Sensex Down 133 Pts; Chinese Premier Wen Jiabao`s Family Amasses $2.7 Bn In Wealth; Gartner`s Top 10 Predictions For IT Industry

Friday, Oct 26, 2012 DID CITIGROUP CHAIRMAN PLAN VIKRAM PANDIT'S EXIT?   Vikram Pandit's last day at Citigroup swung from celebratory to devastating in a matter of minutes. The chief executive of Citigroup, was told three news releases were ready. One stated that Mr Pandit had resigned, effective immediately. Another that he would resign, effective at the end of the year. The third release stated Mr Pandit had been fired without cause. The choice was his. "The board has lost confidence in you," chairman Michael O'Neill told Mr Pandit. In fact, O'Neill is said to have begun building a case to force out Mr Pandit after he became chairman in April. read more   CHINA: WEN JIABAO'S FAMILY AMASSED $2.7 BN WEALTH   Many relatives of Chinese Premier Wen Jiabao, including his son, daughter, younger brother and brother-in-law, have become extraordinarily wealthy during his leadership, an investigation by The New York Times shows. A review of corporate and regulatory records indicates that the prime minister's relatives, some of whom have a knack for aggressive deal-making, including his wife, have controlled assets worth at least $2.7 billion. Post the story, China blocks access to New York Times websites in English and Chinese. read more   LEAD STORIES SENSEX DOWN 133 PTS ON WEAK GLOBAL MARKETS   Market fell to week's low pulled by HUL & ICICI Bank's Q2 results as investors booked profits before RBI rate-cut meet. Nifty down 41 pts at 5,664.3. read more EXCISE DEPT SEEK PRODUCTION-COST DATA FROM AUTO FIRMS   Central excise dept issued notices to Tata Motors, M&M, Leyland, seeking prodn cost data for last 3-5 yrs & asked if vehicles were sold below value. read more GARTNER'S TOP 10 PREDICTIONS FOR IT INDUSTRY   Predictions focus on economic risks, opportunities, innovations that will impel CIOs to move to next gen business driven solutions. read more TOP STORIES • SM Krishna resigns ahead of Oct 28 Cabinet reshuffle   • Funds for KFA's revival will come from UB Group: CEO   • Good behaviour may cut Rajat Gupta's 2-year jail term   • CESC stock dips 15%; markets question Firstsource buy   • Sun Pharma MD's brother-in-law to partner Telenor   • Clean chit to Robert Vadra on land row   • ICICI Bank Q2 beats forecast, net up 30% to Rs 1,956 cr   • PNB Q2 net falls 11.6% to Rs 1,065 cr, stock tanks 5%   • NTPC Q2 net up 29.6% at Rs 3,142 cr on higher margins   • HUL Q2 net up 17% at Rs 807 cr, volume disappoints   • HCC's Q2 net loss down by 56% to Rs 17.9 cr   • Healthcare IT sector gets $194 mn VC funding in Q3   • RPower' Sasan project expansion hits green hurdles   • Cos have time till Dec 15 to comply with XBRL format   • Virgin resumes Mumbai-London flights after 3 yrs   • Guj charms investors, gets Rs 14.8 lk cr of proposals   • Black money? How $600 bn moved out of China   • Penguin and Random House in merger talks   • F1 Grand Prix: Ecclestone open to two races in India   • India to get iPhone 5 on 2 Nov; at around Rs 45,000   more stories TOP VIDEOS No Negative Infra Surprise; Focus On Savings Accounts: Chanda Kochhar, MD & CEO, ICICI Bank   There Is An Over Capacity In Indian Aviation Market Which Is Hurting All The Airlines. One Or Two Indian Airlines May Die: Richard Branson, Chairman, Virgin Group   Need Fiscal Policy Over Monetary Policy To Fix U.S. Economy. Lack Of Solution On Fisc Cliff To Plunge U.S. Into Recession: Jamie Dimon, CEO, JPMorgan   AT A GLANCE BSE 18625.34 -133.29 NSE 5664.3 -41 TURNOVER Rs. 112,574 cr BSE CASH Rs. 1,920 cr NSE CASH Rs. 9,491 cr NSE F&O Rs. 90,094 cr BULLION GOLD 31069 +143 SILVER 59901 +452 CRUDE NYMEX 86 -0.05 BRENT 109.05 +0.56 FOREX $ / Re 53.56 0 £ / Re 86.392 +0.07 € / Re 69.353 +0.06 EVENTS TO WATCH 26-28 October F1 Grand Prix, Buddh International Circuit, Greater Noida 29-30 October CII Media & Entertainment Summit 2012 On 'India - The Big Picture', Leela Palace, New Delhi 30 October RBI Credit Policy 31 October Oil Ministry, RIL Meet On KGD6 Audit 1-2 November Morningstar Investment Conference 2012, Grand Hyatt, Mumbai 2 November CNBC-TV 18's India Business Leader Awards 2012, NCPA, Mumbai

(On investigations against Robert Vadra)"Will I-T find anything if it conducts raids or surveys? Raids are conducted in secrecy. This is how CBI conducts raids after grand announcements. And what happened to Robert Vadra? Does any agency have guts to even summon him or investigate him. He is so right. It's a banana republic." Arvind Kejriwal Activist-turned-Politician "I had predicted 3 months ago it will be SUN as BCCI president wanted it that way. Can't be a bigger scam than this. Someone should see N Srinivasan's relationship and India Cements relationship with Sun TV. Don't forget Kalaignar TV and India TV scam. BCCI is trying to gift team to Srini's pals. Whilst Sahara pays $ 370 mn for its team. This one goes for pennies. How and why?" Lalit Modi Former Chairman, Indian Premier League (On Investing In India) "Now foreign companies have been allowed to pick up 49% so we are keeping our eyes open. It's a brave battle going on in the Indian aviation space now. Everybody is bleeding. There will be a right time and we will watch," Sir Richard Branson Chairman, Virgin Group