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Lodhas premium project require a capex of Rs 2000 croreLodha Developers is all gearedup to build the worlds tallest residential building Lodha World Place. The Mumbaibased developer has said the ultra premium project will require an investment of Rs 2000 crore.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 7:08 am SBI shelves plans to buy stake in Tata Motors\' finance armState Bank of India\'s plan to buy stake in Tata Motors\' vehicle financing unit Tata Motors Finance (TMFL) has been put on the back burner, reports CNBCTV18 quoting sources.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 6:37 am Hiring prospect look strong in India: ManpowerAccording to the Manpower Employment Outlook Survey, job seekers in India are likely to benefit from a active labour market as Indias employers expect to hire at a pace seen prior to the global recession.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 6:05 am Sadbhav Engg board approves 453.1 mn rights shareSadbhav Engineering said on Tuesday its board has approved issuing 453.1 million equity shares on rights basisSource: Moneycontrol Top Headlines | 8 Jun 2010 | 5:51 am Zain has received USD 7.9 bln from BhartiKuwaiti telecoms firm Zain has received USD 7.9 billion from Bharti Airtel and will announce the formal closing of its asset sale to the Indian firm, a newspaper reported on Tuesday.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 5:51 am Zain, Bharti to close deal on TuesdayKuwait\'s Zain and Bharti Airtel are expected to close a USD 9 billion deal for most of the Kuwaiti firm\'s African assets on Tuesday, sources said.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 5:50 am ABB offers to acquire UK\'s Chloride for £860 m poundsABB the global power and automation technology group has made an allcash offer to buy UKbased Chloride Group for pproximately 860 million pounds.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 5:33 am Oracle not looking to delist Indian arm in neartermThe government\'s new guideline on raising the threshold for public shareholding in listed companies to 25% has triggered hopes and fears of delisting by global companies.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 4:37 am Court rejects AbbotSanofi plea against Glenmark for TarkaThe Court has rejected an appeal from AbbottSanofi for the drug Tarka, CNBCTV18 reports quoting sources. With this, Glenmark can now launch Tarka in the US on a stronger ground. The Tarka generic is used to treat hypertensionSource: Moneycontrol Top Headlines | 8 Jun 2010 | 4:32 am India, China hiring prospects strong: ManpowerEmployers in most economies are more likely to add workers than three months ago, including those in the United States, but big gains are limited to booming emerging economies like Brazil, India and China, according to a quarterly survey by Manpower Inc.Source: Moneycontrol Top Headlines | 8 Jun 2010 | 4:16 am Hyundai Motor's India plant strike enters 2nd day - Reuters
Source: Business - Google News | 8 Jun 2010 | 4:12 am Bombay HC adjourns hearing on Vodafone appeal till July 8The Bombay High Court today adjourned to July 8, the hearing on an appeal filed by Vodafone International in a dispute over tax liability.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 4:11 am Anil withdraws defamation suit against elder brother Mukesh - Sakaal Times
Source: Business - Google News | 8 Jun 2010 | 4:10 am Sensex tanks 208 points as Europe tumblesA benchmark index for Indian equities took a hard knock in afternoon trade, sliding 208 points as bearish sentiment prevailed after European markets fell on continuing euro zone woes.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 4:10 am Lodha to invest Rs 2000 cr on Mumbai project - Business Standard
Source: Business - Google News | 8 Jun 2010 | 4:09 am Africa deal makes Bharti world's 5th largest telecom firmIndia's top telecom player Bharti Airtel today said it has successfully concluded its $10.7-billion deal to acquire the African assets of Kuwait's Zain, making it the world's fifth largest mobile phone services company.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 4:07 am Bharti Airtel says closes $9 bln Zain Africa dealBharti Airtel, India's top mobile operator, said today it had closed its $9 billion African asset purchase from Kuwait's Zain.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 4:03 am US working out new India specific export control regimeAnticipating a wider cooperation with India in space and defence, US is working out a new India specific export control regime to ease restrictions on export of hi-tech equipment.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 4:03 am Bharti closes Zain deal, sees others flocking to Africa - Moneycontrol.com
Source: Business - Google News | 8 Jun 2010 | 3:55 am Bharti Airtel says closes $9 billion Zain Africa dealBharti, India's top mobile operator, sees itself becoming the world's No.5 wireless telecoms firm with a presence in 18 countries after the deal.Source: Daily News & Analysis: Money News | 8 Jun 2010 | 3:55 am Essar to quicken retail push if fuel pricing freedNEW DELHI (Reuters) - Private retailer Essar Oil will speed up planned expansion of its retail network if the government decides to deregulate fuel prices, a senior company official said on Tuesday.Source: Reuters: Money News | 8 Jun 2010 | 3:48 am Bharti Airtel closes $9 bln Zain Africa dealNEW DELHI (Reuters) - Bharti Airtel has completed its $9 billion acquisition of African operations from Kuwait's Zain, in a deal that would make the Indian firm the world's No. 5 wireless carrier by subscribers.Source: Reuters: Money News | 8 Jun 2010 | 3:47 am Rupee trims gains as shares fall; dollar eyed - Business Standard
Source: Business - Google News | 8 Jun 2010 | 3:43 am Anil Ambani withdraws Rs10000cr defamation suit against Mukesh in HCAnil had dragged brother Mukesh to court over an interview to NY Times that was reproduced in two leading Indian newspapers in June 2008. The newspapers had also been made respondents in the suit.Source: India Business News | Business News - Times of India | 8 Jun 2010 | 3:42 am Breaking news: Anil withdraws defamation case against Mukesh AmbaniAnil Ambani has withdrawn the Rs1,000 crore defamation case against elder brother Mukesh in high court.Source: Daily News & Analysis: Money News | 8 Jun 2010 | 3:41 am NEWSMAKER - China soldier-turned-banker takes aim at mega IPOBEIJING (Reuters) - Xiang Junbo is a war hero and award-winning scriptwriter. He's also chairman of China's third-largest bank, founded by Mao Zedong, and had hoped to be launching the world's biggest-ever initial public offering.Source: Reuters: Money News | 8 Jun 2010 | 3:18 am 5-7 PSBs likely to get more funds soon: FinminAs many as seven public sector banks may get additional capital from the government shortly, financial services secretary R Gopalan said in New Delhi on Tuesday.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 3:15 am Oil rises to near $72 after Bernanke commentsBenchmark crude for July delivery was up 31 cents to $71.75 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.Source: Daily News & Analysis: Money News | 8 Jun 2010 | 3:14 am BSE Sensex extends losses to 1 pctMUMBAI (Reuters) - The BSE Sensex reversed early gains and extended losses to 1 percent on Tuesday afternoon as European shares fell further on lingering euro zone debt woes.Source: Reuters: Money News | 8 Jun 2010 | 3:14 am Court to hear Vodafone tax case on 8 July - Livemint
Source: Business - Google News | 8 Jun 2010 | 3:11 am FACTBOX - Major welfare schemes feeding budget deficitREUTERS - The government has deferred a decision on cutting fuel subsides, a move seen necessary to cut a budget deficit but which will also complicate efforts to tackle the political hot potato of high inflation.Source: Reuters: Money News | 8 Jun 2010 | 3:11 am China's car sales growth in May slowest this yearThe frantic pace of growth in the world's biggest auto market started tapering off in April when car sales rose 33%, about half of the pace in March.Source: Daily News & Analysis: Money News | 8 Jun 2010 | 3:07 am Key pending reforms in IndiaREUTERS - The government has deferred a decision on cutting fuel subsidies, seeking time to convince reluctant political allies about the reform crucial to improve public finances and let private fuel retailers enter the market.Source: Reuters: Money News | 8 Jun 2010 | 3:04 am Sensex slips in red on weak European cues - Economic Times
Source: Business - Google News | 8 Jun 2010 | 3:01 am India, China hiring prospects strong - ManpowerNEW YORK (Reuters) - Employers in most economies are more likely to add workers than three months ago, including those in the United States, but big gains are limited to booming emerging economies like Brazil, India and China, according to a quarterly survey by Manpower Inc.Source: Reuters: Money News | 8 Jun 2010 | 3:01 am Baidu aims for 79% share of China search marketThe Chinese search engine captured more than 64% of China's search market in the first quarter, up from 58.4% in the fourth quarter, according to research firm Analysys International.Source: Daily News & Analysis: Money News | 8 Jun 2010 | 2:56 am Murli Deora bats for fuel reforms, ally opposesNEW DELHI (Reuters) - Oil Minister Murli Deora said on Tuesday lifting fuel price controls would not hurt people, but a key government ally opposed the move, signalling potential delay in implementing the reform seen needed to improve public finances.Source: Reuters: Money News | 8 Jun 2010 | 2:41 am Sensex consolidates; Bharti, ONGC, ICICI Bank dip - Moneycontrol.com
Source: Business - Google News | 8 Jun 2010 | 2:35 am Inflation may ease with monsoon: RBIPrice pressures in India will start to ease if the country gets a normal monsoon season but the Reserve Bank of India (RBI) will further tighten monetary policy, RBI Deputy Governor Subir Gokarn said on Tuesday.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 2:32 am India gold breaches 19,000 rupee markMUMBAI (Reuters) - India gold futures reversed their early losses on Tuesday afternoon to continue their record-breaking spree and breached the 19,000 rupees mark tailing overseas leads.Source: Reuters: Money News | 8 Jun 2010 | 2:22 am Honda assessing impact of latest supplier strikeHonda Motor Co. said today it was assessing the impact of a walkout by some workers at one of its parts suppliers in China, just days after resolving a strike that froze car production at four factories.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 2:17 am Strike breaks out at Honda exhaust supplier in ChinaThe labour action at the plant, Foshan Fengfu Autoparts, began early on Monday when about 20 workers began rallying their colleagues to go on strike.Source: Daily News & Analysis: Money News | 8 Jun 2010 | 2:04 am Bombay HC adjourns hearing on Vodafone appeal till July 8The dispute centers on tax liability of Vodafone after it acquired the stake of Hutchison International in the Hutchison-Essar in a $11.1 billion deal in February 2007.Source: Daily News & Analysis: Money News | 8 Jun 2010 | 2:01 am Market pricing of fuel will not hit people: DeoraOil Minister Murli Deora said today that market-driven prices of fuel would not hurt people, a day after the government deferred a decision to raise prices.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 2:00 am Drugmakers set to sell H1N1 vaccine but margins diceyMumbai: Almost a year after India reported its first swine flu death in August 2009, four Indian drugmakers are set to compete for an estimated Rs30-billion indigenous H1N1 vaccine market in the country. Analysts, however, do not see this market contributing much to the bottomline of the companies on lower volumes and a calming of the fear about the pandemic. The estimated market size for H1N1 vaccine over next 12 months would be about 4-5 million doses in case of high-risk population, Pankaj Patel, chairman of Cadila Healthcare told Reuters in April. While Ahmedabad-based Cadila launched the first indigenous H1N1 vaccine under the ‘VaxiFlu-S’ brand last week, three others are expected to roll out their versions in the next 2-3 months. India’s largest vaccines maker, Pune-based Serum Institute of India, Panacea Biotec and New Delhi’s Bharat Biotech International are the others in the fray. “The present market size for H1N1 vaccine in India is about Rs30 billion if it is distributed through the huge public healthcare network we have... but the sales would be very low if sold through the private route,” Siddhant Khandekar, an analyst with Sunidhi Securities & Finance said. Khandekar said his estimate was based on the requirement for the vaccine for the year 2010-11. “The cost is more than Rs300 per dose... But margins wise, this is not a huge opportunity,” he added. “Now that the pandemic fear is gone, even the companies are saying the profit margin opportunity is not there.” While Cadila plans to take the retail distribution route for its VaxiFlu-S, Panacea is looking to sell the vaccine to the government. Since August 2009, India has reported 1,531 deaths of H1N1 infections, data on the federal health ministry’s website showed. “Though the managements have been positive in terms of volumes they can generate, the private consumption looks challenging,” Sarabjit Kour Nangra, vice president, research, Angel Broking, said. “We should see net profit margins of about 5-8% with the kind of volumes the companies are expecting.” Interestingly, Serum Institute is eyeing ‘school children’ as the primary market segment for its vaccine to be priced about Rs150-190 a dose. “We cannot forecast a market in case of a pandemic, since the vaccine is not a consumer product,” Rajeev Dhere, senior director, Serum Institute of India, said. “There will be some number of individuals we need to protect, which includes healthcare workers and school children.” School children and college goers is a huge population for the vaccine, he added. While Serum would take another two weeks for the launch, Panacea Biotec expects its vaccine to hit the market by September, an official who did not wish to be named, said. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 1:58 am IPhone maker Foxconn seeks price hikes to offset wagesTaipei/Hong Kong: iPhone maker Foxconn International Holdings said it will seek higher prices from its clients to help offset wage hikes at a plant in southern China that has been hit by a series of suicides. Meeting shareholders in Hong Kong for the first time since the deaths, executives at Foxconn, owned by Taiwan’s Hon Hai Precision Industry, said the company hoped to reach a consensus with customers this month. Hon Hai, the world’s biggest contract electronics maker with a client list that includes Apple Inc, Dell Inc and Hewlett-Packard Co, has been wrestling with the fallout from 10 suicides in the last five months at Foxconn. The suicides and controversy come amid growing labour unrest southern China, in the world’s top manufacturing region, where millions of migrant workers from the country’s poor hinterlands churn out goods for top global companies. At a separate shareholder meeting in Taipei, Hon Hai Chairman Terry Gou defended the company he founded in 1974 to make plastic switches for televisions, saying a report he had commissioned showed no clear link between the suicides and work issues. “We have to carry the 12 crosses, we have no options,” Gou told shareholders, referring to the 10 suicides and two other attempted suicides. But in a sign of changes ahead, Taiwan’s richest man said the company was looking for locations in Taiwan to shift some unspecified production from China to automated plants in Taiwan and wanted local authorities in China to manage its worker dormitories. Analysts said already razor thin margins at Foxconn and Hon Hai would likely suffer as they wait to pass on the cost increases, and shares in both companies continued to slide, taking losses over the past two days to more than 10 percent each. “In the near term it’s quite unlikely they can pass the cost increase to customers, but in longer term it is reasonable ... customers may need to share part of the cost,” said Chialin Lu, analyst at Macquarie Equities Research in Taipei. “It will have bigger (earnings) impact especially in the second half of this year as most of the salary rise will come into effect in July.” Hon Hai said the wage rises would hit profits in the fourth quarter and into next year’s first quarter. Growing Labour Unrest Other international companies have also been hit by industrial action in China, which usually acts quickly to quash any threats to social order. Japanese car maker Honda Motor faced a new strike at a parts supplier just days after settling a dispute at a separate supplier, while Taiwan components maker Merry Electronics said workers at its Shenzhen plant had briefly stopped work on Sunday in a dispute over shift work. Hon Hai has announced two wage rises in the past two weeks for workers at the sprawling plant in Shenzhen, where some 400,000 staff assemble iPhones and other gadgets. Gou also told shareholders on Tuesday he would limit overtime at China plants to no more than three hours a day. A group of about 30 protesters gathered outside Hon Hai’s meeting, including labour activists, green and gay groups and even some representing prostitutes, drawn mostly from Taiwan’s league of “professional protesters” seeking the attention they would get from a top media story. “I think Gou is trying to use salary hikes to cover up how his production line is killing people. It’s a crime in management and we really despise it,” said Huang Hsiao-ling, secretary general of the Worker Injury Association, a labour group. About a dozen protesters stood outside the Hong Kong shareholders’ meeting calling on Apple to act over Foxconn. Apple CEO Steve Jobs last week expressed concern over the deaths but said the plants were not sweatshops. Holding placards reading “Workers are not machines. They have self-esteem” and a picture of a rotten apple, protesters handed a petition to a company representative. Gou, 59, also announced plans to more than double the size of a share issue to fund future expansion for Hon Hai, including into cloud computing and LEDs, among other uses. Guo said the company will issue up to 880 million shares in depositary receipts. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 1:54 am IPhone maker Foxconn seeks price hikes to offset wagesTaipei/Hong Kong: iPhone maker Foxconn International Holdings said it will seek higher prices from its clients to help offset wage hikes at a plant in southern China that has been hit by a series of suicides. Meeting shareholders in Hong Kong for the first time since the deaths, executives at Foxconn, owned by Taiwan’s Hon Hai Precision Industry, said the company hoped to reach a consensus with customers this month. Hon Hai, the world’s biggest contract electronics maker with a client list that includes Apple Inc, Dell Inc and Hewlett-Packard Co, has been wrestling with the fallout from 10 suicides in the last five months at Foxconn. The suicides and controversy come amid growing labour unrest southern China, in the world’s top manufacturing region, where millions of migrant workers from the country’s poor hinterlands churn out goods for top global companies. At a separate shareholder meeting in Taipei, Hon Hai Chairman Terry Gou defended the company he founded in 1974 to make plastic switches for televisions, saying a report he had commissioned showed no clear link between the suicides and work issues. “We have to carry the 12 crosses, we have no options,” Gou told shareholders, referring to the 10 suicides and two other attempted suicides. But in a sign of changes ahead, Taiwan’s richest man said the company was looking for locations in Taiwan to shift some unspecified production from China to automated plants in Taiwan and wanted local authorities in China to manage its worker dormitories. Analysts said already razor thin margins at Foxconn and Hon Hai would likely suffer as they wait to pass on the cost increases, and shares in both companies continued to slide, taking losses over the past two days to more than 10 percent each. “In the near term it’s quite unlikely they can pass the cost increase to customers, but in longer term it is reasonable ... customers may need to share part of the cost,” said Chialin Lu, analyst at Macquarie Equities Research in Taipei. “It will have bigger (earnings) impact especially in the second half of this year as most of the salary rise will come into effect in July.” Hon Hai said the wage rises would hit profits in the fourth quarter and into next year’s first quarter. Growing Labour Unrest Other international companies have also been hit by industrial action in China, which usually acts quickly to quash any threats to social order. Japanese car maker Honda Motor faced a new strike at a parts supplier just days after settling a dispute at a separate supplier, while Taiwan components maker Merry Electronics said workers at its Shenzhen plant had briefly stopped work on Sunday in a dispute over shift work. Hon Hai has announced two wage rises in the past two weeks for workers at the sprawling plant in Shenzhen, where some 400,000 staff assemble iPhones and other gadgets. Gou also told shareholders on Tuesday he would limit overtime at China plants to no more than three hours a day. A group of about 30 protesters gathered outside Hon Hai’s meeting, including labour activists, green and gay groups and even some representing prostitutes, drawn mostly from Taiwan’s league of “professional protesters” seeking the attention they would get from a top media story. “I think Gou is trying to use salary hikes to cover up how his production line is killing people. It’s a crime in management and we really despise it,” said Huang Hsiao-ling, secretary general of the Worker Injury Association, a labour group. About a dozen protesters stood outside the Hong Kong shareholders’ meeting calling on Apple to act over Foxconn. Apple CEO Steve Jobs last week expressed concern over the deaths but said the plants were not sweatshops. Holding placards reading “Workers are not machines. They have self-esteem” and a picture of a rotten apple, protesters handed a petition to a company representative. Gou, 59, also announced plans to more than double the size of a share issue to fund future expansion for Hon Hai, including into cloud computing and LEDs, among other uses. Guo said the company will issue up to 880 million shares in depositary receipts. Source: World Business - Livemint.com | 8 Jun 2010 | 1:54 am Hyundai Motor India strike enters second dayThe strike by workers at the Hyundai Motor India Ltd plant near Chennai to demand the reinstatement of 67 dismissed colleagues and recognition of their union continued for the second day on Tuesday.Source: HindustanTimes.com - Top Business News Headlines | 8 Jun 2010 | 1:45 am Court to hear Vodafone tax case on 8 JulyNew Delhi: Bombay high court on Tuesday considered Vodafone’s appeal against the country’ tax department and deferred it for further hearing to 8 July, the company said. Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa Ltd’s mobile business in the country, had filed an appeal with the Bombay high court on Monday challenging the tax department’s jurisdiction over the tax bill. Vodafone has not said how much the authorities were seeking, but a person with knowledge of the matter has said it was about Rs12,000 crore ($2.6 billion), which is higher than the $2 billion figure estimated by Indian media. “The court noted the tax department’s undertaking that they will not take any further steps on the matter until the hearing,” a company representative said in a statement. The tax department had set a hearing on 14 June to discuss the size of the tax bill, Vodafone said last week. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 1:45 am Tesco int’l head Clarke to succeed CEO Leahy in 2011London: Terry Leahy, the longstanding boss of Tesco, has announced his surprise resignation from the world’s No.3 retailer and will be succeeded by lifelong company man and head of international business Philip Clarke. Tesco said on Tuesday Leahy had decided to retire in March 2011 at the age of 55 and after 14 years as CEO, during which time the British company has grown to dominate the retail market at home and expand abroad from the United States to China. Clarke, 50, has worked at Tesco throughout his career and is head of the group’s fast-growing international businesses in Asia and Europe, as well as information technology. Tim Mason, head of the group’s US business and another potential successor to Leahy, will be given additional group responsibility for branding and climate change, and will become deputy chief executive. By 0713 GMT, Tesco shares fell 1.7% to 400 pence, the biggest fall on the UK’s benchmark FTSE-100 index. Collins Stewart analyst Greg Lawless said the timing was a surprise but that Clarke was a good choice as successor. “Phil (Clarke) is Tesco through and through. He’s been running the international business well and was seen as one of the leading internal candidates,” he said. The decision may come as a blow to Andrew Higginson, head of retail operations, and finance director Laurie McIlwee, both of whom were also tipped as potential candidates for the top job. “There is no better job than leading Tesco and after retirement I will concentrate mainly on private investment,” Leahy said in a statement. “I will, of course, keep a large shareholding in Tesco and remain its biggest supporter.” David Potts, retail and logistics director in the UK, will become head of Tesco’s Asia business, while commercial director Richard Brasher will assume the newly-created role of chief executive of the UK business and take over responsibility from Potts for Ireland. Source: World Business - Livemint.com | 8 Jun 2010 | 1:34 am Tesco int’l head Clarke to succeed CEO Leahy in 2011London: Terry Leahy, the longstanding boss of Tesco, has announced his surprise resignation from the world’s No.3 retailer and will be succeeded by lifelong company man and head of international business Philip Clarke. Tesco said on Tuesday Leahy had decided to retire in March 2011 at the age of 55 and after 14 years as CEO, during which time the British company has grown to dominate the retail market at home and expand abroad from the United States to China. Clarke, 50, has worked at Tesco throughout his career and is head of the group’s fast-growing international businesses in Asia and Europe, as well as information technology. Tim Mason, head of the group’s US business and another potential successor to Leahy, will be given additional group responsibility for branding and climate change, and will become deputy chief executive. By 0713 GMT, Tesco shares fell 1.7% to 400 pence, the biggest fall on the UK’s benchmark FTSE-100 index. Collins Stewart analyst Greg Lawless said the timing was a surprise but that Clarke was a good choice as successor. “Phil (Clarke) is Tesco through and through. He’s been running the international business well and was seen as one of the leading internal candidates,” he said. The decision may come as a blow to Andrew Higginson, head of retail operations, and finance director Laurie McIlwee, both of whom were also tipped as potential candidates for the top job. “There is no better job than leading Tesco and after retirement I will concentrate mainly on private investment,” Leahy said in a statement. “I will, of course, keep a large shareholding in Tesco and remain its biggest supporter.” David Potts, retail and logistics director in the UK, will become head of Tesco’s Asia business, while commercial director Richard Brasher will assume the newly-created role of chief executive of the UK business and take over responsibility from Potts for Ireland. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 1:34 am US may weaken export controls for India before Obama visitWashington: The US is working on an India- specific export control regime and it could be announced before the November visit of US president Barack Obama to India, a top State Department official said on 7 June. Noting that there is a wider review on the part of the administration of the overall export control regime, the assistant secretary of State for South and Central Asia Robert Blake told reporters that a India-specific review is under way. “In fact we will probably split off from the wider review,” Blake told reporters at a news conference here. “We have made a great deal of progress over the last six years or so in reducing the export controls that apply to India. Now less than one-half of 1% of all exports require any sort of a licence at all,” he said. “There’s been a lot of progress, but there still are some controls. So there’s a reciprocal process under way to seek the necessary assurances from the Indians about the strengthening of their own export control regime that would enable us to relax our restrictions,” Blake said, adding that he anticipates that there’s going to be further good progress on this. “We had a good exchange during the strategic dialogue in which we shared ideas about how we can achieve that good progress. So I expect that there will be some positive announcements to be made before the president’s visit, hopefully well before,” he said. Blake said the US is having a close look at the entities list. “And many entities have already come off it over the last several years. But now there’s a focus on entities like Isro and DRDO -- the Indian Space Research Organisation, the Defence Research and Development Organisation,” he said. “So again, we think that there are enormous opportunities for American companies to do more and work more with their colleagues in the space area and also in the defence area. So these are steps that would serve both our countries. We shared ideas about how we could make progress on that. And we to see progress on that in the fairly near future,” Blake said. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 1:18 am Asia gaming market to overtake US in three years: surveyMacau: Asia’s gaming market will overtake the US in as little as three years as the region’s rich flock to glittering gambling hubs such as Macau, a survey said on 8 June. While Macau has already leapfrogged Las Vegas in gaming revenue and posts record-breaking growth, Singapore and other Southeast Asian nations are now building up their gambling sectors to cash in on its exploding popularity. The survey of industry experts was released in Macau where thousands of delegates are attending the three-day Global Gaming Expo Asia which started on 8 June in the former Portuguese colony. It concluded that US casino revenue -- including the gambling paradise of Las Vegas as well as Atlantic City and Reno -- would be eclipsed by Asia in three to five years. “(The study results) foretell a remarkable future for Asian gaming markets -- from continued revenue growth in Macau to the rise of newer jurisdictions such as Singapore,” Frank Fahrenkopf, head of the American Gaming Association, said in a statement ahead of a press briefing for the survey. “The prospects for gaming in Asia are exciting, as there are many different roads growth and expansion could take.” The experts also said Macau would remain the region’s dominant market, while some expected Japan to steal the number two spot from Singapore. In 2009, Macau alone notched up about $14.5 billion in gaming revenue while the entire US market saw revenues of $30.74 billion. And despite dire predictions of a slowdown due to the global downturn gaming sales in May soared 95 percent year-on-year to 17 billion patacas ($2.10 billion), according to Hong Kong brokerage CLSA. “We’ve been saying for eight months that things would slow down, but they haven’t,” said Aaron Fischer, a CLSA gaming analyst. “Logic would say it’s going to slow down.” Fischer said he expects Macau tourist arrivals to increase about 10 percent annually with the construction of several stalled casino-hotel developments being restarted on the reclaimed Cotai Strip. Soaring revenues in the high-roller market are driving the huge gains, rather than an across-the-board surge in money spent on the gaming tables, he added. Fahrenkopf said the city’s record-breaking revenues stood in sharp contrast to US destination venues such as Las Vegas and Atlantic City, which have felt the impact of the downturn. Other Asian countries have keyed in to Macau’s success with Singapore opening its second casino in April as part of a bid to lure big spenders from across the region. The $5.5 billion Marina Bay Sands was opened by US gaming giant Las Vegas Sands, already a big player in Macau, as part of the firm’s bet on Asia. Asians “see gaming as a form of entertainment” while Westerners would rather spend money on dining and going out with friends, Sands chief executive Sheldon Adelson said when Marina Bay opened its doors. An expected growth in the number of Asian multi-millionaires and middle class following the region’s sharp rebound from the economic slump should drive regional travel, including people playing at casinos, observers have said. Despite concerns over its social impact, Singapore gave the green light for casino gambling in 2005 in a bid to increase tourist arrivals and cash in on a growing trend in Asia. Outside Macau and Singapore, casinos are authorised in Australia, Cambodia, Japan, Malaysia and the Philippines among others, while more are underway. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 1:03 am Machil encounter dominates political parties’ meeting with PMSrinagar: The alleged fake encounter in Machil dominated the meetings Prime Minister Manmohan Singh had with leaders of various political parties in Srinagar with some of them calling it as a “national shame” and an incident which had affected the political gains. The Prime Minister, who held meetings with various political parties till late in the night, was also apprised of the demand for discontinuation of the Armed Forces Special Powers Act in the state, political leaders said. Ruling National Conference delegation, which was led by its senior leader Chowdhury Mohammed Ramzan, also sought an early resumption of dialogue with Hurriyat Conference besides a surrender policy on youths who had crossed over to Pakistan-occupied-Kashmir (PoK) and were willing to return. CPM delegation, headed by Mohammed Yusuf Tarigami, termed the Machil encounter as a “national shame” and sought early disposal of the case in order to restore the faith of the people in the law of the land. This view was echoed by other political parties including the main opposition PDP, who had claimed that the incident was a reflection of deteriorating law and order situation in the valley. Tarigami said he told the Prime Minister during his meeting that the “Machil encounter had negated the political gains made after the 2008 elections. “The Prime Minister agreed to the view that human rights abuse should be dealt with sternly,” Tarigami told PTI. The Kashmir valley was rocked by protests after allegations of a fake encounter in Machil area along the Line of Control where three civilians were killed allegedly by the Army. A territorial Army jawan was arrested by police while the Army suspended a major and relieved a colonel from command duty in connection with the case. Tarigami also sought a package for farmers of the state who had lost their crops because of untimely rain and hail storm. “The Prime Minister has assured me that he will be sending a Central team to assess the damage,” he said. Awami National Conference team led by Muzzafar Shah favoured an intra-Kashmir dialogue and conveyed to the Prime Minister that it wanted to send a 15-member delegation to PoK in an effort to bridge the gap between the two sides of Kashmir. “The Prime Minister was in agreement with our proposal and assured us all kind of help,” Shah told PTI. Opposition PDP claimed that constant abuse of human rights in the valley had almost nullified the gains of post 2002 peace initiative in the state when their party along with Congress was at the helm of affairs. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 1:01 am ABB buys Chloride Group for $1.25 billionZurich: ABB is buying Chloride Group for an agreed £860 million ($1.25 billion), the Swiss engineering group said on Tuesday, announcing its second acquisition within a month. ABB, which competes with French group Schneider, said Chloride had agreed on an offer of 325 pence per share. In April, Chloride, whose products protect against power shortages, had rejected an offer for £723 million from Emerson Electronic. ABB, which sells power equipment to utilities as well as to oil and gas companies, had $7.1 billion in cash at the end of the first quarter, and had been expected to go on a buying spree. Chloride will be part of ABB’s discreet automation division. Last November, ABB revamped its automation divisions and triggered talk it was about to go for a buy. Chloride employs about 2,500 people and reported revenue of £336 million in its fiscal year ended 31 March. In early May, ABB announced the buy of US software group Ventyx, and then a fortnight later said it was raising its stake in its Indian subsidiary. Source: LatestNews-Home - Livemint.com | 8 Jun 2010 | 12:35 am Zain, Bharti to close deal today: SourcesZain and Bharti Airtel are expected to close a $9 billion deal for most of the Kuwaiti firm's African assets, according to sources.Source: India Business News | Business News - Times of India | 8 Jun 2010 | 12:17 am Hyundai strike enters second dayThe workers of the Hyundai Motor India Ltd plant demand the reinstatement of 67 dismissed colleagues and recognition of their union.Source: India Business News | Business News - Times of India | 8 Jun 2010 | 12:12 am Inflation may ease with monsoon - Economic Times
Source: Business - Google News | 8 Jun 2010 | 12:10 am Sensex down 336 points; RCom shinesReliance Communications, which announced its plan for a 26-per cent stake sale, was a major gainer on Monday, a day when the benchmark index, Sensex, nosedived nearly two per cent, shedding 336Source: Business Line - Home Page | 8 Jun 2010 | 12:00 am Lakshmi Vilas Bank (Rs 88.2): BuyInvestors with a short-term trading perspective can buy the stock of Lakshmi Vilas Bank. This stock was consolidating in a wide band between Rs 70 and Rs 90 since last September. The fact that the stock has given back only one-third of the gainsSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Andhra Bank mulls share buy-backThe 87-year-old bank has sent a proposal to the Union Ministry of Finance for the permission which is being examined positively, said a senior official who did not want to beSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Day Trading GuideThe stock tumbled six per cent accompanied with above average volume on Monday. We recommend a sell in DLF as the near-term outlook isSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Firms drop SEZ plans on slowdown, tax worriesThe Board of Approval (BoA) for Special Economic Zones (SEZ) will consider 41 proposals on Tuesday for withdrawal or extension of formal approval, and for full or partialSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Two disasters, two responsesThe judgment on the Bhopal Gas tragedy comes at a time when the world watches how the US deals with an oil spill by BPSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Mutual funds liquidate CDs to tackle redemption pressureCaught in the Euro cross-fire, mutual funds have begun liquidating Certificates of Deposit (CDs) to meet the redemptions of the foreign institutional investorsSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Auto fuel price hike deferrredThe Empowered Group of Ministers (EGoM) on petroleum pricing on Monday postponed the politically sensitive decision of freeing auto fuel prices from government control. The Ministerial panel led by the Finance Minister, Mr Pranab Mukherjee, wouldSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Australia offers to explain super profit tax to Indian firmsAustralia has invited Indian companies that are scouting for mines here to join a consultation process to explain its proposed controversial “super profit'' tax on domestic miningSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Complete home solutions might give brokers a run for their moneyCompetition appears to be hotting up for real estate brokers in Mumbai with a city-based home solutions firm signing up over 100 franchisees for establishing real estate serviceSource: Business Line - Home Page | 8 Jun 2010 | 12:00 am Indian shares up 0.2 pct; state oil cos, RCom drop - Reuters
Source: Business - Google News | 7 Jun 2010 | 11:58 pm Zain, Bharti to close African deal on TuesdayKuwait: Kuwait’s Zain and Bharti Airtel are expected to close a $9 billion deal for most of the Kuwaiti firm’s African assets on Tuesday, sources said. Zain will receive $7.9 billion from Bharti on Tuesday before both firms make an announcement about the final closing, sources close to the deal told Reuters. In March, Zain struck a $9 billion deal selling its operations in 15 African countries, excluding Sudan and Morocco, to Bharti. Kuwaiti daily al-Rai said in a report earlier on Tuesday, citing informed sources, that $400 million will be deposited into the Kuwaiti firm’s accounts after completing some procedures related to the transfer of Zain’s licence in Gabon to Bharti. The remaining $700 million will be received by Zain a year after the closing, according to the agreement. Source: Home - Livemint.com | 7 Jun 2010 | 11:45 pm Sensex up 0.2%; state oil cos, RCom dropMumbai: Sensex crept higher on Tuesday tailing gains in Asian markets, but investors were circumspect on uncertainties in the debt-ridden euro zone that has weighed on global sentiment for many weeks. State-run explorer Oil and Natural Gas Corp and state refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp fell between 1.2% and 5.5% after the government deferred till next week a decision on raising fuel prices. Reliance Communications, which had jumped 26% in four sessions as talks swirled about a possible stake sale, eased 1% after AT&T denied media reports it was in talks. Financials gained on expectations demand for loans will pick up as the economy advances. By 11:13 am, the 30-share BSE index was trading up 0.21% at 16,815.86 points, with 21 of its components gaining. “Investors are still sceptical about investing in riskier assets,” said KK Mital, head of portfolio management services at Globe Capital. “More negative news from Europe cannot be ruled out. It may not be severe but the sentiment will take time to improve.” Foreign funds, which pulled out almost $2 billion from Indian equities in May as euro zone’s debt woes hit risk appetite, have bought around $37 million of stocks so far in June. State Bank of India, the country’s largest lender, rose 1.5%, while rival HDFC Bank rose 0.2%. Mortgage lender Housing Development Finance Corp climbed 1.6%. Price pressures will start to ease if the country gets a normal monsoon season but the central bank will further tighten monetary policy, deputy governor Subir Gokarn said on Tuesday. He also said the government may put off reducing fuel subsidies for the foreseeable future to avoid hurting consumers who are already suffering from high food prices. “From a political and welfare perspective, it is difficult to impose on them a hike in fuel prices at the time when they are already dealing with high food prices. Balancing out these two factors will drive the timing,” Gokarn told reporters on the sidelines of a Nomura investment conference in Singapore. Oil & Natural Gas Corp, which is required to partly subsidise fuel prices, was trading down 1.2%. Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum were trading 3-5.5% lower. The refiners are only partly compensated by the government for selling fuel at state-set lower prices. In the broader market, gainers were more than twice the number of losers on volume of 89 million shares. The 50-share NSE index was up 0.3% at 5,047. Stocks on the move Metals makers Sterlite Industries, Hindalco, Tata Steel and Jindal Steel and Power rose between 0.9 and 1.8%, as London copper futures rose nearly 1% after shedding almost $900 in a six-day selling spree. Oil explorer Cairn India, a unit of UK’s Cairn Energy, rose 1.5% to Rs295.50 as crude oil prices gained towards $72 per barrel. Source: Home - Livemint.com | 7 Jun 2010 | 11:27 pm Rupee appreciates by 12 paise against dollarThe rupee appreciated by 12 paise to 46.96 a dollar in early trade on the Interbank Foreign Exchange today helped by gains on the equity market.Source: India Business News | Business News - Times of India | 7 Jun 2010 | 11:16 pm Inflation may ease with monsoon: Central bankSingapore: Price pressures in India will start to ease if the country gets a normal monsoon season but the central bank will further tighten monetary policy, deputy governor Subir Gokarn said on 8 June. He also said the government may put off reducing fuel subsidies for the foreseeable future to avoid hurting consumers who are already suffering from high food prices. “From a political and welfare perspective, it is difficult to impose on them a hike in fuel prices at the time when they are already dealing with high food prices. Balancing out these two factors will drive the timing,” Gokarn told reporters on the sidelines of a Nomura investment conference in Singapore. India’s government decided to defer till next week a decision on raising fuel prices, the second time in a year it has tripped on pushing politically sensitive reforms that could help trim a budget deficit. India’s food price index rose 16.55% in the year to 22 May, faster than the previous week’s annual rise of 16.23%, whole price data released last Thursday showed. The fuel price index climbed 14.14% after gaining 12.08% in the previous week. Gokarn, however, played down concerns about food prices, noting that they could begin to fall in coming weeks depending on the weather. “If the monsoons are normal, inflation is probably at its peak right now.” He added the rising food prices reflected to some extent changing consumption patterns rather than a shortage of wheat and other crops. “People are getting richer. They are starting to consume more of food other than cereal, for example, meat, eggs, sugar, milk. We seem to have some supply bottlenecks on many of these things, which is starting to drive food prices up.” Gokarn, a former chief economist for Asia Pacific at Standard & Poor’s, reiterated comments made on Monday that the central bank will continue to tighten monetary policy at a steady pace. “Our monetary policy stance is to make a steady correction because they (interest rates and liquidity) are currently not in alignment with the rate at which the economy is growing.” The RBI has raised benchmark rates twice by a total of 50 basis points since March, after headline inflation hit a 17-month high of 9.9%. It had earlier lifted reserve requirements of banks, saying it preferred to use tools that had predictable effects on liquidity. Source: Home - Livemint.com | 7 Jun 2010 | 11:09 pm Sensex rebounds 59 points in opening tradeThe wide-based National Stock Exchange's Nifty rose by 17.70 points, or 0.34%, to 5,051.70 points.Source: Daily News & Analysis: Money News | 7 Jun 2010 | 11:03 pm Indo-Canada civil nuclear deal: PM to sign agreementToronto: India and Canada will sign a civil nuclear agreement during Prime Minister Manmohan Singh’s forthcoming visit to the G-20 Summit in Toronto later this month. The four-day visit commences on 26 June. The agreement will be signed after a bilateral meeting between Singh and his Canadian counterpart, Stephen Harper, who will be hosting a special dinner in honour of Indian Prime Minister on 27 June, official sources said yesterday. The two countries will also review their bilateral economic and cultural ties. “We hope to complete the prerequisite of the agreement before Dr Singh arrives in Toronto,” they said. The agreement will allow Indian firms to export and import controlled nuclear material, equipment and technology to and from Canada, they added. India has already signed similar agreements with countries like the US, France and Russia. Besides uranium exports, Canada is pitching its 1200-MWe class Advanced CANDU reactor as a good fit for the Indian nuclear programme due to its size and localisation potential. “Negotiations have been concluded. There will be a bilateral cooperation in civil nuclear agreement. Canada is the biggest exporter of uranium in the world. Equally important is that we (India and Canada) are using the same technology and exploring the possibility of setting up nuclear power plants in third countries,” they said. Singh will review progress in the proposed comprehensive economic partnership agreement, the Foreign Investment Protection and Promotion Agreement (FIPPA), MoUs signed by the two countries in energy sector and cultural and social security agreements, they said. The Indian prime minister will be accompanied by a high-powered delegation including planning commission deputy chairman Montek Singh Ahluwalia, foreign secretary Nirupama Rao and national security advisor Shivshankar Menon. Both countries are keen to strengthen their economic ties and the forthcoming meeting between the two Prime Ministers would be an important historic event, they said. A joint-study group set up to explore the areas of mutual interests for concluding a Comprehensive Economic Partnership Agreement (CEPA) has concluded its study and submitted its report, they said, adding the two leaders are expected to release the study and start negotiations. Both countries will try to triple the bilateral trade and investment volume to CAD 15 billion by 2015 from the current CAD 5 billion, they added. Source: LatestNews-Home - Livemint.com | 7 Jun 2010 | 10:40 pm Sensex slips 208 pts on global cuesAt mid-session, the Sensex was down 1.24 per cent to be at 16,572.68 and the Nifty was down 1.23 per cent at 4,972.1.Source: India Business News | Business News - Times of India | 7 Jun 2010 | 10:38 pm Rupee seen slightly stronger; stocks watchedMumbai: The rupee is expected to start slightly stronger on Tuesday tracking Asian currencies which were up against the dollar, but domestic shares will be watched for direction. At 8.20 am IST, the MSCI index of Asian stocks ex-Japan was up 0.6% while the Nifty India stock futures traded in Singapore were flat. Most Asian currencies rose compared to the dollar. The index of the dollar against six major currencies was 0.15% lower. The euro was pinned near four-year lows on Tuesday, as a short squeeze seen in the previous session was showing signs of waning with funds expected to resume selling on lingering stress about the European financial system. The partially convertible rupee ended at 47.10/11 per dollar on Monday, 0.55% weaker than Friday close of 46.84/85. Source: Home - Livemint.com | 7 Jun 2010 | 10:29 pm Bond yields higher on tight cash; data eyedMumbai: Indian federal bond yields edged higher on Tuesday as tight cash conditions weighed, but a global trend of risk aversion continued to support demand, traders said. At 9.25 am, the yield on the benchmark 10-year bond was 7.50%, from its previous close of 7.48%. Banks borrowed a net Rs619.20 billion from the central bank on Monday via its liquidity adjustment auctions, showing the extent of cash crunch due to 3G payments. Thursday’s food and fuel price data will be crucial, as it may help shape the central bank policy expectations, traders said. Results of Friday’s bond auction will also be watched. Central bank deputy governor Subir Gokarn said on Tuesday food prices were a key driver for inflation in India and price pressures would start to ease if the country had a normal monsoon. India said on Monday it would sell Rs110 billion of bonds on 11 June. US Treasury prices climbed on Monday, as struggling stocks and worries over Europe’s fiscal crisis kept up a safety bid for bonds in advance of this week’s $70 billion supply. Source: Home - Livemint.com | 7 Jun 2010 | 10:19 pm Oil nudges up towards $72 on expected US inventory dropSingapore: Oil edged higher towards $72 on 8 June as forecasts for a drop in US inventories helped stabilise a volatile market driven by concerns that Europe’s debt crisis would cut into energy demand. US crude stockpiles probably fell by 900,000 barrels last week as imports declined, a Reuters poll showed on 7 June, in their second straight weekly decline. Finance ministers from the debt-stricken euro zone sought to restore financial markets’ confidence on 7 June by agreeing how to deploy a vast anti-contagion programme if needed by struggling members. Efforts to contain the crisis came after the Hungarian government sent mixed signals about the health of its economy, rattling financial markets and sending crude below $70 on 7 June for the first time in almost two weeks. Prices of front-month US crude, down 18% from a 19-month high above $87 in early May, on 8 June gained 11 cents to $71.55 by 0251 GMT, after earlier touching a high of $71.74. ICE Brent crude was unchanged at $72.12. “The heavy sell-off since Friday seems to be finished,” said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd. “The market has been supported by short covering, and some people are feeling that $70 is quite cheap according to market fundamentals. The level of US crude inventory is still quite high, but people are looking at a trend of decreases.” Crude supplies in top consumer the United States fell for the first time in seven weeks in the week to 28 May, following an almost unbroken stretch of gains going back to late January. Gasoline stockpiles were forecast up just 100,000 barrels last week, after four straight weeks of drawdowns, including a hefty decline of 2.6 million barrels in the week to 28 May. The forecast for distillate stocks called for an average increase of 600,000 barrels, following a modest build the week before and two consecutive moderate declines prior to that. Industry group American Petroleum Institute will publish inventory figures on 8 June at 2030 GMT, while government statistics from the Energy Information Administration will follow on 9 June at 1430 GMT. Hungary’s new centre-right rulers, who alarmed markets last week by suggesting the country could face a Greek-style crisis, tried to reassure investors on Monday by pledging to stick to deficit-cutting targets their predecessors agreed with the International Monetary Fund. “Sovereign risk probably will have an impact on the economy, and oil demand in Europe may not be increasing,” Emori said, adding that prices could potentially fall below $60 a barrel in the next year. “Economic indicators in the US are not really improving much,” he said. The US economy added fewer jobs than expected in May, a report showed on Friday, sending equities and commodities markets sharply lower. Source: Home - Livemint.com | 7 Jun 2010 | 10:15 pm Gold may steady near record; copper seen upMumbai: Gold futures may steady near their record high on Tuesday, taking a breather after the yellow metal gained about 1% in the last session on safe-haven buying, analysts said. The most-active August gold contract on MCX last closed at Rs18,961 per 10 grams, up 0.9% after hitting a record high of Rs18,990. The contract may open at Rs18,930, said Abhishek Chauhan, analyst with Angel Commodities. “We will remain on the buying side in gold on euro crisis, 18,850 could be a good buying support, and if it breaches 19,000, then 19,200 would be the next level,” said Chauhan. The yellow metal has gained more than 10% since the start of May as a weaker dollar and euro zone credit crisis heightened appeal of the safe haven metal. Meanwhile, US Federal Reserve chairman Ben Bernanke said on Monday he was convinced Europe was committed to addressing its debt troubles to keep the European Union together. Copper Copper futures may recover partly following firm overseas leads, analysts said. The most-active June copper on the Multi Commodity Exchange (MCX) last closed at Rs288.20 per kg, down 1.7%. The contract may open at Rs289, said Aurobinda Prasad, head of research, Karvy Comtrade, adding “maximum pullback could be seen till 292 levels.” London copper, which guides the domestic markets, crept higher on technical buying after a six-day losing streak that brought the metal to eight-month lows in the previous session. Copper may trade in the range of Rs284-293, said Angel’s Chauhan. Source: Home - Livemint.com | 7 Jun 2010 | 10:10 pm Warren Buffett lunch bid reaches $51,000NEW YORK (Reuters) - After a slow start, the annual online auction for a steak lunch with billionaire investor Warren Buffett has drawn a $51,000 bid, a number sure to rise by the time the auction ends Friday night.Source: Reuters: Money News | 7 Jun 2010 | 10:05 pm Tata Steel raises stake in Canadian miner to 27%Mumbai: Tata Steel, the world’s eighth-largest steel producer, has raised its holding in Canadian miner New Millennium Capital to 27%, the company said. It bought 14.3 million shares in New Millennium Capital for 20 million Canadian dollars (US$19 million), taking its total holding to 40 million shares. Tata Steel had initially bought a stake in October 2008, the company said in a statement late on Monday. In November last year, Tata Steel’s unit had signed a joint venture with New Millennium Capital and LabMag for developing a direct shipment ore project in Canada. Source: Home - Livemint.com | 7 Jun 2010 | 9:06 pm 'You can transfer your home loan to another bank'Can I transfer my home loan account from existing bank to another bank? What are the conditions?Source: Daily News & Analysis: Money News | 7 Jun 2010 | 5:10 pm EU firm on strong IP provision in free tradeA key provision in the draft of the India-European Union free trade agreement may have implications on the affordability of medicines, while also hurting the negotiations between the two trading blocs.Source: Daily News & Analysis: Money News | 7 Jun 2010 | 4:29 pm MNCs' stocks surge on hopes of delistingStocks of most multinational companies (MNCs) in which public holding is less than 25%, rallied in Monday's weak market.Source: India Business News | Business News - Times of India | 7 Jun 2010 | 3:42 pm Allow global audit firms in India: KhurshidThe corporate affairs ministry will initiate talks with the commerce ministry and RBI to allow global audit firms like KPMG, Deloitte, Ernst & Young and PriceWaterhouseCoopers to open shops in the country.Source: India Business News | Business News - Times of India | 7 Jun 2010 | 3:39 pm 'AT&T in talks for buying stake in RCOM'US telecom giant AT&T is in informal discussions with Reliance Communications Ltd about taking a significant minority stake in the Indian cellphone company, The Wall Street Journal reported.Source: India Business News | Business News - Times of India | 7 Jun 2010 | 3:36 pm Indian eco to grow 9% in 2011: World BankIndia's economy is expected to grow 9% in 2011 with South Asia poised to become the second-fastest growing region after East Asia & Pacific, says the latest World Bank update.Source: India Business News | Business News - Times of India | 7 Jun 2010 | 3:25 pm Vodafone moves HC in tax caseTelecom giant Vodafone on Monday moved the Bombay High Court, challenging the income-tax department's jurisdiction on a deal inked by the company in 2007.Source: India Business News | Business News - Times of India | 7 Jun 2010 | 3:22 pm Justice delayed, justice denied?New Delhi: Twenty-six long years after the country’s worst industrial disaster, the Bhopal lower court on Monday sentenced each of the seven accused to two-year jail sentences and a fine of Rs1 lakh. Supreme Court Lawyer Prashant Bhushan speaking to Mint’s Padmaparna Ghosh says that though the verdict sets a good precedent, it is sad that the conviction was for ’negligence’ and not ’culpable homicide’. Download link here Lawyers said the decision to hold senior management responsible for such disasters sets a legal precedent even as activists representing survivors insisted the judgement does not go far enough.  Poison source: The Union Carbide plant, now defunct, in Bhopal. Madhu Kapparath / Mint The convicted include Keshub Mahindra, then non-executive chairman of Union Carbide India Ltd (UCIL), which owned the factory from which the killer fumes escaped into Bhopal’s night air in December 1984, killing an estimated 3,000 people. Mahindra, currently chairman of Mahindra and Mahindra Ltd, declined comment. The erstwhile UCIL was also fined Rs5 lakh. The convicted have been given bail. The verdict does not cover Warren Anderson, former chairman of Union Carbide Corp. (US) and the main accused in the gas tragedy; he has been termed an “absconder” by the lower court and is being tried in a different court. Experts said the landmark judgement has highlighted the lack of a law to deal with large industrial disasters, forcing the prosecution to rely on existing civil and criminal laws which do not make any distinctions in the nature of a crime. “It is a precedent, but it is not enough. The accused have been tried under ‘causing death due to negligence’ whereas they should have been tried under ‘culpable homicide not amounting to murder,” said Prashant Bhushan, a Supreme Court lawyer. Bhushan was referring to the Supreme Court order in 1996, which reduced the charges on the accused from “culpable homicide not amounting to murder” to one causing death by negligence. The former can potentially invite a sentence of 10 years’ imprisonment, the jail sentence in the latter is a maximum of two years. The apex court ruling followed after the accused challenged the Madhya Pradesh high court, in 1995, upholding their prosecution for stricter charges. Activists believe that the Supreme Court verdict weakened the case of the prosecution. “This is a disaster in three levels. First was in 1984, second when the government failed to adequately charge the perpetrators, and third the contamination going on at present in and around the accident site,” said Nityanand Jayaraman, an activist with the International Campaign for Justice in Bhopal. Lawyers and environment activists believe that industrial accidents of such magnitude should not be covered under general sections of section 304 of the Indian Penal Code (IPC). “A separate section should be inserted in the IPC which can take care of such industrial accidents” said Sanjay Parikh, a Supreme Court lawyer. Click here to view a slideshow of photographs of the defunct plant. Existing and proposed environmental legislation does not have any criminal provisions either. “The National Green Tribunal, for instance, has only civil liability. There was some talk of including criminal provisions, but that has not happened. In such cases, the IPC or the CrPC (Criminal Procedure Code) are the only options,” said Sanjay Upadhyay, an environmental lawyer. Bhushan added that industries using hazardous substances should invite higher penalties for violations. “Instead the government is limiting liabilities (pointing to the Nuclear Liability Bill),” Bhushan added, asserting that with rapid industrial growth, such provisions are critical. The other convicted UCIL officials are Vijay Gokhale, former managing director, Kishore Kamdar, former vice president, J Mukund, former works manager, S.P. Chaudhary, former production manager, K.V. Shetty, former plant superintendent, S.I. Qureshi, former production assistant, R.B. Roy Chaudhary, former assistant manager. padmaparna.g@livemint.com Sahil Makkar contributed to this story. Source: Home - Livemint.com | 7 Jun 2010 | 1:54 pm Regulating microfinanceIn 2005, then Reserve Bank of India governor Y.V. Reddy summed up the central bank’s approach to microfinance when he said regulating the industry would militate against its core spirit—informality and flexibility—that had served it so well. Five years later, as a microfinance Bill remains stalled, that regulatory gap still exists. It is perhaps because of this lack of oversight that the Andhra Pradesh and Kerala governments have sought to bring some microfinance institutions (MFIs) in these states under local moneylending norms. As The Economic Times reported last week, the intent has been to control the rates of interest charged on microloans to the poor. Moneylending rules in Kerala, for example, specify interest rate ceilings that MFIs under its ambit would be obliged to follow. The interest rate debate is important, and the high rates charged by some microlenders have had influential critics. Most recently, RBI deputy governor K.C. Chakrabarty cast doubts on the ability of microfinance to bring about the financial inclusion that it aims at, citing the industry’s high cost of lending. With such existential concerns, the debate over regulating MFIs gains greater importance. To be sure, regulation is crucial in an industry that has come a long way both in terms of size and complexity since its humble beginnings in the 1970s. The upcoming public share sale of SKS Microfinance, India’s largest microlender, is a sign of the increasing commercialization of what continues to be seen in some circles as an exclusively social movement. Managing this new profit motive and its accompanying moral dilemma, and balancing it against the established ideas of inclusivity are the functions of regulation. Besides, effective oversight has positive externalities on risk perception, helping MFIs attract commercial investment and making them less dependent on donor funds. At the same time, a regulatory stranglehold runs the risk of hobbling the industry. The commercial viability of microlenders is relevant not just to the investors who put their money in the sector, but also to the growth and outreach of MFIs that will finally determine their effectiveness in bringing inclusion to the excluded. Even in their search for inclusive practices, regulators will have to ensure that competition and market forces don’t get crowded out. Do microfinance institutions need to be regulated? Tell us at views@livemint.com Source: LatestNews-Home - Livemint.com | 7 Jun 2010 | 1:11 pm De-listing hopes boost MNC stocksShares of Indian units of multinational companies (MNCs) surged on Monday on expectations that their foreign parents would opt to de-list them after the government made it mandatory for all listed companies to have minimum 25 per cent public holding.Source: Business Standard | Front Page Headlines | 7 Jun 2010 | 12:49 pm 'M chairman may have to quit'Should Keshub Mahindra step down as the chairman of Mahindra and Mahindra (M&M) following his conviction in the Bhopal gas tragedy case? Will he vacate his seat on the boards of HDFC, Bombay Dyeing and a host of other Mahindra group companies? These are some of the legal and ethical questions that do not have a clear answer yet.Source: Business Standard | Front Page Headlines | 7 Jun 2010 | 12:47 pm Turf war, new norms hold Irda from clearing UlipsThe Insurance Regulatory and Development Authority (Irda) has not cleared any unit-linked insurance plans (Ulips) for nearly two months, following the recent changes to the norms and the regulatory tussle over the investment-cum-insurance products.Source: Business Standard | Front Page Headlines | 7 Jun 2010 | 12:47 pm Keshub Mahindra convicted in Bhopal caseJudgment comes 26 years after the gas leak tragedy, all eight convicts get bail.Source: Business Standard | Front Page Headlines | 7 Jun 2010 | 12:44 pm MNC stocks surge in a falling marketMumbai: Shares of some Indian units of multinational companies (MNCs) zoomed on Monday as investors rushed to buy them on speculation that a new government rule will make these firms opt for a buy-back and delist from the exchanges. Some of the stocks rose by as much as 13-14% on a day when the Bombay Stock Exchange’s bellwether equity index, the Sensex, fell nearly 2% on fears that the European debt crisis had spread to Hungary. On Friday, the government notified rules asking all listed companies to ensure a minimum public shareholding of 25%. This might prompt some MNCs, where the promoter holding is more than 80%, to delist rather than comply with the new norm, said analysts. Delisting would free them from regulatory compliance requirements such as responding to investor queries and incurring a cost on publishing financial results every quarter among others. “It is a play on delisting,” said Ashutosh Datar, assistant vice-president at Mumbai-based brokerage India Infoline Ltd’s institutional equities unit. “The premium would depend on individual companies.” “These stocks will thus likely move up sharply in the short term, as expectations of delisting at a higher price start building in,” wrote Datar and his colleague Nemkumar in a note on Monday. The shares of plastic maker Ineos ABS Ltd rose 14.22% and those of gear maker Fairfield Atlas Ltd, 13.87%. Promoters own 83.33% in Ineos and 83.91% in Fairfield. Drug maker AstraZeneca Pharma India Ltd, whose promoters own 90%, saw shares rise 10% as investors bought in hopes of a delisting. Other MNC stocks with a parent holding above 75% include Oracle Financial Services Software Ltd (OFSSL) and 3M India Ltd. The capital market regulator has made it difficult for firms to delist, but several of these have attempted to do so in the past. For instance, the units of global drug makers Novartis AG and Pfizer Inc bought back shares in 2009 to raise promoters’ stakes with plans to eventually delist the firms over a period of time. On the other hand, Oracle’s India unit was unsuccessful in delisting itself in December 2006. “Considering Oracle’s practice of delisting its subsidiaries worldwide and increase in its holding in OFSSL through preferential allotment, open offer and acquisition from the open market over the span of last five years, we believe the new modification in rule increases probability of de-listing of OFSSL by Oracle,” wrote Hardik Shah, an analyst at Asit C Mehta Investment Intermediates Ltd in a 7 June note. According to Friday’s notification of the Securities Contract (Amendment) Rules 2010, firms will have to comply with the 25% public listing rule by diluting at least 5% every year. It is not clear what would happen to a firm that fails to increase public shareholding in the stipulated period and at the same time doesn’t succeed in delisting. “One of the basic legal principles is that law cannot demand a person or company do what is not in their power,” said Sajan Poovayya, managing partner at Bangalore-based law firm Poovayya and Co. “One would hope that Sebi (the Securities and Exchange Board of India) would take into account the fact that sometimes it may not be in the power of companies to comply with the requirement and make provisions for such an eventuality,” Poovayya said. He added that from a legal standpoint, the new norms may be challenged and possibly struck down. Not all companies, whose shares gained Monday, want to delist, though. “The notification has just come and we are in the process of studying the finer details. Our plan is to comply with it as early as possible,” said Rakesh Bhargava, vice-chairman and managing director of Fresenius Kabi Oncology Ltd, whose shares gained 6% on Monday. C.H. Unnikrishnan contributed to this story. lison.j@livemint.com Source: Home - Livemint.com | 7 Jun 2010 | 12:25 pm Apple unveils next iPhone, looks to fend off GoogleSan Francisco: Apple Inc introduced the newest version of its iPhone on Monday, hoping to stay a step ahead of a growing cast of rivals like Google Inc in the red-hot smartphone market. Chief executive Steve Jobs sketched out the new iPhone 4 with more than 100 new features to a packed room at the company’s developers’ conference in San Francisco. IPhone 4 comes with many features that analysts expected, including a better display and a front-facing camera that could potentially be used for videoconferencing. It is 24% slimmer than the current 3GS model. Apple’s shares had fallen as much as 1.5% in early trading before bouncing back with the broader stock market. They were holding steady in late trading. Its stock has already gained more than 20% this year, and the company overtook Microsoft Corp to become the world’s most valuable technology company. Few had expected major technological advancements from the 3GS. Still, the iPhone remains the gold standard in the smartphone market, and Apple’s product launches are the most closely watched events on the technology calendar. The iPhone has been a huge success since debuting in 2007, boosting Apple’s margins, transforming the company into one of the world’s leading mobile device makers and setting the competitive landscape in a smartphone battle that will play out for years. Though gaining share globally, it faces a slew of new competitors, including Motorola Inc and HTC, designing high-powered handsets based on Google Inc’s Android software. Only last year, Research in Motion Ltd was seen as Apple’s top rival. While the company’s BlackBerry remains the smartphone of choice for many corporations that need fast email, Apple has made strides in that market as security concerns addressed by the BlackBerry eased. Research in Motion’s shares were down 3.7%, or $2.18, at $57.50 in midday trading on Nasdaq. Apple shares were little changed at $256.35 in afternoon trading on Nasdaq. Source: Tech News - Livemint.com | 7 Jun 2010 | 12:06 pm Jobs headlines Apple event, new iPhone in the wingsSan Francisco: Apple Inc is widely expected to unveil its latest iPhone on Monday, as the company aims to stay a step ahead of rivals in an increasingly competitive smartphone market. Chief executive Steve Jobs will take the stage at Apple’s annual developers’ conference in San Francisco, with investors and consumers alike anticipating their first glimpse of a fourth-generation handset. But the bar is set high and it will be a challenge to wow Wall Street. Apple’s stock has already gained more than 20% this year, and the company overtook Microsoft Corp to become the world’s most valuable technology company. Few are expecting major technological advancements from the current model, known as the 3GS. The new iPhone is expected to be faster, sport a front-facing camera for videoconferencing, boast longer battery life and a better screen. Although no game-changing innovation is anticipated, the iPhone remains the gold standard in the smartphone market, and Apple’s product launches are the most closely watched events on the technology calendar. The iPhone has been a huge success since it debuted in 2007, boosting Apple’s margins, transforming it into one of the world’s leading mobile device makers and setting the competitive landscape in a smartphone battle that will play out for years. Although the iPhone is gaining share globally, it faces a slew of new competitors, including Motorola Inc and HTC, designing high-powered handsets based on Google Inc’s Android software. Only last year, Research in Motion Ltd was seen as Apple’s top rival. While the company’s BlackBerry remains the smartphone of choice for many corporations that need fast email, Apple has made strides in that market as security concerns addressed by the BlackBerry eased. But the iPhone’s prime target — for now — remains the consumer. Investors are monitoring the smartphone wars closely, particularly in international markets where the iPhone’s penetration is relatively small. In the United States, Wall Street and consumers alike are eagerly anticipating an iPhone on the network of Verizon Wireless, the No. 1 telecoms provider. But that announcement is not expected to come Monday. Most analysts expect to see a Verizon iPhone some time next year, or perhaps as early as this fall. Wall Street will also be following the iPhone’s pricing closely. The iPhone 3GS currently starts at $199 with a subsidy from exclusive carrier AT&T. Many analysts expect Apple to cut that price to $99 and tag the new iPhone at $199. The second-generation iPhone, known as the 3G, is expected to be discontinued. On Friday, it was not available for sale on Apple’s website. Source: Tech News - Livemint.com | 7 Jun 2010 | 5:07 am Global air industry sees profit, warns on EuropeBerlin: Global airlines banished two years of economic misery with an abrupt turnaround in industry forecasts on Monday, though they were laced with a strong note of caution on Europe’s carriers. The International Air Transport Association said it now expects global airlines to report a $2.5 billion profit this year, an improvement of more than $5 billion from its forecast of a loss just three months ago. IATA chief executive Giovanni Bisignani said the global economy was improving more quickly than anyone expected, boosting traffic and yields sharply — something unthinkable even two months ago during Europe’s volcanic ash crisis. But Europe, mired in bad debts and bad feelings from flight cancellations during the ash crisis, is expected to lag the turnaround — particularly if a summer of strikes paralyses air travel. IATA most recently predicted worldwide industry losses of $2.8 billion in 2010, as airlines cut prices to fill seats. It said on Monday that Europe is still expected to lose that amount this year, almost 30% more than its forecast in March. The global upturn is expected to be the highlight of the opening of IATA’s annual meeting and comments by executives bore that out. German flagship carrier Lufthansa said Monday passenger numbers were improving, but yields on both long-haul and short-haul flights were still below the year-earlier level. LAN CEO Enrique Cueto told Reuters on Monday his airline was optimistic based on June traffic figures so far. Building Buzz The general note of industry optimism could spread to planemakers represented at the Berlin Air Show to be held back to back with the IATA summit. A regional event usually dwarfed by the larger Paris and Farnborough air shows, the 8-13 June show could come into its own this year. John Leahy, sales chief at Airbus, a unit of the aerospace and defence group EADS, told Reuters he would be unveiling deals at the show, but declined to elaborate. There has been speculation that industry heavyweight Emirates, the top Airbus customer, could be bulking up its fleet soon. Meanwhile, the chief executive of Boeing Commercial Airplanes told Reuters on Monday the planemaker was working on a number of deals to sell 777 and 787 long-haul aircraft. But, as so often with the airline industry, the good news is tempered with more bad news. In total, about 700 delegates representing more than 100 airlines are at the meeting, which is likely to also focus heavily on the industry’s response to Iceland’s volcano. Strikes in Europe and unrest in Asia could add to the woes. British Airways is in the midst of a series of cabin crew walkouts, and labour unrest looms at Lufthansa. BA chief executive Willie Walsh, in Berlin despite being taunted by union leaders for not staying to negotiate an end to the bitter dispute over conditions, roundly criticized the Unite union that represents the cabin staff. “They have failed in their efforts and they will continue to fail” to shut down the airline, Walsh told Reuters on the sidelines of a Oneworld airline alliance presentation. Walsh also said there was no trade-off point for the airline between the cost savings it has made from cuts and the ongoing costs of the strike itself. Source: World Business - Livemint.com | 7 Jun 2010 | 3:03 am
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