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Patni in sale talks with NTT, LT: SourcesIndia\'s Patni Computer Systems is in talks to sell a majority stake for about USD 1 billion and the suitors include Japan\'s NTT Data Corp and Fujitsu, three sources with direct knowledge of the development said.Source: Moneycontrol Top Headlines | 6 May 2010 | 8:31 am JagranMidDay deal: Rationale behind the structureJagran Prakashan bought the print business of MidDay Multimedia through a demerger of MidDays print business and a merger of that into Jagran with swap ratio. Singhi Advisors were the advisors to the deal. In an exclusive interview with CNBCTV18, Gopal Agarwal, Singhi Advisors, speaks about the deal.Source: Moneycontrol Top Headlines | 6 May 2010 | 8:20 am GCPL to raise Rs 3000 cr to fund acquisitions: Adi GodrejThe Board of Godrej Consumer Product (GCPL) approved raising Rs 3000 crore, which will be utilised to fund Sara Lee acquisition as well as new acquisions. GCPL has been looking to acquire 51% in Godrej Sara Lee, negotiations for which are currently on.Source: Moneycontrol Top Headlines | 6 May 2010 | 8:10 am Cipla, Pfizer may sign outsourcing deal soonCipla, Pfizer may sign an outsourcing deal soon, reports CNBCTV18, quoting NewsWire18. Amar Lulla, Joint MD, Cipla, reiterated that the Indian drugmaker is in active talks with Pfizer.Source: Moneycontrol Top Headlines | 6 May 2010 | 8:02 am StanChart India eyes anchor investors for $750m floatStandard Chartered is planning to place a portion of its up to USD 750 million India share issue with anchor investors ahead of the public float, the Mint newspaper reported on Thursday.Source: Moneycontrol Top Headlines | 6 May 2010 | 7:40 am Flying in the futureWhat you can expect in the months and years aheadSource: Moneycontrol Top Headlines | 6 May 2010 | 6:28 am Dabur likely to acquire brands of Paras PharmaFMCG major Dabur is in talks to acquire Paras Pharma, say sources to CNBCTV18. As part of the deal, it is likely that Paras may sell its prickly heat powder brand DermiCool, pain healer Moov and skincare Krack.Source: Moneycontrol Top Headlines | 6 May 2010 | 6:26 am NTT Data in talks to buy stake in PatniJapan\'s NTT Data Corp is in talks to buy a majority holding in Indian software services firm Patni Computer Systems for up to USD 1 billion, the Economic Times reported on Thursday.Source: Moneycontrol Top Headlines | 6 May 2010 | 5:49 am ICICI eyes stake in Bank of RajasthanICICI Bank, India\'s No 2 lender, is in talks to buy a holding in Bank of Rajasthan from the Tayals, who control the small privatesector bank, the the Economic Times reported on Thursday.Source: Moneycontrol Top Headlines | 6 May 2010 | 5:49 am Essar Steel delays benchmark bond issueEssar Steel, which had been looking to issue a benchmarksized dollar bond, said on Thursday it has put the deal on hold, a week after a sister firm cut the price of a London IPO amid jittery markets.Source: Moneycontrol Top Headlines | 6 May 2010 | 5:48 am Exports jump 50 pct in March; dip for full fiscal - Economic Times
Source: Business - Google News | 6 May 2010 | 4:13 am Nifty off lows; Cipla, Suzlon, HUL gain - Economic Times
Source: Business - Google News | 6 May 2010 | 3:54 am PNB Q4 net up 31.13 pc; declares dividend of Rs 12/share - Economic Times
Source: Business - Google News | 6 May 2010 | 3:34 am PNB says Jan-March net interest margin at 3.99 pctNEW DELHI (Reuters) - State-run Punjab National Bank Ltd said on Thursday it recorded a net interest margin of 3.99 percent in the Jan-March quarter while net non-performing assets were at 0.53 percent as of March-end.Source: Reuters: Money News | 6 May 2010 | 3:30 am Fuel prices stay high, keep pressure on ratesNEW DELHI (Reuters) - India's food inflation continued to ease in April, but fuel inflation was steady at its high level, keeping up pressure on headline inflation that could prompt further monetary tightening by the Reserve bank of India (RBI).Source: Reuters: Money News | 6 May 2010 | 3:29 am India gold demand stays weak as rupee weakensMUMBAI (Reuters) - India gold demand stayed weak on Thursday afternoon as a weaker rupee made the dollar-priced yellow metal expensive, even as traders eye the wedding season which begins next week.Source: Reuters: Money News | 6 May 2010 | 3:27 am Dr Reddy's Jan-March net rises 62 pct(Versus the same period a year earlier, in billion rupees unless stated)Source: Reuters: Money News | 6 May 2010 | 3:26 am Vedanta profit soars; to conclude minority buyoutsLONDON (Reuters) - India-focused miner Vedanta Resources Plc posted a forecast-beating 187 percent profit surge on a rebound in metals prices and stronger output, and pledged to conclude a long-awaited buyout of minority stakes.Source: Reuters: Money News | 6 May 2010 | 3:19 am Jagran-Mid-Day deal: Rationale behind the structure - Moneycontrol.com
Source: Business - Google News | 6 May 2010 | 3:15 am Sensex sheds 265 pts on European woes - Indian Express
Source: Business - Google News | 6 May 2010 | 3:13 am Union Bank sees credit grow 25% in FY11State-owned Union Bank of India expects 25% growth in loans and a 22 percent growth in deposits in the current financial year, its chairman and managing director MV Nair said.Source: Daily News & Analysis: Money News | 6 May 2010 | 3:09 am BNP reveals 5 bln eur Greek debt exposure; Q1 risesBRUSSELS/PARIS (Reuters) - BNP Paribas revealed a 5 billion euro ($6.7 billion) exposure to Greece, the largest among major French banks, as worries over contagion from the debt crisis keep lenders under pressure.Source: Reuters: Money News | 6 May 2010 | 3:05 am Trade secy says FY10 exports at $176.5 bnIndia's 2009/10 exports have dropped to $176.5 billion, Trade Secretary Rahul Khullar said today, from around $185 billion in the previous fiscal.Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 3:05 am Euro, world stocks hit by Greek crisis fearsLONDON (Reuters) - World shares fell and the euro came under renewed pressure on Thursday in what is shaping up to be a major flight to safety by investors fearful that the Greek debt crisis is gaining momentum.Source: Reuters: Money News | 6 May 2010 | 3:02 am March exports rises to $19.9 bln - trade secyNEW DELHI (Reuters) - India's exports rose in March to $19.9 billion, the fifth consecutive rise after 13 months of decline, indicating a revival in demand in the United States and European markets, Trade Secretary Rahul Khullar said on Thursday.Source: Reuters: Money News | 6 May 2010 | 3:00 am Trade secy says FY10 exports at $176.5 blnNEW DELHI (Reuters) - India's 2009/10 exports have dropped to $176.5 billion, Trade Secretary Rahul Khullar said on Thursday, from around $185 billion in the previous fiscal.Source: Reuters: Money News | 6 May 2010 | 2:54 am Peugeot, Changan ink initial China joint venture dealPSA Peugeot and the parent of Chongqing Changan Automobile Co have signed an initial agreement to set up a 50-50 vehicle manufacturing joint venture in China.Source: Daily News & Analysis: Money News | 6 May 2010 | 2:41 am Who has a lovelier home page?New Delhi: Today, 6 May, as Britain votes in its general election, we at Mint thought of making a digital comparison between the Election Commission of India Britain’s Electoral Commission. And by digital what we mean of course, is to compare and contrast the homepage of each commission’s official website. The most noticeable difference between the two websites is in how they have chose to use colour. In the homepage of Britain’s election commission (a country known for its “stiff upper lip”) it was a pleasant surprise to see a colourful website with a judicious mix of pink and blue.In sad contrast, India, always famous for its vitality and vibrancy, has a website that can only be described as ‘dry’. Dominated by white, the only colour seen in the Indian Election Commission home page are mostly on the letters and icons which are reluctantly blue and grey.  Screenshot of the Election Commission of India website’s home page From colour, we moved to the use of pictures. The Indian homepage is certainly no match for its British counterpart here. The Indian election commission website boasts a solitary thumbnail image of three women standing in queue with voter identity cards. The British commission homepage on the other hand has an abundance of both clickable and non-clickable photographs.  Screenshot of Britain’s Electoral Commission website’s home page. Another point where the British website scores over the Indian one is the fact that it has a calendar. The calendar clearly helps visitors who need to refer to dates. The Election Commission of India not only lacks a calendar but does not have a rating system either. The British one has a format where a visitor can rate the page on a scale of one to five. Moreover, on this website one can email the page to a friend unlike on the Indian one. But there is one area where the British one cannot match the Indian election commission. The Indian home page navigates readers to many PDFs of heterogeneous and healthy sizes and subjects. These are mostly guidelines to people involved with the election process and and the compendium of instructions of conduct of elections running into hundreds of pages. But then again we are sure if a Brit decides to go through all PDF files available via the Election Commission of India home page to know about the Indian system, there is a fear that he or she will not have the time to exercise the right to franchise today. So vote first, read later. Cheers to democracy! simantik.d@livemint.com Source: LatestNews-Home - Livemint.com | 6 May 2010 | 2:35 am Who has a lovelier home page?New Delhi: Today, 6 May, as Britain votes in its general election, we at Mint thought of making a digital comparison between the Election Commission of India Britain’s Electoral Commission. And by digital what we mean of course, is to compare and contrast the homepage of each commission’s official website. The most noticeable difference between the two websites is in how they have chose to use colour. In the homepage of Britain’s election commission (a country known for its “stiff upper lip”) it was a pleasant surprise to see a colourful website with a judicious mix of pink and blue.In sad contrast, India, always famous for its vitality and vibrancy, has a website that can only be described as ‘dry’. Dominated by white, the only colour seen in the Indian Election Commission home page are mostly on the letters and icons which are reluctantly blue and grey. Screenshot of the Election Commission of India website’s home page From colour, we moved to the use of pictures. The Indian homepage is certainly no match for its British counterpart here. The Indian election commission website boasts a solitary thumbnail image of three women standing in queue with voter identity cards. The British commission homepage on the other hand has an abundance of both clickable and non-clickable photographs. Screenshot of Britain’s Electoral Commission website’s home page. Another point where the British website scores over the Indian one is the fact that it has a calendar. The calendar clearly helps visitors who need to refer to dates. The Election Commission of India not only lacks a calendar but does not have a rating system either. The British one has a format where a visitor can rate the page on a scale of one to five. Moreover, on this website one can email the page to a friend unlike on the Indian one. But there is one area where the British one cannot match the Indian election commission. The Indian home page navigates readers to many PDFs of heterogeneous and healthy sizes and subjects. These are mostly guidelines to people involved with the election process and and the compendium of instructions of conduct of elections running into hundreds of pages. But then again we are sure if a Brit decides to go through all PDF files available via the Election Commission of India home page to know about the Indian system, there is a fear that he or she will not have the time to exercise the right to franchise today. So vote first, read later. Cheers to democracy! simantik.d@livemint.com Source: Tech News - Livemint.com | 6 May 2010 | 2:35 am Fuel prices stay high, keep pressure on rates - Moneycontrol.com
Source: Business - Google News | 6 May 2010 | 2:34 am StanChart India offer eyeing anchor investors: ReportBanks handling the Indian Depositary Receipts of Standard Chartered have begun talks with foreign portfolio investors, locals banks and mutual funds as part of the effort to bring in anchor investors.Source: Daily News & Analysis: Money News | 6 May 2010 | 2:28 am Oil leak will be stopped, but can't say when: BP - Economic Times
Source: Business - Google News | 6 May 2010 | 2:25 am Kasab sentenced to death for Mumbai attackMumbai: A special court on Thursday sentenced to death a Pakistani terrorist over the 2008 Mumbai attacks that killed 166 people and raised tensions between the arch rivals. The death penalty, which in India is carried out by hanging, must be confirmed by a higher court. Mohammad Ajmal Kasab was the only one captured alive following the three-day rampage by 10 gunmen in November 2008 which killed people at key Mumbai landmarks, including two luxury hotels, the main train station and a Jewish centre. The Mumbai court on Monday had found Kasab guilty on more than 80 charges, including murder and waging war on India. Source: Home - Livemint.com | 6 May 2010 | 2:25 am FOREX-Euro hits 14-mth low vs dlr on contagion fears - Reuters
Source: Business - Google News | 6 May 2010 | 2:23 am Patni in sale talks with NTT, L&T: sourcesPatni Computer Systems is in talks to sell a majority stake for about $1 billion and the suitors include Japan's NTT Data Corp and Fujitsu, three sources with direct knowledge of the development said.Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 2:17 am Auto companies may go on expansion drive in UttarakhandTata Motors, Hero Honda and Bajaj Auto, which have set up their manufacturing units here, are in talks with the state government in this regard, industry sources said.Source: Daily News & Analysis: Money News | 6 May 2010 | 2:07 am World stock markets tumble on Europe debt woesWorld stocks plunged on Thursday as fears Greece's debt crisis will spread to other European countries and undermine the global recovery continued to rattle markets. Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 2:05 am Food price index up 16.04% year on year: GovtThe Reserve Bank of India (RBI) had on April 20 raised key interest rates and banks' cash reserve ratio by 25 basis points each to anchor inflationary expectations.Source: Daily News & Analysis: Money News | 6 May 2010 | 2:03 am Food inflation falls to 16.04%Inflation fell over 0.57% from 16.61% in the previous week on account of a percentage point drop in prices of fish, fruits, wheat and vegetables over the week.Source: Daily News & Analysis: Money News | 6 May 2010 | 2:03 am Auto companies may go on expansion drive in UttarakhandAuto companies in the state are likely to go on an expansion drive buoyed by better-than anticipated sales over the past few quarters. Tata Motors, Hero Honda and Bajaj Auto, which have set up their manufacturing units here, are in talks with the state government in this regard, industry sources said.Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 1:42 am Auto firms in Uttarakhand may expandDehra Dun: Auto companies in Uttarakhand are likely to go on an expansion drive buoyed by better-than anticipated sales over the past few quarters. Tata Motors, Hero Honda and Bajaj Auto, which have set up their manufacturing units in the hilly state, are in talks with the state government in this regard, an industry source said. The government, on its part, is collecting information on free land that could be given to companies that want to expand. “We have got information that most of the auto companies are expanding their units in the state,” said chief minister Ramesh Pokhriyal Nishank, who is keen to develop the state into a hub for automobiles manufacturing. Several large companies, including Tatas, Hero Honda and Ashok Leyland, have set up units in the state drawn by its investor-friendly policy that offered excise exemptions. Though the excise waiver came to an end in March this year, certain other benefits like income tax rebate and capital subsidy continue to make the state a lucrative destination for investors, an official said. Ashok Leyland’s new manufacturing unit at Pantnagar began production of commercial vehicles in March this year and the government is hopeful of other companies expanding their manufacturing units as well. Tata Motors, which still have over 300 acres of vacant land at Pantnagar, have assured the government that they would exit from the state after their Sanand plant goes on stream. Meanwhile, the government has also cleared a proposal to provide 55 acres of land to Tata Motors for a housing project. Source: LatestNews-Home - Livemint.com | 6 May 2010 | 1:39 am Food inflation falls to 16.04%Food Inflation further eased to 16.04% for the week ended April 24, as arrival of rabi (winter) crops cooled down prices of essential items.Source: India Business News | Business News - Times of India | 6 May 2010 | 1:32 am AXA posts 1.1% first quarter sales rise, misses forecastsThe company said that new business volume was stable on a comparable basis, with strong performance in Italy and the UK, helping offset a 10% fall in volume in France.Source: Daily News & Analysis: Money News | 6 May 2010 | 1:26 am Japan's NTT Data in talks to buy stake in Patni: ReportL&T Infotech, the IT arm of engineering and construction firm Larsen and Toubro, is the other contender for picking the stake in Patni, said the source who did not wish to be identified.Source: Daily News & Analysis: Money News | 6 May 2010 | 1:21 am India 2010 inflation seen at 7.5%: UN bodyAsia's third largest economy will grow at 8.3% this year, the United Nations Economic and Social Commission said in its survey of Asia-Pacific economies.Source: Daily News & Analysis: Money News | 6 May 2010 | 1:20 am Food price index up 16.04 pc y/yIndia's food price index rose an annual 16.04 per cent in the 12 months to April 24, while the fuel price index rose an annual 12.69 per cent, government data showed today.Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 1:19 am Food inflation eases to 16.04%; fuel prices stay highNew Delhi: India’s food inflation continued to ease in April, but fuel inflation was steady at its high level, keeping up pressure on headline inflation that could prompt further monetary tightening by the central bank. The food price index rose 16.04% in the 12 months to 24 April, slower than an annual rise of 16.61% in the previous week, government data showed on Thursday. The fuel price index rose an annual 12.69%, same as the week ago. The government hopes that increased supply of the winter crop in the market and a forecast of normal monsoon rains would bring down food prices and cool wholesale price inflation, which is currently at 9.9 percent. But policymakers and central bankers have worried about emerging demand-side pressures - highlighted by persistently high fuel inflation and rising manufacturing inflation - which will make their task of fighting inflation more difficult. On Thursday, the finance ministry’s chief economic adviser Kaushik Basu said headline inflation was expected to be in the 6-7% range within three months. The figure is higher than the central bank’s forecast of 5.5% as at end-March 2011. The Reserve Bank of India (RBI) has said it prefers “baby steps” to normalise monetary policy, but analysts say high inflation could force Governor Duvvuri Subbarao to hike rates swiftly and sharply. The benchmark 10-year bond yield was trading a touch below the 8% level. Markets expect a 25 basis points hike when the RBI reviews monetary policy in July, following up on two hikes in March and April by a total of 50 basis points. Source: LatestNews-Home - Livemint.com | 6 May 2010 | 1:17 am BPCL to get Rs 2800 crore cash subsidy from Govt - Moneycontrol.com
Source: Business - Google News | 6 May 2010 | 1:15 am RIL-RNRL: What SC verdict could mean for investors - Economic Times
Source: Business - Google News | 6 May 2010 | 1:02 am India consumer sentiment highest - NielsenSINGAPORE (Reuters) - Consumer sentiment was highest in India, followed by Indonesia and Norway, according to a global survey conducted by the New York-based Nielsen Company in March.Source: Reuters: Money News | 6 May 2010 | 12:57 am Vedanta FY profit soars 187%, beats forecastsThe London-listed group said basic EPS for the fiscal year to end-March rose to 219.6 cents compared to 76.4% in the previous year.Source: Daily News & Analysis: Money News | 6 May 2010 | 12:45 am Glenmark signs 3rd licensing pact in a weekMumbai: Drugmaker Glenmark Pharmaceuticals Ltd announced its third licensing pact this week as it signed a deal with the US unit of Taro Pharmaceutical Industries for a branded product. Under the agreement, Glenmark Generics Ltd will manufacture the US FDA-approved product exclusively for Taro Pharmaceuticals USA. Inc. and will receive milestone payments and a royalty on sales, it said in a statement. Financial details of this deal were not disclosed. “The company has not given financials but we expect the numbers to be good since it’s a branded product,” a pharma sector analyst told Reuters over the telephone. “The royalty payments would be substantial,” another analyst said. Glenmark on Monday had entered into a licensing deal with France’s Sanofi-Aventis for development and commercialisation of novel agents to treat chronic pain. The company on Tuesday announced a licensing deal with US-based Par Pharmaceutical, a unit of Par Pharmaceutical Companies Inc, to market ezetimibe tablets. 9:25 a.m., shares of Glenmark were trading at Rs294 , up 3% in a Mumbai market that was down 0.47%. Source: Home - Livemint.com | 6 May 2010 | 12:43 am StanChart India offer eyeing anchor investors: paperStandard Chartered is planning to place a portion of its up to $750 million India share issue with anchor investors ahead of the public float, the Mint newspaper reported today.Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 12:42 am Markets extend losses to 1%; financials declineMumbai: Indian shares extended losses to 1% by noon on Thursday, with financials leading the decline, as world stocks traded sharply lower on mounting concerns in the euro zone. At 12:04pm, the 30-share BSE index was down 1.07% at 16,904.71 points, with 27 components trading in the red. The 50-share NSE index was down 1.1% at 5,070.70. Shares fell 0.2% in early trade with Infosys Technologies and Reliance Industries leading the decline, as world stocks extended losses on concerns in the euro zone. At 9:01am, the 30-share BSE index was down 0.23% at 17,048.19 points, with 23 components trading in the red. The 50-share NSE index was down 0.3% at 5,112. Source: Home - Livemint.com | 6 May 2010 | 12:41 am Vedanta FY profit soars 187%, beats forecastsLondon: Indian-focused mining group Vedanta posted a forecast-beating 187% surge in annual earnings per share on a rebound in metals prices and stronger output, and was confident about economic recovery. “The recovery in demand and commodity prices appears well-founded and the medium and long-term outlook for our commodities remains strong,” chairman Anil Agarwal said on Thursday. The London-listed group said basic EPS for the fiscal year to end-March rose to 219.6 cents, well above a consensus forecast of 186 cents, according to a poll of 14 analysts by Thomson Reuters I/B/E/S. The company, which proposed a 10% rise in its final dividend to 27.5 cents, said it had a strong balance sheet with over $7.2 billion in liquidity, allowing it to press forward with growth projects. Production Capacity to Rise “We have achieved significant milestones during the year and are on track to deliver a substantial increase in production capacity across our businesses in 2011,” Agarwal said, referring to the current fiscal year. Last month, Vedanta posted record production of iron ore and aluminium in its fourth quarter. Annual production of iron ore gained 34%, aluminium climbed 15.4% and refined zinc was up 4.7%. Profits have been boosted by a rebound in metals prices as demand returns after sharp falls during the downturn. The price of zinc, one of Vedanta’s most profitable products, gained 80% during Vedanta’s fiscal year. Vedanta said it would continue to buy back shares after spending $549 million in doing so during the year and would also seek to increase stakes in key subsidiaries. Unit Sterlite Industries is one of several entities holding minority stakes in Vedanta, prompting complaints from investors about the group’s complex structure. Last week Sterlite surprised the market with a bonus share issue and stock split after quarterly profit more than doubled. A year ago, Vedanta said it hoped to buy up the 49% stake held by the government in unit Bharat Aluminium (Balco) within six months. Source: Home - Livemint.com | 6 May 2010 | 12:26 am Apex court rules MPLAD scheme constitutionalNew Delhi: The Supreme Court on Thursday upheld the constitutional validity of the MPLAD scheme under which members of Parliament are allocated Rs2 crore annually for development of their constituencies. “We hold that the MPLAD scheme is valid,” a five-judge Constitution Bench headed by Chief Justice K.G. Balakrishnan said in an unanimous verdict. “There is no reason for us to interfere in the scheme,” the bench also comprising justices R.V. Raveendran, D.K. Jain, P. Sathasivam and J.M. Panchal said. The bench, however, said improvement can be made in the working of the scheme. The bench said the mere allegations that the funds are prone to be misused cannot be a ground for scrapping the scheme. It said that both Lok Sabha and Rajya Sabha have standing committees to monitor the scheme and there are various levels of accountability for its implementation. The apex court said the MPLAD (Member of Parliament Local Area Development) scheme has benefited the local area development by way of providing water, electricity, infrastructure, library and sports facilities. It rejected the contention of the opponents of the scheme that it gives an unfair advantage to the sitting MPs against their political rivals. The bench said there is no reason to believe the MPLADS cannot be implemented and monitored by the district authorities. The scheme is for the public interest and public purpose. The court said it was satisfied that under the scheme, there is no violation of separation of power. Interpreting Articles 282 of the Constitution, the bench said the Parliament validly holds power to disburse funds for the scheme. The scheme had come under judicial scrutiny after a sting operation in 2005 showed some MPs allegedly demanding money from contractors to award work for projects under MPLAD scheme. The expose had led to the expulsion of members from both Houses of Parliament. The MPLAD scheme had been in the news in 2006 due to allegations that trusts run by the then Election Commissioner Navin Chawla’s family got funds from the scheme. A three-judge bench on 12 July 2006 had referred the matter to a five-judge Constitution Bench observing that important questions of law needed to be settled. The scheme was first challenged in 1999 by Jammu and Kashmir National Panthers Party chief Bhim Singh and an NGO, Common Cause, alleging that in the absence of any guidelines, the funds allocated under the scheme were misused by MPs. Later, petitions were also filed in various high courts and on the Centre’s intervention all the petitions were transferred to the apex court. Attorney general G.E. Vahanvati, who was then solicitor general, had submitted that MPLAD Scheme is also a welfare measure implemented with the assistance of the local authorities like other schemes Jawahar Rozgar Yojna, Indira Gandhi Old Age Pension Scheme and Integrated Child Development Scheme. The funds under the MPLAD scheme were directly released by the Centre to the district authorities and it did not go directly in the hands of the MP, he had submitted. The Centre had defended the scheme, saying it had the authority of law to release money under it as funds were withdrawn from the Consolidated Fund of India by passing the Appropriation Bill. The opponents of the scheme had alleged it was violative of Article 14 of the Constitution (Right to Equality) as it gave arbitrary powers to an MP without there being proper checks and balances, monitoring and accountability regarding the money being spent under it. Source: Home - Livemint.com | 6 May 2010 | 12:03 am Leadership guru Nitin Nohria named Dean of Harvard Business SchoolIndian-born business administration scholar Dr Nitin Nohria is set to become the tenth Dean of Harvard Business School (HBS). Dr Nohria who is currently the Richard P Chapman Professor of Business Administration at HBS, has also held seniorSource: Business Line - Home Page | 6 May 2010 | 12:00 am Cement offtake drops in April as infra projects slowApril has seen a fall in month-on-month demand for cement makers, a list that includes UltraTech Cement, Grasim Industries, Ambuja Cement, ACC, Jaiprakash Associates and JK LakshmiSource: Business Line - Home Page | 6 May 2010 | 12:00 am Oilmeal exports continue to fall in April, down 14%Tough times seem to continue for the solvent extraction units into the 2010-2011 fiscal too. Oilmeal exports in April declined 14 per cent in volume and 19 per cent inSource: Business Line - Home Page | 6 May 2010 | 12:00 am Hexaware Technologies (Rs 83.8): BuyInvestors with a short-term perspective can buy the stock of Hexaware Technologies. The stock's medium-term downtrend that commenced from its long-term resistance level of Rs 100 in December 2009 got arrested around Rs 65 which is also aSource: Business Line - Home Page | 6 May 2010 | 12:00 am Life insurers against taking all ULIP cases to apex courtLife insurance companies are not in favour of SEBI's proposal that all cases relating to unit-linked insurance plans (ULIPs) be heard in the SupremeSource: Business Line - Home Page | 6 May 2010 | 12:00 am Bajaj Auto small-car to focus on performance rather than priceBajaj Auto would focus on delivering “path-breaking performance” with its low-cost small car rather than just concentrate on a low priceSource: Business Line - Home Page | 6 May 2010 | 12:00 am Jagran to buy Mid-Day's print businessJagran Prakashan, the publishers of Dainik Jagran, will take over all the print businesses of Mid-Day Multimedia, which publishes the afternoon tabloidSource: Business Line - Home Page | 6 May 2010 | 12:00 am Oil marketing cos to get Rs 14,000 cr more cash subsidyThe Finance Ministry has agreed to give Rs 14,000 crore more to public sector oil marketing companies (OMCs) for 2009-10 as part of the compensation for the losses incurred by them on sale of domestic LPG and PDSSource: Business Line - Home Page | 6 May 2010 | 12:00 am SBI picks 2 US firms for point-of-sale terminals dealState Bank of India has zeroed-in on two US-based companies - Visa International and Elavon Inc - as joint venture partners for setting up a network of point-of-sale (POS) terminals across the country.Source: Business Line - Home Page | 6 May 2010 | 12:00 am Day Trading GuideAs long as the stock trades below Rs 915, the outlook stays negative for the session. We recommend a sell with stop-loss at RsSource: Business Line - Home Page | 6 May 2010 | 12:00 am Oil holds at $80, Greece woes counter upbeat US economySingapore: Oil hovered near $80 a barrel on Thursday, as expectations of a rosier economic picture for the US are countered by concerns over Greece’s economy. Oil returned most of its gains from earlier Thursday, as Greece’s economic crisis sparked concerns through global markets that it could spread through Europe and beyond. Spooked investors turned to safe havens such as gold and the dollar, pushing their values higher. US crude for June delivery rose 9 cents to $80.06 a barrel by 11:09am. The contract dived more than 3% on Wednesday to below $80 a barrel for the first time in six weeks after US government data showed crude stocks at the key storage hub in Cushing, Oklahoma, rose 1.6 million barrels to a record of 36.2 million barrels. London Brent crude gained 2 cents to $82.63 a barrel. “The market is expected to recover slightly today after sharp declines of $6 to $7 over the past few days,” said Ken Hasegawa, a commodities sales manager at brokerage Newedge Japan. Oil has seen strong support at $79, but prices may be capped at $82 on Wednesday, he said. “We have to be careful how the euro will perform in the next few weeks. There is still room for the euro to further decline against the dollar. Oil could possibly go down further,” Hasegawa added. The euro sank to its lowest level in over a year, falling below $1.28 in Asia and down over 10 percent since the start of the year. Gold priced in euro struck another record at €918.74 on Thursday while the dollar rose 0.09 percent against a basket of currencies. Analysts have said the euro is expected to remain weak as investors remain highly sceptical Greece will be able to carry out the tough austerity measures it promised in return for a €110 billion aid package from the European Union and the International Monetary Fund. News of the death of Nigerian President Umaru Yar ‘Adua may create more uncertainty about the country’s oil production. Nigeria has always been a supportive factor to crude prices as its production is often disrupted by militant attacks on pipelines, but political instability may lend more support to oil, Hasegawa said. Yar Adua’s death may pave the way for the most hotly contested succession since the world’s 15th largest oil producer returned to democracy a decade ago. Analysts are also watching the US jobless claims data due later on Thursday for further confirmation that the economic recovery is on track to boost oil demand. Signs of a recovery in the labour market grew as reports on Wednesday showed job growth among private firms and plans for layoffs falling to their lowest in four years. Latest US weekly oil data showed gasoline demand hit a record high for any April, while diesel consumption has started to recover, analysts at Barclays Capital said in a note. Still, Energy Information Administration data showed gasoline stocks rose 1.2 million barrels to 224.9 million barrels, well above analysts’ forecasts. “It does finally look as if diesel demand is beginning to join the path that the macroeconomic data implied it had to sooner or later,” the bank said. Source: Home - Livemint.com | 5 May 2010 | 11:34 pm UN to Asia: focus on GDP growth, not inflationAsian governments should keep their feet on the stimulus pedal to help spur economic growth, even at the risk of higher inflation, the United Nations said today.Source: HindustanTimes.com - Top Business News Headlines | 5 May 2010 | 11:29 pm Karzai may face hostile audience in US CongressWashington: Once hailed as a hero in the US Congress, Afghan President Hamid Karzai may find the welcome mat a bit smaller when he visits Washington next week. Karzai, whose recent behaviour rankled both US political parties, has some explaining to do if he wants Congress to see him as a credible ally whose government is worth the continued cost of the Afghan war, some US lawmakers say. President Barack Obama has asked Congress to approve $33 billion more to help fund 30,000 additional US forces this year, and $4.5 billion for related foreign aid and civilian operations directed by the state department. But this request is languishing on Capitol Hill amid work on other domestic priorities and scarce budget resources. “He has a major task ahead of him to convince the Congress that he has the capacity and commitment to be a reliable and committed partner in our efforts to defeat Al Qaeda and the Taliban,” Democratic Representative Nita Lowey said. She chairs the House Appropriations subcommittee that oversees spending on Obama’s civilian “surge” in Afghanistan. Back in 2004, lawmakers feted Karzai as the then-interim leader talked of building a new Afghanistan in an address to a joint meeting of Congress, an honour given to few foreigners. More recently Karzai sparked Washington’s ire by accusing Western countries and officials of perpetrating election fraud in Afghanistan, in comments the White House called disturbing and untrue. He also hosted Iranian President Ahmadinejad, no friend of Washington, in Kabul. The Obama administration and Karzai have tried to smooth over their rift. But the Afghan leader, who arrives in Washington on Monday and will also see Obama, can expect to be questioned aggressively by lawmakers. Obama administration officials hope Karzai’s performance is enough to convince lawmakers they should approve the supplemental funds Obama wants for the Afghan war. So far this year, Congress’ Democratic leaders have been in no hurry to do so, letting Obama’s war funding request wait while they work on issues like the economy and healthcare. A small but vocal minority of the Democrats want the US to leave Afghanistan. Questions about elections, corruption Democratic Senator Robert Menendez said Karzai would be pressed over his allegations about last year’s election. “Certainly some of us are going to say to him, how is that you continue to say that in your country, and yet at the same time, you want us to be supportive?” said Menendez, a member of the powerful Foreign Relations Committee. Republican Senator Susan Collins said Karzai should present a clear plan to deal with corruption. “I have a lot of respect for Hamid Karzai, and I recognize the very difficult job that he has, but I’m very disappointed in the degree and extent of corruption, which allegedly involves, extends to even his own brother,” Collins said. Karzai’s half-brother, Ahmad Wali Karzai, is a headache for Pentagon planners charting a major offensive in Kandahar, where he is a provincial council chief. The brother has been accused of amassing a vast fortune from the drugs trade, intimidating rivals and having links to the CIA, charges he denies. Some lawmakers looked at the plus side of the ledger of Washington’s long-time ally. Karzai’s efforts to re-integrate the “lower-level Taliban” deserve support, said Senator Carl Levin, chairman of the Armed Services Committee. “He has taken a very forward-leaning position on that. If anything ... he’s been the accelerator, and we’ve been the brake,” said Levin, a Democrat. “I think people want Karzai to succeed, and I think he has also tried to explain away some of those (controversial) comments as well,” Levin said. Republican Senator Richard Lugar said lawmakers should take a pragmatic approach, noting the US has set a target date of July 2011 for troops to start leaving Afghanistan. Lawmakers should ask Karzai “how much progress he is making in building an army and a police department that is going to be able to govern the country after we leave,” said Lugar, the ranking Republican on the Senate Foreign Relations Committee. “And the rate of progress is extremely important right now given our time of departure,” Lugar said. One area of conflict between lawmakers and the Obama administration has been what they perceive as a lack of concrete details in measuring progress in the eight-year war. House Armed Services Committee chairman Ike Skelton complained on Wednesday about a National Security Council metrics report on the war. “Congress cannot judge progress from glorified press releases,” he said. Source: LatestNews-Home - Livemint.com | 5 May 2010 | 11:26 pm Rupee drops past Rs45/$; profit-taking seenMumbai: The Indian rupee weakened beyond $45 to the dollar on Thursday for the first time in nearly six weeks as losses in domestic shares and the euro’s slide against the dollar weighed. At 10:45am, the partially convertible rupee was at Rs45.15/16 per dollar, after hitting Rs45.1650, its lowest since 31 March, and 0.5% below Rs44.9350/9450 at close on Wednesday. “There is good exporter selling at higher levels which is preventing a further fall for now, but it will depend on how stocks perform going ahead in the day,” a senior dealer with a foreign bank said. Shares were trading down 0.8%, extending their fall to a fourth day, as euro zone debt worries dented global investor sentiment. Capital flows into and out of the stock market are key to the rupee’s fortunes. So far in 2010, foreigners have bought $6.5 billion worth of shares, adding to record inflows of $17.5 billion in 2009. “The Rs45.20-45.30 is a strong area for the rupee and testing the upper-end of this range could have an impact on the near-term direction,” another senior dealer with a private bank said. The dollar index, the measure of the US unit’s performance against six majors was up 0.1 percent and dealers said it would be closely watched for direction. The euro was pinned near one-year lows against the US dollar on Thursday, trying to find its footing after falling through key support levels as concerns about the sovereign debt crisis in the euro zone mounted. One-month offshore non-deliverable forward contracts were quoted at Rs44.30, 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 at 45.2275 and 45.2250 respectively, with the total traded volume on the two exchanges at about $1.9 billion. Source: Home - Livemint.com | 5 May 2010 | 11:20 pm Oil prices could reach USD 100 a barrel: officialOil prices could reach USD 100 per barrel if there were "dramatic" developments in the Gulf or elsewhere, a leading oil official has said.Source: HindustanTimes.com - Top Business News Headlines | 5 May 2010 | 11:13 pm ‘ICICI eyes stake in Bank of Rajasthan’Mumbai: ICICI Bank, India’s No. 2 lender, is in talks to buy a holding in Bank of Rajasthan from the Tayals, who control the small private-sector bank, the Economic Times reported on Thursday. The Tayals, who had about 29% holding at end-December according to the Bombay Stock Exchange data, are also negotiating with other suitors, the newspaper said, quoting unnamed sources. Bank of Rajasthan has a market value of $324 million, and ICICI has indicated it is willing to pay more than the market price for the stake, it said. “There are differences on valuations and talks have not progressed ... a deal could be sometime away,” the paper quoted a senior banker familiar with the negotiations as saying. A spokesman for ICICI refused to comment on the report, while officials at Bank of Rajasthan could not immediately be reached. The Tayals have been under pressure from the central bank, which had appointed consulting firms in March to conduct special audit of the books and accounts of Bank of Rajasthan. Source: Home - Livemint.com | 5 May 2010 | 10:58 pm Rupee depreciate by 17 paise against dollar in early tradeThe Indian rupee depreciated by 17 paise to 45.10 a dollar in early trade today on fund outflows and the US currency's gains overseas.Source: India Business News | Business News - Times of India | 5 May 2010 | 10:52 pm Ajmal Kasab faces death penalty on judgment dayMumbai: The lone surviving terrorist from the 2008 Mumbai attacks that left 166 people dead could be given the death penalty on Thursday when the judge in the trial of the Pakistani gunman passes sentence. Mohammed Ajmal Amir Kasab, 22, described by the prosecution as a “killing machine” and “cruelty incarnate”, was found guilty at a special prison court in the city on Monday after a year-long trial. Public prosecutor Ujjwal Nikam called for the death penalty because of the premeditated nature of the attacks, which saw 10 Pakistan-based terrorists attack hotels, a railway station, a restaurant and a Jewish centre during a 60-hour siege. Kasab was the only gunman caught alive during the assault in November 2008 and the two most serious crimes he was convicted of — murder and waging war against India -- are punishable by hanging. Judge M L Tahaliyani was due to pass sentence after reconvening the court late morning local time (about 11.00 a.m.). Observers said that the death penalty, the expected outcome of the judge’s deliberations, is likely to trigger a lengthy, possibly open-ended, appeal through the Indian courts. The government officially supports capital punishment for what the Supreme Court in New Delhi has called the “rarest of rare” cases but no execution has been carried out since 2004 and only two since 1998. Many pleas for clemency to the President are still pending, including ones from the killers of former Prime Minister Rajiv Gandhi, who was assassinated in 1991, and a Kashmiri separatist who attacked Parliament in 2001. Families of some of the victims have long called for Kasab’s execution, and the clamour for him to be put to death grew louder after Monday’s widely expected guilty verdict. The prosecution had a wealth of evidence against Kasab, including DNA and fingerprints, security camera footage, photographs and hundreds of witnesses. An image of him carrying a powerful AK-47 assault rifle and backpack at Mumbai’s main railway station, where he and an accomplice killed 52 people, has become a defining image of the atrocity. Defence lawyer K P Pawar has argued against capital punishment, suggesting that his client was brainwashed into committing the offences while under the influence of Pakistan-based extremists. There is also a feeling in India that the alleged masterminds of the attacks in Pakistan must be convicted for true justice to be served. The Indian government said the verdict on Kasab sent a strong message to Pakistan not to “export terror” beyond its borders. New Delhi, which suspended peace talks with Islamabad after the attacks, now wants Pakistan to convict the alleged masterminds, namely the founder of the Lashkar-e-Taiba (LeT) militant group, Zakiur Rehman Lakhvi, and key operative Zarar Shah. Source: LatestNews-Home - Livemint.com | 5 May 2010 | 10:51 pm Tintin publishers caught in racism rowLondon: The publishers of cartoon Tintin are facing a civil court case after a man accused them of racism over the depiction of Africans in a 1930s comic strip. Bienvenu Mbutu Mondondo, a Congolese man based in Brussels launched the case over a story in which the beloved schoolboy visits what was then the Belgian Congo, Contactmusic reported. Mondondo has been chasing the writer’s foundation Moulinsart, which looks after author Herge’s works, in criminal courts for the last three years, urging authorities to ban the comic book, titled Tintin in the Congo. But Mondondo launched a civil case on Tuesday in a bid to speed up the suit, naming publishers Casterman as respondents. A Casterman spokesperson argues that the book should not be banned because it was written such a long time ago. “We will appear in court on May 12 after having been named both as editor and distributor (of Tintin in the Congo)... (Mondondo) demands that the album be withdrawn from sale or, failing that, that a warning be inserted... Casterman opposes such a withdrawal. This work was created 80 years ago, it is just a snapshot of the sentiments of the day, (and) is distributed in Europe and Africa without problem,” Valeria Constant, the spokesperson said. Source: LatestNews-Home - Livemint.com | 5 May 2010 | 10:47 pm Facebook glitch exposes chat messagesSan Francisco: Facebook on Wednesday temporarily shut down its online chat feature after a software glitch let people’s friends in the online community see each others’ private chat messages. For a “limited period of time” chat messages and pending friend requests could be made visible to friends, according to Facebook. For peeks at the usually walled-off information Facebook users had to manipulate a “preview my profile” feature in a particular way, according to Facebook. “When we received reports of the problem, our engineers promptly diagnosed it and temporarily disabled the chat function,” a Facebook spokesman said in an email response to an AFP inquiry. “We also pushed out a fix to take care of the visible friend requests.” Chat was back in action for most Facebook users by 1900 GMT. The software glitch struck as the world’s top online social-networking service is increasingly scrutinized regarding the privacy of its users. Slightly more than half of adult users of social networks have posted “risky personal information” such as birth dates or children’s photos to profile pages, according to a Consumer Reports survey titled “Social Insecurity.” The survey indicated that 23% of Facebook’s users “either didn’t know that the site offered privacy controls or chose not to use them.” Facebook has evolved into an online repository for personal information and the company should protect user data as vigilantly as banks treat contents of safe deposit boxes, said Andrew Brandt, lead threat research analyst at computer security firm Webroot. “They shouldn’t be leaving the vault unlocked even for a few hours,” Brandt said, referring to the chat feature glitch. Internet users need to realize that any information they put online can escape into the wild, according to Brandt. “If you have embarrassing photos from spring break that could get you in trouble now or in the future, just don’t put that stuff there,” Brandt said. “Remember that everything that goes on the Internet essentially stays there. Even if Facebook hides it away, that stuff might be retrievable in the future.” Last week, four US senators expressed concern to Facebook over recent changes to the social network that they say compromises the privacy of its more than 400 million users. In a letter to Facebook co-founder Mark Zuckerberg, the senators said they worried that personal information about Facebook users is being made available to third party websites. They also said the Palo Alto, California-based Facebook should make sharing personal information an “opt-in” procedure in which a user specifically gives permission for data to be shared. One of the letter’s signatories, Democratic Senator Charles Schumer, has urged the US Federal Trade Commission to look into the privacy practices of Facebook, MySpace, Twitter and other social networking sites and to issue guidelines on the use of private information. Facebook on 21 April rolled out a series of new features including the ability for partner websites to incorporate Facebook data, a move that would further expand the network’s presence on the Internet. Facebook vice president of global communications Elliot Schrage has been adamant that online privacy is taken very seriously at the company. “These new products and features are designed to enhance personalization and promote social activity across the Internet while continuing to give users unprecedented control over what information they share, when they want to share it, and with whom,” Schrage said. Source: LatestNews-Home - Livemint.com | 5 May 2010 | 10:44 pm Facebook glitch exposes chat messagesSan Francisco: Facebook on Wednesday temporarily shut down its online chat feature after a software glitch let people’s friends in the online community see each others’ private chat messages. For a “limited period of time” chat messages and pending friend requests could be made visible to friends, according to Facebook. For peeks at the usually walled-off information Facebook users had to manipulate a “preview my profile” feature in a particular way, according to Facebook. “When we received reports of the problem, our engineers promptly diagnosed it and temporarily disabled the chat function,” a Facebook spokesman said in an email response to an AFP inquiry. “We also pushed out a fix to take care of the visible friend requests.” Chat was back in action for most Facebook users by 1900 GMT. The software glitch struck as the world’s top online social-networking service is increasingly scrutinized regarding the privacy of its users. Slightly more than half of adult users of social networks have posted “risky personal information” such as birth dates or children’s photos to profile pages, according to a Consumer Reports survey titled “Social Insecurity.” The survey indicated that 23% of Facebook’s users “either didn’t know that the site offered privacy controls or chose not to use them.” Facebook has evolved into an online repository for personal information and the company should protect user data as vigilantly as banks treat contents of safe deposit boxes, said Andrew Brandt, lead threat research analyst at computer security firm Webroot. “They shouldn’t be leaving the vault unlocked even for a few hours,” Brandt said, referring to the chat feature glitch. Internet users need to realize that any information they put online can escape into the wild, according to Brandt. “If you have embarrassing photos from spring break that could get you in trouble now or in the future, just don’t put that stuff there,” Brandt said. “Remember that everything that goes on the Internet essentially stays there. Even if Facebook hides it away, that stuff might be retrievable in the future.” Last week, four US senators expressed concern to Facebook over recent changes to the social network that they say compromises the privacy of its more than 400 million users. In a letter to Facebook co-founder Mark Zuckerberg, the senators said they worried that personal information about Facebook users is being made available to third party websites. They also said the Palo Alto, California-based Facebook should make sharing personal information an “opt-in” procedure in which a user specifically gives permission for data to be shared. One of the letter’s signatories, Democratic Senator Charles Schumer, has urged the US Federal Trade Commission to look into the privacy practices of Facebook, MySpace, Twitter and other social networking sites and to issue guidelines on the use of private information. Facebook on 21 April rolled out a series of new features including the ability for partner websites to incorporate Facebook data, a move that would further expand the network’s presence on the Internet. Facebook vice president of global communications Elliot Schrage has been adamant that online privacy is taken very seriously at the company. “These new products and features are designed to enhance personalization and promote social activity across the Internet while continuing to give users unprecedented control over what information they share, when they want to share it, and with whom,” Schrage said. Source: Tech News - Livemint.com | 5 May 2010 | 10:44 pm Sensex tumbles further on weak global cuesThe 30-share index, which lost 49.18 points in the previous session, fell by 88.43 points, or 0.51 per cent to 16,999.53 points in the first five minutes of trading.Source: HindustanTimes.com - Top Business News Headlines | 5 May 2010 | 10:35 pm Fears of Greek contagion sweep global marketsAthens/Berlin: Greece’s economic crisis sent shivers of fear through global markets on Thursday over concern it could spread like wildfire through Europe and beyond. German Chancellor Angela Merkel said Europe’s fate was at stake. France declared the euro was under speculative attack but said such a move wouldfail. And the Greek government vowed not to retreat a single step despite violence on the streets of Athens. Anxiety the crisis may spread sent stocks tumbling worldwide. The euro sank to its lowest level in over a year, falling below $1.28 in Asia and down over 10% since the start of the year. Japan’s Nikkei average fell more than 3% to its lowest level in nearly two months as the market caught up with the global selloff following a three-day holiday this week. Asian shares outside Japan as measured by the Morgan Stanley Composite Index index dropped 2% and the world stock index has now given up all of its gains so far in 2010 following the steep selloff this week. “The focus stays on the euro as the contagion trade persists,” said JP Morgan in a morning note. “Today’s ECB meeting has grown immensely in importance as the redeployment of some form of credit crisis tools seems increasingly possible.” The European Central Bank holds its monthly meeting later on Thursday and, while it is expected to keep rates unchanged at 1 percent, it is likely to try to assure markets that it can prevent the Greek debt crisis spreading. The cost of insuring Greek, Spanish and Portuguese debt against default has been rising. Moody’s placed Portugal’s credit rating on a three-month review, pointing to a downgrade and pushing the cost of insuring against the country’s default risk to a record high. Greece General Strike Concern that the Greek government will be unable to make all the budget cuts agreed with the EU and IMF over the weekend because of social unrest is one of the drivers of the euro zone turmoil. A general strike shut down Greek airports, tourist sites and public services and about 50,000 demonstrators marched against the planned public spending cuts and tax rises, demanding that tax cheats and corrupt politicians be put on trial. Hundreds of protesters threw stones and bottles at police who responded with tear gas in easily the biggest demonstration since Prime Minister George Papandreou took office last October. Three people, including a pregnant woman, choked to death when rioters set an Athens bank ablaze during a protest against wage and pension cuts that were the price of the €110 billion ($146.5 billion) EU/IMF bailout agreed on Sunday. Greek civil servants will strike again next week to protest against austerity, public sector union ADEDY said. Greek governments have a history of backing away from reforms due to public protests but finance minister George Papaconstantinou stressed that this time would be different. “We are prepared to pay the heavy political cost,” he told parliament during a debate on the austerity bill. “We will not take a single step backwards.” Merkel said the common currency was in the most serious crisis of its 11-year life, and other euro zone countries could be hit unless the Greek rescue succeeds. European monetary affairs commissioner Olli Rehn said the crisis must not spread. “It’s absolutely essential to contain the bushfire in Greece so that it will not become a forest fire and a threat to financial stability for the European Union and its economy as a whole,” he told a news conference. French Prime Minister Francois Fillon said the common currency was under attack from financial speculators. “This is not an attack on Greece but on the euro, and it will fail, for two reasons. Firstly, because the euro zone is solid ... and then because we have demonstrated solid solidarity in favour of Greece,” he told TF1 television. Merkel, whose foot-dragging many analysts have blamed for aggravating the Greek crisis, told parliament the success of the rescue package would determine “nothing less than the future of Europe -- and with it the future of Germany in Europe”. Without the aid, a chain reaction threatened to destabilise the European and international financial system, she said in a debate on approving Berlin’s €22 billion contribution to the emergency loans for Athens, despite German public hostility. One leading economist drew parallels with a past financial crisis which swept through Asia in the late 1990s. “In some respects what is going on in southern Europe right now feels a lot like what went on in southeastern Asia in summer 1997,” said Stephen Roach, chairman of Morgan Stanley Asia. The IMF ended up bailing out Thailand, where the crisis began, along with Indonesia and South Korea. “It’s difficult to stop the bleeding with a package directed at only one country,” Roach said at a bankers’ event in Frankfurt. Despite official denials, many economists are convinced Greece will have to restructure its debt, making private investors take a share of the pain. Papandreou presented an austerity bill to parliament on Tuesday whichforesees €30 billion in new savings. It is expected to pass, but the conservative opposition vowed to vote against it, dooming hopes of a political consensus. So far, demonstrations have been limited to tens of thousands but anger is mounting, with opinion polls showing ordinary Greeks believe they are paying the price of the crisis while tax evasion and corruption go unpunished. Source: Home - Livemint.com | 5 May 2010 | 10:27 pm Yar’Adua: Nigeria’s lacklustre "servant" leader diesAbuja: Umaru Yar’Adua, Nigeria’s third elected civilian president who died Wednesday, was known for his honesty but in the end lacked the strength to tackle the corruption in this oil-rich country. A “servant leader” as the Muslim northerner called himself, his reputation was for financial prudence and accountability, a rare quality among Nigerian politicians. But a lack of drive, charisma and in the end his own physical frailties prevented him from imposing his values on to the country. Yar’Adua came to power in 2007 elections which he himself acknowledged were flawed, accepting criticism from both inside the country and abroad. The country’s Supreme Court nevertheless ruled in December 2008 that he could stay in office, dismissing objections lodged by rival candidates. Yar’Adua had made the rule of law a cornerstone of his campaign, but even before he was elected, there were doubts that he had the physical strength to reform the most populous country in Africa. His health problems dated as far back as the late 1990s when he was governor of his native Katsina state, when he travelled to a German hospital on several occasions. At one time he disappeared for six months for a suspected kidney transplant, according to his predecessor Olusegun Obasanjo. Then in November 2009 the president flew to Jeddah, Saudi Arabia to be treated for what his doctor said was a heart condition. He was flown back home in an air ambulance under the cover of darkness in February and was never seen or heard in public after that. Christian and Muslim clerics who visited him in April would say nothing in public about his condition. Yar’Adua was the first leader to represent Nigeria’s predominantly Muslim north under a arrangement in which power alternates every second election in the ruling Peoples Democratic Party (PDP). Obasanjo had completed a full term for the mainly Christian southerners when he stepped down in 2007. Yar’Adua’s death, short of his first term, throws that arrangement into disarray, threatening to rekindle bitter religious and political rivalries that could shake the unity of Africa’s most populous nation. Yar’Adua, a former chemistry lecturer and one of 19 children of a polygamous father, was plucked from national political obscurity by Obasanjo to run for elections in 2007. He was son of a former minister in the first post-independence government and younger brother to late politician and retired general Shehu Musa Yar’Adua, then second in command under Obasanjo’s military rule. He had eight children, five with his current wife Turai, seen as an influential force behind him. His Katsina State is one of the 12 of Nigeria’s 36 states to have adopted Sharia law. Source: LatestNews-Home - Livemint.com | 5 May 2010 | 10:23 pm Sensex tumbles further on weak global cuesThe Bombay Stock Exchange benchmark Sensex fell further by over 88 points in opening trade today as foreign funds as well as investors continued to sell stocks amid a weakening global trend.Source: India Business News | Business News - Times of India | 5 May 2010 | 10:21 pm No bomb found in truck on New York bridge: policeNew York: No bomb was found in a truck abandoned on New York City’s Triborough Bridge on Wednesday night and the busy roads connecting the boroughs of Manhattan, Queens and the Bronx will reopen shortly, police said. New York Police Department spokesman Paul Browne said the bridge was shut down after a worker on the bridge found the vehicle, a U-Haul rental truck with Arizona license plates, abandoned and smelling of gas. Browne said the police bomb squad X-rayed the vehicle and found it to be empty. The closure of the span, also known as the Robert F. Kennedy Bridge, came days after a failed bomb attack on New York’s Times Square that has heightened security concerns in America’s most populous city. Prosecutors on Tuesday charged Faisal Shahzad, 30, a naturalized US citizen born in Pakistan, with five counts, including attempting to use a weapon of mass destruction and trying to kill and maim people within the United States. He is accused of driving a crude homemade bomb of gasoline, propane gas, fireworks and fertilizer into Times Square on Saturday. New York Police commissioner Ray Kelly said the Times Square plot was the 11th thwarted attack on New York City since hijacked airliners destroyed the World Trade Center’s twin towers on 11 September 2001, killing more than 2,600 people. Source: LatestNews-Home - Livemint.com | 5 May 2010 | 10:14 pm Britain goes to the polls in closest election race for decadesLondon: Britain will go to the polls Thursday in a general election expected to be the closest in decades which, for the first time in more than 30 years, could fail to produce a clear winner. Prime Minister Gordon Brown, opposition Conservative leader David Cameron and Liberal Democrat chief Nick Clegg topped off a month of campaigning Wednesday, rushing round the country to win over undecided voters. Opinion polls on the eve of the election gave the Conservatives a clear lead over Brown’s Labour Party and the Liberal Democrats. But they indicated Cameron’s party would not secure enough votes to form a government alone and easily eject Labour from power after 13 years. This would result in a hung parliament — where no one party has enough seats in the House of Commons to form a government alone — for the first time since 1974. On a hectic final day of campaigning, Cameron undertook a gruelling tour on his battlebus that carried him from Scotland to his final rally in Bristol, southwest England. “Get out tomorrow. Vote for change. Vote Conservative,” he told a cheering crowd. “Vote to give this country the hope, the optimism and the change we need. Together we can build a better, stronger country.” Brown travelled to his native Scotland and issued a last-ditch plea to wavering voters to back Labour as the best party to safeguard the country’s fragile recovery from a deep recession. “At this moment of risk to our economy, at this moment of decision for our country, I ask you to come home to Labour,” he urged a crowd in Dumfries, in the southwest of the country. Britain is struggling to recover from its worst economic downturn since the 1930s and Brown — a former finance minister — has talked up his economic credentials throughout the election race. Clegg urged voters to back him and seize a “once in a generation opportunity to do things differently,” on one of his last campaign stops in Durham, northeast England. “If you give us a chance, if you trust us with your vote, I promise I will do everything I can to make things better for good, to deliver the fairer Britain you want,” he said. Clegg’s party transformed the poll battle into a three-horse race after his assured performance in Britain’s first ever pre-election TV debates. The Lib Dems won a surge of support on the back of his performance, for a while at least propelling them out of their traditional third position into second position ahead of Labour in many surveys. Clegg has been cast as a potential kingmaker in the event of a hung parliament -- one of his larger rivals could win power if the Lib Dems decide to support them. The party’s support among the public appeared to be fading in the final stages of the election race, however. The final newspaper polls Wednesday gave the Conservatives between 35 and 37% support, which represented a clear lead but would still result in a hung parliament. Labour were vying to hold onto second place with the Lib Dems. The governing party scored between 28 and 29% of the vote, with the Lib Dems on 26 to 28%. Britain’s press voiced support for its parties of choice in a series of front-page editorials Thursday. The Conservative-supporting Sun newspaper declared “Our only hope” under a picture of David Cameron. The Mirror, which backs Labour, showed a picture of Cameron during his days at Oxford University, and urged: “Don’t let Cam con you.. vote Labour.” Source: LatestNews-Home - Livemint.com | 5 May 2010 | 10:08 pm Freddie Mac seeks more govt funds; posts Q1 lossWashington/New York: Freddie Mac, the second-largest provider of US residential mortgage funds, on Wednesday asked for an additional $10.6 billion in federal aid after it lost $8 billion in the first quarter. The company warned it would continue to need billions more in government funds because the housing market remains fragile. The loss was $6.7 billion before a $1.3 billion dividend payment on senior preferred stock owned by the US Treasury. Freddie Mac has been struggling to contain losses sustained from its massive exposure to the US housing market, which has suffered its worst downturn since the 1930s. Fearing that losses would harm Freddie Mac’s ability to support housing, the government put the company in conservatorship in September 2008 and late last year pledged unlimited financial backing. Chief executive Charles Haldeman said the company is focused on strengthening its underwriting standards and improving credit quality. “Though more needs to be done, we are seeing some signs of stabilization in the housing market, including house prices and sales in some key geographic areas,” Haldeman said in a statement. “But as we have noted for many months now, housing in America remains fragile with historically high delinquency and foreclosure levels, and high unemployment among the key risks.” Freddie Mac, in a regulatory filing, predicted that US home prices would fall further over the “near term” before any sustained recovery in housing. It said it expects “a significant increase in distressed sales.” The loss of the federal homebuyer tax credit last month, as well as expectations of rising interest rates and high unemployment, will also sap home prices, Freddie said. It said it expects to continue to rely on the government, in part because of changes to accounting rules adopted in 2010. “The size and timing of such draws will be determined by a variety of factors that could adversely affect the company’s net worth,” the firm said. Since late 2008, the Treasury has purchased about $62.3 billion in Freddie Mac senior preferred stock, which is costing about $6.2 billion a year in dividends. The cost of the dividends alone exceeds what Freddie has earned in most years and will likely complicate efforts by Congress to overhaul the shareholder-owned, government-backed business model undone by the financial crisis. Fannie Mae, the larger, government-controlled mortgage finance company, is in a similar position. The Obama administration earlier this month began the process of overhauling the US housing finance system, asking for public comment on what should be done. Treasury secretary Timothy Geithner has said he does not expect any substantive changes to the system until next year at the earliest. Representative Scott Garrett of New Jersey, a consistent critic of both Fannie Mae and Freddie Mac, said the latest figures demonstrate the need to address their future as Congress considers sweeping changes to the US financial system. “Taxpayers are continually losing money on these failed enterprises, and at some point, we must say enough is enough,” Garrett said. Source: Home - Livemint.com | 5 May 2010 | 9:52 pm Pay more to fly abroad this summerPlanning a trip abroad this summer holiday? Be prepared to pay more for your flight tickets. Over the last few days, many airlines have quietly hiked fares — from as low as three per cent to 50 pc, reports Tushar Srivastava. See graphicsSource: HindustanTimes.com - Top Business News Headlines | 5 May 2010 | 2:24 pm Oil PSUs to get Rs 14k cr moreThe government on Wednesday agreed to give an additional Rs 14,000 crore to oil retailers Indian Oil, Bharat Petroleum and HPCL to make up for most of the losses they incurred on selling cooking fuel below cost.Source: India Business News | Business News - Times of India | 5 May 2010 | 2:06 pm Nielsen betting big and bold on IndiaFor global market research giant, The Nielsen Company (Nielsen), the centre of gravity is clearly shifting to India.Source: India Business News | Business News - Times of India | 5 May 2010 | 2:04 pm Dainik Jagran to buy Mid-Day in swap dealJagran Prakashan, the publisher of Hindi daily 'Dainik Jagran', on Wednesday said it will acquire the publication business of Mid-Day Multimedia through a share swap deal.Source: India Business News | Business News - Times of India | 5 May 2010 | 2:02 pm Armani redefines luxury in desert cityItalian designer Giorgio Armani threw open the doors of his first signature hotel in the world's tallest tower in Dubai's Burj Khalifa last week, giving a boost to the city's bid to recover from the troubled economic climate.Source: India Business News | Business News - Times of India | 5 May 2010 | 1:58 pm Huawei says it's strongly rooted in IndiaHuawei Technologies has said it is a "strongly-rooted" Indian company in terms of footprint, localization, commitment and the size of investments it had made in the country.Source: India Business News | Business News - Times of India | 5 May 2010 | 1:56 pm Sensex recovers fast as European stocks reboundThe markets showed a sharp recovery in the last hour of trade on Wednesday following the rebound in Europe and closed with marginal losses.Source: India Business News | Business News - Times of India | 5 May 2010 | 1:54 pm Nitin Nohria: IIT taught him to think out of boxAfter spending four years on the verdant Powai campus of IIT-Bombay, 21-year-old Nitin Nohria surely knew one thing: "I did not want to be a chemical engineer. That is the most important thing I learned in IIT."Source: India Business News | Business News - Times of India | 5 May 2010 | 1:52 pm Global stocks slide on debt concernsStocks fell around the globe, erasing the 2010 gain for the MSCI World Index, and the euro weakened to a 12-month low on concerns that Greeces bailout may have to be extended to other indebted nations.Source: Business Standard | Front Page Headlines | 5 May 2010 | 12:49 pm Jagran buys Mid-Day's publication businessJagran Prakashan Ltd (JPL), the publisher of the countrys most read newspaper, Dainik Jagran, today bought the print business of Mid-Day Multimedia Ltd (MML).Source: Business Standard | Front Page Headlines | 5 May 2010 | 12:48 pm Small car engine ready, says BajajBajaj Auto Managing Director Rajiv Bajaj today said the company has, in partnership with Renault-Nissan, developed Indias most fuel efficient and least-polluting car engine. The engine has been developed for the small car the three companies are together planning to launch in the country in 2012. He also said the car would be priced below Rs 2 lakh.Source: Business Standard | Front Page Headlines | 5 May 2010 | 12:45 pm UK’s Pru delays share sale, hits regulatory snagLondon: British insurer Prudential Plc hit a last-minute regulatory snag in its planned $35.5 billion acquisition of AIG’s Asian unit, forcing it to delay the launch of a bumper cash call and fuelling shareholder concerns. Britain’s largest insurer said it was still in talks with the Financial Services Authority (FSA) over its capital position and would revise the timetable for its combination with American International Assurance, key to helping AIA’s bailed-out US parent AIG repay taxpayer debt. The delay to the issue, a prospectus for which had been promised for Wednesday, raised doubts over how well the bumper deal — orchestrated by Prudential chief executive Tidjane Thiam after only a year in the top job 1 was prepared. “This does make us more anxious, absolutely. It’s shambolic,” one top-10 Prudential shareholder said. “If they cannot get this sorted out, it doesn’t give you a lot of faith in the due diligence across the whole deal. It’s not good — it doesn’t fill you with confidence.” But Prudential said it did not expect the delay to affect the timing for the completion of the transaction, which it still anticipated to occur during the third quarter. Prudential, which stands to become the largest foreign insurer in Asia if the deal goes through, said in a statement it expected to price and launch the $21 billion rights issue once discussions with the FSA are concluded. Level of support Prudential needs 75% of shareholders to back its bid for the deal to go through. Support was thrown into doubt after the insurer’s largest shareholder, Capital Research & Management, voiced misgivings, according to newspaper reports. Prudential did not specify the nature of the FSA’s concerns over the capital position of the enlarged group under the Insurance Groups Directive (IGD), used to measure regulatory capital surplus. The FSA declined to comment. “If (capital) is the issue, it suggests the FSA has changed its mind. Alternatively, perhaps there was something in the proposal that the FSA was not expecting, like a disposal,” said analyst Eamonn Flanagan of brokerage Shore Capital. “It is too early to call the death of the deal,” Flanagan said. “There is shareholder dissatisfaction, but until investors actually have something to vote on, it is too early to talk about the implications of this delay for the wider transaction.” News of the delay helped lift Pru shares in early trade, on relief it could be forced to drop the rights issue, but the stock pared those gains to trade up 0.5% at 561p by 0720 GMT. At that price, Pru is worth just over £14 billion. Analysts at Oriel Securities noted regulatory concerns over capital could also mean a larger rights issue. Source: World Business - Livemint.com | 5 May 2010 | 4:06 am Google, Microsoft, Apple among most discussed tech brandsNew Delhi: Internet search giant Google, software firm Microsoft and technology company Apple are among the most discussed technology brands in India, dominating most of the online conversations, a survey has revealed. The list of top 10 technology brands has been compiled by research firm Edelman, which features Google on the top spot, Microsoft on the second and Apple on the third position. Google and Microsoft secured 45,426 and 19,720 mentions at all monitored conversations, respectively, according to Digital Brand Index (DBI) for India compiled by Edelman in collaboration with Brandtology. Apple is followed by consumer goods maker Sony and Samsung at the fourth and fifth positions, respectively. However, Apple clocked the highest gains in overall online buzz with a 67% rise from last year’s survey followed by Sony’s 60% and 46% of Google in overall conversations. According to the survey, Google is the most discussed technology brand online in India on the back of Google Buzz and Android-related conversations, while Apple got the traction due to launch of iPad, although it is not yet officially available in India. The DBI tracked 1,86,588 online conversations pertaining to 97 large technology brands contained in 552 influential channels between January and March 2010, which saw seven brand being mentioned online every five minutes on an average, Edelman said. The report said there has been a 26% increase in online brand mentions between January and March period of 2010 compared to October-December period of 2009. “We’ve seen great growth of buzz in the digital space across multiple markets since we started the DBI, especially in the micro-blogging area like Twitter,” Brandtology Business Development Director Kelly Choo said. Besides, the index also features online channels which includes influential blogs, forums and online news outlets used for technology related conversations online in a list topped by Twitter India. The survey said that Twitter India has emerged as the “buzziest” communication channel in India with about 79 per cent of the overall conversation share, up from 21% in October-December period of 2009. Among the communication channels, TechArena Community Forums and WAT blog emerged as the key hubs where technology related conversations take place. Other brands on the list include chip maker Intel at the sixth spot, followed by computer firm Dell (7th). Handset makers HTC (8th) and Nokia (9th) were placed on eight and ninth spots, whereas software firm Adobe finished on the tenth spot. Source: Tech News - Livemint.com | 5 May 2010 | 3:57 am
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