Import duty cuts will check inflation: official
By IANS
New Delhi : Import duty cuts on a slew of food products would bring down the soaring inflation significantly, a senior commerce and industry ministry official said Monday.
"The duty cuts would bring down inflation," Ajay Shankar, secretary, Department of Industrial Policy and Promotion (DIPP), said adding that the government is keeping a tight vigil on the prices of steel and cement.
India's annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, indicating sky-rocketing prices of essential commodities.
Bangladesh to import 400,000 tons of rice from India
By Xinhua
Dhaka : The caretaker government of Bangladesh Sunday opened a letter of credit to import 400,000 tons of rice at 430 U.S. dollars per ton from India, a senior official said.
"India will supply 100,000 tons of rice within a month and the rest within two months," Food Secretary Mollah Wahiduzzaman told Xinhua Sunday.
Four state-owned Indian companies will supply the rice under an agreement signed by Bangladesh and India last month.
India to set up strategic grain reserve
By NNN-Xinhua
New Delhi : The Indian government has decided to establish a strategic reserve of 5 million tons of food grains, over and above the buffer stock, to meet emergency situations due to domestic inflation and a tightening wheat and rice prices in the global market, according to the local newspaper The Hindu.
The government will bear the entire procurement and storage cost of this grain. It will also set up an Oversight Committee to monitor the purchases of imported wheat on weekly or fortnightly basis.
‘Oral Me’ toothpaste raising eyebrows in Malaysia
By IANS
Kuala Lumpur : Malaysians are debating whether Oral Me as a toothpaste brand name is sexually suggestive or not and the product is raising laughs as well as eyebrows in the country.
Manufactured by a local company, Kulim, based in Kedah state, the marketing of the toothpaste has got the conservatives protesting, New Straits Times newspaper said Monday.
Melissa Leong, 28, felt the brand name had a sexual connotation.
"Manufacturers should think twice when naming their products," she said.
India to showcase booming aviation industry
By IANS
New Delhi : Over 150 top aviation firms and airlines, including Air India, GVK, GMR, Kingfisher and Jet Airways, are set to take part in a three-day international exhibition on airport infrastructure, security and services beginning here Thursday.
Titled `Aerodrome India-2008', the expo would showcase India's growing aviation industry, besides offering business opportunities for the companies.
The event will help the civil aviation sector bring airlines, vendors and government bodies under one roof, said Pradeep Devaiah, chairman of PDA Trade Fairs, one of the organisers.
Tax waiver benefit not reaching Tamil Nadu cable subscribers
By IANS
Chennai : The benefit of scrapping the entertainment tax on cable television by the Tamil Nadu government has not been passed on to the subscribers.
While the Telecom Regulatory Authority of India (TRAI) fixed the rate for free channels is Rs.77 plus service tax, in Tamil Nadu the cable operators charge anything between Rs.100 and Rs.110 per month.
"There is no change in the subscription rate. I pay the usual rate Rs.100," said a resident of Adyar area.
Another subscriber from T. Nagar said he was charged Rs.110 and in Luz Avenue area the rate is Rs.105 per month.
Sensex surges near 450 points by early afternoon
By IANS
Mumbai : The Indian equities market surged in early afternoon trade Monday, taking the benchmark index of the Bombay Stock Exchange on a surge of nearly 450 points.
Technology, telecom, fast moving consumer goods (FMCG), banking, oil, realty and pharmaceuticals stocks generated buyers' interest.
At 1.00 p.m., the Sensex was up 446.88 points or 2.91 percent at 15,790.00, compared to Friday's close.
At the same time, the S&P CNX Nifty of the National Stock Exchange was up by 133 points or 2.85 percent to 4,779.60.
Gold opens higher in London
By SPA
London : Gold bullion opened Monday at a bid price of US$914.20 a troy ounce, up from US$906.30 late Friday.window.onload = function()...
Shipping firm Sovcomflot’s net profit up 31% to $471 mln in 2007
By RIA Novosti
Moscow : Russia's largest shipping company Sovcomflot said on Monday its net profit calculated to International Financial Reporting Standards (IFRS) grew 30.8%, year on year, in 2007 to $470.8 million.
Sovcomflot, which operates 59 vessels with a total deadweight of 4.58 million metric tons, said its net profit included the financial results of the Novorossiysk shipping company (Novoship).
Russian gas producer Itera reports 24% sales growth in 2007
By RIA Novosti
Moscow : The Russian natural gas producer Itera said on Monday its revenues calculated to Russian Accounting Standards (RAS) grew 23.6%, year on year, in 2007 to 29.69 billion rubles ($1.2 billion).
The independent natural gas producer said growth in revenues in the reporting period contributed to a 47.6% increase in net profit to 2.934 billion rubles ($122 million).
Itera, which has authorized capital of 60 mln rubles ($2.5 mln), said its assets grew 15.4% in the reporting period to 29.985 billion rubles ($1.25 billion).
Japan’s foreign reserves hit record $1 trillion
By DPA
Tokyo : Japan's foreign reserves rose to a new record in March, exceeding $1 trillion, the finance ministry said Monday.
The nation's foreign exchange reserves, the world's second largest next to China, totalled $1.02 trillion at the end of March, up $7.61 billion from a month earlier.
China ranked first with $1.53 trillion, and Russia followed Japan with $465.2 billion.
The rise in the foreign reserves was driven by interest income from deposits and bond holdings such as US Treasuries.
‘World in grip of food crisis’
By IANS
Sharjah : Amid a continued global shortage of food supply because of severe droughts in several countries and with grain being diverted to biofuel production, the world is in the grip of a food crisis, WAM news agency reported Monday citing a UAE daily editorial.
"The pressure is visible on the streets already with protests against food prices increasing and governments around the world responding with often counterproductive controls on prices and exports," the Gulf Today wrote on its editorial Sunday.
Indian equities market trading flat
By IANS
Mumbai : The Indian equities market opened Monday with a marginal positive gap but turned flat in early trading flat, as power and metal indices faced selling pressure.
The 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, opened with a gain of 47.20 points at 15,390.15. Fifteen minutes into trading, the Sensex had slipped to 15,364.60, a gain of just 21.48 points compared to its close Friday.
At the same time the S&P Nifty of the National Stock Exchange was trading at 4,665.50 points with a marginal gain of 18.50 from its previous close.
Indian equities open in the green
By IANS
Mumbai : The Indian equities market opened in the green Monday. The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 47.03 points at 15,390.15.
The S&P Nifty of the National Stock Exchange opened at 4631.35 points with a loss of 15.65 points from its previous close.
Other Asian markets were trading firm.
NIIT, CII join hands to help build Africa’s IT capacity
By IANS
Bangalore : NIIT and the Confederation of Indian Industry (CII) will join hands to "help develop ICT (information and communication technology) capacity in the African continent", the Mumbai-based technology training and software solutions company has announced on the eve of the India-Africa Forum Summit.
NIIT and the CII would share "high quality education resources" from India, the company said. They also plan to involve "other appropriate players" from the Indian industry to specifically help Africa develop human capital for the global IT industry.
Sundram Fasteners to expand international operations
By IANS
Chennai : India's auto component manufacturer Sundram Fasteners Ltd, part of the city-based TVS Group, is expanding its production capacities in China, Germany and Britain, and also looking at aerospace and petrochemical sectors for accelerated growth.
The Rs.15.77 billion ($397 million) revenue company operates plants in five countries - India, China, Britain, Germany and Malaysia - and makes auto components like fasteners, radiator caps, powder metal parts, cold extruded parts, hot forged parts, pumps and assemblies.
Low cost airlines now insure against flight delays, baggage loss
By Varada Bhat, IANS
Mumbai : After earning ancillary revenues from freight and sale of food, drinks and gifts on board, more and more low cost carriers (LCCs) are teaming up with insurance companies to offer travel insurance to passengers against flight delay, trip cancellation and baggage loss.
First to jump on the bandwagon was Delhi-based LCC SpiceJet, which has tied up with TATA AIG general insurance to cover travel related risks of domestic passengers.
Punjab, Haryana to assess crop damage from rain
By IANS
Chandigarh : The Punjab government Sunday announced it would carry out a special assessment of the damage to the wheat crop in various parts of the state following the widespread rainfall over the region last week.
The rain over Punjab and Haryana was accompanied by strong winds and hailstorm in some parts. Though the damage is still not being acknowledged as extensive, farmers in many villages reported that their standing wheat crops were flattened by the unseasonal rain.
Bangladesh to import 400,000 tonnes of rice from India
By Xinhua
Dhaka : The caretaker government of Bangladesh Sunday opened a letter of credit to import 400,000 tonnes of rice at $430 per tonne from India, a senior official said.
"India will supply 100,000 tonnes of rice within a month and the rest within two months," Food Secretary Mollah Wahiduzzaman told Xinhua.
Four state-owned Indian companies will supply the rice under an agreement signed by Bangladesh and India last month.
Three Indian Americans among top drawing 200 CEOs in US
By IANS
New York : Three Indian Americans are among the 200 CEOs of large public companies who received an average of over $11 million compensation in 2007. Besides Indra Nooyi and Vikram Pandit, Rajiv L. Gupta of Rohm and Haas is one of them.
Gupta's package was $7.3 million, cash pay being $2.8 million, according to the CEO pay tabulated Sunday by The New York Times based on proxies filed by companies.
Muzaffarnagar-born, IIT educated, Gupta took over as chairman and CEO of the Pennsylvania-based chemicals multinational in 1999.
UAE supermarket chain commits to freeze prices
By IANS
Dubai : The United Arab Emirates' (UAE) leading supermarket chain Lulu Hypermarket Group signed an agreement Sunday with the country's ministry of economy to implement the first phase of a programme to maintain the 2007 prices of more than 32 basic food commodities throughout 2008.
The agreement was signed by well-known Indian entrepreneur and chairman of the Lulu Hypermarket Group Yousuf Ali and Minister for Economy Sultan Bin Saeed Al Mansouri, according to the state-run WAM news agency.
Neyveli strike withdrawn, but many workers continue stir
By IANS
Neyveli (Tamil Nadu) : Many workers of the state-run Neyveli Lignite Corporation (NLC) here continued their agitation Sunday, a day after their nine-day-old strike was officially withdrawn.
Over 60 percent of the 13,000-odd striking contract labourers associated with the All India Trade Union Congress announced they were now members of a rival outfit - a wing of the Pattali Makkal Katchi (PMK) - which has facilitated the continuation of their struggle, workers' representatives said.
Unitech launches two residential towers
By IANS
New Delhi : Unitech Ltd, one of India's real estate giants, announced the launch of Aqua and Terra - two of the tallest towers of its grand residential project - at a Derby event at the Delhi Race Club here Sunday.
The two towers will be a part of the Unitech Grande, which will come up close to the Noida Expressway and would be spread over 347 acres. The company claims that the two towers would be highest residential buildings in the National Capital Region (NCR).
Rising Gulf demand may curtail oil exports in summer
By IANS
Dubai : Increasing energy demand across the Gulf Cooperation Council (GCC) countries, along with a gas supply crunch, may lead to a fall in oil exports from the region this summer, according to a new report.
The report by global financial services firm Lehmann Brothers puts the possible Gulf export shortfall due to high domestic demand at up to one million barrels per day (bpd).
Chinese, Venezuelan oil majors start joint venture
By Prensa Latina
Caracas : China and Venezuela have agreed to set up a joint venture in oil exploration in the South American country.
According to a statement Saturday by state-run Petroleos de Venezuela (PDVSA), under the new agreement the Chinese National Petroleum Corporation Service and Engineering Ltd would transfer technology and provide personnel in oil exploration in the country.
Libya, UAE sign $500 mn deal
By IANS
Tripoli : Libya and the United Arab Emirates (UAE) have signed an agreement for a $500 million joint venture for development projects in the African country, WAM news agency reported Sunday.
The agreement was signed here Saturday between the Libyan Social and Economic Development Fund (SEDF) and the Abu Dhabi-based Al Mibar International for Investments in the presence of Mansour bin Zayed Al Nahyan, UAE's minister of presidential affairs.
Al Nahyan is on a working visit to Libya.
Texas to host meet on Indo-US trade laws
By IANS
New Delhi : Top legal brains of India and the US, specialising in business and corporate laws, will discuss a host of crucial statutory issues related to trade and business between the two countries at a two-day meet beginning Monday in Texas.
The conference is jointly organised by the Indo-American Chambers of Commerce (IACC), the Centre for American and International Laws and the American Bar Association Section of Business Law at Plano, Texas, with representatives from various associations of business houses in the two countries participating in it.
‘Article 370 hinders industry, investment in Kashmir’
By IANS
Jammu : Jammu and Kashmir has a huge potential for industry and investment, especially the IT sector, but the bar under Article 370 on absolute ownership of land for outsiders is somewhat of a dampener, a leading industry chamber said here Sunday.
The Associated Chambers of Commerce and Industry of India (Assocham) conducted a study "Jammu and Kashmir: Striving for Industrial Revolution", which holds out a vision of high investment of nearly Rs.280 billion in the state.
BHEL to build two power plants
By IANS
Raipur : The Chhattisgarh State Electricity Board (CSEB) has issued an order to the Bharat Heavy Electricals Ltd (BHEL) to install two thermal power plants in the state.
"CSEB chairman Rajib Ranjan issued an order to BHEL for construction of coal-fired 500 MW Korba West power plant in Korba district and another 1,000 MW (500 MW x 2) at Madwa in Janjgir district," CSEB spokesman Vijay Mishra told IANS.
He said the deal with BHEL was clinched after meetings with officials of the company after they agreed to charge the lowest ever construction rate of Rs.19.6 million per MW.
‘Foreign trade policy should make Indian exports competitive’
By IANS
New Delhi : The annual review of India's foreign trade policy (FTP) should seek to make the country's exports more competitive in the backdrop of a strong currency and global slowdown, industry leaders say.
The commerce and industry ministry is expected to release the annual trade policy April 11.
"There is a need for having more dynamic export promotion measures and schemes in the forthcoming Foreign Trade Policy," said the Federation of Indian Chambers of Commerce and Industry (Ficci).
‘Tata name helped clinch Jaguar deal’
By Quaid Najmi, IANS
Mumbai : The Tata group's awesome reputation for excellent human resources management was one of the critical factors that helped it clinch the deal with Ford Motor Co. for acquiring the Jaguar and Land Rover brands, says a business relations expert.
"The manner in which the Tata group handled the Corus Steel deal in late 2006 created a major positive impression among the unions and the employees at large. Finally, it was one of the key factors that led to a successful completion of the Jaguar and Land Rover deal," said Chandrika Shah.
Dhaka to set up tourism authority
By IANS
Dhaka : Bangladesh is set to enact a law to establish a National Tourism Authority to monitor the industry and ensure the safety of domestic and foreign travellers.
All tourist organisations will need to register with the body and take licences for tourism-related business, the New Age newspaper said Sunday.
Tour operators will be responsible for providing security to visitors.
300 million impoverished Indians to get medical insurance
By Kavita Bajeli-Datt, IANS
New Delhi : The Indian government plans to provide medical insurance to the country's 300 million poor people, most of whom work in the unorganised sector and are thus deprived of quality healthcare.
Recommending early implementation of the insurance scheme for the poor, the Planning Commission in its report said this segment of the population "remains deprived of the benefits of health insurance in the country".
Suzuki Motors to launch ‘world car’ from India end-2008
By Abhijit Deb, IANS
Mumbai : Suzuki Motors' next world car will come from its Indian venture at Gurgaon, near Delhi, by the end of 2008, Shinzo Nakanishi, managing director of Maruti Suzuki India, has said.
"The new model will be launched by end-2008," he said. "To begin with, we have plans to export 100,000 units of the new model annually to Europe and the rest of the world," Nakanishi told IANS in an interview.
Sundram Fasteners to build IPR portfolio
By IANS
Chennai : Sundaram Fasteners, the Rs.15.75-billion auto component major, will focus on research and development to drive its future growth with an emphasis on holding a host of patented technologies, a top official has said.
The focus to ramp up the company's intellectual property will be on both product and process innovations, while seeking collaborations with leading universities, said S. Ramasubramanian, who is with the firm's business strategy and systems group.
EU development aid to India drops substantially
By IANS
Brussels : Development aid to India from the European Union dropped to 46 billion euros (over $72 billion) in 2007, about $3 billion dollars less than what it was in 2006, according to EuAsiaNews.
The European Commission (EC) , the EU's executive arm in Brussels, sounded the alarm Friday over a fall in the level of development aid provided by the EU countries.
The global aid provided by the 22 biggest donors in the world, has gone down for the second year in a row. This is putting the UN Millennium Development Goals seriously at risk, according to the EC.
India’s Jindal Steel goes to court over Nepal hydel project
By Sudeshna Sarkar, IANS
Kathmandu : Nepal's hydro-power sector, mired in allegations of corruption, is caught up in a legal tangle as an Indian firm has filed a case in the Supreme Court here against an Indian public sector undertaking that outbid it.
Indian business group Jindal Steel has gone to court over the 402 MW Arun III hydropower project that was recently awarded to the Sutlej Jal Vidyut Nigam, in which India's Himachal Pradesh government has a stake along with the Indian government.
ArcelorMittal offers jobs to all French workers facing sack
By Dipankar De Sarkar, IANS
London : All workers being made redundant at an ArcelorMittal steel plant in northeast France will be offered jobs at nearby steel plants owned by the company, ArcelorMittal said. The assurance comes ahead of a planned meeting between French President Nicolas Sarkozy and ArcelorMittal CEO Lakshmi N. Mittal to discuss the future of the London-based Indian's steel plant in Gandrange.
Microsoft threatens Yahoo! with proxy battle
By IANS
New York : Microsoft Corp. has threatened Yahoo! Inc with a hostile takeover of the company if they do not agree to the offered deal within three weeks.
Microsoft chief executive Steven A. Ballmer, in a letter Saturday to Yahoo! board, said that "by choosing not to enter into substantive negotiations with us, you have failed to give due consideration to a transaction that has tremendous benefits for Yahoo!'s shareholders and employees."
OPEC Sec Gen says oil supply is sufficient
By IRNA
Tehran : OPEC secretary general said oil supply into the market is sufficient and the high price of oil is not due to shortage of crude oil, but because of depreciation of the US dollar, low capacity of refining and some political tensions in the world.
Abdullah al-Badri, who arrived in Tehran on Friday for a 3-day visit and talk with Iranian oil officials told reporters on Saturday evening that his visit to Tehran is part of his his visits to the OPEC member states for exchanging information.
Microsoft issues takeover ultimatum to Yahoo
By DPA
New York : Microsoft plans to take its takeover offer directly to Yahoo Inc shareholders if the internet firm's management continues to refuse to negotiate, Microsoft Corp chief executive Steve Ballmer said Saturday.
In a letter to Yahoo's board and management, the chief of the software giant said that the $44.6-billion offer for Yahoo could be reduced, the Bloomberg financial news agency reported.
Ballmer set a three-week deadline for Yahoo to come to the table and negotiate Microsoft's purchase of the company.
Emaar-MGF to develop West Bengal tourism sector
By IANS
Kolkata : Real estate developer Emaar-MGF Land Ltd Saturday signed an agreement with the West Bengal Tourism Development Corp Ltd (WBTDC) and Sunderbans Infrastructure Development Corp (SIDC) to accelerate the growth of tourism in the state.
Emaar-MGF chief operating officer (hospitality) Sanjiv Rai, WBTDC managing director T.V.N. Rao and SIDC managing director Sridhar K. Ghosh signed the memorandum of understanding (MoU) in the presence of state Tourism Minister Manabendra Mukherjee here.
Aptech launches aviation academy in Kolkata
By IANS
Kolkata : Aptech Ltd, a global learning solutions company, launched a new centre of its aviation training wing, Avalon Aviation Academy, in Kolkata Saturday.
The centre, opened at Salt Lake in eastern Kolkata, offers diploma in cabin and ground crew services, and certificate courses in fares and ticketing, personality development and customer service.
ONGC Videsh to take over Venezuelan oil block
By IANS
Mumbai : An Indian team led by Petroleum and Natural Gas Minister Murli Deora will leave Sunday for Venezuela to complete the acquisition of oil fields worth around $450 million.
Deora, while refusing to confirm or quantify the transaction amount, told IANS Saturday: "We will meet officials from PDVSA (Venezuela's state-run oil company). The deal envisages both exploration and production. The production part will start in three years time."
China world’s third largest motor producer in 2007
By Xinhua
Beijing : China's output of motor vehicles ranked the third in the world after Japan and the US in 2007, according to statistics from the China Association of Automobile Manufacturers (CAAM).
The top 10 producers, which also included Germany, South Korea, France, Brazil, Spain, Canada and India, rolled out 55.3 million motor vehicles, accounting for 76 percent of the world's total production of 73.1 million.
Himachal Pradesh clears industrial projects worth Rs.15.4 bn
By IANS
Shimla : The Himachal Pradesh government Saturday cleared 19 industrial projects worth Rs.15.4 billion ($389 million).
"This also includes a Rs.4 billion Indian Tobacco project to be set up in the state which will provide 700 jobs," said Chief Minister Prem Kumar Dhumal.
"Similarly, India Cements would invest Rs.2.5 billion in the proposed cement plant to be set up at Jawalapur in Sirmaur district, while Shiva Texfabs and Yogindera Worsted would also make huge investments in the state," he said.
Neyveli Lignite workers call off strike
By IANS
Neyveli (Tamil Nadu) : The eight-day-old strike by over 12,000 contract labourers of the state-run Neyveli Lignite Corporation (NLC) ended Saturday after various unions had fruitful talks with the management.
Situated 250 km south of Tamil Nadu's capital Chennai, NLC generates around 2,490 MW of power, which is distributed equally between the four south Indian states and the union territory of Puducherry.
Six projects for benefit of unorganised sector cleared
By IANS
Thiruvananthapuram : The National Commission for Enterprises in the Unorganised Sector (NCEUS) has cleared six pilot projects in six states to enhance income generation of people working in the unorganised sector.
The projects will be implemented in Kerala, West Bengal, Uttarakhand, Rajasthan, Chhattisgarh and Assam, the commission chairperson Arjun Sen Gupta told reporters here Saturday.
The projects propose to develop clusters, integrate the already existing clusters and help in identifying marketing opportunities for products from the unorganised sector.
Industry body warns against free trade agreements
By IANS
New Delhi : India should be cautious in signing free trade agreements (FTA) with other countries as they have negatively impacted the economy, said a study by a leading industry body.
India should first focus at completing the preferential trade agreements (PTA) and then analyse the implications of going into FTA with a particular region, said the Associated Chambers of Commerce and Industry of India (Assocham).
Sonia Gandhi announces huge farm credit
By IANS
Karaikkudi (Tamil Nadu) : Additional credit worth Rs.280,000 crores (Rs.2.8 trillion) would be made available to farmers during the next fiscal, Congress president Sonia Gandhi announced here Saturday.
Addressing a huge rally in this small town of palaces owned by the prosperous Chettiar community of merchants located 400 km south of Chennai, the Congress leader reeled off statistics to differentiate between the previous National Democratic Alliance (NDA) regime and the United Progressive Alliance (UPA) government's farm policies.
Videocon picks UBS as advisor for Motorola handsets deal
By IANS
New Delhi : Indian consumer electronics giant Videocon has named global financial services firm UBS as its investment banker to strike a deal to acquire Motorola's mobile handsets unit, the group's chief has said.
"I have thrown my hat in the ring. And they will say it is a good hat as it is an Indian hat," Venugopal N. Dhoot, the chairperson and managing director of Videocon, told reporters on the sidelines of a conference on trade pacts here.
UAE real estate developer plans solar-powered homes
By IANS
Dubai : United Arab Emirates (UAE)-based real estate giant Nakheel is planning to build entirely solar-powered homes on its iconic Palm Jumeirah development.
"The idea is still under study and we have to make sure it's feasible before we put in on the market. It's very difficult to give a deadline but we have a very ambitious plan," Abdulrahman Kalantar, managing director of Design and Development at Nakheel, told Emirates Business 24-7.
Palm Jumeirah is one of the three palm-tree shaped artificial islands being developed by Nakheel along the Dubai coast.
Make real estate part of college curriculum: DLF head
By IANS
Hyderabad : Real estate, housing and urban development issues should be included in the college curriculum to make the infrastructure industry more professional, K.P. Singh, chairman of the DLF Group, said Saturday.
"There is a mushrooming growth of thousands of fly-by-night builders who made rampant unauthorised constructions all over the country," he said at the seventh graduation day of the Indian School of Business, here.
"This in turn led to haphazard growth and cities are now full of unauthorised shanties, slums and a substandard urban infrastructure," Singh added.
HEC post Rs.34 mn profit
By IANS
Ranchi : The state-run Heavy Engineering Corporation (HEC) has set a record by posting profits for the second consecutive year. It registered net profits of Rs.34.6 million during 2007-2008, the company said Saturday.
"HEC earned net profit of Rs.3.46 crore (34.6 million) during financial year 2007-2008, which is 21 percent higher than the previous year," G.K. Pillai, chairman and managing director of HEC, told reporters here.
Madhya Pradesh gets Rs.6 bn grant
By IANS
Bhopal : Madhya Pradesh has received a central government grant of Rs.6 billion under a package of a committee set up for revival of cooperative credit societies.
"This amount is maximum given to any state in the country and it is so because recommendations of the Vaidyanathan Committee are being implemented most effectively in the state," said Madhya Pradesh Cooperatives Minister Gopal Bhargava in an official statement Friday.
Untimely rains spell doom for farmers
By Ritu Sharma, IANS
New Delhi : Ram Kishan Yadav, a 75-year-old farmer in the outskirts of the capital, looks worried as he scans the heavily overcast sky. His wheat crop, standing golden and ready for harvesting, has already taken a battering in the unseasonal rain and he does not want more showers.
The sudden thunderstorms and untimely rains during the past two days have spoilt around 10 percent of his standing wheat crop.
Videocon’s Dhoot confident of Motorola handset unit takeover
By IANS
New Delhi : Indian electronics major Videocon Group's chief Venugopal N. Dhoot has expressed confidence about acquiring Motorola Inc.'s handset business.
"I have thrown my hat in the ring. And they will say it is a good hat as it is an Indian hat," Dhoot said in his usual euphemism on the sidelines of a conference here Saturday. He refused to divulge any financial details.
Indian company buys London’s oldest stockbroker
By IANS
London : The oldest stockbroker in the city of London has become the latest British institution to be acquired by an Indian company, snapped up in a 55 million pounds ($100 million) deal by a Delhi-based brokerage firm.
Hichens Harrison, which has been trading for 205 years, was taken over Friday by Religare Enterprises, which is controlled by Malvinder and Shivinder Mohan Singh, owners of the drug company Ranbaxy.
India, Turkmenistan to engage in energy sector
By Vishnu Makhijani, IANS
Ashgabat : India and Turkmenistan, a country with vast hydrocarbon resources, Saturday signed a "significant" memorandum of understanding (MoU) to engage in the oil and gas sector, a move aimed at boosting New Delhi's efforts toward ensuring energy security.
"This is a significant step. We are getting a sense that this is an area they would like to engage with us in," a senior official of the Indian external affairs ministry who is accompanying Vice President Mohammad Hamid Ansari on his visit here, told reporters after the signing ceremony.
Development of capital goods needed in oil and gas sector: minister
By IANS
Mumbai : The Indian petrochemicals sector still lags behind in the manufacturing of capital goods required for the exploration and production of refined gas, said Union Petroleum Minister Murli Deora.
Speaking at a seminar here, Saturday, the minister asked the foreign companies specializing in technology in these fields to set up their manufacturing base in India either individually or in collaboration with Indian companies.
Rains in Punjab Haryana raise fears of damage to wheat crop
By IANS
Chandigarh : Most parts of Punjab and Haryana experienced widespread rainfall Saturday raising concerns among the farming community and agriculture experts about the threat to the ripe wheat crop.
Even though there were no reports of major damage to the standing wheat crop from both states due to the light to moderate rainfall in the last 48 hours, farmers are hoping that the rains stop and the situation does not aggravate.
National Dairy Development Board to manage Assam cooperative
By IANS
Ahmedabad : The National Dairy Development Board (NDDB) has agreed to manage the West Assam Milk Producers' Cooperative Union Ltd (WAMUL) for a period of five years on the request of the Assam government.
A tripartite agreement was signed earlier this week at Guwahati between the Assam government, NDDB and WAMUL.
The agreement was signed in the presence of Assam Chief Minister Tarun Gogoi, Minister for Cooperation & Cultural Affairs Gautam Bora, NDDB chairperson Amrita Patel, managing director NDDB Deepak Tikku and other senior officials, said a release.
Verizon to Use New Spectrum for Advanced Wireless Service
By SPA
Washington : Verizon Communications Incorporation said Friday it would use the airwaves it was awarded in a government auction last month for its next generation of high-speed wireless services, expected to begin in 2010.
The company said the $9.36 billion worth of new 700-megahertz spectrum would give Verizon Wireless, the second largest U.S. mobile service, enough resources to build a faster wireless data network.
Indian markets continue southward trend
By IANS
Mumbai : Indian equity markets continued its southward trend this week on concerns over inflation and the losses that corporate India could incur if it is forced to adopt some new rules on showing foreign exchange reserves.
Some arbitrageurs and jobbers also stayed away from the market during the week to protest change in tax treatment of the securities transaction tax (STT) that came into force Tuesday. The protest led to low volumes, which saw share prices swing wildly on the first day of the new financial year 2008-09.
Price rise sends UPA partners into a tizzy
By IANS
New Delhi : Increasing prices of essential commodities are giving the ruling United Progressive Alliance (UPA) partners pre-poll jitters.
Restive with the inability of the Manmohan Singh government to bring down prices, rumblings are growing louder within the UPA. On top of a three-year high inflation at 7 percent, the unseasonal rainfall and its damage to rabi crops throughout the country is adding to the UPA government's and its allies' woes.
India-Singapore ties blossoming at all levels: PM Lee
By IANS
Singapore : Lauding India's economic transformation over the past decade, Singapore Prime Minister Lee Hsien Loong has said his country will seek to further expand its bilateral ties and examine new areas of cooperation.
"Our relationship is blossoming at all levels," Lee told a gala dinner Friday night to mark the first day of the "Incredible India @ 60" hosted jointly by the Indian government and the Confederation of Indian Industry (CII).
Unseasonal rains threaten to damage ripe wheat crops
By Rajeev Ranjan Roy, IANS
New Delhi/Chandigarh : Unseasonal showers in parts of northern India may have brought relief from the heat to people but has farmers readying to harvest their ripe wheat crops very worried.
Experts fear that if the rains continue for another day or two, the farmers will be hit really hard as their standing rabi, or winter crops, would suffer damage, aggravating the food crisis.
Only summer lines at fall fashion fair, buyers disappointed
By Shweta Thakur, IANS
New Delhi : Despite its high glamour quotient, the Lakme Fashion Week (LFW) failed to grab big orders with international buyers disappointed with the showcase of mainly spring-summer lines at an event meant to display autumn-winter wear.
The March-28-April 2 LFW fall-winter fiesta saw about six of the 57 designers including winter wear, like jackets and sweaters, in their lines.
G8 development ministers to boost aid to developing nations
By DPA
Tokyo : Development ministers from the Group of Eight (G8) nations, including India and China, Saturday kicked off a two-day meeting to discuss partnerships with emerging economies to increase aid to impoverished regions.
The ministers were expected to increase cooperation in assisting Africa and other developing nations to fight climate change and to push the 2000 Millennium Development Goals, which aim to cut in half the number of people living in extreme poverty by 2015.
Major Chain Retailers In China Witness Surging Sales Growth In 2007
By Bernama
Beijing : Major chain retailers including both domestic and foreign businesses saw robust sales growth in China last year, according to the China Chain Store and Franchise Association (CCFA).
China's Xinhua news agency reported Saturday that statistics from the CCFA show that combined sales volume of the top 100 chain retailers exceeded 1 trillion yuan (US$142.86 billion) in 2007, up 21 percent year on year, accounting for 11.2 percent of the total sales of consumer goods.
SREI-BNP Paribas Lease Group announce joint venture
By IANS
Paris : A joint venture between SREI Infrastructure Finance Ltd. of India and BNP Paribas Lease Group of France has begun operations in Kolkata this week in the area of infrastructure equipment financing, it was announced here.
SREI, a leading equipment finance company specialising in the infrastructure sector, and BNP Paribas Lease Group (BPLG), a 100 percent BNP Paribas subsidiary focused on equipment financing-related services, have entered into an agreement which brings the asset finance division of SREI into the newly formed joint venture.
Canadian firm, ADB to help clean Ganges in Bihar
By IANS
Patna : A Canadian company and the Asian Development Bank (ADB) will help to clean up drains that empty into the Ganges in the Bihar capital.
"Enviroway, a Canadian company in collaboration with ADB, will clean the drains, the main source of pollution in the river Ganges in Patna," Urban Development Minister Ashwani Choubey told IANS.
"The state government was in constant touch with them after they showed keen interest to launch measures to help clean the river and keep it pollution-free," he said.
Action on climate change must include India, China: IMF
By Arun Kumar, IANS
Washington : Any policy framework for multilateral action on climate change would be costly and politically difficult without including large and fast-growing economies such as India, China, Brazil, and Russia, according to the IMF.
Indian American friend contributed to Clintons’ $109 mn income
By Arun Kumar, IANS
Washingto : Bill and Hillary Clinton earned a combined $109 million between 2000 and 2007, including a $400,000 fee for the former president from a firm owned by their controversial Indian American friend, Vinod Gupta.
The consulting income of $400,000 in 2007 from infoUSA, an Omaha, Nebraska, provider of marketing information headed by Vinod Gupta, is but a tiny fraction of more than $51 million brought in by Bill from paid speaking engagements. They also collected more than $30 million from book deals.
Rats rampage Mizoram fuelling famine fears
By Syed Zarir Hussain, IANS
Aizawl : Thousands of rats are rampaging through rice and vegetable fields in India's northeastern state of Mizoram, fuelling fears of a famine in the region even as international aid agencies have warned of a serious crisis unfolding in the mountainous border state.
"Countless numbers of rats have raided paddy crops and vegetables, leading to serious problems in almost all the eight districts of the state," C. Lalnithanga, a Mizoram government agriculture scientist and plant protection officer, told IANS.
Tourists can tune in with Time Out in luxury cabs
By Madhusree Chatterjee, IANS
New Delhi : Business travellers and other tourists from abroad will soon have a ready reckoner on the entertainment hotspots in Indian metros. Time Out, a leading lifestyle guide, will soon be available in radio taxis and luxury cabs.
Punjab, Haryana wheat arrivals to pick up after Baisakhi
By Jaideep Sarin, IANS
Chandigarh : It has been four days since the government began the annual exercise to procure wheat. But farmers in Haryana and Punjab are yet to bring stocks in large quantities to the major grain markets in the two states.
Even though organisations like the Bharatiya Kisan Union (BKU) term it a bumper year for wheat crop and peg production 50 percent higher at 15 million tonnes, the response of the farmers has not really been encouraging.
Changes in Cuba spark frustration and hope
By Silvia Ayuso, DPA
Havana : With their noses stuck to the shop window, a group of Cubans stared at shiny electronic appliances whose sale had just been liberalised by the government: DVDs, rice cookers, electric scooters and, soon, computers and microwaves.
But most cannot go beyond looking.
"I don't have a computer, I don't have a cellphone ... I cannot buy, my salary won't let me. I have to sell my car or the house to buy the computer," Ernesto, 45, complained as he looked.
Microsoft may withdraw Yahoo offer: report
By DPA
San Francisco : Microsoft Corp is re-evaluating its more than $40-billion bid for Yahoo due to the tough economic climate and the delaying efforts of the Yahoo board, US news wire Marketwatch reported late Friday.
Quoting a source "familiar with the situation," the report said that Microsoft is growing more frustrated with the Yahoo board's refusal to engage in formal negotiations even amid widespread perception that the Internet company's business has been deteriorating.
US stocks rise on commodities, energy demand
By DPA
New York : Soaring demand for commodities and energy stocks lifted US stock indices Friday as the Standard & Poor's 500 index had its largest weekly gain in more than two months.
The S&P and Nasdaq continued their rally, despite bad news on the labour front and the darkening outlook for bank profits. The government said unemployment rose to 5.1 percent in March from 4.8 percent in February.
Hyundai i10 is JK Tyre-Indian Car of the Year 2008
By IANS
Mumbai : The Hyundai's i10 has bagged the 2008 Indian Car of the Year (ICOTY), awarded by JK Tyre.
A panel of 12 automotive journalists judged the car on various criteria like price, fuel efficiency, design, comfort, safety, handling and technical innovation to decide the winner, according to a JK Tyre announcement here Friday evening.
Pune spared load shedding woes
By IANS
Pune : It is good news for residents of Pune as the proposed load shedding, starting April 5, will not be implemented, a power discom official said here Friday.
According to the deputy public relation officer of the Maharashtra State Electric Distribution Company Limited (MSEDCL), Chandrakant Gaurav: "The MSEDCL, Tata Power Company and Tata Power Trading Corporation have entered into a tripartite arrangement for supplying additional power to Pune zone."
Inflation shoots to new high, government draws flak
By IANS
New Delhi ; India's annual rate of inflation shot up to a three-year high Friday, worsening the United Progressive Alliance (UPA) government's headache as its allies mounted pressure to bring down the prices of essential commodities without any delay.
The annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, causing prices of essential commodities to rise.
However, the government said measures taken to curb the price-rise would take some time to take full effect.
Centurion Bank of Punjab to use SuperDerivatives model
By IANS
Mumbai : The Centurion Bank of Punjab (CBP) will be deploying the world's leading derivatives solution provider, SuperDerivatives platforms, to manage foreign or exotic options and calculate exposure, involving asset classes like credit, foreign currency and interest rates.
Centurion Bank of Punjab to use SuperDerivatives model
By IANS
Mumbai : The Centurion Bank of Punjab (CBP) will be deploying the world's leading derivatives solution provider, SuperDerivatives platforms, to manage foreign or exotic options and calculate exposure, involving asset classes like credit, foreign currency and interest rates.
Tata-led Neotel poised for success in South Africa
By Fakir Hassen, IANS
Johannesburg : Tata-led telecom consortium Neotel is poised for huge success in South Africa, with revenue set to double to two billion rands in the coming fiscal, and half the current corporate clients renewing their contracts, the company said here.
Despite stiff competition from the former state-owned monopoly Telkom, Neotel has achieved major successes since being granted a licence to run as South Africa's second national operator.
BSE launches Sensex Futures in the US
By IANS
Chicago : The Bombay Stock Exchange (BSE) Friday launched trading of Sensitive Index-based Futures on the US Futures Exchange (USFE) here amid what was described as a "lot of excitement" among emerging market hedge fund managers and other US investors.
The electronic trading began without any formal ceremony at 9 a.m., signalling the beginning of an era of global integration for the BSE.
A million more join US jobless rolls
By DPA
Washington : An estimated 1.1 million people have joined the US jobless rolls over the past year, resulting in a rise in the unemployment rate to 5.1 percent in March, the US government said Friday.
The figure adds another piece to the overall contracting economic picture in the country.
Earlier this week, US central bank head Ben Bernanke said a US recession was "possible" in the first quarter of 2008.
The unemployment rate in February was 4.8 percent.
Economic growth in the last quarter of 2007 was 0.06 percent.
Bhilai steel plant marks ‘best ever’ performance
By IANS
Raipur : Bhilai Steel Plant (BSP) recorded its "best ever" performance in 2007-08 in the production of hot metal, crude steel and saleable steel, the plant's managing director said Friday.
"BSP notched up the best ever performance in just ended fiscal 2007-08, crossing the five million tonne-mark in the production of hot metal as well as in crude steel for the second time," said R. Ramaraju, managing director.
BSP - the flagship unit of the public sector Steel Authority of India Ltd (SAIL) - crossed the 5 MT hot metal production barrier for the first time in fiscal 2005-06.
South Eastern Coalfields makes record coal production
By IANS
Raipur : The South Eastern Coalfields Ltd (SECL), a subsidiary of Coal India Ltd (CIL), has registered a record in coal production in 2007-08.
Officials said the company ended up producing 93.79 million tonnes (MT) against the 91.5 MT production target set for 2007-08, registering 102.35 percent achievement. In 2006-07, the company produced 88.5 MT.
Of the total production, SECL, which was awarded Mini Ratna status by the government in 2007, produced 77.054 MT of coal from its open cast mines and 16.737 MT from underground mines.
Inflation will take time to soften, says government
By IANS
New Delhi : As inflation surged to a three-year high of seven percent for the week ended March 22, the government Friday said measures taken to curb the price-rise will take some time to take full effect.
From the office of Prime Minister Manmohan Singh to Agriculture Minister Sharad Pawar and Finance Minister P. Chidambaram to Commerce Minister Kamal Nath, there was optimism that inflation will be contained, albeit with a time lag.
India Inc rings caution as inflation hits three-year high
By IANS
New Delhi : Leading Indian industrialists and businessmen have called for caution as the annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, causing prices of essential commodities to rise.
Corporate India has also expressed hope over the government's recent fiscal measures to control the prices of important products such as food items.
Industry worried as India’s inflation scales three-year high
By IANS
New Delhi : India's annual rate of inflation shot up to a three-year high amid worries from industry that the central bank will intervene with monetary controls that could hit manufacturing growth.
The annual rate of inflation, based on the official wholesale price index, shot up to seven percent for the week ended March 22, from 6.68 percent for the week before, due to higher prices of essential items such as vegetables.
The inflation rate was already ruling at a 13-month high during the previous week, as per data released by the commerce and industry ministry here Friday.
‘States need to abolish VAT on edible oils to check prices’
By IANS
Ahmedabad : States need to abolish value-added tax (VAT) on edible oils to control the spiralling prices, according to Solvent Extractors' Association of India (SEAI).
"The centre has done its bit in regard to VAT. Now the states must abolish VAT so that the edible oil price rise could be kept under check," B.V. Mehta, secretary of SEAI, told IANS.
The SEAI, in its pre-budget memorandum to union Finance Minister P. Chidambaram said: "It is observed that there are differences in the percentage rates and rules from state to state under VAT for oilseeds, oilcakes and oils."
India receives record $20 bn foreign capital in 2007-08
By IANS
New Delhi : India has received foreign direct investment (FDI) of $20.1 billion during the first 11 months of 2007-08, the maximum so far in any year, said a Commerce and Industry Ministry statement.
Foreign equity received in February this year were to the tune of $5.67 billion, exceeding the inflows received in any single year since 1991, the exception being 2006-07.
In February, the FDI inflows were 712 percent higher than the same month last year, the statement said.
Union Bank of India to expand operations
By IANS
Chennai : Mumbai-headquartered Union Bank of India (UBI) is on a network expansion spree, a top official of the bank said here Friday.
"The bank will be adding around 600 more outlets to our existing 2,516 branches during 2008-09. The bank will also recruit around 4,000 employees in different cadres," P.Y. Nagar, general manager of UBI, told the media here after launching the reverse mortgage product, Union Reverse Mortgage (URM).
He said UBI has not closed down any of its branches since the day reforms in the banking industry started.
Surge in inflation hits Indian equities hard
By IANS
Mumbai : The Indian equities market ended in the red Friday on reports of surge in inflation to a three-year high. The Sensex ended nearly 500 points down. Banking stocks fell after concerns of possible Reserve Bank of India intervention to rein in inflation. Capital goods and power stocks declined.
With mixed cues from other Asian markets, Indian equities started the day with a positive gap but soon slipped into the red. Then the negative news of an inflation surge further dampened investor sentiment.
BHEL’s Bhopal unit registers Rs.28 bn turnover
By IANS
Bhopal : The Bhopal unit of Bharat Heavy Electricals Ltd (BHEL) has registered a record turnover of Rs.28.08 billion with a profit before tax (PBT) of Rs.5 billion in 2007-08, the company said Friday.
R.K. Singh, executive director of the firm's unit here, described the record turnover as a "historical achievement". He said BHEL's growth here has been above 20 percent in all fields - be it export turnover, order inflow or capital expenditure.
Singapore government picks up stake in Indian tech firm
By IANS
New Delhi : ICSA India, a technology solutions company for power, oil, gas and water sectors, Friday said the Singapore government's investment company had picked up a five percent stake in the company.
The Government of Singapore Investment Corp, along with its subsidiaries has acquired 2.2 million shares aggregating 5.0245 percent for an undisclosed price, the company said in a statement.
India inflation touches three-year high; gov”t hints at tough monetary policy
By KUNA
New Delhi : Inflation in India touched a three-year high of seven percent as prices of vegetables, cereals and various manufactured goods continued to rise.
The annual rate of inflation, based on wholesale price index, increased by 0.32 percent in the week ended March 22 from 6.68 percent in the previous week, according to official data of the Indian Finance Ministry released here Friday.
Inflation rate in the country had touched seven percent over three years ago (7.02 percent for the week ended December 4, 2004).
Sri Lanka to import rice from India
By NNN-LK News
Colombo : Following a request by President Mahinda Rajapaksa, the Indian government has agreed to provide stocks of non-basmati rice required by Sri Lanka despite the country's existing ban on domestic rice exports.
According to Ministry of Trade Marketing and Consumer affairs, the Ministry will take all possible measures to import the required stocks before the Sinhala and Tamil New Year.
Indian equities market ends week in the red
By IANS
Mumbai : The Indian equities market ended in the red Friday, going down by more than 400 points in the last trading day of the week.
The Sensex, the 30-share benchmark index of the Bombay Stock Exchange (BSE), opened at 15,896.09 points and notched a high off 15,896.09 before closing at 15,343.12. It ended 489.43 points or 3.09 percent below Thursday's close.
The National Stock Exchange (NSE) S&P Nifty, which opened at 4,766.70 points, closed at 4,647.00, after touching the day's high of 4,791.70. It went down by 2.61 percent from the previous close.
British company discovers uranium in Chile
By IANS
Santiago : A British company has found huge reserves of uranium deposits in southern Chile's Bio Bio region, Spain's EFE news agency EFE reported Friday.
The Britain-based company U308 Holdings has found uranium deposits in the Cajones area of southern Concepcion city, the news agency quoted the El Mercurio newspaper as saying.
The deposits were discovered in one of the nine blocs where the company is conducting tests, the company officials said.
Guidelines for real estate mutual funds soon
By IANS
New Delhi : The Securities and Exchange Board of India (SEBI) will issue fresh guidelines to monitor real estate mutual funds (REMF) within the next 15 days, T.C. Nair, whole time member of SEBI, announced Friday.
Nair informed a conference on "Real Estate Mutual Funds" organised by the Associated Chambers of Commerce and Industry of India (Assocham) here that his legal department was preparing the guidelines on legal implications of REMF and these would be made public within the fortnight.
Tata group acquires second Spanish company
By IANS
Ahmedabad : The Tata group's acquisition spree in Spain continues. A week after buying strategic stake in Serviplem, a construction equipment firm, the group has bought controlling stake in another Spanish company with interests in similar areas - Comoplesa Lebrero.
Telcon, a subsidiary of Tata Motors, has acquired 60 percent stake in Lebrero, which is also located at Zargoza like Serviplem is, and manufactures road construction equipment.
Nigeria cancels sale of steel plant to Ispat promoters
By IANS
London : Nigeria has cancelled the proposed sale of its biggest steel plant to an Indian company, Global Infrastructure Holdings (GIH), after an inquiry accused the buyer of indulging in "unwholesome" practices, according to a report here Friday.
The cancellation of the sale of the Ajaokuta Steel Co and National Iron Mining Co to the company led by Promod Mittal, the brother of Arecelor-Mittal's Lakshmi N. Mittal, was ordered by Nigerian President Umaru Yar'Adua.
Air Deccan, ICICI Lombard pact for passenger insurance
By IANS
Lucknow : Air Deccan announced here Friday that it has joined hands with ICICI Lombard General Insurance to launch a domestic travel insurance scheme covering accidental medical expense, ticket cancellation and lost baggage.
The insurance scheme, which costs Rs.99 per person, was started April 1. It can be availed through the Air Deccan website (www.airdeccan.net).
Jet Airways enhances domestic connectivity
By IANS
Mumbai : Jet Airways announced Friday that it has enhanced regional connectivity between Ahmedabad, Indore, Bhopal, Raipur and Hyderabad with its new ATR 72-500 aircraft in all-economy configurations.
The airline has introduced an additional frequency on the Ahmedabad-Mumbai sector while it is offering a same-day return option on the Ahmedabad-Indore sector. The Indore-Hyderabad flight will have two stopovers at Bhopal and Raipur.
Gazprom takes 19th place on 2008 Forbes top 2000 companies
By RIA Novosti
Moscow : Russian energy giant Gazprom took 19th place in the 2008 list of the world's top 2000 companies compiled by U.S. magazine Forbes.
In the list posted on its website, Forbes ranked each company according to sales, profits, assets and market value. The world's top three companies are Britain's banking group HSBC, U.S. General Electric and the Bank of America.
Gazprom's sales stood at $81.76 billion, and its net profit reached $23.30 billion. The company's assets were assessed at $201.72 billion.
Slovak pipeline stake could be transferred to Russia
By RIA Novosti
Bratislava : Slovakia, who wants to retrieve 49% of its shares in pipeline operator Transpetrol, could subsequently transfer the stake to Russia, a Russian delegate said.
Slovak Prime Minister Robert Fico announced on Thursday the country planned to buy the stake back from Netherlands-based Yukos Finance B.V., a former overseas asset of bankrupt Russian oil company Yukos.
"Slovakia is buying the stake, which could be transferred to the Russian side on certain conditions. The conditions are being drafted," the Russian delegation source said.
Indian equities market on downslide, banking stocks decline
By IANS
Mumbai : The Indian equity market Friday extended losses in early afternoon trade, hit by the latest data which showed a further rise in inflation.
Banking stocks fell after concerns of possible Reserve Bank of India intervention to rein in inflation. IT, capital goods and auto stocks declined. The market breadth turned weak.
At 1:20 p.m., the Sensex, the 30-share benchmark index of the Bombay Stock Exchange (BSE), was down 442.03 points or 2.79 percent at 15,390.52. The day's low so far was 15,369.46.
India will come down heavily on hoarders: Kamal Nath
By IANS
Singapore : India will come down heavily on traders hoarding essential commodities and earning profits in the backdrop of soaring inflation, Commerce and Industry Minister Kamal Nath said here Friday.
"We will not hesitate to take the strongest possible measures, including using some of the legal provisions that we have against hoarding, against profiteering, whether it's in food, in cement, in steel," Nath told reporters here.
Mittal offers to develop $500 mn township in Bangladesh
By IANS
Dhaka : Britain based steel tycoon L.N. Mittal is exploring a $500 million investment in Chittagong, Bangladesh's principal port city, to develop a coastal township along the Bay of Bengal, which could house residential and industrial blocks besides having its own airstrip and shallow port.
Confirming Mittal's offer, Chittagong Development Authority (CDA) chairman Shah Muhammad Akhteruddin said: "The authority is prepared to extend its support to Mittal's plans."
A senior representative of Mittal Steel, Rakesh Biship, has already visited the potential site in March.
Tamil Nadu firm to disburse Rs.12 billion loans
By IANS
Chennai : The Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (Power Finance) has set target of loan disbursal of Rs.12 billion this fiscal.
The Tamil Nadu government-owned non-banking finance company (NBFC) funds power and infrastructure projects.
India’s inflation rate zooms to three-year high
By IANS
New Delhi : India's annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, from 6.68 percent for the week before, due to higher prices of essential items such as vegetables.
The inflation rate based on wholesale price index was ruling at a 13-month high during the previous week, as per data released by the commerce and industry ministry here Friday.
The statistics further showed that prices of minerals shot up 38 percent in just a week between March 15 and March 22, while vegetables were costlier by as much as 4.9 percent.
India’s inflation rate at three-year high
By IANS
New Delhi : India's annual rate of inflation climbed to a three-year high of seven percent for the week ended March 22, from 6.68 percent for the week before, due to higher prices of essential commodities.
The inflation rate based on wholesale price index was ruling at a 13-month high during the previous week, as per data released by the commerce and industry ministry Friday.
Nepal’s businessmen to make their mark in polls
By Sudeshna Sarkar, IANS
Kathmandu : Banwari Lal Mittal, one of Nepal's most respected businessmen and the owner of a private helicopter company, received an unusual call ahead of the critical constituent assembly elections.
It was from Baburam Bhattarai, one of the top leaders of the Maoist party that finally laid down its guns to fight the battle of the ballot. "We would like you to contest the April 10 elections as a civil society representative from our party," said the former rebel leader, whose party in the past had trained its sights on capitalists.
Indian equities market slips into red after opening
By IANS
Mumbai : The Indian equities market opened in the green Friday but soon slipped into the red, tracking negative cues from Asian markets.
The Sensex, the 30-share benchmark index of the Bombay Stock Exchange, opened with a gain of 56.21 points at 15,896.09. But 15 minutes into trading, the Sensex slipped down to 15,749.88, a loss of 82 points compared to close Thursday.
At the same time the S&P Nifty of the National Stock Exchange was trading at 4,757.80 points, down nearly 13.80 points from its previous close.
Burglars hit British Indians for gold amid economic downturn fears
By Dipankar De Sarkar, IANS
London : The soaring price of gold has caused a sudden spurt in crime in a London suburb with a large population of Indians - a community known to stash away gold jewellery at home.
Crime analysts reportedly spotted the trend in the suburb of Hounslow - home to a large number of Punjabis and Gujaratis - in March when the price of gold hit record levels in the backdrop of the global credit crunch and the deflating dollar.
IMF cuts 2008 growth forecast
By DPA
Washington : The International Monetary Fund (IMF) has cut its world growth forecast amid an economic slowdown in the US and developed world, a spokesman confirmed Thursday.
The IMF said it expected the global economy to grow by 3.7 percent in 2008, down from 4.1 percent forecast in January. The IMF confirmed the new figure a week earlier than expected after Bloomberg News obtained a copy of a background note on the forecast Thursday.
The IMF is to officially release its World Economic Outlook report next week, ahead of the IMF-World Bank spring meetings April 12 and 13.
US stocks resume climb as commodities prices soar
By DPA
New York : Buoyed by soaring commodities prices, Wall Street resumed its week's climb Thursday after a slight retreat the day before.
Monsanto Co, the giant seed producer, advanced the most in a week as corn climbed to record prices, in part because of increasing demand for corn-based ethanol.
Merrill Lynch & Co, the third-largest securities company, reassured the financial sector with remarks by chief executive officer John Thain that the company did not need to raise capital.
Google announces first mass lay-offs
By DPA
San Francisco : Google has announced its first mass lay-offs with plans to shed some 300 workers in its online advertising unit DoubleClick, which it acquired last month for $2.3 billion.
The cuts represent about a quarter of DoubleClick's 1,200 US employees and a second round of cuts is expected to focus on DoubleClick's overseas offices, the San Francisco Chronicle reported Thursday.
Developing world could beat economic crisis: IMF
By DPA
Washington : Developing countries are well placed to weather the current economic crisis despite growth in the US coming to a virtual halt, according to a report by the International Monetary Fund (IMF) Thursday.
The IMF also said industrial nations with more developed mortgage and financial markets have been struck harder by a correction in housing prices than poorer countries, where fewer people have access to credit.
Jet Airways to set up hub in Milan, expand network
By IANS
Mumbai : Jet Airways, India's leading private airline, is currently setting its sights over the European skies. The airline will establish its second European hub at Milan Airport, after Brussels, chairman Naresh Goyal announced here Thursday.
Jet anticipates operating its flights to the US routes via this hub. Goyal said Jet would closely work with European carriers like Air-France-KLM-Alitalia to offer travellers seamless connections between Europe, the US, Canada, Africa and India.
‘International sea trade growth faster than expected’
By IANS
Mumbai : For the first time in the history of global maritime trade, the year 2007 witnessed the total world merchant fleet exceeding one billion dead weight tonnes (DWT), said experts.
In a seminar on "Solving the Manning Crisis in the Maritime Industry", held here Thursday on the occasion of the 45th National Maritime Day, a research paper revealed that the growth in the international sea trade has been extremely fast.
BSE to launch Sensex Futures in the US
By IANS
Mumbai : The Bombay Stock Exchange (BSE) will launch trading of Sensitive Index-based Futures on the US Futures Exchange (USFE) in Chicago from Friday.
Trading of Sensex Futures at USFE will allow eligible US investors to directly participate in India's equity markets for the first time, without requiring American Depository Receipt (ADR) authorization.
BSE managing director and CEO Rajnikant Patel said Thursday: "The launch of a futures contract based on the Sensex will facilitate overseas investors in taking exposure to the Indian equities."
Dubai-based Indian realtor to expand portfolio to 5 bn dirhams
By IANS
Dubai : Dubai-based Indian real estate developer Iris plans to expand its portfolio to 5 billion dirhams ($1.4 billion) this year as it announces the launch of its latest project, the 100-million dirham ($27.2 million) Iris Asmar.
"As the property market is growing at such a fast speed, the main concerns are finding good contractors and good consultants. Selling is not the challenge here. The challenge is finishing the project on time," the Gulf News quoted Ashwin Sheth, director of Iris Properties, as saying.
Bombardier posts $317 mn profit
By IANS
Toronto : Benefiting from huge contracts with India and China, Bombardier, the Canadian giant that manufactures aircraft and trains, has posted a profit of US$317 million, up $49 million from the last year.
Thanks to a strong showing by its aerospace and rail equipment divisions, the company Thursday reported consolidated revenues of $17.5 billion, compared to $14.9 billion the last fiscal.
While the aerospace division showed a 17 percent jump in revenue to $9.7 billion, the figures at the rail equipment division rose by 18 percent to $7.8 billion.
India, Myanmar sign accord to revive trade ties
By IANS
New Delhi : India and Myanmar Thursday signed an agreement to revive the business ties between both the countries by facilitating greater investment flows and expertise.
The agreement was signed here by the Federation of Indian Chambers of Commerce and Industry (Ficci) and Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
India has already announced an investment of Rs.5.4 billion ($135.4 million) to develop a project that would open a new route to the northeastern region and connect the region to Asian and southeast Asian nations through Myanmar.
Dr. Reddy’s acquires Italian firm
By IANS
Hyderabad : Dr. Reddy's Laboratories Ltd, a global pharmaceutical firm, Thursday announced that it has acquired Jet Generici Srl, an Italian company engaged in the sale of generic finished dosages.
The deal has been completed through Dr. Reddy's Italian subsidiary, Reddy Pharma Italia SpA, which was engaged in building a pipeline of registrations since its incorporation, said a company statement here.
India, Myanmar sign pact to avoid double taxation
By IANS
New Delhi : India and Myanmar Thursday announced a double taxation avoidance agreement that will ensure both prevention of fiscal evasion by firms operating in the two countries and that incomes are taxed just once.
Dividends at the five percent maximum and interest and royalties at 10 percent will be taxed both in the country of residence and in the country of source, an official statement said.
But capital gains from the sale of shares would be only taxable in the country of source, the statement added.
Real estate investment trusts emerging in India
By IANS
New Delhi : India's booming realty space is increasingly seeing the emergence of real estate investment trusts (REITs) as one of the most viable options for raising funds, a leading industry body says.
The global REITs market is set to become a $70 billion market by 2010 and emerging in a big way in India and other developing nations, says a study by the Associated Chambers of Commerce and Industry of India (Assocham) and Credit Rating Information Services of India Limited (Crisil).
Stop immigration raids on curry houses, says Keith Vaz
By IANS
London : Keith Vaz, chairman of the British parliament's Home Affairs Select Committee, Thursday called for an immediate halt on immigration raids being carried out on South Asian restaurants, saying they are having a devastating effect on Britain's catering industry and threatening Britain's status as the cuisine capital of Europe.
His call came on the day the government officially launched the UK Border Agency which replaced the previous Borders and Immigration Agency.
Goyal in no hurry to dilute stake in Jet Airways
By IANS
Mumbai : Jet Airways chairman Naresh Goyal said he was in no hurry to dilute promoters' holding to 75 percent as per SEBI guidelines.
Earlier, Goyal planned to sell five percent of his equity in the airlines before the end of March to a private equity player. Goyal holds close to 80 percent in Jet through Tail Winds.
According to SEBI guidelines, his stake needs to be brought down to 75 percent.
Once the dilution of five percent stake takes place, Jet would go ahead with its $400 million rights issue. "We will bring up the rights issue at the right time," Goyal said.
Jet Airways to set up second European hub at Milan
By IANS
Mumbai : Jet Airways, the country's leading private airline, would establish its second European hub at Milan Airport, company chairman Naresh Goyal announced here Thursday.
Jet anticipates operating its flights to the US routes via this hub. Goyal said Jet would closely work with European carriers like Air-France-KLM-Alitalia to offer travellers seamless connections between Europe, the US, Canada, Africa and India.
48 Indian companies in Forbes 2,000 list
By IANS
New York : With India emerging as a hot spot for wealth creation, 48 Indian firms, led by Mukesh Ambani's Reliance Industries, have made it to this year's list of 2,000 biggest global companies, compiled by Forbes magazine.
The state-run Oil and Natural Gas Corp (ONGC) ranks second among Indian firms on the list with 198th position overall, just behind the 193rd rank for Reliance Industries, India's largest private sector conglomerate.
Hindustan Aeronautics sales cross $2 bn mark
By IANS
Bangalore : The Hindustan Aeronautics Ltd (HAL) posted a sales turnover of Rs.83.5 billion ($2.08 billion) for 2007-08, registering a modest growth of 7.3 percent over the previous fiscal figure of Rs.77.84 billion, the defence behemoth said here Thursday.
The Bangalore-based state-run enterprise has doubled its turnover in three years when it crossed the $1 billion mark in 2004-05.
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.
Nirula’s adds affordability to its menu
By IANS
New Delhi : Delhi-based fast-food restaurant chain Nirula's Thursday announced latest additions to its menu with the introduction of economically priced pizzas and burgers.
Sudipta Sen Gupta, senior vice president marketing and sales, said: "Nirula's is known for offering a wide variety of choices to its consumers. Our new products will offer our customers a choice in terms of variety of food as well as prices."
The chain introduced the aloo grill burger (grilled potato burger) and cheese onion tomato pizza priced respectively at Rs.19 and Rs.69, without taxes.
Indian equities market extends gain
By IANS
Mumbai : The Indian equities market ended with a marginal gain Thursday after high volatility.
With strong cues from other Asian markets, Indian equities started the day with a positive gap. But the Sensex, the bellwether index of the Bombay Stock Exchange (BSE) that had surged past the 16,000 mark in early trade, fell below that level later.
The 30-share Sensex opened at 15,805.63 points and notched a high of 16,002.73 before closing at 15,832.55. It ended 82.15 points or 0.52 percent above Wednesday's close.
Reliance to invest $7.5 bn for two microchip units
By IANS
New Delhi : The Mukesh Ambani-led Reliance Industries, a giant in areas ranging from oil exploration to petrochemicals, proposes to invest $7.5 billion over the next 10 years to set up two microchip manufacturing units in India.
The first unit with an investment of $2.9 billion will come up in Jamnagar in Gujarat to make solar-grade and polysilicon ingots and is expected to generate employment for 11,000 people, a communication ministry statement said here Thursday.
India requested to allow rice exports to Sri Lanka
By P. Karunakharan, IANS
Colombo : Hit by soaring prices of rice, the Sri Lanka government has requested New Delhi to exempt the island nation from its recent curbs, including hike in rice export duties.
"President Mahinda Rajapaksa is directly speaking to the governments of India, Pakistan and Burma, with the aim of importing rice from these countries. We hope there would be a positive outcome," Minister of Commerce and Consumer Affairs, Bandula Gunawardena told IANS Thursday.
Indian equities market ends day with marginal gain
By IANS
Mumbai : The Indian equities market ended the day Thursday with a marginal gain after highly volatile trading.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index, the Sensex, opened at 15,805.63 points and notched a high of 16,002.73 before closing at 15,832.55 points. It ended 82.15 points or 0.52 percent higher than the previous day's close.
The National Stock Exchange (NSE) S&P Nifty, which opened at 4,753.90 points, closed at 4,771.60, after touching the day's high of 4,833.25. It went up by 17.40 points or 0.37 percent from Wednesday's close.
IMF to lower US growth prognosis
By DPA
Paris : The International Monetary Fund (IMF) is cutting its growth prognosis for the US and is also taking a conservative view of India's and China's growth for 2008, reports said Thursday.
Dominique Strauss-Kahn, managing director of the Paris-based IMF, told the French Le Figaro newspaper Thursday that January's growth prognosis had to be adjusted downwards, but without mentioning figures.
However, the IMF was set to cut its forecast for economic growth in the US for 2008 to 0.5 percent from 1.5 percent, the German weekly newspaper reported Die Zeit Wednesday.
Tesco in secret talks with Indian partner: report
By IANS
London : Tesco, Britain's largest retailer, is in talks with a secret Indian partner for a joint venture to launch "an assault on the Indian shopping market through the back door", according to a report here Thursday.
The supermarket giant, whose profits exceed two billion pounds, is in exclusive negotiations with the party that has been selected from a shortlist of 30 potential partners, the Daily Mail reported.
The deal will allow it to build food depots and establish a truck and transport network in preparation for an "expected relaxation of regulations", the paper said.
CII inks pact for IT training in Africa
By IANS
New Delhi : The Confederation of Indian Industry (CII) has signed a pact with software education and development major NIIT to develop and foster talent in Africa in the area of information and communications technology.
As part of the agreement signed Thursday, NIIT will provide the IT curricula in line with global trends for training in African universities and colleges while CII will facilitate internship with the Indian industry.
Petroleum minister asks for zero duty on crude oil
By IANS
New Delhi : Petroleum Minister Murli Deora has asked Prime Minister Manmohan Singh to abolish the tariff on crude oil to help state-run firms tide over the crisis on account of lower selling price of transport and cooking fuels.
"Just like the government scrapped import duty on edible oils, the five percent customs duty on crude oil should also be made nil," Deora told reporters here, referring to the decision taken Monday to lower duties on a number of items.
Special regions for information technology investment
By IANS
New Delhi : The government Thursday approved the creation of information technology investment regions (ITIR) equipped with integrated townships, special economic zones, and industrial parks.
The ITIRs approved by the Cabinet Committee on Economic Affairs (CCEA) would aim at accelerating the growth of IT, electronic hardware manufacturing (EHM) units, and IT enabled services (ITES).
Indian Olive Association welcomes duty reduction
By IANS
New Delhi : The Indian Olive Association has welcomed the sharp reduction in import duties on the product, saying it would bring down prices by 15 percent and make the product available to a larger number of consumers.
"We are gratified that the importance of olive oil is being recognised and that our efforts are bearing fruit soon after the launch of our association," association president V.N. Dalmia said in a statement.