PM Manmohan to discuss confidence-building steps with industry captains
By NNN-PTI,
New Delhi : As part efforts to shore up confidence eroded by the global financial rout, Prime Minister Manmohan Singh will on Monday meet here leaders of India Inc, which may seek more measures to tide over the liquidity crunch.
Ratan Tata, Anand Mahindra, Mukesh Ambani, Anil Ambani, K P Singh, Sunil Bharti Mittal and Deepak Parikh are among those expected to attend the meeting -- two days after RBI decided to inject another Rs 85,000 crore into the financial system by revising downward short-term lending rate and key deposit requirements for banks.(One Crore: ten million)
US is open to expanding G7, Paulson says
By DPA,
Washington : The US is open to letting more countries into the select group of top world economies known as the Group of Seven (G7), Treasury Secretary Henry Paulson has said.
Paulson Friday suggested the current bloc was not broad enough to deal with today's economic problems, in a press conference just after G7 finance ministers and central bank heads met in Washington to discuss the financial crisis.
"I don't think it reflects the global economy today," Paulson said.
Oil prices more to blame for global slowdown than sub-prime mess
By Gurmukh Singh, IANS,
Toronto : The 500 percent hike in oil prices since 2002, which resulted in massive money transfer to oil-producing nations, is much more to blame for the looming global recession than the US sub-prime mortgage crisis, says a banking report here.
The report "Just how big is Cleveland?" by Canadian Imperial Bank of Commerce (CIBC) Monday warned that falling property prices in US inner-cities like Cleveland could create a recession in Japan and Europe even much before the US.
Mining projects await forest department clearance in Jharkhand
By IANS,
Ranchi : Several mining companies, which have been allotted mining blocks in Jharkhand, are not able to start operations in the state as the projects are yet to be cleared by the forest department.
According to sources in the mines and geology department, 22 companies have been allocated iron ore mines and coal blocks in the state. But none of them is able to start mining.
"Several companies got approval for mining in the state from the central government. But the mining work can start only after forest clearance is accorded to them," a department official told IANS.
Use of crops to make fuel driving up food prices: Chidambaram
By IANS,
Washington : Indian Finance Minister P. Chidambaram Sunday described the use of crops to make fuel as “foolish”, and said this was partially to be blamed for rising food prices.
"Food prices have also been on the rise thanks to foolish diversion of food to fuel," he said, appearing on an hour-long special about India's business and economy - "India Rising: The New Empire" - on CNBC.
But he did not name the US, where food crops like corn are used for making ethanol.
Chhattisgarh to boost tourism investment through sops
By Sujeet Kumar
IANSRaipur : Chhattisgarh is keen to transform itself into a tourist hub and plans to offer sops for those investing in the tourism sector in the state, including tax relief for land use and free power to set up hotels, said Tourism Minister Brijmohan Agrawal.
Global Investors’ Meet at Jabalpur from today
By Pervez Bari, TwoCircles.net
Jabalpur: Stage is all set for the two-day International Investors' Meet starting here at Jabalpur, a historic town in Madhya Pradesh, from tomorrow with a view to attracting industrialists from India as well as abroad to establish industries in the state.
Rise in eurozone industrial production points to recession’s end
By DPA,
Berlin : Industrial production in the 16-member eurozone rose in August, the Europe's statistics office said Wednesday, adding to evidence of an end to the recession in the currency bloc.
Eurostat said output rose by 0.9 percent month on month in August and revised up the July figure to a 0.2 percent increase. Economists had predicted a 0.8 percent rise in August.
Sensex closes over 220 points down
Mumbai : A benchmark index of Indian equities markets, the 30-scrip Sensitive Index (Sensex), provisionally closed over 220 points down during Friday's trade session.
The...
Andhra Pradesh unhappy over railway budget
By IANS,
Hyderabad : Andhra Pradesh Friday conveyed its unhappiness to Railways Minister Mamata Banerjee over the raw deal the state has received in the 2009-10 railway budget.
The Congress government in the state feels that injustice has been done to the state as the budget proposed no new projects for the state except a superfast train between Visakhaptnam and Mumbai and development of Secunderabad and Tirupati railway stations.
Decision on Indian partner in Star Alliance Thursday
By Arvind Padmanabhan, IANS
Beijing : The chief executives of Star Alliance carriers, the leading commercial pact among 19 global airlines, meet here Thursday to take a decision on inducting an Indian airline as a partner.
"Yes, it is high on our agenda. We could be taking a decision on an Indian partner tomorrow," Star Alliance chief executive Jaan Albrecht said ahead of the crucial annual meeting here among the top brass of the member carriers.
Gujarat Chemicals, Dow to set up organics plant in India
By IANS,
Gandhinagar : The state-owned Gujarat Alkalis and Chemicals Ltd (GACL) and Dow Europe, a unit of Germany based Dow Chemical Co, announced Wednesday the forming of a joint venture for an organics plant in the state.
The Rs.6 billion chlorinated organics products (chloromethane) plant to be located at Dahej in south Gujarat is being tipped as a special chemical hub by the Gujarat government.
The agreement for the construction, operation and ownership of the manufacturing facility for the project was inked in the state capital.
State Bank, most state-owned banks cut lending rates
By IANS,
Mumbai : The cost of credit for households and the corporate sector is all set to fall as most state-owned banks led by India's largest lender, the State Bank of India (SBI), have cut their benchmark prime lending rate (PLR) by 75 basis points (bps).
"The State Bank of India has reduced the benchmark prime lending rate by 75 bps from 13.75 percent per annum to 13.00 percent per annum effective from Nov 10, 2008,” the bank said in a regulatory statement Thursday.
Government has sole right to fix gas price: Reliance Industries
By IANS,
New Delhi : Mukesh Ambani-led Reliance Industries told the Supreme Court Tueday that it was a mere contractor appointed by the government to explore and harness natural gas from the Krishna-Godavari basin and the state remained the real owner.
Resuming his argument before a three-member bench, Harish Salve, counsel for Reliance Industries, said the company's role was restricted to interpreting various clauses of its production sharing contract with the government.
MTN-Bharti plans could be hit by Iran mobile clampdown
By IANS,
Johannesburg : Plans by South African mobile giant MTN and India's Bharti Airtel to form a huge network straddling Asia, Africa and the Middle East could be affected by Iran's blockage of mobile network signals in the wake of the ongoing strife there.
Analysts estimate that MTN stood to lose at least a month's revenue in Iran, the company's third largest market, but the telecom giant declined to comment on its operations in that country.
"MTN has no comment regarding its operations in Iran at this stage," group Nozipho January-Bardill told the daily Times here.
Markets close lower, Sensex sheds 0.71 percent
By IANS,
Mumbai : Indian equities closed in the red Friday, with a key index ending trade 0.71 percent lower than its last close.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,944.11 points, closed at 8,891.61 points, down 0.71 percent or 63.25 points.
The S&P CNX Nifty index of the National Stock Exchange (NSE) shut shop at 2,758.8 points, 0.96 percent lower than its last close of 2,785.65 points.
The BSE midcap index was 0.04 percent lower, while the BSE smallcap index was down 0.22 percent.
Rama Newsprint to increase writing paper output
By IANS
Ahmedabad : Leading newsprint maker Gujarat-based Rama Newsprint and Papers Ltd has decided to produce writing and printing paper to generate higher revenues.
In a communication to the Bombay Stock Exchange, the company has said the decision was taken because better margins are currently possible in the writing paper segment.
M.R. Venkatesh, Rama's vice-president, marketing, told IANS that while a tonne of newsprint fetches Rs.23,000, one tonne of writing paper sells at Rs.34,000.
World Bank cancels credit for Bangladesh bridge project
By IANS,
Dhaka: World Bank has decided to cancel its $1.2 billion credit for Bangladesh's Padma Multipurpose Bridge project, said WB statement received here Saturday.
Loan waiver for farmers welcomed in Kerala
By IANS
Kozhikode (Kerala) : Finance Minister P. Chidambaram's budget proposal for outstanding farm loans' waiver has been welcomed by the people in Kerala.
"The loan waiver for farmers is most welcome and I was looking forward to it. We will use it in the most fruitful way to the benefit of the farmers," state Finance Minister T.M. Thomas Isaac said.
"Though, the budget proposes loan waiver, it is not clear how the government would implement it or whether the burden of this scheme will be passed on to the states," he said.
Natural gas output falls over 7 percent year-on-year
New Delhi : Production of natural gas in April recorded a year-on-year fall of 7.7 percent as both public and private sector explorers failed...
UAE writes off $4 bn worth Iraqi debts
By IANS,
Abu Dhabi : The United Arab Emirates (UAE) Sunday announced that it has written off debts and interests worth $4 billion owed by Iraq, WAM new agency reported.
President Sheikh Khalifa bin Zayed Al Nahyan made the announcement after meeting with Iraqi Prime Minister Nuri al-Maliki here, the report said.
Maliki is on a two-day visit to the UAE. He is accompanied by a high-level delegation comprising ministers of interior, trade, industry and mining.
India of immense importance for economic engagement: Bilimoria
By Aroonim Bhuyan, IANS
New Delhi : India, with its undisputed success story, has emerged as one of the most important countries for economic engagement, says Karan Bilimoria, member of Britain's House of Lords and co-chairperson of Indo-British Partnership (IBP).
Blimoria, along with British Commerce Minister Lord Digby Jones, will be leading two trade delegations comprising representatives of around 100 companies to New Delhi Monday, ahead of Prime Minister Gordon Brown's visit to India.
BHEL Bhopal Unit Outbids MNCs, Bags Order for Transformers Worth Over Rs. 163 cr....
By Pervez Bari, TwoCircles.netÂ
Bhopal, June 6: Against stiff international competition, Bhopal unit of Bharat Heavy Electrical Limited, (BHEL), India's giant Public Sector Undertaking, has once again bagged a very prestigious order for Transformers from National Thermal Power Corporation, (NTPC), outbidding Multinational companies.
Va Tech Wabag bags Rs.1,033-cr order from Chennai Metro Water
By IANS,
Chennai : Water solutions company Va Tech Wabag has bagged a Rs.1,033-crore order to design, erect and operate a desalination plant from Chennai Metropolitan Water Supply and Sewerage Board, commonly known as Chennai Metro Water.
"We will design, build and operate the plant for seven years. The plant capacity will be 100 million litres per day and sea water will be converted into drinking water, using reverse osmosis technology," company managing director Rajiv Mittal said here Tuesday.
The plant will come up on 40 acres at Nemmeli near here.
Call for cut in taxes on petrol, diesel in budget
By NNN-PTI
New Delhi : Days before the Budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia today made out a strong case for cut in taxes on petrol and diesel, while indicating there would be a substantial increase in social sector allocations.
"We have said in the Integrated Energy policy...Please decide on a rational tax policy and once you have a rational tax policy in place, on a medium term basis, under-recoveries of petroleum companies are not feasible," he told PTI.
He said the consumers would have to bear the burden of the increasing crude oil prices.
Security guard at Tata plant in Singur assaulted
By IANS,
Singur : A private security guard at the Tata Motors plant in Singur in West Bengal was assaulted by a group of unidentified men, police said Tuesday.
Inspector General of Police (Law and Order) Raj Kanojia said: "The miscreants attacked the guard on Monday night. Some people at the site chased them away but could not get hold of them.”
There has been no work at the troubled plant - planned to build the world's cheapest car Nano - since local farmers backed by the opposition Trinamool Congress laid siege to it on Aug 24.
Buying a green PC not as easy as you may think
By DPA,
Washington : It's not easy being green - especially when it comes to computers.
While for years the computer industry has been touting green components and working to reduce the power used by individual components, a typical PC with monitor still uses about as much electricity as three or four 100 watt light bulbs.
Consider that many personal computers are left on all the time, and you're looking at some serious power consumption - and some hefty electricity bills.
What you can do to reduce the power consumption of your current computer may be limited.
UTV’s movie business revenues up by 241 percent
By IANS,
Mumbai : Leading production house UTV's movie business has shown a revenue growth of 241 percent and its earnings from interactive and gaming business has increased by 250 percent during the year ending March 2008.
In the unaudited financial results of the fourth quarter of 2007-08 announced Tuesday, the company has reported growth in operating revenues from Rs.1,749 million in the previous fiscal to Rs.4,375 million. Operating profit reached Rs.601 million from Rs.40 million, registering a 1,403 percent increase.
Antidote to poverty is high growth: Chidambaram
By IANS
Gurgaon : High growth will wipe out poverty in India, Finance Minister P. Chidamabaram said Thursday, even as he urged the creation of a new matrix to "understand" whether society was also growing and developing.
"High growth will wipe out poverty. The antidote to poverty is high growth," Chidambaram maintained while addressing the plenary on "Indices for development: Need for change"? on the second day of The Partnership Summit 2008 in this Haryana IT hub bordering the Indian capital.
China to seek sustainable development with workers’ rights
By Xinhua
Beijing : President Hu Jintao said here Monday China is willing to join hands with international community in addressing issues of sustainable development and urged protection of workers' rights.
"China is willing to cooperate with the international community to address the challenges posed by the issues like climate change, environment pollution and energy shortage," Hu said.
The Chinese president made the remarks in his speech at the opening ceremony of an international forum on globalisation and trade unions.
IBSA calls for ‘fair and acceptable’ trade
By Fakir Hassen, IANS
Pretoria : Indian Prime Minister Manmohan Singh Wednesday joined Presidents Lula da Silva of Brazil and Thabo Mbeki of South Africa in calling for a "fair and acceptable" resolution to the Doha Round of trade talks.
"We'll work towards a balanced and equitable conclusion of the Doha Round of talks," said Manmohan Singh at a joint interaction with the participants of the second IBSA Summit here.
Recession-hit IT sector seeks extension of fiscal benefits
By IANS,
Bangalore: Battered by the global meltdown, the Indian IT industry is looking up to the new government for extension of fiscal benefits and relief from multiplicity of taxes.
"Extension of fiscal benefits like 10A/10B sections for the tech industry under the Software Technology Parks of India (STPI) scheme is imperative to sustain the growth momentum and compete in the global market," Pramod Bhasin, chairman of the National Association of Software and Services Companies (Nasscom), told reporters here Tuesday.
Highlights of growth stimulus unveiled by India’s central bank
By IANS,
Mumbai : Following are the highlights of a growth stimulus package unveiled by Reserve Bank of India (RBI) Governor D. Subbarao here Saturday in a bid to cushion the impact of global slowdown on the country's economy:
- Repo rate cut by 100 basis points to 6.5 percent
- Reverse repo rate cut by 100 basis points to 5 percent
- No changes in cash reserve ratio and statutory liquidity ratio
- Refinance of Rs.7,000 crore (Rs.70 billion/$1.4 billion) for Small Industries Development Bank of India
Blasts have no impact on operations: Infosys, Wipro
By IANS,
Bangalore : Leading IT firms Infosys and Wipro Friday said the serial blasts here had not impacted their operations and all their employees were safe.
Both have, however, increased security at their campuses.
Seven bombs went off within an hour in this IT hub's central business district and other crowded areas Friday afternoon, killing a woman at a deserted bus stop and injuring seven people.
Markets start on a dull note
By IANS,
Mumbai : Indian equities were trading on a dull note Wednesday, with a key index ruling about 13 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened about 70 points lower at 14,230.73 points. Some 15 minutes into trade it was at 14,316 points, 13.97 points or 0.1 percent higher than its last closing figure.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was also ruling marginally above its previous close at 4,327.15, up 8.7 points.
Indian Oil net surges 780 percent
By IANS,
New Delhi : India's largest refiner Indian Oil Corp Thursday said its net profit for the quarter ended June 30 surged 780 percent as lower crude oil prices narrowed its revenue losses.
The company reported a net profit of Rs.3,680 crore ($763 million) for the quarter compared to Rs.410 crore in the like period the year before.
The total income for the same period stood at Rs.60,680 crore, down from Rs.89,140 crore a year earlier.
Indian electronics body expects Rs.10,000 crore investment in 2 years
New Delhi : The India Electronics and Semiconductor Association (IESA) is expecting to garner Rs.10,000 crore investment in the electronic system design and manufacturing...
Indra Nooyi again tops Fortune’s Power 50
By Arun Kumar, IANS
Washington : Indra Nooyi, Indian American chairman and the chief executive officer (CEO) of PepsiCo topped Fortune magazine's 10th annual list of the 50 Most Powerful Women in Business for the second year in a row.
Besides Nooyi, who beat competition from Xerox's Anne Mulcahy and eBay's Meg Whitman to retain the top spot in the US, the global power list released Monday features three Indian women at the 33rd, 38th and 50th positions.
Merger of Reliance Industries, fuel exporting arm approved
By IANS,
Mumbai : In one of the largest merger deals in India, Reliance Petroleum will merge with its parent and the country's biggest company, Reliance Industries, in what the promoters say will create better synergies for them in the hydrocarbons space.
The board of the two companies met here Monday to unanimously approve the merger in the ratio of one share of Reliance Industries for every 16 shares of Reliance Petroleum. The merger will be subject to necessary regulatory and legal approvals.
Sensex shuts 0.89 percent up
By IANS,
Mumbai : A key Indian equity index ended a volatile trading session Friday 0.89 percent higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,693.15 points, closed at 16,844.2 points, 0.89 percent or 148.17 points higher than Thursday's close at 16,696.03 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) also ended in the green, up 0.89 percent at 4,996.9 points.
India’s growth higher but no respite from price rise
By IANS,
New Delhi : For a country getting ready for an imminent hike in fuel prices, Friday brought a mixed bag of news for its policy makers with economic growth tweaked higher to 9 percent for 2007-08, but inflation breaching the 8 percent mark to its steepest levels in three-and-a-half years.
The most worrisome news was data on the official wholesale price index that put India's annual rate of inflation at 8.1 percent for the week ended May 17, from 7.32 percent for the week before.
Eight power firms may lose coal blocks in Chhattisgarh
By IANS
Raipur : Chhattisgarh plans to recommend to the central government cancellation of coal mining lease of at least eight power firms that seem reluctant to set up thermal plants despite signing the deals with the state.
"The state government is surprised that several companies which inked deals with the government in past two years seem reluctant to set up power plants in the state and their actual motive was to bag coal blocks," a senior official of the industry department told IANS.
Sandy Baruah takes over as US Small Business Administrator
By IANS,
Washington : Santanu "Sandy" K. Baruah, an Indian American, has taken over as Acting Administrator of the Small Business Administration (SBA), an independent agency of the federal government, to help small business concerns.
President George Bush had nominated Baruah, 43, to be the new head of the agency with proposed 2009 budget of $659 million in June 2008, but his Senate confirmation ran into bipartisan concerns about the agency.
Tamil Nadu coaxing ‘industrial whales’ to come ashore
By Venkatachari Jagannathan, IANS,
Chennai : Officials of the Tamil Nadu industries department, located on the Coromandel Coast, are known as "investment whalers" - they coax industrial houses to set up units in the state.
Whaling is different from fishing. Whalers need to be extra cautious while spotting, pursuing or finally hunting down a mammal. And that's why the simile applies to the officials.
Indian auto sales up 10.61 percent
By IANS,
New Delhi : Indian automobile manufacturers sold 1.04 million vehicles in Feburary, up 10.61 percent from 942,955 units sold in the same period last year, official data showed Monday.
The Society of Indian Automobile Manufacturers (SIAM) said passenger vehicle sales (excluding exports) during the month of February were 145,019, up 15.02 percent from 126,077 vehicles sold in the same period last year,
Total commercial vehicles (domestic) sold in the period under review were 31,069, down 31.68 percent from 45,478 units sold in the year-ago period.
ADB lowers growth forecast for India
By Xinhua,
Manila : India's economy will experience a marked slowdown in the 2008 and 2009 financial years, ending its run of five consecutive years of very high growth, the Asian Development Bank (ADB) said Tuesday.
In its latest report "The Asian Development Outlook 2008 Update", ADB forecast India's growth rate to decrease to 7.4 percent in fiscal 2008 and decelerate further to 7.0 percent in fiscal 2009.
Indian market says cheers to beer
By IANS
New Delhi : The market for beer in India is expected to expand by 39 percent to 2010, faster than the growth forecast for wines and spirits, says a new study by an international consultancy and research organisation.
Arvind Virmani is chief economic advisor
By IANS
New Delhi : Arvind Virmani, principal advisor in the Planning Commission, has been named the new chief economic advisor in the finance ministry, an official statement said Saturday.
He will replace Ashok Kumar Lahiri, who has been appointed executive director at the Manila-based Asian Development Bank.
A recipient of Padma Bhushan, Virmani, 58, has a doctorate in economics from Harvard University and has previously served the Indian Council for Research on International Economic Relations (Icrier).
Markets ride global wave, Sensex up 2.6 percent
By IANS,
Mumbai : Firm global markets helped Indian bourses keep up with the bull rally for the second consecutive day Tuesday, with a key index ruling 2.6 percent higher than its previous close a little before noon.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 9,549.52 points, higher than its 9,424.02-point close Monday, was at 9,669.31 points, 2.6 percent or 245.29 points higher than its previous close.
BP sells operation in Colombia
By IANS/EFE,
Bogota : Colombian state oil company Ecopetrol S.A. and Canadian firm Talisman have reached an agreement to buy the Colombia operation of BP Plc for $1.75 billion.
The deal for BP Exploration Company Colombia Limited includes all of the Britain-based multinational's assets in the Andean nation, Ecopetrol said in a statement.
Ecopetrol will have a 51 percent interest, with the remaining 49 percent going to Talisman.
BP Exploration Colombia which has an estimated 94 million barrels in reserves currently produces around 24,000 barrels per day.
Under fire from investors, Satyam calls off Maytas deal
By IANS,
Hyderabad : Bowing to pressure from shareholders, Satyam Computer Services Limited Wednesday called off the deal to acquire Maytas Properties and take 51 percent stake in Maytas Infra for $1.5 billion.
India's fourth largest software services provider said it reversed the decision in deference to the wishes of investors. The management said they were surprised by the market reaction.
The company in a statement said it has decided not to go ahead with the deal in the light of feedback received from the investor community.
IDFC gets infrastructure finance company status
By IANS,
New Delhi : Term lender Infrastructure Development Finance Company (IDFC) Thursday said the Reserve Bank of India has classified it as a "infrastructure finance company".
The move is expected to help IDFC mobilise funds at cheaper rates and provide more flexibility in its lending to infrastructure projects.
"IDFC has been classified by the Reserve Bank of India as Infrastructure Finance Company within the overall classification of non-banking finance company (NBFC)," said the company in a regulatory statement.
Trade remains range-bound, markets still sluggish
By IANS,
Mumbai : The Indian equities markets were stayed low Thursday afternoon with a key index trading about 4.38 percent below its previous close Wednesday.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 4.38 percent or 410.7 points from its previous close and was trading at 8,959.79 points an hour before the day's close.
The Sensex opened at 9,098.08 points Thursday, lower than Wednesday's close of 9,370.49.
Equities markets maintain marginal gain
By IANS,
Mumbai : The Indian equities markets maintained their marginal gain in the first few hours of trading Thursday.
At noon, the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was trading at 15,584.37 with a gain of 69.58 points. It touched a high of 15,625.38 and a low of 15,445.22 points earlier in the day.
At the same time, the S&P Nifty index of the National Stock Exchange was trading at 4,612.05 points with a gain of 26.45 points or 0.58 percent.
Reliance Communications slashes call rates
By IANS,
Mumbai : Prepaid subscribers of Reliance Communications (RCom) will now be able to make long distance calls at Re.1 and local calls at 50 paise.
The service comes under a new scheme called 'Life Time Jaadu Pack', launched here Wednesday by RCom, part of the the Reliance Anil Dhirubhai Ambani Group (R-ADAG)
RCom's wireless business president S.P. Shukla said the offer was available at a onetime recharge of Rs.550 for a life time term.
$100 million investment in Assam-Nagaland oilfields
By IANS
Guwahati : An Indian and a Canadian exploration consortium will be investing $100 million in exploring two new reservoirs of crude oil and natural gas discovered in the northeastern states of Assam and Nagaland.
An Indian petroleum ministry official said the Assam Company Limited (ACL) and its Canadian partner, Canoro Resources Limited, have found oil and natural gas at two drilling blocks in Amguri near Jorhat in Assam and one at Changpang in Nagaland.
Highlights of India’s Economic Survey
By IANS,
New Delhi : Following are the highlights of India's Economic Survey for 2010-11 tabled by Finance Minister Pranab Mukherjee in the Lok Sabha:
PM to meet Hasina, Rajapaksa on BIMSTEC sideline
By IANS,
New Delhi : Prime Minister Manmohan Singh will meet the prime minister of Bangladesh and the president of Sri Lanka during the BIMSTEC...
Stocks of railway companies rise
New Delhi : Stocks of companies associated with the railways increased around noon Thursday, a day after 100 percent foreign direct investment (FDI) in...
TVS Motor sales up 5 percent in May
By IANS,
Chennai : City-based two-wheeler manufacturer TVS Motor Co Monday reported 5 percent growth in its last month sales at 118,574 units, compared to 112,770 vehicles sold in May 2008.
The company in a statement said its domestic motorcycles sales grew 3 percent to 43,165 units from 41,901 vehicles it sold in the like period last year.
Sales of scooters stood at 22,486 units last month, marginally down from 22,931 units recorded in the corresponding period last year.
Pan-India number portability will enhance customer satisfaction: COAI
New Delhi: The implementation of pan-India mobile number portability (MNP) has been one of the important points of the National Telecom Policy 2012 and...
Tata ropes in Sonus Networks for global voice solutions
By IANS,
Mumbai : International internet protocol (IP) communications market leader Sonus Networks will expand Tata Communications' global voice network's reach and help in finding wireless and wireline infrastructural solutions.
Giving details of the tie-up, a spokesperson of Tata Communications said the two firms would work as a team to smoothen the transition from the existing network to a new IP network. The first phase comprises cities like Newark, Montreal, Toronto, Los Angeles, London, Madrid, Frankfurt and Singapore.
Several Pakistani stalls remain vacant at trade fair
By Pupul Dutta, IANS,
New Delhi : Pakistan is partner country at this year's India International Trade Fair that opened Friday, but its exhibitors complain that cumbersome procedures have kept a third of their allotted 75-odd stalls vacant.
Their reason: the merchandise is yet to be cleared by the customs department, with as many as 40 containers stranded at the Wagah-Attari border post alone.
FICCI signs agreements with three US institutions
By IANS,
New Delhi : The Federation of Indian Chambers of Commerce and Industry (FICCI) Monday signed three agreements for cooperation with three leading US institutions.
The memorandums of understanding (MoU) between FICCI and the IC2 Institute at the University of Texas, Polytechnic Institute of New York University (NYU-Poly) and the Institute of International Education were signed in Washington, where Prime Minister Manmohan Singh will meet US President Barack Obama Tuesday.
$6 billion in new funding for global food crisis, says UN Aid chief
B IRNA,
Tehran : The top United Nations relief official said that $6 billion in new funding to tackle the global food crisis has been pledged following the food security summit that concluded in Rome.
UN Information Center said that Under-Secretary-General for Humanitarian Affairs John Holmes announced the new funding when he briefed reporters in New York this weekend on a comprehensive plan to meet the crisis.
"We need to focus both on the immediate needs and on the longer-term issues starting right now and the focus is on the smallholder farmers in developing countries," he said.
Markets in consolidation mode
By IANS,
Mumbai : Indian equities markets were in consolidation mode about an hour before close Tuesday, with a key index slipping from the day's highs to hold about 111 points above its last closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,757.82 points, was ruling 134.3 points or 0.94 percent higher at 14,418.51 points. It closed at 14,284.21 points Monday.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 0.8 percent from the previous close Monday to trade at 4,357.75 points.
Cabinet approves India-Syria investment pact
By IANS,
New Delhi : The government Friday approved an investment pact between India and Syria that was signed between the two countries nearly two months ago.
“The bilateral investment promotion agreement (BIPA) is aimed at protecting and promoting the interests of investors of either country in the territory of the other,” Science and Technology Minister Kapil Sibal told reporters here after a cabinet meeting chaired by Prime Minister Manmohan Singh.
Sensex extends gains, breaches 17,000-point mark
By IANS,
Mumbai : A key Indian equities index built on its morning gains Wednesday and breached the 17,000-point mark around noon.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 16,723.96 points and was ruling at 17,007.48 points, up 315.48 points or 1.89 percent from its previous close at 16,692 points at noon.
Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,081.2 points, against the previous close at 4,985.85 points, a gain of 1.91 percent.
US economy contracts 0.3 percent in third quarter
By DPA,
Washington : The US economy contracted by 0.3 percent in the third quarter of the year, the sharpest decline in seven years amid a global financial crisis that has blocked credit access and severely depressed spending, the US government said Thursday.
The government's initial estimate puts the country on track for a recession in the second half of the year. A recession is rated as two straight contracting quarters. The number was slightly better than expected: Economists had predicted a 0.5-percent drop, according to Bloomberg News.
Markets slip, but still in green
By IANS,
Mumbai : The Indian equities markets were trading in the green Monday, with a key index ruling about 1.43 percent higher than its previous close around noon after soaring more than 2.7 percent on opening.
The Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,521.78 points, was trading at 10,497.09 points - 1.43 percent or 148.26 points higher than its Thursday close of 10,348.83 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,252.35 points, 1.29 percent up from its last close of 3,060.35 points.
Kerala to set up Islamic bank shortly
By IANS,
Thiruvananthapuram : The Kerala government will set up an Islamic bank in the state, Finance Minister Thomas Isaac told the assembly Wednesday.
The share capital of the proposed bank has been fixed at Rs.1,000 crore, Isaac said, adding that an advisory committee would be set up shortly to work out the details.
"Non-resident Malayalees and Kerala-based businessmen like E.M. Najeeb are involved in the project," he said.
Later, Najeeb told IANS the core committee that has been set up has held three meetings following a feasibility study conducted by a consultant.
IT sleuths raid premises of mine owners in Karnataka
By IANS
Bangalore : The revenue intelligence wing of the Income Tax department Friday raided the premises of iron ore mining companies in Bellary district of Karnataka and recovered unaccounted cash and gold worth millions of rupees.
ExlService’s margins hit due to rupee rise
By IANS
New Delhi : ExlService Holdings Inc, one of India's leading business process outsourcing (BPO) firms, Wednesday said its margins have been hit in the year ending December 2007 due to the rupee appreciation.
The Nasdaq-listed BPO firm's gross margin stood at 36.8 percent in 2007 compared to 39.4 percent in 2006. It also reported a decreased operating margin of 9.6 percent against 12.4 percent the previous year.
Automobile industry welcomes excise duty cut
By IANS,
New Delhi : Indian automobile industry Monday welcomed Finance Minister P. Chidambaram's move to cut excise duty on several product types of the...
PM to take stock of Delhi airport problems and expansion(Lead)
By IANS,
New Delhi : Prime Minister Manmohan Singh will be briefed by top officials including Planning Commission Deputy Chairman Montek Singh Ahluwalia on the problems being faced by passengers in the expansion of the Indira Gandhi International Airport (IGIA) here, official sources said Tuesday.
"Ahluwalia will write to the prime minister, giving details of his talks with the Delhi International Airport Limited (DIAL) officials and measures that are being taken to decongest the airport," an official said.
Dominican Republic, EU free trade accord in 2008
By Prensa Latina
Santo Domingo : The Dominican Republic and European Union Free Trade Agreement will be operational in 2008, according to officials here.
The implementation of the trade pact between the Latin American country and the EU would streamline bilateral commercial exchange, said Dominican Foreign Minister Carlos Morales.
The official said the foreign ministry would meet the association of industries to request its views on the terms of the accord to be signed in mid-October this year.
Kingfisher fined Rs.26 crore for delaying tax payments
By IANS,
New Delhi: The government Friday said it has fined private carrier Kingfisher Airlines Rs.26.46 crore for delay in remittance of tax deducted at source (TDS).
Minister of State for Finance S.S. Palanimanickam, in response to a question, told the Lok Sabha that besides Kingfisher, Spicejet and MDLR Airlines also have not remitted TDS collected on time.
But, he said, it was not clear if any fine had been imposed on Spicejet and MDLR.
Satyam fraud reaches parliament; LS to discuss tomorrow
By NNN-PTI,
New Delhi : The Lok Sabha will Friday discuss developments at Satyam that was rocked by a Rs 7,800 crore accounting fraud, prompting the government to takeover operations to prevent damage to the Indian IT industry.
This was decided in the business advisory committee meeting, where the leaders of various political parties agreed for a discussion on the fraud.
Sources said even Lok Sabha Speaker Somnath Chatterjee himself had suggested having a discussion on Satyam when he met the political leaders on the eve of the session.
Mercedes set for hydrogen drive in 2010
By DPA
Stuttgart : Mercedes has given the B-Class a design makeover with more economical engines and a special fuel-cell hydrogen drive version available in 2010, the car maker has announced.
The four-cylinder engines are up to seven percent more economical than the predecessor with exhaust emissions that undercut current European Union (EU) emission standards by as much as 90 percent, Mercedes said.
BlackBerry lowers profit outlook, stock sinks
By Gurmukh Singh, IANS,
Toronto : BlackBerry stock sank Thursday as slow sales of its smart phones forced device maker Research In Motion (RIM) to slash its quarterly profit outlook.
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.
Dr.Reddy’s Lab net profit rises 116.52 percent
By IANS,
Hyderabad : Pharma major Dr. Reddy's Laboratories Friday said its net profit for the quarter ended Sep 30 grew 116.52 percent to Rs.197 crore from Rs.91 crore in the like quarter last fiscal.
Total income of the company increased 19.24 percent to Rs.1,139 crore for the second quarter this fiscal from Rs.955.18 crore in the corresponding period in 2008-09.
Dr. Reddy's logged a forex gain of Rs.32.9 crore for the quarter ended Sep 30, compared to a forex loss of Rs.47.2 crore in the like quarter a year ago.
Sensex closes 125 points up
By IANS,
Mumbai : A key index of the Indian equities markets closed on a high Tuesday amid volatile conditions, ending trade almost 125 points up from its last closing figure.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,103.65 points, rose 125.58 points or 0.89 percent to 14,168.98 points (provisional).
The Nifty of the National Stock Exchange (NSE) also closed 0.91 percent higher at 4,203.4 points.
Tata-owned Corus to shed 3,500 jobs: Report
By IANS,
London : Workers unions were seeking urgent talks with Corus Monday after the Tata-owned steelmaker was said to be considering shedding up to 3,500 jobs.
Although none of its plants will close down, unattributed media reports over the weekend and Monday said up to 10 percent of Corus's 24,000 workforce in Britain could be cut, raising fears of a general wave of British redundancies this week.
Tamil Nadu to build Rs.60 bn petrochemical mega-complex
By IANS,
Chennai : Tamil Nadu Industrial Development Corp Ltd (Tidco) is planning to develop the Cuddalore-Nagapattinam belt as a petroleum, chemical and petrochemical investment region at an investment of Rs.60 billion ($1.4 billion), said a top official.
Talking to reporters after signing a gas cooperation agreement with Gas Authority of India Ltd (GAIL) here Friday, Tidco chairman and managing director S. Ramasundaram said the state and central governments would develop the infrastructure while the prospective investors would have to source the required land for the factory.
RBI unlikely to cut rates Tuesday as inflation high: Report
New Delhi : With inflation still high, the Reserve Bank at its fourth bi-monthly policy review Tuesday is unlikely to cut interest rates, Care...
VAT likely to be implemented in UAE in early 2009
By IANS,
Dubai : The United Arab Emirates (UAE) is likely to introduce a value added tax (VAT) system by early 2009, according to a senior official of Dubai Customs.
"Having spent two years studying VAT around the world to ensure that what is proposed for the UAE and the GCC (Gulf Cooperation Council) is best practice, we are now in phase two, which is looking at how to successfully implement VAT," reports quoted Dubai Customs executive director Abdul Rahman Al Saleh as saying in a seminar during the Arabian Travel Market tourism event here.
Petrol, diesel price hiked
New Delhi : Transport fuel prices were hiked effective Friday midnight by Rs.3.13 per litre for petrol and by Rs.2.71 a litre for diesel,...
Falling cotton prices: Need to combine ‘Tech with Mech’
By Vivian Fernandes,
Kanhaiyyalal Patel, 52, cannot hide his disappointment as he contemplates a cheque for Rs.76,154 given to him by Saksham Industries for 1,800 kg of cotton. A farmer of Tunda village, in Mehsana's Unjha taluk in Gujarat, renowned for the wholesale market for cumin, flaxseed and fennel, Patel's cheer at getting a better rate at another mandi a stone's throw away, is clouded by a feeling of relative deprivation.
Uttam Galva Steels net profit up 29 percent
By IANS
Mumbai : Uttam Galva Steels Ltd (UGSL) has reported a 29 percent increase in net profit for the quarter ended Dec 31, 2007, compared to the same period last year.
Net profit for the Oct-Dec quarter amounted to Rs.291.5 million ($7.47 million) compared to Rs.226.3 million ($5.8 million) during the corresponding period last year.
The company's net sales touched Rs.5.82 billion ($149.4 million) for the third quarter of fiscal 2007-08, which was up by 12 percent when compared to the previous year.
Northeast gets over Rs.14 bn in the budget
By IANS
New Delhi : Finance Minister P. Chidambaram Friday announced Rs.14.55 billion for the development of the northeastern region in the 2008-09 budget.
"The northeastern region will continue to receive special attention and enhanced allocations," Chidambaram said, proposing Rs.14.55 billion for the Ministry of Development of the Northeastern Region.
"The total budget amount for northeastern region, spreading over different ministries and departments, will increase from Rs.143.65 billion in 2007-08 to Rs.164.47 billion in 2008-09," Chidambaram said.
UNHCR official calls for gradual repatriation of Afghans
By IRNA
Tehran : A key UNHCR envoy here Monday thanked Iran for its warm hospitality towards Afghan refugees and called on Tehran to arrange their gradual repatriation.
In a press conference here Monday, the United Nations Assistant High Commissioner for refugees Judy Cheng-Hopkins said the repatriation process should be gradual so that Afghan government can manage the home coming Afghans easily.
Dull week on Indian equities markets
By IANS,
Mumbai : It was a lacklustre week for the Indian equities markets, with a key index Friday ending trade a marginal 1.31 percent below its previous weekly close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended at 9,300.86 points, a 1.31 percent or 123.38 points decrease from last Friday's close of 9,424.24 points.
Similarly, the broader S&P CNX Nifty of the National Stock Exchange (NSE) shut shop at 2,843.1 - a 1.1 percent fall from last week's close.
Punjab-based towel manufacturer commissions new unit
By IANS,
Chandigarh : Punjab-based towel manufacturer Abhishek Industries Limited (AIL) with its Trident brand of towel range, exported extensively overseas, Sunday commissioned a new towel unit in Barnala district of Punjab, a company official said.
"This new unit is part of expansion programme of AIL's terry towel division. With completion of this expansion, the total production capacity of our terry towel division has increased to 374 looms," said an official spokesperson of AIL here Sunday evening.
Italian brand Diesel finally comes to India
By IANS,
New Delhi : Italian lifestyle brand Diesel is finally set to make an entry in the Indian market with two stores in Mumbai this month.
Diesel has partnered with Reliance Brands Ltd, a part of the Reliance Industries group, and plans to expand over the next few months by startting one each store in Bangalore, Delhi and Hyderabad.
TRAI extends consultation deadline on service providers
By IANS
New Delhi : The Indian telecom regulator has extended till July 6 the deadline for comments from stakeholders on its consultation paper that seeks to restrict the number of service providers.
Markets quiet in morning trading
By IANS,
Mumbai : Indian equities markets moved in a tight range Wednesday morning with a key index trading a marginal 0.44 percent above Tuesday's close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,759.3 points just before noon, a rise of 43.14 points or 0.44 percent from its previous close of 9,716.16 points.
Among the top gainers were Satyam Computer, which has been on the rise with the scrip looking attractive at current valuations, and speculation that the company is in for a change of management.
Equity markets rise at opening bell
By IANS,
Mumbai : Indian equity markets rose soon after the opening bell with a key index gaining by 0.73 percent about 15 minutes into trade.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,625.13 points against Monday's close at 9,533.52 points and was at 9,603.11 points about 15 minutes into trading, 0.73 percent higher than its previous close.
At the National Stock Exchange (NSE), the broader S&P CNX Nifty index followed the Sensex, rising 0.68 percent from its previous closing figure to be around 2,942.05 points at the same time.
Dubai tourism projects to reach $ 122 billion Dirhams by 2018
By IANS
Dubai : Tourism-related projects in Dubai would touch 450 billion dirhams ($122 billion) by 2018, or more than 50 percent of the 858 billion dirhams ($231 billion) being projected for the whole of United Arab Emirate (UAE), WAM news agency reported Friday.
In a press statement Thursday, the Tourism Development Projects and Investment Market (TDIM), quoting a survey, said the total value of projects for the Middle East and North Africa (MENA) region would be 1.2 trillion dirhams by 2018.
TAPI pipeline will take five years: Afghan president
New Delhi : The construction of the $10-billion four-nation TAPI (Turkmenistan-Afghanistan-Pakistan-India) gas pipeline project will be completed in the next five years, Afghanistan President...
Turkey determined to double volume of trade exchange with Syria
By NNN-SANA
Istanbul : Turkish State Minister for Foreign Trade Affairs Kursad Tuzmen expected Friday to double volume of trade exchange between Syria and Turkey by the end of this year to reach 2 billion dollars.
‘Foreign investment in realty driving land prices’
By IANS,
New Delhi : The influx of foreign investments is responsible for the "sky high" land prices and should be discouraged in the realty sector, a leading domestic developer said here Wednesday.
“The foreign investments have done no good to the sector. At the most, they are responsible for the sky high land prices,” Omaxe chairman and managing director Rohtash Goel told IANS on the sidelines of a business meet.
Auto Expo starts, showing India’s growing clout as industry hub
By IANS,
New Delhi : The 10th Auto Expo flagged off at the Pragati Maidan exposition grounds here Tuesday, attracting over 2,100 participants from 30 countries in a growing testimony to India's emergence as a major market and hub for the global automobile industry.
The organisers, the Society of Indian Automobile Manufacturers and the Confederation of Indian Industry (CII), said they expected some two million visitors during the week-long show -- much higher than the numbers attracted by similar events at Shanghai and New York last year.
Sensex up 1.48 percent in early trade
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday rose sharply into the green soon after opening bell, as Asian markets staged a rally.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,069.78 points, was ruling at 16,259.34 points, 238.86 points or 1.48 percent up from its previous close at 16,022.48 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,877.25 points, up 1.47 percent from its previous close.
United Phosphorous to raise $75 mn in loan
By IANS,
Ahmedabad : Agro-chemical major United Phosphorus Ltd (UPL) is raising around $75 million in loan from the International Financial Corp (IFC) to fund its expansion as well as new projects in the next three years.
The IFC loan will also enable UPL finance acquisition of new products or companies in the emerging markets. The company's investment plan for expansion, acquisition and new projects is estimated at $100 million.
UPL chief financial officer S. Krishnan said a major part of the loan would be used for the expansion of Ankleshwar and Jhagadia facilities in Gujarat.
Railways’ five-year profit will cross Rs.1,000 bn: Lalu
By IANS,
Patna : Railways Minister Lalu Prasad Monday said the Railway's profit during his five-year tenure will cross Rs.1,000 billion ($20 billion).
“I am 100 percent sure that the Indian Railways is set to earn a profit of over Rs.1 lakh crore (Rs.1,000 billion),” he said.
The minister has been travelling across the state during the last one week to lay foundation stones of new rail lines and also to inaugurate railway buildings.
Drop in retail sales backs economists’ view on US recession
By Parveen Chopra, IANS
New York : The view of a majority of economists in the latest Wall Street Journal survey confirming the slide of the US into recession is supported by new data showing a sharp drop in retail sales last month.
While President George W. Bush would go only as far as acknowledging that there was an economic slowdown, over 70 percent of the 55 economists in the Journal's periodic economic forecasting survey said the country was already in recession, the business daily reported Thursday.
‘Information on ATM operation not to be revealed’
By IANS
New Delhi : Commercial banks cannot be compelled under the Right to Information (RTI) Act to divulge the operational details of their ATMs installed across cities, the Central Information Commission (CIC) has ruled.
"Information pertaining to operation of ATMs is really a matter of commercial confidence. As a matter of fact, a lot of security is involved in such a procedure and such information cannot be given to any outsider," CIC's Information Commissioner Padma Balasubramanian held in a ruling on Jan 29.
World Bank to have greater presence of developing economies
By IANS,
Rio de Janeiro : World Bank chief Robert Zoellick has said that the institution is looking forward to larger participation of the developing countries in its decision-making process.
Speaking on the sidelines of a G-20 ministerial level gathering in Sao Paulo, Zoellick said Saturday that the World Bank is currently seeking to increase the representation of developing countries to 44 percent and enhance developing countries' participation in decision making process.
Russia, Italy sign deal on gas pipeline
By RIA Novosti
Moscow : Russian energy giant Gazprom and Italy's Eni SPA signed a deal to build a gas pipeline that will run under the Black Sea from Russia to the European Union.
The document to set up the South Stream joint venture was signed Thursday in Kremlin by Gazprom's chief executive, Alexei Miller, and Eni President Paolo Scaroni in the presence of Russian President Vladimir Putin and Italian Prime Minister Romano Prodi.
The project is expected to strengthen Russia's position as Europe's energy supplier.
‘Total Quality’ assessment begins at BHEL Bhopal unit
By Pervez Bari, TwoCircles.net
Bhopal: The ‘Total Quality’ assessment of Bharat Heavy Electricals Limited, (BHEL), Bhopal unit for CII-Exim Bank
Award For Excellence-2007 began today with an opening meeting chaired by R.K. Singh, Executive Director, BHEL,Bhopal and convened by Prabhat Kumar, General Manager (P & D & BEX).
Venezuelan economy galloping on oil revenue
By IANS
Caracas : Riding on the surge of oil revenue, Venezuela is poised to register a growth rate of 12 per cent with the gross domestic product (GDP) reaching past $200 billion this year, Spanish news agency EFE reported Monday.
Planning Minister Jorge Giordani Sunday said the South American nation's oil wealth was now being used to boost domestic economy and noted that 17 per cent of the projected GDP would come from oil revenue.
Budget has many schemes for common man
By IANS,
New Delhi : In keeping with the United Progressive Alliance (UPA) government's "inclusive growth" mantra, Finance Minister Pranab Mukherjee Monday announced a slew of schemes for the aam aadmi (common man).
The major measures announced in his union budget for 2009-10 are:
- Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore
- Agriculture debt waiver extended by six months
- Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget
Kerala traders to shut shop to protest entry of retail giants
By IANS
Thiruvananthapuram : Small and big traders in Kerala will not open their shops Saturday to protest the entry of retail giants, who are consolidating their position in the state.
The shutdown has been called by two organisations of traders in the state.
The Kerala Vyapari Vyvasayi Ekopana Samithi (KVVES) will hold a protest meeting at Trissur while the Kerala State Vyapari Vyvasayi Samithi (KSVVS) members will march to the state secretariat here.
Both are demanding that the ruling Left government enact a law to prevent the entry of retail giants here.
Jordan buys back $2.4 bn of debts
By DPA
Amman : The Jordanian government Sunday signed agreements with 10 member states of the Paris Club for creditor countries under which it bought back $2.4 billion of its debts at a discount rate of 11 percent.
The accords were signed with Canada, Italy, Belgium, the US, Germany, Britain, France, Spain, Switzerland and Austria.
Jordan did not sign a similar agreement with Japan because its constitution prohibits the selling of debts.
Cruise tourism can grow three-fold by 2010, says study
By IANS,
New Delhi : Cruise tourism industry can grow three-fold in the country provided the government focuses more on developing physical infrastructure and streamlining immigration and custom checks process, a study has said.
15 percent jobless in 13 US cities: Report
By Arun Kumar, IANS,
Washington : Thirteen American cities saw their unemployment rates topping 15 percent in April with nine of the highest in California alone. In another 93, joblessness climbed above 10 percent, according to a new government report.
Nine of the baker's dozen are in California, a state ravaged by the housing meltdown and an unparalleled state budget crisis. By comparison, only seven cities reported unemployment rates above 10 percent in April 2008, the Labour Department said in its report released Wednesday.
Aroma wonder! 10 feet long incense sticks
By Prashant K. Nanda, IANS
Mysore (Karnataka) : Now light an incense stick and enjoy its fragrance for over 30 hours. A factory here has started producing incense sticks that are 10 feet long and cost a stiff Rs.3,000 a piece.
"Besides our regular sticks, recently we have started producing sticks as tall as six feet and 10 feet. It takes time to produce them but we have a niche market," said M.R. Suresh, manager operations of Cycle Brand Agarbathies.
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.
Tata officials visit Andhra sites, face farmers’ protests
By IANS,
Hyderabad : A team of officials from Tata Motors Sunday conducted inspection of two sites near here for their Nano car project but faced protests from farmers, who refused to part with their land.
The team led by Tata Motors' managing director G. Ravi Kant and accompanied by officials of the state revenue department visited Seetarampuram and Aluru villages in Ranga Reddy district. Both sites are close to the Rajiv Gandhi International Airport at Shamshabad.
Rise of rupee unnerves exporters
By IANS
New Delhi : Appreciation of the rupee that has hit nine-year highs against the dollar is a "matter of concern", Commerce Minister Kamal Nath said Thursday even as exporters lamented that the steps taken by the government so far were inadequate in addressing their woes.
"The rising rupee is a matter of concern. The government is very much looking at it and it needs a new response," Kamal Nath told reporters on the sidelines of a conference here.
We will remain sympathetic to exporters: Chidambaram
By IANS
New Delhi : The government Friday said it will provide relief to exporters adversely hit by appreciation of the rupee against the dollar, Finance Minister P. Chidambaram said.
"Merchandise exports have been hit due to rupee appreciation. The target of $160 billion of exports for 2007-08 has just fallen short," the minister told the Lok Sabha while presenting the national budget for 2008-09.
"The government is sensitive to the sector and will continue to be sympathetic," he said.
Reliance Industries net profit drops 6 percent
By IANS,
Mumbai : The net profit of oil-to-petrochemicals major Reliance Industries (RIL) dropped 6.41 percent to Rs.3,852 crore (approximately $815 million) for the quarter ended Sep 30, compared to the Rs.4,116 crore it netted in the corresponding period last fiscal.
In a regulatory statement Thursday, the company said it has registered a turnover of Rs.47,476 crore (about $10 billion), an increase of 5.88 percent from the Rs.44,839 crore it earned in the year-ago period.
‘Substantial’ stimulus package planned to prop economy
By IANS,
New Delhi : The prime minister will announce a "substantial" stimulus package for exporters Saturday to revive a sagging economy, Commerce and Industry Minister Kamal Nath said here Friday.
“Lowering interest rates and an interest subsidy on bank loans to exporters could form part of a stimulus package, which is likely to be announced by the government and the Reserve Bank on Saturday,” Kamal Nath told reporters.
“This will not be a single package. This the first part, the second and third parts will follow,” he said.
US initiatives to boost Sri Lanka’s regional economy
By IANS,
Colombo : The US Friday announced the launch of a new multi-year initiative, funded by the USAID, to promote economic growth in Sri Lanka’s war-ravaged eastern province.
The US embassy said in a statement that the new programme, Connecting Regional Economies (CORE), was designed to increase social and economic security “as part of the US government’s integrated strategy to address the root causes of conflict in Sri Lanka”.
PVR inks bowling alley deal with Thailand’s cineplex giant
By Arpana, DPA
New Delhi : India's leading multiplex chain PVR Ltd will set up a joint venture with Thailand's largest cinema chain, Major Cineplex Group, to operate bowling alleys in India.
"We are aiming to set up 200 bowling lanes in major cities throughout India in three years," Gautam Dutta, CEO of Cine Media of PVR, told IANS on phone from Bangkok.
"The first bowling alley will come up in six months from now in Ambience mall in Gurgaon (near Delhi). It will have 24 lanes and a karaoke centre. We also plan to have ice-skating there."
Indian markets open weak on tenuous global cues
By IANS
Mumbai : Indian capital markets opened on a weak note Tuesday on the back of feeble cues from global markets.
Just after the opening bell, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down by 177.17 points at 19,456.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) was down by 67.05 points at 5,841.
Asian markets plunged as financials in the region were hit by a sell-off on Wall Street.
Apple overtakes Microsoft as most valuable tech firm
By DPA,
San Francisco : Apple Wednesday overtook Microsoft as the world's most valuable technology company, thanks to the persistent run-up in Apple shares and the dwindling value of Microsoft stock.
Apple's total market capitalisation as measured by the value of all the company's shares was $227.1 billion in Nasdaq trading early Wednesday afternoon after its share value rose 1.53 percent on the day. Microsoft's shares fell 1.69 percent, giving the company a market capitalisation of $225.58 billion.
India invites Swedish investment in drug, diagnostics
By IANS,
New Delhi: India Monday invited Sweden to be a partner country in developing the health infrastructure in India and said greater investment is expected in the areas like drug development and diagnostics.
Health Minister Ghulam Nabi Azad said "greater investment is expected in the fields of diagnostics and pharmaceuticals".
Bata India asks employees to end strike
By IANS,
Kolkata : A day after threatening to suspend operations at its strike-hit Batanagar unit in West Bengal, Bata India Thursday held talks with union leaders and asked them to exhort the striking contract labourers to end the four-day-old agitation.
"The management has told us today (Thursday) that they are willing to listen to the demand of the contract workers, but they have to first withdraw their strike," Bata Mazdoor Union president Subir Chakraborty said.
Swine flu threatens prospects of global economic recovery
By IANS,
Washington : The outbreak and spread of swine flu has come at a time when the global economy is trying to come out of the worst downturn since World War II and has threatened chances of an early recovery, especially in the US.
In recent weeks, economic data suggested a bottoming-out of the global financial crisis, but economists Monday were forced to consider worst-case scenarios in which the recession could become two or three times as painful, the Washington Post reported Tuesday.
Apparel institute in talks for overseas tie-ups
By IANS
Ahmedabad : The city-based Institute of Apparel Management (IAM) is exploring tie-ups with institutes in Britain and the US for facilitating management programmes for working professionals in retail merchandising.
The Apparel Export Promotion Council (APEC) has promoted the IAM, which was inaugurated in September this year.
‘Increase cess on mining; granting of leases should be transparent’
By IANS,
Panaji : The cess on mining needs to be increased significantly and the revenue generated should be earmarked for development of infrastructure in specific areas where mineral exploration is being carried out, industrialist Jamshyd Godrej has said.
Speaking to IANS on the sidelines of the annual general body meeting of the Goa Chamber of Commerce and Industry Saturday, special invitee Godrej said transparency while identifying and allocating mining leases on part of the government was of singular importance.
Nathu La trade sluggish, Sikkim wants more items on trading list
By Syed Zarir Hussain, IANS,
Nathu La (Sikkim) : Bilateral trade between Asian giants India and China through the Nathu La pass on the fabled Silk Route has remained sluggish this year and Sikkim is mounting pressure on New Delhi to expand the list of tradable items to boost business, officials said Wednesday.
"Since trade re-opened on May 19, the two countries did business worth just about Rs.2.6 million," Ujwal Gurung, Sikkim's director of industry and commerce, told IANS.
Parties ask UP government to slash VAT on diesel
By IANS,
Lucknow : Legislators cutting across party lines Tuesday asked the Uttar Pradesh government to slash Value Added Tax (VAT) on diesel.
Syndicate Bank cuts lending rates
By IANS
Mumbai : State-run Syndicate Bank Monday announced reduction in lending rates on housing loans, consumer credits and loans to women entrepreneurs and small and medium enterprises (SMEs) ranging from 0.25 percent to 1.50 percent.
According to an official release, the interest rate on housing loans has been reduced by 25 basis points for loans up to Rs.2 million ($50,299).
To increase the flow of credit to small-scale industries (SSI) and SMEs, the rate of interest has been revised from 25 basis points to one percent depending upon rating of the clients.
Bring Central Asian gas to India via China: expert
By IANS
New Delhi : India should consider building a gas pipeline from Central Asia via China as an alternative to the contentious pipeline project involving Iran and Pakistan, according to M. K. Rasgotra, chairman of the National Security Advisory Board.
"India should moot building a gas pipeline to bring Central Asian gas to India, running via China instead of going for the Iranian gas pipeline," Rasgotra, a former foreign secretary, told a seminar on oil and gas organized by the Observer Research Foundation here Thursday.
APEC meeting stresses trade, human security
By Xinhua
Sydney : Trade and foreign ministers and representatives from the 21 Asia-Pacific Economic Cooperation (APEC) member economies wrapped up their two-day meeting here Thursday, agreeing to further promote trade and economic reform and enhance human security in the region.
The ministers, under the theme of "strengthening our community, building a sustainable future", reviewed developments in the region and challenges facing the region's future.
RIL influenced oil ministry to hike gas price: RNRL
By IANS,
New Delhi : Reliance Natural Resources Ltd (RNRL) told the Supreme Court Thursday that Reliance Industries Ltd (RIL) had the full marketing freedom for Krishna-Godavari gas and accused it of influencing oil ministry officials in getting the price hiked for state-run NTPC.
The company also sought to drive home the point that the government's contract with RIL was to share the production of gas from Krishna-Godavari basin with the option to take such a share either in cash or kind.
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