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Greece seals rescue deal, warns sacrifices neededATHENS (Reuters) - Greece has sealed a deal with the EU and IMF that opens the door to a multi-billion euro financial bailout but will require major sacrifices from the Greek people, Prime Minister George Papandreou said on Sunday.Source: Reuters: Money News | 2 May 2010 | 3:37 am FACTBOX - Australian tax reforms that are too hot to handleCANBERRA (Reuters - Australia's government unveiled a major shakeup of the tax system on Sunday, but ruled out some proposals that could have upset voters in an election year.Source: Reuters: Money News | 2 May 2010 | 3:34 am Russia April oil output near record levels, gas fallsMOSCOW (Reuters) - Russian oil output edged down in April but remained close to record levels and well above 10 million barrels per day for the eight consecutive month, allowing Moscow to retain the world's top position ahead of Saudi Arabia.Source: Reuters: Money News | 2 May 2010 | 3:19 am EU, IMF rescue agreed: Greek PMAthens: Greece has sealed a deal with the EU and IMF that opens the door to a multi-billion euro financial bailout but will require major sacrifices from the Greek people, Prime Minister George Papandreou said on Sunday. The aid package, expected to total up to €120 billion ($160 billion) over three years, represents the first rescue of a member of the 16-nation euro zone and is aimed at stemming a debt crisis that has shaken markets worldwide. “It is an unprecedented support package for an unprecedented effort by the Greek people,” a sombre Papandreou told a televised cabinet meeting. “These sacrifices will give us breathing space and the time we need to make great changes,” he added. “I want to tell Greeks very honestly that we have a big trial ahead of us.” Finance minister George Papaconstantinou gave details of the agreement before heading to a meeting later on Sunday with his euro zone counterparts in Brussels, where the aid is expected to win the bloc’s formal backing. The deal’s size would be announced in Brussels but it would cover a large part of Greek borrowing needs for the next three years, said Papaconstantinou. Under the plan, Athens would make budget cuts of €30 billion over three years, he added. In a statement, European Commission president Jose Manuel Barroso recommended that Europe activate the aid, calling the package of austerity measures “solid and credible”. “This assistance will be decisive to help Greece bring its economy back on track and preserve the stability of the Euro area,” Barroso said. Greece and its international backers hope the deal can prevent the crisis from spreading to other euro zone members with fragile finances such as Portugal and Spain. But Papandreou faces a Herculean task in convincing Greeks to accept draconian austerity measures at a time when the economy is already in a deep recession. On Saturday, thousands marched in May Day demonstrations in Athens shouting slogans against new budget cuts they say will hurt the poor and plunge the country into a downward economic spiral. An ALCO poll released on Friday showed more than half of Greeks plan to take to the streets in protest at the new cuts. “High drama” Famed US investor Warren Buffett said on Saturday he expected continued “high drama” from the Greek crisis, adding that it was impossible to predict how it would end. Although Greece makes up only about 2.5% of the euro zone’s economic output, its woes have shaken confidence in the currency bloc and deepened global fears about sovereign debt built up during the financial crisis. In Germany, which as the bloc’s largest economy will be expected to put up the lion’s share of the European aid, there is deep resentment about rescuing Greece, which manipulated its economic figures in order to enter the euro zone in 2001 and has lived beyond its means ever since. Chancellor Angela Merkel insisted on making the International Monetary Fund (IMF) part of any rescue and made German aid contingent on bolder austerity steps from Athens, delaying the rescue and underscoring deep divisions in the bloc. Economists say that if the rescue agreed on Sunday fails to calm markets, European countries could end up footing a bill of half a trillion euros ($650 billion) to save several nations on top of Greece. Both Portugal and Spain saw their debt downgraded by ratings agencies this week and could become targets for the market unless they tackle their own deficits swiftly. “The problem has grown bigger, this fire is threatening to spread and hurt Greece further and the other euro zone countries and economies,” Papandreou told the Greek cabinet. “The cost of putting it out is expected to be huge, and the burden that Greeks will shoulder is even bigger.” Source: LatestNews-Home - Livemint.com | 2 May 2010 | 3:18 am Iran says South Pars output to rise over 2 yearsTEHRAN (Reuters) - Gas production at Iran's giant offshore natural gas field South Pars will rise to 175 million cubic metres per day within the next two years, an energy official was quoted as saying on Sunday.Source: Reuters: Money News | 2 May 2010 | 3:16 am Timeline: Europe’s long and winding road to rescuing GreeceBrussels: European partners took six months to help Greece avoid bankruptcy, which they concluded would wreak havoc with the shared euro currency. Here we look back at the key stages in that process: October 2009: The crisis is triggered when the new socialist government more than doubles the previous estimate for Greece’s 2009 public deficit, from 6% of national output to 12.7%. December 2009: Credit rating agencies Standard & Poor’s, Moody’s and Fitch downgrade Greece’s ability to repay its debts. European leaders meeting in Brussels reckon Athens can deal with its problems by itself. 11 February 2010: European leaders agree to take determined and coordinated action to safeguard financial stability across the 16-nation euro currency area, if necessary, but give no details. Markets are underwhelmed. 3 March: Athens announces a new austerity programme, but calls for European solidarity and refuses to rule out the possibility of mounting an emergency appeal to the International Monetary Fund. 15 March: Eurozone finance ministers agree the broad outlines of a plan to coordinate a series of bilateral loans, but stress the commitment is designed to soothe markets and is not intended ever to be used. 25 March: European Union leaders agree to involve the IMF in a rescue mechanism of last resort. 11 April: The first clear numbers are made public, when eurozone finance ministers say they will make €30 billion ($40 billion) available in 2010 at interest rates of roughly 5%. The IMF is to add half as much again, but no aid is triggered. 21 April: Teams from the European Commission, the European Central Bank and the IMF hit Athens to negotiate conditions demanded of Greece in exchange for aid. 22 April: The EU revises up the Greek 2009 deficit to 13.6% of output, warning it will likely cross 14% given ongoing doubts about the veracity of Greek data reporting. The euro hits a 12-month low against the dollar. 23 April: Athens formally requests the loans. 27 April: Standard & Poor’s cuts Greek debt rating to junk status, sending bond yields soaring, unleashing panic on markets and contagion threatening other weak euro nations. 1 May: The EU-IMF negotiations in Athens conclude, against a backdrop of violent clashes between Greek police and protesters. Aid running to some €120 billion, according to French finance minister Christine Lagarde, is ready to be announced on Sunday. But a summit of eurozone national leaders set for Friday or Saturday 7 or 8 May has still to press the button on the physical transfer of money. Source: Home - Livemint.com | 2 May 2010 | 3:12 am New Australian tax to hit mining stocks hard - UBSCANBERRA (Reuters) - Australian mining stocks face a sell-off on Monday as investors digest news that the government plans to slap a 40 percent tax on their profits, investment bank UBS said after the announcement on Sunday.Source: Reuters: Money News | 2 May 2010 | 3:11 am HIGHLIGHTS - Greek PM says reached deal with EU, IMFATHENS (Reuters) - Greece has reached a multi-billion euro deal with the EU and the IMF, Prime Minister George Papandreou said on Sunday.Source: Reuters: Money News | 2 May 2010 | 3:07 am New Delhi on alert as embassies warn of attackNew Delhi: Thousands of police and paramilitary soldiers guarded New Delhi’s markets and shopping centres Sunday after foreign embassies in India issued warnings of imminent militant attacks. The US, British, Australian and other Western embassies issued urgent alerts advising their nationals to avoid busy parts of the city, where blasts in upmarket shopping areas in 2008 killed 22 people. Commandos and armoured cars guarded metro stations, shopping malls and crowded market places across the sprawling city of 16 million people. Police with automatic weapons patrolled Delhi’s four most popular shopping districts, and explosives experts used tracker dogs to sweep sensitive areas. New Delhi police spokesman Rajan Bhagat urged residents to inform the police of “any suspicious object, person or vehicle”. Canada and New Zealand were among the countries warning citizens to take precautions in New Delhi, a rapidly expanding and chaotic city that wants to bolster its international image before hosting October’s Commonwealth Games. The US embassy posted an advisory on its website on Saturday warning: “There are increased indications that terrorists are planning imminent attacks in New Delhi.” It named popular city centre shopping zones such as Connaught Place as “especially attractive targets for terrorist groups”. The high commissions (embassies) of Britain and Australia issued similar warnings, prompting ministry of home affairs to insist its security precautions were satisfactory. In February, a bomb exploded in a packed restaurant popular with travellers in Pune, killing 16 people, including five foreigners. It was the first major incident since the November 2008 Mumbai attacks in which 10 Islamist gunmen launched an assault on multiple targets in India’s financial capital, killing 166 people. India blamed the Mumbai attacks on the banned Pakistan-based militant group Lashkar-e-Taiba, worsening already tense diplomatic ties with its neighbour. Previous deadly blasts in Delhi have been blamed on shadowy home-grown Islamist groups. Security concerns about the Commonwealth Games have been rising, with some Australian athletes questioning whether they would participate and advising their families to stay at home. In the latest incident, two low-intensity bombs went off last month at a cricket stadium in Bangalore ahead of an Indian Premier League match. New Delhi has promised “foolproof” security during the Games, which will involve 8,000 athletes. Source: Home - Livemint.com | 2 May 2010 | 2:56 am Ambuja Cements shipments jump 16% in April 2010The company, in which Swiss cement maker Holcim holds about 46%, said production in April rose to 1.91 million tonnes from 1.65 million tonnes a year earlier.Source: Daily News & Analysis: Money News | 2 May 2010 | 2:56 am Australia unveils mining tax in pre-election shakeupCANBERRA (Reuters) - Australia's government angered its booming resources sector on Sunday by unveiling a new tax on mining projects from July 2012 under a sweeping pre-election tax overhaul which will also boost pension savings for workers.Source: Reuters: Money News | 2 May 2010 | 2:55 am Oil slick threatens fish, fowl and Louisiana economy - Hindustan Times
Source: Business - Google News | 2 May 2010 | 2:36 am NY governor calls failed car bomb act of terrorismNew York: Police tipped off by a street vendor found and defused a car bomb inside a sport utility vehicle, thwarting an “act of terrorism” that forced the evacuation of New York’s Times Square on Saturday and could have killed many people, authorities said early on Sunday. New York Mayor Michael Bloomberg told a news conference that “we have no idea who did this or why.” He said the failed bomb — of propane, gasoline and fireworks -- appeared to have been made in an amateurish manner. Times Square is a popular tourist destination in Manhattan’s Midtown, and was packed with tourists and theater-goers on a busy and warm Saturday night. “Luckily, no one is hurt, and now the full attention of city, state and federal law enforcement will be turned to bringing the guilty party to justice in this act of terrorism,” New York governor David Paterson said in a statement. Bloomberg said a T-shirt vendor noticed “an unoccupied suspicious vehicle” and alerted a police officer on horseback, who saw that the dark-green Nissan Pathfinder had smoke coming from vents near the back seat and smelled of gun powder. “The NYPD bomb squad has rendered safe an improvised car bomb,” said New York Police Commissioner Ray Kelly. “We are very lucky. Thanks to alert New Yorkers and professional police officers, we avoided what could have been a very deadly event,” Bloomberg told reporters. US President Barack Obama commended the “quick action” by New York police in dealing with the incident and said they had done “excellent work” in responding. The bomb was discovered at around 6:30 p.m. (2230 GMT) in the vehicle parked on 45th street and Broadway with its engine running and hazard lights flashing, officials said. It had Connecticut license plates that did not match the vehicle. Kelly said the bomb squad had removed and dismantled three propane tanks, consumer grade fireworks, two filled five gallon (19 liter) gasoline containers, two clocks, batteries in each of the clocks, electrical wire and other components. A locked metal box resembling a gun locker had also been removed and taken to a safe location to be detonated, he said. “This wasn’t make believe. This wasn’t a false alarm. This was the real deal -- to hurt people,” said Fire Commissioner Sal Cassano, adding that the force of the bomb had it gone off could have taken down the front of a building. Bloomberg said police patrols of the rest of New York City had not found anything suspicious. Vehicle seen on police cameras New York has remained on high alert for another attack since the Sept. 11, 2001 attacks in which hijacked airliners toppled the World Trade Center’s twin towers. Last year police said they thwarted a plot to bomb the New York subway system. Two men have pleaded guilty in the case. Kelly said the vehicle had tinted windows and was seen on police surveillance cameras traveling west along 45th street and that police were now attempting to examine footage from other cameras in the area. Bloomberg said authorities had spoken to the man who owned the vehicle’s license plates. The man said the plates belonged to a truck that he had sent to a junk yard and Bloomberg said police were now attempting to speak to the junk yard owner. In Washington, FBI spokesman Richard Kolko said the Joint Terrorism Task Force has responded along with the NYPD. A US official, who asked not to be identified by name, said the US Department of Homeland Security was aware of the situation and was monitoring developments. Times Square was eerily empty for several blocks on Saturday night, the busiest night of the week on the Great White Way as tourists and theater-goers watched from behind barricades as anti-terrorism units swarmed the scene. Don Slovin, watching the police through the window of a souvenir shop a block from the SUV, said, “Of course it conjures up memories of 9/11.” The SUV was parked very close to a production of the show “The Lion King.” Women in evening gowns were among the crowd on one of the warmest nights of the year and the busiest night of the week for Broadway theaters. “It’s New York. If you’re from New York you just get used to it,” said Creswell Rudolph, 37, a bank security guard working a block from the scene. “It could have been a lot worse.” “With this, it’s just lucky they found it in time. Thank God for that,” he said. Vehicle and pedestrian traffic was very heavy on streets outside the evacuation zone, including Sixth and Eighth Avenues. All intersections in the area were blocked by police and fire department vehicles, lights flashing. Police allowed some people to enter theaters to view Broadway shows in the vicinity but later blocked other theatergoers from entering. Some hotel guests were allowed back to their rooms. Some Broadway shows were allowed to go on. Police shut down Times Square from 43rd street to 48th street between Sixth and Eight avenues. Bloomberg said authorities hoped to reopen the area shortly. Richard Cassady, 36, an investment banker visiting from England for a bachelor party, said, “It’s six hours later and the central part of New York is still closed down. It’s maybe a little over-dramatized. New York lived through 11 September but it’s incredible the whole place has been stopped for six hours.” Source: Home - Livemint.com | 2 May 2010 | 2:22 am NY auctions to signal return of good times: art dealersNew York: Spring auctions at Sotheby’s and Christie’s starting this week in New York are expected to confirm a return to the good times for the art market, although not at pre-recession record prices. As every year, the two big rival auction houses will hold impressionist and modern sales first, followed by contemporary sales the following week. With Wall Street profits roaring back from the 2007-2008 financial crisis, the auctions will feature a string of top-end works aimed at big-spending collectors. Christie’s opens the season with 72 lots on Tuesday, including the collection of Frances Lasker Brody, a philanthropist from Los Angeles who died last year. Brody’s collection includes the main feature of the sale, Picasso’s “Nude, Green Leaves, and Bust,” estimated to sell for between $70 and $90 million. That could put the Picasso within range of the world record for his works, which was $104 million paid for “Garcon a la Pipe” in New York in 2004. “The Brodys bought it in the ‘50’s. It was only exhibited once in 1961. When we got into Brody’s house in November it was quite an experience,” said Conor Jordan, head of the impressionist department for Christie’s. The New York Times reports that Christie’s and Sotheby’s battled for four months to win the Brody sale, with the winner coming away after offering an undisclosed guaranteed sum to be paid to the sellers, whatever the result of the auction. This revives a practice largely abandoned when the late 2008 financial meltdown hit the art market. Other Christie’s auction stars are the rural scene “Fertility” by German Edvard Munch, which is estimated at $25 to $35 million, and a Matisse called “Nu au coussin bleu,” estimated to sell for $20 to $30 million. Sotheby’s may have missed out on the Brody collection but on Wednesday will sell a string of masterpieces including a Matisse called “Bouquet pour le 14 juillet 1919,” estimated at 18 to 25 million dollars. A comparable painting named “Les coucous, tapis bleu et rose,” sold for $45.2 million in Paris in 2009, setting a Matisse record. During contemporary art week, Christie’s is selling a remarkable collection from the late thriller writer Michael Crichton, author of “Jurassic Park.” The author’s collection also includes an astonishing range of contemporary art, including “Flag,” by Jasper Johns, as well as paintings from David Hockney, Jeff Koons, Roy Lichtenstein and Andy Warhol. Sotheby’s will be offering a huge self-portrait of Andy Warhol at an estimated price of $10 to 15 million and a red canvas from Mark Rothko for $18 to 25 million . “Three years ago (the Rothko) would have been proposed at between $30 and $40 millions,” said Tobias Meyer, head of contemporary art at Sotheby’s. The record for a Rothko was set in New York in 2007 at $72 million. Source: LatestNews-Home - Livemint.com | 2 May 2010 | 2:21 am Maharashtra loses over Rs20 crore in deal with Satyam ComputersThe Maharashtra Airport Development Company Limited allotted 100 acre land to Satyam at a lower rate of Rs18 lakh per acre against applicable rate of Rs24.28 lakh considering it as an 'early bird' offer.Source: Daily News & Analysis: Money News | 2 May 2010 | 2:16 am Ashar Group's Thane IT Park bags Intelenet, 7 other BPO companiesWith a built-up area of one million sq ft and valuation of Rs600 crore, this IT Park is poised to generate employment for about 12,000 people in and around Thane.Source: Daily News & Analysis: Money News | 2 May 2010 | 2:13 am HIGHLIGHTS-Greek PM says reached deal with EU, IMF - Reuters
Source: Business - Google News | 2 May 2010 | 1:53 am 64 US banks collapse in just 4 monthsThe count of American bank failures are climbing by the day, with a staggering 64 entities closing down in 2010. Out of the total collapses, as many as 23 banks were shut down by the authorities in April, the highest for any month this year.Source: HindustanTimes.com - Top Business News Headlines | 2 May 2010 | 1:52 am PNB opens 5th branch in UKPunjab National Bank (International) Ltd, a UK-based wholly owned subsidiary of India's public sector bank Punjab National Bank has opened its fifth branch in the UK at Ilford, east London and plans to add two more this year.Source: HindustanTimes.com - Top Business News Headlines | 2 May 2010 | 1:40 am Greece seals austerity deal with EU, IMFPrime minister George Papandreou is due to hold a cabinet meeting later on Sunday morning to announce the deal.Source: Daily News & Analysis: Money News | 2 May 2010 | 1:20 am GDP to grow by 7.5-8.5% in 2010-11: CII surveyNew Delhi: Indians companies expects the economy to grow by 7.5 to 8.5% during the current fiscal fuelled mainly by rising capital investment and expanding exports, a CII survey has said. “Majority (of respondents) expects economic growth to be in the 7.5-8.5% range,” said the CII Business Outlook Survey based on response from 458 companies. The economy, according to RBI, is estimated to grow by 8% in the current fiscal, up from 7.2% in 2008-09. However, the government and Planning Commission expect 8.5% GDP growth in 2010-11. The industry optimism was also expressed in the Business Confidence Index that rose to 67.6 points for April-September 2010-11, compared to 66.1 points during the second half of 2009-10, according to the survey. “The improvement in the index reflects better prospects for the economy in the coming six months,” CII director General Chandrajit Banerjee said. It said that India’s exports, which have been badly affected due to fall in demand in developed countries, would expand during April’10-September’11. “Reflecting upon the prospects for exports, 66% of the respondents revealed confidence that exports will expand during the first half of 2010-11,” it said. Over 70% of those surveyed plans to increase investments in the next six months. The survey also said that about 90% of the respondents expect inflation to be above 5% during the current financial year. “With headline inflation nearing double digits, inflation is arising as one of the top concerns for the business community,” it said. The RBI has estimated inflation at 5.5% in the 2010-11 fiscal. Regarding employment, about 70% of the respondents expect it to increase during the next six months. Source: Home - Livemint.com | 2 May 2010 | 1:19 am Air India wants to cancel 777 order, Boeing offers single-aisle planesNegotiations between the two companies have been continuing for quite some time over the issue but no final decision has been reached yet.Source: Daily News & Analysis: Money News | 2 May 2010 | 1:08 am LyondellBasell emerges from bankruptcy protectionNew York: Dutch Petrochemicals major LyondellBasell, which turned down a takeover offer from Reliance Industries recently, has emerged from bankruptcy protection after a 16-month period. “This marks a new beginning for LyondellBasell. We emerge from bankruptcy as a stronger, leaner, more competitive company, with an improved balance sheet and liquidity, intent on making LyondellBasell the industry leader,” LyondellBasell CEO Jim Gallogly said in a statement on Friday. The Netherlands-based LyondellBasell’s European finance division and American operations had filed for bankruptcy protection on 6 January, 2009, due to weak sales and high debt. The company’s plan of reorganisation was confirmed last week by the United States Bankruptcy Court for the Southern District of New York with the approval of an overwhelming majority of the voting creditor classes. LyondellBasell has a significantly improved financial position at emergence, with around $5.2 billion of net consolidated debt and about $3 billion of liquid assets. As part of the company’s plan to exit Chapter 11 protection, LyondellBasell has raised $3.25 billion of debt as well as $2.8 billion through a rights offering. LyondellBasell issued around $564 million shares as a part of the company’s reorganisation plan. Apart from raising money, the stock issuance allowed it to exchange its debt for equity in the company. In addition, the petrochemical firm is aiming to list on the New York Stock Exchange by the third quarter of this year. The restructuring plan created a new parent holding company, LyondellBasell Industries, incorporated in the Netherlands. LyondellBasell was formed in December 2007 with the acquisition of Lyondell Chemical Company by Basell Polyolefins. The deal created the world’s third largest independent chemical company, with sales of $30.8 billion in 2009. In March, LyondellBasell rejected a $14.5-billion takeover offer from Reliance Industries, preferring its own restructuring plan to emerge from bankruptcy. Source: Home - Livemint.com | 2 May 2010 | 12:59 am LyondellBasell emerges from bankruptcy protectionNew York: Dutch Petrochemicals major LyondellBasell, which turned down a takeover offer from Reliance Industries recently, has emerged from bankruptcy protection after a 16-month period. “This marks a new beginning for LyondellBasell. We emerge from bankruptcy as a stronger, leaner, more competitive company, with an improved balance sheet and liquidity, intent on making LyondellBasell the industry leader,” LyondellBasell CEO Jim Gallogly said in a statement on Friday. The Netherlands-based LyondellBasell’s European finance division and American operations had filed for bankruptcy protection on 6 January, 2009, due to weak sales and high debt. The company’s plan of reorganisation was confirmed last week by the United States Bankruptcy Court for the Southern District of New York with the approval of an overwhelming majority of the voting creditor classes. LyondellBasell has a significantly improved financial position at emergence, with around $5.2 billion of net consolidated debt and about $3 billion of liquid assets. As part of the company’s plan to exit Chapter 11 protection, LyondellBasell has raised $3.25 billion of debt as well as $2.8 billion through a rights offering. LyondellBasell issued around $564 million shares as a part of the company’s reorganisation plan. Apart from raising money, the stock issuance allowed it to exchange its debt for equity in the company. In addition, the petrochemical firm is aiming to list on the New York Stock Exchange by the third quarter of this year. The restructuring plan created a new parent holding company, LyondellBasell Industries, incorporated in the Netherlands. LyondellBasell was formed in December 2007 with the acquisition of Lyondell Chemical Company by Basell Polyolefins. The deal created the world’s third largest independent chemical company, with sales of $30.8 billion in 2009. In March, LyondellBasell rejected a $14.5-billion takeover offer from Reliance Industries, preferring its own restructuring plan to emerge from bankruptcy. Source: World Business - Livemint.com | 2 May 2010 | 12:59 am China dusts off plan for super regulator - reportBEIJING (Reuters) - China is reviving a plan to set up a super regulator to streamline the government's oversight of the financial sector and reduce infighting that has hampered the existing watchdogs, local media reported on Sunday.Source: Reuters: Money News | 2 May 2010 | 12:56 am GLOBAL ECONOMY WEEKAHEAD - What more could a central banker want?WASHINGTON (Reuters) - The U.S. economy is strengthening, businesses are spending, and companies are starting to hire again.Source: Reuters: Money News | 2 May 2010 | 12:54 am Andhra Bank to open 10 branches in Mumbai zone this fiscalAndhra Bank registered a growth of 60.15% overall in its net profit at Rs1,046 crore in FY 10 as compared to Rs653 crore in FY 09.Source: Daily News & Analysis: Money News | 2 May 2010 | 12:53 am Max Bupa Health Ins to infuse Rs550 crore in next five-yearsMumbai: Max Bupa Health Insurance, a new entrant in health insurance sector in the country, plans to infuse around Rs550 crore in the next five years, a top company official said. “Our current paid-up capital is Rs151 crore and we plan to take it up to Rs700 crore over a period of five years,” Max Bupa Health chief executive, Damien Marmion, told PTI. The company has also chalked-out a plan to increase its presence in the country during the year. “Currently, our headcount is 400 and we will take it up to 600 by the end-this year. We will also increase our agent strength to 3,000 from the present 500 during the fiscal,” Marmion said. The third stand-alone health insurance company is a joint venture between health-care major, Max, and British health insurer, Bupa. The other two stand-alone health insurance companies in India are Star Health and Allied Insurance and Apollo Munich Health Insurance. “For us, our Unique Selling Proposition (USP) will be our products which will focus more on family and our services,” he said. Instead of appointing a third-party administrator, the company would service its customers’ claims directly, he said. Source: LatestNews-Home - Livemint.com | 2 May 2010 | 12:43 am Business confidence up, India Inc pegs growth over 7 per centBusiness confidence in India has improved and a majority of companies across the country expect the economic growth to be more than 7 per cent, reveals a survey by the Confederation of Indian Industry (CII).Source: HindustanTimes.com - Top Business News Headlines | 2 May 2010 | 12:39 am Maha loses over Rs 20 crore in deal with Satyam ComputersThe Comptroller of Auditor General of India has rapped Maharashtra Government for giving "undue benefit of over Rs 20 crore" to controversial Satyam Computer Services Limited by selling land at lower rates in Multimodal International Hub Airport project at Nagpur.Source: HindustanTimes.com - Top Business News Headlines | 2 May 2010 | 12:36 am Business confidence up, India Inc pegs growth over 7 per cent - Economic Times
Source: Business - Google News | 2 May 2010 | 12:36 am Hiranandanis to foray into power business with Rs10K cr plantNew Delhi: Mumbai-based real estate player Hiranandani Group plans to set up a 2,500-MW plant near Pune at an investment of more than Rs10,000 crore, marking its foray into the power sector. “This is an area we have been trying to enter into. We have floated a new company ...,” Hiranandani Constructions’ managing director Niranjan Hiranandani told PTI. Hiranandani said that the new unit, Hindustan Electricity Generation Company (HEGC), aims to have 2,500 MW generation capacity which would be built within the next four years. “The total investment in the plant will be in excess of Rs10,000 crore,” Hiranandani said, adding that the project will be funded through debt and equity at a 3:1 ratio. HEGC may also look at raising funds through private placement of shares as well, he said. “However, we are yet to come out with a real picture of the fund requirement. We have given the job to a consultancy firm, which will help us to get the clearer picture of the envisaged project. The amount we would be required to raise through private equity and all other nitty-gritty would become clearer when we get their report,” he said. Around 15% of the power generated from the plant would be reserved for captive use and the remaining would sold to the national grid, Hiranandani said. “We have got land and environmental clearances. The EPC bids will be launched soon. Work on the project is likely to start in September this year and the first turbine with 1,000 MW capacity will go on stream in over three years from now,” he said. Source: LatestNews-Home - Livemint.com | 2 May 2010 | 12:36 am Indian ADRs gain $1.3 bn in AprilIndian stocks trading on American bourses gained $1.3 billion last month, with private sector lender HDFC Bank accounting for most of the gains with the 16 Indian entities listed on the New York Stock Exchange and Nasdaq adding $1.3 billion to their net market capitalisation.Source: HindustanTimes.com - Top Business News Headlines | 2 May 2010 | 12:30 am AI wants to cancel Boeing 777 orderMumbai: US aircraft manufacturer Boeing is understood to have offered Air India 10 single-aisle planes in lieu of three long-haul Boeing 777s, an order which the national carrier wants to cancel. Negotiations between the two companies have been continuing for quite some time over the issue but no final decision has been reached yet, airline sources said. “Air India wants to cancel the delivery of three Boeing 777-300 Extended Range aircraft. But Boeing made an offer saying it was ready to deliver ten 737-800-aircraft in place of these three planes with a staggered delivery schedule,” they said, adding hard negotiations are going on as a host of issues are involved. “Differences over pricing remains an irritant in striking the deal as Air India wants these aircraft to be supplied at the prices that prevailed when the orders were placed. “But the the Boeing thinks otherwise,” the sources said. In 2005, Air India had placed orders for 68 aircraft with Boeing which included 18 B 737-800 planes, 27 Dreamliners (B787-800) and another 23 B-777 aircraft. Of the 23 Boeing 777s, 15 are B 777-300 ER planes and eight Boeing 777-200-LR aircraft. Air India has already taken delivery of 18 B 737-800s and 8 B 777-200 LRs. Of the 15 B 777-300 ER aircraft, it has received 10 planes while five more are to be delivered to it over a period of next 15 months. Apart from the price negotiations, there are some regulatory issues involved which have to be thrashed out before concluding the discussions and finalising the deal, the sources said. Any aircraft purchase has to be cleared by the Price Negotiation Committee and Air India would have to go back to it if it agrees to Boeing’s proposal of replacing the delivery of one type of aircraft with another type, they said. The overall aircraft deals with Boeing and Airbus were also cleared by the Public Investment Board of the finance ministry. Following the downturn in aviation sector the world over, airlines including Air India have been posting huge financial losses, leading the carriers to defer or cancel their aircraft orders from global manufacturers. Air India too had planned to cancel orders for three B-777 aircraft, besides returning most of its leased planes to tide over the cash-crunch. It is estimated that Air India will have to make payment of Rs22,000 crore for aircraft deliveries this year as against Rs12,000 crore last year. Source: Home - Livemint.com | 2 May 2010 | 12:27 am State-owned companies to employ 31,000 more people in 2010-11Public sector units, which saw a reduction in their head count in 2008-09 due to voluntary retirement schemes, have started hiring again and may return to the 2007-08 level of 15.66 lakh employees this fiscal, a senior official said.Source: HindustanTimes.com - Top Business News Headlines | 2 May 2010 | 12:21 am Indian ADRs gain $1.3 bn in AprilNew York: Indian stocks trading on American bourses gained $1.3 billion last month, with private sector lender HDFC Bank accounting for most of the gains. For the month ended 30 April, 2010, the 16 Indian entities listed on the New York Stock Exchange and Nasdaq added $1.3 billion to their net market capitalisation. HDFC Bank leads the pack among the gainers with its valuation jumping by $1.47 billion to a total of $22.63 billion. Auto maker Tata Motors held the second spot with its market capitalisation surging by $877 million to $9.18 billion. Tata Motors is followed by IT bellwether Infosys Technologies which saw its valuation rising by $645 million to $34.23 billion. Out of the 16 companies trading as American Depository Receipts (ADRs), nine of them, including IT icon Wipro and copper producer Sterlite Industries, have witnessed an erosion in their respective market capitalisation. ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm. During the month, Wipro has emerged as the biggest loser. The company’s valuation plunged by $1.24 billion to $32.96 billion. In addition, Sterlite Industries shed $395 million of market capitalisation to settle at $15.24 billion. Meanwhile, valuations of IT firm Mahindra Satyam (earlier known as Satyam Computer Services) rose by $68 million, followed by BPO company WNS Holdings ($66 million), Genpact ($24 million)and internet firm Reddif.com ($10 million). Among other losers are internet company Sify Technologies, BPO company EXLService Holdings, private sector lender ICICI Bank, pharma major Dr Reddy’s Laboratories and telecom majors Mahanagar Telephone Nigam and Tata Communications, whose valuations slipped in the range of $1 million to $99 million. The US markets ended in negative territory on Friday, with Dow Jones Industrial Average closing down 1.42% at 11,008.61 and the S&P 500 falling 1.67% to 1,186.68. Besides, tech heavy Nasdaq was down 2.02% at 2,461.19. Source: Home - Livemint.com | 2 May 2010 | 12:17 am Rays of recovery - Hyundai Motor April sales up 28pct - SteelGuru
Source: Business - Google News | 2 May 2010 | 12:09 am Coal India under CCI scanner for mining explosivesNew Delhi: State-run Coal India has come under the scanner of competition watchdog CCI for tying up supply of mining explosives from a particular company without inviting bids, but the PSU denies doing anything anti-competitive. On a complaint by the Explosives Manufacturers Association of India (EMAI) that CIL was procuring 20-22% of its requirement from a single explosives manufacturer without inviting bids, which is killing competition in the market, the Competition Commission of India (CCI) has asked its director-general to investigate the allegations. CIL, which accounts for around 85% of the coal produced in the country, needs explosives to remove the soil layer covering coal deposits in mines. “The association (EMAI) had complained that CIL has not given other suppliers a fair chance to compete through bids. We have also found that prima facie the agreement between Coal India and the other company (is) anti-competitive and therefore, it is a case fit for investigation by the commission,” a CCI official told PTI. However, CIL refuted the allegations and expressed confidence that the commission would consider the matter carefully. “The allegations are misleading. We have tied up a certain portion of supply with a PSU simply for supply security, as explosives are very sensitive and that is nothing anti-competitive. We are sure the CCI will give us a chance to explain our part and understand our concern,” a senior CIL official said on condition of anonymity, as the matter is under investigation. Gulf Oil, Indian Oil and Indian Explosives are some of the main suppliers of mining explosives to CIL. The CCI, which became fully functional in July last year, is the country’s anti-competition and anti-trust body, formed under an act of Parliament. The complaint by EMAI was admitted under sections 3 and 4 of the Competition Act, 2002, which refer to anti-competitive agreements and abuse of dominance, respectively. Source: Home - Livemint.com | 2 May 2010 | 12:08 am PSUs to employ 31,000 more people in 2010-11New Delhi: Public sector units, which saw a reduction in their head count in 2008-09 due to voluntary retirement schemes, have started hiring again and may return to the 2007-08 level of 15.66 lakh employees this fiscal, a senior official said. “In the current year, the PSUs may provide gainful employment,” department of public sector enterprises secretary Bhaskar Chatterjee told PTI. These companies are expected to create fresh employment for 31,000 people in the current fiscal. He said the Voluntary Retirement Scheme (VRS) and attrition were the main reasons for the head count going down in 2008-09. “We didn’t issue any pink slips in 2009-10. We didn’t let (go of) people as the private sector did,” in the wake of global meltdown, he said. The employee strength in 246 state-owned companies declined to 15.35 lakh people in 2008-09 from 15.66 lakh in 2007-08, mainly due to the VRS. Since the introduction of the VRS, between October, 1988, and March 2009, about 6.1 lakh CPSE employees have opted for it, as per the Public Enterprises Survey 2008-09. “In the current fiscal, it could come to the earlier level (of 2007-08),” the secretary said. Despite the economic slowdown, the PSUs had shown a profit growth of about 8% in 2008-09. While the figures for 2009-10 have not been released, they are expected to have performed well. Their profit was estimated to be 11% of turnover in the last fiscal, which may go up to 13% in 2010-11, Chatterjee said. Source: Home - Livemint.com | 2 May 2010 | 12:02 am Washington Times considering saleThe daily newspaper, started in 1982 by Unification Church founder the Rev Sun Myung Moon, is in discussions with a number of parties interested in either buying the paper or becoming a partner with it.Source: Daily News & Analysis: Money News | 2 May 2010 | 12:00 am Reliance Capital full-year net falls 57%Reliance Capital reported a 57 per cent dip in its consolidated net profit for the year ended March 31, 2010. The profit fell to Rs 434.5 crore from Rs 1,015.7 crore for the year ended March 31,Source: Business Line - Home Page | 2 May 2010 | 12:00 am SBI group bucks trend; real estate loans up 56%The State Bank of India group's advances to commercial real estate sector jumped 56 per cent from April 2009 to December 2009 even as the overall exposure of the banking sector in the same period increased only marginally by one perSource: Business Line - Home Page | 2 May 2010 | 12:00 am Auto sector off to a flying start in new fiscalThe new fiscal has started on a positive note for the automobile sector despite concerns on the increase in excise duty and higher raw materialSource: Business Line - Home Page | 2 May 2010 | 12:00 am IOC-Oil India bid to buy Gulfsands ‘open till May 4'Indian Oil Corporation Ltd (IOC) has said that its joint bid offer with Oil India Ltd to acquire London-based Gulfsands Petroleum PLC is open till MaySource: Business Line - Home Page | 2 May 2010 | 12:00 am Massive drop in bank lending to real estate sectorBank credit to the real estate sector has practically ground to a halt even as the industry launched a slew of new projects in the last six months.Source: Business Line - Home Page | 2 May 2010 | 12:00 am Carbon credits to subsidise lamp cost CFLs to switch off incandescent bulbs nation-wideThe country-wide roll-out of the ambitious compact fluorescent lamp (CFL) replacement scheme is set to pick up pace, with the proposal getting registered under the Clean Development Mechanism of the Kyoto Protocol as the world's largest carbonSource: Business Line - Home Page | 2 May 2010 | 12:00 am Weekly News Round upPetrol is likely to be out of the ambit of price control in a fortnight, according to top sources in the oil sector. In the case of diesel, the Centre could free it in phases given its potential to stoke inflation, they add. The projected losses onSource: Business Line - Home Page | 2 May 2010 | 12:00 am Finmin advisors for reforms in tax structure for servicesA working paper authored by Finance Ministry Senior Economic Advisor H A C Prasad and Additional Economic Advisor R Sathish asked for rationalising the tax structure in the shipping industry, which pays 12 direct and indirect taxes currently.Source: HindustanTimes.com - Top Business News Headlines | 1 May 2010 | 11:54 pm ArcelorMittal exploring tie-up with SAILNew Delhi: Unperturbed by its rival Posco’s steel joint venture with state-run Sail, world’s number one steel maker ArcelorMittalon Sunday said it too was in talks with the public sector company but only that it was not in a race. “We will continue to look at various opportunities in India or anywhere. We are also in dialogue with SAIL ...We are not in the race. We are here to establish a sustainable system. We can create values for our company and for SAIL and ultimately we can create value for the country,” ArcelorMittal chairman and CEO L N Mittal told PTI. It happens so that both Posco and ArcelorMittal announced their intent to set up large steel projects in India way back in 2005, but things have hardly moved on the ground largely owing to land acquisition troubles. Asked if the global steel behemoth is discussing a mining joint venture or some other engagements with the country’s largest steel maker, Mittal said, “I don’t like to comment on the specifics of an ongoing dialogue. When you are in the dialogue you discuss so many things and I do not want to zero own to one idea.” Faced with inordinate delays in launching its ambitious Rs one lakh crore steel projects in Jharkhand and Orissa, ArcelorMittal had started looking at new opportunities in states like Maharashtra, besides tying up with domestic firm Uttam Galva. The company is also reportedly in talks with Bhushan Power and Steel among other local steel makers. However, Mittal said, “I do not make comments on any dialogue with any company.” South Korean steel maker Posco had entered into a technical pact with Sail in 2007 and was also working on opportunities to jointly set up Rs12,000-crore steel plants with the Indian company for last one year. Steel minister Virbhadra Singh had earlier this year said that Sail is open to joining hands with a global steel firm to set up a steel project to meet the country’s rising steel demand. Japan’s Kobe steel was also keen to join hands with Sail. A JV with Sail may give the firms easy access to vast tracts of land available with the Indian firm especially in Jharkhand. Problems in land acquisition and associated tribal protests have been holding back the big ticket investments in India--like that of Posco and ArcelorMittal. India’s per capita steel consumption hovers at around Rs46 kg as against the global average of 198 kg. Sail with an annual production capacity of 14 million tonnes at present is in process of enhancing its capabilities to produce 60 million tonnes by 2020. Source: Home - Livemint.com | 1 May 2010 | 11:49 pm SEBI brings parity between small & large investors in IPO bidsA new directive from the market regulator SEBI is coming to effect from tomorrow as per which institutional investors will have to pay upfront 100 per cent money in primary issues, just like the retail investors.Source: HindustanTimes.com - Top Business News Headlines | 1 May 2010 | 11:48 pm What makes car companies relaunch popular brands? - Economic Times
Source: Business - Google News | 1 May 2010 | 11:45 pm India's GDP to grow by 7.5-8.5 pc in 2010-11: CII surveyIndia Inc expects the economy to grow by 7.5 to 8.5 per cent during the current fiscal fuelled mainly by rising capital investment and expanding exports, a CII survey has said.Source: HindustanTimes.com - Top Business News Headlines | 1 May 2010 | 11:32 pm Coffee exports jump 42 pc in Jan-Apr 2010Coffee exports from India, Asia's third biggest producer, rose by 42 per cent to 1,00,574 tonnes in the first four months of 2010 on strong global demand and domestic supplies, according to the Coffee Board of India.Source: HindustanTimes.com - Top Business News Headlines | 1 May 2010 | 11:21 pm Coffee exports jump 42% in Jan-Apr 2010Coffee exports from India, Asia's third biggest producer, rose by 42% to 1,00,574 tonnes in the first four months of 2010 on strong global demand and domestic supplies, according to the Coffee Board of India.Source: India Business News | Business News - Times of India | 1 May 2010 | 11:05 pm TranSmart India to set-up 10 more warehouses this year"We have top-end warehouses in six locations. Our aim is to take the total number to 37 by the end of the third year," TranSmart India Pvt Ltd and SCA group of companies chairman, Tushar Jani said.Source: Daily News & Analysis: Money News | 1 May 2010 | 10:13 pm Warren Buffett to visit India, won't rule out investmentSpeaking at Berkshire's annual meeting, Buffett said he had decided only on Friday to make the trip, saying the company's Iscar Metalworking Cos unit 'is doing very well there.'Source: Daily News & Analysis: Money News | 1 May 2010 | 9:16 pm Warren Buffett to visit India, won't rule out investmentOMAHA, Neb. (Reuters) - Warren Buffett said on Saturday he plans to visit India next March, and would not rule out the country for possible future investments.Source: Reuters: Money News | 1 May 2010 | 8:40 pm Govt revenue from 3G auction crosses Rs 40000 cr - Moneycontrol.com
Source: Business - Google News | 1 May 2010 | 8:20 pm Car sales maintain momentum in AprilCar sales maintained their momentum in the new fiscal as demand remained robust in April on the back of economic growth and attractive lending rates.Source: India Business News | Business News - Times of India | 1 May 2010 | 4:00 pm Essar Energy's London IPO raises £1.27 bn - Indian Express
Source: Business - Google News | 1 May 2010 | 3:31 pm Belgian town grateful to Indian benefactor, L N MittalIn China, say you are Indian and the response is usually a rapturous rendering of Bollywood songs. In the United States the same statement elicits talk of IT and software. But in Belgium, the word India is most often coupled with steel and one name: Mittal.Source: Business Standard | Front Page Headlines | 1 May 2010 | 1:16 pm Pfizer, Wyeth sue Ranbaxy over drugPfizer, the world's largest drug company, and Wyeth have sued Daiichi Sankyo-owned Ranbaxy Laboratories in a US court for infringing the patent rights of Wyeth's drug, Rapamune.Source: Business Standard | Front Page Headlines | 1 May 2010 | 1:14 pm Green tribunal in two months likelyThe government is expected to set up the National Green Tribunal, the first judicial body to deal exclusively with environmental laws, over the next two months or so. The Chief Justice of India will help select its chairman. Lok Sabha passed the National Green Tribunal Bill on Friday. It is expected to be approved by Rajya Sabha on Monday.Source: Business Standard | Front Page Headlines | 1 May 2010 | 1:13 pm Cars, trucks and bikes kick off 2010-11 in styleThe rise in steel prices, the projected surge in crude oil prices and the firming up of interest rates nothing it seems can deter the Indian car buyer. Car companies today reported double-digit increases in sales in April 2010 over April 2009. Market leader Maruti Suzuki said domestic sales were up 23.4 per cent, while Hyundai Motors, the second largest car maker in the country, reported a 28.1 per cent increase in sales.Source: Business Standard | Front Page Headlines | 1 May 2010 | 1:11 pm Satluj Jal Vidyut Nigam — IPO: Invest at cut-off - Hindu Business Line
Source: Business - Google News | 1 May 2010 | 1:02 pm Crew not responsible for Air India Mumbai-Toronto flight delay: AICCAA section of media had reported that the inordinate delay was due to its seven-member crew going out for sight-seeing in Cairo instead of reporting for duty on time.Source: Daily News & Analysis: Money News | 1 May 2010 | 12:42 pm New 5 Series from BMW - The Hindu
Source: Business - Google News | 1 May 2010 | 10:18 am TVS Motor logs 28% sales growthTwo wheeler maker TVS Motor Co started the 2010-11 fiscal on a positive note logging 28% sales growth in April.Source: India Business News | Business News - Times of India | 1 May 2010 | 7:39 am Azim Premji is India`s Bill Gates: Forbes!Much like Bill Gates, Premji also plans to give away most of his money during his lifetime.Source: Zee News : Business | 1 May 2010 | 6:30 am Paper firms hike prices on rising input costsPaper makers Ballarpur Industries and West Coast Paper have raised product prices by Rs 2,500 to 3,000 (USD 56.5 USD 67.8) a tonne as cost of pulp, a key raw material, rises globallySource: Moneycontrol Top Headlines | 1 May 2010 | 6:22 am April bonanza: TVS Motor sales rise 28%, Maruti up 30% YoYTVS Motor Co, India\'s third largest two wheeler maker, said on Saturday that total two wheeler sales in April rose 28% to 144,689 units from 113,119 unitsSource: Moneycontrol Top Headlines | 1 May 2010 | 5:28 am Obama calls for limits on corporate campaign moneyWashington: Warning of a potential “corporate takeover of our elections,” President Barack Obama increased pressure on Congress on Saturday to pass reforms to limit companies’ ability to influence political campaigns. Obama’s remarks, made in his weekly radio and Internet address, came after Democratic lawmakers introduced legislation on Thursday to blunt the impact of a January US Supreme Court ruling that allows corporations, unions and other groups to spend unlimited funds on political campaigns. Obama, who vehemently opposed the Supreme Court ruling and drew criticism for lambasting it in the presence of the court justices at his State of the Union address earlier this year, endorsed the new Democratic legislation and used strong language to encourage lawmakers to turn it into law. “What we are facing is no less than a potential corporate takeover of our elections. And what is at stake is no less than the integrity of our democracy,” he said. The measures would require corporate, union and advocacy group leaders to disclose their names in TV ads. It would ban election spending by government contractors, companies with more than 20% foreign ownership and bank bailout recipients. “Under the bill Congress will consider, we’ll make sure that foreign corporations and foreign nationals are restricted from spending money to influence American elections, just as they were in the past — even through US subsidiaries,” Obama said in the address. In its January decision, the court ruled 5-4 that long-standing campaign finance limits violated the free speech rights of corporations. Flood of Money The court ruling is expected to unleash a flood of money from the traditionally pro-Republican business community to campaigns designed to favour or oppose candidates in this year’s congressional elections and the 2012 presidential contest. “This decision gives corporations and other special interests the power to spend unlimited amounts of money -- literally millions of dollars -- to affect elections throughout our country,” Obama said of the ruling. “This, in turn, will multiply their influence over decision-making in our government.” Senate Republican leader Mitch McConnell has criticized the bill as an effort to defy the court and disregard the protections for free speech. Obama said organizations had the right to express their opinions but the rules were necessary for transparency. “Now, of course every organization has every right in this country to make their voices heard,” he said. “But the American people also have the right to know when some group like ‘Citizens for a Better Future’ is actually funded entirely by ‘Corporations for Weaker Oversight’.” Obama has accused lobbyists for banks, insurance companies and other corporate entities of fighting to block or weaken key legislative priorities including healthcare reform and measures to overhaul the rules that govern the financial industry. Source: LatestNews-Home - Livemint.com | 1 May 2010 | 5:24 am Diplomat spy sent to 14-day judicial custodyNew Delhi: Diplomat Madhuri Gupta, accused of passing classified information to Pakistani intelligence agencies, was on Saturday produced before a Delhi court which sent her to 14 days judicial custody. Gupta, who was posted as IFS- Group B officer in the Indian High Commission in Pakistan, was arrested on 23 April for allegedly violating The Official Secrets Act. The woman officer was produced before the chief metropolitan magistrate Kaveri Baweja after the end of her police custody.  Madhuri Gupta comes out after her hearing in a court in New Delhi on Saturday. AFP Photo During the chamber hearing, Delhi Police Special Cell sought two days further custodial interrogation of the accused which was, however, refused by the court. “Madhuri Gupta is sent to judicial custody till 15 May,” Yogender Dahiya, counsel for Gupta, told reporters outside the Tees Hazari court here. 53-year-old Gupta was arrested after being called back from Islamabad where she was posted as second secretary in the press and information wing. The official came under the scanner after she showed “extra-ordinary” interest in areas beyond her role in the information wing of the mission. Central security agencies then involved senior MEA officials by briefing them about her activities in Pakistan which included supplying of sensitive and classified documents related to Indian activities in that country and Afghanistan. Gupta was working in the mission for nearly three years. She was well versed in Urdu and her services were utilized for translation and interpretation. Earlier, she was posted in the Indian mission in Kuala Lumpur and worked with ‘India Perspective’, a magazine of the external publicity wing of MEA. Gupta told the court that she was “innocent and was being framed”. The diplomat’s counsel said that police had sought two days custody of Gupta for confronting her with the evidence and material collected from Pakistan. The court, however, turned down the request. When reaction was sought from Gupta’s counsel about newspaper reports that she fell into a “honey trap” in Pakistan, the advocate said, “She told me that nothing like that has happened. I don’t know on what basis the police is saying this.” “Let the police come with the evidence against her. Only then one can say whether it is right or wrong,” Dahiya told mediapersons. On being asked about the evidence police placed before the court, Gupta’s counsel said, “They don’t talk much about what evidence they have got against her because they were seeking remand only on the ground that they want to confront her with the records.” “But they have not shown much records before the court as to what evidence they have collected against her so far. It is only the police that can comment about it whether there are sufficient evidence against her,” Dahiya added. Source: LatestNews-Home - Livemint.com | 1 May 2010 | 5:04 am Tech Mahindra Q4 net down 1.3% on interest costsIndian IT services firm Tech Mahindra Ltd on Friday reported a 1.3% fall in quarterly profit, weighed down by interest costs on borrowings to fund its acquisition of Satyam Computer Services.Source: Moneycontrol Top Headlines | 1 May 2010 | 3:19 am The Forbes India aquasail regattaA sailing regatta is the perfect way to introduce people to the amazing sport of sailingSource: Moneycontrol Top Headlines | 1 May 2010 | 3:19 am
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