|
|
|
|
How will the prices of quality tea progress this year?In an exclusive interview with CNBCTV18, Aditya Khaitan, MD, Mcleod Russel, speaks about tea prices and gives his outlook going forward.Source: Moneycontrol Top Headlines | 13 May 2010 | 8:39 am Thermax sees good FY11 despite margin pressureEnergy and environment solutions provider Thermax Ltd sees higher raw material prices puting pressure on margins but expects good revenue growth during financial year 2010/11, a top official said on ThursdaySource: Moneycontrol Top Headlines | 13 May 2010 | 8:10 am 3G bidders may focus on select circles: Sources3G bidders may focus on select circles versus an allIndia presence, reports CNBCTV18, quoting sources. The top 10 circles are alone worth Rs 12,500 crore. Of this, the Delhi and Mumbai 3G slot is worth Rs 5,273 crore.Source: Moneycontrol Top Headlines | 13 May 2010 | 7:57 am Nestle may hike prices of few categoriesFocussing on volume growth to offset high commodity prices, the world\'s largest food maker Nestle may hike prices of some categories. Though commodity inflation is easing, the company has adopted a wait and watch approach for the next few quarters.Source: Moneycontrol Top Headlines | 13 May 2010 | 7:55 am Godrej Cons FY11 rev to rise 86% after Sara Lee buyPersonal products maker Godrej Consumer Products Ltd said its revenues would rise 86% to Rs 3800 crore in FY11 following the buyout of its 51% stake in GodrejSara Lee from Sara Lee CorpSource: Moneycontrol Top Headlines | 13 May 2010 | 7:47 am Thomas Cook sees $104 m volcanic ash impactTour operator Thomas Cook said it expected disruption caused by the volcanic ash cloud to hit profit by about 70 million pounds (USD 104 million) over the fullyear as its firsthalf loss narrowed.Source: Moneycontrol Top Headlines | 13 May 2010 | 7:47 am Reliance Power may move plant site: ReportReliance Power is considering to shift the site of its planned gasbased power plant to coastal Andhra Pradesh to save on costs, the Economic Times reported, citing an unnamed company official.Source: Moneycontrol Top Headlines | 13 May 2010 | 7:47 am XL Telecom enters into a JV with Spainbased SDEM TEGAXL Telecom has entered into a joint venture with Spainbased SDEM TEGA. The JV is to explore India solar power projects. The market for such projects is seen at USD 2 billion over the next 23 years.Source: Moneycontrol Top Headlines | 13 May 2010 | 7:42 am Shriram Transport tries to cut int rate fluctuations riskShriram Transport is trying to reduce its interest rate fluctuation risks, said its Managing Director R Shridhar. \"The coupon offered is very attractive for the NCD issue.\"Source: Moneycontrol Top Headlines | 13 May 2010 | 7:22 am Strides Arcolab gets 8th injectible US FDA nod in 2010The US Food and Drug Administration has given its nod for Strides Arcolab\'s vecuronium bromide for injections, reports CNBCTV18. The recent US FDA nod is eight sterile injectible nod in 2010.Source: Moneycontrol Top Headlines | 13 May 2010 | 6:23 am SEBI asks MFs to disclose investor complaints - Economic Times
Source: Business - Google News | 13 May 2010 | 4:10 am Gold eases from record - Economic Times
Source: Business - Google News | 13 May 2010 | 3:53 am Sony sees return to profit as restructuring pays offJapanese electronics giant Sony on Thursday said it expects to return to profit in the current financial year on the back of tough restructuring measures and a pick-up in demand.Source: HindustanTimes.com - Top Business News Headlines | 13 May 2010 | 3:38 am CII's new president projects 8.5 percent growth - Hindustan Times
Source: Business - Google News | 13 May 2010 | 3:37 am Food inflation up at 16.44% on higher vegetables, fruits pricesCostlier vegetables and fruits pushed food inflation higher to 16.44 per cent as of May 1, despite arrival of winter crops in the market. Annual food inflation in the previous reporting week was 16.04 per cent. Special coverageSource: HindustanTimes.com - Top Business News Headlines | 13 May 2010 | 3:35 am Godrej Cons FY11 revenue to rise 86% after Sara Lee buyMumbai: Personal products maker Godrej Consumer Products Ltd said its revenues would rise 86% in FY11 following the buyout of its 51% stake in Godrej-Sara Lee from Sara Lee Corp. “This makes us one of the strogest performers in the home and personal care space in India..After the Sara Lee buyout and the recent acquisitions our topline will now touch Rs3,800 crores,” Dalip Sehgal, managing director, told Reuters on Thursday. Godrej Consumer, which reported consolidated net sales of Rs204 crore on net profit of Rs340 crore in FY10, sees the buy to push its FY11 revenues to Rs3,800 crore. US-based Sara Lee late on Wednesday said it would sell 51% to Godrej for $233.7 million. The firm was sold at a 15 times multiple of FY10 earnings. Godrej Sara Lee Ltd, a 15-year-old joint venture between the two firms is a market leader in household insecticides in India with brands such as ‘Goodknight’ and ‘Hit’. In FY10 it posted a net profit of Rs137 crore on revenues of Rs965 crore. Godrej, which recently acquired personal care firm Tura in Nigeria and household insecticides firm Megasari in Indonesia, saw a 19% rise in its international business in FY10. The company is now concentrating on Latin America and is eyeing acquisitions there, Sehgal said. Godrej Consumer also confirmed it is looking at private equity funding along with a share sale to institutions to raise funds for this acquisition and upcoming buys. “We already have shareholders approval for 3,000 crores, a large part of will come from debt and some of it will come from equity dilution..QIP will be one option and PE funding is another...it will be decided in the next few weeks,” Sehgal said. Reuters on Tuesday had reported the firm is in talks with a clutch of private equity investors to raise $125 million. Cost Pressure The firm has also raised prices of its hair colour products by 5-10% with immediate effect, Sehgal said. “We are raising prices of our hair care products after facing cost pressures in this segment for the past 20-23 months..in other categories right now raw material prices are benign so there are no hikes planned immediately,” Sehgal said. Godrej Consumer, which makes and sells several brands across soaps, hair care and toiletries segments, is best known for its flagship brand ‘Cinthol’ and ‘Godrej Expert Hair Dye’. At 3.18 p.m., shares of the firm were up 13.66% at Rs338.7 in a firm Mumbai market. Source: Home - Livemint.com | 13 May 2010 | 3:35 am HCC hives off IT division into new company - Business Standard
Source: Business - Google News | 13 May 2010 | 3:33 am CII's new president projects 8.5 percent growthThe Confederation of Indian Industry (CII) expects the country's economic growth to be 8.5 per cent this fiscal with a robust recovery in the farm sector, its new president Hari S Bhartia said today. Source: HindustanTimes.com - Top Business News Headlines | 13 May 2010 | 3:32 am Japan lending fall matches biggest in 4 yrsTOKYO (Reuters) - Japanese bank lending fell in April from a year earlier, matching the biggest decline in four years and showing that companies' funding needs remain weak despite an economic recovery and recent easing steps by the central bank.Source: Reuters: Money News | 13 May 2010 | 3:27 am Gujarat NRE sees FY11 revenue at 20 billion rupees - MDKOLKATA (Reuters) - Metallurgical coke producer Guajart NRE Coke expects revenue of 20 billion rupees in the year to March 2011, Managing Director Arun Kumar Jagatramka told reporters on Thursday.Source: Reuters: Money News | 13 May 2010 | 3:21 am BT swings back into profit after axing 20,000 jobsBritish telecoms firm BT bounced back into profit during its 2009-2010 financial year after axing 20,000 jobs in a major cost-cutting drive, the group announced on Thursday. Source: HindustanTimes.com - Top Business News Headlines | 13 May 2010 | 3:14 am Sensex pares gains, broader indices outperform - NDTV.com
Source: Business - Google News | 13 May 2010 | 3:11 am BP says oil spill costs $450 million so farLONDON (Reuters) - British oil major BP said the oil spill in the Gulf of Mexico had cost it $450 million so far, an increase of $100 million on the figure reported earlier this week.Source: Reuters: Money News | 13 May 2010 | 3:10 am StanChart says India share sale to open from May 25-28The bank has hired UBS AG, Goldman Sachs, JM Financial Consultants, Bank of America-Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering.Source: Daily News & Analysis: Money News | 13 May 2010 | 3:04 am Nitesh Estates to ramp up ops, targets Rs 5000 cr biz by 2015 - Business Standard
Source: Business - Google News | 13 May 2010 | 2:59 am Godrej Cons FY11 rev to rise 86% after Sara Lee buy - Moneycontrol.com
Source: Business - Google News | 13 May 2010 | 2:55 am Godrej Consumer FY11 revenues to rise 86% after Sara Lee buyGodrej Sara Lee Ltd in FY10 posted a net profit of Rs1.37 billion on revenues of Rs9.65 billion.Source: Daily News & Analysis: Money News | 13 May 2010 | 2:48 am India gold eases from record; traders eye fallsMUMBAI (Reuters) - India gold eased from a near-record high on Thursday, and traders waited for declines to stock up for the upcoming gold buying festival, Akshaya Tritiya, dealers said.Source: Reuters: Money News | 13 May 2010 | 2:48 am Rupee largely steady tracking sharesMumbai: The Indian rupee was largely steady in afternoon trade on Thursday in line with the domestic sharemarket and traders were closely watching the dollar’s moves against majors for further direction. At 1:15pm, the partially convertible rupee was at Rs44.99/45.01 per dollar, off a high of Rs44.94, but still stronger than Rs45.11/12 at close on Wednesday. Dealers said there was dollar demand from importers. Oil is India’s biggest import and refiners are the largest buyers of dollars in the local currency market. The index of the dollar against six major currencies was down 0.2%. Most Asian units were stronger compared to the dollar. Indian shares were trading up 0.7% taking cues from firmer world markets. Traders said they would watch April inflation data on Friday for cues on likely central bank policy moves. The wholesale price index probably rose 9.5% in April from a year earlier, according to a Reuters poll of 21 economists. One-month offshore non-deliverable forward contracts were at Rs45.03, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs45.0050, with the total traded volume on the two exchanges at just over $3.9 billion. Source: Home - Livemint.com | 13 May 2010 | 2:33 am Global stocks gain post-EU plan, euro strugglesLONDON (Reuters) - A post-EU rescue plan stock rally remained in place on Thursday with emerging market shares up more than 1 percent and global stocks in general adding to the week's gains.Source: Reuters: Money News | 13 May 2010 | 2:26 am StanChart says India share sale to open May 25-28MUMBAI (Reuters) - Britain-based Standard Chartered's share sale in India will open from May 25 to 28, the bank said on Thursday.Source: Reuters: Money News | 13 May 2010 | 2:20 am More insurance companies under CBI scanner for irregularitiesThe Central Bureau of Investigation (CBI) will initiate a probe against three insurance companies in connection with alleged financial irregularities and forgery in the Universal Health Insurance Scheme (UHIS), sources said. Source: HindustanTimes.com - Top Business News Headlines | 13 May 2010 | 2:04 am Sare Lee selling 51 pc stake in Indian JV with GodrejGlobal consumer goods firm Sara Lee Corp is selling its 51 per cent stake in joint venture with Indian company Godrej to Godrej Consumer Products Ltd for 185 million euros (about 234 million dollars), as the US-based company focuses on growing its food and beverage businesses.Source: India Business News | Business News - Times of India | 13 May 2010 | 2:04 am Food inflation inches up to 16.44% - NDTV.com
Source: Business - Google News | 13 May 2010 | 2:01 am Gujarat NRE unit to raise Rs1.19 billionGujarat NRE Coke said on Thursday its unit will offer 238.6 million shares at Rs5 each to raise Rs1.19 billion via rights issue.Source: Daily News & Analysis: Money News | 13 May 2010 | 1:49 am Sony says aims to sell 25 million LCD TVs in 2010/11The consumer electronics company also said it aims to sell 15 million PlayStation 3 video game consoles this financial year, up from 13 million last year.Source: Daily News & Analysis: Money News | 13 May 2010 | 1:48 am Strides Arcolab gets 8th injectible US FDA nod in 2010 - Moneycontrol.com
Source: Business - Google News | 13 May 2010 | 1:25 am Food price index up 16.44% year-on-year: GovtThe rise in food prices was faster than the previous week's annual rise of 16.04%. The latest fuel prices compared with the previous week's annual rise of 12.69%.Source: Daily News & Analysis: Money News | 13 May 2010 | 1:10 am Sony sees jump in operating profit, below consensusOperating profit is seen at 160 billion yen ($1.7 billion) in the year to March 2011, the maker of Bravia TVs said, up from a 31.77 billion yen profit last business year.Source: Daily News & Analysis: Money News | 13 May 2010 | 1:09 am Ford, Mazda aim to break up 3-way China joint venture: SourcesFord and Mazda will each plan to set up their own separate joint ventures with Changan.Source: Daily News & Analysis: Money News | 13 May 2010 | 1:08 am Food inflation snaps easing trend; rises to 16.44%New Delhi: India’s food inflation snapped a two-week declining trend in late April, but the Reserve Bank of India is seen awaiting more cues on prices and on demand before deciding on further policy action. The food price index rose 16.44% in the year to 1 May, government data released on Thursday showed, above the prior week’s annual rise of 16.04% with prices of vegetables rising as a heat wave in the country damaged the perishable food. Fuel prices rose 12.33%, down from the previous week’s annual rise of 12.69%, while the primary articles index was up 16.76%, compared with the previous week’s reading of 13.93%. India’s benchmark 10-year federal bond yield rose 2 basis points after the data. The central bank is seen by analysts as waiting for more definitive readings on inflationary pressure and demand in the economy from April inflation and March quarter GDP data. Inflation data is in on Friday and GDP numbers are due on 31 May. Supply shortages of food, following a poor harvest last year, had pushed headline inflation upwards to a 17-month high of 9.9% in March. Analysts see it easing to 9.5% in April, but rising demand outstripping increases in supply capacity has given rise to new inflationary pressures which the central bank has said are “worrisome.” Still, the central bank has indicated it will stick to its stated position of gradually exiting its easy monetary policy as high risks were associated with stronger action. Broadening inflationary pressures have had the central bank raise rates twice by a total of 50 basis points since 19 March, and markets expect further tightening down the year. Source: Home - Livemint.com | 13 May 2010 | 1:05 am Thermax sees good FY11 despite margin pressureMumbai: Energy and environment solutions provider Thermax Ltd sees higher raw material prices puting pressure on margins but expects good revenue growth during financial year 2010-11, a top official said on Thursday. “Raw material prices have gone up, covered for most of the important material in terms of forward booking, but structural steel is not forwardly booked...I am expecting one or two more increases there,” managing director M.S. Unnikrishnan told Reuters. “But that is not going to create any havoc to the balance sheet of a company like Thermax. We will ensure we are plus or minus 100 basis points either way,” he added. Pune-based firm expects FY11 to be a “good” business year and would spend more than Rs100 crore on capital expenditure, which is of routine nature, and will use it for line balancing, Unnikrishnan said. “Subject to nothing going wrong in the world..., we are heading for a good year,” he said, but did not put a number to likely revenue growth for the year. Thermax will also invest Rs175 crore as equity contribution to its joint venture (JV) with Babcock & Wilcox in the current financial year, he added. The JV is at a build-up stage and the firm is in negotiations with two state governments to locate a manufacturing facility for super-critical boilers, said Unnikrishnan, but declined to reveal further details. The company’s other joint venture — with diversified US manufacturer SPX Corp — for making air pollution control systems, would yield “small” revenue in FY11, he added. The Pune-based firm posted a net loss of Rs15.68 crore in the quarter ending March, as against a net profit of Rs94.331 crore a year ago. However, net sales rose 27% on year to Rs117.1 crore. “The material costs have gone up, which had an impact on the profitability. But, profits in actual numbers...(or) Profit Before Tax (PBT), been the historic high for the company,” said Unnikrishnan. The payment of Rs114 crore towards dispute settlement with .S.-based firm Purolite was charged to the profit and loss account for the quarter ending March, a statement from the company to the exchanges showed. The firm settled a legal dispute with unlisted Purolite International, after it agreed to pay $38 million in four installments over 2010. The dispute involved a trade-secret issue about Purolite’s ion exchange resin business in US. At 12:13 pm, shares in the firm were up 1.34% at Rs674.50, in a Mumbai market that was up 0.89%. Source: LatestNews-Home - Livemint.com | 13 May 2010 | 1:03 am Food inflation up to 16.44%Food Inflation rose to 16.44 per cent for the week ended May 1, mainly due to high prices of fruits and vegetables. Inflation rose by 0.40 per cent from 16.04 per cent in the previous week.Source: India Business News | Business News - Times of India | 13 May 2010 | 12:48 am Ford, Mazda aim to break up 3-way China JV: sourcesShanghai: Ford Motor and its China venture partners, Mazda Motor Corp and Chongqing Changan Automobile Co, are seeking Chinese government approval to end their three-way tie up, two sources said on Thursday. Ford and Mazda both plan to set up their own separate joint ventures with Changan, a move which will give the automakers more leeway to design their own China strategies, the sources with direct knowledge of the scheme told Reuters. Ford is set to own half of its new two-way venture with Changan, the sources said, while the Mazda-Changan tie-up will probably also be a 50-50 JV. “They have submitted a joint proposal to the Chinese government to split up the partnership. Ford’s new JV with Changan will be based in Chongqing, while Mazda’s venture will be based in Nanjing,” said one of the sources, adding that it was unclear when the government was expected to make a decision. Ford and Changan declined to comment on the issue. A Mazda China spokeswoman had told Reuters the parties were awaiting regulatory approval for a restructuring move, but declined to give further details. Auto industry partnerships have been in focus recently, with Renault, Nissan and Daimler announcing a stake swap deal in the wake of an equity tie between Suzuki Motors and Volkswagen AG. Mazda’s ties with Ford have weakened since the US automaker reduced its controlling one-third stake in Mazda to 13% in 2008 to free up cash. Ford currently owns about 11% of Mazda, Japan’s No.5 automaker. Ford, which broke ground for its $490 million third China plant in September last year, owns a 35% stake in the venture, with Changan holding 50%. Beneficiary A pullout of Mazda could actually be positive for the Japanese automaker, which has just a 15 percent stake in the venture, analysts said. “It’s a good move as a three-way tie could get complicated sometimes. The biggest beneficiary, however, would be Mazda as it could be an equal partner in the new tie,” said Chen Liang, an analyst with Huatai Securities. China, which eclipsed the United States as the world’s top auto market last year, has been a major bright spot amid a global industry downturn and a safe heaven for foreign auto giants. Car sales rose 63.6% to 4.63 million units in the first four months, with annual growth estimated to rise between 15 to 20%. 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. The termination of the Changan-Ford-Mazda partnership is unrelated to Ford’s plans to sell its Volvo car unit to China’s Zhejiang Geely Holding Group Co, parent of Geely Automobile Holdings Ltd, one of sources said. Ford signed a $1.8 billion deal to sell the Swedish premier car brand to Geely in late March and is expected to close the sale in the second quarter. Source: World Business - Livemint.com | 13 May 2010 | 12:48 am Ford, Mazda aim to break up 3-way China JV: sourcesShanghai: Ford Motor and its China venture partners, Mazda Motor Corp and Chongqing Changan Automobile Co, are seeking Chinese government approval to end their three-way tie up, two sources said on Thursday. Ford and Mazda both plan to set up their own separate joint ventures with Changan, a move which will give the automakers more leeway to design their own China strategies, the sources with direct knowledge of the scheme told Reuters. Ford is set to own half of its new two-way venture with Changan, the sources said, while the Mazda-Changan tie-up will probably also be a 50-50 JV. “They have submitted a joint proposal to the Chinese government to split up the partnership. Ford’s new JV with Changan will be based in Chongqing, while Mazda’s venture will be based in Nanjing,” said one of the sources, adding that it was unclear when the government was expected to make a decision. Ford and Changan declined to comment on the issue. A Mazda China spokeswoman had told Reuters the parties were awaiting regulatory approval for a restructuring move, but declined to give further details. Auto industry partnerships have been in focus recently, with Renault, Nissan and Daimler announcing a stake swap deal in the wake of an equity tie between Suzuki Motors and Volkswagen AG. Mazda’s ties with Ford have weakened since the US automaker reduced its controlling one-third stake in Mazda to 13% in 2008 to free up cash. Ford currently owns about 11% of Mazda, Japan’s No.5 automaker. Ford, which broke ground for its $490 million third China plant in September last year, owns a 35% stake in the venture, with Changan holding 50%. Beneficiary A pullout of Mazda could actually be positive for the Japanese automaker, which has just a 15 percent stake in the venture, analysts said. “It’s a good move as a three-way tie could get complicated sometimes. The biggest beneficiary, however, would be Mazda as it could be an equal partner in the new tie,” said Chen Liang, an analyst with Huatai Securities. China, which eclipsed the United States as the world’s top auto market last year, has been a major bright spot amid a global industry downturn and a safe heaven for foreign auto giants. Car sales rose 63.6% to 4.63 million units in the first four months, with annual growth estimated to rise between 15 to 20%. 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. The termination of the Changan-Ford-Mazda partnership is unrelated to Ford’s plans to sell its Volvo car unit to China’s Zhejiang Geely Holding Group Co, parent of Geely Automobile Holdings Ltd, one of sources said. Ford signed a $1.8 billion deal to sell the Swedish premier car brand to Geely in late March and is expected to close the sale in the second quarter. Source: LatestNews-Home - Livemint.com | 13 May 2010 | 12:48 am Sprint Nextel promises cheapest pay-as-you-go at WalMartAccording to Sprint, the next cheapest price in the category is 10 cents per minute, while some operators charge as much as 33 cents a minute for pay-as-you-go calls.Source: Daily News & Analysis: Money News | 13 May 2010 | 12:45 am Kotak eyes Citi's India consumer loan operations: ReportKotak Mahindra is conducting due diligence on CitiFinancial, which gives home and personal loans to retail borrowers in the low income segment.Source: Daily News & Analysis: Money News | 13 May 2010 | 12:44 am Markets rise 0.7%; banks lead gainsMumbai: Indian shares climbed 0.7% on Thursday as confidence returned to world markets, with financials leading the way on hopes a growing economy will boost demand for loans. Sentiment got a boost after Spain and Portugal promised austerity measures and helped reduce fears the Greek debt crisis could spread elsewhere in the continent. “Our market has been moving as per the cues from global markets and the trend will continue for a while,” said Neeraj Dewan, director of Quantum Securities. “The monsoon should be the next trigger.” The annual June-September rains are the main source of irrigation in India. The monsoon is forecast to be near normal this year. In 2009, the worst rainfall in 37 years had dented farm output and hit rural incomes. By 11:18am, the 30-share BSE index was trading up 0.74% at 17,323.76, with 26 of its components gaining. The 50-share NSE index was up 0.7% at 5,193.05. The benchmark is down 0.8% so far this year, despite foreign funds buying nearly $6 billion of stocks. In 2009, it had jumped 81% on record inflows of $17.5 billion. The MSCI’s measure of Asian markets other than Japan rose 1.8%, while Japan’s Nikkei firmed 2.3%. Top lender State Bank of India rose 0.5%, while rivals ICICI Bank and HDFC Bank climbed 1.3% and 0.6% respectively. Mortgage lender Housing Development Finance Corp rose 0.7%. “Most banks have come up with good results and guidance has pointed to improving credit offtake,” Dewan said. Leading telecom operator Bharti Airtel crawled back 2.1% after tumbling 8.3% on Wednesday. A plan to slap new fees on second-generation mobile spectrum in India drew howls of protest from carriers. Energy giant Reliance Industries, which has the highest weight on the Sensex, climbed 0.2% to Rs1,084. Metals makers climbed as prices on London Metals Exchange rose, with copper reversing the previous session’s losses to rise 0.7%. Non-ferrous metals producer Sterlite Industries and aluminium maker Hindalco rose 0.3% and 0.9% respectively. Tata Steel, the world’s eighth-largest steel maker by output, rose 0.6%. In the broader market, gainers outnumbered losers in a ratio of 2.4:1 on volume of 103 million shares. Source: Home - Livemint.com | 13 May 2010 | 12:42 am Reliance Power may move plant siteReliance Power is considering to shift the site of its planned gas-based power plant to coastal Andhra Pradesh to save on costs, the Economic Times reported, citing an unnamed company official.Source: Daily News & Analysis: Money News | 13 May 2010 | 12:39 am LG plans new products for India; to make country pilot marketSeoul: Looking to tap the country’s huge growth potential, LG Electronics is planning to introduce new products and also make India a “pilot market” for its home appliances business. “India is a big and important market for us. We are planning to make the country a pilot market for our home appliances business. The company is looking to launch new products in the coming months,” LG Electronics vice president (home appliance marketing dtrateg team) Dan D H Koh told PTI. Koh noted that India, China and Brazil are among the top four international markets for the company. “Our approach to the Indian market is primarily to localise the technologies and products for the domestic consumers. There is a huge growth potential for home appliances business in the country,” he added. The South Korean conglomerate is exploring the possibility of launching a water purifier, in addition to new models in refrigerators, microwave ovens and vacuum cleaners. “Surely, we would like to introduce water purifier for the Indian consumers. The product would have the technology for both hot and cold water, among others. However, plans are yet to be finalised,” LG Electronics India business head (home appliances) Rajeev Jain said. According to LG officials in South Korea, the company is working on adding a new feature to its microwave ovens that will enable it to make chapattis. “We are developing the process, whereby consumers in India can make chapattis in microwave ovens. Various options and methods are being explored for the same,” the officials pointed out. As part of its health care awareness campaign, LG would be introducing a new refrigerator, that would save nearly 18 per cent energy, before the end of July. Further, LG is aiming to make India, a major export hub. Currently, the country is one of the main exporting centres for the Middle East, Nepal and Bhutan. “We are further looking at Europe and Central Asia (for exports from India)... Our aim is to make India a major export hub,” LG officials said. The entity has lined up substantial investment plans in 2010. It would be pumping Rs350 to Rs400 crore into its two manufacturing plants in Pune and Noida. Further, the company would be spending as much as Rs 50 crore on healthcare awareness campaigns. Source: LatestNews-Home - Livemint.com | 13 May 2010 | 12:39 am LG plans new products for India; to make country pilot marketSeoul: Looking to tap the country’s huge growth potential, LG Electronics is planning to introduce new products and also make India a “pilot market” for its home appliances business. “India is a big and important market for us. We are planning to make the country a pilot market for our home appliances business. The company is looking to launch new products in the coming months,” LG Electronics vice president (home appliance marketing dtrateg team) Dan D H Koh told PTI. Koh noted that India, China and Brazil are among the top four international markets for the company. “Our approach to the Indian market is primarily to localise the technologies and products for the domestic consumers. There is a huge growth potential for home appliances business in the country,” he added. The South Korean conglomerate is exploring the possibility of launching a water purifier, in addition to new models in refrigerators, microwave ovens and vacuum cleaners. “Surely, we would like to introduce water purifier for the Indian consumers. The product would have the technology for both hot and cold water, among others. However, plans are yet to be finalised,” LG Electronics India business head (home appliances) Rajeev Jain said. According to LG officials in South Korea, the company is working on adding a new feature to its microwave ovens that will enable it to make chapattis. “We are developing the process, whereby consumers in India can make chapattis in microwave ovens. Various options and methods are being explored for the same,” the officials pointed out. As part of its health care awareness campaign, LG would be introducing a new refrigerator, that would save nearly 18 per cent energy, before the end of July. Further, LG is aiming to make India, a major export hub. Currently, the country is one of the main exporting centres for the Middle East, Nepal and Bhutan. “We are further looking at Europe and Central Asia (for exports from India)... Our aim is to make India a major export hub,” LG officials said. The entity has lined up substantial investment plans in 2010. It would be pumping Rs350 to Rs400 crore into its two manufacturing plants in Pune and Noida. Further, the company would be spending as much as Rs 50 crore on healthcare awareness campaigns. Source: Home - Livemint.com | 13 May 2010 | 12:39 am Food inflation snaps easing trendNEW DELHI (Reuters) - Food inflation snapped a two-week declining trend in late April, but the Reserve Bank is seen awaiting more cues on prices and on demand before deciding on further policy action.Source: Reuters: Money News | 13 May 2010 | 12:37 am Sony sees 5-fold jump in profit, below consensusTOKYO (Reuters) - Sony Corp forecast a five-fold jump in annual operating profit as the Japanese electronics maker expands flat TV sales and launches 3D-capable videogames, but the outlook missed market expectations.Source: Reuters: Money News | 13 May 2010 | 12:36 am Carlos Ghosn sees return to 6-7% op margin soonYokohama: Nissan Motor chief executive Carlos Ghosn said he expected the automaker’s operating margin to return to pre-crisis levels of around 6-7% in the not-too-distant future as China, Russia and other emerging markets contribute more to its earnings. Nissan, held 43% by Renault SA, announced on Wednesday a vastly improved balance sheet and a return to the black for the year ended 31 March, but offered what analysts said was a conservative outlook for the new year. Assuming a stronger yen against both the dollar and euro — at ¥90 and ¥120, respectively — Nissan forecast an operating profit of ¥350 billion ($3.75 billion) for the 2010-11 business year, for a profit margin of 4.3%. That is down from a peak of 11-12% several years ago, Ghosn said, but added it was “not so bad” considering the depressed US market and unfavourable exchange rates last year. “I think the Japanese makers will come back to a high level of profit no matter what happens in the US because part of their profit will be coming from China...Russia...India... and South America,” Ghosn, who also heads Renault, told reporters at Nissan’s headquarters in Yokohama, south of Tokyo. “Particularly for Nissan, the potential for profit in the midterm is big,” he said, citing its aggressive expansion plans in China, Russia and India in the near term. “Last year we were at 4% (operating margin) with the US market at 10.7 million cars and the yen at 93 (to the dollar.) You can make a quick calculation that 6 or 7% is not something that is really very far in the horizon.” He added that he believed current exchange rates with the dollar around ¥93 would not last long because he saw no “superior advantage” in Japan over the United States or Europe. “It should come back to something more towards the historic levels of around ¥100 or ¥110 ,” he said. Ghosn stressed, however, that uncertainty over raw materials prices and vehicle pricing made it impossible to say whether Nissan’s annual guidance was overly cautious. But in the medium to longer term, Ghosn said he was optimistic about Nissan’s growth prospects, with expansion plans in place in China, Russia, India and elsewhere, as well as into the uncharted electric car segment, which it wants to lead. Nissan is now the best-selling Japanese brand in China, the world’s biggest auto market, when including its light commercial vehicles, and Ghosn said sales are being held back only by insufficient production capacity. “We may have to take an additional decision on increasing capacity,” Ghosn said. Nissan’s local joint venture with the Dongfeng Motor Group has already announced plans to expand annual capacity to 1 million vehicles a year by 2012 from 670,000 units now. Ghosn said he would gauge the Chinese market’s growth this year before making any decisions on when and how much to add capacity. Nissan has forecast an 8% rise in global sales to 3.8 million vehicles this financial year, which would catapult it above Honda Motor Co as Japan’s second-largest carmaker based on their respective sales plans. Nissan’s shares slipped 1.3% on Thursday, bucking a rise in other Japanese auto stocks and the broader market. Source: LatestNews-Home - Livemint.com | 13 May 2010 | 12:33 am Carlos Ghosn sees return to 6-7% op margin soonYokohama: Nissan Motor chief executive Carlos Ghosn said he expected the automaker’s operating margin to return to pre-crisis levels of around 6-7% in the not-too-distant future as China, Russia and other emerging markets contribute more to its earnings. Nissan, held 43% by Renault SA, announced on Wednesday a vastly improved balance sheet and a return to the black for the year ended 31 March, but offered what analysts said was a conservative outlook for the new year. Assuming a stronger yen against both the dollar and euro — at ¥90 and ¥120, respectively — Nissan forecast an operating profit of ¥350 billion ($3.75 billion) for the 2010-11 business year, for a profit margin of 4.3%. That is down from a peak of 11-12% several years ago, Ghosn said, but added it was “not so bad” considering the depressed US market and unfavourable exchange rates last year. “I think the Japanese makers will come back to a high level of profit no matter what happens in the US because part of their profit will be coming from China...Russia...India... and South America,” Ghosn, who also heads Renault, told reporters at Nissan’s headquarters in Yokohama, south of Tokyo. “Particularly for Nissan, the potential for profit in the midterm is big,” he said, citing its aggressive expansion plans in China, Russia and India in the near term. “Last year we were at 4% (operating margin) with the US market at 10.7 million cars and the yen at 93 (to the dollar.) You can make a quick calculation that 6 or 7% is not something that is really very far in the horizon.” He added that he believed current exchange rates with the dollar around ¥93 would not last long because he saw no “superior advantage” in Japan over the United States or Europe. “It should come back to something more towards the historic levels of around ¥100 or ¥110 ,” he said. Ghosn stressed, however, that uncertainty over raw materials prices and vehicle pricing made it impossible to say whether Nissan’s annual guidance was overly cautious. But in the medium to longer term, Ghosn said he was optimistic about Nissan’s growth prospects, with expansion plans in place in China, Russia, India and elsewhere, as well as into the uncharted electric car segment, which it wants to lead. Nissan is now the best-selling Japanese brand in China, the world’s biggest auto market, when including its light commercial vehicles, and Ghosn said sales are being held back only by insufficient production capacity. “We may have to take an additional decision on increasing capacity,” Ghosn said. Nissan’s local joint venture with the Dongfeng Motor Group has already announced plans to expand annual capacity to 1 million vehicles a year by 2012 from 670,000 units now. Ghosn said he would gauge the Chinese market’s growth this year before making any decisions on when and how much to add capacity. Nissan has forecast an 8% rise in global sales to 3.8 million vehicles this financial year, which would catapult it above Honda Motor Co as Japan’s second-largest carmaker based on their respective sales plans. Nissan’s shares slipped 1.3% on Thursday, bucking a rise in other Japanese auto stocks and the broader market. Source: Home - Livemint.com | 13 May 2010 | 12:33 am Nations pledge record $4.25 bn for environment fundWashington: Donor countries on Wednesday pledged a record $4.25 billion over the next four years for the Global Environment Facility, the world’s largest public green fund that helps developing countries tackle climate change. The commitments by 30 donor countries during a session in Paris on Wednesday is a 52% increase in new resources for the facility. GEF chief executive Monique Barbut said the replenishment of funds is the first “tangible confirmation of financial commitments” made during international climate talks in Copenhagen in December. In Copenhagen, negotiators from industrialized and emerging nations sought to agree on the basic terms of a new global climate agreement in the run-up to the next summit in Cancun, Mexico in December. Part of the agreement was aimed at providing financing to developing countries to help them adapt to climate changes. Some of those funds will be directed through the GEF into projects implemented by UN agencies and development institutions like the World Bank. Barbut said about $1.35 billion of the new funds committed on Wednesday would be directed at tackling climate change. The rest will be used to better manage and expand protected and endangered areas, improve the management of trans-boundary water systems, reduce pollutants in land and water, and expanding and protecting the world’s forests. The new funds are a “testimony to the international donor community’s commitment to the environmental agenda,” said Axel van Trotsenburg, the vice president for concessional finance and global partnerships at the World Bank. British climate change expert Nicholas Stern, speaking at the International Monetary Fund, called on world leaders to reach a political agreement on climate change at Cancun in order to lay the foundation for an international treaty in 2011. He said the agreement should set out how $30 billion in climate financing will be provided to developing nations over the next three years to adapt to climate change. It should also indicate how this initial support will be increased to $100 billion a year by 2020, in particular by introducing new and innovative sources of funding. The GEF has been replenished four times since its inception in 1991 starting with $2.02 billion in 1994, $2.75 billion in 1998, $2.92 billion in 2002 and $3.13 billion in 2006. To date, the facility has provided $8.7 billion in grants for more than 2,400 environmental projects in over 165 developing countries and emerging economies. Source: LatestNews-Home - Livemint.com | 13 May 2010 | 12:30 am HTC accuses Apple of patent infringementSeattle: Taiwanese cell phone maker HTC Corp is filing a patent complaint against Apple Inc. over its popular gadgets, escalating a legal dispute as new smart phones are threatening the iPhone’s supremacy. HTC, which makes the Droid Incredible and other phones running competing Android software from Google Inc., said it filed a complaint with the US International Trade Commission on Wednesday seeking to block US sales of the iPhone, iPod and iPad devices. Apple filed its own lawsuits against HTC in March, saying HTC’s cell phones violate 20 of Apple’s iPhone patents. Apple’s complaints were made before the trade commission and in US District Court in Delaware. None of the complaints is likely to block sales of any products any time soon. Patent disputes are common among technology companies and often take years to resolve. The cases often lead to licensing agreements rather than outright bans on imports, as HTC is seeking in its complaint. Apple’s products are typically made overseas. The wild success of the first iPhone, which launched in 2007, prompted other cell phone makers to rush out touch-screen smart phones of their own in a bid to lure consumers, not just business users attached to their BlackBerry phones. At the end of 2009, iPhones made up about 14% of smart phones sold worldwide, according to the research group Gartner Inc. Apple closed the gap with BlackBerry maker Research in Motion Ltd., which had 20% of sales. But Android phones, while accounting for only 4% of sales, grew at a faster rate than Apple last year. HTC did not immediately say what patents it believes Apple has violated. The company said in its news release only that five patents were involved. Android phones, like the iPhone, support multitouch screens. Users sweep their fingers across the screens, and different “gestures” stand for different commands. Among the patents singled out by Apple is one that lets a device’s screen detect more than one finger touch at a time, for instance, allowing someone to zoom in or out by spreading their fingers apart or pinching them together. Another patent refers to technology that helps a device react to information about its surroundings gathered by sensors. Apple, which is based in California, had no comment on HTC’s complaint, other than to point to its own legal actions against the cell phone maker. HTC signed a patent-licensing agreement with Microsoft Corp. in April, presumably to avoid a legal tussle with another of the computer industry’s biggest players. Even though Google’s software powers Android phones, hardware makers such as HTC will bear the brunt of the legal actions. Industry experts say that has historically been the case. They also note that HTC is an easier target than Google for US lawsuits. A direct challenge to Google could devolve into a broader dispute over the open-source software approach that Google espouses. That approach involves letting a community of programmers freely use and improve the Android software. By contrast, Apple supports a closed system in which it retains legal rights and controls. Even if a legal decision is a long time coming, Apple’s move against HTC could tamp down other mobile phone manufacturers’ enthusiasm for Android if it seems hefty legal fees could erase the gains from using free software from Google. Source: LatestNews-Home - Livemint.com | 13 May 2010 | 12:21 am Sony sees 5-fold jump in profit, below consensusTokyo: Sony Corp forecast a five-fold jump in annual operating profit as the Japanese electronics maker expands flat TV sales and launches 3D-capable videogames, but the outlook missed market expectations. Sony has shed jobs, shut factories and slashed procurement costs to better compete with nimbler global rivals such as Samsung Electronics Co and Apple Inc, and now hopes to reap the fruit of its restructuring. The world’s No.2 LCD TV maker behind Samsung has vowed to make its TV and game operations, two major earnings drags at Sony in recent years, turn profitable this year by slashing manufacturing costs and boosting unit sales. Sony, which vies with Canon Inc in digital cameras and Nintendo Co and Microsoft Corp in games, expects operating profit of ¥160 billion ($1.7 billion) in the year to March 2011, up from a ¥31.77 billion profit last year. The forecast fell short of the consensus of a ¥209.3 billion profit in a poll of 21 analysts by Thomson Reuters. Chief rxecutive Howard Stringer believes Sony is best positioned to benefit from growing consumer interest in 3D images as it holds a wide business portfolio spread across electronics and entertainment such as movie studios, theatre-use projectors and professional-grade video cameras as well as games and TVs. Sony plans to launch 3D LCD TVs and 3D-ready games in June to spur demand for its Bravia TVs and PlayStation 3. For the three months ended 31 March, Sony posted an operating loss of ¥56.0 billion, against a loss of ¥294.3 billion in the same quarter a year earlier. The quarterly result came as little surprise after the creator of PlayStation games this week updated its earnings outlook for the past business year. Shares in Sony closed up 4.1% at ¥3,165 ahead of the announcement, outperforming a 2.4% rise in the Tokyo stock market’s electrical machinery index. Sony’s stock has gained 18.5% in the year to date, double the gain in the subindex. Source: Home - Livemint.com | 13 May 2010 | 12:17 am Day Trading GuideNote: In a buy recommendation, the resistances would be the targets and the nearest support would be the stop loss; In a sell recommendation, the supports would be the targets and the nearest resistance would be the stop loss; The recommendationSource: Business Line - Home Page | 13 May 2010 | 12:00 am Honda Motorcycles sees bikes overtaking scooters in salesHonda Motorcycles and Scooters India Ltd (HMSI) said on Wednesday that by the next fiscal it expects its motorcycle sales to surpassSource: Business Line - Home Page | 13 May 2010 | 12:00 am 6 million credit cards cancelled in 2009-10Banks cut down sharply on issuing credit cards and also closed a number of cards in 2009-10. Six million credit cards or about a quarter of the total number of cards a year ago went out during the lastSource: Business Line - Home Page | 13 May 2010 | 12:00 am Bajaj Auto Q4 net zooms 4-foldBajaj Auto has reported a net profit of Rs 528.65 crore for the fourth quarter ended March 31, four times higher than Rs 130.21 crore in the same period last year. Total income was Rs 3,399.45 crore (Rs 1,883.41Source: Business Line - Home Page | 13 May 2010 | 12:00 am Cautious banks, MFs turn to govt securitiesThe State Government securities have become attractive to banks and mutual funds as financial markets turned cautious on the unfolding crisis in Europe. Spreads between 10-year sovereign paper and the State development loans (SDL) have dropped toSource: Business Line - Home Page | 13 May 2010 | 12:00 am Ban on Chinese telecom gear is no violation of WTO norms: SharmaEven as the Commerce and Industry Minister, Mr Anand Sharma, maintained that India has not violated any World Trade Organisation norm by prohibiting import of Chinese telecom equipment, the Department of Commerce has shot off a letter to theSource: Business Line - Home Page | 13 May 2010 | 12:00 am Corus unveils £60-m plan to cut emission at Welsh plantCorus, the British subsidiary of Tata Steel, on Wednesday launched a £60-million programme to cut emissions at its plant in the Welsh town of PortSource: Business Line - Home Page | 13 May 2010 | 12:00 am OnMobile Global (Rs 335.7): SellWe recommend a sell in the stock of OnMobile Global from a short-term trading perspective. It is evident from the stock's chart that from its July 2009 peak of Rs 682, the stock has been on an intermediate-term downtrend. Moreover, the stock isSource: Business Line - Home Page | 13 May 2010 | 12:00 am Bharti, Vodafone slam spectrum recommendationsBharti Airtel and Vodafone Essar, the top two GSM operators in the country, on Wednesday slammed the spectrum proposals made by the Telecom Regulatory Authority of India. The two operators will be the worst hit if the recommendations are acceptedSource: Business Line - Home Page | 13 May 2010 | 12:00 am India will grow faster than IMF estimates, says PranabThe Finance Minister, Mr Pranab Mukherjee, believes India's economic growth would surpass the IMF's projections in 2010 andSource: Business Line - Home Page | 13 May 2010 | 12:00 am NY attorney general investigating eight banks - TimesWASHINGTON (Reuters) - The New York attorney general has begun an investigation into eight banks to determine whether they provided misleading information to agencies that rate mortgage securities, The New York Times reported on Thursday.Source: Reuters: Money News | 12 May 2010 | 11:53 pm TRAI recos to discourage new operators, M&A: Pradip Baijal - Moneycontrol.com
Source: Business - Google News | 12 May 2010 | 11:40 pm Ramesh offers to resign, PM turns in downNew Delhi: Union minister Jairam Ramesh offered to resign following his controversial remarks against Home Ministry for allegedly stalling some Chinese imports but Prime Minister Manmohan Singh has turned it down, PMO sources said on Thursday. Environment minister Ramesh had offered his resignation on Monday night after he had reportedly said in Beijing that the home ministry and the security establishment were being “alarmist and paranoid” when it came to Chinese companies wanting to do business in India, raising a storm. PMO sources said Ramesh’s offer to put in his papers has been turned down by the Prime Minister. Strongly disapproving of his remarks, the Prime Minister and the Congress had reprimanded him even as the Opposition BJP had demanded action against him for the “highly objectionable” comments. Apparently sensing trouble, Ramesh had tried to clarify his statement in a letter to Congress president Sonia Gandhi and the Prime Minister soon after his return from Beijing on Monday but it failed to cut ice. Home minister P Chidambaram had written a strongly- worded letter to Singh, expressing unhappiness over his Cabinet colleague’s remarks that his ministry had an “alarmist” approach towards Chinese investments and was putting “needless” restrictions on these. After receiving letters from Chidambaram and Ramesh, Singh had spoken to Ramesh and told him that he should not have commented on functioning of other ministries. Singh had told Ramesh it was “advisable for Cabinet colleagues not to make comments on the functioning of other ministries, especially with regard to relationship with important neighbours like China,” according to PMO sources. “There is no confusion in our policies towards China and we continue to strive for constructive engagement with Beijing,” Singh had told Ramesh. Ramesh had on Wednesday met Chidambaram and is said to have clarified the context of his statement. Ramesh, while talking about the India-China warmth developed during the Copenhagen Summit on Climate Change, had suggested that the home ministry needed to be “much more relaxed” in its approach to Chinese investments in India. Source: Home - Livemint.com | 12 May 2010 | 11:28 pm Capital flows pose risk, RBI says all options openMumbai/New Delhi: Capital flows into the country and their impact on different sectors of the economy have emerged as key risk factors that economic policymakers have to grapple with, Reserve Bank of India (RBI) officials have said over the last two days. All options to tackle it remain on the table, they said. At a meet in New Delhi on Wednesday to launch an International Monetary Fund (IMF) study, Subir Gokarn, deputy governor at RBI, said the central bank’s interaction with the market ahead of its policy announcements showed capital flows were regarded as a significant challenge. Compared with other emerging markets, India has allowed the impact of the flows to show up through an appreciation in the exchange rate, but circumstances could change, Gokarn said. Separately, RBI governor D. Subbarao, at a Swiss National Bank-IMF conference in Zurich on Tuesday, said India’s flexible exchange rate policy is a disadvantage when trading partners or competitors have a fixed rate policy. “If we have a flexible exchange rate and if other countries, which are our trading partners or competitors for the same export markets, have a fixed exchange rate, we get disadvantaged,” Subbarao said, chairing a session at a conference on the “International Monetary System”. While the rupee appreciated 13% in nominal terms in fiscal 2010, in real terms the appreciation was much higher at 19%, “because of the inflation differential between us and our trading partners”, the RBI governor said. “This has implications for our external competitiveness at a time when world trade is recovering and concerns about protectionism are resurfacing.” “When the competing nation’s currencies are also fluctuating, it evens out the loss incurred due to local currency appreciation, but it is very hard to compete against fixed currencies as that of China,” said Ajay Sahai, director general of the Federation of Indian Export Organisations. India has tight regulations on capital inflows into debt instruments or through debt instruments, while those regarding equities are relatively liberal. The country is not contemplating levies such as a Tobin tax at this point to curb capital inflows, but Subbarao said, “No policy instrument is clearly off the table and our choice of instruments will be determined by the context.” Named after James Tobin, a Nobel laureate economist from Yale University, Tobin tax is a transaction tax on currency speculation. When capital inflows exceed the level at which they can be absorbed by the economy, the central bank has to choose between letting the rupee appreciate or intervening in the forex market to prevent it from strengthening. Intervention in the foreign exchange market adds to liquidity in the domestic market, which if not sterilized, can be inflationary. India’s inflation, as measured by the Wholesale Price Index, in March was 9.9%. The rise in inflation over the last few months is of concern, finance minister Pranab Mukherjee said at a Confederation of Indian Industry event on Wednesday. Despite the challenges posed by capital inflows, Subbarao said there would be no sudden change in India’s approach to capital account convertibility. He said India will continue to move towards liberalizing the capital account, “but we will revisit the road map to reflect the lessons of the crisis”. Net capital flows to India increased from $7 billion (Rs31,710 crore today) in 1990-91 to $45 billion in 2006-07, and further to $107 billion during 2007-08, according to RBI. Capital flows dropped to $7 billion in 2008-09, at the height of the global financial crisis, but now they are estimated to have recovered to around $50 billion in 2009-10, Subbarao said. The fluctuation in the capital flows and the resultant volatility in exchange rates show that India has a flexible exchange rate policy despite not having a fully convertible currency. While in fiscal 2007 and 2008 the rupee appreciated 2.3% and 9%, respectively, the currency depreciated 21.5% in 2008-09 when capital flows thinned out, but by fiscal 2010 the rupee again recovered to appreciate 12.9%. The local currency depreciated last week by 2.5%, but following the $1 trillion bailout package to Greece, it sharply rebounded to gain 1.4% in a single day on Monday to close at 44.85 against the dollar. However, on Tuesday, the rupee depreciated to close at 45.30. On Wednesday, it strengthened to close at 45.10 to the dollar. According to Gokarn, a key challenge facing the central bank today is to find a way to normalize policy stance without disrupting recovery. anup.r@livemint.com Source: Home - Livemint.com | 12 May 2010 | 11:16 pm Cannes focuses on emerging filmmakersCannes, France: This year’s lineup at the Cannes Film Festival is leaner and less star-studded than usual, but you wouldn’t know that from its high-glamour opening ceremony. Hollywood celebrities from Eva Longoria to Salma Hayek strutted their stuff on the red carpet Wednesday for the premiere of Ridley Scott’s “Robin Hood,” which opened the French Riviera’s 12-day film extravaganza. The film’s stars, Russell Crowe and Cate Blanchett, electrified the throngs of spectators who lined the red carpet hoping for a celebrity glimpse. Crowe, who plays the title role in Scott’s muscular adaptation of the classic tale, sported sunglasses with his tuxedo. Blanchett, Lady Marion in the film, donned an off-the-shoulder gown by late British designer Alexander McQueen. Emblazoned on the front and back by a silver eagle in flight, the dress was part of McQueen’s pre-fall 2010 collection. McQueen, a British designer who was widely considered among the brightest lights of contemporary fashion, committed suicide in February at age 40. Indian actress Aishwarya Rai Bachchan, wearing a frothy gown in blue-gray lace, Britain’s Helen Mirren in a black sheath and Mexican heartthrob Gael Garcia Bernal filled out the ranks of the celebrities at Wednesday’s ceremony. Still, despite its high-wattage start, the festival’s 63rd edition has fewer household names among the actors and directors to be featured here. The pared-down roster of 19 movies in competition is dominated by emerging filmmakers from Asia, Eastern Europe and elsewhere. Jury president Tim Burton played down the relative lack of big names at Cannes, saying he and his fellow jurors — including British actress Kate Beckinsale and Puerto Rico’s Benicio del Toro — were going into the competition without preconceptions. “We don’t want to have a certain kind of thing we’re looking for,” Burton, his eyes obscured by dark shades and his hair a halo of frizz, told reporters at a news conference. “The point is to just feel the films and then discuss them and just be open.” “We’ve all been judged, so I think we’re going into it with a certain kind of spirit of openness and hopefully compassion for any filmmaker,” said the director of “Alice in Wonderland” and “Edward Scissorhands.” Key names are among the films competing for the Palme d’Or, the festival’s top prize, including new movies by “Amores Perros” director Alejandro Gonzalez Inarritu, Cannes best film laureates Ken Loach and Abbas Kiarostami, as well as Japan’s Takeshi Kitano. British actress Kristen Scott Thomas presided over the opening ceremony, which included a medley of songs from Burton’s films by Melody Gardot, clips from the competition movies and the official presentation of the jury. A chair was left symbolically empty for renowned Iranian director Jahar Panahi, who had been asked to be on the jury but is under detention in his home country. In a joint statement Wednesday, France’s culture and foreign ministers called for Panahi’s release so “he can come to the festival as soon as possible.” The media blitz around “Robin Hood” comes at a convenient time for the action-packed film, which will go head-to-head with the reigning blockbuster “Iron Man 2” when it opens in parts of Europe and the US this week. Other big-name movies in this, Cannes’ 63rd edition, to be shown out of competition include Michael Douglas and Oliver Stone’s “Wall Street: Money Never Sleeps” — the follow up to their 1987 hit “Wall Street” — and Woody Allen’s ensemble romance, “You Will Meet a Tall Dark Stranger,” starring Naomi Watts, Antonio Banderas, Anthony Hopkins and Freida Pinto. Only one US film will be in the running for Cannes’ top prize: director Doug Liman’s “Fair Game,” starring Watts as CIA covert operative Valerie Plame, whose identity was leaked by officials in the Bush administration. In years past, there were as many as five American films in competition at Cannes. Early contenders for the Palme d’Or include “Biutiful,” by Mexican critical darling Gonzalez Inarritu. Set in Barcelona, “Biutiful” stars Spanish hunk Javier Bardem as a father struggling to protect his children. With “Certified Copy,” top Iranian director Kiarostami leaves his native country, serving up an Italian-set romance starring Juliette Binoche. British directors Mike Leigh and Loach, both Cannes laureates, are in the running for a second Palme d’Or — Leigh with his relationship drama “Another Year,” and Loach with “Route Irish,” which is set in Iraq. This year’s selection also includes a strong Asian contingent, with two films from both South Korea and China, as well as one entry each from Japan and Thailand. The Cannes film festival runs through 23 May. Source: LatestNews-Home - Livemint.com | 12 May 2010 | 11:12 pm Mogul Saban buys back Power Rangers from DisneyLos Angeles: Media mogul Haim Saban is buying back the fist-pumping, multicolored superheroes known as the Power Rangers from the Walt Disney Co., hoping to launch the enduring franchise into a higher orbit. The Egyptian-born billionaire made his fortune by licensing the Power Rangers from Japan back in the 1990s. He sold his half of the Fox Family Channel, which included the Power Rangers, to Disney in a deal worth $5.2 billion in 2001. His portion came to about $1.5 billion. Now, he’s taking the team of morphing teenagers back. And he’s got a distribution deal to show new and old episodes on Viacom Inc.’s Nickelodeon and Nicktoons cable channels. There are also plans to bring a Power Rangers movie back to theaters for the first time in more than a decade. “We believe that we could bring a lot more energy and a lot more excitement to the Power Rangers franchise,” said Elie Dekel, the president of Saban Brands, a unit formed last week with $500 million in new capital. “We still felt there was room for the brand to be reignited and to once again grow.” Terms of the purchase from Disney were not disclosed. Disney will retain the global cable channel infrastructure it got from the purchase of Fox Family. Disney had been scaling back the presence of the Power Rangers, who tend to get in a lot of fights. It has been phasing out the program on its boy-focused cable channel Disney XD in foreign markets. Although it airs on Saturday mornings on the Disney-owned ABC broadcast network, new episodes have not been aired since December. “From our perspective, it just doesn’t fit in our long-term programming strategy or with the Disney brand,” said Disney spokesman Jonathan Friedland. New episodes kicking off the 18th season will play next spring on Nickelodeon and Nicktoons. Some of the catalog of 700 older episodes will hit Nicktoons later this year. Cyma Zarghami, president of Nickelodeon, said the deal made sense to appeal to the channel’s core audience of children aged 6 to 11. “When a property is able to sustain an audience for the number of seasons that this one has, it’s hard to do, and it’s hard to do it from scratch,” she said. “I think it is no small feat to have been able to sustain that kind of longevity and I think it’s really exciting to be able to keep it going.” Every season there are new incarnations of the Power Rangers, but the theme of young teenagers living normal lives and being empowered to transform into superheroes in a fight of good versus evil hasn’t changed. So far, Power Rangers episodes have aired in more than 60 countries, while merchandise and other materials have generated more than $5 billion in sales. Bandai America Inc., a subsidiary of Japan’s Namco Bandai Holdings Inc., will continue to be the toy maker for the Power Rangers. The acquisition is the first for Saban Brands, a subsidiary set up by Saban’s Saban Capital Group Inc. last week. The entrepreneur made his fortune by licensing the Japanese characters from the Toei Company Ltd. He created new storylines, reshot them and sold the shows around the world. Saban, 65, teamed up with Rupert Murdoch’s News Corp. in the late 1990s to create the Fox Family Channel, then negotiated the sale of the whole package, including the Power Rangers, to Disney in 2001. Saban Capital Group also owns a partial stake in Spanish-language broadcaster Univision Communications Inc. Source: LatestNews-Home - Livemint.com | 12 May 2010 | 11:04 pm Oil falls to near $75 on weak US crude demandSingapore: Oil prices fell to near $75 a barrel Thursday in Asia as traders mulled signs of tepid US crude demand against growing consumption in developing economies. Benchmark crude for June delivery was down 27 cents to $75.38 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The June contract lost 72 cents to settle at $75.65 on Wednesday. Crude inventories keep rising, defying analyst predictions that a recovering US economy would boost demand. The Energy Information Administration said Wednesday that oil supplies increased more than expected last week as stockpiles grow for 14 of the last 15 weeks. Supplies at the key Cushing, Oklahoma terminal jumped to a record high. “Fundamentals in the U.S. are still pretty weak, and those massive Cushing stocks keep getting bigger,” said Ben Westmore, an energy analyst with National Australia Bank in Melbourne. The Paris-based International Energy Agency said Wednesday that global oil demand this year was expected to rise 220,000 barrels a day less than it previously forecast. Investors are looking to surging demand from developing countries, such as China and India, to bolster oil prices. “In non-Japan Asia, the fundamentals are a lot rosier,” Westmore said. “Prices in the mid- to high-$70s seem to be fair.” In other Nymex trading in June contracts, heating oil rose 0.54 cent to $2.1645 a gallon, and gasoline was steady at $2.211 a gallon. Natural gas fell 2.1 cents to $4.263 per 1,000 cubic feet. In London, Brent crude was up 22 cents to $81.42 on the ICE futures exchange. Source: Home - Livemint.com | 12 May 2010 | 11:00 pm Sensex surges 191 pts in opening trade on funds buyingThe Bombay Stock Exchange benchmark Sensex gained over 191 points in opening trade today, extending yesterday's rally on increased capital inflows by foreign funds.Source: HindustanTimes.com - Top Business News Headlines | 12 May 2010 | 10:44 pm Rupee gains 11 paise against dollar in early tradeThe rupee appreciated by 11 paise to 45 a dollar in early trade today helped by increased capital inflows by foreign funds into equities and the US currency's loss against other major currencies overseas.Source: India Business News | Business News - Times of India | 12 May 2010 | 10:43 pm LimeWire loses copyright case in fight with labelsLos Angeles: File-sharing software company LimeWire has lost a long-running court battle to the major recording companies. A judge with the US District Court in New York ruled this week that the company and its chairman, Mark Gorton, were liable for inducing copyright infringement. The decision in the case, which began in 2006, doesn’t mean the site will shut down right away. The record labels and LimeWire are to meet with Judge Kimba Wood on 1 June to determine the next steps, such as a possible deal to work together going forward and a potential award for damages. Recording Industry Association of America chairman Mitch Bainwol said in a statement Wednesday that the ruling was “an extraordinary victory” against one of the largest remaining file-sharing services in the United States. The RIAA said more than 200 million copies of LimeWire’s file-sharing software have been downloaded so far, including 340,000 in the last week alone. The ruling could pave the way for a deal, similar to the way Napster was sued out of existence in 2000 but was reborn and is now under the ownership of Best Buy Inc. with licensing deals with all the major recording companies. “This isn’t about getting something shut down, it’s about getting something licensed and legal,” said Steve Marks, general counsel for the RIAA. LimeWire CEO George Searle said in a statement that while it “strongly opposes” the court’s decision, the company held out hope for a deal. The company sells an “Extended Pro” version of its free software for $34.95 a year, leaving open the possibility that a new business model could emerge in cooperation with the music industry. “LimeWire remains committed to developing innovative products and services for the end-user and to working with the entire music industry, including the major labels, to achieve this mission,” Searle said. Source: Tech News - Livemint.com | 12 May 2010 | 10:37 pm LimeWire loses copyright case in fight with labelsLos Angeles: File-sharing software company LimeWire has lost a long-running court battle to the major recording companies. A judge with the US District Court in New York ruled this week that the company and its chairman, Mark Gorton, were liable for inducing copyright infringement. The decision in the case, which began in 2006, doesn’t mean the site will shut down right away. The record labels and LimeWire are to meet with Judge Kimba Wood on 1 June to determine the next steps, such as a possible deal to work together going forward and a potential award for damages. Recording Industry Association of America chairman Mitch Bainwol said in a statement Wednesday that the ruling was “an extraordinary victory” against one of the largest remaining file-sharing services in the United States. The RIAA said more than 200 million copies of LimeWire’s file-sharing software have been downloaded so far, including 340,000 in the last week alone. The ruling could pave the way for a deal, similar to the way Napster was sued out of existence in 2000 but was reborn and is now under the ownership of Best Buy Inc. with licensing deals with all the major recording companies. “This isn’t about getting something shut down, it’s about getting something licensed and legal,” said Steve Marks, general counsel for the RIAA. LimeWire CEO George Searle said in a statement that while it “strongly opposes” the court’s decision, the company held out hope for a deal. The company sells an “Extended Pro” version of its free software for $34.95 a year, leaving open the possibility that a new business model could emerge in cooperation with the music industry. “LimeWire remains committed to developing innovative products and services for the end-user and to working with the entire music industry, including the major labels, to achieve this mission,” Searle said. Source: LatestNews-Home - Livemint.com | 12 May 2010 | 10:37 pm Sprint to launch first US 4G phone on 4 JuneNew York: Sprint Nextel said on Wednesday that HTC Corp’s EVO, its most advanced high-speed wireless phone so far, would go on sale on 4 June for $199, a price it hopes will win back subscribers lost in the last few years to its bigger rivals. The EVO, which is the first in the country to support fourth-generation (4G) high-speed data speeds, could compete well against Apple Inc’s iPhone, according to analysts who say the launch will likely be far enough in advance of the the next iPhone launch, also expected this summer. The operator hopes EVO will give it a head start over rivals such as market leader Verizon Wireless, a venture of Verizon Communications and Vodafone Group Plc, which has said it expects to offer its first 4G phone in 2011. “They’ll sell a lot of these,” said Hudson Square Research analyst Todd Rethemeier, citing the phone’s fast Web access and advanced features which include two cameras and a large screen. One downside may be scant 4G coverage for the device with markets such as New York not getting 4G until after the summer. The EVO will run on a high-speed wireless network that Sprint’s Clearwire Corp venture is building based on WiMax, a new mobile technology. The Clearwire network will only work at 4G speeds in markets covering about 40 million of the country’s population of about 300 million. Clearwire will expand to cover 120 million by year-end. Another sore point could be Sprint’s $10 a month extra service fee for EVO users in both 3G and 4G markets, amounting to an extra $120 per year. However, Rethemeier said that even with the extra charge Sprint’s cheapest $79.99 monthly service plan would still be very competitive with the fees of its bigger rivals. While Sprint boasts that the difference between the 4G and 3G data speeds is like “night and day” CEO Dan Hesse promised at a Sprint event on Wednesday that the device will stand out as the highest-spec phone on the market for customers using networks based on slower third generation (3G) networks. Sprint also said on Wednesday that the device, which it first announced in March, will make use of its two cameras — one at the front and one at the back — will support the country’s first mobile two-way video conferencing service. The company had said earlier in the day that it had a long waiting list of customers who had shown interest in buying the device by pre-registering on its website. “We believe its going to appeal across a number of fronts,” Matt Carter, the head of Sprint’s 4G business, told Reuters in an interview. In particular, he cited mobile users of social networking websites such as Facebook. He said the device, the first of two WiMax phones Sprint plans to sell this year, is only part of Sprint’s plan to regain ground lost to Verizon Wireless and AT&T Inc which is the exclusive US iPhone provider. “They’ve been eating off what they perceived as a dead corpse but, we’re back,” Carter said. The executive told Reuters that Sprint also was in talks with electronics companies including from General Electric Co and Samsung Electronics about embedding WiMax connections to consumer devices. Carter declined to comment on timing for any products but said that devices being discussed included everything from e-readers to cameras and washing machines to medical equipment. “What we’re trying to do here is not think like a traditional carrier, to advance new ways of thinking in the market,” he said. Apple also is expected to debut a new iPhone this summer. But Carter said people interested in iPhone likely already own one. Also on Wednesday, Dan Schulman, head of Sprint’s prepaid business, said during a webcast of a Jefferies investor conference that the company is also poised to launch new prepaid service offerings. Sprint will aim its next prepaid offering at older phone users who shop at Walmart and want “no nonsense” mobile phone services and do not care about having the latest advanced devices. Sprint’s stock edged up 2 cents to close at $4.15 on the New York Stock Exchange. Source: World Business - Livemint.com | 12 May 2010 | 10:22 pm Sprint to launch first US 4G phone on 4 JuneNew York: Sprint Nextel said on Wednesday that HTC Corp’s EVO, its most advanced high-speed wireless phone so far, would go on sale on 4 June for $199, a price it hopes will win back subscribers lost in the last few years to its bigger rivals. The EVO, which is the first in the country to support fourth-generation (4G) high-speed data speeds, could compete well against Apple Inc’s iPhone, according to analysts who say the launch will likely be far enough in advance of the the next iPhone launch, also expected this summer. The operator hopes EVO will give it a head start over rivals such as market leader Verizon Wireless, a venture of Verizon Communications and Vodafone Group Plc, which has said it expects to offer its first 4G phone in 2011. “They’ll sell a lot of these,” said Hudson Square Research analyst Todd Rethemeier, citing the phone’s fast Web access and advanced features which include two cameras and a large screen. One downside may be scant 4G coverage for the device with markets such as New York not getting 4G until after the summer. The EVO will run on a high-speed wireless network that Sprint’s Clearwire Corp venture is building based on WiMax, a new mobile technology. The Clearwire network will only work at 4G speeds in markets covering about 40 million of the country’s population of about 300 million. Clearwire will expand to cover 120 million by year-end. Another sore point could be Sprint’s $10 a month extra service fee for EVO users in both 3G and 4G markets, amounting to an extra $120 per year. However, Rethemeier said that even with the extra charge Sprint’s cheapest $79.99 monthly service plan would still be very competitive with the fees of its bigger rivals. While Sprint boasts that the difference between the 4G and 3G data speeds is like “night and day” CEO Dan Hesse promised at a Sprint event on Wednesday that the device will stand out as the highest-spec phone on the market for customers using networks based on slower third generation (3G) networks. Sprint also said on Wednesday that the device, which it first announced in March, will make use of its two cameras — one at the front and one at the back — will support the country’s first mobile two-way video conferencing service. The company had said earlier in the day that it had a long waiting list of customers who had shown interest in buying the device by pre-registering on its website. “We believe its going to appeal across a number of fronts,” Matt Carter, the head of Sprint’s 4G business, told Reuters in an interview. In particular, he cited mobile users of social networking websites such as Facebook. He said the device, the first of two WiMax phones Sprint plans to sell this year, is only part of Sprint’s plan to regain ground lost to Verizon Wireless and AT&T Inc which is the exclusive US iPhone provider. “They’ve been eating off what they perceived as a dead corpse but, we’re back,” Carter said. The executive told Reuters that Sprint also was in talks with electronics companies including from General Electric Co and Samsung Electronics about embedding WiMax connections to consumer devices. Carter declined to comment on timing for any products but said that devices being discussed included everything from e-readers to cameras and washing machines to medical equipment. “What we’re trying to do here is not think like a traditional carrier, to advance new ways of thinking in the market,” he said. Apple also is expected to debut a new iPhone this summer. But Carter said people interested in iPhone likely already own one. Also on Wednesday, Dan Schulman, head of Sprint’s prepaid business, said during a webcast of a Jefferies investor conference that the company is also poised to launch new prepaid service offerings. Sprint will aim its next prepaid offering at older phone users who shop at Walmart and want “no nonsense” mobile phone services and do not care about having the latest advanced devices. Sprint’s stock edged up 2 cents to close at $4.15 on the New York Stock Exchange. Source: LatestNews-Home - Livemint.com | 12 May 2010 | 10:22 pm Sprint to launch first US 4G phone on 4 JuneNew York: Sprint Nextel said on Wednesday that HTC Corp’s EVO, its most advanced high-speed wireless phone so far, would go on sale on 4 June for $199, a price it hopes will win back subscribers lost in the last few years to its bigger rivals. The EVO, which is the first in the country to support fourth-generation (4G) high-speed data speeds, could compete well against Apple Inc’s iPhone, according to analysts who say the launch will likely be far enough in advance of the the next iPhone launch, also expected this summer. The operator hopes EVO will give it a head start over rivals such as market leader Verizon Wireless, a venture of Verizon Communications and Vodafone Group Plc, which has said it expects to offer its first 4G phone in 2011. “They’ll sell a lot of these,” said Hudson Square Research analyst Todd Rethemeier, citing the phone’s fast Web access and advanced features which include two cameras and a large screen. One downside may be scant 4G coverage for the device with markets such as New York not getting 4G until after the summer. The EVO will run on a high-speed wireless network that Sprint’s Clearwire Corp venture is building based on WiMax, a new mobile technology. The Clearwire network will only work at 4G speeds in markets covering about 40 million of the country’s population of about 300 million. Clearwire will expand to cover 120 million by year-end. Another sore point could be Sprint’s $10 a month extra service fee for EVO users in both 3G and 4G markets, amounting to an extra $120 per year. However, Rethemeier said that even with the extra charge Sprint’s cheapest $79.99 monthly service plan would still be very competitive with the fees of its bigger rivals. While Sprint boasts that the difference between the 4G and 3G data speeds is like “night and day” CEO Dan Hesse promised at a Sprint event on Wednesday that the device will stand out as the highest-spec phone on the market for customers using networks based on slower third generation (3G) networks. Sprint also said on Wednesday that the device, which it first announced in March, will make use of its two cameras — one at the front and one at the back — will support the country’s first mobile two-way video conferencing service. The company had said earlier in the day that it had a long waiting list of customers who had shown interest in buying the device by pre-registering on its website. “We believe its going to appeal across a number of fronts,” Matt Carter, the head of Sprint’s 4G business, told Reuters in an interview. In particular, he cited mobile users of social networking websites such as Facebook. He said the device, the first of two WiMax phones Sprint plans to sell this year, is only part of Sprint’s plan to regain ground lost to Verizon Wireless and AT&T Inc which is the exclusive US iPhone provider. “They’ve been eating off what they perceived as a dead corpse but, we’re back,” Carter said. The executive told Reuters that Sprint also was in talks with electronics companies including from General Electric Co and Samsung Electronics about embedding WiMax connections to consumer devices. Carter declined to comment on timing for any products but said that devices being discussed included everything from e-readers to cameras and washing machines to medical equipment. “What we’re trying to do here is not think like a traditional carrier, to advance new ways of thinking in the market,” he said. Apple also is expected to debut a new iPhone this summer. But Carter said people interested in iPhone likely already own one. Also on Wednesday, Dan Schulman, head of Sprint’s prepaid business, said during a webcast of a Jefferies investor conference that the company is also poised to launch new prepaid service offerings. Sprint will aim its next prepaid offering at older phone users who shop at Walmart and want “no nonsense” mobile phone services and do not care about having the latest advanced devices. Sprint’s stock edged up 2 cents to close at $4.15 on the New York Stock Exchange. Source: Tech News - Livemint.com | 12 May 2010 | 10:22 pm Sensex surges 191 pts in opening trade on funds buyingThe Bombay Stock Exchange benchmark Sensex gained over 191 points in opening trade today, extending yesterday's rally on increased capital inflows by foreign funds.Source: India Business News | Business News - Times of India | 12 May 2010 | 10:12 pm SAP to buy rival Sybase for $5.8 billionBOSTON (Reuters) - Germany's SAP AG said it plans to buy smaller business software maker Sybase Inc for $5.8 billion, gaining technology that allows it to deliver accounting software and other programs to smartphones.Source: Reuters: Money News | 12 May 2010 | 9:09 pm Industry grows 10.4% in '09-10Industrial output grew 10.4% in the financial year 2009-10 against 2.8% in the previous fiscal when the global slowdown hit the economy.Source: India Business News | Business News - Times of India | 12 May 2010 | 1:49 pm Drug seizures: India, Brazil drag EU to WTOIndia and Brazil launched a trade dispute against the European Union and the Netherlands on Wednesday over the seizure of generic medicines in transit.Source: India Business News | Business News - Times of India | 12 May 2010 | 1:44 pm Sebi challenges SAT order on Takeover CodeThe Securities and Exchange Board of India (Sebi) today moved the Supreme Court challenging the decision of the Securities Appellate Tribunal (SAT) that held that financial investors like PEs and VCs do not acquire controlling stake in a company by just picking up more equity.Source: Business Standard | Front Page Headlines | 12 May 2010 | 1:44 pm After SC verdict on gas, Anil Ambani meets PMWithin days of his group company RNRL losing a legal battle in the Supreme Court with Mukesh Amabni's RIL for cheap gas, ADAG chairman Anil Ambani on Wednesday had an almost hour-long meeting with PM Manmohan Singh.Source: India Business News | Business News - Times of India | 12 May 2010 | 1:41 pm Bajaj Q4 net profit revs up four-foldBajaj Auto Wednesday reported a four-fold jump in fourth-quarter net profit as higher sales of its Pulsar and Discover motorcycles helped offset higher input costs.Source: India Business News | Business News - Times of India | 12 May 2010 | 1:40 pm Existing telcos flay Trai's 2G callExisting operators, telecom analysts and investors on Dalal Street gave a thumbs down to Trai's recommendation to charge telecom operators a one-time fee for holding 2G spectrum beyond 6.2 Mhz.Source: India Business News | Business News - Times of India | 12 May 2010 | 1:39 pm Ethnic wear ramps up sales of retailersCutting across departmental stores, kurtis and other desi apparel are flying off the shelves with customers queueing up for the latest in comfortable Indian wear.Source: India Business News | Business News - Times of India | 12 May 2010 | 1:37 pm Govt revives talks on workers in boardsThe United Progressive Alliance (UPA) government has initiated a move to revive a 20-year-old controversial bill which seeks to give representation to workers on company boards.Source: Business Standard | Front Page Headlines | 12 May 2010 | 12:53 pm Cell-shocked: Telecom stocks on crash courseLeading mobile phone operators came down hard on the telecom regulator on a day when most saw their stocks on a crash course.Source: Business Standard | Front Page Headlines | 12 May 2010 | 12:50 pm Euro crisis boosts case for Asia investmentGreece’s sovereign debt crisis has plagued Europe and shaken market confidence, but it has also strengthened the case for Asia as a long-term investment destination. Source: HindustanTimes.com - Top Business News Headlines | 12 May 2010 | 12:34 pm Huawei may build India gear plantHuawei Technologies, China’s top telecommunications equipment maker, said on Wednesday it is considering building a factory in India, after its imports to the country were slowed over government security concerns. Source: HindustanTimes.com - Top Business News Headlines | 12 May 2010 | 12:32 pm MRPL’s net dips 58% at Rs 253 crMangalore Refinery and Petrochemicals Ltd (MRPL) —the refining arm of state-owned ONGC — recorded a decline in its net profit by 58.4 per cent to Rs 253 crore for the quarter ended March 31, 2010, compared with the same period last year. Source: HindustanTimes.com - Top Business News Headlines | 12 May 2010 | 12:30 pm Greek tragedy: if it had been India, it would have hurt moreHere’s the standard version of the Greek story which has currently sent the world’s investment markets into the corner. The country’s government has lived beyond its means for years and has racked up a huge debt that is beyond its power to repay, Dhirendra Kumar.Source: HindustanTimes.com - Top Business News Headlines | 12 May 2010 | 12:28 pm Printing more euros is not good for EuropeMumbai: The European Union is making a mistake by printing more euros, American investor and financial commentator Jim Rogers, who was also a co-founder of Quantum Fund along with George Soros, said in an interview. Rogers said economic uncertainty is pushing gold prices higher, but he would rather put money in agricultural commodities. Edited excerpts: Do you think the European Central Bank and the European Union has bought some temporary peace, at least in Europe?  Raising concern: Jim Rogers, American investor and financial commentator. What about China? Do you see Chinese demand cooling off in 2010 or perhaps in 2011? The Chinese government is doing its best to cool things off. So I expect it to be successful. They have raised reserve requirements three times and interest rates, making it difficult to speculate in real estate. I am quite sure that China will slow down from this year, as the government is trying, and in my view, they are doing the right thing. Will you still continue to hold the euro over a long period of time? I am worried. I was very surprised that they did what they did because it seems to me that the Germans and everybody else have now given up on the euro. It seems they wanted the euro to go down and many manufacturers in Europe wanted the euro to decline. So I am not sure what I am going to do. I am thinking about it. What will this do to commodity prices in 2010? Gold is making all-time high right now because many people are worried about the inflationary aspect. What is your view on a commodity like sugar? We have seen sugar prices falling around 50% from their recent highs. Would you invest in sugar? I am not buying it. My lawyer won’t let me buy individual commodities any more. So I invest through the Rogers index when I invest in commodities. I much rather own agriculture than just about anything these days because agriculture prices are so unbelievably depressed on a historical basis. What about dollar? What would be your view there? I own US dollars probably because so many people don’t know what to do and they are rushing into the US dollar as a refuge. I cannot believe that people think that the US dollar is a safe haven because it’s a terribly flawed currency, but so many people would short the dollar and negative on the dollar last year. I am still long on the dollar. I am not selling my US dollars. What is going on in Europe makes people even more frightened about the euro. The dollar so far has been good thing for me this year. cnbctv18@livemint.com Source: World Business - Livemint.com | 12 May 2010 | 12:14 pm
|
