|
|
|
|
Maran of Sun TV Network to buy 37.75% stake in SpiceJet - Livemint
Source: Business - Google News | 13 Jun 2010 | 3:35 am EU leaders try to convince markets over euro crisisBRUSSELS (Reuters) - European Union leaders will make a new attempt this week to convince financial markets they can contain a debt crisis by agreeing how to tighten economic policy coordination and strengthen budget discipline.Source: Reuters: Money News | 13 Jun 2010 | 2:53 am Petrol pump owners postpone indefinite strike - Hindustan Times
Source: Business - Google News | 13 Jun 2010 | 2:46 am India needs an ambitous programme on water optimisation (Opinion) - Sify
Source: Business - Google News | 13 Jun 2010 | 2:35 am Global financial recovery may be slow: Narayana Murthy - Sify
Source: Business - Google News | 13 Jun 2010 | 2:35 am Delay in notifying M&A norms irks CCIThe Competition Commission is irked over the inordinate delay in notifying the M&A provisions in the Competition Act which will invest it with the necessary powers to vet large deals.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 2:33 am Inflation, not industrial growth to determine RBI's move: RangarajanThe Prime Minister's economic panel has said inflation, and not factory output numbers, should determine the RBI's move on monetary policy, even as analysts expect RBI to further tighten money supply after robust industrial growth in April.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 2:27 am Tribunal directs discoms to pay Delhi Transco Rs 118 crElectricity tribunal APTEL has dismissed a plea filed by city electricity distributors NDPL, BSES Rajdhani and BSES Yamuna Power, which challenged an order from electricity regulator DERC directing them to pay Rs 118 crore to transmitting firm DTL.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 2:23 am Heat on BP to improve oil spill responseBURAS, La./LONDON (Reuters) - BP Plc faced renewed U.S. pressure on Sunday to do more to contain the Gulf of Mexico oil spill, as the United States and Britain tried to avert a potentially damaging row over the crisis.Source: Reuters: Money News | 13 Jun 2010 | 1:45 am Maran of Sun TV Network to buy 37.75% stake in SpiceJetMumbai: Media baron Kalanithi Maran of Sun TV Network Ltd on Saturday has agreed to buy 37.75% stake in India’s second largest low-fare carrier SpiceJet Ltd from its promoter Bhupendra (Bhulo) Kansagra and distressed-assets buyout specialist Wilbur L. Ross for an undisclosed amount, according to two airline executives said. Maran, who runs 20 television channels and two general newspapers in south India, will start the process of making an open offer to SpiceJet’s minority shareholders to acquire an additional 20% stake from Monday. Under Indian takeover rules, any acquisition of 15% or more triggers an open offer and the acquirer needs to make an offer for at least another 20% of the target company. Edelweiss Capital Ltd is exclusive adviser to the deal. “On Saturday, Maran has agreed to buy out 37.75% stake from Kansagra and Ross. But the acquisition will completed in sequential manner over a period of time. Till then, the current board will remain as same,” he said, requesting anonymity. He did not specify the broad contours of the acquisition. Maran, elder brother of Union textiles minister Dayanidhi Maran, has been keen to enter the aviation industry and had even obtained a no-objection certificate from the ministry of civil aviation to run a non-scheduled air passenger service. Kansagra, who owns 12.89% in the company through Royal Holding Services Ltd, said he will be on the board of SpiceJet for time being. Source: LatestNews-Home - Livemint.com | 13 Jun 2010 | 1:42 am Match capacity with demand: IATA advises Indian carriersThe number of aircraft in the Indian sky should be controlled to match the demand of air travellers if the Indian carriers want to come out of the financial rut, global airlines' body IATA has recommended.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 1:38 am Tata Motors plans to hike output of vehicles on Ace platformTata Motors plans to expand the production capacity of mini-truck Ace and its family in expectation of rising demand.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 1:31 am Now is a good time to invest in stock market: AnalystsWith the European crisis adding to the woes of the domestic market pulling down nearly 200 blue-chips scrips to yearly-lows, some market analysts feel that this is the right time to invest in these stocks with a long-term view.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 1:23 am Apple's changes won't mollify trust-bustersSAN FRANCISCO/WASHINGTON (Reuters) - While Apple Inc has eased restrictions for iPhone advertising, targeting them more pointedly at rival Google Inc, it hasn't done enough to mollify antitrust regulators.Source: Reuters: Money News | 13 Jun 2010 | 1:00 am Twitter warns of possible outages during World Cup footballNew York: With World Cup Football frenzy gripping online users, micro-blogging site Twitter has warned of possible outages due to heavy traffic during the event. Twitter has been grappling with many site problems in the past week, resulting in outages and poor performance. “As more people turn to Twitter to see what’s happening in the world (or in the World Cup), you may still see the whale when there are unprecedented spikes in traffic,” one of the engineers at the micro-blogging site, Jean-Paul Cozzatti, said in a blog. When the site is down, a whale appears on the Twitter site, generally accompanied by a message requesting users to try after sometime. During the World Cup tournament, a significant surge in activity on Twitter is expected, according to the blog posted on 11 June. “While we are making every effort to prepare for that surge, the whale may surface,” Cozzati noted. Last week, Twitter experienced several incidences of poor site performance and a high number of errors, which was due to “over-capacity” in one of its internal networks. Going by estimates, Twitter has over 75 million users worldwide. To avoid problems in the coming days, the blog said that Twitter has doubled its internal network capacity, apart from rebalancing the traffic to redistribute the load. Source: Tech News - Livemint.com | 13 Jun 2010 | 1:00 am Twitter warns of possible outages during World Cup footballNew York: With World Cup Football frenzy gripping online users, micro-blogging site Twitter has warned of possible outages due to heavy traffic during the event. Twitter has been grappling with many site problems in the past week, resulting in outages and poor performance. “As more people turn to Twitter to see what’s happening in the world (or in the World Cup), you may still see the whale when there are unprecedented spikes in traffic,” one of the engineers at the micro-blogging site, Jean-Paul Cozzatti, said in a blog. When the site is down, a whale appears on the Twitter site, generally accompanied by a message requesting users to try after sometime. During the World Cup tournament, a significant surge in activity on Twitter is expected, according to the blog posted on 11 June. “While we are making every effort to prepare for that surge, the whale may surface,” Cozzati noted. Last week, Twitter experienced several incidences of poor site performance and a high number of errors, which was due to “over-capacity” in one of its internal networks. Going by estimates, Twitter has over 75 million users worldwide. To avoid problems in the coming days, the blog said that Twitter has doubled its internal network capacity, apart from rebalancing the traffic to redistribute the load. Source: LatestNews-Home - Livemint.com | 13 Jun 2010 | 1:00 am Base rate will jack-up loan cost for big firms: FICCIRaising money from banks will be costlier for big firms after the introduction of the new regime of base rate -- a benchmark rate below which banks will not be allowed to lend money, a survey said.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 12:59 am Europe, economic data to call U.S. stocks' tuneNEW YORK (Reuters) - U.S. stock investors will keep a close eye on Europe next week, looking for signs the debt crisis may be stabilizing, while industrial production, housing starts and inflation data may offer more clues on the U.S. economic outlook.Source: Reuters: Money News | 13 Jun 2010 | 12:52 am Dhanalaxmi Bank plans Rs 350 cr QIP fund-raising in JulyPrivate sector Dhanalaxmi Bank plans to raise Rs 350 crore through a qualified institutional placement (QIP) by the third week of July, a top bank official said. Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 12:51 am Welspun to invest Rs 300 cr to enhance productionTextile firm Welspun India on Sunday said it plans to invest Rs 300 crore to streamline its two production facilities to enhance output of products. Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 12:40 am Seeing through the fog of volatilityLONDON (Reuters) -- For long-term investors, financial volatility is like the weather; the storms are temporary, leaving attractive opportunities when the skies clear.Source: Reuters: Money News | 13 Jun 2010 | 12:35 am Now is a good time to invest in stock: Analysts - Press Trust of India
Source: Business - Google News | 13 Jun 2010 | 12:24 am BoT meeting scheduled for tomorrow deferredA meeting of the Board of Trade, to be held between Commerce and Industry Minister Anand Sharma and leading corporates for reviewing the country's exports, has been deferred.Source: HindustanTimes.com - Top Business News Headlines | 13 Jun 2010 | 12:18 am Dhanalaxmi Bank plans Rs350 cr QIP fund-raising in JulyThe resources raised will be used to fuel the bank's business.Source: Daily News & Analysis: Money News | 13 Jun 2010 | 12:17 am Powerful quake rattles Andaman and Nicobar islandsPort Blair: A 7.5-magnitude earthquake struck under the Indian Ocean near India’s Nicobar and Andaman Islands early on Sunday, triggering panic on the archipelago and an initial regional tsunami alert. The quake shook people from their sleep and briefly disrupted power supplies, causing alarm on a string of islands which were hit by the massive 2004 Indian Ocean tsunami, but there were no reports of casualties or damage. Tremors were also felt on mainland India, more than 1,000 kilometres (600 miles) from the epicentre near India’s most easterly territories. “It was very difficult to leave our home because the electricity went off and the entire Port Blair plunged into darkness during the earthquake,” tour operator M. Vinod said from the capital of the Andamans. The quake struck at 1:26am at a depth of 35 kilometres (22 miles), with the epicentre around 160 kilometres west of the Nicobar Islands. Tsunami warnings issued by the Pacific Tsunami Warning Center based in Hawaii and India’s National Centre for Ocean Information Services, were later withdrawn when no change in sea level was reported. The area is an earthquake hotspot, caused by the meeting of the Indian tectonic plate with the Burmese microplate along an area known as the Andaman trench. Sunday’s undersea quake caused alarm as it shook people from their sleep, with the danger of tsunami still high in the minds of local residents after the islands were badly hit by the 2004 disaster. A police control room official in Port Blair said there were efforts to contact remote islands for reports on possible damage or casualties. “So far there has been no such report,” the officer said. Power supplies were disrupted for up to five minutes in some 30 other nearby Andaman islands following the quake, residents and officials said. Printer Mani Kontho in Port Blair said the earth shook for about 20 seconds and he fled his home as a precaution, like many others. On the mainland, many people ran into the street in the southern coastal city of Chennai as the quake rattled furniture. There were no reports of casualties or damage to property, local media said. More than 350,000 people live on many of the 572 Andaman and Nicobar islands flanked by the Andaman Sea and the Bay of Bengal. The 2004 tsunami, triggered by a 7.9-magnitude earthquake off the Indonesian island of Sumatra, sent giant waves crashing across the region, killing more than 220,000 people. Most of the dead were in Indonesian province of Aceh but thousands were also killed in Sri Lanka, Myanmar, Thailand and India. The Hawaii-based Pacific Tsunami Warning Center initially issued a warning for the entire Indian Ocean region after Sunday’s quake. This was downgraded to a warning for India only, when the magnitude was revised to 7.5 from 7.7, and later it was cancelled altogether. India issued a tsunami watch for 10-15 Andaman islands saying it was expecting only a mild surge in sea levels of about 50 centimetres (20 inches) but later withdrew the alert. “There was no water level changes and so we have withdrawn the tsunami watch notice,” National Centre for Ocean Information Services spokesman Ajay Kumar said. “There has been no tsunami in the Indian Ocean,” Kumar told AFP. Sunday’s quake hit around 440 kilometres south of Port Blair and around 1,100 kilometres southwest of the Thai capital Bangkok. On 1 June, a 6.4-quake struck in the same area and there was another measuring 5.3 on 14 April. Source: LatestNews-Home - Livemint.com | 13 Jun 2010 | 12:16 am Japan to review spending to rein in debt - finminTOKYO (Reuters) - Japan's government will review some of the spending plans pledged by the ruling party as part of an effort to rein in the country's huge public debt, new Finance Minister Yoshihiko Noda said on Sunday.Source: Reuters: Money News | 13 Jun 2010 | 12:13 am SEBI seeks dividend compliance report from MFs by June 17Market regulator SEBI has asked mutual fund houses to submit reports, pertaining to compliance with a recent rule that dividends be paid only from realised gains and not premium income, by June 17.Source: India Business News | Business News - Times of India | 13 Jun 2010 | 12:10 am HDFC Bank-led ADRs gain $3.3bn in a weekLed by private sector lender HDFC Bank, Indian stocks trading on the American bourses added USD 3.3 billion to their cumulative market capitalisation last week.Source: India Business News | Business News - Times of India | 13 Jun 2010 | 12:10 am Eight out of top-10 cos lose over Rs 20K cr from m-capIn a week that saw the benchmark index Sensex regaining the 17,000-level, eight out of the top-10 firms lost over Rs 20,000 crore from their market capitalisation, with IT major Infosys emerging as the biggest loser.Source: India Business News | Business News - Times of India | 13 Jun 2010 | 12:09 am Tackle local debt units, China tells banks, officialsBEIJING (Reuters) - Chinese officials and banks must clean up their financing of local government-backed investment units under rules unveiled on Sunday, marking Beijing's latest effort to tackle the mounting debt worries of these units.Source: Reuters: Money News | 13 Jun 2010 | 12:04 am US court refrains Dr Reddy's from launching AllegraA District Court in New Jersey, US, has granted Sanofi Aventis and Albany Molecular Research a preliminary injunction with regard to the launch of generic version of allergic medicine Allegra D24 by Dr Reddy's LaboratoriesSource: Business Line - Home Page | 13 Jun 2010 | 12:00 am ABG Shipyard explores buying bauxite mines in Sierra LeoneABG Shipyard, India's leading private shipbuilder, is in talks to acquire bauxite mines in the West African country of Sierra Leone. It is learnt that the company proposes to set up a joint venture with Sierra Leone Exploration Mining CompanySource: Business Line - Home Page | 13 Jun 2010 | 12:00 am Mumbai may take it easy for now, says Met expertPrevailing dynamical conditions of the monsoon do not support the case for ‘exceptionally heavy rains' (of above 25 cm) for Mumbai during the current active phase of theSource: Business Line - Home Page | 13 Jun 2010 | 12:00 am Strong market system lessened turmoil impact, says PranabKolkata, June 12 The Union Finance Minister, Mr Pranab Mukherjee, on Saturday said the country was able to largely avoid the adverse impact of the financial turmoil of the developed world due to its “reformed and strengthened financialSource: Business Line - Home Page | 13 Jun 2010 | 12:00 am Bank of Rajasthan ousts Deputy MD on RBI ordersPrivate sector Bank of Rajasthan, which is being taken over by ICICI Bank, has removed its Deputy Managing Director, Mr Deepak Saruparia, following orders from the Reserve Bank of India, the bank said in a communication to stock exchanges onSource: Business Line - Home Page | 13 Jun 2010 | 12:00 am Govt to infuse Rs 6,121 cr in five public sector banksThe Government has approved capital infusion of Rs 6,121 crore in five public sector banks (PSBs) as part of efforts to shore up the Tier-I capital to a minimum of 8 perSource: Business Line - Home Page | 13 Jun 2010 | 12:00 am Kalanithi Maran takes to sky with SpiceJet stake buyMr Kalanithi Maran, Chennai-based Sun TV network's chief, on Saturday acquired a 37.75-per-cent stake in the Delhi-based low-cost airlineSource: Business Line - Home Page | 13 Jun 2010 | 12:00 am Fuel price hike likely when inflation softensSubmitting fuel to full market pricing would bolster India's fiscal health because fuel accounts for a quarter of its estimated subsidy bill of 1.2 trillion rupees ($25.6 billion).Source: Daily News & Analysis: Money News | 12 Jun 2010 | 11:54 pm Honda China lock factory workers say still on strikeHONG KONG/SHANGHAI (Reuters) - Workers at a factory making locks for Honda Motors cars in China remained on strike on Sunday, two workers said, even as Honda said the matter had been resolved and operations had resumed.Source: Reuters: Money News | 12 Jun 2010 | 11:33 pm Obama: no intent to devalue BP; U.S wants new planBURAS, La./ LONDON (Reuters) - U.S. President Barack Obama told British Prime Minister David Cameron on Saturday that he had no interest in undermining the value of oil company BP Plc following the massive oil spill in the Gulf of Mexico.Source: Reuters: Money News | 12 Jun 2010 | 11:11 pm Oil spill casts doubts on deep water exploration - Economic Times
Source: Business - Google News | 12 Jun 2010 | 11:03 pm DRL restrained by US court on Allegra launch - Financial Express
Source: Business - Google News | 12 Jun 2010 | 4:23 pm Govt to inject Rs 6211 crore in 5 staterun banksThe government will inject Rs 62.11 billion into five staterun banks to help meet their capital and lending needs, a government statement said on Saturday.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 3:05 pm Kalanithi Maran buys 37.75% in SpiceJet at Rs 47.25/shareSun TV Promoter Kalanithi Maran has acquired 37.75% in SpiceJet at Rs 47.25 per share amounting to Rs 750 crore from WL Ross B Kansagara.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 2:51 pm Mumbai may take it easy for now, says Met expert - Hindu Business Line
Source: Business - Google News | 12 Jun 2010 | 1:07 pm Cricket not to be blamed, films continue to bomb after IPLMany big Hindi film producers decided not to release their films for the duration of the Indian Premier League, the six-week cricket tournament that was expected to and did hog the time and attention of the public including potential movie goers.Source: Business Standard | Front Page Headlines | 12 Jun 2010 | 1:01 pm How Maran clinched the dealThere are few deals where the buyer and the seller both walk away happy. The SpiceJet deal is one, where each side had a price point for reference.Source: Business Standard | Front Page Headlines | 12 Jun 2010 | 12:59 pm India storms field of play lateFootball-frenzied fans in India were slow on catching up with the excitement as the FIFA World Cup 2010 kicked off in Johannesburg on Friday. But when they did get into the act, TV-viewership rates shot up from previous highs.Source: Business Standard | Front Page Headlines | 12 Jun 2010 | 12:57 pm Media baron boards SpiceJet with Rs 750 crKalanithi Maran of Sun TV picks up 37.75% at Rs 47.25 a share.Source: Business Standard | Front Page Headlines | 12 Jun 2010 | 12:56 pm Connecting distances: Week of clinching deals for India Inc - Economic Times
Source: Business - Google News | 12 Jun 2010 | 12:53 pm Centre clears Rs. 6211-cr capital infusion in 5 PSBs - The Hindu
Source: Business - Google News | 12 Jun 2010 | 11:42 am India could reach double digit growth by 2012: Pranab MukherjeeIndia could reach double digit growth in the remaining two years of the 11th Five Year Plan if the present trend of growth continued, finance minister Pranab Mukherjee said on Saturday.Source: India Business News | Business News - Times of India | 12 Jun 2010 | 11:16 am Rana Kapoor sees Yes Bank joining the Big Three by 2015He is the founder of India\'s youngest bank. Yes Bank\'s Managing Director Rana Kapoor was a professional salaried employee with various multinational banks before he decided to venture out and start the bank. In an interview with CNBCTV18, Kapoor spoke on his journey from being a banker with an MNC to founding Yes Bank.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 10:43 am Double-digit growth expected by 12th plan: Pranab Mukherjee'We have had 6.7% growth and 7.4% growth (in the earlier fiscals). This year, I have projected a growth of about 8.5%,' said the finance minister.Source: Daily News & Analysis: Money News | 12 Jun 2010 | 10:27 am Government to inject $1.32 billion to 5 state-run banksThe support would be given to Bank of Maharashtra, Central Bank of India, IDBI Bank, UCO Bank and Union Bank of India, a government statement said on Saturday.Source: Daily News & Analysis: Money News | 12 Jun 2010 | 10:26 am Maran buys 37.7 per cent stake in SpiceJet for about Rs 750crMedia magnate Kalanithi Maran entered into an agreement to acquire 37.7% equity in low-cost airline SpiceJet for an estimated Rs 750 crore, thus becoming its single largest stakeholder.Source: India Business News | Business News - Times of India | 12 Jun 2010 | 10:24 am BWA spectrum cheaper, but has better growth potential: RILWithin a day of foraying into highly competitive telecom space, industrial conglomerate Reliance Industries claimed that none of the other private operators has enough spectrum assets to match its capacity.Source: India Business News | Business News - Times of India | 12 Jun 2010 | 9:27 am Kalanidhi Maran to buy 37% in SpiceJet for Rs 940 croreOn Saturday, Maran said he has bought 37.75% stake in SpiceJet @ Rs 47.25 per share, a 16% discount to Friday's closing price of the share of Rs 56.05.Source: Daily News & Analysis: Money News | 12 Jun 2010 | 9:18 am Infosys: Recovery after crisis may be slow, weakThe chairman of No 2 Indian software services exporter Infosys Technologies\' on Saturday said recovery from the global financial crisis may be slow and weak.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 9:14 am Fuel price hike likely when inflation softensNEW DELHI (Reuters) - The government could decide to hike domestic fuel prices once headline inflation begins to soften because doing it now would risk pushing consumer prices higher, Prime Minister's Economic Advisory Council Chairman C. Rangarajan said on Saturday.Source: Reuters: Money News | 12 Jun 2010 | 8:09 am Connect to mythology if you want successIndra King of Gods and Lord of Heaven in constant pursuit of success and wealth. Lakshmi But Lakhsmi prefers the side of Vishnu. Are you Indra chasing success or are you Vishnu with success chasing you. There in lie the answers to who is a leader and ideal leadership qualities.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 8:01 am RBI directs BoR to sack deputy managing director SarupariaThe Reserve Bank asked controversial lender Bank of Rajasthan, set to be acquired by ICICI Bank, to remove its deputy managing director Deepak Saruparia and banned him from managing any bank for 5 years.Source: India Business News | Business News - Times of India | 12 Jun 2010 | 7:36 am RBI directs Bank of Rajasthan to sack deputy managing director Saruparia'Reserve Bank of India has directed that Deepak Saruparia shall stand removed from the post of deputy managing director in Bank of Rajasthan with immediate effect,' BoR saidSource: Daily News & Analysis: Money News | 12 Jun 2010 | 7:29 am Base rate war: Will pvt banks grab customers come July?On July 1, banks will stop speaking about their PLRs. They will replace it with the new base rate. In an interview with CNBCTV18, MV Nair, Chairman, Union Bank and Former Chairman, IBA spoke on a possible rate war brewing between public sector and private sector banks.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 7:26 am Infosys: Global recovery may be slow and weakInfosys, an industry bellwether which counts Goldman Sachs, BT Group and BP among its clients, in April forecast a better-than-expected 16-18% rise in revenue for the year ending March 2011.Source: Daily News & Analysis: Money News | 12 Jun 2010 | 7:23 am UK mediator seeks to break British Airways dispute deadlockThe strikes stem from British Airways's decision last November to cut cabin crew pay and alter staffing levels on its flights to try to save £62.5 million a year in costs.Source: Daily News & Analysis: Money News | 12 Jun 2010 | 7:09 am Etisalat to invest $1.4 billion in Egypt unit over 3 yearsThe firm said the customer base for its Egyptian unit, Etisalat Misr, reached 14 million within three years of operation, starting May 2007.Source: Daily News & Analysis: Money News | 12 Jun 2010 | 6:51 am Global recovery may be slow, weak: InfosysBangalore: The chairman of Infosys Technologies, India’s No. 2 software-services exporter, said a recovery from the global financial crisis may be slow and weak, and early signs of an emergence from the worldwide recession cannot be taken for granted. Infosys, an industry bellwether which counts Goldman Sachs, BT Group and BP among its clients, in April forecast a better-than-expected 16-18% rise in revenue for the year ending March 2011, pointing to a recovery for the sector. The outlook for India’s $60 billion outsourcing sector, which was hard hit by worldwide financial turmoil as clients cut down on spending, has improved as the global economy recovers, deal flow rises and fees stabilise. Still, N R Narayana Murthy, who founded Infosys with six other engineers in 1981 with an initial investment of $250, struck a cautious note at the company’s annual shareholders’ meeting here. “I look ahead with guarded optimism,” Murthy said. A debt crisis in the euro zone and a sliding euro are worries for India’s export-driven IT sector, which counts Europe as its second-biggest market after the United States. “We cannot ignore threats from the highly leveraged economies,” Murthy said. Infosys rival Tata Consultancy Services, India’s No. 1 software-services firm, has not seen any delay in decision-making by clients despite the debt crisis in Europe, its chief executive said on Thursday. Shares in Infosys, which has a market value of $32 billion, have jumped 46% over the past 12 months, far outstripping a 10% gain in the Mumbai market. Source: Home - Livemint.com | 12 Jun 2010 | 5:26 am Gold recovers smartly on buying, global cuesSnapping its three-day losing spree, gold recovered smartly at the bullion market on Saturday on fresh buying by stockists and speculators amid a rising trend in global markets.Source: India Business News | Business News - Times of India | 12 Jun 2010 | 4:55 am Euro crisis may trigger more capital flows into India: RBIForeign Institutional Investors have so far invested around $5 billion in the domestic share market as against a total investment of $17.45 billion in 2009.Source: Daily News & Analysis: Money News | 12 Jun 2010 | 4:28 am Fuel price hike likely when inflation softens: RangarajanNew Delhi: India could decide to hike domestic fuel prices once headline inflation begins to soften because doing it now would risk pushing consumer prices higher, a top government adviser said on Saturday. Submitting fuel to full market pricing would bolster India’s fiscal health because fuel accounts for a quarter of its estimated subsidy bill of Rs1.2 trillion ($25.6 billion). It would also help state-run energy retailers such as Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd operate profitably. ******************** Anil Padmanabhan’s Column |Fuel price decontrol: history repeating itself? ************************** “Perhaps the timing of the decision could coincide with the period when the overall inflation is showing some softening,” C Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, told Reuters in an interview. A panel led by finance minister Pranab Mukherjee on Monday postponed a decision on reforming fuel pricing after two key ministers from small coalition partners failed to attend, a clear signal of their reluctance to be associated with a policy that may improve India’s finances at the cost of votes. The government is seen biding its time until it gets a better sense of the strength of the oncoming summer monsoon, which could ease the impact of inflation on consumers already burdened by higher food bills. Rangarajan, a former head of the Reserve Bank of India (RBI), said he expects the May headline inflation number to stay below the 10% level and eventually ease to around 6% by end-March 2011. The wholesale price index, the central bank’s most closely watched gauge of inflation, probably rose an annual 9.56% in May, staying close to 9.59% in April, according to a Reuters poll. Rates Inflation has become a major worry for the Congress-led government and is seen undermining its support base. The RBI has described the prevailing inflationary situation as “worrisome” and has raised rates twice since mid-March. The bank, which is looking to raise rates steadily, is expected to deliver another hike of 25 basis points at its scheduled policy review on 27 July amid calls from some analysts for more firm policy action. However, Rangarajan said only high and persistent inflation could provoke a change in the central bank’s policy approach. “If there is some trend towards a decline in the inflation rate, even though the level remains high, then the Reserve Bank could take a slightly relaxed view and decide to take action only at the time of review,” he said. India’s industrial output rose much faster than expected at 17.6% in April from a year earlier, data showed on Friday. The data comes on the heels of an annual 8.6% expansion in the economy in the quarter through March. The government expects the economy to grow 8.5% in the current fiscal year that started on April 1, after growing 7.4% last year. Some fear the euro zone crisis could put that projection at risk. “The manner in which it will be dealt with by the euro zone has implications for the Indian economy,” he said. “I believe the EU will take action, will provide the necessary support to the various countries.” Source: Home - Livemint.com | 12 Jun 2010 | 4:25 am Warren Buffett lunch sells for $2.63 mn on eBayNew York: A bidder has agreed to pay $2.63 million for a steak lunch with the billionaire investor Warren Buffett in a charity auction held on eBay Inc’s website. The highest bid in the 11th annual auction topped the previous record $2.11 million paid in 2008 by Zhao Danyang, a Hong Kong investor. Wealth manager Salida Capital Corp of Toronto won with a $1.68 million bid in 2009. The identity of the winning bidder could not immediately be determined after bidding closed Friday night. EBay was not immediately available for comment. Berkshire Hathaway Inc, Buffett’s insurance and investment company, did not immediately return a request for comment. The winner and up to seven friends will dine with the world’s third-richest person at the Smith & Wollensky steakhouse in midtown Manhattan. Smith & Wollensky is also donating $10,000. As in his increasingly frequent television appearances, Buffett will talk about pretty much anything apart from what he is buying and selling. Proceeds benefit the Glide Foundation, a San Francisco non-profit organisation offering meals, healthcare, child care, housing and job training for the poor and homeless. Glide is also known for lively Sunday morning services that include gospel music. Buffett began auctioning the lunches in 2000 after his first wife Susan introduced him to Glide and its founder, the Rev. Cecil Williams. In a Friday interview, Williams said the auction was critical to Glide because the economy has caused donations to fall 20% this year, while demand for Glide’s services was up 30 percent. Glide’s annual budget is about $17 million. The auction began on Sunday night, and the top bid rose from $1.8 million in the last hour. Nine bidders made a total of 77 bids. Entering Friday, the highest bid had been $900,100, according to eBay. “I’m jumping for joy. There’s no doubt about it,” Williams, 80, said after the high bid had topped $1.5 million. “Warren Buffett understands Glide and he supports Glide. I said to him a week-and-a-half ago, ‘You’re such a good person,’ and he laughed and said, “Well you know, I’m trying, I’m trying.’” The 10 prior auctions had raised more than $5.9 million. The first three were live, with top bids ranging from $25,000 to $32,000, according to Glide. Buffett, 79, built an estimated $47 billion fortune running Omaha, Nebraska-based Berkshire, which operates about 80 businesses and has tens of billions of dollars of investments. In 2006, Buffett pledged most of his wealth to the Bill & Melinda Gates Foundation and four family charities. Bill Gates, a Microsoft Corp co-founder, is a Berkshire director. Susan Buffett died in 2004. Warren Buffett remarried two years later on his 76th birthday. The following are winners of the Glide auction since bidding moved online: • 2003 -- David Einhorn, Greenlight Capital, $250,100 • 2004 -- Jason Choo, $202,100 • 2005 -- Anonymous, $351,100 • 2006 -- Yongping Duan, $620,100 • 2007 -- Mohnish Pabrai, Guy Spier, $650,100 • 2008 -- Zhao Danyang, Pureheart China Growth Investment Fund, $2,110,100 • 2009 -- Salida Capital Corp, $1,680,300 Source: Home - Livemint.com | 12 Jun 2010 | 4:15 am Did somebody say \'decoupling\'?There is a growing worry for investors as they head towards the second half of the year will governments\' increased appetite for budget cutting knock the nascent global economic recovery off track?Source: Moneycontrol Top Headlines | 12 Jun 2010 | 4:02 am Nissan begins limited testdrives for Leaf EVNissan Motor Co on Friday kicked off a weeklong testdrive event for its Leaf electric car, saying it had a combined 20,000 orders in Japan and the United States six months before the car goes on sale.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 4:02 am Obama, Cameron to talk about oil spillWashington: The Gulf oil spill, with a British company the villain, is raising tensions on both sides of the Atlantic. President Barack Obama and British Prime Minister David Cameron planned to discuss the environmental catastrophe Saturday by telephone, hoping to ease what has become a growing rift between the two countries over the criticism of the well’s owner, BP PLC. As BP struggles unsuccessfully to halt the gushing oil that is bringing environmental chaos to the Gulf Coast, Obama has sharpened his criticism of the British company. He said he would have fired BP’s top executive if he were in charge, embraced the idea that the oil giant suspend its quarterly dividend and reproached BP for spending money on a public relations campaign. And occasionally Obama would refer to “British Petroleum,” although the company years ago began using only its initials and, in fact, is a far-reaching international corporation with extensive holdings in the United States, including a Texas refinery and a share of the Alaska oil pipeline. The sharp rhetoric from Washington, aimed to the address the concerns of angry Americans, especially those in the Gulf Coast region, has produced a backlash in Britain, where BP is viewed as one of the country’s corporate pillars. Millions of British retirees depend on BP dividends since pension funds are heavily invested in the oil company, the world’s third-largest. Cameron has tried to find a middle ground. He has said he shares with Americans the “frustration” about not being able to halt the spill and concern about the environmental damage caused by the thousands of barrels of oil gushing from the BP well. But Cameron also views BP “as an economically important company” not only in the United Kingdom but also the United States and other countries, according to his office. “It is in everyone’s interests that BP continues to be a financially strong and stable company,” Cameron has said. In London, British Treasury chief George Osborne said Friday after meeting with top BP executives, that the British government understands U.S. concerns about the spill but “the prime minister is also clear that we need constructive solutions and that we remember the economic value BP brings to people in Britain and America.” BP’s stock has dropped by some 40% since the 20 April Gulf oil rig fire that unleashed the country’s worst oil spill. But stocks have rebounded somewhat in recent days. BP shares rose $1.19, or 3.6%, to close at $33.97 in New York on Friday. The company’s board is expected to meet Monday to discuss deferring its second-quarter dividend and putting the money into escrow until the company’s liabilities from the spill are known. “So far, no decision has been taken,” BP spokesman Robert Wine said Friday. BP Chairman Carl-Henric Svanberg, who has faced criticism for not being more visible in BP’s response to the Gulf spill, is scheduled to meet with Obama at the White House on Wednesday and likely will be accompanied by CEO Tony Hayward and other BP executives. It will be the first time Obama has met with BP officials since the oil spill crisis began 20 April. Hayward, who has been a target of criticism because of a number of ill-advised comments he has made, also will be the key witness at a House hearing on Thursday where he is likely to be closely questioned by lawmakers concerning BP’s cleanup efforts and its commitment to people and businesses who have been economically harmed by the spill. Members of Congress, both Republicans and Democrats, have been sharply critical of BP, which owns the well that exploded, unleashing the massive spill. House Speaker Nancy Pelosi, a Democrat, is among a number of lawmakers who have called on BP to suspend its dividend payments. The chief executive of Britain’s National Association of Pension Funds said Friday that investors might be receptive to a dividend suspension to protect the company’s long-term economic future. Whatever that future will be, for the time being BP remains the No. 1 environmental villain in the eyes of many Americans and that is unlikely to change until the flow of oil from its damaged well is stopped. Source: Home - Livemint.com | 12 Jun 2010 | 3:55 am Euro crisis may trigger more capital flows into India: RBIMumbai: The country is likely to witness more inward capital flows as investors may find the Indian market an attractive destination, especially in the backdrop of uncertain global markets, a top Reserve Bank of India (RBI) official said on Saturday. “Money probably tries to come to places where it gets better returns. So from the point of view of capital flows, you do have the likelihood of more uncertainty in the rest of the world and therefore more money coming to India,” RBI deputy governor, Usha Thorat told reporters here. Foreign Institutional Investors have so far invested around $5 billion in the domestic share market as against a total investment of $17.45 billion in 2009. Policymakers, worldwide, are watching the developments associated with the Euro Zone crisis, which broke out after Greece nearly defaulted on public debts and some of its neighbouring economies face similar issues. To avert the crisis deepening, Euro zone countries and International Monetary Fund formed a $1 trillion rescue package to bail out Greece. The RBI, on its way of unwinding the monetary stimulus, is in a dilemma of hiking the policy rates next month to facilitate the exit while the recovery is still nascent. Noting that India is getting increasingly integrated to the global economy, Thorat said this makes the nation less immune to the developments happening abroad although “there is immediate negative impact on India (because of the crisis).” Thorat said the growth in developing countries like India and China has been good, backed by recovery in industry and services sectors although the country’s agriculture output is yet to pick up. Replying to a query, Thorat added that Indian banks have a healthy asset quality and “there is nothing to worry.” Many banks, including the country’s largest, State Bank, had witnessed a rise in their bad loan levels after the financial downturn impacted the ability of customers to repay loans. The RBI, which is slated to announce its quarterly review of the annual monetary policy on 27 July, is widely expected to hike its short-term lending and borrowing rates (repo and reverse repo) by 0.25% but to leave the mandatory cash reserve ratio untouched as cash conditions are tight. Source: Home - Livemint.com | 12 Jun 2010 | 3:51 am Basel reforms may be delayed, but not scrappedBanks are to get more time to top up their capital under tough new global rules but their hopes for more fundamental rethink are set to be dashed.Source: Moneycontrol Top Headlines | 12 Jun 2010 | 3:20 am
|
