India’s egg production may cross 9,500 crore by 2015: Assocham
By IANS,
Bhubaneswar : Egg production in India is likely to surge from the current level of about 7,500 crore to about 9,500 crore by 2015, an industry body said Friday.
Kingfisher eyes international forays through Deccan
By IANS
New Delhi : Global consultancy Accenture will soon give its report on the formal merger and route rationalisation in domestic and overseas sectors for Air Deccan and Kingfisher Airlines.
The airline has already applied to fly to San Francisco and New York in the US apart from a host of international destinations, Kingfisher Airlines Vijay Mallya told reporters Monday at the India Economic Summit of the World Economic Forum.
Industrial growth must improve to drive economy: Montek
By IANS,
New Delhi : Planning Commission deputy chairman Montek Singh Ahluwalia Tuesday said there was need to improve the industrial growth rate if the economy had to register around eight percent growth rate.
"I do agree that the growth in industrial sector is rather slow. We need to improve it to maintain the growth momentum of eight percent or above," Ahluwalia told IANS.
"There is no doubt that economy will be slower this year than it was last year".
At the same time, he said it was still possible for the economy to grow around eight percent in the current fiscal.
India seeks more investments from German firms
By DPA
Berlin : German firms should become more involved in India's economic boom, particularly in infrastructure projects, India's Finance Minister Palaniappan Chidambaram said in Berlin Tuesday.
Over the next five years, India was planning to invest some $475 billion in airports, roads and power stations, Chidambaram told a meeting of the Indo-German Joint Economic Council.
He called for showcase projects to be identified, "where we would like to have German business on board."
Dubai records over $14 bn worth of direct exports in 2009
By IANS/WAM,
Dubai : Dubai has recorded direct exports worth 52.4 billion UAE dirhams (over $14 billion) in 2009, up by 22.9 percent compared to 2008, while imports and re-exports declined by 27.9 and 8.6 percent, respectively.
The statistics were published in the Dubai Export Monitor 2010 by Dubai Export Development Corporation (EDC) Monday.
Dubai's exports to 12 out of 27 countries increased and value of exports of nearly 50 percent of EDC's target products such as sugar, cocoa, precious stones and aluminium have also increased.
Economy will grow by 7 percent: Pranab
By IANS,
New Delhi : The Indian economy will grow by 7 percent this fiscal even as recent projections by global agencies like the International Monetary Fund (IMF) say that advanced countries' economies would shrink by 2 percent, Minister for External Affairs Pranab Mukherjee said here Thursday.
"I am proud to say that in 2008-09 India will still grow by 7 percent," said Mukherjee while addressing the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).
Gameshastra short-listed for tech award
By IANS
Hyderabad : Gameshastra, India's largest game services provider, Monday announced that it had been short-listed as one of the top 200 contenders for the Red Herring 100 Asia 2007 awards.
"It is an honour to achieve this recognition in just over two years of our operations," Prakash Ahuja, CEO of Gameshastra, said in a statement.
"Our goal as a company is to deliver significant value to our customer's business by constantly delivering cutting edge technology services in game development, game testing, game art and animation."
Australia outlaws golden handshakes, beyond a point
By DPA,
Sydney : Severance payments worth more than a year's base salary would need shareholder approval under proposed changes outlined Wednesday by Australian officials.
"The community has been rightly offended by the excessive golden handshakes in firms where directors and executives are rewarded for poor company performance," Treasurer Wayne Swan said.
"The government's reforms will empower shareholders to more easily reject such payments where they are not in the interests of the company, the shareholders or the community," he said.
Indian equities fall at opening bell
By IANS,
Mumbai : Indian equities markets started in the red Wednesday.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,462.14 points, lower than its 9,647.47 point close Tuesday. About 10 minutes into trade, it was at 9,536.08 points, 1.24 percent or 119.38 points lower than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,908 points, 0.9 percent lower than its previous close of 2,934.5.
The BSE midcap index was one percent lower, while the BSE smallcap index was down 0.44 percent.
Madhya Pradesh planning to buy power from other states
By IANS
Bhopal : Madhya Pradesh is considering to buy electricity from other states to ensure adequate power supply to rural areas of the state, official sources said.
While reviewing the power situation in the state Saturday, Chief Minister Shivraj Singh Chouhan asked officials to explore the possibility of purchasing power from other states and supplying single-phase power to rural areas for at least 12 hours a day.
Officials were also asked to provide sufficient funds to Madhya Pradesh State Electricity Board.
US stocks climb on home sales, American Express results
By DPA.
New York: US stocks rose Friday across the board, buoyed by resurgent home sales, a strong American Express report and a rebounding Honeywell.
The US Census Bureau reported a 27-percent jump in new home sales in March compared to February, the largest jump since 1963, fuelled by optimism of economic recovery and a soon-to-expire $8,000 tax credit for first-time home buyers.
Maharashtra cuts VAT on diesel, kerosene by 2 percent
By IANS,
Mumbai : Providing marginal relief to the common man reeling under inflation, Maharashtra Wednesday announced a two percent reduction in value added tax on diesel and kerosene.
India’s interest rates kept unchanged
By IANS
Mumbai : India's key interest rates were kept unchanged as the country's central bank reviewed its monetary and credit policy for the current fiscal in the backdrop of some control over inflation.
This was the first quarterly review of the policy that was announced by Reserve Bank of India (RBI) Governor Y.V. Reddy in April.
The reserve bank also kept unaltered its forecasts for economic growth at 8.5 percent for 2007-08 and inflation rate at under five percent.
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Industry welcomes monetary policy, says stimulus still needed
By IANS,
Mumbai : Industry and think tanks Tuesday welcomed the central bank's shift in monetary policy stance, hoping that some parts of the stimulus would be retained as the economic recovery was still in a nascent stage.
The Reserve Bank of India (RBI) slightly tightened its monetary policy by raising the statutory liquidity ratio by 100 basis points while retaining most policy rates, with signs of an industrial recovery providing the necessary cushion.
Russia resumes gas flow to Europe
By DPA,
Moscow : Russia resumed supplies of gas to Europe Tuesday as observer teams began measuring gas flows through Ukraine in an effort to mediate the ongoing standoff between Moscow and Kiev.
Ukraine's Naftogaz said it had received a fax from Gazprom informing it 76 million cubic metres of gas had been sent through the pipelines "at 10 a.m. Moscow time" (0700 GMT), news agency Itar-Tass reported.
“Gas OPEC” will not fiddle with prices
MOSCOW. Speaking at the opening of the Gas Exporting Countries Forum (GECF), Prime Minister Vladimir Putin said: "The era of cheap gas is coming to an end." However, his forecast is not likely to come true in the near future.
Now that the GECF has adopted a charter, it has become an official institution, but the charter does not provide for regulating gas production volumes like OPEC does with oil, and therefore the GECF will not be able to modulate prices like OPEC.
Kolkata mayor wants residents to pay for water
By IANS,
Kolkata : People who get their water from municipal authorities here should start paying for it so that there was no unnecessary use, says Mayor Bikash Ranjan Bhattacharyya.
In an interactive session with the Bengal National Chamber of Commerce and Industry (BNCCI) Wednesday on how to make the City of Joy more liveable, Bhattacharyya stressed on the need to preserve water.
"Water levy should be imposed to reduce unnecessary water consumption in the city," he said.
India’s defence exports to reach $30 bn by 2012
By IANS
New Delhi: India's import of military hardware and software is all set to reach $30 billion within the next five years as its armed forces lap up major defence deals, said a leading industry body.
India's defence imports would also be propelled as it signs up big deals to acquire multi-role fighter jets, a variety of copters and long-range maritime spy aircraft, according to study - Avenues for Private Sector Participation in Defence - done by the Associated Chambers of Commerce and Industry (Assocham).
Citing rising demand in India, China, Bush seeks oil nearer home
By Arun Kumar, IANS,
Washington : Citing increasing demand for oil from India, China and other emerging economies pushing up prices, the White House has asked US Congress to permit drilling for oil in deep water off America's coasts, banned so long for environmental reasons.
"There is no excuse for delay," said President George Bush Wednesday in a White House Rose Garden speech seeking a reversal of a long-held executive position on offshore oil drilling.
Anil Ambani’s conciliatory message to brother Mukesh
By IANS,
New Delhi : After a pilgrimage to two holy shrines, industrialist Anil Ambani sent a conciliatory message to elder brother Mukesh Ambani Sunday, saying there was ample scope to amicably end their long-drawn dispute, the bitterness and rancour.
"There can be no better gift to my mother, Smt. Kokilaben Ambani, in her 75th year, and to the legacy of our beloved father, Shri Dhirubhai Ambani, the proud creator of the Reliance Group," Anil Ambani said in a statement after undertaking a pilgrimage to Badrinath and Kedarnath.
RBI’s policy to set the tone for equity markets
By Rohit Vaid
Mumbai : The final monetary policy review of the fiscal, amidst the third quarter results season and the interest of the foreign...
Sensex rebounds 140 points on positive industrial output
By IANS,
Mumbai : A benchmark index of Indian equities rebounded over one percent Friday on better than expected 10.8 percent growth in industrial output in October.
Amuleek Bijral takes over as RSA’s India manager
By IANS
Mumbai : Leading IT security solution provider RSA Tuesday announced the appointment of Amuleek Bijral as the head of its India operation for EMC Corp's security division that it recently acquired, the company said.
Bijral, who was with EMC-Singapore, will be based out of Bangalore, where RSA has recently set up a development centre, a statement issued by the company said.
Rupee touches new low
By IANS,
Mumbai : The Indian rupee touched a new low Friday when it slipped in afternoon trading to Rs.51 against a dollar on heavy demand for the US currency.
Around 1:45 p.m., the rupee recovered marginally to 50.73 as state-run banks intervened on behalf of the Reserve Bank of India.
It had closed at 50.41 to a dollar Thursday.
Gold remained in high demand and was trading at Rs.15,315 per 10 grams.
Indian Oil posts Rs.70 bn loss, seeks more oil bonds
By IANS,
New Delhi : Urging the government to fully compensate its losses due to under-recovery from sale of subsidised fuel, Indian Oil Corp (IOC), which posted a loss of Rs.70 billion in the second quarter, has asked for an increase in the quantum of oil bonds issued by the finance ministry.
India's largest oil marketing company slipped into the red in the second quarter due to the depreciation of the rupee, erosion of inventory values and increase in interest expenditure.
Gaza power plant to shut down Wednesday for fuel shortage
By Xinhua,
Gaza : The only power station in the Gaza Strip will stop functioning by Wednesday evening due to the lack of fuel, a Palestinian energy official said on Tuesday. "The stored industrial diesel will run out in the evening tomorrow and the station will stop," said Kan'an Obaid, deputy director of the Palestinian Energy Authority.
"The total of shortage will be 35 percent while in Gaza Cityalone will be 50 percent," he said, adding that Gaza City's 800,000 people will be affected.
New train service to link southern Assam to Tripura, Manipur
By Sujit Chakraborty
Agartala: A goods train service that gets flagged off on Saturday will link southern Assam with other north-eastern states, meeting an old...
Kenya urges UN to tackle food crisis, Nigerian piracy
By Xinhua,
Nairobi : Kenyan President Mwai Kibaki has asked the United Nations to mobilise resources to tackle global problems, including high food prices and rampant piracy along the coast of Somalia.
A statement from the presidential press service said Kibaki called on the UN to help in coordinating efforts to stabilise global food prices and ensure an efficient movement of food from surplus to deficit nations.
Indian PC market grows by 22 pct in Q2 of 2007
By NNN-PTI
Bangalore : The overall client PC market in India grew 22.1 per cent, recording 1.53 million shipments in the second quarter of 2007 calendar year as against 1.25 million in the corresponding period last calendar year, market research firm IDC said.
Desktop PC shipments showed a growth of 11.3 per cent while notebook PC spurted by 73.1 per cent during the same period (April-June) this year.
EU-India trade exchanges fall
By EuAsiaNews,
Brussels : Exports from the 27-member European Union to India in January-February 2009 totalled 3.6 billion euro, a drop of 31% from 5.3 billion euro for the same period in 2008.
Indian exports to the EU fell by 12% from 5.0 billion euro in January-February 2008 to 4.4 billion euro for the first two months of this year.
The figures were released by Eurostat, the EU’s statistical office, on Monday.
The EU’s trade balane for March 2009 with the rest of the world was a deficit of 9.5 bn euro, compared with a deficit of 19.6 bn euro in March 2008.
Early trade sees modest gains in equity markets
By IANS,
Mumbai : Indian equity markets recorded modest gains in early trade Monday, mirroring strong cues from other Asian markets. There was buying interest in banking, power and capital goods stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 107.92 points at 13,561.92. Ten minutes into trading, it had reached 13,695.66, a gain of 242 points or 1.80 percent from its closing figure Friday.
‘Tata may lose Jaguar-Land Rover over outsourcing worries’
By Dipankar De Sarkar, IANS
London : Indian multinational Tata and One Equity, a private equity group, emerged as the leading bidders for the British car-makers Land Rover and Jaguar as union leaders prepared to consider their bids Tuesday amid reported concerns about protecting British jobs.
According to some reports, Tata has eliminated the third bidder in the race, Mahindra & Mahindra, but could well find itself pipped to the post for the iconic British cars, currently manufactured by Ford, because of outsourcing worries.
Fourth WIEF to conclude sessions today
By KUNA,
Kuwait : The Fourth World Islamic Economic Forum (WIEF) will continue its sessions for the third and final day on Thursday with the participation of ministers, educationalists and representatives of the private sector.
Women’s self-help groups shore up farm communities
By V. Vijayalakshmi, IANS,
Pune : The woes of the agricultural community in rural Maharashtra may be far from over, but a Mumbai-based trust is helping out a sizeable number of farm families through women's self-help groups (SHGs).
The SHGs, being funded by the Yashwantrao Chavan Pratishthan, have instilled confidence in thousands of poor farm families by forging a tie-up with Big Bazar, one of India's biggest retail outlets for supply of homemade products.
Indian markets take a dive on opening
By IANS,
Mumbai : Indian equities markets plunged at the opening bell Monday with a key index 2.36 percent lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,762.88 points, lower than its 8,891.61 point close Friday. About 10 minutes into trade, it was at 8,689.85 points, 2.27 percent or 201.76 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,694.6 points, 2.5 percent down from its last close of 2,763.65.
UAE, India sign MoU on flight services
By NNN-WAM
Ras Al-Khaima : The United Arab Emirates and India signed a memorandum of understanding (MoU) on flight services between them.
The agreement which was signed at a ceremony attended by Salim bin Sultan Al Qasimi, Chairman of the Ras Al Khaimah Civil Aviation Department aims to operate 7 daily flights between the UAE emirate of Ras Al-Khaima and India.
Carriers may freely choose one destination in the subcontinent, says the agreement.
India: news broadcasters welcome TRAI’s suggestion on FDI limit
By NNN-PTI,
New Delhi : The Indian news broadcasting industry today hailed TRAI's recommendations to allow foreign investments to 49 per cent in news channels saying the move would help in expanding the sector with access to overseas funds.
"We as a news channel welcome the move. This will effectively allow access to foreign funds and help news organisations grow more, both nationally and regionally," Global Broadcast News Joint Managing Director Sameer Manchanda told PTI.
General Motors launches new Chevrolet Captiva
By IANS,
New Delhi : Auto major General Motors India (GM) Friday launched the automatic version of its Chevrolet Captiva sports utility vehicle (SUV), priced at Rs.2.03 million (ex-showroom Delhi).
The SUV that was first launched in 2008 comes with a common rail diesel powertrain.
"The new Chevrolet Captiva Automatic+ brings superlative comfort and ease of driving combined with unbeatable value, safety, security and luxury to our customers,” GM president and managing director Karl Slym said.
Tribal leader alleges harassment of Tata Steel protesters
By IANS
Raipur : A tribal leader said Wednesday that the administration was harassing farmers in Chhattisgarh's southern Bastar region because they refuse to hand over prime farmland to steel major Tata Steel for its proposed plant.
The district administration strongly refuted the charges and described the allegation a "cooked-up story".
Expert unhappy with futures trading ban
By IANS,
New Delhi : The government has banned futures trading in four commodities to tame inflation, but a member of an official expert panel has questioned the move, saying it would only hurt farmers.
The finance ministry late Wednesday banned futures trading in chana, soya complex, rubber and potato to check the rising prices of food grain and other essential commodities.
A day later, Sharad Joshi, a farmers' leader and member of the government's Expert Committee of Futures Market, termed it as an "unfortunate move".
Inflation will shoot up to 9.5 percent: Rangarajan
By IANS,
Bangalore : The steep hike in fuel prices announced by the central government June 5 will mean that inflation will shoot up to 9.5 percent this week, Prime Minister's Economic Advisory Council Chairman C. Rangarajan said here Thursday.
"The impact of the fuel price hike of June 5 will be seen in inflation rate tomorrow (Friday, when the central government releases the weekly inflation rates," Rangarajan told IANS.
"The rate may touch double digit in the coming weeks," he said after giving a lecture on "The Indian Economy: Challenges Ahead" at the Indian Institute of Science.
India’s industrial output for April signals recovery
By IANS,
New Delhi : India's industrial output grew 1.4 percent in April as against a decline of 0.75 percent in March, in what analysts said can be taken as early signs of recovery.
Data on index of industrial production (IIP) released by the commerce ministry Friday showed that the growth also came after two successive months of decline and was led mainly by a 7.1 percent increase in electricity generation.
Indian manufacturing sector growth declined in 2007-08
By IANS,
New Delhi : India's manufacturing sector witnessed a decline between April 2007 and March 2008, says a survey conducted by a leading industry chamber.
While 21.73 percent of all units in the manufacturing sector recorded over 20 percent growth in 2006-07, the figure declined to 15.38 percent in 2007-08, according to the Confederation of Indian Industry (CII)-Association of Council (ASCON) Survey.
The study says 30.77 percent units in the sector recorded 10 to 20 percent growth in 2007-08 against 36.73 percent in the previous year.
Doing business in India very difficult: Kejriwal
Kolkata : Observing that doing business in the country was very difficult, Delhi Chief Minister Arvind Kejriwal on Friday called upon industrialists to invest...
BHEL Bhopal unit would exceed target, claims ED
By Pervez Bari, TwoCircles.net
Bhopal : RK Singh, Executive Director of Bharat Heavy Electrical Limited, (BHEL), Bhopal unit has claimed that Bhopal unit would not only achieve the target for the fiscal year 2007-08, but rather it would exceed the target with such an excellent team of workers, supervisors and workers.
CCL makes Rs.2.66 billion profit from coal e-auction
By IANS
Ranchi : Central Coalfield Limited (CCL), one of the key subsidiaries of Coal India Limited (CIL), has posted a profit of Rs.2.66 billion through e-auction of coal in the current financial year.
"Through e-auction our company has earned a profit of Rs.2.66 billion in the current financial year till March 25. CCL sold 5.44 million tonne coal through e-auction," Deepak Kumar, public relations officer of CCL, told IANS.
US stocks tumble amid economic worries
By Xinhua,
New York : Wall Street ended lower Thursday as investors weighed a series of mixed economic news.
Energy, material sectors lost most as the oil prices plunged to a four-and-half-year low of $36 a barrel. Chevron Corp. fell $3.94 to $72.88, and Exxon Mobil Corp. dropped $4.13 to $76.93.
Crowds flock to first day of World Expo 2010
By DPA,
Shanghai : Crowds poured into the World Expo 2010 site in Shanghai Saturday as the six-month event opened to the public following a spectacular opening ceremony Friday night.
Tens of thousands of people were queuing before the gates opened, many arriving more than one hour early.
The organisers aim to attract an average of around 400,000 visitors daily, or 70 million by the time the Expo closes Oct 31.
More than 20 heads of state and government attended Friday's spectacular opening of the Expo, which featured fireworks and music and dance performances.
Indian banking sector untainted by current financial crisis: Bhatt
By EuAsiaNews,
Antwerp, Belgium : The head of India's largest commercial bank, State Bank of India (SBI), has said that the global financial meltdown has not effected the Indian banking sector and that the Indian economy will continue to grow, at the most pessimistic forecast, at 7 percent plus.
"The Indian financial system including both the public and private sector banks in India including the foreign banks operating in India is one of the soundest banking system in the world today," Om Prakash Bhatt, SBI Chairman told EuAsiaNews in an exclusive interview.
Sulabh liberates 60,000 scavengers, tots up $32 mn revenue: UNDP
By IANS,
New Delhi : Sulabh International, a 38-year-old movement promoting low-cost safe sanitation in the country, has liberated over 60,000 scavengers, a report by the United Nations Development Programme (UNDP) released Tuesday said.
The report, focusing on the various strategies adopted across the world to engage the poor, additionally said Sulabh's revenues reached $32 million in 2005, with approximately $5 million in surplus.
HCL eyes significant growth, opens Greater Noida facility
By IANS
Noida : Indian IT bellwether HCL Technologies Ltd. Thursday said it is aiming to achieve 30 percent sales growth every year over a period of five years.
HCL Tecnologies, part of $4.4 billion HCL Enterprise, is also targeting software exports to the tune of $1 billion within the next five years from its new facility in Greater Noida, near New Delhi, which was inaugurated Thursday.
"We are targeting 30 percent growth in revenues in the next five years," Shiv Nadar, founder of HCL, told reporters here.
Government may set up social development zones
By IANS
New Delhi : Given the social unrest triggered by the special economic zones (SEZs) as in West Bengal's Nandigram, the government Wednesday told the Lok Sabha about moves to set up social development zones (SDZs) in the country.
Minister of State for Planning M.V. Rajasekharan informed parliament in a written reply: "The preliminary discussions to explore the feasibility of setting up SDZs have been held."
His statement was in response to queries from Asaduddin Owaisi of the All India Majlis-E-Ittehadul Muslimmen (AIMIM) and M. Jagannath of the Telgu Desam Party (TDP).
Regulator eases solvency norms for life insurers
By IANS,
Chennai : India's insurance watchdog Friday offered life insurers, and more particularly the private life insurers, a mega New Year gift by easing solvency norms for the third time in recent days.
Solvency margin is the excess of assets that a life insurer has to maintain over its liabilities.
With capital becoming scarce, the latest move by the Insurance Regulatory and Development Authority (IRDA) will help insurers to conserve precious cash.
US crisis will slow India’s growth, say analysts
New Delhi, Oct 1 (IANS) The financial tsunami in the US, which threatens to engulf Europe, will slow India's economic growth to about 5-7 percent, economists and analysts said. "It is not just financial markets, there is now a process of adjustment in the real economy as well," said Partha Mukhopadhyay, an economist at the Delhi-based think tank Centre for Policy Research.
"Economic growth is likely to be in the region of 5-7 percent," Mukhopadhyay told IANS. "Certainly, six percent growth is not the same thing as nine percent growth."
Chinese textile firms hit hard by rising currency
By Xinhua
Beijing : Rising costs and an appreciation of the yuan have forced nearly half of the Chinese textile firms to close down, according to a study.
Around 49.2 percent of the units surveyed by China Cotton Textile Association in 17 provinces said they wanted to quit and restart other businesses.
About 27.3 percent said the appreciation of yuan have affected their business, while 44.4 percent of those units surveyed restarted selling some export-oriented products on the domestic market.
Wipro projects $1.11 billion earning from IT services in third quarter
By IANS,
Bangalore : Wipro Ltd Tuesday projected an earning of $1.11 billion from IT services for third quarter (October-December) of this fiscal (2009-10), as revenue for second quarter (July-September) at $1.06 billion was higher than the guidance of $1.03 billion.
"We expect revenues from our IT services business to be in the range of $1.09-1.11 billion in the third quarter, as we see more stability in volumes and pricing," Wipro chairman Azim Premji said in a statement here.
Adlabs posts 49 percent revenue growth
By IANS,
Mumbai : Adlabs Films Ltd, belonging to the Reliance Anil Dhirubhai Ambani Group (R-ADAG), logged an overall revenue increase of 49 percent, taking its income to Rs.2.17 billion, in the quarter ended Sep 30 this year, the company said.
Adlabs' revenue from the cinema division grew 119 percent to Rs.890 million (Rs.89 crore), the company said in a statement.
Its film processing and services division recorded a 75 percent growth, earning revenues of Rs.380 million, while the film production and distribution fetched Rs.700 million.
Modi hard sells Gujarat in India’s tech hub
By IANS,
Bangalore : Firebrand Gujarat Chief Minister Narendra Modi turned into a smart marketing executive to hard-sell his state in India's tech hub and lure investments from IT-savvy Karnataka.
Invited to inaugurate Asia's premier tech event BangaloreIT.biz by the first Bharatiya Janata Party-ruled government in the southern state, Modi took the opportunity to tell about 1,000 delegates from India and abroad that Gujarat was a land of opportunities, beckoning global investors to set shop and take advantage of its enterprising business community.
Dubai financial centre proposes new set of regulations
By Aroonim Bhuyan, IANS
Dubai : Onshore global finance hub Dubai International Financial Centre (DIFC) has released for public consultation a new set of regulations proposed under the centre's Companies Law of 2006 and the Insolvency Law of 2004.
The proposed regulations, called "Exempt Companies Regulations", are designed to assist financial institutions to carry out, among other things, securitisation transactions using the existing DIFC legal and regulatory framework.
Suzlon raises stake in REpower to 73.7 percent
By IANS,
New Delhi : Suzlon Energy, India's largest wind turbine manufacturer, has acquired the first tranche of Martifer group's stake in REpower Systems AG of Germany for approximately euro 65 million ($89 million or Rs.4.23 billion), the company announced Tuesday.
The transaction takes Suzlon's holding in REpower to 73.71 percent. It already holds 91 percent voting rights in REpower through an existing agreement with Martifer.
Economic pact with India ‘not finalised yet’: Sri Lanka
By IANS,
Colombo : Sri Lanka has said the an economic pact with India "is yet to be finalised", even as New Delhi was hopeful that the long-awaited Comprehensive Economic Partnership Agreement (CEPA) would be signed on the sidelines of the upcoming Saarc summit.
Addressing a weekly post-cabinet press briefing in Colombo Friday, official spokesman and Minister of Media Anura Priyadharshana Yapa said the cabinet "is yet to approve the proposed agreement" and it would be subjected to further consultation and dialogue with the relevant officials and parties.
Wipro projects $1.2 billion IT revenue in first quarter
By IANS,
Bangalore : Wipro Ltd projected an average revenue guidance of $1.2 billion from its global IT services for the first quarter (April-June) of fiscal 2010-11.
In a regulatory filing Friday, the IT bellwether said with the business environment returning to normal, revenue from IT services would be in the range of $1,190-$1,215 million for the first quarter of FY 2011.
Equity markets post gains for the week
By IANS,
Mumbai : Indian equity markets registered gains for the week, piggybacking on the decline in inflation rate and strong global markets. Out of five trading sessions, three ended positive.
Inflation based on the wholesale price index came down to 12.40 percent for the week ending Aug 16 2008, from the previous week's 12.63 percent.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex rose 163.04 points or 1.13 percent to 14,564.53 in the week. The S&P CNX Nifty index of the National Stock Exchange gained 32.55 points or 0.75 percent to move to 4,360.
Hiring to fall short of expectations by 30 percent
By IANS,
Chennai : New job generation in the organised sector is expected to fall short of predictions by 30 percent this year following the global meltdown, a leading recruitment company said here Wednesday.
"As per our survey of 2,000 companies in 22 sectors early this year, around one million new jobs were expected to be created in 2008. But after the global meltdown coupled and domestic issues like high inflation, it will be 30 percent lower than expectations," K. Pandia Rajan, managing director of recruitment firm Ma Foi Group, told reporters.
Air Deccan to pay family Rs.400,000 for cancelling flight
By Kanu Sarda, IANS,
New Delhi : A Delhi consumer court has asked Air Deccan to pay compensation of Rs.100,000 each to a family of four for cancelling a Pune-Delhi flight at the last minute in January 2007.
The Delhi State Consumer Disputes Redressal Commission headed by Justice J.D. Kapoor pulled up Air Deccan Aviation Private Limited for not informing the passengers about the cancellation of the flight in advance and for not providing alternative arrangements.
Kashmir cross-border trade brings back nostalgic memories
By Binoo Joshi, IANS,
Rangar (Poonch) : Walking stick in hand, a grey-bearded Amar Singh Josh gazed at the mountains on the Pakistan side, recalling the days more than six decades ago when he would visit his father's shop in Rawlakote, now in Pakistani Kashmir, taking along ponies carrying a variety of foodstuff to sell there. His eyes misted in joy Tuesday at the re-opening of the India-Pakistan trade route linking the two Kashmirs once again.
Oilmen’s strike hits fuel supply, four refineries in northeast
By IANS,
Agartala/Guwahati : Operations in the Assam refineries have been hit and fuel supply across the northeast has been affected following the ongoing strike by officers of public sector oil firms.
Most fuel stations in Assam, Tripura, Mizoram, Meghalaya and other northeastern states have dried up, severely affecting the public transport system across the hilly region.
India mulling scheme to catalyse hydropower generation
By Noor Mohd, IANS
New Delhi : After the successful launch of its coal-based ultra mega power project scheme, the Indian government is looking to launch a similar programme to implement hydroelectric projects.
Under the coal-fired ultra mega power project scheme, the power ministry has successfully given contracts to three 4,000-MW capacity projects for implementation at places like Sasan in Madhya Pradesh, Mundra in Gujarat and Krishnapatnam in Andhra Pradesh. It is currently in the process of allocating a similar-sized power project in Tilaiya in Jharkhand.
Detailed planning went into mammoth tribal rally
By IANS
New Delhi : Elaborate planning had gone into organising the massive rally by 25,000 landless tribals to the Indian capital, with collections and financing for the foot march beginning three years ago.
The planning was enough to ensure that the legion of marchers had enough logistical support to continue their struggle for a long time.
Ekta Parishad, the main organiser of the rally, had asked their branches in the villages and districts across the country to start the collections for financing the foot march three years ago.
PWC predicts double digit growth for entertainment and media industry
By IANS,
New Delhi: The Rs.584 billion Indian Entertainment and Media industry is projected to grow by 8.3 percent in 2009 as compared to 10.3 percent in 2008 and 16.7 percent in 2007. But it is expected to return to double digit growth in 2010, says a report by PricewaterhouseCoopers (PWC).
Education sector should be given tax exemptions: FICCI
By IANS,
New Delhi : The Education sector must be provided with appropriate tax exemptions that would help it attract more investment, said an industry lobby report released Sunday.
In its recommendations for reforms in higher education, the Federation of Indian Chambers of Commerce and Industry (FICCI) has said India's education sector requires huge investment. According to the chamber, the 11th plan allocation for higher and technical education, which is Rs.849.43 billion ($19.75 billion), is not sufficient to meet the needs of the country.
Tata Motors inspects Dharwad site for Nano relocation
By IANS,
Bangalore : Tata Motors managing director G. Ravi Kant Sunday inspected land in Karnataka's Dharwad district for possible relocation of the Nano small car project but said no decision has been taken yet.
"I cannot say anything at this stage. We are looking at many possibilities," he told reporters in Dharwad, about 420 kms northwest of Bangalore.
Dubai to house world’s first Marvel Super Heroes theme park
By IANS,
Dubai : Tatweer, a member of Dubai Holding, will develop the world's first Marvel Super Heroes theme park at Dubailand, the world's largest entertainment complex coming up in Dubai, United Arab Emirates.
Tatweer announced Saturday that it has clinched a landmark deal with US-based Marvel Entertainment Inc to develop the theme park, WAM news agency reported Sunday.
Marvel Entertainment Inc is known for the creations of Super Heroes characters such as Spider-Man, The X-Men, The Fantastic Four and The Incredible Hulk.
Virtual ban on fresh recruitments: Assocham
By IANS,
New Delhi : Hit by the economic slowdown, India Inc has virtually stopped fresh recruitments to cut costs, an industry lobby said.
Around 90 percent of over 150 human resource (HR) officials, participating in an internal seminar organised by the Associated Chambers of Commerce and Industry of India (Assocham) said there was a "virtual ban on fresh recruitments in private sector as attrition rate has subsided in almost all sectors".
What is the Reliance gas dispute all about?
By IANS,
New Delhi : The raging dispute being heard in the Supreme Court between the companies belonging to the two Ambani brothers, Mukesh and Anil, mainly concerns the supply and pricing of natural gas from the Krishna Godavari basin.
At the core of the dispute is how valid is a family pact reached between the two brothers, brokered by their mother Kokilaben when the Reliance empire was split a few years ago, in deciding the price of gas in which the government, too, has claimed a share.
European realtor upbeat about Indian property market
By IANS,
New Delhi : London-based real estate developer Castlewood Investment Properties, which is set to enter the Indian market this month, Saturday said it was "upbeat about India" although the global property market was hit by a slump.
Castlewood, in partnership with the Singapore-based Home Place International and its Indian associate Land Solutions, is all set for its India foray by showcasing a bouquet of international real estate properties in New Delhi.
West Bengal slides in list of investment-friendly states
By IANS,
Kolkata : Post Nandigram and Singur fiascos, West Bengal slipped to 13th position in 2008 from fourth in the previous year among India's major investment-centric states, according to a paper brought out by the Associated Chambers of Commerce and Industry of India (Assocham).
The paper highlights that the state received robust investment announcements worth Rs.2,434.89 billion in calendar year 2007, which fell to a meagre Rs.900.95 billion last year.
French banks hit with losses in US securities fraud
By DPA,
Paris : French investment bank Natixis said Monday it could suffer "indirect" losses of up to 450 million euros ($605 million) as a result of the $50 billion securities fraud allegedly engineered by a leading Wall Street broker.
On its web site, Natixis said it had made no investment for its own accounts with Madoff Investment Securities LLC, which was run by Bernard L Madoff, who is accused of running an elaborate securities swindle.
But Natixis said it was exposed indirectly because several of its clients had entrusted the Madoff's firm with securities.
US stocks decline on fresh financial woes
By DPA,
New York : US stocks were led lower Tuesday by financial firms still struggling with the effects of the ongoing mortgage crisis.
Goldman Sachs said banks and lenders may need to raise another $65 billion to combat further writedowns in mortgage-related assets. Plunging home prices have prompted a record number of mortgage defaults by US homeowners since the summer of 2007, sparking a widespread crisis in the financial industry.
Shares of all 23 banking institutions in the Standard & Poor's 500 index declined.
India faces skilled manpower shortage for making new drugs
By NNN-PTI
Banglore : India is facing a severe shortage of people with specialised skills for developing new drug and may try to rope in consultants of local origin overseas to help domestic firms to tide over the problem, Biocon Chairman and Managing Director Kiran Mazumdar .
"The biggest challenge we have is how do we get specialised skills and expertise," Shaw told PTI here.
"For doing generics, it's fine (we don't have manpower shortage), but for making new products, it's very difficult to get personnel. We don't have enough of them," she added.
टीसीएन 2021 : साल भर हम उठाते रहे वंचितों और पिछड़ों की आवाज़,पढ़िए...
बीते वर्ष, 2021, में कई तरह की बदलती हुई राजनीतिक और सामाजिक गतिविधियां देखने को मिली। इस बदलती परिस्थिति में, हाशिए पर खड़े...
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.
Jaitley likely to ask banks to pass RBI rate cuts to borrowers
New Delhi: Following his meeting with Reserve Bank of India Governor Raghuram Rajan, Finance Minister Arun Jaitley is expected to take up the matter...
IT, BT firms flock to Karnataka to invest Rs.124 bn
By IANS,
Bangalore : As many as 55 companies have proposed to
invest over Rs.12,353 crore (Rs.124 billion) in Karnataka, India’s knowledge hub and a favourite destination of IT and biotechnology (BT) sectors.
"We have received investment proposals worth Rs.11,000 crore from IT firms and Rs.1,353 crore from biotech firms. Among them are Infosys, Wirpo, TCS and Tata Elxsi," state IT and BT minister K. Subramanya Naidu told reporters here Tuesday.
Trade, investment top India-US CEOs Forum agenda
By Arun Kumar, IANS,
Washington: Trade, investment, and an easier visa regime are expected to be the key focus as Indian and US policymakers and corporate leaders meet here Tuesday to discuss how to enhance their business ties.
India's Finance Minister Pranab Mukherjee leads the high-powered team of policymakers including Commerce Minister Anand Sharma and Planning Commission Deputy Chairman Montek Singh Ahluwalia at the India-US CEOs Forum.
Mukherjee will also have bilateral meeting with his US counterpart Treasury Secretary Timothy Geithner.
Inflation at 8.24 percent a problem, says Chidambaram
By IANS,
New Delhi : India's annual inflation rate touched a 45-month high of 8.24 percent for the week ending May 24, prompting austerity measures by the government that include cancellation of visits abroad of some ministers and a ban on official engagements at five-star hotels.
"The Indian government, like governments all over the world, is fighting inflation,” said Finance Minister P. Chidambaram Friday as data on wholesale prices showed that the annual inflation has shot up from 8.1 for week ended May 17.
Changes in Cuba spark frustration and hope
By Silvia Ayuso, DPA
Havana : With their noses stuck to the shop window, a group of Cubans stared at shiny electronic appliances whose sale had just been liberalised by the government: DVDs, rice cookers, electric scooters and, soon, computers and microwaves.
But most cannot go beyond looking.
"I don't have a computer, I don't have a cellphone ... I cannot buy, my salary won't let me. I have to sell my car or the house to buy the computer," Ernesto, 45, complained as he looked.
Kuwaiti parliament dissolved over fuel price row
Kuwait City : Kuwait's cabinet has resigned and parliament has been dissolved, triggering early elections following disputes between MPs and the government over fuel...
Focus on small and medium units needed: official
By IANS
New Delhi : India's booming manufacturing sector needs to focus on development of small and medium enterprises (SME) to sustain its current growth, a senior official said here Tuesday.
Arshiya International to develop warehousing zones
By IANS
Mumbai : Indian supply chain management company Arshiya International Ltd (AIL) has signed a contract with the Singapore government-owned Jurong International for the development of three free trade warehousing zones (FTWZs.)
"The FTWZs are coming up in Jawaharlal Nehru Port Trust (JNPT) in Mumbai, one in Delhi and one in Sohar (Oman)," V. Shiv Kumar, company secretary of AIL, told IANS.
According to Kumar, the total project cost is Rs.30 billion ($754 million) and the first phase investment would be Rs.18 billion ($452.6 million).
Dhaka to export skilled textile workers to Russia
By IANS,
Dhaka : After establishing itself as a major manufacturer and exporter of readymade garments and knitwear, Bangladesh is set to export its skilled workers from these sectors to Russia.
The first batch of 60 workers will leave for Russia in the next two months, with more to follow, to a Russian apparel company, The Daily star said Sunday.
The Russian company Visozstoy will employ the workers at a monthly wage of $450, plus medical and travel benefits.
Global business now wants to tackle climate change
By Joydeep Gupta, IANS,
Singapore : Business houses around the globe are no longer asking why they should deal with climate change; now they want to know how, UN Global Compact Executive Director Georg Kell said here Wednesday.
Speaking at the concluding session of the B4E (Business for the Environment) global summit, Kell said during the two days of the meeting he had found "momentum growing to tackle climate change, especially in the private sector".
Fiscal deficit to reduce to 5.5 percent next financial year
By IANS,
New Delhi : The fiscal deficit will come down to 5.5 percent in the next fiscal from the estimated 6.8 percent in this financial year, Finance Minister Pranab Mukherjee said in his budget speech Wednesday.
He said the fiscal deficit would come down further in 2011-12.
The deficit during 2010-11 would be 5.5 percent which would work out to Rs.381,408 crore (Rs.3.81 trillion/$82.29 billion) and the government would need to borrow about Rs.345,010 crore to fund expenses, Mukherjee said.
Sensex ruling firm, up 202 points
By IANS,
Mumbai : Buoyed by the positive weekend numbers on industrial output and cues from the government on its divestment plans, Indian equities continued to trade firm Monday afternoon, with a key index ruling 201.89 points above its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 16,893.11 points, against Friday's close at 16,848.83 points, and soon shot up to a high of 17,055.44 points within 15 minutes into the trading session.
Car sales fall 1.71 percent in July
By IANS,
New Delhi : Domestic passenger car sales declined 1.71 percent to 87,724 units in July - the first decline in about three years - a report of the industry trade body released Monday said.
Dilip Chenoy, director general of the Society of Indian Automobile Manufacturers (Siam), attributed spiralling operational costs and credit crunch due to interest rate hikes to the fall in sales.
Car sales had grown 6.1 percent in June and 14.3 percent in May this year. "India last saw a contraction in sales in June 2005," Chenoy said.
Kerala legislator demands high-speed rail corridor
By IANS
Thiruvananthapuram : Kerala legislator P.J. Joseph Friday reiterated the demand for a high-speed rail passenger corridor between Mumbai and Kanyakumari for the development of the entire western coastal region.
UAE, Syria sign air services agreement
By IANS,
Damascus : The United Arab Emirates (UAE) and Syria have initialled an air services agreement here, WAM news agency reported Friday.
The agreement was signed Thursday by Saif Mohammed Al Suwaidi, director general of UAE General Civil Aviation Authority, and Hazem Al Khadraa, director general of Syrian Civil Aviation Authority.
The two sides agreed to designate all UAE national airlines for unrestricted passenger flights to Syrian cities, with the exception of Damascus and meet again in 2009 to discuss potentials for an 'open sky' agreement between the two countries.
Markets end day at a loss
By IANS,
Mumbai : Indian equities shut shop in the red Monday with a key index shedding 3.18 percent over the previous closing figure.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 3.18 percent or 299.16 points Monday (provisional) ending trade at 9,107.31 points.
The Sensex opened at 9,316.33 points Monday, lower than its previous close of 9,406.47 Friday.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) performed similarly and closed at 2,799.90 points, 2.54 percent lower.
Steel wire prices down by 20 percent
By IANS,
Kolkata : Prices of steel wires have gone down by nearly 20 percent in the last six weeks due to a fall in demand, a top official of the Steel Wire Manufacturers Association of India said here Wednesday.
"The prices have dropped from Rs.55,000-Rs.60,000 ($1,100-$1,200) per tonne to Rs.45,000-Rs.50,000 ($900-$1,000) per tonne," said B.L. Jajodia, chairman of Steel Wire Manufacturers Association of India.
The export of steel wires, used in the infrastructure industry, dropped last financial year to 73,000 tonnes from 300,000 tonnes the year before in 2006-07.
UPA government’s financial inclusion policy and economic empowerment of Muslims
By Tameemuddin Humble
The vast majority of the Muslim population in India is chronically poor and destitute and cannot avail the welfare schemes of the government meant for them through the formal financial institutions.
Muslim access to banking services
Where would power plants’ carbon dioxide emissions go?
By IANS
New Delhi : Rapidly increasing energy demand in India - projected to be 448,000 MW by 2020 - would mean huge emissions of greenhouse gas carbon dioxide. A group of experts explored ways here Tuesday whether carbon capture and storage (CCS) could contain the problem.
The two-day workshop of experts, sponsored by Britain's Department for Environment and Rural Affairs (Defra) and the British High Commission in partnership with India's Department of Science and Technology and the Planning Commission, sought to find viable ways of CCS.
Sensex poised for fourth consecutive day of losses
By IANS,
Mumbai : A key Indian equity index started trade on a negative note Thursday and, an hour into trade, was ruling 1.06 percent lower than its previous close. The downtrend in Indian equities was expected to continue a fourth day.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 16,191.39 points and, about an hour after opening bell, was at 16,108.82 points, 1.07 percent or 174.67 points lower than its previous close at 16,283.49 points.
Ansal Properties to develop SEZ in Haryana
By IANS,
New Delhi : Ansal Properties and Infrastructure Ltd (APIL) Monday received the formal approval of the Department of Commerce to develop a special economic zone (SEZ) in Haryana with an investment of Rs.9 billion ($214.3 million).
The engineering-based SEZ that includes residential houses and manufacturing units is coming up on 250 acres near the Amritsar-New Delhi Grand Trunk Road. The company has set up a subsidiary, Ansal Kamdhenu Engineering SEZ, especially for the project.
India’s growth pegged at 8.7 percent, amid concerns
By IANS
New Delhi : India has grown into a trillion dollar economy with an anticipated growth of 8.7 percent for this fiscal even as poor infrastructure, rupee appreciation, inflation, lower export growth, failing farm growth and US slowdown pose some major challenges, says the official Economic Survey.
"There is no doubt the economy has moved to a higher growth plane, with growth in gross domestic product (GDP) at market prices exceeding 8 percent in every year since 2003-04," said the annual report card on the Indian economy.
Dhoni kites rule Ranchi market
By IANS,
Ranchi : Indian cricket captain Mahendra Singh Dhoni's popularity is touching the skies -- literally. Kites with images of his face rule the market.
"I am unable to meet the demands of the Dhoni kite," said Mohammad Talib, who has been making and selling kites in this Jharkhand capital for years.
"Every day I prepare around 1,500 kites with photos of Dhoni. But I get over 2,000 young customers daily asking for these kites."
Rate hike fears pull down Sensex 176 points
By IANS,
Mumbai : A benchmark index for Indian equities markets Wednesday closed 176 points lower a day before an imminent rate hike by the country's central bank.
US stocks gain as surprising earnings overshadow GDP report
By DPA,
New York : US stocks posted strong gains Wednesday as most companies that reported profits for the first quarter beat estimates on the day, drowning out reports of a sharp contraction in the US economy over the first three months.
Time Warner, Goodyear Tire & Rubber, DreamWorks Animation SKG and Hess Corp all beat analysts' expectations, offering some hope that the worst may be over and driving all major US stock indices up by more than 2 percent.
Amanath Bank scam: K Rahman Khan clears his position before TCN
By Mumtaz Alam Falahi, TwoCircles.net,
Indian Oil raises $400 mn through Singapore bonds
By IANS,
New Delhi : Oil marketing company Indian Oil has raised $400 million ($326 million), selling 10-year bonds denominated in Singapore dollars, the company said here Friday.
Carmakers seek to conquer emerging markets
By DPA
Frankfurt : Booming demand in emerging economies has set off a gold-rush among the world's carmakers, desperate not to miss out on the large profits that beckon.
By contrast with the industrialized world, where concerns like emission standards, safety and luxury are paramount, in countries like India and China, cost is the key factor.
Demand is exploding here, as it is in Brazil, Russia, Indonesia, the Middle East, Turkey, Iran and parts of Africa, with turnover as much as doubling in some markets in recent years.
Bush urges OPEC to correct high oil prices
By DPA
Riyadh : US President George W. Bush complained about spiralling oil prices during his visit to Saudi Arabia Tuesday and expressed his hope that the Organization of Petroleum Exporting Countries (OPEC) would soon take corrective measures.
Bush, on a two-day visit to the world's largest oil exporter, warned OPEC of the consequences of unaffordable oil prices on the world economy.
HAL bets on more overseas orders for Dhruv choppers
By IANS,
Bangalore : State-run Hindustan Aeronautics (HAL) is hard-selling its flagship advanced light helicopter (ALH) Dhruv in the international market for orders to supply 16-18 of them in South America, Middle East and South East Asia, a top official said here Thursday.
British minister criticises government on non-domicile tax
By IANS
London : The British trade and investment minister said a controversial government proposal to tax foreigners who live in Britain but earn abroad could threaten London's role as a world finance centre.
Lord Digby Jones, who recently led a large business delegation to India, criticised the plans to charge an annual 30,000-pound ($58,453) fee on the so-called non-domiciles, saying it made it harder for him to sell Britain as a destination for skilled foreign workers and inward investment.
Indian rice exports a ‘thoughtful gesture’: Dhaka daily
By IANS
Dhaka : India's decision to export 500,000 tonnes of rice to cyclone-hit Bangladesh despite scarcity at home is "a thoughtful gesture," a newspaper said Monday.
"Production in major rice exporting countries in the world has been low this year. As a result, many such countries, including India, had imposed export restrictions on rice to be able to meet their own deficits.
Bank of Baroda to double its operation in three years
By IANS
Kolkata : Bank of Baroda, one of India's premier public sector banks, intends to double its business, including overseas operations, in three years.
"We are expecting a total business of Rs.5 trillion ($330 billion) in next three years, of which the bank's international operation would contribute about Rs.1 trillion," Bank of Baroda (BoB) chairman and managing director Anil. K. Khandelwal told reporters here Friday.
"By the end of the current financial year, the bank is also eyeing a total business of Rs.2.5 trillion."
Indian exports pick up but imports surge 63 percent
By IANS
New Delhi : India's merchandise exports in January showed signs of recovery with a 20.47 percent growth, even as imports of both non-oil and other items grew by over 60 percent putting pressures on the country's trade balance.
India's exports were valued at $131.41 billion in January, or 20.47 percent more than the figure of $109.08 billion for the corresponding month for last year but imports grew 63.57 percent to $225.04 billion from $137.58 billion.
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.
Swiss company to sue Venezuela over nationalisation
By DPA,
Geneva : Holcim, a Swiss cement supply company, Monday said it had opened international arbitration proceedings against Venezuela, after the South American government failed to pay compensation for the nationalisation of its branch there last year.
Along with two other foreign-owned cement companies, Holcim's assets were seized by Caracas in the summer, the company said in statement.
In violation of an agreement between the company and Venezuela, the Swiss firm was never compensated and the government cut off all contact by October.
India’s economic growth falls further to 7.6 percent
By IANS,
New Delhi : India's economic growth declined to 7.6 percent for the second quarter of this fiscal, leaving industry with the hope that policy measures taken over the past month will avert a further fall and help revive manufacturing.
The country's growth was 7.9 percent during the first quarter of the fiscal (April-June) and 9.2 percent during the second quarter of 2007-08 (July-September), as per data on gross domestic product (GDP) released by the Central Statistical Organisation (CSO).
Haldia Petrochemicals wants excise cut on plastic units
By IANS
Kolkata : An official of West Bengal's showpiece Haldia Petrochemicals Limited (HPL) has said a reduction in the excise duty for plastic units in the forthcoming budget will boost the industry.
"There would be unprecedented growth in the industry if the excise duty is halved," HPL Managing Director Swapan Bhowmick said here Friday evening.
Palm oil only hurdle to India-Asean free trade agreement
By IANS
Kuala Lumpur : Export of palm oil to India from southeast Asia remains the last issue to be resolved before India signs a free trade agreement (FTA) with the Association of Southeast Asian Nations (Asean).
A bilateral FTA between India and Malaysia is also on the anvil.
The much-discussed FTA was pushed further during the visit here of Indian Defence Minister A.K. Antony, when an entire gamut of bilateral and multilateral issues was taken up.
Malaysian Foreign Minister Syed Hamid Albar said the FTA would be signed once the palm oil issue was resolved.
Food prices still daunting the common man
By IANS,
New Delhi : Making a meal has become a calculated risk in many households. With little respite from rocketing prices of fruits, vegetables and other foods people are trying to make do with a minimal menu.
As per the government's data on annual food prices inflation released Thursday, wholesale prices of fruits, vegetables and other food commodities rose by 17.94 percent till the last week of January.
Prices of essential items kept rising with vegetables dearer by 20.93 percent, potatoes 40.57 percent, pulses 41.24 percent and fruits 8.67 percent during a 52-week period.
OPEC crude price falls to $57.77
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell to $57.77 Tuesday, the oil cartel said Wednesday.
One barrel (159 litres) of OPEC crude fell by $1.26 Tuesday from $59.03 Monday.
OPEC calculates an average basket price based on 13 important brands produced by its members.
Biocon profits grow despite rising rupee
By IANS
Bangalore : Indian biotechnology leader Biocon Ltd Thursday announced net profit of Rs.1.07 billion for the first six months of fiscal 2007-08, registering 27 percent growth over the same period a year ago, said company chairperson Kiran Mazumdar-Shaw.
Presenting the company's financial highlights here, Mazumdar-Shaw told reporters consolidated income from sales in the first six months of this fiscal grew by 19 percent to Rs.5.5 billion from Rs.4.6 billion in the corresponding period last fiscal.
Indian auto industry set to enter Russian market
By RIA Novosti
St Petersburg : The Indian automotive industry is all set to enter the Russian market now to make its mark against the backdrop of growing bilateral trade totalling $3.5 billion last year.
"This year we are planning to increase the sales of our engineering products to Russia to $1 billion," said Rakesh Shah, chairman of the Engineering Export Promotion Council of India (EEPCI).
In 2006-2007, exports for engineering products from India to Russia amounted to $125 million, and imports from Russia to India were $900 million.
‘Demand for affordable housing still strong’
By IANS,
New Delhi : Demand for "affordable housing" is still strong in India and first-time home buyers would continue to drive the realty segment, a top industry official said here Monday.
"Affordable housing market has a huge demand with consumers just sitting on the fence and waiting to get a clearer picture of the ongoing financial crisis," Arun Nanda, executive director (infrastructure development sector) of Mahindra and Mahindra, told reporters on the sidelines of the World Economic Forum-India Economic Summit.
Satyam scrip falls again, regulator to probe acquisition bid
By IANS,
Mumbai : Satyam Computers, which is planning to buy back shares to regain investor confidence, saw its scrip slide again in Friday morning trade, while the market regulator said the IT major's unpopular and thwarted bid to acquire two promoter companies would be examined.
“We do not want to react quickly to the incident (the acquisition bid that triggered investor outrage), but we will study issues involved and then take a decision,” Securities and Exchange Board of India (SEBI) chairman C.B. Bhave told reporters here.
Iran, Bahrain seeking to boost mutual investment
By NNN-FNA,
Tehran : Iranian and Bahraini businessmen are slated to discuss investment opportunities in their fifth joint meeting in Manama on Saturday, despite heavy pressures by the US on the Arab state to end financial ties with Tehran.
Setting up companies in the fields of shipping, airline and medicine are expected to top the agenda of talks between the two sides.
Iran's economic attaché in Bahrain Mostafa Sadat told the Islamic republic news agency that the five-day meeting between the two countries aims to create investment opportunities.
Maritime industry forecast to grow in Asia-Pacific region
By DPA
Singapore : The Asia-Pacific region accounts for 42 percent of the global market for maritime port operations and services, with growth forecast to reach 44 percent by 2010, a survey said Thursday.
"The main areas of growth in ports and terminals are expected in China, India and (South) Korea," said a report by Fusion Consulting Asia.
The 42 percent, or $43 million, is expected to grow to $54 billion.
Markets not impressed by robust industry numbers, Infosys results
By IANS,
Mumbai : Indian equities markets Tuesday ignored the robust industrial production numbers released by the government as well as an improved revenue guidance from IT bellwether Infosys, with a key index ending 104 points in the red.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,534.1 points and ended trade at 17,422.51 points, down 104.2 points or 0.59 percent from Monday's close at 17,526.71 points.
Banking majors ICICI and SBI, along with ITC and Tata Steel, were among the major contributors to the slump.
BSE de-lists Satyam, Sun Pharma replaces scrip on Sensex
By IANS,
Mumbai : Scam-tainted Satyam Computer has been de-listed by the Bombay Stock Exchange (BSE) with effect from Jan 12, the BSE said in a statement Thursday.
The scrip closed at Rs.39.95 Wednesday after a 77.69 percent freefall after the company's founder-chairman B. Ramalinga Raju confessed to a Rs.70-billion (Rs.7,000-crore) accounting fraud and resigned. The market was closed Thursday on account of Moharram.
Dassault, Argentum ink pact on engineering design
By IANS,
New Delhi : Eyeing a share of the global $750 billion market, Dassault Systemes of France and India's Argentum Engineering Design (AED) Monday inked a landmark pact to provide automobile component solutions for original equipment manufacturers (OEMs).
"India is fast becoming a hub for automotive manufacture and design. This agreement will drive innovation and enhance efficiency in the Indian automotive industry," B.V.R. Subbu, founder and board member of AED parent Argentum Motors Pvt. Ltd., told reporters at the signing ceremony here.
Suzuki bets big on India, to launch new car
IANS
New Delhi : Japanese auto maker Suzuki Motor Corp (SMC) will launch a new "global car" in India and locate its biggest production units in the country, company chairman Osamu Suzuki said here Tuesday.
The new car, referred to as a "global car" by the company, would be made at Maruti Suzuki India Ltd's (MSIL) plant near the capital. Suzuki owns 54.2 percent stake in MSIL.
The car would be targeted primarily at the European market and is expected to be launched in the small car segment, officials said.
Iraq’s Majnoon oil refinery near completion, production expected to increase
By NNN-KUNA
Baghdad : Iraq will increase crude oil production from the giant Majnoon oil field in the south of the country to 100,000 barrels a day, the Iraqi Oil Ministry said in a statement.
An Iraqi source from the oil ministry said a company working for the ministry is near the end of developing the second stage of the southern oil refinery project.
The statement Thursday said the first stage of the project was completed in 2003 when output production levels reached around 50,000-60,000 barrels.
GM potato blessing for small farmers: South African group
By Fakir Hassen, IANS,
Johannesburg : The availability of a new genetically-modified (GM) potato variety will be a blessing for South African small-scale farmers, GM interest group AfricaBio has said here.
The group said it supported the introduction of a GM version of the Spunta potato variety, which has been developed by the Agricultural Research Council (ARC). The new variety is resistant to the potato tuber moth, the nemesis of small scale farmers without the resources to store crops under ideal conditions.
General Motors introduces ‘green’ Hummer
By DPA
Detroit : General Motors has introduced an ethanol-adapted "green" version of its heavy gas-guzzling military compact truck derivative, the Hummer, at the Detroit auto show, where media continued getting a preview before the show opens later this week to the public.
The unveiling, coupled with an announcement of a partnership in a bio-fuel company Monday, was part of GM's efforts to raise its image as a company trying to reduce carbon emissions blamed for global warming.
Biotech sector to become $5 bn industry by 2010: Assocham
By IANS
New Delhi : The Indian biotechnology sector, a $1.5 billion industry in 2004-05, is all set to become a $5 billion industry in the next four years, says a leading industry lobby.
Nigeria cancels sale of steel plant to Ispat promoters
By IANS
London : Nigeria has cancelled the proposed sale of its biggest steel plant to an Indian company, Global Infrastructure Holdings (GIH), after an inquiry accused the buyer of indulging in "unwholesome" practices, according to a report here Friday.
The cancellation of the sale of the Ajaokuta Steel Co and National Iron Mining Co to the company led by Promod Mittal, the brother of Arecelor-Mittal's Lakshmi N. Mittal, was ordered by Nigerian President Umaru Yar'Adua.
Goodwill cargo of fruits, vegetables kicks off Poonch-Rawlakote trade
By Binoo Joshi, IANS,
Rangar (Jammu and Kashmir) : For the first time in six decades, Indian vehicles rolled across the Line of Control (LoC) to bridge the divide between the two Kashmirs as trade began Tuesday and India and Pakistan came a little closer.
While Jammu and Kashmir Governor N.N. Vohra was in Salamabad Uri in north Kashmir to flag off the first convoy to Muzaffarabad, his adviser H.H. Tyabji did the honours here, about 250 km from the state's winter capital Jammu, to kick off trade between Poonch and Rawlakote.