Investments in non-oil sector boosts growth in UAE
By IANS,
Dubai: A sharp rise in public and private investments helped the United Arab Emirates' (UAE) real non-oil sector to grow by around 3.9 percent last year despite a slowdown in the second half because of the global financial crisis, WAM news agency reported Sunday.
From about 282.9 billion dirhams (about $77 billion) in 2007, the non-oil sector's contribution to the country's real gross domestic product (GDP) grew to nearly 294 billion dirhams (about $80 billion) in 2008, the economy ministry's figures show.
UAE company discovers new gas well in Egypt
By Xinhua
Abu Dhabi : Dana Gas of the United Arab Emirates (UAE), the largest private-sector natural gas company in the Middle East, has discovered a gas well in its drilling concessions in Egypt, local newspaper Khaleej Times reported Tuesday.
The discovery, the second of its kind this year, was made at the Dabayaa-2 delineation well in Dana Gas' West Manzala Exploration Concession in the Nile Delta, according to the report.
Nuclear companies jostle for Vietnamese reactor business
By Matt Steinglass, DPA,
Hanoi : A French nuclear power export consortium has made its case for Vietnam to turn to France for the two nuclear power plants it plans to build in the next decade as firms from five countries gathered at a nuclear power trade fair in Hanoi to promote their wares.
"In contrast to certain large countries, we have never had a major nuclear accident with any consequences for the local population," said France's ambassador to Vietnam, Herve Bolot. "That's an extremely strong argument."
Project management group to overcome delays in project completion: Gowda
New Delhi : Railway Minister D. V. Sadananda Gowda Tuesday said that railways will set up project management group to overcome delays in project...
Infosys bags Boeing excellence award
By IANS
Bangalore : India's leading IT firm Infosys Technologies has bagged the performance excellence award from global aerospace major Boeing for 2007.
"The Boeing award reflects our insight and approach to global clients across verticals. The recognition testifies the values with which we deliver integrated services to clients in manufacturing industries," Infosys global head for automotive and aerospace sectors Franco Gonsalves said in a statement Wednesday.
Infosys is among 50 firms to receive the gold level performance award from Boeing's 10,000 suppliers worldwide.
India to run bullet trains, says Lalu
By IANS,
New Delhi : Fresh from a ride on a Japanese bullet train, Railways Minister Lalu Prasad Monday announced that India would soon have similar high-speed trains on select routes.
"The day is not far off when the bullet train will run in the country," Lalu Prasad told reporters here.
"The railways ministry will appoint global consultants for introducing the high-speed trains in India," he said.
The possible routes would include Mumbai-Ahmedabad, Delhi-Chandigarh and Delhi-Patna.
India for greater IMF watch on major economies
By Arun Kumar, IANS,
Washington : India has asked the International Monetary Fund (IMF) to refocus and strengthen its traditional surveillance and lending functions as part of efforts to resolve the global financial crisis with the spotlight on important bigger countries.
"The twin crises - in the financial markets and the commodity price increases - bring to the fore the role of the Fund," Finance Minister P. Chidambaram told the International Monetary and Financial Committee Meeting here Saturday.
Loan repayments are going well:British bank
By DPA,
London : Britain's nationalised mortgage lender Northern Rock said Tuesday it was "well ahead" of its government loan repayment target, having paid back more than half of the 26 billion pounds ($45 billion) in emergency loans from the Bank of England.
Government-appointed Northern Rock chief executive Ron Sandler said that as on Sep 30, the sum of 11.4 billion pounds was still outstanding.
Millennium Equity gets into India’s telecom tower business
By IANS
Dubai : The Millennium Private Equity (MPE) has struck a deal with the Investment Corporation of Dubai (ICD) to invest into an Indian telecom tower business, WAM news agency reported Thursday.
Private equity firm MPE committed $100 million together with other investment firms such as Temasek Holdings, Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners out of a total investment of $1 billion into Bharti Infratel, a subsidiary of Bharti Airtel Limited, a leading telecom player in India.
Sensex slips into red, IT stocks lose
By IANS,
Mumbai: Indian equities markets slipped into the red around noon Wednesday with a benchmark index giving up modest gains amid selling in IT and telecom stocks.
India’s industrial production up 4.8 percent in September
By IANS,
New Delhi : India's industrial production expanded 4.8 percent in September, which was higher than the poor growth of 1.3 percent in the previous month, but sharply lower than the 7 percent registered during the like month of last fiscal.
Data on the official Index of Industrial Production (IIP) released Wednesday showed that cumulative growth during the first six months of this fiscal was 4.9 percent, against 9.5 percent during the corresponding period of last fiscal.
Bharti Airtel to launch iPhone on Aug 22
By Himank Sharma, IANS,
New Delhi : Almost two months after Apple chief executive Steve Jobs' keynote address featured the Bharti logo prominently alongside the likes of AT&T and O2 as mobile operators who will sell the iPhone 3G worldwide, Bharti Wednesday formally announced Aug 22 would be the launch date.
Bharti in its statement did not reveal the price at which the phone will retail in the country. The iPhone is sold between $199-$299 (Rs.7,960-Rs.11,960) in the US.
India can set international R&D benchmarks: President
By IANS,
New Delhi : India, expected to become one of the largest global economies, can set international benchmarks in research and development, President Pratibha Patil said Friday.
India had been playing a leading role in the knowledge economy and was "well placed to face the future with confidence", Patil said in her address to the nation on the eve of Independence Day.
"India can set high standards of research and development so that these can become the international benchmarks in a knowledge society."
No bailout for private airlines, says government
By IANS,
New Delhi : A day after private airlines called off their Aug 18 strike, Civil Aviation Minister Praful Patel Monday ruled out any kind of bailout for them or for the state-owned carrier Air India.
"There is no question of a financial bailout for private airlines. We are not even bailing out Air India, which is owned by the government," Patel told reporters here.
"But we will try to help them (the carriers), in every possible way as it is an important sector," the minister stated, emphasising that the government understood the problems faced by the aviation industry.
ITC net up 4.6 percent, crosses Rs.3,200 crore
By IANS,
Mumbai : Tobacco, FMCG and hospitality major ITC saw its net profit for 2008-09 increase 4.6 percent to about Rs.3,264 crore from Rs.3,120 crore earned the previous fiscal.
The company's turnover similarly registered a 10.5 percent growth during the year to Rs.16,844 crore from Rs.15,245.3 crore in 2007-08, it said in a regulatory statement Friday.
ITC's FMCG and tobacco businesses grossed the highest net turnover at Rs.10,562.48 crore, while the hospitality segment notched a net revenue of Rs.935.45 crore in the year under review.
Mahindra and Mahindra net profit zooms to Rs.413.7 crore
By IANS,
Mumbai : Automobile major Mahindra and Mahindra (M&M) reported a whopping rise in net profits to Rs.413.7 crore in the third quarter this fiscal, against Rs.43.6 crore in the same quarter a year ago, owing to moderate commodity prices and an improved sales performance.
Gross revenues of the company also saw a huge increase of 51.2 percent to Rs.4,920.3 crore in the third quarter of current fiscal, against Rs.3,255.1 crore in the year-ago period, M&M said in a regulatory filing Monday.
Don’t blame food prices on biofuels: Brazilian president
By IANS
The Hague : Brazilian President Luis Inacio Lula da Silva has called on world leaders to take steps to increase food production to hold the price line and not blame it on diversion of land for biofuels.
The Brazilian leader, who is on a state visit to the Netherlands, told reporters after meeting Dutch Prime Minister Jan Peter Balkenende here Thursday that increased production was one way to keep prices down and supply steady, EFE news agency reported Friday.
OPEC crude price crosses $100.50 to a barrel
By DPA
Vienna : The price for crude produced by the Organisation of the Petroleum Exporting Countries (OPEC) reached an historic high when it exceeded $100.
According to the OPEC Secretariat Wednesday, one barrel (159 litres) of OPEC-produced crude stood at $100.57 Tuesday, up over a dollar from the previous day when it stood at $99.48.
OPEC, which pumps about 40 percent of the world's crude, calculates an average basket price of 12 important brands produced by member states.
UAE’s Royal Jet named world’s leading private jet charter
By IANS
London : The United Arab Emirates (UAE)-based flight services company Royal Jet has been named the world's leading private jet charter by the World Travel Awards (WTA), WAM news agency reported Saturday.
The award was presented to Royal Jet's President and CEO Shane O'Hare by the WTA's Executive Director Manon Han at a function here.
Markets extend lead in afternoon trade
By IANS,
Mumbai : Indian equities markets, which started the first day of the new year in the green, extended their gains in the afternoon. About 90 minutes before the closing bell, a key index was trading 2.1 percent higher than its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,849.74 points at the time Thursday, a rise of 202.43 points or 2.1 percent from its previous close of 9,647.31 points.
Indian shares rise on strong global trends
By IANS
Mumbai : Buoyed by firming global markets, Indian shares Thursday showed a strong upward trend, with finance and cements stocks pulling up a key index by 1.43 percent in a broad-based rally.
Efforts against climate change must continue: China
By XINHUA,
Beijing : Chinese Prime Minister Wen Jiabao has warned against slackening global efforts to address climate change on the plea of economic slowdown.
"As the global financial crisis spreads and worsens, and the world economy slows down, the international community must not waver in its determination to tackle climate change, nor must they ease up in their actions," Wen told a high-level conference on climate change that opened in here Friday.
Metro Cash & Carry opens first store in Kolkata
By IANS,
Kolkata : Metro Cash & Carry, the Indian arm of German wholesaler Metro AG, Wednesday opened its first outlet here, nearly two months after the company was granted licence to sell farm commodities and other food items in West Bengal.
"We have invested Rs.140 crore (Rs.1.4 billion) in the region and also created 350 new jobs for local citizens," Metro Cash & Carry India managing director Martin Dlouhy told reporters here.
Transdot all set to ‘clean up’ Kerala
By IANS,
Thiruvananthapuram : Into a decade of starting its sewage treatment division, city-based Transdot is all set to 'clean up' Kerala using its latest membrane bio-reactor (MBR) process, considered to be the most advanced waste water treatment technology.
Speaking to reporters here Tuesday, after revealing its treatment plant using MBR process mounted on a four wheeler, chief of Transdot M.R. Narayanan said the company has booked a string of orders from within the country and abroad.
Economic Survey favours raising Rs.25,000 crore from divestment
By IANS,
New Delhi : The Economic Survey the government presented in parliament Thursday called for revitalising the divestment policy so as to generate at least Rs.25,000 crore (Rs.250 billion/$5.22 billion) annually.
"List all unlisted public sector enterprises and sell a minimum of 10 percent of equity to the public," the survey stated.
It also called for completing the process of offloading 5-10 percent equity in previously profit making non-Navratna companies.
McNally Bharat second quarter net profit Rs.3.6 crore
By IANS,
Kolkata : Engineering firm McNally Bharat Engineering (MBE) posted a net profit of Rs.3.6 crore for the quarter ended Sep 30, against Rs.3.2 crore registered during the corresponding period last fiscal, it said here Monday.
Its current order book stands at Rs.2,925 crore, the company said in a statement.
"Order book as on Sep 30 stands at a healthy level of Rs.2,925 crore. Further, bids totalling Rs.4,910 crore are at different stages of decision, which includes Rs.859 crore where MBE emerged L1," the statement said.
Mamata ready for talks with Tatas on Singur project
By IANS,
Kolkata : Trinamool Congress chief Mamata Banerjee Thursday said she is "not averse" to the Tata Motors' small car project in West Bengal and was ready for talks with the automobile major - signalling a way out of the impasse over farmland acquisition that has hampered the project.
"I am not averse to the Tata Motors project," said Banerjee, whose party has vociferously opposed the acquisition of farm land for the project in Singur.
Parsvnath’s Ahmedabad luxury hotel to be ready by 2010
By IANS,
Ahmedabad : Parsvnath Hotels Ltd (PHL), a subsidiary of real estate major Parsvnath Developers, Monday said its Rs.2.5-billion (Rs.250-crore) five-star hotel project in Vejalpur near here would be completed by 2010-end.
The 152-room luxury hotel will also have a 24-hour coffee shop, multi-cuisine and specialty restaurants, conference rooms, a business centre and a few boutique stores, a senior company official said.
The project will also have a shopping mall and multiplexes.
Tata Motors halts production at Jamshedpur plant
By IANS,
New Delhi/Ranchi : Tata Motors Thursday halted production at its Jamshedpur plant for three days to adjust production targets with shrinking demand.
France calls for European sanctions against Iran
Paris, Sep 21 (Xinhua) France is calling on its European partners to take their own economic measures against Iran over its nuclear programme while working to secure new UN sanctions at the same time, the presidential office said.
These are basically "additional measures outside the UN" which "could even be taken without a common agreement between the Europeans", presidential office spokesman David Martinon said Thursday.
Trade, investment top India-US CEOs Forum agenda
By Arun Kumar, IANS,
Washington: Trade, investment, and an easier visa regime are expected to be the key focus as Indian and US policymakers and corporate leaders meet here Tuesday to discuss how to enhance their business ties.
India's Finance Minister Pranab Mukherjee leads the high-powered team of policymakers including Commerce Minister Anand Sharma and Planning Commission Deputy Chairman Montek Singh Ahluwalia at the India-US CEOs Forum.
Mukherjee will also have bilateral meeting with his US counterpart Treasury Secretary Timothy Geithner.
India creating new management thinking: Prahalad
By IANS
Ahmedabad : India is creating the next wave of management thinking with micro-level multinationals of the country making global operations possible without relying on foreign direct investment, noted management guru C.K. Prahalad has said.
Countdown to India’s re-entry into global nuclear trade
By IANS,
New Delhi : For more than three years, since Prime Minister Manmohan Singh visited Washington, the India-US nuclear deal has been one of the most hotly debated issues. From then till now, when the Nuclear Suppliers' Group (NSG) is meeting in Vienna to consider India's case for a waiver, the chronicle of the deal:
July 18, 2005: Prime Minister Manmohan Singh and US President George W. Bush sign a joint statement in Washington that includes a landmark civilian nuclear cooperation deal.
Focus on clean mobility at Frankfurt Motor Show
By Reino Gevers, DPA
Frankfurt : Carmakers are presenting a flurry of new drive concepts at the 62nd International Motor Show (IAA) in Frankfurt Sep 13-23 aimed at making cars of the future cleaner and safer.
Japanese, European and American car engineers are in a fierce competition on the best drive solution of the future as oil resources dwindle and the global number of vehicles are estimated to increase from 850 million to 1.2 billion in the next 15 years.
New airlines for business travel launched in UAE
By Xinhua
Abu Dhabi : A private jet aviation company providing business charter flights was launched in the United Arab Emirates (UAE), Gulf News reported Monday.
Indian equity markets remain closed
By IANS,
Mumbai : All Indian equities markets remained closed Friday on account of the government-declared holiday for Mahavir Jayanti festival.
The next trading session will be Monday, the next two days being weekend holidays.
Reliance Globalcom acquires Britain’s eWave World
By IANS,
Mumbai : Anil Ambani-promoted Reliance Globalcom, a subsidiary of Reliance Communications Ltd (RCL), has acquired 90 percent stake in eWave World, a UK-based telecom company engaged in offering wireless telephony services using WiMAX technology.
However, Reliance refused to divulge the exact amount of the acquisition.
India, Brunei to deepen economic, cultural links
By IANS,
New Delhi : Haji Hassanal Bolkiah, the Sultan of oil-rich Brunei Darussalam, arrived here Tuesday evening on a four-day visit during which the two countries will ink four agreements on deepening their economic and cultural links.
The sultan arrived here in a special Boeing 747 on his first visit to India in over a decade.
After a ceremonial reception at the forecourt of the Rashtrapati Bhavan presidential palace Wednesday morning, the sultan will head for Prime Minister Manmohan Singh's official 7 Race Course Road residence for a luncheon meeting.
Banks welcome CRR hike, analysts sceptical
By IANS,
Mumbai : India's leading banks have welcomed the central bank's monetary policy announced Tuesday, terming it a balanced and progressive set of measures that aims to curb price rise and stimulate growth.
"This policy is a move to curb inflation and spur growth. We as bankers need to follow the Reserve Bank of India (RBI) mandate," said ICICI Bank Managing Director and Chief Executive K.V. Kamath.
Abu Dhabi customs to have speedy import clearing system
By IANS,
Abu Dhabi : The Abu Dhabi customs department has signed here a Memorandum of Understanding with logistics company DHL Express for launching an Electronic Data Interface (EDI) system for faster clearance of imported goods, WAM news agency reported Wednesday.
The new system - called the 'Gold Card' programme - allows DHL customers to lodge and complete customs declaration process prior to the arrival of their goods.
Top economic panel suggests fine-tuning of tax slabs
By IANS
New Delhi : The Prime Minister's Economic Advisory Council (EAC) Wednesday suggested some adjustments in the income tax slabs in the upcoming national budget to boost consumer demand, even as it saw the Indian economy growing 8.5 percent in the next fiscal (2008-09).
In a pre-budget meeting with Finance Minister P. Chidambaram, the council, led by former Reserve Bank of India governor C. Rangarajan, however, said that the actual tax rates could be kept at the same level.
Saint Gobain wants suppliers to slash rates
By IANS,
Chennai : The Indian arm of leading French glass maker Saint-Gobain, which is developing a greenfield plant in Bhiwadi, Rajasthan, Thursday said it will renegotiate rates with the project's suppliers to achieve substantial cost savings.
"Taking advantage of slowdown and the general fall in prices we will renegotiate rates with our vendors for the Rajasthan project. However, I will not be able to comment on the price reduction that would happen," Saint-Gobain India managing director B. Santhanam told reporters here on the sidelines of a seminar.
HSBC axes 450 Hong Kong staff
By DPA,
Hong Kong : Banking giant HSBC axed 450 jobs in Hong Kong Monday because of the impact of the global financial crisis, a government-run radio station reported.
The bank blamed the cuts among the 20,000-strong Hong Kong workforce on the
deteriorating global economy and a pessimistic outlook for 2009, according to Radio Television Hong Kong.
Both front and back office staff have been affected by the job cuts, the radio station said.
Young India to reap demographic dividends: Economic Survey
By IANS
New Delhi : India's working people of 15-64 years will increase from 62.9 percent of the population in 2006 to 68.4 percent in 2026, enabling the country to harness demographic dividends, the Economic Survey for 2007-08 said Thursday.
The survey said if India can "get the skill development act right", then the huge working population would bring maximum benefit to the country.
Bank rates hiked to rein inflation, says RBI governor
By IANS,
Bangalore: The bank rates were raised March 19 by 25 basis points to contain the wholesale price index (WPI) inflation rate, which shot up to 9.9 percent in February, Reserve Bank of India (RBI) governor D. Subba Rao said late Monday.
"Given the inflation pressures and given the growth is consolidating, some normalisation was required. Both the repo rate and reverse repo rates were increased by 25 basis points to contain the inflationary pressures," Rao told reporters here.
Giant goats with price tag of Rs.171,000 each
By IANS
Jaipur : With only a few days left for Eid-Ul-Zuha, Jaipur's Bakra Mandi (goat bazaar) is in full swing ahead of the Muslim festival. Talk of the town is a pair of goats, named Salman and Arbaj, each costing Rs.171,000.
Eid-Ul-Zuha, the festival signifying spirit of sacrifice, will be celebrated Friday. Muslims all around the world offer animal sacrifices on the festival in deference to Prophet Ibrahim who is believed to have agreed to slaughter his son, Ismail, on Allah's command.
Markets to hold special Diwali trading session Saturday
By IANS,
Mumbai : The Bombay Stock Exchange (BSE) will hold a special Diwali trading session over 60 minutes from 6:15 p.m. Saturday to pay obeisance to Lakshmi -- the Hindu goddess of wealth and prosperity.
The other major bourse, the National Stock Exchange, will hold a similar session -- also called muhurat -- during the same time to also mark the New Year for traders as per the Hindu lunar calendar, or Samwat 2066.
‘Indian entertainment sector to grow 18 percent annually’
By IANS,
Mumbai : With new markets opening up, the Indian entertainment and media sector is poised to witness about 18 percent annual growth in the next five years, according to a recent study conducted by consultancy and auditing firm PricewaterhouseCoopers (PWC).
The study, titled 'Global Entertainment and Media Outlook 2008-2012', says India, along with other BRIC nations - Brazil, Russia and China - will see an economic growth of around 13.6 percent as against 5.9 percent growth that the rest of the world will witness in this period.
Fresh dearness allowance instalment for government employees
By IANS
New Delhi : The cabinet Thursday approved release of an additional instalment of dearness allowance (DA) and dearness relief (DR) to central government employees and pensioners, retrospectively from July 1 - entailing a burden of Rs.32.84 billion on the exchequer.
"The rate of DA from July 1, 2007 will be 41 percent for all central government employees, constituting an increase of six percent over the existing 35 percent," Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.
China, US 2008 Trade Ups 10.5 Percent
By Prensa Latina,
Beijing : Trade between the US and China grew 10.5 per cent in 2008, netting $333.7 billion, say specialized sources.
This is the smallest growth since China joined the World Trade Organization (WTO) in 2002 but reflects an active bilateral exchange.
The General Customs Administration (GCA) rates Chinese sales to the US in $252.3 billion, which is 8.4 per cent higher than 2007.
US exports to China netted $81.4 billion, for a 17.4 per cent growth compared to the previous year.
Oil marketing company scrips shoot up after price hike
By IANS,
Mumbai : Scrips of oil marketing and exploring companies shot up after the government Friday freed fuel prices and hiked the rates for petrol, diesel, kerosene and cooking gas to boost their revenues.
At the Bombay Stock Exchange (BSE), oil marketing firm Bharat Petroleum Corp (BPCL) soared 15.29 percent to touch the intra-day high of Rs.634.85, but closed lower at Rs.616.50.
Another downstream company Hindustan Petroleum Corp (HPCL) was up a whopping 18.7 percent in afternoon trade at Rs.411.50, but dipped later to close at Rs.399.75.
India’s direct tax collections up 38 percent
By IANS,
New Delhi : In spite of a slowdown in the growth of both industrial production and merchandise exports, India's direct tax collections rose by as much as 38.61 percent in the first quarter of the current fiscal, the finance ministry said Friday.
The direct tax collections, according to an official statement, rose to Rs.573.73 billion during the period against Rs.413.91 billion in the like quarter of the previous fiscal.
Singapore firm protests Indian airports management’s ‘bias’
By Vishnu Makhijani, IANS
New Delhi : A Singapore-based firm has accused the state-managed Airports Authority of India (AAI) of bias in a deal for installing common use terminal equipment (CUTE) at 13 airfields across the country, saying its rival was unfairly selected.
Tata-owned Corus CEO to quit
By Venkata Vemuri, IANS,
London : Chief executive officer of Tata-owned British steel maker Corus, Kirby Adams is to step down this October, media reports said.
Adams, who will remain as an adviser to the Corus board, will be replaced by Karl-Ulrich Köhler, the company's chief operating officer.
The Sunday Times quoted senior steel industry sources as saying that Adams's future had first been discussed at a meeting in Mumbai two months ago, following the closure of the Corus plant in Teesside in north-east England.
Jammu and Kashmir suffers Rs.50 bn loss: Assocham
By IANS,
New Delhi : The current bout of unrest in Jammu and Kashmir has cost the industry Rs.50 billion ($1.16 billion) in the past two months, a leading industry chamber said here Saturday.
"The social and political unrest, completely disrupting industrial activities in the last two months, has jeopardised the state's economy with industrial losses mounting over Rs.5,000 crore (Rs.50 billion)," said the Associated Chambers of Commerce and Industry (Assocham).
India, Iran top carpet sales in Germany
By NNN-Bernama,
Berlin : India and Iran topped the list of carpet sales in Germany during the first 10 months in 2009, with each country selling 32.9 million euros (RM159.75 million) worth of carpets, according to Iranian national news agency (Irna) citing the Federal Statistical Office's report on its homepage Tuesday.
A total of 2.2 million square metres of carpets from all over the world, worth 119 million euros, were imported into Germany.
Air Canada shuts yet more flights to stay afloat
By Gurmukh Singh, IANS,
Toronto : Having axed 2,000 staff and many flights last month, Air Canada has announced suspension and cancellation of more flights to save on fuel.
With its fuel bill going up by $1 billion this year, Canada's national carrier Monday said it was cancelling operations on 10 more national and international routes.
The world's 11th largest airline said it was also suspending three other flights for the time being, including some full-capacity flights.
One in four Indo-Canadians send money to India
By IANS,
Toronto : About a quarter of Indian immigrants in Canada start money sending back home about two years after landing here, says Statistics Canada.
More than 30,000 Indians immigrate to Canada each year. Though figures are not available, their remittances must constitute a substantial chunk of the $5 billion that goes out of Canada each year.
In a study released Wednesday, Statistics Canada said one in four Indian immigrants started sending money back home two years after coming here.
Sri Lanka’s economic growth may drop to 3 percent
By IANS,
Colombo : Making a gloomy economic forecast, Sri Lanka's Central Bank said Monday that economic growth rate might drop to as low as 3 percent in 2009 from 6 percent in 2008 if adverse conditions persist.
Releasing the annual report for 2008, the bank said that despite unprecedented and unfavourable developments globally and domestically, the Sri Lankan economy has "demonstrated its resilience by recording a growth of 6 percent for 2008".
Tokyo stocks up on US car rescue plan
By DPA,
Tokyo : Stocks in Tokyo opened stronger Monday after the US announced to guarantee emergency loans to ailing US automakers.
Buoyed also by a weaker yen, the benchmark Nikkei 225 Stock Average was up 121.9 points, or 1.42 percent, to 8,710.42.
The broader Topix index of all first-section issues climbed by 12.77 points, or 1.53 percent, to 847.2.
On Friday, US President George W. Bush agreed to a $17.4-billion emergency loan to keep the iconic US car industry alive, granting General Motors Corp and Chrysler LLC a breathing space until March 31.
Software sector hails tax holiday extension
By IANS,
Bangalore : India's software sector Monday welcomed the extension of tax holiday on export profits to 2010-11 from this fiscal, rationalisation of multiplicity of taxes on packaged software and abolition of fringe benefit tax (FBT).
According to National Association of Software and Services Companies (Nasscom), the industry's lobby, the budget had recognised the contribution of the IT-BPO (information technology and business process outsourcing) industry to the country's economic progress and had provided measures to boost it.
Jet Airways joins Arab Air Carriers Organisation
By IANS,
Mumbai: Jet Airways, India's leading private airline, has joined Arab Air Carriers Organisation (AACO) as a partner airline, a top airline official said here Monday.
India opens first LPG cavern storage at Vizag
By IANS
New Delhi : Petroleum Minister Murli Deora Monday inaugurated the Visakhapatanam-located liquefied petroleum gas (LPG) cavern storage of South Asia LPG Company Pvt Ltd, a joint venture of state-owned refiner Hindustan Petroleum Corp Ltd (HPCL) and French oil major Total, said an official statement.
The minister also participated in the Golden Jubilee celebrations of HPCL's Visakhapatnam refinery.
"The facility has helped the country join the select group of advanced nations," Deora was quoted as saying in his address on this occasion in the statement.
Pranab sticks to 7.2 percent growth in 2009-10
By IANS,
Bangalore : Finance Minister Pranab Mukherjee Monday said the government was sticking to an estimated 7.2 percent growth rate for this fiscal (2009-10) and 8.5 percent for 2010-11.
"I have given some indication in the budget speech and the economic survey. So far as this year is concerned, we are sticking to 7.2 percent GDP (Gross Domestic Product)growth and 8.5 percent for 2010-11," Mukherjee said.
The finance minister was talking to reporters on the margins of a workshop on financial
‘North Indians’ exodus from Mumbai affecting industry’
By IANS
Mumbai : The "exodus" of north Indians from Mumbai and other parts of Maharashtra after Maharashtra Navnirman Sena (MNS) chief Raj Thackeray's tirade against them has affected industry operations, a business lobby said Thursday.
It was the first time since Thackeray launched his campaign against migrants earlier this month, leading to violence clashes, that the corporate world has openly expressed its view.
SBI top loan arranger in Asia-Pacific in 2007
By IANS
Ahmedabad : The government-owned State Bank of India has been ranked as the top loan arranger in the Asia-Pacific region in 2007 by Britain-based Project Finance International (PFI), a well-known source of global project finance intelligence.
The bank arranged loans worth $4.87 billion covering 16 deals. The loan arranger league table of PFI has 88 participants.
ICICI bank, ranked forth, is the next Indian bank in the top five. The other three are Korea Development Bank, ANZ Bank and CBA. ICICI Bank arranged loans worth $2.14 billion covering 16 deals.
‘World financial markets won’t improve until late 2009’
By DPA,
Kiev : Dominique Strauss-Kahn, director of the International Monetary Fund (IMF), Friday predicted no improvement in the world financial markets until the latter half of 2009, the Interfax news agency reported.
Strauss-Kahn was speaking at a conference on international economics held in the Black Sea resort city Yalta.
"It is possible that in the second to third quarter of 2009 the process of improvement (of world financial markets) will begin," he said. "The main part of the crisis could by then be behind us."
BGR Energy inks technology transfer pact with Italian firm
By IANS,
Chennai : City-based Rs.15.25-billion BGR Energy Systems Ltd has inked a technology transfer agreement with Italian firm TME SpA Termomeccanica Ecologia (TME), the company announced Monday.
As per the agreement, the $235-million Italian environment and industrial engineering company would provide the technical know-how to BGR Energy to build condensate polishing plants that are used in power projects.
The condensate polisher is a device installed in plants to remove contaminants from demineralised water to enable its reuse.
Afghan opium production soars to record level
By NNN-IRIN
Kabul : Opium production in Afghanistan increased by 17 percent in 2007, the UN Office on Drugs and Crime (UNODC) said on 27 August.
"No other country in the world has ever produced narcotics on such a deadly scale," said the Afghanistan Opium Survey 2007, an annual assessment prepared by UNODC and the government of Afghanistan.
Afghan farmers have cultivated poppies on 193,000 hectares which will produce 8,200 metric tonnes of opium in 2007, the survey indicated. Afghanistan alone accounts for 93 percent of the heroin processed in the world.
Disney plans billion-dollar theme park revamp
By DPA
Los Angeles : The Walt Disney Company is planning to spend $1.1 billion to revamp its California Adventure theme park, which has been a disappointment to visitors since opening next to the famous Disneyland resort six years ago, the Los Angeles Times reported.
Budget highlights-3
* Debate on GST must end; hope for a final solution this fiscal
* E-visas to be introduced at nine airports
* New scheme to provide...
Buddha okay with Indian agro-retail biz
By IANS
Kolkata : West Bengal chief minister Buddhadeb Bhattacharya said Indian companies interested in agro-retail should be allowed to set up outlets, albeit with some restrictions.
"We should allow big retail companies like Spencers, Reliance and Wal-Mart in agro-retailing business. I know Mittals have joined hands with Wal-Mart," Bhattacharjee said at the national council meeting organised by Confederation of Indian Industry (CII) here Monday.
Gujarat tops on solar projects with $2.4 bn investment
By Joydeep Gupta, IANS,
New Delhi : The Gujarat government has approved 34 solar power projects at an investment of Rs.12,000 crore (Rs.120 billion/$2.4 billion) over the next few years, to rank it the top Indian state for this clean energy, a senior official has said.
"The projects will add 716 MW to our state electricity grid. This is 2-3 percent of the power requirement," said a senior official with the state government-run Gujarat Energy Development Agency (GEDA).
Six killed, 50 injured in Manipur quake
Imphal/Shillong: At least six people were killed and more than 50 injured when an earthquake measuring 6.7 on the Richter scale rocked Manipur...
Gap summons suppliers to stop child labour
By Arun Kumar, IANS
Washington : American clothing chain Gap is calling an urgent meeting with its suppliers in the region to prevent child labour after withdrawing clothes allegedly made using child labour in an Indian factory.
"We strictly prohibit the use of child labour. This is a non-negotiable for us - and we are deeply concerned and upset by this allegation," Marka Hansen, president of Gap North America said in a statement issued in San Francisco.
Arabian Travel Market 2010 opens in UAE
By IANS/WAM,
Dubai : The Arabian Travel Market 2010, an exhibition showcasing travel and tourism industry in the region, has opened here at the Dubai World Trade Center.
The event was inaugurated Tuesday by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai.
The number of participants in the 2010 edition of Arabian Travel Market is 15 percent higher than previous year, according to organisers.
Karnataka clears Rs.636 bn investment projects
By IANS
Bangalore : The Karnataka government late Tuesday approved infrastructure and industrial projects estimated at a whopping Rs.636 billion that will help create a million jobs.
Reliance Energy raises $2 bn from convertible warrants
By IANS
Mumbai : Reliance Energy Ltd has allotted 43 million warrants convertible into equity shares to group company AAA Project Ventures Pvt Ltd, thereby raising Rs.78.35 billion ($1.98 billion).
The company has already received the amount payable towards allotment, REL announced here Monday.
REL will raise an amount of about Rs.78.35 billion from this issue, which will increase its net worth from Rs.103.2 billion to Rs.181.5 billion.
The promoters' equity stake in REL will increase from 34.7 percent to 44.4 percent, it was stated.
Petrol, diesel shortage hits Chhattisgarh
By IANS,
Raipur : Chhattisgarh is facing an acute shortage of petrol and diesel since Saturday, which has led to chaotic scenes at retail outlets Sunday.
Long queues of vehicles are seen at petrol pumps in Raipur and several other parts of the state with rumours doing the rounds that the situation would turn worse in the coming days.
Majority of patrol pumps have gone dry as three major government-owned suppliers - Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) - failed to maintain supply.
India launch of Microsoft Windows Phone 7 this year
By IANS,
Hyderabad : Microsoft plans to launch its Windows Phone 7 and search engine Bing in the Indian market this year, an official said here Wednesday.
Australian Gloria Jean’s Coffees enters India
By IANS
New Delhi : Gloria Jean's Coffees, one of world's leading coffee chains, Monday announced its foray into India in alliance with Citymax India, the hospitality arm of the Dubai-based retail giant Landmark Group.
The first Gloria Jean's Coffees outlet would open in Mumbai in February next year and in New Delhi by June, after which it plans to venture into Bangalore and other cities.
Torrent Pharma net profit up by 44 percent
By IANS,
Ahmedabad : Torrent Pharmaceuticals Limited Tuesday announced a 44 percent increase in their consolidated net profit for 2007-08.
Announcing the audited results for the last fiscal, the company said the net profit amounted to Rs.1.35 billion, up from Rs.940 million during 2006-07.
The consolidated sales earnings recorded only a marginal rise of three percent at Rs.13.36 billion, compared to Rs.12.92 billion the previous year.
Anil Ambani group alleges misconduct by oil regulator
By IANS,
New Delhi : The Anil Ambani group has alleged misconduct by Director General of Hydrocarbons V.K. Sibal in a petition filed in the Supreme Court Tuesday and said he had a role in allowing a huge hike in the capital expenditure of Krishna-Godavari gas fields awarded to Reliance Industries.
The petition contends that in order to make huge profits from the gas produced from the Krishna-Godavari basin, the Mukesh Ambani-led Reliance Industries had hiked the capital expenditure from $2.4 billion to $8.8 billion.
Canada’s n-industry sees deals worth billions with India
By Gurmukh Singh, IANS,
Toronto : The Canadian nuclear industry has welcomed the signing of a memorandum of understanding (MoU) with India to resume nuclear trade between the two countries after three decades, saying it could result in deals worth billions of dollars.
The MoU was signed by the Atomic Energy of Canada Limited (AECL) and India's Larson & Toubro earlier this week during the visit of Canadian international trade minister Stockwell Day to India.
Robust start for Indian equities in New Year
By IANS
Mumbai : Trading in Indian equities began on a positive note in the New Year with a key market index closing on a record high during the week ended Friday, backed by strong purchases by foreign funds and the buzz created by Reliance Power's upcoming $2.75 billion public offer.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) scaled new peaks during the week and ended at a record closing of 20,686.89 points, after topping an all-time high of 20,762.80 points during intra-day trading Friday.
Sensex climbs 0.50 percent on Asian cues
By IANS,
Mumbai : A benchmark index of Indian equities market climbed 0.50 percent in the morning session Monday on positive cues from other Asian markets.
Cut interest to avert currency crisis: Unctad economist
By Someshwar Singh, IANS
Geneva : Lowering interest rates is the only feasible solution for a country like India to tide over a looming financial crisis because of currency appreciation, says a senior economist at a UN trade and industry body.
"India has a special problem because it has not only the dollar fall, but faces international speculation due to high interest rates," said Heiner Flassbeck, a director with the United Nations Conference on Trade and Development (Unctad).
Kingfisher likely to buy into SpiceJet
By IANS,
Mumbai : UB Group chairman Vijay Mallya is in talks with two major share holders of New Delhi-based low cost carrier SpiceJet to buy the airline.
According to sources familiar with the development, Mallya is in talks with the Gulf-based investor Istithmar and the Britain-based Kansagra family who hold 13.4 percent and 12.9 percent stake respectively in SpiceJet.
The deal is likely to be valued around $300 million.
Nathu La trade reopens a month before schedule
By Syed Zarir Hussain
IANS
Nathu La (Sikkim) : Bilateral trade between India and China through the fabled Silk Road has resumed a month earlier than scheduled, with traders of both countries keen to boost business.
"Trading was earlier scheduled to begin June 1 and last until Sep 30. But the two countries agreed to demands by traders to allow business from May 1 to Nov 30," Sikkim Director of Industry and Commerce Saman Prasad Subba said Thursday.
Plan panel seeks government stakes cut in state-run banks
By IANS
New Delhi : A Planning Commission report on the services sector has favoured restricting the government's share in public sector banks to 33 from 70 percent, and reiterated the suggestion to make Mumbai an international financial centre.
The report of the high-level group on services sector (HLGSS) released Wednesday suggested reducing the government share "in a manner that minimizes dislocation or dissonance among various stakeholders".
Rs.7,060 crore to develop 100 smart cities
New Delhi : The government will spend Rs.7,060 crore to turn into reality Prime Minister Narendra Modi's dream of building 100 smart cities in...
South Africa mulls state competitor to Arcelor Mittal
By DPA
Johannesburg : The South African government plans to take on the local subsidiary of steel giant Arcelor Mittal of London-based Indian steel magnate Lakshmi Mittal by building its own carbon steel plant, Business Day newspaper reported here Wednesday.
A feasibility study into the costs and location of such a plant was being carried out under the auspices of South Africa's recently unveiled industrial policy, according to the paper.
The move would involve South Africa competing with a former state-owned company.
Indian markets move down in morning trade
By IANS,
Mumbai : Indian equities were trading in the red late Thursday morning despite US and European markets ending in the green Wednesday. A key index was ruling 1.68 percent below its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,535.03 points, was at 8,304.41 points, 1.68 percent or 142.087 points lower than its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,609.85 points, 1.34 percent below its last close of 2,645.2.
BlackBerry shut out of bidding for Nortel arm
By IANS,
Toronto : Dying telecom firm Nortel, which auctions its wireless business this week, has said Blackberry maker Research In Motion (RIM) was shut out of the bidding process for failing to sign non-disclosure agreements.
Toronto-headquartered Nortel, which has been operating under bankruptcy protection since January after posting losses of $5 billion last year, is auctioning its various divisions to liquidate itself.
EU says China main source for dangerous goods
By EuAsiaNews,
Brussels : The number of dangerous products removed from the European Union market rose by 53% in 2007 compared to 2006, according to the European Commission's annual report on the Rapid Alert System (RAPEX) to spot risky goods .
This rise from 1.051 notifications in 2006 to 1.605 last year shows that EU member states' surveillance capacities are improving year on year, and that European consumers are better protected today than ever before, said the EU's executive body in a statement Thursday.
Silicon Valley companies provide technology for latest ‘Shrek’ film
By Xinhua
Los Angeles : US computer giant Hewlett-Packard (HP) and chip maker Advanced Micro Devices (AMD) have jointly provided technology to help DreamWorks Animation SKG create what they call the digital magic in the latest "Shrek" film.
Investments in Gulf projects run over $2 trillion
By IANS
Dubai : Total investments in projects across various sectors in the Gulf region have crossed the $2-trillion mark, according to a report.
The MEED Projects index, which monitors investment within the construction, oil and gas, petrochemicals, power, water and waste sectors across the Gulf region, has risen in value by 40 percent over the past 12 months, despite fears that rising construction costs would lead to significant slowdown in the number of new projects being launched.
Gulf’s, Indian real estate markets to be among best: Survey
By IANS,
Dubai : The real estate markets in the Middle East will outperform all other regions in the world while India and China will be the key drivers of the sector in the Asia-Pacific region, according to a new survey.
The 'Investor Survey Sentiment', conducted by global real estate consultancy Jones Lang LaSalle in association Cityscape 2008, the real estate exhibition currently under way here, found that while the UAE will offer the best performing real estate market in the next couple of years, Saudi Arabia will be the next best performer.
China to register moderate growth: ADB
By Xinhua,
Manila : China's economy will grow moderately this year and in the next but it will still remain one of the world's fastest growing economies, the Asian Development Bank (ADB) said Tuesday.
In a report, the ADB projected a 10 percent growth this year that will further ease to 9.5 percent in 2009.
The cool down is a result of the combining effects of a reduced trade surplus, slower growth in investment and the global economic downturn, the report entitled Asian Development Outlook 2008 Update said.
Onion prices will dip by mid-January, say traders
By IANS,
New Delhi : The sky-rocketing prices of onion that have come down marginally are expected to fall further by mid-January, Delhi's wholesale traders said.
Indian companies invest $10 bn in US, create 30,000 jobs
By Mayank Chhaya, IANS
Chicago : Indian companies, with an investment of over $10 billion, were introduced to America as a growing and influential force employing tens of thousands of Americans.
India's Commerce and Industry Minister Kamal Nath launched a road show here Tuesday around the theme "Investing in America: The Indian Story" under the joint leadership of the US-India Business Council and the Federation of Indian Chambers of Commerce and Industry (Ficci).
Construction equipment major fears 15 percent revenue fall
By IANS,
Kolkata : Multi-product construction and equipment manufacturing major JCB India could see nearly 15 percent dip in turnover this year, a top company official said here Wednesday.
"We're expecting around 15 percent drop in our business in the 2008 calendar year, compared to last year, because of the global financial crisis," JCB India managing director Vipin Sondhi told reporters.
Suzlon Energy pledges shares
By IANS,
Mumbai: Brij J. Tanti, promoter of wind power major Suzlon Energy, pledged four million shares Aug 21 representing 0.26 percent stake, the company said in a regulatory filing Tuesday.
"The total shares pledged by promoters or persons forming part of the promoter group of the company after such release stands reduced at 24.27 percent," the statement said. Total shares pledged by Tanti now stand at 1.22 percent in the company.
India gets populist election budget, loan waiver to farmers
By Arvind Padmanabhan, IANS
New Delhi : Promising to spur growth with equity, India's Finance Minister Palaniappan Chidambaram Friday unveiled a Rs.7,508 billion/$185-billion national budget that includes a massive loan waiver for farmers and hikes social sector spending, all aimed at winning popular support for impending elections.
More Kuwaiti firms take part in Iraq reconstruction
By IANS,
Dubai : An increasing number of Kuwaiti firms are taking part in the massive reconstruction programme being carried out in war-torn Iraq.
Iraq's Minister for Housing and Reconstruction Bayan Dizayee has signed a package of high-profile deals with major Kuwaiti firms to implement reconstruction projects across various Iraqi provinces, reports the state-run Kuwait News Agency (KUNA).
The signed deals involve apartment buildings, infrastructure projects and import of construction materials, the minister was quoted as telling reporters in Kuwait.
BHEL mulls Rs.480 crore third phase expansion
By IANS,
Tiruchirappalli (Tamil Nadu) : The Rs.27,500-crore power equipment major Bharat Heavy Electricals (BHEL) plans to further expand its boiler plant facility here on an outlay of Rs.480 crore, a top company official said Friday.
The state-run company has already spent Rs.190 crore in the first phase of expansion and the Rs.732-crore second phase is now under implementation.
More Highlights of Indian budget (Part 5)
By IANS
National health insurance for poor introduced
Northeast development to get Rs.14.55 billion
Scheduled Castes, Scheduled Tribes, minorities get special allocations
Rs.5.5 billion for minority dominated districts
HIV/AIDS prevention to get Rs.9.93 billion
Sensex fall a welcome market correction, says expert
By IANS
Ahmedabad : Monday's huge fall of the sensitive index (Sensex) of the Bombay Stock Exchange was a correction and a good thing to have happened, said a finance expert here.
According to N. Venkiteshwaran of the finance faculty at the Indian Institute of Management-Ahmedabad (IIM-A), the large market capitalisation for shares of a power company was not justified.
From this perspective, "the fall is a correction" and a good thing to have happened, he said.
Mudra Lifestyle’s net profit surges 77 percent
By IANS
Mumbai : Textiles firm Mudra Lifestyle Ltd has reported a 77 percent increase in net profit for the quarter ended Dec 31, 2007, as compared to the corresponding period in 2006.
Net profit for the quarter amounted to Rs.83.6 million compared to Rs.47.1 million during the corresponding period last year.
Following this, the board of directors has approved allotment of 3three million equity warrants to promoters at Rs.120 per equity warrant, including a premium of Rs.110 per equity warrant.
Bank of Baroda to double its operation in three years
By IANS
Kolkata : Bank of Baroda, one of India's premier public sector banks, intends to double its business, including overseas operations, in three years.
"We are expecting a total business of Rs.5 trillion ($330 billion) in next three years, of which the bank's international operation would contribute about Rs.1 trillion," Bank of Baroda (BoB) chairman and managing director Anil. K. Khandelwal told reporters here Friday.
"By the end of the current financial year, the bank is also eyeing a total business of Rs.2.5 trillion."
Indian govt hikes petrol, diesel prices by Rs 5, 3 a litre
By NNN-PTI,
New Delhi : The government today hiked petrol and diesel prices by Rs 5 and 3 a litre and that of LPG by Rs 50 a cylinder, while sparing poor man's cooking medium kerosene from any increase.
The Union Cabinet chaired by Prime Minister Manmohan Singh took a slew of measures to offset the surging global oil prices that had put the national oil companies under acute pressure. The increase in prices would be effective from midnight tonight, Petroleum Minister Murli Deora said.
The price hike would help oil companies to earn Rs 21,123 crore more. One Crore: ten million.
Inflation at 10 percent by year-end: Rangarajan
By IANS,
New Delhi : Inflation will ease to 10 percent by December, according to Rajya Sabha member and immediate past chairman of the prime minister's economic advisory panel C. Rangarajan.
"Even though crude oil prices are cooling off, inflation will remain in double digits at the end of this year. My own estimate is that probably by December, inflation rate may go down to 10 percent," Rangarajan told reporters on the sidelines of a business meet here Monday.
"Global financial systems are under stress and this is really a critical situation," Rangarajan added.
Coca Cola to pump in US$ 250 mn in India over next three years
By IANS,
Kolkata : Beverage giant Coca Cola would pump in US$ 250 million in India over the next three years, focussing on its brands in the sparkling beverage, juice, juice drinks, water and tea and coffee categories.
Disclosing this on the sidelines of a function here Friday, president and Chief Executive Officer of Coca Cola India Atul Singh said the company considered India as strategically important in its global business ventures.
APEC officials want the Doha Round to move forward
By Xinhua
Sydney : Senior officials from the Asia Pacific Economic Cooperation (APEC) member economies have suggested during their annual meeting here that all-round efforts be made to move the Doha Round process forward.
The APEC members hold that it is important for the World Trade Organisation (WTO) to conclude the Doha Round negotiation early, David Spencer, Australia's ambassador to APEC and chair of the APEC Concluding Senior Officials Meeting, said here Monday.
Oil firms to review prices Feb 15
By IANS,
Kolkata : State-run oil companies will review fuel prices Friday and consult on a probable price hike, Indian Oil Corporation chairman R.S. Butola said Thursday.
Sensex moves up 95 points in early trade
By IANS,
Mumbai : A key index of the Indian markets opened stronger Wednesday, moving up 95 points from its last closing figure about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,124.92 points, was at 15,157.91 - 95.42 points or 0.63 percent higher than Tuesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,491 points, up 0.49 percent.
Singur residents request Bengal governor to get Nano back
By IANS,
Kolkata : Residents of Singur in West Bengal, where global auto major Tata Motors was constructing the factory to manufacture the world's least expensive car Nano, met the state's governor here Monday and urged him to request the auto major to resume work.
"The meeting was good. He listened to us patiently and attentively and we talked for long. He told us that he will convey our demands to the state government," Kushal Saha, 41, a resident of Beraberi in Singur supporting the Nano project, told IANS.
UAE launches campaign to conserve fish stocks
By IANS/WAM,
Abu Dhabi: A campaign was launched to conserve fish stocks in the United Arab Emirates (UAE). Conservation groups say rising demand for seafood has resulted in 80 percent decline of fish stocks in the UAE over the last three decades.
The Emirates Wildlife Society (EWS) and World Wide Fund for Nature (WWF) launched the "Choose Wisely" campaign to create awareness on the status of fish stocks in the UAE.
Indian equities open strong
By IANS,
Mumbai : Indian markets opened on a positive note Friday, with a key index starting trade higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) started at 9,161.49 points, higher than its 9,090.88-point close Thursday. After about 10 minutes of trading, it was at 9,185 points, 1.04 percent or 94.12 points higher than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,814.45 points, 1.24 percent higher than its previous close of 2,780.05.
China accounts for six percent of world GDP
By Xinhua,
Beijing : China's share in the world's combined gross domestic product (GDP) rose to six percent at the end of 2007, compared with the 1.8 in 1978 when its policies of reform and opening-up began, the National Bureau of Statistics (NBS) said Monday.
Fast economic growth over the past 30 years has lifted China's GDP ranking in the world from 10th in 1978 to fourth after the United States, Japan and Germany.
It stood at $3.28 trillion in 2007, about 23.7 percent of that of the US, 74.9 percent of Japan's and 99.5 percent of Germany's, said an NBS report.
Delhi markets to close on Games opening, closing days
By IANS,
New Delhi: Popular Delhi markets including Connaught Place have been advised by police to remain closed on the opening and closing days of the Commonwealth Games in October and instead remain open on their weekly day off.
The Delhi Police advisory is part of the security arrangements for the Oct 3-14 Games here.
Sensex rises on Reliance Industries’ global buyout plans
By IANS,
Mumbai : Buoyed by gains in the scrip of one of the largest companies in the country -- Reliance Industries (RIL), a benchmark index of the Indian equities markets shut shop Monday 0.93 percent higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) -- which opened at 17,067.14 points against Friday's close at 17,021.85 points -- ended the day at 17,180.18 points, 158.33 points or 0.93 percent higher.
India, Britain to jointly tackle climate change
By IANS
New Delhi : Industry organisations Confederation of Indian Industry (CII) and Confederation of British Industry (CBI) signed an agreement at an India-Britain CEO roundtable here Monday to work together on various initiatives on all industrial aspects of climate change.
Speaking on the occasion, Minister for Science and Technology Kapil Sibal said the biggest collective emitter of greenhouse gases that lead to climate change are small and medium enterprises, who find it toughest to adopt clean technologies, and so they are the one who need maximum help.
Allahabad Bank posts net profit of Rs.224.50 crore in Q4
By IANS,
Kolkata : City-based public sector bank Allahabad Bank posted a lower net profit of Rs.224.50 crore (Rs.2,245.069 million) for the fourth quarter (January-March) of fiscal 2009-10 as compared to Rs.264.08 crore (Rs.2,640.851 million) for the corresponding quarter in 2008-09.
Total income has increased to Rs.2,608.60 crore (Rs.26,086.027 million) from Rs.2,373.37 crore (Rs.23,733.744 million) in the fourth quarter of 2008-09, a statement to the Bombay Stock Exchange said Friday.
Shops shut as Jharkhand traders enforce strike
By IANS
Ranchi : A dawn-to-dusk strike called by traders in Jharkhand to protest the taxation system and the government's failure to protect them from criminals evoked a good response Friday.
Shops and business establishments remained closed in most places barring a few areas like the industrial hub of Jamshedpur.
Traders also forced some private banks like ICICI and HDFC to down their shutters. They blocked the convoy of Chief Minister Madhu Koda on Harmu Bypass Road to lodge their protest.
Expert group supports World Bank governance reform
By Arun Kumar,
Washington, Oct 22 (IANS) An expert group that included India has suggested a number of steps to reform the World Bank Group's governance while commending the Bank for expanding initiatives during the financial crisis and supporting strengthening its financial capacity.
Eight Jet Airways flights cancelled in Chennai
By NNN-PTI,
Chennai, India : Services of Jet Airways from here continued to remain affected with eight of its flights being cancelled today.
Airport officials said among the stranded passengers were around 20 personnel belonging to the security team of Congress leader Rahul Gandhi, who is in Tamil Nadu state.
The security personnel finally reached their destination by another airline, they said.
The pilots of Jet Airways have been on mass sick leave since September 7 to protest sacking of two of their colleagues.
Emaar-MGF to invest Rs.160 bn in Punjab
By IANS
Chandigarh : Dubai-based construction giant Emaar and its Indian partner MGF Developers will invest Rs.160 billion for housing and infrastructure projects in Punjab.
Transfer money, technologies to fight climate change: Chidambaram
By IANS,
Washington : Transfers of financial resources and technology by industrialised countries to developing countries "are fundamental to the success of any global strategy to address the issue" of climate change, Indian Finance Minister P. Chidambaram has told a meeting of world financial leaders here.
Noting that developing countries are the most vulnerable to adverse effects of climate change, Chidambaram Sunday called for a higher World Bank support for adaptation efforts in the Climate Investment Funds, than the $500 million envisaged.
Volatile oil prices remain threat to world economy: Brown
By IANS,
London : Britain's Prime Minister Gordon Brown has said that volatile oil prices remain a threat to the global economy.
"It is clear that our most pressing challenge is price volatility. Wild fluctuations in prices harm nations all around the world," he said, according to IRNA.
The oil prices fell by almost three quarters from over $120 per barrel in the recent past.
Brown made the remarks at a meeting of energy and oil ministers here Friday.
New tax proposed to tide over fuel price crisis
By IANS,
New Delhi : A surcharge on income tax is among the proposals being considered by the government to help bail out oil marketing firms reeling under high cost of crude oil but still having to hold back prices of transport and cooking fuels.
The proposal was discussed at a meeting between Petroleum Minister Murli Deora and Finance Minister P. Chidambaram Tuesday after the move to hike fuel prices was seen as politically explosive and unacceptable to several parties within the ruling coalition.
Sensex, Nifty close at 15-month highs
By IANS,
Mumbai : Key indices of the Indian equities markets, buoyed by renewed buying interest and stable markets elsewhere in Asia, closed at their highest levels in 15 months Monday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,739.27 points, closed at 16,016.32 points, up 327.2 points or 2.09 percent higher than Friday's close.
The Nifty of the National Stock Exchange (NSE), too, hit a 15-month high to end at 4,782.9 points, up 2.19 percent.
Both the Sensex and the Nifty closed above their June 2008 levels.
India’s exports to touch US $ 200 billion by 2009
By WAM
New Delhi : Indian merchandise goods exports will touch US $ 200 billion next year, registering a phenomenal growth of 20 per cent over the last five years of a liberalized regime, says a recent survey.
According to a CEO survey conducted by the Confederation of Indian Industries (CII), simplifying certain procedures and improving infrastructure and turnaround time at the ports and airports, would help further in consolidating the gains.
Bank of India hikes interest rates
By IANS,
Mumbai : The state-owned Bank of India Thursday raised its lending rates by 75 basis points from the existing 13.25 percent to 14 percent.
The new benchmark prime lending rate (PLR) will be effective from Aug 10.
Other banks and institutions that have increased PLR after the latest rate hikes by the Reserve Bank of India (RBI) include ICICI Bank, HDFC Bank, Punjab National Bank, Axis Bank, IDBI Bank, YES Bank, and Corporation Bank.
Boosted supply of food staples pushes prices down: UN
By DPA,
Rome : Increasing supplies of major food staples such as cereals have led to a "sharp decline" in prices during the first half of the year, but the cost of food remains some 69 percent higher than in 2002-04, a United Nations report said Thursday.
In addition, the high prices of non-cereal products have still kept food import bills high, especially in developing countries, the Rome-based Food and Agriculture Organisation (FA0) said.
Markets nosedive in Pakistan after Bhutto killing
By Muhammad Najeeb, IANS
Islamabad : Pakistan stocks witnessed sharp decline Monday as the market opened after three days of mourning that witnessed widespread violence and unrest in the country in aftermath of former prime minister Benazir Bhutto's assassination.
In the first hour, a key index of the Karachi Stock Exchange declined by 5 percent or 700 points in what dealers said was one of the sharpest drops in memory.
The bourse closed Thursday just hours before Bhutto's murder, after which an official three-day period of mourning was announced.
Kazakhstan resolves issues with Lakshmi Mittal, ONGC Videsh
By Vishnu Makhijani, IANS,
Astana : Kazakhstan has resolved its issues with steel magnate Lakshmi N. Mittal and with India's largest oil explorer ONGC Videsh and the "situation is coming to a successful end", a top diplomat has said, adding that the country supported India's aspirations for a greater role in an expanded UN Security Council.
"Lakshmi Mittal now adapts himself (to our needs)," Doulat Kuanyshev, ambassador-at-large in the Kazakhstan foreign ministry, told IANS in an interview here.
More British jobs moving to Mumbai, Bangalore
By Prasun Sonwalkar, IANS
London : Two major British companies, Capita and Experian, have set in motion plans to implements job cuts and move work to Mumbai and Bangalore, setting off fresh concerns among employee unions.
Nearly 400 Capita employees at Wythall near Birmingham have been told that their site is being shut and their jobs moved to Mumbai and other parts of Britain. Capita deals with clients' administration and customer service needs.
The company confirmed the closure of the Birmingham operation by the end of the year.
Sandy Baruah takes over as US Small Business Administrator
By IANS,
Washington : Santanu "Sandy" K. Baruah, an Indian American, has taken over as Acting Administrator of the Small Business Administration (SBA), an independent agency of the federal government, to help small business concerns.
President George Bush had nominated Baruah, 43, to be the new head of the agency with proposed 2009 budget of $659 million in June 2008, but his Senate confirmation ran into bipartisan concerns about the agency.