Mittal meets Buddhadeb, discusses investments

By IANS Kolkata : London-based steel baron L.N. Mittal Sunday evening called on West Bengal Chief Minister Buddhadeb Bhattacharya and discussed investment proposals in the state that is now witnessing an industrial resurgence. "West Bengal is an attractive investment destination," Mittal told reporters after his maiden, hour-long meeting with Bhattacharya at the state secretariat. "Several ideas were discussed but there was nothing concrete. We exchanged our views. We had discussions on various global subjects too," he said.

ATMs soon to fork out cash without bank account too

By IANS, Mumbai : People without a bank account in India would soon be able to withdraw cash from an automated teller machine (ATM) with...

Apex court stops motorbike sale on patent dispute

By IANS Chennai : The Supreme Court has asked TVS Motor Co Ltd (TVS) to stop bookings for its TVS Flame motorbike till Jan 29, while hearing an appeal by Bajaj Auto Ltd (BAL) on a patent violation. The apex court division bench headed by Justice H.S. Kapadia gave the order after hearing a petition of Pune-based BAL, which challenged a Madras High Court order that on Dec 20, 2007, allowed TVS to manufacture and sell the motorbike. The apex court also directed the single-judge bench of the Madras High Court to hear all the interim applications on Jan 29.

India will keep growth high and inflation low: Chidambaram

Davos, Jan 25 (IANS) India's Finance Minister P. Chidambaram told business leaders at the World Economic Forum (WEF) here Friday that India would guard against the "double whammy" of high prices and economic slowdown as a possible fallout of the current US financial crisis. But if the choice were between maintaining high growth and keeping prices down, he would choose the latter in the interests of India's poor, Chidambaram told a forum that has been keenly watching India's response to the US economic slowdown amid speculation of a recession.

India dominates world’s largest home-textile fair

By Manik Mehta, IANS, Frankfurt : Despite uncertainties that still plague the world's home-textile industry with low demand and high unemployment in many traditional markets, India dominated the ongoing four-day Heimtextil fair in Frankfurt - the world's largest fair for home textiles and furnishing products - by presenting the world's biggest exhibitor contingent.

Tech Mahindra, HDFC queue up to recruit Delhi University students

By IANS, New Delhi, Jan 28 (IANS) Heralding better days ahead for the capital's students, several top notch companies like Tech Mahindra, HDFC and Dell are queuing up at Delhi University (DU) for recruitment and hundreds of scholars have bagged offers in the last few days.

Market closes 340 points down

By IANS, Mumbai : The Indian equities market closed deep in red Monday. The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 13,791.02 points, touched a low of 13,405.54 before closing at 13,461.60 points. It went down by 340.62 points or 2.47 percent at the day's close. The National Stock Exchange (NSE) S & P Nifty, which opened at 4136.25 points, closed at 4040.55 points. It went down by 96.10 points or 2.32 percent.

Morning after trust vote, equity markets shoot up

By IANS, Mumbai : Indian equity markets shot up the morning after the United Progressive Alliance government of Prime Minister Manmohan Singh comfortably won a crucial trust vote in parliament. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened here at 14,568.22 points Wednesday, 464.02 points higher than its closing figure Tuesday. Within 20 minutes of the opening, the Sensex had reached 14.673.32 points, 569.12 points or 4.04 percent above its previous close.

Dasmunsi asks officers to cut down on foreign tours

By IANS, New Delhi : Heeding Prime Minister Manmohan Singh's call for austerity measures following the hike in petroleum prices, Information and Broadcasting Minister Priyaranjan Dasmunsi Friday said he planned to travel by economic class on domestic tours and asked officers of his ministry to follow suit. Dasmunsi also issued a set of directives asking his ministry officials for cutting down on expenditure that included officers going on foreign travels only when it was "absolutely required."

Revise specific duties on textiles: Economic Survey

By IANS, New Delhi : India's Economic Survey for 2008-09, tabled in parliament Thursday, called for revising specific custom duties on the textiles sector to ensure that they match ad valorem tax rates. "Specific duties are intrinsically more opaque than ad valorem tariffs, tending to conceal high ad valorem equivalents. Reduce these gradually so that they do not exceed 30 percent ad valorem," the survey said. Ad-valorem tax rates are a proportion of the value of product and hence rises automatically when the value of a product goes up.

Bank of India hikes deposit rates

By IANS, Mumbai : Leading public sector lender, Bank of India (BoI), announced a hike in its deposit rates from 0.25 to 0.5 percent, effective Wednesday. According to a release issued by the bank late Monday evening, deposits having a maturity from six months to one year will now earn 8 percent. For one year to 399 days and 400 days, the interest rates have been revised to 9.75 per cent and 10 percent, against the existing 9.5 percent, whereas for 401 days to two-year maturity and 2-3 years it has been revised to 9.75 percent against the earlier 9.5 percent and 9.6 percent.

Modi’s One Year : Environmental protection still awaits balance

Although the number of actual clearances given on paper for infrastructure projects are not much different compared to the UPA rule, the NDA rule...

Hindustan Unilever Q4 net jumps 47.14 percent

By IANS, New Delhi : Fast moving consumer goods major Hindustan Unilever Tuesday said its net profit rose 47.14 percent to Rs.581.2 crore in the January-March quarter as compared to Rs.394.99 crore in the corresponding period of 2008-09. The company's total income jumped by 8 percent to Rs.4,408.65 crore for the quarter. It was Rs.4,077.57 crore in the like period a year ago. It posted profit after tax of Rs.2,202.03 crore for the year ending March 2010, as against Rs.2,496.46 crore during the previous year.

US experts to visit India for enhancing bilateral trade

By IANS, New Delhi : An 11-member legal delegation from the US is all set to visit India to take part in a three-day conference to discuss ways to enhance bilateral trade and investment, the Indo-American Chamber of Commerce (IACC) said Wednesday. The conference - Business in and between India and the US: Legal and Regulatory Framework - will be inaugurated by External Affairs Minister Pranab Mukherjee in the capital May 4, IACC said here.

Saudi-Malaysian firm takes over two Bangladesh power plants

By IANS Dhaka : Saudi-Malaysian consortium Pendekar Energy is to formally take over two power plants in Bangladesh, marking the end to the long dominance of Bermuda-based Globeleq in the country's power generation sector. Pendekar is to take over the Meghnaghat and Haripur power plants that account for 35 percent of the country's power generation. The acquisition is the largest in the power sector till now. In addition, Pendekar will also jointly operate the 113 MW NEPC, in which Globeleq was involved, the Dhaka-based Financial Express said Thursday.

Brace for 25 percent job cuts, warns leading Indian chamber

By IANS, New Delhi : After denying bonuses and other perks to employees, India Inc is expected to hand out pink slips to nearly 25 percent of its workforce, a leading industry forum warned Wednesday amid growing concerns over the fallout of global financial crisis on corporate profitability. "Much more serious and alarming situation is emerging post-Diwali, under which corporate India is likely to announce lay-off of nearly 25 percent workforce in next 10 days in seven key industrial segments,” said the Associated Chambers of Commerce and Industry (Assocham).

RBI hints at rate hike in annual monetary policy

By IANS, Mumbai : The Reserve Bank of India (RBI) Monday hinted at a hike in key interest rates to keep inflation in check while predicting a faster 8.2 percent growth in the current fiscal provided there is a normal monsoon. The RBI in a document -- macroeconomic and monetary developments 2009-10 -- said that while inflation was expected to moderate in the coming months, "upside risks" were appearing on the horizon, including rise in commodity prices.

Australian stocks follow Wall Street down

By DPA, Sydney : Australian stocks gave up 5.5 percent in early trading Friday in response to Wall Street falling to a five-year low. The ASX 200 dropped 223 points, or 5.1 percent, to 4,097. The market was spooked by news reports that iron ore customers in China were delaying shipments, in the belief that prices for spot deliveries would fall below long-term contract prices because of withering global demand.

Volatility rife, Sensex up 145 points up

By IANS, Mumbai : Volatility was rife at the Indian equities markets Tuesday with a key index trading in a see-saw pattern but in a tight range, and ruling 118 points higher than its last closing figure about an hour before end of trade. At 2.28 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,103.65 points, was ruling 145.57 points or 1.05 percent up to 14,187.35 points. Around the same time, the Nifty of the National Stock Exchange (NSE) was also ruling 0.92 percent higher at 4,203.95 points.

Himachal allots Rs.414 crore for panchayats

Shimla: The Himachal Pradesh government has taken various initiatives to strengthen the Panchayati Raj institutions and has set aside a budget of Rs.414 crore...

Process begins for licences to new mobile telecom firms

By IANS New Delhi : The Indian government Wednesday began issuing licences to nine new applicants for mobile phone services in the country after clearance from Communications and IT Minister A. Raja. "We have started issuing the licences. We hope to complete the process in a day or two," a senior official in the ministry told IANS. "But frequency allotment is a different process and may take some more time," the official said.

Subsidy on sugar exports must end: Chidambaram

By IANS, Mumbai : Finance Minister P. Chidambaram Friday said the subsidy given to sugar exporters has to be phased out as India had emerged as a major player in the global markets this year. "Subvention given for sugar exports must now come to an end. Enough sugar has been exported and I have spoken to the ministry of agriculture on this," the finance minister told reporters while launching currency futures at the National Stock Exchange here.

Lebanese minister, Iranian Envoy discuss economic cooperation

By SPA, Beirut : Iran's Ambassador to Lebanon Mohammad Reza Sheybani conferred with Lebanese Minister of Economy and Trade Muhammad Safadi here Monday, IRNA reported today. During the meeting, they discussed ways of activating the joint economic commission between the two countries. Sheybani told IRNA, after the meeting that the Lebanese minister had presented economic projects in Lebanon in which Iran can participate.

Jet Airways drops plan for Mumbai-South Africa flight

By Fakir Hassen, IANS Johannesburg : India's Jet Airways has scrapped its plans to launch a Mumbai-Johannesburg flight from April in favour of more lucrative destinations. The airline has postponed its planed operations to South Africa indefinitely in favour of more profitable routes to destinations such as the US and China, Jet Airways representative Alex Cost said. "We operate a business and have to consider the bottom line by looking at routes which are more profitable and deliver better yields," Cost told IANS.

Allahabad Bank registers Rs. 1.7 bn profit

By IANS, Kolkata : Allahabad Bank - one of the oldest joint stock banks in India that started operations in 1865 - posted a net profit of nearly Rs.1.7 billion for 2007-08 compared to Rs.1.25 billion of the previous fiscal, according to bank officials. "We have raised our profit by 34.81 percent in 2007-08," chairman and managing director A.C. Mahajan told reporters while presenting the financial report Saturday evening. "The bank's earnings have rose by 29.94 percent to Rs.974.75 crore (9.75 billion) from Rs. 750.14 crore (7.5 billion)," he said.

Reliance Industries to buy Infotel, offer broadband services

By IANS, Mumbai : Barely an hour after Infotel Broadband, a company promoted by the Nahatas, was named a pan-India winner of broadband airwaves auction, Reliance Industries Friday said it will acquire majority stake in the company for over $1 billion. The surprise development came a fortnight after the Ambani brothers, Mukesh and Anil, entered into an "environment of harmony" agreement that virtually allowed their groups to enter any business they desired, ending a previous non-compete agreement.

Airtel now has 40 mn mobile phone subscribers

By IANS

New Delhi : India's leading mobile service provider Bharti Airtel now has over 40 million customers, making it the first Indian firm to reach that figure.

US stocks gain on financial firms

By DPA, New York : Major stock indices closed higher Wednesday amid gathering optimism about the US economy, with shares of financial firms leading the stock market. US wholesalers reported a drop of 0.2 percent in inventories in January, which was widely interpreted as a sign of rising demand.

Equities markets end with a loss for the second day running

By IANS, Mumbai : The Indian equities markets ended in the red for the second consecutive day Tuesday, with banking, capital goods, technology and telecom stocks leading the pack of losers. The markets started with a huge cut, tracking weak markets elsewhere in Asia. They remained volatile much of the day before making a smart recovery in late trade. But the recovery was not enough to make up for all the loss.

New land policy for industries in West Bengal

By IANS, Raghunathpur (West Bengal) : In a bid to help companies by ensuring their downstream units are set up on contiguous land, the West Bengal government has chalked out a new land acquisition strategy for allotting land to industrial parks rather than to individual units. The new strategy has been put into operation for the first time in Purulia district, where three new large steel plants with a total production capacity of seven million tonnes are set to come up.

L&T signs pact with Canadian firm on nuclear reactor

By IANS, New Delhi : Soon after signing a pact with the US-based Westinghouse Electric to build nuclear reactors recently, engineering and construction major Larsen and Toubro (L&T) has signed a similar agreement with Atomic Energy of Canada Ltd (AECL), the company announced Thursday. The new agreement, however, is subject to final approval of a bilateral nuclear cooperation agreement between the governments of India and Canada.

‘India to emerge as global petroleum refining hub’

By IANS, Mumbai : India is likely to emerge as a global petroleum refining hub in the next few years, Essar Oil CEO and managing director Naresh Nayar said here. Addressing a meet of industry analysts Friday, Nayar said that going by global trends, the growth in oil refining capacity was expected mostly in India, West Asia and China, with "Vadinar (Gujarat) probably emerging as the hottest refinery complex hub".

US Federal Reserve sharply cuts growth forecast

By DPA, Washington : The US Federal Reserve Wednesday sharply cut its growth forecast for 2008 but suggested it may halt a string of drastic rate cuts aimed at boosting the sagging US economy. The central bank predicted 2008 growth of 0.3 percent to 1.2 per cent, down from a January projection of 1.3 percent to 2 percent, according to the minutes of the Federal Open Market Committee's April 30 meeting. The Fed cut its benchmark interest rate by 0.25 percentage points to 2 percent at the April meeting, but the minutes indicate that inflation risks made it a difficult decision.

RBI allows Rs 50,000 withdrawal a week from overdraft accounts

Mumbai : Following the demonetisation of high value notes, the RBI on Monday further relaxed cash withdrawal norms, permitting overdraft and cash credit account...

Goods worth nearly Rs.1 bn stranded in Tamil Nadu

By IANS, Chennai : Tea, vegetables and perishables worth nearly Rs.100 crore (Rs.1 billion) are stranded in various districts in Tamil Nadu on account of the truckers' strike, which continued Saturday for the sixth straight day. “Tea worth over Rs.15 crore (Rs.150 million) is stranded in Ooty (in the Nilgiris district) due to the strike,” a United Planters' Association of Southern India (UPASI) spokesperson said.

Ethnic violence hits output in Pune-Nashik industrial belt

By Abhijit Deb, IANS Mumbai : Scores of manufacturing units in the Pune-Nashik industrial belt are experiencing a slowdown with over 30,000 migrant workers fleeing the area in the wake of the anti-north Indian tirade launched by the Maharashtra Navnirman Sena (MNS). Industries in the area have suffered a combined loss of up to Rs.4 billion (approx $100 million) in the past fortnight of violence.

Sensex closes 41 points up

By IANS, Mumbai : A benchmark index of the Indian equities market Monday gave up some of its intra-day gains on late selling pressure to close 41 points up.

First Syrian Islamic bank kicks off Aug 27, 2007

By NNN-KUNA Damascus : The first Syrian Islamic bank, which is financed by several Kuwaiti financial and investment groups, is to be launched Monday as the first banking institution in Syria to operate under Islamic Sharia. The launch of the new institution, called Sham Bank, is to be attended by several Kuwaiti officials besides the Syrian officials representing the banking and monetary sectors.

Maharashtra top recipient of FDI: governor

By IANS Mumbai : Maharashtra remains the most favoured destination for foreign direct investment (FDI) in India, Governor S.M. Krishna said Saturday. Unfurling the national flag on the occasion of Republic Day, Krishna said Maharashtra attracted FDI of Rs.197 billion in the past three years and 91 mega projects with an investment value of around Rs.1,140 billion. Present on the occasion was Deputy Chief Minister R.R. Patil. He is officiating in the absence of Chief Minister Vilasrao Deshmukh, who is attending the World Economic Forum (WEF) at Davos.

Chhattisgarh budget session to begin Monday

By IANS Raipur : The Chhattisgarh assembly's 27-day budget session will begin Monday, and the state government is likely to table its budget for 2008-09 Feb 23. This will be the last budget of Chief Minister Raman Singh's government as the assembly polls are due in November this year. The fourteenth budget session of the second assembly of Chhattisgarh that came into being in 2000 will start with the customary address of Governor E.S.L. Narasimhan.

Railway posts 18.91 pc increase in earnings in six months

By NNN-PTI, New Delhi : The economic slowdown does not seem to have made any dent on the coffers of the Railways if earnings posted in the first six months of the current fiscal are an indication. During the period it posted an 18.91 per cent increase in revenue earnings. The organisation earned Rs 25,502 crore between April and September as against Rs 21,447 crore earned in the same period last year.(One Crore: ten million)

SEBI proposes to raise cap for individual investor in IPOs

By IANS, Mumbai : India's capital markets regulator Wednesday proposed to double the investment limit for individual investors in initial public offerings (IPOs) to Rs.200,000 to attract more retail participants into such primary issues of companies. Detailing out the reasons for increasing the limit for retail individual investors, the Securities and Exchange Board of India (SEBI) said the last revision was done five years back to Rs.100,000 from the earlier Rs.50,000.

China, India talk on regional trade pact

By Xinhua

Beijing : China and India are confident that their joint feasibility research on a regional trade agreement will be completed on schedule, according to China's commerce ministry.

Gulf oil earnings to touch record $562 bn in 2008

By IANS, Dubai : Oil producing nations in the Gulf will earn a record $562 billion by the end of this year, as oil prices are expected to remain above $100 a barrel, according to a new report. The London-based Centre for Global Energy Studies (CGES), in its monthly oil report for August, has said the combined oil export earnings of the six Gulf Cooperation Council (GCC) countries will soar to their highest level of $562 billion this year even as they pumped at their highest level, the Emirates Business 24-7 newspaper reported.

Sensex manages to hold onto gains, up 67 points

By IANS, Mumbai : A key index of the Indian equities markets managed to hold on to morning gains and was ruling 67 points in the green around Monday noon, dipping from the 115 points rise it saw earlier. Around 12 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,591.28 points, was ruling at 14,589.67 points, 67.78 points or 0.47 percent above Friday's closing figure. Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green, 0.08 percent up at 4,317.2 points.

Tea production to go down due to weather: Tea Board chief

By Aparajita Gupta, IANS, Kolkata : Tea production in India will be marginally lower this year than in the year before due to erratic weather, says Tea Board of India chairman Basudeb Banerjee. "This year our production has been slightly lower than last year. We will be marginally down by 10-15 million kilograms this year (by the end of the season -- first week of December)," Banerjee told IANS. The production last year was 981 million kg.

Sensex crawls into green in post-noon trade

By IANS, Mumbai : A key index of the Indian equities markets crept back into the green and was ruling 57 points higher than its previous close, about 90 minutes before the closing bell Tuesday. At 1.53 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,350.89 points before slipping into the red in the morning session, was ruling at 15,438.24 points -- 63.2 points or 0.41 percent higher than Monday's closing figure.

UB Group planning flights to US by April 2008

By IANS New Delhi : The Vijay Mallya-promoted UB Group is planning to fly either Kingfisher Airlines or Air Deccan, in which it recently acquired a stake, to San Francisco and New York from Bangalore by April next year. "We are planning to start direct non-stop flights from Bangalore to San Francisco and New York by April next year," Kingfisher Airlines Chairman and Managing Director Vijay Mallya said here, adding that the company has already filed an application with the American Department of Transportation for this.

ArcelorMittal, Toyota in South African joint venture

By Fakir Hassen, IANS Johannesburg : A 147 million rand ($21.8 million) joint venture between ArcelorMittal SA, the local subsidiary of the global steel giant headed by Lakshmi Mittal, and vehicle manufacturer Toyota is expected to give a big boost to South African economy. The new company, Toyota Tsusho South Africa Processing (TTSAP), will be a steel processing company for use in the manufacture and assembly of vehicles by Toyota South Africa.

Despite Deora’s defence, house adjourned over Reliance gas row

By IANS, New Delhi : India's lower house of parliament was adjourned for nearly two hours Monday when some members of the opposition alleged that Uttar Pradesh was not being given its due share of Reliance Industries' Krishna-Godavari gas even after Petroleum Minister Murli Deora explained the government stand on the matter. Lok Sabha Speaker Meira Kumar adjourned the house after loud protests by members of the Samajwadi Party, who alleged the government was discriminating against Uttar Pradesh over supplying gas to the Dadri power project of Reliance Natural Resources.

Iran to stop Europe oil exports

By IANS, Tehran : Iran will stop its oil exports to Europe, Oil Minister Rostam Qasemi said Saturday.

Chinese IT firm sues Microsoft for IP rights violation

By Xinhua Beijing : China's Zhongyi Electronic Ltd., which is a high-tech provider of major Chinese font and input method, has sued Microsoft for intellectual property rights (IPR) violations, a claim that Microsoft disputes. The Beijing No.1 Intermediate People's Court, where the complaint has been filed, hasn't yet set a date for hearing. The case filed by the Beijing-based company involves Microsoft's use of Zhengma, a Chinese input method (IME) that allows Internet users to type in Chinese in Roman alphabet, which is then transcribed into Chinese characters.

Steel Authority profit down 17 percent

By IANS, Mumbai : State-owned Steel Authority of India Ltd (SAIL) Friday reported a 17 percent drop in second-quarter profit on account of lower prices. Its net profit declined to Rs.1,660 crore in the quarter ended Sep 30 from Rs.2,009 crore in the like quarter last year, the company said in a regulatory statement. The total income stood at Rs.10,575.28 crore in the quarter under review as against Rs.12,488.58 crore in the corresponding quarter last year.

Microsoft India wins US award for corporate excellence

By IANS, Washington : Microsoft India and 10 other US companies have been selected for the Secretary of State's prestigious 2008 Award for Corporate Excellence (ACE). These companies were chosen from 61 nominations submitted by American ambassadors around the world. ACE finalists are international business leaders who recognise the vital role that US businesses play abroad as good corporate citizens, a State Department announcement said.

Prices remain high but India’s food inflation drops a tad

By IANS, New Delhi : India's annual food inflation fell slightly to 16.12 percent for the week ended June 5 from 16.55 percent for the week before even as prices of milk, lentils and some other commodities remained sharply costlier over a 52-week period. The drop in the inflation rate was mainly because of a 1.1 percent decline sub-index for food articles over the week under review in the overall official wholesale price index, according to data released Thursday by the commerce and industry ministry.

India and China new pharma R&D hubs: study

By IANS, New York : India and China are the new pharmaceutical research and development (R&D) hubs, with India having an edge in the race, a industry study released Wednesday said. It said India was more mature in chemistry and drug-discovery activities than China. Chinese firms were more prevalent in less lucrative segments such as pre-clinical testing, animal experimentation and manufacturing.

OPEC oil price inches below $37

By DPA, Vienna : The price for oil produced by the Organization of the Petroleum Exporting Countries (OPEC) slid to $36.92 Monday, just above this year's record low price, which was set earlier this month, the oil cartel announced Tuesday. One barrel (159 litres) of OPEC-produced crude oil was down $0.80 Monday, from $37.72 at the end of last week, it said. On Dec 5, the OPEC average price dropped to $36.67, the lowest since January 2005.

‘Talks postponed as Trinamool did not follow Gandhi’s advice’

By IANS, Kolkata : The talks to end the stalemate on the Tata's Singur plant were postponed from Friday morning to 4 p.m. as the Trinamool Congress-led opposition did not act on the West Bengal governor's suggestion to temporarily suspend protests and allow normalcy on the Durgapur Expressway, Chief Minister Buddhadeb Bhattacharjee said here.

Reliance Communications net up 8.3 percent

By IANS, Mumbai : Reliance Communications (R-Com), part of the Anil Dhirubhai Ambani Group, has posted a net profit of Rs.1,637 crore ($342 million) for the quarter ended June 30 as against Rs.1,512 crore in the like period last year, a growth of 8.3 percent. The company's total income surged 15.5 percent to Rs.6,145 crore from Rs.5,322 crore, it said in a regulatory statement.

Indian firms in Nepal meet Pranab Mukherjee over labour issues

By Sudeshna Sarkar, IANS, Kathmandu : Officials of prominent Indian joint ventures in Nepal that have been facing labour and security problems in the Himalayan republic, have met Indian External Affairs Minister Pranab Mukherjee, who is on a three-day visit here to boost India-Nepal ties.

Mahindra signs wage agreement with Nashik plant workers

By IANS, Mumbai : Auto major Mahindra and Mahindra Friday said it has signed a wage agreement with workers at its plant near Maharashtra's Nashik town after they went on a strike demanding pay revision and reinstatement of a sacked labour leader. The pact, which is valid for three and a half years, was signed by the Bhartiya Kamgar Sena Union that represents Mahindra's workers at its Igatpuri plant near Nashik, the company said in a regulatory statement.

Reliance Communications launches mobile banking with SBI

By IANS, New Delhi : Reliance Communications Wednesday said it has launched mobile banking services for its GSM subscribers in collaboration with the State Bank of India (SBI).

Sensex flat in afternoon trade

By IANS, Mumbai : A benchmark index for Indian equities was ruling flat Thursday afternoon amid negative Asian cues. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,978.37 points, was ruling at 17,947.32 points, 29.91 points or 0.17 percent down from its previous close at 17,977.23 points. At the National Stock Exchange(NSE), the broader 50-share S&P CNX Nifty was trading at 5,393.1 points, down 0.12 percent from its previous close at 5,399.35 points.

No limit on telecom operators per area

By IANS New Delhi : In a move to give a boost to the explosive growth of telecom in India, the government approved the industry regulator's recommendation Friday, removing the limit on the number of service providers in a particular network area. "The recommendations of the TRAI (Telecom Regulatory Authority of India) that there should be no cap on the number of access providers in any service area has been considered by the government and has been accepted," said an official statement.

Youth group protests against price hike, unemployment

By TCN News, New Delhi: The Delhi State Council of All India Youth Federation today organized a protest march on Parliament Street in New Delhi against the price hike and the anti youth economic policies of the Congress-led UPA Government. The protestors burned the effigy of the UPA-2 Government and shouted slogans against price hike and the government’s economic policies.

HCC bags Rs.4 bn water tunnel contract

By IANS Mumbai : Leading infrastructure development firm Hindustan Construction Company (HCC) Monday said it had bagged a Rs.4.15 billion water tunnel project here. HCC said the tunnel project from Maroshi to Ruparel College in Mumbai would replace the old upper Vaitarna and Vaitarna mains in the section. It would improve the water supply to Vakola, Mahim and Dadar in central Mumbai and Malabar Hills in up-market south Mumbai, the firm said. Once completed in 2010, the tunnel will supply 1,100 million litres of water daily.

India to finance ‘sensitive’ areas’ projects itself: Krishna

By IANS, New Delhi: After clashing with China at Asian Development Bank (ADB) over funding for a project in Arunachal Pradesh, India has decided not to approach international agencies to finance schemes in "sensitive" areas, External Affairs Minister S.M. Krishna said Monday. "It is a conscious decision taken by government of India that all projects in sensitive areas will be funded by our own internal resources," Krishna told reporters on the sidelines of a function to launch a website on India-Africa relations.

Vodafone crosses 7.5 mn subscriber mark in Gujarat

By IANS, Ahmedabad : Vodafone Essar, one of India's leading cellular service providers, has crossed the 7.5 million subscriber mark in Gujarat, a senior official of the company said Monday. Vodafone with a coverage in more than 236 cities and towns and 15,120 villages has seen its subscriber base jumping from 2 million in January 2006 to 7.5 million in January 2009 in the state.

Late buying pushes Sensex 185 points up

By IANS, Mumbai : Helped by late buying, a key index for Indian equities Wednesday ended 185 points higher. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,476.85 points, closed at 17,719.19 points (provisional), 185.1 points or 1.06 percent up from its previous close at 17,534.09 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,315.6 points, up 1.15 percent from its previous close at 5,256.15 points.

G8-G5 agree on global economic crisis, institutional reforms

By Jaideep Sarin, IANS, L'Aquila (Italy) : Even as they jointly declared to conclude the Doha development round on trade talks by 2010, the world's most wealthy and industrialized countries or G8 Thursday agreed to the demands of the emerging economies (G5) to strengthen financial regulation and reform international financial and other institutions, including the United Nations (UN).

India to help improve agriculture in central America

By IANS, New Delhi : With the food crisis in Latin America worsening, India Tuesday agreed to set up a panel with eight central American countries to enhance collaboration in agriculture and thus boost its diplomatic and economic ties with the region. India signed pacts with Honduras, El Salvador and Nicaragua for the abolition of visa requirements for the holders of official and diplomatic passports, external affairs ministry spokesperson Navtej Sarna told reporters here.

Robust China, India up Asia-Pacific economic growth

Manila, Sep 17 (DPA) The Asian Development Bank (ADB) Monday upgraded its economic growth forecast for the Asia-Pacific region to 8.3 percent for 2007 because of robust growth in China and India but warned of a "fuzzy" outlook for 2008. The new forecast, contained in the bank's Asian Development Outlook Update, was up from the 7.6 percent growth predicted in March. In 2008, growth was projected to slightly slow to 8.2 percent "as uncertainty reigns in global financial markets and worries about the health of the US economy mount", the Manila-based bank said.

Sensex trading flat, down 20 points

By IANS, Mumbai : Indian equities markets continued to languish Wednesday as trading remained dull about an hour before closing bell, with a key index ruling 20 points down from its previous close. At 2.31 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,482.05 points, was trading at 15,531.13 points, down 20.06 points or 0.13 percent below Tuesday's close at 15,551.19 points. Around the same time, the Nifty of the National Stock Exchange (NSE) was ruling flat at 4,626.95 points, up only 0.03 percent.

Swiss flu medicine firm sees stock rise on back of outbreak

By DPA, Geneva : Swiss pharmaceutical giant Roche, maker of influenza medication Tamiflu, saw its stock price rise 3.8 percent in early trading Monday on the Zurich exchange on the back of the global swine flu outbreak. During the avian flu epidemic the drug was used heavily, particularly in South Asia. Shares in Roche were trading at close to 145 Swiss francs ($126), up over five francs since the opening. Martina Rupp, a spokeswoman for Roche, said Tamiflu was deemed to be effective against the swine variant.

Kotak Mahindra Bank stand-alone net profit up 14 percent

By IANS, Mumbai : Kotak Mahindra Bank has reported a 14 percent rise in its net profit to Rs.550 million in the first quarter this fiscal on a stand-alone basis, up from Rs.480 million in the comparable period of last fiscal, a bank regulatory statement said Monday. According to the statement, the bank's consolidated results, however, show that profit after tax for the first quarter of the current fiscal at Rs.1.5 billion was up only 3 percent from Rs.1.46 billion that the bank had earned in the comparable period of last year.

Thermax inks deal with US firm for supercritical boilers

By IANS, Mumbai : Energy and environment solutions company Thermax Wednesday announced a joint venture with US based Babcock & Wilcox Power Generation group (B&W PGG) to manufacture super-critical boilers for the power sector. Thermax will own 51 percent share of the joint venture while B&W PGG will have 49 percent. The new entity will also manufacture sub-critical boilers of over 300 MW in capacity.

India, China have no problems that cannot be sorted out: Sonia

By IANS Beijing : Though India and China have different views on global and bilateral issues, there is nothing that cannot be sorted out through free and frank dialogue, Congress president Sonia Gandhi said here Saturday. Harking back on the 1954 Panchsheel principles founded by former Chinese president Zhou Enlai and India's first prime minister Jawaharlal Nehru, the Congress chief said: "Pragmatism and mutual self-interest offer a sound basis for the future development" of the relations between the two countries.

Air India enters price warfare

New Delhi : Air India Wednesday joined the price war, launching a short-term sales promotion scheme. According to Air India, the tickets under the scheme...

Is income tax holiday over for natural gas?

By IANS New Delhi : Is the finance ministry withdrawing the existing seven-year income tax holiday in exploration and production of natural gas? The ministry of petroleum and natural gas wants to know. The national budget for 2008-09 says the income tax holiday will continue for 'mineral oil', referring to crude oil. There is no reference to natural gas in the relevant document.

Inflation hits FMCG sector hard

By IANS, New Delhi : Manufacturers of fast moving consumer goods (FMCG) are reeling from high inflation as their input costs have gone up while their sales have stagnated, says a leading industry group. “With the prices of key raw materials increasing, FMCG companies registered a 16.2 percent rise in their cost of raw materials in three months ending March," the Associated Chambers of Commerce and Industry of India (Assocham) Eco Pulse (AEP) has stated. The annual rate of inflation touched a 42-month high of 7.83 percent for the week ended May 3.

Citigroup may sell $12 bn worth bad loans: US media

By DPA New York : US banking firm Citigroup is in negotiations to sell $12 billion worth of bad loans to a group of financial institutions in an effort to reduce the effects of the US credit crisis on its balance sheet, US media reported Wednesday. According to an unnamed source quoted by the Bloomberg news agency, the sale of the loans to Apollo Management LP, Blackstone Group LP and TPG Inc are to shield the bank from further losses. The group of private equity firms are said to be paying around $7.6 billion for the Citibank loans, according to the Wall Street Journal.

BJP Jharkhand manifesto: Rice, wheat at Rs.1 per kg

By IANS, Ranchi : Taking a cue from Chhattisgarh, the Jharkhand Bharatiya Janata Party (BJP) Thursday released its manifesto promising rice and wheat at Rs.1 per kg to poor families if voted to power. The manifesto was released Thursday by the state BJP president Raghubar Das in presence of Chhattisgarh Chief Minister Raman Singh who had launched a scheme of rice and wheat at Rs.3 per kg in Chhattisgarh. The BJP manifesto promises salt at 25 paise per kg and wheat and rice at Rs.1 per kg to families living below poverty line (BPL).

Decision on fuel price rise next week: minister

New Delhi(IANS) : Faced with spiralling global oil prices and political opposition to raising transport and cooking fuel prices, India is likely to take a call next week, according to the petroleum minister. "I cannot say 100 percent, but we will try to resolve it next week," Petroleum Minister Murli Deora told reporters on the sidelines of the India-Africa Hydrocarbon Conference here Wednesday. Deora is slated to meet Prime Minister Manmohan Singh Wednesday at a tea for conference participants.

Ikea names Punjab towel-maker as best supplier

By IANS, Ludhiana : Punjab-based towel manufacturer Abhishek Industries Ltd (AIL) has won the best supplier award from European retail chain Ikea. AIL has been chosen as the best supplier for the trade area in South Asia, company officials said Wednesday. "It is a great honour for us. Customer satisfaction is an inherent value of our organisation and we are happy to have lived up to it," AIL managing director Rajinder Gupta said.

Air India offers economy class tickets at Rs.99 each

By IANS, New Delhi : In a new offer, India's flag carrier Air India has pegged its economy class fare at Rs.99 (excluding Rs.3,024 as fuel surcharge) on all domestic sectors till Feb 28, an airline official said. Besides this, it has launched another scheme under which travellers booking tickets 21 days in advance will also be offered tickets at Rs.99 each. For them, the scheme will be valid even after Feb 28.

Duty free baggage allowance hiked

New Delhi : To encourage tourism, Finance Minister Arun Jaitley Thursday proposed an increase in duty free baggage allowance limit from Rs.35,000 to Rs.45,000. Earlier,...

BP’s top kill failed to seal oil gusher

By DPA, Washington : British Petroleum (BP) failed to seal off the oil gusher in the Gulf of Mexico after three days of trying the so-called top kill effort, BP chief operating officer Doug Suttles has said. The growing ecological disaster - the largest marine oil spill in US history - entered its 40th day Saturday even as BP struggled to contain the flow of crude oil from the ruptured well head. "We have been unable to overcome the pressure of the well," Suttles said Saturday of the so-called top kill attempt to shut down the flow. "We made numerous attempts."

Government urged to take steps against fall of rupee

By IANS, Kolkata : The central government should not allow the rupee to fall further and go below the level it has reached now, a top official of a Delhi-based economic think-tank, said here Tuesday. "The government should take indirect measures to arrest further fall (of rupee)," Rajiv Kumar, director and chief executive of the Indian Council of Research in International Economic Relations (Icrier) said.

Kerala farmers lap up insurance scheme

By IANS Kozhikode : A Kerala government scheme to provide free insurance to more than 500,000 small farmers with landholdings of less than two hectares has elicited a good response, officials say. Under the scheme, the dependants of farmers will get up to Rs.100,000 in the event of loss of limb of the farmer or death due to accident. Registration for the scheme, named Kisan Sree, started Monday and will close Feb 14. Farmers in the age group of 17 to 70 will be covered by the scheme with the government paying the premium.

Coal India Q2 net jumps 16 percent on higher sales

Kolkata: State miner Coal India Ltd (CIL) on Friday said it posted a 16 percent rise in consolidated net profit at Rs.2,543.80 crore for...

OPEC weekly price slides below $110 a barrel

By Xinhua, Vienna : The weekly average oil prices of the Organisation of the Petroleum Exporting Countries (OPEC) dropped to $109.73 per barrel last week, the Vienna-based cartel said Monday. The prices have dropped for six consecutive trading weeks by $28.58 after they topped $138.31 in the first week of July. The OPEC said in its monthly report Friday that the easing of political tensions and concerns over slower growth of demand amid weak economic signs were the main causes for the steep fall.

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.

Prabhu’s budget fail to muster investor confidence

Mumbai : Railway Minister Suresh Prabhu's maiden budget on Thursday failed to muster investor confidence in the stocks of railway-related firms. A majority of stocks...

Taiwan firm to invest Rs.6 bn in Andhra Pradesh

By IANS, Hyderabad : Mei Ta Group, a Taiwan-based company, will set up an auto component manufacturing base in Andhra Pradesh at a cost of Rs.6 billion ($143 million). A memorandum of understanding (MoU) in this regard was signed Saturday between the company and the state government. The manufacturing base will come up on 230 acres at the Naidupeta special economic zone (SEZ) in Nellore district. The MoU was signed by Mei Ta Group chairman Chen Yu San and the state's Principal Secretary, Industries Sam Bob in the presence of Chief minister Y.S. Rajasekhara Reddy.

UAE bank ropes in British business school to educate staff

By IANS, Abu Dhabi: The National Bank of Abu Dhabi (NBAD) Wednesday signed a key partnership agreement with Britain's ifs School of Finance to deliver diploma courses in banking and finance for its employees, WAM news agency reported. The partnership with the ifs School of Finance, one of the world's leading providers of professional banking and financial services qualifications, will enable NBAD's employees to benefit from an excellent foundation in banking and from which to progress their careers, said Michael Tomalin, the chief executive of the UAE bank.

Adivasis from Chhattisgarh march to save their habitats from ‘hazards of coal mining’

Nearly 350 residents from the villages of central Chhattisgarh are on a 300-km long march that started on October 2 to reach the capital...

Indian equities open strong

By IANS, Mumbai : Indian markets opened on a positive note Friday, with a key index starting trade higher than its last closing figure. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) started at 9,161.49 points, higher than its 9,090.88-point close Thursday. After about 10 minutes of trading, it was at 9,185 points, 1.04 percent or 94.12 points higher than its previous close. At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,814.45 points, 1.24 percent higher than its previous close of 2,780.05.

Reform taxes, cut subsidies, says Economic Survey

By IANS, New Delhi : Introducing a new income tax code, reforming existing tax structure and duties, slashing subsidies on fuel, fertilisers and food were some of the measures suggested by the Economic Survey 2008-09, released here Thursday. The survey, tabled by Finance Minister Pranab Mukherjee in parliament, called for creation of a new income tax code to bring about a neutral tax regime - a tax structure where deductions are consistent and there are no incentives or exemptions from tax.

Ashok Leyland joins hands with Nissan to make LCVs

By IANS Chennai : India's leading bus and truck maker Ashok Leyland Limited Wednesday joined hands with Japan's Nissan Motor Company to make light commercial vehicles (LCV). The two firms signed a heads of agreement (HoA) to float three joint venture companies - two of them will manufacture outfits to make LCVs and powertrain and the third one will be a technology company that would develop LCV-related products.

Germany slumps into recession, data forecast to show

By DPA, Berlin : Germany slumped into a recession during the third quarter, data to be released later Thursday is forecast to show, amid signs that a global economic downturn was taking hold. Europe's biggest economy shrank by 0.1 percent in the third quarter, analysts predict Thursday's figures from Germany's statistics office will show after it contracted by 0.5 percent in the quarter to end June. As a result, Germany will fulfil the technical definition of recession after clocking up two consecutive quarters of negative rates.

Reserve Bank financing of government to fall: Goldman Sachs

By IANS, New Delhi : The central bank has some leeway in funding the government due to a buffer it has built up over the past several years, but this could get exhausted rather quickly, global investment bank Goldman Sachs said in a report released Monday. "Our calculations show that the RBI (Reserve Bank of India) can fund about Rs.1.5 trillion ($30 billion/Rs.1.5 lakh crore) of the government's borrowing needs without creating a sizeable monetary overhang and stoking inflation," it said.

US small business agency to promote exports to India

By Arun Kumar, IANS, Washington : With demand for US products and services on the rise in India, a US government agency helping small business concerns and an Indian-American trade association have joined hands to advance export opportunities there. A Strategic Alliance Memorandum (SAM) signed by the US Small Business Administration (SBA) and the US-India Business Alliance (USIBA) will allow them to share resources to help start, maintain, and expand small businesses, particularly through trade with India.

Bank of India to raise $1.84 bn via bonds

By IANS, Mumbai : The state-owned Bank of India (BoI) will raise $1.84 billion (Rs.73.6 billion) from bonds to meet its capital requirement and credit growth, it said Friday. In a regulatory statement, BoI said it would raise tier-I and tier-II capital through the issuance of innovative perpetual debt instruments (IPDI), preference shares, tier-II bonds and upper tier-II capital bond. The statement said the procedure would be completed in "appropriate time". BoI chairman and managing director T.S. Narayanasami was unavailable for comment.

Bajaj Auto’s August sales rise 55 percent

By IANS, New Delhi : Bajaj Auto Thursday reported an all-time high monthly sales of 3,29,364 vehicles in August, a 55 percent rise over 2,13,072 units in the same month last year. The company also reported a 31 percent rise in exports at 98,578 units, compared to 75,164 units for the like period of last year. Bajaj Auto sold 2,89,176 two wheelers last month, up from 1,82,441 units sold in August 2009. While the cumulative sales of two wheelers for the period April to August 2010 grew at 68 percent and stood at 1,397,348 units, up from 833,235 units in April to August 2009.

Equity markets stay in green early afternoon

By IANS, Mumbai : Indian equity markets were trading in the green early Tuesday afternoon amidst reports that the ruling United Progressive Alliance is ahead in the numbers game in the trust vote scheduled in the evening. There was huge buying in metal, power and banking stocks. At 12:30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was up by 329.83 points or 2.38 percent at 14,179.87. At the day's high it had touched 14,206.13.

No shortage of oil in the market: OPEC

By IANS, Vienna : The Organisation of Petroleum Exporting Countries (OPEC) has said that there was no shortage of oil in the world market and the organisation would act if the market shows need for any measures, WAM news agency reported Friday. "The organisation will continue to strive for a stable and balanced market, with prices that reflect fundamentals, and are favourable to both producers and consumers," OPEC Secretary General Abdalla Salem El-Badri said Thursday.

Rich nations should make deeper cuts, support others financially: CII

By IANS, New Delhi : Rich countries must agree to greater emission cuts while helping developing nations cope financially in their efforts to transform into a low carbon economy, a leading industry body has said. "Developed countries must take deeper reduction commitments, both in medium and long term, such as 25 percent reduction by 2020 and 80 percent reduction by 2050 from 1990 level," the Confederation of Indian Industry (CII) said in a statement Sunday.

US-based IT firms outperform Indian peers

By IANS, New York : Revenues of IT companies have been growing at a healthy rate but US-based firms witnessed higher revenue growth than their Indian counterparts. While revenue of Indian IT companies grew 38 percent in 2007, US-based service vendors posted 55.4 percent revenue growth, according to a report by Gartner, an IT research and advisory firm based in Connecticut. IT services revenue worldwide amounted to $748 billion in 2007 (Rs.31.94 trillion), a good 10.5 percent increase from 2006.

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.

Wipro declares 300 percent dividend

By IANS, Bangalore : Global software major Wipro Ltd has declared a 300 percent total dividend at Rs.6 per share of Rs.2 par value per share for the last fiscal 2007-08. In a notification to the stock exchanges Friday, the IT bellwether said the board of directors had recommended a final cash dividend of Rs.4 per share (200 percent) for the fiscal (FY 2008) under review.

Three Oberoi hotels ranked 5th, 8th, 14th in world

By IANS, New Delhi : Three Oberoi hotels have been ranked fifth, eighth and 14th in the world by global magazine Travel+Leisure, it was announced Friday.

IT arm of Sundaram Finance targets Jordan market

By IANS

Chennai : Chennai-based Sundaram Infotech Solutions Ltd (SISL), the IT arm of Sundaram Finance Ltd, Monday announced a marketing partnership with Jordan's Business Soft to offer ERP solutions in the West Asian country.

Kerala IT firm gives IBM, Unisys a run for their money

By IANS

Thiruvananthapuram : IBS Software Services, a Kerala-headquartered IT company that began its operations about 10 years back, is now giving global software giants like IBM and Unisys a run for their money.

IBS, which began its operations here in September 1997, has become a leading global provider of new generation IT solutions to travel, transportation and logistics (TTL) industries of major airlines, airports, oil and gas companies, seaports, cruise lines and tour operators worldwide.

Obama signs $18-bn jobs bill

By DPA, Washington: US President Barack Obama Thursday signed a nearly $18-billion jobs bill into law, hoping the measure will be the first of many to bring the labour market out of a long slump. The HIRE act contains about $13 billion worth of tax incentives for small businesses to hire new workers and another $5 billion in extensions of infrastructure spending. Obama, who signed the bill at the White House, said the jobs stimulus would "promote a strong dynamic private sector" to help reduce unemployment, which remained at 9.7 percent in February.

India-Thailand free trade agreement by 2010: Thai PM

New Delhi, June 26 (IANS) India and Thailand have stepped up negotiations to conclude a landmark free trade agreement (FTA) by 2010, Thai Prime Minister Surayud Chulanont Tuesday told top businessmen here as he sought a greater role for India in "bridging the digital divide in Asia." Allaying apprehensions of investors after a military-led government took over power last September, the Thai leader assured that the country's economy was in top form and full democracy would be restored after elections, to be held before the year-end.

World Bank’s IFC to invest $15 mn in Granules India

By IANS

New Delhi : International Finance Corp (IFC), the World Bank's private sector division, Thursday said it would invest $15 million in pharma major Granules India Ltd.

Sensex in the green, up 267 points

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

EU leaders call for international financial reform

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

No magic formula for inflation, be patient: PM

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

US regulations restrict space industry growth

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

India, Russia finalise n-talks, to double trade by 2010

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

Jet Airways to fly to Gulf

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

Daiichi deal on track, says Ranbaxy as scrip recovers

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

Fiat plans $300 mn investment in Argentina

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

Cement makers held guilty of cartelisation

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

‘Bread & Breakfast’ scheme to get tax sops

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

KPC in negotiations with China, India, Vietnam to build major oil projects

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

Over Rs.194 bn collected as excise, customs tax in August

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

Stock Holding Corporation launches e-stamping facility

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

Bayer launches eco-friendly projects in India

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

Sensex slips further, down 138 points

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

OPEC crude price slips after decision to maintain output

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