Singur residents request Bengal governor to get Nano back
By IANS,
Kolkata : Residents of Singur in West Bengal, where global auto major Tata Motors was constructing the factory to manufacture the world's least expensive car Nano, met the state's governor here Monday and urged him to request the auto major to resume work.
"The meeting was good. He listened to us patiently and attentively and we talked for long. He told us that he will convey our demands to the state government," Kushal Saha, 41, a resident of Beraberi in Singur supporting the Nano project, told IANS.
Fourth WIEF to conclude sessions today
By KUNA,
Kuwait : The Fourth World Islamic Economic Forum (WIEF) will continue its sessions for the third and final day on Thursday with the participation of ministers, educationalists and representatives of the private sector.
Nalco eyes Tajikistan, Congo for investment in smelters
By IANS,
Bhubaneswar : National Aluminium Co Ltd (Nalco), India's second biggest producer of aluminium, Thursday said it is exploring the possibility of investing in smelters in Tajikistan and Congo.
The company, which is also planning to set up smelter and power projects in Indonesia, South Africa and Iran, said it is eying Tajikistan and Congo because hydel power is cheaply available in those countries.
“We may go to Tajikistan and Congo to invest in smelters,” Nalco chairman and managing director C.R. Pradhan said.
US$500 million power deal between Sri Lanka and India
By NNN-News.LK,
Colombo : Sri Lanka is expected to sign a commercial agreement with India next week to build a 1000 MW coal power plant in Sampur, Trincomalee.
This will be the country's largest coal power plant and the total investment of the project is USD 500 million.a media release issued by the Ministry of Power and Energyrevealed..
The coal power plant is a joint project of India and Sri Lanka. An agreement on power purchasing of the new coal power plant will also be signed between India and the Ceylon Electricity Board, the statement said.
Loop Telecom shutting services across India barring Mumbai
By IANS,
New Delhi : Loop Telecom Tuesday said it is closing down services across the country except for Mumbai following the Supreme Court order cancelling 122 telecom licences issued in 2008.
India’s forex reserves down by $950.3 million
By IANS,
Mumbai: India's foreign exchange (forex) reserves went down by $950.3 million to $294.34 billion for the week ended Nov 2, Reserve Bank of India (RBI) data showed Saturday.
Madhya Pradesh joins Delhi-Mumbai corridor project
By IANS
Ahmedabad : The $90 billion Delhi-Mumbai Industrial Corridor (DMIC) project, to be developed in collaboration with Japan, will now also include Madhya Pradesh and the state will reap benefits of infrastructure development and investments.
With the union cabinet giving its nod to the project Thursday, it is confirmed that the Pitampur-Dhar-Mhow belt in the central state stands included in DMIC as an investment region, taking the tally of such regions under the project to six.
Reliance wants more time for Haryana special zone: Chief minister
By Jaideep Sarin, IANS,
Chandigarh : Mukesh Ambani's Reliance Industries has asked for a two-year extension to launch its $5-billion special economic zone near Gurgaon, Haryana Chief Minister Chief Minister Bhupinder Singh Hooda said here Wednesday.
The group had floated a company named Reliance Ventures and signed an pact with the the state government's Haryana Industrial and Infrastructure Development Corp in June 2006 for forming a joint venture called Reliance Haryana Special Economic Zone.
City Union Bank expects 30 percent deposit, credit growth
By IANS,
Kolkata : Tamil Nadu-based City Union Bank is expecting 30 percent growth in credit and deposit this fiscal, a top bank official said here Monday.
The bank has set a business target of Rs.23,000 crore in 2010-11.
"We are expecting 30 percent growth in deposit and credit in this fiscal," S. Balasubramanian, managing director and chief executive officer of the bank told reporters on the sidelines of a banking summit organised by the Indian Chamber of Commerce.
The bank has registered 26 percent growth in deposit and 22 percent growth in advances in 2009-10.
Deora rules out takeover of Reliance gas distribution
By IANS,
New Delhi : Petroleum Minister Murli Deora Thursday ruled out a government takeover of the distribution of Krishna-Godavari gas, over which the Anil Ambani group is fighting a bitter legal battle with elder brother Mukesh Ambani's Reliance Industries.
"The old days of nationalisation are gone," Deora told the Rajya Sabha during a calling attention motion after some members, led by Communist Party of India-Marxist (CPI-M) leader Tapan Kumar Sen, suggested a state takeover of the gas distribution.
LIC launches health insurance scheme
By IANS
Mumbai : State-owned insurer Life Insurance Corp of India (LIC) Monday jumped onto the health insurance bandwagon by introducing its first long-term health insurance product.
Inaugurating the scheme called LIC's Health Plus here, LIC's western region zonal manager R.R. Rai said: "Under this plan, health insurance will cover the entire family - husband, wife and children, hospital cash benefits, and major surgical benefits."
Rai said that LIC intends to target at least one million policy buyers across the country during the first phase of the launch.
Coca-Cola ads ‘Satanic’: Russian Orthodox Christians
By RIA Novosti
Nizhny Novgorod (Russia) : A group of Orthodox Christians in northwest Russia have accused Coca-Cola of offending their religious beliefs with advertisements that use distorted images of Orthodox churches, including inverted crosses.
Coca-Cola representatives said the advertisements demonstrated their attitude to preserving cultural heritage.
The believers said the advertising posters in Nizhny Novgorod showed the crosses on the domes of various well-known churches in the city.
No plans to divest in BHEL, says minister
By IANS,
New Delhi : The government Thursday said it has no plans to divest its stake in the state-owned power equipment maker Bharat Heavy Electricals Ltd (BHEL).
"There is no question right now," Heavy Industries Minister Vilasrao Deshmukh told reporters here.
The minister was responding to a query on whether the government planned to dilute its holding in the Rs.28,000-crore (Rs.280-billion) public sector company.
The government holds 67 percent in the listed company, Deshmukh said, adding that there was no proposal for any immediate disinvestment.
Promote sustainable development through green technologies: Pranab
By IANS,
Mumbai: President Pranab Mukherjee Thursday called on the Indian chemical industry to promote sustainable development by investing in green technologies.
Reliance, South Africa’s MTN confirm merger talks
By IANS,
Mumbai/Johannesburg : The Reliance Anil Dhirubhai Ambani Group and telecom services giant MTN announced their consolidation talks Monday, two days after the Bharti group called off its negotiations with the South African company.
"Reliance Communications and the MTN group have agreed to enter into exclusive negotiations with respect to a potential combination of their businesses," the Mumbai-based group's telecommunications arm said in a statement.
‘Economy to grow at 8-9 percent, inflation to moderate’
By IANS,
New Delhi : Finance Minister P. Chidambaram Tuesday told heads of industry that the economy would grow eight to nine percent and inflation would start easing from October.
"The finance minister was optimistic of an eight to nine percent growth," Confederation of Indian Industry (CII) president K.V. Kamath told reporters after a meeting with Chidambaram.
Chidambaram, according to Kamath, told a gathering of industry heads that the slowdown in industry was "marginal", and that it could be attributed to the slump in global economy.
Canadian markets post 20 percent gains after record low
By IANS,
Toronto : Financial and energy shares propelled Canadian markets to cross the important 9,000-mark for the first time in two months.
After sinking to the lowest level since 2004 early this month, Canadian markets have now posted gains of almost 20 percent.
During the trading on the Toronto Stock Exchange, the composite index crossed the important mark - seen only once this year - to close at 8,995.50 points.
Greater Noida airport plan to be referred to legal experts
By IANS
New Delhi : A Group of Ministers (GoM) headed by Finance Minister P. Chidambaram Thursday called for wider consultations on the legal aspects of a proposed international airport at Greater Noida, near the capital.
The GoM examined the legal aspects of the proposed airport, but the meeting remained inconclusive, aviation ministry officials said.
In the meeting, Law Minister H.R. Bhardwaj and Civil Aviation Minister Praful Patel discussed the legal aspects of the case and asked a legal panel to hold wider consultations.
India’s central bank hikes cash reserve ratio again, keeps key rates same
By IANS,
Mumbai : The Reserve Bank of India hiked the cash reserve ratio (CRR) by 25 basis points to 8.25 percent in its monetary policy announced Tuesday morning, while keeping the repo rates and reverse repo rate unchanged, in an effort to keep inflation down to 4-4.45 percent.
Comesa sees regional trade, people movement improving with one-stop border posts
By NNN-ZANIS
Lusaka : The Common Market for Eastern and Southern Africa (COMESA) says regional trade and the movement of people are expected to improve once the One Stop Border Post (OSBP) is brought into effect.
In a statement received by ZANIS here Sunday, the OSBP Project Manager, Kingsley Chanda, said the committee under the guidance of COMESA was expected to approve the project road map and a bilateral agreement developed by stakeholders.
Telecom subscriber base growth dips in May
By IANS,
New Delhi : Over 11 million telephone connections were added in May, though the increase was slightly less than that registered in the previous month, India's telecom regulator said Friday.
"A total of 11.44 million telephone connections (wireline and wireless) have been added during May as compared to 11.75 million connections a month before," Telecom Regulatory Authority of India (TRAI) said in a statement.
EU development aid to India drops substantially
By IANS
Brussels : Development aid to India from the European Union dropped to 46 billion euros (over $72 billion) in 2007, about $3 billion dollars less than what it was in 2006, according to EuAsiaNews.
The European Commission (EC) , the EU's executive arm in Brussels, sounded the alarm Friday over a fall in the level of development aid provided by the EU countries.
The global aid provided by the 22 biggest donors in the world, has gone down for the second year in a row. This is putting the UN Millennium Development Goals seriously at risk, according to the EC.
TCS bags Karnataka data centre project
By IANS,
Mumbai : The Tata Consultancy Services (TCS) Monday said it has bagged a contract from Karnataka for managing state data centre (SDC) project.
Dell to invest more in India to maintain high growth
By IANS,
New York : Dell, the world's second largest personal computer maker, will invest more in India in the coming years to match the growth of its products there, which is expected to continue.
Dell's revenue in India grew year-on-year by 52 percent, higher than the 30 percent growth in China. The company's product shipments to India grew 10 times faster than the industry average, while the growth in notebook shipments to China was three times the industry average.
Indian markets open on robust note
By IANS
Mumbai : The Indian stock markets opened higher Monday on the back of strong cues from US markets. Early trades saw buying across sectors.
Just after the opening bell, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 270 points at 19,971.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) was up by 71 points at 5,968.
Asian markets mostly rose Monday, boosted by a high close on Wall Street.
Delhi government spent Rs.22.33 crore on ads, HC told
New Delhi: The Delhi government on Monday told the Delhi High Court that since the May 13 order of the Supreme Court ruling that...
Acer readies notebooks with Ferrari design
By DPA
Ahrensburg (Germany) : Two new laptop series from Acer will offer customers fast performance and even a look inspired by the Ferrari racing car.
Jazeera Airways Q1 profit rises 42 percent
By IANS,
Dubai : Kuwait and Dubai based low cost carrier Jazeera Airways has announced 2008 first quarter profits of 745,815 Kuwaiti dinars ($2.8 million), a rise of 42 percent from the same period in the previous year.
“Our strong Q1 results follow the major expansion strategy we pursued in 2007,” Marwan Boodai, chairperson and chief executive of Jazeera Airways, said in a statement.
“We will continue to expand in the rest of 2008, bringing new routes on the back of more aircraft deliveries throughout the year,” he said.
Indian traffic fuelling Finnair’s Asia growth
By Nayanima Basu, IANS,
Helsinki : Indian traffic has been one of the major factors for the Nordic airline Finnair's Asian expansion contributing more than half of its revenues last year, says the airline's president and chief executive Jukka Hienonen.
"Our Asian demand grew 23.4 percent and cargo 36.1 percent in the first quarter. This has been boosted mainly by an increasing traffic from India," the airline's chief said.
RIL itself had sought permission to sell gas at $2.34 per unit: RNRL
By IANS,
New Delhi : Reliance Industries Ltd (RIL) had itself sought the oil ministry's nod to sell gas from the Krishna-Godavari basin at $2.34 per unit to the state-run NTPC based on a global tender, Reliance Natural Resources Ltd (RNRL) told the Supreme Court Tuesday.
Quoting from documents, including RIL's communication to the oil ministry, RNRL counsel Mukul Rohatgi told the court that $2.34 per unit was also sought as the base price for gas sales to all consumers, including his client.
Simplex infrastructure to build flyovers in Muscat
By IANS
Mumbai : Kolkata-based construction firm Simplex Infrastructures Ltd has bagged an order of Rs.3 billion ($75 million) to build six flyovers on Seeb Corniche Road in Muscat in the Sultanate of Oman.
In its communication to the Bombay Stock Exchange Thursday, the company said this contract would go a long way in its plan to establish and consolidate its construction business in Qatar and the United Arab Emirates.
Indian shares continue to recover
By IANS
Mumbai : Indian shares continued to recover after a key index slumped to a four-week low to close at 0.34 percent up Tuesday with a late thrust from a few market heavyweights.
Nikkei plunges below 9,000 after five years
By DPA,
Tokyo : Stocks in Tokyo continued their downward course Friday, with the Nikkei plunging below the psychologically significant mark of 9,000 points for the first time in more than five years.
A drop in the opening minutes came after US stocks plummeted Thursday. At mid-morning the benchmark Nikkei 225 Stock Average plunged 974.12 points, or 10.64 percent, to 8,183.37.
Earlier, the Nikkei had fallen 1,042.08 points, or 11.38 percent, to 8,115.41.
The broader Topix index of all first-section issues shed 75.20 points, or 8.31 percent, to 829.91 in morning trading.
Sunil Hitech seeks partners to build power plants
By IANS
Chennai : Mumbai-based fabrication and erection contracting major Sunil Hitech Engineers Ltd is seeking partners to bid for power plant projects on balance of plant (BOP) basis.
In the scheme, the promoters contract out all the construction work of power plants except the work of setting up boiler and turbine generator.
Speaking to IANS, Vijay Gutte, director (finance) of Sunil Hitech, said: "We are talking with several companies including some Chinese so that we can bid for power projects on balance of plant basis.
Equities markets in positive zone during early trade
By IANS,
Mumbai : Indian equities markets started on a positive note Monday, tracking strong markets elsewhere in Asia.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 175.89 points at 16,591.46. Ten minutes into trading, it dropped to 16,533.10, but still with a gain of 117.53 or 0.72 percent from its closing figure Friday.
At the same time the S&P Nifty index of the National Stock Exchange was trading at 4,889.65 with a gain of 19.55 points or 0.40 percent compared to its previous close.
Industrial production growth keeps to a crawl
By IANS,
New Delhi : India's industrial production continued to grow at a sluggish pace, registering a 7.1 percent expansion in July, though there was a slight improvement over the month before, official data showed Friday.
The country's index of industrial production (IIP) registered a 5.7 percent growth between April and July, compared with 9.7 percent in the same period last year, as per the new data.
In June, the index had moved up by just 5.4 percent, while industrial growth rate for the April-June period was 5.2 percent.
APEC officials want the Doha Round to move forward
By Xinhua
Sydney : Senior officials from the Asia Pacific Economic Cooperation (APEC) member economies have suggested during their annual meeting here that all-round efforts be made to move the Doha Round process forward.
The APEC members hold that it is important for the World Trade Organisation (WTO) to conclude the Doha Round negotiation early, David Spencer, Australia's ambassador to APEC and chair of the APEC Concluding Senior Officials Meeting, said here Monday.
Sensex ends near day’s lows as selling takes toll
By IANS,
Mumbai : Continued selling of stocks across the board and particularly from consumer durables, auto and realty sectors pushed a key index of the Indian equities markets down over 2 percent Friday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,440.95 points, ended trade at 15,160.24 points, down 353.79 points or 2.28 percent from its last closing figure.
Similarly, the Nifty of the National Stock Exchange (NSE) shut shop in the red at 4,481.4 points, down 2.27 percent.
Indian Railways generates record cash surplus
By IANS
New Delhi : The Indian Railways has generated a cash surplus of Rs.201.53 billion before dividend for 2006-07 against Rs.147.09 billion in the previous year, registering a 27 percent increase.
Kingfisher Airlines cuts fuel surcharge
By IANS,
New Delhi : Following in the footsteps of state-owned Air India and Jet Airways, Kingfisher Airlines Saturday decided to cut fuel surcharge by up to Rs.400 for its low-cost and full service carriers "with immediate effect".
"We have dropped the fuel surcharge with immediate effect," an airline spokesperson said.
The fuel surcharge for Kingfisher Red (low-cost carrier) flights would now come down to Rs.1,950 from Rs.2,250 on sectors less than 750 km and to Rs.2,700 from Rs.2,900 on sectors beyond 750 km in India, the spokesperson said.
‘Aggressive pricing spoilt equity issues in India’
By IANS
New Delhi : Aggressive pricing and poor advisors spoilt the initial public offer (IPO) market in India in recent weeks even as some big-ticket issues had to be called off due to lukewarm response, says the findings of a new survey.
"While Indian stock markets have become structurally strong and well-regulated, bad pricing of issues and weak market sentiment have played spoilsport," says the Associated Chambers of Commerce and Industry of India (Assocham) survey.
Sensex loses 97 points on weak global cues
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday ended trade with a 97-point loss on profit booking and weak global cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,407.01 points, closed at 18,311.59 points, 97.76 points or 0.53 percent down from its previous close at 18,409.35 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.69 percent lower at 5,505.1 points.
India upbeat about business with Africa, plans big push
By IANS
New Delhi : With China rapidly expanding its presence in Africa, Indian business too is gearing up for a major push in the continent with its win-win formula of low-cost technologies and mutual empowerment at a conclave here next week that is expected to discuss projects worth $10 billion.
The three-day India-Africa Project Partnership conclave, that begins March 19, will witness the largest-ever interface between Indian and African business people and will be attended by 525 delegates from 33 African countries, including 37 ministers.
Dhaka poll panel cancels tenders awarded to Indian firms
By IANS
Dhaka : Two Indian suppliers of laptops and other IT hardware have knocked each other out of Bangladesh's Election Commission equipment selection procedure, raising prospects that polls in the country may be delayed.
A government panel Tuesday cancelled the selection of M/s. Telecommunications Consultants India Limited (TCIL), a company that was ready to sign a contract with the Election Commission to supply 8,000 laptops to list voters.
Markets end in red as bulls take a breather
By IANS
Mumbai : The Indian stock markets ended in the red as there was sluggishness seen in frontline stocks. Profit booking was in line with weakness in other global markets.
The benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shut shop by losing 144.17 points or 0.72 percent at 19,78.89.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) was down by 25.80 points or 0.43 percent at 5,912 points.
The broader mid-cap and small-cap indices of the BSE showed strength and ended in the green.
Tamil Nadu to add 300 MW wind power by March
By IANS
New Delhi : Another 300 MW of wind power generation capacity will be added in Tamil Nadu by March, Minister of State for Renewable Energy Vilas Muttemwar said Monday.
The minister was replying to a question in the Rajya Sabha, the upper house of Indian parliament.
Tamil Nadu already has 3,700 MW of wind power generation capacity in operation.
The wind power plants are mostly located in the state's three mountain passes, Palaghat, Shengottah and Aralvoimozhi, Muttemwar added.
India has stake and role in global financial stability: PM
By IANS,
New Delhi : India has vital stake and a role to play in the global economic stability, Prime Minister Manmohan Singh said Thursday as he left for the US capital to attend the G20 Summit among leaders of rich and developing nations to find ways that could reverse the current global economic slowdown and avert a future financial crisis.
"It has become clear over the last several weeks that the effects of the crisis are spreading," the prime minister said in a statement, before leaving for the Nov 15 Summit in Washington, called by US President George W. Bush.
Infrastructure holds key to overall growth: experts
By IANS,
Lucknow : Infrastructure development is an essential pre-requisite for the overall development of the country, and the government should encourage the public-private partnership (PPP) model to meet the challenges in this sector, experts said Saturday.
Various industry experts gathered here to participate in a convention on "Creating World Class Infrastructure - Policy Imperatives", organised by the the Lucknow Management Association (LMA).
Sensex still in red but crawling up
By IANS,
Mumbai : A key index of the Indian equities markets was trying to make up for its losses Monday afternoon, but was still more than 137 points below its last closing figure.
It had fallen 284 points around noon.
At 2.07 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 13,405.95 points, was trading at 13,366.71, which was 137.51 points or 1.02 percent below Friday's close.
Around the same time, the Nifty of the National Stock Exchange (NSE) was also ruling 1.08 percent lower at 3,960.65 points.
Trinidad’s energy resources becoming scarce
By Paras Ramoutar, IANS
Port of Spain : Energy resources in the twin-island Republic of Trinidad and Tobago are dwindling, bpTT chairman and chief executive officer Robert Riley said.
Trinidad and Tobago receives over 75 percent of its annual revenue from the energy industry. Several of the world's major energy companies have established deep business contacts here.
"There will be no large oil and gas finds in the future as in the past decade or so," he told a gathering of over 200 industrialists and energy experts at San Fernando Wednesday.
Reliance to set up 800 MW power plant in Karnataka
By IANS
Bangalore : The Karnataka government late Tuesday allowed the Mukesh Ambani-led Reliance Industries Ltd (RIL) to build a 800 MW gas-based power plant in Bidar district at a cost of Rs.24 billion.
"The state high-level committee on investments, headed by Chief Minister H.D. Kumaraswamy, approved the Reliance proposal to set up the power plant at an estimated cost of Rs.24 billion," state Industries Minister Katta Subramanya Naidu told reporters after the meeting.
Orissa rural management students beat downturn
By IANS,
Bhubaneswar : Despite a virtual freeze on recruitment across industries, the city-based Xavier Institute of Management has achieved 100 percent placement of its rural management students with some top corporates like the Tatas, Monsanto and Deloitte handing them appointment letters.
All the 59 students of the post-graduate diploma in rural management have been placed in various organisations even before the course ends in the middle of March, said Niraj Kumar, a member of the institute's placement committee.
Peacock preening Indian products, but prices a problem
By Fakir Hassen, IANS
Johannesburg : A two-day exhibition of products made by women entrepreneurs from India at the Call of the Peacock Exhibition organised here by the women's wing of the Indian Marketing Chamber (IMC) attracted a lot of attention for its quality, but many local visitors appeared to find the goods on sale quite expensive.
Sensex moves into green after wobbly start
By IANS,
Mumbai : A key index of the Indian equities markets climbed back into the green Monday, about five minutes into trade, after a shaky start.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,350.89 points, was at 15,423.72 -- 44.76 points or 0.29 percent higher than Friday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,587.7 points, up 0.42 percent.
NRI deposits grow to Rs.85 bn in Kerala bank
By IANS
Thiruvananthapuram : NRI deposits in Kerala's State Bank of Travancore (SBT) have grown by 9.14 percent to touch Rs.85.95 billion ($2 billion) in the last fiscal.
Soaring vegetable, fruit prices dampen Diwali spirit in Bangalore
By IANS,
Bangalore : Ruma Thakur, a homemaker in Bangalore, is clueless on how to manage the household budget this Diwali as prices of vegetables and fruits soar towards the sky.
"I am finding it hard to buy common vegetables and fruits like tomato, carrot, sapota and banana. The prices of vegetables and fruits have doubled, specially after the floods," lamented Ruma, while shopping at the bustling H.A.L. fruit and vegetable market.
Rural jobs scheme not working properly, admits government
By IANS,
New Delhi : A day after the budget for fiscal 2009-10 hiked the outlay for the flagship rural jobs scheme by 144 percent to Rs.39,100 crore, the government Tuesday admitted to huge slips in its implementation with an average of just 48 days of work generated for each beneficiary against the promised 100.
India fast-tracks pact on key Myanmar project
By IANS
New Delhi : India will continue its policy of realistic engagement with the junta in Myanmar, and readied to finalise an agreement on the crucial multi-modal Kaladan project that could act as the country's bridge to the entire Southeast Asia.
New Delhi also plans to work with the UN and other like-minded parties to nudge the junta towards "an all-inclusive process of national reconciliation". It hopes that the regime in Myanmar will soon begin broad-based negotiations with the pro-democracy leader Aung San Suu Kyi.
Mauritius not tax haven: Vice PM
By IANS,
New Delhi : India should not single out Mauritius in its attempt to curb tax avoidance as the African nation's image as a financial haven is ill-placed and distorted, according to its visiting Vice Prime Minister Ramakrishna Sithanen.
"Mauritius is definitely not a tax haven," Sithanen, who holds the portfolios of finance and economic empowerment, told a business roundtable to forge trade and economic ties with India.
Punish executives responsible for market crisis: Brazil
By Xinhua,
Sao Paulo : The Brazilian government has proposed to the Group of 20 (G20) industrialised and emerging economies that executives implicated in fraudulent practices endangering the financial integrity of their enterprises be punished.
The Brazilian delegation called for penal provisions in the new regulations of the international financial market during the two-day meeting of G20 finance ministers and central bank governors, which concluded here Sunday.
Mittal’s South Africa company risks higher fine if it appeals
By Fakir Hassen, IANS
Johannesburg : Steel giant Mittal SA has been advised to reconsider its decision to possibly appeal a record fine of nearly R700 million (over $95 million) imposed by the Competition Tribunal here, as a group of local steel users may institute a class action that could see damages of R20 billion being claimed.
Sensex rises further in afternoon trade
By IANS,
Mumbai : A benchmark index of Indian equities markets rose further in afternoon trade Monday with blue chip firms RIL and ICICI Bank leading the gainers pack.
Ford beats GM in US car sales
By DPA,
Washington : Ford has knocked General Motors off its long-running pole position in the US car market, according to monthly sales figures released Tuesday, while Toyota took less of a hit to its bottom line than many had expected.
Ford Motor Co sold 142,006 cars and light trucks in February, up 43.4 percent from the same month a year earlier. General Motors Corp saw only a 12-percent gain in US sales to 141,535.
International Travel House profits up 17 percent
By IANS
New Delhi : The International Travel House Ltd, one of the country's largest travel management companies, has posted a 17 percent increase in profits for the nine-month period ended Dec 31, 2007, over the corresponding period last fiscal.
The net profit after paying taxes stood at Rs.67.7 million and the company's income has grown by 12.7 percent. The profits, before paying taxes, stood at Rs.109.7 million, which showed a growth of 17 percent over last year.
Provogue India sells stake in realty unit
By IANS,
New Delhi : Leading apparel retailer Provogue (India) Ltd Monday said the UK-based LTG International Ltd will invest Rs.569.7 million ($12.7 million) to pick up 3.36 percent stake in a unit of its real estate arm Prozone Enterprises Pvt Ltd.
Prozone is a joint venture between Provogue and the London-based property company Liberty International Plc.
In April, Provogue sold 27 percent stake in the unit for Rs.4.57 billion to Triangle India Real Estate Fund, founded by Old Mutual Investment and ICS Realty.
Court asks shipping firm to compensate for delayed delivery
By IANS,
New Delhi : A Delhi court has asked OLC Shipping Line Pvt Ltd to compensate for the delay in delivery of packages in Dubai due to which the complainant had to shell out extra money.
The Delhi Consumer Disputes Redressal Commission chaired by Justice J.D. Kapoor last week asked the company to pay complainant Puja Bansal a sum of Rs.41,170.
Bansal had engaged the services of the company to deliver household goods from Delhi to Dubai in 18 packages and the firm billed her Rs.18,830 with the assurance that the goods will be delivered at Dubai port within 15 days of loading.
Monetary measures to check inflation expected soon: Finance Secretary
By IANS,
New Delhi : India's central bank may soon announce monetary measures to check price rise, Finance Secretary D. Subbarao said here Saturday, a day after inflation hit a 13-year high of 11.05 percent. At the same time, he predicted that inflation would remain high for the next three months.
"The first line of defence for inflation is monetary measures," Subbarao told reporters. “As we cannot control the supply side, we require quick measures to control the demand side, which will be done by the central bank (Reserve Bank of India or RBI) by taking monetary policy action.”
Videocon wants to set up LCD plant in Poland
By Surender Bhutani
IANSWarsaw : Videocon Industries, which had bought a TV tube and screen plant from the French group Thompson in 2005, is now poised to expand its presence in the European market from its base in Poland.
India likely to get more cooking gas from Qatar
By Aroonim Bhuyan, IANS,
Doha : Qatar is likely to increase cooking gas supplies to India following a meeting between Prime Minister Manmohan Singh and his Qatari counterpart Sheikh Hamad Bin Jasim Bin Jabir Al Thani here.
"Qatar is one of our principal suppliers of LNG (liquefied natural gas). There are expectations that, after due discussions, the supply of gas might be increased subject to mutual agreement,” said secretary (east) N. Ravi while briefing the media here Monday about the meeting between the two leaders after Manmohan Singh’s arrival here Sunday evening.
New oil field in Mexico could help rescue industry
By DPA,
Mexico City: A new oil field was identified in the south of the Gulf of Mexico that could help rescue the North American country's lagging industry, according to the newspaper Reforma Tuesday.
The field is located off the coast of the Mexican state of Campeche, and contains an estimated 66 million tonnes (900 million barrels) of the fossil fuel. The discovery is one of the most important in the past decade, the state oil company Petroleos
Mexicanos (Pemex) said.
Markets trading with loss, banking stocks fall in early trade
By IANS,
Mumbai : A day after the CRR hike by Reserve Bank of India, the Indian equities market opened Wednesday with a sharp cut. Banking, realty and PSU stocks were the worst hit.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 250.51 points at 13,856.07 points. Ten minutes into trade, the sensex was trading at 13,920.45 with a loss of 186.13 points or 1.32 percent.
At the same time, the S&P Nifty of National Stock Exchange was trading at 4,140.35 points with a loss of 50.75 points or 1.21 percent compared to its last close.
Maruti sales up, but future unpredictable
By IANS,
New Delhi : The country's largest automaker, Maruti Suzuki India, registered a 4 percent increase in sales in the first seven months this fiscal, as compared to the corresponding period last year, but says it has no idea how it would fare in the remaining five months.
The company recorded sales of 446,525 units for the April-October period, as against 429,909 units in the same period last year.
SAP unsure of meltdown impact on its operations
By IANS,
Bangalore : Global enterprise software major SAP AG Wednesday said it was yet to assess the impact of global economic slowdown and financial crisis in the US on its operations worldwide as it was still on a "wait-and-watch" mode.
“Certainly the financial meltdown will affect us as much as the global economy. To what extent nobody knows. If slowdown continues, it will impact our operations,” SAP executive board member Peter Zencke told reporters here.
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.
Indian equities market ends with a loss
By IANS,
Mumbai : The Indian equities market closed in the red Monday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 17,251.56 points and touched a high of 17,271.56 before closing at 17,015.96. It went down by 110.02 points at the day's close or 0.64 percent, compared to its close Friday.
The S&P CNX Nifty of the National Stock Exchange, which opened at 5,112.50 points, closed at 5,089.65. It went down by 22.05 points or 0.43 percent from its previous close.
L&T wins Rajasthan oil and gas pipelines contract
By IANS
Mumbai : Engineering and construction major Larsen and Toubro Ltd (L&T) has bagged a multi-million dollar contract from petroleum firm Cairn India to build crude oil and gas pipelines from Barmer in Rajasthan to Salaya in Gujarat, a distance of over 600 km.
The project will be commissioned by June 2009.
"The order was secured by L&T against stiff competition to build the unique mega pipeline of this kind for the first time in India," said K. Venkataramanan, president of engineering and construction projects and board member of L&T.
Sensex closes 78 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Thursday closed 78 points lower as traders booked profits on a volatile trading day.
FDI policy to be finalised by June-July
By IANS
Mumbai : India's much-awaited policy on foreign direct investment (FDI) is likely to be announced by June or early July, a senior official said here Tuesday.
Indian markets end flat
By IANS
Mumbai : Indian equity markets Tuesday hovered between positive and negative zones caused by weak global markets. Auto, banking and IT stocks ended in the red while metal stocks continued their rally.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange ended up 2.84 points or 0.02 percent at 18,663.16.
The broader 50-share S&P CNX Nifty on the National Stock Exchange was up 20.40 points or 0.37 percent at 5,483.90.
Brazil, Italy to press for tighter financial regulations
By IANS,
Rome : Brazil and Italy have said they would propose creation of an economic system that would lay more stress on production than speculation during the upcoming financial summit in Washington, EFE reported Wednesday.
Brazilian President Luiz Inacio Lula da Silva and Italian Prime Minister Silvio Berlusconi Tuesday told a press conference here that they would cooperate at this weekend's financial meeting of the Group of 20 industrialised nations and emerging markets like India, China and Brazil.
DLF seeks lower interest rates, defers projects
By IANS,
New Delhi : Hit by liquidity crunch, India's leading real estate firm DLF Ltd has deferred some projects and urged the government to slash interest rates by three percent to stimulate growth, a top official said here Tuesday.
Some projects in the residential hotel and commercial sector have been deferred due to the current situation and the company has also fired some employees, DLF Group chairman K.P. Singh told reporters here on the sidelines of the World Economic Forum-India Economic Summit.
However, he did not give any number of the job cuts.
STC and Consortium of companies sign accord for IMW
By SPA
Riyadh : The Saudi Telecommunications Company (STC) has recently signed an agreement with well-known international companies from France, Italy, Egypt, Lebanon, the United Arab Emirates (UAE), Pakistan and India, for the establishment and maintenance of the project of the International Marine Way (IMW).
The IMW will link Saudi Arabia with France and Italy via Lebanon and Egypt as well as with India via the UAE and Pakistan.
China to sign new economic agreement with Nepal
By IANS,
Kathmandu : Close on the heels of Indian External Affairs Minister Pranab Mukherjee's visit to Nepal, China is sending its Foreign Minister Yang Jiechi to Kathmandu Tuesday to bolster ties by signing a new agreement.
During his three-day visit, the Chinese minister will pay a courtesy call on Nepal republic's first President Ram Baran Yadav and hold formal talks with the nation's first Maoist Prime Minister Pushpa Kamal Dahal 'Prachanda' as well as Nepali foreign minister Upendra Yadav.
Food inflation in India softens to 18.22 per cent
By IRNA,
New Delhi : Food inflation in India softened to 18.22 per cent as of the week ended December 26, although potato and pulses continued to cost high.
The wholesale price based inflation was 19.83 per cent in the previous week.
Potato remained expensive rising as much as 110 per cent over the last year, followed by pulses the price of which jumped by 42.21 per cent. Vegetables turned expensive by 30.97 per cent.
Onion price rose by 40.07 per cent on yearly basis.
Tata Chemicals to commission new plant next year
By IANS,
Kolkata : Tata Chemicals Thursday said its fertiliser plant in Babrala, Uttar Pradesh, will start production by middle of next year.
"The customised fertiliser plant is under construction and that will start production by middle of next year," Kapil Mehan, executive director of Tata Chemicals, told reporters here on the sidelines of a seminar organised by the Indian Chamber of Commerce.
The mechanical completion of the plant is expected to be done by July 2010, he said.
"We have already placed orders for equipment for the plant and work is progressing on schedule."
Sensex falls as government presents Economic Survey
By IANS,
Mumbai : A key index of the Indian equities markets fell sharply Thursday as the government released the Economic Survey for 2008-09. The index fell more than 90 points to move into the red.
Shortly after 12.30 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,694.31 points, fell to 14,596.37 points - 49.1 points or 0.34 percent below Wednesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the negative terrain, 0.36 percent down at 4,325.2 points.
GIC’s London office is a giant step: Chidambaram
By Prasun Sonwalkar, IANS
London : Indian Finance Minister P. Chidambaram Wednesday opened a new branch office of the Mumbai-based General Insurance Corp of India and called it a 'giant step' in its expansion outside the country.
The Indian reinsurance major, better known in trade and finance circles as (GIC Re), provides cover to 1,000 insurance companies operating around the world. It is among the world's 25 largest reinsurers. A reinsurer allows insurers to reduce their exposure to potential claims by sharing their policy risks with second-tier insurers.
Infosys net up 21 percent, raises this fiscal’s projections
By IANS,
Bangalore : Infosys Technologies Ltd posted a net profit of Rs.13.02 billion for the first quarter this fiscal, registering a 21 percent year-on-year (YoY) growth from the Rs.10.8 billion posted last fiscal.
As against a flat growth projection of Rs.45.7 billion for the quarter, the information technology (IT) bellwether posted consolidated revenue of Rs.48.54 billion, registering a 29 percent YoY growth under Indian accounting practice.
Sequentially, net profit rose by 4.2 percent and revenue by seven percent from the corresponding quarter last fiscal.
Three cost-cutting projects at Kerala Minerals
By IANS,
Kollam (Kerala) : State-run titanium dioxide producer Kerala Minerals and Metals Ltd (KMML) is all set to implement three cost-cutting projects that will bring down costs by Rs.600 million ($14.3 million).
Set up more than three decades ago near here, KMML achieved an all-time record production of 35,512 tonnes and record sales of 35,768 tonnes last fiscal.
The three projects worth Rs.1 billion have been cleared by the government, Industries Minister Elamaram Kareem told IANS.
Middle East telecom giants will eye Asian, European markets
By IANS
Dubai : Telecom giants in the Middle East will seek to acquire small stakes in large players in southeast and central Asia and southern and eastern Europe, according to a new report.
This comes in the wake of consolidation in the Middle East and Africa (MEA) region last year, the report by Dubai-based telecoms advisory and investment firm Delta Partners said.
Pradhan needs to immediately announce new gas price: Barclays
New Delhi : Listing what it called key issues needing "attention of the new petroleum minister" on the day Dharmendra Pradhan took charge of...
Latest farming techniques for India advocated
By IANS,
Chennai : Increasing farm productivity through latest farming methods, new storage technologies and manufacturing value-added food products should be focus areas for India, speakers at a food conference said here Friday.
"The government and the Indian private sector should come together to unify the agriculture market supported by suitable food safety law incorporating international best practices," said US Chamber of Commerce chairman Bob Milligan.
Budget highlights-4
* To print currency notes with Braille signs
* Allocation of Rs.150 crore to improve safety of women in larger cities
* Allocation of Rs.500 crore...
Tamil Nadu to retail onions, prices dip in Chennai
By IANS,
Chennai : The Tamil Nadu government said Wednesday it will sell onions at its retail outlets, even as prices cooled down marginally to settle at Rs.60 per kg here.
OPEC blames US ‘mismanaged’ economy for price hike
By IRNA
Vienna : OPEC, rebuffing calls from US President George W. Bush to increase oil output, cited "mismanagement" of the American economy as a major factor driving prices up.
OPEC members, meeting in Vienna, Austria, decided to leave their production levels unchanged, declaring that the market has plenty of oil already.
OPEC president on Wednesday blamed financial speculators and American economic problems, which have helped lower the value of the dollar, for the high oil prices.
After the meeting, oil prices settled above $104 a barrel, a record.
Sensex ruling moderately higher in morning session
By IANS,
Mumbai : A benchmark index for Indian equities markets Friday was ruling moderately higher in the morning session, having lost a whopping 546 points the previous day.
Kannada film industry to mark 75 years in grand style
By IANS,
Bangalore : Southern superstars like Rajnikanth, Kamal Haasan and Vishnuvardhan are set to come together as the Kannada film industry celebrates its 75-year existence with a three-day extravaganza that kicks off here Sunday.
The inaugural event at the Bangalore Palace grounds would also be attended by Karnataka Chief Minister B.S. Yeddyurappa, apart from other bigwigs of the film industry like actor-politician Ambareesh, organisers said.
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.
India expects robust rice crop in current season
By IANS,
New Delhi : Rice production will go up significantly in India in the current season, notwithstanding raging floods in Bihar and Punjab, a senior agriculture ministry official said here Friday.
“Rice production is going to be record this season, despite floods having hit the summer crop in some areas,” said Mangala Rai, Secretary of the Department of Agriculture Research (DARE), in the ministry of agriculture.
“Rice production can go beyond what the country had last season,” Rai told reporters on the sidelines of a seminar here.
India-Australia collaboration to improve wheat varieties
By Neena Bhandari
Sydney, (IANS) Indian and Australian wheat collaborators are using their skills and experiences to focus on the implementation of molecular technologies to develop improved wheat varieties for both countries.
University of Sydney's Plant Breeding Institute is collaborating with the Directorate of Wheat Research at Karnal and Punjab Agricultural University in Ludhiana to study molecular marker technologies for faster wheat breeding in India.
Tata Communications partners US major for wireless Internet
By IANS
Mumbai : Tata Communications Ltd, part of $29-billion Tata Group, has selected US-based Telsima Corp to provide wireless broadband services in India, it was announced Tuesday.
In the initial phase, Tata Communications will offer broadband Internet access and content services to business and residential customers in all the major cities in the country.
Telsima is a global player in Wimax systems. Wimax technology uses fixed, local radio cells to provide high-speed wireless Internet access. It is considered a successor to wireless fidelity (wi-fi) technology.
India to grow by 8.5-9 percent in long term: Mukherjee
By IANS,
New Delhi : Amid international economic uncertainty, Finance Minister Pranab Mukherjee Monday said he expectS India's GDP to grow by 8.5-9 percent in the medium to long-term period.
Sensex ends 1 percent lower
By IANS,
Mumbai : A benchmark index for Indian equities Monday closed a percent lower as selling pressure spread through the breadth of the markets.
The markets had begun the day with a negative bias after the Reserve Bank of India Friday hiked key policy rates by 25 basis points. Interest sensitive sectors such as realty and auto suffered the most.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,481.96 points, shut shop at 17,393.11 points, 185.12 points or 1.05 percent lower than its previous close at 17,578.23 points.
India, Germany sign social security agreement
By IANS,
New Delhi : India and Germany Wednesday signed an agreement here that would exempt their nationals working in either country from social security contributions.
The exemption will be given to people on short-term contracts for a period of four years, extendable to another one year, said an official statement.
The agreement was signed by K. Mohandas, secretary at the ministry of overseas Indian affairs and Franz-Josef Lersch-Mense, state secretary of the German ministry of labour and social affairs.
Hillary aligning with Indian American business: US daily
By Arun Kumar, IANS
Washington : Hillary Clinton, the Democratic hopeful for the US presidency, has aligned herself with Indian American business leaders and Indian companies "feared" by the labour movement, a leading US daily has alleged.
The former first lady's efforts to bring an Indian firm to Buffalo in New York State, which yielded "about 10" jobs, illustrates the bind she faces, the Los Angeles Times said in a long-winded report Monday.
Aussie Brand Ambassadors may be a problem for Indian firms
By IANS
New Delhi : Brett Lee stares at you from the hoarding and tells you the time; Ricky Ponting stands up for an engine oil's reliability while Adam Gilchrist has in the past told Indians why they should buy a certain washing machine or refrigerator. Add to them, Michael Clarke, recently signed up by an Indian event management company.
Now the same cricketers have alleged that an Indian player, Harbhajan Singh, has racially abused one of the Australian players, Andrew Symonds.
Timeline of events surrounding Satyam Computer
By IANS,
Mumbai : The following is the timeline of events surrounding Satyam Computer Services since its founder B. Ramalinga Raju made an abortive bid to make the company acquire two family enterprises, raising questions on corporate governance, followed by his admission to perpetrating India's biggest corporate fraud:
Dec 16, 2008 - Satyam announces plan to buy two realty firms part-owned by its founders for $1.6 billion, but does a U-turn after negative investor fallout
Dec 18 - Satyam board plans to meet Dec 29 to consider a share buyback to restore confidence
Tata-Virgin tie-up can go ahead, says DoT
By IANS
New Delhi : The Department of Telecommunications (DoT) Wednesday said it will not stop Tata Teleservices from launching mobile phone services in partnership with Britain's Virgin Mobile, but it sought "information" on the deal, a senior official said.
"We have asked them for information to see if it is consistent with licensing conditions but that does not stop them from commercially launching their services that they have announced with Virgin," Siddhartha Behura, Secretary of DoT, told reporters on the sidelines of a conference here.
Uttar Pradesh waives off trade tax for exporters
By IANS,
Lucknow : With a view to boosting exports from Uttar Pradesh, the Mayawati government has announced a major tax incentive - a full waiver of trade tax - to all export-oriented industrial units across the state, an official spokesman said Thursday.
Left to protest against price rise Thursday
By IANS,
New Delhi : Demanding immediate steps to curb price rise and raising various other issues, the four Left parties will organise mass picketing and courting arrest programmes across the country Thursday.
Twenty-five lakh people will participate in mass picketing to be held in all district headquarters and in courting arrest programmes which will be held outside central government offices across the country, Left party leaders said.
Sensex ends flat on volatile day
By IANS,
Mumbai : A benchmark index for Indian equities closed flat on a volatile day of trade Monday, giving up late gains even as traders ignored the latest government growth estimates.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,931.34 points, shut shop at 15,935.61 points, up 19.96 points or 0.13 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.
Indian Markets slide despite US Congress nod to bailout plan
By IANS,
Mumbai : Despite the US Congress passing legislation for the unprecedented $700 billion bailout for troubled assets, Indian equities markets opened weak and slid into the red on short selling and large institutional sales, analysts said.
One hour into trading, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) breached the 13,000 mark and was at 12,895.57, down 206.61 points or 1.58 percent from its previous close Friday at 13,102.18.
Maruti net down 54.2 percent
By IANS,
New Delhi : Auto major Maruti Suzuki Thursday reported 54.2 percent year-on-year dip in its net profit for the quarter ended Dec 31.
The company posted net profit of Rs.2.13 billion (Rs.213.57 crore/$47.46 million) for the October-December period, down from Rs.4.67 billion a year ago.
Maruti sold 173,494 vehicles in the quarter, almost 14 percent less than the sales in the corresponding period last year. During the period, 14,634 units were exported, the company announced.
The total income from operations for the automaker stood at Rs.51.41 billion.
Land acquisition in Mayawati’s village: two top officials suspended
By IANS,
Greater Noida : Two top officials, including the deputy chief executive officer here, were suspended for being lax towards problems being faced by farmers in getting compensation for land acquired in and around Uttar Pradesh Chief Minister Mayawati's Badalpur village, an official said Wednesday.
Mayawati suspended Pramod Kumar Agrawal, deputy chief executive officer and S.A.A. Rizvi, general manager projects late Tuesday night.
Farmers' representatives had laid siege at the Greater Noida office on two occasions in the past.
Timeline on steps taken to bring liquidity to Indian financial system
By IANS,
New Delhi : Following are some of the measures taken since Sep 16 to calm nervous Indian markets amid growing global turmoil and improve domestic liquidity conditions:
* Sep 16: Reserve Bank of India (RBI) raises interest rate ceilings on NRI deposits and provides additional liquidity by (a) permitting banks to avail additional liquidity support under the Liquidity Adjustment Facility (LAF) up to 1 percent of their net demand and time liabilities, and, (b) extending the secondary LAF to a daily basis.
Kerala ‘A Golden Hub’ for jewellery retailers
By NNN-PTI,
Kochi : Kerala, known for its penchant for gold since the days of royal rule, is turning out to be one of the hottest destinations in the country for retail jewellery trade thanks to ever increasing demand and overall economic growth.
Jewellery retailers from Mumbai, Gujarat, Jaipur and various other places are flocking to the state to tap the lucrative market in the state, which is heavily dependent on the jewellery trade to sustain its economy, according to Kerala Jewellery Manufacturers Association Chief Patron P V Jose.
$40 mn UN-Indian project to target hazardous medical wastes
By IANS,
United Nations: A UN agency has teamed up with the Indian government in a $40-million pilot project in five Indian states to help the country's healthcare system dispose of hazardous medical waste.
The five-year project will be implemented in Gujarat, Karnataka, Maharashtra, Orissa and Punjab, with Bangalore's M.S. Ramaiah Medical College acting as national implementation body, UN Industrial Development Organisation (UNIDO) said in a news release Thursday.
Four large, eight medium and 16 small hospitals in each state will benefit from the project.
United Bank gets SEBI nod for independent directors’ appointment
By IANS,
Kolkata : Public sector United Bank of India (UBI) has received exemption from the Securities and Exchange Board of India (SEBI) for appointment of independent directors before its initial public offering (IPO) of shares, a senior bank official said here Friday.
"We had explained to SEBI that it might take some time before we fulfill the quota of independent directors and have given an undertaking that we will keep them informed as and when we appoint them," executive director T.M. Bhasin said at a press meet.
Tata Communications to expand its global network to Egypt
By IANS,
Mumbai : Tata Communications Ltd. has inked a deal with TE Data S.A.E., a subsidiary of Telecom Egypt and Egypt's largest P-based data communications carrier for the expansion of its global VPN (virtual private network) service in Egypt.
Tata Communications and TE Data have interconnected their respective MPLS (multi-protocol label switching) infrastructures with European and Indian network hubs with TE Data's facilities in Egypt in order to serve enterprise customers' growing worldwide connectivity needs.
Satyam fraud reaches parliament; LS to discuss tomorrow
By NNN-PTI,
New Delhi : The Lok Sabha will Friday discuss developments at Satyam that was rocked by a Rs 7,800 crore accounting fraud, prompting the government to takeover operations to prevent damage to the Indian IT industry.
This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a discussion on the fraud.
Sources said even Lok Sabha Speaker Somnath Chatterjee himself had suggested having a discussion on Satyam when he met the political leaders on the eve of the session.
Gulf states decide to launch common market
By Xinhua
Doha (Qatar) : Abdul Rahman al-Attiya, secretary general of the six oil-rich Gulf Cooperation Council (GCC) nations, Tuesday announced the establishment of a common market at the closing session of the GCC summit here.
Reading out the Doha Declaration, al-Attiya said the common market would come into effect Jan 1, 2008.
The launch of the common market is for the interests of the Gulf people and for boosting competitiveness of the Gulf economy, he said.
Japan’s economy slides into recession
By DPA,
Tokyo : Japan's economy shrank at an annualized rate of 0.4 percent in real terms in the July-September period, the government said Monday.
The gross domestic product (GDP) fell 0.1 percent during the three months from the previous quarter, marking the second quarterly drop, the cabinet office said.
Looking at the GDP for the July-September quarter, Japanese Economic and Fiscal Policy Minister Kaoru Yosano said Monday that the nation's economy is in a recession, which means that it shrank two quarters in a row.
Toyota signs up AR Rahman as brand ambassador for Etios
By IANS,
New Delhi : Toyota Kirloskar Motor (TKM) has roped in music composer and two-time Oscar winner A.R. Rahman as brand ambassador for its small car Etios to be launched in December.
Markets open lower as US auto bailout fails
By IANS,
Mumbai : Investors woke up to a weak stock market as sentiments plummeted with a failed bailout of the US auto industry and a key Indian market opening with a loss of 294.84 points or 3.06 percent one hour into trading.
The failed bailout will affect a lot of Indian auto ancillary companies who were involved in exports to the Big Three US auto companies.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) stood at 9,350.62 points against the previous close of 9,645.46 points.
Gas pricing controversy between Ambani brothers escalates
By IANS
Mumbai : Ahead of the crucial meeting of the high-powered, empowered Group of Ministers (eGOM) to discuss the issue of the controversial pricing of the Krishna-Godavari gas, the war of words between the Ambani brothers seems to have escalated.
Market trading flat in early trade
By IANS,
Mumbai : The Indian equities market, which opened with a loss Monday, was trading flat in early trade.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of nearly 12 points at 13,791.02 points. Fifteen minutes into the trade, the sensex was trading at 13,762.85 with a loss of 39.37 points or 0.29 percent.
At the same time, the S&P Nifty of National Stock Exchange was trading at 4,138.90 points with a gain of 2.15 points or 0.05 percent compared to its last close.
Bug makes meal of Punjab cotton, whither Bt magic?
By Jaideep Sarin, IANS
Chandigarh : The magic of Bt cotton in southern Punjab has vanished. Weary and stressed farmers - who are said to have sprayed pesticides worth over Rs.5 billion (over $120 million) this season to save their cotton crop from the mealy bug - are headed for major losses this time around.
Dominican president moots fund to help poor nations buy oil
By IANS,
Santo Domingo (Dominican Republic) : Dominican President Leonel Fernandez has proposed a $40 billion fund to be made available on easy terms to poor countries to help them buy oil, EFE reported Sunday.
Fernandez said at a press conference here Saturday that while high oil prices have pushed much of the world into a grave crisis, the oil producing countries are reaping a rich harvest from the price spiral.
Now there could be a Post Bank of India!
By IANS
Kolkata : The Department of Post (DoP), which also provides savings bank services to millions of Indians, is planning to launch a full-fledged bank under the name of Post Bank of India.
Google profit falls for first time
By DPA,
San Francisco : Google posted the first-ever decline in its quarterly earnings Thursday but still beat market expectations in the withering economic climate.
The web search giant said that it earned $382 million, or $1.21 per share, in the three months ending in December - a drop of 68 percent from the same period in 2007. But the profit was hit by a $1.5-billion charge for write downs on investments like AOL and Clearwire and the cost of issuing new stock options to employees whose existing warrants were below the company's share price.
Sensex closes 339 points lower
By IANS,
Mumbai : A benchmark index of Indian equities market Friday closed 339 points lower as traders continued to sell front-line stocks and downward pressure increased in the broader markets.