Tuesday, April 6, 2010

NEWS 06-04-2010

Unlike banks, consumers don't have eight-year, $100 million lobbying campaigns to fight for their interests. They have to hope Washington isn't bankrupt of common sense and realizes its debts are to the people

The United States on Monday reiterated its call for China's currency to be market-based, as lawmakers warned they would act if there was no movement from China on revaluing the yuan.

"Immediately, I do not see a hike in interest rates. We have to wait for the RBI policy on April 20," SBI chairman OP Bhatt told reporters on the sidelines of the Indo-US financial and economic partnership meeting here.

Bank credit is usually a lagging indicator of a recovery in economic activity, because companies start restocking inventories only when they are convinced that demand has recovered on a sustained basis. The fact that IBA expects strong loan growth over the next 12 months means that the economic recovery is becoming more broad-based.

Banks have asked RBI to exclude loans against shares to individuals and additional stock collateral pledged by corporates to borrow from the capital market exposure limit. Lenders like Bank of India and HDFC Bank are close to the 40% cap.

“Accelerated depreciation of 50 per cent on CVs, as part of the stimulus package announced by the Centre last year, has boosted their demand. Even the higher purchase of buses under JNNURM has been a major driving force behind the substantial growth in sales of CVs last year,”

The seaborne market almost doubled in a decade. Last year, it dealt with 900 million tons, up from 450 million in 2000. And China’s share alone jumped from 16% to about 70% in the same time.

“The growing demand as well as the low-base factor made it a staggering year for steel companies,” said a steel ministry official, requesting anonymity.

sales for the fiscal year ended on March 31 rose 18 percent from a year ago to 6.17 million tonnes.

“We have earmarked around $500 million toward overseas acquisitions in” the year that started April 1, Chairman and Managing Director N M Borah said in an e-mailed reply to questions on April 1. “If the opportunity or need arises, we would be in a position to spend higher outlays.”

Called the “Perform, Achieve and Trade (PAT) scheme”, announced under the National Mission for Enhanced Energy Efficiency (NMEE), it is among the steps the country is planning on climate mitigation. It aims to fix specific energy consumption (SEC) targets for large energy-guzzling installations. Energy Saving Certificates, or ESCerts, will be issued to those exceeding their performance goals. The credits could be sold to those who fail to meet the goals.

The company has bagged a repeat order from GSFC for setting up, operating and maintaining an 18 MW project at Adodar in Porbandar district of Gujarat, Suzlon Energy said in a filing to Bombay Stock Exchange (BSE).

Industry sources told Business Standard that the government is taking a slew of measures to mitigate power shortage, which include maximisation of generation from various units in the state-owned sector, and purchase of power from outside.

CIMAB SA is a global player focused on the commercialisation of biopharmaceutical products, specially monoclonal antibodies and other recombinant proteins, for the diagnosis and treatment of cancer

The first ever auction of spectrum, which was kicked off today with a mock e-auction for 3G services, is expected to earn revenue of Rs 35,000-45,000 crore, according to top officials in the Department of Telecommunications (DoT).

ITI finds no taker for its JV proposals
“Unfortunately, we have not received any proposal for the proposed JVs, and we don’t know the reasons. I am meeting the secretary to the telecom department tomorrow to discuss the next phase of action,”


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