BSE Brokers Forum asks bourses to reconsider new trade timings

The management committee of the Bombay Stock Exchange (BSE) Brokers Forum has asked the Exchange to reconsider the new trade timings that would come into effect from next month.

In a release, the Committee said that it does not see any visible and clear benefit to any market participant, stakeholder, institution or retail investor due to the move to advance market opening to 9am from 9.55am. This has also been reaffirmed by 79% of the trading members of BSE in a survey conducted by the BSE Brokers Forum in November 2009. 

No sections of the markets have demanded any such move and there is no consensus on the matter, the Committee said.

The BSE Brokers Forum has asked both the exchanges, BSE and the National Stock Exchange (NSE) to take into consideration the ill-effects of the early opening at 9am on the market participants and investors at large and appealed them to reconsider their decision.

 

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Yahoo! to close its offices worldwide for a week

Internet firm Yahoo!'s offices worldwide will remain shut from 25th December through 1st January as part of a cost-cutting measure, reports PTI.

 

According to the Wall Street Journal, Yahoo! is shutting down its offices, except for 'essential functions', for about a week, as the company searches for new ways to cut costs during the recession.

 

Apart from Yahoo!, other companies like Adobe and Apple would also close their offices during the holidays. Adobe and Apple would close their offices from 24th December to 1st January.

 

The Internet company's move is its first mandatory world-wide shutdown, although it has encouraged US employees to take the week off in the past, the report said, citing Yahoo! spokeswoman Dana Lengkeek.

 

"Shutting down during a traditionally slow week allows employees to recharge, and the company to reduce operating costs for the week," the daily quoted Lengkeek as saying.

 

The report noted that US employees can use vacation time or take unpaid leave for the days not covered in the holiday schedule, while employees from outside the US would be paid as per the local laws.

 

Yahoo! has already laid off about 700 people in spring as a cost-cutting move.

 

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JK Tyre scouting for acquisitions in South-east Asia

Aiming to expand its global footprint, JK Tyre and Industries Ltd is exploring the possibilities of acquiring a company in the South-east Asian region, reports PTI.

 

"We are looking at various opportunities, including acquisitions in the South-east Asian region but nothing has been decided yet," JK Tyre vice-chairman and managing director Raghupati Singhania said.

 

The process is at a very initial stage and the company would proceed slowly, he added.

 

In 2008, JK Tyre acquired Mexican tyre major Tornel for Rs270 crore. Currently, about 75% of Tornel's annual production of 66 lakh units is sold in the Mexican domestic market.

 

"Right now we are not interested in any American firm as we have already made inroads into that market. We are looking at other markets," Mr Singhania said.

 

On the domestic front, the company is set to hike rates of its products by up to 10% by early next month on account of increasing commodity prices.

 

"The prices of all raw materials have gone up. Natural rubber, synthetic rubber, nylons—all are becoming expensive. Our team is looking at reviewing the prices to suitably adjust our margins," Mr Singhania said.

 

By early next month, the company will increase prices of tyres across all categories, he added.

"It (the price rise) will be between 5% and 10% depending on various raw materials used in different types of tyres," Mr Singhania added.

 

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