Poor countries face ‘serious’ damage from financial crisis: IMF
By DPA,
Washington : Developing countries could face the most serious damage from a prolonged global credit crisis as they have fewer resources to prevent their own banks from collapsing, the World Bank and International Monetary Fund (IMF) warned Sunday.
The IMF and World Bank promised to use their "full range of resources" to help countries that cannot manage the spreading financial crisis on their own. Countries promised to maintain aid pledges to poor countries despite the turmoil in their own backyards.
Pakistan: course on international exchange governance in a global marketplace
By NNN-APP,
London : The Futures and Options Association (FOA), in collaboration with the South Asian Federation of Exchanges (SAFE) and the National Institute of Banking & Finance (NIBAF) is holding an “executive course” for senior exchange officials in Islamabad from August 25.
This new 4-day course focuses on international standards in exchange management and trading practices which exchanges need to take into consideration when facing the challenge of developing their business or transitioning from a domestic exchange into an international marketplace.
Sensex closes 73 points up, realty, capital goods stocks high
By IANS,
Mumbai : A benchmark index of Indian equities market closed 73 points up in volatile trade Monday. Realty, capital goods and banking stocks were the main gainers.
Chhattisgarh to pump in Rs.19.64 bn to boost irrigation
By IANS,
Raipur : The Chhattisgarh government will construct 27 irrigation projects at the cost of Rs.19.64 billion to boost agriculture production in the state.
The projects will come up in paddy-rich areas of Bilaspur, Raigarh, Raipur, Rajnandgaon, Janjgir-Champa, Dhamtari and Mahasamund districts, an official statement said Saturday.
The water resources department will complete the construction work by June 2010. Officials say about 70 percent of the cultivated area is entirely dependent on monsoon.
Markets continue losing streak over the week
By IANS,
Mumbai : The Indian equities market continued its downtrend this week on the back of soaring crude oil prices and high inflation which weighed heavily on investors' sentiment.
The 30-share BSE Sensex fell to its lowest level in 13 months while the Nifty touched a 10-month low. Out of five sessions, three ended in the negative.
The wholesale price index rose to 11.42 percent in the 12 months to June 14, above the previous week's annual rise of 11.05 percent.
Equity markets end in green hours before trust vote
By IANS,
Mumbai : Indian equity markets ended the day Tuesday with a slight gain, hours before the crucial trust vote in parliament that will decide the fate of the Manmohan Singh government.
The market started on a flat note and continued lacklustre trading, managing to end with a slight gain. All the sectoral indices barring automobiles ended the day in green.
Mexican steelmaker to cut 12,000 jobs
By IANS,
Mexico City : Mexican steel giant Altos Hornos has said it would cut 12,000 jobs as part of "austerity measures" in the wake of the global recession, EFE reported Wednesday.
The firm said an upgradation project worth $287 million of its iron mines has been postponed indefinitely. The plan was expected to boost the company's annual production capacity by 40 percent to 4.6 million tonnes of liquid steel.
The firm said further retrenchment was possible if the economic situation did not improve.
National Minerals public offer over-subscribed 1.23 times
By IANS,
Mumbai : The follow-on public offer of the state-run National Minerals Development Corp was over-subscribed 1.22 times Friday, the last day, with good demand from financial institutions, according to data available with the bourses.
At close, bids were received for 40,94,11,320 shares against 33,22,43,200 on offer. The issue had opened on March 10 with the price band of Rs.300-Rs.350.
Cost-cutting reduces HDFC Standard’s capital needs
By IANS,
Chennai : Cost-cutting measures by private life insurer HDFC Standard Life Insurance Co. is likely to reduce its planned capital infusion by around Rs.100 crore to Rs.250 crore this fiscal, a top official said Monday.
"The cost-cutting measures are likely to cut the amount of fresh capital required this fiscal to Rs.250 crore as against the initial estimate of Rs.350 crore," said Pranesh Parasnis, principal officer and executive director of HDFC Standard Life.
Call for Jharkhand shutdown June 10 over fuel price hike
By IANS,
Ranchi : The Bharatiya Janata Party (BJP) and the Janata Dal-United (JD-U) Friday called for a shutdown in Jharkhand June 10 to protest the hike in prices of petrol, diesel and cooking gas.
The BJP and JD-U leaders held a meeting Friday and decided to give the shutdown call for June 10.
Mitsubishi to source power tools from India
By IANS
Chennai : Japan's global major Mitsubishi plans to use its wholly owned Indian subsidiary as a sourcing base for its international power tools market, a top company official said here Thursday.
Mitsubishi Heavy Industries India Precision Tools Limited has a new plant at Ranipet.
The Japanese group entered India in 2005 by acquiring the Chennai-based SRP Tools Limited, with which it had a technology tie-up.
G20 leaders must provide more money to fight climate change: WWF
By IANS,
New Delhi : Leaders at the ongoing G20 summit need to agree on a climate financing strategy to open a green pathway out of the global economic crisis, creating jobs, new investment and securing sustainable economic growth, international NGO WWF said Friday.
"The Heads of State who are meeting in Pittsburgh have the opportunity to come up with a climate financing package with triple impact: it stimulates investment in low carbon technologies, it creates many new jobs, and it leads to low carbon development," Kim Carstensen, leader of WWF's global climate initiative, said.
Milk price rise makes Germany gulp
By DPA
Berlin : German consumers, long accustomed to buying cheap food, are up in arms over an explosion in the price of milk and dairy products on supermarket shelves.
Triggered in part by a growing demand from Asia, milk has gone up by more than 10 percent in the past week, while butter has risen a whopping 50 percent and cheese is expected to increase 10 percent.
German Consumer Affairs Minister Horst Seehofer called the price rises unjustified and said they placed "an undue burden on the consumer".
Taj hotel premises handed back to Tata group
By IANS,
Mumbai : Indian Hotels, owners of the terror-struck-and-ravaged Taj Mahal Palace and Towers Hotel here, began the risk assessment of their property after taking over its control from security agencies Monday.
"In the early hours of Dec 1st, the security authorities handed control of the Taj Mahal Palace and Towers back to the Taj group," said a statement issued by the company, a part of the Tata group, India's largest industrial house.
Jay Shree Tea to acquire M.P. Chini Industries
By IANS,
Kolkata : City-based Jay Shree Tea and Industries, a B.K. Birla group company, Monday said it will acquire an unlisted sugar firm M.P. Chini Industries for Rs.112.50 crore by the next month.
Jay Shree Tea informed this to the Bombay Stock Exchange (BSE).
M.P. Chini, with a capacity of 4,600 TCD (tonnes of cane per day) at Majhaulia in Bihar, is having a cogeneration capacity of six megawatt for captive use.
The acquisition cost is being funded through a mix of internal accruals and debts.
Dikshit launches ‘Ladli’, gives Rs.10,000 to newborn girl
By IANS
New Delhi : Delhi Chief Minister Sheila Dikshit launched the 'Ladli' scheme on the eve of International Women's Day Friday, handing over a cheque worth Rs.10,000 to the parents of Prachi, a newborn girl.
Under the scheme, the state government intends to deposit Rs.100,000 in the account of every girl child by the time she attains the age of 18. Only those girls whose parents' annual income does not exceed Rs.100,000 a year will be covered under the scheme.
Markets slip further in afternoon trade
By IANS,
Mumbai : Indian equities markets slipped further Monday afternoon. About 90 minutes before the closing bell, with a key index 2.88 percent down from Friday's close.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,762.88 points, was trading at 8,635.73 points, down 2.88 percent or 255.88 points from Friday's close.
The S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,682.4 points, 2.94 percent lower than its last close of 2,763.65 points.
Reserve Bank should ensure credit flow: Industry
By IANS,
New Delhi : India's industry leaders feel the Reserve Bank of India (RBI) should focus more on pushing up sectoral credit disbursements, an industry lobby said.
According to a report prepared by the Associated Chambers of Commerce and Industry (Assocham), almost 92 percent of the chief executives said the RBI in its monetary policy should focus on reviving the growth momentum.
The survey, titled 'RBI Monetary Policy Prospects', took stock of the opinion of the industry on the economic scene and actions required to bring the Indian economy back on growth trajectory.
India-Brazil trade can exceed $10 billion by 2010: Lula
By IANS
New Delhi : "Don't give me excuses. India and Brazil can do more than $10 billion bilateral trade by 2010," Brazilian President Luiz Inacio Lula da Silva told Indian and Brazilian businessmen here Monday.
Rangarajan panel recommends mission on financial inclusion
By IANS
Mumbai : In a bid to ensure inclusive growth and access to funds for the poor people, a high-level panel has recommended the setting up of a National Mission on Financial Inclusion (NaMFI).
NaMFI can comprise representatives from all stakeholders for achieving universal financial inclusion within a specific time frame, the Committee on Financial Inclusion chaired by C. Rangarajan, who is also chairman of the Economic Advisory Council, has recommended to the central government.
Rolls-Royce to cut up to 2,000 jobs next year
By DPA,
London : Aero-engine maker Rolls-Royce said Thursday it would cut up to 2,000 jobs worldwide as a result of the current economic "uncertainties."
Rolls-Royce, which employs 39,000 workers globally, of whom 60 percent are based in Britain, said the announcement was the first stage in a more general programme aimed at matching the group's capacity more closely with the expected load in its facilities.
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.
Markets try to catch up with world, Sensex rises 500 points
By IANS,
Mumbai : Indian equities markets soared soon after the opening bell as the bulls tried to make up for the loss of two trading days last week, missing out on a global rally. Indian investors also seemed to be enthused by positive signs shown by Asian markets about an hour into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 11,635.24 points, was ruling at 11,948.81 points, 4.78 percent or 545.56 points higher than its previous close.
Reliance launches greenfield power project in Haryana
By IANS
Yamunanagar (Haryana) : The first phase of the greenfield power project set up by Reliance Energy in Haryana was inaugurated Thursday by Haryana Chief Minister Bhupinder Singh Hooda.
The first phase of the 600-megawatt Deen Bandhu Chhotu Ram Thermal Power Project was completed in a record time of 27-months. In the first phase it will generate about 300-megawatt electricity.
The commissioning of the first phase also coincided with the day when the Haryana state was created nearly four decades ago, Nov 1, 1966.
World Bank to lend $330 mn to Haryana
By IANS,
New Delhi: The World Bank Monday said it will give a loan of $330 million to Haryana to strengthen the power transmission and distribution system in the state.
"These transmission and distribution investments will ensure high economic returns and significant welfare improvements for consumers - both urban and rural," Roberto Zagha, World Bank's country director for India, said Monday.
Qatar to invest USD 5 bn in energy, fertiliser in India
By NNN-PTI,
Onboard PM's Special Aircraft : Qatar may invest USD 5 billion in energy and fertiliser projects in India as part of New Delhi's efforts to use surplus funds from the energy-rich Gulf region to shore up slowing economic pace.
Prime Minister Manmohan Singh, on his way back from the three-day maiden visit to the region, said he discussed with the Qatari leadership the modalities of setting up the USD 5 billion fund dedicated for investments in India.
Kamaz Vectra Hosur plant shut down
By IANS,
Chennai : Heavy truck maker Kamaz Vectra Motors Ltd's plant at Hosur has been shut down by the Tamil Nadu Factories Inspectorate for operating without a proper licence, an official said Monday.
"We found workers were listed under the names of two companies in the same premises. This is not as per the law. Further, the company does not have a licence to operate," the inspectorate official told IANS on condition of anonymity.
The inspection took place Saturday as workers at the plant have been on a sit-in strike for over 15 days demanding absorption by Kamaz Vectra.
‘Gujarat will become IT hub soon’
By IANS,
Ahmedabad : Gujarat will witness an ICT (information and communication technology) boom thanks to its IT special economic zones (SEZs), said an industry official here Friday.
Addressing a conclave, Nirav Shah, president of the Gujarat Electronics and Software Industries Association (GESIA), said the IT SEZs would greatly help Gujarat's economy besides generating IT growth, investments, and skilled employment.
Realty market to remain subdued in second half
By IANS,
New Delhi : Property market in India will remain subdued in the second half of this year as developers are reluctant to lower prices to meet buyers' expectations, a report by real estate-focused consultancy firm CB Richard Ellis' released Monday.
“Like most property markets around the world, Asian markets have been affected by slowing economic growth and unsettled capital markets,” the report said
Air India flight takes off without 25 passengers
By NNN-PTI,
Kolkata, India : A Port Blair-bound Air India flight today took off without 25 passengers carrying tickets as the plane did not have the capacity to seat them, triggering protests by the travellers.
The airliner usually uses a 145-seater aircraft but today the plane was smaller with 120 seats, Air India officials said.
Airport sources said Air-India's Kolkata-Port Blair flight left at 5.35 am without taking the passengers from NSC Bose international airport here.
Following this, the passengers launched an agitation at the airport.
WIEF businesswomen make proposals for women empowerment
By KUNA,
Kuwait : Participants in the World Islamic Economic Forum's (WIEF) Businesswomen Forum discussed means of rehabilitating women so that they may contribute more actively to economy.
Vice Chair and Managing Director of Egypt's International Commercial Bank Sahar Al-Sallab said that women had to prove themselves before going up the ladder of responsibilities, calling for granting women the opportunity to take the lead.
India’s exports to Latin America, Africa cross $20 bn
By IANS,
New Delhi: India's exports to the Latin American and African region stood at $20.58 billion last fiscal, Minister of State for Commerce and Industry Jyotiraditya Scindia said Monday.
"India's exports to the Latin American region increased from $2.16 billion in 2004-05 to $6.01 billion in 2008-09, registering a growth of about 178 percent," Scindia told the Lok Sabha.
"Likewise, our exports to Africa increased from $5.6 billion in 2004-05 to $14.57 billion in 2008-09, registering a growth of about 160 percent."
Budget fails to address IT industry issues: Nasscom
Bengaluru : The union budget for 2015-16 failed to address key issues of the IT industry while allotting Rs.1,000 crore for incubating technology start-ups,...
Icelandic bank taken over as Russia offers loan
By DPA,
Reykjavik : The Icelandic Financial Supervisory Authority took over the operations of the Landsbanki bank Tuesday under the provisions of emergency laws passed late Monday, as Russia offered the country a massive loan to aid its ailing economy.
The agency said the Landisbanki's domestic deposits were "fully guaranteed" in accordance with a previous government statement.
The bank's operations were to be open for business "as usual," the agency added.
Himachal Pradesh starts voluntary tax to combat climate change
By IANS,
Shimla : Himachal Pradesh will impose a voluntary 'green tax' on vehicle users in an initiative that its chief minister says is India's first to generate a fund for combating climatic changes.
The tax became a reality with cabinet ministers recently deciding to contribute Rs.100 per month towards creating the corpus.
"The environment fund will be utilised for protecting nature from certain death and making the state a carbon-neutral state," Chief Minister Prem Kumar Dhumal told IANS.
India offers Qatar 10 percent stake in Petronet
By IANS,
New Delhi : India Wednesday offered a 10 percent stake in Petronet LNG Ltd, the state-run procurer of liquefied natural gas (LNG), to Qatar.
Petroleum Minister Murli Deora made the offer to visiting Qatari deputy premier and energy minister, Abdullah Bin Hamad Al-Attiyah, at a breakfast meeting here. The offer was made after the Arab kingdom agreed to increase LNG supply to India.
Qatar has already assured India of additional supply of 600,000 tonnes of LNG to India, its largest customer.
Divestment target of Rs.58.500 crore in budget 2014-15
New Delhi : Finance Minister Arun Jaitley has kept a government disinvestment target of Rs.58,425 crore in the union budget 2014-15 presented Thursday to...
From Mao to Potter: publishers vie for China’s new market
By DPA
Beijing : With millions of readers offering a growing market for books, China's importance will not be overlooked at the Oct 10-14 Frankfurt Book Fair, which is set to have 160 Chinese exhibitors this year.
When the English version of the latest Harry Potter story was released worldwide in July, Chinese bookshops were included in the global jamboree for the first time, reflecting the emergence of China as a major book market.
Economic Survey calls for multi-format retailing
By IANS,
New Delhi : The Economic Survey for 2008-09 Finance Minister Pranab Mukherjee tabled in parliament Thursday has advocated sweeping policy changes like foreign investment in multi-brand retailing and higher foreign stake in insurance companies.
The survey report card suggested the cap on foreign equity in insurance sector be raised to 49 percent from 26 percent currently.
Anil Ambani-controlled Mudra launches new agency
By IANS,
Ahmedabad : The Anil Ambani-controlled advertising group Mudra Tuesday launched a new company, Ignite Mudra, specifically for building brands for new entrepreneurs.
"The Mudra group has been responsible for building several iconic brands such as Vimal, Dhara, Rasna, Itchguard, Dermicool, Moov and Nutralite for the past three decades," said Ignite Mudra president Chandan Nath at a press conference here.
"The agency now plans to use this heritage to help grow entrepreneurial ventures by building strong brands across geographies in India and abroad," Nath said.
Sensex closes below 18,000 on modest industrial data
By IANS,
Mumbai : A benchmark index for Indian equities Monday ended trade with a 103-point gain at 17,937 points, after breaching the psychologically important 18,000-mark.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,875.97 points, closed at 17,937.2 points, 103.66 points or 0.58 percent up from its previous close at 17,833.54 points.
Markets open higher, Sensex up 1.25 percent
By IANS,
Mumbai : Indian equities markets opened in the green Tuesday, with a key index ruling 1.25 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,549.52 points, higher than its 9,424.02 point close Monday. About five minutes into trade, it was at 9,541.53 points, 1.25 percent or 118.82 points above its previous close.
The S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,967.75 points, 0.95 percent up from its last close of 2,939.9.
Institutional placements were flavour of 2009 at Indian markets
By IANS,
Mumbai : In a year which started with doomsdayers predicting a frightful scenario for businesses, Indian companies found the qualified institutional placement (QIP) route more than a blessing, having earned over Rs.31,000 crore this way.
Since January, corporates have raised a whopping Rs.31,102 crore through 42 QIP issuances, under which securities are placed with institutions much like private placements, said a report by brokerage firm SMC Capitals.
Boao conference begins with focus on financial crisis
By Xinhua,
Boao (China): The annual conference of the Boao Forum for Asia (BFA) opened in this scenic town of China's southern Hainan Province Saturday, focusing on the cooperation of Asian countries amid the global financial crisis.
Chinese Premier Wen Jiabao is to deliver a keynote speech at the opening plenary meeting.
More than 1,600 political leaders, business people and academic scholars gathered in the island resort for the conference, which will conclude Sunday.
Import duty cuts will check inflation: official
By IANS
New Delhi : Import duty cuts on a slew of food products would bring down the soaring inflation significantly, a senior commerce and industry ministry official said Monday.
"The duty cuts would bring down inflation," Ajay Shankar, secretary, Department of Industrial Policy and Promotion (DIPP), said adding that the government is keeping a tight vigil on the prices of steel and cement.
India's annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, indicating sky-rocketing prices of essential commodities.
Seventh round of bidding for oil, gas blocks to end June 30
By IANS,
New Delhi : The government Friday said it will stick to the June 30 deadline for receiving bids from domestic and global companies for the award of hydrocarbon assets under the seventh round of auctions.
The petroleum and natural gas ministry launched the latest round of bidding in December 2007 and organised six road shows across the world.
Rice export ban to continue despite good harvest forecast
By IANS,
New Delhi : Although the government is expecting bumper rice harvest this year due to good monsoon, it has no plan to relax ban on rice exports, Agriculture Minister Sharad Pawar said Wednesday.
Speaking on the sidelines of a programme organised by the Indian Council of Agriculture Research (ICAR) here, Pawar said the government would reconsider the ban only after it assessed the harvest by October-November.
India, like other Asian rice exporters, banned exports in April to safeguard domestic supplies and to slow food-price inflation.
Indo-German trade to touch $30 billion by 2010
By Soudhriti Bhabani, IANS
Jamshedpur (Jharkhand) : The bilateral trade between India and Germany is expected to rise to touch $30 billion mark by 2010, Consulate General of the Federal Republic of Germany Guenther Wehrmann said here Wednesday.
"The thrust will be on iron and steel sectors, automobile components and textile industry," Wehrmann told IANS on the sidelines of a seminar, Steelrise-2008.
He said Germany exports high-tech capital goods to India used specially in engineering, renewable energy sector and steel industry.
Rs.48 bn package for boosting tea industry launched
By IANS
Guwahati : India Monday launched a whopping Rs.48 billion ($1.1 billion) package to help its beleaguered industry replant aging tea bushes to boost quality and production.
TCS strengthens Brazil business
By IANS
New Delhi : Tata Consultancy Services (TCS), one of India's leading IT services firm, Saturday announced the consolidation of its Brazilian operations with the acquisition of 49 percent stake of its joint-venture partner Grupo TBA.
Taj hotel soon in UAE
By IANS
Mumbai : Leading Indian hotelier the Indian Hotels Co Ltd, owner of the Taj hotels and a Tata group company, will set up a five-star facility in the prestigious Saraya Island resort in Ras Al Khaimah of the United Arab Emirates.
The company signed a hotel operation agreement with Saraya Island Friday. The facility, the sixth five-star destination in the island, will have 180 rooms including suites, 30 bungalows, two restaurants, conference facilities, a spa and health clubs. The first phase is expected to start functioning by 2011.
Trade pact with Japan in less than two years: official
By IANS
New Delhi : India and Japan will sign a comprehensive economic pact in less than two years as talks on the issue are already in progress, a commerce and industry ministry official said here Monday.
Gati signs strategic agreement with European courier firm
By IANS
Mumbai : Indian courier firm Gati announced Monday that it has signed an agreement with European parcel service major General Logistics Systems (GLS) to form a strategic alliance.
GLS, one of the three largest courier services in Europe, will act as a strategic partner for Gati in Europe, providing easy access for its customers and enabling it to capture a significant market share in Europe, said Gati in a filing with the Bombay Stock Exchange (BSE).
India’s Jindal Steel goes to court over Nepal hydel project
By Sudeshna Sarkar, IANS
Kathmandu : Nepal's hydro-power sector, mired in allegations of corruption, is caught up in a legal tangle as an Indian firm has filed a case in the Supreme Court here against an Indian public sector undertaking that outbid it.
Indian business group Jindal Steel has gone to court over the 402 MW Arun III hydropower project that was recently awarded to the Sutlej Jal Vidyut Nigam, in which India's Himachal Pradesh government has a stake along with the Indian government.
Tax sops for units in software parks may be extended
By IANS,
Chennai : The government could extend the tax concessions available to units in software technology parks to 2011, communications minister A. Raja said here Friday.
"The sunset clause for units in software parks will be extended by one year after discussions with the prime minister and the finance minister," Raja said in his address at Connect 2008, an information, communications and technology event organised by industry lobby Confederation of Indian Industry and the Tamil Nadu government.
Vedanta committed to completing Orissa projects: Agarwal
By IANS,
Bhubaneswar: Britain-based Vedanta Resources, which has invested over Rs.25,000 crore (Rs.250 billion) in different projects in Orissa, was committed to completing all planned projects in the state, its chairman Anil Agarwal said here Saturday.
"We have taken a decision for Orissa. It's very important for us to complete all our projects," Agarwal told reporters here after holding talks with Chief Minister Naveen Patnaik in the state secretariat.
Exporters meet Mukherjee, ask for Rs.5,000-crore fund
By IANS,
New Delhi : Representatives of the ailing export sector sought a slew of sops including a Rs.5,000-crore market development fund when they met Finance Minister Pranab Mukherjee and top officials Tuesday as part of pre-budget consultations.
The exporters' wish-list, apart from the bailout package in the form of a market development fund, also includes elimination of the fringe benefit tax, income tax exemption, reduction of interest rates, and speedier insurance and service tax refunds.
India’s forex reserves up $1.96 billion
By IANS,
Mumbai : India's foreign exchange (forex) reserves increased by $1.96 billion to $292.31 billion for the week ended March 15, according to data released by the central bank.
Animation academy inaugurated in Rajasthan
By IANS
Jaipur : Rajasthan Chief Minister Vasundhra Raje Saturday inaugurated an animation academy - Raj Kaushal - in collaboration with DQ Entertainment Ltd here, to train students in modern animation for all platforms of TV, films and games.
The knowledge sharing partnership with DQ Entertainment is part of the government's youth welfare activities.
Patnaik demands rollback of diesel price hike
By IANS,
Bhubaneswar : Odisha Chief Minister Naveen Patnaik Friday demanded a rollback of the diesel price hike saying it will hit everyone.
Cash reserve ratio cut again, Rs.400 bn infused into system
By IANS,
Mumbai/New Delhi : The central Reserve Bank of India (RBI) Wednesday further cut the cash reserve ratio (CRR) by 100 basis points to 6.5 percent to release Rs. 40,000 crore or Rs. 400 billion (over $10 billion) into the system.
RBI said the new move would be effective from the current reporting fortnight that began Oct 11. It had earlier cut CRR or the minimum balance banks have to maintain against deposits to 7.5 percent.
Left blocking economic progress: Chidambaram
By IANS
Madurai (Tamil Nadu) : Without naming the Left parties that support the Manmohan Singh government, Finance Minister P. Chidambaram has criticised "some 60 members of parliament" for trying to hinder India's economic progress.
"Some 60 members of parliament find fault with whatever myself and Manmohan Singh do for economic growth," Chidambaram said.
Nepal-India Treaty of Transit amended
Kathmandu: The amendments made to the Nepal-India Treaty of Transit on Tuesday will allow Nepali traders to transport imported automobiles from sea ports via...
India hikes defence expenditure 10 percent to Rs.1,056 bn
By IANS
New Delhi : India Friday hiked its defence expenditure for fiscal 2008-09 by 10 percent to Rs.1,056 billion ($26.5 billion), with Finance Minister P. Chidambaram saying additional resources would not be a constraint if they were needed for purchasing military hardware.
The allocation accounts for 14 percent of the government's total spending of Rs.7,508 billion during the fiscal beginning April 1.
Energy projects worth $34 bn planned in Chile
By EFE,
Santiago : Some $34 billion is to be invested in a series of energy projects in Chile through 2015, roughly 35 percent of the total for initiatives across the full range of industrial sectors.
That figure was contained in a report released by the private research outfit Intelligence Unit on Projects and Businesses.
The northern mining regions of Antofagasta, Atacama and Coquimbo will account for $14.5 billion, or roughly 43 percent, of the total investment in the energy sector over the next six years.
Villagers protesting Mittal plant release officials
By IANS,
Bhubaneswar : Ten state government officials held Wednesday by villagers, protesting a proposed steel plant by Arcelor Mittal in Orissa's Keonjhar district, were released Thursday, an official said.
"They were demanding re-location of the project. All the officials were released after I assured the villagers that no project will be allowed in their area without their consent," District Collector Debajani Chakrabarti told IANS.
Six core industries grow 3.5 percent in October
By IANS,
New Delhi : India's six core sectors grew 3.5 percent in October compared to the same month last year, according to data released by the commerce and industry ministry Friday.
The six sectors have a weightage of 26.7 percent in the index of industrial production (IIP) -- the barometer statistic which gauges the growth rate of Indian industry.
While petroleum refinery production registered a growth of 7.2 percent, cement production grew by 5.3 percent, coal by 5 percent, and electricity by 4.7 percent in October.
India facing famine, says BJP leader
By IANS,
Kolkata : Former Union Human Resource Development Minister and senior Bhartiya Janata Party (BJP) leader Murli Manohar Joshi says India is on the brink of famine on account of an increasing mismatch between foodgrain production and consumption.
At an interactive session organised by Merchants' Chamber of Commerce here Monday,Joshi said: "At present, food security is the most important thing for India. The country can fight without nuclear weapon but cannot fight without food."
SBI bags India visa outsourcing job in Nepal
By Sudeshna Sarkar, IANS,
Kathmandu : After more than five decades of accepting applications for Indian visa, the Indian embassy here will now outsource the job to Nepal SBI, a joint venture of the State Bank of India (SBI).
Indian ambassador Rakesh Sood Wednesday inaugurated the new Indian Visa Service Centre at Karpurdhara Marg close to the embassy. It will start handling from Thursday visa applications by foreign tourists in Nepal who want to proceed to India from here.
Satyam ties up with Microsoft for expansion
By IANS
Mumbai : Software services major Satyam Computer Services Ltd has decided to expand its relationship with Microsoft Corp by using its technologies at a Satyam delivery centre in Hyderabad.
According to an official communiqué by Satyam Computer Services Tuesday, a 350-seat delivery centre at Hyderabad to provide futuristic solutions using Microsoft technologies was inaugurated Saturday by Moorthy Uppaluri, CEO of Microsoft IT-Global.
European economic confidence plunges to 15-year low
By DPA,
Berlin : Economic confidence in Europe plummeted in October to its lowest level since 1993, according to a key survey released Thursday, adding to signs of a looming recession for the region.
The European Commission's closely-watched economic sentiment indicator (ESI) for the 15-member eurozone dropped from 87.5 in September to 80.4 October in the wake of share market chaos that has helped to fuel the deepening sense of economic gloom facing the
currency bloc.
State Bank to acquire State Bank of Indore
By IANS,
Mumbai : The board of State Bank of India (SBI) has approved the acquisition of associate State Bank of Indore, the country's largest lender said Friday.
"SBI has informed BSE (Bombay Stock Exchange) that the central board of the bank at its meeting held on June 19, has approved a proposal for acquisition of State Bank of Indore by State Bank of India, subject to approval by the Reserve Bank of India and the government of India," SBI said in a regulatory statement.
British economy continues to shrink
By IANS,
London : The British economy shrank by 0.8 percent between April and June, more than double the rate predicted, the Office of National Statistics said Friday.
The contraction was less than the 2.4 percent seen in the first quarter of 2009 but was well above analysts' 0.3 percent prediction.
The latest figures take the annual rate of decline to 5.6 percent, the biggest fall since modern economic records began to be kept in 1955.
Bolivia asks Jindal to honour $2.1 bn investment pledge
By IANS/EFE,
La Paz : Bolivia has called on India's Jindal Steel and Power Limited to honour its pledge to invest $2.1 billion in an iron ore joint venture project in the country.
"We see that there's a delay in the investments. We trust that Jindal will understand that it has to respect its commitments. We're demanding fulfillment of those commitments," Vice President Alvaro Garcia Linera told reporters Tuesday.
The Bolivian government and the Indian company signed a joint-venture agreement in 2007.
EU undecided on n-deal, trade pact with India next year
By IANS
New Delhi : The 27-nation European Union Friday did a subtle balancing act on the prospects of civilian nuclear cooperation with India, saying while it appreciated the Asian economy's growing energy needs, it is yet to evolve a common position on supporting New Delhi in the NSG.
India and the EU ended their eighth summit on an upbeat note and agreed to push forward the signing of a comprehensive trade and investment agreement next year and signed two pacts in areas of science and technology and a programme for development cooperation for 2007-2010.
Indian garment expo evokes interest in South Africa
By Fakir Hassen, IANS,
Johannesburg : A two-city expo of Indian garments in South Africa by the Apparel Export Promotion Council (AEPC) last week was a success with almost every major store chain here expressing interest in buying the wares, according to Vijay Mathur who led the delegation.
Thirteen garment manufacturers from across India exhibited their products in Cape Town (April 7-8) and here (April 11-12), some of them for the second time following on the success of an inaugural expo by the AEPC last year.
Coal India Q2 net jumps 16 percent on higher sales
Kolkata: State miner Coal India Ltd (CIL) on Friday said it posted a 16 percent rise in consolidated net profit at Rs.2,543.80 crore for...
Loan waiver not in bank shareholders’ interest
By IANS
Ahmedabad : The Rs.600 billion ($15 billion) farm loan waiver announced by Finance Minister P. Chidambaram in the union budget Friday was a "retrograde step" when it came to the corporate governance of banks, an expert with the Indian Institute of Management, Ahmedabad (IIM-A) said.
N. Venkiteshwaran, an IIM-A faculty member, said there was a directive to banks to waive farm loans but there was no corresponding provision of reimbursing the written-off amount.
Highlights of India’s decisions on oil economy
By IANS,
New Delhi : Following are the highlights of the decisions on petroleum sector taken here Wednesday at a meeting of India's Cabinet Committee on Political Affairs, presided over by Prime Minister Manmohan Singh.
- Petrol prices to be hiked by Rs.5 per litre
- Diesel to be hiked by Rs.3 per litre
- No hike in kerosene prices
- Cooking gas to be dearer by Rs.50 per cylinder
- Hikes to take effect from 12 a.m. Thursday
- Petrol to cost Rs.50.52 per litre in Delhi
- Petrol to cost Rs.55.51 per litre in Mumbai
- Diesel to cost Rs.34.76 per litre in Delhi
Inside the financial tsunami: what brought it on?
New Delhi, Oct 3 (IANS) The financial tsunami now inundating global economies and markets was brought on by imprudent easing of US lending norms and extreme over-leveraging by giant US investment banks, analysts say.
The dotcom bubble burst in 2000 and the collapse of the World Trade Centre, a mighty symbol of US economic and financial prowess in 2001, made Alan Greenspan, the then chief of the US banking regulator, the Federal Reserve, believe that a US recession was a certainty and it had to be staved off.
Decision soon on coal blocks to cement, steel firms
By IANS
New Delhi : The ministry of coal will consider allocating 23 coal blocks to non-power infrastructure sectors like steel and cement at its screening committee meeting this December.
Minister of State for Coal Dasari Narayan Rao disclosed this Wednesday in reply to a question in the Lok Sabha, the lower house of Indian Parliament.
The ministry has identified 81 coal blocks with reserves of 20.02 billion tonnes for allocation to public and private sector companies.
Airbus confirms Gulf Air order of 35 Aircraft
By NNN-KUNA,
Paris : Bahrain's national carrier, Gulf Air has placed a firm order with Airbus for 35 aircraft.
This new order will more than double the number of Airbus aircraft in its fleet, the plane manufacturer announced Wednesday.
The contract was signed by Gulf Air CEO Bjorn Naf and Airbus president and CEO Tom Enders at the Berlin Air show.
India’s economic growth dips to 7.9 percent
By IANS,
New Delhi : India's economic growth slipped to 7.9 percent during the first quarter of this fiscal from 9.2 percent for the corresponding period of the previous year amid concerns over the impact of central bank's tight monetary policy.
The growth during the first quarter was the lowest in three-and-a-half years and much below the 8.8 percent expansion registered in the previous quarter, showed the data released by the Central Statistical Organisation (CSO) Friday.
Day one of India, GCC talks ‘fruitful’
By IANS
Mumbai : Talks on enhancing bilateral trade on the opening day of a two-day meeting between India and the six member states of the Gulf Cooperation Council (GCC) were "fruitful" leading to concrete decisions, the commerce and industry ministers of India, Oman and Saudi Arabia said here Tuesday.
Funds worth Rs.5 bn allowed for cotton farmers
By IANS,
New Delhi : The government Thursday approved allocation of funds to the tune of Rs.5 billion (Rs.500 crore) for cotton growers as "reimbursement of losses".
"The cabinet today (Thursday) approved allocation of Rs.5 billion in the current fiscal, as cotton prices fell below the minimum support price (MSP) in domestic markets to meet an earlier commitment it made to cotton farmers," an official statement said.
Economic regulatory body for airports soon
By IANS,
New Delhi : India will soon have an economic regulatory body to regulate tariff structure for aeronautical services and fuel supply infrastructure at airports.
The government Friday approved amendments in the Airports Economic Regulatory Authority of India Bill, 2007.
The cabinet meeting, chaired by Prime Minister Manmohan Singh, approved the amendments following the recommendations of a parliamentary committee.
Equities markets stay in the red
By IANS,
Mumbai : The Indian equities markets stayed in the negative zone early Tuesday afternoon. Banking, realty and consumer goods sectors were under selling pressure.
At 12:30 p.m. the 30-share benchmark sensitive index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 17,290.04 with a loss of 144 points. Since its opening, it had touched a high of 17,367.13 and a low of 17,256.29 points.
At the same time, the S&P Nifty index of the National Stock Exchange was trading at 5,107.45 points with a loss of 50.25.
Rs.146-bn Chennai Metro Rail project approved
By IANS,
New Delhi : The government has approved the Rs.146-billion (Rs.14,600-crore) Chennai Metro Rail project, it said here Thursday.
The project will be executed by Chennai Metro Rail Ltd, a joint venture with equal equity participation from the central and state governments, which has been set up on the lines of the Delhi Metro Rail Corp (DMRC).
The Cabinet Committee for Economic Affairs (CCEA) approved the project at a meeting held here Wednesday evening.
India’s handling of inflation to be closely tracked
By Arun Kumar, IANS
Washington : Faced with a slowing world economy and market turmoil, world financial leaders propose to closely follow how India tackles the problem of rising prices by balancing growth with the potential risks to price stability.
"India has become more and more a big player in the world economy," International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said at a press conference Saturday after a meeting of the Fund's primary advisory body.
To prove potential of Islamic Banking in J&K, valley-based advocacy group starts district-wise survey
By Raqib Hameed Naik,
Srinagar: Islamic Banking Kashmir (IBK), an awareness, research and advocacy group which aims to facilitate implementation of Islamic banking &...
Scarce gas supply hampers power generation: Economic Survey
By IANS
New Delhi : Although domestic natural gas production has increased in India, it is not supplied adequately to gas-based power plants, resulting in idle capacity, the Economic Survey for 2007-08 has said.
The estimated gas supply shortfall for the power sector was pegged at 29.38 million metric standard cubic metres per day (MMSCMD) during April-Dec 2007, compared to the 26.08 MMSCMD in the corresponding period of previous fiscal, the survey said.
Economic prospects less rosy than forecast: Moody’s
By IANS,
New Delhi : Indian economy's growth prospect is less rosy than the official forecast, the economic arm of rating agency Moody's said Thursday.
"India's economy is facing strong downside risks, but the official growth forecasts remain relatively optimistic," Sherman Chan, economist with Moody's Economy.com said.
Reliance Money partners with US brokerage firm
By IANS,
New Delhi : Broking and distribution house Reliance Money Monday said it has partnered with the US-based optionsXpress Holdings Inc, a web-based trading company, to gain access, custody and execution in US markets for its customers.
Reliance Money, part of the Reliance Anil Dhirubhai Ambani Group, through this agreement will enable investors to trade in all US delivery based equities, initial public offerings (IPOs), mutual funds, bonds and options.
India, Norway to sign pact on fisheries
By IANS,
New Delhi : India and Norway will expand cooperation by signing an agreement on the development of the fisheries sector, Science and Technology Minister Kapil Sibal said here Friday.
“The cabinet today gave its approval for the signing of a memorandum of understanding on bilateral cooperation in the field of fisheries between India and Norway,” Sibal told reporters after the meeting chaired by Prime Minister Manmohan Singh.
India Inc welcomes interest rate cuts
By IANS,
New Delhi : India Inc Tuesday welcomed the Reserve Bank of India's decision to cut the repo rate and the cash reserve ratio (CRR) saying it would help growth in the economy.
Chhattisgarh to build four industrial areas
By IANS
Raipur : Chhattisgarh will invest Rs.5 billion to set up four industrial areas on a total of 6,814 hectares to meet increasing demand of land for industry in the mineral-rich state, official sources said.
The industrial areas will come up in Raipur, Bilaspur, Raigarh and Rajnandgaon districts and will mainly house sponge iron and mini steel plants, ferro alloys units, power plants and captive power plants.
Morgan Stanley increases stake in Reliance Energy
By IANS,
Mumbai : Global financial services firm Morgan Stanley has increased its stake in the Anil Ambani-promoted Reliance Energy Ltd (REL) to over five percent for about Rs.530 million ($13.25 million).
Morgan Stanley has acquired 461,563 shares amounting to 0.2 percent stake in REL April 8 through market purchase route, REL said in a filing with the Bombay Stock Exchange (BSE).
Calculated on the basis of the closing share price of REL April 8, (Rs.1,150.45 per share), the deal value amounted to Rs.530 million.
Samsung bets on CDMA handset business with new models
By IANS,
Chennai : Consumer durables company Samsung India Electronics is hoping to sell around two million mobile phone sets compatible with the code division multiple access (CDMA) platform through its open market channel next year.
The Indian subsidiary of the South Korean Samsung sells its CDMA phones through two channels -- directly in the open market and through mobile phone service providers.
Movie market to be launched in Dubai film fest
By IANS,
Dubai : A new film market will be launched during the course of the Dubai International Film Festival (DIFF) in December to promote Arab, Asian and African filmmakers.
The Dubai Film Market will facilitate the exchange of rights, services or product ownership, a DIFF statement here said.
It will also empower buyers and sellers with industry knowledge and simplify the transaction of content trading.
Steel SEZ in Tamil Nadu by 2010: SAIL chief
By IANS,
New Delhi : The special economic zone (SEZ) of the Steel Authority of India Limited (SAIL) at Salem in Tamil Nadu will be ready by 2010, S.K. Roongta, chairman of the state-owned steel giant, said Friday.
“It will be spread over an area of 230 acres of land, and will be ready by 2010,” Roongta told reporters here after Steel Minister Ram Vilas Paswan released his ministry's four-year report card - 'Forging New Frontiers'.
India’s inflation will moderate to 5.2 percent: IMF
By Arun Kumar, IANS
Washington : Even as India's annual rate of inflation has touched a three-year high of seven percent in recent weeks, the International Monetary Fund (IMF) says it will moderate to 5.2 percent in the current calendar year.
In its latest World Economic Outlook, the Washington-based organisation says inflationary expectations had picked up around the globe due to sharp increases in food and energy prices, particularly intensifying in emerging economies.
Spain sets $789 mn budget for electric vehicles
By IANS/EFE,
Madrid : Spain has presented a 590-million euro ($789 million) budget to promote electric vehicles in the country and is set to register more than 70,000 all-electric and hybrid cars by 2012.
The aim is a total registration of 250,000 units by 2014, Prime Minister Jose Luis Rodriguez Zapatero said Tuesday.
Subsidies of up to 6,000 euro ($8,000) per vehicle for individual users was announced by the prime minister to make it more economical for the users to acquire such vehicles.
Pandit promotes ally Callahan at Citi
By IANS
New York : In yet another restructuring step at the top level in the Citigroup after taking over as its CEO, Vikram Pandit has promoted Don Callahan, one of his closest associates, to the post of chief administrative officer.
Callahan, who worked with Pandit at Morgan Stanley, takes over from Bob Druskin, who announced last week his retirement as chief operating officer.
He will also oversee marketing and corporate affairs, Pandit said in a memo to Citigroup employees Monday.
Outlook for Indian economy is buoyant: Dun & Bradstreet
By Mohammed Shafeeq
IANSHyderabad : The outlook for the Indian economy remains buoyant but the risks of rising interest rates and appreciating rupee remain, says Dun & Bradstreet (D&B), the world's leading source of global business information, knowledge and insight.
Checkpoints lifted at Chandigarh grain market
By IANS,
Chandigarh : Following widespread protests by the trader community for the last one week, barricades and police checkpoints put up at the entry points of the vegetables and grain market here were removed Friday morning.
With this decision of the administration, the traders at the grain market have also decided to end their two-day old strike. Representatives of various market associations had also joined the Grain Market Committee (GMC) in their protest.
China’s oil giant to invest in Chad refinery
By NNN-PTI
Beijing : China's largest oil producer firm, China National Petroleum Corporation (CNPC), will invest in a joint venture refinery in conflict-prone Chad.
The CNPC Service and Engineering Ltd, a wholly-owned subsidiary of CNPC, has signed an agreement with the Chadian government to jointly invest in a refinery coming up in north of N'Djamena, capital of the north-central African nation.
Satyam to be probed by Serious Fraud Investigation Office
By IANS,
New Delhi : The Indian government Tuesday ordered a probe into the affairs of beleaguered Satyam Computer Systems by the Serious Fraud Investigation Office and asked it to submit its report within three months.
The order for the probe came immediately after the Registrar of Companies, which conducted a preliminary inquiry into the state of accounts of Satyam Computer Services, submitted his report to the ministry of corporate affairs.
‘Chinese economy may bounce back in second half of 2009’
By IANS,
Kolkata : The global economic slowdown has taken its toll on the Chinese economy as exports and equity markets are down, but things may turn around in the second half of 2009, a Chinese diplomat said here Saturday.
"Worst is not yet over. The first half of 2009 will be difficult for China, but the second half may be a turning point for the economy," China's Consul General to India Mao Siwei said.
He was speaking at an interactive session on 'China-India Real Estate and Architectural Cooperation', organised by the Bharat Chamber of Commerce.
Kashmir banks’ business rehab package meet Sep 23
Srinagar : All banks operating in Jammu and Kashmir will meet Sep 23 to work out rehab packages for business establishments that suffered huge...
SAIL to form venture with Shipping Corporation
By IANS,
New Delhi : Steel Authority of India Ltd (SAIL) will form a joint venture company (JVC) with the Shipping Corporation of India (SCI) that will cater to the growing raw material import needs of the steel maker.
"SAIL is keenly focused on ensuring its long-term raw material security and will continue to give thrust on logistics facilities and creation of infrastructure for smooth flow of raw materials and movement of finished products," the company's Chairman S.K. Roongta said.
Agriculture key as Kamal Nath talks to US, Europe
By Dipankar De Sarkar, IANS
Davos : India stressed the importance of reaching an agreement on agriculture as Commerce and Industry Minister Kamal Nath began meeting with his opposite numbers from the US and Europe Saturday in a bid to revive the stalled Doha Round of world trade talks.
Meeting on the sidelines of the World Economic Forum (WEF) annual summit, Kamal Nath, US Trade Representative Susan Schwab and EU Trade Commissioner Peter Mandelson discussed ways to advance talks over lunch at a luxury hotel in this Swiss health resort.
Luxury airline Royal Jet announces new fare structure for Gulf
By IANS,
Abu Dhabi : The United Arab Emirates' (UAE) international luxury executive airline Royal Jet has announced a new fare structure for the Gulf Cooperation Council (GCC) countries.
Under the new structure, passengers will be charged from the point where they commence their journey rather than from the point where the aircraft originated, according to a Royal Jet statement.
Global meet on intellectual property in Mumbai
By IANS
Mumbai : The second two-day Annual Global Forum on Innovation, Creativity and Intellectual Property will be held in Mumbai Feb 26-27.
The Confederation of Indian Industry (CII) in collaboration with the US Chamber of Commerce and the US India Business Council (USIBC) along with the Indian government's Department of Industrial Policy and Promotion will host the forum.
Kerala IT firm opens office in Singapore
By IANS
Thiruvananthapuram : SunTec Business Solutions, a Kerala-based global provider of pricing and dynamic billing software, Tuesday announced the opening of its office in Singapore as part of its global expansion plans.
Sensex ends flat as world markets tumble
By IANS,
Mumbai : A benchmark index for Indian equities Thursday ended flat as world stocks took a tumble following the US Federal Reserve's outlook of a softening economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) Sensex, which opened at 17,874.71 points, closed at 17,909.46 points, 28.7 points or 0.16 percent down from its previous close at 17,938.16 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also ended flat at 5,388.45 points.
Ultratech second quarter net up 53 percent
By IANS,
Mumbai: Cement major Ultratech Friday said its profit after tax had gone up 53 percent to Rs.251 crore for the quarter ended Sep 30, while net sales grew by 10 percent to Rs.1,541 crore.
"Though the results reflect an improvement over second quarter of previous fiscal, lower demand particularly in the markets of southern India, coupled with surplus capacity adversely affected the company's performance sequentially," said Ultratech in a communication to the Bombay Stock Exchange.
India approves duty free access to garments from Sri Lanks, Bangladesh
By NNN-NewsLK
Colombo : India agrees to allow duty-free market access for garments from Sri Lanka and accordingly up to six million pieces will be allowed into the Indian market free of duty.
For an additional two million pieces, exporters will have to pay concessional duties.
Similarly, the Indian Union Cabinet has given its approval to allow duty-free market access to India for eight million pieces of garments per calendar year from Bangladesh without any sourcing conditions.
Sensex slips in early trade
By IANS,
Mumbai : A benchmark index of Indian equities Tuesday fell sharply in early trade to rule 134 points lower than its previous close.
Honda to recall 437,763 vehicles over faulty air bags
By DPA,
Tokyo : Honda Motor Co Wednesday said it would recall 437,763 vehicles globally over a problem with the driver's airbag inflator.
Honda had recalled a total of about 514,000 vehicles for the same problem in 2008 and 2009. Japan's second-largest automaker also recalled about 646,000 vehicles worldwide last month to repair faulty power window switches.
The news dealt another blow to the Japanese car industry after Toyota Motor Corp announced the previous day massive recalls around the world.
Equity markets continue in free fall
By IANS,
Mumbai : Indian equity markets continued in their free fall Monday morning on the back of news that Lehman Bros of the US had decided to file for bankruptcy which came on top of the serial blasts in the country's capital New Delhi Saturday.
The 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, was down by 747.76 points or 5.34 percent from its previous close one hour into trading. The Sensex was at 13,253.05 points at 11 a.m.
Markets close low, reversing previous day’s gains
By IANS,
Mumbai : The Indian equities markets shut shop lower Thursday, reversing gains of Wednesday's trade. A key index ended trade about 3.26 percent below its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 3.26 percent (provisional) or 305.46 points over its previous close and ended trade at 9,065.03 points.
The Sensex opened at 9,098.08 points Thursday, lower than Wednesday's close of 9,370.49.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) closed at 2,743.75 points, 3.23 percent lower than its previous close.
Dabur Nepal strike continues
By IANS
Kathmandu : Two days before the celebration of the 60th year of India's independence, one of its top FMCG (fast moving consumer goods) makers Monday remained shut in a labour dispute in Nepal, incurring a huge loss.
Dabur Nepal, Dabur India's wholly owned subsidiary in Nepal and one of the kingdom's biggest exporters, was unable to resume operations at its factory in Birgunj town in southern Nepal after a group of seasonal workers supported by the Maoists went on strike Friday.
Company to make money by recycling Chennai garbage
By V. Jagannathan, IANS
Chennai : Private conservancy company Neel Metal Fanalca Environment Management Pvt Ltd hopes to earn nearly 15 percent of its revenue by selling recyclable waste collected from Chennai households.
A 51:49 joint venture between Neel Metal Products Ltd of India and Fanalca SA of Colombia, Neel Metal Fanalca last year bagged a contract to clear municipal waste in four zones under the Corporation of Chennai that included Pullianthope, Ice House, Kodambakkam and Adyar areas.
Selling liquor at a hotel bar not a fundamental right, says SC
New Delhi: The Supreme Court on Thursday told the Kerala Bar Hotels Association, whose members have been ousted from business following new liquor policy...
Citigroup ‘went wrong’ on realty: Vikram Pandit
By Lalit K. Jha, IANS,
New York : Virtually blaming the previous management for the mess within Citigroup Inc, its Indian-American chief executive Vikram Pandit said its unchecked exposure to the US realty industry led to the present crisis.
"We got here by lending money, and putting money to work in the US real estate market in a size that was probably larger than what we ought to have done on a diversification basis,” Pandit told the popular “Charlie Rose Show”.
Indian Overseas Bank offers PAN card
By IANS,
Chennai : The city-based Indian Overseas Bank (IOB) has started offering permanent account number (PAN) card and other services on Tax Information Network (TIN) after tying up with Alankit Assignments Ltd, New Delhi.
IOB executive director Y.L. Madan told the media here Wednesday: “The service will initially be offered in our 20 branches and, based on the response, it would later be extended to all our other branches.”
India defers decision on fuel price hike
By IANS,
New Delhi : With some key members of a high-power committee on pricing of petroleum fuels unable to attend a crucial meeting here Monday, a decision to hike the prices of petrol, diesel and other products was deferred indefinitely.
The empowered group met as scheduled under Finance Minister Pranab Mukherjee, with his colleague in the oil ministry Murli Deora, also in attendance. But with Agriculture Minister Sharad Pawar and Railway Minister Mamata Banerjee absent, a decision was deferred.
India’s growth rate may fall below five percent: Swraj Paul
By IANS,
London : Indian-born industrialist Swraj Paul said Monday that India's economic growth rate may fall below five percent, with grave implications for its poor.
“My view is that we may not even see five, five-and-a-half percent. I think it will go down even further. Because India at the moment is really, in the manufacturing sector, not very much different from the experience you have in Britain or in the United States,” he said in an interview broadcast by the BBC.
Tube Investments to supply car doors for Nano from Pune plant
By IANS,
Chennai : Tube Investments of India (TI), a Rs.17.82-billion multi-product firm, has announced it will supply door frames to Tata Motors' small car Nano from its Pune manufacturing facility.
With Tata Motors walking out of Singur in West Bengal following public protests against the project, vendors too have started shifting their production lines.
The car manufacturer moved its plant to produce the world's cheapest car, priced at Rs.100,000, from Singur to Sanand in Gujarat last month.
Kerala’s IT city promoted at Outsource World London
By IANS,
Thiruvananthapuram : The proposed Rs.15-billion Smart City project at Kochi had its first marketing event at Outsource World London, a premier business trade platform, the company said here Friday.
Outsource World London brought top executives, who are looking to outsource business services, face-to-face with exhibitors. The expo was held in London Wednesday and Thursday.
Markets close in green on surprise rally
By IANS,
Mumbai : Indian equities markets closed in the green Wednesday as a late rally sent a key index surging by 2.08 percent from its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,442.3 points, shut shop at 9,667.9 points - a rise of 196.86 points or 2.08 percent.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) closed higher, gaining 1.55 percent from its last close to end trade at 2,984.35 points.
The BSE midcap index ended 0.75 percent higher, while the BSE smallcap index was up 0.32 percent.
World economy recovering faster than expected: IMF
By DPA,
Washington : The International Monetary Fund's predictions for global economic growth will almost certainly be revised upward as the world embarks on a quicker-than-expected recovery from its worst recession in generations, the IMF's deputy head said Monday.
John Lipsky, the IMF's first deputy managing director, said the greater optimism would be reflected in a January update of the IMF's World Economic Outlook (WEO), a series of global forecasts that were last released in October.
Delhi plot sold for Rs.266 million
By IANS
New Delhi : A commercial plot measuring 8,125 square metres has been auctioned in the Indian capital for Rs.266 million, the Delhi government said Tuesday.
The Delhi State Industrial and Infrastructure Development Corp (DSIIDC) auctioned two plots in the Narela industrial area in east Delhi, the company said. The other, measuring 300 square metres, fetched Rs.17.9 million.
Sensex closes flat in choppy trade
By IANS,
New Delhi : A benchmark index for Indian equities closed on a lacklustre note in largely volatile trade Tuesday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,049.19 points, closed at 18,061.8 points (provisional), 11.02 points or 0.06 percent up from its previous close at 18,050.78 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also edged up 0.05 percent at 5,420.95 points.
Sensex extends gains, up 1.1 percent
By IANS,
Mumbai : A benchmark index for Indian equities extended its gains in afternoon trade Friday, rising 1.1 percent from its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,692.66 points, was ruling at 16,850.01 points, 183.61 points or 1.1 percent up from its previous close at 16,666.4 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,061.1 points, up 1.16 percent from its previous close at 5,003.1 points.
Aerion gets Indian orders for 5 supersonic jets
By IANS
Mumbai : US-based Aerion Corp, which is developing a supersonic business jet (SSBJ), has received pre-delivery orders from five Indian customers for the aircraft, said the company's sales representative, Execujet Aviation Group, Tuesday.
However, Zurich-based Execujet, which would distribute the SSBJ outside North America, refused to divulge the names of the customers in India. Aerion has also received one letter of intent from a Pakistani customer.