VNS INSTITUTE OF MANAGEMENT

GROUP NUMBER-2 SECTION-A

GROUP MEMBERS NAME:  SAMAR KHAN SADAF KHAN PROF. VIJAY KUMAR PAL   MAJID HUSAIN  IMRAN FAZLANI  MOIZ ALI

SUBMITTED TO:

CONTENTS

         

BMW recalls 350,800 cars due to brake problems Iraq boasts third-largest oil reserves, overtakes Iran MS to offer slate to take on iPad General Electric to acquire Dresser for $3 billion 'Indian cricket performance affects stocks Motorola sues Apple over patents Pfizer will buy King Pharmaceuticals for $3.6bn GM recalls 322,000 Chevrolet Imapalas for faulty seat belt Apple's profit rises 70% in Q4 on iPhone sale Britain to cut 500,000 public sector jobs

3-4 5-6 7-8 9-10 11-12 13-14 15-16 17-18 19-20 21-22

BMW recalls 350,800 cars due to brake problems

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 1, 2010

 German luxury automaker BMW said Friday it was recalling 350,800 BMW and Rolls-Royce vehicles worldwide owing to brake problems that a spokesman stressed were "without danger."  Of the total, 5,800 vehicles were limousines built by Rolls-Royce in Britain, a BMW spokesman said.  In the United States, BMW has recalled 198,000 vehicles but the problem was "without danger" for passengers, the spokesman said.  The problem concerned braking systems that could become "slightly more difficult to use" following an extended period of operation, he added.  In Britain, a BMW spokesman told AFP: "It's a voluntary recall, we took it upon ourselves. It affects large-engined 5, 6 and 7-series (BMWs) and Rolls Royce" cars. Large engined models are those equipped with V8 and V12 engines.  "The potential fault is a small leak that could develop in the power-assisted braking system ... if there is a leak the car would lose some breaking power but should still be able to stop," the UK spokesman said.  Last year, BMW sold 1,068,770 of its own brand automobiles and 1,002 RollsRoyce worldwide. Shares in BMW showed a loss of 2.04 percent to 50.39 euros to lead losers in midday trading on the Frankfurt stock exchange, while the DAX index of leading stocks was 0.73 percent higher overall.

Iraq boasts third-largest oil reserves, overtakes Iran

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 4, 2010

 

 

  

  

 

Iraq reported on Monday a sharp rise in its proven oil reserves to 143.1 billion barrels, a major boost to a war-battered country heavily dependent on crude and seeking to rebuild its economy. The new figure represents a 24-percent increase over the old level of 115 billion barrels and means Iraq leapfrogs Iran into third place in terms of known reserves, according to data from the OPEC oil cartel. Iraq still ranks behind Saudi Arabia and Venezuela in terms of proven oil reserves, figures from the Organisation of Petroleum Exporting Countries show. "Iraq's oil reserves which are extractable are 143.1 billion barrels," Oil Minister Hussein al-Shahristani said at a news conference in Baghdad, noting this excluded any reserves in the autonomous region of Kurdistan. A further 33.486 billion barrels was non-extractable, he said, adding 71 percent of all reserves were concentrated in the country's south, 20 percent in the north and nine percent in the centre. Shahristani said known reserves at the West Qurna supergiant oilfield now totalled 43 billion barrels, making it the second biggest oilfield in the world. Iraq depends on crude oil exports for 95 percent of government revenue, and is trying to upgrade outdated infrastructure and spur economic growth after being crippled by decades of conflict and sanctions. It currently produces about 2.4 million barrels of oil per day, but last year awarded contracts with foreign energy firms to exploit 10 oilfields in the hopes of upping its production as much as five-fold. As part of its plan to ramp up output, it is seeking to build up its infrastructure for energy exports. Last month, it signed a deal with Turkey to extend its use of the Ceyhan pipeline for a further 15 years, and also reached an agreement with Syria to build two pipelines connecting Iraq to Mediterranean sea ports. Oil analysts have previously said they expected the figure of 115 billion barrels to rise, as little to no exploration was conducted during the rule of now-executed dictator Saddam Hussein. Iraq is also seeking to increase its production of gas, with a public auction slated for October 20 where international companies can bid for the rights to exploit three gas fields.

MS to offer slate to take on iPad

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 6, 2010

 A Microsoft slate to counter Apple's popular iPad tablet computer will be seen by the Christmas holiday, Microsoft's chief executive Steve Ballmer said on Tuesday. Ballmer did not say whether the palmsized slates would actually be on sale in time for Christmas, nor did he say who would make them.  Microsoft has been slow to respond to iPad, and has made little headway in mobile phones. "You'll see new slates with Windows on them. You'll see them this Christmas," he said.

General Electric to acquire Dresser for $3 billion

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 6, 2010

 General Electric Co. on Wednesday signed a deal to buy Dresser Inc. for about $3 billion, its latest deal to expand its product offerings in gas and other energy markets.  Dresser's products include technology for gas engines, control and relief valves, measurement, regulation and control systems for gas and fuel distribution.  The Dresser acquisition will help GE capitalize on what may be a broader use of natural gas for power generation, chemical production and other industrial uses. This trend is being driven by recent discoveries of huge, cheaply accessible reservoirs of natural gas found deep underground in shale formations in the United States and abroad.  GE builds natural gas-fired turbines for power generation and provides services like water treatment and recycling for oil and gas drilling operations. Last week GE announced a mobile version of its water treatment technology designed to reach shale gas drilling locations.  GE didn't say whether the deal's value includes the assumption of Dresser's debt, or provide further details. A spokesman wasn't immediately available to comment.  Dresser is based in Addison, Texas. It had earnings of $318 million on revenue of $2 billion last year.  The deal requires regulatory approval. GE shares rose 26 cents to $1677 in morning trading.

'Indian cricket performance affects stocks'

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 7, 2010

 Here's yet another reason why the Indian cricket team should keep the winning streak alive, particularly when legend Sachin Tendulkar is in playing side - it's poor performance can affect the country's stock market , says a new study, led by an Indian-origin economist.  With the Australian cricket team touring India, Vinod Mishra and his colleague Russell Smyth at Monash University have found that the "poor" performance of India, in one day matches mainly, can significantly impact on fortunes of the Indian stock market. "While a win by Indian cricket team has no statistically significant upward impact on stock returns , a loss generates a significant downward movement in the stock market.  "India's main index, the CNX nifty shows that the nifty index was generally flat the day after a win, but the day following a loss the index dropped by an average of 0.231%. The drop following a loss was more than seven times greater than the movement following a win," Smyth said.  When Sachin Tendulker plays in the losing side, the loss in the stock market could be 20% more, say the economists. Smyth said: "in the 100 matches in which Tendulkar played and India lost, the average return the day after the match was 0.328%, an 18% higher drop compared to the average drop after losing a match.

Motorola sues Apple over patents

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 8, 2010

 Motorola has slapped lawsuits against Apple for violating 18 patents related to many key technologies used in iPhone and iPad. The move comes close on the heels of Microsoft filing lawsuit against Motorola for alleged infringement of patents by the latter's Android-based phones.  Motorola on Wednesday said that Apple's iPhone, iPad, iTouch and certain Mac computers violate as many as 18 of the company's patents. Motorola along with its handset division Motorola Mobility Inc has filed a complaint with the US International Trade Commission, in addition to filing lawsuits in the Northern District of Illinois and the Southern District of Florida

Pfizer will buy King Pharmaceuticals for $3.6bn

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 12, 2010

 Pfizer Inc, the world's largest pharmaceutical company by revenue, said Tuesday it will buy pain drug maker King Pharmaceuticals Inc. for $3.6 billion in cash.  Pfizer is paying $14.25 per share for King. That's a premium of 40 percent to the stock's Monday closing price of $10.15. Pfizer gains products including the pain drug Avinza, and Embeda, an extendedrelease pain treatment that is designed to be abuse-resistant.  King, of Bristol, Tennessee, has struggled in recent years as patents on several of its key drugs have expired or been thrown out.  The boards of both companies approved the deal. Pfizer said the purchase will add about 2 cents per share to its profit in 2011 and 2012, and 3 to 4 cents per share in each of the next three years.  In premarket trading, King shares soared to $14.12, up 39 percent from Monday's close. Pfizer shares dipped 8 cents to $17.30.

GM recalls 322,000 Chevrolet Imapalas for faulty seat belt

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 15, 2010

 General Motors on Friday announced the recall of 322.409 Chevrolet Impalas due to faulty seat belts.  GM said the front seat belt webbing in a "small number of vehicles" from the 2009 and 2010 model years may not have been properly secured to the lap belt anchor.  "Vehicles with this condition may have an anchor that can separate in a crash, and therefore may not meet the anchor strength requirements of the US and Canadian Motor Vehicle Safety Standard that covers seat belt assembly anchorages," GM said in a statement.  GM said it knows of no injuries or deaths related to the defect and that repairs will be done free of charge.

Apple's profit rises 70% in Q4 on iPhone sale

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 19, 2010

 Technology giant Apple Inc has reported a 70 per cent jump in net profit to $4.3 billion in the fourth quarter of the year, driven by robust sales of iPhones, iPads and Mac computers.  The company had a net profit of $2.53 billion in July to September quarter of 2009, Apple said in a statement.  The maker of iPhones generated a record revenue of $20.34 billion in the fourth quarter ended September 25, 2010 as compared to a revenue of $12.2 billion in the year -ago period.  "We are blown away to report over $20 billion in revenue and over $4 billion in after-tax earnings, both all -time records for Apple," the company's CEO Steve Jobs said.  During the quarter, Apple sold 14.1 million iPhones in the quarter, representing 91 percent unit growth over the year-ago quarter.  " iPhone sales of 14.1 million were up by 91 percent year- over-year, handily beating the 12.1 million phones RIM sold in their most recent quarter. We still have a few surprises left for the remainder of this calendar year," Jobs added.  Besides, Apple sold 3.89 million Macs, a 27 per cent unit increase from the year earlier. The company also sold 4.19 million iPads during the quarter.  However, sales of iPods declined by 11 per cent from year-ago period to 9.05 million during the quarter under review.  Looking ahead to the first fiscal quarter of 2011, the tech firm expects revenue of about $23 billion.  Meanwhile, the company said it has generated about $5.7 billion in cash flow from its operations during the quarter.

Britain to cut 500,000 public sector jobs

 The news has been taken from THE TIMES OF INDIA  Dated: Oct 20, 2010

 Nearly half a million public sector workers in Britain are to lose their jobs as the government plans to reduce more than 80 billion pounds in public spending in the next four years, the biggest cut since the World War II.  Danny Alexander, chief secretary to the Treasury, unwittingly disclosed the full scale of the expected redundancies when he was photographed Monday reading confidential briefing papers, The Daily Telegraph reported.  The "restricted" documents said: "The OBR's ( Office for Budget Responsibility) budget forecast was for a reduction in public sector workforce numbers of 490,000 by 2014-15.  "This is likely to change as a result of settlements agreed in the Spending Review but government expects the OBR's November forecast to be broadly in line with its budget forecast. It will be for each public sector employer to determine the workforce implications of spending settlements.  Tens of thousands of government officials will be offered redundancy in the coming weeks as the government plans to cut more than 80 billion pounds in public spending over the next four years, the documents said.  Public sector workers will also have a two-year pay freeze and be told that they face increased pension contributions from next year.  Chancellor George Osborne will announce the outcome of the government's Comprehensive Spending Review Wednesday.  The Telegraph also revealed that ministers will announce more than 13 billion pounds in welfare cuts. In total, including cuts announced in the emergency budget, the welfare bill will be reduced by about 25 billion pounds in the next four years.  Under the review plan, every government department - except health and international development - has to undertake budget cuts of up to 40 percent by 2015. It is thought that the budgets of the Home Office and Justice Department will be particularly hard hit.

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