Venezuela suspends oil supply to Exxon Mobil
By DPA
Caracas : Venezuelan state oil company Petroleos de Venezuela (PDSVA) suspended its supply to Exxon Mobil, due to the legal actions undertaken by the US firm, PDVSA has said.
In a statement, PDVSA Tuesday said the move is an act of "reciprocity" after the largest private oil company in the world filed for compensation following the nationalization of its heavy oil refinery facilities in Venezuela.
Zydus Cadila launches new cancer drug
By IANS
Ahmedabad : Indian pharmaceutical major Zydus Cadila Friday announced the launch of a new generation drug called Nudoxa for treating various cancers that the company says is a breakthrough in chemotherapy because of its stability and reduced toxicity.
Nudoxa has been patented in India and South Africa. The company has also filed for patents in the European Union, US, Japan and other countries.
Marketed by Zydus Biogen, Nudoxa is manufactured by Zydus-BSV Pharma Pvt Ltd, the joint venture company of Zydus Cadila and Bharat Serums and Vaccines Pvt Ltd.
Gazprom to invest $718 mln in associated gas processing by 2010
By RIA Novosti
Moscow : Gazprom Neft, the oil producing arm of Russian energy giant Gazprom, said on Monday it had plans to invest 17.6 billion ($718 million) in associated petroleum gas processing in 2008-2010.
‘Chinese, Indians eating more meat, driving global grain shortage’
By Dipankar De Sarkar, IANS
London : The leader of Britain's largest opposition party has told British farmers that the current global shortage of grains is partly being caused by Chinese and Indians eating more meat than before.
David Cameron of the Conservative Party told farmers that Britain could feel the impact of a global "food crunch" because of changes in people's diets, climate change and the search for bio fuels.
Etihad Airways wins four new Indian routes
By IANS
Jaipur : Etihad Airways, the national airline of United Arab Emirates (UAE), will soon introduce new flights to Chennai, Jaipur, Kolkata and Kozhikode.
The decision follows a successful bilateral discussion earlier this week between the governments of the UAE and India, aimed at further liberalising air links between the two countries.
James Hogan, chief executive of the airline, said in a statement: "Etihad is always keen to build up its Indian services and we are thrilled to have been given the rights to serve four new cities in this exciting market."
India-US investment protection pact likely by year end
By NNN-PTI
Chicago : With Indian firms investing aggressively in the US, India has put on fast track negotiations on signing an investment protection agreement with the States.
While both the US and India have signed the investment protection agreements with a number of countries, the one between them has to be unique because it is a different type of relationship, Commerce and Industry Minister Kamal Nath said here Tuesday evening.
Government to invest $2.5 billion in State Bank of India
By IANS
New Delhi : The State Bank of India (SBI), the country's largest commercial bank, will get Rs.99.95 billion ($2.5 billion) from the government towards its rights issue that opened Feb 18, it was announced Thursday.
The union cabinet of ministers decided to infuse the money by issuing special marketable government securities in order to help the bank increase its capital base.
India to talk to British officials in $10bn Eurofighter deal
By IANS
London : The Indian government wants to talk to British rather than German negotiators in discussions on a possible $10 billion deal for the purchase of Eurofighter Tyhoons, a newspaper reported Friday.
The Times said the Indian government wanted officials from British Aerospace (BAE) Systems and the British Ministry of Defence (MoD) to take over the negotiations from the European Aeronautic Defence and Space Company (EADS) and the German government.
Indian markets recover from early fall, end in green
By IANS
Mumbai : In line with global trends, India's capital markets Monday ended on a positive note, fuelled by a feel-good factor in the wake of the Reliance Power Ltd's bonus issue announced Sunday.
The markets opened in the green but soon slipped into the red. They managed to regain momentum by noon with heavy buying witnessed in oil and gas, IT and pharmaceutical scrips.
However, the Bombay Stock Exchange's (BSE) Midcap and Smallcap indices bore the brunt of the early volatility in the market and could not recover, end the day with losses.
Real Estate pitches for more foreign direct investment
By IANS
Mumbai : The booming realty sector wants a status equal to telecom and aviation with amendments in the foreign direct investment guidelines to boost construction and infrastructure development in the country.
"The realty sector is growing at a dizzying pace of almost 30 percent each year. The bulk of construction activity - 80 percent - is dedicated to housing, while the rest is commercial, including offices, malls, hotels and hospitals," said Akruti City Ltd Managing Director Vimal Shah.
Steel makers want India’s iron ore to remain in the country
By Soudhriti Bhabani, IANS
Jamshedpur (Jharkhand) : Iron ore reserves in India are enough to produce 180 million tonnes of steel till 2020 if this captive resource is not exported, a top company official said here.
"We have enough iron ore resource in India if we don't export it to other countries," Tate Steel's chief operating officer (COO) H.M. Nerurkar told reporters at Steelrise 2008, a seminar on the steel industry that began here Wednesday.
Nerurkar said about 60 percent of India's iron ore is being exported to foreign countries, including China.
It is for states to care for the poor: Chidambaram
By IANS
New Delhi : The central government has made provisions for a safety net for the poor, and now it is up to the states to implement the scheme, Finance Minister P. Chidambaram said Friday.
Speaking to the Lok Sabha television channel, Chidambaram said after presenting the national budget for 2008-09 that good governance would determine how well the welfare schemes would be implemented.
"If governance in some states is poor, those states will suffer. It is up to the people of those states to elect governments that provide better governance," he said.
Budget a boon for Madhya Pradesh: industry body
By IANS
Bhopal : Welcoming the union budget for 2008-09, the Madhya Pradesh unit of the PHD Chamber of Commerce and Industry (PHDCCI) said it was a boon for all in general and the state in particular.
"Though political considerations have clearly dominated the economic decision-making - particularly while writing off the huge debt of farmers, the reduction in General Cenvat rate from 16 percent to 14 percent is a step in the right direction," said PHDCCI regional director Rajendra Kothari.
The day Chidambaram held the nation in thrall
By Monobina Gupta, IANS
New Delhi : P. Chidambaram is a smart man who blends his Tamil sartorial taste with an appetite for economic reforms. As he presented his fifth and last budget of the United Progressive Alliance (UPA) government, he was, just for the whole of this day, what Shah Rukh Khan is to the people of India the rest of the year.
Central government employees get pay bonanza
By IANS
New Delhi : After offering loan waivers worth Rs.600 billion to small farmers, the Indian government Friday raised dearness allowance for over four million central government employees and pensioners by six percent, which will cost the nation Rs.38.5 billion in fiscal 2008-09 alone.
The hike will be effective from Jan 1 this year, Minister for Information and Broadcasting Priyaranjan Dasmunshi told reporters after the union cabinet of ministers took the decision in a meeting.
Significant concerns on USAF tanker order: Boeing
By IANS
New York : The Boeing Company says "significant concerns" remain after a US Air Force (USAF) debriefing during which acquisition officials sought to explain why they selected a team of Northrop Grumman and the European Aeronautic Defence and Space Company (EADS) for a contract to replace aerial refuelling tankers.
The debriefing Friday came one week after what Boeing termed the USAF's "surprising" announcement that it had chosen the Northrop-EADS team over the Boeing KC-767 tanker offering.
Indian economy is going the corporate way
By TwoCircles.net staff reporter
New Delhi : Indian economy is going the corporate way; whether it is rural or agricultural development programme, the poor remain at the receiving end as the gaps between the rural and the urban, organised and unorganised sectors are widening. This was the consensus emerged during the panel discussion on "Direction of Indian Economy in the Light of Budget 2008" organised jointly by Radiance Viewsweekly and Daanish Books at Constitution Club here Saturday.
Food Corp’s authorized capital to be hiked
By IANS
New Delhi : The cabinet Thursday gave its go-ahead for raising the authorized capital of the state-owned food grain procurement agency, Food Corporation of India (FCI), from Rs.25 billion to Rs.35 billion.
H-1B professional visas creating jobs in US: study
By Arun Kumar, IANS
Washington : American businesses are finding it hard to fill skilled positions even as H-1B visas that bring in foreign professionals, including a large number from India, are creating jobs in the US, shows a new US study.
Confirming Microsoft Chairman Bill Gates' contention that an arbitrary cap on H-1B visas is forcing them to outsource jobs, the study shows major US technology companies today average more than 470 job openings for skilled positions in the US while defence companies have more than 1,265 each.
Bangladesh considering India’s proposal to use Chittagong port
By IANS
Agartala : Bangladesh is considering an Indian proposal to allow the Chittagong international port to ferry men and materials to and from India's northeast, Indian officials said here Friday.
Chittagong, southeastern commercial town and an important international port in Bangladesh, is only 75 km from Tripura's border town Sabroom, which is 175 km south of state capital Agartala.
UAE’s Royal Jet named world’s leading private jet charter
By IANS
London : The United Arab Emirates (UAE)-based flight services company Royal Jet has been named the world's leading private jet charter by the World Travel Awards (WTA), WAM news agency reported Saturday.
The award was presented to Royal Jet's President and CEO Shane O'Hare by the WTA's Executive Director Manon Han at a function here.
Indian auto industry set to enter Russian market
By RIA Novosti
St Petersburg : The Indian automotive industry is all set to enter the Russian market now to make its mark against the backdrop of growing bilateral trade totalling $3.5 billion last year.
"This year we are planning to increase the sales of our engineering products to Russia to $1 billion," said Rakesh Shah, chairman of the Engineering Export Promotion Council of India (EEPCI).
In 2006-2007, exports for engineering products from India to Russia amounted to $125 million, and imports from Russia to India were $900 million.
Yahoo! paints rosy picture, partner thinks Microsoft will prevail
By IANS
New York : Yahoo! Inc looked to a bright future over the next three years to bolster its argument that it is worth more than what Microsoft Corp offered, but the moves by its Chinese partner underscore investor doubts that the web portal can stay independent.
Yahoo! forecast released in a regulatory filing was intended to convince investors that it has a bright future as an independent company, despite a series of recent struggles.
Indian markets end in red amid mixed global cues
By IANS
Mumbai : A key Indian equity market index ended in the red Wednesday due to confusing global cues, though the markets appeared to be consolidating a day after a record close.
The markets that opened in the red Wednesday as per international trends, went flat and could not manage to pick up in the second half. Important sectors like oil and gas, capital goods, banking and public sector units' scrips were offloaded.
India withdraws tax refunds incentive on steel, cement
By IANS
New Delhi : The government has withdrawn its tax refund incentive on some 50 items, including steel, cement and non-basmati rice, to curb inflation, a top commerce ministry official said Friday.
This move comes a day after the ministries of finance, commerce and industry and agriculture decided to stop refunding the taxes under the duty entitlement pass book (DEPB) scheme - a popular export incentive given by the government.
US stocks fall on retail, bank concerns
By DPA
New York : Major US stock indices were led lower Friday by banks and retailers amidst the worst quarterly slump since 2002.
Concern grew that the already beleaguered credit scene would get tighter because of anticipation of further writedowns.
JC Penney, the third-largest US department-store chain, dropped to a two-month low after it expressed worry that lower consumer spending would hurt its first quarter earnings.
Technology, banking stocks under pressure in India
By IANS
Mumbai : The Indian equities market opened in the red Monday, tracking its global peers. In initial trade, technology and banking counters witnessed selling pressure.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a cut of 252 points at 16,226.66. Fifteen minutes into trading, the Sensex was at 16,077.70 points, down by nearly 293.59 compared to its previous close.
At the same time the S&P Nifty of National Stock Exchange was at 4,878.25 points, down 63.75 from its previous close.
LIC’s Kerala housing project caught in a legal tangle
By IANS
Thiruvananthapuram : An ambitious housing project in Kerala by the insurance giant Life Insurance Corporation (LIC) is yet to take off, tangled as it is in legal problems, over a year after the project's foundation stone was laid.
The foundation stone laying ceremony for the multi-storey project, a stone's throw from the main office of the LIC here, took place in December 2006 but the construction is yet to start after a case was filed against the allotment of flats.
New guidelines for telecom infrastructure sharing
By IANS
New Delhi : In a move that is expected to lower the infrastructure costs for telecom operators, the government Tuesday unveiled new guidelines on sharing such facilities, including transmission systems and cables.
"Under the guidelines, sharing active infrastructure among service providers, based on mutual agreements entered among them, is permitted," said a statement issued by the communications ministry.
PCs, cellphones, now hotels: Cuba relaxes rules
By Silvia Ayuso, DPA
Havana : Entering a luxury hotel, checking in and making the most of all the facilities and services it offers - what seems like a normal option in many countries has caused a stir in Cuba.
Since midnight Monday, following prohibition lasting over a decade, Cubans may now lodge in top-notch hotels with no restrictions other than their cost.
They can also rent a car or join tours that were until now only for foreign tourists.
Sunil Hitech seeks partners to build power plants
By IANS
Chennai : Mumbai-based fabrication and erection contracting major Sunil Hitech Engineers Ltd is seeking partners to bid for power plant projects on balance of plant (BOP) basis.
In the scheme, the promoters contract out all the construction work of power plants except the work of setting up boiler and turbine generator.
Speaking to IANS, Vijay Gutte, director (finance) of Sunil Hitech, said: "We are talking with several companies including some Chinese so that we can bid for power projects on balance of plant basis.
Indian equities market opens with an upswing
By IANS
Mumbai : The Indian equities market Thursday opened in the green in line with its Asian peers.
The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a gain of 55.23 points at 15,805.63. Thirty minutes into trading, the Sensex was at 15,833.79 points, up by 83.39 compared to its previous close.
At the same time the S&P Nifty of National Stock Exchange was at 4,757.25, up by a marginal 4 points from its previous close.
The market breadth was positive with low volumes. In the initial trade 980 scrips advanced, 790 declined and 40 remained unchanged.
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.
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.
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.
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.
National Insurance tightens norms on health coverage
By IANS
Chennai : The Kolkata based National Insurance Co. has tightened its norms for group health insurance policies despite several new entrants in the market and even life-insurers getting into this growing segment.
The non-life insurance company has decided to offer its tailor-made group health insurance policies only to companies that cover more than 100 employees under a single policy, officials told IANS.
For companies with fewer employees, National Insurance will offer only its normal mediclaim insurance policy where the premium is higher and risk cover inflexible.
Ports, shipping need Rs.1 trillion by 2015
By IANS
New Delhi : The Indian port and shipping sector would require Rs.1 trillion ($25 billion) to reach its aim of increasing port capacity to 1,500 million tonnes by 2015, federal shipping secretary A.P.V.N. Sarma said Wednesday.
"Of the total investment requirement, the port sector would require investment worth Rs.550 billion. Shipping and inland waterways would need Rs.450 billion by 2015," he added.
Toyota to build new plant in India
By DPA
Tokyo : Japanese automobile giant Toyota is to build a new car manufacturing plant in India which will produce around 100,000 vehicles annually from 2010 onwards, the company announced Friday.
The plant will also manufacture the Toyota Corolla version and a new small car.
The investment came to around 35 billion yen ($347 million).
Since 1997, Toyota has been present in Indian market in joint venture with Kirloskar Motors.
Last year, Japan's leading carmaker sold 54,000 cars in India and increased its market share to 2.7 percent, Kyodo news agency reported.
Inflation forces another meet of government panel Tuesday
By IANS
New Delhi : The Cabinet Committee on Prices (CCP) is expected to meet Tuesday to discuss measures to further curb rising prices of essential items, including steel, Commerce and Industry Minister Kamal Nath said here Saturday.
"The CCP is expected to meet next Tuesday and the government might take up the issue of steel price rise," Kamal Nath said on the sidelines of a conference.
"We need to also address issues to ease supply side constraints."
Smokers cost Austrian economy 511 million euros per year
By Ivonne Marschal, DPA
Vienna : Austria's economy is burdened by additional costs of 511 million euros (about $808 million), or 0.23 percent of the country's Gross Domestic Product, per year due to smoking, according to a study just released.
If losses in productivity arising from smoking - including health care costs, or early retirement or death because of smoking-related illnesses - were deducted from the income generated by tobacco taxes, the negative economic effects were obvious, the Institute for Higher Studies said.
Oil prices in Asia slightly drop
By KUNA,
Kuala Lumpur : Oil prices in Asian transactions slightly dropped on Monday following recent drastic hikes amid a bleak picture on prospects of the global economy.
Price of the light crude for May deliveries dropped 36 cents, reaching USD 109.78 per barrel, hours after electornic trading with the Mercantile oil bourse in New York.
Contracts at the end of Friday's trading stood at USD 110.14 pb, after nearing the level of USD 112.1 at start of Wednesday's operations, following a record slump in the crude reserves and fuel in the United States, according to official figures.
Fourth largest US bank posts losses, seeks $7-bn infusion
By DPA,
New York : Wachovia Corp, the fourth largest US bank, Monday reported unexpected losses due to bad California home loans and said it was seeking a $7-billion infusion from stock sales.
Shares will be sold at $24 each, 14 percent less than last week's closing price.
First quarter losses were $393 million compared with earnings of $2.3 billion in the same period last year, the North Carolina-based company said in a statement.
‘Goa’s infrastructure needs upgradation’
By IANS,
Mumbai : Lord Mayor of London David Lewis said Tuesday here that India's tourist hotspot Goa was facing a conflict between its developmental aspirations and ecological preservation.
"Goa is undergoing a tumultuous period. The conflict is between the developmental aspirations on one hand and ecological preservation on the other side," said Lewis.
New greenfield airport policy before Lok Sabha polls: Patel
By IANS,
New Delhi : The government would soon announce its new policy on greenfield airports, Civil Aviation Minister Praful Patel told the Lok Sabha Thursday.
A consolidated and updated policy would be in place for the greenfield airports well before the parliamentary elections, due to be held early next year, Patel assured the house.
Gordon Brown seeks ‘global New Deal’ with India
By Dipankar De Sarkar, IANS
London : British Prime Minister Gordon Brown invited India to be part of what he called "a global New Deal" - a partnership that will overhaul a string of international institutions and create new ones in order to ensure globalisation benefits the world's poor.
Market slips into red in afternoon trade
By IANS
Mumbai : After opening on a firm note, the market Wednesday slipped into red and pared losses. At 1.10 p.m., the 30-share benchmark sensitive index of the Bombay Stock Exchange was trading at 16,677.50 with a loss of 106.27 points or 0.63 points.
The Sensex had hit a high of 16,871.27 in early trade. At day's high, the Sensex rose 87.40 points.
At the same time, the S&P Nifty of the National Stock Exchange was at 5,041.20 with a loss of eight points or 0.16 percent.
India largest source of smuggled CFCs: UN official
By Joydeep Gupta, IANS,
Singapore : India is now the world's largest producer and smuggling source of chlorofluorocarbon (CFC), the gas that has created holes in the earth's ozone layer, says a senior UN Environment Programme official.
Thanavat Junchaya, UNEP's regional network coordinator for its CFC project, said: "India now produces almost all the CFC that is still being produced in the world, and the amount it officially exports is frequently far lower than the amount reported by other countries to be imported from India.
Meeting of WIEF chamber chiefs a new phase of cooperation
By KUNA,
Kuwait : The Meeting of Chairmen and Presidents of Islamic Chamber of Commerce with Business Leaders, held under the auspices of the Islamic Chamber of Commerce and Industry (ICCI) on Monday, will constitute a new phase of cooperation between commerce chambers in Muslim states based on realistic standards.
The meeting, which will take place at Kuwait Chamber of Commerce and Industry on the sidelines of the Fourth World Islamic Economic Forum (WIEF) hosted by Kuwait, will bring together prominent businesspeople from the Muslim world, representing the Islamic economic powers.
Reliance Energy is now Reliance Infrastructure Ltd
By IANS,
Mumbai : Anil Ambani-promoted Reliance Energy Monday changed its name to Reliance Infrastructure Ltd, the company announced here.
The infrastructure major has received the certificate from the registrar of companies, Maharashtra, registering the change in the name.
Reliance Infrastructure is directly and indirectly engaged in a number of projects in the field of power generation, transmission and distribution.
Markets remain dull, trading range-bound
By IANS,
Mumbai : Trading at the Indian equities markets remained dull and operated in a tight range Monday, with a key index closing only 0.06 percent up over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened Monday at 9,381.78 points, against the previous close at 9,323.59, shut shop at 9,329.57 points, 0.06 percent or 5.98 points above its previous close.
The broader S&P CNX Nifty index of the National Stock Exchange also ended trade higher at 2,837.6, points, a rise of 0.32 percent over its previous close at 2,828.45.
United Breweries net rises 67 percent
By IANS,
Mumbai : United Breweries' net profit soared 67 percent to Rs.69.3 million for the quarter ended Dec 31 as compared to Rs.41.5 million in the corresponding period of the previous year, the company said Tuesday.
Its total income, however, declined 11 percent to Rs.917.5 million for the quarter under review from Rs.1,029.10 million in the corresponding period last year.
The company's total expenditure in the quarter decreased 8 percent to Rs.510 million as compared to Rs.552 million in the corresponding quarter last year.
Wipro projects $1.05 billion from IT services in Q4
By IANS,
Bangalore : Wipro Ltd Wednesday projected $1.05 billion (Rs.51.73 billion) revenue from its global IT services for the fourth quarter (January-March) of this fiscal (2008-09).
In regulatory filing to the stock exchanges, the IT bellwether said the outlook for this quarter (Q4) was based on revenue from its IT services in the third quarter (October-December) of this fiscal at $1.13 billion under the American accounting system (US GAAP).
The IT revenue is marginally higher from the outlook of $1.2 billion given at the beginning of the third quarter in October 2008.
Turner International enters Hindi entertainment TV segment
By IANS,
New Delhi : Reality shows, dramas and much more - US-based production major Turner International promises to entertain Indian viewers with the launch of their Hindi general entertainment channel REAL.
The channel - REAL - will go on air in March 2009 with four varied shows. While "Sarkaar Ki Duniya" and "Poker Face" are reality shows, "Vicky Ki Taxi" and "Hindi Hai Hum" are dramas.
Two Pricewaterhouse officials arrested in Satyam fraud
By IANS,
Hyderabad : Two officials of PricewaterhouseCoopers, the firm that audited fraud-hit Satyam Computer Services' books, were arrested Saturday for their alleged role in the irregularities.
The Crime Investigation Department (CID) of the Andhra Pradesh police, probing the Rs.70 billion (Rs.7,000 crore/$1.43 billion) fraud in the IT bellwether, arrested chief relationship partner S. Gopalakrishnan and engagement leader Srinivas Taluri.
CID sources said the two had allegedly suppressed information about the inflated revenues and profits of Satyam.
Economy will grow by 7 percent: Pranab
By IANS,
New Delhi : The Indian economy will grow by 7 percent this fiscal even as recent projections by global agencies like the International Monetary Fund (IMF) say that advanced countries' economies would shrink by 2 percent, Minister for External Affairs Pranab Mukherjee said here Thursday.
"I am proud to say that in 2008-09 India will still grow by 7 percent," said Mukherjee while addressing the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).
Cisco to help develop roadmap for sustainable Bangalore
By IANS,
Bangalore : The Karnataka government and the US-based networking technologies major Cisco Systems will jointly develop a roadmap for a sustainable Bangalore city, it was announced here Thursday.
The state government and the company Thursday signed a memorandum of understanding (MoU) on the subject in the presence of Chief Minister B.S. Yeddyurappa and Cisco chief executive John Chambers.
Markets pick up pace, Sensex up 1.68 percent
By IANS,
Mumbai : Indian equities markets rose Friday morning on positive cues from other Asian markets and on expectations that the interim railway budget could cut some freight rates. By a little before noon, a key index had risen 1.68 percent over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,624.74 points at this time, 1.68 percent or 158.91 points higher than Thursday's close. It had opened at 9,540.6 points, higher than its last close of 9,465.83 points.
Interim railway budget disappointing for Madhya Pradesh: Chouhan
By IANS,
Bhopal : The interim railway budget presented Friday is disappointing for Madhya Pradesh, Chief Minister Shivraj Singh Chouhan said.
"The proposals like plying a daily Habibganj-Kurla train, running daily train between Bhopal and Lucknow, making the Puri-Jaipur Express bi-weekly, extending the Shatabdi to Indore, starting a third Bina-Itarsi line and adding a coach from Bhopal to the Jabalpur Mumbai-Garib Rath have not been implemented," he said in a statement.
Indian markets plummet as global cues weaken
By IANS,
Mumbai : Indian equities markets were south-bound around noon Monday as global markets weakened further and investor confidence dampened, with a key index 2.11 percent below its last closing figure.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,762.88 points, was at 8,704.18 points, 2.11 percent or 187.43 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,700.05 points, 2.3 percent down from its last close of 2,763.65.
Birla Tyres resumes production at Orissa plant
By IANS,
Bhubaneswar : Birla Tyres, a unit of the BK Birla Group company Kesoram Industries, resumed production at its Orissa plant Monday, a company official said.
The factory at Balasore town, some 200 km from here, was closed down temporarily Feb 16 for the third time on account of poor market conditions.
"We resumed full production today (Monday) even though the market condition has not yet improved. We will review the situation after 10 days," a senior plant official told IANS on condition that his name should not be disclosed because he is not authorised to speak to the media.
Markets rise at opening bell
By IANS,
Mumbai : Indian equities markets opened in the green Thursday, with a key index ruling 0.87 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,023.04 points, higher than its 8,976.68 point close Wednesday. About 10 minutes into trade, it was at 9,064.92 points, 0.87 percent or 78.05 points above its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,810.75 points, 0.57 percent up from its last close of 2,794.7.
Benchmark indices down at equities markets
By IANS,
Mumbai : Benchmark indices were down at Indian equities markets even as shares of smaller companies picked up steam. A key index slipped into the red - by over 167 points - about 75 minutes before the closing bell Wednesday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,230.73 points, was ruling 167.31 points or 1.17 percent lower than its previous close Tuesday at 14,134.72 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 0.68 percent from the last close to trade at 4,289.15 points.
Markets slip, Sensex down 100 points
By IANS,
Mumbai : Indian equity markets slipped into the red with a key index dipping 100 points by late Tuesday morning, after having risen more than a percent at the opening bell.
Around 11.30 a.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,892.93 points, gave up its morning's gains to rule at 14,730.34 points, 110.29 points or 0.74 percent lower than its previous close.
It had risen more than 133 points soon after trading opened Tuesday.
India’s inflation rate slips to 0.13 percent
By IANS,
Mumbai: India's annual rate of inflation fell to 0.13 percent for the week ended May 30 from 0.48 percent in the previous week, official data showed Thursday.
The wholesale price index for all commodities rose 0.1 percent primarily due to a rise in the indices for primary articles and various manufacturing products, as per data released by the commerce and industry ministry.
While the index for primary articles rose 0.4 percent, that for fuel and power and manufactured products remained unchanged.
Bharat Sanchar Nigam awaiting state nod for divestment
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) Tuesday said it was awaiting approval from the government for its maiden initial public offering (IPO).
BSNL chairman and managing director Kuldeep Goyal told reporters here that the company would initiate its valuation process and start talks with labour unions after getting the government's go-ahead.
"If the government decides we have to go for IPO, then we will talk to the unions and evaluate the company," Goyal said.
Kumar Mangalam to head Kesoram after B.K. Birla
By IANS,
Kolkata : Kumar Mangalam Birla will succeed his grandfather Basant Kumar Birla as chairman of Kesoram Industries.
The 88-year old B.K. Birla made the disclosure while addressing shareholders at the 90th Annual General Meeting of the company here Friday.
However, he did not mention any time frame.
"After me, Kumar Mangalam will take charge of this company," the senior Birla said..
"I had been asking Kumar to take charge of the companies (B.K. Birla group) in the next two to three years, but he is not listening to me."
India’s Economic Survey calls for sweeping reforms
By IANS,
New Delhi : Suggesting some sweeping reforms in areas like foreign direct investment, divestment, taxation and the subsidy regime, India's Economic Survey says the country can achieve 7.75 percent growth this year despite the difficult global circumstances.
The economy can even expand much higher than last year's growth if the monsoon rains were normal, said the country's annual economic report card for 2008-09 tabled in parliament Thursday by Finance Minister Pranab Mukherjee.
Funds hiked 144 percent for ambitious rural job scheme
By IANS,
New Delhi : Finance Minister Pranab Mukherjee has allocated a whopping Rs.39,100 crore for the Congress-led government's flagship scheme under the National Rural Employment Guarantee Act (NREGA), a hefty 144 percent hike over the previous budget estimates.
Reiterating the government's commitment to the scheme that promises 100 days of employment to rural youth, the finance minister said in his budget speech Monday that 4.47 crore households were covered under NREGA last year as against 3.39 crore earlier.
Satyam Raju’s judicial remand extended till July 22
By IANS,
Hyderabad : A city court Wednesday extended by two weeks the judicial remand of disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and other accused in the Rs.78 billion accounting fraud case.
The XIV Additional Chief Metropolitan Magistrate extended the remand of Raju, his brother B. Rama Raju, former chief financial officer Vadlamani Srinivas and five other accused till July 22.
The Central Bureau of Investigation (CBI), which is probing the massive fraud, produced all eight accused in the court as their remand ended Wednesday.
Mid-term review of 11th Plan before next budget
By IANS,
New Delhi : A mid-term review of the 11th Five-Year Plan (2007-12) will be conducted before the presentation of the budget for fiscal 2010-11, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Wednesday.
"I am hopeful that the next budget will address the shortcomings of the mid-term review," Ahluwalia told reporters after the commission's first meeting since the United Progressive Alliance (UPA) government assumed power for a second term.
Sensex opens in the green
By IANS,
Mumbai : A key index of the Indian equities markets opened higher Thursday, ruling 75 points above its last closing figure, about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,796.19 points, was at 13,844.96 -- 75.81 points or 0.55 percent higher than Wednesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the green at 4,107.95 points, up 0.71 percent.
Infrastructure growth will drive industrial activity: Moody’s
By IANS,
New Delhi : India's infrastructure development is likely to be one of the key drivers of industrial activity, which will see an upturn in a few months, the research arm of Moody's said Friday.
India's industrial performance thus far in the financial year has been stronger than expected.
"A rise in domestic activity has likely helped to offset external weakness and arrested the downward trend in industrial production," said Sherman Chan, an economist with Moody's Economy.com.
Indian equities ruling higher after strong opening
By IANS,
Mumbai : Indian equities were ruling higher Friday after a strong opening on the back some positive signals from the government on the continuity of reforms and strong overnight rally in the US markets.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 14,325.58 points against Thursday's close at 14,250.25 points, and soon soared to a high of 14,607.11.
Some two hours into trading, the key 30-share index was ruling at 14,568.09 points, with a gain of 317.84 points, or 2.23 percent, over the previous day's close, data with the exchange showed.
Kingfisher fined Rs.26 crore for delaying tax payments
By IANS,
New Delhi: The government Friday said it has fined private carrier Kingfisher Airlines Rs.26.46 crore for delay in remittance of tax deducted at source (TDS).
Minister of State for Finance S.S. Palanimanickam, in response to a question, told the Lok Sabha that besides Kingfisher, Spicejet and MDLR Airlines also have not remitted TDS collected on time.
But, he said, it was not clear if any fine had been imposed on Spicejet and MDLR.
Despite slowdown, consumer goods sector grew 15 percent
By IANS,
New Delhi : Despite the economic slowdown, the country's fast moving consumer goods (FMCG) sector grew by almost 15 percent in 2008-09, thanks to high demand for such goods in rural India, says a report released Thursday.
"At times of economic slowdown, for instance, consumers may be cutting down on durable and other capital expenditure but cannot avoid spends on daily necessities," said the report jointly prepared by the Federation of Indian Chambers of Commerce and Industry (FICCI) and industry tracker Technopak Consultants.
Indefinite transport strike in West Bengal from Friday
By IANS,
Kolkata : At least 17 associations of commercial vehicle operators in West Bengal will go on indefinite strike from Friday, to protest the state government's decision to ban all commercial vehicles that are over 15 years old.
"We're sticking to our stand to call the strike if the state government does not pay any attention to our interests," said Sarnakamal Saha of Kolkata Metropolitian Bus and Minibus Owners' Association.
TED comes to India with its ideas for future
By Madhusree Chatterjee, IANS,
New Delhi : The world's biggest conference of ideas, TED (technology, entertainment and design) is coming to India this November.
TED will hold the first India edition of its conference at the Infosys campus in Mysore Nov 4-7. It will also mark the Asian debut of this landmark annual event.
"TED, which has acquired a cult status with the cream of the world's intellectuals, will attract the best of talent from the technology, entertainment and design sectors from across the world," Lakshmi Pratury, who is bringing TED to India, told IANS.
No more roadblocks, Kamal Nath tells auto sector
By IANS,
New Delhi : Road Transport and Highways Minister Kamal Nath Friday assured the automobile industry he would build roads if it manufactured vehicles.
"You build vehicles, I will build roads," Kamal Nath said in his keynote address at the annual convention of the Society of Indian Automobile Manufacturers (SIAM).
Charting out the path ahead, the minister said the government has approved 10 new road projects, stretching from 11,000 km to 100,000 km.
Amway to invest Rs.550 mn in its Himachal plant
By IANS,
Shimla : Amway India Enterprises will invest Rs.55 crore (Rs.550 million) to treble capacity at its Himachal Pradesh manufacturing unit by the end of this year, a senior company official said here Friday.
"We have plans to treble the capacity of our Baddi manufacturing plant by December-end," Amway India Managing Director and Chief Executive Officer William S. Pinckney told IANS.
"We are adding four new product lines to the existing five lines at Sarvotham Care's plant (at Baddi). This will involve an outlay of around Rs.55 crore," he said.
Selling pressure pulls down sensex by 200 points
By IANS,
Mumbai: A key Indian equities index closed 1.19 percent lower Friday after falling sharply in the late afternoon session.
The 30-scrip benchmark index of the Bombay Stock Exchange, Sensex, which opened at 16,915.96 points, shut shop at 16,642.66 points, down 200.88 points or 1.19 percent from Thursday's closing figure of 16,843.54 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) too ended in the red at 4,945.2 points, down 1.14 percent.
Vijay Bank net up 36 percent in second quarter
By IANS,
Bangalore : State-run Vijaya Bank posted a net profit of Rs.108 crore for the second quarter this fiscal as against Rs.79 crore earned in the like period last fiscal, registering a 36 percent growth year-on-year (YoY).
In a regulatory filing, the Bangalore-based bank Thursday said its total income for the quarter under review increased Rs.1,457 crore YoY.
Other income increased to Rs.120 crore from Rs.75 crore, largely due to a steep jump in trading profit during the quarter to Rs.32 crore from Rs.3 crore a year ago.
Infosys BPO planning acquisitions, hiring
By IANS,
New Delhi : Infosys BPO Ltd, the business processing outsourcing (BPO) subsidiary of software major Infosys Technologies, is looking at fresh acquisitions and hiring people.
Speaking to reporters here Monday, Infosys BPO managing director and chief executive Amitabh Chaudhary said his company was "looking at acquisitions in the range of $80-200 million".
"We will hire 2,000-2,500 people in four months," he said on the sidelines of the World Economic Forum's India Economic Summit.
Reliance Industries finds oil in Gujarat
By IANS,
New Delhi : Mukesh Ambani-led Reliance Industries Tuesday said it has discovered oil in an onland block in Gujarat's Cambay basin.
The oil discovery in the block CB-ONN-2003/1 (CB 10 A&B) was the first one in hydrocarbon blocks auctioned in the fifth round of government auction, the company said in a statement.
Reliance Industries holds 100 percent participating interest in the block with an area of 635 square km, located some 130 km away from Ahmedabad.
Sensex ends volatile session flat
By IANS,
Mumbai : A key index of Indian equities markets closed flat Wednesday after volatile trading.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 17,226.49 points, closed at 17,169.91 points, 28.36 points or 0.16 percent down from Tuesday's close at 17,198.27 points.
The benchmark index had hit an intra-day high of 17,329.68 points and a low 17,142.36 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,118.7 points, down 0.06 percent.
Bolivian revenues from gas exports fall over $1 bn
By EFE,
La Paz : The revenues that Bolivia receives from natural gas exports will come in at roughly $2 billion for all of 2009, down from $3.16 billion last year, the Bolivian Hydrocarbons Chamber, or CBH, said.
The CBH, which comprises all the natural gas and oil companies that operate in the country, said Thursday in a special report that the "price factor" was the primary cause of the drop.
The main markets for landlocked Bolivia's natural gas are Brazil and to a lesser extent Argentina.
Rich nations should make deeper cuts, support others financially: CII
By IANS,
New Delhi : Rich countries must agree to greater emission cuts while helping developing nations cope financially in their efforts to transform into a low carbon economy, a leading industry body has said.
"Developed countries must take deeper reduction commitments, both in medium and long term, such as 25 percent reduction by 2020 and 80 percent reduction by 2050 from 1990 level," the Confederation of Indian Industry (CII) said in a statement Sunday.
Sensex closes 155 points lower, RIL, Infosys drag
By IANS,
Mumbai : A benchmark index of Indian equities shut shop 155 points lower Tuesday amid weak global cues and selling pressure on heavyweights Reliance Industries and Infosys.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,650.82 points, closed at 17,486.06 points, down 155.02 points or 0.88 percent from its previous close at 17,641.08 points.
Reliance Industries, Infosys and HDFC added to the drag on the Sensex.
India’s central bank hikes cash ratio for banks
By IANS,
Mumbai : The Reserve Bank of India (RBI) Friday hiked the cash reserve ratio (CRR) for commercial banks by an unexpected 75 basis points, in a clear bid to curb inflationary expectations in the economy.
All other policy rates were left unchanged.
The CRR, presently at 5 percent, will be hiked in two stages -- 50 basis points from Feb 13 and another 25 basis from Feb 27, RBI Governor D. Subbarao told the chief executives of commercial banks here.
PC sales flat in first half, industry expects revival
By IANS,
New Delhi : Personal computer (PC) sales were almost flat during the first half of the fiscal at 3.71 million units, a meagre rise of one percent compared to the same period a year ago, primarily due to fewer orders from businesses, said a report released Thursday.
The statistics were presented by the Manufacturers' Association for Information Technology (MAIT) -- an apex body representing India's IT hardware sector -- in its bi-annual report.
Inflation rate to be moderate in next 2 months: Mukherjee
By IANS,
New Delhi : Measures taken by the government to tame inflation will take some time to have their effect but the country would have a "moderate rate of inflation" in the next two months, Finance Minister Pranab Mukherjee said Wednesday.
"High inflation is a matter of concern. Measures taken to tame inflation will take some time. I think in next two months we would have moderate rate of inflation," Mukherjee told reporters on the sidelines of an event here.
Global warming to hurt poor, push up food prices
By IANS,
Washington : The impact of global warming on food prices and hunger could be significant in the next 20 years as a new study reveals that higher temperatures could reduce yields of wheat, rice and maize - dietary staple for millions of poor people who subsist on less than a $1 a day.
Stanford University researchers say that the resulting crop shortages would likely cause food prices to rise and drive many into poverty.
But even as some people are hurt, others would be helped out of poverty, says Stanford agricultural scientist David Lobell.
22 coal blocks allotted in Chhattisgarh
By IANS,
Raipur : As many as 22 coal blocks have been allotted to private companies in mineral-rich Chhattisgarh in the last 10 years.
"Twenty-eight coal blocks have been identified for private firms. Till date 22 have been allotted," a mining department official told IANS here. Of the 22 blocks, mining has begun in just six.
The state government has signed 71 agreements with power companies in the last 10 years to set up thermal plants. Tw companies - Jindal Steel and Power Ltd (JSPL) and Lanco Amarkantak Power Pvt Ltd - have commissioned their plants, the official said.
US stocks gain on financial firms
By DPA,
New York : Major stock indices closed higher Wednesday amid gathering optimism about the US economy, with shares of financial firms leading the stock market.
US wholesalers reported a drop of 0.2 percent in inventories in January, which was widely interpreted as a sign of rising demand.
Coal India to hit capital markets in July
By IANS,
New Delhi : India's largest coal producer, Coal India Ltd (CIL), expects to hit the capital markets by July, company chairman Partha S. Bhattacharyya said here Friday.
The government, which holds 100 percent stake in CIL, will divest 10 percent through an initial public offer (IPO) of 63.1 crore shares, Bhattacharyya told reporters on the sidelines of the 20th Asian Corporate Conference organised by industry lobby CII.
The company will reserve 6.3 crore shares for its employees.
Essel Group to develop 800 acre entertainment zone near Mumbai
By IANS,
Chennai : Media and entertainment group Essel is planning to develop an 800 acre entertainment and tourism zone near Mumbai, a senior company official said Thursday.
"We are setting up an entertainment and tourism development zone near Mumbai. It will be an 800 acre theme park. The details of the project are yet to be finalised," Essel group chairman Subhash Chandra told reporters here.
According to him, the project will be implemented by a new company which will be incorporated over a period of time and the outlay is also yet to be finalised.
Sensex closes 1.3 percent lower on eventful day
By IANS,
Mumbai : A benchmark index for Indian equities closed 1.3 percent lower Friday at 16,769.11 points, dragged down by investor worries over the sovereign debt crisis in the Euro zone threatening the world economic recovery.
In what was a volatile but eventful trading day, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,939.58 points, shut shop at 16,769.11 points -- 218.42 points or 1.29 percent lower than its previous close at 16,987.5 points.
Sensex ends 74 points up
By IANS,
Mumbai : A benchmark index of Indian equities Thursday tapered in the last hour of trade and ended 74 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,323.63 points, closed at 17,270.66 points (provisional), 74.85 points or 0.44 percent up from its previous close at 17,195.81 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 5,179.25 points with a gain of 0.44 percent from its previous close at 5,156.65 points.
Tata Tea net profit up by 146.11 percent for 2009-10
By IANS,
Kolkata : Tata Tea posted a profit after tax of Rs.391.47 crore (Rs.3.91 billion) for the year ended March 31, 2010, as compared to Rs.159.06 crore (Rs.1.59 billion) for the year ended March 31, 2009, the company said in a filing in the Bombay Stock Exchange.
The net profit of the company has increased by 146.11 percent.
Total income has increased from Rs.1,524.64 crore (Rs.15.24 billion) for the year ended March 31, 2009 to Rs.1,836.84 crore (Rs.18.36 billion) for the year ended March 31, 2010, the company filing said.
Sensex ends lower, oil companies, ADAG stocks gain
By IANS,
Mumbai : A benchmark index for Indian equities Friday closed 155 points lower, even as the markets cheered the new gas supply agreement between the Ambani brothers and the government's approval for market-determined petrol prices.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,705.11 points, closed at 17,574.53 points, 155.71 points or 0.88 percent down from its previous close at 17,730.24 points.
Expert panel suggests sweeping changes in takeover norms
By IANS,
Mumbai : An expert panel Monday asked the markets regulator to hike the minimum bid for corporate takeovers from 15 percent to 25 percent, which experts say will change the game for acquisitions in the country with far-reaching implications.
The recommendations by the Takeover Regulations Advisory Committee headed by noted tax and corporate law expert C. Achuthan was submitted to Securities and Exchange Board of India (SEBI) Chairman C.B. Bhave here Monday.
GAIL’s Q1 net profit up 35 percent
By IANS,
New Delhi : State-run Gas Authority of India Limited (GAIL) Monday reported a 35 percent increase in net profit for the first quarter of this fiscal at Rs.88,688 lakh as against Rs.65,584 lakh in the like period of 2009-2010.
The total income increased to Rs.7,16,350 lakh as compared to Rs.6,11,907 lakh in the corresponding period, according to the statement released by the company.
Shares of the company closed at Rs.447.20 up 2.5 percent on the Bombay Stock Exchange.
R-COM revenues up, profit down on forex adjustments
By IANS,
Mumbai : Reliance Communications (R-COM) Friday reported a marginal rise in its revenues for the first quarter of 2010-11 at Rs.5,109 crore, against Rs.5,093 crore for the quarter ended March 31 but said its profits declined due to exchange variations.
The company, part of the Reliance Anil Dhirubhai Ambai Group (R-ADAG), said in a filing with stock exchanges that its profit after tax stood at Rs.251 crore for the quarter in review, against Rs.1,220 crore in the previous sequential quarter.
China’s machinery, electronics exports up 30 percent
By IANS,
Beijing : China's machinery and electronic exports were up 30 percent year-on-year, and is on course to become the world's largest exporter of such goods in 2010, reports Xinhua.
Karnataka plans farm loans at one percent interest rate
By IANS,
Bangalore: The Karnataka government plans to extend farm loans at one percent interest under the cooperative sector to help farmers increase output, Governor H.R. Bhardwaj said Thursday.
Aviation fuel hike to hit air travel rates
By IANS,
New Delhi : Air travel is to become more expensive with Jet Airways and SpiceJet hiking fares and other airlines likely to follow suit after public sector oil companies raised aviation fuel prices effective from Thursday midnight.
According to aviation industry sources, the hike is the result of a 10 percent increase in aviation fuel prices. Crude oil has touched $120 a barrel-mark in the international market
India-Iran gas pipeline “infeasible” for now: US expert
By Mayank Chhaya, IANS,
Chicago : The proposed Iran-Pakistan-India pipeline is "absolutely infeasible" in the foreseeable future because financial, political, legal and security circumstances do not support it, a well-informed American expert says.
Bangladesh invites MNC bids for oil and gas exploration
By IANS,
Dhaka : Bangladesh hopes to get nine foreign oil and gas multinational corporations, including some global names, to bid for offshore blocks for exploration.
Submission of offers for exploration in eight shallow water blocks and 20 deep-sea blocks in the Bay of Bengal is to begin shortly. The bidding is the first of its kind for Bangladesh where the focus is exclusively on the Bay of Bengal. The country hopes to catch up in the race where neighbours India and Myanmar have already gone ahead and found oil and gas.
Kerala to promote mango farming
By IANS,
Thiruvananthapuram : Kerala is all set to promote mango farming and apiculture as the state agriculture department will launch a special drive and distribute free saplings to raise the output.
The drive will begin with an apicultural expo and a mango festival here May 8-13.
Kerala Agricultural Minister Mulakara Ratnakaran told reporters here Tuesday close to 100,000 mango saplings would be distributed free in the state.
"Kerala is home to around 152 varieties of mangoes and we want farmers and homesteads to make use of these saplings," Ratnakaran said.
States want to draw 50 percent of total borrowings
By IANS,
Thiruvananthapuram : A two-day meeting of state finance ministers and top economists that concluded here Wednesday demanded that the states be allowed to draw 50 percent of the total market borrowings of the central and state governments.
The meeting, titled 'Centre-State Financial Relations in the Context of the 13th Finance Commission', was jointly organised by the Kerala government, Gulati Institute of Finance and Taxation, and the Planning Board.
Sensex ends day over 250 points down
By IANS,
Mumbai : Indian equities markets took a sharp plunge Thursday and closed in the red with heavy selling in key sectors, spurred by the record price of crude oil, which touched $122 a barrel. The same trend was seen across other Asian markets too.
The markets that opened in the red tracking international cues, failed to recover. Important sectors like capital goods, banking, IT, oil and gas, and realty took a drubbing and all indices, barring metals, closed in the red..
Indian automobile industry bounces back, sales up 9.83 pc
By NNN-PTI,
New Delhi : The automobile industry has got its momentum back with April's overall vehicle sales rising by 9.83 per cent, thanks to reduced excise duty in the 2008-09 Budget.
According to figures released by the Society of Indian Automobile Manufacturers (SIAM), the domestic passenger car sales managed a growth of 17.15 per cent in April.
Total domestic vehicles sale in April stood at 8,06,238 units, against 7,34,103 units in the same month last year.
No shortage of oil in the market: OPEC
By IANS,
Vienna : The Organisation of Petroleum Exporting Countries (OPEC) has said that there was no shortage of oil in the world market and the organisation would act if the market shows need for any measures, WAM news agency reported Friday.
"The organisation will continue to strive for a stable and balanced market, with prices that reflect fundamentals, and are favourable to both producers and consumers," OPEC Secretary General Abdalla Salem El-Badri said Thursday.
Indian Pharmaceutical Firm Aims To Enter Philippines
By Bernama,
Manila : India's third largest pharmaceutical firm will soon enter the Philippine market through a distribution deal with a local company.
Dr. Reddy's Laboratories Ltd's application to transact business in the Philippines has already been approved by the Securities and Exchange Commission, a Filipino government organ in charge of studying application for transacting business by foreign companies.
Dubai-style island resorts planned on the Thames
By IANS,
London : Gulf property developers are planning to build luxury island resorts in England - complete with yacht marinas, theatres, an opera house and housing - along the lines of the famed artificial palm islands of Dubai, a newspaper reported.
Inflation will moderate soon, say government economists
By IANS,
New Delhi : Two leading government economists Monday expressed optimism that inflation would moderate soon and added that there was no need to panic.
While Planning Commission Deputy Chairman Montek Singh Ahluwalia said here that the government's efforts to control inflation would have positive results in some weeks, Prime Minister's Economic Advisory Council (EAC) Chairman C. Rangarajan told reporters that inflation would come down to five to six percent in four months.
Renault-Nissan, India’s Bajaj Auto to produce low-cost car
By RIA Novosti,
New Delhi : Global automaker Renault-Nissan and India's motorcycle manufacturer Bajaj Auto have agreed on setting up a joint venture to produce a low-cost car, the companies said in a statement on Monday.
"The partners will establish a joint venture to develop, produce and sell a car tentatively named ULC whose wholesale price will start from $2,500," the joint statement said.
Microsoft to finally give software for low-cost laptops
By IANS,
New York : After a long dispute, Microsoft has agreed to offer Windows for the computers of 'One Laptop Per Child' (OLPC) educational project for children in developing nations.
The alliance between Microsoft and OLPC , a non-profit association, was announced Thursday, reports The New York Times.
The software giant had resisted joining the project because the low-cost XO laptops in question used the Linux operating system, an open source alternative to Windows.
Russia plans to start exports of light helicopters in 2009
By RIA Novosti,
Moscow : Russia will start exporting Ansat light multipurpose helicopters in 2009, a helicopter industry official said on Friday.
The Ansat, a light multipurpose helicopter developed by the Kazan Helicopter Plant (KVZ), is capable of carrying a pilot and nine passengers. It has a maximum take off weight of 3.3 tons, a maximum payload of one metric ton, and a cruising speed of 250 km/h.
It has been produced in Russia for the domestic market since 2005.
Manpower shortage hits Indian animation industry
By Jivraj Burman, IANS,
Mumbai : The Indian animation industry is expected to double its revenues to nearly $1.5 billion by 2010 but is still hampered by lack of skilled manpower, mainly due to lack of facilities and preference for traditional career options.
"At the close of next year, the industry will require at least 25,000 more trained hands to fill the gap and by the year 2012, the industry will have room to accommodate 300,000 professionals, if not more," Atul Vohra, in-charge of the education division of the Maya Academy of Advanced Cinematics (MAAC), told IANS.
Equities markets flat in afternoon trade
By IANS,
Mumbai : The Indian equities markets which opened with a positive gap Wednesday were trading flat early afternoon.
At 12:30 p.m. the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 16,346.59 with a gain of 71 points. It touched a high of 16,370.23 and a low of 16,217.78 points.
At the same time, the S&P Nifty index of the National Stock Exchange was trading at 4,863.65 points with a marginal gain of 3.85 points.
The market breadth turned negative. On BSE 1,051 stocks advanced, 1,401 declined and 77 remained unchanged.
Google announces MySpace email pact, shows off phone
By DPA,
San Francisco : Google has showed off one of the first working phones built using its open source Android software and announced an email pact with social networking site MySpace.
Google Wednesday announced the moves at the company's largest conference for outside software developers, which was seen as underscoring Google's goal of integrating its services deep into third party websites.
Pakistan pays Rs.25 bn to clear oil companies’ bills
By IANS,
Islamabad : With Pakistan freezing domestic prices of petroleum products, the government has been forced to give state-owned oil marketing companies Rs.25 billion to enable them to clear their bills.
The government has frozen domestic prices for a fortnight, the second time it is doing so.
India’s growth intact but no escaping fuel price hike: PM
By IANS,
New Delhi : Calling for a wider political consensus on "rational economic policies", Prime Minister Manmohan Singh Monday said there was no way out of hiking prices of petroleum fuels to bail out state-run firms that were bleeding due to high global crude prices.
"We cannot allow the subsidy bill to rise any further,” the prime minister told the annual summit of leading industry lobby, the Associated Chambers of Commerce and Industry (Assocham).
Equities markets continue downslide in afternoon trade
By IANS,
Mumbai : The Indian equities markets that had opened in the red Tuesday continued their downslide in the afternoon.
At 12:30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 15,781.57 with a loss of 281.61. It had touched a high of 15,906.77 and a low of 15,709.51 points earlier Tuesday.
At the same time, the S&P Nifty index of the National Stock Exchange was at 4,656.35 points with a loss of 83.25 points or 1.76 percent from its previous close.
Mixed opening for equities markets
By IANS,
Mumbai : The Indian equities markets had a mixed opening Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 30.34 points at 15,992.90.
But the S&P Nifty index of the National Stock Exchange opened at 4,718.70 points with a loss of 2.80 from its previous close.
‘Fuel hike will not cause further inflation’
By IANS,
New Delhi : Planning Commission Deputy Chairman Montek Singh Ahluwalia defended the fuel price hike, saying it would not push up inflation as is being widely feared.
"The government decision to hike fuel prices is correct. The 8 percent growth rate will remain intact," Ahluwalia, a key figure in India's economic reforms since the early 1990s, said here Thursday.
"This fuel hike will not aggravate inflation. Inflation (currently 8.1 percent) will come down in four months," he predicted in his address at the annual function of the National Academy of Agricultural Sciences.
Oil companies cut aviation fuel prices by 4.3 percent
By IANS,
New Delhi : State-run oil companies Thursday cut aviation fuel prices by 4.3 percent following the government's decision Wednesday to reduce customs duty on fuel to five percent.
According to an official, aviation turbine fuel (ATF) will cost Rs.66,226.66 per kilolitre in Delhi from Thursday. Earlier in May, the ATF prices in Delhi had been hiked to Rs.69,227.08 per kilolitre.
Similarly in Mumbai, the effective price of ATF would come down to Rs.68,626.87 per kilolitre from Rs.71,759.06, said an aviation ministry official here.
Brazil’s oil major Petrobras to boost production, export
By IANS,
Rio de Janeiro : Brazil's state-owned energy giant Petrobras will build a new refinery to boost production of gasoline and derivatives for both domestic and export markets as part of a major expansion plan.
Petrobras said in a statement that its 22nd refinery would be on stream in 2010 in Rio Grande do Norte state in the northeast and will produce gasoline, diesel and liquefied petroleum gas, EFE news agency reported Thursday.
It did not disclose the refining capacity of the new unit, which is part of a major expansion plan to augment its share in global oil export market.
India’s central bank may hike rates further: Moody’s
By IANS,
New Delhi : A day after the Reserve Bank of India (RBI) hiked its short-term lending rate, a global rating agency Thursday said the central bank may increase rates further, while also predicting an economic slowdown.
"Amid tight monetary policy conditions which weigh on household consumption and business investment, the Indian economy looks set to slow this year," Moody's Economy said in a report.
"Moody's Economy.com expects GDP (gross domestic product) growth to decelerate from an impressive 8.9 percent in 2007 to around 8 percent in 2008," the agency said.
India approves 13 foreign investment proposals
By KUNA,
New Delhi : Indias Finance Minister P Chidambaram Friday approved 13 Foreign Direct Investment (FDI) proposals as part of the governments efforts to boost the countrys economy.
The proposals were recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on June 4, an Indian Finance Ministry statement said here today.
"The proposals are related to Ministries and Departments of Chemicals Petro-chemicals, Industrial Policy Promotion, Information Broadcasting, Urban Development, Tourism and Economic Affairs," the statement added.
Punjab Chemicals profit rises 276.56 percent
By IANS,
Mumbai : Punjab Chemicals and Crop Protection Ltd Monday announced a consolidated profit after tax (PAT) of Rs.265 million during fiscal 2007-08 compared to Rs.70 million the previous year, recording a growth of 276.56 percent.
The company said that its net sales also rose by 61.36 percent at Rs.5.62 billion from Rs.3.48 billion while earnings per Share (EPS) on annualised basis stood at Rs.37.75 for the year ending March 31, 2008.
US stocks decline on fresh financial woes
By DPA,
New York : US stocks were led lower Tuesday by financial firms still struggling with the effects of the ongoing mortgage crisis.
Goldman Sachs said banks and lenders may need to raise another $65 billion to combat further writedowns in mortgage-related assets. Plunging home prices have prompted a record number of mortgage defaults by US homeowners since the summer of 2007, sparking a widespread crisis in the financial industry.
Shares of all 23 banking institutions in the Standard & Poor's 500 index declined.
Mixed opening for equity markets
By IANS,
Mumbai : The Indian equity markets had a mixed opening Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened at 15,744.21 points with a gain of 47.31 points from its closing figure Tuesday.
The S&P CNX Nifty index of the National Stock Exchange opened at 4,652.80 points with a marginal loss of 0.20 points from its previous close.
Sensex ends with loss of nearly 275 points
By IANS,
Mumbai : Indian equity markets closed deep in the red Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the SSensex, opened at 15,744.21 points and touched a low of 15,390.22 before closing at 15,422.31 points. It went down by 274.59 points or 1.75 percent compared to its closing figure Tuesday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,652.80 points, closed at 4,582.40. It went down by 70.60 points or 1.52 percent from its previous close.p>
Kingfisher, Deccan hike minimum base fares
By IANS,
Bangalore : Leading private airline Kingfisher Airlines and low-cost airline Deccan Air late Friday evening announced an increase in their minimum base fares across categories with effect from Saturday to check losses arising out of soaring aviation turbine fuel price.
Passengers of Kingfisher will have to pay a minimum base fare of Rs.1,000 for up to 750 km, Rs.2,250 for 751-1,000 km, and Rs.3,000 for distances above 1001 km, a joint company statement said here.
Market touches new low of 2008 in continuing slidedown
By IANS,
Mumbai : For the fifth consecutive day Indian equities market ended the day in the red on the back of heavy selling across key scrips. The Nifty and Sensex touched a new low of 2008.
All the sectoral indices ended the day deep in the red.
The market started on a firm note under-performing global markets and continued to hold on to the initial gains till afternoon trade, but turned choppy after that and in the last hour of trading saw heavy selloff across key sectors.
Ford to invest $500 mn in India by 2010
By IANS,
Kolkata : Ford India Pvt. Ltd, a wholly-owned subsidiary of global auto major Ford Motors Co., will invest $500 million to set up a small car production facility and an engine manufacturing unit in India by 2010, a senior company official said here Tuesday.
"The investment is part of the company's capacity expansion plans in India," Ford India executive director (marketing, sales and service) Nigel E. Wark told reporters at the launch of the new Ford Fiesta 1.6S.
Bachchans, Reliance launch joint venture for film production
By IANS,
Mumbai : Amitabh Bachchan's AB Corp and Anil Ambani's Reliance Big Entertainment (RBE) have entered into a joint venture for film production.
Four directors Rohan Sippy, Sujoy Ghosh, Chandraprakash Dwivedi and Balki have been selected to kick start the joint venture of the two stalwarts from the entertainment and business field.
CEO of AB Corp P. Ramesh said: "We have entered into a deal in which we will be producing films with RBE. Four directors have been finalised to start our projects.
Consumers fret as State Bank hikes interest rates
By IANS,
Mumbai : India's largest commercial bank, the State Bank of India (SBI), Thursday hiked its primary lending rate by 50 basis points in what is expected to trigger similar moves by other financial institutions and put further burden on corporate and individual creditors.
The hike to 12.75 percent, which will make loans costlier, takes effect Friday, and comes in the wake of the central bank's decision earlier this week to revise upward both its short-term lending rates and the minimum cash commercial banks have to hold against deposits.
UAE gas company announces new oil discovery in Egypt
By Xinhua,
Abu Dhabi : Dana Gas of the United Arab Emirates (UAE), the largest private-sector natural gas company in the Middle East, announced on Sunday that it has made a new oil discovery in its concessions in Egypt.
The new discovery by the Sharjah-based Dana Gas is the company's first discovery in its major drilling campaign in 2008, according to a press release by the company.
"This is the first discovery for Dana Gas in its major drilling campaign for this year," said Ahmed Rashid Al Arbeed, the company's Executive Director for Upstream.
Indian basmati set to enter China, Mexico
By Rajeev Ranjan Roy, IANS,
New Delhi : Indian basmati rice will shortly enter the kitchens in China and Mexico.
At present, basmati is exported to over 130 countries, and the government hopes to tap the huge markets of China and Mexico in a couple of years.
"India's export of basmati is increasing 20 to 30 percent every year," said A.K. Gupta, advisor, Agricultural and Processed Food Products Export Development Authority (APEDA), India's official agri-product export promotion agency.
CESC posts net profit decline in 2007-08
By IANS,
Kolkata : CESC Ltd has posted a decline in profit after tax (PAT) at Rs.6.27 billion for the financial year ended March 31, 2008 compared to Rs 6.37 billion during the previous year.
To meet increased demand, the power purchase from external agencies increased manifold. In 2007-08, the company purchased Rs.3.78 billion-worth of power from other sources while in 2006-07 the figure was Rs.2.68 billion.
Fuel prices increased by more than 10 percent in Dec 2007 which, along with increased requirement of coal to support higher generation, resulted in increase in fuel cost.
Himachal to market trout in foreign shores
By Vishal Gulati, IANS,
Shimla : Himachal Pradesh is planning to export trout, a delicious coldwater fish species found in abundance in the state.
The trout - both the brown and rainbow varieties - is found in the Beas, Sutlej and the Ravi rivers in the upper Himalayas. This year, production is expected to increase to 100 tonnes from 80 tonnes last year.
The increased production, coupled with the fine taste of the fish, has opened up export options.
Sri Lanka: agreement on oil exploration signed with Indian Company
By NNN-Govt Portal,
Colombo : The Government today signed an agreement with Cairn India Ltd to explore and produce hydro - carbon and natural gas in the Mannar Basin in Northern Sri Lanka.
According to the Petroleum Resources Agreement, Cairn Indian Ltd will start exploration activities in Block SL2007/01/001 in the Mannar Basin which covers 3,400 sq. km. at depths between 200 to 1,800 m within 6 months from today.
G-8 leaders discuss oil, food prices, world economy, global warming
By KUNA,
Toyako, Japan : Leaders of the Group of Eight (G-8) industrialized nations began substantial talks here on Tuesday, aiming to find common ground on surging oil and food prices, the world economic slowdown, and global warming. The second day of the G-8 summit followed outreach dialogues with African nations on the previous day at Lake Toya resort in in northern Japan.