‘Indian Story’ in Chicago to highlight Indian firms in US
By Arun Kumar, IANS
Washington : The significant contributions made by Indian companies to the US economy will be showcased in a new initiative to be unveiled next week by India's Commerce and Industry Minister Kamal Nath in Chicago.
The featured companies include the Tata Group, Ranbaxy Laboratories, HCL Technologies, Mahindra USA, Satyam Computer Systems, Essar Group, Wockhardt USA, Thermax, ITC Group, Bharat Forge America, Kotak Mahindra, and Jet Airways.
KSE sinking in red, at 13,596 points in mid-session
By KUNA
Kuwait : The price index at Kuwait Stock Exchange was shedding points dramatically Monday, coming to a drop of 105.8 points to 13, 596 points by 11:11 a.m.
The weighted index came to 782.59 points at the time, at a drop of 7.78 points.
The session so far saw 5,383 trades worth KD 91,235,350, in which 186,194, 000 shares were traded.
Himachal fails to ply CNG vehicles on Rohtang despite order
By Vishal Gulati,
Shimla : The Himachal Pradesh government is doing little to implement an order to ply CNG buses on the majestic Rohtang Pass,...
Bharat Sanchar Nigam seeks nod for CDMA mobile
By IANS
New Delhi : State-run Bharat Sanchar Nigam Ltd (BSNL) has sought the government's nod to start mobile phone services in the country using CDMA technology currently being offered by firms like Reliance Communications.
Giving this information to the Lok Sabha, the lower house of Indian parliament, IT and Communications Minister A. Raja said the grant of permission has, however, been challenged by the Cellular Operators Association of India (COAI).
The members of COAI comprise companies that offer services based on global standard on mobile (GSM) telecom.
World Bank lowers China’s 2008 GDP growth forecast
By Xinhua
Beijing : The World Bank has revised downward its forecast for China's 2008 GDP growth to 9.6 percent, which is 1.2 percentage points lower than an earlier estimate.
In its China Quarterly Update released Monday, the World Bank said China's growth prospects remain robust but there are macro-policy challenges, including of inflation.
Atlantic route to boost India-Canada trade: minister
By Gurmukh Singh, IANS,
Toronto : Canadian Defence Minister Peter MacKay has made a strong pitch for routing India-Canada trade via the Atlantic Gateway on its east coast as it offered deep, ice-free ports for large cargo.
MacKay, while speaking at the 'India Calling 2008: India-Canada Business Partnership Summit' here Monday, said bilateral trade between the two countries would grow higher through the Atlantic route as it was the quickest and cost-effective and offered best ports for mega ships.
Private airlines owe Rs.304.65 crore to Airport Authority
By IANS,
New Delhi : Private airlines owe Rs.304.65 crore to the state-run Airports Authority of India (AAI) as on 30 June, 2010, Civil Aviation Minister Praful Patel said in the Lok Sabha Thursday.
"Airports Authority of India (AAI) is in constant touch with the airlines for realization of the dues," Patel said.
Kingfisher Airlines owes the maximum Rs.184.87 crore, followed by Jet Airways (Rs.36.33 crore), Jet Lite (Rs.14.66 crore) and Indigo (Rs.11.19 crore).
Kolkata real estate projects poised to go green
By IANS,
Kolkata : The city is poised to get what probably is its first green housing complex, to be developed by real estate major Siddha Group, with guidance from a state government agency.
The project, Xanadu, will have "energy efficient equipment", as suggested by the West Bengal Green Energy Development Corp, a government enterprise set up to promote environment-friendly projects.
US economy records largest growth in six years
By DPA,
Washington: The US economy grew at an annual rate of 5.7 percent in the final three months of 2009, according to an initial estimate by the US Commerce Department Friday that marked the biggest quarterly gain in six years.
The fourth-quarter growth rate signals a stronger-than-expected recovery from the deepest US recession in decades and is more than double the 2.2-percent growth of the previous quarter.
Economists had predicted a 4.7-percent gain in a Bloomberg News survey.
Stone India at final bid stage for European firm
By IANS,
Kolkata : Stone India Ltd, a G.P. Goenka group-company, is in the "final bidding stage" of acquiring a European railway equipment maker, said a top company official here Monday.
"The European company we are targeting is privately held and its turnover is bigger than ours," managing director Amitava Mandal said at a press meet.
Stone India, which registered a turnover of Rs.920 million last fiscal, is a multi-product engineering company located in Kolkata, and has been serving the Indian railroad industry for over seven decades.
Lockheed Martin to invest $300,000 in IIT Delhi
By IANS,
New Delhi : Recognising the excellence of the Indian Institute of Technology (IIT), Delhi, combat aircraft manufacturing giant Lockheed Martin has chosen it for a $300,000 project of collaborative research in bio- and nano-technology.
“We have already signed an agreement with the IIT Delhi. We are investing $300,000 for a collaborative project over a period of one year,” Ray O. Johnson, senior vice president and chief technology officer of Lockheed Martin, said here Wednesday.
GAIL to lay Dabhol-Bangalore gas pipeline by March 2012
By IANS,
Bangalore : State-run Gas Authority of India Ltd (GAIL) will lay its 1,400-km gas pipeline from Dabhol in Maharashtra to Bangalore in Karnataka by March 2012, a senior company official said Thursday.
"The Rs.5,000-crore (Rs.50-billion) pipeline will supply gas to fertilizer and power plants coming up near Bangalore and Mangalore in Karnataka and Goa," GAIL chairman and managing director B.C. Tripathi told reporters here.
The pipelines will have an installed capacity to supply about 30 million metric standard cubic metre of gas daily.
Equity markets hover around previous closing figures
By IANS,
Mumbai : A key index of the Indian stock exchange opened marginally lower Thursday than its previous close but rose soon after.
The 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) opened at 9,710.20 points, lower than Wednesday's closing figure of 9,715.29 points.
However, about half an hour into trading, the Sensex was ruling at 9,736.53, up 26.33 points from the opening figure.
Railway freight traffic increases 5 percent
By IANS,
New Delhi : Indian Railways have carried 213 million tonnes of freight during April-June 2009, registering an increase of about five percent over that registered in the year-ago period.
In the first quarter last fiscal, freight traffic stood at 203 million tonnes, the railways ministry said in a statement.
During June, freight traffic carried stood at nearly 72 million tonnes, an increase of about 10 percent over 65 million tonnes carried in the same month last year, the ministry said.
Nuclear Power Corp, BHEL sign deal with GE-Hitachi
By IANS,
Mumbai : Nuclear Power Corp of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) Monday inked two separate deals with GE-Hitachi to build nuclear reactors for power generation in India.
GE-Hitachi is a joint venture between the General Electric Co of the US and the Japan-based Hitachi Ltd.
Under the agreement, GE-Hitachi along with the Indian companies will begin planning for the necessary resources in manufacturing and construction management for a potential multiple-unit advanced boiling water reactor (ABWR) nuclear power station.
Indian agri-exports to EU up, says new report
By IANS
Brussels : India exported 1.4 billion euro worth of agri-food products to the European Union in 2006, up from just over 1 billion euro in 2003, according to the latest Monitoring Agri-trade Policy (MAP) report published by the European Commission Wednesday.
The volume is equivalent to two percent of the EU's global agri-food imports and is just half the value of the EU's imports from China. India ranks the 12th most important EU supplier. Cashew nuts, coffee, rice, castor oil and tea account for 43 percent of the value of the EU's imports from India.
Manjushree Extrusions lists at a premium at bourse
By IANS
Mumbai : Shares of packaging solutions firm Manjushree Extrusions were listed Thursday on the Bombay Stock Exchange at a premium of 6.67 percent or Rs.48 against its issue price of Rs.45 a share.
The scrip was trading up at Rs.63.50 late Friday morning. A total of 467,667 shares changed hands on BSE at 10 p.m. The scrip has hit a high of Rs.64.95 and a low of Rs.47 in initial trade.
The firm had come out with a follow-on public offer of over 5 million equity shares of Rs.10 each for cash at a premium of Rs.35 per share and collected Rs.230.7 million.
143 TV channels want to enter Indian market
By IANS,
New Delhi : Despite recession hitting the media industry, 143 TV channels have sought permission from the information and broadcasting ministry to uplink from India.
In addition, applications of 20 TV channels, uplinked from abroad, seeking permission to downlink in India are at various stages of scrutiny, Minister of State for Information and Broadcasting C.M. Jatua told parliament Tuesday.
Pushed by India, Nepal orders fuel price review
By Sudeshna Sarkar, IANS,
Kathmandu : The unrest triggered in India by the recent hike in fuel prices, following a spurt in global prices, is now likely to spill over into neighbouring Nepal with the Himalayan nation's government Monday ordering a fuel price review.
Nepal's council of ministers approved the long-standing demand of the state-run Nepal Oil Corporation (NOC) to allow it to increase fuel prices in a bid to resolve the spiralling oil crisis and the funds crunch gripping it.
‘Global meltdown, Mumbai attacks reduced foreign tourist arrivals’
By IANS,
New Delhi : The global meltdown, coupled with the Mumbai terror attacks, considerably impacted the foreign tourist arrivals in India and their number rose only 5.56 percent last year against the expected growth of 14.56 percent, the Rajya Sabha was informed Tuesday.
"The global meltdown has affected those countries that are our primary source of tourist arrivals. There have been cancellations but I would like to point out that a growth rate of 5.56 percent is way above the global average of two percent," Tourism Minister Ambika Soni said during question hour.
Sensex opens in the green
By IANS,
Mumbai : A key index of the Indian equities markets opened higher Thursday, ruling 75 points above its last closing figure, about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,796.19 points, was at 13,844.96 -- 75.81 points or 0.55 percent higher than Wednesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the green at 4,107.95 points, up 0.71 percent.
China’s GDP to grow 9.6 percent in 2011
By IANS,
Hong Kong : China's economy is expected to grow 9.6 percent in 2011, the Asian Development Bank said in an annual report released here Wednesday.
Rate hike on cards at central bank policy review Tuesday
By IANS,
Mumbai : India's central bank is likely to increase for a fourth time this year key policy and interest rates at its quarterly monetary policy review Tuesday to rein in high inflation, as economic growth is now on a firmer track.
Rice prices tipped to go up this year
By IANS,
New Delhi : Despite the government's measures to control inflation, prices of food grain, particularly rice, will continue to remain on the higher side, a senior government official said Thursday.
Quoting the latest Wholesale Price Index (WPI) report, K Ponnukaannu, senior economic advisor to the commerce ministry, said the price of rice was expected to harden two months later.
WPI figures indicate that the price of rice March 1 this year was Rs.1,525 per quintal and is currently Rs.1,400. But the report has projected the price will touch Rs.1,500 by July 6.
Vietnam’s GDP Grew in 2007
By Prensa Latina
Hanoi : Economic reform in Vietnam did not bring inequalities in the distribution of wealth, experts said on Wednesday when analyzing last year's results.
The country's Gross Domestic Product (GDP) grew 8.5 percent and the poverty rate dropped from 18 to 14.7 percent in 2007.
During that period, Vietnam benefited from record direct foreign investments of 20.3 billion dollars, structural changes were made, and the GDP increased 10.6 percent in the industrial sector and 8.7 percent in the service sector.
Rural retail to touch $58 billion by 2015: CII
By IANS
New Delhi : Retail opportunity in Indian villages and hamlets is set to reach $58 billion by 2015, said a CII-Yes Bank study.
The study, entitled "The Next Phase in Retailing", was jointly undertaken by the Confederation of Indian Industry (CII) and Yes Bank.
Nano to drive into US in three years: Ratan Tata
By IANS,
New Delhi : Tata Motors will launch its Nano small car in the US in three years after considerably modifying it, group chairman Ratan Tata said Tuesday.
"We recognise there is a market for the Nano in developing countries. We also recognise there is a market for a low-priced car in the developed world," Tata said after unveiling four low, mid- and high-end vehicles on the opening day of Auto Expo 2010.
Nestle India sales up 16 percent
By IANS,
New Delhi : Nestle India Thursday reported 16 percent jump in sales during January-March this year at Rs.1,265.85 crore from Rs.1,091 crore in the like period last year.
The company's domestic sales saw 18.7 percent rise during the quarter, while exports plummeted 15.1 percent, Nestle said in a statement.
The decline in exports is mainly due to a demand slump in Russia, one of the major overseas markets of the company.
The net profit during the first quarter of 2009 rose 23.2 percent to Rs.197.3 crore from Rs.160.15 crore in the corresponding quarter last year.
Punjab allows paddy sowing from June 10
By IANS,
Chandigarh : The Punjab government Friday allowed farmers to start sowing paddy from June 10 onwards.
State Agriculture Minister Sucha Singh Langah said the sowing had been advanced in view of pre-monsoon showers across the state in recent days.
Langah has said the deputy commissioners and agriculture officials in the state have already been instructed to plough afresh all fields where paddy has been sown prior to June 10.
Sensex down 204 points in afternoon
By IANS,
Mumbai : A key Indian equities index fell sharply about an hour before the closing bell Friday, and was ruling 204 points below its last closing figure.
Around 2.33 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange, Sensex, which opened at 16,915.96 points, was ruling at 16,636.65 points, down 206.89 points or 1.23 percent.
The S&P CNX Nifty of the National Stock Exchange (NSE) also slipped into the red at 4,949.1 points, down 1.06 percent.
Markets continue their gaining streak
By IANS,
Mumbai : The Indian equities markets continued their gaining rally and ended the day with a modest gain on the back of firm global cues and further fall in crude oil prices.
Banking, realty and oil and gas stocks led the rally.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 15,430.31 points, touched a high of 15,520.71 points before closing at 15,503.92 points.
It went up 336.1 points or 2.22 percent at the day's close.
Satyam’s Raju spent first night in jail like ordinary prisoner
By IANS,
Hyderabad : Once in the list of the richest Indians, disgraced founder and former chairman of Satyam Computers B. Ramalinga Raju and his brother B. Rama Raju spent Saturday night in the Chanchalguda jail and slept on the floor along with 26 other prisoners accused of petty crimes like theft.
The Raju brothers, who have been remanded to judicial custody till Jan 23 by a magistrate, will be treated like ordinary undertrials. Prison authorities said there would be no special treatment for them.
BSNL launches mobile backup system in two states
By IANS,
Bhopal : State-run telecom major Bharat Sanchar Nigam Ltd (BSNL) has launched "mobile backup system" in Madhya Pradesh and Chhattisgarh, a top company official here said.
The new system would help BSNL subscribers retrieve their contact numbers in case of losing the cell phone.
Birla Corp to lay off staff at vinoleum division
By IANS,
Kolkata : Birla Corp, the flagship company of the M.P. Birla group, has informed stock exchanges that a "layoff" would take place at its vinoleum division from Tuesday.
"Birla Corporation Ltd has informed BSE (Bombay Stock Exchange) that a layoff has been declared with effect from November 17, 2009 at the company's unit, Birla Vinoleum, Birlapur on account of lack of demand of the product," it said in a statement.
Birla Corp is present in cement, jute, auto trim products, vinoleum, carbide and gases, and textiles.
Meeting on affirmative action deferred
By IANS,
New Delhi : The Prime Minister's Office Monday deferred a meeting with apex chambers scheduled here Monday to discuss how the interests of workers from socially backward sections can be protected in the wake of lay-offs by the corporate sector due to economic slowdown.
No reason was assigned for deferring the meeting, scheduled against the backdrop of Labour Minister Oscar Fernandes stating that an estimated 65,000 people lost their jobs between August and October, as India Inc has been hit by the recession in key economies.
Markets reel as Lehman collapse sends Russian markets crashing
By IANS,
Mumbai : Indian equities markets continued to reel Wednesday from the effects of the US financial tsunami as the Lehman Bros. collapse led to the biggest crisis in the Russian financial markets in a decade.
Trading on the rouble-denominated Micex Stock Exchange was suspended indefinitely at 12:10 p.m. Wednesday for the second consecutive day after its index plunged by 10 percent within an hour into trading after wiping out a 7.6 percent gain at the opening.
Bulls rule the roost, Sensex up 5 percent
By IANS,
Mumbai : Bulls had a free run at Indian equities markets Friday as investors took heart from the strong gains posted by world markets. A key index shut shop almost 5 percent higher than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,480.74 points, rose 412.86 points or 4.95 percent to end at 8,756.61 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 3.89 percent from its last close to end at 2,719.25 points.
India isolated in G-77, says top UN official
By Joydeep Gupta, IANS
Bali : As negotiations for a Bali roadmap on how to address climate change neared their climax here Friday evening, a top UN official said the vast majority of developing countries in the Group of 77 were willing to move beyond Kyoto Protocol.
While Executive Secretary of the UN Framework Convention here on climate change Yvo de Boer hinted at India's isolation in the G-77 because of the tough position it has taken on Kyoto Protocol, he also affirmed "some movement in this discussion".
Markets trading flat at afternoon trade
By IANS,
Mumbai : The Indian equities market was hovering between positive and negative zones in afternoon trade. The market, which opened in the red, bounced back in early afternoon trade and again slipped into red.
IT stocks declined for the second straight day as India's top software services exporter TCS was downgraded by foreign brokerages after its earnings disappointed.
The market breadth was positive.
At 12.30 p.m., the 30-share benchmark sensitive index of the Bombay Stock Exchange was trading at 16,722.05 with a loss of 17.28 points.
Local governance is key to economic uplift: minister
By IANS
New Delhi : Millions of Indians living on under Rs.20 (50 cents) a day should be empowered to better living through the 250,000 locally elected self-governing units, Panchayati Raj minister Mani Shankar Aiyar said here Monday.
"Participatory development and inclusive governance is the way to inclusive growth," the minister told the India Economic Summit of the World Economic Forum (WEF) and the Confederation of Indian Industry (CII).
China’s Changqing oilfield targets 25 mn tonnes by 2015
By Xinhua,
Beijing : China's Changqing oilfield plans to produce 25 million tonnes of crude oil and 32 billion cubic metres of natural gas by 2015, its parent China National Petroleum Corp (CNPC) said Friday.
The rise of production in the third largest oilfield located in northern Ordos Basin guaranteed energy supply to areas including Beijing, CNPC general manager Jiang Jiemin said while announcing the field's new output target.
The CNPC earlier said that the Changqing field would expand capacity to ensure gas supply during the Beijing Olympics.
Do not call, say 380 million telephone users
By IANS
New Delhi : More than 380 million telephone subscribers, who do not want to receive telemarketing calls or SMS messages, have registered with the National Do Not Call Registry (NDNC), the telecom market regulator said Tuesday.
On Jun 5, the Telecom Regulatory Authority of India (TRAI) introduced a mechanism to curb unwarranted telemarketing calls under the Telecom Unsolicited Commercial Communications Regulations, 2007.
Pakistan to end reliance on foreign nuclear fuel supplies: media report
By NNN-PTI
Islamabad : Pakistan plans to end its reliance on foreign nuclear fuel supplies to run its atomic reactors by setting up a Rs 2200-crore complex to enrich fuel from indigenous nuclear plants, a media report said Monday.
The new Pakistan Nuclear Power Complex (PNPC), to be set up in Faisalabad, will also enrich the fuel from atomic reactors that the country plans to set up by 2030 to generate 8,800 MW of nuclear power.
Oh for some Bangladeshi hilsa!
By Soudhriti Bhabani, IANS
Kolkata : The lip-smacking hilsa of Bangladesh is missing from the Indian platter this season, depriving food lovers - especially Bengalis - of a favourite delicacy.
The decision of the Bangladesh government to ban hilsa export to India for six months has also affected several fish merchants in India who are suddenly faced with the collapse of a flourishing trade.
India blames developed nations’ consumption for food crisis
By IANS,
New York : Denying that increasing consumption by the middle class in developing countries has led to the current food crisis, India has blamed it on the developed countries' excessive and unsustainable consumption levels.
Speaking at a special meeting of the UN's Economic and Social Council on "The Global Food Crisis", India's ambassador to the UN Nirupam Sen said Wednesday that the consumption trend in the developing countries has existed for a decade and, therefore, cannot explain rising prices over the last one year.
Sensex plummets in opening trade
By IANS,
Mumbai : A key Indian equities index fell sharply at opening bell Monday and was ruling 1.3 percent lower than its previous close, minutes into trade.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,584.86 points and was ruling at 17,360.95 points, down 230.23 points or 1.31 percent from its previous close at 17,591.18 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,196.85 points against the previous close at 5,262.6 points, a loss of 1.25 percent.
New Foreign Trade Policy and India’s competitiveness
By Amit Kapoor,
The Indian government, on first day of fiscal 2015-16, released the Foreign Trade Policy (FTP) that will run till March 31, 2020. Overall the regime has been revamped and the policy calls for the "enhancement of the entire trade ecosystem".
China’s foreign trade up 44.4 percent in January
By IANS,
Beijing : China's foreign trade posted a 44.4-percent growth in January year on year, the General Administration of Customs (GAC) announced Wednesday.
Exports in January stood at $109.47 billion, up 21 percent from a year earlier, while imports rose 85.5 percent to $95.31 billion, Xinhua reported.
The hefty increase was due to lower comparison bases a year ago when China's exports were hard hit by global financial crisis and less working days as the Lunar New Year holiday fell in January last year, the administration explained.
Birla Corp net up 69 percent
By IANS,
Kolkata: Birla Corp, the flagship company of the MP Birla Group, Tuesday reported a 69 percent jump in its profit after tax at Rs.155.34 crore in the quarter ended June 30.
"Higher realisation in cement business and sustained demand on account of stimulus announced by the government helped the company in achieving better results," it said in a statement.
India, Qatar to share data on terror threats, money-laundering
By Aroonim Bhuyan, IANS,
Doha : India and Qatar will share information on terror threats and money laundering and also exchange defence experts for the security of the Arabian Gulf region under two new agreements that were signed during Prime Minister Manmohan Singh's visit to this Gulf nation.
The two agreements - one on security and law enforcement and another on defence cooperation - were signed Sunday evening after the arrival of Singh here, the first ever by an Indian prime minister to Qatar.
Rupee falls on IIP figures, impact of RBI action muted
By IANS,
Mumbai/Bangalore : The rupee fell again Friday closing at 53.63 to the dollar after data showed a fall in factory output for March.
Markets close marginally higher
By IANS,
Mumbai : Indian equities markets moved north Tuesday, with a key index gaining 0.68 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 9,589.95 points, gained 64.95 points or 0.68 percent to close at 9,648.84 points (provisional).
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) moved up 0.42 percent to close at 2,932.1 points.
The BSE midcap index was up 0.76 percent, while the BSE smallcap index gained 0.29 percent over its previous close.
Premji optimistic about economic recovery
By IANS,
Bangalore : Wipro chairman Azim Premji Wednesday said he was more optimistic now than a month ago about recovery in the Indian and the US markets after a huge amount of uncertainty.
"Overall, we are feeling more optimistic today than we would have felt even four weeks back about the Indian and the US markets though it's too early to make a call on the European and Japanese markets, which are large markets for IT services," Premji told IANS here.
Indian businessman critical after shooting in Trinidad
By Paras Ramoutar
Port-of-Spain (Trinidad)(IANS) : Kapil Khanna, a 21-year-old businessman from New Delhi, is stated to be in critical condition following a shootout at his hotel room in St.Helena Thursday evening.
According to a Piarco Police Station officer, Khanna, who operated a business booth at the Indian Trade Fair at the Centre of Excellence, Macoya, was shot in his right leg when he resisted three men who held him and snatched thousands of dollars, a cell phone and jewellery.
RBI’s central board meeting begins in Patna
By IANS,
Patna : The Reserve Bank of India's central board meeting began in the Bihar capital Thursday to discuss various economic issues.
RBI Governor D. Subbarao, along with all top officials of the bank, were attending the meeting to discuss various economic issues, officials said.
Subbarao arrived here Wednesday afternoon to attend the meeting.
During his hour-long meeting with Bihar Chief Minister Nitish Kumar Wednesday night, he assured every possible help for the development of the state.
India launch of Microsoft Windows Phone 7 this year
By IANS,
Hyderabad : Microsoft plans to launch its Windows Phone 7 and search engine Bing in the Indian market this year, an official said here Wednesday.
Markets back in the green, Sensex up 1.18 percent
By IANS,
Mumbai : Indian equities markets soared back into the green in the afternoon trade Friday after plummeting in morning session. A key index was ruling 1.18 percent above its previous close an hour before the closing bell.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,103.75 points, was at 8,294.59 points, 1.18 percent or 96.67 points higher than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,609.65 points, 1.28 percent down from its last close of 2,576.7.
BOC to raise Rs.780 cr in 2011
By IANS,
Kolkata : BOC India Ltd would raise Rs.780 crore (denominated in euros) in 2011 through external commercial borrowing to execute its projects of Steel Authority of India and Tata Steel Ltd, a top company official said here Monday.
"The loan would be basically given by our parent, Linde AG, as inter-corporate loan which would be treated as an ECB," Pawan Marda, assistant vice president and company secretary told reporters on the sidelines of the annual general meeting of the company.
Jet Airways to expand its international network
By IANS
Mumbai : Jet Airways is working on an aggressive expansion plan for its international operations. The leading private airline of India will start its daily direct flights from Mumbai to Hong Kong from April 14 and Mumbai to San Francisco from May 5.
"Hong Kong is the gateway to south China," said Jet Airways chairman Naresh Goyal here, Thursday.
According to him, Jet has 33 percent market share on its UK sectors. "Our Premiere class has almost 70 percent foreigners," he said.
Hong Kong stocks slide on China Mobile gloom
By DPA,
Hong Kong : Hong Kong shares fell back through the 15,000-point barrier Monday, shedding more than three percent in their second straight day of losses.
The blue-chip Hang Seng Index lost 505.12 points, or 3.34 percent, to end the day at 14,622.39. Turnover was a light 36.49 billion Hong Kong dollars ($4.7 billion).
The losses were led by Hong Kong-listed China Mobile, the world's largest wireless carrier, after it announced a drop in its rate of new subscriptions in November.
UAE, IEA discuss cooperation on stabilizing global oil markets
By NNN-WAM,
Abu Dhabi : Energy Minister of the United Arab Emirates Mohammed Bin Dhaen Al-Hamili and executive director of the International Energy Agency (IEA) Nobuo Tanaka held discussions here on ways to further bolster existing relations and cooperation on stabilizing the oil markets, reducing volatility and achieving an oil supply-demand balance.
At the meeting Thursday, discussions also covered UAE-IEA relations and collaboration on oil data and policies, reduction of carbon dioxide emissions and other pollutants resulting from petroleum and natural gas.
IMF to lower global economic growth forecast
By Xinhua
Washington : The International Monetary Fund (IMF) has said it will lower its forecast for global economic growth for 2008, particularly for the US, due to the recent financial turmoil.
"There will be some downward revision to our growth projection, more so next year than this year," IMF Spokesman Masood Ahmed said Thursday at a briefing.
"The downward revisions are likely to be largest for the US, but we will also see some impact in the euro area," he added.
Limited Liability Partnership Bill passed in House
By IANS,
New Delhi : Parliament Friday passed the Limited Liability Partnership (LLP) Bill 2008, paving the way for an alternative corporate business vehicle that will give the benefits of limited liability and allow companies organize their internal structure as a partnership based on an agreement.
A limited liability entity is a hybrid of existing partnership firms and full-fledged companies. It is a separate legal entity, liable to the full extent of its assets with the liability of the partners being limited to their agreed contribution in LLP.
Bush confident of stimulus package amid sharp job losses
By DPA
Washington : US President George W. Bush defended the actions his administration has taken to bolster the lagging US economy amid a report Friday of a sharp loss of jobs in February.
Bush insisted the $150-billion stimulus package passed by Congress and signed last month would boost consumer spending and help create jobs.
The Labour Department Friday said the US shed 63,000 jobs in February, the most in five years and fuelling speculation that the world's largest economy may have already entered a recession.
Budget highlights-3
By IANS,
* Growth estimated in 2013-14 at 4.9 percent* No policy paralysis
* 100 million jobs to be created in a decade
* 19 oil blocks...
Algeria’s Sonatrach announces two more gas discoveries
By NNN-APS
Algiers : Algerian national hydrocarbons company Sonatrach has announced two new gas discoveries in the southeastern part of the country.
The first find was made by Sonatrach on its own in the Ahnet Basin and the second was made in partnership with Norwegian company Statoil Hydro in the Gourara Basin, the company said in a statement Monday.
Bajaj motorcycles roar on Trinidad roads
By Paras Ramoutar, IANS
Port of Spain : Indian automaker Bajaj India Ltd's motorcycles have begun to roar on the roads of Trinidad and Tobago following their launch in this Caribbean nation this week.
Indian businessman Ved Janwani has been appointed the exclusive distributor.
Janwani said he got the idea of importing motorcycles while stuck in a traffic jam. "I was stuck in a traffic jam when a motorcycle whizzed past me. Motorcycles can play a greater role decreasing traffic jams since they occupy a smaller part of the road."
Fuel price hike will not be rolled back: PM
By IANS
New Delhi : Prime Minister Manmohan Singh has ruled out a rollback of the fuel price hike announced Thursday, stressing that such a step would have a disastrous impact on the country's economy.
"The increase is marginal. We have a situation where the world prices are rising," the prime minister told reporters on the sideline of a book release function at his 7 Race Course Road official residence here Thursday evening.
"If we continue subsiding (the oil companies against rising crude prices), the fiscal system would collapse," he maintained.
India’s Sensex breaches 15,000 points
By IANS
Mumbai : With Indian equities on a major upswing, the key sensitive index (Sensex) of the Bombay Stock Exchange (BSE) breached the magic figure of 15,000 points during intra-day trading Friday for the first time ever.
India, China must fight global warming together: Pachauri
New Delhi, (IANS) India and China must enlarge their cooperation to fight global warming as its coastal cities of Kolkata and Shanghai were among the most vulnerable to climate change, says R.K. Pachauri, chairman, Intergovernmental Panel on Climate Change (IPCC).
"If the Himalayan glaciers start melting at a faster pace, these cities could face serious flooding due to a rise in the sea level," Pachauri, who heads the panel that has been named for this year's Nobel Peace Prize, said here Monday.
Chidambaram asks states not to tax exports
By IANS
New Delhi : With India's exporting community in distress because of the rising rupee, Finance Minister P. Chidambaram Wednesday urged all state governments to ensure that their taxes do not burden external trade.
"Exports are under some stress due to rapid appreciation of the rupee against a weak dollar," Chidambaram told the a meeting of the National Development Council (NDC) here to approve the 11th Five Year Plan.
Deora briefs prime minister on Reliance gas
By IANS,
New Delhi : A day after Reliance Anil Dhirubhai Ambani Group accused the petroleum ministry of misguiding the Prime Minister's Office (PMO), oil minister Murli Deora met Prime Minister Manmohan Singh Wednesday to apprise him of his ministry's stance on the subject.
In the 30-minute meeting, Deora once again explained his ministry's position that the government had the right to determine the price and use of natural gas as it deemed fit, a senior official in the oil ministry said.
SC gives Sahara 18 months to pay up Rs.36,000 crore
New Delhi: The Supreme court on Friday gave 18 months to Sahara to repay Rs.36,000 crore of the investors money which its two companies,...
India’s exports decline for second straight month
By IANS,
New Delhi : The New Year started with some disheartening news for India's exporting community with the latest trade data showing a 9.9-percent drop in outbound merchandise shipments in November - the second straight month of decline.
Exports during November were valued at $11.505 million, which was 9.9 percent lower than the $12.768 million during the like month of last fiscal, as per data released by the commerce and industry ministry Thursday.
Jitters continue, Indian equities markets close in red
By IANS,
Mumbai : After two successive days of gains, Indian equities markets once again closed in the red Wednesday following weak global cues and general nervousness, analysts said.
The benchmark 30-share sensitive index (Sensex) of the Bombay Stock Exchange finished at 10,169.90, down 513.49 points or 4.81 percent from its previous close Tuesday at 10,683.39 points.
The Sensex opened weak at 10,455.23 points, down 228.16 points or 2.14 percent from its previous close Tuesday, touched a high of 10,484.85 before sliding steadily.
Tata Steel makes it to Fortune Global 500 list for 1st time
By IANS,
Mumbai : Indian steel major Tata Steel has for the first time made it to the prestigious Fortune Global 500 list of the world's largest corporations, a company statement said Wednesday.
The company ranks 231 in terms of revenue, the statement said.
Interestingly, Fortune magazine in its July 21, 2008 issue, had for the first time included Tata Steel in its Global 500 list but the company was ranked 315th in terms of revenue.
Australia says its FTA with ASEAN is biggest trade agreement
By Xinhua,
Kuala Lumpur : An Australian senior trade official said Tuesday that the ASEAN-Australia-New Zealand Free Trade Agreement is the most comprehensive trade agreement that Australia has ever negotiated.
Australia was happy to see the conclusion of negotiations of the FTA with the Association of Southeast Asian Nations (ASEAN), said Australian Trade Minister Simon Crean.
US official to push for a more open India
By Arun Kumar, IANS
Washington : US Treasury Secretary Henry Paulson embarks on a trip to India Sunday to push New Delhi for a fundamental economic shift to being more open to and compatible with the global economy.
His schedule in India includes meetings with Finance Minister P. Chidambaram, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia and an appearance at a conference in New Delhi on India's rise as an economic power.
Reliance-ADAG among 10 suitors for MGM: Wall Street Journal
By IANS,
Washington : Hollywood's famous film studio Metro-Goldwyn-Mayer (MGM) has received buyout bids from several potential suitors, including India's Reliance ADA Group (ADAG), according to the Wall Street Journal.
Bids ranged between $1.5 billion and $2.5 billion, but the offers aren't close to covering the $3.7 billion that is owed to lenders, the leading US financial daily said Friday citing people with knowledge of the situation.
MGM has now begun to explore how it could stage a streamlined "prepackaged" bankruptcy as part of the auction, it said.
Markets rally on stimulus announcement
By IANS,
Mumbai : The government's second stimulus package announced Friday helped Indian equities markets make smart gains Monday, with a key index moving up 3.19 percent to close above the 10,000-mark.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,275.6 points, up 3.19 percent or 317.38 points from its previous close of 9,958.22 points.
Broader market indices like the BSE midcap index was up 1.78 percent while the BSE smallcap index closed 1.21 percent higher.
Of the 13 sectoral indices on the BSE, the metal index rose the highest Monday.
India Inc.’s confidence up, but rising costs a concern
By IANS,
New Delhi : India Inc.'s confidence is up, though high interest rates and rising costs of raw materials and manpower have marred its capacity to do better, a survey released here Sunday said.
According to the Federation of Indian Chambers of Commerce and Industry (FICCI), corporate India's confidence in the state of the economy, industry and firm-level performance is on the upswing.
Now a pro-Nano sit-in at abandoned Singur site
By IANS,
Kolkata : Hundreds of Nano supporters Friday began an indefinite 'satyagraha' (sit-in) in front of the Nano small car plant in Singur, recently abandoned by automobile major Tata Motors following protests by the opposition. The new agitationists are demanding that the factory once again start operations in West Bengal.
India, Australia to continue strengthening economic ties
By IANS,
New Delhi: Indian Commerce Minister Anand Sharma and Australian Trade Minister Simon Crean Tuesday reaffirmed their commitment to working for the successful completion of the Doha Round of talks on freer world trade and said the two countries will continue to explore opportunities for strengthening economic ties.
Asia-Pacific stocks register worst fall of 2007
By DPA
Tokyo : Asia-Pacific stocks fell the most in a year Thursday as growing losses on global credit markets led investors to dump higher risk stocks.
South Korea's Kospi index was among the region's biggest losers, falling 6.9 percent, and indices in South-East Asia were also taking a hit, down 6.6 percent in Jakarta and 3.6 percent in Singapore.
In Tokyo, the Nikkei 225 Stock Average plunged 1.99 percent to close at 16,148.49 while the broader Topix index of all first-section issues was also down 1.67 percent to 1,567.46.
Market for cookbooks booms in India
By Madhusree Chatterjee, IANS,
New Delhi : The Indian palate generates good business. With kitchens becoming hi-tech in cities and the television beaming more than a dozen cookery capsules every week, the market for cookbooks is booming.
"The market for cookbooks has grown by at least 40 percent and is moving very fast because people are constantly looking for fast food, easy recipes that they can rustle up at home in their designer kitchens. People are also buying cook books for their coffee table collections," Rajiv Sharma, marketing in-charge of Roli Books, told IANS.
Aptech gets global recognition
By IANS
Chennai : The Chennai-based Aptech Ltd has been awarded the Global Registered Education Provider status by the American Project Management Institute.
The firm will now be able to offer PMI recognised project management training and professional service to project management professionals.
Aptech has planned to train 5,000 professionals this year in PMI-REP, a company statement said here.
India’s overseas acquisitions set to rise: consultants KPMG
By NNN-PTI,
London : Indian entrepreneurs are set to acquire more companies abroad than foreign firms taking over companies in India, according to a latest assessment.
The study by consultants KPMG, released as part of the Emerging Markets International Acquisition Tracker (EMIAT), shows that acquisitions by Indian firms will soon outnumber those inbound deals involving foreign firms snapping up Indian targets.
New gas price after three months: Cabinet
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) Wednesday deferred a decision on the new price for domestic natural gas awaited by...
Sensex closes flat, FMCG, PSU stocks up
By IANS,
Mumbai : A benchmark index of Indian equities markets closed flat Thursday while keeping to the 18,000-mark level reached a day before.
S African mobile giant MTN faces ‘identity crisis’ in Bharti deal
By Fakir Hassen, IANS,
Johannesburg : MTN's $23 billion deal to merge with the Indian telecom major Bharati Airtel is being delayed as the company does not want to "lose its identity" and wants its South African base to be the "mother ship" of the new entity that will span two continents.
MTN CEO Phuthuma Nhleko that the deal is a "big and complex transaction" and the company has to ensure that it "continues to grow from its South African base and does not lose its DNA".
Car sales rise 39.5 percent in April: SIAM
By IANS,
New Delhi : Indicating robust consumer demand despite a rise in prices, car sales in India grew by 39.5 percent to 143,976 units in the first month of this fiscal from 103,227 units sold in April 2009, data released by the Society of Indian Automobile Manufacturers (SIAM) here Monday showed.
Companies exported 37,479 cars in April against 29,307 units in the same month last year - a jump of 27.88 percent.
Surat diamond units are back to business
By P.S. Anantharaman, IANS,
Surat : Most of the 4,000-odd diamond processing unit owners and thousands who make rough-cut rocks into dazzling diamonds woke up Wednesday morning with a sunken feeling. But gathering up their courage and confidence, the units opened up, putting fears of serial bombings behind them.
They had a providential escape as 23 bombs were found in this South Gujarat city Monday and Tuesday, most of them in the Varachha Road where a majority of the diamond units are located -- processing 60 percent of the world's diamonds.
Satyam no longer pride of Andhra Pradesh
By Mohammed Shafeeq, IANS,
Hyderabad : With Tech Mahindra Monday taking control of fraud-hit Satyam Computer Services, the IT bellwether will no longer be the pride of Andhra Pradesh or the brand image of Hyderabad.
The development has ended an era of the company, which made an humble beginning in 1987 and went on to become India's fourth largest software services provider.
Containing inflation top priority, says Reserve Bank
By IANS,
New Delhi : Containing inflation will continue to be the overriding priority of monetary policy, India's central bank, the Reserve Bank of India (RBI), said in its Annual Report for 2007-08 released Friday.
In the report, the RBI admitted that India's short-term economic growth prospects are facing several risks, both global and domestic.
"Global economic conditions have worsened with the growth in major advanced economies decelerating and inflation hardening," the report said.
Heavy selling pulls down Sensex 538 points
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday ended trade 538 points lower as selling sentiment spread throughout the market.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,708.6 points, shut shop at 16,242.3 points (provisional), down 538.16 points or 3.21 percent from its previous close at 16,780.46 points.
Heavyweight scrips ICICI Bank, Tata Steel, SBI and RIL were the main contributors to the Sensex's drag.
Auto sales grew a whopping 40.3 percent in December
By IANS,
New Delhi : Sales of cars grew 40.3 percent in December owing to a low base, improved credit and customer appetite, said the Society of Indian Automobile Manufacturers (SIAM) Friday.
In December, companies sold 115,268 cars compared to 82,174 units in the same month of 2008, according to data released by SIAM.
Sale of commercial vehicles -- buses and trucks -- rose 171.6 percent at 48,614 units in the month under review from 17,897 units in the previous corresponding month.
Chhattisgarh steel makers want more iron ore
By IANS,
Raipur : As many as 125 sponge iron unit owners in Chhattisgarh have sought increased iron ore supply from the state-run National Mineral Development Corp (NMDC) to tide over the current shortage.
The Chhattisgarh Sponge Iron Manufacturing Association (CSIMA), an industry body that represents the sponge iron makers in the state, Saturday said it needed an urgent increased quota from NMDC to the state's sponge units to help them get over the severe iron ore shortage.
Last week, iron ore shortage forced 25 sponge iron units in the state to stop production.
US industrial production drops
By IANS,
Washington: US industrial production dropped 0.4 percent in October as superstorm Sandy held down output in the Northeast region, the US Federal Reserve reported.
Kolkata Metro to venture under the Ganges
By IANS,
New Delhi : It was a dream come true for Kolkatans with the central government Thursday approving a Rs.46.76 billion, 13.77 km east-west corridor for the Kolkata Metro, a part of which will run under the Ganges river.
"I am very happy because now one can go straight from Howrah to Salt Lake to watch football," a beaming Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after a meeting of the cabinet here presided over by Prime Minister Manmohan Singh.
Coimbatore company creates ‘confidence’ in South America
By R. Viswanathan, IANS,
The name of a small but confident company from Coimbatore in Tamil Nadu has inspired confidence among Latin American clients in Peru, Ecuador, the Dominican Republic and Argentina, who have given it orders worth $500,000 for textile machinery. And this, perhaps, is only the beginning.
Bharat Petroleum gets $370,000 US technical aid
By IANS,
Mumbai : As part of its ongoing commitment to the US-India Energy Dialogue, the US Trade and Development Agency (USTDA) Friday awarded a $370,000 technical assistance related grant to oil major Bharat Petroleum Corp Ltd (BPCL).
BPCL will utilise the grant to introduce advanced safety technologies and inspection methodologies to minimise risks and vulnerabilities to its petroleum refinery and pipeline operations.
The USTDA grant will also be used for training personnel on a comprehensive strategy for evaluating risk to petroleum refineries and related facilities.
Reliance oil block in East Timor to get new investors
By IANS
New Delhi : State-owned petroleum firms Indian Oil Corp (IOC) and Oil India Ltd (OIL) will together pick up 12.5 percent equity in an oil and gas block in East Timor that is operated by Mukesh Ambani-led Reliance Industries Ltd (RIL).
Both the state-owned companies have obtained approval from their respective boards of directors to acquire equity in Reliance's asset as partners, a senior IOC official said.
"The IOC and OIL boards have their approval our technical teams were satisfied with the data made available by Reliance," the official told IANS.
Kerala minister to scout for investments in the US
By IANS,
Thiruvananthapuram : Kerala's Industries Minister Elamaram Kareem is leaving for a week-long trip to the US to scout for investments, after having lashed out at Prime Minister Manmohan Singh at public meetings for hobnobbing with the Americans.
At a public meeting in Kasargode, north Kerala, Friday, Kareem, a top Communist Party of India-Marxist leader, criticised the prime minister for improving ties with the US.
Speaking to IANS, Kareem confirmed that he is not only meeting top Indian businessmen during his visit but also American companies for investments in the state.
Nokia N-97 will be available in India by June-end
By IANS,
New Delhi, June 4 (IANS) Nokia's flagship touch-screen handset N-97 will be launched nationwide within two weeks at a likely price of around Rs.35,000, the company announced Thursday.
"The handset is expected to begin shipping in India in the next two weeks," Vineet Taneja, director-marketing of Nokia India, told reporters here.
The price of the high-end smartphone would be around Rs.35,000, Taneja said while refusing to give the exact price.
Congress in Andhra Pradesh hopes to gain from debt waiver
By IANS
Hyderabad : The ruling Congress party in Andhra Pradesh is celebrating the massive farm loan waiver scheme announced in the union budget as it hopes the "mother of all waivers" will yield rich dividends in the next year's state assembly elections.
The southern state will be the biggest beneficiary of the Rs.600 billion farm loan waiver. This is expected to benefit six million small and marginal farmers, 60 percent of the total farmers in the state.
The state is expected to get Rs.100-120 billion, around one-sixth of the package for the entire country.
Kochi airport defers decision on charging user fee
By IANS,
Kochi : The managers of Cochin airport have failed to decide if they should reintroduce an user charge on every passenger, Kerala Chief Minister V.S. Achuthanandan said Saturday.
The chief minister said a decision on this would be taken at the next meeting of the board of directors of Cochin International Airport Ltd (CIAL), India's first airport built in public-private partnership model.
CIAL used to charge a fee of Rs.500 till Dec 31, 2005, when its then chairman, chief minister Oommen Chandy, decided to cancel the fee following a series of protests from passengers.
Ispat plans Rs.1700 crore capital expenditure
By IANS,
Kolkata : Ispat Industries has planned capital expenditure of Rs.1,700 crore for mining, a power plant and a coke oven plant in Maharashtra, a top company official said here Saturday.
Of the Rs.1,700 crore, Rs.120 crore would go for mining (iron ore, coal, limestone, dolomite), Rs.1,100 for the coke oven plant, Rs.490 crore for a 110 MW power plant.
The company manufactures sponge iron, hot and cold rolled galvanised steel coils, and galvanised and colour-coated steel sheets.
Sensex rebounds in afternoon trade, up 62 points
By IANS,
Mumbai : A key index for Indian equities Wednesday crawled back to positive terrain in afternoon trade after a weak morning session as other Asian markets tumbled over lower consumer confidence data from the US.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,476.85 points, was ruling at 17,596.16 points, 62.07 points or 0.35 percent up from its previous close at 17,534.09 points.
Citi to raise $20.5 billion to pay back US government
By IANS,
New York : Citigroup, led by Indian American chief executive Vikram Pandit, intends to raise $20.5 billion in the stock market as part of its plan to repay bailout money and free itself from government restrictions.
The New York-based banking giant said Wednesday it will offer 5.4 billion shares of common stock priced at $3.15 per share, 10 cents below what the Treasury paid for each of its 7.7 billion shares. It will also offer 35 million "tangible equity units," which are comprised of a prepaid stock purchase contract and a note, for $100 each
No unusual activity in markets, says regulator
By IANS,
Mumbai : Securities and Exchange Board of India (Sebi) chairman C. B. Bhave Friday said there was "no unusual" activity in the stock market, which plunged nearly 10 percent Friday.
"There has been no shorting by institutions in our cash markets," the chief of the Indian securities market regulator told a private television channel.
"We also have confirmation from both stock exchanges (National Stock Exchange and the Bombay Stock Exchange) that there is no unusual trading," he added.
India’s growth intact but no escaping fuel price hike: PM
By IANS,
New Delhi : Calling for a wider political consensus on "rational economic policies", Prime Minister Manmohan Singh Monday said there was no way out of hiking prices of petroleum fuels to bail out state-run firms that were bleeding due to high global crude prices.
"We cannot allow the subsidy bill to rise any further,” the prime minister told the annual summit of leading industry lobby, the Associated Chambers of Commerce and Industry (Assocham).
Cabinet nod to investment pacts with Ethiopia, Mozambique
By IANS
New Delhi : The Indian cabinet Friday approved bilateral investment promotion deals with Ethiopia and Mozambique.
Indian contemporary art market focus of Spanish art fair
By IANS,
New Delhi : The economy may be struggling to cope with the slump in the market, but Indian art has managed to hold its own, especially on the global stage as India will be the focus of an international art fair in Spain. India will be the guest country and the market highlight of ARCO-Madrid 2009, one of the most prestigious international contemporary art fairs in Europe, being held Feb 11-16 in Madrid, the Spanish capital.
Surging food prices could slow poverty reduction by seven years
By Chris Cermak, DPA
Washington : In order to hammer home the point of just how dire the food situation in poor countries has become, World Bank President Robert Zoellick resorted to holding up a bag of rice and a loaf of bread.
"In Bangladesh, a two kilogram bag of rice now consumes almost half of the daily income of a poor family," he told reporters, noting the global price of rice has surged 75 percent in just the last two months.
Satyam’s Rajus sent back to jail till Jan 31
By IANS,
Hyderabad : Satyam Computer Services founder B. Ramalinga Raju, his brother B. Rama Raju and former chief financial officer Vadlamani Srinivas were Friday sent back to jail for one more week by a court here, which also heard that the elder Raju had bought land not only in India but in other countries also.
An unshaven Ramalinga Raju and Srinivas were present in the court of Sixth Additional Chief Metropolitan Magistrate D. Ramakrishna to hear extension of their judicial custody till Jan 31.
State Bank group deploys anti-money laundering software
By IANS,
Bangalore : The State Bank of India (SBI) group deployed 3i Infotech software to prevent money laundering in compliance with the central bank's regulatory order, the bank said Tuesday.
"We have contracted with IT software product firm 3i Infotech to deploy its anti-money laundering solution across our group comprising SBI and six associate banks to monitor any suspicious transfer of money, including terror financing," SBI chief general manager B.S. Bhasin said in a statement here.
BHEL’s Traction Machines Website & Online RADAR monitoring system opened
By Pervez Bari, TwoCircles.net
Bhopal : In a programme organized by Traction Machines Department at Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, Traction Machines website and online RADAR monitoring system were inaugurated . A booklet on the Traction Machine Products was also released on this occasion by RK Singh, Executive Director, BHEL, Bhopal.
Inflation, terror twin challenges, says Manmohan
By IANS,
New Delhi : Prime Minister Manmohan Singh Thursday said controlling inflation and improving the internal security situation were the twin challenges before his government as it goes into the fifth and final year of its term.
“So far, the reports of the rabi crops are good and the predictions of a good monsoon give us hope and confidence that the steps we have taken so far will enable us to return to a regime of moderate inflation in 8-10 weeks,” Manmohan Singh said.
Sun Pharma gets US nod for its cancer drug
By IANS
Mumbai : Gujarat based drug maker Sun Pharmaceutical Industries said Monday it had received a green signal from the US Food and Drug Administration (USFDA) to market the generic version of cancer drug Amifostine injections.
Announcing this to the Bombay Stock Exchange (BSE), the company said that Sun Pharma was the first to file an abbreviated new drug application (ANDA) at USFDA for the marketing of this generic injection, which has reported annual sales of approximate $80 million.
The drug is a generic version of MedImmune's Ethyol and is covered under three patents.
EU imposes heavy fine on Microsoft
By KUNA
Brussels : The European Union imposed Wednesday a record fine of 899 million euro on Mixrosoft for failure to abide by a 2004 antitrust order.
The US software giant had charged "unreasonable prices" for patent licenses rivals to connect products to the Windows, noted a European Commission statement.
US stocks climb on financial shares, close up for the week
By DPA,
New York : US stocks rose Friday and ended the week in positive territory, led by financial shares buoyed by Fannie Mae's brighter earnings forecast.
The climb came despite a drop in a key consumer confidence index from Reuters and the University of Michigan, while Microsoft's poor earnings report Thursday night led technology stocks lower on the day.
Morgan Stanley projected earnings for Fannie Mae, the largest US mortgage lender, would beat estimates in 2009 as the credit crisis hitting financial institutions in the US slowly comes to an end.
At 9.7 percent, US unemployment rate highest in 26 years
By DPA,
Washington : The US unemployment rate jumped to 9.7 percent in August, as employers slashed an additional 216,000 jobs, the Bureau of Labour Statistics reported Friday.
While employers cut fewer jobs in August than in July - when 276,000 jobs were lost - the unemployment rate soared to a 26-year high.
The rate is up from 9.4 percent in July. The number of unemployed people increased by 466,000 to 14.9 million, the government said.
Microsoft signs $500-mn IPTV deal with Reliance
Mumbai, Nov 5 (IANS) Microsoft has entered into a $500-million (Rs.19.7 billion) pact here Monday with Reliance Anil D. Ambani Group (RADAG) to launch Internet protocol television (IPTV) and allied services in India.
The IPTV service will be launched in Mumbai and Delhi by March 2008, to be followed by other metros gradually.
"Reliance will enjoy exclusive deployment rights for the Microsoft platform in India," said RADAG chairman Anil Ambani.
India for greater IMF watch on major economies
By Arun Kumar, IANS,
Washington : India has asked the International Monetary Fund (IMF) to refocus and strengthen its traditional surveillance and lending functions as part of efforts to resolve the global financial crisis with the spotlight on important bigger countries.
"The twin crises - in the financial markets and the commodity price increases - bring to the fore the role of the Fund," Finance Minister P. Chidambaram told the International Monetary and Financial Committee Meeting here Saturday.
Mumbai to host India’s first equity fair February
By IANS
Mumbai : India's financial capital will witness the country's first ever private equity fair - IPEX 2008 - to be held Feb 27.
IPEX 2008, organised by Yen Expo and Indian Institute of Management at Ahmedabad (IIM-A), will see over 25 companies showcasing their businesses to 150 private equity funds from India and abroad. It will be held at Hotel Grand Hyatt.
"IIM-A has been roped in to make a detailed company analysis of each applicant and shortlist the best 25 for the fair," Sunil Shirole, senior investment banker in Yen Expo, told IANS.
R-ADAG seeks SEBI probe into R-Com share fall
By IANS,
Mumbai : The Reliance Anil Dhirubhai Ambani Group (R-ADAG) has approached market watchdog Securities and Exchange Board of India (SEBI) to probe the dip in the share price of group company Reliance Communications (R-Com).
It has also charged the Mukesh Ambani-led Reliance Industries (RIL) with trying to impact R-Com's market valuation to derail ongoing the merger-acquisition talks between R-Com and South African telecom giant MTN.
Tamil Nadu trawler fishermen seek other work
By IANS
Chennai : A UN-supported workshop on fishing in Tamil Nadu's over-exploited 1,000-km coastline found that nearly a quarter of the trawler fishermen of the Palk Bay are ready to take up alternative work.
Participants, including government officials, international experts, NGOs and fishing community leaders, voiced concern that "inefficient and destructive fishing is on the rise" and said there was urgent need for regulations.
China manufacturing contracts again
By IANS,
Beijing: China's manufacturing activity contracted again in September, but the rate of deterioration eased slightly, official data showed Monday.
Weaver’s in Uttar Pradesh decry lack of govt support amid lockdown, worry for future
By Musheera Ashraf, TwoCircles.net
Uttar Pradesh: “While the country is struggling to fight the pandemic, the Uttar Pradesh government seems to have unleashed a war...
Cades to build seating systems for German auto firm
By IANS
Bangalore : Product design and engineering firm Cades would build seating systems for customers of C Rob Hammerstein (CRH), a leading German automotive firm, the city-based company said Friday.
On Friday, both the companies signed a long-term pact at Auto Expo 2008 in New Delhi, Cades said in a statement released here.
CRH makes seat structures, adjuster systems for seats, steering columns and variable interiors for global manufacturers of cars in the premium segment.
OPEC crude continues record-breaking climb
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) climbed to a new high above $137 Wednesday, a statement by OPEC said Thursday.
One barrel, or 159 litres, of OPEC-produced crude stood at $137.73 Wednesday, up 0.79 dollars from $136.94 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Mahindra sales slip 14.1 percent in May
By IANS,
New Delhi : Auto major Mahindra and Mahindra sold 16,581 vehicles (including three wheelers) in the domestic market last month, 14.1 percent down from 19,296 units it sold in May 2008.
"In spite of the recent shutdown of our Nashik plant, we clocked very impressive sales numbers of 16,581 units in May 2009, reflecting a very positive and healthy demand for our products," Mahindra chief of operations (automotive sector) Rajesh Jejurikar said in a statement.
"We do not expect the strike to have any impact on our annual plans," he added.
Three shortlisted for Satyam CEO, CFO
By IANS,
Hyderabad : Three names have been shortlisted for the posts of chief executive officer and chief financial officer in fraud-hit Satyam Computer Services, the new board announced Friday. The selections will be taken next week.
In a communication to the Bombay Stock Exchange (BSE), the board said that funding arrangements for Satyam, hit by a Rs.70 billion ($1.43 billion) scam, is in final stages and will be announced before Jan 28.
The new board told the BSE that the new CEO will be a leader of global standing and recognition.
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