Economy

By DPA London : Reuters, the international news and financial information service, confirmed Friday that it had become a takeover target. The London-based company said it had received a "preliminary approach from a third party, which may or may not lead to an offer being made for the group." Shares in the firm soared by almost 19 percent as investors cheered the prospect of consolidation in the sector. But Reuters said there was no certainty that an offer would be made.

By IANS Dubai : Tourism-related projects in Dubai would touch 450 billion dirhams ($122 billion) by 2018, or more than 50 percent of the 858 billion dirhams ($231 billion) being projected for the whole of United Arab Emirate (UAE), WAM news agency reported Friday. In a press statement Thursday, the Tourism Development Projects and Investment Market (TDIM), quoting a survey, said the total value of projects for the Middle East and North Africa (MENA) region would be 1.2 trillion dirhams by 2018.

By IANS New Delhi : Within a week of the Foreign Investment Promotion Board (FIPB) giving its green signal to Vodafone's acquisition of a majority stake in Hutch-Essar, the British telecom giant cleared the last hurdle Friday by getting Finance Minister P. Chidambaram's nod. According to Ajay Dua, secretary, department of industrial policy and promotion (DIPP) and also a member of the FIPB, the Vodafone deal to acquire India's fourth largest mobile service provider for $11.1 billion has been cleared.

By IANS New Delhi : Commerce Minister Kamal Nath has received a pat on his back from Prime Minister Manmohan Singh for enhanced foreign direct investment inflow into the country, even as he set a target of $30 billion for this fiscal. In a letter complimenting Kamal Nath and the Department of Industrial Policy and Promotion (DIPP) the prime minister hoped every effort would be made to cross the $30 billion mark in foreign investment inflows during 2007-08.

By IANS Mumbai : Supermarket chain Subhiksha Friday said it was entering Kerala with an outlay of Rs.500 million ($12 million) to start some 70 stores in the state. The decision follows successful operations in Delhi, Tamil Nadu, Karnataka, Andhra Pradesh, Gujarat, Maharashtra, Punjab, Haryana and Uttar Pradesh, Subhiksha said in a statement.

By IANS Chennai : Outsourcing major Cognizant Technology and Ordina, an IT services provider in Belgium and the Netherlands, Friday said they have entered into a seven-year outsourcing pact with Dutch financial services major Rabobank. "Cognizant and Ordina will collaborate to deliver outsourced services as part of a seven-year arrangement with the Rabobank Group, encompassing application design, development and testing services," the two companies said in a statement.

By IANS New Delhi : The Telecom Regulatory Authority of India (TRAI) Friday brought out a new regulation for all telecom service providers, including broadband providers, to implement an effective mechanism to address consumers' grievances. TRAI's new regulation - Telecom Consumers Protection and Redressal of Grievances Regulations, 2007 - has been brought to ensure effective, speedy and inexpensive way to address consumers' grievances, especially at a time when India is adding over seven million telephone subscribers a month.

By IANS Karachi : Pakistan has cleared the export of an additional 500,000 tonnes of wheat to India, utilizing its excess this year to try and make "inroads into the lucrative Indian market". "It was being done in the hope of making inroads into the lucrative Indian market," Food and Agriculture Secretary Ismail Queshi said Thursday. "The decision was taken especially in view of the tender floated by the State Trading Corporation of India. The export will be undertaken by the private sector by sea and land route, that is the railways," he added.

By DPA Washington : General Motors Corporation has reported a 90 percent drop in first quarter profits, drained down by the slump in its mortgage branch. Net income dropped to $62 million from $602 million in the same period last year, the Detroit automaker said Thursday. Revenues were down 16 percent to $43.9 billion.

By IANS Chennai : US-based financial services major AIG Global Investment Group (AIGGIG) Thursday formally launched its maiden "world class" India Equity Fund here at Rs.10 per unit (plus applicable entry load). AIGGIG chief executive for Indian operations, Sunil Mehta said: "our vision is to create a world class asset manager in India that combines our global expertise with our local experience gained over the years backed by a track record of our professional team."

By IANS Mumbai : India's largest private airliner Jet Airways Thursday announced the creation of its European hub in Brussels, which will provide enhanced connectivity between India and Europe, Africa and North America. Jet Airways will work closely with Brussels Airlines and will offer its customers seamless connections to and from Europe, the US, Canada, Africa and India. The airlines will launch daily services from Mumbai to New York (Newark) via Brussels, from Aug 5. Later in the year, it will also offer daily services from Delhi to Toronto via Brussels.

By IANS New Delhi : The Lok Sabha Thursday passed the Finance Bill for the current fiscal after Finance Minister P. Chidambaram's reply to the debate on the union budget during which he brought some amendments in the tax proposals, but said exemptions would be phased out eventually. Chidambaram also said that proposed recast of tax brackets may be linked to inflation and sought to increase the tax-to-gross domestic product ratio to 11.8 percent for the current fiscal, from 11.5 percent in the previous year.

By IANS New Delhi : Coromandel Fertilisers Ltd., a company of the $1.6 billion Murugappa Group, has registered robust growth for fiscal 2006-07 with its profit after tax soaring at 20.57 percent over the previous financial year to reach Rs.1 billion. During 2006-07, the company earned a total income of Rs.20.84 billion, registering a growth of about 11 percent compared to the previous fiscal.

By Pervez Bari   Bhopal: In the last days of April six more farmers have committed suicides in the...

By INEPNEXT

Brussels: The creation of the Jet Airways hub at Brussels airport will not only stimulate business and tourism links between Belgium and India alone but also between Europe and India,according to aviation experts.

Jet Airways Chairman, Naresh Goyal, and CEO Brussels Airlines, Philippe Vander Putten, signed a Memorandum of Understanding to create the hub at Brussels airport Wednesday afternoon.

By TwoCircles.net staff Washington DC: U.S. Secretary of...

By IANS New Delhi : The Lok Sabha Thursday passed the Finance Bill for the current fiscal (2007-08) after Finance Minister P. Chidambaram's reply to the debate on the union budget during which he brought some amendments in the tax proposals but said exemptions would be phased out eventually. Chidambaram also said that proposed recast of tax brackets may be linked to inflation and sought to increase the tax-to-gross domestic product ratio to 11.8 percent for the current fiscal, from 11.5 percent in the previous year.

By IANS New Delhi : US aerospace major Boeing hopes to leverage the country's proposed "bankable offsets" policy to increase its engagement with India Inc., even as it awaits the outcome of an Indian Air Force (IAF) order for 126 combat jets. "We want to kick start our partnerships with India's public and private sectors. Why wait for two-three years till the contract (for the jets) is signed?" Chris Chadwick, vice president and general manager for Global Strike Systems at Boeing Integrated Defence Systems (IDS), maintained at a select media gathering here Thursday.

By IANS Mumbai : Indian pharma and biotech major Wockhardt Ltd Thursday announced the acquisition of French pharmaceutical group Negma Laboratories in an all-cash deal worth $265 million. With this acquisition, Wockhardt becomes the largest Indian pharmaceutical company in Europe with more than 1,500 employees based in the continent. Negma is the fourth largest independent and integrated pharmaceutical group in France with sales of $150 million.

By IANS Hyderabad : Satyam Computer Services Ltd., a leading global consulting and IT services company, Thursday opened its facility in the port city of Visakhapatnam in Andhra Pradesh. Chief Minister Y.S. Rajasekhara Reddy inaugurated the Satyam campus that has come up on 6.5 acres of land at Resapuvani Palem. According to a company statement here, this was the second facility of the company in the state after Hyderabad, which also houses Satyam's corporate headquarters.

By IANS New Delhi : Finnish mobile handset giant Nokia Thursday said it plans to sell four billion handsets globally by 2010, a majority of which will be in emerging Asian markets like India and China. "India is strategically very important market for us with the telecom industry growing at a rate like never before," Soren Peterson, vice president, mobile phones, Nokia told a press conference here.

By IANS Jaipur : Reliance Money, part of the Anil Dhirubhai Ambani Group, Thursday announced its foray into retailing of gold coin after it tied up with Swiss precious metal refining major Valcambi. With this, the company will sell 24 carat 999.9 pure gold coins in denominations of 5gm and 8gm at its select Reliance Money and Reliance World outlets of Reliance Communications.

By IANS New Delhi : Pakistan Thursday once again linked expansion in trade with India to resolution of all outstanding disputes, including Kashmir, and said it was negotiating for exporting wheat to the country. "Let's hope that we are able to resolve our political differences and create a conducive climate for enhanced economic cooperation," Pakistan's High Commissioner to India Shahid Malik told Indian businesspersons here.

By IANS Jaipur : Automobile major Honda Siel Cars India Ltd. (HSCI) Thursday unveiled a long-term plan to set up a new compact car manufacturing facility in Alwar in Rajasthan with an initial investment of over Rs.10 billion ($230 million). A Memorandum of Understanding was signed between HSCI and the Rajasthan government for setting up the much-awaited plant, the second in India.

By IANS New Delhi : As many as 54 of 60 projects notified under the agri export zone (AEZ) scheme have failed to log desired levels of investments and exports, resulting in a 50 percent shortfall in targets, says a leading industry chamber. Because of the poor performance of 54 AEZs in the past six years, exports from the 60 projects have been Rs.53.16 billion ($1.25 billion) against a target of Rs.118.21 billion, the Associated Chamber of Commerce and Industry (Assocham) said.

By Syed Zarir Hussain IANS Nathu La (Sikkim) : Border trade between India and China has resumed a month earlier than scheduled through the 15,000 feet Nathu La pass, with traders of both countries keen to boost business. "Trading was earlier scheduled to begin June 1 and last until Sep 30. But the two countries agreed to demands by traders to allow business from May 1 to Nov 30," Sikkim Director of Industry and Commerce Saman Prasad Subba said Thursday.

By IANS New Delhi : Germany will continue with its development assistance to India despite the robust growth of its economy, German Ambassador to India Bernd Mutzelburg said here Thursday. "A question being asked is why Germany should continue to give millions of euros as development assistance when the Indian economy is growing at a high rate of 9 percent," the ambassador said.

By Syed Zarir Hussain IANS Nathu La (Sikkim) : Bilateral trade between India and China through the fabled Silk Road has resumed a month earlier than scheduled, with traders of both countries keen to boost business. "Trading was earlier scheduled to begin June 1 and last until Sep 30. But the two countries agreed to demands by traders to allow business from May 1 to Nov 30," Sikkim Director of Industry and Commerce Saman Prasad Subba said Thursday.

By Syed Zarir Hussain IANS Nathu La (Sikkim) : Bilateral trade between India and China through the fabled Silk Road has resumed a month earlier than scheduled, with traders of both countries keen to boost business. "Trading was earlier scheduled to begin June 1 and last until Sep 30. But the two countries agreed to demands by traders to allow business from May 1 to Nov 30," Sikkim Director of Industry and Commerce Saman Prasad Subba said Thursday.

By IANS Kolkata : US-based financial services major American International Group (AIG) has planned to significantly expand its line of businesses in India, a company official said here Wednesday. The firm is keen to enter the distressed asset investment, mortgage guarantee and infrastructure investment businesses in the country by 2007, said Sunil Mehta, AIG's country head and chief executive. AIG is in the preliminary stage of evaluating various options of entry into the sectors and has already started expanding its consumer finance business in India.

By IANS, New Delhi : Automaker Hyundai Motor India Ltd (HMIL) has posted a growth of 4.8 percent in the Indian market by selling 15,728 units in April, the company said Wednesday. HMIL - the Indian unit of South Korean automaker Hyundai - registered 4.6 percent growth in the export markets with the sale of 11,341 units, selling a total of 27,069 units during the month.

By IANS, New Delhi : India's leading telecom service provider Reliance Communications Wednesday launched mobile handsets for as low as Rs.777 (less than $19), for the first time in India. The price of the handsets - named as Classic 202, Classic 204 and Classic 203 - starts from Rs.777 and goes up to Rs.888 with facility of payment in instalments.

By IANS, Bangalore : State-run Canara Bank has posted a net profit of Rs. 14.21 billion for fiscal 2006-07, it was announced here Wednesday. The bank registered a marginal growth of 5.8 percent over 2005-06 when it was Rs. 13.43 billion. Even for the fourth quarter (January-March) of the 2007 fiscal, the bank posted a net profit of Rs. 5.05 billion, an increase of 2.35 percent over the corresponding period of the previous fiscal at Rs. 4.93 billion.

By IANS, New Delhi : The burgeoning Indian IT industry will cross the $100 billion mark in revenues within the next four years with a growth rate of 18 percent, said a report. The report was released by US-based IDC Ltd.'s Indian subsidiary IDC India, a global research and market intelligence firm for IT, telecom and consumer technology.

By IANS, New Delhi : An 11-member legal delegation from the US is all set to visit India to take part in a three-day conference to discuss ways to enhance bilateral trade and investment, the Indo-American Chamber of Commerce (IACC) said Wednesday. The conference - Business in and between India and the US: Legal and Regulatory Framework - will be inaugurated by External Affairs Minister Pranab Mukherjee in the capital May 4, IACC said here.

By IANS, New Delhi : Leaders of the Indian industry are worried over the way the agricultural issue, which calls for pruning farm subsidies by the rich nations, is being handled at the ongoing global trade talks, says a leading industry lobby. The talks under the World Trade Organisation (WTO) had started in Doha, Qatar, in 2001 and had resulted in a stalemate last July after members failed to reach a consensus, largely on domestic support and market access in agriculture.

By IANS, New Delhi : India and Germany will sign a pact Thursday to enhance technical and financial cooperation, essentially in infrastructure, even as they discuss new projects to be funded by Berlin this year. The talks to push economic ties will be held under the aegis of the annual Indo-Germany Consultation Meeting here where the two sides are proposed to tie up the committed German assistance to India worth $325 million, officials said.

By IANS, Washington : The US has received its first consignment of Indian mangoes after 18 years. At a mango festival hosted at the US-India Business Council (USIBC) headquarters here Tuesday, US Trade Representative Susan Schwab and Agriculture Secretary Mike Johanns each received from India's Ambassador Ronen Sen the first gift baskets of ripe Indian mangoes.

By NNN, Kuala Lumpur : Economic ministers of the Association of South-East Asian Nations (ASEAN) will discuss the grouping's Economic Community blueprint at their retreat in Brunei on Thursday and Friday. Malaysia's Ministry of International Trade and Industry (MITI) said in a statement here that the blueprint, outlining action plans and measures for the realisation of the ASEAN Economic Community by 2015, was expected to be one of the main topics at the 13th Asean Economic Ministers (AEM) Retreat to be held on Thursday and Friday in Brunei.

By NNN, Kuala Lumpur : The challenges standing in the way of Asia's financial integration will be one of the key issues which Asian finance ministers will discuss at the 40th annual meeting of the Asian Development Bank (ADB) beginning on Friday. According to a statement from the manila-headquartered ADB, other topics likely to be the focus of attention will be where Asia stands a decade after the Asian financial crisis and how developing Asian economies will adapt to vast changes underway in the region.

By Sudeshna Sarkar, IANS Kathmandu : India's GMR Group, a prominent private sector organisation with prime interests in infrastructure and agro business, has had its bid for a 300 MW hydropower project in Nepal blocked by a parliamentary committee. The group, which already operates three power plants in Mangalore, Chennai and Andhra Pradesh, was among 14 foreign companies bidding for three hydel projects in Nepal.

By NNN-KUNA, Kuwait : A study prepared by the Abu Dhabi Investment House (AIH) has estimated the volume of wealth of Gulf businesswomen to stand at nearly USD 37 billion, a matter that has prompted the AIH to establish a bank, the first of its kind, for Gulf businesswomen to be based in Bahrain. The Abu Dhabi-based AIH said in a statement Tuesday that it has received the initial approval to form the bank in Bahrain with a capital of USD 100 million.

By NNN-KUNA, Dubai : The government of Dubai and the Japan Bank for International Cooperation have signed here a cooperation agreement in a bid seen as to help consolidate economic cooperation between the two countries. The agreement comes within the framework of efforts of the local economic development and those aiming at boosting the local capabilities in attracting foreign investments.

By NNN-GNA, Accra : A forum that will bring together key industry stakeholders and provide a platform for the discussion and dissemination of crucial business information will be held at the Accra International Conference Centre from June 20 to 22, 2007. Dubbed the “Money Show�, it targets Ghana’s fast growing banking, insurance and financial services sector, according to a statement issued in Accra Monday by the organizers, EXPO Promotions.

By NNN-KUNA, Abu Dhabi : Etihad Airways has signed the terms of a USD 400 million agreement for an Islamic lease financing facility that will be used to finance the airline's acquisition of four Airbus A340-500 aircraft delivered in 2006.

By NNN-ZANIS, Lusaka : The Tourism Council of Zambia (TCZ) is concerned that Zambia continues to be one of the most expensive tourist destinations in Africa. TCZ Chairman Jacob Simwanza says this has caused the country to continue losing a number of foreign tourists. Simwanza says although the tourism industry ranks second in importance to agriculture, Zambia has not fully benefited from the industry.

By Indo-Asian News Service, New Delhi : Commerce and Industry Minister Kamal Nath will deliver a talk on India and its position in the ongoing global trade talks at the Oxford University Thursday. During his visit to Britain, he is expected to meet British Prime Minister Tony Blair and hold several bilateral discussions with Alistair Darling, British secretary of state for trade and industry, said an official statement.

By IANS, New Delhi : India's exports grew 23.88 percent during the fiscal year ended March 31 to touch $124.63 billion, against $100.61 billion in the previous year, trade data released Tuesday said. India's merchandise imports during the period under review expanded 29.3 percent to top $181.37 billion against $140.26 billion in the previous year, said data released by the Directorate General of Commercial Intelligence and Statistics. As a result, the trade deficit expanded to $56.74 billion from $39.63 billion.

By IANS, New Delhi : US-based IT major Fiserv Inc. Tuesday announced its plans to increase its headcount to 5,000 in India within the next two years. The company's wholly owned Indian subsidiary Fiserv India, which was established in 2005 as part of the company's global expansion strategy, has recruited 1,000 employees so far.

By IANS, Jaipur : Automobile major Honda Siel Cars India (HSCI) is all set to establish a Rs.10 billion ($240 million) small car manufacturing project in Rajasthan, officials said Tuesday. The company is expected to sign a memorandum of understanding (MOU) with the Rajasthan government here Thursday for the project, slated to come up in Khuskhera industrial area in Alwar district, 140 km from here. HSCI proposes to manufacture around 50,000 cars per annum initially from the facility and progressively increase the number to 100,000.

By IANS, New York : Taj Hotels, Resorts and Palaces, a part of the Tata Group under the Indian Hotel Company, Tuesday said it has acquired Campton Place in San Francisco - a 110-room, European style luxury hotel - for $58 million. This is the group's first hotel in East Coast and the third in the country, after the lease entered into in 2005 to operate the The Pierre in New York's Fifth Avenue and full ownership of Taj Boston earlier this year.

By IANS, New Delhi : Bharti Enterprises, India's leading private telecom service provider, Tuesday announced a partnership with British telecom giant Vodafone Plc. to provide telecom services in the Channel Islands - Jersey and Guernsey. Jersey and Guernsey are a group of British dependent islands comprising a population of over 170,000. An agreement was also signed between Bharti's wholly owned subsidiaries - Jersey Airtel Ltd. and Guernsey Airtel Ltd. and Vodafone.

By IANS, New Delhi : Sale of personal computers (PC) in India grew 28 percent in the third quarter of 2006-07 as compared to the corresponding period in the previous year with 1.3 million units sold between October-December 2006, a leading IT hardware and training body said Tuesday. Sale of notebooks and laptops also soared during the period, registering a growth of 56 percent as against last year, while sales of desktop grew by 24 percent, said a statement by the Manufacturers' Association for Information Technology (MAIT).

By IANS, New Delhi : Russia is ready to simplify visa procedures for Indians, specially businesspersons, provided India signs a readmission agreement to take back illegal Indian migrants, said a Russian official here Tuesday. "Russia wants to multiply trade and business with India and is keen to liberalise visa procedures for Indian businessmen. But for that India has to sign a readmission agreement," said Vladimir Chryssanthov, first secretary in charge of commercial, economic and financial affairs section at the Russian embassy.