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Bharat Forge raises $118m via QIP issueThe qualified institutional placement (QIP) book of Bharat Forge has closed today, reports CNBCTV18. The company has raked in USD 118 million via the QIP. The QIP book was subscribed over five times.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 8:53 am Greece in focus as investors wait next moveFinancial markets ticked over hesitantly on Thursday with investors digesting mixed US earnings results and waiting for the next move in Greece\'s debt crisisSource: Moneycontrol Top Headlines | 22 Apr 2010 | 8:14 am Where are tea prices headed in 2010?In an exclusive interview with CNBCTV18, Aditya Khaitan, MD, McLeod Russel, speaks about tea prices and gives his outlook going forward.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 8:08 am Gayatri Project may sell 49% stake to overseas partnerIn an interview with CNBCTV18, Sandeep Reddy, Managing Director of Gayatri Projects, spoke about the company capital raising initiative and the road ahead.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 7:45 am Govt sees Rs 45000 crore revenue from spectrum auctionsThe government is likely to get Rs 45000 crore (USD 10.1 billion) from the auctions of 3G and wireless broadband spectrum, higher than earlier estimates of Rs 35000 crore, the telecoms minister said on ThursdaySource: Moneycontrol Top Headlines | 22 Apr 2010 | 7:07 am 56 Indian cos among world`s most powerful!India and China gained the most ground in breaking into the exclusive club of "The Forbes Global 2000".Source: Zee News : Business | 22 Apr 2010 | 6:10 am Barclays names India head for corporate unitBarclays Plc has named Karan Bhagat as India head for the bank\'s corporate business that mainly focuses on the banking needs of companies, the British bank said in a statement.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 5:48 am Dewan Hsg to raise Rs 500cr, incl Rs 375cr via placementDewan Housing Finance CMD Kapil Wadhawan said the proposal to launch the QIP would be after an approval is received from the general body which will meet in the third week of May. The QIP, he said would raise Rs 500 crore including Rs 375 crore by way of placement to institutional buyers and Rs 125 crore will be split into two.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 5:23 am UBS hires equity derivatives executiveUBS AG has hired Axel Kilian, previously at Nomura Holdings, as global head of equity derivatives distribution, according to an internal memo.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 5:18 am Didn\'t discuss Goldman charges with SEC: Barack ObamaUS President Barack Obama said SEC was an entirely independent agency and he had no control over it. \"They never discussed anything with respect to the charges that would be bought. So this notion that somehow there would be any attempt to interfere in the independent agency is completely false.\"Source: Moneycontrol Top Headlines | 22 Apr 2010 | 3:49 am Strides gets tentative USFDA nod for adenosineMUMBAI (Reuters) - Strides Arcolab Ltd said on Thursday it has received a tentative U.S. FDA approval for adenosine injection, a generic version of Astellas Pharma's Adenoscan.Source: Reuters: Money News | 22 Apr 2010 | 3:48 am China automakers add capacity as sales riseBEIJING (Reuters) - Chinese auto sales are set to grow faster than expected this year, with some industry insiders now picking growth of 20 percent in the world's largest car market, raising talk Beijing will cut incentives to cool growth.Source: Reuters: Money News | 22 Apr 2010 | 3:47 am RBI governor sees policy reversal over time - Moneycontrol.com
Source: Business - Google News | 22 Apr 2010 | 3:47 am 3G bids up 89% on Day 10 - Sify
Source: Business - Google News | 22 Apr 2010 | 3:40 am RCF to make additional 300,000 tonnes urea in FY11MUMBAI (Reuters) - State-owned Rashtriya Chemicals and Fertilizers Ltd expects to produce an additional 300,000 tonnes of urea in FY11 from its two units, its chairman and managing director said on Thursday.Source: Reuters: Money News | 22 Apr 2010 | 3:22 am India 3G bids up 89.5% from base on 10th dayBids for a nationwide thirdgeneration (3G) mobile spectrum licences in India rose 89.5% above the base price to Rs 66.34 billion (USD 1.5 billion) on the tenth day of an auction, government data showed on Wednesday.Source: Moneycontrol Top Headlines | 22 Apr 2010 | 3:21 am Buying momentum intensifies; Sensex up nearly 300 points - Economic Times
Source: Business - Google News | 22 Apr 2010 | 3:21 am Andaman, Shillong to have quake observatoriesMumbai: To beef up further monitoring of earthquake prone areas of Andaman Islands and the Himalayan belt, the government has decided to establish two more observatories, officials said. Multi-parametric Geophysical Observatories (MGPOs) are being established in Andaman Islands and Shillong, Meghalaya, by Union Ministry of Earth Sciences (MoES) in collaboration with the city-based Indian Institute of Geomagnetism IIG), a unit of Department of Science and Technology (DST). These facilities would assist in understanding the earthquake precursory phenomena in the regions and provide real time data to the scientists for quick analysis, said, MoES Secretary Shailesh Nayak . The observatories will have seismographs and accelerographs to measure ground vibrations and radon gas measurements, Prof Shobana Alex of the IIG said. The MGPO at Port Blair, being set up in forests, is likely to start functioning by the year-end. The one at Shillong will he housed in IIG’s magnetic observatory there and become operational by 2010-end, Alex said. An MGPO has already come up at Ghuttu, Uttarakhand. The Seismicity Programme of DST aims at understanding the earthquake processes and mechanisms related to the Indian lithosphere, their recurrence interval and manifestation on the surface for developing techniques for hazard mitigation. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 3:21 am Jet offers business class at budget prices on select flightsMumbai: Given the economic recovery and return of business class travelers, Naresh Goyal-run Jet Airways announced it would offer business class seats on its no-frills flights at less than full-service fares. A business class one-way ticket from New Delhi to Mumbai on ‘Jet Airways Konnect’, the airline’s budget service, would cost Rs12,000 all inclusive, compared to Rs35,371 charged by the full service carrier, a Jet spokesperson said. “Buoyed by the improvement in the global economic environment and the resulting upswing in air travel demand, particularly business, Jet Airways Konnect... will launch the all new ‘Konnect Select´ a premium cabin on several domestic routes effective April 26,” the airline said in a statement. Jet Airways chief commercial officer Sudhir Raghavan said: “With its low fare, high quality all economy product Jet Airways Konnect.... will offer the superior in flight product that is close to Jet Airways’ full-service business class product at reasonable fares, as well as additional on ground jet privilege benefits.” The airline would be converting a certain number of seats on the front of its carriers to business class. Jet Airways had launched the all economy, no frills service Jet Konnect in May last year. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 3:18 am Hyundai Heavy 1st-quarter net profit hits recordHyundai Heavy Industries, the world's biggest shipbuilder, said first quarter net profit rose 86 percent to a record on high margins in shipbuilding and industrial plants. Hyundai Heavy Industries earned 926.2 billion won ($835.7 million) in the three months ended March 31, the company said in a regulatory filing Thursday. It posted net profit of 498.3 billion won a year earlier.Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 3:16 am Wall Street firms must be made accountable: ObamaUS President Barack Obama has highlighted the need for a thriving and effective financial sector, but insisted that the Wall Street companies must be made accountable in order to protect investors, shareholders and the economy as a whole. Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 3:12 am Hinduja favourite for KBC unitHinduja had been pitted against Italy's Exor, controlled by a major shareholder of Fiat, in the contest to buy the Belgian banking and insurance group's KBL European Bankers.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 3:11 am Essar launches $2.5 billion London energy IPOThe group is selling a 20-25% stake in Essar Energy, which will be listed on the London bourse after the IPO.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 3:09 am Hyundai posts record Q1 net on emerging mkt, U.S. gainsSEOUL (Reuters) - Hyundai Motor Co's strong performance in emerging economies and growing U.S. market share drove it to a record net profit in the first quarter and should cushion it from a stronger won and rising input costs.Source: Reuters: Money News | 22 Apr 2010 | 3:02 am Jet fuel's rise poses risk to U.S. airlinesNEW YORK (Reuters) - A jump in fuel prices poses a big obstacle for the U.S. airline industry's recovery, just as major carriers are starting to feel the benefits of tighter capacity and greater travel demand.Source: Reuters: Money News | 22 Apr 2010 | 3:02 am Jet offers business class at budget prices on select flightsGiven the economic recovery and return of business class travelers, Naresh Goyal-run Jet Airways today announced it would offer business class seats on its no-frills flights at less than full-service fares. Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 3:01 am Toyota falls to 360th from 3rd in Forbes' rankingToyota Motor Corp has fallen to 360th in the Forbes ranking of the world's leading companies for 2010 from 3rd the previous year. The sharp drop came after the major automaker was hit by a spate of recalls worldwide involving its vehicles and a decline in its sales amid the global auto market slump. Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 2:58 am Gold offtake remains weak for second sessionMumbai: India’s physical gold offtake remained weak on Thursday afternoon, as traders sought lower prices to stock for festivals, dealers said. “There is no much interest at these levels... yesterday there was minor buying at the dip below $1,140 (an ounce),” said a dealer with a state-run bullion dealing bank. International spot gold, which guides the domestic market, was trading at $1,146.65/1,147.65 an ounce at 2:23pm as against the previous close of $1,145.30/1,147.30. “There may be interest at $1,125 levels,” said another dealer with a private bank. However, a strong rupee, which makes the dollar-quoted asset cheaper aided sentiment, they added. The Indian rupee continued to rise further in afternoon trade tracking a reversal in the domestic sharemarket from early lows and backed by early dollar sales by a few corporates. Traders sought to stock for upcoming Akshaya Tritiya on 16 May and Pushya Nakshatra on 19 May, when it is considered as auspicious to buy gold. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 2:56 am China says dam on Brahmaputra not to affect river flow: Govt - Business Standard
Source: Business - Google News | 22 Apr 2010 | 2:53 am ACC Jan-March net flat, beats forecast(Versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 22 Apr 2010 | 2:33 am NRI’s firm wins Queen’s award for second year in successionLondon: A leading export company set up by an NRI entrepreneur has won the Queens Award for Enterprise 2010 for the second consecutive year. The company Sun Mark Ltd established by Dr Rami Ranger exports British supermarket products to over 90 countries with staggering results and market penetration. Owing to its export activities, the company not only generates wealth and employment for Britain directly, but also helps other British companies grow which are connected with its export activities like transport, shipping and manufacturing. Ranger, managing director of the company said: “I am optimistic that Sun Mark, which is a leading force in exports, will continue to drive hard and be a recipient for many more such awards for sustainable growth and for excellence. The second award shows that when the going gets tough, the tough get going.” He said the Queen’s Award for Enterprise symbolised the strength and credibility of the company and its positive contribution to the British economy. The company’s sales continued to grow despite the global downturn as a result of the financial meltdown. The company’s turnover grew by over 45% last year and is fast approaching 100 million pounds. It is a considerable achievement by any standard, especially when the company started its operation just 15 years ago, he said. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 2:28 am BSE Sensex rebounds; Reliance, SBI driveNEW DELHI (Reuters) - The BSE Sensex reversed early losses and climbed more than 1 percent on Thursday, with Reliance Industries and State Bank of India leading the rise.Source: Reuters: Money News | 22 Apr 2010 | 2:27 am Government sees Rs450 billion revenue from spectrum auctionsGovernment data showed on Wednesday bids for one pan-India third-generation spectrum licences rose to $1.5 billion on the tenth day of auction.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 2:23 am Nokia slashes smartphone pricesNokia has slashed the prices of its cellphones this week, with the deepest cuts of around 10% seen for some smartphone models.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 2:22 am World markets flat; Greece in focusLondon: Financial markets ticked over hesitantly on Thursday with investors digesting mixed US earnings results and waiting for the next move in Greece’s debt crisis. World stocks as measured by MSCI were flat with emerging market equities the same. The pan-European FTSEurofirst 300 gained 0.1%. Earlier, Japan’s Nikkei closed down nearly 1.3%. Toyota Motor Corp lost 1.4%, extending losses after Moody’s Investors Service cut the automaker’s credit ratings, forecasting a long slump in the wake of the company’s massive recall. In Europe, the focus remained on Greece and peripheral euro zone economies hit by debt pressures. “The situation in Greece is still worrying and the bond market is not convinced that the rescue efforts are a done deal,” said Tammo Greetfeld, equity strategist at UniCredit. Greece is struggling to convince markets that it can slash its budget deficit and avoid default. It needs to raise €10 billion next month with an €8.5 billion bond falling due on 19 May. Investors drove the yield on 10-year Greek government bonds to 8.4% on Wednesday, the highest since at least 1998. The yield was at 8.1% on Thursday. Equity markets were also chewing over mixed earnings from Wall Street. Disappointing outlooks from healthcare companies offset strong earnings from Morgan Stanley and Apple Inc on Wednesday. Euro floats The euro recovered slightly from earlier lows but was still vulnerable to worries about Greek debt financing. It was up slightly against the dollar at around $1.3417. It hit a 10-month low of $1.3267 hit last month. “The focus has moved from liquidity concerns to one where the market is discounting a debt restructuring or possible default,” said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ. “There is also the risk of contagion to other countries, the risks are very much skewed to the downside.” On bond markets, Spain was to test market appetite for peripheral euro zone debt with the sale of a 15-year bond later in the session. It is expected to sell up to €3 billion of the bond. “That will be an interesting test. There was definitely some signs of capitulation in the periphery yesterday, markets are very thin and the danger is we get forced selling,” said a bond trader in London. Source: Home - Livemint.com | 22 Apr 2010 | 2:13 am Dhanlaxmi Bank in tie-up with UTI Mutual FundThe bank's head-broking & distribution, DA Dhananjaya, said in a statement that 'this alliance with UTI MF will help us provide quality funds to our customers'.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 2:11 am Stocks rebound; Reliance, SBI leadNew Delhi: Indian shares reversed early losses and climbed more than 1% on Thursday, with Reliance Industries and State Bank of India leading the rise. State Bank extended gains to a third day after BofA-Merrill Lynch said the leading lender would be a key beneficiary of uptick in loans, and expected the stock to re-rate “sharply” in coming months. Energy major Reliance, the country’s most valuable firm, climbed nearly 3% ahead of its quarterly result on Friday. By 1:15pm, the 30-share BSE index was up 1.18% at 17,679.51, with 25 components gaining. The index had opened lower and fell as much as 0.4% early, weighed down by weak Asian markets. State Bank shares were up 5.4% at Rs2,219. “We think the market is over playing the negatives; and believe the stock,” BofA-Merrill Lynch, which has a “buy” rating and a 12-month price target of Rs2,575 on the stock, said in a research note on Thursday. Separately, UBS on Wednesday upgraded State Bank to “neutral” from “sell”, citing recent underperformance. Reliance, which has the heaviest weight of about 13% on the index, was up 2.6% at Rs1,081.05. Analysts expect higher gas output from its fields off India’s east coast and a nascent recovery in refining margins to help profit growth. Independent oil and gas company Atlas Energy Inc, which has a joint venture with Reliance, said on Wednesday it would buy 42,344 acres in the gas-rich Marcellus shale along with the Indian firm. In the broader market, gainers led losers by almost 2 to 1 on volume of about 231 million shares. The 50-share NSE index was up 1.08% at 5,301.70. Data on Thursday showed India’s annual food and fuel inflation quickened in the week to 10 April, putting upside pressure on the headline inflation and the central bank to take action before its next policy review in July. The Reserve Bank of India on Tuesday raised key interest rates by 25 basis points and warned price pressures were fast becoming a demand-driven phenomenon. Most Asian stocks fell on Thursday as several major US firms issued disappointing profit outlooks, casting doubts on the strength of a global recovery, and as investors grew impatient for action on Greece’s debt crisis, which weighed on the euro. Source: Home - Livemint.com | 22 Apr 2010 | 2:05 am Sensex up 132 points in noon tradeSensex, which opened at 17,476.48 points, was ruling at 17,605.05 points, 132.49 points or 0.76 percent higher than its previous close at 17,472.56 points.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 2:04 am Tension deepens in Bangkok, fears unrest may spreadBangkok: Thailand’s tense political standoff was nearing a climax on Thursday with anti-government protesters preparing for imminent battle in central Bangkok against tens of thousands of armed troops. The “red shirt” uprising showed the first signs of spreading beyond Bangkok to the protesters’ stronghold in the northeast after they blocked a train carrying troops and military vehicles. Tens of thousands of red-shirted supporters of former prime minister Thaksin Shinawatra have fortified their redoubt in a Bangkok commercial district with home-made barricades, expecting the army to evict them any time. “We’ve heard from insiders in the government that April 26 is their deadline,” Kwanchai Sarakam, 57, a red shirt leader from the northeast told Reuters. Neither side shows any sign of backing down after the army’s chaotic attempt to evict protesters from another site on 10 April that led to the deaths of 25 people and wounded more than 800. Red shirt leaders say another such attempt would be futile. They say they will only leave Bangkok when the prime minister announces a dissolution of Parliament and early elections. “I’m sending a signal (by remaining at the site and fortifying it) that I want to see their cards,” said Nattawut Saikuar, one of the three top red shirt leaders, on Wednesday. “You cannot issue an order because the soldiers won’t listen,” he added, citing last Friday’s bungled attempt to arrest red shirt leaders as an example. Thailand’s central bank left interest rates at a record low on Wednesday, noting political risks were “affecting confidence, tourism, private consumption and investment.” Flexibility in demands? Any attempt to disperse the protesters risks heavy casualties and the prospect of clashes spilling into nearby high-end residential areas. It may also lead the red shirts to step up action elsewhere in the country, particularly in their strongholds in the north and northeast where there has been little unrest so far in the six-week campaign. “The risk for Abhisit is that even a successful dispersal, while assuring the near-term survival of his government, will not in any way ease -- and in fact may even worsen -- the disenchantment of the red-shirts,” risk consultancy Eurasia Group said in a note. “In that case, their next rally, and the next round of volatility, will only be a matter of time.” Thai media reported that a “multi-coloured” pro-government group planned a demonstration of up to 100,000 people on Friday demanding a dispersal of the red shirts, splitting the capital into opposing groups. This groups includes office office workers, shopkeepers, the middle class and members of the pro-government “yellow shirts’ who staged their own parlyzing protests in Bangkok two years ago to force the ouster of a Thaksin-allied government. About 200 red shirt protesters rallied in front of the regional headquarters of the United Nations in Bangkok on Thursday requesting peacekeepers be deployed to provide security. Police made no move to stop them. Some red shirt leaders suggested on Wednesday they might consider a three-month timeframe for Prime Minister Abhisit Vejjajiva to dissolve Parliament and call elections. But the movement is led by a 22-member committee that often sends mixed signals on its positions. They all agree, however, a crackdown is imminent and they are preparing for battle. The army spokesman said around 900 fully armed troops on motorcycles would be deployed around the red shirt rally site at the Rachaprasong intersection to keep them going elsewhere, and checkpoints have been strengthened in Bangkok to stop red shirt reinforcements from coming into the capital. The red shirts have fortified entrances to their rally site in an upmarket shopping district with barricades made of tyres, chunks of concrete and bamboo staves, forcing posh malls and some luxury hotels to close their doors. At one end of their sprawling encampment, leading to the Silom business district, anti-government protesters atop their barricade faced off against several hundred “multi-coloured” demonstrators on Wednesday night throwing bottles and rocks before riot police got between them. About 60,000 troops have been deployed in the capital and can use live ammunition if necessary for selfdefence, the Bangkok Post newspaper quoted security officials as saying. In the province of Khon Kaen, about 400 km from Bangkok, red shirts agreed on Thursday to let the military train proceed -- if it takes along 10 of them to make sure the train goes to its intended destination in southern Thailand. Talks between Abhisit and the protesters collapsed last month when the red shirts rejected his offer to dissolve Parliament within nine months -- a year early. Analysts say the protests are radically different from other periods of unrest in Thailand’s five-year political crisis, pushing the country close to an undeclared civil war. The demonstrations have evolved into a dangerous standoff between the army and a rogue military faction that supports the protesters and includes retired generals allied with twice-elected and now fugitive former premier Thaksin. Despite the turmoil, some big foreign manufacturers -- most of them with plants well away from the capital -- said they are maintaining their investment policies. Thailand’s exports jumped 41%, year-on-year in March, compared to 23% in February, indicating the protests have yet to hit the wider economy significantly. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 1:45 am Too big to fail? IPL in a spinNew Delhi: With its cocktail of celebrities and cheerleaders, the Indian Premier League’s dizzy rise to become cricket’s richest tournament is under threat, illustrating how politics and business don’t mix. A scandal over a government junior minister accused of influencing a bid for a team has sparked a tax investigation into the estimated $4.1 billion sport franchise, also signalling the inherent risks in the Asian giant’s corporate juggernaut. It is a scandal that touches much of India, including some of Bollywood’s top stars who became team owners, senior politicians as well as some of India’s richest executives who have all wanted a piece of the pie since the tournament kicked off in 2008. Also Read | IPL3 (Full coverage) “Like much of corporate India, the attitude behind IPL was with globalization, liberalization, we can take on the world,” said Paranjoy Guha Thakurta, a well-known commentator in India. “But the IPL has not been transparent. It has become big business, but a rather murky big business ... and shown the very cosy ties between very rich businessmen and politicians.” Lalit Modi, a 46-year-old businessmen known for his flashy suits and love of the high flying celebrity circuit, formed IPL in 2008, a short form of cricket that won millions of dollars in advertising and upset much of the traditional cricket world. It was a by-product of an emerging India, when local companies like Tata bought brands like Jaguar and Land Rover for $2.3 billion to reflect the self-confidence of Indian business as it enjoyed one of the world’s fasted economic growth rates. Such was IPL’s success that some team franchises were sold for more than the value of English Premier League football teams. The tax probe has so far revealed nothing but huge newspaper headlines, and Modi says he has nothing to hide as taxmen visit offices around the country with cameras and lights in tail. But whatever the results of the investigation, few believe that tournament will be the same freewheeling business extravaganza, and Modi is now under pressure to resign. At the cutting edge The IPL was at the cutting edge of cricket from day one when its use of cheerleaders sparked initial outcry as conservative India questioned whether it was ready for dancers with bulging breasts and gyrating bellies parading in packed stadia. Modi himself called it all “cricketainment” -- with Bollywood stars watching matches in seats costing as much as $1,000 a game in a country where half the population earns less that $2 a day. “IPL can be seen as a metaphor for the new Indian middle class which thrives on excess,” wrote commentator Ronojoy Sen in the Times of India. Modi showed that “Can Do” attitude on which Indian business people pride themselves -- the ability to deal with the country’s notorious red tape, corruption and poor infrastructure. When security concerns and a general election threatened the second year of the tournament, Modi simply transferred the whole event to South Africa in a few weeks. “Forget Modi’s brashness for a moment. There is an underlying admiration for Modi in India -- the fact that he could get through the red tape and get things done,” said V. Ravichandar, managing director of Feedback consulting in Bangalore, which advises multinationals on doing business in India. “That kind of thing goes down well in the Indian street.” But any admiration may not save the IPL. After Modi tweeted questioning the role of minister of state for external affairs Shashi Tharoor in a team’s $333 million bid, the minister was forced to resign. The Income Tax department suddenly announced a probe into Modi and the IPL -- in what many saw in India as a blatant use by the government of tax authorities to win political points. The political ramifications widened. Suddenly key Congress party coalition ally and farm minister Sharad Pawar was on a collision course with his own government after he infuriated Congress by initially supporting Modi. Pawar is president elect of the International Cricket Council and former head of the Indian cricket board -- just one of many many politicians in India who also run cricket boards. The tension came just as the government was seeking to secure its allies support for a possible vote in parliament over high food prices. The government would fall if it loses the vote. Few think the government will fall. But the fact that a tweet from a businessman sparked worries about the government’s coalition strength a few days later showed the nexus between business and politics in India -- and the fragility of both. “The IPL was about getting things done despite everything,” said Ravichandar. “It is a spirit of Indian enterprise with all the risks that it entails that holds a mirror to ourselves.” Source: Home - Livemint.com | 22 Apr 2010 | 1:35 am Landmark Mumbai gay film fest eyes homosexuality debateMumbai: A gay-and-lesbian themed film festival, said to be the biggest of its kind in India, opens on Thursday in an attempt to improve the image of gays in a nation where homosexuality still carries a heavy social stigma. Organisers say they hope the four-day “Kashish” festival in Mumbai will create more open dialogue on gay and lesbian issues in the mostly conservative country that just less than a year ago scrapped a law criminalising gay sex. “Our main purpose of the festival is that queer issues should be mainstreamed,” said festival director Sridhar Rangayan. The festival comes less than a year after the Delhi High Court ruled that homosexual sex among consenting adults was not a crime, boosting an increasingly vocal pro-gay lobby in India that says the British-era law was a violation of human rights and an impediment to fighting HIV/Aids in a country blighted by it. But the change in the law appears to have done little to alter society’s dominant anti-gay views. In a country where hugging and kissing in public even among heterosexuals often triggers lewd remarks and the occasional beating, gay sex has been a taboo subject for filmmakers in the world’s most prolific movie industry. Bollywood has generally shied away from openly gay themes, preferring to occasionally use homosexuality as a comic tool, and even then at the risk of inviting the wrath of right-wing fundamentalists. “Our main aim is to entertain and start a debate,” said Vivek Anand, CEO of Humsafar Trust, an NGO which deals with homosexual rights and is one of the organisers of the festival. “We don’t want to offend anyone’s sensibilities,” he said. The festival will feature 110 films from 25 countries, including 27 from India, most of them short films in regional languages. The festival will close with what could be termed Bollywood’s first mainstream gay film, “Dunno Y...Na Jaane Kyon”, whose makers are hoping for wider audience acceptance. “When we started the film, a lot of people told us that a theme like this wouldn’t work in India, but I personally think the audiences are far more open now than they were five years ago,” said Kapil Sharma, the script writer. “You just have to treat this subject with sensitivity, rather than reducing it to a comedy,” he said. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 1:26 am Bharat Forge opens USD 150 mn QIP issue - Economic Times
Source: Business - Google News | 22 Apr 2010 | 1:24 am Strides Arcolab Gets Tentative US OK For Adenosine Injection - Easy Bourse
Source: Business - Google News | 22 Apr 2010 | 1:22 am Airspace in Norway and Sweden shuts againBrussels: Aviation authorities have closed the airspace on 22 April over parts of Norway and Sweden as shifting winds send a new cloud of volcanic ash over Scandinavia. The Swedish aviation authority says airspace is still open over the capital Stockholm, but closed over the southern cities of Goteborg and Malmo, and large parts of western and northern Sweden. Authority spokesman Bjorn Stenberg says changing winds meant the ash cloud over Sweden didn’t disperse as forecast. Meanwhile, new ash clouds are blowing in over western Norway. Norwegian authorities say Oslo remains open but airspace over western Norway has closed again, including Stavanger and Bergen. Eurocontrol says it expects nearly 22,000 flights over Europe on 22 April. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 1:15 am Food inflation rises to 17.65% - Economic Times
Source: Business - Google News | 22 Apr 2010 | 1:09 am Food inflation rises to 17.65%The overall inflation, led by rise in food prices, had gone up to 9.9 per cent in March, much higher than the central bank's projection of 8.5 per cent for March-end.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 1:09 am Too big to fail? IPL cricket in a spinNEW DELHI (Reuters) - With its cocktail of celebrities and cheerleaders, the Indian Premier League's dizzy rise to become cricket's richest tournament is under threat, illustrating how politics and business don't mix.Source: Reuters: Money News | 22 Apr 2010 | 1:06 am Bond yields in narrow range; supply eyedMumbai: The bond yields moved in a narrow range on Thursday supported by the central bank’s decision to hike rates marginally, but sentiment was cautious ahead of the Rs120 billion auction on Friday. At 12:52 pm, the yield on the 10-year benchmark bond was down 3 basis points (bps) on the day at 7.98%. It rose 2 bps to 7.99% after the food and fuel price data. Dealers said the 10-year benchmark bond was unlikely to fall below 7.95% levels as the fear of impending supplies was still there. The most traded 8.20%, 2022 bond was at 8.14%, from its previous closing of 8.17%. The annual food and fuel inflation quickened in the week to 10 April, putting upside pressure on the headline inflation and central bank to take action before its next policy review in July. However, traders said the market movement was just a knee-jerk reaction and they were watching the monsoon forecast due Friday to take a view on inflation and economic growth. The government is set to sell Rs120 billion of bonds on Friday, including Rs60 billion of the 7.02% bonds maturing in 2016 and 30 billion of the 8.26% 2027 bonds and Rs30 billion of 2020 floating rate bonds. Traders see the auction to be met with good demand after the favourable rate move by the central bank on Tuesday. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 1:06 am Food inflation rises to 17.65%Food inflation rose to 17.65 per cent for the week ended April 10 from 17.22 per cent in the previous week due to higher prices of fruits and vegetables.Source: India Business News | Business News - Times of India | 22 Apr 2010 | 12:52 am Oil steady below $84 after US inventories soarSingapore: Oil was steady below $84 on Thursday after soaring US inventories signalled demand in the world’s top energy user is lagging the recovery in the global economy. The International Monetary Fund on Wednesday said the world’s recovery from recession had been quicker than expected, raising forecasts for growth this year, while China reported robust oil imports in March. But crude inventories in the United States rose unexpectedly last week, government statistics showed on Wednesday, while fuel supplies climbed more than forecast. “The unexpected increase in crude inventories speaks of a bearish outlook,” said Serene Lim, a Singapore-based oil analyst at ANZ. “Demand has not really kept up with the economic recovery.” US benchmark West Texas Intermediate crude for June fell 5 cents to $83.63 a barrel by 0642 GMT. The front-month contract reached an 18-month high above $87 on 6 April. WTI prices are under pressure from last week’s 1.8-million-barrel stockpile gain at the Cushing, Oklahoma, pricing point reported by the Energy Information Administration, which accounted for most of the 1.9-million-barrel increase logged at a national level. For chart watchers, US crude is bound to continue in a falling trend, targeting $82 a barrel. At more than 34 million barrels, landlocked crude inventories at Cushing are nearing the level at which they trigger a disconnection of WTI from global oil markets. ICE Brent crude for June was trading about $2 higher than WTI on Thursday, up 5 cents at $85.75 a barrel after rising a day earlier on data showing strong Chinese demand and diverging from falling US crude. China leads, US lags China’s apparent oil demand in March rose 12.3% from a year earlier, the seventh double-digit increase in a row, Reuters calculations showed from official data released on Wednesday. “There could be some support from Chinese demand, looking at how strong the economic growth is,” Lim said. “There is high demand because of the spring seasonal peak from agriculture.” Rising consumption in China, the world’s second-largest oil user, has helped support crude prices as demand from developed economies struggles to rebound from the recession. US demand for distillates including heating oil and diesel fell 0.1% in the past four weeks from a year earlier, the EIA said. Inventories climbed 2.1 million barrels to 148.9 million barrels, eclipsing a forecast rise of 800,000 barrel. And gasoline stocks rose 3.6 million barrels to 224.9 million barrels, by far topping projections by analysts polled by Reuters who had forecast a build of 400,000 barrels. The dollar was down 0.08% against a basket of currencies on Thursday. Unease among investors over the Greek debt saga on Wednesday sapped the euro, while the yen gained. Source: Home - Livemint.com | 22 Apr 2010 | 12:52 am Nestle first quarter rise beats forecasts with 6.5% riseThe maker of Nescafe coffee, Gerber baby food and KitKat chocolate bars was upbeat in its outlook after seeing growth from all its regions and categories as it looked for better sales and profit margin.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 12:50 am Atlas, Reliance to buy more Marcellus acreageThe companies will buy the acreage in Fayette, Washington, Indiana, Westmoreland, Armstrong and Clarion Counties of Pennsylvania at an average price of $4,532 per acre.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 12:47 am Food, fuel inflation tick upNEW DELHI (Reuters) - India's annual food and fuel inflation quickened in the week to April 10, putting upside pressure on the headline inflation and Reserve Bank to take action before its next policy review in July.Source: Reuters: Money News | 22 Apr 2010 | 12:47 am Fuel price index up 12.45%The primary articles index was up 14.14% year-on-year on April 10, while the food inflation was higher than an annual rise of 17.22% in the previous week, suggesting it has peaked.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 12:45 am Lehman asks court to approve $99 million settlement with MillenniumLehman's unit, Lehman Brothers Special Financing Inc (LBSF), became a limited partner in Millennium USA LP (MUSA) on April 28, 2008, as per the filing.Source: Daily News & Analysis: Money News | 22 Apr 2010 | 12:43 am Govt sees 450 bln rupees revenue from spectrum auctionsNEW DELHI (Reuters) - The government is likely to get 450 billion rupees ($10.1 billion) from the auctions of 3G and wireless broadband spectrum, higher than earlier estimates of 350 billion, the telecoms minister said on Thursday.Source: Reuters: Money News | 22 Apr 2010 | 12:36 am Toyota plummets down Forbes’ top companies listTokyo: Toyota Motor, beset by huge safety recalls and a host of lawsuits over deaths linked to its cars, tumbled from third to 360th on the annual Forbes list of the world’s leading companies. The car maker trailed far behind rivals Ford, Honda, and Hyundai in the 2010 listing, which ranks 2,000 of the world’s best corporate performers based on an equal weighting of sales, profits, assets and market value. Toyota ranked third last year and 10th five years ago. US car makers General Motors and Chrysler, which are currently turning around their businesses after filing for bankruptcy protection last year, were absent from the list. Germany’s Daimler was ranked 388th and Volkswagen dropped off the list due to the complexity surrounding its 2009 merger with Porsche. Toyota, which dethroned General Motors as the world’s biggest car maker in 2008, has recalled around 10 million vehicles worldwide due to accelerator and brake defects, which have been blamed for 58 deaths in the US. The car maker, long a symbol of Japan’s product reliability, has also suspended the sale of eight models, including hybrids whose technology is the keystone of the company’s long-term strategy. In the latest blow, international ratings agency Moody’s Thursday downgraded the beleaguered car maker because of uncertainty over “product quality” potentially hitting sales following the mass recalls. Earlier this week the company agreed to pay a $16.4 million fine, the largest for a car maker in the United States, for hiding for at least four months accelerator pedal defects blamed in the US deaths. Toyota is facing at least 97 US lawsuits seeking damages for injury or death linked to sudden acceleration and 138 class action lawsuits from American customers suing to recoup losses in the resale value of Toyota vehicles. Despite the world financial crisis, banks still dominated the list with 308 lenders in the lineup, mainly thanks to their assets, said Forbes Magazine which compiles the list. It said its top 2,000 companies account for $30 trillion in revenue, 1.4 trillion dollars in profits, $124 trillion in assets and $31 trillion in market value, up 61% from the previous year. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 12:33 am European air travel normalises after ash chaosAir travel across Europe is set to normalise on Thursday after days of airspace closures and cancelled flights caused by an ash cloud from an Icelandic volcano. Source: HindustanTimes.com - Top Business News Headlines | 22 Apr 2010 | 12:29 am HCL Tech to outperform its peers; upgrade to Buy: Sharekhan - Economic Times
Source: Business - Google News | 22 Apr 2010 | 12:24 am LG Display Q1 profit beats fcast on strong TV salesSeoul: South Korea’s LG Display swung to a better-than-expected quarterly operating profit on 22 April, spurred by buoyant flat-screen TV sales and strong demand from China. The world’s No. 2 maker of liquid crystal display (LCD) screens reported a 789 billion won ($712.3 million) operating profit in January-March, versus a forecast of 618 billion won from Thomson Reuters I/B/E/S. It marked an impressive turnaround from a year-earlier loss of a revised 317 billion won and more than doubled from a 313 billion won profit in the fourth quarter last year. The outlook is bright for the liquid crystal display sector, partly driven by China’s TV-buying spree and strong sales of computers and flat screen TV, helping the industry recovery last year from a year-long downturn. Shares of LG Display, which competes with home rival Samsung Electronics Co and Taiwan’s AU Optronics Corp, have jumped by a quarter since late February versus a 9% gain in the broader market. Source: LatestNews-Home - Livemint.com | 22 Apr 2010 | 12:21 am What makes IPL a rage with women - Economic Times
Source: Business - Google News | 22 Apr 2010 | 12:20 am Food, fuel inflation tick upNew Delhi: India’s annual food and fuel inflation quickened in the week to 10 April, putting upside pressure on the headline inflation and the Reserve Bank of India (RBI) to take action before its next policy review in July. The food price index rose 17.65% in the 12 months to 10 April, marginally higher than an annual rise of 17.22% in the previous week. The fuel price index rose 12.45% in the 12 months to 10 April, a tad higher than an annual rise of 12.43% in the previous week, data showed on Thursday. Rising food and fuel prices risk fanning wider inflation as the companies look to pass on cost increases and could prompt the central bank to raise its key rates again ahead of its next policy review in July. The RBI on Tuesday raised key interest rates by 25 basis points and warned price pressures were fast becoming a demand-driven phenomenon. A Reuters poll conducted after Tuesday’s policy review found a narrow majority of economists expect another increase in rates by the end of June, or before the RBI’s next quarterly review. Although the bank said an off-cycle policy action is unlikely, it did not rule that out either. Government officials, however, keen to keep the economy on track to exceed 8% growth this year, said inflationary pressures were waning and played down the need for aggressive tightening. The Congress-led government is under pressure to stem rising prices. At least 100,000 people backed by the main opposition Bharatiya Janata Party (BJP) marched towards Parliament on Wednesday protesting steep price rises, demanding the government quit over food inflation. Source: Home - Livemint.com | 22 Apr 2010 | 12:12 am NPAs of public sector banks rise in March-Dec '09Net non-performing assets (NPAs) of public sector banks grew 23 per cent between March and December last year, as global economic downturn and drought conditions in the country affected assetSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am Oberoi Mumbai reopensThe Oberoi Mumbai opened its gates to the public after remaining shut for 17 months for reconstruction work for which the hotel group has spent close to $40 million (about Rs 170Source: Business Line - Home Page | 22 Apr 2010 | 12:00 am PM says it's time to rev up farm growth engineIndia has to work hard to boost its farm output and ensure that the over-reliance on the monsoon rains for agriculture production is progressively brought down, the Prime Minister, Dr Manmohan Singh, said here onSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am European businesses count the cost of volcanic disruptionAs flight restrictions were lifted from most of Europe, including the UK, it was not just airlines and travel companies breathing a sigh of relief, as sectors such as the diamond industry avoided wide scaleSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am Videocon plans 26% stake sale in telecom armElectronics major Videocon Industries on Wednesday said it plans to sell up to 26 per cent stake in its telecom services venture to foreign players. Videocon was among the new players that had got licences in 2008, though at that time the ventureSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am Day Trading GuideInitiate fresh long position if the stock moves above Rs 336, with tightSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am PM's aircraft to carry passengers to LondonThe Prime Minister's two Jumbo aircraft (Boeing 747-400) will be used to transport to London passengers stranded in India due to the closure of Heathrow and several other airports the past several days because of the volcanic ash clouding theSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am Ahmednagar Forgings (Rs 130.2): BuyAhmednagar Forgings is in a strong intermediate-term uptrend since the November 2008 low of Rs 19.9. What is more interesting is the steep climb in this stock since the beginning of this year. The stock more than doubled in value as it recordedSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am ‘Near normal' monsoon expectedThe 2010 monsoon is expected to be near-normal, assessed at only a ‘notch or two' below the 100 per cent, according to information available to BusinessSource: Business Line - Home Page | 22 Apr 2010 | 12:00 am I-T Dept visits premises of some IPL franchisesThe Income-Tax Department officers visited the premises of some Indian Premier League franchises on Wednesday and carried out searches at the sports, event management and broadcast companies associated with the tourney.Source: Business Line - Home Page | 22 Apr 2010 | 12:00 am Credit Suisse Q1 net $1.97 bn, attracts client moneyZurich: Credit Suisse won new wealthy clients’ money faster than in any quarter since 2005 and said it saw opportunities to boost market share in investment banking, even as the competition in the segment toughens up. The bank said net new money inflows from wealthy clients had improved from the previous quarter despite expectations by some analysts the franchise could have been damaged by a German tax evasion investigation into 1,100 of its clients. “The new net money result is fantastic,” said a banking analyst. “Fixed-income results are also good, but in line with expectations.” Credit Suisse, Switzerland’s second-largest bank behind UBS , posted a first quarter net profit of 2.1 billion Swiss francs ($1.97 billion) on Thursday, largely driven by fixed-income trading profit, against analysts’ expectations of 2 billion francs. “Market conditions in the second quarter to date have remained similar to those in the first quarter and we are confident that our business model will enable us to continue to generate high-quality results in good as well as in more challenging market conditions,” chief executive Brady Dougan said in a statement. “We believe that we will further improve our profitability in Private Banking when markets and the demand for comprehensive solutions recover,” he also said. Credit Suisse was able to emerge quickly and without state aid from the financial crisis and cashed in strong trading gains throughout 2009 while many US and European rivals struggled. But a year on, several competitors are back in the fray. Along with JP Morgan and Goldman Sachs, Morgan Stanley, Citi and Bank of America all beat analysts expectations with strong trading-driven first quarter earnings, setting the bar higher for European players. And even domestic rival UBS, which was hit hard by the subprime crisis, is competitive in areas such as forex trading and fixed income and said last week its first quarter pretax profit would be 2.5 billion francs. Credit Suisse said in its financial report income before taxes would be 2.9 billion francs. Credit Suisse shares had hit their highest level in nearly five months on Friday on the back of improved earnings expectations, traders said. Credit Suisse’s private banking division, which accounted for one third of 2009 group revenues, manages more than 900 billion Swiss francs of assets and serves over two million wealthy clients around the globe. The bank was able to attract 41.6 billion of net new private banking assets in 2009 and improve margins and market share while UBS lost billions of client money as it was hit by the fallout of the credit crisis and a US tax fraud probe. Source: Home - Livemint.com | 21 Apr 2010 | 11:55 pm New warnings for tourists in DelhiNew Delhi: Australia and Britain on Thursday warned tourists of the increased risk of militant attacks in New Delhi, joining Canada and the US, which have urged foreigners to avoid parts of the Indian capital. The United States said on Wednesday it had information of a “specific” threat to half-a-dozen of the city’s shopping areas and markets which it described as “especially attractive targets.” The Canadian government said on its website that an attack could be carried out “in the following days or weeks in market areas” of Delhi frequented by foreigners, specifically in the Chandni Chowk area in Old Delhi. Following this new advice, the Australian High Commission in New Delhi said on Thursday it “strongly” advised Australians “to minimise their presence in market areas of New Delhi.” The advisories were upgrades to previous general advice warning of attacks on prominent business and tourist locations such as Western-owned hotels. A statement from the British High Commission on Thursday warned that “there are increased indications that terrorists are planning attacks in New Delhi.” In February, a bomb ripped through a crowded restaurant popular with travellers in the western city of Pune, killing 16 people, including five foreigners. It was a first major incident since the 2008 Mumbai attacks in which 10 Islamist gunmen launched an assault on multiple targets in India’s financial capital, killing 166 people. The last major attack in New Delhi was a series of bomb blasts in busy, upmarket shopping areas in September 2008 that killed 22 people and wounded more than 100. Source: Home - Livemint.com | 21 Apr 2010 | 11:50 pm Rupee strengthens on capital inflowsMumbai: The rupee strengthened on Thursday, supported by foreign investment in a share sale, but a lower stock market and the euro’s losses against the dollar could limit the gains. At 10:50 am, the partially convertible rupee was at 44.48/49 per dollar, stronger than 44.56/57 at close on Wednesday. “There have been some good dollar inflows from some corporates today which is helping the rupee,” said Vikas Chittiprolu, a senior dealer with state-run Andhra Bank. Five dealers said there was an inflow of $120 million to $150 million for an institutional placement offering by autoparts maker Bharat Forge that opened on Thursday. Two dealers said Essar Oil, which had announced in late March it would look to raise about $1.7 billion to fund its expansion plans, also sold dollars. Still, with the equity market trading lower and the euro easing, the rupee is unlikely to make more headway, said Nitesh Kumar, an inter-bank dealer with Development Credit Bank. “I think we are at the high point of the day, and see the rupee heading lower later in the session,” he said. The euro slipped on Thursday on continued worries about Greece financing its debt obligations and concerns about other euro zone economies, while the yen benefited as caution drove investors to close trades in higher-yielders. Indian shares were trading down 0.1% weighed down by negative cues from other Asian markets. Foreign fund inflows play a crucial role in setting the direction for the rupee. Foreign players have so far in 2010 invested a net $5.5 billion in equities, adding to net inflows of a record $17.5 billion last year. One-month offshore non-deliverable forward contracts were quoting at 44.54, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 44.4950, with the total traded volume on the two exchanges at about $2.1 billion. Source: Home - Livemint.com | 21 Apr 2010 | 11:30 pm India may raise sugarcane price by 8 pcIndia may raise cane support price by 8 per cent to Rs 140 per 100 kg for 2010/11 season to encourage farmers to grow more, the Economic Times newspaper reported on Thursday. Source: HindustanTimes.com - Top Business News Headlines | 21 Apr 2010 | 11:29 pm Oberoi Mumbai hotel all set to reopen for business - NDTV.com
Source: Business - Google News | 21 Apr 2010 | 11:24 pm China tightens rules on "second home" ownershipChina will adopt a stricter standard in identifying whether a house is a "second home" when approving mortgage loans, a senior banking regulator said in remarks published today.Source: HindustanTimes.com - Top Business News Headlines | 21 Apr 2010 | 11:13 pm US, China announce anti-dumping stepsThe United States and China have announced new anti-dumping steps against each other over aluminum and nylon, raising the threat of new tensions over trade and currency that had eased in recent weeks.Source: HindustanTimes.com - Top Business News Headlines | 21 Apr 2010 | 11:05 pm Sensex down 60 points in early tradeThe Bombay Stock Exchange benchmark Sensex fell by almost 60 points in early trade on Thursday on profit booking by funds and retail investors. The 30-share index, which had gained 11.98 points in the previous choppy session, was down 59.50 points, or 0.34 per cent, to 17,413.06.Source: HindustanTimes.com - Top Business News Headlines | 21 Apr 2010 | 11:02 pm Hyundai Motor Q1 profit soars; beats consensusSeoul: South Korea’s Hyundai Motor Co saw quarterly profits more than quadruple, aided by a strong performance in the fast-growing Chinese and Indian markets and an aggressive sales push in the United States. Hyundai, with affiliate Kia Motors the world’s fifth largest carmaker, reported a 702.7 billion won ($634.4 million) operating profit on 22 April in the quarter ended March, versus 153.8 billion won a year ago and a record 837.2 billion won in the December quarter, when its smaller cars appealed to recession-weary buyers. The results beat a mean forecast of 573.6 billion won from 25 analysts surveyed by Thomson Reuters. With the launch of a revamped Sonata sedan and Tucson sport utility vehicle driving its US sales to a record last month, Hyundai is expected to keep its momentum and close the gap with larger rivals, led by Japan’s Toyota Motor Corp. Hyundai shares, which trebled last year, resumed their rally and hit a record high earlier this month. The stock dropped 4.6% in the first quarter, when the benchmark KOSPI gained 0.6%. Source: Home - Livemint.com | 21 Apr 2010 | 11:00 pm JAL chief refuses to impose further job cuts: reportTokyo: The new chief of beleaguered Japan Airlines is refusing to impose further swingeing cuts to jobs and unprofitable routes despite heavy pressure from the carrier’s creditors, a report said on 22 April. The airline’s 78-year-old chief Kazuo Inamori, an entrepreneur and ordained Buddhist monk, is attempting to contain mounting pressure from banks to conduct further aggressive restructuring of the flag carrier. “Syndicated banks and government tell me we need to do more by drastically reducing more flight routes and jobs,” he said in an interview with the Wall Street Journal published on 22 April. “I am trying to keep the reduction level as planned,” he said. JAL filed for bankruptcy protection in January and aimed to shed nearly 16,000 employees by March 2013 from the original workforce of 50,000 and cut unprofitable routes, but has recently been under pressure to speed up the plan. The airline’s main lenders, including Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp, are forgiving more than $8 bn of debt in return for more stringent restructuring, the report said. The carrier, undergoing a court-led bankruptcy programme, is considering asking for an extension to a June deadline to draft its rehabilitation plan having failed to reach a deal with creditors, according to reports on 22 April. JAL wants two months to refine the plan amid disputes over the size of job cuts and termination of routes, the Yomiuri Shimbun said without citing sources. The flagship carrier went under with 26 billion dollars of debt in one of Japan’s biggest ever corporate failures, but has continued flying while it goes through painful state-led restructuring. The government asked charismatic entrepreneur Inamori, founder of high-tech maker Kyocera, to turn around the former state-run company. While promising to bring the bankrupt carrier to profitability, Inamori has openly lamented at the lack of business sense among JAL managers and employees. Transport minister Seiji Maehara told a legislative committee on 21 April that the deadline could be extended. “Depending on the speed of the progress being made, a change (of the deadline) is possible,” he said. “Even if the plan experiences a moderate delay, I don’t think it would cause JAL’s loss to expand or cause other bankruptcies,” he said. Source: World Business - Livemint.com | 21 Apr 2010 | 10:47 pm Fast-growing Facebook aims for more social WebSan Francisco: Facebook’s user base is growing at its fastest rate ever, the online social network company said on Wednesday as it rolled out features that link the company’s platform more tightly with outside websites. Facebook’s “open graph” would let people see information tailored to their lives and interests wherever they are on the Web, the company’s chief executive Mark Zuckerberg said at the F8 conference in San Francisco. The idea, Zuckerberg said, is to make Facebook the center of the increasingly social and more personalized experience that people encounter when they use the Internet. Facebook also wants to make it easier for other websites to share information across Facebook’s user base of more than 400 million people. “We’re building towards a Web where the default is social, every application and product will be designed from the ground up to use real identity,” he said. Facebook users would be able click on a “like” button next to content on sites such as Time Warner Inc’s CNN and Walt Disney Co’s ESPN, and share the information on their Facebook profiles in a better way than the “share” button that many sites use. Those sites in turn could display content from a Facebook user’s network. For example, a box on CNN.com could show that three friends “liked” a certain story. Facebook has also partnered with review site Yelp and music discovery service Pandora, to enable more widespread sharing of users’ preferences across those sites. In addition, Facebook and Microsoft, which owns a small piece of the social network, are launching a document creation and sharing application, based on Office 2010, that can be accessed through Facebook and an outside site. Facebook, which has faced criticism for sharing too much user information, deflected questions about privacy concerns. In a press conference following the keynote, Zuckerberg said applications on third-party sites will share no more information than before. “I think what this actually means is that people are going to be sharing less of their information when they don’t need to around the Web,” he said. Growing fast Since its creation in a Harvard dorm room in 2004, Facebook has emerged as one of the Internet’s most popular destinations and is increasingly challenging established Web powerhouses like Yahoo Inc and Google Inc. Facebook is the fourth-most visited site in the United States, and displaced Google in January to become the top US site by total number of Web pages viewed. Facebook’s event comes a week after rival social networking sensation Twitter held its developer’s conference in San Francisco, and announced that it had signed up more than 100 million users -- marking the first time the company has revealed its number of users. In September, Facebook said that it had recently turned free cash flow positive, meaning that it makes enough money to cover operating costs and capital spending. Facebook director Mark Andreessen also told Reuters last year that the company would surpass $500 million in revenue in 2009. Last year, Facebook received $200 million in funding from Russian Internet investment firm Digital Sky Technologies, in a deal that pegged the value of Facebook’s preferred shares at $10 billion. DST also bought more than $100 million of common shares directly from Facebook shareholders, valuing Facebook’s common shares at $6.5 billion. Source: Tech News - Livemint.com | 21 Apr 2010 | 10:16 pm RBI chief backs case for stronger yuan, say reportsSingapore: Reserve Bank of India (RBI) governor Duvvuri Subbarao backed US arguments for a stronger Chinese yuan, ahead of a meeting of the Group of 20 nations this week, reports said on Thursday. “If China revalues the yuan, it will have a positive impact on our external sector,” Bloomberg quoted RBI chief as telling reporters in Mumbai on Wednesday. “If some countries manage their exchange rate and keep them artificially low, the burden of adjustment falls on some countries that do not manage their exchange rate so actively.” Asked if India give its opinion on the issue if it is raised at the G-20 meeting, Subbarao said: “When it is discussed we will certainly give our opinion or view on the subject.” The Wall Street Journal carried similar remarks from the RBI chief. Exports from China to India have grown faster than Indian shipments to its northern neighbour “and that obviously is a reflection of differences in the exchange-rate management,” Bloomberg quoted Subbarao as saying. US President Barack Obama, who considers the yuan undervalued, is seeking broader support from G-20 finance officials who will discuss the outlook for the global economy in Washington from Thursday to Sunday. Speculation that China may scrap the yuan’s peg to the dollar grew this month after treasury secretary Timothy Geithner delayed a report that could have branded the country a currency manipulator. Brazil’s central bank chief Henrique Meirelles told a senate hearing on Tuesday that it was “absolutely critical” for the good of the global economy that China let its currency appreciate, joining a chorus of critics of Beijing’s foreign exchange policy. China has effectively pegged its currency at about 6.83 to the dollar since July 2008 to protect its exporters from the worst of the global financial crisis. It had allowed it to appreciate 21 percent in the previous three years. Reiterating Beijing’s stance on the issue, China’s vice commerce minister Fu Ziying said on Wednesday in Gabon that the country would not be subject to international pressure to revalue the yuan and will reform the currency based on economic conditions. The comments came just days after a leading US lawmaker warned that the United States would take action if China did not begin to take steps soon to raise the value of the currency. Many Western economists believe the yuan is undervalued by as much as 40%, giving China an unfair advantage in world trade. Beijing says it will not be prodded into revaluing before it is ready, but many analysts expect it to start loosening its tight grip on the yuan this year as China’s economy races ahead. Source: Home - Livemint.com | 21 Apr 2010 | 10:05 pm Power ministry opposes duty on Chinese importsThe power ministry has opposed a move for immediate imposition of import barriers, including slapping of upto 14% safeguards duty, on power generation equipment from China to protect domestic manufacturers such as state-run Bhel.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 4:51 pm Flying to SE Asia becomes cheaperThis could be a good time to holiday in South East Asia. As new international airlines fly into India, fares to the region are dropping.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 4:45 pm HCL Tech Q4 net surges 58%HCL Technologies' net profit surged by 57.7% to Rs 344 crore in the quarter ended March 31, 2010, compared to the same quarter a year ago.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 1:12 pm TVS Motor net profit rises 39%TVS Motor Company said on Wednesday its net profit rose by 38.8% to Rs 20.29 crore for the quarter ended March 31, 2010, over the same period last year.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 1:11 pm Polaris profit up 42%, offers 35% dividendPolaris Software on Wednesday reported a 42% jump in net profit for the quarter ended March, mainly because of a significant drop in foreign exchange loss.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 1:10 pm Now, HUL files contempt plea against P&GWhat started as a bitter laundry advertising war between arch rivals - Hindustan Unilever (HUL) and Procter & Gamble India (P&G) - has now extended way beyond that turf.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 1:09 pm Bajaj gives Hero Honda tough ride on 100ccHero Honda's strong hold on the domestic motorcycle market is getting a tough challenge from rival Bajaj Auto.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 1:07 pm India's economy to grow at 8.8% in 2010, says IMFPredicting an 8.8% growth for India this year, the International Monetary Fund (IMF) says strong domestic demand will support the recovery in India and China as the world output goes up by 4.2%.Source: India Business News | Business News - Times of India | 21 Apr 2010 | 1:05 pm Of Rajat, Rajaratnam and insider tradingGoldman Sachs Group Incs November 2006 announcement of Rajat Kumar Guptas election to its board brimmed with his achievements: Worldwide managing director of McKinsey & Co; special advisor to the Secretary-General of the United Nations on management reform, co-chairman of the American India Foundation charity, whose honourary chair is former President Bill Clinton.Source: Business Standard | Front Page Headlines | 21 Apr 2010 | 1:02 pm Chinese telecom companies 'Indianising' managementLeading Chinese telecom equipment manufacturers, Huawei Technologies Co Ltd and ZTE Corporation, have launched an aggressive Indianisation drive. The two companies are replacing Chinese nationals with Indians on their board of directors.Source: Business Standard | Front Page Headlines | 21 Apr 2010 | 1:00 pm BCCI to distance itself from IPL to limit falloutThe Board of Control for Cricket in India (BCCI), the country's apex governing body for the sport, is exploring the possibility of converting the Indian Premier League (IPL) into a wholly-owned subsidiary. IPL, one of the world's most lucrative and controversial sports leagues, is at present a unit of BCCI.Source: Business Standard | Front Page Headlines | 21 Apr 2010 | 12:55 pm Fiat unveils rejig planItaly’s auto giant Fiat said on Wednesday it had a net loss of 21 million euros in the first quarter of 2010 as it unveiled its much-awaited industrial plan for the next four years.Source: HindustanTimes.com - Top Business News Headlines | 21 Apr 2010 | 11:31 am Yahoo! Q1 profit surges on search deal, upturn in ad businessNew York: Internet major Yahoo! has registered nearly three-fold growth in its net income to $310 million during the three-month period ending 31 March 2010, helped by an uptick in the online advertising business and its search deal with Microsoft. The company had a net income of $118 million in the corresponding quarter of the previous year, Yahoo! said in a statement. Revenue was $1.59 billion for the first quarter of 2010, a 1% increase from the same quarter last year, it said. “We had a good quarter, delivering income from operations higher than our outlook,” Yahoo! CEO Carol Bartz said. “Thanks to our efforts, our search share has stabilised and we grew display advertising by 20% year-on-year. More importantly, guaranteed display grew by 24% as advertisers took advantage of the science, art and scale that only Yahoo! can offer,” she added. The company’s first quarter profits reflect Yahoo!’s revenue-sharing search deal with Microsoft, which launched in February. As per the agreement, Yahoo’s website uses Microsoft’s Bing search engine and the two companies share the revenues. Yahoo! gained $43 million from Microsoft as one-time “net transition cost reimbursement” for expenditure the company incurred in 2009 as well as in the first quarter of 2010. In addition, Yahoo! received $35 million from Microsoft for search operating costs during the quarter. Revenues of $875 million from Yahoo!’s owned and operated sites were flat compared to the figure of $872 million for the same period of 2009. This was despite a 20% increase in display advertising revenue. Further, Yahoo!’s revenues from affiliate sites rose 7% in comparison to the previous year to $548 million in the January-March period of 2010. The Internet company expects revenue in the range of $1.6 billion to $1.68 billion in the second quarter of the year. Source: Tech News - Livemint.com | 21 Apr 2010 | 2:29 am
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