RILRNRL legal soap ends, what to expect now?

The much awaited Reliance IndustriesReliance Natural Resources verdict is out. The court has upheld the Production Sharing Contract (PSC) and has redirected the warring factions to the negotiating table.
Source: Moneycontrol Top Headlines | 7 May 2010 | 7:31 am

Not bound by any private pact between cos: Govt

The Supreme Court just gave its verdict that the government will have the final word on private company negotiations. However it ruled in favour of RIL 21. In an interview with CNBCTV18, Mohan Parasaran, Govt Counsel Additional Solicitor General spoke about the supreme courts verdict on the RILRNRL case.
Source: Moneycontrol Top Headlines | 7 May 2010 | 7:16 am

Renegotiated pact has to be inline with other treaties: RIL

The verdict on one of the fiercest corporate battle between the Ambani brothers, Mukesh Ambani’s Reliance Industries (RIL) and Anil Ambani’s Reliance Natural Resources (RNRL) over the supply of gas from the KrishnaGodavari basin is out.
Source: Moneycontrol Top Headlines | 7 May 2010 | 6:36 am

Fix accountability for sabotaging AI merger: Unions!

A group of Air India unions on Friday asked Civil Aviation Minister Praful Patel to fix the accountability on those who are "sabotaging" the airlines merger process and have led to a loss of Rs 18,000 cr in the last three years.
Source: Zee News : Business | 7 May 2010 | 6:26 am

Ambani gas row: Chronology!

Following is the chronology of events surrounding the dispute over supply and pricing of gas from Reliance Industries` eastern offshore KG-D6 fields to Reliance Natural Resources Ltd (RNRL).
Source: Zee News : Business | 7 May 2010 | 6:26 am

No cheap gas for Anil Ambani group, Govt has last word: SC!

In a severe blow to Anil Ambani, the Supreme Court Friday ruled that the government has the last word on pricing and utilisation of national asset.
Source: Zee News : Business | 7 May 2010 | 6:26 am

SC rules in RIL\'s favour: What experts say

The Supreme Court on Friday ruled in favour of billionaire Mukesh Ambani\'s Reliance Industries in a gaspricing dispute with younger brother Anil\'s Reliance Natural Resource, making the price fixed by the government as binding.
Source: Moneycontrol Top Headlines | 7 May 2010 | 6:21 am

Govt stand vindicated: Murli Deora on RILRNRL judgement

Oil Minister Murli Deora welcomed the move and called it a vindication of the Govt\'s stand.
Source: Moneycontrol Top Headlines | 7 May 2010 | 6:10 am

IRB Infra order book crosses Rs 10000cr mark

Construction firm IRB Infrastructure has received a road project worth Rs 1,200 crore from National Highways Authority of India (NHAI).
Source: Moneycontrol Top Headlines | 7 May 2010 | 5:28 am

Supreme Court rules in favour of RIL by 2:1

The verdict on one of the fiercest corporate battle between the Ambani brothers, Mukesh Ambani’s Reliance Industries (RIL) and Anil Ambani’s Reliance Natural Resources (RNRL) over the supply of gas from the KrishnaGodavari basin is out. In its verdict, Supreme Court judge Sathasivam said that RIL and RNRL must renegotiate in six weeks.
Source: Moneycontrol Top Headlines | 7 May 2010 | 5:14 am

Key dates in Ambani brothers\' dispute

The Supreme Court has issued its ruling in the gaspricing dispute between the billionaire Ambani brothers. The fiercest corporate battle till date had rattled investors and raised concerns over the influence of powerful businesses on government policy.
Source: Moneycontrol Top Headlines | 7 May 2010 | 5:00 am

Nitin Nohria to bring in new business ethos: Anand Mahindra

Nitin Nohria is slated to take over as the 10th Dean of Harvard Business School (HBS) from July 1. He is the first foreign born person to be appointed to that position and that to of Indian origin. At the age of 48, he is the youngest dean ever appointed at HBS and is considered as a renaissance business man.
Source: Moneycontrol Top Headlines | 7 May 2010 | 4:58 am

Core Projects raises $75m via FCCBs for capex, acquisitions

in an excluisve interview to CNBCTV18, Nikhil Morsawala, DirectorFinance at Core Projects Technologies, spoke about hsi outlook for the company.
Source: Moneycontrol Top Headlines | 7 May 2010 | 4:48 am

SC verdict on Ambani gas war: Advantage Mukesh - NDTV.com


The Hindu
SC verdict on Ambani gas war: Advantage Mukesh
NDTV.com
The Supreme Court has ruled that the government is the legal owner of gas and has the authority to allocate this gas and decide its prices. In the Ambani vs Ambani gas war, this amounts to Advantage Mukesh. (Read: Court: Govt owns gas, gets to decide ...
No plans now to file review petition in SC: Anil AmbaniHindustan Times
RIL-RNRL verdict: Market experts' opinionsEconomic Times
RIL shines in a depressed marketBusiness Standard
Moneycontrol.com -Forbes -Reuters
all 619 news articles »

Source: Business - Google News | 7 May 2010 | 4:09 am

India wheat, corn futures trade steady - Reuters India


Stock Watch
India wheat, corn futures trade steady
Reuters India
MUMBAI, May 7 (Reuters) - India wheat futures were steady on Friday as support from local demand was offset by pressure from hopes of higher supply, analysts said. "It's trading flat today, but it will continue to go down in the short-term as higher ...
Wheat prices drop on extra allocation on PDSEconomic Times
Australian Wheat Exports +20% In March But Sluggish -AnalystWall Street Journal
: Wheat products export extendedFinancial Express
Weekly Times Now -Stock Watch -Financial Express Bangladesh
all 16 news articles »

Source: Business - Google News | 7 May 2010 | 3:51 am

Spill backlash could lift drilling cost, oil price - Moneycontrol.com


The Guardian
Spill backlash could lift drilling cost, oil price
Moneycontrol.com
A bill of more than USD 10 billion to clean up oil gushing from BP's US Gulf well could be small compared to costs the disaster adds to producing oil offshore in coming years, enough to push world oil prices higher. As regulators, oil companies and ...
BP hopes giant steel dome will stem US Gulf leakReuters
Containment dome lowered at oil leak siteCNN
Foreign oil firms not to be trusted, Palin claimsVancouver Sun
ABC Online -New York Times -The Associated Press
all 17,894 news articles »

Source: Business - Google News | 7 May 2010 | 3:35 am

ADAG not to seek review of SC verdict on RIL-RNRL gas row

ADAG chairman Anil Ambani on Friday said his group had no immediate plans to seek review of the Supreme Court verdict that rejected cheap gas to group firm RNRL from Mukesh Ambani-led RIL.
Source: India Business News | Business News - Times of India | 7 May 2010 | 3:33 am

RIL may sell gas to RNRL at $4.20 for a short duration

New Delhi: Mukesh Ambani-led Reliance Industries on Friday said it may sell gas from its KG-D6 fields to RNRL at $4.20 per mmBtu if the government allocates fuel to the Anil Ambani Group firm.
It also said the tenure of gas supply will have to be drastically cut from 17 years as being sought by RNRL.
Soon after the Supreme Court ruled that the private Ambani family MoU cannot over-ride the government’s right to fix price and approve utilization of gas and asked the two firms to renegotiate fuel supply, RIL executive director P.M.S. Prasad said the terms of supply would have to be guided by government’s pricing and utilization policy.
“The price will be what government has fixed... supplies will be subject to government allocating the fuel (to RNRL or its affiliate company) and the tenure of supply will have to be in line with development plan approved for the KG-D6 fields,” he said.
In the 2005 family MoU and the January 2006 Gas Supply Master Agreement (GSMA), RIL was to supply 28 million standard cubic meters per day of gas to RNRL for 17 years at USD 2.34 per million British thermal unit.
The gas was sought by RNRL to fire its proposed 7,800 MW power plant in Dadri, Uttar Pradesh.
However, the government in September 2007 approved a price of $4.20 per mmBtu and prioritised existing fertilizer and power plants. Future plants like the proposed Dadri power plant of Anil Ambani group near Delhi was to be considered for allocation when the plant comes up.
Prasad said RIL would renegotiate the GSMA in line with the government policy. “The price will have to be $4.20 per mmBtu and the tenure shorter.”
Dhirubhai-1 and Dhirubhai-3 field in KG-D6 block, which have been in production since April last year, have been approved to produce for nine years and supplies to customers including RNRL or its affiliate would have to be in line with the approved plan.
The Dadri plant may not come before three years and practically supplies cannot be for more than five years.
Prasad said the Supreme Court has upheld the company’s position that government has a right to approve the price of gas and fix its customers.
“It is a total vindication of what RIL has been saying all along that this gas sector is regulated by the government and we have to work within the ambit of the government policies,” he said.
“Gas utilisation policy and prioritisation of customers is beyond doubt and that has been upheld by the Supreme Court and we have to work within the ambit of this policy.”
He said the court has also said that Ambani family MoU was not legally binding on RIL.

Source: Home - Livemint.com | 7 May 2010 | 3:32 am

Rupee off 2-mnth low as dlr drops vs majors

MUMBAI (Reuters) - The rupee recovered from the day's lows in afternoon trade on Friday helped by some recovery in domestic shares and boosted by the dollar's losses against major currencies.

Source: Reuters: Money News | 7 May 2010 | 3:29 am

Q+A: What does Ambani gas row ruling mean?

MUMBAI (Reuters) - Supreme Court on Friday backed billionaire Mukesh Ambani in a gas pricing dispute with his younger brother Anil -- a ruling that could have far-reaching implications on energy policy for Asia's third-largest economy.

Source: Reuters: Money News | 7 May 2010 | 3:28 am

BP hopes giant steel dome will stem U.S. Gulf leak

VENICE, Louisiana (Reuters) - BP Plc engineers were expected to lower a massive metal containment chamber onto a ruptured oil well in the Gulf of Mexico on Friday in an effort to stem the widening slick.

Source: Reuters: Money News | 7 May 2010 | 3:25 am

RIL-RNRL must renegotiate in 6 weeks: SC

New Delhi: The Supreme Court on Friday ruled in favour of billionaire businessman Mukesh Ambani in a long-running dispute with his brother over the country’s largest gas find, effectively giving the government control to set gas prices.
The feud between India’s richest brothers has raised concerns about the influence of big business on government policy, and the ruling by a three-judge panel is expected to have far-reaching implications on energy policy in Asia’s third-largest economy.
Also See | Timeline: Ambani vs Ambani
“It has brought more clarity as far as policy is concerned that the government is the owner of the gas and has the power to decide prices,” said S C Tripathi, former secretary at the petroleum ministry.
“This makes government’s role more predominant, but votaries (those in favour) of economic liberalization may consider this a step backward.”
The court ordered the brothers -- who have a combined fortune of around $43 billion -- to renegotiate within six weeks a 2005 gas contract between Mukesh’s Reliance Industries and the younger Anil Ambani’s Reliance Natural Resources (RNRL).
Anil, wearing a pink shirt and dark trousers, was in the packed courtroom to hear the ruling, but Mukesh did not attend.
Shares in the two companies gyrated wildly as rumours about the judges’ ruling swept through the markets.
Reliance Industries gained nearly 5%, while RNRL shares lost more than a quarter of their value, dropping to a 13-month low of Rs50.
The two brothers inherited their business empires from their father Dhirubhai Ambani in 2005, with Mukesh, 53, getting the jewel -- Reliance Industries, which has interests in oil and gas exploration, petrochemicals, infrastructure and textiles. Anil, 50, got the telecom, power and financial services businesses.
“There will be a severe impact on RNRL profits in the June quarter as they are only in the business of gas distribution. Anil Ambani will have to think of other business propositions,” said R K Gupta, managing director at Taurus Mutual Fund.
“(The ruling) is positive not only for RIL, but also for Indian capital markets.”
Clarity on Pricing
The gas row involves terms of the 2005 agreement under which Reliance Industries was to supply RNRL with 28 million standard cubic metres a day (mmscmd) of gas for 17 years at a rate below the government-set price.
The brothers signed up to that deal, but Mukesh, the world’s fourth-richest man, later said it was subject to government approval.
Anil disagreed and took out front-page advertisements in major newspapers accusing the government of siding with Reliance Industries, India’s largest-listed company with a market value of about $74 billion.
Giving the government control over gas and oil prices will allow it to raise more in royalties as it will get a slice of producers’ sales. The government has wanted to assert its influence over energy supplies and the control the Ambani’s had on pricing was seen as obstructing this.
The row centres on the Krishna Godavari basin off the east coast, operated by Reliance Industries, and which is a find that could nearly double India’s gas output when production is at full throttle at 80 mmscmd.
Under the 2005 deal, Reliance Industries agreed to supply RNRL’s power plants with gas at almost half the government-set rate of $4.2 per million metric British thermal unit (mmBtu).
Energy-hungry India, which wants to reduce its dependence on foreign oil and become a new frontier for oil and gas exploration, has showcased the Krishna Godavari discovery to attract foreign investors.
But analysts have warned that the Ambani dispute was putting off foreign investors, with government interference in pricing and marketing of gas raising the investment risk in a politically sensitive resource.
According to Forbes magazine, Mukesh Ambani is worth $29 billion, while Anil ranks as the world’s 36th richest, worth $13.7 billion.

Source: Home - Livemint.com | 7 May 2010 | 3:23 am

What does Ambani gas row ruling mean?

Mumbai: The Supreme Court on Friday backed billionaire Mukesh Ambani in a gas pricing dispute with his younger brother Anil -- a ruling that could have far-reaching implications on energy policy for Asia’s third-largest economy.
What does the verdict mean?
It gives the government control over pricing and marketing of a politically sensitive resource. The state-set price of $4.2 per million metric British thermal unit (mmBtu) will be binding. The price is unlikely to rise or fall because of the ruling.
For Mukesh Ambani-controlled Reliance Industries, India’s most valuable listed company, it will mean billions of dollars in potential profits on gas sales from the Krishna Godavari basin off the east coast, which it operates.
Also See | Timeline Ambani vs Ambani
The field is India’s biggest gas find and should nearly double the nation’s gas output when production is at full throttle at 80 million standard cubic metres a day (mmscmd).
Anil Ambani’s Reliance Natural Resources, which wanted Reliance Industries to honour a private deal to supply 28 mmscmd of gas for 17 years at $2.34, will have to renegotiate a new agreement at almost double the price.
This will inevitably impact plans for Anil Ambani Group’s power business, including projects being built by Reliance Power.
What does it mean for foreign investors?
Energy-hungry India wants to reduce its dependence on foreign oil and become a new frontier for oil and gas exploration, and has showcased the Krishna Godavari discovery to attract foreign investment.
Giving the government control over pricing could, however, put off overseas investors looking for more marketing freedom to pump in the billions of dollars needed for exploration.
Anil Ambani had earlier said the petroleum ministry’s efforts to control the pricing and sale of gas was the reason for a poor response to the government’s auction of oil and gas exploration blocks last year.
What is the outlook for shares?
Shares in Reliance Industries rose almost 5% after the ruling. Analysts see the stock, which has a market value of $74 billion, gaining about 10%. The shares had dropped 7% this year through Thursday, compared with a 2.7% fall on the main index.
Reliance Natural shares slumped more than 25% on worries it will not get access to relatively cheap gas, which could then be used to fuel projects by group companies. The shares had risen almost 10% since 27 April through Thursday amid growing speculation it could win.
Who are the Ambani brothers?
Mukesh, 53, is the world’s fourth-richest man, worth $29 billion, according to Forbes magazine. He controls India’s largest listed firm, Reliance Industries, which has interests in oil and gas exploration, petrochemicals, infrastructure and retail.
Anil, 50, is worth an estimated $13.7 billion. He received the telecom, power, and financial services interests of the Reliance empire after it was split in 2005 following the death of their father Dhirubhai Ambani, who built Reliance from scratch.
The Anil Dhirubhai Ambani Group includes India’s No.2 telecom firm, Reliance Communications, and Reliance Infrastructure. The brothers have squabbled frequently since the group’s split, before which Mukesh was chairman and managing director of Reliance Industries, and Anil vice-chairman. In 2008, Reliance Communications called off merger talks with South Africa’s MTN after Mukesh made a claim on the shares of Anil’s telecom firm.

Source: Home - Livemint.com | 7 May 2010 | 3:08 am

Gulf spill will "forever" change drilling - BP exec

BOSTON (Reuters) - The explosion and sinking of a BP Plc oil rig and subsequent massive oil spill will "forever" change the offshore drilling industry, a top executive with the London-based oil giant said on Thursday.

Source: Reuters: Money News | 7 May 2010 | 3:07 am

Panasonic back in Q4 profit, outlook misses consensus

Operating profit at the world's No4 flat TV maker behind Samsung Electronics Co, Sony Corp and LG Electronics, was 60.6 billion yen ($667.6 million) in January-March.
Source: Daily News & Analysis: Money News | 7 May 2010 | 3:05 am

Nuke liability bill introduced in Lok Sabha

New Delhi: The controversial bill that provides for payment of compensation in the event of a nuclear accident was introduced in the Lok Sabha on Friday amid protests and walkout by opposition NDA and Left parties which termed it as “illegal” and “unconstitutional”.
The Civil Liability For Nuclear Damage Bill, 2010, whose passage is a key requirement for operationalization of the Indo-US nuclear deal, was moved by minister of state in the PMO Prithviraj Chavan after a clash between ruling and opposition members.
The bill provides for the maximum liability of Rs500 crore on the part of the operator in the case of a nuclear accident, a provision that is the main cause of opposition by the NDA and Left parties.
As Chavan sought permission to introduce the bill, CPI(M) members Basudeb Acharia and Ramchandra Dome, BJP leaders M.M. Joshi and Yashwant Sinha and CPI leader Gurudas Dasgupta said the proposed legislation would violate Article 21 of the Constitution, a fundamental right that guarantees right to life.
They said the bill also compromises the right of victims to approach courts for enhanced compensation.
Amid cries of “shame, shame” from BJP members, Sinha alleged the proposed legislation was being introduced under the US pressure.
Leader of Opposition Sushma Swaraj said her party had conveyed to Prime Minister Manmohan Singh that the bill should be amended but the government was “adamant” on introducing it in the present form.
Finance minister Pranab Mukherjee, along with parliamentary affairs minister Pawan Kumar Bansal, argued the members could not speak on the merits of the bill at the introduction stage and could only talk about legislative competence of the House on taking up the proposed legislation.
Significantly, Samajwadi Party chief Mulayam Singh Yadav and RJD leader Lalu Prasad, who had opposed the bill in March when the first attempt was made to introduce it, this time appeared to be siding with the government.
Yadav, who along with Prasad met Mukherjee last evening, was even seen apparently trying to convince Acharia about the bill.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 3:05 am

Reuters Summit - U.S. doesn't fear Chinese competition in Americas

WASHINGTON (Reuters) - The United States does not see China's growing influence in Latin America as a threat to Washington's role in the region or the competitiveness of U.S. companies there, Daniel Restrepo, President Barack Obama's top Latin American adviser, said on Thursday.

Source: Reuters: Money News | 7 May 2010 | 3:03 am

RIL may sell gas to RNRL at $4.20, but for shorter duration

RIL executive director PMS Prasad said that the terms of supply would have to be guided by government's pricing and utilisation policy.
Source: Daily News & Analysis: Money News | 7 May 2010 | 2:58 am

India's Akshaya Tritiya gold sales seen halving - Economic Times


India's Akshaya Tritiya gold sales seen halving
Economic Times
MUMBAI: India's gold sales for the critical Akshaya Tritiya festival this month may drop by more than half as prices stay close to their lifetime highs, a senior official at the country's biggest industry association told Reuters. ...
India gold demand remains weak for sixth sessionReuters India

all 12 news articles »

Source: Business - Google News | 7 May 2010 | 2:56 am

Reliance Industries wins gas ruling

NEW DELHI (Reuters) - The Supreme Court ruled in favour of billionaire businessman Mukesh Ambani in a long-running dispute with his brother over the country's largest gas find, effectively giving the government control to set gas prices.

Source: Reuters: Money News | 7 May 2010 | 2:54 am

Bank Of India Q4 net profit down at Rs 427.9 cr - Moneycontrol.com


Business Standard
Bank Of India Q4 net profit down at Rs 427.9 cr
Moneycontrol.com
Bank Of India has announced its fourth quarter results. The company's Q4 NII was up at Rs 1551.7 crore versus Rs 1433.4 crore, year-on-year, YoY. Its net profit was down at Rs 427.9 crore versus Rs 810.4 crore, year-on-year, YoY. ...
Bank stays ahead, more upside seenEconomic Times
Punjab National Bank Q4 profits surge 31%Hindu Business Line
PNB: Watch out for the thornsBusiness Standard
Rupee Times -India Infoline.com -Financial Express
all 45 news articles »

Source: Business - Google News | 7 May 2010 | 2:30 am

World stocks selloff snowballs

LONDON (Reuters) - World stocks extended sharp falls on Friday while government bonds rose as a global rout triggered by fears of contagion from the euro zone debt crisis prompted investors to dump risky assets.

Source: Reuters: Money News | 7 May 2010 | 2:12 am

Nintendo to beef up piracy measures in 3D machine

Tokyo: Nintendo’s president said Friday that anti-piracy measures will be beefed up in its planned handheld game device with 3D technology in a move to guard against software theft.
Nintendo Co. president Satoru Iwata was otherwise tightlipped about the machine, which the Japanese game-maker said in March will be shown at the E3 trade show in Los Angeles next month.
It’s set to go on sale sometime in the fiscal year through March 2011, according to the Kyoto-based maker of Super Mario and Pokemon games.
The problem of piracy is serious, especially in Asia and Europe, and contributed to the recent drop in game software sales in Europe, Iwata said at a Tokyo hotel.
But he declined to go into details on the planned measures, saying such comments will merely give “hints” to the culprits. Iwata was also concerned people were becoming more tolerant of piracy.
“We fear a kind of thinking is become widespread that paying for software is meaningless,” he said. “We have a strong sense of crisis about this problem.”
Nintendo is banking on a new DS-type handheld with 3D capabilities that doesn’t require special glasses to spur new growth in the gaming industry. But analysts are withholding judgment because no one has yet seen the machine.
Iwata acknowledged people were already worried about the possible health effects of 3D gaming, such as on children’s eyesight.
He promised it will be easy to turn off the 3D function on the new machine, allowing people to play games, with or without 3D.
Nintendo’s earnings dropped for the fiscal year ended 31 March, battered by a price cut for the Wii home console and sliding global sales despite some signs of recovery in year-end sales, sending Nintendo stock tumbling on the Tokyo Stock Exchange. Nintendo shares closed Friday down 9% at ¥27,800 ($302).
It is forecasting sales to fall 2.4@% and profit to slide 12.5% for the fiscal year through March 2011.
The company expects to sell 18 million Wii machines during the year following sales of 20 million for the previous year.
Iwata noted Japanese media reports on Wii sales’ losing momentum following the earnings report Thursday. But he stressed that 20 million and 18 million were both good numbers and a “high hurdle” as a sales record to beat.
“I’m not pessimistic, and this is not a pessimistic forecast,” he said.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 2:03 am

Nintendo to beef up piracy measures in 3D machine

Tokyo: Nintendo’s president said Friday that anti-piracy measures will be beefed up in its planned handheld game device with 3D technology in a move to guard against software theft.
Nintendo Co. president Satoru Iwata was otherwise tightlipped about the machine, which the Japanese game-maker said in March will be shown at the E3 trade show in Los Angeles next month.
It’s set to go on sale sometime in the fiscal year through March 2011, according to the Kyoto-based maker of Super Mario and Pokemon games.
The problem of piracy is serious, especially in Asia and Europe, and contributed to the recent drop in game software sales in Europe, Iwata said at a Tokyo hotel.
But he declined to go into details on the planned measures, saying such comments will merely give “hints” to the culprits. Iwata was also concerned people were becoming more tolerant of piracy.
“We fear a kind of thinking is become widespread that paying for software is meaningless,” he said. “We have a strong sense of crisis about this problem.”
Nintendo is banking on a new DS-type handheld with 3D capabilities that doesn’t require special glasses to spur new growth in the gaming industry. But analysts are withholding judgment because no one has yet seen the machine.
Iwata acknowledged people were already worried about the possible health effects of 3D gaming, such as on children’s eyesight.
He promised it will be easy to turn off the 3D function on the new machine, allowing people to play games, with or without 3D.
Nintendo’s earnings dropped for the fiscal year ended 31 March, battered by a price cut for the Wii home console and sliding global sales despite some signs of recovery in year-end sales, sending Nintendo stock tumbling on the Tokyo Stock Exchange. Nintendo shares closed Friday down 9% at ¥27,800 ($302).
It is forecasting sales to fall 2.4@% and profit to slide 12.5% for the fiscal year through March 2011.
The company expects to sell 18 million Wii machines during the year following sales of 20 million for the previous year.
Iwata noted Japanese media reports on Wii sales’ losing momentum following the earnings report Thursday. But he stressed that 20 million and 18 million were both good numbers and a “high hurdle” as a sales record to beat.
“I’m not pessimistic, and this is not a pessimistic forecast,” he said.

Source: Tech News - Livemint.com | 7 May 2010 | 2:03 am

Pay Monthly Charge, Get Unlimited Talktime - Techtree.com


TelecomTiger
Pay Monthly Charge, Get Unlimited Talktime
Techtree.com
Reliance Communications has announced new packages for its existing as well as new CDMA customers, offering much cheaper call rates. Under the new plan, called Simply Unlimited CDMA Offer, Reliance Communications is launching two calling packs. ...
RCom to offer unlimited local, STD call schemesBusiness Standard
Reliance to come up with unlimited local, STD call schemesEconomic Times
RComm to offer monthly unlimited plansFinancial Express
Moneycontrol.com -Livemint -India Today
all 44 news articles »

Source: Business - Google News | 7 May 2010 | 1:58 am

Reliance Natural shares plunge more than 25%

India's Supreme Court on Friday ruled in favour of billionaire Mukesh Ambani, who controls Reliance Industries, in the dispute, closing a chapter on a five-year battle.
Source: Daily News & Analysis: Money News | 7 May 2010 | 1:35 am

Verdict vindicates govt stand on gas ownership, says Deora

New Delhi: Oil minister Murli Deora, who faced flak for intervening in the gas dispute between the Ambani brothers, on Friday welcomed the Supreme Court verdict saying the government stand that gas belongs to the nation has been vindicated.
Immediately after the Supreme Court upheld the government’s right to fix price of gas and decide its utilization, Deora said: “SC verdict upholds the fact that gas belongs to the government and the people of the country and that is what we have been saying.”
The court said the Ambani family MoU seeking to divide gas between Reliance Industries and Reliance Natural Resources Ltd was not binding, both legally and technically.
“I welcome the verdict. No matter what campaign one ran against the government, the nation is supreme,” he said without naming Anil Ambani group which had cast aspersions on his ministry for allegedly siding with Mukesh-led RIL.
In the mid of the court battle, the government had also moved the Supreme Court asserting its sovereign right on pricing and utilization, even as RIL said that it had fixed the gas price at $4.20 per mmBtu as per the government policy.
The government’s intervention in the matter had made Deora the target of Opposition parties’ attack both inside and outside Parliament.
Anil Ambani group had carried front page advertisements in newspapers, accusing Deora’s ministry of trying to bailout RIL from its obligation under the Ambani family MoU to supply 28 mmscmd of gas to RNRL at a price of $2.34 per mmBtu.

Source: Home - Livemint.com | 7 May 2010 | 1:32 am

RIL-RNRL gas dispute: RNRL stock plunges more than 25%

Shares in Reliance Natural Resources tumbled more than a quarter on Friday afternoon after the Supreme Court delivered a verdict against the company in a gas dispute.
Source: India Business News | Business News - Times of India | 7 May 2010 | 1:30 am

Akshaya Tritiya gold sales seen halving

MUMBAI (Reuters) - India's gold sales for the critical Akshaya Tritiya festival this month may drop by more than half as prices stay close to their lifetime highs, a senior official at the country's biggest industry association told Reuters.

Source: Reuters: Money News | 7 May 2010 | 1:28 am

Govt stand vindicated: Deora on RIL-RNRL case verdict

"I welcome the verdict. No matter what campaign one ran against the government, the nation is supreme," oil minister Murli Deora said.
Source: India Business News | Business News - Times of India | 7 May 2010 | 1:22 am

AMD chips to be in many more computers this summer

The company's latest microprocessors are expected to be included in 109 mainstream laptop models in the coming months.
Source: Daily News & Analysis: Money News | 7 May 2010 | 1:17 am

Citi, BofA among shortlisted for Coal India IPO

Citigroup, Bank of America Merrill Lynch and Deutsche Bank are among the six banks that have been shortlisted for bookrunning a $2.7 billion state-run Coal India's IPO.
Source: Daily News & Analysis: Money News | 7 May 2010 | 1:14 am

Reliance Krishna-Godavari gas dispute

Following is the chronology of events surrounding the dispute over gas from the Krishna-Godavari basin, off the Andhra Pradesh coast, between the Anil Ambani group and his elder brother Mukesh Ambani-led Reliance Industries:

February 1999: A consortium led by Reliance Industries, under the chairmanship of Dhirubhai Ambani, emerges as the winner of a global auction for an exploration block in the basin, called KG-DWN-98-3, or the KGD6.


Source: HindustanTimes.com - Top Business News Headlines | 7 May 2010 | 1:13 am

American citizenship a privilege, not right, says Clinton

Washington: US secretary of state Hillary Clinton on Friday indicated that the State Department would look into the possibilities of revoking Times Square bomb suspect Faisal Shahzad’s citizenship under existing laws.
“I understand the desire behind the recommendation from some members of Congress. Clearly, United States citizenship is a privilege. It is not a right,” Clinton said in response about the legislation proposing to revoke the citizenship of US nationals who were members of foreign terrorist organizations.
“People who enter into such citizenship through naturalisation swear to uphold their duties to our Constitution. And people who are serving foreign powers - or in this case, foreign terrorists - are clearly in violation, in my personal opinion, of that oath which they swore when they became citizens. So we’re going to take a hard look at this,” Clinton said.
“With respect to the question about whether or not the citizenship of someone who is involved in terrorism should be revoked, the department has what’s called expatriation authority under statute,” she said.
Clinton said that the State Department would certainly take a “hard look” at the legislation which was earlier exercised in the past.
The proposed legislation, even if it becomes a law, could not be implemented on Shasta as the incident had happened before the law would come into effect.
The US Congress in 1940 had adopted a law to create several categories that the State Department could use to revoke an American citizenship.
As the statute, which has been amended several times, currently stands, it contains seven categories of expatriating acts.
One of those is the, quote, “entering or serving in the armed forces of a foreign state if such armed forces are engaged in hostilities against the United States.”
The existing law, which is 18 USC Section 1481, was upheld as constitutional by the Supreme Court of the United States in 1980 in a case called Vance vs Terrazzos, Senator Joe Lieberman said at a separate news conference.
“During World War II, this law would have applied to an American citizen who voluntarily joined the German or Japanese armies to fight against our troops in Europe or the Pacific. I believe it would have been evident to all that an American citizen who took up arms against the US during World War II had no interest in being a citizen of our country any longer, and should not be,” he said.
The “unconventional” war against enemies, like foreign terrorist organisations such as Al Qaeda or the Taliban, needed such act as these elements were committed to attack America, the Senator added.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 1:07 am

UK Conservatives seen largest party but no majority

London: Britain’s opposition Conservatives look on course to be the largest party in parliament after the closest election in three decades, but without a clear majority, leaving it uncertain who will eventually run the country.
With 80 percent of results declared by early Friday, the centre-right Conservatives had 263 seats to the ruling Labour party’s 200. Conservative leader David Cameron said it was clear the ruling Labour party “had lost its mandate to govern”.
However, Labour politicians stressed Britain’s constitution gave current Prime Minister Gordon Brown the right to try to form a government first. He would struggle to do so with the third-placed Liberal Democrats, however, since their combined forecast seats would still be short of a majority in parliament.
The prospect of the first inconclusive election since 1974 and uncertainty about who would form the next government is likely to trouble already febrile financial markets.
Focus will switch on Friday to which parties enter into talks with one other. They will be assisted by civil servants who have prepared briefing documents outlining key elements of party proposals and their costs.
A sense of confusion was heightened by reports that hundreds of voters had been turned away from crowded polling stations across the country when voting ended at 2100 GMT.
Results from the 650 seats rolled in against a backdrop of global market turmoil following a huge sell-off on Wall Street and the fall-out from the Greek debt crisis.
The pound slumped against the dollar, while equity futures tumbled and gilt futures soared, with markets fretting over the uncertainty but more concerned by turmoil on other exchanges.
Minority government?
An exit poll, which surveyed around 20,000 people out of around 45 million Britons eligible to vote on Thursday, suggested the centre-right Conservatives were likely to win 305 seats and Labour 255 seats in the lower House of Commons, both short of the 326 needed for a majority.
It put the Liberal Democrats, who had been expected to perform strongly, on 61 seats — surprisingly down two on their current number in parliament.
“I still think the exit poll is a good guide, but we shall have to wait until 6 or 7 a.m. before making a judgment,” said Andrew Hawkins, chairman of polling firm ComRes.
Most seats showed a swing in support to Conservatives but, if repeated nationally, not all of sufficient size to give the party an overall majority.
Notable losses for Labour included former cabinet ministers Charles Clarke and Jacqui Smith, while Northern Ireland’s first minister, Peter Robinson, of the Democratic Unionist Party, was the highest profile casualty of the night. Gainers included the Greens, who won their first ever parliamentary seat.
Britain’s constitution dictates that Labour’s Brown gets the first chance to form a government, but analysts said the most likely scenario was a Conservative minority government.
“(It will lead to) almost certainly a minority government led by Cameron. Cameron is going to try and get policy programmes into place, demonstrate his competence and then call a second election this autumn or next spring,” said Mark Wickham-Jones, professor of political science at Bristol University.
Cameron said he would be guided by national interest in decisions made over the coming hours. However, he also said: “I believe it is already clear that the Labour government has lost its mandate to govern our country”.
The next government will have to deal with a record budget deficit running in excess of 11% of national output, and demands for political reform following a parliamentary expenses scandal last year which left Britons disgusted with lawmakers.
Markets fear a stalemate could lead to political paralysis, hampering efforts to tackle the nation’s spiralling debt and secure recovery from the worst recession since World War Two.
Independent think-tanks have accused all the parties of failing to be open with voters about the scale of cuts that will be needed to restore public finances, meaning any government could face a plunge in popularity early on once cuts begin.
“This might be the election you want to lose and win the next one,” said Wayne Anderson, 42, who works at a brokerage in London. “It could be a poisoned chalice with a small majority or minority. It would be more difficult to make decisions in a hung parliament.”
A series of three US-style leaders’ television debates, a first for UK politics, energised campaigning and boosted turnout.
However, the higher turnout caused problems in some constituencies, with voters turned away from busy polling stations because election officials were unable to cope with a paperwork prompted by a late surge.
Britain’s electoral watchdog said it had launched an investigation, raising the possibility of legal challenges to some results.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 1:07 am

What happens if no party gets a majority in UK election?

London: Results from the British general election indicate that no party is likely to have an overall majority, meaning the country will have its first “hung parliament” since 1974.
Below are answers to some key questions about this scenario:
What is a hung parliament?
A hung parliament is one in which no party has more than half of MPs in the House of Commons, meaning it needs the support of other parties to pass legislation.
In other countries and systems, it is also called a balanced parliament or one with no overall control. Britain has not had a hung parliament since 1974.
The opposition Conservatives were forecast on Friday to be the largest party after the closest election in three decades, but falling short of a clear majority in parliament.
An exit poll suggested the centre-right Conservatives were likely to win 305 seats and Labour 255 seats, both short of the 326 needed for a majority.
What happens if the election results in a hung parliament?
The current government remains in power as a caretaker government until it is clear who will form the next government. Parties try to muster sufficient support from smaller groups to command confidence in the House of Commons.
Tradition dictates that the incumbent government — in this case, Labour — has the first shot at trying to form an administration.
If neither the Conservative nor Labour parties has an absolute majority, they may seek to do a deal with the third largest Liberal Democrats or with smaller, nationalist parties such as Wales’ Plaid Cymru or the Scottish Nationalists.
Civil servants facilitate discussions.
Coalition or minority government?
The UK has very little history of coalition government and deciding which parties should hold which cabinet posts could take time and add to uncertainty about the final outcome. This is likely to unsettle markets.
A minority government — which seeks support from parties on individual bills — may be more likely.
The Institute for Government, an independent think tank, notes that minority governments in other countries have succeeded in governing effectively. A minority Canadian government implemented universal healthcare in the 1960s; in Sweden the country’s severe budget crisis of the early 1990s was brought under control by a minority government.
How long will it take?
Negotiations can take a few days to a few weeks although the Queen’s Speech, which sets out the government’s legislative programme and is scheduled for May 25, is considered to be the cut off point. While the make up of the government remains uncertain, financial markets are expected to remain under pressure.
After the February 1974 election a minority Labour government was formed four days after the election, after a failed attempt to form a Conservative-Liberal coalition.
Might a second election follow swiftly?
A Prime Minister of a minority government may choose to govern for a short time before calling a quick election in the hope of getting a majority, as Harold Wilson did in 1974.
A minority government can also be defeated in a confidence vote in parliament and forced into an election earlier than planned. However, a minority government can last a full term (five years in the UK) as they do in New Zealand, for example.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 1:04 am

‘First non-Latin web addresses launched’

London: In a “historic” move to make the world wide web fully live up to its name, the first Internet addresses to use non-Latin characters have been launched for the first time.
Egypt, Saudi Arabia and the United Arab Emirates have become the first countries to have so-called “country codes” written in Arabic scripts, paving the way for Chinese, Thai and Tamil speakers to surf the web in their own language.
Internet Corporation for Assigned Names and Numbers (Icann) president Rod Beckstrom described the move, that marks the culmination of several years of work behind the scenes, as “historic”, the British media reported.
In fact, more than 20 countries have already requested approval for international domains from Icann.
Although some countries, including China, had already developed systems that allowed entire web addresses to be entered in their own language, non-Latin scripts had yet to be properly integrated into Internet infrastructure and so did not work on all computers.
“All three are Arabic script domains, and will enable domain names written fully right-to-left,” said Kim Davies of Icann wrote in a blog post.
Before the change was announced, Icann had expressed concerns that the web may split between those who could access Western sites and those who used primarily Arabic languages.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 12:50 am

‘First non-Latin web addresses launched’

London: In a “historic” move to make the world wide web fully live up to its name, the first Internet addresses to use non-Latin characters have been launched for the first time.
Egypt, Saudi Arabia and the United Arab Emirates have become the first countries to have so-called “country codes” written in Arabic scripts, paving the way for Chinese, Thai and Tamil speakers to surf the web in their own language.
Internet Corporation for Assigned Names and Numbers (Icann) president Rod Beckstrom described the move, that marks the culmination of several years of work behind the scenes, as “historic”, the British media reported.
In fact, more than 20 countries have already requested approval for international domains from Icann.
Although some countries, including China, had already developed systems that allowed entire web addresses to be entered in their own language, non-Latin scripts had yet to be properly integrated into Internet infrastructure and so did not work on all computers.
“All three are Arabic script domains, and will enable domain names written fully right-to-left,” said Kim Davies of Icann wrote in a blog post.
Before the change was announced, Icann had expressed concerns that the web may split between those who could access Western sites and those who used primarily Arabic languages.

Source: Tech News - Livemint.com | 7 May 2010 | 12:50 am

Panasonic back in Q4 profit, outlook misses consensus

Tokyo: Japan’s Panasonic Corp. bounced back to a quarterly profit on cost cuts and strong flat TVs sales, but cited yen strength and tough competition in projecting a smaller-than-expected profit this year.
The maker of Viera TVs and Lumix digital cameras started production at its latest LCD and plasma panel plants in Japan this year, aiming to make the most of fast-growing demand for flat panel televisions.
The company will also be boosted by earnings from Sanyo Electric, which it took control of last year. Sanyo is the world’s top maker of rechargeable batteries, demand for which is growing strongly as a component of hybrid and electric cars.
Panasonic, the world’s No.4 flat TV maker behind Samsung Electronics, Sony Corp and LG Electronics, expects operating profit to total 250 billion yen in the year to March 2011, up 31% from a year earlier, when its profit nearly tripled.
The company’s forecast fell short of the consensus of a 276.5 billion yen profit in a poll of 20 analysts by Thomson Reuters.
Panasonic said in a statement that it believes market conditions will continue to be “unpredictable due to yen appreciation and ever-intensified global competition, despite a recovering worldwide economy.”
Under the leadership of President Fumio Ohtsubo, Panasonic spent about $4 billion for a majority stake in Sanyo, putting it in a better position to take advantage of growing demand for renewable energy-related products and services.
Sanyo, which is also a major producer of solar cells, said on Thursday its operating profit is expected to rise by a quarter in the current financial year to 40 billion yen, on a 6% jump in sales.
Panasonic’s operating profit was 60.6 billion yen in January-March, the last quarter of the previous business year, up from a 181.64 billion yen loss a year earlier.
Ahead of the results announcement, Panasonic shares closed down 2.5%, outperforming a 3.4% fall in the Tokyo stock market’s electrical machinery index. Panasonic shares have lost 1% in the year to date, while the subindex has gained 8%.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 12:43 am

Nitin Nohria to bring in new business ethos: Anand Mahindra - Moneycontrol.com


Boston Globe
Nitin Nohria to bring in new business ethos: Anand Mahindra
Moneycontrol.com
Nitin Nohria is slated to take over as the 10th Dean of Harvard Business School (HBS) from July 1. He is the first foreign born person to be appointed to that position and that to of Indian origin. At the age of 48, he is the youngest dean ever ...
There is a lot to be learnt from Indian cos: Nitin NohriaEconomic Times
A 4+2 mantra for Nitin NohriaHindu Business Line
I am indebted to my Alma mater: NohriaBusiness Standard
Rediff -NDTV.com -Times of India
all 146 news articles »

Source: Business - Google News | 7 May 2010 | 12:31 am

RBS returns to profit in Q1

London: Royal Bank of Scotland beat expectations with a return to profit in the first quarter as bad debts continued to shrink, even as investment banking profits more than halved after a bumper start to last year.
Following in the footsteps of bailed-out British rival Lloyds, which announced an unexpected return to profit in the first quarter last week, part-nationalised RBS said impairments had continued to drop and margins rose from historically low levels in 2009.
The bank said it expected net interest margins to “gradually improve” over 2010.
But RBS, still nursing its wounds after it was caught in the maelstrom of the financial crisis, warned bad debt levels would remain high and could be volatile, particularly in the non-core portfolio that includes assets it is planning to sell.
“Global recovery is helping impairments fall a little faster than we expected, though lumpy events may well interrupt that trend,” chief executive Stephen Hester said.
RBS, 83% state-owned, said operating profit for the first three months totalled £713 million ($1.10 billion) compared with a loss of £1.35 billion in the fourth quarter and a profit of £179 million a year ago.
Analysts had expected an operating loss.
After costs including £500 million related to a government-backed insurance scheme for bad debts, the bank posted a pre-tax loss of £21 million.
Impairment losses dropped to £2.68 billion in the first three months compared to £3.1 billion in the fourth quarter last year and the bank said trends were “favourable”, confirming its prediction that bad debts peaked in 2009.
The bank’s net interest margin improved to 1.92% , up 9 basis points from the fourth quarter.
Profits from its global banking and markets arm more than halved to £1.47 billion from £3.47 billion a year ago, when unusually rampant capital markets lifted profits across the sector. The investment banking unit saw an operating profit of £871 million in the fourth quarter of last year.
“GBM was radically restructured 15 months ago and is the area with greatest people retention challenges, so we are pleased with progress in this important division,” Hester said.
RBS said it was making good progress on restructuring and sales forced on it by European competition authorities, and said the sale of 318 branches and its card payment processing business WorldPay were on track.
Lloyds surprised the market last week with news it had returned to profit in the first quarter, earlier than expected, as losses on bad debts fall. It now expects to post both a full-year and a half-year profit.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 12:26 am

Govt right on gas supreme; Ambani family has no right on it: SC

The Supreme Court today rejected division of gas under the Ambani family MoU and said that it was government's right to decide the price and utilisation of the fuel, which is a national asset.
Source: HindustanTimes.com - Top Business News Headlines | 7 May 2010 | 12:21 am

Toshiba sees profit doubling, beats consensus

Tokyo: Toshiba Corp, the world’s No.3 chipmaker, forecast its profit to more than double this year, beating expectations, boosted by brisk chip demand and cost cuts.
The global chip sector is expecting strong demand this year as consumer appetite for new gadgets such as smartphones and tablet-style devices helps accelerate the tech sector’s recovery.
But some analysts have warned rapid spending plans at leading semiconductor makers could lead to another supply glut.
Toshiba, second-ranked in NAND-type flash memory after Samsung Electronics, is trying to cut costs and focus on promising business areas including nuclear power and lithium-ion battery to counter the impact of volatile chip prices.
NAND chips are used in consumer products such as Apple Inc’s iPhone and iPad. Toshiba is the world’s third-biggest chipmaker after Intel and Samsung.
Toshiba expects an operating profit of ¥250 billion ($2.75 billion) for the year to March 2011. That was above an average forecast for a ¥242.2 billion profit in a poll of 19 analysts by Thomson Reuters.
It forecast annual sales would rise 9.7% to ¥7 trillion and net earnings to return to the black at ¥70 billion.
It booked a quarterly operating profit of ¥104.3 billion for January-March and an annual profit of ¥117.2 billion. That compares with a quarterly loss of ¥74 billion and an annual loss of ¥250.2 billion a year earlier.
The results for last financial year came as no surprise as Toshiba issued revised estimates in April for the year just ended.
Toshiba has also been stepping up efforts to restructure its sprawling operations and shed money-losing businesses, and it recently announced the sale of an LCD panel plant in Singapore to Taiwan’s AU Optronics Corp.
Toshiba shares have risen 7 percent so far this year, underperforming a 15% gain in Tokyo’s electronic machinery subindex. Before the results, they closed down 1.1% against a 3.1% fall in the benchmark Nikkei average.

Source: LatestNews-Home - Livemint.com | 7 May 2010 | 12:15 am

RIL gains 3%, RNRL plunges 10% on SC verdict

Shares of Reliance Industries bounced back from the day's low gaining 3 per cent, while RNRL plunged nearly 10 per cent on the BSE after the Supreme Court delivered its verdict.
Source: India Business News | Business News - Times of India | 7 May 2010 | 12:09 am

RNRL slides 19 pc, RIL soars 5 pc on SC verdict

Shares of Reliance Industries bounced back from the day's low gaining 3 per cent, while RNRL plunged nearly 10 per cent on the BSE after the Supreme Court delivered its verdict.
Source: HindustanTimes.com - Top Business News Headlines | 7 May 2010 | 12:07 am

Kasab to hang for Mumbai carnage

Mohammed Ajmal Kasab, the lone surviving gunman from the November 26 terror attack on Mumbai in 2008, has been sentenced to death by
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Euro crisis: Keeping sterling, UK looks canny

Pity Greece – and Spain, Portugal and possibly Italy. They have become prisoners of the eurozone's single currency, the
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Dr Reddy's reports Rs 167-cr profit in Q4

Pharma major Dr Reddy's Laboratories Ltd has posted consolidated net profit of Rs 166.7 crore in the fourth quarter ended March 31,
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Escorts (Rs 186.2): Buy

Investors with short-term perspective can consider buying the stock of Escorts. From its late 2008 low of around Rs 31, the stock has been on a long-term uptrend forming higher peaks and higher troughs. After finding support at Rs 120 in February
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

SAIL close to sealing deal with POSCO

The proposed joint venture between state-owned Steel Authority of India Ltd (SAIL) and the South Korean steelmaker POSCO is likely to be finalised by the
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Recovering encroached lands: For Rlys, it's 2 steps forward, one back

For the Indian Railways, the process of recovering encroached land has become a case of taking two steps forward and one step
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Paper stocks remain in focus on growth hopes

The stocks of paper industry have displayed a modest show at the bourses. After gaining till May and reaching their year highs, these stocks slipped a bit in line with general market
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

House panel asks Govt to reopen 2 old airports

A Parliamentary panel has asked the Government to operationalise the old airports in Bangalore and Hyderabad without any
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Day Trading Guide

Initiate fresh long position only if the stock moves above Rs 304, with stiff
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Apex court verdict on Reliance gas case today

All eyes would be on Supreme Court on Friday, as it is set to give its order on the high profile corporate battle between the Ambani brothers. The apex court will give its verdict on the gas supply and pricing dispute between Mukesh Ambani-led
Source: Business Line - Home Page | 7 May 2010 | 12:00 am

Fix accountability for sabotaging AI merger: AI Unions

A group of Air India unions today asked Civil Aviation Minister Praful Patel to fix the accountability on those who are "sabotaging" the airlines merger process and have led to a loss of Rs 18,000 crore in the last three years.
Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 11:59 pm

No cheap gas for Anil Ambani group, govt has last word: Supreme Court

Giving its verdict on the four-year-old Ambani battle, a three-judge bench of the court said the Ambani family MoU dividing the gas was not binding, both legally as well as technically.
Source: Daily News & Analysis: Money News | 6 May 2010 | 11:51 pm

RIL gains 3%, RNRL plunges 10% on SC verdict

Mumbai: Shares of Reliance Industries bounced back from the day’s low gaining 3%, while RNRL plunged nearly 10% on the BSE after the Supreme Court delivered its verdict.
Shares of RIL gained over 3% to a high of Rs 1,045.80. The gain reversed the losses on the counter for six straight days in line with the decline in global markets.
Shares of Anil Ambani group firm Reliance Natural Resources tanked 12.21% to a low of Rs 60 on the Bombay Stock Exchnage (BSE).
On the volume front RNRL shares worth over Rs 6 crores changed hands while trading in RIL shares was worth over Rs four crore. The RNRL counter had clocked the best monthly gain in April in over a year on anticipation of the Supreme Court verdict.
RIL shares, which dipped below the Rs 1,000-level in the morning trade, recovered after the SC started delivering verdict on the year-long gas dispute between the two brothers.
Heavyweight RIL’s gains also helped the Sensex recover 118 points. The benchmark is now down 149 points at 16,838.17.
The dispute between Reliance Industries and RNRL, the companies led by billionaire brothers Mukesh Ambani and Anil Ambani, is over supply of 28 million cubic meter of gas a day to RNRL by RIL.
RNRL is seeking gas from RIL’s KG-D6 gas fields at $2.34 per mmBtu, 44% lower than the government set price, for its proposed 7,800 MW power plant at Dadri.
While, RIL’s contention is that it cannot sell gas at a price less than $4.20 per mmBtu as set by the government and to customers other than those identified in accordance with the Gas Utilisation Policy (GUP).

Source: LatestNews-Home - Livemint.com | 6 May 2010 | 11:48 pm

Citi, BofA among shortlisted for Coal India IPO

Mumbai: Citigroup, Bank of America Merrill Lynch and Deutsche Bank are among six banks that have been shortlisted for a $2.7 billion IPO in Coal India Ltd, four sources with direct knowledge said.
Morgan Stanley, Kotak Mahindra Capital and Enam Securities are also on the shortlist for managing what could be the country’s largest-ever initial public offering, the sources said.
The sources could not be named as they are not authorized to speak with the media.
An official announcement will be made after the department of disinvestment, which handles state asset sales, gets the approval of the finance ministry, one source said.
Officials at the department could not immediately be reached, while the shortlisted banks declined comment.
Coal India, the world’s largest coal miner, aims to file draft IPO documents by mid-June and it is targeting a listing by end-July or early August, chairman Partha Bhattacharyya said in April.
India raised $2.2 billion in March through an 8.4% divestment in miner NMDC, as part of its plans to sell stake in about 60 state-run companies over the next few years to help it bridge its fiscal deficit.
An IPO in government utility Satluj Jal Vidyut Nigam to raise up to $240 million was fully covered on the final day on Monday.
Engineers India, Steel Authority of India Ltd and Hindustan Copper are some other firms where the government will sell stakes.

Source: Home - Livemint.com | 6 May 2010 | 11:42 pm

AIG axes Goldman as its main corporate adviser

Goldman has come under pressure since it was charged last month with fraud by the US Securities and Exchange Commission over its marketing of a subprime mortgage product.
Source: Daily News & Analysis: Money News | 6 May 2010 | 11:36 pm

Govt has right to decide price: SC on RIL-RNRL gas row

In an order tilting in favour of Mukesh Ambani in the RIL-RNRL gas dispute, the SC ruled that pricing of gas was subject to the govt's approval. It ordered the brothers to renegotiate the deal in six weeks.
Source: India Business News | Business News - Times of India | 6 May 2010 | 11:35 pm

FY10 exports fall; targets 15% export growth - Moneycontrol.com


SME Times
FY10 exports fall; targets 15% export growth
Moneycontrol.com
India's exports dropped 4.7% in the fiscal year 2009/10 as the global slowdown sapped demand, but Asia's third-largest economy is targeting close to 15% export growth this year, officials said on Thursday. While India has returned to positive monthly ...
Exports slip 4.7% in FY10, Europe crisis loomsEconomic Times
Exports jump 50% in March but down 4.7% in 2009-10Times of India
Merchandise exports down 4.7% in 2009-10Business Standard
Calcutta Telegraph -India Today -Hindu Business Line
all 82 news articles »

Source: Business - Google News | 6 May 2010 | 11:15 pm

RIL down 2 pc, RNRL soars 5 pc ahead of gas dispute verdict

Shares of Reliance Industries on Friday skidded nearly two per cent, while ADAG firm RNRL gained over five per cent on the BSE, ahead of an expected Supreme Court verdict on the gas supply dispute between the two firms.


Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 11:10 pm

Fix accountability for sabotaging AI merger: AI unions

Common Action Group a group of unions of Air India--NACIL, said that "accountability be fixed on those persons for sabotaging the merger process, propagating the rhetoric of de-merger and causing losses to the tune of Rs 18,000 crores."
Source: India Business News | Business News - Times of India | 6 May 2010 | 11:04 pm

Rupee weakens by 32 paise against dollar in early trade

The Indian rupee depreciated by another 32 paise to 45.62 a dollar in early trade today, extending its slide for the fifth straight session on increased capital outflows.
Source: India Business News | Business News - Times of India | 6 May 2010 | 10:47 pm

Europe stocks at 10-week closing low on debt fears - Reuters


Boston Globe
Europe stocks at 10-week closing low on debt fears
Reuters
LONDON (Reuters) - European shares ended at a 10-week closing low on Thursday, falling for the third-straight session, with banks under pressure as fears of a euro zone contagion from Greece's debt crisis rattled investors' nerves. ...
Euro Holds Steady as G-7 Hopes Ease FearsWall Street Journal
German parliament to vote on Greece bail-out fundingBBC News
VStoxx Jumps to Highest Level Since March 2009 on Debt ConcernBusinessWeek
Financial Times -Moneycontrol.com -Forbes
all 5,339 news articles »

Source: Business - Google News | 6 May 2010 | 10:43 pm

Rupee falls to 2-month low as world shares dip

Mumbai: The Indian rupee dropped on Friday to over two month lows weighed by sharp falls in global stocks but dollar flows from exporters and custodian banks helped it recover from the lows.
Dealers said they were closely watching developments in Greece and the euro zone as it could be a key factor for future risk taking among investors and may impact the rupee.
US Treasury Secretary Timothy Geithner will discuss efforts to get aid to debt-stricken Greece with fellow finance ministers from Group of Seven nations Friday.
At 10:25am, the partially convertible rupee was at Rs45.60/61 per dollar, after hitting 45.73 at open, its lowest since March 5 and below its previous close of 45.31/32 on Thursday.
At the day’s low, the rupee was down 0.9% on the day and has shed 3% this week.
“We have recovered well from the day’s lows. Today’s range is a difficult call - but I think we would see a move below yesterday’s close, so range could be 45.75 towards 45.25,” said R.K. Gurumurthy, head of treasury at ING Vysya Bank in Mumbai.
“There is the fear of intervention that could keep traders edgy - this day is full of events and risks - UK election, Germany and others finalising aid for Greece, non-farm payrolls in the US, G7 conference call to name a few,” he added.
Traders said they would also watch the dollar’s move against major currencies for direction.
The pound and the euro nursed chunky losses on Friday after a global rout sent the dollar and yen soaring, with Asian share markets falling on a Wall Street sell-off and sterling hurt by election uncertainty. Most Asian currencies too were weaker against the dollar on Friday.
Indian shares were trading down 1% on Friday, en route to their second weekly fall in a row, as mounting fears over Europe’s debt crisis rocked world equities and drove investors away from risky assets.
Foreign fund flows are major movers of the local stock market and also have a substantial impact on the rupee’s fortunes. So far in 2010, foreign fund investments of a net $6.2 billion have helped the rupee gain 2.1%.
Last year record inflows of $17.5 percent had lifted the rupee up 12.2% from its record low of 52.2 hit in early March 2009 while the unit gained 4.7% on the year.
One-month offshore non-deliverable forward contracts were quoted at Rs45.75, 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 45.68 and 45.6825 respectively, with the total traded volume on the two exchanges at about $1.7 billion.

Source: Home - Livemint.com | 6 May 2010 | 10:40 pm

Citi, BofA among shortlisted for Coal India IPO - sources

MUMBAI (Reuters) - Citigroup, Bank of America Merrill Lynch and Deutsche Bank are among the six banks that have been shortlisted for bookrunning a $2.7 billion state-run Coal India's IPO, four sources with direct knowledge of the situation said.

Source: Reuters: Money News | 6 May 2010 | 10:38 pm

Oil inches up to $77 on weak dollar after 4% fall

Singapore: Oil edged up above $77 a barrel on Friday on the back of a weaker dollar, recovering from a 4% slide the previous day, caused by a massive sell-off on Wall Street and fears of a looming new credit crunch in Europe.
A suspected trading glitch and jitters over the European debt crisis caused stocks in the United States to plunge 9 percent in the last two hours of trading on Thursday, its biggest single-day drop ever.
Investors fled into the safe havens of the US dollar and Japanese yen as the European Central Bank on Thursday offered no new measures to ease the Greek debt crisis.
US crude for June delivery rose 20 cents to $77.31 a barrel by 0308 GMT, largely on the back of the softer dollar and on bargain hunting. The contract has fallen more than 10% this week, its worst week since the start of 2009.
London Brent crude gained 35 cents to $80.18 a barrel.
On Friday, the euro extended gains above $1.27 on Friday as market players continued to cover short positions, helped by news that Group of Seven (G7) finance ministers will discuss efforts to get aid to debt-stricken Greece later in the day.
The dollar fell 0.15% against a basket of currencies, prompting holders of other currencies to buy the dollar-denominated oil.
“It’s certainly been three very steep days of decline. The spike in risk aversion is comparable in some way to what we saw in 2008,” said Toby Hassall, head of research at CWA Global Markets in Australia.
The global financial crisis in 2008 sent oil prices plunging from $147 to around $30 within five months.
The Nasdaq launched a probe into possible trading errors that wiped off nearly $1 trillion in US equity values before prices clawed back much of their losses.
The VIX, Wall Street’s so-called fear gauge, soared 31.7% in its largest%age jump since September 2008 -- just after the collapse of Lehman Brothers ushered in the darkest days of the biggest financial crisis since the Great Depression.
The dive on Wall Street sent Asian stocks sliding, with the Nikkei average down more than 4% to a two-month low, while Hong Kong opened 2% lower.
Gold eased on Friday as some investors sold after it rose toward all-time highs a day ago on the euro-zone debt woes, while base metals dropped around 1% in London.
Confidence in economic recovery has certainly been shaken on a possible financial crisis in Europe, Hassall said.
“The euro has been under tremendous amount of pressure as a result of a lack of confidence in the solution to European debt,” he said. “As long as those concerns are there, the pressure will continue.”
Oil is also under pressure from high inventories in top consumer the United States.
Industry data provider Genscape reported that oil stocks at NYMEX’s Cushing, Oklahoma, delivery hub are expected to rise by another 990,795 barrels to a record of 37.8 million barrels in the week to 4 May.
“We’re still seeing oversupply in the U.S. market,” Hassall said, even though demand from emerging economies, particularly China, is offering some support to oil prices.
The market will be watching for U.S. non-farm payroll and unemployment data due later on Friday.
“We’re expecting an encouraging piece of data tonight which may provide some support to Wall Street and crude prices, but it’s certainly hard to ignore events unfolding in Europe,” Hassall said.

Source: Home - Livemint.com | 6 May 2010 | 10:31 pm

Sensex tanks 267 points; RIL down, RNRL gains in early trade

Ahead of a Supreme Court verdict on the dispute between RIL and Anil Ambani group firm RNRL, the shares of Mukesh Ambani-led firm dipped by over 1% to below Rs1,000 level.
Source: Daily News & Analysis: Money News | 6 May 2010 | 10:21 pm

Mazda, Ford, Chinese partner propose to restructure

Shanghai: Mazda Motor Corp. and its China venture partners are awaiting government approval for a restructuring, the Japanese automaker said on Friday after talk resurfaced about a possible termination of the three-way tie.
The future of the Changan-Ford-Mazda partnership had been in focus since Ford Motor cut its controlling one-third stake in Mazda to 13% in 2008 to free up cash.
One option was to split the venture into two 50-50 ties between Chongqing Changan Automobile Co. and its two foreign partners, industry watchers had speculated.
Mazda declined to comment on such a possibility but said in a statement the partners had submitted a restructuring plan for the venture to the government which would further strengthen their business in China.
“The three-way partnership (Changan, Ford, Mazda) has been successful over the years. However, all partners are constantly assessing new opportunities to further optimise our business structure and operations so as to continuously improve our products and services to further satisfy our growing customer base in China,” the statement said.
The venture is considering expanding its 160,000-unit plant in the eastern city of Nanjing, which also needs the government’s approval, a Mazda spokeswoman said, declining to give further details of the restructuring plan.
A Ford spokeswoman said she was not aware of the matter. A Changan executive declined to comment but said a split was a good move for all the three partners.
Mazda started making the Mazda 6 in China in March 2003 through a technical cooperation pact with FAW Group, China’s No. 2 automaker.
It joined Ford’s car making venture with Changan three years later, which now makes Mazda 2 and Mazda 3 compact cars as well as Ford’s Focus, Fiesta, Mondeo, S-MAX, Volvo S40 and S80 models.
Later this year, Mazda 3, which was previously made in the venture’s Chongqing plant, will be manufactured at the Nanjing plant, which now produces Ford’s Fiesta compact car and Mazda 2, according to the Japanese automaker.
Ford is currently selling its Volvo car unit to China’s Zhejiang Geely, parent of Geely Automobile Holdings.

Source: Home - Livemint.com | 6 May 2010 | 10:14 pm

Sensex tanks 267 points; RIL down, RNRL gains in early trade

The stock market today opened sharply lower with a 267-point dip on the benchmark Sensex in early morning trade, primarily due to a sharp plunge in shares of heavyweight Reliance Industries.
Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 10:09 pm

Sensex tanks 267 points; RIL down, RNRL gains in early trade

The stock market today opened sharply lower with a 267-point dip on the benchmark Sensex in early morning trade, primarily due to a sharp plunge in shares of heavyweight Reliance Industries.
Source: India Business News | Business News - Times of India | 6 May 2010 | 9:57 pm

Markets fall 1.5% as world equities tumble

Mumbai: Indian shares dropped 1.5% in early trade on Friday, with financials leading the fall, amid a steep decline in world markets.
At 9:00am, the 30-share BSE index was down 1.51% at 16,730.49 points, with 28 components declining.
The 50-share NSE index was down 1.4% at 5,021.35.

Source: Home - Livemint.com | 6 May 2010 | 9:18 pm

Hong Kong shares open 1.33% lower

Hong Kong shares opened 1.33% lower today, with the benchmark Hang Seng Index losing 267.84 points.
Source: Daily News & Analysis: Money News | 6 May 2010 | 9:02 pm

US stock plunge raises alarm on algo trading

New York: A spine-chilling slide of nearly 1,000 points in the Dow Jones Industrial Average, its biggest intraday points drop ever, led to heightened calls for a crackdown on computer-driven high-frequency trading.
The slide, which in one 10-minute stretch knocked the index down nearly 700 points, may have been triggered by a trading error. Major stock indexes eventually recovered from their 9% drops to close down a little more than 3%.
But the follow-through selling that pushed stocks of some highly regarded companies into tailspins exacerbated concerns that regulators can quickly lose control of the markets in a world of algorithmic trading.
High-speed trading, which uses sophisticated computer algorithms based on specific scenarios to automate transactions at speeds in the millionths of a second, now accounts for about 60% of US equity volume.
“The potential for giant high-speed computers to generate false trades and create market chaos reared its head again today,” Senator Edward Kaufman said in a statement.
“The battle of the algorithms -- not understood by nor even remotely transparent to the Securities and Exchange Commission -- simply must be carefully reviewed and placed within a meaningful regulatory framework soon.”
Kaufman and Senator Mark Warner - both Democrats - said Congress needs to investigate the plunge, which at its deepest point wiped nearly $1 trillion off equity values.
And a House panel has slated a hearing on the causes for the market swoon for next Tuesday, with its chairman, Rep. Paul Kanjorski, urging the SEC to investigate as well.
The scary afternoon in markets came at a bad time for Wall Street, already reeling from accusations that it is a rigged casino -- a criticism stoked by recent civil fraud allegations against Goldman Sachs Group Inc.
The industry has been trying to stave off the Obama administration’s calls for tough financial regulation, and the sell-off came as the Senate turned back a Republican effort to weaken a plan to set up a financial consumer watchdog.
Lending credence to the sense that the sell-off was exacerbated by technical errors, the Nasdaq stock exchange and NYSE-Arca said they would cancel certain trades that happened during the period in question.
But only trades in stocks that moved 60% up or down were covered by the cancellations, leaving some investors with potentially major losses on stocks such as Apple Inc and Procter & Gamble Co, which suffered lesser, but still significant, declines.
The US Securities and Exchange Commission and Commodity Futures Trading Commission said they were reviewing the unusual activity and working with the exchanges to protect investors.
Citigroup Inc said it was investigating a rumor that one of its traders entered the trade, a spokesman for the bank said on Thursday. Citigroup, the third-largest US bank, said it has no evidence that an erroneous trade has been made.
Several market participants cited speculation that a trader at Citigroup had erroneously placed an order for at least $16 billion in E-Mini contracts -- stock market index futures contracts that trade on the Chicago Mercantile Exchange’s Globex trading platform.
But a source familiar with the situation said Citigroup had traded a total of just $9 billion of the E-Mini contracts, adding that that amounted to less than 3% of the $319 billion traded on the E-Mini on Thursday.
CME said the bank’s trades in CME index futures appeared normal.
Earlier, sources told Reuters that the plunge in the Dow Jones Industrial average may have been caused by an erroneous trade entered by a person at a big Wall Street bank.
During the sell-off, Procter & Gamble shares plummeted nearly 37% to $39.37 at 2:47pm, prompting the company to investigate whether any erroneous trades had occurred. The shares are listed on the New York Stock Exchange, but the significantly lower share price was recorded on a different electronic trading venue.
“We don’t know what caused it,” said Procter & Gamble spokeswoman Jennifer Chelune. “We know that that was an electronic trade ... and we’re looking into it with Nasdaq and the other major electronic exchanges.”
A different P&G spokesman had said earlier the company contacted the Securities and Exchange Commission, but Chelune said that he spoke in error.
One NYSE employee leaving the Big Board’s headquarters in lower Manhattan said the P&G share plunge lay at the center of whatever happened.
“I’ll give you a tip,” the employee said, speaking on condition of anonymity. “P&G. Check out the low sale of the day. Something screwed up with the system. It traded down $30 at one point.”
A vicious market sell-off like Thursday’s can be exacerbated when quickly sliding stock prices turn stop loss orders into market orders, meaning shares get sold at any price available.
NYSE Euronext said it was a safer place to trade than its electronic rivals - who have been taking market share from it in recent years - because it deliberately slowed down market making when it realized there was something extraordinary happening.
Triggered by unusual volatility in some stocks, NYSE brought in a “mini circuit-breaker” - a liquidity refreshment point, or LRP - to slow trading, which then jumped to other, fully electronic exchanges.
“It validates the decision to offer a hybrid market here where there’s a human component married with the electronic,” Louis Pastina, executive vice president of NYSE Operations told Reuters in an interview.
The NYSE’s rivals advertise lower prices or faster transaction speeds.
The market plunge and especially wide swings in some individual stocks reignited some wider criticism of high-frequency trading, a strategy using lightning-fast computer programs to track market trends.
“We did not know what a stock was worth today, and that is a serious problem,” said Joe Saluzzi of Themis Trading in New Jersey, a frequent critic of computer-driven high frequency trading.
Investors had already been on edge throughout the trading day after the European Central Bank did not discuss the outright purchase of European sovereign debt as some hoped they would to calm markets.
While the exchanges’ move to cancel some of the most suspect trades may mollify some, there remained more questions than answers about the market’s wild afternoon.
“The trouble is the exchanges aren’t saying what caused the erroneous trade,” said James Angel, a professor at Georgetown University’s McDonough School of Business who specializes in market structure. “What they are saying is that it’s not my fault, it was somebody else’s fault.”

Source: Home - Livemint.com | 6 May 2010 | 9:01 pm

Tokyo stocks open sharply lower

Japanese share prices opened lower today, with the benchmark Nikkei-225 index losing 222.99 points.
Source: Daily News & Analysis: Money News | 6 May 2010 | 8:58 pm

BP, other oil spill companies start the blame game

NEW YORK (Reuters) - The companies behind the oil drilling disaster threatening the fragile waterways and beaches of the Gulf Coast are beginning to turn on each other.

Source: Reuters: Money News | 6 May 2010 | 6:31 pm

Dr Reddy's nets Rs 167 crore in Q4 - Economic Times


The Hindu
Dr Reddy's nets Rs 167 crore in Q4
Economic Times
HYDERABAD: Dr Reddy's Laboratories bounced back into profit for the three months ended March, helped by the absence of any further provisioning for losses on its German acquisition. The Hyderabad-based NYSE-listed pharma major reported a net profit of ...
Dr Reddy's reports Rs 167-cr profit in Q4Hindu Business Line
Dr. Reddy's Q4 net up at Rs. 167 crThe Hindu
Dr Reddy's Q4 net at Rs 166.7 crBusiness Standard
Moneycontrol.com -Express Buzz -Livemint
all 40 news articles »

Source: Business - Google News | 6 May 2010 | 2:22 pm

SC verdict on Ambani gas row today

It's judgment day for feuding brothers as Supreme Court has to decide on high-voltage legal battle that stretched for 57 days over Anil Ambani's claim for a share of Mukesh Ambani-controlled KG basin gas.
Source: India Business News | Business News - Times of India | 6 May 2010 | 1:31 pm

Kasab gets death for 26/11

A special court in Mumbai today sentenced to death Pakistani national Mohammad Ajmal Kasab for the November 26, 2008, terror attacks on the city.
Source: Business Standard | Front Page Headlines | 6 May 2010 | 1:27 pm

Tata Tea turns a new leaf

The worlds second largest tea company, Tata Tea, today re-named itself as Tata Global Beverages Ltd and, in the process, took the first step to become a well-rounded beverage firm.
Source: Business Standard | Front Page Headlines | 6 May 2010 | 1:27 pm

44 deemed varsities can admit students, says SC

The Supreme Court today allowed 44 deemed universities spread across the country to admit students for the academic year beginning July 2010. The court rejected a plea by the Union Human Resource Development (HRD) Ministry, which had sought an injunction on fresh admissions to these institutes.
Source: Business Standard | Front Page Headlines | 6 May 2010 | 1:25 pm

Nitin Nohria: Aiming at extraordinary innovation

Experience, after all, is the best teacher. The 48-year-old professor travels back in time to his student years at IIT-Bombay and thanks his alma mater.
Source: India Business News | Business News - Times of India | 6 May 2010 | 1:11 pm

Judgment today in Ambanis’ gas war; split verdict possible

There is a possibility of a split verdict in the Ambani brothers' case as there are two judgments to be pronounced on Friday by three of the two judges who heard the case last year, Satya Prakash reports. All about Reliance gas dispute | Counterpoint: Bhaisaabs, fight your battles elsewhere | See special | Sensex tanks 267 points; RIL down, RNRL gains in early trade
Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 12:49 pm

We try not to focus on our competitors

New Delhi: On Thursday, the $23 billion (Rs1.04 trillion) technology company Google Inc. launched a revamped version of its search engine that it says provides more relevant results, as well as a new version of its logo in 37 countries. Nundu Janakiram, Google’s 24-year-old product manager for Web search, spoke to Mint from the company’s Mountain View, California, headquarters about the change and the thought behind it. “The new version is based on one of the biggest user interface experiments in the history of Google,” he said. Edited excerpts:
Can you briefly take us through the new version of Google Search?
New designs: (from left) A file photo of Nundu Janakiram and Jon Wiley, senior user experience designer of Google, sharing a light moment at the firm’s headquarters in Mountain View, California. Bryce Duffy/Bloomberg Businessweek
New designs: (from left) A file photo of Nundu Janakiram and Jon Wiley, senior user experience designer of Google, sharing a light moment at the firm’s headquarters in Mountain View, California. Bryce Duffy/Bloomberg Businessweek
It was in 2006 that we introduced left hand panel and in 2007 we launched the unified search option, which basically rolls up everything—blogs, books, images—together into search. Then in May 2009, we introduced the search option which was a comprehensive way to slice and dice information.
But, in (the) new version, we have introduced a static left hand panel with all the options which makes everything being searched more relevant. Our users don’t have to, any more, sift through different options as it (is) smarter and faster. Also, we have refreshed the new logo to make it sharper and bolder.
So is there any change in the way search is generated?
With this particular launch, we are making no changes to the underlying algorithms to either search or the ads. The changes have been made to the design, not just the left hand panel but the overall design has been tweaked. How we have made it more relevant is through new algorithms (for) the left-hand panel.
What triggered the change?
At Google it is very simple: We derive all our motivation for changes from what our users need. The Web has become very complex, it is continuously becoming more complex. Similarly, users expect more from their search engines. They expect it to make sense of the growing amount of information. The driving force behind this change is that we had to make our search engine adjust to this complexity.
What made you confident that the new version would click with users?
We tried hundreds of different designs, all sorts of things. The designs that we liked we tested them in three different ways. The first, which we call bucket testing, (is) where we put up the new concept with a small sample of our user population and have them try them out randomly. And I must emphasize that this (is) one of the largest user interface experiments that Google has done internationally.
Second is a concept we call as dog fooding, we at Google tested it with our 20,000 employees who sent feedback directly to me. The third way is called usability test where we brought external people to the Google labs, have them experience it and then interview them.
According to some initial reviews, the left-hand panel is a lot like what Microsoft’s search engine Bing has.
In general, we try not to focus on our competitors. Instead, we try to focus on user needs. The key thing is that these are relevant tools and the left hand panel has some really powerful, unique ways of doing search.
Some user comments said that the left-hand panel is an unnecessary change and they would have liked it if Google kept it flexible like before?
At the onset, we know that change is hard. That’s why we are specifying that we carried out one of the most extensive user experiment(s) for this launch. And so, the initial reaction will be like getting a new haircut. We think that over time this will be the best way to get users through relevant content.

Source: Tech News - Livemint.com | 6 May 2010 | 11:43 am

Goldman CEO takes onus for firm’s conduct

Goldman Sachs Group Inc Chief Executive Lloyd Blankfein took responsibility for the bank’s conduct during the financial crisis on a call with wealthy clients on Wednesday, according to media reports.


Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 10:37 am

India tops world in spending sentiment

The downturn is history for the Indian consumer. Consumer confidence in India was the highest in the world during the January-March period, according to a survey conducted by the New York-based Nielsen Company in March.


Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 10:36 am

Vedanta net soars on metals surge

Miner Vedanta Resources Plc posted a forecast-beating 187 per cent profit on a rebound in metal prices and stronger output, and pledged to conclude a long-awaited buyout of minority stakes.


Source: HindustanTimes.com - Top Business News Headlines | 6 May 2010 | 10:32 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
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.
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