Mass S&P downgrade, Greek debt impasse hit euro zone
BERLIN/ATHENS - Standard & Poor's downgraded the credit ratings of nine euro- zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday the 13th for the troubled single currency area.

S&P cut the ratings of Italy, Spain, Portugal and Cyprus by two notches and the standings of France, Austria, Malta, Slovakia and Slovenia by one notch each.

The move puts highly indebted Italy on the same BBB+ level as Kazakhstan and pushes Portugal into junk status. 

Very part of U.S. economy is improving except housing, Fed says
Economic activity is accelerating in every region of the U.S. and in every sector of the economy except housing, the Federal Reserve said in its anecdotal Beige Book report. The central bank said retail sales, manufacturing and the services sector are doing especially well.
It's earnings versus Europe for stocks

NEW YORK - Stock investors will return to a tug of war between signs of domestic strength and overseas concerns next week as a batch of critical earnings reports look to add credence to the idea the economy is improving, while credit rating downgrades in Europe will keep that region's difficulties in view.

U.S. corporate dividends are on track to set a record in 2012 U.S. companies are likely to raise dividends to a record of more than $252 billion this year, according to Standard & Poor's. Firms included in the S&P 500 index paid $240.6 billion in dividends in 2011, the most since 2008.
Bank of England keeps benchmark rate at record low

The Bank of England maintained its record-low interest rate of 0.5% and did not announce further stimulus. However, the central bank is expected to take steps in February to stimulate the economy. "Overall, £50 billion more [quantitative easing] next month seems to us to be virtually 'baked in the cake,' " said Philip Shaw, an economist at Investec.
Italy bond auction fails to match Spanish success

MILAN - Italy's three-year debt costs fell below 5 percent but its first bond sale of the year failed to match the success of a Spanish auction the previous day, reflecting the heavy refinancing load Rome faces over the next three months.
Dip in China's FX reserves may hasten policy shift

BEIJING - China's official reserves slipped to $3.18 trillion in the final quarter of 2011, signalling that the days of rampant export-led accumulation of foreign currency are numbered and that new monetary policy steps may be needed to counter capital outflows.
China's home prices will keep falling, analysts say

Real estate investment will plummet and home prices will continue to fall in China through the first half of the year, analysts said. 

China's property market will undergo a fundamental change this year as government-subsidized homes force prices down, according to the State Council's Development Research Center.

China rejects ban on Iranian oil;
Japan signals support China rejected U.S. Treasury Secretary Timothy Geithner's request that it support tightened economic sanctions on Iran, including cutting off oil imports from the nation. Japan promised to try scaling back oil imports from Iran but stopped short of agreeing to a ban.
Analysis: Economic downturns create opportunities for startups Recessions and other economic downturns lead to more business startups.

More than half of the Fortune 500 companies were launched during such conditions. "When people suddenly have less money to spend, clever entrepreneurs may see an opportunity to set up businesses that give them what they want more cheaply or efficiently," according to The Economist.

India - Economy and Market 

Indian economy likely to grow between 7-7.5 pc in FY'12: Kaushik Basu

Chief Economic Adviser Kaushik Basu today said economic growth in the current fiscal could be around 7-7.5 per cent, down from 8.5 per cent a year ago. 

Caps set for foreign retail investment in India shares
MUMBAI - Individual foreign investors will be allowed to directly buy up to 5 percent of an Indian company, or 10 percent in aggregate, the Reserve Bank of India said on Friday, adding details to an announcement the government made in early January.
Manufacturing sparks big revival in Industry growth after hitting 28-month low NEW DELHI: A strong pullback in manufacturing helped industrial performance stage a smart recovery in November after falling to a 28-month low in the previous month, to the relief of harried policymakers who had begun to worry whether their battle with inflation and an adverse environment had choked off growth.

The Index of Industrial Production (IIP) grew by a better-than-expected 5.9% in November, rebounding from October's 4.7% contraction (restated from -5.1%) and boosting hopes that a broadbased industrial revival could follow sooner rather than later. 

RBI's Basel-III norms may negatively affect loan growth: S&P
REUTERS - The Reserve Bank of India's proposed guidelines for implementing Basel-III norms may "negatively affect" credit growth of a few Indian banks though it will strengthen their capitalisation and credit profiles, Standard and Poor's said. 

India forex reserves fall to $293.541 bln
MUMBAI - India's foreign exchange reserves stood at $293.541 billion as of January 6, down from $296.688 billion in the previous week, the Reserve Bank of India said. 

Inflation seen falling to 7.5 pct in December
REUTERS FORECAST - India's headline inflation probably fell sharply to
7.5 percent year-on-year in December from 9.11 percent in the previous month, helped by easing food prices, a Reuters poll showed. 

West Bengal receives Rs 3000 crore worth investment proposals
West Bengal's effort to woo investors received a boost with Rs 3,000 crore worth of investment proposals which trickled in on Thursday. 

Bihar to construct road on Indo-Nepal border
To be completed by 2016, the estimated cost of Rs 1782 crore will be borne by the Centre, state road construction minister Nand Kishore Yadav told reporters here. 

Government approves road projects of Rs 5,388 crore in three states
Govt approved three road projects in the states of Himachal Pradesh, Haryana and Andhra Pradesh entailing a total investment of Rs 5,388.36 crore. 

India to launch spoken web service for farmers
The Indian government is planning to launch a spoken web service that will provide an interactive medium for the farming community. 

Punjab Agriculture University experts motivate farmers to adopt resource conservation technologies PAU experts have laid emphasis on the judicious use of fertilisers, harmful effects of paddy straw burning, saving environment and use of 'Leaf Colour Chart LCC for maize, rice and wheat crops.

Technology News –
CSC, a $16 billion IT services giant expands in India
On the back of two strategic acquisitions, the $16.2 billion technology services firm CSC has now announced the opening of its 18th delivery centre in India. 

BMC Software to integrate Future Group stores
Future Group today said it has roped in BMC Software to standardise and automate its infotech and delivery processes on a single platform. 

Mobile phone cameras: Softwares to enhance utility of the camera
The next time you buy a phone, pay careful attention to its camera. With the right software, you will be able to do a lot more than just take pictures and videos. 

Worldwide PC shipments to suffer in 2012 thanks to Thailand floods, says Gartner
Worldwide PC shipments, which suffered a 1.4% decline in December quarter after two quarters of positive growth, are set to suffer significantly during the coming quarters.

Samsung plans hybrid cameras, seeks big sales rise
Samsung aims to more than quadruple sales of small, interchangeable lens cameras this year, as it seeks to move up-market to compete with stronger Japanese rivals.

Apple buys Israeli technology firm Anobit for $500 mn
Apple said it had bought Israel's Anobit, a maker of flash storage technology whose chips it already uses in gadgets such as the iPad. 

Info Edge launches common online MBA application platform
Info Edge today launched a common online application form 'The Common App' on its education portal Shiksha.com. 

Google wins biggest ever enterprise deal from Spanish bank BBVA
Google won its largest enterprise contract ever from Spanish bank BBVA as the owner of the world’s most popular Web search engine.