Sunday, October 3, 2010

Business News -03 October 2010

  • Germany: The 20-Year Miracle
    Sun, 03 Oct 2010 07:04:56 -0700
    Welded together from unequal parts, modern Germany has overcome historic challenges and matured into Europe's economic powerhouse
  • For Merkel, Perils in Pragmatism
    Sun, 03 Oct 2010 07:04:56 -0700
  • East German Brands That Won't Die
    Sun, 03 Oct 2010 07:04:56 -0700
  • East Germany By the Numbers
    Sun, 03 Oct 2010 07:04:56 -0700
  • U.S. Issues Alert for Europe, Cites Terror Threat
    Sun, 03 Oct 2010 06:47:00 -0700
    The U.S. State Department issued an alert warning Americans traveling to Europe to be vigilant about possible terrorist attacks.
  • China's Wen supports stable euro ahead of EU summit
    Sun, 03 Oct 2010 06:35:35 -0700
    ATHENS (Reuters) - China pledged on Sunday to support a stable euro and not reduce its holdings of European government bonds in an effort to deflect criticism of its foreign exchange policy ahead of an EU-China summit this week.


  • China Supports Stable Euro, Strong EU Ties, Wen Says
    Sun, 03 Oct 2010 06:25:00 -0700
    China supports a stable euro and won’t reduce its holdings of European bonds, underlining its strengthening ties with the European Union, Premier Wen Jiabao told Greek lawmakers in Athens.
  • Ireland eyes 4 billion euros 2011 budget savings: reports
    Sun, 03 Oct 2010 06:22:01 -0700
    DUBLIN (Reuters) - Ireland's government will target savings of 4 billion euros in the 2011 budget as it seeks to get its fiscal crisis under control, two Sunday newspapers reported.


  • Egypt Shares Gain Most in 3 Weeks on Emerging Market Demand
    Sun, 03 Oct 2010 06:18:00 -0700
    Egypt’s shares climbed the most in almost three weeks, leading a rally in the Middle East, on rising investor demand for emerging market assets. Oil last week rose the most since February, helping push Gulf stocks higher.
  • India Oberoi Realty sets IPO at 253-260 rupees - sources
    Sun, 03 Oct 2010 05:50:26 -0700
    MUMBAI (Reuters) - Indian real estate firm Oberoi Realty Ltd has fixed a price band of 253-260 rupees for its 10 billion rupees ($231.6 million) initial public offering, two sources with direct knowledge of the offer said on Sunday.
  • KPIT Cummins acquires CPG Solutions
    Sun, 03 Oct 2010 05:29:19 -0700
    KPIT Cummins Infosystems, a global IT consulting and product engineering partner to manufacturing corporations announced it has entered into a definitive agreement to acquire US based CPG Solutions, a provider of premium Oracle Consulting services to manufacturing & supply chain companies. The agreement is for a total consideration of INR 60 Crores which includes a guaranteed consideration of INR 27 Crores and a milestone based consideration of INR 33 Crores, the payment would be made over a period of 3 years. Strategic Rationale KPIT Cummins
  • Enterprise IT spending to touch $40 bn: Gartner
    Sun, 03 Oct 2010 05:26:22 -0700
    Against the backdrop of increased focus on the country s infrastructure development, IT spending by enterprises is expected to grow at a substantial pace to touch USD 40 billion in three years, according to Gartner. Global IT research firm Gartner has projected that enterprise spending on information technology in the country, would see an average compound annual growth of 11 per cent. Enterprise IT spending is expected to see good growth in the coming years. Going by estimates, the expenditure is likely to reach around USD 40 billion by 2013,
  • Dubai property prices and rents to fall further
    Sun, 03 Oct 2010 05:25:58 -0700
    DUBAI (Reuters) - Property prices and rents in Dubai are expected to continue to decline in 2010 due to oversupply and tight liquidity despite an improvement in economic conditions, a report said on Sunday.


  • India to grow by more than 8.5%: Anant
    Sun, 03 Oct 2010 05:24:32 -0700
    Chief statistician T C A Anant on Sunday said that the economy is likely to grow a little over the targeted 8.5 per cent this fiscal on the back of robust farm output and industrial production. I am comfortable with 8.5 per cent, maybe a little more. I think it is on target, Anant said. The Government has projected the economy to grow in the range of 8.5-8.75 per cent this fiscal. Recently, Finance Minister Pranab Mukherjee had exuded confidence that the economy would surpass the economic growth projections. I am optimistic that at the end of this
  • LIC to approach IRDA for Infra bonds
    Sun, 03 Oct 2010 05:20:54 -0700
    The country s largest insurer, Life Insurance Corporation, plans to approach sector regulator IRDA in the next 8-10 days to get approval for floating infrastructure bonds. We are getting ready to approach IRDA for approval for infrastructure bonds. We would be going to the regulator with proposal in the next 8-10 days, a senior LIC official said. The official, however, refused to disclose the size of bond issue that insurer is planning. LIC has a headroom to issue infrastructure bonds of Rs 5,000 crore this fiscal. Earlier this year, the government
  • Retailers gear to bring more Int'l brands
    Sun, 03 Oct 2010 05:19:16 -0700
    Many leading Indian apparel retailers, including Arvind Brands, Reliance Brands and SKumars Nationwide Ltd, are gearing to bring in more global brands as they look to expand their portfolio within the next one year. As the retail sector is opening up, more foreign brands are looking up to the Indian market. They are looking for local partners here , said Arvind Lifestyle Brands Head of Marketing (Gant, Arrow & Izod) Amod Choudhary. Hence Indian retailers are trying to tap the opportunity for a win-win situation. We are aggressively looking
  • Dombrovskis Coalition Wins Majority in Latvia Election
    Sun, 03 Oct 2010 05:19:00 -0700
    Latvia’s ruling coalition may form the next government after the three parties won a majority in the Baltic nation’s first parliamentary election since it suffered the world’s deepest recession.
  • Rousseff Favored to Succeed Lula in Brazil Election
    Sun, 03 Oct 2010 05:18:00 -0700
    Brazilians began voting today to elect a successor to President Luiz Inacio Lula da Silva, with polls predicting that his heir apparent, Dilma Rousseff, will lead the field and perhaps win an outright victory.
  • M&A activity dips 31 pct in Sept quarter
    Sun, 03 Oct 2010 05:16:21 -0700
    India Inc. witnessed a significant dip in deal activity in the September quarter over the previous one, with 225 inbound and outbound transactions of over USD 13.5 billion being recorded. By deal values, the size is 31 per cent lower over the April-June quarter even though the total number of deals struck has increased from the April-June 2010 quarter s 203, consultancy firm Ernst & Young said in a report. The majority of the deals, 82 per cent, were in the sub-USD 50 million category due to which the total deal size has not increased even
  • Omkar Realtors eyes Rs 1,000 cr turnover
    Sun, 03 Oct 2010 05:15:09 -0700
    Real estate developer, Omkar Realtors and Developers, is eyeing a Rs 1,000 crore turnover in the financial year FY 12, a top company official said. The company is planning to develop 20 million square feet of area in the Mumbai Metropolitan Region (MMR) and would be launching nearly nine projects within the next six months. We are currently working on 10 million square feet of area in various parts of the city. We have made the necessary financial arrangements and would launch the projects within the next six months. These projects are expected
  • Ambani bros fortune grows to $40 bn
    Sun, 03 Oct 2010 05:11:56 -0700
    Fortune of Ambani brothers have grown over six-fold to a staggering over USD 40 billion ever since Forbes has started publishing the list of rich Indians. In 2004, when Forbes India published its inaugural list of 40 wealthiest business people, the Ambani siblings -- Mukesh and Anil -- were together and their combined net worth stood at USD 6.4 billion which has taken a handsome leap to touch an impressive figure of USD 40.3 billion in 2010, where the billionaire brothers have been ranked separately. The Ambani brothers were ranked at the third
  • AI to launch H'bad-Delhi-Chicago flight
    Sun, 03 Oct 2010 05:10:06 -0700
    National carrier Air India will launch a flight to Chicago from Hyderabad via Delhi by this month-end. We are all set to operate flight service to Chicago, connecting Hyderabad with New Delhi from October 31, airline sources said adding that plans to launch a direct service to San Francisco were also being studied. The airline would be deploying a Boeing 777-300 Extended Range aircraft to operate the flight direct from Delhi, they said, adding that for the first time Air India would fly a Boeing 777 from Hyderabad. Air India is eyeing the US-bound
  • Implementation is India infrastructure's main woe
    Sun, 03 Oct 2010 05:00:26 -0700
    MUMBAI (Reuters) - Frustrated with yarns of red tape involved in implementing infrastructure projects in India, companies and funds are calling for more private sector involvement to streamline the process and prevent problems that often delay projects by several years.
  • China promises support for euro
    Sun, 03 Oct 2010 04:56:30 -0700
    The Chinese premier says his country will continue to support both the euro and European government bonds despite the recent crisis.
  • Gold ATMs coming to America
    Sun, 03 Oct 2010 04:48:01 -0700
    If you want to cash in on the gold rush, you no longer need a passport to get in on the action. The maker of gold ATMs will debut its gold-dispensing machines in two U.S. locations next month.
  • Latest unemployed: Stimulus workers
    Sun, 03 Oct 2010 04:37:53 -0700
    Tens of thousands of low-income workers lost their jobs Thursday as a stimulus-subsidized employment program came to an end.
  • General Electric leads suitors for Wellstream - paper
    Sun, 03 Oct 2010 04:30:26 -0700
    LONDON (Reuters) - U.S. conglomerate General Electric is the mystery bidder planning an 800-million-pound-plus ($1.3 billion) takeover of British oilfield services firm Wellstream, the Sunday Times newspaper reported.
  • Nakheel in premlinary talks on bond listing - chairman
    Sun, 03 Oct 2010 04:10:26 -0700
    DUBAI (Reuters) - Nakheel is in preliminary talks to list an Islamic bond, part of its restructuring plan, on Nasdaq Dubai and a "good percentage" of banks have agreed to the developer's repayment plan, its chairman said on Sunday.
  • China's Wen says supports stable euro
    Sun, 03 Oct 2010 03:30:26 -0700
    ATHENS (Reuters) - China supports a stable euro and will not reduce its holdings of European bonds, Chinese Premier Wen Jiabao said on Sunday during a visit to Athens.
  • Chinese Premier Wen says Greece emerging from crisis
    Sun, 03 Oct 2010 03:20:49 -0700
    ATHENS (Reuters) - Greece is starting to emerge from its severe debt crisis, Chinese Premier Wen Jiabao said on Sunday during a visit to Athens.
  • India Secures Delhi for Commonwealth Games Ceremony
    Sun, 03 Oct 2010 03:04:00 -0700
    India deployed thousands of security personnel in New Delhi for today’s opening ceremony of the Commonwealth Games as the country hosts its biggest sporting event in almost three decades.
  • South Korea Overseas Plant Orders May Top $60 Billion
    Sun, 03 Oct 2010 01:26:00 -0700
    South Korean companies may win record overseas plant orders of more than $60 billion this year as growing demand in the Middle East boosts contracts for power plants, floating production facilities and refineries.
  • European court to hear football case
    Sat, 02 Oct 2010 22:02:53 -0700
    The European Court of Justice is to decide on a landmark case which could prove a game-changer for the sale of Premier League football TV rights.
  • Double dip recession in Britain still possible, warns Ken Clarke
    Sat, 02 Oct 2010 16:13:06 -0700
    Ken Clarke has warning that a ''double dip'' recession was still a real possibility, painting a bleaker picture of Britain's economy than some of his coalition colleagues.
  • Indonesia claws its way to economic superpower status
    Sat, 02 Oct 2010 15:30:46 -0700
    Indonesia is one of the "rising stars" of emerging Asia and some economists believe this vast nation will one day become a regional superpower, behind only China and India, as global economic activity increasingly shifts towards east Asia, away from the faltering developed nations of the west and Japan.
  • China's Wen offers to buy Greek debt
    Sat, 02 Oct 2010 14:11:44 -0700
    ATHENS (Reuters) - China offered on Saturday to buy Greek government bonds when Athens resumes issuing, in a show of support for the country whose debt burden pushed the euro zone into crisis and required an international bailout.


  • Joseph Stiglitz: the euro may not survive
    Sat, 02 Oct 2010 14:01:23 -0700
    One of the world's leading economists warns the future of the euro is "looking bleak" and austerity plans could damage Europe's recovery.
  • Centrica chief Roger Carr in frame to tackle cuts in 'chaotic' defence budget
    Sat, 02 Oct 2010 14:00:27 -0700
    Roger Carr, the chairman of Centrica, has been approached by the Government and sounded out about a job advising on delivering cuts in the Ministry of Defence's multi-billion pound budget.
  • Prudential's Asian plan is right, says Goldman Sachs
    Sat, 02 Oct 2010 13:59:36 -0700
    Report vindicates Tidjane Thiam's strategy, as state of world economy rules out sale of assets
  • Tesco's UK expansion threatens rivals
    Sat, 02 Oct 2010 13:32:02 -0700
    Tesco will embark on a major UK store opening programme to extend its lead in the cut-throat supermarket wars.
  • Airbus looks to India to bridge skills gap
    Sat, 02 Oct 2010 13:31:16 -0700
    Aeroplane maker will carry out more engineering work in India due to a dearth of qualified engineers in Britain, Germany and France.
  • AA-Saga owner eyes £65m purchase of Allied Healthcare
    Sat, 02 Oct 2010 13:29:55 -0700
    The company behind AA and Saga is in early-stage takeover talks to buy Allied Healthcare, one Britain's largest providers of home care and healthcare staffing services, for more than £65m.
  • Tourists left without cash as currency company falters
    Sat, 02 Oct 2010 13:28:54 -0700
    Crown Currency Exchange left hundreds of holidaymakers without any travel money after its bank accounts were frozen.
  • Network Rail emerges from the ashes of Railtrack
    Sat, 02 Oct 2010 13:04:53 -0700
    When Network Rail was created in October 2002 from the ashes of Railtrack and in the wake of the fatal Potters Bar train crash, it was supposed to signal the dawn of a new era for train network operations in the UK. But within six months, controversy was raging after five directors shared in a £1.8m bonus pot as trains continued to run late. A year after its inception, losses had ballooned to £233m, a taste of things to come.
  • New York Times chief pledges to repay Carlos Slim loan early
    Sat, 02 Oct 2010 12:59:54 -0700
    Janet Robinson, the chief executive of The New York Times Company, said she plans to pay back a $250m (£158m) loan from the world's richest man Carlos Slim three years early and hopes to make "sizeable" digital acquisitions when debt is at a more manageable level.

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