Economy

By IANS, Mumbai : A key index of the Indian equities markets opened higher Tuesday, ruling 267 points above its last closing figure about five minutes into trading. The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,549.42 points, was at 13,667.91 - 267.59 points or two percent higher than Monday's closing figure. Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,055.6 points, up 2.05 percent.

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

By Uday Salunkhe, IANS,

By Murali Krishnan, IANS, Bagdogra (West Bengal) : Prime Minister Manmohan Singh Saturday held out the hope that there would be moderation in inflation in the coming few weeks if this year's monsoons are normal and added that the situation would be better after Sep 15. "I am confident that with the excellent procurement of food grains - both wheat and rice - and if we have a normal monsoon we will see a moderation in the price behaviour. But one has to be patient," Manmohan Singh told reporters at the end of his two-day visit to Bhutan.

Hyderabad, Sep 28 (IANS) International Traffic in Arms Regulations (ITAR) of the US are a major hurdle in the growth of new space industry actors in the global market, said speakers from emerging space nations at the 58th International Astronautical Congress (IAC 2007) here. They also made a strong case for change in the rules to facilitate cooperation and healthy competition in the global space industry. The speakers were unanimous that both cooperation and competition were necessary to ensure growth of the space industry, especially among emerging nations and new players.

By IANS New Delhi : India and Russia Tuesday announced the conclusion of negotiations on a civil nuclear pact that makes way for the construction by Russia of four new nuclear reactors in Tamil Nadu. Both countries also pledged to double trade to $10 billion by 2010.

By Gaurav Sharma, IANS,

By IANS New Delhi : Jet Airways has become the first Indian private carrier to receive the government's clearance to fly to the Gulf from Jan 1, 2008. The airline had applied for the rights to fly to Kuwait, Oman, Qatar, Bahrain, Dubai and Abu Dhabi, of which the last two destinations are still under the government's consideration, an official statement said Friday. The total entitlement for Indian carriers on the Gulf routes is 85,481 seats per week and the utilisation by Indian carriers is 49,348 seats, according to the statement.

By IANS, New Delhi/Mumbai : Even as its scrip recovered after taking a beating in the past two days, India's top drug maker, Ranbaxy Laboratories, Wednesday said its takeover by Japan's Daiichi Sankyo is on track. It also said it would provide US authorities all information on alleged sale of adulterated drugs in that country, and that no formal charges have been pressed against it. "The (Daiichi) deal is absolutely on track. There are no changes," Ranbaxy chief executive and managing director Malvinder Singh said.

By IANS, Buenos Aires : Italian automobile giant Fiat has announced a $300 million investment plan in its existing plant in Argentina to produce auto parts for export, EFE news agency reported Friday. The investment will go into Fiat's plant in the central province of Cordoba, where 16-valve engines and transmissions will be produced for export, Fiat Power Train Technology chief Alfredo Altavilla told the press Thursday. Fiat managers met Wednesday with Cordoba governor Juan Schiaretti and told him that the spare parts unit would create 2,400 new direct and indirect jobs.

By IANS New Delhi : Cement manufacturers in India were Thursday held guilty by the anti-trust commission of indulging in restrictive trade practices and fixing cement prices in concert. They have been ordered to desist from this practice. In a 120-page order, the Monopolies and Restrictive Trade Practices Commission said private sector cement companies were found guilty of indulging in cartel arrangements between February and April 1990.

By IANS New Delhi : In a bid to popularise the 'bread and breakfast' scheme and enhance the number of rooms available to travellers, tax sops will be given to such establishments, Tourism Minster Ambika Soni said here Saturday. "India needs to develop tourism infrastructure. The bread and breakfast scheme will get tax exemptions and guest houses will be given rebates," Soni said at the annual convention of the Indian Association for Tour Operators (IATO).

By NNN-KUNA Kuwait : Chief Executive Officer of Kuwait Petroleum Corporation (KPC) Saad Ali Al-Shuwaib has said that the company is negotiating with a number of institutions in China, India and Vietnam to build oil and petrochemical projects, including oil refineries. Al Shuwaib, in a statement to reporters during his participation in a symposium on industrial investment in the oil sector here Tuesday, said that the global trend now is combining the building of refineries and petrochemical projects because it is more economic.

By IANS, New Delhi : India's customs and central excise revenue collection grew by 4.8 percent in August this year, totalling Rs.19,497 crore or Rs.194.97 billion, the government said Friday. An official statement from the finance ministry said the cumulative customs and excise revenue collection up to August stood at Rs.93,856 crore (Rs.938.56 billion). This is an increase of 10.5 percent over the Rs.84,974 crore (Rs.849.74 billion) realised during the corresponding period last fiscal. The ministry said that the figures were provisional.

By IANS, New Delhi : Stock Holding Corporation of India Ltd (SHCIL), India's largest custodian and depository participant, launched its state-of-the-art electronic stamping (e-stamping) facility here Wednesday. The facility, inaugurated by Chief Minister Sheila Dikshit, will be available to the public at authorized collection centres - SHCIL branches and Corporation Bank branches - in the capital. Said R.C Razdan, chairman and managing director of Stock Holding Corporation of India: "The e-stamping system has been designed to prevent paper and process-related fraudulent practices."

By IANS, Mumbai : European chemical manufacturing major Bayer has launched several eco-friendly projects in India, including a tool to analyse and reduce carbon dioxide emissions in industrial production, the company said here Friday. Bayer plans to assess its global production facilities by the end of 2009 using this new measurement tool - the Bayer Climate Check - which also includes raw materials, logistics and energy consumption in its carbon dioxide emissions analysis.

By IANS,

By IANS, Mumbai : Indian equities markets went on a correction mode within about an hour of trading Monday morning with a key index shedding 116 points from its last closing figure. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,153.21 points, above Friday's close of 15,103.55. About an hour later, it slipped into red to 14,965.2 points, 138.35 points or 0.92 percent lower than Friday's close.

By DPA Vienna : The prices of the Organisation of Petroleum Exporting Countries (OPEC) crude slipped after oil ministers of the 13-nation cartel decided to maintain current output levels, the OPEC secretariat said Thursday. One barrel (159 litres) of crude from OPEC's 12-brand reference basket stood at $95.95 Wednesday, down 34 cents from the previous day, the secretariat said. At its 148th meeting, OPEC decided to keep current production quotas steady, thereby ignoring calls by US President George W Bush to increase output.