Japan is considering the introduction of noise-making devices for near-silent hybrid cars following safety fears from vision-impaired pedestrians.
"Vision-impaired people feel that hybrid vehicles are dangerous", a transport ministry official told AFP.
The top-selling hybrid vehicles run almost without any sound when they change from fuel to battery mode.
The ministry of transport has brought together a panel that will draw up a report by the end of the year.
The panel is considering forcing manufacturers of hybrid cars to introduce a sound-making function that alerts passersby to the presence of a vehicle.
"Blind people depend on sounds when they walk, but there are no engine sounds from hybrid vehicles when running at low speed," the transport ministry official said.
The world's most popular hybrid, the Prius, was launched by Toyota in 1997.
Paul Nolasco, a spokesman for Toyota Motor in Tokyo, told the BBC it had no immediate plans to add noise-making devices to the hybrid vehicles.
"But if it becomes a social concern, it is something we will have to address", Mr Nolasco added.
Monday, July 6, 2009
Social plans at core of Indian budget
The biggest risk the government faced was disappointing voters.
But with this self-styled populist budget, it will have done almost all the things it promised to.
At the heart of what it announced is the belief that India needs to drive domestic demand if it wants to return to an economic growth rate of more than 9%.
It also wants to ensure that any growth is inclusive, and not exclusive to the country's richer, urban Indians.
With this in mind, the main focus of the budget has been on rural development and there is a raft of new economic and social development plans.
Rural debt
The government has decided to more than double spending on its successful rural employment scheme, which guarantees 100 days of work to everyone who wants it.
To run alongside this, it has set up a task force to look again at the problem of farmers' debts that have led to thousands of suicides in the countryside.
At the same time, the government will also try to create jobs by expanding and improving the country's road and infrastructure systems.
According to the finance minister, spending on infrastructure will rise to 10% of gross domestic product over the next few years.
These changes have been well received by economists and commentators in India.
The government's attempts to tweak and simplify the tax system, provide food guarantees to some of India's poorest people and reduce the burden of national policies such as fuel subsidies have also been greeted positively.
Market fears
On the face of it, the government seems to have hit the bull's-eye with this budget.
Unfortunately, it's not as simple as that because there are a number of large issues that have not been addressed.
India's stock markets have dropped on the news and bonds have seen a sell off. This is due to fears over the size of the budget deficit and the impact the spending plans will have.
The government now expects its budget deficit to hit 6.8% in the next year, higher than it had previously forecast and at a level that will make many investors and economists nervous.
There are fears that if the deficit is not brought under control, then rating agencies could downgrade India.
One of the ways India had hoped to cut the shortfall in spending was to step up its privatisation of state-owned firms, and many observers were expecting more details of how it would do that in today's budget.
However, the finance minister did not outline any clear path for asset sales, nor did he explain when he would allow greater foreign ownership of companies in key industries such as banking and insurance, or bring an end to the state subsidy system.
'Juggling'
The government said it would give more details at a later date, saying it would not fix itself to dates, preferring to react when the right opportunity presented itself.
The government has argued that in times of economic difficulty it needs to spend more, pointing to the US and UK as prime examples of nations buying their way out of trouble.
While India is in a far better position than many other nations, it still has the tricky task of juggling fiscal prudence with the needs of its population.
And while this budget doesn't have all the answers, for many experts it at least manages to have a decent go at most of them.
But with this self-styled populist budget, it will have done almost all the things it promised to.
At the heart of what it announced is the belief that India needs to drive domestic demand if it wants to return to an economic growth rate of more than 9%.
It also wants to ensure that any growth is inclusive, and not exclusive to the country's richer, urban Indians.
With this in mind, the main focus of the budget has been on rural development and there is a raft of new economic and social development plans.
Rural debt
The government has decided to more than double spending on its successful rural employment scheme, which guarantees 100 days of work to everyone who wants it.
To run alongside this, it has set up a task force to look again at the problem of farmers' debts that have led to thousands of suicides in the countryside.
At the same time, the government will also try to create jobs by expanding and improving the country's road and infrastructure systems.
According to the finance minister, spending on infrastructure will rise to 10% of gross domestic product over the next few years.
These changes have been well received by economists and commentators in India.
The government's attempts to tweak and simplify the tax system, provide food guarantees to some of India's poorest people and reduce the burden of national policies such as fuel subsidies have also been greeted positively.
Market fears
On the face of it, the government seems to have hit the bull's-eye with this budget.
Unfortunately, it's not as simple as that because there are a number of large issues that have not been addressed.
India's stock markets have dropped on the news and bonds have seen a sell off. This is due to fears over the size of the budget deficit and the impact the spending plans will have.
The government now expects its budget deficit to hit 6.8% in the next year, higher than it had previously forecast and at a level that will make many investors and economists nervous.
There are fears that if the deficit is not brought under control, then rating agencies could downgrade India.
One of the ways India had hoped to cut the shortfall in spending was to step up its privatisation of state-owned firms, and many observers were expecting more details of how it would do that in today's budget.
However, the finance minister did not outline any clear path for asset sales, nor did he explain when he would allow greater foreign ownership of companies in key industries such as banking and insurance, or bring an end to the state subsidy system.
'Juggling'
The government said it would give more details at a later date, saying it would not fix itself to dates, preferring to react when the right opportunity presented itself.
The government has argued that in times of economic difficulty it needs to spend more, pointing to the US and UK as prime examples of nations buying their way out of trouble.
While India is in a far better position than many other nations, it still has the tricky task of juggling fiscal prudence with the needs of its population.
And while this budget doesn't have all the answers, for many experts it at least manages to have a decent go at most of them.
Tuesday, June 30, 2009
Shareholders to elect new AIG directors at meet
AMERICAN International Group, the insurer rescued by a series of federal bailouts, is set to pad out its shrinking board tomorrow when a new slate of directors stands for election at its annual meeting.
The nominees will help rebuild a board decimated in the past year by seven resignations, one retirement and three other directors not standing for re-election.
The meeting, to be held on Wall Street, will be the first public opportunity for shareholders to vent frustration since the insurer's financial implosion last year.
Shareholders were all but wiped out as AIG recorded $US99 billion ($1.2 trillion) in losses last year, largely stemming from a financial product unit's foray into risky derivatives. Shares have plummeted to just above $US1 following the dilutive effect of the Government's move to take majority ownership.
AIG had delayed its annual meeting, usually held in May, to allow time to reshuffle directors. The board that emerges will feature many new faces.
Apart from George Miles and Morris Offit, who have served as directors since 2005, the 11-member board will have been entirely elected within the last year.
Related Coverage
Ex-AIG chief accused of swindle
The Australian, 17 Jun 2009
AIG CEO to step down, no severance
NEWS.com.au, 22 May 2009
AIG exec quits via newspaper
Perth Now, 26 Mar 2009
Senator gave nod for AIG bonuses
The Australian, 20 Mar 2009
AIG chief faces the music
Perth Now, 19 Mar 2009
Joining the board since 2008 were Suzanne Nora Johnson, a former Goldman Sachs vice-chairman; Dennis Dammerman, former General Electric Co finance chief, and Ed Liddy, chief executive and chairman, although he plans to stand down as soon as successors are found.
The rest of the board will be comprised of nominees: Harvey Golub, Laurette Koellner, Christopher Lynch, Arthur Martinez, Robert S. (Steve) Miller and Douglas Steenland.
The new board reflects the muscle wielded by federal authorities since taxpayers ponied up billions of dollars to keep AIG afloat. Trustees appointed to have oversight of the Government's 80 per cent stake in AIG wanted to shake up the board to raise corporate governance standards, they said last month.
At least seven of the new directors were recommended by either the US Treasury or the trustees.
In a May statement, Mr Liddy said "adding these individuals to the AIG Board will help AIG achieve its goals of maximizing the value of AIG's core businesses and repaying US taxpayers."
Mr Dammerman, tapped by government officials to join AIG's board last November, is leading the search for a new chairman and CEO.
The nominees will help rebuild a board decimated in the past year by seven resignations, one retirement and three other directors not standing for re-election.
The meeting, to be held on Wall Street, will be the first public opportunity for shareholders to vent frustration since the insurer's financial implosion last year.
Shareholders were all but wiped out as AIG recorded $US99 billion ($1.2 trillion) in losses last year, largely stemming from a financial product unit's foray into risky derivatives. Shares have plummeted to just above $US1 following the dilutive effect of the Government's move to take majority ownership.
AIG had delayed its annual meeting, usually held in May, to allow time to reshuffle directors. The board that emerges will feature many new faces.
Apart from George Miles and Morris Offit, who have served as directors since 2005, the 11-member board will have been entirely elected within the last year.
Related Coverage
Ex-AIG chief accused of swindle
The Australian, 17 Jun 2009
AIG CEO to step down, no severance
NEWS.com.au, 22 May 2009
AIG exec quits via newspaper
Perth Now, 26 Mar 2009
Senator gave nod for AIG bonuses
The Australian, 20 Mar 2009
AIG chief faces the music
Perth Now, 19 Mar 2009
Joining the board since 2008 were Suzanne Nora Johnson, a former Goldman Sachs vice-chairman; Dennis Dammerman, former General Electric Co finance chief, and Ed Liddy, chief executive and chairman, although he plans to stand down as soon as successors are found.
The rest of the board will be comprised of nominees: Harvey Golub, Laurette Koellner, Christopher Lynch, Arthur Martinez, Robert S. (Steve) Miller and Douglas Steenland.
The new board reflects the muscle wielded by federal authorities since taxpayers ponied up billions of dollars to keep AIG afloat. Trustees appointed to have oversight of the Government's 80 per cent stake in AIG wanted to shake up the board to raise corporate governance standards, they said last month.
At least seven of the new directors were recommended by either the US Treasury or the trustees.
In a May statement, Mr Liddy said "adding these individuals to the AIG Board will help AIG achieve its goals of maximizing the value of AIG's core businesses and repaying US taxpayers."
Mr Dammerman, tapped by government officials to join AIG's board last November, is leading the search for a new chairman and CEO.
Saturday, June 27, 2009
ASIC is investigating us, bank admits
THE Bank of Queensland was forced into a climb-down yesterday when it admitted the corporate regulator was investigating its role in the failure of Storm Financial just a day after the bank denied to investors that such an inquiry was under way.
The Herald understands the reversal was a result of pressure applied by the Australian Securities and Investments Commission when it discovered the bank had made a statement to the ASX that it was not under investigation.
Intense negotiations took place between bank officials and ASIC yesterday over the wording of a follow-up clarification that represented an about-face to what the bank said on Thursday.
In that statement the bank, whose chief executive is David Liddy, said it was not under formal investigation by ASIC. The regulator has been looking into the affairs of Storm and the activities of the banks that lent to the company and its customers following the collapse of the financial planner into administration in January.
However, the bank said yesterday that late on Thursday it became aware of a "specific investigation" by ASIC.
The short two-sentence statement offered no further explanation as to how the bank had been so confident to deny such an investigation only to change its mind in the course of one trading day. A bank spokeswoman refused yesterday to add anything further to its statement.
Yesterday's developments emerged as it became clear that ASIC itself had only last week publicly outlined the scope of its investigation.
In parliamentary committee hearings, the ASIC chairman, Tony D'Aloisio, said repeatedly that investigations into Storm and its financiers were continuing.
He said 10 days ago: "These investigations extend to possible action to recover compensation under Section 50 of the ASIC Act against all involved, including financiers."
The stance adopted by the Bank of Queensland is in sharp contrast to that taken by the Commonwealth Bank, which has accepted that it made mistakes in dealing with Storm and that it would right any financial problems suffered by its customers as a result of its errors.
However, the Bank of Queensland yesterday stood by the other parts of Thursday's statement that its position was rather different to Commonwealth's in that it only extended home equity loans worth $105 million to 319 customers.
They then used the money to invest in their Storm-related sharemarket portfolios, which subsequently greatly fell in value, leaving them in debt to the bank.
The bank also denies any improper or dishonest practices in its dealings with Storm's clients or any misleading or deceptive conduct.
However, the bank is about to face a legal challenge by lawyers acting for customers who say the bank let them down in their dealings with Storm.
Damian Scattini, a principal with Slater & Gordon, said the bank's correction to its earlier statement raised questions about how effectively it had investigated the claims of its customers.
"It's just one of the statements in their release that ought to be corrected," Mr Scattini said.
The Herald understands the reversal was a result of pressure applied by the Australian Securities and Investments Commission when it discovered the bank had made a statement to the ASX that it was not under investigation.
Intense negotiations took place between bank officials and ASIC yesterday over the wording of a follow-up clarification that represented an about-face to what the bank said on Thursday.
In that statement the bank, whose chief executive is David Liddy, said it was not under formal investigation by ASIC. The regulator has been looking into the affairs of Storm and the activities of the banks that lent to the company and its customers following the collapse of the financial planner into administration in January.
However, the bank said yesterday that late on Thursday it became aware of a "specific investigation" by ASIC.
The short two-sentence statement offered no further explanation as to how the bank had been so confident to deny such an investigation only to change its mind in the course of one trading day. A bank spokeswoman refused yesterday to add anything further to its statement.
Yesterday's developments emerged as it became clear that ASIC itself had only last week publicly outlined the scope of its investigation.
In parliamentary committee hearings, the ASIC chairman, Tony D'Aloisio, said repeatedly that investigations into Storm and its financiers were continuing.
He said 10 days ago: "These investigations extend to possible action to recover compensation under Section 50 of the ASIC Act against all involved, including financiers."
The stance adopted by the Bank of Queensland is in sharp contrast to that taken by the Commonwealth Bank, which has accepted that it made mistakes in dealing with Storm and that it would right any financial problems suffered by its customers as a result of its errors.
However, the Bank of Queensland yesterday stood by the other parts of Thursday's statement that its position was rather different to Commonwealth's in that it only extended home equity loans worth $105 million to 319 customers.
They then used the money to invest in their Storm-related sharemarket portfolios, which subsequently greatly fell in value, leaving them in debt to the bank.
The bank also denies any improper or dishonest practices in its dealings with Storm's clients or any misleading or deceptive conduct.
However, the bank is about to face a legal challenge by lawyers acting for customers who say the bank let them down in their dealings with Storm.
Damian Scattini, a principal with Slater & Gordon, said the bank's correction to its earlier statement raised questions about how effectively it had investigated the claims of its customers.
"It's just one of the statements in their release that ought to be corrected," Mr Scattini said.
Dollar pushes higher
HE Australian dollar closed higher today as an improved appetite for risk on financial markets lifted demand for growth assets such as the local currency.
At 5pm (AEST), the local currency was trading at $US0.8043/46, up 0.63 per cent from Thursday's close of $US0.7993/96.
It was the highest close on the local session since June 12 when it finished at $US0.8149/54.
During the day, the unit moved between $US0.8025 and $US0.8076.
Westpac Banking Group senior currency strategist Sean Callow said the Australian dollar continued its rally from Thursday's offshore session on improved risk appetite on financial markets.
The Dow Jones Industrial Average ended up 2.08 per cent, while the broad-market Standard & Poor's 500 added 2.14 per cent.
The domestic currency started local trade at $US0.8026/28.
"It made sense for the Aussie to get some support from a pretty strong close to US stocks,'' Mr Callow said.
"It got some support from strong risk appetite in the US and it has carried on.''
With Asian equity markets positive in the past few days, Mr Callow said there was underlying demand for the Australian dollar.
Related Coverage
Wall St surge pushes Aussie
Perth Now, 12 Jun 2009
Dollar's strong run ends
The Australian, 13 May 2009
Dollar rises on risk appetite
The Australian, 6 May 2009
Dollar closes lower on US worries
NEWS.com.au, 28 Apr 2009
Asia carry trade picks up
The Australian, 22 Apr 2009
Equity markets in Asia reflected an uplift in appetite for risk on financial markets, with the Australian All Ordinaries Index closing up 1.25 per cent and Japan's Nikkei index ending 0.83 per cent higher.
"People are maybe a little less concerned about a substantial pull back in global risk appetite and equity markets,'' Mr Callow said.
"For the short term at least people are buying the little Aussie.
"Partly, the Asian growth story has not been shaken too badly in recent days.''
Economic events due for release in the US during Friday's offshore trade (AEST) include the core personal consumption expenditure price index for May and the final report of the University of Michigan's Consumer Confidence index for June.
Mr Callow forecasts the Australian dollar to trade between $US0.7990 and $US0.8115 during Friday's offshore session.
At 5pm (AEST), the local currency was trading at $US0.8043/46, up 0.63 per cent from Thursday's close of $US0.7993/96.
It was the highest close on the local session since June 12 when it finished at $US0.8149/54.
During the day, the unit moved between $US0.8025 and $US0.8076.
Westpac Banking Group senior currency strategist Sean Callow said the Australian dollar continued its rally from Thursday's offshore session on improved risk appetite on financial markets.
The Dow Jones Industrial Average ended up 2.08 per cent, while the broad-market Standard & Poor's 500 added 2.14 per cent.
The domestic currency started local trade at $US0.8026/28.
"It made sense for the Aussie to get some support from a pretty strong close to US stocks,'' Mr Callow said.
"It got some support from strong risk appetite in the US and it has carried on.''
With Asian equity markets positive in the past few days, Mr Callow said there was underlying demand for the Australian dollar.
Related Coverage
Wall St surge pushes Aussie
Perth Now, 12 Jun 2009
Dollar's strong run ends
The Australian, 13 May 2009
Dollar rises on risk appetite
The Australian, 6 May 2009
Dollar closes lower on US worries
NEWS.com.au, 28 Apr 2009
Asia carry trade picks up
The Australian, 22 Apr 2009
Equity markets in Asia reflected an uplift in appetite for risk on financial markets, with the Australian All Ordinaries Index closing up 1.25 per cent and Japan's Nikkei index ending 0.83 per cent higher.
"People are maybe a little less concerned about a substantial pull back in global risk appetite and equity markets,'' Mr Callow said.
"For the short term at least people are buying the little Aussie.
"Partly, the Asian growth story has not been shaken too badly in recent days.''
Economic events due for release in the US during Friday's offshore trade (AEST) include the core personal consumption expenditure price index for May and the final report of the University of Michigan's Consumer Confidence index for June.
Mr Callow forecasts the Australian dollar to trade between $US0.7990 and $US0.8115 during Friday's offshore session.
Thursday, June 25, 2009
BP names Svanberg as new chairman
Oil giant BP has appointed the chief executive of Swedish telecommunications company Ericsson as its chairman to replace Peter Sutherland.
Carl-Henric Svanberg will join the oil giant's board in September and take over as chairman on 1 January 2010.
BP chief executive Tony Hayward said that Mr Sutherland would be "a hard act to follow".
"He has been an outstanding chairman, guiding BP through one of the most successful periods in its history".
'International stature'
Ericsson said that, under Mr Svanberg's seven-year leadership. the firm had "become the industry's most profitable company and its market position has been tremendously strengthened".
He joins BP at a challenging time, with almost 40% of shareholders having rejected the company's remuneration report at this year's annual meeting.
Analysts say he also needs to expand the company's presence in emerging markets such as China and India.
Mr Hayward said he was confident that he and Mr Svanberg would "work effectively together on the next phase of BP's progress".
"He is a businessman of international stature who is recognised for his transformation of Ericsson," he said.
Mining target
In April, consultancy firm PIRC advised investors to vote out Mr Sutherland because of his role as non-executive director of the Royal Bank of Scotland - however he was re-elected with more than 95% support.
His departure was expected last year but was delayed by the decision not to proceed with the appointment of the initial favourite, Paul Skinner, the then-chairman of mining firm Rio Tinto.
It was reported that Mr Skinner withdrew from the role because of investor unease over Rio's plan to sell a chunk of the firm to Chinese state-owned Chinalco - a deal that was later dropped by Rio.
American mining and energy executive Paul Anderson, currently on BHP Billiton's board, had been seen as one of the frontrunners for the role of chairman at BP.
Carl-Henric Svanberg will join the oil giant's board in September and take over as chairman on 1 January 2010.
BP chief executive Tony Hayward said that Mr Sutherland would be "a hard act to follow".
"He has been an outstanding chairman, guiding BP through one of the most successful periods in its history".
'International stature'
Ericsson said that, under Mr Svanberg's seven-year leadership. the firm had "become the industry's most profitable company and its market position has been tremendously strengthened".
He joins BP at a challenging time, with almost 40% of shareholders having rejected the company's remuneration report at this year's annual meeting.
Analysts say he also needs to expand the company's presence in emerging markets such as China and India.
Mr Hayward said he was confident that he and Mr Svanberg would "work effectively together on the next phase of BP's progress".
"He is a businessman of international stature who is recognised for his transformation of Ericsson," he said.
Mining target
In April, consultancy firm PIRC advised investors to vote out Mr Sutherland because of his role as non-executive director of the Royal Bank of Scotland - however he was re-elected with more than 95% support.
His departure was expected last year but was delayed by the decision not to proceed with the appointment of the initial favourite, Paul Skinner, the then-chairman of mining firm Rio Tinto.
It was reported that Mr Skinner withdrew from the role because of investor unease over Rio's plan to sell a chunk of the firm to Chinese state-owned Chinalco - a deal that was later dropped by Rio.
American mining and energy executive Paul Anderson, currently on BHP Billiton's board, had been seen as one of the frontrunners for the role of chairman at BP.
Gazprom seals $2.5bn Nigeria deal
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Gazprom seals $2.5bn Nigeria deal
Gazprom building
Gazprom could increase its power over European supplies
Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture.
The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria.
Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe.
The agreement comes during a four-day tour by Russian president Dmitry Medvedev of Africa.
As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe.
This could further reinforce Gazprom's already-strong influence over Europe's energy supplies.
'Commodity-rich'
"Russia has a number of goals [in Africa], one of which would be to take part in a growing competition for resources and markets on the continent - mainly with China," said Yaroslav Lissovolik, head economist with Deutsche Bank in Moscow.
Sergei Novikov, a spokesman for Rosatom, Russia's state-run civil nuclear energy agency, said the Nigaz deal would lay the foundations for building nuclear power reactors in Nigeria.
Nigeria has previously said it would like to develop a nuclear power plant to address its energy shortages.
Before visiting Nigeria, Mr Medvedev spent time in Egypt.
He is also visiting Namibia and Angola - which are rich in natural resources - during his trip, as he seeks to promote Russian business interests.
"Part of the agenda is to push Russia's credentials as a representative of commodity-rich developing countries with such forums as the G8 and the G20," said Ural Sib bank's chief strategist Chris Weafer said in a note to investors.
Europe
Middle East
South Asia
UK
Business
Market Data
Economy
Companies
Health
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-----------------
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In Pictures
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Special Reports
Related BBC sites
* Sport
* Weather
* On This Day
* Editors' Blog
* BBC World Service
Page last updated at 11:33 GMT, Thursday, 25 June 2009 12:33 UK
E-mail this to a friend Printable version
Gazprom seals $2.5bn Nigeria deal
Gazprom building
Gazprom could increase its power over European supplies
Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture.
The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria.
Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe.
The agreement comes during a four-day tour by Russian president Dmitry Medvedev of Africa.
As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe.
This could further reinforce Gazprom's already-strong influence over Europe's energy supplies.
'Commodity-rich'
"Russia has a number of goals [in Africa], one of which would be to take part in a growing competition for resources and markets on the continent - mainly with China," said Yaroslav Lissovolik, head economist with Deutsche Bank in Moscow.
Sergei Novikov, a spokesman for Rosatom, Russia's state-run civil nuclear energy agency, said the Nigaz deal would lay the foundations for building nuclear power reactors in Nigeria.
Nigeria has previously said it would like to develop a nuclear power plant to address its energy shortages.
Before visiting Nigeria, Mr Medvedev spent time in Egypt.
He is also visiting Namibia and Angola - which are rich in natural resources - during his trip, as he seeks to promote Russian business interests.
"Part of the agenda is to push Russia's credentials as a representative of commodity-rich developing countries with such forums as the G8 and the G20," said Ural Sib bank's chief strategist Chris Weafer said in a note to investors.
Google access disrupted in China
Access to Google has been disrupted in some parts of China, amid a row over what Chinese citizens should be allowed to view over the internet.
Users reported they could not access either Google's search engine or its Chinese-language version.
Chinese Foreign Ministry spokesman Qin Gang accused Google of spreading pornography and breaking Chinese law.
The move came as the US called on China to scrap its plan to put net-filtering software on all new computers.
China has demanded that all computers come supplied with software called Green Dam Youth Escort from 1 July, which it says would filter out pornographic content.
Separately, google.com and some of its products, such as its mail service, were not available in China from Wednesday night to Thursday morning Beijing time, according to Chinese portal Sohu.com.
Most users were able to connect on Thursday, though it was unclear exactly how widespread the disruption actually was. Google said it was investigating the outage.
'Serious violation'
The disruption to Google's services reported by users in Beijing and Shanghai comes a week after China accused Google of deliberately linking to "pornographic and vulgar" websites and ordered it to stop.
"We have found that Google has spread a lot of pornographic content, which is a serious violation of Chinese laws and regulations," Mr Qin told reporters on Thursday.
He urged the company to abide by local rules, but said he had no specific details on the outage.
ron kirk
Ron Kirk has now objected to several aspects of Chinese trade policy
Meanwhile, the US said China's proposed internet filter would violate China's free trade obligations, weaken computer security and raise serious censorship concerns.
"Mandating technically flawed Green Dam software and denying manufacturers and consumers freedom to select filtering software is an unnecessary and unjustified means to achieve that objective, and poses a serious barrier to trade," said US Trade Representative Ron Kirk.
Trade war?
The latest comment raises the concern about a broader trade war between the US and China over everything from computer security to chicken poultry imports.
It came a day after it filed an unfair trade complaint to the World Trade Organization (WTO) over raw material exports.
The US is now complaining that putting such pressure on manufacturers to pre-install or supply the software would violate China's WTO free trade obligations.
Quentin Sommerville
Quentin Sommerville, BBC Beijing correspondent
The software, Green Dam Youth Escort, has been heavily criticised by Chinese internet users, and even parts of the state media.
It appears to have been badly written, and parts of it may have been lifted from a rival US software filter.
Critics says it will put computers at greater risk from hackers.
It works by looking for fleshtones, as well as keywords, but has also been found to block sites which contain lots of the colour pink.
"China is putting companies in an untenable position by requiring them, with virtually no public notice, to pre-install software that appears to have broad-based censorship implications and network security issues," said US Commerce Secretary Gary Locke.
The Green Dam Youth Escort software was created to stop people looking at "offensive" content such as pornographic or violent websites, China has said.
But China's Ministry of Industry and Information Technology later said that use of the software was not compulsory and that it was possible to uninstall the program.
Tests carried out on Green Dam outside China also showed that it left PCs open to many different security risks, including being hijacked.
Petitions calling for Green Dam to be scrapped have circulated widely within China, which has the world's largest net-using population.
Users reported they could not access either Google's search engine or its Chinese-language version.
Chinese Foreign Ministry spokesman Qin Gang accused Google of spreading pornography and breaking Chinese law.
The move came as the US called on China to scrap its plan to put net-filtering software on all new computers.
China has demanded that all computers come supplied with software called Green Dam Youth Escort from 1 July, which it says would filter out pornographic content.
Separately, google.com and some of its products, such as its mail service, were not available in China from Wednesday night to Thursday morning Beijing time, according to Chinese portal Sohu.com.
Most users were able to connect on Thursday, though it was unclear exactly how widespread the disruption actually was. Google said it was investigating the outage.
'Serious violation'
The disruption to Google's services reported by users in Beijing and Shanghai comes a week after China accused Google of deliberately linking to "pornographic and vulgar" websites and ordered it to stop.
"We have found that Google has spread a lot of pornographic content, which is a serious violation of Chinese laws and regulations," Mr Qin told reporters on Thursday.
He urged the company to abide by local rules, but said he had no specific details on the outage.
ron kirk
Ron Kirk has now objected to several aspects of Chinese trade policy
Meanwhile, the US said China's proposed internet filter would violate China's free trade obligations, weaken computer security and raise serious censorship concerns.
"Mandating technically flawed Green Dam software and denying manufacturers and consumers freedom to select filtering software is an unnecessary and unjustified means to achieve that objective, and poses a serious barrier to trade," said US Trade Representative Ron Kirk.
Trade war?
The latest comment raises the concern about a broader trade war between the US and China over everything from computer security to chicken poultry imports.
It came a day after it filed an unfair trade complaint to the World Trade Organization (WTO) over raw material exports.
The US is now complaining that putting such pressure on manufacturers to pre-install or supply the software would violate China's WTO free trade obligations.
Quentin Sommerville
Quentin Sommerville, BBC Beijing correspondent
The software, Green Dam Youth Escort, has been heavily criticised by Chinese internet users, and even parts of the state media.
It appears to have been badly written, and parts of it may have been lifted from a rival US software filter.
Critics says it will put computers at greater risk from hackers.
It works by looking for fleshtones, as well as keywords, but has also been found to block sites which contain lots of the colour pink.
"China is putting companies in an untenable position by requiring them, with virtually no public notice, to pre-install software that appears to have broad-based censorship implications and network security issues," said US Commerce Secretary Gary Locke.
The Green Dam Youth Escort software was created to stop people looking at "offensive" content such as pornographic or violent websites, China has said.
But China's Ministry of Industry and Information Technology later said that use of the software was not compulsory and that it was possible to uninstall the program.
Tests carried out on Green Dam outside China also showed that it left PCs open to many different security risks, including being hijacked.
Petitions calling for Green Dam to be scrapped have circulated widely within China, which has the world's largest net-using population.
Saturday, June 20, 2009
Stimulus working in China, World Bank says
Bank boosts China growth forecast for 2009 to 7.2% from 6.5%
CNN) -- China can expect 7.2% growth in 2009, according to the World Bank, which says the country's fiscal policies in the face of a global financial slowdown have kept the Chinese economy "growing respectably."
The 7.2% projection for the nation's gross domestic product -- a basic measure of an economy's performance -- follows China's November announcement that it would inject $585 billion into its economy to offset declines in industrial and export growth.
"China can have the confidence to focus on forward-looking policies and structural reforms," said senior economist Louis Kuijs, the main author of the World Bank's China Quarterly Update, released on Thursday.
Government-influenced investment has soared, and housing sales and imports have recovered, but exports remain very weak, according to the update.
Though signs of stabilization have emerged, "global growth prospects remain subdued," and a lot of uncertainty remains, the World Bank said.
The bank forecast that exports are likely to grow significantly less in the coming decade than in the previous one.
China needs more domestic demand -- and therefore reforms that channel resources to growth sectors and support domestic markets and urbanization -- the World Bank said.
"Such reforms could be pursued all the more boldly and successfully if they are flanked by a well-functioning public finance system and social safety net," the update added.
It noted that longstanding problems, such as local governments having trouble matching funds, hampered fiscal initiatives.
The $585 billion in stimulus spending announced by China in November included the loosening of credit restrictions, tax cuts and massive infrastructure spending.
In March, the World Bank cut China's economic growth forecast for 2009 to 6.5%, down a full percentage point from its November projection.
In 2007, before the global economic slowdown, China's gross domestic product grew 13%.
For Mr. BRIC, nations meeting a milestone
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US Indexes
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Markets Last Change
Dow Jones 8,539.73 -15.87 / -0.19%
Nasdaq 1,827.47 19.75 / 1.09%
S&P 500 921.23 2.86 / 0.31%
10-year Bond 94 19/32 Yield: 3.78%
U.S.Dollar 1 euro = $1.394 0.003
June 19, 2009 4:06 PM ET
CNN) -- China can expect 7.2% growth in 2009, according to the World Bank, which says the country's fiscal policies in the face of a global financial slowdown have kept the Chinese economy "growing respectably."
The 7.2% projection for the nation's gross domestic product -- a basic measure of an economy's performance -- follows China's November announcement that it would inject $585 billion into its economy to offset declines in industrial and export growth.
"China can have the confidence to focus on forward-looking policies and structural reforms," said senior economist Louis Kuijs, the main author of the World Bank's China Quarterly Update, released on Thursday.
Government-influenced investment has soared, and housing sales and imports have recovered, but exports remain very weak, according to the update.
Though signs of stabilization have emerged, "global growth prospects remain subdued," and a lot of uncertainty remains, the World Bank said.
The bank forecast that exports are likely to grow significantly less in the coming decade than in the previous one.
China needs more domestic demand -- and therefore reforms that channel resources to growth sectors and support domestic markets and urbanization -- the World Bank said.
"Such reforms could be pursued all the more boldly and successfully if they are flanked by a well-functioning public finance system and social safety net," the update added.
It noted that longstanding problems, such as local governments having trouble matching funds, hampered fiscal initiatives.
The $585 billion in stimulus spending announced by China in November included the loosening of credit restrictions, tax cuts and massive infrastructure spending.
In March, the World Bank cut China's economic growth forecast for 2009 to 6.5%, down a full percentage point from its November projection.
In 2007, before the global economic slowdown, China's gross domestic product grew 13%.
For Mr. BRIC, nations meeting a milestone
Features
Fixing your loan
8 readers tell tales of trying to get mortgage modifications under President Obama's plan. More
Best office culture: Beer at work
A Colorado brewery views free beer and bikes as a part of the company ethos. More
Hired! From campfires to career
For Mark Gentry, bonds from summer camp led to a great job after college. More
Should you rent-
to-own your home?
Buyers can't find financing and sellers can't find buyers. One solution: leasing. More
Layoffs mean more work, same pay
Layoff survivors are stuck with more responsibilities - for the same salary. More
Ultimate mutual fund portfolio
Five funds and ETFs that leave the hard work to savvy managers. More
Betting the farm
As world population expands, the demand for arable land should soar. More
Top
Stories
Most Popular
Stories
Most Popular
Videos
Is the recession over?
Stocks struggle at end of down week
More drivers hit the road in April
A cool car under $18,000? You betcha
GM creditors: Don't expect a check in the mail
US Indexes
Fortune 500 Movers
Markets Last Change
Dow Jones 8,539.73 -15.87 / -0.19%
Nasdaq 1,827.47 19.75 / 1.09%
S&P 500 921.23 2.86 / 0.31%
10-year Bond 94 19/32 Yield: 3.78%
U.S.Dollar 1 euro = $1.394 0.003
June 19, 2009 4:06 PM ET
Stocks struggle at end of down week
A technology rally lifts the Nasdaq, but a selloff in commodities drags on the blue chips.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 19, 2009: 6:29 PM ET
ROAD TO RESCUE
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Vacation jets for bailout bank execs - report
Bonds up ahead of big week
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Quick Vote
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Aggressively buying stocks
Slowly adding more stocks
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or View results
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View photos
NEW YORK (CNNMoney.com) -- The Nasdaq surged Friday and the broader market struggled at the end of the first down week in a month for Wall Street.
The Dow Jones industrial average (INDU) lost 16 points, or 0.2%. The S&P 500 (SPX) index added 3 points or 0.3%. The Nasdaq composite (COMP) rose 20 points or 1.1%.
Blue chips posted slim gains Thursday after better-than-expected reports on the labor market and manufacturing helped counter a recent batch of mixed economic news. The revived optimism remained in play Friday.
But Friday was also under the influence of the quadruple options expiration, or "quadruple witching," a quarterly event in which stock index futures and options and individual stock futures and options all expire at the same time. It creates volatility in the underlying stocks, particularly toward the end of the session.
"We need to get past the quadruple witch and then next week we'll see where we are," said Rick Bensignor, chief market strategist at Execution LLC.
"I think the highs we saw a week ago were probably the highs we'll hold on to for the near term," he said.
Since bottoming March 9 at a 12-year low, the S&P 500 had run up 40% through last week. But stocks closed lower this week on worries that the rally may have outpaced any signs of recovery.
Bensignor said that the market is at a critical point technically and is vulnerable to a bigger pull back in the short term.
Next week brings reports on housing, durable goods orders and the labor market. The Federal Reserve holds a two-day meeting to discuss monetary policy.
Jobs: The jobless rate rose in nearly every state in the nation in May, the government reported. One state -- Nebraska -- registered a decline and Vermont saw no change.
Michigan led the nation with a 14.1% jobless rate, followed by Oregon with a 12.4% rate. For the full year, jobless rates were higher in all 50 states and the District of Columbia.
However, the labor market typically lags any other broader recovery in the latter stages of a recession, so the day's jobless numbers didn't seem to impact investors looking for signs of a broader stabilization.
A number of recent indicators have suggested the job market is starting to stabilize, but that hasn't helped the millions of unemployed Americans looking for work.
iPhone: Apple (AAPL, Fortune 500)'s iPhone 3G S went on sale Friday, and was expected to sell as many as 500,000 copies this weekend, according to a Piper Jaffray analyst. The third generation of the iPhone features a better camera that includes video capturing and editing capabilities, a longer-lasting battery, voice-command control and a built-in digital compass.
The 16-gigabyte version costs $199 with a new contract with AT&T (T, Fortune 500) and the 32-gigabyte version costs $299 with a new activation. Apple will also still sell an 8-gigabyte version for $99.
Apple shares gained 2.7% Friday.
On the move: Falling commodity prices dragged on the underlying stocks, keeping the blue chips in negative territory.
Dow oil components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) slipped. Other Dow losers included Boeing (BA, Fortune 500), Caterpillar (CAT, Fortune 500), Coca-Cola (KO, Fortune 500), Procter & Gamble (PG, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500).
Components Hewlett-Packard (HPQ, Fortune 500) and Microsoft (MSFT, Fortune 500) gained, offsetting the losses.
Microsoft was higher after Goldman Sachs added the software leader to its "conviction buy" list, according to reports.
JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and American Express (AXP, Fortune 500) all gained, along with the broader financial sector. The KBW Bank (BKX) sector index rose 2%.
Late Thursday, Research in Motion (RIMM) reported higher quarterly earnings that topped estimates and higher revenue that missed estimates. The BlackBerry maker also forecast current-quarter earnings that are above forecasts and sales at the low end of forecasts. Shares fell almost 5% Friday.
Market breadth was positive and volume was heavy because of the quadruple options expiration. On the New York Stock Exchange, winners topped losers three to two on volume of 2.13 billion shares. On the Nasdaq, advancers beat decliners three to two on volume of 3.01 billion shares.
Bonds: Treasury prices inched higher, lowering the yield on the benchmark 10-year note to 3.82% from 3.83% Thursday. Treasury prices and yields move in opposite directions.
Other markets: U.S. light crude oil for July delivery fell $1.82 to settle at $69.55 a barrel on the New York Mercantile Exchange.
COMEX gold for August delivery rose $1.60 to settle at $936.20 an ounce.
In currency trading, the dollar fell versus the euro and the yen.
In global trading, Asian markets ended mixed and European markets ended higher.
First Published: June 19, 2009: 9:48 AM ET
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The Great Recession
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By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 19, 2009: 6:29 PM ET
ROAD TO RESCUE
Stocks struggle at end of down week
Vacation jets for bailout bank execs - report
Bonds up ahead of big week
Manufacturing barometer hits 9-month high
Geithner defends reform plan before Congress
Quick Vote
What investment strategy will you follow for the rest of the year?
Aggressively buying stocks
Slowly adding more stocks
Beefing up bonds and cash
Not changing a thing
or View results
Bailout tracker
The government is engaged in a far-reaching - and expensive - effort to rescue the economy. Here's how you can keep tabs on the bailouts. More
Fortune 40: The best stocks to retire on
After a bleak 2008, equities are looking up. But whatever the market, our trademark long-term portfolio can help you build a nest egg for a secure future.
View photos
NEW YORK (CNNMoney.com) -- The Nasdaq surged Friday and the broader market struggled at the end of the first down week in a month for Wall Street.
The Dow Jones industrial average (INDU) lost 16 points, or 0.2%. The S&P 500 (SPX) index added 3 points or 0.3%. The Nasdaq composite (COMP) rose 20 points or 1.1%.
Blue chips posted slim gains Thursday after better-than-expected reports on the labor market and manufacturing helped counter a recent batch of mixed economic news. The revived optimism remained in play Friday.
But Friday was also under the influence of the quadruple options expiration, or "quadruple witching," a quarterly event in which stock index futures and options and individual stock futures and options all expire at the same time. It creates volatility in the underlying stocks, particularly toward the end of the session.
"We need to get past the quadruple witch and then next week we'll see where we are," said Rick Bensignor, chief market strategist at Execution LLC.
"I think the highs we saw a week ago were probably the highs we'll hold on to for the near term," he said.
Since bottoming March 9 at a 12-year low, the S&P 500 had run up 40% through last week. But stocks closed lower this week on worries that the rally may have outpaced any signs of recovery.
Bensignor said that the market is at a critical point technically and is vulnerable to a bigger pull back in the short term.
Next week brings reports on housing, durable goods orders and the labor market. The Federal Reserve holds a two-day meeting to discuss monetary policy.
Jobs: The jobless rate rose in nearly every state in the nation in May, the government reported. One state -- Nebraska -- registered a decline and Vermont saw no change.
Michigan led the nation with a 14.1% jobless rate, followed by Oregon with a 12.4% rate. For the full year, jobless rates were higher in all 50 states and the District of Columbia.
However, the labor market typically lags any other broader recovery in the latter stages of a recession, so the day's jobless numbers didn't seem to impact investors looking for signs of a broader stabilization.
A number of recent indicators have suggested the job market is starting to stabilize, but that hasn't helped the millions of unemployed Americans looking for work.
iPhone: Apple (AAPL, Fortune 500)'s iPhone 3G S went on sale Friday, and was expected to sell as many as 500,000 copies this weekend, according to a Piper Jaffray analyst. The third generation of the iPhone features a better camera that includes video capturing and editing capabilities, a longer-lasting battery, voice-command control and a built-in digital compass.
The 16-gigabyte version costs $199 with a new contract with AT&T (T, Fortune 500) and the 32-gigabyte version costs $299 with a new activation. Apple will also still sell an 8-gigabyte version for $99.
Apple shares gained 2.7% Friday.
On the move: Falling commodity prices dragged on the underlying stocks, keeping the blue chips in negative territory.
Dow oil components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) slipped. Other Dow losers included Boeing (BA, Fortune 500), Caterpillar (CAT, Fortune 500), Coca-Cola (KO, Fortune 500), Procter & Gamble (PG, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500).
Components Hewlett-Packard (HPQ, Fortune 500) and Microsoft (MSFT, Fortune 500) gained, offsetting the losses.
Microsoft was higher after Goldman Sachs added the software leader to its "conviction buy" list, according to reports.
JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500) and American Express (AXP, Fortune 500) all gained, along with the broader financial sector. The KBW Bank (BKX) sector index rose 2%.
Late Thursday, Research in Motion (RIMM) reported higher quarterly earnings that topped estimates and higher revenue that missed estimates. The BlackBerry maker also forecast current-quarter earnings that are above forecasts and sales at the low end of forecasts. Shares fell almost 5% Friday.
Market breadth was positive and volume was heavy because of the quadruple options expiration. On the New York Stock Exchange, winners topped losers three to two on volume of 2.13 billion shares. On the Nasdaq, advancers beat decliners three to two on volume of 3.01 billion shares.
Bonds: Treasury prices inched higher, lowering the yield on the benchmark 10-year note to 3.82% from 3.83% Thursday. Treasury prices and yields move in opposite directions.
Other markets: U.S. light crude oil for July delivery fell $1.82 to settle at $69.55 a barrel on the New York Mercantile Exchange.
COMEX gold for August delivery rose $1.60 to settle at $936.20 an ounce.
In currency trading, the dollar fell versus the euro and the yen.
In global trading, Asian markets ended mixed and European markets ended higher.
First Published: June 19, 2009: 9:48 AM ET
Where are the jobs? North Dakota
Is the job market really turning around?
Searching for a bottom in housing market
Can't afford healthcare? Barter for it
Ford's reversal of fortune
How Obama's watchdog could help you
Banks still trying to get out of TARP
The 2009 Fortune 500
The Great Recession
50 years of profit swings
Will Sensex break after-Budget jinx?
CHENNAI: History indicates sensex posts negative returns for the one month after Measuring market volatility
Ten hot money-spinners in India
Long term planning yields better returns
Should you sell your stocks?
Budget. On an average, sensex lost 2.1% one month after Measuring market volatility
Ten hot money-spinners in India
Long term planning yields better returns
Should you sell your stocks?
budget day since 1991 or 14
out of 18 times the index post negative. But could it be different this time after July 6?
Foreign institutional investors (FIIs), insurance companies and brokerage companies expect the finance minister to deliver a reform-oriented budget that will incorporate tax cuts, fiscal consolidation, a divestment programme and infrastructure spending. In that bullish scenario , the market may repeat the 1992 performance when sensex vaulted 34% in one month post-budget . Though positive gains in the onemonth period after budget have been few, sensex has delivered an average 14% gain only on four occasions: 1992, 1999, 2004 and 2006.
“This budget in many ways will be a landmark budget. We are likely to see a judicious mix of developmental initiatives as well as economic reforms that should provide the right impetus to the economy. Stability of government and a developmental agenda will fuel further government spending and this will fire up another engine of GDP growth,’’ Saibal Ghosh, chief investment officer of Aegon Religare Life Insurance, said.
FIIs like Morgan Stanley also seem bullish. “We have to make an assumption ahead of the Budget as we did with the election result. Therefore, we expect the finance minister to deliver a solid reformoriented budget. The election results almost immediately improved the outlook for capital flows,’’ Ridham Desai of Morgan Stanley sa
Ten hot money-spinners in India
Long term planning yields better returns
Should you sell your stocks?
Budget. On an average, sensex lost 2.1% one month after Measuring market volatility
Ten hot money-spinners in India
Long term planning yields better returns
Should you sell your stocks?
budget day since 1991 or 14
out of 18 times the index post negative. But could it be different this time after July 6?
Foreign institutional investors (FIIs), insurance companies and brokerage companies expect the finance minister to deliver a reform-oriented budget that will incorporate tax cuts, fiscal consolidation, a divestment programme and infrastructure spending. In that bullish scenario , the market may repeat the 1992 performance when sensex vaulted 34% in one month post-budget . Though positive gains in the onemonth period after budget have been few, sensex has delivered an average 14% gain only on four occasions: 1992, 1999, 2004 and 2006.
“This budget in many ways will be a landmark budget. We are likely to see a judicious mix of developmental initiatives as well as economic reforms that should provide the right impetus to the economy. Stability of government and a developmental agenda will fuel further government spending and this will fire up another engine of GDP growth,’’ Saibal Ghosh, chief investment officer of Aegon Religare Life Insurance, said.
FIIs like Morgan Stanley also seem bullish. “We have to make an assumption ahead of the Budget as we did with the election result. Therefore, we expect the finance minister to deliver a solid reformoriented budget. The election results almost immediately improved the outlook for capital flows,’’ Ridham Desai of Morgan Stanley sa
Wednesday, June 10, 2009
Metals shine; Sterlite, Tata Steel lead
Metals shine; Sterlite, Tata Steel lead
10 Jun 2009, 1134 hrs IST, ET Bureau
Print EMail Discuss Share Save Comment Text:
MUMBAI: Shares of metal companies were in the limelight Wednesday powering
the BSE Metal Index up more than 4 per cent riding on the surge in
global
commodity prices.
The weakening of the dollar and renewed investor confidence on revival in the global economy boosted the rally in commodities. The three-month copper contract on the London Metal Exchange edged up 0.5 percent to $5,195 a tonne, after inching close to the eight-month high of $5207.75 in the previous session.
Jindal Steel, up 6.79 per cent, fronted the rally, followed by SAIL (5.51%), Sterlite Industries (5.51%), Tata Steel (5.36%), Hindalco Industries (4.88%) and Sesa Goa (4.82%).
10 Jun 2009, 1134 hrs IST, ET Bureau
Print EMail Discuss Share Save Comment Text:
MUMBAI: Shares of metal companies were in the limelight Wednesday powering
the BSE Metal Index up more than 4 per cent riding on the surge in
global
commodity prices.
The weakening of the dollar and renewed investor confidence on revival in the global economy boosted the rally in commodities. The three-month copper contract on the London Metal Exchange edged up 0.5 percent to $5,195 a tonne, after inching close to the eight-month high of $5207.75 in the previous session.
Jindal Steel, up 6.79 per cent, fronted the rally, followed by SAIL (5.51%), Sterlite Industries (5.51%), Tata Steel (5.36%), Hindalco Industries (4.88%) and Sesa Goa (4.82%).
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