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Dhanlaxmi Bank eyes 16% return on equity by FY13Dhanlakshmi Bank has recently raised Rs 380 crore via its qualified institutional placement at Rs 181.30 per share. The funds will be used for its FY11 balance sheet requirements.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 8:20 am Ruia Group to make bid for Ssangyong by Aug 10Ruia Group, which controls tyremakers Dunlop Ltd and Falcon Tyres, will make a bid for troubled South Korean carmaker Ssangyong Motor by Aug 10, a spokesman for the Ruia Group told Reuters.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 8:08 am Hindustan Media lists at premium on debutHindustan Media Ventures Ltd\'s (HMVL) Rs 270 crore IPO made a sparkling debut on Wednesday, rising as much as 13.6%, continuing the trend in recent listings this year.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 8:08 am BHEL, GE sign deal to make compressorsEngineering equipment firm Bharat Heavy Electricals and a unit of GE have signed a 10year licensing pact to manufacture oil and gas compressors at the Indian firm\'s facility in south India.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 5:20 am SpiceJet looking at rights issue in SeptOctThe new management of budget airline SpiceJet Ltd is considering a rights issue after the open offer of media baron Kalanithi Maran closes on Aug. 25, DNA Money said on Wednesday, citing two sources familiar with the development.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 4:30 am Not looking to raise any funds: CinemaxCinemax India has denied reports that it is planning to raise any funds as the company\'s capex requirement for this year is only Rs 3540 crore.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 4:05 am 10-point plan for India to be an economic superpower - Rediff
Source: Business - Google News | 21 Jul 2010 | 4:03 am Yes Bank quarterly net rises 56 pc, beats forecast - Economic Times
Source: Business - Google News | 21 Jul 2010 | 3:42 am Commodity stocks help Nifty top 5400 - NDTV.com
Source: Business - Google News | 21 Jul 2010 | 3:38 am TVS Motors targets over Rs 800cr in exports this fiscal - Moneycontrol.com
Source: Business - Google News | 21 Jul 2010 | 3:36 am EU appeals trade ruling condemning Airbus aidGeneva: The European Union appealed on Wednesday a landmark trade ruling that found it gave planemaker Airbus a wide range of illegal subsidies in its battle with US competitor Boeing Co., unfairly tilting a market worth more than $3 trillion over the next two decades. The appeal covers nearly the entire case against European government support for Airbus, from the billions in low-interest government loans used to construct the A380 superjumbo to infrastructure provisions and research and development funding. Despite the appeal, EU officials insisted that last month’s 1,061-page decision by the World Trade Organization was “mixed.” Legal experts, however, say Washington resoundingly won the first round as Brussels awaits a confidential verdict in September in a countersuit alleging illegal US aid for Boeing. The six-year-old dispute is moving with record slowness, and the EU appeal will again delay US hopes of speedy compliance with WTO rules on loans and other payments to the France-based planemaker — allowing European governments to first see the results of their complaint that Boeing receives millions in backdoor subsidies through NASA and US Defense Department contracts. The two rulings could set industry-defining guidelines, and ones that become even more important as new competitors from China and elsewhere emerge. But Airbus’ immediate concerns are that it can roll out well-tried funding strategies for the development of its mid-size, long-haul A350 XWB — to compete against Boeing’s 787 — and that a conclusive judgment on illegal aid doesn’t add a political hurdle to the company’s battle over a $35-billion US air force contract for refueling jets. The WTO’s ruling shows that Brussels recognized that Airbus has benefited from subsidies, but argued that the amount was negligible. The panel rejected this claim and said the EU’s calculations “vastly underestimate” the subsidies. The WTO’s own conclusion for the value of Airbus’ unfair advantage was censored on the grounds that it would reveal confidential business information. Demonstrating that the subsidies actually harmed Boeing was a key requirement for the US, which brought the case to the WTO in 2004 after pulling out of a 12-year-old agreement with the EU that regulated subsidies in the civil aviation industry between the two commercial superpowers. The EU initially claimed a success on this front, noting last month that US arguments of “material injury” for Boeing were rejected. But White & Case lawyer Brendan McGivern said that finding has only “limited” legal significance because the WTO acknowledged that the US suffered “adverse affects,” or lost sales, as European subsidies enabled Airbus to capture market share from Boeing among airliners in Europe and elsewhere. Airbus used billions of euros in low-interest government loans — commonly called “launch aid”— to develop the A380 superjumbo and other planes. Boeing wants its rival to give the money back until repayments reach what they might have been if the lending took place at market rates. But EU trade chief Karel De Gucht says the WTO has made “legal misinterpretations” in finding that EU loans were illegal, either for being contingent on exports or unfairly harming Boeing. The WTO’s appellate body is supposed to rule within three months, but the plane dispute is the costliest and most complicated in the trade organization’s 15-year history. Any ruling would be unlikely before next year, and the United States still has time to challenge findings it disagrees with. Most trade analysts expect the rivaling cases to eventually be solved through negotiations, even if the WTO can authorize retaliatory sanctions against countries that refused to play by the rules. That would still take years of litigation. Source: Home - Livemint.com | 21 Jul 2010 | 3:33 am Vardhaman Textiles to spend 3-3.2 bln rupees this fiscalMUMBAI (Reuters) - Vardhaman Textiles Ltd will spend 3-3.2 billion rupees this fiscal to set up 75,000 spindles, Chief Financial Officer Rajeev Thapar said on Wednesday.Source: Reuters: Money News | 21 Jul 2010 | 3:31 am Hyderabad Ind Q1 net profit down at Rs 27 7 cr - Moneycontrol.com
Source: Business - Google News | 21 Jul 2010 | 3:25 am Europe banks told to test on 2 adverse scenariosFRANKFURT (Reuters) - Europe's banks have been asked to estimate how much additional capital they would need to achieve a Tier 1 capital ratio of 6 percent under two "adverse" scenarios as part of stress tests on the industry.Source: Reuters: Money News | 21 Jul 2010 | 3:19 am How Altis Diesel fares against its competitors - Economic Times
Source: Business - Google News | 21 Jul 2010 | 3:15 am Evolvence launches third India-focused fund of $400 millionDubai-based alternative investment firm, Evolvence Capital, today announced the launch of Evolvence India Fund II--its third India focused fund.Source: HindustanTimes.com - Top Business News Headlines | 21 Jul 2010 | 3:11 am BP to sell $7 billion in assets, denies CEO leavingLONDON/HOUSTON (Reuters) - BP denied a report its embattled chief executive would leave soon, as it lined up $7 billion in asset sales to help pay for the worst oil spill in U.S. history, lifting its shares on Wednesday.Source: Reuters: Money News | 21 Jul 2010 | 3:09 am EU appeals against ruling in WTO Airbus caseGENEVA (Reuters) - The European Union appealed on Wednesday against a World Trade Organization ruling condemning its subsidies for Airbus, prolonging a dispute with the United States for at least several more months.Source: Reuters: Money News | 21 Jul 2010 | 3:05 am Hindustan Media lists at premium on debut - Hindustan Times
Source: Business - Google News | 21 Jul 2010 | 3:04 am REC aims to borrow $1 bln in overseas loansNEW DELHI (Reuters) - India's state-run lender Rural Electrification Corp (REC) aims to raise $1 billion through external commercial borrowings in the current financial year, the company's director of finance H. D. Khunteta said on Wednesday.Source: Reuters: Money News | 21 Jul 2010 | 3:00 am Hindustan Media lists at premium on debutHindustan Media Ventures Ltd's (HMVL) 2.7-billion-rupee IPO made a sparkling debut on Wednesday, rising as much as 13.6 per cent, continuing the trend in recent listings this year. Source: HindustanTimes.com - Top Business News Headlines | 21 Jul 2010 | 2:56 am Reckitt to buy Durex condom maker SSL for $3.8 bnLondon: Consumer goods group Reckitt Benckiser is to buy Durex condoms and Scholl sandals maker SSL for an agreed £2.5 billion ($3.8 billion) to increase its presence in health and personal care. The maker of Nurofen painkillers, Strepsils and Lemsip cold remedies is paying 1,171 pence per SSL International share, representing a 33% premium to Tuesday’s closing price. The price includes the 8 pence final dividend. Reckitt’s health and personal care business has been a key driver of its growth, and the premium being paid for the condom and foot products maker underscores the value attached to key health and consumer brands by large groups looking to diversify. Reckitt chief executive Bart Becht said the acquisition should increase the group’s health and personal care net revenues by over 36% to around £2.8 billion, one third of the group’s total revenues. The deal would also provide a step change in the size of its business in China and Japan, Reckitt said, adding it expected cost synergies in the region of £100 million pounds a year from the combined group by the end of 2012. SSL’s board recommended the offer, which chairman Gerald Corbett said was four times the level of the company’s share price five years ago. “Reckitt Benckiser is a well regarded company and I am sure our brands and people will be in good hands,” he said. Becht was the best-paid chief executive in the FTSE 100 last year, taking home £92 million mostly due to options and bonuses after Reckitt’s shares outperformed the index by three-and-a-half times over his 10-year tenure. Shares in SSL rose 33% to the offer price of 1,171 pence, while Reckitt was up 2.2% by 0805 GMT. Analysts said Durex and Scholl would slot into Reckitt’s strategy of focusing on its 17 top brands. “It’s a great price and I think it’s an excellent strategic fit for Reckitt Benckiser,” said Panmure Gordon analyst Damian McNeela. He said another bidder was unlikely to step in as Reckitt was in a unrivalled position to extract value from SSL by adding its products to Reckitt’s “power brands”, which also include Cillit Bang cleaners and Finish dishwash products Shore Capital said the £2.54 billion price, plus debt of £41 million, represented a “chunky” multiple of 3.2 times sales, but the £100 million of planned synergies made the medium-term multiples more compelling. “We believe the proposed acquisition represents good business for Reckitt’s, increasing the exposure to consumer healthcare whilst offsetting some of the ongoing challenges from the sluggish European consumer and the uncertainty surrounding (heroin substitution drug) Suboxone,” said analyst Darren Shirley. Source: Home - Livemint.com | 21 Jul 2010 | 2:48 am Reckitt to buy Durex condom maker SSL for $3.8 bnLondon: Consumer goods group Reckitt Benckiser is to buy Durex condoms and Scholl sandals maker SSL for an agreed £2.5 billion ($3.8 billion) to increase its presence in health and personal care. The maker of Nurofen painkillers, Strepsils and Lemsip cold remedies is paying 1,171 pence per SSL International share, representing a 33% premium to Tuesday’s closing price. The price includes the 8 pence final dividend. Reckitt’s health and personal care business has been a key driver of its growth, and the premium being paid for the condom and foot products maker underscores the value attached to key health and consumer brands by large groups looking to diversify. Reckitt chief executive Bart Becht said the acquisition should increase the group’s health and personal care net revenues by over 36% to around £2.8 billion, one third of the group’s total revenues. The deal would also provide a step change in the size of its business in China and Japan, Reckitt said, adding it expected cost synergies in the region of £100 million pounds a year from the combined group by the end of 2012. SSL’s board recommended the offer, which chairman Gerald Corbett said was four times the level of the company’s share price five years ago. “Reckitt Benckiser is a well regarded company and I am sure our brands and people will be in good hands,” he said. Becht was the best-paid chief executive in the FTSE 100 last year, taking home £92 million mostly due to options and bonuses after Reckitt’s shares outperformed the index by three-and-a-half times over his 10-year tenure. Shares in SSL rose 33% to the offer price of 1,171 pence, while Reckitt was up 2.2% by 0805 GMT. Analysts said Durex and Scholl would slot into Reckitt’s strategy of focusing on its 17 top brands. “It’s a great price and I think it’s an excellent strategic fit for Reckitt Benckiser,” said Panmure Gordon analyst Damian McNeela. He said another bidder was unlikely to step in as Reckitt was in a unrivalled position to extract value from SSL by adding its products to Reckitt’s “power brands”, which also include Cillit Bang cleaners and Finish dishwash products Shore Capital said the £2.54 billion price, plus debt of £41 million, represented a “chunky” multiple of 3.2 times sales, but the £100 million of planned synergies made the medium-term multiples more compelling. “We believe the proposed acquisition represents good business for Reckitt’s, increasing the exposure to consumer healthcare whilst offsetting some of the ongoing challenges from the sluggish European consumer and the uncertainty surrounding (heroin substitution drug) Suboxone,” said analyst Darren Shirley. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 2:48 am BSE to launch SME exchange by year-end - The Hindu
Source: Business - Google News | 21 Jul 2010 | 2:45 am Yes Bank quarterly net beats f'cast on loan growthMUMBAI (Reuters) - Private-sector lender Yes Bank on Wednesday posted a 56 percent rise in net profit during the April-June quarter, helped by higher credit growth that pushed up interest income for the bank.Source: Reuters: Money News | 21 Jul 2010 | 2:44 am Ruia Group to bid for Ssangyong by August 10MUMBAI (Reuters) - Ruia Group, which controls tyremakers Dunlop Ltd and Falcon Tyres, plans to bid for troubled South Korean carmaker Ssangyong Motor by Aug 10, a spokesman for the Indian firm told Reuters.Source: Reuters: Money News | 21 Jul 2010 | 2:35 am Nokia Siemens wins $7bn US dealNokia Siemens Networks (NSN) has won an eightyear contract worth more than USD 7 billion in the United States, a deal analysts said could be the largest order ever placed in the mobile telecoms gear industry.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 2:33 am Bajaj Auto Finance Q1 net profit up 3 foldMumbai: Bajaj Auto Finance Wednesday reported a three-fold jump in net profit at Rs46.8 crore for the first quarter ended 30 June 2010, on the back of increased loan disbursal. The company had reported a net profit of Rs15.2 crore in the same quarter a year ago, Bajaj Auto Finance informed the Bombay Stock Exchange. The net interest income during the quarter increased by 51% at Rs224 crore compared to Rs148.2 crore in the same quarter in the previous fiscal. At the same time, loan disbursal during the quarter almost doubled at Rs2,046 crore compared to Rs1,046 crore in the first quarter in 2009-10. However, the loan loss provisions increased by 13% to Rs60.6 crore from Rs53.6 crore in the same quarter in the last fiscal. During the quarter, the company raised Rs490 crore of longer tenor borrowing to strengthen its resource base, it said. The company also launched two new product lines during April-June quarter namely construction equipment finance and Retail loan against Securities. Shares of the company were trading at Rs546.90, up 0.90% on the Bombay Stock Exchange. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 2:27 am Workers strike for higher pay at Omron plant in ChinaGUANGZHOU, China (Reuters) - Japanese electronics maker Omron confirmed that workers at its factory in southern China went on strike for higher pay, the latest such action by workers wanting a piece of China's growing economic wealth.Source: Reuters: Money News | 21 Jul 2010 | 2:21 am HC pulls up RIL for starting project without green nodChennai: The Madras High Court has taken exception to Reliance Industries going ahead with a gas pipeline related project in the union territory of Puducherry without obtaining environmental clearance in advance. Passing an order on a PIL filed by S Sai Kumar, hailing from Yanam, a territory of Puducherry, a Division Bench comprising Justices Prabha Sridevan and G M Akbar Ali said yesterday that the fact that Reliance had obtained approval after commencing the project was not enough. The court also asked the Puducherry government to ask for and obtain an environment impact report from experts, since the project area spread over mangrove forests. The Bench said it was disturbed by the company’s attitude and expected it to have greater social responsibility. “If an environment disaster strikes, it will strike the mighty and the weak equally. We do not understand why the company should have commenced production and then obtained approval”, the bench said. In his petition, Kumar asked the court to restrain the respondents from establishing a ‘block valve station´ for the pipeline project in Dariyalatippa village without due process of law as laid down in the Madras River Conservancy Act. He said he apprehended there would be environmental damage if the project was established. The Puducherry government and the company had entered into an MoU for implementing a national gas development project. Twentyfive per cent of the local population were fishermen dependent on the river. If the project was not halted, then, by virtue of destruction of coconut plantation and mangrove forests, the possibility of flooding would increase, the petitioner said. The mangrove forests should be protected, Kumar said in his petition. Disposing of the petition, the bench said the applicant should come forward with an environmental management plan, which must be cleared by experts. To prevent possible future damage, the government should also be satisfied that the damage was not irreversible. The applicant should be prepared and must sufficiently secure the cost of reversing any damage, the bench said. The government should also have in place necessary infrastructure to maintain periodical survey and enforce stipulations subject to which the permission may be granted. Before granting approval, the government should call upon the company to publish its proposal so that the public, particularly those who were likely to be affected, were made aware of the proposed action. This would ensure transparency in the process and at least safeguard against a possible misjudgement if a mishap occurs, the bench said. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 2:18 am Thermax Q1 net beats forecast, order book surgesMumbai: Capital goods maker Thermax posted an expectations busting jump in profit for the quarter ending June, on a strong growth in both energy and environment segments. Pune-based Thermax posted 42% jump in standalone net profit for the quarter to Rs66.17 crore, while a Reuters poll of brokerages had a forecast of Rs59.6 crore. The firm’s unexecuted orderbook surged 96% on year in the quarter to Rs6,330 crore, while the consolidated order book stood at Rs6,984 crore -- a 104% rise, it said in statement. “The order inflow momentum is quiet strong...order book itself would drive stronger growth through the quarters this year,” said Gopal Ritolia, analyst at brokerage IIFL. It reported a 49% growth in net sales to Rs779 crore, against a poll forecast of Rs713 crore. Revenues from the environment segment jumped 75% to Rs220 crore, while the larger energy segment rose 43% to Rs606 crore, it said. At 12:34 am, Thermax shares were up 2.05% to Rs785.5 on the Bombay Stock Exchange. Thermax, with a market valuation of $1.95 billion, gained 26.5% since January. Source: Home - Livemint.com | 21 Jul 2010 | 2:14 am India keen to buy BP’s Vietnam assets: DeoraHanoi, Vietnam: With BP Plc looking at selling interest in some fields to fund its the Gulf of Mexico oil spill liability, India is pitching for buying the British energy giant’s stake in the $1.3 billion Nam Con Son gas project in Vietnam. Oil minister Murli Deora flew to Vietnamese Capital on Wednesday morning with heads of bluechip Indian oil firms to lay a claim with Hanoi on BP’s stake in two offshore gas fields, a pipeline and power project - together referred as Nam Con Son, Vietnam’s largest gas project. “This is a great opportunity for us. The gas fields were originally allocated to us but due to foreign exchange crisis of 1990s, we had to farm-out (give away) some stake to BP. We will like to get back that stake,” Deora said ahead of his meetings with Vietnamese Prime Minister Nguyen Tan Dung and government-run PetroVietnam. BP is considering selling fields in Colombia, Venezuela and Vietnam in order to meet the $20 billion clean-up bill of the worst US spill. It had in June announced a $10 billion asset sale programme to pay the costs of compensating victims of the Gulf of Mexico oil spill caused by the blowout of the Macondo well in April. China’s CNOOC and Sinopec, as well as Thailand’s PTTEP may also be interested in BP’s stake in the Vietnam project. ONGC Videsh, the overseas arm of state-run Oil and Natural Gas Corporation, already has 45% stake in the offshore gas fields where BP has 35% and the balance is with PetroVietnam. A 370-km pipeline ships the gas produced from the fields to onshore power plants. BP has 32.33% stake in the $565 million pipeline where its other partners are ConocoPhillips (16.7%) and Petrovietnam (51%). Source: Home - Livemint.com | 21 Jul 2010 | 2:05 am Toyota India says sales to nearly treble in 2011NEW DELHI (Reuters) - Toyota's India unit sees its sales close to trebling in 2011 from last year as sales of its compact Etios cars get under way, a senior executive said on Wednesday.Source: Reuters: Money News | 21 Jul 2010 | 1:44 am Toyota Kirloskar says sales to nearly treble in 2011New Delhi: Toyota’s India unit sees its sales close to trebling in 2011 from last year as sales of its compact Etios cars get under way, a senior executive said on Wednesday. Toyota Kirloskar Motor expects to sell 150,000 vehicles next year, with close to half coming from Etios, which will be launched at the end of this year. “If we produce 70,000 (Etios) cars, sales would be anywhere between 65,000 to 67,000 (units),” deputy managing director Sandeep Singh told reporters. The compact car is being manufactured at a second plant near Bangalore, with an initial capacity of 70,000 units. Toyota’s India head Hiroshi Nakagawa ruled out producing a car smaller than Etios. Earlier this month, Toyota said it would invest $103 million to produce engines and transmission systems for Etios, which has been developed for the local market. Toyota’s products in India include the popular Innova and Fortuner sport utility vehicles, Corolla Altis and Camry sedans, Prius hybrid and the Land Cruiser. In 2009, Toyota Kirloskar Motor sold 55,497 vehicles in India. It expects sales to rise to more than 70,000 units this year. Source: Home - Livemint.com | 21 Jul 2010 | 1:40 am Adani Enterprises to raise up to $850m via QIPAdani Enterprises which is involved in coal mining and power generation, has launched a share sale to institutional investors to raise up to USD 850 million, sources with direct knowledge of the deal said on Tuesday.Source: Moneycontrol Top Headlines | 21 Jul 2010 | 1:39 am IDBI Bank board to consider Rs 3,119 cr govt funding tomorrowPublic sector lender IDBI Bank today said its board will meet tomorrow to consider government fund infusion to the tune of Rs 3,119.04 crore.Source: HindustanTimes.com - Top Business News Headlines | 21 Jul 2010 | 1:33 am Hindustan Media lists at premium on debutMUMBAI (Reuters) - Hindustan Media Ventures Ltd's (HMVL) 2.7-billion-rupee IPO made a sparkling debut on Wednesday, rising as much as 13.6 percent, continuing the trend in recent listings this year.Source: Reuters: Money News | 21 Jul 2010 | 1:30 am Toyota launches diesel version of Corolla AltisThe world's largest carmaker, Toyota, today launched the diesel version of its premium sedan Corolla Altis in India, priced between Rs 10.95 lakh and Rs 13.75 lakh.Source: HindustanTimes.com - Top Business News Headlines | 21 Jul 2010 | 1:06 am SBI plans 5-yr dollar bond issueHong Kong: State Bank of India (SBI) plans to issue a five-year dollar bond after meeting with investors this week, a source close to the deal said on Wednesday. Bank of America Merrill Lynch, Citigroup Deutsche Bank, HSBC, Royal Bank of Scotland and UBS were hired to manage the deal. The issuer is on the last leg of a roadshow, which will end in New York later on Wednesday. It also met investors in London, Los Angeles, Boston, New York, Singapore, Hong Kong, Frankfurt and Zurich. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 12:30 am Rupee gains 11 paise against dollar in early tradeThe rupee today gained 11 paise to 47.23 a dollar in early trade largely on the back of fresh capital inflows by foreign funds.Source: HindustanTimes.com - Top Business News Headlines | 21 Jul 2010 | 12:23 am Aircraft ‘black box’ inventor diesSydney: The Australian inventor of the “black box” flight data recorder, a crucial component of plane crash investigations, has died aged 85, officials said Wednesday. David Warren came up with the idea after probing the crash of the world’s first commercial jet, the Comet, in 1953. He died on Monday, Australia’s defence department said. “Dr. Warren’s flight data recorder has made an invaluable contribution to safety in world aviation,” the department said in a statement. Warren was an aeronautical researcher based in Melbourne when he worked on the mysterious Comet disaster, and realized that a cockpit recording of voices and data would have helped the investigation. After an initial lack of interest from authorities, he built the prototype “black box” in 1956. It was able to store four hours of voice recordings and instrument readings. The idea was slow to catch on and was not made mandatory in Australian aircraft for another 10 years. However, the device’s modern equivalent is now used in passenger aircraft around the world. Warren, who was born in 1925 in a remote part of north-eastern Australia, is survived by his wife, four children and seven grandchildren. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 12:18 am Italy’s Fiat approves demerger into 2 companiesMilan: Fiat says its board has approved its demerger creating two companies as the Italian automaker reports a return to second quarter profits with earnings of €90 million. Fiat’s board on Wednesday approved the plan to separate its industrial and auto businesses into two distinct companies in order to give birth to a global automotive company that will incorporate Chrysler LCC. The plan was announced in April. Fiat’s second-quarter earnings compares with a loss of €168 million ($238 million) in the same period last year. Fiat said in a release that the improved earnings were due to an increase in sales especially by its auto and agriculture businesses. Fiat sells cars under the Fiat, Lancia and the Alfa Romeo brands, as well as trucks, farm and construction equipment. Source: Home - Livemint.com | 21 Jul 2010 | 12:16 am Italy’s Fiat approves demerger into 2 companiesMilan: Fiat says its board has approved its demerger creating two companies as the Italian automaker reports a return to second quarter profits with earnings of €90 million. Fiat’s board on Wednesday approved the plan to separate its industrial and auto businesses into two distinct companies in order to give birth to a global automotive company that will incorporate Chrysler LCC. The plan was announced in April. Fiat’s second-quarter earnings compares with a loss of €168 million ($238 million) in the same period last year. Fiat said in a release that the improved earnings were due to an increase in sales especially by its auto and agriculture businesses. Fiat sells cars under the Fiat, Lancia and the Alfa Romeo brands, as well as trucks, farm and construction equipment. Source: World Business - Livemint.com | 21 Jul 2010 | 12:16 am Clinton and Gates visit Korea at Demilitarised ZonePannumjom, South Korea: US secretary of state Hillary Clinton and defense secretary Robert Gates on Wednesday visited the zone dividing the two Koreas, underlining support for Seoul in its latest standoff with the North. Gates earlier announced that US and South Korean troops would hold joint exercises next weekend, a move criticised by North Korea and its only powerful ally, China. “We continue to send a message to the North: that there is another way,” Clinton said at the Demilitarised Zone (DMZ) that has divided the peninsula since the end of the 1950-53 Korean War and for which there is still no formal peace treaty. “But until they change direction, the United States stands firmly on behalf of the people and the government of the Republic of Korea.” Nearly two million troops are located either side of the 4-kilometre wide, 245-kilometre long border. Tension has risen on the peninsula after South Korea accused its hermit neighbour of sinking one of its warships in March, killing 46 sailors. Pyongayng denies it was responsible. The United Nations Security Council issued a statement condemning the sinking but, under apparent pressure from China, did not name North Korea as the culprit. Clinton and Gates peered through binoculars at Observation Point Ouellette, a sand-bagged perch on a hilltop manned by US and South Korean soldiers. Under a slight drizzle, a massive North Korean flag was flying in the distance. North Korean television late on Tuesday denounced the planned US-South Korea naval and air exercises that begin July 25 off the Korean peninsula’s east coast. “The naval exercises threaten our territory and peace and security in our country,” factory worker, Rim Dong-hun told North Korean state television. “It makes my blood boil.” China, North Korea’s closest ally, has also criticised the drills. On Tuesday, Chinese state television showed China’s own navy was conducting exercises in the Yellow Sea that included helicopters and a submarine. North Korea, increasingly isolated from the international community by sanctions following two nuclear tests and the sinking of the South Korean ship, is desperate for aid and investment to help its crumbling economy. “In the 20 years since I last climbed that observation tower and looked out across the DMZ, it’s stunning how little has changed up there and yet how much South Korea continues to grow and prosper,” said Gates. “The North, by contrast, stagnates in isolation and deprivation.” South Korea, a generous aid and investment partner for a decade under liberal presidents, has all but cut contact with North Korea under conservative President Lee Myung-bak. Pyongyang, though it routinely denounces Lee as a “traitor”, has recently signalled it wants a return to denuclearisation talks with regional powers that stalled in 2008. “The South Korea-US alliance is a strong deterrent to North Korea,” said Tom Byrne, a senior vice president at credit rating agency Moody’s. “China is also interested in stability on the Korean peninsula and will not bankroll any invasion.” Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 12:10 am CII getting ready to gauge companies on a green indexHow green is your business? This may well be CII's poser to Indian companies as it readies to rate them on the environment friendliness of their practices andSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am MCX-SX goes to court to get nod for tradingMCX Stock Exchange has filed a petition against SEBI in the Bombay High Court over delay in granting it full-fledged stock exchangeSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am Can the Olympics turn East London to prosperity?Holden Point, a bleak-looking no-frills tower block, providing sheltered housing to elderly East London residents, may seem like an unlikely centre-piece of the city's forthcoming Olympic Games. Yet, the 22-storey building is the vantage point,Source: Business Line - Home Page | 21 Jul 2010 | 12:00 am Bilpower (Rs 202.4): BuyWe recommend a buy in the stock of Bilpower from a short-term perspective. It is apparent from the charts of the stock that it has been on an intermediate-term uptrend since its November 2008 low of Rs 60. However, encountering key resistance atSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am India hauls Netherlands to WTOIt has taken authorities in the Netherlands to the World Trade Organisation's Dispute Settlement Body (DSB) over the seizure of Indian drug exports in the Netherlands, on allegations ofSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am IDBI Bank plans Rs 3,119-cr preference issue to GovtIDBI Bank plans to raise Rs 3,119 crore through preferential issue of equity shares to the Government. The infusion will augment the bank's capital adequacy and help grow itsSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am Court grants bail to former Satyam officialsJust over 18 months after the Satyam Computer scam broke out, nine of the 10 accused in the Rs 7,136-crore financial fraud stand released from judicial custody onSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am Insurance funds soon for infrastructure: PranabThe Union Finance Minister, Mr Pranab Mukherjee, on Tuesday said the Insurance Regulatory and Development Authority and the Planning Commission will develop a framework to give a further fillip to infrastructure financing by the insuranceSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am Day Trading GuideThe stock is testing key resistance at Rs 900 levels. Initiate fresh long position only if ICICI Bank jumps above Rs 900 levels with tightSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am Insider trading shows selling on the riseIs a market correction on the cards? Company insiders think so, shows an analysis of insiderSource: Business Line - Home Page | 21 Jul 2010 | 12:00 am Sesa Goa: Higher iron ore prices to drive future earnings - Economic Times
Source: Business - Google News | 20 Jul 2010 | 11:42 pm Shares rise 0.5%; metals, automakers gainMumbai: Indian shares rose 0.5% in early trade on Wednesday as investors remained bullish ahead of major earnings in the next few sessions, with sentiment boosted by firmer Asian markets and overnight gains on Wall Street. Energy major Reliance Industries and construction conglomerate Larsen & Toubro led the gains, with metal firms and auto stocks also advancing. “The undertone in the market is fairly bullish. There is no major negative cues, and people are in no hurry to get out. We are waiting for the major results,” said Gajendra Nagpal, chief executive at Unicon Financial. By 10:51 am, the BSE 30-share index Sensex was trading up 0.45% at 17,958.00 points, with 23 of its components gaining. The index had risen as much as 0.6% early and was trading in a narrow range. In the broader market, gainers were more than double the number of losers, underlining the market sentiment. About 116 million shares have been traded so far. Index heavyweight Reliance Industries, which had declined in the past three sessions, was up 0.4% at Rs1,057.15. Shares in metal firms were up after metal futures rose on the London Metal Exchange on Tuesday, helped by shrinking inventories and a surprise increase in US applications for building permits that suggested a pick up in construction activity. Tata Steel, the world’s seventh largest steelmaker, was up 1.5% to Rs517.10, Sterlite Industries gained 1.7% at Rs169, while Hindalco Industries rose 0.6% to Rs153.55. Auto stocks were among the gainers on hopes of strong earnings in the next few days, given the strong sales volumes in the last few months. Bajaj Auto, which will report quarterly earnings on Thursday, was up 0.7%, while leading carmaker Maruti Suzuki, due to announce its earnings on Saturday, rose 0.9%. Mahindra & Mahindra was up 3%. Largest lender State Bank of India and HDFC Bank bucked the positive trend over concerns of a rise in interest rates later this month and were trading down 0.1% and nearly 0.5% respectively. The NSE 50-share index Nifty was up 0.5% at 5,392.80 points. The MSCI’s measure of Asian markets other than Japan was up 0.37%, while Japan’s Nikkei shed 0.26%. Source: Home - Livemint.com | 20 Jul 2010 | 11:25 pm BP’s Hayward may step down; to sell assets to ApacheLondon: BP Plc chief executive Tony Hayward is to step down within the next 10 weeks, The Times reported on Wednesday. Hayward has been under pressure to resign as the British-based company battles to contain an oil spill in the Gulf of Mexico. There is a growing expectation that Hayward would announce his departure in late August or September, the Times said, citing sources close to the company. Hayward would have to step down so that BP could shore up its defences against a potential buyout threat by ExxonMobil or Royal Dutch Shell, the newspaper cited a person close to the matter as saying. Robert Dudley, chief of BP’s Gulf Coast restoration efforts, is viewed as the front-runner to replace Hayward, The Times said. BP officials were not immediately available for comment. BP said last month that Hayward, criticised for his response to the disaster that started on 20 April, was still CEO with no change under discussion. BP said on Tuesday it reached a $7 billion deal with Apache Corp, a large part of its planned sale of $10 billion in assets to pay for the worst oil spill in US history. Apache deal BP Plc said on Tuesday it reached a deal to sell $7 billion in assets to Apache Corp as the British oil company raises money to cover costs related to the oil spill in the Gulf of Mexico. Apache, known for buying undercapitalized assets from oil majors and making them produce more, has made several sizable acquisitions in recent months. In this purchase, the independent US oil and gas company will buy oil and gas properties in Texas, western Canada and Egypt, and BP will get a $5 billion cash deposit on 30 July as part of the deal. BP shares rose 1% in after-hours trading. “We have achieved an excellent price for a set of properties that are worth more to others than BP,” chief executive Tony Hayward said in a statement. The divestment is part of BP’s previously announced plan to sell $10 billion in assets for costs related to the crude oil leak caused by its deepwater Macondo well. The well ruptured after an explosion on 20 April, killing 11 workers and causing an environmental disaster. Earlier in the day, BP said it would sell $1.7 billion worth of assets in Vietnam and Pakistan. Apache will fund its deal with debt, equity and cash. The exploration and production company plans to issue 21 million common shares and $1.1 billion of convertible preferred shares, and its stock fell 2.6% in extended trade as a result. Source: Home - Livemint.com | 20 Jul 2010 | 11:04 pm Google revamps its image searchGoogle Image Search, indexing around 10 billion images, has been overhauled adding a number of features that should allow consumers to more quickly and easily find online pictures and art.Source: HindustanTimes.com - Top Business News Headlines | 20 Jul 2010 | 10:46 pm Sensex rebounds 105 points in opening tradeThe Bombay Stock Exchange benchmark Sensex today opened 105 points high on emergence of foreign funds buying amid a firming Asian trend.Source: HindustanTimes.com - Top Business News Headlines | 20 Jul 2010 | 10:46 pm Rupee bounces off 6-week low on dollar salesMumbai: The rupee bounced off six-week lows on Wednesday after two large companies sold dollars, with sentiment also supported by early gains in domestic shares and other Asian peers. By 10:10 am, the partially convertible rupee was at 47.27/28 per dollar, stronger than 47.35/36 at close Tuesday when it had hit 47.3850 during trade, its lowest since 7 June. “The rupee has edged up a bit today due to some corporates selling dollars raised via qualified institutional placements,” said Nitesh Kumar, an interbank dealer with Development Credit Bank. “But it looks weak. I see the INR going down to 47.50 by Friday.” Indian shares rose 0.4% early tracking stronger regional sharemarkets and overnight gains in US stocks. Foreign fund flows into and out of the sharemarket are a key factor that influence the rupee. So far in 2010, foreign investors have invested a net $8.7 billion in Indian shares, adding to last year’s record $17.5 billion. Finance minister Pranab Mukherjee said on Tuesday the quantum of capital flows into the country is comfortable and manageable. Most Asian currencies also rose against the dollar. The index of the dollar against six major currencies was little changed and would be watched for cues during the day, dealers said. The euro inched up against the dollar on Wednesday, after being knocked from a 10-week high above $1.3000 the previous day due to profit-taking ahead of euro zone bank stress test results this week. One-month offshore non-deliverable forward contracts were quoted at 47.50, weaker than the onshore spot rate, suggesting a bearish near-term outlook. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at 47.3250, with the total traded volume on the two exchanges at about $770 million. Source: Home - Livemint.com | 20 Jul 2010 | 10:29 pm Asian markets rise as Apple result lifts tech sectorSeoul: Asian stock markets mostly posted mild gains Wednesday after better-than-expected earnings from technology bellwether Apple nudged Wall Street higher. Oil prices, meanwhile, traded below $78 a barrel after a report showed US crude supplies fell less than expected last week, suggesting demand for fuel is still tepid. Gainers in Asian markets included tech stocks, which climbed after Cupertino, California-based Apple Inc. blew past expectations with its latest quarterly report Tuesday. The company’s net income rose 78% to $3.25 billion and revenue for the April-June period rose 61% to a record high of $15.7 billion. Apple’s result helped offset some of the gloom generated by mixed economic figures and other corporate results this week which disappointed investors. Goldman Sachs posted an 83% plunge in second quarter net income while Yahoo and IBM both reported revenue short of expectations. Apple’s results “brought some positive sentiment to all the technology stocks,” said Jackson Wong, vice president at Tanrich Securities in Hong Kong. But others cautioned Apple’s results should be seen as specific to the company and urged caution about growth prospects for the technology sector as a whole. There are “quite muted” expectations for personal computer demand in the United States and Europe, said Mark Tan, who helps manage about $10.9 billion of equities and bonds at UOB Asset Management in Singapore. Japan’s Nikkei 225 stock average gave up early gains to fall 61.33 points, or 0.7%, to 9,239.13 and has lost about 5% in the past three sessions. Hong Kong’s Hang Seng was up 0.5% at 20,362.00, South Korea’s Kospi added 0.4% to 1,744.26 and Australia’s benchmark rose 0.2% to 4,410.10. China’s Shanghai Composite Index was little changed after big gains in the previous two sessions amid expectations that Chinese authorities are likely to moderate efforts to cool the world’s No. 3 economy. “A lot of global demand now centers on Chinese demand,” said UOB’s Tan. “There has been the expectation that the government is not going to implement any more tightening measures the rest of the year.” Elsewhere, markets in India, Taiwan and Indonesia rose while benchmarks in Singapore and Thailand were moderately lower. Among technology stocks, Nintendo Co. rose 1.2% in Tokyo and Samsung Electronics Co. advanced 1.5% in Seoul. In Australia, miner BHP Billiton Ltd. was up 1.2% after reporting iron ore production rose 16% in the April-June quarter. The Dow Jones industrials rose 0.7% to 10,229.96 in an erratic day of trading Tuesday. The broader Standard & Poor’s 500 index rose 1.1% to 1,083.48, and the Nasdaq composite index climbed 1.1% to 2,222.49. In currencies, the dollar fell to 87.08 from 87.32 yen in New York late Tuesday. The euro eased to $1.2882 from $1.2892. Benchmark crude for September delivery was down 7 cents to $77.51 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 68 cents to settle at $77.58 on Tuesday. Source: Home - Livemint.com | 20 Jul 2010 | 10:16 pm US stocks rise on Goldman, AppleNew York: US stocks rose for a second consecutive day on Tuesday, led by gains in shares of Goldman Sachs and strength in beaten-down homebuilders and raw materials companies. Goldman Sachs Group Inc rose 2.2% as buyers materialized after an early selloff on news the investment bank’s quarterly earnings tumbled 82%, steeper than forecast. “Most stocks opened weaker, so it was a buying opportunity for people willing to take the risk,” said Peter Costa, president at Empire Executions in New York. The Dow Jones industrial average rose 75.53 points, or 0.74%, to 10,229.96. The Standard & Poor’s 500 Index gained 12.23 points, or 1.14%, to 1,083.48. The Nasdaq Composite Index added 24.26 points, or 1.10%, to 2,222.49. Stock could extend gains for a third straight day as futures rose after Apple Inc reported results that surpassed Wall Street’s forecasts. Shares of Apple, maker of the iPhone and iPad, gained 3.2% to $260 in extended-hours trading. Buyers come in late Some market analysts said the late buying during the regular session was driven in part by speculation that the US Federal Reserve would take steps to spur lending by eliminating interest paid on excess bank reserves held at the Fed. The S&P 500 hit a session low near a key support level of 1,060, the 23.6% retracement of the index’s 2010 high-to-low slide. Housing starts fell more than expected in June, the government said, but applications for building permits, a measure of future activity, unexpectedly rose. “It looks like things have turned around on economic news, which was better than earnings today,” said Andy Fitzpatrick, director of investments at Hinsdale Associates, in Hinsdale Illinois. Weyerhaeuser Timber Co shot up 3.9% to $15.96 and the Morgan Stanley housing index gained 4.2%. The materials sector, up 2.9%, led gains on the S&P 500, helped by a 2.5% jump in copper futures -- the largest daily percentage gain in almost a month. Despite some indicators signaling a possibly overbought level, investment bank Goldman Sachs’ technical momentum and its moving average convergence divergence point to a near-term rally. “Short-term, the stock has a decent shot to move back up to around a $165-$175 potential target,” said Vinny Catalano, investment strategist with Blue Marble Research in New York. The S&P energy index was up 1.9%, helping to underpin the market. Crude oil settled up 1.2% at $77.44 per barrel. Revenue misses are punished International Business Machines Corp fell 2.5% to $126.55 a day after reporting quarterly revenues missed estimates as new technology services contracts declined.. IBM, the world’s biggest technology services company, was the top drag on the Dow. Texas Instruments Inc also missed revenue expectations due to weaker-than-expected orders from one mobile phone customer, and shares of the chipmaker dropped 3% to $24.78. In after-hours trading, Internet company Yahoo Inc dropped 6.3% to $14.25 after net revenue fell short of Wall Street expectations. About 8.22 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq during regular hours, below last year’s estimated daily average of 9.65 billion. Advancing stocks outnumbered declining ones on the NYSE by a ratio of more than 4 to 1, while on the Nasdaq, about 12 stocks rose for every five that fell. Source: LatestNews-Home - Livemint.com | 20 Jul 2010 | 9:27 pm Irda's fiat on insurance agents finds many supporters - Economic Times
Source: Business - Google News | 20 Jul 2010 | 4:12 pm Cinemax planning to raise USD 3040 millionCinemax is planning to raise USD 30 40 million, reports CNBCTV18 quoting VCcircle. The film exhibition company is scouting for private equity partner to raise funds.Source: Moneycontrol Top Headlines | 20 Jul 2010 | 3:58 pm Case for a recast of employee insurance scheme gets strongerConstitute a panel to help transform Employees State Insurance Corporation into a top-class health service provider.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 3:29 pm Government won't interfere with regulators: Pranab Mukherjee'The government stand is very clear that the regulators will enjoy the autonomy which has been given to them by the Act passed by the Parliament', the finance minister said.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 3:25 pm Elder Health mulls foray into foodsElder currently has 10 collaborations with various national and international brands such as VLCC, US-based Combe, Blistex of US and Haw Par of Singapore.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 3:21 pm Wage board likely for tea workersThe proposal to form an independent wage board has been forwarded by the West Bengal labour department to the Union labour ministry.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 3:17 pm Sesa Goa is watching news on export tax closelyPK Mukherjee, managing director, Sesa Goa said that the steel ministry is now talking about this super tax as it can see that iron ore miners are making a lot of money.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 3:15 pm Rocketing on iron ore Sesa GoaSesa Goa, which draws around 90% of its overall revenues from mining, beneficiation and export of iron ore, benefited from the huge surge in iron ore prices globally.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 3:09 pm Environment ministry blocks NTPC's Uttarakhand hydel projectThe Rupsiabagar-Khasiyabara project was to be set up on river Goriganga in Uttarakhand. NTPC had signed a MoU with the state government to prepare detailed project report for obtaining clearances from statutory authorities.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 3:04 pm NHPC Ltd nears deal for 3 Orissa plantsNHPC's current capacity stands at 5,322 mw and it plans to augment this to about 10,000 mw by the end of the current Five Year Plan (2007-12).Source: Daily News & Analysis: Money News | 20 Jul 2010 | 2:52 pm Tax time is here againRs 1.60 lakh for men, Rs 1.90 lakh for women and Rs 2.40 lakh for senior citizens. If your income for 2009-10 was above that, you have 10 days left.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 2:52 pm Debt funds stick to short-term papers as cash remains tightIn May, liquidity got a jolt due to the huge cash outgo on account of 3G spectrum auction payment.Source: Daily News & Analysis: Money News | 20 Jul 2010 | 2:48 pm Whirlpool raises 2010 outlook after strong quarterWhirlpool Corp beat quarterly profit and sales estimates on strong demand from Asia and Latin America, prompting the world\'s largest appliance maker to raise its outlook for the year.Source: Moneycontrol Top Headlines | 20 Jul 2010 | 2:39 pm New regulatory plan for large financial housesThe government has proposed a new regulatory architecture for large financial institutions, by establishing a college of supervisors comprising representatives from various regulatory agencies.Source: Business Standard | Front Page Headlines | 20 Jul 2010 | 1:25 pm MCX-SX takes Sebi to courtPetition against delay in clearing application to operate as full-fledged stock exchange.Source: Business Standard | Front Page Headlines | 20 Jul 2010 | 1:24 pm As Indian traffic picks up, Boeing sees revival in orders this yearFarnborough, UK: US-based aircraft maker Boeing Co. expects new orders from Indian carriers in the second half of 2010 as the passenger market expands and more local airlines start flying international routes. The company is also expecting changes to its existing order book from Air India and Jet Airways (India) Ltd as these carriers expand operations. Click here To view exclusive pictures of the Boeing Dreamliner from Farnborough “I have always said there would be some orders next year in keeping with the true potential of India,” Boeing India chairman Dinesh Keskar said on the sidelines of an air show. “And in some instances, depending on the lead time issues, some (orders) could be this year.” Keskar did not specify if some of the orders would be from SpiceJet Ltd, which has recently been taken over by Kalanithi Maran, but indicated that most other carriers in India that use a Boeing fleet already have healthy orders in place. “As they define the plans, we will be there to help them,” he said, referring to SpiceJet, which flies 21 Boeing 737 aircraft and is now also going international. The low-cost carrier will induct just over half a dozen more planes till 2012, according to its current plans. Indian airlines registered a passenger growth of about 22% in the first half of 2010 on the back of an economic recovery, leaving behind a sluggish 7% growth last year. As many as 25.71 million passengers travelled on domestic carriers between January and June, compared with 21.09 million in the same time last year, a rise of 21.9%. The growth in passenger numbers remained above 20% in the past six months, barring February, a typically lean period, data released by aviation regulator Directorate General of Civil Aviation (DGCA) showed. Centre for Asia Pacific Aviation said in a report earlier this month that Indian airlines will soon start ordering aircraft for fleet expansion. “IndiGo is looking to acquire up to 150 aircraft, SpiceJet 47 aircraft, and Air India is planning to lease 10 A330s as well as several A320s and ATRs. Some of these orders may even be announced at Farnborough later this month,” it said. Jet Airways, India’s largest private carrier, is also in talks with Boeing to change an existing order for 10 787-8 Dreamliners placed in 2006, then valued at $1.5 billion (Rs7,065 crore today). The airline is considering buying the stretched version of Dreamliner, also called the Dreamliner 787-9, which will only start flying in 2013. Jet Airways’ deliveries of Dreamliners were initially scheduled to begin in 2011 and are currently slated for 2014, but could change if the order type is changed. A stretched version of Dreamliner, the 787-9 provides seating for 250-290 passengers, compared with 787-8’s 201-250. The 787-9 can also fly longer distances. Air India is expected to take delivery of the first of its 27 Dreamliners next year. “We are working very closely with Air India for readiness, as it is a highly technical airplane and there is a lot of new technology,” Keskar said. “Pilot training will start a few weeks before the delivery and a new simulator for Dreamliner will soon be established for Air India in Mumbai,” he added. Air India has deferred three of its Boeing 777 deliveries out of the total 23. “We have already deferred three 777s and whether they will remain 777s or will they be converted to something else, we will see at a later date.” Keskar said. tarun.s@livemint.com Source: LatestNews-Home - Livemint.com | 20 Jul 2010 | 1:21 pm European stocks halt losing run as miners rallyParis: European stocks ended mostly unchanged on Tuesday, pausing after a one-week losing run as mining stocks rallied along with metal prices in late session, offsetting disappointing results from US companies. Spanish stocks such as Santander also rose, helped by Spain’s successful Treasury bill sale that eased worries over the country’s ability to tap the debt market. The FTSEurofirst 300 index of top European shares closed 0.04% higher at 1,006.64 points. Santander was up 2.1%, BBVA rose 1.9% and Bankinter gained 1.9%. Spain’s IBEX, which has been underperforming Europe’s top equity indexes over the past three months, ended up 1.3%. Spain’s Economy Minister Elena Salgado said the sale of nearly €6 billion ($7.75 billion) in Treasury bills showed signs of confidence were returning to the market ahead of the release of results of stress tests on European banks due on Friday. The premium investors demand to buy Spanish government bonds rather than benchmark German Bunds fell to its lowest level in almost two months in the wake of the successful Treasury bill sale. “A few regional banks will need additional capital but the punch line is that the overall results from the tests won’t have a major impact on markets,” AXA Investment Managers strategist Franz Wenzel said. Banking stocks ended the session mixed but off the day’s lows, as investors remained cautious ahead of the stress test results and after results from Wall Street firm Goldman Sachs. BNP Paribas lost 0.4%, UBS gained 0.1% and Deutsche Bank rose 0.7%. Finding a support level “Recent corporate results have been below forecast, although they haven’t been disastrous either and the overall newsflow is pretty mixed,” said Jacques Henry, analyst at Louis Capital Markets in Paris. “This is a chartist’ market, with the indexes bouncing up and down between support levels and resistance levels,” he said. The Euro STOXX 50, the euro zone’s blue chip index, ended down 0.3% at 2,627.28 points after falling to as low as 2,586.49 in the session, just a hair above the index’s key 23.6% retracement level of the index’s April high to its May low. Around Europe, UK’s FTSE 100 index lost 0.2%, Germany’s DAX index dropped 0.7%, and France’s CAC 40 fell 0.5%. Miners featured among the top gainers, with Xstrata climbing 3.7% and Rio Tinto adding 4.1%, gaining ground along with metal prices on rising optimism over the outlook for demand. Nokia rose 2.2% on news the world’s top cellphone maker has sent out headhunters to find a replacement for CEO Olli-Pekka Kallasvuo. European luxury goods firm gained ground after Hermes lifted its full-year forecast and Swiss watch exports rose 35% in June. Burberry Group, LVMH, PPR, owner of Gucci Group, and Richemont gained 0.5% to 1.8%. Source: LatestNews-Home - Livemint.com | 20 Jul 2010 | 12:26 pm Green India Mission may exceed estimateNew Delhi: India’s mammoth afforestation scheme, the Green India Mission, may have more greenhouse gas (GHG) emission reduction potential than previously estimated, according to a yet-to-be published study in Current Science. The mission could offset about 10.5% of projected national GHG emissions compared with the ministry of environment and forests’ earlier estimate of 6.4%, according to Greening India Mission: A critical review by the Indian Institute of Science, Bangalore. The study has been submitted for review. If the new estimates are true, it will make easier India’s task of reducing carbon intensity— effectively the amount of GHG emitted per unit of energy consumed—by 20-25% by 2020 (with 2005 as the base year). India made the commitment ahead of a UN climate conference in Copenhagen in December 2009. The 10.5% estimate includes the total mitigation potential of ongoing afforestation schemes in India (around 1.2-1.3 million ha annually). The GHG removal by India’s forests in 2020 is projected at 4.87% of total emissions then, without the Green Mission. “The government’s estimate does not include soil carbon, which implies the lower estimate. There are two ways forests store carbon, one as wood and biomass (above ground and root biomass) carbon and the other as soil carbon. The official estimate includes only above ground biomass,” said the paper’s author, who did not want to be identified before its publication. Environment minister Jairam Ramesh, who had announced the mission, did not respond to calls or text messages. According to the study, the official number is estimated by simply multiplying global default biomass growth rate values by area, whereas the study uses the internationally accepted comprehensive mitigation assessment process model. The author said both the estimations have one limitation. “Neither of the numbers include extraction of fuelwood or timber from these forests over the years, which could reduce it a bit. There is no way to estimate how much people will extract,” said the author. The mission, which plans on restoring and afforesting around 10 million ha between 2010 and 2020, is a part of the National Action Plan on Climate Change. The mission draft is still under public consultation, after which it will be finalized. The draft estimates that the mission will cost approximately Rs44,000 crore. India is also negotiating on the global climate change platform for funds to maintain forest cover as well as afforestation. At present, global negotiations are more focused on funds for reducing deforestation, which releases carbon dioxide. Jagdish Kishwan, director general, Indian Council of Forestry Research and Education, questioned the argument that measuring carbon sequestration by afforestation is tough. “It is not so difficult, (it’s) very much possible, but depends on what accuracy you want,” he said. “Earlier, no one thought we could measure forest cover.” The study says the biggest barriers to the mission are finance, and knowledge and experience in forest management. “India has a gigantic afforestation programme, next only to China. But no biodiversity or social benefits have accrued,” said the author. “Little science, and research and development is involved in sustainable silviculture practices or species choice. And very little in enhancing carbon stock. Hardly anything has happened in the last 30 years. Hopefully this will provide a momentum.” padmaparna.g@livemint.com Source: LatestNews-Home - Livemint.com | 20 Jul 2010 | 11:50 am Focus turns military at FarnboroughThe aviation industry's largest airshow was shifting its focus to military firepower on Tuesday against a backdrop of tighter budgets, while commercial air carriers were still buying planes in bulk.Source: HindustanTimes.com - Top Business News Headlines | 20 Jul 2010 | 11:14 am Honda hybrids, electrics by 2012Honda said on Tuesday that it will roll out an electric car and a plug-in hybrid in Japan and the US in 2012 as it seeks to catch up in the race to make battery-powered cars.Source: HindustanTimes.com - Top Business News Headlines | 20 Jul 2010 | 11:11 am Protest over hedge funds betting on food itemsFinancial speculators have come under renewed fire from anti-poverty campaigners for their bets on food prices, blamed for raising the costs of goods such as coffee and chocolate and threatening the livelihoods of farmers in developing countries.Source: HindustanTimes.com - Top Business News Headlines | 20 Jul 2010 | 11:07 am Microbicidal gel found to lower HIV infectionNew Delhi: In a breakthrough that will hearten those combating HIV among women—said to be at the highest risk of infection—scientists report that women who used a vaginal gel tinged with a microbicide cut infection rates by 39% over those who used a placebo. The study, to be published in the journal Science on Friday, tested 889 women in South Africa over 30 months. If the same results can be replicated in a larger trial, vaginal gels could emerge as a viable alternative to other measures such as male circumcision and condom use to stem the HIV-AIDS epidemic, experts said. The latest estimates from India’s National AIDS Control Organisation say that 2-3.1 million Indians are HIV-positive. Although male patients generally outnumber women in Africa, health experts say South Africa and India face common challenges in stemming the spread of HIV. “As in Africa, men in high-risk groups rarely use condoms. So any alternative solution is always welcome and can go a long way in combating the HIV epidemic,” said Sanjay Mehendale, a senior scientist at the National Aids Research Institute, Pune. He added that at least three previous trials involving similar gels were unsuccessfully tried in India. “This is the first time that a phase-III trial has succeeded. So it makes sense to extend these studies to India too,” Mehendale added. Around 2.7 million people are freshly infected with AIDS each year, and new methods are needed to curb the epidemic that still ravages countries in sub-Saharan Africa. Previous gels relied on drugs that weren’t specifically designed to target HIV, the virus that causes AIDS. The new approach, in which medicines are used before sex to prevent infection, is also being tested with antiviral pills and rings inserted vaginally once a month, eliminating the need to use the gel every time women have sex. The vaginal gel contains Gilead Sciences Inc.’s AIDS drug Viread and it’s the first time such a product has protected women after six previous gels failed. “Without the gel, 10 out of every 100 women were infected. The gel brought the number down to six and that’s worth taking this study forward,” said Salim S. Abdool Karim, one of the key scientists associated with the study, said in a telephone conference. The authors also report 54% fewer infections among those who used the gel more than 80% of the time and a 28% reduction among those who used it less than 50% of the time. “This study has established proof of concept that a vaginal microbicide containing an ARV (antiretroviral) can protect women from HIV. This is an incredibly important achievement. For all of us in the HIV prevention field, this result has shown that it may be possible to leverage this initial success using a single ARV at the time of sex into more potent approaches that could be 50%, 60% or even 70% effective for prevention of HIV. The results of this study have reinvigorated the field,” Sharon Hillier at the University of Pittsburgh School of Medicine, and principal investigator of the Microbicide Trials Network, told Science magazine. Karim also pointed to the fact that none of the women involved developed resistance to the drug over the study period—a strong indicator of its reliability. The gel was developed by Conrad, a non-profit organization funded by the US government and the Bill and Melinda Gates Foundation, under royalty-free licence from California-based Gilead, the world’s biggest maker of AIDS medicines. jacob.k@livemint.com Source: Tech News - Livemint.com | 20 Jul 2010 | 11:00 am Flybe in $1.3 billion plane deal with EmbraerLondon: British airline Flybe has struck a deal with Brazilian planemaker Embraer to buy 35 aircraft worth $1.3 billion, as it drives expansion in continental Europe. The order, which comprises 35 firm initial orders of the Embraer E series aircraft for $1.3 billion with options for 65 more and purchase rights for a further 40, has a potential total value of $5 billion. Flybe chairman and chief executive Jim French said he was confident of growth, despite challenges earlier year this from the ash cloud and nervous consumer sentiment. “We have grown by about 20% compound (in the past), we see anything up to 10% going forward,” he said. He said the group was confident of its business model which focuses on domestic flights from smaller regional airports, after maintaining a profit through the recession. Aircraft manufacturers such as Airbus and Boeing are grappling with lower orders due to the recession and coming off the strongest cycle in history. But the industry was given a lift at Farnborough Airshow on Monday as aircraft leasing firms placed total orders worth near $20 billion. Flybe currently operates a fleet of 72 airplanes. Source: World Business - Livemint.com | 20 Jul 2010 | 4:57 am Airline business confidence improves in July - IATAGeneva: Airlines are growing more confident as economic recovery takes hold, with financial performance at pre-crisis levels and expectations of future profitability rising, airline association IATA said on Tuesday. Almost 70% of respondents reported making money during the last quarter and a similar proportion expect further improvement over the year ahead, IATA’s quarterly business confidence survey for July showed. In the last survey in April, 57% of respondents reported profitability over the previous quarter and two thirds forecast a further improvement. IATA, whose 230 members include Lufthansa, Gulf and Singapore Airlines, in June revised its own forecast for 2010 industry financial performance to a profit of $2.5 billion from a loss of $2.8 billion. The sharp improvement in cargo and passenger demand seen in early 2010 continued in the second quarter, IATA said. More than 80% of respondents reported rise in passenger demand, with similar rise for cargo. But just over a quarter of respondents now indicate that cargo traffic growth may moderate over the coming 12 months, suggesting that the restocking phase of the recovery is coming to a close, it said. Source: World Business - Livemint.com | 20 Jul 2010 | 4:39 am
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