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Looking to raise Rs 250300cr: City Union BankIn an interview with CNBCTV18, S Balasubramanian, Chairman and CEO, City Union Bank, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 8:16 am Expects a 50% increase in FY11 revenues: Bombay RayonPrashant Agarwal, MD, Bombay Rayon Fashions, said the Yuan appreciation will help Indian textile mills. However, he was quick to add that Indian textile mills do not have enough capacity to take full advantage of this move.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 7:44 am RILPioneer deal as value accretive from onset: MacquarieIn an interview with CNBCTV18, Jal Irani of Macquarie spoke about his reading of the RIL Pioneer deal and road ahead for RIL.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 7:17 am Outofhome order book size at Rs 2025cr: Rel Media WorldIn an interview with CNBCTV18, Tarun Katial, CEO, Reliance Media World, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 6:49 am Ford Motor to invest $450m in new Thai plantFord Motor Co announced a USD 450 million investment in Thailand on Thursday to build a new manufacturing plant, with the bulk of the output destined for export markets as part of its expansion in Asia Pacific.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 6:04 am Petronet LNG won`t tap spot market till DecPetronet LNG does not plan to tap spot market for liquefied natural gas (LNG) imports at least till December due to a lack of pipeline infrastructure in the country, Chief Executive P. Dasgupta told reporters on Thursday.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 6:04 am See margins around 3537% this year: McLeod RusselKamal Baheti, Chief Financial Officer, McLeod Russel expects that the margins of the company will be closer to 3537% this year.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 6:00 am India\'s export share to double by 2014: Alok IndSunil Khandelwal, CFO of Alok Industries said the yuan appreciation will provide a level playing field. \"The change in currency stance by China is positive for Indian companies,\" he added.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 6:00 am RILPioneer deal: What potential does it hold?Reliance Industries has signed a USD 1.15 billion joint venture with Pioneer Natural Resources, reports CNBCTV18. In an interview prior to the deal announcement, Bill Holland, Associate Editor, Platts Gas Daily, spoke about what kind of potential this field holds.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 5:34 am RIL inks JV with Pioneer Natural for shale gasReliance Industries has signed a USD 1.15 billion joint venture with Pioneer Natural Resources, reports CNBCTV18. The latter will sell 45% interest in Eagle Ford Shale acreage in south Texas. RIL is looking to build its presence in the US shale gas sector.Source: Moneycontrol Top Headlines | 24 Jun 2010 | 5:10 am Vishal Retail inks MoU with US PE major TPG - Moneycontrol.com
Source: Business - Google News | 24 Jun 2010 | 3:45 am Rains 21 pct below normal in wk to June 23 - sourcesNEW DELHI (Reuters) - Monsoon rains in the week to June 23 were 21 percent below normal, the weather office said on Thursday.Source: Reuters: Money News | 24 Jun 2010 | 3:41 am RBI classifies IDFC as infrastructure finance company - NDTV.com
Source: Business - Google News | 24 Jun 2010 | 3:41 am Jet Airways says gets proposals to develop land bank - Reuters India
Source: Business - Google News | 24 Jun 2010 | 3:39 am Sensex under pressure; Maruti, ICICI, TCS down - Economic Times
Source: Business - Google News | 24 Jun 2010 | 3:27 am Rupee drops tracking shares; dollar gainsMUMBAI (Reuters) - The rupee weakened further in afternoon session on Thursday tracking the dollar's gains against major currencies overseas and also hurt by weak domestic shares.Source: Reuters: Money News | 24 Jun 2010 | 3:24 am Ex-Unilever’s Banga joins private equity firm CD&RLondon: Former Unilever veteran Manvinder “Vindi” Singh Banga will join Clayton, Dubilier & Rice (CD&R) as an operating partner in its London office, the private equity firm said on Thursday. Banga, who sits on the board of Thomson Reuters, will join operating partners such as Fred Kindle, the former boss of ABB, and special partners including Jack Welch, General Electric’s former head. Banga left Unilever this year after 33 years with the consumer goods group, where he was president of Foods, Home and Personal Care. He has also been on the Prime Minister of India’s Council of Trade & Industry since 2004. Banga would help CD&R source new investments and enhance the performance of its portfolio businesses, the group said. CD&R is one of the bidders for Royal Bank of Scotland’s payment processing business, which includes WorldPay, working in a team with buyout firm TPG, sources familiar with the situation have said. Source: LatestNews-Home - Livemint.com | 24 Jun 2010 | 3:18 am Jet Airways says gets proposals to develop land bankMUMBAI (Reuters) - Aviation firm Jet Airways Ltd has received various proposals to develop its land in Bandra-Kurla Complex in Mumbai, but is yet to finalise a deal, a Jet spokeswoman said on Thursday.Source: Reuters: Money News | 24 Jun 2010 | 3:11 am Germany defends austerity measures ahead of G-20Berlin: Finance minister Wolfgang Schaeuble rejected criticism that Germany was endangering economic recovery with austerity measures, saying the government had a “well-conceived” exit strategy from its stimulus spending. In a guest column for the Handelsblatt newspaper on Thursday, Schaeuble said he could not understand criticism from abroad that Germany was “wrecking the recovery with austerity measures” because Berlin was doing a lot to stimulate growth. “There is an implicit accusation that we’re not living up to our international responsibilities as far as economic policies are concerned,” Schaeuble wrote in a contribution for the business daily ahead of the G-20 summit this weekend in Toronto. “I cannot understand this argument because Germany has taken sweeping measures since 2008 to stabilize the economy. We’ve done that on top of all the automatic stabilizers we have (such as higher social welfare spending) that play a much smaller role in countries from which we’re now being criticized.” Germany recently announced plans for €80 billion in budget cuts over the next four years, a package it hopes will bring the structural deficit of Europe’s biggest economy within European Union limits by 2013. US treasury secretary Timothy Geithner and top White House economic adviser Lawrence Summers wrote in a Wall Street Journal piece on Tuesday that G-20 peers should not risk undermining growth for the sake of cutting deficits, echoing a similar call from President Barack Obama. ‘Well-Conceived Exit Strategy´ Schaeuble pointed to Germany’s budget deficit climbing to five percent of gross domestic product (GDP) as evidence of its commitment to growth-boosting measures. “It’s true that an abrupt and ill-conceived exit from the stabilisation measures could endanger their success,” he said. “But a credit-financed stimulation of demand cannot become a permanent, drug-like fix. “We need a well-conceived exit strategy. The German government has one. The first consolidation measures won’t take effect until 2011 and amount to less than 0.5 percent of GDP. There’s no way that can be called hitting the brakes.” Germany, Europe’s largest economy, has vigorously defended its plans to pursue the €80 billion savings measures euros in the next four years after Obama preached patience in clamping down on public spending. On Thursday, chancellor Angela Merkel dismissed criticism in a separate interview with ARD TV that Germany was not doing enough to stimulate its economy. Merkel said she had told Obama in a phone call that Germany had done much to support economic growth with stimulus measures. “Germany is doing much more in 2010 for the worldwide economic recovery than (other countries) on average,” she said. Source: LatestNews-Home - Livemint.com | 24 Jun 2010 | 3:10 am Gold buying retreats, traders await fallsMumbai: India gold buying retreated on Thursday after a slight pick-up the previous day as traders awaited bigger falls, with a weaker rupee also weighing on sentiment, dealers said. “There is not much business today as market is very steady and everyone wants a fall,” said a dealer with a state-run bullion dealing bank. International gold, which guides the domestic market, was trading at $1,232.75/1,233.25 an ounce at 2:30 p.m. as against the previous close of $1,235.20/1,239.20 an ounce. “There were deals yesterday, we booked about 150 kgs in between $1,227/1,229 (an ounce),” said another dealer with a private bank. Bank dealers said a weaker rupee kept the downside in gold prices restricted. The Indian rupee eased, moving in a narrow band on a spurt in dollar demand from importers, but the US Federal Reserve’s pledge to keep rates low checked the losses. The rupee plays a pivotal role in determining the landed cost of the yellow metal, which is quoted in dollars. India’s gold demand has witnessed persistent weakness since May and the trade expects it to tumble by half in June. Gold imports into India may fall to less than 15 tonnes from 29.9 tonnes a year earlier as near-record prices and the onset of monsoon dent demand, a trade body official told Reuters on 14. Source: LatestNews-Home - Livemint.com | 24 Jun 2010 | 3:00 am Capital flows seen flocking to India post crisis - StanChartMUMBAI (Reuters) - Capital flows will resume once conditions return to normal later this year, and India is a more attractive investment destination than most given its growth outlook, said a senior official at a foreign bank.Source: Reuters: Money News | 24 Jun 2010 | 2:55 am Obama fires US Afghan commander, names PetraeusWashington: President Barack Obama fired his top Afghanistan commander on Wednesday over inflammatory comments that enraged the White House, and vowed not to let the military shake-up undermine the US war effort. In an extraordinary turn of events, Obama called General Stanley McChrystal on the carpet at the White House, relieved him of command and replaced him with his boss, General David Petraeus, architect of the Iraq war turnaround. Obama had summoned McChrystal from Afghanistan to answer for remarks he and his aides made in an explosive Rolling Stone magazine article that disparaged the President and other civilian leaders. “The conduct represented in the recently published article does not meet the standard that should be set by a commanding general,” Obama said bluntly in the White House Rose Garden as he announced McChrystal’s dismissal. “It undermines the civilian control of the military that is at the core of our democratic system. And it erodes the trust that’s necessary for our team to work together to achieve our objectives in Afghanistan,” he said. The situation posed a dilemma for Obama. If McChrystal had kept his job, the President could have been seen as tolerating insubordination. By firing him, Obama opted instead for the risk involved in shaking up the chain of command at a perilous moment in the unpopular nine-year-old war. Obama said McChrystal’s dismissal was needed to safeguard the unity of the war effort but insisted the switch in generals was a “change in personnel but it is not a change in policy.” There have been increasing doubts among US lawmakers about Obama’s six-month-old troop buildup strategy against a resurgent Taliban, and some critics are sceptical of Obama’s pledge to start bringing US forces home by July 2011. Seeking to underscore the continuity of command and counter any concerns about a disruption in war leadership, Obama had Petraeus by his side for the announcement. Petraeus, as commander of US forces in Iraq, was widely credited with turning the tide when sectarian violence there verged on civil war. He has a strong following on Capitol Hill and swift Senate confirmation is expected. Afghan President Hamid Karzai, who has a close bond with McChrystal and had hoped he would stay on, respected Obama’s decision to dismiss him, a spokesman said. Obama spoke to Karzai and British Prime Minister David Cameron, a key ally in Afghanistan, about the change. The episode evoked memories of military-civilian tensions when President Harry Truman summoned General Douglas MacArthur for a dressing-down and stripped him of his Far East command in 1951 for flouting US policy and openly advocating expansion of the Korean conflict to China. Personal insult? McChrystal, the US and Nato commander in Afghanistan and an architect of Obama’s war strategy, entered the White House through a side door for his encounter with Obama, who accepted his letter of resignation during a 30-minute meeting. Underscoring Obama’s displeasure over the McChrystal incident, he then delivered a “stern” lecture to his national security team, ordering them to stop petty bickering and forge unity, a senior administration official. Aides had described Obama as furious about McChrystal’s contemptuous remarks in the article, but he said in his Rose Garden appearance he was not acting out of a feeling of personal insult. With his career on the line, the 55-year-old general had apologized on Tuesday, calling it a “mistake reflecting poor judgment.” As Obama was speaking, McChrystal released a terse statement saying he had resigned out of “a desire to see the mission succeed.” Lieutenant-General David Rodriguez, McChrystal’s No. 2, was named acting commander of US forces in Afghanistan, and British Lieutenant-General Nick Parker will serve as acting head of Nato forces in Afghanistan until Petraeus takes over, US officials said. In the article entitled “The Runaway General” -- McChrystal himself makes belittling remarks about vice president Joe Biden and the US special envoy to Afghanistan and Pakistan, Richard Holbrooke. His aides are quoted as calling Obama national security adviser Jim Jones a “clown” and saying the president appeared intimidated and disengaged at an early meeting with McChrystal. Afghanistan had slipped down Obama’s policy agenda recently as he focused on domestic challenges like high unemployment and the devastating BP Plc oil spill, seen as critical to avoiding big losses for his Democratic Party in November’s congressional elections. But the furore surrounding McChrystal comes amid growing scepticism in Congress and declining support among the public for the war in Afghanistan, where Taliban violence has risen despite a troop increase ordered by Obama six months ago to bring US forces up to 100,000. Petraeus’ confirmation hearing could be as early as Monday in the Senate Armed Services Committee, said the panel’s chairman, Democrat Carl Levin. He said he expected the full Senate to act on the nomination by 4 July. Source: LatestNews-Home - Livemint.com | 24 Jun 2010 | 2:54 am Titagarh Wagons bid to buy French co gets court nodTitagarh Wagons said on Thursday its bid to acquire a rail wagon or rolling stock manufacturing unit in France has been accepted by the court.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 2:41 am Europe digs in on budget austerity ahead of G20FRANKFURT/BERLIN (Reuters) - European policymakers dug in to defend budget austerity plans on Thursday ahead of a G20 summit set to pit calls for fiscal restraint against warnings that heavy cost-cutting threatens recovery.Source: Reuters: Money News | 24 Jun 2010 | 2:38 am Reliance Industries buys 45 pct in U.S. shale gas JV for $1.36 blnMUMBAI (Reuters) - Reliance Industries will invest $1.36 billion in the U.S. shale gas assets of Pioneer Natural Resources, its second such investment in as many months as it builds business beyond the Indian energy sector.Source: Reuters: Money News | 24 Jun 2010 | 2:32 am INTERVIEW - Titagarh Wagons joint bid with ABB failsMUMBAI (Reuters) - Rail wagonmaker Titagarh Wagons Ltd had recently jointly bid for a railway equipment project with capital goods firm ABB Ltd, but the bid did not qualify, a top company official told Reuters.Source: Reuters: Money News | 24 Jun 2010 | 2:22 am Hyundai Verna Transform a much-needed makeover - Economic Times
Source: Business - Google News | 24 Jun 2010 | 2:17 am Titagarh Wagons joint bid with ABB failsMumbai: Rail wagonmaker Titagarh Wagons Ltd had recently jointly bid for a railway equipment project with capital goods firm ABB Ltd, but the bid did not qualify, a top company official told Reuters. “That did not work out, we are not proceeding with that,” Umesh Chowdhary, vice chairman of Titagarh Wagons, said over the telephone from Kolkata on Thursday. ABB officials could not be immediately reached for comment. The firm has, however, bid for a number of other projects, he said, without giving details but orders from private players are still slow. Most private players had deferred buying decisions due to an economic slowdown, Chowdhary had told Reuters in February. Private firms “were in a state of silence for some time. People have started talking once again. The talking is not getting converted into orders as of now,” he said. Titagarh, which sells the bulk of its wagons to the Indian Railways, had submitted two tenders for about 24,000 wagons in all, in the last fiscal, but it has not been finalized yet, he said. Earlier, the firm said its bid to acquire a French rail wagon and rolling stock manufacturing unit had been accepted by the court. The company had in June said it has set up a subsidiary in France. Chowdhary refused to divulge more details on this until a final decision comes from the court. Titagarh Wagons, which also makes heavy earth-moving and mining equipment, is currently focusing on raising capacity at Cimmco Birla, a sick unit it jointly controls with the SK Birla Group, he said. The JV is infusing funds to revive Cimmco -- a maker of similar products -- under a scheme filed with the Board for Industrial and Financial Reconstruction. Shares in the firm, which were up 1.1% before the announcement, shed gains to trade flat at Rs376 in a weak Mumbai stock market. Source: Home - Livemint.com | 24 Jun 2010 | 2:13 am Yuan can become alternative reserve currency to US dollar: ADBHong Kong: China’s yuan could rapidly become an internationally used currency and serve as an alternative to the US dollar in central bank reserves, the Asian Development Bank said in a report on Thursday. “The renminbi has yet to become an international currency. It could become one much more quickly than many anticipate,” the ADB said in a joint study with Columbia University’s the Earth Institute. “The internationalization of the renminbi has the potential to become an alternative to the US dollar -- as did the euro -- and help nudge the global reserve system toward a multi-currency reserve structure,” it said. The study, undertaken by 11 economists from around the world, including academics Joseph Stiglitz and Barry Eichengren, did not provide a timeline for when the yuan could become a reserve currency. Most analysts expect it to be fully convertible by 2020, the target date set by Beijing to make Shanghai an international financial centre. Global financial markets have focused intensely this week on the yuan, or renminbi as it is also called, after China’s central bank pledged at the weekend to increase currency flexibility after pegging the yuan to the US dollar for nearly two years. The yuan has moved in a wider range in the spot market since then, though it has only appreciated about 0.2% against the dollar. The ADB study, entitled “The Future Global Reserve System -- An Asian Perspective”, recommended having Asia’s vast currency reserves play a more important role in stabilising the global financial system, through swap lines, the International Monetary Fund’s Special Drawing Rights (SDRs) and other borrowing. The global financial crisis, which originated in the US housing market, has sparked a growing discussion among policy makers and academics that the world should no longer rely on a single, dominant currency, such as the dollar, as it has done since the end of the gold standard. The ADB study also endorsed the use of capital controls as a tool to strengthen management of an economy, with the caveat that they are temporary and coordinated. “These controls on the flow of capital tend to be more effective when done on a coordinated basis across countries that are targets of rapid capital movements, rather than individual countries reacting unilaterally,” the report said. Taiwan implemented capital controls in November 2009, and Indonesia took steps to manage capital inflows last week. South Korea is planning to tighten currency derivative trading caps for foreign banks. The study also said a common Asian currency is not a realistic goal, and regional monetary coordination should stop short of pegging currencies in the region. Since 2000, global foreign exchange reserves have grown by a staggering $6.15 trillion and stood at $8.09 trillion at the end of 2009, or 14% of the world’s gross domestic product, International Monetary Fund figures showed. China and Japan together hold about 43% of global reserves. Source: Home - Livemint.com | 24 Jun 2010 | 2:11 am Food inflation rises to 16.90%; fuel price meeting eyedIndia's food price index rose 16.90% in the year to June 12, higher than the previous week's annual reading of 16.12%, government data released on Thursday showed.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 1:56 am Reliance buys 45% in US shale gas JV for $1.36 bnMumbai: Reliance Industries will invest $1.36 billion in the US shale gas assets of Pioneer Natural Resources, its second such investment in as many months as it builds business beyond the Indian energy sector. Under the agreement, India’a largest listed company will make a cash payment of $263 million for a 45% stake in US firm Pioneer’s Eagle Ford shale acreage in south Texas. Reliance said it will also contribute $1.052 billion towards drilling costs over four years. The deal is expected to close within five business days, Pioneer said in a separate statement. “Reliance has lot of cash and as an investor I would like to see them investing more on getting access to resources like these,” said Taina Erajuuri, portfolio manager at FIM India, which owns about $150 million worth of Indian shares in Helsinki. “It’s a step in the right direction for Reliance,” she said. The deal is the second this year in the promising US shale gas sector for Reliance, a petrochemicals-to-refining giant with a market value of $75 billion, making it India’s most-valuable company. The deal had been widely expected and Reliance shares were little changed on Thursday. In April, Reliance agreed to pay $1.7 billion to Atlas Energy to form a joint venture and own a 40% stake in Atlas’ Marcellus Shale operations in the eastern United States. Under the new agreement, Pioneer will get $1.15 billion and partner Newpek LLC will receive about $210 million. After the deal, Reliance will own 45% in the Eagle Ford shale acreage, while Pioneer and Newpek will hold 46% and 9% respectively. Last week, Reliance chairman Mukesh Ambani, the world’s fourth-richest man, said his company planned to expand its presence in the US shale gas business, in addition to a foray into India’s high-potential power sector and a return to the telecom business. Bulking Up Reliance has said it will pursue joint development opportunities with the best operators as well as on its own to build a substantial upstream business in North America. Companies from around the globe are increasingly investing in US shale plays -- underground rock formations that hold reserves of oil and natural gas. Shale gas accounts for between 15% and 20% of US gas production but is expected to quadruple in coming years, touching off a scramble among producers large and small for access to resources. Based on the joint venture development plan, Pioneer’s net production in the Eagle Ford asset will increase to between 32,000 and 41,000 barrels of oil equivalent per day (BOEPD) in 2013, from 2,000 barrels BOEPD in 2010, Pioneer said in a statement. “This strong production growth, coupled with the up-front cash payment and drilling carry from Reliance, is expected to generate positive cash flow from upstream and midstream activities in all years going forward,” it said. Pioneer plans to increase the drilling program to approximately 140 wells per year within three years. Reliance will have an option to acquire a 45% share in all newly acquired assets by the JV and will also act as development operator in certain areas in coming years. Reliance said it would also form a separate midstream joint venture with Pioneer to service the exploration and production unit, investing $46 million for a 49.9% stake. Reliance was represented by Barclays and UBS for the deal, while Bank of America Merrill Lynch represented Pioneer. At 12:45 p.m., shares in Reliance, the biggest constituent in the Sensex index, were trading 0.35% higher at Rs1,062.25 in Mumbai, while Pioneer shares closed up 0.33% in New York, ahead of the announcement. Source: Home - Livemint.com | 24 Jun 2010 | 1:56 am FMCG cos expect good monsoon to boost demand, ease input costsWith a good monsoon on the cards, leading domestic FMCG players expect a pick-up in rural demand and a dip in input costs.The India Meteorological Department has forecast a normal monsoon this year, in contrast with the previous year.Source: HindustanTimes.com - Top Business News Headlines | 24 Jun 2010 | 1:52 am Rupee eases but trades in tight bandMumbai: The Indian rupee eased on Thursday, moving in a narrow band on a spurt in dollar demand from importers, but the US Federal Reserve’s pledge to keep rates low checked the losses. At 10:30am, the partially convertible rupee was at Rs46.25/26 per dollar, compared with Wednesday’s close of Rs46.17/18 per dollar. It traded in a band of Rs46.18 to Rs46.2850. “I mostly see a range of Rs46.15 to Rs46.30 for the rupee. Sentiment is positive though there was some early demand from importers, which eased the rupee,” said a senior dealer with a foreign bank. Local stock markets traded higher. Foreign funds have bought a net $1.6 billion worth of shares in June after dumping around $2 billion in May. The flows have a large impact on the rupee’s fortunes and are watched by investors. Foreigners are net buyers of $6.2 billion in 2010. The dollar index was down 0.1 percent against six majors. The dollar eased after the Fed scaled back its assessment of the pace of US recovery, noting pockets of weakness and cautioning on volatile markets due to the euro zone crisis. One-month offshore non-deliverable forward contracts were quoted at Rs46.37, 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 at 46.2575 on both the exchanges, with the total traded volume more than $1 billion. Source: Home - Livemint.com | 24 Jun 2010 | 1:51 am Toronto's downtown banks empty out ahead of G20Business owners, bankers and brokers who normally throng Toronto's busy financial district have made themselves scarce ahead of this weekend's Group of Twenty summit, in the face of a growing police presence and planned protests. With security worries mounting and traffic disruptions expected to increase, banks are shutting downtown branches and have told many employees to work from home.Source: HindustanTimes.com - Top Business News Headlines | 24 Jun 2010 | 1:48 am India, Pakistan foreign secretaries meet in IslamabadIslamabad: Foreign secretaries of India and Pakistan met in the Pksitani capital on Thursday in their efforts to bridge the trust deficit and work out measures to counter terrorism to bring on track the stalled peace process. Foreign secretary Nirupama Rao, the first senior Indian official to visit Islamabad since the 2008 Mumbai terror attacks, met her Pakistani counterpart Salman Bashir for talks at the foreign office. The talks began with a one-on-one meeting between Rao and Bashir to be followed by delegation-level parleys. Rao and Bashir have been tasked by Prime Ministers Manmohan Singh and Yousuf Raza Gilani to find ways to bridge the trust deficit and prepare the ground for a meeting of the foreign ministers on 15 July. Ahead of the talks, Rao on Wednesday said the visit was a kind of exploration for reducing trust deficit that exists between the two countries. Noting India-Pakistan relations have seen ups and downs and tremendous levels of difficulties for the last 60 years, she said: “We are going there with a clear-eyed understanding of these difficulties and there complexities.” She underlined the core concern of terrorism was high on her mind as she approaches the talks. “I can’t come before you and say that there is a magic formulae with which we can solve these problems. We can’t just wave a wand and expect everything to disappear suddenly. I think we have to clear-eyed and be realistic,” she said. Following the talks with Bashir, Rao will call on foreign minister Shah Mahmood Qureshi at 2p.m. Pakistani time. No joint media interaction by the two foreign secretaries has been scheduled so far and it is expected that both sides will arrange separate news briefings in the afternoon. Officials from both sides acknowledged they had no expectations of a major breakthrough during today’s talks. However, both sides are preparing for the long haul so that the foreign secretary-level talks and other upcoming meetings can generate incremental progress towards the restoration of the stalled peace process, the officials said. Ahead of the talks, foreign secretary Bashir told the Pakistani media that the meeting would essentially prepare the ground for the meeting of the foreign ministers on 15 July. “We will see what can be identified as doable, and then take it to the foreign ministers-level. In this meeting, we will try and find a common denominator. There has to be a comfort level on both sides, which will help us pick up the doable for the foreign ministers.” Source: Home - Livemint.com | 24 Jun 2010 | 1:43 am Oil steady above $76; Fed, equity gains sootheSingapore: Oil stabilised above $76 on Thursday after two days of losses, mirroring steady Asian equities after the US Federal Reserve’s dovish outlook. Japan’s Nikkei average closed little changed on Thursday, after US stocks mostly fell on Wednesday following the Fed’s monetary policy statement, suggesting interest rates will remain near zero longer than expected. “Oil has picked up off the lows this morning. It had a very sharp sell-off Wednesday after the weak data on housing and the EIA stocks data,” said David Moore, commodities strategist at Commonwealth Bank. “The little bounce today is more a reaction to the dip last night. Regional equities are stable and the Fed’s affirmation it will keep interest rates low may have also helped.” US crude for August fell as much as 42 cents to $75.93 a barrel before recovering to $76.38, up 3 cents on the day at 12:20pm, ICE Brent rose 14 cents to $76.41. US gasoline inventories last week fell by 800,000 barrels, with demand over the past four weeks up 1.2% over the comparable period last year. Distillate stocks rose by 300,000 barrels, while demand jumped 12%. On Wednesday crude touched $75.17, the lowest since June 15. On Thursday it was up 18% from a May 20 trough below $65, but prices were about $11 lower than their early-May 19-month peak above $87. “What we see is a market that is still cautious about economic recovery,” said Toby Hassall, an analyst at CWA Global Markets in Sydney. “That feeds into oil demand prospects.” US crude inventories unexpectedly gained 2 million barrels last week, according to a government report on Wednesday, while data showed new home sales fell at a record pace in May to their lowest in more than 40 years. In the US Gulf, BP said it had reinstalled its oil syphon cap at its leaking well off the southern United States. At the same time, the Obama administration appealed a court ruling that blocked its six-month moratorium on deepwater oil drilling. “Obama’s attempts to restrict deepwater drilling are at odds with another policy -- to cut dependence on imported oil,” said Jonathan Barratt, managing director of Commodity Broking Services. “By taking deepwater supplies out of the equation, US self sufficiency in oil could fall to around 30 percent in 2035 from around 40% if deepwater production is allowed.” Weather concerns could complicate the picture after the US National Hurricane Center said a tropical wave to the south of Cuba had a 30% chance of becoming a tropical cyclone over the next two days. Storms could hamper cleaning efforts and curb oil production in the Gulf of Mexico. In other news, the Paris-based International Energy Agency on Wednesday said crude supplies would be comfortable for five years, further stoking bearish sentiment in the oil market. Source: Home - Livemint.com | 24 Jun 2010 | 1:42 am Sleep-deprived Apple fans brave rain for iPhone 4In Japan, where the gadget was launched before other countries due to the time difference, fans dressed up like iPhones and painted iPhones on their faces.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 1:32 am Reliance to invest $1.36 bln on U.S. shale gas ventureReliance Industries will invest $1.36 billion in shale assets of Pioneer Natural Resources, as the Indian energy major looks to build its presence in the U.S. shale gas sector.Source: HindustanTimes.com - Top Business News Headlines | 24 Jun 2010 | 1:27 am Petronet LNG won’t tap spot market till DecemberNew Delhi: Petronet LNG does not plan to tap spot market for liquefied natural gas (LNG) imports at least till December due to a lack of pipeline infrastructure in the country, chief executive P. Dasgupta told reporters on Thursday. “There is no pipeline. You don’t have facility to evacuate it. Until the end of this year, or first quarter of 2011, no new pipeline is expected to come up,” Dasgupta said. Petronet had halted spot LNG imports from last December due to higher availability of local gas, mainly from a deepwater block operated by Reliance Industries, in India’s east coast. Petronet said it has got shareholder approval to raise borrowing limit to Rs150 billion ($3.24 billion) from Rs100 billion. It may also go for a rights issue between end-2011 and mid-2012 to fund its planned power project in western India. Domestic supply of natural gas has risen significantly after Reliance Industries started pumping gas from its deep-sea fields, in India’s east coast, last year. India, which imports over two-thirds of the oil it consumes, is actively encouraging the use of natural gas to reduce dependence on costly imports of crude oil. Petronet, which annually buys 7.5 million tonnes of LNG from Qatar’s Rasgas under a long-term deal, operates a 10-million-tonne capacity LNG regasification terminal in Dahej in Gujarat. Qatar has agreed to supply an additional 4 million tonnes of LNG to India by 2013, oil secretary S. Sundareshan had said in March. Source: Home - Livemint.com | 24 Jun 2010 | 1:27 am BP resumes oil siphon at leak, Obama poll numbers downWASHINGTON (Reuters) - BP Plc resumed collecting oil from its leaking Gulf of Mexico well on Thursday after a temporary setback while a poll showed the environmental disaster is draining public confidence in U.S. President Barack Obama.Source: Reuters: Money News | 24 Jun 2010 | 1:23 am Food inflation rises; fuel price meeting eyed - Economic Times
Source: Business - Google News | 24 Jun 2010 | 1:19 am Star Plus pulls aheadBack on top: Star Plusseems to have had a dream re-launch, at least going by the viewership figures that have been released for the first week since the changes were made. Not only has it strengthened its position at the front of the Hindi GEC (general entertainment channel) pack, it has pulled in front of closest challenger Colors and third-ranked Zee.  Source: LatestNews-Home - Livemint.com | 24 Jun 2010 | 1:14 am Apple iPhone 4 hits Japan in global debutDue to the time difference in the global launch, Japanese stores were the first to get hold of the coveted iPhone 4, which debuts in the United States, France, Germany and the UK later on Thursday.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 12:39 am Lenovo to see double-digit India market share soonChina's Lenovo sees its share in India's PC market rising by more than 2.5% in the current fiscal year on a rebound in consumer and corporate demand, Amar Babu, managing director of Lenovo India said.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 12:36 am Food inflation rises; fuel price meeting eyedNEW DELHI (Reuters) - India's food inflation accelerated in mid-June, maintaining pressure on the Reserve Bank of India to tighten monetary policy at a faster pace.Source: Reuters: Money News | 24 Jun 2010 | 12:35 am Swype hits Droid, eyes iPhones for futureSeattle-based Swype's software lets users of virtual touch-screen keypads drag their fingers from letter to letter instead of tapping on each letter. This helps with accuracy and typing speed.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 12:35 am ING selling $110 million stake in Kotak Bank: Term sheetThe shares would be sold at Rs730 to Rs750 each, the document said. The deal represents 2% of Kotak Mahindra's market value, and the seller has the option to upsize the deal to 3.1%, the term sheet said.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 12:33 am ING raises $175 mln from Kotak stake sale - sourcesMUMBAI (Reuters) - Dutch financial services group ING raised $175 million by selling its entire 3.1 percent stake in India's Kotak Mahindra Bank, two sources with direct knowledge of the deal said on Thursday.Source: Reuters: Money News | 24 Jun 2010 | 12:20 am Tussle over forests shows India’s growth dilemmaNew Delhi: Union environment minister Jairam Ramesh is resisting pressure from some cabinet colleagues to clear forests for mining and roads in a tussle that underlines the country’s struggle for sustainable growth. Ramesh wants to protect and expand India’s remaining forest land as part of a strategy to fight climate change, but that could mean giving up mining about a quarter of the country’s mineral reserves, needed to power Asia’s third-largest economy. He has scrapped or delayed clearance for some 100 mining projects, including those backed by India-focused miner Vedanta Resources Plc and South Korea’s Posco, drawing protests that he is hurting development in a country acutely short of power and raw materials. “What you see in this debate is the challenge of the balance between growth and environment protection,” said Sunita Narain, head of New Delhi-based Centre for Science and Environment. But saving forests in India is more than just about protecting the environment. Years of uncontrolled mining has pushed tribal people off their forest land, alienating them and fuelling insurgencies that feed off a perceived neglect of the poor. In India, two-thirds of the population makes a living from farming and a growing Maoist rebellion has capitalized on farmers’ resentment over the government’s seizure of their land for industry. For example, violence has flared over Posco’s proposed 12-million-tonne capacity steel plant in Orissa. The steelmaker needs 1,600 hectares (4,000 acres) of land and a large portion of the proposed site is forested. Vedanta wants to push ahead with a long-stalled bauxite mine in eastern India but a government panel accused Vedanta in March of violating environmental guidelines. Collision course About 65 million hectares, or 20% of India’s land, is forested. And this is also where most of India’s mineral resources lie, including huge deposits of iron ore, and the coal that fuels about 60 percent of India’s power output. Forests also absorb about 11% of India’s greenhouse gas emissions every year. Ramesh is among a handful of political leaders watched closely for their ability to push an agenda to modernise India against conservative figures in the ruling Congress party focused more on political expediency. He wants to extend forest cover by about a million hectares every year, putting him on possible collision path with his colleagues from the mining and highways ministries because it could put more areas out of bounds for them. In his quest to better regulate the mining sector, Ramesh has identified “no-go” zones in forest land that could put about 620 million tonnes of coal, among other minerals, out of reach. An angry mining ministry has sought the intervention of the Prime Minister’s Office. Officials say it is a tough decision to make in view of the environmental, social and political fallout. The mining sector’s clout means there could be some redrawing of Ramesh’s “no-go” zones. But a spotlight on steps the world’s number four greenhouse gas polluter takes to cut carbon emissions, and realisation that taking away forest land from poor tribes will only worsen the Maoist insurgency, could limit changes. Thousands have died in the rebellion since the armed struggle began in the late 1960s, and the Prime Minister has described the insurgency as the nation’s biggest security challenge. Industry says it is pricing in stronger environmental rules. “I think environmental norms are going to get tougher and tougher,” said Haresh Melwani, chief executive of mining and exporting firm HL Nathurmal & Co. “It is being seen not only in India, but globally because of public awareness. One has to build in environmental costs into total costs and move on.” Crackdown on illegal mining Ramesh has also cracked down on illegal mining, often done with help from local politicians, and brought more accountability in a sector that had minimal environmental regulations. Stringent environmental checks are seeing some fallout in the mining sector. “Gestation periods for mining projects are going up because of clearance issues,” said a mining ministry official on condition of anonymity as he is not authorised to speak to media. Extracting minerals such as coal will be crucial for India if it has to keep growing at about 10% in the medium term. In 2009-10, India’s coal output was 531 million tonnes, about 70 million tonnes short of domestic demand. Coal imports are forecast to rise beyond 100 million tonnes by 2012. Coal minister Sriprakash Jaiswal said on Wednesday that the threat of Maoist attacks was hampering coal mining in several states, keeping production lower than the demand from growing industries. Stronger environmental laws could also impact iron ore, of which India is the world’s third largest supplier, shipping out around 107 million tonnes of the mineral mostly to China in 2009. But many in the industry are happy at what they say is much-needed clarity in policy. “I think the industry has been saying for a long time that rather than on a reactive basis, tell us proactively what is permissible and what is not in terms of areas,” said Kameswara Rao, executive director, PricewaterhouseCoopers. Source: LatestNews-Home - Livemint.com | 24 Jun 2010 | 12:16 am Food inflation rises; fuel price meeting eyedNew Delhi: India’s food inflation accelerated in mid-June, maintaining pressure on the Reserve Bank of India (RBI) to tighten monetary policy at a faster pace. India’s food price index rose 16.90% in the year to 12 June, higher than the previous week’s annual reading of 16.12%, government data released on Thursday showed. The fuel price index remained unchanged at 13.18% in the year to 12 June. The yield on the 10-year benchmark bond rose one basis point to 7.62% after the data. It had ended at 7.60% on Wednesday. The RBI has raised rates twice, by a total of 50 basis points, since mid-March to tame inflation and may deliver another hike of at least 25 basis points either at the 27 July policy review or even earlier. Markets’ focus now turns to Friday’s fuel price meeting for rate cues. A government panel will meet on Friday to decide on raising domestic fuel prices, a move that may further stoke inflation and spark off protests from the opposition. With the annual headline inflation in May already above 10%, pressure has been mounting on the RBI to raise rates ahead of its policy review, but a liquidity squeeze in the markets may have held it back. RBI governor Duvvuri Subbarao last week said although inflation is getting more generalised and demand-side pressures are building, the bank for now will maintain its stance of a calibrated exit from loose monetary policy. Policymakers, however, have not yet ruled out the possibility of an off-cycle rate hike. Finance minister Pranab Mukherjee told Reuters Television in an interview on Tuesday that the RBI was prepared to act “as and when considered necessary.” Food inflation is near the 17%-mark, but Mukherjee said it can be tamed by a strong harvest and increased output of key food items. The country’s chief statistician Pronab Sen on Wednesday said headline inflation , the most closely watched inflation gauge in India, in June could be lower than 10 percent because of a weakening base effect. However, India’s annual monsoon rains, vital to cool food prices, were 11.1% below normal for 1 June -23June, sources at the weather office told Reuters on Thursday. If the pace of progress of monsoons lags even in July, which is a critical rain-bearing month, it could further stoke food inflation. Source: Home - Livemint.com | 24 Jun 2010 | 12:13 am Tata Motors may raise $541 million to pare debt: ReportThe maker of heavy trucks, utility vehicles and cars could raise the cash through issue of global depositary receipts, bonds or sale of shares to institutional investors, the newspaper said, citing a person close to the development.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 12:09 am India seen exporting wheat after JulySingapore: India is likely to ease control over wheat exports and sell up to 2 million tonnes of the grain this year, but the government will take a decision after assessing crucial monsoon rains in July, a leading trader said on Thursday. “We expect a decision after July,” said Vijay Iyengar, managing director of Singapore-based trading company, Agrocorp International. “It will be positive for exports going by the huge stocks they are holding, unless there is a substantial delay in monsoon rains and production issues.” He said Pakistan, which is also looking to export wheat, is likely to ship out up to 700,000 tonnes. India is sitting on burdensome stocks of wheat after 4 years of bumper production, raising hopes among top Asian buyers, including some of its neighbours, of supplies from the country. The bulk of storage space has been filled after a series of strong harvests coincided with a ban on exports, but the government has been reluctant to lift trade curbs as it faces protests against rising food prices. Iyengar said the government is expected to make a call in July, which is a crucial period for the development of summer sown grain and oilseed crops. “Initially they are talking about exports to neighbouring countries. But most Asian countries have experienced Indian wheat, so if its price is competitive there will be a lot of interest,” he told Reuters in an interview. India’s wheat stocks stood at 35.2 million tonnes as on 1 June, nearly nine times the government-set target of 4 million tonnes, while the rice inventory was at 25.3 million tonnes, sharply up from a target of 12.2 million tonnes. In neighbouring Pakistan the situation is similar, with a second straight year of bumper harvests estimated at around 24 million tonnes. “There is talk that Pakistan may come out with wheat as well, traders there are talking about 600,000 to 700,000 tonnes,” said Iyengar. “Pakistan may sell wheat even earlier than India.” Source: LatestNews-Home - Livemint.com | 24 Jun 2010 | 12:08 am World Bank urges G20 policies that help poorThe World Bank said policies that promote growth would boost economic activity in the world's poorer countries that rely on revenues from commodity exports, worker remittances, foreign direct investment and aid.Source: Daily News & Analysis: Money News | 24 Jun 2010 | 12:07 am China Unicom in talks to launch iPhone 4, iPad in ChinaChina's second largest cell phone operator is in talks with Apple to launch the iPhone 4 and iPad in the country, reports said on Thursday, as the new smartphone went on sale.Source: HindustanTimes.com - Top Business News Headlines | 24 Jun 2010 | 12:03 am ONGC may sell gas from Mumbai offshore at $5.25ONGC's revenues will see a boost as it might soon be allowed to sell gas from its marginal C-series field in Mumbai offshore at $5.25/mBtu as againstSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am Day Trading GuideInitiate fresh short position only if DLF falls below Rs 286 levels with rigidSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am Sweet deal for Shree Renuka SugarsShree Renuka Sugars' revised deal to acquire a controlling stake in Brazil's Equipav AA has been concluded on much more favourable terms than was initially expected, in February. However, as details of a renegotiated deal were already doing theSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am Indian banks studying impact of UK levyThe new levy on banks, domestic as well as foreign, proposed by the Conservative-Liberal Democratic Government in the United Kingdom in its maiden budget is unlikely to impact the earnings of Indian banks having operationsSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am Fortis may overcome Khazanah hurdle in Parkway buyIn what could be a breather to Fortis Healthcare, Morgan Stanley — the advisor to independent directors of Parkway Holdings — said on Wednesday that the $835-million offer from Malaysian sovereign fund Khazanah for a partial takeoverSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am Gitanjali Gems (Rs 128.9): BuyWe recommend a ‘buy' in Gitanjali Gems from a short-term trading perspective. The stock gained 3.4 per cent in the last trading session accompanied by above-average volumes. It has gained 10 per cent in the last three trading sessions. TheSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am European firm's basmati pesticide residue claim challengedAfter shrimps, table grapes and honey, it is basmati rice shipments from the country that are now facing the heat in the European UnionSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am More Indians join the elite richThe number of millionaires in India grew by more than 50 per cent in 2009, after having witnessed a sharp fall in 2008, according to a global wealthSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am Toyota Kirloskar won't resort to third shift to clear backlogIn spite of a growing waiting period for its cars, Toyota Kirloskar will not resort to a third shift to clear the backlog or use the upcoming new plant for producing the existingSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am ‘8 out of 10 children in India have faced negative online experiences'Reassured that your child is safe at home, surfing the net while you move in and out of the house? WatchSource: Business Line - Home Page | 24 Jun 2010 | 12:00 am Stocks rise 0.3%; metals, RIL upMumbai: Metal makers led Indian shares 0.3% higher on Thursday, helped by a jump in base metal prices in London and rising domestic demand. Firmer Asian equities also underpinned the market. A strong pick-up in foreign fund buying spurred short-sellers to cover their positions in monthly derivatives on the National Stock Exchange that expire on Thursday, traders said. Reliance Industries, which has the heaviest weight in the main index, was trading up 0.4% at Rs1,063.25 after it struck a $1.36 billion deal to develop shale assets of Pioneer Natural Resources, boosting its presence in the US shale gas sector. By 11:26 am, the BSE 30-share index Sensex was trading up 0.27% at 17,803.44, with 21 of its components gaining. “There is short-covering due to expiry. Rollovers have been good,” said Gajendra Nagpal, CEO of Unicon Financial. He said with foreign funds turning net buyers the outlook had improved. Foreign investors have bought around $1.7 billion of India equities so far this month, and helped the benchmark index rise more than 5% in the period. In May, they had dumped shares worth $2 billion as euro zone’s fiscal troubles rattled investors. Tata Steel, which ranks eighth amongst global steel makers, was trading up 1%, while non-ferrous metals producer Sterlite Industries rose 1.4% on firming metal prices. London copper jumped aided by strong Japan output data and technical factors as it chases a peak touched earlier this week. Engineering and construction conglomerate Larsen & Toubro was up 1.5%, after dropping more than 4% over two previous sessions. Auto companies advanced on expectations for robust sales for June, dealers said. Tata Motors was up 0.5%, while Mahindra and Mahindra and Hero Honda rose 0.6% and 0.4% respectively. In the broader market, gainers beat losers in a ratio of 2.6:1 on volume of 159 million shares. The NSE 50-share index Nifty was up 0.3% at 5,338.85. Source: Home - Livemint.com | 23 Jun 2010 | 11:54 pm ING raises $175 mn from Kotak stake sale: sourcesMumbai: Dutch financial services group ING raised $175 million by selling its entire 3.1% stake in Kotak Mahindra Bank, two sources with direct knowledge of the deal said on Thursday. The sale of 10.8 million shares in stock market block deals was done at Rs750 a share, the sources told Reuters. Another source had told Reuters on Wednesday that shares would be sold in the range of Rs730-750 each. The final sale price represent a 4.2% discount to Wednesday’s close price of Rs783.20. Anneloes Geldermans, a spokeswoman for ING in Amsterdam confirmed that the Dutch group had sold its 3.1% stake in the Indian lender, but refused comment on the price at which the deal was struck. ING’s decision to sell its stake in Kotak was taken after “careful consideration” and is part of the bank’s “back to basics” programme announced in April 2009, which included a planned €8 billion in asset sales, she said. Shares in Kotak Mahindra, which the market values at roughly $6 billion, fell as much as 3.4% after the block deal to their lowest in a week. By 11.20am, shares in Kotak Mahindra were down 2.2% at Rs766. Citibank was the sole adviser to the deal, the sources said. On Tuesday, another Dutch lender, Rabobank moved a step closer to setting up its own banking unit in India as it cut its stake in mid-sized local lender Yes Bank for about $213 million. Citi was also the adviser on that deal, a separate source had said on Tuesday. Standard Chartered, Credit Suisse and Citibank are expanding their services and Goldman Sachs has applied for a banking licence in India, whose economy is forecast to grow more than 8% this fiscal year. Source: Home - Livemint.com | 23 Jun 2010 | 11:52 pm Australia gets first woman PM, reviews mine taxCanberra: Australia appointed its first woman prime minister Julia Gillard on Thursday, who vowed to end division over a controversial mining tax, resurrect a carbon trade scheme and call elections within months. Former prime minister Kevin Rudd made an emotional and ignominious exit, quitting just before the Labor party was to set dump him in a leadership ballot. The Rudd government’s dramatic slide in support this year sparked fears within the ruling party of an electoral defeat at a poll expected around October. “I asked my colleagues to make a leadership change because I believed that a good government was losing its way,” Gillard told a news conference. Centrebet bookmaker made a Gillard Labor government outright favourite to win the next election, expected around October. Gillard, 48, immediately offered to end a bitter dispute over a controversial “super profits” mining tax, which is threatening $20 billion worth of investment and has unnerved voters, saying she would throw open the door for fresh negotiations. But she stressed miners should pay more tax. “To reach a consensus we need to do more than consult, we need to negotiate. We must end this uncertainty which is not good for this nation,” she said, adding the government would end its mine tax advertisements and called on miners to withdraw their multi-million dollar ad campaign which was worrying voters. The Australian dollar briefly jumped after the leadership change, while shares in BHP Billiton, the world’s biggest miner, and Rio Tinto rose 2%, on hopes of a mining tax compromise, before coming off their best. Gillard’s takeover would see the government resurrect its failed climate change policy, a carbon trade emissions scheme, with the new prime minister saying she was disappointed in the government’s failure to pass laws to set a price on carbon. “If elected as prime minister I will re-prosecute the case for a carbon price at home and abroad. I will do that as global economic conditions improve and our economy continues to strengthen,” she said. Rudd became the shortest-serving Australian prime minister since 1972, with his leadership falling apart after a string of poor opinion polls showed him losing ground over recent decisions to shelve a carbon-reduction scheme and impose a new mining tax. “I have given my absolute all. I was elected by the Australian people as the prime minister ... to bring back a fair go for all Australians,” said Rudd, choking back tears. Government lawmakers believe Gillard has a better chance of winning back voters ahead of elections because she is a warmer personality who can sell policies more effectively. Gillard will automatically attract a large female vote, especially when compared with conservative opposition leader Tony Abbott, who is anti-abortion and opposes sex before marriage. A recent opinion poll showed, female voters would ditch Abbott for Gillard, favouring the female leader by a commanding 53 percent to 23% for Abbott. Gillard quickly sought to establish her differences with Rudd by pledging a more consultative leadership and action to resolve such vote-shredding issues as the mining tax and climate change. Miners expect tax softening Global miners such as Rio Tinto, BHP and Xstrata are expected to campaign strongly against the tax, if it is not changed, at the next election and help a resurgent conservative opposition’s bid to oust Labor. “If she is going back to a clean slate that’s good news. But we still do not know if she will be negotiable on the 40% and other details. For us, the devil is in the detail,” said Simon Bennison, chief executive of Australia’s Association of Mining and Exploration Companies. Economic analysts believe Gillard will either water down the tax or offer major concessions to miners. “If they’ve gone to the trouble to put a new leader in to get their re-election chances up, then obviously they’re going to water down the mining tax as well -- all part of that strategy to shore up voter support,” said Mark Taylor, senior resources analyst at Morningstar. Taylor suggested a Gillard government may “do something fairly radical” and put the tax on the backburner or make large concessions on the uplift rate or headline rate in order to appease miners and woo back voters. Other issues A Gillard government could be expected to take a different approach to Rudd on other election issues, such as climate change and asylum seekers, which have caused Labor’s slump with voters. Rudd’s failure to have a hostile Senate pass his climate policy and postpone the carbon trading scheme until 2011 lost the government the Green vote which brought it to power in 2007. The influential Greens party, which may be a kingmaker in the next parliament with seven Senators, said Gillard is an excellent negotiator, which bodes well for future climate bills. “I call on new prime minister Gillard and the leader of the opposition to stop the energy policy warfare and to seek consensus on this issue,” said Independent MP Rob Oakeshott. Rudd’s unsuccessful steps to stop boatpeople has angered both voters opposed to asylum seekers and voters demanding a more humanitarian policy, with asylum seekers currently held in detention camps on an offshore island and an outback town. But on the issue of asylum seekers, Gillard is reportedly under Labor party pressure to shift from her left-wing position and take a tougher stand on boatpeople. Source: LatestNews-Home - Livemint.com | 23 Jun 2010 | 11:51 pm To avoid chaos, IGI Terminal 3 operations to be shifted in one go - Economic Times
Source: Business - Google News | 23 Jun 2010 | 11:45 pm RIL inks $1.15 bn JV with Pioneer Natural for shale gas - Moneycontrol.com
Source: Business - Google News | 23 Jun 2010 | 11:44 pm Google examining impact of new China laws on productsShanghai: Google Inc is examining the impact new Chinese laws could have on its Google Maps service that could see it shut down if the company does not meet government requirements. China’s State Bureau of Surveying and Mapping announced new regulations last month that required companies providing online map and location services to apply for a licence. To qualify for a license, service providers would need to keep map servers storing data within the country and have no record of information leaks for the last three years, the China Daily reported. The laws would give China the right to close providers that failed to qualify for a licence, the paper said on Thursday. Google may not meet those requirements, analysts said. In March, Google announced that it was going to move its China servers to Hong Kong following a high profile diplomatic spat with Beijing over censorship. The company also admitted in May that its cars photographing streets around the world had for years accidentally collected personal data sent across wireless networks. The announcement sparked numerous overseas probes and class action lawsuits. A multi-state US investigation was announced earlier this week as well as an informal investigation by the US Federal Trade Commission. “Whether Google can meet the requirements set out by the Chinese authorities is not clear,” said Edward Yu, chief executive of Beijing-based technology research firm Analysys International. Many Google products and services such as Google Groups, YouTube and Blogger are already blocked in China. “China recently implemented wide-ranging rules related to online maps. We are examining the regulations to understand their impact on our products in China,” a Google spokeswoman said in an emailed statement. Google did not say whether it had applied for a licence. China’s online search leader Baidu said it had applied for a mapping license and expected to hear back from the authorities in early July. According to the China Daily, the mapping bureau had approved licenses for 18 domestic companies and several foreign companies had applied for a licence. Google Maps is one of the company’s most popular products, enabling users to search local maps and plan routes. Source: Tech News - Livemint.com | 23 Jun 2010 | 11:28 pm Indian rupee marginally down; seen rising tracking dollarThe Indian rupee dropped slightly in early trade today tracking a weak opening of domestic sharemarket but soon recovered its losses as shares too turned positive while the dollar's drop versus majors also helped.Source: HindustanTimes.com - Top Business News Headlines | 23 Jun 2010 | 11:18 pm Yuan edges up in NDFs, political risks re-emergeDollar/yuan offshore forwards edged lower on Thursday, implying slightly higher yuan appreciation that dealers said was now settling at reasonable levels after the weekend's official depegging from the dollar, although political risks resurfaced.Source: HindustanTimes.com - Top Business News Headlines | 23 Jun 2010 | 11:11 pm Raymond exits home retail biz in consolidation moveMumbai: Textiles and apparels maker Raymond Ltd has closed its home retail business after two years of operations as part of a consolidation move, it said on Thursday. Raymond ran the home retail business under the Be:Home brand which sold home textiles and related accessories. “In line with our ongoing and continuous strategic evaluation of our brand portfolio to serve customers better we withdrew the Be:Home brand from the market. This was part of a brand rationalisation and consolidation exercise to enhance corporate performance,” Raymond said in an e-mailed statement to Reuters. “This particular segment would not have contributed even one percent to Raymond’s business,” an analyst from a local brokerage said. “The segment was not doing well at all, since it was not working the way the company had anticipated it to work, they closed it down,” the analyst said. Earlier on Thursday, the DNA Money paper said that only four stores, including two in Mumbai, had been operational at the time of discontinuing the retail format. At 10:25am, Raymond shares were up 3.14% at Rs221.75 in a firm Mumbai market. Source: LatestNews-Home - Livemint.com | 23 Jun 2010 | 11:02 pm Now, AMC floats international bids for floating restaurantsSabarmati Riverfront Development Corporation failed to attract domestic players for starting the floating restaurant.Source: Daily News & Analysis: Money News | 23 Jun 2010 | 10:57 pm Sensex slips in afternoon tradeA key index for Indian equities today slipped into the red in afternoon trade, tracking negative European and mixed Asian markets after US Federal Reserve painted a mixed economic outlook.Source: HindustanTimes.com - Top Business News Headlines | 23 Jun 2010 | 10:36 pm SEBI chief calls MF industry's bluff as members pour out grievances - Economic Times
Source: Business - Google News | 23 Jun 2010 | 8:45 pm Assembly line footballAfter the Netherlands plodded to a 1-0 victory over World Cup minnows Japan in their first-round match, an altercation broke out at the post-match press conference. Netherlands coach Bert van Marwijk lost his cool after being bombarded by journalists about how boring the Dutch were on the field. “Why do we focus on good football instead of winning?” Van Marwijk retorted. “We came here to win, and if we can win with beautiful football then fine, but I said when I took this job that we would also have to learn how to win ugly games.” Also See World Cup Quiz Statistics show that Netherlands had almost two-thirds possession, but opted to keep the ball safely with them rather than orchestrate attacks—a far cry from the flowing offensive play typical of “Total Football”, which the Dutch pioneered in the 1970s. The flair is gone, so is the sense of adventure, and the urgency of scoring. Dutch winger Wesley Sneijder offered a more blunt appraisal, “We played the ball around without really taking any risks, and we didn’t create many opportunities.”  No way through: Teams have concentrated on defence and organization over style. Even Brazil (in yellow) managed only a 2-1 win over minnows North Korea in their Round 1 match. AFP “This blurring of distinct styles is the impact of globalization,” says football historian and commentator Novy Kapadia. “During Pele’s time, it would have been difficult to find a Brazilian player playing outside his country. Now Brazil’s entire first team plays in Europe. This mobilization has levelled out a country’s trademark style.” Even Brazil has dropped joga bonito (beautiful play) for a pragmatic approach. “Everyone has to be efficient during the World Cup,” Brazil’s coach Dunga said in a post-match press conference after their game with North Korea, infuriating Brazil fans across the world. This reliance on military-drill-like discipline, packed defences and counter-attacks across the board also means that there isn’t much to choose between the stronger and weaker teams. Brazil had to struggle hard for a 2-1 win against rank outsiders North Korea in the first round. “That’s football today,” Brazilian defender Juan summed it up at the post-match press conference. “A national team without any sort of tradition at the top level, but who mark well and just worry about defending.”  Total Defence: The Dutch team have given up ‘Total Football’ for a conservative counter-attacking approach. Only Wesley Sneijder (in orange) has shown sparks of individual genius. AP “Technology has a role to play in this too,” says Kapadia. “Everyone now relies on video inputs to understand their opponents’ game. So every team knows how the other plays, and how to counter it. The result is cautious and cagey football.” Numbers back that statement. The most telling figure after the first round of games is that an average of 1.56 goals was scored per match. That compares poorly with previous World Cups—the ratio was 2.44 in 2006 during the same stage, and in 2002 it was 2.88. England striker Wayne Rooney put it simply. “To be honest, all the games I’ve watched haven’t been exciting. I hope it gets a little bit more exciting,” he told reporters after the first round of matches. Fifa’s statistics show that the number of shots on goal have also gone down by 10% from 2006. England, Italy, Brazil, Spain, France—every single big name in football has struggled to find the back of the net. “Unless you have a maverick coach like (Diego) Maradona, blessed with a squad like Argentina, coaches are opting to play it safe,” says Kapadia. South Africa’s coach Carlos Alberto Perreira, who has been involved as a coach in six World Cups, points out that it’s still early days at the tournament. “I have never seen a World Cup start at the top in the first round,” he told reporters in Johannesburg. “For every team there is a lot of tension—the big ones, the small ones, the middle ones. The World Cup really starts in the round of 16.” Already teams have tried to break the shackles—Portugal pumped in seven goals against a hapless North Korea; Spain and Paraguay have piled on the attacking pressure in their last few matches; and Brazil showed flashes of “samba” football in their 3-1 win against Cote D’Ivoire. Romantics who love their football with a dollop of flair have their fingers crossed, and maybe even their toes. rudraneil.s@livemint.com Source: LatestNews-Home - Livemint.com | 23 Jun 2010 | 1:45 pm Cabinet decides on rupee sign today - Times of India
Source: Business - Google News | 23 Jun 2010 | 1:25 pm No auction of ECB quotas: RBIEven as the government is ready with the broad contours of an auction mechanism for external commercial borrowings (ECB), the Reserve Bank of India (RBI) has stuck to its guns and is opposing the new mechanism.Source: Business Standard | Front Page Headlines | 23 Jun 2010 | 12:45 pm Kidnap cover sales doubleRising incidents of kidnappings have forced companies to buy kidnap and ransom cover for their employees. Insurance executives said the sale has doubled in the past one year.Source: Business Standard | Front Page Headlines | 23 Jun 2010 | 12:44 pm Donors to pay full tax on holy grantsIncome of religious entities to be largely exempt.Source: Business Standard | Front Page Headlines | 23 Jun 2010 | 12:44 pm Make rails take 60 pc of home cargoWe need to seriously introspect and look at our road sector to see what could happen if India is not able to make rail more competent, given that India would need to move about 6 billion metric tonnes of cargo by 2020, even if this economy grows at a modest 6 per cent of compounded annual growth rate.Source: HindustanTimes.com - Top Business News Headlines | 23 Jun 2010 | 12:17 pm It’s cheaper: Shree Renuka reworks Equipav dealThe country’s largest sugar refiner, Shree Renuka Sugars, on Wednesday said it will acquire 50.34 per cent stake in Brazil's Equipav AA for Rs 1,151 crore, 25 per cent less than what the two firms had agreed on earlier.Source: HindustanTimes.com - Top Business News Headlines | 23 Jun 2010 | 12:12 pm Titan forays into lens manufacturingTitan Eye Plus, the third consumer facing business of Titan Industries, has forayed into lens making and set up its own manufacturing facility in Chikkabalapur, Bengaluru.Source: HindustanTimes.com - Top Business News Headlines | 23 Jun 2010 | 12:00 pm Cisco launches fabric-based computing approachMumbai: Cisco, the $40-billion global networking major, on Wednesday announced the launch of fabric-based computing approach which would address data center market in India. Fabric-based computing helps enable a wire once deployment model where chaging configurations no longer mean installing new components or re-cabling existing ones. It helps to reduce cost by eliminating the need for a parallel set of components to support multiple data transmission protocols. “At Cisco, we aim to bring together network, compute and virtualisation technologies into one unified system. We are confident of revolutionising datacenter management by offering flexibility and taking advantage of the role that the network plays in addressing key aspects such as security, scalability and interoperability,” Cisco India’s senior vice-president, Pramodh Menon, told reporters here. According to an IDC report, the India data center services market is expected to touch around Rs10,000-crore by 2011, representing a CAGR of 22.7% over the two-year period 2009-11. The overall India data center services market was estimated at Rs6,300-crore in 2009. Source: Tech News - Livemint.com | 23 Jun 2010 | 6:15 am Fiat workers back plan to save plant, future openRome: Backing for Fiat’s groundbreaking plan to boost labour flexibility at a factory near Naples was less than the company expected, a source close to the matter said, keeping the plant’s survival in the balance. Some 62% of 4,642 workers who voted on Tuesday at the Pomigliano plant backed Fiat chief executive Sergio Marchionne’s proposal to raise productivity by making shifts more flexible, restricting strikes and limiting benefits such as sick days. Marchionne had demanded unanimous backing from the five unions at the plant. Fiat has yet to comment on the result but a source told Reuters on Wednesday “the number of votes against seems higher than the company expected”. Acceptance levels must be emphatic enough to convince the tough-talking Marchionne to press ahead with his plan to pump €700 million euros ($939 million) into upgrading the plant and moving production of Fiat’s next Panda model from Poland. Labour Minister Maurizio Sacconi said Fiat should be satisfied with the unequivocal result of the ballot and Marchionne would certainly respect a deal to invest in Pomigliano. Four out of five unions at the plant have expressed support for Fiat’s proposal, with only the Fiom union saying the proposal broke rules on rights to strike and sick leave. Fiom leaders said Tuesday’s ‘no’ vote was big enough to oblige Fiat to renegotiate, but other unions urged the car maker to push on with plans to modernise the Pomigliano plant. “About two-thirds of workers voted yes. What is in store now for Pomigliano? You must ask Marchionne but it would be a funny if he made an agreement, won and then acted as if he lost,” said Bruno Vitale, secretary of the Fim Cisl metal workers union. At 1027 GMT shares in Fiat were down 0.4% at €9.475, while the STOXX Europe 600 auto index was 0.3% higher. Some Milan analysts doubted the referendum result was enough for Fiat to go ahead with its investment plans.. Higher Percentage Banca Akros said the result of the vote was disappointing. “We would have expected a much higher%age of positive votes (in the range of at least 83%),” it said in a note. Another Milan-based analyst agreed 62% was not enough. “The Panda today is a cash cow because it is a good model and because it is made in Poland. To move (production) to Pomigliano you need rock-solid guarantees,” he said. Fiat aims to boost employment at the plant to 15,000 and produce as many as 300,000 Pandas a year at Pomigliano. Two-thirds of the €8 billion to be invested under its 2010-2011 strategic plan have been earmarked for Italy. Pomigliano, in Italy’s underdeveloped and crime-plagued south, has a history of labour unrest and the worst productivity of all five of the company’s domestic plants, even taking into account slow demand for its Alfa Romeo models. With Italy’s economy struggling to emerge from its worst post-war recession, unemployment in the region is already running far above the national average of nearly 9%. “This could be the start of a new phase,” said the governor of the Campania region, Stefano Caldoro. “The relaunch of Fiat’s Pomigliano plant is an enormous opportunity for Campania and all of southern Italy.” Fiat is Italy’s biggest manufacturer and a major player in its car industry, which accounts for 11.4% of the €1.5 trillion economy. Economists say the proposed deal could set an important precedent for labour relations nationwide, moving Italy into line with more productive European nations such as Germany. Italy’s inflexible labour market and generous welfare provisions have long proved a drain on productivity in the euro zone’s third-largest economy, analysts say. By the end of last year, productivity had fallen 2%age points below its 2000 level, compared with increases of 8.7 points in Germany and 10.4 in France, its two main EU export markets, according to Italy’s statistics agency. Source: World Business - Livemint.com | 23 Jun 2010 | 4:40 am
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