatluj Jal Vidyut Nigam Limited (SJVNL) aims to more than double its power generation by 2016-17. Source: HindustanTimes.com - Top Business News Headlines | 18 Apr 2010 | 9:28 am Twitter is mainstream. Are you in?The country’s headlines were full of the controversy involving a spat between Indian Premier League cricket’s commissioner Lalit Modi and Minister of State for External Affairs Shashi Tharoor over stakes in the Kochi team, and fascinatingly, their differences apart, they both are active tweeters.Source: HindustanTimes.com - Top Business News Headlines | 18 Apr 2010 | 9:26 am Study shows reforms can triple market size by 2020Indian capital markets can grow three-fold by 2020 if reforms to increase retail participation, reduce cost of trade and enhance investment by pension funds are initiated, says a study by industry chamber Ficci and consultant Mckinsey & Co. Source: HindustanTimes.com - Top Business News Headlines | 18 Apr 2010 | 9:23 am HDFC Bank sees retail loan surgeImproving consumer sentiment enabled HDFC Bank to end financial year 2009-10 with a bang on the retail loans front. While it witnessed record loan disbursement during the January-March quarter as well as the month of March, its loan portfolio grew 25 per cent over the entire financial year.Source: HindustanTimes.com - Top Business News Headlines | 18 Apr 2010 | 9:21 am UAE airline Etihad plans to start Iraq flightsDubai: Etihad Airways said on Sunday it plans to launch regular flights to Baghdad next week, one of a growing number of carriers betting that Iraq’s fragile security gains will lead to an uptick in travel. The Abu Dhabi-based carrier plans to start service from its base in the United Arab Emirates capital beginning 26 April, provided it can secure government and regulatory approval. Initial plans call for five return flights a week to Baghdad using Airbus A320s. Additional flights to the northern city of Irbil are slated to start in June. Airlines are slowly returning to war-ravaged Iraq as security improves and business begins to pick up after years of bloodshed. Pilots no longer have to execute dramatic corkscrew landings to avoid ground fire, and the once dangerous road from Baghdad International Airport is now largely secure. Etihad will be the first Emirati airline to provide regular passenger service between Iraq and the Emirates with its Abu Dhabi flights. Iraqi Airways and a number of charter companies already fly to the nearby city of Dubai, the Middle East’s busiest air hub. Etihad Chief Executive James Hogan said the airline expects strong demand, particularly from government and business travelers. The state-owned carrier began operating cargo flights to Baghdad in September. Etihad expects to expand passenger service to the northern Iraqi city of Irbil, where it also delivers cargo, on 1 June. That city, which serves as the capital of the autonomous Kurdish region, has enjoyed an investment bonanza thanks to the region’s security, oil wealth and relative independence from the rest of Iraq. Etihad is the latest carrier to tap the potentially lucrative Iraqi market, which has grown more tempting with the drop in violence. Others are eyeing it too. “Iraq is an important market and we hope to start services soon,” Ghaith al-Ghaith, the chief executive of Dubai’s state-run budget carrier FlyDubai, told The Associated Press by email. Bahrain’s Gulf Air last year started flying to a handful of Iraqi cities, including Baghdad and the southern Shiite shrine city of Najaf, last year. Royal Jordanian Airlines and Beirut-based Middle East Airways are among the carriers that also fly to the Iraqi capital. German airline Lufthansa said in January it plans to resume flights to Iraq this summer, twenty years after it stopped service at the outbreak of the Gulf War. Source: World Business - Livemint.com | 18 Apr 2010 | 9:09 am Videocon to invest Rs 15000 cr in mobile biz - Economic Times
Source: Business - Google News | 18 Apr 2010 | 7:53 am India 3G bids up 63% from base on auction 7th dayOne provisional winning bid for national cover in India\'s thirdgeneration (3G) spectrum auction rose 63% from the base to Rs 57.10 billion (USD 1.3 billion) on the seventh day of the auction, government data showed.Source: Moneycontrol Top Headlines | 18 Apr 2010 | 3:36 am
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