Fed extends credit to Morgan Stanley, Goldman Sachs
By DPA,
Washington : The US Federal Reserve Board has agreed to applications by investment banks Morgan Stanley and Goldman Sachs to become bank holding companies.
The rate-setting central bank said in a statement that the approval was granted, pending a five-day antitrust waiting period.
Hong Kong gallery brings Giclee prints to India
By IANS,
New Delhi : As art prices spiral beyond the reach of common buyers, dealers are improvising on trade practices and artistic tools to stay afloat. One such attempt is being made by a Hong Kong-based online art gallery that is entering the Indian market with Giclee or ink jet-prints of art works.
On Wednesday, the Fuschia Tree tree art gallery will make its debut with a show titled "The Mint Green" at the Attic in Connaught Place in the heart of the national capital.
Chennai’s Empee group planning more hotels
By IANS,
Chennai : City-based Empee Group is drawing up an expansion plan for its hospitality business that includes setting up new luxury hotels, renovating the existing ones and acquiring new properties, company officials said.
The group, which has interests in hotel, liquor, sugar, power, packaging, transport and construction businesses, is aiming to emerge as a major business house in south India.
Eco-friendly ‘green buildings’ catching on in India
By Quaid Najmi, IANS,
Mumbai : How about living in a 'green building'? The popularity of such eco-friendly 'green buildings' with their own water harvesting and solar power systems is catching on in India and the high price is no deterrent.
Green buildings also have their own water re-cycling system. More than 50 percent of the building is covered with glass - making it reflect away the sun's rays and helping to keep the inside cool and save on electricity - among other eco-friendly measures.
In India’s silicon valley, senior citizens hunt for jobs
By Maitreyee Boruah, IANS,
Bangalore : India's tech hub Bangalore has more than half a million senior citizens, of whom nearly 90 percent are without any pension benefits, forcing many of them to go on working for a living and compete in a market that prefers young blood.
T. Rameshwar, 65, retired as a teacher at a private school about five years ago. With his meagre savings fast dwindling, he is on the lookout for a job as he is healthy and fit. There are hundreds like him in Bangalore.
Foreign financial companies keen to fund China’s energy market
By Xinhua,
Beijing : Foreign financial companies are eager to play a role in China's coal industry as the country looks to diversified sources to finance the fast-expanding industry.
As the world's fastest growing economy, China's energy need is huge and most of it comes from coal.
Buddhadeb urges opposition to withdraw Singur protest
By IANS,
Kolkata : West Bengal Chief Minister Buddhadeb Bhattacharjee Sunday appealed to all opposition parties in the state, who are demanding the return of 400 acres of land to farmers, to withdraw their protest against the Tata Motors' Nano project at Singur.
"I urge all opposition parties to come forward and accept the new compensation package announced by the state government for Singur land losers. I also ask them to withdraw their protest against the Tata Motors small car project," Bhattacharjee said in a statement.
Great loss to West Bengal if Tatas leave Singur: Pranab
By IANS,
Kolkata : It would be a "great loss" to West Bengal if Tata Motors shifts its Nano unit out of Singur, External Affairs Minister Pranab Mukherjee said here Sunday.
"It will be a very unfortunate incident if Tata Motors leaves our state. It'll be a great loss to West Bengal," Mukherjee told reporters at Baharampur town in Murshidabad district, about 220 km from here.
He said: "There's no conflict between agriculture and industrial reforms. Both can go hand in hand."
PepsiCo announces $500 million investment in India
By IANS,
Gurgaon : PepsiCo chairperson and chief executive Indra Nooyi Sunday announced an investment of $500 million in India over the next three years to triple revenues by 2014.
The investment would be spread over manufacturing, market infrastructure, environment sustainability initiatives, research, new products and agriculture, Chennai-born Nooyi said.
“The new investment will contribute 50,000 new direct and indirect jobs to the Indian economy,” she said at a press conference here.
Reliance Industries starts production in Krishna-Godavari basin
By IANS,
New Delhi : India's largest private oil major, Reliance Industries Ltd (RIL), has started production of oil from the Krishna-Godavari (K-G) basin, its chairman Mukesh D. Ambani said Sunday.
The initial production will be 5,000 barrels of oil a day, which will be ramped up to 550,000 barrels a day in the next six quarters. This will increase India's domestic oil production by 40 percent.
According to Ambani, the company plans to become the largest deepwater developer in the world.
India, Brazil, South Africa sign tourism cooperation pact
By IANS,
Kochi : India, Brazil and South Africa signed a draft tripartite tourism cooperation agreement Sunday at the fifth edition of the Kerala Travel Mart (KTM).
Chief Minister V.S. Achuthanandan inaugurated the mart Saturday night.
On behalf of India, Leela Nandan, joint secretary in the tourism department of the central government, signed the agreement. Diplomats Carlos R. Santana of Brazil and Zukiswa Nekhgranye of South Africa did the honours on behalf of their countries.
India’s exports to South Korea rise, but lag China
By IANS,
New Delhi : India's share in South Korea's imports has increased four-fold during 2002-07, but is still far behind that of China, according to an industry lobby report.
Even though India's exports to South Korea rose nearly four times from $1.25 billion to $4.62 billion and the country's share in South Korea's total imports improved from 0.8 percent to 1.3 percent in 2002-07, it fell short of China's impressive showing, said the report by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Indian Oil Corp planning major refinery expansion
By IANS,
Mathura : State-run Indian Oil Corp (IOC) is awaiting the environment ministry's nod for a major capacity expansion project at its Mathura refinery in Uttar Pradesh, a senior official said.
IOC director-refineries B.N. Bankapur told IANS that the project has to get clearance from the ministry as many environmentalists have expressed concern over the possible impact of the project on the nearby Taj Mahal.
The company is planning to raise the annual production capacity of the refinery from 8 million tonnes to 11 million tonnes.
Dubai Metro starts trial operations
By IANS,
Dubai : Dubai Metro, the world's largest automated driverless metro rail network, has commenced its trial run across an 11-km stretch in this Middle East metropolis.
Vice President and Prime Minister of the United Arab Emirates (UAE) and Ruler of Dubai Sheikh Mohammed Bin Rashid Al Maktoum launched the trial between the Jebel Ali station to the south of the city and the Ibn Batuta Mall station Saturday, the official Emirates News Agency (WAM) reported Sunday.
Sheikh Mohammed was accompanied by a delegation of high-level officials at the launch.
PepsiCo to invest $500 mn in India
By IANS,
Gurgaon : Beverage major PepsiCo will invest $500 million in India over the next three years, its chairman and chief executive officer Indra...
Expected soon, Indian editions of Time, Newsweek and more
By IANS,
New Delhi : Things never looked so good for the booming Indian news bazaar. The government's green signal to publication of Indian editions of foreign magazines has sparked enthusiasm among publishing majors, marketing managers and media experts.
They say the decision - which will entail 26 percent FDI and editorial control in Indian hands - will mean more foreign titles in an Indian avatar, more advertising, more competition, more choice.
ArcelorMittal, Tata in race to bag Chhattisgarh mining rights
By Sujeet Kumar, IANS,
Raipur : ArcelorMittal, the world's largest steel maker, and Tata Steel, India's largest private sector steel producer, are locked in a race to win excavation rights to about 100 million tonnes of iron ore reserves in Chhattisgarh, Chief Minister Raman Singh said Sunday.
"As many as five companies, including Tata Steel and ArcelorMittal, are in the race," Raman Singh told IANS. The winner will form a joint venture with the state-owned Chhattisgarh Mining Development Corp (CMDC).
Etihad targets flying 25 mn passengers by 2020
By IANS,
Dubai : Etihad Airways, the national carrier of the United Arab Emirates (UAE), has set a target of flying 25 million passengers by 2020.
The Abu Dhabi-based airline also said in a statement that it was planning to double the number of cities it serves from the current 50 to 100 by that year.
The statement quoted the airline's chief executive James Hogan as saying in the course of a visit to the US and Canada: "Our projections to 2020 reflect that order and the scale of our ambitions, closely aligned to the growth of Abu Dhabi as an economic and tourism powerhouse."
No solution to Singur impasse in sight
By IANS,
Kolkata : Nineteen days have passed since Tata Motors suspended work at its Nano plant at Singur in West Bengal but no solution to the deadlock seems in sight.
Operations were suspended Sep 2 following an indefinite siege that was kicked off Aug 24 by the opposition Trinamool Congress party in front of the factory gate at Singur, about 40 kilometres from Kolkata.
Sharjah port back in action after fire
By IANS,
Dubai : Business is back to normal at Port Khaled in Sharjah after a huge fire engulfed it Saturday.
“Sharjah port will remain open and business will be conducted as usual,” said Rashid Al Leem, the director general of ports in Sharjah.
The fire broke out early Saturday at a storage area of the Emirates Oil Refining Co (ERCO), the state-run Emirates News Agency (WAM) reported. It destroyed the storage facility. ERCO mainly produces sunflower oil.
Plane rental company to open in Bahrain
By NNN-BNA,
Manama : A Bahraini businessman and a group of Bahraini and gulf investors plan to set up a plane rental company, considered the first of its kind in the kingdom of Bahrain, with a capital of USD50 million.
Britain for cigarettes in plain packets to check sales
By Venkata Vemuri, IANS,
London : As Britain marches on to make itself smoking-free, new schemes are on the way to pipe out the smoke. The one that has the tobacco industry worried is the move to force tobacco firms to sell cigarettes in plain, unbranded packets.
The department of health is considering outlawing the use of logos, colours and graphics on packets and requiring them to be sold in plain packaging. Officials say it will strip cigarettes of their glamorous image and reduce the numbers of young people taking up the habit.
London Mayor wants to close Heathrow and build new airport
By IANS,
London : London Mayor Boris Johnson was never fascinated by Heathrow. He has called it "a planning error of the 1960s" on many an occasion and is now proposing its closure to build a new airport.
His officials are drawing up plans for a new, 24-hour airport located on an artificial island in the Thames estuary.
Designer Niki Mahajan returns with signature Indian line
By Radhika Bhirani, IANS,
New Delhi : After making a mark in India and internationally with her exquisite creations - mostly western silhouettes with an ethnic appeal - fashion designer Niki Mahajan is foraying back into the domestic fashion scene with a signature Indian collection after almost five years.
"My new line is very simple. It is basically for brides and offers a range of outfits for the five days around the wedding and for the honeymoon days," Mahajan told IANS.
Volvo Ocean Race’s Kochi stopover to boost tourism
By IANS,
Kochi : The world's top yachting race, the 2008-09 Volvo Ocean Race, will make a stopover here, the only Indian port to get the honour. That will not only give a boost to the hospitality industry here but also create more facilities for cruise tourism.
The Kerala Tourism Department and the Cochin Port Trust (CPT) will spend a whopping Rs.300 million to make arrangements for the stopover that will take place between Dec 3 and 13.
Sharp tax hikes in Uttar Pradesh irk businesses, consumers
By IANS,
Lucknow : The Uttar Pradesh government's decision to sharply hike the value added tax (VAT) in the state and also impose an entry tax on certain items has raised the hackles of both businesses and consumers in the state.
The state government took the decision late Friday evening.
While the increase in the VAT will lead to rates that vary from 12.5 to 21 percent as compared to the earlier 4 percent, the rate of entry tax will be between 2 to 3 percent.
The hike in VAT and the new tax will fetch over Rs.1 billion to the state exchequer.
PM panel pitches for separate manufacturing policy
By IANS,
New Delhi : A top panel set up by Prime Minister Manmohan Singh has sought a separate policy for the manufacturing sector, currently growing sluggishly. The panel, which submitted the report Saturday, has justified the need for a manufacturing policy, saying it will accelerate industrial growth.
“The policy will ensure focussed attention by the government to various aspects to achieve the goals of manufacturing and employment generation,” said a senior official in the prime minister's office (PMO).
PM panel pitches for separate manufacturing policy
By IANS,
New Delhi : A top panel set up by Prime Minister Manmohan Singh has sought a separate policy for the manufacturing sector, currently growing sluggishly. The panel, which submitted the report Saturday, has justified the need for a manufacturing policy, saying it will accelerate industrial growth.
“The policy will ensure focussed attention by the government to various aspects to achieve the goals of manufacturing and employment generation,” said a senior official in the prime minister's office (PMO).
‘Hotel boom in southern states’
By IANS,
Chennai : A total of 9,369 new hotel rooms will come into the market by the end of 2011 in the four southern states, a senior official said.
"Between April 2007 and September 2008 the Department of Tourism, Government of India has approved 177 hotel projects under different star categories," M.P. Purushothaman, president of The South India Hotels and Restaurants Association (SIHRA), told reporters here Saturday.
While Kerala leads the industry in the three star segment with 80 hotels, Tamil Nadu with six five star hotel projects leads in the top-end category.
‘US sub-prime crisis, downturn to hit global realty sector’
By Fakir Balaji, IANS,
Panaji : Global financial turmoil, triggered by the US sub-prime crisis, will have a far-reaching impact on the worldwide realty sector in 2009 due to investments drying up and cost of funds becoming dearer, a top realty consultant said here Saturday.
Bengal’s economy will suffer if Tatas leave: Amartya Sen
By IANS,
Kolkata : Expressing concern over the happenings related to the Tata Motors factory in Singur, nobel laureate economist Amartya Sen has said West Bengal's economy will suffer a big jolt if the auto major decides to shift its small car plant out of the state.
Sen found the fresh compensation package announced by the government "just".
‘International port lobby trying to scuttle Vizhinjam project’
By IANS,
Thiruvananthapuram : An international port lobby and some vested interest groups are trying to scuttle the proposed Vizhinjam port, one of the biggest in the country, state Ports Minister M. Vijayakumar said here Saturday.
The project, to be come up in Vizhinjam near the popular tourist destination of Kovalam, got the final approval from the union shipping ministry Wednesday.
Once complete, the port would handle 4.1 million twenty-foot equivalent units (TEU) per annum. Currently, the country's 12 major ports together handle 4.61 million TEUs per annum.
Anil Ambani group, Spielberg to set up $1.5 billion studio
By IANS,
New York : India's Reliance Anil Dhirubhai Ambani Group and celebrated filmmaker Steven Spielberg are setting up a new studio in Los Angeles under a $1.5-billion project that will make films for global audiences, sources familiar with the negotiations said Saturday.
The mega deal - which will help Spielberg break away from DreamWorks, now owned by Viacom's Paramount Pictures - will be funded by a mix of equity and debt, and also involve leading investment banker JP Morgan Chase, the sources added.
49 percent FDI in defence sector on need basis: Antony
By IANS,
New Delhi : After doing away with the license requirement for private players for manufacturing military hardware, Defence Minister A.K. Antony Saturday said the government would consider foreign investment of upto 49 percent in the sector on a “case-to-case-basis”.
"We will stick to the policy of allowing 26 percent FDI (foreign direct investment) in the Indian defence sector. We will consider allowing 49 percent FDI only on a case-to-case basis, if the industry is able to convince us (about the need for this)," Antony told a seminar here on Defence Procurement Policy.
Gujarat state-owned companies told to pay for poor
By IANS,
Ahmedabad : In compliance with a Gujarat government directive, four state-owned companies will contribute Rs.5 billion to the newly formed Gujarat Socio Economic Development Society (GSEDS) which will spend the money on programmes for the poor.
The companies will contribute the money from their gross profits to comply with a state government directive to state-owned units in the state to make available 30 percent of their gross profits for spending on programmes for the poor.
Northeastern states demand increased share of central taxes
By IANS,
Agartala : The northeastern states have urged the finance commission to double their share in the funds from the central taxes to 10 percent, a senior Tripura minister said.
"The northeastern states as per recommendations of the 12th finance commission has been getting 5.437 percent of the share of central taxes and we have proposed the tax share be increased to 10 percent," Tripura Finance Minister Badal Chowdhury said.
Uttar Pradesh’s new taxes only for rich: Official
By IANS,
Lucknow : A day after Uttar Pradesh hiked levies on laptops, mobile phones and airconditioners - among nearly 100 items - a top official Saturday described it as a move to mobilise additional resources by "taxing the affluent".
Each of the items for which value added tax (VAT) has been hiked or an entry tax has been reintroduced are usually used by the rich, according to V.S.Pandey, principal secretary to Chief Minister Mayawati.
Kerala tourism wary of US financial crisis
By Jeevan Mathew Kurian, IANS,
Kozhikode : Kerala is bracing up to a possible fall in foreign tourist traffic due to the financial crisis in the US.
Kerala annually earns around Rs.100 billion ($2.17 billion) from domestic and foreign tourists. With the peak season, beginning in October and lasting till March, on the doorstep, stakeholders in the sector are wondering how the financial crisis will affect the world economy.
"It is now too early to comment on the effect of the crisis in the US. But we are planning for a possible slowdown," Kerala Tourism Secretary V. Venu told IANS.
Finance firm to advise Uttar Pradesh on township development project
By IANS,
Kolkata : Non-banking finance company SREI Infrastructure Finance Ltd has bagged a contract from the Uttar Pradesh government to advise it on an integrated urban development project, to be developed on public-private-partnership model, a top company official said here Saturday.
"We have got the advisory role for the integrated Uttar Pradesh township development project," SREI chairman and managing director Hemand Kanoria told reporters on the sidelines of the company annual general meting.
‘Tent cities’ housing homeless increasing in the US
By IANS,
London : The number of 'tent cities' housing homeless people is increasing in the US and the rise has been partially attributed to the ongoing financial crisis, increased home repossessions and rising job losses, according to a report.
A majority of organisations of the homeless reported an increase in homelessness since the mortgage crisis began in 2007, according to a study by the Washington DC-based National Coalition for the Homeless, the Telegraph newspaper reported Saturday.
Brussels to host Europe-India pharmaceutical conference
By IANS,
Brussels : Brussels-based Europe India Chamber of Commerce is organising a two-day pharma roundtable in the Belgian capital starting Sunday, with the participation of over 70 pharmaceutical companies from Europe and India.
Speaking to EuAsiaNews, chamber secretary general Sunil Prasad said the roundtable was the first of its kind being organised here and would bring together leading drug manufacturers from India and Europe.
Anil Ambani group to inject $550 mn for studio with Spielberg
By IANS,
New York : In a unique Bollywood-Hollywood partnership, the Reliance Anil Dhirubhai Ambani Group will invest $550 million to form a new venture with Steven Spielberg, allowing him to break away from his studio, DreamWorks, now owned by Viacom's Paramount Pictures, sources familiar with the deal said.
The Indian group will invest the money as equity, while another $750 million or so will come as debt from leading investment banker JP Morgan Chase for the new studio, whose name has not been divulged yet, the sources added.
Markets erase early losses, end week in green
By IANS,
Mumbai : Assurances from Indian Prime Minister Manmohan Singh and Finance Minister P. Chidambaram together with positive global cues saw Indian equities markets recover from Black Monday blues to end the week with marginal gains.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week Friday at 14,042.32, gaining 41.51 points or 0.29 percent during the week from its previous close last Friday at 14,000.81.
Farmers to vote on Mumbai special economic zone
By Shyam Pandharipande, IANS,
Pen (Maharashtra) : In a path-breaking move that can trigger major policy changes, farmers in this paddy-growing coastal sub-district of Maharashtra will Sunday participate in a referendum to decide the fate of Asia’s biggest Special Economic Zone (SEZ) being developed here by Reliance Industries (RIL).
Urban India sees world through luxury-tinted shades
By Radhika Bhirani, IANS,
New Delhi : Time was when shades used to be rounded and black - and meant to protect your eyes from the sun. But today they can come bejewelled with pearls, crystals, and many Indians are more than willing to burn a hole in their pocket for it !
The country's branded eyewear market has grown manifold in the past three to four years as luxury fast gains synonymity with urban lifestyles. From Ray-Ban to Prada to Bvlgari to Burberry to Versace to Vogue and Dolce & Gabbana, all the high-end names are here.
Anil Ambani group to bail out Spielberg’s Hollywood venture
By IANS,
New York : Reliance Anil Ambani Group will pump $550 million into Steven Spielberg's Hollywood venture DreamWorks to start a new studio, breaking away from Viacom's Paramount Pictures, sources familiar with the deal said Saturday.
The Indian company will invest the money as equity, while another $750 million will come as debt from leading investment banker JP Morgan Chase, in what will result in a unique Hollywood-Bollywood partnership, the sources added.
“The deal has been sealed,” said a source.
End of capitalism? US enters unchartered waters
By DPA,
Washington : As Wall Street tottered on the brink of collapse and the US government unveiled one the largest market interventions in its history, stakeholders from every side weighed in with incredibly stark views of the country's economic future.
The assessments did not just focus on the country's short-term economic health. Many believe this week's events could drastically change the way the US does business.
"Capitalism as we knew it - free-market capitalism - seems to be dead," declared Rob Cox, editor of financial website breakingviews.com.
Air India gets $548.6 mn Ex-Im Bank loan
By Arun Kumar, IANS,
Washington : The Export-Import Bank (Ex-Im Bank) of the US has given India's national carrier Air India $548.6 million in loan guarantees to support the purchase of Boeing aircraft.
Air India chairman and managing director Raghu Menon and Ex-Im Bank chairman James H. Lambright signed the deal Friday at a ceremony at the bank headquarters here. Air India is officially called the National Aviation Company of India Limited (NACIL).
Time to savour sweet and juicy Kinnaur apples
By IANS,
Shimla : Himachal Pradesh's apple season may have begun nearly two months ago, but the really delicious ones, from Kinnaur district, are headed for markets across the country only now.
Kinnauri apples are known for their natural sweetness, colour and juiciness.
Every day, trucks carrying hundreds of apple cartons from the Chango, Ribba and Namgiya valley of Kinnaur, 250 km from here, are heading for Chandigarh, Delhi, Mumbai, Ahmedabad and Lucknow, giving tough competition to Kashmiri apples.
Buddhadev rules out any more sops on Singur
By IANS,
Kolkata : Talking tough, the West Bengal government Friday night ruled out any further sops on the Tata Motors issue, and said the stalemate could be resolved only if the opposition accepted the latest compensation package it has announced.
"A solution can be found only if the opposition accepts the package made public on Sep 14 and based on the dialogue between the government and the opposition in the presence of the governor (Gopalkrishna Gandhi)," Chief Minister Buddhadeb Bhattacharjee said in a short statement.
ONGC declares largest dividend, warns of resource crunch
By IANS,
New Delhi : State-run Oil and Natural Gas Corp (ONGC) Friday declared a dividend of Rs.68.44 billion - the largest by an Indian company - but warned that the non-availability of oil rigs will push up production costs.
Earlier this year, ONGC had announced an interim dividend of 180 percent. At the annual general meeting Friday, shareholders approved an additional final dividend of 140 percent, bringing the total to 320 percent.
US launches major rescue package for financial sector
By DPA,
Washington : The US Friday unveiled part of a massive, comprehensive plan to help resolve the US financial crisis and prevent a rush of new bank failures in the coming weeks.
The US Treasury announced a $50 billion guarantee programme for the money-market mutual fund industry, the first in a series of moves that could come Friday after overnight talks with congressional leaders.
The US media reported the entire rescue package could cost as much as $500 billion.
Mamata meets governor over Nano
By IANS,
Kolkata : Trinamool Congress leader Mamata Banerjee Friday evening met West Bengal Governor Gopalkrishna Gandhi to inform him about the situation over the land row involving Tata Motors' Nano car project.
The Left Front government had rejected demands from a section of farmers led by Banerjee who want 400 acres of land taken for the project returned to them.
Amid the confusion, the Tatas are looking at options to shift the project out of the state.
Integrated farming needed for agricultural growth: Swaminathan
By IANS,
New Delhi : India should focus on integrated farming to sustain the growth rate of four percent in agriculture, experts said here Friday.
“Integrated farming is needed to achieve a sustainable high growth rate,” said noted agriculture scientist M.S. Swaminathan at an agriculture leadership summit.
He said livestock was an important part of agriculture, and should be taken care of more effectively to increase farm output and enhance farmers' income.
ONGC declares highest dividend by an Indian firm
By IANS,
New Delhi : State-owned Oil Natural Gas Corp (ONGC) Friday declared a dividend of Rs.68.44 billion, the highest by an Indian company in absolute terms.
Earlier this year, ONGC had announced an interim dividend of 180 percent. At the annual general meeting, the shareholders approved an additional final dividend of 140 percent, bringing the total to 320 percent.
“In absolute terms, the total dividend of Rs.6,844 crore (Rs.68.4 billion) is the highest posted by any Indian corporate body, private or public,” said ONGC chairman R.S. Sharma.
Oil India to tap primary market by year-end
By IANS,
Kolkata : State-owned Oil India Ltd (OIL) will hit the primary market by mid-December, a company official said Friday.
"We want to list our company because this is the only public sector oil company that is not listed," OIL chairman and managing director M.R. Pasrija told reporters.
He said this when he was asked if disinvestment plans would be deferred given the volatile market conditions.
India-born US cop gets $1.65 million for racial bias
By IANS,
New York : An India-born former police officer in Washington has won $1.65 million in an out-of-court settlement in his racial bias lawsuit in which he claimed he was called a "sandnigger" by a superior, received racially explicit voicemails and was dispatched alone to confront an armed man.
In his suit, Navin Sharma, 52, who worked for the police department in Vancouver city in the US for nine years, said he was subjected to seven years of racial harassment, which began when he testified against senior members of the department in a 1998 internal affairs investigation.
‘Asia could be noodle bowl of free trade pacts’
By IANS,
Chennai : Free trade agreements (FTA) among Asian countries will proliferate following the collapse of the World Trade Organisation (WTO) negotiations, a Singapore-based economist said here Friday.
"Asia could be a noodle bowl of FTAs. There will be multiple hubs and spokes network of overlapping FTAs," said Denis Hew, senior fellow and coordinator of regional economic studies at the Institute of Southeast Asian Studies, Singapore.
Global tea prices concerns economist
By IANS,
Kolkata : International tea prices are pegged a notch above sustainable levels, a top economist of the Food and Agriculture Organisation (FAO) said here Friday.
"The current global price of tea is $2.15 per kilogram, which is above the sustainable price of $2 per kilogram," Kaison Chang, a senior economist with the FAO, told reporters on the sidelines of the launch of the Organic Tea Development Project in India.
Indian equities register sharp gains on global cues
By IANS,
New Delhi : Indian equities staged a smart rally Friday and ended with some handsome gains on cues from other markets as also on hopes that the crisis in the global financial system will be softened by central bank interventions with little impact on the country's economy.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) saw one of its sharpest rallies in recent weeks, pushing the 30-share index above the 14,000 mark at 14,042.32 points.
India invites investments from Spain
By IANS,
New Delhi : India Friday invited investments from Spain in food processing, telecommunications and chemicals.
“Spanish firms should take advantage of the conducive business climate in India and invest in areas of food processing, ceramics, telecom and chemicals,” Commerce and Industry Minister Kamal Nath said during an interaction with former Spanish prime minister Jose Maria Aznan here.
Both sides took stock of the progress made by the India-Spain joint committee set up to push bilateral trade. The ninth meeting of the committee is scheduled to take place in Madrid.
US’ Avid Tech eyes regional Indian TV
By IANS,
Chennai : US-based Avid Technology Inc, a global major in digital nonlinear media creation, management and distribution solutions, is betting big on the booming Indian regional TV industry for its future growth.
Operating in three business segments - video and film editing, broadcast and services and solutions - with a market leadership position in the first sector, Avid is now looking at the growing Indian satellite television broadcasting market.
India, China should play role in global financial system: Expert
By IANS,
Chennai, Sep 19 (IANS) With the collapse of two major US financial institutions sending global markets into a tailspin, it is time the Indian and Chinese central bankers demand a greater say in global financial systems, an economic expert says.
"The two big Asian economies are not part of the global financial regulatory system, now a preserve of the G10 countries. Sufficient importance and weightage should be given to this region in the global financial regulatory system," Ian Harper, a senior consultant with Melbourne's Access Economics, said at a seminar here Friday.
Indian equities move up higher on global cues
By IANS,
Mumbai : Indian equities opened higher Friday and surged ahead on cues from other markets and on hopes that the crisis surrounding the global financial markets may be softened by central bank interventions.
Emulating the rally in all major Asian markets and on Wall Street, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 13,763.83 points, as against Thursday's close at 13,315.60 and soon shot up to 13,807.09 points.
US initiatives to boost Sri Lanka’s regional economy
By IANS,
Colombo : The US Friday announced the launch of a new multi-year initiative, funded by the USAID, to promote economic growth in Sri Lanka’s war-ravaged eastern province.
The US embassy said in a statement that the new programme, Connecting Regional Economies (CORE), was designed to increase social and economic security “as part of the US government’s integrated strategy to address the root causes of conflict in Sri Lanka”.
Tatas setting up two hotels in South Africa
By Fakir Hassen,IANS,
Durban : The $62.5 billion Tata group is setting up two hotels in South Africa and will start assembling an array of automobiles in Johannesburg as part of the plans to invest 10 million rands ($1.2 billion) in the country, a top official has said.
"We are now constructing two hotels. The first one has started in Cape Town and the second one will be in Johannesburg,” Raman Dhawan, managing director of Tata Africa, said.
Banks in UAE not at risk due to Lehman bankruptcy
By IANS,
Abu Dhabi : Banks in the United Arab Emirates (UAE) had no exposure to failed American investment bank Lehman Brothers, according to the country's apex bank.
The UAE Central Bank said that there was no systemic risk to the UAE following the bankruptcy of Lehman Brothers, the state-run Emirates News Agency (WAM) reported.
The bank made the statement in the course of a meeting with chief executives, general managers and senior officials of all banks operating in the UAE.
IMF asks Pakistan to raise revenue target
By IANS,
Islamabad : The International Monetary Fund (IMF) has asked Pakistan to raise its tax collection target of Rs.1,250 billion ($16 billion) during the current fiscal, but no figure has been specified.
"Due to depreciation of the rupee by 24 percent against the dollar and higher inflationary pressure in the range of 20 to 25 percent, (the IMF says) the tax collection target should be fixed on the higher side of earlier target of Rs.1,250 billion," The News Friday quoted official sources as saying.
Tata investment in Africa is worth billions
By Fakir Hassen,IANS,
Durban : As one of the first Indian companies to enter Africa almost six decades ago, the Tata Group, through its affiliate Tata Africa, now has a presence in 11 countries, with investments there worth billions of rands.
Tata Africa Managing Director Raman Dhawan was speaking at a gathering where the first Tata scholarships for post graduate students of the University of KwaZulu Natal were made here Thursday.
Indian equities move up on global cues
By IANS,
Mumbai : Indian equities opened higher Friday in line with cues from other markets as also on hopes that the crisis surrounding the global financial markets may be softened by central bank interventions.
Emulating the rally in all major Asian markets and on Wall Street, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 13,763.83 points over Thursday's close at 13,315.60 and soon shot up to 13,807.09 points.
IMF predicts 2009 recovery despite current financial turmoil
By DPA,
Washington : The International Monetary Fund has sought to put a positive spin on the current financial turmoil in the US, predicting the world's advanced economies will stage a slow recovery by 2009 even as financial firms face potential bankruptcy.
"While the events of the past week underscore the seriousness of the situation, my message today is straightforward: this storm can be weathered without a damaging global recession," IMF Deputy Managing Director John Lipsky said Thursday in Washington.
AIG takeover signals new US era of regulation, intervention
By Chris Cermak DPA,
Washington : In a country that prides itself on free market principles, US taxpayers' money is already on the hook for more than $300 billion in financial industry bailouts, and, by some accounts, the government is just getting started.
The Federal Reserve's unprecedented, $85-billion loan and effective takeover of the largest US insurer, American International Group (AIG) Inc, was only the latest in a string of emergency interventions this year on Wall Street.
Morgan Stanley mulling deals with CIC, Wachovia: Reports Morgan Stanley mulling deals with CIC,...
By DPA,
New York : Morgan Stanley, one of just two remaining independent investment banks on Wall Street, was reportedly seeking protection from the financial turmoil on US markets by entering talks with Wachovia Corp and the Chinese state investment fund Thursday.
Morgan Stanley was in talks with China Investment Corp (CIC) to sell it a 49-percent stake in the firm, Bloomberg financial news reported Thursday citing insiders familiar with the talks. CIC already controls 10 percent of Morgan Stanley's stock.
Metro Cash & Carry awaiting licence for Kolkata outlet
By IANS,
Kolkata : Metro Cash & Carry, the wholesale division of the Germany-based Metro AG, which planned to open an outlet here two years ago, said Thursday that it was waiting for a fresh licence from the state government to start operation.
The company said it invested in West Bengal on a pre-requisite that it would be given license to trade agri commodities.
Reliance Life Insurance’s income up 152 percent
By IANS,
Lucknow : Reliance Life Insurance Co Ltd (RLIC), part of the Anil Dhirubhai Ambani Group (ADAG), Thursday said its premium income has grown by 152 percent during April-July this fiscal, in sharp contrast to the overall life insurance industry growth of 1.6 percent during the same period.
"We have registered a premium income of Rs.1,112 crore (Rs.11.12 billion)," RLIC chief executive P. Nandagopal told reporters here.
The company also plans to infuse fresh capital of over Rs.10 billion in the next six months, which will take its capital base to Rs.30 billion, he added.
Inflation rises to 12.14 percent
By IANS,
New Delhi : After three successive weeks of decline, India's annual rate of inflation moved up marginally to 12.14 percent for the week ended Sep 6 from to 12.1 percent for the week before, fresh data showed Thursday.
The inflation rate, based on the official wholesale price index (WPI), stood at 3.51 percent for the corresponding week last year.
The WPI data released by the ministry of commerce and industry showed an increase of one percent in the index for primary articles such as fruits and groundnut seeds over the past week.
Lloyds TSB takes over HBOS to calm jangly British nerves
By Dipankar De Sarkar, IANS,
London : Lloyds TSB bank took over Britain's largest mortgage lender Thursday in a 12.2 billion pound ($21.3 billion) government-approved
rescue plan aimed at stabilising a jittery financial market.
The acquisition of rival Halifax Bank of Scotland (HBOS) was prompted by a 52 percent fall in the bank's shares Wednesday - a day marked by a global market scare and the nationalisation of American International Group (AIG), America's largest insurer.
Apeda gets powers to protect Basmati patent rights
By IANS,
New Delhi : India Thursday decided to empower Agricultural and Processed Food Products Development Authority (Apeda) to protect patent rights for basmati, India's super quality rice, among other similar rights.
A Cabinet meeting, chaired by Prime Minister Manmohan Singh Thursday, approved the necessary amendment in existing laws to vest Apeda with statutory powers to deal with registration and protection of intellectual
property rights (IPRs).
India to import one million tonne lentils from Myanmar
By IANS,
New Delhi : India has decided to import one million tonnes of lentils or pulses annually from Myanmar towards meeting the annual deficit of nearly three million tonnes between domestic demand and supply.
The Cabinet meeting, chaired by Prime Minister Manmohan Singh, Thursday authorised the Department of Consumer Affairs, ministry of agriculture, to prepare the blueprint for importing lentils from Myanmar in the current fiscal.
Entry of foreign telecom operators made easier
By IANS,
New Delhi : The government Thursday said it will allow foreign telecom players to bid for third generation (3G) spectrum auction without a domestic partner, but they will have to find a local partner before starting services.
"The foreign telcos can bid for the 3G spectrum on their own but before rolling out services they should find an Indian partner," Telecom Secretary Siddharth Behura told reporters on the sidelines of a telecom summit organised by industry lobby Assocham (the Associated Chambers of Commerce and Industry).
Alliance to invest Rs.1 bn in Real Estate TV
By IANS,
Mumbai : Chennai's Alliance Group, which launched "Real Estate Television", the country's first 24x7 english news channel dedicated to the realty sector in July this year, now plans to invest Rs.1 billion in next two years.
"We had launched the channel with an initial investment of Rs.500 million. Now we plan to invest Rs.1 billion in the next two years. Also, we will foray in the markets of Middle East, US, Canada and Australia by February next year," channel's CEO Prem Kumar Menon told IANS.
Economic policy of Nehru, Indira flawed: Chidambaram
By IANS,
New Delhi : Finance Minister P. Chidambaram has criticised the economic policies pursued by prime ministers Jawaharlal Nehru and Indira Gandhi for being marked by "gradualism" and "modest outcomes" in the first three decades of Congress rule in the country.
Rupee dips further to record low of Rs.46.71 a dollar
By IANS,
New Delhi : The Indian rupee continued to weaken Thursday and fell to a record low of Rs.46.71 to a US dollar on increased dollar buying by foreign institutional investors (FIIs), analysts said.
"FIIS are selling heavily in the share markets and since they get their money in rupees they are buying dollars for forward remittance to their respective countries," said Jagannadham Thunuguntla, head of capital markets of India's fourth largest securities brokerage house, the Delhi-based SMC Group.
Top Russian banks to lend $2.4 bln to bolster stock market
By RIA Novosti,
Moscow : Russia's top banks Sberbank, VTB and Gazprombank will inject 60 billion roubles ($2.36 billion) into the stock market to boost investors' confidence after trading plummeted Wednesday, Finance Minister Alexei Kudrin said Thursday.
Financial regulator Federal Financial Markets Service halted trading on the country's two main stock exchanges, RTS and MICEX, Wednesday after share prices plummeted to their lowest levels in nearly three years amid a worsening global financial crisis.
Gulf region to have single currency
By DPA,
Jeddah (Saudi Arabia) : Gulf Cooperation Council (GCC) finance ministers have approved proposals to set up a monetary union, but the timing of the launch of a single currency was not revealed.
"We have an agreement to set up the monetary union and the monetary council, as well as the basic structure," Qatari Finance Minister Youssef Kamal, who chaired the meeting of GCC countries in the Western Saudi city of Jeddah, told reporters Wednesday.
Markets up after Chidambaram assurance, strong global cues
By IANS,
Mumbai : Despite huge early losses, Indian equities markets Thursday staged a smart recovery to close with gains on strong buying by domestic institutions following assurance of adequate liquidity by the Indian finance minister and positive global cues.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 13,315.60, gaining 52.70 points or 0.40 percent over its previous close of 13,262.90 Wednesday after opening Thursday with a crash of more than 700 points.
Cuba’s celebrated Havana Club rum to enter India
By IANS,
New Delhi : Havana Club, the celebrated Cuban rum, is entering the Indian market. Its white rum is being launched by Havana Club International, a 50:50 joint venture between the French alcoholic beverages giant Pernod Ricard and the Cuban government.
"We find the market in India very good for white rum," a senior official with the Cuban company said, adding that over the next two weeks Havana Club will be showcased in Gurgaon on the outskirts of the Indian capital, Bangalore, Goa and Kolkata.
Tata Motors offered land for Nano project in Karnataka
By IANS,
Bangalore : Karnataka Thursday offered 1,000 acres of land and incentives to Tata Motors to shift their troubled Nano small car project from Singur in West Bengal.
"There will be not be any protest (by farmers) or agitation (like in Singur) against the project," Chief Minister B.S. Yeddyurappa told Tata Motors managing director G. Ravi Kant at a meeting here.
"We have very good relations with the Tatas and they are receptive to our offer," Yeddyurappa told reporters after the meeting.
Need to keep check on international economic developments: BJP
By IANS,
New Delhi : Expressing concern over the Wall Street crisis, the Bharatiya Janata Party (BJP) Thursday said the government must keep a watch on the international economic developments because they could have a huge impact on India as well.
"Nervous sentiments in the capital market may add fuel to the fire and the government must take immediate necessary steps to ensure security against this," BJP spokesperson Prakash Javadekar told media persons here.
Markets recover on Chidambaram assurance, end with gains
By IANS,
Mumbai : Despite huge early losses, Indian equities markets Thursday staged a smart recovery to end the day in the green zone on strong buying by domestic institutions following assurance of adequate liquidity by the Indian finance minister.
"There was strong buying with high volumes in Reliance, State Bank of India, Larsen & Toubro and other banking stocks," said portfolio strategist and US-trained chartered financial analyst Manoj Krishnan of Delhi-based Price Investment Management and Research Services.
Slower economy cools down Indian realty market: experts
By Fakir Balaji, IANS,
Panaji : It's time for a reality check for the Indian realty market, which is coming to terms with the downturn after riding on the economic boom over the last four to five years.
"The economic slowdown, high interest rate, tight liquidity and the sub-prime crisis in the US are having a cascading effect on the Indian realty market," global realty consultant Cushman & Wakefield executive managing director (South Asia and Australia) Sanjay Verma said.
Chidambaram puts growth close to 8 percent
By IANS,
New Delhi : High inflation rate will not deter India from logging an economic growth of around 8 percent in the current fiscal, Finance Minister P. Chidambaram said here Thursday.
"I still maintain my view that growth in fiscal 2008-09 will be close to 8 percent," Chidambaram told reporters after the meeting of the Cabinet Committee of Economic Affairs (CCEA), which Prime Minister Manmohan Singh chaired.
As for shoring up the rupee-dollar exchange rate, Chidambaram said the Reserve Bank of India (RBI) was the regulator and would take appropriate steps if and when needed.
Russian oil companies want consortium in Latin America
By RIA Novosti,
Caracas : Russia's five major oil companies have said they are interested in setting up a consortium to boost operations in Latin American countries.
The oil firms which have come up with the idea are Rosneft, LUKoil, Gazprom Neft, Surgutneftegaz and TNK-BP.
Deputy Prime Minister Igor Sechin, who chairs the board of state-controlled Rosneft, Russia's largest oil company, said: "It would be strange for Russia, which shares first place in global oil production with the Saudis, not to interact, say, with Venezuela, which holds fifth or sixth place."
Emirates airline offers special seasonal fares
By IANS,
Dubai : Delhi is among the list of destinations Emirates airline is offering special seasonal fares from Dubai over the coming few weeks, the carrier said here Thursday.
Apart from Delhi, the list of destinations includes New York, London, Paris and Manila, according to an Emirates statement.
"We are delighted to present these seasonal specials to our customers, enabling them to travel to some of the most popular destinations at reduced fares," said Majid Al Mualla, vice president for commercial sales at the national acrrier of the United Arab Emirates' (UAE).
Jai Balaji plans new steel plant in West Bengal
By IANS,
Kolkata : Steel manufacturer Jai Balaji Industries hopes to start work on a new integrated steel, cement and power plant in Purulia in November if the West Bengal government releases the required land soon, a top company official said here Thursday.
"We hope the WBIDC (West Bengal Industrial Development Corporation) will hand over the requisite land soon so that we can start work on the Purulia project from November," Jai Balaji chairman and managing director Aditya Jajodia told reporters on the sidelines of the company's annual general meeting.
Qatar telecom operator finds place in Guinness Book
By IANS,
Dubai : Qatar's leading telecommunications provider Qtel finds a mention in the latest edition of the Guinness Book of World Records for auctioning off the world's most expensive mobile number.
Though the auction took place two years ago, it finds mention only in the 2009 edition, scheduled for release worldwide Thursday.
The number 666-6666 was auctioned for a record 10 million Qatari riyals ($2.75 million according to then exchange rates).
Lupin acquires South African pharma company
By IANS,
Mumbai : Pharmaceutical major Lupin Ltd has completed the acquisition of a majority stake in South Africa-based Pharma Dynamics.
According to a statement from Lupin, Pharma Dynamics, a market leader in cardiovascular segment, ranks number six amongst generic companies. It is growing at the rate of 34 percent per annum. The South African market is estimated at $2.5 billion.
"We are extremely excited to enter this market. By associating with Pharma Dynamics, we expect to be in the top league of this market soon," Lupin managing director Kamal Sharma said in the statement.
UAE relaxes norms allowing expats to start own business
By IANS,
Dubai : The United Arab Emirates (UAE) has relaxed norms to allow expatriates to start their own business in this Gulf nation.
The UAE's labour ministry has decided foreign workers and professionals can start their own businesses without losing the jobs they hold or changing their visa, the Khaleej Times newspaper reported.
The report quoted labour ministry general manager Humaid Bin Deemas as saying that Minister for Labour Saqer Saeed Ghobash took the decision, which would allow expatriates to start their own business or become partners in a new company.
Ranbaxy hires former NYC mayor Giuliani for advice
By IANS,
New Delhi : Ranbaxy Laboratories Thursday said it had retained the services of former New York City mayor Rudy Giuliani to extend advice on the US regulator's decision to ban some 30 medicines produced at its two Indian plants.
Giuliani and his firm Giuliani Partners will advice and review the compliance issues related to the recent United States Food and Drug Administration (FDA) letters and import advisory, the company said in a statement.
Markets crash, stage smart recovery on Chidambaram assurance
By IANS,
Mumbai : Despite huge early losses, Indian equities bounced back sharply Thursday and recovered almost completely by mid-afternoon following strong buying by domestic institutions and assurances of adequate liquidity by Finance Minister P. Chidambaram.
“There is strong buying in Reliance, State Bank of India, Larsen and Toubro and other banking stocks,” said portfolio strategist and US-trained chartered financial analyst Manoj Krishnan of the New Delhi-based Price Investment Management and Research Services.
AIG’s India operations, banking system sound: Chidambaram
By IANS,
New Delhi : The Indian operations of the US-based financial services giant American Insurance Group (AIG) are sound and so is the case with domestic banks, Finance Minister P. Chidambaram said here Thursday, against the backdrop of the current global financial crisis.
Addressing reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh, the finance minister said while the government was closely watching the global financial markets, the Indian banking system remained strong.
New airline to fly on Birmingham-Amritsar sector
By IANS,
London : A new airline, Bilga Air, will operate between Birmingham and Amritsar from Oct 9, when Air India temporarily suspends its flights on this sector.
The announcement follows Air India's shock decision last week to pull the plug on its Amritsar-Birmingham-Toronto route in order to protect its valuable slots at London's Heathrow Airport.
Air India said it would now fly on the Amritsar-London-Toronto sector.
Named after a village in Punjab, Bilga Air's flights will be operated by Britain-based charter airline Monarch.
New technology to nail cheap textile imitations
By IANS,
Sydney : Cheaper imitations of high-value fabrics have spelt ruin for many established textile brands. Imitations are so good that it is difficult to tell the genuine from the fake.
Not any longer, thanks to a new technology, Verifi TT, developed jointly by AgResearch and DatatraceDNA. It is set to nail copycat manufacturers who pass off imitations as the real thing.
AgResearch manager Peter Ingham spoke of countless incidents where high-end brand garments or fabric were replaced by cheaper imitations, leading to damaged reputations and, in some cases, lawsuits.
ADB urges steps to secure Asian markets from turmoil
By Xinhua,
Manila : The Asian Development Bank (ADB) Thursday suggested setting up of a mechanism with an early warning system to help protect Asian markets from global financial turmoil.
"The most recent bout of global financial market turmoil illustrates the urgent need for central banks and regulators to build a cogent and pro-active plan to better preserve regional financial stability," ADB chief Haruhiko Kuroda said here.
Karnataka offers 1,000 acres for Nano
By IANS,
Bangalore : The Karnataka government Thursday offered 1,000 acres of land to Tatas if they plan to shift the Nano car project from troubled Singur in West Bengal.
Chief Minister B.S. Yeddyurappa told Tata Motors managing director G. Ravi Kant that the goverment would also provide several other facilities for the small car project.
"We have offered the Tatas 1,000 acres and promised other facilities," Yeddyurappa told reporters after his meeting with Kant.
Bidding for mobile number portability agency in a week
By IANS,
New Delhi : The bidding for an agency that will overlook the rollout of the proposed mobile number portability (MNP) will open within a week, telecom secretary Siddhartha Behura said Thursday.
He said the agency would be finalised in three months. "Six months from thereafter, we will roll out the MNP services in the metros initially and later in the rest of the country," Behura said here.
Under the MNP proposal, a subscriber can change mobile service providers without having to change the original mobile phone number.
Britain’s Lloyds TSB Bank confirms takeover of HBOS
By DPA,
London : Britain's Lloyds TSB Bank Thursday confirmed it has agreed to take over mortgage lender Halifax Bank of Scotland (HBOS) in a deal worth 12.2 billion pounds ($21.3 billion).
The deal, which creates biggest largest retail bank, was hammered out during a day of hasty talks after a sharp drop in HBOS' share price on the stock exchange in the turmoil on markets this week.
Lloyds paid 232 pence per HBOS share, which was worth 147.1 pence at market close Wednesday.
Markets crash on opening, recover somewhat
By IANS,
Mumbai : The global financial turmoil following the collapse of Lehman Bros saw Indian equities markets Thursday crashing on opening but recovering somewhat one hour into trading.
There was widespread panic selling as markets opened but short covering by bears helped stocks to recover some of the initial losses.
In mid-morning, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) breached the 13,000 mark and was at 12,760, down 502.86 points or 3.79 percent over its previous close of 13,262.90 Wednesday.
China stocks plunge after Wall Street losses
By Xinhua,
Beijing : Chinese bourse plunged nearly 6 percent in early trading Thursday following heavy overnight losses on Wall Street.
The benchmark Shanghai Composite Index plummeted 5.84 percent to close the morning session at 1,816.44 points, led by bankers and insurers.
The decline in Chinese bourses tracked overnight losses on Wall Street, where the Dow Jones industrial average slid 449.36 points, or 4.06 percent, to 10,609.66.
Rising prices tip another 75 million towards starvation: FAO
By AFP,
Rome : Global numbers afflicted by acute hunger rose from 850 million to 925 million by the start of this year because of rising prices, the head of the UN Food and Agriculture Organisation said Wednesday.
The number of people suffering from malnutrition, before the worst effects of global price rises, "rose just in 2007 by 75 million," Jacques Diouf, director-general of the Rome-based agency, told an Italian parliament committee, according to ANSA news agency.
Himachal hydropower generation dips, supply to Delhi falls
By Vishal Gulati, IANS,
Shimla : Hydroelectric power generation in Himachal Pradesh has dipped by 10 to 20 percent after several water channels froze at high altitudes, affecting electricity supply to northern states like Punjab, Haryana, Uttar Pradesh and Delhi.
"Power generation this month has fallen from 24 million units per day to 22 million units," V.K. Verma, deputy general manager at power generation company Satluj Jal Vidyut Nigam, told IANS.
Wall Street tremors turn Toronto bearish
By IANS,
Toronto : The Toronto Stock Exchange (TSX) turned bearish as the Wall Street jitters caused ripples in North America's third largest bourse.
As major Canadian financial firms disclosed their exposure to the failed Lehman Brothers Wednesday, the S&P/TSX composite index lost 349.30 points, closing the day at 11,877.69 and pushing the bourse into a bear market.
It was the lowest end for the bourse in two years.
The composite index, which crossed the historic 15,000 mark for the first time in the 150-year TSX exactly three months ago, has slipped 21.19 percent since then.
Dubai to host alternative investment meet in November
By IANS,
Dubai : Leaders of the global investment community, especially in the Middle East, will gather in Dubai in November to take part in a conference on alternative investment management.
Over 500 influential business people from the Middle East are expected to participate in the Global Alternative Investment Management (GAIM) Middle East to be held here Nov 16-19, the Emirates News Agency (WAM) reported.
The organisers have also lined up over 60 international and regional speakers.
Jammu and Kashmir divide hits business ties
By Binoo Joshi, IANS,
Jammu : First politics, now business. The row over land for the Amarnath shrine has divided Jammu and Kashmir again with the industry lobby in the Muslim-dominated valley saying it was snapping ties with the Hindu majority Jammu region.
The Kashmir Chamber of Commerce and Industry (KCCI) last week officially declared that the valley-based business community had severed ties with the Jammu region because of the "enforced economic blockade" of Kashmir during the movement for restoration of government land to the Shri Amarnath Shrine Board (SASB).
US stocks plunge as AIG rescue fails to calm Wall Street
By DPA,
New York : US stocks fell sharply Wednesday amid fears that more major bank failures could be around the corner, despite the government rescue of struggling insurance giant American International Group Inc (AIG).
Both the Dow Jones Industrial Average and the broader Standard & Poor's 500 Index tumbled more than four percent, led by financial firms that have already borne the brunt of a year-long credit crisis.
Gujarat NRE Coke plans differential voting rights issue
By IANS,
Kolkata : Metallurgical coke producer Gujarat NRE Coke is planning a differential voting rights (DVR) issue to hike its promoters' stake and protect it from takeover threats, the company said Wednesday.
"We are planning to issue differential voting rights to the tune of Rs.1.2 billion, which will help us to take up our holding rights to 51 percent in the company," vice chairman and managing director Arun Kumar Jagatramka said on the sidelines of the company's annual general meeting.
ICICI Bank says management not offloading company shares
By IANS,
Mumbai/New Delhi : India's largest private sector lender ICICI Bank Wednesday said its top management members have not sold any shares during the current year.
The bank's statement came following market rumours that some top members of ICICI Bank have been selling shares of the bank following the recent crisis in the global financial markets.
"These rumours are baseless and irresponsible, and no shares have been sold by members of the top management during the current year," the bank said.
Tata Motors thinks Singur situation still not congenial: Buddhadeb
By IANS,
Kolkata : Tata Motors does not think the Singur situation is congenial to resuming operations at its Nano plant, the West Bengal government said Wednesday, even as it appealed to the auto major to restart work at the facility.
Addressing reporters at the state secretariat here, Chief Minister Buddhadeb Bhattacharjee betrayed his government's anxiety for resumption of operations, and denied he had violated the agreement inked Sep 7 with the opposition in presence of Governor Gopalkrishna Gandhi.
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.
Ashok Chawla takes over as economic affairs secretary
By IANS,
New Delhi : India's new secretary for economic affairs Ashok Chawla took charge Wednesday, at a time when the country's inflation is hovering around 12 percent and growth in industrial production is sluggish.
As secretary, Department of Economic Affairs (DEA) under the finance ministry, Chawla also has to grapple with a slowdown in the economy, which logged a 7.9 percent growth in April-June this fiscal.
India’s inflation moderating, economy robust: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Wednesday said inflation in India would moderate in the coming months even as the country remained among the fastest growing economies in the world.
"There are signs of moderation in the high inflation that we have witnessed recently," the prime minister said, referring to the dip in the annual inflation rate in recent weeks from 12.63 percent to 12.10 percent.
Markets slip, recover but still end in red
By IANS,
Mumbai : Indian equities markets Wednesday opened flat, fell sharply and then recovered somewhat -- but still ended in the red at close of trading.
Despite good news that the US central bank had agreed to bail out insurance giant American Insurance Group (AIG), the market showed signs of continuing weakness, analysts said.
At the close of trading, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell to 13,262.90, down 255.90 points or 1.89 percent over its previous close of 13,518.80.
Islamic Banking system introduced to FICCI
By TwoCircles.net news desk,
New Delhi: “If Islamic Banking is adopted in India, it will be beneficial to all segments of the society and a boon to the marginalized and minority community," said H. Abdur Raqeeb, national convener of Indian Centre for Islamic Finance (ICIF) at a programme of Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.
IndusInd Bank to expand overseas
By IANS,
Dubai : Leading Indian private bank IndusInd Bank will expand its operations to strategic markets across the world, including the Middle East, with significant expatriate Indian population.
A decision to this effect was taken at the annual general meeting (AGM) of the Hinduja group-owned IndusInd International Holdings Ltd (IIHL) here.
According to an IIHL statement, the bank’s expansion overseas will be carried out through strategic alliances, acquisition of banks or though application for fresh banking licences.
Realty summit to focus on planned urban development
By Fakir Balaji, IANS,
Panaji : About 300 delegates from India and abroad have descended on this picturesque coastal city to draw up a blueprint for planned urban development and healthy growth of realty sector in the country.
Touted to be the first of its kind at a national level, the three-day "Girem Urban Development and Real Estate Leadership Summit" from Thursday will deliberate on policy issues, land acquisition, funding, labour, material cost, affordability and matters concerning the multi-billion-rupee sector.
Satyam bags SAP contract from top Oman conglomerate
By IANS,
Dubai : Leading Indian IT consultant and services provider Satyam has bagged a SAP implementation contract from one of Oman's largest business conglomerates, Khimji Ramdas.
According to the agreement signed between the two sides, Satyam will help Khimji Ramdas in standardizing and automating its business processes across its various divisions.
"The multi-module deployment will help Khimji Ramdas standardize and automate business processes across its numerous divisions," a Satyam statement said.
Exim Bank to reply on Ethiopian sugar contract Thursday
By IANS,
New Delhi : The Export Import Bank of India (Exim Bank) will file a reply in the Bombay High Court Sep 18 after the court stayed it from releasing funds to the Ethiopian government through lines of credit.
In a ruling Sep 9, the Bombay High Court barred the Exim Bank from dispersing $640 million through credit lines in favour of the Ethiopian government for setting up sugar mills in the African nation.
Equities markets slide on signs of continuing weakness
By IANS,
Mumbai : After opening flat, Indian equities markets Wednesday showed signs of continuing weakness and fell despite good news that the US central bank had agreed to bail out insurance giant American Insurance Group (AIG).
By mid-afternoon, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell to 13,292.96, down 225.84 points or 1.67 percent over its previous close of 13,518.80.
The broader based 50-share S&P Nifty of the NSE also fell by 64.40 or 1.58 percent to 4,010.50 against its previous close Tuesday at 4,074.90.
Contemporary Asian artists, rare Buddha set new records at Christie’s sale
By IANS,
New Delhi : Contemporary artists from India are still ruling the auction market across the globe despite the economic meltdown and the US market crash.
The miracle man of Indian contemporary art, Subodh Gupta, jumped the million-dollar mark in the Christie's New York sake of South Asian art September 15-16 that spun $12.6 million in revenue and set six new world records for south Asian artists. The record holders included Subodh Gupta, Riyas Komu, Jyothi Basu, Manjit Bawa and Chitra Ganesh from India, as also Mohammed Zeeshan of Bangladesh Zainul Abedin of Pakistan.
Colombia announces major oil discovery
By IANS,
Bogota : In what could be its most important hydrocarbons find in 10 years, Colombia has announced the discovery of a huge oil reserve in the eastern plain region, EFE news agency reported Wednesday.
British firm Emerald discovered the the petroleum deposit in the eastern plains region which is home to a number of oil rigs and natural gas extraction plants, Energy Minister Hernan Martinez announced Tuesday.
He told Caracol Radio that the field located in Meta province, 200 km east of Bogota, could contain reserves of about 100 million barrels of heavy crude.
Ranbaxy shares dip as US blocks import of its 30 drugs
By IANS,
New Delhi/Mumbai/Washington : Even as Ranbaxy Laboratories Wednesday said it regretted the US regulator banning the import of more than 30 of its generic medicines, the shares of India's largest drugs maker fell in the equities market.
The US Food and Drug Administration (FDA) said Tuesday it was blocking the sale of some of Ranbaxy's drugs including the popular antibiotic Cipro and cholesterol pill Zocor, in view of manufacturing deficiencies at two India units.
Fed bails out troubled AIG with $85 bn loan
By DPA,
Washington : The US central bank has agreed to bail out the insurance giant American International Group (AIG) with a $85-billion loan in an unprecedented move aimed at propping up a company with worldwide tentacles in the finance industry.
Fearing a possible second major Wall Street bankruptcy this week, the Federal Reserve Board engineered an AIG rescue through a two-year loan that gives the government a stake of 79.9 percent in the conglomerate.
Kolkata residents migrate to suburbs as land prices soar
By Aparajita Gupta, IANS,
Kolkata : As land becomes scarce and apartment prices spiral in this eastern Indian metropolis, the middle class has started migrating beyond the city limits in search of affordable housing. And targeting this section are not only local realtors but investors from countries such as the UK and the US as well.
General Motors unveils the electric Volt
By IANS,
New York : General Motors (GM) Tuesday unveiled the Chevrolet Volt, an electric vehicle equipped with what it calls industry-changing technology that will go on sale in 2010, and with which it hopes to turn around its fortunes.
"The Volt is symbolic of what General Motors stands for today. Certainly that means cutting-edge technology, exciting design, fast and efficient product development," said GM chairman Rick Wagoner at the event in Detroit.
"The Volt symbolises General Motors' commitment to the future," Detroit Free Press quoted Wagoner as saying.
Dabur Nepal will not move out: Minister
By Rajeev Ranjan Roy, IANS,
New Delhi : The Nepal government is making all "possible efforts" to iron out differences between the management of Dabur Nepal and its employees over payment of of bonus, the country's Commerce and Supply Minister Rajendra Mahato said here.
"There are some complications, and the government is working out modalities acceptable to the employees and the Dabur Nepal management. It is being done on a priority basis," Mahato told IANS on the sidelines of a business summit here.
Clean, green, rich Chandigarh just got richer!
By Jaideep Sarin, IANS,
Chandigarh : Chandigarh has managed to best its own record of being the richest among all states and union territories in the country, with its per capita income crossing the Rs.100,000 mark.
The advance quick estimates of Chandigarh reveal that its per capita income has increased to Rs.110,676 in 2007-08. The quick estimates have been prepared by the directorate of economics and statistics of the administration here.
Google, T-mobile to unveil iPhone competitor next week
By DPA,
San Francisco : Google will next week launch the first mobile phone running its Android software in a joint initiative with T-mobile, the companies have announced.
The open-source Android system is seen as Google's answer to Apple's successful iPhone and as a key initiative in the internet giant's quest to extend its dominance to the mobile web.
Google has worked closely with US carrier T-mobile and Taiwan electronics maker HTC to develop the new phone, which is to be called Dream.
US blocks import of 30 Ranbaxy made generic drugs
By Arun Kumar, IANS,
Washington : The US has banned import of more than 30 generic drugs, including popular antibiotic Cipro and cholesterol pill Zocor, made by India's Ranbaxy Laboratories Ltd, citing poor quality in two of its factories.
The ban imposed by the US Food and Drug Administration (FDA) Tuesday does not stop US sales by the Indian drug major and only blocks imports of generic drugs and pharmaceutical ingredients made at Ranbaxy's Dewas and Paonta Sahib plants in India.
Fed announces $85-bn loan to AIG
By DPA,
Washington : The US Federal Reserve Board has announced a $85-billion loan to embattled insurance giant American International Group (AIG) in a move to calm financial markets fearing a possible second major Wall Street bankruptcy.
"The board determined that, in current circumstances, a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth, and materially weaker economic performance," the Federal Reserve said in a statement late Tuesday.
UAE’s GDP grew by 5.2 percent in 2007
By IANS,
Abu Dhabi : The gross domestic product (GDP) of the United Arab Emirates (UAE) grew by 5.2 percent in 2007, according to the latest figures released by the UAE's ministry of economy.
The country's economy also expanded to 729.7 billion dirhams ($198.6 bilion) in 2007, the official Emirates News Agency (WAM) reported citing the figures.
GDP in the non-oil sector grew by 16.8 percent, touching 467.9 billion dirhams ($127.4 billion). This accounted for 64.1 percent of the total GDP during 2007.
Railways key to China’s drive for faster, greener economy
By Bill Smith, DPA,
Beijing : China set one of its many records in railway construction with the opening of a literally breathtaking line over the 5,000-metre Tangu-la Pass on the Tibetan Plateau in 2006. Some 2,500 km away from Tibet on the eastern coast, it reached another milestone last month with inaugurating its fastest line for high-speed "bullet" trains.
Engineers said trains were capable of reaching up to 350 km per hour on the 115-km run from Beijing to Tianjin, shortening the journey time from 70 minutes to 30 minutes.
US stocks rebound after wild trading day
By DPA,
New York/Washington : US stocks made strong gains after a wild day of trading Tuesday, pulling back from the worst day on Wall Street since the September 2001 terrorist attacks.
The Dow Jones Industrial Average rose 1.3 percent, largely on investors' hopes that the government would come to the rescue of American International Group Inc (AIG), the largest US insurer. The broader Standard & Poor's 500 Index surged 1.75 percent.
World economy on the precipice of disaster
By Jose Ignacio Ramonet, Prensa Latina,
Havana : For the first time in modern days, three major economic crises on financial, energy and food fronts have merged together, bringing world economy to the precipice of a disaster.
The truth is that we are facing an economic cataclysm of unprecedented magnitude, whose social effects are just beginning to be felt and will explode with unpredictable savagery in the next many years.
Disaster is never certain and numerology is not exactly a science, but the year 2009 could very well turn out like the grim 1929.
US Federal reserve holds interest rates steady
By DPA,
Washington : The US Federal Reserve kept interest rates unchanged Tuesday, citing both growth and inflation risks to the US economy amid an ongoing financial crisis in the country.
In its first unanimous decision this year, the US central bank's federal funds rate was left at two percent, despite some expectation that the week's financial turmoil might lead to a cut in the benchmark rate.
Wall Street stocks Monday posted their worst losses since the September 2001 terrorist attacks but had recovered slightly Tuesday afternoon.
RBI announces new measures to ease transient pressures
By IANS,
Mumbai : The Reserve Bank of India (RBI) announced Tuesday evening that it would alleviate transient pressures on the local market by temporarily relaxing rules on securities used for liquidity operations.
According to a statement released by RBI, "The recent extraordinary global developments triggered by the bankruptcy, sell-out and restructuring of some of the world's largest financial institutions have resulted in severe disruptions of international money markets, sharp declines in stock markets across the globe and extreme investor aversion.
750 business meetings scheduled at Indian Engineering Exhibition in Malaysia
By NNN-Bernama,
Kuala Lumpur : A total of 750 one-to-one business meetings are expected to be arranged during the Indian Engineering Exhibition (INDEE 2008) to be held here from Sept 25 to 27, says its organizer.
The business-to-business matching programme is aimed at providing an opportunity for engineering companies of both countries to forge strategic alliances for growth and joint ventures in Malaysia as well as the Association of South East Asian Nations (Asean) region, says the Engineering Export Promotion Council of India (EEPC).
Northeast India will become heart of trade with Southeast Asia
By IANS,
Guwahati : India's northeastern region should become the hub of the country's growing trade and business with Southeast Asia, said speakers at a business summit attended by delegates from neighbouring countries, including Bangladesh, Malaysia, Myanmar and Singapore.
‘SEZs to attract Rs.2 tn investment by 2009’
By IANS,
New Delhi : India's special economic zones (SEZs) will attract investments worth Rs.2 trillion ($44.4 billion) and provide direct employment to over 800,000 people by 2009, Commerce and Industry Minister Kamal Nath said here Tuesday.
Speaking at an interactive meeting with the developers of SEZs and export-oriented units (EOUs), Kamal Nath said exports from SEZs will cross Rs.1.25 trillion this fiscal, registering a growth of around 100 percent.
Oil marketing firms to upgrade grievance cells by Oct 2
By IANS,
New Delhi : India's oil marketing companies will improve their grievance redressal systems by Oct 2 and commission toll-free numbers for filing complaints, it was decided Tuesday at the review meeting called by Petroleum Secretary R.S. Pandey.
The meeting, a follow-up of the one chaired by Petroleum Minister Murli Deora Aug 19, was attended by IndianOil Corporation chairman Sarthak Behuria, petroleum ministry additional secretary S. Sundareshan, and the marketing directors and senior officers of the ministry.
US inflation drops on decreased fuel costs
By DPA,
Washington : US inflation retreated in August from a 17-year high as consumer prices rose 5.4 percent year-on-year, drawn down by waning energy costs, the Department of Labor reported Tuesday.
The news marked a retreat from the 5.6 percent inflation rate in July.
The cost of living index dropped 0.1 percent from July to August on a seasonally adjusted basis, after an 0.8 percent increase in July.
The decrease reflected lower energy prices, which declined by 4.2 percent from July but were still 35.6 percent higher than August 2007.