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Reliance Broadcast bids for second Delhi contractReliance Broadcast Network, earlier called Reliance Media World, said its outofhome unit has bid for a 22year contract in Delhi, its second in the capital, for installing street amenities.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 8:07 am Rights issue likely in September: Advanta IndiaVR Kaundinya, MD of Advanta India said the company would like to have its rights issue by September in order to raise money to reduce debt and is waiting for regulatory approvals.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 7:36 am Micro irrigation biz to grow 50% in FY11: Jain IrrigationAnil Jain, MD, Jain Irrigation said that microirrigation business in Andhra Pradesh was smoothening out. \"In the current year, I would expect a growth to remain between 40% and 50%.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 6:55 am Have 2,000 MW of projects in the pipeline: Monnet IspatSandeep Jajodia of Monnet Ispat said there are no plans to dilute further stake in Monnet Ispat right now. \"We will keep holding the current stake in the power business.\"Source: Moneycontrol Top Headlines | 2 Jul 2010 | 5:19 am Jagran Prakashan eyes partnerships in print mediaNewspaper publisher Jagran Prakashan Ltd is in talks with a couple of regional players for partnerships or joint ventures in print media, a senior official told Reuters.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 5:14 am Blackstone bets big on power, eyes several dealsThe Blackstone Group has secured 12.5% stake for Rs 275 crore in Monnet Power Company, which is a 100% subsidiary of steel producer Monnet Ispat Energy.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 5:05 am Bajaj Auto eyes July sales of around 3.3 lakh unitsBajaj Auto\'s June sales stood at 3.15 lakh units as against 1.93 lakh units in the same period last year. Motorcycles and threewheelers saw a growth of 68% and 32%, respectively. It cited production constraints for its limited motorcycle sales.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 4:47 am PNG hike will help maintain margins: Indraprastha GasAs the Delhibased natural gas retailer Indraprastha Gas increased price of piped cooking gas (PNG) in New Delhi and NCR to Rs 21.12 per cu m and Rs 21.93 per cu m, the company is expecting that it will help maintaining margins, reports CNBCTV18.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 4:45 am Investors to challenge MS on executive payBritish retailer Marks Spencer is facing investor ire at its annual general meeting after two leading investors hit out at the group\'s executive pay packages, the Daily Mail reported in its Friday edition.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 4:25 am IDFC to spin off unit into nonprofit firmInfrastructure Development and Finance Co Ltd will hive off its public policy and publicprivate partnership advisory business into a nonprofit company by the end of the fiscal, a senior official said.Source: Moneycontrol Top Headlines | 2 Jul 2010 | 4:25 am Torrent Power inks EPC pacts with Siemens AG, Siemens India - Economic Times
Source: Business - Google News | 2 Jul 2010 | 4:02 am HSBC buys RBS's India retail, commercial bank ops - Reuters
Source: Business - Google News | 2 Jul 2010 | 4:01 am Rupee steady after strong open; gold weighs - Economic Times
Source: Business - Google News | 2 Jul 2010 | 4:01 am Blackstone buys 12.5 pc stake in Monnet Power Co for Rs 275-cr - Economic Times
Source: Business - Google News | 2 Jul 2010 | 4:01 am Ranbaxy transfers new drug discovery unit to Daiichi Sankyo - NDTV.com
Source: Business - Google News | 2 Jul 2010 | 3:57 am Mutual Funds assets fall 16% in June - NDTV.com
Source: Business - Google News | 2 Jul 2010 | 3:42 am Bond yields, swaps decline on RBI policy cues - Economic Times
Source: Business - Google News | 2 Jul 2010 | 3:39 am Dolat Capital expects 32 pc gains in Indraprastha Gas - Economic Times
Source: Business - Google News | 2 Jul 2010 | 3:39 am Nifty lacklustre; Reliance Power, Suzlon, Wipro up - Economic Times
Source: Business - Google News | 2 Jul 2010 | 3:34 am Hindustan Copper hires UBS, 4 others for share saleMUMBAI (Reuters) - UBS and Kotak Mahindra Capital are among five banks picked by state-run metal producer Hindustan Copper to manage its up to $1 billion follow-on share sale.Source: Reuters: Money News | 2 Jul 2010 | 3:20 am HSBC to buy RBS’s banking assets in IndiaLondon: HSBC Holdings said it would buy the Indian retail and commercial banking businesses of Royal Bank of Scotland as the part-nationalised UK bank continues its retreat from overseas markets. HSBC said it would pay a premium of up to $95 million over the tangible net asset value of the businesses when the deal completes, expected in the first half of next year. The price could be reduced if bad debts in the business increase during the next two years. Sources have previously said HSBC would buy the businesses, which have 1.1 million customers, over 1,800 staff and 31 branches. The portfolios had a gross asset value of $1.8 billion at the end of March. HSBC currently has about 2 million customers and 50 branches across 29 cities in the hard-to-enter Indian market. RBS, 83% owned by the UK government, has sold a string of small non-core business in recent weeks as it refocuses on its key strengths. It is reversing a decade-long international expansion drive and has raised over $2.5 billion from exiting or selling over 20 businesses in the last 14 months. Source: Home - Livemint.com | 2 Jul 2010 | 3:18 am Watch out: yuan may fall as volatility picks upSHANGHAI (Reuters) - Now that China is staying true to its word and letting the yuan trade a bit more freely, analysts and investors outside the mainland may not be prepared for one potential outcome: a yuan drop.Source: Reuters: Money News | 2 Jul 2010 | 3:12 am Gold buying picks up as prices easeMumbai: India gold traders continued to pick up bargains on Friday afternoon triggered by falling prices as they braced for a second round of festivals starting August and bought dollars to fulfil import commitments, weighing on the Indian rupee. “We priced in more than 300 kgs of gold since yesterday evening..., everybody is coming, be it domestic trader, exporter,” said a official with a state-run bank bullion dealing bank. “Gold prices are down, so there is some gold-related dollar buying in the market,” said Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank. The most-active August contract was trading 0.46% lower at Rs18,447 per 10 grams at 2:25pm, after losing more than 1.5% in the previous session, prompting gold traders to lock in the opportunity. But prices are still down from their all-time high of Rs19,198 struck on 8 June, when safe-haven buying in the overseas market supported the yellow metal. Scotia Mocatta quoted gold at 18,402 rupees, as against the previous close of Rs18,813. Gold is a dollar-denominated asset, and the rupee plays an important role in determining the landed cost of the yellow metal. The rupee slipped after a higher start as traders grabbed an arbitrage opportunity in the futures and forward markets, while gold-related demand for dollars also weighed on the Indian unit. The onset of monsoon typically crimps gold demand in India as rural households, which account for 65 percent of total gold buying, use funds to buy seeds and fertiliser. India’s gold imports in June are likely to fall, for the third straight month, by 75 percent from 29.9 tonnes a year ago as record prices dented demand in the world’s largest market for the metal, the head of Bombay Bullion Association said. See However, a series of festivals starting from August could revive demand for the yellow metal, traders said. “Both jewellers and investors, who were waiting for gold to fall are buying in good quantity for upcoming festivals,” said Harshad Ajmera, proprietor of Kolkata-based wholesaler JJ Gold House, which offered to sell gold at Rs18,400. Source: Home - Livemint.com | 2 Jul 2010 | 3:10 am China revises up 2009 GDP, creeps closer to JapanBEIJING (Reuters) - China on Friday revised up 2009 gross domestic product growth to 9.1 percent from 8.7 percent on the back of higher output from industry and services.Source: Reuters: Money News | 2 Jul 2010 | 3:05 am Reliance Natural, Reliance Power shares rise 4 pctMUMBAI (Reuters) - Shares in Anil Ambani-led Reliance Natural Resources and Reliance Power rose more than 4 percent each on Friday on market talk the two firms may be merged, dealers said.Source: Reuters: Money News | 2 Jul 2010 | 3:02 am World stocks gain as U.S. jobs data aheadLONDON (Reuters) - World shares eked out gains for only the second time in nine sessions on Friday but the rise was likely to be contingent on key U.S. jobs data due later.Source: Reuters: Money News | 2 Jul 2010 | 2:35 am Investors to challenge Marks & Spencer on executive pay: ReportThe Association of British Insurers has issued an amber top warning citing concerns about pay levels, while investor group Manifest has criticised new chief executive Marc Bolland's pay award as "excessive".Source: Daily News & Analysis: Money News | 2 Jul 2010 | 2:13 am India's first full-fidelity copter simulator certifiedIndia's advanced helicopter simulator, an HAL and CAE joint venture, today received the highest certification from both the Directorate General Civil Aviation and European Aviation Safety Agency.Source: HindustanTimes.com - Top Business News Headlines | 2 Jul 2010 | 2:12 am US video game sales down 5% in May: Industry tracker NPDGame software performed well in the month, with sales rising 4% to $466.3 million. Hardware sales tumbled, however, by 20% to $241.5 million. Sales of video game accessories rose 3% to $115.7 million.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 2:12 am INTERVIEW - Reliance Broadcast bids for second Delhi contractMUMBAI (Reuters) - Reliance Broadcast Network Ltd, earlier called Reliance Media World, said its out-of-home unit has bid for a 22-year contract in Delhi, its second in the capital, for installing street amenities.Source: Reuters: Money News | 2 Jul 2010 | 1:58 am Bajaj motorcycle sales jumped 68% in JuneNew Delhi: The country’s second largest two-wheeler maker Bajaj Auto reported 68.39% jump in its motorcycle sales at 2,82,808 units in June. The company had sold 1,67,945 units in June last year, Bajaj Auto Ltd (BAL) said in a statement. BAL’s exports went up 68.36% to 1,14,024 units in June from 67,726 units in June, 2009. The company reported a rise of 31.87% in its three-wheeler sales during last month at 32,614 units as against 24,731 units during the same month last year. Total vehicle sales of the company last month stood at 3,15,422 units compared to 1,93,202 units in the same period a year ago, a growth of 63.26%, the statement said. Source: LatestNews-Home - Livemint.com | 2 Jul 2010 | 1:58 am Toyota plans another recall; may cost $228 million: ReportToyota said it would file the recall in Japan on Monday, covering 90,000 high-end sedans, as it continues to ramp up its safety oversight following a string of recalls.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 1:43 am Toyota plans recall; may cost $228 mn: PaperTokyo/Detroit: Toyota Motor Corp may recall up to 270,000 vehicles worldwide to fix an engine glitch, with Japan’s Asahi newspaper reporting the move could cost the car maker up to yen20 billion ($228 million). Toyota said it would file the recall in Japan on Monday, covering 90,000 high-end sedans, as the world’s largest automaker continues to ramp up its safety oversight following a string of recalls. An official at Japan’s transport ministry said he had been informed that Toyota was also planning a recall in North America and Europe. Toyota officials in the United States said an internal investigation will be completed next week into the engines, but they did not say whether the cars would be recalled. Toyota declined to confirm the reported cost estimate for the recalls, which would amount to a relatively steep yen74,000 ($844) a vehicle. Since last September, Toyota has been plagued by a safety crisis that has led to the recall of more than 10 million vehicles globally, mostly for potential unintended acceleration. About 7.3 million vehicles have been recalled in the United States, the automaker’s biggest market. Shares in Toyota were resilient on Friday, ending up 0.3% at yen3,020, in line with Tokyo’s Topix index. “The latest quality problem is a selling factor, but the stock is already at a level where further falls are hard to come by,” said Fumiyuki Nakanishi, manager at SMBC Friend Securities. “Investors thought Toyota had implemented a thorough quality control system, and the market’s reaction is, ‘is this happening again?´ But we also have to keep in mind that automakers are always recalling cars and most don’t get reported widely.” The latest potential safety defect covers seven Lexus sedan models and the Toyota Crown sedan whose engines could stall in rare cases due to faulty valve springs. About half of the 270,000 vehicles were sold in the United States. No accidents or injuries have been reported, Toyota said. The Lexus models in the possible stalling issue are the GS 350, GS 450h, GS 460, IS 350, LS 460, LS 600h and LS 600hl. The models marked by “h” are gasoline-electric hybrids. The US National Highway Traffic Safety Administration had not received any communication from Toyota regarding the issue by Thursday, a Department of Transportation spokeswoman said. The recall would be the second for the luxury Lexus brand since last Friday, when Toyota told US and Canadian safety regulators it was halting sales and recalling about 17,000 Lexus HS 250h hybrid sedans due to a potential fuel leak. Toyota acted following a US government crash test that showed fuel leaking after an HS 250h was struck from the rear by a car traveling about 80 kph. Toyota’s own crash test did not show the fuel leak problem. The automaker told dealers it had not received any reports of injuries or accidents linked to the problem with the HS 250h. Source: Home - Livemint.com | 2 Jul 2010 | 1:37 am E-governance can help improve accountability: Narayana MurthyLondon: IT major Infosys’ chairman Narayana Murthy has said the Indian government must take tough actions against corrupt people and e-governance has a great potential to improve accountability. While delivering a lecture at the Bharatiya Vidya Bhavan here on 1 July, he said by making major public projects data available online, corruption can be curbed and accountability enhanced in the country. “We need leadership who can take tough decisions and deal firmly with corrupt people,” Murthy said and cited that harsh punishment, including death penalty, is meted to those involved in corruption cases in China. “E-governance can help reduce corruption and improve accountability by making budgets and progress reports of major public projects available. (Providing) Free accessibility to any citizen and identifying people responsible for causing delay in decision making (will work wonders),” he added. Murthy said India continues to struggle with corruption and “this image hurts India’s reputation abroad and negatively impacts its development.” But there is hope! “The good thing is that our bureaucracy has already accepted IT for governance. Like in Karnataka, land records, property tax bills, water bills, the issuance of birth and death certificates, trade licenses, and filing of consumer complaints have been computerised.” Heaping praises over the Unique Identity (UID) project, which is aimed at establishing citizenship, reducing identity- related frauds and addressing security issues, he said, “The project for providing unique identification to every Indian resident is perhaps the most important among such projects.” The pioneer of IT revolution, however, said that while computerising government and corporate functions, security can’t be compromised with. “Our IT systems must be fully protected against unauthorized access and malicious attacks by terrorists and evil elements from abroad,” Murthy said. Talking about the progress in recent years, Murthy said growth of the IT-BPO sector has highlighted India on the world map, as a destination of choice for global investors. But concerned about India’s perennial problems like poverty and illiteracy he said, “There is a dark side to this wonderful story. We have millions who remain poor, illiterate, and without access to decent health care facilities and shelter. Most importantly, we have not been able to create jobs but I believe that technology can help address some of these challenges,” he added. “If India has to succeed in the global, knowledge-based economy, literacy and decent higher education for all Indians become critical,” Murthy said. Source: LatestNews-Home - Livemint.com | 2 Jul 2010 | 1:28 am Kesoram Industries sees FY11 capex at Rs1,125 croreKolkata: Kesoram Industries Ltd plans to invest Rs1,125 crore on capex in FY11, its chairman said on Thursday. “Considering the expected growth in demand for cement, we have decided to further expand the clinker production capacity by 1.7 million tonnes per annum,” B.K. Birla, chairman, Kesoram Industries Ltd, told shareholders during the companys’ annual general meeting. The firm also plans to set up a new 2.5-million-tonne per annum cement grinding plant in Maharashtra, he added. The commercial production of cement from the plant is expected to commence by September 2012, and the total cement capacity post expansion would be around 9.75 million tonnes per annum, Birla said. Commenting about the ongoing Rs800 crore expansion of tyre capacities, which the company undertook last year, he said the civil construction is in full swing and commercial production is expected to commence by March 2011. The tyre segment constitutes more than 50% of the Kolkata-based company’s revenue and its capacity is expected to touch 1,500 million tonnes a day post expansion. The company expects revenue growth of 30-40% in 2010-11, said Deepak Tandon, wholetime director, Kesoram Industries. “We have crossed Rs5,000 crore mark during FY10, so taking into account the current demand situation, total revenue during FY11 should be around Rs6,500-7,000 crore,” he said. Amalgamation of group compnaies B.K. Birla, the founder of B K Birla Group, is planning to amalgamate two of its group companies - Mangalam Cements and Mangalam Timber. “Since one of the companies is not performing, and the other is doing very well, so it makes much sense to amalgamate both of them,” Birla said. “I tried to pursue issue with the board, but could not due to some objections.” Consequently, Birla who holds close to 30% of stake in both these companies, is planning to increase his stake to more than 40% to force the issue, he said. “Once my holding increases to 40%, then there will be no objection and we can go aahead with the process (of amalgamation),” he added. Source: LatestNews-Home - Livemint.com | 2 Jul 2010 | 1:22 am Reserve Bank will inject liquidity if needed'You see we manage the frictional liquidity, soon it will come back. If it is not there, we will introduce the liquidity,' said RBI deputy governor KC Chakrabarty.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 1:16 am Oil rises above $73 as traders eye US jobs reportBenchmark crude for August delivery was up 27 cents to $73.22 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 1:08 am Toshiba to make batteries for electric vehiclesTokyo: Japan’s Toshiba said Friday it was working with Mitsubishi Motors to develop batteries for electric vehicles, as the race intensifies among automakers and technology giants to make emission-free cars. Toshiba, which spans electronic components, appliances and nuclear power plants has developed a fast-charging long life lithium-ion battery called SCiB (Super Charge ion Battery), which it plans to adapt for cars. The moves comes as the world’s automakers ramp up development of electric vehicles, promoting their zero exhaust emissions and betting that consumers will eventually shift from gas guzzlers to greener technologies. Mitsubishi launched its MiEV (Mitsubishi innovative Electric Vehicle) in Japan last year and is working with France’s PSA Peugeot Citroen to launch a vehicle based on the technology in Europe. Toshiba recently said it would build electric motors for a new Ford hybrid at its US plant. The company, already building motors for bullet trains, elevators and machinery, is looking to expand its business ahead of rivals in anticipation of increased demand for electric vehicles. Nissan, part-owned by Renault of France, will in December roll out its Leaf -- short for Leading Environmentally friendly, Affordable Family car. Nissan plans to sell 50,000 EVs in the United States, Japan and Europe per year in 2011 and 2012 and then 500,000 units in 2013. It predicts that by 2020 electric cars will account for 10% of the global auto market. Toyota, which has for more than a decade sold petrol-electric hybrids such as the Prius, has promised to launch its own electric car by 2012. In May it bought a 50-million-dollar stake in Tesla Motors, a Palo Alto, California start-up that in 2004 began developing its Roadster, a boutique, “highway-ready” electric sports car with a range of about 245 miles (395 kilometres). Source: LatestNews-Home - Livemint.com | 2 Jul 2010 | 1:05 am Gold bounces from 5-week low; Tokyo premiums jumpSingapore: Gold bounced from a 5-week low on Friday as weaker prices ignited buying by bargain hunters and jewellers across Asia, but investors were cautious ahead of a US employment report. Investors shrugged off a small drop in ETF holdings, turning their attention to the June non-farm payrolls data that will set the tone for currencies and equities. Gold tumbled nearly 4% on Thursday, the biggest one-day fall in five months, as funds sold bullion to cover losses in other markets. Spot gold hit a low of $1,196.00, its weakest since 25 May, before rebounding to $1,207.35 per ounce by 0608 GMT, up $8.70 from New York’s notional close as the Nikkei edged up and the euro gained. Gold struck a record $1,264 last week. “Unless we start to see the ETF holdings reduced markedly, then I would expect we’ll have a bit of a rebound in the next few days,” said Darren Heathcote, head of trading at Investec Australia in Sydney. “If it starts to show significant falls, then it shows investment demand is actually starting to wane and we might be a little bit more concerned about further weakness, but at the moment I would say No.” The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings dropped to 1,319.219 tonnes by 1 July from a record of 1,320.436 tonnes on 29 June -- the first decline since early June. US gold futures for August delivery added $1 to $1,207.7 an ounce. Purchases from retail investors pushed up premiums for gold bars in Tokyo to $1 an ounce to the spot London prices from zero earlier this week. That was the highest level since July last year. “We’ve have seen some buying interest in gold and silver from various sectors including the general public. Premiums rise to $1 because of strong buying interest,” said a physical dealer in Tokyo. Dealers in Singapore noted bargain hunting as well as a surge in physical demand from Thailand, keeping premiums steady at 40 to 60 US cents Light buying from jewellers stirred up physical trading in Hong Kong, where premiums were also steady at 50 cents, but there was a lack of interest from investors. “I think gold will fall if the job data is bad. It will be be the same story,” said a dealer in Hong Kong, referring to a possible decline in bullion as investors cover losses. “I think people are reluctant to commit too much at the high level. We really have to see if there will be more physical buyers and jewellers at these levels.” Japan’s Nikkei ended higher ahead of the US job data but worries about a double-dip recession lingered as investors moved away from the euro-zone debt concerns to US data pointing to a slowing recovery. The labor department releases its June employment report at 1230 GMT. Economists are forecasting a loss of 110,000 jobs in June compared with an increase of 431,00 jobs in May.. The dollar was on the back foot against the euro and slipped against the Aussie on Friday after a big euro short squeeze ahead of the jobs data, while the yen lost ground all round as the squeeze spilled into Asian trade. Source: LatestNews-Home - Livemint.com | 2 Jul 2010 | 12:58 am Toyota plans recall; may cost $228 mln - paperTOKYO/DETROIT (Reuters) - Toyota Motor Corp may recall up to 270,000 vehicles worldwide to fix an engine glitch, with Japan's Asahi newspaper reporting the move could cost the car maker up to 20 billion yen ($228 million).Source: Reuters: Money News | 2 Jul 2010 | 12:51 am AgBank Shanghai IPO draws strategic investors: SourceOrders from institutions, including China Life Insurance Co, had already exceeded the value of shares reserved for them, said a source with direct knowledge of the situation, speaking on condition of anonymity as the process was still ongoing.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 12:48 am GVK Power signs PPA with Jammu & Kashmir govtThe agreement will include implementing a 690mw Ratle hydro electric project in the state, the firm said in a statement to the exchange.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 12:46 am Bank of China plans up to $6 billion rights issue: SourcesTrading in its Hong Kong stock was halted on Friday pending a price sensitive statement, according to a Hong Kong stock exchange filing on Friday.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 12:45 am Rupee fails to maintain initial gains, down 14 paise vs dollarAt the Interbank Foreign Exchange (Forex) market, the domestic currency opened higher at 46.53/54 a dollar, but declined immediately to 46.72.Source: Daily News & Analysis: Money News | 2 Jul 2010 | 12:22 am Oil steady near 3-week low as economic recovery slowsSingapore: Oil was steady below $73 on Friday, near 3-week lows after a spate of weak manufacturing data renewed worries about slower global economic growth ahead of a key US jobs report. Manufacturing growth cooled around the world in June, reports from China, Europe and the US showed on Thursday, adding to evidence that the global economic recovery is losing steam. Investors will seek further direction from Friday’s US unemployment report for June, with non-farm payrolls expected to have declined by 110,000 as many of the temporary workers hired in May to complete the US census were laid off. US crude for August slid 18 cents to $72.77 a barrel by 0540 GMT, after touching $72.05 on Thursday, the lowest intraday price since 9 June. “The market still needs to see strong signs of recovery to move higher,” said Ken Hasegawa, a commodity derivatives manager at brokerage Newedge in Japan. “If the jobs number is bad, prices will extend losses toward $70.” Front-month WTI has declined every day this week and is poised for the biggest weekly drop in percentage terms since early May, when the European debt crisis roiled markets, at more than 7 percent. Brent crude edged higher on Friday, with the August contract up 4 cents at $72.38. Japan’s Nikkei average edged up 0.4% on Friday after five straight days of falls as charts showed the benchmark deeply oversold, while the euro held near five-week highs against the dollar. Hurricane Alex dissipated over central Mexico, having spared most oil facilities in the Gulf of Mexico. Producers on Thursday were already restarting some of the 421,350 barrels per day (bpd) of oil output, about a quarter of the US Gulf of Mexico total, that were shut as a precaution. On Monday prices rose above $79 to the highest level since 6 May as Alex regained strength in the gulf, forcing the shutdown of two Mexican loading terminals. “This market tried to touch the upper end of the $70-$80 trading range but it failed. Now it is time to go to the lower limit,” said Hasegawa. New claims for US jobless benefits unexpectedly rose last week, while an ISM report and data showing pending sales of previously owned US homes plunged a record 30% in May to an all-time low also disappointed markets on Thursday. But a better-than-expected monthly jobs report for June could spark a bout of short-covering and provide a bounce for equities and oil ahead of the long U.S. Independence Day weekend. Energy data provider Genscape said on Thursday that Cushing, Oklahoma crude stocks fell 285,000 in the week to Tuesday, reducing a glut that has depressed front-month US crude prices relative to contracts for later delivery. Source: LatestNews-Home - Livemint.com | 2 Jul 2010 | 12:13 am RBI: Will inject liquidity if neededKOLKATA (Reuters) - The Reserve Bank of India will inject liquidity into the banking system if needed and a recent cut in the government's weekly borrowing was a temporary measure, a deputy governor said on Friday.Source: Reuters: Money News | 2 Jul 2010 | 12:11 am India Inc on a buying binge in USIndian companies are on an acquisition spree in the US. In the first half of the current calendar year, they acquired 23 companies with a cumulative transaction value of over $3.8 billion, according to a report by New York-based advisory firmSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Fortis sweetens bid for ParkwayFortis Healthcare on Thursday made a $(Singapore)3.2- billion general offer to buy the remaining stake in Singaporebased healthcare firm Parkway Holdings at an offer price of S$3.80 a share in cash. Fortis currently owns 25.3 per cent stake inSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am SBI brings green banking to the counterIn line with its ‘go green' movement, State Bank of India today inaugurated a ‘green channel counter' at a Chennai branch where customers make paperless deposits, withdrawals andSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Vehicle sales shift to lower gear in JuneAfter the high of May, automobile sales dipped in June although they grew year-on-year. The industry attributed this to the monsoon, routine shut-down for plant maintenance and component supplySource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Neyveli Lignite Corporation (Rs 159.6): BuyWe recommend a buy in the stock of Neyveli Lignite Corporation from a short-term perspective. After recording a 52-week high at Rs 177 on January 19, the stock was on a medium-term downtrend until it found support around Rs 140 in late May. TheSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Day Trading GuideNegating our prior view the stock declined on Thursday. Initiate fresh short position if the stock declines below Rs 830 levels with stiffSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am India Inc raises Rs 57,782 cr in first six monthsFunds raised by corporate India through syndicated loans and equity issuances have more than trebled to about Rs 57,782 crore for the half-year ended June 2010, according to Bloomberg's India Capital Markets League Tables for the first six monthsSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Debt crisis may lead to cut in IT spend in EuropeThe European sovereign debt crisis will cause companies and governments in that geography to curtail IT spending for 2010, according to advisory firms Gartner andSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Iran's move to hike import duty hits riceRice prices continue to rule low with Iran's move to raise the import duty adding to the woes of the traders and exporters. The prices of aromatic rice, in particular, are on theSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Short-term sweetener for sugar stocksA few weeks ago, everything related to sugar looked gloomy and bearish. But such is the beauty of farm produce that things have turned around in no time. This despite projections of higher production in the next season startingSource: Business Line - Home Page | 2 Jul 2010 | 12:00 am Markets edge lower; ONGC, Tata Motors riseMumbai: Indian shares faltered after starting higher on Friday as Asian shares slipped into the red, with investors cautious ahead of US jobs data and doubts about the world economic recovery. Oil and Natural Gas Corp bucked the trend and climbed as a recent government move to raise fuel prices and the state-run company’s plan to step up exploration pepped up the stock. “Domestically our fundamentals are convincing, but global currency fluctuations and economic instability are hurting us,” said Deven Choksey, managing director and CEO of KR Choksey Shares. By 11:32am, the 30-share BSE index was trading down 0.25% at 17,466.41, with two-thirds of its components in the red. Foreign portfolio investments are a powerful driver for the market, but any signs of global economic weakness usually tends to reverse the inflow. The BSE index had risen 4.5% in June, the most in three months, as foreign funds bought more than $2 billion of stocks. In May, the benchmark had fallen 3.5% on the back of an outflow of $2 billion. Choksey said uncertainty about the global economy would likely keep the market rangebound, and the US jobs report due later in the day would provide direction. A Reuters poll forecast the US report would show a decline of 110,000 in non-farm payrolls, the first fall this year. ONGC, the country’s largest oil producer, was up 1% after it said late on Thursday its board had approved joint development of four fields off the country’s western coast. Tata Motors rose 0.5% on a 49% jump in domestic sales in June, while No. 2 cement producer ACC dropped 0.5% as its June shipments fell 1.7%. Reliance Communications eased 0.3% on profit-taking after jumping about a third since the end of May. The No. 2 mobile operator said late on Thursday it had approved a proposal to acquire unlisted cable television services provider Digicable in an all-stock deal, to create Asia’s largest triple play -- digital TV, broadband and voice services -- provider. [ID:nSGE6600JS] Financials traded in the red as a government cut in fuel subsidies will push up prices and add to pressure on the central bank to raise interest rates more aggressively. Top lender State Bank of India dropped 0.1% and rivals ICICI Bank and HDFC Bank shed 0.5% and 0.4% respectively. In the broader market, gainers led losers in the ratio of 1.4:1 while 158 million shares changed hands on the Bombay Stock Exchange. The 50-share NSE index was down 0.3% at 5,236.40. STOCKS State-run oil marketing companies Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp were up between 1.3 and 1.7%, helped by the recent fuel reforms. Glenmark Pharmaceuticals was up 1.1% at Rs272.65 as the drugmaker said its unit got U.S. FDA nod for adapalene gel used to treat acne. Source: Home - Livemint.com | 1 Jul 2010 | 11:59 pm Ministers' panel to consider new law for minesFor years villagers and tribesmen have opposed several projects such as India-focused miner Vedanta Resources Plc's bauxite mines and POSCO's proposed steel plant in Orissa.Source: Daily News & Analysis: Money News | 1 Jul 2010 | 11:58 pm Ministers' panel to consider new law for minesNEW DELHI (Reuters) - A panel of ministers will meet on July 22 to consider a new law for mines, which aims to give local people a share of mining profits, the mines secretary Shanta Sheela Nair said on Friday.Source: Reuters: Money News | 1 Jul 2010 | 11:32 pm Bajaj Auto eyes July sales of around 3.3 lakh units - Moneycontrol.com
Source: Business - Google News | 1 Jul 2010 | 11:20 pm Rupee drops on arbitrage, gold demandMumbai: The rupee slipped after a higher start on Friday as traders grabbed an arbitrage opportunity in the futures and forward markets, while gold-related demand for dollars also weighed on the Indian unit. At 10:45am, the partially convertible rupee was at Rs46.68/69 per dollar, 0.2% weaker from Rs46.58/59 at close on Thursday when it had hit Rs46.79 during trade, its lowest since 11 June. The rupee had opened at Rs46.47 and rose as high as Rs46.44 before falling. “Gold prices are down, so there is some gold-related dollar buying,” said Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank, adding that arbitrage between the futures and forwards was the main reason for the rupee’s fall. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were at 46.8150 and 46.8175 respectively, with the total traded volume on the two exchanges at about $1.7 billion. The one-month onshore forward contract was trading at 46.88, prompting banks to buy dollars in the futures market and sell in the forwards. However, the gap between the two rates has narrowed from around 0.15 rupee in the morning to 0.06 rupee. “There was arbitrage opportunity between the MCX and OTC markets in the morning and a decent arbitrage. So that led to selling (dollar) there and buying here,” said Madhusudan Somani, head of foreign exchange trading at Yes Bank. However, dealers said the arbitrage opportunity would soon disappear and lead to some stabilisation in the rupee rates. India is the world’s largest buyer of gold and a drop of more than 1.5% in gold futures on Thursday have spurred demand, traders said. The index of the dollar against six major currencies was down 0.1%. Most regional currencies rose against the dollar. The dollar was on the back foot against the euro and slipped against the Aussie on Friday after a big euro short squeeze ahead of US jobs data, while the yen lost ground all round as the squeeze spilled into Asian trade. Indian shares were up 0.2%, with Reliance Industries leading the rise, taking cues from firm Asian markets. Foreign fund flows play a crucial role in determining the rupee’s fortunes. Foreigners have bought a net $6.7 billion of stocks so far in 2010, in addition to last year’s record $17.5 billion inflow. Source: Home - Livemint.com | 1 Jul 2010 | 10:53 pm Sensex rebounds, up 82 pts in opening tradeThe Bombay Stock Exchange benchmark Sensex recovered by nearly 82 points in opening trade today on emergence of buying by foreign funds in blue-chips, driven by recovery on Asian bourses.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 10:47 pm Disney acquires iPhone game maker TapulousThe Walt Disney Co said today it acquired Tapulous, the maker of the popular iPhone play-along music game Tap Tap Revenge, to bolster its ability to create mobile games and gain another toehold in Silicon Valley.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 10:39 pm Wall Street wrap for 01 July 2010There was more bad economic news for US markets with data on manufacturing, home sales, and jobs trailing that of estimates. Factories received fewer orders and overseas demand also slowed in June, which led to manufacturing in the country expanding at its slowest pace so far this year. The Institute for Supply Management’s manufacturing gauge fell from 59.7 in May to 56.2 in June. Any figure over 50 indicates an expansion. As for home sales, an index of pending home resales dropped 30% in June compared to the previous month - that’s more than twice as much forecasted. This was the biggest drop on record since 2001.The government said the number of Americans filing new claims for unemployment increased to 472,000 from 459,000 the week before. The official jobs report is due out on Friday. The S&P 500, the Dow, and the Nasdaq were all down again for the day. The S&P 500 has taken a dive of 16% since its year high on 23 April and with its valuation at about 15 times the reported earnings of its companies, it’s close to its cheapest level in a year. In commodities, US light crude oil fell $2.72 to $72.70 and gold fell $47 to about $1,198 an ounce. Auto makers announced June figures - Ford’s monthly sales climbed 15% compared to the previous year but were lower 13% from May, which disappointed analysts. But the stock still ended higher for the day. And General Motors also announced a climb of 36% from a year ago but also dipped from May by 12.5% which some economists say indicates a weakening economy. Source: Home - Livemint.com | 1 Jul 2010 | 10:30 pm IBM endorses Firefox as in-house Web browserTechnology giant IBM wants its workers around the world to use free, open-source Mozilla Firefox as their window into the Internet.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 9:45 pm Google buying travel software firm for $700 millionInternet titan Google plunged into the online travel market, buying ITA Software, a flight information software company, for $700 million in cash. Google’s purchase of the Massachusetts-based ITA yesterday raises prospects of a battle over the lucrative sector between the Web search giant and Expedia, Kayak, Orbitz, Microsoft’s Bing Travel and other sites.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 9:25 pm RCom buys Digicable, becomes top cable operatorAnil Ambani’s Reliance Communications (RCom) is set to become the country’s largest cable television service provider after the flagship company of the Anil Dhirubhai Ambani Group (ADAG) on Thursday announced the acquisition industry leader Digicable.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 1:46 pm Now, Biyani plays the discount game in MBA coursesSabse sasta aur achha (the cheapest and the best) was the theme song that made him Indias retail king. Future Group Founder & CEO Kishore Biyani is now playing the same tune for his education venture as well.Source: Business Standard | Front Page Headlines | 1 Jul 2010 | 1:17 pm Tata Motors overtakes Hyundai in JuneAfter more than two years, Tata Motors has dislodged Koreas Hyundai Motors in India from the second spot in monthly domestic passenger vehicle sales. The spurt in Tatas June numbers has primarily been due to a dramatic increase in sales of the Nano, after the mother plant at Sanand in Gujarat went onstream last month, as well as a surge in that of the Indigo.Source: Business Standard | Front Page Headlines | 1 Jul 2010 | 1:15 pm Fortis offers to pay $2.3 bn for Parkway controlSays low costs and synergies could make the combined entity the largest healthcare player in the world.Source: Business Standard | Front Page Headlines | 1 Jul 2010 | 1:12 pm Food inflation falls to 12.9%, sharpest drop in 8 monthsIn its sharpest drop in eight months, food inflation stood at 12.92 per cent in the week ended June 19 from a year ago. But the dip is statistical and unlikely to make food items any cheaper, economists said. Zia Haq reports. Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 12:43 pm Delhi world’s fifth worst city for commuters: studyNew York: Ahead of the Commonwealth Games in Delhi, a new study has ranked the national capital fifth among 20 cities of the world where traffic has gone worse in the past few years, adversely affecting people’s heath and productivity. New Delhi, which will receive thousands of athletes and foreign tourists during the mega sporting event, scored 81 out of 100 in IBM’s ‘Commuter Pain Study’, reflecting its failure to keep the transportation infrastructure at pace with economic activity. The study, conducted in 20 economically important cities of the world, interviewed 8,192 motorists, majority of whom said daily commute has become a longer and more gruelling task than before. According to the study, released Thursday, Beijing and Mexico City scored 99 each out of 100 in the commuter pain index to become the top two cities in the world having the worst traffic jams. With a score of 97, Johannesburg is the third worst city for commuters, while Russian capital Moscow is at fourth place with a score of 84. Brazilian city Sao Paolo is ranked sixth, followed by Italian city of Milan, Argentinian capital Buenos Aires, Spain’s capital Madrid and London. Swedish capital Stockholm, with a low index score of 15, is the best city for commuters, while cities like Melbourne and Houston had also the most pain-free roadway traffic, found the survey. Among the US cities, Los Angeles had the worst traffic, scoring 25 on the commuter pain scale, followed by New York and Houston. According to the survey, about 49% said the traffic problems had become worse while 18% said it had become a lot worse. Conversely, only 20% of those surveyed said the situation had improved at all and only 5% said it had improved substantially. Interestingly, in the category of substantial improvement, New Delhi and Beijing led the way at 17% and 16% respectively, the report said. “This can be attributed to new transportation capacity being aggressively added in both these cities,” it said. Source: LatestNews-Home - Livemint.com | 1 Jul 2010 | 12:36 pm Quick Edit | For Fifa or country?Should a government have control over how a local sport is managed? According to Fifa, and other sporting bodies, political interference is taboo. Teams can be expelled from competitions if states influence administration. Nigerian President Goodluck Jonathan begs to differ. Following its poor performance at the World Cup, Jonathan has suspended the Nigerian team for two years. He says it will take that long to put things in order. Fifa is upset and says it is preparing a response. Earlier, French President Nicolas Sarkozy was also warned for ordering an inquiry into the French World Cup fiasco. But is political interference universal evil? Why should we assume that government has ulterior motives that local sports bodies don’t? For an example of a sporting body begging for oversight and wilful intervention there is no need to go to Nigeria. A trip to the BCCI office in Mumbai will do. Source: Home - Livemint.com | 1 Jul 2010 | 12:15 pm The silent benefactor of InfoscionsBangalore: At first sight there’s little to link the connection between the nondescript house in Bangalore’s Indiranagar and an announcement by Infosys Technologies Ltd on Wednesday that it would, to mark the 30th year of its existence, reward employees by giving them shares. Yet, it is the munificence of the resident of this house, V.A. Sastry, that’s responsible for the mini-bounty Infoscions, as the company’s employees are known, will enjoy. Sastry (or Dr Sastry as some old-time Infoscions call him) was the first non-promoter director on the Infosys board. He sat on the board for six years, between 1990 and 1996, and left the firm in 1996. In the same year, he gifted half the shares he had received to the Infosys Employees Welfare Trust. With bonuses and splits, these shares grew in number, to almost a million. Sastry said he paid Rs1.2 lakh for all his shares; half of them were worth Rs276 crore based on the closing price of Infosys shares on Thursday. If Infosys today is known for its systems and processes, it has Sastry to thank for them. Since leaving Infosys, he has helped around 300 IT firms in the area of quality management and promoted two companies, including one which was acquired by EDS Corp. The angel investor now invests and mentors companies through venture capital firm Erasmic Venture Fund. He sits on the board of the National Stock Exchange and is working towards improving facilities at 334 government schools across south India, the first step of a long-standing desire to help improve India’s education system. An avid golfer (handicap 19), who uses the greens to network, Sastry says his gift of shares to the employee trust was his way of thanking “Infosys because of which I am, what I am today”. venkatesha.b@livemint.com Source: Home - Livemint.com | 1 Jul 2010 | 12:15 pm Indian Anshu Jain takes charge at Deutsche BankIndian origin Anshu Jain on Thursday took over as the head of the corporate and investment banking division of the Deutsche Bank, Germany’s largest bank.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 11:32 am Vyakarnam Anjenaya Sastry | Now I know the power of giving; it is a feel-good factor for meBangalore: The generosity of a single individual who shies away from the limelight made possible the gift Infosys Technologies Ltd announced for its staffers on Wednesday in the form of a share allotment to mark its entry into its 30th year. Meet Vyakarnam Anjenaya Sastry, the first person apart from the seven Infosys founders to become a director on the company’s board. In 1996, Sastry gifted 50% of the employee stock options (ESOPs) he had been allotted, to the Infosys Employee Welfare Trust which are being used for the share allotment. Sastry, in his 50’s, paid Rs1.2 lakh for the shares—half of which were worth nearly Rs276 crore based on the company’s closing price on Thursday. What was the trigger for the decision to give? This (decision to give) was (made) in 1996. In 1996, the value was around Rs75 lakh or something. The number of shares I don’t remember… Actually, to understand (why I did this) you need to understand my background. I come from a small village in Waranagal (Andhra Pradesh). I lost my father when I was three. I was educated in the first batch of Regional Engineering College, Warangal, and then did my masters from the Indian Institute of Science (Bangalore) and later went to the University of Waterloo (Canada). For that I had to take a loan to buy the ticket, and did my PhD... In 1986, I joined Macmet India Ltd, a Calcutta-based company which was into mathematical modelling and simulation. In 1989, we participated in a fair–CeBIT, Hanover...we were sharing a computer (along with) Infosys...then Mr. Murthy (Infosys co-founder N.R. Narayana Murthy) suggested why don’t we share the stall. Because either of us (independently) could not afford the stall. Both of us were in software. That was a very successful participation for both the companies and then personally also (I) became close to Nandan (Nilekani, Infosys co-founder) and Murthy... One day, we had lunch and they suggested, Dr Sastry, we are going to have quality as a department, and why don’t you join us and head it... We are talking about 1990. Murthy came with an offer which (I) couldn’t resist. The offer was also a position in the board. How many people were there on the board? At that time, only the promoters. When you joined the company, what was the size of the company? In terms of revenue, it was Rs2-2.5 crore. Reebok was a very good customer then. What really influenced you to join? I told Nandan that when I came back to India I had just enough money that I bought a flat in Bombay; then I sold it and made this house (in Bangalore) for Rs3 lakh in 1980. So, Nandan said that this is going to be a much better investment than anything you have done so far. It came (with) such a conviction that I felt that must be true. Anyway, the point really is that I got an opportunity to go operate at the board level....(and to) work with people who are software engineers and work with a company which was really growing. In 1993, the IPO barely scraped through. What was the thought in your mind when the stock went to Rs145 from Rs95. Did you have the temptation to sell it? Lot of people did it. But then there was a CFO (chief financial officer) who encashed and built a house... Temptation was there. How does the employee trust work? The trustees will be from the company. This is going to help employees, independent of Esops (employee stock options). I thought this is very good idea of promoting (the welfare of) employees—families and children, their parents, they should be taken care of. What prompted you to offer your shares? The thing is that I joined Infosys (by paying) Rs1.2 lakh (for the shares). By the time I was leaving, it was about Rs1.5 crore or Rs1.75 crore. I have half the shares. This half, by giving to the organization, has really changed my life, it made a lot of sense. Did your wife concur with your decision? We do talk about it, but not in so much detail. I think she is listening to it for the first time. The one thing she wants is we are comfortable and we are taken care of. Having made the contribution, now I know the power of giving...Giving has become a nice thing for me. It is a feel-good factor for me. venkatesha.b@livemint.com Source: LatestNews-Home - Livemint.com | 1 Jul 2010 | 11:19 am Mercedes posts 79% growth for January-June 2010Kolkata: Mercedes-Benz India said on Thursday it has posted a sales growth of 79% in terms of the number of cars sold in the first six months (January-June) of this year. “In 2010 January-June period, we sold 2,402 cars, which is a 79% growth over the same period last year,” Mercedes-Benz managing director and CEO Wilfried Aulbur said. Among Mercedes’ models, the E-class witnessed a 137% rise in sales, while its M-class cars achieved a 60% growth during the period. Mercedes sold a total of 3,250 cars during the year 2009. Aulbur who was here to launch the E-class coupe and the new state-of-art Interkraft showroom here, said the eastern region registered 100% growth during the first six month of 2010. He said the company did not want to predict numbers. “We will continue to finish the year with strong double digit growth as the current momentum continues.” Asked about competition from another luxury car-maker, BMW, Aulbur reiterated that the company was not running after numbers, as it was aiming at ‘profitable´ growth. He said penetration of luxury cars in India was much lower than emerging markets like China and Russia. Speaking about the company’s low-floor city buses, he said these Pune-made buses were being tested and were expected to be on roads by Q3, 2011. Source: Home - Livemint.com | 1 Jul 2010 | 11:11 am Francoise Barre-Sinoussi | A piece of the puzzle is missing in vaccine research globallyLindau, Germany: More than 25 years ago, when French virologist Francoise Barre-Sinoussi co-discovered HIV, the retrovirus causing AIDS, she thought treatment and cure would be the logical outcomes of their discovery. The virus proved them wrong. However, it did unite the global scientific and public health communities in a way that has become a model of transnational research, taking bench science to the bedside in a short time. Yet, with attempts of developing AIDS vaccines hitting repeated failures and a section of society, including the World Bank, claiming that HIV/AIDS disproportionately garners attention and funds at the cost of other public health programmes, she stands firm in her conviction that failures haven’t gone in vain and that the scientific community is on the right track. Barre-Sinoussi has been extensively involved in AIDS control programmes worldwide, including India, where she thinks the bureaucracy is impeding fast progress. On the sidelines of a Nobel laureates’ meeting in Lindau, Barre-Sinoussi, who won the Nobel for medicine in 2008, spoke about why a vaccine looks distant and why HIV can never be eradicated. Edited excerpts: What were your first thoughts when you identified the virus—that you’d look for a cure or a way to stop its spread? Both, because we were quite naive. We did not imagine the magnitude of the problem. But in treatment, the development has been fast anyway. The vaccine work started in 1985, but there’s still no success. Do you think there’s a need to go back to the drawing board and think of some unusual creative approach? Yes, and a large proportion of the scientific community thinks so, too. After the STEP trial (a trial largely supported by the drug company Merck and Co. Inc. which tested the idea of stimulating the human immune system’s killer T-cells to attack HIV), it was very clear we have to go back to basic science and rebalance basic and clinical research. Are you implying that somewhere along the way, the focus shifted more towards clinical research and basic science got neglected?  Long battle: Francoise Barre-Sinoussi says India has some very good and dedicated scientists, but bureaucracy is a big hurdle. Gerard Cerles/AFP As regards the vaccine, I don’t think it’s a complete failure. There’s enough knowledge gained. Moreover, HIV is not alone, we don’t have a vaccine for malaria, Hepatitis-C, herpes virus, and the one against tuberculosis doesn’t work very well. So a piece of the puzzle is missing in vaccine research globally. We need to study even the vaccines that are successful to better understand how they work. In reality, we do not understand the basic mechanism of induction of protective antibodies by a vaccine. What is the most challenging part in HIV we still do not understand? We don’t understand what are the very first components of the virus that are capable of inducing abnormal signals for activation of immune cells. We suspect a few, but don’t know precisely what are the first sequences of the proteins that cause the problem. I think if we know that, we should put that epitome in future vaccine programmes. Do you think that the field needs a fresh infusion of talent? Young researchers are hardly studying HIV these days. We certainly need new, young researchers, who are naive in this field. The old generation has a broad view but maybe there are key issues which we don’t see because we’ve been in this field for so long. I am pushing for this at various forums. The National Institutes of Health (of the US) is starting a new programme to support young investigators in HIV. You work all over the world. Do you think developing countries are adequately participating in research as well as in the strategy of fighting AIDS? I don’t think countries like South Africa or India can be called developing, they are emerging nations. That apart, I think HIV is the only discipline where there is true engagement of countries, they even design their trials and make other proposals. I am not saying it’s perfect, but we are on the right track. Will we ever eradicate HIV? I don’t think we can totally eliminate HIV from the body. We can control and transform it. If it is happening naturally (in HIV controllers), then we should be able to do it in infected people as well. But I think if we can control HIV, then we can prevent it. That’s the way to go. Though there isn’t 100% consensus on it, but that’s because of feasibility issues, not due to a lack of scientific evidence. You’ve travelled to India several times. Do you think the AIDS programme is working fine? At one point I tried starting a mother-to-child transmission programme in India. We even got money for it, but the local bureaucracy delayed it so much that someone else did it. I think India has some very good and dedicated scientists, but given the state of bureaucracy, I wonder how much they are able to collaborateinternationally, or even nationally. seema.s@livemint.com Source: Tech News - Livemint.com | 1 Jul 2010 | 10:59 am Francoise Barre-Sinoussi | A piece of the puzzle is missing in vaccine research globallyLindau, Germany: More than 25 years ago, when French virologist Francoise Barre-Sinoussi co-discovered HIV, the retrovirus causing AIDS, she thought treatment and cure would be the logical outcomes of their discovery. The virus proved them wrong. However, it did unite the global scientific and public health communities in a way that has become a model of transnational research, taking bench science to the bedside in a short time. Yet, with attempts of developing AIDS vaccines hitting repeated failures and a section of society, including the World Bank, claiming that HIV/AIDS disproportionately garners attention and funds at the cost of other public health programmes, she stands firm in her conviction that failures haven’t gone in vain and that the scientific community is on the right track. Barre-Sinoussi has been extensively involved in AIDS control programmes worldwide, including India, where she thinks the bureaucracy is impeding fast progress. On the sidelines of a Nobel laureates’ meeting in Lindau, Barre-Sinoussi, who won the Nobel for medicine in 2008, spoke about why a vaccine looks distant and why HIV can never be eradicated. Edited excerpts: What were your first thoughts when you identified the virus—that you’d look for a cure or a way to stop its spread? Both, because we were quite naive. We did not imagine the magnitude of the problem. But in treatment, the development has been fast anyway. The vaccine work started in 1985, but there’s still no success. Do you think there’s a need to go back to the drawing board and think of some unusual creative approach? Yes, and a large proportion of the scientific community thinks so, too. After the STEP trial (a trial largely supported by the drug company Merck and Co. Inc. which tested the idea of stimulating the human immune system’s killer T-cells to attack HIV), it was very clear we have to go back to basic science and rebalance basic and clinical research. Are you implying that somewhere along the way, the focus shifted more towards clinical research and basic science got neglected? Long battle: Francoise Barre-Sinoussi says India has some very good and dedicated scientists, but bureaucracy is a big hurdle. Gerard Cerles/AFP As regards the vaccine, I don’t think it’s a complete failure. There’s enough knowledge gained. Moreover, HIV is not alone, we don’t have a vaccine for malaria, Hepatitis-C, herpes virus, and the one against tuberculosis doesn’t work very well. So a piece of the puzzle is missing in vaccine research globally. We need to study even the vaccines that are successful to better understand how they work. In reality, we do not understand the basic mechanism of induction of protective antibodies by a vaccine. What is the most challenging part in HIV we still do not understand? We don’t understand what are the very first components of the virus that are capable of inducing abnormal signals for activation of immune cells. We suspect a few, but don’t know precisely what are the first sequences of the proteins that cause the problem. I think if we know that, we should put that epitome in future vaccine programmes. Do you think that the field needs a fresh infusion of talent? Young researchers are hardly studying HIV these days. We certainly need new, young researchers, who are naive in this field. The old generation has a broad view but maybe there are key issues which we don’t see because we’ve been in this field for so long. I am pushing for this at various forums. The National Institutes of Health (of the US) is starting a new programme to support young investigators in HIV. You work all over the world. Do you think developing countries are adequately participating in research as well as in the strategy of fighting AIDS? I don’t think countries like South Africa or India can be called developing, they are emerging nations. That apart, I think HIV is the only discipline where there is true engagement of countries, they even design their trials and make other proposals. I am not saying it’s perfect, but we are on the right track. Will we ever eradicate HIV? I don’t think we can totally eliminate HIV from the body. We can control and transform it. If it is happening naturally (in HIV controllers), then we should be able to do it in infected people as well. But I think if we can control HIV, then we can prevent it. That’s the way to go. Though there isn’t 100% consensus on it, but that’s because of feasibility issues, not due to a lack of scientific evidence. You’ve travelled to India several times. Do you think the AIDS programme is working fine? At one point I tried starting a mother-to-child transmission programme in India. We even got money for it, but the local bureaucracy delayed it so much that someone else did it. I think India has some very good and dedicated scientists, but given the state of bureaucracy, I wonder how much they are able to collaborateinternationally, or even nationally. seema.s@livemint.com Source: LatestNews-Home - Livemint.com | 1 Jul 2010 | 10:59 am Haldia Petrochem strapped for cash as product prices dropKolkata: The management of Haldia Petrochemicals Ltd (HPL) is examining ways of deferring routine payments to lenders and vendors to overcome a cash flow crisis—a throwback to the difficult times in the early 2000s when the company was struggling to stay afloat amid mounting debt. The cash-strapped company considered scaling back production despite recently expanding capacity by around 30% at a cost of Rs1,260 crore, according to two persons familiar with the situation. They did not want to be named. However, it was decided at a Wednesday board meeting that HPL would carry on producing at full capacity for now, they added. The company needs to borrow at least Rs100 crore immediately to meet working capital needs, one of them said. “But that alone will not do,” he added. “The management has been told to explore ways of deferring some routine payments.” Possibilities to be explored include deferring payments to lenders and seeking credit from state-owned refiner Indian Oil Corp. Ltd, which has a 9.6% equity stake in HPL and supplies naphtha, the key feedstock. HPL will have to pay at least Rs284 crore in interest in the current fiscal as against Rs187 crore in 2009-10, according to documents reviewed by Mint. It is currently indebted to the tune of Rs2,300 crore, after having borrowed around Rs350 crore recently to ramp up capacity. Weak polymer prices are making matters worse for HPL, the second person said. With inventory piling up, the company cut prices of its key products two weeks ago, and could consider another price cut soon. “HPL’s management has indicated to the board that polymer prices may not improve till the end of August,” he added. HPL denied facing any cash flow problem. “HPL is currently running its plant at (a) very high operating level and getting good margins,” a spokesperson for the company said in an emailed statement. “Business is generating enough cash; additional fund from outside is not required. HPL’s account is always regular with all its bankers,” the statement added. HPL, jointly promoted by the West Bengal government and The Chatterjee Group, posted a net loss of Rs183 crore on a net revenue of Rs3,389 crore in the year to 31 March, according to provisional results reviewed by Mint. Pre-tax loss was higher at Rs247 crore, but pared by deferred tax assets of Rs64 crore. The company missed its revenue projections for 2009-10 by at least 20%. The poor performance is being blamed on 47% capacity utilization during the year. The company’s management had in the beginning of the year envisaged capacity utilization of 78%, but couldn’t meet that target because of forced shutdowns, besides planned suspension of production for capacity expansion. “Last year, plant shutdown was taken for (a) project requirement and certain maintenance requirements,” the HPL spokesperson said. “No planned shutdown will be taken this year and the capacity utilization is expected to be very high.” HPL’s management has projected a net profit of Rs522 crore for the current fiscal, according to documents reviewed by Mint. One of the key reasons for HPL’s current cash crunch is the delay in completing Project Supermax—the moniker by which the capacity expansion programme is known within HPL—and cost overruns, according to the two persons cited earlier. HPL increased its naphtha cracking capacity to around 700,000 tonnes per annum from 522,000 tonnes. Project Supermax was concluded earlier this year. The budgeted expenditure on Project Supermax was Rs650 crore, which went up to Rs1,260 crore in the end, said one of the persons quoted earlier. Whereas this was to be entirely funded by internal accruals, it increased the company’s indebtedness. “And worse still, the expanded capacity kicked in when the petrochemical industry is going through a downturn,” he added. “Had the project been completed on time, market conditions would have been much better.” The two key promoters of HPL have been fighting court cases for the past five years over ownership and management control of the company. Source: Home - Livemint.com | 1 Jul 2010 | 10:58 am The Mint Report 01 July 2010We begin with the battle for Parkway, which is now officially underway. On Thursday Fortis made a bid worth $2.3 billion for about 75% of the company. That’s a share price of $3.80. Fortis currently owns a little over 25% of the company. In May, Malaysian sovereign wealth fund Khazanah made its own bid for 51.5% of Parkway. India’s top auto companies have posted a rise in sales for the month of June. Maruti Suzuki saw an eighteen percent percent rise to 72,812 units. And Hyundai’s domestic sales were up 19% at 27,366 cars. Mahindra and Mahindra also did well, posting Indian sales of 26,243 units, a rise of 16.5%. In other good new for the economy, food inflation has slowed down for the middle of June. The food price index rose 12.92% in the period to 19 June. That’s a sharp fall from the previous week’s 16.90%. Source: LatestNews-Home - Livemint.com | 1 Jul 2010 | 10:49 am Return maintenance charge if demat closed before expiry: SebiMarket regulator Sebi Thursday asked depository participants (DP) to refund the balance account maintenance charge (AMC) in case an investor closes or shifts his demat account prior to expiry of the term paid for.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 10:31 am Blackstone to invest $59 mn in Indian firmPrivate equity firm Blackstone Group said today it would pay 2.75 billion rupees ($59 million) for a 12.5 percent stake in power producer Monnet Power Company Ltd, a wholly owned unit of India's Monnet Ispat & Energy.Source: HindustanTimes.com - Top Business News Headlines | 1 Jul 2010 | 9:57 am India gets tough with Blackberry, SkypeNew Delhi: India has given Internet telephony pioneer Skype and the makers of BlackBerry handsets a deadline to fall into line with strict security-monitoring regulations or be blocked, a report said Thursday. India’s intelligence officials have long complained that they are unable to decipher encrypted data sent on Blackberry handsets, made by Canadian firm Research In Motion, or intercept calls on Skype. The government has threatened to ban or block BlackBerry and Skype services if the companies fail to adhere to a 15-day deadline to make data available in formats that can be monitored, The Economic Times newspaper said. Google has been asked to ensure emails on its Gmail service can be deciphered, though no deadline has been issued, the paper said. “The latest development indicates that security agencies are again finding it difficult to intercept or decipher messages sent through BlackBerry phones,” the paper said. The Indian telecommunications ministry was unable to comment when contacted by AFP. India, which faces a strengthening home-grown Maoist insurgency and constant threats from Islamist groups, is highly sensitive about the potential risks of technology. The government has been restricting imports from Chinese telecom equipment manufacturers because of Indian intelligence agency fears that “spyware” could be embedded in the equipment. It has also restricted the use of mobile phones in violence-wracked Indian Kashmir, where pay-as-you-go phones and the use of text messages have been curtailed. The area is a hotbed of anti-India activity. Source: Tech News - Livemint.com | 1 Jul 2010 | 3:51 am
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