SBI reduces educational loan rates by up to 1 percent

By IANS, New Delhi : India's largest lender, State Bank of India (SBI) Monday said it has reduced the interest rate on educational loans by up to one percent across different segments.

Sensex continues rally, ends 81 points higher

By IANS, Mumbai : Powered by a smart rally in IT and realty stocks, a key index of Indian equities markets extended its winning streak to the fifth consecutive session Wednesday despite volatile trading and ended 81 points above its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher on strong Asian cues at 15,763.09 points, ended at 15,769.85 points, up 81.38 points or 0.52 percent. Around noon, the index had slipped to a low of 15,695.94 points, but recouped losses and touched an intra day high of 15,831.49 points.

Fraud-hit Satyam gets three new board members

By IANS, New Delhi : Three new board members were named Sunday to bring back financial order to the fraud-hit Satyam Computer Services and restore employee, investor and clients confidence into the IT firm's future operations. The new board comprises former chief of the National Association of Software and Service Companies (Nasscom) Kiran Karnik, chairman of Housing Development Finance Corp Deepak Parikh and former member of markets watchdog Securities and Exchange Board of India (SEBI) C. Achuthan.

Sensex closes 112 points up

By IANS, Mumbai : Indian equity markets closed in the green Wednesday. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 15,263.65 points, touched a high of 15,422.82 before closing at 15,073.54. It went up by 112.47 points or 0.75 percent from its closing figure Tuesday. The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,506.25 points, closed at 4,517.55. It went up by 14.70 points or 0.33 percent from its previous close.

Venezuelan economy shrank 3.3 percent in 2009

By IANS/EFE, Caracas : The Venezuelan economy contracted by 3.3 percent last year amid the global recession and a decline in oil revenues, the country's central bank said. The president of the Banco Central de Venezuela (BCV), Nelson Merentes, said in December that preliminary data indicated the Andean nation's gross domestic product declined 2.9 percent in 2009. In the report issued Tuesday, the BCV said Venezuela's vital petroleum sector declined 7.2 percent in 2009, thanks largely to lower production by the world's fifth-leading oil exporter.

India to increase advertising expenses by 2010: Assocham

By IANS

New Delhi : India is likely to increase its advertising expenses to 0.55 percent of its gross domestic product (GDP) from the current 0.52 percent within the next three years, says an industry lobby.

India, Brazil sign three pacts

By IANS New Delhi : India and Brazil signed three pacts covering infrastructure, poverty alleviation and sports as External Affairs Minister Pranab Mukherjee wrapped up a visit to South America's largest nation. Mukherjee, on a three-day visit, held talks with his Brazilian counterpart Celso Amorim in Brasilia and discussed a wide range of bilateral, regional and global issues, Indian officials said here.

Tokyo stocks follow Wall Street rally

By DPA, Tokyo : Tokyo stocks gained Wednesday morning in the wake of the strong overnight gains on Wall Street. Japan's benchmark Nikkei 225 Stock Average soared 283.18 points, or 4.01 percent, to 7,338.16. The broader Topix index of all first- section issues was rose 22.08 points, or 3.14 percent, to 725.58. In currency markets, the dollar was stronger against the yen and euro.

Locals of a West Bengal village decry construction of Dolomite factory in area, say...

The construction of a Dolomite factory in Sishujhumra village of West Bengal has left residents aghast as the factory poses health and environmental hazards....

L&T bags Rs.700-crore order

By IANS, New Delhi : Engineering and construction major Larsen and Toubro (L&T) Thursday said it has got orders worth Rs.700 crore from various customers for construction-related works.

Tata AIG, Allahabad Bank tie up to offer mortgage cover

By IANS, Kolkata : Life insurance player Tata AIG and public sector Allahabad Bank joined hands Wednesday to provide mortgage insurance facilities to the bank's housing loan customers. Announcing this here, Allahabad Bank executive director J.P. Dua said, "We recognise the need to offer our customers the best of products and services beyond core banking. The tie-up for mortgage insurance is a significant step in that direction." The bank already offers similar facilities to customers through a tie-up with the state-owned Life Insurance Corp (LIC).

Ramalinga Raju in Hyderabad, claims his lawyer

By IANS, Hyderabad : Beleaguered former Satyam Computer founder-chairman B. Ramalinga Raju is in this city and has no intention to avoid the process of law, his lawyer S. Bharat Kumar claimed Thursday. “My client B. Ramalinga Raju is very much available in Hyderabad. He denies reports appearing in a section of media that he is absconding or has fled from the country,” Kumar said in a statement. Kumar said Raju engaged his services to represent him in the legal matters pertaining to his statement to the Satyam board Wednesday.

Malaysia Airlines signs code-sharing pact with Jet Airways

By Xinhua, Kuala Lumpur : Malaysia Airlines (MAS) Wednesday signed a code-sharing agreement with Jet Airways and plans to seal a deal with it for a maintenance, repair and overhaul (MRO) joint venture in Hyderabad, India, by February end, its chief executive officer Idris Jala said here. The airline, which is also Malaysia's national carrier, was hopeful that India's Jet Airways would become its anchor tenant, Jala said after signing the code-sharing agreement with the Indian airline .

KACST organizes Forum on Petroleum and Natural Gas

By SPA Riyadh : The activities of the First Saudi Forum for the technologies of exploring and producing petroleum and natural gas will start here tomorrow. The Three-day forum is organized by King Abdulaziz City for Sciences and Technology (KACST) in cooperation with the ministry of petroleum and mineral resources. The Forum will provide an opportunity to the concerned governmental authorities and companies to discuss issues pertaining to exploration and production of oil and natural gas.

DLF promoters to sell 10 percent stake in company

By IANS, Mumbai : Realty major DLF announced Wednesday its promoters would sell close to 168 million shares or about 10 percent of their stake in the company to infuse capital in its subsidiary DLF Assets Ltd (DAL). The company which would hope to raise about Rs.39.7 billion as per the scrip's Tuesday's closing price of Rs.236.25 at the Bombay Stock Exchange also said that the money would be used to buy out D.E Shaw's stake in DAL. This was disclosed to the stock exchanges in a regulatory filing. The deal is supposed to be completed in bulk transactions Wednesday.

Coca-Cola launches lemon fruit drink

By IANS, Chennai : Soft drinks major Hindustan Coca Cola Beverages (Coca-Cola India) may substitute the imported lemon juice for its newly-launched Minute Maid Nimbu Fresh lemon drink with a local variety, but not immediately. "It takes time to identify the farms and to grow the kind of lemon fruit we need. Currently we import the juice," company chief executive T. Krishnakumar told IANS on the sidelines of a press meet here Monday to announce the launch of Minute Maid Nimbu Fresh.

Iran to cut Europe imports

By IANS, Tehran : Iran is plannig to cut imports from 100 European companies in response to Western sanctions against its oil exports, a media report said Wednesday.

KLM opts for Kerala firm’s crew management solution

By IANS, Thiruvananthapuram : IBS Software Services, a provider of information technology (IT) solutions to the travel, transportation and logistics industry, has signed an agreement with KLM Royal Dutch Airlines for providing a crew management solution. The company said here Thursday the airline will gradually replace the existing mainframe system with IBS crew management solution AvientCrew. AvientCrew will help KLM manage all aspects of their crew operations - from planning vacations and roster systems, to tracking performance.

India eases cement exports,stays curbs on rice

By IANS, New Delhi : The ban on cement exports imposed last month is being lifted given the slack season ahead, but restrictions on shipping rice outside will continue, India's Commerce Secretary G.K. Pillai said here Tuesday. "June and July is the monsoon period. Nobody constructs houses in this period," Pillai told reporters on the margins of a conference on global trade talks organised by the International Chamber of Commerce.

Satyam saga: Court extends judicial custody of Raju, others, to Feb 7

By IANS, Hyderabad : A city court Saturday extended the judicial custody of disgraced founder and former chairman of Satyam Computer Services B. Ramalinga Raju and three other accused in the firm's massive scam to Feb 7. Sixth additional chief metropolitan magistrate D. Ramakrishna extended the custody of Ramalinga Raju, his brother and former managing director B. Rama Raju and former chief financial officer (CFO) Vadlamani Srinivas by a week.

Markets in the red after positive start

By IANS, Mumbai : Indian equities markets slipped back into the red Friday after starting in the green. About an hour into trade, a key index was ruling 0.48 percent below its last closing figure. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 10,036.8 points, higher than its 10,003.10 point close Thursday, was at 9,955.12 points, 0.48 percent or 47.98 points above its previous close. The S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,078.05 points, 0.14 percent down from its last close of 3,082.25.

Qatar Airways to fly to Kozhikode

By IANS, Dubai : Qatar's national carrier Qatar Airways will be adding Kozhikode in Kerala to its list of Indian destinations from June 15. “Our new route to Kozhikode further demonstrates our commitment to India and we are extremely pleased to see the route selling well with just a week to go for the launch,” Qatar Airways chief executive Akbar Al Baker said in a statement. The new daily flights will depart the Qatari capital of Doha at 11:10 p.m. local time and reach Kozhikode at 6 a.m. The return flight will take off from Kozhikode at 7 a.m. and land in Doha at 8:45 a.m.

Highways Authority awards Rs.3.4 bn contract

By IANS, New Delhi : Hindustan Construction Co. Ltd, an infrastructure development company, has bagged a Rs.3.4 billion order from the National Highways Authority of India (NHAI) to construct a highway near here, the company announced Tuesday. The order will be for constructing a 4.4-kilometre elevated six-lane highway at Badarpur off National Highway 2 (Mathura Road) near Delhi on a build, operate and transfer (BOT) basis, the company said in a statement. The concession period is for 20 years including the estimated construction period of 24 months.

Bank rates hiked to rein inflation, says RBI governor

By IANS, Bangalore: The bank rates were raised March 19 by 25 basis points to contain the wholesale price index (WPI) inflation rate, which shot up to 9.9 percent in February, Reserve Bank of India (RBI) governor D. Subba Rao said late Monday. "Given the inflation pressures and given the growth is consolidating, some normalisation was required. Both the repo rate and reverse repo rates were increased by 25 basis points to contain the inflationary pressures," Rao told reporters here.

Promoters raise stake in Tube Investments

By IANS, Chennai : Promoters of the city-based Murugappa Group have increased their stake in their flagship company, the Rs.17.62-billion Tube Investments of India Ltd (TI), to a controlling 51.64 percent. The recently de-listed group outfit Parry Agro Industries also acquired TI shares in the open market to take its stake to 34.67 percent.

Ashok Leyland sales down 63 percent in December

By IANS, Chennai : Commercial vehicle manufacturer Ashok Leyland Ltd Wednesday reported a 63 percent fall in its December sales over the corresponding month previous year. In a statement, the company said it sold 2,321 units last month as against 6,340 units a year ago. Production fell 86 percent to 960 units during the month from 7,110 units in December 2007. However, Ashok Leyland exported 901 units last month, up from 852 units shipped out in December 2007.

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सिद्धांत मोहन, TwoCircles.net लखनऊ: आज बसपा मुखिया मायावती ने आज अपनी प्रेस कांफ्रेंस में नोटों को बदलने व बंद करने संबंधी केंद्र सरकार के ताजा...

Kamal Nath takes up NGOs’ charge with EU

By IANS Noida : Commerce and Industry Minister Kamal Nath Thursday said he has raised with EU trade commissioner Peter Mandelson the issue of European NGOs' accusation of India breaching labour laws and human rights. "The government is enquiring into it and we want to ensure this is looked at in a correct perspective, and I have written to Peter Mandelson that the (Indian) government views this very seriously," Kamal Nath told reporters on the sidelines of an event here.

Markets start in the red, Sensex below 9,000

By IANS, Mumbai : Indian equities markets were off to a weak start Friday with a key index opening lower than its last closing figure. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,943.78 points, lower than its 9,042.63 point close Thursday. About 10 minutes into trade, it was at 8,922.28 points, 1.33 percent or 120.35 points lower higher than its previous close. At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,754.35 points, 1.25 percent down from its last close of 2,789.35.

Dow goes through worst ever two-day losses since 1987

Lalit K. Jha,IANS, New York : As fear of prolonged recession gripped traders, US stocks continued to tumble for the second consecutive day Thursday, with the benchmark Dow Jones Industrial Average dropping by 443.48 points. Dow has lost some 929.49 points after Nov 4 US presidential election, which was won by Barack Obama, thus making it the worst ever crash in percentage terms in two consecutive trading days after the crash of October 1987.

Hyundai Motor workers union defers strike

By IANS, Chennai : The Hyundai Motor India Employees Union, which served a strike notice last week over a contentious labour union election issue, has decided to defer the agitation till the management declared elections for the Worker's Committee. The union Nov 19 served the notice demanding recognition after the management of Hyundai Motor India, the country's second largest car manufacturer, decided to hold elections for the Workers Committee. "Though we have given a strike notice effective from Dec 5, we have decided to wait," union general secretary Y.S. Chinnaraja told IANS.

BJP, CPI-M want strong action against Satyam culprits

By IANS, New Delhi : The Bharatiya Janata Party (BJP) and the Communist Party of India-Marxist (CPI-M) Thursday urged the government to take strong and immediate action against those behind the financial fraud at leading IT firm Satyam Computers. The two parties described the over Rs.70 billion (Rs.7,000 crore) scam as the biggest corporate fraud in the country and said the entire episode raised serious concerns about the very legitimacy of Indian market.

Ratan Tata delivers his ambitious dream car in little Nano

By IANS, Mumbai : Six years after promising Indians a car that meets both their aspirations and budgets, Tata group chairman Ratan Tata Monday dedicated the little Nano to the country with bookings slated for April 9-25 and deliveries from July. "We are keeping our promise," the soft-spoken Tata told the army of media teams from India and overseas, which converged at the Taj Mahal Palace and Towers hotel that was at the centre of world attention when terrorists struck last November.

Bread, bun to become costlier in northern Kerala

By IANS Kozhikode (Kerala) : Bread and bun will become costlier from next week in the northern districts of Kerala. The price of a 300-gram loaf will go up from Rs.10 to Rs.12 while bun will be costlier by Re.1. Instead of Rs.4, it will be sold at Rs.5. The price hike was announced by All Kerala Mechanised Bakery Owners Association here Tuesday.

Gulf stock markets fall as Libyan crisis deepens

By IANS, Dubai : Gulf Arab stock markets have been declining since last week despite the surging oil prices that normally support the regional stock indices, Xinhua reported.

Foreign funds lift India’s Sensex above 20,000-point mark

By IANS, Mumbai : A benchmark index of Indian equities scaled the 20,000-point mark Tuesday, fuelled by some impressive buying by foreign funds and overall positive mood in other markets.

Professor Rajan named prime minister’s economic advisor

By IANS, New Delhi : Raghuram Rajan, professor of economics at the University of Chicago, was Monday named honorary economic advisor to Prime Minister Manmohan Singh. Rajan, a former chief economist of the International Monetary Fund (IMF), will hold the rank of secretary, Government of India. He was earlier the chairman of a high-powered committee the prime minister set up on financial reforms, that was tasked to frame a series of recommendations to make India a financial powerhouse over the next five years.

Manmohan Singh confident of 7 percent growth

By IANS, New Delhi : India will achieve an economic growth of at least 7 percent this fiscal despite the global slowdown, Prime Minister Manmohan Singh said Tuesday while promising more resources for areas like infrastructure and public services. "In last one year our economy was affected and our growth rate declined to about 7 percent," the prime minister told the Lok Sabha, replying to the motion of thanks on President Pratibha Patil's address to both houses of parliament.

West Bengal forms expert committee on chemical hub

By IANS Kolkata : The West Bengal government Wednesday formed an environmental expert committee to monitor all activities in East Midnapore's Nayachar Island for locating there a chemical hub after Nandigram was abandoned for the project in the face of stiff resistance from villagers.

India agreement will go through: US envoy to IAEA

By Mehru Jaffer, IANS, Vienna : Gregory L. Schulte, US ambassador to the International Atomic Energy Agency (IAEA), expects the India-specific safeguards agreement to be approved by the agency's board of governors at the special meeting to be held here Aug 1. Asked to intervene at a press conference addressed Friday by Christopher Hill, US assistant secretary of state for East Asian and Pacific Affairs, Schulte said it was a hypothetical question whether Pakistan would vote against India at the Aug 1 meeting or not.

Wipro’s attrition rate soars in third quarter

By IANS, Bangalore : India's third largest IT bellwether lost more employees than it could hire during the third quarter this fiscal, a senior executive admitted Wednesday. "Yes, our net addition of employees was less than gross addition in the global IT services and products business due to slowdown and attrition in the third quarter compared to second quarter," Wipro human resources head Pratik Kumar told IANS here.

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.

Oil marketing firms to upgrade grievance cells by Oct 2

By IANS, New Delhi : India's oil marketing companies will improve their grievance redressal systems by Oct 2 and commission toll-free numbers for filing complaints, it was decided Tuesday at the review meeting called by Petroleum Secretary R.S. Pandey. The meeting, a follow-up of the one chaired by Petroleum Minister Murli Deora Aug 19, was attended by IndianOil Corporation chairman Sarthak Behuria, petroleum ministry additional secretary S. Sundareshan, and the marketing directors and senior officers of the ministry.

Imperial Energy shareholders accept ONGC offer

By IANS, New Delhi : The overseas arm of state-run Indian upstream oil major, Oil and Natural Gas Corp, Wednesday announced that more than 96 percent of shareholders of the Leeds-based Imperial Energy have accepted its offer for acquisition at $1.89 billion. In a regulatory statement to the London Stock Exchange, ONGC Videsh Ltd (OVL), the overseas arm of ONGC, said it has received acceptances from 96.8 percent of shareholders of Imperial Energy for its offer of 12.50 pounds per share, before the deadline of 1 p.m. London time, for confirmation of shareholder intention.

Suzlon promoters offload 4.5 percent stake in company

By IANS, Mumbai : Three promoters of wind power major Suzlon Energy have sold approximately 70 million equity shares, representing 4.5 percent of the paid-up capital of the company. As per Wednesday's opening price, the sale amounts to Rs.688.8 crore. The funds generated through the stake sale will be ploughed back into the company either in form of debt or equity. The promoter holding after the sell-off will be reduced to 53.08 percent of the paid-up capital.

ABG Shipyard gets three hydel projects in Himachal

By IANS, Shimla : Mumbai-based ship building major ABG Shipyard Ltd has been allotted three hydroelectric projects in Himachal Pradesh after global bidding, an official said Thursday. "The government has allotted three out of five major hydropower projects to ABG Shipyard Ltd of Mumbai. The bids for the projects were invited last year," the official said. The projects allotted to ABG Shipyard Ltd are the 126 MW Bardang, 102 MW Rashil and 104 MW Tandi, all located on the basin of Chenab river.

Indian markets euphoric at new high

By IANS Mumbai : The bulls have taken charge at India's financial markets, with the benchmark index hitting yet another record high Thursday in early...

Qatar firm to build oil refinery in Malaysia

By Xinhua Kuala Lumpur : A Qatar firm will build a $4.55 billion oil refinery in Manjong in the northern Malaysian state of Perak, the media reported Monday. A memorandum of understanding was signed Sunday between the Perak government and Gulf Petroleum (Malaysia) Sdn Bhd Sunday formalising the deal. The project will be developed over three phases. It will comprise an oil refinery, a petrochemical plant and storage facility. It is expected to be completed in three years.

Trai advocates separate licence for mobile virtual operator

By IANS, New Delhi : Telecom watchdog Telecom Regulatory Authority of India (TRAI) Wednesday recommended to the government granting of separate licences to operators who do not have their own spectrum for offering mobile services but have a tie-up with an existing player to do so.

KEC bags Rs.1.11 bn power grid contract

By IANS, Mumbai : Power transmission major KEC International Ltd has bagged a Rs.1.11 billion ($27.75 million) contract from the Power Grid Corp of India. The project entails supply and construction of 400 KV transmission powerlines on turnkey basis, the company announced here Tuesday. "The total length of the lines is 160 km. They will be passing through Jharkhand, Bihar and West Bengal," a KEC spokesperson told IANS. The project envisages the construction of supply towers, line materials, erection and commissioning of transmission lines.

Average Indian spends just Rs.440 on food per month

By IANS, New Delhi : An Indian spends just Rs.440 or less than $10 per month on food, says a government survey released here Friday. An Indian living in rural areas, however, spends even less - only Rs.363, while his urban counterpart Rs.517 per month, an official report here said Friday. “Average monthly per capita consumer expenditure was Rs.695 in rural India and Rs.1,312 in urban India,” said the National Sample Survey Organisation's (NSSO) report - Household Consumer Expenditure in India-2006-07.

Microsoft-Yahoo deal draws antitrust probe

By DPA, San Francisco : The US Department of Justice is looking into the advertising and search alliance between Microsoft and Yahoo, the companies said Friday. Yahoo and Microsoft, which trail a distant second and third respectively to Google in the internet search market, announced their deal in late July in a bid to combine forces and challenge the web giant.

Nuclear energy key to India’s role in climate change: US

By Arun Kumar, IANS Washington : As the world discusses a new agreement to fight global warming, the US says nuclear energy will be a "key piece of the equation" for the future of India's contribution to adjusting climate change. "There is no question that nuclear power has to be part of the solution," a key advisor of President George Bush told reporters Wednesday at a White House briefing on the UN conference on climate change underway at Bali, Indonesia.

KFAED signs loan agreement with Sudan to finance traffic dam project

By NNN-KUNA Kuwait : The Kuwait Fund for Arab Economic Development (KFAED) has announced it will soon sign a loan agreement worth 16 million Kuwaiti dinars (USD 59 million) to contribute in the financing of a traffic dam project in Sudan. KFAED said in a statement Thursday the project aims to meet the demand for electric power and reducing the cost of electricity production through the establishment of a dam and a hydroelectric station on the Nile River.

Tata Steel sales down 14 percent

By IANS, Raipur : The country's largest steel maker Tata Steel Tuesday reported a 14 percent fall in sales in the October-December quarter over the corresponding period uin 2007. According to an official statement, the company's total sales during the period stood at 1.07 million tonnes. The fall was attributed to the impact of the global meltdown. However, the steel major registered a 27 percent growth in the long product sales in the third quarter at 480,000 tonnes. The hot metal and crude steel production also went up during the quarter.

India offers Qatar 10 percent stake in Petronet

By IANS, New Delhi : India Wednesday offered a 10 percent stake in Petronet LNG Ltd, the state-run procurer of liquefied natural gas (LNG), to Qatar. Petroleum Minister Murli Deora made the offer to visiting Qatari deputy premier and energy minister, Abdullah Bin Hamad Al-Attiyah, at a breakfast meeting here. The offer was made after the Arab kingdom agreed to increase LNG supply to India. Qatar has already assured India of additional supply of 600,000 tonnes of LNG to India, its largest customer.

Infosys net up 30 percent in second quarter

By IANS, Bangalore : Infosys Technologies Ltd has posted net profits of Rs.14.32 billion for the second quarter (July-September) of this fiscal (2008-09), registering 30.2 percent year-on-year (YoY) growth and 10 percent sequentially under the Indian accounting system. In a notification to the stock exchanges here Friday, the IT bellwether said its consolidated revenue for the quarter under review (Q2) was Rs.54.18 billion, posting by 32 percent YoY growth and by 11.6 percent sequentially under the Indian accounting system.

India ranked world’s 128th freest economy

By Arun Kumar, Washington : With an economic freedom score of 54.6 out of 100, India has been ranked 128th freest economy in the 2015...

Arcelor-Mittal to delay India steel projects

By IANS, New Delhi : Global meltdown and falling demand have forced Arcelor-Mittal to delay by two years their proposed steel projects in Orissa and Jharkhand, estimated at $20-25 billion, its India head said here Wednesday. "The top reason is economic downturn," Vijay Bhatnagar, the chief of India operations, told reporters on the margins of a steel industry seminar organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Low-cost carrier Deccan expands reach with Amadeus

By IANS New Delhi : Amadeus, a leading global technology and distribution partner to the travel industry, Monday announced that Deccan, India's first and fastest-growing low-cost carrier (LCC), will now be able to market and sell all its flights on the Amadeus system. Travel agents will have access to all Deccan availability and fare classes, a statement from Amadeus said.

Kerala to ink agreement with SAIL

By IANS, Thiruvananthapuram : The ailing Kerala government-owned Steel Complex Ltd (SCL) at Kozhikode will be now managed by public sector Steel Authority of India Ltd (SAIL) as a joint venture project. "The agreement to this effect would be inked on May 3 at Kozhikode," state Industries Minister Elamaram Kareem told reporters here Tuesday. This will be SAIL's first venture in the state. At present, it only has a steel depot at Kochi. The SCL, set up in 1972, registered profits for just two years during 1985-87.

Arcelor-Mittal proposal for foreign investment among 13 cleared

By IANS, New Delhi : A proposal from global steel-maker Arcelor-Mittal to set up a holding company in India for various projects was among 13 proposals on foreign direct investment worth Rs.15.27 billion ($380 million) cleared by Finance Minister P. Chidambaram. According to an official statement Friday, the proposals had been earlier recommended by the Foreign Investment Promotion Board (FIPB).

Kudankoolam n-plant to begin generating power in March

By IANS Tuticorin (Tamil Nadu) : Ahead of Russian Prime Minister Victor Zubkov's visit to India Feb 12, Anil Kakodkar, chairman of India's Atomic Energy Commission, has said that the Russian-aided Koodankulam nuclear plant in Tamil Nadu will begin power generation in March. The project is getting delayed because Russia has to take into account Nuclear Supplier Group's concerns, officials said here.

India’s inflation breaches 8 percent mark

By IANS, New Delhi : For the Indian government, that is contemplating a hike in fuel prices, Friday brought more disturbing news as the annual inflation rate breached the eight percent mark to reach 8.1 percent for the week ended May 17. At this level, the inflation, as measured from data on official wholesale price index, was the highest in three-and-a-half years. The latest rise was due to a 0.6 percent increase in prices of food articles during the week under review.

Godrej plans to produce cooking appliances

By IANS, Kolkata : Home appliances manufacturer Godrej & Boyce is planning to expand its portfolio by manufacturing cooking ranges and water purifiers, a company official said here Thursday. "We have identified other areas where we can get into, like cooking products and water products," George Menezes, chief operating officer of Godrej Appliances, told reporters at the launch of the company's Eon range of LED Televisions. He said the company is already into the water products segment in a small way and would be looking into cooking appliances like chimney in the future.

Marginal hike in aviation fuel prices

By IANS, New Delhi : After a string of reductions, state-run oil companies Sunday raised aviation turbine fuel (ATF) prices by at least 1.69 percent, or Rs.162 per kilolitre (kl). Jet fuel will cost Rs.27,275 per kl in Delhi from Sunday midnight as against Rs.27,106. The price will go up to Rs.28,023 in Mumbai from Rs.27,861 per kl, an official of Indian Oil Corp (IOC) said. This is the second time since September last year that the oil firms have raised ATF prices. They earlier had raised prices by 3.3 percent Jan 16.

Goa bans Maggi until further orders

Panaji: Maggi noodles will be banned in Goa from Monday, as it was not proper to take risks with people's lives, Chief Minister Laxmikant...

Petrol, diesel, cooking gas to cost less

By IANS, New Delhi : The government late wednesday decided to further reduce prices of transport fuels and cooking gas. "It has been decided to reduce the price of petrol by Rs.5 a litre, of diesel by Rs.2 a litre and LPG (liquefied petroleum gas) by Rs.25 per cylinder," External Affairs Minister Pranab Mukherjee told reporters after a meeting of the Cabinet Committee of Political Affairs (CCPA).

Glimmer of hope to end stir against Tata’s small car project

By IANS, Kolkata : A glimmer of hope emerged Wednesday to end agitation over the small car project of Tata Motors at Singur in West Bengal with the Trinamool Congress, which is spearheading the farmers' protests, agreeing for talks with the state government.

India sets up financial inclusion fund for the poor

By IANS New Delhi : The Indian government Thursday approved setting up of a financial inclusion fund (FIF) and a financial inclusion technology fund (FITF), with a total outlay of Rs.4 billion ($100 million) for the next five years. FIF aims at economic betterment of the poor, while FITF will invest in information technology aimed at promoting financial inclusion. A committee on financial inclusion headed by C. Rangarajan had recommended the two funds. Rangarajan is also chairman of the Prime Minister's Economic Advisory Council.

West Bengal tea garden workers get wage hike

By IANS, Kolkata : Tea garden workers in West Bengal will get a daily wage hike of Rs.13.10 in phases that would take their present daily wage to Rs.67 in 2010-11. The agreement over the hike was reached Saturday at a tripartite meeting between the tea plantation companies, workers unions and government representatives. The participants of the meeting were members from West Bengal Labour Commission, Coordination Committee of Plantation Workers (CCPW) and Consultative Committee of Planters' Association (CCPA), which was formed by the tea garden owners.

Car sales rise 22 percent, two-wheelers up 17 percent

By IANS, New Delhi : Passenger car-sales in the domestic market soared 22.06 percent in the first eight months this fiscal while two wheeler-sales jumped 17.63 percent, according to the Society of Indian Automobile Manufacturers (SIAM). The data released by SIAM Tuesday showed that utility vehicle-sales rose 12.15 percent during April-November, while multi-purpose vehicles reported a growth of 31.46 percent in sales. Also, the sales of mopeds, scooters and motorcycles grew by 29.54 percent, 15.12 percent and 17.79 percent, respectively.

Energy sector key investment destination in Uttar Pradesh

By IANS, Lucknow : Energy generation has emerged as the most sought-after investment destination in Uttar Pradesh, according to a senior state government official. "While companies evinced keen interest in setting up projects in Uttar Pradesh, the best response has come for the power sector," said Cabinet Secretary Shashank Shekhar Singh.

India had 16.5 mn service sector enterprises in 2007: Survey

By IANS, New Delhi : India had an estimated 16.5 million service enterprises in 2006-07, with 60 percent of them in rural areas and 90 percent in the form of sole proprietorships, official data showed Friday. The data, which helps government frame policies, assists demographers and gives key inputs for marketing strategies by the corporate sector, also showed that 33.5 million people worked in the service sector, 54 percent in rural areas.

Legal battles over Jharkhand iron ore mines delay new projects

By IANS Ranchi : New steel projects in Jharkhand are finding the going tough as companies are moving the courts over allocation of iron ore mines. The Jharkhand government has recently signed memorandums of understanding (MoUs) with 52 companies in steel, power and other sectors. Most of the MoUs were signed in the steel sector. But the state government has recommended iron ore mines be given only to seven companies. Major steel companies Arcelor Mittal and Tata Steel are still waiting to get the iron ore mines of their choice.

Zooming passion for superbikes in India overrides cost factor

By Pupul Dutta, IANS, New Delhi : A niche market for superbikes is quietly picking up pace in India, with enthusiasts increasingly seeking that tantalising rush of adrenaline, undeterred by the high prices of these roaring mean machines. Yamaha, the Japanese biggie, alone has sold about 125 superbikes, YZF R1 and MT01, since its launch in December 2007. Suzuki with masterpieces like Hayabusa and Intruder has sold about 100 of them since 2006, while Honda and Ducati are others in the market.

Apex court blocks lawsuits against Reliance Power IPO

By IANS New Delhi : The Supreme Court Wednesday restrained the Gujarat High Court from hearing two public interest lawsuits (PILs), allegedly filed to stall the Jan 15 launch of the country's biggest initial public offering (IPO) by the Anil Ambani-promoted Reliance Power Ltd (RPL). A bench of Chief Justice K.G. Balakrishnan stalled the Gujarat High Court proceedings on a petition by RPL seeking transfer, either to the Bombay High Court or the apex court, of the petitions filed against it Tuesday in Gujarat.

Blackstone invests Rs.1,350 crore Moser Baer

By IANS, New Delhi : Optical media equipment major Moser Baer's power subsidiary Moser Baer Projects Private Limited (MBPPL) Wednesday said it has attracted an investment of Rs.1,350 crore from Blackstone. The company, which is building a number of thermal, solar and hydro power projects, plans to commission 5,000 MW by 2016. "This will enable us to deliver reliable and affordable power that India needs to support its continued economic growth," said MBPPL Founder Deepak Puri. Blackstone officials said the energy sector is an attracttive long-term investment destination.

Emirates to launch non-stop Dubai-Tokyo flight

By IANS, Dubai : Gulf-based carrier Emirates will launch its non-stop services between Dubai and Tokyo March 28 followed by flights to Amsterdam, Prague and Madrid. "Tokyo is the first of a number of exciting route launches in 2010 for Emirates. After Tokyo's March 28 launch, we will also start similar services from Dubai to Amsterdam starting May 1, Prague July 1 and to Madrid from Aug 1," Emirates' senior vice president for commercial operations Richard Jewsbury said in a statement Friday.

ONGC to look for more gas off western Myanmar coast

By Xinhua Yangon : India's state-run Oil and Natural Gas Corp Videsh Ltd (OVL) has signed production-sharing contracts with Myanmar to explore natural gas in three deep-sea blocks in Myanmar's western Rakhine offshore areas, official media reported here Wednesday. According to the contracts signed in Nay Pyi Taw with the state-run Myanmar Oil and Gas Enterprise (MOGE) during a visit to Myanmar of India's Petroleum Minister Murli Deora, gas exploration will be conducted at blocks AD-2, AD-3 and AD-9 off the Rakhine coast.

GAIL plans wind energy projects in Gujarat

By IANS, Ahmedabad : Gas marketing major Gail India is planning to establish a series of wind power projects in Gujarat during the current fiscal, a senior official said Tuesday. "The company has invited bids for setting up wind power projects of 4.5 to 5 MW capacity each on a turn-key basis. The projects will come up at sites where there is sufficient wind potential," the GAIL official, who did not want to be named, told IANS. The winners of the bids will have to establish wind power turbines, produce and supply power and ensure maintenance for 20 years.

After mayhem, Indian equities recover on global interventions

By IANS, Mumbai : A key Indian stock market index crashed by over 950 points Wednesday, but staged an impressive recovery following regulatory interventions across the globe to cushion the financial crisis that has gripped international financial markets. A meeting of Union cabinet, presided over by Prime Minister Manmohan Singh, also discussed the turmoil in the Indian capital markets and the impact of the global financial crisis on the Indian economy, following which it was decided to set up an expert committee to suggest possible action.

Sensex down slightly in morning trade

By IANS, Mumbai : A benchmark index for Indian equities Friday was trading weak in morning trade amid dull cues from other Asian bourses. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,036.55 points, was ruling at 16,980.5 points, 41.83 points or 0.25 percent down from its previous close at 17,022.33 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,099.55 points, down 0.21 percent from its previous close. Broader markets indices were flat.

SAARC to give priority to development fund

By IANS New Delhi : Finance ministers and secretaries of the eight member nations of South Asian Association for Regional Cooperation (SAARC) have decided to accord priority to a development fund that aims to support the marginalized people in the region. "I would urge all of you to come to an agreement on the terms of reference so that the Development Fund can be used for activities supporting the development goals of other countries," India's Finance Minister P. Chidambaram told the second meeting of SAARC finance ministers and secretaries here.

RIL’s Maha Mumbai SEZ proposal to get a year’s extension

By IANS New Delhi : Reliance Industries' proposal to establish a multi-product special economic zone (SEZ) in Maha Mumbai is to get an extension by a year from the government to enable it to reduce its size to 5,000 hectares to comply with new SEZ rules. "We would extend the Maha Mumbai SEZ for one year with the reduced size to 5,000 hectares ... The file is currently under process in the ministry," Commerce Secretary G.K. Pillai told reporters here Wednesday.

Sensex rises 97 points, IT stocks up

By IANS, Mumbai: A benchmark index of Indian equities markets was up Tuesday, trading 97 points higher in afternoon trade.

India plans to have 500 airports by 2020

By IANS Mumbai : India's Civil Aviation Ministry has set a target of having 500 operational airports in the next 12 years, according to a report by Centre for Asia Pacific Aviation (CAPA). CAPA said this will include the ongoing redevelopment of currently unused airports or little used airports and development of greenfield and cargo airports. Presently, India has only 80 fully functional airports equipped to handle scheduled commercial, charter and defence services.

Manmohan, Hu keep Arunachal Pradesh out of talks

By Arvind Padmanabhan

IANS

Berlin : Despite some recent remarks by Beijing, the contentious issue of Arunachal Pradesh did not figure in the talks between Indian Prime Minister Manmohan Singh and Chinese President Hu Jintao here Thursday. Manmohan Singh, in fact, lauded China as India's "greatest neighbour".

Tourism Malaysia offers ‘live-it-up @ KL’ package for festive season

By IANS, New Delhi : Offering the glitzy cosmopolitan attractions of Kuala Lumpur, Tourism Malaysia is reaching out to Indian travellers with its "live-it-up @ KL" to coincide with the upcoming festival season. "The package offers a sojourn through the bustling KL city streets full of life, culture and energy," a Tourism Malaysia statement said Thursday.

No rooms in Jaisalmer for tourists this Diwali

By Anil Sharma, IANS Jaisalmer : In case you are planning to spend this Diwali and the coming New Year in the desert city of Jaisalmer, think twice. With high advance bookings, hotel rooms are going full for both these days.Most hotels have put up 'No Rooms' boards at their entrances Thursday, on the eve of the festival of lights. Jaisalmer has around 750-1,000 rooms in big and small hotels put together. Getting accommodation even in the 300-500 Swiss tents erected on sand dunes in and around the city is difficult.

No hike in fuel prices: oil minister

By IANS New Delhi : Petroleum Minister Murli Deora Thursday informed the Lok Sabha that the government, instructed by ruling United Progressive Alliance (UPA) chairperson Sonia Gandhi, was not proposing any increase in fuel prices despite crude oil touching $100 a barrel. Although crude oil prices have risen by almost 150 percent since the UPA government took office in May 2004, it has passed on only a fifth of the surge in prices to consumers.

Kerala industry secretary in trouble, speaking for Coke

By IANS, Thiruvananthapuram : Kerala Industry Secretary T. Balakrishnan, who is of the rank of additional chief secretary, appears to be in trouble over his remark early this week seemingly favouring soft drink giant Coca Cola. The state cabinet Wednesday directed chief secretary to inquire and submit a report on his junior's statement on the closure of the company's bottling plant in Plachimada in Palakkad district about six years back.

CPI calls for massive public investment in farms

By IANS, Bangalore : The Communist Party of India (CPI) has urged the central government to adopt a massive public investment programme in the agrarian sector to enhance foodgrain production and ensure food security. "The government should take steps to strengthen farm infrastructure, including irrigation and power through a special package and implement the recommendations of the national commission on farmers," CPI general secretary A.B. Bardhan told reporters Wednesday after the party's national council met here Dec 27-29.

NCDEX in talks with firms on crude sourcing

By IANS, Kolkata : The National Commodity & Derivatives Exchange (NCDEX) is talking to a few oil marketing majors to source some of their crude petroleum requirements from its commodity market, a company official said here Saturday. "We are talking to participants, large ones, who use Nymex or Singapore OTC market. We are asking these participants like Indian Oil and Bharat Petroleum to source some of their crude domestically from us," Vijay Kumar, chief business officer, NCDEX, told reporters on the sidelines of a seminar on futures trading.

Bird Group expands presence in flight training market

By IANS, Hyderabad : At a time when the civil aviation market in India faces a severe downturn, the diversified Bird Group has expanded its presence in the flight training market by inking a deal with leading simulator manufacturer Alsim to offer its products in this country and the SAARC region. Bird Group executive director Ankur Bhatia and Christine Douguet, export sales manager of France-based Alsim Simulateurs Company inked the deal Thursday at the ongoing India Aviation 2008 international air show here.

Foundation stone laid for Hindustan Aeronautics’ Kerala unit

By IANS, Kasargod (Kerala) : Defence Minister A.K. Antony laid the foundation stone for the strategic electronics manufacturing unit of the state-run aerospace major Hindustan Aeronautics Ltd (HAL) here Saturday. The factory will come up on 200 acres at an industrial park of Kerala Industrial Infrastructure Development Corp (Kinfra) in this north Kerala town at an investment of Rs.2 billion ($47.6 million). The HAL unit is expected to be operational in the third quarter of 2009-10.

Iran receives seventh fuel shipment from Russia

By IANS Tehran : The seventh nuclear fuel shipment from Russia for Iran's Bushehr nuclear power plant arrived here Saturday morning, officials said. The Iran Atomic Energy Production and Development Company, the main official body responsible for Islamic country's nuclear programme, announced the 11-tonne shipment has been forwarded to Bushehr nuclear power plant, which has been the focus of international attention over fears that Iran is developing nuclear weapons, IRNA news agency reported.

Developed India by 2020? Here’s a reality check

By K.S. Jayaraman, IANS Bangalore : Former president A.P.J. Abdul Kalam used to dream of a developed India by 2020. But a comparison of the country's growth path with Japan and South Korea shows it may remain just that - a dream. Pradosh Nath, an analyst at the National Institute of Science, Technology and Development Studies in New Delhi has listed 13 reasons why it will be difficult for India to catch up with developed countries.

A Pakistani industrial unit that has Rs.110 bn liability

By IANS, Islamabad : The Pakistan Steel Mills, the country's largest public sector industrial unit, is burdened with liabilities totalling a stupendous Rs.110 billion (Rs.11,000 crore).

Advani slams UPA for price rise, inflation

By IANS, Thiruvananthapuram : Bharatiya Janata Party leader L.K. Advani Sunday lashed out at the Congress-led United Progressive Alliance (UPA) government for rise in prices and inflation that has gripped the country.

Orissa reduces VAT on petrol, diesel by 2 percent

By IANS, Bhubaneswar : The Orissa government Friday cut the value added tax (VAT) on petrol and diesel by two percent, an official of the state finance department said here. The central government Wednesday announced a hike of Rs.50 per LPG cylinder, Rs.3 per litre for diesel and Rs.5 per litre for petrol. After the reduction, petrol in the state will cost Rs.50.82 and diesel Rs.37.25 per litre. The new prices would be effective from Saturday, the official he said. However, the state government has made no reduction in the price of cooking gas.

China’s GDP to grow 9.6 percent in 2011

By IANS, Hong Kong : China's economy is expected to grow 9.6 percent in 2011, the Asian Development Bank said in an annual report released here Wednesday.

GCC Secretary General reaffirms strength of Gulf Economy

By SPA, Riyadh : Secretary General of Gulf Cooperation Council (GCC) Abdurrahman Al-Atiyyah reiterated Monday the strength of the gulf economy. In a statement issued here today, he noted that the economies of the Gulf States do enjoy a remarkable economic growth, adding that the commercial gulf banks have a high rate of liquidity and a distinguished financial status. Al-Atiyyah confirmed that the central banks in the GCC member states are ready to make the required liquidity available for banks if they need liquidity.

Costly firecrakers may dampen Diwali in Bangalore

By Maitreyee Boruah, IANS, Bangalore : With firecrackers priced around 40 percent higher than last year, the sound and sparkle of Diwali may be missing here this time, both traders and customers fear. The firecrackers have become dearer as the cost of both raw materials and labour have increased drastically, say traders. Revellers may have to be content with earthen lamps, candles, designer lights and sweets.

Reliance slashes roaming rates by 70 percent

By IANS

New Delhi : Reliance Communications (RCOM) Tuesday announced 70 percent reduction of roaming rates for its mobile subscribers.

Kejriwal’s gas price charges: A primer

By IANS, New Delhi : The process of allocating natural gas and its pricing has come into focus following allegations of irregularities levelled by Delhi...

Bhilai Steel gets iron ore mining rights in Chhattisgarh

By IANS, Raipur : Bhilai Steel Plant, the most profitable unit of the state-owned Steel Authority of India, has got the mining rights lease for over 2,028 hectares of iron ore reserves in Chhattisgarh for 20 years, a senior company official said Wednesday. Steel Authority, India's biggest steel maker, was trying for about 25 years to get the mining rights to the Rowghat deposits to feed the Bhilai unit, located in Durg district of Chhattisgarh, some 30 km west of state capital Raipur.

Government discloses names of 3 black money holder; one of them donated 9 times...

By TCN News, New Delhi: The Central government on Monday has filed an affidavit before the Supreme Court naming three persons who are black...

Delhi High Court defers telecom spectrum case to Jan 3

By IANS New Delhi : The Delhi High court Monday deferred till Jan 3 the hearing on the petition filed by major GSM players Airtel, Vodafone, Idea and Spice Telecom against the government's telecom spectrum allocation process. The court has also refused to immediately halt the spectrum or airwaves allocation process, as requested by these operators. The process has already been started by the Department of Telecommunications (DoT).

India’s central bank keeps key policy rates unchanged

By IANS, Mumbai : The Reserve Bank of India (RBI) Tuesday unveiled the first update of its monetary policy for this fiscal here Tuesday with no major changes in key rates, in line with the predictions and expectations by analysts. Despite a sharp upward revision in India's growth rate, concerns over inflation forced RBI Governor D. Subbarao to keep a status quo on key rates, which was evident from the statement made by him as part of Tuesday's review.

Aerion gets Indian orders for 5 supersonic jets

By IANS Mumbai : US-based Aerion Corp, which is developing a supersonic business jet (SSBJ), has received pre-delivery orders from five Indian customers for the aircraft, said the company's sales representative, Execujet Aviation Group, Tuesday. However, Zurich-based Execujet, which would distribute the SSBJ outside North America, refused to divulge the names of the customers in India. Aerion has also received one letter of intent from a Pakistani customer.

Hindujas on multi-billion pound spending spree in Britain

By IANS London : The Hinduja brothers, whose global trading conglomerate once made them the richest men in Britain, plan to make Britain their core market and spend up to 2.5 billion pounds in acquiring assets that could include the FTSE 100 insurer Friends Provident.

China, US to inject funds to boost global trade

By Xinhua, Beijing : China and the United States Friday concluded their Strategic Economic Dialogue (SED), agreeing to make available $20 billion to help emerging economies boost their global commerce. "The two export-import banks (in United States and China) will make available an additional $20 billion for trade finance, particularly for creditworthy importers in developing countries," US Treasury Secretary Henry Paulson told a press conference after the meeting.

NDTV honours Sunil Mittal, Mahindra, Kumar Mangalam Birla

By IANS

New Delhi : Industry leaders Sunil Bharti Mittal, Anand Mahindra and Kumar Mangalam Birla were among those honoured by television channel NDTV Profit at a glittering function here Friday evening.

The awards were given away by Finance Minister P. Chidambaram at The Grand Hotel in the presence of who's who of India's corporate world.

Speaking on the occasion, Chidambaram asked Indian business leaders to look beyond the Gross Domestic Product (GDP) growth and build a global business platform.

US stocks drop on poor earnings from Bank of America, GE

By DPA, New York: US stocks ended the week lower Friday after disappointing earnings from the bellwether firm General Electric and financial giant Bank of America. The decline pushed the Dow Jones Industrial Average back below 10,000 points, two days after it had breached the symbolic mark for the first time in more than a year. General Electric's profits were down 42 percent to $2.5 billion in the third quarter, a signal that consumer demand has yet to recover.

Singapore best for business, Azerbaijan leads reformers: World Bank

By DPA, Washington : Azerbaijan made more pro-business reforms than any other country over the last year, while Singapore remains the best place in the world to run a business, the World Bank said Wednesday. Azerbaijan helped Eastern Europe and the former Soviet republics of Central Asia make more progress than any other region - more than 90 percent of countries made improvements that made it easier to run a business. Africa was another bright spot, implementing the most regulatory reforms since the World Bank's Doing Business survey began six years ago.

Inflation rises to 11.63 percent

By IANS, New Delhi : Maintaining an upward swing, India's annual rate of inflation rose to 11.63 percent for the week ended June 21 against 11.42 percent for the preceding week. The index for primary food articles comprising tea, fruits and vegetables rose 0.6 percent while that of non-food articles like raw cotton rose 0.4 percent. The index for fuel, power light and lubricants declined 0.1 percent, while the index for manufactured products like oilcakes rose 0.5 percent.

Mukherjee to clarify government stand on black money

By IANS, New Delhi: Finance Minister Pranab Mukherjee will Tuesday outline the government's strategy on how to bring back black money stashed in foreign banks, official sources said.

Budget highlights-6

By IANS, * Rs.65,000 crore for fuel subsidies * India's economy at 11th; aiming to be third * Fiscal deficit at 3 percent * PPP model...

Germany reports exploding demand for gold amid plunging stocks

By IRNA, Berlin : There is an exploding demand for gold in Germany in the wake of the global financial crisis, the worst of its kind since the 1929 Great Depression, the daily Bild newspaper said Thursday. The producing company of gold bars, Heraeus has already reported a shortage of supply as a result of high demand. Meanwhile, the gold brokerage firm Pro Aurum was refusing to take new orders at the present time. "Demand is running quite above our capacity to supply," the head of the Berlin branch office of Pro Aurum, Heiko Ganss was reported saying in the press.

Increased bus fares irk Delhi commuters

By IANS, New Delhi : Delhi's public transport buses Wednesday began charging their new steeply hiked fares, affecting millions of mostly poor and lower income group commuters. After announcing earlier that the revised fares would come into effect from Nov 1, both the state-run Delhi Transport Corp (DTC) and the privately run Blueline buses implemented the decision three days later Wednesday morning. The minimum ticket in buses will now cost Rs.5 (compared to the earlier Rs.3), the Rs.7 ticket has been upped to Rs.10 and the Rs.10 ticket to Rs.15.

Sensex closes 0.83 percent down

By IANS, Mumbai : Heavy selling in realty, metal and capital goods stocks resulted in a key index of the Indian equities markets Tuesday shutting shop 0.83 percent lower than its previous close, after gaining more than 1.6 percent earlier. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,691.27 points, ended at 15,536.71 points (provisional), down 129.93 points or 0.83 percent. The benchmark index started slipping in afternoon trade after gaining as much as 1.6 percent.

Indian equities soar, following US markets

By IANS, Mumbai : Indian equities opened higher Friday and soared further on the back of a sharp upswing in the US markets a day earlier following the cuts in interest rates by the US Federal Reserve. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened significantly higher at 9,361.66 points, against the previous close at 9,044.51 points, and soon surged ahead to 9,802.76 points. Some 45 minutes into trading, the key index was ruling at 9,736.40 points, with a gain of 691.89 points, or 7.65 percent, over the previous close.

Dena Bank hikes interest, deposit rates

By IANS, Mumbai : Dena Bank Thursday announced hikes in its deposit and lending rates, joining a slew of other banks that have revised rates recently following the central bank hiked cash reserve ratio and repo rate. A release issued by the bank said the deposit rates will be hiked by 25-100 basis points across various slabs, while the prime lending rate (PLR) will go up by 75 basis points to 14.25 percent from 13.5 percent, with effect from Friday.

Buddhadeb rejects Mamata’s ‘return Singur land’ demand

By IANS, Kolkata : West Bengal Chief Minister Buddhadeb Bhattacharjee Sunday rejected Trinamool Congress chief Mamata Banerjee's demand that the land acquired for Tata project in Singur be returned. Any such act would amount to "betraying" the people of the region, he added. Bhattacharjee said the plot acquired for the Tata Motor's Nano small-car project would be used for setting up industries only.

KSE price index ends day just shy of 15,000 pt mark

By KUNA, Kuwait : The price index at Kuwait Stock Exchange came to new highs Monday and ended the session at a gain of 75.8 points to 14,999 while the weighted index also put on 1.37 points to read 782.09 points. Deals by end of day came to 11,322 transactions at KD 207,823,075 with 461, 588,000 shares changing hands. Seven out of eight sector indices were also green with biggest gain of 134. 7 points seen in the services sector, followed by industry and non-Kuwaiti sectors at gains of 125 and 79.9 points, respectively. The only sector in red was insurance.

Jaipur jewellery house dazzles Hollywood

By Anil Sharma, IANS Jaipur : They've lent sparkle to Jennifer Lopez and the Hollywood film "Troy", and now ornaments by Jaipur-based jewellery house Amrapali are making heads turn at red carpet events in the West. Oscar winner Halle Berry created quite a stir at the BFI London Film Festival in October when she attended the screening of "Things We Lost in the Fire" with gold hoops, earrings and bangles from India.

Punj Lloyd, US firm sign accord on n-energy

By IANS, New Delhi : Engineering and construction major Punj Lloyd Thursday signed an agreement with the US-based nuclear energy company Thorium Power to jointly explore the possibilities of nuclear fuel generation in India. “The agreement, signed between the two companies today (Thursday), will help Thorium Power and Punj Lloyd to set up joint venture projects in the area of nuclear fuel in India and neighbouring regions,” Thorium president and chief executive Seth Gare said.

Now shopping for branded products just a remote-click away

By IANS, New Delhi : Tired of trawling the streets under the scorching sun for your shopping? Help is at hand -- a 24-hour television shopping channel is coming to your rescue to enable you shop for branded items with the button of your TV remote. Star CJ Network India has launched a 24-hour shopping channel "Star CJ Alive" which brings brands like Satya Paul, Biba, Reebok, Adidas, Samsung, LG Electronics, Tanishq, and D'damas, among others, together for a fruitful shopping experience.

Two Indian American among top 15 US CEOs

By Arun Kumar, IANS, Washington : Two Indian American executives - publishing software giant Adobe's Shantanu Narayen and global outsourcing major Cognizant's Francisco D'Souza - figure among Forbes list of America's top-paid young CEOs topped by another South Asian. Topping the list of under-45 chief executives is Nabeel Gareeb of Pakistani origin, CEO of chipmaker MEMC Electronic Materials since April 2002 with a total pay package of $79.5 million in 2007.

Hong Kong’s first long-haul budget airline rumoured closing

By DPA Hong Kong : Hong Kong's first long-haul budget airline, Oasis, was Wednesday rumoured to be about to shut down operations just 18 months after its launch. The award-winning airline, which offers fares of as little as 1,000 Hong Kong dollars ($128) between London and Hong Kong, was said to be preparing to release a statement about its future. A spokeswoman for Oasis told DPA Wednesday she was unable to confirm or deny the rumours and said she expected to have more information from the airline later in the day.

Reliance to roll out IPTV by year end

By IANS, Mumbai : Anil Dhirubhai Ambani promoted Reliance Communications plans to roll out Internet Protocol Television (IPTV) by the end of this year, a top official said. Reliance Communications president Mahesh Prasad told IANS on the sidelines of the BIG TV launch here Tuesday: "With customers demanding personalised entertainment, IPTV service would allow subscribers more choice and control. We will launch this service within this year."

Foreign investments worth Rs.541 crore approved

By IANS, New Delhi : The government has cleared 22 foreign investment proposals worth Rs.541 crore, including a Rs.237.2-crore project of Mumbai-based telecom company Tikona Digital Networks, the finance ministry said Monday. Kolkata-based water infrastructure company Electrosteel Castings and Anant Raj Industries are also among the companies whose projects got the government nod. Electrosteel will pump in Rs.157.47 crore, while Anant Raj will invest Rs.90.2 crore, the government said.

India’s central bank cuts key lending rates

By IANS, Mumbai : In a bid to lower the cost of borrowings for commercial banks and help them reduce interest rates for the corporate sector, India's central bank Saturday cut two key interest rates but said a period of “painful adjustment” was inevitable for the country's economy. Reserve Bank of India (RBI) Governor D. Subbarao told a press conference here that the repurchase rate, or the repo rate, was being cut by 100 basis points, while the reverse repo rate will be reduced by a similar amount. The new rates take effect Monday.
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