http://www.businessnews24hr.comBusiness news with reader driven content, provides latest news on economy, investing, companies, industry, finance, economy, trade, lifestyleCopyright © 2011 Media24hr.com. All rights reserved.India's factory output declined to a new low of 5.1 pc in Oct month as manufacturing, mining and capital goods sector shrunk indicating overall economic slowdown of economy. This is in comparison to Industrial Production Index of last year that had grown by 11.3 percent. The factory output rose by mere 3.5 percent in the April-October period as against 8.7 percent in the same period last year. The manufacturing index declined by 6 percent in October, compared to a growth of 12.3 percent in the same month of 2010.http://www.businessnews24hr.com/articles/indias-factory-output-crashes-to-5-1-per-cent-for-october-m-943.aspx12/12/2011 7:17:43 AMIndia’s food inflation declined to to 8 per cent for the week ended November 19. Food inflation, as measured by the Wholesale Price Index (WPI), was 9.01 per cent in the previous week ended November 12. It stood at 9.03 per cent in the corresponding week of the previous year. The main contributor to this moderation in inflation were onions that became cheaper by 40.65 per cent year-on-year during the week under review, and potato whose prices were down by 10.98 per cent. Price of wheat also fell by 4.71 per cent. However, all other food items grew more expensive on an annual basis.http://www.businessnews24hr.com/articles/india-s-food-inflation-declines-to-8-percent-on-account-of-942.aspx12/1/2011 4:48:38 AMIndian Government has identified 23 projects for award during 2011-12 to increase the capacity of major ports by 236.63 MTPA (Million Tons Per Annum) with an estimated investment of Rs. 16743.92 crores under Public Private Partnership (PPP) mode. The existing port capacity of Major Ports as on 31.3.2011 is 670.13 Million Tonnes (MT). This was told by GK Vasan, the minister of shipping in parliament. The Minister further stated that the Government of India has given top priority to the modernization of ports through various expansion/upgradation projects for berths, construction ofhttp://www.businessnews24hr.com/articles/indian-to-increase-the-port-capacity-by-236-63-million-tons-940.aspx12/1/2011 4:43:12 AMAn underlying principle of future growth is that “Manufacturing is important to India’s future progress” Manufacturing will unquestionably be a very different enterprise in 2020 from what it is today. A critical step in preparing for the future will be the development of an underlying foundation which must be guided by a clear vision of manufacturing in the next century and an understanding of the fundamental challenges that must be met to realize this vision. Global Manufacturing Cluster Vision 2020 - GMCV 2020 conference is an effort to bring out the leaders from Indian manufacturing to dhttp://www.businessnews24hr.com/articles/texas-ventures-and-codissai-organize-global-cluster-manufac-941.aspx12/1/2011 4:42:52 AMIndia’s BSE benchmark Sensex on Friday fell 169 points due to widespread selling by funds. The factory output and inflation figures along with eurozone crisis weighed heavily on investor mind. National Stock Exchange index declined to 5,142.25, before ending lower by 52.20 points to 5,168.85. The results of Tata Steel, DLF Ltd and Ranbaxy Laboratories were way off analyst estimates. The stocks of Larsen and Toubro, ICICI Bank, BHEL, Hindalco, Infosys Ltd., ONGC, Sterlite Industries, Tata Motors, Maruti Suzuki, Jindal Steel and HDFC Ltd fell during the day. The shares gf Reliance Industrihttp://www.businessnews24hr.com/articles/global-stocks-markets-shaky-even-as-italy-votes-on-austerit-939.aspx11/11/2011 5:11:43 AMThe signs of Indian economy slowing down are becoming more visible as index of industrial production (IIP) fell to 1.9 per cent in September compared to 6.1 per cent in the same month last year. The manufacturing sector index grew by 2.1 per cent in September, compared to 6.9 per cent in the same month last year. Mining output fell by 5.6 per cent in September this year, as against a growth of 4.3 per cent in the same month last year. The capital goods segment contracted by 6.8 per cent in September in comparison to a growth of 7.2 per cent inhttp://www.businessnews24hr.com/articles/india-s-factory-output-falls-to-1-9-per-cent-in-september-938.aspx11/11/2011 3:54:32 AMIndia’s food inflation fell marginally to 11.81 per cent in the week ended 29th October. The food inflation for the previous week was 12.21 per cent. It was at 12.68 per cent in the corresponding week of the previous year. The vegetables continued to spiral at a rate of 26.05 per cent on year-on-year basis during the week. The pulses became expensive by 13.27 per cent, fruits by 11.70 per cent, milk by 11.79 per cent, eggs, meat and fish by 12.74 per cent and cereal by 4.07 per cent.http://www.businessnews24hr.com/articles/india-s-food-inflation-continues-double-digit-growth-at-11-937.aspx11/11/2011 3:40:27 AMApex chamber ASSOCHAM today urged the government to encourage private sector investments and aim at adding 135 gigawatt of power capacity during the 12th Five Year Plan (2012-17) as initial projections show that capacity addition through public funding could be in the range of 60 to 65 GW. In the 11th Plan, a target of 78.7 GW was fixed but the Planning Commission estimates indicate that actual realisation may not exceed 50 GW – or 63.53 per cent – due to slippages in public sector projects. The shortfall is primarily due to poor project implementation, inadequate domestic equipment manufachttp://www.businessnews24hr.com/articles/encourage-private-sector-investments-for-power-generation-i-936.aspx11/11/2011 3:31:15 AMIndia and China can emerge as the world’s largest trading partners by 2030 with bilateral trade set to rise from 63 billion dollars now to 100 billion dollars in the next four years, industry body ASSOCHAM said today. China has already raced past the United States, Britain and Japan to become India’s largest trading partner. Indian companies can gain substantially by accessing Chinese capital goods at attractive prices by way of imports, said The Associated Chambers of Commerce and Industry of India (ASSOCHAM).http://www.businessnews24hr.com/articles/india-china-to-be-world-s-largest-trading-partners-by-2030-935.aspx11/11/2011 3:29:48 AMApex industry body ASSOCHAM has proposed to partner with the West Bengal state government for setting up industrial clusters in sectors like food processing, handicrafts, renewable energy and information technology to achieve the double digit growth and generate four lakh new jobs in the next three years. Registering a compounded annual growth rate (CAGR) of about 5.6 per cent between 2005 and 2010, the industrial sector in West Bengal accounted for nearly 19 per cent share in the state domestic product (SDP) in 2009-10. Manufacturing, construction, electricity, gas andhttp://www.businessnews24hr.com/articles/assocham-proposes-strategy-to-achieve-double-digit-growth-i-934.aspx11/9/2011 5:13:39 AMDiligenta, a leading business process outsourcing (BPO) provider in the UK and a subsidiary of Tata Consultancy Services (TCS)the leading IT services, consulting and business solutions firm, today announced that it will assume administration responsibility for 3.2 million policies for Friends Life, a provider of pensions, investments and insurance. The agreement, effective March 1, 2012, is worth $2.2 billion (£1.37 billion) over 15 years. This major business win underpins Diligenta’s proven expertise in the life and pensions industryhttp://www.businessnews24hr.com/articles/tcs-wins-2-2-billion-contract-with-friends-life-933.aspx11/9/2011 5:10:41 AMAccording to figures released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday, motorcycle sales in the country grew marginally to 8,79,883 units during the month from 8,74,146 units in the corresponding month last year. The cumulative production data for April-October shows overall production growth of 13.69 percent over same period last year. However, production of passenger cars and buses have registered de-growth during this time. Production in October 2011 also registered de-growth at (-) 1.80 percent as compared to October 2010.http://www.businessnews24hr.com/articles/india-s-domestic-car-sales-takes-downward-trajectory-dips-b-932.aspx11/9/2011 5:08:17 AMEurozone debt crisis has started impacting the large corpoartes in missing their targets both top line and bottom line and over 68% of CEOs feel restlessness in fulfilling their commitments due to uncertainty in business, reveals The Associated Chambers of Commerce and Industry of India (ASSOCHAM) survey. Only 22% of Chief Executive Officers of domestic business with the given turnover target succeed in countering their resistiveness and fatigue in a bid to achieve their yearly targets inhttp://www.businessnews24hr.com/articles/over-68-indian-ceos-stressed-out-due-to-uncertainty-says-as-931.aspx11/9/2011 4:56:28 AMThe Union Minister of Shipping, G K Vasan laid the foundation stones for new PPP projects at berths No.13,15,16 and IFFCO jetty at Kandla Port and dedicated the newly installed Mobile Harbour cranes today. He also inspected the ongoing trial run of the Vessel Traffic Management System for Gulf of Kutch centre at Kandla. He later reviewed the performance of Kandla Port with the officers and met various stakeholders of the port and discussed the issues requiring attention of the Central Government for further growth of the Port and the Port city. He stated that the Government is fully awarehttp://www.businessnews24hr.com/articles/indias-kandla-port-to-achieve-100-mmt-per-annum-capacity-wi-930.aspx11/9/2011 4:48:12 AMVodafone has raised its profit forecast from £ 11.4 billion to 11.8 billion pounds. During second quarter the organic service revenue grew by 1.3 percent. Data revenue rose by 23.8% , with smartphone penetration in Europe rising to 21.7% in Q2; 24% of consumer contract customers in Europe are on integrated voice, SMS and data tariffs. Enterprise revenue also grew by 2.6% driven by new account wins, growth in demand for converged services and increasing penetration of existing clients. In emerging markets, India service revenue rose by 18.4%, Turkey by 27.9% and Vodacom 7.3%.http://www.businessnews24hr.com/articles/vodafone-beats-analyst-estimates-raises-full-year-operating-926.aspx11/8/2011 4:44:23 AMWipro Technologies has been chosen by Premier Foods, the United Kingdom’s largest food producer, as a strategic technology partner. Premier Foods plc produces and markets over 40 iconic British brands. As part of the five year strategic relationship, Wipro will be supporting both systems and processes to enhance efficiency of Premier Foods’ supply chain. This relationship will enable Premier Foods to realize quantifiable benefits for a known budgetary expenditure with minimal exposure to variable costs. Wipro’s strong partnership with SAP, global SAP consultant base, end to end implementatihttp://www.businessnews24hr.com/articles/wipro-technologies-wins-it-engagement-with-premier-foods-of-929.aspx11/8/2011 4:44:07 AM​Wipro is the only Indian IT company ranked in the prestigious Aon Hewitt 'Top Companies for Leaders' global list. The 'Top Companies for Leaders' study is conducted by Aon Hewitt, a global human resource consulting firm, in partnership with The RBL Group, a strategic HR and leadership advisory firm, and FORTUNE magazine. This year's winners were selected and ranked by an expert panel of independent judges based on criteria including strength of leadership practices and culture, examples of leader development on a global scale, alignment of business and leadership strategy, business performanchttp://www.businessnews24hr.com/articles/wipro-named-as-one-of-the-global-top-companies-for-leaders-928.aspx11/8/2011 4:40:44 AMIndia’s exports have registered a growth of 10.8% during October 2011, at US $ 19.9 billion. Imports in October 2011 stood at 39.5 Billion US$ registering a growth of 21.7%. Balance of Trade for the period was (-) 19.6 Billion US$. Cumulative Export figures for the period of April to October 2011 stood at 179.8 Billion US$ registering a growth of 46%. Imports for the same period stood at 273.5 Billion US$ registering a growth of 31%. Balance of trade for the period stood at (-) 93.7 Billion US$. During April-October 2011, the following sectors have done well viz., engineering, (US $http://www.businessnews24hr.com/articles/export-grows-10-8-in-october-at-19-9-billion-927.aspx11/8/2011 4:18:14 AMKEC International, the EPC company, has said that it has secured new orders worth Rs. 400 crore from Saudi Electricity Company, Power Gird Corporation of India and Visa Power. Saudi order is for 380 KV double circuit overhead transmission line and is valued at Rs. 306 crore. The order is won in joint venture with Al-Sharif Group of Saudi Arabia and will be completed in 24 months. Power Grid has placed an order for Rs. 70 crore transmission line in Salem, Tamilnadu. Visa Power has placed an order for transmission line from Raigarh plant to New Korta in Chattisgarh and is valued at Rs. 24 crohttp://www.businessnews24hr.com/articles/kec-international-adds-new-orders-worth-rs-400-crore-925.aspx11/8/2011 2:14:18 AMThe Sensex at the Bombay Stock Exchange was trading 49 points lower at 17, 512 at 12:51locval time. The 30-share index gained nearly 70 points in early trade today or 0.39 per cent, to 17,632. Buying in capital goods, refineries, power, auto and metal stocks helped the Sensex gain. Major losers from the Sensex pack were DLF (1.60 per cent), ICICI Bank (1.04 per cent), Tata Motor (0.93 per cent), Sunpharma (0.90 per cent) and Infosys (0.75 per cent).http://www.businessnews24hr.com/articles/global-stock-markets-uncertain-amid-reports-of-dwindling-it-921.aspx11/8/2011 12:54:09 AMHCL Technologies has been chosen by the United Health Group, a leading US healthcare payer, to support its transition to ICD-10 diagnostic and procedure codes. According to the agreement, United Health Group will incorporate HCL’s Proprietary ICD Crosswalk Mapping (iCRM) tool into its healthcare management portfolio to ensure a smooth transition from ICD-9 to ICD-10. HCL’s Proprietary ICD Crosswalk Mapping (iCRM) tool will help identify the inherent financial implications of the transition and help in developing a roadmap to effectively deal with the issues. “HCL is committed to helping thehttp://www.businessnews24hr.com/articles/united-health-group-selects-hcl-as-a-preferred-partner-for-924.aspx11/8/2011 12:53:40 AMJ Kumar Infraprojects Ltd has informed BSE that the Company has received following work order worth of Rs. 600 Crores. "Widening and Improvement to Sion-Panvel Special State Highway (Under BOT) from Uran Flyover retaining Wall End Point Ch. 126/150 to B.A.R.C Junction Ch 140/690 (Excluding 1.8 K.m of Thane Creek Bridge Portion). J Kumar Infraprojects (JKIL), promoted by Jagdishkumar M Gupta and his family. J Kumar Infraprojects Ltd is a civil engineering and infrastructure development Company with a primaryhttp://www.businessnews24hr.com/articles/j-kumar-infraprojects-wins-rs-600-crore-new-project-923.aspx11/8/2011 12:46:31 AMPower Minister Sushilkumar Shinde represented India at the annual meeting of the Shanghai Cooperation Organisation (SCO) Heads of Government in St. Petersburg on 7th November 2011. Making a statement on behalf of India, Shri Shinde called for breaking barriers that inhibit trade and investment flows between the countries in the SCO zone. He said SCO should address the problem of limited connectivity through regional solutions. He said that India was ready to cooperate to find viable solutions to this problem and contribute to the endeavour to build bridges between Central and South Asia. Dhttp://www.businessnews24hr.com/articles/india-calls-for-breaking-trade-and-investment-barriers-in-t-922.aspx11/8/2011 12:31:58 AMNTPC Consultancy Wing has bagged its largest single International Contract for providing O&M services for Siddhirganj Peaking Power Plant in Bangladesh for a period of six years through International Competitive bidding. This shall be first foray of NTPC as an International O & M Operator. Notice of Award (NOA) has been received for Operation and Maintenance services for 2X 120 MW gas based Siddhirganj Peaking Power Plant (SPPP-A) from Electricity Generation Company of Bangladesh Limited (EGCB).http://www.businessnews24hr.com/articles/ntpc-to-provide-o-and-m-services-for-siddhirganj-power-plan-920.aspx11/7/2011 5:28:17 AMEssar Energy Plc is ranked amongst 50 fastest growing companies where Cairn India is the fourth fastest growing company. Half of the top 10 spots in the 2011 Platts Top 250 Global Energy Company Rankings went to major oil and gas companies based in Europe, the Middle East and Africa (EMEA). The roster, now in its 10th year and announced Wednesday night at an awards dinner in Singapore, includes 79 EMEA companies, a 25% increase over the past decade. “The composition of companies on the Platts Top 250 roster has shifted considerably in the last 10 years, but the EMEA’s consistent strong stanhttp://www.businessnews24hr.com/articles/essar-energy-plc-and-cairn-india-raked-as-fastest-growing-e-919.aspx11/7/2011 5:11:59 AMCommerce minister gives “in-principle” approval to the concept proposal of Regional Rapid Transit System (RRTS) for NCR; emphasizes on need to focus on effective sub-urbanization in the regionhttp://www.businessnews24hr.com/articles/new-delhi-to-be-connected-with-regional-rapid-transit-system-917.aspx11/7/2011 5:00:23 AMWith domestic demand for broiler meat and eggs into an overdrive, the Indian poultry industry is likely to cross $ 26.84 billion (Rs 1.32 lakh crore) mark by 2015, apex industry body ASSOCHAM said today. Growing at about 20 per cent annually the domestic poultry market is currently estimated at about $ 9.9 billion (Rs 49,000 crore), highlights a study on ‘Trends In Domestic Poultry Segment’ undertaken by The Associated Chambers of Commerce and Industry of India (ASSOCHAM). “Driven by rising purchasing power, changing food habits, contract poultry farming and rapid urbanisation are certain khttp://www.businessnews24hr.com/articles/poultry-industry-in-india-to-cross-26-84-billion-by-2015-sa-916.aspx10/13/2011 8:24:01 AMThe food inflation in India declined marginally, to 9.32 per cent for the week ended October 1st. Food inflation, as measured on the basis of the Wholesale Price Index (WPI), stood at 9.41 per cent in the previous week. The rate of price rise in food items had stood at 17.14 per cent in the corresponding week of 2010.http://www.businessnews24hr.com/articles/india-s-food-inflation-declines-marginally-to-9-32-percent-915.aspx10/13/2011 8:16:50 AMIndia’s factory output for the month of August 11 grew slower-than-expected. It registered a growth of 4.1 against forecast of 4.7 percent and 4.5 percent in August 2011. This was only marginally better than the output growth in July at 3.8 per cent. Commenting on the Index of industrial production data for August which was released today, Harsh Mariwala, President, FICCI and Chairman Marico Group said “The slowdown in manufacturing sector is more broadbased now as fourteen out of twenty two sectors have shown less than average growth for the period April-August 2011. On moving average basihttp://www.businessnews24hr.com/articles/india-s-factory-output-growth-slower-than-expected-914.aspx10/13/2011 7:27:39 AMIndian government has announced a special assistance over $ 183 million (Rs. 900 crore) to help exporter meet the challenges arising out of global economic conditions. Commerce and Industry Minister Anand Sharma announced the new measures that are part of the annual supplement of the Foreign Trade Policy. Special assistance scheme is applicable to exporter of to engineering, pharmaceuticals and chemical sectors. Under this scheme, fifty products in these sectors will get special bonus of additional one per cent of export value between October and March this fiscal. The minister has introduhttp://www.businessnews24hr.com/articles/indian-exporters-to-get-183-million-bonanza-to-beat-the-imp-913.aspx10/13/2011 7:24:19 AMIndia’s commerce, industry and textiles minster, Anand Sharma has directed his ministry to formulate a restructuring program for the textiles industry in consultation with ministry of finance and Reserve Bank of India. “The restructuring program could address issues like moratorium on repayment of TUFS loans, packing credit in foreign currency to be made available by banks, working capital assistance and interest subvention on export of textiles and clothing” He said at a meeting with the stakeholders in Textiles sector late last evening. The meeting was part of structured dialogue that the Mihttp://www.businessnews24hr.com/articles/indian-govt-to-formulate-a-restructuring-program-for-the-st-912.aspx10/13/2011 6:21:41 AMMinister of Consumer Affairs, Food & Public Distribution Prof K.V Thomas has said that the Indian Government is committed to enactment of the National Food Security Act to provide a statutory framework for assured food security to all . Addressing the Inaugural Session of a seminar organised by International Rice Research Institute (IRRI) here today, the Minister said that the proposed legislation would be a paradigm shift in approach towards food security - from welfare based to rights based approach, involving legal obligation on the Government to deliver food entitlements. It will be a comphttp://www.businessnews24hr.com/articles/indian-government-to-enact-food-security-act-to-provide-gua-911.aspx10/13/2011 6:10:13 AMIndia’s exports for the month of April- September 2011 have registered a growth of 52 percent, at $ 160 billion. Interacting with the media persons here today, Rahul Khullar, Commerce Secretary, informed that during the period April-September 2011, the imports were $ 233.5 billion with a growth of 32.4 percent. This resulted in the trade deficit of $ 73.5 billion. India’s imports in September 2011 were $ 34.6 billion and export stood at $ 24.6 bn. During April-September 2011, the engineering exports were worth $ 46.4 billion registering a growth of 103 percent. India exported petroleum & ohttp://www.businessnews24hr.com/articles/india-s-export-registers-52-percent-growth-during-h1-2011-910.aspx10/13/2011 6:04:05 AMThe government owned coal sector undertaking Singareni Collieries Company Ltd., (SCCL) has paid a dividend of Rs 42.38 crores for the year 2010-11. S Narsing Rao, Chairman and Managing Director presented the dividend cheque to the minister of coal, Sriprakash Jaiswal here today. This is the eight year since 2003-04 that company has paid dividend to the government. SCCL is a joint under taking having 51% equity holding by Andhra Government and 49% by Indian Government. Accordingly Company has already paid Rs.44.28 Crores dividend for the year 2010-11 to Government of Andhra Pradesh.http://www.businessnews24hr.com/articles/sccl-pays-rs-42-38-crore-as-dividend-909.aspx10/13/2011 5:53:37 AMTokyo stocks ended higher as benchmark Nikkei index finished at 8,773.68, up 168.06, just shy of a 2% gain. Hong Kong's Hang Seng index rose nearly two and one-half percent. Singapore’s benchmark Straits Times Index at closed 0.93 per cent higher at 2,693.05. However, India’s the Bombay Stock Exchange's Sensex, ended 20.76 points lower at 16,536.47. The wide-based National Stock Exchange index Nifty fell 5.25 points to 4,974.35, after climbing to 5,045.10. In Europe the FTSE fell to close at 5,396. The CAC-40 in Paris dropped a quarter of a percentage. The DAX index in Frankfurt rose thhttp://www.businessnews24hr.com/articles/global-stocks-mixed-even-after-france-and-germany-assure-st-903.aspx10/11/2011 11:42:42 AMDHL has launched a Boeing 777 freighter service between here and Leipzig in Germany in response to the growing air cargo demand in and out of South India. Originating from Bangkok and Singapore, the new service would operate five times a week between Bangalore and DHL's European hub in Leipzig, company officials said here. The new freighter would be operated by AeroLogic, a joint venture cargo airline of DHL Express and Lufthansa Cargo. "India continues to be a high growth market for us and the launch of this freighter is a part of our larger commitment to customers in India,"Senior Vhttp://www.businessnews24hr.com/articles/dhl-connect-bangalore-with-leipzig-908.aspx10/11/2011 11:40:53 AMWorldwide social media revenue will touch $10.3 billion in 2011, a 41.4 percent increase from 2010 revenue of $7.3 billion, according to Gartner. It forecasts social media revenue will gtow to $ 14.9 billion in 2012 revenue and projects $29.1 billion in 2015. Advertising revenue is, and will remain, the largest contributor to overall social media revenue. Social media advertising revenue is forecast to total $5.5 billion in 2011, and grow to $8.2 billion in 2012. Advertising revenue includes display advertising and digital video commercials on any device including PCs, mobile and media tablhttp://www.businessnews24hr.com/articles/gartner-pegs-worldwide-social-media-revenues-at-10-3-billio-907.aspx10/11/2011 11:29:03 AMThe Organisation of Petroleum Exporting Countries (OPEC) has reduced its 2011 world demand estimate to 87.81 million barrels per day (bpd), although it remains 0.88 million bpd up from last year.In September, the cartel had set world oil demand for this year at 87.99 million bpd. "Chinese oil demand is will come down because of new government policies aimed at reducing transport fuel use. India has increased retail prices that will dampen oil consumption in the coming year," OPEC said. Lower US demand, on the back of a weak economy and high unemployment, along with the eurozone debt crisishttp://www.businessnews24hr.com/articles/opec-forecast-reduced-demand-of-oil-due-to-weak-demand-from-906.aspx10/11/2011 11:17:27 AMFood price volatility featuring high prices is likely to continue and possibly increase, making poor farmers, consumers and countries more vulnerable to poverty and food insecurity, the United Nations' three Rome-based agencies said in the global hunger report published today. FAO’s best estimate of the number of hungry people for 2010 remains at 925 million. For the 2006-2008 period FAO calculates the number of hungry at 850 million. The methodology FAO uses for calculating the prevalence of hunger is currently under revision, so no estimates have been produced for 2011. Small, import-http://www.businessnews24hr.com/articles/fao-says-volatile-food-prices-may-continue-for-sometime-905.aspx10/11/2011 11:02:56 AMAgriculture Secretary of Government of India, P K Basu has said that wheat production might touch an all-time high of 86 million tonnes this rabi season as crop prospects look bright on account of a good monsoon. Talking to reporters in New Delhi, he said wheat crop prospects are expected to be encouraging as reports say there will be abundant sunshine and no pest menace in wheat fields during the rabi season. The target set by government for wheat production for this year is 84 million tonnes. Basu saidhttp://www.businessnews24hr.com/articles/india-s-wheat-production-to-touch-86-million-tonnes-904.aspx10/11/2011 10:57:39 AMApple says that its pre-orders of its iPhone 4S have crossed one million mark in a single day, surpassing the previous single day pre-order record of 600,000 held by iPhone 4. “We are blown away with the incredible customer response to iPhone 4S,” said Philip Schiller, Apple’s senior vice president of Worldwide Product Marketing. “The first day pre-orders for iPhone 4S have been the most for any new product that Apple has ever launched and we are thrilled that customers love iPhone 4S as much as we do.” iPhone 4S was introduced with Apple’s dual-core A5 chip for fast performance. It has newhttp://www.businessnews24hr.com/articles/iphone-4s-pre-orders-cross-one-million-mark-within-one-day-902.aspx10/11/2011 10:42:41 AMHilton Hotels & Resorts today announced the opening of its full-service, upscale Hilton New Delhi-Noida-Mayur Vihar under a management agreement with Eros Resorts & Hotels Ltd. Located just off the DND Flyway, Hilton New Delhi-Noida-Mayur Vihar is a 20-minute drive from the commercial hub in NOIDA, a prime destination for information and software technology and IT-enabled services. The 168-room newly-built hotel is equipped with up-to-date technology and a complete array of amenities and guest services. It features two restaurants and a lobby lounge and bar. The business and recreational facilhttp://www.businessnews24hr.com/articles/hilton-opens-new-hotel-in-delhi-901.aspx10/11/2011 10:41:00 AMGerman Chancellor Angela Merkel and French President Nicolas Sarkozy have agreed to present a comprehensive proposals to solve the euro zone debt crisis by the end of this month. "Ensuring a reasonable supply of credits is a basic condition for a good economic development," Merkel said. The two countries shared similar views on increasing the capital structure of banks and the two nations have reached an agreement on the question of recapitalisation, she told a joint news conference with Sarkozy. Sarkozy said that a durable solution to the debt crisis must be found before the end of thishttp://www.businessnews24hr.com/articles/germany-france-agree-to-support-banks-to-solve-crisis-900.aspx10/10/2011 11:21:19 AMUS and European stock indexes rose sharply on Monday as European leaders pledged to find solution to ongoing debt crisis. The Dow Jones Industrial Average is up 2.5 percent, while the S&P 500 index is ahead 2.9 percent. The NASDAQ is up more than 3 percent. European stock markets closed higher. London's FTSE index closed 1.8 percent higher, the CAC-40 in Paris gained 2.1 percent and the DAX in Frankfurt finished ahead 3 percent. In Asia trends were mixed. Hong Kong shares ended flat on Monday as earlier losses were wiped out in a late buying spree. The benchmark Hang Seng Index edged 4http://www.businessnews24hr.com/articles/us-europe-singapore-india-stocks-rise-hong-kong-and-china-d-899.aspx10/10/2011 11:18:40 AMIndian-Czech trade ministers have agreed to take the bilateral trade to $ 2 billion by 2012 from current level of US $ 1.3 billion which in itself is an increase of 26% from the earlier year. The Czech Minister for Industry & Trade, Martin Kocourek, met his Indian counterpart Anand Sharma with a high-level Czech delegation here today. Sharma also stressed the need of a liberal visa regime for business people and suggested that a system of issue of long-term business visa on the recommendations of apex business chambers should be put in place. The Czech Minister agreed that visa regime needshttp://www.businessnews24hr.com/articles/india-czech-trade-to-touch-2-billion-by-2012-898.aspx10/10/2011 11:09:35 AMThe new draft National Telecom Policy (NTP) released by India’s telecom ministry aims increase in rural teledensity from 35% to 100% by 2020. The new telecom policy aims at doing away with roaming fees. It aims to provide affordable and reliable broadband on demand by the year 2015 and to achieve 175 million broadband connections by the year 2017 and 600 million by the year 2020 at minimum 2 Mbps download speed and making available higher speeds of atleast 100 Mbps on demand. It would promote the domestic production of telecommunication equipment to meet 80% Indian telecom sector demand thrhttp://www.businessnews24hr.com/articles/indian-govt-s-national-telecom-policy-aims-for-100mbps-broa-897.aspx10/10/2011 11:06:42 AMDaylight Energy of Canada has announced that it has entered into an agreement with China baaed Sinopec International Petroleum Exploration and Production Corporation for the purchase its stakes at a cash price of C$10.08 per Common Share, for total cash consideration of approximately C$2.2 billion. Sinoapec is a wholly owned subsidiary of China Petrochemical Corporation ("Sinopec Group") and undertakes overseas investments and operations in the upstream oil and gas sector. Sinopec Group is China's largest producer and supplier of oil products and major petrochemical products.http://www.businessnews24hr.com/articles/chinese-oil-major-sinopec-acquires-canadian-company-dayligh-896.aspx10/10/2011 11:03:27 AMGermany’s exports increased by 14.6% and imports by 12.6% in August 2011 compared to August 2010. Upon calendar and seasonal adjustment, exports rose by 3.5% and imports remained unchanged on July 2011. The Federal Statistical Office (Destatis) data showed the foreign trade balance showed a surplus of Euro 11.8 billion in August 2011. In August 2010, the surplus amounted to Euro 9.2 billion. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of Euro 13.8 billion in August 2011. In August 2011, Germany dispatched commodities to the value of Euro 48.7 billhttp://www.businessnews24hr.com/articles/germany-registers-14-6-percent-export-growth-despite-tough-895.aspx10/10/2011 10:57:23 AMSpanish infrastructure company, Ferrovial has sold its 5.9% stakes in BAA to an investment fund Alinda Capital Partners for $441 million. As a result its equity in BAA will get reduces to 49.99%. The remaining shareholders are Britannia Airport Partners LP (26.48%) and GIC (17.65%). Chris Beale, Managing Partner of Alinda, will join the board of FGP Topco Ltd and the board of BAA Ltd. The sale is unconditional and closing is expected to take place by the end of October. Íñigo Meirás, Chief Executive Officer of Ferrovial, said: “This sale is in line with our strategy to establish a market vahttp://www.businessnews24hr.com/articles/ferrovial-offloads-its-5-9-of-equity-in-baa-for-441-million-894.aspx10/10/2011 10:52:22 AMHong Kong stocks lost 0.50 per cent in the morning session on profit booking by investors. The benchmark Hang Seng Index plunged 88.56 points and was trading at 17,618.45. Chinese stocks touched a two year low at 2,353.68 in the afternoon trade. Singapore shares were higher at 12.57pm on Monday, with the benchmark Straits Times Index at 2,656.07, up 0.59 per cent, or 15.77 points. At Bombay Stock Exchange, the benchmark Sensex gained 77 points in morning today. IT,http://www.businessnews24hr.com/articles/stocks-in-china-hang-kong-fall-singapore-and-indian-stock-m-893.aspx10/9/2011 11:34:16 PMBelgium government has decided to rescue the local arm of Franco-Belgian bank Dexia. The government has offered four billion euros and guaranteed the financing of to the tune of 60 per cent, or 54 billion euros. Finance Minister Didier Reynders said, “With this agreement the wish of the Belgian government is not to remain indefinitely in (control of) its bank nor to leave rapidly but to ensure its continuity.” The Dexia bank said in a statement that considering the risks and the difficulties arising for Dexia Bank Belgium from the situation of the Dexia Group, and the systemic nature of Dehttp://www.businessnews24hr.com/articles/belgium-govt-rescues-local-arm-of-troubled-dexia-bank-892.aspx10/9/2011 11:32:45 PMDow Chemical Co and Saudi Aramco have signed an agreement for building a on of the largest integrated chemical facility in the world. The US$20 billion complex is expected to begin production in 2015. The facility is expected to deliver annual revenues of approximately $10 billion within a few years of operation. The manufacturing units will produce a wide range of performance products such as Polyurethanes (isocyanates, polyether polyols), Propylene Oxide, Propylene Glycol, Elastomers, Linear Low Density Polyethylene, Low Density Polyethylene, Glycol Ethers and Amines. Sadara will market prodhttp://www.businessnews24hr.com/articles/dow-chemical-and-saudi-aramco-to-build-20-billion-integrate-891.aspx10/8/2011 7:23:05 PMThe first phase of the Kochi Smart City Project will be completed within two years. Addressing a function to mark the beginning of work Kerala Chief Minister Oommen Chandy said the first phase will be taken up soon after work on the pavilion is completed within 14 weeks. The Kochi Smart City is an IT infrastructure project jointly promoted by the Kerala Government and Dubai based Tecom Investments. The entire project envisages a total investment of $ 406.75 (Rs. 2000 crore), and is expected to generate 90,000 jobs. The Smart City may also get metro rail connectivity. The state government hahttp://www.businessnews24hr.com/articles/kerala-govt-starts-work-on-kochi-smart-city-project-hopes-t-878.aspx10/8/2011 10:33:17 AMThe Bank of England's Monetary Policy Committee today voted at a special meeting to reduce the official Bank Rate paid on commercial bank reserves to 4.5%. The Monetary Policy Committee held a special meeting on Wednesday 8 October, some hours in advance of its normal schedule. After that meeting, the Bank of England, in conjunction with the Bank of Canada, the European Central Bank, the US Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the Bank of Japan, released the following statement: “Throughout the current financial crisis, central banks have engaged in continuouhttp://www.businessnews24hr.com/articles/bank-of-england-reduces-bank-rate-by-0-5-percentage-points-890.aspx10/8/2011 10:14:35 AMApple has sold out its pre order stocks within hours of booking launch. The booking strated at 1201 (PDT). AT&T received more than 200,000 orders within 12 hours says Bloomberg. The current delivery time now stands between one to two weeks. The iPhone 4S is available in 16GB, 32GB, and64GB. Each model costs $199, $299, and $399 with a two-year contract. Piper Jaffray analyst Gene Munster says that Apple could sell 25 million handsets in the current quarter.http://www.businessnews24hr.com/articles/iphone-4s-pre-order-sold-out-sold-out-within-hours-of-comme-889.aspx10/8/2011 9:21:17 AMSamsung Electronics has released profit forecast for the third quarter. It, now, expects an operating profit of 4.2 tn won or $3.5bn on sales of 41 tn won. The analyst had forecast 3.5 tn won as profit. The last year sales in the same quarter stood at 40.23 tn won and profit 4.86 tn won. Therefore, there is a 14% dip in the profits. Compared with the previous quarter, the projected profit is up 12%. The handset business has peaked during the quarter on account of smart phone shipments however; the sales for TVs and computer chips have fallen. Samsung is the world's second-largest maker of mhttp://www.businessnews24hr.com/articles/samsung-revises-profit-forecast-for-the-third-quarter-888.aspx10/8/2011 8:33:55 AMIndia has come a long way from the days when the automotive industry in India was characterized by limited choice, old technology, obsolete designs and endless waiting period to be a proud owner of a vehicle. In sharp contrast, today, India is the seventh largest vehicle manufacturer, the second largest two wheeler manufacturer and the fifth largest commercial vehicle manufacturer in the world. The Indian auto industry today churns out a large number of new model and variant launches every year and exports almost 12% of the vehicles produced by it to the most competitive auto markets globallhttp://www.businessnews24hr.com/articles/reinventing-mobility-the-automotive-industry-in-india-887.aspx10/8/2011 8:15:47 AMAdobe Creative Cloud, a major new initiative from the company that radically redefines the content creation process. Adobe Creative Cloud will become the focal point for creativity, where millions can access desktop and tablet applications, essential creative services, and share their best work. Adobe Creative Cloud is being announced in parallel with a new set of Adobe Touch Apps for content creation on tablet devices (see separate release). These stunning new apps bring professional-level creativity to millions of tablet users – from consumers to creative professionals – and utilize hosted chttp://www.businessnews24hr.com/articles/adobe-to-provide-its-all-applications-through-cloud-886.aspx10/8/2011 8:01:05 AMThe workers at Suzuki’s Indian unit, Maruti Suzuki went on flash strike today. The company has announced that it has stopped production at its Manesar plant, which manufactures the popular 'Swift' hatchback among other models. The company said in a statement, "The MSIL management is in the process of preparing schedules for casual workers. The striking workers did not give us any notice before dumping the production today," the spokesperson said. "The workers' action clearly violates the agreement that they had signed with the management on 1 October. It is a breach of faith ... a mockery."http://www.businessnews24hr.com/articles/strike-at-maruti-suzuki-plant-885.aspx10/8/2011 7:58:57 AMAn Irish Times report says that Research in Motion has acquired Dublin based software firm NewBay for $100 million. NewBay provides the digital content services, enabling operators and device makers to deliver a lifetime of content experiences across connected devices such as mobiles, PCs, tablets and TVs. It provides a white label software platform, called LifeCache, that powers cloud-based services for storing, sharing, accessing and organizing digital content. The carriers use this software to provide services such as online photo albums, automatic updating of socialhttp://www.businessnews24hr.com/articles/research-in-motion-acquires-dublin-based-cloud-based-servic-884.aspx10/8/2011 4:26:03 AMMoody's Investors Service has today placed Belgium's Aa1 local and foreign currency government bond ratings on review for possible downgrade, while affirming its short-term ratings at Prime-1. As per agency, increase in long-term funding risks for euro area sovereigns with high levels of public debt, such as Belgium, as a result of the sustained fragility in the wholesale finance environment for euro sovereigns and banks stemming from the sovereign debt crisis is one of the driver.http://www.businessnews24hr.com/articles/moodys-places-belgiums-aa1-ratings-on-review-for-possible-d-883.aspx10/8/2011 4:04:34 AMAdobe Systems says that the company has been recognized as a leader in Web analytics by Forrester Research,in its “The Forrester Wave: Web Analytics Q4, 2011 (October 2011) report. Forrester stated, "Adobe continues to maintain the largest enterprise Web analytics footprint of any vendor. The Omniture Business Unit has thrived within Adobe, continuing to grow its business and execute on a broad product development strategy comprised of organic development, acquisitions and partnerships. Recent updates to the core SiteCatalyst product and strategic expansions into social media, audience measurehttp://www.businessnews24hr.com/articles/adobe-receives-for-highest-scores-in-social-mobile-and-vide-882.aspx10/8/2011 4:00:45 AMMoody has cut credit rating of nine Portuguese Banks. The Agency has expressed concern about the safety of loans the banks have made to the Portuguese Government. These banks include Banco BPI (BPI), Banco Santander Totta (BST), BANIF - Banco Internacional do Funchal, S.A. (Banif), Caixa Economica Montepio Geral (Montepio), Banco Comercial Portugues, S.A. (BCP), Banco de Investimento Imobiliário, S.A. (BII), Banco Espirito Santo, S.A. (BES), Caixa Geral de Depósitos (CGD). Moody's downgraded Portugal to Ba2 with a negative outlook from Baa1" published on 5 July 2011.http://www.businessnews24hr.com/articles/moody-s-cut-rating-of-nine-portuguese-banks-881.aspx10/8/2011 3:52:31 AMThe European Commission has approved plans by American technology giant Microsoft to buy internet voice and video service Skype. Luxembourg-based Skype has more than 650 million global users and is Microsoft's largest single acquisition. The European Commission has cleared the deal under the EU Merger Regulation because the deal would not significantly impede effective competition in the European Economic Area. The $ 8.5 billion dollar deal would not significantly impede effective competition across the European market as there were numerous players, including Google in the growing market.http://www.businessnews24hr.com/articles/european-commission-approves-acquisition-of-skype-by-micros-880.aspx10/8/2011 2:20:05 AMIndian government’s ministry of information technology unveiled the draft policy on information technology, 2011 that is aims to create exports worth $ 200 billion and a total revenue of $ 300 billion by 2020 from the IT and ITes sector. Presently the export value is worth $ 59 billion, while the revenue is $ 88 billion at present. The 80 per cent revenues of Indian IT sector comes from export.The policy will target to create a pool of 10 million skilled workers. The sector employs over 2.5 million skilled people The IT minister Kapil Sibal said, "We are waiting for the Direct Taxes Code (http://www.businessnews24hr.com/articles/indian-govt-propose-new-it-policy-to-create-10-million-new-879.aspx10/8/2011 2:07:12 AMFitch Ratings has downgraded the sovereign credit ratings of Italy and Spain from AA minus to A plus, putting new pressure on two of Euro's biggest economies. Fitch cited high debt and low growth as factors. Fitch also stated that it was keeping Portugal’s debt rating on watch for a possible downgrade. The reports are a blow to Europe’s hopes of containing the debt crisis that has already seen three countries bailed out. Italy and Spain have the eurozone’s third- and fourth-largest economies and are widely considered too expensive to rescue. While saying Italy’s recent austerity measureshttp://www.businessnews24hr.com/articles/fitch-cuts-credit-rating-of-italy-and-spain-877.aspx10/8/2011 1:06:59 AMIn today’s tough economic conditions, if any company can churn out more and more revenues, quarter after quarter, it must be Apple! Whether global stock markets go up or down due to the sub-prime or Euorzone debt crisis, Apple continues to improve its market valuations. New product innovation which is difficult to replicate has been the real winner for the Apple. And the credit for all this goes to only and only Steve Jobs! His life story has inspired countless individuals and organization. A spirit of true American legendary innovator which is really hard to find in these days of ‘copy-pahttp://www.businessnews24hr.com/articles/a-true-american-innovator-steve-jobs-1955-2011-868.aspx10/8/2011 12:47:23 AMIndia's gross direct tax collection during the first half of the current fiscal (April-September 2011) was up by 23 percent at Rs 257,042 crore as against Rs 208,971 crore in the same period last fiscal. While gross collection of corporate taxes was up 23.17 percent (Rs.175,360 crore against Rs 142,368 crore last year), gross collection of personal income tax was up by 22.65 percent (Rs 81,353 crore against Rs 66,330 crore last year). Net direct tax collections stood at Rs 194,812 crore, up from Rs 181,758 crore in the same period last fiscal. The growth of gross direct taxes for the firsthttp://www.businessnews24hr.com/articles/india-s-direct-tax-collection-for-april-september-2011-peri-876.aspx10/8/2011 12:41:12 AMMOIL has earned a rare honour of entering into the list of FORTUNE 500 companies in India. It has been ranked 486th position among the 500 top companies in India and 9th in the Mines and Metals Sector. MOIL’s (earlier known as Manganese Ore (India) Limited) shares have been formally listed in Mumbai Stock Exchange and National Stock Exchange on 15.12.2010. MOIL’s IPO was oversubscribed by 56 times particularly by the retail and HNI segments have been heartening which reflects the inherent strength and bright future of the Company. The issue fetched Rs.618.76 crores to the Government of Indhttp://www.businessnews24hr.com/articles/moil-enters-fortune-500-companies-list-875.aspx10/8/2011 12:36:47 AMJapan’s central bank has kept its key interest rate unchanged at virtually zero. Now the Bank of Japan will encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent. The Bank of Japan’s nine-member policy board on Friday described the country’s economy as “picking up” and added, “Japan's economic activity has continued picking up. Production and exports have continued to increase, although their paces have moderated after goinghttp://www.businessnews24hr.com/articles/bank-of-japan-sees-recovery-round-the-corner-keeps-interest-874.aspx10/8/2011 12:28:16 AMIndia’s food inflation increased again to 9.41 per cent for the week ended 24th September compared to 9.13 percent for the previous week and 16.88 percent for the corresponding week a year ago. The vegetables prices rose by 14.88 per cent, potatoes by 9.34 per cent , onions by 10.58 per cent, fruits by 11.72 per cent, milk by 10.35 per cent, eggs, meat and fish by 10.33 per cent year-on-year basis. Cereals became dearer by 4.57 per cent and pulses were up 7.54 per cent on an annual basis during the seven-day period. "Inflation is definitely a matter ofhttp://www.businessnews24hr.com/articles/india-s-food-inflation-inches-up-to-9-41-per-cent-873.aspx10/8/2011 12:17:37 AMUS stocks declined even as the Dow Jones Industrial Average dropped 0.18 percent to close at 11,103. The S&P 500 lost 0.82 percent to close at 1,155 while the NASDAQ slid 1.1 percent to end at 2,479. European stock markets were ended week on positive note. London's FTSE index advanced 0.23 percent to close at 5,303. Paris’s CAC gained 0.66 percent to finish at 3,096. The DAX in Frankfurt rose 0.54 percent to close at 5,676.http://www.businessnews24hr.com/articles/us-stocks-end-lower-european-and-asian-stocks-close-week-on-872.aspx10/7/2011 11:55:01 PMMoody's Investors Service has today downgraded the senior debt and deposit ratings of 12 UK financial institutions and confirmed the ratings of 1 institution over concerns that the government will not provide adequate support to the institutions if they become financially troubled. The rating actions include a one-notch downgrade of Lloyds TSB Bank plc (to A1 from Aa3), Santander UK plc (to A1 from Aa3), Co-Operative Bank plc (to A3 from A2), a two-notch downgrade of RBS plc (to A2 from Aa3) and Nationwide Building Society (to A2 from Aa3); and downgrades of one to five notches of 7 smallerhttp://www.businessnews24hr.com/articles/moody-s-downgrades-12-british-banks-including-lloyds-rbs-na-871.aspx10/7/2011 11:05:01 AMWorld-leading research company TNS has today unveiled the results of the biggest global study into the attitudes and investment priorities of the affluent - painting a timely picture of wealth, post global recession. While the United States still ranks as the world’s most prosperous country, with 31 million affluent households, the study reveals that the emerging economies of India and China have overtaken many European countries in this measure of consumer wealth. Based on interviews with 12,000 people across 24 markets including China, Brazil and India, TNS’s Global Affluent Investor studhttp://www.businessnews24hr.com/articles/tns-study-puts-india-among-top-5-countries-fluent-have-more-870.aspx10/7/2011 10:53:22 AMThe US Labor department data shows that the U.S. economy had a net gain of 103,000 jobs in the month of September. The monthly job gains were more than economists had predicted. One survey predicted net gain of 57,000. The private sector added 137,000 jobs in September including 45,000 returning employees of Verizon. Despite this the unemployment rate stayed steady at a relatively high 9.1 percent. Health care and education added 45,000 jobs in September. The public sector and local government cut 35,000 jobs. There were 14 million American out of work, 6.2 million of whom have been on the jobhttp://www.businessnews24hr.com/articles/surprise-addition-of-103-000-new-jobs-in-us-economy-but-une-869.aspx10/7/2011 7:46:56 AMThe global sales of luxury car Mercedes-Benz rose two per cent in year-on-year terms in September. The company, Daimler AG, said in a statement that it sold 120,982 Mercedes cars last month. This its highest-ever for the month. Since January 2011 sales now total to 919,288 Mercedes-Benz passenger vehicles, an increase of 7.6%. “We continue to grow,” says Dr. Joachim Schmidt, Executive Vice President Sales and Marketing Mercedes-Benz Cars. “After posting a record in the second quarter, we also achieved our highest sales ever in September and for the third quarter as a whole. Positive momentum whttp://www.businessnews24hr.com/articles/mercedes-benz-reports-record-sales-for-sep-month-and-third-867.aspx10/5/2011 11:58:57 PMThe Asian market continued the weak trend after the downgrade of Italy’s credit rating, which further dampened investor sentiment about the European debt crisis. Stock markets in Japan, Singapore and South Korea dropped between 0.1 percent and 2.3 percent. Tokyo's Nikkei index fell nearly one percent to finish at 8,383. India’s Bombay Stock Exchange benchmark Sensex fell for the fourth session in a row on Wednesday to 20-month low. It closed at 15,792.41. The broad-based NSE index Nifty fell 20.85 points to 4,751.30. The banking, consumer durable, refinery, metal, auto and powerhttp://www.businessnews24hr.com/articles/asian-markets-end-mostly-flat-due-to-continued-eurozone-cri-866.aspx10/5/2011 11:35:25 AMRed Hat acquires Gluster for $ 136 million cash transaction. Gluster is a leading provider of scale-out, open source storage solutions for standardizing the management of unstructured data. With this acquisition, Red Hat will define a new baseline for how enterprise IT manages the explosion of big data, whether deployed on-premise or spanning into the public cloud. Red Hat is expanding into a critical part of enterprise infrastructure, enabling it to deliver open storage solutions that protect customer investments as they approach the new era of computing. "The explosion of big data and thehttp://www.businessnews24hr.com/articles/red-hat-has-agreed-to-acquire-gluster-for-136-million-in-ca-865.aspx10/4/2011 10:26:33 AMBen Bernanke, the chairman of the U.S. central bank said the Fed is prepared to take stronger action to promote a stronger economic recovery in the context of price stability. He made this statement before the Joint Economic Committee of US Congress. He warned lawmakers against sharp cut in government spending. He said it could further harm the economy. He said lawmakers must “avoid fiscal actions that could impede” a sluggish economic recovery. Earlier, Fed lowered the benchmark borrowing rate to almost zero. But it is yet to have an impact on economy. US unemployment is all time high athttp://www.businessnews24hr.com/articles/fed-is-ready-to-take-more-steps-to-boost-us-economy-says-ch-864.aspx10/4/2011 9:00:41 AMFitch Ratings lowered GDP growth forecasts for all major economies. In its quarterly Global Economic Outlook, the agency predicts a 2.6% GDP growth in 2011, while in the next two years these indices will be 2.7% and 3.1% respectively, against the earlier predicted 3.1%, 3.4% and 3.4%. Fitch revised US growth forecasts for the year of 2011 and 2012 to 1.5 percent and 1.8 from 2.6 percent and 2.8 percent respectively.http://www.businessnews24hr.com/articles/global-economy-to-further-slow-down-says-fitch-863.aspx10/4/2011 8:29:20 AMEurozone finance ministers have deferred their decision on giving Greece its next instalment of funds to keep economy going. Earlier, Greece said it would not meet this year's deficit cutting plan. European stock prices plunged as investors shied away from the market. London's FTSE index and the CAC-40 in Paris are down 2.7 percent. The DAX index in Frankfurt is down 3.5 percent. In New York, the S&P futures contract is down more than seven points, indicating a lower opening. Greece Finance Minister, Evangelos Venizelos, said that should not cause any difficulties as thehttp://www.businessnews24hr.com/articles/european-stocks-lower-in-midday-trading-862.aspx10/4/2011 8:02:39 AMMajor Asian stock fell on sustained selling by investors, amid continued worries of Eurozone debt crisis even as finance minsters of European unions deferred decision of releasing fresh funds to Greece. Tokyo's Nikkei fell over one percent to finish at 8,456. Hong Kong's Hang Seng index crashed to nearly three and one-half percent to close at 16,250. In Indian stocks markets, the Sensex at the Bombay Stock Exchange fell 1.8 percent to close at 15,865. The Nifty at the National Stock Exchange declined 1.6 percent, to 4,772. The shares of State Bank of India declined after reports that Moodyhttp://www.businessnews24hr.com/articles/another-lackluster-day-for-asian-stocks-markets-amid-greek-861.aspx10/4/2011 6:53:22 AMGreece says its economy will shrink 5.5 percent this year and another 2.5 percent in 2012, making it difficult to meet the deficit targets necessary to qualify for the bailout payment. Greece says without the loan payment, it would default and slip into bankruptcy. That would have grave consequences for European and U.S. economies. In the United States, the Dow Jones Industrial Average lost 2.4 percent to close at 10,655. The S&P 500 dropped 2.9 percent to end at 1,099. The NASDAQ fell 3.3 percent to hit 2,336. Eurozone is meeting on 13 October to make a decision on whether additional stephttp://www.businessnews24hr.com/articles/us-stock-markets-fell-sharply-monday-on-fears-of-a-greek-de-860.aspx10/3/2011 7:44:55 PMThe September month saw return to growth of UK manufacturing production. However, the underlying rate of growth through the third quarter of the year is well below the high reached in Q1, as the trend in new orders has become more subdued. Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) posted above the neutral 50.0 mark for the first time in three months. However, the average PMI reading in Q3 2011 (50.0) was well down on those of Q1 (a near-record 59.4) and Q2 (52.7). David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply said, “The UK manufactuhttp://www.businessnews24hr.com/articles/uk-manufacturing-shows-moderate-expansion-as-per-pmi-index-859.aspx10/3/2011 7:01:44 PMThe draft budget for 2012 adopted by Greece cabinet says that it will miss key deficit targets for this year and next. European stock markets crashed on news that Greece is likely to miss targets to cut its budget deficit. London's Financial Times 100 index ended down one percent to finish at 5,076. The CAC-40 in Paris slid 1.9 percent to end at 2,927. The DAX in Frankfurt finished off 2.3 percent, at 5,377.http://www.businessnews24hr.com/articles/greece-set-to-miss-bailout-targets-european-bourses-crash-858.aspx10/3/2011 6:57:32 PMUS Economic activity in the manufacturing sector expanded in September for the 26th consecutive month, and the overall economy grew for the 28th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report. The report was issued today by Bradley J. Holcomb, CPSM, CPSD, chair of the Institute for Supply Management Manufacturing Business Survey Committee. Manufacturing continued its growth in September as the PMI registered 51.6 percent, an increase of 1 percentage point when compared to August's reading of 50.6 percent. A reading above 50 percent indicates thhttp://www.businessnews24hr.com/articles/us-manufacturing-pmi-for-september-month-shows-signs-of-exp-857.aspx10/3/2011 11:53:26 AMYahoo! and ABC News formed an alliance that will allow video content of ABC news to be shown of Yahoo. "Newsmakers," an original interview series, kicks off today when "Good Morning America" anchor George Stephanopoulos interviews President Obama live at the White House at 2:35 p.m. ET. The entire interview will stream live on Yahoo.com and ABCNews.com. Yahoo! News and ABC News reach a combined audience of more than 100 million people in the US each month. "Yahoo! is committed to building the richest set of premium and personalized content experiences for our users. Our deep collaboration whttp://www.businessnews24hr.com/articles/yahoo-and-abc-news-form-video-content-alliance-856.aspx10/3/2011 11:33:11 AMBusiness conditions in Brazil’s manufacturing sector deteriorated further, as indicated by the HSBC Brazil’s manufacturing PMI– a composite indicator of underlying business trends. At 45.5 in September, down from 46.0 in August, the PMI posted below the 50.0 no-change threshold for the fourth consecutive month and signalled a strong contraction in Brazil’s manufacturing sector. Moreover, the average PMI reading for Q3 as a whole suggested that the rate of contraction was the fastest since Q1 2009. Commenting on the Brazil Manufacturing PMI survey, Andre Loes, Chief Economist, Brazilhttp://www.businessnews24hr.com/articles/brazil-pmi-indicates-weakness-in-domestic-manufacturing-855.aspx10/3/2011 9:03:38 AMIndia Purchasing Managers’ Index (PMI) for September month fell to 30 month low to 50.4 compared to August’s 52.6. PMI is an indicative of the overall health of the manufacturing sector. The latest reading pointed to a strengthening of operating conditions, although this was the weakest in the current two-and-a-half year sequence of growth. Commenting on the India Manufacturing PMI, Leif Eskesen, chief economist for India & ASEAN at HSBC, "The growth momentum in India's manufacturing sector eased further in September. This was driven by weaker orders, with export orders still contracting duehttp://www.businessnews24hr.com/articles/indias-manufacturing-pmi-falls-to-30-month-low-854.aspx10/3/2011 8:40:52 AMAsian stock markets plunged on Monday on concerns of Greece inability to meet deficit targets set by European leaders as part of a bailout deal. Tokyo's Nikkei index lost 1.8 percent to close at 8,545. Hong Kong's Hang Seng index was lower by 4.5 percent to end at 16,806. India’s Bombay Stock Exchange benchmark Sensex declined 302 points, or 1.8 percent, to 16,151. The Nifty at the National Stock Exchange slipped 94 points, or 1.9 percent, to 4,850. The dollar was selling at 76.94 yen, down a tenth of a yen from late Friday. The Indian rupee fell by 57 paise to Rs 49.53 against the US dollahttp://www.businessnews24hr.com/articles/asian-stocks-plunge-on-concerns-of-greece-inability-to-meet-853.aspx10/3/2011 5:45:45 AMIndia's exports for the August month registered 44.2 per cent growth on year-on-year basis. India’s Exports during August, 2011 were valued at $ 24312.53 million (Rs. 110084.22 crore) compared to $ 16854.16 million (Rs. 78486.28) during August, 2010. The cumulative value of exports for the period April-August 2011 -12 was $ 134502.54 million (Rs 602031.90 crore) as against $ 87218.51 million (Rs. 401671.07 crore) registering a growth of 54.21 per cent in dollar terms and 49.88 per cent in Rupee terms over the same period last year. Imports, too, grew by 41.8 per cent to 38.4 billhttp://www.businessnews24hr.com/articles/india-s-export-up-grow-by-44-2-percent-during-august-852.aspx10/3/2011 5:43:44 AMIndia’s Communications and Information Technology Ministry released the draft National Policy on Electronics to generate 28 million employment and $ 400 billion turnover by 2020. The policy targets $ 100 million of new investment. The policy envisions creating a globally competitive Electronics Systems and Design Manufacturing (ESDM) industry including nano-electronics to meet the country's needs and serve the international market. This is a quantum jump from production level of about $ 20 billion in 2009. This includes achieving a turnover of $ 55 billion of chip design and embedded softwarehttp://www.businessnews24hr.com/articles/india-s-new-national-policy-on-electronics-aims-to-generate-851.aspx10/3/2011 5:42:23 AMJapan’s large manufacturer’s sentiment for the September rose to two from minus nine in June says the quarterly Tankan survey of Bank of Japan (BoJ). The market had expected it to be at three points. The sentiment of medium and small-sized firms continued to remain negative. The economy had suffered slowdown due to March 11 earthquake and tsunami. The yen is all time high effecting export competitiveness of manufacturers. Large companies are forecastinghttp://www.businessnews24hr.com/articles/bank-of-japan-survey-says-manufacturing-confidence-positive-850.aspx10/2/2011 7:15:44 PMTechnical Textiles is the sunrise sector of the textile industry in India, with a current market size of Rs 57,000 crores and a growth rate poised to take off from the present 11%, to almost 20% during the 12th Five Year Plan. India has all that it takes to harness this technology oriented sector, and provides a huge opportunity, both as an investment destination, and as a robust market for technical textiles. Fully cognizant of the potential of this sector, the government has, in the past 3 years, taken many initiatives like implementing the Scheme for Growth and Development of technical texhttp://www.businessnews24hr.com/articles/technical-textiles-posed-for-20-percent-growth-rate-an-over-849.aspx10/2/2011 7:02:46 PMDr. Ashwani Kumar, Minister of State for Planning, Science & Technology and Earth Sciences said that India has decided to double the expenditure in Research and Develpoment (R&D) and major initiatives were being taken by India in super computing, material sciences, genomics, nano sciences and plant breeding techniques and synthetic biology etc. Addressing the Opening Plenary Session of the 8th Annual Meeting of STS Forum on “Science & Technology for the future of Humankind” at Tokyo today during his Japan visit, Dr Kumar further said that India is inspired by the vision of Jawaharlal Nehru whohttp://www.businessnews24hr.com/articles/india-to-double-expenditure-in-research-and-develpoment-848.aspx10/2/2011 10:27:45 AMDenmark has imposed a tax on foods that contains more than 2.3 percent saturated fat. The fat tax is levied at 16 Danish kroner ($ 2.87) per kilo of saturated fat. The cost of butter, cream, cheese, meat, cooking oil and processed foods like pizza and dark chocolate are set to go up proportionately. According to the tax ministry’s calculations, a 250g package of butter will wind up costing 14.1 percent more, while the price of a litre of olive oil will rise 7.1 percent. The price of butter will rise by 14 percent, whereas the price of margarine will rise by 21 percent, and whipped cream will bhttp://www.businessnews24hr.com/articles/denmark-to-tax-foods-that-are-high-in-saturated-fat-847.aspx10/2/2011 10:24:53 AMParis has started two month long trials small electric cars that is available for hire in a car-sharing scheme. The plan is called “Autolib'” and hopes to herald a new era in transportation. The four-seat car is a electrically driven with a top speed of 130km/h (80mph) and can travel 250 km on a single charge. It is available on yearly subscriptions and costs 144 Euros. A daily and weekly subscription costs 10 and 15 Euros respectively. Additionally, every half-hour of driving costs five Euros. Autolib' parent company, Bolloré Group, hopes run 3,000 cars by next summer.http://www.businessnews24hr.com/articles/paris-begins-trial-of-electric-cars-on-sharing-basis-846.aspx10/2/2011 10:15:12 AMEastman Kodak has said that it is not planning to file for bankruptcy. It released a statement in response to rumors circulating in the capital markets. The statement said, “Kodak is committed to meeting all of its obligations and has no intention of filing for bankruptcy. The company also continues to actively pursue its previously announced strategy to monetize its digital imaging patent portfolio. Kodak remains focused on meeting its commitments to customers and suppliers, and on delivering on its strategy to become a profitable, sustainable digital company. It added, “It is not unusualhttp://www.businessnews24hr.com/articles/kodak-denies-intentions-to-file-for-bankruptcy-845.aspx10/2/2011 6:36:01 AMIREDA, the financing company for renewable energy and energy efficiency projects posted a robust all-round performance with an all-time high Profit Before Tax (PBT) at Rs. 166.70 crore registering a 18.19% rise over the previous fiscal, and recorded its highest ever Profit After Tax (PAT) of Rs.120.46 crore as compared to Rs. 72.69 crores over the previous fiscal. Loan sanctions and disbursements during the year stood at Rs. 3126.42 crore and Rs. 1224.17 crore respectively which is an increase of 71.41% in sanctions and 37.54% in the disbursement as compared to the last year. Indian Renewahttp://www.businessnews24hr.com/articles/indias-renewable-energy-finance-company-ireda-reports-highe-844.aspx10/2/2011 6:18:52 AMThe over a month long labour unrest between the management and workers of Maruti Suzuki India's Manesar plant ended on Saturday following talks brokered by the Haryana government. In an agreement, the workers agreed to sign the contentious good conduct bond laid down by the management. Under the agreement, the company agreed to conditionally take back 18 trainees who were suspended. However, it would not take back the 44 regular employees against whom disciplinary action was taken and that they would be under suspension. The talks were brokered by the Haryana government with officialshttp://www.businessnews24hr.com/articles/labour-strike-at-maruti-suzukis-plant-called-off-843.aspx10/2/2011 6:11:11 AMThe jet fuel prices have been hiked for the second time this month. The aviation turbine fuel (ATF) price at Delhi's T3 airport was hiked by Rs 899 per kilolitre (kl), or 1.5 per cent, to Rs 58,578 per kl. The companies have said that the price increase is result of falling rupee making oil imports costlier. ATF in Mumbai will cost Rs 907 per kl more at Rs 59,359 per kl from tomorrow as against the old price of Rs 58,452.31 per kl. Jet fuel makes up for 40 per cent of an airlines' operating cost and no immediate comments were available from airlines on the impact of the price hike onhttp://www.businessnews24hr.com/articles/oil-companies-raise-jet-fuel-prices-by-1-5-percent-842.aspx10/2/2011 6:09:26 AMThe government has released National Frequency Allocation Plan-2011 (NAFP). NFAP-2011 is a policy document which contains spectrum allocation for various radio communication services/applications in different frequency bands. This document provides the basis for development, manufacturing and spectrum utilization activities in the country, both for government and private sectors. The plan was released here today by Kapil Sibal, the Union Minister of Communications and Information Technology to ensure its efficient and effective management. Speaking on thehttp://www.businessnews24hr.com/articles/india-releases-national-frequency-allocation-plan-for-spect-841.aspx10/2/2011 6:07:42 AMThe government has introduced new policy for foreign direct investment into various sectors The foreign investment limit for FM radio has been enhanced to 26% from the earlier 20%. The govt has included ‘basic and applied R&D on bio-technology pharmaceutical sciences/life sciences’, as an ‘industrial activity’, under industrial parks and allowed FDI, up to 100%, under the automatic route, is permitted in existing and new industrial parks. Under the existing regime, industrial parks cover specified sectors. The coverage has been expanded to specifically include research and development in bio-http://www.businessnews24hr.com/articles/indian-govt-eases-norms-for-foreign-direct-investment-in-te-840.aspx10/2/2011 6:06:07 AMAllianz has said that it would not be accepting new life insurance in Japan, but will continue to honour previously signed contracts. The spokesman of German insurer group said that from early 2012, it will no longer offer life insurance contracts in Japan. The move is also part of Allianz's efforts to streamline unprofitable operations and buffer itself against fallout from the European sovereign debt crisis, according to the Nikkei report. As per report, in the fiscal 2010, the local unit added about 17,000 new contracts and generated Y127.5 billion in premium revenues. However, saleshttp://www.businessnews24hr.com/articles/allainz-insurance-to-exit-japan-market-839.aspx9/30/2011 5:49:42 PMThe government’s proposal to impose 26 per cent tax on profits from coal mining and 100 per cent royalty on other minerals will make the Indian mining and mineral based industry as the most heavily taxed in the world and make it globally uncompetitive, industry body ASSOCHAM said today. Instead of 100 per cent royalty contribution, mining companies may be required to make a one-time upfront payment of 26 per cent of the market value of land at the time of grant ofhttp://www.businessnews24hr.com/articles/industry-bodies-critical-of-indian-govt-s-new-mines-and-min-838.aspx9/30/2011 5:48:09 PMIndian government has decided to increase market borrowings through dated securities provided in the Union Budget 2011-12 by $ 10.77 billion (Rs 52,872 crore). The market borrowing through dated securities during the second half (i.e. October 1, 2011 –March 31, 2012) would be $ 44.85 billion (Rs. 2,20,000 crore). Leading industry body ASSOCHAM said today the government is looking for alternate sources of revenue due to various reasons. First, some government policies are contradictory and seem to be mis-firing. For example, growth and inflation do not have any direct co-relation. Monetaryhttp://www.businessnews24hr.com/articles/indian-govt-to-borrow-additional-10-77-billion-from-market-837.aspx9/30/2011 6:37:48 AMDue to steep rise in petrol prices, the demand for Compressed Natural Gas (CNG) has gone up from 20 to 25% a year in the Delhi region which is likely to save Rs. 6,000 to 8,000 in a month if a driver shifts from petrol to CNG, revealed the ASSOCHAM assessment. The reasons for increasing demand of CNG are both price and efficiency. Apart from being a cleaner fuel, CNG is more economical than petrol and diesel. Running cost of vehicles reduces by up to 75% in comparison to petrol and 30% compared with the diesel. A paper brought by The Associated Chambers of Commerce and Industry of Indiahttp://www.businessnews24hr.com/articles/cng-can-save-up-to-rs-8-000-in-a-month-assocham-836.aspx9/30/2011 6:24:30 AMThe Indian government today approved the implementation of the project of four laning of Lucknow Sultanpur section from Km 11.500 to Km 134.700 (total 125.900 km) on National Highway-56 in Uttar Pradesh under NHDP Phase-IV A to be executed in BOT (Toll) mode on DBFOT basis. The total cost of the project will $ 216 million (Rs.1092.60 crore). The main object of the project is to expedite the improvement of infrastructure in the State of Uttar Pradesh and also in reducing the time and cost of travel for traffic, particularly heavy traffic, plying between Lucknow and Sultanpur. The NH-56 is anhttp://www.businessnews24hr.com/articles/four-laning-of-lucknow-sultanpur-section-of-nh-56-in-uttar-835.aspx9/30/2011 6:15:58 AMUS economy grew a bit faster than first estimated in the second quarter. The economic output advanced 1.3 percent in the April-to-June period, up from the previous estimate of 1 percent. The increase in real GDP in the second quarter primarily reflected positive contributions from non-residential fixed investment, personal consumption expenditures (PCE), exports, and federal government spending that were partly offset by negative contributions from state and local government spending and private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. Thhttp://www.businessnews24hr.com/articles/us-govt-revises-upwards-economic-growth-figure-for-the-seco-834.aspx9/30/2011 6:06:45 AMIndraprastha Gas Ltd (IGL) has announced hike in compressed natural gas (CNG) rates by Rs 2 per kg on Friday, due to fall in the rupee value against the US dollar, pushing up the cost of inputs. CNG will cost Rs 32 per kg in Delhi from Friday midnight, as against Rs 30/kg at present. The company said in a press statement that in neighbouring Noida, Greater Noida and Ghaziabad, CNG will cost Rs 2.30 per kg more at Rs 35.90/kg. The statement said, the hike was necessitated because IGL is being forced to buy expensive imported LNG due to a drop inhttp://www.businessnews24hr.com/articles/indian-cng-prices-revised-upwards-by-rs-2-per-kg-833.aspx9/30/2011 6:00:26 AMAsian stocks continued their lower run as markets were not impressed by German approval for EU rescue fund. In Asia, Tokyo's Nikkei index ended flat to close at 8,700. Hong Kong's Hang Seng index dropped 2.32 percent, to end at 17,592. At Bombay Stocks Exchange, the benchmark Sensex dipped 244 points. Earlier, the Sensex had gained 252 points on Thursday. The broad-based National Stock Exchange index Nifty lost 72.20 points to 4,943.25 as stocks of metal, realty and banking sector suffered heavy losses. The stocks of Infosys fell 0.64 per cent, Tata Consultancy by 2.15 per cent and Wiprohttp://www.businessnews24hr.com/articles/global-stock-markets-lackluster-as-global-economic-woes-con-832.aspx9/30/2011 5:56:03 AMMahindra & Mahindra Ltd. (M&M), a part of the US $12.5 billion Mahindra Group, today unveiled the its sports utility vehicle XUV500 at Pune in Maharashtra. Designed and developed in-house by Mahindra, the XUV500 is Mahindra’s first global SUV platform, with significant inputs in styling and development from customers across the globe. It uses 140bhp engine with 330Nm torque and a 6-speed transmission, 5th generation variable geometry turbocharge. The vehicle boats of all wheel drive with interactive torque management; 6” touch screen Infotainment System with GPS, DVD, CD, MP3, FM, USB, iPodhttp://www.businessnews24hr.com/articles/mahindra-launches-sports-utility-vehicle-new-xuv500-plan-to-831.aspx9/30/2011 3:58:24 AMBoeing first P-8I aircraft for the Indian Navy was tested for airborne systems checks including engine accelerations and decelerations and autopilot flight modes at Renton Field in Seattle. The aircraft was taken to a maximum altitude of 41,000 feet prior to landing. In the coming weeks Boeing will begin mission systems installation and checkout work on the aircraft at a company facility near Boeing Field. "The P-8I program is progressing well and we are looking forward to this potent platform joining the Indian Navy as part of its fleet," said Rear Adm. DM Sudan, assistant chief of Naval Stahttp://www.businessnews24hr.com/articles/boeing-completes-first-test-flight-of-p-8i-aircraft-for-the-830.aspx9/30/2011 3:42:35 AMEnnore Port Ltd. (EPL) has reported pre and post tax profit of $ 14.25 million (Rs.69.86 crores) and $ 11.33 million (Rs.55.58 crores) respectively for the financial year ended 31st March 2011, as against $ 12.12 million (Rs.59.46 crores) and $ 9.9 million (Rs.48.66 crores) respectively reported in the previous year. EPL has declared dividend of 20% on post tax profit which works out to $ 2.26 million (Rs.11.11 crores) as against $ 1.98 million (Rs.9.73 crores) paid as dividend in the previous year 2009-10. Government of India gets $ 1.5 million (Rs.7.41 crores) and Chennai Port Trust gets thehttp://www.businessnews24hr.com/articles/ennore-port-pays-1-5-million-dividend-to-indian-government-829.aspx9/30/2011 3:38:56 AMToyota Motor’s August production figure shows that the domestic production rose for the first time in 12 months as company tries to come out of impact of March 11 earthquake and tsunami disaster. Its subsidiary Daihatsu also reported the first increase in eleven months. The output for Hino was higher for the third consecutive month. The domestic production increased by 12.0 per cent on year-on-year basis. Domestic output by Toyota alone rose 11.9 per cent to 252,374, also the first gain since the March disasters caused supply chain disruptions and power supply problems that forced plant shutdohttp://www.businessnews24hr.com/articles/toyota-reports-best-production-figures-for-the-first-time-i-817.aspx9/28/2011 8:37:32 PMUS stocks closed sharply lower due to investors continued doubts the euro zone crisis and an agreement among member nations to contain the Greek debt default. The Dow Jones was down 1.6 percent to close at 11,011. The broader S&P 500 was off 2 percent and the NASDAQ was down more than 2 percent to finish at 2,492. In Europe stocks dropped sharply after European Commission proposed transaction tax. London's FTSE index dropped 1.4 percent to end at 5,218. The CAC in Paris closed at 2,996. The DAX in Frankfurt slid to close at 5,578. Gold was down $34 at $1,618.10. The dollar was tradihttp://www.businessnews24hr.com/articles/us-and-europe-stocks-close-sharply-lower-828.aspx9/28/2011 8:36:59 PMThe British government said a financial transaction tax could only work if it were implemented globally. British Foreign Secretary William Hague told The Spectator magazine, “'I described the euro as a burning building with no exits and so it has proved for some of the countries in it,' he, repeating comments he made in 1998 when he was Conservative leader. You can have burning buildings where they manage to put out the fire or control it or get more room or something. I might take the analogy too far but it (the euro zone) is not built with exits so it is physically a difficult thing to leavehttp://www.businessnews24hr.com/articles/bank-shares-fall-after-eu-proposes-transaction-tax-uk-said-827.aspx9/28/2011 8:16:13 PMAndrew Witty, global chief executive officer of GlaxoSmith-Kline Plc, said that patented drugs were often too expensive, and the ''cost of failure'' has pushed up drug prices to exorbitant levels. He was speaking in forum attended by CEOs of major pharmaceutical companies in India. Witty said that companies need to find fresh solutions to tackle issues like affordability, access, escalating research costs and declining productivity rather than rely on "25-year-old" models. He said that the high cost of drug discovery was "unacceptable", and urged the industry "to fail less oftenhttp://www.businessnews24hr.com/articles/glaxosmith-kline-boss-says-patented-drugs-were-too-expensive-826.aspx9/28/2011 7:21:41 PMGoogle is setting up an initial fund of $75 million with Clean Power Finance. The funds intends to help 3,000 home owners across the US to switch to solar energy at practically zero cost. There is capital cost involved in buying a solar system. Google says it will fund the $30,000 required to set up a solar system on their house for little or no money up front. Google will own the panels, and get paid over time by customers who purchase the electricity the panels produce. However, homeowners will pay a price that will be less than paying for energy from their local utility provider. Maintenahttp://www.businessnews24hr.com/articles/google-to-finance-solar-system-installation-cost-for-10-000-825.aspx9/28/2011 7:17:23 PMAmazon unveiled its much awaited Kindle Fire tablet computer, taking aim at Apple Inc.’s bestselling iPad with a device that’s smaller and less than half the price. The Kindle Fire has a 7-inch display and sells for $199, compared with $499 for Apple’s cheapest iPad. The device will run on Google Inc.’s Android software. "We've now reached the magical two-digit price point for Kindle - twice: the new Kindle and Kindle Touch are only $79 and $99. Kindle Touch 3G is the new top of the line e-reader with free 3G - no monthly fees or annual contracts - and is only $149," said Jeff Bezos, Amazhttp://www.businessnews24hr.com/articles/amazon-tries-to-set-rival-tabs-on-fire-with-new-android-bas-824.aspx9/28/2011 10:48:31 AMApple has sent invitation to press for showcasing its new iphone 5 device. With a simple invite captioned "Let's talk iPhone," the invitation said that there will be an "executive presentation at 10 a.m." This will be first big event by Apple where its iconic Steve Jobs will not be present. This will be the first big product introduction by the Tim Cook, the new chief executive. The event will be held at Apple campus in Cupertino, California.http://www.businessnews24hr.com/articles/apple-sends-press-invites-for-iphone-5-curtain-raiser-sched-823.aspx9/28/2011 10:10:00 AMChannai headquartered auto components manufacturer, Rane Group has acquired 26 per cent in SasMos HET Technologies Pvt Ltd for an undisclosed sum. SasMos Het was founded by by HG Chandrashekhar. The company manufactures cable assemblies, wiring harness, panel boxes, and electro-mechanical assemblies used in the aerospace and defence industry. "Today is a momentous step forward as Rane ventures into this new area. We feel there are significant growth opportunities both in India and as an exporter. This entry also opens a new knowledge base for Rane in electronics, which will have a synergy withhttp://www.businessnews24hr.com/articles/rane-group-acquire-stakes-in-defence-and-aerospace-parts-co-822.aspx9/28/2011 10:05:28 AMThe Sensex at the Bombay Stock Exchange closed 0.5 per cent lower, at 16,446. The Nifty at the National Stock Exchange fell 0.5 per cent, to close at 4,946. There was heavy selling ahead of monthly settlement of derivatives contracts. Investor are also awaiting direction to Greek debt crisis. Major Asian stock markets closed mixed Wednesday. Tokyo's Nikkei index gained a fraction of one percent to finish at 8,616. Hong Kong's Hang Seng index lost more than six-tenths of one percent to finish the day's trading at 18,011.http://www.businessnews24hr.com/articles/asian-stocks-mixed-amid-global-financial-uncertainty-sensex-821.aspx9/28/2011 7:33:09 AMCognizant has acquired Princeton, N.J. based Zaffera, LLC, a strategic SAP retail consulting and software development firm. Zaffera has developed a portfolio of SAP retail solutions and accelerators in areas such as business analytics, retail planning, point-of-sale (POS) integration, and store operations. Zaffera has helped the world's top retail brands navigate the rapid changes in the retail sector brought about by new technology and demographic shifts. "The retail industry is facing intense economic and competitive pressures. The advent of new technologies like social media and mobilithttp://www.businessnews24hr.com/articles/cognizant-acquires-sap-retail-consulting-and-solutions-firm-820.aspx9/28/2011 6:34:04 AMHonda says that its the domestic production decreased by 17 percent for August month on yearly basis. The Jan-Aug figures were lower by 39 percent. Globally, August number were lower by 9.3 percent and Jan-Aug were down by 26 percent. The August figure for US saw smart recovery. The US production rose by 6.1 percent for the same month compare to last year indicating supply chain improvement post tsunami and nuclearhttp://www.businessnews24hr.com/articles/honda-s-asia-and-china-production-figures-offset-slowdown-i-819.aspx9/28/2011 6:12:36 AMUS home prices rose for a fourth straight month in most cities in July. The Standard & Poor's/Case-Shiller index shows home prices increased in July from June in 17 of the 20 cities tracked. Over the past 12 months, prices fell in all but two cities — Detroit and Washington. Prices rose sharply in Minneapolis and Chicago. Prices in Las Vegas and Phoenix declined. “With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” says David M. Blitzer, Chairman ofhttp://www.businessnews24hr.com/articles/us-home-prices-rise-for-the-fourth-straight-month-809.aspx9/28/2011 6:10:25 AMPresident José Manuel Durão Barroso of European Parliament, has adopted a proposal to set up a financial transaction tax in EU-27. Addressing memebers he said, “I am putting before you a very important text that if implemented may generate a revenue of above € 55 billion per year. Some people will ask "Why?". Why? It is a question of fairness. If our farmers, if our workers, if all the sectors of the economy from industry to agriculture to services, if they all pay a contribution to the society also the banking sector should make a contribution to the society.” Algirdas Šemeta, Commissionehttp://www.businessnews24hr.com/articles/european-commission-proposes-transaction-tax-to-generate-55-818.aspx9/28/2011 5:47:50 AMA Indian government report says that during 2009-10 and 2010-11, project awards for National Highways aggregated 3,360 kms and 4,920 kms respectively. The Government has set an ambitious target of upgrading 20 km of National Highways per day. Forming part of the NHDP, this implies a length of 7,300 kms in a year. However, for achieving a construction rate of 20 km per day, it is necessary to award 7,300 kms per year. The Ministry of Road Transport and Highways has identified projects of about 10,000 km so as to ensure award of 7,300 km during 2011-12.http://www.businessnews24hr.com/articles/india-develops-15-000-km-of-national-highway-up-gradation-b-808.aspx9/28/2011 5:43:12 AMWith a final dividend payout of 179%, Bharat Heavy Electricals Limited (BHEL) has paid an equity dividend of 311.5% for fiscal 2010-11, as against 233% paid in the year before. This includes an interim dividend of 133% paid earlier. At Rs.15,248 Million, this is the highest-ever dividend paid by the company so far. With this, the company has maintained its unmatched track record of earning profits and rewarding investors by paying dividends uninterruptedly for over three decades without a break. A cheque of Rs.5934 million towards the final dividend for the year 2010-11 on the equityhttp://www.businessnews24hr.com/articles/bhel-pays-all-time-high-equity-dividend-of-311-5-percent-fo-807.aspx9/28/2011 5:23:42 AMVijay Mallya,chairman, said that aviation demand remained strong and Kingfisher was still the single largest airline in India with a market share of approximately 20%. He was addressing shareholder annual general meeting. He said that, “During the most recent quarter ended June 2011, Kingfisher delivered a better financial performance than other listed Indian carriers. On domestic operations, Kingfisher reported an EBITDAR (Earnings before Interest, Depreciation, Amortization, and Rentals) margin of 15.4% which compares favourably with 6.4% and 7.2% reported by others.” He announced exitinghttp://www.businessnews24hr.com/articles/kingfisher-to-exist-low-cost-airlines-segment-816.aspx9/28/2011 4:58:57 AMBoeing and UTair Aviation, Russia have signed an order for 40 Boeing Next-Generation 737 airplanes, comprised of seven 737-900ERs and 33 737-800s. The agreement was previously announced at the 2011 Paris Air Show. The order is valued at $3.8 billion at list prices. "UTair is a wonderful business partner with Boeing. We are truly proud of the airline's history and accomplishments in Russian commercial aviation. The Next-Generation 737s with the Boeing Sky Interior will enhance their network and customer appeal for both domestic and international routes," said Marty Bentrott, vice president ohttp://www.businessnews24hr.com/articles/russias-utair-aviation-orders-40-boeing-737-815.aspx9/27/2011 7:44:35 PMHonda Siel Cars India launched its much-awaited small car, the Honda Brio in the Indian market. Honda will be looking to encash upon festive season of Durga Puja, Navratra and Diwali. This is the time when Indian make heavy purchase. Honda is a volume segment that is already crowded. Still m Honda hopes to sell 3000 to 4000 units per month initially. Speaking on the occasion Mr. Takashi Nagai, President and CEO, Honda Siel Cars India Ltd. said, “We are delighted to introduce Honda Brio in the Indian market. We have been able to launch the Brio at a competitive price due to our concerted effhttp://www.businessnews24hr.com/articles/honda-enter-small-car-segment-in-india-with-launch-of-brio-805.aspx9/27/2011 7:41:09 PMThe Union Minister of Beni Prasad Verma has released the Agenda for the next 100 days for his ministry. The agenda envisages increase in steel making capacity in India to 200 million tonnes by 2020 and a proactive mechanism to ensure time bound progress for all PSU projects. The agenda amongst other things aims at finalizing recommendations of Working Group on Steel for 12th five year plan (2012-17). The agenda also comprises points like issue of policyhttp://www.businessnews24hr.com/articles/india-steel-ministry-plans-to-achieve-200-million-tonnes-of-814.aspx9/27/2011 7:15:41 PMIndia's National Bank for Agriculture and Rural Development, NABARD, said that it expects to achieve farm loan disbursal is of $ 105 billion (Rs. 5.20 lakh crore) rupees against the target of 4.75 lakh crore rupees in this fiscal in view of good monsoon. Nabard Chairman Prakash Bakshi said in New Delhi that based on the data available for the first four months, it is expected that the farm loans will rise and cross the target. He said, the agriculture credit disbursal had increased to over $ 96 billion (Rs. 4.26 lakh crore) rupees in thehttp://www.businessnews24hr.com/articles/farm-loan-disbursal-to-exceed-to-touch-105-billion-rs-5-20-813.aspx9/27/2011 7:14:13 PMSteel Authority of India Ltd (SAIL) is on track to complete the first phase of its ongoing modernization & expansion (M&E) programme on schedule by 2012-13. During Q1 of the current financial year, company made a record quarterly capital expenditure of $ 405 million (Rs. 2,006 crore). During the quarter, major production facilities commissioned were coke oven battery no. 6 at Bhilai Steel Plant (BSP), and coke oven battery No. 1 at Bokaro Steel Plant. The company achieved highest-ever crude steel production through concast route at 2.35 million tonnes, showing growth of 5% over correspondihttp://www.businessnews24hr.com/articles/sail-modernization-programme-on-track-company-achieves-reco-812.aspx9/27/2011 7:09:42 PMThe share markets in US and Europe rose as hope grew that the European debt crisis would be resolved. In US the Dow Jones rose 2.6 percent, with the S&P 500 ahead 2.5 percent during mid day trading. The NASDAQ is up 2.4 percent. Greek Prime Minister George Papandreou told German business leaders Tuesday that his government is making a “superhuman effort” to cut its debt. He lashed out at critics of his country, saying that if they only heap “punishment and scorn” on Greece, the nation’s financial crisis will not be resolved.http://www.businessnews24hr.com/articles/us-and-european-markets-rise-as-hopes-of-debt-crisis-damage-811.aspx9/27/2011 10:49:56 AMThe Sensex at the Bombay Stock Exchange bounced back and added 473 points , or 3 percent, to close at 16,524, on the back of rising global markets. The Nifty at the National Stock Exchange spurted 136 points, or 2.8 percent, to 4,971. Earlier, Sensex had lost 1,050 points in last four trading sessions. All 30 Sensex stocks rose with exception of Cipla. RIL gained 5.09 per cent and Infosys by 3.86 per cent. Tata Motors also rose 5.92 per cent. The Sensex dropped 20 per cent this year on concern of Europes debt crisis and slowing economic growth in the US might worsen. Asian markets made smarhttp://www.businessnews24hr.com/articles/asian-stocks-rally-on-hopes-of-eurozone-planning-a-debt-res-810.aspx9/27/2011 10:30:05 AMIndia industrial production for eight infrastructure industries grew by 3.5 per cent in August this year, down from 4.4 per cent expansion witnessed in the same month last year. The eight industries -- crude oil, petroleum refinery products, natural gas, fertilisers, coal, electricity, cement and finished steel-- have a weight of 37.90 per cent in the overall Index of Industrial Production (IIP). While electricity, steel and cement output grew by 8.9, 7.7 and 7.2 per cent respectively; natural gas and coal output contracted by 5.3 per cent and 15.3 per cent in the August month. This is inhttp://www.businessnews24hr.com/articles/india-s-factory-output-for-core-sector-plunge-to-3-5-percent-806.aspx9/27/2011 7:08:54 AMAs per Hitwise analysts, Google+ tallied attracted nearly 15 million visitors in the week after it opened its site for public and removed ‘invitation only’ tag. In the previous week approximately 1.1 million logged in to the site. Hitwise research director Heather Dougherty wrote in his blog that it improved its ranking from 54th most visited site in our Social Networking and Forums category to 8th place. He says, “Opening access created a massive spike in market share of visits for the site, with a 1269% growth from the week ending September 17th to the week of September 24th. The evolutiohttp://www.businessnews24hr.com/articles/google-emerges-as-third-largest-social-media-site-804.aspx9/26/2011 8:56:04 PMFujitsu Laboratories has developed a next-generation server that, using resource pool architecture, is the world's first to succeed in the simultaneous delivery of high performance and flexibility. Fujitsu clocked the input/output throughput at roughly 2 gigabits per second, compared with the 0.5 gigabit per second of conventional servers. As cloud services become increasingly diverse, however, the ability to configure systems to upgrade performance and flexibility has become a pressing issue. By pooling CPUs, hard disk drives (HDDs) and other hardware components that comprise the ICT infrahttp://www.businessnews24hr.com/articles/fujitsu-develops-four-times-faster-server-for-cloud-computi-803.aspx9/26/2011 8:15:29 PMHonda Motor has developed a new engine for 125 cc scooters that gives 25% better fuel economy than that of conventional engines for scooters with the same displacement. The liquid-cooled, 125cc, 4-stroke, single-cylinder engine incorporates a wide range of low-friction technologies while packing its lighter weight in a more compact body. This new engine will be mounted on a variety of 125cc scooters to be sold in many countries around the world and is planned for global rollout starting from 2012. To achieve the engine's excellent fuel efficiency, Honda incorporated a broad spectrum of newhttp://www.businessnews24hr.com/articles/honda-unveils-new-engine-for-scooters-with-25-more-fuel-eco-802.aspx9/26/2011 6:31:07 PMIndian government has prepared a contingency plan for additional production of pulses in Rabi 2011-12 through area expansion and productivity enhancement. Pulses covered under the scheme are pigeon pea, gram, pea and lentil. It is targeted to achieve an additional production of 2.78 MT during the ensuing Rabi season and offset the loss of Kharif season. The production and productivity of pulses have increased during last three-four years from 14.20 MT in 2006-07 to 14.66 MT during 2009-10. Likewise the productivity of pulses has also increased from 612kg/ha during 2006-07 to 630 kg/ha duringhttp://www.businessnews24hr.com/articles/indian-govt-makes-contingency-plan-to-produce-2-78-million-801.aspx9/26/2011 6:27:47 PMAt 17:42 GMT, the Dow Jones Industrial Average is up 0.91 percent. The NASDAQ is fractionally lower by 18 points. WSJ has estimated a loss of $ 1 trillion in stock values over last week. Earlier, European stock markets closed higher. The markets rallied on hopes that policymakers would be able contain Greece's debt crisis. Bank shares closed higher. French banks, BNP Paribas gained 4% and Societe Generale up 5.4% and Credit Agricole 3.7%. Germany banks Allianz was up 10%, Deutsche Bank 8% and Commerzbank 7.7%. In the UK, Barclays rose 6.8% and RBS 3.3%.http://www.businessnews24hr.com/articles/us-markets-rise-during-midday-trading-europe-close-higher-a-800.aspx9/26/2011 11:00:23 AMSir Stelios Haji-Ioannou, the founder of Europe's leading low-cost carriers, EasyJet airlines, has announced his plan to launch new airlines called ‘FastJet.’ He still owns 38 percent in the airlines. The move comes as he had several spat with the operating management of the EasyJet. The dispute includes plan of EasyJet expansion, buying aircraft from airbus and management not returning enough dividend to the shareholders. He has already forced one of the directors responsible for these decisions, Sir David Michels, to resign. Last month, he called for an extraordinary general meeting (EGM)http://www.businessnews24hr.com/articles/easyjet-founder-to-launch-new-airlines-fastjet-799.aspx9/26/2011 10:36:41 AMAs per data released jointly by the US Census Bureau and the Department of Housing and Urban Development, the sales of new single-family houses in August 2011 stood at 295,000. This is 2.3 percent below the revised July rate of 302,000, but is 6.1 percent above the August 2010 estimate of 278,000. The August estimates are new low over last six months but the supply of homes available on the market dropped to a record low. The median sales price of new houses sold in August 2011 was $209,100; the average sales price was $246,000. The seasonally adjusted estimate of new houses for sale at thhttp://www.businessnews24hr.com/articles/us-new-home-sales-drop-to-new-low-showing-continued-economi-798.aspx9/26/2011 9:52:11 AMThe Sensex at the Bombay Stock Exchange lost 0.7 percent to close at 16,051 points. There was strong selling in consumer durables, metals, refinery and capital goods, which pulled down the gauge below the 16,000 mark in intra-day trade. One analyst reported heavy selling by foreign investor to the tune of $ 500 million in the last two sessions. The Nifty at the National Stock Exchange lost 32 points, or 0.7 percent, to 4,835. Stock markets in Japan, China, Hong Kong, South Korea and Singapore fell between 1.5 percent and 2.6 percent. Tokyo’s Nikkei index dropped 2.17 percent , to close at 8http://www.businessnews24hr.com/articles/global-stock-markets-on-diet-amid-looming-economic-crisis-797.aspx9/26/2011 7:38:08 AMCanon and Oracle Japan plan to combine imaging technologies from Canon with Oracle software products including Oracle Database, Oracle WebLogic Server, Oracle SOA Suite, Oracle WebCenter, Java Platform Micro Edition (Java ME). “This collaboration with Oracle will deliver significant benefits to our users,” said Masaki Nakaoka, Managing Director and Chief Executive of Office Imaging Products Operations, Canon. Canon has embedded Oracle’s database, middleware and Java ME capabilities into its multifunction office systems and software technologies for a number of years. Canon IT Solutions wihttp://www.businessnews24hr.com/articles/canon-and-oracle-plan-to-integrate-canon-s-imaging-technolo-796.aspx9/26/2011 7:24:20 AMToyota Motor Corporation (TMC) launched a new mini for the first time in Japan. Named "Pixis Space", the first passenger minivehicle to be launched under the Toyota brand. The Pixis Space has been designed to meet the diversifying needs of car-buyers in Japan. The vehicle features sophisticated square styling, employs functions and equipment suited to daily driving and has high environmental performance. The adoption of the eco-IDLE2 system—a new idling-stop function the car achieves fuel efficiency of 25.5 km/l in the 10-15 test cycle outlined by Japan's Ministry of Land, Infrastructure,http://www.businessnews24hr.com/articles/toyota-launches-new-fuel-efficient-mini-pixis-space-in-japan-795.aspx9/26/2011 7:15:18 AMTo maximize the efficiency of exhaust emission purification so that the catalyzer, a three-way catalyst, can be started promptly after the engine starts, the catalyzer has been placed directly beneath the exhaust ports. This design lets the combustion gas pass through the catalyst while the gas is still hot. In addition, a combination of measures, including the adoption of an electronically-controlled fuel injection system (PGM-FI), allows the engine to achieve an emission level approximately half the European emission standards (Euro 3). The resulting environmental performance is ranked amonghttp://www.businessnews24hr.com/articles/hondas-new-700cc-engine-for-motorcycle-exceeds-fuel-economy-794.aspx9/26/2011 7:07:19 AMAt 03:36 GMT, Tokyo stocks were down 1.65 per cent on Monday after last week’s turmoil that engulfed global markets. The benchmark Nikkei 225 index at the Tokyo Stock Exchange was down 140.90 points at 8419.36. Chinese shares were down 0.65 per cent in morning trade on Monday on weak sentiment after the central bank governor said inflation remains the nation’s “top concern.”. The Shanghai Composite Index, which covers both A and B shares, was down 9.50 points at 2433.63. Hong Kong shares were 0.95 per cent lower in early trade on Monday, with the Hang Senghttp://www.businessnews24hr.com/articles/monday-morning-economy-blues-for-asian-stocks-markets-793.aspx9/25/2011 8:55:06 PMTalking about foreign direct investment in retail sector, India’s commerce and industry Minister Anand Sharma said in New York, "Very few sectors are left, where sectoral caps are there and we are very actively engaged in talking to the stakeholders, what more we can do. There will be more policy pronouncements soon." Earlier, the Committee of Secretaries (CoS) headed by Cabinet Secretary Ajit Kumar Seth has recommended that 51 percent FDI in retails sector but the proposal has been put in cold storage amid political fall out.http://www.businessnews24hr.com/articles/india-s-commerce-minister-assures-guideline-on-fdi-in-multi-783.aspx9/25/2011 8:53:31 PMChina launched machines that dispense gold bars. The machine dispenses gold bars weighing up to 2.5 kilograms and work just like the normal automatic teller machines (ATMs). The machines can accept both cash and credit cards. The machine was launched Saturday by the Beijing Agricultural Commercial Bank and a gold trading company. The gold ATMs have been launched by German company TG Gold-Super-Markt and are at present in existence in countries like the United Arab Emirates, Spain and the US. China, already the world's second largest bullion consumer, has installed the country's first gold vendhttp://www.businessnews24hr.com/articles/china-launches-gold-vending-machine-792.aspx9/25/2011 8:32:49 PMThe Reserve Bank of India has raised external commercial borrowing (ECB) limit for corporates in real sector-industrial sector-infrastructure sector to $ 750 million or equivalent as against the present limit of $ 500 million. The limit for companies in specified service sectors viz. hotel, hospital and software has been revised to $ 200 million as against the present limit of USD 100 million. 'All eligible borrowers' have been permitted to avail of ECBs designated in INR from foreign equity holders, under the automatic/approval route, as the case may be, subject to compliancehttp://www.businessnews24hr.com/articles/india-s-central-bank-raises-overseas-borrowing-limit-for-co-791.aspx9/25/2011 8:25:23 PMThe Ifo Business Climate Index for German industry and trade has declined significantly in August. The companies have scaled back their expectations of business developments in the coming half year. The current business situation, however, continues to be assessed overall as good, although the situation appraisals in recent months were significantly more favourable. The German economy is not immune to current worldwide turbulences. The index based on a survey of 7,000 executives has dropped to 106.5 from 108.7 in August. This is the third consecutive drop for the country. In manufacturing thttp://www.businessnews24hr.com/articles/ifo-business-climate-index-for-germany-plunge-to-15-month-l-790.aspx9/25/2011 8:23:49 PMThe Association of Southeast Asian Nations (ASEAN) is creating a new fund to finance major infrastructure projects across the region. The ASEAN Infrastructure Fund is being set up with an initial equity contribution of $485.2 million, of which $335.2 million will come from nine ASEAN members. The remaining $150 million is being provided by the Asian Development Bank (ADB). The Fund’s total lending commitment through to 2020 will be about $4 billion. With projected 70% co-financing by ADB, it is expected to leverage more than $13 billion in infrastructure financing by 2020. “ASEAN nationshttp://www.businessnews24hr.com/articles/asean-countries-setup-infrastructure-fund-to-boost-developm-789.aspx9/25/2011 8:06:37 PMIranian news agency IRNA has reported that India and Oman are considering options for importing gas from Iran through under-sea pipeline. This told to agency by the caretaker of the National Iranian Gas Export Company (NIGEC), Hossein Bidarmaghz. The news may not go down well with Washington. As US is against any cooperation with Iran. Bidarmaghz said that an Indian delegation is coming to Iran to hold talks for building an independent under-sea gas pipeline. “New Delhi has a plan to build an under- sea gas pipeline between Iran and India, in order not to pay any transition fee for deliverhttp://www.businessnews24hr.com/articles/india-oman-may-import-gas-from-iran-through-under-sea-duct-788.aspx9/25/2011 11:09:49 AMThe US-India S&T Endowment Board, established in 2009 to promote commercialization of innovative technologies, recently shortlisted more than 30 joint India-U.S. research and development projects and the Board expects to announce up to $500,000 in awards by the end of the year to improve health and empower citizens in both countries. In July 2011, the U.S. and Indian governments established Consular Affairs Working Group to consider consular issues. The U.S. and Indian governments established a Global Disease Detection Center in New Delhi to collaborate on research on diseases of the develhttp://www.businessnews24hr.com/articles/30-healthcare-projects-selected-for-500-000-award-us-india-787.aspx9/25/2011 5:11:55 AMThe U.S. and Indian governments established a Joint Clean Energy Research and Development Center which will mobilize up to $100 million in public and private sector funds to facilitate research and development in breakthrough technologies over five years. The Overseas Private Investment Corporation (OPIC) recently approved two new private equity funds, which plan to invest $600 million in the Asian renewable and clean tech sectors, of which approximately $350 million will target Indian hydro, biomass, wind, and solar powerhttp://www.businessnews24hr.com/articles/india-us-to-set-up-100-million-clean-energy-research-and-de-786.aspx9/25/2011 5:04:54 AMNASA's 6.5 ton defunct satellite has likely plunged into a remote section the Pacific Ocean off the western US coast, American space agency NASA said. NASA release said that decommissioned Upper Atmosphere Research Satellite (UARS) fell back to Earth between 11:23 p.m. EDT Friday, Sept. 23 and 1:09 a.m. Sept. 24. The satellite was launched 20 years back. The precise re-entry time and location of debris impacts have not been determined. During the re-entry period, the satellite passed from the east coast of Africa over the Indian Ocean, thenhttp://www.businessnews24hr.com/articles/nasa-says-its-6-5-ton-satellite-probably-in-crash-landed-in-784.aspx9/25/2011 5:00:59 AMThe US-India CEO Forum welcomed the announcement by the Indian Government on the guidelines for an Infrastructure Debt Fund. U.S. and Indian CEOs pledged to work together to develop a water awareness fund and campaign, analyse water conservation in industrial use to help specify water re-use norms, and create a private sector advisory group to the Indian Ministry of Water on technology and global best practices for policy. David Cote, Chairman and CEO, Honeywell and co-chair at forum said, “The CEO Forum’s recommendations have provided a roadmap to strengthen the economic bilateral relationhttp://www.businessnews24hr.com/articles/us-india-ceo-forum-welcomes-govt-initiative-on-infrastructu-785.aspx9/25/2011 4:59:25 AMIMF members pledged to fight global economic crisis but it remains unclear as to what they would do to prevent further worsening of ongoing crisis. Determined to prevent the global economy worsening further and plunging into stagnation, IMF members vowed collectively to do whatever it takes to tackle a “precarious situation” and restore both confidence and financial stability, Singapore Finance Minister Tharman Shanmugaratnam said. Although the epicenter of the current instability was in the euro area, the world faced “a combination of financial risks with a weakening global economy, and cohttp://www.businessnews24hr.com/articles/imf-members-pledge-to-fight-global-economic-crisis-but-path-782.aspx9/25/2011 4:25:05 AMBoeing will make delivery of the first 787 Dreamliner on Sept. 26 in Everett, Wash., after contractual delivery occurs today. The new jet, which was supposed to be flying passengers three years ago, has been delayed by production and design problems. “The airplane is ready. ANA is ready. And, Boeing is ready,” said Jim Albaugh, president and CEO of Boeing Commercial Airplanes. “This airplane begins a new chapter in aviation history.” Nippon has announced its first 787 routes as Haneda-Franfurt, Haneda-Beijing as international and Haneda-Narita as domestic route. ANA’s airplane will arrivehttp://www.businessnews24hr.com/articles/boeing-set-to-deliver-first-787-dreamliner-to-nippon-today-781.aspx9/25/2011 3:24:33 AMOswald J. Grübel, the CEO of Swiss bank UBS has resigned from the bank. The bank has named Sergio P. Ermotti as Group CEO on an interim basis. Earlier, London-based trader Kweku Adoboli has been charged for fraud that resulted in alleged $ 2.3 billion rogue-trading loss to the bank. UBS's Chairman Kaspar Villiger said: "The Board regrets Oswald Grübel's decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity. During his tenure, he achieved an impressive turnaroundhttp://www.businessnews24hr.com/articles/ubs-chief-departs-as-pressure-grew-for-his-resignation-in-v-779.aspx9/24/2011 6:38:01 AMIndia has raised the issue of constrained supply of potash from Canada to the Indian buyers. India has urged the Government of Canada to view this matter from a strategic perspective and urge the Canadian businesses to enter into long term agreements with the Indian buyers on commercial terms. This was told to Canada by Anand Sharma, the Union Minister for Commerce, Industry and Textiles. Sharma and Edward Fast, Minister of International Trade and Minister for the Asia Pacifichttp://www.businessnews24hr.com/articles/india-pushes-for-supply-of-potash-from-canada-780.aspx9/24/2011 6:37:31 AMNike reported revenues up 18 percent to $6.1 billion, and diluted earnings per share up 19 percent to $1.36. The company said that its worldwide futures orders grew 16 percent and inventories 41 percent for its fiscal 2012 first quarter ended August 31, 2011. “We’re off to a strong start in fiscal year 2012. We have a powerful and diverse portfolio of brands and businesses, and we’re focused on leveraging them to drive growth and create value for our shareholders,” said Mark Parker, President and CEO, Nike,http://www.businessnews24hr.com/articles/nike-quarterly-sales-grows-by-18-percent-and-profits-19-per-778.aspx9/24/2011 5:39:16 AMUS crude price on Friday fell below $ 80 a barrel on concerns about global economic recession. Crude oil prices slid 66 cents to end at $79.85 a barrel on the New York Mercantile Exchange. The oil prices have dropped 9.2 percent during the week. In London, Brent crude for November delivery fell 1.44 percent to close at 103.97 dollars a barrel. Other commodity prices also tumbled. Coffee futures dropped nearly 8 cents to close at $2.31 a pound. Copper prices fell nearly 21 cents to close at $3.27 a pound. Cocoa futures dropped $46 to close at $2,634 a ton. In Chicago trading, the price of whttp://www.businessnews24hr.com/articles/oil-prices-fall-below-80-amid-growing-worries-for-recession-777.aspx9/24/2011 12:00:53 AMFinance ministers and central bank governors from five leading emerging market economies, including Brazil, Russia, India, China and South Africa (BRICS), on Thursday called for the International Monetary Fund (IMF) to speed up their quota and governance reforms. "We are concerned with the slow pace of quota and governance reforms in the IMF," economic leaders of the five countries said in a joint communique after they emerged from the IMF and World Bank 2011 annual meetings in Washington. "The implementation of the 2010 reform is lagging."http://www.businessnews24hr.com/articles/brics-countries-non-committal-on-financial-aid-776.aspx9/23/2011 12:55:44 PMNeyveli Lignite Corporation (NLC), a PSU of Ministry of Coal presented a dividend cheque of Rs. 360.02 crore here today to Coal Minister, Sriprakash Jaiswal. The dividend for the year 2010-11 was presented by A.R. Ansari, CMD of the company. On the occasion Secretary, Coal, Alok Perti, Additional Secretary, Zohra Chaterjee, Director, Finance of the company K.Sekar and senior officers of the Ministry were also present. The shareholders of the company have declared a dividend at the rate of 23.00 per cent for thehttp://www.businessnews24hr.com/articles/neyveli-lignite-presents-dividend-of-rs-360-crore-to-govt-775.aspx9/23/2011 12:28:08 PMStandard & Poor's (S&P) Ratings Services has affirmed its long-term AAA sovereign credit rating on Australia due to the country's economic resilience, public policy stability and sound financial sector. The ratings agency affirmed the country's short-term A-1+ sovereign rating and stable outlook in a statement on Friday. "The ratings on Australia reflect Standard & Poor's view of the country's ample fiscal and monetary policy flexibility, economic resilience, public policy stability and its sound financial sector. We believe these factors demonstrate Australia's strong ability to absorb larhttp://www.businessnews24hr.com/articles/australia-remains-aaa-rated-country-due-to-economic-resilie-774.aspx9/23/2011 12:25:52 PMAs per data released by the Indian government, rice has been sown in 38.1 million hectare as on today. It represents an increase of 3.35 million hectare over last year’s acreage on this date. Higher area coverage has been reported from West Bengal, Bihar, Jharkhand, Uttar Pradesh, Madhya Pradesh and Tamil Nadu. Oilseeds have been sown in 17.86 million hectare, 558,000 hectare more than last year. Higher area coverage has been reported in Maharashtra, Madhya Pradesh, Rajasthan and Uttar Pradesh. Coarse cereals have been sown in 20.02 million hectare. Higher area coverage has been reporthttp://www.businessnews24hr.com/articles/good-monsoon-helps-increase-agriculture-acreage-in-india-773.aspx9/23/2011 12:17:39 PMA composite herbal formulation named ‘Perfomax’ that has been developed by India’s DRDO and has been found to improve physical and mental performance in High Altitude and Hypoxic Conditions at a function held in Leh, Ladakh today. The formulation is rich in antioxidants and other bioactive compounds that improve performance of brain, heart, kidney and lungs and improves blood circulation. The Minister of State for Defence Dr M M Pallam Raju launched the product today. He also inaugurated a Conference on “Emerging Trends in Food and Health Security in Cold Deserts”, orgainsed by the Leh-bashttp://www.businessnews24hr.com/articles/indias-defence-research-organization-launches-performance-e-772.aspx9/23/2011 12:11:58 PMThe economic recovery in the emerging Europe and central Asia region has begun at a slow pace and but the it may is further slide due to Eurozone debt crisis, says World Bank. “Most countries in Emerging Europe and Central Asia have recovered from the global economic crisis, but growth has returned at lower rates than pre-crisis trends in most of the region. The region is expected to record a real growth rate of 4.3 percent in 2011, which is one of the lowest of any developing region,” said Philippe Le Houérou, World Bank Vice President for the Europe and Central Asia Region. “The slow recovhttp://www.businessnews24hr.com/articles/recovery-in-emerging-europe-and-central-asia-may-dampen-due-771.aspx9/23/2011 11:28:34 AMMoody's Investors Service downgraded the long-term deposit and senior debt ratings of eight Greek banks by two notches. These banks have been downgraded to Caa2 from B3. Some of the reasons given by rating agency include the impact of recent impairments of Greek government bonds (GGBs), and the increasing risk of significant additional impairments of GGBs, on banks' capital levels, the deteriorating domestic economic environment on non-performing loans (NPLs) and decline in deposit bases and fragile liquidity positions. These banks are: National Bank of Greece SA (NBG), EFG Eurobank Ergashttp://www.businessnews24hr.com/articles/moody-s-downgrades-eight-greek-banks-769.aspx9/23/2011 10:41:35 AMEurope’s debt crisis and slowing US economy continue to worry investors as the benchmark index at Bombay Stock Exchange, Sensex fell 1.22 percent as sell-off in equities continued globally amid grim growth outlook in the US and debt troubles in Europe. Sensex had lost 704 points yesterday. The metals sector index was down 2.28 per cent. The capital goods index fell 1.84 per cent. The NSE index Nifty lost 55.90 points to 4,867.75 with stocks in metal, capital goods and auto sector falling sharply. South Korea's Kospi slumped 4.4 percent after earlier dropping to a one-month low, Australia'shttp://www.businessnews24hr.com/articles/us-and-europe-stocks-move-up-asian-stocks-mostly-lower-duri-770.aspx9/23/2011 10:39:54 AMGlobal stock markets tumbled as worries of global recession keeps away investors from the market. At 09:42 am (IST), India’s BSE Sensex was at 16,142.24 down 218.91 points or 1.3 percent over the previous close. NSE Nifty was quoting 4,860, down 62.90 points or 1.3 percent points over the previous close. Worries about a global recession have intensified after warnings from the IMF and World Bank. South Korea's main Kospi index lost 4.8%, while Australia's ASX shed 1.6%. Japan's Nikkei index is closed for a holiday. Earlier, the Dow Jones Industrial Average in US dropped 3.5 percent to fihttp://www.businessnews24hr.com/articles/asian-stocks-slide-sensex-and-nifty-touch-a-new-low-768.aspx9/22/2011 9:31:06 PMHP has appointed Meg Whitman as president and chief executive officer. Incumbent CEO Léo Apotheker was asked to resign as financial performance of the company deteriorated. Apotheker was in the job less than a year. The shares of company collapsed and sales fell to a new low in his tenure. HP's shares have fallen 45.4% this year, making it one of the worst performers in the Dow Jones index of leading US companies. Ray Lane has moved from non-executive chairman to executive chairman of the board of directors, and the board intends to appoint a lead independent director promptly. These leaderhttp://www.businessnews24hr.com/articles/hp-board-ousts-l-o-apotheker-as-company-ceo-names-meg-whitm-767.aspx9/22/2011 9:12:49 PMThe board of directors of Volvo has decided to implement new financial targets for the Volvo Group starting in 2012. “Following the completion of the streamlining of the Volvo Group towards commercial vehicles and a number of acquisitions, the company now has the size and geographical footprint necessary to achieve long-term success,” states Chairman Louis Schweitzer. “While growth will remain important in the future, the Board is of the opinion that the prerequisites are now in place to also set new profitability targets for the company and its new CEO.” The new targets have been set in orhttp://www.businessnews24hr.com/articles/volvo-sets-a-new-target-of-10-percent-annual-sales-growth-f-766.aspx9/22/2011 7:55:18 PMThe U.S. Labor Department data shows that first-time claims for unemployment benefits dropped by 9,000 to a seasonally adjusted 423,000 indicating decreased layoffs. As unemployment rate continue to hover around 9 percent, a total of 3.73 million Americans collected unemployment benefits. The four-week average, a less volatile figure, rose slightly for the fifth straight week to 421,000. The higher prices for food and fuel have forced consumers to cut back on spending, making many companies reluctant to hire and further hurting consumer confidence. President Barack Obama’s $450 billion ‘Ahttp://www.businessnews24hr.com/articles/us-jobless-claims-fall-765.aspx9/22/2011 7:45:16 PMNew Zealand's economy has slowed down as its GDP grew by mere 0.1 percent in the second quarter till June compared with the previous quarter according to Statistics New Zealand. The Reserve Bank of New Zealand has projected a growth rate of 0.6 percent. Gross domestic product (GDP) was up 0.1 percent in the June 2011 quarter, following a revised 0.9 percent increase in the March 2011 quarter. This is the third consecutive quarter of growth following a decline of 0.1 percent in the September 2010 quarter. In the June 2011 quarter, the increase in economic activity was due to a 0.5 percent rhttp://www.businessnews24hr.com/articles/new-zealands-gdp-growth-stalls-in-the-second-quarter-764.aspx9/22/2011 7:32:51 PMNippon Steel Corporation and Sumitomo Metal Industries, jointly announced that they have agreed to integrate their businesses effective October 1, 2012. The companies have entered into a Master Integration Agreement, after due discussion by the integration study committee co-chaired by the Presidents of both companies. The agreed merger ratio or the ratio of the number of Nippon Steel shares to be delivered for each share of Sumitomo Metals has been worked out at 1: 0.735. Nippon Steel shares will be delivered by allotment to each of the shareholders of Sumitomo Metals as at the end of thhttp://www.businessnews24hr.com/articles/nippon-steel-and-sumitomo-metal-agree-for-a-merger-hopes-to-762.aspx9/22/2011 11:30:25 AMThe major stock indexes plunged around the world on investor concerns that US policy makers are running out of ways to spark the country's struggling economy. The Sensex at the Bombay Stock Exchange posted its biggest single-day loss in over 26 months, losing 4.1 percent. The Nifty at the National Stock Exchange plummeted 4.1 percent. Tokyo's Nikkei index index lost 2.1 percent and Hong Kong's Hang Seng index plunged 4.9 percent. European stock prices also plunged sharply. London's FTSE index lost 4.7, CAC-40 in Paris dropped 5.3 percent and DAX index in Frankfurt dipped 5 percent. Inhttp://www.businessnews24hr.com/articles/investors-disappointed-with-fed-stimulus-as-global-stock-ma-763.aspx9/22/2011 11:25:58 AMFlash PMI survey data, compiled by Markit on behalf of HSBC, signalled another marginal deterioration in Chinese manufacturing sector operating conditions during September. The PMI registered 49.4 compared to 49.9 in August, remaining below the 50.0 no change level for the third successive month. Renewed declines in output and employment, as well as a reduced incidence of delivery delays, exerted a negative influence on the headline PMI reading, which was only prevented from falling further by an uptick in the Stocks of Purchases Index. The PMI data are consistent with industrial production ghttp://www.businessnews24hr.com/articles/pmi-survey-says-chinese-manufacturing-sector-is-stagnating-761.aspx9/22/2011 11:01:19 AMEurozone manufacturing and services both showed modest contractions, with manufacturing output falling for the second successive month (albeit at a slightly reduced rate) and service sector activity falling for the first time since August 2009. In both cases, the declines contrast markedly with strong rates of growth in early-2011. Output growth slowed to near-stagnation in both Germany and France, showing the weakest rates of expansion since their recoveries began over two years ago. The rest of the Eurozone, meanwhile, contracted for the fourth successive month, with the rate of decline accehttp://www.businessnews24hr.com/articles/eurozone-manufacturing-shows-contraction-for-first-time-in-760.aspx9/22/2011 10:55:34 AMIndia's food inflation fell to 8.84 per cent in the week ended 10th September from 9.47 per cent in the previous week. The fall in inflation on a weekly basis is on account of statistical reasons, called as high base effect. The annual rate of inflation, calculated on point to point basis, stood at 12.17 percent for the week ended 10 Sep 2011 compared to 13.04 percent for the previous week. The index for food articles group rose by 0.2 percent for the previous week. The poultry chicken was dearer by 8 percent, fish-marine 6 percent, gram and urad 2 percent each and egg, tea, barley, fish-inlanhttp://www.businessnews24hr.com/articles/india-s-food-inflation-falls-759.aspx9/22/2011 10:47:44 AMIndia and South Africa have agreed to strengthen bilateral cooperation in the micro and small enterprises (MSME). This was agreed in a bilateral meeting between Jyotiradiya Scindia Minister of state Commerce and Industries and Elizabeth Thabethe, Deputy Minister for Trade & Industry, government of South Africa. Scindia is on a one day visit to South Africa heading a CII business delegation to South Africa. The total trade between the two countries in the FY 2010-11 was US$ 10.6 billion, higher than bilateral trade target of US $ 10 billion by the year 2012, set during the visit of South Afhttp://www.businessnews24hr.com/articles/india-south-africa-to-strengthen-cooperation-between-micro-758.aspx9/22/2011 10:38:15 AMSachin Pilot, the minister of state for communications and information technology released the CD containing text-to- speech system (TTS) in six Indian languages. Technology development for Indian language (TDIL) programme of the department of information technology, under a consortium project has developed this system. TTS has also been integrated with non visual desktop access (NVDA) screen reader and optical character recognition system (OCRA). Text-to-Speech is computer software which renders the machine readable text into Human Voice. The TTS software shall enable people with visual imhttp://www.businessnews24hr.com/articles/text-to-speech-system-for-visually-challenged-launched-in-s-757.aspx9/22/2011 10:35:49 AMIreland reported initial estimates for GDP for the second quarter of 2011. The data shows that GDP expanded by 1.6 per cent compared with first quarter. Comparing Q2 2011 with the same quarter one year earlier, GDP at constant prices registered an increase of 2.3 per cent while GNP was 1.1 per cent higher. The net exports (exports minus imports) grew by €1,890m (23.9%) at constant 2009 prices between the second quarter of 2010 and the second quarter of 2011. Domestic demand, on the other hand, declined by €714m (-2.2%) over the same period, despitehttp://www.businessnews24hr.com/articles/ireland-economy-expands-by-1-6-percent-during-second-quarter-756.aspx9/22/2011 10:31:15 AMUK based easyjet airlines’s board’s has revised its profit forecast for the year ending 30 September 2011 to £240- £250 million compared with previously announced expectation of £200-£230 million. This equates to a ROCE of approximately 12%. Net cash flow from operations improved and net cash at the year end is expected to be between £50 million and £100 million with gearing of approximately 30%. In line with the policy announced in November 2010, the board expects to pay an ordinary dividend of 5 times cover of approximately £40 million (or 9 pence per share) for the year ending 30 Septemberhttp://www.businessnews24hr.com/articles/easyjet-revises-its-profit-forecast-upwards-due-to-higher-e-755.aspx9/22/2011 10:27:21 AMNissan Motor and Mitsubishi Motors announced that the two companies have agreed to expand the scope of their OEM supply agreements in the Japanese market. Nissan will provide the Fuga luxury sedan to Mitsubishi Motors starting from summer 2012. The two companies have started deliberations on the provision of Mitsubishi Motors' MINICAB-MiEV commercial mini EV to Nissan in fiscal year 2012. The two new OEM project agreements are part of the core agreement signed in December 2010 to expand cooperation between the two companies. These new projects follow on a prior agreement for Nissan to provihttp://www.businessnews24hr.com/articles/nissan-and-mitsubishi-motors-join-hands-for-oem-business-in-754.aspx9/22/2011 10:21:18 AMSensex at Bombay Stock Exchange lost 1.4 percent and Nifty at National Stock Exchange as markets reacts to US Federal Reserve stimulus. The benchmark Nikkei 225 index at the Tokyo Stock Exchange closed the morning session 142.84 points lower at 8,598.32. The investors gave a thumbs down to the Federal Reserve's new measures to boost the flagging economy. Singapore shares opened lower on Thursday, with the benchmark Straits Times Index at 2,753.02 in early trade, down 1.39 per cent, or 38.77 points. Investors moved to reduce their positions amid concerns over a global economic slowdown anhttp://www.businessnews24hr.com/articles/sensex-and-nifty-and-other-asian-markets-plunge-on-opening-751.aspx9/22/2011 1:40:38 AMFor the month of August, Japan posted a deficit of US$ 10.2 billion. This is the first time in three months that Japan’s import exceeded exports. The exports increased by 2.8 percent in yen terms to about US$ 70.5 billion. This is also the firs time that exports increased year-on-year basis since February. The imports rose 19.2 percent in yen terms to about US$ 80.7 billion. The government said a liquid natural gas has to be imported for thermal power generation. The higher demand for LNG is driven by power shortages resulting from the halt in nuclear powerhttp://www.businessnews24hr.com/articles/japan-posts-trade-deficit-in-for-the-first-time-in-three-mo-752.aspx9/22/2011 1:40:24 AMGoogle executive chairman Eric Schmidt rejected charges that it cooked search results to favour its own services in front of Senate Judiciary Subcommittee. He was appearing before the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights. The testimony lasted an hour-and-a-half of testimony. Schmidt said that Google's search algorithms are designed to return the best results for users and are not rigged to give preference to its own products or services. But Republican Senator Mikehttp://www.businessnews24hr.com/articles/google-rejects-charges-of-cooking-search-753.aspx9/22/2011 1:40:09 AMMoody's Investors Service confirmed the A3 long-term rating of Citigroup and the A1 long-term and Prime-1 short-term ratings of Citibank N.A. At the same time, Moody's downgraded the short-term rating of Citigroup (the holding company) to Prime-2 from Prime-1. The actions conclude a review for possible downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative. The confirmations reflect two offsetting factors: a decrease in the probability that the US government would support the bank, if needed, and an improvement in the bank's stand-alone credit profhttp://www.businessnews24hr.com/articles/moodys-downgrades-citigroup-inc-to-p-2-750.aspx9/21/2011 8:38:05 PMMoody's Investors Service downgraded the long-term ratings of Wells Fargo & Company and of its major subsidiaries including Wells Fargo Bank N.A. (rating on the bank for deposits to Aa3 from Aa2). The actions conclude a review for downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative. The downgrades result from a decrease in the probability that the US government would support the bank, if needed. Moody's believes that the government is likely to continue to provide some level of support to systemically important financial institutions. However, ihttp://www.businessnews24hr.com/articles/moodys-downgrades-wells-fargo-a2-from-a1-outlook-negative-749.aspx9/21/2011 8:34:32 PMThe shares at Wall Street closed sharply lower after Federal Reserve announced ‘Operation Twist’ to help stimulate the US economy. The Fed said that it would spend about $400 billion buying back bonds maturing within three years and swapping this for longer-term debt. The Dow Jones nosedived 2.5 percent and Nasdaq 2 percent at close. Fed said in a statement, “To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to extend the average maturity of its holdings of securities. The Committhttp://www.businessnews24hr.com/articles/markets-plunge-after-federal-reserves-announces-operation-t-748.aspx9/21/2011 7:29:20 PMOne of the worlds largest clothe retailers Inditex has reported 12 percent increase in sales in the first half of the year. The net sales rise stood at 6,209 million euros in the first half of 2011. Inditex is owner of Zara brand. The other brands include &Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterqüe. The net income for the period was 717 million euros, up 14 percent. The Group opened 177 stores in 35 countries during the first six months of the year, bringing the total across its 78 markets to 5,221. The Group continues to see growth opportunities around thehttp://www.businessnews24hr.com/articles/zara-benefits-from-global-expansion-profits-rise-747.aspx9/21/2011 7:01:59 PMThe home appliances leader in Europe Bosch und Siemens Hausgeräte GmbH launched of the Bosch range of home appliances in India. The initial launch includes a range of washing machines, dryers and dishwashers. On occasion of the launch, Marc Hantscher, MD & CEO, BSH India said, "Bosch home appliances will be available across India by mid-2012." Hantscher also confirmed the allotment of land by Tamilnadu government for the construction of Bosch factory in India, "We can confirm that we have been allotted land by the Tamilnadu government for setting up a factory and once setup, the facility willhttp://www.businessnews24hr.com/articles/bosch-siemens-launch-home-appliances-in-india-746.aspx9/21/2011 6:58:15 PMMoody's Investors Service has downgraded the ratings of Bank of America Corporation's (BAC) holding company to Baa1 from A2 for long-term senior debt and to Prime-2 from Prime-1 for short-term debt. The long-term deposit ratings of Bank of America N.A. (BANA) were downgraded to A2 from Aa3, while BANA's short-term rating was affirmed at Prime-1. The actions conclude a review for downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative. The downgrades result from a decrease in the probability that the US government would support the bank, if needed. Mhttp://www.businessnews24hr.com/articles/moody-downgrades-bank-of-america-ratings-745.aspx9/21/2011 10:41:38 AMFinancial stability risks have risen sharply in recent months, as slower economic growth, market turbulence in Europe, and the credit downgrade of the United States have weighed on the global financial system, according to new analysis by the IMF. “We are in the middle of a crisis of confidence, which is taking its toll on both the economy and the financial system” said José Viñals, Financial Counsellor and head of the IMF”s Monetary and Capital Markets Department, which produced the report. Improvements in financial stability over the past three years have been partly reversed, said Viñals.http://www.businessnews24hr.com/articles/eurozone-debt-crisis-cost-banks-in-the-european-union-273-b-744.aspx9/21/2011 10:23:34 AMExisting-home sales increased in August, even with ongoing tight credit and appraisal problems, along with regional disruptions created by hurricane Irene, according to the National Association of Realtors. Total existing-home sales, which are completed transactions that include single-family, town-homes, condominiums and co-ops, rose 7.7 percent to a seasonally adjusted annual rate of 5.03 million in August from an upwardly revised 4.67 million in July, and are 18.6 percent higher than the 4.24 million unit level in August 2010. Lawrence Yun, NAR chief economist, said there are some positihttp://www.businessnews24hr.com/articles/us-august-existing-home-sales-rise-by-7-7-percent-743.aspx9/21/2011 9:50:09 AM