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Bilcare expects to sustain margins aheadIn an interview with CNBCTV18, Mohan Bhandari, CMD, Bilcare, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 8:34 am Fortis extremely aggrieved by IHH press release: SourcesFortis Healthcare is extremely aggrieved by the press release issued by Khazanah\'s arm Integrated Healthcare Holdings (IHH), reports CNBCTV18, quoting sources.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 8:25 am Law Min seeks power to seize profits from illegal miningA Group of Ministers headed by Finance Minister Pranab Mukherjee will deliberate on the new Mines and Minerals Development and Regulation Bill today.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 7:00 am ILFS to raise $400mn via stake saleUnlisted privatesector Indian lender Infrastructure Leasing Financial Services Ltd (ILFS) is selling 8% stake to existing and new investors to raise around USD 400 million, the Mint newspaper reported on Thursday.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 6:59 am Reckitt agrees to buy Durex maker SSLConsumer goods group Reckitt Benckiser has agreed to buy Durex condoms and Scholl sandals maker SSL for 2.54 billion pounds (USD 3.8 billion) to increase its presence in health and personal care.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 5:24 am To add 5060 shops every year for 34 years: VIP IndustriesVIP Industries is planning to launch multibrand strategy and add 5060 shops annually for the next 45 years. Speaking to CNBCTV18, Dilip G Piramal, Chairman, VIP Industries said the company is chalking out promotional exercises for its existing brands Alfa and Aristocrat.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 5:00 am Wal-Mart willing to open 'hundreds of stores' in India if allowedSays will expand at the rate of 6-10 wholesales stores a year if gov doesn't allow FDI in retail.Source: Daily News & Analysis: Money News | 22 Jul 2010 | 4:13 am IT recruitments to double this year: NIITIT firms likely to recruit 2 lakh people this year compared to 1 lakh during 2009-10, banking and insurance to add another 70,000, says NIIT.Source: Daily News & Analysis: Money News | 22 Jul 2010 | 4:02 am Western Union, SBI tie up for direct cash-account transfer facility - Economic Times
Source: Business - Google News | 22 Jul 2010 | 4:00 am North-East to have better mobile, broadband, postal connectivity: Sachin PilotBetter telephone density and broadband services are the key initiatives of the UPA government to deliver better governance and customer services to the citizens.Source: Daily News & Analysis: Money News | 22 Jul 2010 | 3:56 am Bajaj Auto Q1 profit doubles, margins seen improving - Reuters India
Source: Business - Google News | 22 Jul 2010 | 3:51 am Western Union, SBI in tie-upGlobal payment services major, Western Union, has tied-up with State Bank of India (SBI) to enable international direct cash-to-account transfers.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 3:50 am Power Finance has no immediate share sale plans - CMDNEW DELHI (Reuters) - State-run lender Power Finance Corp has no immediate plans for a follow-on share sale, a top official said on Thursday.Source: Reuters: Money News | 22 Jul 2010 | 3:36 am Dish TV posts Apr-June net loss of 631.8 mln rupeesMUMBAI (Reuters) - Direct-to-home opeartor Dish TV said on Thursday it posted a net loss of 631.8 million rupees on net sales of 3.04 billion rupees for the quarter ended June 30.Source: Reuters: Money News | 22 Jul 2010 | 3:35 am 'Utility, manufacturing cos vulnerable to virus attacks'Security software firm Symantec today said Indian companies, especially utility and manufacturing firms, might be vulnerable to a new virus spreading through pen drives.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 3:33 am Carpet exports grow by 22 pc to $ 3.60 mlnIndia's carpet export rose by 22 per cent to $ 3.60 million in June year-on-year on account of good orders from the US and Europe.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 3:31 am Nifty back above 5400 on positive European cues - Moneycontrol.com
Source: Business - Google News | 22 Jul 2010 | 3:30 am TEXT - S&P releases industry report card on Banking sector(The following statement was released by the ratings agency)Source: Reuters: Money News | 22 Jul 2010 | 3:30 am Bajaj Auto Q1 profit doubles, margins seen improvingMUMBAI (Reuters) - Bajaj Auto, India's second-largest motorcycle maker, met forecasts with a doubling in quarterly profit and analysts expect margins to improve on rising sales and lower wage-related expenses.Source: Reuters: Money News | 22 Jul 2010 | 3:28 am SKIL's open offer for Everonn may see little interestMUMBAI (Reuters) - SKIL Infrastructure's open offer to acquire 20 percent in Everonn Education may not attract substantial investor interest as the offer price is at a discount to the market price, analysts said on Thursday.Source: Reuters: Money News | 22 Jul 2010 | 3:26 am Akai launches LED, LCD TVs - Times of India
Source: Business - Google News | 22 Jul 2010 | 3:22 am Rupee trims losses as dollar falls - Economic Times
Source: Business - Google News | 22 Jul 2010 | 3:22 am Reddy's Lab Q1 net rises 7.5 pcDr Reddy's Laboratories Ltd, India's No 2 drugmaker by sales, today reported a 7.5 per cent rise in profit for the June quarter.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 3:20 am Dabur India in talks to buy Turkish unitDabur India is in advanced talks to buy Turkish personal care products maker Hobi Kozmetik, the Economic Times reported on Thursday.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 3:19 am ONGC: may partner Oil India, GAIL for BP asset bidNEW DELHI (Reuters) - State-run explorer Oil and Natural Gas Corp may partner with government-run Oil India and GAIL to buy BP's stake in an offshore Vietnam gas field, ONGC's head said on Thursday.Source: Reuters: Money News | 22 Jul 2010 | 3:18 am Oil reverses losses; prices head for $77London: Oil reversed early losses on Thursday to head back towards $77 a barrel as signs of a stronger recovery in Germany soothed investor concerns, but rising US inventories kept prices in check. On Wednesday, US Federal Reserve Chairman Ben Bernanke rekindled unease by describing the prospects for the US economy as “unusually uncertain” in testimony to lawmakers, but a jump in new manufacturing orders and services activity in Germany reassured markets. “I think that this is a very good sign that we are not heading for a double-dip recession,” Dekabank analyst Sebastian Wanke told Reuters Insider. A flash estimate of the Markit purchasing managers’ index (PMI) for the manufacturing sector in Europe’s largest economy jumped to a three-month high of 61.2, up from 58.4 in June, according to the survey published on Thursday. US crude for September declined as much as 40 cents to $76.16 in Asian trade before reversing to climb 31 cents on the day to $76.33 by 2:45pm, while ICE Brent rose 17 cents to $75.54. European shares were up on Thursday ahead of the results of the bank stress test result on Friday. They are expected to show generally positive results for Greece, Italy and Ireland and a few failures in Portugal and Spain. “The crude oil market is waiting to go higher to $80, $85 and $90, but it still needs time,” said Ken Hasegawa, a commodity derivatives manager at brokerage Newedge in Japan. “Everyone understands that the (US) inventory level is relatively high. That is one of the bearish factors that may be capping it down.” US crude stockpiles rose 360,000 barrels in the week to 16 July, government statistics from the Energy Information Administration showed on Wednesday, against a forecast for a drop of 1.4 million barrels. Rising crude imports helped offset an increase in refinery capacity utilization. Higher refinery use boosted gasoline inventories 1.1 million barrels, more than a forecast gain of 900,000 barrels. Distillate stocks jumped up 3.9 million barrels, more than double the expected rise. Shell Oil Co began pulling nonessential workers from eastern Gulf of Mexico oil and natural gas operations on Wednesday due to the threat of a possible tropical storm that may emerge by the weekend, the company said. But an updated forecast that cut the chances of a storm developing also dampened crude prices. The US National Hurricane Center said on Thursday a weather system hovering over the Bahamas, eastern Cuba and Hispaniola had a 40% chance of becoming a tropical cyclone in the next two days, down from as high as 70% on Wednesday. Storms in the region can follow a westward path towards the oil-rich Gulf of Mexico. “It is possible that some supply disruption due to a hurricane would be a supportive factor,” Hasegawa said. Source: Home - Livemint.com | 22 Jul 2010 | 3:14 am Govt clears PowerGrid FPO, to divest 10% stakeNew Delhi: The government on Thursday approved disinvestment in transmission firm PowerGrid Corporation through a follow-on public offer (FPO) to raise about Rs8,400 crore. The Cabinet Committee on Economic Affairs (CCEA) gave its nod to the 20% FPO by PowerGrid, an official statement said. The company would issue 10% fresh equity, while the Centre would divest 10% of its stake in the PSU. The government holds 86.36% stake in PowerGrid. The offer comprises over 84 crore (84,17,68,246) equity shares of Rs10 each constituting 20% of existing paid-up capital. At current market valuation, the FPO is likely to mop up about Rs8,400 crore. Besides disinvestment of the government stake, the fresh capital raising would be used for part funding investment requirement of about Rs58,000 crore of the PSU. The company had hit the capital market in October 2007, with its maiden public offer and issued 10% fresh equity, and the government divested 5% of its stake. In an effort to raise Rs40,000 crore from disinvestment during the current financial year, the government would sell stake in about 10 more PSUs, including IndianOil, Coal India, SAIL, RINL and Shipping Corporation. The company targets to augment transmission capacity to 23,400 MW in the current fiscal from 19,800 MW at present. Source: Home - Livemint.com | 22 Jul 2010 | 3:07 am Govt sanctions funds for unique identity numbers - Business Standard
Source: Business - Google News | 22 Jul 2010 | 3:04 am Accor to speed up Indian expansion with fundFrench hotel group Accor is setting up a fund with local partner InterGlobe Enterprises to accelerate expansion In India, focusing on upper midrange and upscale hotels.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 2:45 am LG Display to invest $514mn to boost LCD outputSouth Korea\'s LG Display said on Thursday it would invest 618 billion won (USD 513.5 million) in a liquid crystal display line plant to boost capacity for smallsized flat screens.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 2:41 am Dubai World ready to use tribunal for debt deal - sourceDUBAI (Reuters) - Struggling state firm Dubai World is ready to use a special tribunal to force rebel lenders into line on plans to delay repayment of $14.4 billion in debts, according to a source familiar with the matter.Source: Reuters: Money News | 22 Jul 2010 | 2:34 am Power Grid gets go ahead for 20 percent public offer - Sify
Source: Business - Google News | 22 Jul 2010 | 2:34 am ONGC, PetroVietnam to bid for BP asset - Oil minNEW DELHI (Reuters) - State-run explorer Oil and Natural Gas Corp and PetroVietnam are considering a joint bid for BP's stake in an offshore Vietnam gas field, Oil Minister Murli Deora told Reuters on Thursday.Source: Reuters: Money News | 22 Jul 2010 | 2:29 am Rupee trims losses as dollar falls sharply vs majorsMumbai: The Indian rupee pared most losses by Thursday afternoon tracking a sharp fall in the dollar against major currencies and also boosted by a marginal recovery in the local sharemarket. By 1:45pm, the partially convertible rupee was at Rs47.17/18 per dollar, after touching Rs47.35 and little weaker than Wednesday’s close of Rs47.16/17. On Monday, the rupee had dropped as low as Rs47.3850, its weakest since 7 June. The index of the dollar against six major currencies was down 0.6%. The dollar slid close to a seven-month low against the yen on Thursday after Federal Reserve chairman Ben Bernanke said the US economic outlook was “unusually uncertain”, sparking a sell-off in riskier assets. Indian shares were trading marginally lower, with financials leading the fall, tailing weak Asian markets. The rupee is forecasters’ top bet for appreciation among Bric currencies, a new Reuters survey shows, as the growing economy draws foreign investors. One-month offshore non-deliverable forward contracts were quoted at Rs47.37, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were both at Rs47.2125, with the total traded volume on the two exchanges at about $2.94 billion. Source: Home - Livemint.com | 22 Jul 2010 | 2:27 am Big Oil to build Gulf spill response unitFour of the world's oil giants said they were joining forces to create a billion-dollar system to capture oil in case of another catastrophic spill like the one in the Gulf of Mexico.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 2:10 am Govt clears PowerGrid FPO; to divest 10 pc stakeThe government today approved disinvestment in transmission firm PowerGrid Corporation through a follow-on public offer to raise about Rs 8,400 crore.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 2:02 am ITC Q1 net profit up 21 8 at Rs 1 070 cr - Moneycontrol.com
Source: Business - Google News | 22 Jul 2010 | 1:55 am Food inflation falls to 12.47%Annual food inflation fell to 12.47% for the week ended July 10 from 12.81% in the previous week on back of decline in prices of vegetables, especially potato and onion.Source: Daily News & Analysis: Money News | 22 Jul 2010 | 1:54 am Fuel inflation flat; rate hike still seenNEW DELHI (Reuters) - India's food inflation eased and fuel inflation was flat in early July, but the data little changed forecasts for the Reserve Bank to hike rates a second time in the month when it reviews policy on Tuesday as inflationary pressures persist.Source: Reuters: Money News | 22 Jul 2010 | 1:51 am SKIL Infra makes 20% open offer for Everonn at Rs 536.22/shSKIL Infrastructure has made a 20% open offer for Everonn at Rs 536.22 per share, reports CNBCTV18. The open offer opens on September 9 and closes September 28.Source: Moneycontrol Top Headlines | 22 Jul 2010 | 1:42 am Wal-Mart to open 100s of stores in India if rules easedNEW DELHI (Reuters) - Wal-Mart, the world's top retailer, will be ready to open hundreds of stores in India if the country opens up the sector to freer foreign direct investment, the chief of its Indian joint venture said.Source: Reuters: Money News | 22 Jul 2010 | 1:27 am Fuel prices flat; rate hike still seen - Economic Times
Source: Business - Google News | 22 Jul 2010 | 1:24 am Roche half-year profit rises 37% on strong salesGeneva: Pharmaceuticals maker Roche Holding AG on Thursday posted a 37% rise in six-month net profit on strong drug sales and lower costs related to its takeover of US-based Genentech. The Basel-based company said income was 5.6 billion Swiss francs ($5.3 billion). Sales jumped 5% to 24.6 billion francs. Roche, which doesn’t announce quarterly profits, also confirmed its full-year outlook despite disappointing sales of antiviral Tamiflu as swine flu fears eased. Tamiflu sales should reach only 1 billion francs in 2010, from 3.2 billion francs a year ago. Earnings were boosted by the integration of Genentech, which Roche acquired for $46.8 billion in March 2009. Last year’s earnings suffered from exceptional charges linked to the acquisition. Source: LatestNews-Home - Livemint.com | 22 Jul 2010 | 1:24 am Wal-Mart to open 100s of stores in India if rules easedNew Delhi: Wal-Mart, the world’s top retailer, will be ready to open hundreds of stores in India if the country opens up the sector to freer foreign direct investment, the chief of its Indian joint venture said. India does not allow foreign investment in multi-brand retail, but permits 51% foreign investment in single-brand retail and 100% in wholesale ventures. Earlier this month, the commerce and industry ministry took a tentative step towards opening up of the organised retail sector in the country to foreign companies and put out a paper which discussed lifting investment caps. “If the laws of the country change to opening of FDI in retailing, we could open hundreds of stores,” Bharti Wal-Mart managing director and chief executive Raj Jain said on Thursday. “It is essential that FDI in retail opens up, because then we can open our own stores and carry the product in hygienic, safe conditions not only at the farm-gate but also right up to where the consumer buys from us,” he said. When asked whether Wal-Mart would continue with the joint ventuer if the government relaxed foreign investment in retail, Jain said: “We have not decided. Depending upon how and what the laws will be we will decide.” “We are very happy with our joint venture,” he added. Bharti Wal-Mart operates wholesale stores under the Best Price Modern Wholesale brand, and has so far opened two stores. The US retailer also plans to have a total of 140 retail stores by the end of 2010, up from the current 80, which are operated by Bharti Retail under a franchise arrangement. UK’s Tesco has a joint venture with Tata’s Trent while Germany’s Metro AG has a solo operation of wholesale stores in the country. French retailer Carrefour is expected to launch its wholesale stores soon. Source: LatestNews-Home - Livemint.com | 22 Jul 2010 | 1:23 am Bharti-Walmart to hire 1,100 employees by yr-endBharti-Walmart, the joint venture between Bharti Enterprises and Wal-Mart Stores, today said it will hire about 1,100 people as part of expansion of its wholesale business by the end of this year.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 1:04 am Bharti-Walmart to hire 1100 employees by year-end - Economic Times
Source: Business - Google News | 22 Jul 2010 | 12:56 am Food inflation falls to 12.47 pc; vegetables turn cheaperFood inflation eased marginally to 12.47 per cent for the week ended July 10 as some essential items like vegetables turned cheaper, but experts said it may not deter RBI from hiking short-term rates in its upcoming monetary review.Source: HindustanTimes.com - Top Business News Headlines | 22 Jul 2010 | 12:36 am LeT as dangerous as Taliban, Al Qaeda, says HolbrookeNew Delhi: The US on Thurday said Lashkar-e-Taiba terror outfit was as dangerous as Taliban and Al Qaeda with which it was working in close coordination and that Pakistan has been asked to deny it a foothold in that country. US special envoy on Afghanistan and Pakistan Richard Holbrooke also emphasised the urgent need for bringing to justice the perpetrators of Mumbai attacks, saying Pakistan has taken “some steps” in this regard but these were not enough. Holbrooke, who met Prime Minister Manmohan Singh in New Delhi on Wednesday evening to give his assessment of the situation in Afghanistan, said India has a “vitally important role” to play in the peace and stability in that country and insisted that the US was not trying to “diminish” that scope. At the same time, he emphasised that Afghanistan cannot be stabilised without the participation of Pakistan, which has “legitimate concerns” in that country. In an interaction with a group of journalists in the national Capital, he said the LeT’s goal was to create “maximum problems” between India and Pakistan besides working against the interests of western countries. “When we talk about major terrorist groups we consider it as dangerous as other groups,” Holbrooke said when suggested that the US did not appear to be keen on tackling LeT on the same lines as Taliban and Al Qaeda. “We understand, as government, that it (LeT) is a threat and we talk about it all the time with Pakistani military (asking them) to deny their territory to this organisation,” said Holbrooke, who arrived here yesterday after a visit to Islamabad. The special envoy said, “We all know what it (LeT) did and what they want to do.” He identified LeT as a part of terror conglomerate comprising Afghan Taliban, Pakistani Taliban and Haqqani network. “Taliban has almost become a brand,” he observed. “Under intense pressure these groups seem to be growing closer to each other. Two or three years ago, they were more distinct than now,” Holbrooke said. He said these groups work more closely and help each other as their long-term objective is similar -- to hurt western ideologies and create “maximum problems between India and Pakistan. “Tackling it (LeT) is equal to any other priority in the region,” he said. To a question on Mumbai attacks, he said Pakistan has taken “some steps but these are not enough”. He said the US was talking “frankly” to Pakistan on such issues. Holbrooke, who attended the Kabul Conference on Tuesday, said the US recognises that Afghanistan’s “neighbours and near neighbours have genuine security concerns” in that country and “that includes definitely India.” To a question about worries here that India’s stakes and role were not being appreciated by the US, he insisted that “nobody wants to diminish India in Afghanistan.” The US Envoy, who also met national security adviser Shivshankar Menon, said “India has a vitally important role to play” in Afghanistan. He, however, refused to define that role saying it was for the Indian leadership to do so. At the same time, he added that there was no “zero sum game” between India and Pakistan. He sought to allay apprehensions here that Pakistan would be taking control of Afghanistan after the US-led forces leave the country. “Pakistan is not going to take over Afghanistan nor is Taliban. But every country in the region has to be part of the solution,” he underlined. But, he added, “You cannot stabilise (Afghanistan) without the participation of Pakistan which has legitimate concerns.” Holbrooke said Taliban poses a “formidable threat to security and stability of Afghanistan and the region”. He also sought to allay concerns here over the US’ efforts to develop relations with Pakistan. “Improved (US) relations with Pakistan is not bad for India and improved (US) relations with India is not bad for Pakistan,” he said, while pointing out that he hears worries on this count every time he visits Islamabad or here. “The truth is that America has closer relations with India and closer relations with Pakistan than you two countries have with each other,” he said. He said the US firmly believes that its improved relations with Pakistan and India are in interest of both the countries. “So, that is the reason we have strategic dialogue, to improve relations with Pakistan.” On the recent trade and transit pact signed between Afghanistan and Pakistan, he said it was the “most important” agreement reached in 50 years and was better than the 1965 pact between Afghanistan, Pakistan and India which was “outmoded and disregarded”. This agreement does not include India but it does allow Afghan trucks to come up to Wagah crossing on Indian border and offload goods directly to Indian trucks, he said, terming this as a “big step” for Afghan-India relations. “I hope it is just the beginning of more such steps,” he said. Source: LatestNews-Home - Livemint.com | 22 Jul 2010 | 12:34 am Food inflation at 12.47%, fuel price index at 14.27% on 10 JulyNew Delhi: India’s food inflation eased and fuel prices were flat in early July, but the data little changed forecasts for the Reserve Bank of India (RBI) to hike rates a second time in the month when it reviews policy on Tuesday as inflationary pressures persist. The food price index rose 12.47% in the year to 10 July, against its 12.81% reading in the previous week. Food price inflation eased on lower prices of wheat, pulses and vegetables, government data showed on Thursday. The fuel price index rose an annual 14.27%, while the primary articles index was up 16.48%, compared with the previous week’s reading of 16.25%. The yield on the 10-year benchmark bond rose 1 basis point to 7.66% after the data. It had ended at 7.69% on Wednesday. Last week, a top government adviser said India’s non-food manufacturing inflation was picking up, in a sign that broader inflation was becoming demand-driven, keeping pressure on the central bank to tighten its monetary policy. Non-food manufacturing inflation in June was 8.6%, higher than 6.6% in the previous month. The RBI is widely expected to raise key policy rates by another 25 bps in its policy review on Tuesday, after three similar rate hikes this year, including on 2 July. Analysts say the sharp revisions in the headline inflation WPI number in March and April have maintained the case for further monetary tightening even after Tuesday’s policy review. Monsoon focus The government is pinning its hopes on a normal monsoon and a good summer harvest this year to cool down food prices, which it hopes will ease headline inflation as well. Monsoon rains were 16% below normal from 1 June through last week, but heavy showers in the past two days have reduced the seasonal deficit by one percentage point to 15%, a top forecaster said on Wednesday. July is the most important month for sowing key crops such as soybean, rice, cotton, cane and corn. India’s top bureaucrat, cabinet secretary KM Chandrasekhar, on Tuesday reiterated New Delhi’s view that headline inflation would likely ease to 5% to 6% by December. Source: Home - Livemint.com | 22 Jul 2010 | 12:25 am Rupee declines 15 paise against dollar in early tradeDealers said demand for the US dollar from importers and weakness in equity markets weighed on the rupee. A strong dollar overseas also put pressure on the domestic unit.Source: Daily News & Analysis: Money News | 22 Jul 2010 | 12:07 am LG Display Q2 profit up on firm TV salesSeoul: Quarterly profit at South Korea’s LG Display more than doubled and broadly met market expectations on Thursday, helped by solid sales of flat-screen TVs. The world’s No.2 maker of liquid crystal display (LCD) screens reported a won726 billion ($603.2 million) operating profit in April-June versus a forecast of won744 billion from 22 analysts polled by Thomson Reuters I/B/E/S. The result marked a sharp improvement from a revised profit of won352 billion a year ago, but fell 8% from the previous quarter as sales of flat-screen TVs grew less than expected during the World Cup soccer event. The second half is seasonally strong, but LCD makers face shrinking order books, as TV sales, which account for more than half of the industry’s total demand, lose momentum on concerns a debt crisis in Europe will crimp overall IT spending. Shares of LG Display, which competes with home rival Samsung Electronics Co and Taiwan’s Chimei Innolux, fell 17% over the past three months, lagging a flat KOSPI. Source: Home - Livemint.com | 22 Jul 2010 | 12:07 am Sensex opens 60 pts lower in opening tradeThe 30-share index moved down by 60.38 points, or 0.33 per cent, to 17,916.85 points.Source: Daily News & Analysis: Money News | 22 Jul 2010 | 12:04 am Day Trading GuideWe reiterate our buy recommendation in DLF with tight stop-loss at RsSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am Centre agrees to dual rate under Goods and Services TaxA consensus is emerging on the proposed Goods and Services Tax structure (GST), with the Centre on Wednesday agreeing to adopt a dual rate structure — a lower rate and a standard rate — for goods at the inception of Goods and ServicesSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am Smooth sailing this quarter for metals…The BSE Metals index has shed 15.3 per cent since April 1, compared to the 1.6 per cent gain the BSE Sensex has posted during the sameSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am PSU oil majors eye BP's stake in Vietnam gas projectWith BP Plc likely to exit its hydrocarbon business in Vietnam, Indian public sector companies — ONGC, GAIL (India), Indian Oil Corporation, and Oil India — have combined forces to acquire the British firm's stake in Nam Con Son gasSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am Regulator, DoT differ on number portabilityMobile Number Portability, which has already been delayed by a year, has now hit a newSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am Needlessly clipping RBI's wingsIn his Budget speech (2010-11), the Finance Minister said: “With a view to strengthen and institutionalise the mechanism for maintaining financial stability Government has decided to set up an apex level Financial Stability and DevelopmentSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am Indian Hotels re-assessing product mix for resort/spa project in PhuketThe Indian Hotels Company, which owns the Taj group of hotels, is re-assessing the product mix for its project in Phuket, Thailand, while a number of management contracts in West Asia are moving at a slowSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am SBI pension fund tops NPS collections for unorganised sectorSBI Pension Fund topped in collections under the new pension scheme for the unorganised sector. According to the latest available figures, collections have crossed Rs 30Source: Business Line - Home Page | 22 Jul 2010 | 12:00 am YES Bank net profit rises 56% on healthy credit growthYES Bank's net profit increased 56 per cent to Rs 156 crore for the quarter ended June 30, 2010, from Rs 100 crore in the same quarter last year on robust creditSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am PTC India (Rs 112.5): BuyWe recommend a buy in the stock of PTC India from a short-term perspective. It is apparent from the charts that the stock is in a long-term uptrend since the October 2008 low of Rs 43. However, after encountering resistance at Rs 125 (52-weekSource: Business Line - Home Page | 22 Jul 2010 | 12:00 am Oil hovers around $76 in Asian tradeOil prices were down in Asian trade today as a surge in US crude reserves and the dollar's strength against the euro curbed demand, analysts said.Source: Daily News & Analysis: Money News | 21 Jul 2010 | 11:55 pm ‘Hot’ Russian spy leaves enigmatic Facebook trailMoscow: Two weeks after 10 Russian spies flew back from the US to Moscow, the buzz of interest around the ring’s most photogenic member, the feisty redhead Anna Chapman, shows no signs of receding. While Chapman remains in an unknown location since her arrival in Moscow, reportedly being debriefed, she has apparently found time to write enigmatic Facebook updates and negotiate with journalists on her first interview.  Spy pie: Anna Chapman. AP Chapman has dominated coverage of the spy scandal, despite her apparently minor role, thanks to salacious revelations by her British ex-husband and to seductive photographs that she posted on social networking sites. Russian tabloids call her “Agent 90-60-90” based on her hourglass figure, while the Washington Post called her the “hot one” in a jokey opinion piece. Chapman has not been seen in public since after arrival on 9 July, when the 10 convicted “foreign agents” were whisked away from a Moscow airport in vans with smoked windows after a dramatic exchange deal. But just hours later, followers of her page on the Facebook social networking site read an opaque message. “It was the best of times, it was the worst of times,” she wrote, quoting Charles Dickens’ “A Tale of Two Cities.” Chapman was an avid user of Facebook before her arrest, and her lack of security settings allowed journalists to pore over all her photographs and messages. Her page has -- surprisingly -- been regularly updated ever since, with Chapman gaining dozens of new “friends,” many of them journalists. On 14 July, she switched to an inspiring quote from Eleanor Roosevelt: “You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself ‘I have lived through this horror. I can take the next thing that comes along.´” Many wrote messages of support. Chapman responded with a “like” approval to a message from a woman named Cordelia, who wrote on Tuesday: “I miss you here in the Big Apple.” A man named Jeffrey praised her as “beautiful and delicious,” while a man named Kevin mused on her “stunning green eyes.” It is not clear whether Chapman has Internet access and is updating the page herself. Several other Facebook pages in her name have mushroomed, including a less than credible one which lists her employer as the “KGB.” So far, Chapman has not given any interviews, and her Facebook page angrily denied a report in the New York Post on Monday that Chapman was “secretly shopping” for a $250,000 interview deal, citing unnamed sources. Source: Tech News - Livemint.com | 21 Jul 2010 | 11:54 pm ‘Hot’ Russian spy leaves enigmatic Facebook trailMoscow: Two weeks after 10 Russian spies flew back from the US to Moscow, the buzz of interest around the ring’s most photogenic member, the feisty redhead Anna Chapman, shows no signs of receding. While Chapman remains in an unknown location since her arrival in Moscow, reportedly being debriefed, she has apparently found time to write enigmatic Facebook updates and negotiate with journalists on her first interview. Spy pie: Anna Chapman. AP Chapman has dominated coverage of the spy scandal, despite her apparently minor role, thanks to salacious revelations by her British ex-husband and to seductive photographs that she posted on social networking sites. Russian tabloids call her “Agent 90-60-90” based on her hourglass figure, while the Washington Post called her the “hot one” in a jokey opinion piece. Chapman has not been seen in public since after arrival on 9 July, when the 10 convicted “foreign agents” were whisked away from a Moscow airport in vans with smoked windows after a dramatic exchange deal. But just hours later, followers of her page on the Facebook social networking site read an opaque message. “It was the best of times, it was the worst of times,” she wrote, quoting Charles Dickens’ “A Tale of Two Cities.” Chapman was an avid user of Facebook before her arrest, and her lack of security settings allowed journalists to pore over all her photographs and messages. Her page has -- surprisingly -- been regularly updated ever since, with Chapman gaining dozens of new “friends,” many of them journalists. On 14 July, she switched to an inspiring quote from Eleanor Roosevelt: “You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself ‘I have lived through this horror. I can take the next thing that comes along.´” Many wrote messages of support. Chapman responded with a “like” approval to a message from a woman named Cordelia, who wrote on Tuesday: “I miss you here in the Big Apple.” A man named Jeffrey praised her as “beautiful and delicious,” while a man named Kevin mused on her “stunning green eyes.” It is not clear whether Chapman has Internet access and is updating the page herself. Several other Facebook pages in her name have mushroomed, including a less than credible one which lists her employer as the “KGB.” So far, Chapman has not given any interviews, and her Facebook page angrily denied a report in the New York Post on Monday that Chapman was “secretly shopping” for a $250,000 interview deal, citing unnamed sources. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 11:54 pm Volvo swings to profit in Q2 as demand picks upStockholm: Swedish truck maker AB Volvo says it swung to a profit from a loss in the second quarter, helped by a pickup in demand and improved productivity. The company says net profit for the quarter totaled 3.1 billion Swedish kronor ($420 million), up from a loss of 5.6 billion kronor in the same period a year ago. The group said Thursday net sales increased by 27% to 68.8 billion kronor ($9.3 billion) from 54.0 billion in the second quarter 2009. The bottom-line result sharply beat analysts’ expectations, despite the fact that sales were weaker than forecast. Volvo’s CEO Leif Johansson said the pickup in sales helped improve the company’s profitability, combined with strict cost control and “a good productivity development.” Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 11:32 pm Markets drag lower on weak global sentimentMumbai: Indian shares were trading 0.4% lower on Thursday, as Asian equities traded weak after comments by the chairman of the Federal Reserve added to concerns about the US economy, causing investors to dump riskier assets ahead of European bank stress test results. Ben Bernanke said on Wednesday that policymakers expected US growth to be sustained despite recent signs of softening. He described the outlook as “unusually uncertain” but gave no indication that specific actions to deal with it are imminent. Investors were also cautious ahead of the conclusion of the European Union examination of banks’ financial strength due on Friday. Financials led the decline on expectations that the central bank may hike key rates on Tuesday. A majority of economists expect the Reserve Bank of India to raise key interest rates by 25 basis points in its quarterly review on 27 July and tighten policy further in coming quarters, a new Reuters poll showed earlier this week. Top lender State Bank of India was down 0.5% while leading private-sector lenders ICICI Bank and HDFC Bank shed 0.8% and 0.1% respectively. By 11:03am, the 30-share BSE Index was trading down 0.35% at 17,913.97 points, with two-thirds of its components trading in the red. Declining stocks almost matched gainers in the broader market, while 120 million shares changed hands on the BSE. “All eyes are set on the (banks’) stress tests. That should give global markets some clarity,” said Ambareesh Baliga, vice-president of Karvy Stock Broking. “We will see stock-specific activities as and when earnings are announced.” Dr. Reddy’s Labs, ACC, Bajaj Auto, ITC and Idea Cellular will report quarterly earnings during the day. “However, even if the results are good, they will be not be enough to shield the market, as none of the companies announcing results today are market leaders,” said Baliga. So far in 2010, foreign funds have invested a net of $8.8 billion in Indian shares, driving the benchmark 2.4% higher. For the year to date, the benchmark has outperformed MSCI’s broader index for Asian markets ex-Japan which has shed more than 4%. The 50-share NSE index was down 0.3% at 5,383 points. Angel Broking said if the key indices - Sensex and Nifty - trade convincingly above their respective 18,045 and 5,420 levels, then they are likely to test 18,167 and 5,450 levels or even extend the gains further to 18,220 and 5,470 levels. On the downside, if they breach the lower band of the range, then the Sensex is likely to take support at 17,690 points and Nifty at 5,310 points, the brokerage said in its report on technicals. State-run explorer Oil and Natural Gas Corp shed 0.7% as its head said the company was interested in buying BP’s stake in an offshore Vietnam gas field. Energy giant Reliance Industries, which has the highest weight on the Sensex, was down 0.6% at Rs1,051.60. Drugmaker Dr. Reddy’s was down 1.4% while cement maker ACC climbed 0.3%. Vehicle maker Bajaj Auto raced 1.6%. Cigarette-to-hotel business ITC climbed 0.7% while mobile operator Idea Cellular was down 1.7%. STOCKS Software services firm Mastek tumbled 7.6% to Rs273 towards close of market hours on Wednesday after it posted a net loss of 13 million rupees in the June quarter, weighed down by forex losses and higher costs. Everonn Education was up 2.1% at Rs552.70, after Edelweiss Capital said SKIL Infrastructure will make an open offer for 20% of shares. Edelweiss is the manager to the offer. United Breweries jumped 8.2% to Rs2,555 after the top beer maker said late Wednesday its net profit soared to Rs761.30 million in June quarter, compared with Rs355 million a year ago. Source: Home - Livemint.com | 21 Jul 2010 | 11:26 pm Motorola sues Huawei for trade secret theftNew York/Shanghai: US mobile phone maker Motorola Inc has sued China’s Huawei Technologies Co for alleged theft of trade secrets, highlighting the fast-growing Chinese firm’s difficulty in shaking the nation’s reputation for piracy. In an initial suit, filed in 2008, Motorola sued five of its former workers for allegedly sharing trade secrets with Lemko, which was also named in the suit and has a reseller agreement with Huawei. In the amended complaint, filed on 16 July in a federal court in Chicago, Motorola claimed an engineer shared information about a Motorola transceiver and other technology with Huawei’s founder, Ren Zhengfei, a former officer in China’s People’s Liberation Army. Motorola claimed a string of emails tagged “Motorola Confidential Proprietary” showed that “Huawei and its officers knew they were receiving stolen Motorola proprietary trade secrets and confidential information without Motorola’s authorization and consent,” according to the suit. Huawei said the lawsuit was groundless. “Huawei has no relationship with Lemko, other than a reseller agreement. Huawei will vigorously defend itself against baseless allegations,” the company said in an emailed statement. Cases like these are hard to prove from an evidence point of view, said Connie Carnabuci, a technology, intellectual property expert and partner at Freshfields in Hong Kong. “Cases involving misappropriation of proprietary information are usually very difficult cases to run,” Carnabuci said. “This case is being brought in the courts of the United States, one thing interesting is that decisions of the US courts are not enforceable in China,” she added. Schaumburg, Illinois-based Motorola accused Huawei of various violations including threatened or actual misappropriation of trade secrets, breach of fiduciary duty and usurpation of corporate opportunity. Since at least 2006, Motorola had required its engineers to sign a confidentiality agreement, according to the filing. Motorola spokeswoman Jennifer Erickson said: “We don’t comment on pending litigation, but will continue to vigorously defend our IP (intellectual property).” Lemko could not be reached for comment. Diverging fortunes Huawei and Motorola were once fierce rivals in China’s fast-growing telecom market, but their fortunes have diverged in the last few years. Over that time, Huawei has risen to become the world’s second-largest seller of wireless telecom equipment, notching major sales not only in developing markets but also in lucrative Western Europe markets. Motorola, meanwhile, has seen its networking equipment business struggle in recent years as its mobile phone business also lost ground. It now looks poised to exit the networking equipment business, announcing earlier this week it would sell the unit to Nokia Siemens Networks for $1.2 billion. Motorola’s ongoing case against Huawei comes as the Chinese company is trying to push for legitimacy in the global arena despite wariness from Western politicians over Ren’s government and military ties. In 2008, Huawei’s bid to buy US firm 3Com fell through after opposition from US lawmakers. The Motorola lawsuit has echos of another lawsuit Huawei faced. In 2004, Cisco Systems Inc agreed to drop a drawn-out lawsuit against Huawei after the latter agreed to make some product changes. “There is a lot of attention amongst Chinese companies and (multinational companies) doing business in China where people are looking at their business practices and ways to minimize unauthorized leakage of information,” Carnabuci said. Source: Home - Livemint.com | 21 Jul 2010 | 11:17 pm Motorola sues Huawei for trade secret theftNew York/Shanghai: US mobile phone maker Motorola Inc has sued China’s Huawei Technologies Co for alleged theft of trade secrets, highlighting the fast-growing Chinese firm’s difficulty in shaking the nation’s reputation for piracy. In an initial suit, filed in 2008, Motorola sued five of its former workers for allegedly sharing trade secrets with Lemko, which was also named in the suit and has a reseller agreement with Huawei. In the amended complaint, filed on 16 July in a federal court in Chicago, Motorola claimed an engineer shared information about a Motorola transceiver and other technology with Huawei’s founder, Ren Zhengfei, a former officer in China’s People’s Liberation Army. Motorola claimed a string of emails tagged “Motorola Confidential Proprietary” showed that “Huawei and its officers knew they were receiving stolen Motorola proprietary trade secrets and confidential information without Motorola’s authorization and consent,” according to the suit. Huawei said the lawsuit was groundless. “Huawei has no relationship with Lemko, other than a reseller agreement. Huawei will vigorously defend itself against baseless allegations,” the company said in an emailed statement. Cases like these are hard to prove from an evidence point of view, said Connie Carnabuci, a technology, intellectual property expert and partner at Freshfields in Hong Kong. “Cases involving misappropriation of proprietary information are usually very difficult cases to run,” Carnabuci said. “This case is being brought in the courts of the United States, one thing interesting is that decisions of the US courts are not enforceable in China,” she added. Schaumburg, Illinois-based Motorola accused Huawei of various violations including threatened or actual misappropriation of trade secrets, breach of fiduciary duty and usurpation of corporate opportunity. Since at least 2006, Motorola had required its engineers to sign a confidentiality agreement, according to the filing. Motorola spokeswoman Jennifer Erickson said: “We don’t comment on pending litigation, but will continue to vigorously defend our IP (intellectual property).” Lemko could not be reached for comment. Diverging fortunes Huawei and Motorola were once fierce rivals in China’s fast-growing telecom market, but their fortunes have diverged in the last few years. Over that time, Huawei has risen to become the world’s second-largest seller of wireless telecom equipment, notching major sales not only in developing markets but also in lucrative Western Europe markets. Motorola, meanwhile, has seen its networking equipment business struggle in recent years as its mobile phone business also lost ground. It now looks poised to exit the networking equipment business, announcing earlier this week it would sell the unit to Nokia Siemens Networks for $1.2 billion. Motorola’s ongoing case against Huawei comes as the Chinese company is trying to push for legitimacy in the global arena despite wariness from Western politicians over Ren’s government and military ties. In 2008, Huawei’s bid to buy US firm 3Com fell through after opposition from US lawmakers. The Motorola lawsuit has echos of another lawsuit Huawei faced. In 2004, Cisco Systems Inc agreed to drop a drawn-out lawsuit against Huawei after the latter agreed to make some product changes. “There is a lot of attention amongst Chinese companies and (multinational companies) doing business in China where people are looking at their business practices and ways to minimize unauthorized leakage of information,” Carnabuci said. Source: World Business - Livemint.com | 21 Jul 2010 | 11:17 pm Yen gains, Asia stocks fall on growing uncertaintyHong Kong: The yen neared a 7-1/2-month high and Asian stocks slid on Thursday after comments by the head of the Federal Reserve added to concerns about the US economy, causing investors to dump riskier assets ahead of European bank stress test results. The conclusion of the European Union examination of banks’ financial strength is due on Friday and is expected to show generally positive results for Greece, Italy and Ireland and a few failures in Portugal and Spain. However, if investors perceive the test results as credible, do not expect risk-taking to bounce back for long, given that Europe’s fundamental backdrop remains relatively grim, especially with fiscal austerity the norm, US fund managers and analysts said. Ben Bernanke, the head of the Federal Reserve, said on Wednesday that policymakers expected US growth to be sustained despite recent signs of softening. He described the outlook as “unusually uncertain” but gave no indication that specific actions to deal with it are imminent. “Those who had expected more were disappointed after Bernanke only said the Fed stands ready to ease monetary policy further,” said Hiroichi Nishi, general manager of equity marketing at Nikko Cordial Securities in Tokyo. Japan’s Nikkei share average fell 1%, on course for a fifth straight session of losses. The Nikkei has fallen 2.1% so far in July, underperforming the S&P 500, which is up 3.8%, and the FTSEurofirst 300, which has risen 2.5%. Short-term indicators pointed to oversold conditions, though persistent yen strength has dominated equity trading lately. As long as currency dealers keep aiming for 85 yen per dollar, Japanese equities could be under pressure. The MSCI index of Asia Pacific stocks outside Japan slid 0.7%, with healthcare and technology stocks the main drags. The tech sector was weighed down after South Korea’s Hynix Semiconductor, the world’s No. 2 memory chip maker, said DRAM prices would fall in the current quarter, even though shipments were expected to grow. Hynix shares fell 4%. The yen rose across the board, benefiting from the increased risk aversion in financial markets. TheUS dollar fell 0.5% to yen86.48 closing in on the 7-1/2-month low hit last week of yen86.27. Japanese policymakers have been trying to talk the yen lower, fearing the country’s exporters would be hurt. Deputy Finance Minister Motohisa Ikeda on Thursday said Japan wants to avoid excessive rises in the yen but market reaction was muted. However, traders appeared intent on testing what many believe to be the line in the sand at yen 85 per dollar, beyond which they expect Japan would take action to defend. The yen has already risen more than 7% against the dollar so far this year. Long maturityUS Treasuries crept higher, pushing down the 10-year yield to 2.87%, not far from the 15-month low of 2.86% hit overnight. The 2-year yield was at a record low of 0.56%. TheUS dollar has steadily suffered over the past month after a stream of weak economic data spurred fears that its recovery may be stalling, with its short-term yield advantage against the euro disappearing. The difference of theUS 2-year yield over same maturity euro zone paper was at 29 basis points at the beginning of June but now favours Europe by 17 basis points. US economic data due later on Thursday are expected to show persistent weakness in labour and housing markets -- sore points for investors that exacerbate a shift out of risky assets. Investors were also awaiting Bernanke’s second day of testimony to Congress. “Bernanke is testifying again, and focus will be on whether he gives any extra hint of potential Fed action if the economy continues to soften. Lack of such suggestion on a day of poor data releases would further strain investors’ nerves,” Dariusz Kowalczyk, senior economist with Credit Agricole CIB in Hong Kong, said in a note. US crude futures stood little changed at $76.59 a barrel after dropping 1.3% on Wednesday on Bernanke’s comments. Gold prices fell 0.5%, bringing month-to-date losses to 4.5%. The metal was roughly $10 away from a two month low hit on Tuesday and could mark a new low soon, with investors cutting gold positions to cover losses in other markets. Source: Home - Livemint.com | 21 Jul 2010 | 11:11 pm Credit Suisse says earnings ‘resilient’ in volatile marketZurich: Swiss bank Credit Suisse said Thursday its second quarter net profit reached 1.6 billion francs (€1.19 billion, $1.52 billion) in a period characterized by volatility in the markets stemming from Europe’s sovereign debt crisis. Compared to the same period last year, the banking giant’s earnings were up a slight 1%, but compared to the first quarter this year, they were down 22%. “This was a resilient performance during a difficult second quarter for the banking sector,” said Brady Dougan, the group’s chief executive officer. “We remain confident that our strategy is appropriate and resilient in the face of an uncertain and challenging economic and market environment.” The tough market conditions were felt particularly by its investment bank division, which recorded a 32% drop in net revenues to 4.099 billion francs during the period compared to the second quarter last year. The plunge was due mainly to weak fixed income sales and trading revenues, said the bank. The Zurich-based institution continued to attract new deposits, with net new assets reaching 14.5 billion francs during the period. However, this was at a much slower pace than during the first quarter, when the bank recorded net new assets of 26 billion francs. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 11:06 pm Sensex flat in afternoon tradeThe Bombay Stock Exchange benchmark Sensex today opened 60 points lower as investors sold stocks following weak Asian markets.Source: HindustanTimes.com - Top Business News Headlines | 21 Jul 2010 | 10:48 pm Rupee declines 15 paise against dollar in early tradeThe rupee today depreciated by 15 paise against the dollar in early trade due to demand for the US currency from importers.Source: HindustanTimes.com - Top Business News Headlines | 21 Jul 2010 | 10:45 pm Facebook membership hits 500 million markSan Francisco: The number of people using Facebook hit the 500 million mark, meaning one in every 14 people on the planet has now signed up to the online social-networking service. “As of this morning, 500 million people all around the world are actively using Facebook to stay connected with their friends and the people around them,” Facebook founder Mark Zuckerberg has said in a blog post. “This is an important milestone for all of you who have helped spread Facebook around the world.” To celebrate, the California firm introduced an application that lets members of the online community “tell the incredible stories of the moving and interesting ways they’ve used Facebook”. Examples given by Zuckerberg included Nato secretary general Anders Fogh Rasmussen jogging with Facebook fans during his term as Danish prime minister and a US woman using the service to battle breast cancer. “Our mission at Facebook is to help make the world more open and connected,” Zuckerberg said. “I could have never imagined all of the ways people would use Facebook when we were getting started 6 years ago.” Zuckerberg has pointed to Facebook’s unrelenting growth to rebuff criticism of feature changes or privacy safeguards at the website. Americans are increasingly obsessed with Facebook and many young women check their page even before using the bathroom in the morning, according to a poll released last week. However, a US study released on Tuesday indicates that while people may be addicted to Facebook they rank it near the bottom when it comes to customer satisfaction. Facebook landed with notoriously despised airlines and cable television companies in the bottom 5% of private companies ranked in a 2010 American Customer Satisfaction Index E-Business Report produced in partnership with ForeSee Results. “Our research shows that privacy concerns, frequent changes to the website, and commercialisation and advertising adversely affect the consumer experience,” ForeSee chief executive Larry Freed said in a release. Zuckerberg openly advocates Internet firms releasing innovations quickly and “iterating” with improvements. “It’s clear that while innovation is critical, sometimes consumers prefer evolution to revolution,” Freed said. Facebook recently overhauled privacy controls in the face of a barrage of criticism that it is betraying the trust which has made it the world’s biggest social network. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 10:25 pm Facebook membership hits 500 million markSan Francisco: The number of people using Facebook hit the 500 million mark, meaning one in every 14 people on the planet has now signed up to the online social-networking service. “As of this morning, 500 million people all around the world are actively using Facebook to stay connected with their friends and the people around them,” Facebook founder Mark Zuckerberg has said in a blog post. “This is an important milestone for all of you who have helped spread Facebook around the world.” To celebrate, the California firm introduced an application that lets members of the online community “tell the incredible stories of the moving and interesting ways they’ve used Facebook”. Examples given by Zuckerberg included Nato secretary general Anders Fogh Rasmussen jogging with Facebook fans during his term as Danish prime minister and a US woman using the service to battle breast cancer. “Our mission at Facebook is to help make the world more open and connected,” Zuckerberg said. “I could have never imagined all of the ways people would use Facebook when we were getting started 6 years ago.” Zuckerberg has pointed to Facebook’s unrelenting growth to rebuff criticism of feature changes or privacy safeguards at the website. Americans are increasingly obsessed with Facebook and many young women check their page even before using the bathroom in the morning, according to a poll released last week. However, a US study released on Tuesday indicates that while people may be addicted to Facebook they rank it near the bottom when it comes to customer satisfaction. Facebook landed with notoriously despised airlines and cable television companies in the bottom 5% of private companies ranked in a 2010 American Customer Satisfaction Index E-Business Report produced in partnership with ForeSee Results. “Our research shows that privacy concerns, frequent changes to the website, and commercialisation and advertising adversely affect the consumer experience,” ForeSee chief executive Larry Freed said in a release. Zuckerberg openly advocates Internet firms releasing innovations quickly and “iterating” with improvements. “It’s clear that while innovation is critical, sometimes consumers prefer evolution to revolution,” Freed said. Facebook recently overhauled privacy controls in the face of a barrage of criticism that it is betraying the trust which has made it the world’s biggest social network. Source: Tech News - Livemint.com | 21 Jul 2010 | 10:25 pm Bernanke’s economy comment batters marketNew York: Federal Reserve Chairman Ben Bernanke’s dour assessment of the US recovery hit US stocks on Wednesday, as his comment that the economy faced “unusually uncertain” prospects rattled investors. Stocks tumbled after Bernanke acknowledged the labour market’s continued weakness while offering few specific options to stimulate lending and investment. “The market sold off because unfortunately there is no remedy provided in Bernanke’s commentary to the rising threat of deflation, the excess capacity in the economy and the malfunctioning of the credit system,” said Joe Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania. “We are now giving up on the notion of a standard recovery in the US economy.” The Dow Jones industrial average lost 109.51 points, or 1.07%, to 10,120.45. The Standard & Poor’s 500 fell 13.91 points, or 1.28%, to 1,069.57. The Nasdaq Composite dropped 35.16 points, or 1.58%, to 2,187.33. Bernanke spoke to the Senate Banking Committee in the first of two days of his semiannual testimony to Congress. His downbeat remarks sapped most of the buying interest even after a spate of strong earnings reports prior to the market’s open. Morgan Stanley was one of the day’s few big winners after it reported stronger-than-expected profit, lifted by new business. Its stock shot up 6.3% to $26.80. Apple Inc rose 0.9% to $254.24 after it posted robust quarterly results, but the company’s conservative margin forecast limited gains.. Another financial stock showing strength was Wells Fargo & Co, which rose 0.6% to $26.06 after rising loan demand helped lift its earnings more than analysts had expected.. After the closing bell, cellphone chip supplier Qualcomm Inc rose 4% to $37.59 on news its quarterly earnings and revenue beat Wall Street’s estimates on strong smartphone demand. Online marketplace eBay Inc added 4.1% to $20.99 in extended-hours trading as it beat Wall Street’s quarterly profit estimates, helped by a record performance at its PayPal service.. The benchmark S&P 500 found support during the regular session at its 14-day moving average and held above 1,060, a critical level according to some technical analysts. Investors have been reluctant to make big commitments in equities due to growing worry about the economic outlook, sparked by disappointing economic data. “Considering everything the (Fed has) done already, it will be alarming when the time comes that they feel they need to do more,” said Peter Boockvar, equity strategist at Miller Tabak & Co in New York. Weighing on the Nasdaq were shares of Internet company Yahoo, down 8.5% to $13.91 a day after it posted revenue that missed Wall Street’s estimates. About 8.68 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year’s estimated daily average of 9.65 billion. Declining stocks outnumbered advancing ones on the NYSE by a ratio of about 2 to 1, while for every stock that rose on the Nasdaq, about three fell. Source: Home - Livemint.com | 21 Jul 2010 | 9:07 pm Qualcomm profit, revenue beat forecastsNew York: Cellphone chip supplier Qualcomm Inc’s fiscal third-quarter earnings and revenue beat Wall Street estimates on strong smartphone demand, sending its shares up 4.8% after hours. In particular, sales of phones based on Android software from Google Inc helped boost Qualcomm’s sales as these devices need more complicated, expensive chips. Qualcomm said it was looking for alternatives for its mobile video network, which has been a disappointment for the company. But investors focused on its strong profit and revenue. “It was a really good quarter,” said Pacific Crest analyst James Faucette. “Demand is picking up a little bit, especially in the smartphone segment. Qualcomm’s tied to Android, so as Android phone sales increase it’s good for Qualcomm.” Qualcomm cited devices like Droid Incredible from HTC Corp and phones from Sony Ericsson, a Sony Corp and Ericsson venture. US wireless provider Verizon Wireless, a venture of Verizon Communications Inc and Vodafone Group Plc, sells Incredible. Earnings rose to $767 million, or 47 cents per share, for the quarter ended 27 June, from $737 million, or 44 cents per share, a year ago. Excluding unusual items and its investment arm, Qualcomm earned 57 cents per share, above analysts’ average expectation for 54 cents, according to Thomson Reuters I/B/E/S. Revenue fell to $2.71 billion from $2.75 billion over the same period, but beat analysts’ expectations for $2.63 billion. Chief Financial Officer Bill Keitel told Reuters in an interview that smartphone demand was strong enough in markets such as China and the United States that it more than offset earnings pressure related to weakness of the euro against the US dollar. “We’re selling a bit more of our more capable chipsets so that’s had a favorable impact,” Keitel said. “China and the US are growing pretty strongly for more capable devices.” Qualcomm shares rose 4.8% to $37.9 in extended trading after the news, after closing down 1.61% at $36.16 in regular Nasdaq trade. Faucette said the share rise was likely partly a relief rally as Qualcomm shares have fallen more than 12% since April on concerns about weaker growth prospects. The San Diego-based chip and technology license supplier said it was in talks with a number of potential partners and would consider “any alternatives” for its Flo TV business, a mobile video broadcast network it built to boost demand for advanced chips. Alternatives could include a sale of the entire operation or the related airwaves licenses, according to Qualcomm, which recently said that Flo TV demand was a disappointment as too few consumers were willing to pay monthly fees for the service. Chief Executive Paul Jacobs told analysts on a conference call that Qualcomm aims within a year to have an alternative for Flo TV, in which it has invested at least $800 million to establish. It has not disclosed financial results from the venture. “There’s definitely some assets there. It’s a question of what the price is they’re going to get,” said FBN analyst Michael Burton. Burton said the best hope for Flo TV would be if a new owner found a way to offer the service free to consumers. He cited Asia as an example of mobile TV working when it was free. Qualcomm estimated earnings per share, excluding unusual items, for the current quarter of 55 cents to 59 cents on revenue of $2.67 billion to $2.93 billion compared with analysts’ expectations for earnings of 57 cents per share on revenue of $2.767 billion Keitel said he expects smartphone demand to continue to increase for the rest of the calendar year, building up to a strong fourth quarter holiday season. “For this calendar year we are optimistic about a continued increase in the rate of new (advanced) phones sold worldwide,” Keitel said. Source: Home - Livemint.com | 21 Jul 2010 | 9:06 pm Multi Commodity Exchange Stock Exchange has also taken CCI, NSE to courtThe Multi Commodity Exchange Stock Exchange (MCX-SX) on July 16 filed a writ petition in the Bombay High Court against the market regulator for not allowing it to start trading in the equity segment.Source: Daily News & Analysis: Money News | 21 Jul 2010 | 3:29 pm You can collect service tax on sale of telecast rightsLike intellectual property rights there are certain personal rights such as, right to privacy, easement right, and right to secrecy.Source: Daily News & Analysis: Money News | 21 Jul 2010 | 3:25 pm Rural Electrification Corporation to raise $1 bn via ECB this fiscalThe fundraising target through ECB route has gone up from the previous $400 million as the company is looking to finance some solar and wind power projects.Source: Daily News & Analysis: Money News | 21 Jul 2010 | 3:24 pm The urban housing conundrumDusk brings with it the smell of woodsmoke and baking rotis, and the crescendo of scores of drums in a little community of artistes living in hutments on prime real estate a few kilometres from the Capital’s central business district. Its location has ensured that the small, overcrowded basti (shanty town) called Kathputli Colony, with its narrow streets and narrower alleys, is among the Delhi government’s first experiments in the so-called in situ development strategy. The blueprint envisages that a private developer, Raheja Developers Ltd, will construct at least 2,000 flats to accommodate residents of the neighbourhood and at the same time develop 170 luxury flats. On the face of it, the strategy is a winner: the residents get constructed flats, the builders access to plum real estate and the government, which has already initiated a census of the neighbourhood to establish residency, stands to reap enormous goodwill.  Shelter woes: Open drains and matchbox houses make up Kathputli Colony. Ankit Agrawal/Mint Of the total shortage of housing estimated at 24 million units by the government in 2006, nearly 99% is in the low-income and economically weaker sections. With the market taking care of the housing needs of middle-income and affluent groups, migrant workers and other low-income groups moved into shanty towns that mushroomed in upmarket neighbourhoods, mostly on prime property. Also See | India’s urban challenge The earlier strategy of the Delhi government to move the shanties, most of them illegal, to the outskirts of the city resulted in their residents losing their jobs, unable to commute to the neighbourhoods where they had worked as vegetable sellers or security guards. Alternatively, it meant land owners could not access property that was legally theirs. Kathputli Colony has become the testing ground for a new strategy. Bhupsingh, who runs a small shop in one of the area’s by-lanes and goes by one name, says his parents came to Delhi from Rajasthan in 1965-66. They first lived in a slum near Kashmere Gate, before moving to another one near New Patel Nagar, and to the present location in 1977. Many of Bhupsingh’s neighbours also moved in around the same time. Deep distrust “We want to be here only,” he said when asked if he would be willing to shift to a different area if the government provided land. It is a measure of the deep distrust of the recurring promises of permanent housing that, despite visits by official from the Delhi Development Authority—the agency which oversees urban development in the Capital—most residents don’t believe the government. “Our elders kept thinking they would get land. (Eventually) they did get land, but in the cemetery,” said 35-year-old Ajit Bhat, who makes his living as a puppeteer. In neighbouring Gurgaon, the upscale suburb in Haryana, authorities mandated that builders devote a portion of their developments for economically weaker sections, defined as those earning less Rs5,000 a month. The lack of lock-in periods and high demand for housing led to allotees selling their units. In January 2009, Rohit Gulati, an entrepreneur who lives in Gurgaon’s tony Laburnum estate, bought a 309 sq. ft, one-room, bathroom accommodation built by the developer as part of the mandated housing for the less well off. He bought it for his driver Ram Lakhan for Rs15 lakh from the original allottee of the house, who had paid about Rs50,000, Gulati says. “I have crazy hours and I need him at least four days a week,” says Gulati. If Ram Lakhan was to find his own accommodation, he would pay Rs3,000 a month for a single room in the nearby Chakarpur village, Gulati says. “But it was filthy and he would end up having to sleep at the wheel,” he adds. The problem, some analysts say, is that since the liberalization of the 1990s, the housing market has largely catered to middle and high-income segments. Affordable housing for the urban poor has largely remained within the government’s purview. Maharashtra is a case in point. The state, which has the largest slum population in the country, has focused, over the years, on middle-income housing rather than low-cost one, according to an urban planner who works closely with the state government and didn’t want to be named. “Even when Mhada (Maharashtra Housing and Area Development Authority) sells apartments for Rs45 lakh each today, it is targeted at HIG (high-income groups), which is for people with a monthly income of Rs14,000. Can those people afford those homes,” he asks. However, state governments have started focusing on urban housing on a bigger scale as their revenues grow, a Union housing ministry official, who didn’t want to be named, said. Just a slogan? Maharashtra has tried several initiatives through agencies such as Mhada, but the results have been far from impressive. The Slum Rehabilitation Authority, the nodal agency for sanctioning slum redevelopment schemes to developers, has approved only 600 schemes in the past 20 years. “Building a million homes in five or 10 years is the government’s favourite slogan now, but little has been done so far in housing for the genuine low-income groups,” said V.K. Phatak, urban planner and former chief planner at the Mumbai Metropolitan Region Development Authority. A 2009 survey by Knight Frank India, a property and research advisory, said that at a time when the real estate sector was realigning its focus towards affordable housing, there was a requirement ofat least two million units by 2011. More Indians will inevitably make urban India their home. It will be interesting to see whether the experiment with Kathputli Colony does reach fruition, and secondly whether it is successful in realizing targeted metrics to serve as a future template for dealing with the challenge of the acute shortage of affordable housing. Madhurima Nandy in Bangalore and C.R. Sukumar in Hyderabad contributed to this story. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 1:10 pm Sebi asks mutual funds to keep close watch on dealersIn a move to curb front-running, the Securities and Exchange Board of India (Sebi) has asked mutual fund (MF) houses to ensure they maintain records of phone conversations in the dealing rooms for eight years and that dealers dont use personal cell phones to place orders.Source: Business Standard | Front Page Headlines | 21 Jul 2010 | 1:08 pm Low-cost carriers to double fleetThe country's leading low-cost air carriers (LCCs) IndiGo, SpiceJet and GoAir are set to nearly double their fleet capacity over the next 17 months.Source: Business Standard | Front Page Headlines | 21 Jul 2010 | 1:07 pm LG plans green makeover in Indian facilitySouth Korean giant LG Electronics is working on using technology to revamp its product line by next year, based on three key parameters.Source: Business Standard | Front Page Headlines | 21 Jul 2010 | 1:05 pm Govt pegs GST at 20% in year one, single rate at 16% by 2014Three-year road map to kick off in April next year with three rates.Source: Business Standard | Front Page Headlines | 21 Jul 2010 | 1:03 pm Internal health is more importantDiscretion is sometimes necessary. It allows people who cannot ordinarily be seen to speak their minds or share information in a “public” sphere do so with enthusiasm and, I dare say, relief. I was at one such gathering late last week, to discuss India’s security situation. It involved internal security, but not limited to left-wing extremism. And, external security, but not limited to Pakistan. Chatham House rules prevent me from divulging the venue, names of those who attended, and who said what. But I can share that the two-day meeting took place in southern India under the aegis of an emerging Indian think tank and a major Indian corporation. It included top serving and retired officials from the country’s security and diplomatic establishments; CEOs; members of Parliament; heads of think tanks; top academics from India and those of Indian origin, analysts and consultants; and editors. Too, I can share some broad thoughts and ideas that emerged from this refreshingly diverse and largely open-minded group. Also Read | Sudeep Chakravarti’s earlier columns The upshot, of which some elements would be recognizable as conventional wisdom while others would clearly be appreciated as important admission by members of the establishment, was on the following lines: Whatever we like to think about the growing foreign policy prowess of India, it is—and will be—governed by India’s internal health. Internal security challenges, mentioned a former chief of army, are far greater than external security challenges. India’s internal health has been greatly boosted by an increasingly robust economic performance over the past two decades. The islands of visible progress such as urban wealth, shopping malls, better airport terminals, several expressways, and better communications attest to India’s economic strength, but the country also continues to be deeply vulnerable. Such vulnerability was perceived to certainly derive from the ongoing concerns related to left-wing extremism and several other forms of extremism, from the religious to that based on issues of caste. More importantly, however, concerns were perceived to accrue from deep socio-economic inequity, institutionalized corruption, issues of non-governance and misgoverning, and, a lack of understanding that while India’s glass may be perceived by professional optimists as being half full, the other half continues to be disastrously half empty. There were several other issues, ranging from a growing population and consequent resource pressures, to the general “unemployability” of the great demographic bulge of India’s youth, further beset by continuing pressures of migration from rural to urban spaces, listed as areas of great concern. The pressure on land, among the last resources open to monetizing, was, of course, a key pointer. Miscarriage of governance came in for special mention as a root cause of ills, and it was generally agreed that, unless this particular menace was not addressed and evangelized from the political leadership down—cutting across parties and states—India’s vulnerabilities would not decrease. In the regional and the overseas scheme of things, three outcomes—corollaries, really—came through clearly. One: reach out to, cultivate and befriend the regional neighbourhood. Two: Pakistan is not the issue, and, even if it is seen as a client-state of China, its irritable aspects can gradually be contained. And three: the country to watch for India is not Pakistan, but China; and so, why expend so much intellectual and materiel energy on the former, and not the latter? Moreover, while China reaches out to countries like Pakistan, Myanmar and North Korea—“its natural allies”, according to a foreign policy and security mandarin—India’s natural allies are relatively more robust and progressive countries like Singapore, South Korea and Vietnam. But while it may appear to be a play of strong-arm versus relatively benign arm, it would do India good to not overreach with China, but play a game that is a combination of humility and smarts. Work its way up. It needs to be acknowledged, mentioned a technology CEO, that China, for instance, produces over 2,600 computer science PhDs a year; India produces 26. But there was unanimity that, while China may be the Middle Kingdom, India has a good bet to become the Middle Model of development. Several possible solutions were discussed at the gathering, which I hope to share in subsequent columns. There was a mandate of searching out many more solutions. And then, to begin the most difficult process of evangelizing these to the powers that are and power that will be. The tipping point of persuasion may have arrived with a compelling reality: There is a country at stake. Sudeep Chakravarti writes on issues related to conflict in South Asia. He is the author of Red Sun: Travels in Naxalite Country. He writes a column alternate Thursdays on conflicts that directly affect business. Respond to this column at rootcause@livemint.com Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 12:54 pm The Mint Report for 21 July 2010A new three-tier structure could be in the offing for the goods and services tax or GST. On Wednesday finance minister Pranab Mukherjee suggested a system of three different rates. Under the proposal, there’ll be a 20% tax on goods, a 16% tax for services and a lower 12% tax for essential commodities. By the year 2013-14 the three rates are to merge in to a single rate of 16%. Mukherjee’s proposal also added that revenues would be shared equally between the state and centre. The goods and services tax is scheduled to roll out on 1 April 2011. Private lender Yes Bank has done better than expected in the quarter ending June. It posted a 56% increase in net profit to Rs156 crore. Net interest income climbed 67% to reach Rs262 crore. Yes Bank’s numbers have been driven by strong credit growth that came largely from 3G auction payments. On Wednesday the bank also announced it had 91 new licenses to open branches and planned to open a hundred of them over the next one year. Yes Bank stock made a modest gain of 0.13% on BSE on Wednesday to Rs297.70 Kicking off the earnings season for the auto industry on Wednesday was TVS Motor. The company reported a net profit of Rs40 crore compared to about Rs18 crore in the first quarter of last year. Sales accelerated to Rs1,370 crore from Rs975 crore. TVS is India’s third largest two-wheeler company. Demand for motorcycles and scooters have been on the rise in India since latter months of 2009. TVS Motor stock rose on news of the earnings, climbing almost 5.76% on B S E to wind up at Rs128.55. Oil giant BP’s oil spill troubles could present an opportunity to India. On Wednesday petroleum minister Murli Deora said Indian oil companies would make a bid for B P’s stake in two gas fields off the coast of Vietnam. BP is looking at selling some of its fields to raise money for cleaning up the Gulf of Mexico oil spill. Markets made gains on Wednesday on expectations of more robust corporate results. The Sensex shot up 99 points to finish at 17,977. And the Nifty went up 31 points to end trade at 5,399. Source: LatestNews-Home - Livemint.com | 21 Jul 2010 | 12:40 pm 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: World Business - Livemint.com | 21 Jul 2010 | 3:33 am
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