professional

The Pay Czar, the Investment Gurus and the Tweeting Boss

2009-12-12T00:35:00.000-08:00

Kenneth Feinberg, America's regulator of top pay in big companies that took tax-payers' billions, on his struggle to enforce the limit.

Plus, Anthony Bolton is a legend in the City of London. He is known to be a stickler for detail and someone who bucks the trend, by seeking out unrecognised gems of companies. For 28 years, until 2007, he managed the Fidelity Special Situations Fund. In that time, his fund out-performed the wider London stockmarket. He then moved into a job overseeing Fidelity's wider investments and was getting ready for retirement. But now Mr. Bolton has surprised everyone by deciding to move to Hong Kong to manage a fund investing in China. He admits it was a difficult personal decision to make. But he explains his optimism about China's growth and his hopes of finding Chinese companies which will exploit domestic demand.

And returning to the source. 300 years ago Abraham Darby used coal instead of wood to make iron, so starting an important part of the Industrial Revolution. We report from Coalbrookdale in Britain where it happened. And we ask Oxford University professor, Dieter Helm, about the cost of a new industrial revolution if we move from a coal economy to a low carbon one.

Dip in prices, Corus restructuring deepen Tata Steel losses

2009-11-27T00:43:00.000-08:00

The world's sixth-largest steel maker Tata Steel posted losses for the second quarter of FY10, which were way below market expectations. Its consolidated net loss stood at Rs 2,707 crore versus a loss of Rs 2,208 crore, on quarter-on-quarter (QoQ) basis. The company’s net sales were however up 9% at Rs 25,269 crore versus Rs 23,180 crore, QoQ.

Commenting on the company’s results, Group Chief Financial Officer, Koushik Chatterjee, said that there was an adverse impact from the Teesside plant as well as due to cost of restructuring at Corus in Q2. “Also, sequential prices were down in Europe in Q2 but will remain stable in Q3 and will rise again in Q4.” However, he was optimistic that in Q3, Corus' earnings before interest, taxes, depreciation, and amortization (EBITDA) would be positive. “Corus will have average EBITDA of USD 45 per tonne in the second half.”

A year later, the city comes out to mourn and pray

2009-11-25T23:21:00.000-08:00

As India remembers 26/11, in Mumbai the day began with memorial services at hotels Taj and Trident and at CST station, sites that were attacked on that Wednesday last year.

People from all walks of life paid homage to the victims of 26/11. At the CST station, with the Railway Police standing by, people can come and pay their respects through the day. A blood donation camp was also held at the CST. Prayers have begun at the station in memory.

At the other site of the attacks, the Taj Mahal Hotel, children gathered to pay tribute to the innocent lives lost in the attacks.

But Mumbaikars gave an impressive show strength by the Mumbai Police a miss. Armed with its latest acquisitions - from AK47s, to amphibious vehicles and much more, Mumbai Police marched down Mumbai's Marine Drive - from the Trident Hotel to Girgaum Chowpatty. Rs 126 crore has been spent in the last one-year for the upgradation of the police infrastructure and it was all brought out to allay fears of security men being ill-equipped ever again.

Sensex narrow ranged; realty, metals decline

2009-11-19T23:48:00.000-08:00

Indian markets were witnessing a lacklustre session Friday due to absence to triggers to drive the global markets. Realty, metals and banks
were in the red while oil&gas and pharma stocks were flat-to-positive.

“Skepticism over the strength of the economic recovery and some pessimism over the future prospects is preventing a strong advance for some time. Like in October, when the Sensex and the Nifty lost about 7%, there appears to be another period of consolidation. Though the October losses have been recouped this month, the key indices are struggling to re-test the October highs.

The sideways trend may continue for a while and much will hinge on how the global markets behave. The dollar movement is also being closely watched.

Today we expect a ‘flat-to-soft’ start. Things might look up later if some short covering takes place or if world markets resume their ascent. We don’t see a big crack as yet but some more softening is not ruled out. Technically, the Nifty could take support at 4910 and resistance is likely around 5060. Sugar

ONGC-GAIL venture mulls public issue

2009-11-19T00:40:00.000-08:00

ONGC Petro-additions (OPAL), the petrochemicals special purpose vehicle of the Oil and Natural Gas Corporation (ONGC) is mulling a public issue to part-finance its Rs 125 billion petrochemical chemical complex being commissioned at Dahej, Gujarat.

Dr AK Balyan, director (Human Resources), ONGC (Q,N,C,F)* who confirmed the news said that various fund-raising avenues were being considered, of which this was one.

Petronet LNG is keen to take a 10% stake in the project and the OPAL board will take a call on this soon, he said.

ONGC and GAIL (India) have 26% and 19% a piece in OPAL while the Gujarat Government (through GSPC) holds 5% equity.

Shares of ONGC declined Rs 8.25, or 0.7%, to trade at Rs 1,168.25. The total volume of shares traded was 21,451 at the BSE (10.50 a.m., Thursday).

Shares of GAIL declined Rs 1.15, or 0.30%, to trade at Rs 384.65. The total volume of shares traded was 22,652 at the BSE

IOC seeks 23 mscmd of gas from RIL's D6 block

2009-11-16T01:10:00.000-08:00

Indian Oil Corporation has sought around 23 mscmd of gas from Reliance Industries (RIL) operated Krishna-Godavari Basin D6 block.

The IOC Director (Planning and Business Development), BM Bansal, told Business Line that “the Petroleum Ministry had asked all the refineries to submit their gas requirements. Our requirement in next three years is expected to be around 23 mscmd, which we have communicated to the Ministry"

The refineries require gas for operational purposes. Earlier, refineries were using diesel, furnace oil, and naphtha, for operation purposes but now they are shifting to gas which is a cleaner fuel.

Elaborating Bansal said, “We can take the said quantum once all our refineries are connected to pipeline network. At present, we can take gas at our Mathura and Gujarat refineries.”

While the Panipat refinery will be connected in next three-four months, infrastructure is not ready for Haldia, Barauni, and Guwahati refineries.

Tata Steel offers to swap $875 mn of securities

2009-11-12T21:19:00.000-08:00

Tata Steel, the world’s eighth largest steel maker by output, has approved an exchange offer for an existing $875 million of securities into foreign currency convertible bonds (FCCBs), in a move to reduce costs and ease repayment. The move gives an option to extend the repayment schedule by two years.

The new FCCBs will have a yield-to-maturity of 4.5 per cent and are to mature in November 2014. And, are convertible into shares at Rs 605.53 each, a 15 per cent premium to the closing price on Wednesday.

The existing convertible alternative reference securities (CARS) had a yield-to-maturity of 5.15 percent and were due in 2012. The securities were convertible at Rs 733, and had a redemption premium of 23 per cent in case they were not converted.

“There is uncertainty over the share price reaching the conversion price by 2011-12. If conversion fails, the company has to fund redemption liabilities through internal accruals or raising fresh debt,” said Prasad Baji, senior vice president, Edelweiss.

With the swap, there would be an $875 million reduction in the company’s outstanding debt, assuming full acceptance of the offer, said Baji, terming the offer “attractive” for the securities holders

Sensex up over 150 pts; IT, metals, cap goods, pharma gain

2009-11-10T23:28:00.000-08:00

The Sensex rose 155 points to 16,595 and the Nifty went up 45 points at 4,927. The broader indices gained 0.8-1.3%, as about 873 shares advanced while 373 shares declined on the NSE.

In the largecaps, Tata Motors, Sterlite Industries, Wipro, Jaiprakash Associates, Sun Pharma and Infosys were up 2.6-4%.

Top percentage gainers - McDowell Holdings locked at 20% upper circuit. Jubilant, MSP Steel, FIEM Industries and UB Holdings moved up 14-16%.

Top percentage losers - Surana Corp, Shreyans Industries, Deccan Cements, Jai Corp, Sree Rayalaseem, Rungta Irrig. Networth Stock, EMA India, Sika Interplant and Acrow India lost 5.5-13%.

Educomp Solutions gained over 4%, after seeing sell-off in last few days. CLSA downgraded the stock to underperform and reduced target price to Rs 580 from Rs 955.

Phoenix said tied up for Rs 242 crore debt to fund Mariott deal and have financial closure for both projects. Alert - Mariott International inked Rs 340 crore deal with Phoenix Hospitals and deal was signed for 2 hotels in Mumbai, Agra. Phoenix Mills gained nearly 3%.

Direct marketing gains new clout in Asia

2009-11-09T19:33:00.000-08:00

TAIPEI (Reuters) - For hundreds of diners in Taiwan, 22-year-old Sheena Tsai is the billboard for Carlsberg, a Danish beer vying for a slice of Asia's competitive lager market.

The university student brings beer straight to tables at packed Taipei seafood restaurants with handy facts about Carlsberg's origin and flavour.

"Some don't know about it," said Tsai, who wears a beer-branded blouse to local seafood joints. "They like to meet sellers face to face. This kind of promotion is useful."

Carlsberg isn't the only one in Asia.

As major companies see growth potential in the region, many more are seeking a marketing strategy to suit it, giving new clout to the ages-old tool of bringing products directly to consumers.

Dozens of companies, from consumer goods maker Hindustan Unilever Ltd to delivery firms such as Fedex, are now using direct marketing methods to sell their products in increasingly crowded and competitive markets

RBI may stick to loan-loss norms

2009-11-09T00:31:00.000-08:00

Central bank unlikely to allow inclusion of write-offs in loan-loss coverage calculation.

Adding to the provisioning woes of a host of banks, the Reserve Bank of India (RBI) has indicated it would not allow them to include loan write-offs while calculating the loan-loss coverage ratio.

During a meeting with select bank chiefs on Wednesday, in response to a demand from banks, senior RBI officials had said the move was against good accounting practices, something the central bank had stood for even at the peak of the financial crisis, sources privy to the discussions told Business Standard.

In the monetary policy review last week, the central bank asked banks to have a provision coverage ratio of at least 70 per cent by September 2010. Banks have petitioned RBI to provide more time and a simpler dispensation to help them lower the provisioning burden. A higher provisioning would affect bank profitability over the next four quarters, as money would have to be set aside from the operating profit.

According to their own assessment, State Bank of India would need to set aside around Rs 5,000 crore to increase the provision coverage ratio, while ICICI Bank needed to provide around Rs 1,700 crore. According to analyst estimates, Canara Bank would need to provide around Rs 1,000 crore and Bank of India, which had a provision coverage ratio of 59.1 per cent, would need to provide an additional Rs 400 crore.

In an estimate released today, Standard and Poor’s said Indian banks would require around Rs 21,000 crore to meet the new norms. Rating agency Crisil said last week that an additional Rs 13,000 crore would be required

US markets end positive despite disappointing job data

2009-11-07T01:58:00.000-08:00

US stocks added 3% for the week after ending Friday's session slightly higher, shrugging off government data showing the unemployment rate hit 10.2% - the highest in 26-1/2 years.

The Dow Jones industrial average gained 17 points to end at 10,023. The Nasdaq Composite Index added seven points to close at 2,112.

The Indian ADRs ended on a flat note.

MTNL slipped 1% to $36.01. Infosys and Mahindra Satyam dropped 1% each to $47.79 and $5.24, respectively.

On the other hand, HDFC Bank added 1.2% to $120.34. Wipro added 1% at $18.04 and Tata Communications was up marginally at $15.61.

'Modi abused Jafri when he called for help'

2009-11-06T00:39:00.000-08:00

A key witness in the Gulbarg massacre case has told a special court that chief minister Narendra Modi had abused former MP Ahsan Jafri
when he called him for help on February 28, 2002.

Imtiyaz Saeedkhan Pathan, the first star witness to give testimony, recounted events of that day and said when they asked Jafri why police hadn't come to their rescue, the former parliamentarian told them that he would call up Modi for help. "When I asked him what Modi said, he said there was no question of help, instead he got abuses," Pathan told court. When a mob went on a killing spree at Gulbarg society a day after the Godhra carnage, Jafri, whose home had turned into a refuge, was making frantic phone calls to every one for help.

Sixty-nine people were killed in Gulbarg Society including Jafri, whose body wasn't found. A young Parsi boy, Azhar Mody, also went missing from his house, the story of which became a Bollywood film Parzania. This film was banned in Gujarat. Pathan described the gruesome killings in detail how his family members and neighbours were butchered and women raped before his eyes.

Retailers make a comeback from the margins of crisis

2009-11-02T22:17:00.000-08:00

Powered by aggressive cost cutting and favourable terms from real estate developers, retailers have posted a healthy increase in operating profit margins (OPM).

The growing margins suggest that the belt tightening is paying off. For example, the margins of Pantaloon Retail, the country's largest listed retailer, have gone up from 9.2 per cent in June last year to 10.6 per cent in June 2009 (the latest numbers available).

Others such as the Raheja-owned Shoppers Stop and Tata Group's Trent, Reliance Retail and Spencer's Retail aren’t far behind.

Operating margin is the percentage of sales left after subtracting production, marketing and other expenses. A healthy operating margin is required for a company to be able to pay for its fixed costs such as interest on debt.

Coal, power, cement push infra by 4%

2009-10-28T01:49:00.000-07:00

India's key infrastructure industries rose by four per cent in September on the back of improved performance of coal, electricity and cement sectors.

The six infrastructure industries, which account for a quarter of the nation's industrial production, had grown at the same rate a year ago, according to the data released by the government here today.While coal, electricity and cement sectors showed impressive growth, crude oil output continued to be a dampener falling for the ninth time in past 10 months.

Crude oil production at 2.77 million tonnes was down 0.5 per cent in September, refineries produced 3.4 per cent more fuel at 12.59 million tonnes.Electricity generation soared 7.5 per cent and coal and cement production were up 6.5 per cent each, while finished steel was down 0.4 per cent.

The index for the six key industries rose to 246.7 in September from 237.2 a year earlier, the data said.

During April-September period, the six infrastructure sectors rose 5 per cent, better than 3.4 per cent in the year ago period. Crude oil and refinery production logged negative growths at 1.2 and 3.6 per cent, respectively, but coal and cement sectors posted double digit growth.Coal output was up 11.6 per cent and cement soared by 12.3 per cent. Electricity generation was up 6.8 per cent.

Further rise in inflation may trigger RBI rate hike: HDFC

2009-10-26T22:26:00.000-07:00

The Reserve Bank of India (RBI) is likely to wait for a further rise in inflation before it raises its benchmark lending and borrowing rates around December or January, HDFC Bank said today.

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The private sector lender, however, expects RBI to hold key rates in its monetary policy review due next week.

"Our bet is that the RBI will wait until December- January period when inflation actually spikes up before changing policy rates. However, we continue to believe that the policy will maintain status quo (on Oct 27)," HDFC Bank Chief Economist Abheek Barua said in a note.

He said it was unlikely for the RBI to embark on an "aggressive rate hike cycle", even if it were to move rates upward.

"If the central bank is indeed looking for reasons to delay its exit from its super-accommodative monetary stance, the recent inflation prints certainly gives it one," Barua added.

India's wholesale price index (WPI) inflation rose to 1.21 per cent for the week ended October 10 from 0.92 per cent in the previous week. HDFC Bank expects WPI inflation to moderate in the second half of FY10.

Barua said a robust industrial production data for August at 10.4 per cent has raised the probability of a rate hike in the October 27 policy.

BSNL, MTNL offered majority in Zain SPV

2009-10-06T23:41:00.000-07:00

Vavasi also in talks with Kuwait govt for participation.

The race for control of Kuwait-headquartered Zain Telecom has quickened with the Indian consortium led by Delhi-based Vavasi group saying it is willing to give a majority stake in the consortium to state-owned Bharat Sanchar Nigam Ltd (BSNL) or Mahanagar Telephone Nigam Ltd (MTNL), depending on which company gets government approval to go ahead with the deal.

The Vavasi group has an agreement with the Kharafi family of Kuwait to pick up its 46 per cent stake in Zain Telecom.

BSNL Chairman Kuldip Goyal, who confirmed to reporters in Geneva yesterday that it had given Vavasi a letter expressing interest in joining the consortium, said the telecom company would like to have more than 50 per cent with management control of the special purpose vehicle (SPV) that will be set up to bid for Zain. This effectively means the telecom utility will control 23 per cent of Zain’s equity.

The proposal has the support of the Department of Telecommunications and Communications Minister A Raja has said it is well within the scope of the PSUs to go for such bids.

A top executive of the Vavasi group said the company was floating an SPV in which half the equity will be held by four partners — Vavasi, two private equity funds and Malaysian billionaire Syed Mokhtar Al Bukhary. The rest of the equity will be held by a telecom company.

“If the telecom company wants more than 50 per cent stake and majority control we are willing to offer that so as long as it fits in with our strategic objectives,” the executive added.

CBI to file additional chargesheet in Satyam case

2009-10-04T11:17:00.000-07:00

The CBI will soon file an additional chargesheet against B Ramalinga Raju, former chairman of Satyam Computer, in the multi-crore accounting scam that rocked the nation early this

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"Siphoning of money, parking it elsewhere or tracing it into other assets, lot of that has little to do with criminal culpability of the kind that is already being put in the chargesheet of the CBI and they perhaps require an additional chargesheet for which the permission has been granted," Corporate Affairs Minister Salman Khurshid told PTI.

The Minister said the chargesheet was needed to know "if and where the money was siphoned off to, whether it can be traced to other properties, whether it is violation of tax laws or violation of foreign exchange laws...

"The Enforcement Directorate and internal revenue are pursuing this and as and when they have come to conclusions they will file their respective chargesheets," he said.

Official sources said the Mutli-Disciplinary Team is also probing other charges of serious violations of foreign exchange and securities laws and the CBI is likely to file a secondary chargesheet in the case other than criminal culpability on the former Chairman in the scam.

The agency, on April 7, had filed a chargesheet against Former Satyam founder B Ramalinga Raju and eight others under various Sections of the Indian Penal Code for cheating and forgery.

Khurshid said a team led by the Solicitor General of India is coordinating into the matter to ensure swift justice.

The CBI has also sought permission to investigate the overseas fundings of the scam-tainted computer firm.

The CBI had submitted 1,532 original documents of bank transactions and 65,000 pages of other documents, which included the statements of 432 witnesses in the case along with the chargesheet.

BMW to unveil new convertible on Oct 12

2009-10-04T11:14:00.000-07:00

German luxury car maker BMW will launch its most awaited car, the Z4 (a convertible), on October 12 in Mumbai in an attempt to further bolster its presence in the multi-crore Indian luxury car market.

This would be the company’s third offering in the convertible segment, where it also sells the M3 and M6 convertibles. Company officials have said that the car will have a price tag of Rs 50-60 lakh. BMW India is hopeful of selling 30-40 units of the Z4 in the first year.

While the company has not yet divulged details regarding the model slated for the Indian market, sources revealed that consumers in the country would get the straight 6-cylinder petrol, 258bhp, sDrive 30i Z4 model.

According to data made available by the company, the sDrive 30i can accelerate from 0-100 km/hr in 5.8 seconds with a top speed of 250 km/hr.

BMW India, which until the end of the financial year 2008-09 was trailing Daimler Benz-owned Mercedes in India, has so far this year gained a comprehensive lead over it. In the five months ended August, BMW sold 1,313 units — a growth of 12.62 per cent over the same period last year. In comparison, Mercedes recorded sales of 1,128 units, registering a fall of 19.02 per cent during the same period.

BMW India has set a target of selling 3,000 units in the current calendar year, up from 2,908 units sold last year.

Four-volume Gandhi biography releases today

2009-10-02T02:10:00.000-07:00

A four-volume biography of Mahatma Gandhi, with intimate details penned by one who in his childhood played with the great man, has been translated from Gujarati into English and releases today on the 140th birth anniversary of the icon of peace and non-violence.

When Narayan Desai, 84, published Maru Jivan Ej Mari Vani (My Life is My Message) in October 2003, it was immediately hailed as a milestone by Gandhian scholars. "Within the first months, three editions of this four-volume text were sold out. It went on to re-prints later," Ahmedabad-based academic and Gandhi scholar Tridip Suhrud, who has translated the biography into English, said.

The English version of the biography penned by the son of Gandhiji's personal secretary Mahadev Desai is now ready and will be released at a function at the Sabarmati Ashram in Ahmedabad today. "Until 1948, Narayan Desai lived with Gandhiji in the Sabarmati Ashram and therefore his biography has very personal details, Gandhiji's letters and other facts," Suhrud said.

Narayan Desai later worked with Vinoba Bhave in the Bhoodan (land donation) movement and Jaiprakash Narayan on the Total Revolution movement. He has been based in Vedchhi near Surat.
After the publication of the Gujarati biography, he also held a series of readings - calling them 'Gandhi Katha' on the lines of Ramayana narrations across India and also abroad.

"It's ironical that there should be just one complete biography of Mahatma Gandhi in his mother tongue, Gujarati. My aim in translating this text is that the world has the right to know how Gandhi was perceived by Gujarat," he added.

According to Suhrud, there is a tradition among those who have lived in the Sabarmati Ashram to write about Gandhi. "Whether it was Mahadev Desai, Pyarelal or others, there is a tradition amongst Ashramites to write on Gandhi, but for the last many years this has not been done. My translation is therefore like a culmination of these works," he said.

Suhrud is confident that the book will be of much interest to everyone, including the younger generation. "This text has such personal details on Gandhi...it has the essence to change you. There have been a lot of advance bookings and if there was no interest why would the publishers go ahead with the four volumes?" he said.

A professor of humanities at the Dhirubhai Ambani Institute of Information and Communication Technology (DAIICT), Suhrud has authored 11 books including one on Mahatma Gandhi's eldest son Harilal Gandhi

Bharti-MTN deal called off; stock opens 7% up

2009-10-01T00:39:00.000-07:00

The much-anticipated deal between India's Bharti and South Africa's MTN that aimed to merge the two telecom giant has failed yet again. The contentious issue of dual listing proved to be the deal breaker, learns CNBC-TV18.

Bharti, in a statement, said, the company has decided to disengage itself from the deal. “We hope the South African government will review its position in the future and allow both the companies an opportunity to re-engage.” The statement further said that the South African government had expressed its inability to accept it in the current form. Also, it stated, Bharti would continue to explore international expansion opportunity and could also re-look at the deal if the SA government changes position
However, the Finance Minister Pranab Mukherjee declined to comment. FM had earlier said that both the Prime Minister and he were positive on the deal.

MTN has said that it would send out a statement as soon as possible.

Bharti Airtel touched an intraday high of Rs 449 and an intraday low of Rs 426. At 09:55 am, the share was quoting at Rs 440, up Rs 21.25, or 5.07% on the NSE.

The much-anticipated deal between India's Bharti and South Africa's MTN that aimed to merge the two telecom giant has failed yet again. The contentious issue of dual listing proved to be the deal breaker, reports CNBC-TV18.
It was trading with volumes of 19,920 shares. Yesterday the share closed down 0.08% or Rs 0.35 at Rs 418.75

Sensex rushes past 17,000

2009-09-30T04:45:00.000-07:00

After a 160 points surge on Tuesday, the Sensex today opened on an extremely strong note despite subdued global markets.

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Continuous buying in the banking and realty stocks helped the index to continue the rally and soar to a high of 17,142. This was the first time in 16 months that the Sensex surpassed the 17,000 mark. The sparkling debut by PSU company, Oil India, further boosted market sentiments.

Among the sectoral indices, bankex index soared 3% to 9,808. The realty, capital goods, metal and IT index were up 1.5% each.

The Sensex finally ended at 17,127, up 274 points. The NSE Nifty finally settled at 5,084, up 77 pointsAmong the BSE Sensex 30-stocks, SBI gained 5% at Rs 2,195 and ICICI Bank soared 4.5% to Rs 905.

Maruti, Mahindra & Mahindra, Sterlite and Wipro advanced over 3.5% each.

Reliance Communication, DLF, BHEL, Larsen & Toubro and HDFC Bank have increased over 2% each
ONGC and ITC were down 1% each at Rs 1,171 and Rs 232, respectively.

The market breadth was marginally positive, out of 2,858 shares traded, 1,698 advanced and 1,183 declined so far on the BSE........

After the CRTC hearing into globalive ownership

2009-09-28T15:48:00.000-07:00

This week, CRTC (Canadian Radio-television and Telecommunications Commission) hearings took place to determine whether Globalive's ownership structure meets Canadian regulations. Globalive is the company behind WIND Mobile, a new wireless carrier hoping to launch its services in Canada before the end of the year. The CRTC review was triggered by a request from TELUS. At the heart of the matter is the fact that Egyptian-based Orascom Telecom Holding SAE owns a 65 percent stake in the new venture despite owning only a third of the voting shares (the other two thirds are owned by Anthony Lacavera, chairman of Globalive Holdings).

Two days of hearing took place on September 23rd and 24th with the second day consisting of in camera sessions. In attendance and making presentations were Globalive, TELUS Communications, Rogers Communications, and Bell Canada.

Interestingly, just before the hearings kicked off, Globalive announced some changes to its shareholder agreement. Orascom has given up its right to buy out Lacavera's share and Lacavera has agreed not to sell his stake for at least three years. Instead of co-chairing the Globalive boards with a past Orascom employee, Lacavera will chair with the other co-chair taking on the role of vice-chair instead. Finally, Lacavera waived his ability to separate the wireless business from his other Globalive telephone business (Yak and OneConnect). Whether this is enough to satisfy the CRTC remains to be seen.

With the hearings completed, the CRTC will now take one month to complete its review of the company's ownership structure and issue its decision. We'll know then whether WIND Mobile can begin operations this year

Clean-energy wonks to Washington: Get a clue

2009-09-28T00:58:00.000-07:00

CAMBRIDGE, Mass.--A change in national energy policies would help spur innovation around green technologies, but policymakers are motivated by power and pet projects rather than energy security or environmental protection, a panel of energy and business experts argued here Thursday.

The speakers--three academics with expertise in energy and economics and a venture capitalist from Khosla Ventures--delved into the question of what role government should play in energy at the EmTech emerging technology conference at the Massachusetts Institute of Technology on Thursday. On the whole, they were pessimistic about the prospects of effective legislation for promoting a cleaner energy industry
The talk was timely. Although political debate in Washington has been dominated by health care over the past few months, the Senate is expected to take up a climate change and energy bill as early as next week, following a House version which narrowly passed in May. The broad House bill proposes a national system for regulating greenhouse gases, introduces higher efficiency standards, and calls for a mandate on renewable energy from utilities.

Many companies and investors see energy as a promising area of economic growth, with more than $5.8 billion of venture capital placed in green tech last year. But energy is very different from information technology or other traditional tech industries. Bringing new energy products to market requires not only technology breakthroughs but also coordination among start-ups, large corporations, financiers, and government
The panelists argued that the House bill of the version is far from perfect but it's an important step because it puts a price on carbon emissions. Under a cap-and-trade program--one of which is already in effect in the U.S.-- large polluters, such as utilities and manufacturers, are given permits to pollute. Those carbon allowances can be bought and sold among participants so that they stay under a cap set by the government.

India demands 'more decisive action' against 26/11 mastermind

2009-09-22T23:17:00.000-07:00

Washington: India has demanded that Pakistan take `more decisive action` against Hafiz Muhammad Saeed, alleged mastermind of the 26/11 Mumbai terror attacks.

`We want Saeed to be tried for his Mumbai attack,` Indian External Affairs Minister S.M. Krishna said in an interview on Tuesday with the Wall Street Journal on the sidelines of the UN General Assembly in New York.

`They are trying to camouflage the whole idea to suit themselves. India cannot be lulled into some kind of satisfaction that they are proceeding against them. We can see through the game,` he said.

Saeed was placed under virtual house arrest Monday for certain inflammatory speeches he made in some part of Pakistan and was prevented from leading prayers. He also faces a police complaint for allegedly soliciting funds for his banned purported charity
What India is interested in, according to the six dossiers provided by India to the Pakistani government, evidence we provided to show how Saeed was the chief conspirator in the attack on Mumbai,` Krishna said. `So we want Saeed to be tried for his Mumbai attack.`

Krishna said India would `appeal to our friends across the board to prevail on Pakistan to see the part of reason and bring to justice all those behind the attack on Mumbai.`

He suggested that if India were attacked again it might not show the same restraint against Pakistan. `I hope there won't be any attacks, but if there is an attack on India, India is fully prepared to meet it,` he said
Terror on both the east and western borders of Pakistan will be atop the agenda when Krishna meets Pakistan's Foreign Minister Shah Mehmood Qureshi on Saturday in New York.

Ion Audio Discover DJ System

2009-09-22T03:01:00.000-07:00

The upcoming DJ Hero game looks like a lot of fun, but unlike Rock Band where you can actually learn to play the drums, no one’s pretending a high score will earn you a DJ’ing career at your local clubs. The Discover DJ system from Ion Audio also isn’t a guaranteed ticket to DJ super stardom, but it looks like a cheaper way to see if you’ve got the mixing and scratchin’ chops before you drop the cash on a couple of real 1200s.

The faux turntables feature a couple of natural-feeling ’scratch’ wheels (though smaller than the real thing) as well as the mandatory cross-fader, bass & treble dials and pitch controls. It connects to your PC via USB and includes the MixVibes DJ software which allows you to scratch and mix with any song in your iTunes library. Pricing and availability to be announced

Mahindra 2 Wheeler launches ‘two new gearless scooters’ in the market

2009-09-22T02:47:00.000-07:00

Mahindra 2 Wheelers, the two-wheeler manufacturing unit of the Mahindra Group, today announced the launch of two gearless scooters — Rodeo and Duro in the market.

These newly launched models are the first indigenously developed products of the company after the acquisition of assets of Pune-based Kinetic Motors in July last year for Rs 110 crore.

Giving detail regarding the product, a company official has informed that both the new products are powered by a 125 cc engine sourced from its technology partner, SYM, while the design expertise for the scooters has came from Italy’s Engines Engineering, a company which M&M had bought earlier.

The company has fixed a price tag of Rs 41,229 (ex showroom Pune) for Mahindra Rodeo, while the Mahindra Duro will be available at Rs. 38,299 (ex showroom Pune).

At present, Mahindra has a dealership size of 300 outlets, which the company would expand to 350-370 in the next eight months.

Change traffic lights with a universal remote

2009-09-21T04:41:00.000-07:00

The Gadget Show: WebTV 46 Land Rover Mobile Phone and Web Comic Generator

2009-09-21T04:29:00.000-07:00

Axis Bank raises USD 720 mn via GDR, QIP

2009-09-21T04:21:00.000-07:00

The country's third largest private sector lender, Axis Bank, on Friday raised USD 720 million (nearly Rs 3,466 crore) through global depository receipts and private placement of shares with potential buyers.

The lender has exercised the upsize option and has alloted shares worth USD 720 million (nearly Rs 3,466 crore) at Rs 906.70 a piece, sources close to the deal told PTI.

The transaction was launched last evening with the base size of USD 600 million (nearly Rs 2,887 crore). The bank had an option to upsize the offer to USD 720 million, the source added.

There was an overwhelming response to the Axis Bank issue. Strong institutional interest from investors across the globe was witnessed, substantive interest from domestic institutional investors, including mutual funds and insurance companies was seen, the source said.

When contacted, the Axis Bank spokesperson, however, declined to comment citing regulatory reasons.

The bank has obtained an approval from its shareholders through postal ballot for issuing not more than 7.14 crore equity shares by way of GDR/QIP/preferential allotment

HCL founder wins biz person of the year

2009-09-21T04:20:00.001-07:00

Founder of HCL and chairman of HCL Technologies, Shiv Nadar, was presented the UK Trade and Investment (UKTI) Business Person of the Year Award on Thursday.

Nadar was presented the award in acknowledgement of the company’s pioneering investment in the UK under his leadership and for his focus and direction in establishing HCL as a leader in the information and communication technologies industry in India.

The UKTI India Business Awards celebrate India-UK business partnerships in terms of inward investment, collaborations, entrepreneurship and innovation.

“UK holds a special place for us at HCL. Our work there has grown not just in volume but in the value we are able to deliver to our partners in the UK; and from the UK to the rest of the world,” Nadar said.

“These awards are about celebrating success. They recognise the achievements made by businesses of all sizes. I congratulate the talented entrepreneurs who are bringing India and the UK closer together,” said UK Minister for Trade Investment and Business, Lord Davies of Abersoch, presenting the awards.

“The UK is the only country that has instituted business awards to recognise corporate partnerships with India, reflecting the very high importance to us of our relationship with India,” said British High Commissioner in India, Sir Richard Stagg, who was also present at the ceremony

Tata Sky tunes in to the power of plus

2009-09-16T22:38:00.000-07:00

The second largest DTH player is way behind the market leader in subscriptions. But it is pushing value-added services to maintain its leadership in average revenue per use

Just a week back, Tata Sky did something which it has been avoiding so far – the company slashed prices of its value-added offering Tata Sky+ by almost 50 per cent to Rs 4,999.

Though a limited period Diwali offer till October 31, the move surprised many as the second largest Direct-To-Home (DTH) player by subscription has always been focused on the average revenue per user (ARPU) instead of just adding numbers.

That’s the reason why the 80:20 joint venture between the Tata group and Star TV has priced even its base service at a premium over its competitors. So while market leader Dish TV is way ahead with 5.7 million subscribers, Tata Sky and Sun Direct are tied in the second spot with 4 million subscribers each.

But analysts say Tata Sky’s ARPUs are 60 per cent higher than its competitors. So what explains the reasons for the Tata Sky+ price cut? Company executives say it’s a first anniversary gift (the personal video recorder service was launched a year ago) and is in keeping with the company’s strategy to shift as many existing base subscribers as possible to the value-added service so that ARPUs don’t suffer.

That focus is visible in its aggressive brand-building exercise for Tata Sky+. For example, the company has launched almost one creative a month in the last 10 months, all with actor Aamir Khan and Asin, the south Indian actress who is now a national ‘star’ following Gajni.

“The creatives were part of a campaign aimed at promoting the premium service. One of the major creatives was an Aamir Khan solo, where the benefits of the service were described, including the recording capabilities and interactive channels (like gaming, quizzing and kids’ programmes among others),” Tata Sky Chief Marketing Officer Vikram Mehra says.

Tata Sky+ offers a personal video recorder with over 45 hours of recording capabilities.

Prior to Asin, Tata Sky had signed up model Gul Panang who acted with Aamir Khan in a series of campaigns last year that highlighted the digital quality and technology of Tata Sky, with Aamir pausing a match to talk to his in-laws, while Gul Panang explained the technology. The campaigns made the jingle ‘isko laga dala toh life jinga la la’ almost like a national anthem. These creatives were made by Ogilvy & Mather (O&M).

Down south, the Asin magic worked. In one of the ads, she calls up a Tata Sky call centre seeking a replacement for her maid, ‘Kupamma’. The campaign drives home the point that the company replaces set-top boxes during the guarantee period.

Quoting a AC Nielson study, Mehra says that Tata Sky has a “loyal customer” base as users feel the company has met expectations. “We deliver what we promise, and we don’t promise what we cannot deliver,” Mehra adds.

Mehra says Tata Sky has 12 transponders (capacity on a satellite) that permits it to broadcast over 180 channels, compared with just 7-9 transponders of other players.

Industry analysts admit that Tata Sky campaigns have done wonders to boost its premium image, but are quick to add that the industry itself has been growing at a rapid pace and even new entrants like Big TV and Airtel have garnered over a million subscribers already.

Tata Sky also had its part of misses. Not partnering for the Indian Premier League (IPL) last year was a big miss, admits Mehra, adding the company launched ad campaigns 20 days before IPL to make good the loss.

There are other ways too for brand building. Bombay Scottish School, for example, is one among the 850 institutions that uses Tata Sky’s DTH services in classrooms. The company has offered its connection free of cost under what it calls a social responsibility exercise.

But social responsibility and brand promotion can often go well together

Mercury Launches Surveillance Systems

2009-09-16T22:29:00.000-07:00

Surveillance has been gaining grounds steadily in the corporate and public offices. SMBs and middle income groups are also catching up with the trend. Addressing this market opportunity, Kobian, the manufacturer of Mercury branded IT Peripherals, has forayed into surveillance camera market with standalone surveillance cameras. The product range—Espial—includes Infrared CCDs, dome and DSP box cameras.

Kobian’s prime focus is to reach and facilitate solution providers who deal in installation and support of such products. The company will offer right products, solution and service support. The company is reaching out to various construction houses, schools, hospitals and retailers with a complete solution.

Sushmita Das, Country Manager, Kobian said, “Our products come with simple user-friendly instructions to provide an ease of installation and maintenance. We are educating select channel partners, who cater to end customers and can offer the DIY kits to the larger chunk of consumers,” Das added.

Currently, the Espial range is available with Mercury’s National distributor Inspan Infotech. The company is discussing association with a few partners who are operating in this space. “We shall also be looking up alliances with broadband and internet service providers. We believe the growth and effective usage of surveillance products shall happen only with a convergence between the broadband market, home networking and video surveillance,” added Das.

Mercury Espial DVRs are powered with True Triplex Functionality, which allows playback, record, display and network simultaneously. One of the most important features of the product is that it allows remote monitoring through mobile phone. For multiple channel DVR system, it allows the user to adjust individual record frame and also real time preview of individual camera.

The MRP for the 4-Channel , 8 –Channel and 16-Channel DVR are Rs 14,900 , Rs 19,900, and Rs 29,900 respectively. The 4-Channel DIY Kit with 4-IR Cameras with the Triplex 4-Channel DVR is priced at Rs 34,200.

Another product in the Espial range meant for small to medium shop & warehouse owners is the Combo kit of DVR with a 7-inch LCD priced at Rs 28,990.

Nokia 888 - Nokia Mobile Phones

2009-09-15T22:17:00.000-07:00

Apple's iHoloPhone

2009-09-15T22:12:00.000-07:00

Hover Car - Prototype

2009-09-13T12:50:00.000-07:00

Futuristic Japanese Cars

2009-09-13T12:40:00.000-07:00

US, CHINA AT ODDS OVER TIRE IMPORTS

2009-09-12T03:23:00.000-07:00

WASHINGTON – President Barack Obama has imposed new punitive tariffs on all car and light truck tires coming into the U.S. from China, a move Beijing condemned Saturday as protectionism and a violation of the guidelines of global trade.
While the White House announcement late Friday is likely to placate union supporters important to the president's health care push at home, it could alienate the strategically important Asian powerhouse and trading partner.
"China strongly opposes this serious act of trade protectionism by the U.S.," a statement posted on China's Ministry of Commerce Web site said. "This act not only violates the rules of the World Trade Organization but also violates the relevant commitments made by the U.S. government at the G-20 financial summit."
Obama's move will harm U.S.-China economic and trade relations, the statement said.
Obama had until Sept. 17 to accept, reject or modify a U.S. International Trade Commission ruling that a rising tide of Chinese tires into the U.S. hurts American producers. The United Steelworkers blames the increase for the loss of thousands of American jobs.
The federal trade panel recommended a 55 percent tariff in the first year, 45 percent in the second year and 35 percent in the third year. Obama settled on slightly lower penalties — an extra 35 percent in the first year, 30 percent in the second, and 25 percent in the third, White House press secretary Robert Gibbs said
"The president decided to remedy the clear disruption to the U.S. tire industry based on the facts and the law in this case," Gibbs said.
The decision comes as U.S. officials are working with the Chinese and other nations to plan an economic summit of the Group of 20 leading rich and developing nations in Pittsburgh, to be held Sept. 24-25. China will be a major presence at the meeting, and the United States will be eager to show it supports free trade.
Many of the nearly two dozen world leaders Obama is hosting have made strong statements critical of countries that protect their key industries. Obama, too, has spoken out strongly against protectionism, and other countries will view his decision on tires as a test of that stance.
Governments around the world have suggested the United States talks tough against protectionism only when its own industries are not threatened. U.S. rhetoric on free trade also has been questioned because of a "Buy American" provision in the U.S. stimulus package.
The decision could have ramifications in other high-priority areas, too.
The White House badly needs Chinese help to confront climate change, nuclear standoffs with Iran and North Korea and global economic turmoil. China is the world's third-largest economy and a veto-holding member of the United Nations Security Council.
Roy Littlefield, executive vice president of the Tire Industry Association, which opposes the tariff, said it would not save American jobs but only cause tire manufacturers to move production to another country with less strict environmental and safety controls, less active unions and lower costs than the United States.
The steelworkers union brought the original case in April, accusing China of making a recent push to unload more tires ahead of Obama's expected action. The union says more than 5,000 tire workers have lost jobs since 2004, as Chinese tire overwhelmed the U.S. market.
The U.S. trade representative's office said four tire plants closed in 2006 and 2007 and three more are closing this year. During that time, just one new plant opened. U.S. imports of Chinese tires more than tripled from 2004 to 2008 and China's market share in the U.S. went from 4.7 percent of tires purchased in 2004 to 16.7 percent in 2008, the office said.
In a two-page statement China said the tariffs do not square with the facts.
There hasn't been an obvious increase of exports of tires to the U.S., the statement said, citing a 2.2 percent increase in 2008 from 2007, and a 16 percent fall in exports in the first half of 2009 compared with first half of 2008.
The new tariffs, on top of an existing 4 percent tariff on all tire imports, take effect Sept. 26.
For the Chinese government, the tire dispute threatens an economic relationship crucial to China's economic growth. There was speculation before the decision that new tariffs could produce public pressure on Beijing to retaliate, potentially sparking a trade war.
___
Associated Press writers Foster Klug in Washington and Henry Sanderson in Beijing contributed to this report.