Russia’s ban on wheat exports an economic measure – minister
By RIA Novosti
Moscow : Russia has imposed temporary restrictions on wheat exports to Belarus and Kazakhstan due to attempts to re-export its grain produce through these countries, the agriculture minister said on Tuesday.
In late January, the Russian government imposed a 40% export duty on grain exports to stabilize retail bread and flour prices. However, the duty did not apply to the member states of the Customs Union, prompting the Russian government to impose a direct ban on exports to the two ex-Soviet republics.
Sterling sails into shipping with Norwegian acquisition
By IANS
Chennai : Serial entrepreneur C. Sivasankaran, promoter of the $2-billion Sterling Infotech Group, has now set his sails in the shipping industry by acquiring Norwegian shipping company J.B. Ugland Shipping AS (JBUS) for Rs.12 billion ($300 million).
Rural Electrification’s public share offer fully subscribed
By IANS
Mumbai : The state-owned power sector lender Rural Electrification Corp's (REC) initial public offer (IPO) was subscribed 1.62 times over within an hour of the start of its book building process Tuesday.
REC is offering shares in a price band of Rs.90 to Rs.105. The 156.1 million shares on offer will account for 18.2 percent of the lender's post-issue capital. The holding of the government, which fully owns the company, will be reduced to about 81.8 percent.
Tanla Mobile inks pact with European mobile major Mliven
By IANS
Mumbai : Hyderabad-based wireless application solutions major Tanla Mobile has inked an agreement with European mobile services company Mliven for advanced mobile software solutions.
Announcing this to the Bombay Stock Exchange Thursday, Tanla said Mliven was planning to launch mobile gaming portals.
Tanla will be involved in wireless application development, mobile billing and messaging solutions for its partner, the company said.
India-Africa business conclave starts March 19
By IANS
New Delhi : India's economic ties with Africa are set to get a boost at a three-day conclave starting March 19 in which ministers and business people from over 20 African countries will participate.
The India-Africa Project Partnership conclave, organized jointly by the commerce and external affairs ministries, the EXIM bank and the Confederation of Indian Industry (CII), is aimed at accelerating trade and investment with an increased involvement of the private sector from both sides.
Railways aims 12 percent higher returns coming fiscal
By IANS
New Delhi : Indian Railways proposes to raise Rs.819 billion in revenues in fiscal 2008-09 beginning April against the expected revenue of Rs.727.55 billion this financial year, Railway Minister Lalu Prasad said while presenting Railway Budget 2008-09 in the Lok Sabha Tuesday.
This amounts to a revenue growth of 12 percent.
The total targeted earnings will constitute 79 percent of the budget estimates proposed for the railways for 2008-09.
Upset with rail budget, Orissa protestors hold up trains
By IANS
Bhubaneswar : Train services across Orissa were disrupted for three hours Wednesday by workers of the ruling Biju Janata Dal (BJD), its ally the Bharatiya Janata Party (BJP) and Kalinga Sena, who said that the railway budget had neglected the state.
Hundreds of activists, including members of the BJP Yuva Morcha - the youth wing of the party - staged protests across the state and sat on railway lines, preventing the movement of trains, M.D. Sahu, an official of the south eastern railway, told IANS.
Bangalore air traffic to go sky-high soon
By Fakir Balaji, IANS
Bangalore : With the new international airport set to open March 30 in India's silicon city, domestic and foreign airlines are waiting in the wings to launch new services and increase frequencies from this southern hub to new and existing destinations both in India and abroad.
"We are getting a lot of enquiries from leading carriers operating in the domestic and international circuits," said Marcel Hunger Buehler, the chief executive for Bangalore International Airport Ltd.
U.S. House of Representatives Approves New Taxes on Oil Companies
By SPA
Washington : The U.S. House of Representatives on Wednesday approved $18 billion in new taxes on the largest oil companies as Democrats cited record-high oil prices and rising gasoline costs in a time of economic difficulties.
The money collected over 10 years would provide tax breaks for wind, solar, and other alternative energy sources and for energy conservation. The legislation, approved 236 to 182, would cost the five largest oil companies an average of $1.8 billion a year over that period. Those five companies earned $123 billion in profits last year.
Rising rupee remains a concern for exports: Economic Survey
By IANS
New Delhi : The strengthening of the rupee, which appreciated about 14 percent against the US dollar in the last one year, had adversely affected Indian exports, the Economic Survey for 2007-08 confirmed Thursday.
"In the current year (2007-08), however, there was concern about the impact of dollar depreciation and rupee appreciation on exports," said the annual survey tabled by Finance Minister P. Chidamabaram in the Lok Sabha.
More Highlights of Indian budget (Part 8)
By IANS
Loan waiver to benefit 40 million farmers
Farm debt waiver scheme to cost Rs.600 billion
Farm debt scheme to be completed by June 30window.onload =...
More Highlights of Indian budget (Part 13)
By IANS
Rs.80 billion for accelerated power development programmes
PAN requirement extended to all securities transactions
Rs.129.66 billion for National Highway development programme
100,000 broadband-enabled common service centres to be set up in villages
Rashtriya Krishi Vikas Yojana to get Rs.2.8 trillion
Excise cuts may make cars, two-wheelers cheaper
By IANS
Chennai/Mumbai : Cars and two-wheelers could become cheaper with Finance Minister P. Chidambaram Friday giving excise concessions to the Indian automotive industry in his budget for 2008-09.
Chidambaram has cut the excise duty on bus chassis, small cars, two- and three-wheelers from 16 percent to 12 percent.
In the case of hybrid cars, excise duty has been brought down to 14 percent from the current 24 percent, a drastic cut of 10 per cent.
Budget proposes key sops for power sector
By IANS
New Delhi : India's national budget for 2008-09 has proposed key fiscal initiatives that could help to attract more private investment in the power sector, said an industry expert.
Finance Minister P. Chidambram presented the budget for the next financial year starting April 1 in the Lok Sabha Friday.
New luxury train opens door to leisure travel
By IANS
New Delhi : The growing business tourism in India is entering the domain of leisure travel in the luxury category and the Golden Chariot - a train with conference halls and wireless Internet connectivity - is just the beginning.
Introduced in the heritage circuit of Karnataka, the Golden Chariot, modelled on the Palace on Wheels of Rajasthan and the Deccan Odyssey of Maharashtra, will generate nearly 60 percent business annually in the MICE (Meeting, Incentives, Conventions and Exhibitions) tourism sector, according to projections by the travel industry.
India becoming hotspot for global trade fairs
By Nayanima Basu, IANS
New Delhi : India is fast becoming a global hotspot for trade fairs as promoters see in the country a major potential to hold such events after it established itself as a preferred destination for outsourcing and manufacturing.
Global players such as France's Promosalons, Germany-based Messe Düsseldorf and the US' Las Vegas Convention And Visitors Authority (LVCVA) are among a host of promoters who see India as a fast-emerging destination for global-scale fairs.
India’s telecom watchdog wants orderly growth of cable TV
By IANS
New Delhi : A consultation paper inviting comments and suggestions to better regulate the cable television service business in the country and help its orderly growth was circulated by the telecom watchdog Tuesday.
"An appropriate regulatory framework to enable the orderly growth of the sector is need of the hour," said the Telecom Regulatory Authority of India (TRAI) that issued the paper among industry stakeholders.
KPC in negotiations with China, India, Vietnam to build major oil projects
By NNN-KUNA
Kuwait : Chief Executive Officer of Kuwait Petroleum Corporation (KPC) Saad Ali Al-Shuwaib has said that the company is negotiating with a number of institutions in China, India and Vietnam to build oil and petrochemical projects, including oil refineries.
Al Shuwaib, in a statement to reporters during his participation in a symposium on industrial investment in the oil sector here Tuesday, said that the global trend now is combining the building of refineries and petrochemical projects because it is more economic.
Canada clears Strides Arcolab’s injection
By IANS
Mumbai : The Canadian health department has given approval to Mumbai-based Strides Arcolab Ltd for its Tazo Pip sterile injection.
The company has signed an agreement with a Canadian firm for marketing the injection, which has a market of $20 million in Canada, a statement released here Wednesday said.
Group CEO Arun Kumar said Tazo Pip is a generic version of Tazocin that has global sales of over $500 million.
Swraj Paul says socialism helped Indian economic growth
By Dipankar De Sarkar, IANS
London : Industrialist Swraj Paul, an advocate of economic reforms, has said that but for the socialist policies of late premier Indira Gandhi, India would have not have been a "free nation".
"We had to do it. If we had not done it I don't think we would have been a free nation at the time. We would have been far too dependent," Paul, who heads the Caparo Group of industries, said Wednesday.
Paul was delivering an address on Indira Gandhi, his lifelong friend.
Falling dollar, credit losses send Asian stocks down
By SPA
Tokyo : Asian stocks plummeted Thursday on worries about the dollar's weakness, rising credit-related losses and record oil prices, according to dpa. The biggest losses were seen in India and in Hong Kong, where the Hang Seng Index fell 4.79 per cent to 22,301.64 as a flu outbreak that prompted the closure of primary schools and kindergartens added to investor pessimism.
Stocks in Tokyo hit their lowest levels since August 2005 as the dollar fell below 100 yen for the first time in more than 12 years, hitting export-oriented shares.
Air India has blueprint to become ‘world class carrier’: Thulasidas
By Arvind Padmanabhan, IANS
Mumbai : Air India has a major blueprint for expansion and integration to make it a "world class carrier", with plans for at least three maintenance, repair and overhaul units even as it gears up for the "best interline pact" with Star Alliance, says chairman and managing director V. Thulasidas.
"You will see us as a completely integrated airline from April 1 next year - not just with the erstwhile Indian Airlines but also the Star Alliance - the world's largest and, I would say the best, interline pact," said the airline executive.
ICRA to rate Central Bank of India’s loans
By IANS
Mumbai : Credit rating agency ICRA Ltd will now issue ratings to the loans and other exposures made by Central Bank of India.
ICRA (Investment Information and Credit Rating Agency), an associate of Moody's Investor Service, has signed a memorandum of understanding (MoU) with the bank for the line of credit rating services, the bank said.
Under the MoU, the rating agency will study and assign benchmarks for loans and similar exposures under the framework outlined under the Reserve Bank of India's New Capital Adequacy Framework, Basel-II.
January infrastructure output plummets to 4.2 percent
By IANS
New Delhi : The core areas of India's infrastructure sector such as oil, power, cement and coal have witnessed a poor growth rate of 4.2 percent in January, against 8.3 percent in the like month last year.
The growth rate of the core industries during the period April-January 2007-08 also plummeted to 5.5 percent as against 8.9 percent during the same period in the previous fiscal, according to the data released by the Commerce and Industry Ministry Wednesday.
The electricity sector registered a growth rate of 3.3 percent in January, against 8.3 percent.
Asian markets advance on US rate cut, Wall Street rally
By DPA
Tokyo : Asia-Pacific stock markets rallied Wednesday, spurred by a Wall Street surge and a big cut in interest rates by the US Federal Reserve.
Japan's Nikkei 225 Stock Average rose 296.28 points, or 2.47 percent, to close at 12,260.44.
The broader Topix index of all first-section issues was also up 32.67 points, or 2.81 percent, at 1,196.3.
Tanzania sets out to woo Indian big businesses
By IANS
Mumbai : Indian automobile major Mahindra and Mahindra (M&M) will set up a $1 billion tractor plant in Tanzania while Tata Chemicals is firming up plans for a soda ash manufacturing plant in the African country.
This and more was discussed when a high-level business delegation from Tanzania, led by its Vice President Ali Mohamed Shein, aggressively wooed the Indian corporate world here.
The delegation, which includes several key ministers and government officials, made a brief visit to this financial capital, before leaving for New Delhi late last night.
Tatas clinch Jaguar, Land Rover deal
By IANS
Mumbai : Tata Motors clinched the deal Wednesday with Ford to acquire its two most luxurious British brands - Jaguar and Land Rover, for over $2 billion, informed sources said.
The details of the deal, which has been under negotiations for nearly eight months, are likely to be announced later in the afternoon.
A spokesman for Tata Motors here told IANS: "We shall make an announcement at an appropriate time."
India’s expertise in animation gets global eyeballs
By IANS
Mumbai : As the Rs.13 billion ($324 million) animation industry grows rapidly in India, global players like Walt Disney and Cartoon Network are increasingly looking at the country for content - with the same level of specialisation but at lower cost.
Walt Disney, the Hollywood media giant, is poised to invest Rs.13.14 billion ($327 million) in two UTV group firms.
Jaguar, Land Rover deal not without challenges: experts
By Venkatachari Jagannathan, IANS
Chennai : With the acquisition of Jaguar and Land Rover, does the Tata group have the two big cats of the British automobile industry by the tail? Analysts are posing this question given the implications of the future emission norms in Europe. But Tata Motors are confident of addressing the challenge.
According to analysts and automobile engineers, Tatas Motors may get choked with fines on Jaguar and Land Rover - the brands acquired for $2.3 billion from Ford Motors Wednesday - when the proposed emission norms come into force by 2012.
‘Tata may roll out 100,000 Jaguars in near term’
By IANS
London : Jaguar production could nearly double to 100,000 in the near term following its takeover by Tata Motors, a leading auto industry analyst said.
Forecasts compiled by just-auto, a leading publisher of global automotive research reports, map out Jaguar's production future for its four main models - the X-type, XF, XK and XJ - and foresee volume rising to a more sustainable number "closer to the magical 100,000 mark."
Tata bought the luxury British car, along with Land Rover, from Ford Motors for $2.3 billion (Rs.91.7 billion) Wednesday.
Booming gambling industry makes Macau richest place in Asia
By DPA
Hong Kong : Surging gambling revenue and investments in luxury hotels and the entertainment industry has made the former Portuguese enclave of Macau Asia's richest territory, a media report said Saturday.
Macau has overtaken other locations such as Singapore, Brunei and Japan to take the top spot after gross domestic product (GDP) per capita surged 27 percent to $36,357 last year, according to Macau government figures.
US, Australia want India to tango on Doha
By Arun Kumar, IANS
Washington : The US and Australia have said they would work together to try to bring the Doha round to a successful close, but it would take many others countries, including India, doing their part.
"Takes more than two to tango," Australian Prime Minister Kevin Rudd said at a news conference with President George W. Bush here Friday. The Doha round of world trade talks, now in its seventh year, was a major topic of their conversation.
Air Arabia takes off for New Delhi
By IANS
Dubai : The Middle East's first budget airline Air Arabia launched its services to New Delhi Monday, its 11th destination in India.
"The launch of service today demonstrates our commitment to the Indian market," head of Air Arabia's commercial department A.K. Nizar said here.
"This is our 11th destination in India, making us the leading Middle East-based carrier to serve India and the wider South Asia region," he said.
The daily flights will depart Air Arabia's hub, Sharjah, at 9.55 a.m. local time and arrive in New Delhi at 2.30 p.m. IST, an Air Arabia statement said.
Foreign investment in media sector rises
By IANS
Mumbai : In keeping with the Indian entertainment industry's growing presence in the international market, foreign direct investment (FDI) in this sector went up to Rs.80 billion in 2007, according to a PricewaterHouse Coopers (PWC) report for the year 2008.
Though FDI receipts in the entertainment sector amounted to only 1.5 percent of the overall receipts of foreign investment in the country last year, the rise over the previous year indicates the growth of the industry.
55 countries to participate in Abu Dhabi oil meet
By IANS
Abu Dhabi : More than 1,400 exhibitors from 55 countries will participate in the Abu Dhabi International Petroleum Exhibition and Conference 2008 (ADIPEC) Nov 3-6, WAM news agency reported Monday.
The exhibition is one of the world's largest oil and gas events in which major national and international oil companies and manufacturers of related equipment take part.
ADIPEC was launched in 1984 and is supported by the United Arab Emirates (UAE)'s Ministry of Energy. The event is being organised under the patronage of President Sheikh Khalifa bin Zayed Al Nayhan.
India extends disputed export incentive scheme
By IANS
New Delhi : A popular export incentive scheme in India, challenged at the World Trade Organisation (WTO), has been given another extension, as the commerce ministry is yet to finalise an alternative mechanism, officials said. The tax refund incentive, called Duty Entitlement Passbook (DEPB) scheme, was about to expire Monday. It had come under severe criticism from the World Trade Organisation (WTO) that called it an export subsidy given by the government.
IFC approves $250 mn for Idea Cellular
By IANS
Ahmedabad : International Finance Corporation, (IFC), the private sector lending arm of the World Bank, has approved a $250 million loan for Idea Cellular Ltd of the Aditya Birla group.
The loan from the IFC will enable the company to launch operations in two new circles - Mumbai and Bihar - in the coming months.
The company's network now extends across 11 of India's 23 telecommunication services areas including Gujarat. It is a GSM mobile telecommunications provider and had 21 million subscribers as on December 2007.
Chinese textile firms hit hard by rising currency
By Xinhua
Beijing : Rising costs and an appreciation of the yuan have forced nearly half of the Chinese textile firms to close down, according to a study.
Around 49.2 percent of the units surveyed by China Cotton Textile Association in 17 provinces said they wanted to quit and restart other businesses.
About 27.3 percent said the appreciation of yuan have affected their business, while 44.4 percent of those units surveyed restarted selling some export-oriented products on the domestic market.
Indian markets end with marginal gains
By IANS
Mumbai : Indian equities ended the day Wednesday with marginal gains after starting the day on a firm note with a benchmark index finally registering a rise of only 0.79 percent from the previous day's close.
With strong cues from other Asian markets, Indian equities started the day with a positive gap but soon shed most of their early gains.
A key index, which had surged past the psychologically important 16,000-mark in early trade, fell below that level later as index heavyweights such as Reliance Industries and ICICI bank gave up most of its early gains.
BEML records 16 percent growth in turnover
By IANS
Bangalore : Bharat Earth Movers Ltd (BEML) posted turnover of Rs.30.05 billion for fiscal 2007-08, registering year-on-year (YoY) growth of 16 percent over 2007 at Rs.26.01 billion, state-run defence enterprise announced here Wednesday.
According to provisional financial figures released to stock exchanges, the company said profit before tax (PBT) increased by 11 percent YoY to Rs.3.5 billion.
Italy’s Enel power company to invest $14 bn in Russia
By RIA Novosti
Novo-Ogaryovo (Russia) : Italian power company Enel plans to invest around 9 billion euros ($14 billion) in the Russian economy over the next five years, a Russian presidential aide said.
Speaking after a meeting between Russian President Vladimir Putin and Italian business leaders near Moscow, Sergei Yastrzhembsky said Enel CEO Fulvio Conti had proposed his company's assistance in training electrical engineers in Russia.
Yastrzhembsky said Russia and Italy plan to establish a joint investment bank on a parity basis by the end of this year.
ICICI buys back $50 million bonds
By IANS
Mumbai : India's biggest private lender ICICI Bank Thursday said it has bought back and retired bonds with a face value $50 million that were due to mature in 2012, its third such transaction within a month.
The bonds, which had a 6.625 percent coupon, were issued by the bank's Bahrain branch, ICICI said in a statement.
On two occasions last month, the bank said it has bought back and retired $50 million of bonds with a 6.625 percent coupon that were due to mature in 2012 and were also issued by its Bahrain branch.
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.
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.
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.
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).
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).
BP, Conoco Phillips float $30-billion Alaska pipeline plan
By DPA
Washington : Oil giants BP and Conoco Phillips have stirred debate in Alaska Wednesday with their plan to invest an estimated $30 billion in an Alaska pipeline - a direct challenge to a project by TransCanada that state government is apparently on the verge of approving.
The Conoco Phillips-BP project would carry natural gas down the North Slope gas fields, along the Alaska Highway into Canada and on to Chicago.
London’s lord mayor takes business delegation to India
By IANS
London : The lord mayor of London has said India could become the most important partner of the British capital, ahead of leading a 50-strong business delegation to India beginning Friday.
"India stands at the centre of the 21st century commercial world and our two nations are already a strategic partnership of equals. But London needs to work closely with what could become our most important partner," said David Lewis, who represents the interests of the world's leading international financial services centre.
Supreme Court upholds quotas for OBCs
By IANS
New Delhi : The Supreme Court Thursday upheld 27 percent reservations for other backward classes (OBC) students in higher educational institutions like the Indian Institutes of Management (IIMs) and Indian Institutes of Technology (IITs).
The validity of the law was upheld by a five-judge constitutional bench headed by Chief Justice K.G. Balakrishnan, which said that candidates falling in the 'creamy layer' would not be eligible for quotas.
Markets opens in red tracking mixed Asian cues
By IANS
Mumbai : The Indian equities market opened in red Thursday, tracking mixed Asian cues. The benchmark sensitive index of the Bombay Stock Exchange, Sensex, opened with a loss of 35.64 points at 15,754.87 but recovered a little 10 minutes later.
Ten minutes into trade, the Sensex was trading at 15,772.25 with a marginal loss of 18.26 points.
At the same time, S&P Nifty of the National Stock Exchange, which opened at 4,747.55 points with a gain of 0.15 percent, was trading at 4,736.80 points with a loss of nearly 11 points compared to its previous close.
Indian, BlackBerry officials to meet again
By IANS
New Delhi : Indian telecom officials and the makers of BlackBerry will meet again April 15 to discuss security concerns raised here over the services provided by the company, an official said Thursday.
The Department of Telecommunications (DoT) official said after Thursday's meeting lasting several hours that "the talks turned out to be somewhat successful and all the stakeholders have decided to meet again" next week.
Government worried about inflation, says it is imported
By IANS
New Delhi : The current bout of inflation was imported from the global market, and more corrective measures would follow to contain prices of essential goods, union minister Kapil Sibal said here Friday.
"The government is exceptionally concerned about inflation. Measures like import duty cut on edible oils and banning the export of rice and pulses have been taken, and more measures will follow if needed," Sibal told reporters after a cabinet meeting.
Delhi government imposes limits on food grain stocking
By IANS,
New Delhi, April 14 (IANS) The Delhi government will beginning Tuesday intensify raids against hoarders and ensure that traders comply with the limits on stock, said a senior official Monday.
"Nobody is going to be spared if found guilty of violating the storage norms. Criminal proceedings will be initiated against traders for not maintaining the stock limit provisions," Vijay Dev, the Delhi government's food and civil supplies commissioner, told IANS.
New regulations for medical equipment industry on the anvil
By IANS,
New Delhi : The $2.17-billion Indian medical equipment industry will now work in a more structured way than it does at present, thanks to a new mechanism, a top health ministry official said Tuesday.
"Within a couple of months, the government will put some regulations for the medical devices industry that is growing in a haphazard manner," said Debasis Panda, joint secretary, Ministry of Health and Family Welfare.
Chinese car firms diversify in battle for ‘green’ market
By Bill Smith, DPA,
Beijing : Chinese car firms are diversifying into hybrids, electric, hydrogen and gas powered vehicles, as well as improving fuel efficiency and reducing emissions, as they battle for shares of the emerging market for "greener" models.
"All the research that foreign companies are doing on 'eco' cars, we are also doing," Du Fangci, deputy head of the China Association of Automobile Manufacturers, told DPA.
India’s external trade reflects globalisation: RBI chief
By IANS,
New York : India's external trade in goods and services as a percentage of GDP is 48 percent, more than that of the US at 29 percent, indicative of India's trade integration with the global economy, governor of Reserve Bank of India (RBI) Y.V. Reddy said here.
Reddy was speaking on "India: The Global Partner" at Columbia University's World Leaders Forum Tuesday at a session moderated by Jagdish Bhagwati, distinguished economics professor at the university.
OPEC crude price touches record $106
By Xinhua,
Vienna : The daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) touched a new high at $106.65 a barrel, the cartel said Thursday.
Wednesday's peak price was $0.92 higher than the previous day's price of $105.73 a barrel.
The prices have been rising since the beginning of this week, setting three price records in as many trading days.
Indirect tax collection target missed, admits official
By IANS,
New Delhi : With a minor shortfall in excise duty collections, the government has earned a little over Rs.2,780 billion from the indirect taxes last fiscal, a top official said Thursday.
Central Board of Excise and Customs (CBEC) Chairman P.C. Jha admitted the target was missed, but said the shortfall in excise duty collections was only minor. He told reporters that it failed to meet the revised target of Rs.1,279.47 billion for 2007-08.
He was speaking on the sidelights of the 12th World Customs Organisation's Regional Heads' Conference here Thursday.
India Oil wants to market aviation fuel in Sri Lanka
By P. Karunakharan, IANS,
Colombo : Having stabilised operations to retail transport fuels in Sri Lanka, the Lanka Indian Oil Corp, a subsidiary of India's state-run oil company, will ask for Colombo's permission to market aviation fuel.
"We are applying to the government to participate in the aviation fuel marketing and we are ready to develop infrastructure facilities for it," the managing director of Lanka Indian Oil Corp, K. Ramakrishnan, told IANS.
S. Korean Firm to Buy Mexican Copper Mine
By Prensa Latina,
Seoul : Thirty percent of the biggest copper mine in Mexico will be purchased Friday by a consortium led by South Korean state agency Korea Resources (KORES), reported news agency Yonhap here Thursday.
KORES assured the purchase agreement would be signed with Canadian enterprise Baja Mining Corporation in Washington.
The Baja Mining Corporation will invest 246 million dollars for a deposit in El Boleo, South Baja California.
Citigroup posts $5.1 bn Q1 loss after massive writedown
By DPA,
New York : US banking major Citigroup reported Friday it sustained net losses of $5.11 billion in the first quarter of 2008 having to write down loans and bonds worth $12 billion in the subprime mortgage crisis.
The first-quarter red ink compares with a profit of just over $5 billion in the same 2007 period and was somewhat higher than analysts' projections, according to the Bloomberg financial agency.
Greaves Cotton to make four-wheeler diesel engines
By IANS,
Gummudipoondi (Tamil Nadu) : Greaves Cotton Ltd (GCL) announced Friday that it would start making diesel engines for four-wheeler goods carriers to cash in on the growing potential of this segment.
"The three-wheeler goods carrying segment suffers setbacks because of high interest rates, inflation and lack of credit," P. Sachdev, managing director and CEO of GCL, told reporters here Friday.
"To ensure growth, we have to enter other segments like the four-wheeler goods carriers," he said.
Indian presenditial asks Indian, Mexican businessmen to meet trade target
By NNN-PTI,
Mexico City : Inviting the Mexican investors to explore the Indian market, President Pratibha Patil today asked the business communities of the two countries to work towards meeting the trade target of USD five billion by 2010.
"Governments can only play a coordinating role and help create a conducive political and economic environment. But you are the actual players on the field," she said addressing a large gathering of businessmen from India and Mexico here.
Tata Communications launches security services applications
By IANS,
Mumbai : Leading wireless communications provider Tata Communications Wednesday announced the launch of its security services applications for critical business infrastructure.
Tata Communications will provide a full range of monitored and managed security solutions, backed by aggressive, performance based service level agreements (SLAs).
The services will be overseen by a globally distributed support team using state-of-the-art systems, processes and tools.
Markets end with marginal gains in volatile trade (Roundup)
By IANS,
Mumbai : The Indian equities market ended Thursday flat with marginal gains after witnessing a bout of volatility.
With strong cues from Asian markets, the market started the day on a firm note but faltered in the latter part of the day's trading.
The 30-share Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) opened at 16,796.26 points and touched a high of 16,844.02 before closing at 16,721.08 points. It went up by 23.04 points at the day's close or 0.14 percent compared to the previous day's ending.
Bangalore drives India’s biotech sector growth
By IANS,
Bangalore : India's silicon hub Bangalore dominates not only in IT, but also in biotechnology, accounting for about 60 percent of the country's export pie, an official said here Thursday.
Sampling best of luxury home brands under one roof
By Madhusree Chatterjee, IANS,
Greater Noida : Branded luxury is scaling a new high in India. Plush living room interiors, latest bathroom fittings and modular kitchens - people can sample the best possible global products at an ongoing lifestyle expo here without compromising on environmental concerns.
All that thousands of homemakers in India read in glossy coffee table volumes on eco-friendly and utility interiors and spaces are here for sampling, thanks to the mega export mart featuring 130 high-end interior décor and construction brands from India and 18 European nations.
Vijaya Bank net up nine percent from last fiscal
By IANS,
Bangalore : State-run Vijaya Bank posted a net profit of Rs.3.6 billion for fiscal 2007-08 as against Rs.3.3 billion in the previous fiscal (2006-07), registering a nine percent year-on-year (YoY) growth.
In a notification to the stock exchanges Saturday, the listed bank said its total income increased to Rs.44.20 billion for the fiscal under review (FY 2008) from Rs.30.87 billion in fiscal 2007, posting a 43.2 percent YoY growth.
The bank has recommended a final dividend of 20 percent for last fiscal.
Punjab moves to record procurement of wheat
By IANS,
Chandigarh : The Punjab government has released a payment of over Rs.60 billion ($1.5 billion) to farmers in the state as the wheat procurement this season touched the seven million-tonne mark till Sunday evening.
"The government agencies are ensuring payment to farmers within 48 hours of lifting their wheat. Procurement of wheat in 1,615 procurement centres of Punjab touched the 7 million-tonne mark Sunday," a state government spokesman said here Monday.
Indian equities market opens in the green
By IANS,
Mumbai : The Indian equities market opened in the green Tuesday ahead of the announcement of the monetary policy by Reserve Bank of India, the country's central bank.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 29.70 points at 17,050.87.
The S&P Nifty of the National Stock Exchange opened at 5,092.40 points with a marginal gain of 3.00, compared to its previous close.
Other Asian markets were trading mixed.
India’s central bank hikes cash reserve ratio again, keeps key rates same
By IANS,
Mumbai : The Reserve Bank of India hiked the cash reserve ratio (CRR) by 25 basis points to 8.25 percent in its monetary policy announced Tuesday morning, while keeping the repo rates and reverse repo rate unchanged, in an effort to keep inflation down to 4-4.45 percent.
WIEF reaffirms importance Kuwait attaches to OIC — state minister
By KUNA,
Kuwait : The Fourth World Islamic Economic Forum (WIEF) comes to affirm the importance that Kuwait attached to the Organization of the Islamic Conference and its support for all its affiliate institutions and activities, said Deputy Prime Minister and State Minister for Cabinet Affairs Faisal Al-Hajji on Tuesday.
Speaking at the inauguration of the WIEF, Al-Hajji, who is Chairman of the Forum's Higher Organizing Committee, welcomed the participants in Kuwait and hoped that the meetings would serve the best interests of the Muslim countries and people.
American Express Bank told to make good loss
By IANS,
New Delhi : Coming down heavily on the American Express Bank for failing to safeguard traveller's cheques it had issued, a consumer forum asked it to pay $700 in traveller's cheques or cash to a client who lost his unutilized cheques.
“In our view, due diligence and caution was not taken by the bank to safeguard the traveller's cheques. They cannot escape from the liability of encashment of the traveller's cheques as these cheques can be encashed,” observed Justice J.D. Kapoor of the Delhi Consumer Forum in a recent judgement.
Kashmir to have three power projects in four years
By IANS,
Jammu : The National Hydel Power Corporation (NHPC) and Jammu and Kashmir's Power Development Corporation (PDC) have drawn up an ambitious plan to build three projects by 2012 in the power-starved state.
The plan comes after Prime Minister Manmohan Singh during his Kashmir visit last week regretted the delay in power projects in the state.
All three proposed projects will be built on the river Chenab. One of these projects, Pakal Dul will generate 1,000 MW of power.
Gilead’s AIDS drug awaits patent in India
By Murali Krishnan
IANSNew Delhi : American bio-pharmaceutical major Gilead, which has entered into generic licensing deals with 10 Indian pharma firms to distribute its HIV drug Viread, is hoping to get a patent in India soon.
FDI policy to be finalised by June-July
By IANS
Mumbai : India's much-awaited policy on foreign direct investment (FDI) is likely to be announced by June or early July, a senior official said here Tuesday.
Global sports goods major eyes India
By Vishnu Makhijani
IANSHelsinki : The world's largest sports goods maker is eyeing a tie-up with an upcoming ski resort in the western Himalayas in India.
Indian shares close in the red in choppy trade
By IANS
Mumbai : Indian shares ended in the red Friday after an uneven trade, with a key index falling 0.22 percent to end on a flat weekend dragged by blue-chip stocks, after a good week's rally.
Indian shares rise 0.5 percent in choppy trade
By IANS
Mumbai : The rally in Indian shares continued Wednesday in a choppy trade, with a key index gaining 0.50 percent at close after touching a new intra-session high led by cement stocks and private sector lender ICICI Bank.
Vietnam to work closely with India on trade: Dung
By IANS
Kolkata : Vietnamese Prime Minister Nguyen Tan Dung said his country would work closely with India to develop bilateral ties in trade, science and technology transfer.
Court defers decision on RIL gas dispute to July 12
By IANS
Mumbai : The Bombay High Court Thursday said it would give its final order on July 12 on the issue of restraining Reliance Industries Ltd. (RIL) from selling gas produced from one of its prime blocks in the Krishna-Godavari basin to a third party.
Indian carriers buying 138 Boeings; may buy 856 planes in 5 years
By Arun Kumar, IANS
Seattle : Indian air carriers are buying 138 planes from the Boeing Co., including 37 of its latest offering, the Boeing 787 Dreamliner, with an eye to recapture the market share they have been losing to foreign airlines.
TGY launches automotive batteries, eyes global market
By IANS
Kolkata : Tata AutoComp GY Batteries Pvt Ltd (TGY), a 50:50 joint venture between Tata AutoComp Systems Ltd (TACO) and GS Yuasa International (GYIN), Japan, launched a range of eco-friendly two-wheeler and four-wheeler batteries here Monday.
US “very disappointed” over India’s wheat importing norms
By IANS
New Delhi : The US Tuesday said it is "very disappointed" with the Indian government for not relaxing the stringent quality inspection norms set on imported wheat.
Mukesh Ambani’s SEZ up for clearance Thursday
By IANS
New Delhi : The Board of Approvals (BoA) in the commerce ministry will meet Thursday to consider 41 special economic zones (SEZs), including Mukesh Ambani's multi-product SEZ in Navi Mumbai.
Nepal’s budget gift makes Indian firm abandon exit plan
Kathmandu, July 19 (IANS) A tax concession offered by Nepal's new budget and the government's efforts to bolster security for industries have appeased Indian company Aarti Strips Pvt Ltd that has given up its plan to leave the country and relocate in India and elsewhere.
Aarti Strips, a venture in which India's Bhushan group has a stake of nearly Nepali Rs.3 billion, became one of the biggest manufacturers of corrugated steel sheets in Nepal after it began operations in Biratnagar city in eastern Morang district in 2002.
Indian equities crash, pull key index down 4 percent
By IANS
Mumbai : Indian equities crashed Wednesday pulling a key index down by 615 points or nearly four percent - its third biggest fall in history - on the back of weakness in Asian markets, notwithstanding a favourable monetary policy review by the central bank a day earlier.
Blue-chip stocks took a major beating as the Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) fell below the 15,000-mark for the first time since it breached the magic mark earlier last month.
Mumbai : Indian equities crashed Wednesday pulling a key index down by 615 points or nearly four percent - its third biggest fall in history - on the back of weakness in Asian markets, notwithstanding a favourable monetary policy review by the central bank a day earlier.
Blue-chip stocks took a major beating as the Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) fell below the 15,000-mark for the first time since it breached the magic mark earlier last month.
‘Central bank measures will not affect credit flow’
By IANS
New Delhi : Finance Minister P. Chidambaram Wednesday said the hike in the cash reserve ratio (CRR) announced by the central bank a day earlier will not affect the flow of credit from commercial banks.
"The Reserve Bank of India is concerned with excess liquidity," Chidambaram told reporters here after a meeting with the chief executives of commercial banks, a day after the central bank reviewed the monetary and credit policy for 2007-08.
New Delhi : Finance Minister P. Chidambaram Wednesday said the hike in the cash reserve ratio (CRR) announced by the central bank a day earlier will not affect the flow of credit from commercial banks.
"The Reserve Bank of India is concerned with excess liquidity," Chidambaram told reporters here after a meeting with the chief executives of commercial banks, a day after the central bank reviewed the monetary and credit policy for 2007-08.
India is world’s fifth largest steel producer
By IANS
New Delhi : With a production of 49.5 million tonnes in 2006, India is the world's fifth largest crude steel producer to move up two notches in global ranking, according to an Indian government estimate.
India produced 49.45 million tonnes of crude steel in 2006 as against 44 million tonnes, according to an expert committee set up by the steel ministry. The revised figure for crude steel production in 2006-07 is pegged at 50.71 million tonnes and that of finished steel at 51.90 million tonnes.
Earlier India has ranked seventh among global steel producers.
Microsoft India development centre celebrates ninth anniversary
By IANS
Hyderabad : The Microsoft India Development Centre (MSIDC) here celebrated its ninth anniversary Saturday.
As part of the celebrations, MSIDC employees showcased their talent at a cultural programme held at the Hyderabad International Convention Centre (HICC) in Hitec City.
MSIDC, which is Microsoft's second largest product development centre outside its headquarters in Redmond, commenced operations in Hyderabad in 1998 with about 20 people under the leadership of Srini Koppolu.
US, Vietnam, Canada are India Inc’s favourite hunting grounds
By IANS
New Delhi : Corporate India, in its insatiable urge to swallow global companies, has made the US, Vietnam, Canada, Germany and Britain its favourite destinations for mergers and acquisitions.
With the US emerging as the most sought after destination, Indian companies have made acquisitions worth $5.1 billion during April-July 2007, said a study by the Associated Chambers of Commerce and Industry (Assocham).
Mercs and Ludhiana – it’s all in the DNA!
By Jaideep Sarin, IANS
Ludhiana : Many Germans may not have heard of Punjab's biggest industrial city Ludhiana, but ask the marketing guys of automobile giant Daimler-Chrysler and they will say a big 'yes'.
For the ever-increasing elite population of Ludhiana too, the name Stuttgart - the birthplace of modern day Mercedes cars - may not ring a bell, but talk of Mercedes-Benz and their eyes will light up.
Massive Dharavi makeover project on anvil
By IANS
Mumbai : In one of the biggest re-development programmes planned for India's financial capital, residents of Dharavi, Asia's biggest slum, will be provided better homes and civic amenities like schools and health facilities in a public-private partnership.
The Rs.92.50 billion (Rs.9,250 crore) redevelopment project would rehabilitate nearly 57,000 families squeezed into 535 acres in Dharavi. The project is slated to be completed within seven years of its initiation.
Helped by Asian markets, Indian shares rise sharply
By IANS
Mumbai : After lying low for some weeks, the bulls were back in full strength on Indian bourses during the week ended Friday, helping a key index end with gains on all the five sessions despite lingering political uncertainty.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened on a strong note Monday, ended with a flourish at 15,318.60 points, to register a gain of an impressive 893.73 points, or 6.20 percent, during the week.
Germany, India seek co-operation on climate change
By DPA
Berlin : German Economic Minister Michael Glos and Indian Finance Minister P. Chidambaram meeting in Berlin Wednesday have proposed greater co-operation between their two nations on reducing C02 emissions.
In particular both ministers saw the chance for German companies playing a key role in India's infrastructure development, including in the energy sector, and as a result underpinning efforts to address climate change.
Orissa to buy 2.2 million tonnes of rice
Bhubaneswar, Sep 21 (IANS) The Orissa government has tentatively decided to procure 2.2 million tonnes of rice during the 2007-08 kharif season.
Agriculture Minister Surendra Nath Nayak told IANS that according to preliminary estimates, over 6.6 million tonnes of paddy would be produced in Orissa during that period.
In the last kharif season, the agriculture department had sent a proposal for procurement of two million tonnes of rice, which was revised to 2.2 million tonnes by the cabinet.
Himachal Pradesh completes Larji hydel power project
By IANS
Shimla : A 126 MW Larji hydel power project in Himachal Pradesh came into operation Sunday, after chief minister Virbhadra Singh formally inaugurated the three turbines of the dam built on the Beas river, about 250 km from here, in the Kullu Valley.
The project was to be completed in March 2003 but has taken four more years to complete, with an estimated Rs. 10.27 billion in completion cost, which is almost double the earlier estimates, say officials.
The trial runs of this project have been going on since early this year.
Northern Ireland-India trade ties on the upswing
By Prasun Sonwalkar
London, Sep 26 (IANS) Northern Ireland has been better known in India for trouble and turbulence, but is fast emerging as one of the most prominent trading regions of Britain with Indian companies investing there and Northern Ireland companies winning major contracts in India.
Trade relations between Northern Ireland and India have become two-way traffic. Sounds of blasts and gunfire have given way to the tenor of currency as Indian firms such as HCL Technologies and Firstsource set up offices and BPO centres.
Coal India’s better deal for displaced
By IANS
Kolkata, Sep 30 (IANS) State-run Coal India Ltd (CIL) wants to increase its mining area with an innovative rehabilitation policy for those displaced by its operations, chairman P. Bhattacharya has said.
The company will stress the need for prior informed consultation with tribal communities for development of mineral resources, he told reporters here after a seminar Saturday.
"We want training and skill upgrade programmes to form the cornerstone of rehabilitation policies," said Bhattacharya.
Airtel to help bridge Gujarat’s digital divide
By IANS
Ahmedabad : The Gujarat government and the Bharti Airtel Ltd signed a memorandum of understanding (MoU) here today to connect 13,716 villages across the state.
The MoU was signed between Bharti and the Gujarat government's panchayat, rural housing and rural development department, in the presence of state chief minister Narendra Modi and Bharti Airtel president and CEO Manoj Kohli.
Infotech Enterprises registers 9 percent growth
By IANS
Hyderabad : Infotech Enterprises, a software services company with core competencies in geo-spatial data and technology services, and engineering design and IT services, has registered nine percent growth in its revenues during the second quarter that ended Sep 30.
Terming the growth as robust, the company said revenues grew sequentially 9.1 percent in dollar terms and 8.2 percent in rupee terms. Business momentum and environment continues to be strong for Infotech's offerings, said a company statement.
India to make Mumbai international financial centre
By IANS
New York : India intends to make Mumbai an International Financial Centre with plans to turn financial services into the next growth engine for the country, according to Finance Minister P. Chidambaram.
As the economy becomes more open and trade intensity increases, giant financial flows will go through India, already a trillion dollar economy with outflows and inflows together accounting for nearly 106 per cent of the GDP, he said Thursday.
Volatility continues to rock Indian share markets
By IANS
Mumbai : Volatility continued to rock Indian stock markets Friday, resulting in a key index to fluctuate wildly in a range of over 500 points, as investors continued to panic over moves to ban the use of participatory notes.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 18,031.77 points and fell to a low of 17,513.22 points, after oscillating in a range of 520 points.
Air India Express expands Gulf operations
By NNN-PTI
Dubai : Air India Express, the budget airline operated by national carrier Air India, is expanding its operations in Gulf by connecting more Indian destinations with the Middle East.
Close on the heels of introducing a direct flight from Dubai to Nagpur on September 24, Air India Express is adding two more Indian destinations to its schedule, Jaipur and Lucknow, said Freddie Vaz, regional Director of Air India.
The airline may soon add Goa by the year-end or next year, he added.
No intention to control capital flows: Chidambaram
By IANS
New York : Developments in the recent weeks have required India to moderate the flow of funds into the country but the government has no intention of controlling capital flows, Finance Minister P. Chidambaram has said.
"Let me assure you we have no intention of imposing controls on capital inflows. Nor do we intend to keep out certain kinds of funds," Chidambaram told the ICICI Securities Annual Investor Conference here Thursday night.
Airtel starts mobile service in remote Himalayan valley
By IANS
Shimla : The Bharti Airtel Ltd launched its mobile services Wednesday in the remote Lahaul and Spiti district in the Himalayan state of Himachal Pradesh, company officials said.
The Lahaul Valley bordering Tibet remains cut off from the rest of the country for over half a year due to heavy snowfall in the high mountain ranges and passes.
"Airtel services will now be available in and around Udaipur, besides Keylong, the only town in the district," said R.V.S. Bhullar, CEO, Bharti Airtel Ltd, Himachal Pradesh Circle.
Nepal hikes fuel prices despite fear of mob fury
By Sudeshna Sarkar, IANS
Kathmandu : Caught between an irked creditor demanding payment and the fear of mob fury, Nepal's government finally decided to take the plunge, announcing a much-needed hike in fuel prices from midnight Wednesday.
After ignoring the staggering losses suffered by the state-owned Nepal Oil Corporation (NOC) due to bleeding subsidies for over a year, the Girija Prasad Koirala government finally increased fuel prices after failing to honour its pledge to hold a critical election in November.
Global Investors Summit at Indore from today
By Pervez Bari, TwoCircles.net
Bhopal: Stage is all set for the two-day Global Investors Summit starting about 190 kms from here at Indore, the financial capital of Madhya Pradesh, tomorrow wherein about 400 investors are likely to participate.
Indian benchmark index hits new high
By IANS
Mumbai : The market regulator's decision on participatory notes has gone down well with overseas investors, who led the benchmark sensitive index (Sensex) of the Bombay Stock Exchange to a new high of 19,234 Friday morning.
At around noon, the Sensex was up by 446.22 points or 2.38 percent, plotting at 19,217.
The broader S&P CNX Nifty of the National Stock Exchange was up by 126.70 points or 2.28 percent at 5,700.
All key BSE indices were trading in the green. The market breadth was positive and trade volumes were also impressive.
With Asian vision, Merkel comes to India Monday
By IANS
New Delhi : German Chancellor Angela Merkel comes to India Monday on a four-day visit that will firm up the growing strategic partnership and enhance trade and investment between one of Asia's fastest growing economies and Europe's industrial giant.
India and Germany will sign a slew of agreements in areas ranging from trade and technology to energy and defence during Merkel's visit - her first to India after she became German chancellor over two years ago.
Top banker predicts multiple cities as Asia’s financial hub
By DPA
Singapore : A top London-based banker predicts that no one city will emerge as Asia's undisputed financial hub in the next decade, a news report said Tuesday.
Excluding Japan, cities such as Mumbai, Shanghai, Hong Kong and Singapore will all come close, but no single financial centre will dominate, said Sir Brian Pitman, senior adviser to investment bank Morgan Stanley.
DLF debuts on Indian benchmark index
By IANS
Mumbai : Real estate developer DLF Ltd's stock debuted Monday on the benchmark sensitive index (Sensex) of the Bombay Stock Exchange by replacing pharmaceutical major Dr. Reddy's Laboratories Ltd's stock.
The stock opened at Rs.960 in early morning trades and closed at Rs.947.85. It however posted gains of 11.30 points or 1.21 percent over Friday's close.
The stock has posted a return of 76.65 percent since its listing on Oct 5 in the secondary market.
Russia, Italy sign deal on gas pipeline
By RIA Novosti
Moscow : Russian energy giant Gazprom and Italy's Eni SPA signed a deal to build a gas pipeline that will run under the Black Sea from Russia to the European Union.
The document to set up the South Stream joint venture was signed Thursday in Kremlin by Gazprom's chief executive, Alexei Miller, and Eni President Paolo Scaroni in the presence of Russian President Vladimir Putin and Italian Prime Minister Romano Prodi.
The project is expected to strengthen Russia's position as Europe's energy supplier.
From London to Paris, they woo Indian investors
By Ranvir Nayar, IANS
Paris : With India Inc. emerging as a serious investor around the globe, various governments and cities, from London to Paris, are now courting Indian companies, seeking their investments.
India-Pakistan trade set to decline: Industry body
New Delhi, Nov 29 (IANS) India's bilateral trade will decline some 20 percent with Pakistan, which is grappling with a major political turmoil, the Associated Chambers of Commerce and Industry (Assocham) said Thursday.
Projected to touch $2.7 billion in the current fiscal (2007-08), the bilateral trade will not cross $2.1 billion and stagnate at that level, the industry lobby said, quoting an internal study.
KSE price index ends day up 163.7 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange ended Sunday's session up 163.7 points to settle at 12,215.7 points and the weighted index reached 702.07 points up 11.32 points.
Volume of traded shares came to 209.9 million, valued at KD 123.9 million and changing hands over 7,425 spot transactions.
All eight indices gained today, with the services sector index in the lead with a hike of 394.6 points, followed by the investment sector with 222.1 points, the banking sector with 168.8 points, and the industrial sector with 140.5 points.
Top official pitches for fuel price hike
By IANS
New Delhi : Domestic retail prices of fuel should be hiked in line with the surging international crude oil prices, deputy chairman of the Planning Commission Montek Singh Ahluwalia said Tuesday.
"I don't believe keeping oil prices low to keep inflation under control is a good idea," he told reporters on the sidelines of the India Economic Summit here.
"It is the view of the Planning Commission that if oil prices remain high on a sustained basis, it will have to be passed on," he added.
New fund mooted for transfer of clean technology
By Joydeep Gupta, IANS
Bali (Indonesia) : Over 10,000 delegates from 187 countries gathered here for the Dec 3-14 UN conference on climate change Wednesday started discussing the possibility of setting up a fund that would help transfer technology to developing countries and buy out patents to help fight global warming.
India adds 5.81 mn telecom users in November
By IANS
New Delhi : India has added 5.81 million new telecom users under the global system of mobile (GSM) telephony in October.
Bharti Airtel, the country's largest mobile services operator, added 2.05 million new users, taking its number of subscribers to 52.96 million as on Nov 30. It reached a market share of 31.94 percent, the Cellular Operators Association of India (COAI) said in a statement.
Vodafone Essar, formerly Hutch Essar, added 1.37 million new connections against October's 1.52 million new users. Its total subscriber base stands at 38.56 million.
Finance minister warns parties not to focus on populism
By IRNA-TNA
Bangkok : Finance Minister Chalongphob Sussangkarn on Monday warned political parties not to emphasize adoption of a populist economic policy for short term political gains. He said the previous government had counted on its populist policy to reap political gains in the past. It had changed Thai society and gave people the hope that they would continue to receive benefits from the policy.
PM to inaugurate telecom summit Wednesday
By IANS
New Delhi : Prime Minister Manmohan Singh will inaugurate the India Telecom 2007 summit Wednesday organised by the communications and IT ministry in collaboration with the Federation of Indian Chambers of Commerce and Industry (Ficci).
The four-day summit, in its second year, is expected to provide a platform to discuss and deliberate the factors of growth in the sector. Several domestic as well as international players will be participating, including the US, Italy, China, Korea, Taiwan and Singapore.
Cicil bodies urge Ghana govt not to sign interim agreements with EU
By NNN-GNA
Accra : Civil society organizatons working on Economic Partnership Agreements (EPAs) in Ghana have called on government to stand by its position not to sign the interim partnership agreements even in the face of pressure from the European Commission.
They say this is important in order to avoid the dangerous implications of the so-called interim EPAs. The EPAs will replace the current Cotonou Agreement under which Africa, Carribean and Pacific (ACP) countries have enjoyed duty- and quota-free access to the European Union market.
Government considering South African energy major proposal
By IANS
New Delhi : The Indian government is seriously considering the proposal of the South African energy major Sasol for setting up a coal to liquid (CTL) fuel plant in partnership with the Tata Group despite the Planning Commission's reservations about it.
"Coal secretary H.C. Gupta is overseeing preparation of a discussion document that should take this project forward," well-placed sources in the ministry said.
"The government is considering Sasol's proposal because it is a clean source of energy," a senior official in the coal ministry told IANS.
Nepal Airlines to suspend flights next week
By NNN-Xinhua
Kathmandu : Nepal Airlines Corporation (NAC) is suspending all its international flights from Tuesday for 13 days as its lone functional Boeing flies off to Brunei for a C-check, a complete overhaul. The airline's other Boeing aircraft is grounded because of a faulty engine, according to The Kathmandu Post on Saturday.
"We will be removing the engine from the jet that is going away and fit it to the grounded aircraft and have it in the air from Jan 1," NAC managing director Gautam Das Shrestha told the parliamentary Public Finance Committee Friday.
Tripura to have multi-facility hospital
By IANS
Agartala : A Kolkata-based industrial house, GPT Health Care Pvt Ltd, will set up a 100-bed super-speciality hospital in the north-eastern state of Tripura at a cost of Rs.400 million ($10 million), the state's health minister Tapan Chakraborty said here Wednesday.
"The Tripura government will provide 3.5 acres of land on the outskirts of Agartala on a 99-year lease for the multi-facility hospital," Chakraborty told journalists.
The Rs.400-million project is expected to be commissioned in 18 months.
Tata rejects pollution fears on $2,500 car
By IANS
London : Tata Group Chairman Ratan Tata Wednesday dismissed fears raised by environmentalists that its Rs.100,000 ($2,500) car would add to pollution woes.
The Times newspaper said Tata is agitated by suggestions that the small car heralds an environmental nightmare.
Indian climate change campaigner R.K. Pachauri was quoted saying recently the car could add to global pollution woes because the sheer numbers of Indians who could end up buying it.
Indian stock markets continue to rise
By IANS
Mumbai : Continuing the march towards new heights, a key Indian financial market index opened with a gain of 108 points Thursday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,301.05 points against the previous close of 20,192.52.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) opened flat at 6,069.00 points against the previous close of 6,070.75 points.
The market opened on a firm note with buying in blue-chip stocks. There was strong demand for energy, telecom and auto heavyweights.
World Bank, Indian-American group condemn Bhutto killing
By DPA
Washington : An Indian-American lobbying group, the World Bank, the International Monetary Fund and US presidential candidates joined the world's outpouring of condemnation over the assassination of Pakistan opposition leader Benazir Bhutto.
World Bank president Robert Zoellick said Thursday he was "shocked and saddened", adding: "This tragedy will only hinder Pakistan's critical agenda of meeting the urgent needs of its many citizens".
Businesses in India, Philippines most bullish
By DPA
Singapore : Private businesses in India and the Philippines emerged as the most upbeat over their respective country's economies in 2008, a survey said Tuesday.
Grant Thornton International's business report gave both countries an "optimism balance" of 95 percent, followed by 87 percent for Vietnam and 84 percent for Singapore.
The results published in The Business Times defined "optimism balance" as the proportion of upbeat remarks minus those who conveyed negative sentiments on prospects for the country's economy.
Power companies to invest Rs.298 billion in Chhattisgarh
By IANS
Raipur : Six private power firms have signed separate deals with the Chhattisgarh government to invest Rs.298 billion ($7.6 billion) for installing coal-fired power plants with a total capacity of 6,500 MW in the state's northern region, a top official said Tuesday.
Sarda Energy and Minerals Ltd, DB Power Ltd, SKS Ispat and Power Ltd, and Athena Chhattisgarh Power Pvt Ltd will each invest Rs.52 billion to set up separate 1,100 MW thermal plants.
Surveys for controversial steel project begins in Orissa
By IANS
Jagatsinghpur (Orissa) : The Orissa government Tuesday started land and socio-economic surveys for the controversial $12-billion steel plant to be built by Posco-India, a wholly owned subsidiary of South Korean Pohang Iron and Steel Co.
Posco, one of the world's biggest steel makers, signed a deal with the state government in June 2005 to set up the plant by 2016 near Paradeep port in the coastal Jagatsinghpur district.
Government may recast rural self-employment scheme
By IANS
New Delhi : The government is considering a recast of the Swarna Jayanti Gram Swarozgar Yojana (SGSY), which provides self-employment opportunities to the rural poor, for the 11th five year plan (2007-12).
Presiding over a meeting to review the implementation of SGSY and Sampoorna Grameen Rojgar Yojana (SGRY), Rural Development Minister Raghuvansh Prasad Singh Friday stressed on paying extra attention to below-poverty-line (BPL) rural masses for effective implementation of the SGRY and SGSY.
British advisory board to facilitate trade with India
By IANS
New Delhi : Virgin group's Richard Branson and Cobra Beer's Karan Bilimoria are among some of the high-profile entrepreneurs to be inducted as members of an advisory board to be announced during British Prime Minister Gordon Brown's upcoming visit to India later this week.
"The advisory board will comprise 42 members. It will be the right podium to push India-UK relations," said Bilimoria, who is also a member of the British House of Lords and co-chair of the Indo-British Partnership (IBP) initiative.
Antidote to poverty is high growth: Chidambaram
By IANS
Gurgaon : High growth will wipe out poverty in India, Finance Minister P. Chidamabaram said Thursday, even as he urged the creation of a new matrix to "understand" whether society was also growing and developing.
"High growth will wipe out poverty. The antidote to poverty is high growth," Chidambaram maintained while addressing the plenary on "Indices for development: Need for change"? on the second day of The Partnership Summit 2008 in this Haryana IT hub bordering the Indian capital.
ITC registers 15.8 percent post-tax profit in third quarter
By IANS
Kolkata : India's leading tobacco company, ITC Ltd, has registered 15.8 percent net profit in the third quarter helped by the growth in its packaged food and hotel businesses, a company statement said here Friday.
Company's net turnover for the quarter, at Rs.34.58 billion ($850 million) grew by 11 percent with a 50 percent growth in revenues from the company's new FMCG businesses such as food, lifestyle retailing and stationery coupled with healthy increases in revenues from the hotels, paperboards and packaging businesses.
ONGC reports lower income, profits for third quarter
By IANS
New Delhi : State-owned petroleum major Oil and Natural Gas Corp's (ONGC) net profit in the third quarter (Oct-Dec) of fiscal 2007-08 has declined by Rs.3 billion ($76 million) to Rs.43.7 billion ($1.1 billion) compared to the corresponding period the previous year, the company said Monday.
On a year-on-year basis, the company's total income in the same quarter was Rs.2.8 billion lower.
France ready to supply n-energy to India
By IANS
New Delhi : Talks between India and France on civil nuclear energy cooperation are complete with both adopting an "operating agreement" ahead of President Nicolas Sarkozy's trip to India this week, highly placed sources said Monday.
But nuclear commerce between the two sides can begin only after a go-ahead from the International Atomic Energy Agency (IAEA) on an India specific safeguards pact and after the 45-country Nuclear Suppliers Group (NSG) amends rules in New Delhi's favour, the sources said.
Raj TV launches four music channels
By IANS
Chennai : Tamil Nadu's regional broadcaster Raj Television Network Ltd Monday announced the launch of four new music channels - collectively to be called Raj Musix.
The bouquet of channels will telecast in four languages - Tamil, Telugu, Kannada and Malayalam. However, they will include music programmes in English and Hindi as well.
India, Britain to jointly tackle climate change
By IANS
New Delhi : Industry organisations Confederation of Indian Industry (CII) and Confederation of British Industry (CBI) signed an agreement at an India-Britain CEO roundtable here Monday to work together on various initiatives on all industrial aspects of climate change.
Speaking on the occasion, Minister for Science and Technology Kapil Sibal said the biggest collective emitter of greenhouse gases that lead to climate change are small and medium enterprises, who find it toughest to adopt clean technologies, and so they are the one who need maximum help.
World economic crisis may affect Russia’s export majors
By RIA Novosti
Moscow : The current turmoil in the global financial markets may impair development opportunities for Russia's major exporters of raw materials, the chief of Russian industry representative organisation said Thursday.
"The liquidity crisis in the US economy could affect Russian companies' ability to finance large-scale projects requiring stable volumes of commodity exports," Alexander Shokhin, president of the Russian Union of Industrialists and Entrepreneurs, said.
‘Private equity funding to touch $48 bn by 2010’
By IANS
New Delhi : Investment by overseas private equity funds is set to touch $48 billion in India by 2010, from $17.14 billion last year, even as the country has established an edge over China in this industry, says a new study.
"Real estate sector is predicted to be the best beneficiary of private equity landscape in India," says the study by the Associated Chambers of Commerce and Industry of India (Assocham).
Indian shares drift lower after interest rate freeze
By IANS
New Delhi : Indian equities ended lower Wednesday, a day after the quarterly review of the monetary and credit policy by the Reserve Bank of India (RBI), as sentiments were dampened by the status quo on interest rates.
After losing 60.84 points or 0.34 percent Tuesday, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) Wednesday opened at 18,120.22 points, compared with the previous day's close at 18,091.94 points.
Gazprom Neft to boost crude output to 586 mln bbls by 2020
By RIA Novosti
Moscow : Gazprom Neft, the oil producing arm of Russian energy giant Gazprom [RTS: GAZP], said on Monday it intends to boost crude output to 80-90 million metric tons (586-660 million barrels) per year by 2020.
Gazprom Neft, which is yet to publish its production figures for 2007, produced 32.7 million metric tons (240 million barrels) of oil in 2006.
Asian CEOs more upbeat than Western counterparts: survey
By DPA
Singapore : Asian chief executives are more upbeat than their Western counterparts, with those in China and India the most optimistic about growth prospects, a survey said Tuesday.
PricewaterhouseCoopers (PwC) said that 50 percent of those queried were very confident about revenue growth over the next 12 months compared to 52 percent a year ago.
It was the first decline in confidence levels since the 2003 survey.
Pakistan invited Indian Petroleum Minister to discuss gas transit issue
By NNN-APP
New Delhi : Pakistan has invited Murli Deora, Indian Petroleum Minister to Islamabad on Feb 7 to sort out issues relating to Iran-Pakistan-India gas pipeline project.
Pakistan has offered India to charge transport fee based on global practice rather than the arbitrary tariff it sought last February, the Indian Express reported.
Pakistan ideal for foreign investment: minister
By NNN-APP
Islamabad : Prime Minister Mohammedmian Soomro lauded the Lahore Chamber of Commerce and Industry for promoting business and investment in the country and said Pakistan was an ideal place for foreign investors.
“Pakistan offers great economic opportunities to both local and foreign investors with handsome return on their investments,” he said at an LCCI reception Thursday night.
He said Lahore Chamber has always played an active role in supplementing government efforts particularly for the economic growth and prosperity of the country.
India-Russia bilateral trade could touch 20 bn usd by 2015: trade body
By KUNA
New Delhi : India Russia trade can cross the targeted 10 billion usd by 2010 and further increase to 20 billion usd by 2015, if trade irritants and procedural hassles are resolved, India's leading trade body said Saturday.
India, Russia move closer to n-pact, to double trade
By IANS
New Delhi : India and Russia Tuesday moved one step closer to a bilateral nuclear deal that will enable Moscow to build four more power reactors in Tamil Nadu after the lifting of restrictions by the Nuclear Suppliers Group.
The two strategic partners also sought to energise their business ties by pledging to double bilateral trade to $10 billion by 2010 and announced their decision to jointly set up hydrocarbon projects.
‘India not to ease environmental norms for hydropower projects’
By IANS
New Delhi : The government has no plans to give preferential treatment to hydroelectric projects while simplifying procedures for issuing environment clearances, said a top official of the ministry of forests and environment (MoEF).
"Although an exercise is presently on to simplify procedures for evaluating projects for environment clearance, no special consideration is being accorded to the hydropower sector," said MoEF Secretary Meena Gupta.