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LT bags Rs 747cr order for material handling projectsLarsen Toubro has bagged an order worth Rs 747 crore for material handling projects. In an interview with CNBCTV18, KV Rangaswami, Wholetime Director and President Construction, (ECC) of LT, spoke about the recent order and his outlook for the company.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 8:41 am No discussion on fuel prices in cabinet meetIndia\'s cabinet did not discuss any proposal to raise fuel prices or reform the sector, a government spokeswoman said, continuing the uncertainty over the longawaited move that has met strong political resistance.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 8:33 am Bharti partners VMware for cloud computing servicesBharti Airtel has partnered with USbased software maker VMware Inc to focus on the cloudbased managed computer services market, the top Indian telecoms firm said in a statement.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 8:33 am Mahindra to start due diligence on SsangyongMahindra Mahindra, India\'s top utility vehicle and tractor maker, will start the due diligence on troubled Korean SUV maker Ssangyong Motor, a top official told a TV channel on Thursday.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 6:34 am Food, fuel price inflation quicken endMayIndia\'s food and fuel prices quickened at the end of May, putting upside pressure on the wholesale price index that could prompt the need for monetary tightening by the central bank.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 6:34 am Sun TV\'s Maran looks to buy stake in SpiceJet: SourcesSUN TV promoter Kalanidhi Maran is looking at picking up a stake in SpiceJet, reports CNBCTV18 quoting sources.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 6:34 am Infosys BPO unit sees FY11 revenue up 1520%The backoffice outsourcing arm of Infosys Technologies India\'s No. 2 software exporter, expects revenue to rise 1520% in this fiscal year to March 2011, a top company official said on Thursday.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 6:04 am Why Mahindra Mahindra needs RevaWith a majority stake in Reva Electric Car Company, MM now gets a better chance to join the global race to develop an electric carSource: Moneycontrol Top Headlines | 10 Jun 2010 | 6:00 am Should India have a one child policy?The downsides of a onechild policy could outweigh any benefit in terms of reducing carbon emissions.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 6:00 am ILFS fund to invest $122 m in property firm: SourcesPrivate equity firm ILFS Milestone Fund is set to invest Rs 575 crore (USD 122.3 million) for a 74% stake in a property unit of Hindustan Construction Co, two sources with direct knowledge of the matter said.Source: Moneycontrol Top Headlines | 10 Jun 2010 | 5:31 am IL&FS Milestone Realty Advisors, a joint venture between - Business Standard
Source: Business - Google News | 10 Jun 2010 | 4:10 am Sony unit in $80 million Thai expansion-investment boardThe plant in central Ayutthaya province operated by Sony Technology (Thailand) will have capacity to produce 2.1 million digital cameras per year, mainly for export.Source: Daily News & Analysis: Money News | 10 Jun 2010 | 3:58 am Turmeric futures rises on short-covering - Business Standard
Source: Business - Google News | 10 Jun 2010 | 3:51 am Mamata Banerjee attends cabinet meeting after a month - Hindustan Times
Source: Business - Google News | 10 Jun 2010 | 3:49 am BP shares plunge, U.S. threatens new penaltiesLONDON/VENICE, La. (Reuters) - The shares of oil giant BP Plc continued falling on Thursday on concerns about the costs the British company will face in the massive Gulf of Mexico oil spill.Source: Reuters: Money News | 10 Jun 2010 | 3:36 am Singtel says CEO for international ops Lim to retireSINGAPORE (Reuters) - Singapore Telecommunications said on Thursday its CEO for international operations Lim Chuan Poh will retire at the end of this year.Source: Reuters: Money News | 10 Jun 2010 | 3:33 am BP's shares hit 13-year low, sees no reasonShares in oil giant BP continued to fall heavily today, hitting their lowest level since 1997, even as the company said it saw no justification for such a move.Source: HindustanTimes.com - Top Business News Headlines | 10 Jun 2010 | 3:30 am Sensex up 200 points on higher European stocks - NDTV.com
Source: Business - Google News | 10 Jun 2010 | 3:29 am May inflation seen below 9%: adviserMumbai: India’s wholesale price inflation is likely to drop below 9% in May then rise on higher fuel prices before declining from August or September, a top policy adviser said on Thursday. “It will be lower at least for the month of May. My guess is it will be lower than 9%,” Saumitra Chaudhuri, a member of Planning Commission and Prime Minister Manmohan Singh’s economic advisory council, told Reuters Insider television in an interview. Chaudhuri said inflation would pick up in June when petrol prices are likely to be revised, and headline inflation will remain high for a few months. A government panel this week delayed a decision on changes to its fuel subsidy system, but government is expected to gradually withdraw subsidies, starting by raising petrol prices. Chaudhuri said food price rises would cool if the summer monsoon is normal, as expected. “For food prices, the worst was past in February. There will be relief on food prices,” he said. Some analysts expect inflation to remain above 9% in May. “Food inflation is still high, manufacturing inflation is a concern, the previous rate hike will play out and then there is a fuel price hike in the offing,” said N. Bhanumurthy, economist with Delhi-based think tank National Institute of Public Finance and Policy. The Reserve Bank of India has raised its key policy rates by 50 basis points and the cash reserve ratio for banks by 100 basis points so far in 2010 to contain inflation expectations. However, following the recent crisis in the euro zone, analysts expect the RBI to take slow and cautious steps for further tightening. The RBI is widely expected to raise rates by another 25 basis points at its next quarterly review on 27 July. Policy Framework Chaudhuri said that while inflation continues to be a problem, numbers may come down from alarming levels. “Policy has to be geared, keeping inflation in mind,” he said. India’s food and fuel prices quickened at the end of May, putting upside pressure on the wholesale price index. The food price index rose 16.74% in the year to 29 May, higher than the previous week’s annual reading of 16.55%, following a rise in fruit and potato prices, government data released on Thursday showed. “If commodity prices other than oil do not rise very much, manufactured goods price inflation can be managed, provided of course, we have our policy framework that is appropriate to manage it,” Chaudhuri said. The annual headline inflation number eased in April. Wholesale prices, the most closely watched inflation gauge in India, rose 9.59% in April from a year earlier. That was weaker than 9.9% for March and 10% in February, which was the highest inflation since October 2008. The central bank’s inflation projection for the end of the fiscal year 2010-11 that ends on 31 March is 5.5%. On Tuesday, central bank deputy governor Subir Gokarn said food prices are a key driver for inflation in India and price pressure will ease if monsoons are normal Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 3:28 am Strike at Hyundai's TN plant endsA strike that stopped Hyundai Motor's production in India for two days was called off on Wednesday night after it agreed to consider rehiring dozens of workers dismissed in the wake of violent protests, the company said.Source: India Business News | Business News - Times of India | 10 Jun 2010 | 3:22 am Infosys BPO unit sees faster FY11 revenue growthBANGALORE (Reuters) - The back-office outsourcing arm of Infosys Technologies , India's No. 2 software firm, sees faster sales growth in the year ending March 2011, on rising demand from existing clients and new client additions, its chief said on Thursday.Source: Reuters: Money News | 10 Jun 2010 | 3:21 am MTN ends talks with Egypt’s Orascom on potential dealJohannesburg: South African cellular giant MTN Thursday said that it has terminated its discussions with Orascom Telecom on a potential deal to acquire some or all of its businesses. “MTN shareholders are advised that discussions (with Orascom Telecom) have been terminated and caution is no longer required to be exercised by MTN shareholders when dealing in their MTN securities,” the company said in a regulatory filing yesterday. MTN was referring to its announcement in April, regarding its talks with Weather Investments, the parent company of Orascom Telecom, for a possible takeover of the Egypt-based firm or certain of its businesses. Reportedly, MTN has been unable to strike a deal due to regulatory hurdles. Orascom operates GSM networks in Algeria, Pakistan, Egypt, Tunisia, Bangladesh and North Korea, among others. Analysts said that failure of the talk would hit MTN’s plans to expand its reach in the African market. It also assumes importance in the backdrop of Bharti Airtel recently completing the acquisition of Zain Telecom’s Africa operations for $10.7 billion to become the world’s fifth largest mobile operator with 180 million subscribers in 18 Asian and African nations. Since 2008, MTN has failed thrice to strike a partnership deal with Indian players, including twice with Bharti Airtel and once with Anil Ambani group firm Reliance Communications. Recently, media reports had suggested that RCom-MTN talks for a potential deal could be restarted in the wake of the two Ambani siblings calling a truce and deciding to scrap their non-compete agreements. However, MTN Group spokesperson said, “MTN emphatically denies being engaged in talks of any nature with RCom.” In July 2008, Anil Ambani-led Reliance Communications (RCom) called off the talks for a potential transaction with MTN, citing legal and regulatory issues. At that time, Anil was engaged in a bitter battle with elder sibling Mukesh. Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 3:21 am MTN ends talks with Egypt’s Orascom on potential dealJohannesburg: South African cellular giant MTN Thursday said that it has terminated its discussions with Orascom Telecom on a potential deal to acquire some or all of its businesses. “MTN shareholders are advised that discussions (with Orascom Telecom) have been terminated and caution is no longer required to be exercised by MTN shareholders when dealing in their MTN securities,” the company said in a regulatory filing yesterday. MTN was referring to its announcement in April, regarding its talks with Weather Investments, the parent company of Orascom Telecom, for a possible takeover of the Egypt-based firm or certain of its businesses. Reportedly, MTN has been unable to strike a deal due to regulatory hurdles. Orascom operates GSM networks in Algeria, Pakistan, Egypt, Tunisia, Bangladesh and North Korea, among others. Analysts said that failure of the talk would hit MTN’s plans to expand its reach in the African market. It also assumes importance in the backdrop of Bharti Airtel recently completing the acquisition of Zain Telecom’s Africa operations for $10.7 billion to become the world’s fifth largest mobile operator with 180 million subscribers in 18 Asian and African nations. Since 2008, MTN has failed thrice to strike a partnership deal with Indian players, including twice with Bharti Airtel and once with Anil Ambani group firm Reliance Communications. Recently, media reports had suggested that RCom-MTN talks for a potential deal could be restarted in the wake of the two Ambani siblings calling a truce and deciding to scrap their non-compete agreements. However, MTN Group spokesperson said, “MTN emphatically denies being engaged in talks of any nature with RCom.” In July 2008, Anil Ambani-led Reliance Communications (RCom) called off the talks for a potential transaction with MTN, citing legal and regulatory issues. At that time, Anil was engaged in a bitter battle with elder sibling Mukesh. Source: World Business - Livemint.com | 10 Jun 2010 | 3:21 am L&T bags Rs 747cr order for material handling projects - Moneycontrol.com
Source: Business - Google News | 10 Jun 2010 | 3:20 am India's May inflation seen below 9 pct - advisorMUMBAI (Reuters) - India's wholesale price inflation is likely to drop below 9 percent in May then rise on higher fuel prices before declining from August or September, a top policy adviser said on Thursday.Source: Reuters: Money News | 10 Jun 2010 | 3:12 am Honda to resume China car output, strike lingersTOKYO/HONG KONG (Reuters) - Honda Motor Co said it would resume building cars in China on Friday after a supplier of exhaust systems contained a labour dispute, but workers at another parts maker remained on strike.Source: Reuters: Money News | 10 Jun 2010 | 3:09 am Airtel ties up with VMware to manage its computing servicesNew Delhi: Telecom major Bharti Airtel on Thursday said it has partnered with VMware to expand its managed computing services in the country. The collaboration aims to target the cloud-based managed computing services in India and will offer cloud services like web services, file, mail, database, transaction, disaster recovery, co-location and other managed services, Bharti Airtel said in a statement. The services will be based on the VMware’s platform. VMware is a global provider of virtualisation solutions. The partnership will help companies reduce total cost of ownership (TCO) for their IT needs, it added. Bharti Airtel’s managed computing services will utilise its existing network infrastructure across the country. The services will be available to enterprise (large companies) customers on a ‘pay-per-use´ model. “Bharti Airtel recognises the need of its customers in the virtualisation space. This brings together Bharti Airtel’s managed services capabilities and virtualisation technologies from VMware,” Bharti Airtel executive director (Enterprise Services) Rajan Swaroop said. Virtualisation offers access to software and solutions on Internet through a pay-per-use pricing model, which brings down cost related to servers, power, operating cost and IT management. Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 3:05 am Infosys BPO unit sees faster FY11 revenue growthBangalore: The back-office outsourcing arm of Infosys Technologies, India’s No. 2 software firm, sees faster sales growth in the year ending March 2011, on rising demand from existing clients and new client additions, its chief said on Thursday. However, wage hikes and competitive pricing pressures are likely to pressure net profit margins, which is seen at 20-22% compared with 22% a year earlier, D. Swaminathan, chief executive of Infosys BPO, told reporters. Country’s outsourcers, including Infosys and Tata Consultancy, have been offering wage hikes to employees in an effort to counter rising attrition and on reviving demand. Swaminathan, who is also the company’s managing director, forecast a 15-20% revenue growth for the fiscal year ending March 2011. Last year, its revenue rose 11% to $352 million. “New service offerings — we are seeing some uptick there,” he said. “Essentially we are doing a little more of differentiated services for existing clients and (there are) new clients.” The acquisition of US-based McCamish Systems last November would also help growth, he added. The debt woes that has hit Europe, which contributes 35-40% of the company’s total revenue, was having a sentimental impact but has not hurt the company’s growth, the chief executive said. “The crisis will cause temporary disruption,” Swaminathan had told Reuters on Wednesday. “I have not experienced any impact because of that as of today.” Indian outsourcing firms have thrived by providing Western firms with services such as processing insurance claims, managing payrolls and customer support. The economic crisis in the US, the largest market for Indian outsourcing firms, had crimped the pace of growth of Indian outsourcers last year. However, growth was now returning to banking and capital markets and the manufacturing sector, Swaminathan said. Export revenue from business process outsourcing rose about 6 percent to $14.7 billion in the year ended March 2010, according to IT body National Association of Software and Service Companies. This is seen rising 15-16% in the year ending March 2011. Infosys BPO, which was set up as a separate unit of Infosys in 2002 and employs about 16,400 people, plans to add a gross 8,000 staff in the fiscal ending March 2011, Swaminathan said. The unit offers finance and accounting, human resource and legal services outsourcing. In 2007, parent Infosys signed a $250 million outsourcing contract with Royal Philips Electronics and bought three of the Dutch firm’s back-office centres to expand its presence in fast-growing European markets. Infosys BPO would continue to look for acquisitions in Europe, the Middle East and Africa, Swaminathan said, adding it would look to buy companies working on human resource outsourcing and sourcing and procurement services. Source: Home - Livemint.com | 10 Jun 2010 | 3:04 am BP shares plunge, US threatens new penaltiesLondon/Venice: The shares of oil giant BP Plc continued falling on Thursday on concerns about the costs the British company will face in the massive Gulf of Mexico oil spill. The shares opened trading in London 11% down before recovering to trade down 4.0%, one day after BP depositary shares plummeted to a 14-year low in New York. President Barack Obama’s administration ratcheted up its demands on Wednesday that BP cover all the costs stemming from the disaster, including millions of dollars in salaries of workers laid off due to a drilling moratorium in the Gulf. With polls showing public disapproval over Obama’s handling of the worst oil spill in US history, the prospect of new government penalties has sapped investor confidence in BP. BP said it had the financial flexibility to deal with liabilities related to the spill and that it was unaware of any justification for the collapse in its shares. “BP notes the fall in its share price in US trading last night. The company is not aware of any reason which justifies this share price movement,” BP said in a statement. The cost of the response effort to date has been around $1.43 billion, the company added.were scheduled on Thursday in Washington as BP sought to capture more of the oil gushing into the Gulf of Mexico from its ruptured undersea well. BP’s latest containment effort, which follows a series of earlier failed attempts, involves placing a containment cap with a seal on a deep-sea pipe from which the oil is gushing. It said on Wednesday it was capturing more of the oil though the exact flow rate remains unknown. With Wednesday’s battering in New York, BP has lost more than half its market value since the crisis began on 20 April when the deepsea well ruptured and the Deepwater Horizon rig exploded, killing 11 workers and unleashing a torrent of oil. Dividend Payment BP shares have been hurt by concerns the company might have to suspend its dividend payment. US politicians have been calling for this, saying the company should put its cash into paying for legal claims and environmental damage in the Gulf. Restructuring experts agree that by running the numbers alone, BP looks able to handle the financial damage. But such confidence has not been evident in the market. The company is under siege on multiple fronts as the spill spreads, threatening an ecological catastrophe in the Gulf. “It seems that shares are under pressure from the fear of whether BP can survive. It is not just a rumor about the potential of a dividend cut in BP anymore. Now it’s about the survivability of the company,” said Jon Najarian, a founder of Web information site optionMonster.com in Chicago. US Interior Secretary Ken Salazar told a Senate hearing he would ask BP to repay salaries of workers laid off because of the six-month moratorium on deepwater exploratory drilling imposed by the government after the spill. As the US government turned up the heat on the British oil major, a BP source said the company believes it may be heading for a showdown with the White House over widening liability demands. While the company has said it will pay for the clean-up and direct damages to those affected by the spill, the moratorium was a government decision and costs related to it were a different matter, the source said. A senior US Justice Department official said after the markets closed that the department was “planning to take action” to ensure BP had enough money on hand to cover spill damages. Robert Stark, a bankruptcy attorney with Brown Rudnick in New York, said he expected BP to be running models right now to determine how they would pay their liability claims. “It’s a very big company with a very big balance sheet ... in the pure economic world of bankruptcy, do they have enough money to pay their debts? I don’t think any of us know that for a fact. At least in the short term they have capability to pay,” he said. There were visible signs of anger in Louisiana, where fishing bans are taking a heavy toll on the local economy. At Maw’s Sandwich and Snack Shop in Boothville, Louisiana where French fries smothered in gravy are on the menu, a poster said “Obama Needs A Lesson In Leadership And Compassion.” Images of oiled pelicans and other wildlife are further stoking public anger with both the U.S. government and BP. Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 3:01 am BSE Sensex rises 0.6%; Reliance, Bharti gainThe BSE Sensex climbed 0.6% on Thursday, in tandem with a recovery in Asian markets after robust Chinese exports underlined strong growth, but investors were hesitant to build large positions.Source: Daily News & Analysis: Money News | 10 Jun 2010 | 2:52 am Adobe says Flash gaining in smart phone marketAdobe Systems Inc said that it sees its popular Flash Player on more than 250 million smart phones by the end of 2012 despite Apple Inc's ban on the developers from using the multimedia software on its iPhone.Source: Daily News & Analysis: Money News | 10 Jun 2010 | 2:43 am BSE Sensex extends gains to 1 pctMUMBAI (Reuters) – The BSE Sensex extended gains to 1 percent on Thursday afternoon, with State Bank of India and Reliance Industries leading the rise, helped by firm Asian markets and as European stocks recovered from early losses.Source: Reuters: Money News | 10 Jun 2010 | 2:38 am No discussion on fuel prices in cabinet meetThe cabinet did not discuss any proposal to raise fuel prices or reform the sector, Ambika Soni said, continuing the uncertainty over the long-awaited move that has met strong political resistance.Source: HindustanTimes.com - Top Business News Headlines | 10 Jun 2010 | 2:30 am Govt defers decision on big state company salesNEW DELHI (Reuters) – The cabinet on Thursday deferred a decision on stake sales in state-run miners Coal India and Hindustan Copper Ltd that between them could be worth up to $3.7 billion.Source: Reuters: Money News | 10 Jun 2010 | 2:28 am Decision on stake sale in Coal India, Hindustan Copper Ltd deferredFederal cabinet on Thursday deferred a decision to sell stake in state-run Coal India and miner Hindustan Copper Ltd, Mines Minister BK Handique told reporters. Source: HindustanTimes.com - Top Business News Headlines | 10 Jun 2010 | 1:51 am Bond yields inch up on high food inflation - Economic Times
Source: Business - Google News | 10 Jun 2010 | 1:43 am Asia stocks rise, euro steadies on China dataSingapore: Asian stocks rose on Thursday on higher-than-expected Chinese exports and assurances from Federal Reserve chairman Ben Bernanke that the US economic recovery was on solid footing, but European stocks were expected to open lower, tracking Wall Street’s fall overnight. The euro steadied near four-year lows against the dollar but continued to look fragile, with traders awaiting a European Central Bank meeting later in the day to see if it plans any fresh steps to help debt-stricken euro zone countries. Asian markets also drew support from positive comments by Bernanke, who told the US House of Representatives Budget Committee that the US economic recovery was on track even if jobs would return only slowly. Bernanke said that while a double-dip recession “can never be entirely ruled out,” he expected the world’s largest economy to continue growing. The World Bank said on Wednesday a slide back into recession could not be ruled out in some countries if investors lose faith in efforts in Europe and elsewhere to tackle rising debt levels. Global stock markets and the euro were given a boost on Wednesday when sources told Reuters that Chinese exports had grown about 50 percent in May from a year earlier, blowing past expectations and offsetting concerns that problems in Europe could derail the global recovery. But US stock markets fell in late trade as a host of negative factors overwhelmed the impact of the China data, highlighting the skittishness of investors, who have been quickly selling into any market rallies in recent weeks. “With the European debt crisis ongoing, there will still be caution over its future impact on China’s exports,” said Zhang Gang, an analyst at Central Securities. European shares were expected to open sharply lower on Thursday ahead of interest rate decisions from the ECB and Bank of England later in the session. Britain’s FTSE 100 was expected to open as much as 1.3% lower; Germany’s DAX was seen down as much as 0.9%, and France’s CAC 40 was expected to fall as much as 1.3%. Lingering worries about a slowdown in Europe limited further gains in Asia on Thursday, even as China’s official data confirmed faster growth, with exports up 48.5% in May from a year earlier and imports up 48.3%. Japan’s Nikkei share index closed up 1.1%, with the MSCI ex-Japan stock index up 0.7%. Hong Kong recouped early losses to rise 0.2% but Shanghai slipped as traders took profits on Wednesday’s China-fuelled rally. The Nikkei’s relative strength index remained around 34, with levels of 30 and below signalling a market has been oversold. Australian shares also rose 1.1%, with resources stocks leading the way on higher metals prices, which were boosted by the strong Chinese data, and on better-than-expected Australian job figures. Australia is a major supplier of iron ore and other raw materials to China. Euro extends gains The euro extended gains as short-covering picked up pace, helped by comments from a Chinese pension fund chief who said the single currency could weather the region’s sovereign debt crisis. The single currency rose as high as $1.2064 on trading platform EBS, up more than one U.S. cent from an earlier low of $1.1957. It has risen about 1.5% since hitting a four-year low of $1.1876 on Monday. The ECB is expected to keep interest rates at a record low when it meets later on Thursday. Analysts are watching to see what it can do to shore up sentiment and euro zone economic growth, which is likely to suffer as heavily indebted countries slash their spending to reduce strains on their finances and give them access to emergency aid. The Australian dollar rose half a US cent after datashowed the jobless rate dropping to a four-month low of 5.2%, when analysts had looked for an unchanged 5.4%. The New Zealand dollar was up 0.1% at $0.6722 following a 1% rally made after the country’s central bank hiked interest rates from a record low, its first move since the global crisis. Oil reversed early losses as confirmation of strong Chinese overall exports in May outweighed weaker demand readings in top oil consumer the United States. US crude for July was up 14 cents at $74.52 a barrel at 11:02pm, after trading as low as $73.72 before the export data came out. Source: Home - Livemint.com | 10 Jun 2010 | 1:42 am Orchid Chemicals to acquire US-based Karalex PharmaMUMBAI (Reuters) - Orchid Chemicals & Pharmaceuticals said on Thursday it has entered into an agreement to acquire U.S.-based Karalex Pharma LLC in an all cash deal.Source: Reuters: Money News | 10 Jun 2010 | 1:40 am Rupee largely steady; awaits cues from EuropeMumbai: The Indian rupee continued to trade in a tight range on Thursday afternoon as traders refrained from taking large positions ahead of two key central bank meetings in Europe later in the day. At 12:53pm, the partially convertible rupee was at Rs47.02/03 per dollar, unchanged from Wednesday’s close. It has moved in a band of Rs46.915 to Rs47.10 so far in the session. Traders said they will watch European Central Bank’s (ECB) policy meeting followed by the interest rate decision due around 5:15pm and closely monitor comments to see if they plan any new efforts to help the troubled euro zone countries. Bank of England is also due to announce its policy decision at 1100 GMT. The main stock index was up 0.4%, tracking Asian markets that recovered from early lows. The euro trimmed some gains and was trading at $1.2035 after having risen as much as $1.2063 earlier. The index of the dollar against six major currencies was down 0.4%. One-month offshore non-deliverable forward contracts were quoted at Rs47.19, 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 Rs47.1425, with the total traded volume on the two exchanges at about $2.7 billion. Source: Home - Livemint.com | 10 Jun 2010 | 1:37 am BPO witnesses rapid growth in the last decade: NASSCOM president - Economic Times
Source: Business - Google News | 10 Jun 2010 | 1:32 am Mahindra to start due diligence on SsangyongMahindra & Mahindra, India's top utility vehicle and tractor maker, will start the due diligence on troubled Korean SUV maker Ssangyong Motor, a top official told a TV channel on Thursday. Source: HindustanTimes.com - Top Business News Headlines | 10 Jun 2010 | 1:22 am Chinese exports leap, put yuan back under microscopeBEIJING (Reuters) - China's exports jumped in May, reassuring investors about the economy's strength but putting pressure on U.S. President Barack Obama to placate critics who say Beijing is keeping the yuan unfairly undervalued.Source: Reuters: Money News | 10 Jun 2010 | 1:17 am Parabolic Dugs IPO opens on June 14 - Economic Times
Source: Business - Google News | 10 Jun 2010 | 1:15 am Food Inflation rises to 16.74%Food Inflation rose marginally to 16.74 per cent for the week ended May 29 on high prices of pulses, milk and fruits.Source: India Business News | Business News - Times of India | 10 Jun 2010 | 12:59 am Indians the third largest immigrant group in USWashington: The US is home to about 1.6 million Indian origin people, making them the third-largest immigrant group in the country after Mexicans and Filipino, a Washington-based think tank has said. Between 2007 and 2008, the number of Indian immigrants surpassed the number of Chinese and Hong Kong-born immigrants for the first time since at least 1960, said the Migration Policy Institute in its latest report. Indian immigration to the US, a fairly recent phenomenon, grew rapidly during the 1990s and 2000s. In addition, people with Indian ancestry have also immigrated to the US from the Caribbean, East Africa, Canada, and the United Kingdom, said the report authored by Aaron Terrazas and Cristina Batog. The report said Indians are heavily concentrated in California and New Jersey. Compared to other immigrant groups, the Indian foreign born are much better educated - nearly three-quarters of Indian-born adults have a bachelor’s degree or higher. About one-quarter of Indian-born men in the labour force work in the information technology industry. Nearly half of all Indian immigrants resided in California, New Jersey, New York, and Texas, it said. California had the largest number of Indian immigrants (303,497 or 18.7% of the Indian-born population) in 2008, followed by New Jersey (187,732, or 11. 6%) and New York (141,738, or 8.7%). Texas (131,729, or 8.1%), Illinois (129,187, or 8%), Pennsylvania (65,014, or 4%), Florida 59,169, or 3.6%), Georgia (54,111, or 3.3%), Virginia (53,674, or 3.3%), and Michigan (49,167, or 3%) are the other cities with substantial Indian-origin population. In 2008, the Indian born made up 10.9% of all immigrants in New Jersey and 10.3% of all immigrants in West Virginia. They were also about one in 10 immigrants in Pennsylvania (9.8%), Delaware (9.7%), New Hampshire (9.5%), and Ohio (9.5%). The Indian immigrant population more than doubled in 10 states between 2000 and 2008.. These states, which generally had small Indian immigrant populations in 2000, include Montana (from 253 to 1,009), Utah (from 2,030 to 5,629), Nevada (from 2,511 to 6,750), Idaho (from 845 to 2,269), Arizona (from 9,134 to 22,731) and Washington (from 14,714 to 36,435). New Hampshire (from 2,530 to 6,244), Vermont (from 585 to 1,429), Mississippi (from 2,351 to 5,010), and the District of Columbia (from 1,139 to 2,350) where increase in population was observed. Over one in six Indian immigrants resided in the New York metropolitan area. New York-Northern New Jersey-Long Island, NY-NJ-PA, was the metropolitan area with the largest number of Indian born (277,401, or 17.1%) in 2008, followed by Chicago-Naperville-Joliet, IL-IN-WI (116,395, or 7.2%); San Jose-Sunnyvale-Santa Clara, CA (78,001, or 4. 8%); Washington-Arlington-Alexandria, DC-VA-MD-WV (67,340, or 4.2%); and Los Angeles-Long Beach-Santa Ana, CA (66,125 or 4.1%). Of the 2.3 million members of the Indian Diaspora residing in the US in 2008, 66.4% were born in India, including individuals born in India to at least one parent who was a native-born US citizen. One-fifth (20%) were US citizens at birth. The remaining 13.6% were born elsewhere, mainly in Pakistan, Bangladesh, Fiji, the Caribbean (Guyana, Trinidad and Tobago, Jamaica), East Africa (Kenya, Tanzania, Uganda, South Africa), and the British Commonwealth (Canada, United Kingdom). The Indian Diaspora in the United States is relatively small compared to the total population of India (1. 1 billion in 2008 according to the World Bank). The number of Indian immigrants in the US (1.6 million) is roughly the same size as the population of the Indian city of Agra, and the Indian Diaspora (2.3 million) is about the same size as the population of Jaipur. As of 2008, 43.4% of the 1.6 million Indian foreign born entered the country in 2000 or later, with 29.9% entering between 1990 and 1999, 15% between 1980 and 1989, 9% between 1970 and 1979, and the remaining 2.7% prior to 1970. By contrast, 29.5% of the 38.0 million total foreign born entered the country in 2000 or later, with 28.7% entering between 1990 and 1999, 20% entering between 1980 and 1989, 11.4% between 1970 and 1979, and the remaining 10.4% prior to 1970. According to the report, over half of Indian immigrants residing in the United States in 2008 were men (54. 8%) and 45.2% were women. Among all immigrants, 50.2% were men and 49. 8% were women. Further, Indian immigrants were as likely as the foreign born overall to be naturalised US citizens. Among the Indian foreign born, 43.8% were naturalised US citizens, compared to 43% among the overall foreign-born population. Also three of every 10 Indian immigrants in 2008 were limited English proficient. About 9.2% of Indian immigrants age 5 and older reported speaking “English only” while 62.4% reported speaking English “very well”. In terms of academic achievement, Indian immigrants were better educated than other immigrants and the native born. In 2008, 73.6% of Indian-born adults age 25 and older had a bachelor’s degree or higher compared to 27.1% among all 31.9 million foreign-born adults and 27.8% of all 168. 1 million native-born adults. An additional 8.6% had some college education or an associate’s degree compared to 16.4% among all immigrant adults and 30. 8% of all native-born adults. Among the 713,000 Indian immigrant male workers age 16 and older employed in the civilian labor force in 2008, 27% reported working in information technology; 20.2% in management, business, and finance; 10.7% in other sciences and engineering; and 10.6% in sales, the report said. About 16.4% of Indian immigrants lived in poverty in 2008 compared to 37.9% of all immigrants and 28.7% of the native born. The estimated number of unauthorised immigrants from India has increased from about 120,000 in 2000 to about 200,000 in 2009, an increase of 64%, the report said. Source: Home - Livemint.com | 10 Jun 2010 | 12:51 am IL&FS fund to invest $122 mn in property firm: sourcesMumbai: Private equity firm IL&FS Milestone Fund is set to invest Rs575 crore ($122.3 million) for a 74% stake in a property unit of Hindustan Construction Co, two sources with direct knowledge of the matter said. The deal could be announced on Thursday, said one source, who could not be identified because he was not authorised to speak to the media. A spokesman for Hindustan Construction declined comment when reached by Reuters. Unlisted HCC Real Estate has built a corporate complex in suburban Mumbai. IL&FS Milestone is a joint venture between IL&FS Investment Managers and Mumbai-based Milestone Capital Advisors. Money Matters Financial Services, headed by former Credit Suisse banker Pramod Kasat, was the sole advisor to the transaction, sources said. The Mint newspaper had reported on Thursday IL&FS Milestone Fund was in advanced talks to acquire HCC Real Estate. Blackstone Real Estate Group, a unit of US private equity Blackstone Group and an unit of Morgan Stanley were also in the fray, the paper said. Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 12:50 am Supplies run dry in Manipur under rebel blockadeShillong: Residents of a remote state in northeastern India are running out of essential supplies as an economic blockade imposed by tribal rebels nears its 60th day, officials say. Several Naga tribal groups have blocked the main highway into Manipur state since April 12 to protest against a government decision preventing their separatist leader, Thuingaleng Muivah, from visiting his birthplace. Manipur, which has long been affected by insurgent violence, is home to dozens of tribal groups and small guerrilla armies that resist rule from New Delhi and often compete against each other. “This blockade is a heinous crime against humanity,” said Mohain Yanglem, chief of Manipur’s Regional Institute of Medical Sciences, as supplies dwindled at his 1,075-bed government-owned hospital in the state capital Imphal. “We only have 15 days of medical and oxygen stocks and just enough rice to feed our 800 patients for another 10 days,” Yanglem told AFP by telephone. “If we are not supplied soon then we must suspend all routine surgeries.” Yanglem said another 300-bed hospital was on the brink of closure due to the blockade. Government officials said they had so far got only two food convoys into Manipur, which borders Myanmar, via a back road from Shillong city. Talks between Muivah’s aides and the federal government were broken off last month after six Naga protesters died and 70 others were injured in clashes with the police. Muivah, 75, is a charismatic leader who inspires deep popular loyalty to his separatist campaign, and the authorities in Manipur argue that civil unrest would worsen in the tiny state if he were allowed to return. Muivah’s National Socialist Council of Nagaland group has been campaigning for decades for a Naga homeland to be carved out from three of India’s seven northeastern states, including Manipur. The group secured a ceasefire deal with New Delhi in 1997 and has since held more than 60 rounds of talks to try and end one of India’s longest running insurgencies. Manipur government spokesman N. Viren Singh said the state had sent a plea for help to New Delhi as food prices have sky rocketed and gasoline is being sold on the black market at four times the normal price. “People are getting restive and there is every reason to be so -- when people get hungry they naturally get angry,” Singh said. Singh said his administration was reluctant to use force to bring relief to 2.5 million residents of Manipur, a region of forested hills and rare wildlife and an economy based on agriculture and handloom weaving. Tourism is negligible due to a lack of facilities, security concerns and problems obtaining special travel permits. “There is problem in getting cooking gas bottles and now we are using charcoal to cook for our patients,” said Moni Tayemjam, who runs a cafeteria in Imphal’s Shijia Hospital. Konika Khuraijam is one of many harried housewives. “Everything is now so expensive. How long can I afford to buy cooking gas for Rs1,500 ($33) a cylinder when the price before the blockade was around Rs400?” Khuraijam asked. Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 12:46 am Food price index up 16.74 per centIndia's food and fuel prices quickened at the end of May, putting upside pressure on the wholesale price index that could prompt the need for monetary tightening by the central bank.Source: HindustanTimes.com - Top Business News Headlines | 10 Jun 2010 | 12:39 am China labour unrest spreads as workers seek moreHong Kong: Labour unrest that began among foreign firms in South China’s affluent Pearl Delta area is showing signs of spreading to poorer interior areas, broadening a movement by workers demanding wages to catch up with the nation’s growing wealth. The burst of reported strikes is a worry for China’s ruling Communist Party, which has long discouraged independent worker action and punished protesting workers. While Beijing has made vows of better incomes for workers and farmers a cornerstone of policy, local officials are often focused on attracting investors with cheap, trouble-free labour. Following recent high-profile disputes at Honda Motor and iPhone maker Foxconn International, strikes were reported at a Taiwanese-owned sports goods supplier in Jiangxi province, and at Japanese sewing machine maker Brother Industries in Xian -- both some distance from China’s wealthier regions near Hong Kong and Shanghai. “All it takes now is a single spark and news will spread all over China, which could lead to similar industrial action in other factories,” said Paul Tang, chief economist at Bank of East Asia in Hong Kong. Most disputes centre on workers resentful of large income gaps, higher living costs and long hours with little rest, and employers trying to rein in rising costs as the labour pool shrinks. The unrest also reflects the rise of a new generation of young Chinese who grew up in the country’s market-oriented era, with little memory of a tumultuous socialist past that included the government’s brutal crackdown that left hundreds dead during the Tiananmen demonstrations of 1989. If the labour unrest spreads, the government will face hard choices about either giving ground to increasingly assertive workers or protecting investors seen as key to the country’s exports. In the latest incidents, about 900 workers demanding better pay and work conditions at two plants in the interior city of Xian brought production to a halt at a complex operated by Japan’s Brother. The company said it restarted production on Thursday, but was still in talks on pay and conditions. Elsewhere, 8,000 workers for Smartball Inc, a Taiwanese-owned supplier for Adidas, also went on strike, according to China Labor Watch, a labour advocacy group. A representative of the Taiwan business association in Jiujiang, where Smartball is located, said production resumed at the factory on Thursday, after a dispute that began between workers and guards unrelated to wages. Honda hit Honda has been one of the hardest hit in the growing series of disputes, with a domino-style string of strikes at its China-based suppliers from workers demanding better pay and working conditions. The company settled a dispute with workers at a transmission factory late last week in the city of Foshan in affluent Guangdong province, only to see workers at a nearby exhaust factory go on strike on Monday. They were joined later in the week in a separate action by workers in a lock-making factory in the city of Zhongshan. The latter two disputes have yet to be resolved. The work stoppages have rippled up the food chain, forcing Honda to halt some or all of its China car production for much of the last two weeks. Workers at the plants have complained of long hours, including forced overtime, for pay that often totals 1,000-2,000 yuan ($146-$292) per month. “For a long time workers’ wages and conditions have been held down, below what even government regulations mandate and also below the country’s general level of economic development,” said Duan Yi, a labour lawyer in Shenzhen who has advised workers in disputes. “Migrant workers have also become more conscious of their power. Many of these companies operate with very thin supply chains, and if one factory stops the whole chain can seize up. ... I think the workers can see that, and are learning to use that to apply pressure,” he said. Reports of the poor working conditions first began to surface last month when Chinese and later foreign media began detailing a string of suicides at a massive south China compound run by Foxconn, a unit of Taiwan electronics giant Hon Hai. The company tried to resolve the issue with pay rises of up to 100%, even as some workers continued to complain of military-style working conditions that stressed strict discipline and discouraged socialising in the workplace. On Wednesday, Taiwan media also reported that 2,000 workers at a Taiwanese-owned machinery firm in the city of Kunshan near Shanghai had gone on strike on Tuesday seeking better pay and working conditions. Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 12:20 am Food, fuel price inflation quicken end-MayNEW DELHI (Reuters) - India's food and fuel prices quickened at the end of May, putting upside pressure on the wholesale price index that could prompt the need for monetary tightening by the central bank.Source: Reuters: Money News | 10 Jun 2010 | 12:18 am Food, fuel price inflation quicken end-MayNew Delhi: India’s food and fuel prices quickened at the end of May, putting upside pressure on the wholesale price index that could prompt the need for monetary tightening by the Reserve Bank of India (RBI). The food price index rose 16.74% in the year to 29 May, higher than the previous week’s annual reading of 16.55%, following a rise in fruits and potato prices, government data released on Thursday showed. The fuel price index climbed 14.23%, compared with an annual rise of 14.14% in the previous week. Food prices are likely to ease on the prospects of a normal June-September monsoon that is the main source of irrigation for farms in India. But a possible increase in domestic fuel rates runs the risk of stoking inflation across sectors and could impact the government’s target for headline inflation by December. New Delhi wants to move away from state pricing of petrol and diesel, and allow the market to determine prices, which would help improve government finances. Prime Minister Manmohan Singh’s government has so far deferred the politically sensitive decision to free up fuel prices amid strong political opposition to subsidy cuts from a key coalition ally. Wholesale prices, the most closely watched inflation gauge in India, rose 9.59% in April from a year earlier, but Singh expects them to cool to 5-6% by December. An elevated headline inflation level would also put pressure on the RBI, which is looking to raise rates steadily, to take a more hawkish stance. “A prolonged monetary tightening is needed and we believe that the Reserve Bank of India, so far, has been too slow in raising policy rates,” Kevin Grice, senior international economist with Capital Economics in London, said in a research note on 7 June. Source: Home - Livemint.com | 10 Jun 2010 | 12:09 am Parabolic Drugs IPO price band at Rs75-85/shareMumbai: Bulk drugmaker Parabolic Drugs Ltd has set a price band of Rs75-85 a share for its initial public offering (IPO) of equity shares. The drugmaker plans to sell about 23.5 million shares to raise upto Rs200 crore through the issue, it said in a statement. The issue opens on 14 June and ends on 16 June for qualified institutional bidders. Individuals and non-institutional bidders can subscribe till 17 June, it added. “The funds raised from the issue would be used for capacity expansion at various manufacturing units,” Pranav Gupta, managing director of the Chandigarh-based company told a news conference on Wednesday in Mumbai. The company would also repay outstanding loans worth 388.4 million rupees from the funds, he added. The issue comprises sale 2.02 million equity shares by existing private equity investors BTS India and Alden global (Mauritius), along with a reservation of 500,000 shares for employees, it said in the statement.. BTS India and Alden Global have 19 percent and 4 percent stake respectively in Parabolic Drugs. “The private equity players are partly off-loading their stake in the company,” Gupta said at the press conference. The firm which makes active pharmaceutical ingredients and provides contract research and manufacturing services (CRAMS), plans to invest about Rs466.2 million in its unit Parabolic Research Labs. “We are planning to set up a new custom synthesis and manufacturing site under the research unit. The site will have in all 12 laboratories,” Gupta said. The drugmaker had clocked a net profit of 211 million rupees on net sales of Rs390 crore in FY10. Avendus Capital and ICICI Securities are the lead managers to the issue while SPA Merchant Bankers is the co-lead manager. Source: LatestNews-Home - Livemint.com | 10 Jun 2010 | 12:02 am Adlabs founder fined Rs 1 cr for insider tradingThe Securities and Exchange Board of India has found Adlabs founder, Mr Manmohan Shetty, guilty of insider trading and slapped a fine of Rs 1 crore onSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Day Trading GuideWe re-affirm our prior view that fresh short position can be initiated only if DLF declines below the support level of Rs 252 level with stiffSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Telecom vendors gear up for local manufacturingWith the Government tightening security norms for importing telecom equipment, a number of foreign vendors are looking to start manufacturing inSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Real estate projects boost cement sales in MayGrowing demand from infrastructure projects ahead of the monsoon, and a fall in prices have boosted cement sales inSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Retail investors' holding period in MF equity schemes improvesRetail investors are taking a longer term view of mutual fund equity schemes than more informed institutionalSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Auto sales highest-ever for May, growth rate to moderateWhile increased consumer spending and low finance rates have led to the highest-ever auto sales for May, the industry association has warned that the high growth rate has started moderating and will likely dipSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Nahar Industrial Enterprises (Rs 60.9): BuyWe recommend a ‘buy' in Nahar Industrial Enterprises from a short-term trading perspective. The stock is in a medium-term downtrend since the January peak of Rs 88.7. As this downtrend is already five months old, it could be close toSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Why India is not GreecePost-Lehman India was regarded as a high-risk country because of its public debt/GDP ratio of 80. Markets have always overemphasised indebtedness in the Indian context. As debt exploded in many mature countries, India began to look moderate inSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Pranab asks tax authority to hive off e-payment servicesThe Finance Minister, Mr Pranab Mukherjee, has asked the Central Board of Direct Taxes (CBDT) to consider hiving off its technology-driven taxpayer services to a Special Purpose Vehicle (SPV) that could better deliver such services in theSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Govt ready to tweak public float ruleThe Government is willing to modify the recent 25-per-cent minimum public float rule to remove any anomaly that may have arisen from such a move, a top Finance Ministry official hasSource: Business Line - Home Page | 10 Jun 2010 | 12:00 am Markets rise 0.6%; Reliance, Bharti gainMumbai: Indian shares climbed 0.6% on Thursday, in tandem with a recovery in Asian markets after robust Chinese exports underlined strong growth, but investors were hesitant to build large positions. Until the debt problems in the euro zone are resolved and foreign funds resume investment, the market will find it hard to push ahead, traders said. Energy conglomerate Reliance Industries topped the gainers after the Economic Times reported it was looking to enter the telecoms market when the opportunity arises, with a focus on selling phone and Internet services to companies. Bharti Airtel climbed 1.7% after a top official told Reuters the leading mobile operator would offer affordable rates in Africa to boost usage but has no plan to launch a price war. By 10:30am, the 30-share BSE index was trading up 0.63% at 16,762.69, with 27 of its components advancing. The 50-share NSE index was up 0.6% at 5,032.25. “The turbulence in Europe needs to settle before any meaningful buying happens to drive the market higher,” said R. Ganesh, director of Systematix Shares. Foreign funds are net buyers of about $84 million of stocks so far this month after dumping nearly $2 billion in May. The benchmark stock index is down more than 4% in the year to date. Traders Federal Reserve Chairman Ben Bernanke’s assurance on Wednesday that the US economic recovery was on solid footing helped sentiment. Reliance Industries, which has the highest weight on the Sensex, climbed 0.5% to Rs1,011.90. Financials gained on positive outlook for loan demand in the world’s second-fastest growing major economy. No. 1 lender State Bank of India rose 1.9% while HDFC Bank climbed 0.8%. Mortgage lender Housing Development Finance Corp firmed 1.2%. In the broader market, nearly three shares advanced for every share that declined on volume of 74 million shares. The MSCI’s measure of Asian markets other than Japan and Japan’s Nikkei were each up 0.9%. Source: Home - Livemint.com | 9 Jun 2010 | 11:33 pm World Cup to sell football in cricket-crazy IndiaNew Delhi: Football is slowly taking off in cricket-mad India and the World Cup is set to give the game another lift in the country of a billion-plus people. Global football bosses view the South Asian giant as a new frontier; the game is popular in a few pockets in the south and east, but in most of the country is eclipsed by the national obsession with batting and bowling. There are signs that football is growing in popularity, however, and not just in city parks and the countryside, where kick-arounds can often be glimpsed alongside ubiquitous cricket. Bill Adams, a former community coach in England, started a training centre in New Delhi 12 years ago with just eight children and now counts about 200 enthusiastic wannabees in his Super Soccer Academy at weekends. “We never expected the kind of response that we got from children across various age groups,” he says. “There is huge interest among the kids and most of them aspire to be professionals when they grow up.” Adams is also a regular at various city schools, which have started taking a special interest in the game, viewing it as a more physically demanding activity for students and one involving little or no extra cost. Football’s growing popularity is reflected in TV viewing figures which have risen steadily in the past few years, according to a recent report by TAM Media Research. “Among non-cricket sports, football is at number one in India,” says the report. “There are 83 million football viewers in the country and 55% of them watch domestic leagues. “The game has attracted 60% more audiences in the last five years and three times the number of advertisers since 2005.” The numbers are encouraging considering India’s national team is placed a lowly 133 in the international rankings, sandwiched between Fiji and Bermuda. The team has at least mounted a string of promising performances of late and qualified to play in the Asian Cup in Qatar in 2011 after a gap of 24 years. The news media report on the national team in major tournaments and follow the English Premier League with interest, although nothing compares to cricket and its biggest stars — revered as celebrities and demi-gods. The recent signing of attacker Sunil Chhetri by the Kansas City Wizards in the US Major League Soccer (MLS) has also raised hopes that other players will break through internationally. “People outside are taking Indian players seriously now,” says Abhishek Yadav, who plays for Mumbai FC in the I-League, India’s top-tier professional league, which was launched in 2007. “The Indian team has been performing well in the last two to three years. Most of our players have the requisite qualities. It is just that we lack international exposure.” Source: Home - Livemint.com | 9 Jun 2010 | 11:24 pm LIC, 4 banks may invest in VideoconCountry's largest insurer LIC and four leading banks, including the IDBI Bank, may invest around Rs 160 crore in Videocon Industries to fuel its expansion programme.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 11:20 pm India agrees $1 bn loan for post-war Sri LankaColombo: India has agreed to lend $1 billion to fund Sri Lanka’s infrastructure projects, mainly in former war zones in the country’s north and east, the island nation’s treasury secretary said on Thursday. “India assured us $800 million for the reconstruction of railway and a further $200 million for a power plant,” P B Jayasundera, the secretary to the treasury and the ministry of finance, told Reuters in a mobile phone text message from India. “It is a 20-year credit at an absolutely low interest rate. About $250 million in a grant will also be available in support of housing development in the north and east.” A Sri Lankan delegation headed by President Mahinda Rajapaksa is now in India on a four-day official visit and both countries have focused on economic and cultural ties, officials of both countries have said. The railway reconstruction will mainly cover Sri Lanka’s north, now slowly being rebuilt after the end of a 25-year war in May last year, while the power plant has been planned in its eastern province. India has also agreed to build 50,000 houses for people displaced by the war in both northern and eastern provinces, the high commissions, or embassies, of both countries said in a statement on Wednesday. India and China, which provided Sri Lanka with military assistance, including ammunition, in the final phase of the war, have been increasingly competing for lucrative and strategic investments there since the end of the war. China in March agreed to lend $290 million to Sri Lanka to build a new airport and revive its railway network. China was the largest foreign funding source for Sri Lanka in 2009 with $1.2 billion followed by the Asian Development Bank with $424 million. Source: Home - Livemint.com | 9 Jun 2010 | 11:17 pm Austerity-minded Liberals lead in Dutch pollAmsterdam: Austerity-minded Liberals won a narrow one-seat lead in the Dutch election, putting them in pole position to form a coalition that must tackle a ballooning budget deficit, preliminary results showed on Thursday. The election ousted Christian Democrat prime minister Jan Peter Balkenende from eight years in office, and Geert Wilders’s anti-immigration Freedom Party nearly doubled its seats to be the third-largest parliamentary group and a possible kingmaker. With 88% of the votes counted, the rightist-leaning Liberals had 31 seats in the 150-member parliament against 30 for the Labour Party, which wants slower and fewer cuts to tackle a deficit expected to reach 6.6% of GDP this year. This would give Liberal leader Mark Rutte a mandate to form a coalition and become prime minister, but sticking to his austerity policies could prove tough because he needs at least three other parties to secure a parliamentary majority. Earlier, exit polls had showed the Liberals and Labour running neck-and-neck in an election dominated by debate on fiscal austerity after the euro zone’s stability was threatened by sovereign debt woes plaguing Greece. Balkenende conceded defeat for his Christian Democrats when voters turned against the party, nearly halving its seats from 41 to 21. He resigned as party leader. Wednesday’s election was triggered when his Christian Democrat-Labour coalition government collapsed in a row over extending the deployment of Dutch troops in Afghanistan. Wilders and his Freedom Party gained 10 seats to come third behind the Liberals and Labour with 21, reflecting concern in the country about immigration and foreign policy. “More security, less crime, less immigration, less Islam -- that is what the Netherlands has chosen,” Wilders said. The Liberals are calling for the steepest spending cuts of up to €39 billion ($52 billion) over the next decade but may have to compromise if they are to form a coalition. “The Netherlands can emerge stronger from the crisis by taking measures now,” Rutte, a 43-year-old former human resources manager who once worked at Anglo-Dutch consumer goods giant Unilever, told reporters. Labour, led by former Amsterdam mayor Job Cohen, could conceivably join the Liberals in a coalition but as the second-biggest election winner it is likely to want concessions. “Although circumstances are difficult, we again will take our responsibility to make sure our country continues down the social road,” said Cohen. Marcel Boogers, political science professor at Tilburg University, said a right-left combination -- sometimes described as a “purple coalition” -- was a possible outcome. Although the euro zone’s fifth-largest economy enjoys one of the highest debt ratings in the currency bloc, borrowing costs have edged higher over its ability to pay back loans. Investor jitters and a flight to more secure debt have increased the spread between Dutch bonds and their German benchmarks to 40 basis points, up from 15 to 20 a week ago and just 7 points in March. Casting aside decades of stern fiscal policies, the government took over the country’s biggest bank ABN AMRO in 2008 after its buyer Fortis collapsed, spending more than €26 billion to prop it up. It spent more later to boost the economy, offer tax relief and support other financial groups, heightening investor concern over its finances. Source: LatestNews-Home - Livemint.com | 9 Jun 2010 | 11:13 pm Reliance Power to buy two Indonesian coal companiesADAG firm Reliance Power on Thursday said it will buy two Indonesian coal companies through its unit Reliance Coal Resources.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 10:55 pm Reliance Power buys coal mines in Indonesia: ReportIndian utility Reliance Power has signed an agreement with Indonesia's Sugico Group to acquire three coal mines for an upfront payment of 5 billion rupees ($106 million), the Economic Times reported today.Source: HindustanTimes.com - Top Business News Headlines | 9 Jun 2010 | 10:50 pm Google asks US, EU to press China on censorshipBrussels : Google Inc.’s top lawyer says the world’s leading search engine is asking the US and European governments to press China to lift Internet censorship, describing it as an unfair barrier to free trade. David Drummond told reporters Wednesday that western states should defend the free trade in information with the same kind of rules that they use to complain of China’s below-cost sale of products. He said government talks are “the only way that it’s going to change, that this tide of censorship or this rising censorship is going to be arrested.” The company sparred with Chinese leaders earlier this year when it stopped self-censoring its search results in line with Chinese rules after it said Chinese hackers had tried to plunder its software coding and hijack the Gmail accounts of human rights activists. Since late March, Google has been redirecting search requests from mainland China to Hong Kong, which doesn’t have the same restrictions. “The cyber attack was sort of the final straw because we felt that it was increasingly hard to do business there in accordance with our values,” Drummond said, describing the company as in danger of becoming “part of the same apparatus” of Chinese state censorship. “Censorship, in addition to being a human rights problem, is a trade barrier,” he said. “If you look at what China does _ the censorship, of course, is for political purposes but it is also used as a way of keeping multinational companies disadvantaged in the market.” “It should be obvious that the Internet sector is very important to the west and so we should be working on seeing that that kind of trade is protected,” he said. Drummond would not comment on whether he believed the United States could take a case under World Trade Organization rules against China, which can ultimately allow the US to seek trading rights in compensation for any proven harm to its companies. Instead, he said new trade rules may be needed to cover the Internet. “Under a lot of trade rules, there’s still this notion that domestic media markets should be off limits to trade and that’s got to change,” he said. He said he’d had some support in discussions with the US, French and German governments and with the European Union executive for pressing Google’s case and Chinese restrictions on the Internet in bilateral and multilateral talks. The European Union persistently raises human rights issues with China, usually without much success. Indeed, a Chinese state multibillion dollar buying spree to Europe last year pointedly shunned France after President Nicolas Sarkozy threatened to boycott the opening of the Beijing Olympics over unrest in Tibet. China refuses to hold talks with the Tibetan government in exile. Source: Tech News - Livemint.com | 9 Jun 2010 | 10:46 pm Google asks US, EU to press China on censorshipBrussels : Google Inc.’s top lawyer says the world’s leading search engine is asking the US and European governments to press China to lift Internet censorship, describing it as an unfair barrier to free trade. David Drummond told reporters Wednesday that western states should defend the free trade in information with the same kind of rules that they use to complain of China’s below-cost sale of products. He said government talks are “the only way that it’s going to change, that this tide of censorship or this rising censorship is going to be arrested.” The company sparred with Chinese leaders earlier this year when it stopped self-censoring its search results in line with Chinese rules after it said Chinese hackers had tried to plunder its software coding and hijack the Gmail accounts of human rights activists. Since late March, Google has been redirecting search requests from mainland China to Hong Kong, which doesn’t have the same restrictions. “The cyber attack was sort of the final straw because we felt that it was increasingly hard to do business there in accordance with our values,” Drummond said, describing the company as in danger of becoming “part of the same apparatus” of Chinese state censorship. “Censorship, in addition to being a human rights problem, is a trade barrier,” he said. “If you look at what China does _ the censorship, of course, is for political purposes but it is also used as a way of keeping multinational companies disadvantaged in the market.” “It should be obvious that the Internet sector is very important to the west and so we should be working on seeing that that kind of trade is protected,” he said. Drummond would not comment on whether he believed the United States could take a case under World Trade Organization rules against China, which can ultimately allow the US to seek trading rights in compensation for any proven harm to its companies. Instead, he said new trade rules may be needed to cover the Internet. “Under a lot of trade rules, there’s still this notion that domestic media markets should be off limits to trade and that’s got to change,” he said. He said he’d had some support in discussions with the US, French and German governments and with the European Union executive for pressing Google’s case and Chinese restrictions on the Internet in bilateral and multilateral talks. The European Union persistently raises human rights issues with China, usually without much success. Indeed, a Chinese state multibillion dollar buying spree to Europe last year pointedly shunned France after President Nicolas Sarkozy threatened to boycott the opening of the Beijing Olympics over unrest in Tibet. China refuses to hold talks with the Tibetan government in exile. Source: LatestNews-Home - Livemint.com | 9 Jun 2010 | 10:46 pm IL&FS fund to invest $122 mln in property firm: SourcesPrivate equity firm IL&FS Milestone Fund is set to invest 5.75 billion rupees for a 74 per cent stake in a property unit of Hindustan Construction Co, two sources with direct knowledge of the matter said. Source: HindustanTimes.com - Top Business News Headlines | 9 Jun 2010 | 10:37 pm Rupee gains 5 paise against dollar in early tradeThe Indian rupee appreciated by 5 paise to 46.96 a dollar in the early trade today, supported by gains on the stock market. The rupee had closed 8 paise lower at 47.01/02 against the dollar in Wednesday's trading. Source: HindustanTimes.com - Top Business News Headlines | 9 Jun 2010 | 10:32 pm LIC, four banks likely to invest Rs161 cr in VideoconMumbai: Four leading banks including IDBI Bank and country’s largest insurer, Life Insurance Corporation of India, are likely to invest around Rs160 crore in Videocon Industries, which will be used to fuel the electronics giant’s expansion programme. Videocon Industries is raising this amount as a part of its Rs2,161 crore fund raising programme aimed at financing its business expansion plans. The Rs161 crore investment would be done by way of a preferential allotment and will enable the firm to meet its working capital requirements and on-going capital expenditure, the company said in a notice issued to its shareholders prior to its Extraordinary General Meeting later this month. Other lenders, which would invest in the firm are ING Vysya Bank, Oriental Bank of Commerce (OBC) and State Bank of Patiala (SBP). “The company is having a substantial amount of fund requirements to support the operations and growth in future. IDBI Bank, ING Vysya Bank, OBC, SBP and LIC have expressed their intention to contribute to the equity of the company by way of preferential allotment,” the company said in the notice. Post-preferential allotment, the shareholding of the promoters in the company will come down to 66.67% from the existing 68.46% while the portion held by banks and financial institutions will rise to 3.55% from 1.29% presently. Source: Home - Livemint.com | 9 Jun 2010 | 10:30 pm Rupee gains 5 paise against dollar in early tradeThe Indian rupee appreciated by 5 paise to 46.96 a dollar in the early trade on Thursday, supported by gains on the stock market.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 10:17 pm Oil rebounds towards $75 as China exports surgeOil reversed losses today, rebounding towards $75 as confirmation of strong Chinese overall exports in May outweighed weaker demand readings in top consumer the United States.Source: HindustanTimes.com - Top Business News Headlines | 9 Jun 2010 | 10:17 pm Oil pares loss, holds above $74 as China exports surgeSingapore: Oil pared losses and held above $74 after data showing Chinese overall exports surged in May offset weaker demand readings in top consumer the United States. China’s exports rose 48.5% in May from a year earlier, the General Administration of Customs said on Thursday, beating forecasts of a 32% gain and confirming a Reuters report on Wednesday on the export figure which helped send oil up more than 3%. Investors on Thursday were “profit taking” after prices on Wednesday approached “resistance” at $75 a barrel, a level not surpassed since 4 June, said Jonathan Barratt, managing director at Commodity Broking Services in Sydney. US crude for July was at $74.22 a barrel at 9:00am, down 16 cents from Wednesday’s close, after trading as low as $73.72 before the exports data came out. ICE Brent declined 28 cents to $73.99. China will release May industrial production data on Friday, forecast at 17.1% in a Reuters survey, down from a 17.8% gain in April. As in the case of exports, investors will look for evidence that the economy of the world’s second-largest oil user keeps roaring ahead. “If we continue to see a follow through in the data tomorrow, that will be the litmus paper test to show that China is with us and that growth remains robust,” Barratt said. Prices of US crude have recovered almost $10 from below $65 on 20 May, but are still down 15% from a 19-month peak on 3 May. US crude inventories last week dropped a larger than expected 1.8 million barrels, the Energy Information Administration (EIA) said on Wednesday. That was the same amount by which stockpiles of distillates including heating oil and diesel increased as distillate demand slowed, showing a gain of 9.3% in the four weeks ended 4 June , compared to 17% in the four weeks to 28 May. “Refiners ran more crude, which was bullish,” said Mike Wittner, head of oil research at Societe Generale in London, in a note to clients. “However, this put downward pressure on an already well supplied distillate market. Weekly distillate demand ran out of steam and couldn’t absorb the growing supply.” US gasoline supplies were little changed last week, the EIA said. Source: Home - Livemint.com | 9 Jun 2010 | 10:16 pm Sensex rises 95 pts on funds buyingThe Bombay Stock Exchange benchmark Sensex on Thursday rose by over 95 points in early trade on buying by funds and retail investors.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 10:09 pm Sensex holds on to gains in trade choppyA benchmark index for Indian equities was holding on to its morning gains made on positive Asian cues, even though trade remained choppy in the afternoon.Source: HindustanTimes.com - Top Business News Headlines | 9 Jun 2010 | 9:45 pm Persistent Systems plans salary hikes of up to 14%The firm will also add 1,200 people in the current fiscal, according to Anand Deshpande, MD and CEO of Persistent Systems.Source: Daily News & Analysis: Money News | 9 Jun 2010 | 5:18 pm Banks cut NPAs, 'but not in absolute terms'High credit growth, bulging assets can skew stats. Faster recoveries key, says Arcil chief.Source: Daily News & Analysis: Money News | 9 Jun 2010 | 4:37 pm Arcil to offer fee-based services to banksBanks are in the process of reducing their non-performing loans (NPLs) as a percentage of total assets. But not necessarily in absolute terms.Source: Daily News & Analysis: Money News | 9 Jun 2010 | 4:24 pm Shree Ram to sell part of mill land for Rs2,500 croreAlso looking to acquire land parcels in Bangalore, Hyderabad & Ghaziabad.Source: Daily News & Analysis: Money News | 9 Jun 2010 | 4:19 pm FMCGs ready to break into raindanceProlonged input cost pressures seen down even as pricing power is bolstered.Source: Daily News & Analysis: Money News | 9 Jun 2010 | 4:15 pm Will Bajaj Finserv serve Buffett? Or 3i/Actis?Berkshire Hathaway, the company steered by legendary US investor Warren Buffett, is learnt to be readying for its first India investment.Source: Daily News & Analysis: Money News | 9 Jun 2010 | 3:35 pm Bharti'll build a model superior to India in AfricaThe Bharti group would focus on tapping the remaining markets in Africa over the next five years, said Manoj Kohli, CEO of international business, who's relocating to Nairobi, the Kenyan capital, to head the just-acquired Zain Telecom operations in the continent.Source: Daily News & Analysis: Money News | 9 Jun 2010 | 3:31 pm CIL selloff may face oppositionThe Cabinet could see some fireworks on Thursday when it takes up for approval the proposal to disinvest at least 10% of the government's holding in state-run monopoly Coal India Ltd through an initial public offering.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 2:07 pm Govt may amend mandatory 25% public float normThe government is considering relaxing the rules of a compulsory public float of 25% in listed companies following a number of representations received from corporates and state-run companies.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 1:59 pm SBI plans Rs 20,000 cr rights issueState Bank of India is likely to raise Rs 20,000 crore through a rights issue towards the end of this fiscal, SBI chairman O P Bhatt said.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 1:58 pm Overseas I-T units to track tax evasionThe government may soon have a database on shell companies operating out of foreign jurisdictions used by some Indian companies and corrupt public servants for the purpose of tax evasion.Source: India Business News | Business News - Times of India | 9 Jun 2010 | 1:36 pm Government may modify new public holding ruleJust five days after mandating all listed companies to have a minimum 25 per cent public float, the government today indicated it was open to a review of the new rules.Source: Business Standard | Front Page Headlines | 9 Jun 2010 | 1:29 pm Govt may consider Hindustan Copper stake sale tomorrow - Economic Times
Source: Business - Google News | 9 Jun 2010 | 12:39 pm Edelweiss, Lanco lead race for Axis' PE armInfrastructure conglomerate Lanco Group and leading financial services firm Edelweiss Capital have emerged frontrunners in the race for Axis Bank's private equity arm.Source: Business Standard | Front Page Headlines | 9 Jun 2010 | 12:34 pm Rajkot-based Nano vendors to invest Rs 45 cr at Sanand by October - Business Standard
Source: Business - Google News | 9 Jun 2010 | 12:30 pm
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