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Telenor India unit expands to five more zonesTelenor\'s India unit expanded mobile services to five more telecom zones in the country, giving it a footprint in some of the most lucrative regions in the world\'s fastestgrowing mobile market.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 8:39 am Tata Power unit eyes Indonesia, S.Africa coal resourcesTata Power Co Ltd, the country\'s largest privatesector utility, is looking for coal resources in Indonesia and South Africa, a senior official said on Tuesday.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 8:01 am Lanco to tie up Rs 200 bn by Sept for power projectsLanco Infratech Ltd is looking at raising around Rs 200 billion in debt as funds for various power projects, even as the company plans to exit real estate at the right moment, a senior official said on Tuesday.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 7:57 am NAB, AXA extend takeover talksNational Australia Bank, AXA SA and takeover target AXA Asia Pacific have extended their USD 11.5 billion acquisition agreement to July 15, giving NAB time to overcome regulatory hurdles to close the fivemonth saga.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 6:47 am Hero Honda, Maruti\'s sales hit record high in MayThe automobile industry has good news to cheer up the market as the May auto sales number beats the street estimates. Passenger vehicle maker Marurti Suzukis has posted a stellar performance with the highest ever monthly sales.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 5:58 am Consumption steers midcaps; margin woes loomAs a revival in consumption put steam back into the performance of Indian companies in the fourth quarter, with most reporting doubledigit growth in earnings, challenges remain in upcoming quarters in the form of rising costs that could crimp margins.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 5:48 am AIG says will stick to original deal with PrudentialAmerican International Group will not cut the terms of the USD 35.5 billion takeover deal previously agreed with British insurer Prudential Plc, potentially threatening the deal.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 5:47 am MTNL raises Rs 2,500cr from Axis Bank: SourcesMTNL raises Rs 2,500 crore from Axis Bank at less than 7%, reports CNBCTV18, quoting sources. The staterun firm has to make a payment of Rs 6,500 crore for 3G spectrum.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 4:35 am TVS Motor May vehicle sales rise 30%TVS Motor Co, India\'s third largest twowheeler maker, said on Tuesday its total two wheeler sales in May rose 30% to 154,667 units.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 4:16 am Oil hovers above $74 after Chinese dataOil held above USD74 per barrel on Tuesday after Chinese factory data signaled sustained growth at the world\'s secondlargest user, outweighing concerns about a potential slowdown in European economy.Source: Moneycontrol Top Headlines | 1 Jun 2010 | 4:16 am Rupee at near 1-week low as shares dip over 2 - Moneycontrol.com
Source: Business - Google News | 1 Jun 2010 | 4:12 am Gold rises in futures trade on firm global cuesGold prices rose by Rs 350 or 1.89 per cent to Rs 18,875 per ten gram in futures trade today, as traders created fresh positions driven by a steep rise in prices at physical markets.Source: India Business News | Business News - Times of India | 1 Jun 2010 | 4:09 am Bajaj Auto May sales up 62 percent - Hindustan Times
Source: Business - Google News | 1 Jun 2010 | 4:05 am Tata Power unit eyes Indonesia, South Africa coal resourcesJK Niyogi, head of project, said Tata Power forecasts coal imports to surge to 22 million tonnes per year by 2014, from five million tonnes per annum in 2009.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 3:44 am AT&T to sell part of Japan operations for $101 millionThe deal is the latest overseas asset sale by AT&T, which is looking to reduce its footprint in international markets where it faces competition with well-established local players.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 3:42 am Prudential deal near collapse as AIG snubs lower offerThe deal's unravelling could cast doubt over the future of Prudential chief executive Tidjane Thiam less than a year after he took the top job.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 3:41 am Telenor India unit expands to five more zonesThe company, which operates under Uninor brand name, said in a statement on Tuesday it has launched mobile services in the Mumbai, Maharashtra and Goa, Gujarat, Kolkata and West Bengal zones.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 3:40 am Nifty breaches 4975; oil & gas, metals fall - Economic Times
Source: Business - Google News | 1 Jun 2010 | 3:32 am Tata Power unit eyes Indonesia, S.Africa coal resourcesNUSA DUA, Indonesia (Reuters) - India's largest private sector utility, Tata Power Co Ltd, is looking for coal resources in Indonesia and South Africa, a senior official said on Tuesday.Source: Reuters: Money News | 1 Jun 2010 | 3:28 am Handset-maker Micromax forays into Sri LankaBuoyed by its success in India, homegrown mobile handset maker Micromax today announced that it has forayed into the Sri Lankan market. The company has entered into a distribution arrangement with Infinity Lanka Holdings for the same.Source: HindustanTimes.com - Top Business News Headlines | 1 Jun 2010 | 3:28 am India gold at record high deters physical buysMUMBAI (Reuters) - India gold hit a fresh record high on Tuesday afternoon tracking strong overseas markets and a weaker rupee, deterring traders from placing fresh deals, dealers said.Source: Reuters: Money News | 1 Jun 2010 | 3:21 am Ansal Properties withdraws warrant issue proposalShareholder approval for this was received in September 2009, the firm said in a statement to the exchange.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 3:15 am Inflation higher than comfort level: RBI's Duvvuri SubbaraoThe annual wholesale inflation was at 9.59% in April, coming off from a 16-month high of 10% in February, providing more room for the central bank to hold off raising interest rates at least till its next review on July 27.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 3:14 am Lanco Infratech to tie up Rs200 billion by Sept for power projectsThe company expects to tie up funds of around Rs200 billion by September for various power projects under implementation, chief financial officer J Suresh Kumar said.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 3:13 am Gold price hits fresh all-time high in India - Economic Times
Source: Business - Google News | 1 Jun 2010 | 3:11 am Hero Honda, Maruti's sales hit record high in May - Moneycontrol.com
Source: Business - Google News | 1 Jun 2010 | 3:10 am EXCLUSIVE - EU debt crisis boosts chance of energy tax overhaulBRUSSELS (Reuters) - The greenest fuels would become the cheapest under plans for a pan-European energy tax which would also help governments tackle huge debts without raising taxes on workers, draft documents show.Source: Reuters: Money News | 1 Jun 2010 | 3:07 am Rupee at near 1-week low as shares dip over 2 pctMUMBAI (Reuters) - The rupee weakened further in afternoon trade on Tuesday dropping to a near one-week low as a more than 2 percent fall in domestic shares and sharp gains in the dollar against major currencies weighed on sentiment.Source: Reuters: Money News | 1 Jun 2010 | 3:06 am Inflation higher than comfort level - RBI headPUNE (Reuters) - Inflation is still higher than the Reserve Bank of India’s comfort level and the country's 7.4 percent expansion seen in the fiscal year 2009/10 is encouraging but not surprising, its Governor Duvvuri Subbarao said on Tuesday.Source: Reuters: Money News | 1 Jun 2010 | 2:59 am Pru deal near collapse as AIG snubs lower offerHong Kong: Prudential’s bid for rival AIG’s Asian unit appeared close to collapse after AIG rejected the British insurer’s lowered offer of $30.38 billion in cash and shares. The deal’s unravelling could cast doubt over the future of Prudential chief executive Tidjane Thiam less than a year after he took the top job. Prudential, which had asked for a reduction of $5 billion in talks with AIG over the weekend, is now likely to abandon the bid formally rather than push it through on its original terms, investors and analysts said. “Personally, I think the good thing would be for the Pru to withdraw gracefully,” said Paul Mumford, senior fund manager at Cavendish Asset Management. “If they do put it to a vote, I’d be very surprised if shareholders vote it through. Prudential shares were up 3.8% at 562p by 0800 GMT, outperforming a 1.4% drop in the European insurance sector. Prudential was dramatically forced to reopen price negotiations with AIG last week because it might fail to attract the required 75% approval at an investor vote scheduled for 7 June. The takeover is to be funded in part by a record $21 billion rights issue. Prudential’s board is considering its position and will issue a further statement “when appropriate,” the company said on Tuesday. “With AIG rejecting the lower offer, the possibility of the deal going through would be quite low at this time given Pru’s shareholder response so far,” said Sally Yim, an analyst with credit rating agency Moody’s in Hong Kong. Thiam has championed the AIA takeover — the industry’s biggest — arguing that it gives the 162-year-old British insurer a rare opportunity to grab a commanding presence in Asia, the world’s fastest-growing financial services market. A failure of the deal would also be a blow to AIG boss Robert Benmosche, who wants to use the proceeds of the AIA disposal to repay part of the $132 billion bailout the US insurer received at the height of the financial crisis. Source: Home - Livemint.com | 1 Jun 2010 | 2:58 am BSE Sensex extends losses to 2 pctMUMBAI (Reuters) - The BSE Sensex extended losses to 2 percent in the afternoon trade on Tuesday, amid profit booking, after European markets opened weaker on renewed doubts about the pace of the global economic recovery.Source: Reuters: Money News | 1 Jun 2010 | 2:54 am India to become multi-billion USD PV manufacturing hub: PrasadIndia is poised to become a multi-billion dollar manufacturing hub for photo voltaic (PV) value chain but the main challenge before the industries would be to reduce costs associated with PV manufacturing and installations, a top solar industry official said in Mumbai.Source: HindustanTimes.com - Top Business News Headlines | 1 Jun 2010 | 2:41 am Pru deal near collapse as AIG snubs lower offerLONDON/HONG KONG (Reuters) - Prudential's bid for rival AIG's Asian unit appeared close to collapse after AIG rejected the British insurer's lowered offer of $30.38 billion in cash and shares.Source: Reuters: Money News | 1 Jun 2010 | 2:30 am World stocks, euro fall as growth worries hit riskLONDON (Reuters) - World stocks fell on Tuesday and the euro slipped closer to a four-year low against the dollar as expectations that slowing growth in China and the euro zone would hamper the global economic recovery hit risky assets.Source: Reuters: Money News | 1 Jun 2010 | 2:28 am Sensex plunges over 626 as RIL gives rude joltThe BSE benchmark Sensex tumbled over 626 points at mid-session on Thursday after the most-weighted stock on the index, Reliance Industries, touched a 52-week low for a brief while.Source: India Business News | Business News - Times of India | 1 Jun 2010 | 2:17 am Manufacturing sees fastest growth in two yearsBANGALORE/NEW DELHI (Reuters) - India's manufacturing sector expanded at its fastest rate in more than two years in May, bolstered by steady growth in output, new orders and employment, a survey showed, another sign the country's economy is surging.Source: Reuters: Money News | 1 Jun 2010 | 2:08 am Lanco to tie up Rs 200 bn by Sept for power projects - Economic Times
Source: Business - Google News | 1 Jun 2010 | 2:06 am Magma Fincorp may raise capital at JV level - Moneycontrol.com
Source: Business - Google News | 1 Jun 2010 | 2:05 am AT&T to sell part of Japan ops for $101 mnTokyo: AT&T Inc, the biggest US phone company by revenue, will sell part of its Japanese operations to Internet Initiative Japan for $101 million, the Internet access service provider said on Tuesday. The deal is the latest overseas asset sale by AT&T, which is looking to reduce its footprint in international markets where it faces competition with well-established local players. In April it sold its remaining stake in Indian IT services firm Tech Mahindra. IIJ said it will acquire a new subsidiary to be set up by AT&T to spin off its Japan network outsourcing service business, for ¥9.17 billion ($100.7 million) in cash on 1 September. The business is mainly aimed at corporate clients. AT&T had been looking for a buyer for the business since last year, following a series of acquisitions to bolster its US wireless operations. IIJ, which is owned nearly a quarter by Japanese communications giant Nippon Telegraph and Telephone Corp, raised its earnings forecasts to factor in the expected contribution from the AT&T businesses. IIJ lifted its operating profit forecast for the financial year to March 2011 by 11.6 percent to 4.8 billion yen and its sales forecast by 19% to ¥84.5 billion. Before the announcement, IIJ shares closed down 4.2% at ¥200,500, against a 0.6% fall in the benchmark Nikkei average. Source: World Business - Livemint.com | 1 Jun 2010 | 1:57 am AT&T to sell part of Japan ops for $101 mnTokyo: AT&T Inc, the biggest US phone company by revenue, will sell part of its Japanese operations to Internet Initiative Japan for $101 million, the Internet access service provider said on Tuesday. The deal is the latest overseas asset sale by AT&T, which is looking to reduce its footprint in international markets where it faces competition with well-established local players. In April it sold its remaining stake in Indian IT services firm Tech Mahindra. IIJ said it will acquire a new subsidiary to be set up by AT&T to spin off its Japan network outsourcing service business, for ¥9.17 billion ($100.7 million) in cash on 1 September. The business is mainly aimed at corporate clients. AT&T had been looking for a buyer for the business since last year, following a series of acquisitions to bolster its US wireless operations. IIJ, which is owned nearly a quarter by Japanese communications giant Nippon Telegraph and Telephone Corp, raised its earnings forecasts to factor in the expected contribution from the AT&T businesses. IIJ lifted its operating profit forecast for the financial year to March 2011 by 11.6 percent to 4.8 billion yen and its sales forecast by 19% to ¥84.5 billion. Before the announcement, IIJ shares closed down 4.2% at ¥200,500, against a 0.6% fall in the benchmark Nikkei average. Source: Home - Livemint.com | 1 Jun 2010 | 1:57 am Oil falls towards $73 after Chinese dataLondon: Oil fell towards $73 on Tuesday, erasing earlier gains, after industry data showed Chinese growth had slowed, adding to concerns about global economic recovery. China’s factories scaled back production last month and slowed the pace of hiring, the purchasing managers’ index (PMI) for May showed on Tuesday. US crude for July delivery lost 94 cents to $73.03 per barrel by 12:58pm, after trading above $75 earlier. Prices have dropped 15 percent from an early-May peak. Trade was thin and there was no settlement price on Monday because of the Memorial Day holiday in the United States. The New York Mercantile Exchange will combine Monday’s and Tuesday’s trading sessions into one. ICE Brent crude for July fell more than $1 to a low of $73.30, down $1.35, before recovering a little to around $73.50 by 12:58pm. It touched $68.15 a week ago, the lowest intraday price for a front-month contract since 5 February. China’s PMI, an indicator of factory activity, compiled by the China Federation of Logistics and Purchasing, fell to 53.9 in May from 55.7 in April, close to analysts forecasts of 54.0. However, it stood above the threshold of 50 that demarcates expansion from contraction for the 15th consecutive month. “The Chinese data was not as good as expected and signals slowing growth later this year,” said Eugen Weinberg, commodities analyst at Commerzbank in Frankfurt. “Yesterday’s holiday is also having a bit of an impact on the speed of the move as traders are closing off positions that they could not trade out of over the long weekend,” he added. US crude posted its biggest monthly loss since 2008 in May, losing more than 13% after the European economic crisis raised the prospect of reduced fuel demand. Euro zone economic sentiment unexpectedly fell last month, data showed on Monday, an indication that the region’s debt crisis has begun affecting the real economy. The euro and Asian stocks slid on Tuesday with creeping suspicion that a peak in the recovery has passed and slowing growth in China and Europe in the second half of the year will be obstacles to risky trades. The relative strength index (RSI) for US crude, a chart indicator based on trading volumes that signals whether a price drop or increase has gone too far, has now returned to average levels, suggesting US crude is no longer oversold. Analysts say future oil supply could also be impacted by decisions taken to restrict offshore drilling in the wake of the giant slick from BP’s blown-out Gulf of Mexico well, the worst oil spill in US history. The oil spill may not be shut off until August, US government and BP officials say, as the company begins preparations on a new but uncertain attempt to contain the leaking crude. The environmental catastrophe led the US government to stop issuing new exploratory drilling permits in deep water for six months and declare a ban that effectively idles operations of 33 deepwater exploratory rigs for the same period. Source: Home - Livemint.com | 1 Jun 2010 | 1:43 am Markets extend losses to 1% on global slideMumbai: Indian shares extended losses to 1% in afternoon trade on Tuesday after European markets opened weaker on doubts over the pace of global economic recovery and worries about euro-zone banks facing another wave of write-downs. Energy major Reliance Industries and private sector lender ICICI Bank were among the major losers. At 12.46pm, the 30-share BSE index was trading down 1.02% at 16,772.62 points, with 23 of its components losing. The 50-share NSE index was down 1.24% at 5,023.25. Shares slipped in the morning tracking their Asian peers and on concerns the domestic economy could face challenges in the coming months as the government rolls back stimulus measures and raises rates. Financials led the losses, while automobiles bucked the trend with leading car maker Maruti Suzuki rising as much as 2.9% after it said May car sales were its highest-ever in a month. The main 30-share BSE index was down 0.61% at 16,841.39 by 0457 GMT, with 19 components in red. The wider 50-share NSE Nifty index was down 0.67% at 5,052.20. “High inflation, sluggish private consumption and a softening stimulus are some of the key concerns. Interest rates will also head north though at a gradual pace,” brokerage India Infoline said. Official data on Monday showed the economy grew an annual 8.6% in the March quarter, the fastest pace in six months, thanks to government and consumer spending. Growth is expected to be 8.5% in the current year that started on 1 April, finance minister Pranab Mukherjee said after the data was released. Traders said the forecast was probably optimistic. “That could be a touch ambitious given the emergence of a few headwinds,” India Infoline wrote in a note. Leading private sector lender ICICI Bank fell 1.9%, while mortgage lender Housing Development Finance Corp lost 1.4%. Auto makers rallied. India has been one of the few bright spots for auto sales, helped by improving consumer spending, though rising costs is a concern for the companies. Maruti Suzuki was trading 1.6% higher at Rs1,257, while Mahindra & Mahindra added 0.5% to Rs575.40. Metal stocks Hindalco and Sterlite Industries fell as London copper futures slipped after a bank holiday, and also weighed down by warnings from the European central bank and China about economic recovery. A survey showed India’s manufacturing sector expanded at its fastest rate in more than two years in May, bolstered by steady growth in output, new orders and employment. In the broader market, there were 1,391 gainers for 908 losers on relatively low volume of about 106 million shares. Elsewhere in Asia, stocks fell with creeping suspicion that a peak in the recovery has passed and slowing growth in China and Europe in the second half of the year will be obstacles to risky trades. Source: Home - Livemint.com | 1 Jun 2010 | 1:30 am Asia stocks down on fears of coming slowdownTokyo: The euro and Asian stocks slid on Tuesday with creeping suspicion that a peak in the recovery has passed and slowing growth in China and Europe in the second half of the year will be obstacles to risky trades. After the most volatile month of trading since the wake of Lehman Brothers’ failure in the fall of 2008, investors now focused on pricing in to what extent reduced demand from the more fiscally austere euro zone would hit production in economies like China and South Korea. Dealers brushed aside stronger-than-expected May export growth figures from Korea, which precede the rest of Asia, and solid Australian retail sales, taking more interest in forward-looking manufacturing indexes from China and India. China’s factories scaled back production last month and eased back hiring in response to a critical drop in new orders, an official survey showed on Tuesday. ”The result indicates weakening of momentum in the manufacturing sector and confirms our expectation that GDP growth will slow sharply in Q2 and continue decelerating in Q3,” Dariusz Kowalczyk, chief investment strategist with SJS Markets in Hong Kong, said in a note. The Australian dollar dropped ahead of a Reserve Bank of Australia policy meeting, at which the central bank that had led the way in rolling back stimulus is expected to stay on hold and warn of economic uncertainty because of the euro sovereign debt crisis. Declines in the equity markets were modest, though cyclical sectors such as technology and consumer discretionary appeared more vulnerable to selling pressure. Japan’s Nikkei share average fell 0.6%, with Fast Retailing, which owns the Uniqlo casual-clothing line, leading the index lower. The Nikkei tumbled 11.7% in May, the largest monthly drop since a 23.8% plunge in October 2008. The MSCI index of Asia Pacific ex-Japan stocks, which has been underperforming world equity markets so far this year, slipped 0.6 percent, with the IT sector the biggest drag. US stock futures were down 0.6% after a long holiday weekend in the United States and Britain. There were more than enough reasons to keep winding down portfolio risk, especially after the European Central Bank warned overnight of a ”second wave” of writedowns at lenders of up to 195 billion euros. The euro was down 0.4% to $1.2260, about a cent away from a four-year low hit against the dollar last month. The currency is down 14% so far this year. Traders were not in a mood to sell Treasuries or gold, with risk reduction still the order of the day. The benchmark yield on the US 10-year note was at 3.30%, down around 50 basis points since the end of March when fears about Europe’s fiscal health really picked up. Gold climbed 0.5 percent to $1,220 an ounce, having rebounded about $45 in the last week. Source: Home - Livemint.com | 1 Jun 2010 | 1:18 am National Australia Bank, AXA extend takeover talksThe six-week extension, expected by investors, will let NAB propose changes, including asset sales to gain the approval of the Australian competition regulator.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 12:56 am Manufacturing sector in May hits 27-month highBangalore: India’s manufacturing sector expanded at its fastest rate in more than two years in May, bolstered by steady growth in output, new orders and employment, a survey showed on Tuesday. The HSBC Markit Purchasing Managers’ Index (PMI), based on a survey of 500 firms, surged to a 27-month high of 59.0 from 57.2 in April. It was the 14th consecutive month that the indicator has been above the 50 mark that divides growth from contraction. The rate of growth had slowed in March and April. The latest figure underlines considerable strength in the economy, which grew 8.6% in the March quarter, the strongest in six months, according to data released on Monday. “The Indian economy is hardly pausing for breath,” said Frederic Neumann, co-head of Asian Economics Research at HSBC. “Output growth remains at a robust pace and new orders continue to pour in. This is benefiting the job market as more and more firms are hiring,” he added. The new orders index climbed to 63.7 in May from 61.9 in April, primarily driven by strong domestic demand, according to the PMI report. It was the 14th consecutive month when new orders expanded. The robust growth seen by Indian manufacturers helped push the employment index to its highest reading since August 2005, signalling modest job creation across the economy. The latest survey also showed five-year series highs in the backlogs of work index and stocks of raw materials, boosted by strong demand from both public and private sectors. While all the figures point to a sharp improvement in business conditions, resulting price pressures might be a cause for concern as Asia’s third-largest economy continues to battle stubbornly high inflation. Wholesale prices, the Reserve Bank of India’s most closely watched gauge of inflation, eased slightly in April to 9.6%, but are not far from 10.1% seen in February, which was the highest since October 2008. Latest food and fuel inflation, however, has remained in the double digits. “Price pressures remain elevated and are of concern. However, the recent readings point to a stabilization of price pressures, with both the input and the output price indices easing back a little in May,” Neumann said. India’s central bank has raised interest rates by 50 basis points since mid-March to curb mounting price pressures and is expected to deliver another 25 bps hike at its policy review in late July, though some market watchers believe worries about Europe’s sovereign debt problems could slow the pace of further increases in the near term. Source: Home - Livemint.com | 1 Jun 2010 | 12:51 am Rourkela Steel Plant to have an ERP centreThe Enterprise Resource Planning centre-1 is scheduled to be inaugurated tomorrow and the system would go live from April, 2011.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 12:48 am Hero Honda sales jump 14% in May to 3.7 lakh unitsNew Delhi: Country’s largest two-wheeler maker Hero Honda on Tuesday reported its highest monthly sales ever at 4,35,933 units in May, registering 13.92% increase over the same month last year. In a statement, Hero Honda said that it had sold 3,82,678 units in May last year. The previous highest monthly sales record at 4,15,137 units was set in August 2009, the statement said. Besides, for the 17th consecutive time, the company recorded more than three lakh dispatch sales in a single month. “The 14% growth in May is very satisfying, coming as it does over the high base of our sales last year. We have had significant contribution from all segments resulting in this achievement,” Hero Honda Motors senior vice president (marketing and sales) Anil Dua said. The company’s scooter ‘Pleasure´ recorded sales of over 24,000 units last month, he added. Source: Home - Livemint.com | 1 Jun 2010 | 12:47 am Exports expand 36.2% in April; Imports up 43.3%Continuing its growth momentum for the sixth consecutive month, India's exports grew by a staggering 36.2 per cent in April to USD 16.88 billion, government data showed today.Source: HindustanTimes.com - Top Business News Headlines | 1 Jun 2010 | 12:42 am Prudential HK shares up 4% after AIG snubs offerHong Kong: The Hong Kong-listed shares of UK insurer Prudential rose 4.1% on Tuesday after US insurer AIG announced that it would not accept a revised takeover offer for its Asian life insurance group. The stock jumped HK$2.5 to HK$64, the highest level since it was listed in Hong Kong on 25 May, reversing a morning loss of 1%. Prudential, which had wanted to cut the deal’s value to $30.38 billion, said in a statement that it noted AIG’s announcement and was considering its position. Source: World Business - Livemint.com | 1 Jun 2010 | 12:34 am Prudential HK shares up 4% after AIG snubs offerHong Kong: The Hong Kong-listed shares of UK insurer Prudential rose 4.1% on Tuesday after US insurer AIG announced that it would not accept a revised takeover offer for its Asian life insurance group. The stock jumped HK$2.5 to HK$64, the highest level since it was listed in Hong Kong on 25 May, reversing a morning loss of 1%. Prudential, which had wanted to cut the deal’s value to $30.38 billion, said in a statement that it noted AIG’s announcement and was considering its position. Source: Home - Livemint.com | 1 Jun 2010 | 12:34 am Maruti sales top 100000 a month for first time - Times of India
Source: Business - Google News | 1 Jun 2010 | 12:29 am Maruti sales top 100,000 a month for first timePassenger car major Maruti Suzuki today reported a 27.9 per cent jump in sales for May at 102,175 units compared to 79,872 vehicles it sold in the year-ago period.Source: HindustanTimes.com - Top Business News Headlines | 1 Jun 2010 | 12:22 am AIG says will stick to original deal with PrudentialPrudential is seeking $21 billion from investors to part fund the transaction, the biggest-ever rights offer by a British company.Source: Daily News & Analysis: Money News | 1 Jun 2010 | 12:22 am Relief for Gulf is two months away with another wellNew Orleans: The best hope for stopping the flow of oil from the blown-out well at the bottom of the Gulf of Mexico has been compared to hitting a target the size of a dinner plate with a drill more than two miles (3.2 kilometers) into the earth, and is anything but a sure bet on the first attempt. Bid after bid has failed to stanch what has already become the worst-ever US oil spill, and BP PLC is readying another patchwork attempt as early as Wednesday, this one a cut-and-cap process to put a lid on the leaking wellhead so oil can be siphoned to the surface. BP said Monday it was also planning further containment efforts to supplement this week’s try. But the best-case scenario of sealing the leak is two relief wells being drilled diagonally into the gushing well — tricky business that won’t be ready until August. “The probability of them hitting it on the very first shot is virtually nil,” said David Rensink, incoming president of the American Association of Petroleum Geologists, who spent most of his 39 years in the oil industry in offshore exploration. “If they get it on the first three or four shots they’d be very lucky.” The relief well drilling and temporary fixes were being watched closely by President Barack Obama, who planned to meet for the first time Tuesday with the co-chairmen of an independent commission investigating the spill. A senior administration official said the meeting will take place at the White House. The official spoke on condition of anonymity because the meeting had not been formally announced. For the relief well to succeed, the bore hole must precisely intersect the damaged well. If it misses, BP will have to back up its drill, plug the hole it just created, and try again. The trial-and-error process could take weeks, but it will eventually work, scientists and BP said. Then engineers will pump mud and cement through pipes to ultimately seal the well. As the drilling reaches deeper into the earth, the process is slowed by building pressure and the increasing distance that well casings must travel before they can be set in place. Still, the three months it could take to finish the relief wells — the first of which started 2 May — is quicker than a typical deep well, which can take four months or longer, said Tad Patzek, chair of the Petroleum and Geosystems Engineering Department at the University of Texas-Austin. BP already has a good picture of the different layers of sand and rock its drill bits will meet because of the work it did on the blown-out well. On the slim chance the relief well doesn’t work, scientists weren’t sure exactly how much — or how long — the oil would flow. The gusher would continue until the well bore hole collapsed or pressure in the reservoir dropped to a point where oil was no longer pushed to the surface, Patzek said. “I don’t admit the possibility of it not working,” he said. A third well could be drilled if the first two fail. “We don’t know how much oil is down there, and hopefully we’ll never know when the relief wells work,” BP spokesman John Curry said. The company was starting to collect and analyze data on how much oil might be in the reservoir when the rig exploded 20 April, he said. BP’s uncertainty statement is reasonable, given they only had drilled one well, according to Doug Rader, an ocean scientist with the Environmental Defense Fund. Two relief wells stopped the world’s worst peacetime spill, from a Mexican rig called Ixtoc 1 that dumped 140 million gallons (530 million liters) off the Yucatan Peninsula. That plug took nearly 10 months beginning in the summer of 1979. Drilling technology has vastly improved since then, however. So far, the Gulf oil spill has leaked between 19.7 million gallons (74.6 million liters) and 43 million gallons (162.8 million liters), according to government estimates. In the meantime, BP is turning to another risky procedure federal officials acknowledge will likely, at least temporarily, cause 20% more oil — at least 100,000 gallons (380,000 liters) a day — to add to the gusher. Using robot submarines, BP plans to cut away the riser pipe this week and place a cap-like containment valve over the blowout preventer. On Monday, live video feeds showed robot submarines moving equipment around and using a circular saw-like device to cut small pipes at the bottom of the Gulf. The crews will eventually cut the leaking riser and place the cap on top of it, the company hopes it will capture the majority of the oil, sending it to the surface. “If you’ve got to cut that riser, that’s risky. You could take a bad situation and make it worse,” said Ed Overton, a Louisiana State University professor of environmental sciences. The oil company also announced plans Monday to try attaching another pipe to a separate opening on the blowout preventer with some of the same equipment used to pump in mud during the failed top kill procedure over the weekend. The company also wants to build a new free-standing riser to carry oil toward the surface, which would give it more flexibility to disconnect and then reconnect containment pipes if a hurricane passed through. Neither of those plans would start before mid-June and would supplement the cut-and-cap effort. BP failed to plug the leak Saturday with its top kill, which shot mud and pieces of rubber into the well but couldn’t beat back the pressure of the oil. Meanwhile, the location of the spill couldn’t be worse. To the south lies an essential spawning ground for imperiled Atlantic bluefin tuna and sperm whales. To the east and west, coral reefs and the coastal fisheries of Florida, Alabama, Mississippi and Texas. And to the north, Louisiana’s coastal marshes. More than 125 miles (200 kilometers of Louisiana coastline already have been hit with oil. “It’s just killing us by degrees,” said Tulane University ecologist Tom Sherry. It’s an area that historically has been something of a superhighway for hurricanes, too. If a major storm rolls in, the relief well operations would have to be suspended and then re-started, adding more time to the process. Plugging the Ixtoc was also hampered by hurricane season, which begins Tuesday and is predicted to be very active. Three of the worst storms ever to hit the Gulf coast _ Betsy in 1965, Camille in 1969 and Katrina in 2005 — all passed over the leak site. On the Gulf coast beaches, tropical weather was far from some tourists’ minds. On Biloxi beach, Paul Dawa and his friend Ezekial Momgeri sipped Coronas after a night gambling at the Hard Rock Casino. Both men, originally from Kenya, drove from Memphis, Tennessee, and were chased off the beach by a storm, not oil. “We talked about it and we decided to come down and see for ourselves” whether there was oil, Momgeri said. “There’s no oil here.” Though some tar balls have been found on Mississippi and Alabama barrier islands, oil from the spill has not significantly fouled the shores. Still, the perception that it has soiled white sands and fishing areas threatens to cripple the tourist economy, said Linda Hornsby, executive director of the Mississippi Hotel and Lodging Association Attorney General Eric Holder plans to visit the Gulf Coast on Tuesday and meet with state attorneys general and U.S. prosecutors. Several senators have asked the Justice Department to determine whether any laws were broken in the spill. Source: LatestNews-Home - Livemint.com | 1 Jun 2010 | 12:19 am Maruti sales top 100,000 a month for first timePassenger car major Maruti Suzuki on Tuesday reported a 27.9% jump in sales for May at 102,175 units compared to 79,872 vehicles it sold in the year-ago period.Source: India Business News | Business News - Times of India | 1 Jun 2010 | 12:15 am Consumption steers midcaps; margin woes loomMUMBAI/NEW DELHI (Reuters) - As a revival in consumption put steam back into the performance of Indian companies in the fourth quarter, with most reporting double-digit growth in earnings, challenges remain in upcoming quarters in the form of rising costs that could crimp margins.Source: Reuters: Money News | 1 Jun 2010 | 12:01 am Farm sector is key to 8-8.5% growth this fiscalThe economy could grow between 8 and 8.5 per cent in 2010-11, but much will depend on how agriculture performs in 2010-11, says Dr C. Rangarajan, Chairman of the Prime Minister's Economic AdvisorySource: Business Line - Home Page | 1 Jun 2010 | 12:00 am Commerce Ministry seeks interest sop for all struggling exportersCiting the likelihood of rising interest rates, the Commerce Ministry wants the Finance Ministry to extend the interest subsidy of 2 per cent on pre- and post-shipment export credit to all the struggling exportSource: Business Line - Home Page | 1 Jun 2010 | 12:00 am 2009-10 turns out not all that bad for farm sectorThe year 2009-10 was supposedly a bad year for Indian agriculture, given the worst ever monsoon sinceSource: Business Line - Home Page | 1 Jun 2010 | 12:00 am At 7.4%, GDP growth beats forecasts for 2009-10Aided by a spectacular performance by industry and services, the Indian economy grew 8.6 per cent during January-March 2010.Source: Business Line - Home Page | 1 Jun 2010 | 12:00 am Sahara again, for the Men in BlueThe Sahara group has retained the sponsorship rights for the Indian men's cricket team for the next three years, paying 25-30 per cent more than it did the last time round to the Board of Control for Cricket in IndiaSource: Business Line - Home Page | 1 Jun 2010 | 12:00 am Companies ride World Cup wave to score with employees, clientsConsumer retail and marketing initiatives around big sporting events are not new, but sports is also increasingly being seen as a vehicle to engage with employees and business partners. While brands such as Adidas and Samsung are looking to scoreSource: Business Line - Home Page | 1 Jun 2010 | 12:00 am Berger Paints India (Rs 68.6): BuyWe recommend a buy in the stock of Berger Paints India, from a short-term trading perspective. It is evident from the charts that the stock has been on a long-term uptrend, forming higher peaks and troughs from its October 2008 low of Rs 25.7.Source: Business Line - Home Page | 1 Jun 2010 | 12:00 am Call rates cross 5%The liquidity crunch in the banking system arising from telecom companies' payments to buy spectrum to roll out third generation mobile services, showed in the inter-bank money market, with call money rates rising to cross 5 per cent as againstSource: Business Line - Home Page | 1 Jun 2010 | 12:00 am Apollo tyres roll into Europe todayCome tomorrow, India's largest truck-bus tyre maker will launch its three home-grown passenger car tyre brands – Amazer 3G, Acelere, Aspire – and the Hawkz range of SUV tyres in the competitive after-sales European markets of Germany,Source: Business Line - Home Page | 1 Jun 2010 | 12:00 am Day Trading GuideFresh long position is recommended only if DLF surges above Rs 283 with fixedSource: Business Line - Home Page | 1 Jun 2010 | 12:00 am UN calls for probe of Israeli attack, civilians’ releaseUnited Nations: The UN Security Council called Tuesday for an impartial investigation into the Israeli attack against a flotilla carrying humanitarian aid to Gaza, and the immediate release of all civilians. The statement, which came at the end of an emergency session that lasted more than 12 hours, condemned “those acts which resulted in the loss of at least 10 civilians and many wounded.” “The Security Council took note of the statement of the UN secretary general on the need to have a full investigation into the matter and it calls for a prompt, impartial, credible and transparent investigation conforming to international standards,” the statement said. Israeli commandos carried out the raid in international waters on a convoy of vessels with activists from a variety of countries bringing food and medical supplies to Gaza. The Security Council requested the immediate release of all ships and civilians held by Israel. Israeli public radio earlier reported that Israel would hold 480 of the activists and expel 48 others. “The Council urges Israel to permit full consular access, to allow the countries concerned to retrieve their deceased and wounded immediately and to ensure the delivery of the humanitarian assistance from the convoy to its destination,” it said. In the statement, Mexican Ambassador Claude Heller, the council’s current president, said the council reiterated its grave concern over the humanitarian situation in Gaza, which it said was “not sustainable.” It stressed the need for “sustained and regular flow of goods and people to Gaza as well as unimpeded provision and distribution of humanitarian assistance throughout Gaza.” Emphasizing that the only viable solution to the Israeli-Palestinian conflict was a two state solution, the statement expressed concern that the incident occurred at a time when indirect talks were underway between the sides. It urged the parties “to act with restraint, avoiding any unilateral and provocative actions, and all international partners to promote an atmosphere of cooperation between the parties and throughout the region.” Source: LatestNews-Home - Livemint.com | 31 May 2010 | 11:59 pm No plan to acquire regional bank, says Axis BankPrivate sector lender Axis Bank, on Monday, said it has no plan to acquire any regional bank.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 11:54 pm Congress go-ahead for yatra: JaganmohanNew Delhi: In the eye of a storm ever since he defied the high command, Congress MP Y S Jaganmohan Reddy on Tuesday claimed the party has given the “go-ahead” to him to continue with his tour of Telangana region and that all issues have been sorted out. After meeting law minister Veerappa Moily, the 37-year-old MP from Kadapa in Andhra Pradesh, said he would continue with his yatra. Jaganmohan said he had told Moily that the yatra was apolitical and aimed at visiting the families of those who had died of shock or had allegedly committed suicide after hearing the news of his father Y S Rajasekhara Reddy’s death. “He (Moily) has given a go-ahead. He told me to go and continue with whatever I am doing. In fact, this tour of mine was widely appreciated by him and he had given a very clear indication to go ahead and do what I am supposed to be doing,” he told reporters after the 20-minute meeting with Moily. The Congress MP also said Moily, who is also the in-charge of party affairs in Andhra Pradesh, greeted him with a smile and blessed him. “When I went inside, he (Moily) greeted me with a smile and then he blessed me (for continuing with the yatra),” he said in Telugu. Asked whether the misunderstanding with the high command has been sorted out, he said everything has been cleared and sorted out. “If at all you call it a misunderstanding, things are now under....everything is clear and sorted out,” he said. Asked whether he would meet finance minister Pranab Mukherjee, whom he could not meet on Monday, Jaganmohan said: “As far as the meeting with Pranab Mukherjee is concerned, Moily told me that he will brief him.” Jaganmohan had defied the party high command’s directive and gone ahead with his tour of the sensitive Telangana region on Friday last. However, he was forced to abandon the yatra after violence erupted in Mahaboobabad town in Warangal district, the hotbed of the separate state agitation. Jaganmohan said he would embark on his yatra to Srikakulam in coastal Andhra Pradesh from 8 June and he would also tour the Telangana region to console the families after the by-elections are held in the sensitive region. Sources said Jaganmohan told Moily that his yatra was apolitical in nature and he was undertaking the tour as the son of Y S Rajasekhara Reddy and not as a Congress MP. They said he also conveyed to Moily his desire to continue with the yatra in Srikakulam as planned on8 June. He had yesterday met Ahmed Patel, Congress President Sonia Gandhi’s political adviser, and explained under what circumstances he went ahead with the yatra. The MP had yesterday told reporters that he would go ahead with his yatra as planned and there was no question of abandoning it. “If I abandon, I cease to be the son of my father,” he had said. Jaganmohan had yesterday said he was even ready to quit if anyone proved that he “politicized” his previous tours. “Never ever I had made a single political statement. You can recall the tapes and if you can prove that even in one meeting in Khammam district in Telangana that I have politicised (the yatra) I am ready to go to any extent even I am ready to resign,” he had said yesterday. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 11:48 pm India-US talks to focus on Afghanistan, economic tiesNew Delhi: India and the United States open high-level talks this week, hoping to cement gains in a partnership still bedeviled by doubts despite vows of deeper political and economic cooperation. Indian concerns focus on growing US ties with its arch-rival Pakistan — a key player in the US-led war in Afghanistan — while US officials will likely press for more progress in opening India’s huge market to US companies in the energy, retail and education sectors. Secretary of State Hillary Clinton and Indian external affairs minister S.M. Krishna will each lead large government teams to the Washington meetings, which begin in earnest on Wednesday and move into high gear on Thursday. US officials have repeatedly sought to reassure India that the bilateral relationship — which blossomed under former president George W. Bush — remains on the fast track under his successor, President Barack Obama. Indian Prime Minister Manmohan Singh was Obama’s first official state visitor in November, and Obama plans his own return visit to New Delhi later this year. “India matters to the United States because it’s the world’s largest democracy,” Assistant Secretary of State Robert Blake, the Obama administration’s lead diplomat for India, told a news briefing. “It has the world’s second fastest growing economy and an economy that is a very important source of exports for United States companies, and also because it is an increasingly important partner for the United States in addressing common global concerns.” US officials cite progress on climate change, Iran and intelligence-sharing as hallmarks of the new cooperation. But the partnership has come under strain in Afghanistan, where India is jostling with Pakistan for influence ahead of Washington’s planned troop withdrawal to start in mid-2011. The Obama administration has sent mixed signals over the role India should play in Afghanistan, leaving diplomats to beat back Indian fears that Pakistan’s strategic interests could have more weight. Analysts say these doubts point to a broader uncertainty over how the two giant democracies will move forward. “Be it Iran, Pakistan, terrorism or nuclear issues, Washington had still not been able to figure out if India was part of the problem or solution,” Uday Bhaskar of New Delhi-based think tank National Maritime Foundation. “There is a sense of drift on both sides.” Economic Frustrations From the US perspective, there is frustration over the slow pace of major economic initiatives, including full implementation of a 2008 civilian nuclear cooperation deal that ended India’s nuclear isolation since its 1974 atomic test. US officials estimate the agreement could represent a $10 billion jackpot for US reactor builders such as General Electric Co and Westinghouse Electric Co, a subsidiary of Japan’s Toshiba Corp. But while Singh said in November he saw no hurdles to full implementation of the deal, moves to set in place the legal framework have been slow and look likely to encounter further delay in India’s parliament. Also moving slowly are Indian proposals to open up its $450 billion retail sector — of huge interest to companies such as Wal-Mart Stores — and to allow foreign universities to set up Indian campuses, a focus for top-tier US schools. US defense giants Lockheed Martin Corp and Boeing Co are watching hints that India may liberalize foreign direct investment in its defense equipment market, which could be worth $100 billion over the next 10 years. Both companies are already bidding in India’s $11 billion tender for 126 new fighter jets, which itself would be one of the largest arms deals in the world. Political analysts say the economic payoffs may come eventually, but that the United States is learning it must be patient as India works at its own pace. “There is considerable frustration,” said Ashley Tellis, an India expert at the Carnegie Endowment think-tank. “We don’t understand the dynamics of domestic Indian politics. My sense is that we will get what we want eventually, but it will never be in the first iteration.” Source: LatestNews-Home - Livemint.com | 31 May 2010 | 11:28 pm Amway CEOs talk global growth, fathers’ lessonsNew York: Steve Van Andel was a child when his father, Jay, started direct selling giant Amway with childhood friend Richard DeVos in 1959. Doug DeVos, Richard’s youngest son, wasn’t even born yet. Both men grew up watching — and then helping — their fathers run the business, which hit $8.4 billion in revenue in 2009. It relies on a network of independent salespeople to sell its products, which include vitamins, cosmetics and cleaning products, and recruit other salespeople. Now the men, as co-CEOs, are pushing hard to build on the company’s rapid overseas growth (China is already its biggest market), and improve its image at home with a national advertising campaign. Business is changing as Amway, based in Ada, Michigan, expands. Chinese laws on direct selling required it to set up storefronts for the first time. The storefronts worked so well, Amway plans to export the idea elsewhere, though it still doesn’t plan to put its products, such as Nutralite vitamins and Artistry cosmetics, in traditional retailers like Wal-Mart. The company is airing national TV commercials at home to reintroduce shoppers and potential sellers to Amway. Its reputation has suffered over the years over accusations that it recruits salespeople by selling them unrealistically big dreams and makes money by selling sales training materials and seminars, rather than products. The Federal Trade Commission concluded it was not an illegal pyramid scheme after years of investigation in the 1970s. Amway says the average US seller makes $115 a month. It also says the vast majority of its revenue is from sales of its products. The company dropped the Amway name in 2000 in the US and Canada, and instead went by Quixtar. But as its 50th anniversary approached, it decided to revive its original name, short for “American Way.” The rebranding came after DeVos’ older brother Dick spent more than $35 million of his own money on an unsuccessful bid for governor of Michigan as a Republican in 2006. The family is a major Republican donor, and in the 2008 election cycle, Doug, his sister-in-law Betsy and other family members donated more than $25,000 each to the Republican National Committee. Van Andel, 54, and DeVos, 45, spoke with The Associated Press about Amway’s future and lessons from the past. Where are you focusing as you expand around the world? Van Andel: We certainly spend time in Asia, but part of that is for the future as well. ... Our business is based on people and how many people there are. Well, there’s a lot of people in India and there’s a lot of people in China. But we’ve also shifted gears a little bit, too, because over the past couple of decades ... our focus has been on geographic expansion. (At) the end of the ’80s, the beginning of the ’90s, we were 70% US business. We’ve now flipped that to a point where we’re in 80 markets and territories and 90 percent of our business is outside the US We’re available to most of the world’s population, so now we’ve got to take a look at the markets we’re in and try to figure out how to get better market share. How does the business differ in the emerging markets? Van Andel: In India, we recognized that our regular product, our bottle of soap, was way too expensive for people to buy there. So we had to figure out a different way to do it. We now sell products in little sachets that are (single-use) or just a couple of (uses). ... It’s right along the lines of what they can spend on a weekly basis. They have a very difficult time spending that much on a large bottle of soap. That whole concept of sachets — we’ve taken from India and started using them all over the world. Some places like South Africa, they need it for the same reasons. Other places like (the US), we use them for samples. How does a recession affect your business? Van Andel: When the economy turns down, we tend to find two things. ... Order size tends to shrink. That’s exactly what’s happened a little bit. On the other hand, when people are looking for a different income, we tend to get more people coming into the business ... so they tend to offset each other. Sometimes it offsets enough. Sometimes it doesn’t quite offset enough. But that dynamic is happening right now. What lessons did your fathers teach you? Devos: It was always them together, and when they had a challenge in business it was always, ’We’re never going to blame each other, and we’re never going to say I told you so.’ So they taught us to work together in a spirit of partnership that stands the test of time. ... If anything goes wrong we’re going to fix it together and even if we disagree we’re going to work through it together. Was there pressure to join the family business? Van Andel: From my father’s standpoint it was always, ’I want you to do what you want to do, and if you’d like to go into the business, I fully support that. ... I’ll help you do whatever it is you want to do, but if you end up in the business it’s because it’s what you as a person want to do.’ So having that it was no pressure was wonderful. What advice do you have for entrepreneurs? Van Andel: The best advice is don’t give up. Stick with it. ... Sometimes it looks like things are starting to fall apart and close down. But if you stick with it, ultimately you’ll find a way through. Do either of you have any plans to run for office? Van Andel: Too much going on in the business. Devos: We really like Amway. Source: Home - Livemint.com | 31 May 2010 | 11:27 pm Amway CEOs talk global growth, fathers’ lessonsNew York: Steve Van Andel was a child when his father, Jay, started direct selling giant Amway with childhood friend Richard DeVos in 1959. Doug DeVos, Richard’s youngest son, wasn’t even born yet. Both men grew up watching — and then helping — their fathers run the business, which hit $8.4 billion in revenue in 2009. It relies on a network of independent salespeople to sell its products, which include vitamins, cosmetics and cleaning products, and recruit other salespeople. Now the men, as co-CEOs, are pushing hard to build on the company’s rapid overseas growth (China is already its biggest market), and improve its image at home with a national advertising campaign. Business is changing as Amway, based in Ada, Michigan, expands. Chinese laws on direct selling required it to set up storefronts for the first time. The storefronts worked so well, Amway plans to export the idea elsewhere, though it still doesn’t plan to put its products, such as Nutralite vitamins and Artistry cosmetics, in traditional retailers like Wal-Mart. The company is airing national TV commercials at home to reintroduce shoppers and potential sellers to Amway. Its reputation has suffered over the years over accusations that it recruits salespeople by selling them unrealistically big dreams and makes money by selling sales training materials and seminars, rather than products. The Federal Trade Commission concluded it was not an illegal pyramid scheme after years of investigation in the 1970s. Amway says the average US seller makes $115 a month. It also says the vast majority of its revenue is from sales of its products. The company dropped the Amway name in 2000 in the US and Canada, and instead went by Quixtar. But as its 50th anniversary approached, it decided to revive its original name, short for “American Way.” The rebranding came after DeVos’ older brother Dick spent more than $35 million of his own money on an unsuccessful bid for governor of Michigan as a Republican in 2006. The family is a major Republican donor, and in the 2008 election cycle, Doug, his sister-in-law Betsy and other family members donated more than $25,000 each to the Republican National Committee. Van Andel, 54, and DeVos, 45, spoke with The Associated Press about Amway’s future and lessons from the past. Where are you focusing as you expand around the world? Van Andel: We certainly spend time in Asia, but part of that is for the future as well. ... Our business is based on people and how many people there are. Well, there’s a lot of people in India and there’s a lot of people in China. But we’ve also shifted gears a little bit, too, because over the past couple of decades ... our focus has been on geographic expansion. (At) the end of the ’80s, the beginning of the ’90s, we were 70% US business. We’ve now flipped that to a point where we’re in 80 markets and territories and 90 percent of our business is outside the US We’re available to most of the world’s population, so now we’ve got to take a look at the markets we’re in and try to figure out how to get better market share. How does the business differ in the emerging markets? Van Andel: In India, we recognized that our regular product, our bottle of soap, was way too expensive for people to buy there. So we had to figure out a different way to do it. We now sell products in little sachets that are (single-use) or just a couple of (uses). ... It’s right along the lines of what they can spend on a weekly basis. They have a very difficult time spending that much on a large bottle of soap. That whole concept of sachets — we’ve taken from India and started using them all over the world. Some places like South Africa, they need it for the same reasons. Other places like (the US), we use them for samples. How does a recession affect your business? Van Andel: When the economy turns down, we tend to find two things. ... Order size tends to shrink. That’s exactly what’s happened a little bit. On the other hand, when people are looking for a different income, we tend to get more people coming into the business ... so they tend to offset each other. Sometimes it offsets enough. Sometimes it doesn’t quite offset enough. But that dynamic is happening right now. What lessons did your fathers teach you? Devos: It was always them together, and when they had a challenge in business it was always, ’We’re never going to blame each other, and we’re never going to say I told you so.’ So they taught us to work together in a spirit of partnership that stands the test of time. ... If anything goes wrong we’re going to fix it together and even if we disagree we’re going to work through it together. Was there pressure to join the family business? Van Andel: From my father’s standpoint it was always, ’I want you to do what you want to do, and if you’d like to go into the business, I fully support that. ... I’ll help you do whatever it is you want to do, but if you end up in the business it’s because it’s what you as a person want to do.’ So having that it was no pressure was wonderful. What advice do you have for entrepreneurs? Van Andel: The best advice is don’t give up. Stick with it. ... Sometimes it looks like things are starting to fall apart and close down. But if you stick with it, ultimately you’ll find a way through. Do either of you have any plans to run for office? Van Andel: Too much going on in the business. Devos: We really like Amway. Source: World Business - Livemint.com | 31 May 2010 | 11:27 pm MTN, Reliance Communications May Restart Merger Talk, Times Says - Bloomberg
Source: Business - Google News | 31 May 2010 | 11:22 pm Sensex plunges over 626 as RIL gives rude joltBSE's Sensex tumbled over 626 points at mid-session today after the most-weighted stock on the index, Reliance Industries, touched a 52-week low for a brief while.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 10:45 pm 4G wireless: It’s fast, but outstripped by hypeNew York: Mobile phone companies are about to barrage consumers with advertising for the next advance in wireless network technology: “4G” access. The companies are promising faster speeds and the thrill of being the first on the block to use a new acronym. But there’s less to 4G than meets the eye, and there’s little reason for people to scramble for it, at least for the next few years. Sprint Nextel Corp. is the first carrier to beat the drum for fourth-generation wireless technology. It’s releasing its first 4G phone, the EVO, on 4 June. In the fall, Verizon Wireless will be firing up its 4G network in 25 to 30 cities, and probably will make a big deal of that. A smaller provider, MetroPCS Communications Inc., is scheduled to introduce its first 4G phone around the same time. So what is 4G? Broadly speaking, it’s a new way to use the airwaves, designed from the start for the transmission of data rather than phone calls. To do that, it borrows aspects of the latest generation of Wi-Fi, the short-range wireless technology. For consumers, 4G means, in the ideal case, faster access to data. For instance, streaming video might work better, with less stuttering and higher resolution. Videoconferencing is difficult on 3G and might work better on 4G. Multiplayer video games may benefit too. Other than that, it’s difficult to point to completely new uses for 4G phones — things they can do that 3G phones can’t. Instead, the upgrade to 4G is more likely to enhance the things you can already do with 3G, said Matt Carter, president of Sprint’s 4G division. “View it as the difference between watching regular TV and high-definition TV,” Carter said. “Once you’ve experienced high-definition TV it’s hard to go back to standard TV. It’s the same sort of thing here.” So the improvement from 3G to 4G is not as dramatic as the step from 2G to 3G, which for the first time made real Web browsing, video and music downloads practical on phones. The introduction of 3G started in earnest about five years ago, but it isn’t complete — AT&T Inc. and T-Mobile USA still have little rural 3G coverage, for instance. There’s an important caveat to the claim that 4G will be faster, as well. It will definitely be faster than the 3G networks of Sprint and Verizon Wireless — about four times faster, initially. But the other two US carriers, AT&T and T-Mobile, are upgrading their 3G networks to offer data-transfer speeds that will actually be higher than the speeds 4G networks will reach this year or next. That means that rather than focusing on real speeds, Sprint and Verizon will try to frame their marketing around the “4G” term, said Dan Hays, who focuses on telecommunications at management consulting firm PRTM. “It’s a terrible story from a consumer standpoint, because it’s tremendously confusing,” he said. AT&T and T-Mobile are able to upgrade their 3G networks because they use a different 3G technology than Verizon and Sprint, which have maxed out their 3G speeds. Taking the step to 4G is natural for Verizon and Sprint, especially because they have new chunks of the radio spectrum that they want to take advantage of. The fact that Verizon Wireless and Sprint are adding fresh spectrum may be more important than the fact that they are using it for 4G service. No matter if used for 4G or 3G, new spectrum means the companies can accommodate more data-hungry devices such as smart phones. AT&T’s network is already staggering under data congestion caused by the iPhone in New York and San Francisco. The carrier has made relieving the congestion a top priority this year, and its 3G upgrades are part of that process. (As an aside, there is a lot of talk of a coming “iPhone 4G.” Apple Inc. will most likely release the fourth generation of the iPhone for AT&T’s network this summer, but it’s virtually certain that it will not be able to use a 4G wireless network. It likely won’t be called the “iPhone 4G” either.) There’s another, more subtle benefit to 4G. While it’s not always faster than the best 3G when it comes to helping you download a big file in less time, it is definitely faster in the sense that it takes less time to initiate the flow of data to you. What that means is that 4G is faster for quick back-and-forth communications. You wouldn’t notice this when surfing the Web or doing e-mail: We’re talking delays of 0.03 second rather than 0.15 second. But it could mean that 4G will work better for multiplayer gaming, where split-second timing is important. Even phone calls could benefit from shorter audio delays. Sprint and Verizon are taking different routes in 4G. Sprint owns a majority of Clearwire Corp., which is building a network using WiMax technology. Once seen as very promising, WiMax looks set to be a niche technology, and WiMax devices like the Sprint EVO phone won’t be able to use networks built using the dominant 4G standard, called LTE, for Long Term Evolution. Verizon and MetroPCS plan to use LTE, as does AT&T, starting next year. T-Mobile says it will probably use LTE eventually. Even Sprint hasn’t ruled out using LTE eventually, because the technology has huge momentum. In five years or so, many phones are likely to have 4G capabilities, but they’ll complement it with 3G. Rather than a sudden revolution, consumers are likely to experience a gradual transition to the new technology, with increasing speeds. But for now, 4G is no magic bullet. “It’s an important thing for the industry,” said Bill Davidson, senior vice president of marketing and investor relations at wireless technology developer Qualcomm Inc. “It’s absolutely needed. ... But I just think some of this has gotten a bit ahead of itself in terms of expectations for consumers.” Source: Tech News - Livemint.com | 31 May 2010 | 10:31 pm 4G wireless: It’s fast, but outstripped by hypeNew York: Mobile phone companies are about to barrage consumers with advertising for the next advance in wireless network technology: “4G” access. The companies are promising faster speeds and the thrill of being the first on the block to use a new acronym. But there’s less to 4G than meets the eye, and there’s little reason for people to scramble for it, at least for the next few years. Sprint Nextel Corp. is the first carrier to beat the drum for fourth-generation wireless technology. It’s releasing its first 4G phone, the EVO, on 4 June. In the fall, Verizon Wireless will be firing up its 4G network in 25 to 30 cities, and probably will make a big deal of that. A smaller provider, MetroPCS Communications Inc., is scheduled to introduce its first 4G phone around the same time. So what is 4G? Broadly speaking, it’s a new way to use the airwaves, designed from the start for the transmission of data rather than phone calls. To do that, it borrows aspects of the latest generation of Wi-Fi, the short-range wireless technology. For consumers, 4G means, in the ideal case, faster access to data. For instance, streaming video might work better, with less stuttering and higher resolution. Videoconferencing is difficult on 3G and might work better on 4G. Multiplayer video games may benefit too. Other than that, it’s difficult to point to completely new uses for 4G phones — things they can do that 3G phones can’t. Instead, the upgrade to 4G is more likely to enhance the things you can already do with 3G, said Matt Carter, president of Sprint’s 4G division. “View it as the difference between watching regular TV and high-definition TV,” Carter said. “Once you’ve experienced high-definition TV it’s hard to go back to standard TV. It’s the same sort of thing here.” So the improvement from 3G to 4G is not as dramatic as the step from 2G to 3G, which for the first time made real Web browsing, video and music downloads practical on phones. The introduction of 3G started in earnest about five years ago, but it isn’t complete — AT&T Inc. and T-Mobile USA still have little rural 3G coverage, for instance. There’s an important caveat to the claim that 4G will be faster, as well. It will definitely be faster than the 3G networks of Sprint and Verizon Wireless — about four times faster, initially. But the other two US carriers, AT&T and T-Mobile, are upgrading their 3G networks to offer data-transfer speeds that will actually be higher than the speeds 4G networks will reach this year or next. That means that rather than focusing on real speeds, Sprint and Verizon will try to frame their marketing around the “4G” term, said Dan Hays, who focuses on telecommunications at management consulting firm PRTM. “It’s a terrible story from a consumer standpoint, because it’s tremendously confusing,” he said. AT&T and T-Mobile are able to upgrade their 3G networks because they use a different 3G technology than Verizon and Sprint, which have maxed out their 3G speeds. Taking the step to 4G is natural for Verizon and Sprint, especially because they have new chunks of the radio spectrum that they want to take advantage of. The fact that Verizon Wireless and Sprint are adding fresh spectrum may be more important than the fact that they are using it for 4G service. No matter if used for 4G or 3G, new spectrum means the companies can accommodate more data-hungry devices such as smart phones. AT&T’s network is already staggering under data congestion caused by the iPhone in New York and San Francisco. The carrier has made relieving the congestion a top priority this year, and its 3G upgrades are part of that process. (As an aside, there is a lot of talk of a coming “iPhone 4G.” Apple Inc. will most likely release the fourth generation of the iPhone for AT&T’s network this summer, but it’s virtually certain that it will not be able to use a 4G wireless network. It likely won’t be called the “iPhone 4G” either.) There’s another, more subtle benefit to 4G. While it’s not always faster than the best 3G when it comes to helping you download a big file in less time, it is definitely faster in the sense that it takes less time to initiate the flow of data to you. What that means is that 4G is faster for quick back-and-forth communications. You wouldn’t notice this when surfing the Web or doing e-mail: We’re talking delays of 0.03 second rather than 0.15 second. But it could mean that 4G will work better for multiplayer gaming, where split-second timing is important. Even phone calls could benefit from shorter audio delays. Sprint and Verizon are taking different routes in 4G. Sprint owns a majority of Clearwire Corp., which is building a network using WiMax technology. Once seen as very promising, WiMax looks set to be a niche technology, and WiMax devices like the Sprint EVO phone won’t be able to use networks built using the dominant 4G standard, called LTE, for Long Term Evolution. Verizon and MetroPCS plan to use LTE, as does AT&T, starting next year. T-Mobile says it will probably use LTE eventually. Even Sprint hasn’t ruled out using LTE eventually, because the technology has huge momentum. In five years or so, many phones are likely to have 4G capabilities, but they’ll complement it with 3G. Rather than a sudden revolution, consumers are likely to experience a gradual transition to the new technology, with increasing speeds. But for now, 4G is no magic bullet. “It’s an important thing for the industry,” said Bill Davidson, senior vice president of marketing and investor relations at wireless technology developer Qualcomm Inc. “It’s absolutely needed. ... But I just think some of this has gotten a bit ahead of itself in terms of expectations for consumers.” Source: LatestNews-Home - Livemint.com | 31 May 2010 | 10:31 pm Rupee weakens as shares fall; dollar moves eyedMumbai: The Indian rupee weakened on Tuesday as a drop in domestic shares raised concerns about more foreign fund withdrawals, while gains in the dollar against major currencies also hurt. At 10:25am, the partially convertible rupee was at Rs46.64/65 per dollar, 0.6% weaker than Rs46.36/37 at close on Monday. “Equities are down in the region and also the dollar is stronger across EM currencies and versus majors as well, so all factors are negative for the rupee,” said Nitesh Kumar, an inter-bank dealer with Development Credit Bank. Indian shares fell more than half a percent, weighed by losses in other Asian markets and lingering concerns over the European debt crisis. Foreign fund movements into and out of the sharemarket are a key factor influencing the rupee’s fortunes. Foreigners have pulled out a net $2.2 billion in May, its biggest monthly withdrawal since October 2008, bringing down net inflows in 2010 to $4.4 billion. The index of the dollar against six major currencies was up 0.1%. The euro fell on Tuesday towards a four-year low against the dollar, hurt by fears that the region’s sovereign debt problems may spread to the banking system, while the Australian dollar dropped after weak building data. One-month offshore non-deliverable forward contracts were quoted at Rs46.82, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs46.7825, with the total traded volume on the two exchanges at about $1.3 billion. Source: Home - Livemint.com | 31 May 2010 | 10:27 pm Sensex down 86 points in opening tradeThe Bombay Stock Exchange benchmark Sensex on Tuesday opened 86 points lower on weak Asian cues.Source: India Business News | Business News - Times of India | 31 May 2010 | 10:22 pm Broadway looks ahead, embraces YouTube, videoNew York: Old-fashioned Broadway is moving into the digital age. A current round of shows depend on million-dollar multimedia displays like never before, bringing video upstage after years of being relegated mostly to backdrop status. New musicals like “Sondheim on Sondheim” use sophisticated swirling computer screens that flash thousands of still and moving images and are central to the storytelling action. “Sondheim” and productions such as “Everyday Rapture” feature YouTube for comical effects. “Sondheim,” for instance, includes a montage of people, from celebrities like Barbra Streisand to budding singers, lending their voice to the composer’s famed song, “Send In The Clowns,” Rock band Green Day’s “American Idiot,” “Enron” and “Fela!” project news broadcasts of war, conflict, corruption and politics that boldly make video more than just a small part of set design. “More and more we are seeing it in a lot of productions on Broadway,” said “Sondheim” video designer Peter Flaherty. “And the sophistication level with the use of video is definitely starting to increase on Broadway.” “Sondheim,” which tells the real-life story of American composer Stephen Sondheim, blends live action on stage, including singers such as Vanessa Williams, with archival video footage and taped interviews with Sondheim himself, who at the age of 80 is only seen on screen. Virtual Characters The composer is Broadway’s biggest “virtual character” yet, Flaherty said. He is featured center stage on a spectacular structure holding 54 monitors that artistically shift about to form different shapes that interact with the actors. “It’s an expensive design,” Flaherty said, noting the days have changed since video was once seen as a cheaper alternative to using physical set design props. “Video is performing a different role,” he said. “Sondheim”‘s onstage screens are run by a complicated computer system offstage, costing close to a million dollars -- similar to the cost of “American Idiot”´s three video projectors and 43 Liquid Crystal Displays (LCD) encased in televisions that hang stationary. The screens used for “American Idiot,” which is adapted from Green Day’s hit 2004 album of the same name, flash more than 600 images just in the opening title sequence, ranging from news clips of former US president George W. Bush to terrorism level alerts reflecting the post 9/11 era. “Sometimes they are used to comment on the story, sometimes they are used to help tell the story,” said its video designer Darrel Maloney. “Everyday Rapture” uses YouTube in its storyline, including a funny sequence of the main character of an actress coming across a fan lip-syncing to her Broadway recording on YouTube. But balancing the use of video with the live action is one of the challenges of modern-day theater, and some say the time will come when audiences may say, show over. “One of the joys of theater is that you are going to see this living breathing organism that is live, and so the last thing you want to do is take away from that,” said Maloney. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 10:08 pm Tintin memorabilia raises $1 mn in Paris auctionParis: An auction of rare memorabilia of the Belgian cartoon series Tintin has raised more than €1 million ($1.23 million), organisers said on Monday. The Tintin series, created by Georges Remi under the pen name Herge, has become one of the most popular comics in the world with translations in more than50 languages and 200 million copies of the 24 books sold. There is huge appetite for collectors of anything related to the adventurous investigative reporter and his little white dog. The Paris auction on 29 May included 230 items from about 70 collectors that even Herge’s foundation Moulinsart, a partner in the sale, never knew existed. Total proceeds of the latest sale came to €1,072,110, the organisers Piasa said in a statement. The item which attracted the highest bid at €243,750 was a couple of frames from King Ottokar’s Sceptre. In 2008, the original cover of “Tintin in America” sold for about €750,000. Last year, a lot of almost 600 items, including hand-drawn original cartoon strips, raised nearly €1.2 million with buyers from as far away as China and Lebanon. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 10:00 pm Tamils protest as Bollywood goes to Sri LankaMumbai: Bollywood goes to Sri Lanka later this week for its glitzy annual awards ceremony, but the decision to hold the event in the capital Colombo has sparked a backlash from minority Tamils in India. The International Indian Film Academy (IIFA), which has been held overseas every year since 2000, begins on Thursday and is designed to celebrate the popular Hindi-language film industry and win new audiences abroad. The secretary to Sri Lanka’s tourism ministry, George Michael, said the three-day festival was a “wonderful opportunity to showcase the unique and exotic aspects of Sri Lanka to the rest of the world”. IIFA says it will help “bridge boundaries” between the neighbouring countries, helping to promote discussion on economic and political issues in the wake of Sri Lanka’s civil war that ended a year ago. But Tamil opposition has grown ever since the venue was announced in April and some top Bollywood stars may not attend to avoid controversy. Opponents argue that far from providing a post-conflict economic boost and being a positive statement for the war-torn island, Bollywood’s presence in Sri Lanka legitimises President Mahinda Rajapakse’s government. Rajapakse is under pressure to submit to an international probe into alleged war crimes after his forces defeated the rebel Liberation Tigers of Tamil Eelam (LTTE) last year. The United Nations estimates that at least 7,000 civilians died in the final months of fighting, which ended a separatist Tamil struggle that lasted nearly 40 years. Leading the calls for a boycott, the pro-rebel tamilnet website headlined a recent article: “IIFA showbiz event blamed for promoting ‘paradise of genocide´.” The brand ambassador of IIFA, screen legend Amitabh Bachchan, and his actor son Abhishek and daughter-in-law Aishwarya Rai — Bollywood’s leading couple — have not yet confirmed their participation. Media reports suggested that megastar Shah Rukh Khan may also opt out, citing a busy work schedule. “There is a lot of protest from the (Tamil) Tiger lobby in Tamil Nadu to the Bollywood fraternity to boycott the IIFA Colombo awards,” Sri Lanka’s junior economic development minister Lakshman Yapa Abeywardene said on Monday. He was referring to the southern Indian state that is home to tens of thousands of Sri Lankan refugees. “But we will go ahead with the event as planned,” Abeywardene told reporters. Amid Tamil suspicion that India is using the awards to spread corporate influence in Sri Lanka, attempts have been made to dissuade top Bollywood stars from attending the event in solidarity with their legions of Tamil fans. Protests have been held outside Amitabh Bachchan’s homes in Mumbai, while some filmmakers in Tamil Nadu have called for an awards boycott. “The united boycott of the Indian film society will prove to be a lesson to the Sinhalese regime, which aspires to seek fame while hiding its treachery,” the Tamil Nadu Film Society said, referring to the Sri Lankan government. With just two days until the start of the normally star-studded event, who will turn up is anyone’s guess. Leading actor-producer-directors Shah Rukh Khan and Aamir Khan, whose hit film “3 Idiots” could sweep the board after being nominated in most categories, are still slated to appear in a charity cricket match. Glamour couple Abhishek Bachchan and Aishwarya Rai are a major draw at celebrity events, and their absence would be a major blow. The pair’s new film “Raavan” — a modern take on The Ramayana epic of Hindu mythology in which Raavan, ruler of Sri Lanka, abducts the wife of Lord Ram, Sita — was to have been shown at the IIFAs but is said to have been pulled. An IIFA spokeswoman told AFP on Monday: “It’s all tentative right now. We can’t confirm anybody’s attendance.” Amitabh Bachchan, who met Rajapakse in Colombo in his capacity as IIFA ambassador, has sought to steer clear of the rows but vowed to meet the protesters to discuss their concerns. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 9:53 pm Gunmen attack Pakistan hospital in Lahore, kill 5Lahore: At least four gunmen attacked a hospital in Pakistan’s eastern city of Lahore on Tuesday morning, killing up to a dozen people and holding several hostage before escaping, a senior doctor said. “They barged into the hospital building and opened indiscriminate fire,” said Javed Ikram, chief executive of Jinnah hospital. He said at least 12 people were killed in the firing while some had been held hostage. However, other accounts put the number dead at five. Senior city government official Sajjad Bhutta said, “They were four gunmen clad in elite police uniform, and entered the hospital building and opened fire. Then they ran towards the intensive care unit where their companion was being treated.” Police guards fired back, he said, and they fled. One of them was wounded. The five dead included three policemen, a woman and a private security guard, he said. Dozens of people wounded in Friday’s attacks on two mosques of a minority religious community in the city were being treated in the hospital, which is a major institution in the city. More than 80 people were killed in those attacks. The attackers were either trying to rescue or kill a wounded attacker from Friday’s assault who was being treated in the Intensive Care Unit of Jinnah Hospital, said Punjab police chief Tariq Saleem Dogar. A Reuters reporter saw the bodies of four policemen. “There are blood patches at the entrance of the hospital building,” a Reuters reporter said. “Pillows, biscuits and other food stuff and shoes are strewn on the floor.” People and patients who were able ran from the hospital and television footage showed exhausted looking women climbing over security fences to escape. The attackers themselves fled after the mayhem, officials said. “They escaped from the scene,” Lahore commissioner Khusro Pervez Khan said. “We are in hot pursuit. We are chasing them. One of them was wounded.” A witness said that a police commando team had stormed into the hospital. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 9:45 pm Woo-hoo! Homer Simpson named greatest TV character in 20 yearsLos Angeles: Beer-swilling, doughtnut-lover Homer Simpson has been named the greatest character created for television and film in the past 20 years. The star character of long-running US cartoon series “The Simpsons” beat schoolboy wizard Harry Potter and vampire slayer Buffy to take top place in the survey for US entertainment magazine Entertainment Weekly. Simpson’s creator Matt Groening said millions of people were able to identify with Homer with his catchphrase “D’oh”. “The Simpsons,” broadcast in more than 90 countries, is the longest-running US TV series in prime time, now in its 21st season. “People can relate to Homer because we’re all secretly propelled by desires we can’t admit to,” Groening was quoted as telling Entertainment Weekly. “Homer is launching himself head-first into every single impulsive thought that occurs to him. His love of whatever...is a joy to witness.” Harry Potter, created by British author JK Rowling and played by actor Daniel Radcliffe in six films, was described as a “global icon” to take the second place in the magazine’s poll. The star of “Buffy the Vampire Slayer,” played by Sarah Michelle Gellar, came third in the list followed by Tony Soprano from HBO drama series “The Sopranos” and comic book villain the Joker played by late Australian actor Heath Ledger in “The Dark Knight.” Rounding out the top 10 were Rachel from “Friends,” Edward Scissorhands from the movie of that name, Hannibal Lecter played by British actor Anthony Hopkins, Sarah Jessica Parker’s Carrie Bradshaw from “Sex and the City,” and cartoon character Spongebob Squarepants. The list of top 100 characters was released on Monday to mark the 20th anniversary of Entertainment Weekly. Source: LatestNews-Home - Livemint.com | 31 May 2010 | 9:42 pm Manufacturing helps GDP grow 7.4% in FY10 - Economic Times
Source: Business - Google News | 31 May 2010 | 4:55 pm AI crisis: Former bosses advise patienceThe recent strike in AI has taken ties between the management and two of its unions into a tailspin. In a bid to prevent further deterioration, the management has called the other 12 unions for a meeting on June 1, says an AI spokesman.Source: India Business News | Business News - Times of India | 31 May 2010 | 1:51 pm Godrej group may hive off Megasari food bizThe Godrej group, which recently bought out Megasari Makmur group of Indonesia (Megasari), mainly for its brands which complement Godrej's existing product line, may look to hive off the foods part of the acquired business.Source: India Business News | Business News - Times of India | 31 May 2010 | 1:48 pm HMSI to invest Rs 500 crore in 2-wheeler unitHonda on Monday said it will invest around Rs 500 crore in India for a new two-wheeler plant that will be operational by the second half of next year and used mainly for motorcycles.Source: India Business News | Business News - Times of India | 31 May 2010 | 1:47 pm ITC increases Hotel Leela stake to 10%Cigarettes-to-hotels major ITC has raised its stake in Hotel Leela Ventures to 10% through open market purchases, from 8.5% as of March 2010.Source: India Business News | Business News - Times of India | 31 May 2010 | 1:45 pm 'Certified agents to sell MFs'Sebi has said that from Tuesday, mutual fund distributors and agents will need a National Institute of Securities Market (NISM) certificate to sell policies.Source: India Business News | Business News - Times of India | 31 May 2010 | 1:44 pm Ravi Sharma CEO of Adani PowerRavi Sharma, who was once the head of Alcatel-Lucent in South Asia and Datacom Solutions, Videocon's mobile services company, during its initial years, has joined Adani Power as its chief executive officer.Source: India Business News | Business News - Times of India | 31 May 2010 | 1:42 pm GDP shoots up, but so could interest ratesA sharp rebound in industry and services combined with a better-than-expected farm output helped the Indian economy grow by 7.4 per cent in 2009-10. The expected results: more jobs, more wealth. HT reports. Bitter-sweet growthSource: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 1:10 pm Team India stays with Sahara for 80% moreSahara India Financial Corporation today outbid telecom major Bharti Airtel to retain the title sponsorship rights for the Indian mens cricket team for the next three and a half years, till 2013.??Under the contract, Sahara will pay the Board of Control for Cricket in India (BCCI) a uniform fee of Rs 3.34 crore for each Test match, one-day international (ODI) and T20 match, between July 1, 2010, and December 31, 2013.??A sponsor has the right to require its logo to be displayed by eachSource: Business Standard | Front Page Headlines | 31 May 2010 | 1:01 pm ChrysCap takes a relook at India, slashes fundCall it a contrarian call on the India investment story. That too from a private equity (PE) fund which has always been bullish on India, managing $2.25 billion investments in over 45 companies.Source: Business Standard | Front Page Headlines | 31 May 2010 | 1:00 pm Monsoon hits Kerala coast: IMDMonsoon rains, vital for farm output in India's trillion-dollar economy, have hit the country's southern coast as scheduled, the chief of the weather office said today.Source: Business Standard | Front Page Headlines | 31 May 2010 | 1:00 pm Manufacturing enables 7.4% growth in 2009-10With normal monsoon forecast, expectations for this year are optimistic.Source: Business Standard | Front Page Headlines | 31 May 2010 | 12:57 pm I-T dept says it has jurisdiction to tax Vodafone-Hutch dealIn a setback to telecom service provider Vodafone, the Income Tax Department today said it has the jurisdiction to tax the $11.1-billion Vodafone-Hutchison Essar deal of February 2007.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 12:09 pm Why Russia and China will eat West’s lunchThe Western multinationals that have dominated global trade for decades are going to have their lunch eaten in China and elsewhere, and many are unaware it’s about to happen.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 11:32 am Fledgling airlines set to spread wings over GujaratLow-cost, start-up airlines are eyeing the increasing air-traveller base in the expanding industrial towns of Gujarat.Source: HindustanTimes.com - Top Business News Headlines | 31 May 2010 | 11:29 am Internet start-ups offer bargains in return for users’ private dataAs concern increases in Washington about the amount of private data online, and as big sites like Facebook draw criticism that they collect consumers’ information in a stealthy manner, many Web start-ups are pursuing a more reciprocal approach—saying, in essence: Give us your data and get something in return. The budgeting website Mint.com, for example, displays discount offers from cable companies or banks to users who reveal their personal financial data, including bank and credit card information. These early efforts are predicated on a shift in the relationship between consumer and company. Influenced by consumers’ willingness to trade data online, the sites are pushing to see how much information people will turn over.  Data trade: Aaron Patzer. The New York Times Daniel Sjoberg, a 26-year-old in Manhattan, signed up for Mint as he was completing graduate school in biostatistics last summer. He allowed the site to pull information from his checking account, his credit card and his student loan account. Aaron Patzer, who founded Mint in 2007 (the company was acquired by Intuit in 2009 for $170 million), believed that users would give the site private information in return for allowing Mint to analyze their finances to alert them when they had exceeded their budget, or to send them offers from cable firms or banks. While data on Mint is kept private—there is no way to share financial details with other users—WeShop has built a system that allows people to spread information about their shopping habits. After a consumer gives WeShop access to an email account, the system scans email headers to find electronic receipts, then extracts what someone bought and what price they paid. All that information is posted to the WeShop site as a kind of in-depth shopping history. A consumer can keep it private, or share some or all purchase data with other people in WeShop networks (using a nickname). Giff Constable, co-founder of Aprizi, a shopping start-up that asks users to enter information about preferences, then selects products for them from throughout the Web, said a changing business model was unlikely, and even if it happened, the consumer could easily disengage. “It’s a very simple bargain—it’s, ‘You share with me, and I am going to make your life better,’ ” he said. “It’s not about privacy versus lack of privacy—it really does come down to control and giving people choice.” That, and a perceived benefit. “I wasn’t really concerned about giving them information,” said Sjoberg, the Mint user, “I was only considering the things I was getting out of it.” ©2010/The New York Times feedback@livemint.com Source: World Business - Livemint.com | 31 May 2010 | 9:45 am Internet start-ups offer bargains in return for users’ private dataAs concern increases in Washington about the amount of private data online, and as big sites like Facebook draw criticism that they collect consumers’ information in a stealthy manner, many Web start-ups are pursuing a more reciprocal approach—saying, in essence: Give us your data and get something in return. The budgeting website Mint.com, for example, displays discount offers from cable companies or banks to users who reveal their personal financial data, including bank and credit card information. These early efforts are predicated on a shift in the relationship between consumer and company. Influenced by consumers’ willingness to trade data online, the sites are pushing to see how much information people will turn over. Data trade: Aaron Patzer. The New York Times Daniel Sjoberg, a 26-year-old in Manhattan, signed up for Mint as he was completing graduate school in biostatistics last summer. He allowed the site to pull information from his checking account, his credit card and his student loan account. Aaron Patzer, who founded Mint in 2007 (the company was acquired by Intuit in 2009 for $170 million), believed that users would give the site private information in return for allowing Mint to analyze their finances to alert them when they had exceeded their budget, or to send them offers from cable firms or banks. While data on Mint is kept private—there is no way to share financial details with other users—WeShop has built a system that allows people to spread information about their shopping habits. After a consumer gives WeShop access to an email account, the system scans email headers to find electronic receipts, then extracts what someone bought and what price they paid. All that information is posted to the WeShop site as a kind of in-depth shopping history. A consumer can keep it private, or share some or all purchase data with other people in WeShop networks (using a nickname). Giff Constable, co-founder of Aprizi, a shopping start-up that asks users to enter information about preferences, then selects products for them from throughout the Web, said a changing business model was unlikely, and even if it happened, the consumer could easily disengage. “It’s a very simple bargain—it’s, ‘You share with me, and I am going to make your life better,’ ” he said. “It’s not about privacy versus lack of privacy—it really does come down to control and giving people choice.” That, and a perceived benefit. “I wasn’t really concerned about giving them information,” said Sjoberg, the Mint user, “I was only considering the things I was getting out of it.” ©2010/The New York Times feedback@livemint.com Source: Tech News - Livemint.com | 31 May 2010 | 9:45 am Prudential wants to pay less to save AIA dealLondon: Prudential has entered talks to cut its $35.5 billion offer for AIG’s Asian life insurance arm in a last-ditch bid to salvage a deal criticized by shareholders as too expensive. The UK’s biggest insurer wants to cut the price to about $30 billion, a reduction of 15%, said one source close to the deal, who asked not to be named. AIG feels $30 billion for AIA is too low and is not in a rush to do a deal, another source familiar with the matter said late on Friday. AIG believes it has many options for AIA, as it views AIA as a “valuable property” and does not want to sacrifice value, the source said. An AIG spokesman was not immediately available for comment. Options such as an IPO for AIA may not be so attractive in the current volatile equity market. The insurance giant could, however, try to find other partners for a deal. But the US Treasury Department, which bailed out American International Group Inc in 2008, said it has considered only a $35.5 billion deal to divest the insurer’s main Asian unit to Prudential, Bloomberg reported. The clock is ticking for Prudential, which faces a shareholder vote on the deal in little over a week, meaning negotiations are likely to intensify in the coming days. CEO futures at stake The future of Prudential chief executive Tidjane Thiam hinges on the success of his bid for American International Assurance, (AIA) launched by the former Ivory Coast government minister in March after less than a year in the top job. “Discussions regarding the current status of the transaction have taken place between Prudential and AIG and are continuing,” Prudential said in a statement on Friday. “These discussions may or may not lead to a change in the terms of the combination,” it said. A collapse of the deal would also be bad news for Robert Benmosche, the head of AIG, which is operating with $132 billion in government support and is under pressure to return the money to taxpayers. The new price negotiations come amid fears the deal, to be funded in part by a record $21 billion rights issue, could fall short of the required 75% approval in a 7 June shareholder vote. “The only way that the Pru is going to get a yes vote at the (meeting) is if they manage to get a price cut. In its current form, I am almost certain the vote will fail,” one Prudential shareholder told Reuters, requesting anonymity. A $5 billion price cut “would certainly get more people on side. We would certainly revisit our view,” the investor said. Olivetree Securities strategist James Chappell estimated that cutting the price to below $31 billion would give the deal a greater than 50% chance of going ahead, compared with about 20% now. “Prudential will still need to rebuild relationships with investors and reassure that they can execute on the acquisition,” he said. A large majority of 72% said Prudential was paying too much in a Reuters poll of 23 shareholders and analysts on Thursday, while half of the shareholders polled said they expected the company to lose the 7 June ballot. Unprecedented rejection? On Friday, fund managers F&C asset management and Cavendish asset management both said they would vote against the deal. A no vote would mark an almost unprecedented rejection of a major company’s M&A plans by its shareholders, and cast doubt over Thiam’s future as Prudential’s boss. He has championed the AIA deal, the insurance sector’s biggest-ever takeover, arguing that it gives the 162-year-old British insurer a rare opportunity to grab a commanding presence in Asia, the world’s fastest-growing financial services market. Earlier this week, voting adviser RiskMetrics told investors to vote against the deal while the influential Association of British Insurers issued its own warning, telling investors to consider their options carefully. A glimmer of hope is that AIG, which originally planned to offload AIA in an initial public offering, may be willing to accept a lower price because weak equity markets have now made a flotation less attractive. “While we have no feel for AIG’s position, we suspect that the IPO valuation of AIA was below $30 billion,” Panmure Gordon analyst Barrie Cornes wrote in a note. “Given that the markets have moved south and IPOs have been pulled, we suspect that AIG may well look pragmatically on the renegotiation of the price.” Prudential’s London-listed shares closed down 1.1% at 541.5 pence. Shares of AIG closed down 3% at $35.38 on the New York Stock Exchange. Source: World Business - Livemint.com | 31 May 2010 | 4:44 am
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