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Bids for one all-India 3G licence reach $1.8 billionSeventy-six rounds of bidding had been completed by Saturday, the Department of Telecommunications said on its website. The auction started on April 9 and is still on.Source: Daily News & Analysis: Money News | 25 Apr 2010 | 3:39 am Make phone banking more secure or face penalty: RBI to banksThe Reserve Bank has asked all the banks operating in the country to put in place by next year a system where credit and debit card customers would need to provide an additional password for IVR transactions.Source: India Business News | Business News - Times of India | 25 Apr 2010 | 3:06 am New austerity a precondition for Greek aid - GermanyBERLIN (Reuters) - Greece must agree to tough new austerity measures before it receives any financial aid from the European Union and failure to do so would endanger such support, German Finance Minister Wolfgang Schaeuble told a newspaper.Source: Reuters: Money News | 25 Apr 2010 | 3:01 am Undersea cable repair may hit Internet services in IndiaNew Delhi: The disruption in the SEA-ME-WE 4 undersea submarine cable system, which links south-east Asia and Europe, is likely to affect the high-speed Internet services in the country. The south east Asia-middle east-west Europe 4 (SEA-ME-WE 4) project links the two regions via the Indian sub-continent and the west Asia (Middle East). The project is run by a consortium of 16 international telecom companies, including Bharti Airtel and Tata Communications. According to sources, the disruption in the undersea cable network near Italy is likely to hit the broadband connections in India. The maintenance of the undersea cables will be carried out for the next four days, which may cause some disruption in services. However, the companies have taken various steps to minimize the impact, sources said. Going by the project’s official website, the undersea cable system has terminal stations in Singapore, Malaysia, Thailand, Bangladesh, India, Sri Lanka, Pakistan, the United Arab Emirates, Saudi Arabia, Egypt, Italy, Tunisia, Algeria and France. “The project aims to take these regions to the forefront of global communication by significantly increasing the bandwidth and global connectivity of users along its route between Singapore and France,” the website said. Source: Tech News - Livemint.com | 25 Apr 2010 | 2:34 am Gold imports rose to 27.8 tonne in March 2010Gold imports in March stood at 27.8 tonne compared to nil in the same month last year as demand rose due to decline in prices to Rs 16,000 level from the peak of Rs 18,500 per 10 grams in December 2009.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 2:03 am Amitabh Bachchan says suffers from cirrhosisMumbai: Bollywood star Amitabh Bachchan, whose disciplined, teetotaling life is somewhat rare in Bollywood, has said his liver has been partially destroyed by cirrhosis, requiring constant medical attention. The 67-year-old Bollywood star said the condition was caused through a blood transfusion following a near-fatal accident while shooting for a film in 1982. “I was therefore technically, or shall we say in medical terminology, a patient by default. A patient that had developed cirrhosis of the liver -- a condition that is normally associated with that of an alcoholic,” Bachchan wrote on his blog on Friday. Cirrhosis impairs the liver’s ability to control infections and process nutrients, hormones and drugs. It is also caused, as in Bachchan’s case, by the hepatitis virus. The damage to the liver was discovered eight years ago, he said, speaking about his ailment for the first time. The latest revelations were prompted by a recent visit to the doctor following an abnormal blood test. Bachchan’s post drew concerned reactions from hundreds of readers and fans, but the actor responded that the condition was just “5%” of what ails him. It “is a saga that never seems to end, for, what is more in store for me I cannot comprehend,” he wrote on Saturday. Bachchan, who has acted in more than 180 films, was voted the greatest star of the millennium in a BBC poll. He has had a troubled medical history, starting with the accident in 1982 on the sets of the film ‘Coolie’. He ruptured his spleen and was critically ill for several months. A vegetarian, he had abdominal surgery in 2005, keeping him out of action for almost three months. He was last seen in “Teen Patti” (Three Cards) in January, where he acted alongside British veteran Ben Kingsley. Source: LatestNews-Home - Livemint.com | 25 Apr 2010 | 2:00 am Railways have incurred loss of Rs 79 cr: CAG report for 09-10Indifferent attitude towards withdrawal of uneconomical stoppages, "injudicious" creation of passenger amenities and failure to augment coaches on time have led the Railways to incur a total loss of Rs 79 crore, Comptroller and Auditor General said its report for 2009-10. Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 1:22 am 3 Indian IT giants hire 20,000 employees in Q4IT giants Infosys, TCS and Wipro hired over 20,000 employees in the January-March quarter, with improving business conditions propelling their recruitment plans. Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 1:17 am Britain's richest see their fortunes soarThe collective wealth of Britain's 1,000 most affluent people rose by 30%, boosted by the improved economic conditions over the last 12 months, the survey said.Source: Daily News & Analysis: Money News | 25 Apr 2010 | 12:57 am Yamaha to make India its manufacturing hubMumbai: Japanese automobile major, Yamaha, is planning to make India a hub for manufacturing its premium and deluxe bikes for overseas markets, a top company official said. “We have enough infrastructure to manufacture premium and deluxe bikes for the international market. We will manufacture premium and deluxe bikes for overseas markets from India. There is a huge demand in both the bike segments,” India Yamaha Motor’s national business head, Pankaj Dubey, told PTI. The company is presently exporting premium segment bikes like YZF-R15 and FZ series to Colombia, Sri Lanka, Indonesia, Kenya, Bangladesh and the Philippines. The company’s Indian unit supplied 66,904 bikes in fiscal 2010 to Yamaha’s global operation compared with 38,639 units in 2008-2009, a jump of 73%. “We are seeing a huge demand for exports which grew at 73% last year. The demand will increase more this year on the back of a huge demand for our bikes in the overseas market,” he said, adding Yamaha has optimum resources to export across models to overseas markets. The company has gained a 12% market share in the two-wheeler market, up from a market share of 5% in 2006. “In the premium and deluxe segment, we have a market share of 12% and we are targeting 20% by the end of this year,“ he said. “This segment is very crucial for us as it is the main growth driver for our company,” Dubey said. Yamaha is ranked fifth in the two-wheeler market in India and it is dominated by Honda motorcycles, Hero Honda and Bajaj. “We don’t see any direct competition between Yamaha’s offerings and other companies. The Indian biking market is undergoing a complete transformation in terms of both product offerings and customer preferences. We are very unique in the industry,” he said. Source: Home - Livemint.com | 25 Apr 2010 | 12:55 am PSUs better taxpayers than private peers: CAGNew Delhi: The apex auditor CAG has said that public sector companies are better taxpayers than private sector firms. “The effective rate of tax of public sector undertakings (PSU) is 25.7% in 2007-08 against 21.3% of private companies,” Comptroller and Auditor General (CAG) said in its report tabled in Parliament recently. Effective tax rate is the portion of profits, which companies pay as corporate tax after seeking exemptions, as against the statutory tax rate of 33.9%. The CAG has also asked the Finance Ministry to look into the difference between the percentage of taxes being paid by PSUs and private sector firms. The report said that the private sector enjoys larger tax concessions from the government compared to the public sector peers. “The gap of effective rate of taxation between the private sector and public sector undertakings need to be reviewed at the board level,” the CAG said. The auditor said in its report that large companies avail more tax concessions than the smaller ones. Companies with profit before tax (PBT) of Rs500 crore and above had an effective tax rate of 21.9%, while the same was 24.1% for companies having PBT of up to Rs1 crore, it said. The report also noted that three states -- Delhi, Karnataka and Maharashtra -- together accounted for 75% of the total direct tax collection in 2008-09, higher than 66% registered in the previous year. While Karnataka saw a 9.2% buoyancy in tax collection, Delhi registered a 23% decline in collection in 2008-09 over the previous. The growth in collection was unevenly spread across the country, with only 7 states showing a positive growth in tax collection in 2008-09. The seven states, which saw a collection growth are Arunachal Pradesh, Karnataka, Maharashtra, Tripura, West Bengal, Andaman and Nicobar Islands and Puducherry. Source: LatestNews-Home - Livemint.com | 25 Apr 2010 | 12:52 am Mumbai's 26/11 target Trident-Oberoi Hotel reopens - Sify
Source: Business - Google News | 25 Apr 2010 | 12:42 am Finmin to set up panel to reform small savings interest ratesNew Delhi: The Finance Ministry will constitute a committee within a month to suggest ways to link interest on small savings instruments, like public provident fund schemes, with market rates, as suggested by the 13th Finance Commission. “Within a month, the Finance Ministry will set up a committee in this regard,” an official source said. Interest on various small savings scheme like PPF and the Post Office Monthly Income Scheme are administered by the Centre, and currently stand at 8% for a maturity of 5-7 years, slightly higher than fixed term deposits of banks of comparable tenor. The Centre gives each state a part of the amount raised through small savings as a 25-year loan carrying 9.5% interest. However, there is a moratorium of five years on the principal amount. The administered nature of interest rates on small saving schemes distorts the interest rate structure as well as the loan structure of the states. The Finance Commission, headed by former finance secretary Vijay Kelkar, said when interest rates on loans from these schemes are higher than market rates, this causes an increase in subscription to these instruments, thereby increasing the flow of loans to states. With overall borrowings capped by FRBM targets, the states cannot take recourse to open market borrowings. Thus, states may not be able to benefit from the lower interest rates even when markets rates go down, as they are saddled with high inflows from high-cost loans derived from small savings. Currently, states are allowed to go for market borrowings only till the fiscal deficit widens to 4% of GDP. Conversely, when market interest rates increase, the subscription to small savings instruments dip and flows from these funds dry up. This was witnessed in 2006-07 and 2007-08, when net flows for many states even became negative. States have also raised concerns about the tenure of the loan. There is significant mismatch between the maturity of five-seven years for most small savings instruments and the 25-year tenor of loans extended through these schemes to the states. As such, the Finance Commission recommended that all aspects of the small savings scheme should be examined with the aim of bringing market-linked rates and other much needed reforms to the scheme. Source: LatestNews-Home - Livemint.com | 25 Apr 2010 | 12:41 am Global economy recovering but reform consistency needed: IMF - Economic Times
Source: Business - Google News | 25 Apr 2010 | 12:37 am LIC pumps Rs 61,000 cr into equity market last fiscalState-run Life Insurance Corporation pumped over Rs 61,000 crore into the capital market during 2009-10, 50 per cent more than what it invested in the previous fiscal.Source: HindustanTimes.com - Top Business News Headlines | 25 Apr 2010 | 12:35 am Russia plans to set up N-fuel fabrication plant in IndiaMumbai: The Russian nuclear fuel major TVEL is in discussions with the Department of Atomic Energy (DAE) to set up a state-of-the-art nuclear fuel fabrication plant to fuel its upcoming and proposed plants in India. The Russian government-owned company will be setting up eight to ten plants at Kudankulam in Tamil Nadu and Haripur in West Bengal over the next two decades under the Indo-Russian civil nuclear agreement, and the proposed fabrication plant will be supplying fuel to these plants, TVEL executive director for communications and public affairs Ivan Dybov said. The site for the proposed nuclear fuel fabrication plant will be decided only after the discussions with the DAE are concluded, he added. TVEL is planning to set up the fabrication plant in the country to bring down cost considerably, Dybov said. The Russian major will be setting up at least 8-10 VVER-1000 type reactors at Kudankulam and Haripur under the agreement. “In this regard, Russia has offered a proposal and gave a detailed plan to the government of India last year,” Dybov said adding the discussions in this regard are on. TVEL, which holds 17% of the world’s nuclear fuel market, already has a contract with the DAE to supply 2000 mt fuel to the country’s pressurized heavy water reactors over the next five years. The company already supplies to the two units of US-built Tarapur atomic plant as the US stopped supplying fuel after the Pokhran-I nuke tests. Two VVER-1000-type power plants of 1,000 mw each are under advanced stages of construction at Kudankulam and soon the TVEL-supplied fuel will be loaded as part of their commissioning process, Dybov said. TVEL is part of the Russian government-owned Rosatom. Although, the company has been supplying fuel to India for the last 10 years, this is the first time it has come out to address the media. Dybov said TVEL has an understanding with the French nuclear major Areva for fuel fabrication and already fabricated 2,000 fuel bundles for them. Asked whether the proposed fuel fabrication plant will also cater the Areva plants to be built in the near future in the country, he said it could be possible as TVEL is already fabricating fuel for several Western-type of nuclear reactors of this French major. Source: LatestNews-Home - Livemint.com | 25 Apr 2010 | 12:27 am ICICI Bank Q4 profits up 35% on cost controlTight cost control and growth in other income helped ICICI Bank report a 35 per cent increase in net profit at Rs 1,006 crore in the quarter ended March 31, 2010 against Rs 744 crore in the year-ago period. For the whole year, the net profit roseSource: Business Line - Home Page | 25 Apr 2010 | 12:00 am Kawasaki sets up Indian arm to manufacture bikesJapanese motorcycle maker, Kawasaki has decided to set up an Indian arm 26 years after it first entered into a technical alliance with BajajSource: Business Line - Home Page | 25 Apr 2010 | 12:00 am HDFC Bank Q4 net rises 33% on interest incomeHDFC Bank's net profit rose 33 per cent to Rs 837 crore in the fourth quarter of 2009-10, aided by higher net interestSource: Business Line - Home Page | 25 Apr 2010 | 12:00 am Rising material costs trim Q4 profit marginsThis is the key trend that emerges from the 150 companies that have so far declared results for the January-March 2010Source: Business Line - Home Page | 25 Apr 2010 | 12:00 am Weekly News Round upThe annual food inflation, based on the wholesale price index, rose 17.65 per cent during the week ended April 10, marginally higher than an annual rise of 17.22 per cent in the previous week. Sequentially, the index for `Food Articles' group wasSource: Business Line - Home Page | 25 Apr 2010 | 12:00 am DLF arm buys out PE stake in group firm for Rs 3,085 crReal estate company DLF Ltd said on Saturday that its subsidiary, Caraf Builders & Constructions Pvt Ltd, acquired 24.52 crore compulsorily convertible preference shares (CCPS) in group company DLF Assets from PE firm SC Asia for Rs 3,084.68Source: Business Line - Home Page | 25 Apr 2010 | 12:00 am AP not to hike price of Bt cottonseedIn a move that will impact Monsanto, the Andhra Pradesh Government has decided not to increase the price of the Bt cottonseeds in the State. But it asked seed manufacturers to increase remuneration for seed growers, keeping in mind the spirallingSource: Business Line - Home Page | 25 Apr 2010 | 12:00 am TDSAT order may save Rs 500 cr for GSM playersIn a move that will result in an estimated savings of about Rs 500 crore for GSM mobile operators, the Telecom Dispute Settlement Appellate Tribunal (TDSAT) has quashed a Government order to increase microwave spectrum charges. The Department ofSource: Business Line - Home Page | 25 Apr 2010 | 12:00 am 3G spectrum price soars in Delhi, MumbaiThe price for pan-India spectrum for third generation mobile services reached Rs 7,900 crore at the end of bidding on Saturday. The auction commenced on April 9 with an initial base price of Rs 3,500 crore. So far, 76 rounds of bidding have beenSource: Business Line - Home Page | 25 Apr 2010 | 12:00 am Gold imports rose to 27.8 tonnes in MarchMumbai: Gold imports in March stood at 27.8 tonnes compared to nil in the same month last year as demand rose due to decline in prices to Rs16,000 level from the peak of Rs18,500 per 10 grams level in December 2009. According to experts, the imports rose basically due to increase in the investment demand for the yellow metal, which is slightly bullish at present. Moreover, they said, the prices are still a lot below the record high level of Rs18,500 per 10 grams achieved during December 2009, they added. Echoing the same view, Bombay Bullion Association director Suresh Hundia said, “The shipments depends on gold price, which ruled at Rs16,200 level in March.” He said prices again started climbing from first week of April, which may reflect negatively on April’s import figure. However, in 2010, he said, the shipments will be slightly better than last year, if there is no sudden surge in price and it continued to be stable. In February, India’s gold import stood at 28.8 tonnes, one tonne more than March. The cumulative gold import from April 2009-March 2010 up by over 13% at 301.3 tonnes compared to 346.8 tonnes in the corresponding period previous year, Bombay Bullion Association data showed. Source: LatestNews-Home - Livemint.com | 24 Apr 2010 | 11:46 pm NTPC 2009-10 net up by 5.6pct - SteelGuru
Source: Business - Google News | 24 Apr 2010 | 11:44 pm Coal India to qualify for maharatna status after listingNew Delhi: Coal India Ltd (CIL), which is set to launch an initial public offering (IPO), will qualify for the maharatna status with greater autonomy after listing on the stock market in the next few months. “As soon as it (CIL) gets listed, it will (qualify to) become the fifth maharatna,” secretary in the Department of Public Enterprises Bhaskar Chatterjee told PTI. CIL, the world’s largest coal-miner with turnover Rs52,000 crore in fiscal 2009-10, would be the fifth large PSU which will qualify for the coveted position that entitles a state-owned firm a greater financial freedom. ONGC, Indian Oil, Steel Authority of India and NTPC, the navratna firms, have already applied for the new status. The maharatna tag would give CIL board of directors the financial authority to actively pursue acquisition of mining properties in South Africa, Indonesia, Australia and the US. The company with about four lakh employees, has set aside over Rs10,000 crore for the capital expenditure, of which Rs6,000 crore is meant for overseas ventures. A company needs to have a three-year track record of annual net profit of over Rs5,000 crore, net worth of more than Rs15,000 crore and turnover of more than Rs25,000 crore, besides being listed on bourses to be eligible for the maharatna status. CIL successively has had over Rs5,000 crore profit in past three years. Chatterjee said that the number of maharatna PSUs is “not frozen ... We have set that line,(criteria) every navratna which crosses that line will become maharatna.” The government had decided in December last year to give more operational freedom to the top-performing PSUs through the maharatna scheme. At present, 18 state-owned firms, including CIL, enjoy the navratna status. Source: LatestNews-Home - Livemint.com | 24 Apr 2010 | 11:19 pm Bids for one all-India 3G licence reach Rs7,900 crNew Delhi: Bids for one set of nationwide third-generation (3G) mobile spectrum licences reached Rs7,900 crore ($1.78 billion), or 126%, above the base price, on the thirteenth day of an auction, government data showed. Seventy-six rounds of bidding had been completed by Saturday, the Department of Telecommunications (DoT) said on its website. The auction started on 9 April and is still on. The base price for one set of pan-India licences had been set at Rs3,500 crore. The government will sell four such licences -- three from the auction and one set to the state-run telecom firms who would have to match the highest bid price paid by the private operators. Nine mobile operators, including Bharti Airtel, Reliance Communications and Vodafone’s Indian unit, are participating in the auction. There is no bidding on Sunday. The auction resumes on Monday. Source: LatestNews-Home - Livemint.com | 24 Apr 2010 | 11:19 pm Bangalore pip Chargers by 9 wickets, secure Champions League berthMumbai: Royal Challengers Bangalore on Saturday qualified for the Champions League Twenty20 after routing Deccan Chargers comprehensively by nine wickets in the third-fourth place play-off match of the Indian Premier League. With this win RCB not only secured a place in September’s lucrative Champions League Twenty20 but also earned a sweet revenge over Deccan for their defeat in the final of the last edition of the tournament in South Africa. Royal Challengers picked up the third finisher’s prize of Rs1.75 crore with this victory while Chargers took home Rs1.25 crore.  Royal Challengers Bangalore’s Rahul Dravid plays a shot during the IPL3 third place match against Deccan Chargers, in Mumbai, on Saturday. Shashank Parade/PTI Dravid in Jacques Kallis’ (19) company first added 36 runs in 7.2 overs for the opening wicket before sharing an unbeaten 50-run stand with Pietersen to seal the convincing win for Bangalore. Kallis, who faced 32 balls and struck three fours, was the only RCB wicket to fall, caught and bowled by leg spinner Rahul Sharma. Dravid struck three fours during his 30-ball innings while Pietersen decorated his 21-ball stay at the crease with one boundary and two sixes. Earlier sent into bowl, Kumble spun the web around Deccan batting line up, picking up four wickets while Kallis (2/3) and Praveen Kumar (2/18) provided him able support from the other end to bundle out the Hyderabad outfit cheaply. The other wicket takers were Dale Steyn and Nayan Doshi, son of former India Test bowler Dilip Doshi, who got one apiece as five Deccan batsmen failed to open their accounts. Deccan, which slumped to 35 for five at one stage, recovered poised with 43-run sixth wicket stand between Anirudh Singh (40 off 39 balls) and Venugopal Rao (24 off 27 balls) before suffering another collapse. The Deccan top order failed to raise to the occasion with skipper Adam Gilchrist, Rohit Sharma, Mohnish Mishra and Andrew Symonds, all falling cheaply. Deccan began in a disastrous fashion, losing Gilchrist, who had a terrible tournament with the bat, in the fourth ball of the innings. Brief Scores Deccan Chargers: 82 all out in 18.3 overs (Anirudh Singh 40, Y Venugopal Rao 24; Anil Kumble 4/16, Jacques Kallis 2/3, Praveen Kumar 2/18). Royal Challengers Bangalore: 86 for one in 13.5 overs (Rahul Dravid 35 not out, Kevin Pietersen 29 not out). Source: LatestNews-Home - Livemint.com | 24 Apr 2010 | 11:18 pm Bids for one all-India 3G licence reach $1.8 bn - Moneycontrol.com
Source: Business - Google News | 24 Apr 2010 | 11:00 pm Bids for one all-India 3G licence reach $1.8 billionBids for one set of nationwide third-generation (3G) mobile spectrum licences in India reached Rs 79 billion or 126 per cent above the base price, on the thirteenth day of an auction, government data showed.Source: HindustanTimes.com - Top Business News Headlines | 24 Apr 2010 | 10:54 pm India poised to grow at 8 percent; inflation worrisomeRecovering rapidly from the global financial crisis, India is poised to grow at 8 per cent this year, but inflation and excessive capital flows could pose a challenge, a gathering of world finance ministers was told on Saturday. Source: HindustanTimes.com - Top Business News Headlines | 24 Apr 2010 | 10:50 pm Self disclosure needed in higher education institutes: Sibal - Sify
Source: Business - Google News | 24 Apr 2010 | 10:38 pm Gold imports rose to 27.8 tonne in MarchGold imports in March stood at 27.8 tonne compared to nil in the same month last year as demand rose due to decline in prices to Rs 16,000 level from the peak of Rs 18,500 per 10 grams level in December 2009.Source: India Business News | Business News - Times of India | 24 Apr 2010 | 10:35 pm Bids for one all-India 3G licence reach $1.8 blnNEW DELHI (Reuters) - Bids for one set of nationwide third-generation (3G) mobile spectrum licences reached 79 billion rupees ($1.78 billion), or 126 percent above the base price, on the thirteenth day of an auction, government data showed.Source: Reuters: Money News | 24 Apr 2010 | 10:24 pm AI to raise Rs 4,434 crore to finance fleet acquisitionAir India will have to raise about Rs 4,435 crore through its internal resources and borrowings in 2010-11 to finance its fleet acquisition, even as the government promised to infuse additional equity worth Rs 1,200 crore during the period.Source: India Business News | Business News - Times of India | 24 Apr 2010 | 10:18 pm China c.banker vows to control price rise expectationsBEIJING (Reuters) - China will adopt a package of policy tools to contain widespread inflationary expectations and nip potential risks in the bud, according to a central bank statement published on Sunday.Source: Reuters: Money News | 24 Apr 2010 | 9:57 pm INTERVIEW - W.Bank unit to up frontier mkt investment to $16 blnWASHINGTON (Reuters) - The World Bank's private-sector lender expects to invest $16 billion this fiscal year in emerging countries to spur economic growth amid a tepid global recovery that has pushed millions of people into poverty, its chief executive officer said on Saturday.Source: Reuters: Money News | 24 Apr 2010 | 8:58 pm Greece races for rescue, some fear not enoughWASHINGTON (Reuters) - Finance leaders scrambled to secure aid for debt-stricken Greece on Saturday and Canada cautioned that some European countries feared the 45 billion euros ($60 billion) under consideration was not enough.Source: Reuters: Money News | 24 Apr 2010 | 8:47 pm IMF truly is bearing gifts for Greece - fund chiefWASHINGTON (Reuters) - The Greeks have joined a long line of nations "demonizing" the International Monetary Fund, but the IMF is only trying to help, Managing Director Dominique Strauss-Kahn said on Saturday.Source: Reuters: Money News | 24 Apr 2010 | 8:41 pm World Bank to reach deal on vote change - sourcesWASHINGTON (Reuters) - World Bank member countries reached a preliminary agreement on a 3.13 percent shift in voting power to give emerging and developing nations greater influence in the global institution.Source: Reuters: Money News | 24 Apr 2010 | 8:38 pm Goldman e-mails show how crash turned into cashAs the US housing turned downward in January 2007, a Goldman Sachs trader wrote in e-mails to a woman he apparently was courting that investments he had sold were "like Frankenstein turning against his own inventor." Source: HindustanTimes.com - Top Business News Headlines | 24 Apr 2010 | 8:33 pm Britain's richest see their fortunes soar, Lakshmi Mittal wealthiestLONDON (Reuters) - British-based steel magnate Lakshmi Mittal topped the list of Britain's richest people once again as the wealthiest in the country saw their fortunes soar in the last year, the annual Sunday Times Rich List survey said.Source: Reuters: Money News | 24 Apr 2010 | 8:33 pm IMF assures help for Greece to get rid of debtInternational Monetary Fund chief Dominique Strauss-Kahn sought on Saturday to assuage Greek concerns over his organisation's history as the IMF considers an aid package to help Athens out of its debt crisis. Source: HindustanTimes.com - Top Business News Headlines | 24 Apr 2010 | 8:06 pm Banks unlikely to raise interest rates nowIn the annual Credit Policy for the year 2010-11, key policy rate hikes were lesser than expected.Source: India Business News | Business News - Times of India | 24 Apr 2010 | 7:38 pm Banks unlikely to raise interest rates now - Economic Times
Source: Business - Google News | 24 Apr 2010 | 7:21 pm FDI ban on tobacco: How will it impact ITC?Tobacco giant ITC expects cigarette volumes to fall this year as a result of the sharp increase in taxationexcise and state levied VAT. In an exclusive interview to CNBCTV18\'s Menaka Doshi, ITC\'s Executive Director, Kurish Grant says traditionally in such years, a revival is possible in the second half of the fiscal.Source: Moneycontrol Top Headlines | 24 Apr 2010 | 3:50 pm ICICI Bank Q4 net profit rises 35% - Economic Times
Source: Business - Google News | 24 Apr 2010 | 1:45 pm Shastri may become interim IPL CEORavi Shastri, a former captain of the Indian cricket team, may play the role of interim CEO of the Indian Premier League (IPL) after Lalit Modi resigns or is forced to do so by the Board of Control for Cricket in India (BCCI). Informed sources said Shastri may hold charge till a new CEO is selected. The new CEOs mandate will be to run IPL in a professional way. He will be hired at an annual package of at least Rs 5 crore, the sources said.Source: Business Standard | Front Page Headlines | 24 Apr 2010 | 12:36 pm HDFC Q4 net up 32%Aided by strong growth in interest income, the countrys second-largest private lender, HDFC Bank, today reported a 32.6 per cent increase in net profit to Rs 836.6 crore for the quarter ended March 31, 2010, compared to Rs 630.9 crore a year ago.Source: Business Standard | Front Page Headlines | 24 Apr 2010 | 12:35 pm ICICI Bank net profit soars 79% on tighter operationsICICI Bank today said its consolidated net profit rose 79.27 per cent to Rs 1,341.80 crore during the quarter ended March 2010, compared to Rs 748.44 crore a year ago. The banks performance was boosted by an increase in non-interest income, lower operating expenses, lower provisions for non-performing assets and a strong show by its insurance, asset management and securities arms.Source: Business Standard | Front Page Headlines | 24 Apr 2010 | 12:33 pm Maruti to scale up production - Business Standard
Source: Business - Google News | 24 Apr 2010 | 12:01 pm Goldman CEO lauded profit from subprime shortsWASHINGTON (Reuters) - Goldman Sachs Group Inc's top executive boasted in late 2007 about the money the investment bank was making from betting against risky mortgages, according to a collection of e-mails released by a Senate panel on Saturday.Source: Reuters: Money News | 24 Apr 2010 | 11:52 am Bid for pan-Indian 3G spectrum crosses Rs 7,900 crThe bid for all-India 3G spectrum crossed the Rs 7,900 crore mark today, ensuring the government a minimum revenue of Rs 31,965 crore. There was a jump of Rs 1,200 crore today in government's revenues, from Friday's level of Rs 30,756 crore.Source: HindustanTimes.com - Top Business News Headlines | 24 Apr 2010 | 10:35 am More Air India flights for stranded passengersAir India on Saturday said it will operate additional flights to Britain and the US to clear the huge backlog of passengers at various airports after the European airspace was closed for nearly a week following a volcanic eruption.Source: HindustanTimes.com - Top Business News Headlines | 24 Apr 2010 | 8:54 am ICICI, HDFC Bank Q4 net up, eye credit pickupMUMBAI (Reuters) - ICICI Bank and HDFC Bank, India's top two private sector lenders, said on Saturday quarterly profit grew by a third, and forecast strong growth in credit demand in a fast expanding economy.Source: Reuters: Money News | 24 Apr 2010 | 8:35 am Analysts' views on Reliance Q4 earnings - Economic Times
Source: Business - Google News | 24 Apr 2010 | 7:13 am Bharti\'s Minutes Factory moves to AfricaBharti Airtel changed the Indian mobile scene with its prepaid minutes model. It faces a tough challenge as it tries to take it to Africa through ZainSource: Moneycontrol Top Headlines | 24 Apr 2010 | 6:05 am Live updates: IPL controversyLalit Modi Tweets: People pressurising me to resign. It will not happen. Let them remove me. ----------------------------------------------------------------------------------- Shah Rukh Khan Tweets: IPL controversy: fast, furious & too much noise … ---------------------------------------------------------------------------------- BCCI sources: Lalit Modi has agreed to step down as IPL commissioner, reports CNBCTV18 -------------------------------------------------------------------------------- According to The Telegraph report, Union minister Sharad Pawar has asked Lalit Modi, the IPL chairman and commissioner, who has become increasingly isolated, to step down. Also See | IPL III (Full Coverage) ---------------------------------------------------------------------------------- The BCCI top brass on Saturday held a series of meetings to draw up a strategy for Monday’s crucial governing council meeting amid intense speculation that beleaguered IPL commissioner Lalit Modi is being persuaded to step down voluntarily from the high-flying post.(PTI) ----------------------------------------------------------------------------------- Sources: BCCI won’t entertain Lalit Modi’s request to postpone meeting. 26 April meeting to go on as per schedule, reports NDTV 24X7 Informal meeting of top BCCI brass currently on in Mumbai. -------------------------------------------------------------------------- Beleaguered IPL chairman Lalit Modi made an emotional speech at the Twenty20 Leagues’ inaugural awards function in which he thanked BCCI, among others, for making his seven-year-old dream come true.  (L to R) Kings XI Punjab co-owner Preity Zinta, Shamita Shetty and Mugdha Godse for the IPL Awards Night in Mumbai on Friday. Shashank Parade / PTI photo Sources, who attended the function last night in which media was kept out, quoted Modi as saying, “It’s been a seven-year-old dream. There have been many people I have to thank for making this dream come alive. I thank the BCCI, the franchises, the players, the sponsors and most of all the millions of fans helping create the most successful cricket league in the world, for making the IPL what it is today.”(PTI) ------------------------------------------------------------------------------- Shah Rukh Khan made a delayed entry, Shane Warne decided to leave for Melbourne, Sachin Tendulkar prepared for his 37th birthday party on Saturday while Mahendra Singh Dhoni hung around with friends in Mumbai. But Rahul Dravid made up for their absence at the IPL awards night by draping a sari around a model on stage and Adam Gilchrist and Yuvraj Singh joined a belly dancer in an attempt to copy her moves, reports The Telegraph. ------------------------------------------------------------------------------- Royal Challenger Bangalore owner Vijay Mallya threw his weight behind beleaguered Lalit Modi and said the IPL commissioner should be given a chance to defend himself in the wake of the raging controversy. “Lalit Modi is a friend of mine and I met him at the awards function last night. But we did not discuss the current controversy. I think Modi must be given some opportunity at some point of time to explain himself,” Mallya told reporters after meeting former BCCI president Sharad Pawar. (PTI) -------------------------------------------------------------------------------- Responding to the Income Tax department’s summons, the BCCI has furnished before it complete details, including share holding pattern, player auction and bidding process of all eight original IPL franchisees. (PTI) ------------------------------------------------------------------------------------  (L to R) Delhi Daredevils’ Virendra Sehwag, Kolkata Knight Riders skipper Sourav Ganguly, Kings XI Punjab’s Yuvraj Singh and Mumbai Indians’ Harbhajan Singh for the IPL Awards Night in Mumbai on Friday. Shashank Parade / PTI photo --------------------------------------------------------------------------------- Modi is not going to Courts to challenge the governing council meeting on 26 April and is requesting for more time. (PTI) ------------------------------------------------------------------------------- Govt probing ‘benami’ holdings in IPL teams.Sources on Modi’s modus operandi: 60% owners and 40% benami holdings. Of benami holdings, 20% back to Modi. Modus operandi attempted with Videocon and Adanni Bids. 20% benami holdings given to proxies, businessmen and politicians. 40% traced back to Maruitius Cayman Island, British Virgin Islands. (NDTV 24X7) ------------------------------------------------------------------------------- I-T report, submitted to finance ministry, lists preliminary areas of investigation against Modi. 3 IPL teams in which ’Modi has interested’ under I-T scnaner. Businessman Samir Thukral being probed for ties with Lali Modi. According to the report, he may be the betting front for Modi. Also, reports that some matches were fixed in IPL2. It quotes a complaint by Sir Paul Condon against match-fixing. (NDTV 24X7) -------------------------------------------------------------------------------- MSM, the company which holds the telecast rights for the IPL, has said all deals related to the tournament have been conducted in an ‘open and transparent manner’ complying with applicable laws. (PTI) ------------------------------------------------------------------------------- Maharashtra government lost Rs4.99 crore by not levying tax on IPL, says CAG report tabled in the state legislature (PTI) ------------------------------------------------------------------------------- Rajya Sabha adjourned for the day following uproar over demand for JPC probe into IPL scam. ------------------------------------------------------------------------------- Govt sources on IPL: No question of JPC, reports NDTV 24x7 ------------------------------------------------------------------------------- Govt sources: The perception that we are after our allies is not true (NDTV 24x7) ------------------------------------------------------------------------------- BCCI vice president Rajiv Shukla has briefed union finance minister Pranab Mukherjee on the ongoing IPL controversy. Shukla, a Congress MP, met Mukherjee in his Parliament office to discuss the IPL issue and briefed him on the latest developments. (PTI) ----------------------------------------------------------------------------------- Wading into the ongoing IPL controversy, Maharashtra Navnirman Sena (MNS) chief Raj Thackeray has accused Union minister and former BCCI chief Sharad Pawar for the mess in the Twenty20 league.(PTI) ----------------------------------------------------------------------------------- A decision on setting up of a joint parliamentary committee to go into the IPL will be taken after due diligence, says Union finance minister Pranab Mukherjee while responding to opposition in the Lok sabha (PTI) ------------------------------------------------------------------------------------ JD (U) : IPL is run by people with double standard. ------------------------------------------------------------------------------------  Indian Premier League chief Lalit Modi smokes a cigarette inside his car on his way to meet Mukesh Ambani, a top industrialist and owner of the IPL team Mumbai Indians, in Mumbai on Thursday. AP Photo Pranab Mukherjee: Have instructed concerned department to investigate. ------------------------------------------------------------------- Prime Minister Manmohan Singh has not asked home minister P Chidambaram to head the Indian Premier League probe, a PMO spokesman said on Friday. (PTI) ------------------------------------------------------------------- BCCI officials likely to boycott IPL function tonight. ------------------------------------------------------------------------------------- United Opposition demands joint parliamentary probe into IPL. --------------------------------------------------------------------------------- Left parties: Govt slept while murky deals were going on. --------------------------------------------------------------------------------- Sunanda Pushkar, whose links with Shashi Tharoor and IPL Kochi triggered a big controversy, admitted she has helped the franchise to raise a lot of money but denied acting as his proxy in getting sweat equity worth Rs70 crore. (PTI) --------------------------------------------------------------------------------- Sachin Tendulkar feels the hurdles confronting Indian cricket will be overcome and that the sport is strong enough to see through the rough patch. (PTI) --------------------------------------------------------------------------------- Questioning the tax exemptions given to BCCI, Union sports minister M S Gill has said the sports body cannot be the regulator as also owner of the Indian team as there is a conflict of interest.(PTI) --------------------------------------------------------------------------------- The war in the cricket board intensified with Lalit Modi planning to move court against the Governing Council meeting that may oust him from the post of IPL Commissioner as BCCI accused him of hiding details of stakeholding by his relatives in franchises. (PTI) --------------------------------------------------------------------------------- Cricket Association of Bengal president Jagmohan Dalmiya has said the state body received Rs2 crore from the KKR for hosting IPL matches at the Eden Gardens but he did not know from where the money came.(PTI) --------------------------------------------------------------------------------- Former cricketer and IPL governing council member, Mansur Ali Khan Pataudi today said Lalit Modi may be ousted from his post if he keeps away from the Monday meeting. --------------------------------------------------------------------------------- Source: LatestNews-Home - Livemint.com | 24 Apr 2010 | 5:43 am G20 hails economic recovery!G20 finance ministers said it was time for plans to unwind measures to tackle the waning global crisis.Source: Zee News : Business | 24 Apr 2010 | 5:31 am Inflation expectations in China on rise: EconomistConsumer prices rose 2.4% in the year to March, within the government's year-average target of 3%,.Source: Daily News & Analysis: Money News | 24 Apr 2010 | 5:15 am HDFC Bank Q4 net jumps 32%; declares dividend of Rs 12/shareHDFC Bank today reported a 32.61 per cent jump in its fourth quarter net profit at Rs 836.62 crore on the back of strong loan growth.Source: India Business News | Business News - Times of India | 24 Apr 2010 | 4:42 am RBI removes rupee export credit rates ceilingThe Reserve Bank of India (RBI) said on Friday it has removed the ceilings on interest rates on preshipment rupee export credit up to 270 days and postshipment rupee export credit up to 180 days.Source: Moneycontrol Top Headlines | 24 Apr 2010 | 4:19 am Life Healthcare to list, eyes India, TurkeySouth African private hospital operator Life Healthcare plans to list on the Johannesburg stock exchange by the end of June to help fund asset buys in key growth markets India and Turkey.Source: Moneycontrol Top Headlines | 24 Apr 2010 | 4:19 am Areva close to India solar dealsAreva Renewable, a unit of France\' Areva, is considering solarthermal projects in India, its chief executive officer said on FridaySource: Moneycontrol Top Headlines | 24 Apr 2010 | 4:19 am RBI makes change in banks buying infra bondsThe Reserve Bank of India (RBI) said on Friday banks\' investments in longmaturity bonds of infrastructure companies with a minimum residual maturity of seven years may be classified under held to maturity categorySource: Moneycontrol Top Headlines | 24 Apr 2010 | 4:19 am India\'s 2009/10 steel output up 4.23%India\'s steel output in the 2009/10 financial year that ended last month was at 59.58 million tonnes, up 4.23% from 57.16 million tonnes produced a year ago, Minister of State for Steel A. Sai Prathap saidSource: Moneycontrol Top Headlines | 24 Apr 2010 | 4:19 am IAF chief says India to have fifthgeneration jets in 2018India will introduce an advanced fighter jet it is building with Russia in 2018, a move that will bring sophistication to its air power but could also spark unease among neighbours China and PakistanSource: Moneycontrol Top Headlines | 24 Apr 2010 | 4:19 am India 2010/11 sugar crop seen up 27%: attacheFollowing are selected highlights from a report issued by a US Department of Agriculture attache in IndiaSource: Moneycontrol Top Headlines | 24 Apr 2010 | 4:19 am Maruti sees 20-30% decline in sales to European marketWe hope demand will once more pick-up and we will export more cars to Europe. Europe is a good market for us," Maruti Suzuki's managing director and CEO, Shinzo Nakanishi said.Source: Daily News & Analysis: Money News | 24 Apr 2010 | 3:39 am Crude prices rise as US home sales surgeCrude prices also rose as the euro rebounded from one-year lows against the dollar after Greece sought to activate the financial aid package.Source: Daily News & Analysis: Money News | 24 Apr 2010 | 3:19 am Russian gas exports increase 120% in first quarterHit by the economic crisis, Russia's gas exports dropped 13.5% to 15 billion cubic meters last year, with export income falling 41% to $39.4 billion.Source: Daily News & Analysis: Money News | 24 Apr 2010 | 3:17 am ICICI, HDFC Bank Q4 net up by a third on credit demandMumbai: ICICI Bank, India’s second-largest lender, posted its best quarterly profit growth in two years, helped by an increase in fee income and reduction in operational costs. Smaller rival HDFC Bank reported a 32.6% rise in its quarterly profit, beating market estimates, bolstered by a pick-up in credit demand in Asia’s third-largest economy. Bank credit in India grew an annual 17.05% in early April, according to the central bank’s provisional data, in tune with a rise in business and consumer confidence, from a low 9.7% in October and compared with 16.7% at end-March. Analysts expect loan demand to pick up further in the first half of 2010-11 that started on 1 April as industries will need more funds to expand operations in an economy forecast to grow more than 8% in this fiscal year. The central bank sees non-food credit growth of commercial banks at 20% in 2010-11, still a far cry from growth rates of above 30% in the pre-crisis period. ICICI Bank said its fee income increased 13% in the March quarter to Rs15.21 billion and operating expenses fell 6% to Rs15.04 billion. The bank’s earnings were also helped by an increase in low-cost deposits. But the bank’s loan book fell 17% from a year ago to Rs1.81 trillion at end-March. ICICI said its January-March net profit rose 35% to Rs10.06 billion ($227 million) from Rs7.44 billion. A Reuters poll of analysts had forecast net profit of Rs10.89 billion. New York-listed HDFC Bank said its January-March net profit rose to Rs8.37 billion ($188 million) from Rs6.31 billion. A Reuters poll had projected net profit at Rs8.15 billion. Shares in ICICI Bank, valued at nearly $24.5 billion, have risen 11.4% this year and HDFC has gained over 14%, beating the sector index. The main Mumbai market is up 1.3%. Source: Home - Livemint.com | 24 Apr 2010 | 3:14 am ICICI Q4 net up 35%; lags forecastJanuary-March net profit rose to Rs10.06 billion ($227 million) from Rs7.44 billion a year earlier, ICICI said on Saturday.Source: Daily News & Analysis: Money News | 24 Apr 2010 | 3:08 am HDFC Bank Q4 net up by a third, beats forecastThe New York-listed bank said on Saturday its January-March net profit rose to Rs8.37 billion ($188 million) from Rs6.31 billion a year ago.Source: Daily News & Analysis: Money News | 24 Apr 2010 | 3:06 am DLF buys stake in DLF Assets for $696 millionAfter the deal, the DLF unit's stake in DLF Assets has risen to 91.9%, while SC Asia through its investment arm would continue to hold a 4.59% stake.Source: Daily News & Analysis: Money News | 24 Apr 2010 | 2:49 am ICICI Bank Q4 net up 35%, lags forecastMumbai: ICICI Bank, India’s No.2 lender, reported a 35% rise in quarterly profit, lagging forecasts, as lower treasury income and higher provisions for bad loans countered a pick-up in credit demand. January-March net profit rose to Rs1,006 crore from Rs744 crore a year earlier, ICICI said on Saturday. A Reuters poll of analysts had forecast net profit of Rs1,089 crore. Bank credit in India grew an annual 17.05% in early April, according to the Reserve Bank of India’s provisional data, in tune with a rise in business and consumer confidence, from a low 9.7% in October and compared with 16.7% at end-March. Analysts expect loan demand to pick up further in the first half of 2010-11 that started on 1 April as industries will need more funds to expand operations in an economy forecast to grow more than 8% this fiscal year. Shares in ICICI Bank, valued at nearly $24.5 billion, have risen 11.4% this year, just beating the sector index. The main Mumbai market is up 1.3%. Source: LatestNews-Home - Livemint.com | 24 Apr 2010 | 2:35 am
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