Business Ideas
Akash Prakash / New Delhi January 22, 2010, 0:03 IST
P B Jayakumar / December 30, 2009, 0:59 IST
Car maker Toyota Kirloskar Motor today said it has entered into a memorandum of understanding with the country"s largest lender, State Bank of India (SBI), for vehicle finance.
Ahead of the Reserve Bank’s quarterly monetary policy, global consultancy firm Ernst & Young today said the central bank is likely to signal an interest rate increase to suck out liquidity from the market and check prices from spiralling further.
The Sensex opened weak this morning following subdued cues from its Asian peers. The Sensex opened at 16,827 and is now down 61 points at 16,798.
Tata Steel, India largest private steel producing company reported a higher than market estimate net profit at Rs 1,191 crore, a growth of 155 per cent for the quarter ended December 31, 2009 as compared to a profit of Rs 466 crore posted during the same quarter a year earlier.
The markets continue to trade weak. The Sensex is quoting at 16,435, weaker by 345 points, and the Nifty is at 4,893, down 114 points. Realty, metal, auto and banking sectors are weak; the FMCG space is the only silver lining.
Corporate Affairs Minister Salman Khurshid, who yesterday favoured trimming pay packets of India Inc CEOs, today earnestly advised them to lead a simple life, saying "display of affluence is unacceptable".
The takeout financing scheme of the India Infrastructure Finance Co (IIFCL) has raised eyebrows. The Planning Commission has expressed concerns about the proposed scheme where the state-owned lending institution will take over some infrastructure loans of banks on its books.
Ahead of the WTO Ministerial Meeting in Geneva next week, India today said protectionism by some countries need to be opposed and delay in reaching a global trade-opening deal will harm developing countries.
Prime Minister Manmohan Singh today said India is open to discussions on a free trade pact with the US on the lines of the agreement New Delhi already has with the 10-nation South East Asian bloc.
Allows states to buy renewable energy certificates.
The Supreme Court today did not pass any order on a petition filed by the Anil Dhirubhai Ambani Group (ADAG) challenging the Allahabad High Court verdict quashing Uttar Pradesh Government"s notification to acquire land for the company’s 8,000 MW Dadri power project.
Auto maker VE Commercial Vehicles today reported a 36.86 per cent growth in its total sales of Eicher trucks and buses in August at 2,443 units against 1,785 units in the same month last year.
Anil Dhirubhai Ambani Group"s financial services arm, Reliance Capital, today said it would acquire a controlling stake in brokerage and equity research company Quant Capital, but did not disclose the financial details of the deal.
Honda Siel Cars India (HSCI), manufacturer of premium cars in India, today launched two new variants of Honda City- Honda City 1.5V and the new Honda City 1.5S.
The 92 per cent year-on-year growth reflected the additional revenues from the SEZ refinery numbers
The government today said employment rose by about 5 lakhs in the second quarter after falling by 1.31 lakhs in the first quarter this fiscal. "... The employment has increased by about 5 lakhs during July-September 2009 over June 2009," Minister of State for Finance Namo Narain Meena told the Rajya Sabha in a written reply.
Fifty-seven per cent of workers in the corporate sector in India reported an increase in stress over the last two years, a survey has said. Of over 11,000 corporates across 13 countries, 58 per cent companies worldwide experienced an appreciable rise in their workplace stress over the last two years,according to a survey by workplace solutions provider Regus plc.
UN Intergovernmental Panel on Climate Change (IPCC) chief R K Pachauri today favoured a new legally binding treaty with essential features of equity enshrined in Kyoto Protocol, which are sacrosanct to India.
Read no history — nothing but biography, for that is life without theory
Music ripped off CDs or downloaded illegally, that can be found on digital music players, laptops and phones, robs the Indian music industry of over Rs 1,000 crore annually, according to market estimates. T-Series, the Indian music company which has rights to more than 200,000 songs, 30,000 music videos and movies, wants to change that. It has moved in with legitimate digital music on pen-drives and MicroSD cards, ideal for the preferred media devices, in the hope it will down one more deterrent to consuming media legally. The soundtrack of Blue is the first from its stables to be thus released, followed by All the Best and London Dreams.
Abhilasha Ojha / New Delhi October 25, 2009, 0:40 IST
The Delhi High Court today allowed entertainment channel NDTV Imagine to continue its reality TV show "Pati Patni Aur Woh," by staying the National Commission for Protection of Child Rights order to cease telecast.
West Bengal Chief Minister Buddhadeb Bhattacharjee will take up with Prime Minister Manmohan Singh the issue of appointment of a new governor for the state, after the completion of Gopalkrishna Gandhi"s term.
With just two trading days in the current week and a decision likely on the government borrowing plan for the second half, the yield on government bonds are expected to remain range-bound.
The number of foreign tourists visiting Japan saw a 23 per cent decline in July, a report by Japan National Tourism Organisation pointed out.
Korean electronics giant, LG India, expects to close the current fiscal with Rs 14,000 crore in revenue, a growth of about 25 per cent over the previous year.
Shobhana Subramanian & Shyamal Majumdar / Mumbai November 24, 2009, 0:00 IST
General Motors, which has been in talks with its Chinese partners SAIC and Wuling for bringing their products to India, is likely to finalise plans on the type of vehicles and manufacturing road map soon.
India needs to significantly improve its performance when it comes to sales effectiveness, as it is far behind its peers in the Asia Pacific (APAC) region in terms of engagement of the sales force with a particular brand, a survey said.
Cement-maker, Ambuja Cements, today said that its cement production in October stood at 14.98 lakh tonnes as against 14.51 lakh tonnes in the year-ago period.
Pune-based Bajaj Auto, India"s second biggest two wheeler manufacturer today stated that the company has recorded a growth of 52 per cent in sales of motorcycles at 249,681 units in October as against 163,850 units recorded in the same month a year ago.
The paper industry may recover its losses from the next quarter due to an expected rise in demand because of robust industrial and economic growth. The industry was suffering from overcapacity, low demand and competition from cheap imports. While no fresh capacities have been added in the recent past except in the writing and printing paper segment, analysts hope the demand to improve soon.
Chinese heavy machinery maker Tengzhong said today it expected to get regulatory approval for its acquisition of the iconic Hummer brand from General Motors this year or early next.
General Motors India today launched the Chevrolet Aveo Special Edition, which takes the popular sedan to an entirely new level.
General Motors India today said its proposed mini car, to be launched by this year end, would be exported after meeting the domestic demand.
Subir Roy / New Delhi November 27, 2009, 0:31 IST
The market as expected drifted lower after giving a downward breakout. It may test further lows before bouncing back.
Car maker Skoda Auto India today reported a 183 per cent jump in its total sales at 1,425 units during November this year as against 504 units in the same month last year.
HCL Technologies, BPO services and Talisma Corporation have announced a joint go-to-market strategy. Through this partnership, HCL and Talisma unveil a new service offering which provides clients with a hosted CRM service - a unique approach where BPO and hosted services enhance performance, accelerate transition and provide a packaged governance services model.
A probe panel looking into the crane mishap at Delhi Metro site during debris clearance today held the contractor Gammon India responsible for the "unusual" incident which it said was due to "mismanagement and lack of professionalism".
The Sensex has now re-gained the 17,000 mark and is now at 17,007, up 376 points.
With US and French leaders asking Prime Minister Manmohan Singh to attend the Copenhagen Summit on climate change, he is weighing options to participate in the meet where India is expected to strongly pitch for legally binding substantive outcome to deal with the challenge posed to the world.
IL&FS Cluster Development Initiative Limited, a subsidiary of IL&FS has given a proposal to the Orissa government for setting up 10 more centres in the state for imparting Sewing Machine Operator Training programme.
Apex Agro Food Products Private Limited, a subsidiary of Apex Encon Projects, would spend Rs 150 crore over the next 4-5 years for setting up food processing units, cold storage plants and other infrastructure across the country.
Less than three months after UK’s luxury automotive brands, Jaguar and Land Rover, introduced their models in India, the company is gearing up to launch its cheapest product, Freelander 2, here on Tuesday.
Gold futures prices shot up to a record high of Rs 18,167 per 10 gram for April delivery at the MCX platform today, tracking firm global markets amid weak dollar.
Investment banking companies are back on the campuses of Indian Institutes of Technology (IITs), offering plum jobs to engineering graduates. IITs, which will begin placements tomorrow, expect this year to be a better one as compared to last year.
The US-software major Cognizant Technology Solutions today offered job offers for 700 students from Anna University. Last year the company offered 1,000 jobs and 500 a year before.
Hyderabad-based Aurobindo Pharma Limited received approval from Swissmedic, an agency of Switzerland government for therapeutic products, for the licence of Cefepime APL for injection 1g and 2g.
To strengthen its IP-leveraged solutions business and capitalise on opportunities in the telecom sector, Infinite Computer Solutions (ICS) India Limited is looking at acquiring two US-based companies focussed on telecom-specific Intellectual Property (IP)-led solutions. Infinite is looking at acquiring companies with revenues in the $10 million-$15 million range, said Infinite chief executive officer Upinder Zutschi.
To help reduce capital expenditure up to 50%
Amid rice prices going up, the government today said it has no plans to abolish customs duty on rice import for now as there is sufficient stocks of the foodgrain.
Silver futures prices extended gain for the second straight day by adding 0.48 per cent on the Multi Commodity Exchange(MCX) today on increased offtake in the spot markets due to festival season.
India’s largest IT firm Tata Consultancy Services (TCS), is eyeing six-seven deals worth over $100 million in the Latin American region.
Timely completion of ongoing expansion plans in the domestic steel sector, appropriate fiscal measures to curb the threat of cheap imports, raw material security for steel firms will be top priorities, new Minster of State for steel A Sai Prathap said today.
The global downturn has taken the wind out of the sails of India"s exports, which fell the most in 14 years in April, by 33.2 per cent, over the same month last year, while domestic slowdown led to imports dropping by 36.6 per cent in the same period.
Infosys is a "stunning reminder" of what talent, ingenuity and hard work can accomplish, UPA Chairperson Sonia Gandhi said today.
As many as seven of the top-10 firms added more than Rs 81,000 crore to their market capitalisation during the week, while three state-run companies -- NMDC, NTPC and ONGC -- saw erosion in their valuation.
Gold prices will continue to remain bullish and are expected to hover around Rs 16,000 this week as the US dollar is showing a weakening trend amid a better demand for the metal in the domestic market, analysts said.
Commercial banks would come out with a plan for financial inclusion by the end of the financial year, RBI Governor D Subbarao announced here during a bankers’ meet on financial inclusion and promotion of financial literacy.
India"s largest asset reconstruction company Arcil today said it is 30 per cent short of its target of buying bad debts worth Rs 1,800 crore from banks and financial institutions so far this fiscal.
Business Standard / New Delhi December 02, 2009, 0:52 IST
The Nifty closed above 5,000 due to short-covering on healthy GDP numbers for the September quarter and easing of concerns about the debt default in Dubai. The Nifty December futures saw short-covering above 5,030 and there was long build-up below 5,010. In the end, futures shed 813,250 shares in open interest (OI) and closed at four points premium to the spot, indicating unwinding of short positions.
History repeats itself. It was the fast unto death of Potti Sriramulu that heralded the formation of Andhra Pradesh and the subsequent reorganisation of states on a linguistic basis in the 1950s. This time, it is Chandrasekhara Rao’s fast whose reverberations are indicative of the fact that another redrawing of the map is on the anvil.
Which SUV would be the best in the used car market for a price range of Rs 10-15 lakh? The vehicle should be not more than two years old and should not have done more than 20,000 km. My second query is which SUV is good but as a new vehicle in the price range of Rs 15-20 lakh. Diesel is preferable for economy though I don’t drive much (about 100 kilometres in a week). Kindly suggest.
As per our company’s policy, the officers in our grade and above are provided with car, for their official and personal use. The eligible officers are given a choice to select model and colour of car, from the makes identified for their grade. The available car models (only petrol) are: Hyundai Verna Xi, Ford Fiesta ZXi, Maruti SX4 VXi and Chevrolet Aveo 1.4. We are requested to choose only one of the vehicles mentioned above. After the expiry of five years, the officer can buy the car originally provided at five per cent of the purchase cost. What would you advise?
Private sector lender IndusInd Bank today said it has entered into a tie-up with the country"s largest car maker Maruti Suzuki India for financing vehicles.
The Petroleum Ministry is believed to have told the Power Ministry that it would support NTPC Ltd in the state power firm"s legal fight to get natural gas from Reliance Industries at prices the Mukesh Ambani-led firm had quoted in the 2004 tender.
The country"s largest car maker, Maruti Suzuki India, is expecting its sales to grow by over 10 per cent during the current fiscal on the back of last year"s low-base and is planning to upgrade all its models to Bharat Stage-IV emission norms compliant by March 2010.
The country’s largest car manufacturer, Maruti Suzuki India, expects double digit growth over the next few months.
Advice: Earn juniors’ respect, so that your looks cease to matter so much
Barely a day after Force India’s historic podium finish at the Belgian Grand Prix, a war of words broke out between Sports Minister M S Gill and Vijay Mallya on the government’s refusal to acknowledge Formula One as a sport.
Ajai Shukla / New Delhi December 29, 2009, 0:19 IST
The Indian corporates have all the reasons to smile in this scorching summer of June, as they can take their teams on the fast track. Radio City Connect, activation arm of Radio City, India’s first and leading FM radio brand has partnered with Force India F1 team for Corporate Go Karting Championship across Mumbai, Delhi, Chennai, Bangalore and Hyderabad. Corporates from these five cities will get an opportunity to participate in the Maruti Suzuki Ritz presents Force India & Radio City Connect corporate Go Karting Championship.
After four days of vehement denial, Force India on Thursday announced that its Italian driver Giancarlo Fisichella is joining Ferrari with immediate effect, while also insisting that there was no financial settlement involved in his move.
Hailing the decision of the two neighbouring countries to resume dialogue, the Pakistan media today said credit must go to both sides for "seizing the moment and breaking the impasse" and that they should build on the "breakthrough" achieved in the meeting between the two Prime Ministers.
The Sensex opened marginally in red this moning but rebounded almost immediately on positive global cues.
Steel magnate Lakshmi Mittal has pulled out of a project to develop an oil field in Kazakhstan in partnership with Oil and Natural Gas Corp (ONGC) and is looking for buyers for its stake in another company in the Central Asian nation.
As gold prices move higher, there is a clear shift in the way consumers buy it. Traditionally, gold-savvy customers used to buy in grammes on various occasions. For investment, too, orders were placed in grammes. Now, as prices move higher, “an interesting trend is that in contrast to the past, consumers now have a ‘rupee budget’, rather than a ‘weight (gramme) budget”, says Rohini Malkani, economist, Citi India.
The global economic slowdown forced corporate India to look largely within the country for merger and acquisitions in 2009, accounting for about 60 per cent of the $10-billion worth of deals.
Sensex ends up 35pts
With equities looking fully valued or overvalued, wealth managers are setting their eyes on the yellow metal.
FMCG major Nestle today posted a 33.8 per cent increase in its net profit at Rs 162 crore in the quarter ended June 30, 2009, compared to the same period last year.
Anil Ambani group firm Reliance Infrastructure today reported a net profit of Rs 316.57 crore for the first quarter ended June 30, 2009, up 25.35 per cent over the corresponding period last fiscal.
The scrip gave up mostly all its gains and finally settled flat at Rs 422, up 0.5% from the previous close. The counter clocked volumes of 1.19 million shares as compared to 910,991 shares traded on the BSE.
Russian IT security software firm Kaspersky is eyeing a revenue of $12-16 million over the next two years from its Indian operations, with the launch of new products and upgrades for its existing product-line.
Difficult fund raising conditions slowed the pace of private equity (PE) investments in the country by 64 per cent to a four-year low of $3.8 billion in 2009.
Anil Ambani-led Reliance Communications (RCom) today announced its partnership with software major Microsoft for offering Windows Mobile solutions on its wireless networks.
Shipments in first 8 months of the calendar year dip 54.55%.
It"s time we busted a few myths and revamped our strategy towards the farm sector.
Raising banks’ cash reserve ratio (CRR) might be one of the tools to be used by the Reserve Bank of India (RBI) to suck out excess liquidity in the banking system, Chairman of Prime Minister’s Economic Advisory Council C Rangarajan today said.
The Sensex opened marginally (24 points) lower at 17,204 amid weak cues from the global markets. The index soon dropped to a low of 17,111, and is now down 47 points at 17,181.
Indian stocks trading on American bourses added about $10 billion to their combined market valuation past week, with IT major Wipro accounting for $2.65 billion to the total gain.
The Sensex finally ended (provisional) at 14,774 - down 638 points. The Nifty ended (provisional) down 192 points at 4,388.
Reliance tops the combined value chart on both the BSE and the NSE with a total turnover of Rs 558.09 crore. It is followed by Suzlon (Rs 531.62 crore), Tata Steel (Rs 413.41 crore), DLF (Rs 390.68 crore) and Aban Offshore (Rs 372.79 crore).
Garments maker Provogue India today said it will buy back shares worth Rs 50 crore from its shareholders through open market route.
Four companies including IFCI Venture, Capital 18 have submitted their proposals to become the strategic investor of state-owned Punjab Infotech Venture Fund (PIVF).
At the upper price band of Rs 212, it will be the most valued listed media company in India.
Shopping online for a New Year gift? Or clicking on that New Year e-greeting link? Be careful this time around as cyber criminals armed with a new set of web threats, including viruses, spam and cyber-scams, would be on the prowl to trap gullible internet users.
The Prime Minister’s Office (PMO) is taking a final view on the report of a task force which suggested easy access to bank finance and preference in public sector procurement to the micro, small and medium enterprises (MSMEs).
Should I buy the Maruti Suzuki Swift or the Ritz? I’d like to go for the petrol VXi model of either of these two. My daily travel is not more than 30 km maximum. Do you think I should go for a diesel instead?
Companies looking to improve shareholders value through acquisitions should finance their deals with only cash rather than stocks, as such transactions are seen to provide higher returns, a study by global consultancy KPMG International says.
With Haryana Chief Minister Bhupinder Singh Hooda earlier indicating review of the Haryana industrial policy, industrialists in Panchkula eagerly await the review that might help in changing the facade of industry in the state.
The Madhya Pradesh government will tomorrow press for its demand to postpone proposed goods and service tax from April next year, as it has estimated that losses to all the states will be in tune with Rs 80000 crore before the committee on GST in New Delhi. “The Centre is putting important issues like health and education at stake if implementing GST, as revenues losses to the states would be much higher than calculated,” AP Shrivastava, principal secretary commercial tax department said, “The proposed GST is not different from VAT however the Centre has wrongly calculated tax-base and revenue losses at Rs 21.66 lakh crore (as per Tax Research Unit of Department of Revenue Government of India) and Rs 35,000 crore.” The state finance minister will demand that this is not an opportune time to implement GST and the Centre should give some time for VAT to settle down.
Rise of Congress, further decline of BJP and the relegation of the Left and some regional parties to the margins marked the highs and lows of politics in 2009 as price spiral poses an intense challenge to the government in the new year along with Naxal and cross-border terror.
PM puts onus on US, China.
Realising that their two-way trade did not match the potential, India and Japan today decided to give push the negotiations on the proposed Comprehensive Economic Partnership Agreement, with an aim to conclude it by next year.
Amid increasing concern over financial health and rising operating cost, Railway Minister Mamata Banerjee is expected to table a white paper on the actual condition of the PSU on December 21, the last day of the winter session of Parliament.
While conceding that there had been no major terrorist attack against India since the November 26 attacks last year in Mumbai, Prime Minister Manmohan Singh today said the situation in the neighbourhood was worrying.
The raging controversy over the credit for the story in 3 Idiots escalated today with director Rajkumar Hirani accusing author Chetan Bhagat of “lying” despite agreeing to several conditions including a rolling credit in a contract.
An upset Aamir Khan has spoken out against author Chetan Bhagat, on whose novel the star"s latest blockbuster "3 Idiots" is based, accusing him of trying to take away the credit from the film"s scriptwriter.
Shobhana Subramanian / Mumbai July 10, 2009, 0:36 IST
Baroda Legal & General Life Insurance, an insurance venture promoted by Bank of Baroda, today said it is expecting IRDA clearnace by November-end.
US-based Yum Restaurants, which owns the franchise of KFC and Pizza Hut in India, has come under the Enforcement Directorate"s (ED) scrutiny for allegedly failing to bring in Rs 390 crore ($80 million) foreign investment in the country after getting the government approval.
After becoming operational, the Indo-US civil nuclear deal is moving "satisfactorily" with the government now negotiating with nuclear vendors, Atomic Energy Commission chairman Anil Kakodkar said today.
Authorities in Mexico have announced three more deaths, as the United States and Canada each said they had another death connected with the illness.
The Bombay Stock Exchange (BSE) on Tuesday said it would launch a trading platform for mutual fund (MF) units on December 4. The move comes a day after the National Stock Exchange (NSE) launched a similar platform. Central Depository Services Ltd will be the BSE’s depository partner.
Despite being the fourth largest economy, India"s per capita emission levels are 70 per cent below world average and 93 per cent lower than those in the US, says a latest report on climate change.
The country"s top mutual fund houses, including UTI Mutual Fund, are keen to join National Stock Exchange"s new mutual fund service system (MFSS), which will be launched tomorrow.
The world’s third largest wind energy turbine maker, Suzlon Energy, has shifted most of its management operations back to its headquarters in Pune.
The markets rebounded in the later afternoon, thanks to the Reserve Bank of India Governor D Subbarao"s comments that capital flows into India were in line with requirements and there were no fears of asset price bubbles in the near future. Capital goods, power and metals stocks powered the Sensex to recover nearly 170 points from its intra-day lows to end at 17,189, higher by 64 points, and the Nifty to close at 5,134,up 22 points.
Finance Minister Pranab Mukherjee may meet state finance ministers next week to discuss their requirements and implementation of proposed Goods and Services Tax (GST), speculated to be delayed by over six months, is likely to be discussed during the meeting.
Ore prices have increased 20 per cent in a month.
The Orissa State Pollution Control Board (OSPCB) has issued direction to thirteen Railway sidings in Keonjhar district for causing pollution.
Experian is the second credit bureau in the country to confirm conditions after Credit Information Bureau of India.
The eight team owners of the Indian Premier League (IPL) are all set to lock horns with the Board of Control for Cricket in India (BCCI) by refusing to pay their next instalment of the franchisee fee which is due in January 2009.
The Indian Premier League (IPL) Twenty20 cricket tournament is expected to see renewed high-stakes bidding with two new teams up for grabs from the fourth season starting 2011.
With the economic slowdown hitting the exchequer hard, the Centre today proposed that the states accept half of the compensation on account of their losses due to cut in the Central Sales Tax (CST) for the current fiscal.
Prices collapsed in settlement week with the Nifty dropping 5.7 per cent to close at 4,711.7 points. The Sensex was down 5.5 per cent, closing at 15,896 points. The Defty was down 6.8 per cent with the dollar bouncing from over-sold levels.
The Empowered Group of Ministers (EGoM) on the auction of third generation (3G) spectrum will meet tomorrow to discuss the vacation of spectrum by defence forces.
- Policy momentum required - A practical strategy - Rs 11,088 cr floating via chit funds in 3 southern states - Reacting to rumours - MS launches Windows 7, pre-loaded PCs start at Rs 15k - Back on the farm
When he took over as the chairman of Union Bank, M V Nair was one of the youngest entrants to the corner office of a public sector bank. So it’s natural that Nair didn’t think twice before rewriting the rules of the recruitment game for his bank.
The Supreme Court today issued notice to the Centre and Maharashtra government on a petition seeking laying down of security guidelines for hotels to avoid any terror attack like the 26/11 strikes in Mumbai.
Japanese auto giant Honda today said it is likely to start car assembly at its second manufacturing facility in India from 2012.
The shareholders of the country"s most valued company Reliance Industries (RIL) today approved the 1:1 bonus issue for which the company fixed November 27, 2009 as the record date.
LNG importer Petronet LNG is eyeing 53 per cent growth in the top line at Rs 13,000 crore during the current fiscal, Petronet LNG Managing Director P Dasgupta said today.
The Andhra Pradesh police have registered cases at 96 places and arrested 185 persons in the state in connection with the attacks on the outlets of Reliance Industries Ltd (RIL). The damage to the company’s properties was “not much and there is no major problem,” a RIL spokesperson told Business Standard.
Japan will explore the possibility of strengthening co-operation between its universities and those in Maharashtra.
Ahmedabad-based oil and gas pipeline infrastructure company Jaihind Projects Ltd. has announced that it will fulfill all its seven commitments by end of May 2010. The company recently got various contracts worth Rs 375 crore.
Oil and Natural Gas Corporation (ONGC) has replaced Reliance Industries Ltd (RIL) with Repsol YPF SA, Spain’s biggest oil company, and Malaysia’s Petronas to bid for Venezuelan oil blocks next month.
India, with exports of over 100 million tonnes of iron ore, must be keenly watching as to how soon the recently sealed joint venture (JV) between BHP Billiton and Rio Tinto to combine their mining operations in the Pilbara region of Western Australia will cross the regulatory hurdles at European Union Competition Commission and also China’s competition regulator. However, sweetly the JV is now framed to placate raising of market dominance questions, iron ore buyers fear that pooling of knowledge about production volumes and demand by the pair in JV will put them at a distinct disadvantage.
Ups stake to 60% in Australia’s Bowen Energy, which has large prospecting licence for thermal and coking coal
Bernanke: Ben Bernanke could be in danger of becoming “person of the year” again in 2010 or 2011 – for less positive reasons than this time around. The Federal Reserve boss made the front of Time for his influence and for his possible role in heading off a depression. But he and the rest of the Federal Open Market Committee are in no hurry to lift interest rates despite the recovering US economy and signs of inflation. The risks in this approach are intensifying.
Mortgage major Housing Development Finance Corp (HDFC) might extend its new home loan scheme beyond January, if cost of funds remained stable, a senior company official said today.