Govt. to import 1.5 mn tons of pulses in 2008
Mumbai-based Technocraft Industries has established a subsidiary Enhui Reliable Steel Technology Company in China.
McNally Bharat to acquire 68.28% stake in Sayaji Iron
Tata Investment to raise Rs 4.48 bn
PVR opens new multiplex in Goregaon, Mumbai
ICICI Bank launches `Platinum Identity` credit card
Phoenix Mills launches luxury mall in Mumbai
Friday, May 16, 2008
india digest
Phoenix Mills launches luxury mall in Mumbai
MMTC floats tender for importing 8 mn ton coal
The National Multi-Commodity Exchange (NMCE) is introducing new series for futures contract in 11 commodities, and three `spread series` in pepper from Friday (May 16
Landmark to invest Rs 42 bn in 12 projects
Voltas is planning to acquire companies overseas to expand its electro-mechanical projects business to newer regions that will help it win new contracts
Wipro plans entry into solar energy biz
Airtel crosses 4-mn subscriber mark in Delhi
JK Lakshmi Cement announced an investment of Rs 11 billion to set up a 2.7 million tons Greenfield plant at Chhattisgarh
Ankit Metal & Power is planning to double capacity at its existing unit in West Bengal
ICICI Bank plans to raise around USD 3 billion for two funds,
DCM Shriram is planning to enter the hybrid seed business and would focus on positioning itself as a key international player
The government has rejected NTPC`s proposal to raise around Rs 60 billion through a follow-on public offering (FPO),
Tech Mahindra has bagged a USD 700-million contract from British Telecom (BT) for transforming and improving latter`s IT infrastructure
Ramsarup Industries has received the CDM (clean development mechanism) clearance from UNFCCC for its 20 mw waste heat recovery-based (WHRB) captive power project (CPP) at Kharagpur
india economy news
Inflation surges to 3 1/2-mth high
The Reserve Bank of India (RBI) absorbed Rs 10.65 billion in the 4-day reverse repo auction and injected Rs 207.05 billion in the 4-day repo auction held on May 16, 2008
Inflation climbs further to 7.83%
Two European stock exchanges have shown interest in collaborating with the Calcutta Stock Exchange (CSE) and take strategic stake of 5% in CSE
Inflation to slip to 6% in 4-6 weeks: Assocham
The Reserve Bank of India (RBI) absorbed Rs 10.65 billion in the 4-day reverse repo auction and injected Rs 207.05 billion in the 4-day repo auction held on May 16, 2008
Inflation climbs further to 7.83%
Two European stock exchanges have shown interest in collaborating with the Calcutta Stock Exchange (CSE) and take strategic stake of 5% in CSE
Inflation to slip to 6% in 4-6 weeks: Assocham
The Good and the Ugly of This Market
THE GOOD NEWS FOR INVESTORS This week, the Dow Jones Industrial Average bounced off both its rising March trendline and the top of its former January-April trading range
The better news is that the small capitalization Russell 2000 index has finally broken free from its 2008 trading range.
The better news is that the small capitalization Russell 2000 index has finally broken free from its 2008 trading range.
Don't Hang Up on Vodafone
THE WORLD'S LARGEST PHONE companies are building operations that span the developed and developing world.
But more mundane concerns have preoccupied telecom investors. Case in point, the 15% decline this year in the American depositary receipts of U.K.-based Vodafone, one of the world's most global phone companies, with 221 million subscribers.
Investors worry that Vodafone's growth in Western Europe will be hobbled by price wars and regulation. And business in new markets like India and Turkey is still young and unpredictable.
But more mundane concerns have preoccupied telecom investors. Case in point, the 15% decline this year in the American depositary receipts of U.K.-based Vodafone, one of the world's most global phone companies, with 221 million subscribers.
Investors worry that Vodafone's growth in Western Europe will be hobbled by price wars and regulation. And business in new markets like India and Turkey is still young and unpredictable.
US econony
Ben Bernanke, chairman of the Federal Reserve, on Thursday urged US banks to continue raising capital, saying this could pave the way for an improvement in economic conditions
The Federal Reserve should use regulatory powers aggressively and pro-actively to limit the threat from future asset price bubbles, Frederic Mishkin, one of the Fed’s governors, said on Thursday
Fate of US housing rescue in the balance
The consumer price index advanced by 0.2 per cent in April while core prices, which exclude food and energy, rose by only 0.1 per cent
Fewer car purchases put a dent in US retail sales last month, which fell 0.2 per cent, as consumers were hit by high fuel costs and a weak labour market.
Fannie and Freddie capital alert
The Federal Reserve should use regulatory powers aggressively and pro-actively to limit the threat from future asset price bubbles, Frederic Mishkin, one of the Fed’s governors, said on Thursday
Fate of US housing rescue in the balance
The consumer price index advanced by 0.2 per cent in April while core prices, which exclude food and energy, rose by only 0.1 per cent
Fewer car purchases put a dent in US retail sales last month, which fell 0.2 per cent, as consumers were hit by high fuel costs and a weak labour market.
Fannie and Freddie capital alert
Yahoo Responds To Icahn: You’re Wrong; We’re ‘Crystal Clear’
Dear Mr. Icahn:
We are in receipt of your letter with regard to your intention to seek control of Yahoo!’s board of directors.
Unfortunately, your letter reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal. A fair-minded review of the factual record leads to one conclusion: that Yahoo!’s ten-member board, comprised of nine independent directors along with Yahoo! CEO Jerry Yang, remains the best and most qualified group to maximize value for all Yahoo! stockholders.
Conversely, we do not believe it is in the best interests of Yahoo! stockholders to allow you and your hand-picked nominees to take control of Yahoo! for the express purpose of trying to force a sale of Yahoo! to a formerly interested buyer who has publicly stated that they have moved on. Please may I remind you that there is currently no acquisition offer on the table from that company or any other party. That said, we have been crystal clear in our stance that we have been and remain willing to consider any proposal from any party including Microsoft if it offers our stockholders full and certain value.
From the beginning of the process with Microsoft, Yahoo!’s independent directors focused on one central goal: how best to maximize stockholder value. At all times directing this process, Yahoo!’s independent directors carefully considered Microsoft’s initial unsolicited proposal, which was at the time valued at $31 per share. After considering input from its financial advisers the board unanimously concluded that Microsoft’s proposal significantly undervalued Yahoo! and was, therefore, not in the best interests of the company or our stockholders. While we rejected this offer publicly on February 11, 2008, we could not have been more clear in that communication and in every subsequent communication, both public and private, that we were and are willing to enter into any transaction that would maximize value for stockholders and provide them certainty of value.
The record of our efforts to engage Microsoft in meaningful discussions is unequivocal. Following receipt of Microsoft’s proposal on January 31, our board of directors has met over twenty times to review Microsoft’s proposal and Yahoo!’s other strategic alternatives. Throughout this process our board kept an open mind and an open ear. Our independent directors met with several of our largest stockholders to solicit their views and to make it clear that Yahoo!’s independent board is fully committed to maximizing stockholder value. In addition, at the direction of our board, our management team met with many of our investors to provide insight into Yahoo!’s strategy and views on value.
Our board’s openness also extended to Microsoft. Without reciting all of the contacts between us and between our advisers, the senior-most management of Yahoo! and Microsoft and the companies’ respective financial advisers spoke on numerous occasions and met in person seven times. During those meetings, Yahoo! discussed its strategic objectives in search and display advertising monetization, its perspectives on operating strategy and integration in a transaction with Microsoft, its perspectives on transaction synergies, and other non-price deal terms. Because certainty of closing is a critical issue, we sought to understand Microsoft’s thinking with regard to the regulatory issues associated with a potential transaction. In fact, at the board’s direction, our lawyers on March 28 asked for additional information in this regard, information which was never forthcoming.
On April 15th, a meeting was held at Yahoo!’s request. At that meeting, which included our respective financial advisors, we made clear, once again, that we were open to a transaction with Microsoft. During those discussions, Yahoo! made a detailed presentation of its strategic and financial plan, its thoughts on integration and its view with respect to the potential synergies that could be achieved in a transaction, essentially laying the foundation for Microsoft to understand--and respond to--our board’s conclusion that Microsoft’s offer substantially undervalued the company. Following that meeting we also provided to Microsoft a list of key non-price deal terms that our board believed were critical items to be addressed in a deal to provide reasonable protections for our stockholders.
Throughout this period, Microsoft continued to state that it would not raise its offer, and even suggested that it could lower it.
Despite this failure by Microsoft to respond in any substantive way to any of Yahoo!’s requests, on May 2nd, the same day we first learned of Microsoft’s apparent willingness to increase its proposal to $33 (although this oral “offer” was never delivered in writing and did not include details of a cash/stock mix), our board determined to continue discussions, instructing Jerry Yang to indicate to Microsoft that we would be prepared to enter into a transaction that valued Yahoo! at $37 per share and that provided reasonable certainty of value and certainty of closing. This was communicated to Microsoft in-person at a meeting in Seattle on May 3rd. With Microsoft’s offer at $33 and Yahoo!’s counter-proposal at $37, Microsoft elected, within hours, to walk away from the negotiating table and informed us that they were “moving on,” having never engaged further on price or any of the key non-price deal terms.
In short, Yahoo!’s board was at every point in this process prepared to enter into a transaction with Microsoft that would maximize stockholder value--and included certainty of value and closing. What Yahoo!’s independent board refused to do was to allow control of this company to be acquired for less than its full value.
That brings us to today. Our business is performing well as evidenced by our first quarter results. As we have publicly stated, our board continues to actively and expeditiously explore strategic alternatives to maximize stockholder value. None of the alternatives we are considering would preclude us from entering into a transaction with Microsoft or any other party.
We continue to believe that Yahoo!’s current board has the independence, the knowledge, and the commitment to navigate the Company through the rapidly changing Internet environment and to deliver value for Yahoo! and its stockholders.
We look forward to a productive dialogue.
Very truly yours,
Roy Bostock
Chairman of the Board
We are in receipt of your letter with regard to your intention to seek control of Yahoo!’s board of directors.
Unfortunately, your letter reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal. A fair-minded review of the factual record leads to one conclusion: that Yahoo!’s ten-member board, comprised of nine independent directors along with Yahoo! CEO Jerry Yang, remains the best and most qualified group to maximize value for all Yahoo! stockholders.
Conversely, we do not believe it is in the best interests of Yahoo! stockholders to allow you and your hand-picked nominees to take control of Yahoo! for the express purpose of trying to force a sale of Yahoo! to a formerly interested buyer who has publicly stated that they have moved on. Please may I remind you that there is currently no acquisition offer on the table from that company or any other party. That said, we have been crystal clear in our stance that we have been and remain willing to consider any proposal from any party including Microsoft if it offers our stockholders full and certain value.
From the beginning of the process with Microsoft, Yahoo!’s independent directors focused on one central goal: how best to maximize stockholder value. At all times directing this process, Yahoo!’s independent directors carefully considered Microsoft’s initial unsolicited proposal, which was at the time valued at $31 per share. After considering input from its financial advisers the board unanimously concluded that Microsoft’s proposal significantly undervalued Yahoo! and was, therefore, not in the best interests of the company or our stockholders. While we rejected this offer publicly on February 11, 2008, we could not have been more clear in that communication and in every subsequent communication, both public and private, that we were and are willing to enter into any transaction that would maximize value for stockholders and provide them certainty of value.
The record of our efforts to engage Microsoft in meaningful discussions is unequivocal. Following receipt of Microsoft’s proposal on January 31, our board of directors has met over twenty times to review Microsoft’s proposal and Yahoo!’s other strategic alternatives. Throughout this process our board kept an open mind and an open ear. Our independent directors met with several of our largest stockholders to solicit their views and to make it clear that Yahoo!’s independent board is fully committed to maximizing stockholder value. In addition, at the direction of our board, our management team met with many of our investors to provide insight into Yahoo!’s strategy and views on value.
Our board’s openness also extended to Microsoft. Without reciting all of the contacts between us and between our advisers, the senior-most management of Yahoo! and Microsoft and the companies’ respective financial advisers spoke on numerous occasions and met in person seven times. During those meetings, Yahoo! discussed its strategic objectives in search and display advertising monetization, its perspectives on operating strategy and integration in a transaction with Microsoft, its perspectives on transaction synergies, and other non-price deal terms. Because certainty of closing is a critical issue, we sought to understand Microsoft’s thinking with regard to the regulatory issues associated with a potential transaction. In fact, at the board’s direction, our lawyers on March 28 asked for additional information in this regard, information which was never forthcoming.
On April 15th, a meeting was held at Yahoo!’s request. At that meeting, which included our respective financial advisors, we made clear, once again, that we were open to a transaction with Microsoft. During those discussions, Yahoo! made a detailed presentation of its strategic and financial plan, its thoughts on integration and its view with respect to the potential synergies that could be achieved in a transaction, essentially laying the foundation for Microsoft to understand--and respond to--our board’s conclusion that Microsoft’s offer substantially undervalued the company. Following that meeting we also provided to Microsoft a list of key non-price deal terms that our board believed were critical items to be addressed in a deal to provide reasonable protections for our stockholders.
Throughout this period, Microsoft continued to state that it would not raise its offer, and even suggested that it could lower it.
Despite this failure by Microsoft to respond in any substantive way to any of Yahoo!’s requests, on May 2nd, the same day we first learned of Microsoft’s apparent willingness to increase its proposal to $33 (although this oral “offer” was never delivered in writing and did not include details of a cash/stock mix), our board determined to continue discussions, instructing Jerry Yang to indicate to Microsoft that we would be prepared to enter into a transaction that valued Yahoo! at $37 per share and that provided reasonable certainty of value and certainty of closing. This was communicated to Microsoft in-person at a meeting in Seattle on May 3rd. With Microsoft’s offer at $33 and Yahoo!’s counter-proposal at $37, Microsoft elected, within hours, to walk away from the negotiating table and informed us that they were “moving on,” having never engaged further on price or any of the key non-price deal terms.
In short, Yahoo!’s board was at every point in this process prepared to enter into a transaction with Microsoft that would maximize stockholder value--and included certainty of value and closing. What Yahoo!’s independent board refused to do was to allow control of this company to be acquired for less than its full value.
That brings us to today. Our business is performing well as evidenced by our first quarter results. As we have publicly stated, our board continues to actively and expeditiously explore strategic alternatives to maximize stockholder value. None of the alternatives we are considering would preclude us from entering into a transaction with Microsoft or any other party.
We continue to believe that Yahoo!’s current board has the independence, the knowledge, and the commitment to navigate the Company through the rapidly changing Internet environment and to deliver value for Yahoo! and its stockholders.
We look forward to a productive dialogue.
Very truly yours,
Roy Bostock
Chairman of the Board
economy
Japan's GDP Grows More-Than-Estimated 3.3% on Exports
Fed, BOE Foreshadow End of Rate Cuts as Prices Rise
Fed, BOE Foreshadow End of Rate Cuts as Prices Rise
world news
Fed, BOE Foreshadow End of Rate Cuts as Prices Rise
Goldman Raises Second-Half WTI Oil Forecast to $141
Buffett's Berkshire Boosts Investments in Kraft, Wells Fargo
UN: World economy on brink of severe downturn; will only grow by 1.8 percent this year
The dollar snapped three days of gains against the euro before reports that may show U.S. housing starts fell to a 17-year low and consumer confidence slumped to the weakest in 26 years
Anhui Conch Cement Co., China's biggest producer, will start building factories sooner than expected in Sichuan province to aid reconstruction efforts after the nation's most powerful earthquake in 58 years.
Trico Marine Services, Inc., a Houston-based oilfield service provider, agreed to buy Norwegian oil service and subsea company DeepOcean ASA for 3.5 billion kroner ($681 million).
European Central Bank council member Yves Mersch said the current level of interest rates will help curb inflation
The world's most powerful central banks are telegraphing the end of interest-rate cuts, and traders already anticipate the first steps in the opposite direction
India's inflation rate unexpectedly rose to the highest in 3 1/2 years, adding pressure on the central bank to raise borrowing costs further to tame prices.
Goldman Raises Second-Half WTI Oil Forecast to $141
Buffett's Berkshire Boosts Investments in Kraft, Wells Fargo
UN: World economy on brink of severe downturn; will only grow by 1.8 percent this year
The dollar snapped three days of gains against the euro before reports that may show U.S. housing starts fell to a 17-year low and consumer confidence slumped to the weakest in 26 years
Anhui Conch Cement Co., China's biggest producer, will start building factories sooner than expected in Sichuan province to aid reconstruction efforts after the nation's most powerful earthquake in 58 years.
Trico Marine Services, Inc., a Houston-based oilfield service provider, agreed to buy Norwegian oil service and subsea company DeepOcean ASA for 3.5 billion kroner ($681 million).
European Central Bank council member Yves Mersch said the current level of interest rates will help curb inflation
The world's most powerful central banks are telegraphing the end of interest-rate cuts, and traders already anticipate the first steps in the opposite direction
India's inflation rate unexpectedly rose to the highest in 3 1/2 years, adding pressure on the central bank to raise borrowing costs further to tame prices.
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