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Bank of Baroda sees net interest margin at 3.453.5%Staterun Bank of Baroda expects net interest margin in FY11 to be at 3.45% 3.5%, Chairman and Managing Director M.D. Mallya said on Wednesday.Source: Moneycontrol Top Headlines | 28 Apr 2010 | 7:38 am ATT stake sale does not impact biz: Tech MahindraTech Mahindra\'s business relation with ATT is very strong, its ViceChairman Vineet Nayyar told CNBCTV18 in an exclusive interview.Source: Moneycontrol Top Headlines | 28 Apr 2010 | 7:13 am Reliance makes fourth oil discovery at Cambay BasinReliance Industries has made its fourth oil discovery at Cambay Basin. India\'s largest private sector oil refiner struck gold in exploratory block CBONN2003/1, which was awarded under the New Exploration Licensing Policy (NELP)V round of exploration bidding.Source: Moneycontrol Top Headlines | 28 Apr 2010 | 6:52 am In Senate hearing, Goldman denies bad business !Goldman Sachs has denied reaping vast profits from the collapse of the US housing market as its top executive and a star trader faced hostile questions in Congress over the 2008 financial meltdown.Source: Zee News : Business | 28 Apr 2010 | 6:49 am Service tax notices to DLF, Religare, Adidas for IPL-I!In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.Source: Zee News : Business | 28 Apr 2010 | 6:49 am India may grow faster; inflation a `big worry`: RBI chief!India`s economic growth this year may be "slightly higher" than the currently estimated 7.2 percent but faster inflation is a "big worry", according to Reserve Bank of India Governor Duvvuri Subbarao.Source: Zee News : Business | 28 Apr 2010 | 6:49 am Piramal Health may sell domestic formulation biz: SourcesCNBCTV18 learns from sources that the company is likely to sell its domestic formulation business. The company is reportedly in talks with Sanofi Aventis and Glaxo Smithkline.Source: Moneycontrol Top Headlines | 28 Apr 2010 | 6:48 am Gujarat NRE board to consider raising Rs 500cr on April 29The board of Gujarat NRE Coke will meet on April 29 to consider fund raising. The metallurgical coke produce plans to issue nonconvertible debentures (NCD) and warrants up to Rs 250 crore each on a qualified institutional placement (QIP) basis.Source: Moneycontrol Top Headlines | 28 Apr 2010 | 6:29 am LIC to ink IT services, BPO deal with Mah Satyam: SourcesLife Insurance Corporation (LIC) is in talks to sign IT services, BPO deal with Mahindra Satyam, reports CNBCTV18, quoting sources.Source: Moneycontrol Top Headlines | 28 Apr 2010 | 6:13 am Stocks Drop as Sovereign-Debt Crisis Spreads; Greek Bonds Slump - Bloomberg
Source: Business - Google News | 28 Apr 2010 | 4:01 am Exide Ind Q4 net zooms as captive smelters lower costs - Reuters India
Source: Business - Google News | 28 Apr 2010 | 3:49 am Canara Bank Q4 net dips 30% at Rs 503 cr - Hindu Business Line
Source: Business - Google News | 28 Apr 2010 | 3:45 am NMDC to start work on steel plant in OctRAIPUR, India (Reuters) - India's largest iron ore miner, NMDC Ltd, will start construction of its 3-million tonne steel plant in Chhattisgarh in October, the state government said on Wednesday.Source: Reuters: Money News | 28 Apr 2010 | 3:41 am Markets end down 1.6%; RIL, Banks lead declineMumbai: Indian shares provisionally closed 1.6% lower on Wednesday, with Reliance Industries and financials leading the declines, as world stocks plunged on risk aversion following Greece’s worsening debt crisis. The 30-share BSE index provisionally ended down 1.61% or 285.27 points at 17,405.35 points with 25 components losing ground. The 50-share NSE index provisionally closed down 1.7% at 5,219.40 points. Source: Home - Livemint.com | 28 Apr 2010 | 3:40 am Exide Ind Q4 net zooms as captive smelters lower costsMUMBAI (Reuters) - Auto and industrial battery maker, Exide Industries Ltd, said on Wednesday quarterly net profit nearly doubled as it was able to source raw materials from its captive units, thus lowering input costs.Source: Reuters: Money News | 28 Apr 2010 | 3:37 am Inflation worrisome, but seen easing: FMNew Delhi: India’s worryingly high inflation should ease as there are indications of a cooling in high food prices that have been driving it, Union finance minister Pranab Mukherjee said on Wednesday. Annual wholesale price inflation in March touched a 17-month high of 9.90%, prompting the Reserve Bank of India to raise rates in April, its second such move in as many months. Mukherjee said the recent moves by the central bank to tighten monetary policy should anchor inflationary expectations. “What the most worrisome feature of the economy is inflation, which agitates the house and people outside the house. I share the concern of honourable members,” Mukherjee told Parliament as part of discussions on the Budget. Mukherjee has earlier said inflation would ease in the next few months when the summer crop is harvested and on indications of a good monsoon. Earlier on Wednesday, a government adviser said inflation had peaked and would likely be below 9% in April. High prices of grains, lentils, sugar and edible oils have sparked street protests. Last week, the main opposition Bharatiya Janata Party rallied at least 100,000 people to the capital to protest against high food prices. Source: Home - Livemint.com | 28 Apr 2010 | 3:33 am Fears of Greek debt default hit marketsATHENS (Reuters) - Fears that a planned rescue of Greece could stall and extend the financial crisis to other euro zone countries hit European markets on Wednesday as investors worried that Athens may default on its debt.Source: Reuters: Money News | 28 Apr 2010 | 3:27 am 3G sale sparks govt borrowing breather hopesMumbai: Expectations that revenue from India’s auction of third generation (3G) mobile licences will exceed targets has sparked hopes among bond investors that the government will curtail borrowing in the first half of the year. Though it is too early for the government or the central bank to decide whether to postpone any scheduled bond auction, bond yields may fall by 10 basis points if there is any such surprise announcement and flatten the yield curve, dealers said. The government is scheduled to borrow Rs2.87 trillion during the first half the fiscal year that began 1 April out of a total Rs4.57 trillion for the full year, a record haul that has fatigued investors and sent yield on the 10-year bond above 8%. “If the government is able to raise a higher amount of funds through 3G, then it may afford to skip one auction or postpone it,” said Ananth Narayan G, head of rates and credit for South Asia at Standard Chartered Bank. The government expects to generate around Rs500 billion from the 3G auction, far ahead of its budgeted estimate of Rs350 billion. “The market has accounted for a lot of bearishness. So such news will obviously be a good news and bonds will rally,” Ananth Narayan said. However, if a one-time outflow of Rs500 billion to pay the government for 3G licences coincides with advance tax payments due in June, it may cause a severe strain on liquidity and send overnight rates sharply higher from existing levels. A hefty redemption of around Rs340 billion of bonds in May and June may ease the shock. The Indian banking system has around Rs500 billion of surplus cash, based on the daily amount parked by banks at the central bank’s reverse repo auction. The Reserve Bank of India usually manages one-time liquidity tightness through its repo window, where it lends to banks against government bonds at rate that now stands at 5%. The RBI has other liquidity management tools, including the cash reserve ratio (CRR) for banks, open market operations in bonds and intervention in the foreign exchange market. However, it is not likely that the central bank will use these options because tools like open market operation and intervention in the foreign exchange market are used only to curb volatility in those specific markets, analysts said, while CRR is used as a blunt tool to manage liquidity on longer-term basis. Yield curve Dealers expect India’s yield curve to flatten if liquidity tightens sharply, with one-year yields seen rising more sharply than those at the long end of the curve. However, if the government defers a bond auction, it may push down the 10-year benchmark yield while the one-year treasury bill yield may rise due to a cash crunch, thereby flattening the curve further, dealers said. “If there is auction postponement, the combined effect of liquidity tightness and lower borrowing will flatten the yield curve,” said A. Prasanna, economist at ICICI Securities Primary Dealership. The yield curve has flattened since the announcement of the annual monetary policy on 20 April, with rate hikes pushing up yields at the shorter end. The government’s use of floating rate bonds and strong demand from insurers at the longer end has kept longer-dated bond yields contained. The five year benchmark bond yield has risen by 17 basis points since 19 April 19, while the 10-year bond yield has risen just 5 basis points. Source: Home - Livemint.com | 28 Apr 2010 | 3:26 am Sensex, Nifty nosedive as Greece, Portugal concerns loom - Economic Times
Source: Business - Google News | 28 Apr 2010 | 3:22 am Reliance discovers more oil in Gujarat's Cambay basinReliance said the current flow was at 300 barrels of oil per day (bopd) at the onland exploratory block in the Cambay basin in Gujarat.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 3:21 am Exide says capex for FY11 at least Rs3.5 billionThe firm is expanding its production capacities, which includes setting up a new plant at Ahmednagar in Maharashtra, it said in a statement.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 3:20 am Shell Q1 profit soars on oil price, output growthLONDON (Reuters) - Royal Dutch Shell Plc continued a run of better-than-expected first-quarter profit rises by the big international oil companies on the back of higher oil prices, and boosted, in its case, by an unexpected return to production growth.Source: Reuters: Money News | 28 Apr 2010 | 3:18 am Rupee extends fall on shares; dollar gainsMumbai: The Indian rupee extended its drop on Wednesday afternoon to over three week lows in line with domestic shares, while the dollar’s gains against the euro also added to the pressure. At 3:10pm, the partially convertible rupee was at Rs44.68/69 per dollar, off a low of Rs44.7650, its lowest since 5 April and weaker than Rs44.4350/4450 at close on Tuesday. Indian shares fell nearly 2% on concerns of Greek woes spreading to other parts of the euro zone with financials and software companies leading the decline. The index of the dollar against six major currencies was up 0.4%. Oil is India’s biggest import and refiners are the largest buyers of dollars in the local currency market. Demand for dollars tends to peak at the end of each month when refiners and importers are required to make payments for their purchases. One-month offshore non-deliverable forward contracts were quoting at 44.80, weaker than the onshore spot rate, suggesting bearishness among overseas investors. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both quoted at 44.5950, with the total traded volume on the two exchanges at about $6.7 billion. Source: LatestNews-Home - Livemint.com | 28 Apr 2010 | 3:13 am Pranab: inflation is most worrisome featureNEW DELHI (Reuters) - Inflation is the most worrisome feature in the Indian economy, Finance Minister Pranab Mukherjee told parliament on Wednesday.Source: Reuters: Money News | 28 Apr 2010 | 3:12 am 3G sale sparks govt borrowing breather hopesMUMBAI (Reuters) - Expectations that revenue from India's auction of third generation (3G) mobile licences will exceed targets has sparked hopes among bond investors that the government will curtail borrowing in the first half of the year.Source: Reuters: Money News | 28 Apr 2010 | 2:50 am LIC Housing Q4 net up 35.51 pc to Rs 213.51 cr - Economic Times
Source: Business - Google News | 28 Apr 2010 | 2:45 am INTERVIEW - April WPI inflation seen below 9 pctNEW DELHI (Reuters) - India's headline inflation in April could be lower than 9 percent and would start easing further in coming months, a government adviser said on Wednesday.Source: Reuters: Money News | 28 Apr 2010 | 2:40 am Aadhaar does a double in biometricsLong-standing debate over the biometrics Aadhaar will employ to identify those enrolled in the programme has come to an end with the release of the UIDAI’s official position on fingerprinting and retina scanning. Surprise, surprise -- they’re planning to utilize both. Why? Fingerprinting doesn’t work in under-15s, as their prints aren’t fully developed yet. And manual laborers who use their hands often see their prints completely rubbed away. Read it for details. Source: Tech News - Livemint.com | 28 Apr 2010 | 2:33 am Bharti sees steady tariffs, eyes capex of $1.8 bn in FY11 - Moneycontrol.com
Source: Business - Google News | 28 Apr 2010 | 2:30 am Reliance discovers more oil in Cambay basinMUMBAI (Reuters) - Energy major Reliance Industries has discovered more oil on India's western coast, raising the potential of the exploratory blocks it has been drilling, the company said on Wednesday.Source: Reuters: Money News | 28 Apr 2010 | 2:25 am Reliance discovers more oil in Cambay basinBy * Fourth oil discovery in western Indian block * Oil flow at 300 barrels per day (bopd) * Discovery to lead to better hydrocarbon potential at block (Adds details, background, share price) Mumbai: Energy major Reliance Industries has discovered more oil on India’s western coast, raising the potential of the exploratory blocks it has been drilling, the company said on Wednesday. India’s biggest conglomerate whose businesses span petrochemicals, refining, oil and gas exploration and retail said the current flow was at 300 barrels of oil per day (bopd) at the onland exploratory block in the Cambay basin in Gujarat state. The potential commercial interest of the discovery is being evaluated through more data gathering and analysis, it said in a statement. “The discovery is significant as this play fairway is expected to open more oil pool areas leading to better hydrocarbon potential within the block,” it said. Reliance holds 100% participating interest in the block, and three earlier discoveries had a flow rate of 500 bopd. The company has so far drilled 14 exploratory wells in the block that covers an area of 635 square kilometres. Last year Reliance, controlled by billionaire Mukesh Ambani, started pumping gas from its block in the vast Krishna Godavari (KG) basin off India’s east coast, where it made the country’s largest gas find. It has been producing 60 million standard cubic metres a day (mmscmd) of gas from the block. At peak output of 80 million mmscmd it could nearly double India’s gas output. Reliance also produces oil from its D6 block in the KG basin, and holds a stake in the Panna, Mukta and Tapti oil and gas fields off India’s west coast. The company, which owns the world’s largest refining complex in Gujarat, earlier this month agreed to pay $1.7 billion to form a joint venture with Atlas Energy at one of the most promising natural gas deposit regions in the United States. At 12.40 p.m., shares in Reliance shares, which has a market value of $78 billion, were trading down 2.6% at Rs1,033.80 in a Mumbai market down 0.85%. Source: LatestNews-Home - Livemint.com | 28 Apr 2010 | 2:14 am Reliance discovers more oil in Cambay basinBy * Fourth oil discovery in western Indian block * Oil flow at 300 barrels per day (bopd) * Discovery to lead to better hydrocarbon potential at block (Adds details, background, share price) Mumbai: Energy major Reliance Industries has discovered more oil on India’s western coast, raising the potential of the exploratory blocks it has been drilling, the company said on Wednesday. India’s biggest conglomerate whose businesses span petrochemicals, refining, oil and gas exploration and retail said the current flow was at 300 barrels of oil per day (bopd) at the onland exploratory block in the Cambay basin in Gujarat state. The potential commercial interest of the discovery is being evaluated through more data gathering and analysis, it said in a statement. “The discovery is significant as this play fairway is expected to open more oil pool areas leading to better hydrocarbon potential within the block,” it said. Reliance holds 100% participating interest in the block, and three earlier discoveries had a flow rate of 500 bopd. The company has so far drilled 14 exploratory wells in the block that covers an area of 635 square kilometres. Last year Reliance, controlled by billionaire Mukesh Ambani, started pumping gas from its block in the vast Krishna Godavari (KG) basin off India’s east coast, where it made the country’s largest gas find. It has been producing 60 million standard cubic metres a day (mmscmd) of gas from the block. At peak output of 80 million mmscmd it could nearly double India’s gas output. Reliance also produces oil from its D6 block in the KG basin, and holds a stake in the Panna, Mukta and Tapti oil and gas fields off India’s west coast. The company, which owns the world’s largest refining complex in Gujarat, earlier this month agreed to pay $1.7 billion to form a joint venture with Atlas Energy at one of the most promising natural gas deposit regions in the United States. At 12.40 p.m., shares in Reliance shares, which has a market value of $78 billion, were trading down 2.6% at Rs1,033.80 in a Mumbai market down 0.85%. Source: Home - Livemint.com | 28 Apr 2010 | 2:14 am Microsoft signs Android patent deal with HTCThe deal comes as smartphones using Google's new operating system -- which Google allows phone makers to use for free -- gain in popularity.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 2:00 am Rolls-Royce sees flat 2010 profit, market still toughMarket expectations for 2010 pretax profit range from between £738 million and one billion, with the consensus at 908 million, according to a Thomson Reuters IBES poll of 21 analysts.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 1:59 am LG Electronics Q1 profit edges up; handset business weighsStrong sales of flat-screen TVs should drive earnings growth at LG this year as consumer spending improves in a global economic recovery.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 1:58 am Pfizer developing new versions of biotech drugs: ReportCiting Pfizer officials, WSJ said the company is in mid-stage development of three large molecules.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 1:57 am Armani opens first hotel in Dubai, Milan nextDubai: Designer Giorgio Armani formally opened the world’s first Armani Hotel in the world’s tallest tower, Burj Khalifa. The 160 rooms and 144 private residences were announced to be ready for occupancy following the opening on Tuesday, which was delayed by a few days. The hotel and residences occupy floors concourse to 16 and 38 and 39 of the world’s tallest tower and have been designed by Armani himself. “It was marvelous to see how the project in Dubai came to life after five years of hard work,” the Italy based designer said at the launch. Armani said his company would, in partnership with Dubai-based Emaar Properties, open 10 more such hotels over the next 10 years. “I am thrilled to open the doors,” he said. Opening of the Dubai hotel was scheduled for September 2009, which was then rescheduled for the end of last year. That date too was not met and 21 April was set as the new date. The volcanic eruption in Iceland and the resultant flight disruptions forced another delay to 27 April. The hotel is a joint venture between Emaar Properties, the developer of Burj Khalifa, and Giorgio Armani. It will also have a nightclub called the Armani Prive, a spa, an Armani Dolci confectionery store and an Armani Galleria. Armani said his Armani Hotels and Resorts Group will target Milan as the next venue of an Armani Hotel, followed by Marrakech, Egypt, New York, Tokyo, Shanghai and London. Room rates at the Armani Hotel start at 4,000 dirhams ($1,089) per night. Source: LatestNews-Home - Livemint.com | 28 Apr 2010 | 1:57 am Armani opens first hotel in Dubai, Milan nextDubai: Designer Giorgio Armani formally opened the world’s first Armani Hotel in the world’s tallest tower, Burj Khalifa. The 160 rooms and 144 private residences were announced to be ready for occupancy following the opening on Tuesday, which was delayed by a few days. The hotel and residences occupy floors concourse to 16 and 38 and 39 of the world’s tallest tower and have been designed by Armani himself. “It was marvelous to see how the project in Dubai came to life after five years of hard work,” the Italy based designer said at the launch. Armani said his company would, in partnership with Dubai-based Emaar Properties, open 10 more such hotels over the next 10 years. “I am thrilled to open the doors,” he said. Opening of the Dubai hotel was scheduled for September 2009, which was then rescheduled for the end of last year. That date too was not met and 21 April was set as the new date. The volcanic eruption in Iceland and the resultant flight disruptions forced another delay to 27 April. The hotel is a joint venture between Emaar Properties, the developer of Burj Khalifa, and Giorgio Armani. It will also have a nightclub called the Armani Prive, a spa, an Armani Dolci confectionery store and an Armani Galleria. Armani said his Armani Hotels and Resorts Group will target Milan as the next venue of an Armani Hotel, followed by Marrakech, Egypt, New York, Tokyo, Shanghai and London. Room rates at the Armani Hotel start at 4,000 dirhams ($1,089) per night. Source: World Business - Livemint.com | 28 Apr 2010 | 1:57 am Interest rates not seen rising in short term: Montek Singh AhluwaliaThe Reserve Bank has raised benchmark rates twice since March by a total of 50 basis points and has flagged more increases to control headline inflation which is close to 10%.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 1:56 am Suzlon targets Bulgaria market via VolkswindMumbai: Wind turbine manufacturer Suzlon on Tuesday said its European division has entered into a joint venture with Volkswind Bulgaria to accelerate company’s growth into the Bulgarian wind energy market. Suzlon Wind Energy, the subsidiary of the wind turbine manufacturer has entered into an agreement with Volkswind Bulgaria GmbH, which is a subsidiary of Volkswind GmbH, Suzlon said in a filing to the Bombay Stock Exchange. The JV will develop projects exclusively using Suzlon wind turbines, the filing added. With Suzlon’s expertize in developing utility scale projects combined with Volkswind’s local knowledge and development experience, the JV is aimed to help Suzlon tap the Bulgarian wind energy market. “This marks the beginning of a long-term partnership with Volkswind Bulgaria GmbH, and is a very important step in our strategy to expand our project development activities into new regions,” Suzlon Wind Energy CEO Erik Winther Pedersen said. Pedersen added that Suzlon already has a 13 MW project under construction in Bulgaria for a leading industrial client, and he believes that the new relationship with Volkswind will help grow Bulgaria’s wind industry even more. Bulgaria offers one of the most attractive wind markets in Eastern Europe, and is expected to achieve 500MW of wind energy capacity by the end of 2010, with a target of more than 3,000MW by 2020, it said. “Suzlon’s existing infrastructure and experience from already erected turbines in Bulgaria will be beneficial for the development process. We are looking forward to building successful projects with Suzlon,” Volkswind Bulgaria GmbH director Malte Huchzermeier said. Volkswind Bulgaria is one of the leading Independent Power Producers (IPPs) in Europe. With over 40 wind farms it is also one of the largest operators of wind farms in Germany. Shares of Suzlon were trading at Rs69.85 on the BSE, down 0.64% from previous close. Source: LatestNews-Home - Livemint.com | 28 Apr 2010 | 1:51 am Reliance makes fourth oil discovery at Cambay Basin - Moneycontrol.com
Source: Business - Google News | 28 Apr 2010 | 1:35 am Bharti Airtel profit falls; to wrap up $9 bln Zain dealNEW DELHI (Reuters) - Bharti Airtel's first profit fall in three years puts more pressure on India's top mobile operator to quickly integrate its $9 billion purchase of Kuwaiti Zain's African assets to cope in a cut-throat market.Source: Reuters: Money News | 28 Apr 2010 | 1:32 am SP Tulsian's view on RIL-RNRL case - Moneycontrol.com
Source: Business - Google News | 28 Apr 2010 | 1:30 am Bharti Airtel Q4 net dips 8%; revenue crosses Rs 10k crThe country's top telecom company, Bharti Airtel, today reported a decline of 8 per cent in consolidated net income at Rs 2,055 crore for the fourth quarter ended March 31, 2010.Source: India Business News | Business News - Times of India | 28 Apr 2010 | 1:30 am Indian IT spend to rise 14% in 2010: GartnerMumbai: Information technology spending in India will grow by 14% in 2010 to $67 billion on higher investments by retail and utility firms and government departments, research firm Gartner said on Wednesday. The IT market in India, including computer hardware, software, IT services and telecoms, will rise to about $89 billion in 2013, posting a compounded annual growth rate of 11% from 2009, it said. “As IT buyers expand and mature and consumers increasingly understand the benefits of IT, acceptance of technology will increase, leading to further IT market growth,” Gartner said in a statement. India’s leading outsourcing firms such as Tata Consultancy Services and Infosys Technologies as well as their global rivals IBM and Accenture are increasingly focusing on deals in India on rising investments. Source: LatestNews-Home - Livemint.com | 28 Apr 2010 | 1:24 am Bharti Airtel Q4 net falls 8%In March, Bharti struck a $9 billion deal to buy telecoms operations in 15 African countries from Kuwaiti Zain, and expects to become the world's No. 5 mobile firm.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 1:16 am AT&T exits stake in Tech Mahindra: SourcesTerms were not immediately available but a stock exchange statement on Wednesday said 4.3 million shares in Tech Mahindra, or 3.5% of the company, had been sold in a block trade at Rs797.80 each.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 1:16 am UTV Software signs syndication deals worth Rs707.5 millionThe firm also plans to release 10-12 movies in this fiscal, it said. It will derisk its investment through pre sales of upto 50% of the cost of production for about 8-10 of them.Source: Daily News & Analysis: Money News | 28 Apr 2010 | 1:15 am BlackBerry plans to hit 100-million user baseFacing fierce competition from Apple's iPhone, BlackBerry maker Research In Motion (RIM) Tuesday announced it would more than double its customer base. Source: HindustanTimes.com - Top Business News Headlines | 28 Apr 2010 | 12:54 am Microsoft signs Android patent deal with HTCSeattle: Microsoft Corp said on Tuesday it struck a licensing deal with phone handset maker HTC Corp., under which it will get royalty payments on HTC phones running Google Inc’s Android operating system. Microsoft, which holds a wide range of software patents, did not say exactly what technology in the phones the agreement concerns. The deal comes as smartphones using Google’s new operating system -- which Google allows phone makers to use for free -- gain in popularity. Microsoft charges handset makers like HTC and others to use its Windows phone software. The smartphone market is riven with legal disputes as software companies and handset makers wrangle over who deserves compensation for technology behind new devices which go well beyond traditional mobile phones. In March, Apple Inc sued HTC over its Android phones, accusing it of infringing 20 hardware and software patents related to the iPhone. HTC makes a number of Android-powered phones, including the Google-branded Nexus One. Tuesday’s deal signals that Microsoft is not likely to start a similar legal patent dispute with HTC over Android phones. Licensing arrangements are standard procedure for Microsoft, which has similar deals with more than 600 companies. Source: LatestNews-Home - Livemint.com | 28 Apr 2010 | 12:44 am Bharti to spend $800 mn on Zain Africa this fiscalBharti Airtel will spend up to $800 million (about Rs 3,565 crore) this fiscal on setting up infrastructure network for its new acquisition Zain Africa.Source: HindustanTimes.com - Top Business News Headlines | 28 Apr 2010 | 12:42 am Interest rates not seen rising in short term - AhluwaliaNEW DELHI (Reuters) - Interest rates in India are unlikely to rise in the short term despite inflation being "still too high for comfort," Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said on Wednesday.Source: Reuters: Money News | 28 Apr 2010 | 12:41 am Interest rates not seen rising in short term: MontekNew Delhi: Interest rates are unlikely to rise in the short term despite inflation being “still too high for comfort,” Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said on Wednesday. The Reserve bank of India (RBI) has raised benchmark rates twice since March by a total of 50 basis points and has flagged more increases to control headline inflation which is close to 10%. “I am sure the interest rates will not rise, if you are referring to the adjustments of the short-term rates like the repo rate by the RBI,” he said. The repo rate is the rate at which the RBI lends to banks. Several central banks in Asia, including those in Malaysia, Singapore and China, have started tightening monetary policy as the region recovers from the global downturn faster than the rest of the world. However, inflation has taken off in India more than elsewhere. Much of the country’s inflationary pressures were initially on the supply-side as a result of the 2009 monsoon failure that pushed up food prices. But RBI governor Duvvuri Subbarao said on Monday rising prices for food, fuel and wages are making inflation a generalised and demand-side problem. “I am concerned that it (inflation) is too high for comfort right now,” Ahluwalia said, adding he expected food prices to ease in the next two to three months. “We have ample stocks. We have good harvest coming in. So I expect inflation psychology will be broken.” Last week, the central bank raised its key interest rates by 25 basis points to 5.25% and 3.75% respectively. It also increased bank reserve requirements to 6% from 5.75%. A Reuters poll conducted after last week’s policy review found a small majority of economists expected another increase in rates by end-June, which would be before the RBI’s next scheduled quarterly review in July. Source: Home - Livemint.com | 28 Apr 2010 | 12:27 am India to get direct access to Headley soonWashington: The US has agreed to “take suitable steps” to give India direct access soon to LeT operative David Headley who has confessed to his role in the Mumbai terror attacks. Addressing India’s concerns on the Headley issue, the US move came following a meeting between visiting solicitor general of India Gopal Subramanium and American attorney general Eric Holder. Subramaniam is here to explore all avenues open to India for getting access to the Pakistani-American. “The two partners agreed to take suitable steps to bring about direct access to Indian authorities to David Headley as soon as possible,” the Indian Embassy said in a statement. India’s ambassador to the US Meera Shankar and US Department of Justice representatives were also present at the discussions. “The discussions have resulted in a mutual commitment that there would be the best possible cooperation in our common fight against terrorism. “The partnership between India and the United States recognises the high priority to be accorded to each country’s national security. Both countries recognised the need for the investigations to reach a fruitful and successful outcome,” the statement said. Giving his assessment, Subramanium said “we are delighted that all concerns have been mutually discussed, mutually clarified and the entire purpose of the visit has been achieved and we have a way forward.” The solicitor general said the US move signals the beginning of an era of continued cooperation where information and inputs will have to be shared between different countries which have common threats, common avenues of danger against national security. “The entire exercise, the attitude, the positivism with which we had our discussions leads me to beleive that everyone is going to do his best to make sure that truth is unravelled and that investigations will reach a fairly logical, coherent and successful end,” he added. Subramanium said the US government is extremely conscious and viewing India as a partner in the common effort to deal with ‘difficult’ terrorist attacks. Headley, who was arrested in Chicago in October last year, has confessed to playing a crucial role in the Mumbai attacks. India has been seeking access to 49-year-old Headley to unravel details of his activities regarding the 26/11 attacks and plans for further strikes in the country. Determined to seek the extradition of Headley and access to him, Prime Minister Manmohan Singh had discussed the issue with US President Barack Obama earlier this month in Washington on the sidelines of the Nuclear Security Summit. “I raised that matter with the President and he did mention to me that he is aware of the legal position, and that we would get access to David Headley,” Singh had said. Headley had pleaded guilty to all terror charges before a US court on 18 March. Headley, who faces six counts of conspiracy involving bombing public places in India, murdering and maiming persons in India and providing material support to foreign terrorist plots and LeT; and six counts of aiding and abetting the murder of US citizens in India, could have been sentenced to death if convicted. In his plea bargain with the US government, Headley has offered to be subjected to questioning by foreign investigators through deposition, video conferencing or Letters Rogatory. After pleading guilty, he will now get a maximum punishment of life imprisonment. Source: LatestNews-Home - Livemint.com | 28 Apr 2010 | 12:19 am Honda to profit as ‘greener’ cars drive US salesTokyo: Honda Motor Co, Japan’s No.2 automaker, forecast a 10% rise in operating profit this year as demand in its biggest and most profitable US market recovers from a multi-decade low. Honda, also the world’s top motorcycle maker, is well positioned to gain from a steady rise in US sales with its fleet of fuel-efficient models, which will see the addition of the CR-Z sporty hybrid in North America in a few months. Overcapacity in Europe as sales sink in the absence of government subsidies remains a drag, but analysts expect strong growth in China and other Asian markets to keep Honda on track to expand its profits and outperform its domestic rivals. For the year to end-March 2011, the maker of the Civic and Accord models forecast an operating profit of ¥400 billion ($4.3 billion), up from the ¥363.8 billion it made in the year to March 2010. It sees net profit growing 27% to ¥340 billion this year, after a near doubling last year. Honda, the first big Japanese automaker to report fourth-quarter results, is expected to have booked the biggest profits in 2009-10 among its peers, helped by a lucrative and fast-growing motorcycle business. Operating profit for the January-March quarter just ended was ¥96.1 billion, compared with a loss of ¥272.1 billion a year earlier, when it cut back production to reduce inventory. The result was slightly higher than the ¥94 billion average estimate in a poll of 19 brokers according to Thomson Reuters. Fourth-quarter net profit came to ¥72.2 billion versus a loss of ¥180 billion a year ago. Hybrid hurdles In the medium term, Honda CEO Takanobu Ito, a 32-year company veteran and former chassis designer, will be under pressure to speed up development of a new, more fuel-efficient hybrid system to power its bigger vehicles to compete with Toyota Motor Corp and a growing number of automakers launching “full” hybrid cars. Honda’s one-motor hybrid system has the advantage of being simple and cheaper, but lacks the power to be mounted on anything bigger than a CR-V crossover. Shares in Honda have gained 6.4% in the year to date, outperforming a 1.2% rise in Tokyo’s transport subindex. Before the results, Honda ended down 1.5%, while the sector index fell 1.2%. Source: Home - Livemint.com | 28 Apr 2010 | 12:11 am Honda to profit as ‘greener’ cars drive US salesTokyo: Honda Motor Co, Japan’s No.2 automaker, forecast a 10% rise in operating profit this year as demand in its biggest and most profitable US market recovers from a multi-decade low. Honda, also the world’s top motorcycle maker, is well positioned to gain from a steady rise in US sales with its fleet of fuel-efficient models, which will see the addition of the CR-Z sporty hybrid in North America in a few months. Overcapacity in Europe as sales sink in the absence of government subsidies remains a drag, but analysts expect strong growth in China and other Asian markets to keep Honda on track to expand its profits and outperform its domestic rivals. For the year to end-March 2011, the maker of the Civic and Accord models forecast an operating profit of ¥400 billion ($4.3 billion), up from the ¥363.8 billion it made in the year to March 2010. It sees net profit growing 27% to ¥340 billion this year, after a near doubling last year. Honda, the first big Japanese automaker to report fourth-quarter results, is expected to have booked the biggest profits in 2009-10 among its peers, helped by a lucrative and fast-growing motorcycle business. Operating profit for the January-March quarter just ended was ¥96.1 billion, compared with a loss of ¥272.1 billion a year earlier, when it cut back production to reduce inventory. The result was slightly higher than the ¥94 billion average estimate in a poll of 19 brokers according to Thomson Reuters. Fourth-quarter net profit came to ¥72.2 billion versus a loss of ¥180 billion a year ago. Hybrid hurdles In the medium term, Honda CEO Takanobu Ito, a 32-year company veteran and former chassis designer, will be under pressure to speed up development of a new, more fuel-efficient hybrid system to power its bigger vehicles to compete with Toyota Motor Corp and a growing number of automakers launching “full” hybrid cars. Honda’s one-motor hybrid system has the advantage of being simple and cheaper, but lacks the power to be mounted on anything bigger than a CR-V crossover. Shares in Honda have gained 6.4% in the year to date, outperforming a 1.2% rise in Tokyo’s transport subindex. Before the results, Honda ended down 1.5%, while the sector index fell 1.2%. Source: World Business - Livemint.com | 28 Apr 2010 | 12:11 am New bank wage agreement will give staff Rs 4,816 crAfter bargaining hard for over 30 months, the Indian Banks' Association and bank unions on Tuesday signed a new bipartite wageSource: Business Line - Home Page | 28 Apr 2010 | 12:00 am Now, Portugal threatens to plunge EU into a new crisisSome of the elephants in Europe's living room haven't been so quiet recently — with fears about Greece's debt problems over the past few months plunging the European Union into crisis, alongside the currency. Now it is Portugal —Source: Business Line - Home Page | 28 Apr 2010 | 12:00 am Ministries differ over iron ore export dutyThe Commerce and Steel Ministries do not seem to be seeing eye-to-eye on the issue of iron ore export duty.Source: Business Line - Home Page | 28 Apr 2010 | 12:00 am Ranbaxy gets aggressive to regain top spot in generics in India by 2012Ranbaxy Pharmaceuticals Ltd has charted out an aggressive strategy to regain the No 1 slot in the Indian generics market by 2012.Source: Business Line - Home Page | 28 Apr 2010 | 12:00 am Bond yields could surgeNot that all's right and well in the global economy. But it's sure been pulled out of the depths pretty successfully in a series of well-coordinated governments' and central bankSource: Business Line - Home Page | 28 Apr 2010 | 12:00 am India open to using Tobin-type tax to curb capital inflowsIndia will not be averse to using an instrument such as Tobin Tax to curb excessive capital inflows. However, at the moment, the country is not contemplating any such move, according to the RBI Governor, Dr D.Source: Business Line - Home Page | 28 Apr 2010 | 12:00 am IBM develops software for congestion-free mobile callsIf you are worried over frequent call-drops and network congestion while using your mobile phone, now there is a technology that may be ofSource: Business Line - Home Page | 28 Apr 2010 | 12:00 am Jayant Agro-Organics (Rs 107.4): BuyWe recommend a buy in the stock of Jayant Agro-Organics from a short-term perspective. It is apparent from the charts of that stock that since the December 2008 low of Rs 27.5, it has been on a long-term uptrend. However, following a medium-termSource: Business Line - Home Page | 28 Apr 2010 | 12:00 am Mid-cap funds post returns of 101% over a yearFunds that focussed on mid-cap stocks have clocked impressive returns over a one-yearSource: Business Line - Home Page | 28 Apr 2010 | 12:00 am Day Trading GuideThe analysis and opinion expressed in these columns are based on the technical analysis of the past price behaviour. The stop-loss level provided with the recommendation is important. The original view would stand negated if the stop-loss levelSource: Business Line - Home Page | 28 Apr 2010 | 12:00 am AT&T exits stake in Tech Mahindra, say sourcesMumbai: US telecom giant AT&T has sold its remaining stake of more than 7% in Indian IT services firm Tech Mahindra, mostly to Life Insurance Corp. of India, sources with direct knowledge of the deal said. The terms were not immediately available, but stock exchange statements on Wednesday said two blocks of 4.3 million shares in Tech Mahindra, totalling 7%, had been sold in block trades at Rs797.80 and Rs799.80 each, or about $154 million. AT&T’s stake in Tech Mahindra, which had been about 8% until recently, had made it the third-largest shareholder in the company, just ahead of Life Insurance Corp of India, according to Reuters data. Citigroup handled AT&T’s share sale. Shares in Tech Mahindra were down 3.26% at Rs778.70 at 10.40 a.m. Source: Home - Livemint.com | 27 Apr 2010 | 11:40 pm Nippon Steel Q4 profit misses consensus, no forecastTokyo: Nippon Steel Corp, the world’s No.2 steelmill, booked a weaker-than-expected quarterly profit and for the first time failed to give an annual forecast amid uncertainties over raw material costs and steel prices. The absence of an annual forecast underscores an increasingly volatile market environment for Japan’s top mill, which had sought to stabilise earnings by shifting focus to high-end sheet steel. Japan’s two leading mills are expected to push up profits this year to around 50-55% of their peak levels in 2005-06 as output recovered to 90% capacity. But rising costs and concerns over lower profit margins cloud the earnings outlook. Minoru Matsuno, president of Value Search Asset Management, said Nippon Steel shares are at a “very attractive” level despite uncertainties such as ongoing price negotiations with suppliers and clients. “I see continued strong demand from Asian countries and even if steel material prices rise further, Nippon Steel will be able to pass these through to product prices,” he said. Nippon Steel and JFE Holdings Inc, the world’s No.6 steelmaker, have agreed with Brazil’s Vale SA to pay nearly double for iron ore imports as they move to a quarterly pricing system from annual pricing. The Japanese are still in talks with BHP Billiton and Rio Tinto, the two other major iron ore suppliers. A shift to quarterly pricing after decades of setting annual benchmarks could make it difficult for steelmakers to fully pass on costs to customers. But Value Search’s Matsuno was still optimistic about the outlook. “Their business strategy of selling higher-end products is no longer seen as unique because other Asian companies are also following suit,” he said. “But Nippon Steel still has a strong advantage in that market.” Nippon Steel said its quarterly profit swung to a recurring profit -- before tax and one-offs -- of ¥55.5 billion ($596 million) from a loss of ¥74.3 billion a year earlier. That fell short of two analysts’ consensus for ¥58.1 billion on Thomson Reuters. For the year to March 2011, Nippon Steel is expected to book a recurring profit of ¥308.7 billion, according to a poll of 20 analysts. The company posted an ¥11.8 billion profit in the just-ended year. Japanese mills’ profits sagged last year as demand from carmakers slumped and competition among five Japanese blast furnace steelmills intensified on weak domestic demand. This resulted in higher stocks of expensive raw materials and products than Asian rivals, triggering huge inventory write-offs. Nippon Steel said it expects crude steel output of 8 million tonnes on a quarterly basis in the financial year to March 2011, while the blast furnace problems it has had in Japan would lower its first-quarter profit by ¥17 billion. Shares of Nippon Steel are down 8.3% this year, underperforming the Nikkei average’s 5.4% gain. After the results were announced, Nippon Steel shares were down 2% at ¥340, unchanged from the pre-announcement level. Source: Home - Livemint.com | 27 Apr 2010 | 11:28 pm Vodafone to launch Rs 700 phone - Times of India
Source: Business - Google News | 27 Apr 2010 | 11:21 pm LG Electronics Q1 profit edges up; handset business weighsSeoul: LG Electronics, the world’s No.2 TV maker, posted a small increase in quarterly profit as strong sales of flat-screen TVs, fridges and washers countered the impact of a dismal performance from its struggling handset division. Strong sales of flat-screen TVs should drive earnings growth at LG this year as consumer spending improves in a global economic recovery. The overall outlook for the company, also the world’s No.3 handset maker, however hinges largely on when and how strongly its handset division regains its lost momentum. LG trails Nokia and Samsung Electronics Co. Ltd in mobile phones and competes with Sony Corp. and Panasonic Corp. in flat-screen TVs. “We aim to boost second-quarter mobile phone shipments by a double digit percent from the first quarter and improve profitability with high-end models such as smartphones,” LG said in a statement. LG’s business momentum has turned weaker since late last year as its handset unit struggles with delayed product launches, a lack of hit models and the firm’s slow response to the booming smartphone market, in which LG has less than 1% global market share. The South Korean firm reported a global-basis operating profit of 489 billion won ($440.5 million) in January-March, versus 467 billion won a year ago and a consensus forecast of 497 billion won as per analysts polled by Thomson Reuters. Mobile phone sales dropped to 27.1 million units from 34 million handsets sold in the fourth quarter and handset operating profit margins fell to 0.9% from 6.4% a year ago. By 0420 GMT, LG shares were trading up 1.2% at 129,500 won. The stock has risen 5.3% so far this year, versus a 4 percent gain in the wider market. LG has shifted focus to smartphone offerings to boost razor-thin margins and catch up with bigger rivals such as Apple. Ahead of its results announcement, LG was forecast to report a 2.7 trillion won global operating profit for 2010. Source: Home - Livemint.com | 27 Apr 2010 | 11:08 pm Sensex tanks 229 points in early trade on weak global cuesThe Bombay Stock Exchange benchmark Sensex fell over 229 points in early trade on Wednesday on weak global cues as investors worldwide feared about the eurozone's economic stability. Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 10:53 pm Comic strip Peanuts has new ownerChicago: The iconic comic strip Peanuts and its characters Snoopy and Charlie Brown now have a new owner, with the E W Scripps Company selling the brand to Iconix Brand Group for $175 million. Media enterprise firm E W Scripps has signed an agreement to sell its unit United Media Licensing, which owned Peanuts’ licensing rights, to Iconix in an all-cash transaction expected to close by end of the second quarter. As part of the transaction, Iconix will also acquire the licensing and character representation business of United Media Licensing, which, in addition to Peanuts, represents a number of character brands, including Dilbert and Fancy Nancy. The Peanuts brand and other acquired assets will be purchased through a newly formed subsidiary, which will be owned 80% by Iconix and 20% by the family of the late Charles Schulz, who created the Peanuts characters. Iconix expects Peanuts to generate approximately $75 million in annual royalty revenue. “We are putting our characters in good hands at Iconix. This is the right move for all involved as we go our separate ways in recognition of changing times and new strategies,” The E W Scripps Company president and CEO Rich Boehne said in a statement. The cast of Peanuts includes well known characters such as Charlie Brown, Snoopy, Lucy, Linus, Sally, Schroeder, Peppermint Patty and Woodstock. Peanuts has a strong diversified global licensing platform with over 1,200 licensing agreements including association with MetLife, Hallmark, Universal Studios, Warner Bros, Cedar Fair, H&M, Benetton, Old Navy, CVS and Walgreens. The Peanuts brand is licensed in over 40 countries and generates annual retail sales of over two billion dollars, Iconix said. “Owning the Peanuts business moves Iconix well beyond fashion into a true global brand management entity with a wide variety of agreements that range from theme parks to media to financial institutions,” Iconix Brand Group, chairman and CEO Neil Cole said. United Media Licensing is one of the largest independent licensing agencies in the world, working with more than 1,250 licensees in approximately 40 countries. New York-based Iconix Brand is a brand management company that engages in licensing and marketing for a portfolio of owned consumer brands, including Candie’s, Bongo, Joe Boxer, Ed Hardy and Ecko. Source: LatestNews-Home - Livemint.com | 27 Apr 2010 | 10:43 pm Sensex tanks 229 pts in early tradeThe Bombay Stock Exchange benchmark Sensex fell over 229 points in early trade today on weak global cues as investors worldwide feared about the eurozone's economic stability.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 10:33 pm Venezuela’s Hugo Chavez takes to TwitterCaracas: Hugo Chavez is starting to use Twitter to counter his opponents online, forcing a president who often talks for hours to sum up each thought in 140 characters. Chavez urged Venezuelans to watch his newly created account, chavezcandanga, after midnight Tuesday when he planned to start tweeting. “At that point is when I let loose,” he said Tuesday. A close aide to Chavez, public works minister Diosdado Cabello, announced the Twitter account was set up for the president. Chavez said he has a team working on it. By late Tuesday, the socialist leader had more than 18,000 followers before posting a single tweet. Chavez, who has recently seen his popularity slip amid a recession and soaring inflation, has often been outmaneuvered by opponents who are more active on the Web than his supporters. Cabello said Monday that Chavez’s supporters plan to “take over by assault” social networking sites like Twitter and Facebook. “The opposition thinks it owns the social networking sites. They think Twitter and Facebook belong to them,” Cabello was quoted as saying by the state news agency in a story it put out Tuesday. “We’re fighting and there are seven million of us who will have Twitter,” he said, referring to members of Chavez’s party. He said Chavez’s Twitter feed will be messages “from our commander”. Chavez, who was first elected in 1998, has built his presidency around being a communicator in touch with Venezuelans. In addition to a Sunday radio and TV program that lasts up to seven hours, Chavez also makes near-daily speeches on television that often last three hours or more. The name chosen for his Twitter accoun, chavezcandanga, includes a word that is used in various Latin American countries to refer to the devil. In Venezuela, it denotes punishment as severe as that suffered by sinners sent before the devil. Source: LatestNews-Home - Livemint.com | 27 Apr 2010 | 10:11 pm Bharti Q4 net falls 8%, shares dropNew Delhi: Bharti Airtel Ltd, India’s top mobile operator, posted a worse-than-expected 8% fall in quarterly profit as cheap call charges took a toll in the world’s fastest-growing mobile market. In March, Bharti struck a $9 billion deal to buy telecom operations in 15 African countries from Kuwaiti Zain, and expects to become the world’s No. 5 mobile firm. India is signing up mobile subscribers at a furious pace -- 16 million a month on average in the past one year including a record 20 million in March -- but stiff competition has send per-second call charges as low as 1/100th of a US cent, hitting profitability for companies. Two new operators have recently launched services, taking the number of mobile firms to 15, while aggressive bidding for 3G radio spectrum will add billions of dollars to costs. “Bharti Airtel continues to be strongly positioned in India despite a hyper competitive market,” chairman Sunil Mittal said in a statement. “We are excited about the prospects of an eventful year ahead.” Bharti’s shares were down 1.5% at Rs293.70 by 9.20 a.m., after having fallen 2% following the results, in a Mumbai market down 1%. New Delhi-based Bharti, 32% owned by Southeast Asia’s top phone firm SingTel, said net profit fell to Rs2,055 crore ($461 million) under the US accounting standards in its fiscal fourth-quarter from Rs2,239 crore a year ago. With about 128 million mobile subscribers, Bharti controls almost 22% of the Indian market. The company also operates in Sri Lanka and Bangladesh. Revenue rose 2% to Rs10,056 crore, as Bharti added 8.8 million mobile users in the quarter. A Reuters poll of 12 brokerages had forecast a net profit of Rs2,078 crore on revenue of Rs9,815 crore. Average revenue per user fell 28% from a year ago to Rs220 in January-March as more than half of the new users were from rural areas, where the average talktime is lower than their urban counterparts. Minutes of usage also fell 4% to 468 minutes. Source: Home - Livemint.com | 27 Apr 2010 | 9:45 pm Scientists say recession may spark Baltic TB surgeLondon: The Baltic States risk seeing an upsurge in tuberculosis (TB) cases because of the recession brought about by the financial crisis, scientists said and Latvia is particularly vulnerable. Researchers who studied the effects of recession on rates of the highly infectious disease during the fall of the Soviet Union in the early 1990s found a strong link between the two and said on Wednesday their findings suggest a similar pattern could emerge now. “Put simply, there’s a lot less money around for spending on public health,” said Nimalan Arinaminpathy of Britain’s Oxford University, who led the study. Tuberculosis, which is caused by the Mycobacterium tuberculosis bacteria, is one of three primary diseases linked to poverty, the other two being AIDS and malaria. The scientists designed models based on economic figures and tuberculosis data and predicted that Latvia, Estonia and Lithuania could see TB increases in the coming years. Their estimates were for 200 excess cases of tuberculosis per 100,000 people in the population in Latvia, 130 per 100,000 in Lithuania and 75 per 100,000 in Estonia compared with some 40 per 100,000 in Russia over the period of recession and recovery. “An upturn of TB in any region becomes a concern for neighbouring countries, and because people travel so much these days it also becomes a concern for countries further away,” Arinaminpathy said in a telephone interview. Tuberculosis killed 1.8 million people in 2008, or nearly 5,000 people a day. More than 2 billion people are infected, but most TB infections are latent with carriers showing no symptoms. The disease can be cured with antibiotics, but they must be taken daily for months to be effective and public health funding cuts in some countries may mean fewer drugs are available. Because people do not always take the drugs as directed, multiple drug-resistant strains called MDR-TB are also emerging and the World Health Organisation (WHO) has said there is an urgent need for countries to set up laboratories to fight it. Arinaminpathy and Christopher Dye of the WHO’s department for HIV/AIDS, tuberculosis, malaria and neglected tropical diseases, used WHO data on TB cases and deaths from 1980 to 2006, and World Bank data on Gross Domestic Product. Analysing 15 countries in central and eastern Europe, they found strong links between the lost economic productivity during recessions and excess numbers of TB cases and deaths, they wrote in the study in the Royal Society journal Interface. “If TB epidemiology and control are linked to economies in 2009 as they were in 1991 then the Baltic states, particularly Latvia, are now vulnerable to another upturn in TB cases and deaths,” they wrote. Source: Tech News - Livemint.com | 27 Apr 2010 | 9:05 pm Scientists say recession may spark Baltic TB surgeLondon: The Baltic States risk seeing an upsurge in tuberculosis (TB) cases because of the recession brought about by the financial crisis, scientists said and Latvia is particularly vulnerable. Researchers who studied the effects of recession on rates of the highly infectious disease during the fall of the Soviet Union in the early 1990s found a strong link between the two and said on Wednesday their findings suggest a similar pattern could emerge now. “Put simply, there’s a lot less money around for spending on public health,” said Nimalan Arinaminpathy of Britain’s Oxford University, who led the study. Tuberculosis, which is caused by the Mycobacterium tuberculosis bacteria, is one of three primary diseases linked to poverty, the other two being AIDS and malaria. The scientists designed models based on economic figures and tuberculosis data and predicted that Latvia, Estonia and Lithuania could see TB increases in the coming years. Their estimates were for 200 excess cases of tuberculosis per 100,000 people in the population in Latvia, 130 per 100,000 in Lithuania and 75 per 100,000 in Estonia compared with some 40 per 100,000 in Russia over the period of recession and recovery. “An upturn of TB in any region becomes a concern for neighbouring countries, and because people travel so much these days it also becomes a concern for countries further away,” Arinaminpathy said in a telephone interview. Tuberculosis killed 1.8 million people in 2008, or nearly 5,000 people a day. More than 2 billion people are infected, but most TB infections are latent with carriers showing no symptoms. The disease can be cured with antibiotics, but they must be taken daily for months to be effective and public health funding cuts in some countries may mean fewer drugs are available. Because people do not always take the drugs as directed, multiple drug-resistant strains called MDR-TB are also emerging and the World Health Organisation (WHO) has said there is an urgent need for countries to set up laboratories to fight it. Arinaminpathy and Christopher Dye of the WHO’s department for HIV/AIDS, tuberculosis, malaria and neglected tropical diseases, used WHO data on TB cases and deaths from 1980 to 2006, and World Bank data on Gross Domestic Product. Analysing 15 countries in central and eastern Europe, they found strong links between the lost economic productivity during recessions and excess numbers of TB cases and deaths, they wrote in the study in the Royal Society journal Interface. “If TB epidemiology and control are linked to economies in 2009 as they were in 1991 then the Baltic states, particularly Latvia, are now vulnerable to another upturn in TB cases and deaths,” they wrote. Source: LatestNews-Home - Livemint.com | 27 Apr 2010 | 9:05 pm Factbox: Levin, Blankfein trade jabs at hearing - Reuters
Source: Business - Google News | 27 Apr 2010 | 6:48 pm Goldman top brass says co\'s focus on reducing riskThe top bosses of Goldman Sachs testify before the US Senate. Say the firm\'s focus was on reducing risk, and not on direction, as the SEC has charged.Source: Moneycontrol Top Headlines | 27 Apr 2010 | 3:20 pm 3G bounty: Is the bidding irrational?In an interview with CNBCTV18, Kunal Bajaj, Director at Analysys Mason, spoke about the 3G bounty and whether such lavish bids are justified.Source: Moneycontrol Top Headlines | 27 Apr 2010 | 3:19 pm Panel to help with public expenditurePlanning Commission on Tuesday set up a high-level expert committee headed by PM's Economic Advisory Council chairman C Rangarajan to suggest measures for efficient management of public expenditure.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 3:14 pm Sobha Developers to launch 7.72 m square feetSobha Developers will launch 7.72 million square feet of residential space, while it intends to sell about 3 million square feet in FY11, a top official said on Tuesday.Source: Moneycontrol Top Headlines | 27 Apr 2010 | 3:10 pm LT Fin plans to raise Rs 600700cr for loan disbursalsSwati Khandelwal Jain caught up with N Sivaraman who heads the financial services business for LT on the company\'s plans going forward.Source: Moneycontrol Top Headlines | 27 Apr 2010 | 3:02 pm Reserve Bank of India transfers 90 senior officialsThe Reserve Bank has transferred around 90 senior officials, mainly in the rank of chief general managers and general managers. Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 2:35 pm Barcode-enabled ATMs from SBIIf you are not tech savvy and have to stand in the long queue to pay bills, then you have a reason to smile.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 2:33 pm Off the road: Porsche recalls all PanamerasGerman sports car maker Porsche said on Tuesday it was recalling all its 11,324 newly launched four-door Panamera cars due to possible seatbelt problems.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 2:31 pm Satyam gets relief from NYSE till OctIn a breather of sorts for Mahindra Satyam, formerly known as Satyam Computer Services, the New York Stock Exchange (NYSE) has given the scam-hit company time till October 15, 2010, to file its annual report and has allowed the company to remain listed on NYSE till then.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 2:26 pm ITC Sonar first hotel to earn carbon creditsITC Hotels has set a precedence by possibly becoming the first hospitality chain in the world to have earned carbon credits.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 2:20 pm Jaypee plans to raise Rs 1650crJaypee Infratech, which is planning to raise Rs 1,650 crore through an IPO, will complete its flagship project, the 165-Km Yamuna Expressway by 2011, about two years ahead of the scheduled time, said the Jaypee group founder chairman Jaiprakash Gaur.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 2:15 pm SJVN selloff price loweredIn a surprise move, the government has settled for a divestment price for SJVN (formerly Satluj Jal Vidyut Nigam) that is substantially lower than the price that institutional investors were willing to pay during the company's pre-IPO marketing rounds.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 2:12 pm Vodafone to bring handset at Rs 700The race to provide ultra low-cost mobile handsets to consumers in India has moved to the next level, with telecom service providers competing with mobile handset makers to offer models below Rs 1,000.Source: India Business News | Business News - Times of India | 27 Apr 2010 | 2:06 pm Goldman fends off accusations at Senate hearingWashington: Lower level Goldman Sachs executives tried to fend off accusations they inflated the housing bubble, sold clients “shitty” deals and made billions off the market’s collapse, in a high stakes Senate hearing. Facing tough questions from a panel of Senators, the current and former employees said Goldman was managing risk on individual positions rather than making a broad bet against the future of the housing market. In his first public appearance since being charged with fraud for failing to disclose information to investors, Fabrice Tourre said he categorically denies regulators’ allegations. When asked if Goldman has a duty to tell clients when it is betting against them, Tourre said the firm has a duty to buy and sell securities from clients, adding “We do not have a duty to be investment advisors.” The Senate subcommittee fired a broad fusillade against investment banks, but focused on Goldman Sachs, one of the oldest investment banks on Wall Street. Goldman has become a lightning rod for criticism for traders’ behavior before and during the the worst economic decline since the Great Depression. Legislators are working on financial reform laws now, and trying to learn from past mistakes in crafting new rules. The hearings recalled the Pecora Commission hearings that started in 1932 and investigated the causes of the 1929 stock market crash. Those hearings found unethical practices ranging from investors linking up to manipulate stock prices to selling stocks to friends of JP Morgan at discounted prices. Senators routinely tried to pin the employees down on whether particular deals were evidence of ethical lapses, and Goldman employees largely refused to regret their actions. In a tense exchange, Senator Carl Levin, chairman of the Permanent Subcommittee on Investigations, asked Dan Sparks, former head of the mortgage department at Goldman Sachs, whether he felt obliged to tell clients when he was betting against their trades. Levin pointed to a particular transaction that one of Sparks’ bosses termed a “shi**y deal.” The Senator used the phrase “shitty deal” at least a half dozen times at the hearing. Sparks did not respond directly, and said it was not his own description of the transaction. Other Goldman officials are also expected to testify before the Senate subcommittee on Tuesday, including chief executive Lloyd Blankfein. Goldman Sachs shares were up 1.1% to $153.72 in afternoon trading, defying the drop in the broader market that was hit hard by downgrades in Greek and Portuguese debt. Loose standards At one point in the hearings, Senator Mark Pryor asked a group of current and former employees if they take responsibility for their contributions to the financial crisis. Sparks said he takes responsibility. He said evenly and deliberately, “I think it’s clear that credit standards got loose.” His voice dropped when he said “loose,” and Pryor asked him to repeat it. Early in the hearings, Senator John McCain said that he did not know if Goldman Sachs did anything illegal, but added there was “no doubt” that Goldman Sachs behaved unethically. That issue may be important for clients, and raises problems for Goldman itself. The bank famously tells new bankers, sales staff, and traders that they should not do anything that would embarrass the firm if printed on the front page of a major business newspaper. A €6 billion ($8 billion) Dutch transport pension fund said it had dropped Goldman as its fiduciary manager, but said the decision had no connection to the SEC charges. The fraud charges are linked to a particular trade, where the SEC says Goldman failed to disclose key information to a ratings analyst and investors. The transaction is known as “Abacus 2007-AC1,” and the subcommittee focused on it. “Goldman’s actions demonstrate that it often saw its clients not as valuable customers but as objects for profits,” Levin said. “Its conduct brings into question the whole function of Wall Street,” Levin said. The SEC charged Tourre and Goldman with fraud on April 16 because of this transaction, pushing the company’s shares nearly 13 percent lower. “We think this situation is somewhat similar to the turn of last century when you had John D. Rockefeller and Standard Oil under attack by the US government,” said Edward Rogers, CEO of Tokyo-based hedge fund advisor Rogers Investment Advisors. The subcommittee is looking at causes of the financial crisis. Previous hearing have looked at rating agencies and at the failure of Washington Mutual. Source: World Business - Livemint.com | 27 Apr 2010 | 1:24 pm Lalit Modi gets family backingThe high-profile founder of the Indian Premier League (IPL) Lalit Modi today got a fresh commitment of support, and money, from his father, industrialist K K Modi.Source: Business Standard | Front Page Headlines | 27 Apr 2010 | 1:02 pm UPA defeats cut motionsThe United Progressive Alliance (UPA) today defeated more than 20 opposition-sponsored cut motions in the Lok Sabha with a huge margin and, in the process, cleared the first stage in getting the House to approve the 2010-11 General Budget.Source: Business Standard | Front Page Headlines | 27 Apr 2010 | 1:02 pm Business shines under the shadow of the gun in JharkhandMandarins in the home ministry may be having sleepless nights as violence brews in the Naxal-infested state of Jharkhand, but it is a different story for business here.Source: Business Standard | Front Page Headlines | 27 Apr 2010 | 1:01 pm Well-behaved borrowers may pay less for loansBanks consider dynamic lending rate system based on credit history.Source: Business Standard | Front Page Headlines | 27 Apr 2010 | 1:00 pm 'Lalit can get into some other biz'A day after the Board of Control for Cricket in India (BCCI) suspended IPL commissioner Lalit Modi on alleged grounds of financial irregularities, HT spoke to his industrialist father K K Modi who heads the family's businesses, including the flagship Godfrey Phillips India.Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 11:47 am Govt eyes Rs 1,079 cr through SJVN disinvestmentTo raise the targetted Rs 40,000 crore through divestments, the government will put 10 per cent of its stake in Satluj Jal Vidyut Nigam (SJVN) on offer. With the price band set at Rs 23-26, the public offer is expected to raise around Rs 1,079 crore. HT reports.Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 11:42 am A topical change for Citi's Pandit: world growthVikram S Pandit, the chief executive of Citigroup, must have welcomed the chance on Monday to talk about something other than the challenges facing his bank and the overall financial industry.Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 11:37 am StanChart to step up hiring, growthStandard Chartered Bank, which filed its draft red herring prospectus (DRHP) for listing its Indian Depository Receipt (IDR) to raise over Rs 2,250 crore, is aggressively pursuing its expansion plan. Sachin Kumar reports.Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 11:35 am More Goldman deals come under scannerThe legal storm buffeting Goldman Sachs intensified on Monday as Senate investigators claimed the Wall Street giant had devised not one but a series of complex deals to profit from the collapse of the home mortgage market. Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 11:26 am ONGC adds record oil, gas reservesOil and Natural Gas Corporation (ONGC) has added 83 million tonnes (mt) of oil and gas reserves in 2009-10, the highest in two decades, the company said in a statement. HT reports.Source: HindustanTimes.com - Top Business News Headlines | 27 Apr 2010 | 11:23 am Citi targets Australia private wealth growthSydney/Melbourne: Citigroup expects to grow its $6 billion-plus Australian private wealth portfolio by a quarter this year as clients plough cash back into investment markets, a Citigroup executive said on Tuesday. Australia’s wealthy investors deserted stocks and managed funds in the global financial crisis, preferring high-yield state-guaranteed bank accounts, but are returning to markets now that values have rebounded and the outlook has brightened. “In the last three to five months, we have had cashed-up customers ask, ‘Is it time to re-engage with the market?’. Overall the outlook is turning bullish,” said Roy Gori, country business manager. He said customers has begun looking at stocks in Australia and offshore developed markets and dabbling with structured mortgage-backed investments. Citi, which counts the buoyant Australian economy among its top 10 markets worldwide, expects strong inflows to continue from its 70,000 wealthy customers down under. Citi is repositioning itself to focus on the 2 million Australians it classifies as either affluent or “aspiring” to be affluent, after virtually all of the mass market was scooped up by the four major domestic banks. “We want to be the 600-pound gorilla in the affluent customer segment here,” Gori said, adding Citi globally has earmarked Australia for growth and investment. The bank aims to double its branch network, increase its base of credit card customers by one-third to 1.6 million in three to four years and sees opportunities emerging to buy asset portfolios as lenders face a rising cost of funds. “We will see more activity on the acquisition front as the business model turns on its head. Institutions will get a lot more judicious and look at best uses for funds,” Gori said, adding Citi would look at portfolios over $200 million. Over the last 15 months it has picked up credit card portfolios worth $250 million each from Bank of Queensland and Suncorp Metway, he said. DEBT CAPITAL, ACQUISITION On the advisory side, Citi expects to thrive on debt raisings this year and has a strong pipeline of M&A transactions in the works, its country officer Stephen Roberts said. Roberts said on debt advisory, where Citi sees itself having a leg up with its global platform allowing its Australian clients to raise debt in the US, Europe and Japan, the market is unlikely to abate, with banks having to raise funds and companies refinancing debt. The bank recently lost one of its bond originators to expanding rival Nomura but has wasted no time in replacing him. “We’ve selected a candidate, only because the volume of business is so high we want to have as many bums on seats as we can in that business,” Roberts said. Citi was joint bookrunner with Goldman Sachs and HSBC for a $3.5 billion global bond issue for Commonwealth Bank of Australia last month and expects to be active in further bank issues. On mergers and acquisitions, where Citi ranked 11th last year and 14th so far this year, Roberts said deals were percolating across most sectors, including financial services, mining, energy, utilities and property, with a few multibillion-dollar deals bubbling. “There are always a couple of elephants out there....We are working on a few,” said Roberts. Citi’s biggest deal in Australia so far this year has been as joint adviser to coal seam gas producer Arrow Energy on a A$3.45 billion ($3.2 billion) takeover offer from Royal Dutch Shell and PetroChina. “We actually define success in the Asia-Pacific region as success in China, India, Japan and Australia,” Roberts said. Source: World Business - Livemint.com | 27 Apr 2010 | 5:58 am Deutsche Bank sales and trading drives Q1Frankfurt: Deutsche Bank’s investment bank posted forecast-beating record quarterly earnings, adding credibility to the lender’s ambitious targets even as Wall Street faces a regulatory and legal hurricane. Deutsche’s corporate banking and securities division, which posted €2.59 billion ($3.45 billion) in pretax profit, accounted for the lion’s share of 2.79 billion in group pretax earnings, mirroring blowout gains at US peers like Morgan Stanley. Analysts polled by Reuters had estimated that Germany’s biggest lender would earn €1.99 billion in pretax profit in the quarter ended in March, a rise of almost 10% from the year-earlier period. Deutsche’s earnings benefited from strong results in debt trading and the absence of markdowns in areas such as leveraged loans, boosting the chances of 62-year-old Swiss chief executive Josef Ackermann to hit ambitious profit targets next year. “The first impression is really good. Deutsche Bank is above consensus both before and after taxes. In addition, the loan loss provisions fell significantly, which is a very good sign,” said Merck Finck analyst Konrad Becker. Deutsche Bank shares had been indicated to open almost 2% higher, but reversed early gains to trade 1.1% lower at €54.76 by 0721 GMT. “The economic environment clearly stabilized in the first quarter 2010, but is not without remaining vulnerability,” Ackermann said in a statement. In The Crosshairs Investment banks boosted earnings last year in part thanks to government measures including short selling bans on financial stocks, looser collateral rules, and fiscal stimulus measures. But the sector is in the crosshairs of politicians and regulators who want to curtail banks’ risk taking activities in a bid to make the financial system safer. In its first quarter report, the bank said it faced a US class-action lawsuit over mortgage-related securities it helped arrange. Frankfurt-based Deutsche Bank said its Tier 1 capital ratio slipped to 11.2% at the end of March from 12.6% at the end of 2009 as it absorbed acquisitions such as wealth manager Sal. Oppenheim. Deutsche Bank, which posted a 50% rise in first quarter net profit of €1.77 billion and revenues of 9 billion, reiterated it aims to achieve 10 billion in pretax profit at the group level next year. Deutsche hopes to boost earnings by benefiting from an expansion into growth markets, such as Asia, and from its ability to win market share in the fallout from the financial crisis that has left many competitors weakened. “To reach its 2011 targets, the bank will need some economic tailwinds,” said Merck Finck’s Becker. Source: World Business - Livemint.com | 27 Apr 2010 | 5:47 am
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