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US to hire adviser for General Motors IPO: ReportAmong the firms competing for the advisory role are Greenhill & Co, Lazard Ltd and Perella Weinberg Partners, the newspaper said, citing people familiar with the meetings.Source: Daily News & Analysis: Money News | 16 May 2010 | 4:06 am We don't lobby, no need to legalise lobbying in India: CII - Economic Times
Source: Business - Google News | 16 May 2010 | 3:58 am SAIL to set up Rs60k cr steel plant in JharkhandNew Delhi: State-owned SAIL is mulling over setting up a steel project, at an estimated cost of Rs60,000 crore, in Jharkhand. The plant, which is expected to be built on the space belonging to a closed fertilizer mill in Sindri, Dhanbad district, would help the company raise its annual steel production to 60 million tonnes by 2020. The steel maker recently applied to the Ministry of Chemical and Fertilizers for setting up the 12 million- tonne/per annum plant, government officials told PTI. “The integrated steel project would come up in two phases,” one of the officials said. As per the proposal, the PSU would also set up a 1.15 million tonne coal or gas-based urea plant at the site. The loss-making fertilizer mill in Sindri had been lying shut since March 2002. The plan to utilize the land bank of closed fertilizer and cement mills for setting up steel mills is in line with a strategy outlined by steel secretary Atul Chaturvedi. Former fertilizer secretary Chaturvedi said that in order to avoid problems relating to land acquisition, public as well as private sector firms should seek land belonging to closed mills, especially ones located in the mineral-rich states of Jharkhand, Orissa and Chattisgarh. Meanwhile, the government set up a high-level committee of state industry ministers to prepare guidelines on the creation of industrial sites, comprising waste and fallow land. SAIL is currently in talks with South Korean steel maker Posco to jointly set up two steel plants, entailing an estimated investment of Rs15,000 crore, in the country. It has also been approached by global firms like ArcelorMittal and Kobe Steel for possible business ventures. Source: Home - Livemint.com | 16 May 2010 | 3:33 am Major infra sectors miss output targets in FY10: reportNew Delhi: Important infrastructure sectors, including railways, power and crude oil, have missed the output targets during 2009-10, says an official assessment. The sectors, which achieved the production targets during the fiscal, are coal, fertilizers and refinery (petroleum), said the annual review of the infrastructure sector performance prepared by the Ministry of Statistics and Programme Implementation. The report comes amid the government’s decision to strengthen mechanism for quarterly monitoring of the physical targets of all infrastructure sector ministries by Cabinet Committee of Infrastructure, which is headed by Prime Minister Manmohan Singh. Besides, the government is also in the process of setting up an infrastructure fund with seed money of Rs50,000 crore to make available finance on sustainable basis for all PPP infrastructure projects in the country. During 2009-10, the Railways moved 887.99 million tonnes of goods which was 0.02% lower than the target of 890 million tonnes. However, the freight movement was 6.6% higher than that in 2008-09. The power generation of 771.55 million units in 2009-10 was 2.3% lower than the target, but it was 6.8% higher than the generation in 2008-09. The crude oil production at 33.69 million tonnes was 11.4% lower than the target for fiscal year 2010. However, the output was marginally higher by 0.5% than what was achieved in last fiscal. The coal production of 526.15 million tonnes in 2009-10 was slightly (0.1%) less than the target, but recorded a growth of 8% over dry fuel output in 2008-09. The production of fertilizers was marginally higher (0.1%) than target for 2009-10. It recorded a growth of 13.2% in 2009-10 over the production in the previous fiscal. The overall refinery during the last fiscal was 160.12 million tonnes, which was 4.5% higher than the target for the period. The production in 2009-10, however, was marginally lower than that in the previous year. Source: Home - Livemint.com | 16 May 2010 | 3:32 am Indian economy to grow by 8.5 pc in 2010-11: CIIIndustry chamber CII has projected the Indian economy to expand by up to 8.5 per cent in the current fiscal from estimated 7.2 per cent in 2009-10, but called for greater reforms, particularly in the financial sector, to push growth to double digits. Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 3:25 am Spanish job reform is coming but will it be enough?MADRID (Reuters) - Spain's long-awaited jobs reform, likely this week, will cut the cost of hiring and firing but may not provide enough flexibility to erase financial markets' doubts about the economy in the longer term, economists said.Source: Reuters: Money News | 16 May 2010 | 3:25 am Spain govt damaged by austerity plan - El Pais pollMADRID (Reuters) - An opinion poll published in Spain's leading El Pais newspaper on Sunday showed the opposition had more than doubled its lead over the ruling Socialists since the government announced an austerity plan aimed at pulling the economy out of recession.Source: Reuters: Money News | 16 May 2010 | 3:14 am Indian ADRs add $6 bn a week; Wipro, HDFC Bank top gainersIndian stocks trading on American bourses added $6 billion to their cumulative market capitalisation last week, with IT icon Wipro and private sector lender HDFC Bank accounting half of the total gains. Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 3:08 am Gas merger will be hard sell for Medvedev in KievMOSCOW (Reuters) - Russian President Dmitry Medvedev visits Kiev this week on an almost impossible mission: talking Ukraine into surrendering control of its cherished gas pipeline system to Russian energy giant Gazprom.Source: Reuters: Money News | 16 May 2010 | 2:57 am CAG expects to finish Reliance’s KG basin audit in 4-5 monthsNew Delhi: India’s top auditor CAG has said that audit of the D-6 oil block in the Krishna Godavari basin operated by Reliance Industries is likely to take 4-5 months more to be finished. “We require 4-5 months to complete the audit... The process would take time, as this is the first time that we are looking at a private player’s books... it’s a very detailed process”, comptroller and auditor general Vinod Rai told PTI. The CAG is auditing Rs45,000 crore capital spending by RIL, which is controlled by Mukesh Ambani, to tap natural gas from the D-6 block in KG basin, following a request from the petroleum ministry in 2007. He said that RIL had submitted all related documents sought by CAG by the end of January this year. “All the firms, including RIL, have submitted required documents that we have sought,” said Rai. However, a Reliance Industries spokesperson refused to offer any comment on the issue. In a hard-pitched battle last year between the Ambani siblings, younger brother Anil Ambani had alleged that Mukesh-controlled RIL had inflated capital spending to Rs45,000 crore from the initial estimate of Rs12,500 crore for the D-6 block. CAG’s scope of audit is in respect of the block KG-DWN-98/3 (KG-D6) awarded to RIL for two financial years -- 2006-07 and 2007-08 -- with access to records of previous years linked to transactions in these years. It is also understood that the scope of this audit will far exceed the normal course of audit by the CAG and the prime objective may be to detect fraud, if any, by the operator (RIL), allegedly in collusion with oil regulator DGH and the Ministry of Petroleum and Natural Gas. In 2007, the Petroleum Ministry had asked the CAG to conduct an audit of seven oil and gas blocks, including RIL’s KG-D6 block. After initial reluctance, the CAG is now conducting the audit of four oil & gas blocks, namely KG-D6 of RIL, the Barmer and Ravva oilfields being operated by Cairn India and the Panna-Mukta-Tapti oil fields jointly owned by British Gas, ONGC and RIL. Source: Home - Livemint.com | 16 May 2010 | 2:56 am Under pressure, BP tries again to contain oil spillGALLIANO, La (Reuters) - Energy giant BP made a new attempt to siphon gushing oil from an offshore well as political pressure and public outrage increased over the company's slow progress at stopping environmental disaster.Source: Reuters: Money News | 16 May 2010 | 2:55 am Major infra sectors miss output targets in FY'10: Govt reportImportant infrastructure sectors, including railways, power and crude oil, have missed the output targets during 2009-10, says an official assessment. Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 2:55 am SAIL plans to set up Rs 60,000 crore steel project in JharkhandState-owned SAIL is mulling over setting up a steel project, at an estimated cost of Rs 60,000 crore, in Jharkhand.Source: India Business News | Business News - Times of India | 16 May 2010 | 2:44 am Indian economy to grow by 8.5% in 2010-11: CIIIndustry chamber CII has projected the Indian economy to expand by up to 8.5% in the current fiscal from estimated 7.2% in 2009-10, but called for greater reforms, particularly in the financial sector, to push growth to double digits.Source: India Business News | Business News - Times of India | 16 May 2010 | 2:33 am Oil spill threatens fragile, resource-rich Louisiana wetlands - The Hindu
Source: Business - Google News | 16 May 2010 | 2:09 am Indian ADRs add $6 bn last week; Wipro, HDFC Bank top gainersNew York: Indian stocks trading on American bourses added $6 billion to their cumulative market capitalization (m-cap) last week, with IT icon Wipro and private sector lender HDFC Bank accounting half of the total gains. For the week ended 14 May, 16 Indian entities listed on the New York Stock Exchange and Nasdaq added $6 billion to their m-cap, Wipro and HDFC Bank together added $2.96 billion to the total valuation. Wipro’s valuation surged by $1.8 billion to $31.63 billion, while the m-cap of HDFC Bank increased by $1.16 billion to $22.22 billion. HDFC Bank is followed by IT bellwether Infosys Technologies, whose m-cap jumped by $793 million to $33.04 billion. Further, pharma major Dr Reddy’s Laboratories’ valuations rose by $469 million to $4.74 billion, while that of another private sector lender ICICI Bank grew by $457 million to $21.83 billion. Out of 16 companies trading as American Depository Receipts, four firms -- internet firm Reddif.com, BPO company WNS Holdings, and telecom majors Tata Communications and Mahanagar Telephone Nigam Ltd -- have witnessed an erosion of $76 million to their market capitalization. ADRs are bought and sold on US markets just like stocks and are issued by a bank or a brokerage firm. Auto maker Tata Motors too saw its market capitalization rising by $414 million to $8.33 billion. Besides, the valuation of IT firm Patni Computer Systems, outsourcing firm Genpact and Mahindra Satyam increased by $192 million, $186 million and $182 million, respectively. Other ADR gainers -- Internet company Sify Technologies, BPO firm EXL Service Holding and copper producer Sterlite Industries’ m-cap increased in the range of $4 million to $92 million. On Friday, the US markets ended in red, with Dow Jones Industrial Average ending, down 162.79 points, at 10,620.16 and the S&P 500 settling down 21.75 points to 1,135.68. Besides, tech heavy Nasdaq was down 47.51 points at 2,346.85. Source: Home - Livemint.com | 16 May 2010 | 2:07 am ICAI asks Sebi to defer decision on annual results by 6 monthsAccounting regulator ICAI has requested the Securities and Exchange Board of India to defer by at least six months implementation of its decision with regard to publishing of quarterly results by listed companies. Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 2:05 am UK faces 'enormous' economic challenge: George OsborneOsborne took up the role this week after the centre-right Conservatives joined with the centre-left Liberal Democrats to form the country's first coalition government since 1945 and end 13 years of Labour party rule.Source: Daily News & Analysis: Money News | 16 May 2010 | 1:44 am BSNL to provide 3G telecom services at affordable pricesState-run Bharat Sanchar Nigam Ltd will provide third generation telecom services at affordable rates and bridge the rural-urban digital divide, company chairman and managing director Kuldeep Goyal said. Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 1:23 am RIL's K-G basin audit to take 4-5 months to complete: CAG - Hindustan Times
Source: Business - Google News | 16 May 2010 | 1:14 am Icai asks Sebi to defer decision on quarterly results by 6 monthsNew Delhi: Accounting regulator Icai has requested the Securities and Exchange Board of India (Sebi) to defer by at least six months implementation of its decision with regard to publishing of quarterly results by listed companies. “Sebi has been requested to defer the applicability of the (Sebi’s) decision by six months so that there is sufficient notice for not only the audit firms but also the listed entities to plan their affairs accordingly,” Institute of Chartered Accountants of India (Icai) president Amarjit Chopra said. To improve transparency and corporate governance, Sebi on 5 April made it mandatory for all listed companies to publish their annual results within 60 days of the financial year end, reducing the timeline from the earlier 90 days. The market watchdog had said the decision is aimed at streamlining submission of financial results by making it uniform and to reduce the timeline for submission of the same to the stock exchanges. According to the Icai, market regulator Sebi’s announcement in April to reduce the timeline for publishing audited annual results and its applicability for the fiscal ended March, would create “undue pressure on both auditor and and/or auditee to complete the audit.” Icai, however, welcomed Sebi’s move, saying, “We are sure that these changes, as made by Sebi, will bring in uniformity in the reporting of financial results by all listed entities and would definitely be in the interest of all stakeholders. We fully support this move.” The institute also commended Sebi’s decision to accept audit reports of only those auditors who have undergone Icai’s peer review process. Source: LatestNews-Home - Livemint.com | 16 May 2010 | 12:59 am EXCLUSIVE - Trade finance still a worry despite recoveryGENEVA (Reuters) - Trade finance, vital to keep the wheels of international trade turning, remains a concern for poor countries in Africa and other regions, even as global commerce rebounds in the recovery, trade finance sources said.Source: Reuters: Money News | 16 May 2010 | 12:58 am CII criticises government for caste-based censusIndustry chamber CII on Sunday criticised the government for taking up caste-based census wondering "why a dying issue was being revived". Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 12:55 am Ranbaxy to focus more on generic drugsNew Delhi: Pharma major Ranbaxy Laboratories has said that it is shifting the focus of its research from the development of new drugs to that of generic drugs for effecting better synergy with its Japanese parent, Daiichi Sankyo. “Now we believe, with Daiichi Sankyo, it makes sense for us to concentrate more on generics (research), and find the right integration with the parent company,” Ranbaxy Laboratories CEO and managing director Atul Sobti said. Earlier, Ranbaxy was also focusing on new drug development through a new chemical entity (NCE) research unit, which had played a role in the development of a molecule indicated for malaria treatment. Currently undergoing phase III clinical trials in India and Thailand, it would become the first molecule developed in India to be commercialized. Recently, Daiichi Sankyo had announced the establishment of a new company, Daiichi Sankyo Espha Co Ltd (DSECL), to market generic drugs. With the establishment of DSECL, Ranbaxy will have the opportunity to develop, manufacture and supply products to the Japanese market, Sobti said. As part of the three-year synergy plan signed between Daiichi Sankyo and Ranbaxy, in which the Japanese firm has around 64% stake, both the companies are working on developing a hybrid business model. Under the model, Ranbaxy would primarily focus on generic medicine research both for itself and its parent firm while the new drug discovery programme is taken up by Daiichi Sankyo. “In addition to collaboration between the company’s Shinagawa and Kasai R&D facilities....the group is constructing a global R&D setup in collaboration with the New Drug Discovery Research (NDDR) division of Ranbaxy,” Daiichi Sankyo said in a statement posted on its website. These moves are aimed at accelerating research and expanding the pipeline of new drug candidates, it added. Source: Home - Livemint.com | 16 May 2010 | 12:49 am Ranbaxy to focus more on generic drugsNew Delhi: Pharma major Ranbaxy Laboratories has said that it is shifting the focus of its research from the development of new drugs to that of generic drugs for effecting better synergy with its Japanese parent, Daiichi Sankyo. “Now we believe, with Daiichi Sankyo, it makes sense for us to concentrate more on generics (research), and find the right integration with the parent company,” Ranbaxy Laboratories CEO and managing director Atul Sobti said. Earlier, Ranbaxy was also focusing on new drug development through a new chemical entity (NCE) research unit, which had played a role in the development of a molecule indicated for malaria treatment. Currently undergoing phase III clinical trials in India and Thailand, it would become the first molecule developed in India to be commercialized. Recently, Daiichi Sankyo had announced the establishment of a new company, Daiichi Sankyo Espha Co Ltd (DSECL), to market generic drugs. With the establishment of DSECL, Ranbaxy will have the opportunity to develop, manufacture and supply products to the Japanese market, Sobti said. As part of the three-year synergy plan signed between Daiichi Sankyo and Ranbaxy, in which the Japanese firm has around 64% stake, both the companies are working on developing a hybrid business model. Under the model, Ranbaxy would primarily focus on generic medicine research both for itself and its parent firm while the new drug discovery programme is taken up by Daiichi Sankyo. “In addition to collaboration between the company’s Shinagawa and Kasai R&D facilities....the group is constructing a global R&D setup in collaboration with the New Drug Discovery Research (NDDR) division of Ranbaxy,” Daiichi Sankyo said in a statement posted on its website. These moves are aimed at accelerating research and expanding the pipeline of new drug candidates, it added. Source: LatestNews-Home - Livemint.com | 16 May 2010 | 12:49 am Jindal Power may launch Rs 7,200-cr IPO by June-JulyNavin Jindal-led Jindal Power expects to launch its estimated Rs 7,200-crore initial public offer by June-July, proceeds of which will be utilised to part fund its around Rs 22,000-crore expansion projects.Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 12:48 am Europe needs quantum leap in budget oversight - TrichetBERLIN/ZAGREB (Reuters) - Europe's central bankers said on Saturday their governments had at best bought time with a $1 trillion rescue, and called for radical action to curb budget deficits and harsh punishments for those who strayed.Source: Reuters: Money News | 16 May 2010 | 12:47 am Govt to take up India's 1st financial services SEZ proposalThe government will consider next month a proposal for setting up the country's first financial services sector special economic zone.Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 12:45 am Varsities call for safety measures against radiation - Hindustan Times
Source: Business - Google News | 16 May 2010 | 12:45 am Need for 'mechanism' to ensure coordination between regulatorsIn the midst of a turf war between SEBI and IRDA, a global research report has underlined the need for a super-regulator to ensure a smooth coordination between various watchdogs without hurting the markets.Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 12:43 am Ranbaxy to shift focus from new drug research to genericsRanbaxy Laboratories has said that it is shifting the focus of its research from the development of new drugs to that of generic drugs for effecting better synergy with its Japanese parent, Daiichi Sankyo.Source: HindustanTimes.com - Top Business News Headlines | 16 May 2010 | 12:40 am Six of top-10 firms add nearly Rs17k cr to m-capMumbai: In the highly volatile trade past week, six out of the top 10 firms added nearly Rs17,000 crore to their market capitalization, with FMCG major ITC getting into the coveted club after a year replacing Bharti Airtel. Meanwhile, the four state-run companies in the top 10 m-cap list--ONGC, SBI, BHEL and NMDC--lost Rs2,388 crore from their market valuation for the week ended 16 May, led by BHEL and SBI. Consumer goods major ITC replaced the largest telco Bharti Airtel whose valuation fell by a whopping Rs8,829.23 crore, pulling down its total market capitalization (m-cap) to Rs1,00,425 crore. During the week, the shares of Bharti Airtel plunged 8%, after the telecom regulator Trai recommended a steep jump in fee for spectrum beyond 6.2 Mhz, to settle at Rs264.45 on the BSE on Friday. ITC, at the end of the top 10 heap, made a come back after a year by adding Rs3,512.74 crore into its m-cap, taking its total market valuation to Rs1,02,385 crore. The country’s most valued firm Reliance Industries maintained its numero-uno position, as its valuation swelled by Rs3,172 crore to Rs3,41,279.46 crore after the company got a favourable verdict from the Supreme Court in its tussle with the Anil Ambani promoted RNRL over gas price in the early part of the past week. State-run ONGC, the second most valued firm, lost Rs64 crore from its m-cap, while, power producer NTPC at the third place added Rs3,545.55 crore in its valuation. At the end of the week, ONGC saw its m-cap decline to Rs2,23,501.22 crore and NTPC valuation stood at Rs1,69,815 crore. IT bellwether Infosys Technologies, at the fourth spot, added Rs2,134.61 crore to its m-cap at Rs1,52,455 crore and trading firm MMTC saw its valuation swelling by Rs233.5 crore to Rs1,50,219.75 crore. The country’s largest software exporter TCS, at the sixth slot, added Rs4,227.55 crore into its m-cap taking its market valuation to Rs1,49,481.15 crore, while public sector lender SBI, at the seventh spot, lost Rs234.91 crore from its valuation to Rs1,41,111 crore, as its Q4 numbers announced on Friday were way off the street expectation. State-run BHEL, at the eighth slot, saw its m-cap decline by Rs1,196.87 crore to Rs1,15,641.76 crore and NMDC at the ninth place lost Rs892 crore to settle the week at Rs1,15,432 crore. ITC which replaced Bharti Airtel stood at the tenth place. Source: Home - Livemint.com | 16 May 2010 | 12:28 am Obama administration wants clarification from BPWASHINGTON (Reuters) - Top Obama administration officials demanded on Saturday "immediate public clarification" from BP Plc Chief Executive Tony Hayward over BP's intentions about paying costs associated with the Gulf of Mexico oil spill.Source: Reuters: Money News | 16 May 2010 | 12:26 am Govt to take up India’s 1st financial services SEZ proposalNew Delhi: The government will consider next month a proposal for setting up the country’s first financial services sector special economic zone (SEZ). Diversified corporate entity GMR Group has submitted a proposal to the Centre for setting up this international financial services-focussed SEZ in Hyderabad. Commerce Ministry, the nodal agency for clearing SEZ proposals, will take up the GMR’s request on 8 June. “Their (GMR) request is on agenda. It will be taken up in the next BoA meeting,” additional commerce secretary DP Mittal told PTI. The inter-ministerial Board of Approval (BoA) is headed by commerce secretary Rahul Khullar. A senior GMR Group official said the company would file a detailed proposal next week. “We will submit a detailed proposal with the Commerce Ministry in the next couple of days,” the official said. He, however did not provide further details on which are the various segments of the financial services sector that would be available in the SEZ. The financial services sector broadly comprises segments like insurance, mutual funds, micro finance and non-banking financial services. Besides the GMR’s request, the BoA would also take up applications for setting up new SEZs and other related issues. Source: Home - Livemint.com | 16 May 2010 | 12:10 am Geithner confident EU will resolve crisis, yuan will riseSINGAPORE (Reuters) - U.S. Treasury Secretary Timothy Geithner said he is confident Europe will resolve its debt crisis and that the U.S. economy can withstand any fallout, Bloomberg reported.Source: Reuters: Money News | 16 May 2010 | 12:04 am Akshaya Tritiya: Gold, the safe haven for investors - Economic Times
Source: Business - Google News | 16 May 2010 | 12:03 am Glenmark ends first out-licensed drug forayThe end has been officially signalled on Glenmark's prospective asthma drug Oglemilast, the first to be licensed out by Glenmark to Forest Laboratories Inc for furtherSource: Business Line - Home Page | 16 May 2010 | 12:00 am Cafes that dispense wealth creation adviceBajaj Capital, a diversified financial and investment advisory house, has embarked on a new service distribution channel to create awareness on wealth creation and financial planning among the upwardly mobileSource: Business Line - Home Page | 16 May 2010 | 12:00 am Asset managers rake in the moolah in 2009-10Mutual fund subsidiaries of banks and financial companies have reported exceptional performance in 2009-10, managing a 94 per cent growth in their total profits compared with lastSource: Business Line - Home Page | 16 May 2010 | 12:00 am Jewellers upbeat on Akshaya Tritiya salesDespite the prevailing record-high bullion prices and the resultant drop in retail sales in the last few weeks, jewellery retailers are optimistic about this year Akshaya TritiyaSource: Business Line - Home Page | 16 May 2010 | 12:00 am Mumbai supply: RInfra, Tata Power tussle heads for tame climaxThe ongoing tussle between Reliance Infrastructure and Tata Power Company over the supply of 200 MW to the former is heading for a tameSource: Business Line - Home Page | 16 May 2010 | 12:00 am ONGC Mittal Energy finds hydrocarbons in Nigerian blockONGC Mittal Energy Ltd (OMEL) has found hydrocarbons in a Nigerian deepwater block. The joint venture completed drilling of the first well in OPL 279 block inSource: Business Line - Home Page | 16 May 2010 | 12:00 am Anil Ambani Group cos' mixed show in profit growthSaturday saw three ADAG (Anil Dhirubhai Ambani Group) companies in the manufacturing space post theirSource: Business Line - Home Page | 16 May 2010 | 12:00 am More focus needed on state debt in future - EU's RehnHELSINKI (Reuters) - More focus is needed on the state debt of euro zone members in future to prevent possible problems in one country spreading to others, European Union Economic and Monetary Affairs Commissioner Olli Rehn said.Source: Reuters: Money News | 15 May 2010 | 11:58 pm Jindal Power may launch Rs7,200 cr IPO by June-JulyNew Delhi: Navin Jindal-led Jindal Power expects to launch its estimated Rs7,200 crore initial public offer (IPO) by June-July, proceeds of which will be utilized to part fund its around Rs22,000 crore expansion projects. “We have an estimate of raising about Rs7,200 crore through the initial public offer and are awaiting Sebi clearance,” deputy managing director Jindal Power Sushil Maroo told PTI. The company plans to part finance Rs22,000 crore thermal power expansion projects in Chhattisgarh and Jharkhand through the proceeds of the IPO. “We are planning a 2,400 MW brownfield expansion at our existing 1,000 MW Tamnar plant at Raigarh, Chhattisgarh. We have already tied up Rs10,000 crore for this project, which we expect to commission by June 2012,” Maroo said. The company will channelize 35% of the power produced from the Chhattisgarh expansion project to the Chhattisgarh State Electricity Board (CSEB) and sell the rest through short-, medium- and long-term agreements. The company would also execute two captive power projects of 660 MW at Godda and 1,320 MW at Dumka in Jharkhand by 2014. “We would be building 1,980 MW capacity captive power projects in Jharkhand and 51% of the electricity produced from there would be utilized to feed Jindal Steel and Power Ltd.” Besides, the coal-based projects, the company expressed hope of starting work on its Rs7,500-crore solar power project in Rajasthan by 2012. “We are in talks with the Rajasthan government ... we are likely to start construction of the first phase of our 500 MW solar power project there in next 1-1.5 years,” Maroo said. Also, the company is actively scouting for locations in the country to set up wind power projects, as part of its green energy initiative to generate power through renewable sources like solar and wind energy. It is currently running a 24 MW wind mill in Maharashtra, produce of which is sold to Anil Ambani-led Reliance Infrastructure. It has lined up projects worth Rs65,000 crore in by 2020. Source: Home - Livemint.com | 15 May 2010 | 11:45 pm British govt to intervene in BA cabin crew strikeLONDON (Reuters) - The British government is to intervene in a long-running dispute between British Airways cabin crew and management in a bid to avert up to 20 days of planned strikes over the next four weeks.Source: Reuters: Money News | 15 May 2010 | 11:02 pm RCom Q4 net falls but less than forecastNew Delhi: Reliance Communications, India’s No. 2 mobile phone operator, reported a 16% fall in quarterly profit, as a call price war in the world’s fastest-growing mobile market took its toll, but the profit fall was smaller than expected. India is signing up new mobile subscribers at a monthly average of 16 million, but call prices have fallen as low as 0.4 US cents a minute amid stiff competition among firms in the crowded 15-operator market to add users faster than rivals. Reliance Communications, controlled by billionaire Anil Ambani, has been more aggressive in cutting call charges than larger rival Bharti Airtel, and earlier this month said it would offer unlimited call time to its CDMA users at a monthly price of just $13. Chairman Anil Ambani said in a statement the financial year to March 2010 was the “most challenging year” for the Indian telecom sector, but was confident that his company would be able to sustain profit growth in coming quarters despite high competition. The Mumbai-based firm reported a net profit of Rs1,220 crore ($270 million) for its fiscal fourth quarter ended March, compared with Rs1,454 crore reported in the year-ago quarter. A Reuters poll of analysts had on average expected March quarter net profit of Rs852 crore. The company did not immediately release details of its March quarter financials. Ahead of the results, shares in Reliance Communications closed 1.4% lower on Friday. The shares have fallen more than 16%, underperforming the broader market but less than Bharti Airtel’s about 20% fall. Reliance Communications was the worst performing stock among the BSE benchmark index components in 2009. Bharti Airtel last month reported its first profit fall in three years. Source: Home - Livemint.com | 15 May 2010 | 10:34 pm Modi replies to BCCI show-cause notice in 12k pagesMumbai: After seeking a five-day extension to reply to all the charges levied against him, Lalit Modi, the suspended chairman and commissioner for the Indian Premier League (IPL), sent in his reply to the Board of Control for Cricket in India (BCCI) through counsel Mehmood M Abdi on Saturday. Abdi, arrived at the BCCI headquarter in Mumbai at 6:15 pm, armed with several boxes containing documents in response to the charge-sheet filed against Modi. The boxes, said Abdi, contained approximately 12,000 pages of documents and were handed over to Professor Ratnakar Shetty, who had been appointed by the board to look into all the documents and records related to the league. Along with Modi’s response to the allegations and charges, the boxes apparently also held missing documents, that had been sought by the BCCI as well as government agencies, such as the franchisee agreements, bid documents and sponsorship agreements, among others. This could not be independently confirmed by Mint. “All the issues listed in the charge-sheet have been addressed,” said Abdi, adding that it was now up to the BCCI president to look into the matter and roll back the suspension and restore Modi to all the posts he held prior to his suspension in April. The suspension, had been communicated to Modi late night on 25 April, following Chennai Super King’s win over the Mumbai Indians in the IPL III final. “The president will find that we have provided an adequate reply, and that every issue has been properly, fully and sufficiently dealt with.” While he refused to comment on media speculation that Modi had been building a strong case against two governing council members, Abdi maintained that his client had taken objection to any reports maintaining that the governing council members were not aware of the decisions being taken by Modi and the IPL. This was in reply, to BCCI president Shashank Manohar’s statement during a media briefing, which absolved the governing council members of any responsibility. “All of us work here as honorary members…It is the job of professionals and executives appointed by company to do that job. If you expect the members of governing council each morning and look at each and every thing (documents and contracts), then we don’t need anyone else, we don’t need to pay IMG Rs27crores, we don’t need to have a COO (Sundar Raman) to run the IPL. It is their job to do this.” Of all the allegations levied against him, the board had brought up five main issues including the bids by the Rajasthan Royals and Kings XI Punjab franchisees during season one of the IPL, the broadcasting deal with Multi Screen Media Ltd, alleged interference during bid of two new IPL franchisees early this year, awarding of the internet rights and the last with regard to his behavioural pattern, for leaking confidential information about the Kochi team’s shareholding, on Twitter. gouri.s@livemint.com Source: Home - Livemint.com | 15 May 2010 | 10:04 pm Ratan Tata honoured with Global Indian award in CanadaIndia's top industrialist and chairman of the Tata Group, Ratan Tata has received the 2010 CIF Chanchlani Global Indian Award for his outstanding global leadership, vision and professional excellence.Source: India Business News | Business News - Times of India | 15 May 2010 | 9:41 pm State may buy power from TPC, sell it to RInfra - Times of India
Source: Business - Google News | 15 May 2010 | 3:45 pm Congress to host delegates in tents at national meetMumbai party chief pitches for austerity, takes a leaf from the BJP meet in Indore.Source: Business Standard | Front Page Headlines | 15 May 2010 | 12:53 pm Maharashtra to direct Tata Power to feed RinfraIn a bid to protect the consumers interest, the Maharashtra government is planning to issue a directive, by invoking section 11 of the Electricity Act, 2003, to Tata Power to continue supplying power in Mumbai.Source: Business Standard | Front Page Headlines | 15 May 2010 | 12:51 pm Two airports likely for GoaTourists who come from across the world to laze around in the balmy beaches of Goa will now have another attraction it will have not one but two airports. The cabinet will soon take up a proposal to let the existing Indian Navy airport to operate even after the new airport in north Goa comes up.Source: Business Standard | Front Page Headlines | 15 May 2010 | 12:50 pm New UK govt may impose bonds on Indian studentsBritains new immigration minister, Damian Green, has indicated that students from India and other non-European Union (EU) countries will have to furnish a bond of a specified amount before coming here to study at British institutions.Source: Business Standard | Front Page Headlines | 15 May 2010 | 12:47 pm Isaac Newton's apple tree travels in space shuttle AtlantisAt 2.20 pm on Friday, exactly as planned, space shuttle Atlantis thundered off its launch pad at the Kennedy Space Centre and set off on its 32nd and, perhaps, its last flight, carrying several tonnes of equipment to the International Space Centre (ISS). The space shuttle programme shuts down later this year.Source: Business Standard | Front Page Headlines | 15 May 2010 | 12:45 pm Rising corporate NPAs hit SBI profit - The Hindu
Source: Business - Google News | 15 May 2010 | 12:12 pm Mangalore airport may go international soon - Times of India
Source: Business - Google News | 15 May 2010 | 10:51 am Bids for one all-India 3G licence hit $3.5 billionBidding for the 3G spectrum, which would allow firms to offer high-speed Internet and other premium services such as video calling on mobile phones, started on April 9.Source: Daily News & Analysis: Money News | 15 May 2010 | 10:02 am Bids for one all-India 3G licence hit $3.5 bn - Economic Times
Source: Business - Google News | 15 May 2010 | 9:53 am Delhi most sought after circle for 3G, bid crosses Rs 3,000 croreThe bid for 3G spectrum in Delhi on Saturday crossed Rs 3,032.85 crore, a nearly 10-time jump over the base price of Rs 320 crore, making it the most in demand circle.Source: India Business News | Business News - Times of India | 15 May 2010 | 9:34 am Suzlon sees slow Mideast wind energy growthThe Gulf Arab region is increasingly considering investments in alternative energies to meet the rising energy consumption of its growing economies.Source: Daily News & Analysis: Money News | 15 May 2010 | 8:55 am Reliance Infrastructure FY net rises 12%Reliance Infrastructure, part of Anil Dhirubhai Ambani group, declared an interim dividend of Rs7.10 and said its EPC orderbook stands at over Rs192.6 billion.Source: Daily News & Analysis: Money News | 15 May 2010 | 8:07 am Reliance Infra Q4 net down by 27%Anil Ambani group firm, Reliance Infra, has posted a 27 per cent decline in its stand-alone net profit at Rs 251.09 crore for the quarter ended March 31, 2010, as against Rs 346.17 crore in the year-ago period.Source: India Business News | Business News - Times of India | 15 May 2010 | 7:40 am NALCO Q4 profit up 371% at Rs.391 croreState-owned National Aluminium Company Limited (NALCO) on Saturday announced a 371 percent rise in net profit at Rs 391.48 crore for the fourth quarter of 2009-10 ended March 31.Source: India Business News | Business News - Times of India | 15 May 2010 | 7:32 am Air India likely to get single ticketing code by OctoberCurrently, both Air India and erstwhile Indian Airlines are operating on different codes -- IA and IC - and operating on distinct IT platforms.Source: Daily News & Analysis: Money News | 15 May 2010 | 7:28 am Tatas exit $150m eco-car project in ThailandTata Motors has pulled out $150-million, eco-car project in Thailand because of the carmaker's growing discontent with costs & new tax rules.Source: India Business News | Business News - Times of India | 15 May 2010 | 7:10 am BHP, Rio iron venture plan might be reconsideredBHP Billiton and Rio Tinto might reevaluate plans to merge their Western Australian iron ore operations if an agreement is not reached by year end, the Wall Street Journal said on SaturdaySource: Moneycontrol Top Headlines | 15 May 2010 | 6:37 am Jindal Steel ends Shadeed acquisition talksJindal Steel said it was not able to come to an agreement with Al Ghaith due to reasons including lack of clarity on land titles and incremental liabilities.Source: Daily News & Analysis: Money News | 15 May 2010 | 6:15 am Gold retreats from record highs on profit bookingMumbai: Gold prices retreated from their record highs at the bullion market here on Saturday due to fresh sell-off from stockists and speculators at higher levels amid lower New York advices. The yellow-metal made its fresh record high on Friday in domestic as well as in international markets as investors preferred to take shelter under this safe heaven asset, on lingering concerns over eurozone debt woes. Silver also declined on reduced demand from industrial users. Investors and speculators, who preferred to take out some profits at higher levels ahead of the weekend, led to the fall in prices, traders said. Standard gold (99.5 purity) slumped by Rs110 per ten grams to close at Rs18,215 from Friday’s close of Rs18,325. Pure gold (99.9 purity) also dipped by a similar margin to end at Rs18,305 per ten grams from Rs18,415 on Friday. Silver ready (.999 fineness) dropped by Rs250 per kilo to finish at Rs29,870 as against Rs30,120. In New York, gold for June delivery declined by $1.40 an ounce to $1,227.80 on the Comex division of NYMEX. Silver for July delivery lost 27 cents to $19.22 an ounce. Source: LatestNews-Home - Livemint.com | 15 May 2010 | 6:03 am Obama pushes Wall Street reform with populismWashington: US President Barack Obama on Saturday called for swift Senate action on a sweeping overhaul of Wall Street rules to “secure America’s economic future” as a reform bill moves into the decisive stage next week. With months to go before November’s pivotal congressional elections, Obama pressed a populist theme of helping the “folks on Main Street” as he urged approval of tighter regulations to prevent a repeat of the 2008-2009 financial crisis. Obama’s Democrats and opposition Republicans are continuing to haggle over a slew of amendments, but the bill could come up for a vote in the US Senate by the end of next week and is widely expected to pass. “The reform bill being debated in the Senate will not solve every problem in our financial system -- no bill could,” Obama said in his weekly radio and Internet address. “But what this strong bill will do is important, and I urge the Senate to pass it as soon as possible, so we can secure America’s economic future in the 21st century.” The political climate in Washington has turned in favor of the proposed legislation -- which would mark the broadest revamp of the US financial system since the 1930s -- and against industry lobbyists trying to weaken any changes. Republicans acknowledge a need for reform but are seeking to trim back some Democratic proposals they see as government overreach into the private sector. Still, Republicans appear increasingly reluctant to run the political risk of blocking passage and being painted as aligned with Wall Street in an election year. The stakes are also high for Obama. With US unemployment just below 10%, Americans are anxious about the country’s finances, nudging his approval ratings to around 50% and threatening Democratic losses in the mid-term elections. Seeking to tap into public anger at Wall Street excesses blamed for the recent financial crisis, Obama insisted financial reform would “help stop predatory practices.” He said reform would bolster community banks that have operated by the rules by creating an “even playing field” with larger lenders and would help safeguard small businesses from ever again being victimized by Wall Street risk-taking. “We’ll make our financial system more transparent by bringing the kinds of complex, back room deals that helped trigger this crisis into the light of day. We’ll prevent banks from taking on so much risk that they could collapse and threaten our whole economy,” Obama said. “Put simply, Wall Street reform will bring greater security to folks on Main Street,” he said. The US House of Representatives approved a Wall Street reform bill in December. Whatever the Senate produces will have to be merged with the House bill before a final package can be sent to Obama to be signed into law, possibly by mid-year. Source: LatestNews-Home - Livemint.com | 15 May 2010 | 6:01 am ATF price hiked by Rs104 to Rs42,556 a kl in DelhiNew Delhi: State-owned oil retailers on Saturday raised the price of jet fuel, or ATF, marginally by Rs104 per kilolitre, making it the sixth straight increase since March. Aviation turbine fuel (ATF) rates in Delhi have been hiked by Rs104, or 0.24%, to Rs42,556 per kilolitre with effect from Saturday midnight, an official of Indian Oil Corp, the nation’s largest oil firm, said. Jet fuel constitutes roughly 40% of the operating cost of an airline and this increase in fuel rates would put a nominal, but extra burden on Indian carriers. It was not immediately clear if airlines would pass on this burden to passengers. ATF prices have been raised by 12% in six installments since 1 March. The jet fuel price in Delhi was Rs37,982.22 per kl in February. In Mumbai, the price of ATF on Saturday was raised by Rs108 to Rs43,932 per kl. IOC and its sister PSU fuel retailers Hindustan Petroleum and Bharat Petroleum revise jet fuel prices on the first and the 16th of every month, based on the average global oil price in the previous fortnight. Predicting tougher times ahead, Reliance Industries chairman and managing director Mukesh Ambani on Friday stated that global crude oil prices may touch the $100 per barrel mark soon. Crude is currently trading below $75 per barrel. Source: LatestNews-Home - Livemint.com | 15 May 2010 | 4:23 am Former vice president Bhairon Singh Shekhawat passes awayJaipur: Former vice president Bhairon Singh Shekhawat died on Saturday of cardiac arrest, two days after he was admitted to a hospital here complaining of uneasiness and breathing problems. 87-year old Shekhawat breathed his last at 11:10 am at the Swai Man Singh Hospital, Dr Narpat Singh, superintendent of the hospital, said. He leaves behind his wife Suraj Kanwar and daughter Ratan Kanwar, who is married to BJP MLA Narpat Singh Rajvi, and three grandchildren. The former vice president was admitted to the ICU of the SMS hospital on the night of 13 May following complaints of lung and chest infection. When his condition deteriorated on Saturday morning, he was put on ventilator, another doctor at the hospital, Ashok Pangaria, told PTI. The Rajasthan Cabinet held an emergency meeting to mourn his death and declared a three-day state mourning. The funeral will take place here on Sunday with full state honours. Shekhawat’s embalmed body will be kept at his bungalow in the civil lines area in Jaipur to enable people to pay their last respects. The body will later be taken to the BJP office before cremation at Chandpol ground. As news of his death spread, leaders transcending political barriers rushed to his residence to pay their tributes. Respected as a deft politician, Shekhawat enjoyed the enviable reputation of ‘Ajatshatru’ -- for having friends across the political spectrum in his over five decades-long political career. “Age is no bar for me”, Shekhawat had said when he was vice president and had climbed the Eiffel Tower at the age of 83. The remark was significant and gave a clear indication that he would run for the presidentship of India, the election for which was due in 2007 even though the odds were clearly against him. Shekhawat eventually lost the presidential race to Pratibha Patil. Born on 23 October 1923, in Khachariyawas, a small village in Sikar district of the desert state, he was sworn-in as the country’s 12th vice president on 19 August 2002. Shekhawat was the only member of the Rajasthan Assembly to have won in every assembly election since 1952, except in 1972 when he lost from Gandhi Nagar in Jaipur. He was also elected to the Rajya Sabha from neighbouring Madhya Pradesh in 1974. He enjoyed the distinction of heading three non-Congress governments in the state in 1977, 1990 and 1993. BJP president Nitin Gadkari described Shekhawat’s demise as a national loss. “He was a guiding spirit and pillar of Bharatiya Janata Party. His contribution to the party and the nation will always be remembered,” Gadkari told PTI in Nagpur. Source: LatestNews-Home - Livemint.com | 15 May 2010 | 4:09 am Jet fuel price hike by Rs 104 to Rs 42,556/kl in DelhiJet fuel constitutes roughly 40% of the operating cost of an airline and today's increase in fuel rates would put a nominal, but extra burden on Indian carriers.Source: Daily News & Analysis: Money News | 15 May 2010 | 4:03 am Hauppauge soars on TV streaming app for iPad, iPhoneShares of Hauppauge Digital Inc soared as much as 60 % Friday, a day after the company said its products can now stream live TV over the internet for Apple\'s iPad, iPhone and iPodSource: Moneycontrol Top Headlines | 15 May 2010 | 3:55 am IMF approves $1.3 bn loan to PakistanWashington: The International Monetary Fund (IMF) on Friday approved immediate disbursement of $1.3 billion of financial assistance to Pakistan, as it noted that the country’s vulnerability remains high. A decision in this regard was taken by the IMF Executive Board following the completion of fourth review of Pakistan’s economic performance under a programme supported by a Stand-By Arrangement (SBA). With this, the total disbursement to Pakistan so far has been $7.27 billion. The IMF Board also approved rephasing three remaining disbursements into two while keeping the total access under the arrangement unchanged, a media statement said. Pakistan’s request for the waiver of two end-March 2010 quantitative performance criteria stipulated by the IMF for disbursement of the loan has also been approved. It has also agreed to a request for modification of the end-June 2010 performance criteria for the budget deficit to increase the cumulative end-quarter ceilings by 0.15% of gross domestic product (GDP) to allow space for urgent security outlays and avoid undue cuts in other priority spending, and to raise the floor for the net foreign assets of the SBP by $300 million given a strengthened external position. Against a background of adverse security developments and a rapidly changing political environment, Pakistan’s economic conditions have improved, Deputy managing director and Acting Chair Murilo Portugal said. Real GDP growth has begun to pick up and the external position has strengthened. Preparations for important and politically difficult tax reforms have moved forward, and there has been steady progress in financial sector reform, he said. “Nevertheless, Pakistan’s vulnerabilities remain high, due to persistent inflation, security-related spending pressures, energy-sector problems, and shortfalls in revenue collection and external financing,” Portugal said. The IMF official said authorities reaffirmed their commitment to proceed with legal and administrative steps to ensure that VAT is introduced on 1 July as scheduled, providing the needed tax revenue for investments in human resources, infrastructure and poverty reduction. “Its success depends crucially on prompt passage of consistent VAT laws by parliament and provincial assemblies, harmonisation of other tax laws, and an effective refund system,” he said. Source: LatestNews-Home - Livemint.com | 15 May 2010 | 3:32 am Euro is not under attack, ECB’s Trichet saysBerlin: The euro is not under attack, European Central Bank president Jean-Claude Trichet was quoted on Saturday as saying, despite its fall to an 18 month low against the dollar. Europe found itself in the worst situation since World War Two and possibly since World War One, he said in an interview with Germany’s Der Spiegel magazine. But he described as “nonsense” any suggestion euro zone governments had forced the ECB to act this week, sending out a fatal signal on its independence and credibility. Trichet also called for a quantum leap in mutual monitoring of governments’ budgets by their euro zone peers, and said effective sanctions were needed for breaches of the Stability and Growth Pact that is supposed to limit budget deficits but has been widely disregarded. European governments bore responsibility for the euro’s slide rather than currency markets, Trichet indicated in the Spiegel interview. “It is not a question of an attack on the euro. It is to do with the public sector and hence to do with financial stability in the euro area,” he said. “It’s clear that the chief responsibility of Europeans is to take appropriate measures to counteract the current tensions in Europe.” The euro slid as far as $1.2358 on electronic trading platform EBS on Friday, the lowest since October 2008. Trichet has long urged euro zone governments to reduce their budget deficits and thereby prevent a steep rise in their debt. Failure of the Greek government in particular to take this advice led to a debt crisis that risked spreading to other euro zone countries with similar problems, and beyond. On Monday the ECB began buying government bonds issued by some euro zone governments, reversing its long-standing resistance to such moves to prop up the euro zone debt market. “This is nonsense” Trichet rejected a suggestion by Spiegel that the public had the impression it had been forced into action by euro zone governments, sending a fatal signal on its independence and credibility. “This is nonsense,” he said. “We take our decisions in complete independence and we have many times set ourselves against the heads of government.” Trichet also called for far better monitoring of euro zone government budgets. Under the Stability and Growth Pact these should run deficits of no more than three percent of GDP, although some countries have reached nearly four times that. Asked whether Greece should leave the euro zone, he said: “No, this is not an option. When a country enters monetary union, it shares a common fate with the other countries.” However, he added: “What we need is a quantum leap in mutual surveillance of economic policies in Europe. We need improved mechanisms to prevent and punish misconduct.” “We need an effective implementation of the mutual control, we need effective sanctions for breaches of the Stability and Growth Pact. The ECB calls here for profound changes.” Referring to the state of financial markets since the collapse of Lehman Brothers investment bank, he added: “Without a doubt, since September 2008 we have been in the most difficult situation since the Second World War, perhaps since the First. We have experienced and are experiencing really dramatic times.” Source: LatestNews-Home - Livemint.com | 15 May 2010 | 2:48 am Bangladesh lifts ban on Indian yarnIn a bid to help bring down the price of the textile raw material, Bangladesh has removed a ban on import of Indian yarn. The National Board of Revenue issued a notification late yesterday withdrawing the ban on import of Indian yarn through Benapole land port.Source: India Business News | Business News - Times of India | 15 May 2010 | 2:47 am Bangkok violence rages on; protesters, residents fearfulBangkok: Thai “Red Shirt” protester Sakda Sudtae stood guard at two-metre-high barricades made from bamboo, tyres and razor wire on Saturday, nervously fingering a slingshot on his belt. “I’m not sure what’s going to happen,” said the 33-year-old from northeastern Thailand, the morning after his anti-government group’s latest clashes with security forces left at least 16 people dead. “I’m afraid, but I have no choice. All of us are afraid to die,” he added. A burnt-out bus stood down the street outside the barricade. Soldiers have moved to seal off the area around the protest site, which sprawls across four kilometres (2.5 miles) of central Bangkok. AGunfire and explosions have rung out around the Red zone, where troops have stepped up security measures to search for weapons and reduce the number of people entering the area. A government spokesman Panitan Wattanayagorn said the lockdown had proved effective because the number of protesters at the main encampment had fallen to 6,000 on Friday night. Children and the elderly appeared to have left the area. One of the Red Shirts’ own “security guards,” 35-year-old Dang Thongyu from northern Thailand, blamed troops for the recent spike in violence. “We don’t mind being cordoned off like this. We’re happy to stay in here, but the military has to step back a bit. Instead, they’re moving in,” he said. “Both sides were testing one another and got closer and closer so inevitably, something happened,” he added. The barricade guards are the first line of defence for rallies that began in mid-March, inspired by a new political awareness among Thailand’s rural poor that has found increasing support among others displeased with elites. The Reds condemn the current administration of Prime Minister Abhisit Vejjajiva as illegitimate because it came to power with army support in a 2008 parliamentary vote, two years after a coup ousted populist prime minister Thaksin Shinawatra. Red guards, wary of snipers, on Saturday morning stretched black fabric to shield a footbridge over their barricades. On the bridge lay piles of energy-drink bottles and stones ready to be thrown at advancing troops. Reds have also stashed a bottle of motor lubricant and a bag of mung beans to make the road slippery. “With military boots, they will have problems,” said 42-year-old Somchai Sanwong as he manned the barricades, but acknowledged: “We are all very afraid.” “Obviously we’re outgunned, outnumbered. In the worst case, if the soldiers come, we’ll just burn the barricades,” he added. Their movement remained largely peaceful until 10 April when security forces failed in an attempt to disperse the protesters from the city’s historic district, leaving 25 dead and more than 800 injured. The Red Shirts then shifted their rally base to Bangkok’s upscale retail heartland, forcing mass closures of shopping malls and hotels. Fearful residents have left the area in the face of increased shootings and explosions. “All my tenants have moved out, temporarily. But for how long does this bloody thing go on?” said Prapa Smutkojob, owner of a pair of apartment buildings within the Red zone. Down from one barricade, inside the protest area, a handful of residents set up a small barrier of their own to prevent Reds from retreating down their side street. “When the military pushes people this way, they’ll look for a place to escape. We don’t want them here,” said 30-year-old resident, Piboon Lapchareen. “They come with weapons and inflammable things and the soldiers will come after them, so you can imagine what would happen,” he added. On the other side of the barricades, tyres and a garbage truck burned while gunfire rang out on Rama IV road. Ladda Monokalchamvat, 46, and her daughter were dragging suitcases with the help of a doorman. “I’m leaving my condominium. They’ve switched off all the lights and we don’t have any food. I’m moving to my parents’ place,” she said. “The last two nights have been the most dangerous. That’s why we’re leaving.” Source: LatestNews-Home - Livemint.com | 15 May 2010 | 2:43 am Goldman committee to review firm’s conflictsNew York: Goldman Sachs Group Inc said it is setting up an internal committee to look at how the company deals with potential conflicts of interest and how it can better disclose what it does. The biggest US investment bank said the committee will be headed by Gerald Corrigan, chairman of Goldman Sachs Bank USA, and Michael Evans, a vice chairman of the company. Goldman also named more than a dozen employees to the committee, which includes Arthur Levitt, a former chairman of the US Securities and Exchange Commission and a current advisor to the company. Goldman said last week at its annual meeting that it was setting up such a committee. On Friday, the bank said the committee would look at areas, including conflicts, disclosure, client relationships, structured products, and education and ethics. The US Securities and Exchange Commission sued Goldman last month for civil fraud, accusing the bank of failing to disclose key information to investors in repackaged mortgage debt. The Department of Justice has launched a criminal probe into the bank and other Wall Street firms are being examined, too. Since the SEC announced its probe, the company’s shares have fallen more than 20%. Goldman Sachs initially said the SEC’s charges were without merit and broadly disagreed with any charge that its behavior was improper. But after hours of questioning at a Senate subcommittee hearing in late April, Blankfein said: “Everything that’s been the subject of criticism will be tightened up.” Goldman is winding down one of its proprietary trading desks, a source familiar with the matter said earlier on Friday, in what may be an effort to reduce the risk it takes in structured finance. Goldman declined to comment. The desk trades collateralized loan obligations, or repackaged corporate loans, and is being merged with a desk that trades these instruments for clients, the source said. Goldman is buying the North American natural gas marketing operations of Nexen Inc, Nexen said earlier on Friday for an undisclosed sum. Goldman is the biggest commodities player among Wall Street banks. Source: LatestNews-Home - Livemint.com | 15 May 2010 | 2:35 am Goldman committee to review firm’s conflictsNew York: Goldman Sachs Group Inc said it is setting up an internal committee to look at how the company deals with potential conflicts of interest and how it can better disclose what it does. The biggest US investment bank said the committee will be headed by Gerald Corrigan, chairman of Goldman Sachs Bank USA, and Michael Evans, a vice chairman of the company. Goldman also named more than a dozen employees to the committee, which includes Arthur Levitt, a former chairman of the US Securities and Exchange Commission and a current advisor to the company. Goldman said last week at its annual meeting that it was setting up such a committee. On Friday, the bank said the committee would look at areas, including conflicts, disclosure, client relationships, structured products, and education and ethics. The US Securities and Exchange Commission sued Goldman last month for civil fraud, accusing the bank of failing to disclose key information to investors in repackaged mortgage debt. The Department of Justice has launched a criminal probe into the bank and other Wall Street firms are being examined, too. Since the SEC announced its probe, the company’s shares have fallen more than 20%. Goldman Sachs initially said the SEC’s charges were without merit and broadly disagreed with any charge that its behavior was improper. But after hours of questioning at a Senate subcommittee hearing in late April, Blankfein said: “Everything that’s been the subject of criticism will be tightened up.” Goldman is winding down one of its proprietary trading desks, a source familiar with the matter said earlier on Friday, in what may be an effort to reduce the risk it takes in structured finance. Goldman declined to comment. The desk trades collateralized loan obligations, or repackaged corporate loans, and is being merged with a desk that trades these instruments for clients, the source said. Goldman is buying the North American natural gas marketing operations of Nexen Inc, Nexen said earlier on Friday for an undisclosed sum. Goldman is the biggest commodities player among Wall Street banks. Source: World Business - Livemint.com | 15 May 2010 | 2:35 am
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