India's GDP Expanded 4.7% Last Quarter

NEW DELHI—India's economic growth remained stuck below 5% for the seventh consecutive quarter last quarter as inflation and waning investor confidence continued to drag on Asia's third-largest economy. The government said Friday that gross domestic product during the October to December quarter rose 4.7% from a year earlier, compared with the 4.8% and 4.4% expansion in the preceding two quarters. A poll of 16 economists by The Wall Street Journal had predicted 4.9% grow...

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Govt to sell 5 pc stake in BHEL to LIC; may get Rs 2,046 cr

The government will sell a 5 per cent stake in power equipment manufacturer Bharat Heavy Electricals Ltd (Bhel) to state-owned Life Insurance Corporation of India (LIC), fetching the exchequer about Rs 2,046 crore. "Bhel disinvestment will happen this fiscal through a block deal to LIC," Disinvestment Secretary Ravi Mathur said. The Empowered Group of Ministers...

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Oriental Bank of Commerce to raise Rs 1,000 cr from bonds

New Delhi: State-owned Oriental Bank of Commerce (OBC) on Friday said it plans to raise up to Rs 1,000 crore from bonds to fund its growth. The bank intends to raise Tier II capital to the extent of Rs 1,000 crore through issue of Basel III compliant Tier II bonds on private placement basis, OBC said in a BSE filing. The government infused Rs 150 crore by way of preferential...

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Goldman Sachs faces new regulatory probes: Filing

New York: Goldman Sachs Group Inc on Friday disclosed more regulatory probes into its fixed-income trading and financial advisory businesses on Friday. In an annual filing with the U.S. Securities and Exchange Commission, the Wall Street bank said regulators are looking into its "allocations of and trading in fixed-income securities" as well as its financial advisory servic...

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Sahara claims all but Rs 2,000 cr refunded to investors

New Delhi: Sahara group on Friday claimed it has cleared all but about Rs 2,000 crore of its liabilities towards bondholders, even as its chief Subrata Roy was arrested today as a fallout of non-refund of over Rs 20,000 crore to investors through market regulator Sebi. In a statement issued soon after Roy's arrest, the group also accused Sebi of going slow on verifying accounts. The regulator has maintained that the documents provied by the companies were "hopelessly mixed u...

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OVL completes 10% stake acquisition in Mozambique gas field

ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), on Friday said it has completed acquisition of a 10 percent stake in a giant Mozambique gas field for USD 2.64 billion. In a statement, OVL said it has bought a 10 percent stake in the Rovuma Area 1 offshore gas field from Anadarko Petroleum Corp of ...

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IT raids on three business houses, recovers Rs 60 cr

Jaipur: Income Tax department has recovered Rs 60 crore of undisclosed income from three business houses following a raid at 35 places in the state, sources said.The three business houses, two of them engaged in real estate, have surrendered Rs 60 crore of undisclosed income after a search and seizure operation by IT department. The IT department has also seized Rs one crore in cash and gold and diamond jewellery worth 1.5 crore in the operation launched on Wednesday on 35 premises of the businesses...

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58 Emu birds auctioned

Erode: A total of 58 Australian emu birds, bought by investors from a bogus firm which promised them high returns, were auctioned here Friday by officials. The Economic Offences Wing here had last year registered a case against the owner of Sudhi Emu farm, Perundurai, on complaints by investors of not getting their money back. Some birds were seized by police from his farm. The Revenue Department in association with Animal Husbandry department maintained the bir...

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Farooq Abdullah urges banks, industry to promote green energy

New Delhi: Major stakeholders like banks and industry would need to play a pro-active role to promote green energy, union Minister for New and Renewable Energy Farooq Abdullah said Friday."Banks will need to come forward and reduce interest rates even as the industry needs to innovate and develop better products," Abdullah said at an event here organised by the Planning Commission and industry body CII to launch India Energy Security Scenario (IESS) 2047 - a tool that would help stakeholders in...

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Apple CEO promises new products, says Apple TV no longer a "hobby"

California: Apple Inc sold more than USD 1 billion of Apple TV set-top boxes in 2013 and is investing heavily in the next generation of products, Chief Executive Tim Cook said at the company`s annual meeting on Friday. Apple`s ability to again transform the fast-moving technology arena is the central question in investors` and Silicon Valley executives` minds as the company`s...

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Winter Storm Threatens New Yorkers on First Commute in March

New York’s first March commute may end up being one of its worst of the season as another winter storm threatens to start the work week with snow, sleet and rain throughout the U.S. Northeast. A system that’s bringing rain to drought-stricken California will make its way across the U.S., possibly laying down snow from Kansas City to Boston this weekend,...

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WTI Crude Trims Monthly Gain as U.S. Fuel Demand Declines

West Texas Intermediate crude fell for a second day, trimming a monthly advance amid speculation demand may slow in the U.S., the world’s biggest oil consumer, as refineries enter the spring maintenance season. Futures decreased as much as 0.5 percent in New York and were set for the first weekly drop in one-and-a-half months. A measure of U.S. fuel use slid to the lowest level since June, data from the Energy Information Administration show. OPEC’s production declined to the least in...

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New York to See Worst of Winter Storm Early Next Week

Commuters in New York will probably see the worst of a storm that will strike at the beginning of the workweek, spreading snow, sleet and ice from Boston toWashington, forecasters said. There’s at least a 30 percent chance for 8 inches (20 centimeters) of snow in New York from late Sunday, March 2, into March 3, the National Weather Service said. The agency...

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Rigs Seeking Energy in U.S. Drop by Two, Baker Hughes Reports

Rigs targeting oil and natural gas in the U.S. decreased by two this week to 1,769, according toBaker Hughes Inc. (BHI) Oil rigs rose by five to 1,430, data posted on the company’s website show. The gas count dropped by seven to 335, the Houston-based field services company said. Miscellaneous rigs were unchanged at fo...

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Frozen East Coast Pays as Law Blocks Cheaper Fuel Flows

As freezing weather drained stockpiles of propane to their lowest seasonal level in two decades on the U.S. East Coast this month, shivering New Englanders couldn’t tap abundant supplies sailing out of Texas. They had to look 4,000 miles away to more-expensive heating fuel fromEurope. The reason? The Jones Act, a 94-year-old law that prohibits non-U.S. ships from...

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U.S. Said to Plan March 3 Release of New Sulfur Limits in Fuels

The U.S. Environmental Protection Agency plans to unveil March 3 new regulations to lower the sulfur content of gasoline in order to reduce automotive tailpipe emissions and smog levels, according to people familiar with the agency’s deliberations. The EPA is expected to stick to the broad targets included in a proposal published last year that would lower sulfur in gasoline to 10 parts per million, according to the people. The final regulation will closely follow regulations in Californ...

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Defiant Yanukovych Urges Russia Restraint in Crimea

Ousted Ukrainian leader Viktor Yanukovych said he’s still the nation’s rightful president and urged Russia to refrain from military intervention in the southern Crimea region as tensions there flared. Speaking publicly for the first time since leaving Ukraine, Yanukovych said the country should abide by a peace accord sealed a week ago with European Union diplomats...

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Ukraine Accuses Russia of Invading Crimea as Airports Seized

Ukraine’s acting president accused Russia of invading the southern Crimea region, where unidentified gunmen seized airports and other facilities. “The Russian Federation started a naked aggression against our country,” Oleksandr Turchynov said in a speech broadcast by the parliamentary television channel today. “I demand that President Putin halt the provocation...

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Maduro Urges Negotiations as Venezuela Death Toll Rises

Venezuela’s President Nicolas Maduro said today he is open to meeting with student protesters and opposition leaders as the death toll from more than two weeks of demonstrations rose. “The country would gain if we met and talked, with respect as always,” Maduro said in a nationwide address after calling on two-time presidential hopeful Henrique Capriles to negotiate. “We are inviting actors, artists, private and public entities, opposition leaders, students, governors, mayors the Catholic Church...

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EPA Said Poised to Issue Lower Sulfur Limits on Fuel

The U.S. Environmental Protection Agency plans to unveil new regulations March 3 to reduce smog from automobiles, including cutting by two-thirds the level of sulfur in gasoline, people familiar with the agency’s deliberations said. The EPA is expected to stick to the broad targets included in a proposed rule published last year that would lower sulfur in gasoline to 10 parts per million from the current 30 parts, the three people said. New limits will also be imposed on tailpipe emissio...

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Maduro Reaches Out to Critics as Venezuelan Death Toll Increases

Venezuela’s President Nicolas Maduro said yesterday he is open to meeting with student protesters and opposition leaders as the death toll from more than two weeks of demonstrations rose. “The country would gain if we met and talked, with respect as always,” Maduro said in a nationwide address after calling on two-time presidential hopeful Henrique Capriles to hold talks. “We are inviting actors, artists, private and public entities, opposition leaders, students, governors, mayors, the...

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WTI Crude Caps Monthly Gain on Cushing Supply

West Texas Intermediate crude capped a monthly gain as inventories at Cushing, Oklahoma, dropped and the euro strengthened against the dollar. Brent advanced. WTI closed above $100 for a 12th day. Stockpiles at the futures’ delivery point slid 7.04 million barrels in the four weeks ended Feb. 21 as the southern leg of TransCanada Corp. (TRP)’s Keystone XL pipeline moved oil to Texas from the hub. The euro surged to a 2014 high against the dollar. Brent’s increase in February...

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China Factory Index Decline Adds to Li’s Growth Headwinds

A Chinese manufacturing gauge fell to an eight-month low in February, adding to headwinds forgrowth as Premier Li Keqiang prepares to map out the government’s economic strategy to the nation’s legislature. The Purchasing Managers’ Index (CPMINDX) was at 50.2, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing. That compared with January’s 50.5 reading and the 50.1 median analyst estimate in a Bloomberg News survey. A...

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Home Depot’s New President Said to Be Groomed as CEO

Home Depot Inc.’s (HD) promotion of Craig Menear to president of its U.S. retail division is part of a succession plan for Chief Executive Officer Frank Blake, according to a person with knowledge of the situation. Menear, 56, is the leading candidate to become the next CEO of the largest U.S. home-improvement chain, said the person, who asked not to be named because the talks are private. There isn’t a timeline for the succession, the person said. Menear joined Home Depot in 1997 and...

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Big Banks Should Rethink Objections to Plan, Brady Says

A Republican proposal to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry, said Representative Kevin Brady, the chairman of Congress’s Joint Economic Committee. While the plan would impose a quarterly 3.5 basis-point tax on the assets of the biggest U.S. banks, including JPMorgan Chase (JPM) & Co. and Bank of America Corp., it would lower the corporate tax rate, Brady said on Bloomberg Television’s “Political Capital...

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Las Vegas Sands Says Customer Data Stolen in Cyber-Attack

Las Vegas Sands Corp. (LVS), the world’s largest casino company, said customer data at its Pennsylvania property was stolen in a cyber-attack on its computer systems this month. The information included guests’ Social Security and drivers license numbers, and may also involve bank and credit-card data, the company said yesterday on a websi...

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Sbarro Said to Prepare Bankruptcy Filing as Mall Traffic Slows

Sbarro, the Italian restaurant chain that’s a fixture in mall food courts, is preparing a bankruptcy filing following a nine-month review of its operations, according to people familiar with the situation. The move, which could happen in the coming weeks, would let the pizza chain restructure as it struggles with sluggish demand and debt costs, said the people, who asked not to be identified because the matter isn’t publ...

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Maduro Reaches Out to Critics as Venezuelan Death Toll Increases

Venezuela’s President Nicolas Maduro said yesterday he is open to meeting with student protesters and opposition leaders as the death toll from more than two weeks of demonstrations rose. “The country would gain if we met and talked, with respect as always,” Maduro said in a nationwide address after calling on two-time presidential hopeful Henrique Capriles to hold talks. “We are inviting actors, artists, private and public entities, opposition leaders, students, governors, mayors, the...

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Qantas Jumbo Jets Grounded for Days After Wings Clip

Two Qantas Airways Ltd. (QAN) jumbo jets will be grounded for days to fix wingtip damage caused when they clipped each other at Los Angeles International Airport. The airline and Australian regulators are investigating the collision late on Feb. 27 between the Airbus Group NV (AIR) A380, the world’s largest passenger plane, and a Boeing Co. (BA) 747-400 as the aircraft were being towed from a hangar, Sydney-based Qantas said yesterd...

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Billionaire Li Seeks to List 25% of Retail Unit This Year

Hutchison Whampoa Ltd. (13), controlled by Asia’s richest man Li Ka-shing, plans an initial public offering this year for A.S. Watson & Co., selling about 25 percent of the division that has more than 10,000 retail stores worldwide. Hutchison, which yesterday posted a 20 percent jump in 2013 profit, plans to list the unit in Hong Kong and another location, according to ...

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Federal Reserve has no authority to regulate Bitcoin, chairwoman says

Bitcoin has had a rough go of it here lately but fortunately for the crypto-currency, it received a bit of good news on Thursday as Federal Reserve Chairwoman Janet Yellen told the Senate Banking Committee that the Federal Reserve simply don’t have the authority to supervise or regulate Bitcoin in any way. Yellen described the virtual currency as a payment innovation...

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Mt. Gox Bitcoin exchange breaks silence, files for bankruptcy protection

Those behind troubled Bitcoin exchange Mt. Gox have finally broken their silence after abruptly shutting down shop earlier this week without explanation. During a news conference at the Tokyo District Court in Tokyo on Friday, the site’s French CEO Mark Karpeles announced they were filing for bankruptcy protection after losing nearly 750,000 of their customers’ Bitcoins and 100,000 of their o...

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Newspaper replaces professional photographers with iPhone-wielding reporters

A reputable newspaper in central Florida is eliminating its entire photography department. In what it calls a restructuring effort designed to increase the quality of video on its site, the Orlando Sentinel will instead send reporters out in the field armed with iPhones / iPads to report the news. Earlier this week, the paper’s design, graphics and multimedia editor,...

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Odisha governnor asks VCs to find ways to solve faculty shortrage problem

Odisha Governor and Chancellor of state universities, SC Jamir has expressed concern over the poor quality of higher education in the country. "Quality of education in our universities is obviously an area in which our higher education system lags behind. It is quite disheartening that none of the Indian universities finds a place in the top 200 universities in the world," the governor said, during his address at the 88th All-India Vice Chancellors' Conference at KIIT University. Jamir said that...

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Bangalore gets India’s first electric bus, other cities to follow?

In a significant move towards environment friendly public transport, the country's first electric bus began operations in Bangalore on Thursday. Representational image. BYD The passenger bus, with zero emission level, was inaugurated by Karnataka Transport Minister R Ramalinga Reddy as an initiative of the Bangalore Metropolitan Transport Corporation. The air-conditioned bus...

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L rallies as construction division gets Rs 5220 cr orders

The stock of Larsen and Toubro , the engineering and construction major, is on buyers' radar on Friday after its construction division bagged orders worth Rs 5,220 crore in the year 2014 so far. It gained more than 1.5 percent in intraday trade, continuing upmove for the 10th consecutive session today. It has rallied 13 percent since February 18. "Although there is still sluggishness...

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Vodafone conciliation decision after transfer pricing row ends

The government will take a decision on withdrawal of conciliation offer to Vodafone for resolving the Rs. 20,000 crore tax dispute after a transfer pricing case concerning the U.K. telecom giant is settled. “The Cabinet has decided to instruct the Income Tax Appellate Tribunal (ITAT) to expeditiously solve the Vodafone transfer pricing case. Once that is done, the Cabinet...

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Flying into India? Brace for new immigration rules

Passengers flying into India will have to fill up a new immigration form from Saturday to declare Indian currency exceeding Rs 10,000 being brought by them, among others. The 'Indian Customs Declaration Form' carries additional fields for declaration of dutiable goods and baggage (including hand baggage) in a separate column for passengers entering into India, said the new...

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Maruti Suzuki shares tank after failing to allay concerns over Gujarat plant

Mruti Suzuki shares hit one-month low on Friday as brokerages raised concerns over the proposed Gujarat project even after the automaker filed clarifications on the exchanges on Thursday after market hours. The scrip was trading 4.75% lower at Rs 1,582.80 on 12.30 pm IST. Experts feel there are still uncertainties. "The press release still does not specifically clarify regarding...

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10% DA hike to Central employees, pensioners

Government on Friday raised dearness allowance to 100 per cent, from 90 per cent, benefiting its 50 lakh employees and 30 lakh pensioners. The decision to hike DA for its employees and to provide dearness relief for pensioners, by 10 per cent to 100 per cent was taken by the Union Cabinet in its meeting held in New Del...

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UPDATE 1-INSIGHT-Mt. Gox: a quick rise and even faster fall

(Reuters) - Mt. Gox filed for bankrupcty on Friday but bitcoin insiders say its downfall began nearly a year ago as the virtual currency exchange tangled with regulators, split from former business partners and grappled with cyber attacks. Mt. Gox's fall lays bare the difficulties the bitcoin community faces as it tries to square its freewheeling, libertarian ideals with the rigorous regulation required in financial services and customers' needs for reliable servi...

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Rupee ends at 61.75, hits over 1-month high

The rupee strengthened to its highest in more than a month on Friday boosted by bunched-up dollar inflows and selling by exporters, and aided by gains in the euro, which improved risk appetite. The partially convertible rupee closed at 61.75/76 per dollar, its highest since January 21. It had closed Wednesday at 61.98/99. Financial markets were closed on Thursday for a local...

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GDP disappoints with 4.7 pct growth in Dec quarter

(Reuters) - India's economy grew a slower-than-expected 4.7 percent in the three months through December, dragged down by a contraction in manufacturing and mining, the last GDP data released by the government before a general election showed on Friday. Analysts polled by Reuters had forecast growth of 4.9 percent. December's figure was the seventh successive quarter of economic...

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RCI RADAs Reward Resorts & Staff

RCI has been recognising the quality of its affiliated resorts for 23 years, since 1991 when it launched its RCI Gold Crown and RCI Silver Crown Awards. Today, as many as 47 per cent of its nearly 4,500 affiliated resorts hold an RCI resort quality recognition designation. As a ‘thank you’ to the staff, RCI is asking its affiliates to make sure those who are deserving of recognition are rewarded by entering them into the 2013 RADA award programme. Entry for the RADA categories closes on10th Ma...

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The Palm At Playa In The Riviera Maya Joins Interval International

Interval International has announced the affiliation of The Palm at Playa, a boutique hotel located right off the world-famous 5th Avenue in the heart of Playa del Carmen. The property was built by Alfonso Montes, a widely respected residential and commercial developer in the region. With its clean lines and open plan, The Palm at Playa features an elegant contemporary...

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Starwood Vacation Ownership And Interval International Announce Long-Term Renewal

Interval International has announced the renewal of its master affiliation with Starwood Vacation Ownership, Inc. (SVO), a division of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). The long-term agreement extends the relationship established in 2000 and includes 19 shared ownership properties, as well as future resor...

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Pearson Plunges as Earnings Drop on Education in North America

Pearson Plc (PSON) fell as much as 8 percent after saying it wouldn’t emerge from a difficult transition period until 2015 after earnings plunged last year on weak demand in U.S. higher education and restructuring costs. Adjusted operating profit fell 21 percent to 736 million pounds ($1.23 billion) in 2013 from 932 million pounds a year earlier, the London-based publisher of the Financial Times newspaper said in a statement today. Sales rose 2.3 percent to 5.18 billion pounds, missing the...

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Lenta Shares Struggle to Maintain IPO Price on London Debut

Lenta Ltd., Russia’s second-biggest hypermarket chain, struggled to get above its initial public offering price in its Londontrading debut as concern over a weakening ruble and tensions inUkraine weighed on sentiment. The depositary receipts traded at $10.05 as of 9:50 a.m., compared with the $10 offer price, which was the bottom of a revised price range. The...

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Bitcoin Derivatives Sprout as Regulators Play Catch-Up

The closing of a major Bitcoin exchange in Japan not only focused attention on the digital currency’s risks, it also rattled a still-newer market that regulators are just starting to monitor: Bitcoin derivatives. George Samman, a former Wall Street investment adviser who in May helped start a platform for betting on Bitcoin’s price swings, saw trading on his BTC.sxwebsite...

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Drought Threatens S.E. Asia Food Price Gains Amid Haze

The drought parching Singaporeand swaths of Malaysia andIndonesia threatens to raise food prices, slow economic growth and disrupt water supply in the region, home to the world’s oldest tropical rainforests. Areas around Kuala Lumpur, Malaysia’s capital, started water rationing this month. Neighboring Singapore, which had a record 27 days without...

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Bayer Raises Drug Sales Forecast as Quarterly Profit Lags

Bayer AG (BAYN) raised its forecast for peak sales of new drugs such as the blood thinner Xarelto even as fourth-quarter results and the revenue outlook for this year missed analyst estimates. Bayer’s five most important new medicines will reach at least 7.5 billion euros ($10.3 billion) a year in combined revenue, the Leverkusen, Germany-based company said in a statement today. Previously, Bayer predicted 5.5 billion eur...

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Templeton Braving China’s Housing Bubble

The rout in China developersthat sent valuations to record lows is spurring UBS Wealth Management and TempletonEmerging Markets Group to say it’s time to buy. While some investors are concerned profit growth at developers will slow as banks curtail lending, UBS Wealth’s Kelvin Tay says tighter credit will encourage more disciplined spending and prove...

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Apple Wins Dismissal of $2.2 Billion German Patent Suit

Apple Inc. (AAPL) won the dismissal of a 1.57 billion-euro ($2.2 billion) lawsuit in Germany over technology used to decide priority for calls in mobile networks. Apple doesn’t infringe two patents asserted by IPCom GmbH & Co KG, a court in Mannheim ruled today, without giving the reasoning for its decision. HTC Corp. (2498) also won dismissal of a related IPCom claim over one of the patents. The rulings are a blow to Munich-based patent holding company IPCom which has sued...

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WTI Crude Trims Monthly Gain as U.S. Fuel Demand Declines

West Texas Intermediate crude fell for a second day, trimming a monthly advance amid speculation demand may slow in the U.S., the world’s biggest oil consumer, as refineries enter the spring turnaround season. Futures decreased as much as 0.5 percent in New York and were set for the first weekly drop in one-and-a-half months. A measure of U.S. fuel use slid to the lowest level since June, data from the Energy Information Administration show. OPEC’s production declined to the least in more than...

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Sun Hung Kai’s First-Half Earnings Fall on Lower Home Sales

Sun Hung Kai Properties Ltd. (16), Hong Kong’s second-largest developer, posted an 8 percent decline in first-half earnings amid government property curbs and said it may raise as much as HK$22.2 billion ($2.9 billion) from issuing convertible warrants. Underlying profit, which excludes property revaluations, declined to HK$10.6 billion, or HK$3.98 a share, for the six months ended Dec. 31, from HK$11.55 billion, or HK$4.41, a year earlier, the company said in a statement to the city’s stock exchange...

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Tata Power to raise Rs.2,000 crore via rights issue

Mumbai: Tata Power Co. Ltd on Friday said it is planning to raise Rs.2,000 crore through a rights issue of equity shares, five days after the Central Electricity Regulatory Commission (CERC) allowed compensatory tariff ofRs.0.524 for every unit of electricity generated from its Mundra plant. In a filing to BSE, Tata Power said its board of directors at their...

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CBI unearths real estate group’s ponzi scheme worth Rs 45,000 crore

The Central Bureau of Investigation (CBI) on Thursday claimed to have recovered documents from the premises of Pearls Agrotech Corporation Ltd (PACL) and Pearls Golden Forest Ltd (PGF) which show the real estate group allegedly used ponzi schemes to cheat nearly five crore investors of Rs 45,000 crore. The CBI has named PGF director Nirmal Singh Bhangoo and PACL director Sukhdev Singh besides six other directors of the companies in a case of criminal conspiracy and cheati...

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Mt. Gox: a quick rise and even faster fall

(Reuters) - The collapse of Mt. Gox might appear sudden, but bitcoin insiders say its downfall began nearly a year ago as the virtual currency exchange tangled with regulators, split from former business partners and grappled with cyber attacks. Mt. Gox's fall lays bare the difficulties the bitcoin community faces as it tries to square its freewheeling, libertarian ideals...

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HDFC Mutual Fund to raise Rs 1,500 crore for real estate

MUMBAI|BANGALORE: HDFC Mutual Fund plans to raise up to Rs 1,500 crore for real estate through a newly-formed category — alternative investment funds (AIF). According to two persons familiar with the matter, the asset management company will raise the money through a new division that is likely to be called HDFC AIF. "The new division is likely to be run by the same team that is currently handling HDFC Portfolio Management Services," said one of the persons, requesting anonymity....

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Indian rupee down 14 paise to 62.12 against dollar

The Indian rupee fell by 14 paise to 62.12 against the dollar in early trade on Friday at the Interbank Foreign Exchange due to month-end demand for the American currency from importers, including oil firms. Besides, euro's weakness against the US dollar overseas also put pressure on the local unit but a higher opening in the domestic equity market limited the fall, forex...

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Maruti tanks over 5% on investor concern over Gujarat plant

Shares of Maruti Suzuki India Ltd (MSIL) today plunged over 5 per cent on the bourses over investor concerns regarding its Gujarat plant. Last month, Japan’s Suzuki Motor Co (SMC) had said it will invest $488 million (about Rs 3,050 crore) in setting up a car factory in Gujarat by 2017, which was proposed by its subsidiary MSIL. This had led to investor concerns related to pricing, funding of capacity expansion in the proposed contract manufacturing arrangeme...

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IOC stake sale at 10% discount; govt hopes to rake in Rs 5,300 cr

An Empowered Group of Ministers met today to finalise the price of Indian Oil shares to be sold to ONGC and Oil India. Both these companies will pick up 5 per cent each in IOC at a 10 per cent discount. At the current market price, the share sale price will be Rs 220. Stake sale will be through block deal and it will be an offline transaction. The Government expects to get...

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Dream of U.S. Oil Independence Slams Against Shale Costs

The path toward U.S. energy independence, made possible by a boom in shale oil, will be much harder than it seems. Just a few of the roadblocks:Independent producers will spend $1.50 drilling this year for every dollar they get back. Shale output drops faster than production from conventional methods. It will take 2,500 new wells a year just to sustain output...

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U.S. Safety Board: Tesoro Blocked Refinery Investigation

Tesoro Corp. (TSO) blocked the U.S. Chemical Safety Board from investigating an incident at a Northern California refinery and downplayed the extent of workers’ injuries, the board said. Tesoro, the U.S. West Coast’s largest refiner by capacity, refused to allow agency investigators to return to the site of a Feb. 12 chemical spill at the company’s Golden Eagle refinery in Martinez, the CSB said in a letter to Greg Goff, Tesoro’s chief executive officer. The company refused to preserve the...

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Sinopec Jumps as Reform Momentum Gathers Pace: Shanghai Mover

China Petroleum & Chemical Corp. (386)’s shares jumped after comments from Chairman Fu Chengyu indicated Asia’s biggest refiner will step up its pace of reform. Sinopec, as the company is known, may announce further restructuring during next month’s government meetings in Beijing, Chairman Fu Chengyu said Feb. 25, according to a report yesterday by the China Business News. Its Shanghai-traded shares rose as much as 6.5 percent to 5.40 yuan, the highest level since April, and...

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Keystone Environmental Review Didn’t Breach Rules: Report

The U.S. State Department’s inspector general said the agency’s selection of a contractor to write an environmental review of the Keystone XL pipeline didn’t violate federal conflict of interest rules, a finding that removes another hurdle for the long-delayed project. Environmental groups including Friends of the Earth had alleged that the contractor, EnvironmentalResources...

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WTI Crude Trims Monthly Gain After Rising Most in a Week

West Texas Intermediate crude trimmed its monthly advance after rising the most in a week. Brent slid in London. Futures fell as much as 0.4 percent in New York. Crude supplies at Cushing, Oklahoma, the largest U.S. oil-storage hub, fell by 1.08 million barrels to 34.8 million last week, the lowest level in four months, Energy Information Administration data showed yesterday. Distillate inventories, including heating oil and diesel, increased for the first time in seven wee...

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Saudi Arabia Seen Needing More Fuel Oil to Produce Power

Saudi Arabia will rely mostly on fuel oil to run power plants when annual demand peaks this summer, enabling the country to burn less of its crude and keep more for export, according to consultants Energy Aspects Ltd. The world’s largest crude exporter will increase imports of fuel oil even as it plans to use more locally produced natural gas to generate electricity, Amrita Sen, chief oil market analyst at the London-based firm, said by e-mail yesterd...

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OPEC February Crude Production Falls to 2 1/2-Year Low in Survey

OPEC crude production dropped to the lowest level in more than two years in February, led by declines in Libyan and Saudi Arabian output, a Bloomberg survey showed. Output by the 12-member Organization of Petroleum Exporting Countries decreased 11,000 barrels to an average 29.877 million barrels a day from 29.888 million in January, the survey of oil companies, producers and analysts showed. It was the least since June 2011. Last month’s total was unrevis...

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Oil-Sands Cargos Face Tougher U.S. Rail-Shipping Rules

Train shipments of crude are under review across North America after a U.S. emergency order requiring new safety measures to prevent accidents. Oil-sands shippers may be scrutinizing the rules most closely. Oil producers, refiners and logistics companies are comparing their procedures with new rules issued Feb. 25 by the U.S. Transportation Department that require testing all crude before transporting it by rail to ensure the proper containers are used and safety steps are taken. Some...

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Natural Gas Heads for Biggest Weekly Drop Since 1996 on Supplies

Natural gas futures fell to a five-week low in New York, heading for the biggest weekly drop in 17 years, after a government report showed a U.S. stockpile decline that was less than forecasts. Gas has tumbled 26 percent this week, heading for the biggest one-week slump since 1996. The Energy Information Administration said inventories fell 95 billion cubic feet in the week ended Feb. 21 to 1.348 trillion. A survey of Bloomberg users predicted a decrease of 98 billion. Commodity Weather Group...

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Brent Oil Premium to WTI Declines to Least Since October

Brent crude fell to the lowest level in two weeks as tension increased in Ukraine, shrinking the global benchmark’s premium to West Texas Intermediate to the narrowest since October. Futures slipped 0.5 percent in London, following declines in European equities as gunmen occupied government buildings in Ukraine’s Crimea region and Russia put fighter planes on alert. WTI’s losses were limited after U.S. government data yesterday showed crude supplies at Cushing, Oklahoma,...

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India’s Diesel Subsidy Spurs Pollution Worse Than Beijing

Molecular biologist George Easow’s move to India to start a clinical diagnostics business lasted just three weeks before he was convinced to return to the U.K. The convincing was done by his seven-month-old daughter Fiona. Within days of moving to New Delhi, the child was wheezing and gasping for air because of smog. “She could hardly breathe,” said her father. Fiona...

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Winter Storm May Create Commuter Headaches Early Next Week

New York’s first March commute may end up being one of its worst of the season as another winter storm threatens to start the work week with snow, sleet and rain throughout the U.S. Northeast. A system that’s bringing rain to drought-stricken California will make its way across the U.S., possibly laying down snow from Kansas City to Boston this weekend,...

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WTI Crude Trims Monthly Gain and Moves Closer to Brent

West Texas Intermediate crude fell for a second day, trimming a monthly gain. Brent swung between gains and losses in London. Futures decreased as much as 0.5 percent in New York. Brent declined to the lowest in two weeks yesterday as gunmen occupied government buildings in Ukraine’s Crimea region and Russia put fighter planes on alert. WTI’s discount to the European benchmark crude has narrowed this month to the smallest since October as winter storms bolstered U.S. heating-fuel...

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Google Fights E-Mail Privacy Group Suit It Calls Too Big

Google Inc. (GOOG), fighting claims that it illegally scanned private e-mail messages, argues it shouldn’t have to face a single lawsuit that lumps together hundreds of millions of Internet users. The world’s largest search-engine company contends a nationwide grouping of people who sent or received messages through its Gmail service over five years would “amalgamate an unprecedented collection of individuals,” according to a filing in federal court in San Jose, Californ...

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Military-Linked Chinese Auction House to IPO in Hong Kong

China Poly Group Corp., a state-owned conglomerate started by the country’s military 22 years ago, is taking its arts and entertainment arm public in Hong Kong as it seeks to compete with global auction houses. Poly Culture Group Corp. (3636), which runs China’s largest auction house and manages 31 theaters, and existing investors raised $331 million after pricing an initial public offering at the top end of a marketed range, a person with knowledge of the matter said. Individual investors...

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Cheung Kong’s Profit Rises on China Sales and Hutchison Gains

Cheung Kong Holdings Ltd. (1), the builder controlled by Asia’s richest man, said 2013 profit rose 10 percent as property sales grew in mainland China and the contribution from unit Hutchison Whampoa Ltd. increased. Net income rose to HK$35.3 billion ($4.5 billion) from HK$32 billion a year earlier, billionaire Li Ka-shing’s developer said in a statement to Hong Kong’s stock exchange. That compares with a HK$29.6 billion average estimate from six analysts surveyed...

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Hutchison Profit Rises 20% on Expanding Europe Mobile Business

Hutchison Whampoa Ltd. (13), controlled by Asia’s richest man Li Ka-shing, said full-year profit rose 20 percent as it benefited from growth in its expanding mobile phone business in Europe. Net income advanced to HK$31.1 billion ($4 billion) in 2013, from HK$25.9 billion a year earlier, the company said in a statement to the Hong Kong stock exchange today. That...

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PepsiCo Board Rejects Activist Peltz’s Split Proposal in Letter

PepsiCo Inc. (PEP)’s board sent a letter to activist investor Nelson Peltz firmly rejecting his demand to split the company’s snacks and beverages units, supporting a stance taken by Chief Executive Officer Indra Nooyi. The board has analyzed Peltz’s proposal seriously and concluded that its “financial engineering” of a breakup would erode value rather than create it, director Ian M. Cook wrote in the letter yesterd...

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Deckers Outdoor Falls After Forecasting Surprise Quarterly Loss

Deckers Outdoor Corp. (DECK), the maker of Ugg boots and Teva sandals, dropped as much as 20 percent in late trading after forecasting an unexpected first-quarter loss. The Goleta, California-based company projected a loss of 16 cents a share for the current quarter. Analysts had estimated a profit of 10 cents on average, according to data compiled by Bloombe...

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Jos. A. Bank Rejects Men’s Wearhouse’s $1.78 Billion Bid

Jos. A. Bank Clothiers Inc. (JOSB) agreed to meet with Men’s Wearhouse Inc. (MW) to discuss a potential merger after rejecting a sweetened $1.78 billion bid from the fellow menswear chain. The current Men’s Wearhouse proposal is inadequate and not in the interests of investors, Hampstead, Maryland-based Jos. A. Bank said yesterday in a statement. It reiterated...

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Gap Profit Tops Estimates as Deep Discounts Draw Shoppers

Gap Inc. (GPS), the biggest U.S. apparel-focused retailer, posted fourth-quarter profit that exceeded analysts’ estimates as deep discounts drew wary shoppers during the holiday season. Net income for the quarter ended Feb. 1 fell 13 percent to $307 million, or 68 cents a share, from $351 million, or 73 cents, a year earlier, the San Francisco-based company said in a statement yesterday. That exceeded the 66-cent average of analysts’ estimates compiled by Bloomberg. Sales slipped 3.2 percent to...

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Icahn Attacks EBay, Calls Governance ‘Dysfunctional’

Activist investor Carl Icahn escalated his attack on EBay Inc. Chief Executive Officer John Donahoe and the company’s board, calling its governance “dysfunctional” and riddled with conflicts. Icahn, the billionaire who last month proposed that EBay spin off its PayPal unit, sent his secondletter to shareholders in three days, highlighting the competing interests of directors Marc Andreessen and Scott Co...

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Telefonica Earnings Top Estimates Amid Cost Cuts in Europe

Telefonica SA (TEF), Spain’s biggest phone company, reported fourth-quarter earnings that topped analysts’ estimates as the carrier cut costs in Europe to cope with falling revenue. Operating income before depreciation and amortization fell 8.7 percent to 4.98 billion euros ($6.8 billion), the Madrid-based company said today. Analysts had projected 4.91 billion euros, the...

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WPP Falls Most in Four Years as Exchange Rates Hurt Margins

WPP Plc (WPP) fell the most in more than four years as a strong British pound hurt profitability and led the world’s largest advertising company to miss its earnings-margin target. Currency fluctuations cut the profit margin by 0.2 points last year, the London-based company said today. Revenue increased 6.2 percent to 11 billion pounds ($18.3 billion), close to the 11.1 billion-pound average estimate of analysts in a Bloomberg survey. The shares fell as much as 7.1 perce...

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Delhi civic body to tax commercial vehicles on Gurgaon Expressway

The Delhi High Court on Wednesday paved the way for the South Delhi Municipal Corporation (SDMC) to collect entry tax from commercial vehicles entering Delhi from the Rajokri toll plaza at 24 km milestone on the Delhi-Gurgaon Expressway. The control of the expressway was recently taken over by the Infrastructure Development Finance Company (IDFC), the lead financer of the...

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'Indian Government should consider banning Chinese imports in telecom sector'

The Indian government should consider banning imports of equipment related to power generation and telecom from China, the Indian Electrical & Electronic Manufacturers' Association (IEEMA) said on Wednesday. "Government should look into this issue of increasing Chinese electrical equipment imports. We would like the Chinese equipment not to come in the power and telecom sectors....

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Proposal to auction two more mines in Jharkhand put on hold

The government’s plans to auction two more coal blocks in Jharkhand has been put on hold because of some issues involved. The government on Wednesday had put three other mines in Jharkhand and West Bengal on block for captive use, beginning the process for the first ever auction of mines. “A Coal Ministry panel had proposed to earmark five coal blocks for auction. However,...

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Infra splurge too late to revive economy: analysts

India's drive to break an infrastructure investment logjam has come too late to revive the economy before the forthcoming general election - and it could be years before it pays growth dividends for the next government. Although a cabinet task force set up by Prime Minister Manmohan Singh has fast-tracked approvals for projects worth 5 percent of gross domestic product, severe...

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Air India joins fare war, offers up to 30% discount

Mumbai: Days after budget carriers led by SpiceJet lowered ticket rates by up to 75 percent to avail early summer season bookings, Air India joined the fare war today offering discounts on select routes. The national carrier announced up to 30 percent discount on advance ticket purchases with an extended travel period on select flights on local routes as well as domestic...

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Essar Steel may raise prices by Rs 1,000/tn next month

Mumbai: Private steel firm Essar Steel is likely to raise product prices by around Rs 1,000 per tonne next month on the back of rise in input costs and demand uptick during the past two months among others. "Essar Steel is likely to raise product prices by around Rs 1,000 per tonne next month. This is primarily cost push along with some demand uptick in the fourth quarter,"...

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Credit Suisse `regrets` misconduct, blames rogue staff

The head of Credit Suisse expressed regret Wednesday that his bank helped US clients hide billions from the tax man, but blamed the wrongdoing on a small band of rogue employees. The bank could and should have done more to stop workers from aiding and abetting tax evasion on behalf of American account holders, chief executive Brady Dougan said. "Credit Suisse acknowledges...

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CERC ruling to bring down Mundra project losses: Tata Power

New Delhi: The CERC ruling will help in reducing Mundra project's annual losses by Rs 1,100 crore, according to Tata Power. The 4,000 MW Mundra ultra mega power project, located in Gujarat, is estimated to be incurring a loss of Rs 1,500 crore annually mainly due to rise in price of Indonesian coal that is used to fire the plant. According to Tata Power Managing Director...

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Six IIM graduates placed with lucrative pay

Dubai: Six Indian management graduates from IIMs have landed themselves a lucrative job with an annual pay of Rs 44 lakh each from a Dubai-based finance firm. Dunia Finance, an Abu Dhabi-based finance company, has hired six new graduates from the distinguished Indian Institute of Management's campuses in Ahmedabad and Kolka...

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Sundaram Infotech bags big contract from IFMR Capital

Chennai: Sundaram Infotech, the IT subsidiary of non-banking finance company Sundaram Finance, has bagged one of its biggest deals in the domestic market. However, the company did not disclose the size or the tenure of the deal in its statement issued today. "...The company has bagged a significant domestic IT deal from IFMR Capital, a city-based non-banking finance company founded by IFMR Trust. This is one of the biggest wins for Sundaram Infotech in domestic market," the statement sa...

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ArcelorMittal, NSSMC complete ThyssenKrupp's US steel mill buy

New Delhi: ArcelorMittal, along with Nippon Steel and Sumitomo Metal Corporation (NSSMC), has completed acquisition of ThyssenKrupp AG's steel mill in the US for USD 1.55 billion. "The transaction a 50:50 joint venture with NSSMC was completed for an agreed price of USD 1,550 million plus working capital and net debt adjustment," the world's largest steel-maker sa...

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Ukraine Economy Hangs on Investments From Exxon to Shell

(Corrects 14th paragraph of story published yesterday to show Shell’s drilling will take place over five years.) The world’s largest oil companies from Royal Dutch Shell Plc (RDSA) to Exxon Mobil Corp. (XOM) are likely to reassess deals to drill in Ukraine where political crisis is threatening a promising source of new profits as well as the...

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Rail Projects Boosting Oil Flow to California Refineries

California, the third-biggest refining state in the U.S., is about to see a flood of oil by rail from places such as Canada andNorth Dakota as suppliers seek to tap a market isolated from the rest of the country. The Western U.S. may bring 500,000 barrels of light oil by rail a day in 2015 as the region’s refiners seek to replace shrinking output in California...

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WTI Crude Rises on Cushing Supplies

West Texas Intermediate crude rose for a second time this week, narrowing its discount to Brent, as inventories dropped at Cushing, Oklahoma. Prices advanced 0.7 percent. Stockpiles at the futures’ delivery point slid 1.08 million barrels last week, the Energy Information Administration said. Supplies have shrunk since TransCanada Corp. (TRP) said in January that it began using the southern leg of the Keystone XL pipeline to move oil to Texas from Cushing. Total crude stocks...

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Accidents Prompt U.S. to Require Tests of Oil on Trains

U.S. energy companies using railroads to carry crude must conduct tests to help ensure the oil cargoes won’t explode or eat holes through tank cars after rising train derailments spurred new emergency rules. An order issued yesterday by the U.S. Transportation Department requires oil explorers includingContinental Resources (CLR)Inc. and EOG Resources Inc. (EOG) to...

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Venezuelans Hold Rival Protests Ahead of Peace Conference

Venezuela’s opposition ruled out attending a “peace conference” called by President Nicolas Maduro in Caracas for today following two weeks of protests that have killed 14 people. The opposition Democratic Unity Roundtable said any talks must be predicated on an agenda agreed upon in advance and the participation of a third party, according to a statement posted on their website today. Opposition Governor Henrique Capriles, who lost to Maduro in elections last year, has previously called for the...

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U.S. Safety Board: Tesoro Blocked Refinery Investigation

Tesoro Corp. (TSO) blocked the U.S. Chemical Safety Board from investigating an incident at a Northern California refinery and downplayed the extent of workers’ injuries, the board said. Tesoro, the U.S. West Coast’s largest refiner by capacity, refused to allow agency investigators to return to the site of a Feb. 12 chemical spill at the company’s Golden Eagle refinery in Martinez, the CSB said in a letter to Greg Goff, Tesoro’s chief executive officer. The company refused to preserve the...

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Sinopec Jumps as Reform Momentum Gathers Pace: Shanghai Mover

China Petroleum & Chemical Corp. (386)’s shares jumped after comments from Chairman Fu Chengyu indicated Asia’s biggest refiner will step up its pace of reform. Sinopec, as the company is known, may announce further restructuring during next month’s government meetings in Beijing, Chairman Fu Chengyu said Feb. 25, according to a report yesterday by the China Business Ne...

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Maduro Bets 6-Day Holiday Will Diffuse Venezuela Protests

Venezuelan President Nicolas Maduro is betting that an unexpected six-day holiday starting today will help defuse two weeks of demonstrations that have left 14 people dead. Maduro this week expanded the annual Carnival festivities by decreeing today and tomorrow national holidays, in addition to previously scheduled days off on March 3-4. Antonio Iskandar, an eye...

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Dream of U.S. Oil Independence Slams Against Shale Costs

The path toward U.S. energy independence, made possible by a boom in shale oil, will be much harder than it seems. Just a few of the roadblocks: Independent producers will spend $1.50 drilling this year for every dollar they get back. Shale output drops faster than production from conventional methods. It will take 2,500 new wells a year just to sustain...

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London’s Subterranean Manors Lure New Lender Breed: U.K. Credit

London’s mansion dwellers and their desire for cavernous new basements, subterranean swimming pools and home cinemas are attracting a wave of private lenders as banks stung by the financial crisis shun risk. Luxury-home developer Christian Candy’s Omni Capital and Topland Group Plc are among short-term financiers ramping up lending to wealthy foreign investors seeking to buy and upgrade homes in London’s most desirable areas. The number of lenders targeting luxury property development has...

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Allianz Quarterly Profit Misses Estimate; Shares Drop

Allianz SE (ALV), Europe’s biggest insurer, posted fourth-quarter earnings that missed analysts’ estimates and said operating profit may decline this year amid low interest rates. The shares fell. Net income grew to 1.26 billion euros ($1.72 billion) in the quarter from 1.24 billion euros in the year-earlier period, the Munich-based company said in a statement today....

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Man Group Rises on $115 Million Share Buyback and Client Inflows

Man Group Plc (EMG), the world’s largest publicly traded hedge-fund firm, rose the most in 10 months after announcing a $115 million stock buyback and saying clients added money to its funds for a second straight quarter. The shares climbed as much as 11 percent in London trading. The company’s funds had $700 million of client inflows in the fourth quarter, as $5.5...

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