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Showing posts with label Bussiness News. Show all posts
Showing posts with label Bussiness News. Show all posts

Reliance Power’s Tilaiya project gets approval for carbon credits


Tagged : Anil, anil ambani, carbon, carbon credits, CERs, chalasani, Clean, clean development mechanism, Development, framework convention on climate change, Group, Mechanism, Monday, pit head, plant, reliance group, reliance power, unfccc, united nations framework convention on climate change


Reliance Power, part of the Anil Ambani-led Reliance Group, Monday said its 3,960 MW Tilaiya ultra mega power project in Jharkhand has got approval for carbon credits from the United Nations Framework Convention on Climate Change (UNFCCC).


The CERs can be traded and sold and translates into direct revenues for the power major. The Tilaiya power plant will have six units of 660 MW each and is based in the Hazaribagh district in Jharkhand.





The Tilaiya plant will generate 21.3 million carbon credits during the initial ten-year period valued at over Rs.2,000 crore.



The project would supply power to 18 customers in 10 states and is one of the largest investments undertaken by any private sector entity in India’s eastern part.

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Petrol prices hiked by 3.14 Rs. Effective midnight

Tags:petrol price,petrol price hike,Fuel price hike,petrol price hike 3.14 rs from midnight,IOC,HPCL,BPCL,
Petrol price hike,US Dollar at high,
State-owned oil firms like ioc,bpcl and hpcl  raised petrol prices by Rs 3.14 per/litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil. The hike will be effective from midnight.

"Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Together with local taxes, the hike needed to level domestic rates with international prices is about Rs 3 per litre," a top government official said.



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Google to buy Motorola Mobile company for $ 12.5 bn

Google Inc announced its biggest deal ever, a $12.5 billion cash acquisition of mobile phone maker Motorola Mobility Holdings Inc .

Google's biggest foray into hardware comes weeks after a failed attempt to buy patents from bankrupt Nortel, and gives it an intellectual property library in wireless telephony to wage war on Apple and Microsoft Corp.

The deal values Motorola Mobility at $40 per share in cash, a 63 percent premium to its Friday closing price on the New York Stock Exchange. The deal features a rich reverse breakup fee of $2.5 billion, according to a source close to the situation.

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India's Top Brand Infosys and TATA in new index




IT giant Infosys and salt-to-software conglomerate Tata have emerged as the Top 2 brands in India, beating global majors like Google, Nokia and Facebook, in a new index.

According to TLG''s Index of emerging market ''Thought Leaders'', seven out of the top ten brands in India were indigenous firms.


TLG, in partnership with international research consultancy firm GlobeScan, launched the index wherein government ministers, directors of blue chip companies and newspaper editors were asked to identify corporate brands with the power to change the attitudes and behaviour of consumers, employees or politicians -- defined as "Thought Leaders".

The list of top 20 firms was peppered with Indian brands including Larsen & Toubro (5th), State Bank of India (7th), Life Insurance Corporation of India (12th), Bharti Airtel (13th), Oil and Natural Gas Corporation (14th), Aditya Birla Group (15th), The Oberoi Group (16th), HDFC Bank (17th), Dr Reddy''s Laboratories (18th) and Ranbaxy Laboratories (19th).

"... Absence of many ''Western'' major brands from the top 20 may concern CEOs who are trying to crack the BRICs. They need to refocus their energies on telling their leadership story," TLG Founder Malcolm Gooderham said.

The Top 10 features two joint ventures between local and overseas companies. The JVs are Maruti-Suzuki (4th) and Hindustan Unilever (9th).

Commenting on the findings, GlobeScan Research Director Oliver Martin said, "As the public''s faith in corporate leadership is declining in India, companies must excel in business innovation and progressive CSR to retain a Thought Leadership position." The top-ranked foreign firm is Google, which enters the index at number three, followed by Nokia at sixth rank and Facebook at eighth position.

"Western firms that succeed (Google, Nokia and Facebook) are those that adapt their models to local conditions, or ones that form JVs with locals in the driving seat (Suzuki, Unilever)," the report said.

Google, through its YouTube platform, streams live Indian Premier League cricket matches, while Facebook offers mobile access for a special rate of 1 rupee a day.


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Market Ragulator SEBI decision on Takeover Code| SEBI decision on Tekeover Code likely on June 30




Market regulator SEBI is likely to raise the trigger limit for open offer to 25 per cent when it takes a decision on the new Takeover Code for merger and acquisitions at its board meeting scheduled later this month.

"SEBI is likely to clear the Takeover Code in its board meeting scheduled on June 30," an official said.

An agreement seems to have emerged between the Finance Ministry and the capital market regulator for raising the trigger limit from 15 per cent to 25 per cent, as recommended by a SEBI panel but the government is not in favour of 100 per cent open offer, sources said.

"Certainly not 100 per cent," the official said when asked if the the open offer would be for the entire stake.



"More or less it would be between 50 per cent and 75 per cent," he added.

The SEBI committee headed by C Achuthan on a new Takeover Code had suggested that the acquiring company should make 100 per cent open offer, thus giving the exit option to all the shareholders of the target company.

Current norms mandate acquirer to make an open offer of 20 per cent in the target company.

The recommendation of 100 per cent open offer was opposed by the industry as it would have made acquisition a very expensive proposition.

As per the Sebi panel''s recommendations made in July last year, an entity buying 25 per cent stake in a company should make an open offer to the rest of the shareholders.
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Oracle seeksin billions of dollars in patent lawsuit against Google over smartphone market


SAN FRANCISCO  - Oracle Corp is seeking damages "in the billions of dollars" from Google Inc in a patent lawsuit over the smartphone market, according to a court filing.

The disclosure on Thursday was the first time either side publicly mentioned the cumulative scale of Oracle's damages claims.

Oracle sued Google last year, claiming the Web search company's Android mobile operating technology infringes Oracle's Java patents. Oracle bought the Java programming language through its acquisition of Sun Microsystems in January 2010.


Some see the lawsuit as a sign of a growing business rivalry between the two companies.

The case is also part of a wider web of litigation among phone makers and software firms over who owns the patents used in smartphones and tablets, as rivals aggressively rush into a market in which Apple jump-started with iPhone and iPad.

Barring any settlements, a trial between Oracle and Google is expected to begin by November.

Google has called an Oracle damages report "unreliable and results-oriented," and asked a U.S. judge in San Francisco to ignore it, court documents show. In disputing Oracle's methodology, Google also asked the court to keep private some damages information Google disclosed in a court filing.

Oracle then accused Google of trying to conceal the fact Oracle's damages claims in the case are in the billions, according to a document filed on Thursday. Oracle said it did not object to having the information about its damages become public.

Due to Oracle's stance, U.S. District Judge William Alsup ordered Google on Thursday to make public the damages information by Friday.

A Google representative declined to comment.
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Blackberry firm shares fall sharply |RIM shares had fallen by 21.65% on the Nasdaq exchange in New York.


Shares in Blackberry manufacturer Research in Motion have fallen by more than a fifth since it announced disappointing results on Thursday.

The company said that it had missed even its lowered expectations and reduced its profit forecasts.

RIM's net profit was $695m (£430m) in the three months to 28 May, down from $769m in the same period last year.

It warned in April that its profits would be low because of lower shipments of its Blackberry phones.
Share fall

By mid-morning local time on Friday RIM shares had fallen by 21.65% on the Nasdaq exchange in New York.

RIM has announced a cost-cutting programme, which will include job cuts.


"Fiscal 2012 has gotten off to a challenging start," said Jim Balsillie, joint chief executive of RIM.

"The slowdown we saw in the first quarter is continuing into Q2, and delays in new product introductions into the very late part of August is leading to a lower than expected outlook in the second quarter."

Immediately after the results were announced on Thursday company's shares fell sharply in after-hours trading and had to be suspended briefly.

"The guidance was just awful. The devices are receiving less shelf space and less support from carriers," said Peter Misek at Jefferies and Co in New York.

"People are not waiting. They're going to other platforms."
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Maruti Suzuki sacks 11 at Manesar; production loss at 1,800 units


NEW DELHI: The country's largest car maker Maruti Suzuki India (MSI) today sacked 11 employees at Manesar facility, which has been crippled by a strike since Saturday resulting in a production loss of about 1,800 units so far.

"The services of 11 persons, who were inciting workers to go on an illegal strike and created an atmosphere where safety of people was in danger, have been terminated," MSI Chairman R C Bhargava told .

He said the workers had gone on strike without any notice, but added the management is continuing the dialogue with the striking workers.


Refusing to accept the worker's demand, Bhargava said: "There is no other union... If they have any issue, they should have at first written to us and discussed with us".

He, however, said the company is hopeful of finding an amicable solution soon.

According to some workers, the sacked employees include eight office bearers of the newly formed union, Maruti Suzuki Employees Union (MSEU), besides three other workers.

"We will resist any forcible move to evict those 11 people from the factory premises... The strike will continue," an agitator said.

Meanwhile, production at the plant came to a complete halt and the company is estimated to have incurred a loss of about 1,800 units so far as the workers' strike continued for the third day with no signs of immediate breakthrough.

The Manesar plant rolls out about 1,200 units every day in two shifts. The factory produces hatchbacks Swift and A-Star and sedans DZiRE and SX4.

"The situation remains the same as of now (as yesterday's)," a company spokesperson said.

MSEU General Secretary Shiv Kumar, who has also been sacked, claimed that the management last held discussions with them on Saturday regarding their demands.

"Today no talks happened with us. Instead, the management issued a notice informing about the termination... We will continue our strike till our all demands are met," he added.

The strike comes at a time when MSI has seen slowing down of sales as the auto industry grapples with challenges of rising fuel prices and interest rates.

In May, MSI's domestic sales grew by just 3.9 per cent to 93,519 units from 90,041 units in May, 2010.

The strike at MSI is an addition to the growing number of incidents of labour unrest across the Indian auto industry.

Earlier this year, a 50-day long strike since March 16 by a section of workers at the General Motor's Halol plant cost the firm to lose production of 2,000-2,500 units. The same plant came to a halt for four days when workers went on a strike from October 29, 2010, demanding wage hikes and the total production losses amounted to 450 units.
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Sistema Shyam TeleServices Ltd (SSTL) Q1 net loss Rs. 666.4 cr



Sistema Shyam TeleServices Ltd (SSTL), which operates under the MTS brand, said its net loss widened by 63 per cent to Rs 666.4 crore for the first quarter ended March 31, 2011, even though its revenues grew three-fold.

"The decrease in margin is on account of increase in operational costs due to further scale up operations across all circles. Additionally, the circles of UP East, West and Gujarat, were launched in the latter part of 2010, hence the impact of their launch was felt in Q1 2011," SSTL, which has equity participation by Russia-based Sistema, the Russian government and the Shyam Group of India, said in a statement.

Revenues of the company grew by three-folds to Rs 236.2 crore during January-March quarter of FY'11, as against Rs 78.6 crore in the same period last year.


The revenue growth was driven by a 168 per cent increase in subscriber base over Q1'10, the statement added. "For the first time, our revenue growth during the quarter was faster than our growth in wireless subscribers.


This is a strong reflection of our continued efforts to target quality customers," Sistema Shyam Teleservices Ltd President and Chief Executive Officer Vsevolod Rozanov said.
The company had posted a net loss of Rs 408.1 crore in the first quarter of FY'10, the company said.
During the quarter, revenue growth was faster than the growth in total wireless (Voice and Data) subscriber base.
Blended mobile Average Revenue Per User (ARPU) for the quarter remained consistent at Rs 82, as against a declining trend in the market, the statement added. 

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Cisco to cut costs and thousands of jobs for profits stall |Cisco System Inc.

NEW YORK: Cisco Systems Inc, the world's largest maker of computer networking gear, said that it's set to eliminate thousands of jobs as part of cost-cutting moves to get profits growing again.

Cisco's sales rebounded from the recession, but then started stalling in the middle of last year. In the past few months, CEO John Chambers has signaled that he's accepting long-standing criticism that the company is trying to compete in too many markets. He has vowed to radically simplify the company.
The company is still troubled: On Wednesday, it gave a financial forecast for the current quarter that was well below analyst expectations.

Chambers now wants to cut annual expenses by $1 billion, or about 6 per cent. He didn't say how many jobs he's aiming to eliminate, mainly through an early retirement program. If the per centage is similar to the cut in expenses, it could amount to 4,000 to 5,000 of the company's 73,400 employees.

Cisco last embarked on a belt-tightening program two years ago in the depth of the recession. The goal then was also to shave $1 billion of annual expenses, which it did by cutting travel, freezing hiring and instituting a similar early retirement program. It lost 2,000 employees before it started hiring again.

This time, the cost cuts are meant to address long-term challenges, not a short dip in the economy. The company may also sell or close underperforming units, Chambers said, much like a month ago when it announced it was killing the Flip Video camcorder, a product line it bought just two years earlier. The move was part of a partial pullback from the consumer market, which Cisco has tried to court for years.

Another problem area is network switches, Cisco's largest single product segment, where competition is quickly driving down prices. Cisco's revenue from the segment fell 9 per cent in the quarter. Chambers said the company is introducing new products quickly to fight back.

Cisco has a long history as a growth company, befitting its position as the leading provider of the equipment that powers the Internet. That also means expectations for it are high, and Chambers has held on to a long-term goal of 12 per cent to 17 per cent annual revenue growth through the recession and its aftermath. On Wednesday, he said that goal is "not reflective of the environment," and he'll provide a new target in September.

"We know what we have to do. We have a clear game plan," Chambers told analysts on a conference call. "We've had to make big changes before, and each time we've made these changes, we've emerged even stronger."

For the fiscal third quarter, which ended April 30, Cisco said net income declined nearly 18 per cent to $1.8 billion, or 33 cents per share. That compared with earnings of $2.2 billion, or 37 cents per share, a year ago.
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Econimics Times: Rolls-Royce celebrates Spirit of Ecstasy centenary

A Spirit of Ecstasy emblem is seen on a car at the Rolls-Royce plant where the Phantom and Ghost models are manufactured in Goodwood, near Chichester in south England. Rolls-Royce Motor Cars are celebrating in 2011 the centenary of the creation of Spirit of Ecstasy, its iconic emblem.

 he Rolls-Royce logo is seen embroidered on leather upholstery at the Rolls-Royce plant where the Phantom and Ghost models are manufactured in Goodwood, near Chichester in south England. Rolls-Royce Motor Cars are celebrating in 2011 the centenary of the creation of Spirit of Ecstasy, its iconic emblem
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