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LT, UK\'s Howden in JV for power plant gearIndian engineering and construction conglomerate Larsen Toubro said on Tuesday it has formed a joint venture with the UK\'s Howden to manufacture components for Indian thermal power plantsSource: Moneycontrol Top Headlines | 4 May 2010 | 7:58 am BP fights oil spill with welding torches, cashBP Plc sought to stem the damage from a giant oil slick in the Gulf of Mexico with technology, welding torches and money on Tuesday as crude kept spewing from an offshore oil well deep in the Gulf of Mexico that ruptured almost two weeks agoSource: Moneycontrol Top Headlines | 4 May 2010 | 7:57 am Govt shells out IT deals worth Rs 1220cr for power reformThe highvoltage APDRP has shelled out IT contracts worth about Rs 1220 crore, say sources to CNBCTV18.Source: Moneycontrol Top Headlines | 4 May 2010 | 7:00 am Rubber hits record high of Rs 170/kg, cos seeks reliefRubber prices have hit a fresh 20month high of Rs 170 per kg. Thought tyre makers are hiking prices to maintain margins, they are unable to pass on the entire cost.Source: Moneycontrol Top Headlines | 4 May 2010 | 6:55 am `Trade would stabilise Indo-China relationship`!Beijing`s increasing influence in immediate neighbourhood of India has made it a bit nervous, but bilateral trade between the two Asian giants would be the stabilising force in Indo-China relationship,US expert Kaplan said.Source: Zee News : Business | 4 May 2010 | 6:31 am Bombay HC to hear RILNTPC case on 26 JulyThe Bombay High Court will hear the high profile case between Reliance Industries Limited (RIL) and NTPC on 26 July. NTPC is locked in a legal battle with RIL to get gas at $2.34 per British thermal units.Source: Moneycontrol Top Headlines | 4 May 2010 | 6:15 am Moneycontrol.com now available also in Hindi!The wait for a complete financial portal in the language of millions of Indians is over.Source: Moneycontrol Top Headlines | 4 May 2010 | 5:23 am Ashok Leyland targets 15% volume growth in FY11Ashok Leyland expects volumes to grow by 15% in FY11, its CFO K Sridharan told CNBCTV18 in an exclusive interview.Source: Moneycontrol Top Headlines | 4 May 2010 | 5:13 am Aussie mining tax will be cash +ve for 35 yrs: Guj NREIn an exclusive interview with CNBCTV18, Arun Kumar Jagatramka, MD of Gujarat NRE Coke said the draft tax proposal will be finalised only after consultations with various stakeholders. He said if the proposal is approved, it will benefit those companies which are developing their mines or have invested in mines.Source: Moneycontrol Top Headlines | 4 May 2010 | 5:12 am NDTV, US\' Scripps to end stake sale dealIndian broadcaster New Delhi Television Ltd (NDTV) said on Tuesday it has decided to end a deal to sell a majority stake in its lifestyle unit to US media firm Scripps Networks Interactive Inc for USD 55 millionSource: Moneycontrol Top Headlines | 4 May 2010 | 5:08 am Glenmark unit in licensing pact with U.S. firmGlenmark Generics Ltd, a unit of Glenmark Pharmaceuticals Ltd, said on Tuesday it has signed a licensing agreement with U.S.based Par Pharmaceutical, a unit of Par Pharmaceutical Companies Inc, to market ezetimibe tablets.Source: Moneycontrol Top Headlines | 4 May 2010 | 4:38 am IRDA tightens norms on equity-linked plans - Economic Times
Source: Business - Google News | 4 May 2010 | 4:01 am Rubber hits record high of Rs 170/kg, cos seek relief - Moneycontrol.com
Source: Business - Google News | 4 May 2010 | 3:55 am To derive $150m in 3yrs from DKNY JV: S Kumars - Moneycontrol.com
Source: Business - Google News | 4 May 2010 | 3:50 am UBS predicts moderate withdrawals after strong Q1ZURICH (Reuters) - UBS boss Oswald Gruebel predicted moderate asset withdrawals in the short term as the Swiss bank's forecast-beating quarterly results gradually start to boost client confidence and wealth advisors' morale.Source: Reuters: Money News | 4 May 2010 | 3:44 am UBS posts $2.3 billion in Q1 profitsZurich: UBS boss Oswald Gruebel predicted moderate asset withdrawals in the short term as the Swiss bank’s forecast-beating quarterly results gradually start to boost client confidence and wealth advisors’ morale. Strong fixed-income revenues and higher wealth management margins helped UBS post a first-quarter net profit of 2.2 billion Swiss francs ($2 billion) on Tuesday. In a sign that Gruebel’s shakeout is bearing some fruit, the net came above a forecast for 2 billion even though UBS had pre-announced pre-tax profit and client outflows. Gruebel said net client withdrawals, which dropped to 18 billion francs in wealth and asset management from 56 billion francs last quarter and remain UBS’ biggest headache, are to stay “at relatively moderate levels in the near term”. The CEO, hired in February 2009 to turn around the world’s No.2 wealth manager, had previously said that the hefty bleeding of rich client money would last for “quarters” and had never quantified in such mild terms the entity of the expected loss. Chief financial officer John Cryan said he hoped the turnaround could materialise before the end of the year. “There is also a bit of a seachange in the perception of UBS,” he told a conference call. “Now that we are back at reporting some profit, clients tend to have more confidence in us, and there are definitely signs that this is the case.” UBS, badly hit in the subprime crisis, outpaced for the second quarter in a row Credit Suisse, which posted net profit of 2 billion francs and disappointed investors for not matching U.S. peers’ results. UBS shares, which had rallied in April after the bank pre-announced some of its results, rose 1% at the open, but gradually lost ground. UBS was down 2.8% at 0937 GMT while Europe’s Stoxx 600 banking index lost 2.6%. Gradual improvement Gruebel said UBS was on track to meet its medium-term goals of generating annual pre-tax profit of 15 billion francs and added that he expected a “gradual improvement in wealth management and asset management results”. Switzerland’s largest bank had to ask for government cash to survive the crisis and was also embroiled in a bitter US tax fraud investigation, prompting rich clients to pull out billions of francs at its key wealth management division. Persistent pressure by large neighbours like Germany and Italy on Switzerland’s already weakened bank secrecy laws is also straining UBS’s massive offshore wealth management business. “We do see a substantial improvement. But these flows are not entirely within our control,” Cryan said. Cryan said UBS was winning client assets in high-growth Asia among the super-rich and in some important domestic European markets. But its offshore business was still struggling. Wealth Management Americas, a unit which Gruebel hopes to revive thanks to the appointment last year of ex-Merril Lynch veteran Bob McCann, showed pre-tax profit retreating to near flat after an encouraging improvement in the fourth quarter. “The outlook on client flows is more upbeat than what they have been saying before. Previously they had talked about outflows continuing in the medium term,” said analyst Dirk Hoffmann-Becking at Sanford C. Bernstein. “But the continued decline in relationship managers does not reassure me.” Hundreds of client advisors have been leaving UBS in the past two years, taking clients with them. CFO Cryan said he hoped this trend could be reversed towards the end of 2010. UBS had already indicated that the investment banking performance was driven by a strong rebound at its fixed income, currency and commodities. The credit business, which Cryan said had been virtually non-existent, was especially strong, he said. The unit’s revenues of 2.2 billion francs were more than four times what the division had made in the previous quarter as the bank began to win back market share. The CFO said market conditions for the investment banking were continuing into the second quarter. He also said UBS had virtually no exposure to Greece and Portugal’s sovereign debt and only a small exposure to that of Spain. Source: Home - Livemint.com | 4 May 2010 | 3:42 am Top execs quit ICICI PE unit, to form new fundMUMBAI (Reuters) - Three top officials at the private equity arm of ICICI Bank, India's No. 2 lender, have resigned and aim to launch their own fund following the footsteps of former CEO a year ago.Source: Reuters: Money News | 4 May 2010 | 3:40 am BP shares hit seven-month low after oil spill - BBC News
Source: Business - Google News | 4 May 2010 | 3:38 am Nifty slips below 5200; Bharti, Sterlite, Hindalco tank - Moneycontrol.com
Source: Business - Google News | 4 May 2010 | 3:35 am Mukherjee: more tax relief for construction cosMUMBAI (Reuters) - The finance minister said on Tuesday more tax relief would be given to the construction sector.Source: Reuters: Money News | 4 May 2010 | 3:35 am The International Monetary Fund's dilemma: Help Greece, avoid villain labelPast IMF efforts in other regions, including Latin America and Asia, were often seen as heavy-handed and tone-deaf to the privations forced on ordinary citizens.Source: Daily News & Analysis: Money News | 4 May 2010 | 3:30 am Markets drop more than 1%; metals fallMumbai: Indian shares fell more than 1% on Tuesday afternoon, led by a decline in metals makers as base metal prices dropped. Weak European markets added to the negative sentiment. At 2:40pm, the 30-share BSE index was down 1.09% at 17,196.35 points, with 28 components declining. The 50-share NSE index was down 1% at 5,169.35. Markets were 0.3% higher earleir led by gains in financials, but trading was choppy in the absence of clear direction from Asian markets and as investors shifted their focus to less fancied mid-cap stocks. Export-driven outsourcers such as Tata Consultancy Services and Infosys Technologies nudged higher after a set of strong US economic data revived confidence about recovery in the world’s largest economy. By 10:45am, the 30-share BSE index was trading up 0.27% at 17,433.56, with 21 of its components gaining. The 50-share NSE index was up 0.3% at 5,239.80. “The action is less in frontline stocks. We are seeing more interest in mid-cap stocks,” said Deven Choksey, CEO of KR Choksey Shares. “Essentially, stock picking is the key.” The BSE Midcap index was trading 0.4% higher, outperforming the broader market. Choksey said a long-running legal battle between Mukesh Ambani-led Reliance Industries and Reliance Natural Resources controlled by estranged younger brother Anil was keeping investors wary. A verdict from India’s top court is expected before chief justice K.G. Balakrishnan - who is part of a three-member bench that heard the dispute over terms of a deal for RNRL to buy gas at below the price set by the government case - retires this month. “The hangover of the case is not letting the market go anywhere,” Choksey said. Reliance Industries, which has the highest weight on the Sensex, was trading 0.4% lower while Reliance Natural Resources rose 2.5%. Financials gained on promising long-term outlook in an advancing economy. Top lender State Bank of India was up 0.5% while rival ICICI Bank climbed 0.4%. Mortgage lender Housing Development Finance Corp was up 1.3%. Leading outsourcers, which derive a significant portion of their revenue from the United States, edged higher as signs of improvement in the economy pointed to likely improved order flow. The US government reported an unexpected rise in construction spending in March, and consumer spending edged up for a sixth-straight month. Sector leader Tata Consultancy rose 0.4% and Infosys gained 0.1%. In the broader market, gainers were nearly double the losers on volume of 113 million shares. Source: Home - Livemint.com | 4 May 2010 | 3:29 am Sovereign debt fears knock European stocks - Reuters
Source: Business - Google News | 4 May 2010 | 3:27 am BSE Sensex drops more than 1 pct; metals fallMUMBAI (Reuters) - The BSE Sensex fell more than 1 percent on Tuesday afternoon, led by a decline in metals makers as base metal prices dropped. Weak European markets added to the negative sentiment.Source: Reuters: Money News | 4 May 2010 | 3:16 am US arrests Pakistani-American over failed car bombNew York/Washington: A Pakistani-American man has been arrested for driving a failed car bomb into New York’s Times Square last Saturday as investigators continue to pursue leads, US authorities said on Tuesday. Faisal Shahzad, a naturalized US citizen born in Pakistan, was arrested at about 11:45 p.m. on Monday (0345 GMT on Tuesday) at John F. Kennedy International Airport in New York as he attempted to board a flight to Dubai, local and federal officials said. “The intent behind this terrorist act was to kill Americans,” US Attorney General Eric Holder told an early morning news conference. Faisal will appear in Manhattan federal court later on Tuesday to face charges “for allegedly driving a car bomb into Times Square on the evening of May 1,” according to a statement by US Attorney Preet Bharara, FBI agent George Venizelos and New York City Police Commissioner Raymond Kelly. Shahzad, 30, is believed to have bought the 1993 Nissan sport utility vehicle used to carry the crude bomb made of fuel and fireworks into Times Square as the theater and shopping area was packed with people on a warm Saturday evening. Had the bomb detonated, many people could have died, officials said. Authorities carried out a court-authorized search warrant at Shahzad’s home in Bridgeport, Connecticut, the FBI said on Tuesday in a predawn statement at the site. An FBI spokeswoman did not say what authorities had found. “This investigation is ongoing, as are our attempts to gather useful intelligence, and we continue to pursue a number of leads,” Holder said, adding that “it’s important that the American people remain vigilant.” For New Yorkers who bore the brunt of the 11 September attacks by Al Qaeda militants in 2001, the scare was a reminder that their city of 8 million people remained under constant threat. Law enforcement sources told Reuters that Saturday’s attempted attack may have involved more than one person and could have international ties. The New York Times said Shahzad had recently returned from a trip to Pakistan. ‘They want to attack’ The Taliban in Pakistan said on Sunday it planted the bomb to avenge the killing in April of al Qaeda’s two top leaders in Iraq as well as US interference in Muslim countries. Some officials voiced skepticism about the claim. But former CIA analyst Bruce Riedel, who last year oversaw an Obama administration strategy review on Afghanistan and Pakistan, cautioned against dismissing a possible role by the Taliban. “They have said they want to attack inside the United States,” he said before the arrest was announced, adding there was “a very serious possibility” the incident involved “some Pakistani-American who has never built a car bomb before in his life but who is being coached either by phone or Internet.” Pakistan is a key ally to the United States and other NATO countries fighting the Taliban in neighboring Afghanistan but is also seen as a training ground for Islamist militants. The failed bombing was the second significant plot in nine months targeting New York City. An Afghan immigrant, Najibullah Zazi, has pleaded guilty to plotting a suicide bombing campaign on Manhattan’s subway system last September. US authorities disrupted that plot before Zazi and his accused accomplices were able to carry it out. Another Afghan-born man has pleaded guilty for his role in the plot. “As we move forward, we will focus on not just holding those responsible for it (the failed bombing) accountable, but also on obtaining any intelligence about terrorist organizations overseas,” Holder said. ‘Incompetent attack’ Garry Hindle, head of security and counter-terrorism at Britain’s Royal United Services Institute think tank, said, “We’ve been saying for a long time that this type of incompetent attack is the trend. If it follows the pattern of previous incidents, we can expect to uncover an amount of prior overseas travel, instruction from trainers and a search for inspiration from radicalizers abroad.” The hunt for clues and suspects is being overseen by the Joint Terrorism Task Force, led by the US Justice Department, as investigators pore over surveillance camera footage, the Nissan Pathfinder and the bomb parts. Street vendors selling T-shirts and handbags alerted police on Saturday evening to the smoking and sparking vehicle that was parked with its engine running and hazard lights on near a Broadway theater where Disney’s “The Lion King” is performed. The Pathfinder, with a rear license plate taken from a car now in a repair shop in Connecticut, was rigged with propane gas cylinders, gasoline cans, fertilizer, fireworks and timing devices. New York Mayor Michael Bloomberg has described the failed car bombing as an “amateurish” job but authorities said the device could have created a deadly fireball had it detonated. Bloomberg early on Tuesday thanked law enforcement authorities, saying that their “focused and swift efforts led to this arrest after only 48 hours of around-the-clock investigation. I hope their impressive work serves as a lesson to anyone who would do us harm.” Shahzad’s arrest came at one of the New York airports where authorities had beefed up security in the wake of the failed attack, concerned that whoever was responsible for the incident would try to escape the country. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 3:14 am Rail motormen strike jams MumbaiMUMBAI (Reuters) - A strike over better pay by motormen of Mumbai's famed suburban trains threw city life out of gear on Tuesday, stranding thousands of office goers, college students and businessmen during morning rush hour.Source: Reuters: Money News | 4 May 2010 | 3:10 am Rupee extends drop on dollar gains; shares fall - Economic Times
Source: Business - Google News | 4 May 2010 | 3:08 am Apollo Tyres to hike price again in JuneNew Delhi: Apollo Tyres today said it will increase product prices by 3.5% in June, after it undertook a similar hike this month to offset rising cost of natural rubber. The company, which is facing a go-slow agitation at its Perambara plant in Kerala, said production has gone down by over 65% to 100 tonnes per day from 300 tonnes per day earlier at the unit. “From May 1 we have increased prices of tyres by 3.5% and going forward in June also there will be an increase of 3.5%,” Apollo Tyres vice chairman and managing director Neeraj Kanwar told reporters. He said prices are going up and it will gradually go up as there has been constant increase in the natural rubber prices. “We are increasing (prices) on both OEM (original equipment manufacturers) side and the retail side,” he added. The company’s passenger car tyre price ranges between Rs1,200 and Rs10,000 while those of commercial vehicles are tagged around Rs8,000 to Rs15,000 per unit. On the impact of the ongoing go-slow agitation by workers at its Perambara production plant in Kerala, Kanwar said: “The company used to produce 300 tonnes per day of tyres from the unit, which has come down to 100 tonnes per day.” He said the company is looking to settle the issue with workers this month. “We have a three year long term settlement with the workers and it is about to be renewed now but the workers resorted to go-slow agiation since mid-April. We are expecting to settle the issue within this month,” Kanwar said. The company has a total production of 1,600 tonnes per day, including 1,200 tonnes everyday from its three plants in India. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 3:08 am Samsung Life’s IPO draws huge response from investorsSeoul: South Korea’s biggest initial public offering has drawn a huge response from investors, with shares in top insurer Samsung Life more than 30 times oversubscribed, a brokerage said on Tuesday. Samsung Life Insurance is offering 44.44 million shares at 110,000 won ($99) with 20% for small domestic retail investors, 40% for foreigners and 20% each for local institutional investors and employees. As of 3 pm (0600 GMT), six securities firms offering the shares had accepted a subscription of 33 times the allotted amount for retail investors, said main underwriter Korea Investment and Securities. “Institutional investors think very highly of Samsung Life shares with the stock being traded at 130,000 won on the over-the-counter market,” Lim Seung-Ju of Kyobo Securities told Yonhap news agency. Samsung Life’s status as the country’s leading life insurer gives its shares premium value, he said. With annual revenue of around $22 billion, the company controls a 27.9% share of the life insurance market. The prospect of solid institutional purchases also helped fuel the appetite of retail investors. In terms of the IPO price, Samsung Life Insurance will become the sixth largest firm on the main bourse by market capitalisation, with 22 trillion won when it makes its market debut next week. Samsung Life has long been regarded as the virtual holding company of the Samsung group, which has 64 units including Samsung Electronics, the world’s largest computer memory chip maker. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 3:02 am Greek strikes test government austerity plansATHENS (Reuters) - Greek public sector workers began a 48-hour nationwide strike on Tuesday that is a first test of the government's ability to enact new austerity measures agreed with the EU and IMF in return for billions of euros in aid.Source: Reuters: Money News | 4 May 2010 | 2:58 am IMF's dilemma: Help Greece, avoid villain labelWASHINGTON (Reuters) - The International Monetary Fund walks a delicate line in crafting an economic bailout for Greece that can restore the country's fiscal credibility without stirring old resentments over tough loan conditions.Source: Reuters: Money News | 4 May 2010 | 2:55 am Ulip policies must come with life cover, says IrdaNew Delhi: Insurance regulator Irda, locked in a turf war with capital market watchdog Sebi over regulation of unit-linked policies, has reemphasised that insurers should offer assured life insurance cover with Ulips. Reiterating its December 2005 order on Ulips, Irda in an order late Monday night said: “All Unit linked Insurance products (Ulips), including pension/annuity products must have a minimum assured sum payable on death.” Irda’s assertion that Ulips must provide assured insurance cover is one among the several it has passed recently following a row with the Securities and Exchange Board of India (Sebi) over who should regulate Ulips. Sebi claims that it was best suited to regulate Ulips as they were investment products like mutual funds. In Monday’s order, Irda, however, clarified that provision of death benefit will not be mandatory in case of unit linked products providing health insurance cover. Ulips, it further said, cannot be used to obtain loans. “No loan shall be granted under Unit Linked Insurance Products.” Irda further said that minimum policy term would be five years in the case of individual products, while the group products would continue to be renewed annually. Partial withdrawal from the policies, Irda said, would be allowed only after the fifth policy anniversary for all unit linked products, except pension or annuity products. In the case of unit linked pension or annuity products, no partial withdrawal will be permitted and the insurer will be allowed to convert the accumulated fund value into an annuity only at maturity. Every top-up premium will have a lock in period of three years from the date of payment of that top-up premium, it said, adding they will not be allowed during the last three years of the contract. The revised norms, Irda said, will come into effect from 1 July, 2010. Irda is locked in a turf war with Sebi over control of Ulips. The problem came to fore after the insurance regulator advised 14 insurance companies to ignore the Sebi’s order banning Ulip schemes. Both the agencies were later advised by the finance ministry to seek a legally binding order from a court over control of Ulips. Meanwhile, Sebi had moved the Supreme Court to transfer all cases pertaining to Ulip issue to the apex court, following which notices were sent to the Centre, Irda and 14 insurance companies. The next date for hearing has been fixed on 8 July. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 2:51 am NDTV terminates agreement with ScrippsMumbai: Media firm New Delhi Television (NDTV) on Tuesday said it has terminated its agreement with Scripps Networks Interactive Inc (Scripps), which it had entered into, to introduce lifestyle channels in India. The NDTV Group has decided to exercise its right to terminate the definitive agreements and is in the process of terminating them, NDTV said in a filing to the Bombay Stock Exchange. However, the company declined to comment on the the reason for the termination of the said agreement. Last November, NDTV had reached a definitive agreement with Scripps Networks Interactive to create a strategic alliance for lifestyle channels in India. The transaction would have resulted in Scripps Networks Interactive acquiring 69% of NDTV Group’s lifestyle programming subsidiary, NDTV Lifestyle Ltd, with the remaining stake being held by the NDTV Group in the joint venture. NDTV Lifestyle operates the English-language lifestyle television channel NDTV Good Times. Scripps Networks Interactive is one of the leading developers of lifestyle-oriented content for television and the Internet, where on-air programming is complemented with online video, social media areas and e-commerce components on companion web sites and broadband vertical channels. Shares of NDTV were trading at Rs118.65 on the BSE, down 1.78% from previous close. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 2:39 am US physicist ‘predicted about SMS in 1909’London: Texting may be a boon in today’s world, but the concept was visualised more than a century ago. And, it was a pioneering American physicist who had predicted about the portable messaging service, like the SMS, via a hand-held device in the Popular Mechanics magazine in 1909, its technology editor Seth Porges has claimed. Nikola Tesla, the physicist and a mechanical engineer, whose name lives on at the electric car maker Tesla Motors saw wireless energy as the only way to make electricity thrive, according to Porges. Telsa wrote in the magazine that one day it would be possible to transmit “wireless messages” all over the world and imagined that such a hand-held device would be simple to use and one day everyone in the world would communicate to friends using it, Porges said. This would usher in a new era of technology, Telsa wrote in the publication. Tesla was able to predict technology which is still in its nascent forms a hundred years later. He talked a lot about his other great passion, which was wireless power. “It has taken a little longer to get off the ground, but work on fascinating wireless conductive transmission is going on right now in research centres at MIT and Intel and other places,” The Daily Telegraph quoted Porges as saying. Porges disclosed Tesla’s prediction at a presentation, 108 years of futurism to industry figures in New York. The magazine, which has nine international editions that is read by millions, has been trying to imagine how the world will look in future years since it was first published in January 1902. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 2:36 am US physicist ‘predicted about SMS in 1909’London: Texting may be a boon in today’s world, but the concept was visualised more than a century ago. And, it was a pioneering American physicist who had predicted about the portable messaging service, like the SMS, via a hand-held device in the Popular Mechanics magazine in 1909, its technology editor Seth Porges has claimed. Nikola Tesla, the physicist and a mechanical engineer, whose name lives on at the electric car maker Tesla Motors saw wireless energy as the only way to make electricity thrive, according to Porges. Telsa wrote in the magazine that one day it would be possible to transmit “wireless messages” all over the world and imagined that such a hand-held device would be simple to use and one day everyone in the world would communicate to friends using it, Porges said. This would usher in a new era of technology, Telsa wrote in the publication. Tesla was able to predict technology which is still in its nascent forms a hundred years later. He talked a lot about his other great passion, which was wireless power. “It has taken a little longer to get off the ground, but work on fascinating wireless conductive transmission is going on right now in research centres at MIT and Intel and other places,” The Daily Telegraph quoted Porges as saying. Porges disclosed Tesla’s prediction at a presentation, 108 years of futurism to industry figures in New York. The magazine, which has nine international editions that is read by millions, has been trying to imagine how the world will look in future years since it was first published in January 1902. Source: Tech News - Livemint.com | 4 May 2010 | 2:36 am StanChart shrugs off competition for record Q1LONDON (Reuters) - Standard Chartered Plc said it made record first-quarter earnings thanks to buoyant commercial and investment banking business and improving consumer banking in its key Asia markets, despite increasing competition.Source: Reuters: Money News | 4 May 2010 | 2:29 am UK April manufacturing growth strongest since 1994London: British manufacturing activity grew last month at its fastest rate in more than 15 years, a survey of purchasing managers showed on Tuesday, boosting hopes that the broader economic recovery is gathering momentum. The Chartered Institute of Purchasing and Supply/Markit manufacturing PMI rose to 58.0 in April from an upwardly revised 57.3 in March, a bigger rise than the one implied by the consensus forecast of 57.4. It was the highest reading since September 1994, when Britain’s economy was also emerging from a deep recession. The survey has been above the 50-mark that separates expansion from contraction since July last year. Coming two days before a national election on 6 May, the figures may be seized on by supporters of the ruling Labour Party as evidence that the government’s pro-growth stance is working. However, Labour is trailing in opinion polls, and most commentators expect a hung parliament with no party gaining an outright majority. The detail of the survey suggested a broad-based improvement in manufacturing activity. New orders rose at their fastest pace in more than six years, helped by the strongest growth in export orders since the series began in 1996. Output growth remained strong and employment rose for the third time in the past four months. In a further sign of the strength of demand, firms reported the first increase in backlogs since the series began in 1999. “Manufacturers reported a flying start to the second quarter, with the weak pound boosting export growth to the fastest for at least 15 years,” said Rob Dobson, senior economist at Markit. “The feeding through of rapid output growth to job creation is particularly good news, and bodes well for the sustainability of the UK economic recovery.” Price pressures grow The survey cited improved global demand and the ongoing weakness of sterling as factors underpinning the rise in export sales. But the weak pound also contributed to a pick-up in price pressures, with input price inflation surging to its highest since August 2008. “Increased input costs were blamed on widespread raw material price increases, in many cases reflecting exchange rate or supply-chain factors,” the survey noted. Markit said its survey pointed to manufacturing output growing by as much as 2% in the latest three months, suggesting the sector will provide a strong contribution to second-quarter gross domestic product. However, strong readings from the manufacturing PMI survey have not always been matched by official output data and some economists say that the survey overstates the true picture. Britain’s economy pulled out of recession at the end of 2009 but the recovery slowed in the first three months of this year, hurt by a severe snow disruption and a rise in value-added tax. While growth is likely to pick up in the next few quarters, headwinds remain, not least from a fiscal squeeze that economists reckon will be the toughest in at least 30 years. The Bank of England has held interest rates at a record low of 0.5% for more than a year is not expected to raise rates until the fourth quarter of this year at the earliest. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 2:20 am Small, mid-caps help equity funds beat SensexNEW DELHI (Reuters) - Most of India's diversified equity funds outperformed the benchmark index in April, as a significant exposure to small- and medium-sized firms and sectors like financials boosted unit values.Source: Reuters: Money News | 4 May 2010 | 2:18 am Can iconic Ambassador be revived? Hindustan Motors to appoint new CEO - Economic Times
Source: Business - Google News | 4 May 2010 | 2:12 am Govt to restore credibility of MCINew Delhi: After the image of the Medical Council of India took a dent with the arrest of it president on corruption charges, the government on Tuesday said its immediate concern was to restore the credibility of MCI, which governs medical eduction in the country. Replying to a calling attention motion in the Rajya Sabha on irregularities in the functioning of the MCI in giving approval to medical colleges, health minister Ghulam Nabi Azad said he wanted the system to be clean, accountable and open. “Our first and immediate concern should be to restore the credibility of the MCI and to enable the Council to function in a fair and objective manner and also to restore the confidence of all those involved in medical education in the country,” he said. The response of the minister came after members raised the issue of irregularities in granting approval to medical colleges and the arrest of MCI president Ketan Desai on corruption charges. “The government is examining several possible avenues to achieve these objectives taking into account both the present legal status as well as those essential elements of reform that would be necessary,” Azad said. The minister admitted from time to time there are complaints against the nature of the recommendations made by the MCI to the government and such complaints are forwarded to the Council for appropriate remedial action. “However, I am increasingly of the opinion that provisions of the Indian Medical Council Act, 1956 are inadequate to ensure transparent, healthy and constructive decision making within the council,” Azad said. He said the health ministry had introduced a comprehensive Bill in Parliament in August 2005 to amend various provisions of the Act to make the Council more responsible in its functioning and to empower the central government to take steps to make it more transparent and accountable. The minister, however, said the Parliamentary Standing Committee on Health and Family Welfare did not agree with most of the amendments proposed in the Bill. Urging the members to “revisit this issue”, Azad said the recent events (arrest of Desai) suggest the need for further reforms in matters relating to medical eduction in the country. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 2:03 am Democratic set-up requires consensus building: Pranab Mukherjee"Organisations should try to build a myriad of agreements keeping aside areas of divergence. That is the most important aspect of consensus building," Mukherjee said.Source: Daily News & Analysis: Money News | 4 May 2010 | 1:40 am Court protects stock exchanges from RTI ambitNew Delhi: The Delhi high court on Tuesday stayed its order of bringing stock exchanges within the ambit of the Right to Information Act. A division bench headed by acting Chief Justice Madan B. Lokur stayed the operation of a single bench order which had on 15 April held that stock exchanges are “quasi” governmental bodies which are bound to disclose information to the public under the transparency law. The court passed the order on an appeal filed by National Stock Exchange(NSE) which contended that it cannot be forced to reveal information under the RTI Act as it is a company and the government has no control over it. Senior advocate Abhishek Manu Singhvi, appearing for NSE, contended that the single judge bench had erred in bringing it within the ambit of the RTI Act as it is neither a government body nor financed by the government. “I (NSE) am not financed by the government at all. There is no question of any substantial finance by the government. There is zero financial control of government over its functioning,” Singhvi said. Allowing public scrutiny of the functioning of stock exchanges, the single judge bench of the high court had dismissed the plea of NSE and Jaipur Stock Exchange which submitted that they cannot be forced to reveal information to the public under the RTI Act as they are autonomous bodies incorporated under the Company Act and not controlled by the government. Justice Sanjeev Khanna had dismissed the petition of the stock exchanges and upheld the decision of the Central Information Commission which had declared stock exchange as a public authority. “A stock exchange being a quasi governmental body working under the statute and exercising statutory powers has to be held to be a public authority under the Act,” the Commission had said while directing the NSE to put in place a mechanism for the purpose. Source: Home - Livemint.com | 4 May 2010 | 1:31 am Alstom sees lower margins after beating forecastsParis: French engineering group Alstom predicted its operating margin would decline over the next two fiscal years amid a still challenging economic climate, as it posted forecast-beating earnings for fiscal year 2009-10. Alstom, in which France’s building to media group Bouygues owns a 30% stake, said its order backlog remained robust despite a slight decline and vowed to continue focusing on cost control and resist accepting lower prices. Alstom said on Tuesday its operating margin would be in a range of 7-8% over the next two fiscal years, having achieved 9.1% in the full year ended 31 March. Chairman and chief executive Patrick Kron told a conference call that the group believed it had hit bottom some 12 months ago but the recovery since than had been slow, due to the group’s profile of a late cycle company that was hit later by the downturn and would benefit later of any upswing. Alstom is a maker of high-speed trains, urban commuter systems and industrial power plants. Main rivals are GE, ABB, Siemens, Bombardier or Mitsubishi Heavy Industries Ltd. The share rose by some 3% in early trade to €45.5 , still well below the year high of €55.14 set in January, for a market cap of some €13.2 billion. “Structurally, our markets are bound to take off again but I remain uncertain about the timing and the rhythm of the recovery,” Kron said, adding the uncertainties were related to overall global economic demand and not to financial events such as the crisis in Greece. “We have some projects in Greece, but we have projects in many countries. I have my holidays there each year so I will tell you in August after my passage on the beaches what my analysis is of the situation there,” he said. He said the first half of the current financial year would not be ‘flamboyant´ and saw the full-year sales down. He declined to give a margin forecast breakdown for the company’s activities but added the power activities would weigh more than transport, as the investments were relatively heavy and multi-year projects based on estimates of economic growth. “Whether you expect one% growth over ten years or 2% makes quite a difference in forecasted power consumption,” he said. Dividen Hike Alstom proposed to raise the dividend by 11% after net profit rose 10% and operating profit grew 16% to €1.779 bilion ($2.37 billion), helped by cost cuts and improving orders in the second half. Sales increased 5% to €19.650 billion despite a 39% fall in new orders. Operating margin came at 9.1% of sales against 8.2% a year ago, beating the company’s guidance of around 9% and analyst predictions of 8.4%. Alstom had been expected to post an operating profit of 1.660 billion euros on sales of €19.708 billion , according to an average of analysts’ forecasts carried out by Thomson Reuters. US competitor General Electric Co last month posted a forecast-beating profit for the first quarter but saw its shares fall after weak revenue and declining orders disappointed investors. The world’s biggest maker of jet engines and electricity producing turbines said that it had put the worst of the downturn behind it and that it expected profit to rise through the rest of the year after falling 32% in the first quarter. Alstom and electric equipment company Schneider Electric in March won European Union regulatory clearance for their buy of nuclear reactor maker Areva’s electricity transmission and distribution unit. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 1:21 am BIFR benches may be increased, says Pranab MukherjeeBoard of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding up cases get dragged for years.Source: Daily News & Analysis: Money News | 4 May 2010 | 1:18 am BP fights oil spill with welding torches, cashGOLDEN MEADOW, La. (Reuters) - BP Plc sought to stem the damage from a giant oil slick in the Gulf of Mexico with technology, welding torches and money on Tuesday as crude kept spewing from an offshore oil well deep in the Gulf of Mexico that ruptured almost two weeks ago.Source: Reuters: Money News | 4 May 2010 | 1:15 am Welspun to buy stake in Mideast pipe co for $58 mnMumbai Welspun Corp will invest $58 million to buy a majority stake in a Saudi pipe firm, a move that could help the Indian steel pipemaker grab a wider share of the Middle East market, a senior official told Reuters. The acquisition of Aziz Pipe, which has a capacity of 270,000 tonnes per annum, will take Welspun’s total capacity to 2.3 million tonnes, director Akhil Jindal said on Tuesday. “The promoters of Aziz were looking for someone who could run the company. As we have the expertise, we did this tie-up,” Jindal said over the telephone, adding the acquisition will show on Welspun’s books in the July-September quarter. Welspun, formerly known as Welspun Gujarat Stahl Rohren, will start exporting to the middle east region from the Saudi facility beginning July after completing regulatory formalities, Jindal said. The Saudi plant is operational and except for some capital expenditure maintenance, Welspun does not plan to invest any money into capacity expansion for now, he said. Welspun, which supplies products to top oil companies such as Royal Dutch Shell, Exxon Mobil and BP Plc, will now be in a better position to expand its footprint in the middle east, analysts said. “It looks like a good deal... it gives them more presence in the middle east market. Having a capacity in the middle east will be a big advantage for them,” analyst Niraj Mansingka of Edelweiss Securities said by phone. Eleven of thirteen brokerages have a “buy” rating on Welspun stock, according to Thomson Reuters, as analysts are bullish over the company’s order book and project expansion plans. “With the improving scenario for pipe manufacturers, the order inflow is expected to be strong, going forward, and revenue visibility would increase,” ICICI Direct, which has a “strong buy” rating on Welspun, said in a recent report. Welspun is aggressively expanding presence in the oil and gas transmission segment and recently acquired MSK Projects, allowing Welspun to lay pipes apart from manufacturing them. At 11.43 a.m. shares of Welspun were trading at Rs275.55 , up 2.3% in a flat Mumbai market. They hit a high of Rs280.90 earlier in the session. Source: LatestNews-Home - Livemint.com | 4 May 2010 | 12:48 am Avoid Jaypee Infratech IPO, says SKP Securities - Economic Times
Source: Business - Google News | 4 May 2010 | 12:15 am Paramount, IndiGo get Govt nod to import 168 aircraftChennai-based Paramount Airways and Delhi-based low-cost airline IndiGo have been given “in-principle” approval to import 168 aircraft betweenSource: Business Line - Home Page | 4 May 2010 | 12:00 am SEBI issues norms for credit rating firmsCredit rating agencies (CRAs) will have to give granular details about rating movement of issuers from investment to non-investment grade and vice-versa at half-yearly intervals, according to the guidelines issued by the capital marketsSource: Business Line - Home Page | 4 May 2010 | 12:00 am HDFC net up 26% in Q4 on higher interest incomeHDFC, the largest housing finance company in the country, reported a 26 per cent growth in net profit for the quarter ended March 31 at Rs 926.38 crore against Rs 733.37 crore in the corresponding previousSource: Business Line - Home Page | 4 May 2010 | 12:00 am Financial performance boosts bank stocksThe last two weeks have been fairly lacklustre ones for the market with the Sensex remaining bound in the 17,000-18,000 range. However the action in mid-cap stocks continued and several stocks seem to have broken this trend and have had postedSource: Business Line - Home Page | 4 May 2010 | 12:00 am Infosys investing $100 m in overseas operationsInfosys Technologies is investing up to $100 million during the next few quarters to strengthen its overseas operations, especially inSource: Business Line - Home Page | 4 May 2010 | 12:00 am JB Chemicals and Pharmaceuticals (Rs 92.1): BuySource: Business Line - Home Page | 4 May 2010 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 4 May 2010 | 12:00 am Hindustan Motors will seek BIFR cover as net worth erodes substantiallyHindustan Motors Ltd has informed the stock exchanges that the company would report to the Board for Industrial and Financial Reconstruction (BIFR) about substantial erosion (over 50 per cent) of its peak net worth in the past five financialSource: Business Line - Home Page | 4 May 2010 | 12:00 am Huawei top brass seek to meet Govt officialsTop executives from Chinese technology major Huawei Telecommunications are flying into India later this week in a bid to meet high ranked Government functionaries, including the Home Minister, Mr P. Chidambaram; the Communications and ITSource: Business Line - Home Page | 4 May 2010 | 12:00 am Glenmark out-licences pain molecule to SanofiDrug-maker Glenmark has formalised an outlicensing deal with Sanofi-aventis to further develop and commercialise the former's novel agents to treat chronic pain, including prospective pain molecule GRCSource: Business Line - Home Page | 4 May 2010 | 12:00 am Nintendo profit to fall for first time in 6 yearsTokyo: Japanese video game and console maker Nintendo Co. reports earnings for the fiscal year ended 31 March on Thursday. The following is a summary of key developments and analyst opinion related to the period. Overview: Nintendo got a boost from healthy year-end holiday sales though annual profit is still expected to fall from the record result achieved the previous year. Price reductions on the Wii — the world’s top-selling home console — to ¥20,000 from ¥25,000 in Japan and to $200 from $250 in the US before the shopping season helped to boost sales volume. The maker behind Super Mario and Pokemon games hopes to continue to woo more fans with a handheld with 3D capabilities that doesn’t require special glasses during the fiscal year through March 2011. By the numbers: Nintendo is forecasting its first drop in profit in six years for the fiscal year through March 2010, at ¥230 billion ($2.4 billion) profit. Sales were weak earlier in the fiscal year while a strong yen and the price cuts also reduced profitability. Nintendo reaped a record ¥279.1 billion profit for the fiscal year ended March 2009. Nintendo does not break down quarterly numbers. The Kyoto-based manufacturer expected to sell 20 million Wii machines and 30 million DS machines in the 12 months through March 2010. Analysts surveyed by Thomson Reuters, on average, expect fiscal year profit of ¥229 billion ($2.4 billion). Analyst take: “We are expecting the results to be better than the company forecasts for the Wii,” said Yuta Sakurai, analyst with Nomura Securities Co. in Tokyo. “Christmas shopping was strong.” He is reserving judgment on how the 3D machine will fare until he sees more details. Nintendo is promising more details at the E3 show in Los Angeles in June. What’s ahead: Hopes are high for 3D games but Nintendo faces intense competition from Microsoft Corp. with its Xbox 360 and Japanese rival Sony Corp., which makes PlayStation 3. Both are also bringing 3-D gaming to their home consoles although those games require special glasses. Stock performance: Nintendo shares have been recovering over the last three months from an earlier decline. Source: Tech News - Livemint.com | 3 May 2010 | 11:45 pm Apple sells million iPadsApple today announced that it has sold a million iPads ever since the tablet computer was launched on April 3 this year. "One million iPads in 28 days -- that's less than half of the 74 days it took for the iPhone to achieve this milestone," Apple's CEO Steve Jobs said, adding that the millionth iPad was sold on April 30. Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 11:38 pm Oil below $86 as traders eye US crude suppliesOil prices dropped below $86 a barrel today in Asia as traders anticipated another increase in US crude supplies from a government report due later this week.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 11:28 pm Rupee steady mirroring shares; dollar eyedMumbai: The Indian rupee was in a tight band on Tuesday as largely steady domestic shares failed to provide clarity on the direction of capital flows and traders watched the dollar’s moves versus majors for cues. At 10:45am, the partially convertible rupee was at Rs44.51/52 per dollar, little changed from its previous close of Rs44.5150/5250. “With a large part of key Asian markets still on holiday, trading is likely to be dull until Europe time. Stocks will be watched for direction. Suspect rupee should trade in a tight range of 44.44-44.57,” said R.K. Gurumurthy, head of treasury at ING Vysya Bank. “Expect some flows -- there are talks that Essar money is still to come -- so that could be crucial and also some talks that about half of the 3G money could be forex flows,” he said. Essar Energy raised $1.95 billion via its London IPO last week and some of the proceeds may be brought into India, dealers said. Bids for one set of nationwide third-generation (3G) mobile spectrum licences in India reached Rs10,348 crore ($2.33 billion), or nearly thrice the base price, on the 20th day of an auction, government data showed on Monday. Indian shares were choppy but gains in financials and an overnight rise on Wall Steet supported sentiment. Capital flows into stocks are a key driver for the rupee. So far in 2010, foreign funds have invested a net $6.6 billion in domestic shares, adding to record inflows of $17.5 billion in 2009. The index of the dollar against six majors was up 0.1%. One-month offshore non-deliverable forward contracts were quoted at Rs44.60, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs44.6050, with the total traded volume on the two exchanges at about $1.4 billion. Source: Home - Livemint.com | 3 May 2010 | 11:27 pm India-Singapore biz set to double, says Stan ChartThe number of Singapore-based companies setting up operations in India, about 350 at present, will double in the next five years, a senior executive of the Standard Chartered Bank in Singapore said on Monday.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 11:24 pm UPDATE 1-Glenmark unit in pact with US firm - Reuters India
Source: Business - Google News | 3 May 2010 | 11:02 pm Glenmark unit in pact with US firmMumbai: Glenmark Generics Ltd, a unit of Glenmark Pharmaceuticals Ltd, said on Tuesday it has signed a licensing agreement with US-based Par Pharmaceutical, a unit of Par Pharmaceutical Companies Inc, to market ezetimibe tablets. Ezetimibe tablets are generic version of Merck-Schering Plough’s Zetia tablets, it said in a statement. Zetia is a cholesterol modifying agent with annual US sales of approximately $1.4 billion, it said. Glenmark is the first company to file a paragraph-IV certification for the product, which would potentially provide 180 days of exclusive marketing rights for the product, it added. “The clause of exclusive marketing for almost six months will help the company draw substantial revenue from this deal,” a pharma analyst told Reuters over telephone. Under the agreement, Glenmark and Par Pharmaceutical will share profits from sales of the product, it said. Glenmark is currently involved in a patent litigation concerning ezetimibe in a US district court, it added. Par will share control and costs with Glenmark for the ongoing litigation, it added. Glenmark had received a tentative US FDA approval for ezetimibe tablets in April 2009, it added. At 10:08 a.m., shares of Glenmark Pharmaceuticals were trading at Rs292.55 , up 4.61% in a Mumbai market that was up 0.13%. Source: Home - Livemint.com | 3 May 2010 | 10:57 pm Voting begins in US Senate on Wall Street reformBy * * * Obama’s bank tax proposal to be discussed by committee By Washington: The US Senate will cast its first votes on Tuesday on a sweeping Wall Street reform bill, with passage of a handful of uncontroversial amendments expected and a key procedural question still unsettled. Democratic leaders had not yet determined as of late Monday whether amendments will need 50 or 60 votes to pass. The difference is important because Democrats control 59 votes in the 100-member chamber, versus the Republicans’ 41 votes. A 60-vote rule would make winning passage for any amendment — and there are more than 100 circulating — more difficult, while a 50-vote rule would open the way to all sorts of proposals from both Democrats and Republicans. A spokesman for Senate Democratic Leader Harry Reid said that no decision had been reached and that votes would be handled on a case-by-case basis for the time being. “This is an issue for leadership to decide. ... A higher threshold will bring more order to the chaos of the amendment process,” said Jaret Seiberg, an analyst at Concept Capital. When the process is over, likely in two to four weeks, final passage of the bill looks likely, given a surge in political momentum for it from the Goldman Sachs fraud case and the approach of November’s elections, analysts said. Wall Street reform is a top domestic policy objective of President Barack Obama, who laid the foundations for the Senate bill in mid-2009 with a raft of proposed reforms meant to prevent a recurrence of the severe 2008-2009 financial crisis. While the economy was still deep in recession in December, the House of Representatives approved a bill that embraced many of the Obama administration’s ideas for tougher oversight and stricter limits on banks and capital markets. The European Union is pursuing its own agenda for reform as well. Boxer Amendment to Come First In the Senate, the nearly 1,600-page main bill was developed over six months of bipartisan negotiation led by banking committee chairman Christopher Dodd. The very first amendment is expected from Democratic Senator Barbara Boxer. She wants to add language saying that no taxpayer funds could be used again to bail out financial institutions — an idea likely to gain wide support from both parties. The Bush administration’s bailouts of Goldman, AIG, Citigroup, Bank of America and other financial giants set up a political backlash that has only grown as the firms’ executives, in hearings on Capitol Hill, have done a poor job explaining their errors and their massive bonuses. Besides Boxer’s measure, other early amendments to the bill will reflect the latest deal between Dodd, and Senator Richard Shelby, the top Republican on the banking committee. Analysts said Dodd has agreed, at the Republicans’ insistence, to drop a proposal to create a $50 billion fund, paid into by large financial firms, that would help pay for liquidating one or another of them when they get in trouble. Dodd himself has not confirmed that agreement, however. Nor did he have any comment on Monday about the status of a controversial provision that would require banks to spin off their swap-trading desks as part of imposing new rules on the unpoliced, $450 trillion over-the-counter derivatives market. Senate support was slipping for that proposal, according to analysts and sources close to discussions among lawmakers. As the debate unfolds on the floor, the tax-writing Senate Finance Committee will be holding a hearing on Tuesday on the Obama administration’s bank tax proposal. It would impose a levy of 0.15 of a percentage point on the balance sheets of financial companies with assets exceeding $50 billion, raising as much as $117 billion, as originally proposed in January. Treasury secretary Timothy Geithner will testify on the proposal, intended to reimburse taxpayers for the bailouts. The bank tax is not part of the Dodd bill, but analysts said chances of it being approved would be boosted by deletion of the $50 billion liquidation fund targeted by Republicans. “If the $50 billion resolution fund is removed, there will be pressure to fill a $17 billion ... funding gap, with a bank tax as a potential fix,” said Paul Miller, an analyst at FBR Capital Markets. Source: Home - Livemint.com | 3 May 2010 | 10:57 pm Dongfeng Nissan recalls 84,200 autos: state mediaDongfeng Nissan Passenger Vehicle, a Sino-Japanese joint venture, has launched a recall of 84,200 autos due to an oil leaking defect, state media reported today.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 10:53 pm Sensex recovers 79 points in opening trade on funds buyingThe wide-based National Stock Exchange's Nifty also moved up by 27.40 points, or 0.52%, to 5,250.15 points.Source: Daily News & Analysis: Money News | 3 May 2010 | 10:51 pm Asia stocks mixed on China fears; Thailand surgesSingapore: Asian stocks were mixed on Tuesday on investor concerns that Chinese moves to slow a soaring property market will undermine economic growth while Thai stocks vaulted on hopes of a resolution to the country’s political crisis. China’s benchmark index in Shanghai led decliners, falling 24.37 points, or 0.9%, to 2,846.24 while Taiwan’s market dropped 0.6% and Australia’s index retreated 0.5%. Elsewhere, Hong Kong’s Hang Seng was up 15.81, or 0.1%, at 20,829.67 and Indonesia gained 1.1%. South Korea’s Kospi, meanwhile, slipped 0.2% to 1,717.81. Markets in Japan were closed for a holiday while China’s markets were closed Monday. Thailand’s benchmark stock index surged 3.5% after Prime Minister Abhisit Vejjajiva proposed a Nov. 14 date for fresh polls if anti-government protesters occupying central Bangkok accept his reconciliation plan and peace and stability is restored. In other parts of Asia, sentiment was clouded by fears that China’s efforts to curb inflation and property prices could slow the regional economic recovery. On Monday, China increased the deposit reserve requirement ratio for most banks for the third time this year, the latest in a series of measures aimed at cooling the country’s skyrocketing property prices. The moves could help trigger a real estate price drop of more than 30% in the biggest cities and cut economic growth by 3%age points, Citigroup said in a report. “The latest property tightening has erased all stimulus policies in the property sector, and is the toughest in history,” Citigroup said. “The property battle could challenge the 8% gross domestic product growth target in the second half of the year or next year.” Prices for luxury housing rose about 50% last year in Shanghai and Beijing. Signs of improving US economic growth helped bolster stocks overnight. The Commerce Department said Monday that personal spending rose 0.6% in March, the biggest increase in five months while the Institute for Supply Management said U.S. manufacturing activity expanded last month at the fastest pace in nearly six years. The Dow Jones industrial average rose 143.22, or 1.3%, to 11,151.83, its biggest point and%age gain since 16 February. It was the fourth largest increase of the year. The broader Standard & Poor’s 500 index rose 15.57, or 1.3%, to 1,202.26, and the Nasdaq composite index rose 37.55, or 1.5%, to 2,498.74. In currencies, the dollar rose to ¥94.89 from ¥94.56 while euro rose to $1.3200 from $1.3190. Benchmark crude for June delivery was down 32 cents to $85.87 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 4 cents to settle at $86.19 on Friday. Source: Home - Livemint.com | 3 May 2010 | 10:27 pm Rupee marginally up by 3 paise against dollar in opening tradeThe Indian rupee appreciated by 3 paise to 44.48 a dollar in the opening trade on Tuesday on fresh capital inflows by foreign funds into equities.Source: India Business News | Business News - Times of India | 3 May 2010 | 10:26 pm Sensex recovers 79 pts in opening trade on funds buyingThe Bombay Stock Exchange benchmark Sensex recovered by nearly 79 points in opening trade today on fresh capital inflows by foreign funds. Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 10:21 pm Sensex recovers 79 pts in opening trade on funds buyingThe Bombay Stock Exchange benchmark Sensex recovered by nearly 79 points in opening trade on Tuesday on fresh capital inflows by foreign funds.Source: India Business News | Business News - Times of India | 3 May 2010 | 10:07 pm Motormen strike hit Mumbai local trains, 20 dismissedMumbai: Suburban train services in Mumbai continued to be disrupted on Tuesday, the second day of motormen’s strike even as 20 motormen were dismissed for refusing to report for work. “Ten motormen of Central and Western railway each have been dismissed as they refused to work,” a railway official said. The western and eastern express highway also continued to be jammed with commuters opting for road transport to reach their destinations. Railway authorities said only 20% suburban trains were operating as a result of the hunger strike by motormen demanding hike in pay scales and allowances. Maharashtra home minister R.R. Patil said the state government will take up the issue with the Centre, seeking its intervention to provide relief to Mumbai commuters. The state government is also reviewing if provisions of Essential Services Maintenance Act (ESMA) could be invoked, Patil said. Source: Home - Livemint.com | 3 May 2010 | 10:02 pm Oil falls below $86 on firm dollar, high US stockpilesSingapore: Oil fell below $86 a barrel on Tuesday, dampened by the stronger dollar and an expected rise in US crude and fuel stocks, after hitting a 19-month high on positive economic news the previous day. The dollar hovered near 8-1/2-month highs against the yen and one-year peaks versus the euro, boosted by robust data that backed views the Federal Reserve will be ahead of its counterparts in Europe and Japan in raising interest rates later this year. US crude for June fell 32 cents to $85.87 by 9:30am, after striking an intraday high of $87.15 on Monday, the strongest front-month price since $89.82 traded on 9 October, 2008, also pushed up by a possible short-term supply crunch linked to a massive oil spill off the US Gulf Coast. London Brent crude slid 31 cents to $88.63 a barrel. “The oil price is currently relatively high. It is at a level where buyers are likely to be slightly cautious,” said David Moore, an analyst at the Commonwealth Bank of Australia. “The oil price may fall further. It’s quite possible for a correction in the market this week.” US crude inventories likely rose last week as the widening contango structure of the futures curve spurred refiners to import more for storage, a preliminary Reuters poll showed on Monday. Ahead of weekly inventory data from industry group American Petroleum Institute (API) and the US government Energy Information Administration (EIA), analysts forecast crude stocks increased by 1.2 million barrels last week. If so, US crude stocks - currently at their highest level since mid-June 2009 -- would have risen for the 13th time in 14 weeks, and could in some way ease concerns over a possible supply squeeze if the busted well gushing oil in the Gulf of Mexico is not contained quickly. Distillate stocks, including heating oil and diesel, were forecast up 1.8 million barrels, for the fifth-straight week of a build, while gasoline was predicted rising just 200,000 barrels after a surprise drawdown the week before, the poll showed. US manufacturing posted its fastest pace of growth in nearly six years in April while data on construction and consumer spending pointed to further strength in the economy, triggering a broad rally in US share markets on Monday. It also gave a boost to the dollar, which rose 0.13% to a basket of currencies, sending gold down on Tuesday, after hitting its highest price this year overnight. A strong US currency makes dollar-denominated commodities, such as oil, more costly for holders of other currencies and tends to damp prices. China’s manufacturing sector was still growing briskly, if not overheating as some economists have warned. This was shown in HSBC’s China Purchasing Managers’ Index (PMI) which was well within the range tracked since late last year even though it dropped in April to a six-month low of 55.4 from 57.0 in March as output, new orders and employment all slowed. Source: Home - Livemint.com | 3 May 2010 | 9:59 pm Motorola’s Brown to mull dividend after separationRolling Meadows, Illinos: Motorola Inc’s co-chief executive told shareholders on Monday that the company’s enterprise and networks business would consider paying a dividend after Motorola splits into two separate entities next year. Greg Brown, who is expected to continue as head of the network equipment and enterprise business after the split said his business would certainly “contemplate and consider” a dividend “post separation.” The executive was responding to a shareholder question at the company’s annual meeting in Rolling Meadows, a Chicago suburb, about when Motorola planned to resume dividend payments. The company stopped paying dividends last year to preserve cash as it worked on revamping its declining mobile phone business, which has lost ground to both larger and smaller rivals in the last few years. Motorola plans in the first quarter to split off its mobile devices and TV set-top box unit into a separate entity from its network equipment and enterprise business. The company’s enterprise unit, which sells to corporate and public sector clients, was its biggest revenue generator in the first quarter with $1.7 billion in sales or 34% of the company’s total. Its mobile devices unit brought in revenue of $1.6 billion, representing 32 percent of total sales. Source: World Business - Livemint.com | 3 May 2010 | 9:48 pm Strong Cognizant Q1 seen, all eyes on 2010 viewBangalore: Cognizant Technology Solutions Corp is expected to post strong first-quarter results and possibly increase its outlook for the year, driven by robust demand for outsourcing services. Investors are looking past the quarter to see how much the IT services provider will grow in 2010. Some analysts say the company could guide for at least 22% revenue growth in 2010. In February, Cognizant gave a 2010 growth outlook of 20%, an estimate most analysts view as conservative. In 2009, it grew 16%. The company, which offers business process outsourcing and consulting services, is seen as one of the key beneficiaries of the sharply rebounding $60 billion Indian outsourcing market. Most of the employees and development centers of Teaneck, New Jersey-based Cognizant are based in India. “We expect above-consensus results from Cognizant, with growth boosted particularly by segments outside of application outsourcing,” Sanford C. Bernstein analyst Rod Bourgeois said. “Cognizant is likely seeing very strong growth in segments such as enterprise resource planning services, infrastructure outsourcing, and business intelligence.” The results will follow a strong showing by India-based rivals such as Tata Consultancy , Infosys Technologies and Wipro. Cognizant is expected to do better, given it has been growing faster than rivals and taking market share. Its competitors include US firms like Accenture, Hewlett-Packard and IBM. Shares of Cognizant have more than doubled in the last 52 weeks, outperforming the broader S&P 500 index, which is up 35% in the same period. Valued at about $15.30 billion, the stock was trading at $51.22 Monday on Nasdaq. The company trades at a multiple of 24 times its forward earnings — a 51% premium to the sector average, according to StarMine data. A larger exposure to financial services, which has been leading the market recovery, than its Indian peers will help Cognizant, Kaufman Bros analyst Karl Keirstead said. During the downturn, Cognizant’s shares were hit on concerns over its sharp financial services exposure, but over the past two quarters the company has been feeding positive commentary on demand from the sector. A smaller exposure to Europe, where the IT spending rebound is taking shape slowly, and the appreciating Indian rupee will be to its advantage, Keirstead said. ”Cognizant should still be able to outgrow its larger peers in 2010,” he said. For the first quarter, the company is expected to post a 26% growth in revenue and earnings, according to Thomson Reuters. Cognizant is seen benefiting from a recovery in technology spending, faster-than-market growth and robust demand in North America, which accounts for about 79% of its revenue. Global IT services spending is seen rising 5.7% to $821 billion in 2010, market researcher Gartner has forecast. This compares with a 4% drop in 2009. Source: Home - Livemint.com | 3 May 2010 | 9:36 pm JSW buys US coal mines for $100mThe money raised will be Rs 2,100 crore and will constitute to about 9.36% of the existing paid up share capital of the company.Source: Daily News & Analysis: Money News | 3 May 2010 | 5:08 pm How to capitalise on your lossesThey can be set off against your income from the same or another source while computing your taxable income, thereby reducing your overall tax outgo, explains Mayur ShahSource: Daily News & Analysis: Money News | 3 May 2010 | 4:54 pm China property bubble 'spreading' to Tier 2, Tier 3 citiesChinese policymakers have tightened mortgage norms, and directed governments in four booming cities to introduce a property tax.Source: Daily News & Analysis: Money News | 3 May 2010 | 4:35 pm United Bank Q4 net takes treasury hitGoing forward, United Bank plans to focus more on loans to small & medium enterprises, agriculture and retail sectors during this fiscal.Source: Daily News & Analysis: Money News | 3 May 2010 | 4:32 pm Corp bond yields to rise amid more liquidity curbsIssuances by firms may double to Rs15,000 crore level before RBI's July policy.Source: Daily News & Analysis: Money News | 3 May 2010 | 4:29 pm JV lands Bata India Rs100 crore bootySources close to the development said the revision gives the country's largest shoemaker an option to exit the joint venture or sell its stake in future.Source: Daily News & Analysis: Money News | 3 May 2010 | 4:16 pm BP says it will pay for Gulf spill's cleanupBP PLC said that it will pay for all the cleanup costs from a ruptured oil well in the Gulf of Mexico that could continue spewing crude for at least another week.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 3:42 pm IRDA tweaks norms for ULIPsInsurance regulator IRDA on Monday tweaked some norms related to unit-linked insurance products (ULIPs). These include rules stipulating compulsory insurance cover to be included in the top-up premiums for these products.Source: India Business News | Business News - Times of India | 3 May 2010 | 2:14 pm Sebi asks rating firms to disclose methodsMarket regulator Sebi on Monday came out with a set of guidelines that will make credit rating agencies (CRAs) more accountable to the users of ratings and also shed light on how they rate companies.Source: India Business News | Business News - Times of India | 3 May 2010 | 2:13 pm Bhatia is India MD of Bank of AmericaBank of America has appointed Asit Bhatia as its new managing director for Corporate and Investment Banking in India.Source: India Business News | Business News - Times of India | 3 May 2010 | 2:10 pm Nair to head Citi's PE bizCitigroup on Monday said it has appointed Sunil Nair as head of its private equity business in India.Source: India Business News | Business News - Times of India | 3 May 2010 | 2:08 pm Seek nod to invest abroad: RBI to NBFCsThe Reserve Bank on Monday took exception to some non-banking finance companies (NBFCs) for investing in overseas ventures without permission, and asked them to seek its approval before pumping in money abroad.Source: India Business News | Business News - Times of India | 3 May 2010 | 2:02 pm NYSE sells 5% in NSE to TemasekLeading American exchange NYSE Euronext on Monday exited from the National Stock Exchange by selling its entire 5% stake in the domestic bourse to Singapore's Temasek Holdings.Source: India Business News | Business News - Times of India | 3 May 2010 | 2:01 pm Day 20: 3G revenue touches Rs 41,766 croreOn Monday, the 3G auctions touched another crucial milestone, with the closing bid for the Mumbai circle hitting Rs 1,706 crore for 5 MHz of 3G spectrum.Source: India Business News | Business News - Times of India | 3 May 2010 | 1:59 pm Bajaj-Nissan small car at Rs 1.1 lakhTata's Nano is heading towards some serious competition with Renault/Nissan chief Carlos Ghosn reaffirming that its ultra low-cost (ULC) car with Bajaj would have a price target of around $2500, or roughly Rs 1.1 lakh.Source: India Business News | Business News - Times of India | 3 May 2010 | 1:58 pm IPad: the one-million markOn Monday, Appple inc. announced that it had sold a million iPads. Here’s how long it took for some other iconic products to reach that milestone. Surprise: the iPad isn’t the one to do it in the least time. Also See | The one-million mark Pdf by Yogesh kumar/Mint Source: Tech News - Livemint.com | 3 May 2010 | 1:11 pm Ajmal Kasab convicted in 26/11 attacksA Mumbai court today found 22-year-old Pakistani national, Mohammad Ajmal Kasab, guilty of mass murder and waging war against India, while acquitting two other accused, Fahim Ansari and Sabahuddin Ahmed for want of evidence, in the November 26, 2008 attacks on the city.Source: Business Standard | Front Page Headlines | 3 May 2010 | 12:58 pm Micro-finance institutions: Pay more for less hassleNothing deters the women who form a snaking queue in front of the partly constructed building that is the office of Bandhan, a micro-finance institution. Not the stifling heat of the summer afternoon, not the poor infrastructure, not even a nationalised banks branch that sits just a few yards away, wallowing in its loneliness.Source: Business Standard | Front Page Headlines | 3 May 2010 | 12:56 pm IPL beats World CupLalit Modi can be forgiven for feeling sanguine. His Indian Premier League has scored over a multi-nation tournament the World Cup, no less.Source: Business Standard | Front Page Headlines | 3 May 2010 | 12:54 pm Sebi cracks disclosure whip on credit rating agenciesThe Securities and Exchange Board of India (Sebi) today asked credit rating agencies to disclose the fees they charge companies for assessing their debt profile and the default rate on their previous ratings.Source: Business Standard | Front Page Headlines | 3 May 2010 | 12:52 pm Volvo warns customers of engine problem, mulls recallVolvo said today it would inform customers across Europe of an engine problem that could cause their cars to suddenly accelerate, adding it would recall the affected models if necessary.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 12:02 pm German nod for Greece bailoutChancellor Angela Merkel’s Cabinet agreed on Monday on a bill to give Greece euro 22.4 billion ($29.6 billion) over three years as part of a wider bailout, as the German government realised that letting Greece go bankrupt could send the euro into a tailspin and hurt Germany’s own economy.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 11:38 am Microfinance has lost its haloA book named Portfolios of the Poor has attained a certain amount of fame over the last couple of months. The book is based on a research project carried out between 1999 and 2005. This research project tracked the finances of 300 poor families in South Africa, Bangladesh and India to analyse how these people managed with their small and uncertain incomes, writes Dhirendra Kumar.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 11:36 am Indian charter pioneer Span Air signs for second Bell 429Bell Helicopter, a Textron Inc company, on Monday announced that Span Air Pvt Ltd has signed an agreement to purchase its second Bell 429 chopper following a demonstration of the world’s newest helicopter.Source: HindustanTimes.com - Top Business News Headlines | 3 May 2010 | 11:34 am United, Continental form world’s biggest airlineChicago: United Airlines and Continental Airlines have agreed a three-billion-dollar merger to create the world’s biggest carrier amidst an industry-wide slump, news reports said Monday. The all-stock transaction, approved by the United board on Friday and Continental’s on Sunday, was to be formally announced on Monday, reports said. The new merged giant, keeping the United name, will account for 7% of global airline capacity, ahead of US rival Delta, which currently leads with 6%, the New York Times reported. It will also have a 21% share of the huge US air market, the Times added. Airlines around the world are grappling with high fuel prices, growing competition from low-cost carriers and a traffic slump caused by the recession, tightened security after attacks and crisis events such as last month’s Icelandic volcano. Executives expect the new carrier to generate cost and revenue gains of about $1.2 billion, with up to $900 million of the savings coming from linking Continental’s strong Latin American and Europe routes to United’s connections in Asia, reports said. The carriers expect to continue serving the 370 cities where United or Texas-based Continental currently fly. The transaction could face intense US government scrutiny however due to the size of the deal, the Wall Street Journal said. President Barack Obama’s administration has vowed to reinvigorate anti-trust enforcement. The new company would keep United’s corporate headquarters in Chicago. United’s chief executive Glenn Tilton would become non-executive chairman of the board for two years and Continental’s chief executive, Jeff Smisek, becoming chairman, the New York Times said. The merger, expected to close in the fourth quarter, is seen as part of an industry-wide move by airlines to survive in the crisis-stricken industry. British Airways is going through a tie-up with Spanish carrier Iberia to avoid being sidelined by European rivals Air France-KLM and Lufthansa. US Airways broke off merger talks with United last month, but said it expected consolidation of the fragmented airline sector in the near future. “It remains our belief that consolidation makes sense in an industry as fragmented as ours,” said US Airways chairman Doug Parker. Parker stressed that consolidation would lead “to a more efficient industry, better able to withstand economic volatility, global competition and the cyclical nature of our industry.” The economic crisis has driven airline alliances and steep cost cutting, as the sector has buckled under the global economic downturn, which has slashed demand for air travel and persuaded many cash-strapped travellers to fly with cheaper low-cost carriers. The merger, said the Journal, would give passengers of the two airlines access to many new destinations, as United serves 100 cities that Continental does not, and Continental flies to 136 cities that United does not. Shares of both airlines are expected climb in Monday trading. Source: World Business - Livemint.com | 3 May 2010 | 3:13 am
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