Rs.250 bn programme to lift farm output, income: PM

By IANS New Delhi : With rural livelihood and low farm growth remaining a matter for concern, Prime Minister Manmohan Singh Wednesday promised a Rs.250-billion programme for agriculture and said it would be his government's main area of focus in the coming years. "Our growing economy and population need more food grains," the prime minister said in his Independence Day address from the Red Fort where the focus of his speech was on social sector, with special emphasis on agriculture.

Britain’s finance sector to lose 15,000 jobs

By Xinhua, London : Britain's finance sector would lose about 15,000 jobs in the next two months as sharp fall in income and profit start to take its toll, a new study has said. In a clear sign, the tightened credit markets are hitting the wider economy, it said. The amount of business conducted with manufacturers, retailers and other commercial firms shrank at a record rate, job losses were on the rise and investment plans were cut. Some 10,000 people have already lost their jobs since October.

For whom should I be corrupt, asks Modi

By IANS, Sujanpur (Himachal Pradesh) : Taking on the Congress-led United Progressive Alliance (UPA) government for "its failure to check corruption", BJP's prime ministerial candidate...

Ashok Leyland bags export orders from Honduras, Thailand

By IANS, Chennai : Though its domestic sales have witnessed a steep fall, there is good news for India's second largest commercial vehicle manufacturer Ashok Leyland Limited, as it has bagged a export order from Honduras and Thailand, a senior official of the company said Monday. The company has bagged a $10.5 million order to supply 139 vehicles to Honduras Armed Forces (HAF) and the Royal Thai Army has approved purchase of 10 vehicles, the value of which is not known. The Honduras tender is financed under an Exim Bank of India line of credit.

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.

Igarashi Motors to form joint venture with Robert Bosch

By IANS Mumbai : Chennai-based Igarashi Motors India Ltd (IMIL) has inked an agreement with Robert Bosch GmbH, one of the world's leading automobile components suppliers, to form a joint venture (JV). The new company will develop, manufacture and sell DC (direct current) motors and systems for windshield wiper, HVAC (heating, ventilating and air-conditioning), engine cooling and window lift applications.

Guinness record curry king launches Indian sauce factory

By IANS, London : Midlands curry king Abdul Salam, who owns a well-known restaurant near Birmingham, is thickly into Indian sauces and now has his own factory to prove it. Abdul, who won a place in the Guinness Book of Records for the world's biggest curry in 2005, has branched out into specialist sauce making after 25 years at the helm of his Eastern Eye restaurant in Lichfield. While his Staffordshire restaurant continues to pull in regulars who have enjoyed Abdul's exotic dishes for years, his new Masterchef UK factory in Lichfield is pumping out 5,000 jars of paste a week.

Energy projects worth $34 bn planned in Chile

By EFE, Santiago : Some $34 billion is to be invested in a series of energy projects in Chile through 2015, roughly 35 percent of the total for initiatives across the full range of industrial sectors. That figure was contained in a report released by the private research outfit Intelligence Unit on Projects and Businesses. The northern mining regions of Antofagasta, Atacama and Coquimbo will account for $14.5 billion, or roughly 43 percent, of the total investment in the energy sector over the next six years.

Hindustan Zinc gets LME registration

By IANS Udaipur : Hindustan Zinc Limited (HZL), a subsidiary of Sterlite Industries India Limited, has received the London Metal Exchange (LME) registration for the lead ingots produced at its lead smelter near here. The LME registration, recognised worldwide as one of the most demanding standards, signifies highest product quality, uniform physical characteristics and consistency of lead ingots, the company said in a statement Saturday.

Brazilian coffee’s market share rises to 32 percent

By IANS/EFE, Rio de Janeiro : Brazilian coffee has increased its world market share to 32 percent in 2009, according to the Council of Coffee Exporters or Cecafe. Brazil expanded its dominance of the world coffee market, accounting for 32 percent of all international sales of the bean last year, the Cecafe said Monday. Vietnam grabbed second position with 18 percent market share, followed by Colombia with 8 percent.

Obama’s economic, foreign policy teams taking shape

By DPA, Washington : US President-elect Barack Obama has already settled on much of his economic and foreign policy team, including Hillary Clinton for secretary of state and New York Federal Reserve Chairman Timothy Geithner to head the Treasury, US media reported Friday. Obama will unveil his entire economic team, including Geithner, on Monday, broadcaster NBC reported, offering some clarity on who will manage the world's largest economy in a time of global economic crisis.

India dominates world’s largest home-textile fair

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

Bihar to set up film city with Bollywood actors’ help

By IANS, Patna : Bihar will seek the help of Bollywood actors and filmmakers hailing from the state to set up a film city on public-private partnership basis. Chief minister Nitish Kumar said here Tuesday that the government plans to establish a film city as "part of Bihar's development agenda to attract investments". He said the government will revive the State Film Corporation to give concrete shape to the plan, adding that officials have been asked to identify places in Patna, Gaya and Rajgir in Nalanda district.

Maruti Suzuki sales up 22 percent

By IANS, New Delhi : India's largest car manufacturer Maruti Suzuki Tuesday reported a 22 percent rise in sales in February to 96,650 vehicles -- its best performance till date. "This is the highest ever total monthly sales in the company's history (previous highest 95,649 units in January 2010)," said a company statement. The company's domestic sales during February grew 20 percent to touch 84,765 units while exports rose 38.8 percent to 11,885 units.

Tata competing against Arcelor Mittal in South Africa

By DPA Johannesburg : Indian steel giant Tata faces an uphill battle if it tries to take on the world's number one steel producer Arcelor Mittal in South Africa, according to a leading South African business newspaper Wednesday. Business Day newspaper quoted steel analyst Dirk Kotze as saying the South African market was "too small to accommodate more than one world-class steel producer." The advantageous pricing Arcelor Mittal SA enjoys on iron ore from South African company Kumba Iron Ore gave it a significant competitive advantage, he said.

‘Expat population set to grow further in UAE’

By IANS, Dubai : The ratio between the expatriate population and nationals in the United Arab Emirates (UAE) continues to remain high and is expected to widen further in the future, new figures revealed. According to the country’s ministry of economy, the UAE’s population at the end of 2007 stood at 4.48 million of which 3.62 million were expatriates and 864,000 were local citizens.

Credit rating firms now target small enterprises

By Venkatachari Jagannathan, IANS, Chennai : As the economic downturn bites and banks become more reluctant to lend to firms that do not have credit ratings, credit rating agencies are aggressively expanding to provide ratings for at least some of India's 12.8 million small and medium enterprises (SMEs). It is estimated that only about two percent of SMEs in India get financing from banks.

Daily Kingfisher flights to Colombo from Bangalore, Chennai

By IANS, Bangalore : Kingfisher Airlines Monday launched daily direct flights to Colombo from Bangalore and Chennai, the airlines said here. "The flights on these two new routes will be operated using brand new Airbus A320 aircraft," it said in a press release. The flight will depart Bangalore at 3 p.m., reaching Colombo at 4.20 p.m. The return flight takes off at 9.15 a.m. and reaches Bangalore at 10.30 a.m. From Chennai, the departure is at 6.45 a.m., reaching Colombo at 8.05 a.m., with a return flight at 5.30 p.m. that gets into Chennai at 6.45 p.m.

Petrol prices head for record high in UK

By IRNA, London : Petrol prices are set to go to record highs in Britain with an increase of one pence per litre in fuel tax due to take effect from April 1. The increase will take prices to an average of just under £1.19 ($ 1.60) per litre for unleaded petrol, 11 pence more than at the beginning of the year and 40 percent higher than at the start of 2009, when the price averaged 85 pence.

World facing recession but India can help: Kamal Nath

By Dipankar De Sarkar, IANS Davos (Switzerland) : Commerce and Industry Minister Kamal Nath Wednesday became the first political leader at the World Economic Forum (WEF) to warn of an impending US recession, but said strong growth in India and other Asian markets can help weather the storm of a global economic crisis.

Come, invest in India’s growth: Modi

Kuala Lumpur : Prime Minister Narendra Mondi on Saturday asked the global investment community to invest in India and draw comfort from its fast...

Petrol prices to be cut by 95 paise from midnight

By IANS, New Delhi : Petrol prices will come down by 95 paise a litre from midnight Thursday, it was announced here. Petrol in Delhi would now cost Rs.67.24 a litre.

Hawkish Yellen is what the Indian equity market needs

By Vatsal Srivatava, On equity strategy, Currency Corner has maintained that we have reached a point where the risk-off move of the previous years (a slightly upbeat hawkish Fed leading to a fall in stock prices) is now working in just the opposite manner. As of today, the market will only rally further if Fed chief Janet Yellen talks about the first rate hike after the commencement of QE in October. Any talk about the weak labour market recovery and lack of clarity about the time gap between the first rate hike and the end of the QE taper (this was 6 months earlier)would just imply a lack of a clear exit strategy.

Eural women’s education programme gets Rs.2.1 bn

By IANS New Delhi : An amount of Rs.2.1 billion was Friday approved by the cabinet committee on economic affairs (CCEA) for expanding the Mahila Samkhya programme (MSP) during 2007-12 for the educational empowerment of rural women. A joint initiative of the Britain-based Department for International Development (DIFD) and the Indian government, the MSP was launched in 1989 to implement the goals of the National Policy on Education (NPE), 1986 to empower rural women, particularly from the socially and economically marginalised groups.

Essar to explore oil and gas off Vietnam’s coast

By IANS New Delhi/Mumbai : Essar Oil Ltd said Tuesday that its Mauritius-based subsidiary Essar Exploration and Production (EEPL) has bagged a licence to explore petroleum off Vietnam's Song Hong river basin. "EEPL has been awarded an offshore block in Vietnam's prolific Song Hong basin," Essar Oil told the Bombay Stock Exchange. "The exploration phase is estimated to last five years and the investment for this programme will be approximately $60 million," Essar said. "It is a shallow water block with average water depth of 60 to 70 metres."

TVS Motor posts Rs.9.24 bn revenue

By IANS, Chennai : City-based two-wheeler manufacturer TVS Motor Co Ltd has reported revenue of Rs.9.24 billion ($220 million) for the first quarter of 2008-09 compared to Rs.8.01 billion over the corresponding period last year. The profit before tax (PBT) and profit after tax (PAT) during the quarter under review stood at Rs.100.2 million and Rs.70.2 million, respectively, against Rs.109 million and Rs.75.5 million, respectively, of the year-ago period, the company announced Monday.

Venture fund Sequoia invests Rs.50 crore in Stovekraft

By IANS, Bangalore: US-based venture fund Sequoia Capital said Wednesday it has invested Rs.50 crore in Stovekraft, a leading manufacturer of kitchen appliances, to fund its growth plan. "Stovekraft has consistently outperformed the market and demonstrated over 50 percent compounded growth annually. We are backing the company in building a high-quality consumer franchise," Sequoia managing director Sandeep Singhal said in a statement here.

Mini-laptop market to shrink by 40 mn in 2012

By IANS, Taipei : Tablet computers will eat into the miniature laptop market by 40 million units in 2012, the head of a Taiwanese research institute has said.

Chhattisgarh land acquisition only after consensus: Raman Singh

By Sujeet Kumar, IANS Raipur : Land acquisition for two plants of Tata Steel and Essar Steel and a coal-fired power unit in Chhattisgarh will be completed with the consensus of farmers and tribals, says Chief Minister Raman Singh. "Both the steel plants and the power plant will come up in tribal areas. Acquiring land in tribal habitats is always a tough task. I have always said that land will be acquired only on the basis of consensus," Raman Singh told IANS in an interview at the state secretariat.

Tata-Corus deal in Time’s top 10 in 2007

By IANS New York : Indian business continued to make news around the world, with Tata's $11.3-billion takeover of Corus figuring in the Time magazine's top 10 best biz deals. The magazine said there was no more powerful symbol of India Inc's rise than this acquisition. The international magazine has placed the Tata-Corus deal at sixth position, ahead of private equity firm Blackstone's buying Hilton hotels for $26 billion and telecom giant Nokia buying navigation-software maker Navteq for $8.1 Billion.

NRI ties up with London firm for Bengal mini-townships

By Sujoy Dhar

IANS

Kolkata : Foreign investment in the booming real estate sector of West Bengal gets a boost with a London-based company joining hands with an NRI entrepreneur to invest $20 million in two mini-townships here.

Va Tech Wabag bags Rs.1,033-cr order from Chennai Metro Water

By IANS, Chennai : Water solutions company Va Tech Wabag has bagged a Rs.1,033-crore order to design, erect and operate a desalination plant from Chennai Metropolitan Water Supply and Sewerage Board, commonly known as Chennai Metro Water. "We will design, build and operate the plant for seven years. The plant capacity will be 100 million litres per day and sea water will be converted into drinking water, using reverse osmosis technology," company managing director Rajiv Mittal said here Tuesday. The plant will come up on 40 acres at Nemmeli near here.

US dollar down, gold up in European morning trading

By SPA London : The U.S. dollar was lower against other major currencies in European trading Tuesday morning. Gold rose. The euro traded at US$1.5570, up from US$1.5418 late Monday in New York. Other dollar rates: _100.47 Japanese yen, down from 101.01 _1.0118 Swiss francs, down from 1.0213 _1.0161 Canadian dollars, down from 1.0184 The British pound was quoted at US$1.9929, up from $1.9841 Gold traded in London at US$930.65 per troy ounce, up from US$918.30 late Monday in New York. In Zurich, gold traded at US$931.60 bid per troy ounce.

Resounding start to 11th plan: Chidambaram

By IANS, New Delhi : Union Finance Minister P. Chidambaram Tuesday said that the 2007-08 growth rate of the country was pegged at over 9.1 percent giving a “resounding start to the 11th five-year plan”. Joining the debate on the vote of confidence for the United Progressive Alliance (UPA) government, Chidambaram said that the government had, in the last four years, sustained a growth rate of 8-9 percent. “Show me any other four-year period in which so much has been achieved,” Chidambaram challenged the opposition.

Zooming passion for superbikes in India overrides cost factor

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

MCX-SX currency futures turnover rises tenfold

By IANS, Kolkata : The MCX Stock Exchange (MCX-SX), which started currency futures trading in October, has seen its daily turnover rising more than tenfold to Rs.3,838 crore in July, a top official said here Saturday. "The currency futures response has been very encouraging. In July daily turnover was Rs.3,838 crore, up from Rs.324 crore when we launched it in October," MCX-SX executive director U. Venkataraman told reporters on the sidelines of a seminar organised by the new exchange.

We released higher funds under NREGA: Government

New Delhi : Contesting charges that the Centre was keen to dilute the spirit of the rural jobs scheme, a flagship programme of the...

Naveen Patnaik writes to PM, seeks petrol price cut

By IANS, Bhubaneswar : Orissa Chief Minister Naveen Patnaik Saturday wrote to Prime Minister Manmohan Singh seeking a roll-back of the recent petrol price hike.

Bangladesh industry blames government for Tata withdrawal

By IANS, Dhaka : Captains of Bangladesh's trade and industry Friday regretted Indian conglomerate Tata Group's withdrawal of $3 billion investment plans, blaming the indecision of successive governments for the scrapping of the offer - the biggest the country has ever received. Anisul Huq, president of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), said: "The general people are not clear on the economic implications of the withdrawal of Tata's investment proposal. This is because the proposal was influenced by politics of our country to a great extent."

Lankan IOC slashes diesel price after takeover warning

By P. Karunakharan, IANS, Colombo : The Lanka Indian Oil Corporation Tuesday decided to bring down the price of diesel by 10 Sri Lankan rupees. Petroleum Minister A.H.M. Fowzie last week warned of takeover of all 153 LIOC outlets if the company did not bring down its diesel price on par with the state-owned Ceylon Petroleum Corporation (CPC). "In view of the advice from the petroleum minister, the Lanka IOC drops the selling price of diesel by Rs.10 per litre to Rs.120 per litre with effect from 00:00 hours of Wednesday," Lanka IOC managing director K. Ramakrishnan said Tuesday.

‘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.

No GoM consensus on proposed Greater Noida airport

By IANS, New Delhi : A Group of Ministers (GoM) which met Tuesday to take a call on constructing a greenfield airport at Greater Noida failed to reach consensus on the issue and will meet again later, Civil Aviation Minister Praful Patel said. "We met and discussed the issue. But we have not been able to reach consensus. We will meet sometime later," Patel told reporters after the meeting, which was attended among others by Finance Minister P Chidambaram and Science and Technology Minister Kapil Sibal. Patel however could not specify when the GoM would meet again.

Toshiba, Bill Gates to develop advanced nuclear reactor

By DPA, Tokyo : Toshiba Corp and Microsoft Corp chairman Bill Gates are to work together to develop an advanced nuclear reactor, the Nikkei business daily reported Tuesday without citing sources. The joint project would develop a next generation "travelling-wave reactor", which could operate for up to 100 years without refuelling, the paper said. At present, light-water nuclear reactors require refuelling every few years.

India’s Federal Bank seeks foothold in Bahrain

By IANS, Dubai : India's Federal Bank is seeking regulatory approval from the Reserve Bank of India (RBI) to open branches in Bahrain and other Gulf Cooperation Council (GCC) countries. As part of this move, the public sector bank has announced improved services to expatriate Indians in the Gulf and has tied up with Bahrain's leading exchange house, Bahrain Financing Company, for extending its Fed Fast service, the fast fund transfer service from Gulf nations to India, the Bahrain Tribune reported.

Equities open strong, key index up 118 points

By IANS, Mumbai : Indian equities markets opened strong Monday and two hours into trading was in the green with a key index up more than 118 points. Two hours into trading the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 9,210.89, up 118.17 points or 1.30 percent from its close Friday last week at 9,092.72 points. The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), was also showing the same trend and was ruling at 2798.65, up 43.55 points or 1.58 percent from its previous close Friday last week at 2755.10 points.

Electrotherm doubles sales in second quarter

By IANS Ahmedabad : Powered by robust growths in its core businesses, Electrotherm India Ltd notched up a near doubling of its net sales income and almost a 60 percent increase in profit after tax (PAT) for the quarter ended Sep 30. According to un-audited financial results of the company released here Monday, the company's net sales income for July-Sep stood at Rs.2.68 billion compared to Rs.1.39 billion in the same period in 2006.

Scrap POSCO project, says Orissa’s fact-finding team

By IANS, Mumbai :A six-member fact finding team, headed by Justice (retd) Hosbert Suresh of the Bombay High Court, Monday demanded the immediate withdrawal of the proposed POSCO project in Orissa's Jagatsinghpur district. Voicing strong opposition to police's use of force and filing of false cases against peaceful protesters in the district May 15, Justice Suresh said: "Everywhere in this country whenever people demand justice, they get police lathis (batons) and oppression."

European oncology research firm starts Indian operations

By IANS, Ahmedabad : Oncology Services Europe (OSE), a contract research organization specialising in clinical drug development in oncology, has launched its India operations here setting up clinical services company Oncology Services India (OSI). "We will offer a complete clinical service range," OSI chief executive Vimal Sanghavi said, adding the new company combined the best of clinical research capabilities of Europe and India.

UAE, IEA discuss cooperation on stabilizing global oil markets

By NNN-WAM, Abu Dhabi : Energy Minister of the United Arab Emirates Mohammed Bin Dhaen Al-Hamili and executive director of the International Energy Agency (IEA) Nobuo Tanaka held discussions here on ways to further bolster existing relations and cooperation on stabilizing the oil markets, reducing volatility and achieving an oil supply-demand balance. At the meeting Thursday, discussions also covered UAE-IEA relations and collaboration on oil data and policies, reduction of carbon dioxide emissions and other pollutants resulting from petroleum and natural gas.

Companies queue up to revive Bihar sugar mills

By IANS Patna : India's major corporate houses, including Reliance Chemicals, Tata Chemicals, Bharti Mittal Group and state oil companies have placed bids to revive 15 closed sugar mills in Bihar. Sources in the government said Friday several private players are in the race for the 15 closed sugar mills belonging to Bihar State Sugar Corp. "Reliance Chemicals, Tata Chemicals and Bharti Mittal Group have filed their bids for the closed sugar mills," a senior official said.

Tata to launch BlackBerry services soon

By IANS, Agra : Telecom service provider Tata Teleservices Ltd (TTSL) Saturday formally announced that it will launch BlackBerry services "very soon". "BlackBerry soft launch is already done. For official launch, the company is waiting for logistics arrangement, which should be done before year end," TTSL managing director Anil Sardana said. The company had earlier this year made public its intention to offer the push-email services in collaboration with Research in Motion (RIM), the makers of BlackBerry phones.

Mexico’s oil output falls in 2009

By EFE, Mexico City : Oil output in Mexico has continued to decline in 2009, coming in at an average of 2.6 million barrels per day (bpd) for the first nine months of the year, or almost 190,000 barrels less than the average for all of 2008, state oil monopoly Petroleos Mexicanos reported. On a more positive note, Pemex noted Friday in its latest petroleum statistics report that during the month of September crude production averaged 2.59 million bpd, the highest level since May.

Finance, oil stocks lead Wall Street higher

By DPA, New York : Two regional banking firms reported profits Tuesday that beat expectations, shoring up confidence in the financial services industry, and higher oil prices spurred buying in petroleum stocks. "Now is a good time to begin going into financials," Daniel Bandi, chief investment officer at Integrity Asset Management LLC, told Bloomberg Television. "You want to be there when the market senses that the end is coming, because that's going to be a pretty sharp rebound."

RPL to complete refinery project ahead of schedule

By IANS, Mumbai : Reliance Petroleum Ltd (RPL) promoted by Mukesh Ambani expects to complete the work of its complex refinery in a Special Economic Zone (SEZ) at Jamnagar in Gujarat ahead of the December 2008 deadline. "We have achieved 90 percent overall progress in implementation of the complex refinery coming up in an SEZ at Jamnagar," the company said in a statement Wednesday. Based on the progress made till date in the engineering, procurement and construction activities, RPL expects to complete the project ahead of the schedule.

British Airways fined for illegal fuel surcharge

By DPA

London : British Airways was Wednesday fined nearly $550 million by British and US authorities for fixing the prices of fuel surcharges on long-haul flights.

Britain's Office of Fair Trading (OFT) said its fine of 121.5 million pounds ($245.9 million) was the highest yet imposed for an infringement of competition law.

Latin America expects 4.9 percent growth in 2008

By DPA Santiago : The economy of Latin America as a whole is to grow by 4.9 percent in 2008, which would complete its sixth consecutive year of economic expansion and will have pulled some 30 million people out of poverty, the Economic Commission for Latin America and the Caribbean (ECLAC) has said. Panama is expected to lead the pack with a growth rate of 8.5 percent, ahead of Argentina (6.5 percent), Peru (6.5 percent), Uruguay (6.5 percent) and Venezuela (6.0 percent).

Muslims constitute much larger proportion of the poor and deprived in West Bengal: Amartya...

By Zaidul Haque, Twocircles.net Kolkata: Muslims constitute a much larger proportion of the poor and the deprived in West Bengal, Nobel Laureate Amartya Sen...

Andhra biotechnology sector to attract Rs.17.30 bn investments

By IANS Hyderabad : The biotechnology sector in the southern state of Andhra Pradesh is expected to attract Rs.17.30 billion worth of new investments. Minister for Major Industries J. Geetha Reddy Wednesday said that while Biocon has proposed an investment of Rs.10 billion, integrated systems biology platform company Avesthagen and US-based firm DuPont are planning to invest Rs.5 billion and Rs.3 billion respectively. The investments are expected to generate employment for about 60,000 people.

Fidelity Fund Management ties up with Kerala bank

By IANS Kochi : Fidelity Fund Management Wednesday entered into an agreement with Kerala-headquartered South Indian Bank for the distribution of its mutual fund products. V.A. Joseph, chairman and CEO of the South Indian Bank, and Ashu Suyash, managing director and country head of Fidelity Fund Management, signed the agreement. Fidelity Fund Management's full range of mutual funds will now be available at all branches of South Indian Bank.

Austrian economy expected to grow

By IANS, Vienna: The Austrian economy is estimated to grow 1 percent in the year 2013, the state-supported Austrian Institute of Economic Research (WIFO) said.

Rama Newsprint to increase writing paper output

By IANS Ahmedabad : Leading newsprint maker Gujarat-based Rama Newsprint and Papers Ltd has decided to produce writing and printing paper to generate higher revenues. In a communication to the Bombay Stock Exchange, the company has said the decision was taken because better margins are currently possible in the writing paper segment. M.R. Venkatesh, Rama's vice-president, marketing, told IANS that while a tonne of newsprint fetches Rs.23,000, one tonne of writing paper sells at Rs.34,000.

India’s telecom sector earnings to cross $30 bn by 2013: Gartner Inc

By IANS, New Delhi : India will continue its robust telecom story with the sector's revenue to be more than $30 billion by 2013, according to a global information technology research and advisory firm. "Total mobile services revenue in India is projected to grow at a compound annual growth rate (CAGR) of 12.5 percent during 2009-2013 to exceed $30 billion," the US-based Gartner Inc said in a statement Thursday. According to Gartner, the telecom subscriber base is expected to cross 770 million connections by 2013, growing at a CAGR of 14.3 percent from 452 million in 2009.

Air India, Air India Express mull fare hike in festive season

By IANS, Kolkata : To encash the rise in traffic during the festive season, Air India and its low-cost carrier Air India Express plan to increase the fares by 10 to 15 percent on various sectors during October-November, an official said Friday. "The 10-15 per cent increase is all because of the peak season. This is normal for the entire aviation industry which goes by the market demand across the world," A.K. Tirkey, Air India's commercial manager (eastern India), told reporters here Friday.

Chemical hub not in Nandigram: alternative site being seen

By IANS Kolkata : Salim Group partner Prasun Mukherjee said Thursday the group's proposed chemical hub will not be set up at trouble-torn Nandigram in East Midnapore district of West Bengal but at an alternative location provided by the state government. West Bengal Industries Minister Nirupam Sen later said the state government had selected consultancy firm Mott McDonald for selecting the site for the proposed chemical hub and the job might be completed in a month's time.

Smaller cities to fuel real estate growth

By IANS New Delhi : With the Indian economy booming, smaller cities are going to drive realty growth, says a FICCI-Ernst & Young report. Improving infrastructure, urban governance, rapid influx of knowledge industry professionals, improving quality of life and rising prosperity would lead to the development of smaller cities such as Surat, Chandigarh and Nagpur, according to the report brought out jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Ernst & Young.

Government urged to take steps against fall of rupee

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

Benchmark index rises slightly

By IANS Mumbai : A key index of the Indian stock markets rose in early trades Monday on the back of buying support by various funds in heavyweight stocks and influenced by firm global trends. The sensitive index (Sensex) of the Bombay Stock Exchange, which had lost 868 point last week, spurted by around 375 points to cross the 19,500-point level within a few minutes of opening. The broader S&P CNX Nifty index of the National Stock Exchange jumped up by 82 points to open at 5,851 points, and spurted by more than 100 points in early trades.

RBI launches survey to gauge industry growth outlook

By IANS, Mumbai : The Reserve Bank of India (RBI) has launched a new round of survey to gauge the growth prospects of public and private sector companies during the January-March quarter.

FDI may be $7 bn short of target this fiscal

By IANS, New Delhi : Corporate heads believe the country's target of attracting $35 billion in foreign direct investments (FDIs) this fiscal will fall short by about $7 billion on account of economic and political turmoil, a survey by an industry lobby released Tuesday said. Of the 400 chief executive officers (CEOs) surveyed by the Associated Chambers of Commerce and Industry of India (Assocham), 350 said India could optimally receive $28 billion in FDI.

Reliance Big Entertainment to foray into Hollywood

By N. Vidyasagar, IANS, Cannes (France) : Reliance Big Entertainment, the media and entertainment arm of the $100 billion Reliance Anil Dhirubhai Ambani Group, Sunday announced a major foray into Hollywood and will provide development funds to eight leading international superstars in the US. Reliance Entertainment chairman Amit Khanna made the announcement at a press conference at the Majestic Hotel here on the sidelines of the sidelines of the Cannes Film Festival.

US market better money spinner for India company

By NNN-PTI Mumbai : The Indian stock market may be growing at a faster pace than its American counterpart, but the US market has turned out to be better in valuation as well as returns for companies listed in both the countries. For the 11 Indian companies listed in both US and Indian equity markets, the market capitalisation gain on US bourses was more than one billion dollar higher than the same on the domestic bourses here over the past week. Besides, the total US market value of these companies is nearly 20 billion dollar higher than their Indian valuation.

Mathura oil refinery shut down

By IANS, Agra : All six units of the Indian Oil Corporation's Mathura refinery have been shut down due to the strike by public sector oil company officials, according to a strike leader. P.S. Rajput, officers association secretary, said late Thursday night that one of the largest refineries in north India had to be shut down because Gas Authority of India Limited had stopped gas supply. The shutdown is a result of the strike by public sector oil company officials in support of their pay rise demand, pending for the last two years.

Bank of Baroda to expand operations in Trinidad

By Paras Ramoutar, IANS Port of Spain : India's Bank of Baroda plans to expand its operations in Trinidad and Tobago by August after a review of its operations in this Caribbean nation revealed that it has "broken even on its books". Two branches are earmarked to be established in Chaguanas and San Fernando, and they await the necessary licensing and regulatory approvals from the Central Bank of Trinidad and Tobago, according to Kishor Kharat, the bank's managing director.

Madhya Pradesh seeks 41,000 tonnes of sugar from federal government

By IANS, Bhopal : Madhya Pradesh Chief Minister Shivraj Singh Chouhan has asked the agriculture ministry to make available 41,000 tonnes of sugar to meet the shortfall during the festive season. "The Government of India should import sugar in order to make it available to the common people at fair price," Chouhan wrote in a letter to Agriculture Minister Sharad Pawar late Tuesday. "The sugar mills in Maharashtra have so far not made available 41,000 tonnes levy sugar to the state," he said.

Mahindra Lifespace, BE Billimoria bag Nagpur project

By IANS, Mumbai : The Mahindra group's real estate and infrastructure development arm Mahindra Lifespace Developers in collaboration with BE Billimoria and Co will develop a residential project for the upcoming multi-modal internal hub airport at Nagpur (MIHAN). The residential project in the scheduled land near a special economic zone (SEZ) and MIHAN, which is expected to attract $8 billion in investment, comprises 25 acres.

Inflation rate retreating in some Arab states – Arab economic report

By NNN-KUNA, Cairo : An Arab economic report has revealed varying rates of inflation in the Arab states in 2007 compared to the previous year, as a remarkable decline was reported in 11 Arab countries including Kuwait, whose inflation rate dipped to 2.8 per cent compared with 3.2 per cent in 2006. The report, which was prepared by Secretary-General of the Arab Economic Unity Council Dr Ahmed Goweili, said that inflation rates rose in seven Arab countries and stabilized in one country. The report gave no date on inflation in three Arab countries including Somalia, Iraq and Palestine.

Bank of India applies to open in Cambodia

By DPA, Phnom Penh : Cambodia has welcomed an initial application by the Bank of India to open in Phnom Penh, local media reported Tuesday. The Cambodia Daily newspaper quoted Finance Ministry director of investment Chan Sothy as saying the nationalised Indian bank, which has a presence in all the major trade centres of the world, applied to open a branch in April. The paper quoted Sothy as saying he and Finance Minister Keat Chhon met outgoing Indian ambassador Aloke Sen Friday and "welcomed the Bank of India to open a branch in Cambodia".

Indian entertainment industry to grow over 16 percent a year

Mumbai, March 25 (IANS) Indian entertainment and media (E&M) industry is poised to grow at an annual rate of 16.7 percent by 2011, faster than its counterparts in Brazil, Russia and China, according to a report. In the other BRIC (Brazil, Russia, China, India) countries, the E&M industry is expected to grow at an annual rate of 13 percent in China, 8.3 percent in Russia and 7.7 percent in Brazil, said the report by Federation of Indian Chambers of Commerce and Industry of India (Ficci) and PricewaterhouseCoopers (PWC) released here Tuesday at Ficci-Frames 2008.

IBSA has important role in managing global crisis: PM

By IANS, New Delhi : In the backdrop of the international financial crisis, Prime Minister Manmohan Singh Wednesday said India, Brazil and South Africa (IBSA) had an important role to play in managing the crisis without endangering development priorities, and their voices needed to be heard in international councils. “Our voice on how to manage this crisis in a way that does not jeopardize our development priorities needs to be heard in international councils,” said Manmohan Singh at the third summit meeting of the IBSA dialogue forum.

Sify joins hands with Microsoft to bridge digital divide

By IANS Chennai : Sify Limited, a leader in consumer internet and enterprise services in India with global delivery capabilities, has announced that it will work with Microsoft India to help bridge the digital divide in the country. Sify will partner with Microsoft and enable easy access for Microsoft's initiatives through its over 3,500 I-Way cyber cafés as well as through its home Internet access services. Sify will offer its cyber café subscribers access to licensed Microsoft Office software to begin with, so that they can use the cafés as a virtual office for their needs.

Chhattisgarh attracts Rs.43.4 bn investment in cement sector

By IANS, Raipur : Eight new cement units will be set up in Chhattisgarh with an investment of Rs.43.4 billion, the government said Thursday. "After investment in the steel and power sectors, the state is now becoming a favourite ground for cement producers," Minister of State for Industry Rajesh Munat told IANS. Godawari Power and Ispat Ltd (GPIL) - a Raipur-based company with interest in steel, will invest Rs.6.28 billion for a cement plant and a 50 megawatt captive power plant to feed the new unit.

Sensex climbs 133 points, soars to seven-week high

By IANS, Mumbai : The Indian equities markets benchmark indices soared to a seven-week high Thursday on continued buying support in metals, FMCG and technology stocks.

Key Indian share indices scale new peaks

By IANS New Delhi : Key Indian stock market indices zipped to their highest-ever levels Friday on the back of some active buying across several counters and renewed interest ahead of a mega initial offering by Reliance Power. In the process, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose to a historic intra-day peak of 20,762.80 points, before ending the day at 20,686.89 - also a record close for the barometer index.

Bernanke hints rate cut as Fed announces new liquidity measures

By DPA, Washington : Federal Reserve Chairman Ben Bernanke suggested another interest rate cut was on the way, while the US central bank Tuesday announced fresh moves to inject liquidity into the struggling US financial system. Bernanke said the ongoing financial turmoil meant the outlook for economic growth had "worsened" in recent weeks as the availability of credit to banks, consumers and businesses has threatened to dry up completely.

Aircraft with Pawar, Patel aboard lands with snag

By IANS New Delhi : Senior union ministers Sharad Pawar and Praful Patel faced some scary moments Friday as the Kingfisher Airlines aircraft they were travelling by developed a mid-air snag and was forced to land at the Indira Gandhi International Airport (IGIA) here. The aircraft with Pawar and Patel among passengers had taken off from the Delhi airport but was forced to return and land barely 25 minutes into the flight, an airport official said. All emergency operations were pressed into service at the airport here while the Kingfisher's IT 310 aircraft landed at 2.30 p.m.

Annual inflation dips to 9.59 percent in April

By IANS, New Delhi : India's annual rate of inflation, based on the wholesale price index, eased to 9.59 percent in April from 9.9 percent a month ago, official data showed Friday. The annual inflation rate was 1.31 percent in April 2009. Data released by the commerce ministry showed prices of food articles jumped 16.87 percent last month, compared to 16.65 percent in March 2010. Prices of primary articles rose 13.88 percent in April, a lower rate of increase from the 14.1 percent seen in the previous month.

Greenpeace gives good grades to Apple, Nokia, Sony-Ericsson

By DPA, Las Vegas : From sinner to saviour: After years of heat from Greenpeace about its environmental record, Apple has become the example par excellence in the eyes of the ecology group after it studied the issue. At the Consumer Electronics Show (CES) in Las Vegas on Thursday, Greenpeace heaped praise not only on Apple but also cell-phone makers Nokia and Sony Ericsson for their products and information technology guidelines. At the bottom of the list in the Greenpeace study were Samsung, Dell, Lenovo and LG Eletronics.

US housing construction surges unexpectedly in battered market

By Arun Kumar, IANS, Washington : In a welcome sign for America's fractured housing market, construction of new homes has unexpectedly rebounded with a 22 percent jump in February after falling for eight months. Housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22 percent from a revised 477,000 in January, according to the Commerce Department release Tuesday. It was the first time housing starts increased since June, when they rose 11 percent.

Cotton trading resumes in Gujarat after six-day break

By IANS Ahmedabad : Trading in cotton in Saurashtra market yards of Gujarat resumed here Wednesday after Amreli-based Bhartiya Kisan Sangh (BKS) agreed to a minimum auction price of Rs.475 per 20 kg, ending a six-day long stand-off between framers and traders. The price of Rs 500 per 20 kg, which the BKS demanded, was recommended by the Gujarat government to the centre. The central government had fixed a minimum support price of Rs.411 per 20 kg.

Hard landing feared for China’s economy after Olympics

By Till Faehnders, DPA, Beijing : The year of the Beijing Olympics could decide whether China's economic boom is bound to last. "Clouds are now forming over China's economy," warned Stephen Green, chief economist at Standard Chartered Bank in Shanghai. Inflation is on the rise, and rapid growth is threatening to overheat the economy.

ArcelorMittal slashes steel production on weak economy

By DPA, Luxembourg : ArcelorMittal SA's shares sank more than nine percent Wednesday after the world's biggest steelmaker said it was cutting production in the wake of slowing global demand. Worldwide production is to fall about 30 percent in Europe, the Luxembourg-based company said. However, third-quarter net profit rose 29 percent to $3.82 billion from $2.96 billion in the same period last year following a 38-percent jump in sales to $35.2 billion dollars.

High ridership for metro, but Monday blues for commuters

By IANS, New Delhi : Yet another Monday morning, yet another ride of push and pull and overcrowded metro to board for work. As evident from the statistics, the Delhi metro gets an overwhelming number of commuters in the beginning of the week, making some regular commuters coin a new name for the metro - an air conditioned Blue line bus! Sakshi Tanwar, for instance, takes the metro each morning to work and then back home. Safe, hassle free and fast - the metro to Tanwar, like to most others, is the most preferred mode of transport. But come Mondays and she simply dreads the ride.

Global firms make beeline to hire IIM-B grads

By IANS, Bangalore: Global firms in investment banking, consulting, marketing and management came calling here on a hiring spree to the Indian Institute of Management-Bangalore (IIM-B), signalling a revival of the world economy. "The entire batch of 270 post-graduate students passing out this academic year has been placed in five days, with global firms vying for the best and the brightest grads in the country," IIM-B director Pankaj Chandra told reporters Tuesday. The hiring concluded Monday.

Focus on industrialisation of southern Tamil Nadu: Alagiri

By IANS, Chennai : The Tamil Nadu government should take steps to promote industrialisation in the southern districts of the state instead of staying focused only on Chennai and its surroundings, union Minister for Chemicals and Fertilisers M.K. Alagiri said here Monday. "The chief minister should show the way for industrial development in the southern districts," Alagiri said after laying the foundation stone for a high learning centre at the Central Institute of Plastics Engineering and Technology.

India Inc appeals for Rs.1,000 bn liquidity

By IANS, New Delhi : A day after the Indian government admitted that the global financial meltdown had caused liquidity problems in India, leading industry lobbies appealed to policymakers to inject Rs.1,000 billion ($22 billion) into the system to help tide over the cash crunch. In separate statements Thursday, two apex industry lobbies, the Confederation of Indian Industry (CII) and the Associated Chambers of Commerce and Industry (Assocham) called upon the government to take bold measures to keep India insulated from the meltdown.

Apex court revives uniform gas pricing order

By IANS New Delhi : The Supreme Court Wednesday revived a central government notification, mandating state-run oil and natural gas enterprises to work out an average and uniform price for its old and new customers. A bench of Justice Ashok Bhan and Justice V.S. Sripurkar revived the March 6 notification of the petroleum and natural gas ministry, suspended since July 31 by the Gujarat High Court on petitions by the Gujarat State Petroleum Corporation (GSPC) and its consumer Essar Steel.

Nissan to make new car in Chennai

By IANS, Chennai : Japanese auto major Nissan Motor Co will make next generation March model at its Orgadam plant near here, built in partnership with French car maker Renault, a top official said Saturday. The joint venture company Renault Nissan Automotive India Ltd (RNAI) is investing around Rs.40 billion ($833 million) in the plant, which has a total capacity of 400,000 units. "We will roll out the small car from our Chennai plant while the plant in Thailand is the mother unit for that model," RNAI managing director Shouhei Kimura told reporters.

IMF board gives greater voting rights to poor countries

By DPA Washington : The International Monetary Fund's (IMF) executive board has approved greater voting rights for developing countries in a long sought after deal that has divided rich and poor members of the organisation. IMF director Dominique Strauss-Kahn said Friday the new arrangement was only a "first step" that created a more flexible system and had come after long and difficult negotiations with the body's 185 members. "There were not easy advances," said Strauss-Kahn.

Sensex moves 1 percent higher backed by RCom gains

By IANS, Mumbai : A benchmark index for Indian equities Wednesday closed a percent higher in a late surge, led by Reliance Communications (RCom) which gained 11 percent. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,574.79 points, shut shop at 16,741.84 points, 169.81 points or 1.02 percent up from its previous close at 16,572.03 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,019.85 points, up 1 percent from its previous close at 4,970.2 points.

India’s growth to dip to 8.3 percent: Goldman Sachs

By IANS New Delhi : Even as Prime Minister Manmohan Singh feels India can push its economic growth rate to 10 percent, global consultancy Goldman Sachs says cyclical headwinds will moderate it to 8 percent next year. "India's economic growth is set to moderate in 2008 due to cyclical headwinds of high interest rates, rapid currency appreciation, weakening global demand and high oil prices," the consultancy said in a report released Wednesday.

$100 million investment in Assam-Nagaland oilfields

By IANS Guwahati : An Indian and a Canadian exploration consortium will be investing $100 million in exploring two new reservoirs of crude oil and natural gas discovered in the northeastern states of Assam and Nagaland. An Indian petroleum ministry official said the Assam Company Limited (ACL) and its Canadian partner, Canoro Resources Limited, have found oil and natural gas at two drilling blocks in Amguri near Jorhat in Assam and one at Changpang in Nagaland.

Government mulling stimulus for entertainment industry

By IANS, Mumbai : The government will consider a stimulus package for the Indian media and entertainment industry as it, too, requires attention like any other sector in these difficult times, Minister of State for External Affairs Anand Sharma said Tuesday. "There is a need for the government and the industry to work together," Sharma, who also holds additional charge of information and broadcasting ministry as a minister of state, told an entertainment and media exposition here.

Seattle: A boom town risen from the ashes

By Arun Kumar, IANS Seattle : Home to international industrial giants Boeing and Microsoft, as also to Starbucks, the world's largest coffee chain, the boom town of Seattle is preparing to celebrate the anniversary of a great fire that burnt it down completely 118 years ago. Thursday June 6, 1889 may have been a catastrophic day for its 20,000 residents when a fire started by an overturned glue pot in a carpentry shop that hot afternoon destroyed almost the entire business district, all railway terminals, and most of the wharves. But today it's a day of celebration.

Inflation figures worrisome, matter of concern: Chidambaram

By IANS, New Delhi : Finance Minister P. Chidambaram has expressed concern as India's wholesale inflation hit a whopping 7.83 percent for the week ended May 3 compared to 7.61 percent in the week preceding it. “These are difficult times. The movement from 7.61 percent to 7.83 percent is indeed worrisome. It's a matter of concern,” the minister told reporters on the sidelines of an industry event here.

BMW India’s record sales in October

By IANS, Kolkata : BMW India, a subsidiary of German luxury car maker BMW, has sold a record 753 cars in October, the company president said here Saturday.

Maytas Infra chairman resigns, cover-up feared

By IANS, Hyderabad : The resignation of R.C. Sinha as the chairman of Maytas Infra, the infrastructure firm promoted by a son of fraud-tainted Satyam Computer chief B. Ramalinga Raju, is an attempt to cover up financial irregularities, company insiders say. Sinha, reportedly a close friend of Raju, resigned Jan 6 citing personal reasons, but a highly placed official at Maytas Infra, told IANS on condition of anonymity that it was a clear case of cover-up of financial irregularities at the infrastructure firm.

Indian firm poised to wrest Nepal hydropower project

By Sudeshna Sarkar, IANS Kathmandu : The ice in Nepal's hydropower sector is finally on the verge of thawing with the government beginning negotiations with India's GMR Group for a new venture. The Bangalore-headquartered GMR, a private sector player with growing presence in infrastructure and agro-business, is poised to bag the contract for the 309 MW Upper Karnali hydropower project, overcoming political opposition and claims by a French company. Nepal's ministry of water resources Sunday began negotiations with the group, asking for 12 percent free energy.

Wipro net profit up 21 percent, projects higher IT revenue

By IANS, Bangalore : Wipro Ltd beat market expectations Wednesday by registering 21 percent year-on-year (YoY) increase in net profit at Rs.1,217 crore (Rs.12.17 billion/$265 million) for the third quarter (October-December) and projecting higher revenue from its global IT services for the fourth quarter of this fiscal (2009-10). Sequentially too, profit after tax for quarter under review (Q3) grew by 4.7 percent from Rs.1,162 crore in the second quarter (July-September) of this fiscal, as per the Indian accounting standard.

Airtel now has over 60 million subscribers

By IANS Mumbai : India's leading telecom operator Bharti Airtel Ltd Wednesday said it now has more than 60 million mobile, fixed-line and broadband subscribers. The company said in a statement the 60-million base has put Bharti Airtel into the global club of top telecom operators. Sunil Mittal, chairman and managing director of the company, said: "To be among the top global telcos is a significant achievement not only for us but also for the Indian telecom industry."

National Internet Exchange starts operations in Ahmedabad

By IANS, Ahmedabad : The National Internet Exchange of India (Nixi) has set up its new hub in Ahmedabad, a move that would help internet service providers in Gujarat reduce bandwidth expenses. Earlier the communication and IT ministry gave approval to the Nixi to set up its hub here, the seventh Indian city to have such an exchange hub. The central government has already approved such hubs for Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore. The Nixi hub would restrict the wastage of bandwidth in local traffic and thereby save precious foreign exchange.

Commitment to Dadri power project intact: Reliance Power

By IANS, New Delhi : The Allahabad High Court's decision to restore the rights of farmers to protest acquisition of their land for Dadri power plant neither dilutes the commitment to the project nor is it a setback, Reliance Power said Friday. Reacting to the court's judgment upholding Section 4 of the Land Acquisition Act to restore farmers' right to protest land acquisitions, the company hoped the state government would take immediate steps to acquire land for the 7,480 MW gas-based project.

Saudi Arabia to spend $133 bn in power sector

By IANS, Riyadh: Saudi Arabia will spend $133 billion on power generation in the next 15 years, an official said Tuesday.

IDFC signs deal to build thermal, solar plants in Gujarat

By IANS, New Delhi : The infrastructure development arm of a leading finance company in the infrastructure space Tuesday announced that it had signed two memorandums of understanding (MoUs) with Gujarat state government to build a thermal and solar power plant. A statement from Infrastructure Development Finance Company Ltd. (IDFC) said that IDFC Projects - a 100 percent subsidiary - had signed two MoUs with the Gujarat government Tuesday at the Vibrant Gujarat Summit - an investor summit being organised by the state government, in

Indian IT exports to touch $80 billion by 2011

By IANS New Delhi : Exports from the IT and ITeS sector is expected to reach $80 billion by 2011, Information Technology and Communications Minister A. Raja said here Wednesday. "Our IT exports were a few million dollars in the early 90s and now it is around $37 billion. We are confident that our exports will boom despite the perceived odds against outsourcing and increasing competition," Raja said at an award function organised by the Electronics and Computer Software Export Promotion Council (ESC).

UAE’s oil reserves to last 92 years: report

By Xinhua, Abu Dhabi : Oil reserves of the United Arab Emirates (UAE) will last for 92 years at the current production level, Gulf News daily reported Saturday quoting the latest report. According to a survey by global oil major British Petroleum (BP), titled 2008 BP Statistical Review of World Energy, the UAE's proven oil reserves stand at 97.8 billion barrels, accounting for 7.9 percent of the world's total reserves of 1.24 trillion barrels. The proven reserves of the Middle East are 755 billion barrels, representing 61 percent of the world's total, BP said.

Nearly 3.3 mn tonnes paddy procured in Punjab, Haryana

By IANS, Chandigarh : After a bumper wheat crop earlier this year, Punjab and Haryana seem to be heading for a bumper paddy crop as well. Nearly 3.3 million tonnes of paddy was procured in both states till Tuesday evening. Officials from both states Wednesday said paddy arrivals in grain markets across the two states were in full swing. A Punjab government spokesman said nearly 2.2 million tonnes of paddy had been procured in the state till Tuesday evening. In neighbouring Haryana, nearly 1.1 million tonnes had been procured.

Foundation stone laid for uranium mine in Andhra Pradesh

By IANS, Hyderabad : India's efforts to boost domestic production of uranium are likely to get a boost, with the authorities Sunday launching the work on uranium mine and mill in Andhra Pradesh's Kadapa district. Atomic Energy Commission chairman Anil Kakodkar laid foundation stone for the mine at Tummalapalle village in Kadapa. The Uranium Corp of India Ltd (UCIL) is building the mine and mill at a cost of Rs.11.29 billion ($268.8 million). It would have a capacity to produce 150,000 tonnes of uranium a year.

Markets slip deep into the red

By IANS, Mumbai : Indian equities markets slipped deep into the red in the early morning session Monday, with a key index trading about 250 points or 2.56 percent lower than its last closing figure. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,902.35 points, lower than its 10,048.49 point close Friday. About 30 minutes into trade, it was at 9,790.81 points, 2.56 percent or 257.68 points below its previous close. The S&P CNX Nifty index of the National Stock Exchange (NSE) was at 3,037.8 points, 2.28 percent down from its last close of 3,108.65.

Funds worth Rs.5 bn allowed for cotton farmers

By IANS, New Delhi : The government Thursday approved allocation of funds to the tune of Rs.5 billion (Rs.500 crore) for cotton growers as "reimbursement of losses". "The cabinet today (Thursday) approved allocation of Rs.5 billion in the current fiscal, as cotton prices fell below the minimum support price (MSP) in domestic markets to meet an earlier commitment it made to cotton farmers," an official statement said.

Brazil’s Embraer proposes regional jets for India

By Neelam Mathews, IANS, Sao Jose dos Campos, Brazil : A growing appetite among Indian carriers to serve regional routes makes the country a potentially big market for 250 regional jets with a capacity of up to 120 seats, Brazil's aircraft maker Embraer. In India, around 250 low-to-medium-density routes remain unused, as they are not profitable to run with narrow-bodied aircraft. Plus, in the non-metros sector, 133 routes have less than one frequency a day, said Brazil-based Embraer.

Car sales fall 1.71 percent in July

By IANS, New Delhi : Domestic passenger car sales declined 1.71 percent to 87,724 units in July - the first decline in about three years - a report of the industry trade body released Monday said. Dilip Chenoy, director general of the Society of Indian Automobile Manufacturers (Siam), attributed spiralling operational costs and credit crunch due to interest rate hikes to the fall in sales. Car sales had grown 6.1 percent in June and 14.3 percent in May this year. "India last saw a contraction in sales in June 2005," Chenoy said.

Abu Dhabi hospitality group posts $75.3 mn Q2 net profit

By IANS, Abu Dhabi : Leading United Arab Emirates (UAE)-based hospitality and travel group Abu Dhabi National Hotels (ADNH) Wednesday announced net profit of 276.7 million dirhams ($75.3 million) in the second quarter of 2008. The figure marks a 5.6 percent rise over the 262 million-dirham ($71.4 million) profit recorded by the company during the corresponding period last year, the state-run Emirates News Agency (WAM) reported.

Japan posts first trade deficit in 26 years

By Xinhua, Tokyo : Japan posted a 324 billion-yen ($3.06 billion) trade deficit in August due to rising imports for the first time in 26 years, the finance ministry said Thursday. The deficit is mainly due to a lacklustre global economic performance and soaring prices of crude oil. Exports increased 0.3 percent to 7,055.9 billion yen for the second consecutive month of rise, while imports grew 17.3 percent to 7,379.9 billion yen, up for the 11th straight month, according to the ministry. Crude oil imports increased 64.3 percent and those of coal surged 121.2 percent.

India eyes doubling tea exports to Pakistan: ITA

By IANS, Kolkata : India is looking at doubling its tea export to Pakistan in the next three years, Indian Tea Association (ITA) said Tuesday.

Sensex slips further into the red amid weak Asian cues

By IANS, Mumbai : A benchmark index for Indian equities markets fell further Monday, with traders taking cues from the negativity at other Asian bourses.

Telecom exports to top Rs.100 bn by 2011

By IANS New Delhi : India's export of telecommunication equipments is expected to reach Rs.40 billion ($1 billion) by 2008-09 and Rs.100 billion by 2011-12 from the current Rs.18 billion, said Commerce and Industry Minister Kamal Nath. "The exports from this (telecom) sector are likely to touch Rs.40 billion this year, up from Rs.18 billion last year," the minister said while unveiling the Foreign Trade Policy update Friday here. The government has also announced a new export promotion council for the telecom sector in the trade policy.

Ushacomm to increase IT business headcount

By IANS Kolkata : At a time when most IT majors are going for large scale lay-offs, Ushacomm India, a Rs.30 billion Usha Martin Group company, is all set to go on a recruitment spree to strengthen the manpower of its Kolkata-based Business Support Systems (BSS) and Operations Support System (OSS) services for 2008-09.

Saudi economic city gears up to attract investors

By IANS, Dubai : The Knowledge Economic City (KEC) in Madinah, one of the six economic cities being built in Saudi Arabia, is gearing up to attract investors and joint ventures to the many facilities it will be offering.

Indian-born Canadian buying major stake in Bank of Ireland

By Gurmukh Singh, IANS, Toronto: Toronto-based Fairfax Financial Holdings Ltd, which has assets worth about $32 billion and is

Garware Motors hopes to sell 2,000 super bikes

By IANS, Chennai : The Pune-based Garware Motors Ltd Tuesday said it was looking to sell around 2,000 units of Hyosung's super bikes in its first year.

Jharkhand, Orissa steel plants ‘progressing’: Mittal

By IANS

New Delhi : Lakshmi Niwas Mittal, chief of the world's largest steel producer Arcelor Mittal, Wednesday said work on both the firm's steel plants in Jharkhand and Orissa were "progressing".

"I would be meeting the chief ministers of both Jharkhand and Orissa to reaffirm and re-emphasise our commitment to build the steel plants and we look forward to their support and cooperation," Mittal told reporters here.

"Our both the projects are progressing and in Orissa we are moving faster than Posco," he added.

IBM starts operations in Lucknow

By IANS

Lucknow : Global IT major IBM Saturday announced the commencement of its operations in Lucknow, adding that it would expand its business across Uttar Pradesh over the coming months.

Police get custody of Satyam’s Raju brothers, CFO

By IANS, Hyderabad : A city court Saturday granted police custody of fraud-hit Satyam's Raju bothers and senior company official Vadlamani Srinivas for four days from Sunday. Satyam Computer Services founder B. Ramalinga Raju resigned as Satyam chairman Jan 7 after admitting to the country's biggest financial fraud of Rs.70 billion (Rs.7,000 crores/$1.43 billion). He and his brother were arrested Jan 9 and were originally in judicial custody till Jan 23.

Amnesty scheme for companies

By IANS, New Delhi : Companies which have not been filing statutory documents with the Registrar of Companies (ROC) in time will be spared from legal action if they file the necessary documents under an amnesty scheme, the corporate affairs ministry said Friday. "The Ministry has introduced a Scheme namely, 'Company Law Settlement Scheme, 2010,' for condoning the delay in filing documents with the registrar, granting immunity from prosecution and charging additional fee of 25 percent of actual additional fee payable," said a ministry statement.
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