TVS Motors eyes larger market share in Bangladesh
By IANS,
Dhaka : With the launch of TVS Motor's motorcycle 'Flame' in Bangladesh, the Indian scooter and motorcycle maker is keen to hike its share of the Bangladeshi market of two-wheelers from eight percent to 12.
TVS Auto Bangladesh, the local distributor, unveiled plans for the hike, to take place within the next eight months as the company expects Bangladesh's two-wheeler market to boom in coming years, the New Age newspaper reported.
Indian economy may grow 9-10 percent in medium-term
By IANS,
New Delhi : Despite recent moderation, the government is hopeful that the Indian economy would grow at 9-10 percent in the medium-term as the fundamentals remain strong.
Two wheeler industry to grow at 19.4 percent in FY10-11: CARE
By IANS,
Mumbai: Ratings company Credit Analysis and Research (CARE) Wednesday said the two wheeler industry is expected to grow at 19.4 percent this fiscal.
Cisco to increase headcount to 10,000 in India by 2010
By IANS
New Delhi : The Cisco Systems Inc would be increasing its headcount in India to 10,000 by 2010. The company is also on target to invest $1.16 billion in the country, chairman and CEO John Chambers said here Monday.
"We are very much on target," Chambers told reporters on the sidelines of the Public Sector Summit organised by National Institute of Smart Government (NISG).
The $35-billion company announced in 2005 that it would be spending $1.16 billion in strengthening its presence here and ramping up its employee strength.
KSE price index ends day up 61.9 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange (KSE) ended Thursday's session up 61.9 points to reach 14,157.5 points and the weighted index also increased by 5.48 points to settle at 810.18 points.
Volume of traded shares reached around 450.5 million, valued at around KD 214.3 million over 11,178 spot transactions.
Six out of the eight KSE sector indices went up with the Banking sector in the lead going up 209.7 points, followed by the investment sector up by 137.6 points, and the real estate sector by 67.6 points.
Why not polls in 2009, Mamata taunts Left
By IANS,
New Delhi : Railway Minister Mamata Banerjee Friday taunted the Left for calling her rail budget a "manifesto" for the West Bengal assembly polls of 2011, retorting "why not in 2009"?
"You asked me a political question and I gave you a political answer," she told reporters after presenting the rail budget.
Asked about Communist Party of India-Marxist (CPI-M) leader Basudeb Acharya's comment that the rail budget she presented in parliament was a "manifesto for the 2011 elections in West Bengal", Banerjee said she was ready to face elections this very year.
$13.6 bn pumped into UAE banking sector
By IANS,
Abu Dhabi : In a bid to shield the United Arab Emirates' (UAE) banking industry from the current liquidity in the global financial markets, the country's central bank has decided to set up a 50-billion dirham ($13.6 billion) fund which banks here can avail of.
The UAE Central Bank Monday announced it was setting up the new facility after its board of directors discussed the position of inter-bank deposits, which was affected by the liquidity constraints in international money markets, the official Emirates News Agency (WAM) reported.
Planters seek level-playing field to be globally competitive
By Fakir Balaji, IANS,
Coonoor (Tamil Nadu) : Tea, coffee, rubber and spice planters in South India Tuesday called for drastic amendments to the various acts pertaining to land, labour and wages so that they could be globally competitive.
"There is an urgent need to overhaul the Plantations Act, the Land Reforms Act and the Minimum Wages Act to become competitive in a global market," United Planters' Association of Southern India (UPASI) president D.P. Maheshwari said here.
Jet hopeful China clearance will come fast
By IANS
New Delhi : A month after Prime Minister Manmohan Singh's visit to China, Beijing has yet to allow Jet Airways for flying to Shanghai and beyond, but the Indian carrier is "not unduly worried" and hopes that issues will be sorted out between the two countries to allow it to operate Mumbai-Shanghai-San Francisco flight.
"It's a matter between India and China. The Indian government has already approved it. We are waiting for the permission from China," an official of Jet Airways, who did not wish to be named, told IANS.
Government permits industries within 25 km of cities
By IANS,
New Delhi : The government Thursday lifted a ban on locating industries within 25 km of cities with a population of one million.
The cabinet, at its meeting here Thursday presided over by Prime Minister Manmohan Singh, decided to lift the ban that had been imposed in 1991, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.
After the 1991 ban, only electronics, computer software and printing industries, as also industries located within industrial areas were permitted within 25 km of cities with a population of one million.
Bank loans light up rural Karnataka with solar power
By Joydeep Gupta, IANS,
New Delhi : Over 100,000 people in Karnataka's villages have benefited in the last five years after banks started providing loans for solar lighting at low interest rates, a UNEP official has said.
In 2003, the UN Environment Programme (UNEP) persuaded Canara Bank, Syndicate Bank and their rural (Grameen) affiliates to lend $300-500 for small solar lighting systems that would work for two to four small lights or appliances, the programme's spokesman Nick Nuttall said.
Tokyo market dives more than seven percent
By DPA,
Tokyo : The Tokyo stock market continued to plummet Wednesday as the key Nikkei 225 Stock Average dropped below the 10,000 mark.
The Nikkei lost 743.82 points, or 7.3 cent, to 9,412.08 in afternoon trading.
The broader Topix index of all first-section issues dropped 42.21 points, or 4.32 percent, to 935.4 in morning trading.
Japan's central bank injected 2.1 trillion yen ($20.57 billion) into the money market Wednesday to ease disruptions in the financial system.
Mahindra’s workers resume work at Igatpuri plant
By IANS,
Mumbai : Auto major Mahindra and Mahindra (M&M) Tuesday said its employees have withdrawn their tools-down strike at its plant near Maharashtra's Nashik town.
The workers went on strike demanding pay revision and reinstatement of a sacked labour leader.
"Following the withdrawal of this strike, production has resumed in the Nashik plant of the company and normalcy restored," the company said in a regulatory statement Tuesday.
M&M said the strike was withdrawn Monday following a wage agreement signed with workers May 15.
Sensex in red despite recovering 300 points from day’s low
By IANS,
Mumbai : After panic selling throughout the morning, Indian equity markets witnessed a smart recovery but still ended in the red Monday.
At the close of trading, the 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, had recovered by nearly 300 points to end the day at 13,531.27, still down 469.54 points or 3.35 percent from its closing figure Friday.
Earlier in the day it had fallen by over 750 points or about 5.4 percent.
It’s good business for Pakistani publishers at book fair
By Prashant K. Nanda, IANS
New Delhi : Pakistani publishers and exhibitors at the World Book Fair here are a happy lot as business this time has soared in comparison to earlier years. Works on literature and the Urdu language are doing especially well.
"I have been participating in the New Delhi World Book Fair since 1982. I can tell you that it's growing business that is pulling me here every time," said Ahmad Ali Sheikh, a publisher from Lahore, Pakistan.
"There is certainly good business this time and you can see the number of customers at my stall," Sheikh said.
Lawsuit pits Andhra sanctuary against SEZ
By Rana Ajit, IANS,
New Delhi: An environmental activist is set against a Special Economic Zone (SEZ) coming up near the Pulicat Lake bird sanctuary in Andhra Pradesh. And he has now turned to the Supreme Court to protect the wildlife habitat.
Hyderabad-based activist K.L. Vyas, who earlier headed a legal battle in the Andhra Pradesh High Court to save over 100 lakes of the state from destruction, has now come to the apex court to save the second largest brackish-water lagoon in India after Orissa's Chilika Lake.
India’s domestic IT growth now beats exports: survey
By IANS,
New Delhi : India's booming IT market has seen the domestic demand growth outstrip exports for the first time in over a decade, thanks to the maturing outsourcing market, says a new survey.
The domestic IT demand grew 34 percent in 2007-08, compared with 27 percent for exports, which is the opposite of what happened the last fiscal, says the annual IT industry survey of Dataquest - the flagship publication of CyberMedia Group.
Markets trading volatile, Sensex in red
By IANS,
Mumbai : Indian equities were trading volatile Tuesday afternoon, with a key index ruling 0.56 percent in the red.
At 2.04 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 17,414.8 points, was ruling at 17,228.48 points -- 97.53 points or 0.56 percent lower than Saturday's close at 17,326.01 points.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was trading in the negative at 5,111.1 points, down 0.6 percent.
Automobiles giant Mahindras now to make leisure boats
By IANS,
Mumbai : Mahindra Group, famous for its automobiles and farm equipment, is now foraying into wet territory - manufacturing fiberglass powerboats and catamarans.
It enters the high-potential, exclusive leisure boating industry under the brand name of Mahindra Odyssea and initially offer state-of-the-art, custom-designed power boats ranging from 20-40 feet, said Mahindra and Mahindra executive vice-president Zhooben Bhiwandiwala.
Dollar Industries eyes Rs.5 bn turnover in 2012-13
By IANS,
Kolkata : Hosiery major Dollar Industries targetted an over Rs.5 billion turnover by the end of fiscal 2012-13, a top company executive said Thursday.
India, China growth to cushion deepening recession: World Bank
By Arun Kumar, IANS,
Washington : Warning that the world is entering an era of slower growth, the World Bank Monday said that without India and China, the developing countries' output would shrink 1.6 percent.
But with the two Asian engines of growth included, developing countries are expected to grow by only 1.2 percent this year, after 8.1 percent growth in 2007 and 5.9 percent growth in 2008.
Bank of Baroda increasing focus on non-Indians abroad
By Aroonim Bhuyan, IANS,
Dubai : Bank of Baroda (BoB), the Indian public sector bank with the largest international presence, is now focusing on non-Indian customers even as it plans to open 10 overseas branches in 2008-09.
The bank, which has 72 offices in 25 countries, is planning forays in even those parts of the world where the expatriate Indian population is not dominant.
Chidambaram, Deora to attend Jeddah oil meet Sunday
By IANS,
New Delhi : Two senior Indian ministers will attend Sunday's meeting of oil consumers and producers in Jeddah, called to discuss, among other issues, the spiralling price of crude oil in the global market.
Finance Minister P. Chidambaram and Oil and Natural Gas Minister Murli Deora, accompanied by senior officials including Oil Ssecretary M.S. Srinivasan, are to attend the meeting and present the country's stand on the rising crude prices.
Tata owned steel giant Corus to cut production by 30 percent
By DPA,
London : Steel giant Corus, Europe's second-largest steel company owned by India's Tata Steel, Friday announced plans to cut production by 30 percent over the next six months.
The company, formerly British Steel, cited the global economic downturn for its decision to close two blast furnaces at its plants in Britain, and one in the Netherlands, until next March.
On Thursday, Corus said 400 jobs would be cut in its distribution business, which employs 2,400 people in Britain and Ireland.
Aadhaar card not mandatory for social welfare schemes: SC
New Delhi: The Supreme Court on Tuesday ruled that the Aadhaar card was not mandatory for availing benefits under the government's social welfare schemes...
Mahindra ropes in Deutsche Bank for Jaipur economic zone
By Nayanima Basu, IANS
Jaipur : Mahindra and Mahindra's $3-billion special economic zone coming up near Jaipur has roped in Deutsche Bank for a 200,000 sq ft offshore facility, a top official of the company said here Friday.
"Deutsche Bank is setting up their 200,000 sq ft facility at our special economic zone. They will start their operations by June 1 next year," Arun Nanda, executive director of Mahindra and Mahindra, said.
Hyderabad to become a metro city
By Mohammed Shafeeq, IANS,
Hyderabad : Hyderabad will join cities like Kolkata and Delhi to have a metro rail that give will further boost to connectivity in this fast-growing southern Indian hub.
The Hyderabad Metro Rail, to be developed under public-private partnership at a cost of Rs.96.96 billion (approx $2.4 billion), it is one of the largest projects of its kind in the world and India's first two-track elevated transit system.
G-8 leaders meet African leaders as summit begins in Japan
By KUNA,
Toyako, Japan : Leaders of the Group of Eight (G-8) industrialized nations kicked off their annual summit Monday at Lake Toya resort in Hokkaido, northern Japan, with global warming and sky-rocketing oil and food prices dominating the agenda.
The three-day meeting of leaders from Britain, Canada, France, Germany, Italy, Japan, Russia, and the US began with an outreach dialogue is also attended by seven African heads of state amid riots and instability. The outcome of Monday's meeting will be reflected in core G-8 sessions Tuesday.
President’s Report Says Economy Sound
By SPA
Washington : President George W. Bush released his annual economic report Monday, which described the U.S. economy as generally sound, while acknowledging weakness in areas and the need for economic stimulus.
In a brief introduction to the report, Bush told reporters that a $168 billion economic rescue package passed by Congress last week will keep “our economy growing and our people working.”
India, Canada urged to develop economic linkage
By IANS,
Chennai : To have better economic relations and also increase the bilateral trade from the current $4 billion, India and Canada should work towards signing a Free Trade Agreement (FTA), a Canadian official said.
“Both the countries can pursue a FTA within the next 10 years. The countries can have economic linkage in agriculture, information technology, civil aviation, energy, defence technology, higher education and tourism,” Deepak Obhrai, parliamentary secretary to the Canadian foreign affairs minister, said here Wednesday.
Magma Fincorp plans Rs.340 crore loans in Uttar Pradesh
By IANS,
Kolkata: Asset financing company Magma Fincorp Limited Thursday announced it will disburse Rs.340 crore in retail loans in Uttar Pradesh in 2010-11.
The company already has deep penetration in the state with 13 branches and will open three new branches in Gorakhpur, Bareilly and Bijnore, a company statement said here.
London auctions prove that art is now for the super-rich
By Anna Tomforde, DPA,
London : If proof were needed that the international art market has become a playground for the super-rich, it was delivered by record-breaking auctions in London this week.
Just over 40 million pounds ($80 million) for a Monet water lily painting, a record-smashing 15 million pounds for Italian futurist Gino Severini, four million for a Henry Moore sculpture and 5.5 million for a work by fashionable Russian modernist Natalia.
Goncharova were among the highlights of the annual impressionist and modern art auctions at Christie's and Sotheby's.
Singapore Airlines to operate two new flights from New Delhi
By IANS
Mumbai : As part of its aggressive expansion plan in India, Singapore Airlines (SIA) has decided to operate two new flights from New Delhi March 30 onwards, the airline said Thursday.
With this, the airline will now operate nine flights a week from the national capital, using the Boeing 777-200 aircraft with a three-class configuration.
These new flights have been called Sunrise services. The two morning flights will be operated Friday and Sunday from New Delhi to Singapore.
India, Nepal finalise draft to develop 900 MW project
By Anil Giri,
Kathmandu : The Investment Board Nepal (IBN) and India's Satluj Jal Vidyut Nigam Ltd. (SJVN) have concluded negotiations for the project development...
Coal India unions 5 day-strike from Tuesday, banks on Wednesday
New Delhi : The government began the working week of the New Year on a beleaguered note, facing two major strikes - first by...
India’s food inflation dips to 13.93 percent
By IANS,
New Delhi : India's annual food inflation declined to 13.93 percent for the week ended April 24 from 16.61 percent a week ago due to a fall in prices of wheat and vegetables, official data showed Thursday.
Data on the wholesale price index (WPI) released by the commerce and industry ministry showed the index for food articles fell by 0.1 percent during the week under review.
The index for non-food articles and fuel remained unchanged.
Pakistan to subsidise 5.8 mn poor households
By IANS,
Islamabad : The Pakistani government, with assistance from the World Bank, is to provide "targeted subsidy" to 5.8 million poor households to enable them cope with rising food prices.
"The bank is likely to provide funds for 5.8 million households. Of them, one million will also be given training for skill development," Dawn reported Sunday.
Details of the subsidy would be revealed in the budget for 2008-09 (July 1-June 30) that would be presented to parliament at its session beginning Monday.
India Strives to Reactivate Economy
By Prensa Latina,
New Delhi : Governor of the Reserve Bank of India (RBI), D. Subbara, announced today a cut in interest rates by one percent in an attempt to stimulate national economy.
The decision takes place after it was confirmed Friday that inflation keeps on dropping at 8.40 percent in the week of November 22, 0.84 percent less than the previous week.
For his part, the Ministry of Finance indicated in a release that the RBI decision is a clear sign for all banks, in particular private ones, to reduce their rates.
BHEL to build its first power unit in Tamil Nadu
By IANS
New Delhi : For the first time, state-owned power equipment maker Bharat Heavy Electricals Ltd (BHEL) will set up a Rs.24.75-billion ($627 million), 600-MW thermal power unit in Tamil Nadu, the company said.
"Under international competitive bidding, BHEL has won a turnkey contract for setting up a 600 MW thermal power generating unit in Tamil Nadu," BHEL said in a statement issued Thursday.
Hero Honda February sales rise 16.13 percent
By IANS,
New Delhi: Two-wheeler major Hero Honda Motors Tuesday said sales had grown 16.13 percent in February to touch 382,096 units, compared to 329,005 vehicles it sold in the like month last year.
During April-February of current fiscal, the company's total sales exceeded its four million target to touch 41,85,492 units.
"Crossing the four million cumulative sales mark with a full month to go in the fiscal year is indeed heartening," said Anil Dua, senior vice president of Hero Honda Motors.
Vodafone asked to refund money charged to users
By IANS
New Delhi : The Telecom Regulatory Authority of India (TRAI) Thursday ordered Vodafone-Essar, a leading telecom operator, to refund all money that it has charged for providing value added services to its subscribers without their approval.
"The authority had received complaints from the subscribers of Vodafone-Essar Mobile Services Ltd regarding provision of value- added services without consent," TRAI said in a statement. The firm admitted to "technical error", it added.
Banking sector in emerging economies to overtake those of G-7
By DPA
Singapore: The banking sector in developing economies led by China and India is likely to overtake the banks in the currently richest countries by 2050, a PricewaterhouseCoopers (PWC) report said Thursday.
The emerging economies including Brazil, Russia, Indonesia, Mexico and Turkey are forecast to see their banking sectors surpass those of the G-7 countries - the US, Japan, Germany, Britain, France, Italy and Canada.
China and India show the greatest growth potential through organized growth and merger and acquisition activities, PWC said.
Sensex climbs in last minutes, ends above 16,000
By IANS,
Mumbai : A key Indian equities index Thursday rose 158 points to shut shop above the 16,000-mark after languishing in the negative terrain for most of the day.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,926.13 points, closed at 16,070.21 points (provisional), 0.99 percent or 158.08 points above Wednesday's close at 15,912.13 points.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, closed in the positive terrain at 4,769.2 points, up 1.24 percent or 58.4 points over its last close.
Kerala IT firm eyes airports, airlines
By IANS,
Thiruvananthapuram : IBS Software Services, which provides IT solutions to the travel, transportation and logistics sectors, is trying to emerge as a total provider to all major airports and airlines in India.
"Since we are the only major provider of IT solutions in this domain in the country, we will certainly be providing IT solutions to all major airports and airlines in the next two years," IBS chairman V.K. Mathews told reporters here Friday.
Tamil Nadu matchbox industry demands 8 percent duty cut
By IANS
Chennai : Around 200 matchbox making units in Tamil Nadu will down their shutters March 10 demanding an 8 percent reduction of Cenvat duty.
Speaking to reporters here Friday, S. Sriram Ashok, president of All India Chamber of Match Industries (AICMI), said the government should reduce the Cenvat to save the industry.
According to him, the cost of raw materials - potassium chloride, red sulphur, paper, board and wax - jumped manifold in the recent past but not the retail price of matchboxes.
India’s Federal Bank seeks foothold in Bahrain
By IANS,
Dubai : India's Federal Bank is seeking regulatory approval from the Reserve Bank of India (RBI) to open branches in Bahrain and other Gulf Cooperation Council (GCC) countries.
As part of this move, the public sector bank has announced improved services to expatriate Indians in the Gulf and has tied up with Bahrain's leading exchange house, Bahrain Financing Company, for extending its Fed Fast service, the fast fund transfer service from Gulf nations to India, the Bahrain Tribune reported.
Bharti Airtel scrip falls as chief executive sells holding
By IANS,
Mumbai : The scrip of Bharti Airtel declined 6.37 percent Thursday after market data showed that the telecom major's chief executive sold his entire holding in the company in two days.
The Bharti scrip closed at Rs.550.30, much below its last closing figure of Rs.587.75 as data showed that chief executive Manoj Kohli sold about 123,000 shares in two batches March 6 and March 9.
The move by Kohli sparked off rumours about the state of affairs at one of the largest Indian telecom companies, resulting in 2,448,190 shares changing hands.
Rupee closes at new low
By IANS,
Mumbai : The Indian rupee closed at a new low of Rs.51.10/12 against one US dollar as importers stepped up demand for the greenback and foreign investors pulled out $59.20 million from capital markets during the day.
The rupee had touched a historic intra-day low at Rs.51.17 to a dollar but recovered to close at Rs.51.10-levels.
It had ended Thursday at Rs.50.45.
Rising inflation a matter of concern: Pranab
By IANS,
New Delhi: Finance Minister Pranab Mukherjee Monday said the rise in inflation, primarily due to increase in food prices, was a matter of concern.
"This is a matter of concern. There is an inflationary pressure, particularly in food items," he told reporters.
India's annual rate of inflation, based on wholesale prices, rose sharply to 4.78 percent in November from 1.34 percent in the previous month, mainly on account of a 16.71 percent jump in prices of food articles, according to the statistics released by the industry ministry Monday.
Maruti April sales increase by 22.37 percent
By IANS,
Mumbai : The country's largest small car maker Maruti Suzuki India Ltd Thursday reported a 22.37 percent increase in domestic sales in April, at 59,539 units as compared with 48,652 units during the same month last year.
Overall, 62,336 units were sold in April, including 2,797 units for exports, the company said in a filing to the Bombay Stock Exchange.
The sales growth was on the back of robust sales in the A2 segment comprising the Alto, Wagon R, Zen Estillo and Swift, which together clocked 43,121 units as against 33,878 units in April last year, up 97.1 percent.
Raju brothers bail plea to be heard Monday
By IANS,
Hyderabad : Satyam Computer Services' disgraced founder B. Ramalinga Raju and his brother B. Rama Raju will have to spend three more days behind bars as a court here deferred a decision on their bail plea for Monday.
The court will give its decision Saturday on the police plea to hand over Raju, Rama Raju, who was Satyam's managing director, and Satyam's former chief financial officer Vadlamani Srinivas into their custody for interrogation.
Taiwan to bid to explore for oil in North Peru
By DPA,
Taipei : Taiwan's state oil company CPC plans to submit tender to explore for oil in North Peru, the Central News Agency (CNA) said Saturday.
Taiwan's representative to Peru Huang Lien-sheng said Peru's state oil firm Petroperu would invite tenders Sep 10 for 17 blocks in North Peru which may have oil reserves, according to the report.
The Chinese Petroleum Corp (CPC) has inspected the blocks and in April CPC President Chen Pao-lang visited Peru and met with Petroperu president Daniel Saba to discuss drilling for oil in North Peru, Huang said.
IT sector layoffs unrelated to economic slowdown: CEOs
By IANS
Mumbai : IT companies worldwide have institutionalised the tradition of weeding out inefficiencies and non-performance and there was nothing new with layoffs in this key sector in India, top IT CEOs have said.
However, the slowdown in the US and the rising rupee have turned the spotlight on layoffs in software services companies, they said.
This view emerged on the issue of layoffs hitting the Indian IT sector in recent months at the Nasscom Leadership Summit 2008 currently underway here.
Banking stocks in demand in early trade
By IANS,
Mumbai : The Indian equities market which opened in the green Friday was trading with a positive gap in the first hour, led by banking stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 272.84 points at 17,560.15. Ten minutes into trading, it reached 17,566.67 with a gain of 279.36 points or 1.62 percent compared to Wednesday's close.
At the same time the S&P Nifty of the National Stock Exchange was trading at 5,232.65 with a gain of 66.75 percent or 1.29 percent compared to its previous close.
27,976 new houses for Raipur’s urban poor
By IANS
Raipur : As part of the ambitious Jawaharlal Nehru National Urban Renewal Mission (JNNURM), 27,976 houses for slum dwellers will be built here during the next three years.
Addressing a function Wednesday, central minister of housing and urban poverty alleviation Kumari Selja said the project would be completed at a cost of Rs.3.9 billion.
Sensex slips from 14-month high, ends 109 points lower
By IANS,
Mumbai : A day after key market indices across the world touched levels not seen in many months, investors chose to go slow Tuesday, forcing a key index of the Indian equities markets to close 109 points lower, after touching its 14-month high Monday.
The 30-scrip benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,940.1 points, ended trade on a low, moving down 93.25 points or 0.59 percent to 15,830.98 points.
The Nifty of the Indian National Stock Exchange (NSE), too, shut shop in the red at 4,680.5 points, down 0.66 percent.
Glaxo get Indian market rights for Japanese medicine
By IANS,
Mumbai : Pharma major GlaxoSmithKline (GSK) has bagged a deal to sell Japan based Astellas Pharma Inc's popular injectible anti-fungal agent Micafungin in India.
Announcing this Monday, GlaxoSmithKline said the deal gives it exclusive market rights for the sale of Micafungin (brand name Mycamine) in India.
Micafungin, belonging to a new class of anti-fungal agents used in the medication of deep seated Candida infections, was initially approved by Japanese Agency in 2002, by the US in 2005 followed by other countries.
Pharma exports up 29 percent to $9.35 bn
By IANS,
Hyderabad : India's exports of drugs, pharmaceuticals and fine chemicals grew by 29 percent last fiscal to Rs.39,538 crore (around $9.35 billion) compared to the previous fiscal, Commerce and Industry Minister Anand Sharma said Friday.
"In recent times, the Indian pharmaceutical sector has emerged as one of the major contributors to Indian exports with export earnings rising from a negligible amount in early 1990s to Rs.29,139.57 crore by 2007-08," Sharma said while addressing the Indo-Africa Pharma Business Meet here.
Raju may face up to seven years’ imprisonment, say legal experts
By IANS,
Hyderabad : B. Ramalinga Raju, who Wednesday morning shocked the corporate India by confessing to a Rs.65.92-billion ($1.3 billion) fraud in Satyam Computers, may face up to seven years' imprisonment if proven guilty, legal experts said.
Raju resigned as the chairman of the Hyderabad-based IT firm after admitting to committing perpetrated irregularities in Satyam's balance sheet for "last several years".
Worst October in 29 years for Indian stock market: Report
By IRNA,
New Delhi : Banks have gone bust, jobs have been cut and stock markets are taking a pounding the world over. And in India, this is the worst October in the 29 years that the 30-share benchmark Sensex has seen.
In sheer percentage terms, this is the worst fall the Sensex has seen in a less than 30-day period - from 13,006 to 10,170 points, a drop of 21 per cent.
South Africa to lure BPO, IT majors from India
By IANS
Mumbai : South Africa is all set to lure the BPO and IT industry from India to its backyard, as majority of the natives feel that "Europeans and Americans are more comfortable with the South African English accent".
A high-powered business delegation from South Africa on a visit to India to promote trade ties between the two countries said its looking not for making investments here but for Indians to make investments and provide expertise in setting up industries in South Africa.
Christie’s jewel auction in Dubai fetches over $8.5 mn
By IANS/WAM,
Dubai : Bidders from 13 countries competed against one another for diamonds and decorative jewellery at leading auction house Christie's sale here which fetched over $8.5 million (31 million dirhams).
A 17 carat rectangular diamond ring fetched the highest price and sold for $1.3 million, while a 26 carat yellow diamond ring sold for $722,500.
A selection of watches sold for more than $1 million, with a Patek Philippe timepiece fetching the top price of $278,500.
Satluj Jal Vidyut to set up 40-MW plant in Himachal Pradesh
By IANS,
Shimla : The state-run hydroelectric major Satluj Jal Vidyut Nigam Ltd (SJVN), which has four power projects to its credit in Himachal Pradesh, will set up another one in Hamirpur district at an investment of Rs.2.5 billion ($55.5 million), a company official said Monday.
"The state government has asked us to start the survey and investigation work for the 40-MW Dhola-Sidh hydel project in Hamirpur district," SJVN deputy general manager Vijay Verma told IANS.
This will be the maiden power project in the low-lying hills of Hamirpur district.
Phillips Carbon Black to set up plant in Vietnam
By IANS
Kolkata : Phillips Carbon Black Ltd (PCBL), an RPG Group company, signed an agreement with Vietnam National Chemical Corporation (Vinachem) in the presence of Vietnamese Prime Minister Nguyen Tan Dung here Wednesday.
Sensex stays down after weak start
By IANS,
Mumbai : A benchmark index of the Indian stock markets was in the red shortly after noon Monday, down moe than 80 points from its previous close.
The 30-scrip Sensex of the Bombay Stock Exchange, which opened Monday at 16,185.26 points, was at 16,183.62 at 12.03 p.m., 80.68 points or 0.5 percent below its Friday's close at 16.264.30.
The broader Nifty index of the National Stock Exchange was at 4,801.55 points at the same time, 0.58 percent below its previous close at 4,829.55.
Toonz to animate tales of Lord Shiva
By IANS,
Thiruvananthapuram : Toonz Animation India Pvt Ltd, the makers of animation classics like "The Adventures of Tenali Rama" and "Return of Hanuman", is now all set present tales of Lord Shiva.
In a press release issued here Tuesday, the Technopark-headquartered firm said this is the first of its kind, conceived, designed and directed entirely at Toonz and tells the stories of the Hindu god in various forms.
Tata Steel net profit up 213 percent
By IANS,
New Delhi : Tata Steel Ltd, one of the leading steel makers in the world, Tuesday said its consolidated net profit rose 213 percent for the quarter ended September 2008, boosted by its Anglo-Dutch unit Corus.
The company's consolidated net profit after minority interest and share of profit of associates rose to Rs.47.72 billion during the July-September quarter as against Rs.15.24 billion a year ago.
Budget ignores ‘aam admi’, recession, says opposition
By IANS,
New Delhi : Most opposition parties, including the Bharatiya Janata Party (BJP) and the Left, Monday said that the interim budget presented by External Affairs Minister Pranab Mukherjee has ignored the 'aam admi' or common man and failed to address the economic recession.
However, the ruling Congress said given the "unenviable task" at hand, the acting finance minister has done a good job.
The chief ministers of some states, including Bahujan Samaj Party's Mayawati of Uttar Pradesh and the BJP's Raman Singh of Chhattisgarh, also criticised the budget.
Markets slip on tax hike on short-term capital gains
By IANS
Mumbai : The Indian stock market reacted negatively to a hike declared on taxes on short-term capital gains to 15 percent from 10 percent. India's benchmark index tumbled over 350 points after the announcement by Finance Minister P. Chidambaram during his 2008-09 budget presentation Friday.
There was heavy selling in realty, oil and gas, banking and consumer durables scrips.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,779.54 points and notched a high of 17,337.46.
Hyderabad to host India engineering meet in January
By IANS
Hyderabad : Engineering Export Promotion Council (EEPC), the apex body of engineering exporters in India, is organising a three-day meet here next January to create an exchange platform for the global industry seeking the latest engineering products from India.
S. Rakesh Shah, chairman, EEPC, told a news conference here Friday that the India Engineering Meet and Exhibition (IEME) would be held Jan 9-11.
Orissa plans ministry for smaller enterprises
By IANS,
Bhubaneswar: Orissa is planning to form a separate ministry that would exclusively focus on the problems of the micro, small and medium enterprises (MSME) and work for their growth, the state's top official said Thursday.
"Chief Minister Naveen Patnaik has formed a committee which will meet and consider the various aspects of the proposed ministry," Chief Secretary T.K. Mishra, who is heading the committee, said here at an entrepreneurs' meet.
Sharp rise in phishing attacks on Indian banks
By IANS,
New Delhi : Several Indian banks have come under more than 400 phishing attacks during the past few months with the number rising sharply in Sept-Oct, 2008, according to industry lobby National Association of Software Companies (Nasscom).
Phishing is the criminally fraudulent process of masquerading as a trustworthy entity in an electronic communication in a bid to acquire sensitive information such as usernames, passwords and credit card details.
Markets hold on to gains in afternoon
By IANS,
Mumbai : Indian equities held on to their morning gains Tuesday afternoon on the back of increased buying in banking and realty stocks. A key index was ruling 1.89 percent higher about 90 minutes before the closing bell.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,549.52 points, was trading at 9,601.86 points - a rise of 177.84 points or 1.89 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.61 percent from its last close to rule at 2,893.85 points.
Sayeed wants both Indian, Pakistani currency in Kashmir
By IANS,
Jammu/Srinagar : Former Jammu and Kashmir chief minister and patron of the People's Democratic Party (PDP) Mufti Muhammed Sayeed has raked up a controversy by proposing that both Indian and Pakistani currencies should be allowed to run in the state.
"Jammu and Kashmir should become a model among the Saarc (South Asian Association of Regional Cooperation) countries by allowing both Indian and Pakistani currencies to run simultaneously here," Sayeed said at a public rally of his party in Mahur area of Ramban district in the Jammu region Sunday.
Cabinet bans export of non-basmati rice
By IANS
New Delhi : The cabinet committee on prices Monday night imposed a complete ban on export of non-basmati rice and fixed the minimum export price for basmati rice at $1,200 per metric tonne.
All edible oils, include crude form of edible oil, will be imported at zero duty custom rate, while the refined form of edible oil will be imported at 7.5 percent customs duty.
The refined oil category includes sunflower, soya bean, coconut and groundnut.
Bajaj to split into auto, finance, new business
Mumbai/New Delhi, May 17 (IANS) One of India's oldest business houses, the Bajaj Group, Thursday announced its plans to split into three separate core businesses of auto, financial services and new businesses but its patriarch denied there was any rift between his two sons.
Rahul Bajaj, the chairman of its flagship company Bajaj Auto Ltd. (BAL) and a member of the Rajya Sabha, stressed that "de-merger" was important to tackle its expanding business to remain focused and competitive. He denied the company had been split between his two sons.
New takeover norms for special cases like Satyam
By IANS,
Mumbai : With a view to helping companies like fraud-hit Satyam Computer Services, India's markets watchdog Friday relaxed takeover norms, giving their reconstituted boards the power to lower the target price for open offers.
The Securities and Exchange Board of India (SEBI) also said that the exceptional relaxation of takeover norms through open offers will only apply where the central or state governments replace the target company's board.
Organic farming taking roots in Kerala
By IANS
Kozhikode : Growing awareness about organic farming is leading farmers in good numbers in Kerala to adopt to the new way, with the produce commanding a premium in the domestic and export markets.
Organic farming shuns the use of chemical fertiliser and pesticides, and it makes economic sense too.
According to Indocert, a body accredited by APEDA (Agricultural and Processed Food Products Export Development Authority) for certifying organic production, 5,175 farmers in Kerala have won the certification.
Bajaj Auto’s August sales rise 55 percent
By IANS,
New Delhi : Bajaj Auto Thursday reported an all-time high monthly sales of 3,29,364 vehicles in August, a 55 percent rise over 2,13,072 units in the same month last year.
The company also reported a 31 percent rise in exports at 98,578 units, compared to 75,164 units for the like period of last year.
Bajaj Auto sold 2,89,176 two wheelers last month, up from 1,82,441 units sold in August 2009. While the cumulative sales of two wheelers for the period April to August 2010 grew at 68 percent and stood at 1,397,348 units, up from 833,235 units in April to August 2009.
India’s inflation rate falls eighth straight week to 0.27 percent
By IANS,
New Delhi : India's annual rate of inflation declined for the eighth straight week and fell to another historic low of 0.27 percent for the week ended March 14, against 0.44 percent for the week before, official data showed Thursday.
The drop was mainly on account of a relatively higher rise in the official whosesale price index during the corresponding week of last year, as between March 7 and 14, the index rose 0.1 percent, data released by the commerce and industry ministry showed.
Chhattisgarh farmers to sell paddy worth Rs.30 billion
By IANS
Raipur : In what has been billed as one of India's biggest exercises in paddy procurement, farmers in Chhattisgarh will earn over Rs.30 billion in the current season ending Jan 31.
About one million paddy farmers will earn over Rs.30 billion by selling an estimated four million tonnes of paddy to the Chhattisgarh government.
Paddy growers across 18 districts of Chhattisgarh have already sold about 342,000 tonnes of paddy to the state government till Nov 26. The government will continue to buy paddy till Jan 31.
Sensex pares losses in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities pared most of its losses by early Monday afternoon, moving to within 28 points below its previous close, having fallen over 263 points in the morning session.
At 1.37 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened weak at 15,931.34 points, was ruling at 15,887.18 points, down 28.47 points or 0.18 percent from its previous close at 15,915.65 points.
It had fallen over 263 points in the late morning session to 15,651.99 points.
India scouts for investment in energy in Mexico summit
By IANS,
New Delhi: India is scouting for energy supplies and investment opportunities from countries like the US, Kuwait and Indonesia at the International Energy Forum in Mexico currently under way.
India's Minister for Petroleum and Natural Gas Murli Deora has been holding talks with energy ministers on the sidelines of the 12th IEF in Cancun Tuesday.
In his meeting with the Kuwaiti Petroleum Minister Sheikh Ahmad Abdulla Al-Ahmad Al-Sabah, Deora invited Kuwaiti oil companies to invest in petrochemical projects at Mangalore and Paradip.
Pandit, other top US bankers to defend use of bailout funds
By Arun Kumar, IANS,
Washington : Vikram Pandit, Indian American chief executive of CitiBank, and the heads of seven other major American banks will defend the use of hundreds of billions of dollars in bailout money to lawmakers on Capitol Hill Wednesday.
"American people are right to expect that we use funds responsibly, quickly and transparently to help American families, businesses and communities," Pandit is expected to say before the House Financial Services committee, according to prepared remarks. "They also have a right to expect a return on this investment."
RCom launches GSM service in Jammu and Kashmir
By IANS,
Jammu : Telecom operator Reliance Communications (RCom) Friday launched its GSM services in over 50 towns and more than 5,000 villages in Jammu and Kashmir, and said its nationwide footprint has been completed.
"National and state highways, rail routes, tourist locations and places of worship have been covered," said Arvind Kumar, RCom's head of Jammu and Kashmir and Punjab circle.
The company also launched a plan that offers GSM SIM card for Rs.49 and a one-time subscription charge of Rs.51 for sub-Rs.150 Average Revenue Per User (ARPU) mobile customers in the state.
‘Capitalism will triumph over protectionist policies’
By IANS,
New Delhi : Entrepreneurs need not worry about the increasing government regulation of markets in times of recession as it is a "short-term" development and will not hamper business growth and innovation, according to a leading global professional services firm.
"We will find the right balance in the short-term, and entrepreneurial values and fundamentals of capitalism will always overtake protectionist measures," Deloitte USA chief executive officer (CEO) James Quigley said here Sunday at the World Economic Forum-India Economic Summit.
Bhilai Steel posts best-ever April-December performance
By IANS,
Raipur : Bhilai Steel Plant concluded April-December with the best-ever performance as its production touched 4.04 million tonnes (MT) of hot metal, 3.87 MT of crude steel and 3.31 MT of saleable steel, a company official said Friday.
The plant, located some 30 km west of Chhattisgarh's capital Raipur, is the flagship unit of the state-owned Steel Authority of India (SAIL). It has registered an overall growth of 4.1 percent, 3.7 percent and 2.2 percent respectively, in the three segments over the corresponding period last year.
India open to unconventional steps to maintain financial stability
By IANS,
New Delhi : Reiterating India's strong economic fundamentals, Finance Minister P. Chidambaram Friday said the government was open to adopting unconventional measures to maintain financial stability.
"To manage financial stability and sustaining growth, we have to adopt unconventional measures, if necessary," Chidambaram told reporters here, adding that the Reserve Bank of India (RBI) would step in whenever necessary to ensure this.
3.5 mn Chhattisgarh families to get free iodised salt
By IANS,
Raipur : The Chhattisgarh government Wednesday said that it would provide iodised salt packets free of cost to over 3.5 million poverty-hit families.
"The free salt scheme will come into force from next fiscal year 2009-10 and will cover all 18 districts," a food department official said.
He added that the scheme will annually cost Rs.20.23 million to the government exchequer.
The Bharatiya Janata Party (BJP) had promised in its manifesto for the November assembly polls that it would provide salt free of cost to poor families if it retained power.
Union Bank installs software to curb money laundering
By IANS
Mumbai : The Union Bank of India (UBI) will install an anti-money laundering software provided by IT solutions company 3i Infotech, it was announced Wednesday.
Declining to reveal the cost of the deal, a 3i Infotech spokesperson said: "It is a non-disclosure agreement."
Anirudh Prabhakara, CEO of 3i Infotech, said that banks nowadays have heightened awareness on matter relating to money laundering. Most of the banks have started focusing on the anti-money laundering systems, he added.
Global investors to meet in Indore
By IANS
Bhopal : As many as 450 investors from India and abroad are expected to take part in a global meet in Indore in Madhya Pradesh Oct 26-27, officials said.
A total of 175 investors have confirmed their participation, said an official of the Madhya Pradesh State Industrial Development Corp (MPSIDC).
Kamal Nath to talk on global trade in Oxford
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.
Infosys net declines marginally in fourth quarter
By IANS,
Bangalore : Infosys Technologies Ltd. posted a net profit of Rs.1,600 crore (Rs.16 billion) for the fourth quarter (Jan-March) of the fiscal 2009-10, registering a marginal decline of 0.9 percent year-on-year (YoY) as per the Indian accounting standard.
In a regulatory filing, the IT bellwether Tuesday said its consolidated income for the quarter under review (Q4) grew by 5.5 percent YoY to Rs.5,944 crore (Rs.59.44 billion) from Rs.5,635 crore (Rs.56.35 billion) a year ago under the Indian accounting standard.
Indirect tax collection target missed, admits official
By IANS,
New Delhi : With a minor shortfall in excise duty collections, the government has earned a little over Rs.2,780 billion from the indirect taxes last fiscal, a top official said Thursday.
Central Board of Excise and Customs (CBEC) Chairman P.C. Jha admitted the target was missed, but said the shortfall in excise duty collections was only minor. He told reporters that it failed to meet the revised target of Rs.1,279.47 billion for 2007-08.
He was speaking on the sidelights of the 12th World Customs Organisation's Regional Heads' Conference here Thursday.
Videocon set to foray into telecom sector
By IANS,
New Delhi : India's consumer durables giant Videocon will roll out mobile telephone services from Chennai Aug 15, Venugopal N. Dhoot, chairman of the Videocon Industries, said Wednesday.
"We have got the spectrum in Chennai, and will roll out our mobile service from Aug 15 this year, and will later move to states like Karnataka, Kerala and Orissa," Dhoot told reporters here on the sidelines of an interactive session on "India Inc.-Vision 2020".
West Bengal mulling alternate land for agitating Singur farmers
By IANS,
Kolkata/Singur : The Left Front-ruled West Bengal government is planning to give alternate land to the farmers of Singur who are demanding return of their 400 acres taken for the Tata Motors' small car factory project, Left Front chairman Biman Bose said Sunday.
"The West Bengal government is planning to arrange alternate land for the unwilling farmers whose 400 acre was acquired for setting up ancillary industries for the Tata Motors factory at Singur. But first we have to find out actually how many unwilling farmers are there," Bose told reporters Sunday evening.
Sensex slumps 172 points, metals main losers
By IANS,
Mumbai : A benchmark index for Indian equities, which opened in the red Monday, slipped further to close at 17,388.91 points -- 0.97 percent lower than its previous close on weak global cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,536.86 points, closed at 17,386.08 points, 172.63 points or 0.98 percent lower than its previous close at 17,558.71 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,222.75 points, a loss of 1.05 percent from its previous close at 5,278 points.
Emirates to operate A380s on New York, London, Sydney routes
By IANS
Dubai : Emirates Airline has said it will start operating its new Airbus A380 super jumbo aircraft from Oct 1 to some of its network's farthest points.
The Dubai-based international airline will operate these aircraft from Dubai to New York from Oct 1, to London Heathrow from Dec 1 and to Sydney and Auckland from Feb 1, 2009.
Each aircraft on these routes would offer 489 seats - 14 in first class, 76 in business and 399 in economy.
Aegon Religare targeting Rs.500 crore premium in 2010-11
by IANS,
Chennai : Adopting a multi-pronged strategy,
Aegon Religare Life Insurance Company is targeting a total premium of Rs.500 crore this fiscal.
Air India Express gets its 11th Boeing
By IANS
New Delhi : Air India Express, the low-cost subsidiary of national carrier Air India, has been delivered its 11th Boeing 737-800 aircraft Wednesday, bringing the fleet size of the budget carrier to 18 aircrafts, seven of which are on lease.
With the induction of the new aircraft, Air India Express would increase its flight frequencies to 172 flights weekly.
Indian markets brush aside Dubai fears, Sensex up 3 percent
By IANS,
Mumbai : Indian investors brushed aside fears of a global financial crisis in the wake of the Dubai World debt debacle. Key benchmark indices added nearly 3 percent from their last weekly close.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended 469.53 points or 2.82 percent higher at 17,101.54 points at its weekly close Friday, from the previous week's close at 16,632.01 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) moved up 3.38 percent or 167.15 points from its last weekly close to end at 5,108.9 points.
Maruti unveils A-Star concept car
By IANS
New Delhi : Small is big at the Auto Expo 2008 opening Thursday. The star undoubtedly will be the Rs.100,000 ($2,500) Tata car to be unveiled Friday, but Maruti grabbed Wednesday's honours with a preview of its A-Star concept car.
Apart from A-Star, Maruti Suzuki also Wednesday showcased two other concept cars - Splash and Kizashi.
A-Star, dubbed the global India car and developed by Maruti Suzuki Ltd's research and development (R&D) team in Gurgaon near Delhi, is sleek, smart and fun to drive.
Bolivia nationalises four power companies
By IANS/EFE,
La Paz : Bolivian President Evo Morales Saturday nationalised three power companies with foreign capital and a local electricity cooperative during a ceremony to mark International Workers' Day.
The nationalised power generating companies were Corani, which was 50 percent owned by Ecoenergy International, a unit of France's GDF Suez; Guaracachi, half-owned by Britain's Rurelec PLC; and Valle Hermoso, half of whose shares were held by the Bolivian Generating Group, a unit of investment firm Panamerican de Bolivia.
Bangladesh’s per capita income goes up to $599
By IANS,
Dhaka : The per capita income in Bangladesh has shot up to $599 this fiscal year (July 1, 2007-June 30, 2008) from $523 last year, mainly due to remittances from its citizens working abroad.
The latest economic indicators of the impoverished South Asian nation show a fall in growth by one to three percentage points in agriculture, manufacturing, construction and service sectors. Part of this is due to natural calamities.
Thailand’s Nok Air suspends Bangalore flights
By DPA
Bangkok : Thailand's low-cost airline Nok Air has suspended its daily Bangkok-Bangalore flights after five months of operations, citing rising fuel costs and aircraft shortages for the cancellation of its first international route, media reports said Tuesday.
The airline, a subsidiary of the national carrier Thai Airways international (THAI), will stop its Bangkok-Bangalore route Friday, said The Nation newspaper.
Process starts for licences to new mobile phone firms
By IANS
New Delhi : The communications ministry has begun the process of issuing licences to companies that want to enter the mobile phone services business in the country and had applied last year, officials said Thursday.
Some 25 firms, which had applied for licences as of Sep 25 last year, are expected to get the letters of intent, following a clearance from Communications Minister A. Raja, a ministry official said.
“Fake currency printed in Pakistan to destablize Indian economy”, says Hyderabad Police Commissioner
By Mohammed Siddique, TwoCircles.net,
Hyderabad : The Hyderabad city police have launched investigations in to the possible links between the fake currency racket busted in the city and the terrorist activities in the country. The Hyderabad city police commissioner B Prasad Rao said that the fake currency notes worth Rs 36 lakhs recovered from a gang were printed in a high tech printing press in Pakistan and were smuggled in to India through Bangladesh border.
New EU seafood import rule worries Indian exporters
By IANS,
Kochi : A proposed European Union (EU) guideline - requiring imported seafood to be accompanied by a "catch certificate" issued by a competent authority - is worrisome, say India's seafood exporters.
The certificate will state the area from where the catch shipped to the EU was made, the method of fishing adopted, the trawler used and all processing details.
Jharkhand bars to go on strike against forced purchase
By IANS
Ranchi : Bar owners in Jharkhand will observe a token strike on Jan 4 to protest a government circular that makes it mandatory for them to buy a a minimum amount of liquor.
The Jharkhand excise department on Dec 10 directed bars and restaurants in the state to buy a certain quantity of liquor, failing which their liquor licences would be cancelled.
Tata Steel bags sustainability award
New Delhi(IANS) : Private steel major Tata Steel has bagged the CII-ITC sustainability award for the second consecutive year in 2007.
The award was instituted jointly by the Confederation of Indian Industry (CII) and the diversified major ITC in 2006 to promote awareness about sustainable development in the Indian businesses.
The award was presented to Tata Steel in a ceremony held as part of the second sustainability summit here Wednesday, the CII said in a media release.
Pakistan’s economy grew 2.9 percent during last five years
Islamabad : The economy of Pakistan grew at an average rate of 2.9 percent per annum during the last five years, the country's Federal...
Support price for wheat hiked by Rs.20
By IANS,
New Delhi : The government Thursday hiked the minimum support price (MSP) of wheat by Rs.20, barley by Rs.70 and gram by Rs.30 per quintal for the current rabi crop.
The decision was taken by the Cabinet Committee on Economic Affairs (CCEA), presided over by Prime Minister Manmohan Singh.
Addressing reporters after the CCEA meet, Home Minister P. Chidambaram said the new MSPs have been fixed for rabi crops grown in the current season that will be marketed in 2010-11.
Huawei launches economic android phones in India
By IANS,
New Delhi : Telecom network solutions company Huawei Technologies Thursday launched four new handsets, including two android devices, U8300 and U8500, in the Indian market.
Priced between Rs.7,000 and Rs.10,000, the phones will be available to consumers from August 1, 2010.
The new set of handsets -- Android and Hangout -- use advanced chipset solutions from Qualcomm, the innovator of 3G technology.
Aimed at the youth market, U8300 is a QWERTY Android phone, equipped with social networking tools such as Facebook and Twitter along with a 3.2 mega pixel camera.
Government fixes terms of reference for oil panel
By IANS,
New Delhi : The government Wednesday issued terms of reference for the high-powered committee to examine the financial position of state-run oil companies.
One of the key remits of the committee is to "examine the impact of increase in oil prices between 2004-05 and 2008 on the financial position of oil companies, including upstream exploration companies, refiners and downstream oil marketing companies (OMCs)."
Inflation in India eases to 4.07 percent
By IANS
New Delhi : The rise in India's wholesale price index slowed slightly at 4.07 percent for the week ended Feb 2 against 4.11 percent in the preceding week, data released Friday showed.
During the corresponding week last year, the inflation rate stood at 6.58 percent.
The wholesale price index data is released weekly and considered the benchmark inflation indicator in the country.
Air India to get Rs.400-cr state aid by January
By IANS,
Mumbai : The state-owned National Aviation Co of India Ltd (NACIL) that runs the loss-making Air India will get the first instalment of equity infusion from the government worth Rs.400 crore (Rs.4 billion/$80 million) by January, the company said Tuesday.
"The group of ministers has recently assured support to the national carrier in the form of equity infusion and the first instalment of Rs.400 crore is expected by January 2010," the company said in a statement.
Cola companies contribute to dipping water table
By IANS
New Delhi : Water tables in the country are dipping because of withdrawal of ground water by soft drinks and bottled drinking water companies among others, Minister of State for Water Resources Jai Prakash Narayan Yadav told the Rajya Sabha Tuesday.
‘Package to revive housing sector soon’
By IANS,
New Delhi : Banks are planning a major financial package, including rate cuts and other incentives, to boost the housing and small and medium enterprise (SME) sectors that have been hit hard by the global downturn, Indian Banks' Association (IBA) said here Thursday.
"We discussed among ourselves what sort of relief can be given to the housing and the SME sectors and what could be the modalities for this," IBA chairman T.S. Narayanasami told reporters.
"We are still working on this. I think some package will be formalised by tomorrow (Friday)," Narayanasami said.
‘Unlearning’ vital for success in business: study
By IANS,
Sydney : Unlearning practices associated with an old workplace is just as good as picking up new ones to impact a company's productivity, according to new research.
“Unlearning” implies discarding prior knowledge to make room for new information that would be useful when applied to major change affecting such an organisation.
Karen Becker of Queensland University of Technology has been studying unlearning and said it was an important, but often overlooked, way of dealing with workplace changes.
Politicians urged to act now as Bali summit opens
By Joydeep Gupta, IANS
Bali (Indonesia) : The world is watching participants at the UN summit on climate change closely and they have to show the political will to address this global menace, Rachmat Witoelar, environment minister of Indonesia and the new president of the conference of parties of the UN Framework Convention on Climate Change (UNFCCC) said here Monday.
No job cuts in IT industry: Narayana Murthy
By IANS,
New Delhi : The global economic meltdown and the financial crisis looming large over the Indian economy will not result in any downsizing or job cuts in the IT industry, says N.R. Narayana Murthy, founder of Infosys Technologies, one of India's most reputed companies in the sector.
"There are no job cuts. The growth has certainly slowed down but it is not making any significant impact on us," Murthy, who was in the national capital Saturday to announce the finalists for Rhodes scholarships, told IANS.
Waqf Board schemes paid little attention under NDA rule
By A Mirsab, TwoCircles.net,
Information provided by The Ministry of Minority Affairs in Lok Sabha has revealed that Waqf Board schemes have found no...
Divestment for fiscal deficit financing disastrous: CPI-M
By IANS,
Kolkata : The Communist Party of India-Marxist (CPI-M) Saturday cautioned against raising funds through divestment of profitable state-run units to finance the fiscal deficit, terming this disastrous.
"The corporate world is not entirely happy with the proposals in the union budget. Because the government has not gone full steam ahead on the path of economic reforms or disinvestment. It (the corporate world) has become impatient for total reforms," CPI-M's Bengali mouthpiece Ganashakti said in an editorial.
Sub-prime crisis had limited impact on Asia: Citi
By IANS
New Delhi : The recent sub-prime mortgage crisis has made limited impact in Asian markets, a senior official of Citi, a global banking and financial services group, said Wednesday.
"The sub-prime mortgage crisis has been limited in Asia, which actually shows its inherent strength and growth," Robert Morse, managing director and CEO, Asia Pacific, markets and banking, Citi, said at Fortune Global Forum here.
Kerala to market vegetable ‘kits’ at Rs.18
By IANS,
Thiruvananthapuram : With vegetable prices spiralling in Kerala, the agricultural department Tuesday decided to supply vegetable 'kits' priced at Rs.18 across the state.
Addressing reporters after a meeting with department officials, agricultural minister Mullakara Ratnakaran said the coming two weeks were critical as vegetables in neighbouring Tamil Nadu have perished following rains.
Fairs planned to boost horticulture exports to Gulf
By IANS,
Bangalore : Fairs will be organised in the Gulf as part of the efforts to increase exports of Indian horticulture produce to the region, a central minister said here Saturday.
"There is a huge scope to export horticulture produce to the Gulf region," Minister of State for Agriculture K.V. Thomas told reporters on the margins of a horticulture fair.
Thomas inaugurated a four-day "Orange Festival", where 11 states are displaying oranges, mosambi, kinnow, acid lime and other citrus fruits. Grapes, pomegranates, dry fruits and spices are also on show.
Revise specific duties on textiles: Economic Survey
By IANS,
New Delhi : India's Economic Survey for 2008-09, tabled in parliament Thursday, called for revising specific custom duties on the textiles sector to ensure that they match ad valorem tax rates.
"Specific duties are intrinsically more opaque than ad valorem tariffs, tending to conceal high ad valorem equivalents. Reduce these gradually so that they do not exceed 30 percent ad valorem," the survey said.
Ad-valorem tax rates are a proportion of the value of product and hence rises automatically when the value of a product goes up.
No petrol-diesel vehicles for NDA shutdown
By IANS,
Mumbai : The May 31 Bharat Bandh (shutdown) announced by National Democratic Alliance (NDA) partners may not feature any petrol or diesel vehicles, the BJP said Friday.
Nethotzone launches free Internet kiosk for farmers
By IANS,
Ahmedabad : City-based Nethotzone Monday announced that it would launch a free internet kiosk at an agricultural fair being held in Vadodara to provide valuable information to farmers free of cost.
Nethotzone will open the kiosk at the Agriculture Produce Marketing Committee (APMC) during the month-long agricultural fair beginning Wednesday.
"Providing connectivity with content to the farmers will surely bring about a sea change in agrarian economy of Gujarat," said Ravin Vyas, CEO and promoter of Nethotzone.
Mahindra Satyam to expand operations in Malaysia
By IANS,
Mumbai : Mahindra Satyam is expanding its operations in Malaysia by moving more software development and delivery operations to its solution centre in that country, the IT bellwether said Tuesday.
In a regulatory statement, the company said it would enlarge its Global Solution Centre in Kuala Lumpur by moving more global software development and delivery operations there.
The centre is located in Cyberjaya, a prominent information technology corridor in Malaysia.
Canada’s youngest lawmaker to help India in oil, farm sectors
By Gurmukh Singh, IANS
Toronto : Canada's youngest legislator Manmeet Bhullar, who was elected to the Alberta state assembly this week, says he will work to deepen ties between India and Canada.
The 27-year-old Calgary-born Bhullar, who is also the first turbaned Sikh to become a lawmaker in Canada, told IANS in an interview that he "would definitely contribute to bringing our two countries closer in various areas. India is my on my radar."
After currency, condoms on India-Nepal smugglers’ list
By IANS,
Kathmandu : After drugs and counterfeit Indian currency, smugglers operating in India and Nepal through the open border between the two countries have now added a new commodity to their list - condoms.
The new crime came to light after Indian police recently came across two suitcases stuffed with condoms at the railway station in border town Rupaidiya, Nepal's official media said Saturday.
S Tel achieves financial closure
By IANS,
Chennai : S Tel, one of the new entrants in the Indian mobile telephony space, Friday said it has achieved financial closure for its Rs.2,000-crore project and that it would start rolling out services this year.
In a statement, S Tel said an eight-bank consortium led by IDBI has agreed to lend Rs.953 crore for nine years.
The two promoters of the company -- India's Siva group and Bahrain Telecommunications Co -- have brought in Rs.1,253 crore as equity.
Emami Biotech to invest $80 mn in Ethiopia
By IANS,
Kolkata : Emami Biotech, belonging to the Rs.2,000-crore Emami group, will invest Rs.400 crore (around $80 million) in a jatropha plantation project in Oromia in Ethiopia over the next six years, a top company official said here Monday.
"We have already acquired around 30,000 acres and work has begun for jatropha cultivation. For the first phase that we have already started, the investment is around Rs.120 crore," said Emami director Aditya V. Agarwal at a press conference.
50 percent apple crop transported out of Himachal Pradesh
By IANS,
Shimla : The apple season in Himachal Pradesh is in full swing with 11 million boxes having been transported out of the state.
"Almost 50 percent of the total crop has been sent to various markets in the country," Director of the State Horticulture Department Gurdev Singh told IANS Friday.
He said around 500 apple-laden trucks move out of the state daily.
The best quality apples in the country from the Chango, Ribba and Namgiya valleys of Kinnaur and Hurling in the Spiti subdivision have also reached the markets.
Russia sees no need for Iran to continue with uranium enrichment
By RIA Novosti
Moscow : Russia's foreign minister said on Wednesday that Moscow saw no economic necessity for Iran to continue its controversial program to enrich uranium.
Iran's nuclear program has been at the center of an international dispute, with Western countries suspecting Tehran of covering up a weapons program and Iran saying it needs nuclear fuel for energy.