72 percent support demonetisation, says survey
New Delhi : About 72 percent of respondents agree with the demonetisation decision, says an online opinion poll carried out by SoGoSurvey to find...
Murugappa group to invest Rs.586 crore this fiscal
By IANS,
Chennai: The Rs.15,646-crore ($3.15-billion) Murugappa group will invest Rs.586 crore in its existing businesses this fiscal, said senior company officials here Tuesday.
"The investments will be towards completing the existing projects as well as setting up of new facilities," said A. Vellayan, the group's vice chairman and director (strategy) while announcing the consolidated group results.
Added N. Srinivasan, director (finance): "The investments will be funded by debt as the group's debt-equity ratio is very comfortable."
India to pump prime economy with ‘substantial’ package
By IANS,
New Delhi : Prime Minister Manmohan Singh is expected to announce a multi-billion rupee package here Saturday to pump prime the economy, with sector-specific measures to help India Inc overcome the impact of global slowdown.
Along with the package, the government may also permit state-run fuel retailers to cut the prices of gasoline and diesel to ease the burden on average citizens, top ministers said in separate interactions with reporters here.
Chhattisgarh to have swanky new capital
By IANS
Raipur : Chhattisgarh is to have a swanky new capital, Naya Raipur, complete with a world-class convention centre, an IT special economic zone, an 18-hole golf course, super speciality hospitals, malls and cricket stadiums. The foundation stone for the dream capital was laid by Chief Minister Raman Singh Monday.
Raman Singh, along with his senior cabinet colleagues, laid the foundation stone for the first phase of the project at Rakhi village, 20 km away from Raipur.
Fuel prices go up in Pakistan
By IANS,
Islamabad : Fuel prices went up in Pakistan Saturday, authorities said.
National Aluminium slashes price fourth time in October
By IANS,
Bhubaneswar : The state-owned National Aluminium Co Ltd (Nalco), India's second largest aluminium manufacturer, has slashed basic metal prices for the fourth time this month to match international prices, a top company official said Wednesday.
“The standard aluminium prices were slashed last week by about Rs.8,000 a tonne,” Nalco's chairman and managing director C.R. Pradhan told IANS.
There are several other special discounts of about Rs.16,000 to Rs.17,000 a tonne offered to different buyers on different aluminium products, another senior official of the company said.
With Rs.225 bn, June was record month for public issues
By IANS
New Delhi : June was a record month for Indian companies in terms of raising money from public issues, with mobilisation of a whopping Rs.225 billion ($5.5 billion), says a study by a leading equities research firm.
Chandigarh mega projects under vigilance scanner
By Jaideep Sarin, IANS,
Chandigarh : Controversial mega projects in Chandigarh worth billions of rupees under prevailing market prices are under the scanner of the Central Vigilance Commission (CVC).
The CVC has sought all files pertaining to the mega-projects from the Chandigarh administration to investigate alleged corruption in land deals, official sources in the administration confirmed Wednesday.
Ford India launches new Fusion variant
By IANS
Chennai : Ford India Pvt Ltd has announced the launch of Fusion Plus, a new variant in its Fusion vehicle range, here Wednesday.
The new variant comes with additional features like anti-lock braking system, 15-inch alloy wheels, body-colour bumpers, door handles, side moulding and deck lid and A Fusion+ badge.
It is available with either a 1.6-litre Duratec petrol engine or a 1.4-litre Duratorq TDCi turbodiesel engine. An introductory offer on the Fusion Plus this month includes a MP3 player with four speakers.
Citi to close hedge fund founded by Pandit
By IANS,
New York : Citigroup has decided to close a hedge fund that its chief executive Vikram Pandit co-founded, and which the banking behemoth bought for more than $800 million.
Citigroup plans to shut Old Lane Partners and buy what is left of its assets, the Wall Street Journal reported Thursday. The fund has been dogged by mediocre returns and the loss of top managers.
Pandit personally made at least $165 million when Citigroup bought Old Lane at a time when hedge funds were considered a lucrative new business.
Royal Orchids to start firm with Parsvnath
By IANS
Mumbai : Bangalore-based Royal Orchid Hotels Ltd (ROHL) Wednesday said it will set up a Rs.50-million joint venture firm with Parvsnath Hotels to develop new properties.
The company informed the Bombay Stock Exchange that Parvsnath Hotels, which is a wholly owned subsidiary of realty firm Parvsnath Developers, will hold majority stakes in the venture named Parvsnath Royal Orchid Hotels Pvt Ltd.
The joint venture will develop 10 hotels, including five-star and four-star hotels, ROHL's Company Secretary A. Someswara Rao told IANS.
Indirect tax revenue collections decline by 8 percent
New Delhi, Dec 16 (IANS) The government's revenue through indirect tax collections declined by over 8 percent in November, thanks to the economic slowdown, shows the data released by the finance ministry Tuesday.
The excise duty collections also dropped 15 percent in November. The collection was down 1.5 percent between April-November.
The customs collections, however, increased 13 percent between April-November, the statement said.
The service tax fared better with 15.9 percent growth in October.
However, the excise and customs duty collections fell by 5 percent in October.
Farm sector growth will be below 4 percent: Plan panel chief
By IANS,
New Delhi : India's farm sector growth will be less than 4 percent this fiscal on account of floods and deficient monsoon in some parts of the country, the Planning Commission chief said Wednesday.
"It is extremely unlikely that the agriculture sector will grow more than 4 percent this year. The sector is not growing as it should have been," Planning Commission Deputy Chairman Montek Singh Ahluwalia said at the annual Economic Editors' Conference here.
However, this would not pose a problem to food supplies in the country, he added.
Bank of India applies to open in Cambodia
By DPA,
Phnom Penh : Cambodia has welcomed an initial application by the Bank of India to open in Phnom Penh, local media reported Tuesday.
The Cambodia Daily newspaper quoted Finance Ministry director of investment Chan Sothy as saying the nationalised Indian bank, which has a presence in all the major trade centres of the world, applied to open a branch in April.
The paper quoted Sothy as saying he and Finance Minister Keat Chhon met outgoing Indian ambassador Aloke Sen Friday and "welcomed the Bank of India to open a branch in Cambodia".
Hunks are business eye-candy in Japan
By Lars Nicolaysen, DPA,
Tokyo : At the entrance to a Tokyo fashion boutique a tall Japanese man holds open the doors for the shop's female customers. The young man is tall, well-built and handsome, sports black hair cut in the latest fashion, perfect skin, a cool look and is always impeccably polite. Just like the ladies like it.
Climate friendly policies pay off: Study
By IANS,
New Delhi : Climate-friendly policies not only reduce greenhouse gas emissions and bring environmental benefits, they also boost and diversify the economy, reveals a recent study analysing some 100 climate policies of G20 countries.
Carried out by think tanks Ecofys and Germanwatch for global NGOs WWF and E3G, the study evaluates climate policies of countries accounting for around three-quarters of global greenhouse gas emissions, identifying best and worst examples and lessons learned.
Sub-prime crisis had limited impact on Asia: Citi
By IANS
New Delhi : The recent sub-prime mortgage crisis has made limited impact in Asian markets, a senior official of Citi, a global banking and financial services group, said Wednesday.
"The sub-prime mortgage crisis has been limited in Asia, which actually shows its inherent strength and growth," Robert Morse, managing director and CEO, Asia Pacific, markets and banking, Citi, said at Fortune Global Forum here.
GSM users up by 4.97 million in April
New Delhi : The all-India GSM subscription increased by 4.97 million or 0.69 percent in April 2014 from the previous month, data released by...
PM to inaugurate Baglihar hydel project Friday
By IANS,
Jammu : Engineers at the Baglihar hydroelectric power project in the mountain-locked Chanderkot area of Jammu and Kashmir are working overtime on trial runs ahead of the inauguration of the first phase by Prime Minister Manmohan Singh Friday.
The 900-MW hydel project on the Chenab river is of two phases of 450 MW each. Manmohan Singh will be inaugurating the first phase of this "first Jammu and Kashmir-owned prestigious power project for this power starved state". Work on the project started in 1999, and after escalation the cost stands at about Rs.52 billion.
Nehru Place tops US list of six ‘notorious markets’ in India
By Arun Kumar, IANS,
Washington : The US has listed six markets in India, including Nehru Place and Gaffar Market in New Delhi, as "notorious...
Satyam board to safeguard employee, client interests: Director
By IANS,
New Delhi : The newly-appointed member of the Satyam board of directors, Confederation of Indian Industry (CII) chief mentor Tarun Das, Friday said the main priority was to safeguard the interests of employees, customers and investors of the scam-tainted IT company.
Minister for Corporate Affairs P.C. Gupta Thursday named three more directors to the Satyam Computer Services board. Besides Das, the other two directors named were T.N. Manoharan, noted chartered accountant, and Suryakant Balakrishnan, nominee of the Life Insurance Corp.
Nepal to test-drive Nano next month
By Sudeshna Sarkar, IANS,
Kathmandu : A year after its launch in India, Tata Motors' much-awaited "people's car", the Tata Nano, is poised to hit the international market, with Nepal beginning the first test-drive of the world's cheapest car next month.
Sipradi Trading Pvt Ltd, the Kathmandu-based Nepali company that is the sole dealer for Tata vehicles in the Himalayan republic, said five Tata Nanos are arriving here for the customary test-drive before they are launched.
US varsity says okay to Coke after TERI report
By Arun Kumar, IANS
Washington : The Michigan University has decided to continue to do business with Coca-Cola after The Energy and Resources Institute (TERI) gave it a clean chit on pesticides levels in its products bottled in India.
"Based on the information contained in the TERI Report, we regard this issue to be resolved," Timothy P. Slottow, executive vice president of the university said in a letter to the Atlanta based soft drink major.
Sensex closes flat, broader markets gain
By IANS,
Mumbai : A benchmark index of Indian equities markets Friday closed flat bringing an end to a range-bound trading session. Broader markets, however, ended with handsome gains.
Sensex rises 427 points, highest since Jan 2008
By IANS,
Mumbai : Indian equities rose on the eve of the festival of lights Thursday, backed by positive global cues, foreign inflows and a stellar listing of Coal India.
India’s annual inflation rate in November rises 4.78 percent
By IANS,
New Delhi : India's annual rate of inflation, based on wholesale prices, rose sharply to 4.78 percent in November from 1.34 percent in the previous month, mainly on account of a 16.71 percent jump in prices of food articles.
The annual inflation rate was 8.48 percent during the like month last year.
Data on the official wholesale price index released Monday showed that over the past year, prices of potatoes year-on-year increased over 101 percent while onions and pulses have become dearer by 32.41 and 35.22 percent, respectively.
Usha Martin consolidated net up nearly 6 percent
By IANS,
Kolkata : Speciality steel and wire rope manufacturer Usha Martin posted a net consolidated profit of Rs.185.34 crore in 2008-09, up 5.7 percent from Rs.175.39 crore in 2007-08, a top company official said here Tuesday.
"This is the highest net profit in the history of the company. The turnover grew by 24.5 percent to Rs.3,146.79 crore and net sales grew 27.8 percent to Rs.2,949.85 crore in 2008-09," Usha Martin managing director Rajeev Jhawar said at a media briefing.
Wire ropes sales have constituted 50 percent of the total revenue, he said.
SR 400 Million “Iwan” International Housing Company Approved
By SPA
Riyadh : Minister of Commerce and Industry Dr Hashim Yamani has approved the establishment of 'Iwan' International Housing Company as a limited stock company with a capital of SR 400 million.
The capital of the Company is split into 40 million shares and the nominal value of each share is SR 10.
The Founders have subscribed for the entire shares and have already paid up 25 percent of the total capital (SR 100 million).
EU approves Germany’s banking rescue plan
By DPA,
Brussels :The European Commission Tuesday approved Germany's 470 billion euro ($588 billion) financial rescue package after finding that it does not violate European Union (EU) treaty rules.
"The package constitutes an adequate means to remedy a serious disturbance in the German economy while avoiding undue distortions of competition," the bloc's executive arm said in a statement.
Kashmir governor reviews budget preparations
Jammu: Jammu and Kashmir Governor N.N. Vohra on Saturday reviewed budget preparations for the new fiscal beginning April 2016, an official statement said.
A meeting...
Tata Motors rights issue later this month
By IANS,
New Delhi : Tata Motors Tuesday said its proposed rights issue to raise Rs.42 billion will open this month-end.
The right issues is aimed at part funding the short-term bridge loan taken for financing the acquisition of Jaguar-Land Rover from the Ford.
In a regulatory statement, the Mumbai-based auto major said it will offer one ordinary share for every six shares held at Rs.340 per share, with a face value of Rs.10, totalling Rs.21.86 billion.
Bharti to ink final agreement with Kuwait’s Zain Tuesday
By IANS,
Dubai : India's leading telecom company Bharti Airtel will sign the final agreement Tuesday with Kuwait's Zain to buy its African assets, other than those in Morocco and Sudan, for $10.7 billion, reports a Kuwaiti newspaper.
"Zain's Chairman Asaad Al Banwan and Chief Executive Officer Nabil bin Salama fly to Amsterdam Monday to attend the ceremony of signing the final contract that will be held on Tuesday at the Zain Africa headquarters," said 'Al-Watan', citing unnamed sources.
Railways to invest Rs.2.51 trillion in infrastructure
By IANS
Kolkata : Indian Railways is planning to invest Rs.2.51 trillion in the 11th Five Year plan for developing infrastructure to strengthen its domestic supply chain.
"The railways will chip in with this amount for five years down the line, of which Rs.900 billion will come from internal generation. At least 29 percent of the total amount will be from market borrowing and the rest will come from the government," V.N. Mathur, member, traffic, Railway Board, told reporters Tuesday.
G7 vows to stabilize global financial markets
By DPA
Tokyo : Financial leaders from seven world economic powers vowed Saturday to take both individual and joint action to stabilize financial markets, which had suffered turmoil owing to the US subprime mortgage crisis.
Finance ministers and central bank governors from Group of Seven (G7) meeting in Tokyo released a joint statement at the end of a one-day forum pledging to secure stability of the global economy.
India Changes Duty On Nepali Garment
By Bernama,
Kathmandu : In a major policy reverse, India has rolled back its decision to impose customs duty on maximum retail prices (MRP) of Nepali garments exported to India and will now levy tax on the price indicated on the customs invoice.
Quoting Saturday's The Kathmandu Post, the Press Trust of India (PTI) reported that this means Nepali exporters will be paying between half to two thirds less duty to India.
Tripura seeks subsidy on cooking gas for northeast
By IANS,
Agartala : The Tripura assembly Thursday urged the central government to give subsidy on cooking gas for the eight northeastern states.
"Considering the weak financial position and limited revenue support, the union government should not impose any additional burden and instead give special subsidy on cooking gas for the northeast states," said Tripura Chief Minister Manik Sarkar.
External commercial borrowing norms likely to be eased
By IANS,
New Delhi : The government is exploring options to ease norms for external commercial borrowings (ECBs) to enable firms go for faster capacity building, a senior finance ministry official hinted here Monday.
“Yes, you cannot rule out the possibility of easing ECB norms,” Ashok Chawla, secretary in the Department of Economic Affairs (DAE) in the finance ministry told reporters when asked how companies would access funds to finance infrastructure projects.
EU starts implementing Iran nuclear agreement
Brussels : The European Council said here on Friday that it has adopted the first legal acts implementing the latest Iran nuclear deal, which...
EU hails achievement of Bali climate conference
By Xinhua
Brussels : The European Union (EU) has hailed the achievement of the Bali climate conference and called for joint efforts by developed and developing countries to take measures to tackle global warming.
The EU Saturday welcomed the agreement reached at the UN climate change conference in Indonesia's Bali to start formal negotiations on a climate regime for the post-2012 period and on a Bali Roadmap that sets out an agenda for these negotiations, said a statement of the bloc.
Doha Bank’s brokerage firm to enter non-banking sector
By IANS,
Thiruvananthapuram : Doha Brokerage & Financial Services Limited (DBFS), an associate of Doha Bank headquartered in Qatar, is all set to enter the non-banking financial company (NBFC) operations in India soon.
Addressing reporters here Saturday, K.V. Samuel, vice-chairman of DBFS and senior manager treasury and investment of Doha Bank, said the Reserve Bank of India had given them the licence to go ahead.
Pipavav port investing Rs.142 bn to expand capacity
By IANS,
Ahmedabad : Private sector port major Gujarat Pipavav Port Ltd (GPPL) is investing Rs.142 billion ($3 billion) to build new container yards to ramp up capacity, company officials said.
The expansion project would enable the port to handle 600,000 containers by December this year and an additional 670,000 by the end of 2009.
GPPL, part of the Fortune 500 company APM Terminals, handled 11.49 million tonnes of bulk cargo and 560,000 tonnes of container cargo last fiscal. The company reported an operating income of Rs.1.9 billion during 2007-08.
Himachal Pradesh government gets tough with winemaker
By IANS,
Shimla : The Himachal Pradesh government has decided to get tough with leading winemaker Indage Ltd for its failure to procure apple and grape crop from within the hill state, a senior leader said Monday.
"A notice has been issued to Indage Ltd as it's not procuring apples and grapes from the farmers here. It has not fully operationalised its two plants," state horticulture minister Narender Bragta told IANS.
No decision yet on moving court: Airtel
By IANS
New Delhi : Bharti Airtel, India's largest mobile phone service operator, Monday said it has not yet decided on approaching Delhi High Court over the radio spectrum allocation issue.
"No decision yet on approaching the (Delhi) High Court yet," Rajan Mittal, managing director of Bharti Enterprises, told reporters on the sidelines of a retail conference here organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
ICICI hikes lending, fixed deposit rates
By IANS,
Mumbai : The country's largest private-sector lender ICICI Bank has raised lending rate by 75 basis points (bps) effective from Friday after the Reserve Bank of India (RBI) tightened the monetary policy earlier this week.
According to a statement issued by the bank, the corporate lending rate will go up to 17.25 percent from the existing 16.5 percent whereas the retail rate will be 14.25 percent from Thursday.
The bank has also hiked fixed deposit rates by 75-100 basis points effective from Friday.
Sharjah to have Indian trade centre within 15 months
By Aroonim Bhuyan, IANS,
Sharjah : A new Indian Trade and Exhibition Centre to promote Indian trade and business in the Middle Eastern and North African markets will come up here within the next 15 months.
"The design for the building is ready and we hope to have the new trade centre open within the next 12 to 15 months," Sudesh Aggarwal, chairman of the Indian Business and Professional Council (IBPC) at Sharjah said at the council's annual business meeting here Tuesday night.
UAE, IEA discuss cooperation on stabilizing global oil markets
By NNN-WAM,
Abu Dhabi : Energy Minister of the United Arab Emirates Mohammed Bin Dhaen Al-Hamili and executive director of the International Energy Agency (IEA) Nobuo Tanaka held discussions here on ways to further bolster existing relations and cooperation on stabilizing the oil markets, reducing volatility and achieving an oil supply-demand balance.
At the meeting Thursday, discussions also covered UAE-IEA relations and collaboration on oil data and policies, reduction of carbon dioxide emissions and other pollutants resulting from petroleum and natural gas.
Ministries to discuss airline fuel dues Wednesday
By IANS,
New Delhi : Petroleum Minister Murli Deora will meet his counterpart in the civil aviation ministry Praful Patel Wednesday to discuss the issue of huge dues owed by Indian airlines to the oil companies.
“We are trying to (find) some solution, in which both airlines and oil companies will not suffer,” Deora told reporters here Tuesday.
India's flagship carrier Air India and leading private airlines Jet Airways and Kingfisher Airlines together owe nearly Rs.20 billion to oil companies on account of aviation turbine fuel (ATF) purchase.
New Year brings cheers to investors
By IANS
Mumbai : The first trading session of 2008 on Indian stock markets started on an optimistic note, with a key index opening with a gain of 38 points Tuesday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened 38 points up at 20,287 points.
The broader 50-share S&P CNX Nifty Index of the National Stock Exchange (NSE) opened 11 points up at 6,150 points, against the previous close of 6,139.
The market opened on a firm note with buying in blue-chip stocks. There was a strong demand for small-cap stocks.
Markets closed for the week
By IANS,
Mumbai : Indian equities markets are closed Thursday and Friday on account of Lok Sabha elections and Maharashtra day respectively. Trading will resume Monday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 3.65 percent Wednesday to close at a six and half month high of 11,403.25 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 3.23 percent to close at 3,473.95 points.
Tata Tea eyes joint venture in Russia, targets US market
By IANS
Kolkata : Tata Tea Ltd., the world's second largest branded tea company, will set up a joint venture company in Russia. It is also eyeing the beverage market in the US.
"We are planning to set up a joint venture in Russia, which will explore markets of both tea and coffee in Russia and nearby countries like Kazakhstan," Tata Tea vice-chairman R.K. Krishna Kumar told reporters Friday on the sidelines of the company's annual shareholders' meeting here.
Global crisis is entering stabilisation phase: Rajat Gupta
By IANS,
Dubai : The Gulf will emerge as an important player in the global economic order even as the current financial crisis enters a phase of stabilisation, says Rajat Gupta, former managing director of consultancy major McKinsey and Company.
Gupta, who is here to attend the 'Leaders in Dubai Business Forum', told reporters that the present crisis has entered a phase of stabilisation, but its impact on the world economy would be felt for years to come.
Venezuela and Russia complete oil deal negotiations
By EFE,
Caracas : Venezuela and Russia have completed negotiations for joint production from one of the fields in the oil-rich Orinoco Belt, Venezuelan state-owned oil giant PDVSA said.
The Junin 6 Block will have an estimated "base production level of between 400 and 450,000 barrels of extra-heavy crude," PDVSA said.
The National Petroleum Consortium, made up of Russia's Rosneft, Lukoil, Gazprom, TNK-BP and Surgutneftegaz, will have a 40 percent stake in the project, while PDVSA will hold a controlling 60 percent interest.
Europe, short covering lift Sensex 264 points up
By IANS,
Mumbai : A benchmark index for Indian equities Thursday ended 264 points higher on short covering and positive European markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,668.91 points, closed at 16,922.08 points, 264.19 points or 1.59 percent up from its previous close at 16,657.89 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,078.6 points, up 1.57 percent from its previous close at 5,000.3 points.
CBI files charge sheet in IPO scam
By IANS
New Delhi : A charge sheet has been filed in a Mumbai court against 22 accused in the multimillion rupees primary market scam which was reported by the Securities and Exchange Board of India (Sebi) in February 2006, the Central Bureau of Investigation (CBI) said Tuesday.
"The charge sheet in the initial public offer (IPO) scam, which involved using thousands of benami demat accounts to corner shares allotted in the retail segment, was filed in a Mumbai court Saturday," the CBI said here in a press statement.
India adds 9.47 mn new GSM subscribers
By IANS,
New Delhi: India added 9.47 million GSM subscribers in July, taking the total tally to 325.7 million, official data released Tuesday said.
The subscriber addition in July is higher than June's 8.89 million, but still lower than 10.8 million recorded in March, Cellular Operators Association of India (COAI), the apex organisation of GSM operators, said in a statement.
The figures, however, do not include Reliance Communication's GSM subscribers, COAI said.
Surat farmers venture into flower farming
By P.S. Anantharaman, IANS,
Surat : Surat, known for its beautiful textiles and dazzling diamonds, is now venturing into a new business - flower farming. Farmers from the region say the new generation among them is very enthusiastic about growing and marketing flowers.
"There are now 60 green houses in the district" and more are keen to make a foray into the sector, said Kaushik Patel, a farmer in Bajipur village, who is also a graduate in marketing management.
Chhattisgarh to get Rs.11.5-bn cement plant
By IANS
Raipur : Electrosteel Castings Ltd (ECL), a Kolkata-based pig iron major, signed a memorandum of understanding (MoU) with the Chhattisgarh government Thursday for setting up a three-million tonne per annum (MTA) cement production unit worth nearly Rs.11.5 billion.
P. Joy Oommen, additional chief secretary, industry and commerce, inked the deal on behalf of the Chhattisgarh government with H.K. Modi, executive director, ECL, in the presence of Chief Minister Raman Singh and state Industry Minister Rajesh Munat here.
‘Hunger in Madhya Pradesh comparable to Ethiopia, Chad’
By IANS,
New Delhi : A number of Indian states have "alarming" levels of hunger while the situation is "extremely alarming" in Madhya Pradesh, comparable to the African countries of Ethiopia and Chad, says a new report.
According to the first-ever India State Hunger Index (ISHI), Madhya Pradesh has the most severe level of hunger in the country, followed by Jharkhand and Bihar. Punjab and Kerala scored the best on the index.
$120 mn WB loan for China’s eco-farming projects
By Xinhua,
Beijing : The World Bank (WB) has approved a loan of $120 million for ecology friendly farming projects in China, its China Office here announced Wednesday.
The office said farmers in central Chinese provinces of Anhui and Hubei and Guangxi region in the southwest would benefit from improved rural environment and living conditions through the project.
The project would assist farmer households to integrate production of biogas into their agricultural production systems.
Lanco, Sembawang sign pact for Hyderabad IT park tower
By IANS
Mumbai : Lanco Hills Technology Park Monday signed an agreement with Sembawang Infrastructure India for constructing a tower for in Hyderabad's sprawling IT park.
Lanco Hills CEO S. Pochendar and Sembawang Managing Director J.D. Stuart Macaskie signed the Rs.500-million project to execute the structural work of the tower for the Software Economic Zone (SEZ) IT park.
After months of smoking ban, Chhattisgarh yet to file a case
By IANS,
Raipur : Chhattisgarh police, yet to register a maiden case against a smoker even after three months of ban on smoking in public places, say they have more serious jobs in hand in the Maoist insurgency-hit state.
Top officers at the police headquarters here said the state police, having a strength of nearly 40,000 personnel for nearly 20.08 million population, were still looking for the first case against a smoker.
Boost development to enhance women’s role in preventing conflicts: India
By Arul Louis
United Nations : Drawing attention to the challenges posed by women's under-representation in roles for preventing and ending conflicts, India has said...
Territorial Army deployed to deal with oil strike
By IANS,
New Delhi : With the strike by employees of public sector oil companies crippling oil supply across the country, the Territorial Army Friday deployed three battalions at the Hazira terminal in Gujarat, Palam airport in Delhi and the Nawashava port in Mumbai.
"On the request of the petroleum ministry, three battalions (nearly 3,000 men) of the Territorial Army were deployed at Hazira, Palam and Nawashava for assisting in non-technical jobs," a senior defence ministry official said.
Nestle India registers soaring profits
By IANS
New Delhi : Swiss food giant Nestle India's Tuesday reported profits of Rs.936.1 million ($23 million) during the quarter ending Dec 31, 2007 compared to Rs.624.6 million in the same period last year.
During the period, the firm's total income rose to Rs.9 billion from Rs.7.43 billion in the fourth quarter of 2006-07, while its total net sales were to the tune of Rs.8.9 billion as against Rs.7.3 billion last year.
Bank of Baroda to open branch in Trinidad and Tobago
By Paras Ramoutar, IANS
Port-of-Spain : Bank of Baroda, the fifth largest bank in India, is all set to open shop in four countries, including Trinidad and Tobago.
Kishore Kharat, managing director of Bank of Baroda, said in a press conference here that his bank received its provisional licence from the Central Bank of Trinidad and Tobago last February, and is expecting its final licence by the end of this month.
The other countries where it will open branches are Australia, Bahrain and Ghana.
India’s oldest British law firm returns to London after 152 years
By Dipankar De Sarkar, IANS
London : India's oldest British-established law firm is now back in Britain.
Fox Mandal and Little, India's largest law firm that began life as Little & Co. in 1856, opened its London office Wednesday to offer India-specific legal services to British companies.
"The timing is just right," said Som Mandal, a partner in the firm and the man who will be overseeing operations in London.
US markets plunge, S&P 500 sinks to 11-year low
By DPA,
Washington : US stocks plunged Thursday, with the broadbased Standard & Poor's 500 Index losing 6.7 percent to close at its lowest point since 1997 and economic indicators signalling a recession.
The S&P 500 has dropped 49 percent this year and is poised for its worst annual decline in its 80-year history.
Vodafone Half Marathon to raise money for charity
By IANS
New Delhi : Top corporate companies will help raise money for charity when they take part in the Vodafone Half Marathon here Sunday, organisers said here Monday.
Various initiatives like the Dream Team, the Corporate Challenge and the Pledger's United will provide avenues for doing their bit by supporting a cause.
Around 41 companies have formed 51 teams and will raise fund in excess of Rs.12 million from the event.
A Dream Team, would comprise of a select group of individuals who commit to raising at least Rs.100,000 in pledges.
Inflation to touch 9.5 percent: Rangarajan
By Fakir Balaji, IANS,
Bangalore, June 19 (IANS) The steep hike in fuel prices the government announced this month would push up the inflation rate to 9.5 percent this week and could even touch double digits later, Prime Minister's Economic Advisory Council Chairman C. Rangarajan said here Thursday.
GMR group ties up with Deccan Express for cargo hubs
By IANS,
New Delhi : GMR group, developers of Hyderabad and Delhi airports, Wednesday signed an agreement with Deccan Cargo and Express Logistics for developing modern express cargo hubs in these two cities.
Deccan Express will initially utilise the cargo terminal operated by Hyderabad Menzies Air Cargo Ltd (HMACL). HMACL will offer 300 square metre space within the domestic wing of cargo terminal for exclusive use for Deccan Express.
Pranab Mukherjee begins presenting interim budget for next fiscal
By IANS,
New Delhi : External Affairs Minister Pranab Mukherjee began presenting the interim budget for the next fiscal amid expectations that measures will be announced to cushion the impact of global meltdown on the Indian economy, and help revive consumer demand.
The exercise began with Mukherjee reading out his budget speech in the Lok Sabha, during which he will also seek an approval to finance the government's expenditure, till such time the regular budget is presented by a new government after elections, and passed by parliament.
India-Africa conclave to discuss $9 bn worth projects
By IANS,
New Delhi: India's diplomatic and economic ties with Africa are set for a surge at a three-day conclave starting March 14 in New Delhi in which ministers, business people and experts from 34 African countries will discuss business projects worth $9 billion.
The conclave will also lay out a roadmap for the second edition of the India-Africa Forum Summit to be held next year. India hosted the first summit in New Delhi in 2008.
Australian state shelves project to export coal to India
By IANS,
Melbourne : Australia's Victoria state has canned its plan to allow mining and export of coal to India, a media report said.
Three months after plans to allow Melbourne-based Exergen to launch a $1.5 billion coal export scheme were revealed, Energy Minister Peter Batchelor has now ruled it out, The Age reported Thursday.
Exergen wants to mine, dry and export 12 million tonnes of brown coal a year to be burned in Indian power stations.
India to grow at 8.5 percent plus: Pranab
By IANS,
New Delhi: Finance Minister Pranab Mukherjee Monday said India will grow at more than 8.5 percent this fiscal but if the European financial crisis spreads it will affect the domestic economy.
Mukherjee emphasised the resilience of the Indian economy and said: "If Euro zone crisis is restricted to few countries, then it will not have much of an impact on us. But if it spreads to other countries then I don't know what may happen."
Europe is India's biggest overseas market and accounts for about a fifth of its exports.
Sensex slumps below 18,000 points; ends 1.7 percent down
By IANS,
Mumbai : A benchmark index for Indian equities markets slumped below 18,000 points Tuesday on heavy selling pressure in auto, technology and realty scrips.
India will overcome crisis, deliver 8 percent growth: PM
BY IANS,
New Delhi : India cannot pretend to be insulated from the global financial crisis and will overcome the same, as no effort will be spared to ensure an 8 percent economic growth and promote development and entrepreneurship, Prime Minister Manmohan Singh asserted here Friday.
He also sought to send out a message to the world that developing economies like India had both a stake and role to play in ensuring an end to the global crisis and cannot be made to pay for the "profligacy of the rich".
‘Tata name helped clinch Jaguar deal’
By Quaid Najmi, IANS
Mumbai : The Tata group's awesome reputation for excellent human resources management was one of the critical factors that helped it clinch the deal with Ford Motor Co. for acquiring the Jaguar and Land Rover brands, says a business relations expert.
"The manner in which the Tata group handled the Corus Steel deal in late 2006 created a major positive impression among the unions and the employees at large. Finally, it was one of the key factors that led to a successful completion of the Jaguar and Land Rover deal," said Chandrika Shah.
Bastar artisans net Rs.1 million at Goa exhibition
By IANS
Raipur : A group of 22 artisans from Bastar in Chhattisgarh has sold indigenous handicrafts worth Rs.1 million at an eight-day crafts exhibition in Goa's Madgaon city earlier this month.
"Traditional handicrafts made from wood, terracotta and bell metal were a hit at the Handloom and Handicrafts Exhibition in Goa's Madgaon city that ended Jan 18," Krishna Kumar Rai, chief of Chhattisgarh Handicraft Development Board told IANS Monday.
Apart from non-stop services, Mamata introduces 57 new trains
By IANS,
New Delhi : Apart from 12 non-stop train services between major cities, Railways Minister Mamata Banerjee has introduced as many as 57 new trains in her rail budget for 2009-10. They are:
1. Visakhapatnam-Secunderabad-Mumbai Superfast (bi-weekly).
2. Sriganganagar-Delhi-Nanded Superfast (weekly)
3. New Jalpaiguri-Sealdah Superfast (tri-weekly)
4. Bangalore-Hubli-Solapur Superfast (tri-weekly)
5. Howrah-Bangalore Superfast (weekly)
6. Pune-Daund-Solapur Superfast (daily)
Task force to protect land acquired for POSCO project
By IANS,
Bhubaneswar : The administration in Orissa's Jagatsinghpur district has been asked to form a joint task force to protect the land acquired by the state government for South Korean steel major POSCO's $12 billion project, an official said Tuesday.
The task force comprising police, revenue and forest officials will protect the land till a final decision on the land acquisition for the project is taken, Revenue Divisional Commissioner P.K. Mohapatra told IANS.
New board to monitor power projects soon: power minister
By IANS
New Delhi : In an effort to ensure timely implementation of power projects in the country, a national board will be set up soon that will monitor their progress at all levels, Power Minister Sushilkumar Shinde said Thursday.
"With 50,000 MW of power projects already under implementation, and the balance orders for 28,000 MW expected to be placed by year end, the target for next five years does not seem over-ambitious," Shinde told a power conference here.
Tanla Mobile inks pact with European mobile major Mliven
By IANS
Mumbai : Hyderabad-based wireless application solutions major Tanla Mobile has inked an agreement with European mobile services company Mliven for advanced mobile software solutions.
Announcing this to the Bombay Stock Exchange Thursday, Tanla said Mliven was planning to launch mobile gaming portals.
Tanla will be involved in wireless application development, mobile billing and messaging solutions for its partner, the company said.
Haryana rural power distribution through franchisees
By IANS
Chandigarh : The supply of electricity and management of distribution systems in rural Haryana will soon be given to franchisees, preferably the panchayats (elected village bodies).
Haryana's financial commissioner and principal secretary (Power) Ashok Lavasa said Wednesday that under the franchisee model of power distribution, memoranda of understanding (MoU) were being signed between the village panchayats and the state's two power distribution agencies - Dakshin Haryana Bijli Vitran Nigam (DHBVN) and Uttar Haryana Bijli Vitran Nigam (UHBVN).
India’s inflation rate falls to 3.03 percent, a six-year low
By IANS,
New Delhi : India's annual rate of inflation fell to 3.03 percent for the week ended Feb 21 from 3.36 percent the week before, official data showed Thursday. It was the fifth consecutive week during which the inflation rate fell, to a six-year low.
The drop in the inflation rate, based on the official wholesale price index, was on account of a 0.1 percent fall in the general index over the week.
While the index for primary articles fell 0.2 percent, that for manufactured products also fell marginally by 0.1 percent. The index for fuels, however, remained unchanged.
Fund approved to finance farmers’ loan waiver
By IANS
New Delhi : The cabinet Thursday approved a debt relief fund with an initial corpus of Rs.100 billion ($2.5 billion) to reimburse commercial banks for waiving off Rs.600 billion of loans of an estimated 40 million farmers.
Approval was also given to the schedule that specifies how much money would be transferred to the fund till 2011-12. "The implementation of the debt waiver and debt relief scheme will be completed by June 30," said an official statement.
India’s central bank hikes key rates to tame inflation
By IANS,
Mumbai : Interest rates on housing, automobile and corporate loans are set to rise with India's central bank hiking key rates in its monetary policy for this year unveiled Tuesday to suck excess liquidity out of the system to tame inflation.
The Reserve Bank of India (RBI) also projected India's growth for this fiscal at upward of 8 percent, against 7.2 percent as per the earlier projection, while the annual rate of inflation at the end of March 2011 is projected at 5.5 percent.
Over 20 foreign banks open branches in China
By Xinhua
Shanghai (China) : More than 20 foreign banks opened branches to operate on the Chinese mainland with corporate status in 2007, according to data released here during a summit on foreign banks.
The banks, including Citibank, Deutsche Bank, Standard Chartered Bank and Mizuho Corporate Bank, may conduct businesses in foreign currencies, including Renminbi, the Chinese currency.
Two-day Fortune Global Forum commences Tuesday
By IANS
New Delhi : India is all geared up to host for the first time Fortune Magazine's annual forum that brings together global industry leaders, policymakers and economists from across the world.
India, currently regarded as one of the world's fastest growing economies, has become the cynosure of companies across the globe that are bullish to grab a pie of this billion-plus market.
This is going to be Fortune's tenth global forum. It was held in Beijing last year.
Bogus investment fund firm busted in Abu Dhabi
By IANS,
Abu Dhabi : Two people were arrested in Abu Dhabi on charges of duping around 1,300 people by floating a bogus investment fund.
The two men - a national of the United Arab Emirates (UAE) who is a representative of the company and a Sudanese who was the manager - were charged with duping the investors of 320 million dirhams ($87.1 million), the state-run Emirates News Agency (WAM) reported.
French December industrial production drops 2.8 percent
By KUNA,
PARIS : Industrial production in France last December declined a provisional 2.8 percent on an adjusted basis, following a finalized 3.6 percent fall in November, the National Statistics Institute (INSEE) said Tuesday.
The confirmed figure for November was higher than an original estimate of a 3.1 percent fall off in industrial production, INSEE noted.
In energy, automobiles and aviation products are excluded from December's calculations; as INSEE remarked that the drop in industrial production is gauged at around 1.8 percent for that month.
Nalco reduces explosive storage amid Maoist violence
By IANS,
Bhubaneswar : State-owned National Aluminium Company Limited (Nalco) has reduced the storage of explosives at its bauxite mine in Orissa due to rising Maoist activities in the region, the company said Friday.
The company has reduced the storage of explosives at its bauxite mine at Panchpatmali in Koraput district, some 370 km from here, it said. Explosives are used in mining operations.
Maoist rebels had attacked the Panchpatmali mine April 12 and killed 10 Central Industrial Security Force (CISF) personnels guarding it.
MP posts 13 pc increase in own tax revenue, State’s financial health improves
By Pervez Bari, TwoCircles.net,
Bhopal: The final figures of the financial year 2007-08 show that the financial health of Madhya Pradesh has further improved. The state has registered a creditable 13 per cent increase in own tax revenue during the period over the preceding fiscal.
Will Tata Motors resume work at Singur?
By IANS,
Kolkata : Will Tata Motors restart work at Singur to produce their small car Nano? As its employees failed to show up for work Monday morning, that's the question being asked, a day after farmers called off their 15-day strike to demand a part of the land acquired for the project back from the government.
"I do not have any comments," a spokesperson for Tata Motors said after the West Bengal government and the Trinamool Congress, that was spearheading the agitation, reached a far-reaching pact late Sunday evening to resolve the 28-month dispute.
Punjab’s Rs 65,000-crore investment: Is it for real?
By Jaideep Sarin,
Chandigarh : In the last three months, Punjab's powerful Deputy Chief Minister Sukhbir Singh Badal has been preening over the success of...
Saudi telecom firm launches Indian subsidiary
By IANS
Bangalore : Saudi Arabia's telecom major Etihad Etisalat has set up a wholly-owned subsidiary in India to outsource IT solutions and consulting services for its operations in the Middle East and North Africa (MENA), the company said here Thursday.
"As our first overseas subsidiary, Mobily InfoTech India Ltd will provide IT services and enhance capabilities of Etisalat's IT division by leveraging the Indian talent pool and domain expertise," Mobily CEO and managing director Khalid Alkaf said in a statement.
Britain’s Hardy in talks to buy out RIL stake in Gujarat offshore block
New Delhi: British firm Hardy Oil and Gas is in talks to acquire Reliance Industries Ltd's complete 90 percent stake in a gas discovery...
WTO director general Lamy to visit India next week
By IANS,
New Delhi : The World Trade Organisation (WTO) negotiations may not have totally collapsed, as its director general Pascal Lamy is visiting India next week to negotiate with India Inc and the government after last month's failed trade talks in Geneva, a top government official said here Monday.
"Lamy would be visiting India next week, around August 12 and 13," commerce secretary G.K. Pillai told reporters on the sidelines of a conference on WTO.
London fully under fibre broadband by next spring
By IANS,
London : Most Londoners will benefit from fibre broadband by spring 2011, British Telecom has announced in a statement.
The communications giant has announced it will be rolling out the technology to 87 per cent of the Greater London area.
Following BT's proposals earlier this year to add 114 exchanges to the few already on the schedule, the firm now says it hopes to complete by March next year. That means around 2 million homes and businesses will be able to use Fibre-to-the-Cabinet (FTTC) or Fibre-to-the-Home (FTTC) technology.
Reserve Bank had no choice but to sit tight: Moody’s
By IANS,
New Delhi : The Reserve Bank of India (RBI) had no choice but to sit tight during the quarterly monetary policy review released Friday, though it led to the steepest ever fall in Indian stock markets, according to global rating agency Moody's.
In the latest mid term policy review, the central bank left repurchase rate, reverse repurchase rate and the cash reserve ratio unchanged at 8 percent, 6 percent and 6.5 percent, respectively.
Raipur airport to be upgradeed with Rs.1.36 bn investment
By IANS,
Raipur : The Airports Authority of India (AAI) will invest Rs.1.36 billion for construction of a new integrated terminal at the Raipur airport, Civil Aviation Minister Praful Patel said here Friday.
"The AAI will be investing Rs.136 crore (Rs.1.36 billion) for a new integrated terminal at Raipur airport to make it an international-standard airport," Patel said here at a function to lay the foundation stone for the new terminal building.
Air India has blueprint to become ‘world class carrier’: Thulasidas
By Arvind Padmanabhan, IANS
Mumbai : Air India has a major blueprint for expansion and integration to make it a "world class carrier", with plans for at least three maintenance, repair and overhaul units even as it gears up for the "best interline pact" with Star Alliance, says chairman and managing director V. Thulasidas.
"You will see us as a completely integrated airline from April 1 next year - not just with the erstwhile Indian Airlines but also the Star Alliance - the world's largest and, I would say the best, interline pact," said the airline executive.
Rise of India, China doesn’t mean beginning of US decline: Rice
By IRNA-PTI
Washington : The rise of India and China does not mean that the US, which is currently experiencing a "tectonic" shift in its economy, is entering an era of decline, Secretary of State Condoleezza Rice has said.
"Our society and economy are in the midst of a tectonic shift from an industrial -- to an information-based order. Globalization is creating unprecedented opportunities, but we Americans still do not feel that they are sharing in them," Rice said at a Women's Foreign Policy Group Annual Luncheon.
US market better money spinner for India company
By NNN-PTI
Mumbai : The Indian stock market may be growing at a faster pace than its American counterpart, but the US market has turned out to be better in valuation as well as returns for companies listed in both the countries.
For the 11 Indian companies listed in both US and Indian equity markets, the market capitalisation gain on US bourses was more than one billion dollar higher than the same on the domestic bourses here over the past week.
Besides, the total US market value of these companies is nearly 20 billion dollar higher than their Indian valuation.
UAE, France to cooperate on nuclear energy
By IANS,
Paris : The United Arab Emirates (UAE) and France plan to cooperate in the use of nuclear energy for peaceful purposes, WAM news agency reported Thursday.
"French President Nicolas Sarkozy holds the view that countries have the right to use nuclear energy for peaceful applications," a source from the French presidential palace said after talks between visiting UAE Vice President Sheikh Mohammed bin Rashid Al Maktoum and President Sarkozy Wednesday.
India announces USD 4 billion package to shore up economy
By KUNA,
New Delhi : In a serious bid to enable the Indian economy come out of recession, a fallout of the global meltdown, the Indian Government has announced an additional stimulus package of Rs 20,000 crore (4 Billion Dollar), over and above the Rs 15,000 crore (3 Billion Dollar) planned package for the last quarter of fiscal 2008-09.
The Government has also announced a cut of four percent in CEVAT, central excise value added tax, a tax imposed by the Centre at different stages of the manufacturing process.
Axon investors approve buyout by HCL Technologies
By IANS,
Bangalore : Shareholders of the British-based Axon Group plc at an extraordinary general meeting (EGM) held in London Monday approved the acquisition of their SAP consulting firm by India's fifth largest IT bellwether HCL Technologies Ltd.
The Delhi-based HCL informed the Bombay Stock Exchange (BSE) that a London court had also cleared the scheme of arrangement to implement the acquisition by its subsidiary HCL EAS Ltd at a meeting held prior to the EGM.
Banks, post offices told to report cash deposits over Rs 2.5 lakh
New Delhi : The government on Wednesday asked banks and post offices to report to the Income Tax Department all deposits above Rs 2.5...
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.
Andhra cooperative banks join together to save on automation
By IANS,
Chennai: Twenty three cooperative banks in Andhra Pradesh have hit upon a novel idea of using single core banking solution (CBS) and save on hardware and software costs.
"Individually they are 23 entities. But they decided to use single CBS installed at Andhra Pradesh State Cooperative Bank Ltd (APSCOB) in Hyderabad on a multi-entity CBS model thereby saving each individual bank from investing in hardware and software," Founder and Managing Director of Laser Soft Infosystems B. Suresh Kamath told IANS.
India invests $208 million in northeast education infrastructure
By IANS
Agartala : The central government has launched an ambitious Rs.8.17-billion ($208 million) scheme to develop educational infrastructure in India's eight northeastern states, according to an official report.
"Of the Rs.8.166 billion, Rs.6.558 billion have been released so far for various educational projects in Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura," said an official report of the central human resource development (HRD) ministry.
Cycling keeps health costs down in Australia
By IANS,
Sydney : Commuting to the workplace or the marts on bicycles is saving Australia $227.2 million in health costs alone every year, according to an official report.
Adrian Bauman and Chris Rissel of Sydney University, along with co-authors from Deakin and Curtin universities and the Cycling Promotion Fund, identified key barriers and benefits to Australians getting on their bikes.
"More than half of all Australians are not meeting public health recommendations for physical activity, and the rise in obesity and diabetes levels is a clear consequence of this inactivity.
Yahoo co-founder, chief Yang to step down
By DPA,
San Francisco : Jerry Yang, who helped kick start the internet revolution as co-founder of web portal Yahoo, is stepping down as the company's chief executive.
The announcement by the ailing internet giant came after months of falling revenue, fierce proxy battles and a series of botched negotiations that scuttled what now seems to have been an exceedingly generous buyout offer from Microsoft.
Yahoo said that the search for a successor had already started and that Yang will leave after his replacement is found.
Indian amusement park association joins hands with Chinese
By IANS,
Kolkata : The Indian Association of Amusement Parks and Industries (IAAPI) has signed an agreement with its counterpart in China for exchange of knowledge and technical expertise in developing amusement parks in both countries.
The pact, signed by IAAPI president Arijit Sengupta and China Association of Amusement Parks and Attractions (CAAPA) chairman Liu Jingwang, will be effective for one year, an IAAPI release said here.
Himachal Pradesh government employees to get more money
By IANS,
Shimla : Himachal Pradesh Chief Minister Prem Kumar Dhumal Friday announced a six percent hike in the dearness allowance of state government employees and pensioners at the Independence Day speech at Paonta Sahib in Sirmour district of the state.
Dhumal also announced that services of all ad hoc employees, who have served at least eight years in any government department, would be regularised.
Sample survey next week ahead of 2011 economic census
By IANS,
Aizawl: Ahead of the Economic Census 2011, a sample survey would be conducted in Maharastra, Karnataka, Himachal Pradesh and Mizoram from next week, officials said here Sunday.
"The 6th Economic Census 2011 would be carried out from June to October next year. Before the actual census, a sample survey or a preliminary survey has to be conducted for familiarising with the prevailing economic indicators and ground situation," a Mizoram government official told IANS.
The official said that the sample survey is expected to start next week in the four states.
Austrian steelmaker voestalpine to cut production
By DPA,
Vienna : Austrian steelmaker voestalpine AG announced Thursday it would throttle production by three to five percent and was considering layoffs, in an effort to cut costs in the current global financial and economic crises.
The news came on the same day that the company reported strong increases in revenue and profit for its second business quarter, as it was able to pass along higher commodity prices to customers.
Around 2000 leased personnel could be affected by the layoffs, voestalpine Chief Executive Wolfgang Eder said.
Microsoft sees record revenue through Windows 7
By DPA,
Seattle : The launch of Windows 7 propelled Microsoft to record third-quarter revenue of $14.5 billion, a 6-percent increase from a year ago, the world's largest software company said Thursday.
Microsoft earned $4 billion in net income, a rise of 35 percent compared to the same quarter a year ago.
Lafarge denies mining in Meghalaya despite court ban
By IANS,
Shillong: Lafarge Umiam Mining Private Limited (LUMPL), a subsidiary of French firm Lafarge, Saturday dismissed a civil society group's allegations that the company was ignoring the Supreme Court's stay on mining in Meghalaya.
On Thursday, Shella Action Committee (SAC), a Meghalaya-based civil society group, accused Lafarge of carrying on with quarrying activities in Shella, bordering Bangladesh, some 100 km South from here.
Tatas unveil first fully India-made car Indica Vista
By IANS,
Mumbai : Tata Motors launched the country's first and its only fully indigenously manufactured car - Indica Vista - at a glittering function here Saturday evening.
“The second generation Indica Vista showcases the progress the company has made over the last several years in the passenger car business in terms of design, quality, technology, performance and refinement,” said Tata Sons and Tata Motors chairman Ratan Tata at the launch.
Smell of Meghalaya roses to waft through Japan, Europe
By Syed Zarir Hussain, IANS
Shillong : The fragrance of the big headed cherry lady, circus, iceberg and the golden gate - all exquisite varieties of roses grown in India's northeastern state of Meghalaya - may soon fill the air in Japan, the Middle East and Europe.
Telecom equipment import issue to be resolved in few weeks
By IANS,
New Delhi : India Friday said the issue of import of telecom equipment, especially from China, troubling the telecom sector will be resolved in a couple of weeks.
"The issue will be resolved with the home ministry in a couple of weeks. I have already met the home minister. We want to find out some solutions how it (the issue) can be amicably settled," said Telecom Minister A. Raja.
Market ends with a deep cut for the second day running
By IANS,
Mumbai : Indian equity markets for the second straight day closed in red on the back of weak global cues and rising crude oil prices.
Banking, oil and gas, capital goods and PSU stocks dragged the market down.
The market started on a negative note and continued to trade in red till afternoon and ended the day with a deep cut.
Why ‘May’ effect may elude Indian equities markets this year
By Vatsal Srivastava,
One of the most popularly cited examples of market anomalies which contradict an efficient market hypothesis (EMH) is the "sell in May"...
Bethlehem investment conference raises $1.4 billion
By DPA
Bethlehem (West Bank) : A key international investment conference in Bethlehem, aimed at boosting a Palestinian economy emerging from years of violence, has raised $1.4 billion, Acting Palestinian Prime Minister Salem Fayyad said Friday.
Participants at the conference agreed to invest some $650 million in a new mobile phone company, Watanya, which is to compete with the only Palestinian mobile phone company currently operating in the Palestinian autonomous areas - Jawal.
China coal prices fall
By IANS,
Beijing : China's coal prices have fallen sharply this year, as a slowing economy has reduced industrial demand and coal supplies have continued to grow, an official said Thursday.
Sensex ruling dull in noon trade
By IANS,
Mumbai : A benchmark index of Indian equities Tuesday was ruling dull around noon, having dropped from its early highs.
Infosys’ ‘other income’ zooms nearly five times
By IANS,
Mysore : IT bellwether Infosys Technologies Tuesday reported a record jump of 478 percent in "other income" to Rs.231 crore (Rs.2.31 billion/$51 million) in third quarter this fiscal from Rs.40 crore in the same period a year ago.
As a result, the global software major's cash reserves, including investments in liquid mutual funds, has increased to Rs.14,449 crore in the quarter under review (Q3) from Rs.9,488 crore in the same quarter a year ago (FY 2008-09).
Small firms still struggling with slowdown, says survey
By IANS,
New Delhi : A majority of small and medium enterprises (SMEs) in India are still struggling to cope with the global slowdown and remain unaware about the stimulus measures taken by the government to help them, says an industry survey.
"Ninety-four percent of the respondents reported that their overall business has been affected �severely or moderately' due to the current economic slowdown," said the survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI).
Hundreds of Anganwadi workers from Delhi, Haryana demand govt worker status, pay hike, other...
The Anganwadi workers have been protesting since January 31 in New Delhi. They said they will not stop until their demands are met.
Suchitra...
Ashok Leyland to act on JV with Nissan Motors this fiscal
By IANS
Kolkata : Ashok Leyland will operationalise its joint venture agreement with Nissan Motor Company Ltd in the light commercial vehicle (LCV) segment by the end of the current financial year. Ashok Leyland is the flagship company of the Hinduja Group.
Markets slip further in midday trade
By IANS,
Mumbai : Indian equities markets were in a slump Friday noon with a key index trading 1.99 percent lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,943.78 points, was at 8,864.34 points, a decrease of 178.29 points or 1.97 percent from its previous close.
At the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,737.4 points, 1.86 percent down from its last close at 2,789.35.
The BSE midcap index was 1.26 percent lower, while the BSE smallcap index was down 1.04 percent.
Air India to continue with incentives for employees
By IANS,
New Delhi/Mumbai : The National Aviation Co of India Ltd (NACIL) that runs national carrier Air India Tuesday decided to continue with the present performance linked incentives (PLI) as passenger load has picked up.
"In view of the improved passenger carriage in recent months, we are trying to address the issues concerning the delayed payments of the PLI to our employees," NACIL said in a statement.
Indian economy capable to weather storm: Chidambaram
By IANS,
New Delhi : The Indian government Wednesday night reviewed the situation arising out of the global financial crisis even as Finance Minister P. Chidambaram sought to allay investors' fears and said the Indian economy has the capacity to weather the storm.
Prime Minister Manmohan Singh chaired an extended meeting of the cabinet, where Chidambaram briefed other senior ministers about the current financial scenario at the global level.
US to experience near recession: study
By Xinhua
Los Angeles : The US will experience a near recession situation in the final quarter of the year and the beginning of 2008, according to a new study on the country's economy.
The country's economic growth is expected to hover slightly above one percent, said the study released Wednesday.
The study by economists at the University of California in Los Angeles said that in the meantime, however, the unemployment rate would likely reach 5.2 percent by mid-2008, up from the current level of 4.6 percent.
Lok Sabha passes all four GST Bills
New Delhi, (IANS): India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its...
Sensex starts weak, down 0.23 percent in morning trade
By IANS,
Mumbai : A key Indian equities index gave up its gains Tuesday morning after opening in the green and was ruling on a flat note in early trade -- about 0.23 percent down from its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 17,230.86 points, against Monday's close at 17,180.18 points but soon fell to 17,140.22 points, down 0.23 percent or 39.96 points in about 30 minutes of trading.
Indian ICT company investing $1.8 bn in Australia
By Neena Bhandari, IANS
Melbourne : India based global integrated technology and operations company iGATE Global Solutions Ltd. will be investing $1.8 million and creating up to 40 new jobs in the picturesque and affluent historic gold mining city of Ballarat in Australia.
Ballarat, only 70 minutes drive from Melbourne, has not only been seeking Indian students and migrants, but also investment from Indian companies.
Gold price goes above 900 dollars level
By KUNA
London : The price of gold reached yet another all-time high Monday, hitting 904.60 dollars an ounce, as investors seek a haven from any potential US recession.
Gold prices have also risen on the back of expectations of further cuts in US interest rates, analysts said.
The weak dollar has also boosted the metal, as this makes it cheaper for holders of other currencies.
With platinum also hitting a new high, some analysts are now predicting that gold prices could reach 910 dollars an ounce.
Bharti Airtel moves to close deal with Dhaka telecom firm
By IANS,
Dhaka : Indian telecom firm Bharti Airtel is close to acquiring a majority stake in the Bangladesh operations of Warid Telecom, with officials of both companies meeting key officials to wrap up the deal, a newspaper report said Wednesday.
The Indian company is looking at buying a 70 percent stake in Warid and has received a favourable response from the Bangladeshi firm's promoters -- the Abu Dhabi group -- who are here to thrash out the deal.
One rupee salary due costs company Rs.970,000
By IANS,
Ranchi : The Heavy Engineering Corporation (HEC) in Jharkhand has finally agreed to pay a total compensation of Rs.970,000 to 24 of its employees because it had paid them Re.1 less as salary for as long as 30 years, an official said Monday.
The affected employees had taken the company to court, fighting a legal battle all these years. However, five of them died during the course of the case and the remaining 19 have retired from HEC.
Tampering with RBI’s autonomy will damage economy: Moody’s
New Delhi : American research firm Moody's Analytics, in a report on Thursday, warned against the NDA government's moves to tamper with the...
Kuwaiti-Chinese business forum begins
By NNN-KUNA,
Kuwait : The First China-Kuwait Investment Forum got underway on Sunday with participation of more than 70 Chinese figures representing the Chinese private and public sectors.
Deputy Prime Minister and Minister of State for Cabinet Affairs Faisal Al-Hajji, in a statement inaugurating the event, affirmed that the holding of the two-day forum in the country was in line of desire of the Amir Sheikh Sabah Al-Ahmad Al-Sabah of transforming Kuwait into a financial and commercial hub.