Economy

By IANS, Mumbai : Trading at Indian equities markets was lacklustre, with a key index hovering around its last closing figure, a little after Wednesday noon. Around 12.28 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,376.82 points was ruling at 14,346.53 points, 22.52 points or a mere 0.16 percent above Tuesday's close. Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling in the green, 0.37 percent up at 4,262.9 points.

By IANS, New Delhi : India's annual rate of inflation rose marginally to 0.7 percent for the week ended April 25 from 0.57 percent the week before, official data showed Friday. Among the three main commodity groups, the indices for manufactured products and primary articles rose 0.3 percent and 0.2 percent, respectively, during the week under review. The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 323 (provisional).

By IANS, Bangalore : Leading provider of microcontrollers and analog chip maker Microchip Technology will invest $65 million (Rs.2.85 billion) in its India development centre over the next five years and hire about 300 more engineers, the company said here. "We have set up a new facility to work on integrated circuit (IC) development, microcontroller development tools and corporate information systems," Microchip vice-president Ganesh Moorthy said in a statement issued here late Friday.

By IANS, New Delhi : Commerce and Industry Minister Kamal Nath Tuesday asked state governments to become more "proactive" in controlling inflation by taking action against hoarding to tame rising prices of food items and commodities. "We would like to see the state governments ensure that there is no hoarding, there's no profiteering. The state governments have the mechanism and they must ensure that the supply lines are not dropped," Kamal Nath said on the sidelines of a meeting here.

By IANS, New Delhi : The Tata Group has emerged as the "top corporate leader" in sustainable development among Indian companies, according to the Sustainable Development Index that was launched here Tuesday by UK telecommunication major British Telecom. The new index, developed by GlobeScan, an independent Canadian company that provides public opinion and stakeholder information for clients, is a measure of performance of business houses in sustainable development. The survey is based on the feedback from top business leaders across India.

By IANS, Chennai : The city-based, Nasdaq listed consumer Internet company Sify Technologies Limited has agreed to provide the Qatar-based Gulf Bridge International, a submarine cable landing station in Mumbai. Gulf Bridge is the Middle East's first privately owned submarine cable operator. The company's cable system, which will connect all the countries of the Gulf region to each other, will provide onward connectivity to India and beyond with the help of the landing station.

By IRNA, Ahvaz : Managing Director of the National Iranian Oil Company (NIOC) Seyfollah Jashnsaz said here Wednesday that given the growing trend of global demand for oil, it is predicted that the oil production would increase to 88 million barrels per day in 2008. Jashnsaz, who is also deputy oil minister, made the remark in the inaugural ceremony of the National Congress on Iran's Excavation Industry in Ahvaz, adding that the constant increase of oil prices in international markets as a result of an increase in global demand will cause further growth in prices.

By IANS, Toronto : India may soon sign a multi-billion-dollar deal with Canada to scour for oil in the oilsands of its Alberta province. Quoting Indian Petroleum Secretary MS Srinivasan, Canada's Canwest News Service reported that India planned to sign the deal to hunt for oil in Alberta's oilsands this year. ``Indeed, we are going to get more actively engaged in the Canadian tar sands in the next six months, we are looking at opportunities,'' the news agency quoted Srinivasan as saying at the World Petroleum Congress in Madrid Thursday.

By IANS New York : India will appeal the decision of a US court that upheld imposition of $42.4 million tax on its property in New York. The appeal will be filed in a higher court within the stipulated one month's time, a spokesperson of Permanent Mission of India (PMI) to United Nations told IANS Thursday. The PMI building across the United Nations headquarters in mid Manhattan is being put to both official and diplomats' residential use.

By IANS, New Delhi : The government may infuse equity and soft loans to support Air India's ambitious expansion plans, and believes this would bail the carrier out of its financial mess, a senior aviation ministry official said Wednesday. "This will not be a bailout. Air India (AI) is working out how to rationalise routes. It will not fly on non-profitable routes and adopt other cost-cut measures to recoup losses," the official said at an interaction with reporters. By doing this, AI expects to save Rs.10 billion by the end of this fiscal, said the official, requesting anonymity.

By IANS, Shimla : The apple season in Himachal Pradesh is almost over with more than four crore boxes sold to markets across the country, an official said here Wednesday.

By IANS, Bangalore: Karnataka Monday approved in-principle 34 projects, ranging from electrical switchgears to aerospace components, with total investment of over Rs.943 billion (Rs.94,300 crore). The projects, for which memorandum of understanding will be signed at the June global investors meet in Bangalore, will create employment opportunity for over 98,000 people, Chief Minister B.S. Yeddyurappa told reporters.

Washington : US President Barack Obama will hold talks with leaders from the Association of Southeast Asian Nations (ASEAN) in California on February 15-16,...

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By IANS, New Delhi : Civil Aviation Minister Praful Patel Saturday said the government was not considering any regulatory mechanism for fixing air fares, which would remain "totally deregulated". "You all (existing private airlines) are born owing to deregulation of the pricing mechanism. Air fares will be totally deregulated," the minister said at the HT Leadership Summit.

By IANS, New Delhi : The following are some quotes from captains of Indian industry who have condemned the terror attack in Mumbai since Wednesday night and called for strong anti-terror mechanism and laws: Ratan N. Tata, chairman, Tata Group: "We must show that we cannot be disabled or destroyed, but that such heinous act will only make us stronger. It is important that we do not allow divisive forces to weaken us." K.V. Kamath, president, Confederation of Indian Industry: "This is a new type of attack and I am sure the city has to adjust to this attack."

By IANS, Tehran : In what looks like widening differences with officials over his economic policies, Iranian President Mahmoud Ahmadinejad has sacked the country's central bank chief Tahamasseb Mazahari, replacing him with his deputy Mahmoud Bahmani, the official IRNA news agency reported Wednesday. The replacement of Mazahari, who took office from his predecessor Ebrahim Shehbani last year, is the second change of guard at the central bank owing to differences between the president and his economic advisers over the management of the country's troubled economy.

By IANS, Mumbai : Pantaloon Retail India Ltd has announced a consolidated net profit of Rs.1.25 billion during the fiscal 2008 compared to Rs.1.19 billion the previous year. The total income increased to Rs.50.52 billion for the year ended June 30, 2008 from Rs.33.28 million in the last financial year. For the latest quarter ending June, the company has posted net profit of Rs.325.30 million compared to Rs.186.70 million for the corresponding quarter last year.

By DPA, New York : New York-based bank Goldman Sachs is considering launching an online bank, The Wall Street Journal reported Wednesday. The name of the bank and the details of the plans are still unknown, sources told the daily. Goldman Sachs already has about $20 billion in deposits, and attracting even more deposits would make it more stable, a valuable asset during the world financial crisis. Even though it is doing better than most of its rivals, Goldman Sachs is expected to report a net loss of about $2 billion later this month.

Dhaka, Aug 19 (IANS) Workers in Bangladesh have asked the government to totally ban raw jute exports to India and Pakistan saying the two importers have gained commercial advantage. Four trade union leaders Saturday demanded the ban in a joint statement, saying Bangladesh should export only valued added jute items, providing 15,000 to 20,000 more jobs. "Raw jute export has been causing harms to national industry for long. Some 25,000 workers have already lost their jobs and remaining jobs in the jute industry are also threatened," said the statement.

By IANS, Mumbai : Indian equities markets ended deep in the red once again Thursday, with a key index dipping by more than 322 points to finish below the 8,500 mark on very dismal global cues. “The minutes of the US Federal Open Market Committee (FOMC) released Wednesday reveal a very negative outlook,” Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the SMC Group told IANS.

By IANS, Mumbai : A key benchmark index for Indian equities Friday shut shop 2.78 percent lower amid heavy selling. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,222.56 points, closed at 15,774.18 points (provisional), down 450.77 points or 2.78 percent from its previous close at 16,224.95 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,714.75 points, against the previous close at 4,845.35 points, a loss of 2.7 percent or 130.6 points.

By IANS Dubai : The United Arab Emirates (UAE) Tuesday banned import of birds from Germany's Brandenburg state after the H5N1 avian influenza virus was detected there. The ban issued by the ministry of environment and water covered "all living domestic and wild birds and their products", WAM news agency reported. The ministry also instructed its animal wealth department to coordinate efforts with other related authorities to enforce the ban.

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By KUNA New Delhi : India's foreign exchange reserves increased by USD 2.837 billion for the week-ending December 28, 2007, to reach USD 275.559 billion. The reserves had earlier decreased by USD 232 million for the week ending December 21,'08 and by USD 599 million for the week ending December 14,'08 according to data released Saturday by India's central bank "Reserve Bank of India (RBI)." Foreign Currency Assets (FCAs) increased by USD 2.833 billion to USD 266.

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Jammu : Jammu and Kashmir Chief Minister Mehbooba Mufti on Saturday sought Reserve Bank of India's (RBI) support for youth empowerment in the state,...

By IANS Chennai : The powerful Nadar community hopes to get back control of the private sector Tamil Nadu Mercantile Bank by fielding 10 candidates for the post of directors in the upcoming annual general meeting. The Nadar Mahajana Sangam and the Nadar Mahajana Bank Share Investors Forum will field the candidates at the meeting in April, and they are confident of unseating the existing members, said Tamil Arasu, a former director of the bank. "The time has come for the bank to have a professional board," Arasu told reporters here Tuesday.

By IANS, Mumbai : A benchmark index for Indian equities further built on its morning gains and was ruling over two percent higher about an hour before end of trade. Auto stocks were among the key drivers of this rally with many such companies posting handsome February sales figures. At 2.18 p.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,438.45 points, was ruling at 16,764.97 points, 335.42 points or 2.04 percent higher than its previous close at 16,429.55 points.

By Arun Kumar, IANS, Washington : For the first time since July, consumer prices in the US rose in January even as the year-over-year inflation rate hit its lowest level in more than a half-century, according to official figures released Friday. The Consumer Price Index, the key measure of prices at the retail level, was up 0.3 percent in January, in line with the consensus forecast of economists surveyed by Briefing.com.

By IANS Mumbai : A key Indian equity market index ended in the red Wednesday due to confusing global cues, though the markets appeared to be consolidating a day after a record close. The markets that opened in the red Wednesday as per international trends, went flat and could not manage to pick up in the second half. Important sectors like oil and gas, capital goods, banking and public sector units' scrips were offloaded.

By RINA, New Delhi: Though Union Railway Minister Mamta Banerjee’s budget has not created any common euphoria in the country, it has certainly pleased madrasa students for giving them railways concessions at par with college students. The move is also admired by community leaders.

Chennai : A major bank union on Wednesday said it does not support unscrupulous bankers who do not follow the prescribed procedures and who...

By IANS, Mumbai : The Indian equities markets opened in the negative zone Wednesday, tracking weak markets elsewhere in Asia. The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a loss of 204.07 points at 17,366.05. The S&P Nifty index of the National Stock Exchange opened at 5,105.70 points.

By DPA, Washington : After days of US financial turmoil that have sent worldwide markets plunging, US President George W. Bush Tuesday assured Americans that their bank accounts were safe and defended his administration's decision to shore up two troubled mortgage firms. Bush said the government acted over the weekend to protect the mortgage firms - known as Fannie Mae and Freddie Mac - because they are vital to the economy. The two companies finance or buy half of all home mortgages - estimated at a total of $12 trillion.

By IANS, London: Britain's debt mountain has risen to one trillion pounds (over $1.5 trillion) for the first time, The Sun reported Wednesday.

By IANS Chennai : Tamil Nadu's regional broadcaster Raj Television Network Ltd Monday announced the launch of four new music channels - collectively to be called Raj Musix. The bouquet of channels will telecast in four languages - Tamil, Telugu, Kannada and Malayalam. However, they will include music programmes in English and Hindi as well.

By Gurmukh Singh, IANS, Toronto : The record-breaking $61.7 billion quarterly loss reported by the failed American International Group (AIG) Monday sent Canadian markets to their lowest level in five years. The Toronto Stock Exchange (TSX) composite index followed the Dow Jones industrial average (which tumbled below 7,000 for the first time in 11 years) to sink to the levels not seen since 2003.

By IANS New Delhi : Private sector mobile handset company Spice Mobiles Ltd has won the prestigious Golden Peacock Innovative Product and Service Award 2007, said a company official here Friday. The company will receive the award Sunday, said Anuj Nangia, head of the company's product development division. The company has been chosen for this award because of its D-88 handset, which has in-built facilities to operate both GSM and CDMA networks at the same time, said Nangia.

By IANS, New Delhi : The Public Private Partnership Appraisal Committee (PPPAC) has granted fresh approval to 13 infrastructure development projects worth Rs.79.46 billion ($1.98 billion) under the public private partnership model. The approval was granted in the 14th PPPAC meeting, chaired by the finance secretary, April 30. The projects are located in 10 states. Of the 13 projects, 10 are national highway projects developed in Assam, Uttar Pradesh, Orissa, Tamil Nadu, Punjab, Rajasthan, Andhra pradesh and Karnataka.

By IANS New Delhi : India will project its "soft power" through greater use of its films, music, dance, art and cuisine in 2008-09 with an allocation of Rs. 750 million (nearly $10 million) coming from Finance Minister P. Chidambaram's budget.

By IANS, Bangalore : The Karnataka government Thursday offered 1,000 acres of land to Tatas if they plan to shift the Nano car project from troubled Singur in West Bengal. Chief Minister B.S. Yeddyurappa told Tata Motors managing director G. Ravi Kant that the goverment would also provide several other facilities for the small car project. "We have offered the Tatas 1,000 acres and promised other facilities," Yeddyurappa told reporters after his meeting with Kant.

By IANS, Dubai : The United Arab Emirates-based hotel management company Landmark Hotel Management LLC plans to launch ten Shariah compliant hotels and serviced apartments in the UAE and Saudi Arabia by the end of 2010, WAM news agency reported Wednesday. The move would cater to the increasing demand for Shariah-compliant hotels in the Middle East. Six of the planned hotels would be launched in Dubai, two in Abu Dhabi and one each in in Fujairah and Jeddah, Saudi Arabia. All the hotels would be alcohol-free, serve halal food and provide a percentage of the profit to charity.

By IANS, Bangalore: State-run Canara Bank reported net profit of Rs.1,013 crore for the first quarter (April-June) of this fiscal (2010-11) as against Rs.555 crore in the like period of the previous fiscal (2009-10), registering a whopping 83 percent year-on-year (YoY) growth. "We have posted a record net profit in the first quarter owing to nine-fold jump in income from treasury operations and net interest income (NII) growing by 34 percent YoY to Rs.1,728 crore from Rs.1,291 crore year ago," Canara Bank chairman and managing director A.C. Mahajan told reporters here.

By Mohammed Siddique, TwoCircles.net,

Hyderabad : Soon the Muslim industrialist, entrepreneurs and the traders of Andhra Pradesh will have their own organization to provide guidance and help in expanding their business and trade activities. The body to be called Andhra Pradesh Muslim Chambers and Commerce and Industry (APMCCI) is being floated by the Indian Muslims Chambers of Commerce based in Nagpur since 2007.

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New Delhi : India with its billion-plus consumer market has once again snatched the number one slot as the most preferred destination for global retail investors in 2006-07, surpassing Russia and China, says a study released Thursday.