Brakel refutes Himachal government charges on power project
By IANS,
Shimla : Brakel Corp NV of Netherlands, which has been allotted a multi-million dollar controversial hydro power project in Himachal Pradesh, has replied to the state government's show-cause notice, clarifying its financial status and credentials, a government official said Thursday.
Sources in the state power department told IANS that Brakel in its reply has expressed surprise over various issues raised by the government despite clarifying its credentials to the government a number of times.
Infosys eyes US acquisitions; protectionism holding back customers
By IANS,
Washington : Indian outsourcer Infosys Technologies Ltd. expects to find acquisition opportunities in the US during the downturn even as a rise in protectionist sentiment is holding back potential customers, it was reported here Friday.
"Acquisitions will definitely be very accessible in this market from a price point of view," Nilekani co-chairman Nandan Nilekani told the Wall Street Journal in an interview. "If it makes sense, we'll do it."
Federal Reserve, Treasury take more steps to boost lending
By DPA,
Washington : The US Federal Reserve and Treasury Department Tuesday announced two new programmes that will pump an additional $800 billion into the struggling economy and unfreeze credit for consumers and small businesses.
This second stimulus follows the $700-billion rescue package already approved by Congress. Under one of the two new programmes, the Fed will use $600 billion to buy mortgage-backed securities to reduce the cost of home mortgages.
Mexico raises 2010 GDP forecast
By IANS/EFE,
Mexico City : Finance officials raised Mexico's growth forecast for 2010 from 3 percent to 3.9 percent following the release of new figures suggesting an economic recovery is in progress.
The Finance Secretariat said in a brief statement Wednesday that the change in the gross domestic product forecast incorporated the most recent data about the overall evolution of the Mexican economy.
China industrial output growth falls
By Xinhua,
Beijing : China's industrial output rose 5.4 percent year-on-year in November, 2.8 percentage points lower than October, the National Bureau of Statistics (NBS) said Monday.
The growth rate, decelerating for the fifth straight month, was 11.9 percentage points lower than a year earlier, according to the NBS.
Industrial output grew at an annual rate of 8.2 percent in October, the slowest in seven years and sharply down from 11.4 percent in September.
US stocks gain further on profits as oil prices sink
By DPA,
New York : Stocks rallied on Wall Street for a second day Thursday on falling oil prices as companies have begun to report better than expected fourth quarter earnings.
US firm wants to improve Indian roads
By IANS,
New Delhi : An American company says it has technology that can dramatically improve the quality of Indian roads -- particularly ahead of the Commonwealth Games scheduled here in 2010.
US-based Penn Woods Corp is planning to introduce its "Z-products" and other equipment in the country to bring about changes in the technologies presently used in Indian road construction.
BHEL holds closing ceremony of Quality month ‘08
By Pervez Bari, TwoCircles.net,
Bhopal: The closing ceremony of Quality month November-2008 was organized at IFX conference hall the other day. R K Singh, Executive Director, BHEL, Bhopal, GMs, Senior Officers and 2008 - Gunta Karmi award winners were present on the occasion.
R. K. Singh, in his address appreciated the initiatives taken during Quality Month especially about Root Cause Analysis, (RCA), which enhance customer’s faith in BHEL. He directed to work on RCA throughout the year.
Equity markets slip on opening
By IANS,
Mumbai : Indian equity markets opened lower Wednesday with a key index shedding about 50 points from Tuesday's close about 45 minutes into trading.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 12,100.69 points, and was ruling at 12,072.39 points, 58.69 points or 0.48 percent lower than its previous close.
At the National Stock Exchange (NSE), the broader S&P CNX Nifty index followed the Sensex, falling 0.34 percent to rule at 3,649.3 points.
Chhattisgarh, central governments hold talks on NTPC row
By IANS,
Raipur : Union Minister of State for Power Jairam Ramesh held talks with Chhattisgarh Chief Minister Raman Singh here Sunday to end the stalemate over water supply to National Power Thermal Corp's (NTPC) under-construction project, and on employment to those uprooted by the plant, officials said.
"Ramesh agreed to a proposal of Singh that 3,106 oustees of the 2,980 MW coal-fired project at Sipat in Bilaspur district, some 140 km north from here, should be offered jobs in the plant," a senior government official told IANS.
Export only third option in Dhaka’s gas exploration policy
By IANS,
Dhaka : Bangladesh says export of gas is only the third option in its production-sharing contracts with multinationals engaged in exploration.
"We think ultimately gas export will not be needed as we have a shortage of gas," said Muqtadir Ali, chairman of the state-owned oil company Petrobangla, at a media briefing here Thursday.
The statement came after the Sheikh Hasina government this year opened limited bids to award three blocks in the upper reaches of the Bay of Bengal, triggering off protests from opposition parties and environmentalists.
Kolkata’s landmark Old Silver Mint to be re-incarnated
By Aparajita Gupta, IANS,
Kolkata : Eight developers have bid for a Rs.1.5-billion project that will see the Old Silver Mint, a fine piece of Grecian architecture on Strand Road here, developed into a museum, hotel and food court, an official associated with the project said.
Stung by rising rupee, IT firms move to smaller cities
By IANS
New Delhi : Indian IT companies are relocating to smaller cities, as the unabated rise of the rupee against the US dollar continues to eat away at their profits, said an Assocham report.
Additionally, the Software Technology Park of India (STPI) scheme, which provides various tax concessions for the IT and ITeS companies, is expiring in March 2009.
Indians very pessimistic about tackling climate change: report
By Dipankar De Sarkar, IANS,
London : Optimism that climate change can be managed has fallen more sharply in India than in any other major economy of the world, according to an annual index published Monday.
The Climate Change Monitor's measure of optimism that climate change can be managed fell by six percent globally since 2007.
China’s gold thirst may catch up with India
By IANS,
Beijing : China's demand for gold will double in 10 years, making the country the world's second largest consumer of gold after India, the World Gold Council (WGC) has said.
Gold demand in China is likely to continue to accelerate in the long term, as buyers' appetite would keep growing despite higher gold prices, the London-based organisation said Monday in its first-ever report on China's gold market, Xinhua news agency reported.
iGATE joins fray to buy majority stake in Satyam
By IANS,
New York : Nasdaq listed IT and outsourcing solutions major iGATE Friday announced its interest in acquiring a 51-percent stake in scam-hit Indian firm Satyam Computer Services by registering for a global auction.
This brings up to four the number of firms interested in buying a majority stake in Satyam, whose founder Ramalinga Raju confessed to a Rs.74 billion ($1.5 billion) fraud in January.
Pakistan’s 2010-11 budget to levy fresh taxes of $1.6 bn: Report
By IANS,
Islamabad : Pakistan's budget for fiscal 2010 beginning July 1 will levy fresh taxes of Rs.138 billion to mop up Rs.1,650 billion through various levies, a media report Friday said.
The proposals also include relief of Rs.5 billion on salaries and electricity consumption, Dawn said.
The proposals, prepared by a revenue advisory committee in consultation with the Federal Board of Revenue (FBR), envisages introduction of value added tax (VAT) from July 1.
BHEL Bhopal unit develops Real Time Digital Power Electronic Simulator
By Pervez Bari, TwoCircles.net
Bhopal: Bharat Heavy Electricals Limited, (BHEL), Bhopal unit has developed Real Time Digital Power Electronic Simulator, (RTDPES), in association with M/S Opal-RT Technologies Inc., Montreal, Canada which is used world wide for system design & engineering and overall system simulation studies of 3-phase traction drives.
Hyundai chairman’s jail sentence suspended
By DPA
Seoul : A South Korean appeals court Thursday gave a suspended sentence to Hyundai Motor Co chairman Chung Mong Koo for embezzling money from South Korea's largest automaker, Yonhap news agency reported.
The Seoul High Court convicted Chung, but gave South Korea's richest man five years probation, setting aside the sentence to three years in prison handed down in February by a lower court.
The prosecutors had sought six years jail.
Markets surge on early trade
By IANS
Mumbai : Indian markets opened on a firm note Monday with all the scrips starting the day in the green. A key index was up nearly 450 points in early trade as global cues from peers were strong and most Asian markets were trading higher.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened 253.45 higher at 18,496.03 points, and soon rose to 18,801.56 points, to register a gain of 558.98 over the previous day's close at 18,242.58.
Haryana agri-markets get computers, internet
By IANS,
Chandigarh : All 108 'mandis' (agriculture grain markets) and 25 sub-centres of the agricultural marketing board in Haryana have been provided with computers and internet facilities to publish the prices of commodities on daily basis for the convenience of the farmers and traders visiting these markets.
A spokesman of the state IT Department said Sunday that the facilities were part of the government's successful implementation of the national e-governance mission to make all government services accessible to the common people in his locality.
‘Designers will always be together’
By IANS,
New Delhi : At a time when the fashion industry is witnessing fragmentation, designer duo Rohit Gandhi and Rahul Khanna of label Cue said here that there is no rift amongst designers, and that they will always be together.
On the third day of the ongoing Wills Lifestyle Fashion Week (WIFW), designer Rohit Bal, who is a part of parallel event - Delhi Fashion Week, came to watch the designer duo's show.
Farmers protest Aluminium project in Andhra Pradesh
By IANS
Hyderabad : A public hearing on a proposed aluminium factory of the Jindal Group in Andhra Pradesh's Vizianagaram district Monday witnessed stormy scenes with a section of farmers strongly opposing the project.
Honeywell offers micro air vehicle to Indian Army
By IANS
New Delhi : American defence equipment manufacturer Honeywell has offered the Indian Army its latest micro air vehicle (MAV) - a miniature version of a spy helicopter that can be used for surveillance, communication and dropping sensors at sensitive places for information gathering.
Drought-hit Bundelkhand gets funds
By IANS,
Bhopal : Madhya Pradesh's Bundelkhand region is facing severe drought for the fourth consecutive year - acres of land lie barren, starved of water.
The drought has forced villagers of the region to migrate to towns far away in search of food and employment.
The state government has allocated over Rs.10 million to the nine districts that fall in the region, an official statement said Thursday.
Each tehsil (sub-district block) would be provided Rs.40,000 to be used for emergency assistance.
‘Indian art market is becoming global’
By Madhusree Chatterjee, IANS,
New Delhi : The high and mighty in the world of Indian art and its western promoters are now in the sprawling arena of the capital's exhibition grounds to take contemporary Indian art and a few foreign exhibits to the masses.
In the process, it is pushing the boundaries of trade and appreciation of the medium beyond galleries and stray shows.
IIT Hyderabad to grow with Japanese partnership
By IANS,
Tokyo : A new Indian Institute of Technology (IIT) coming up in Hyderabad will see close Japanese partnership at the post-graduate level in key areas, including setting up of a Japanese-style business management course, and increased funding for purchase of technical and research equipment to make it into an institution of excellence.
Farm waiver only for bank loans: Pawar
By IANS,
New Delhi : The $600 billion farm loan waiver announced in the budget for 2008-09 will be applicable only to loans taken from banks and not to debts from moneylenders, Agriculture Minister Sharad Pawar told the Lok Sabha Monday.
"Those who took loans from moneylenders will not be covered by the farm loan waiver scheme. Some states and sections have asked for this but we would first strive to implement the proposal made in the 2008-09 budget," Pawar told the lower house of parliament in reply to a supplementary question by Gurudas Dasgupta of the Communist Party of India (CPI).
Foundation stone for India’s second uranium plant laid
By IANS
Kadapa (Andhra Pradesh) : Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Tuesday laid the foundation stone for a Rs.11.06 billion uranium mining and processing plant in Thummalapalle in Kadapa district, which is expected to boost nuclear power generation in the country.
To be built on the International Atomic Energy Commission guidelines, this will be the second uranium plant in the country, after Jaduguda in Jharkhand. With a production capacity of 3,000 tonnes a day, the uranium plant is expected to be ready in 36 months.
Kuwait’s Zain accepts Bharti’s offer for African assets
By IANS,
New Delhi: It has proved to be third time lucky for India's leading telecom operator Bharti Airtel in clinching a major overseas acquisition.
With barely 24 hours left for its exclusive talks with Kuwait's Zain Telecom to acquire their African unit, sources close to the development Wednesday said the boards of both the companies have now given their consent to the $10.7 billion deal.
"The deal will be signed in a day or two," said a source, adding that it does not include Zain's assets in Sudan and Morocco.
Indians wake up to fuel price cut good news
By IANS,
New Delhi : Indians woke up to some pleasant news Thursday with the prices of fuel being cut further as the government allowed its state-run petroleum retail companies to cut the prices of petrol, diesel and cooking gas late Wednesday night.
Petrol will now be cheaper by Rs.5 a litre, diesel by Rs. 2 and cooking gas by Rs.25 per cylinder.
That would make revised prices of these fuels in Delhi Rs.40.62 for a litre of petrol (down from Rs.45.62), Rs.30.86 for diesel (down from Rs.32.86) and Rs.279.70 per 14.2 kg LPG cylinder (down from Rs.304.70).
Toonz Animation short-listed for Global Tech Showcase
By IANS,
Thiruvananthapuram : The city-based Toonz Animation India Ltd, one of the premier animation studios in Asia, has been short-listed for the Global Tech Showcase 2008 (GTS-2008), an international business event that will be held in La Brule, France, in June this year.
The show will offer opportunities for companies from around the world to launch and accelerate their businesses in Europe.
Hundreds of corporate and political leaders as well as government officials and ministers from Europe will attend the event.
RBI may raise rates to curb inflation: Mukherjee
By IANS,
New Delhi: Finance minister Pranab Mukherjee Monday hinted that The Reserve Bank of India (RBI) may increase key interest rates further to contain inflation.
Car makers to adopt 100 industrial training schools
By IANS,
New Delhi : Indian car makers will adopt 100 industrial training institutes (ITI) across the country in the next two years to generate skilled manpower, Society of Indian Automobile Manufacturers (SIAM) president Ravi Kant said here Thursday.
Ravi Kant, who is also the managing director of Tata Motors, said SIAM would contribute to the equity of the National Skills Development Corporation and support it actively. He was speaking at the 48th annual convention of SIAM, being held on the theme India's automotive industry, challenges for leadership, 2016 and beyond.
Canada plans to resume arms sale to Pakistan
By IANS,
Toronto : Canada has hinted at lifting its embargo on the sale of weapons to Pakistan.
Canadian Defence Minister Peter MacKay, who is currently in Pakistan, told a Canadian newspaper that his government might soon end its 11-year embargo on the sale of arms to Islamabad.
"Doing military business in the future, and trade in particular, is something that is under consideration," MacKay told the Toronto Star after his meeting with Pakistani President Asif Zardari.
Highlights of RBI’s third quarter monetary policy review
By IANS
Mumbai : Following are the highlights of the third quarter review of India's monetary and credit policy for fiscal 2007-08 conducted by the Reserve Bank of India (RBI) here Tuesday:
* Bank rate kept unchanged at 6 percent
* Reverse-repurchase rate and repurchase rate kept unchanged at 6 and 7.75 percent, respectively
* Cash reserve ratio unchanged at 7.5 percent
* Economic growth projection for 2007-08 retained at 8.5 percent
* Stated priority of containing inflation close to 5 percent
Gujarat to step up technical textiles research
By IANS
Ahmedabad : In a bid to gain first mover's advantage in technical textiles manufacture, the Gujarat government has decided to set up a centre of excellence.
R.J. Shah, state chief principal advisor for industries, told IANS that the centre would function under the umbrella of Ahmedabad Textile Industries Research Association (ATIRA) and Surat-based Manmade Textile Research Association (MANTRA).
Markets move up brushing aside poll result fears
By IANS,
Mumbai : Indian markets crawled upwards this week brushing off fears of political uncertainty, with a key index gaining over 300 points.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 12,173.42 points, a gain of 2.5 percent or 296.99 points over the previous week's close of 11,876.43 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) too followed the Sensex, registering a 1.4 percent increase from its last close to end at 3,671.65 points.
70-seater plane to fly to Kangra in Himachal Pradesh
Shimla, March 25 (IANS) For the first time, a 70-seater plane will land in Himachal Pradesh's scenic Kangra valley early next month, say officials.
The Kangra airport is located some 40 km from the popular resort town of Dharamsala, which attracts tourists, particularly foreigners, to the Tibetan settlement and the seat of the Tibetan government-in-exile.
The first flight of the MDLR airlines group is scheduled to take place April 7, company sources said.
The number of flights between New Delhi and Kangra is not known so far.
Sundaram, BNP Paribas float joint venture
By IANS,
Chennai : The city-based Sundaram Business Services (SBS), the business process outsourcing arm of non-banking finance company Sundaram Finance Ltd, has formed a 51-49 joint venture company with Paris-based BNP Paribas Securities Services to provide securities services in India.
The new company, Sundaram BNP Paribas Securities Services, will be headquartered in Chennai and will offer services such as fund accounting and transfer agency to both domestic and offshore investors.
TRAI invites comments on green telecom
By IANS,
New Delhi : The telecom regulator has invited stakeholders' views on "green telecom" by June 14 to prepare a consultation paper on the subject as the government is committed to the use of eco-friendly equipment in the information and communications technology (ICT) sector.
"Telecom Regulatory Authority of India (TRAI) is contemplating to come up with a consultation paper on Green Telecom. Stakeholders views are invited
at pre-consultation stage," it said in a statement Friday.
China to help Tripura create forest-based industries
By Sujit Chakraborty
Agartala, Aug 19 (IANS) A Chinese delegation will soon visit Tripura to ascertain ways to help create forest-based industries and employment for tribal cultivators in the northeastern state.
"A delegation of the Bamboo Engineering Research Centre (BERC) of the Nanjing Forestry University would visit the state by October to finalise the mode of technology transfer and volume of financial assistance," Tripura Forest and Tribal Welfare Minister Jitendra Chowdhury told IANS.
Thailand set to export 700,000-plus eco-cars
By NNN-TNA
Bangkok : Interest shown by at least seven foreign automobile manufacturers in producing eco-cars will enable Thailand to export not less than 700,000 eco-cars annually in the next five years, a ranking industrial player said Saturday.
Vallop Tiasiri, president of the Thailand Automotive Institute, said if all seven eco-car manufacturers are granted promotional privileges from the government-run Board of Investment (BoI), Thailand would become a major producer and exporter of cars.
Himachal tourism offers monsoon discounts
By IANS
Shimla : Tourists visiting Himachal Pradesh this monsoon can avail discounts of up to 40 percent in all properties owned by the state's tourism development corporation. The offer comes into effect from Thursday.
Big rise in remittances from expat Indians in Kuwait
By IANS,
Dubai : Remittances by expatriate Indians in Kuwait have skyrocketed in the past three weeks following a drop in the value of the Indian rupee.
"This is a win-win situation for Indian expats and they should try to capitalise on the weak rupee by remitting money as the rupee weakness will not last long," Titus E.D., director and general manager of Bahrain Exchange Company (BEC), told the Arab Times newspaper.
"Towards the end of the year, I believe, the rupee will appreciate," he added.
After having risen by 12 percent in 2007, the rupee fell by 8.2 percent this year.
South Korea unveils $11 bn stimulus package
By DPA,
Seoul : South Korea Monday announced a 14-trillion-won ($11-billion) stimulus package as it faces its worst economic turmoil since it needed an International Monetary Fund (IMF) bailout a decade ago.
Public spending is to rise next year by 11 trillion won and the package's remaining three trillion won would go to tax benefits, the finance ministry said.
Finance Minister Kang Man Soo estimated South Korea's economy would grow only three percent next year because of the global financial crisis but also warned of a further slowdown.
Economic divisions emerge across Europe as recession bites
By Andrew McCathie, DPA,
Berlin : European leaders travel to London next week for the Group of 20 (G20) summit as signs emerge that the global recession has caused new economic dividing lines to form across Europe.
Indeed, the summit of the world's major economies in the British capital's new trade centre comes amid a continuing stream of disastrous data and plunging economic indicators.
Construction equipment major fears 15 percent revenue fall
By IANS,
Kolkata : Multi-product construction and equipment manufacturing major JCB India could see nearly 15 percent dip in turnover this year, a top company official said here Wednesday.
"We're expecting around 15 percent drop in our business in the 2008 calendar year, compared to last year, because of the global financial crisis," JCB India managing director Vipin Sondhi told reporters.
Oil firms to review prices Feb 15
By IANS,
Kolkata : State-run oil companies will review fuel prices Friday and consult on a probable price hike, Indian Oil Corporation chairman R.S. Butola said Thursday.
Indian retail seen touching $365 billion in 2008
By IANS
New Delhi : The boom in India's retail sector will continue and top $365 billion in 2008, against $300 billion a year before, says a study by a leading industry chamber released Monday.
With a year-on-year growth of 30-35 percent, the retail trade sector in India will top $440 billion by 2010, says the study by the Associated Chambers of Commerce and Industry of India (Assocham).
British firm to supply speed sensor for Tata Nano
By Dipankar De Sarkar, IANS
London : TT Electronics Plc, a world leader in sensor and electronic components technology, Tuesday said it has secured a contract to supply speed sensors for Nano, Tata Motor's $2,500 car unveiled last month.
The sensors will be manufactured by Padmini TT, a joint venture formed in 2006 between TT Electronics and Padmini VNA Private Ltd in Gurgaon, on the outskirts of New Delhi.
India’s forex reserves up $614 mn
Mumbai: India's foreign exchange reserves rose by $614.6 million to $316.39 billion for the week ended July 4, Reserve Bank of India (RBI) data...
Indian equities market moves into positive zone
By IANS
Mumbai : The Indian equities market wiped off its losses and moved into positive territory with a narrow gain early Wednesday afternoon.
In a highly volatile market, there was buying interest in capital goods and metal sectors. Realty and auto stocks continued to face selling pressure.
At 12.30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 15623.53 points, up 35.91 points or 0.23 percent from its close Tuesday.
BHEL Bhopal unit holds Vendor Workshop on Quality Improvement
By Pervez Bari, TwoCircles.net
Bhopal: In Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, the Transportation Group organized a Vendor Workshop on Quality Improvement through process improvement – Heat Treatment Process the other day here at Narmada Bhawan. S. K. Sharma GM (TSD & Quality) inaugurated the workshop while S. Lomash GM (TPTN & CET) presided over the function.
Rajasthan firm to promote Jharkhand silk products
By IANS,
Ranchi : A Rajasthan-based firm will promote silk products manufactured in Jharkhand to help the state generate around Rs.20 million annually, the government said here Monday.
"The Jharkhand State Handloom and Textile (Jharcraft) and Murarka Organic Food of Rajasthan signed an agreement few weeks ago in New Delhi. As per the agreement, Jharkhand will sell 20,000 stoles and 6,000 silk saris to Murarka. The state will earn Rs.20 million per annum through this deal," Deputy Chief Minister Shudhir Mahto told IANS.
L&T bags Rs.15.57-bn order from Andhra Power
By IANS,
Mumbai : Engineering and construction major Larsen and Toubro (L&T) has bagged a Rs.15.57-billion order from Andhra Pradesh Power Development Co.
Announcing this here Monday, the company said it would supply a steam turbine generator package to Andhra Power's Sri Damodram Sanjeevaiah thermal power station at Krishnapatnam.
The country's first steam turbine generator package, to be based on super-critical technology, will be developed by a joint venture firm floated last Novermber by L&T and Japan's Mitsubishi Heavy Industries.
Gujarat plans satellite towns to decongest bigger cities
By P.S. Anantharaman, IANS,
Ahmedabad : The Gujarat government is drawing up a blueprint called 'Rurban' to create satellite urban centres to decongest its bigger cities. These towns will have rural souls with urban amenities, says Chief Minister Narendra Modi who has conceived this idea.
The concept, according to government officials, will be marketed strongly at the January 2009 Vibrant Gujarat Global Investors Summit.
Bengal’s finances healthy: Outgoing minister
By IANS,
Kolkata: Refuting claims that West Bengal's finances were in poor shape, outgoing Finance Minister Asim Dasgupta Thursday said the reverse was the case.
AAI gets Rs.99 crore for developing airports
By IANS,
New Delhi : Out of a total plan outlay of Rs.12,165 crore for the civil aviation ministry, a sum of Rs.190 crore will be provided as budgetary support to various organisations under the ministry, the government said Monday after Finance Minister Pranab Mukherjee presented the annual budget in Parliament.
Out of the Rs.190 crore, India's airport developer, Airports Authority of India (AAI) has been allocated Rs.99.15 crore for development of airports.
Chinese firm buys Volvo’s car plant for $1.8 bn
By IANS,
Goteborg (Sweden) : China's Geely Holding Group has signed a deal worth $1.8 billion with Ford Motor Co. to acquire the US auto giant's Volvo car manufacturing unit in Sweden.
Under the definitive stock purchase deal, Geely will own 100 percent of Volvo Cars and its related assets.
The agreement was inked Sundya by Li Shufu, founder and chairman of Geely, and Lewis Booth, chief financial officer of Ford, at Volvo headquarters in Goteborg, Xinhua reported.
‘India is a vital market for US companies’
By Arun Kumar, IANS,
Washington : Eyeing India's $150 billion nuclear pie, a strong US business delegation embarks on a trade mission to the country next week with a promise to keep pushing for easing rules for export of high tech items to India.
"By looking to new markets abroad, American businesses remain at the point of the spear in strengthening US international relations," said Thomas J. Donohue Donohue, president and CEO of world's largest business federation representing the interests of more than 3 million businesses.
Café Leopold reopens, looks forward to business as usual
By IANS,
New Delhi : Cheering the spirit of Mumbai, Café Leopold in south Mumbai that was attacked by terrorists Wednesday night reopened Sunday.
“I have to open the place. For how long can I keep it closed? I have to leave behind the past and I know people will come back soon,” Leopold owner Farhang Farzad Jehani told a news channel.
Appreciating the spirit of people of Mumbai, he said: “Mumbaikars jump back to normalcy after every tragedy and we witnessed it several times in the past. We will go ahead.”
China’s growth will help recover world economy, says World Bank
By Xinhua,
Montreal : World Bank President Robert Zoellick said Monday the Chinese economy is likely to make a strong comeback which will help pull the world economy out of recession.
Zoellick made the comments in a question-and-answer session at the ongoing four-day International Economic Forum of the Americas in Montreal.
Despite the global economic crisis, China has been able to build up its reserves and launched the second-largest stimulus programme after the US, he said, adding that "in the first quarter they have slightly better than expected numbers".
Salary top reason why employees in Asia quit
By DPA,
Singapore : The top reason why employees in Asia quit is unhappiness with their pay, a study by a human resources firm said Saturday.
It found 70 percent of the best employers see a large connection between improved performance and higher salaries.
While Asian employers have "increased investment" in compensation, they are not yet getting the "strategic and financial results", The Business Times quoted Hewitt Associates principal Nishchae Suri as saying.
Cisco partners Wipro for IT infrastructure solutions
By IANS
Bangalore : Global network equipment provider Cisco Systems Inc Wednesday announced a strategic alliance with Indian IT major Wipro Ltd to develop and deliver IT infrastructure solutions worldwide, said Cisco chief John Chambers.
The alliance, expected to bring in business worth $1 billion, will focus specially on the Middle East, Africa and India.
Sundaram Finance announces 1:1 bonus
By IANS,
Chennai : The board of directors of non-banking finance company Sundaram Finance Tuesday recommended a 1:1 bonus issue.
It also recommended a final dividend of 50 percent for fiscal 2007-08, taking the total dividend to 150 percent.
"The post-issue equity capital of the company will be around Rs.555.5 million from the current Rs.277.76 million," managing director T.T. Srinivasaraghavan told the media here.
The company had last declared a bonus 13 years ago.
Indian equities open higher after Fed rate cut
New Delhi, Jan 23 (IANS) Indian shares opened higher Wednesday as the US Federal Reserve stepped in to cushion the global financial crisis with a cut in interest rates, triggering positive reactions in stock markets across the globe.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 17,415.26 points, with a gain of 685.32 points, over the previous day's close at 16,729.94 points.
Gulf Commerce ministers from panel on soaring food prices
By NNN-KUNA,
Doha : The GCC ministers of commerce have decided to set up a panel to thrash out uncontrollably surging food prices, acting Qatari Minister of Finance and Commerce Yussef Kamal said.
The minister was speaking to reporters following the 38th meeting of the GCC Ministers of Commerce here Tuesday.
The panel will look into food stock and storage methods, he said.
On the meeting, Kamal said several draft laws on insurance, accountability, competition and consumer protection were discussed.
All state levies to be refunded to exporters: Kamal Nath
By IANS
New Delhi : Exporters can now expect some relief and emerge more competitive in global markets as Commerce and Industry Minister Kamal Nath Friday asked states to refund various taxes levied on them.
"I urge you (exporters) to depend on the state levies. All state levies and taxes must be refunded," the minister told a seminar while inaugurating a two-day textile summit called 'Tex Summit 2007' organised by the Textile Ministry.
Dipu Moni to visit Tripura to boost Indo-Bangla trade
By IANS,
Agartala: Bangladesh Foreign Minister Dipu Moni will visit Tripura in September to boost cross-border trade and business with India's eight northeastern states.
"During Dipu Moni's visit, strategies to further improve trade between Bangladesh and northeast India and development of trade-related infrastructure along the border would be discussed," Tripura commerce and industry minister Jitendra Chaudhury told IANS.
A business delegation is expected to accompany Dipu Moni. It will be her first visit to northeast India.
Sensex closes over 300 points up
By IANS,
Mumbai : The Indian equity markets closed in the green Tuesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,388.36 points and touched a high of 15,732.75 before closing at 15,696.90. It went up by 301.08 points or 1.96 percent compared to its closing figure Monday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,572.50 points, closed at 4,653.00. It went up by 80.50 points or 1.76 percent.
Railways key to China’s drive for faster, greener economy
By Bill Smith, DPA,
Beijing : China set one of its many records in railway construction with the opening of a literally breathtaking line over the 5,000-metre Tangu-la Pass on the Tibetan Plateau in 2006. Some 2,500 km away from Tibet on the eastern coast, it reached another milestone last month with inaugurating its fastest line for high-speed "bullet" trains.
Engineers said trains were capable of reaching up to 350 km per hour on the 115-km run from Beijing to Tianjin, shortening the journey time from 70 minutes to 30 minutes.
Jaguar, Land Rover deal not without challenges: experts
By Venkatachari Jagannathan, IANS
Chennai : With the acquisition of Jaguar and Land Rover, does the Tata group have the two big cats of the British automobile industry by the tail? Analysts are posing this question given the implications of the future emission norms in Europe. But Tata Motors are confident of addressing the challenge.
According to analysts and automobile engineers, Tatas Motors may get choked with fines on Jaguar and Land Rover - the brands acquired for $2.3 billion from Ford Motors Wednesday - when the proposed emission norms come into force by 2012.
Markets trading with loss at early trade
By IANS,
Mumbai : The Indian equities market, which opened with a sharp cut following weak cues from Asian markets, was trading with loss at early trade. Selling pressure was witnessed in capital goods, metals and realty stocks.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 148.24 points at 14,423.05 points. Ten minutes into trade, the sensex was trading at 14,391.12 with a loss of 180.17 points or 1.24 percent.
India’s Sensex gains 482 points on rate cut hopes
By IANS,
Mumbai : Indian equities markets shook off some initial hesitation Thursday morning and surged rest of the day on expectations of rate cuts with a key index finishing more than 482 points higher to once again breach the psychologically important 9,000 mark.
“The surge is probably in expectation of at least 100 basis point cuts in both the repo and reverse repo rates and other stimulus package measures to be announced coming Saturday,” said Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Tata Power net up to $47.63 mn in first quarter
By IANS,
Mumbai : Tata Power Co Ltd Friday announced a net profit $47.63 million (Rs.1.9 billion) during the first quarter this fiscal, compared to $47.5 million (Rs.1.9 billion) in the corresponding period the previous year.
For the latest quarter ending June 30, the total revenues increased to $518.61 million (Rs.20.74 billion) from $394.98 million (Rs.15.79 billion) in the corresponding quarter last year.
Reduce import duties on luxury products, pleads fashion brand Kenzo
By Shilpa Raina, IANS,
New Delhi : Steep import duties mean luxury fashion products are priced 15 percent higher in India than in their country of origin and a reduction in rates will actually increase government revenue from their sales, says the international commercial director of leading fashion brand Kenzo.
"We pay around 45 percent taxes to import our goods to India and this affects the retail pricing of the product. The pricing of these items is almost 15 percent higher than what you will get it for in Europe," Jean Keller told IANS in an interview.
Arab envoys, Sri Lankan minister discuss economic ties
By IANS/WAM,
Colombo: Ambassadors from the UAE and other Arab countries Wednesday held talks here with the Sri Lankan economic minister to strengthen economic ties.
UAE Ambassador to Sri Lanka Mahmoud Mohammed Mahmoud Al Mahmoud and other heads of Arab diplomatic missions met Basil Rajapaksa to discuss cooperation in infrastructure, trade and development.
The minister discussed the country's economic situation with the officials.
Government allows service sector up to $100 mn external borrowing
By IANS,
New Delhi : The government Saturday eased its external commercial borrowing (ECB) norm, enabling firms in the service sector - hotels, hospitals and software companies - to borrow up to $100 million for import of capital goods.
The decision comes as a big solace to the borrowers in service sector, who are not currently eligible to avail ECB under the automatic route.
India’s ONGC gets stake in Kazakh oil block
By IANS,
New Delhi : India's ONGC and its partner Lakshmi N. Mittal Saturday signed an agreement with Kazakhstan's national oil company for a stake in a block in the Caspian oil fields of the Central Asian country.
The agreement, which comes four years after an initial deal, was signed by ONGC Videsh Ltd. (OVL) managing director R.S. Butola and KazMunaiGaz (KMG) president Kairgeldy Kabyldin, in the presence of Indian President Pratibha Patil and her Kazakh counterpart Nursultan Nazarbayev.
Hapur, a hub of flower, vegetable production
By S.P. Singh, IANS,
Hapur (Uttar Pradesh) : Exporting fresh flowers to Europe, the Middle East, Southeast Asia and selling high-value vegetables to hotels and embassies in Delhi, this town in western Uttar Pradesh has become the hub of flourishing new businesses.
While much of the flowers and vegetables are exported, a lot go to hotels and embassies in New Delhi, and the rest is sold in Connaught Place, Khan Market and INA Market in the capital.
Air India losses could touch Rs.5,000 crore: Patel
By IANS,
New Delhi : Cash-strapped national carrier Air India is expected to register a loss of Rs.5,000 crore last fiscal, Civil Aviation Minister Praful Patel told parliament Tuesday.
"Nacil (National Aviation Co of India Ltd, that operates Air India) is expected to register a loss of approximately Rs.5,000 crore in 2008-09, largely due to high operating expenses, which have been compounded due to the present economic recession resulting in a drop in passengers," the minister said in a reply in Rajya Sabha.
EU to hold special financial summit Nov 7
By DPA,
Brussels : The heads of state and government of the 27 member states of the European Union (EU) plan to come together for a special meeting Nov 7 in Brussels to discuss the global financial crisis, a statement from the French EU presidency said Thursday.
The meeting would be in the form of an informal lunch in Brussels to prepare for the financial crisis summit scheduled to take place in Washington Nov 15.
Posco, SAIL sign deal to build synergies
By IANS
New Delhi : South Korea's Posco, the world's fourth largest steel maker, and the state-run Steel Authority of India Ltd (SAIL) Thursday forged an alliance to cooperate in areas like corporate planning, marketing and exchange of engineers, technicians and other professionals.
The two companies will also use each other's existing marketing and warehousing network, coordinate in procuring coking coal, nickel and alloys and cooperate in research and development projects, an official statement said.
Parsvanath picks 38 percent stake in Nano City
By IANS,
New Delhi : Realty major Parsvanath Developers has picked up a 38 percent stake in entrepreneur Sabeer Bhatia's much-hyped Nano City Haryana project, the company said here Wednesday.
Parsvanath will invest Rs.4 billion ($100 million), as equity and debt in Nano City Haryana Ltd.
The project, valued at $12 billion, will be completed in 10 years. Parsvanath will develop 5,000 acres of the 11,000-acre mega-project in the first phase.
The Bhatia-promoted Nano City group will hold 52 percent in the company, and the rest will be with the Haryana government.
Sensex plummets by over 400 points
By IANS,
Mumbai : Indian equities markets plummeted sharply Friday, with heavy selling in key sector scrips, mirroring international market trends.
The markets opened in the red following international cues and failed to really pick up anytime during the day.
While all sectoral indices closed with losses, important sectors like oil and gas, realty, banking, capital goods and power took a drubbing.
Finance minister has done a good job: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Monday said Finance Minister Pranab Mukherjee has "done a good job" by presenting a growth-oriented and inclusive budget.
GM Daewoo launches new mini-car
By DPA,
Seoul : GM Daewoo hopes to make inroads into the mini-car market with its first such vehicle now on sale in South Korea and due to come to Europe at the start of 2010. It will be assembled at GM plants in India, Vietnam, Columbia and Uzbekistan.
The Matiz Creative is the result of a 295-billion-won ($239 million) 27-month research and development programme based on mini-vehicle designs from Daewoo's US parent company General Motors (GM). The company believes the vehicle will become an industry benchmark in the mini-car world due to its design, performance and safety.
Inflation rises to 4.11 percent
By IANS
New Delhi : India's wholesale price index surged to 4.11 percent in the week ending Jan 26 as against 3.93 percent in the preceding week on the back of hike in prices of food articles and manufactured items, data released Friday showed.
During this period, prices of several food items such as maize, wheat, moong, spices and condiments increased while the prices of salt, bread and mustard oil got cheaper.
The index representing fuel, power, light and lubricant remained unchanged at the previous week's level.
Sensex opens over 200 points down as oil touches new high
By IANS,
Mumbai : Indian equities markets opened in the red Thursday, thanks to a fresh high in international crude oil prices. Oil touched $122 a barrel Wednesday.
The market sentiment was also hit hard by the results of UBS Switzerland, which made a provision for sub-prime losses of $17 billion. The fact that other Asian markets were trading weak did not help either.
Milk price to go up in Kerala
By IANS,
Thiruvananthapuram : Kerala's ruling Left Democratic Front (LDF) Monday decided to increase the price of government-supplied milk by Re.1. This is the fourth hike in the price of milk after the LDF government came to power two years ago.
With this hike, the price of toned milk marketed through Milma (Kerala Cooperative Milk Marketing Federation) will touch Rs.20 per litre. Milma is the state's largest milk marketing agency.
The decision to hike the price was taken in an LDF meeting following the recommendation of the Milma directors' board, demanding Rs.2 more per litre.
Asian stocks tumble on Wall Street decline, economic worries
By DPA,
Tokyo : Asian stock markets were in a downward spiral Thursday, tracking overnight losses on Wall Street and falling on persistent worries over a US recession.
The Tokyo stock market extended its losing streak with the Nikkei 225 Stock Average falling 456.87 points, or 5.25 percent, to close at 8,238.64, a two-week low.
The broader Topix index of all first-section issues was also down 4.31 percent at 837.53.
Exporters' shares were also hurt by a stronger yen, which reduces Japanese firms' earnings overseas.
Trading slack in equities markets
By IANS,
Mumbai : Trading in the Indian equities markets was rather slow Tuesday morning, with a key index hovering around its previous close while holding on to a marginal rise of 0.07 percent at around 11:18 a.m.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,839.66 points, a slight rise of 0.07 percent or 7.27 points over its close Monday at 9832.39.
Germany to invest heavily in booming Russia
By DPA
Berlin : German companies are planning to invest more than one billion euros ($1.44 billion) in Russia's booming economy next year, a survey released Thursday showed.
"The mood among German companies in Russia is very optimistic," said Klaus Mangold, chairman of the so-called Eastern European Committee of German Industry, releasing a survey of German business in Russia.
Mahindra Satyam to hire 4,000 associates this quarter
By IANS,
Hyderabad: Mahindra Satyam Tuesday launched a Special Economic Zone (SEZ) here on the first anniversary of acquisition of scam-hit Satyam Computers by Tech Mahindra, and said it would complete restatement of accounts by the end of June as per schedule.
India's fourth largest software services firm said it planned to hire 4,000 associates this quarter. At present it has a headcount of 25,000.
Satyam had a headcount of 53,000 in January last year when its founder and chairman B. Ramalinga Raju confessed to a Rs.78 billion accounting fraud.
Distribution of Indian food to start in Sri Lanka
By M.R. Narayan Swamy, IANS,
New Delhi : The distribution of nearly 1,700 tonnes of food and other relief material sent by India for civilians caught up in Sri Lanka's war zone is set to begin despite heavy rains.
The International Committee of the Red Cross (ICRC) is coordinating with Sri Lankan authorities as it reaches out to 40,000 distressed families each in Kilinochchi and Mullaitivu districts, areas in the north the Tamil Tigers control.
South Korean economy to grow 4.9 percent in 2008
By IANS
Seoul : The South Korean economy is expected to grow 4.9 percent during 2008 on a recovery of private consumption and brisk exports, global financial services firm Morgan Stanley said Tuesday, WAM news agency reported.
"The growth outlook for the (South) Korean economy is stable this year on the back of higher private spending and exports. Expansion of the construction sector and higher capital investments will also substantively contribute to economic growth," Park Chan-ik, Morgan Stanley executive director, told a press conference.
Dhaka initiates rice import from India
By IANS
Dhaka : Bangladesh has sought details from India about the price and delivery schedule of the proposed import of 500,000 tonnes of rice, urgently required in view of last month's cyclone.
Food and Disaster Management Advisor Tapan Chowdhury said Wednesday that Dhaka was awaiting word from New Delhi, which has indicated that it required time to procure the large quantities that would be sent in five consignments.
India’s annual inflation rate breaches 12-percent mark
By IANS,
New Delhi : India's annual rate of inflation overshot the 12-percent mark at 12.01 percent for the week ended July 26 amid a promise by Prime Minister Manmohan Singh that bringing down prices will be his government's top priority.
Data on wholesale prices released by the commerce ministry Thursday showed that the inflation rate had risen to this level from 11.98 percent for the week ended July 19 and 11.89 percent the week before.
At the present level, the inflation rate is at the highest level since May 1994.
Germany slumps into recession, data forecast to show
By DPA,
Berlin : Germany slumped into a recession during the third quarter, data to be released later Thursday is forecast to show, amid signs that a global economic downturn was taking hold.
Europe's biggest economy shrank by 0.1 percent in the third quarter, analysts predict Thursday's figures from Germany's statistics office will show after it contracted by 0.5 percent in the quarter to end June.
As a result, Germany will fulfil the technical definition of recession after clocking up two consecutive quarters of negative rates.
Canada extends control over oil-rich Arctic region
By IANS,
Toronto : With the rapidly disappearing Arctic Ocean ice raising prospects of a scramble for rich seabed resources among neighbouring nations, Canada is flexing its muscle, extending its jurisdiction over the region from 100 nautical miles to 200.
Until now, the Arctic Ocean ice bed melted only during summer months, opening the so-called Northwest Passage (from the Pacific to the Atlantic) for shipping activities.
But with the Arctic ice-bed melting fast due to global warming, the Northwest Passage could remain open and thus navigable year-long for international shipping.
Get your math right on frequencies: Mittal
By IANS
New Delhi : A day ahead of a crucial meeting on how the government should allot frequencies to telecom operators, Bharti Airtel chief Sunil Mittal sharply criticised the way parameters were drawn to allot this scare resource.
"Government must set its mathematics right. Ignorance is not an excuse to change the norms," Mittal told reporters on the sidelines of the India-European Union Business Summit, joining other GSM mobile operators on the issue.
Industry, led by Sunil Mittal, supports Tata’s Nano project
By IANS,
New Delhi : Leading industrialists and industry lobbies Friday rallied behind Tata Motors Chairman Ratan Tata over the political siege laid by the Trinamool Congress to the auto major's Nano small car factory at Singur in West Bengal.
The support comes two days after Reliance Industries chief Mukesh Ambani said the agitation was creating a fear psychosis in the industry.
With polls in mind, Delhi budget will have no new taxes
By Rajeev Ranjan Roy, IANS
New Delhi: With elections due in November, the Delhi government is planning to toe the populist line by not proposing any fresh taxes in its forthcoming budget, expecting the central government to subsidise the expenditure on infrastructure for the Commonwealth Games.
"There will be no fresh taxes in the budget," a senior official in the state government told IANS. State Finance Minister A.K. Walia is to present the budget for 2008-09 on March 24.
However, the budget will enhance spending on infrastructure ahead of the 2010 Commonwealth Games.
Price rise sends UPA partners into a tizzy
By IANS
New Delhi : Increasing prices of essential commodities are giving the ruling United Progressive Alliance (UPA) partners pre-poll jitters.
Restive with the inability of the Manmohan Singh government to bring down prices, rumblings are growing louder within the UPA. On top of a three-year high inflation at 7 percent, the unseasonal rainfall and its damage to rabi crops throughout the country is adding to the UPA government's and its allies' woes.
Spice chairman, managing director quit board
By IANS,
Mumbai : Spice Communications chairman B.K. Modi and managing director Dilip Modi resigned from the board hours after Idea Cellular's announcement that it picked up a 40.8 percent stake in the company.
As per the announcement this afternoon, Idea Cellular also said that it would merge with Spice Communications through a share swap arrangement, under which Spice shareholders would get 49 Idea shares for every 100 shares they hold.
Reliance mobile launches GSM services in Punjab
By IANS,
Chandigarh : Reliance Communications Monday announced the launch of its GSM mobile services in Punjab, becoming the first telecom operator in the circle to have both GSM and CDMA services for mobile users.
"The service will cover 460 towns, 11,741 villages and a number of national, state and other highways, tourist and religious places throughout the state," Reliance regional hub head Arvind Kumar told reporters at the launch.
Indian shares close marginally higher
By IANS
Mumbai : Indian shares Monday staged a smart rally in early trade before taking a beating in the last hour with a key index closing up 0.14 percent.
Equity markets on the upswing early afternoon
By IANS,
Mumbai : The Indian equity markets were trading in positive zone early Tuesday afternoon on the back of buying in banking, realty and capital goods stocks.
At 1:00 p.m., the 30-share main index of the Bombay Stock Exchange (BSE), the Sensex, was at 15,566.96, up by 171.14 points or 1.11 percent from its closing figure Monday. It had earlier touched a high of 15,587.76 during intra-day trading Tuesday.
The market breadth was positive. On BSE, 1,549 shares advanced, 913 declined and 74 remained unchanged.
BHEL signs Rs.3,810 crore deal with Telengana
New Delhi : Electrical equipment behemoth Bharat Heavy Electricals Ltd (BHEL) Friday said it has bagged an order worth Rs.3,810 crore from the Telangana...
Wipro wins $50-million Pantaloon contract
By IANS
Bangalore : IT bellwether Wipro Infotech Wednesday signed a $50-million deal with Pantaloon Retail India Ltd for streamlining the IT operations of the retailer's outlets across the country.
As per the five-year deal, Wipro will roll out and manage IT operations of Pantaloon's 1,000 outlets in 53 cities and build scalability to extend the IT infrastructure to 1,500 more outlets set to come up over the next five years.
GM mosquito trials raise concern in India
By K. S. Jayaraman, IANS,
Bangalore/Chennai : Experiments with genetically modified (GM) mosquitoes planned in India by a British company in a move to find a way to control dengue fever have taken sections of the scientific community by surprise.
"I am trying to get full details about what is going on," V.M. Katoch, secretary in the Department of Health Research and chief of the Indian Council of Medical Research (ICMR), told IANS.
Car sales rise 20 percent to 155,600 units in March: SIAM
By IANS,
New Delhi : Passenger car sales in India rose 20.08 percent in March to 155,600 units compared to 129,585 units a year ago, data released by the Society of Indian Automobile Manufacturers (SIAM) Friday showed.
In the last financial year, domestic passenger car sales grew by 25.10 per cent to 15,26,787 units from 12,20,475 units in the previous fiscal.
The high growth in the last fiscal was due to the low base figure for the previous fiscal when there was an economic slowdown, SIAM president Pawan Goenka said.
Assam hopes for record rice, jute production
By IANS,
Guwahati : Despite floods affecting about 10,000 hectares of cropland, Assam hopes to register a record paddy and jute production this year.
New report lauds Bahrain’s economic diversificaion
By IANS,
Dubai : Gulf nation Bahrain's economic diversification programme has come in for praise in a new, independent report.
'The Growing Beyond Oil Report', issued by American not-for-profit research organisation Conference Board, described Bahrain's economy as exceptional within the Gulf region and destined for success.
Industries demand export incentives
By IANS,
New Delhi : Ahead of the unveiling of the new foreign direct investment (FDI) policy, industry lobby Assocham has urged the government to remove excise and local levies on exports and set an achievable shipment target for the next fiscal.
"India is likely to achieve export proceeds of less than $185 billion in current fiscal against the targeted levels of $200 billion. Therefore, it would be prudent to set realistic targets for export proceeds for next fiscal," Assocham President Swati Piramal said in a statement.
India to pay Iran for oil through German central bank
By IANS,
New Delhi: India is working out an arrangement through Deutsche Bundesbank (the German Central Bank) to pay Iran for crude oil purchases, an official statement said Friday.
Reliance Power soars post merger announcement
By IANS,
Mumbai: The Reliance Power scrip gained 3.5 percent Monday, a day after the Anil Dhirubhai Ambani Group (ADAG) announced that another group firm, Reliance Natural Resources, was merging with the company.
The boards of the two ADAG energy firms -- one in the business of generating power and the other that trades and transports oil and gas -- Sunday approved the merger plan in a $11-billion all-stock deal, which involves a swap of four shares of Reliance Natural Resources for every Reliance Power stock.
‘Focus on pedestrians, interconnectivity to improve Delhi transport’
By IANS,
New Delhi : Even as the national capital is changing its face for the 2010 Commonwealth Games, planners and experts here have expressed concern about flawed planning and delay in implementing an interconnected transport system.
One of the main flaws in the capital's road plan, according to experts at a conference here on the "Challenges and Possibilities in Mega Cities", is that it ignored pedestrians.
Delhi’s water crisis is set to explode
By Arvind Padmanabhan and Rajeev Ranjan Roy, IANS,
New Delhi : Water is becoming a scarce commodity in the Indian capital that is home to some 16 million people and the crisis is going to worsen in the coming years, leading to more conflicts and pollution, warns a new study.
"The nation's capital is perpetually in the grip of a water crisis, more so in the dry season, when the situation gets particularly worse," says the study by the Associated Chambers of Commerce and Industry (Assocham).
Foreign funds sold equities worth $2.45 bn in five days
By IANS
New Delhi : In the midst of one of the worst turbulences in Indian stock markets during the week ended Friday, foreign funds were net sellers of equities worth a whopping $2.45 billion, latest data showed Saturday.
The 1,269 foreign institutional investors (FIIs) registered with the Securities and Exchange Board of India (SEBI), with 3,760 sub-accounts, were net sellers on each of the five trading days of the week, data with the stock markets watchdog showed.
National Internet Exchange starts operations in Ahmedabad
By IANS,
Ahmedabad : The National Internet Exchange of India (Nixi) has set up its new hub in Ahmedabad, a move that would help internet service providers in Gujarat reduce bandwidth expenses.
Earlier the communication and IT ministry gave approval to the Nixi to set up its hub here, the seventh Indian city to have such an exchange hub.
The central government has already approved such hubs for Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore.
The Nixi hub would restrict the wastage of bandwidth in local traffic and thereby save precious foreign exchange.
Market closes 177 points down
By IANS,
Mumbai : The Indian equities market closed in the red, once again.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 13,292.80 points, touched a low of 13,049.96 before closing at 13,349.65 points. It went down by 176.34 points or 1.30 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4028.70 points, closed at 3988.55 points. It went down by 41.45 points or 1.03 percent.
Obama caps executive salaries of firms seeking federal aid
By DPA,
Washington : US President Barack Obama Wednesday announced tough restrictions on the salaries of Wall Street executives seeking government aid and slammed financial firms for shirking their responsibilities as the country suffers a severe recession.
The new rule will limit executives from companies getting "exceptional assistance" from the government to a salary of $500,000 per year. Obama described it as as a "fraction" of the millions of dollars that top executives typically receive.
Jharkhand: For last 56 days, Adivasis are on hunger-strike against ‘illegal’ mining; govt unmoved
While the government of India makes claims of Sab Ka Vikaas (Development for everyone)—the concerns and voices of Dalits and Adivasis are often...
Hyundai to launch one new car model in India every year
By Venkatachari Jagannathan, IANS,
Seoul : Heartened by a maturing Indian automobile market, Hyundai Motor has decided to launch at least one new model in the country every year even as moves are afoot to expand the rural marketing network and localise more components.
"Our plan is to introduce more than one new model every year and refurbish more than one existing model to gain market share," the company's managing director Han Woo Park told a group of visiting Indian journalists at the company's headquarters here.
Spanish economy contracts less sharply in third quarter
By EFE,
Madrid : Spain's gross domestic product contracted again in the third quarter, although the decline relative to the previous quarter was just 0.4 percent compared with a drop of 1.1 percent in the April-June period, the central bank said.
The year-on-year decline also was not as pronounced, with the economy shrinking 4.1 percent in the third quarter relative to the same period last year, or slightly less than the 4.2 percent drop reported in the second quarter, Banco de Espana said Thursday in its latest economic bulletin.