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Malaysia\'s Khazanah offers to buy stake in Parkway HoldingsAn investment arm of the Malaysian government, Khazanah has made an offer to raise its stake in Singapore healthcare firm Parkway Holdings to 51% in a Singapore USD 1.18 billion (USD 835 million) deal.Source: Moneycontrol Top Headlines | 27 May 2010 | 4:21 am Ambanis to reach gas deal in 2 weeksEnergy major Reliance Industries and Reliance Natural Resources Ltd will reach a gas supply agreement in the next two weeksSource: Moneycontrol Top Headlines | 27 May 2010 | 4:11 am Mphasis' Q2 net grows 19 pct - Expressindia.com
Source: Business - Google News | 27 May 2010 | 3:57 am Will get out of the loss cycle in Q2 FY11: Tips Ind - Moneycontrol.com
Source: Business - Google News | 27 May 2010 | 3:55 am General Motors India ends partnership with RevaThe announcement follows utility vehicles manufacturer Mahindra & Mahindra's deal on Wednesday to acquire a 55% stake in Reva.Source: Daily News & Analysis: Money News | 27 May 2010 | 3:52 am Microsoft to focus on products, profitsNEW DELHI (Reuters) - Microsoft Chief Executive Steve Ballmer was unperturbed a day after rival Apple Inc shot past his firm as the world's biggest tech company by market value and said his aim was on developing a good product line and making more products.Source: Reuters: Money News | 27 May 2010 | 3:39 am BP monitors 'top kill' attempt to plug spewing oilVENICE, La. (Reuters) - BP Plc faces a defining day in its five-week Gulf of Mexico oil spill disaster on Thursday when its latest attempt to seal a gushing well deep underwater will be deemed either a success or a failure.Source: Reuters: Money News | 27 May 2010 | 3:36 am Sensex up nearly 150 pts; Areva, REI Agro post strong gains - Sify
Source: Business - Google News | 27 May 2010 | 3:35 am GM to develop electric car in U.S.; ends Reva tie-upMUMBAI (Reuters) - General Motors has ended a partnership with Indian firm Reva to produce electric cars and will now develop the vehicle in its home town of Detroit, the head of its Indian operations said on Thursday.Source: Reuters: Money News | 27 May 2010 | 3:34 am Air India to sack 58; unions still defiant - NDTV.com
Source: Business - Google News | 27 May 2010 | 3:34 am Nagarjuna Fertilisers Q4 net up 83% at Rs 23cr - Business Standard
Source: Business - Google News | 27 May 2010 | 3:30 am Enough market liquidity despite 3G spectrum payments: SBI chief - Economic Times
Source: Business - Google News | 27 May 2010 | 3:25 am Microsoft to focus on products, profitsNew Delhi: Microsoft chief executive Steve Ballmer was unperturbed a day after rival Apple Inc shot past his firm as the world’s biggest tech company by market value and said his aim was on developing a good product line and making more products. “My focus is on everyday ... what we should be doing to our product line, where do we go, how do we make products more innovative,” Ballmer, who is on an Asian visit, told reporters here on Thursday. “I will make more profits and certainly there is no technology company in the planet which is as profitable as we are.” Shares in Cupertino, California-based Apple had risen as much 2.8% on Nasdaq on Wednesday, as Microsoft shares floundered, briefly pushing Apple’s market value above $229 billion, ahead of its longtime rival. Microsoft, whose operating system runs on more than 90% of the world’s personal computers, has not been able to match growth rates from its heyday 1990s. Its stock is down 20% from 10 years ago. Apple, which struggled for many years to get its products into the mainstream, resorted to a $150 million investment from the much larger Microsoft in 1997 in order to keep it afloat. At that time, Microsoft’s market value was more than five times that of Apple. “It’s a long game, we have good competitors ... we too are a very good competitor,” Ballmer said. “We are executing very well and that is going to lead to great products and great success.” He said Microsoft would have to accelerate plans for the entertainment and devices businesses. The world’s largest software maker has been brushed aside by Apple’s iPhone and Google Inc’s Android operating system in the fast-growing smartphone market. Worldwide, Google’s Android passed Microsoft’s Windows as the fourth most popular smartphone operating system in the first quarter, according to research firm Gartner, behind Apple, RIM and Nokia’s Symbian system. Source: Home - Livemint.com | 27 May 2010 | 3:20 am Zain to pay out big part of sale proceedsKUWAIT (Reuters) - Kuwaiti mobile operator Zain will distribute a large part of its returns from a $9 billion sale of assets to India's Bharti Airtel to its shareholders, Zain Chairman Assad al-Banwan said on Thursday.Source: Reuters: Money News | 27 May 2010 | 3:19 am Microsoft to speed up entertainment, devices plansMicrosoft Corp will have to accelerate plans for the entertainment and devices businesses, chief executive Steve Ballmer said.Source: Daily News & Analysis: Money News | 27 May 2010 | 3:07 am Sony aims to launch Japan e-book content serviceSony Corp will set up a planning company on July 1 for the service and will hold 25% of the firm.Source: Daily News & Analysis: Money News | 27 May 2010 | 3:05 am No plans to list any further cos in near future: Godrej - Moneycontrol.com
Source: Business - Google News | 27 May 2010 | 3:05 am Sensex extends gains on positive Asian cues - Times of India
Source: Business - Google News | 27 May 2010 | 3:04 am Monsoon makes no headway in 6 days - govtNEW DELHI (Reuters) - Monsoon, which is vital for farm and economic growth, has not advanced for the past six days after bringing rains to a far-flung island three days ahead of normal, weather officials said on Thursday.Source: Reuters: Money News | 27 May 2010 | 2:50 am Oil tops $72 on equity rebound, US demandLondon: Crude oil prices rose above $72 on Thursday, supported by gains in Asian and European equity markets and after the previous day’s US official oil data showed some increase in fuel demand. Market focus will shift later on Thursday to preliminary first-quarter Gross Domestic Product figures from the United States, the world’s largest economy and top energy consume, for for continued evidence of recovery. By 1:30pm, US crude futures for July rose $1.12 to $72.63 a barrel. ICE Brent crude futures gained 73 cents to $72.47. On Wednesday US crude jumped 4%, its biggest one day percentage gain in over three months after data from the Energy Information Administration showed an increases in US demand for refined oil products such as gasoline and diesel. “Today, US demand does still play a part,” Christopher Bellew with Bache Commodities said. “Macro economic data is absolutely the most important, also confidence in the recovery is reflected in prices for equities,” he added. US crude rose to a premium to ICE Brent crude for the first time since mid-April. It fell to a discount as deep as $6.57 in mid-May due to a build-up in inventories at storage in Cushing, Oklahoma. But crude was helped higher after Wednesday’s data showed inventories at Cushing, the physical delivery point of US crude, fell from record high levels. Barclays Capital analyst Paul Horsnell noted the rise in US diesel demand in the weekly report. As diesel is used for large trucks, its demand is often used as a gauge of the health of economic activity. US GDP data for the first quarter will be released at 6:00pm. Analysts in a Reuters poll forecast 3.4% growth. Asian and European shares rose on Thursday mainly because China denied a report it was reviewing its investments in euro zone debt. Source: Home - Livemint.com | 27 May 2010 | 2:49 am GLOBAL MARKETS - Euro up, stocks gain on China FX commentsLONDON (Reuters) - The euro rebounded from near four-year lows against the dollar and European shares rose on Thursday after China denied a report it was reviewing its investments in euro zone debt.Source: Reuters: Money News | 27 May 2010 | 2:46 am Sony to launch e-reader in Japan, take on AppleTokyo: Sony Corp said on Thursday it would launch an e-reader in Japan by year-end, taking on rival Apple Inc just a day before its iPad hits shelves in the country. Sony said it also plans to launch an e-book content distribution service in Japan by year-end as it aims at a chunk of the promising electronic book market. The debut of the iPad, a portable computing and entertainment system that also functions as an e-reader, is expected to boost Japan’s still-small e-book market. Research firm Fuji Chimera Research Institute estimates the content market will double to ¥87 billion ($967 million) in four years. Sony said it will set up a planning company on 1 July for the content distribution service and will hold 25% of the firm. KDDI Corp, Toppan Printing Co, and the Asahi Shimbun newspaper will also hold 25% each. The new service will offer comics, magazines, newspapers, as well as books online, Sony said. Sony sells its e-reader Reader in the United States to vie with Amazon.com’s Kindle, Barnes & Noble’s Nook, and Apple’s iPad, but it does not currently sell the device at home. Sony attempted to create an e-reader market in the past when it launched reading devices only to pull them from shelves after a few lacklustre years due to a lack of content. Before the announcement, Sony shares ended up 2.1% at ¥2,788, outperforming a 1.2% rise in the benchmark Nikkei average. Source: Tech News - Livemint.com | 27 May 2010 | 2:27 am Oil India declares 340 percent dividend - Economic Times
Source: Business - Google News | 27 May 2010 | 2:23 am Sensex extends gains on positive Asian cuesA benchmark index for Indian equities extended its gains Thursday on positive cues from other major Asian bourses.Source: India Business News | Business News - Times of India | 27 May 2010 | 2:19 am U.S. lawmakers want more Google Street View infoWASHINGTON (Reuters) - Three U.S. lawmakers, concerned that Google Inc may have violated U.S. privacy laws, want to know how much personal data the company has gathered through its project to photograph streets across the country and how it plans to use that information.Source: Reuters: Money News | 27 May 2010 | 2:18 am Khazanah's $835 mln Parkway bid challenges Fortis moveSINGAPORE/KUALA LUMPUR (Reuters) - Malaysian sovereign wealth fund Khazanah launched an $835 million bid for control of Parkway Holdings, potentially pitting it against Fortis Healthcare in a battle for Singapore's largest private healthcare provider.Source: Reuters: Money News | 27 May 2010 | 2:07 am No liquidity concerns in the short term: CEO, Motilal Oswal - Economic Times
Source: Business - Google News | 27 May 2010 | 2:04 am Oil hovers near $72 as traders mull Europe impactBenchmark crude for July delivery was up 38 cents to $71.89 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.Source: Daily News & Analysis: Money News | 27 May 2010 | 1:51 am BP says 24 hours will tell if oil leak plug worksBP Plc\'s chief executive said a difficult deepsea operation to plug a gushing oil well was proceeding as planned on Wednesday and the next 24 hours will determine the energy giant\'s success in stanching the leak deep on the Gulf of Mexico floor.Source: Moneycontrol Top Headlines | 27 May 2010 | 1:50 am Yahoo will modernise its sites until mid2011: CEOYahoo Inc Chief Executive Carol Bartz said the company would keep modernising its online properties through the summer of 2011Source: Moneycontrol Top Headlines | 27 May 2010 | 1:49 am Yahoo forecasts revenue growth up to 10%Yahoo Inc said it could return to doubledigit revenue growth in the next few years, as the Internet pioneer revamps its network of websites to attract users and advertisers in a shifting Internet industrySource: Moneycontrol Top Headlines | 27 May 2010 | 1:49 am Slim to merge Brazil fixed, mobile businessMexican billionaire Carlos Slim, the world\'s richest man, plans to merge his mobile and fixedline businesses in Brazil in a bid to slash costsSource: Moneycontrol Top Headlines | 27 May 2010 | 1:49 am Obama to keep deep water drilling permit banUS President Barack Obama is expected to announce on Thursday that he will continue to hold off issuing deep water drilling permits off the Gulf of Mexico, but allow permits to be issued for shallow water drilling, a government source told Reuters.Source: Moneycontrol Top Headlines | 27 May 2010 | 1:49 am Major Gulf producers\' 2010 drilling plansFACTBOX Major Gulf producers` 2010 drilling plansSource: Moneycontrol Top Headlines | 27 May 2010 | 1:49 am BP says tricky deepsea oil plug plan on trackBP Plc said an ambitious deepsea operation to choke off a gushing oil leak in the Gulf of Mexico was proceeding as planned on WednesdaySource: Moneycontrol Top Headlines | 27 May 2010 | 1:49 am US home sales at 2yr high, durable goods orders upSales of new US homes scaled their highest level in nearly two years in April, while orders for longlasting manufactured goods surgedSource: Moneycontrol Top Headlines | 27 May 2010 | 1:49 am Oil hovers near USD 72 as traders mull Europe impactOil prices rose to near USD 72 a barrel today in Asia as investors mulled the impact that slower European economic growth could have on global crude demand. Benchmark crude for July delivery was up 38 cents to USD 71.89 a barrel at midday Singapore time. Source: HindustanTimes.com - Top Business News Headlines | 27 May 2010 | 1:48 am Richemont says profits slump, sees pickupGeneva: Richemont, a world leader in luxury goods, said on 27 May its annual net profit slumped almost a fifth, worse than expected by analysts, but that current trading was doing well, with a pickup seen. The company said its year to March 2010 net profit fell 18% to 603 million euros ($742 million) as sales slipped 4% to 5.2 billion euros. Analysts polled by economics newswire AWP had expected a net profit of around 705 million euros. The group, which owns brands such as Cartier, Montblanc and Jaeger-LeCoultre said that its wholesale business in the Americas and Europe “contracted substantially” during the year as watch retailers destocked. “We have seen a recovery in demand in the second half of the year, albeit measured against easier comparative figures,” the group said. “Richemont held up well against the global economic crisis and benefits from a very solid financial position,” chief executive Johann Rupert said. “Faced with a slowdown in demand, we immediately took effective measures and gained some market share,” Rupert said. These measures included closing some boutiques, particularly in the United States, while also buying online fashion retailer Net-a-Porter for 350 million pounds ($525 million, 390 million euros). The group said sales in the first quarter this year were in line with levels in the pre-Christmas period and that in April, they jumped 24% compared with a year earlier. Source: LatestNews-Home - Livemint.com | 27 May 2010 | 1:44 am Richemont says profits slump, sees pickupGeneva: Richemont, a world leader in luxury goods, said on 27 May its annual net profit slumped almost a fifth, worse than expected by analysts, but that current trading was doing well, with a pickup seen. The company said its year to March 2010 net profit fell 18% to 603 million euros ($742 million) as sales slipped 4% to 5.2 billion euros. Analysts polled by economics newswire AWP had expected a net profit of around 705 million euros. The group, which owns brands such as Cartier, Montblanc and Jaeger-LeCoultre said that its wholesale business in the Americas and Europe “contracted substantially” during the year as watch retailers destocked. “We have seen a recovery in demand in the second half of the year, albeit measured against easier comparative figures,” the group said. “Richemont held up well against the global economic crisis and benefits from a very solid financial position,” chief executive Johann Rupert said. “Faced with a slowdown in demand, we immediately took effective measures and gained some market share,” Rupert said. These measures included closing some boutiques, particularly in the United States, while also buying online fashion retailer Net-a-Porter for 350 million pounds ($525 million, 390 million euros). The group said sales in the first quarter this year were in line with levels in the pre-Christmas period and that in April, they jumped 24% compared with a year earlier. Source: Home - Livemint.com | 27 May 2010 | 1:44 am Volcanic ash cloud hurts airline recovery: IATAInternational passenger traffic slumped 2.4 per cent in April as flight cancellations due to a volcanic ash cloud from Iceland slammed the brakes on recovery, airline association IATA today.Source: HindustanTimes.com - Top Business News Headlines | 27 May 2010 | 1:39 am Indian suitors won’t bid for Gulfsands PetroleumLondon: State-run Oil India and refiner Indian Oil Corp on Thursday denied reports that they were still considering an offer for Syrian-focussed oil explorer Gulfsands Petroleum. Reuters and other news organisations including Dow Jones and Bloomberg on Wednesday reported comments from Oil India’s chairman N M Borah saying the companies’ were still interested in Gulfsands. “It is not a closed chapter. A number of possibilities can come up ... Gulfsands is very much on our radar,” Borah told reporters at a press conference on Wednesday. Oil India and Indian Oil Corp withdrew a 315 pence per share approach, which had valued Gulfsands at £381 million ($548 million), in May after their request to conduct due diligence was turned down by Gulfsands which dismissed the offer as “wholly inadequate”. The companies had been asked by Britain’s takeover watchdog to submit a bid by 11 May or walk away for a minimum of six months. However, they agreed they can return with an offer within the six month period if a rival bid materialises. Shares in Gulfsands were down 0.4% to 256 pence at 0722 GMT, valuing the business at £295 million. Source: Home - Livemint.com | 27 May 2010 | 1:36 am Indian suitors won’t bid for Gulfsands PetroleumLondon: State-run Oil India and refiner Indian Oil Corp on Thursday denied reports that they were still considering an offer for Syrian-focussed oil explorer Gulfsands Petroleum. Reuters and other news organisations including Dow Jones and Bloomberg on Wednesday reported comments from Oil India’s chairman N M Borah saying the companies’ were still interested in Gulfsands. “It is not a closed chapter. A number of possibilities can come up ... Gulfsands is very much on our radar,” Borah told reporters at a press conference on Wednesday. Oil India and Indian Oil Corp withdrew a 315 pence per share approach, which had valued Gulfsands at £381 million ($548 million), in May after their request to conduct due diligence was turned down by Gulfsands which dismissed the offer as “wholly inadequate”. The companies had been asked by Britain’s takeover watchdog to submit a bid by 11 May or walk away for a minimum of six months. However, they agreed they can return with an offer within the six month period if a rival bid materialises. Shares in Gulfsands were down 0.4% to 256 pence at 0722 GMT, valuing the business at £295 million. Source: LatestNews-Home - Livemint.com | 27 May 2010 | 1:36 am Oil India, IOC won't bid for Gulfsands PetroleumLONDON (Reuters) - State-run Oil India and refiner Indian Oil Corp on Thursday denied reports that they were still considering an offer for Syrian-focussed oil explorer Gulfsands Petroleum.Source: Reuters: Money News | 27 May 2010 | 1:33 am Volcanic ash cloud hurts air traffic demand recovery: IataGeneva: Airlines association Iata said on 27 May that international passenger traffic slumped 2.4% in April, as flight cancellations due to the volcanic ash cloud from Iceland slammed the brakes on recovery. “The ash crisis knocked back the global recovery -- impacting carriers in all regions,” said Giovanni Bisignani, director general of the International Air Transport Association. “Last month, we were within 1% of pre-crisis traffic levels in 2008. In April, that was pushed back to 7%,” he added. European carriers bore the brunt of the disruptions arising from the volcanic ash cloud, with traffic posted by the airlines dropping 11.7% in April. Bisignani said this “could not have come at a worse time” for the region. “Europe’s slow recovery from the global financial crisis and its currency crisis are already a huge burden on the profitability of its airlines,” he noted. “The uncoordinated and excessive cancellations and unfairly onerous passenger care requirements rubbed salt into the European industry’s wounds,” added Bisignani, reiterating his criticism of the way European governments had handled the volcanic eruption crisis. The impact of the ash cloud was felt beyond Europe, with North American carriers reporting a 1.9% decline in April demand as north Atlantic routes were also hit. This marked a sharp drop from the 7.8% growth posted for March. Asia-Pacific airlines also saw their growth slow to 3.5% from 12.9% recorded in March. Middle Eastern carriers reported growth of 13%, African carriers’ traffic was up 8.6% while Latin American airlines recorded an increase of 1.2% in traffic. But all were posting significantly slower growth than in March. Cargo traffic was meanwhile less hit by the cancellations in April, although traffic also slowed to 25.2% from 28.1% in March. “The ash crisis was a shock. While there is always a danger of the consequences of renewed volcanic eruptions, the impact on passenger confidence should be limited,” said Bisignani. “Unfortunately, we are trading ash for two additional uncertainties -- strikes and a growing currency crisis -- both of which are also focused on Europe,” he added. He stressed that it was the wrong time for employees to ask for pay hikes or improved conditions, describing such demands as a “mentality divorced from reality.” Source: LatestNews-Home - Livemint.com | 27 May 2010 | 1:19 am Now play FarmVille on Yahoo!In wake of a fresh deal that will allow users access to FarmVille, Mafia Wars and other popular Zynga titles on Facebook for at least the next five years, the social networking site has joined hands with Yahoo! to give access to its games.Source: HindustanTimes.com - Top Business News Headlines | 27 May 2010 | 1:17 am Cyber threat is a global issue: DoT officialHyderabad: Cyber threats cannot be localised and keeping this aspect in mind, the International Telecommunications Union (ITU) -- an arm of the UN -- is trying to formulate a legal framework to deal with the issue, a senior government official has said. “Cyber security is of global nature and the ITU is serious about dealing with cyber threats,” deputy director (International Relations), Department of Telecommunications, R N Jha said. About hacking of sensitive information by some countries, he said the union, of which India is a prominent member, is looking at setting up a legal mechanism to deal with such matters. However, cyber warfare is a far more serious issue as it can be launched from any part of the world, and hence, it can’t be tackled by nations at the individual level, Jha said. For this, ITU had formulated a cyber security agenda in 2008 and identified some important pillars like harmonised legal framework, mutual cooperation and identification of culprits for extradition to the affected country, Jha said. While individual-level security is important, global synergy was needed to deal with cases of cyber war, he said. As a dominant power in the global IT space, India is helping SAARC countries, Asean members and African nations in areas like telemedicine and education, the DoT official said. Source: LatestNews-Home - Livemint.com | 27 May 2010 | 1:10 am India-US commercial ties at their peak: USIBCAs India and the US head towards their first-ever Strategic Dialogue, US-India Business Council president Ron Somers has said the commercial relationship between the two countries has never been better.Source: India Business News | Business News - Times of India | 27 May 2010 | 12:54 am 'No progress in monsoon in past 6 days'The monsoon has not advanced for the past six days after bringing rains to a far-flung island three days ahead of normal, officials in the weather office said today.Source: HindustanTimes.com - Top Business News Headlines | 27 May 2010 | 12:21 am IPhone maker Foxconn hit by 10th jumping deathHong Kong/Taipei: An employee of iPhone-maker Foxconn jumped to his death late on Wednesday, Chinese state media reported, the tenth suspected suicide this year at the high-tech company’s huge production base in southern China. Separately, three Taiwan TV stations reported that another person, a young woman, had also jumped late on Wednesday but had survived with serious injuries. If the report is confirmed that would bring to total number of falls to 13, with three survivors. The spate of apparent suicides have thrown a spotlight on the labour practices of Foxconn, a unit of Taiwan’s Hon Hai Precision Industry, whose clients include Apple, Hewlett Packard and Sony Ericsson. Apple and other clients have said they are investigating working conditions at Foxconn, which has come under fire for its harsh and secretive corporate culture. Foxconn has 420,000 employees based in Shenzhen. They live inside the factory complex and churn out products for the world’s leading computer and phone companies in round-the-clock shifts. Just hours before the latest reports, Foxconn chairman Terry Gou had toured the company’s sprawling facilities in Shenzhen with reporters and vowed to take sweeping action to prevent more deaths. Gou made another trip back to the plant on Thursday following the Wednesday media tour. Pictures on Taiwan TV stations showed him boarding his private jet. Safety Nets Installed China’s official Xinhua news agency said the latest death involved a worker who fell from a dormitory window, but gave no other details. When asked about the reports of the young female jumper, a police source in Guanlan and Longhua districts, where two Foxconn factories are located, said: “I haven’t heard of any incidents this morning.” Foxconn shares rose 3.2% in a Hong Kong market up 0.8%, having fallen to a seven month low earlier this week. Hon Hai shares fell 0.4% in Taiwan, with the broader market up 1.1%. Hon Hai officials were not immediately available for comment on Thursday. The firm was training about 100 mental health counsellors and installing 1.5 million square metres of nets to stop workers from jumping, Xinhua said. The safety nets will cover nearly all dormitories and factories. “Although this seems like a dumb measure, at least it could save a life should anyone else fall,” Gou was quoted as saying. In a report to clients, Bank of America/Merrill Lynch said that while the incidents would affect Hon Hai’s image, they are unlikely to cause a significant impact on earnings, a view echoed by UBS, which noted that Hon Hai remains a “top-notch supplier”. Labour groups say the rash of apparent suicides has exposed the harsh working conditions at Foxconn. Li Ping, secretary general of the Shenzhen municipal government, told a news conference on Wednesday that the pressure of being away from home with little care from society was part of a complex set of factors underpinning the suicides by the employees, mainly people under the age of 30. He said the government was joining with the police and Foxconn to consider a range of ideas such as building up sports and cultural facilities to improve the living environment, Xinhua reported. In another sign of unrest in southern China, Japanese car maker Honda said a labour dispute had shut down one of it parts plants, causing the closure of four car making plants. The region is home to millions of migrant workers, many isolated from their families and facing a bleak, low-paid existence on production lines. Source: Home - Livemint.com | 27 May 2010 | 12:20 am Monsoon makes no headway in 6 days: GovtNew Delhi: India’s annual monsoon, which is vital for farm and economic growth, has not advanced for the past six days after bringing rains to a far-flung island three days ahead of normal, weather officials said on Thursday. Monsoon winds were weak, and may need up to two days to strengthen, D Sivananda Pai, director of the National Climate Centre in Pune, told Reuters over phone. India Meteorological Department has forecast the June-September monsoon would hit the mainland on 30 May in the southwestern state of Kerala. “It is already raining in Kerala but we are waiting for certain characteristics of monsoon,” Pai said. The rains reached the Andaman and Nicobar Islands on 17 May, two days ahead of schedule, before moving to many parts of the Bay of Bengal in the following week. The progress has not been swift since then due to last week’s cyclone Laila on India’s east coast. Prime Minister Manmohan Singh’s government is banking heavily on monsoon rains, which irrigate 60% of the country’s farms, to calm food prices that soared after last year’s driest season in nearly four decades. The government, which was voted back to power by a bigger mandate from the rural poor last year, is facing severe criticism due to high prices, especially of food. Source: Home - Livemint.com | 27 May 2010 | 12:08 am US banks propose tightened rules for loansWashington: The rule-setting board for corporate accounting proposed tightened rules that would force banks to value loans at current prices, prompting renewed opposition from the banking industry over a long-simmering issue. The so-called “mark-to-market” rules proposed on Wednesday by the Financial Accounting Standards Board wouldn’t begin to take effect until 2013. But banks were stung in the mortgage crisis by earlier mark-to-market rules that forced them to take steep write-downs on some assets, especially securities tied to high-risk subprime mortgages. FASB, an independent body based in Connecticut, writes the standards that guide accountants in preparing companies’ financial statements. Its new proposal would extend the mark-to-market requirements that currently cover complex securities to also apply to loans on banks’ books. The goal is “greater transparency in financial statements,” FASB chairman Robert Herz said in a news release. Investor advocates and other proponents of mark-to-market rules maintain that they make banks’ books more closely reflect the banks’ current financial condition by accounting for losses more promptly, helping investors and the capital markets and possibly helping avoid another financial meltdown. Critics say the rules mandate onerous write-downs _ sapping investor confidence in banks _ that don’t reflect the true value of assets and the prices they may fetch in the future. FASB’s proposal “presents significant problems, not only for banks, but also the general economy,” Edward Yingling, president and CEO of the American Bankers Association, said in a statement Wednesday. “If implemented, the proposal would greatly undermine the availability of credit by making it difficult to make many long-term loans, the value of which, even if performing perfectly, would likely be reduced on the day a loan is made.” The effect of the new rules would be especially felt by regional and smaller banks, industry experts say. Under FASB’s proposal, banks with less than $1 billion in assets that are not publicly traded wouldn’t be subject to the new rules until 2017; bigger banks and financial institutions would have to comply three years from now. FASB opened the proposed rules to public comment through Sept. 30 and said it would hold public meetings on the issue. Source: LatestNews-Home - Livemint.com | 27 May 2010 | 12:06 am Apple overtakes Microsoft as biggest tech companyApple's shares rose as much 2.8% on Nasdaq on Wednesday, as Microsoft shares floundered, briefly pushing its market value above $229 billion, ahead of its longtime rival.Source: Daily News & Analysis: Money News | 27 May 2010 | 12:00 am Market rebounds on global cuesShort-covering ahead of the futures and options expiry and positive global cues helped the equity markets rebound on Wednesday from Tuesday'sSource: Business Line - Home Page | 27 May 2010 | 12:00 am Indian Hotels' Q4 profits up at Rs 60 crIncrease in occupancy levels led to a growth of 57 per cent in Indian Hotels Company's (IHCL) net profit to Rs 60 crore for the fourth quarter ended March 31, 2010 against Rs 38 crore recorded lastSource: Business Line - Home Page | 27 May 2010 | 12:00 am European operations push Tata Steel into lossTata Steel's European operations continued to drag down its financial performance; the company reported a consolidated net loss of Rs 2,120.84 crore for the fiscal ended March 2010, against a net profit of Rs 4,849.24 crore for the year agoSource: Business Line - Home Page | 27 May 2010 | 12:00 am GM India may pull plug on Spark EVGeneral Motors (GM) India may not continue its tie-up with Reva Electric Car Company (RECC) with Mahindra & Mahindra taking a controlling stake in the latterSource: Business Line - Home Page | 27 May 2010 | 12:00 am Crompton Greaves (Rs 233.1): BuyInvestors with a short-term perspective can consider buying the stock of Crompton Greaves. It is apparent from the charts of the stock that after marking an all-time high of Rs 279 on April 15, it has started toSource: Business Line - Home Page | 27 May 2010 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 27 May 2010 | 12:00 am IT stocks surge as Re softens against dollarIT stocks on Wednesday shot up as the rupee continued to weaken against the dollar – the BSE IT index shot up 3.48 per cent, the highest among the sectorSource: Business Line - Home Page | 27 May 2010 | 12:00 am India can thwart cyber attacks: DoT officialIndia has the capability to thwart cyber attacks and has formed response teams to tackle such threats, Mr R N Jha, Deputy Director-General (International Relations) of Department of Telecommunications in the Union Ministry of Communications andSource: Business Line - Home Page | 27 May 2010 | 12:00 am Cabinet nod to fast-track Govt stake sale in PSUsThe Cabinet Committee on Economic Affairs (CCEA) today gave its nod for a vital change in the process of share sale in state-run firms. Merchant banker appointments for Government stake sale will now be advanced to an earlier stage in theSource: Business Line - Home Page | 27 May 2010 | 12:00 am Mahindra buys 55% stake in electric car co RevaCountry's largest utility vehicle maker Mahindra & Mahindra on Wednesday said it has bought a majority, 55.2 per cent, stake in Maini Group's Reva Electric Car Company as it expects alternative technology to drive a large part of globalSource: Business Line - Home Page | 27 May 2010 | 12:00 am Gulf Bridge inks pact with Sify for sub-sea cable systemGulf Bridge International (GBI), the Middle East's privately-owned submarine cable operator, has signed an agreement with India's internet services firm Sify Technologies for its sub-sea cable system in India. Source: HindustanTimes.com - Top Business News Headlines | 26 May 2010 | 11:59 pm After end of Air India strike, two unions de-recognisedHours after crushing the two-day old strike by Air India employees, the state-owned airline de-recognised two major trade unions and sealed their offices across the country.Source: HindustanTimes.com - Top Business News Headlines | 26 May 2010 | 11:50 pm Markets rise 0.4%; L&T, Mahindra climbMumbai: Indian shares shrugged off a shaky start and climbed 0.4% on Thursday, supported by gains in their Asian peers but euro zone debt problems and foreign fund outflows were a drag. Trade was choppy as investors adjusted their positions on the last day of monthly derivatives contracts on the National Stock Exchange. Foreigners have dumped shares worth $2.3 billion so far in May in their biggest pullout since October 2008, as the deteriorating fiscal health in Europe triggered a flight to safety from risky assets. Engineering conglomerate Larsen & Toubro, which is riding a surge in orders on the back of a pick-up in domestic growth, rose 1.2% to lead the gainers. By 11:02am, the 30-share BSE index was trading up 0.37% at 16,448.36 points, with 18 of its components gaining. The 50-share NSE index was up 0.3% at 4,933.90. “A technical bounceback is not ruled out,” said Vaibhav Sanghavi, director of Ambit Capital. “But for our market to really move up from here, the global situation has to stabilise first.” The benchmark index is down more than 6% so far this month, but has performed better than the broader MSCI’s measure of Asian shares other than Japan that has lost more than 15%. Morgan Stanley said on Wednesday India’s defensive behavior through the latest global turmoil was driven by an improving policy environment, resilient domestic growth and better corporate and government finances. Still, the debt crisis in the euro zone could dent consumer spending in that region and slow a global economic recovery. It could also hit foreign portfolio holdings in India. The Financial Times reported on Wednesday that China is reviewing its euro zone bond holdings because of growing concerns about gaping deficits in countries including Greece and Portugal. Leading utility vehicle maker Mahindra & Mahindra extended gains for a second day after it agreed to buy 55% stake in electric car maker Reva, aiming to be a significant player in the global electric vehicle industry. The stock was up 2.7%, adding to gains of 0.6% on Wednesday. Tata Steel shed as much as 2.3%, after the world’s eighth-largest steel maker warned late on Wednesday that rising raw material costs and the euro zone’s debt crisis could crimp profit growth. It reported a full year net loss after minority interest and share of profit of associates of Rs2,010 crore. Reliance Industries, which has the highest weight on the Sensex, was up 0.2%. The Economic Times reported the energy giant and Reliance Natural Resources Ltd will reach a gas supply agreement in the next two weeks, taking forward a patch-up between the billionaire Ambani brothers. In the broader market, gainers were 1.4 times the number of losers on volume of 123 million shares. Source: Home - Livemint.com | 26 May 2010 | 11:44 pm Tightened rules for banks' loans proposedThe rule-setting board for corporate accounting proposed tightened rules that would force banks to value loans at current prices, prompting renewed opposition from the banking industry over a long-simmering issue.Source: HindustanTimes.com - Top Business News Headlines | 26 May 2010 | 11:34 pm Geithner takes plea for European action to GermanyBerlin: US treasury secretary Timothy Geithner takes his appeal for swift European action to calm markets to Germany on Thursday, the key player that stunned markets last week with its ban on some speculative trades. During his stopover in London, Geithner told Europeans that markets wanted to see the euro zone activate its $1 trillion emergency plan designed to stabilise the currency plagued by fears that a Greek-style debt crisis could hit more countries. Even as Italy joined a growing roster of European Union nations announcing austerity plans to support the euro, the currency extended its decline on a report that China was reviewing its euro holdings. The Financial Times said representatives of the Chinese entity that manages the world’s largest foreign reserves had met with foreign bankers in Beijing recently to discuss Chinese exposure to euro zone debt. But the currency bounced back from levels close to four-year lows after a Chinese government official told Reuters on Thursday that there would be no change in China’s efforts to diversify its reserves. The euro, which has lost more than 8% against the dollar so far this month and is heading for its biggest monthly fall since October 2008, climbed back to $1.2276 from a day low of $1.2154. Washington has grown increasingly concerned that the effects of the Greek fiscal blow-out could spread well beyond Europe, with banks prone to a similar confidence crisis that roiled world markets during the 2007-2009 financial crisis. Top Paymaster Germany, Europe’s biggest economy and its main paymaster, holds the key to any successful EU-wide action. Its initial reluctance to bail out Athens was blamed for the EU’s slow response once Greece’s debt blow-out began morphing into a crisis of confidence in the euro zone as a whole. Geithner is due to meet European Central Bank president Jean-Claude Trichet and ECB council member and Bundesbank chief Axel Weber in Frankfurt before heading off to Berlin for talks with his German counterpart Wolfgang Schaeuble. Weber, a leading advocate of fiscal and monetary conservatism on the ECB’s policy council, has long warned about long-term pitfalls of extraordinary steps taken to fight financial crises and distanced himself from the ECB’s move to buy government bonds to stabilise markets and support the $1 trillion emergency plan. Schaeuble, in turn, angered his EU partners by going it alone and signing off on a ban on so-called naked short selling of Germany’s top financial stocks, euro zone government debt and credit default insurance contracts on that debt. Berlin blames speculators for aggravating the debt crisis with aggressive bets against the euro, but the move was seen as largely symbolic because it was isolated and most of the targeted trades took place outside of Germany’s jurisdiction. Geithner, who will hold a joint news conference with Schaeuble before heading back to Washington, may repeat his call for a globally consistent approach to financial reform, seemingly a swipe at Germany’s single-handed action. Yet despite criticism, Germany looks determined to push through with the clampdown and a finance ministry document showed earlier this week it was even considering widening the ban. After talks with his British counterpart, George Osborne, Geithner said of the EU plan to support indebted states: “I see a very strong political commitment -- you see that not just in Germany but across Europe -- to make it work. I think what Europe should do is implement the programme they’ve laid out.” Austerity Club Berlin signed off on a €110 billion Greek rescue and the $1 trillion emergency scheme only in return for pledges of drastic spending cuts from potential beneficiaries. Greece, Portugal, Spain and Italy have all agreed to push through with multi-billion euro savings despite fierce opposition from trade unions and sometimes violent street protests. Italian Prime Minister Silvio Berlusconi sought to support the euro on Wednesday with a vigorous defence of his government’s €25 billion ($30.65 billion) austerity package, approved by his cabinet in an emergency decree. “The sacrifices required are indispensable to save the euro,” Berlusconi said. “For years, Italy -- like many countries in Europe -- lived above its means. We are all in the same boat.” Amid the gloom, the OECD had a rare positive take on the euro’s battering, saying the currency’s decline would help cushion the impact of debt-shrinking austerity efforts and prevent the euro zone from sliding back into recession. “The weak euro, in the short- to medium-term, is a welcome development.” Pier Carlo Padoan, chief economist for the Paris-based Organisation for Economic Co-operation and Development told Reuters in an interview. He also said that massive debts following the global recession were “not just a European problem, but one that Europe was about to tackle faster than others. Source: LatestNews-Home - Livemint.com | 26 May 2010 | 11:29 pm Bajaj Elec eyes new orders, revenue jumpMumbai: Bajaj Electricals Ltd expects to win additional orders by June and aims to clock Rs27 billion in revenue in 2010-11, a senior official told Reuters on 26 May. The company’s order book for engineering and projects business stood at Rs9.32 billion as on 30 April, as against Rs7.37 billion at the end of 2008-2009. “With the government expenditure being pretty solid in the infrastructure side, this has been pretty consistent area,” Anant Bajaj, executive director said. The company is the lowest bidder for a Rs630-million power transmission projects and expects another Rs1 billion of orders for other projects such as rural electrification, he added. Indian government is spending billions of dollars every year on expanding basic power infrastructure in the country and its state-run utilities including Power Grid Corp have lined up several projects to be offered to private companies. Bajaj Electricals had also submitted bids for Rs5-6 billion worth of projects, where the outcome is yet to be known, he said. Mumbai-based firm, which primarily makes electrical home appliances and lighting products is now considering moving into bigger projects in power and related industries, he said. These may include full-fledged power project contracting, turnkey contracts for industrial lighting and power distribution by itself, he added. “We do almost every aspect of (electrification projects)...the only thing which we are not doing is distributing power itself,” said Bajaj, adding that power distribution is a logical move for the business. “In the projects division, we are looking at expanding the range...and perhaps at some stage to get in to project management in a bigger way.” The consumer durables player will launch consumer products like inverters and water purifiers this fiscal, he added. “We are introducing it (water purifiers) in the couple of markets... probably by the second or third quarter we will introduce it in few markets...We should be there in 20-30 markets in this financial year,” Bajaj said. Earlier on 26 May, the firm posted a 31.4% rise in FY10 net profit at Rs1.17 billion, as net sales grew 26% to Rs22.29 billion, the company statement showed. For the quarter ending March, profit fell 21% as it set aside money as provision for a Rs50 million loan to a loss-making unit Hind Lamps Ltd. Shares in the firm, which dipped as much as 9.64% after the quarterly results were announced on 26 May, pared the losses in the later session and ended down 1.82%, in a Mumbai market that was up 2.28%. Source: Home - Livemint.com | 26 May 2010 | 11:25 pm Apple overtakes Microsoft as biggest tech companySEATTLE (Reuters) - Apple Inc shot past Microsoft Corp as the world's biggest tech company based on market value on Wednesday, the latest milestone in the resurgence of the maker of the iPhone, which nearly went out of business in the 1990s.Source: Reuters: Money News | 26 May 2010 | 10:59 pm Euro nears 4-year low vs dollar; Asian stocks edge upSingapore: The euro approached a four-year low against the dollar on Thursday on a newspaper report that China was examining its investments in euro zone debt, while bargain-hunting gave some support to Asian stocks. Investors were cautious to stay away from risky assets amid persistent jitters over Europe’s debt crisis. The euro hovered near $1.2220 after dropping 1.5% the previous day, just above a four-year low of $1.2143 hit last week. The Financial Times reported that China is reviewing its euro zone bond holdings because it is increasingly worried about gaping deficits in euro member countries. The story stoked investor worries that the debt crisis could reverse the global economic recovery. The euro has lost more than 8% against the dollar so far this month and is heading for its biggest monthly fall since October 2008. The euro inched up to ¥110 after falling to the day’s low at ¥109.20. It struck an 8-1/2-year low of ¥108.83 earlier this week. The FT report fed broad risk aversion and hit US stocks on Wednesday. The Dow Jones industrial average closing below 10,000 for the first time since early February. The MSCI index of Asia Pacific stocks outside Japan inched up 0.6%, a day after a 2.5% rally from a nine-month as investors sought beaten down stocks. Since peaking in the latest bull market rally on 15 April, Asian stocks have fallen nearly 18%, just short of a 20% mark usually defining a bear market. Seoul shares edged up 0.7% as steady domestic buying lent the market support, but the FT’s report on China sent financial stocks lower. “The market is trying to make a technical rebound as it fell sharply over the past week, but it is difficult given deepening euro zone fears and heightened North Korea risks,” said Lee Jin-woo, a market analyst at Mirae Asset Securities. Japan’s Nikkei share average fell as much as 1.3% to a six-month low but later pared falls as investors picked up battered shares, though market players said the overall bias remains towards cutting risks. “The market is paying now after it underestimated the seriousness of the problems in southern Europe for a while. The news about China’s move is one example underlining the gravity of the problems,” said Fumiyuki Nakanishi, a manager at SMBC Friend Securities. “Foreign investors are cutting back on riskier assets in their portfolios. Upbeat corporate earnings prospects don’t figure in the equation much at this point.” Gold ticked higher as worries about Europe’s debt woes attracted buying from investors trying to avoid risk. Spot gold gained 0.4% to $1,214.45 an ounce. Gold hit a record high of $1,248.95 in mid-May as investors ditched the euro on fears that euro zone austerity policies could undermine the global economic recovery. Meanwhile, oil shed a quarter of a percent to $71.33 a barrel as concern about Europe’s debt crisis and falling stock markets outweighed data showing US demand is surging. Source: Home - Livemint.com | 26 May 2010 | 10:56 pm Ambanis to reach gas deal in 2 weeks: reportNew Delhi: Indian energy major Reliance Industries and Reliance Natural Resources Ltd will reach a gas supply agreement in the next two weeks, taking forward a patch-up between the billionaire Ambani brothers the Economic Times reported on Thursday. The agreement, being negotiated between officials of the two companies, aims for Mukesh Ambani-controlled Reliance Industries to supply gas for 10 years from 2012 to power plants run by his younger brother Anil, the newspaper said, without saying where it got the information from. After five years of a bitter feud that split India’s richest family, the brothers had unexpectedly called a truce on Sunday by ending a non-competition agreement that was a source of acrimony between them. Earlier this month Anil lost a Supreme Court battle with Mukesh in a gas pricing dispute, with the court ordering the brothers to renegotiate within six weeks a private natural gas supply contract and gave the government control over setting gas prices. The Economic Times said there was a possibility that Reliance Industries may pick up significant minority stakes in gas-based power plants owned by Anil Ambani’s group. A spokesman for Reliance Industries said he had no comment on the report, while Anil Dhirubhai Ambani Group could not be immediately reached. Source: LatestNews-Home - Livemint.com | 26 May 2010 | 10:48 pm Sensex erases early losses, up 116 points in morning tradeErasing early losses, the Bombay Stock Exchange's benchmark index, Sensex, rose by almost 116 points in morning trade today as speculators covered pending short positions amid selective buying by funds.Source: HindustanTimes.com - Top Business News Headlines | 26 May 2010 | 10:37 pm Apple overtakes Microsoft as biggest tech companySeattle: Apple Inc shot past Microsoft Corp as the world’s biggest tech company based on market value on Wednesday, the latest milestone in the resurgence of the maker of the iPhone, which nearly went out of business in the 1990s. Apple’s shares rose as much 2.8% on Nasdaq on Wednesday, as Microsoft shares floundered, briefly pushing its market value above $229 billion, ahead of its longtime rival. Both stocks ended down after a late-day sell-off, but Apple emerged ahead with a market value of about $222 billion, compared with Microsoft’s $219 billion, according to Reuters data. Apple shares closed down 0.4% at $244.11 on Nasdaq, while Microsoft fell 4% to a seven-month low of $25.01. Shares of Apple are worth more than 10 times what they were 10 years ago, as it has profited from revolutionizing consumer electronics with its stylish, easy to use products such as the iPod, iPhone and MacBook laptops. The last time Apple had a higher market value than Microsoft was 19 December, 1989, according to Thomson Reuters Datastream. Microsoft, whose operating system runs on more than 90% of the world’s personal computers, has not been able to match growth rates from its hey-day 1990s. Its stock is down 20% from 10 years ago. Apple, which struggled for many years to get its products into the mainstream, resorted to a $150 million investment from the much larger Microsoft in 1997 in order to keep it afloat. At that time, Microsoft’s market value was more than five times that of Apple. Microsoft still leads Apple in sales. In the latest quarter, Microsoft reported $14.5 billion in revenue compared with Apple’s $13.5 billion. Cupertino, California-based Apple is now the second-largest company on the Standard & Poor’s 500 index by market value, behind energy behemoth Exxon Mobil Corp. Source: Home - Livemint.com | 26 May 2010 | 10:35 pm Apple overtakes Microsoft as biggest tech companySeattle: Apple Inc shot past Microsoft Corp as the world’s biggest tech company based on market value on Wednesday, the latest milestone in the resurgence of the maker of the iPhone, which nearly went out of business in the 1990s. Apple’s shares rose as much 2.8% on Nasdaq on Wednesday, as Microsoft shares floundered, briefly pushing its market value above $229 billion, ahead of its longtime rival. Both stocks ended down after a late-day sell-off, but Apple emerged ahead with a market value of about $222 billion, compared with Microsoft’s $219 billion, according to Reuters data. Apple shares closed down 0.4% at $244.11 on Nasdaq, while Microsoft fell 4% to a seven-month low of $25.01. Shares of Apple are worth more than 10 times what they were 10 years ago, as it has profited from revolutionizing consumer electronics with its stylish, easy to use products such as the iPod, iPhone and MacBook laptops. The last time Apple had a higher market value than Microsoft was 19 December, 1989, according to Thomson Reuters Datastream. Microsoft, whose operating system runs on more than 90% of the world’s personal computers, has not been able to match growth rates from its hey-day 1990s. Its stock is down 20% from 10 years ago. Apple, which struggled for many years to get its products into the mainstream, resorted to a $150 million investment from the much larger Microsoft in 1997 in order to keep it afloat. At that time, Microsoft’s market value was more than five times that of Apple. Microsoft still leads Apple in sales. In the latest quarter, Microsoft reported $14.5 billion in revenue compared with Apple’s $13.5 billion. Cupertino, California-based Apple is now the second-largest company on the Standard & Poor’s 500 index by market value, behind energy behemoth Exxon Mobil Corp. Source: Tech News - Livemint.com | 26 May 2010 | 10:35 pm Sensex 56 points down in opening trade on profit bookingThe 30-share index dipped by 56.74 points, or 0.34%, to 16,331.10 in opening trade this morning after surging 365.36 points in yesterday's trading.Source: Daily News & Analysis: Money News | 26 May 2010 | 10:26 pm Sensex 56 points down in opening trade on profit bookingThe Bombay Stock Exchange benchmark Sensex fell by over 56 points in opening trade today as funds and retail investors booked profits amid weak global markets.Source: India Business News | Business News - Times of India | 26 May 2010 | 10:08 pm Wired’s first iPad issue comes out; costs $5As the magazine for a digital generation, Wired has talked a big game about the opportunities for publishers on Apple’s new iPad. Wired released its application in Apple’s digital newsstand yesterday.Source: HindustanTimes.com - Top Business News Headlines | 26 May 2010 | 9:53 pm Indian Hotels earmarks Rs2.6 bn for expansionMumbai: Indian Hotels Co Ltd plans to spend around Rs2.6 billion in FY11 on new projects across India, its chief financial officer Anil Goel told reporters on Wednesday. The owner of the Taj luxury chain plans to open properties in New Delhi, Bangalore, Hyderabad and Guwahati, Goel said. “We have enough projects under implementation in the next twelve months. The idea is to focus on growth this year...we are seeing visible improvement in the market,” Goel said. The firm plans to add 1,647 rooms this fiscal, across 13 properties in India and overseas, said Ajoy Misra, senior vice president, sales and marketing. It had added 822 rooms in the previous year. The hotel chain, part of the Tata conglomerate, reported a consolidated net loss of Rs1.36 billion in 2009-10 compared with a profit of Rs124.6 million a year ago. Consolidated profits were hurt “due to the drop in profitability of its hotels in the USA because of the impact that the recession had in that market,” as well as a slowdown in the domestic market, it said in a statement. India’s hotel and tourism industry is currently recovering from a near two-year economic slowdown made worse by the terror attacks in Mumbai in November 2008, which hit tourism traffic. The Taj Mahal property of Indian Hotels in southern Mumbai was one of the sites hit by the terror attacks. Officials said there has been a steady increase in occupancy levels though room rates were not rising as fast. “The fourth quarter has been encouraging. Occupancy seems to have come back to levels seen in 2007-08. Rates are however lagging a bit,” Misra said. “The good news is that rates have started rising, above the third quarter and certainly above the first and second quarters”. The firm has raised Rs7 billion in 2009-10 by issuing low coupon non convertible debentures and used the proceeds to retire some of its foreign currency debt. Its net debt as of 31 March stood at Rs38 billion. Indian Hotels shares ended 2.95% lower at Rs98.85 in a firm Mumbai market. Source: LatestNews-Home - Livemint.com | 26 May 2010 | 9:26 pm Apple overtakes Microsoft as most valuable tech firmApple yesterday overtook Microsoft as the world's most valuable technology company, thanks to the persistent run-up in Apple shares and the dwindling value of Microsoft stock. The move also made Apple the second largest company in the US.Source: HindustanTimes.com - Top Business News Headlines | 26 May 2010 | 9:23 pm Hong Kong shares open lowerHong Kong shares opened 0.85% lower today, with the benchmark Hang Seng Index down 163.11 points.Source: Daily News & Analysis: Money News | 26 May 2010 | 9:09 pm Tokyo stocks open lowerJapanese share prices opened lower today, with the benchmark Nikkei-225 index losing 104.58 points.Source: Daily News & Analysis: Money News | 26 May 2010 | 9:08 pm AIG plans sale of consumer finance unitAIG has hired Bank of America Merrill Lynch to restructure and sell the consumer finance unit, in an effort to raise funds and to divest a non-core business.Source: Daily News & Analysis: Money News | 26 May 2010 | 9:06 pm Dependence on foreign oil endangers US security,economy: ObamaWashington: The United States dependence on foreign oil endangers its security and economy, president, Barack Obama has said. “We all know the price we pay as a country as a result of how we produce and use - and, yes, waste - energy today. We have been talking about it for decades - since the gas shortages of the 1970s. Our dependence on foreign oil endangers our security and our economy,” Obama said in his speech on the economy in California. He said that climate change poses a threat to the US way of life. “In fact, we are already beginning to see its profound and costly impact. And the spill in the Gulf, which is just heartbreaking, only underscores the necessity of seeking alternative fuel sources. “We are not going to transition out of oil next year or 10 years from now. But think about it, part of what’s happening in the Gulf is that oil companies are drilling a mile underwater before they hit ground, and then a mile below that before they hit oil,” Obama said. “With the increased risks, the increased costs, it gives you a sense of where we are going. We are not going to be able to sustain this kind of fossil fuel use. This planet cannot sustain it. Think about when China and India - where consumers there are starting to buy cars and use energy the way we are. So we have known that we have had to shift in a fundamental way, and that’s true for all of us,” he said. “We have got to remember that the risks our current dependence on oil holds for our environment and our coastal communities is not the only cost involved in our dependence on these fossil fuels. Around the world, from China to Germany, our competitors are waging a historic effort to lead in developing new energy technologies,” Obama said. “There are factories like this being built in China, factories like this being built in Germany. Nobody is playing for second place. These countries recognize that the nation that leads the clean energy economy is likely to lead the global economy. And if we fail to recognize that same imperative, we risk falling behind. We risk falling behind,” he argued. Obama said that 15 years ago, the US produced 40% of the world’s solar panels but by 2008, the US share had fallen to just over 5%. “I don’t know about you, but I am not prepared to cede American leadership in this industry, because I am not prepared to cede US leadership in the global economy,” he asserted. Source: LatestNews-Home - Livemint.com | 26 May 2010 | 8:55 pm India Inc seeks FDI in retailCountry's top industrialists at Prime Minister's Council of Trade and Industry meeting on Wednesday unanimously demanded opening up of foreign direct investment in the controversial retail sector.Source: India Business News | Business News - Times of India | 26 May 2010 | 6:26 pm S Tel to invest Rs 700cr for rolling out servicesS Tel, a joint venture between Siva Group of Chennai and Bahrain Telecom (Batelco), on Wednesday announced an investment of Rs 700 crore for the acquisition of 3G spectrum and roll out of services.Source: India Business News | Business News - Times of India | 26 May 2010 | 6:26 pm Idea ties up funds, may raise Rs 2,500crIdea Cellular on Wednesday said it has tied up funds to pay the government Rs 5,770 crore for the 3G spectrum it has won in 11 circles.Source: India Business News | Business News - Times of India | 26 May 2010 | 6:25 pm Growth to come from rural areasConsumer products giant Hindustan Unilever (HUL), whose soapto-soup business has come back on the double-digit volume growth track, is making dramatic changes to ensure the business remains relevant for the long term.Source: India Business News | Business News - Times of India | 26 May 2010 | 6:24 pm Tata Steel posts loss of Rs 2.1k crTata Steel, the flagship company of the tea-to-telecom Tata group, has slipped in the red as sluggish global demand weighed on its European operations.Source: India Business News | Business News - Times of India | 26 May 2010 | 6:22 pm No. portability not before September 30The much-awaited mobile number portability (MNP) has come a cropper once again, with officials from the Department of Telecommunications (DoT) insisting that it may not take off before September 30.Source: India Business News | Business News - Times of India | 26 May 2010 | 6:20 pm Chinese ban to hit Indian iron ore exportsNearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low grade iron ore while major Chinese companies are buying up ore mines with two billion worth of reserves in Africa.Source: India Business News | Business News - Times of India | 26 May 2010 | 6:18 pm Oil India sees Rs 350 crore profit boostScouting for producing assets, not interested in blocks with long gestation periods, abroad.Source: Daily News & Analysis: Money News | 26 May 2010 | 4:49 pm The men with the golden bootThe Golden Boot or Golden Shoe, which is awarded to the highest goalscorer in a World Cup tournament, is a distinction that comes with a chequered history. The roll of honour misses out on some of the most iconic names from World Cup history—Pele, Maradona, Zidane, Cruyff, Platini and Romario—all players who shaped modern football, and made the World Cups they played in the stuff of legend. Many players who were awarded the Golden Boot sunk without a trace—who remembers what Toto Schillaci did after the 1990 World Cup? Or what happened to Oleg Salenko’s career after the 1994 World Cup? But the Golden Shoe also highlighted the exploits of some of the giants of the game, their goal-scoring abilities catapulting them to the status of national icons—what is Portuguese football without Eusebio? Bulgaria without Stoichkov? Or Hungary without Kocsis? 1930 Guillermo Stábile (Argentina, 8 goals) The diminutive Argentine almost took his country to the victory podium in the inaugural World Cup with his uncanny ability to score—a hat-trick on debut against Mexico, two in the semi-final, and a goal in the final to give his team the lead. But it wasn’t enough—hosts Uruguay won the final 4-2. Stábile never played another game for Argentina. Also See The World Cup Quiz 1934 Oldrich Nejedlý (Czechoslovakia, 5 goals) Call it the jinx of the Golden Shoe—Nejedlý participated only in two World Cups (1934 and 1938) before he broke his leg and ended his international career, a pattern that seems to be fairly common among those on this list. 1938 Leonidas da Silva (Brazil, 7 goals) The self-styled inventor of the bicycle kick, Leonidas was known as the “Rubber Man”—don’t ask why. A photo of him scoring from a bicycle kick in the 1938 World Cup became an iconic football image. 1950 Ademir Marques de Menezes (Brazil, 9 goals) The scorer of the first goal ever in a competitive match at the legendary Maracana stadium in Brazil, Ademir formed a dreaded attacking trio with Zizinho and Jair in the 1950 tournament, where hosts Brazil lost to Uruguay in the final. 1954 Sándor Kocsis Péter (Hungary, 11 goals) Kocsis is the best goalscorer in the history of modern football, based on scoring average— 1.10 goals per game—the highest in international football. His record average of 2.2 goals per game in the 1954 World Cup is unbroken. A hat-trick in the opening game, four goals in Hungary’s next game against Germany, two in the quarter-final against Brazil, two more in the semis against defending champions Uruguay—few footballers can even dream of such a record. The incredible scoring machine was stopped in the final against Germany, which Hungary lost 4-2—their first loss in four years. 1958 Just Fontaine (France, 13 goals)  Just Fontaine: His record of 13 goals in the 1958 World Cup is still unbeaten. AFP 1962 Manuel “Garrincha” Francisco dos Santo (Brazil, 4 goals) Leonel Sanchez (Chile, 4 goals) Edvaldo “Vava” Izídio Neto (Brazil, 4 goals) Drazan Jerkovic (Yugoslavia, 4 goals) Valentin Ivanov (USSR, 4 goals) Florian Albert (Hungary, 4 goals) Born with a deformed spine, a bent right leg, and a shorter (and bent) left leg, Garrincha was not supposed to be a footballer. So he went the other extreme and became one of the best ever. In Brazil, his incredible skills earned him many sobriquets, including “Joy of the people” and “Angel with bent legs”, and he was instrumental in Brazil’s second successive World Cup triumph. Perhaps the most endearing story about Garrincha is that he adopted a dog that had run on to the pitch during Brazil’s quarter-final match against England—taking him home along with the World Cup trophy. Besides Garrincha, Neto deserves a special mention for being the first player to score in the final of two different World Cups, helping Brazil defend their title. 1966 Eusebio (Portugal, 9 goals) This was the stage that catapulted Eusebio to the status of a national hero in Portugal as he dragged the team to their best-ever finish in a World Cup (third place). 1970 Gerd Muller (Germany, 10 goals) Muller was one of the most successful goalscorers of his era, with 68 goals in 62 games for West Germany. His record of 14 goals in World Cup tournaments (1966 and 1970) was only broken in 2006 by Ronaldo, who scored his 15th goal in his fourth World Cup (he played in 1994, 1998, 2002 and 2006). 1974 Grzegorz Lato (Poland, 7 goals) The most capped player in the history of Polish football, and also the only Golden Shoe winner from Poland, Lato is now the president of the Polish Football Association. 1978 Mario Kempes (Argentina, 6 goals) Kempes played for Argentina in three World Cups—1974, 1978, and 1982—and was instrumental in their 1978 triumph, scoring two goals in the final against the Netherlands. He is also one of only two players to have won all three major trophies at a World Cup—the Golden Shoe, the Golden Ball (for the most valuable player) and the World Cup itself. Paolo Rossi repeated that feat in the next edition. 1982 Paolo Rossi (Italy, 6 goals) Rossi made it just in time for the 1982 World Cup after serving a two-year suspension for his involvement in a betting scandal. The result? A hat-trick against Brazil in the quarter-final, a brace against Poland in the semis, and a goal in the final against Germany to help Italy lift their third trophy. 1986 Gary Lineker (England, 6 goals) The only English player to have won the Golden Boot, he is also one of the few footballers who has never been booked by a referee. How he managed that is beyond comprehension, but you can introduce him to your mother. He is also now a “freeman of the City of Leicester”, which entitles him to graze his sheep in the city’s Town Hall square. 1990 Salvatore “Toto” Schillaci (Italy, 6 goals) The Italians called the 1990 World Cup “the magical nights of Toto Schillaci”, and why not? The debutant scored in almost every match. Schillaci’s career went downhill after that, and he scored only one goal for Italy in his career. 1994 Oleg Salenko (Russia, 6 goals) Hristo Stoichkov (Bulgaria, 6 goals) Salenko’s international career lasted all of nine matches—eight for Russia and one for Ukraine. He scored a record five goals against Cameroon in Russia’s opening match, and then followed it up with one against Sweden, his last international goal. 1998 Davor Suker (Croatia, 6 goals) Suker became a national hero after his exploits propelled Croatia to a fantastic third- place finish in their first World Cup as an independent country. 2002 Ronaldo Luís Nazário de Lima (Brazil, 8 goals) Every time Ronaldo conjured up a sudden burst of speed from nowhere, leaving defenders trailing like a blur in some video game, you knew there was a goal at the end of it. Ronaldo did this against every opponent in the 2002 edition, except England in the quarter-final. He scored twice in the final against Germany to gift Brazil their record fifth title. 2006 Miroslav Klose (Germany, 5 goals) Klose loves the World Cup. He scored five goals in 2002, all with his head, but was outscored by Ronaldo. In 2006, playing at home, he made sure he was on top of the scoring chart—this time by using his feet. Compiled by Manoj Madhavan and Rudraneil Sengupta. Write to us at businessoflife@livemint.com Source: LatestNews-Home - Livemint.com | 26 May 2010 | 1:45 pm Infy mentor: Murthy pitches for oldest founderCome August 2011, N R Narayana Murthy the chairman and chief mentor of Indias second-largest IT services firm Infosys Technologies will sport the designation of chairman emeritus. It is a position which Infoscions and the senior management team have decided to confer on the person who co-founded the company with six others almost 29 years ago.Source: Business Standard | Front Page Headlines | 26 May 2010 | 12:58 pm M forays into alternative fuel tech with REVA buyMahindra & Mahindra Ltd (M&M), Indias largest utility vehicle maker, today picked up a 55 per cent stake in REVA Electric Car Company (RECC), the Bangalore-based manufacturer of electric cars, for an undisclosed sum.Source: Business Standard | Front Page Headlines | 26 May 2010 | 12:55 pm RBI announces measures to boost liquidityThe Reserve Bank of India (RBI) on Wednesday announced special measures to provide liquidity in the system, which may face a cash crunch because of huge outgo on third generation (3G) telecom spectrum licences and payment of advance tax by companies.Source: Business Standard | Front Page Headlines | 26 May 2010 | 12:53 pm AI strike called off after crackdownHC rap and labour commissioners persuasion helped; normalcy by Saturday, says airline CMD.Source: Business Standard | Front Page Headlines | 26 May 2010 | 12:51 pm Just to Clarify | Venter’s Genome decodedNew Delhi: The big news from the science world, over the last few days, has been the creation of the first fully synthetic life form by a maverick geneticist named J. Craig Venter. Venter’s scientists had tried to create a synthetic bacteria genome earlier, in 2008, but they weren’t exactly able to infuse the “spark of life” into it. His success this time around raises all sorts of ethical questions, but on Just to Clarify today, we’re going to try to answer some basic scientific questions first. Source: Tech News - Livemint.com | 26 May 2010 | 11:53 am BP to decide on “top kill” to plug oil spill on WednesdayWashington: The chief executive of British energy giant BP Plc said he expects to decide later on Wednesday whether to proceed with a “top kill” procedure to try to contain leaking oil in the Gulf of Mexico. “Later this morning (Wednesday) I will review that with the team, and I will take a final decision as to whether or not we should proceed,” BP CEO Tony Hayward told the NBC “Today” show. If he determines it is safe to proceed, the procedure is expected to happen on Wednesday, he said. He added it will take a day or two to determine whether the procedure worked. In its attempt to plug the leak, BP plans to use undersea robots to try to inject heavy fluids and then cement into the seabed well to block oil flow in the “top kill” operation. If it fails, Hayward said the next step would be to use a containment device that would be sealed on top and would be deployed in three or four days after the “top kill” attempt. So far, the company’s attempts to plug the massive leak have been dogged by delays and failures, and government and public frustration with the company has risen. Residents of the US Gulf coast region are particularly concerned about the impact of spreading oil on wildlife and area shorelines. Hayward has been criticized for his earlier comments that the environmental impact of the spill would be modest. “We have let people down in our defence of the shore, and we are going to redouble our efforts,” he told NBC, saying a visit to a nearby beach on Tuesday left him “devastated.” Source: World Business - Livemint.com | 26 May 2010 | 5:39 am Sony develops roll-up video screenTokyo: Japanese electronics giant Sony said on Wednesday it had developed what it called “the world’s first” prototype flexible colour video screen that is small enough to be rolled around a pencil. The screen consists of an ultra-thin flexible material covered in organic semiconductors, potentially pointing to a future of flexible mobile devices, television, electronic newspapers and magazines. “Even after 1,000 cycles of repeatedly rolling-up and stretching the display, there was no clear degradation in the display’s ability to reproduce moving images”, Sony said of its flexible Organic Light Emitting Display (OLED). Sony is not the only Japanese firm developing long-lasting flexible displays, with public broadcaster NHK having also worked on similar techniques in recent years. Japan’s department of New Energy and Industrial Technologies (Nedo) is also leading a research programme in a bid to create a manufacturing chain for the displays similar to the way newspapers are printed. The prototype screen will be presented on Thursday at a conference on the sidelines of the Society for Information Display (SID) exhibition in the US city of Seattle, Sony said. Source: Tech News - Livemint.com | 26 May 2010 | 4:41 am 3G will revolutionise the games people playNew Delhi: Now, get ready to enjoy an enhanced gaming experience with third generation (3G) technology! With the onset of 3G technology, there will be high data transfer rates over longer distances, efficient bandwidth use, map and positioning services and multi-player gaming facilities. With the mobile value added services (VAS) market pegged at around $45 billion, the latest trend is 3G spectrum which is expected to create a paradigm shift in the VAS market in India. According to various estimates, the number of mobile handset users in the country is expected to reach nearly 800 million in next four years, and 3G will change the way people communicate. Says Nitish Mittersain, CEO of Mobile entertainment company Nazara Technologies, “3G is the new buzzword in the world of telecommunications whose launch opens the door to innovative value added services which will bring everything to one convergent device. Larger bandwidth will permit high quality and large games to be downloaded easily and quickly, enabling a large number of consumers to access such games in a fraction of seconds.” “High end mobile devices with more processing power, memory and larger screen embedded with speed will enhance the overall gaming experience for the consumer. In fact, 3G users are expected to spend at least 3-4 times more on gaming as compared to normal users,” Mittersain, also the chairman of the mobile committee of Indian Merchants’ Chamber, told PTI. According to him, multi-player and social gaming is set to see the biggest uptake as Indian version of games on SNS platform will be sought after by avid gamers. “Nazara has already launched social mobile Internet games such as Mobile Housie which has received a great response from the users,” he says. Jump Games CEO Salil Bhargava anticipates that 3G would have a positive impact on the consumption of mobile games. “Faster download speeds and newer, more powerful devices, will help in offering better user-interfaces thereby improving content discovery. 3G will also help in offering users enhanced gaming experience with possibilities of multiplier and 3D gaming,” he says. On the impact mobile Internet-based games will see after 3G’s arrival, he says, “Gaming will become more persistent. Faster connection speeds will enable offering higher quality gaming experience to the end user. Going forward, features like in-game micro-transactions will also help increase the game play longevity and keep the user hooked to the game.” Meanwhile, experts from telecommunications industry from across the country would huddle in Mumbai on May 28 to discuss the impact of 3G on Mobile VAS. The spotlight would also be on the mobile TV services as well as the impact of 3G on mobile gaming and streamlining of innovative ideas to create casual gamers. “After 2G, 2.5G, GSM and CDMA, it is now 3G, which is expected to bring changes the way people communicate. After 132 countries across the world, 3G is now set to revolutionise mobile communications by introducing high speed connectivity and infotainment to Indians,” says Indian Merchants’ Chamber president Gul Kripalani. Source: Tech News - Livemint.com | 26 May 2010 | 2:22 am
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