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Hero Honda promoters rejig shareholdingThe promoters of Hero Honda are restructuring their shareholding, reports CNBCTV18. Suman Kant Munjal will control 26% stake via two investment companies.Source: Moneycontrol Top Headlines | 19 May 2010 | 7:00 am Get your ICSE, ISC results online and on mobile todayIn.coms Myschool.in.com partners with the Council for the Indian School Certificate Examinations to announce the ICSE ISC results, online and on mobile! Students awaiting their board results can log on, starting 3:00 p.m. today, to www.cisce.myschool.in.com, enter their board index numbers and get their results online, instantly.Source: Moneycontrol Top Headlines | 19 May 2010 | 6:50 am Won\'t sell ICICI Bank shares: PK TayalPravin Kumar Tayal, the main promoter of Bank of Rajasthan said he will clarify all charges pressed against him by RBI. Tayal, who cannot sell his ICICI Bank shares, denied that he had made any effort of stake sale to any other bank.Source: Moneycontrol Top Headlines | 19 May 2010 | 5:17 am No question of revising stance on 2G spectrum: TRAIThere is no question of retracing, revising stance on 2G spectrum, sources in the Telecom Regulatory Authority of India (TRAI) told CNBCTV18.Source: Moneycontrol Top Headlines | 19 May 2010 | 3:58 am L&T unhappy with Mahindra Satyam, to sell stake - Moneycontrol.com
Source: Business - Google News | 19 May 2010 | 3:55 am Selling pressure intensifies, Nifty falls below 4950 - NDTV.com
Source: Business - Google News | 19 May 2010 | 3:47 am Ansal Properties to invest Rs 1,300 cr to build green townshipRealty firm Ansal Properties and Infrastructure today said it will invest Rs 1,300 crore over the next three years to develop a green township in Gurgaon.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 3:40 am Twitter expects hundreds of advertisers in Q4Twitter is currently adding roughly another dozen advertisers to its so-called 'Promoted Tweets' programme, which it unveiled with five participating advertisers last month.Source: Daily News & Analysis: Money News | 19 May 2010 | 3:31 am ICICI Bank extends losses to 5 pc after acquisition - Economic Times
Source: Business - Google News | 19 May 2010 | 3:30 am Yahoo buys user-generated publisher Associated ContentAssociated Content pays its 3,80,000 contributors a nominal fee to produce niche-related articles on thousands of topics like health, technology and travel.Source: Daily News & Analysis: Money News | 19 May 2010 | 3:29 am Thai stock exchange on fire, blackouts hit BangkokBANGKOK (Reuters) - The Thai stock exchange was on fire and parts of Bangkok were hit by power blackouts on Wednesday as violence continued, even though anti-government protest leaders surrendered and troops said they were in control.Source: Reuters: Money News | 19 May 2010 | 3:25 am German ban on short-selling unsettles marketsSINGAPORE (Reuters) - Germany's ban on speculative short-selling of some securities hit financial markets across the board on Wednesday, with the euro plunging to a four-year low and Asian shares and currencies falling on heightened risk aversion.Source: Reuters: Money News | 19 May 2010 | 3:24 am Euro and stocks shaken by German moves - Reuters
Source: Business - Google News | 19 May 2010 | 3:24 am Rupee hits 12-week low on shares, euro slumpMumbai: The Indian rupee fell further on Wednesday afternoon, hitting its weakest level in 12 weeks as the euro slumped to fresh four-year lows and as domestic shares fell nearly 3% raising concerns about rising risk aversion. At 3:10pm, the partially convertible rupee was at Rs46.28/29 per dollar after hitting Rs46.3450, its weakest since 25 February and 1.5% below Tuesday’s close of Rs45.60/61. The euro fell to a four-year low against the dollar on Wednesday after Germany banned naked short-selling of some securities, while comments by the German chancellor further undermined confidence in the currency. Indian shares fell more than 2.8%, with financials leading the decline, as world stocks dropped on risk aversion after Germany sharpened financial regulation. Dealers said sporadic dollar selling was seen from exporters but the pressure on the rupee to weaken was too large. One-month offshore non-deliverable forward contracts were quoted at 46.42, 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 45.2975 with the total traded volume on the two exchanges at about $6.9 billion. Source: Home - Livemint.com | 19 May 2010 | 3:24 am Reuters Summit - Samsung to launch first bada-phone soonSUWON, South Korea (Reuters) - Samsung Electronics plans to launch the first smartphone based on its own operating system in coming weeks, as it seeks to catch up with bigger rivals in the booming high-end market, an executive said on Wednesday.Source: Reuters: Money News | 19 May 2010 | 3:21 am FY11 borrowing could drop by upto 350 bln rupeesNEW DELHI (Reuters) - Government borrowing could be lower by up to 350 billion rupees ($7.6 billion) in the 2010/11 financial year from earlier estimates of 4.57 trillion rupees ($99.3 bln) on higher third-generation spectrum sale inflows, a top government official said on Wednesday.Source: Reuters: Money News | 19 May 2010 | 3:16 am Maruti plans to launch Alto with 1-litre K series engine - NDTV.com
Source: Business - Google News | 19 May 2010 | 3:13 am Ranbaxy recalls some batches of 3 drugs in EuropeMUMBAI (Reuters) - Ranbaxy Laboratories Ltd said on Wednesday its European unit was recalling select batches of three products to add safety warnings under the regulations there.Source: Reuters: Money News | 19 May 2010 | 3:12 am Piramal Health denies stake sale plan, shares fall 8%Mumbai: Piramal Heathcare Ltd said on Wednesday its founder has no proposal to sell any stake in the company, sending the shares down 8%. Earlier in the day, shares of Piramal Healthcare had risen more than 6% on market expectations that the company was in talks to sell the firm to a global pharma major. French drugmaker Sanofi-Aventis and Pfizer were in negotiations to acquire Piramal Healthcare, local television channels reported on Wednesday. Source: Home - Livemint.com | 19 May 2010 | 3:11 am Piramal Health denies stake sale plan, shrs down 8 pct - Reuters
Source: Business - Google News | 19 May 2010 | 3:09 am Piramal Health denies stake sale plan, shares down 8 pctMUMBAI (Reuters) - Piramal Heathcare Ltd said on Wednesday its founder has no proposal to sell any stake in the company, sending the shares down 8 percent.Source: Reuters: Money News | 19 May 2010 | 3:07 am China policy tightening more bark than biteBEIJING (Reuters) - If the combination of a Chinese government clampdown on property and global market turmoil seems eerily familiar, it is because Beijing has been here before.Source: Reuters: Money News | 19 May 2010 | 3:07 am Gulf Coast fears spreading slick, fishing ban widensKEY WEST, Fla. (Reuters) - BP Plc forged ahead on Wednesday with efforts to stem its leaking Gulf of Mexico oil well, amid fears powerful currents were pushing the slick toward prized U.S. tourist resorts and fisheries.Source: Reuters: Money News | 19 May 2010 | 3:06 am REC Q4 net profit up 44% at Rs 561 crore - Economic Times
Source: Business - Google News | 19 May 2010 | 3:04 am Explain rationale behind raising mobile tower fee: HC to MCD - Business Standard
Source: Business - Google News | 19 May 2010 | 3:02 am RBI reference rate for US dollar and Euro - The Hindu
Source: Business - Google News | 19 May 2010 | 2:57 am Govt plans to award $50 bn road projectsThe government plans to award USD 50 billion of road projects in the fiscal year ending March 2011, and expects private investors to fund as much as 70% of the amount, the road transport minister told Reuters on Tuesday.Source: Moneycontrol Top Headlines | 19 May 2010 | 2:55 am Sensex below 16,500 level on weak global cuesMumbai: India’s main stock index fell below 16,500 on Wednesday afternoon for the first time since early March, as world shares tumbled on risk aversion after Germany tightened financial regulation. At 2:09pm, the 30-share BSE index was down 2.27% at 16,492.83 points, with 29 components declining. It had last fallen below 16,500 on 2 March. The 50-share NSE index was down 2.4% at 4,943.25. Indian shares fell 0.9% on Wednesday in tandem with shaky world equities as investor appetite for risky assets dimmed after Germany sharpened financial regulations. There was concern the weak global sentiment would accelerate foreign fund outflows, which have reached nearly $770 million so far this month, traders said. ICICI Bank, the country’s second-largest lender, shed as much as 5.9% on concerns the price was high for its proposed deal to buy small private sector Bank of Rajasthan. By 10:56am, the 30-share BSE index was trading down 0.92% at 16,720.65, with 23 of its components declining. It fell as much as 1.4% earlier. The 50-share NSE index was down 0.9% at 5,019.15. “In the short run, our market will move depending on how global cues shape up,” said Jigar Shah, vice-president of equity sales at brokerage Motilal Oswal. Germany, in an attack on the financial speculation on which it blames much of the euro zone’s debt crisis, on Tuesday announced a ban on some high-risk bets that prices of bonds and stocks will fall. The BSE index has lost 4.9% this month as the euro zone debt woes triggered the foreign fund withdrawals, lowering net inflows to $5.7 billion this year. In 2009, record purchases of $17.5 billion by foreign funds had helped the index jump 81%. “Our view is that if the European crisis deepens and global markets suffer another leg down, it will become increasingly difficult for India to remain defensive,” Morgan Stanley said in a note on Tuesday. “Meanwhile, save for this outcome, we remain a buyer of dips in Indian equities,” it said. ICICI Bank was trading down 3.9% at Rs854.40, after falling as low as Rs836.75 after it agreed to buy Bank of Rajasthan, whose shares were limit up 20% at Rs119.40. Based on the all-stock deal’s swap rate and Tuesday’s closing prices, ICICI would pay Rs188.42 per share, a premium of 89% to the small lender’s Tuesday close, valuing the business at $668 million. “Although at 60 million rupees/branch valuations paid are in line with other old private sector banks, we believe it will take 1-2 years to ramp up the productivity of these branches,” JPMorgan said. Metals stocks such as Sterlite Industries, Hindalco and Tata Steel were down between 0.3-3% as base metal prices declined and outlook remained uncertain. Energy giant Reliance Industries, which has the highest weight on the Sensex, dropped 0.9% to Rs1,011.75. In the broader market, losers led gainers in a ratio of 1.4:1 on volume of 122 million shares. Source: Home - Livemint.com | 19 May 2010 | 2:55 am Euro hits four-year low after German short-selling banThe euro hit a new four-year low against the dollar in Tokyo today after a move by Germany to ban certain market trades fuelled fears for Europe's banks, amid a deepening debt crisis. Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 2:54 am BSE Sensex below 16,500 at 2-1/2-month lowMUMBAI (Reuters) - The BSE Sensex fell below 16,500 on Wednesday afternoon for the first time since early March, as world shares tumbled on risk aversion after Germany tightened financial regulation.Source: Reuters: Money News | 19 May 2010 | 2:49 am Pak court orders blocking of Facebook till 31 MayLahore: A Pakistani court on Wednesday directed authorities to temporarily block Facebook till 31 May over the holding of a competition on blasphemous caricatures of Prophet Mohammed as protests against the social networking website were held across the country. Justice Ijaz Chaudhry of the Lahore high court issued the order to block Facebook while acting on a petition filed by the Islamic Lawyers Forum, which sought a complete ban on the website. The court directed the foreign ministry to raise the issue of the blasphemous caricatures at the international level. The judge also directed the foreign secretary to register a protest with the concerned countries. He also sought a response on the issue from the Pakistan Telecommunication Authority. Following protests in several parts of Pakistan against the posting of the caricatures on Facebook and a competition on the blasphemous cartoons that will continue till 20 May, several Internet Service Providers restricted access to the website. Protests against the caricatures were organized by religious parties like the Jamaat-e-Islami, Islami Jamiat Tulba and Jamiat Ulema-e-Islam in Lahore, Kasur, Narowal, Gujranwala, Rawalpindi and Peshawar on Tuesday. “An American organization which has some 35,000 members is responsible for posting the caricatures of Prophet Mohammed on Facebook and for holding the competition on blasphemous caricatures,” said Mohammad Azeem, a student of Punjab University in Lahore. In 2005, Lahore and other Pakistani cities had witnessed violent protests when blasphemous caricatures of Prophet Mohammed were first published in Europe. Several business outlets of multinational companies were torched during these protests. People across Pakistan also received an SMS message on their cell phones that read: “Not to use Facebook on May 18, 19 and 20 so that Facebook faces big loss, so that they never dare to celebrate draw Mohammad (peace be upon him) Day”. A Pakistan Telecommunication Authority official said, “Despite thousands of requests, Facebook didn’t pull down this page even though it violated Facebook’s own terms of services”. Chaudhry Zulfikar, the lawyer who filed the petition on behalf of the Islamic Lawyers Forum, said that a competition on the caricatures was announced on Facebook on 20 April and it would continue till 20 May. Members of the website were invited to draw caricatures of the Prophet and participate in the competition, he said. Zulfiqar said Article 2A of the constitution bars any practice against Islam in the country. Websites having various features against the injunctions of Islam have already been banned in several Islamic countries, he said. The PTA has already blocked several blasphemous and contemptuous websites but is reluctant to act against Facebook, Zulfiqar contended. Source: Home - Livemint.com | 19 May 2010 | 2:06 am Self-perceived age of older Chinese consumers younger than actual ageAnother interesting result was that women were more likely to perceive themselves as younger as compared to men.Source: Daily News & Analysis: Money News | 19 May 2010 | 2:04 am Reliance makes rare purchase of Urals crudeReliance bought one Very Large Crude Carrier (VLCC), or 2.0 million barrels of Urals from oil trader Gunvor, the sources said.Source: Daily News & Analysis: Money News | 19 May 2010 | 1:58 am How companies can secure brand loyaltyAdvertising and product use can be structured to facilitate direct versus indirect affect transfer, which yields more robust brand attitudes than indirect affect transfer.Source: Daily News & Analysis: Money News | 19 May 2010 | 1:55 am Vodafone sees return to revenue growth - Moneycontrol.com
Source: Business - Google News | 19 May 2010 | 1:30 am April imports up 43 pct y/y - trade secyNEW DELHI (Reuters) - India's April imports have risen an annual 43 percent to $27.3 billion, Trade Secretary Rahul Khullar said on Wednesday.Source: Reuters: Money News | 19 May 2010 | 1:26 am Some hits, a few missesVolkswagen Beetle: The iconic car’s compact dimensions yet surprisingly roomy cabin make it perfect for the city. But the slow-shifting gearbox and lack of engine power don’t quite justify the premium you pay for itSource: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 1:21 am Rupee weakens by 40 paise against dollar in early tradeThe Indian rupee depreciated by 40 paise to trade at a 11-week low of 45.99 a dollar in early trade today on increased capital outflows and the US currency's gains overseas.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 1:11 am Vodafone profit almost trebles to 8.6 bn poundsBritish mobile phone giant Vodafone announced that group net profits almost trebled to 8.645 billion pounds (10.1 billion euros, 12.5 billion dollars) in the 12 months to March 31.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 1:03 am Deutsche maps growth for Asia wealth unitSingapore: Deutsche Bank expects to double its €29 billion ($35 billion) Asian private wealth portfolio in three years as it targets rich entrepreneurs in the growing economies of China, India and Indonesia. The projection underscores increasing competition among foreign and Asian players to capture business from the rich in a region where wealth is growing at a faster pace than the United States and Europe. Deutsche and Credit Suisse, which have survived the financial crisis better than UBS and Citigroup, are aiming for a bigger market share in Asia. “Asia is going through a super cycle of growth very different from what we see in the West,” Ravi Raju, head of Deutsche’s private wealth management Asia-Pacific told Reuters during a roadshow for Reuters Insider financial television. “The markets we will be investing in are the obvious ones where the real growth in happening -- China, North Asia, Indonesia and India.” Asia had 2.4 million people with more than $1 million in investable assets with total wealth of $7.4 trillion at end-2008, according to research by Merrill Lynch Capgemini. The market is supposed to almost double to $13.5 trillion by 2013. Raju joined Deutsche in 2007 after a 16 year stint with Citigroup, where his last role was the head of investments for Asia Pacific and Middle East for Citigroup Global Wealth Management. Raju said the Asia private wealth unit, which has 200 relationship bankers among a total staff of 700, wants to add 30 relationship managers every year in Asia-Pacific. The hiring plans are less aggressive than Standard Chartered which is keen to add 100 relationship managers this year and boutique firms such as EFG which aim to double its Asia headcount to around 800 from 400 in three to five years. He said the debt problems in Greece are a concern, but the bank is advising clients to stay invested in stocks and bonds as it sees this as a market correction. “There was a huge amount of euphoria in the last 6 months, and I think this is just a correction in value at this point in time,” Raju said. “I think it is a good time for clients to stay invested in the equity markets.” Source: Home - Livemint.com | 19 May 2010 | 12:52 am Deutsche maps growth for Asia wealth unitSingapore: Deutsche Bank expects to double its €29 billion ($35 billion) Asian private wealth portfolio in three years as it targets rich entrepreneurs in the growing economies of China, India and Indonesia. The projection underscores increasing competition among foreign and Asian players to capture business from the rich in a region where wealth is growing at a faster pace than the United States and Europe. Deutsche and Credit Suisse, which have survived the financial crisis better than UBS and Citigroup, are aiming for a bigger market share in Asia. “Asia is going through a super cycle of growth very different from what we see in the West,” Ravi Raju, head of Deutsche’s private wealth management Asia-Pacific told Reuters during a roadshow for Reuters Insider financial television. “The markets we will be investing in are the obvious ones where the real growth in happening -- China, North Asia, Indonesia and India.” Asia had 2.4 million people with more than $1 million in investable assets with total wealth of $7.4 trillion at end-2008, according to research by Merrill Lynch Capgemini. The market is supposed to almost double to $13.5 trillion by 2013. Raju joined Deutsche in 2007 after a 16 year stint with Citigroup, where his last role was the head of investments for Asia Pacific and Middle East for Citigroup Global Wealth Management. Raju said the Asia private wealth unit, which has 200 relationship bankers among a total staff of 700, wants to add 30 relationship managers every year in Asia-Pacific. The hiring plans are less aggressive than Standard Chartered which is keen to add 100 relationship managers this year and boutique firms such as EFG which aim to double its Asia headcount to around 800 from 400 in three to five years. He said the debt problems in Greece are a concern, but the bank is advising clients to stay invested in stocks and bonds as it sees this as a market correction. “There was a huge amount of euphoria in the last 6 months, and I think this is just a correction in value at this point in time,” Raju said. “I think it is a good time for clients to stay invested in the equity markets.” Source: World Business - Livemint.com | 19 May 2010 | 12:52 am Change begins withinAn engine revamp later, the Laura priced at Rs 16.64 lakh (ex-showroom, Mumbai) is less noisy, more powerful, and set to fight its detractor, the Cruze.Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 12:51 am Thai troops storm into Bangkok protest zone, 2 killedBangkok: Thai soldiers with armoured vehicles stormed into a fortified anti-government encampment on Wednesday in central Bangkok, breaking through bamboo barricades and killing at least two protesters in a crackdown after weeks of clashes that have killed dozens. Once inside the protest zone, troops fired M-16 rifles at fleeing protesters and shouted, “Come out and surrender or we’ll kill you.” An Associated Press reporter who followed the troops into the protest camp saw the bodies of two men sprawled on the ground, one with a head wound and other apparently shot in the upper body. They were the first known casualties in the assault that began before dawn on Wednesday on a 3-square kilometre stretch of downtown Bangkok that protesters have occupied for weeks. It was not clear how many protesters were still inside the encampment. As troops entered the fringes of the area, they passed smoldering fires and hastily abandoned campsites where clothes were still hanging on laundry lines. Shoes were scattered, chairs were overturned and a huge pile of rice was covered with flies. Government spokesman Panitan Wattanayagorn went on national television four hours after the crackdown began to announce it was under way, speaking first in Thai and then in English. “The operations will continue throughout the day,” Panitan said. “We would like to reassure the citizens of Bangkok that the operations are designed to make sure we stabilize the area.” The army action came after weeks of defiance by the protesters who are seeking to oust the government of Prime Minister Abhisit Vejjajiva. “This is D-Day,” said one soldier when asked earlier in the day if this was the final push to clear the protest zone. Thick black smoke from mountains of burning tires darkened the skies on Wednesday, billowing over the skyscrapers of this Asian metropolis of 10 million that has descended into chaos over the last week, with at least 39 killed, most of them civilians. The violence in Bangkok, a popular stop for tourists heading to Thailand’s world-famous beaches, has caused concern internationally and raised doubts about the stability of this Southeast Asian nation. Source: LatestNews-Home - Livemint.com | 19 May 2010 | 12:47 am Giving in to luxuryThe new X6 costs a fortune, isn’t too spacious and doesn’t quite have the ride of an SUV. But it is a BMW, and comes packed with great features. If you still want it, go ahead. Whoever said everything needs to be based on sound judgement?Source: HindustanTimes.com - Top Business News Headlines | 19 May 2010 | 12:45 am Yahoo buys freelance news website Associated ContentSan Francisco: Yahoo Inc. is buying freelance news site Associated Content in a deal that will add a more folksy touch to one of the world’s biggest Web sites. Financial terms weren’t disclosed. The acquisition announced on Tuesday will enable Yahoo to supplement its regular lineup of stories by full-time reporters with independently produced material that typically isn’t covered by traditional media outlets. Associated Content, launched in 2005 by Luke Beatty, bills itself as “the people’s media company.” It has developed a low-cost news model that relies on about 380,000 freelancers who share their expertise on a variety of subjects. The material includes how-to advice, review, opinion pieces and coverage about what’s happening in neighborhoods around the United States. The stories evidently are striking a chord: Associated Content attracted 16 million visitors last month, according to comScore Inc. That exceeded the roughly 14 million people who visited The New York Times’ Web site last month, comScore said. Yahoo plans to sprinkle Associated Content’s contributions throughout its news, sports, finance and entertainment sections. Yahoo will continue to publish stories that it gets from newspapers, its own editorial staff and outlets that include The Associated Press. Associated Content “gives us more local gravitas,” Yahoo CEO Carol Bartz said in a Tuesday interview. By providing more parochial stories, Yahoo hopes to widen its audience and create more opportunities to sell online ads tied to the neighborhoods or topics that Associated Content’s freelancers are covering. Yahoo has been slumping for most of the past four years because it has been losing online ad revenue to rivals such as Google Inc. and Facebook. Yahoo’s decision to expand the breadth of its local coverage is similar to a strategy being pursued by AOL Inc. as its CEO, Tim Armstrong, tries to turn around that company. AOL is trying to build two low-cost local news sites, Seed.com and Patch.com. Armstrong stands to personally profit from Associated Content’s sale because he is among the startup’s early investors and even served as its chairman until two years ago. He helped fund Associated Content while he was still a top advertising executive at Google. Associated Content’s CEO, Patrick Keane, used to work at Google with Armstrong. Yahoo plans to close Associated Content’s Web site after it completes the acquisition in the third quarter. Source: Home - Livemint.com | 19 May 2010 | 12:41 am Surat gem companies head for rough-rich AfricaDiamantaires are setting up polishing units in South Africa, botswana and angola.Source: Daily News & Analysis: Money News | 19 May 2010 | 12:00 am Bank of Rajasthan to merge with ICICI BankBank of Rajasthan is to be merged with ICICI Bank. The boards of both banks, which met separately on Tuesday evening, granted in-principle approval for theSource: Business Line - Home Page | 19 May 2010 | 12:00 am TRAI asks Govt to hold any decision on 2G pricingThe Telecom Regulatory Authority of India on Tuesday asked the Government to put on hold any decision to link 2G spectrum price to 3G air waves till it further studied theSource: Business Line - Home Page | 19 May 2010 | 12:00 am Holdings in US Treasuries jump $400 m in MarchIndia's holdings of US Treasuries increased by $400 million in March, as financial institutions shuffled a part of their euro and pound sterlingSource: Business Line - Home Page | 19 May 2010 | 12:00 am TCS deal among contracts under new UK Govt lensTata Consultancy Services' outsourcing contract from the UK government for managing a state-sponsored pension scheme may be among the several projects that will be put on the block by the new regime inSource: Business Line - Home Page | 19 May 2010 | 12:00 am ADB cautions against volatile capital inflowsThe Asian Development Bank (ADB) has sounded the alarm against the potential threat from volatile capital inflows destabilising the region's financial markets, urging the countries in the region to stay guarded and be ready to act fast in theSource: Business Line - Home Page | 19 May 2010 | 12:00 am Nasscom sees business from tech shift on UK's cost-cut planNotwithstanding the impending budget cuts in the UK, Nasscom today appeared optimistic about business prospects saying the new coalition Government's move to cut costs and drive efficiencies will lead to more IT spends in mediumSource: Business Line - Home Page | 19 May 2010 | 12:00 am Sesa Goa tumbles as Govt reverses earlier nodSource: Business Line - Home Page | 19 May 2010 | 12:00 am Wanted an ‘energy vision'The talk is all about how globalised, integrated and interdependent financial markets are these days. It used to be that when Wall Street sneezed, the rest of the world caught a cold. Now, it's also the other way round, thanks to the rise andSource: Business Line - Home Page | 19 May 2010 | 12:00 am Day Trading GuideUtilise rallies to sell the stock while maintaining tight stop-loss at Rs 902Source: Business Line - Home Page | 19 May 2010 | 12:00 am Aegis Logistics (Rs 301.1): BuyInvestors with short-term trading perspective can consider buying the stock of Aegis Logistics. The stock has been on a steady long-term uptrend since its March 2009 low of Rs 52, shaping higher peaks and higher toughs. This uptrend gotSource: Business Line - Home Page | 19 May 2010 | 12:00 am Oil falls below $69 to 8-month low on Europe fearsBenchmark crude for June delivery was down 81 cents to $68.60 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.Source: Daily News & Analysis: Money News | 18 May 2010 | 11:51 pm Rupee weakens by 40 paise against dollar in early tradeThe BSE Sensex was down 231.11 points, or 1.36%, at 16,644.65 in the opening trade.Source: Daily News & Analysis: Money News | 18 May 2010 | 11:41 pm AIG taps ex-Airbus executive to lead ILFC: WSJAmerican International Group has named Henri Courpron as chief executive officer of its aircraft leasing unit, International Lease Finance Corp (ILFC), the Wall Street Journal said. Courpron, a French citizen, aviation investment banker and former Airbus executive, took up the top post at ILFC on Tuesday, the Journal said. ILFC has been without a permanent CEO since February, when former chairman and CEO Steven Udvar-Hazy retired from the company he co-founded in 1973. John Plueger briefly stepped in to head ILFC, but left in March to join a start-up aircraft lessor formed by Udvar-Hazy. Alan Lund has been ILFC’s interim CEO since Plueger left. “The first priority is to reassure employees, clients and business partners that ILFC is in business not to follow but to lead,” Courpron told the paper in an interview on Tuesday. “ILFC is not in a crisis -- it is in a situation like many other companies that are facing a difficult financing market environment,” Courpron told the paper. Los Angeles-based ILFC, with a portfolio of more than 1,000 aircraft, became one of the biggest customers for Boeing and Airbus. AIG and ILFC could not immediately be reached for comment by Reuters outside regular US business hours. Source: World Business - Livemint.com | 18 May 2010 | 11:32 pm AIG taps ex-Airbus executive to lead ILFC: WSJAmerican International Group has named Henri Courpron as chief executive officer of its aircraft leasing unit, International Lease Finance Corp (ILFC), the Wall Street Journal said. Courpron, a French citizen, aviation investment banker and former Airbus executive, took up the top post at ILFC on Tuesday, the Journal said. ILFC has been without a permanent CEO since February, when former chairman and CEO Steven Udvar-Hazy retired from the company he co-founded in 1973. John Plueger briefly stepped in to head ILFC, but left in March to join a start-up aircraft lessor formed by Udvar-Hazy. Alan Lund has been ILFC’s interim CEO since Plueger left. “The first priority is to reassure employees, clients and business partners that ILFC is in business not to follow but to lead,” Courpron told the paper in an interview on Tuesday. “ILFC is not in a crisis -- it is in a situation like many other companies that are facing a difficult financing market environment,” Courpron told the paper. Los Angeles-based ILFC, with a portfolio of more than 1,000 aircraft, became one of the biggest customers for Boeing and Airbus. AIG and ILFC could not immediately be reached for comment by Reuters outside regular US business hours. Source: LatestNews-Home - Livemint.com | 18 May 2010 | 11:32 pm US market curbs will start as early as mid-JuneThe plan was hastily crafted by the Securities and Exchange Commission and the major US exchanges in response to the unexplained "flash crash" on May 6 that drove the Dow Jones industrial average down some 600 points within minutes.Source: Daily News & Analysis: Money News | 18 May 2010 | 10:59 pm Rupee weakens by 40 paise against dollar in early tradeThe Indian rupee depreciated by 40 paise to trade at a 11-week low of 45.99 a dollar in early trade on Wedensday on increased capital outflows and the US currency's gains overseas.Source: India Business News | Business News - Times of India | 18 May 2010 | 10:57 pm Toyota to recall 11,500 Lexus globallyTokyo: Toyota Motor Corp. said on Wednesday it would recall 11,500 Lexus vehicles worldwide due to a steering system defect, in the latest blow to the Japanese auto giant’s reputation. Toyota said it had received 12 reports of electrical problems causing the steering system to malfunction for a few seconds in four models -- the LS460 and LS460L, and hybrids LS600h and LS600hL, it said. “We are planning to recall a total of about 11,500 Lexus models worldwide,” Toyota spokesman Paul Nolasco told AFP. The Japanese government said the recall would include around 4,500 Lexus cars in Japan. Toyota has pulled around 10 million vehicles worldwide since late last year for safety issues and agreed to pay a record $16.4 million fine to settle claims it hid gas pedal defects blamed for more than 50 US deaths. The beleaguered auto giant faces a host of lawsuits over “unintended acceleration” issues that prompted the majority of the recalls. Toyota overtook General Motors in 2008 as the world’s top automaker, but safety issues have raised questions over whether it sacrificed its reputation for reliability to become number one. It still faces looming litigation that could potentially involve massive fines, while US regulators are questioning why a Japanese recall of Hilux trucks in 2004 was not extended to the United States until a year later. Source: World Business - Livemint.com | 18 May 2010 | 10:53 pm Toyota to recall 11,500 Lexus globallyTokyo: Toyota Motor Corp. said on Wednesday it would recall 11,500 Lexus vehicles worldwide due to a steering system defect, in the latest blow to the Japanese auto giant’s reputation. Toyota said it had received 12 reports of electrical problems causing the steering system to malfunction for a few seconds in four models -- the LS460 and LS460L, and hybrids LS600h and LS600hL, it said. “We are planning to recall a total of about 11,500 Lexus models worldwide,” Toyota spokesman Paul Nolasco told AFP. The Japanese government said the recall would include around 4,500 Lexus cars in Japan. Toyota has pulled around 10 million vehicles worldwide since late last year for safety issues and agreed to pay a record $16.4 million fine to settle claims it hid gas pedal defects blamed for more than 50 US deaths. The beleaguered auto giant faces a host of lawsuits over “unintended acceleration” issues that prompted the majority of the recalls. Toyota overtook General Motors in 2008 as the world’s top automaker, but safety issues have raised questions over whether it sacrificed its reputation for reliability to become number one. It still faces looming litigation that could potentially involve massive fines, while US regulators are questioning why a Japanese recall of Hilux trucks in 2004 was not extended to the United States until a year later. Source: Home - Livemint.com | 18 May 2010 | 10:53 pm Sensex down 231 points in opening tradeThe 30-share index, which gained 40.20 points in Tuesday's volatile session, slumped 231.11 points, or 1.36 per cent at 16,644.65 points.Source: HindustanTimes.com - Top Business News Headlines | 18 May 2010 | 10:51 pm Verisign put security business up for sale: SourceVerisign shares rose $1.03 to $27.87 in afternoon Nasdaq trade. Options activity in Verisign also surged, with some 33,000 call options traded, or more than 15 times the average daily turnover.Source: Daily News & Analysis: Money News | 18 May 2010 | 10:44 pm Sensex down 231 points in opening tradeThe Bombay Stock Exchange benchmark Sensex on Wednesday tanked over 231 points in opening trade as funds sold heavily in line with the meltdown in overseas markets.Source: India Business News | Business News - Times of India | 18 May 2010 | 10:23 pm India, China telecom dispute won’t hurt tiesNew Delhi: Union commerce minister Anand Sharma has said a dispute over restrictions on the import of Chinese telecom equipment will not hurt commercial ties between the world’s two fastest-growing economies. India has banned mobile phone operators from placing orders with ZTE Corp and Huawei Technologies over security concerns, industry sources say, sparking fears of retaliation from India’s largest trading partner. The move underscored a lingering mistrust between the Asian powers despite booming commercial ties in the past decade and a recent display of solidarity on global climate change. India has long sought greater access to the Chinese market to help narrow a trade deficit in China’s favour that ballooned from $1 billion in 2001-02 to $16 billion in 2007-08, according to data from Reserve Bank of India. “I see no reason why it should hurt the trade ties,” Sharma said in an interview with Reuters Insider television, when asked about the restrictions on equipment. “We have to take a macro view on these matters and not look from a narrow window of one particular company and one particular subject.” Beijing has signaled it is willing to give greater market access to Indian companies, especially in the services and pharmaceutical sectors where India is competitive, he added. The government ministers, including Sharma, have repeatedly denied any country-specific ban on telecom equipment, though the environment minister broke ranks to government call policy toward Chinese investments defensive and paranoid. No dilution of world trade talks Sharma also said progress in the Doha trade talks was “very slow.” Critics in developed countries had blamed India for the collapse of the talks in 2008 due to a row over agricultural and industry tariffs. When Sharma took over as minister last year, he had sought to inject fresh momentum into the global negotiations. The talks have missed every deadline since their inception in 2001 and look certain to miss the latest one set for 2010. The United States says it wants greater market access from the likes of India and China before it can agree to any deal, and on Tuesday went as far as to say Doha faced “a key roadblock” from developing countries such as India. Asked whether India would show more flexibility in light of the US demands, he said: “This is not a round in which the aspirations, which are legitimate, of the developing countries ... have to be diluted in any manner.” Sharma also ruled out renegotiating those portions of the talks on which he said agreement had already been reached. “There have been suggestions, which have come, for further revisions. We have made our position very clear ... that revisions should not mean a reopening of positions which have stabilized,” he added. India is seen growing at around 8.5% in the 2010-11 fiscal year, as Asia’s third-largest economy rebounds from the global economic slowdown. Sharma has set a target for India’s exports to grow nearly 15% after a decline last year. He also played down fears the euro zone debt crisis could derail India’s economic growth and export prospects this year. “We are heading for 8.5%. I don’t see that being changed in any manner,” he said. Source: Home - Livemint.com | 18 May 2010 | 10:04 pm Oil hits new low at $67 as eurozone debt weighsSingapore: Oil prices tumbled to a new low for the year in Asian trade Wednesday on a stronger dollar and persistent concerns over the eurozone debt crisis, analysts said. New York’s main contract, light sweet crude for delivery in June, dipped to an intra-day low of $67.90 a barrel before recovering to $68.64 in mid-morning trade. The contract had earlier hit $68.91 in US trade on Tuesday before paring back losses to close at $69.41. London’s Brent North Sea crude for July dropped 63 cents to $73.80. Weaker equities and risk aversion sent oil prices slumping as the euro fell to a new four-year low against the greenback on Wednesday. “The ongoing concerns over the European debt (problem) are still very much lingering in the minds of every investor,” Serene Lim, a Singapore-based oil and gas analyst with the ANZ bank, told AFP. “As such, the dollar has increased and that has also weighed on oil prices.” A stronger US currency makes dollar-priced oil more expensive for holders of weaker units, denting demand and pushing prices lower. The single European currency has remained feeble even after eurozone finance ministers vowed to fix the region’s finances. Investors were also worried that austerity measures announced by Greece and other debt-laden eurozone countries would hurt growth and consumption in Europe, thus weighing on energy demand. Lim said oil prices are likely to fall further if crude stockpiles in the United States, the world’s biggest economy and largest energy consuming nation, continue to rise. Rising stockpiles indicate weak demand. “We are also not seeing a lot of crude (oil) fundamentals trying to support the prices. So unless we see the... demand increase substantially I think concerns on the Europe side will continue to weigh on the price,” Lim said. The US Department of Energy said last week that crude stockpiles for the week ended May 7 had risen 1.9 million barrels -- more than double the amount forecast by analysts. The DoE will release its latest inventories report later Wednesday. Source: Home - Livemint.com | 18 May 2010 | 9:36 pm Facebook, mobile carriers offer free access to siteSan Francisco: Facebook has teamed up with 50 wireless operators to offer cellphone users a stripped-down version of the social networking site that can be accessed without incurring data charges. The new site, dubbed 0.facebook.com, is a text-only version of Facebook’s flagship Internet site and is specially designed for mobile phones with limited bandwidth Internet connections. The new site will be available beginning on Tuesday in 40 different countries, including Brazil, India, Indonesia and Turkey from a variety of carriers. The new site comes as the world’s largest Internet social network continues to grow its base and looks for ways to increase the amount of time Web surfers spend using its service. At the company’s annual developer’s conference last month, Facebook introduced new technology that allows third-party Web sites to integrate Facebook features directly. Roughly one quarter of Facebook’s 400 million users access the site on mobile devices, according to the company. But Facebook wants to make the service more accessible to cell phone users who do not own high-end smartphones such as Apple Inc’s iPhone, or phones based on Google Inc’s Android software. “We are targeting people whose major barrier is they have little experience on the mobile Internet. They want to try it, they want something super simple, super fast. And they are potentially afraid of browsing costs,” said Henri Moissinac, who heads Facebook’s mobile business. “If you take an iPhone user in San Francisco, that’s not his problem.” Among the carriers partnering with Facebook are Reliance and Videocon in India (with Tata Docomo coming soon), T-Mobile in Hungary and Vodafone in Greece. Customers of the participating wireless operators will be able to access the new Facebook site without paying any wireless data charges, Facebook said. The 0.facebook site offers the same capabilities as Facebook’s standard website, allowing members to view their news feed, comment on posts and send messages. But 0.facebook will not feature any photos or videos -- Web surfers can link to view photos and videos, although they will be charged standard wireless data fees by their carriers at that point. Facebook is not paying the wireless operators any money to reimburse them for the free usage they provide and there are no financial terms to the partnerships, said Moissinac. In addition to many so-called emerging economies in which 0.facebook will be offered, the site will be available in the United Kingdom, Finland and Hong Kong, among other places. While the United States is not among the countries in which Facebook has operator deals, Moissinac said he hoped the site would eventually be available there as well. Source: Tech News - Livemint.com | 18 May 2010 | 9:22 pm Facebook, mobile carriers offer free access to siteSan Francisco: Facebook has teamed up with 50 wireless operators to offer cellphone users a stripped-down version of the social networking site that can be accessed without incurring data charges. The new site, dubbed 0.facebook.com, is a text-only version of Facebook’s flagship Internet site and is specially designed for mobile phones with limited bandwidth Internet connections. The new site will be available beginning on Tuesday in 40 different countries, including Brazil, India, Indonesia and Turkey from a variety of carriers. The new site comes as the world’s largest Internet social network continues to grow its base and looks for ways to increase the amount of time Web surfers spend using its service. At the company’s annual developer’s conference last month, Facebook introduced new technology that allows third-party Web sites to integrate Facebook features directly. Roughly one quarter of Facebook’s 400 million users access the site on mobile devices, according to the company. But Facebook wants to make the service more accessible to cell phone users who do not own high-end smartphones such as Apple Inc’s iPhone, or phones based on Google Inc’s Android software. “We are targeting people whose major barrier is they have little experience on the mobile Internet. They want to try it, they want something super simple, super fast. And they are potentially afraid of browsing costs,” said Henri Moissinac, who heads Facebook’s mobile business. “If you take an iPhone user in San Francisco, that’s not his problem.” Among the carriers partnering with Facebook are Reliance and Videocon in India (with Tata Docomo coming soon), T-Mobile in Hungary and Vodafone in Greece. Customers of the participating wireless operators will be able to access the new Facebook site without paying any wireless data charges, Facebook said. The 0.facebook site offers the same capabilities as Facebook’s standard website, allowing members to view their news feed, comment on posts and send messages. But 0.facebook will not feature any photos or videos -- Web surfers can link to view photos and videos, although they will be charged standard wireless data fees by their carriers at that point. Facebook is not paying the wireless operators any money to reimburse them for the free usage they provide and there are no financial terms to the partnerships, said Moissinac. In addition to many so-called emerging economies in which 0.facebook will be offered, the site will be available in the United Kingdom, Finland and Hong Kong, among other places. While the United States is not among the countries in which Facebook has operator deals, Moissinac said he hoped the site would eventually be available there as well. Source: LatestNews-Home - Livemint.com | 18 May 2010 | 9:22 pm Asian stocks down as Europe woes lingerTokyo: Asian stock markets fell sharply Wednesday as Germany’s move to tighten control over trading of government debt and financial shares underscored that Europe is still struggling to stabilize the euro. Japan’s benchmark Nikkei 225 stock average dropped 200.36 points, or 2%, to 10,042.28. South Korea’s Kospi index lost 34.56 points, or 2.1%, to 1,608.68 and Australia’s S&P/ASX 200 index was off 1.8% at 4,421.10. Selling spread across Asia after the Dow Jones industrial average dropped 114.88 points, or 1.1%, to 10,510.95 with Germany’s plan to tighten financial regulations unnerving investors. The euro, the currency shared by 16 European nations, has been driving global stock trading for weeks as investors interpreted its slide as a sign of continuing economic problems in Europe. It hit a new four-year low of $1.2160 on Tuesday. Germany announced a ban Tuesday on so called naked short-selling of eurozone government debt and shares of major financial companies, a move that came as European officials seek to strengthen control of markets. Naked short selling was cited as one of the factors in world markets’ turbulence during the 2008 financial crisis. Germany’s step brought underscored a fear that a further drop in the euro will continue to rattle world markets. Source: Home - Livemint.com | 18 May 2010 | 9:07 pm Big powers agree on Iran sanctions draftUnited Nations: The United States handed the UN Security Council a draft resolution on Tuesday that would expand UN sanctions against Iran by hitting its banking and other industries for refusing to halt nuclear enrichment. The 10-page draft, agreed by the United States, Britain, France, Germany, China and Russia after months of negotiations, also calls for international inspection of vessels suspected of carrying cargo related to Iran’s nuclear or missile programs. The text, Western diplomats say, was the result of a series of compromises between the United States and its three European allies, which had pushed for much tougher sanctions against Tehran, and Russia and China, which sought to dilute them. Few of the proposed measures are new. But Western diplomats said the end result was probably the best they could have hoped for, given China’s and Russia’s determination to avoid measures that might have undermined Iran’s troubled economy. The decision to circulate the resolution to the 15-nation Security Council was a tacit rebuff to a deal brokered by Brazil and Turkey and made public on Monday in which Iran agreed to send some enriched uranium abroad in return for fuel rods for a medical research reactor. US officials regard that deal as a maneuver by Iran to delay more UN sanctions. Brazil’s UN ambassador made clear her country was unhappy that the United States and its allies appeared to ignore the deal that her country has described as a major breakthrough in the long-running nuclear standoff between Iran and the West. “Brazil is not engaging in any discussion on a draft at this point because we feel that there is a new situation,” Ambassador Maria Luiza Ribeiro Viotti told reporters outside the Security Council chamber. “There was an agreement yesterday which is a very important one.” A Turkish diplomat, speaking on condition of anonymity, did not rule out discussions on the draft but said “our focus is on the other track” -- referring to the Tehran fuel swap deal. But US Ambassador Susan Rice said the deal had “nothing to do” with the uranium enrichment that led to the threatened sanctions against Iran. Chinese foreign minister Yang Jiechi, however, spoke to his Turkish and Brazilian counterparts about the Iran nuclear issue and their nuclear fuel swap agreement with Iran, China’s foreign ministry said on its website. It said Yang told them that China appreciated their efforts and welcomed the nuclear fuel agreement. Yang said he “hopes that this (agreement) will help to promote peaceful resolution of the Iran nuclear issue through dialogue and negotiations.” Iran rejects Western allegations that its nuclear program is aimed at developing weapons. It says its atomic ambitions are limited to the peaceful generation of electricity and refuses to suspend uranium enrichment. The draft resolution “calls upon states to take appropriate measures that prohibit” the opening of new Iranian bank branches or offices abroad if there is reason to suspect they might be aiding Iran’s nuclear or missile programs. It also calls on states “to exercise vigilance over transactions involving Iranian banks, including the Central Bank of Iran” to ensure that those transactions do not aid Tehran’s nuclear and missile programs. It urges countries to be wary of dealing with Iran’s Islamic Revolutionary Guard Corps and says some members and companies it controls will be added to existing lists of individuals and firms facing asset freezes and travel bans. The draft, which would represent a fourth round of UN sanctions against Tehran, calls for an expansion of an already existing arms embargo to include more types of heavy weapons. Originally, the United States and the Europeans had hoped to impose a total arms embargo against Tehran and blacklist its central bank, but Russia and China had opposed those moves. Although many of the measures in the resolution are non-binding, diplomats said the European Union and United States would treat calls for “vigilance” against Islamic Republic of Iran Shipping Lines and other firms as bans and would pass regulations that go beyond any new U.N. measures. British Ambassador Mark Lyall Grant said one of the goals of the resolution “is to make it more difficult for Iran to acquire a nuclear weapons capability.” Rice said the new resolution would make it more costly for Iran to continue to reject UN demands that it halt its enrichment program. But she said the door was still open to Iran if it was ready to accept offers to resolve the crisis through dialogue. “The draft seeks to support, and not replace, our efforts to engage Iran diplomatically,” she said. Chinese Ambassador Li Baodong told reporters Beijing was looking for a “well balanced” resolution and that his country did not expect its close trade ties to Tehran to be harmed. “The purpose of sanctions is to bring the Iranian side to the negotiating table,” Li said. “The sanctions are not for punishing innocent people and should not harm normal trade.” Russian Ambassador Vitaly Churkin said about the draft: “It’s language we can live with.” Both Churkin and Li welcomed the nuclear fuel deal announced on Monday. Several Western diplomats said they hope the 15-nation council will vote on the resolution early next month. The draft will likely be revised in the coming weeks. Aside from Turkey and Brazil, council member Lebanon has made clear it would have trouble supporting sanctions against Iran. Lebanon, diplomats say, will likely abstain from a vote on the resolution because the Iranian-backed militant group Hezbollah is in its government. Source: LatestNews-Home - Livemint.com | 18 May 2010 | 8:27 pm See no issues for ICICI Bank post merger with BoR: ExpertsIn an interview with CNBCTV18, HV Harish of Grant Thornton and Salil Agarwal of PwC discuss the road ahead for both the banks.Source: Moneycontrol Top Headlines | 18 May 2010 | 3:39 pm BoRICICI deal good for all parties involved: PK TayalPK Tayal, the promoter of Bank of Rajasthan (BoR), said due diligence process will take threedays to complete. It is a swap of shares and not a stake sale, he said.Source: Moneycontrol Top Headlines | 18 May 2010 | 3:09 pm US Darby among bidders for Axis Bank PE armUSbased Darby Private Equity and India\'s ILFS Investment Managers are among six bidders for the private equity arm of Axis BankSource: Moneycontrol Top Headlines | 18 May 2010 | 1:58 pm Bids for one allIndia 3G licence reach $3.63bnBids for one set of nationwide thirdgeneration (3G) mobile spectrum licences reached Rs 16,531 billion rupees (USD 3.63 billion) on the 33rd day of an auction, an indication the government could earn revenue of about Rs 66,800 crore from the auction.Source: Moneycontrol Top Headlines | 18 May 2010 | 1:54 pm More details on merger with ICICI Bank by May 23: BoRIn an interview with CNBCTV18, G Padmanabhan, MD and CEO of Bank of Rajasthan said the BoR board has given an inprinciple nod for merger with ICICI Bank.Source: Moneycontrol Top Headlines | 18 May 2010 | 1:48 pm UPA’s man on a mission to transform education Kapil Sibal, the minister for human resource development, has literally burst upon this dismal scene signalling a slew of potential reforms. So far, only one (but a ground breaking one) has been enacted into law—the Right to Free and Compulsory Education Act (RTE). It is meant to ensure that all children between six and 14 years of age receive quality education. While RTE critics argue that India does not have the resources to support the agenda, Sibal is confident of lining up all that is required, including some innovative models. The Centre just allowed public-private partnerships to flourish—letting corporations, non-profit companies and societies to establish 2,500 schools across the country. Government-sponsored students from underprivileged backgrounds are slated to fill 1,000 of the 2,500 seats in each of these schools. Listen to Yamini Aiyar, head of the accountability initiative of the Centre for Policy Research, talks to Ruhi Tewari about the successes and failures of UPA policy over the past year. The most far-reaching reforms are being attempted in higher education. Sibal envisions that India’s abysmal 12% gross enrolment ratio may be taken to a respectable 30% by 2020. Some 1,500 universities will be required for the task, and for its own part, the Centre is planning to start 16 Central universities, eight new Indian Institutes of Technology and seven new Indian Institutes of Management while 14 innovation universities have been proposed. And to catalyse this rapid growth and encourage well-meaning private players, he is also attempting a bold regulatory regime. Also See | Reform Agenda, Good Moves, Bad Moves (pdf) The proposed National Council for Higher Education and Research (NCHER) will do away with the current University Grants Commission (UGC) and All India Council for Technical Education. Reports suggest that both legal and medical higher education will be brought under NCHER, removing them from the aegis of the Bar Council of India and the Medical Council of India. Complementing NCHER, there will be a National Accreditation Regulatory Authority for higher educational institutions—the associated Bill was just tabled in Parliament. Once enacted, it will mandate institutions of higher education to obtain accreditation from an approved agency, potentially ensuring a pan-India global standard. Presently, accreditation is voluntary. As a result, fewer than one-fifth of colleges and fewer than one-third of universities apply. In addition, the ministry of human resource development is also looking at creating an Education Finance Corporation, with a corpus of Rs20,000 crore, to provide aid to projects and loans to students. Click here to view a slideshow outlining major UPA policies Three other Bills have already been tabled in Parliament—the Foreign Educational Institutions (Regulation of Entry and Operations) Bill, the Prohibition of Unfair Practices in Technical Educational Institutions, the Medical Educational Institutions and Universities Bill, and the Educational Tribunals Bill. The first plans to regulate the provision of foreign degrees in India. The second seeks to discourage the practice of charging capitation fee, or publishing of misleading information through advertisements. The final one proposes the establishment of tribunals at Central and state levels to deal with disputes between institutions and accrediting authorities, issues of affiliation, cases of malpractice, faculty service matters and management of educational institutions. While all reforms are well-intentioned, the three Bills have a punitive strain in them that goes against the grain of academic independence. They seem to be motivated by a desire to keep out the bad, rather than usher in the good. Critics also argue that NCHER could go the UGC way, if the right people are not in charge. Is there a danger that we are bringing in more control rather than liberalization? On the other hand, we cannot afford another five years of inaction. Not since the creation of our country have such far-reaching changes been envisaged in the education sector. If it all works out, Sibal could go down in history as having single-handedly transformed Indian education. May the force be with him! Pramath Raj Sinha is founder and managing director of 9.9 Mediaworx and founding dean of the Indian School of Business. Respond to this column at feedback@livemint.com Source: LatestNews-Home - Livemint.com | 18 May 2010 | 1:45 pm ADB pitches for capital controlsSingapore/Seoul: Asian countries may benefit from capital controls to help limit inflows that pose a risk to their economies and financial systems, according to the Asian Development Bank (ADB). Authorities should consider the full array of policy measures available in their toolkit, the Manila-based lender said in a report published on Tuesday. The Asia Capital Markets Monitor recommended temporary and targeted restraints on incoming investment in addition to encouraging outflows. “Volatile capital flows pose a significant risk, affecting both macroeconomic management and overall financial stability,” vice-president B.N. Lohani said in a speech in Seoul on Tuesday. “The return of capital flows is welcome. But large and sudden capital movements can put the sustainability of economic recovery at risk.” The recommendation comes after the International Monetary Fund last month voiced its support for taxes on capital inflows to help stem excessive appreciation in some Latin American currencies. A United Nations agency this month also touted similar measures, saying China, India, Singapore, Indonesia and South Korea are most at risk to short-term capital swings. Net private capital inflows to Asia’s developing economies are expected to be $272.4 billion (Rs12.42 trillion) this year, compared with $282.9 billion in 2009, ADB said, citing a forecast by the Washington-based Institute of International Finance. The amount of money pouring into the region may strengthen as central banks from India to Malaysia start raising borrowing costs to fight inflation, widening the interest-rate differential with the US, Europe and Japan, ADB said. Stock markets in South Korea, India and Taiwan have so far this year attracted more than $14 billion from abroad, following net inflows of $57.7 billion in 2009, exchange data show. Most markets are no longer cheap, with valuations exceeding their five-year average, ADB said. feedback@livemint.com Source: LatestNews-Home - Livemint.com | 18 May 2010 | 1:45 pm Govt seeks information from IPL companiesNew Delhi: After finding anomalies in its initial investigations into the companies owning cricket teams in the Indian Premier League (IPL), the ministry of corporate affairs (MCA) has decided to expand the scope of its inquiry. MCA has asked four IPL team owners for specific and detailed information on any increase in authorized capital, change in the name of the franchisee, the objective with which the company had been formed and the terms and conditions required to qualify as a bidder, among other things. According to a senior official at MCA, who did not want to be identified given the sensitivity of the matter, the four firms are: Indiawin Sports Pvt. Ltd, owner of Mumbai Indians; GMR Sports Pvt. Ltd, owner of Delhi Daredevils; Rendezvous Cricket Management Pvt. Ltd, owner of the Kochi team; and KPH Dream Cricket Pvt. Ltd, owner of Kings XI Punjab. Two of the four IPL franchisees said they had not received any letters from MCA seeking additional information. Shailendra Gaikwad, spokesperson for the Kochi team, said the company had not received any request yet, though “it might be in the process”. Amrit Mathur, CEO of GMR Sports, also denied receiving any letter. “Whenever we get we will respond,” he said. Representatives of Mumbai Indians and Kings XI Punjab did not respond to queries from Mint. In all, IPL has 10 franchisees including the Pune and Kochi teams that were included earlier this year. The ministry is already examining details given by these companies on the bidding process, sweat equity (the equity acquired in an entity on favourable terms by an individual in exchange for work done or promised), memoranda of association and also franchise agreements. MCA has also asked the registrar of companies (RoC) for technical scrutiny of papers of these firms. “The ministry is initiating a technical scrutiny of four companies under section 234 of the Companies Act. It will then ask for specific information from other IPL companies,” said the official. Under section 234, RoC, which is part of MCA, can seek documents from a company. The official added that MCA is investigating the four companies under section 295 that deals with extending a loan or giving a guarantee without obtaining government approval and section 58, which deals with invitations extended to individuals to subscribe to shares and debentures in a company. The official, however, did not give details of specific information sought from each company. sangeeta.s@livemint.com Source: LatestNews-Home - Livemint.com | 18 May 2010 | 1:16 pm One big target?One of the primary concerns regarding the physical implementation of UID was how on earth to continue using India’s many different types of biometric finger and eye scanners — and how to make them compatible. With the soaring costs and day-to-day headaches of lugging biometric readers to far-flung areas of the country, Aadhaar officials instead decided to outsource their most ambitious project to date- a universal software programme that will work will all currently existing readers. But critics are worried that, once accessible through just one program, the biometric profiles of hundreds of millions of people will be sitting ducks for identity thieves. Source: Tech News - Livemint.com | 18 May 2010 | 1:12 pm One big target?One of the primary concerns regarding the physical implementation of UID was how on earth to continue using India’s many different types of biometric finger and eye scanners — and how to make them compatible. With the soaring costs and day-to-day headaches of lugging biometric readers to far-flung areas of the country, Aadhaar officials instead decided to outsource their most ambitious project to date- a universal software programme that will work will all currently existing readers. But critics are worried that, once accessible through just one program, the biometric profiles of hundreds of millions of people will be sitting ducks for identity thieves. Source: LatestNews-Home - Livemint.com | 18 May 2010 | 1:12 pm Mining reforms on hold as ministries differA sweeping set of reforms proposed for the countrys mining sector have led to a faceoff between the Union law and mines ministries.Source: Business Standard | Front Page Headlines | 18 May 2010 | 1:08 pm MTNL’s huge cash pile is about to disappearShares of Mahanagar Telephone Nigam Ltd (MTNL)have fallen by more than 8% to Rs60 since it announced results for the year ended March 2010. The company reported a record loss of Rs2,515 crore in fiscal 2010, on revenue of Rs3,770 crore. Of course, the results include extraordinary items and one–time costs, and the company has reported a marginal profit after adjusting for those. MTNL took a huge hit on account of changes in retirement benefits, and also made a provision for 3G spectrum.  Graphic: Naveen Saini/Mint It’s important to note here that MTNL’s operations have been running losses for the past two years and the only reason it has been able to report a net profit (adjusted for exceptional items) is that it earns a large interest income on its cash balance. In 2009-10, the company had a loss of Rs823 crore before accounting for taxes, the one-time provision for 3G spectrum fee and retirement benefits. But it earned Rs1,135 crore as other income, which more than offset the large loss from operations. The company’s cash balance will soon be depleted and as a result, interest income will fall sharply. This, in turn, will result in large losses in the next few years. According to the Citigroup report, “(MTNL’s) core business continues to face pressure with fixed-line losses and traffic migration to increasingly cheaper wireless service. Besides, cost pressure, especially on the employee cost front, are likely to continue despite natural attrition as a result of ongoing wage negotiation and pension payouts. All these issues, in our opinion, make it difficult to come out of the vicious cycle.” If the telecom regulator’s recent recommendations such as the one-time fee for 2G spectrum are implemented, things could get worse for the company. While it has been evident for some time now that MTNL has been struggling, its share price has had a floor because of the large cash balance (amounting to around Rs100 per share) on the company’s books. A large part of the cash is about to get exhausted thanks to the 3G spectrum fee payment, which is extremely bad news for MTNL’s investors. Citi has cut its target price from Rs68 earlier to Rs40 owing to the depletion in cash and the regulatory uncertainty. Write to us at marktomarket@livemint.com Source: LatestNews-Home - Livemint.com | 18 May 2010 | 1:08 pm Bank of Rajasthan to merge with ICICI BankDeal envisages one ICICI Bank share for every 4.72 of BoRs.Source: Business Standard | Front Page Headlines | 18 May 2010 | 1:06 pm Volcanic ash, Bangkok unrest dampen holiday moodKushagra Bajaj, joint managing director of the countrys largest sugar producer, Bajaj Hindusthan, had plans to holiday in London during this summer. But, ash clouds forced Bajaj to cancel his UK trip. He is now holidaying in Singapore.Source: Business Standard | Front Page Headlines | 18 May 2010 | 1:06 pm IDFC to buy 26% stake in custodian firm OrbisMumbai: Infrastructure Development Finance Co. Ltd (IDFC) will purchase 26% of Gurgaon-based custodian Orbis Capital Ltd over the next two years for Rs22 crore, Atul Gupta, managing director, Orbis Capital, told Mint. A custodian holds material assets such as share certificates and cash of investment firms’ clients. IDFC and Orbis announced the deal in a media statement on Tuesday. Orbis, which launched operations in April 2009, is India’s first privately-held custodian registered with the capital market regulator Securities and Exchange Board of India, or Sebi. Gupta said that the stake sale was to get an institutional partner that had interests in financial services. “They have an institutional brokerage, an asset management company (AMC) and also a private equity (fund), so this is a natural extension for them. It gives us synergy to move the business forward,” Gupta said. IDFC will hold 12.5% shares immediately, and add the rest over the next two years through conversion of zero coupon bonds. Gupta said the deal values Orbis at Rs11.50 per share. Orbis Capital plans to expand custodial services beyond traditional clients such as mutual funds and foreign institutional investors to high net-worth individuals, non-resident Indians and private banking groups, Gupta said, adding that it is also planning a subsidiary in Singapore to serve private bankers with links to India. A.S.V. Krishnan, equity analyst with Ambit Capital Pvt. Ltd, said the deal is a big one for Orbis but will have minimal impact on IDFC. “It will help IDFC reduce costs marginally by using the custodian business for its AMC and brokerage. For Orbis, it means they have a big name when they go to a client,” he said. joel.r@livemint.com Source: LatestNews-Home - Livemint.com | 18 May 2010 | 1:04 pm Sebi eases listing norms for small, medium cosMarket regulator Sebi on Tuesday relaxed the listing requirements for small and medium enterprises on proposed stock exchanges dedicated for the sector, a move likely to encourage SMEs to get listed.Source: India Business News | Business News - Times of India | 18 May 2010 | 12:26 pm ONGC subsidy bill surges to $1.1bn in Q4Oil & Natural Gas Corp, India's biggest energy explorer, said subsidy given to state refiners in the form of discounts on crude oil sales surged in the fourth quarter as higher prices widened revenue losses on fuel sales.Source: India Business News | Business News - Times of India | 18 May 2010 | 12:24 pm Anil Kumar, ex-McKinsey director, to pay $2.8m fineFormer director of McKinsey & Co Anil Kumar will pay a fine of $2.8 million to settle the charges filed by the US market regulator SEC against him in the multi-billion dollar Galleon insider-trading scam.Source: India Business News | Business News - Times of India | 18 May 2010 | 12:23 pm RIL, RNRL begin talks on gas supplyReliance Industries and RNRL on Tuesday began informal talks for a possible gas supply agreement, in line with a Supreme Court verdict earlier this month on the row between Mukesh and Anil Ambani groups.Source: India Business News | Business News - Times of India | 18 May 2010 | 12:20 pm Godrej likely to raise $150m to fund buyoutsBillionaire Adi Godrej said his Godrej Consumer Products Ltd may raise as much as $150 million from selling shares to fund its purchase of Sara Lee Corp's stake in an Indian venture and other acquisitions.Source: India Business News | Business News - Times of India | 18 May 2010 | 12:18 pm BoR to be merged with ICICIBank of Rajasthan (BoR) will be merged with ICICI Bank. A decision to this regard was taken on Tuesday by both the banks.Source: India Business News | Business News - Times of India | 18 May 2010 | 12:17 pm Pharma exports to get branding supportThe Pharmaceutical Export Promotion Council (Pharmexcil) is planning to set up 20 facilitation centres in 5 years in main export destinations. These centres will create awareness about the quality of Indian drugs among buyers and will work in close coordination with local governments. Source: HindustanTimes.com - Top Business News Headlines | 18 May 2010 | 10:42 am Rs 1,300-crore green township from AnsalsReal estate developer Ansal API will invest around Rs 1,300 crore to develop a green-rated integrated township at Gurgaon. Source: HindustanTimes.com - Top Business News Headlines | 18 May 2010 | 10:40 am Indian equities second best in returns after Indonesia: ADBIndia, the world's second fastest growing large economy, also provided the second highest returns from equities, just behind Indonesia, an Asian Development Bank report said today.Source: India Business News | Business News - Times of India | 18 May 2010 | 7:52 am Sensex up 40 pts on global cuesErasing early losses, the Bombay Stock Exchange benchmark Sensex today jumped over 40 points to snap two days of losses, amid positive global trends.Source: India Business News | Business News - Times of India | 18 May 2010 | 5:22 am
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