Thursday, June 30, 2011

S&P warns US of rating downgrade

S&P warns US of rating downgrade

S&P warns US of rating downgrade

Posted: 30 Jun 2011 01:53 PM PDT

The United States would immediately have its top-notch credit rating slashed to "selective default" if it misses a debt payment on August 4, Standard & Poor's managing director John Chambers said.

Murdoch’s News Corp sells Myspace for $35m

Posted: 30 Jun 2011 01:51 PM PDT

News Corp has sold Myspace for $35 million, a fraction of what it paid for the once-hot social media site even as a new generation of Web-based start-ups is enjoying sky-high valuations.

China buys more US debt than disclosed

Posted: 30 Jun 2011 01:48 PM PDT

The rules of treasury auctions may not sound like the stuff of high-stakes diplomacy. But a little-noticed 2009 change in how Washington sells its debt sheds new light on America's delicate balancing act with its biggest creditor, China.

Zuckerberg worth $18 bn, richer than Google founders

Posted: 30 Jun 2011 01:42 PM PDT

Facebook founder Mark Zuckerberg has become richer than Google founders Sergey Brin and Larry Page, thanks to GSV Capital Corp's stake buy which values the popular social networking site at about $70 billion.

Wipro can apply for vendor status: WB

Posted: 30 Jun 2011 01:14 PM PDT

The World Bank on Thursday said Wipro is now eligible to apply for becoming a vendor, as the four-year ban imposed on the software major ended this month.

'Laptops still preferred over tablets'

Posted: 30 Jun 2011 01:10 PM PDT

In spite of the buzz around tablets, Indians would still buy a laptop, says Ranjit Atwal, chief forecaster for Gartner, a global technology research firm.

Sanmar may tap mkt for expansion

Posted: 30 Jun 2011 01:03 PM PDT

Sanmar Engineering, a Sanmar Group firm, said it is scouting for partners to diversify into high pressure engineering valves business and the nuclear sector. "We would like to fill this gap with a couple of joint ventures," says Vijay Sankar, deputy chairman of The Sanmar Group.

Google can go +1 over FB in social net circle

Posted: 30 Jun 2011 12:54 PM PDT

You must be waiting, pleading, praying for a Google+ invite. The invites are being auctioned on eBay. Right now, one invite is going at $27. On Twitter, its features like Hangout and Circles are the trending topics. Buzz is an understatement. And it's just three days since the first invite was sent out.

Cairn, Vedanta not celebrating yet

Posted: 30 Jun 2011 12:30 PM PDT

On Wednesday, PM Manmohan Singh, during his interaction with editors, had addressed the worry of investors by saying the government had not lost its appetite for reforms, adding that it would soon open retail and insurance to greater foreign participation.

Food inflation eases to 7.78%

Posted: 30 Jun 2011 12:27 PM PDT

Food inflation eased to a six-week low on the back of improved supplies of vegetables and pulses in mid-June but fuel inflation inched up sustaining the price pressures on the economy.

Starwood to shift base to India for a mth

Posted: 30 Jun 2011 12:24 PM PDT

India's where the action is. First, the global companies anointed India-born managers as CEOs as growth shifted from the West to emerging markets. Then MNCs started holding their global board meetings here in a symbolic move. And now, one international company wants to move its headquarters temporarily to India.

Now, corporates can make import payment via shares

Posted: 30 Jun 2011 12:21 PM PDT

The Reserve Bank of India (RBI) has liberalized foreign direct investment norms allowing corporates to pay for import of capital goods, machineries and equipments by issuing equity to their suppliers.

Blackstone may fund Embassy’s 22% stake buy in Bangalore IT SEZ

Posted: 30 Jun 2011 12:17 PM PDT

Private equity giant Blackstone may finance south-based Embassy Property Development's purchase of 22% stake in Manyata Tech Park, the country's largest operational tech SEZ located in Bangalore, from HDFC Property Ventures for Rs 540 crore, said sources privy to the development.

Core sector growth slows to 5.3% in May

Posted: 30 Jun 2011 12:12 PM PDT

Growth of eight key infrastructure industries slowed to 5.3% in May compared to 7.4% in the same year-ago period, highlighting the sluggishness in the industrial sector where input costs have gone up significantly.

Siddhartha buys half of Soota’s stake in MindTree

Posted: 30 Jun 2011 12:09 PM PDT

Ashok Soota, former chairman and co-founder of IT consultancy services firm MindTree, has sold around half of his 11.1% stake in the firm for Rs 94.16 crore. The stake was sold to Cafe Coffee Day Group owner V G Siddhartha's VC firm Global Technology Ventures.

RBI allows FCCB buyback till Mar '12

Posted: 30 Jun 2011 12:06 PM PDT

At a time when fear of default by issuers of foreign currency convertible bonds (FCCBs) looms large, the Reserve Bank of India (RBI) has provided relief to issuers of this instrument used by corporates to raise money abroad.

Govt puts FDI in retail on fast track

Posted: 30 Jun 2011 12:02 PM PDT

After years of debate, foreign direct investment in retail may soon be a reality with a panel of secretaries expected to approve the framework for allowing global retail chains to set up shop in India later this month.

Nod to Cairn-Vedanta deal with riders

Posted: 30 Jun 2011 08:35 AM PDT

The long-awaited approval of the Cairn-Vedanta deal comes 10 months after it was mooted. It is likely to send a positive signal to the foreign investors.

Consumerisation of IT creates new opportunities

Posted: 30 Jun 2011 05:17 AM PDT

The consumerisation of IT across enterprise scale IT organizations has reached a tipping point where mainstream IT organizations are recognising that they can no longer ignore the transformational impact of consumer technologies in the enterprise.

Sensex up 152 pts, gains 6th day in a row

Posted: 30 Jun 2011 04:53 AM PDT

The BSE benchmark sensex extended gains for the sixth day in a row on Thursday, adding 152 points to reach at 18,846 amid sharp dip in food inflation and firm global trend as concerns over Greek debt crisis eased.

HSBC to cut 700 UK retail banking jobs: Sources

Posted: 30 Jun 2011 02:32 AM PDT

HSBC Holdings is to cut about 700 jobs in its UK retail banking arm, people familiar with the matter said on Thursday.

Lloyds Banking Group to cut 15,000 jobs

Posted: 30 Jun 2011 12:59 AM PDT

Part-nationalized Lloyds Banking Group says its plans to cut 15,000 more jobs and save 1.5 billion pounds ($2.4 billion) a year by 2014 as it works to return to full private ownership.

Food inflation falls to 7.78%

Posted: 30 Jun 2011 12:39 AM PDT

Food inflation fell to a one-and-a-half month low of 7.78 per cent for the week ended June 18 on the back of cheaper vegetables, pulses and potatoes.

MindTree's former chairman halves stake in firm

Posted: 29 Jun 2011 11:52 PM PDT

MindTree Ltd's former chairman, Ashok Soota, who resigned from the company earlier this year, has halved his stake in the mid-sized IT firm by selling 5.5 percent stake in a block deal on Thursday.

Zuckerberg now richer than Google founders

Posted: 29 Jun 2011 11:47 PM PDT

Facebook founder Mark Zuckerberg's personal fortunes have soared, thanks to investment fund GSV Capital's recent stake in the social networking site which has put the Harvard dropout at a worth higher than Google founder Sergey Brin and Larry Page.
Posted by Harshad at 9:28 PM

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