Bank of Japan injects $9 bn into market
By DPA,
Tokyo : The Bank of Japan (BOJ) pumped one trillion yen ($9.69 billion) into the money market to ease disruptions amid the global financial crisis.
Japan's central bank Tuesday conducted the emergency measure for the 15th consecutive business day since the US investment bank Lehman Brothers Holdings Inc. filed for bankruptcy Sep 15.
The bank's move came after the Tokyo market plunged to a five-year low, which sent the key Nikkei Stock Average index below the 10,000 mark Tuesday.
Posco project work to start early next year
By IANS,
Bhubaneswar : Dismissing reports that the company was planning to relocate its proposed steel plant in Orissa, South Korean steel major Posco Wednesday said it will start the construction work for the greenfield project early next year.
"There is no plan to relocate the steel plant to another site. It's all rumour. We will start levelling land early next year," Posco India chairman Tong Hee Lee told reporters after meeting Chief Minister Naveen Patnaik here.
Pressure on prices continuing: Chidambaram
By IANS,
New Delhi : The pressure on prices is continuing but monetary measures have begun impacting on the growth of money supply, Finance Minister P. Chidambaram said Thursday.
"I have met the RBI Governor (Y.V. Reddy). He said there is still pressure on prices. I am in broad agreement with him," Chidambaram told reporters after a cabinet meeting here.
Reddy had also informed him that it would take "some time" before the monetary measures "start showing effect" on prices, Chidambaram added.
Parsvnath Developers’ Q1 profit zooms by 180 percent
By IANS
New Delhi : Parsvnath Developers (PDL), one of India's leading real estate firms, Monday posted its net profit at Rs.1.02 billion in the first quarter of 2007-08, a growth of 180 percent from last year's Rs.365.5 million.
During the quarter, the company's consolidated revenues stood at Rs.4.14 billion that surged by 66.44 percent from Rs.2.49 billion in the same period of 2006-07.
New Delhi : Parsvnath Developers (PDL), one of India's leading real estate firms, Monday posted its net profit at Rs.1.02 billion in the first quarter of 2007-08, a growth of 180 percent from last year's Rs.365.5 million.
During the quarter, the company's consolidated revenues stood at Rs.4.14 billion that surged by 66.44 percent from Rs.2.49 billion in the same period of 2006-07.
Bajaj Auto motorcycle sales rise 5 percent in Aug
By IANS,
New Delhi : The country's second largest two-wheeler manufacturer, Bajaj Auto Ltd, Monday said it has registered a five percent hike in motorcycle sales in August despite rising input costs and soaring inflation.
The company's sales in August stood at 175,274 units, compared to 167,483 units in the corresponding month last year, an official statement said.
Total two-wheeler sales during the month was up four percent at 176,631 units, as against 170,203 units in the corresponding month last year.
Rupee fall, foreign fund outflows depress equity markets
Mumbai : Rupee depreciation, foreign fund outflows and lower global crude oil prices depressed the Indian equity markets on Tuesday.
The two key indices of...
India is favourite for Japanese manufacturers
By DPA
Tokyo : Japanese manufacturers have picked India over long-time favourite China as the most attractive business location, media reports said Friday.
A survey conducted by Japan Bank for International Cooperation showed that 70 percent of 600 Japanese manufacturers preferred India as a place to do business for the next decade.
Aptech to float joint venture with Chinese partner
By IANS
Kolkata : Global learning solutions major Aptech is all set to float a new joint venture (JV) company with its Chinese partner.
"Our board has received an offer from Aptech's Chinese JV partner, which outlines a draft framework agreement whereby both the partner and Aptech will have full alignment of equity interest in a holding company to be incorporated outside China," an official said here.
Uttar Pradesh transporters to protest VAT implementation
By IANS
Agra : Transporters in Uttar Pradesh have decided to launch a state-wide protest from Dec 31 against inclusion of the transport sector under the Value Added Tax (VAT) system.
The transporters - along with the state traders' association - held a meeting in Agra Friday and declared their resolve to fight against VAT.
Punjab wants to allow contractors to import bitumen
By IANS,
Chandigarh : Concerned over the recent hike in prices of bitumen in the domestic market, which is making road construction projects in Punjab financially unviable, the state's public works department (PWD) is contemplating allowing road contractors to import bitumen.
Allied Computers offers low-cost laptop at Rs.4,999
By IANS,
Mumbai: Allied Computers International (Asia) Wednesday launched here ACi Icon-1100, a laptop computer costing just Rs.4,999.
Wall Street gains on energy prices
By DPA,
New York : US stocks gained Wednesday as energy and metal prices rose, despite worries about the fate of a proposed $14-billion bail-out for carmakers.
Energy shares led the rally on the Standard & Poor's 500 Index as oil future for January delivery rose 3.4 percent to $43.52 per barrel, Bloomberg financial news reported. While US aluminium giant Alcoa Inc picked up the most of any stock in the Dow Jones Industrial Average, gaining 6.8 percent.
Air Deccan plans flight to Orissa’s Bhitarkanika
Kendrapada, March 24 (IANS) India's leading budget carrier Deccan Monday announced plans to start special flights to Orissa's Bhitarkanika, widely known as the world's largest rookery of Olive Ridley sea turtles.
Bhitarkanika, also known for having India's second largest mangrove forest and many species of migratory birds, is located in the coastal district of Kendrapada, some 170 km from state capital Bhubaneswar.
"We will arrange a special package for tourists to visit Bhitarkanika," Deccan founder and executive chairman Captain Gopinath told reporters during his visit to the park.
Café Leopold reopens, looks forward to business as usual
By IANS,
New Delhi : Cheering the spirit of Mumbai, Café Leopold in south Mumbai that was attacked by terrorists Wednesday night reopened Sunday.
“I have to open the place. For how long can I keep it closed? I have to leave behind the past and I know people will come back soon,” Leopold owner Farhang Farzad Jehani told a news channel.
Appreciating the spirit of people of Mumbai, he said: “Mumbaikars jump back to normalcy after every tragedy and we witnessed it several times in the past. We will go ahead.”
India chosen for launch of first global IT qualification
By IANS
London : India has been chosen for the launch of the world's first qualification for financial services IT staff working in operations.
Tata Motors may build buses in South Africa
By Fakir Hassen, IANS,
Johannesburg : Tata Motors is investigating the possibility of manufacturing buses at a plant near Pretoria with kits brought in from its Indian operations, says Tata Africa managing director Raman Dhawan.
Dhawan Friday joined other Tata officials at the Johannesburg International Motor Show (JIMS) to unveil three new vehicles that will be available to the local market early next year.
Surging food prices could slow poverty reduction by seven years
By Chris Cermak, DPA
Washington : In order to hammer home the point of just how dire the food situation in poor countries has become, World Bank President Robert Zoellick resorted to holding up a bag of rice and a loaf of bread.
"In Bangladesh, a two kilogram bag of rice now consumes almost half of the daily income of a poor family," he told reporters, noting the global price of rice has surged 75 percent in just the last two months.
IFC to invest about Rs.3 billion in Max Healthcare
By IANS
New Delhi : International Finance Corp. (IFC), the private sector division of World Bank, Monday announced its plans to invest Rs.3 billion in India's Max Healthcare Institute for its expansion plans.
BRIC has potential to lead economic growth: PM
By IANS,
New Delhi : Global economic recovery was closely linked to the success of the economies of the four BRIC countries (Brazil, Russia, India and China), Prime Minister Manmohan Singh said Monday before leaving for the Russian city of Yekaterinburg to attend a summit of the grouping.
Egypt hails sumed results, urges more Pan-Arab cooperation in oil
By NNN-Kuna
Cairo : Egypt's Minister of Petroleum Sameh Fahmy said Friday his country considered pan-Arab cooperation in the field of oil a strategic goal due to the importance of oil industry.
The implementation of strategic joint projects by Arab countries can enhance cooperation, Fahmy told reporters here after attending the general assembly meeting of the Arab Petroleum Pipeline Company, known also as Suez-Mediterranean Pipeline (SUMED).
The meeting endorsed the achievements made in 2006 by SUMED, a model for successful Arab joint ventures.
Himachal cuts power to polluting Dabur unit
By IANS
Shimla : Electric supply to a polluting "chavanprash" unit of Dabur India in Himachal Pradesh's Baddi town has been snapped, officials said Wednesday.
A.K. Gulati, member of the state pollution control board, disconnected the power supply Tuesday after an expert inspected and found toxic waste being dumped from the plant into a nearby stream. The waste adversely affects marine life in the stream.
This is in violation of norms as industrial effluents can only be allowed to flow into the stream after being treated.
China combats price rise, speculation as snow wreaks havoc
By Xinhua
Beijing : Besides battling the worst winter in five decades, Chinese authorities find themselves fighting hoarding, price rise and speculations to maintain market order.
The extreme winter, which has hit 19 Chinese localities, has driven up costs of essential supplies, but the worst is still not over and the situation is compounded by elements seeking to harvest some quick bucks from the crisis.
Bajaj Auto workers insist on reopening plant
By IANS
Pune : As many as 1,400 workers of the Akurdi plant of leading two-wheeler manufacturer Bajaj Auto Ltd (BAL) Sunday unanimously decided to stick to their demand to re-start their factory.
The workers, however, expressed satisfaction at the way the BAL management had responded to their demands so far.
The company closed down the plant at Akurdi, near here, on Sep 1, rendering the workers jobless.
The management and the workers' union have been in talks about the future of the unit.
Dilip Chenoy to head National Skill Development Corporation
By IANS,
New Delhi : Dilip Chenoy, director general of Society of Indian Automobile Manufacturers (SIAM), has been appointed chief executive officer and managing director of the National Skill Development Corporation (NSDC).
"The NSDC board unanimously selected Chenoy based on his track record of leading a very vibrant sectoral organisation, as well as his ability to understand industry and government alike," NSDC chairman M.V. Subbiah said Tuesday.
Chenoy will take charge May 7.
Sensex slips from day’s high, up 94 points
By IANS,
Mumbai : A key index of the Indian equities markets ended trade Friday 94 points higher than its previous close. Till about 30 minutes before shutting shop, it was ruling more than 200 points above Thursday's closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,040.24 points, ended at 15,103.55 points - 94.87 points or 0.63 percent above its last close.
The S&P CNX Nifty of the National Stock Exchange (NSE) closed at 4,586.9 points, a marginal gain of 0.31 percent.
Interest rate subsidy for export sector extended
By IANS,
New Delhi : With export growth falling on account of the global economic slowdown, the government Monday announced the extension of subsidy on interest of credit for labour-intensive export units till September-end.
The interest subvention of 2 percent will be extended beyond March 31 till Sep 30, Minister for External Affairs Pranab Mukherjee said while presenting the interim budget in parliament.
JK Bank for loans to educated unemployed youth
bY Agence India Press
Srinagar: In a significant development, J&K Bank had adopted Seed capital fund scheme of government of Jammu and Kashmir to provide hassle free finance to the unemployed educated youth in the state. In this regard, the bank, in its board meeting held on August 30, 2010 has in principle agreed to act as a partner-financier to this newly formulated scheme launched by the state government under ‘Sher-e-Kashmir Employment and Welfare Programme for the youth (SKEWPY)’.
Govt to review target of USD 200 bn
By NNN-PTI,
New Delhi : Not sure whether the export momentum could be sustained in the face of the global slowdown, the government today said it will review the USD 200 billion target set for the current fiscal.
"I am going to review this; the global economic slowdown is impacting exports," Commerce and Industry Minister Kamal Nath told reporters at the India Economic Summit here.
Tiger conservation to get Rs.500 million
By IANS
New Delhi : Finance Minister M. Chidambaram Friday announced an allocation of Rs.500 million to the National Tiger Conservation Authority to protect the big cat.
While presenting the national budget for 2008-09 at the Lok Sabha, he expressed concern over the dwindling number of tigers, calling the situation "alarming".
Equities markets open in the green
By IANS,
Mumbai : Indian equities markets opened in the green Monday, minutes after Finance Minister P. Chidambaram sought to lift the mood of investors by pointing out the inherent strengths of the economy and promising more measures to increase money supply into the financial system if need be.
At just before 10 a.m., the benchmark 30-share index of the Bombay Stock Exchange, the Sensex, was at 10,879.07 points, 351.22 points or 3.49 percent above its close last Friday.
India, South Africa can more than double trade: Anand Sharma
By Fakir Hassen
IANSJohannesburg : Calling on policymakers and captains of industry to outdo the target of doubling bilateral trade, Minister of State for External Affairs Anand Sharma said Monday India would play a "major role" in the world by joining hands with the African nation.
Indian firm builds luxury condos in Nepal
By Sudeshna Sarkar, IANS
Kathmandu : The Gurgaon-headquartered Ravi Jaipuria group has begun consolidating business in Nepal by launching its first residential project in Kathmandu and announcing plans to bring Pizza Hut and Costa Coffee to Nepal.
"Already 50 percent of our luxury condominiums have been booked," said Kamlesh Jain, country manager for Varun Beverages, RJ Corp's bottling agency for Pepsi in Nepal. The group is the sole bottler for Pepsi in the country.
New Zealand clamps down on graffiti
By DPA,
Wellington : New Zealand stores are banned from selling spray cans of paint to under-18-year-olds and fines for graffiti tagging increased 10-fold under new laws passed in Parliament.
A bill raising the maximum fine for what a minister called "intimidating and anti-social tagging of property" to 2,000 New Zealand dollars (about $1,520) was approved late Thursday by a vote of 107-10.
EIL pays highest so far dividend
By IANS,
New Delhi : Design and engineering consultancy firm Engineers India Limited announced Tuesday it has paid a dividend of Rs.507.65 crore - the highest so far by the public sector company - to the government.
A press release issued by the ministry of petroleum and natural gas said a special interim dividend cheque of Rs.507.65 crore was presented to petroleum minister Murli Deora by EIL chairman and managing director, A.K. Purwaha.
Inflation to dominate rest of budget session
By IANS
New Delhi : The concluding part of the budget session beginning Tuesday is set to be stormy with the Bharatiya Janata Party (BJP) and Left parties preparing to put the Congress party on the mat over inflation.
The Congress will face flak not only from the main opposition party but also its own allies in the United Progressive Alliance (UPA), especially its Left Front partners, who are uneasy with the increasing prices of essential commodities.
"Price rise will dominate this session," said Communist Party of India-Marxist (CPI-M) MP Roopchand Pal.
JK Tyre doubles production capacity at Mysore
By IANS,
Chennai : Tyre major JK Tyre commissioned its new truck and bus radial tyre plant in Mysore Friday, and said it had doubled its annual production capacity to 800,000 units on an outlay of Rs.315 crore.
"The company is fast expanding its capacity across its manufacturing facilities. We are planning to invest Rs.1,200 crore in the next three to four years to fulfil the growth demand," said JK chairman H.S. Singhania.
JK Tyre has four plants in Rajasthan, Madhya Pradesh and Karanataka, apart from three around Mexico City.
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.
American business seeks incentives for educational investment in India
By IANS,
Washington: The US-India Business Council has expressed support for the Foreign Education Bill pending before the Indian parliament, but said certain financial requirements could deter foreign educational institutions from investing in India.
In a letter to Human Resource Development Minister Kapil Sibal, the trade association representing over 300 leading US firms investing in India said the legislation is a critical step in opening India's higher education system and meeting the goal of 30 percent Gross Enrolment Ratio in the next ten years.
RPL to complete refinery project ahead of schedule
By IANS,
Mumbai : Reliance Petroleum Ltd (RPL) promoted by Mukesh Ambani expects to complete the work of its complex refinery in a Special Economic Zone (SEZ) at Jamnagar in Gujarat ahead of the December 2008 deadline.
"We have achieved 90 percent overall progress in implementation of the complex refinery coming up in an SEZ at Jamnagar," the company said in a statement Wednesday.
Based on the progress made till date in the engineering, procurement and construction activities, RPL expects to complete the project ahead of the schedule.
Money for power, Britain tells Gulf leaders
By IANS,
Dubai : British Prime Minister Gordon Brown has asked Saudi Arabia, Qatar and the United Arab Emirates (UAE) to contribute to his proposed expanded International Monetary Fund (IMF) in return for recognition of these countries' increasing weight in global economic affairs.
Motorola launches ‘Milestone’ in India
By IANS,
New Delhi : US-based telecom equipment maker Motorola Monday launched 'Milestone', an Android 2.1-powered smartphone which allows use of multiple applications simultaneously, at a price of Rs.32,990 in the Indian market.
The smartphone "offers the ability to use multiple applications at once and is one of the world's thinnest QWERTY sliders. It also boasts of a hi-resolution, pinch and zoom display."
Expanding circle of influence: Importance of mentoring in the business world
By Uday Salunkhe, IANS,
Himachal Pradesh government defers decision on Brakel
By IANS,
Shimla : The Himachal Pradesh cabinet Friday deferred the decision on controversial Dutch company Brakel Corp, official sources told IANS.
The issue will be taken up in the next cabinet meeting July 7.
The Rs.65 billion ($1.5 billion) Thopan-Powari and Jangi-Thopan hydro power projects in Kinnaur district were allotted to Brakel in 2006 by the then Congress government.
Later, Reliance Energy petitioned in the Himachal Pradesh High Court that the state government had granted favours to Brakel in allotting the projects.
Prices of essential commodities to come down
By IANS,
New Delhi : Prices of essential commodities will come down in two months owing to huge production this year, a government official said Thursday.
“This year has seen record production of wheat and other essential commodities and government reserve is also very high. As per our estimates, prices of essential commodities will come down in the next two months,” said Y.S. Bhave, secretary, department of consumer affairs, ministry of consumer affairs, food and public distribution.
‘States need to abolish VAT on edible oils to check prices’
By IANS
Ahmedabad : States need to abolish value-added tax (VAT) on edible oils to control the spiralling prices, according to Solvent Extractors' Association of India (SEAI).
"The centre has done its bit in regard to VAT. Now the states must abolish VAT so that the edible oil price rise could be kept under check," B.V. Mehta, secretary of SEAI, told IANS.
The SEAI, in its pre-budget memorandum to union Finance Minister P. Chidambaram said: "It is observed that there are differences in the percentage rates and rules from state to state under VAT for oilseeds, oilcakes and oils."
Pakistan running out of diesel
By IANS,
Islamabad : Diesel supplies across Pakistan have begun drying up, largely due to a squeeze caused by a payments crisis, and some 15 percent of outlets in the country have stopped selling the fuel.
The worst affected is the North West Frontier Province (NWFP) - but in this case the crisis has been caused by the smuggling of diesel into Afghanistan, where its price is much higher than in Pakistan.
A number of factors were responsible for the crisis, Dawn said Wednesday, quoting an official of the government-run Pakistan State Oil (PSO).
Kasab’s admissions not a confession: lawyer Kazmi
By IANS,
Mumbai : Pakistani terrorist Mohammed Ajmal Amir alias Kasab's admissions about the 26/11 Mumbai terror attacks before the Special Court over the past two days do not amount to a confession, his government appointed lawyer S.G. Abbas Kazmi said here Tuesday.
Kazmi addressed mediapersons after coming out of the court, which adjourned the matter to Wednesday, and said Kasab's admissions were in response to a query Monday by Special Judge M.L. Tahilyani on why he wanted to plead guilty.
India will quickly return to 9-10 percent growth: PM
By IANS,
New Delhi, Jan 7 (IANS) Prime Minister Manmohan Singh Thursday told overseas Indians that India will quickly return to a sustained high growth path of 9-10 percent and sought new avenues of partnership with the diaspora.
He was speaking at the first meeting of the Prime Minister's Global Advisory Council of 16 eminent overseas Indians who between them represent different disciplines from across the world.
Manmohan Singh will formally inaugurate the the Pravasi Bharatiya Divas (PBD) 2010, the annual conclave of the Indian diaspora, Friday.
Air India to launch non-stop New York-Delhi flight Feb 8
By Arun Kumar, IANS
Washington : India's national carrier Air India is launching a daily non-stop New York-Delhi service from Feb 8 with a state-of-the-art Boeing 777-200LR aircraft to reduce the travel time between the two cities to 14 hours.
The flight will depart from New York's JFK International Airport at 4:00 p.m. local time and arrive in Delhi at 4:30 p.m. the next afternoon. Returning flights will depart Delhi at 12:30 a.m. and arrive at JFK at 5:45 a.m. local time the same day.
UAE’s investment in Sudan touches $7 bn
By IANS
Dubai : The United Arab Emirates (UAE) is the second largest investor in Sudan after China with a total investment of $7 billion, according to Sudanese President Omar Hassan al Beshir, WAM news agency reported Wednesday.
Al Beshir said his country provided an attractive area for Arab and foreign investment that would help the country achieve overall development.
Al Beshir said his visit to the UAE, on an invitation of UAE President Sheikh Khalifa bin Zayed Al Nahyan had given a big bigger boost to bilateral political and economic relations.
Reliance Communications scrip opens sharply higher
By IANS,
Mumbai : Despite the overall gloom on Indian stock markets, the shares of Reliance Communications opened sharply higher Monday and continued to rule in the green, a day after its board approved a 26 percent stake sale to a strategic investor.
The shares of the company, led by billionaire industrialist Anil Ambani, which had closed at Rs.168.15 Friday, opened 5.86 percent higher at Rs.178, and was ruling at Rs.170.45, some 150 minutes into trading.
Go-ahead to Rs.3.87 bn plan for Lady Hardinge Medical College
By IANS,
New Delhi : The central government has given the go-ahead to a Rs.3.87 billion redevelopment plan for the prestigious Lady Hardinge Medical College (LHMC) and associated hospitals.
The Cabinet Committee on Economic Affairs, which cleared the plan at its meeting Wednesday, also increased the strength for undergraduate seats from 127 to 200 and postgraduate from 70 to 130 students in the college.
Markets ride global wave, Sensex up 2.6 percent
By IANS,
Mumbai : Firm global markets helped Indian bourses keep up with the bull rally for the second consecutive day Tuesday, with a key index ruling 2.6 percent higher than its previous close a little before noon.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 9,549.52 points, higher than its 9,424.02-point close Monday, was at 9,669.31 points, 2.6 percent or 245.29 points higher than its previous close.
Wall Street slumps as US cuts 100,000 jobs in a week
By IANS,
New York : The Wall Street slumped to its worst January ever as investors eyed abysmal reports on economic growth and several companies across various industries announced more than 100,000 job cuts in a brutal week.
The Dow Jones industrial average ended Friday down 148 points, or 1.8 percent. The Standard & Poor's 500 index lost 19 points, or 2.3 percent. The Nasdaq composite lost 31 points, or 2 percent.
Protests in Nepal after midnight fuel hike
By Sudeshna Sarkar, IANS
Kathmandu : Within hours of the government announcing a midnight hike in fuel prices, protests erupted in Nepal Thursday with the Maoist rebels calling a partial transport shutdown.
The guerrillas, who pulled out of the government last month and have warned of a revolt, said they were condemning the decision by the state-owned Nepal Oil Corporation (NOC) to hike fuel prices from Wednesday midnight and would oppose the move till the government rolled back prices.
US bans firm charged with selling sensitive items to India
By Arun Kumar, IANS
Washington : The US has extended by another six months an export ban on a company accused of shipping dual-use sensitive items to India for possible use in missiles, missile launch vehicles and other defence projects.
The company, Cirrus Electronics and its other wings in Singapore and Bangalore, were first barred June 1 from exports for 180 days by the Bureau of Industry and Security of the Department of Commerce.
Under-recoveries on petroleum products to be less than feared
By IANS,
Mumbai : The government Sunday said under-recoveries on account of subsidies on petroleum products would be around Rs.1 trillion this fiscal and not Rs.2.45 trillion as estimated earlier.
Talking to reporters at the launch of a nationwide awareness campaign on saving fuel, Petroleum Minister Murli Deora said the under-recoveries would be significantly lower as international crude oil prices have fallen.
TVS Motor posts net loss of over Rs.9 mn
By IANS,
Chennai : Two-wheeler manufacturer TVS Motor Co posted a net loss of Rs.9.58 million (Rs.95.8 lakh) on sales of Rs.8.52 billion (Rs.852 crore) for the quarter ended Dec 31, it announced Thursday.
In the corresponding period last year, it had posted a net profit of Rs.58.3 million (Rs.5.83 crore) on sales of Rs.8.75 billion (Rs.875 crore).
Industrial output to remain steady in 2010-11
By IANS,
New Delhi : India's industrial production will register double-digit growth in the 2010-11 financial year, according to the government.
"Inspite of a calibrated withdrawal in the shape of a partial rollback of incentives, with a view to rein in inflation through fiscal and monetary measures, the performance in the industrial sector is expected to remain steady in 2010-11," says an official note on industrial production.
Japanese rating agency says India’s currency senior debts stable
By IANS,
New Delhi : Japan Credit Rating Agency Ltd (JCRA) has left unchanged its BBB+ ratings for India that reflect a stable outlook on the country's foreign and local currency long-term senior debts, the government said Thursday.
After a review Aug 19, the agency concluded that in the medium to long term, the Indian economy has high potential to grow faster than seven percent annually, a government statement said.
Bangladesh fears export trouble amid global financial meltdown
By DPA,
Dhaka : Businesses and policymakers in Bangladesh said Saturday they fear that the global financial crisis might cause a slump in the country's export earnings as its major export destinations are severely hit by the meltdown.
Businessmen said their buyers in Europe and the US have already started delaying new orders, and economists predict a higher fiscal deficit because of lower foreign capital inflow and external funding to the impoverished South Asian country.
Starting soon – Chhattisgarh-Bihar bus services
By IANS,
Raipur : Chhattisgarh and Bihar have agreed to start bus services between key towns and cities soon, a move that will bring much cheer to thousands of people who currently have to take a train to travel between the two states, officials said Saturday.
"The Chhattisgarh and Bihar governments have agreed to begin bus services on 28 inter-state routes for the first time," a government press statement said here.
The agreement was signed July 31, but the date for commencing the services has not yet been announced.
Jet agrees to pay 3 percent commission to travel agents
By IANS,
New Delhi : Jet Airways, the country's leading private carrier, Monday agreed to pay 3 percent of airfare to travel agents as commission, and Kingfisher Airlines too is expected to sign a similar deal this week.
"The commission scheme will come into effect immediately and will replace the transaction fee model recently introduced," the airline said in a statement.
However, the company's low-cost carrier JetLite will continue with the transaction fee system.
Waqf tribunal still not constituted: Delhi HC told
New Delhi: The Delhi Waqf Board on Friday told the Delhi High Court that it was suffering in getting its 990 properties vacated from...
Bethlehem investment conference raises $1.4 billion
By DPA
Bethlehem (West Bank) : A key international investment conference in Bethlehem, aimed at boosting a Palestinian economy emerging from years of violence, has raised $1.4 billion, Acting Palestinian Prime Minister Salem Fayyad said Friday.
Participants at the conference agreed to invest some $650 million in a new mobile phone company, Watanya, which is to compete with the only Palestinian mobile phone company currently operating in the Palestinian autonomous areas - Jawal.
Egypt, Syria discuss economy, commerce, investment cooperation
By NNN-KUNA
Damascus : Egyptian Minister of Investment Mahmoud Mohyeddin held talks here with Syrian Minister of Economy and Trade Amir Hosni Lutfi concerning bilateral relations and economy, commerce and investment cooperation.
The Syrian Ministry of Economy said in a statement Sunday that talks between both sides focused on roles of businessmen, commercial exchange and establishing investment projects that contribute to bilateral developments in both countries.
China’s Dalian Wanda to set up industrial townships in India
New Delhi: The $100-billion Dalian Wanda Group of China is planning to develop industrial townships in India with built-in facilities such as schools, hospitals,...
Hong Kong shares fall 3.35 percent in morning trading
By DPA,
Hong Kong : Hong Kong share prices fell by more than three percent Monday morning as investors across the region joined in a sell-off over fears the financial turmoil in Europe is deepening.
The Hang Seng Index closed for lunch down 592.83 points, or 3.35 percent, at 17.089.57 points. Turnover was 22.55 billion Hong Kong dollars ($2.9 billion).
All 43 blue-chip companies closed the morning session down lower in Hong Kong with the heaviest falls in insurance companies and banks exposed to troubled US and European institutions.
Chennai entertainment group defies downturn, plans investment
By Venkatachari Jagannathan, IANS,
Chennai : Despite mounting losses in the aftermath of the global meltdown, city-based entertainment group Pyramid Saimira feels it is the right time to invest. It is planning to establish at least 800 theatres all over the country.
It is to invest between Rs.6 billion and Rs.8 billion on film production and distribution and another Rs.2 billion for theatre acquisitions over the next two years.
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.
MNCs keenly watching Vodaphone tax case in Mumbai court
By IANS,
London : Multinationals in the UK, and Europe in general, looking to invest in India, will keenly watch the Vodaphone tax case that comes up for a consecutive five-day hearing in a Mumbai court from Monday.
The Mumbai High Court is to decide whether Vodaphone owes the Indian government nearly £1 billion for its takeover of Hutchison Essar, one of the country's major mobile networks. Vodaphone bought a controlling stake in the last year and advisors to the UK group said no tax is owed to India as the deal was between two foreign companies.
OPEC crude cracks 140 dollar mark
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped above $140 a barrel for the first time Thursday, a statement issued by OPEC said Friday.
One barrel (159 litres) of OPEC-produced crude stood at $140.73 Thursday, up $3 from $137.73 dollars on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Lucknow a prospering market for pirated CDs and DVDs
By Rajat Rai, IANS,
Lucknow : "You can get it, though the print is not very clear. But you will not have a problem watching it," says a roadside vendor in the Naka market when asked if a CD or a DVD of Salman Khan's new movie "Wanted" is available.
Pirated CDs and DVDs of the film that was released last week were at over 100 shops in the market where electronic items are sold, many at throwaway prices.
Cisco to help develop roadmap for sustainable Bangalore
By IANS,
Bangalore : The Karnataka government and the US-based networking technologies major Cisco Systems will jointly develop a roadmap for a sustainable Bangalore city, it was announced here Thursday.
The state government and the company Thursday signed a memorandum of understanding (MoU) on the subject in the presence of Chief Minister B.S. Yeddyurappa and Cisco chief executive John Chambers.
India aims to connect 650 million subscribers by 2012
By P. Vijian, NNN-Bernama
New Delhi : India has an ambitious plan to connect at least half of its one billion population -- from the lively cities to those scattered in the far flung corners of the country -- by 2012.
Indian Communications and Information Minister A.Raja said the government aims to have 650 million telephone subscribers by 2012 and to achieve this mammoth goal telecom equipments worth US$84 billion would be needed.
Satyam denies World Bank barred it from offshore work
By IANS,
Hyderabad : Satyam Computer Services, India's fourth largest software exporter, has denied reports that the World Bank has barred it from doing offshore work.
The reports in international media said the bank had taken this decision after noticing reported intrusions into systems.
A statement issued by Satyam here said the story ran by some agencies was wrong and was riddled with falsehoods and errors. "The story cites misinformation from unattributed sources and leaked e-mails that are taken out of context," the statement said quoting a World Bank spokesperson.
Chhattisgarh to spend Rs.14 bn on subsidised rice scheme
By IANS,
Raipur : Chhattisgarh's Bharatiya Janata Party (BJP) government will spend a whopping Rs.1,440 crore (Rs.14.4 billion) next fiscal to provide rice at Rs.2 a kilogram to about 3.7 million families. Of these, some 70,000 families will get it at Re.1.
The Chief Minister's Food Security Scheme was launched April 1, 2007 to provide rice at Rs.3 a kilogram. This has been subsidised further, the new rates becoming effective April 1 next.
Members of the 3.7 million families account for about 65 percent of the state's 20.08 million population.
Cash reserve ratio cut again, Rs.400 bn infused into system
By IANS,
Mumbai/New Delhi : The central Reserve Bank of India (RBI) Wednesday further cut the cash reserve ratio (CRR) by 100 basis points to 6.5 percent to release Rs. 40,000 crore or Rs. 400 billion (over $10 billion) into the system.
RBI said the new move would be effective from the current reporting fortnight that began Oct 11. It had earlier cut CRR or the minimum balance banks have to maintain against deposits to 7.5 percent.
Jharkhand asks banks to step up loans to jobless youth
By IANS,
Ranchi: Jharkhand Deputy Chief Minister Raghubar Das Tuesday warned of action against banks not giving loans to unemployed youth under the Prime Minister's Employment Generation Programme (PMEGP).
"It is well known that the banks do not disburse money to unemployed youth under the PMEGP. Suitable action will be taken if the banks do not improve the disbursing of loan system to unemployed youth," Das said while replying to a question in the state assembly.
Adlabs cinemas increase presence in Tamil Nadu
By IANS,
Chennai : Adlabs Cinemas, part of the Reliance Anil Dhirubhai Ambani Group, opened its third cinema in Salem in Tamil Nadu, taking the total number of screens in Salem to five.
The new theatre, Adlas Kailash Prakash, will have two screens with a total seating capacity of 1386.
According to Tushar Dhingra, COO, Adlabs Cinemas is present in nine cities in Tamil Nadu.
Adlabs Kailash Prakash is equipped with state-of-the-art sound and projection technology comprises Dolby sound and Xenon projection systems and plush seats.
Power Grid to invest Rs.575 crore in two projects
New Delhi : State-run transmission company Power Grid Corp Monday announced investments of over Rs.575 crore in two projects, one each in the eastern...
Gourmet now Britain’s largest Indian restaurant group
By IANS,
London : The Gourmet Restaurant Group has become the largest Indian restaurant group in Britain after acquiring two takeaway and eat-in chains, it announced Friday.
The group said it had the restaurant and takeaway chain Bombay Bicycle Club and the food and restaurant group Vama.
The group already owns the Tiffinbites chain, which, inspired by the dabbawalas of Mumbai, and caters to office-going clients.
Japan Airlines cuts flights to Delhi
By IANS,
New Delhi : Japan Airlines Tuesday announced reduction in the number of flights it operates on several international routes, including to Delhi, as part of its strategy to improve profitability by adjusting capacity.
"Till June-end, we will have four flights a week to New Delhi. After that, we will fly only three flights," an airline official based here said.
The airline had earlier this year reduced its daily flights to four a week.
"We expect to fly daily on the New Delhi-Tokyo sector only after October," he added.
Indian economy witnessed major changes over years: President
New Delhi: President Pranab Mukherjee Monday said the Indian economy has undergone major changes over the years and no policy can be considered relevant...
Modi asks Korean companies to deepen India ties
Seoul : With several hundred Korean companies already operating in India, Prime Minister Narendra Modi on Tuesday invited South Korean companies and asked them...
Reliance Communications bags HDFC’s Rs.1,400 crore order
By IANS,
New Delhi: The Anil Ambani-led Reliance Communications (RCom) Thursday said it has bagged a Rs.1,400 crore order from private lender HDFC for building and maintaining its data centre.
India for multi-pronged response to financial turmoil
By Arun Kumar, IANS,
Washington : Seeking a global response to the financial crisis, Indian Prime Minister Manmohan Singh Saturday called for a multi-pronged response to arrest the deepening recession and avoid another one in future.
"Since the crisis is global, it calls for a coordinated global response and this summit is, therefore, timely," he said as world leaders from the Group of 20 (G20) leading economies met for the second day in a summit here.
Bush signs plan to boost US economy
By DPA
Washington : President George W. Bush signed a $152 billion plan to fortify the flagging US economy against a recession with tax incentives for businesses and average Americans.
Passed by Congress with unusual speed after Bush proposed an economic stimulus package last month, the temporary measures are mainly designed to put more spending money in US consumers' pockets.
"You know, I know a lot of Americans are concerned about our economic future," Bush said at a White House signing ceremony Wednesday. "The bill is large enough to have an impact."
Doha Round inching towards completion: Kamal Nath
By IANS
Gurgaon : India believes the Doha Round of trade talks has not failed and "we are inching forward to its completion", Commerce Minister Kamal Nath said here Thursday.
He was speaking at the plenary session on "The Doha Round: A Multidimensional View" at the Partnership Summit 2008 organised jointly by the Department of Industrial Policy and Promotion, the Haryana government and the Confederation of Indian Industry (CII).
Sensex closes 22 points higher in a volatile session
By IANS,
Mumbai : A benchmark index for Indian equities closed 22 points higher in volatile trade Wednesday, with negative Asian cues dampening sentiments at the markets.
‘Worst is over for aviation industry’
By IANS,
New Delhi : The worst is over for the aviation industry, but it will take a few more years for the sector to completely recover from the crisis, an international aviation forum said Friday.
"The worst is over, but the industry has to go a long way for a complete recovery," Giovanni Bisignani, director general and chief executive of the International Air Transport Association (IATA), told reporters on the sidelines of a conference here.
"It will take three-four years for the sector to reach the level it was at before the crisis hit the industry."
ICICI Bank repurchases bonds worth $50 million
By IANS
Mumbai : India's largest private sector lender ICICI Bank Friday said it has repurchased its 6.625 percent bonds worth $50 million and subsequently "extinguished" them.
An ICICI Bank spokesman told IANS that by extinguishing, the bonds now stand "cancelled".
These were a part of bonds worth $2 billion issued Oct 3, 2007 from the Bahrain branch of the bank due on 2012, ICICI said in an announcement here Friday.
A dealer acting on behalf of the ICICI Bank carried out the repurchase through the open market.
IMF revises growth figures upward, warns of inflation
By DPA,
Washington : The International Monetary Fund (IMF) Thursday revised upward its predictions for world economic growth for the remainder of the year, despite a slowdown that is expected to continue into 2009 and mounting inflation concerns.
Growth is predicted to be 4.1 percent in 2008 down from five percent in 2007, with growth continuing to slow to 3.9 percent in 2009, the IMF's World Economic Outlook released in Washington Thursday said.
Reliance fuel dealers on warpath in Gujarat
By IANS,
Gandhinagar : Reliance petrol pump dealers in Gujarat are on the warpath, seeking a refund of their investments because of losses and have threatened to take to the streets if their demands are not met, a spokesperson of the Gujarat Reliance Petrol Pump Dealers' Association said Monday.
It is imperative that the company refund their investments made in opening retail outlets as four years of continuous losses have drained them financially, the spokesperson said.
"We are in no position to take anymore of it," said association member Varun Patel after a meeting of the body.
Thuraya to develop high-speed satellite broadband solution
By IANS,
Abu Dhabi : Thuraya is to develop a high-speed broadband terminal for the maritime industry in partnership with Comtech, WAM news agency reported Thursday.
The new terminal, which is designed and built incorporating leading market technology, is set for launch in September.
HCC hives off IT division into a separate arm
By IANS,
Mumbai : Ajit Gulabchand-promoted Hindustan Construction Company (HCC) has hived off its information technology division into a separate arm, Highbar Technologies, to tap the Rs.2,000 crore business in the infrastructure sector.
"As a business, our aim is to be a key player in the domestic untapped market for IT-enabled solutions for the infrastructure industry which currently stands at approximately Rs.2,000 crore," Gulabchand said in a regulatory filing Thursday.
The IT company will provide services to various players in the infrastructure sector.
German wholesale major to train Bengal farmers
By IANS
Kolkata : German wholesale outlet major Metro Cash and Carry (MCC) Monday launched a training programme for West Bengal's sheep and goat farmers to enhance their productivity.
Usha Martin opens manufacturing unit with Austrian firm
By IANS
Kolkata : Usha Martin Limited, a leading producer of speciality steel and wire rope, inaugurated its oil tempered wires manufacturing unit at Ranchi in joint venture with Austria-based Joh Pengg AG Thursday.
Joh Pengg AG will hold 60 percent equity in the joint venture while Usha Martin will hold 40 percent.
"We are really happy to partner with Usha Martin Group in India. We are very confident that the combined resources of both the companies will make this venture highly successful," Joh Pengg AG chairman Gottfried Pengg said.
Bangladesh lifts ban on export of hilsa fish to India
By IANS
Agartala : In news that will gladden the hearts of many fish gourmands in India, Bangladesh has lifted the ban on the export of the prized hilsa, six months after Dhaka clamped it to meet domestic demand, officials said here Sunday.
"Considering all aspects, the government has taken the decision last week to lift the ban on export of hilsa fish to India," said Monir Ahmed, first secretary and head of mission of Bangladesh visa office here.
Fish traders here expect that supply of the tropical fish from Bangladesh would resume soon.
IT tax sop scheme might extend beyond 2009
By IANS
Mumbai : The Indian government is likely to extend the tax-free software technology parks of India (STPI) scheme beyond 2009, a central minister said Wednesday.
"The STPI scheme, initially brought out to develop IT industry in the country, might be extended so that IT industry continues to achieve its stupendous growth," said Communications and IT Minister A. Raja here.
He was addressing the India Leadership Forum 2008 organised by the National Association of Software and Services Companies (Nasscom).
Dubai records pearl trade worth over $27 mn in 2009
By IANS,
Dubai : Pearls trade in Dubai has crossed the record $27 million mark last year, registering 30 percent increase in the import of the precious gem from several countries including India and Australia.
The total transaction of pearls was worth AED 99.6 million ($27.11 million) in 2009, the Dubai Pearl Exchange, a subsidiary of Dubai Multi Commodities Centre Authority (DMCCA), said Saturday.
New strategies needed to address food security: PM
By IANS
New Delhi : Prime Minister Manmohan Singh Wednesday expressed hope that the Indian farm sector will expand by four percent in the next five years even as he called for targeted measures to address livelihood and food security.
"The slowing down of agricultural growth to less than two percent per annum since late 1990s has undoubtedly been the root cause of much of the rural distress," the prime minister told a meeting of the National Development Council (NDC) here.
Economic growth, inflation to be as predicted: Ahluwalia
By IANS,
New Delhi : India's economy will grow at 6.3 percent this fiscal as per prediction, while inflation would remain under 5 percent, according to Planning Commission Deputy Chairman Montek Singh Ahluwalia.
"The GDP (gross domestic product) would be at 6.3 percent by the end of this fiscal, as predicted, but could be even better given the signs of economic recovery," Ahluwalia said here Monday.
He also said inflationary pressure would start easing and that it was not expected to go beyond 5 percent at the end of this fiscal.
A national interest-free microfinance society formed
By TCN News,
New Delhi: While the talks and demand for interest-free Islamic banking system is gaining momentum with Muslim clerics and groups holding conferences on the subject in different parts of the country, an all-India level microfinance society called Sahulat Microfinance Society was formed yesterday in New Delhi after marathon discussion among 21 eminent scholars, economists, professionals and social activists drawn from across the country.
Rs.1.4 mn disappear from two SBI ATMs in West Bengal
By IANS,
Kolkata : The mysterious disappearance of Rs.1.4 million from two ATMs of the State Bank of India (SBI) in West Bengal's Malda district has put bank officials in a tizzy.
After futile attempts by an expert team to solve the puzzle, the SBI officials Sunday lodged a complaint at the Englishbazar police station.
"They have filed a complaint saying Rs.1.1 million were missing from one ATM and Rs.300,000 from the other," an officer at the police station told IANS by phone.
Locals said the two ATMs had been closed from Jan 28 with "Out of Order" notices pasted on them.
Brazil demands greater role of poor economies in global financial bodies
By Prensa Latina,
San Salvador : Brazil's President Luiz Inácio Lula da Silva has demanded greater presence of the poor economies in global financial institutions to resolve the current global market crisis.
The crisis and the prospect of recession could be contained only with international efforts, including the poor economies which are faced with an economic disaster brought about by the rich, the president Thursday told the Ibero-American summit here.
Sensex down 1.3 percent in early trade
By IANS,
Mumbai : A benchmark index for Indian equities Friday opened in the red and was ruling 1.3 percent lower than its previous close, about 30 minutes into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,317.94 points, was ruling at 16,299.34 points, 220.34 points or 1.33 percent down from its previous close at 16,519.68 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,880.9 points, down 1.35 percent from its previous close.
Indian packaging firm has global investment plans
By Arun Anand, IANS,
Dubai : In a move to strengthen its presence globally and consolidate its position in the domestic market, UFLEX Ltd, a leading Indian flexible packaging company, has announced its aggressive business and investment plans of more than $250 million for the next two years.
"We are setting up new units across the globe, primarily to cater to the global market. Our target is to have one billion dollar turnover by the year 2013," Ashok Chaturvedi, chairman and managing director, UFLEX Ltd told IANS at its Dubai plant.
Chhattisgarh unveils Rs.3.5 bn housing scheme in Naya Raipur
By IANS
Raipur : The Chhattisgarh State Housing Board (CSHB) has unveiled Rs.3.5 billion ($88.5 million) housing scheme on 150 acres in the state's upcoming capital at Naya Raipur.
"The CSHB has started bookings for 2,536 houses ranging between the lowest price of Rs.250,000 ($6,335) per house to the maximum of Rs.5 million ($126,710) in the upcoming satellite city," Subhash Rao, chairman of the board, told IANS Tuesday.
Malaysia Airlines raises India flights to 32 a week
By IANS
New Delhi : Malaysia Airlines will operate two additional flights a week between Delhi and Kuala Lumpur from next month to take to 32 the number of flights it operates from India.
The new flights are effective Jan 7 and will raise to nine the number of flights the airline operates from the Indian capital.
The new flights will be operational every Monday and Saturday at 12.15 pm, a Malaysia Airline release said.
Tata Tele launches GSM services in Himachal
By IANS,
Shimla : Tata Teleservices Wednesday launched its GSM services in Himachal Pradesh under the Tata Docomo brand, a company's official said here.
"We are offering per second tariff structure for every service," Rajeev Narayan, the company's vice-president, corporate affairs, told reporters.
The company has connectivity in 286 towns and 4,342 villages in the state.
Airtel, BSNL, Idea-Spice, Aircel, Vodafone and S. Tel are the operators in Himachal Pradesh.
Central bank may raise interest rate in Oct 27 meet: Moody’s
By IANS,
New Delhi : With double digit industrial output figures, India's central bank may raise rates in the first half of next year and cash reserve ratios at the end of this month, says the research arm of global rating agency Moody's.
"With industrial output set to expand at a solid pace, the case for tighter monetary policy appears stronger than it did earlier this year," said Nikhilesh Bhattacharyya, associate economist at Moody's Economy.com.
Airtel still in talks with South Africa’s MTN
By IANS,
New Delhi : India's leading telecom operator Bharti Airtel is still in talks with South African telecom giant MTN for a possible merger, a top official said Thursday.
"Talks are going on between Bharti Enterprises, the parent of Bharti Airtel, and South Africa's MTN Group to form a global business combination," Akhil Gupta, managing director of Bharti Enterprises, told reporters.
He, however, did not give details.
The companies revived talks in May this year.
Petroleum minister asks for zero duty on crude oil
By IANS
New Delhi : Petroleum Minister Murli Deora has asked Prime Minister Manmohan Singh to abolish the tariff on crude oil to help state-run firms tide over the crisis on account of lower selling price of transport and cooking fuels.
"Just like the government scrapped import duty on edible oils, the five percent customs duty on crude oil should also be made nil," Deora told reporters here, referring to the decision taken Monday to lower duties on a number of items.
Indo-French trade grows 55 percent in two years
By IANS
Kolkata : The India-France trade has increased by 55 percent during the past two years, French Ambassador to India Jerome Bonnafont said here Thursday and invited Indian investors to explore opportunities in the French market.
RBI to publish report on food inflation
By IANS,
Kolkata : The Reserve bank of India (RBI) will come out with a report on food inflation in a few weeks time, deputy governor of the central bank Subir Gokarn said Monday.
"The paper would study whether the food price rise is due to less monsoon last year or it is due to the impact of a structural change in the people's food habits," Gokarn told reporters here.
He said the rise in excessive demand for sugar, milk and pulses indicated a shift in the nutritional choices of the people.
India’s factory output down 0.6 percent in December
By IANS,
New Delhi: India's industrial output contracted 0.6 percent in December 2012, dragged by deceleration in production in mining and manufacturing sectors, government data showed Tuesday.
Haryana slashes VAT on LPG, diesel
By IANS,
Chandigarh : Haryana Friday became the first state in the country to waive off value added tax (VAT) on liquefied petroleum gas (LPG) and reduced it for diesel to soften the hike in prices of both commodities announced by the central government two days back.
With the waiver announced by the Bhupinder Singh Hooda government, LPG will be cheaper in the state by Rs.13 while diesel will be cheaper by Rs.1.
The state government waived off the entire four percent VAT on LPG while on diesel VAT has been reduced from 12 to 8.8 percent.
Profit-taking sends Tokyo stocks down
By DPA,
Tokyo : Stocks in Tokyo dropped in Friday morning trading as investors sold shares to lock in recent gains that had seen the benchmark Nikkei 225 Stock Average climb above 9,800.
India’s exports rise 34.8 percent in February
By IANS,
New Delhi: India's merchandise exports grew 34.8 percent to $16.09 billion for the fourth consecutive month in February following revival of economies in developed countries, official data released Thursday said.
The rise for the fourth straight month in February comes after 13 successive months of decline since October 2008 due to the global meltdown.
US wants China to increase imports
By DPA
Washington : Americans are "impatient" to see China import more and slim its huge trade surplus which is fuelling anti-China sentiment in the United States, a top US finance official has said.
Karzai seeks more Indian investment in Afghanistan
By IANS,
New Delhi : Afghan president Hamid Karzai Tuesday called for Indian investment in critical sectors such as healthcare, telecom, agri-business and capacity building.
Over 2 mln Bangladeshi workers affected by soaring material prices
By NNN-Xinhua,
Dhaka : More than 2 million construction workers in Bangladesh have been affected as price hike of mild steel (MS) rod, brick and cement has slowed down the pace of building work in the country.
"In 2006, the Real Estate and Housing Association of Bangladesh(REHAB) members constructed 7,000 apartment units. It fell to just3,500 units in 2007 affecting more than 2 million construction workers," said Tanveerul Haque Probal, president REHAB.
Top Kerala cop suspended for corruption
By IANS
Thiruvananthapuram : Tomin J. Thachankary, Kerala's inspector general of police, was suspended from service Tuesday for corruption.
Manthan Systems eyes acquisitions overseas for growth
By IANS,
Bangalore: Business intelligence and analytics product firm Manthan Systems is scouting for strategic acquisitions overseas to expand into new geographies and maintain growth, a top company official said Wednesday.
"We are looking at collaborating and acquiring organisations in the retail business intelligence (BI) space to help us leverage our abilities to create better products and reach a wider audience worldwide," Manthan founder and chief executive Atul Jalan told reporters here.
International leather fair opens Jan 31 in Chennai
By IANS
Chennai : The 23rd edition of India International Leather Fair that will open Thursday here has attracted about 400 participants, including 133 overseas companies.
The largest overseas contingent is from Italy with 24 participants, followed by Germany (20 participants), Pakistan (10), Thailand (9), China (7) and Mexico (6), said Rajiv Yadav, executive director, India Trade Promotion Organisation (ITPO).
The four-day leather fair that begins Jan 31 and ends Feb 3 is being jointly organised by the Council for Leather Exports and ITPO here at Chennai Trade Centre.
Meet in Delhi against corporate retailing
By IANS
New Delhi : Leaders of various political parties, including those from the Bharatiya Janata Party (BJP) and the Communist Party of India (CPI), will come together at a meeting here Wednesday to find ways to block entry of corporate houses into retail trading.
The meeting will be hosted by the Confederation of All India Traders, said Praveen Khandelwal, the secretary general of the traders' body.
Kingfisher, Air Deccan to merge soon
By IANS
Bangalore : Premier domestic airline Kingfisher and low-cost carrier Air Deccan will merge soon and operate as a single entity from April 1, 2008.
The decision was taken at a marathon board meeting of Deccan Aviation here late Wednesday under the chairmanship of Captain G.P. Gopinath and vice-chairman Vijay Mallya.
The members of the Kingfisher board also participated in the four-hour meeting held after Deccan Aviation's 12th annual general meeting (AGM) late evening. Deccan Aviation is the holding company of Air Deccan.
Chinese box office earnings to hit $1.5 bn in 2010
By IANS,
Beijing : Chinese box office earnings could exceed 10 billion yuan ($1.47 billion) this year, up 61 percent from the previous year, an official said.
The box office surged to 6.2 billion yuan in 2009 from less than 1 billion in 2003, said La Peikang, deputy director of the State Administration of Radio, Film and Television.
China-made films grabbed a 56.6-percent share of the box office last year with competition from Hollywood blockbusters, La told a forum on animated films in the eastern city of Hangzhou, Xinhua reported Saturday.
Lok Sabha passes bill to extend Metro to NCR
By IANS,
New Delhi : The Lok Sabha Thursday passed a bill to help extend the Delhi Metro rail service to the national capital region (NCR), including the satellite towns of Noida and Gurgaon.
Moving the Metro Railways (Amendment) Bill that was unanimously passed, Urban Development Minister S. Jaipal Reddy said it was necessary that legal cover be accorded to constructing, maintaining and operating the rail services in Noida and Gurgaon, work for which is at an advanced stage.
Sensex tanks as investors sell in a hurry
By IANS,
Mumbai : A benchmark index of the Indian equities markets nosedived Tuesday to end about 2.3 percent lower than its previous close with traders hitting the sell button amid indications from the central bank that it would start tightening its monetary policy.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,699.09 points, shut shop at 16,353.4 points -- 387.1 points or 2.31 percent lower than Monday's close at 16,740.5 points.
Chettinad Cement targets 13-mn tonne capacity by 2013
By IANS,
Chennai : The Rs.1,137-crore Chettinad Cement Corp plans to increase its annual production capacity to 13 million tonnes in two phases by 2013, the company said here Thursday.
In the first phase, the company will increase capacity at existing plants in Tamil Nadu and the second phase will involve setting up a three million tonne unit at Gulbarga in Karnataka.
Reliance Communications to launch ad-funded videos
By IANS,
New Delhi : The Anil Ambani-led Reliance Communications has partnered with Britain-based mobile marketing company 3rd Space Services to launch free video content with embedded advertisements on its mobile platform.
Under the agreement, 3rd Space will supply mobile video content like Bollywood songs, films and TV programmes to the Indian company, it said in a statement.
Global arms spending continues to rise
By DPA,
Stockholm : The United States accounted for almost half the world's military expenditures in 2007, a year when global arms sales also climbed, says a Sweden-based peace institute.
Last year, global military expenditures totalled $1,339 billion (current rates) or $202 per capita, the Stockholm International Peace Research Institute (SIPRI) said, adding that the global increase was six percent in real terms over that of 2006.
The US had a 45-percent share of world military spending or $547 billion in 2007, the highest in the US since World War II.
Oman proposes US 2 billion investment in Iran’s Kish field development
By NNN-IRNA
Tehran : Oman has proposed a USD 2 billion investment in development plan of the Kish gas field, managing director of the Iranian Offshore Oil Company (IOOC) announced at the southern island.
Mahmoud Zirakchianzadeh said Sunday that the suggestion includes establishment of a joint investment company and gas exports to the neighbouring country.
Following the finalisation of the exports plan, 1 billion cu ft of gas will be exported to Oman through the 500-km long pipeline per day, he said.
Chinese delegation to visit Pakistan to explore investment opportunities in CNG
By APP
Beijing : The unremitting use and development of Compressed Natural Gas (CNG) in the country has convinced Chinese traders to explore investment opportunities in Pakistan.
One of the leading Chinese firms dealing in provision of all CNG related machineries and technical affairs is planning to send soon its senior technical officers delegation to Pakistan to hold business and technical meetings with their counterparts.