HDFC Bank holds Mega Loan Mahotsava at Kumbakonam

HDFC BANK, one of the premier banks in the country, held a Mega Loan Mahotsava at Kumbakonam in Tamil Nadu. Kumbakonam, located in Thanjavur district of Tamil Nadu is one of the major producers of rice, sugarcane and pulses and is also a business centre.

At the Gramin Loan Mahotsava in Kumbakonam, which is amongst the largest of such events ever held in the district, a variety of loans such as tractor loans, agricultural loans, auto loans and 2 wheeler loans, commercial vehicle loans, and Kisan Gold Cards were given to rural customers. Three day loan Mahotsavas were also held in the nearby villages of Tanjore, Thiruvarur and Myladutharai.

HDFC Bank kick-started the Mega Loan Mahotsava under the bank's New Rural Campaign in July 2010 at Pimpalgaon near Nasik in Maharashtra. The Bank is holding a total of 150 Gramin Loan Mahotsavas, small and big, across the country. The states include Gujarat, Maharashtra, Rajasthan, Andhra Pradesh, Karnataka, Tamil Nadu, Orissa, West Bengal and Punjab.

At the Loan Mahotsava in Kumbakonam, vehicle keys and cheques were handed over to customers by Ashok Khanna, Sr. Executive Vice President & Business Head, Vehicle Loans, HDFC Bank,  Rajan Pental, Executive Vice President & Business Manager, Auto Loans, HDFC Bank and Madhusudhanan Hegde, Regional Head-Branch Banking, HDFC Bank. Amongst the dignitaries present on the dais were K.R. Giridharan, MD, Kali BMH Systems Pvt. Ltd,  Suryaranarayan, a leading auditor and a philanthropist and Basheer Ahmed, MD, MMC Hospitals.

Pralay Mondal, Country Head, Retail Assets, HDFC Bank from Mumbai said, “Welcome changes are sweeping across India, especially in rural India. We are a major financial intermediary in the country today, and it is our earnest endeavour to make a difference to the lives of people residing there by reaching out to them. Kumbakonam is one of the major producers of rice and sugarcane in the state of Tamil Nadu and is also a trading town that is developing fast. We are committed to partnering our customers in their journey of progress."

Ashok Khanna said, "Rural India has witnessed remarkable transformation over the past two decades that I’ve been travelling to these markets. Thanks to a host of factors, better realization for their produce being the primary one, it has helped convert rural India into a huge consumer market. Hence the scope for banks to do business will see new markets opening up and new demand being generated.”

Related News On >> Business News India, Business News

GM India introduces locally developed SMARTECH Engine

GENERAL MOTORS India has launched its new locally developed, state-of-the-art SMARTECH engine at a ceremony presided over by General Motors, International Operations, President Tim Lee.
According to Lee, “India is a key market for General Motors.  We are focused on leveraging our unmatched global resources as well as our growing local capability to develop segment-leading vehicles and power trains in India for India.”

The 1.2-litre SMARTECH engine was created by the GM Technical Centre-India in Bangalore in cooperation with GM’s new engine plant in Talegaon.  It will be produced at the Talegaon facility for a range of new models offered by GM in India.
“Our new engine is the result of an enormous R&D effort and thousands of hours of design, validation and testing.  It incorporates engineering changes which optimise engine performance for Indian conditions through innovative design techniques,” said Karl Slym, President and Managing Director of General Motors India.  “The engine demonstrates the true potential of GM’s engineering and manufacturing capability across India. ” 
The SMARTECH engine features aluminum cylinder heads, deep skirt cylinder block and lightweight pistons with low tension rings, which decreases weight and maximises fuel economy.  The engine also features a DOHC valve-train with direct acting valve actuation to further improve the efficiency, a long runner plastic intake manifold for good low-end torque and lightweight counterbalanced crank shaft for great NVH.
The engine has a maintenance-free inverted tooth timing chain drive system. The chain links engage at a lower impact speed, which decreases the noise generated for quiet operation. The 1.2 litre SMARTECH engine delivers uncompromised power and durability in a small package size. 

Durability is ensured through the application of an epoxy coating on the cylinder block and anti corrosion coating on cam cover baffles, and the use of stainless steel core plugs and bay to bay ventilation. Extensive testing and validation were carried out in India to guarantee top-of-the-line performance in all vehicle models that will adopt the engine.

Related News On >> Automobile Industry India, Automobile Industry

SMEs can do wonders in export sector: CH Nadiger

“SMALL AND medium scale enterprises (SMEs) play a pivotal in export arena and there is a growing demand for their products globally. Keeping this in mind small and medium scale enterprises should think about their global market. By aiming the global souk SMEs can do wonders in export sector. Widen your network and widen your business,” said EEPC India senior assistant director CH Nadiger.

He was talking at the seminar on export awareness organised under the aegis of Kerala Chamber of Commerce and Industry at Kochi on Friday.

CH Nadiger stressed that before commencing export business the client should study all the facts about his / her product. “Research about the market is must and it will help the client to do better business,” he added.

Answering to a question CH Nadiger said a statement issued from the bank, where the client has account, stating that such and such a company has account in our bank is enough to get membership in EEPC.

CH Nadiger gave a detailed lecture on prospect of Engineering goods exports, Schemes for export promotion, Market Development Assistance, Foreign Trade Policy & Procedures, Export Credit Insurance and Export Financing and export promotion activities of EEPC India.

ECGC Development Officer KM Joy briefed about polices and schemes offered by the ECGC.

Earlier, Kerala Chamber Chairman Deepak L Aswani inaugurated the function and Chamber Vice Chairman Mathew Kuruvithadam welcomed the gathering. Director Board member Mohammed Rasal proposed vote of thanks.

Kiran Karnik joins Attero Recycling Board as first ''Independent Director''

IN A significant development in the rapidly evolving e-waste recycling sector, former National Association of Software and Services Companies (NASSCOM) President Kiran Karnik has joined the Attero Recycling Board as the first ''Independent Director'' since the company''s inception in 2008.

With his immense experience and industry know-how, Karnik brings with him the assurance of smooth functioning and corporate governance policies.

Announcing the development, Nitin Gupta, CEO, Attero Recycling said: "We are elated to have Mr Karnik on Attero''s board. His presence on our board will add tremendous value to the company''s functioning. Mr Karnik is a stalwart in the Indian IT Industry and we will benefit from his rich experience and vast knowledge."

"The expansion of Attero''s Board of Directors will ensure that the company will continue to gain from the diversity of expertise and opinions. Mr Karnik''s leadership at all the levels will be a valuable asset as we evolve Attero''s business and grow," he added.

Kiran Karnik was the President of NASSCOM till 2008. In 2009, he was appointed Chairman of Satyam Computers by Government of India; post the ''Satyam saga'' that involved the largest corporate fraud in India.

In his career spanning four decades, Karnik has been conferred many awards and accolades, including the Padma Shri in 2007 and the ''DATAQUEST IT Person of the Year - 2005''. Business Week named Mr Karnik as one of the ''Stars of Asia'' in 2004 and he was selected as Forbes magazine''s ''Face of the Year 2003'', for being a driving force behind India''s off shoring wave.

Talking about his move to Attero, Karnik said, "I'm excited to join the Attero family. This organization is innovative and has many exciting plans on the anvil. It has grown consistently over the past years and I am looking forward to working with the management team to help Attero consolidate its leadership position in this space."

"The company has young and enterprising people and with their entrepreneurial accomplishments, Attero has risen to a new level. I hope to nurture this association," he added.

Attero is also the only integrated e-waste recycler in India to be

awarded the Recycling Registration for Environmentally Sound Recycling of Hazardous Waste by the Central Pollution Control Board, Ministry of Forest & Environment.

Reliance Retail to storm India with 20 Hamleys toy stores

HAMLEYS-ONE of world’s largest toy stores is set to storm Indian market under its tie-up with one of India’s largest retail brands- Reliance Retail.

A subsidiary of Mukesh Ambani owned Reliance Industries Limited (RIL), Reliance Retail is an extension of this private major. Currently, it operates in 1,000 stores in more than 85 cities across the country.

Under its tie-up with the UK based toy store, Reliance Retail launched the first Hamleys toy store in Asia in the city of Mumbai in April 2010. Reliance Retail President and Chief Executive Officer Bijou Kurien reported that, “Our first store in Mumbai which is spread across 21,000 square foot has got a very good response. It was a pilot store. Now this is a large store. With this we have plan to open 18 stores in India over the next seven years.”

Hamleys as a brand is a very strong and reputable. The flagship store is considered one of London's major tourist attractions, and receives about five million visitors a year. The USP of such a mammoth establishment lies in its superior range of products, variety and quality.

As far as Indian toy market is considered, it is presently valued at Rs. 15,000 crore, growing annually by almost 15%. Fuelled by a vast domestic market, the industry has now turned its attention to global markets and is fast gearing up to meet international demands.

In an effort to realise this expectation, Reliance Retail has joined forces with one of world’s top toy marketers as a part of expanding its footprint. The new stores in India will be launched under ‘Pilot Store-Large store’ category, spread across 11,000 to 21,000 square feet of space.

Hamleys Global CEO Gudjon Reynisson said that the company holds all ‘local partnerships’ for merchandising their toys in any country where dearly. And an opportunity to spread out alongside India’s largest retail brand is an added incentive.

While Reliance Retail will guide the process through their extensive knowledge of domestic market, cultural diversities and distribution network, Hamleys will provide the merchandises and also give creative direction to the whole course of action.

General Motors Camaro Car ready for launch in India

AMERICAN CAR maker General Motors is all set to launch its sports car Camaro in India. Though tentative launch date and price of the car is not revealed, the car is expected to hit roads at a price of around Rs 30 lakh. Camaro in India will be launched as a brand builder for the company among people in India. The company intends to increase sales to 300,000 units in India by 2013 and has planned to launch 6 new vehicles in association with SAIC in next two years.

Chevrolet Camaro was displayed at the Delhi Auto Expo held last year in India. This  car would be most expensive car from GM in India, however it ranks as the cheapest sports car in the world.

In US market , Camaro base price starts at around $20,000 and goes up to $40,000 . Being a completely built unit, an import duty of 110% will be paid on it  causing the rise in the  price to almost double.

The company is also planning to introduce an 800 cc powered Spark ,making it the cheapest car from GM in its 14-year operations in India so far. General Motors allready sells the Beat, Spark and Cruze models in India.

GM sold 110, 804 vehicles in India last year. Presently, it holds only 5%  market share in the country . GM India expects its  sales to grow at double the pace of the industry in 2011.

Related News on >> Automobile Industry in India, Automobile Industry

iPhone application that can read minds

EXPERTS HAVE come up with a new application for the iPhone that has the ability to read minds.

The XWave enables users to control on-screen objects with their minds as well as train their brains to control attention spans and relaxation levels.

It works via a headset strapped around the user''s forehead, plugging into the iPhone jack.

A state-of-the-art sensor within the device can then read the user''s brainwaves through the skull, converting them into digital signals before displaying them in various colours on the iPhone screen.

And as the mind focuses on a particular task the graphics change, indicating the user''s level of concentration or relaxation.

The device is the latest in the field of emerging mind-controlled games and devices.

Innovations giant PLX Devices developed the high-tech sensor using technology that has for years been used by doctors to treat epilepsy and seizures in patients.

However, PLX Devices founder and CEO Paul Lowchareonkul said it was a matter of time before such contraptions entered the mainstream.

“The human brain is the most powerful, complex thing in the universe, and for the first time, we''re able to harness its amazing power and connect it to everyday technology. With the development of 3rd party apps, the potential for innovation is limitless,” the Daily Mail quoted him as saying.

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Microsoft set to report lower profit on stale PC growth

MICROSOFT CORP is set to report a dip in earnings on Thursday, a year after the launch of its Windows 7 operating system blew away Wall Street estimates, as sales of personal computers lag expectations and Apple Inc's iPad eats away at the fringes of its core market.
The world's largest software maker, which powers more than 90 percent of the world's computers, is still a money-making machine, but its fortunes are tied to vulnerable PC sales and investors have doubts it can replicate its dominance in the fast-growing mobile and tablet markets.
Its stock is down 2.4 percent in the last 12 months, compared with a 24 percent rise in the tech-heavy Nasdaq.
"Microsoft is still a juggernaut in the PC business, Windows-based machines are still selling over 300 million a year," Tim Bajarin, president of tech research firm Creative Strategies, said earlier this week.
"But they missed the smartphone revolution, and even though they were the first to really push the tablet, Apple basically redesigned it and left Microsoft in the dust."
Sales of Windows 7 are still going strong, but likely won't match the year-ago figure, which was boosted by a one-time deferral of revenue from pre-sales of the operating system, which was launched in October 2009.
Microsoft is expected to report second-quarter profit of 68 cents per share, according to Thomson Reuters I/B/E/S, lower than the 74 cents it reported a year ago.
Overall sales are expected to inch up to $19.15 billion from $19 billion a year ago, helped by the unexpectedly strong sales of the Kinect hands-free gaming system, which sold 8 million units over the holiday shopping season, above Microsoft's own target of 5 million.
PC sales, the surest guide to Microsoft's overall health, rose only 3.1 percent in the last three months of last year, according to research firm Gartner, well below earlier estimates.
The good news for Microsoft is that business customers the core market for its software are buying new computers more readily than cash-strapped consumers, who are holding off on purchases or buying iPads instead.
That resilience of business customers helped tech bellwethers IBM and Intel Corp post positive results and outlooks over the past two weeks, helping their stocks higher.
APPLE CRUISING PAST
One uncomfortable fact for Microsoft: unless it posts blowout numbers, it will have a lower quarterly profit than Apple for the first time in recent memory. The last time Apple produced more profit in a year than Microsoft was 1990.
Last week, Apple announced a record $6 billion quarterly profit on strong-selling iPhones and iPads over the holiday shopping season.
Analysts expect Microsoft to post profit of $5.93 billion for the same quarter. Two years ago, Microsoft's profit was almost double Apple's.
It could be a painful moment for Microsoft, which effectively saved Apple from extinction with a $150 million investment in 1997.
If Microsoft does not impress Wall Street this quarter, or show it has a realistic plan for growth, questions will be asked about the leadership of Steve Ballmer, now in his 12th year as chief executive.
A string of high-level departures has raised concerns about his efforts to revitalize the company.

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Haryana Power Engineers to observe protest day on February 2

HARYANA POWER Engineers Association has decided to observe protest day on February 2 against false implication of power engineers in corruption cases at the behest of a labour contractor and has demanded blacklisting of firm immediately.

R S Dahiya, President of Association in a press statement said that the  State Vigilance teams of Haryana have made raids on 5 places namely Karnal, Kurukshetra, Kaithal, Ambala and Narwana in order to catch hold of the Officers of Haryana Vidhyut Parsaran Nigam (HVPN) by forcibly putting the currency notes in their pockets on a complaint of  a firm Shree Sham Enterprises, a outsourcing company of Faridabad.

It may be mentioned that this firm is providing labour on contract basis to HVPN.  The association has alleged that the said contractor was not depositing EPF & ESI amount of the contact employees in the concerned offices.  When the firm was asked by the officers to submit the list of EPF account of contractual labor, the firm instead of complying with legal requirements approached the vigilance with false complaints.

The association in an emergency meeting condemned the above actions and urged the Haryana Government   as well as the Management of the Power Utilities to blacklist the firm with immediate effect.

Toyota recalls 1.7 million autos worldwide on quality issue

TOYOTA MOTOR Corp said it would recall more than 1.7 million vehicles worldwide, bringing its total for recalls to nearly 16 million since late 2009 and dealing a blow to its efforts to restore its reputation for quality.
The recalls are for various issues, the biggest of which is to fix potentially faulty fuel pumps and connecting pipes in 1.34 million vehicles, Toyota said.
Although the situation is different from last year, when Toyota attracted intense scrutiny from U.S. safety regulators over unintended acceleration problems that were blamed for dozens of fatalities, the latest recall may make it harder for Toyota to convince investors it has put its quality problems behind it.
Shares of Toyota, the world's top automaker, extended early declines and closed down nearly 2 percent on the Tokyo Stock Exchange after the announcement.
Toyota's U.S. shares were down 1.5 percent at $82.60 in morning trading in New York, compared with a rise of 0.6 percent in the S&P 500 index.
"Toyota faces harsh competition from Honda Motor Co, which is in a much better situation in the U.S. market -- this is reflected in its stock price which now stands at multi-year highs," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.
"That's why investors are a little nervous and sold Toyota when this negative news came out," he said.
The models affected by the fuel pump issue include the Noah minivan and other models sold in Japan as well as 141,000 Avensis units sold overseas. That is Toyota's biggest recall in six years and its second-biggest ever for a single defect, said Toyota spokeswoman Shiori Hashimoto.
Toyota said in a filing to Japan's transport ministry that no accidents had been reported because of the defects.
U.S. SALES SUFFER
Toyota was the only major automaker to see its sales fall in the United States last year, and just squeaked by General Motors Co to keep its spot at the top of the global sales ranking.
Toyota said it was also recalling around 335,000 Lexus units sold overseas, including about 245,000 sold in the U.S. market, due to trouble with a fuel pressure sensor connected to an engine fuel delivery pipe.
In the United States, about 152,500 IS250 models are affected by the recall.
Lexus remained the top luxury brand in the U.S. market last year, with sales of about 230,000 units. But second-place Mercedes-Benz closed the gap to less than 5,000 vehicles and grew by 17 percent. Mercedes-Benz is owned by Daimler.
Lexus' 6 percent growth in sales compares with gains of 26 percent by Honda's luxury brand Acura and of 27 percent by Nissan Motor Co's Infiniti brand.
Lexus is seen as a car for Baby Boomers which does not appeal as much to younger buyers.
Lexus has lost some luster in the U.S. market in part because of publicity surrounding last year's safety recalls but also because its model lineup is not fresh, said Jeremy Anwyl, chief executive of Edmunds.com.
"The safety issue from last year had an impact, but the products for both Lexus and Toyota are getting stale in a market that values newness," said Anwyl.
"I don't think this is going to have a huge impact in terms of sales," he said, mentioning that Toyota and Lexus dealers can claim the automaker is being proactive, before any injuries or accidents have been reported.
In two other filings on Wednesday, Toyota said it would recall about 75,000 Crown models and about 6,200 Townace vans in Japan to fix the same fault found in Lexus cars sold in the United States and elsewhere.
Toyota's Hashimoto declined to say how much the latest recalls would cost the Japanese carmaker.
The U.S. recalls regarding Lexus will take an estimated two hours for inspection and tightening of the fuel pressure sensor but three hours if a gasket needs to be replaced, Toyota said.
For the financial year to March, Toyota expects operating profit of 380 billion yen ($4.6 billion), lower than both Honda and Japan's No. 3, Nissan, are forecasting.
Toyota's last big recall was in October when it said it would fix 1.66 million Avalons, Highlanders and other models worldwide mainly for a defect in the master cylinder brake seal.
Toyota shares closed down 1.9 percent at 3,400 yen, underperforming a 0.6 percent fall in the benchmark Nikkei average.
Shares of Honda, Japan's second-largest automaker, gained 0.7 percent to 3,470 yen.

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Indian, Indonesian business chambers sign 16 MOUs

BUSINESS CHAMBERS of India and Indonesia on Wednesday signed 16 memoranda of understanding on the sidelines of a three-day state visit to India by Indonesian President Susilo Bambang Yudhoyono.

The agreements signed included bilateral cooperation in urea manfacturing; development of an industrial complex for heavy minerals; construction of a railway line for transporting coal and a coal terminal from Tanjung Enim to Tanjung Api-api in South Sumatra; infrastructure for a railway line and a seaport in South Sumatra; the building of an aluminium smelter in South Sumatra;setting up of a gas-based power plant in Central Java;training and internship for civil servants and employees of the National Electric Company and the Indonesia Investment Coordinating Board; construction of an airport at Kulon Progo, Yogyakarta; construction of an off-take fertilizer plant; cooperation in information technology;financing of a coal-based power plant; construction of an airport at Buleleng, Bali; construction of a cargo ship building and oil and gas terminal plant; road infrastructure for mine and port projects and an agreement for information technology security transfer of technology.

Representatives and officials of the Indian and Indonesian Governments, and the business chambers of the two countries, signed the agreements.

Related News on >> Business News in India , Business News India

Dabangg wins 7 awards at Chevrolet Apsara Awards 2011

THE STAR-STUDDED night at Chevrolet Apsara Awards 2011, powered by Micromax Mobile and telecom partner Aircel, brought the biggest stars of the Indian entertainment industry under one roof. This eventful night saw the kings and queens of the Indian film industry along with television sirens and charmers walk the red carpet in their most glamorous avatar.

Spirits were high as the audience cheered on Priyanka Chopra’s sizzling performance on Bollywood’s hit songs, Govinda’s tribute performance on veteran actor Dharmendra and the King Khan’s grand finale performance. Also seen was Katrina Kaif burning up the dance floor for the first time on ‘Sheila Ki Jawaani’ which also won two awards for Best Choreography (Farah Khan) and Best Female Singer (Sunidhi Chauhan).

Vidya Balan for Ishqiya shared the award for Best Actress in a leading role with Anushka Sharma who danced on her chartbuster number ‘Ainvayi Ainvayi’ from the movie Band Bajaa Baraat which also bagged three awards for Best Costume Design (Niharika Khan), Best Art Director (T P Abid and Sonal Choudhry) and Best Editing (Namrata Rao).

Higest scorer Dabangg which swept seven awards for Best Actor (Salman Khan), Best Film (Arbaaz Khan Productions), Best Music (Sajid Wajid), Best Male Singer (Rahat Fateh Ali Khan for Tere mast mast do nain), Best Female Singer (Mamta Sharma for Munni Badnaam Hui), Best Performance in Negative Role (Sonu Sood).

Small budget movies like Peepli Live won the award for Best Story (Anusha Rizvi), Atithi Tum Kab Jaoge? won the award for Best Performance in a Comic Role (Paresh Rawal) and Love Sex Aur Dhokha won the award for Best Sound Recording (Pritam Das).

Best Non Fiction Series in the television category was won by Entertainment ke Liye Kuch Bhi Karega and for Best Drama Series Fiction was won by Mann Ki Awaaz Pratigya. Silver screen favourites Dilip Joshi (Taarak Mehta Ka Ooltah Chashmah won the award for Best Actor in Drama Series) and Ankita Lokhande (Pavitra Rishta) won the award for Best Actress in Drama Series. Balika Vadhu won the award for the Best Writer (Purnendu Shekhar, Gajra Kottary and Rajesh Dubey-Balika Vadhu) and Uttaran won the award for Best Ensemble Cast.

Ramesh Sippy, president of the Guild said, “The Apsara Awards are unique in the fact that the winners are chosen from within the fraternity. It is an honour that the industry bestows upon its best making it a different league of awards in itself. After five successful years of the Apsara Awards, we have seen an enormous growth in the responses received and are certain that these awards will grow to become a benchmark of talent in the Indian film industry. ”

General Motors India, president and managing director, Karl Slym said, "At the forefront of technology, innovation and design, Chevrolet believes in bringing together the finest elements in its creations and as an extension of this belief, Chevrolet Apsara Film and Television Producers Guild Awards is an endeavour to honour talent, innovation and excellence in cinema and television by the stalwarts of the industry itself. Chevrolet will be celebrating its 100 year heritage worldwide this year and its association with the silver screen has been equally enriching."

Rahul Sharma, executive director- Micromax Infomatics Limited added, "We are delighted with our second year of association with the Apsara Awards. The Apsara Film and Television Producers Guild Awards are the most prestigious awards, being the industry awards and we wish all the nominees the very best."

Gurdeep Singh, COO, Aircel commented, “Telecom is a common thread in information, communication and entertainment and it has now revolutionised our lifestyle taking it to another level with the convergence of technology and innovation keeping us connected, informed and entertained anytime anywhere. It is our endeavour at Aircel to offer our consumers innovative products and services which are engaging enriching and above all entertaining. With the same spirit, we feel honoured to encourage new talent and applaud the seasoned at The Apsara Film and Television Producers Guild Awards.”

Sabbas Joseph, director - Wizcraft International – “We feel privileged to support the Guild in their endeavour to commend the best in the industry. We are pleased to be associated with the Guild in achieving these objectives in India as we strive to achieve the same with IIFA on a global platform. This year the Apsara’s will see some of the best and the brightest in the industry perform, making it a truly magnificent affair.”

The Award has been instituted by the Film and Television Producers Guild of India with an objective to establish a standard for honouring excellence and achievements in the Indian film industry. The great response to Awards since its commencement is a testimony of how much acceptance this initiative has gained. It is an extremely credible, completely unbiased platform, which had been the prime objective behind instituting the Apsara Film Producers Guild Awards. The Apsara strives to ensure that these awards establish a benchmark that parallels the world’s best and meets international standards.

The Chevrolet Apsara Film and Television Producers Guild AwardsTM powered by Micromax Mobile and telecom partner Aircel is promoted and produced by Wizcraft International Entertainment Pvt Ltd. The ceremony will be broadcast on Colors, Viacom18’s Hindi General Entertainment Channel and the official broadcast partner of the Awards. Gitanjali Lifestyle and the Kingdom of Dreams are associate sponsors for the 6th Chevrolet Apsara Film and Television Producers Guild AwardsTM.

SRK and Shahid burn the stage during Star- Screen awards

THE FIRST awards of 2011 were finally on air this Saturday on Star Plus. The dazzling duo SRK - Sasha ( Shah Rukh Khan & Shahid Kapoor) were the main hosts. Though SRK was in his usual comic best, Shahid  Kapoor was trying hard to get attention.

They managed to get Rekha shake a leg on her trademark songs. Keeping in mind their huge fan following, SRK & Shahid are heartthrobs in their own rights which they then utilised to pay tribute to Asha Parekh when Shahid showed off his dance moves in a saree on her " Ajaa Ajaa" song.

With SRK constantly making fun of Shahid, his flops (movies & relationships), they managed to tickle the funny bones of the celebrities present from the B-town.

Anushka and Ranveer co-hosted the event. Ranveer also received "The most promising New Comer Award",which he offered to Anushka ,which she jokingly accepted as she didn't get it for her debut film.

As for other main awards, Dabangg, My Name is Khan and Ishqiya bagged most of them.

Best Actor (Male)

Salman Khan - Dabangg

Best Actor (Female)

Vidya Balan - Ishqiya

Best Actor Popular Choice (Male)

Shahrukh Khan - My Name Is Khan

Best Actor Popular Choice (Female)

Katrina Kaif - (Raajneeti - Tees Maar Khan)

Katrina, Priyanka Chopra, Vidya Balan, Hema Malini, Arbaaz Khan, Karan Johar, Kajol were among the star audience.

While the faces missing were the Bachchan family with an exception to Aishwarya Rai who made a come back to the performing stage after 2007. Also Saif and Kareena gave the screen awards a miss along with Akshay Kumar and many others.

Airtel launches 3G services

Airtel rolled out third-generation 3G services in Karnataka(Bangalore), which is  its largest customer and revenue base circle. 3G services offer high speed internet access on mobile and utility services like watching videos , video calls, watching live TV and streaming.

Airtel also announced that the service would be launched across all 13 circles licenced to the company by March 2011.Airtel has also designed a tariff structure like individual data usage limits and usage alerts. Users can also buy time based plans along with data limits, sachet plans.Users can choose monthly packages between Rs.200-750. Users will be able to download at speeds up to 21 MBPS.

Airtel has become the fifth telecom operator to offer 3G service in India.Earlier Tata Docomo , RCom launched the 3G services in  2010, after BSNL and MTNL. Others like Vodafone is expected to launch it by next month.Government auctioned 3G licences to private operators last year.

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Maruti cars gets costlier by Rs 8,000

Maruti Suzuki India , has increased the prices up to Rs 8,000, except for its compact car Alto K10, due to increase in input cost pressure. Maruti Suzuki raised prices across all models upto 2.2% , which will cost between Rs 1,000 and Rs 8,000. The changes will be effective from Monday.

Price of natural rubber which used to be Rs 100,  has gone up to Rs 200 per kg ,Copper price has increased upto 15% and steel has also been increased. Material cost amounts to 80% of the cost of production of a car. The cost of consumption of raw materials and components had gone up to Rs 6,938.9 crore during the quarter from the earlier Rs 5,254.9 crore.

Tata Motors also increased prices  from January. Mahindra & Mahindra, General Motors  has indicated that  too, while Volkswagen has increased the price of its car Polo, by 2.9% with effect from this month.

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Facebook to unveil financials, raises $1.5 billion

FACEBOOK IS preparing to open its books this year or early in 2012 to give investors a glimpse into the financial workings of the world's No. 1 social network, after it sealed an oversubscribed $1.5 billion round of financing led by Goldman Sachs.

The financing, $1 billion of which is from Goldman Sachs' overseas clients and $500 million from Goldman itself and Russian investment firm Digital Sky Technologies, gives the company a projected value of $50 billion, setting the stage for what could be one of the largest initial public offerings next year.

Facebook, founded in a Harvard dorm room in 2004, said it would begin to file public financial reports no later than April 30, 2012, in a statement detailing the new investment.

United States securities regulations require companies with more than 499 shareholders to disclose financial information whether they are publicly traded or not. Facebook expects to exceed that number some time this year.

The new funding was organized by investment bank Goldman Sachs, which raised $1 billion from non-U.S. investors in a fund that Facebook said was oversubscribed.

Goldman Sachs originally pitched the investment to U.S. investors, but switched focus to overseas clients as concerns grew that intense media coverage surrounding the offering could run afoul of U.S. securities laws.

Initial projections from Goldman Sachs in documents circulated to potential investors earlier this month indicated it was looking to raise up to $1.5 billion.

Facebook said it made a "business decision" to limit the offering to $1 billion, without explaining further. It said it had no immediate plans for using the money raised.

The company earned $355 million in net income in the first nine months of 2010 on revenue of $1.2 billion, according to a document distributed by Goldman Sachs to potential investors earlier this month, the only source of financial data on the company.

In December, Digital Sky Technologies, Goldman Sachs and some funds managed by Goldman invested $500 million in Facebook.

Facebook has more than 500 million users and is challenging big Web businesses like Google Inc and Yahoo Inc for users' time online and for advertising dollars.

Investors are increasingly eager to buy shares of Facebook and other fast-growing Internet social networking companies on private exchanges.

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Blackberry say talks with Indian Govt ongoing and positive

RESEARCH IN Motion Ltd on Thursday (January 20) said its talks with the Indian Government over access to deciphering corporate emails sent through its BlackBerry smart phones are ‘ongoing and positive’.

The statement follows a local newspaper report that the Canadian company has temporarily suspended talks with the Indian government after the leaking of sensitive information related to the negotiations to the media.

"We continue to work with the government of India toward mutually agreed objectives within the framework of RIM's publicly stated principles and we remain focused on our commitment to India and our strong growing customer base," the Wall Street Journal quoted the company, as saying in an e-mailed statement.

The newspaper cited a communication from the Canadian high commissioner to the Indian Home Secretary G K Pillai, but didn't say where it got the information.

The report also cited a separate communication from RIM to the Indian telecom minister, Kapil Sibal, as saying talks between the government and the company must be on hold until a top RIM executive arrives in New Delhi on January 27 to assess the situation.

RIM has been under pressure from the government to provide access to data on its secure networks as India wants to monitor the company''s corporate email and messenger services.

BlackBerry devices use an advanced encrypted email system and are preferred by business people because of the secure communication they offer.

Several governments, especially in the Middle East and Asia, have been pushing RIM to provide access to data on the secure networks.

The Indian government fears the heavy encryption on RIM's BlackBerry smart phones makes them convenient for terrorists to use undetected and asked RIM to grant access to its messenger services before January 31.

RIM said the date was a target, but not a deadline.

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Google co-founder Page takes over, targets Facebook

GOOGLE INC co-founder Larry Page will take over as CEO from Eric Schmidt, a surprise move to make the company more nimble at a time when competition heats up with fast-growing rivals like Facebook.
Page's assumption of day-to-day operations marks a return to Google's technological roots, 13 years after he and fellow Stanford University student Sergey Brin founded what has become the world's No. 1 Internet search engine with $29 billion a year in revenue.
"Day-to-day adult supervision no longer needed!" Schmidt tweeted after the announcement.
The news came as Google reported earnings and revenue that blew past expectations.
While Google has dominated Internet search for a decade, the company has struggled to find its footing in social networking, with a new crop of Web companies such as Facebook and Twitter stealing Web traffic and engineering talent.
"As spending was curbed and order restored over the last few years, some of that Google magic was lost," said Tricia Salinero, managing director of Newforth Partners, a mergers and acquisitions advisory firm, in an email.
Schmidt, who will step aside on April 4 and make way for Page, told Reuters in an interview that the change was "not a reaction to competitors."
Rather, he said, it was an effort to speed up decision making at the company, which ended the year with about 24,000 employees.
"Google has many different businesses and the issue that we have been getting into is there's too many ways (in) which these businesses can be slowed down," Schmidt said.
Schmidt, who became CEO in 2001 to bring more management experience to a then-fledgling company, will assume the role of executive chairman, focusing on deals and government outreach, among other things. Brin will concentrate on strategic projects.
Shares in the Internet search and advertising leader rose about 2 percent to $639 in extended trading.
Just days ago, Apple Inc CEO Steve Jobs announced a leave of absence, leaving lieutenant Tim Cook in charge of day-to-day operations. Like Google, Apple also announced results this week that blew past Wall Street's estimates.
"The Street will think it's a negative, that there is probably some issue going on. Google is trying to get more efficient and trying to get a tech guy in the seat to compete with Facebook," said UBS analyst Brian Pitz. "I don't think it changes anything strategically where the company is headed."
News of the change came as Google reported a 29 percent surge in both net profit and net revenue that beat forecasts.
Net income, excluding items, of $8.75 a share outstripped Wall Street's average forecast of $8.10.
Net revenue, excluding fees paid to partner websites, was $6.37 billion. Analysts polled by Thomson Reuters I/B/E/S, on average, were expecting net revenue of $6.06 billion.
GOVERNMENT OUTREACH
The world's top Internet company is recruiting and going on an acquisitions spree, aiming to ensure its online products remain popular as surfers turn to new services like Facebook -- now the most heavily trafficked website -- and wireless gadgets.
On a conference call with analysts, Google CFO Patrick Pichette said a 10 percent, across-the-board pay raise instituted late last year was a direct attempt to staunch a flow of talent to hot Web upstarts in the Valley.
Google is also facing increasing regulatory scrutiny as its influence on the Web grows and as the company expands into other markets.
The company's planned $700 million acquisition of airline ticketing software company ITA software is being reviewed by U.S. regulators, while European regulators are looking into Google's search practices.
Google tried to buy fast-growing online local-shopping service Groupon for $6 billion but was rebuffed, Chicago Breaking Business, a Tribune Newspaper website, and other news outlets reported.
The question is whether Facebook's success could start to cut into Google's business, as investors debate whether marketers will advertise on both online services, or shift advertising dollars from Google to the world's largest social network.
Google said the management change was made as part of a plan to "streamline" decision making and create clearer lines of responsibility and accountability at the top.
"It's a good move. It (the triumvirate management structure) was always one of things that concerned us a little bit," said Ryan Jacob, portfolio manager with the Jacob Internet Fund. "It should streamline the decision-making process. They're in a fast-moving industry."
Schmidt now plans to sell about 534,000 shares of Class A common stock, the company said. Based on Google's closing share price of $626.77 on Thursday, he would earn about $334.7 million on the stock sale. He would still own about 2.7 percent of Google's outstanding capital stock, down from 2.9 percent before selling the shares.
"As Google has grown, managing the business has become more complicated. So Larry, Sergey and I have been talking for a long time about how best to simplify our management structure and speed up decision making," Schmidt said in a posting on the company's official blog.
"And over the holidays we decided now was the right moment to make some changes to the way we are structured."
Google also reported fourth-quarter financial results, beating Wall Street's net revenue expectations.
Schmidt said on his blogpost that Page, the son of a Michigan State University computer science professor, will now lead product development and technology strategy, areas that are "his greatest strengths."
"It will be interesting to see what he'll do that's different, what he could not have done in his prior role," said BGC Partners analyst Colin Gillis.

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Petroleum and natural gas minister rules out diesel price hike

NEW PETROLEUM and Natural Gas Minister S.Jaipal Reddy on Thursday ruled out any increase in diesel prices, even though oil companies are losing Rs.7 per litre on the sale of transport fuel.

Interacting with media here after assuming charge of his office, Reddy said there was no proposal to increase in diesel prices, and added that a deregulation of diesel prices would take place in due course.

He also said that there would be no rollback of petrol price, which has been raised seven times since its deregulation in June, 2010.

Reddy revealed that the three state-owned fuel retailers Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation are expected to lose Rs 72,000 crore in revenue this fiscal on account of subsidised fuel sales.
He said that Petroleum and Natural Gas Ministry would press for a reduction in customs on crude oil and excise duty on diesel, as was proposed by his predecessor, Murli Deora.

Reddy met with senior ministry officials and said that as a "new minister in an old government", he was morally and politically accountable for all the policies and decisions taken by his predecessor.

S.Jaipal Reddy took the charge as Petroleum and Natural Gas Minister from Murli Deora in the latest reshuffle of Manmohan Singh cabinet on Wednesday.

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Whitefield the next emerging real estate destination

WHITEFIELD WAS originally a small calm village that housed Anglo-Indians and retirement colonies for a long time till mid 1980’s. During late 1980’s new industrial and technological developments emerged as more and more companies set up industrial units, research & development centers and information technology companies.

Whitefield in the past was a picturesque locality and a good place for residents, retirees and Anglo Indian settlements. In the olden days this was a distant suburb away from the hustle and bustle of the city center. Living in Whitefield was almost as good as living in a small town and most residents used to live in large villas, individual gated houses with a plenty of greenery and serene surroundings. Even today Whitefield retains all its old charms and beauty despite some dramatic changes to its surrounding uses and mushrooming commercial activity.

Commercial Growth Story

Commercial developments have kicked off in Whitefield and its vicinity with large floor plates being taken up by IT and ITES companies. For instance MuSigma leased about 1,10,000 SF in Kalyani Platina and Divyashree Technopark with 6,25,000 SF is under construction and may soon see more leasing and commercial activities.

The important point to note here is the way some of the leading commercial hubs around Whitefield such as ITPB and various other technology parks, industrial parks and R& D centers have grown. The growth here is not confined to IT and BPO but a little diverse due to the emergence of manufacturing and technology (non-IT) units that have come up over the years.

As development takes place in a big way in any locality there will be a spill over effect in other industries, business and sectors too. Commercial developments have lead to more shopping, entertainment centers, emergence of outlets and servicing points, etc. Though the working class was not keen on settling down in Whitefield, the scene has changed with a number of players launching villas, apartments and various other developments in Whitefield. A select number of residential projects is shown in the table below.

The price of residential apartments starts around Rs.2400 per SF and goes up depending on the level of amenities, furnishing and other improvements in the property.

One of the Best Retail Catchments

The population in Bangalore is always adding up due to the increasing number of workers and professionals migrating from other states, towns and cities, a majority of which is in IT or software sector. Today there are other sectors that attract talent too, but the large numbers come from IT or ITES invariably due to large scale developments in these sectors.

As the population in suburbs like Whitefield grows additional developments such as retail, entertainment, etc are inevitable. So here once can find large shopping malls such as Forum Value Mall, Hyper City Mall and various other retail centers. Similarly a number of branded retail outlets, grocery outlets, apparel outlets, etc are increasing as Whitefield has become one of the leading retail catchments.

Future potential

All said and done, the success of any locality will depend on the basic infrastructure and facilities. Let us give due credit for the planners and conceivers of Whitefield (who probably belong to the British Era).

You can see well laid out roads, well planned localities such as Inner Circle, Outer Circle, etc and also excellent accessibility to Old Madras Road (NH-7) and Old Airport Road (which leads to the former HAL Airport). There is a lot of potential growth when new projects such as Peripheral Ring Road, Metro Phase II (which will go up to ITPL) get materialized. However, even given the current developments Whitefield enjoys good access to the city, the International Airport and has proven to be a self-sufficient suburban location which is a good place to work and live.

Mobile number portability: What an Idea?

If you are not happy with your telecom service provider schemes, services , don't get irritated.Here comes the solution. Choose another mobile operator and kick off the old one.The much awaited Mobile Number Portability will get operational in India from today. The scheme was launched first in Haryana in Nov 2010 and now all set to be operational in all over India.

In India there are more than 700 million mobile users. In MNP mobile users can switch to other service provider without changing the numbers. Both prepaid and postpaid users will have the facility to switch to other operators.

Rules of Mobile Number Portability:

• The subscriber needs to send a SMS from his mobile to 1900.
• Once the subscriber sends SMS, he will get a unique porting code from current service provider.
• Then subscriber have to fill the application form and mention the new service provider.
• New service provider will collect the information about the user from the current service provider. A time lag of 7 days will be taken for the complete transfer of mobile number to the new network operator. However, the time period of transferring in Jammu and Kashmir, Assam and North East areas will be 15 instead of 7 days.
• For subscribing the new operator,the subscriber has to pay the amount of Rs 19.

With implementation of MNP, operators will have to focus on better customer care and network coverage while differentiated services from other providers like 3G.

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Union Finance Minister holds pre budget consultations

UNION FINANCE Minister Pranab Mukherjee on Wednesday held discussions with the State Finance Ministers as part of his pre budget consultations, and asked them to play their part effectively in controlling inflation.

Addressing the State Finance Ministers during a Pre-Budget deliberations here, Mukherjee said: "There is a need for you to urgently look into supply management of items that are driving the current round of food inflation, in particular local factors that are widening the gap between wholesale and retail prices."

Mukherjee said that the Central Government has taken measures to facilitate imports and, where required, restrict exports to ensure the supply of essential commodities.

"Bottlenecks in supply chain have to be removed. States have to take steps to ensure agriculture grows and create efficient distribution and marketing infrastructure," he added. 

While advocating a cut down on wastage, Mukherjee urged them to review all local level levies like ''mandi tax'' and ''octroi duty'', which add to prices of food articles and impede smooth movement of essential commodities.

He said that there is strong case to review and reform the Agriculture Produce Marketing Act (APMC) in States where it has not been addressed so far.

Mukherjee further said that the government-regulated markets are not only imposing taxes and facilitating large commissions and fees for the middlemen, but also preventing the retailers to integrate their enterprise directly with the farmers.

Recalling his last Budget speech, the Finance Minister said that the Government had outlined a four-pronged strategy to encourage agriculture covering (a) agricultural production; (b) reduction in wastage of produce; (c) credit support to farmers; and (d) a thrust to the food-processing sector.

He said that the basic intention was to consolidate on gains already made in green revolution area while directing resources for productivity gains in other areas, namely the Eastern region and specific crops like pulses.

Mukherjee further said that there has been a conscious effort to improve growth in agriculture credit in the past few years, which has helped investments in the sector.

He said that the ''Minimum Support Prices'' have also been revised periodically to ensure remunerative prices to the farmers and this has enhanced their returns as well as the capacity to invest for improved productivity.

However, it has also resulted in strengthening of cost-push factors in inflation.

On the fiscal front, Mukherjee said that in addition to growth in States'' own taxes due to improved economic performance, the States have received higher share in Central taxes from the 13th Finance Commission.

"The 13th Finance Commission has substantially augmented grants-in-aid to the States. The 13th Finance Commission has also laid down a roadmap for fiscal consolidation," he added.

Expressing hope, Mukherjee said that this increased availability of resources with the States would enable them to adhere to the roadmap suggested by 13th FC without putting any adverse pressure on their development spending.

While summing-up his remarks, the Finance Minister said that the issues that he had highlighted have to be tackled collectively without entering into any blame game.

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Google investors to look beyond search

A STRONG holiday shopping season will help Google Inc beat Wall Street's quarterly targets again, but investors may need more convincing to buy into the Internet giant's longer-term future.
Google, whose shares underperformed the market in 2010, will need to overcome past failures to get onto the social Web and local advertising twin areas that threaten to siphon off Internet traffic, and advertising dollars.
Now, the world's top Internet company is recruiting and driving an acquisitions spree, aiming to ensure its online products remain popular as surfers turn to new services like Facebook now the most heavily trafficked site and wireless gadgets.
It tried to buy fast-growing online local-shopping service Groupon for $6 billion but was rebuffed, Chicago Breaking Business, a Tribune Newspaper website, and other news outlets reported.
"The key opportunity for Google in 2011 is to prove that the transition to mobile, social and local is a graceful one," said Stifel Nicolaus & Company analyst Jordan Rohan. "Google cannot be perceived to be run over by Amazon.com, Apple, or Facebook."
The competitive landscape will be uppermost on investors' minds given recent events at rivals, such as Apple CEO Steve Jobs' medical leave of absence and Facebook's $50 billion valuation. Google stock rose 2.5 percent on Tuesday after the surprise Jobs news.
Google has made a good start with its Android mobile operating system now on more phones than Apple's software. Investors will be eager for updates on those fronts when the world's No. 1 Internet search engine reports fourth-quarter financial results after Thursday's market close.
But the question is whether Facebook's success could start to cut into Google's business, as investors debate whether marketers will advertise on both online services, or shift advertising dollars from Google to the world's largest social network.
"Facebook's the long-term competitor, not Bing," said Walter Price of RCM Capital Management, which owns Google and Microsoft shares, referring to Microsoft Corp's search engine.
HOLIDAY CHEER
Google, which has beaten Wall Street revenue expectations for the past five consecutive quarters and missed profit targets just once in that period, is expected to report net revenue of $6.06 billion for the fourth quarter, up roughly 10 percent quarter-over-quarter, with earnings per share of $7.14, according to analysts polled by Thomson Reuters I/B/E/S.
Spending on search advertising remains healthy in the United States, the company's single largest market, propping up the topline, said Kaufman Brothers analyst Mayuresh Masurekar.
Retailers and e-commerce Web sites had pumped up their spending on search advertising during the holiday to lure customers and "capture every available lead," he said.
Google's growing staff (the company added roughly 3,500 employees in the first nine months of the year) and its unpredictable capital expenditures schedule mean that earnings per share will be a wildcard, said Gleacher & Company analyst Yun Kim.
Yet as long as EPS is in-line and Google delivers strong revenue growth, investors will be appeased, he added. In October, Google's shares gained more than 10 percent after the company beat third-quarter profit and revenue expectations.
During the post-earnings conference call in October, Google gave investors what it said was a "one-time" peek at some of its businesses beyond search, revealing that it was generating $2.5 billion in revenue from display ads on an annualized run rate, and $1 billion from its mobile business.
"They kind of gave people the confidence that even though search slows down there are levers that Google can pull to keep growing," said Kaufman's Masurekar.
SOCIAL WEAK SPOT
Google has launched a flurry of new services in recent months, including an electronic bookstore that competes with Amazon and Barnes & Noble Inc, and a Web TV service which, despite receiving lackluster initial reviews, could eventually open the door to important advertising opportunities.
Android, Google's 2-year-old smartphone operating system, has emerged as one of its strongest initiatives. More than 300,000 Android phones are sold every day, and Android ranked as the second most popular smartphone operating system in the third quarter, ahead of Apple's iOS software, used in the iPhone, according to industry research firm Gartner.
But Google has shown itself less adept when it comes to Internet social networking, where Facebook dominates.
In 2010, Facebook displaced Google to become the most visited Web site in the United States, according to Experian Hitwise. And advertisers are increasingly warming to the service: according to a Goldman Sachs document, Facebook generated $1.2 billion in revenue in the first nine months of 2010.
No wonder some say Google runs the risk of becoming another Microsoft -- dominant in one area but abruptly and rapidly eclipsed in fast-growing new markets by up-and-coming rivals.
"Google needs to step up in social or it runs the same risk that Microsoft does of having the (stock's price-earnings) multiple degrade," said RCM Capital's Price.

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Apple's bright view outshines Jobs' plight

APPLE INC landed blockbuster results and a strong outlook on dazzling sales of the iPhone andiPad, reassuring investors that visionary CEO Steve Jobs' medical leave will have no impact on growth.

Shares in Apple leapt almost 4 percent after hours following a brief trading suspension. It later backtracked to stand about 2 percent higher, recouping most of the losses incurred after Jobs' surprise announcement.

Apple, once notorious for its conservative forecasts, said it expected earnings for the March quarter of $4.90 a share on revenue of $22 billion, surpassing the forecast of $4.47 a share on revenue of $20.8 billion.

An across-the-board show of strength came as Wall Street displayed increasing confidence in the management team surrounding Jobs, who is seeking medical treatment for an unspecified condition for an indefinite time.

Jobs was hardly mentioned during an hour-long conference call with analysts, and the subject of his future with the company never came up.

Investors were widely expecting a strong performance from Apple over the holidays, and the company did not disappoint.

"I expected a strong quarter but it even blew away my expectations," said David Dillon, a portfolio manager at HighMark Capital Management, which owns Apple shares.

All key product lines exceeded expectations. The company sold 16.2 million iPhones in the quarter, up 86 percent from the year-ago quarter. It also had strong sales of 7.33 million iPads, and Mac sales rose 23 percent on a unit basis to 4.1 million units.

Executives again said they could not build enough iPhones to meet demand. But it was the iPad, which executives claimed about four out of five Fortune 100 companies were now field-testing, that caught investors' attention.

"The iPad numbers were huge," said Kaufman Bros analyst Shaw Wu.

Jobs' role is "important but at the same time, as the company continues to execute, it becomes more secondary. The way Steve thinks, his methodology, his sense of style: frankly, a lot of it has been ingrained into the Apple culture."

STEPPING AWAY

The world's largest technology company by market capitalization said on Monday that Jobs, 55, was taking a medical leave of absence without specifying a return date or detailing his condition.

Jobs, a pancreatic cancer survivor who underwent a liver transplant in 2009, and his health have been in the spotlight for years, but Chief Operating Officer Tim Cook and the rest of Apple's upper echelons had led the company capably during two previous absences, winning over Wall Street.

But aside from its chieftain's health, the company is entering 2011 on a roll, a cash-generating machine with surging sales across its product lines. In coming months, Apple's iPhone will go on Verizon Wireless' network, further accelerating sales of the smart phone.

Strong sales in the Asia Pacific region kept growth sizzling: Apple saw revenue nearly triple to some $5 billion in the first quarter, propelled by a booming market in China.

And at more than 7 million sold versus the roughly 6 million expected, Apple's iPad has not only virtually created the tablet market, but has become a significant slice of business for the consumer electronics powerhouse.

That puts the company in good shape for several years.

"The unknown is what happens beyond this time frame. Steve is the conductor, so to speak. Yes, there's a deep bench at Apple but, it's only Steve that makes it bigger than the sum of its parts," said Rodman & Renshaw's Ashok Kumar.

Apple reported earnings for the fiscal first quarter ended December 25 of $6 billion, or 6.43 cents a share, up 78 percent from a year-ago net profit of $3.4 billion, or $3.67 a share.

Analysts on average were expecting a profit of $5.40 a share, according to Thomson Reuters.

Revenue rose 71 percent to $26.7 billion, much better than Wall Street's forecast for revenue of $24.4 billion.

Gross margins of 38.5 percent got a boost from better-than-expected commodity costs. The company guided to the same level in the March quarter, telegraphing to investors an even higher figure as Apple routinely outperforms its forecasts.

The results helped make up for a roughly 2 percent loss in Apple's share price during regular trading on Tuesday, driven by concerns that Jobs' eventual departure would derail his company's famed innovation train.

"Steve is an important part of what Apple is. Everyone wants to know, does the company fall apart? No," said BGC Partners' analyst Colin Gillis.

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Ex-Swiss banker hands over 2,000 secret names to Wikileaks

A FORMER Swiss banker has handed over the names of 2,000 secret account holders from Asia, US and Britain to Wikileaks, who have evaded taxes. A former employee of Swiss based Bank Julius Baer, Rudolf Elmer said the account holders include celebrities, business leaders and lawmakers.
Wikileaks founder Julian Assange, who received the two discs containing the document appeared in front of the media alongside Rudolf Elmer at London's Frontline Club, said they will make these 2,000 names public in future. Julian Assange said, "We will treat this information like all other information we get. There will be a full revelation."
Earlier today, BJP President Nitin Gadkari asked the Centre to make public the names of Indians who have stashed unaccounted money in Swiss banks.
He also said, "I demand from the Central Government the names of those who have cheated and betrayed the country and amassed this black money. This money belongs to people of India, which has been kept in the Swiss bank. The Central Government has got the names of such people and the government should immediately reveal the names."
BJP spokesperson Ravi Shankar Prasad said, "We are interested in the names from India and the entire country expects that those who have looted public money and invested abroad in Swiss bank accounts, their names should also be exposed."
The Swiss banker Rudolf Elmer released the files two days before he is due to appear before a Zurich regional court in connection of violating Switzerland's strict banking secrecy laws. Elmer who worked for the Swiss bank from from 1987 until 2002 said that he will not reveal any company or individual names of the account holders.

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India waits for Wikileaks to name Swiss account holders

ALLEGATIONS THAT there are billions of dollars in black money stashed away in Swiss banks by Indians might be proved if one believes the Wikileaks founder Julian Assange, who has promised to disclose the names of 2000 account holders, who have Swiss bank accounts.

It is generally believed that a number of Indian industrialists, corrupt politicians and bureaucrats have deposited around 1500 billion dollars of ill gotten money in Swiss bank accounts. In fact information about some of these big names is known to the Indian government and in a recent move, the government was forced to reveal some of these names to the Supreme Court, although the government did so under the condition that the same should not be made be made public.

The reason being that this information was classified as it was given by countries like USA and Germany under a confidential clause. However, the moot question is, if the government of India knows the names of such wrongdoers, who have looted the country and still are doing so, then why there has been no action against them?

Don’t name the corrupt in public, but atleast take action on the basis of this information and stop this loot, the people are demanding. However, it seems that many in power and those close to them are happy with the way things are going on and this could be due to obvious reasons.

Now coming to the much anticipated revelations promised by Assange, the whole of the country is waiting to know if some Indian names will also be exposed by his website. Recently, the Nira Radia tapes also exposed the unholy nexus between politicians, corporates, Indian bureaucrats and even the media and this lead to the ouster of a union cabinet minister.

It is quite possible that Wikileaks expose could also cause a similar upheaval in Indian politics and hit some bigwigs. The common man in India burdened by rising prices, lack of opportunities and general apathy of government and administration is imploring the Wikileaks silently and in the heart of hearts to come out with names of such corrupt Indians.

However, they know that even if these names are revealed, it would be tough to get these corrupt people convicted as they are not only powerful and rich but could also hold the strings of law themselves.

The entire nation knows the fate of Bofors scandal, where the government and the CBI used all its resources to ensure that the case never came to conclusion and despite clear cut evidence of wrongdoing none of the corrupt could be brought to book.

India is a country, where a person might be jailed for accepting a bribe of Rs 20 but if the amount is Rs 20 crores or Rs 200 crores, then the circle of justice just gets inverted. The bigger the crime, the lesser is the chance of getting caught and even less of being convicted.
Recently, a former CVC of India was quoted as saying that corruption is a highly paying activity with a very low risk attached to it. It is time that this risk is multiplied and those, who break the law are made to pay for it.
It is being hoped by the people of India, particularly the poor, who account 70 per cent of the population that billions of rupees that really belong to them are brought back from the Swiss banks. If the UPA government in the centre wants to redeem itself, then it should take cognizance of the Wikileaks revelations seriously, whenever the same are made.
If any Indian name is revealed by the site, then the Congress lead government should immediately order an inquiry and take action against those, who have stashed away national money in Swiss bank accounts.
This money in Swiss banks has been looted from the people of India and if it is brought back to the country, the entire foreign debt can be paid off and even after that a huge amount of spare cash would be left behind for development.
But, who will do this. Does the Indian government and politicians have the strength of character and will to change the very rules of the game and put fear into the minds of those, who have been stealing from the people of India.

We are waiting for Wikileaks to release the list.

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Distribution franchise is a way to privatise power sector: AIPEF

PRIVATISATION IS being introduced in power sector through backdoor by giving distribution franchise of urban industrialised areas with low losses and maximum revenue earnings of a state to the private parties, alleged Padamjit Singh, Chairman All India Power Engineers Federation (AIPEF).

Daljit Singh, General Secretary, Haryana Power Engineers Association said that Haryana government was trying to give Gurgaon and Panipat on distribution franchise whereas both the areas had low losses and high revenue. The collection efficiency of Gurgaon was over 100 percent. He said that the association had a meeting with management of Dakshin Haryana Discoms where the association questioned the move to give Gurgaon to a franchise. It was assured by management that before taking any decision the Association would be consulted.

The financial condition of the two Haryana Discoms has deteriorated since unbundling. While the accumulated loss of Dakshin Haryana Discoms was Rs 1900 Cr, the outstanding loan has increased to Rs 3800 Cr. In case of Northern Haryana Discom the losses had accumulated to Rs 2400 CR and loan to Rs 9000 Cr.

Padamjit cited the example of Aurangabad in Maharashtra where, franchise had been given to private party even though the losses had been reduced from 30.5% in 2006-07 to 19.5% (2010-11.The revenue had increased from Rs 377 crore in 2006-07 to Rs. 491 crore in 2009-10 with collection efficiency of 100.61%.

Padamjit added that Aurangabad division was given the India Power Award in 2010 for reduction in AT & C losses and reduction in transformer failure rate. Aurangabad urban division -II was adjudged the best performing division in Maharashtra by the Discoms management for 2009-10. The case of awarding Aurangabad to franchise is thus a proven case of picking out the best performing areas with low losses and high revenue for giving on franchise to private party. The same is going to be repeated in Haryana.

Shaliender Dubey, Secretary General, AIPEF said that in case of Agra Franchise, Discom (Paschimanchal) had already suffered a loss of over Rs 100 crore on account of power purchase at higher cost to meet Agra Franchise requirement with power being supplied at much lower rate. Agra example proved that by giving franchise the private franchise party will gain huge profit while the state Discoms would be loser.

Further despite the proven case of Agra, UP govt. was trying to give Kanpur on private franchise even through the AT&C losses had been reduced and revenue had increased. There was a master plan to introduce to franchise model in other major UP towns like Varanasi, Allahabad, Moradabad, Meerut, Aligarh, Gorakhpur, Bareilly etc.

The engineers and workers in power sector throughout the country are forming a joint front to oppose distribution franchising and an action plan has been drawn up starting with regional conventions.

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Citigroup set to post fourth quarterly profit

CITIGROUP INC the bank that took $45 billion in U.S. bailout funds during the financial crisis, is widely expected to report its fourth consecutive quarterly profit on Tuesday, signaling to investors that it has largely completed its recovery.

Analysts on average expect the third-largest U.S. bank by assets to post a profit of 8 cents per share for the fourth quarter of 2010, according to Thomson Reuters.

That would compare with a year-ago loss of 33 cents per share.

Citigroup has largely recovered from the losses that drove it into the government's arms during the financial crisis and has shed most of the resulting government ownership.

The U.S. Treasury finished selling off its common share stake in Citigroup in December. The Treasury said on Friday it would unwind its final investment in the bank by auctioning off remaining warrants.

Shares of Citigroup closed at $5.13 on Friday -- their highest point since August 2009. The bank's shares have surged 55 percent since the beginning of 2010, and gained additional momentum last month after the U.S. government sold the last of its stake.

The bank's fourth-quarter profit is expected to lag that of larger rival JP Morgan Chase & Co, which beat analyst expectations on Friday and boosted investor sentiment about the outlook for the banking industry.

JP Morgan "set the bar very high," said Michael Holland, who oversees $4 billion of assets as chairman of Holland & Co.

"I think Citi is probably going to do very well but ... (Chief Executive) Vikram Pandit has a tall order to fill here when it comes to doing the same thing," he added.

Citigroup, like other banks, has seen its losses from bad loans shrink over 2010. But its revenues faltered in the face of weak loan demand and a slump in trading volumes over the second half of the year.

JP Morgan Chase said on Friday that it was starting to overcome both conditions, giving bank investors hope that other banks could start to see an increase in loan demand and trading profit this year.

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Apple faces questions over Steve Job's health, sales soar

APPLE INC is set to report a stunning 50 percent jump in quarterly sales on Tuesday, as its iPhone and iPad excited holiday shoppers, but the consumer electronics powerhouse may face more pressing questions about the health of iconic chief executive Steve Jobs.

The world's most valuable technology company announced on Monday that Jobs would take a medical leave of absence without specifying a return date or detailing Jobs' condition, leaving investors in an information vacuum.

The surprise announcement made on a U.S. market holiday dragged Apple shares down more than 6 percent in European trading. They are up 62 percent in the past 12 months on the Nasdaq stock exchange.

"Steve Jobs is seen by the market to be a major force in Apple's strategic direction," said Richard Windsor, global technology specialist at Nomura. "If his pancreatic cancer has returned, one could be quite worried."

Jobs' latest leave comes nearly two years after he took a six-month break to undergo a liver transplant. He also took time off after pancreatic surgery in 2004.

Apple has not dwelt on Jobs' health, and Jobs himself asked for respect for his privacy in a memo to employees made public on Monday.

In Jobs' absence, it will be up to chief operating officer Tim Cook to decide how much to tell investors about the absent chief executive, and what Apple plans to do with its $50 billion-plus pile of cash and investments.

Less of a showman than Jobs, the 50-year old Alabama native is not expected to make any grand pronouncements. But he is regarded as a safe pair of hands for the company, having stood in for Jobs successfully twice before.

In Asia, tech shares gained, helped by hopes of a recovery in chip prices and expectations that nimble firms may slow the runaway success of Apple after the news that Jobs would take medical leave.continue reading….

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