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Qualcomm to name India broadband partners FridayQualcomm Inc will announce local partners for selling a 26% stake in its India broadband unit on Friday, Kanwalinder Singh, president for Qualcomm\'s Indian and South Asian operations, said on Thursday.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 8:13 am Brokers eligible to claim tax deduction for bad debtsThe Special Bench of the Mumbai ITAT has ruled that a stock broker is eligible to claim a tax deduction for bad debts arising on account of amounts due from clients.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 7:23 am Sun Pharma to meet FY11 rev growth guidanceIndian drug maker Sun Pharmaceutical Industries Ltd expects to meet its guidance of 1820% revenue growth in 2010/11, Managing Director, Dilip Shanghvi said on an analysts call on Thursday.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 6:00 am See 40% sales growth this year: Aster SillicatesIn an interview with CNBCTV18, Mahesh Maheshwari, CMD, Aster Silicates, spoke about the latest happenings in his company and sector.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 5:42 am UK\'s Osborne says no deal with BoE\'s Governor on ratesBritish finance minister George Osborne on Thursday said there was no unspoken agreement with Bank of England Governor Mervyn King on keeping interest rates low.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 5:20 am UK\'s Osborne to discuss Vodafone tax issue with FMUK\'s Chancellor of the Exchequer George Osborne has said that he will discuss the Vodafone tax issue with Finance Minister Pranab Mukherjee, reports CNBCTV18.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 4:37 am Will writeoff NPAs as bad debts: SE InvestmentSpeaking to CNBCTV18 about the company\'s growth oulook, Sunil Agarwal, MD of SE Investment said the FY11 topline should cross Rs 200 crore, Profit after tax is expected at Rs 6065 crore while operating margin is seen at around 5%.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 4:22 am Sony surprises with Q1 profit, lifts outlookSony, the world's second-largest camera maker after Canon Inc and the No3 maker of flatscreen TVs after Samsung Electronics and LG Electronics made more than 25% of its sales in Europe in the year to March 2010.Source: Daily News & Analysis: Money News | 29 Jul 2010 | 4:00 am NTC may garner Rs 5000 cr from sale of Mumbai surplus land - Economic Times
Source: Business - Google News | 29 Jul 2010 | 3:59 am Fortis eyes acquisitions in AsiaFortis Healthcare is still looking to acquire healthcare companies in Asia after being trumped by Malaysia\'s Khazanah in the bidding war for Parkway Holdings of Singapore, its chairman told Reuters on Thursday.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 3:57 am Subscribe to SKS Microfinance IPO for long term: Way2Wealth - Moneycontrol.com
Source: Business - Google News | 29 Jul 2010 | 3:50 am Andhra Bank Q1 net up 25 percent to Rs 320 cr - Economic Times
Source: Business - Google News | 29 Jul 2010 | 3:41 am Nifty quiet; HDFC, HCL Tech, IDFC, ABB, GAIL shine - Moneycontrol.com
Source: Business - Google News | 29 Jul 2010 | 3:40 am Monsoon strengthens further, crops to gain - Moneycontrol.com
Source: Business - Google News | 29 Jul 2010 | 3:40 am GE Shipping April-June net up, beats f'castMUMBAI (Reuters) - Great Eastern Shipping Co Ltd said on Thursday it posted a 12 percent rise in net profit for the June-quarter on foreign currency gains, beating analysts forecasts.Source: Reuters: Money News | 29 Jul 2010 | 3:34 am Engineers India share sale subscribed 1.6 times - dataMUMBAI (Reuters) - State-run Engineers India Ltd's up to $211 million follow-on share sale was subscribed 1.6 times by Thursday afternoon, exchange data showed.Source: Reuters: Money News | 29 Jul 2010 | 3:29 am Toyota says to recall 412,000 cars in United StatesTOKYO (Reuters) - Japan's Toyota Motor Corp said on Thursday it would recall 412,000 high-end passenger cars in the United States to fix steering problems.Source: Reuters: Money News | 29 Jul 2010 | 3:26 am Nintendo posts Q1 profit fall, keeps outlookTokyo: Japan’s Nintendo Co Ltd posted a 42% drop in quarterly operating profit and kept its full-year forecast, hit by slowing demand for its handheld game device and a stronger yen. The world’s leading video game machine maker said its operating profit fell to 23.3 billion yen ($266 million) in April-June from 40.4 billion. The average estimate of two analysts polled by Thomson Reuters was 31 billion yen. Nintendo kept its forecast for operating profit to fall 10% to 320 billion yen in the year to March 2011. The market consensus was for 305 billion yen. Nintendo is vying for business with Sony Corp and Microsoft Corp amid a squeeze in demand worldwide for vidoegames and consoles. Analysts expect Nintendo’s profitability to erode until it launches a new Wii console and a 3D version of its popular DS handheld game player. Shares of Nintendo have fallen 21% over the past three months versus a 11% drop in the benchmark Nikkei average. Source: Home - Livemint.com | 29 Jul 2010 | 3:24 am Drinking water: a big challenge for urban IndiaOne day in September last year, months after the worst of Delhi’s summer had passed, the Delhi Jal Board (DJB) found it had an extra 20 million gallons of water in one of its seven water zones. The state utility decided to divert the surplus to residents of the south-western suburb of Dwarka, reeling under a perennial water shortage.  Meeting demand: People collecting water from tankers in Dhansa village of Najafgarh (top) and Reserve Bank of India Colony, New Delhi. H.C. Tiwari / Hindustan Times. Many neighbourhoods pay private carriers for water supplied by Delhi Jal Board. Amit Agrawal / Mint The main lines to Dwarka ran through several West Delhi neighbourhoods which had already received 20 million gallons, leading water department officials to assume that the extra water would flow to Dwarka. It didn’t—it was used up by neighbourhoods on the way— and in the process threw up a unique challenge in devising water distribution networks. “In electricity, you just have to plug it into a network and power is available everywhere. In water it is different. We (have to) plan for hydraulics, the way the water is carried,” said Ramesh Negi, chief executive officer of DJB. With unplanned construction increasing and as stand-alone bungalows give way to high-rise apartments in cities across India, the water department’s carefully calibrated pressure hydraulics are not measuring up. Ageing networks in overcrowded cities have compounded the problem of water distribution. The outcome is restricted water supply in most urban areas, as it is in the case of newly built-up neighbourhoods such as Dwarka, where some one million people live around 20km from the central business district. The problem Delhi receives some 800 million gallons of water per day from the Yamuna and Ganga rivers as well as groundwater. In a city of some 16 million, there are some 1.7 million water connections, of which around half are metered. Nearly half the water, supplied through the 9,000km of pipes in the city, leaks out, according to data provided by the Centre for Science and Environment (CSE). The problem, says DJB’s Negi, is that water supply schemes are approved according to the city’s long-term masterplan. However, building activity rarely conforms with the masterplans, as people keep adding extensions to their homes, or new developments spring up. The result is that high density areas, with a lot of unauthorized, unplanned construction—which is a feature of most of India’s cities—get less and less water. “If you have Defence Colony (a tony south Delhi neighbourhood), which is a planned area, the supply will be static,” Negi said. It’s not the case with other, more crowded areas. The lack of planning in the 1970s and 1980s has led to water distribution systems becoming obsolete, said M.N. Thippeswamy, a former chief engineer with the Bangalore Water Supply and Sewerage Board. And even after most cities initiated comprehensive city planning in the last couple of decades, most development agencies have been unable to anticipate the pace of growth. City authorities focus on one region and growth happens elsewhere, said Thippeswamy, adding that in Bangalore, the water utility planned water requirements for 30 years, “but unfortunately it is not enough for even 15 years”. The alternative One man’s discomfiture is another’s business. Private water tankers have moved in to meet the shortfall in supply at rates substantially more than what they would otherwise have paid. They cater to areas that are either out of DJB’s water network or where not enough water is available. A CSE report estimates the number of tankers at anywhere between 900 and 1,200 in Delhi. The utility supplements this with several hundred water tankers—its own as well as hired—to deliver the water which it is unable to provide through the water mains. “We pay less for milk and more for water,” said Devendra Gupta, 68, who lives in Guru Apartments in Dwarka’s Sector 6. “The water pipes have no supply. So people are starved for water in Dwarka.” Residents in the apartment complex supplement DJB’s supply by ordering between one and five tankers per day, depending on how much water flows from the water utility, said another resident, who did not want to be named. In June this year, when temperatures peaked, the 100-odd residents of the block paid some Rs1,900 each to the private water suppliers, he added. Similarly, in south Delhi, Jata Shankar, a driver for a private water carrier guides his immense water tanker through rush hour traffic several times a day to deliver water to Reserve Bank of India Colony in Vasant Vihar in Delhi, because Jal board’s pipes run empty. Shankar’s truck empties its contents into the neighbourhood’s water tanks, from where it is routed to the apartments within the complex. The residents pay DJB directly for the water, while the water carrier is paid for transporting it from the water utility’s tanks a few kilometres away, said the owner of the water service, who did not want to be named. The situation is unlikely to change immediately. Negi says with Delhi’s water availability governed by inter-state agreements dating back to 1994, the amount of water flowing into the city is poised to stay constant. The only way to boost supply to meet growing demand is to plug the existing leakages in the network. Thippeswamy maintains that for a long-term solution to address growing water needs of Indian cities, administrations must opt for an integrated approach—replace old assets, reduce water losses due to leakage, aggressively promote water conservation and rainwater harvesting and find a way to reuse waste water. “Whether in Bangalore or Mumbai, there are not adequate funds for replacing assets. In Bangalore in some areas, even 100-year-old pipes we are not able to replace,” he said. The only solution, he says, is to earmark funds and start work on replacing ageing assets. “Unaccounted water cannot be avoided. Even Singapore has 7.5% unaccounted water. But if Indian cities can bring unaccounted water (levels) to 10% (of total supply), it will bring back a lot of water,” he said. Padmaparna Ghosh contributed to this story. Source: Home - Livemint.com | 29 Jul 2010 | 3:24 am Nintendo posts Q1 profit fall, keeps outlookTokyo: Japan’s Nintendo Co Ltd posted a 42% drop in quarterly operating profit and kept its full-year forecast, hit by slowing demand for its handheld game device and a stronger yen. The world’s leading video game machine maker said its operating profit fell to 23.3 billion yen ($266 million) in April-June from 40.4 billion. The average estimate of two analysts polled by Thomson Reuters was 31 billion yen. Nintendo kept its forecast for operating profit to fall 10% to 320 billion yen in the year to March 2011. The market consensus was for 305 billion yen. Nintendo is vying for business with Sony Corp and Microsoft Corp amid a squeeze in demand worldwide for vidoegames and consoles. Analysts expect Nintendo’s profitability to erode until it launches a new Wii console and a 3D version of its popular DS handheld game player. Shares of Nintendo have fallen 21% over the past three months versus a 11% drop in the benchmark Nikkei average. Source: LatestNews-Home - Livemint.com | 29 Jul 2010 | 3:24 am Monsoon strengthens further, crops to gainNEW DELHI (Reuters) - India's vital monsoon rains were 38 percent higher than normal in the week to July 28, bouncing back from a 17-percent deficit in the previous week, the weather office said on Thursday.Source: Reuters: Money News | 29 Jul 2010 | 3:23 am Food inflation eases slightly; RBI to stay hawkishNew Delhi: India’s food inflation eased and fuel inflation notched up in mid-July, but the data is unlikely to change the central bank’s decisive move towards stamping down on double-digit inflation. The Reserve Bank of India (RBI) had on Tuesday raised interest rates more forcefully than expected and said the balance of its policy stance had shifted to containing double-digit inflation and anchoring inflationary expectations. With the RBI lifting its headline inflation projections for the year to end-March to 6% economists now expect a more aggressive tightening than earlier foreseen. Data released on Thursday showed the food price index rose an annual 9.67% in the week to 17 July, compared with the previous week’s increase of 12.47%, with prices of cereals, rice and vegetables falling on the week. The fuel price index rose 14.29% in the period, as against a 14.27% in the previous week. The government raised prices of fuels in late June. The primary articles index rose 14.50% compared with the week-ago reading of 16.48%. Wholesale price inflation, the most widely watched measure of prices, was at 10.55% in June, holding in double digits for the fifth straight month. The country’s chief statistician said on Monday, it could be around 11% in July. Various government arms have different inflation forecasts, ranging from Prime Minister Manmohan Singh’s prediction of 6% by December to the 7% to 8% projected for the period by his economic advisers. They also differ on their reading of the causes of inflation. The government blames high food prices and says a good monsoon will cool prices, while the RBI says demand-side effects would keep inflationary pressures intact. High prices are a political headache in a country where hundreds of millions live on less than $1.25 a day. Massive street protests have been mirrored in parliament, where the opposition parties have stalled proceedings demanding a vote against the Congress-led government for failing to control inflation. Source: LatestNews-Home - Livemint.com | 29 Jul 2010 | 3:23 am Food inflation eases slightly; RBI to stay hawkishNew Delhi: India’s food inflation eased and fuel inflation notched up in mid-July, but the data is unlikely to change the central bank’s decisive move towards stamping down on double-digit inflation. The Reserve Bank of India (RBI) had on Tuesday raised interest rates more forcefully than expected and said the balance of its policy stance had shifted to containing double-digit inflation and anchoring inflationary expectations. With the RBI lifting its headline inflation projections for the year to end-March to 6% economists now expect a more aggressive tightening than earlier foreseen. Data released on Thursday showed the food price index rose an annual 9.67% in the week to 17 July, compared with the previous week’s increase of 12.47%, with prices of cereals, rice and vegetables falling on the week. The fuel price index rose 14.29% in the period, as against a 14.27% in the previous week. The government raised prices of fuels in late June. The primary articles index rose 14.50% compared with the week-ago reading of 16.48%. Wholesale price inflation, the most widely watched measure of prices, was at 10.55% in June, holding in double digits for the fifth straight month. The country’s chief statistician said on Monday, it could be around 11% in July. Various government arms have different inflation forecasts, ranging from Prime Minister Manmohan Singh’s prediction of 6% by December to the 7% to 8% projected for the period by his economic advisers. They also differ on their reading of the causes of inflation. The government blames high food prices and says a good monsoon will cool prices, while the RBI says demand-side effects would keep inflationary pressures intact. High prices are a political headache in a country where hundreds of millions live on less than $1.25 a day. Massive street protests have been mirrored in parliament, where the opposition parties have stalled proceedings demanding a vote against the Congress-led government for failing to control inflation. Source: Home - Livemint.com | 29 Jul 2010 | 3:23 am HCL Tech net up marginally, shares riseNEW DELHI (Reuters) - HCL Technologies reported a marginal rise in its June-quarter net income as demand for outsourcing increased, but margins took a hit from foreign exchange losses.Source: Reuters: Money News | 29 Jul 2010 | 3:11 am UltraTech to add capacity, Q1 disappointsMumbai: UltraTech Cement, India’s biggest cement producer, aims to spend $1.8 billion to add 9 million tonnes of new capacity over the next three years as a rapidly growing domestic economy boosts demand. India’s 270-million-tonne capacity cement market, the world’s second-largest, has been growing at 10-12% over the past year, driven by demand from infrastructure and property projects in Asia’s third-largest economy. UltraTech and the Indian units of Swiss cement major Holcim each control a fifth of the Indian market, while other global majors including LaFarge, Vicat and Mexico’s Cemex are looking to expand their presence. UltraTech, part of the diversified Aditya Birla group, will spend Rs56 billion ($1.2 billion) to set up clinkerisation plants in central and south India, the company said in a statement on Thursday. It is already spending Rs26 billion for grinding capacity in western India and on waste heat recovery systems and packaging terminals across India. The total spend, which will add 9.2 million tonnes of cement capacity, will be funded from internal accruals and debt. UltraTech became India’s biggest cement producer with 49 million tonnes capacity after it received regulatory approval earlier this week to absorb the cement business of a group firm. In April, it acquired Dubai’s ETA Star Cement Co for an enterprise value of $380 million, giving it another 3 million tonnes capacity and direct access to markets in the Middle East and Bangladesh. Profits slump UltraTech posted a 42% slump in quarterly profit on Thursday, but was ahead of market forecasts, which helped shares recover losses. The company said April-June net profit fell to Rs2.43 billion from 4.18 billion a year earlier, following an about 20% fall in cement prices and a rise in raw material and fuel costs. Net sales dropped to Rs17.9 billion from 19.53 billion. A Reuters poll of 14 brokerages had estimated quarterly profit at Rs2.2 billion on net sales of Rs17.8 billion. “Although prices remained flat sequentially, there was a sharp fall compared with Q1 of FY10,” UltraTech said. The company was also forced to buy coal at higher market prices following a reduction in subsidised supply by the government. Freight costs ran up 18% from last year, raw material costs rose 14% in the quarter, while power and fuel costs increased 8%, the company said. UltraTech expects pressure on prices and margins to continue in the short term, but said cement demand is likely to grow 10% through the year. At 0817 GMT, UltraTech shares, valued by the market at $2.3 billion, were up 0.3% at Rs858.65 in a flat Mumbai market, after having fallen as much as 1.6% earlier. The stock has slipped 6.5% so far in 2010, compared with a 3% rise in the main index. Source: Home - Livemint.com | 29 Jul 2010 | 3:08 am Vodafone CEO: convinced no tax dues in IndiaNEW DELHI (Reuters) - Vodafone is convinced it has no tax dues in India, and will discuss an initial public offering of its Indian telecoms arm with its partner in the country, Chief Executive Vittorio Colao said on Thursday.Source: Reuters: Money News | 29 Jul 2010 | 2:57 am Panasonic buying Sanyo, other unit for $9.4 blnTOKYO (Reuters) - Japan's Panasonic Corp plans to buy out subsidiaries Sanyo Electric and Panasonic Electric Works for up to 818.4 billion yen ($9.4 billion) to strengthen its push into greener businesses.Source: Reuters: Money News | 29 Jul 2010 | 2:53 am Qualcomm India unit to sell stake for $64 mln - sourcesMUMBAI (Reuters) - The Indian broadband unit of cellphone chip maker Qualcomm plans to sell a 26 percent stake to two Indian companies for about 3 billion rupees ($64 million), two sources with direct knowledge of the matter said.Source: Reuters: Money News | 29 Jul 2010 | 2:37 am Food inflation falls to single digit at 9.67 percent - Sify
Source: Business - Google News | 29 Jul 2010 | 2:35 am Forex fluctuations to impact next quarter: HCL Tech - Moneycontrol.com
Source: Business - Google News | 29 Jul 2010 | 2:34 am BlackBerry agrees to address India's security concerns: MHA - Times of India
Source: Business - Google News | 29 Jul 2010 | 2:23 am Punj Lloyd unit amongst firms picked for Yanbu refinerySaudi Aramco has signed contracts with international firms to build a multibillion dollar refinery at Yanbu on Saudi Arabia\'s Red Sea coast, the staterun company said on Wednesday.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 2:20 am IDBI Bank to sell benchmark size dollar bondIndia\'s staterun IDBI Bank plans to issue a benchmarksized 5.5year dollar bond as early as Thursday, a source close to the deal said.Source: Moneycontrol Top Headlines | 29 Jul 2010 | 2:17 am Rupee gains on broad dlr drop; choppy shares hurtMumbai: The Indian rupee continued to trade stronger in afternoon session on Thursday as broad dollar weakness against major currencies helped sentiment, but a sharper rise was limited by a choppy local shares. At 1:17pm, the partially convertible rupee was at Rs46.67/68 per dollar, off the day’s high of Rs46.61 but still stronger than Rs46.75/76 at close on Wednesday when it had hit Rs46.5550 during trade, its strongest since July 14. Traders said the dollar’s fall towards three-month lows against a basket of currencies helped the rupee. The index of the dollar against six major currencies was down 0.3% as fresh evidence of a patchy recovery in the United States led more investors to go short on the greenback. Dealers said they would watch the stock market for gauging the direction of capital flows, which have a large influence on the rupee’s fortunes. The main stock index was choppy with shaky regional markets and the last day for monthly derivatives contracts on the National Stock Exchange weighing on sentiment. One-month offshore non-deliverable forward contracts were quoted at Rs46.87, weaker than onshore spot rate. * In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX were at 46.8750 and 46.88 respectively, with the total traded volume on the two exchanges at about $1.8 billion. Source: Home - Livemint.com | 29 Jul 2010 | 2:05 am France Telecom second quarter profit fallsFrance Telecom SA says that second quarter profit fell 2.6 percent due to the impact of regulation, according to one measure of earnings performance.Source: HindustanTimes.com - Top Business News Headlines | 29 Jul 2010 | 1:53 am Cash-rich Fortis eyes acquisitions in AsiaMalvinder Singh, one of the two billionaire brothers who run the company, said the group now has between $800-$900 million in cash and a well-established line of credit, which would be used for the acquisition of one or more assets.Source: Daily News & Analysis: Money News | 29 Jul 2010 | 1:49 am Top Asian firms interested in Thai 3G - regulatorThe 3G licences have been delayed for several years by political obstacles and frequent changes in government.Source: Daily News & Analysis: Money News | 29 Jul 2010 | 1:49 am Govt raises security concerns over BlackBerry servicesNEW DELHI (Reuters) - India has raised security concerns with Research In Motion over the Canadian company's popular BlackBerry services, but is not planning a ban in the world's fastest growing mobile phone market.Source: Reuters: Money News | 29 Jul 2010 | 1:44 am BT says Q1 profit up 33 percentCommunications company BT Group PLC says that its first quarter profit rose by 33% as cost cuts helped offet a 4% drop in revenue.Source: HindustanTimes.com - Top Business News Headlines | 29 Jul 2010 | 1:44 am Oil India says has $2 bln budget for foreign buysNEW DELHI (Reuters) - State-run explorer Oil India Ltd has set aside $2 billion for overseas acquisitions, Chairman N.M. Borah told reporters on Thursday.Source: Reuters: Money News | 29 Jul 2010 | 1:39 am Euro a bit higher at $1.3010The euro is a little higher against the dollar after US reports pointed to a slowing and uneven economic recovery.Source: HindustanTimes.com - Top Business News Headlines | 29 Jul 2010 | 1:35 am Toshiba Q1 profit surges, Japan chipmakers reboundJapanese chipmakers Toshiba, Renesas Electronics and Elpida Memory reported improved quarterly earnings as robust global sales of smartphones and other consumer electronics boosted chip demand.Source: HindustanTimes.com - Top Business News Headlines | 29 Jul 2010 | 1:16 am NZ Dollar Down Late After Dovish Statement From Reserve Bank - Wall Street Journal
Source: Business - Google News | 29 Jul 2010 | 12:50 am Govt in talks with UK companies for infra projects: Kamal NathNew Delhi: The government is talking with UK-based construction as well as consulting companies to invest in the country’s infrastructure projects, union minister of Road Transport and Highways Kamal Nath said today. “We are looking at construction companies in Britain and also consultants for investments in India,” he said. The minister, however, refused to divulge the names of the companies saying that there were many of them and he could not name them just then. Kamal Nath, who was present at the unveiling of the 100,000th machine manufactured by construction equipment maker JCB India Ltd, did not specify the kind of projects these (British) companies would be investing in, as to if they would be road projects or the highway projects etc. He also met UK business secretary Vince Cable who also welcomed a series of multi-million pound deals between British and Indian firms. “We have UK companies operating here in partnership with Indian firms and I would encourage more UK firms to explore the opportunities here,” Cable said. Meanwhile, a London-based architecture firm Benoy has won three major projects in Bangalore and Mumbai worth over 1.6 million pounds in fees. Source: LatestNews-Home - Livemint.com | 29 Jul 2010 | 12:39 am Oil steady near $77 after sharp US inventory gainSingapore: Oil was steady around $77 on Thursday after falling in the past two sessions on weak durable good data and the biggest weekly increase in crude inventories for nearly two years in the United States. US crude stocks surged 7.31 million barrels last week as imports jumped, government statistics showed on Wednesday, while the nation’s gasoline and distillate stocks including diesel gained for the fifth and ninth consecutive weeks respectively. Wall Street slipped on Wednesday and Asian shares slid on Thursday after new orders for long-lasting manufactured goods posted their largest decline since August, a fresh sign the US economy slowed in the second quarter. “The crude market has shown the economy is not absorbing the supply, nor is the motivation there for refiners to process those supplies,” said Jonathan Barratt, managing director at Commodity Broking Services in Sydney. “The numbers in America are not that good.” US crude for September advanced 13 cents to $77.12 a barrel at 10:17am, after dropping close to 0.7% on Wednesday, having touched $79.69 a day earlier, the highest price in almost 12 weeks. ICE Brent gained 5 cents to $76.11. “We have tested $80 twice and failed. Now we are going to test lower into the range again,” Barratt said, referring to the $70-$80 range within which oil has traded for nearly two months. The Organization of the Petroleum Exporting Countries (Opec) has for the past year and a half expressed a preference for oil to remain stable around $75 a barrel, saying that price encourages investment to sustain and increase production capacity and does not threaten the economic recovery. “In a crisis situation you need stability,” Barratt said. “Crude is very stable. This suggests to me that the forces of supply and demand are at ease with each other.” Oil analysts including Michael Wittner from Societe Generale pointed out that total US product demand growth was robust at 3.4% over the past four weeks from a year earlier, according to EIA figures. But supply accumulation is outpacing consumption at a time when the US economy is recovering from the most severe recession of the post-war era. The US economy kept growing overall in recent weeks, but unevenly and it actually slowed in a few regions as housing markets softened after the end of a popular tax break, the Federal Reserve said on Wednesday. Last week’s gain in US crude stockpiles was the biggest since October 2008, according to statistics from the US Energy Information Administration, which published Wednesday’s inventory report. US weekly crude imports reached 11.12 million barrels last week, the highest level since August 2006. Many analysts had expected total crude stocks to be lower on disruptions from Tropical Storm Bonnie as it approached the Gulf of Mexico last week. But Bonnie dissipated at the weekend, without damaging regional energy infrastructure, although some oil production was interrupted late in the week. Source: LatestNews-Home - Livemint.com | 29 Jul 2010 | 12:38 am Oil steady near $77 after sharp US inventory gainSingapore: Oil was steady around $77 on Thursday after falling in the past two sessions on weak durable good data and the biggest weekly increase in crude inventories for nearly two years in the United States. US crude stocks surged 7.31 million barrels last week as imports jumped, government statistics showed on Wednesday, while the nation’s gasoline and distillate stocks including diesel gained for the fifth and ninth consecutive weeks respectively. Wall Street slipped on Wednesday and Asian shares slid on Thursday after new orders for long-lasting manufactured goods posted their largest decline since August, a fresh sign the US economy slowed in the second quarter. “The crude market has shown the economy is not absorbing the supply, nor is the motivation there for refiners to process those supplies,” said Jonathan Barratt, managing director at Commodity Broking Services in Sydney. “The numbers in America are not that good.” US crude for September advanced 13 cents to $77.12 a barrel at 10:17am, after dropping close to 0.7% on Wednesday, having touched $79.69 a day earlier, the highest price in almost 12 weeks. ICE Brent gained 5 cents to $76.11. “We have tested $80 twice and failed. Now we are going to test lower into the range again,” Barratt said, referring to the $70-$80 range within which oil has traded for nearly two months. The Organization of the Petroleum Exporting Countries (Opec) has for the past year and a half expressed a preference for oil to remain stable around $75 a barrel, saying that price encourages investment to sustain and increase production capacity and does not threaten the economic recovery. “In a crisis situation you need stability,” Barratt said. “Crude is very stable. This suggests to me that the forces of supply and demand are at ease with each other.” Oil analysts including Michael Wittner from Societe Generale pointed out that total US product demand growth was robust at 3.4% over the past four weeks from a year earlier, according to EIA figures. But supply accumulation is outpacing consumption at a time when the US economy is recovering from the most severe recession of the post-war era. The US economy kept growing overall in recent weeks, but unevenly and it actually slowed in a few regions as housing markets softened after the end of a popular tax break, the Federal Reserve said on Wednesday. Last week’s gain in US crude stockpiles was the biggest since October 2008, according to statistics from the US Energy Information Administration, which published Wednesday’s inventory report. US weekly crude imports reached 11.12 million barrels last week, the highest level since August 2006. Many analysts had expected total crude stocks to be lower on disruptions from Tropical Storm Bonnie as it approached the Gulf of Mexico last week. But Bonnie dissipated at the weekend, without damaging regional energy infrastructure, although some oil production was interrupted late in the week. Source: Home - Livemint.com | 29 Jul 2010 | 12:38 am Sony rebounds to profit in April-June quarterTokyo: Sony returned to profit in the April-June quarter and raised its full year earnings forecast amid higher sales of its PlayStation gaming consoles, personal computers and televisions. The Tokyo-based electronics and entertainment giant is reporting a profit of 25.7 billion yen or $294 million at current exchange rates for the period, a sharp turnaround from a 37.1 billion yen loss a year earlier. It booked a 3.8% increase in revenue to 1.66 trillion yen. Operating profit came to 67 billion yen compared with an operating loss of 25.7 billion yen in the same period last year. Sony upgraded its forecast for the full year through March 2011. It now expects a net profit of 60 billion yen on revenue of 7.6 trillion yen. Source: LatestNews-Home - Livemint.com | 29 Jul 2010 | 12:25 am Hackers study vulnerabilities as ATMs spit cashA security expert showed off techniques for breaking into ATMs, causing machines to spit out cash to a cheering crowd at an annual gathering of hackers.Source: Daily News & Analysis: Money News | 29 Jul 2010 | 12:04 am Merck sees Q2 profit rise 69%Berlin: German drug and chemical maker Merck KGaA says its second-quarter earnings were up 69% led higher by strong increases in revenue at its liquid crystals and chemicals businesses. Merck said Thursday it earned euro183.4 million ($238 million) in the April-June period, compared with euro108.5 million a year earlier. Total revenues were up 15.6% to euro2.2 billion from euro1.9 billion. Merck says revenues from chemicals rose 32% to euro644 million. Revenues from liquid crystals used in flat-screen televisions and computer monitors were up 50 % at euro284 million. CEO Karl-Ludwig Kley says Merck feels “comfortable” in raising its full-year guidance. It expects to increase total revenues by 21% and operating earnings by 90%. Source: LatestNews-Home - Livemint.com | 29 Jul 2010 | 12:02 am HDFC Bank sets off deposit rate hikesBanks have started raising deposit rates in anticipation of a rush to mobilise resources. This move by banks comes in the wake of the Reserve Bank of India hiking key short-term rates on Tuesday.Source: Business Line - Home Page | 29 Jul 2010 | 12:00 am Bounces back with $1.7-b profit in Q2ArcelorMittal bounced back with a $1.7-billion net profit in the second quarter of 2010, but its Chairman and founder, Mr Lakshmi Mittal, warned that profits in the third quarter were likely to fall, impacted by the economic slowdown in China andSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am Soros buy a ‘sign of confidence'Mr Madhu Kannan, Chief Executive Officer of the Bombay Stock Exchange, said that he would not want to comment on the possible stake buy by George Soros in theSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am Personal computer sales grow 18% in FY10India's PC sales – desktop computers and notebooks combined - grew 18 per cent to 80.3 lakh units in FY10, driven by demand revival across consumer and office segments, particularly during second half of theSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am BAE flies off with Rs 5,110-cr Hawk trainer jet dealA Rs 5,110-crore (£700-million) follow-on deal signed on Wednesday between military majors Hindustan Aeronautics Ltd and BAE Systems for 57 Hawk jet trainers set the tone for the two-day state visit of the British Prime Minister, Mr DavidSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am DLF profits up 3.78% in Q1Aided by higher sales realisation, India's largest real estate company DLF Ltd on Wednesday recorded a 3.78 per cent increase in its consolidated net profit for first quarter of the current fiscal at Rs 411 crore. The net profit was Rs 396 croreSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am Soros set to take 4% stake in BSELegendary American investor George Soros is set to take a 4 per cent stake in the Bombay StockSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am Day Trading GuideSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am Moser Baer India (Rs 65): SellInvestors with short-term trading perspective can consider selling the stock of Moser Baer India. It is seen from the charts of the stock that since the June 2009 peak of Rs 114.5, the stock has been on a long-term downtrend forming lower peaksSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am Large-cap index stocks take a beating after resultsLarge-cap index stocks Reliance Industries (RIL), Hindustan Unilever (HUL) and Larsen & Toubro (L&T) lost between 2 and 3 per cent each over their previous close onSource: Business Line - Home Page | 29 Jul 2010 | 12:00 am Markets trade choppy; Reliance, DLF dropMumbai: Indian shares were trading 0.2% lower on Thursday ahead of the expiry of monthly derivatives contracts and subdued cues from Asian markets. Energy major Reliance Industries dropped 0.5% after sliding 3.1% in the previous session, and traders said they were cautious of the near-term trend. “A lot of short positions are being rolled over in Reliance Industries, indicating a bearish outlook,” said Kunal Sukhani, manager of institutional equities at Asian Markets Securities. The stock, which has the heaviest weight on the main BSE index, has come under pressure following a delay in the company’s plan to reach full gas output from its field off India’s east coast. The oil secretary said late on Wednesday Reliance would be able to pump natural gas at full capacity from its deep-sea field during the year to March 2013, indicating a delay of almost two years. By 11:09am, the 30-share BSE index was trading down 0.2% at 17,921.28 points, with 19 of its components declining. The 50-share NSE index was down 0.2% at 5,387.25. “Market is volatile because of derivatives expiry,” said Sukhani, referring to the monthly contracts on the National Stock Exchange. DLF dropped 1.4% after the largest listed property developer’s 3.8% rise in quarterly profit failed to cheer investors. Param Desai, a research analyst with Angel Broking, said the profit was tad below expectation as interest and depreciation costs weighed. Financials were mixed as near-term monetary tightening fears weighed, but the demand for loan outlook was seen higher on the back of robust economic growth. A Reuters poll showed the Reserve Bank was likely to raise rates more aggressively in the rest of the fiscal year, after tightening policy more than expected on Tuesday. Top lender State Bank of India dropped 1.2% while rivals ICICI Bank and HDFC Bank were up 0.1% and 0.2% respectively. Foreign funds have invested $9.2 billion in Indian equities so far this year and has helped the benchmark index gain 2.6% in the period. In the broader market, gainers and losers were almost equal in number on volume of 113 million shares. Elsewhere, the MSCI’s measure of Asian markets other than Japan was barely changed while Japan’s Nikkei was down 0.7%. STOCKS HCL Technologies was up 2.8% at Rs383.25 after the software services firm said quarterly net income rose marginally as demand for outsourcing increased. Hexaware Technologies dropped 1.5% to Rs83.40 as its April-June net profit slumped 63.5%. Source: Home - Livemint.com | 28 Jul 2010 | 11:56 pm Mitsui OSK hires military specialist for tanker checkThe supertanker was diverted to a UAE port on Wednesday where officials said the damage, which stirred fears of an attack in the strait, was caused by a freak wave.Source: Daily News & Analysis: Money News | 28 Jul 2010 | 11:53 pm HCL Tech net up 3.7%, shares riseNet income rose 3.7% to Rs3.42 billion for April-June quarter, while sales increased 18% to Rs34.25 billion.Source: Daily News & Analysis: Money News | 28 Jul 2010 | 11:52 pm The Mint Report for 28 July 2010Mahindra and Mahindra’s quarterly earnings have raced past expectations. Net profit shot up 40% to Rs562 crore. And net sales went up 21% to Rs5,124 crore. Despite the good news, Mahindra also warned that inflation and rising interest rates were concerns. The company also said it hasn’t decided on whether to buy South Korean SUV manufacturer Ssangyong Motor. Mahindra and Mahindra is India’s biggest manufacturer of utility vehicles, including tractors. Mahindra stock climbed 0.66% on the BSE on Wednesday, closing at nearly Rs643.95. Brokerages are downgrading shares of India’s biggest company, RIL. The brokerages lowering their estimates are India Infoline, Edelweiss Securities, Ambit Capital and Elara Securities. They predict a fall of Rs20-39 from their initial projections of the company’s target price. The downgrade has been prompted by delays in ramping up gas output from RIL’s KG basin fields. Currently, the D6 block in the KG basin produces about 60 units of gas. RIL says it will hike production only after a review of management practices and safety records. RIL stock fell 3.09% on the BSE on Wednesday, ending at Rs1,020.95. Markets closed in the red on Wednesday after the RIL downgrade. The Sensex closed down 120 points to end at 17,957. And the Nifty lost 33 to finish at 5,398. Source: LatestNews-Home - Livemint.com | 28 Jul 2010 | 11:17 pm Rupee gains 7 paise against dollar in early tradeForex dealers said capital inflows by foreign funds and selling of US dollars by banks on appreciation of euro against the dollar provided support to the rupee.Source: Daily News & Analysis: Money News | 28 Jul 2010 | 11:16 pm Hot Dog Fest extended till Aug-endThe All American Diner at Habitat World, India Habitat Center, has extended the date for its annual Hot Dog Fest till the end of August. The menu includes Hot Weiner Dogs, Texas Dogs, Honey Mustard Barbeque Dogs, Alabama Dogs, Veg Chargrilled Dogs, Dixie Dogs and Blackened Cottage Cheese Dogs. We asked the chef at All American Diner to show us how he makes two of his hot dogs. For carnivores there’s the Hot Weiner Dog, which comes in a rum and cointreau bun and with a spicy meat sauce. For everyone else there’s the Veg Chargrilled Dog with its cottage cheese frankfurter. The festival offers dogs with a choice of chicken, pork and vegetables, available from 11am till midnight. Source: LatestNews-Home - Livemint.com | 28 Jul 2010 | 11:15 pm Hyundai Q2 profit hits record on US, China demandSeoul: Hyundai Motor Co, South Korea’s top automaker, said on Thursday its quarterly net profit rose 71% to a record high, beating estimates on healthy demand in the United States and China. Hyundai, which with its affiliate Kia Motors Corp is the world’s No.5 car maker, may face a tougher road ahead in the second half on worries over the strength of the US and European economies as well as rising raw material costs. But new models, such as a revamped version of its best selling Elantra compact, will help it recapture domestic customers from its competitors, analysts said. “We aim to reduce costs and increase market share with new product launches in the second half to fight uncertainties stemming from the potential global economic slowdown,” Hyundai said in a statement. China, which surpassed the United States to become the world’s top auto market last year, could see an easing economy due to expected monetary tightening later in this year. In the second quarter, Hyundai’s volume sales to China rose 17.4% from a year earlier, while domestic volume sales fell 17.5% during the same period, the company said. Hyundai’s US volume sales during the April-June jumped 32.6% from a year earlier and its market share rose to a record 5.2% in June, despite sharply reduced incentives given to customers in the country. By 10:37am, shares of Hyundai Motor rose 0.34%, outperforming than the main KOSPI index’s 0.08% drop. Hyundai reported a record net profit of won 1.39 trillion ($1.17 billion) in the second quarter, compared with a consensus estimate of 1.1 trillion won by 23 analysts on Thomson Reuters I/B/E/S. That compared with a 811.9 billion won profit a year earlier and the previous record of 1.13 trillion won in the first quarter of 2010. Quarterly operating profit stood at won863.3 billion, above a forecast of won801.3 billion profit. Since the beginning of the year, shares of Hyundai have risen about 20% versus a 5% gain in the wider market. Source: Home - Livemint.com | 28 Jul 2010 | 11:03 pm Hyundai Q2 profit hits record on US, China demandSeoul: Hyundai Motor Co, South Korea’s top automaker, said on Thursday its quarterly net profit rose 71% to a record high, beating estimates on healthy demand in the United States and China. Hyundai, which with its affiliate Kia Motors Corp is the world’s No.5 car maker, may face a tougher road ahead in the second half on worries over the strength of the US and European economies as well as rising raw material costs. But new models, such as a revamped version of its best selling Elantra compact, will help it recapture domestic customers from its competitors, analysts said. “We aim to reduce costs and increase market share with new product launches in the second half to fight uncertainties stemming from the potential global economic slowdown,” Hyundai said in a statement. China, which surpassed the United States to become the world’s top auto market last year, could see an easing economy due to expected monetary tightening later in this year. In the second quarter, Hyundai’s volume sales to China rose 17.4% from a year earlier, while domestic volume sales fell 17.5% during the same period, the company said. Hyundai’s US volume sales during the April-June jumped 32.6% from a year earlier and its market share rose to a record 5.2% in June, despite sharply reduced incentives given to customers in the country. By 10:37am, shares of Hyundai Motor rose 0.34%, outperforming than the main KOSPI index’s 0.08% drop. Hyundai reported a record net profit of won 1.39 trillion ($1.17 billion) in the second quarter, compared with a consensus estimate of 1.1 trillion won by 23 analysts on Thomson Reuters I/B/E/S. That compared with a 811.9 billion won profit a year earlier and the previous record of 1.13 trillion won in the first quarter of 2010. Quarterly operating profit stood at won863.3 billion, above a forecast of won801.3 billion profit. Since the beginning of the year, shares of Hyundai have risen about 20% versus a 5% gain in the wider market. Source: LatestNews-Home - Livemint.com | 28 Jul 2010 | 11:03 pm The 'small wonder' of the diamond industryStanding tall at just over 3.5 feet, Yogesh Thakkar converts rough stones into sparkling polished diamonds.Source: Daily News & Analysis: Money News | 28 Jul 2010 | 11:00 pm HCL Tech Q4 net up 23% at Rs237.82 crMumbai: IT services giant HCL Technologies Ltd today posted a growth of 23.26 % in its standalone net profit at Rs237.82 crore, for the quarter ended 30 June. HCL Technologies had a net profit of Rs192.94 crore in the same period previous year, the company said in a filing to the Bombay Stock Exchange. The IT major’s total income rose to Rs1,330.61 crore in standalone, from Rs 1,145.54 crore in the same period last year. For the year ended 30 June, the company reported a decline of 4.58% in its consolidated net profit at Rs1,259.19 crore. It had a net profit of Rs1,319.63 crore in the same period a year-ago. The total income of the IT firm increased to Rs12,136.29 crore for the year ended 30 June, as against Rs10,229.41 crore in the same period year earlier, the filing added. The board of directors of the company has recommended a final dividend of Rs1 per equity share on the face value of Rs2 each to the shareholders. Shares of HCL Technologies surged 6.2% to touch a month high of Rs396 on the BSE in the early trade. Source: Home - Livemint.com | 28 Jul 2010 | 10:56 pm HCL Tech Q4 net up 23% at Rs237.82 crMumbai: IT services giant HCL Technologies Ltd today posted a growth of 23.26 % in its standalone net profit at Rs237.82 crore, for the quarter ended 30 June. HCL Technologies had a net profit of Rs192.94 crore in the same period previous year, the company said in a filing to the Bombay Stock Exchange. The IT major’s total income rose to Rs1,330.61 crore in standalone, from Rs 1,145.54 crore in the same period last year. For the year ended 30 June, the company reported a decline of 4.58% in its consolidated net profit at Rs1,259.19 crore. It had a net profit of Rs1,319.63 crore in the same period a year-ago. The total income of the IT firm increased to Rs12,136.29 crore for the year ended 30 June, as against Rs10,229.41 crore in the same period year earlier, the filing added. The board of directors of the company has recommended a final dividend of Rs1 per equity share on the face value of Rs2 each to the shareholders. Shares of HCL Technologies surged 6.2% to touch a month high of Rs396 on the BSE in the early trade. Source: LatestNews-Home - Livemint.com | 28 Jul 2010 | 10:56 pm Panasonic to buy out Sanyo for almost $10 bn: SourcesTokyo: Japan’s Panasonic Corp plans to buy the shares it does not already own in Sanyo Electric and another unit, four sources said, in a deal that could top $10 billion and strengthen its push into greener businesses. Panasonic plans to raise up to ¥500 billion ($5.7 billion) in a new share issue to help it finance the buyouts, two sources said, weighing on the company’s share price. As the world’s No.4 flat TV maker speeds up a restructuring, four sources with knowledge of the matter said Panasonic would buy the remaining shares in Sanyo Electric Co and Panasonic Electric Works Co Ltd. The move is key to Panasonic’s strategy of shifting focus to energy and environment-related businesses as it struggles to boost profits in overseas markets amid tough price competition from South Korea’s Samsung Electronics and LG Electronics. It has said it would withdraw from overlapping business with Sanyo. A deal would also make it easier for Panasonic to put more resources into its promising businesses such as solar power and lithium ion batteries. “The cost may not be small, but I think investors will welcome the deal as Panasonic can boost its rapidly growing environment-related business,” said Okasan Securities analyst Kazumasa Kubota. “With only its audio and visual business, the firm could not expect to grow dramatically.” Panasonic bought a 50% stake in Sanyo in December for about $4 billion, gaining control of the world’s top maker of rechargeable batteries and a producer of solar cells. It owns 51% of Panasonic Electric Works, which makes housing materials and lighting equipment. Based on current market prices, acquiring the shares it does not own would cost Panasonic about ¥720 billion ($8.2 billion). A typical premium could push the value of the deal to above ¥900 billion. Panasonic is considering a public cash offering and share swap to complete the transaction and could make an official announcement of its plans this week, according to the sources, who were not authorised to speak publicly about the deal. It is looking at raising funds to finance the deal, and a new share issue is seen as one option, sources said. “The move will be good for Panasonic’s long-term strategy, but investors are worried about how many new shares it will issue. We anticipated the deal but thought it would be done by a share swap,” said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. At 9:31am, Panasonic shares were down 8.6% at 1,067 yen, underperforming a 0.3% fall in the benchmark Nikkei average. Sanyo shares soared 24% to ¥146 while Panasonic Electric Works was untraded amid a rush of buy orders. Under President Fumio Ohtsubo, Panasonic has been shifting away from low-margin home electronics products and investing more aggressively in solar cells, batteries and other energy-related areas with promising growth prospects. Ohtsubo unveiled a new three-year business plan in May under which Panasonic is aiming to roughly double its operating profit margin to 5 percent or more by March 2013, while boosting sales by a third to 10 trillion yen. Panasonic and Sanyo have planned to withdraw from overlapping businesses that would account for 300 billion yen in annual revenue and merge the development and production of white goods. Source: Home - Livemint.com | 28 Jul 2010 | 10:45 pm Sensex up 13 points in early range-bound tradingThe 30-share index, which had lost 120.24 points in the previous session, was up by 12.77 points or 0.07% at 17,970.14 points after declining to 17,918.10 points.Source: Daily News & Analysis: Money News | 28 Jul 2010 | 10:40 pm British PM David Cameron gifts 2,000 jobs to ShimogaBritish business processor Xchanging will develop a state-of-the-art Special Economic Zone on six acres of land in Karnataka chief minister's native districtSource: Daily News & Analysis: Money News | 28 Jul 2010 | 9:12 pm Maruti to fix oil leakage in 6K Altos - Economic Times
Source: Business - Google News | 28 Jul 2010 | 2:06 pm Bankers pitch for allowing sub-base rate lendingSBI raises issue at post-policy meet with RBI.Source: Business Standard | Front Page Headlines | 28 Jul 2010 | 1:23 pm RIL, Essar eye BP's Africa assetsPrivate fuel retailers Reliance Industries Ltd and Essar Oil have joined the race for BP assets. RIL and Essar are interested in BPs retail outlets, terminals and aviation turbine fuel (ATF) facilities in at least four countries in Africa.Source: Business Standard | Front Page Headlines | 28 Jul 2010 | 1:21 pm Pawar to assess NCP's standalone prospectsThe Nationalist Congress Party (NCP), which is part of the ruling Congress-led coalition in Maharashtra, will meet on July 31 to explore the possibility of cutting loose from the Congress.Source: Business Standard | Front Page Headlines | 28 Jul 2010 | 1:20 pm Wipro targets defence, govt in policy hazeAn application by Bangalore-based Wipro Ltd to the Foreign Investment Promotion Board (FIPB) for permission to enter the defence sector has become a policy test case. The issue being if information technology (IT) service companies wanting to get into military-related software activities will be subjected to the general stipulation of a 26 per cent cap on foreign direct investment (FDI) in the defence sector.Source: Business Standard | Front Page Headlines | 28 Jul 2010 | 1:19 pm P&G to sponsor next five Olympic GamesDetroit: Procter & Gamble Co said it has signed on to sponsor the next five Olympic Games in a 10-year multimillion-dollar deal that will take it through 2020. The partnership, announced with the International Olympic Committee, starts with the 2012 Summer Olympics in London. Financial terms were not disclosed, but top Olympic sponsors can spend up to $100 million in cash and in-kind services over a four-year period. Olympic sponsors have exclusive global marketing rights for the widely watched events. P&G’s deal comes less than two weeks after Dow Chemical Co signed on as part of the Olympic Partner programme, also known as TOP. Dow’s deal also runs through 2020. P&G becomes the 11th participant in the TOP program, joining such companies as McDonald’s Corp and General Electric Co. IOC officials said after the Dow deal that they were confident of adding two more major sponsors before the London Games, but the maximum total was 12. The P&G brands participating in the partnership include Pampers, Tide, Ariel, Always, Whisper, Crest, Pantene and Olay, the company said. P&G is already a sponsor of the US Olympic team, a deal it said increased the company’s image, helped boost market share and generated nearly $100 million in sales. Source: World Business - Livemint.com | 28 Jul 2010 | 6:11 am Google in talks with online game cos to develop facebook rivalNew York: Internet giant Google Inc is in talks with several makers of popular online games as it seeks to develop a broader social networking service that could compete with Facebook, says a media report. Attributing to people familiar with the matter, the ‘Wall Street Journal’ reported that Google has been in discussions with top developers like Playdom Inc, Electronic Arts Inc’s Playfish and Zynga Game Network Inc, a company in which Google recently took a financial stake, to offer their games on a new service it is building. However, it is unclear when Google may launch the new gaming offering and the plans are not finalised, the report noted. Google already owns and operates social networking site Orkut. According to the publication, Google’s push into social games represents the latest attempt by the web-search leader to capture users and advertising dollars that are increasingly flowing to social networking, an area dominated by Facebook, Twitter and others. For social-game developers, a successful Google offering would mean they wouldn’t be so heavily dependent on Facebook, where the vast majority of users access the games. Source: Tech News - Livemint.com | 28 Jul 2010 | 3:56 am IATA reports surprising growth of air travel, lifted by AsiaGeneva: International air travel grew faster than expected in June led by a sharp improvement in Asia, airline association IATA said on Tuesday. Passenger volumes returned to a level one to two percent above the pre-recession peak in the first quarter of 2008, the International Air Transport Association (IATA) said in its monthly account of air travel. Passenger demand in Europe nonetheless lagged behind the global increase of 11.9% in June. “The industry continues to recover faster than expected, but with sharp regional differences,” said IATA director general Giovanni Bisignani. “Europe is recovering at half the speed of Asia with passenger growth of 7.8% compared to the 15.5% growth in Asia-Pacific,” he added. China drove growth in the Asia-Pacific region, which recorded the most significant improvement in demand last month. All other regions recorded double-digit growth, including Africa which was buoyed by a 21% rise in air travel that IATA attributed to the World Cup in South Africa. But Bisignani heralded a likely decline in the pace of global growth underway this year. “Business confidence remains high and there is no indication that the recovery will stall any time soon.” “But, with government stimulus packages tailing off and restocking largely completed, we do expect some slowing over the months ahead,” he added. Air freight grew by 26.5% in June, tailing off from growth of 34% a month earlier that was artificially boosted by additional cargo that had been delayed by the volcanic ash cloud over the Atlantic and Europe in April. Nonetheless air cargo traffic was still tracking the general economic recovery, IATA said. Bisignani pointed to orders for hundreds of new airliners announced by Airbus, Boeing and Embraer at the Farnborough Air Show last week as grounds for cautious optimism in the industry. “This is good news that will bring environmental benefits through improved fuel efficiency. But it will also make the challenge of matching capacity to demand much more difficult,” said Bisignani. IATA has repeatedly warned of the difficulty airlines face in matching the size of their fleets and the optimum load each aircraft carries with sharp fluctuations in air travel demand. Source: World Business - Livemint.com | 28 Jul 2010 | 3:33 am UK to let firms into Indian civil nuclear marketBangalore: Britain will start granting licences to its civil nuclear firms to export to India, British government sources said on Wednesday, opening up business prospects potentially worth billions of pounds. Business secretary Vince Cable, on a visit to India with a large British delegation, told reporters that cooperation in the civil nuclear industry was one area where he expected the two nations to make good progress. Government sources said this was a reference to a change in policy on export licences for firms like Rolls-Royce and Serco. The move is aimed at boosting business and sending a positive signal to India on trade links. The new policy will also allow existing joint British-Indian research into areas such as nuclear physics to be scaled up. Previously, British policy was not to let firms get involved in India’s civil nuclear market because it is a nuclear-armed state that is not a signatory to the Nuclear Non-Proliferation Treaty and that does not separate its military from its civilian nuclear industries. “There are British commpanies like Rolls Royce, Serco and others which potentially could do a large amount of business in India,” Cable said. “There are obvious security sensitivities. We are conscious of those, as are the Indians. But within those constraints we really want to push ahead with civil nuclear cooperation. That would be quite a big sector within which we could really make progress,” he said. Sources said the change in policy was a reflection of a new approach towards India under the Conservative-Liberal Democrat coalition government that took office in Britain in May. It was a way of building trust and giving concrete evidence of British enthusiasm for bolstering trade. The sources said that each export licence would be granted on a merit, case-by-case basis and that any security concerns would be taken into consideration. But the change in policy meant that firms could expect their applications for export licences to be granted. The British move follows a landmark 2008 civilian nuclear deal between India and the United States. That agreement ended the nuclear isolation New Delhi had endured since a 1974 test that launched it on the way to becoming an atomic weapons power. The deal gave India access to US technology and fuel and set the stage for foreign companies to enter a civilian nuclear energy market worth about $150 billion. French and Russian nuclear firms already plan to set up in India, and New Delhi has offered to tender construction of two plants, a business opportunity worth $10 billion, to US-based firms GE-Hitachi and Westinghouse Electric, a subsidiary of Japan’s Toshiba Corp. Source: World Business - Livemint.com | 28 Jul 2010 | 2:51 am
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