Former Pakistan agriculture minister praises Indian loan waiver
By IANS
New Delhi : The Rs.600 billion farm loan waiver announced by Finance Minister P. Chidambaram is unprecedented and relief of this magnitude has never been given in Pakistan, former Pakistani agriculture minister Amir Mohammad said here Wednesday.
"The Rs.600 billion loan waiver to farmers by the government of India is unprecedented and encouraging. Our government does give relief from time to time but I do not remember any relief of this magnitude," he told reporters.
Russia, India plan $8 bln investment in joint projects
By RIA Novosti
New Delhi : Russian and Indian companies plan to invest around $8 billion in joint projects, Russia's economics minister told a news conference on Wednesday after a business forum between the countries.
A two-day forum involving hundreds of company representatives and several government officials from both countries concluded in the Indian capital on Wednesday.
"The cost of joint projects discussed at the forum reached around $8 billion," Elvira Nabiullina said.
Cabs, private buses go off roads in Hyderabad
By IANS,
Hyderabad : More than 25,000 cabs and private buses went off the roads here Thursday as the owners began an indefinite strike demanding withdrawal of Value Added Tax (VAT) imposed on them.
The strike, which began at midnight Wednesday, hit hard people travelling to and from the airport as well as IT companies and call centres, which provide pick up and drop facilities for their employees.
Equities markets head south once more
By IANS,
Mumbai : The Indian equities markets, which oscillated between positive and negative zones through much of Thursday, went down steeply in the last hour of trade and ended a long way down.
The market started on a firm note tracking strong markets elsewhere in Asia. Trading was volatile throughout before the last hour slump.
The 30-share benchmark uindex of the Bombay Stock Exchange (BSE), the Sensex, opened at 16,666.03 points and touched a low of 16,666.03 before closing at 16,316.26, going down by 209.11 points or 1.27 percent compared to the closing figure Wednesday.
Skoda clocks 28.5 percent sales growth in 2008
By IANS,
New Delhi : Auto manufacturer Skoda India sold 16,188 vehicles in the 2008 calendar year as compared to 12,596 units in 2007, clocking a 28.5 percent growth.
Skoda's latest offering, the Skoda Fabia that was launched last January, sold 6,634 units during the period. The Fabia is Skoda's maiden hatchback in India.
‘Central bank’s steps will not impact interest rates’
By IANS,
New Delhi : Concerned over high inflation rate, fuelled by rising food prices, Finance Secretary Ashok Chawla Friday said the steps by the central bank to curb liquidity were adequate and assured that interest rates will remain intact.
Reacting to the hike of 75 basis points in the cash reserve ratio for commercial banks, Chawla said his ministry's view was that this move was in the right direction apart from being appropriate and adequate.
Left to protest against price rise Thursday
By IANS,
New Delhi : Demanding immediate steps to curb price rise and raising various other issues, the four Left parties will organise mass picketing and courting arrest programmes across the country Thursday.
Twenty-five lakh people will participate in mass picketing to be held in all district headquarters and in courting arrest programmes which will be held outside central government offices across the country, Left party leaders said.
What’s the fuss? China says it worked for NSG waiver
By IANS,
New Delhi : Amid a row here over China's perceived negative role in the Nuclear Suppliers Group, an unfazed Chinese Foreign Minister Yang Jiechi said Monday that Beijing always "played constructive and responsible" role and "worked for consensus" in the NSG.
"We worked for consensus in the NSG. We have been a responsible player," Yang, who is on his maiden visit to India after becoming China's foreign minister, told reporters after his talks with External Affairs Minister Pranab Mukherjee.
Now buy region-specific jewellery for your wedding
By IANS,
New Delhi : After wowing people with their royal designs in the movie "Jodhaa Akbar", popular jewellery brand Tanishq Wednesday launched community specific bridal collection for nine different regions in the country.
The new collection aims at catering to nine states - Punjab, Bihar, Gujarat, Rajasthan, Andhra Pradesh, Tamil Nadu, West Bengal, Karnataka and Maharashtra. The ornaments have been designed keeping in mind the sensibilities, preferences and requirements of consumers from these regions.
MIT model can bring down costs of cutting carbon emissions
By IANS,
Washington : An MIT model can help the US fend off growing power shortages by bringing down costs of reducing down carbon dioxide emissions.
The steep cost involved in capturing such emissions has slowed down construction of new coal-fired power plants in the country.
The 'partial capture' technique of Massachusetts Institute of Technology (MIT) could capture not all but a significant fraction of those emissions with low cost changes in plant design and operation.
India’s central bank cuts key rates to spur economy
By IANS,
Mumbai : In a bid to lower the cost of borrowings for commercial banks, the Reserve Bank of India (RBI) Friday cut the both the repurchase and reverse-repurchase rates by 100 basis points each, while reducing the cash reserve ratio (CRR) by 0.5 percent points.
“The reduction in the CRR will inject additional liquidity of around Rs.20,000 crore (Rs.200 billion/$4 billion),” the central bank said in a statement, while announcing a further monetary stimulus to prop the economy.
ICCI bank pulled up for using musclemen for loan recovery
By Kanu Sarda, IANS,
New Delhi : Terming the act of sending recovery agents as "uncivilized", a court here has directed ICCI Bank to pay Rs.20,000 in compensation to a consumer for sending musclemen to his home.
The Delhi State Consumer Disputes Redressal Commission asked the bank to pay the compensation and Rs.2,000 as the cost of litigation to Rahul Sharma after he complained of getting threatening calls and having to face musclemen for the recovery of unpaid instalments of a house loan he had taken.
Iranian President blame “self-serving parties” for high oil prices
By NNN-Bernama,
Kuala Lumpur : Iranian President Mahmoud Ahmadinejad has put the blame on “self-serving parties” for the steep rise in crude oil prices, saying the prices are politically motivated and do not reflect true market conditions.
He told a media conference here Tuesday after the conclusion of the 6th summit of the Group of Eight Islamic Developing Countries (D-8) that high crude oil prices, which had hit record levels of 146 USD per barrel, were "artificial" as production far exceeded demand.
"It’s a political issue that needs a political solution," he said.
‘India’s manufacturing sector to grow by 9.5 percent’
By IANS,
New Delhi : India's manufacturing sector is expected to grow by 9.5 percent in 2008-09, up from 8.8 percent last fiscal, according to a survey by an industry lobby.
The survey on manufacturing industry, carried out by the Federation of Indian Chambers of Commerce and Industry (Ficci), among 25 core sectors, 21 capital goods, 15 intermediate goods, 26 consumers durables, and 13 consumer non-durable sectors, holds out this prognosis.
US trade body sees $150 bn opportunity in India nuclear deal
By Arun Kumar, IANS
Washington : The US-India Business Council (USIBC) says the India-US nuclear deal will create jobs and opportunities in India and across the US with the Indian nuclear industry planning a $150 billion expansion.
"Government officials on both sides who are working on this historic initiative deserve our deepest gratitude and respect for their vision and statesmanship," said USIBC president Ron Somers, hailing the progress on implementation of the 123 agreement.
Washington : The US-India Business Council (USIBC) says the India-US nuclear deal will create jobs and opportunities in India and across the US with the Indian nuclear industry planning a $150 billion expansion.
"Government officials on both sides who are working on this historic initiative deserve our deepest gratitude and respect for their vision and statesmanship," said USIBC president Ron Somers, hailing the progress on implementation of the 123 agreement.
Sri Lankan train fare hiked by 90 percent
By P. Karunakharan, IANS,
Colombo : The Sri Lankan government has announced a mammoth 90 percent hike in train fares, media reports here said Sunday. The hike comes a week after increase in petrol and diesel prices in the country.
"The minimum fare will be doubled. The charge per kilometre has been increased by 90 percent," Sunday Times newspaper quoted Sri Lankan Railway's commercial manager Wijeya Samarasinghe as saying.
L&T bags electrical projects worth Rs.6.35 bn in Gulf
By IANS,
Mumbai : Indian construction major Larsen and Toubro (L&T) has bagged four electrical projects worth Rs.6.35 billion (over $145 million) from the UAE and Oman in the Gulf region, the firm announced Tuesday.
Giving details of the projects, the company said two of these orders valued at Rs.5.21 billion were granted by Abu Dhabi Water and Electricity Authority (ADWEA) for the construction and erection of five power sub-stations, including the laying of cables for power supply.
Bangalore blasts, weak global markets hit equity market hard
By IANS,
Mumbai : The Indian equities market ended the last day of the trading session with a huge loss amid negative cues from global markets and the serial blasts in the IT city Bangalore which further dampened investor sentiment Friday. Banking, realty and oil and gas stocks were worst hit.
The market started on a negative note and extended its loss by afternoon and, after the news of the Bangalore blasts filtered in, fell sharply in the last hour of trade.
Sensex soars 300 point on budget news
By IANS,
Mumbai : India's markets barometer, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), shot up over 300 points Friday as the Finance minister announced huge public investments along with a reduction in surcharge for corporates in his budget speech.
At 12.36 p.m., the Sensex which opened at 16,255.33 points was ruling at 16,555.87 points, 301.67 points or 1.85 percent higher than its previous close at 16,254.2 points.
Indian equities move into positive zone in afternoon trade
By IANS,
Mumbai : Indian equities, which had been in the negative zone Tuesday morning, moved into positive territory by the early afternoon.
IT stocks gained after Infosys reported good results from the last quarter of fiscal 2007-08. But banking stocks continued to struggle. Other Asian markets that had opened before the Indian markets, were mixed.
Kingfisher setting trends in Indian skies: Mallya
By Probir Pramanik, IANS
Mumbai : Kingfisher Airlines is close to owning a 51 percent majority stake in Air Deccan, Kingfisher owner Vijay Mallya says. Kingfisher already has a 46 percent in Deccan Aviation, the company that owns Air Deccan.
Mallya, flamboyant chief of United Breweries group -- the second largest liquor conglomerate in the world -- and owner of Kingfisher Airlines, says he is proud to have created an airline that can match the best in the world.
Amul innerwear eyes Rs.2.1 bn turnover in fourth quarter
By IANS
Kolkata : J.G. Hosiery Pvt Ltd, owner of the leading brand Amul Macho, Tuesday projected a turnover of Rs.2.1 billion ($52.6 million) at the end of the fourth quarter in March 2008 against Rs.1.5 billion in the corresponding period of last fiscal, with a net profit of over 10 percent.
"The company is currently on a major expansion spree. We are planning to enter the premium range of kids and ladies' innerwear market in a big way," Sandeep Seksaria, director of the company said here.
Oil hits $140 per barrel for first time
By DPA,
New York : The oil price hit a new record Thursday, surpassing $140 per barrel for the first time.
Oil rose as high as $140.39 per barrel, after Libya threatened to cut its supply and the leader of OPEC said prices will likely rise even further this summer, Bloomberg financial news reported.
Stocks on the Dow Jones Industrial Average plummeted more than 300 points on news of the rising oil prices and ongoing fears about financial shares.
No-frills Indian tractors find favour with US farmers
By IANS,
New York : Cheap tractors for the emerging markets devised by engineers at a research facility at Pune in India have found favour with recreational farmers in the US.
As a result, almost half of the no-frills tractors manufactured in India by US-based Deere & Co. now find their way overseas, the Fortune magazine reports.
Tamil Nadu, Puducherry shutdown a partial success
By IANS,
Chennai : The day-long shutdown to protest fuel price hikes, called by Left parties in Tamil Nadu and Puducherry Saturday, was a partial success.
Shops were closed in many parts of Tamil Nadu and the union territory of Puducherry, and auto-rickshaws unions participated in full.
However, buses and trains plied normally.
The unions led by the ruling Dravida Munnetra Kazhagam (DMK), an ally of Left parties in Tamil Nadu as well as the centre, did not take part in the protest.
We will remain sympathetic to exporters: Chidambaram
By IANS
New Delhi : The government Friday said it will provide relief to exporters adversely hit by appreciation of the rupee against the dollar, Finance Minister P. Chidambaram said.
"Merchandise exports have been hit due to rupee appreciation. The target of $160 billion of exports for 2007-08 has just fallen short," the minister told the Lok Sabha while presenting the national budget for 2008-09.
"The government is sensitive to the sector and will continue to be sympathetic," he said.
Malnutrition downplaying India’s economic growth: UN
By IANS,
New Delhi : India is progressing well in education and showing consistency in economic growth but its progress is getting downplayed due to poor child health conditions, a new UN report has said.
“In recent years, India has made impressive progress towards enrolment in primary schools. Progress in child health indicators is less impressive. Bangladesh and Nepal with lower levels of income and economic growth, have outperformed India on this indicator,” said the Education for All (EFA) Global Monitoring Report of the Unesco.
India’s growth will be below 5 percent in first half: Moody’s
By IANS,
New Delhi : The government estimate of 7 percent gross domestic (GDP) growth for the current fiscal year will certainly be missed and the "overly optimistic projection" needs to be substantially revised downward to below 5 percent, according to the research arm of global rating agency Moody's.
"With the recent deterioration in global economic conditions, it is almost certain that India's growth will slow to under 5 percent in the first half of 2009," said Sherman Chan, an economist with Moody's Economy.com.
Growth will pick up by this fiscal end, says Pranab
By IANS,
New Delhi: Finance Minister Pranab Mukherjee Wednesday said that economic growth would pick up in the last quarter of this fiscal and the dip in the third quarter was because of the steep fall in agricultural output.
"The third quarter growth rate of 6 percent reflects the sharp decline in agricultural growth rate due to drought and negative rate of government spending," Mukherjee said at a function of the national council of the Confederation of Indian Industry (CII).
"I do expect that in the fourth quarter the GDP will pick up again," he said.
All pharma firms to reduce medicine prices
By IANS,
New Delhi : India will reduce prices of all drugs by nearly five percent and develop injections for combating life threatening infections, the pharmaceutical advisory forum said here Wednesday.
"As a result of reduction in excise duty from 16 percent to 8 percent, all drug companies should reduce prices of their medicines by 4.58 percent," said Minister for Chemicals and Fertilisers Ram Vilas Paswan, who heads the forum.
Orissa clears mining lease for Posco amidst protest
By IANS,
Bhubaneswar : Orissa Sunday said it has again recommended South Korean steel major Posco, which is building a steel plant in the state, for Khandadhar iron ore mines despite opposition from other companies and locals.
"We have recommended the name of Posco for prospective licence of Khandadhar mines," state steel and mines secretary A.M.R. Dalwai told IANS.
The recommendation letter to the central government for mining of over 2,500 hectares was sent Friday, the official said.
Equities markets turn flat in early trade
By IANS,
Mumbai : The Indian equities markets turned flat in early trade Thursday, despite buying interest in metal, realty and banking stocks. The markets had opened in the green mirroring strong markets elsewhere in Asia.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 140.66 points at 16,666.03. Ten minutes into trading, it went down to 16,575.16, still with a gain of 49.79 points or 0.30 percent from its closing figure Wednesday.
Stocks crash, but Pakistanis begin process of revival
By Muhammad Najeeb, IANS
Islamabad : Pakistan stocks crashed Monday as markets opened after three days, just as hopes of stability in the country had plummeted with the assassination of former prime minister Benazir Bhutto. But peace of sorts returned to the streets.
Long queues of vehicles were seen at petrol and gas stations that also opened Monday morning. Many vehicles were being pushed to the stations as they had run out of fuel during the three-day closure.
Sensex trading higher as Asia gains
By IANS,
Mumbai : A benchmark index for Indian equities Monday pared some opening gains but was trading higher amid positive cues from other Asian markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,118.74 points, was ruling at 17,198.89 points, 133.94 points or 0.78 percent up from its previous close at 17,064.95 points.
Earlier, it touched a high of 17,260.23 points.
Reliance Industries gets $400 mn US loan
By IANS,
New Delhi : The US Export-Import Bank (Ex-Im Bank) has approved a long-term loan guarantee of $400 million to Reliance Industries Ltd to source its equipment and services from the US for its hydrocarbon exploration and production service in the Krishna-Godavari Basin, it said Friday.
A statement issued by the Washington-based Ex-Im Bank, the US official export-credit agency, said RIL will use the loan for its purchases of American engineering services, oilfield equipment, offshore platform support, and drill and well services.
Canada’s Magna, Russian bank bid for 55 percent stake in Opel
By Gurmukh Singh, IANS,
Toronto : Canadian auto-parts giant Magna and the Savings Bank of the Russian Federation (called Sberbank) have jointly submitted a bid to acquire a 55 percent stake in the troubled General Motors' Opel. Belgium's investor RHJ International and China's Beijing Automotive Industries are the other two bidders.
July 20 was the last day to submit bids to GM which is selling Opel as part of its massive restructuring plans.
India facing famine, says BJP leader
By IANS,
Kolkata : Former Union Human Resource Development Minister and senior Bhartiya Janata Party (BJP) leader Murli Manohar Joshi says India is on the brink of famine on account of an increasing mismatch between foodgrain production and consumption.
At an interactive session organised by Merchants' Chamber of Commerce here Monday,Joshi said: "At present, food security is the most important thing for India. The country can fight without nuclear weapon but cannot fight without food."
India, Pakistan begin talks on gas pipeline from Iran
By IANS
New Delhi : India and Pakistan began preliminary talks here Wednesday on the $7.4-billion gas pipeline from Iran. The focus was on the fee payable to Islamabad for the transit and safety of the project, oil ministry officials said.
West Bengal has no plans to meet Tata
By IANS,
Kolkata : The West Bengal government is unlikely to hold any meeting with Tata Motors chairman Ratan Tata Friday, Industries Minister Nirupam Sen said here Thursday.
"We have no such plans yet to meet Ratan Tata tomorrow," Sen said, while speaking to reporters on the sidelines of the launch of a solar power project.
Tata will be here for the annual general meeting of Tata Tea.
Reserve Bank may raise cash reserve ratio: Moody’s
By IANS,
New Delhi : India's central bank is unlikely to alter the repo or reverse repo rates at its Oct 27 meeting, but may raise the cash reserve ratio by 50 basis points, says the research arm of global rating agency Moody's.
"With the recovery in its early stages, the Reserve Bank of India (RBI) is expected to refrain from hiking its twin policy rates this month," said Moody's Economy.com.
"However, at its October policy meeting, the central bank will signal to markets that it has adopted a tightening bias by raising the cash reserve ratio by 50 basis points," it added.
Asia’s export-driven economies face slowdown in 2009
By DPA,
Bangkok : There's an old saying among economists, "When the US catches a cold, the rest of the world catches pneumonia."
"But nobody says what happens when the US catches pneumonia," said Ammar Siamwalla, a Thai economist. That indeed is the billion-dollar question for Asia in 2009.
Minister cautious on new texts to push WTO talks
By IANS
New Delhi : Commerce and Industry Minister Kamal Nath Tuesday cautiously welcomed the new global trade texts meant to push the stalled Doha talks.
Officials of the World Trade Organisation (WTO) last week issued the revised drafts for agriculture and industry.
"Significant and effective reduction of trade distorting subsidies of the developed countries is an issue on which there can be no compromise because they impact adversely upon the livelihood of millions of our poor farmers," Kamal Nath said in a statement.
Promote trade with India, says Pakistani daily
Islamabad : A leading Pakistani newspaper Sunday moaned the lost opportunities and called for speedy promotion of trade with India.
More than a decade after...
Indian firm’s power deal in Nepal dealt blow by NGO
By Sudeshna Sarkar, IANS
Kathmandu : The fate of the deal between Nepal's biggest hydropower project and Power Trading Corporation (PTC) of India Ltd hangs in balance once again with an NGO moving court, alleging the project would help India at Nepal's expense.
Indian Oil to raise refining capacity by 30 percent
By IANS,
New Delhi : India's largest state-run refiner, Indian Oil Corp, is planning to ramp up its capacity by over 30 percent in two years with an investment of Rs.60,000 crore ($12.5 billion), a top official said Tuesday.
Indian Oil's director (refineries) B.N. Bankapur said at the inauguration of the golden jubilee celebrations at the refineries headquarters here that the target was to scale up the refining capacity from the current 60.2 million tonnes per annum (mtpa) to 80 mtpa by 2011-12.
Sensex soars in afternoon trade, up 401 points
By IANS,
Mumbai : A key index of the Indian equities markets surged in the afternoon trade Monday to go past the 15,000-mark. It was ruling 401 points up about an hour before the closing bell.
Around 2.34 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,854.17 points, was at 15,146.57 points - 401.65 points or 2.72 percent higher than Friday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green, 2.41 percent up at 4,480.6 points.
Sobha Developers get $10 mn foreign investment
By IANS,
New Delhi : Bangalore-based property developer, Sobha Developers Ltd, has received additional $10 million foreign investment for its residential project being developed at Hosahalli in Bangalore, the company announced Monday in a regulatory statement.
The company has received this investment through a special purpose vehicle from Pan Atlantic LLC, Dubai.
The Bangalore project is spread over 13.27 acres with total developable area of more than 1.7 million square feet of residential township, Sobha informed the Bombay Stock Exchange.
Will not hold rates high longer than necessary: RBI chief
Mumbai : The Reserve Bank of India (RBI) will not hold interest rates high longer than necessary, and will have room to cut rates...
Railways’ five-year profit will cross Rs.1,000 bn: Lalu
By IANS,
Patna : Railways Minister Lalu Prasad Monday said the Railway's profit during his five-year tenure will cross Rs.1,000 billion ($20 billion).
“I am 100 percent sure that the Indian Railways is set to earn a profit of over Rs.1 lakh crore (Rs.1,000 billion),” he said.
The minister has been travelling across the state during the last one week to lay foundation stones of new rail lines and also to inaugurate railway buildings.
Export target will fall short by $40 bn, warns industry
By IANS,
New Delhi : Indian exports are likely to fall short of the targeted $200 billion in 2008-09 by about 20 percent, says a report by an industry lobby.
According to the Associated Chambers of Commerce and Industry of India (Assocham), seven key export segments - textiles, apparel, gems and jewellery, diamonds, brassware, handicraft and leather - are reeling under recessionary trends, which will affect the overall exports figures.
Financial closure for Anil Ambani’s Butibori power project
By IANS,
New Delhi : The Reliance Anil Dhirubhai Ambani Group has tied up finances for its 300 MW power plant at Butibori in Mahrashtra and expects the project to be operational by 2011-12, it said in a statement Monday.
Announcing the financial closure with Axis Bank as the lead institution, the group said that the project would meet the power requirements of Butibori, Hingna and other industrial areas in Maharashtra.
24 percent hike in allotment for women and child schemes
By IANS
New Delhi : Declaring that women were entitled to an "equal share and equal say" in all programmes, Finance Minister P. Chidambaram Friday raised the allocation for women and children by 24 percent to Rs.72 billion in the union budget for 2008-09.
"I confess that policymakers often tend to forget that one-half of the population is constituted by women and they are entitled to an equal share and an equal say in all programmes and schemes," Chidambaram said in his budget speech.
Industrial production grows 15.1 percent in February
By IANS,
New Delhi : India's industrial output in February grew at a slower rate of 15.1 percent, official data showed Monday.
The production in January was 16.7 percent.
The index of industrial production (IIP), which measures factory output, stood at 10.1 percent during April 2009-February 2010 against 3 percent in the same period of 2008-09, data released by the Central Statistical Organisation showed.
Illegal trade of small arms, guns threatens Kathmandu: Police
By IANS,
Kathmandu: Senior police officers in the Kathmandu Valley have warned that Nepali capital has been turned into a hub for illegal trade of small arms and guns.
US stocks end flat
By DPA,
New York : Major stock indices ended Tuesday little changed, erasing a rally earlier in the day prompted by President Barack Obama's remarks on a deal to extend tax cuts.
India’s forex reserves up $2.43 billion
By IANS,
Mumbai: India's foreign exchange (forex) reserves rose by $2.43 billion to $294.47 billion for the week ended Sep 14, 2012, the Reserve Bank of India's (RBI) data show.
IMF lowers 2008 global growth forecast
Washington, Jan 30, SPA -- The International Monetary Fund (IMF) on Tuesday lowered its 2008 global growth forecast, citing a U.S. slowdown and financial-market turmoil that have put emerging economies at risk.
Despite predicting that world economic growth will slow significantly, the IMF said in an update to its twice-yearly World Economic Outlook that the United States will avoid recession.
Ordinance makes ULIPs insurance product
By IANS,
New Delhi/Chennai: Setting at rest the tussle between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA), President Pratibha Patil Friday night promulgated an ordinance amending four laws at one go to make unit linked insurance policies (ULIP) an insurance product.
PM to unveil fresh diaspora initiatives on knowledge, investment
By Venkatachari Jagannathan, IANS,
Chennai : rime Minister Manmohan Singh will Thursday launch three major initiatives to bring India closer with its 25 million diaspora in 130 countries in areas covering knowledge, investment and philanthropy.
The Global Indian Network of Knowledge, or Global INK, will provide opportunity for professionals - individuals and organisations - among overseas Indians to engage as partners in development projects.
The network will be a 'moderated group', coordinated by a knowledge manager supported by a small research team.
Wipro to set up global development facility in Mexico
By IANS
Bangalore : Coinciding with the visit of Mexican President Felipe Calderon Hinojosa to its campus in India's tech hub Tuesday, IT bellwether Wipro Technologies announced it would set up a global development centre at Monterrey in Mexico.
Welcoming the high-level Mexican delegation, headed by Calderon Hinojosa, Wipro chairman Azim H. Premji said the Monterrey facility would provide the company with dedicated resources to service its clients in North America, Latin America and Europe.
UCO Bank posts Rs.558 crore net profit
By IANS,
Kolkata: City-based public sector bank UCO Bank posted a net profit of Rs.558 crore for the fiscal 2008-09 compared to Rs.412 crore last fiscal, a growth of 35.44 percent, a top bank official said Friday.
"The domestic operation contributed Rs.466 crore to the net profit and rest came from overseas operations," S.K. Goel, chairman and managing director of UCO Bank said at a press conference.
Sensex up 106 points in opening trade
By IANS,
Mumbai : A benchmark index for Indian equities Friday opened in the positive and was ruling 106 points higher than its previous close, minutes into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,533.88 points, was ruling at 17,680.05 points, 106.06 points or 0.6 percent higher than its previous close at 17,573.99 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,297.3 points, a gain of 0.53 percent from its previous close at 5,269.35 points.
Kerala government mulling World Bank loan
By IANS
Thiruvananthapuram : State Chief Minster V.S. Achuthanandan Wednesday said here after a cabinet meeting that no decision has been taken so far on availing of a Rs.5 billion ($127 million) World Bank loan to strengthen local administrative bodies in Kerala.
"We will begin to discuss this issue only after getting all the details and also the conditionalities of the loan. Once these things are known, a discussion would happen in the Left Front and then only the cabinet would take it up," said Achuthanandan.
Kerala announces relief for rain-hit paddy farmers
By IANS
Thiruvananthapuram : Kerala Wednesday announced a compensation of Rs.10,000 per hectare to all paddy farmers who lost their crop during the rains that lashed the state earlier this month.
The area damaged has been assessed at 28,233 hectares affecting 40,826 farmers, Chief Minister V.S. Achuthanandan told reporters here after the weekly cabinet meeting.
Make potato crisps that are not potato – and save tax
By IANS,
London : Potato crisps that can save millions in taxes? Yes, but only if they contain less potato.
The next time you want potato crisps don't reach out for Pringles -- a British court has ruled that the famous potato crisps are not really potato at all. As a result, Pringles are now exempt from value added tax (VAT), which can save its manufacturer Proctor & Gamble (P&G) millions of pounds. Customers will have to pay less too.
White House Says Retail Sales Drop Reflects Auto Difficulties
By SPA,
Washington : The White House said a decline in July retail sales reported on Wednesday reflected problems in the U.S. auto industry, and that fiscal and monetary stimulus would contribute to U.S. economic growth in the third and fourth quarters of this year.
“Overall retail sales declined slightly in July, but most of that reflects ongoing difficulties in the auto industry,” Tony Fratto, a White House spokesman, told reporters.
India-Britain trade could reach $40 bn by 2015: Industry
By IANS,
New Delhi : Bilateral trade between India and Britain, which crossed $12 billion last fiscal, has the potential to touch $40 billion by 2015, according to an industry lobby report.
The report by the Confederation of Indian Industry (CII) said: "CII proposes a target for merchandise trade at $40 billion by 2015 with special emphasis on expanding services trade to $12 billion and exploring other business avenues."
The industry will launch CII India Business Forum-UK to promote bilateral trade between the two countries.
Markets slip further in afternoon
By IANS,
Mumbai : Indian equities markets slipped further in the afternoon session Wednesday, with a key index ruling 140.42 points lower about an hour before the closing bell.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,968.6 points, fell 140.42 points or 1.29 percent from the previous close to rule at 10,757.69 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 1.57 percent from the previous close to trade at 3,312.3 points.
Apex court asks Tata, Reliance to pay access deficit charges
By IANS,
New Delhi : Observing that Tata Teleservices' 'Walky' and Reliance Communication's 'Unlimited Cordless' telephone services fall in the category of "limited mobile telephony services", the Supreme Court Wednesday ruled that the two Indian telecom majors are liable to pay Access Deficit Charges (ADC) to Bharat Sanchar Nigam Limited.
Belgium praises Viet Nam’s achievements
By IRNA-VNA
Brussels : Belgium highly valued achievements Viet Nam has made during its socio-economic development and international integration, especially when the country is now a WTO member and holds a non- permanent UN Security Council seat.
King of the Belgians Anbert II made the praise when receiving Vietnamese Ambassador to Belgium Nguyen Manh Dung on December 11 after he presented a credential.
Market closes 177 points down
By IANS,
Mumbai : The Indian equities market closed in the red, once again.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 13,292.80 points, touched a low of 13,049.96 before closing at 13,349.65 points. It went down by 176.34 points or 1.30 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4028.70 points, closed at 3988.55 points. It went down by 41.45 points or 1.03 percent.
Late rally pulls up Sensex, closes 130 points higher
By IANS,
Mumbai : A benchmark index for Indian equities markets Tuesday rose in a late rally, closing 130 points up, with some large heavyweights seeing healthy buys.
Majority of B-schools’ faculty lack basic economic awareness
By IANS,
New Delhi : Barring the top 30, faculty in most business schools in the country lack fundamental economic awareness, says a study conducted by the Associated Chambers of Commerce and Industry of India (Assocham).
The Assocham Business Barometer (ABB) survey on faculty awareness covered 258 faculty members in various MBA institutes across the country - except the top 30 - and discovered that 89 percent of the teachers didn't know the GDP growth rate in financial year 2006-07.
Rising steel prices to be curbed: PM
By IANS,
Bokaro (Jharkhand) : Voicing concern over rising steel prices, Prime Minister Manmohan Singh Tuesday said "necessary steps" would be taken to check the trend as he laid the foundation stone of a Rs.110-billion expansion and modernisation project of the Bokaro Steel Plant, one of India's largest steel mills.
Urging steel traders not to take advantage of the situation, the prime minister said in a brief speech on the occasion: "Our government will take necessary steps to curb the rising prices."
Falling crude prices hit Canadian project, dollar
By IANS,
Toronto : The Canadian oil sector, which has oil-sand deposits second only to that of Saudi Arabia, suffered a big blow Thursday with a Norwegian compnay pulling out of a major project.
As crude prices hit record levels in four years, Norway's StatoilHydro ASA announced its decision to withdraw from a $4-billion oil sand upgrader project in Alberta province.
The company said ``prohibitive construction costs, the state of the global economy, uncertain oil price outlook and lack of legislative clarity'' made it impossible for it to continue with its bid for the project.
UTV’s movie business revenues up by 241 percent
By IANS,
Mumbai : Leading production house UTV's movie business has shown a revenue growth of 241 percent and its earnings from interactive and gaming business has increased by 250 percent during the year ending March 2008.
In the unaudited financial results of the fourth quarter of 2007-08 announced Tuesday, the company has reported growth in operating revenues from Rs.1,749 million in the previous fiscal to Rs.4,375 million. Operating profit reached Rs.601 million from Rs.40 million, registering a 1,403 percent increase.
Finance minister discusses meltdown, agenda for global meet
By IANS,
New Delhi : Finance Minister P. Chidambaram Wednesday held a high-level meeting with key policy-makers and monetary experts to discuss the global financial meltdown and formulate India's position at the world summit next month on the current financial crisis.
Reliance gas row disrupts house despite Deora’s defence
By IANS,
New Delhi : The Lok Sabha was Monday disrupted twice by members who alleged that Uttar Pradesh was not being given its share of Reliance Industries' Krishna-Godavari gas even after Petroleum Minister Murli Deora sought to clarify the government's position on the matter.
Lok Sabha Speaker Meira Kumar had to first adjourn the house at 12.20 p.m. for about two hours till two in afternoon. But when the house reassembled, protesting members remained on their feet, and refused to allow the house to function.
Hitachi opens second plant in Gujarat, to invest more
By John Stanly, IANS,
Kadi (Gujarat) : Hitachi Home and Life Solutions, the Indian unit of Japan's Hitachi Appliance Inc, Friday flagged off a new plant near Ahmedabad to manufacture air-conditioners and chillers and promised to invest more in the unit to expand operations.
The Rs.50 crore plant, adjacent to the company's existing facility in Kadi, some 40 km from the state capital, was inaugurated by Gujarat Chief Minister Narendra Modi.
Hitachi managing director Shinichi Izuka said the new unit would initially manufacture commercial air-conditioners.
Uttarakhand hydroelectric project delayed
By IANS
New Delhi : The Central Electricity Authority (CEA) has stayed the approval of the Rs.43-billion ($1.1 billion) Lakhwar Vyasi hydroelectric project on Yamuna River in the hill state of Uttarakhand on technical grounds.
CEA declined to appraise the detailed project report (DPR) submitted for the 420-MW project, saying the agreement signed by Uttarakhand government and proposed developer National Hydroelectric Power Corp (NHPC) for implementing the project has expired, a senior CEA official said.
Canadian markets post 20 percent gains after record low
By IANS,
Toronto : Financial and energy shares propelled Canadian markets to cross the important 9,000-mark for the first time in two months.
After sinking to the lowest level since 2004 early this month, Canadian markets have now posted gains of almost 20 percent.
During the trading on the Toronto Stock Exchange, the composite index crossed the important mark - seen only once this year - to close at 8,995.50 points.
BAE Systems looking at India’s commercial airspace, army
By Aroonim Bhuyan, IANS
Dubai : British defence and aerospace company BAE Systems has big plans for India, ranging from commercial aerospace to land defence systems.
"We are looking at India keenly. India is an enormous market and is strategically very important for us," Guy Douglas, communications director of BAE Systems for Middle East, Africa and India, told IANS at the Dubai Airshow here.
His comments came as the first two of BAE Systems' Hawk jet trainer aircraft, part of a 66-aircraft deal, left Britain for India.
30 flights cancelled in Delhi due to fog
By IANS,
New Delhi : At least 30 flights were cancelled and six delayed as dense fog engulfed Delhi Monday, an official said.
An Air India flight from Muscat was diverted to Jaipur early morning as visibility at the runway here dropped to less than 100 metres, an official at Delhi's Indira Gandhi International Airport (IGIA) said.
The Delhi International Airport Ltd, the company that has developed and manages the international airport in the capital, said in a statement that the visibility at the new runway was 75 metres, while it was 100 metres at the main runway at midnight.
US stocks rally on first-quarter growth figures
By DPA,
New York : Wall Street rallied Thursday after the US Commerce Department raised its estimate of first-quarter economic growth.
Last month's initial estimate of 0.6 percent annualised growth in gross domestic product for the first three months of 2008 was revised upward to 0.9 percent for the January-March period.
Equities markets open in negative zone
By IANS,
Mumbai : The Indian equities markets opened in the negative zone Thursday, tracking weak markets elsewhere in Asia.
The 30-share benchmark index of the Bombay Stock Exchange, ther Sensex, opened with a loss of 136.57 points at 17,104.59.
The S&P Nifty index of the National Stock Exchange opened at 5,117.00 points.
A rising India will be important, influential friend: US
By IANS,
Chicago: As India's economy grows and its stature rises, it will be an increasingly important, and influential friend of the United States, buttressed in part by strong people to people ties, says a senior US official.
"Few relationships around the world matter more to our collective future, or hold greater promise for constructive action on the challenges that matter most to all of us, than the partnership between the United States and India," Assistant Secretary of State Robert O. Blake said.
Orissa hikes bus fares
By IANS,
Bhubaneswar : Orissa Tuesday hiked the bus fares following the increase in fuel prices as well as a strike call by a bus owners' association in the state from Wednesday.
The official fares per kilometre have been hiked to 44, 46, 60 and 74 paise respectively from 40, 42, 55 and 67 paise for the four categories of bus service - ordinary, express, deluxe and super deluxe.
Following the hike, the bus owners' association called off the proposed strike, a state trasnport department official said.
Northeast could be largest rubber producing region
By Sujit Chakraborty
Agartala, March 25 (IANS) India's northeast has the potential to transform itself into the world's largest natural rubber producing region and the country's second rubber-based industrial park is being set up in Tripura to boost the industry.
"Future expansion and growth of natural rubber in India lies in the northeast, which is agro-climatically most suitable for rubber cultivation," Sajen Peter, chairman of the Rubber Board of India, told IANS.
Emirates adds 18 flights between Dubai, India
By IANS,
Mumbai : Emirates Airlines is augmenting its services to India with 18 new weekly flights, starting July 1.
With this, Emirates' will have 132 flights per week between India and Dubai, the highest for any international carrier operating out of this country.
Close on the heels of its recent commitment to introduce a second daily operation to New Delhi, Emirates will introduce four additional weekly flights - on Mondays, Wednesdays, Fridays and Sundays - from July 2.
Jet staff cries foul after pink slips to 850
By IANS,
New Delhi/Mumbai : Agitated employees of Jet Airways cried foul Wednesday after the services of 850 staff were terminated, following a strategic and operational alliance with rival Kingfisher Airlines. The airline said 1,900 jobs were on the block.
In Mumbai, hundreds of retrenched staff, including pilots, cabin crew and ground staff, even knocked on the doors of Maharashtra Navnirman Sena (MNS) chief Raj Thackeray, seeking his intervention in the matter.
Global trends force India to re-look at petro prices
By IANS,
New Delhi : As crude oil prices crossed $135 a barrel, the Indian government looked likely to take up Friday the issue of revising domestic petrol and diesel prices even as it dismissed reports of fuel 'rationing' and assured "uninterrupted supply" to the nation.
"I cannot rule in or rule out anything at this stage," Petroleum Minister Murli Deora told reporters here Thursday. He had last week categorically indicated there would be no hike in petro product prices.
Equity Market – The Best investment option for Muslims
By Islami Tijara,
This is first part of the 4 part series on the idea of Equity Market being best investment options for Muslims
Survey pegs India’s growth at 7.6 percent next fiscal
By IANS,
New Delhi : The Economic Survey for 2011-12 tabled by Finance Minister Pranab Mukherjee in parliament Thursday projected a 7.6 percent growth for the next fiscal beginning April 1.
Jet Airways puts Rs.15 mn into hit London show
By IANS
London : Jet Airways, India's largest private airlines, has announced a Rs.15 million ($378,215) sponsorship of the hit West End show, "The Lord of the Rings".
As part of the deal, the airline Monday launched the compact disc of the musical show and said songs from the CD will now be played on Jet Airways flights from December.
The music is co-scored by India's best-known music composer, A.R. Rahman.
Raja Segran, Jet vice-president for Britain, Europe and the Americas, said the partnership would help raise the company's global profile.
India paying price for global oil speculation
By Sushma Ramachandran, IANS,
The government has bit the bullet and the cost of living has just shot up for people all over India. But there were few options before Prime Minister Manmohan Singh. With world oil prices having reached astronomical levels, the state-run oil companies could not have continued subsidizing supplies of petroleum products to the nation.
If left unchecked, the present situation would have led to oil companies going deep into the red - and that would have been an even worse disaster for the country.
AMD targets Indian market with six-core server processor
By IANS,
Bangalore : Global chip maker Advanced Micro Devices (AMD) bets on Indian market for hard-selling its latest chipset with six-core server processor that is set to deliver more performance per watt on its Opteron platform.
Code-named Istanbul, the 45-nanometre processor is being made available this month to global original equipment manufacturers (OEMs) such as Cray, Dell, HP, IBM and Sun Microsystems along with support from motherboard and infrastructure partners.
The chipset is also being shipped to Indian OEMs like Digital Waves and IT bellwether Wipro.
Government to release Rs.2,546 crore for textile sector
By IANS,
New Delhi : The government Thursday said it will release a subsidy of Rs.2,546 crore ($535 million) for the crisis-hit textile sector, which will directly reach the beneficiaries in three days.
"The fund will reach 12,540 beneficiaries through 121 financial institutional banks," Textiles Minister Dayanidhi Maran told reporters, adding that amount will be released in three days.
Equity markets wipe out loss in early trade
By IANS,
Mumbai : Indian equity markets opened slightly lower Thursday following weak markets elsewhere in Asia but wiped out the loss within ten minutes, thanks to buying interest in banking, IT and FMCG stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 41.68 points at 15,031.86 points. Ten minutes into trading, it had climbed to 15,135.35 points, a gain of 61.68 points or 0.41 percent from its closing figure Wednesday.
Sensex closes flat, IT stocks drag
By IANS,
Mumbai: A benchmark index of the Indian equities markets ended flat Wednesday, with IT stocks acting as a drag even as heavyweight scrip Reliance Industries gained smartly.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,719.47 points, ended at 17,701.13 points, up 14.89 points or 0.08 percent from its previous close at 17,686.24 points.
It had ruled in a tight range through the day.
Among the major contributors to the Sensex's slackness were Infosys, Tata Consultancy Services and Larsen and Toubro.
Gen-X are drivers of Indian retail boom: study
By IANS
New Delhi : India's booming retail industry, estimated to become a $427-billion industry by 2010 from the current $328 billion, should increase its focus on the youth as the most potential consumer, says a study.
Sensex closes 153 points higher
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday closed 153 points higher with IT, banking and metal stocks gaining.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,402.68 points, closed at 17,595.05 points, 153.61 points or 0.88 percent up from its previous close at 17,441.44 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,282.8 points, up 0.9 percent from its previous close at 5,235.9 points.
Infosys bags IT project from Karnataka power utilities
By IANS,
Bangalore : IT bellwether Infosys Technologies has bagged a multi-billion-rupee IT project from the state's power distribution utilities, a top official said Thursday.
"Since Infosys emerged as the lowest bidder for the IT project, it has been awarded the contract," Karnataka Power Transmission Corp managing director Latha Krishna Rau told IANS.
Though Rau declined to give the value of the contract, a source at Bescom, one of the power utilities, said it was about Rs.390 crore (Rs.3.9 billion/$83 million).
Top Infosys officials were not reachable to confirm the deal.
Gujarat braces for record cotton harvest
By P.S. Anantharaman, IANS
Ahmedabad : Gujarat is on the threshold of achieving a landmark in cotton cultivation, with the output expected to cross 10 million bales in the new crop season beginning Oct 1.
While this will reaffirm its number one status in India in terms of cotton, the crop is flourishing at the cost of groundnut and pulses - two essential commodities.
Indian-born trader sets precedent by winning 20mn pound compensation
By IANS,
London : Rajesh Gill, an Indian-origin trader regarded as among the best in the City, has won 20 million pounds in damages after being defrauded by one of the world's largest brokerages.
The Financial Times said his victory over MF Global at the London High Court Wednesday followed "a landmark ruling likely to reverberate through the industry."
Gill, a prolific trader, was locked in litigation with MF Global for seven years after one of its senior brokers defrauded him by lying to him about his earnings.
Rajya Sabha seeks list of PSU guesthouses for MPs
By IANS
New Delhi : Concerned about where its MPs and their guests would stay when they visit state capitals and key towns, a Rajya Sabha committee has asked for a list of guesthouses owned by central public sector undertakings (CPSUs).
A letter from the department of heavy enterprises directs various CPSUs to provide lists of their guesthouses in state capitals as well as in places of tourist and religious interest.
Israel, world fourth biggest arms exporter
By NNN-WAFA
Jerusalem : Israel has become the world’s fourth largest weapons exporter, shipping out arms worth more than US$4 billion so far this year.
Only the US, Russia and France export more arms than Israel, said the Israeli ministry’s director general Pinchas Bucharis in a statement.
New legislation to come into effect by the end of December will tighten control of Israeli companies and agents that sell arms or security-related equipment.
At peak, Volkswagen is world’s most expensive company
By DPA,
Frankfurt : A shortage of shares in Volkswagen drove the stock price so high Tuesday that the German carmaker was theoretically the world's most valuable corporation.
If every voting share in Volkswagen had been worth 1,005 euros ($1,257), the top price of the day on the Frankfurt Stock Exchange, the entire car company would have been worth more than US oil firm ExxonMobil, which is valued at about $334 billion.
This Mysore ink will leave indelible mark on voter’s finger
By Fakir Balaji, IANS,
Mysore (Karnataka) : Its manufacturing cost is less than one percent of the general election budget, yet the ink manufactured by a little known state-run enterprise here leaves an indelible line on your finger - proof that you have exercised your right to vote.
Singapore firm protests Airports Authority of India’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.
Indian markets in free fall on global cues
By IANS
Mumbai : Poor employment data from the US and continued woes on the sub-prime crisis kept world markets on their toes. Indian markets also continued to bleed, with key indices declining over three percent Friday.
The benchmark 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 19,579.61 points, down 0.61 percent, which was the high for the day.
After touching bottom at 18,930.42, down 3.91 percent, Sensex closed at 19,013.70, down 687.12 points or 3.40 percent.
Mexico forecasts 4 percent drop in oil output in 2010
By EFE,
Mexico City : Mexican authorities said they expect average daily crude output to fall in 2010 to 2.5 million barrels per day, which would represent a four percent drop compared with the first half of this year and a decline of 14 percent since 2008.
Mexican Energy Secretary Georgina Kessel and the head of state oil company Petrolos Mexicanos, or Pemex, Jesus Reyes Heroles, gave the same output estimate for 2010 in separate statements.
Both officials said the decline was due primarily to the steady depletion of the offshore Cantarell field, once Mexico's largest.
Sensex down 211 points
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday was 211 points lower about two hours after opening bell Wednesday, joining other Asian markets southwards.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,708.6 points, was at 16,569.14 points, down 211.43 points or 1.25 percent from its previous close at 16,780.46 points.
It had slipped over 243 points about 40 minutes after the opening bell.
Punj Lloyd wins Rs.5.9-billion OIL contract
New Delhi(IANS) : Energy and infrastructure service firm Punj Lloyd Ltd (PLL) will build two process units at state-owned Oil India Corp's (OIL) Vadodara refinery in Gujarat for Rs.5.90 billion, a company statement said here Wednesday.
The work will be completed in 28 months from the date a letter of award is issued to it.
This project assumes strategic importance for Punj Lloyd as other refineries are also expected to take up similar projects in the coming years, the statement added.
Arvind joint venture launches formal suits
Bangalore : Arvind Goodhill Suit Manufacturing Ltd., a joint venture of Arvind Ltd. and Goodhill Corporation of Japan, Wednesday launched formal suits produced at...
Indian company to produce gas in Bolivia
By EFE,
La Paz :India's Jindal Steel and Power expects to start producing gas in Bolivia in June for export to Argentina, company representatives told the Andean nation's president here.
Vikrant Gujral, vice president of the steel and energy major, told reporters about the company's plans after Friday's meeting with President Evo Morales, saying the gas supplies would come from a processing plant in the eastern province of Santa Cruz.
BEML, SAIL join hands for equipment supply
By IANS,
New Delhi : Bharat Earth Movers Ltd (BEML), a defence public sector undertaking, has signed a memorandum of understanding (MoU) with the country's largest steel producer Steel Authority of India Limited (SAIL) for supply of earthmoving equipment and spares.
“Both public sector units have agreed to work on a 11-year term during which BEML shall supply equipment up to 2011 to SAIL. BEML will also undertake maintenance and repair contract for the next eight years,” an official statement said Monday.
Equities in green, key index testing 9,000 mark
By IANS,
Mumbai : After opening strong on positive global cues, Indian equities markets were still in the green mid-afternoon despite selling pressure at the higher levels with a key index breaching the psychologically important 9,000 mark only to go below it again as trading progressed.
There is selling pressure at the higher levels, analysts said while explaining the market movements.
Mid-afternoon, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 8,947.72, up 44.60 points or 0.50 percent from its previous close Monday at 8,903.12 points.
Airtel to sell $1 billion stake in tower business
By IANS
New Delhi : Bharti Airtel, Indian's largest mobile services operator, Friday said as many as seven global investors have expressed interest in buying about 9 percent stake in its tower business, Bharti Infratel, for $1 billion.
Some of the leading investors who have agreed to buy the stake include Temasek Holdings, The Investment Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners (IEP).
Chaturvedi panel report may not be fully implemented
By IANS,
New Delhi : The government may find it difficult to implement the recommendations of the B.K. Chaturvedi Committee on fuel pricing, Petroleum Minister Murli Deora said here Wednesday.
A meeting of heads of state-owned oil companies will be held next week to discuss the recommendations.
"The recommendations are being studied and are under consideration of the government," said Deora, adding, “I am told some recommendations of the committee can be implemented, while others could be difficult to implement."
Manmohan Singh talks growth, Sonia Gandhi assures inclusion
By Arvind Padmanabhan,IANS,
New Delhi : In politically coordinated speeches by Prime Minister Manmohan Singh and United Progressive Alliance (UPA) chairperson Sonia Gandhi, the ruling dispensation Friday sought to send the message that it will go into the election with the mantra of economic growth with social inclusion.
Indian markets end on flat note
By IANS,
Mumbai : Indian equities markets Monday ended trade on a dull note even as blue chip stocks Sterlite and HDFC registered handsome gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,692.26 points, closed at 17,745.28 points, 51.08 points or 0.29 percent higher than its previous close at 17,694.2 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,322.45 points, a gain of 0.35 percent or 18.35 points from its previous close at 5,304.1 points.
Bharti is world’s 5th largest telecom firm after Africa deal
By IANS,
New Delhi : India's top telecom player Bharti Airtel Tuesday said it has successfully concluded a $10.7-billion deal to acquire the African assets of Kuwait's Zain, making it the world's fifth largest mobile phone services company.
This is also the largest overseas acquisition of assets in Africa by an Indian company, even though it does not cover the Kuwaiti company's operations in Sudan and Morocco, the company said in a statement.
World Bank pledges aid boost for poor nations
Washington, Sep 28 (DPA) World Bank member countries have pledged to more than double the bank's aid to the poorest countries and agreed to make loans for developing nations cheaper.
The lender's governing board approved plans to offer $3.5 billion in 2008-2010 for grants and loans to help the 81 poorest nations, especially in Africa, up from $1.5 billion in the current three-year effort, bank president Robert Zoellick said.
Cheap credit, tax exemption for garment exporters advocated
By IANS,
New Delhi : Federation of Indian Chamber of Commerce and Industry (FICCI) has called for cheap export credit and income tax exemption for export earnings for India's garments exporters.
At a meeting with Textiles Minister Dayanidhi Maran Wednesday, FICCI advocated credit for exporters at an interest rate of 7 percent, 100 percent exemption on income tax for export earnings for three years, initiation of skill development programmes, and reimbursement of duties to exporters.
Economic meltdown defers sequels to ‘The Golden Compass’
By IANS,
New York : Two planned sequels of the movie “The Golden Compass” have become Hollywood's first major victims of the current economic crisis, with their production being put on hold indefinitely.
Produced by New Line studio, “The Golden Compass” that starred actors Nicole Kidman and Daniel Craig was the first of author Philip Pullman's “His Dark Materials” fantasy trilogy to be adapted for the big screen, reports contactmusic.com.
Crucial meeting on telecom frequencies Friday
By IANS
New Delhi : An expert panel of the Department of Telecommunications (DOT) is scheduled to meet with telecom operators here Friday, ahead of giving its recommendations on how to allot scarce frequencies to service providers.
Senior officials of DoT officials and the Telecommunications Engineering Centre (TEC), the technical arm of the DoT, are also expected to attend this crucial meeting as the ministry tries to resolve the issue, DoT officials said.
Gulf banks will continue to perform strongly: S&P
By IANS
Dubai : Banks in the Gulf countries will continue to perform strongly amid the current market turmoil, according to report of ratings agency Standard & Poor's (S&P).
"Gulf banks are benefiting from the rosy environment in their home markets and carry limited exposure to US sub-prime and structured investment products," S&P credit analyst Mohamed Damak said in a statement here.
"As a result, business volumes are expanding, provisioning needs are minimal, and capital and commitment are forthcoming from deep-pocketed shareholders."
Wedgewood, iconic tableware maker, goes under
By IANS,
London : Waterford Wedgewood, the 250-year-old fine china and glassware firm, has gone into administration -- the latest British iconic brand to be hit by the economic slowdown.
The choice of royals and the well-heeled the world over, the company had become a byword for global standards in tableware design and manufacturing.
Despite outsourcing production to Indonesia, the company has had to face a tough environment as formal dining has given way to more relaxed habits and cheaper competitors.
Bank of India returns to Glasgow
By IANS,
Glasgow : Bank of India Friday returned to the Scottish city of Glasgow after an absence of more than a decade.
Indian High Commissioner Shiv Shankar Mukherjee opened the bank's new branch on Elderslie Street.
The public sector bank is taking 1,435 square feet on the ground floor of the refurbished office building at a cost of 23,678 pounds per year. It has signed a 10-year lease.
The bank's first British office was established in London in 1946 - its first branch outside India that is authorised and regulated by the UK Financial Services Authority.
Ford India looking at export markets to plan expansion
By IANS,
Chennai : Car manufacturer Ford India that plans to roll out a small car on an outlay of $500 million, is currently studying overseas markets to finalise its engine and transmissions capacity expansion plans.
"We are working on the demand estimates of our export markets in the Asia Pacific and African regions. The expansion plans are finalised based on the market estimates for 2010 onwards," company president and managing director Michael Boneham told reporters on the sidelines of the Madras Management Association's (MMA) annual convention here Friday.
ICICI Prudential to consolidate business in Kerala
By IANS,
Thiruvananthapuram : Private life insurer ICICI Prudential Life is focussing on consolidating business in Kerala rather than going for major expansion, a top official said here Wednesday.
In the first 11 months this fiscal, the company's business has crossed Rs.4.05 billion (Rs.405 crore), ICICI Prudential vice-president K.S. Mahesh told reporters.
"This fiscal, we did not open any new branch in the state and instead we were consolidating our business. We have succeeded in that and this will continue," said Mahesh.
‘Economy to grow at 8-9 percent, inflation to moderate’
By IANS,
New Delhi : Finance Minister P. Chidambaram Tuesday told heads of industry that the economy would grow eight to nine percent and inflation would start easing from October.
"The finance minister was optimistic of an eight to nine percent growth," Confederation of Indian Industry (CII) president K.V. Kamath told reporters after a meeting with Chidambaram.
Chidambaram, according to Kamath, told a gathering of industry heads that the slowdown in industry was "marginal", and that it could be attributed to the slump in global economy.
Centurion approves merger with HDFC Bank
By IANS
Mumbai : Centurion Bank of Punjab has granted its approval in principle to merge with the HDFC Bank, following a marathon meeting between the boards of directors of the two banks Saturday, according to sources.
Egypt moves on political, economic reforms to reach social justice in 2007
By Xinhua
Cairo : In the year of 2007, Egypt keeps on its reform process in various sectors related to political and economic development amid the government's efforts to help promote social justice in the populous Arab and northern African country.
Although the Egyptian economy witnessed an increase of seven percent in 2007, price hikes of daily commodities and increasing pressure of living cost among people of limited incomes resulted in strikes and sit-ins.
Hyundai Motor India hopes to log 16 percent growth
By IANS,
Chennai : The country's second largest car maker, Hyundai Motor India Ltd (HMIL), is hoping to log around 16 percent volume growth this calendar year, a company official said Thursday.
"We will match the industry's growth rate of 15-16 percent. Last year our growth rate was 20.8 percent which is due to the lower comparable base of 2008. Last year we sold around 600,000 units," HMIL Director (sales and marketing) Arvind Saxena told reporters here.
UCO Bank targets Rs.1,350 crore net profit in 2010-11
By IANS,
Kolkata : Public sector UCO Bank is targeting a net profit of Rs.1,350 crore in fiscal 2010-11 (April-March), a top company official said here Monday.
The bank posted a profit of Rs.1,012 crore a year ago.
"We expect to achieve 19 percent growth in both credit as well as deposit and a net interest margin of 2.6 percent in the first quarter of the current fiscal (April-June)," Ajai Kumar, executive director of the bank, told reporters on the sidelines of the bank's annual general meeting.
India to import natural gas from Algeria
By IANS
Noida : India will import 1.25 million tonnes of liquefied natural gas (LNG) from Algeria annually, Petroleum Secretary M.S. Srinivasan said here Wednesday.