Tata Consultancy opens fourth delivery centre in China

By IANS, Mumbai : India's largest IT services provider Tata Consultancy Services (TCS) Tuesday announced the inauguration of its fourth global delivery centre in China. The facility at Tianjin will have capacity of 300 seats and will be the fourth delivery centre in China after Bejing, Shanghai and Hangzhou, the company said in a statement.

Asian, European leaders urge joint action on financial crisis

By DPA, Beijing : The largest-to-date gathering of Asian and European leaders opened Friday to discuss how to respond to the global financial crisis and combat climate change. "In the face of this global challenge, the international community should enhance policy coordination, strengthen cooperation and make a common response," Chinese President Hu Jintao said in his opening speech to the at the seventh biannual Asia-Europe Meeting (Asem).

Bangaloreans resent fuel price hike

By IANS, Bangalore : The residents of Bangalore have expressed widespread resentment over the fuel price hike announced Wednesday which, they feel, would result in increase in prices of other essential products and services. After the hike of petrol prices by Rs.4 per litre and diesel prices by Rs.2 per litre, Bangaloreans now have to shell out Rs.50.66 per litre for petrol and Rs.37.01 per litre for diesel. "It has been a huge hike. We're not prepared to handle ever increasing prices in petrol and diesel," Prakash Sharma, a government employee told IANS.

Will file cases against US for WTO norms violation: Goyal

Pune : Charging Western nations with adopting double standards in their approach to climate change, Power Minister Piyush Goyal has said India file 16...

MP CM invites Silicon Valley investors to visit State

By Pervez Bari, TwoCircles.net Bhopal, May 17: Madhya Pradesh Chief Minister Shivraj Singh Chouhan visited Silicon Valley at San Jose during his U.S. visit on Wednesday. According to an official Press release the Bankers Club of San Francisco organized a road show and interactive meeting on investment potential in Madhya Pradesh with the cooperation of U.S.-Indo Business Council and FICCI on the occasion.

Manmohan Singh approves interim budget for presentation Monday

By IANS, New Delhi : Prime Minister Manmohan Singh Sunday went through the documents related with the interim budget that will be presented to parliament Monday, and after the approval of the house forwarded to President Pratibha Patil for her assent, as per convention. The prime minister also formally approved the speech of External Affairs Minister Pranab Mukherjee, who will be presenting the interim budget to the Lok Sabha, said official sources.

Sensex closes dull, IT, metal stocks lose

By IANS, Mumbai: A benchmark index for Indian equities markets Wednesday closed on a dull note amid selling in IT and metal stocks.

Cuba to Spain Cooperation Meeting

By Prensa Latina Madrid : The second State Meeting of Cooperation with Cuba began in the Spanish city of Bilbao Friday, to foster collaboration between the different actors of cooperation between Spain and Cuba. The meeting was convoked by the Euskadi-Cuba Association to discuss ways to obtain better coooperation between institutions, public organizations and non-governmental organizations of Spain with Cuban entities.

Essar group to acquire US steel maker for $1 bn

By IANS, New Delhi : The Ruia-controlled Essar Steel Holdings Thursday disclosed it is acquiring the US-based steel producer Esmark Inc for an estimated $1 billion. "The proposed tender offer was unanimously accepted by the board of Esmark Inc and is subject to customary approvals, including those of the US government and united steel workers," the group said in a statement. Esmark is a steel production and distribution company with an annual capacity of 2.4 million tonnes and distribution centres across the US. A definitive pact is to be entered into in 52 days, the group said.

Hillary Clinton meets Indian business leaders

BY IANS, Mumbai, July 18 (IANS) US Secretary of State Hillary Clinton met Indian business leaders here Saturday, the first full day of her visit to the country. Clinton discussed an array of issues over breakfast with around 10 of India's top corporate names, including Mukesh Ambani, Swati Piramal, Jamshyd Godrej and Chanda Kochhar, at the Taj Mahal Palace and Tower Hotel.

Wall Street’s rise, weaker yen push Tokyo stocks up

By DPA, Tokyo : Stocks opened higher Monday in Tokya on Wall Street's Friday rises and a weaker yen. The Nikkei 225 Stock Average went up 62.92 points, or 0.76 per cent, to 8,293.07. The broader Topix index of all First Section issues was up 3.04 points, or 0.37 percent, to 820.93. On currency markets at 9 a.m. (0000 GMT), the dollar was quoted at 91.19-24 yen, up from Friday's 5 p.m. quote of 90.29-32 yen. A weaker yen helps boost earnings of Japanese exporters and makes Japanese products cheaper overseas.

Citigroup, Bank of America could all need more cash

By DPA, New York : Some of the largest banks in the US will be forced to raise billions of dollars more in cash to survive the ongoing financial crisis, according to the findings of government regulators to be released later Thursday. The US Federal Reserve will issue the much-anticipated details of the so-called stress tests, which evaluated the country's 19 largest banks, after market close Thursday afternoon.

Funding for regional rural banks approved

By IANS New Delhi : The 27 financially-stressed regional rural banks, whose net worth has turned negative, will now get funds from the central government to induct fresh capital and revive their operations, it was announced Wednesday. In a decision taken by the union cabinet, the central government will contribute 50 percent towards fresh capital of these banks, estimated at Rs.8.97 billion ($228 million). The re-capitalisation needed by the banks is assessed at Rs.17.95 billion.

Saudi Arabia, UAE meet over half of Japan’s oil needs

By IANS, Tokyo : Saudi Arabia and the United Arab Emirates (UAE) are the largest oil suppliers to the world's second largest economy Japan and account for over half of the country's oil imports, WAM news agency reported Tuesday citing Japanese government figures. Saudi Arabia remained the largest crude oil supplier to Japan in May 2009, exporting 31.4 million barrels per day and accounting for 28.8 percent of total its oil imports. Japanese oil imports from the UAE stood at 23.9 million barrels per day in May 2009, representing 22.7 percent of the total oil imports.

Eight Gujarat courts to deal with dishonoured cheques only

By IANS, Ahmedabad : Eight courts have come up in Gujarat to exclusively deal with bounced cheques, said a judicial official, adding "unless we have a system of quick disposal of cases relating to dishonoured cheques, investment growth will not take place". "We have inaugurated eight courts exclusively to deal with 138 matters (Section 138 of the Negotiable Instruments Act deals with dishonoured cheques)," said Chief Justice of Gujarat High Court Justice K.S. Radhakrishnan.

Sensex makes up losses, blue chip srips see buying

By IANS, Mumbai : A key index of Indian equities markets made up most of its losses Tuesday afternoon as investors bought into blue chip companies' scrips. At 2.20 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange Sensex, which opened at 16,879.38 points, was ruling at 16,862.14 points, down 4.27 points or 0.03 percent. It had slipped more than 244 points earlier. The S&P CNX Nifty of the National Stock Exchange (NSE) also climbed up but was still marginally in the red at 4,988.35 points, down 0.3 percent.

Police modernization gets Rs.430 crore budgetary boost

By IANS, New Delhi : Finance Minister Pranab Mukherjee Monday proposed an additional sum of Rs.430 crore (Rs.4.3 billion), over and above the provisions in the interim budget, for the modernization of state police forces and also earmarked Rs.2,284 crore (Rs.22.84 billion) for construction of fences, roads and flood lights along the international borders. Presenting the financial budget for 2009-10 in parliament, Mukherjee said that paramilitary personnel will also get special risk/hardship allowances at par with the defence forces.

Sensex trading flat, down 20 points

By IANS, Mumbai : Indian equities markets continued to languish Wednesday as trading remained dull about an hour before closing bell, with a key index ruling 20 points down from its previous close. At 2.31 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,482.05 points, was trading at 15,531.13 points, down 20.06 points or 0.13 percent below Tuesday's close at 15,551.19 points. Around the same time, the Nifty of the National Stock Exchange (NSE) was ruling flat at 4,626.95 points, up only 0.03 percent.

Five years after Ambani, his split empire adds more value

By IANS

Mumbai : Five years after legendary industrialist Dhirubhai Ambani died after a stroke, the companies founded by him continue to be investors' favourites, even though the group was split between his two sons Mukesh and Anil two years ago.

India Sets Up Cooperative SEZ

By Prensa Latina New Delhi : The Indian government will allocate almost $6 million to establish within two weeks the first Special Economic Zone in the cooperative sector, The Times of India reported Friday. Since April 2000 the Government of India has introduced Special Economic Zones in the country, and there are now 200 such zones deemed to be foreign territory for the purposes of trade operations, duties and tariffs.

Intel to launch new quad-core processor

By IANS Hyderabad : Intel Corporation, the world's biggest chipmaker, will launch its latest quad-core Xeon processor here Thursday. The chip-based server platform in the 7300 series has been code-named 'Tigerton' for the processor and 'Clarkboro' for the chipset with data traffic optimisation. Earlier, the platform was known as Caneland.

More Highlights of Indian budget (Part 10)

By IANS Banks to open 250 rural household accounts every year in rural branches Banks to give loans to self-help groups for income-generating activities, social needs and debt swapping National Bank for Agriculture and Rural Development (Nabard) to get Rs.50 billion to refinance loans Small Industries Development Bank of India (Sidbi) to get Rs.40 billion to refinance loans National Housing Bank to get Rs.12 billion

Global recovery has begun, says Bank of Canada

By IANS, Toronto : The Bank of Canada, the central bank of the most robust of the G8 economies, has said that global recovery from the financial crisis has begun. In its economic outlook report released Tuesday, the bank said: "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system. "However, the recovery is nascent. Effective and resolute policy implementation remains critical to sustained global growth."

Minimum support prices for pulses, wheat raised

By IANS, New Delhi : The government Wednesday raised the minimum support prices (MSP) of gram and masur dal by Rs.340 and Rs.389 a quintal respectively and that of wheat by Rs.20.

City of millionaires has billions stashed in banks

By Jaideep Sarin, IANS Chandigarh : Chandigarh, the city with the highest per capita income in India, is on another high. Its banks are full to the brim with deposits of nearly Rs.242 billion ($6.15 billion). The income tax department has listed over 1,800 millionaires here on the basis of tax returns filed last year (2006-07). Data collected by the Chandigarh administration on its over 1.1 million residents have revealed this interesting fact.

Slowdown in manufacturing due to strong rupee: Kamal Nath

By IANS New Delhi : The slowdown in India's manufacturing sector is due to an ever-weakening dollar against the rupee but it will revive soon, Commerce and Industry Minister Kamal Nath said Wednesday. "The decline is due to a weak dollar against the rupee and the higher base of last year," Kamal Nath told reporters on sidelines of an event here organised by the Confederation of India Industry (CII). "I am hopeful manufacturing will revive in the coming months," he added.

Indian economy records fastest growth in 18 years

By IANS

New Delhi : With robust performances by manufacturing and services sectors, India's gross domestic product (GDP) expanded by 9.4 percent in 2006-07 to register the fastest growth in 18 years, official data revealed Thursday.

Bhubaneswar Institute of Technology ties up with US firm

By IANS, Bhubaneswar : US chip maker Cypress Semiconductor Corp will set up a design technology laboratory on the campus of the Bhubaneswar Institute of Technology (BIT) and train its students. "It will be the first programmable system on chip (PSoC) laboratory in the state," BIT chief operating officer and executive director Ashok Mahapatra told IANS. PSoC devices provide a learning platform for students in embedded design.

Google proposes micropayments for online news

By DPA, San Francisco : Google is working on a micropayment system that would allow newspapers to easily charge for online content, the web search giant has revealed in a proposal to the Newspaper Association of America. In the proposal, which was released on the internet Thursday, Google said that its micropayment system would be up and running within the year and would enable simple payment of one cent to several dollars.

Australia looks to invest in India’s infrastructure growth

By Neena Bhandari, IANS, Sydney : As India makes infrastructure growth a top national priority, Australian businesses are being urged to seize opportunities in the infrastructure and resources sectors "worth over Australian $50 billion ($46 billion)". A new report compiled for Austrade (The Australian Trade Commission) by KPMG India identifies key resource and infrastructure developments and projects in India.

UAE, India trade likely to grow over 50 percent

By IANS, Kolkata : The United Arab Emirates (UAE) is hopeful that trade with India would grow by more than 50 percent in the current fiscal. "The total bilateral trade between the two countries for 2008-09 was almost $44.5 billion, compared to $29.1 billion in 2007-08, which is an increase of 53 percent," UAE Ambassador Mohamed Sultan Abdalla Al Owais told reporters here Friday. "This year we would like to maintain the same level of 53 percent growth," Owais said.

Steel Authority props Mumbai sea link

By Quaid Najmi, IANS, Mumbai : After supplying steel for critical components in India's first moon mission Chandrayaan and the first railway tracks in Jammu and Kashmir, Steel Authority of India Ltd (SAIL) has earned another feather: propping the nation's first open sea bridge. Almost two-third of the steel used in the construction of the Bandra-Worli Sea Link (BWSL) has come from the public sector giant, a senior company official said.

Industry lobby seeks clinical trial approval in 30 days

By IANS, New Delhi : An industry lobby Monday sought Prime Minister Manmohan Singh's help to get approval for clinical trial of drugs within 30 days of a pharmaceutical firm fulfilling the requisite norms. The Associated Chambers of Commerce and Industry of India (Assocham) Monday said at present, a pharmaceutical firm has to wait at least eight months before the clinical trial is approved.

Adivasi villages in Jharkhand, Odisha face severe neglect, reveals new report

The report titled “Status of Adivasi Livelihoods 2021” highlights the difficulties and scarcities faced by the tribal communities. Muhammed Nihad PV | TwoCircles.net NEW DELHI —...

Sensex ends 153 points down

By IANS, Mumbai : Indian markets ended in the red Wednesday on a volatile note ahead of the exit polls in parliamentary elections, with a key index shutting shop 153 points below its last closing figure. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,201.93 points, shed 153.65 points or 1.26 percent from its previous close to end at 12,004.38 points (provisional). The S&P CNX Nifty of the National Stock Exchange (NSE) lost 1.4 percent to close at 3,629.45 points.

Deccan copters to ferry well-heeled from new airport to IT hub

By Fakir Balaji, IANS, Bangalore : To beat perennial traffic jams during peak hours, India's leading private charted firm Deccan Aviation Ltd will launch a helicopter service this month to ferry the well-heeled and frequent fliers from the new Bengaluru airport to Bangalore city, India's IT hub.

Etisalat introduces one Gbps Internet leased lines in UAE

By IANS, Dubai : The United Arab Emirates (UAE) based telecom services provider Etisalat has announced the launch of high speed Internet leased lines with speeds up to one Gbps (gigabit per second) for business users in the UAE, WAM news agency reported Wednesday. The new service would give customers fastest access speeds in the region. Etisalat is the first Internet services provider in the region to offer leased lines with speed of one Gbps.

Citibank urges Pakistan to seek IMF help to avoid default

By DPA, Karachi : The US-based Citibank has advised Pakistan to secure help from the International Monetary Fund (IMF) to avoid default on its foreign debt repayments in the face of an ongoing political crisis. The report, "Pakistan: Could the Political Chaos Lead to Sovereign Default?" released in New York Wednesday, cited a ris ing chance of default over mounting political instability, dwindling foreign exchange reserves and the weakening Pakistani rupee. "Pakistan perhaps now needs an IMF stabilization programme to manage the dire situation," it said.

East Coast Railway to run special trains this summer

By IANS Bhubaneswar : The East Coast Railway has decided to introduce at least 13 pairs of special trains from next month to facilitate people who wish to travel between Puri and Kolkata during the summer holidays, an official said. "The super fast weekly summer special trains will run from April 1 to June 24 to cater to the large number of passengers during the summer holidays," an East Coast Railway official told IANS.

Wockhardt acquires US firm Morton Grove

By IANS Mumbai : Pharmaceutical and biotechnology major Wockhardt Ltd today announced the acquisition of Morton Grove Pharmaceuticals Inc, a leading healthcare company in the US with sales revenue of $52 million (Rs.2 billion). "Morton Grove is a strategic acquisition for Wockhardt. It provides an entry into the US generic market with a portfolio of 31 products, 13 of which occupy number one market position," said Habil Khorakiwala, chairman, Wockhardt. "Wockhardt now has a strong position in the liquid medicine market in the US and the UK," he added.

All pharma firms to reduce medicine prices

By IANS, New Delhi : India will reduce prices of all drugs by nearly five percent and develop injections for combating life threatening infections, the pharmaceutical advisory forum said here Wednesday. "As a result of reduction in excise duty from 16 percent to 8 percent, all drug companies should reduce prices of their medicines by 4.58 percent," said Minister for Chemicals and Fertilisers Ram Vilas Paswan, who heads the forum.

No auction of 2G spectrum: telecom minister

New Delhi(IANS) : Even as Prime Minister Manmohan Singh Wednesday hinted at harnessing revenues in allocation of radio frequencies for mobile telephony, Communications and IT Minister A. Raja ruled out auctions, citing legal reasons. "We are not adopting the auctioning route for existing 2G (second generation) spectrum due to legal barriers. But for the next generation (third generation) mobile services, the government has already announced that it will be allocated on the basis of auction," Raja said on the sidelines of the India Telecom 2007 conference.

Sensex momentum continues, heavyweights soar

By IANS, Mumbai : A benchmark index for Indian equities continued with its bull run Monday, finding key support from heavyweight stocks like Reliance Industries, ITC and Bharti Airtel.

West Bengal forms expert committee on chemical hub

By IANS Kolkata : The West Bengal government Wednesday formed an environmental expert committee to monitor all activities in East Midnapore's Nayachar Island for locating there a chemical hub after Nandigram was abandoned for the project in the face of stiff resistance from villagers.

Actor sues Kingfisher Airlines for flight delay

By IANS New Delhi : Bhojpuri actor Kamal Khan has moved a consumer court demanding Rs.2 million in damages from Kingfisher Airlines after a delayed flight caused him to cancel his shooting last year. South district consumer court here has issued notice to the Kingfisher Airlines on a complaint filed by the actor. According to the complaint, Khan had booked two Kingfisher Airlines business class tickets on a flight to Mumbai from Delhi March 2 last year and paid the fare with his credit card.

Arcelor-Mittal to re-open furnace in Belgium plant

By IANS, Brussels : Steelmaker Arcelor-Mittal would re-open the second blast furnace at its plant in Ghent, Belgium, in August, EuAsiaNews reported Sunday. The furnace was closed down in April as a result of falling demand of steel worldwide due to the current economic crisis. With stocks at Arcelor's Ghent plant having largely been used up, the company decided that it was time to step up production at the site, local media reported. The re-opening of the blast furnace will mean that many of the workers that were laid off will be able to return to work.

Nalco’s Q1 profit up by 125 percent

By IANS, Bhubaneswar : State-owned National Aluminium Company Limited (Nalco) Saturday announced a 125 percent rise in net profit at Rs.284 crore for the first quarter ending June 30. In the same quarter of the previous year, the company earned a profit of Rs.127 crore, the company said in a statement. The company has also reported a sales turnover of Rs.1,388 crore, an increase of 43 percent compared to Rs.970 crore achieved in the corresponding quarter of the previous year.

ICICI Bank repurchases bonds worth $50 million

By IANS Mumbai : India's largest private sector lender ICICI Bank Friday said it has repurchased its 6.625 percent bonds worth $50 million and subsequently "extinguished" them. An ICICI Bank spokesman told IANS that by extinguishing, the bonds now stand "cancelled". These were a part of bonds worth $2 billion issued Oct 3, 2007 from the Bahrain branch of the bank due on 2012, ICICI said in an announcement here Friday. A dealer acting on behalf of the ICICI Bank carried out the repurchase through the open market.

Energy saving to be key issue at Hanover Fair

By Jean-Baptiste Piggin, DPA, Hanover (Germany) : When the Hanover Fair, the world's principal exhibition for industrial machinery, opens next week, one of the principal talking points will be ways to save scarce energy. Machinery that thumps metal, extrudes plastic or pumps air through pipes consumes vast amounts of electricity, and engineers are looking for ways to both cut factory power bills and help fight global warming.

Airtel the most congested network, finds regulator

By IANS, New Delhi : With the telephone subscriber base rising to 374.13 million in November, the congestion levels between one network to another has risen considerably with Bharti Airtel's network emerging the most congested. Between July-September 2008, Airtel had 41 points of inter-connections (POIs) - the highest level of congestion among the various networks. Vodafone was the second most congested network with 22 POIs, followed by Reliance Communications and Idea with 19 each, and Dishnet Wireless with 18.

‘US’s India policy part of accommodating emerging economics’

By NNN-PTI, Washington : US Secretary of state Condoleezza Rice has said America's deepening of its engagement with rest of the world, including India was part of Bush administration's policy to accommodate emerging economies into the international framework. Introduced by the tycoon Lakshmi Niwas Mittal at the World Steel Association, the top administration official argued that the international system is changing and hence "great,large countries" would have to be accommodated in that global framework.

US stocks drop, gold reaches record

By DPA, New York: US stocks fell slightly and gold rallied to a record high Monday amid more concerns over Europe's debt situation.

Loans could become cheaper as India’s central bank cuts keys rates

Mumbai : Housing, auto and commercial loans could become cheaper with the Reserve Bank of India cutting key lending rates by 25 basis points...

Infosys net up 18 percent in second quarter

By IANS Bangalore : Infosys Technologies Ltd. has posted a net profit of Rs. 11 billion for the second quarter (July-September) of the current fiscal (2007-08), registering a year-on-year (YoY) growth of 18 percent under the Indian GAAP. In a notification to the stock exchanges here Thursday, the IT bellwether said its consolidated revenue for the quarter (Q2) under review was Rs. 41 billion, posting YoY growth of 19 percent.

Tata Motors’ global sales up 14 percent in February

By IANS, Mumbai: Tata Motors Group Tuesday reported an increase of 14 percent in its international sales, which stood at 102,411 units, for the month of February.

Rising steel prices to be curbed: PM

By IANS, Bokaro (Jharkhand) : Voicing concern over rising steel prices, Prime Minister Manmohan Singh Tuesday said "necessary steps" would be taken to check the trend as he laid the foundation stone of a Rs.110-billion expansion and modernisation project of the Bokaro Steel Plant, one of India's largest steel mills. Urging steel traders not to take advantage of the situation, the prime minister said in a brief speech on the occasion: "Our government will take necessary steps to curb the rising prices."

Sensex pulls up after brief slip into red

By IANS, Mumbai : A benchmark index of the Indian equities markets was ruling flat around Wednesday noon, 26 points higher after a brief slip into negative terrain even as major Asian markets were in a slump. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,486.69 points, was at 17,512.1 points, up 26.04 points or 0.14 percent from its previous close at 17,486.06 points.

Insurance firm asked to pay Rs.1.6 mn to daughter of accident victim

By IANS, New Delhi : A city court Tuesday directed an insurance firm that does not provide life insurance cover to pay Rs.1.6 million to the daughter of an accident victim. United India Insurance, which does not provide life insurance policies but had insured the mini bus that collided with Rita Uppal's car, was asked to compensate for the 2005 accident. Additional District Judge Swarna Kant Sharma asked the insurance company to compensate Ananya Uppal, daughter of Rita.

Airtel starts mobile service in remote Himalayan valley

By IANS Shimla : The Bharti Airtel Ltd launched its mobile services Wednesday in the remote Lahaul and Spiti district in the Himalayan state of Himachal Pradesh, company officials said. The Lahaul Valley bordering Tibet remains cut off from the rest of the country for over half a year due to heavy snowfall in the high mountain ranges and passes. "Airtel services will now be available in and around Udaipur, besides Keylong, the only town in the district," said R.V.S. Bhullar, CEO, Bharti Airtel Ltd, Himachal Pradesh Circle.

India aviation show proves a big hit

By Mohammed Shafeeq, IANS, Hyderabad : India's first-ever international exhibition on civil aviation, India Aviation-2008, proved a big hit with thousands of people flocking to the Begumpet Airport here Saturday to catch a glimpse of a variety of aircraft on the last day of the four-day event. After three days for business visitors, the show was Saturday thrown open to the public, who thronged the venue in large numbers. So huge was the public response that the organisers had to stop sale of tickets for sometime. Over 3,000 tickets were sold in the first two hours.

‘Rule of law must for promoting Indo-US business, trade’

By IANS, New Delhi : The rule of law is not just a prerequisite for a vibrant society based on civil and human rights but...

India and China new pharma R&D hubs: study

By IANS, New York : India and China are the new pharmaceutical research and development (R&D) hubs, with India having an edge in the race, a industry study released Wednesday said. It said India was more mature in chemistry and drug-discovery activities than China. Chinese firms were more prevalent in less lucrative segments such as pre-clinical testing, animal experimentation and manufacturing.

Gujarat Petronet gets IFC support for gas network

By IANS Mumbai : State-run energy major Gujarat State Petronet Limited will receive financial support from the International Finance Corporation (IFC), the World Bank's private sector lending arm, for expanding its natural gas transmission network in Gujarat. This project will help Gujarat significantly reduce harmful environmental emissions, while making energy cheaper for private and commercial users by displacing more expensive imported fuels. IFC's financing to Gujarat State Petronet includes a loan of Rs.3.37 billion and equity of up to $30 million.

Indian economy to grow at 7-7.5% next fiscal as well: Minister Nath

By NNN-PTI, Davos : India has exuded optimism that it would continue to maintain economic growth rate of 7-7.5 per cent next fiscal, the same level it is expected to register in the current fiscal, even as its neighbour China termed its lower growth projection of 8 per cent in 2009 as a tall order. "We hope to continue at the same level of 7-7.5 next fiscal," Commerce and Industry Minister Kamal Nath told a press conference at the World Economic Forum here on Friday.

Indians losing interest in Gulf jobs, rue employers

By IANS Dubai : Once the ultimate job destination for many middle class Indians, Gulf countries now face a severe crunch of skilled workers from the country thanks to India's steady economic progress and rise in incomes, say company heads in the region. Gathering together at a function in the Qatar capital Doha to celebrate the 60th anniversary of India's independence, employers said that though they were extremely happy for India the economic expansion did pose a problem in getting skilled workers, reported the Gulf Times.

India needs proactive monetary policy: Economist

By IANS, New Delhi : India should have a more proactive monetary policy to deal with the economic downturn, a top economist said here Wednesday. "The monetary policy should be more aggressive and proactive," the chief economic advisor to the government, Arvind Virmani, told reporters here after a business meet. "Economic slowdown is affecting the corporate sector, which is highly globalised," he said, adding that there is an urgent need to bail out the infrastructure sector.

US House of Representatives approves economic package

By DPA Washington : The US House of Representatives overwhelmingly approved an emergency economic stimulus package that includes more than $146 billion in tax relief designed to encourage spending and investment. The legislation passed 385-35 and is designed to temporarily boost the economy as it undergoes an expected slowdown this year caused by the crisis in the housing market and high energy prices.

Indian Oil, Deep Industries to jointly explore, market gas

By IANS Mumbai : India's largest public sector oil company by sales, Indian Oil Corp Ltd (IOC), and Gujarat-based Deep Industries Ltd have signed a memorandum of understanding (MoU) to jointly develop two coal bed methane (CBM) blocks and three marginal gas fields, and then market the natural gas. Coal bed methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in the US, Canada and other countries.

Sensex ends below the 20,000-mark

By IANS, Mumbai : A benchmark index of Indian equities Wednesday pared some of its intra-day losses to close just below the 20,000-mark.

SEBI to set up advisory committee for mutual funds

By IANS, Mumbai : Market regulator Securities and Exchange Board of India (SEBI) will set up an advisory committee for mutual funds, a top official said here Wednesday. "Following the setting up of primary advisory committee and secondary advisory committee in SEBI, an advisory committee for mutual fund is also on the anvil," said SEBI chairman C.B. Bhave. The committee will provide a debating platform for industry representatives, investors and intermediaries.

Iraq expects increase in oil production

By IANS, Baghdad : Iraq's oil production will increase by about six million barrels per day (bpd) by 2015 from its current production of 3.4 million bpd, the Iraqi oil minister said Wednesday.

Indian businessmen unfazed by recent developments in Malaysia

By P. Vijian, NNN-Bernama New Delhi : Unperturbed by recent developments in Kuala Lumpur, the Indian business fraternity has expressed confidence in doing business with Malaysia. They described the racial discrimination issue, raised by certain quarters, as a domestic problem that is unlikely to have any impact on the two-way trade between the two traditional trading partners. "Trade between India and Malaysia will not be affected because of an internal problem," Federation of Indian Export Organisation vice-president A. Sakthivel told Bernama Saturday.

Italian confectioner to invest $200 mn in Mexico plant

By IANS/EFE, Mexico City: Italian chocolate and sweets manufacturer Ferrero SpA will invest $200 million in its first plant in Mexico, authorities said.

Nasscom test to tap IT talent pool in the northeast

By IANS

New Delhi : IT industry lobby Nasscom's benchmark competence test for final year undergraduate students who aspire to be a part of the IT-BPO (business process outsourcing) industry will be extended to India's northeastern states to tap the huge human resource pool of the region.

Kashmir fruit traders to suspend trade across Line of Control

By IANS, Srinagar : Fruit growers and traders in the Kashmir Valley have decided not to send their consignments across the Line of Control (LoC) Tuesday due to lack of communication, banking arrangements and contact with traders across the border. "We have no knowledge about what happened to the 7,000 boxes of fruit we have already sent to Muzaffarabad since the LoC trade began Oct 21," Farooq Ahmad Malik, president of the Valley's fruit buyers' association, said here Monday. The LoC divides Kashmir between India and Pakistan.

US stocks gain as surprising earnings overshadow GDP report

By DPA, New York : US stocks posted strong gains Wednesday as most companies that reported profits for the first quarter beat estimates on the day, drowning out reports of a sharp contraction in the US economy over the first three months. Time Warner, Goodyear Tire & Rubber, DreamWorks Animation SKG and Hess Corp all beat analysts' expectations, offering some hope that the worst may be over and driving all major US stock indices up by more than 2 percent.

Sensex moves down further, 1.17 percent in red

Mumbai, Oct 22 (IANS) A key Indian equity index moved further into the red an hour before closing bell Thursday and was ruling 1.06 percent lower than its previous close owing to widespread selling pressure. At 2.21 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 17,031.54 points, was ruling below the 17,000-mark at 16,809.36 points -- 199.81 points or 1.17 percent down from Wednesday's close at 17,009.17 points.

Fresh economic stimulus if required: Pranab

By IANS, New Delhi : The government is open to a fresh economic package if it was required to cope with the global financial crisis, acting finance minister Pranab Mukherjee said Thursday, but cautioned against pressing the panic button as the full impact of the meltdown on India was yet to be gauged. "After consulting the RBI (Reserve Bank of India), I am not making any commitment, if the situation requires, we may be in a position to do more," Mukherjee said during question hour in the Rajya Sabha.

New deal for rural India in the offing

By IANS, New Delhi : With two-thirds of India's billion-plus people living in its 650,000 villages, India's new government Thursday outlined a five-year agenda that promises a new deal for rural India, including improved agricultural practices,better roads, modern communication, access to drinking water, housing and overall improvement of its infrastructure.

Gold a safe harbour, investment advisors tell clients

By Aparajita Gupta, IANS, Kolkata : With prices of gold expected to shoot up during the Indian marriage season beginning November, portfolio strategists have begun to advise clients to invest in gold as most other asset classes are in trouble following the global financial meltdown. Every year, prices of gold shoot up in India during the marriage season, which starts in November, immediately after the end of the festival season.

Economic development Beijing’s top priority: official

By Xinhua, Beijing : Beijing government's top priority is to maintain a "steady and relatively fast" economic development, Mayor Guo Jinlong said here Monday, adding international financial crisis has affected its economy. Guo made the remarks while delivering a government report at the city's annual legislative session. He said the international financial crisis has affected Beijing's economy, as the city witnesses a continuing downturn in the real estate market, mounting pressures for businesses, and reduced growth rates in industrial output, export, fiscal income and economy.

Call for women-only industrial areas in Saudi Arabia

By IANS, Dubai : A leading Saudi Arabian businessman and member of the country's Shura Council has called for the creation of women-only industrial zones to generate more jobs for Saudi women. "Many Saudi women are now involved in small-scale industries," the Arab News newspaper quoted Abdul Rahman Al-Zamil as telling the Al-Madinah Arabic daily. "Women can play a big role in light industries, such as gold, jewellery and foodstuffs," he said.

Boeing India chief inducted as USIBC director

By Arun Kumar, IANS Washington : The US-India Business Council, an advocacy group of 250 of the largest US companies investing in India, has announced the appointment of Ian Thomas, president of Boeing India, to its Board of Directors. "I am honoured to accept this appointment on behalf of The Boeing Company - and to help represent our interests as well as those of US industry on the USIBC Board," said Thomas, who was appointed president of Boeing India in January 2007.

Premji optimistic about economic recovery

By IANS, Bangalore : Wipro chairman Azim Premji Wednesday said he was more optimistic now than a month ago about recovery in the Indian and the US markets after a huge amount of uncertainty. "Overall, we are feeling more optimistic today than we would have felt even four weeks back about the Indian and the US markets though it's too early to make a call on the European and Japanese markets, which are large markets for IT services," Premji told IANS here.

Maoists call indefinite closure over fuel price hike

By Sudeshna Sarkar, IANS Kathmandu : Protests started snowballing in Nepal Friday over the government's decision to hike fuel prices with the Maoists calling an indefinite closure and student groups beginning consultations for sustained opposition. The powerful student wing of the Maoists, the All Nepal National Independent Students' Union (Revolutionary), called an indefinite shutdown in Parbat district in western Nepal from Friday after clashes between security forces and protesters.

i2I-2008 contest offers Rs.10 mn for business start-ups

By IANS New Delhi : Driven by the Indian Institute of Managament-Calcutta (IIM-C) and supported by a host of big names, a new contest for aspiring entrepreneurs offers Rs.10 million in seed money for starting new business ventures. The i2I-2008 contest "promises to provide a sustainable platform for budding entrepreneurs with access to Rs.1 crore (Rs.10 million) in equity apart from getting in touch with the people and ideas that matter," IIM-C said in a release Sunday.

Infosys hires over 6,000 people in second quarter

By IANS, Bangalore : Infosys Technologies Ltd, including its subsidiaries, hired 6,069 people during the second quarter (July-Sep) of this fiscal (2009-10), increasing the total headcount to 105,453 employees, the IT bellwether said Friday. With the exit of 4,521 employees in the quarter under review (Q2), the net addition is 1,548 as against 5,927 in the same quarter year ago.

Sensex ends 292 points up

By IANS, Mumbai: A benchmark index for Indian equities Monday closed 292 points up with metals and realty scrips seeing substantial buys. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,654.81 points, shut shop at 17,863.15 points (provisional), 292.33 points or 1.66 percent up from its previous close at 17,570.82 points. It had touched an intra-day high of 17,919.62 points.

Maytas Infra earns Rs.323 million profit

By IANS Hyderabad : City-based Maytas Infra Ltd, a leading infrastructure development company, Wednesday announced net profit of Rs.323.6 million ($8.22 million) during the third quarter ended Dec 2007. The company, which was listed on Bombay Stork Exchange and National Stock Exchange in October last year, achieved a turnover of Rs.5.27 billion and has reported an earnings before interest, taxes, depreciation and amortization (EBITDA) of Rs.788.8 million. Its earning per share (EPS) was Rs.5.50. The number of employees during the quarter increased to 2,130.

Punjab paddy procurement crosses 1.57 mn tonnes

By IANS, Chandigarh : In the first five days of procurement of paddy in Punjab, the government agencies have procured more than 1.57 million tonnes till Sunday, a government spokesman said. Five procurement agencies of the Punjab government and the Food Corp of India (FCI) are engaged in the procurement process. They have procured nearly 98 percent of the paddy arriving in grain markets across the state. Private rice millers have procured nearly 200,000 tonnes of paddy so far, the spokesman added.

Jet Airways launches Mumbai-Hong Kong service

By IANS, Mumbai : Jet Airways has launched its service to Hong Kong from Mumbai's Chhatrapati Shivaji International Airport (CSIA), to become the first private Indian carrier to fly to Hong Kong. Jet's inaugural flight to Hong Kong, 9W42, was flagged off by the airline's CEO Wolfgang Prock-Schauer Monday. "Hong Kong is the gateway to south China. Flying to Hong Kong means business as well as leisure traffic," Prock-Schauer told IANS.

Nokia N-97 will be available in India by June-end

By IANS, New Delhi, June 4 (IANS) Nokia's flagship touch-screen handset N-97 will be launched nationwide within two weeks at a likely price of around Rs.35,000, the company announced Thursday. "The handset is expected to begin shipping in India in the next two weeks," Vineet Taneja, director-marketing of Nokia India, told reporters here. The price of the high-end smartphone would be around Rs.35,000, Taneja said while refusing to give the exact price.

Reliance Communications launches GSM telephony in Mumbai

By IANS, Mumbai : Telecom operator Reliance Communications (R-Com), belonging to the Reliance Anil Dhirubhai Ambani Group (R-ADAG), Sunday launched its much-awaited GSM mobile telephone services here. This comes within days of the company announcing Dec 30 the launch of its GSM services across 11,000 towns in the country. R-Com also launched a plan that it says “offers up to 100 percent savings to sub-Rs.300 ARPU (average revenue per user) mobile customers in the city of Mumbai at a one-time subscription charge (including GSM SIM) of Rs.25”.

CPI calls for massive public investment in farms

By IANS, Bangalore : The Communist Party of India (CPI) has urged the central government to adopt a massive public investment programme in the agrarian sector to enhance foodgrain production and ensure food security. "The government should take steps to strengthen farm infrastructure, including irrigation and power through a special package and implement the recommendations of the national commission on farmers," CPI general secretary A.B. Bardhan told reporters Wednesday after the party's national council met here Dec 27-29.

Canada now eyes India as partner in global nuclear market

By Gurmukh Singh, IANS, Toronto : Welcoming the nuclear agreement with India, Atomic Energy of Canada Limited (AECL), the country's top nuclear regulatory body, said Monday it now views India not merely as a new market but also as a global partner in nuclear energy technology. AECL said the agreement will renew its cooperation with India after more than three decades of the Canadian embargo on India after its 1974 nuclear test. "The nuclear agreement means a great deal for us,'' AECL vice president (marketing) Ala Alizadeh told IANS in an interview.

Chinese company inks MoU on educational cooperation with TCI

By IRNA, Tehran : A memorandum of understanding (MoU) on educational cooperation was signed here Wednesday by managing director of Telecommunication Company of Iran (TCI) and regional director of Chinese " Hua-wy Company". In the ceremony, Saber Feyzi said the aim of the MoU is to transfer know-how and holding educational training courses in cooperation with the Chinese telecommunication company. Feyzi said, "Telecommunication college in Isfahan is an international center and Hua-wy company is also a well-known company in the field of telecommunication, too."

World facing recession but India can help: Kamal Nath

By Dipankar De Sarkar, IANS Davos (Switzerland) : Commerce and Industry Minister Kamal Nath Wednesday became the first political leader at the World Economic Forum (WEF) to warn of an impending US recession, but said strong growth in India and other Asian markets can help weather the storm of a global economic crisis.

Reliance Communications launches mobile banking with SBI

By IANS, New Delhi : Reliance Communications Wednesday said it has launched mobile banking services for its GSM subscribers in collaboration with the State Bank of India (SBI).

India asks World Bank to boost lending to developing world

By Arun Kumar, IANS, Washington : India Sunday proposed a three-point action plan, including a substantial increase in the World Bank's lending, to enable the developing world to recover from the worst recession since the Great Depression. "Emerging market economies were not the cause of this crisis, but they are amongst its worst affected victims," Ashok Chawla, secretary of the department of economic affairs, told the Development Committee of the Bank.

G7 vows to stabilize global financial markets

By DPA Tokyo : Financial leaders from seven world economic powers vowed Saturday to take both individual and joint action to stabilize financial markets, which had suffered turmoil owing to the US subprime mortgage crisis. Finance ministers and central bank governors from Group of Seven (G7) meeting in Tokyo released a joint statement at the end of a one-day forum pledging to secure stability of the global economy.

Mining projects await forest department clearance in Jharkhand

By IANS, Ranchi : Several mining companies, which have been allotted mining blocks in Jharkhand, are not able to start operations in the state as the projects are yet to be cleared by the forest department. According to sources in the mines and geology department, 22 companies have been allocated iron ore mines and coal blocks in the state. But none of them is able to start mining. "Several companies got approval for mining in the state from the central government. But the mining work can start only after forest clearance is accorded to them," a department official told IANS.

Indian economy to grow 9-10 percent in coming years: Mukherjee

By IANS, New Delhi : The Indian economy is well on its way to achieving once again a 9 percent growth in the coming years, while expanding at over 7.5 percent this fiscal, Finance Minister Pranab Mukherjee said here Wednesday. "The target of growth of 9-10 percent has been there for a very long period. It is now within our reach and we shall achieve it," Mukherjee told the 104th annual session of the PHD Chamber of Commerce and Industry here.

National Aluminium plans nuclear power plant

By IANS, Bhubaneswar : The state-owned National Aluminium Co (Nalco) is focusing on diversification, including setting up a nuclear power plant and moving into other metals, to meet the economic meltdown. As part of its plans, the company has begun talks with the Nuclear Power Corp of India Ltd (NPCIL) to set up a nuclear power plant of 1,000 MW capacity, said Nalco chairman and managing director C.R. Pradhan. "We are in talks with NPCIL. We have plans to become an independent power producer," Pradhan said after the company's 28th annual general meeting here saturday.

Stock market opens with a sharp fall once more

By IANS Mumbai : The Indian equities market opened with a sharp fall Monday, in line with its Asian peers. The slide was led by consumer durables and banking stocks, which saw heavy selling in early trade. The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a loss of 291.18 points at 15,684.24. Fifteen minutes after the start of trading, the Sensex was at 15,630.03 points, down 345.49 from its close Friday. At the same time the S&P Nifty of the National Stock Exchange was at 4685.25 points, down by almost 87 from its close Friday.

i-flex Solutions bags order from Volkswagen Bank

By IANS Mumbai : iflex Solution Ltd, a leading provider of technology solutions to the global banking and financial services industry, Wednesday announced it will provide banking software solutions to Europe's Volkswagen Bank for the Netherlands region. In a statement to the Bombay Stock Exchange (BSE) Thursday, iflex said the solution would also allow Volkswagen Bank to deliver web-based services to its dealers and customers.

EU leaders call for international financial reform

By Tejinder Singh, IANS, Brussels : European Union leaders have agreed that next week’s emergency summit in Washington must lead to a reformed international financial system, declaring: “We cannot fail". Meeting ahead of the Nov 15 summit, leaders of the 27-nation EU agreed to “defend the common vision for restructuring the financial system”, French President Nicolas Sarkozy, current holder of the rotating EU Presidency, told journalists.

Markets soar in afternoon trade

By IANS, Mumbai : Indian equities markets rose further into the green Thursday afternoon, with a key index ruling 264.72 points higher about 30 minutes before the closing bell. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 10,841.57 points, rose 264.72 points or 2.45 percent from its previous close to rule at 11,082.26 points. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 2.41 percent from the previous close to trade at 3,410.4 points.

China’s GDP posts seven percent growth in Q2

Beijing: China's economy posted a seven percent growth year-on-year in the second quarter of 2015, unchanged from the first quarter, the National Bureau of...

Iran, Kuwait ink accord on economic cooperation

By NNN-IRNA Tehran : Iran and Kuwait have signed agreements on economic cooperation between the two countries at the end of a two-day meeting of the first Iran-Kuwait Economic Commission. Iranian Foreign Minister Manouchehr Mottaki and his Kuwaiti counterpart, Sheikh Mohammed Sabah al-Salim al-Sabah, signed Wednesday documents for bilateral cooperation in the field of avoidance of double taxation. The first Iran-Kuwait Economic Commission session kicked off in Tehran on Monday.

India seeking 100 percent FDI on biofuels: Minister

By IANS

Brussels : India is seeking 100 percent FDI in new and renewable energy projects that would promote biofuel plantations on government, community and private land, India's New and Renewable Energy Minister Vilas Muttemwar said here.

Protests could derail Orissa’s industrialisation plans

By Jatindra Dash Bhubaneswar, (IANS) Violence at proposed industrial sites and kidnappings of company officials may upset mineral-rich Orissa's grand plans of attracting foreign direct investment (FDI) and setting up big industries in this eastern Indian coastal state. The kidnapping and subsequent release of one Indian and three South Korean officials of steel major Posco in Jagatsinghpur district Saturday was only the latest in a series of such incidents.

Indian equities plummet as central bank tightens policy

By IANS, Mumbai : Indian stock markets fell sharply Tuesday after the central bank said it has hiked the statutory liquidity ratio for commercial banks and will change its stance on the accomodative policy for housing and finance companies. The market sentiments were hit after the Reserve Bank of India (RBI) hiked the statutory liquidity ratio for commercial banks by 100 basis points while keeping key policy rates intact. The move will suck away some liquid cash from the financial system.

Saudis deny secret meetings to end dollar as oil currency

By DPA, London/Dubai : The director of Saudi Arabia's central bank Tuesday denied press reports suggesting that Gulf states had held secret talks to replace the dollar as the prime currency on world oil markets. "There is absolutely no truth to this report," Mohammed al-Jasser, head of the Saudi central bank, told the satellite news network al-Arabiya.

Obama will move immediately on economic crisis

By DPA, Washington : US president-elect Barack Obama has pledged to move toward resolving the country's financial woes "immediately" after taking office in January, saying the nation was facing its worst economic crisis in a lifetime. Speaking to reporters in Chicago in his first public appearance since winning Tuesday's election, Obama sought to reassure Americans that he was ready to address the country's urgent challenges.

TVS Motor’s sales dip 12.7 percent in November

By IANS, New Delhi : TVS Motor Co Monday said its two-wheeler sales fell 12.7 percent last month to 98,402 units from 112,766 units a year earlier, thanks to a liquidity squeeze that has hit the domestic economy badly. Motorcycle sales dropped 20.7 percent in November to 45,276 units from 57,113 units a year ago, the company said in a statement. General inflationary trends, liquidity crunch and the continuing adverse impact of rising interest rates affected the sales, the company said.

Obama must say if he endorses G20 view on slowdown: Chidambaram

By IANS, New Delhi : Finance Minister P. Chidambaram Tuesday said India and other like-minded nations would like to know if the incoming Barack Obama administration in the US endorses the views expressed at the G20 Summit on financial crisis last weekend. "It would be reassuring," the finance minister said, referring to the summit hosted by US President George W. Bush in Washington but to which his soon-to-be successor Obama had declined an invitation, saying there could be only one US president at a time.

Revolutionary budget sparks Rajan to cut rates

By Biswajit Choudhury, Mumbai : The second unscheduled cut on Wednesday - within two months - in the repo rate at which the Reserve Bank...

Himachal Pradesh invites Brakel to sign power project agreement

By IANS, Shimla : Himachal Pradesh has invited Dutch firm Brakel Corp NV to sign the pre-implementation agreement (PIA) for the execution of a multi-million dollar hydropower project awarded to it in December 2006, a government official has said. The PIA, which is mandatory before beginning work on any project, would be signed within a few days, the official from the power department told IANS Sunday.

New Essar CEO for Trinidad steel arm

By Paras Ramoutar, IANS Port-of-Spain : India's Essar group has appointed Jatinder Mehra as chief executive of its Trinidad and Tobago steel arm, Essar Caribbean. A veteran in the steel industry, Mehra brings more than 45 years of experience in various capacities in reputed public and private sector steel companies such as Steel Authority of India Ltd. and Rashtriya Ispat Nigam, Vishakhapatnam. He joined the Essar group in 1997 and served in various capacities including managing director of Essar Steel, and resident director, corporate affairs.

Northeast India will become heart of trade with Southeast Asia

By IANS, Guwahati : India's northeastern region should become the hub of the country's growing trade and business with Southeast Asia, said speakers at a business summit attended by delegates from neighbouring countries, including Bangladesh, Malaysia, Myanmar and Singapore.

Maruti gets board’s nod for joint venture

By IANS New Delhi : Passenger car maker Maruti Udyog, which has been renamed Maruti Suzuki, has secured the nod from India's Foreign Investment Promotion Board to establish a joint venture with a Japanese firm for exhaust system components. The 49:51 joint venture with Japan's Futaba Industrial Company will manufacture exhaust system components at a factory to be set up at Manesar in Haryana with an investment of close to Rs.2 billion ($50 million), official sources said.

Milk in Bihar dearer from February

By IANS, Patna : Denizens of Bihar will have to pay Rs.1.50 more for a litre of milk from February, an official said Sunday.

US stocks up slightly, capping a strong week

By DPA, New York : US stocks edged up Friday, ending another positive week that was led by better-than-expected earnings from the banking industry. The rise capped a sixth straight weekly advance for major US stock indices amid some signs that the US economic crisis may be easing. Four major US banks reported first-quarter earnings this week that surprised analysts, giving investors hope that the financial sector at the heart of the wider global downturn may be stabilizing.

Markets recover from low on better industrial growth data

By IANS, Mumbai : The Indian equities markets, which started the day with a sharp cut, recovered from their lows Thursday after industrial production data, released today, showed 7 percent growth. At 1:00 p.m., the 30-share BSE Sensex was down by 273.88 points or 1.80 percent at 14,911.44. At the day's low it touched 14,747.99. The market breadth was negative. On BSE, 811 shares advanced compared to 1,570 that declined and 59 remained unchanged. At the same time, the broader-based S&P CNX Nifty was down by 68.15 points or 1.51 percent at 4,455.45.

There’s a lot India can do with the wonder nut

By IANS New Delhi : It's a wonder nut all right. You put it in your hair, drink its water, grate and squeeze it for milk, and use it as fibre. And India can do even more with the coconut, say experts. With coconut prices failing to keep up with inflationary trends and competition growing, planters of this versatile nut are looking for alternative ways to enhance their incomes. Coconut has traditionally given India oil - used for edible purposes, toiletry and industrial use. Coconut is also used for rafters for roofs, to make broomsticks and handicrafts.

Equity market end in the red after choppy trade

By IANS, Mumbai : Indian equity markets ended the day with marginal losses Monday after extreme volatility. There was selling pressure on oil and gas, banking and select power stocks. The markets started in the negative zone and stayed there. The 30-share benchmark index of the Bombay Stock Exchange, (BSE) the Sensex, which opened at 14,594.64 points, touched a low of 14,503.51 before closing at 14,577.87. It went down by 78.82 points or 0.54 percent from its closing figure Friday.

Rising Satyam scrip may prompt fresh issue for Tech Mahindra

By IANS, New Delhi: The surge in the Satyam Computer Services scrip might prompt the scam-tainted IT major to issue fresh shares to its new owner Tech Mahindra, analysts say. Tech Mahindra, which acquired 31 percent stake in Satyam in a global auction, is required under the bidding process stipulations to make an open offer for another 20 percent. But existing shareholders may not be willing to part with their holding at a discounted market price.

UK petrol prices expected to soar to Pnds 1.50 per liter

By IRNA, London : Petrol prices in the UK is expected to continue to hit new records and reach Pnds 1.50 (Dlrs 3) a liter by the late summer, according to a motoring campaign group. Petrolprices.com said after crude prices had hit almost $114 a barrel for US light crude, it had revised its prediction and that petrol would hit Pnds 1.50 in September and not by the end of the year. "If these conditions continue and the government doesn't work harder to stem the rising prices, then we're likely to hit Pnds 1.50 a liter by September," said head of the website, Brendan McLoughlin.

‘Insurgency poor excuse for Assam’s underdevelopment’

By Aroonim Bhuyan, IANS New Delhi : Insurgency or terrorism cannot be given as an excuse for the lack of economic development in Assam, says renowned US-based management guru Dipak Jain. "I don't think insurgency can be cited as a reason for the lack of development in Assam. What we need is a change in the attitude of the people," Assam-born Jain, dean of the Kellogg School of Management, told IANS in an interview. Elaborating, he said, "We people in Assam are too self-contented. We seldom venture out and we do not let others come in too."

Indians and Chinese happy amidst world economic gloom: Survey

By Arun Kumar, IANS, Washington : Amidst the global economic gloom, people of India and China remain upbeat about national economic conditions, though Indians are less positive than they were a year ago, according to a new survey. In contrast, some of the most negative evaluations of economic conditions come from citizens of advanced Western countries, the latest survey by the Pew Global Attitudes Project covering 24,000 people in 24 countries suggests. The survey was conducted between March 17 and April 21, just before the fuel and food crisis gathered speed.

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.

State-run general insurers post 10 percent growth

By IANS, Chennai : The four government-owned non-life insurers - National Insurance, New India, Oriental Insurance and United India - have posted a combined business growth of 10.55 percent for the first half this fiscal. "The four companies earned a total premium of Rs.9,991.18 crore during the period, up from Rs.9,059.3 crore earned during the first half of 2008-09," J. Gurumurthy, secretary of All India Insurance Employees Association, told IANS.

Brazil steel production rose 28 percent in July

By EFE, Rio de Janeiro: Brazil's steel production increased by 28.5 percent last month compared with June, the Iron and Steel Institute said. Brazil is the biggest producer and exporter of steel in Latin America and the world's 15th-largest steel exporter. The country's steel production in July was 2.5 million tonnes. The production for the first seven months of 2009 was 13.1 million tonnes, a decline of 36.9 percent compared with the same period last year, the institute said.

‘Fare hike, surcharges detering domestic air traffic growth’

By IANS, New Delhi : Increased fuel surcharges and high air fares have drastically affected the domestic air passenger growth this year, according to a report by the Centre for Asia Pacific Aviation (CAPA). The domestic air passenger growth was 11.2 percent in the first quarter of 2008, against 29 percent of the year-ago period, according to the CAPA. Experts said increase in aviation turbine fuel and fuel surcharges have resulted in 20 percent increase in air fares, which has put pressure on the growth rate.

Small industries feel the pinch of economic slowdown

By Sanjay Singh, IANS, New Delhi : The government's move to improve liquidity has hardly helped small enterprises in India as banks and other financial institutions are still reluctant to lend them due to their low creditworthiness. Many small and medium enterprises (SMEs), hit by the financial meltdown, have either closed down units or cut production.
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