Posted by Yogesh on Monday, 6 October, 2008
The redundancies come after eBay said it was acquiring online-payment company Bill Me later for $945m (£544bn) as well as Danish classified websites Den Bla Avis and BilBasen for $390m.
eBay chief executive John Donahoe said the company was cutting jobs to “simplify the organisation” and “become more nimble” but admitted that sales had been hit by the economic downturn globally.
In July, California-based eBay reported its slowest sales growth since its flotation in 1998. The company has been hit by competition from other online auction sites such as Amazon. Read the rest of this entry »
Posted in Technology | Tagged: eBay | Leave a Comment »
Posted by Yogesh on Monday, 6 October, 2008
MUMBAI, India – India’s stock market fell to a two-year low Monday amid signs that the U.S.-led financial crisis is spreading to Europe, intensifying worries about a global slowdown.
The benchmark Sensex sank 724.62 points, or 5.78 percent, to 11,801.70.
The declines were partly driven by foreign investors withdrawing money from the Indian market to meet payment demands back home, analysts said. Read the rest of this entry »
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Posted by Yogesh on Monday, 6 October, 2008
LONDON Oct 4 (Reuters) Oct 4 – Xchanging has agreed to buy India’s outsourcing and IT group Cambridge Solutions Ltd for 83 million pounds in cash and shares, the British business services company said in a statement.
Xchanging said the acquisition would give it a market presence and potential for further growth in the United States and Australia, as well as “critical mass” in its Indian offshore operations.
The acquisition, which will be paid for with 3.7 billion Indian rupees and 15 million shares, is expected to increase earnings before one-off costs from the first year after completion, said Xchanging.
On its current trading, Xchanging said sales have been healthy and it expects its full year performance to be in line with expectations. Source Reuters
Posted in Corporate News | Tagged: Cambridge Solutions | Leave a Comment »
Posted by Yogesh on Monday, 6 October, 2008
MUMBAI, Oct 6 (Reuters) – Satellite television provider Dish TV India Ltd plans to raise 11.4 billion rupees ($240 million) through a rights issue priced at 22 rupees a share.
In a weekend statement, the company said it would offer 121 rights shares for every 100 held.
Indian firms have raised $4.8 billion in rights offers so far in 2008, compared to $3.5 billion in all of 2007, according to Thomson Reuters data.
Rights issues of top vehicle maker Tata Motors and aluminium firm Hindalco Industries are currently open for subscription. The two issues together could raise $2 billion. Source Reuters
Posted in Stock News | Tagged: Dishh TV, Right issue | Leave a Comment »
Posted by Yogesh on Monday, 6 October, 2008
MUMBAI, Oct 6 (Reuters) – India’s capital market regulator on Monday removed most curbs on indirect investment notes by foreign funds to encourage inflows into a battered stock market, but analysts said few immediate gains were likely given global financial turmoil.
The Securities and Exchange Board of India (SEBI) removed the restrictions on issuing participatory notes (P-notes) where the underlying asset is a derivative, Chairman C.B. Bhave told reporters at a news conference after markets had closed.
It also scrapped a rule which said P-notes could only account for up to 40 percent of the value of assets held by a foreign fund, but said it still wanted foreign institutional investors (FII) or foreign funds to register. Read the rest of this entry »
Posted in Indian Economy | Tagged: SEBI | Leave a Comment »
Posted by Yogesh on Monday, 6 October, 2008
MUMBAI/HONG KONG, Oct 6 (Reuters) – Private equity firms are starting to team up to bid for a $400 million stake in India’s Firstsource Solutions, sources familiar with the matter said, amid concerns that the price of the deal is too high.
Apax Capital Partners, Blackstone Group and Providence Equity Partners are among the firms looking to bid for the stake that could total 88 percent in the back-office firm, the banking sources say, though it is still not clear which firms will join together.
First round bids are expected in the next few weeks. Read the rest of this entry »
Posted in Corporate News | Tagged: Firstsource | Leave a Comment »
Posted by Yogesh on Monday, 6 October, 2008
PUNE, India, Oct 6 (Reuters) – India’s central bank said on Monday that the country’s state-run banks were robust enough to deal with the global credit crisis and private sector banks also had adequate risk management systems.
Reserve Bank of India Deputy Governor V.Leeladhar said the central bank had been improving the risk management techniques of Indian banks over the past decade, and they could now easily face the challenges posed by the current difficult environment.
“Based on whatever information which is available to us, the banks, the public sector banks, I think are in a robust condition to deal with the financial crisis,” he told reporters. Read the rest of this entry »
Posted in Indian Economy | Tagged: RBI | Leave a Comment »
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