Friday, 13 May 2011

Stocks down on Fed jitters; euro at 6-week low

Reuters - Sat, May 14, 2011

NEW YORK (Reuters) - Investors this week woke up to the fact the Federal Reserve's easy money campaign will soon end, yanking investments out of big-growth bets ememerging markets, commodities and shares of small U.S. companies. More »Stocks down on Fed jitters; euro at 6-week low

A storm gathers over equities market …

Reuters - Sat, May 14, 2011

NEW YORK (Reuters) - The big money is calling a halt to the surge in stock prices. More »A storm gathers over equities market …

U.S. inflation hits 2-1/2 year high, …

Reuters - Sat, May 14, 2011

WASHINGTON (Reuters) - Gasoline and food prices hoisted U.S. inflation to a 2-1/2-year … More »U.S. inflation hits 2-1/2 year high, …

Yahoo battle with China's Alibaba intensifies Reuters - Sat, May 14, 2011
Wall St ends down for second week Reuters - Sat, May 14, 2011
ANALYSIS - Some of Treasury's debt limit gains may aid Fed Reuters - Fri, May 13, 2011
Stocks, euro fall on economy, debt worries Reuters - Fri, May 13, 2011
ANALYSIS - A storm gathers over equities markets Reuters - Fri, May 13, 2011
Banks tweak restructuring units as deals dry up Reuters - Fri, May 13, 2011
Global pension fund flows could swamp emerging markets Reuters - Fri, May 13, 2011
End of QE to hit gold harder than oil - Goldman Reuters - Fri, May 13, 2011
Wall Street falls as dollar strengthens Reuters - Fri, May 13, 2011
EXCLUSIVE - U.S. default could prompt new recession - study Reuters - Fri, May 13, 2011
World stocks slip; euro retreats on debt worries Reuters - Fri, May 13, 2011
Pantaloon Retail net profit at Rs 20.10 cr for March quarter PTI - Fri, May 13, 2011
Dr Reddy''s Q4 net doubles to Rs 334.5 cr on robust US sales PTI - Fri, May 13, 2011
Supreme Court bans endosulfan IANS - Fri, May 13, 2011
Oil rises on European growth; stocks slip Reuters - Fri, May 13, 2011
Gold prices steady as dollar pares losses Reuters - Fri, May 13, 2011
GLOBAL MARKETS WEEKAHEAD - Drip, drip from the euro debt crisis Reuters - Fri, May 13, 2011

International News Headlines

People talk outside a Borders bookstore in San Diego

Borders Group in talks for deal: source

Reuters - 1 hour 39 minutes ago

(Reuters) - Bankrupt bookseller Borders Group Inc said it has received indications of third-party interest for its business that could keep it running as a going concern, a source close to the matter told Reuters. More »Borders Group in talks for deal: source

Bankruptcy judge OKs Innkeepers $1.12 billion …

Reuters - Sat, May 14, 2011

NEW YORK (Reuters) - Innkeepers USA Trust, the bankrupt manager … More »Bankruptcy judge OKs Innkeepers $1.12 billion …

U.S. court finds against Rambus, shares plung …

Reuters - Sat, May 14, 2011

WASHINGTON (Reuters) - A U.S. appeals court found memory chip … More »U.S. court finds against Rambus, shares plung …

Latest News

No takers to buy all of Borders: report Reuters - Sat, May 14, 2011(Reuters) - Bankrupt bookseller Borders Group Inc has so far failed to find a bidder for the entire chain, Bloomberg reported, citing four people close to the matter … More »No takers to buy all of Borders: report
Ford's Mulally makes $1.7 million on stock option Reuters - Sat, May 14, 2011DETROIT (Reuters) - Ford Motor Co Chief Executive Alan Mulally made about $1.7 million through a stock option that kicked in after Ford shares traded above $15 a share … More »Ford's Mulally makes $1.7 million on stock option
United Technologies in $1 billion U.S. engine deal Reuters - Sat, May 14, 2011WASHINGTON (Reuters) - United Technologies Corp's Pratt & Whitney unit has won U.S. Navy contract updates totaling about $1 billion to provide engines for the multi-national … More »United Technologies in $1 billion U.S. engine deal
A storm gathers over equities markets Reuters - Sat, May 14, 2011NEW YORK (Reuters) - The big money is calling a halt to the surge in stock prices. More »A storm gathers over equities markets
Manager of defunct hedge fund accused of fraud Reuters - Sat, May 14, 2011NEW YORK (Reuters) - A former hedge fund manager has been charged with defrauding investors of at least $12.6 million in a federal indictment on Friday, nearly two years … More »Manager of defunct hedge fund accused of fraud
Abbey's historic art grotto untouched by tornado AP - Sat, May 14, 2011In a north Alabama city forever changed by April's tornado outbreak, one historic spot went untouched by destruction. More »Abbey's historic art grotto untouched by tornado
Frito-Lay sued over alleged metal objects in chips Reuters - Sat, May 14, 2011CHICAGO (Reuters) - A woman has filed suit against Frito-Lay and Costco for at least $50,000, charging that the Ruffles potato chips she ate contained some objects such … More »Frito-Lay sued over alleged metal objects in chips
Bullish funds slash commodity bets by $17 billion: data Reuters - Sat, May 14, 2011NEW YORK/CHICAGO (Reuters) - Big hedge funds and speculators cut their bullish bets on commodity markets by $17 billion in the week through Tuesday, the biggest bear … More »Bullish funds slash commodity bets by $17 billion: data
Sony yet to fully secure its networks: expert Reuters - Sat, May 14, 2011BOSTON (Reuters) - Sony Corp's computer networks remain vulnerable to attack three weeks after the company learned that it had been victim of one of the biggest data … More »Sony yet to fully secure its networks: expert
Ford's Mulally makes $1.7 million on stock option Reuters - Sat, May 14, 2011DETROIT (Reuters) - Ford Motor Co Chief Executive Alan Mulally made about $1.7 million through a stock option that kicked in after Ford shares traded above $15 a share … More »

Supreme Court bans endosulfan

By Indo Asian News Service | IANS – Fri, May 13, 2011

New Delhi, May 13 (IANS) The Supreme Court Friday banned the production, distribution and use of endosulfan, saying that big companies, including those of the government, could not be oblivious of their corporate social responsibility.
Endosulfan is pesticide that is widely used in agriculture, particularly for rice and cotton crops, and its use has a debilitating effect on humans and the environment.
'When these companies start production and make huge investments, don't they look for human considerations', asked an apex court bench of Chief Justice S.H. Kapadia, Justice K.S. Panickar Radhakrishnan and Justice Swatanter Kumar.
'Nobody is doing business for a loss. Yet there is something like corporate social responsibility,' said Kapadia, adding that what was being said about the private companies was equally valid for the government companies.
Kapadia said: 'Xost is not the only point. Risk (to health) is a serious concern. If one child is likely to be affected (by the use of endosulfan), then the ban can't wait for six weeks.' He said that a 'ban is a reversible situation whereas health impairment is irreversible'.
The court observation came in the wake of a plea by the senior counsel Mukul Rohtagi that the production of endosulfan was going on for last 40 years and if the proposed ban was postponed by six weeks, noting would happen. Rohtagi appeared for one of the manufacturers of endosulfan
Questioning the court's move to ban endosulfan, Rohtagi argued that companies were given licences to produce endosulfan under an act which also provides a scheme for the revocation of these licences. Was it proper, in such situations, for a court to ban the production, he asked.
At this, Kapadia said that it (the apex court) will address this question in its judgment in case relating to French cement major Lafarge being barred from carrying out mining activities in the hills of Meghalaya. One judgment, Kapadia said will deal with Lafarge on facts and the other with Lafarge on law.
He said if the plea advanced by Rohtagi was accepted, then all the country's forests will be wiped out as people will say that they have sanction under the state statute and they can clear forests and the court can't interfere.
Kapadia said that under Article 21 of the constitution, which guarantees protection of life and personal liberty, the court could override a state statute in guarding the interests of the people.
Even Solicitor General Gopal Subramanium, who is amicus curiae in the case, told the court that in the wake of widespread use of endosulfan in rice and cotton cultivation and absence of cost-effective alternatives, the court could wait for banning the pesticide.
He told the court that already two committees, one headed by the head of the Indian Council For Medical Research and the other bythe Agricultural Commissioner was looking into the harmful effects, if any, of endosulfan.
Passing the ad-interim order banning the endosulfan, the court said: 'Keeping in mind the various judgments of this court under Article 21 of the constitution and in the precautionary principles, we hereby pass an ad-interim order banning the production and use of endosulfan all over India.'
It directed the government to freeze the permits given to the manufacturers of the pesticide.
The court said that two committees undertaking the study of endosulfan should be made an expert body which will go into the matter and give an interim report to the court in six weeks. The court said that study should be comprehensive, spread all over the country and give details on the use of pesticide areas wise and region wise.
The court said the interim report should state whether endosulfan should be banned. If so, how the existing stocks should settled in phases and whether there was any cost effective alternative to endosulfan.
The court passed its orders on a petition by the Democratic Youth Federation of India.
The petition said the use of the pesticide for optimizing agricultural production was creating an alarming danger to the health and safety of human beings in general and the environment.

US hails Indian efforts to rebuild Afghanistan

IANS - 25 minutes agoWashington, May 14 (IANS) Taking note of India's 'enhanced position as a regional leader' the United States has welcomed New Delhi's boost in aid to Kabul and strong support to international efforts to rebuild a stable Afghanistan. More »

Mamata shatters red citadel, sets to be WB's first woman CM PTISet to take over the reins of West Bengal as its first woman chief minister, Mamata Banerjee steered her Trinamool Congress to a historic and resounding victory, shattering … More »Mamata shatters red citadel, sets to be WB's first woman CM
Sonia to decide on joining Bengal government: Congress IANSKolkata, May 13 (IANS) Congress general secretary Shakeel Ahmed Friday said party president Sonia Gandhi will take the final call on joining the West Bengal government … More »Sonia to decide on joining Bengal government: Congress
Achuthanandan factor helped Left in Kerala: Congress IANSNew Delhi, May 13 (IANS) The Congress Friday said its less than expected performance in Kerala, where it managed a wafer-thin majority, was due to Communist Party of … More »Achuthanandan factor helped Left in Kerala: Congress
Award death penalty in staged shootout cases: Supreme Court IANSNew Delhi, May 13 (IANS) The Supreme Court said Friday that staged shootouts involving contract killings by policemen should be counted in the category of rarest of rare … More »Award death penalty in staged shootout cases: Supreme Court
Congress wins absolute majority in Assam IANSGuwahati, May 13 (IANS) The ruling Congress party has secured an absolute majority in Assam, winning 72 seats in the 126 member legislature and leading in eight more … More »Congress wins absolute majority in Assam
With AIADMK win, voters eye freebies of laptops, gold mangalsutra IANSChennai, May 13 (IANS) Now that the AIADMK has won a thumping victory in Tamil Nadu, voters are eyeing the freebies, including laptops for students, gold mangalsutras … More »

Sonia to decide on joining Bengal government: Congress

By Indo Asian News Service | IANS – Fri, May 13, 2011

Kolkata, May 13 (IANS) Congress general secretary Shakeel Ahmed Friday said party president Sonia Gandhi will take the final call on joining the West Bengal government led by Trinamool Congress.
'Sonia Gandhi will take a final call on joining the state government led by Trinamool Congress. But before the party high command comes to any decision, we will discuss the matter with state Congress leaders and party legislators,' Ahmed told IANS.
The Trinamool and Congress alliance registered a landslide victory in the Bengal assembly polls, dislodging the over three-decade-old Left Front government.
After the victory, Trinamool Congress chief Mamata Banerjee said the Congress and Socialist Unity Centre of India-Communist (SUCI-C) will be part of her cabinet.
'We haven't received any formal invitation till now. We will take the decisions of whether to join the government within two-three days. But we will provide unconditional support to the Trinamool Congress government in the state,' said Ahmed.

Mamata shatters red citadel, sets to be WB''s first woman CM

PTI – Fri, May 13, 2011

Kolkata, May 13 (PTI) Set to take over the reins of West Bengal as its first woman chief minister, Mamata Banerjee steered her Trinamool Congress to a historic and resounding victory, shattering the citadel of the CPI(M)-led Left Front today after 34 years.
Trinamool Congress, with 168 seats, secured absolute majority on its own in the 294-member House and received two-thirds majority with ally Congress which won 42 seats.
The combine is set to secure three-fourths majority as Trinamool Congress was ahead in 16 more seats.
Another Trinamool partner, SUCI, bagged the Joynagar seat in South 24 Parganas district.
On
the other hand, CPI(M)-led Left Front, which had secured 235 seats in the 2006 Assembly elections, put up an extremely dismal show with 37 seats and was leading in three.
Chief Minister Buddhadeb Bhattacharjee and most of his cabinet colleagues tasted humiliating defeat in the election.
Ministers who lost included Nirupam Sen, Asim Dasgupta, Ashok Bhattacharya, Gautam Deb, Kanti Ganguly, Naren Dey, Abdus Sattar, Anadi Sahu and Debesh Das.
The slogan for change (Parivartan) given by Mamata Banerjee swept across the state. Even in red bastion of Purulia, Bankura, West Midnapore and Hooghly districts, Trinamool Congress made a dent.
Front major CPI(M) won only 37 seats and was leading in three others. Its allies Forward Bloc secured 10 and led in one seat. RSP won seven, CPI in one and Independent and others in seven seats.
Others included three won by the Gorkha Janmukti Morcha in Darjeeling district.
Trinamool Congress supremo Mamata Banerjee called on Governor M K Narayanan at Raj Bhavan in the evening along with Leader of the Opposition Partha Chatterjee apparently to discuss government formation.
Earlier, the chief minister tendered his resignation to the Governor and was requested to continue till alternative arrangements were made.
Addressing a huge crowd before her Kalighat residence, Mamata dedicated the victory of her party to ''Ma, Mati, Manush'' (Mother, Land and People) and promised to provide good governance and an impartial administration.
She appealed to her party workers to be restrained in victory celebrations and not to be provoked into violence. She also reached out to CPI(M) appealing to its supporters not to get disheartened and maintain peace.
Accepting the verdict, Buddhadeb Bhattacharjee and CPI(M) state secretary Biman Bose said the results were ''unexpected''. They said the Front would play the role of a responsible and constructive opposition in the assembly.
There was jubilation after Trinamool Congress'' win with thousands of party workers and supporters gathering in front of the TC chief''s Harish Chatterjee Street residence, dancing, singing and sprinking ''gulal'' to celebrate the victory.
In contrast, there was gloom in the CPI(M) headquarters at Alimuddin street where the party secretariat met to review the poll debacle.

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Friday, 13 May 2011

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Supreme Court bans endosulfan

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