ICRA to rate Central Bank of India’s loans
By IANS
Mumbai : Credit rating agency ICRA Ltd will now issue ratings to the loans and other exposures made by Central Bank of India.
ICRA (Investment Information and Credit Rating Agency), an associate of Moody's Investor Service, has signed a memorandum of understanding (MoU) with the bank for the line of credit rating services, the bank said.
Under the MoU, the rating agency will study and assign benchmarks for loans and similar exposures under the framework outlined under the Reserve Bank of India's New Capital Adequacy Framework, Basel-II.
Government has sole right to fix gas price: Reliance Industries
By IANS,
New Delhi : Mukesh Ambani-led Reliance Industries told the Supreme Court Tueday that it was a mere contractor appointed by the government to explore and harness natural gas from the Krishna-Godavari basin and the state remained the real owner.
Resuming his argument before a three-member bench, Harish Salve, counsel for Reliance Industries, said the company's role was restricted to interpreting various clauses of its production sharing contract with the government.
L&T acquires Malaysian switchgear firm
By IANS
Mumbai : Top engineering and construction firm Larsen & Toubro Ltd (L&T) Thursday said that the company had signed a deal with Malaysia-based Tamco Corporate Holdings Bhd to acquire Tamco's de-merged switchgear business for an undisclosed sum.
The company said that it would buy Tamco's three switchgear manufacturing subsidiaries in China, Australia and Indonesia that include Shanghai-based Tamco Shanghai Switchgear Co Ltd, Tamco Electrical Industries Australia Pty Ptd and PT Tamco Indonesia.
Power tariffs soar in Punjab
By IANS,
Chandigarh : The Punjab State Electricity Regulatory Commission (PSERC) announced an increase of 8 to 11 paise per unit in the power tariffs for both domestic and industrial consumers in the state.
PSERC chairman Jai Singh Gill stated that the hike will be implemented from April 2008. In the domestic category, there is an increase of 8 paise and the new slab will be Rs.2.40 per unit for the first 100 units against the earlier Rs.2.32 per unit.
Manmohan, Hu keep Arunachal Pradesh out of talks
By Arvind Padmanabhan
IANSBerlin : Despite some recent remarks by Beijing, the contentious issue of Arunachal Pradesh did not figure in the talks between Indian Prime Minister Manmohan Singh and Chinese President Hu Jintao here Thursday. Manmohan Singh, in fact, lauded China as India's "greatest neighbour".
Ford to invest $500 mn for expanding India operations
By IANS
Bangalore : Global auto major Ford Motor Company (FMC) will invest an additional $500 million over the next two years to expand its Indian operations for manufacturing small car and components for domestic and overseas markets, a top company official said here Wednesday.
Ethiopia wants India to develop its bamboo industry
By Nayanima Basu, IANS
New Delhi : With its expertise and entrepreneurship, India can help Ethiopia develop that country's bamboo industry, a visiting Ethiopian official has said.
"Ethiopia has huge potential in bamboo cultivation. We are eager to develop this as a small and medium industry for which we want India to come forward and help organise the sector," said Ahmed Nuru, deputy director, privatisation and public enterprises supervision agency, Ethiopia.
Company law amending bill to be tabled in monsoon session
By IANS,
Mumbai : A bill to amend the Company Law will be introduced in the forthcoming monsoon session of parliament, an official said Tuesday.
Ministry of Corporate Affairs Secretary Anurag Goyal said the proposed bill comes in the wake of recommendations made by the Irani committee, which was set up to look into the changing face of corporate world. He was addressing a meeting Tuesday organised by the National Foundation of Corporate Governance and Confederation of India Industry (CII) on "Capital Market Regulation and Corporate Governance".
Two percent of GDP to be spent on health: Ahluwalia
By IANS
New Delhi : Underlining the sorry state of healthcare facilities in rural India, Planning Commission deputy chairman Montek Singh Ahluwalia Tuesday said the country would spend two percent of its GDP on health in the 11th Five Year Plan (2007-12).
"Currently we (central and state governments) are spending one percent of our GDP on health sector and by the end of the 11th five year plan, say 2011-12, we will spend two percent of it," Ahluwalia said.
Reliance Power soars post merger announcement
By IANS,
Mumbai: The Reliance Power scrip gained 3.5 percent Monday, a day after the Anil Dhirubhai Ambani Group (ADAG) announced that another group firm, Reliance Natural Resources, was merging with the company.
The boards of the two ADAG energy firms -- one in the business of generating power and the other that trades and transports oil and gas -- Sunday approved the merger plan in a $11-billion all-stock deal, which involves a swap of four shares of Reliance Natural Resources for every Reliance Power stock.
Nestle to double investments in India
By IANS,
New Delhi : Nestle India will double its investments in India from Rs.3 billion this fiscal to Rs.6 billion next fiscal, Nestle S.A. chairman Peter Brabeck-Letmathe said here Friday.
"We are very impressed by the growth of Nestle India and the talent pool available here. We have decided to give Nestle India all the resources needed to sustain this growth and there will be no limit," Brabeck-Letmathe said at a press meet here.
Nestle India has built from scratch a plant in Uttarakhand in 2006 that produces items priced within Rs.10.
EU to promote research on clean energy
By Xinhua
Brussels : The European Commission has proposed a plan to promote research that will liberate the European Union's (EU's) potential for clean energy.
While presenting a strategic energy plan for the 27-member bloc, the commission Thursday proposed to align EU, national and industrial research activities so that value can be added.
Chhattisgarh to pump in Rs.19.64 bn to boost irrigation
By IANS,
Raipur : The Chhattisgarh government will construct 27 irrigation projects at the cost of Rs.19.64 billion to boost agriculture production in the state.
The projects will come up in paddy-rich areas of Bilaspur, Raigarh, Raipur, Rajnandgaon, Janjgir-Champa, Dhamtari and Mahasamund districts, an official statement said Saturday.
The water resources department will complete the construction work by June 2010. Officials say about 70 percent of the cultivated area is entirely dependent on monsoon.
Four die in Tamil Nadu Hyundai car factory
By IANS
Sriperumbudur (Tamil Nadu) : Four workers died due to poisonous methane gas inhalation during maintenance work at a sewage tank in the car-making factory of Hyundai India Ltd here, fire service officials said Saturday.
The officials undertaking rescue operations said the accident late Friday was caused due to "neglect" in undertaking maintenance work. The tank was used to store wastes of paint.
The Hyundai car factory at Irrungatukottai in the Sriperumbudur industrial zone on Chennai's outskirts is a high-profile manufacturing car unit.
ITD Cementation bags Rs.1.12 bn SICAL project
By IANS
Mumbai : Southeast Asia's infrastructure construction major ITD Cementation India Ltd has bagged a Rs.1.12 billion project from the South India Corporation (Agencies) Limited (SICAL) Iron Ore Terminals.
According to the company, the project entails the construction of several jetties, platforms, buildings and civil works to be completed in 22 months.
Qatar to consider supply of more LNG to India
By IANS
New Delhi : The emir of Qatar, Sheikh Hamad bin Khalifa Al-Thani in a meeting in Doha Monday assured Petroleum and Natural Gas Minister Murli Deora to consider India's demand for increasing the supply of liquefied natural gas (LNG).
India already has a 25-year contract for supply of 7.5 million tonnes of LNG every year. Recently, Petronet India Limited signed another agreement with Ras Gas for supply of 1.25 MT of LNG by September 2008. Besides these two agreements, India has been keen to import five MT more of gas from Qatar.
Sterlite to buy US copper mining firm for $1.7 bn
By IANS,
Mumbai : Sterlite Industries India, a subsidiary of London-based Vedanta Resources run by industrialist Anil Agarwal, Saturday said it was acquiring the assets of the bankrupt US copper mining firm Asarco for $1.7 billion.
Apart from making an outright cash payment of $1.1 billion, Sterlite will also pay the Tucson-based mining, smelting and refining company $600 billion over nine years, of which $460 million will be in the terminal year.
World Bank aid to Madhya Pradesh for improving higher education
By IANS,
Bhopal: The World Bank will give Rs.250 crore assistance to Madhya Pradesh for improving higher education in the state, an official said Friday.
‘Investment in Pakistan risky’
By IANS
Islamabad : Investments in countries like Pakistan may face "increased risk" during 2008, according to a report by a British consultancy firm.
In its report, Control Risks rates 57 percent of emerging markets at medium political risk or above, indicating significant threats to foreign investment, The News reported Saturday.
The report, titled RiskMap-2008, has identified a trend in these countries towards economic nationalism - the promotion of national interests in economic policy.
India’s export growth lowest in 18 months
By IANS,
New Delhi : India's merchandise export growth slumped to the lowest level in 18 months during September and were valued at $13.748 billion, up just 10.4 percent over $12.455 billion in the like month of the previous fiscal, trade data showed Monday.
The global economic meltdown appeared to have impacted the export growth, which had otherwise expanded 26.9 percent in August, as per the latest data.
Airtel enters remote Himachal valley
By IANS
Shimla : Lahaul and Spiti, one of the remotest mountainous areas of the country, has now come on the map of mobile telephony as Airtel Wednesday launched its services in this tribal district of Himachal Pradesh.
"Airtel services have been launched today in Keylong, the district headquarters of Lahaul & Spiti. Airtel services will now be available in and around Keylong," said R.V.S. Bhullar, Airtel's Himachal Pradesh chief.
Indian equities firm after opening in the green
By IANS,
Mumbai : Indian equities were ruling firm after opening in the green Friday following positive cues from global markets, though IT bellwether Tata Consultancy Services took a hit following lower-than-expected third quarter results.
After opening at 9,125.65 points, against the previous day's close at 9,046.74 points, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose to 9,242.51 points soon after.
Beat back inflation, Chidambaram says
By IANS,
New Delhi : Asking people not to panic and "beat back inflation", Finance Minister P. Chidambaram Wednesday assured parliament that the government will take more steps to rein in prices, which is rising at the fastest rate in 41 months.
"This inflation is largely triggered by international prices... We cannot panic at this time. This inflation is reflected in all the international markets from China to Venezuela," the finance minister told the Lok Sabha Wednesday.
Inflation in India jumps to 7.31 per cent in December
By IRNA,
New Delhi : Inflation in India leaped to 7.31 per cent in December, shooting past RBI's forecast of 6.5 per cent-level by this fiscal end, as food items such as sugar, potatoes and pulses turned costlier.
Overall inflation in November was 4.78 per cent.
However, food inflation (prices of non-processed food articles) measured separately for the week ending January 2, eased a bit to 17.28 per cent from 18.22 per cent a week ago.
If this trend in food inflation continues in the weeks ahead, then overall inflation may also fall.
Bangladesh registers 40 percent hike in apparel exports
By IANS,
Dhaka : Bangladesh has registered a 40 percent hike in its apparel exports in the last six months, with increased exports to India and new markets wrested from global leader China.
New India, Brazil, South Africa shipping line mooted
By Fakir Hassen, IANS
Johannesburg : South Africa has suggested floating a private shipping company with government support as a way to boost trade between India, Brazil and South Africa.
Government officials said that India and South Africa were on the verge of signing a memorandum of understanding on the proposed shipping line, with the state-owned Indian Shipping Corp controlling things from the Indian side, according to a report published in the Business Report daily.
Bank employees go on nationwide strike
By IANS,
Kolkata/New Delhi : Over 800,000 employees of 50,000 bank branches across India went on a two-day strike beginning Wednesday to press for their six-point charter of demands, including stopping of privatisation and merger and acquisition of public sector banks.
"Banking operations have come to a standstill. Once the strike is over, we will sit together and chalk out our future course of action," said Rajen Nagar, national president of All India Bank Employees Association (AIBEA), which is participating in the strike called by the umbrella body United Form of Bank Unions (UFBU).
Indian equities close in red on general nervousness
By IANS,
Mumbai : After two successive days of gains, Indian equities markets once again closed in the red Wednesday following weak global cues and general nervousness, analysts said.
The benchmark 30-share sensitive index (Sensex) of the Bombay Stock Exchange finished at 10,169.90, down 513.49 points or 4.81 percent from its previous close Tuesday at 10,683.39 points.
The Sensex opened weak at 10,455.23 points, down 228.16 points or 2.14 percent from its previous close Tuesday, touched a high of 10,484.85 before sliding steadily.
India’s financial sector is sound: Finance Commission chief
By IANS,
Hyderabad : India's financial sector is sound and the government is closely monitoring the evolving macro-economic situation, Vijay Kelkar, chairman of the 13th Finance Commission, said here Monday.
He was speaking at a meeting with Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy and state government officials.
India’s customs and excise tax up to nearly Rs.200 bn
By IANS,
New Delhi : India's customs and excise tax rose to Rs.194.21 billion in September, compared to Rs.181.61 billion in the same period last year, said the finance ministry Thursday.
According to the ministry, the growth in indirect tax collection (provisional) has been 6.9 percent in September this year, while the cumulative customs and excise tax collection stood at Rs.1.13 trillion in the April-September period against Rs.1.03 trillion in the past corresponding period.
Decks cleared for Steel Authority’s first north Indian plant
By IANS,
Shimla : Decks have been cleared for the state-owned Steel Authority of India (SAIL) to set up its first steel plant in north India, in Himachal Pradesh, with an outlay of Rs.1.06 billion, a senior official said Sunday.
The state government has decided to hand over land in Kangra district to the Rs.455.55-billion steel behemoth by August-end, industries director Manoj Kumar told IANS.
The government is in the process of transferring the land at Kandrori village near Nurpur town, some 300 kilometres from Shimla, he said.
Anil Ambani-controlled Mudra launches new agency
By IANS,
Ahmedabad : The Anil Ambani-controlled advertising group Mudra Tuesday launched a new company, Ignite Mudra, specifically for building brands for new entrepreneurs.
"The Mudra group has been responsible for building several iconic brands such as Vimal, Dhara, Rasna, Itchguard, Dermicool, Moov and Nutralite for the past three decades," said Ignite Mudra president Chandan Nath at a press conference here.
"The agency now plans to use this heritage to help grow entrepreneurial ventures by building strong brands across geographies in India and abroad," Nath said.
Bulls push Sensex up 4.2 percent
By IANS,
Mumbai: The bulls shoved their way up for the second straight week at the Indian equities markets this week, pushing a key index to end trade 4.27 percent higher Friday, with broader markets also recording gains.
The 30-share sensitive index (Sensex) ended 690.55 points or 4.27 percent higher at 16,848.83 points at weekly close Friday, as opposed to the previous week's close at 16,158.28 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE), too, moved up 4.22 percent or 202.8 points from its last weekly close to end at 4,998.95 points.
Sensex opens with gain of 80 points
By IANS,
Mumbai : The Indian equities market Thursday opened in green.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a gain of 80.65 points at 14,300.72 points.
The S&P Nifty of National Stock Exchange opened at 4,252.60 points with a marginal loss of 0.5 points compared to its last close.
Sensex rises as Mukherjee allows FIIs in mutual funds
By IANS,
Mumbai : Indian equities markets rose after some positive news Monday in the general budget being presented by Finance Minister Pranab Mukherjee.
India adds six million GSM mobile phone users in February
By IANS
New Delhi : India added six million GSM mobile subscribers in February to reach 184.67 million, industry body Cellular Operators Association of India (COAI) said Monday.
This, however, excludes the number of users added by Reliance Communications, which is mainly a CDMA major, a rival technology to GSM.
Bharti Airtel, India's leading mobile phone service firm, added 2.25 million subscribers, taking its total base to 59.67 million and market share to 32.31 percent.
India’s GMR Group dragged to court over Nepal project
By Sudeshna Sarkar, IANS
Kathmandu : Less than two months after it became the first Indian private company to win a power project in Nepal, the GMR Group finds itself dragged into a public interest suit in the Himalayan kingdom.
Tata Teleservices completes stake sale to DoCoMo
By IANS,
New Delhi : The 26 percent stake sale in telecommunications major Tata Teleservices to Japanese telecom company NTT DoCoMo has been completed, the Indian company's parent Tata Sons said Thursday.
"DoCoMo has also completed its payment obligations under the tender offer and is preparing to acquire approximately 12 percent of the common shares of Tata Teleservices (Maharashtra) Ltd through an open offer," Tata Sons said in a regulatory statement.
GM recalls 1.5 million cars for fire danger
By DPA,
New York : General Motors announced a recall of 1.5 million vehicles Tuesday over a possible fire danger posed by the wind shield wiper fluid heating system.
More than a dozen models from 2006 to 2009 are impacted by the recall, including the Buick Lucerne, several Cadillac models and the Hummer H2 SUV.
The carmaker said technicians would remove the heater and redirect the fluid system. Owners will also receive 100 dollars to compensate them because the feature will be disabled, GM said.
India, Russia to double bilateral trade in two years
By IANS
New Delhi : India and Russia Tuesday agreed to accelerate bilateral trade and investment to achieve a target of $10 billion within the next two years.
"Economic interactions are one of the basic elements of the growing partnership between both the countries. Our bilateral trade grew by 30 percent and equalled to $5 billion last year," Russian Prime Minister Victor A. Zubkov told a gathering of Indian business leaders while addressing the "India and Russia Forum on Trade and investment" organised by Confederation of Indian Industry (CII).
Vodafone moves High Court against income tax department
By Sunanda Parmeshwar, IANS
Mumbai : Leading mobile service provider Vodafone Essar Ltd has moved the Bombay High Court challenging a notice issued by the income tax (IT) department regarding a levy of capital gains tax in the wake of the Vodafone-Hutch deal.
This is perhaps the first time tax authorities are attempting to tax a transaction between two foreign companies involving transfer of an Indian asset.
If the tax liability is established, it could amount to about $1.7 billion, according to the IT notice.
L&T bags Rs.700-crore order
By IANS,
New Delhi : Engineering and construction major Larsen and Toubro (L&T) Thursday said it has got orders worth Rs.700 crore from various customers for construction-related works.
Blue chips apply brakes to rally in Indian stocks
By IANS
Mumbai : Dragged down by blue chip stocks following weakening Asian markets, a leading Indian stock market index Wednesday closed 0.66 percent lower after two consecutive days of gains.
India to invest $10 billion in IMF: Pranab
By Dipankar De Sarkar, IANS,
London : India is to invest up to $10 billion in the International Monetary Fund as part of a major thrust to wrest a greater say in the running of international financial institutions, Finance Minister Pranab Mukherjee announced Friday.
"India has decided to invest up to $10 bn of its reserves in notes issued by the IMF," Mukherjee said after a meeting of the finance ministers of Brazil, Russia, India and China (BRIC) in London.
Centre funds Rs.3,231 crore to build 2.28 lakh houses for urban poor
New Delhi: The central government will provide Rs.3,231 crore to five states -- Andhra Pradesh, Telangana, Tamil Nadu, Gujarat and Rajasthana - for constructing...
Employees at existing Hyderabad airport begin strike
By IANS
Hyderabad : All employees of the Airports Authority of India (AAI) at the Begumpet airport here have joined the nationwide strike to press their demand for continuing operations at the existing airports in Hyderabad and Bangalore.
At the stroke of midnight Tuesday, the AAI employees struck work. AAI employees' union leader V.S. Gupta claimed that all 270 employees were taking part in the indefinite strike.
AAI officials said they had made alternate arrangements to ensure that the air traffic is not affected by the strike.
Gujarat joins race to get Nano project
By IANS,
Ahmedabad : Gujarat has invited Tata Motors to relocate its Rs.15-billion ($375 million) Nano Car project to the state from West Bengal, a senior government official said here Tuesday.
"We made the offer to the Tatas to relocate long before any other state. But we are yet to hear from them," the industries department official told IANS requesting anonymity.
A raft of states started wooing Tata Motors ever since trouble broke out at Nano's Singur project site in West Bengal last week over agricultural land acquired from farmers for the auto plant.
Infosys net up 30 percent in second quarter
By IANS,
Bangalore : Infosys Technologies Ltd has posted net profits of Rs.14.32 billion for the second quarter (July-September) of this fiscal (2008-09), registering 30.2 percent year-on-year (YoY) growth and 10 percent sequentially under the Indian accounting system.
In a notification to the stock exchanges here Friday, the IT bellwether said its consolidated revenue for the quarter under review (Q2) was Rs.54.18 billion, posting by 32 percent YoY growth and by 11.6 percent sequentially under the Indian accounting system.
US firm appeals against $500 mn Spanish treasure handover
By IANS/EFE,
Miami : A US firm has appealed against a court order to handover $500-million-worth gold and silver coins it salvaged from the Atlantic Ocean to Spain, a company spokeswoman said.
The Odyssey Marine Exploration Inc. has asked the 11th US Circuit Court of Appeals in Atlanta to overturn a district judge's order.
The Florida-based firm filed the appeal last week, Odyssey spokeswoman Liz Shows told EFE Thursday.
She said the company does not expect the court to rule on the matter for months.
Punjab paddy purchase hits a high
By Jaideep Sarin, IANS
Chandigarh : Paddy purchase in Punjab has hit a high this year, beating last year's figure well before the end of the procurement season and leaving farmers happier with record payments made within 72 hours of purchase.
Last year's procurement of 12.47 million metric tonnes was crossed Wednesday with government agencies and private millers lifting stocks of over 12.4 million metric tonnes from grain markets spread across the state.
The procurement season will officially continue till the end of December.
Government opens way to private provident fund to beat inflation
By IANS,
New Delhi : Private provident and other retirement funds will be allowed to directly invest up to 15 percent of their investible funds in the capital market, giving fund managers a greater degree of flexibility.
A finance ministry notification Thursday also announced easing of other existing norms. These investment pattern norms were last revised Jan 24, 2005.
The new norms will come into force from the next fiscal starting April 1, 2009, it said.
Odisha protests diesel price hike, cap on cooking gas
By IANS,
Bhubaneswar : Non-Congress parties Friday staged protests in various parts of Odisha against hike in the price of diesel and restrictions on supply of subsidised cooking gas cylinders.
Bird flu scare: poultry sales drop in Uttar Pradesh
By IANS
Lucknow : The outbreak of bird flu in West Bengal has hit poultry sales in Uttar Pradesh by as much as 20 percent.
The Uttar Pradesh Poultry Association said there has been a 20 percent fall in the sale of poultry across the state, which is among the biggest consumers of chicken and other poultry products.
While top officials were confident that the deadly virus had not invaded the state, an alert has been sounded to all district officials to keep a close vigil on the situation.
Dabur to supply anti-cancer drug to Thailand
By IANS
Mumbai : Pharmaceutical major Dabur Pharma Ltd Wednesday announced that it has inked a deal with the Government Pharmaceutical Organisation (GPO) of Thailand to supply its key anti-cancer drug to the Southeast Asian nation.
The Delhi-based firm said it would supply Thailand its generic version of Docetaxel injection.
The drug, considered to be a high-quality cancer fighting prescription in the cost effective range, would be supplied straight to GPO at a special price, the company said in a statement.
‘Political uncertainty a bad omen for economy’
By Rajeev Ranjan Roy, IANS,
New Delhi : The current bout of political uncertainty in India could not have come at a worse time, with experts fearing that the fluid political situation will not help in checking inflation.
Experts feel the government has not been able to concentrate on the economic situation arising out of zooming inflation that hit a 13-year high of 11.63 percent for the week ended June 21.
MRPL net up 129 percent
By IANS,
New Delhi : Mangalore Refinery and Petrochemicals Ltd (MRPL) announced Friday a 129 percent jump in the company's net profit in the first quarter of this financial year, a company regulatory statement said.
MRPL, a mini-ratna and an ONGC group company, posted a profit after tax of Rs.8.4 billion in the quarter ending June 30, 2008, compared to Rs.3.6 billion in the comparable period of last year.
Bachchans, Reliance launch joint venture for film production
By IANS,
Mumbai : Amitabh Bachchan's AB Corp and Anil Ambani's Reliance Big Entertainment (RBE) have entered into a joint venture for film production.
Four directors Rohan Sippy, Sujoy Ghosh, Chandraprakash Dwivedi and Balki have been selected to kick start the joint venture of the two stalwarts from the entertainment and business field.
CEO of AB Corp P. Ramesh said: "We have entered into a deal in which we will be producing films with RBE. Four directors have been finalised to start our projects.
UCO Bank reports higher net profit
By IANS,
Kolkata : State-owned UCO Bank posted a net profit of Rs.178.85 crore for the quarter ended June 30, compared to Rs.133.44 crore for the first quarter of the previous year.
"Total income has increased from Rs.19,991.60 million (Rs.1,999.16 crore) for the quarter ended June 30, 2008 to Rs.25,836.80 million (Rs.2,583.68 crore) for the quarter ended June 30, 2009," the bank said in a statement Thursday.
Delhi government’s ‘thank you’ budget only hikes tobacco tax
By IANS,
New Delhi : It was a "thank you" budget from the Congress government to the people of Delhi for voting the party back to power for the third consecutive term. Except for a marked hike in tobacco products, the tax structure remained unchanged, and several new infrastructure projects were unveiled ahead of the Commonwealth Games 2010.
The budget was presented by Delhi Finance Minister A.K. Walia in the state assembly.
Mamata to meet governor on Singur
By IANS,
Singur : Indicating a breakthrough in the talks on the vexed Singur issue, Trinamool Congress chief Mamata Banerjee Sunday announced she would meet West Bengal Governor Gopalkrishna Gandhi to find a solution to the Tata Motors' Nano stand-off.
Banerjee, who is spearheading an indefinite sit-in since Aug 24 close to the Tata Motors plant here, told reporters that she had received an invitation from Gandhi to participate in the talks.
Sensex ruling flat in noon trade
By IANS,
Mumbai : A benchmark index of the Indian equities markets was ruling flat around Friday noon, even as other Asian markets were a mixed bag.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,604.31 points, was ruling at 17,570.44 points 15 minutes before noon, down 14.43 points or 0.08 percent from its previous close at 17,584.87 points.
Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,257.15 points, against the previous close at 5,259.9 points, a meagre loss of 0.05 percent.
Tatas to continue suspension of work at Nano plant
By IANS,
Kolkata : Saying there was "limited clarity" on the outcome of the talks between the West Bengal government and the Trinamool Congress-led protesters, Tata Motors Monday said it would continue suspension of work at its Nano plant in Singur.
"Tata Motors Ltd is distressed at the limited clarity on the outcome of the discussions between the state government of West Bengal and the representatives of the agitators in Singur," the company said in a statement.
`Flexible airspace will bring down airline costs’
By IANS,
New Delhi : A rigid and condensed airspace for civilian aircrafts coupled with increasing aviation fuel prices are contributing to the losses of the Indian aviation industry, airline operators said Friday.
"We can save at least 15 percent of the operational costs of our airline if air routes are straightened and civil aircraft are provided more air space. This would save a lot of fuel," Sanjay Bahadur, vice-president of Kingfisher Airlines, told reporters here.
ICICI Ventures to invest $250 million in healthcare
By IANS
Kolkata : India's leading private equity fund ICICI Ventures has floated a special company to invest $250 million in healthcare in the next three years, said a top company official.
ICICI Ventures has created i-Ven Medicare, a special vehicle for investments in healthcare, for the purpose.
Karnataka to pitch Bangalore as nanotechnology hub
By IANS,
Bangalore : Tech-savvy Karnataka is set to promote Bangalore as a nanotechnology hub to replicate its success in information technology (IT) and biotechnology (BT) sectors, with novel initiatives to attract investors, entrepreneurs and venture capitalists, a top official said here.
926 bank branches to accept advance income tax
By IANS,
Mumbai: In a bid to make tax filing easier, the Reserve Bank of India (RBI) Wednesday directed 926 branches of public and private sector banks in Mumbai to accept advance income tax.
Bangalore Bio to showcase India’s biotech progress
By IANS
Bangalore : Complementing the rapid growth of the IT industry in India's silicon city, the emerging biotechnology (BT) sector will look for investments through partnerships and joint ventures at Bangalore Bio 2007, the three-day annual event beginning Thursday.
‘900 mn Indians live on less than $2 a day’
By Dipankar De Sarkar, IANS,
London : Despite the emergence of a wealthy "global India", 900 million Indians survive on less than $2 (Rs.85) a day, the British government said while announcing a new seven-year aid package for India.
A senior British official said the figure is higher than that estimated by India, which counts its poor by setting a poverty line measured chiefly by the amount of calories eaten per day.
BJP demands urgent cut in oil and diesel prices
By NNN-PTI,
New Delhi : BJP demanded urgent cut in the prices of petrol and diesel following the lowering of the international crude oil prices.
"Our party demands a cut in the prices of petrol and deisal by five Rupee and three rupee respectively. While the government is prompt in increasing the prices burdening the common man, it seems less interested in passing the profit of lowered crude oil prices to public," party spokesperson Prakash Javadekar told reporters here on Saturday.
Equity markets continue downslide after opening with huge loss
By IANS,
Mumbai : Indian equities markets, which opened with a huge loss Monday, continued their downslide in early trade. Twenty minutes into trading, the Sensex was 466.01 points below its closing figure Friday.
Analysts said the market mayhem was due to international price of crude oil hitting a new high. The effect was felt especially in power, realty and cement stocks, all of which were under severe selling pressure.
Ford India launches new Fusion variant
By IANS
Chennai : Ford India Pvt Ltd has announced the launch of Fusion Plus, a new variant in its Fusion vehicle range, here Wednesday.
The new variant comes with additional features like anti-lock braking system, 15-inch alloy wheels, body-colour bumpers, door handles, side moulding and deck lid and A Fusion+ badge.
It is available with either a 1.6-litre Duratec petrol engine or a 1.4-litre Duratorq TDCi turbodiesel engine. An introductory offer on the Fusion Plus this month includes a MP3 player with four speakers.
‘Slumdog Millionaire’ highlights impending global crisis: NGO
By Gurmukh Singh,IANS,
Toronto : A Canadian NGO working in the slums of India Tuesday hailed multiple Oscars for ``Slumdog Millionaire' as the film has highlighted the hard life of people in urban slums the world over.
Criticising of those who have slammed the film for ``glamorizing poverty'', the organization said "Slumdog Millionaire" has put the hard truth about urban slums before world audiences.
Russia says its n-sector open to foreign investment
By RIA Novosti,
Moscow : Russia's nuclear industry is open to both domestic and foreign investors, a Russian deputy prime minister told an international nuclear forum Wednesday.
"In addition to large-scale investment of state funds, we have grounds to count on substantial private investment. The Russian nuclear sector is now open to cooperation. Furthermore, not only with domestic businesses, but also with foreign investors," Sergei Ivanov told an international forum, ATOMCON-2008.
Agriculture lending till November crosses Rs.1.36 tn
By IANS,
New Delhi : Banks have lent Rs.1.36 trillion (Rs.136,586 crore) to the agriculture sector in the first eight months this fiscal as against a full year target of Rs.2.8 trillion.
As per the figures released by the government Monday, the commercial banks have lent Rs.96.6 billion, while cooperative banks and regional rural banks have lent Rs.251.2 billion and Rs.148. billion, respectively.
Exports from special economic zone zoomed 121 percent
By IANS,
New Delhi : In sharp contrast to the slowdown in India's external trade last fiscal, exports from special economic zones (SEZs) grew by a whopping 121.4 percent, the commerce ministry said Wednesday.
Exports from SEZs during 2009-10 stood at Rs.2,20,711.39 crore ($49 billion). India's total exports during the same period was down 4.7 percent at $176.5 billion.
During the first quarter of the current fiscal, SEZ exports have touched Rs.58,685.46 crore, an over 68 percent growth compared to corresponding period of the previous fiscal.
Sensex slips from intra-day highs
By IANS,
Mumbai : After gaining more than 200 points during the day on the back of robust industrial output data, a benchmark index for Indian equities slipped from its intra-day highs and was ruling 123 points higher than its previous close in afternoon trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,994.07 points, was ruling at 17,045.51 points, 123.43 points or 0.73 percent up from its previous close at 16,922.08 points.
Markets holding firm in afternoon trade
By IANS,
Mumbai : The Indian equities markets were trading firm in afternoon trade Monday on sustained buying in blue-chip stocks.
The market opened higher today, as buoyant global markets overshadowed a steep 50 basis points hike in cash reserve ratio (CRR) announced by the Reserve Bank of India late last Thursday.
At 12.30 p.m., the 30 share Bombay Stock Exchange sensitive index was trading at 16,689.26 with a gain of 208.06 points or 1.26 percent.
At the same time, the S&P Nifty was trading at 5,031.50; it gained 73.10 points or 1.47 percent.
Indian IT firm opens outsourcing in Poland
By Surender Bhutani
IANSWarsaw : Taking advantage of a large pool of technically qualified young people here, Pune-based IT company Zensar has begun outsourcing services from Gdansk, the Baltic port city of Poland.
Delhi Metro fares up 36 percent, BJP protests
By IANS,
New Delhi : A week after bus fares went up sharply in the Indian capital, the Delhi Metro Wednesday announced a 36 percent increase in fares fuelling sharp reactions from commuters.
This is the third time the hugely popular Delhi Metro, now used by nearly 900,000 people, has upped fares since it started operation in 2002. The revised fares will come into force Friday.
Youth refuse to be ‘targetted’ by the tobacco industry
By Bobby Ramakant, CNS,
More than 80% of the tobacco use begins before the age of 18 years. The tobacco industry loses more than 5.4 million of its best customers every year as they die of causes attributed to tobacco use. Documents recovered from the tobacco industry reveal that the tobacco advertising, promotion and sponsorship campaigns are targetted to encourage young people and women to begin tobacco use.
Limitless to showcase Bangalore project
By IANS
Dubai : Limitless, the international master development arm of Dubai World, will present its star attraction urban community project near Bangalore at the Cityscape India exhibition in Mumbai, the news agency WAM reports.
The $12 billion Bidadi urban development scheme of Limitless, for which it has partnered with top Indian developer DLF in a 50-50 venture, will be among the company's major global projects worth more than $100 billion to be displayed at the Mumbai Exhibition Centre Nov 19-21.
India’s industrial production falls 0.5 percent in January
By IANS,
New Delhi : India's industrial production fell 0.5 percent in January to log a decline for the second month in a row, despite the stimulus packages announced by the government to pump prime the economy in the wake of the global slowdown.
The slide, based on the official data on index of industrial production released by the industry ministry Thursday, was on account of a 0.8 percent drop in manufacturing index and a 0.4 percent fall in the index for mining. Electricity generation was up 1.8 percent.
Insurance sector staff strike work in West Bengal
By IANS,
Kolkata : Around 99 percent of Kolkata-based National Insurance Corp and 76 percent of General Insurance Corp non-management staff stayed away from work Tuesday in support of a nationwide insurance sector strike.
Employees unions claimed 98 percent of Life Insurance Corp's non-management staff in the eastern region also participated in the strike.
Jai Balaji to set up integrated steel plant in Bengal
By IANS
Kolkata : Jai Balaji Industries Ltd, the largest steel group in West Bengal, Thursday signed a memorandum of agreement with West Bengal Industrial Development Corporation to set up a five million tonnes capacity steel plant and 1,215 MW power plant at Raghunathpur in Purulia district.
The company will invest Rs.160 billion to set up the integrated steel plant, along with a captive power plant and a cement plant in the same complex.
UAE signs Air services MoU with Iran
By NNN-WAM,
Dubai : The United Arab Emirates General Civil Aviation Authority (GCAA) has signed a memorandum of understanding (MoU) with the Civil Aviation Organisation of Islamic Republic of Iran (CAOIRI) for regulating air flights.
The MoU was signed Wednesday by Saif Mohammed Al Suwaidi, Director-General of the GCAA and Hussein Khanlari, Vice Minister of Roads and Transportation and president of CAOIRI.
India to go to French textiles fair for first time
By IANS
Ahmedabad : The Apparels Export Promotion Council (AEPC) for the first time will take part in the Interselection Fair to be held May 5 to May 7. AEPC will have ten booths in the fair to be held at Nordvillepente in Paris.
Euro Vet, a firm specialising in organising fashion exhibition, is hosting the fair.
Interselection exhibition is a global platform where buyers could purchase fashion textiles of quality and variety. It is an international event that promotes the textile industry, garments, accessories, handbags, shoes and jewellery to the world.
Larsen and Toubro bags orders worth Rs.853 crore
By IANS,
Mumbai : Construction and engineering major Larsen and Toubro (L&T) Wednesday said it had bagged contracts worth Rs.853 crore for setting up coal handling plants in Uttar Pradesh and Tamil Nadu.
L&T has received a contract from Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVNL) and Neyveli Lignite Corp for setting up coal handling plants at Anpara in Uttar Pradesh and Tuticorin in Tamil Nadu, the company said in a regulatory statement.
Bharti Airtel’s quarterly net profit drops
By IANS,
Mumbai : Telecom major Bharti Airtel Wednesday reported a 25.8 percent fall in its net profit at Rs.1,432.3 crore for the quarter ended June 30, according to Indian accounting standards.
Reliance Communications ties up with Taiwanese company
By IANS
Mumbai : India's Reliance Communications (RCOM) has teamed up with Taiwan-based handset manufacturer High Tech Computer (HTC) to tap the market for high-end CDMA (code division multiple access) mobile phones in India.
RCOM, India's second largest private mobile telecommunications service provider, will market the handsets of HTC, which already has an alliance with GSM operator Bharti Airtel.
Both companies Thursday announced their strategic alliance in Mumbai.
Panic run on ATMs as thousands rush to withdraw, deposit notes
ArrayNew Delhi : There was a panic run on ATMs across the Indian capital as Prime Minister Narendra Modi declared that Rs 500 and...
New report outlines possible structure of Gulf central bank
By IANS,
Dubai : As the Gulf nations work on their goal to have a common currency by the beginning of 2010, a new report here outlined the possible options for the institutional structure of a Gulf central bank, a key requirement for the system.
According to 'The Institutional Framework of the Gulf Central Bank' report, released by the Dubai International Financial Centre (DIFC) Authority here Monday, the central bank should be operational by 2009 if the Gulf Cooperation Council (GCC) hopes to achieve monetary union by 2010.
Paris Air Show opens
By Gulshan Luthra, IANS
Paris : The India market seems to be the focus at the Paris Air Show that opened here Monday with global majors eyeing its huge civil and military aviation potential and with the country itself seeking export orders for an indigenously developed advanced light helicopter (ALH).
Sensex trading dull, weak Asian cues dampen sentiments
By IANS,
Mumbai : Depressed cues from Asian markets continued to impact Indian equities Wednesday with a key index trading on a dull note after having opened lower.
At 11.08 a.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened weak at 15,482.05 points, was at 15,517.14 points -- 34.05 points or 0.22 percent lower than Tuesday's close.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was trading in the negative terrain at 4,615.9 points, down 0.2 percent.
Massive land grabbing in Bangalore: survey
By IANS
Bangalore : India's IT hub has become a land grabbers' paradise, with around 45,000 acres worth Rs.500 billion ($12.6 billion) at market rates illegally occupied in and around the city, a survey by lawmakers shows.
Bangalore is also competing with other Indian cities over blatant violation of building laws.
The authorities' move to legalise violation by levying a hefty fine on violators has led to a storm of protests from political parties and associations of residents.
Inflation needs to come down for rate hikes to ease: RBI
By IANS,
Mumbai: A day ahead of its monetary policy review, India's central bank Monday said inflation needs to come down from current levels for interest rate hikes to ease off.
China’s silver lining on turbulent global wealth market
By Cheng Yunjie, Xinhua,
Beijing : As recession is hitting, global wealth measured as household financial assets is expected to shrink by 14 percent from last year's $109 trillion to $97 trillion this year, reversing a six-year-long upward trend.
Emerging markets and China in particular are likely to represent the strongest potential for continued growth in wealth, according to the latest Global Wealth Report 2008 of the Boston Consulting Group (BCG).
Tyres major Yokohama to invest Rs.9 bn in Haryana plant
By IANS
Chandigarh : Japanese tyre manufacturer Yokohama Rubber Company will set up a new tyre manufacturing plant in Haryana worth over Rs.9 billion (around $200 million), the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) announced Tuesday.
The company has been allotted a 25-acre plot by the HSIIDC at Bahadurgarh industrial estate on the newly developed Rohtak-Jhajjar industrial belt in Delhi's national capital region (NCR).
The new industrial estate is being developed along National Highway (NH) 10 on an area of 755 acres.
Rising oil prices cause for concern: PM
By IANS
New Delhi : Expressing concern over the steep rise in global crude oil prices, Prime Minister Manmohan Singh said Monday that the government will examine Jan 17 all options to cushion losses by oil marketing companies.
Singh said a group of ministers was expected to meet Jan 17 to look at all the possibilities.
"The steep rise in international crude prices is a cause of concern and the group of ministers will look at the various available options to moderate its impact on oil marketing companies," Singh said.
Sensex crawls into green in post-noon trade
By IANS,
Mumbai : A key index of the Indian equities markets climbed back into the green Tuesday afternoon and was ruling 57 points points higher than its previous close.
At 1.20 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 15,573.91 points, was trading at 15,685.9 points, up 57.15 points or 0.37 percent.
Around the same time, the Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,659.2 points, up 0.35 percent.
GAIL net profit rises 8 percent
By IANS,
New Delhi : State-run gas major GAIL India Monday reported a net profit of Rs.2,804 crore ($585 million) for 2008-09 as against Rs.2,601 crore recorded the year before, an increase of 8 percent.
In a regulatory statement, the company said its turnover during the period increased 32 percent to Rs.23,776 crore from Rs.18,008 crore in 2007-08.
According to GAIL, this rise occurred despite an increase in the subsidy burden for liquefied natural gas (LPG) to Rs.1,781 crore.
If there had been no burden, the net profit would have increased by 14 percent, the company said.
IFGL acquires Hofmann Ceramic of Germany
By IANS,
Kolkata : Kolkata-based IFGL Refractories Ltd (IFGL) has entered into an in-principle agreement for purchase of 96.16 percent stake of Hofmann Ceramic GmbH of Germany and 100 percent stake of Hofmann OHG.
The purchases will be effected by IFGL's step down subsidiary, Monocon International Refractories Limited in Britain, a company release said Thursday.
Infosys to hire 30,000 techies in next 12 months
By IANS,
Bangalore: An upbeat Infosys Technologies would hire about 30,000 techies, including 19,000 freshers, during the next 12 months, a senior official said Tuesday.
"We have already made 19,000 campus offers for this fiscal (2010-11) and will hire about 6,000 laterals and another 5,000 for back office operations in the next months," Infosys board member and human resources development (HRD) head T.V. Mohandas Pai told IANS.
Indians losing millions due to currency ban in Nepal
By IANS,
Kathmandu : Delhi-bound Anil Kumar Sharma had a traumatic experience in Nepal during his recent visit.
The 40-year-old was stopped from boarding his flight at Kathmandu's Tribhuvan International Airport June 30 and instead interrogated by Nepal's Revenue Investigation Department (RID).
His `crime': he was carrying 140 thousand-rupee notes in Indian currency, that, along with 500-rupee notes, are banned outside India.
Wall Street drops on economic recovery concern
By Xinhua,
New York : The Wall Street closed lower Thursday as investors worried that the economy might not recover as quickly as expected.
Investors grew nervous after the credit ratings agency Standard & Poor's (S&P) warned that Britain may have its rating cut because of the nation's increasing debt. S&P lowered the country's credit outlook from "stable" to "negative".
Worry over AAA rating of Britain and the US weighed on the big board.
Apex court asks government to frame telemarketing guidelines
By IANS
New Delhi : Terming unsolicited telemarketing calls to cell phone users as "nuisance", the Supreme Court Thursday asked the government to frame guidelines and regulations to stop the menace.
A two-member bench headed by Justice A.K. Mathur asked the government to submit its guidelines against telemarketing calls and needed to be stopped.
The bench asked the government to submit the rules and regulation by the next date of hearing July 27.
Nikkei closes higher
By Xinhua,
Tokyo : Tokyo stocks closed higher Monday with the key Nikkei index climbing 3.59 percent to recover the 9,000 mark.
The benchmark Nikkei 225 average went up 311.77 points to 9,005. 59 from Friday.
The Topix index gained 33.08 points, or 3.70 percent, to 927.37.
Trading volume on the main section went down to 2,216.42 million shares from 2,299.61 million Friday.
Value leader JFE Holdings gained 205 yen, or more than 9 percent, to 2,430 yen while volume leader Nippon Steel advanced 14 yen, or more than 4 percent, to 330 yen.
Hefty gains in equity markets by early afternoon
By IANS,
Mumbai : Indian equity markets were trading with a hefty gain early Wednesday afternoon, buoyed since morning by the government's victory in the trust vote the evening before. There was buying interest in banking, capital goods, metal, oil and gas stocks.
At 1:30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 14,777.53 points, up 673.33 points or 4.77 percent from its closing figure Tuesday. Earlier in the day, it had touched a high of 14,840.80.
Russia Paves Way to Caspian Sea Gas Pipe
By Prensa Latina
Moscow : The Russian government approved a cooperation agreement with Kazakhstan and Turkmenistan to build a gas pipe to supply hydrocarbons to Europe from Central Asia through Russia, government sources said on Tuesday.
The gas pipe, which will hug the coast of the Caspian Sea, has been approved by the cabinet of ministers, Cabinet Vice President Sergei Narishkin pointed out.
For his part, Russian President Vladimir Putin asked the members of the executive to boost the project during Kazakh President Nursultan Nazarbayev's upcoming working visit.
Sweden unveils stability plan
By DPA,
Stockholm : The Swedish government Monday unveiled details in a stability plan including to establish a fund to help banks that run into problems in future.
The programme was aimed at "restoring confidence" in the financial system, Finance Minister Anders Borg said at joint news conference with Financial Markets Minister Mats Odell.
The fund was to run along the lines recently approved by Eurozone countries, and Odell said the fast-track legislation could likely be passed early next week.
Minimum prices for copra hiked by Rs.40 a quintal
By IANS
New Delhi : The government Thursday increased the minimum support price (MSP) of both "milling" and "ball" varieties of copra by Rs.40 per quintal for this season.
Copra is the dried white flesh of coconut from which oil is extracted.
The MSP for fairly average quality of milling copra has been fixed at Rs.3,360 per quintal while MSP for similar quality ball copra will be Rs.3,910 per quintal for 2008, said an official statement.
Anand Vihar Metro line opens for public
By IANS,
New Delhi : Delhi Metro's Yamuna Bank-Anand Vihar line, close to the Delhi-Uttar Pradesh border, was opened for public Thursday.
"The Metro started its operations at 6 a.m. We expect a good ridership," a metro official said.
The official claimed that the frequency of the trains was normal at eight minutes. However, commuters complained that the trains were coming at an interval of 15 minutes.
A commuter said: "We had come with high hopes. But trains are coming after an interval of 15 minutes only."
ADB sets up new carbon fund
By DPA,
Manila : The Asian Development Bank (ADB) said Tuesday it has established a new fund that will use carbon credits generated beyond 2012 to provide urgently needed financing for clean energy projects in the Asia-Pacific region.
The Manila-based bank said the Future Carbon Fund (FCF) could stimulate new investments in clean energy projects even after the current regulatory framework, based on the Kyoto Protocol's first commitment period, expires on Dec 31, 2012.
Amusement parks industry eyes 25 percent annual growth
By IANS,
Kolkata : Riding on the demand of theme amusement parks in the country, the industry is expecting to grow at a robust rate of 25 percent every year, a senior official said.
"The cumulative investment in this industry in the last eight to ten years was to the tune of Rs.40 billion approximately and we expect to grow at 25 percent every year," president of Indian Association of Amusement Parks and Industries (IAAPI) Arijit Sengupta told IANS here.
Equity markets wipe out loss in early trade
By IANS,
Mumbai : Indian equity markets opened slightly lower Thursday following weak markets elsewhere in Asia but wiped out the loss within ten minutes, thanks to buying interest in banking, IT and FMCG stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 41.68 points at 15,031.86 points. Ten minutes into trading, it had climbed to 15,135.35 points, a gain of 61.68 points or 0.41 percent from its closing figure Wednesday.
Car sales slump in Pakistan
By Awais Saleem, IANS,
Islamabad : Car sales in Pakistan slumped more than 30 percent in July, compared to the corresponding period last year, after the government increased sales tax that raised the prices of vehicles and devastating floods that hit the country.
Toonz celebrates World Animation Day
By IANS,
Thiruvananthapuram : Toonz Animation, the training division of the city-based Toonz Animation India Pvt Ltd, Tuesday celebrated the seventh International Animation Day (IAD) with the children of Trivandrum International School here.
Toonz Animation director (special projects) Prosenjith Ganguly led a two-hour interactive workshop with the children, aimed at familiarising them with the world of animation.
"Animation is more of fun and therefore when you teach animation, you need to bank on the fun element," Ganguly said.
Gold price dips Rs.600 per 10 gram
New Delhi : Jewellery buyers have a reason to buy more gold even after the festive season has just gone as the yellow metal...
Russia’s international reserves down $3.5 bln in week
By RIA Novosti
Moscow : Russia's gold and foreign currency reserves decreased by $3.5 billion, to $481 billion, in the week of February 1-8, the Central Bank of Russia said on Thursday.
India beats China as top investment destination for first time: UN
By IANS,
New Delhi : Eighteen years after it started opening up its economy, India, for the first time, has replaced China as the most promising destination for foreign direct investment in the medium-to-long term, says a UN agency.
The World Investment Report (WIR) prepared by the United Nations Conference on Trade and Development (Unctad) released here Wednesday said that in the short term, however, China again ranked at the top, followed by India.
The report quoted a survey by the Japan Bank of International Cooperation (JBIC) for its remarks.
Sensex closes on dull note
By IANS,
Mumbai : A benchmark index for Indian equities Monday pared most of its intra-day losses and closed on a dull note.
Indian business visitors seek end to ‘restrictive’ German visa policy
By Manik Mehta, IANS,
Berlin : Indian business visitors to Germany have called for a "level playing field" in visa arrangements between the two countries, complaining they are only issued visas for limited periods while German visitors to India are easily given long-term, multiple-entry visas.
Emaar posts 2008 first half profits of $900.9 mn
By IANS,
Dubai : Leading United Arab Emirates (UAE)-based real estate developer Emaar Properties has announced its 2008 first-half net profits stood at 3.315 billion dirhams ($900.9 million), a marginal rise from the 3.279 billion dirhams ($891.1 million) recorded in the same period last year.
Net profits in the second quarter (April to June) of the year grew 7 percent over the second quarter 2007 net profit of 1.558 billion ($0.424 billion) and is similar to the first quarter 2008 profits, an Emaar statement here Thursday said.
Revamped Old Silver Mint will house coins museum: Chidambaram
By IANS,
Kolkata : Kolkata's Old Silver Mint, a city landmark that is a crumbling symbol of Grecian architecture, will house a coins and currency museum after its revamp, Home Minister P. Chidambaram said here Monday.
"There will be a coins and currency museum, a convention centre, there will be a theatre, park, heritage hotel, centre for children," he told reporters after laying the foundation stone of the makeover project.
Government should ensure higher supply of housing: DLF
By IANS,
New Delhi : Hours after Finance Minister P. Chidambaram called upon industry to cut down prices of products, a leading real estate baron Tuesday said it was the government's duty to ensure higher supply of affordable housing in the market to bring down prices.
"Not that we will bring it (prices) down. The market forces will bring it down," K.P. Singh, chairman of real estate giant DLF Group, told reporters here on the sidelines of the World Economic Forum-India Economic Summit.
Expert panel on financial crisis meets Monday for solutions
By IANS,
New Delhi : An expert panel under Finance Secretary Arun Ramanathan meets here Monday to find solutions to help India weather the global financial turmoil, which has led stocks to crash and industrial growth trip to its lowest in a decade.
The panel, which has to submit a report to Finance Minister P. Chidambaram in a week's time, will also visit Mumbai to hold deliberations with financial sector regulators, including the central bank and the market watchdog, officials said.
PM concerned over rising steel prices
By IANS,
Bokaro : Prime Minister Manmohan Singh Tuesday voiced concern over rising steel prices after laying the foundation stone of a Rs.110-billion expansion and modernisation project of the Bokaro Steel Plant.
Urging steel traders not to take advantage of the situation, the prime minister said in a brief speech on the occasion: "Our government will take necessary steps to curb the rising prices."
Andhra Pradesh budget crosses Rs.1 trillion
By IANS
Hyderabad : Andhra Pradesh Finance Minister K. Rosaiah Saturday presented a tax-free, revenue-surplus budget for 2008-09 with the overall expenditure crossing Rs.100,000 crore (Rs.1 trillion or $25 billion), claimed to be highest figure for any state in the country.
Mamata kicks off indefinite protest at Singur
By IANS,
Kolkata : Opposition Trinamool Congress chief Mamata Banerjee Sunday kicked off an indefinite protest by thousands near the Tata Motors small car factory site in Singur in West Bengal to demand return of 400 acres of farmland acquired for the project.
The Trinamool chief reached Singur at 2 p.m., accompanied by Samajwadi Party leader Amar Singh, social activist Medha Patkar, former Congress leader Soumen Mitra, Krishi Jami Jiban Jibika Raksha Committee (Save Farmland Committee) Convenor Purnendu Bose and other political and social activists.
Hyundai’s new chief, workers hope for cordial ties
By IANS,
Chennai : Hyundai Motor India's new managing director and chief executive Han Woo Park as well as workers are hoping for cordial industrial relations at the company's two plants near here.
"We have signed a new wage agreement with the workers valid till 2012," Park said in his first interaction with the media here Tuesday after assuming his new role.
"We will open up the communication channels with workers. Some misguided elements are creating worker related problems."
Union leaders said they too were looking forward to a cordial relationship with the management.
Promote ‘Made in India’ brand, Maran tells textile sector
By IANS,
Mumbai : Textiles Minister Dayanidhi Maran wants the sector to develop the "Made in India" brand and diversify into markets beyond the US and the European Union.
"The US and EU markets are brand-driven, and through branding we will be able to create a niche market for Indian textiles products and ensure higher value realisation per unit," Maran told reporters here Friday.
Special workshops to mark financial brokerage meet in Abu Dhabi
By IANS,
Abu Dhabi : Special workshops providing a suitable environment to participants to meet and exchange ideas will be the highlight of the Financial Brokerage Forum (FBF) to be held in Abu Dhabi in October this year.
This year's theme of the forum, to be held Oct 14-15, is 'Investment in a New Global Economy', the official Emirates News Agency (WAM) said.
Indian animation industry poised for growth
By Jivraj Burman, IANS
Mumbai : "Hanuman", "Hanuman Returns" and now "Bal Ganesh"... the string of successful animation movies is an indication of the fast growth that the Indian animation industry is poised for after the development of some very advanced software.
"As far as the Indian animation movie production is concerned, a new phase has now started after advanced software has been developed. Technology is key to the growth of the animation sector," Ashish Kulkarni of Jadooworks, a Bangalore-based animation company, told IANS.
Lao Telecommunication To Serve 3G Mobile System By August
By Bernama,
Vientiane : Lao Telecommunication is preparing for the expansion of network system to deal with the new service of 3 Generation mobile system, Lao news agency (KPL) reports Wednesday.
The 3G mobile system expects to be completed by August this year.
The Lao Telecommunication is going to upgrade its capacity and software of each centre nationwide for opening new service of 3G mobile network, along with 117 stations and Intelligent Network (IN) system would be also upgraded which increase its capacity to 1.3 million of numbers, from 1 million of number mobile phone.
Two Chinese firms in race to build Kudremukh ductile iron plant
By Fakir Balaji, IANS,
Bangalore : Two Chinese firms and their Indian partners have pre-qualified to build a Rs.2.25 billion ductile iron spun pipe plant on a turnkey basis for the state-run Kudremukh Iron Ore Co. Ltd (KIOCL), the company's top official said here Thursday.
"Two Chinese joint venture firms have pre-qualified for techno-commercial evaluation," Kudremukh's new chairman and managing director K. Ranganath told IANS.
The process will be completed by this month-end and the bids will be opened for ascertaining the quoted price, Ranganath said.
Rose Group to open 58 exclusive fashion accessory stores
By Shweta Thakur, IANS
New Delhi : The Rose Group, a leading Indian purveyor of luxury jewellery and watches, is set to pump in Rs.6.59 billion to open 58 exclusive stores and sell at 350 more outlets across the country by the end of 2010.
"By end 2008 we plan to open 15 more exclusive outlets of accessible jewellery and 41 Watches and More (WAM) fashion accessory stores. The initial investment would be about Rs.15 million on each outlet," Biren Vaidya, managing director of the company, told IANS.
Emirates partners with Jet Airways to boost connectivity
By IANS,
Dubai : The United Arab Emirates' (UAE's) state carrier Emirates and India's Jet Airways have signed a cooperation agreement to boost flight connectivity as well as improve passenger services, WAM news agency reported.
Emirates will unilaterally code share on Jet Airways' daily flights from Mumbai and New Delhi to Dubai, giving travellers better connectivity and better passenger services, the report said Thursday. The new measure will come into force Dec 15.
Government approves release of 3G spectrum for BSNL and MTNL
By IANS,
New Delhi : The government has approved release of one block of 3G spectrum each to BSNL and MTNL, communications minister A. Raja said Thursday.
"We have approved the release of one block to MTNL (Mahanagar Telephone Nigam Limited) in Delhi and Mumbai/metro service areas and the release of another block to BSNL (Bharat Sanchar Nigam Limited) for other service areas," he said.
The approval comes after the minister's announcement last week to allow the two government-owned cellphone companies first mover advantage over private operators.
Allahabad High Court rules lower price for sugarcane
By IANS,
Lucknow : The Allahabad High Court Monday ordered a reduction in the government supported minimum price of sugarcane, virtually going against an earlier Supreme Court order.
A piquant situation has been created in India's largest sugarcane producing state on account of the high court ruling, which prescribes a rate of Rs.86 per quintal against the apex court's earlier order approving a price of Rs.110.
Officials were in a fix in Lucknow as to how they would enforce such an "incongruous" verdict.
Global firms invest $250 million in Vatika Group
Mumbai, Nov 29 (IANS) Leading realty and hospitality group Vatika Thursday said here that it had signed an agreement with global investment bank Goldman Sach, US-based private equity investors Wachovia Bank and Baer Capital for an investment of $250 million for new acquisitions and projects across the country.
The Vatika group said in a statement that the international financing institutions, which have already started disbursing the funds, would complete the financing by end-Dec 2008.
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