Business News – Newsletter for February 19, 2010

Friday, February 19, 2010

Sullied by a sex scandal, Tiger Woods to make first public comments

Tiger Woods starts comeback with a speech
PONTE VEDRA BEACH, Fla. – Out of sight for almost three months, Tiger Woods will be back for a day.

After that – who knows.
Golf’s biggest star is to make his first public appearance Friday since he ran his SUV over a fire hydrant and into a tree outside his …. Source  : Sullied by a sex scandal, Tiger Woods to make first public comments.

Iran launches first locally built naval destroyer, calling it a major technological leap

Iran launches first locally built naval destroyer

TEHRAN, Iran – Iranian state TV is reporting that the country has launched its first domestically built destroyer, calling it a major technological leap for its naval industries.
Iran has declared many such advances in its military industries and sciences to demonstrate self-sufficiency despite sanctions and attempts by the U.S. …. Source article  : Iran launches first locally built naval destroyer, calling it a major technological leap.

Euro down at $1.3493 in European morning trade as Fed tightens lending, Greece concerns linger

Euro falls below 9-month lows at $1.3493
FRANKFURT – The euro has fallen below nine-month lows against the dollar after the U.S. Federal Reserve started unwinding some of its cheap liquidity measures for banks and as concerns about Greece’s budget linger.

The 16-nation euro bought $1.3493 in in European morning trade Friday, down from the $1.3617 late … Original source on Gaea Times at : Euro down at $1.3493 in European morning trade as Fed tightens lending, Greece concerns linger.

Sullied by a sex scandal, Woods to make first public comments

Woods starts comeback with a speech
PONTE VEDRA BEACH, Fla. – Out of sight for almost three months, Tiger Woods will be back for a day.

After that – who knows.
Golf’s biggest star is to make his first public appearance Friday since he ran his SUV over a fire hydrant and into a tree outside his Florida …. Original article  : Sullied by a sex scandal, Woods to make first public comments.

Millions of seniors face 14 percent premium increase for popular Medicare Advantage plans

Premiums jump 14 percent on Medicare private plans
WASHINGTON – Millions of seniors who signed up for popular private health plans through Medicare are facing sharp premium increases this year – another sign that spiraling costs are a problem even for those with solid insurance.
A study to be released Friday by a major consulting … Read more »».

Nestle reports $9.55 billion full-year net profit with sales of nearly $100 billion

Nestle makes $9.55 billion full-year profit

GENEVA – Swiss food and drinks company Nestle SA reported a full-year net profit of 10.4 billion Swiss francs ($9.55 billion) Friday, a significant drop from the 18 billion francs it earned the previous year, when it benefited from the sale of part of its stake in eye care company … Original article on : Nestle reports $9.55 billion full-year net profit with sales of nearly $100 billion.

World markets fall as Fed’s hike of emergency loan rate spurs investor concern about US growth

World stocks drop as Fed hikes emergency loan rate

SINGAPORE – Asian stocks tumbled Friday after the U.S. central bank unexpectedly raised interest rates for emergency bank loans, triggering fears that growth could slow in the world’s largest economy. European markets also lost ground.
The Federal Reserve said Thursday it will bump up the so-called “discount” lending …. Original source  : World markets fall as Fed’s hike of emergency loan rate spurs investor concern about US growth.

Green group seeks cancellation of clearance to Vedanta refinery
BHUBANESWAR – A green NGO Friday urged the central government to cancel the clearance granted to the Vedanta group for its alumina refinery in Orissa. It charged the firm with violating the clearance conditions, and said trucks bringing raw material to refinery were polluting the air.

Biswajit Mohanty, secretary of the Wildlife Society of Orissa, has … Read this article on Gaea Times at : Green group seeks cancellation of clearance to Vedanta refinery.

India to order 29 more combat jets for navy
PANAJI – India will order 29 more MiG-29K combat jets for the navy to add to the 16 planes that have already been contracted for, Defence Minister A.K. Antony said Friday.

“As per the navy’s requirements we will be buying 29 additional fighter aircraft from Russia,” Antony told reporters after formally inducting the navy’s first four …. Source article on Gaea Times at  : India to order 29 more combat jets for navy.

Emotional connect with customer key to branding: Godrej
BANGALORE – The ubiquitous customer and his/her role in driving business growth occupied the centre-stage at the fifth Brand Summit 2010 here Friday.

Godrej group chairman Adi Godrej, who delivered the inaugural address, highlighted the importance of emotional connect with the customer for brand building through authentic delivery of value.
Emotional connect with the customer complements …. Read the original article  : Emotional connect with customer key to branding: Godrej.

Toyota president vows to speak ’sincerely,’ seek understanding from Congress, American people

Toyota’s president to testify before Congress

TOKYO – Toyota’s president Akio Toyoda, under fire for his handling of sweeping recalls, will testify before a congressional hearing next week, appealing to U.S. lawmakers and aggrieved customers for understanding while the company fixes its safety problems.
Japanese officials praised the decision by Toyoda, grandson of the company’s founder, to … Read this article on Gaea Times at : Toyota president vows to speak ’sincerely,’ seek understanding from Congress, American people.

Selling intensifies, Sensex down 231 points
MUMBAI – Selling pressure intensified at Indian equities markets Friday afternoon, pushing a key index 231 points below its previous close.

At 1.30 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,256.53 points, was at 16,096.57 points, down 231.27 points or 1.41 percent from its previous close. … Read the original article on Gaea Times at : Selling intensifies, Sensex down 231 points.

Government of Bihar signs MoU with Reserve Bank of India

The Government of Bihar and the Reserve Bank of India have, on  February 19, 2010 signed a Memorandum of Understanding with regard to Urban Co-operative Banks (UCBs) in the State of Bihar.  Consequent upon this, a State level Task Force on Urban Co-operative Banks (TAFCUB) has been constituted for Bihar. …. Original source  : Government of Bihar signs MoU with Reserve Bank of India.

Facebook fan pages ‘effective’ marketing tool
WASHINGTON – Facebook and its fan page module can be a very useful tool for increasing sales of a company, a new study claims.

The new research from Rice University’s Jones Graduate School of Business suggests that the social networking site holds the potential of an effective social marketing tool that can improve word-of-mouth marketing and … Read more >>.

Highlights of economic review by PM’s council
NEW DELHI – Following are the highlights of a review of the Indian economy conducted by the Prime Minister’s Economic Advisory Council headed by C. Rangarajan:

- India’s growth pegged at 7.2 percent for this fiscal
- Economy to grow 8.2 percent and 9 percent over next two years
- Agriculture output to decline 0.2 percent …. Original source  : Highlights of economic review by PM’s council.

Anglo American full-year profit down 54 percent as recession hits key metals and coal markets

Anglo American full-year profit down 54 pct

LONDON – Mining company Anglo American PLC on Friday reported that full-year profits fell 54 percent as the global economic downturn hit sales of coal, iron ore and other metals.
Net profit for 2009 was $2.43 billion, down from $5.2 billion a year earlier. Revenue fell by 25 percent to …. Original article  : Anglo American full-year profit down 54 percent as recession hits key metals and coal markets.

PM’s council for cautious exit from fiscal stimulus
NEW DELHI – India must initiate fiscal correction in the upcoming budget, but also tread carefully while exiting stimuli packages as it must not crowd out expenditure on infrastructure, the Prime Minister’s Economic Advisory Council said Friday.

The government cannot continue with the kind of large revenue and fiscal deficits recorded in the last two years …. Source  : Gaea News Network.

Carrefour full-year net profit drops 74 percent after $1.34 billion in turnaround costs

Carrefour 2009 net profit down 74 percent
PARIS – French retailer Carrefour SA said Friday that net profit last year fell 74 percent, impacted by euro1 billion ($1.34 billion) in restructuring charges linked to shuttering stores in Italy and turning around its stalling French operations.

The world’s second-largest retailer behind Wal-Mart Stores Inc. said that net profit … Read this article on Gaea Times at : Carrefour full-year net profit drops 74 percent after $1.34 billion in turnaround costs.

BJP blames futures trading for price rise
INDORE – The Bharatiya Janata Party (BJP) Friday blamed futures trading in the commodity market for rising food prices.

“The BJP believes that the most important reason for price rise, apart from incompetence and lack of leadership, is rampant corruption. Members of the cabinet have made money through futures trading in the commodity market,” senior party …. Source article  : BJP blames futures trading for price rise.

PM’s council for clear policy on genetically modified crops
NEW DELHI – India must take note of the success of Bt cotton in the country and formulate clear-cut policy on genetically modified crops, Prime Minister’s Economic Advisory Council said in a report presented Friday.

The remarks come against the backdrop of the environment ministry’s recent moratorium on the commercial production of Bt brinjal following vehement …. Original article on Gaea Times at  : PM’s council for clear policy on genetically modified crops.