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Mukesh, Anil scrap non compete agreement - NDTV.com
Source: Business - Google News | 23 May 2010 | 4:07 am SBI has Rs 20000 cr for 3G auction - Sify
Source: Business - Google News | 23 May 2010 | 3:48 am GDP likely to grow at 8.5 pc, agri remains a concern: Pranab - Economic Times
Source: Business - Google News | 23 May 2010 | 3:44 am Ambanis bury differences; cancel all non-compete arrangementsThe harmony comes within a few days of the Supreme Court declining to give any relief to younger brother Anil in the gas dispute.Source: Daily News & Analysis: Money News | 23 May 2010 | 3:41 am Day after crash, search for the Black Box on, relatives grieveMangalore: Investigators on Sunday sifted through the charred wreckage of the Boeing 737 plane of Air India’s budget carrier for the cockpit voice and the flight data recorder--the Black Box--that could give vital clues for the cause of its crash that killed 158 persons. A senior Airport Authority of India official meanwhile said an “incorrect” flight path could have caused the crash of the Air India Express aircraft from Dubai at Bajpe airport here on Saturday. The official, who visited the crash site, told PTI, “An incorrect flight path could have been a possible reason (for yesterday’s mishap).” The probe by a big team of experts including from the Directorate General of Civil Aviation(DGCA) into the crash resumed at the crack of the dawn with the wreckage area cordoned off, as grieving relatives collected the victims’ remains in the worst air disaster in India in 14 years. Eight passengers miraculously survived. According to unconfirmed reports, the throttle in the cockpit was retrieved by investigatiors and was found in a forward position suggesting that the pilot may have attempted a final thrust before the crash. The Boeing 737-800 with a British national of Serbian origin in command overshot the ‘table-top´ runway and plunged into a ravine and burst into flames. There were 166 passengers and crew on board. Several victims were from Kasaragod and Kannur districts of neighbouring Kerala. Investigators used mechanical metal-cutters to search for the Black Box in the twisted wreckage of the barely three-year-old plane’s remains. Heavy machinery was also being used to clear the debris scattered over a wide area. Despite rescue teams being at the spot along with fire fighters and police personnel, they are to recover the black box nearly 30 hours after the crash. The Black Box has crucial last-minute recordings of conversation between the cockpit crew and the Air Traffic Control(ATC). All 158 bodies have been recovered but only 72 have been identified and handed over to relatives, Air India spokesperson Harpreet Singh De said in Mumbai. Karnataka DGP Ajai Kumar Singh said at the crash site that bodies of 104 victims of the crash have been identified and handed over to relatives. Forensic scientists were carrying out DNA tests on the remaining bodies for their identity. Dozens of grieving relatives arrived here on a special Air India flight from Dubai and Karnataka and Kerala to take back home the bodies of their loved ones. A team of experts arrived here this morning from Hyderabad to conduct DNA test to help in identification of bodies charred beyond recognition. At the hospitals, relatives of the victims were seen trying hard to identify their loved ones with their faces covered with masks. Saturday’s disaster was the country’s deadliest crash since 1996 when two passenger planes collided in mid-air near New Delhi with the loss of all 349 on board both flights. The last major plane crash in India was in 2000, when 61 people were killed after a passenger jet plunged into a residential area near Patna. US-based aircraft manufacturer Boeing said it was sending a team of investigators to India to help in the inquiry. Union civil aviation minister Praful Patel had said the aircraft did not contain itself within the limited space on touchdown and overshot the spillover area on the runway. He had also stated that the runway was operationally compliant and technically fit for operating an aircraft of Boeing 737-800 series and the plane was just two-and-a-half years old with no history of defects or malfunctioning. Source: Home - Livemint.com | 23 May 2010 | 3:39 am IT/BPO sector saw more job opportunities - Economic Times
Source: Business - Google News | 23 May 2010 | 3:21 am Europe's woes to have small global impact - U.S. officialBEIJING, (Reuters) - Europe's financial crisis should have only minimal impact on the global recovery as governments put in place necessary policy counter-measures, a senior U.S. Treasury Department official said Sunday.Source: Reuters: Money News | 23 May 2010 | 3:19 am Anil, Mukesh Ambani bury differencesDays after the SC order on Ambani brothers' gas dispute that tilted in favour of Mukesh, RIl and ADAG's statements today said, "All existing non-compete agreements between the two groups are cancelled".Source: India Business News | Business News - Times of India | 23 May 2010 | 2:59 am Computer sales up 33 pc in first quarterIndia's personal computer sales touched 2.2 million in the first quarter of this year, registering a growth of an impressive 33 per cent, says International Data Corporation (IDC), a leading technology consultancy and think tank. Source: HindustanTimes.com - Top Business News Headlines | 23 May 2010 | 2:20 am StanChart IDR likely to be priced around Rs 110 - Economic Times
Source: Business - Google News | 23 May 2010 | 1:48 am European crisis may spark talent migration to AsiaTalent management experts believe there is a developing trend of senior level executives from the Western world migrating to emerging markets in Asia to be a part of the fast growth trajectory of the markets.Source: India Business News | Business News - Times of India | 23 May 2010 | 1:40 am Led by RIL, 7 of top 10 firms lose Rs 48k cr in McapAs the market remained volatile over the last week, seven of the top 10 companies lost over Rs 48,000 crore from their market valuation with Reliance Industries Ltd turning out to be the biggest loser.Source: India Business News | Business News - Times of India | 23 May 2010 | 1:36 am Economy to login 8.2% growth this fiscal: ING VysyaThe economy is likely to grow by 8.2% in the current fiscal from the estimated 7.2% last financial year on the back of strong performance by the industrial and services sectors, ING Vysya Bank has said.Source: India Business News | Business News - Times of India | 23 May 2010 | 1:33 am All bodies of Mangalore air crash victims recovered: Air IndiaMumbai: Air India on Sunday said that 87 bodies have been handed over to the family members and relatives of the passengers who died in the Mangalore plane crash. All the 158 bodies have been recovered from the crash site, Air India spokesperson Harpreet Singh De said. “All the 158 bodies have been recovered from the crash site and 87 bodies have already been handed over to relatives,” De told reporters. Air India was trying its best to provide all assistance to the passengers’ family members, she said. International Agency for emergency response and rescue operations, US-based Kenyon, has already been contacted by Air India to support the airline in the search and retrieval operation, she said. “We have deputed one person from our emergency management to assist the relatives at Mangalore,” De said. She said that investigations by the DGCA and Air India’s flight safety department were on and the black box of the crashed aircraft is yet to be recovered. In the country’s worst air disaster in a decade, a Boeing 737 plane of Air India Express overshot the airport runway in Mangalore and burst into flames on Saturday morning killing 158 people but eight others survived. The body of the co-pilot has also been claimed and the bodies of two crew members have been identified. Air India said that it was making special arrangements to ensure visas and other travel arrangements for the family members of the victims. “We are also making flight arrangements for the family members and relatives,” the Air India spokesperson said. Family members are being contacted and the airline is making all arrangements for their travel and other requirements. Additional flights were operated to take family members of the passengers and crew to Mangalore. “We have set up local contact centres at all the places besides additional centres at Dubai, Calicut and Mangalore,” the spokesperson said. Source: LatestNews-Home - Livemint.com | 23 May 2010 | 1:33 am All ASEAN members to implement trade pact with India by August - Economic Times
Source: Business - Google News | 23 May 2010 | 1:30 am Steel output will double in two years: Steel Minister - Economic Times
Source: Business - Google News | 23 May 2010 | 1:20 am Australian treasurer rebuts mining tax "myths"SYDNEY (Reuters) - Australian Treasurer Wayne Swan on Sunday described as "myths" claims a planned new 40 percent tax on mining profits would hit investment or push up domestic prices.Source: Reuters: Money News | 23 May 2010 | 1:20 am Bharat Forge eyes increasing manufacturing footprint in the US market - Economic Times
Source: Business - Google News | 23 May 2010 | 12:24 am Pak blocks 800 URLs over Facebook cartoon rowIslamabad: Pakistani authorities have blocked 800 URLs that feature “blasphemous” and “sacrilegious” content in the wake of the ban on Facebook and YouTube, a representative of the country’s association of Internet service providers said today. Acting on an order of the Lahore High Court, the Pakistan Telecommunication Authority initially banned popular social networking website Facebook over a page featuring a contest for “blasphemous” cartoons of Prophet Mohammed. The ban was later extended YouTube and other links. The move also affected access to Wikipedia and Twitter, Internet users said. “So far, two sites and about 800 URLs have been blocked to prevent access to blasphemous and sacrilegious content,” Wahaj-us-Siraj, a spokesman for the Internet Service Providers Association of Pakistan said. URL or Uniform Resource Locator is the global address of documents and other resources on the World Wide Web. Siraj said that since the author of the page on Facebook featuring the blasphemous cartoons had been removed, the PTA “probably needs to go back to the Lahore High Court, and then the court could lift the ban”. The final decision in such matters would have to be made by the PTA, he said. PTA spokesman Khurram Mehran said the authority would lift the ban only after receiving instructions from the government. The competition for the caricatures triggered angry protests in Pakistan though Internet users in bigger cities expressed disappointment at the blanket ban on popular websites. Islam strictly prohibits the depiction of any prophet as blasphemous and Muslims all over the world staged angry protests over the publication of satirical cartoons of Prophet Mohammed in European newspapers in 2006. Pakistan briefly banned YouTube in February 2008 over blasphemous cartoons of the Prophet Mohammed. Source: LatestNews-Home - Livemint.com | 23 May 2010 | 12:24 am Banking stocks in focus on ICICI-BoR deal - The Hindu
Source: Business - Google News | 23 May 2010 | 12:18 am Train derails in storm-hit east China, 10 deadBeijing: A passenger train in eastern China’s Jiangxi province has derailed, killing at least 10 passengers and injuring 55, Xinhua news agency said on Sunday. The train, heading from Shanghai to the resort city of Guilin in the southwest region of Guangxi, was caught in a landslide as it passed through the city of Fuzhou in Jiangxi’s storm-hit mountain districts in the early hours of Sunday. Xinhua said it was not immediately clear how many passengers were onboard, but the number of casualties was expected to rise. Heavy storms throughout Jiangxi over the past few days have destroyed farms and flooded towns and villages, forcing the evacuation of 44,600 local residents, Xinhua said. Source: LatestNews-Home - Livemint.com | 23 May 2010 | 12:09 am The hole in Piramal's stock valuationDid the stock market overreact to Piramal Healthcare's decision to sell its domestic formulation business? An analysis suggestsSource: Business Line - Home Page | 23 May 2010 | 12:00 am SBI to lend Rs 20,000 cr for 3G fundingState Bank of India (SBI) will be lending Rs 20,000 crore for telecom companies to pay for licences for the Third Generation (3G) mobileSource: Business Line - Home Page | 23 May 2010 | 12:00 am Accident raises questions on pilots' expertise, trainingThe crash of Air India's Dubai-Mangalore flight has again raised questions on safety in Indian skies – putting a spotlight on the skills and working conditions of personnel handling theseSource: Business Line - Home Page | 23 May 2010 | 12:00 am Local content to shine in solar photo-voltaic projectsThe Ministries of New and Renewable Energy (MNRE) and Power plan to make it mandatory for solar power developers to source crystalline silicon-based modules from domesticSource: Business Line - Home Page | 23 May 2010 | 12:00 am 158 killed in Mangalore air crash; 8 surviveAs many as 158 people were killed today when an Air India Express flight No IXE 812 from Dubai overshot the runway at the Bajpe airport in Mangalore, plunged into a valley and burst into flames in the worst air disaster in a decade. Of the 166 onSource: Business Line - Home Page | 23 May 2010 | 12:00 am Praful Patel meets PM, offers to resignIn a late evening development on the Air India Express plane crash at Mangalore airport, the Union Minister for Civil Aviation, Mr Praful Patel met the Prime Minister to apprise him of theSource: Business Line - Home Page | 23 May 2010 | 12:00 am Liability claim payout could be highest in IndiaThe Air India Express plane crash in Mangalore on Saturday may result in one of the highest liability claim payouts in a plane accident so far inSource: Business Line - Home Page | 23 May 2010 | 12:00 am OVL's profit down 25% in FY 2009-10ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of ONGC, saw a 25 per cent drop in net profit for the fiscalSource: Business Line - Home Page | 23 May 2010 | 12:00 am US drops criminal probe of AIG executives: LawyersThe investigation had centered on AIG Financial Products, which nearly brought down the giant insurer after writing tens of billions of dollars on insurance-like contracts on complex securities backed by mortgages that turned out to be toxic.Source: Daily News & Analysis: Money News | 22 May 2010 | 11:56 pm Mangalore crash puts focus on infrastructure, safetyNEW DELHI (Reuters) - The air crash in Mangalore that killed 158 people has underlined fears about safety gaps in the country's booming airline industry and raised doubts about whether infrastructure can keep pace with rapid economic growth.Source: Reuters: Money News | 22 May 2010 | 11:46 pm U.S. environment chief to visit Gulf, spill spreadsVENICE, La. (Reuters) - The top U.S. environmental official was to visit the Gulf Coast on Sunday as energy giant BP Plc scrambled to contain a widening oil spill.Source: Reuters: Money News | 22 May 2010 | 11:40 pm Air India crash puts focus on infrastructure, safetyNew Delhi: The Air India Express plane crash on Saturday that killed 158 people has underlined fears about safety gaps in the country’s booming airline industry and raised doubts about whether infrastructure can keep pace with rapid economic growth. It was not clear what caused Saturday’s crash, but pilots and aviation experts say regulatory oversight of safety and quality control are often poor. Staff training standards are also falling, they say. Although India has had few major accidents in recent years, some half a dozen mid-air misses over the past year has underscored that safety issues exist. Last year an Indian Airlines plane with about 150 passengers on board barely avoided a collision with an army helicopter that was part of the Indian president’s entourage in Mumbai. Indian media regularly reports about routine checks finding pilots reporting drunk for duty and in one instance last year pilots and crew were involved in a mid-air scuffle, leaving the aircraft to fly on its own for sometime. “The Air India Express crash was waiting to happen,” said A. Ranganathan, an airline safety consultant and pilot instructor. “Safety standards in Indian aviation have been on the wane for the last six years. Efforts being made to correct the drift, but the systematic rot is so deep ... we are not likely to see any improvement in safety unless drastic changes are made.” Sustained robust growth has put more money in people’s pockets, spurring air travel and an exponential growth in the number of low cost airlines. Domestic passenger traffic has tripled and international traffic doubled in the past five years. But infrastructure may not have kept pace and a shortage of staff may be stretching both airlines and traffic control staff. Indian Commercial Pilot Association said in a statement 78% of crashes took place due to fatigue-related human error. “You also need to augment the strength of air traffic control which is stretched,” Kapil Kaul, head of the Centre for Asia-Pacific Aviation in South Asia, told Reuters. “Disaster waiting to happen” The hill-top airport at Mangalore, the site of Saturday’s crash, had other geographical challenges, and critics say the runway, though adequate for landing the Boeing 737 that crashed, was not long or wide enough to leave any room for error. “This was no accident, but the direct result of the deliberate failure of officials at the high levels,” said a statement of Environment Support Group which had sought to block the construction of the runway. While it was yet to be established if the accident was related to wider problems in India’s aviation industry, experts say a lack of training, overworked staff and inadequate infrastructure only compounds the situation. For instance, only seven radars serve Indian air space and only big airports have the latest low-visibility landing systems, a senior official of the Airports Authority of India told Reuters. “A disaster was waiting to happen and we have been very lucky to have had no major accidents in the past 10 years,” the official involved with aviation security said on condition of anonymity because of the issue’s sensitivity. In April 2008, then director general of civil aviation, Kanu Gohain, told Mint that India had just three inspectors for 10 commercial airlines and 600 planes. That number has now gone up, but many remain under-trained and a backlog of lapsed inspections may take years to clear. A 2006 safety audit by the International Civil Aviation Organisation listed India as worst on “technical personnel qualification and training”. As the airline sector expanded, a shortage of pilots was met by hiring foreign pilots, some 565 of them flying now. But the government has ordered airlines to replace them with Indians by next summer, raising concerns about how the country will be able to produce enough qualified pilots so quickly. There are also calls to make inquiries into air accidents transparent. “To my knowledge in the last 50 years no inquiry report has been made public,” Kaul said. “There is also the need for an independent safety board.” Source: Home - Livemint.com | 22 May 2010 | 11:33 pm '3G may bring down PC penetration'Nipun Sharma, chief operating officer, Tata Docomo, Gujarat Circle told DNA that he is expecting a big revolution after launch of 3G services in the country.Source: Daily News & Analysis: Money News | 22 May 2010 | 11:06 pm Clinton presses China on trade access ahead of talksSHANGHAI (Reuters) - U.S. companies deserve "fair access" to Chinese government contracts and transparent rules from the big Asian economy, U.S. Secretary of State Hillary Clinton said on Sunday, pressing for greater commercial access.Source: Reuters: Money News | 22 May 2010 | 11:06 pm US experts’ team to assist Indian officials in crash probeWashington: A team of top US transportation experts along with officials from Boeing is set to join Indian aviation authorities in probing the Air India Express flight crash in Mangalore that killed 158 people. The team, which will assist Directorate General of Civil Aviation (DGCA) in investigation into Saturday’s plane crash, is scheduled to reach Mangalore on Tuesday morning, a US official said. The US National Transportation Safety Board (NTSB) is sending its investigators to India at the request of the Indian government, an official statement said. “NTSB chairman, Deborah A P Hersman, has designated senior air safety investigator Joe Sedor as the US Accredited Representative,” the NTSB statement said. “The US team will also include an NTSB flight operations specialist, an NTSB aircraft systems specialist and technical advisers from the Federal Aviation Administration and Boeing,” it said. “The team is expected to arrive in Mangalore on Tuesday morning (local time),” the NTSB said. The investigation is being conducted by India’s DGCA, which will release all information on the progress of the probe, it said. An Air India Express flight, which originated from Dubai, overshot the airport runway in Mangalore and burst into flames on Saturday, killing 158 persons but eight others survived. Source: LatestNews-Home - Livemint.com | 22 May 2010 | 10:36 pm We are here to prove a point, says AirAsia CEOMumbai: Tony Fernandes, 46 can be brash and loud, like many of his peers from the aviation industry. but for him, 2010 is for India. He wants to concentrate on snaring Indian passengers and is eyeing the Indian rail travelers, but says he wont commit a mistake by doing anything in a hurry. Starting his Indian adventure with a service to Tiruchirapalli, he says he’ll do things differently. Fernandes, who is of Indian origin and roots for Indian cricket team, has three airline companies flying into India from Thailand, Indonesia and Malaysia. On Thursday, wearing his trademark red cap, he announced AirAsia’s first flight to Mumbai to Kuala Lumpur, and took everyone by surprise by announcing a Re1 tariff offer. AirAsia has reserved 30% of the seats, but he expects the remaining 11 tariff slabs to make money for his airline. He says he can never be a Naresh Goyal as ‘his “DNA” is different. And during recessions, his airline gets more ambitious. AirAsia has announced six direct flights to six new routes, including Mumbai, in the first quarter of 2010. If his plans go through as per schedule, AirAsia will be the only airline from Malaysia which will be flying to Bangalore and Hyderabad from Kuala Lumpur and from Penang to Chennai. Edited excerpts. Unilke other international airlines, you entered India through a secondary city Tiruchirappalli in India. Now you are connecting Mumbai as your sixth destination. Can you tell us the strategy behind this.  Spreading wings: AirAsia chief executive officer Tony Fernandes. Ashesh Shah/Mint Would you be open to floating joint ventures like you did in Thailand and Indonesia? Are you open to investing in India? Currently foreign airlines are not allowed to do so. If it changes, yes I would like to. But probably the change may not happen in my lifetime. You are operating in India under three different companies, but under one brand. Moreove, you are using fifth freedom, that is connecting India from Thailand. Many envy you on that arrangement. How did you manage this? The idea was to have circles. Kuala Lumpur, one radius from Bangalore. May be if I had come from the aviation world, I wouldn’t have been able to do half the things that I did. So maybe the naivete, the simplicity and the will to get down and do it… Did you lobby hard to get this? I can probably start a political party now. Aviation is so political it is unbelievable . National carriers are almost like the flag of the country. No matter how cheap we are, the national carriers are always preferred. I don’t understand it. Banks are not like that. Car companies are not like that. For some reason national carriers are (a) phenomenal power. You have ambitious plans for India, but you dont have much bilateral agreements left to explore India.... That’s another odd thing. Why there are bilaterals? It’s an odd thing for me. But the world is changing fast. Bilaterals are opening up. Governments that open up only by having a market oriented approach last. What should one do differently in India to be successful? I don’t know India that well. I don’t think I need to do anything differently. It is a big enough market for all of us. Indian carriers are also pulling their socks to beat the competition? Do you think this will lead to a fare war? I don’t want to talk about fare wars. I know reporters want to. But I think there is such a big market out there. There’s enough for all of us. The trick is to create new markets. As we have done with Tiruchirappalli. We Indians passionately recall Re1 fare of Air Deccan founder Capt G R Gopinath. Though it created waves initially, those fares were not sustainable. How do you see this Re1 fare fares? We will be offering this for a long time. That’s what we will live up to. What’s the difference between Air Deccan and us? One of us was a helicopter pilot. So may be Capt Gopinath shouldn’t have been a pilot. He did a great thing. It is a shame he (his airline) did not survive. He was good for India. He was innovative and tried doing too much and too quickly. And that’s why it is a risk. The one rupee fares are here to stay. We waited for Mumbai to launch one rupee fares and we’ll continue to launch a lot of promotions. In that context, I would like to know where did India go wrong? Where did it go wrong or where did it go right. I think it got right in liberalization. I think the government did a very good job in liberalization. Where it has gone wrong? Only in my end of the market (low fare carriers), people gave up too quick. And some expanded too quickly. The low cost market didn’t work here. You need a lot of determination and focus to make this work. It will definitely work here. Given a choice which one you would opt for: A full load with promotional fares or half load with good yields? And what is the percentage of promotional fares such as Re1? And where does the money come from if you are offering more Re1 fares. Would opt for the full load. I am a volume driven player. Thirty percent of inventory is for promotional fares. We have twelve baskets of fares. So, the profit will come. What did you learn from recession? Recession is good for Air Asia. We expand in recession. We are contrarians. Most people scale back during recession. We tripled our advertising money and added more capacity. Our biggest growth has been times of trouble. It has always worked for us. We focussed on marketing and took decision quickly. Which is one international airline you would want to model? Ryan air is the model we have followed. What is one key challenge you would expect from Indian market? We put on more flight very quickly . Otherwise Malaysian Airlines or someone else will do so. The challenge is that India is a continent. To do a good job, we have to put a lot of money in India. You are emotionally attached to India? My father is a Indian citizen. The first flight I took was to Kolkata. I remember arriving in Dum Dum airport when everyone was clapping. I was very depressed… buses were lined up.. but people were amazing.. When India plays cricket , I support India. It is another matter that Malaysia doesn’t have a team. Any plans to start budget hotels in India? We are planning 20 budget hotels in India. These hotels are under the brand of Tune Hotels. You had a bet with Virgin Atlantic boss Richard Branson on the Formula One races? Yes we have. Whoever wins the Formula One series, the loser has to be a stewardess in the other airline. So Richard Branson will dress up as a Air Asia stewardess and fly London to Kuala Lumpur. For me, he has kept London-Lagos. Right now I am winning three-one. So he sent me an email the other day and asked me to send him the measurements. So I replied that I’ll send him the (razor) blades because none of my stewardesses are allowed to have hairy legs. We are winning now but there are 14 races to go. Source: LatestNews-Home - Livemint.com | 22 May 2010 | 10:25 pm Maharashtra govt to rope in foreign investment for mill sector revivalThe government is also considering various means to modernise and re-start closed mills and those under liquidation through co-operative or private sector.Source: Daily News & Analysis: Money News | 22 May 2010 | 9:36 pm John Hyman no longer joining Nomura -spokesmanLONDON (Reuters) - Former Morgan Stanley banker John Hyman will not join Nomura to become its new co-head of global finance at its London operation as had been expected due to regulatory issues, a source said on Saturday.Source: Reuters: Money News | 22 May 2010 | 8:42 pm Dutch market supervisor to investigate euro speculationAMSTERDAM (Reuters) - The Dutch market regulator AFM will investigate speculation with the euro during the euro zone's debt crisis, the Finance Minister said on Saturday.Source: Reuters: Money News | 22 May 2010 | 8:41 pm U.S. drops criminal probe of AIG execs -lawyersNEW YORK (Reuters) - The U.S. Justice Department has dropped a probe of American International Group Inc executives involving the credit default swaps that sent the insurer to the brink of bankruptcy and forced a huge taxpayer bailout, lawyers for the executives said on Saturday.Source: Reuters: Money News | 22 May 2010 | 8:39 pm Nokia Siemens sees quarterly profitTelecom equipment venture Nokia Siemens Networks aims for an operating profit margin of up to 3% on revenue of between 3.1-3.4 billion ($3.88-$4.25 billion).Source: Daily News & Analysis: Money News | 22 May 2010 | 3:07 pm AI Express plane crashes in Mangalore, 158 deadMangalore: An Air India Express passenger plane from Dubai crashed outside an airport in Mangalore on Saturday, killing at least 158 people when it burst into flames after overshooting the runway and ploughing into a forest. There were eight survivors after the Boeing 737-800, which had come from Dubai with 166 people on board including crew, appeared to skid off the runway in rain at Mangalore airport in Karnataka state, Air India director Anup Srivastava said. Mint’s P.R. Sanjai talks about the implications of the Air India plane crash in Mangalore and speculation into its causes At least 146 bodies had been recovered, said M Nambiar, a top official in the civil aviation ministry. (Courtesy: The Hindu) “It all happened in a sudden. The pilot said we are landing and in no moment we heard a loud thud. Soon, there were flames. We jumped out from the back entrance,” Abdul Puttur, a survivour , said. Helpline numbers for information on crash: Mangalore - 0824-222-0422, 0824-222-0424 Delhi - 011-2565-6196, 011-2560-3101  Onlookers and firefighters stand at the site of the crashed Air India Express passenger plane in Mangalore on May 22. Reuters Photo “We had no hope to survive, but we survived,” Pradeep, a survivor who is an Indian technician working in Dubai, told local television. “The plane broke into two and we jumped off the plane. As soon as the plane landed, within seconds this happened.” Local television showed a fireman carrying what seemed to be the remains of a child from the smoking wreckage. Charred bodies lay in the forested terrain. All the passengers were Indian nationals, an Air India official in Dubai said. Many were likely Indian migrant workers in Dubai. The pilot was Serbian and said to be very experienced. Also Read Safe Skies First indications are that the crash was an accident, officials say. Click here to watch BBC footage of air crash site. Air India Express is the budget arm of the loss-ridden state-run carrier Air India, which has been fending off growing competition from private airlines. The flight’s black box has been recovered, the United Arab Emirates state news agency WAM said. But Air India official Nambiar said the search for the flight data recorder was still going on. The crash appeared to be an accident, Indian officials said. One TV report said the plane hit a radar pole on landing. “There was no distress indication from the pilot. That means between the pilot and the airport communication there was no indication of any problem,” V P Agarwal, director of Airports Authority of India, told local television. Indian officials said the plane crashed around 6 a.m. TV images showed it struck a forested area, and flames were blazing from the wreckage as rescue workers fought to bring the fire under control. “While landing at the airport, the plane deviated and hit something,” said Krishna, another survivor. “It caught fire and we fell out. We looked up and saw some opening and came out through that route.” Boom Industry It was India’s first major crash in a decade, which has seen a boom in private carriers amid growing demand from India’s middle class. A series of near misses at major airports, including Delhi and Mumbai, have sparked debate about how India’s creaking infrastructure was failing to keep pace with an economic boom. Union law minister Veerappa Moily told CNN-IBN TV that he had opened a new runway at Mangalore airport just 10 days ago. The ill-fated Air India airliner was two years old. Boeing said in a statement it was sending a team to provide technical assistance to the crash investigation. The last major crash in India was in July 2000 when an Alliance Air Boeing 737-200 crashed into a residential area during a second landing attempt in the eastern city of Patna, killing at least 50 people. With growing competition from private carriers, the Indian government agreed to inject $1.1 billion into Air India if the ailing state-run carrier came up with the same amount in cost cuts and extra revenue. The airline lost $875 million in the fiscal year ended March 2009. Hundreds of Air India pilots went on strike in September 2009 to protest at management plans to cut pay incentives. The strike was called off when aviation minister Praful Patel said the grievances would be dealt with. livemint.com is not responsible for the content of external websites Source: Home - Livemint.com | 22 May 2010 | 1:45 pm SBI has Rs 20,000 cr for 3G auctionState Bank of India will lend about Rs 20,000 crore for operators participating in the auction for third-generation (3G) spectrum, SBI Chairman OP Bhatt said today.Source: Business Standard | Front Page Headlines | 22 May 2010 | 1:14 pm Swap ratio should be at least 1:3, says TayalWith ICICI Bank and Bank of Rajasthan (BoR) slated to hold board meetings tomorrow to decide on the share-swap ratio for a merger of the two entities, BoR promoter P K Tayal today pitched for a better valuation than ICICI Banks present offer for his stake in BoR.Source: Business Standard | Front Page Headlines | 22 May 2010 | 1:11 pm Air India crash in Mangalore leaves 158 deadAn Air India Express aircraft from Dubai overshot the table-top runway at the Mangalore airport this morning and crashed into thick vegetation in the valley below, killing 158 persons on board. Eight passengers had a miraculous escape. This is the worst air crash of the last ten years in the country. In 1996, two aircraft had collided over Charkhi Dadri in Haryana in which 349 people had died.Source: Business Standard | Front Page Headlines | 22 May 2010 | 1:08 pm Rise of Big Pharma will make drugs dearerWith the market passing into the control of MNCs like Abbott, which has just bought over Piramal's generics business, there will be a rise in patented molecules.Source: Daily News & Analysis: Money News | 22 May 2010 | 12:42 pm Obama ramps up pressure on BP for Gulf of Mexico oil disasterUnveiling a commission to investigate the disaster, Obama said offshore oil drilling could only go forward if there were assurances that such accidents would not happen again.Source: Daily News & Analysis: Money News | 22 May 2010 | 12:41 pm We want to create a new market: Air AsiaTony Fernandes is the owner of Air Asia and one of Asias most exciting businessman. He is a Forbes billionaire who pioneered low budget flying in Asia and still runs the worlds most successful low cost airline.Source: Moneycontrol Top Headlines | 22 May 2010 | 11:55 am Google tries where others failed: shaking up TV bizGoogle TV, a service that will bring the Web to television screens, is likely to create more headaches for broadcast and cable executives already concerned with being sidelined by free online video shows on computers.Source: Moneycontrol Top Headlines | 22 May 2010 | 10:56 am Norway\'s Opera moves data processing to IcelandNorwegian browser developer Opera Software is moving its data processing capacity to a newlybuilt centre in Iceland, one of the first foreign investment deals for the crisishit island as it tries to rebuild its economy.Source: Moneycontrol Top Headlines | 22 May 2010 | 10:49 am Electronic component shortages may last through 2011A shortage of basic electronic components that has hurt AlcatelLucent and Ericsson among others could last into the second half of 2011, limiting manufacturers\' ability to respond to improving demand.Source: Moneycontrol Top Headlines | 22 May 2010 | 10:49 am Sex.com domain name heads back to auction blockThe bankrupt company that owns the Sex.com domain name and its creditors have reached an agreement to put the valuable name back up for sale.Source: Moneycontrol Top Headlines | 22 May 2010 | 10:47 am BP struggles to curb oil spill; criticism mountsEnergy giant BP Plc scrambled to contain a monthold seabed well leak billowing crude oil into the Gulf of Mexico on Saturday as anger mounted among affected residents and political leaders in Washington.Source: Moneycontrol Top Headlines | 22 May 2010 | 10:39 am British Airways, unions to meet Saturday: MediatorLeaders from British Airways and the Unite union will meet on Saturday to discuss ways to avoid the first of three fiveday cabin crew strikes due to start on Monday, industrial dispute mediator ACAS said.Source: Moneycontrol Top Headlines | 22 May 2010 | 10:39 am Turkmen leader to discuss gas pipeline in India sourceKurbanguly Berdymukhamedov, president of Turkmenistan, Central Asia\'s top gas exporter, will discuss a gas pipeline to India with the Indian government next week, a Turkmen government source told Reuters on Saturday.Source: Moneycontrol Top Headlines | 22 May 2010 | 10:39 am SBI to finance Telecom cos opting for 3G spectrumPublic sector lender State Bank of India (SBI) said it has set aside Rs 20,000 crore for financing some of the Telecom companies that have recently won the bids for 3G spectrum.Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 10:08 am Pru investors stay wary after lastditch AIA pitchPrudential boss Tidjane Thiam is struggling to make headway with sceptical investors who question the value of his USD 35.5 billion acquisition of AIA.Source: Moneycontrol Top Headlines | 22 May 2010 | 9:40 am Anniversary Spl: Forbes India unveils collectors issueForbes India celebrates its first anniversary today. To commemorate the occasion, it has unveiled a SPECIAL 1st ANNIVERSARY COLLECTORS ISSUE, consisting of an unprecedented feature where 25 of the worlds finest minds have exclusively written on the theme of the issue \"What is the one idea that could change the world?\"Source: Moneycontrol Top Headlines | 22 May 2010 | 9:22 am NMDC Q4 net profit up 4.34 pc to Rs 1,065 crIron ore producer NMDC today posted a growth of 4.34 per cent in its net profit at Rs 1,065.59 crore in the fourth quarter ended March 2010, compared to the same period last fiscal.Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 9:08 am Praful orders probe into crash; PM announces compensationNew Delhi: Civil aviation minister Praful Patel on Saturday ordered a detailed investigation by the Directorate General of Civil Aviation (DGCA) into the Mangalore air crash. The minister also announced financial assistance to the families of those killed in the air crash. He added that the families of those who had died would be paid up to $160,000 as India is a signatory to the Montreal Convention 1999. Air India’s Anup Srivastava on the doomed plane, the passengers and pilots In Mangalore, addressing a press conference, he said: “India has had a long unblemished record for several years. Unfortunately, this incident has saddened all of us and we are deeply shocked and pained.” “Out of the 166 passengers and crew, four of the survivors have miraculously escaped with minor injuries, three with major injuries and one escaped unhurt. The entire wreckage of the aircraft has been found and rescue efforts are underway since early morning.” Air India Express was operating flight IX-812 from Dubai to Mangalore. The state-of-the-art Boeing 737-800 was inducted on 15 January 2008. Prime Minister Manmohan Singh has also announced a compensation package of Rs2 lakh each for the families of those killed in the crash, according to TV reports. Patel will be meeting Singh in New Delhi later this evening to brief him on what has been termed India’s worst air crash in a decade. Civil aviation secretary Madhavan Nambiar said around 146 bodies including the body of the commander Zlatko Glusica, who piloted the ill-fated Air India’s Express IX-812 flight, and two female crew members had been found by 5 p.m. Serbian expatriate Capt Zlatko Glusica had 10,200 hours of experience with 19 landings at Mangalore airport alone. Blackbox and cockpit voice recorded are yet to be found, he said, adding the ministry may issue a court of inquiry order soon. Patel said there was no real distress call from the pilot during landing. There were calm winds, no rain, Instrument Landing System approach and 6km visibility, besides friction quotient appeared to be normal. The runway was made operational in 2006 while the new terminal building has just been opened by Airport Authority of India. “There have been 32,000 landings at Mangalore airport since 2006,” the secretary said. Most of the passengers were from Mangalore. Air India’s Anup Srivastava said assistance team has been setup at Mangalore airport for relatives of the passengers. Nearly 60% of the passengers’ relatives have been reached out to and Air India was running a special flight to bring relatives from Dubai. A huge expatriate population from India’s southern states like Karnataka and Kerala works in West Asia. Former minister of state and Congress party’s Thiruvananthapuram MP Shashi Tharoor sought a probe into the overall safety standards of air passengers. “Horrifying news of AirIndia Express crash w tragic loss of life ... urgent enquiry needed not only into accident but overall safety standards .... a lot of unwarranted cynicism abt inquiries into air disasters ... how else can u understand the reasons for the crash & take remedial measures? ... India gained from these blue-collar workers whose remittances helped keep our economy buoyant ... what can we do for their bereaved ones now?” he tweeted. Source: Home - Livemint.com | 22 May 2010 | 9:07 am No narco analysis without consent, rules Supreme CourtNew Delhi: The Supreme Court said on Wednesday that so-called narco analysis, brain mapping and polygraph tests cannot be conducted on any person without their consent. Such procedures “are illegal and a violation of personal liberty”, ruled a three-judge bench headed by Chief Justice K.G. Balakrishnan. The order came in response to petitions questioning the validity of such tests that were filed by persons accused in various criminal cases. Also See Facing the Test (Graphic) Prosecuting agencies and the police have been using such tests and various courts in the country have been giving conflicting judgements on their validity. If a person consents to take a polygraph test to establish one’s innocence, the National Human Rights Commission guidelines pertaining to this would have to be observed, the court said. Similar guidelines need to be adopted for narco analysis and brain mapping, the court said. Further, any confession of guilt during the course of the tests can’t be treated as evidence in court. The apex court had reserved its judgement on 25 January 2008 after hearing the petitions. The Central Bureau of Investigation has been seeking the permission of courts and the consent of subjects before conducting “narco tests”, its spokesperson Harsh Bhal told Mint. “We have yet to receive the copy of the judgement,” he said. “Only after receipt of the judgement, we may react.” Those who moved the apex court included Santokben Sharmanbhai Jadeja, accused of being a leader of organized crime in Gujarat, film producer K. Venkateswara Rao, fake stamp paper scam accused Dilip Kamath. The petitions opposed the tests on the grounds that they violate Article 20(3), of the Constitution, which states that “no person accused of any offence shall be compelled to be a witness against himself”. The Centre, through G.E. Vahanvati, then solicitor general and now attorney general, had supported the tests and told the apex court that investigative agencies had legal mandate to conduct them. The results provided clues and did not have any evidentiary value, Vahanvati had said. Lawyer Rebecca M. John, counsel for accused Maoist leader Kobad Ghandy, who had successfully opposed the tests in the Delhi high court, said she felt vindicated. While there is no scientific literature to prove truth serum works, human rights groups have held the tests to be mental torture, she said. Dushyant Dave, amicus curiae (friend of the court) in the case, said: “It is a historic judgement and the first instance anywhere in the world where the Supreme Court of the country has held these tests to be impermissible. The judgement is especially important because the police and prosecuting agency, on the pretext of fighting terrorism, are hellbent on curbing the ambit of constitutional rights.” Human rights lawyers and activists welcomed the ruling. “It’s a landmark judgement as these tests were a travesty of justice. The police, instead of collecting real evidence, relied on these tests to spread rumours about the suspect,” said Colin Gonsalves, Supreme Court advocate and director of Human Rights Law Network. “Selective leaks were made to the media that a particular suspect has made confession during the tests.” Graphic by Ahmed Raza Khan/Mint manish.r@livemint.com Source: LatestNews-Home - Livemint.com | 22 May 2010 | 9:03 am Tayals ask ICICI Bank to raise BoR's valuationUnsatisfied with the internal valuation arrived at by ICICI Bank, Bank of Rajasthan's promoter Tayals have asked their suitor to sweeten the deal to a level that would value the Udaipur-based bank at Rs 4,500 crore. Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 8:01 am Bharat Forge reports flat profit in Q4The Kalyani Group flagship company Bharat Forge on Saturday reported a flat growth in net profit at Rs 61.26 crore for the fourth quarter ended March. Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 7:57 am SBI rules out interest rate hike in short termThe bank is expecting to clock 20 per cent loan growth in the current fiscal, the bank, however, may not recruit many people this fiscal. Last year, the bank which recruited about 25,000 people including 20,000 clerks across the country. Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 7:52 am 'European debt crisis won't hamper Indian IT business'The European debt crisis would not hamper the Indian Information Technology business and the current (IT) environment is expected to be much stronger than in 2009, a top official of US based Nasdaq listed IT firm Syntel International said today.Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 7:05 am Wall Street braces for sweeping reformsWall Street's largest banks are readying themselves for vast changes in how they do business after a Senate vote this week moved sweeping reforms one step closer.Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 6:38 am Masala BhangraIn her high-energy exercise class in New York City called the Masala Bhangra Workout, fitness instructor Sarina Jain makes her participants exercise to bollywood style Bhangra music. This isn’t something she does as a hobby, Sarina has made a career out of the Masala Bhangra Workout. Her father’s death from a cardiac arrest inspired her first workout video 10 years ago and today she has 7 of them. Her mother, although supportive of the idea, wasn’t thrilled with her choice of career at first. Sarina, who’s now in her 30’s and is single, left her corporate job as a publicist with a PR firm eleven years ago to work on her fitness career full time. In this video, Sarina tells us more about her ten-year journey as an entrepreneur Source: LatestNews-Home - Livemint.com | 22 May 2010 | 5:57 am SBI not to hike interest rates: OP BhattState Bank of Indore would soon merge with the State Bank of India while a decision of five other affiliates would take some time, SBI group chairman, OP Bhatt, said.Source: Daily News & Analysis: Money News | 22 May 2010 | 4:56 am Turkmen leader to discuss gas pipeline in India - sourceASHGABAT (Reuters) - Kurbanguly Berdymukhamedov, president of Turkmenistan, Central Asia's top gas exporter, will discuss a gas pipeline to India with the Indian government next week, a Turkmen government source told Reuters on Saturday.Source: Reuters: Money News | 22 May 2010 | 4:55 am 116 charred bodies recovered from crash siteMangalore: Of the 166 people on board the ill-fated Air India Express aircraft that crashed on Saturday, the rescue operation team has found 116 charred bodies at the crash site here. “It is difficult to ascertain the origin of passsengers but people were mostly from Mangalore,” said Air India board member Anup Srivastava in Mumbai, adding relatives have been informed and “transportation being arranged for them.” “Passengers were all Indians,” he added including 105 male, 32 female 19 children and 4 infants besides two pilots and four cabin crew members. ************ Seven survivors of AI crash The survivors have been identified as Putturismail Abdulla, Joel Pratap D’Souza, G K Pradeep, Krishnan Koolikkunnu, Mayankutty K P, Ummer Farook Mohammed and Sabrina Nasrinhuq. *************** Air India Express was operating flight IX-812 from Dubai to Mangalore. Air India is currently confirming the identities of the casualties (Air India Express Dubai Airport Tel. Nos. 00971-4-2165828/29.) There are only 7 survivors, at least one other succumbed to injuries at the hospital, NDTV reported. A DGCA team led by director general Nasim Zaidi and A K Chopra has left for Mangalore to investigate the site, an official said. In New Delhi, Airports Authority of India chairman V P Agarwal said, “there was no distress indication from the pilot of the ill-fated plane. The visibility was 6 kms, which is “more than that required”, when the plane landed in Mangalore, he said. Source: Home - Livemint.com | 22 May 2010 | 3:43 am Miraculous escape for 7 as AI aircraft goes up in flamesMangalore: Charred bodies, strewn luggage and mangled remains of the Air India aircraft, which overshot the runway at the airport here and caught fire, bore a grim testimony to the tragedy which unfolded early on Saturday. Thick smoke billowed from the Boeing 737-800 aircraft flying from Dubai to Mangalore carrying on board 160 passengers including four infants and six crew members as it hit the fence and went beyond the boundary wall of the airport near Kenjar village. “The plane shook with vibrations before it split into two. As soon as it hit the ground, I managed to get out and jump into a pit. There was smoke all over as the plane caught fire. After ten minutes, there was an explosion,” said Pradeep, one of the seven survivors. “I can’t believe I survived the crash,” he said reliving the moments minutes before the aircraft went up in flames. Pradeep and six others managed to jump from the aircraft which broke into two pieces in the hilly area with thick grass and trees. He said the plane’s initial touchdown appeared smooth at first but trouble started within 15-20 seconds. “First there was a small fire but it spread quickly,” he said. Abdul Puthur, another survivor, said he along with two others, managed to get out of the mangled remains of the aircraft from an opening on the left side. With his head wrapped in bandages, another passenger Umar Farooq, who also suffered burn injuries on his hands and legs said, “The plane overshot the runway only to stop inside a forest area and then it burst into flames.” About 150 CISF personnel, airport officials and fire service personnel along with civilians and local police were quickly pressed into service to pull out any survivors out of the burning plane. But they faced difficulty reaching the spot because of the narrow roads, hilly train and rain. The entire area around Kenjar village near the crash site and the airport has been cordoned off. The bodies of passengers were strewn near Kenjar Gudda, a hillock. “There were rains in the morning in this forest area and it affected the rescue operations,” Sumit Ameen, an eyewitness said. Chandrasekar, another local, said they could not rescue many passengers as by the time they reached the spot, many were dead. Puthur, a shop manager in Dubai who was returning home after a gap of five months said, “One of my co-passenger fell into the fire while one escaped with me through the opening that was made after the plane broke into two. I found another person. Together we walked for about 20 minutes through the jungle before locals came and helped us.” For 24-year-old Saudi-based businessman Sameer A Shaikh going to attend the last rites of his grandmother, the plane crash was a double blow as he lost 16 relatives in it. Many of the dead were still strapped into their seats, their bodies charred beyond recognition, rescue workers said. Two rescuers who struggled through the slushy steep slopes to reach the aircraft were seen carrying a seven-year-old girl with burn injuries to a waiting ambulance. She is being treated at the Mangalore hospital. Relatives of the victims who were at the airport to receive them wept inconsolably near the wreckage. The fire fighters used had used DCP (Dicalcium Phosphate Powder) and foam to douse the flames. The airport at Bajpe, around 20 km north-east of the city centre has several daily flights connecting Mangalore with most major cities in southern and western India as well as many major cities in west Asia. Source: LatestNews-Home - Livemint.com | 22 May 2010 | 2:41 am Mangalore crash, focus back on expat pilotsMangalore: The crash of the Air India Express plane piloted by a Serbian national today has put the focus back on whether foreign pilots with various Indian air carriers are able to operate in a country with a diverse topography. There are around 560 expat pilots currently employed with various airlines in India and they account for 10% of the total strength of 5,500 civilian pilots. Air India Express, the low-cost arm of the national carrier, has 125 expat pilots and they reportedly face a number of problems while operating a flight in the country when they are in the cockpit. In all, Air India has 250 expat pilots. “Expat pilots should be removed because they are not familiar with the diverse topography in India,” a retired Indian Airlines pilot, who did not wish to be identified, said. The common problems that expat pilots face are related to communication and lack of knowledge of topography of Indian terrain, a senior pilot association official said. According to ATC sources, air traffic controllers find it hard to communicate with expat pilots. “Many a times, foreign pilots are unable to follow the instructions because of the difference in our accent. Also we find it hard to understand what an expat pilot is saying in his hard accent,” an ATC source said. The Indian Commercial Pilots Association of erstwhile Indian Airlines has been often demanding that expat pilots must be asked to go home as there is no shortage of pilots in the country. “We have been asking the DGCA for their removal and induction of Indian pilots. But every time, the deadline for their removal is extended due to some pressure of the airline companies,” an ICA official said. The government recently extended the time-frame for phasing out foreign pilots employed by Indian carriers by one year up to 31 July 2011. The move came in the wake of demands by Air India and other airlines that the time be extended beyond 31 July 2010. The existing policy for validation of foreign (pilots) licences is valid up to 31 July 2010. Directorate General of Civil Aviation (DGCA) had requested airline operators to submit their plan for phasing out expatriate pilots along with net requirement of these pilots beyond that date, according to civil aviation minister Praful Patel. Patel said that since 2008, the number of foreign pilots has come down considerably and gradually Indian pilots, who have mostly been co-pilots, would soon be elevated to the status of commanding pilots. Overseas pilots were allowed to fly Indian aircraft initially as during 2004-05, there was stagnation in the aviation sector. However, after the sector started looking up, in order to maintain the momentum, foreign pilots continued to be inducted. The DGCA has started a programme for phased reduction of the expat pilots. According to Patel, Indian pilots are capable of flying under any condition and their training and qualification can be compared to the best in the world. Source: LatestNews-Home - Livemint.com | 22 May 2010 | 2:37 am India pavilion at Shanghai expo gets huge footfallThe India pavilion has become one of the hottest spots at the Shanghai World Expo with average 25,000 visitors every day thronging the stalls of Indian handicrafts and cuisine and jiving on Bollywood songs and dance.Source: HindustanTimes.com - Top Business News Headlines | 22 May 2010 | 2:21 am
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