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New monsoon onset dates soon: IMD - Oneindia
Source: Business - Google News | 27 Jun 2010 | 4:11 am Is RBI's independence under threat? - Moneycontrol.com
Source: Business - Google News | 27 Jun 2010 | 3:50 am Reliance Comm, GTL Infra to combine tower operationsMumbai: Reliance Communications, India’s No. 2 mobile carrier, agreed to sell its telecom tower business to GTL Infrastructure Ltd to create what it said would be the world’s largest telecom infrastructure firm not controlled by a telecom operator. Financial terms of the deal were not disclosed, but the combined company would be worth over $11 billion and would own more than 80,000 towers, with more than 125,000 tenancies from 10 operators, Reliance Comm said. Debt-laden Reliance Communications, controlled by billionaire Anil Ambani, earlier this month announced a plan to create an independent tower unit. It had previously planned to spin-off its 95% owned telecom infrastructure arm, Reliance Infratel, through an initial public offering. Under terms of Sunday’s deal, GTL Infrastructure chairman Manoj Tirodkar would own 30% to 35% of the combined tower business and Ambani’s Reliance ADA Group would own 26%, with shareholders in the two firms holding the remainder, sources with direct knowledge of the matter said. India’s 15-player cellular industry is fiercely competitive, with carriers engaged in a margin-crushing tariff war and burdened with the expense of third-generation (3G) licences that cost far more than expected in a recent government auction. “There is a shake-up waiting to happen in the telecom industry in the next 8-10 months. When that happens it is very important for Reliance Communications to have a strong balance sheet with low debt,” said Jagannadham Thunuguntla, head of equity at SMC Capitals. “Otherwise they may become a takeover candidate. But if you have a relatively light balancesheet and relatively low leverage you can become an acquirer,” he said. Reliance Comm said it would retain its optic fibre network and related assets, and would receive cash as part of the deal. It said Reliance Comm shareholders would receive shares in the combined company. Carriers in India have been hiving off their tower operations in order to reduce their capital expenditure and debt burdens. “In the tower business scale is very important, and it makes sense for a serious player to consolidate with another player who has adequate resources. This being a capital-intensive sector, consolidation is the way to increase scale and tenancies,” said Manesh Patel, partner, advisory services, at Ernst & Young. One of the sources said Sunday’s deal would result in a debt reduction of Rs18,000 crore ($3.91 billion) for Reliance Comm. Its debt before the deal stood at about Rs33,000 crore, including the cost to finance its recent third-generation spectrum licences, the source said. Reliance Comm said details on the cash infusion and swap ratios for minority shareholders would be finalized in due course. Shares in Reliance Comm, which is looking to sell as much as a 26% stake in itself, have risen 33% in June. Source: Home - Livemint.com | 27 Jun 2010 | 3:13 am Miners know they must pay more tax: Australian PMSYDNEY (Reuters) - Australian Prime Minister Julia Gillard, who has pledged to end a row over a proposed mining tax that helped oust her predecessor, said on Sunday she believed the industry was willing to pay more to ensure a "fairer share".Source: Reuters: Money News | 27 Jun 2010 | 3:00 am Zain in talks with Etisalat to sell majority stake - paperKUWAIT (Reuters) - Kuwait's telecoms firm Zain is in talks with Abu Dhabi's Etisalat to sell a majority stake in the group, a Kuwaiti newspaper reported on Sunday.Source: Reuters: Money News | 27 Jun 2010 | 2:54 am Reliance Comm, GTL Infra to combine tower opsMUMBAI (Reuters) - Reliance Communications, India's No. 2 mobile carrier, agreed to sell its telecoms tower business to GTL Infrastructure Ltd to create what it said would be the world's largest telecom infrastructure firm not controlled by a telecom operator.Source: Reuters: Money News | 27 Jun 2010 | 2:45 am EXCLUSIVE - China rebuffs U.S. trade criticism, says U.S. to blameGENEVA (Reuters) - China has dismissed U.S. comments that Beijing is blocking a new trade agreement, saying that it was the United States that was stalling progress in the World Trade Organization's long-running Doha round.Source: Reuters: Money News | 27 Jun 2010 | 2:41 am Shady past may haunt bankers in public offers; SEBI ups vigilMisdeeds in the past can make the future tough for investment bankers seeking to advise clients on public offers, as market watchdog SEBI has upped the ante against those with a dark history.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 2:39 am Tata-owned Corus CEO to quitChief executive officer of Tata-owned British steel maker Corus, Kirby Adams is to step down this October, media reports said. Adams, who will remain as an adviser to the Corus board, will be replaced by Karl-Ulrich Köhler.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 2:39 am RIL likely to sell 2.5-acre land in Bandra Kurla Complex to realty majorThe land in the rapidly-developing commercial hub of Bandra-Kurla Complex is expected to be sold for around Rs 1,000-croreSource: Daily News & Analysis: Money News | 27 Jun 2010 | 2:33 am Mahindras to make foray in aerospace industryAddressing media here, Mahindra and Mahindra's managing director Anand Mahindra, said the company is investing 2.5 billion rupees into aerospace business.Source: Daily News & Analysis: Money News | 27 Jun 2010 | 2:12 am Indian M&A volume spikes to record $48.6 bn this yearNew Delhi: Volume of merger and acquisition deals involving Indian firms increased four-folds to touch a record $48.6 billion so far this year, driven by the multi -billion dollar buyout of Zain Africa by telecom major Bharti Airtel. “Indian acquisition volume stands at a record high of USD 48.6 billion (around Rs2.23 lakh crore) so far this year, up nearly four-fold on 2009 year-to-date,” global deal tracking firm Dealogic said in a report. Bharti’s $10.7 billion acquisition of Kuwait-based Zain’s African assets was the second largest deal by an Indian company after Tata Steel snapped one with Anglo Dutch steel maker Corus for about $12 billion in 2007. The Bharti-Zain is the largest deal in terms of volume in BRIC region so far in 2010, the Dealogic data showed. Experts believe mergers & acquisitions have seen an increase in the past few months as Indian companies are becoming less risk averse and their appetite for inorganic growth has risen considerably. The BRIC (Brazil, Russia, India and China) nations combined M&A volume stands at $193.9 billion in the reviewed period, up 50% from the corresponding period in 2009. The BRIC acquisitions account for 17% of global M&A volume in 2010 so far. The deals include domestic as well as cross border acquisitions by the BRIC countries. Out of the four BRIC nations, China is the leading acquiring nation and accounts for 46% of total BRIC acquisitions. Chinese acquisitions volume rose 35% to $88.6 billion so far in 2010 compared to the same period last year. Chinese cross border acquisitions account for 35% share of the $88.6 billion this year so far, an increase of 20 percentage points compared to its 2009 YTD share. The mergers and acquisitions volume of BRIC nations had dropped drastically in 2009 to around $120 billion, due to the downturn impacting the global financial climate. Source: LatestNews-Home - Livemint.com | 27 Jun 2010 | 2:00 am RCom, GTL Infra ink Rs 50000cr tower deal - Moneycontrol.com
Source: Business - Google News | 27 Jun 2010 | 1:58 am TDSAT issues notice to ESPN on signal supplyBroadcast tribunal TDSAT has issued a notice to sports broadcaster ESPN on a multi-system operator's plea over a dispute relating to provision of subscriber base data. Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 1:38 am Finance ministers to meet bank state-run bank chiefs, CMs tomorrowEfforts to step up financial inclusion, statewise credit flow to agri sector are likely to top the agenda when chief ministers of Western states and PSU bank chiefs meet finance minister Pranab MukherjeeSource: Daily News & Analysis: Money News | 27 Jun 2010 | 1:36 am Finnair to sell more Indian destinations through KingfisherFinnair, which flies daily between Helsinki and New Delhi, is looking forward to selling more Indian destinations through One World partner Kingfisher Airlines, but in the long-term wants to launch its own direct services to other metros.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 1:34 am Rediff wins cybersquatting case against Pakistani individualOnline services major Rediff.com India Ltd has won a cybersquatting dispute against a Pakistani person, who was using an identical domain name and illegally incorporating the Indian firm's trademark.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 1:32 am When Bapu kicked the ballMahatma Gandhi’s philosophy of austerity, social justice and abstinence may be anathema to today’s post-liberalized generation of Indians and its ideologues. He would have surely disapproved of the crass materialism of the Indian Premier League. When he was young, Gandhi was not impervious to the romance of cricket. He played the game at the Rajkumar College in Rajkot, also the alma mater of his contemporary, Ranjitsinhji of Nawanagar. There are a few anecdotes about Gandhi and cricket, and the one most remembered is his disapproval of the communally oriented Quadrangular/ Pentangular cricket tournament in Mumbai during the freedom struggle in the 1930s and 1940s because of its divisive agenda. But according to existing knowledge, he was not directly involved in the game. Unknown to most Indians, Gandhi was a huge football aficionado and his involvement with the game was long and passionate. He never became a professional or became famous as a player, but he preferred football to cricket.  Ahead of the game: The ‘passive resisters’ in South Africa, 1913. Mahatma Gandhi is standing sixth from left in the back row, with his secretary Sonia Schlesin. Photo: Dinodia Sometime during his two-decade stay in South Africa (1893-1915), Gandhi started two football clubs, in Johannesburg and Pretoria (Tshwane), both named the Passive Resisters after the political philosophy, inspired by the writings of Henry Thoreau and Leo Tolstoy, that he adopted to fight racial discrimination and injustice in South Africa. It was a first of a kind—using sports for achieving political objectives. The apartheid regime later used sports to further its own ends.  Lofty goal: Gandhi as a barrister in Johannesburg, South Africa, 1906. Photo: Dinodia But for a schoolboy who, by his own admission, “never took part in any exercise, cricket or football, before they were made compulsory”, it is significant that Gandhi chose football over cricket (then an elitist game) to reach out to the Indian community, which is celebrating the 150th anniversary of its migration to South Africa this year. Football was an integral part of the lives of the Indian diaspora (mainly labourers and petty traders) in South Africa and there were flourishing Indian provincial football leagues such as the Transvaal Indian Football Association and the Klip River District Indian Football Association (both in Gauteng). It was, therefore, natural that football stadiums were popular venues for Gandhi’s political rallies where he and his associates (such as L.W. Ritch) often turned up for his club games and spoke to players at half-time or after the match on the imperatives of non-violent politics and issues about racial discrimination. The great man fully supported his countrymen’s indulgence in sport, given its inherent quality to promote moral values such as team spirit and fair play. “Competition between passive resisters does not exhaust them,” he once said; on the contrary, it ennobles them (incidentally, Swami Vivekananda was another football fan. He believed that playing football for one hour every day is better than meditation!). After Gandhi left South Africa for India, the clubs’ activities declined and finally folded up in 1936. Gandhi did not abandon his links with football and gave his blessings to the first football team from South Africa, mainly comprising people of Indian origin, called Christopher’s Contingent (whose sponsor, Albert Christopher, collaborated with Gandhi in a 1913 labour strike), which toured India from November 1921 to March 1922. Gandhi’s close associate, the Anglican missionary and ardent votary of Indian independence, Charles Freer Andrews, helped stitch the tour together. The team played 14 matches in Mumbai, Delhi, Chennai and Kolkata and Gandhi even spent time with the squad during their stopover in Ahmedabad. (Gandhi’s grandson Gopalkrishna Gandhi seems to have inherited his grandfather’s love for football; as the erstwhile governor of West Bengal, he was seen at many a football function and even became chief patron of the Indian Football Association during his stint in Kolkata.) “Gandhiji’s involvement in football was a great thing to happen,” Poobalan Govindasamy, president of the South African Indoor Football Association, said over the phone from Pietermaritzburg. “What makes it significant is that he had his heart in the right place and his mind in the right direction.” Due to changed political equations, Indians in South African football have now been confined to their own community, unlike in cricket where some of them are at the forefront. But their contribution to the game and the liberation struggle against apartheid in sport as part of the broader political movement, has been immense. Indians in the South African Indian Football Association (founded in 1903) played a major role in the formation of the multiracial South African Soccer Federation (SASF) and the anti-racist professional South African Soccer League to counter the activities and agenda of the whites-only Football Association of South Africa (founded in 1892). In 1952, A.I. Kajee, an eminent Indian businessman and Natal Indian Congress politician from Durban, donated a £500 (around Rs35,000 now) trophy to SASF for a biennial competition between African, coloured and Indian “national” teams. The first Kajee Cup was a huge success and drew large mixed crowds for the matches in Johannesburg, Durban and Cape Town. In the 1950s, the fight for Fifa (Fédération Internationale de Football Association) recognition for SASF was led by George Singh, an “Indian” lawyer from Durban, albeit unsuccessfully, till the united South African Football Association, or Safa (1991), gained recognition after the dismantling of apartheid. An associate of Nelson Mandela and a prominent anti-apartheid activist, Singh represented the South African Indian national team and even formed his own amateur soccer club, Stellar FC. For his “excellent contribution” to soccer and to non-racism, non-sexism and justice in sport and society, Singh was posthumously awarded The Order of Ikhamanga in silver. Many prominent soccer clubs in South Africa, such as Moonlighters FC and Manning Rangers of Durban, were of Indian stock. G.R. Naidoo founded Manning Rangers, which went on to become champion of the inaugural Premier Soccer League in 1997. He was also its goalkeeper and chief sponsor. The club folded up in 2006 but a year later it was revived as the Fidentia Rangers. Unfortunately, football is no longer popular among the South African Indian community. “It’s still important for us,” says Govindasamy, who is on three Safa committees, “but we don’t have too many youngsters playing the sport.” Mario Rodrigues is editor, All Sports, a sports magazine. An edited version of this article appears in the June 2010 football special issue of All Sports. Write to lounge@livemint.com Source: LatestNews-Home - Livemint.com | 27 Jun 2010 | 1:30 am Reliance Comm, GTL Infra near tower deal: SourcesDebt-laden Reliance Communications earlier this month announced a plan to create an independent tower unit.Source: Daily News & Analysis: Money News | 27 Jun 2010 | 1:29 am Mid-cap, small-cap cos outperform Sensex firms so far in FY11Mumbai: The Bombay Stock Exchange’s (BSE) mid-cap and small-cap companies have beaten the blue-chip firms in the current fiscal so far by growing as much as 6% compared to the broader market Sensex. As per a study of indices on the BSE from 1 April –25 June, the mid-cap index has given a return of 4% to settle at 7,082.51 as on 25 June. Similarly, the small-cap index has faired better and finished up nearly 6% at 8,989. “The investors are getting good returns from the small- cap and mid-cap stocks that is why they have shifted from the frontline Sensex stocks. This is a trend generally when the frontline stocks are in consolidation phase the investors flock towards stocks which are available at low cost,” Ashika Stock Brokers research head Paras Bothra said. Meanwhile, the BSE bellwether Sensex rose just 0.26% to close at 17,730.24 points on 25 June. The mid-cap and small-cap indices look after the performance of companies with market capitalizations that are a fifth or tenth of that of blue chip firms. During the period reviewed, the mid-cap index saw its highest closing level at 7,184.78 points on 30 April, whereas the small-cap index reported the highest closing at 9,245.03 points on 26 April. Similarly, the BSE 30-share index Sensex also settled at its high at 17,970.02 points on 7 April. “The valuation gap between the mid-cap, small-cap firms and large-cap was significant. The improvement in the economic conditions and hence corporate performance, made the small and mid-cap asset class an attractive bet, thus aiding them to outperform the large caps,” Bothra added. In terms of wealth, mid-cap index companies saw their combined valuation surging at about Rs50,028.25 crore, while the gains of small-cap firms have been at about Rs13,701.75 crore during the period. While, Sensex companies have gained about Rs44,983.25 crore due to the surge in the overall market. The total market capitalization of the Sensex stands at nearly Rs26,69,520.75 crore till 25 June, 2010. Source: Home - Livemint.com | 27 Jun 2010 | 1:26 am Indian mobile handset brands strengthen presenceThough Nokia remained the leader with 52 per cent share, Indian mobile phone brands strengthened their presence in the domestic handset market through 2009-10 -- garnering a significant 14 per cent share.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 1:25 am Indian ADRs shed USD 3 bn in a week; Wipro top loserIndian stocks trading on American bourses witnessed an erosion of USD 3 billion from their cumulative market capitalisation past week, with IT major Wipro accounting more than half of the total losses.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 1:20 am EGoM may consider gas supplies to ADAG's proposed power plantsAn Empowered Group of Ministers may meet next month to decide if exceptions to the present policy can be made so that Anil Ambani Group's proposed power plants can get fuel from Reliance Industries's KG-D6 fields by reserving or blocking certain volumes for it.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 1:18 am Wait for prices to fall before investing in Gold ETFs: ExpertsGold Exchange Traded Funds (ETFs), where money is parked in bullion, have seen their assets rising over 15 per cent in last two months, but analysts feel investors should wait since a correction in gold prices is round the corner.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 1:12 am G8 avoids bold aid promises amid budget strainsTORONTO/HUNTSVILLE, Ontario (Reuters) - G8 wealthy countries said on Saturday that the global economic crisis threatened to undermine 2015 global targets for reducing extreme poverty worldwide, but avoided bold new aid promises.Source: Reuters: Money News | 27 Jun 2010 | 12:43 am Realty industry divided over property prices correctionMumbai: Even as realtors are upbeat about growing demand in their sector, the industry stands divided over a possible correction in the skyrocketing prices of residential properties in major Indian metros. Over the past few years, property prices in most of the Indian cities have appreciated by over 250% while the economy was growing at 8% annually. “The spiralling price in real estate, especially in the residential segment, is a big concern today. Such a sudden rise in property prices is not sustainable and there is an immediate need for correction,” Mahindra Lifespaces’ vice chairman, Arun Nanda, said. Some correction in property prices is expected over the next few months, he said. “A few builders have become greedy and are running a cartel. Those who have increased prices are not doing any business. There has to be a correction somewhere,” Nanda said. The government should come out with some special schemes for affordable housing so that builders can get land at reasonable rates, the Mahindra official said. However, Niranjan Hiranandani, chairman of Hiranandani Developers, that is mainly in luxury and premium housing, said a correction in prices was unlikely in the near future. He was, however, of the view that there should be housing schemes for all segments. Source: LatestNews-Home - Livemint.com | 27 Jun 2010 | 12:42 am Indian ADRs shed $3 bn in a week, Wipro top loserNew York: Indian stocks trading on American bourses witnessed an erosion of $3 billion from their cumulative market capitalization past week, with IT major Wipro accounting more than half of the total losses. For the week ended 25 June, the 16 Indian entities listed on the New York Stock Exchange (NYSE) and Nasdaq together lost $3 billion from their total market capitalization (m-cap), with Wipro alone shedding $1.6 billion at $30.82 billion, followed by Infosys Technologies which plunged by $626 million at $35.58 billion. Private sector lenders -- HDFC Bank and ICICI Bank together lost $737 million from their collective m-cap. HDFC Bank’s valuation tumbled by $436 million to $22.4 billion, while that of ICICI Bank fell by $301 million to $20.92 billion. Out of the 16 companies listed as American Depository Receipts (ADRs), five of them including pharma major Dr Reddy’s Laboratories and auto maker Tata Motors witnessed a significant gain in their respective m-cap. ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm. During the week, Dr Reddy’s Laboratories emerged as a major gainer. The company saw its valuation rising by $244 million to $5.42 billion. Meanwhile, outsourcing firm Genpact saw it m-cap falling by $212 million to a total of $3.55 billion. Another major gainer was Tata Motors whose valuations jumped by $135 million to $7.97 billion. The market capitalization of Mahindra Satyam (earlier known as Satyam Computer Services) rose by $88 million, telecom major Tata Communications $60 million and BPO company EXLService Holdings $6 million. Other ADR which lost include internet firms-Sify Technologies and Reddif.com, BPO company WNS Holdings, copper producer Sterlite Industries, IT firm Patni Computer Systems and telecom major Mahanagar Telephone Nigam. Their valuations declined in the range of $1 million to $99 million. On Friday, the US markets ended in a mixed trend, with Dow Jones Industrial Average settling down by 8.99 points at 10,143.81 and S&P 500 up by 3.07 points to 1,076.76. Besides, tech heavy Nasdaq ended up 0.27 points at 2,223.48. Source: Home - Livemint.com | 27 Jun 2010 | 12:40 am TDSAT issues notice to ESPN on signal supplyNew Delhi: Broadcast tribunal TDSAT has issued a notice to sports broadcaster ESPN on a multi-system operator’s plea over a dispute relating to provision of subscriber base data. The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) bench, headed by chairman Justice SB Sinha, directed ESPN and the multi-system operator (MSO), Nirman and Associates, to maintain status quo, and ordered that the signal must not be disconnected. However, the MSO was told to enhance its subscription charge by 75% from March 2010. “For the purpose of passing an interim order, we are of the opinion that interest of justice would be subserved if the petitioner (MSO) is directed to pay the increased amount by 75% of the existing subscription amount payable from March 2010,” the tribunal said. Earlier, ESPN had issued a mandatory 21 days’ disconnection notice to the MSO as it was allegedly not furnishing data on the number of its subscribers. Following the Broadcasting and Cable Services Regulation passed by Trai, it had also posted a public notice in a local newspaper. In response, the MSO approached TDSAT to request a stay on the disconnection notice. It contended that there was no ambiguity with regard to its subscriber base, as they have been regularly sending Subscriber Line Reports -- reflecting the number of its viewers -- to ESPN. The MSO further submitted that TDSAT had, in an order dated 15 October 2009, directed that status quo must be maintained and, hence, the disconnection notice was illegal. Reacting to this, ESPN contended that the MSO was only giving out information on the number of local/area cable operators and not the total viewership base. Source: LatestNews-Home - Livemint.com | 27 Jun 2010 | 12:38 am Reliance Comm, GTL Infra sign $11 bln telecom tower dealReliance Communications, India's No 2 cellphone carrier, said today that its unit Reliance Infratel Ltd has agreed to a $11 billion deal to sell its telecom tower assets to independent telecom tower company GTL Infrastructure Ltd.Source: HindustanTimes.com - Top Business News Headlines | 27 Jun 2010 | 12:35 am Global economic recovery tentative: PMToronto: Prime Minister Manmohan Singh said the global economic recovery was still tentative, required concerted efforts by countries to anchor it firmly, and suggested government spending could make up for weak private demand, an official said on Sunday. Singh made the remarks to British Prime Minister David Cameron on Saturday when the two leaders met on the sidelines of the G-20 summit, India’s foreign ministry spokesman Vishnu Prakash told reporters. “Prime Minister Dr Manmohan Singh said that India would like to see continued concerted efforts by all countries to ensure the global economic recovery gets further consolidated as the process was still somewhat tentative,” Prakash said on Sunday. “He said the slack in private demand could be compensated by fiscal measures and stimulus packages.” Source: Home - Livemint.com | 27 Jun 2010 | 12:31 am INTERVIEW - Argentina says Europe's fiscal focus is wrongTORONTO (Reuters) - Europe's focus on cutting deficits is "absolutely wrong," Argentine President Cristina Fernandez said on Saturday, citing her country's experience with austerity she said helped lead to a huge default in 2001.Source: Reuters: Money News | 27 Jun 2010 | 12:06 am Vedanta project proves there's no bar to learningA prisoner working on a computer may be a strange sight, but for nearly 12,000 inmates of 14 jails across the country, this is a dream comeSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am Cash-rich cos back to investing in liquid MFsIndia Inc seems to be taking a more active approach to managing its surplus cash, going by the increase in the amounts that it invests in liquid mutualSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am Mahindras choose Bangalore to kick-off aerospace planMahindra & Mahindra has picked Bangalore to realise its dream of becoming a global aerospace OEM (original equipmentSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am BCCI, Viacom 18 call off entertainment licence dealThe entertainment licence deal between the Board of Control for Cricket in India (BCCI) and Colors, the general (entertainment) channel of Viacom 18, has been calledSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am SEBI ban on Tayals' demat a/c clouds ICICI-BoR mergerAmong the legal questions clouding the merger of Bank of Rajasthan with ICICI Bank is whether the Tayals' shares, lying in a demat account frozen on SEBI directions, can beSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am Petrol price de-control to make oil companies richerFor every rupee the consumer spends on petrol in Delhi, the Centre will earn about 29 paise, while the State Government will get about 16 paise. The balance 55 paise will go to the oil refining and marketing companies. Simply put, the exchequerSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am RIL, Tatas eye opportunities in MexicoBoth Reliance Industries Ltd and the Tata Group are scouting for opportunities inSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am India's business leaders and management revolution“The New Masters Of Management” declared The Economist in a cover story earlier this year, as it noted the huge transformation taking place in BRICSource: Business Line - Home Page | 27 Jun 2010 | 12:00 am China opens door to G20 discussions on yuanTORONTO (Reuters) - Chinese officials, in an abrupt change of emphasis, said on Saturday they welcomed discussions about currencies as part of global economic talks, but insisted Bejing alone should determine policy on the yuan.Source: Reuters: Money News | 26 Jun 2010 | 11:51 pm G20 leaders to strike balance between debt and growthTORONTO (Reuters) - With a global recession behind them, world leaders meeting on Sunday will seek to show they can bolster a fragile economic recovery while also cutting massive government debt levels.Source: Reuters: Money News | 26 Jun 2010 | 11:37 pm Global economic recovery tentative: Manmohan SinghManmohan Singh said the global economic recovery was still tentative, required concerted efforts by countries to anchor it firmly, and suggested government spending could make up for weak private demand.Source: Daily News & Analysis: Money News | 26 Jun 2010 | 11:35 pm Infosys may top revenue growth in next three fiscals: ReportSome of Infosys recent deal wins, like Telstra and British Petroleum, give the IT major new larger 'mineable' clients, which are expected to help the company in maintaining its sector-leading growth rate.Source: Daily News & Analysis: Money News | 26 Jun 2010 | 11:29 pm New rules for stricter air safety compliance on the anvil - Economic Times
Source: Business - Google News | 26 Jun 2010 | 11:16 pm Infosys may top revenue growth in next three fiscals - Hindustan Times
Source: Business - Google News | 26 Jun 2010 | 11:14 pm PM: Global economic recovery tentativeTORONTO (Reuters) - Prime Minister Manmohan Singh said the global economic recovery was still tentative, required concerted efforts by countries to anchor it firmly, and suggested government spending could make up for weak private demand, an official said on Sunday.Source: Reuters: Money News | 26 Jun 2010 | 10:54 pm Zydus' Sharvil Patel may get fattest cheque in Gujarat IncOnce the proposal is approved - there is every likelihood of it getting the nod - his pay package could increase over 20-fold to Rs25-30 crore.Source: Daily News & Analysis: Money News | 26 Jun 2010 | 10:27 pm G20 gives banks a break on new capital rulesTORONTO (Reuters) - World leaders agreed to a flexible timetable for banks to adopt toughened capital rules, according to a draft G20 communique that offered concessions to a still-fragile financial sector.Source: Reuters: Money News | 26 Jun 2010 | 8:56 pm No rollback in fuel prices: DeoraUndeterred by the scathing attack from rival political parties, Petroleum Minister Murli Deora today rejected outright any demand to roll back the rise in fuel prices announced on Friday. There is no question of any rollback as the rise in the prices of automobile fuels, kerosene and LPG has already come into effect since midnight yesterday.Source: Business Standard | Front Page Headlines | 26 Jun 2010 | 1:17 pm RIL close to selling BKC land to Wadhwa GroupReliance Industries, (RIL), the country's largest private sector company, is close to selling a 2.5-acre commercial plot at Bandra-Kurla Complex (BKC) to closely-held property developer Wadhwa Group. The deal is expected to be around Rs 1,000 crore in size and will take a month to conclude, a person involved with the talks between the two groups said. The plot is a part of the 18.5-acre land RIL had bought in 2006 from Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 1,104 crore in an auction.Source: Business Standard | Front Page Headlines | 26 Jun 2010 | 1:14 pm M plans to make aircraft, components in IndiaMahindra & Mahindra is planning to invest Rs 250 crore in the aerospace business. It plans to set up component and aircraft manufacturing facilities in India, Mahindra Group Vice-Chairman & Managing Director Anand Mahindra said in Bangalore on Saturday. We are planning to invest Rs 150 crore for manufacturing components and roughly Rs 100 crore for manufacturing aircraft, he said.Source: Business Standard | Front Page Headlines | 26 Jun 2010 | 1:12 pm Sony takes WSG to courtAlleges had no role in acquisition of IPL broadcast rights from BCCI.Source: Business Standard | Front Page Headlines | 26 Jun 2010 | 1:10 pm Petrol price de-control to make oil companies richer - Hindu Business Line
Source: Business - Google News | 26 Jun 2010 | 12:44 pm Mahindra to invest Rs 250 crore in aerospaceMahindra Mahindra, India\'s top utility vehicle and tractor maker, plans to invest Rs 250 crore (USD 54 million) into aerospace business, its Managing Director Anand Mahindra said on Saturday.Source: Moneycontrol Top Headlines | 26 Jun 2010 | 9:17 am Sunil Mittal: Empowering India through educationSunil Bharti Mittal, Chairman and CEO ,Bharti Enterprises is a man with an appetite for risk in one of Indias aggressive entrepreneurs, but he is clear, he wants to be known more than just Indias telecom Czar. He wants to be known for creating a lasting and sustainable business and for creating shared values in the community he services.Source: Moneycontrol Top Headlines | 26 Jun 2010 | 9:10 am Mahindra's fund-raising plane reaches Bangalore - Economic Times
Source: Business - Google News | 26 Jun 2010 | 8:46 am Rate hike not to deter India\'s growth: HDFC\'s Aditya PuriMost analyst believe that a rate hike by the Reserve Bank of India is imminent, but Puri agrees that a slight hike in the interest rates would not affect growth.Source: Moneycontrol Top Headlines | 26 Jun 2010 | 8:27 am Oil pricehike may have push inflation higher: JSW SteelHigher fuel prices, means higher transportation costs and maybe even higher interest rates. Seshagiri Rao, Joint MD and Group CEO of JSW Steel said in an interview to CNBCTV18 that oil pricehike will have a cascading impact pushing the inflation further.Source: Moneycontrol Top Headlines | 26 Jun 2010 | 7:22 am Early stimulus exit may hit global recovery: PMToronto: Citing a risk of deflation, Prime Minister Manmohan Singh said the Group of 20 major and emerging economies should not rein in budget deficits too fast but coordinate policy to ensure a sustained economic recovery. “My own feeling is that early fiscal retrenchment carries very considerable global risks,” Singh told the Toronto Star in an interview published on Saturday, shortly before his arrival for the G-20 summit in Toronto over the weekend. “But right now, the danger of deflation in the global economy is, in my view, much greater than the danger of inflation,” he said. The G-20 meeting takes place amid a debate over how to improve public finances without compromising the uneven recovery from the global financial crisis. The US has argued the recovery could be derailed by the accelerating austerity measures taken in much of Europe to cut debt and deficits. But G-8 leaders appeared to have papered over their differences ahead of the summit. Singh said the manner of Europe’s handling of its debt problems would be “a major determinant of which way the world economy evolves.” India has begun its own process of rolling back stimulus measures announced in the wake of the financial crisis. It has outlined a roadmap to cut its deficit to 4.1% of GDP by end-March 2013, from a budgeted 5.5% in the current fiscal year to end-March 2011, helped by buoyant revenues from accelerating growth. Asia’s third-largest economy is set to grow 8.5% in the current year, following a 7.4% expansion in the previous year. Source: Home - Livemint.com | 26 Jun 2010 | 7:04 am India wants more action from Pak on 26/11: ChidambaramIslamabad: Union home minister P Chidambaram on Saturday said India wants more action from Pakistan against those involved in the Mumbai terror attacks and expressed confidence of a “positive outcome” in the matter after his meeting with his counterpart Rehman Malik. Briefing reporters about his meetings with Malik, Chidambaram said India believes that more people were behind the attacks and more people should be prosecuted. “We know that seven people (are being) prosecuted in the case. How far the prosecution has proceeded, it is for the Pakistani government to tell,” he said, when asked about the status of Pakistan’s trial of the 26/11 attacks case.  Pakistan’s interior minister Rehman Malik waves next to Union home minister P Chidambaram as they pose for a group photo during a Saarc interior ministers meeting in Islamabad on Saturday. Faisal Mahmood / Reuters Photo He also noted that the trial of seven people, including LeT operations chief Zakiur Rehman Lakhvi, was adjourned for a week today. “We think that more people were behind the attacks and more people should be prosecuted. That point has been made to the Pakistani government and as I said, I wish to remain positive on the outcome of the meeting with Rehman Malik,” the home minister said. Terming his over two-hour-long meeting with Malik Friday as good, he said they both identified what needs to be done other than what has already been done. “I think the meeting that I had with Rehman Malik was a good meeting. We spoke with each other. We spoke directly to each other and I am confident that something good will emerge out of that meeting. So, let’s try to remain positive,” he said. Chidambaram, the first Indian home minister to visit Pakistan in three decades, met Malik at the interior ministry here, and sought action against Jamaat-ud-Dawa chief Hafiz Saeed, mastermind of the Mumbai attacks. Pakistan has acknowledged the Mumbai attack was plotted and partly launched from its soil but has maintained that India has not provided sufficient evidence against Saeed. Pakistan’s Supreme Court last month upheld a lower court’s decision to release Saeed. The UN Security Council put Saeed and his charity on a list of al-Qaeda associates. Relations between the arch rivals went into a freeze after Pakistan-based terrorists killed 166 people in Mumbai. Prime Minister Manmohan Singh and his Pakistani counterpart Yusuf Raza Gilani met on the sidelines of a regional conference last month and agreed to get talks going, which India broke off after the attack. The foreign ministers of Pakistan and India will meet on 15 July in Islamabad to push forward efforts aimed at normalising ties. Source: Home - Livemint.com | 26 Jun 2010 | 6:47 am Infineon CEO says company has enough cash to grow"Regarding our plans for investments and growth, our financial resources are absolutely sufficient. We're even prepared for eventual economic downturns," CEO Peter Bauer said.Source: Daily News & Analysis: Money News | 26 Jun 2010 | 6:01 am FICCI to raise with government issues related to civil aviationTaxation issues relating to the civil aviation sector like sales tax on jet fuel are likely to be raised with the government by industry body FICCI.Source: Daily News & Analysis: Money News | 26 Jun 2010 | 4:52 am Mahindra to invest $54 million in aerospace: ChiefMahindra will invest Rs1.5 billion into aircraft component manufacturing, and another Rs1 billion in aircraft manufacturing, Mahindra, who is also vice chairman of the group, said in Bangalore.Source: Daily News & Analysis: Money News | 26 Jun 2010 | 4:00 am
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