Saudi Arabia now 23rd best in the World for investment
By NNN-Bernama
Dubai : Saudi Arabia has jumped 15 places to 23rd for best investment climate among 178 countries evaluated on the basis of 10 indicators that affect their business environment, according to the World Bank's "Doing Business 2008" report.
World Bank vice-president for financial and private sector development Michael Klein said the indicators are business regulations that track the time and cost to meet government requirements in business start-up, operation, trade, taxation and closure.
Manpower shortage haunts Indian construction industry
By IANS
Bangalore : The construction industry in India is facing a huge shortage of manpower, especially those with skill-sets to sustain the burgeoning growth in infrastructure and housing sectors.
"Although the construction industry employs about 31 million people, second only to the agriculture sector, the workforce requirement is about five million people per year over the next 7 years to sustain the current 8 percent growth rate," CII southern region chairman P.K. Mohapatra said here Wednesday.
Hindustan Construction bags Rs.27-bn hydel project contract
By IANS,
Mumbai : Infrastructure major Hindustan Construction Co. (HCC) has bagged a Rs.27.26-billion (Rs.2,726-crore) contract to build a 330-MW hydel power plant in Jammu and Kashmir, a top official said Friday.
“We have successfully constructed over 23 percent of India's hydel power generation capacity in the past, which included several challenging power plants in the Himalayan region,” said HCC president and chief operating officer Vinayak Deshpande.
‘IT important for auto component industry’s growth’
By IANS
New Delhi : Use of IT is imperative for the growth of Indian auto component industry that aims to become a $40-billion industry by 2015, says an industry report.
The Indian auto component industry faces numerous challenges, especially the small and medium enterprise (SME) segment. Proper adoption and implementation of IT will enable them develop solutions, the report - IT Adoption in the Indian Auto Component Industry - by National Association of Software and Service Companies (Nasscom) said.
Iran says oil market well-supplied, saturated
By Xinhua,
Tehran : Iranian Oil Minister Gholam-Hossein Nozari said on Saturday that the increase of OPEC output would not affect oil price as the market is well-supplied and "saturated," the official IRNA news agency reported.
Iran has completed its oil production capacity, Nozari told reporters on the sidelines of the eighth session of Iran's Petrochemical Forum opened on Saturday morning. The report gave no more quotes from the Iranian oil minister, but noted that Iran's current crude output stands on 4.170 million barrels per day.
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Ambanis feud likened to one between Esau and Jacob
By IANS,
London/Johannesburg : As talks between the Reliance Anil Dhirubhai Ambani Group (R-ADAG) and South African telecom giant MTN reach their last lap, the feud between Ambani siblings has started grabbing global attention, with one newspaper even likening it to the one between biblical Esau and Jacob.
UAE to set up a council to improve investment climate
By Aroonim Bhuyan, IANS
Dubai : The United Arab Emirates will soon establish an Emirates National Competitiveness Council which will recommend policies to boost competitiveness in economic and social areas of the country.
"We are soon going to establish the Emirates Business National Competitiveness Council which will be a public-private sector initiative with government representation from both federal and local levels," UAE's Minister for Cabinet Affairs Mohammed Al Gergawi said at an advisory workshop for Doing Business 2008 here Wednesday.
Benchmarks nudge up, broader indices soar at Indian markets
By IANS,
Mumbai : Benchmark indices for Indian equities markets nudged up during the week but broader markets put on a spirited rally as foreign funds lent critical support.
13 coal mines in Jharia to reopen
By IANS
New Delhi : Bharat Coking Coal Ltd (BCCL), a subsidiary of the state-owned Coal India Ltd (CIL), will reopen 13 coal mines in Jharia in Jharkhand. The mines were closed due to local protests over spreading mine fires, CIL Chairman Partha S. Bhattacharyya said here Wednesday.
According to industry sources, these mines are rich in bituminous coal that is used by the steel industry after it is converted into coking coal.
This natural resource is scarcely found in the country.
Armageddon can wait: Jaguar Land Rover chief
By IANS,
London : The head of Jaguar Land Rover says the Tata-owned luxury brands have a “brilliant future” but that they must outsell “bland” foreign cars first.
“We do need to up our game as the competition gets tougher every year. If I needed confirmation of this, I got it when I looked at the cars on the street here this morning,” JLR Chief Executive David Smith said.
Bharti Airtel, IFFCO enter into strategic partnership
By IANS,
New Delhi : Bharti Airtel, India's leading mobile phone service provider, Friday entered into a strategic partnership with state-run Indian Farmers Fertiliser Cooperative Ltd (IFFCO) to offer telephony services to farmers in the country's hinterland.
The new entity that has been formed after the joint venture - IFFCO Kisan Sanchar Ltd (IKSL) - would provide products and services, specifically designed for farmers, through IFFCO societies in villages.
Japanese, Indian investors ready to re-invest in Thailand
By NNN-TNA
Bangkok : Major Japanese and Indian investors are now prepared to resume their investments in Thailand, said Suwit Khunkitti, deputy prime minister and industry minister.
His remarks were made after Hiroshi Shimozuma, chairman of the Kansai Economic Federation (Kankeiren) of Japan, asked him earlier Friday about the Thai government's investment policy for 2008 and 2009, as Japanese private investors wanted to invest more in Thailand.
Indian economy to grow 5.6 percent in 2014: UNCTAD
New Delhi: The Indian economy will grow at a rate of 5.6 percent in 2014, the United Nations Conference on Trade and Development (UNCTAD)...
Iran to boost oil production
By Xinhua,
Tehran : Iran's deputy oil minister said that Iran will boost its oil output to 4.3 million barrels per day by the end of March 2009, local daily Kayhan International reported on Sunday.
Such a rise of oil production owes to some major projects implemented by the oil ministry this year, said Seifollah Jashnsaz at a press conference.
Iran's current oil output is 4.207 million barrels per day, and the increased output will be supplied from Darkhovein, Shademargan and Hengam oil fields in southwestern Khuzestan province, Jashnsaz said.
Maharaja Appliances to expand product range
By IANS
Chennai : The New Delhi-based kitchen appliances major Maharaja Appliances Ltd is expanding its product range in order to enlarge its presence in Indian households.
The Rs.1,500-million turnover company is getting into cooling, heating and lighting appliances segments.
In the cooling appliances segment, Maharaja Appliances will make room coolers, desert coolers and ceiling fans.
Under the heating and lighting product categories, the company will launch geysers, instant water heaters, auto-ignition gas stoves, steam irons and compact fluorescent lamps.
Sensex continues to languish in dull trade
By IANS,
Mumbai: A benchmark index of Indian equities Tuesday continued to trade weak even as selling pressure increased in broader markets.
India: fuel price hike may push inflation over 13-yr high of 9 pc
By NNN-PTI,
New Delhi : Inflation is bound to cross a 13- year high of nine per cent from the current level of 8.1 per cent, as a fallout of today's sharp hike in petrol and diesel prices, economists said today.
"It (inflation) could cross 9 per cent in the near term owing to the hike in petrol and diesel prices," HDFC Bank Chief Economist Abheek Barua told PTI.
Besides, the base effect is also not favourable as the inflation is being calculated at the lower base, he said. The base effect relates to inflation in the corresponding period of the previous year.
MAN Group to invest in luxury realty sector
By IANS,
New Delhi : MAN Infraprojects, subsidiary of Britain-based MAN Group, Friday announced plans to invest Rs.10 billion in seven realty projects in the country over the next three years.
The company plans projects in Mumbai, Navi Mumbai and Indore, with a total built-up area of 10 million square feet and once completed would be worth over Rs.40 billion.
“Our endeavour would be to target customers who love leading five-star life at all times,” says Nikhil Mansukhani, director of MAN Infraprojects Ltd.
Shopkeepers, hawkers prevent opening of Spencer’s mall
By IANS,
Kolkata : The West Bengal government's efforts to portray an industry-friendly image received a jolt Friday when small shopkeepers and hawkers prevented RPG Enterprise vice chairman Sanjiv Goenka from inaugurating here a new mall of the company's retail arm Spencer's.
A large group of protesters gathered in front of the hypermarket, located in a busy market zone of south Kolkata, at 10.30 a.m. and raised slogans, laying a virtual siege to the mall entrance.
Profit booking pulls Sensex down 203 points
By IANS,
Mumbai : Profit booking and a crash at the Chinese bourses pulled down a key index of Indian equities markets 203 points and into the red Wednesday.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,293.19 points, shut shop at 15,128.06 points -- 203.88 points or 1.33 percent lower than Tuesday's closing figure.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) closed in negative terrain, 1.4 percent down at 4,500.2 points.
SAIL mulls contracts with engineering exporters
By IANS,
Kolkata : The Steel Authority of India Limited (SAIL) is mulling contracts with engineering export companies to mitigate the problem of volatility in input prices, a top SAIL official said here Monday.
"We are willing to enter into some kind of term contract with engineering exporters... may be at least for three months," SAIL chairman S.K. Roongta told reporters here.
He said two things are worrying the engineering exporters - one is the volatility of input cost and the other is the volatility in foreign exchange.
Financing fight against climate change: global body to the fore
By Joydeep Gupta
Bali (Indonesia)(IANS) : The Global Environment Facility (GEF) wants to act as the secretariat for the international fund that will be set up during the UN summit on climate change starting Monday to finance moves towards greener technology.
The GEF is a 178-member international financing body set up by the World Bank and the UN to fund sustainable development projects around the world.
Since it was set up in 1991, GEF has provided $6.2 billion in grants and has leveraged $20 billion in co-financing for over 1,800 green projects in more than 150 countries.
UN climate talks complicated by economic downturn
By DPA,
Poznan (Poland) : A UN climate conference opens Monday with the world economic crisis casting a dark shadow over plans for a new deal to combat global warming within a year.
As negotiators from some 190 countries gathered in Poznan, Poland, talks were further complicated by a dispute within the European Union (EU) over how to distribute fresh cuts in emissions that scientists say are warming the Earth.
Reliance Energy takes Himachal government, Brakel to court
By IANS,
Shimla : Reliance Energy has once again moved the Himachal Pradesh High Court challenging the decision of the state government to allow Brakel Corp NV of the Netherlands to start work on a multi-million dollar hydropower project.
The Thopan-Powari-Jangi hydropower project in Kinnaur district, about 300 km from here, was awarded to Brakel Dec 1, 2006 by the previous Congress government through open international bidding.
Iran-Oman aiming for $1B trade exchange
By NNN-IRNA
Tehran : Foreign Minister Manouchehr Mottaki said Tehran and Muscat are trying to increase their trade exchanges level in the framework of joint cooperation development from 200 million dollars to one billion dollars.
In a press conference with Omani Minister Responsible for Foreign Affairs Yousuf Bin al-Alawi Bin Abdullah here Saturday, Mottaki said, "The two countries intend to promote their trade and economic ties to the level of their political relations."
Indian company makes chopper airframes for US
By Vishnu Makhijani, IANS,
New Delhi : The first India-made airframe of the Sikorsky S-92 medium-lift helicopter will be handed over to the US firm in November and there is the distinct possibility of the entire chopper being manufactured in this country at some stage - the first time that a major aviation actitivity is being done in the private sector.
The airframes will be manufactured at the Tata Advanced Systems Limited (TASL) facility in Hyderabad with three being produced this year and the number gradually rising to 38-48 annually.
Decision on 12 Goa SEZs June 4
By IANS,
New Delhi : The central government will take a decision next month on the 12 approved special economic zones (SEZs) of Goa as the state is up in arms against them.
"We will call them (developers) for a hearing at the next meeting June 4 and then will take a decision on those 12 SEZs," G.K. Pillai, Secretary of the ministry of commerce and industry, told reporters here.
“The Board of Approvals - BOA - (for SEZ) has already issued show-cause notices (to the developers),” Pillai added.
Chhattisgarh’s 4,000 MW project gets central nod
By IANS,
Raipur : Decks have been cleared for the 4,000-MW ultra mega power project (UMPP) in Chhattisgarh as the central government has finally approved the project, ending months-long controversy.
The government, which had earlier selected Chhattisgarh as one of the five states for setting up UMPPs, reportedly rejected the project last August as the state government stuck to its demand for 50 percent of power at "invariable cost" from the project.
CESC posts Rs.940 mn net profit in first quarter
By IANS,
Kolkata : The city-based power generation and transmission major CESC Ltd has posted a net profit after tax of Rs.940 million in the first quarter of this fiscal (2008-09) as compared to Rs.820 million for the corresponding period last year, it said Monday.
In a regulatory statement, it said its total income has increased to Rs.8.42 billion from Rs.7.5 billion for the periods under review.
India’s inflation rate falls eighth straight week to 0.27 percent
By IANS,
New Delhi : India's annual rate of inflation declined for the eighth straight week and fell to another historic low of 0.27 percent for the week ended March 14, against 0.44 percent for the week before, official data showed Thursday.
The drop was mainly on account of a relatively higher rise in the official whosesale price index during the corresponding week of last year, as between March 7 and 14, the index rose 0.1 percent, data released by the commerce and industry ministry showed.
Vedanta guru in US to address corporates
By Parveen Chopra, IANS
New York : Swami A. Parthasarathy, a known exponent of Vedanta and a pioneer of its application in business management, is on a visit to the US to give talks at corporates, including Merrill Lynch, Tata Consultancy Services as well as the New York and Cleveland chapters of Young Presidents' Organisation.
Siemens operating profit up 125 percent
By IANS,
Mumbai : Industry and infrastructure solutions provider Siemens Friday reported a 125 percent rise in operating profits at Rs.342 crore for the quarter ended Dec 31, 2009 compared to Rs.152 crore in the like period last fiscal.
The company's accounting period is October-September.
New orders during the period under review rose 161 percent to Rs.5,168 crore while net sales increased 13 percent to Rs.1,834 crore.
Jeddah summit calls for more investment in oil output
By IANS,
Jeddah : The world's top oil producing and consuming countries have called for increased investments in oil production as well as greater transparency and regulation of financial markets to rein in spiralling prices.
In a final communiqué issued at the end of the emergency meeting of oil consuming and producing countries convened by Saudi Arabia here Sunday, it was stated participants noted with concern that oil prices have risen sharply.
Indian infrastructure sector growth at 9.6 percent
By IANS,
New Delhi : The Indian infrastructure sector comprising six core industries grew at 9.6 percent in 2008 fiscal, according to data released by the ministry of commerce and industry here Thursday.
Barring cement and finished steel, the other industries - crude oil, petroleum refinery products, coal and electricity - registered a decline in growth in 2008. The infrastructure sector grew at 10.5 percent in the same period in 2007.
Petrol pumps start to go dry in capital
By IANS,
New Delhi : Most petrol pumps went "dry" Thursday in the national capital, the second day of the strike by oil sector employees, with new supplies yet to reach the fuel stations.
The Oil Sector Officers' Association (OSOA), an umbrella body of 45,000 employees in the public oil sector companies, have called for a strike to force the government to give them wage hikes.
India, China provide new poles of world growth: World Bank
By Arun Kumar, IANS
Washington : Calling the rising economies of China, India and Brazil "the new stakeholders" in globalisation, the World Bank has pledged to come to their aid "if the credit storm and liquidity drought sweeps their way".
"The rising economies of China, India, Brazil, and others have strengthened and rebalanced the international economy, providing new poles of growth," World Bank President Robert B. Zoellick said here Wednesday.
Airtel revenue up 42 percent to Rs.90 bn
By IANS,
New Delhi : Telecom major Bharti Airtel Ltd Friday said its consolidated revenue grew 42 percent to Rs.90.2 billion (Rs.9,020 crore) for the quarter ended Sep 30, 2008.
Its net income stood at Rs.20.46 billion ($415 million) in the second quarter, up 27 percent from Rs.16.14 billion a year earlier, the company said here.
The increase in net income was on account of record subscriber addition in the quarter under review, taking Airtel's subscriber base to 79.9 million as of Sep 30 - reflecting an increase of 57 percent from the same date last year.
Petrol, diesel prices hiked in Delhi
By IANS
New Delhi : The Delhi government Wednesday increased petrol prices by 67 paise and diesel by 22 paise a litre to "stop recurring revenue loss".
Japanese rating agency says India’s currency senior debts stable
By IANS,
New Delhi : Japan Credit Rating Agency Ltd (JCRA) has left unchanged its BBB+ ratings for India that reflect a stable outlook on the country's foreign and local currency long-term senior debts, the government said Thursday.
After a review Aug 19, the agency concluded that in the medium to long term, the Indian economy has high potential to grow faster than seven percent annually, a government statement said.
L&T bags Rs.2,155 crore National Fertilisers project
By IANS,
Mumbai : Engineering and infrastructure major Larsen and Toubro (L&T) Monday said it has bagged a Rs.2,155 crore deal from state-run National Fertilizers to convert two existing oil-run ammonia plants.
"The two projects involve changeover of the feedstock of the existing 900 tonnes per day ammonia plants from fuel oil to natural gas," said L&T in a regulatory statement.
Both projects will be executed concurrently and are expected to be commissioned by January 2013.
With this project, L&T has now secured three feedstock conversion projects in the fertiliser sector.
BHEL’s Traction Machines Website & Online RADAR monitoring system opened
By Pervez Bari, TwoCircles.net
Bhopal : In a programme organized by Traction Machines Department at Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, Traction Machines website and online RADAR monitoring system were inaugurated . A booklet on the Traction Machine Products was also released on this occasion by RK Singh, Executive Director, BHEL, Bhopal.
Chidambaram’s remarks assist recovery of Indian equities
By IANS
Mumbai/New Delhi : On a day of fast-paced developments, a key Indian market index crashed some 1,700 points early Wednesday on fears of a clampdown on participatory notes but staged a marked revival of some 1,400 points by close following assurances from Finance Minister P. Chidambaram.
Sensex zooms over 300 points, crosses 20,000-mark
By IANS,
Mumbai : A benchmark index of Indian equities Thursday moved 313 points higher in afternoon trade, going well past the 20,000-mark.
Japan cartoon industry looks beyond India for outsourcing
By DPA
Bangkok : Spiralling production costs in India have forced Japan's billion-dollar animation industry to look elsewhere for outsourcing cartoons, including Thailand, Thai media reports said Monday.
Shuzo Shiota, chief executive officer of Polygo Pictures, Japan's largest computer-animation studio, was in Bangkok last week to inform Thai entrepreneurs of the outsourcing opportunities awaiting them in Japan's 3D cartoon industry which reported revenues of 1.4 billion yen (around $2 billion) in 2005, said The Nation newspaper.
Bangkok : Spiralling production costs in India have forced Japan's billion-dollar animation industry to look elsewhere for outsourcing cartoons, including Thailand, Thai media reports said Monday.
Shuzo Shiota, chief executive officer of Polygo Pictures, Japan's largest computer-animation studio, was in Bangkok last week to inform Thai entrepreneurs of the outsourcing opportunities awaiting them in Japan's 3D cartoon industry which reported revenues of 1.4 billion yen (around $2 billion) in 2005, said The Nation newspaper.
Planters seek level-playing field to be globally competitive
By Fakir Balaji, IANS,
Coonoor (Tamil Nadu) : Tea, coffee, rubber and spice planters in South India Tuesday called for drastic amendments to the various acts pertaining to land, labour and wages so that they could be globally competitive.
"There is an urgent need to overhaul the Plantations Act, the Land Reforms Act and the Minimum Wages Act to become competitive in a global market," United Planters' Association of Southern India (UPASI) president D.P. Maheshwari said here.
Equity markets in the red early afternoon
By IANS,
Mumbai : Indian equity markets were in the red early Thursday afternoon. There was selling pressure on realty, banking and oil and gas stocks.
At 12:30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, at 14,238.59 points, down 58.20 points or 0.41 percent from its closing figure Wednesday. It had touched a low of 14,221.83 points earlier Thursday.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was down by 10.60 points or 0.25 percent at 4,281.50.
Equities markets open with an upswing
By IANS,
Mumbai : The Indian equities markets opened with a positive gap Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 83.03 points at 16,358.62.
The S&P Nifty index of the National Stock Exchange opened at 4,862.70 points with a marginal gain of 2.90 points compared to its previous close.
Other Asian markets however, were trading lower.
Markets trading on dull note, Sensex slips
By IANS,
Mumbai : Indian equities were trading on a dull note Thursday with global markets back in the red after ending positive a day earlier. This pulled down a key index 0.89 percent below its last closing.
Analysts said the market had already discounted a fall in India's annual inflation rate, which fell further to 3.36 percent for the week ending Feb 14.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,905.56 points, was at 8,823 points shortly before noon, a fall of 79.56 points or 0.89 percent from its previous close.
Indian markets open weak
By IANS
Mumbai : The Indian capital markets opened weak Wednesday on the back of weak cues from Asian markets. There was heavy selling witnessed across the sectors in the early trades.
At around 10.40 a.m., the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down by 223.25 points or 1.16 percent at 19,057.55. The broader S&P CNX Nifty of the National Stock Exchange (NSE) declined 97.40 points or 1.68 percent at 5,683.50.
About 1,832 shares have advanced, 1,173 shares declined, and 62 shares are unchanged.
Dubai to set up hydrogen based power plant
By IANS
Dubai : The emirate of Dubai in the United Arab Emirates (UAE) plans to set up a hydrogen based power generation plant, WAM news agency reported Monday.
As the first step towards building the plant, Dubai Electricity and Water Authority (DEWA) signed Sunday a Memorandum of Understanding (MoU) with a consortium of three global firms from US, Canada and China to conduct a study for setting up the plant.
Olive Telecom in strategic alliance with Tata Tele
By IANS,
Mumbai : Olive Telecommunication announced a strategic alliance with Tata Teleservices and launched two new convergence devices here Thursday.
Slated to be available in the market in a week's time, the Olive Nexus V-R9 is a travel router with multiple connectivity options like EDGE, 3G, EVDO, ADSL and WiMAX. The Wi-fi buggle also allows multi users.
The Olive Genie V-ME150 is a multiple-purpose device with mobile broadband access-enabled modem, FM radio, dictaphone and a digital audio player with a memory capacity up to 32 GB.
Railway budget highlights 6
By IANS,
* Electrification to be undertaken over 6,500 km at an allocation of Rs.8,000 crore during 12th Plan.
MMTC to pick up stake in logistics firm’s subsidiary
By IANS,
Chennai : Integrated logistics major Sical Logistics Ltd will shortly rope in MMTC India as a 26 percent equity partner for its 12 million tonne iron ore terminal under construction at Ennore here.
"In two or three weeks, we will sign the shareholders agreement to this effect. The revised stake-holding pattern will have Sical with 63 percent, Larsen and Toubro Infrastructure Development 11 percent, and MMTC 26 percent," Sical's managing director and group CEO Sudhir S. Rangnekar told IANS.
Mukesh Ambani group tops in market cap, Anil’s logs sharpest growth
By IANS,
Mumbai: The Mukesh Ambani-led Reliance Industries group has emerged as India's largest private business house by market capitalisation as on June 30 though his younger brother Anil's empire registered the maximum growth last quarter.
The Reliance Industries group's market cap grew 2 percent to Rs.357,902 crore during the last quarter, while companies under the Tata group ranked second but actually registered a 3 percent decline at Rs.326,827 crore.
Cost-cutting reduces HDFC Standard’s capital needs
By IANS,
Chennai : Cost-cutting measures by private life insurer HDFC Standard Life Insurance Co. is likely to reduce its planned capital infusion by around Rs.100 crore to Rs.250 crore this fiscal, a top official said Monday.
"The cost-cutting measures are likely to cut the amount of fresh capital required this fiscal to Rs.250 crore as against the initial estimate of Rs.350 crore," said Pranesh Parasnis, principal officer and executive director of HDFC Standard Life.
BSNL seeks other options for mega GSM tender
By IANS
New Delhi : State-run telecom giant Bharat Sanchar Nigam Ltd (BSNL) Friday said it will pursue other options to award a tender for some 22.5 million GSM lines it had floated earlier, valued at over $2 billion, following problems over pricing with one of the bidders, Nokia Siemens.
"Nokia Siemens has not given an unconditional acceptance so we are finding other options," Kuldeep Goyal, chairman and managing director of BSNL, told reporters here.
Idea Cellular to buy 40 percent stake in Spice Telecom
By IANS,
Mumbai : India's fifth largest cellular operator Idea Cellular Wednesday formally announced it would pick up 40.8 percent stake in Spice Communications Ltd at Rs.77.30 per share.
The company also said that it would merge with Spice through a share-swap arrangement, under which Spice shareholders would get 49 Idea shares for every 100 Spice shares.
In addition, Idea and Telekom Malaysia will together make an open offer for acquiring an additional 20 percent stake in Spice at Rs.77.30 per share. Telekom Malaysia holds 39.2 percent stake in Spice.
Torrent to take over power distribution in Agra
By IANS,
Agra : Power in this Taj city, which suffers erratic and inadequate power supply, will now be supplied by private player Torrent Power Limited.
The company will take over power distribution within the city limits from the state-owned Dakshinanchal Vidhyut Nigam Limited (DVNL) at midnight Wednesday.
Torrent Chief Executive Officer (CEO) Deepak Thakkar told IANS: "All is set and we are in full gear to take over from zero hour tonight. Arrangements are in place and we are confident of giving our best services to the consumers in the Taj city."
Lacklustre trading continues in Indian equities
By IANS,
Mumbai : Trading in Indian equities markets remained dull Tuesday with a key index ruling 0.06 percent lower around 2:20 p.m.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,826.66 points, a slight dip of 0.06 percent or 5.73 points over its close Monday at 9,832.39 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), which had breached the 3,000 mark earlier in the day, was ruling a tad below at 2,995.7 points, a meagre rise of 0.49 percent over its previous close.
Petronet to source 1.25 MT of LNG from Qatar’s RasGas
By IANS
New Delhi : Petronet LNG has inked a sales and purchase agreement in Doha with Qatar's RasGas for the supply of about 1.25 million tonnes (MT) of LNG, which will be received at the Dahej terminal.
Punjab National Bank rules out further cut in interest rates
By IaNS,
New Delhi : The state-owned Punjab National Bank (PNB) feels it would be difficult to lower lending rates any further if the government did not slash interest rates on existing deposits.
India-Chile trade can reach $5 bn by 2014: CII
By IANS,
New Delhi : The bilateral trade between India and Chile can reach $5 billion by 2014 from $2.1 billion last fiscal, according to an industry lobby report released Sunday.
The Confederation of Indian Industry (CII) report, released a day before Chilean President Michelle Bachelet arrives here for a five-day official visit, said India should set up bilateral forums with Latin American countries like Chile to bolster trade.
Coca-Cola’s ‘Minute Maid’ spreading wings in India
By IANS
Kolkata : Soft drink giant Coca-Cola's Minute Maid Pulpy Orange drink is doing good business in three southern states since its launch in March and is poised to slowly enter other markets across the country.
Poor infrastructure at Indian airports cost airlines USD80 MN
By NNN-PTI
Mumbai : Infrastructure bottlenecks in airports force aircraft to hover in the skies for far too long, resulting in a loss of around USD 80 million to the industry every year, a top aviation industry official said.
"Gaps in infrastructure lead to 5-10 per cent more flying time for aircraft, which means a cost of USD 80 million per annum to the airlines," Jet Airways executive Director Saroj Datta said at a function to mark the 103rd birth anniversary of JRD Tata, leading industrialist and the first Indian to fly an aeroplane.
Around 1.15 million expats in Kuwait’s private sector
By IANS,
Dubai : Around 1.15 million expatriates worked in Kuwait’s private sector till June this year, according to new figures.
The figures, released by Kuwait’s central census department, showed that males made up 93.5 percent of these expatriate workers, according to the state-run Kuwait News Agency (KUNA).
The report, however, did not give a break-up of the nationalities of these workers.
According to the census figures, around 67.7 percent of the expatriates got salaries lower than 180 Kuwaiti dinars ($673).
No hint of staff involvement in terror attack: Indian Hotels
By IANS,
Mumbai : Indian Hotels, the owners of the Taj Mahal Palace and Tower Hotel here, Saturday said there was no hint of any involvement of their staff members, regular or contractual, in the nearly 60-hour terror attack on the property.
"We are extending our full cooperation to the investigating authorities," said Raymond Bickson, chief executive and managing director of the company, which is part of the Tata group - India's largest industrial house.
Adlabs net up to $11.47 mn
By IANS,
Mumbai : Adlabs Films Ltd has announced a net profit after tax of $11.47 million (Rs.459 million) for the nine-month period which ended March 31, 2008.
The total income increased to $81.05 million for the same period.
The company has declared a dividend of Rs.2.5 per share on the face value of Rs.5.
World Trade Center insurance dispute settled for $2 bn
By DPA
New York : A group of seven major insurance companies has agreed to a $2 billion payment to settle a long-running dispute over insurance claims for New York's destroyed World Trade Center, clearing the way for the redevelopment of the iconic site, reports said Thursday.
Brazil to achieve uranium self-sufficiency in 2014
By Xinhua
Rio de Janeiro : Brazil will be able to fulfil its domestic demand for enriched uranium by 2014, the chief of Nuclear Industries of Brazil (INB) has said.
INB President Alfredo Tranjan said Tuesday an enrichment plant is currently undergoing tests.
Brazil is expected to be enriching in 2012 the equivalent of 60 percent of the uranium needed by the country's two nuclear power plants Angra I and II, located here, according to the official.
Delhi traders to shut shops over rising prices
By IANS,
New Delhi : Traders will shut shops in Delhi Saturday to protest the rise in prices of diesel and other items.
The Confederation of All India Traders (CAIT) Friday called for shutdown, saying traders were unhappy with the Delhi government's decision to increase in Value Added Tax (VAT) slabs.
"Traders will hold protest marches and shops will remain shut across the capital," CAIT secretary general Praveen Khandelwal said.
The disabled can power economic growth: World Bank
By IANS
New Delhi : Given better access to education and jobs, disabled people in India can significantly contribute to the country's economic growth, says a new World Bank report released Tuesday.
"Disabled people who are better educated and economically more active will generate higher growth in which everyone will share," said Philip O'Keefe, lead social protection specialist and main author of the World Bank report entitled "People with Disabilities in India: from Commitments to Outcomes".
Wall Street sees best week in nearly two years
By IANS,
New York: With all three indexes rallying for the fifth straight day, Wall Street Friday finished its best week in nearly two years, Xinhua reported.
Cotton trading resumes in Gujarat after six-day break
By IANS
Ahmedabad : Trading in cotton in Saurashtra market yards of Gujarat resumed here Wednesday after Amreli-based Bhartiya Kisan Sangh (BKS) agreed to a minimum auction price of Rs.475 per 20 kg, ending a six-day long stand-off between framers and traders.
The price of Rs 500 per 20 kg, which the BKS demanded, was recommended by the Gujarat government to the centre. The central government had fixed a minimum support price of Rs.411 per 20 kg.
‘Innovative technologies necessary for economic growth’
By IANS,
Mumbai : The major driving force behind global economic growth is new technologies and India has to find innovative technological solutions if it wants to ensure 10 percent growth, Godrej Group chairman Adi Godrej has said.
"If India wants to achieve a 10 percent growth rate, the country will have to find innovative technological solutions within the country itself, and institutions, be it educational, industrial, technological or government bodies, all will have to work in tandem," he said Friday at a function in theIndian Institute of Technology (IIT)-Bombay.
Wind power key to meeting India’s energy needs
By Noor Mohammed, IANS
New Delhi, Nov 4 (IANS) Wind power is emerging as a key factor in India's quest for energy as fossil fuel-based power generation has failed to keep pace with the growing electricity requirement of a surging economy.
Wind power accounts for 7,230 MW of the country's 10,175 MW of renewable electricity generation capacity. The share of wind power in the country's total generation capacity stands at 7.5 percent.
Dubai firm planning more investments in Kerala
By IANS
Kozhikode : Dubai-based TECOM, the promoter of Dubai Internet City, is planning more investments in Kerala, said company chairperson Ahamad Bin Bayat here Friday.
The company has entered into an agreement with the Kerala government to set up the Smart City in Kochi at an investment of Rs.15 billion ($377.8 million).
Addressing a gathering after inaugurating a shopping mall here, Bayat said his company was looking for other locations in Kerala to launch new projects. "Kozhikode may become one of the locations," he added.
Thai delegation in Bengal to explore investment options
By IANS,
Kolkata : A Thai business delegation, in West Bengal to explore investment opportunities, Monday met officials to understand business potential of the state and the neighbouring areas.
"Board of Investment has arranged for this trip. The delegates from Thailand will explore and understand the investment potential of West Bengal and neighbouring areas. This is part of the Look East policy of our country," M.K. Saharia, chairman of Indian Chamber of Commerce's Northeast Council, said.
India to soon return to 9 percent growth path: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Saturday expressed confidence that the Indian economy will rebound by the end of this year and once again enter a high growth path.
"Going back to a 9 percent growth path is our greatest challenge. For this, we will take whatever steps that are required," the prime minister said in his Independence Day address to the nation from the majestic Red Fort.
Eight International Companies shortlisted to build power production in Oman
By NNN-ONA
Muscat : Oman Power and Water Procurement Company S.A.O.G announced the qualification of eight local and international companies to build, own and operate the new power and water desalination plant in Salalah, with a capacity of 400 mega watt and 15 million gallon per day.
Chhattisgarh to set up three cashew nut processing units
By IANS
Raipur : Chhattisgarh will set up three cashew nut processing units in the iron ore rich Bastar region, a government official said Saturday.
The three units will be set up at Kumharvand, Karmari and Turenaar. These are remote areas having tribal stronghold.
Electricity from Bhutan to cost more
By IANS
New Delhi : Indian state electricity boards (SEBs) getting power from Bhutan at subsidised rates might have to pay market rates from Jan 1 if the Ministry of External Affairs (MEA) has its way on phasing out the subsidy.
States like Sikkim and Bihar as well as the central utility Damodar Valley Corp (DVC) are drawing power from the Chukkha and Kurichu hydro power plants in Bhutan at subsidised rates.
The MEA is coughing up Rs.1 billion ($25 million) a year on subsidised power from these two plants. It currently provides a subsidy of 50 paisa per unit.
Indian firms, Clinton Foundation sign deal on malaria drugs
By IANS,
New York : Four Indian and two Chinese companies will cut the price of a key malaria drug and control rates of a vital ingredient following a pact signed Thursday with the US-based Clinton Foundation, which works towards finding solutions to issues such as poverty and healthcare.
The Indian companies are generic drug firms Cipla and IPCA Laboratories, which manufacture malaria drugs called Artemisinin-based Combination Therapy (ACT), and Calyx and Mangalam Drugs, which turn the artemisinin plant extract into an active pharmaceutical ingredient.
General Motors hopes to almost double its sales in Kerala
By IANS
Thiruvananthapuram : Automobile giant General Motors India Friday predicted a 90 percent increase in business across Kerala next year.
"In the last fiscal, we sold around 275 vehicles in a month in all segments in Kerala and this month we have sold 475 vehicles," Ankush Arora, vice-president, General Motors told reporters here.
He was speaking after opening the company's seventh sales and service outlet in the state here.
"Three more sales outlets would be opened before the end of the year in Pathanamthitta, Kollam and Kottayam," said Arora.
Markets slip at opening bell
By IANS,
Mumbai : Indian equities markets opened weak Tuesday with a key index ruling 2.02 percent below its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,213.4 points, lower than its 9,305.45 point close Monday. About 10 minutes into trade, it was at 9,117.61 points, 2.02 percent or 187.84 points lower than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,792.85 points, 1.96 percent lower than its previous close of 2,848.5.
Millennium Equity gets into India’s telecom tower business
By IANS
Dubai : The Millennium Private Equity (MPE) has struck a deal with the Investment Corporation of Dubai (ICD) to invest into an Indian telecom tower business, WAM news agency reported Thursday.
Private equity firm MPE committed $100 million together with other investment firms such as Temasek Holdings, Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners out of a total investment of $1 billion into Bharti Infratel, a subsidiary of Bharti Airtel Limited, a leading telecom player in India.
Indian govt set to cut petrol and diesel prices after Dec. 24
By NNN-PTI,
New Delhi : The government will cut petrol and diesel prices after Assembly elections are over on December 24, Petroleum Minister Murli Deora said today.
"The international prices have fallen and there is an expectation that prices need to be reduced. I am also of the opinion that they should be reduced and that will happen after December 24," Deora said.
Based on the average international oil prices in the first fortnight of November, state-run firms are earning a margin of Rs 16 crore per day on petrol and Rs 5 crore a day on diesel.
Consumer Price Index in South Africa down to 6.1 percent
By IANS,
Pretoria : The Consumer Price Index (CPI) which is used to measure inflation fell in South Africa to 6.1 percent in September, Statistics South Africa (Stats SA) has announced.
This rate was 0.3 percent lower than the annual 6.4 percent rate recorded in August.
"On average, prices increased by 0.4 percent between August 2009 and September 2009," said Stats SA Wednesday, while indicating that the food and non-alcoholic beverages index increased by 0.1 percent between August and September 2009.
Traders strike in Raipur causes loss of Rs.1 bn
By IANS,
Raipur : A day-long traders' strike, called by the Chhattisgarh Chamber of Commerce and Industries here Monday to protest against the anti-encroachment drive of the Raipur Municipal Corporation (RMC), caused a loss of at least Rs.1 billion (Rs.100 crore), the lobby said.
The RMC has demolished over 250 shopping outlets in the city within a month.
The strike, which had the backing of the opposition Congress party as well as the Shiv Sena, was successful with traders and businessmen keeping their shutters down, seeking an immediate halt to the drive, the chamber said.
Car sales up four percent in April
By IANS,
New Delhi, May 11 (IANS) Domestic car sales grew 4.2 percent in April to 102,899 units from 98,752 units the corresponding month the previous year, a leading industry body said Monday.
Two-wheeler sales rose 13.71 percent to 700,995 units in April, compared to 616,468 vehicles sold the same month in 2008, industry figures released by the Society of Indian Automobile Manufacturers (SIAM) showed.
In the two-wheeler category, motor-cycle sales rose over 12 percent to 5,62,357 vehicles from 5,01,592 units in the year-ago period.
NRIs urged to participate in 3G Broadband
By IANS,
Chennai : The Satyam Computers Services fraud that has shaken the Indian software services sector will not have any cascading impact on the other players, Communications and IT Minister A. Raja said Friday.
Speaking to reporters on the sidelines of the seventh Pravasi Bharatiya Divas (PBD) here, Raja said: "It is unfortunate that such a thing has happened. But it will not affect the investments or other companies. The corporate affairs ministry is thoroughly investigating the case."
Brown hails bailout plan for banks
By DPA,
London : British Prime Minister Gordon Brown has hailed as "bold and far-reaching" a major rescue package for leading banks of 50 billion pounds ($87 billion) announced Wednesday.
"New and innovative" ways were required to tackle the fall-out of the global credit crisis on banks and the economy in general, Brown said in a statement.
Funds for farm growth unused, but allocation raised
By IANS,
New Delhi : Even as the central government increases allocation under the Rashtriya Krishi Vikas Yojana (RKVY) for the current fiscal, a major chunk of the funds allocated to states during 2009-10 remains unused.
The RKVY (National Agriculture Development Scheme) was started in 2007 to raise production of crops with an outlay of Rs.25,000 crore for the 11th plan. A sum of Rs.6,755 crore has been allocated for the scheme in 2010-11, almost double of the Rs.3,806 crore allocated last year.
CRR hiked by 50 basis points to check inflation
By IANS,
Mumbai : With India's inflation rate ruling at four-year high, the central bank Thursday increased the cash reserve ratio (CRR) by 50 basis points to suck out excess liquidity out of the financial system.
The move comes just a day after Reserve Bank of India (RBI) Governor Y.V Reddy said in New York that he would take necessary steps to rein in inflation which is at 7.14 percent for the week ending April 5.
Budget proposes key sops for power sector
By IANS
New Delhi : India's national budget for 2008-09 has proposed key fiscal initiatives that could help to attract more private investment in the power sector, said an industry expert.
Finance Minister P. Chidambram presented the budget for the next financial year starting April 1 in the Lok Sabha Friday.
TCS, Nokia Siemens join hands for R&D in Germany
By IANS
Mumbai : Tata Consultancy Service (TCS) Ltd and Nokia Siemens Networks have entered into a multimillion-euro agreement for jointly research and develop telecom products at Nokia Siemens' Dusseldorf centre in Germany.
Nokia Siemens will affect a transfer of product engineering, research and development services and parts of its operations and business software (OBS) to TCS.
The operations transfer includes 90 employees, who will be moved to TCS as part of the deal, according to an announcement here Monday.
Life Insurance Corp’s premium soars
By IANS
Chennai : Earning a new business premium of Rs.62.4 billion ($1.6 billion) till January this fiscal, Life Insurance Corp of India (LIC) South Zone (comprising Tamil Nadu, Kerala and Pondicherry) has emerged as the lead zone in the country.
The target for whole of this year is Rs.80.20 billion ($2 billion).
Uttar Pradesh plans designer khadi malls
By IANS,
Lucknow : The state Khadi and Village Industries Commission (KVIC) plans to set up malls - designed and operated on the lines of upmarket shopping outlets - exclusively to promote designer khadi products across Uttar Pradesh, an official said here Tuesday.
"The reason behind setting up the malls is obvious: promoting and popularising khadi products as being trendy," KVIC state director R.S. Pandey told IANS.
Asian stocks tumble on Wall Street decline, economic worries
By DPA,
Tokyo : Asian stock markets were in a downward spiral Thursday, tracking overnight losses on Wall Street and falling on persistent worries over a US recession.
The Tokyo stock market extended its losing streak with the Nikkei 225 Stock Average falling 456.87 points, or 5.25 percent, to close at 8,238.64, a two-week low.
The broader Topix index of all first-section issues was also down 4.31 percent at 837.53.
Exporters' shares were also hurt by a stronger yen, which reduces Japanese firms' earnings overseas.
Delhi to invest Rs.10 bn for market modernisation
By IANS
New Delhi : Delhi will spend Rs.10 billion to modernise and redevelop several major markets dealing with farm produce, Chief Minister Sheila Dikshit said Thursday.
Dikshit announced that a committee has been set up to modernise the fruit and vegetable market at Tikri Khampur area in northwest Delhi, in an area of 225 acres of land.
New Delhi : Delhi will spend Rs.10 billion to modernise and redevelop several major markets dealing with farm produce, Chief Minister Sheila Dikshit said Thursday.
Dikshit announced that a committee has been set up to modernise the fruit and vegetable market at Tikri Khampur area in northwest Delhi, in an area of 225 acres of land.
Equities in green, key index testing 9,000 mark
By IANS,
Mumbai : After opening strong on positive global cues, Indian equities markets were still in the green mid-afternoon despite selling pressure at the higher levels with a key index breaching the psychologically important 9,000 mark only to go below it again as trading progressed.
There is selling pressure at the higher levels, analysts said while explaining the market movements.
Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 8,947.72, up 44.60 points or 0.50 percent from its previous close Monday at 8,903.12 points.
India is fastest growing market for Bell Helicopter
By Arjun Sen, IANS,
Hyderabad : After taking 52 years to sell its first 100 choppers in India, Bell Helicopter expects to sell its next 100 in less than five years as the country has emerged as an important market for the US company, a top official said.
"India is our fastest growing market in the whole world," said Bell's director of communications Greg Hubbard, who was here for the civil aviation show last week.
"When we started our India office in 1995 we had only four percent of the market share; today we enjoy 52 percent market share," Hubbard told IANS.
‘New Zealand business confidence lowest since 1970’
By DPA,
Wellington : Business activity and confidence in New Zealand, which has been in recession since the start of 2008, is at its lowest since 1970, according to a survey of companies released Tuesday.
The New Zealand Institute of Economic Research (NZIER) said its quarterly survey of business opinion found 44 percent of firms reported a fall in their businesses in the last three months of 2008.
A net 43 percent said they expected their trading activity to decrease in the first quarter of this year.
Sensex builds on morning gains
By IANS,
Mumbai : A benchmark index for Indian equities moved further up from its morning highs and was ruling 154 points higher than its previous close, in afternoon trade Wednesday.
At 1.17 p.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,778.29 points, was ruling at 16,927.22 points, 154.66 points or 0.92 percent higher than its previous close at 16,772.56 points.
Indian Oil ready to partner rural retailing
By IANS
Ahmedabad : Indian Oil Corp is ready to forge partnerships with business houses that want to venture into rural retailing.
"We are willing to enter into an memorandum of understanding if a prospective participant so desired," Sandeep Sharma, chief manager, retail sales, Indian Oil Corp (IOC) said here at a retail meet organised by Confederation of Indian Industry (CII).
Ahmedabad industries facing absenteeism problem
By P.S.Anantharaman, IANS,
Ahmedabad : Several industries here suffered from worker absenteeism Monday following the serial blasts last Saturday, inquiries made by IANS reveal.
Several factories as well as commercial establishments reported that fewer workers had shown up Monday. Most of these absentee workers are those who come into the city from nearby villages, several factories and commercial establishments told IANS.
They are pre-dominantly agricultural labourers who get employed as casual labourers during the time when there is no work on the fields, they said.
SAIL net profit drops 11.55 percent in the first quarter
By IANS,
New Delhi : State-run steel producing giant Steel Authority of India Limited (SAIL) Thursday reported a 11.55 percent decline in net profit below street estimates at Rs.1,176.65 crore as against Rs.1,330.43 crore in the like period of 2009-10.
Profitability was affected by different factors, including sharp input cost escalations, lower volume of sales and sluggish market conditions, the company said in a statement.
India’s foreign reserves up $1.63 billion
By IANS,
Mumbai: India's foreign exchange (forex) reserves went up by $1.63 billion to $296.63 billion for the week ended Dec 14, data released by the Reserve Bank of India (RBI) said Saturday.
Delhi snag worries Ahmedabad bus system planners
By IANS,
Ahmedabad : After the chaos of the much hyped Bus Rapid Transit (BRT) corridor in Delhi, the Ahmedabad Municipal Corporation (AMC) officials here are worried as a similar system is being implemented here.
This was evident Tuesday when Ahmedabad Municipal Commissioner I.P. Gautam told mediapersons that AMC has decided to learn a lesson from Delhi's fiasco before going ahead.
Banking stocks in demand in early trade
By IANS,
Mumbai : The Indian equities market which opened in the green Friday was trading with a positive gap in the first hour, led by banking stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 272.84 points at 17,560.15. Ten minutes into trading, it reached 17,566.67 with a gain of 279.36 points or 1.62 percent compared to Wednesday's close.
At the same time the S&P Nifty of the National Stock Exchange was trading at 5,232.65 with a gain of 66.75 percent or 1.29 percent compared to its previous close.
UCO Bank may cut lending rates by 100 basis points
By IANS,
Kolkata : State-owned UCO Bank may cut its benchmark prime lending rate (BPLR) by 100 basis points, a top company official said here Tuesday.
"We have our board meeting at the end of this month, we will decide during that meeting about lending and deposit rates. The revised rates will be effective from Jan 1," S.K. Goel, chairman and managing director of the bank, told reporters on the sidelines of a conference organised by the Merchants' Chamber of Commerce.
The bank will also revise downwards "substantially" its deposit rates, he said.
Don’t rely on our Satyam audit: PricewaterhouseCoopers
By IANS,
New Delhi : In a curious twist to the Satyam Computer Services fraud, its erstwhile auditors PricewaterhouseCoopers have said their opinion on the financials of the beleaguered company may be rendered "inaccurate and unreliable".
In a letter to the new board of Satyam, the audit firm said the statement by the former chairman of the company B. Ramalinga Raju, admitting to a Rs.70 billion ($1.43 billion) fraud, may have material effect on the veracity of the firm's financial statements.
Sensex rises 1.11 percent; ONGC, Hero Honda soar
By IANS,
Mumbai: A benchmark index for Indian equities markets closed 1.11 percent higher Thursday on strong buying support in energy, realty and auto stocks.
Bharti Airtel launches 4G on mobile with Apple in Bangalore
By IANS,
New Delhi : Telecom service provider Bharti Airtel along with Apple Friday launched India’s first 4G on mobile, a company statement said here...
Iran assures India, Pakistan of pipeline gas by 2011
By IANS
New Delhi : In a step forward in the realisation of an ambitious gas pipeline from Iran to India via Pakistan, Tehran's special envoy Hojjatollah Ghanimifard Thursday assured the supply of gas from 2011.
Nasscom lists best practices for ITES-BPO industry
By IANS
Bangalore : Nasscom, the industry body for the Indian software and services sector, Tuesday announced a framework for the IT-enabled services (ITES) and business process outsourcing (BPO) services firms to adopt ethical practices and corporate governance.
The framework has a set of principles to be adhered to by member firms voluntarily. It includes employee-friendly policies, safety and security standards, a code of ethics in hiring, corporate social responsibility and industry initiatives.
Anil Ambani firm wins legal tussle over gas supply
By IANS,
Mumbai : Anil Ambani's Reliance Natural Resources Ltd (RNRL) will get assured gas supply of 28 million metric standard cubic metre per day (mmscmd) from the Krishna-Godavari hydrocarbon basin for 17 years, the Bombay High Court ruled Monday.
The court also fixed the price at $2.34 per million British thermal unit (mBtu).
A division bench of Justices J.N. Patel and K.K. Tated said the gas would be used only for power generation and not trading.
Serpentine queues bad for business and profits
By IANS,
Washington : Waiting in serpentine queues is bad for business, whether it involves depositing money in the bank or paying for groceries or availing services, according to a study.
But time is money. Both individuals and businesses may suffer as queues become serpentine, avers Tel Aviv University (TAU) mathematician Refael Hassin, a professor.
His utilisation of game theory to cue himself into queues and their economic outcomes turns common sense upside-down and could help businesses boost profits, or make society a more pleasant place for everyone.
Government appoints committee to study OROP
New Delhi :The government on Monday appointed a judicial committee to look into the implementation of the One Rank One Pension (OROP) scheme for...
Northwest Airlines emerges from bankruptcy
By DPA
New York : The fifth largest US carrier Northwest Airlines Corp. has overcome bankruptcy protection after more than two years of severe cost-cutting measures.
France, Germany find little common ground on economy
By IRNA,
Paris : President Nicolas Sarkozy and Chancellor Angela Merkel met on Monday to work out a coordinated response to Europe's deepening recession.
But when it came to specifics, they agreed only on what they did not want: to follow Britain's lead and cut the sales tax.
With consumer prices receding in the euro zone, cutting consumer taxes "is not the right answer for France and Germany," Sarkozy said at a joint news conference with Merkel at the Elysee Palace.
India’s IT hub wants new government to reboot Bangalore
By Fakir Balaji, IANS,
Bangalore : The booming knowledge industry in India's IT hub is relieved that the people of Karnataka have voted for stability and good governance.
As after every election, the industry's expectations from the new government are high , especially in the case of Bangalore's infrastructure, which has crumbled under the weight of disparity between growth and development pace over the last four years.
Intel launches two software development products in India
By IANS
Hyderabad : Global IT major Intel Thursday launched its two latest software development products in India.
Jaitley proposes corporate tax, customs duty cuts, service tax hike
New Delhi : Finance Minister Arun Jaitley Saturday proposed to cut the corporate tax rate by five percent to 25 percent over next four...
Economic Survey 2011-12 highlights
By IANS,
New Delhi : Highlights of the Economic Survey 2011-12 tabled in parliament by Finance Minister Pranab Mukherjee Thursday:
- GDP growth estimated to be 6.9 percent in 2011-12
ONGC Videsh to seek more oil in Sudan
By IANS
New Delhi : Petroleum Minister Murli Deora and his Sudanese counterpart Awad Ahmed Al-Jaz Tuesday discussed ONGC Videsh Ltd.'s (OVL) investment in Sudan ahead of the two-day India-Africa Hydrocarbon Conference.
Talking to reporters after the meeting, Al-Jaz said: "Besides the three blocks ONGC already has in Sudan, it has shown interest in two more blocks. The doors are open for Indian investment in Sudan."
Indian economy projected to grow 8.7 percent
By IANS
New Delhi : India's Economic Survey has predicted a lower growth of 8.7 percent for fiscal 2007-08, while warning that rupee appreciation, lower export growth, rising inflation and US recession were posing major challenges.
"There are several challenges to inclusive growth - agriculture, infrastructure, education and skill development." Finance Minister P. Chidambaram said, after tabling the survey in the Lok Sabha Thursday.
‘Fuel hike will not cause further inflation’
By IANS,
New Delhi : Planning Commission Deputy Chairman Montek Singh Ahluwalia defended the fuel price hike, saying it would not push up inflation as is being widely feared.
"The government decision to hike fuel prices is correct. The 8 percent growth rate will remain intact," Ahluwalia, a key figure in India's economic reforms since the early 1990s, said here Thursday.
"This fuel hike will not aggravate inflation. Inflation (currently 8.1 percent) will come down in four months," he predicted in his address at the annual function of the National Academy of Agricultural Sciences.
India’s nod to Alstom of France for power equipment venture
By IANS,
New Delhi : India Thursday gave its approval to a proposal from Alstom of France to set up a joint venture with Bharat Forge to make power equipment involving foreign direct investment inflow of 70 million euros or Rs.490 crore.
The approval was given at a meeting of the Cabinet Committee on Economic Affairs, which was presided over by Prime Minister Manmohan Singh, based on the recommendations of the Foreign Investment Promotion Board, according to an official statement.
More benefits for farmers under debt relief scheme
By IANS,
Mumbai : The Reserve Bank of India (RBI) Friday advised public sector banks to write off farmers' loans even if they failed to fully pay the stipulated 75 percent of the total loan amount.
Under the debt relief scheme, launched in the 2008-09 budget, banks were allowed to write off up to 25 percent of farmers' loans if they pay 75 percent of their debt.
Anil Ambani to set up solar power plants in Rajasthan
By IANS,
Jaipur : Industrialist Anil Ambani of the Reliance Group is keen on setting up more solar power plants in Rajasthan.
OPEC oil price keeps falling
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) stood at $37.72 per barrel Friday, the Vienna-based organisation said Monday.
The price per barrel (159 litres) dropped by $3.23 since the cartel decided last Wednesday to cut down production.
OPEC calculates an average basket price based on 13 important brands produced by its members.
RBI lowers growth forecast to 5.7 percent
By IANS,
Mumbai : The Reserve Bank of India (RBI) Monday lowered the country's economic growth forecast for the current financial year to 5.7 percent from its earlier projection of 6.5 percent.
Reliance Communications integrates its global initiatives
By IANS
Mumbai : Anil Ambani-led Reliance Communications Ltd (RCL) Wednesday said it has integrated all its global initiatives under the umbrella brand of Reliance Globalcom.
"In creating Reliance Globalcom, we are aligning our global communications strategies into a single vision to create one of the top five global communications companies in the world," RCL chief Anil Dhirubhai Ambani said.
Service tax exemption ‘half-hearted’: exporters
By IANS
New Delhi :The finance ministry Monday came out with a relief measure of refunding the service tax that exporters pay for port, road transport and rail services, but exporters termed it as a "half-hearted measure".
"While exports are subject to various kinds of service tax, the present notification only provides for refund of service tax on port services, services of transport of goods by road or rail from inland container depot to the ports of exports," Ganesh K. Gupta, president, Federation of Indian Export Organisations (FIEO) said in a statement.
Rupee falls to one-month low of 60.88 against dollar
Mumbai : The Indian rupee fell to 60.88 against a dollar Tuesday, on continued demand for the greenback from oil importers.
The partially convertible rupee...
Anil Ambani group refutes rival’s claim over telecom firm
By IANS,
New Delhi : As talks between the Reliance Anil Dhirubhai Ambani Group (RADAG) and South Africa-based telecom major MTN continued, the controversy over the control of shares of the Indian entity held by the promoters surfaced once again.
The talks are being held for a possible consolidation of two entities - MTN and RADAG-controlled Reliance Communications, which was carved out after a split between one of India's best-known business families.
Realtors now demand special residential zones
By IANS,
New Delhi : On the lines of special economic zones (SEZs), realtors are now demanding special residential zones (SRZs) and special residential corridors to provide low cost housing for the economically weaker sections.
“The major challenge for the developers in providing affordable housing for the lower income groups is the rising land costs. The increasing cost of cement and steel is adding to the woe of developers and the end users are bearing the heat,” said Rohtash Goel, chairman of Omaxe, during a day-long seminar on affordable housing here.
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