Government may set up social development zones
By IANS
New Delhi : Given the social unrest triggered by the special economic zones (SEZs) as in West Bengal's Nandigram, the government Wednesday told the Lok Sabha about moves to set up social development zones (SDZs) in the country.
Minister of State for Planning M.V. Rajasekharan informed parliament in a written reply: "The preliminary discussions to explore the feasibility of setting up SDZs have been held."
His statement was in response to queries from Asaduddin Owaisi of the All India Majlis-E-Ittehadul Muslimmen (AIMIM) and M. Jagannath of the Telgu Desam Party (TDP).
RCom offers to sit with RIL, offer turned down
By IANS,
New Delhi : Reliance Anil Dhirubhai Ambani Group (R-ADAG) Monday said it was open to meeting officials at Reliance Industries (RIL) to clarify any doubts on consolidation talks with South African telecom giant MTN.
It, however, added that RIL, led by Mukesh Ambani, “spurned” the offer to meet July 14, and sent a third letter threatening legal action.
Corporate governance norms should be applicable to other sectors
By IANS,
Chennai: The existing corporate governance norms and structures are good and need no major overhaul, but some fine tuning may be required to make them applicable to unlisted and small and medium enterprises, speakers at a seminar said here Saturday.
The speakers also felt that growth and prosperity of a nation depends on the character of its people which in turn depends on the education and value systems inculcated in a person since his childhood.
Kingfisher wants nod to sell part stake to foreign carriers
By IANS,
New Delhi : Kingfisher Airlines has sought permission from the government to sell a part of its equity to international carriers, saying a change of policy on foreign investment will enormously help the Indian aviation industry that was facing turbulent weather.
"I have requested the Indian government to allow foreign airlines to buy up to 25 percent in Indian carriers," the flamboyant chairman of the carrier Vijay Mallya said in a statement Monday, asking the aviation sector to be treated on par with other sectors.
French companies to continue investing around $1 bn in India
By Rohit Vaid,
New Delhi : Expressing confidence in the Indian economy, French companies that are engaged in India will continue to annually invest nearly...
The world’s cheapest car to be unveiled Thursday
By IANS
New Delhi : The world's cheapest car costing all of $2,500 would be unveiled by the $29-billion Tata group, India's largest business house, at the eight-day Auto Expo show, beginning here Thursday morning.
Ratan Tata, the 70-year-old chairman of the Tata group who personally shaped the development of what he calls the "People's Car", will unveil the automobile that has created a global buzz among industry watchers and auto enthusiasts alike.
Provide free treatment to poor: SC to private hospitals
By IANS
New Delhi, July 9: The Supreme Court on Monday said all private hospitals in the national capital, which were given land on concessional rate, must...
Public-private partnership needed to make Delhi a global city
By IANS
New Delhi : By 2020 Delhi can become a smart, global city in more ways than one if the public and private sectors work in tandem, experts from different fields said here Thursday.
"As the city's population is growing very fast, the pressure on existing infrastructure will keep on mounting. Accordingly, a blueprint has to be prepared," said Deep Kapuria, chairman, Confederation of Indian Industry (CII)-northern region at a seminar.
Abu Dhabi among region’s top aviation investors
By NNN-Bernama,
Abu Dhabi : A recent survey on the region's airport construction and the industry's expansion has placed Abu Dhabi International Airport's US$6.8 billion master plan as one of the largest airport developments by investment among the Gulf countries, Jordan, Iraq, India, Sri Lanka and across the African continent, Emirates News Agency (WAM) reported.
Oil majors to buy into Reliance’s East Timor block
By IANS
New Delhi : State-owned petroleum firms Indian Oil Corp (IOC) and Oil India Ltd (OIL) plan to pick up 12.5 percent equity in Mukesh Ambani-promoted Reliance Industries Ltd's (RIL) oil and gas block in East Timor.
Both companies have obtained approval from their respective boards to acquire equity in Reliance's asset as partners, a senior IOC official said.
The approval of the IOC and OIL boards was given after their technical teams expressed satisfaction on the data made available by Reliance, the official added.
Catholic Syrian Bank won’t merge with any bank: Chairman
By IANS,
Chennai : The Kerala-based Catholic Syrian Bank Ltd will not merge with any other bank, said a top company official here Monday.
"There is no such possibility, though banks may hold shares of other banks," Catholic Syrian Bank chairman and CEO R. Venkataraman told reporters, refuting news reports that his bank would be merged with Federal Bank,
Federal Bank holds around 5 percent stake in the Catholic Syrian Bank, and is reported to have some "well-wishers" on its board.
"There are several individuals who hold more than one percent stake in our bank," Venkataraman said.
Sensex sharply dips 277 points in afternoon
By IANS,
Mumbai : A key index of the Indian equities markets sharply dipped about an hour before the closing bell Thursday. It was ruling 277 points below its previous close.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,503.05 points, was trading at 14,244.96 points - 277.88 points or 1.91 percent lower than Wednesday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) slipped 2.37 percent to stand at 4,252.9 points.
Bangladesh seeks investment from non-residents
By IANS
Dhaka : Bangladesh is wooing the second generation of its diaspora who are doing well, seeking their participation and investment in the country of their roots.
Bangladesh's objective is to transform into a medium-income country by 2021, coinciding with 50 years of the country's independence, Chief Advisor Fakhruddin Ahmed told the closing ceremony of the three-day first Non-Resident Bangladeshi (NRB) Conference 2007 here Saturday.
Punjab government ties up with Bharti Wal-Mart
By IANS,
Chandigarh : The Punjab government has tied up with Bharti Wal-Mart Pvt Ltd to set up 'Bharti Wal-Mart Skill Centre' in Amritsar, a vocational training institute for the unemployed youth of the state.
"This skill centre will provide training to the youth to hone their technical skills regarding modern retail and allied sectors like logistics, supply chain and other support services," a government spokesperson told reporters here Wednesday after the signing of the memorandum of understanding (MoU).
China’s president calls for further cooperation with US
Beijing(Xinhua) : Chinese President Hu Jintao Thursday called for further cooperation between China and the US, as the two countries wound up their two days of economic talks here that culminated in a series of agreements.
"I hope the two sides can make efforts to perfect the dialogue so that it can better serve the overall development of the Sino-US constructive and cooperative relations," Hu told a delegation to the 3rd Strategic Economic Dialogue (SED) headed by US Treasury Secretary Henry Paulson.
Further action needed on financial crisis: G20
By DPA,
Sao Paulo : Finance ministers of the Group of 20 industrialised and emerging economies (G20) have agreed that global stability and growth must be the cornerstones of any plan to bring volatile markets under control and fight off worldwide recession.
While emerging economies demanded a greater voice in any new regulations or systems that may emerge from the emergency finance summit planned for Saturday in Washington, the European Union had a different opinion.
Toyota to roll out by 2010 small car designed for Indian market
By IANS,
Bangalore : The Indian arm of global automobile giant Toyota Motor Corporation will roll out by 2010 an innovative small car designed specially for the Indian market, a top official of Toyota's Indian subsidiary said here Thursday.
"India will be the first country where Toyota will launch an innovative compact car. The car is being designed specially for the local market," Vikram Kirloskar, vice-chairman of Toyota's Indian arm, Toyota Kirloskar Motor Ltd, told reporters.
HDFC Bank net profit up 24.27 percent
By IANS,
Mumbai : HDFC Bank, the country's second largest private lender, has posted a 24.27 percent increase in net profit at Rs.663.9 crore for the quarter ended Sep 30 as compared to Rs.534.23 crore it logged in the like period last year.
The bank's total income stood at Rs.2,850.2 crore in the second quarter, up by 8.7 percent from Rs.2,620.5 crore in year-ago period.
Loan approvals stood at Rs.28,418 crore for the six months ended Sep 30, an increase of 18 percent as compared to Rs.24,180 crore a year earlier.
OPEC crude price soars above $135
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) soared to new heights last Friday when it rose above $135, data released by OPEC Monday showed.
One barrel (159 litres) of OPEC-produced crude stood at $135.31 Thursday, up by $4.54 from $130.77 the previous day.
Indian markets open in the red
By IANS,
Mumbai : Indian equities markets dipped marginally at the opening bell Tuesday with a key index 0.62 percent lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,583.06 points, lower than its 8,607.08 point close Monday. About 10 minutes into trade, it was at 8,553.91 points, 0.62 percent or 53.17 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,664.4 points, 0.38 percent down from its last close of 2,674.6.
Hong Kong bank offers 0.001 percent interest rate on deposits
By DPA,
Hong Kong : Hong Kong's leading bank, HSBC Holdings, Thursday was offering interest rates so low that customers would need to save $250,000 for a year to earn enough interest to buy a cup of coffee.
A record low interest rate of 0.001 percent was being offered by HSBC, which has 4.2 million customers in the city of seven million, because of what it described as rock-bottom interbank rates.
The rate meant that a saver would need to deposit two million Hong Kong dollars ($258,000) for a year to get enough interest to buy a cup of coffee costing 20 Hong Kong dollars.
‘Tata may lose Jaguar-Land Rover over outsourcing worries’
By Dipankar De Sarkar, IANS
London : Indian multinational Tata and One Equity, a private equity group, emerged as the leading bidders for the British car-makers Land Rover and Jaguar as union leaders prepared to consider their bids Tuesday amid reported concerns about protecting British jobs.
According to some reports, Tata has eliminated the third bidder in the race, Mahindra & Mahindra, but could well find itself pipped to the post for the iconic British cars, currently manufactured by Ford, because of outsourcing worries.
Accor inks pact for serviced residence project
By IANS,
New Delhi : Global hospitality major Accor has signed an agreement with Bangalore-based developer Brigade Enterprises to manage and operate a serviced residence project in the city.
Scheduled to open by 2008-end, the serviced residences named Mercure Homestead Residences, will cater to the business traveller market, particularly people from the IT and biotechnology industries.
India’s inflation rate inches up to 0.7 percent
By IANS,
New Delhi : India's annual rate of inflation inched up to 0.7 percent for the week ended April 25 from 0.57 percent the week before, official data showed Friday.
Among the three main commodity groups, the indices for manufactured products and primary articles rose 0.3 percent and 0.2 percent, respectively, during the week under review.
The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 323 (provisional).
Microsoft proposes new deal to Yahoo!
By IANS,
New York : Showing how hard it needs Yahoo! by its side to gain an edge in internet search and advertising, Microsoft has proposed a new deal with the search engine that would involve collaboration but not a full takeover.
In a brief statement released Sunday, Microsoft disclosed the renewed talks with Yahoo!, just weeks after withdrawing its $47.5 billion takeover bid, which was rejected by Yahoo! as being too low.
Hinduja to invest in Indian sunrise industries
By IANS
Chennai : The Hinduja group is considering investments in many sunrise sectors in India that include insurance, healthcare and realty, said group president Dheeraj Hinduja.
"We will investing in fast-growing sectors like insurance, healthcare, real estate and others," Hinduja told media persons here Monday.
According to him, the group is in discussions with a couple of overseas companies to float life and non-life insurance ventures.
Opec oil price falls
By DPA,
Vienna : The price for oil produced by the Organization of the Petroleum Exporting Countries (Opec) fell by $1.79 Tuesday, although the cartel is expected to approve a drastic cut of oil production during a meeing Wednesday in the Algerian city of Oran.
Opec's basket price of crude oil stood at $40.74 per barrel (159 litres) Tuesday, the Vienna-based cartel announced Wednesday.
APEC nations back Russia’s WTO bid
By RIA Novosti
Sydney : Russia's envoy to a 21-nation Pacific Rim economic alliance said Australia and other countries in the region support Moscow's bid to join the World Trade Organisation (WTO).
Vasily Dobrovolsky's comments came after a meeting with senior officials of the Asia-Pacific Economic Cooperation (APEC) as part of the eight-day forum of the organisation, which opened in Sydney Sunday.
They only come for the poor: Tughlakabad residents who received demolition notices
The Archeological Survey of India (ASI) posted notices in over 1000 homes in Tughlakabad area of New Delhi earlier this month, causing consternation...
India is key focus of GE’s low-cost healthcare products
By Arun Kumar, IANS,
Chicago : An ECG device that has the potential to reduce the cost of an ECG to less than that of a bottle of mineral water, a laptop ultrasound and a lullaby warmer for infants. These and many other innovations developed in India or made for India and other emerging markets were showcased by GE healthcare here.
RBI moves apex court to enforce order against Sahara group
By IANS,
New Delhi : The Reserve Bank of India Friday moved the Supreme Court seeking enforcement of its order to the Sahara group's para-banking arm to stop taking fresh deposits from investors.
RBI has challenged an Allahabad High Court interim ruling, which Wednesday suspended the country's central bank's order to Sahara India Financial Corporation limited in this regard.
Price rise forces Indians to cut pulse consumption
By IANS,
New Delhi : Owing to "alarmingly" spiralling prices, Indian households reduced pulse consumption to less than 11 kg in the first half of 2009, according to a report by an industry body.
According to the Associated Chambers of Commerce and Industry (Assocham), the consumption of pulses can fall further to around nine kg in the latter part of the year if corrective measures were delayed.
Assocham's Pulses Report says that during the 1960s, per capita pulses consumption was around 27 kg. It plunged to 11 kg this year following a steep hike in prices.
Rising rupee may hit export target: Kamal Nath
By IANS
New Delhi : The unabated rise of the Indian rupee against the US dollar may act as a "deterrent" for the country to meet its export target of $160 billion in 2007-08, Commerce and Industry Minister Kamal Nath said here Tuesday.
"The rising rupee may act as a deterrent in meeting the (export) target for 2007-08. But we are still hopeful," Nath told reporters here on the sidelines of a conference.
Apple unveils MacBook Air – thinnest, lightest laptop
By IANS,
London : Apple has unveiled the thinnest, lightest laptop ever which combines features from the iPhone and iPad with traditional series of MacBook.
Mudra targets retail and lifestyle clients in south India
By IANS
Chennai : Leading advertising agency Mudra Communications Pvt Ltd is focussing on retail and lifestyle segments for increased business in southern India.
The past 18 months has seen the agency beefing up its southern operations and restructuring its command structure.
"We are breaking away from what we have been doing in the south all these years," S. Radhakrishnan, president-south, told IANS here.
Anil Ambani-owned Mudra earns nearly 18 percent of its total revenues from its southern operations.
Jet launches Mumbai-Johannesburg daily non-stop flights
By IANS,
Mumbai : Targeting the African market, India's largest private carrier Jet Airways Wednesday began its daily non-stop flights from Mumbai to Johannesburg - its 23rd international destination.
"Given the strong linkages between India and South Africa, and the large number of people of Indian origin living in and working in South Africa, we believe that there is untapped potential and this new route promises to serve the needs of our discerning corporate and leisure flyers," the airline's chief executive Nikos Kardassis said in a statement.
Europe, short covering lift Sensex 264 points up
By IANS,
Mumbai : A benchmark index for Indian equities Thursday ended 264 points higher on short covering and positive European markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,668.91 points, closed at 16,922.08 points, 264.19 points or 1.59 percent up from its previous close at 16,657.89 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,078.6 points, up 1.57 percent from its previous close at 5,000.3 points.
Economic crisis takes toll on Kerala liquor sales
By Sanu George, IANS,
Thiruvananthapuram : The economic downturn has affected almost every sector in the country and liquor sales are no exception. So much so, Kerala, one of the leading liquor consuming states in the country, has seen sales dropping by over 7 percent in October and November.
A spokesperson of the Kerala State Beverages Corp (KSBC), the sole wholesaler of liquor and beer in the state, told IANS that the sales went down in October and November from previous months as the downturn has forced consumers to cut down their expenditure on liquor.
Chhattisgarh to get power from new NTPC project
By IANS,
Raipur : Power utility NTPC Ltd has agreed to provide 35 percent of the electricity produced at its upcoming 500 MW stage-III Korba project to Chhattisgarh, a government statement said Thursday.
"NTPC (formerly National Thermal Power Corp) has agreed to provide 175 MW power to Chhattisgarh from its 500 MW stage-III Korba project that will begin generation by February 2010," the statement said.
NTPC and Chhattisgarh State Power Distribution Co will sign a formal power purchase agreement July 27.
Minister dampens spirit at great Indian tea party
By Syed Zarir Hussain, IANS
Guwahati : Tea planters here were jolted when union Minister of State for Commerce Jairam Ramesh Friday asked them to shed their "country club culture", though Hollywood actor Julie Christie raised a toast to the 'great Indian tea party'.
Foundations of 11 industrial units costing Rs. 2250 cr. to be laid in next...
By Pervez Bari, TwoCircles.net
Bhopal: Foundation laying and "Bhoomi Pujan" for 11 industrial units involving capital investment of Rs. 2250 crore would be performed during next six days from October 24 to 29 in Madhya Pradesh. The Chief Minister Shivraj Singh Chouhan would be chief guest on these occasions.
‘Switchover to bio-fuels threatens edible oil production’
By IANS
Agra : India could face an acute crisis in edible oil resulting from a switchover to bio-fuels, a top industry official said Monday.
D.S. Sri Dhara, president of the Central Organisation of Oil Industries and Trade, pointed out the new conflict between bio-fuels and edible oils that was affecting consumers particularly in developing countries.
UP Oil Millers' Association's president Shiv Kumar Rathod said there had been a shortfall of 10 percent in production this year due to poor rains.
Network for better marketing, eastern film units told
By IANS,
Kolkata : The film industries in the eastern states of India should come together to network and market their films in an optimum way, Sandipan Chakraborty, the eastern region chairman of industry lobby Confederation of Indian Industry (CII) said here Tuesday.
"The turnover of the regional film industries in eastern India, including Bengali, Bhojpuri and Santhali film industries is still negligible because there is a lack of networking and marketing," Chakraborty said.
Indian-owned UAE firm among top NASA nanotech awardees
By Aroonim Bhuyan, IANS,
Ajman : A small United Arab Emirates (UAE)-based company owned by an Indian, that produces raw materials for the paint industry, is among this year's list of winners of a top nanotechnology award given by the National Aeronautics and Space Administration (NASA) of the US.
Gold Valley Chemical Company (GVCC), based in the emirate of Ajman in the UAE, figures among the 50 winners of the 2008 Nano 50 awards announced this month by Nanotech Briefs, the digital publication forum of NASA.
Petrol pumps in Kerala to cut working hours
By IANS,
Kochi : Petrol pump owners in Kerala have decided to limit their services from 6 a.m. to 8 p.m. from Aug 18. The decision by the All-Kerala Federation of Petroleum Dealers is said to be taken to cut operational expenses.
The pumps will not function on Sundays. However, to avoid inconvenience to people, one petrol pump will operate in each sub-district on Sundays.
Presently most pumps in the state remain open till 10.00 p.m. while many also remain open all through the night.
Rupee slips below 61 against the dollar
Mumbai : The Indian rupee fell below 61 against a dollar for the first time in more than a month Wednesday on continued demands...
Mukesh Ambani richest Indian as Bill Gates returns to top
By Arun Kumar,
Washington : Mukesh Ambani again emerged as the richest among ten Indians in the Forbes annual list of a record 1,645 billionaires...
Infosys attrition climbs to 16 percent in first quarter
By IANS,
Bangalore : The attrition rate in India's second largest IT bellwether Infosys Technologies shot up to a whopping 16 percent during the first quarter (April-June) of this fiscal (2010-11), the company said Tuesday.
"With the market opening up, attrition has increased this quarter. We have taken several steps, including a compensation hike to reduce it," Board Member T.V. Mohandas Pai said in a statement here.
The global software major's attrition increased to 15.8 percent from 11.1 percent a year ago and sequentially from 13.4 percent a quarter ago.
HDFC Bank launches 10,001st ATM
By IANS,
Thiruvananthapuram : HDFC Bank, India's second largest private sector bank, has commissioned its 10,001st ATM -- at Kovalam in Kerala.
Himachal power utility takes $400-million World Bank loan
By IANS
Shimla : State-owned Sutlej Jal Vidyut Nigam Ltd (SJVNL) Tuesday signed an agreement with the World Bank for a $400-million loan to build the 412 MW Rampur hydropower project in Himachal Pradesh.
SJVNL chief H.K.Sharma and Isabella Guerrio, country director, World Bank, signed the agreement in New Delhi, a SJVNL spokesman said.
The 412 MW Rampur project is being built on the Sutlej River in Shimla district, some 130 km from here.
The project is adjacent to the country's largest hydropower project - the 1,500 MW Nathpa Jhakri project - also built and run by SJVNL.
Decision on Bundelkhand relief package next month: Pawar
By IANS,
New Delhi : A decision on a relief package sought for the drought-affected Bundelkhand region of Uttar Pradesh would be taken by May 8, Agriculture Minister Sharad Pawar informed the Lok Sabha Monday.
"A package of Rs.1,883 crore (Rs.18.83 billion) was sanctioned from the National Calamity Relief Fund. Recently a team was sent to Bundelkhand, which is part of Uttar Pradesh and Madhya Pradesh. An inter-ministerial meeting will take place on April 29 and then my ministry will take a final decision on May 8," he said.
Tata Steel garners Rs.20 bn through NCDs
By IANS,
Mumbai : India's metal major Tata Steel Ltd has raised Rs.20 billion through private placement of redeemable non-convertible debentures (NCDs) as part of its long-term financing plans.
The NCD issue opened Monday with an initial size of Rs.7.5 billion and closed the next day. The deemed date of allotment for the NCDs, each with a face value of Rs.1 million issue at par, was Wednesday.
Pakistan prepares to auction 3G licences
By IANS,
Islamabad : Taking a cue from the spectrum scam in India, Pakistan has decided to auction third generation spectrum (3G) licences, a media report said Wednesday.
Italy’s Novellini to invest in $2.8 mn in Indian market
By IANS,
Ahmedabad : Italian premium wellness brand Novellini will pump in 2 million euros (Rs.133 million/$2.8 million) over the next three years to market its product range in India, its chief executive and co-owner Marco Novellini said here Monday.
Novellini has tied up with the city-based Cera Sanitaryware to market its products such as shower enclosures, steam cubicles and hydro massage bath tubs in India.
The companies will jointly open exclusive showrooms across the country to sell these products, Novellini told reporters after opening such a showroom here.
Reliance not to transfer stake in gas block to subsidiary
By IANS,
New Delhi : Reliance Industries Ltd Monday announced it has discarded plans to transfer a majority stake in a deepwater gas block in the Krishna Godavari basin to a fully-owned subsidiary.
In a statement, RIL said it had earlier applied to assign part of its interest in the D6 block in the Krishna Godavari basin to a 100 percent owned subsidiary “in order to retain flexibility for raising finances for the project”.
But, RIL now says, it has withdrawn this plan as it has raised the necessary finances.
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.
Sundaram Finance’s IT arm forays into Australia
By IANS
Chennai : Sundaram Infotech Solutions Ltd, (SISL), the IT arm of Sundaram Finance Ltd, said Tuesday that it would target Australian market and has already opened an office in Melbourne.
Anil Ambani group says lawsuit option open against rivals
By IANS,
New Delhi : The Reliance Anil Dhirubhai Ambani Group (RADAG), which is engaged in consolidation talks with the South African telecom major MTN, Wednesday said it was open to criminal proceedings against some officials of Reliance Industries Ltd (RIL) for what it claimed was fraudulent misuse of powers by them.
The statement was in response to a letter to MTN from Mukesh Ambani-led Reliance Industries Ltd (RIL), claiming the first right to refuse majority stake in Anil Ambani's Reliance Communications, should they be put up for sale, based on a family pact two years ago.
India’s forex reserves rise $3.4 billion
By IANS,
Mumbai : India's foreign exchange (forex) reserves increased by $3.4 billion to $297.41 billion for the week ended Jan 14 on the back of rise in the value of foreign currency assets.
Financial crisis likely to cause wage cuts worldwide: ILO
By DPA,
Geneva : The International Labour Organisation (ILO) warned Tuesday that millions of workers worldwide would likely see an reduction in their wages in 2009 due to the global financial crisis.
In industrialized countries, wages would likely decline by 0.5 percent. That compares to growth of 0.8 percent in 2008.
Canada to open trade offices in Kolkata, Hyderabad
By Gurmukh Singh, IANS,
Toronto : Canada is to open new trade offices in Kolkata and Hyderabad and appoint more trade commissioners to deepen economic relations with India.
Announcing this at the Canada-India Foundation gala dinner where Indian Knowledge Commission chairman Sam Pitroda was honoured with the Global Indian Award, Prime Minister Stephen Harper said: "We simply as a country cannot afford to miss out on India's phenomenal growth.
‘Inflation hitting steel sector’
By IANS,
New Delhi : Rising inflation and inclusive growth are among the factors affecting growth of the domestic steel industry, Sushim Banerjee, executive director (commercial) of the state-owned Steel Authority of India (SAIL), said at an industry conclave here Wednesday.
Making a presentation at the Indian Steel Conclave 2008, Banerjee said: “Rising inflation, income disparity and inclusive growth are the areas of concern for the steel industry”.
Sensex holds firm in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities markets continued to hold on to early gains and was ruling about 198 points in afternoon trade Wednesday.
India’s cabinet meet on fuel prices deferred
By IANS,
New Delhi : A meeting of India's cabinet scheduled Thursday was postponed, delaying by another day a decision on hiking prices of transport fuels and approving a package to bail out state-run oil firms for the losses incurred by selling fuels below the costs.
“The meeting has been postponed. It will now be held either tomorrow or even on Saturday,” an official said, referring to the cabinet meeting that was to be chaired by Prime Minister Manmohan Singh Thursday evening.
‘Undue benefits’ to companies cost Chhattisgarh Rs.1.85 bn
By IANS,
Raipur : The Chhattisgarh government suffered a revenue loss of over Rs.1.85 billion (Rs.185 crore)) during 2007-08 because of "undue benefits" provided to various companies, a report by India's audit watchdog said.
The Comptroller and Auditor General (CAG) of India in its report on Chhattisgarh said: "The state government stood to lose revenue of Rs.185.71 crore due to undue benefits to the allottees such as allotment of land at reduced rates."
Air India to suspend lone Himachal Pradesh flight from Saturday
By IANS,
Shimla : State-owned carrier Air India will suspend its operations in Himachal Pradesh from Saturday, officials said here Thursday. The decision is likely to hit the tourism industry of the state.
According to officials, Air India authorities have decided to suspend the lone flight between Delhi and Kullu from Nov 22. The flight operates twice a week.
The flight was launched March 19 this year when the new terminal building was inaugurated at Bhuntar near Kullu by Civil Aviation Minister Praful Patel.
Ashok Leyland increases vehicle prices
By IANS,
Chennai : India's second largest truck maker Ashok Leyland Limited has hiked the prices of its medium and heavy duty vehicles by three percent with immediate effect.
The price increase will be in the range of Rs.20,000-Rs.50,000 depending on the model.
The company said the price rise had been necessitated to recover the increase in input costs like steel, tyres, castings and others.
Growth of notebook PC sales surging in India
By IANS
New Delhi : The Indian notebook personal computer (PC) market has grown by around a whopping 85 percent during the third quarter (July-Sep) of 2007, says a report.
The report was released by US-based IDC Ltd's Indian subsidiary IDC India, a global research and market intelligence firm for IT, telecom and consumer technology.
The No.1 slot in terms of units sold was grabbed by Hewlett Packard (HP), commanding a market share of 21.6 percent, followed by HCL (12.3 percent) and Lenovo (10.3 percent).
Immediate action needed to counter credit crisis: IMF
By DPA
Washington : Banks should disclose all looming writedowns and new risk management strategies as soon as possible to quell market fears amid an ongoing crisis in the global financial sector, the International Monetary Fund said Tuesday.
The IMF said the credit crisis - sparked by a record number of defaults by subprime mortgage holders in the US - was the result of an antiquated system of financial regulation and a "collective failure to appreciate the extent of leverage taken on by a wide range of institutions".
India announces USD 4 billion package to shore up economy
By KUNA,
New Delhi : In a serious bid to enable the Indian economy come out of recession, a fallout of the global meltdown, the Indian Government has announced an additional stimulus package of Rs 20,000 crore (4 Billion Dollar), over and above the Rs 15,000 crore (3 Billion Dollar) planned package for the last quarter of fiscal 2008-09.
The Government has also announced a cut of four percent in CEVAT, central excise value added tax, a tax imposed by the Centre at different stages of the manufacturing process.
Sensex still in red but crawling up
By IANS,
Mumbai : A key index of the Indian equities markets was trying to make up for its losses Monday afternoon, but was still more than 137 points below its last closing figure.
It had fallen 284 points around noon.
At 2.07 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 13,405.95 points, was trading at 13,366.71, which was 137.51 points or 1.02 percent below Friday's close.
Around the same time, the Nifty of the National Stock Exchange (NSE) was also ruling 1.08 percent lower at 3,960.65 points.
Ex-Satyam director resigns from Sasken board
By IANS,
Bangalore : Serial entrepreneur and NewPath Ventures co-founder Vinod K. Dham resigned from the board of Sasken Communications as an independent director, a top official of the communications solutions provider said Monday.
"Yes, Dham has resigned as a director of the company from the board on January 17," Sasken chairman and managing director Rajiv C. Mody told IANS but declined to elaborate.
"We will inform you later, as we are busy with investors and analysts in a conference call on our third quarter performance," Mody added.
Sensex closes 102 points up
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday rose sharply in late trade to close 102 points higher than its previous close, backed by gains in bluechip IT stocks.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,115.56 points, was at 18,217.44 points, 102.61 points or 0.57 percent up from its previous close at 18,114.83 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut 0.52 percent up at 5,467.85 points.
European stocks stage cautious recovery
By DPA,
Frankfurt : European stocks staged a cautious recovery Thursday, helped along by an element of calm returning to share markets in Asia and the US after this week's panic share sell off around the world.
Europe's benchmark Stoxx 50 index was trading up by 0.6 percent at 2,375 by late morning trading Thursday.
The signs of a brittle calm returning to European stock trading came after fears about the economic fallout from the global credit crunch led to the dramatic falls on stock markets around the world.
Brazil’s economy safe, says president
By Xinhua,
Rio de Janeiro : The Brazilian economy is cushioned against any possible adverse impact of the global financial meltdown, President Luiz Inacio Lula da Silva has said.
During a meeting of the Social and Economic Development Council (CDES) Thursday, Lula said the crisis was caused by "the financial system which dares to sell what it does not have", warning that "either the market changes or other crisis will come".
Lula said the worst moment of the crisis had passed, and expressed his hope that US president-elect Barack Obama will act quickly to fight its impacts.
Latin America offers good trade avenues for India, says envoy
By IANS,
Chennai : The Latin American region, unaffected by the global meltdown, offers good business opportunities for Indian companies in sectors such as information technology (IT), pharmaceutical, renewable energy, agri-business and manufacturing, said a senior Indian diplomat here Tuesday.
"Indian companies should formulate long-term strategies to tap the available potential. India's bilateral trade with Latin America has gone up eight times to $16 billion since 2001," said R. Viswanathan, India's ambassador to Argentina, Uruguay and Paraguay.
Cement demand in UAE to touch 26 mn tonnes by 2011
By IANS
Dubai : Demand for cement in the United Arab Emirates (UAE) is likely to touch 26.2 million tonnes by 2011, a local investment bank has predicted.
"The most important driver for cement consumption anywhere in the world is infrastructure and real estate development," Hassan Awan, investment research associate at The National Investor (TNI), told the Gulf News.
"Real estate development is at its historical peak in the UAE and with extravagant projects in the pipeline, the demand is expected to be very strong in the future," he said.
Small and medium businesses disappointed with budget
By IANS
New Delhi : The small-and-medium enterprises (SME) sector was disappointed with the national budget for 2008-09 because it had proposed nothing to reverse the economic slowdown, said a representative trade body.
Finance Minister P. Chidambaram presented the budget for coming fiscal beginning April 1 in the Lok Sabha Friday.
"The SME sector was expecting the finance minister to bring down borrowing cost for it, which presently stands at 13-16 percent," said Anil Bhardwaj, secretary-general, Federation of Indian Micro, Small and Medium Enterprises.
Reliance gas price was not fixed at dinner table: Anil Ambani
By IANS,
Mumbai : Reliance Natural Resources chairman Anil Ambani Tuesday accused the petroleum ministry of being biased in the legal dispute with brother Mukesh Ambani-led Reliance Industries over the price of natural gas from the Krishna-Godavari basin.
Addressing shareholders of the company, he also said the government would not lose a single rupee even if the gas from the fields off the Andhra Pradesh coast were to be supplied to his company at the originally contracted price of $2.34 per unit.
GM U-turn shocks Berlin and Moscow, angers workers
By DPA,
Berlin : German leaders were left licking their wounds Wednesday after the U-turn by General Motors (GM) over the sale of its ailing subsidiary Opel triggered "shock and annoyance", as well as concern amongst staff across Europe.
GM's surprise decision, after "hundreds of hours" of top-level negotiations, overshadowed German Chancellor Angela Merkel's historic address to US Congress earlier Tuesday.
Pakistan hikes petrol prices
By IANS,
Islamabad : Pakistan has increased petrol prices, an official said.
Crude oil price touches record $100 per barrel mark
By DPA
New York : The price of crude oil has now reached the record mark of $100 a barrel, riding a wave of global fuel demand.
The price for a barrel - 159 litres - for delivery in February reached exactly $100 Wednesday afternoon on the New York commodities market.
The price gain, following the 57 percent increase in 2007, was boosted by expectations that US stockpiles had dropped to a three-year low last week, by the weakness of the US dollar and by unrest in Nigeria, Africa's largest oil supplier.
Infosys lowers revenue guidance 6 percent despite 35 profit rise
By IANS
Bangalore : For the first time, Infosys Technologies Ltd has lowered its revenue guidance for the current fiscal (2007-08) by over 6 percent from what it projected in April, despite a 35 percent first quarter net profit growth over the same quarter of the last fiscal.
UAE denies discrimination at airports
By IANS,
Abu Dhabi : An official in the United Arab Emirates (UAE) foreign ministry has said that no discrimination is shown against any particular nationality at the country's various airports.
The official, who was not named, explained that the procedures followed at the airports use state-of-the-art systems for security check, and all passengers, irrespective of their citizenship, have to pass through these procedures, according to the state-run Emirates News Agency (WAM).
Reliance Capital to pump Rs.20 bn in insurance arm
By IANS
Mumbai : Reliance Capital will pump in Rs.20 billion (about $490 million) in its life insurance business over the next few years and also launch a consumer business arm in the near future, company chairman Anil Ambani said here Tuesday.
PepsiCo exempted from divesting stake in India
By IANS,
New Delhi : In a significant concession to PepsiCo, the Indian government Friday exempted the US-based food and beverages from divesting 49-percent stake in its bottling arm, after the company said it will invest a further $50 million in the country.
The decision, pending for nearly a year, was taken by the Cabinet Committee on Economic Affairs, presided over by Prime Minister Manmohan Singh, said Science and Technology Minister Kapil Sibal.
Flying time for Indian kite makers as Chinese strings banned
By Azera Rahman, IANS,
Ahmedabad : Goods made in China dominate the Indian market with their USP of variety combined with low pricing, so much so that even kite strings imported from there boast a huge customer base here. That's why a recent ban on Chinese kite strings in Gujarat has been so heartily welcomed by local kite makers.
Until recently, almost 50 percent of the kite strings or manjha, as it is more popularly known, available in markets here were made in China. However, a recent ban on these by the Gujarat government has come as welcome news for local kite makers.
India, Japan trade to touch $15 bn by 2010
By IANS
New Delhi : Trade between India and Japan is poised to double by 2010 from the current $7.5 billion, according to the Confederation of Indian Industry (CII).
This could be achieved if both the countries look at raising the number of items that India exports to Japan under the Comprehensive Economic Partnership Agreement (CEPA), which is currently under negotiation, CII said in its study.
TCS signs 60mn pounds deal with Scottish Water
By IANS,
Mumbai : Tata Consultancy Services (TCS) has signed an eight-year IT application services contract, worth 60 million pounds,with the Britain's sole public sector water utility Scottish Water, the company said in a statement here Monday.
The contract will help Scottish Water, which serves 5.5 million customers in Scotland, save one million pounds per annum in operational expenses or a total savings of eight million pounds during the contract period.
Dubai to host 17th International Electronics Forum
By IANS,
Dubai : Leaders of global electronic industry are set to discuss the current trend and future of the sector when they meet here at the 17th International Electronic Forum (IEF) Thursday, WAM news agency reported Wednesday.
The three-day global conference will be inaugurated at the Madinat Jumeirah by Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority.
Al Maktoum will deliver his keynote address highlighting the importance of the forum, being held for the first time in the Middle East, as a proven business catalyst.
’86 percent rural Indians use dung cakes, firewood’
By IANS,
Kolkata : About 86 percent of India's rural households still use dung cakes and firewood as fuel, a senior government official has said here.
"More than 85 million households in India spend 30 billion hours gathering firewood. The country also consumes 131 tonnes of crude oil products in 2007-08," Planning Commission member Kirit S. Parikh said at an interactive session here Friday evening, explaining the necessity of nuclear power in today's world.
Reliance posts 7.4 rise in profits
By IANS,
New Delhi : Riding on high prices of petroleum products, Reliance Industries Ltd (RIL) has reported a 7.4 percent increase in net profit for the second quarter of this fiscal over the year-ago period.
In a regulatory statement, RIL said net profit rose from Rs.38.37 billion to Rs.41.22 billion in the July-September quarter this year.
The gross refining margin remained above $13 a barrel at $13.4, beating market expectations.
The net sales reported an increase of 38 percent to Rs.461.13 billion, while net turnover improved 39.7 percent to Rs.447.87 billion.
India’s economy to grow by 7 percent: Minister
By IANS,
New Delhi : India's economy is expected to grow at around 7 percent this fiscal, Minister of State for Finance Namo Narain Meena said in the Rajya Sabha Tuesday.
"As per the Economic Survey for 2008-09 and assuming the monsoon would be normal, India's gross domestic product (GDP) is expected to grow at around 7 percent in the fiscal 2009-10," Meena said.
The minister added that the government had taken several steps to ensure high growth rate.
IMF projects robust growth of world economy in 2007
By Xinhua
Washington : World economy is expected to grow robustly at 5.2 percent in 2007 and 4.8 percent in 2008 despite the recent financial turmoil, a report released by the International Monetary Fund (IMF) said Wednesday.
According to the World Economic Outlook report, the 4.8 percent growth next year, 0.4 percent less than the World Bank's July revision, was mainly caused by the turbulence in financial markets.
Among the advanced economies, projection for the US growth in 2007 is unchanged at 1.9 percent.
U.S. Economy: The worst is yet to come
By Mark Weisbrot
Since the U.S. economy showed positive growth for the last quarter, some commentators in the business press are saying that we are not necessarily going to have a recession, or that if there is one it will be mild. This is a bit like the proverbial story of the man who jumped out of a window 60 floors up, and then said "so far, so good," as he passed the 30th floor.
Steel makers concerned over project delays
By Soudhriti Bhabani, IANS
Jamshedpur (Jharkhand) : India's leading steel producers are concerned over the delay in executing the country's big steel projects due to red tape.
"I personally feel that both regulatory authorities and government need to gear up and be more responsive in terms of sanctioning licences and paperwork for big steel projects," H.M. Nerurkar, chief operating officer of steel at Tata Steel, said here at the ongoing steel industry seminar Steelrise 2008.
He said Wednesday that Tata Steel's greenfield projects are delayed by 12 to 16 months.
Sensex slips below 20,000 points in early trade
By IANS,
Mumbai : A benchmark index of Indian equities slipped further in noon trade Monday on sustained selling that spread to the broader markets.
Passengers thrilled with world class station proposal, want deadline
By IANS,
Lucknow : With five stations in the state slated to be upgraded to global standards in Railways Minister Mamata Banerjee's budget Friday, people in Uttar Pradesh are delighted but want a deadline to be set for the job.
Though it is not known what exactly global facilities would entail, amongst the 50 stations to be made world class are Lucknow, Kanpur, Varanasi, Agra Cantonment and Mathura.
Power companies to invest Rs.298 billion in Chhattisgarh
By IANS
Raipur : Six private power firms have signed separate deals with the Chhattisgarh government to invest Rs.298 billion ($7.6 billion) for installing coal-fired power plants with a total capacity of 6,500 MW in the state's northern region, a top official said Tuesday.
Sarda Energy and Minerals Ltd, DB Power Ltd, SKS Ispat and Power Ltd, and Athena Chhattisgarh Power Pvt Ltd will each invest Rs.52 billion to set up separate 1,100 MW thermal plants.
Sensex ends 538 points down; Bank stocks crash
Mumbai : A benchmark index of Indian equities markets closed Tuesday's trade down 538 points tracking the SGX Nifty and most of the Asian...
Panic run on ATMs as thousands rush to withdraw, deposit notes
ArrayNew Delhi : There was a panic run on ATMs across the Indian capital as Prime Minister Narendra Modi declared that Rs 500 and...
Air India to get Rs.6,500 crore of fresh equity
New Delhi : Finance Minister Arun Jaitley Thursday proposed infusion of an additional equity of Rs.6,500 crore in the cash-strapped national passenger carrier Air...
Transporters, farmers to protest failure to cut fuel prices
By IANS,
Chandigarh : Transporters' and farmer's unions will protest in front of parliament in New Delhi next month against the failure of the government to reduce petrol and diesel prices.
The All-India Motor Transport Congress (AIMTC) and a farmers' delegation led by Bhartiya Kisan Union (BKU) said here Wednesday that they would hold a protest march in front of the parliament Feb 18.
They also demanded that the government issue a white paper on petroleum products' pricing.
Karnataka to give sops to farmers to part with land
By IANS
Bangalore : Karnataka is wooing farmers to part with their land for industrialisation by offering to return to them a part of the area they surrender after developing it fully, officials said Wednesday.
For every acre of farm land surrendered to the government, a farmer will get back around 10,000 sq ft of developed area which he can use for commercial or residential purposes or sell it off.
‘Business in Kashmir incurs Rs.15-bn loss’
By IANS,
New Delhi : Business has suffered losses of at least Rs.15 billion on account of the ongoing agitation in Jammu and Kashmir, industry lobby Associated Chambers of Commerce and Industry of India (Assocham) said here Wednesday.
”The worst-hit industrial sectors are tourism, fruit, hosiery, carpets, handicrafts, dry fruits, tourism, forest-based products and herbs and herbal products,” Assocham president Sajjan Jindal said in a statement.
Inflation rises to 4.11 percent
By IANS
New Delhi : India's wholesale price index surged to 4.11 percent in the week ending Jan 26 as against 3.93 percent in the preceding week on the back of hike in prices of food articles and manufactured items, data released Friday showed.
During this period, prices of several food items such as maize, wheat, moong, spices and condiments increased while the prices of salt, bread and mustard oil got cheaper.
The index representing fuel, power, light and lubricant remained unchanged at the previous week's level.
Singapore’s exports plunge
By IANS,
Singapore : The non-oil domestic exports of Singapore declined by 30.6 percent year on year in February, the trade promotion agency International Enterprise Singapore said Monday.
Left Front lambasts siege of Tata Motors factory
By IANS,
Kolkata : Criticising the anti-land acquisition activists for holding up hundreds of Tata Motors' workers inside the small car factory site at Singur, West Bengal's ruling Left Front said it was "totally against the culture and tradition of hospitality of Bengal".
Left Front chairman Biman Bose, addressing a press conference here, said the agitation by the anti-land acquisition activists had no link with Gandhian Satyagraha.
India’s Reliance Industries to buy Malaysian polyester producer
By NNN-Bernama
Kuala Lumpur : India's largest private sector company, Reliance Industries Limited, is to acquire Hualon Corporation (M) Sdn Bhd, the polyester producer in Malaysia which is under receivership.
Ernst & Young Malaysia (E&Y) has been appointed receivers and managers of Hualon effective Nov 30, 2006 with the appointment of Lim Tian Huat, Adam Primus Abdullah and Stephen Duar, all of E&Y.
Britain’s Thomas Cook to buy controlling stake in Indian arm
By IANS
Mumbai : In a significant development in the travel industry, the Thomas Cook Group Plc of Britain is set to acquire controlling stake in Thomas Cook India Ltd (TCIL) and other related businesses.
It will acquire between 61.8 percent and 74.9 percent of TCIL's share capital, worth about around 173-214 million euro ($266-320 million), giving Thomas Cook control of the TCIL.
Indian shares continue to trade firm
By IANS
Mumbai : Indian shares Monday opened the new week on firm ground with a benchmark index gaining 0.68 percent. Drug and banking stocks led the surge.
The 30-share Sensitive Index ('Sensex') of the Bombay Stock Exchange (BSE) gained ground in intra-day trade, hovering between 15,323 and 15,426 to close 103.45 points or 0.68 percent up at 15,422.05. Twenty-one of its components traded in the green.
The broader 50-issue National Stock Exchange (NSE) index, Nifty, too traded marginally in the green to close 10.75 points or 0.24 percent up at 4,474.75 levels.
India opens air space for ASEAN countries
By IANS,
New Delhi : India has opened its air space for the Association of Southeast Asian Nations (ASEAN) member-states under an open-sky regime, the government said Friday.
With this, designated airlines from ASEAN members can now to fly into any Indian city, while Indian carriers too can fly to these countries after modalities are worked out. As of now, airlines from these countries can operate only on approved routes within India.
Pune company bags Chrysler order
By IANS,
Pune : Precision Automotive Robotics Inc (PARI), a city-based robotics and automation company, has bagged a Rs.150-million order from American automobile giant Chrysler to develop an automated axle manufacturing system, a top official said here.
The Chrysler account adds to PARI's US customer base that includes automotive and engineering companies such as Caterpillar, American Axle, Honeywell and Dow Corning, joint managing director Ranjit Date told reporters Monday during a plant visit.
Tata Ryerson gets new name
By IANS,
Kolkata : Tata Steel Monday announced that it has changed the name of its fully-owned subsidiary Tata Ryerson to Tata Steel Processing and Distribution Ltd (TSPDL).
Tata Steel had last July bought US-based Ryerson Tulls' entire stake in Tata Ryerson, which had been set up as a 50-50 joint venture.
Tata Steel will now invest about Rs.500 crore in the subsidiary to increase its processing capacity by one million tonnes by 2012, said Anand Sen, the company's vice president of the flat products division, who is also chairman of the subsidiary.
Kabuliwala beckons Indians at international trade fair
By Anuradha Shukla, IANS,
New Delhi : With a wide variety of dry fruits, herbs, fruits, saffron and intricately woven colourful carpets, Afghan stalls are a major draw at the ongoing India International Trade Fair here that is on till Nov 27.
Nearly 50 Afghan businessmen are participating at the fair, reminding people flocking to Hall 12 A in the sprawling Pragati Maidan grounds of Rabindranath Tagore's famous tale "Kabuliwala", what with their Pathani suits and traditional headgear.
Government approves release of 3G spectrum for BSNL and MTNL
By IANS,
New Delhi : The government Thursday approved the release of airwaves for two state-run companies for the launch of third generation (3G) mobile services in the country.
The airwaves, also referred to as radio frequency or spectrum, have been released for Mahanagar Telephone Nigam Ltd (MTNL) that offers telecom services in Mumbai and the national capital, and Bharat Sanchar Nigam Ltd (BSNL), which operates in all other parts of the country.
"We have approved the release of one block to MTNL and another block to BSNL," Communications Minister A. Raja told reporters here.
Belgium’s diamond market suffers from economic depressi on by Karishma Bhansali Mehta
By EuAsiaNews,
Antwerp, Belgium : Antwerp's $43 billion diamond market is reeling from the effects of the global economic depression with complete recovery being a farfetched possibility in the near future.
Philip Claes, spokesperson of the Antwerp World Diamond Centre ( AWDC), the industry’s local and international representative body, said that the market showed telling indications of a crisis as early as October last year.
America’s traditional Christmas shopping season has historically proven to be the most profitable and busy period for the diamond industry.
Market consolidates day after climbing new peak
By IANS
Mumbai : A key market index opened on a cautious note at 20,903 points Wednesday morning.
The 30-share sensitive index (Sensex) of the Bombay stock Exchange remained range bound between 20,908.38 and 20,790.31 points till mid-morning, a decline of 24 points over Tuesday's close.
The broader 50-shate S&P CNX Nifty of the National Stock Exchange (NSE) opened at 6,287.55 points and hovered between 6,296.75 and 6,240.65 till mid-morning, showing a loss of 46 points from Tuesday's close.
US unemployment rate hits 25-year high
By Arun Kumar, IANS,
Washington : US employers slashed another 663,000 jobs in March raising the unemployment rate to 8.5 percent, a 25-year high, and swelling the number of jobs lost to 5.1 million since the beginning of 2008.
Over two million jobs have been lost so far in 2009, according to the latest data the Labour Department released Friday.
March's monthly loss is up slightly from the loss of 651,000 jobs in February, although it's less than the number of jobs lost in January. That figure was revised up to a loss of 741,000 jobs, the biggest monthly drop in 59 years.
IndiGo most punctual carrier, Jet next
By IANS,
New Delhi : Low-cost carrier IndiGo was the most efficient in terms of sticking to flight schedules in June, beating bigger carriers such as Jet Airways, Kingfisher Airlines and Air India, according to official data released Monday.
IndiGo scored 87 percent, while Jet Airways was slightly behind at 86.4 percent and Kingfisher with 83 percent, official data released by the civil aviation ministry said.
National carrier Air India was way behind scoring 75.7 percent.
Food inflation back to double digits at 11.4 percent
By IANS,
New Delhi : After dipping for two straight weeks, India's food inflation rose again to double digits at 11.4 percent for the week ended July 31, as prices of cereals, milk and fruits went up, official data released Thursday showed.
Food inflation was 9.53 percent a week earlier.
The fuel prices index, however, declined to 12.66 percent in the week under review as against 14.26 percent recorded in the previous week, data released by the commerce ministry showed.
Russia refutes peace deal with Japan at APEC summit
By IANS,
Moscow: Russia has declined to settle the peace treaty issue with Japan during the upcoming Asia-Pacific Economic Cooperation (APEC) summit in the Far Eastern city of Vladivostok.
Sensex crashes by over 650 points in afternoon trade
By IANS
Mumbai : Indian equity markets continued to trade deep in the red Thursday and slumped by over 650 points in afternoon trade. There was heavy selling across all major sectors.
At 2.15 p.m., Mumbai's main 30-share index, the Sensex, was down 685.63 points or 4.25 percent at 15,442.35.
At the same time, the Nifty of the National stock Exchange was down 204.00 points or 4.19 percent at 4,668.00.
About 532 shares advanced, 2,467 declined, and 55 remained unchanged.
Tamil Nadu eggs go off Gulf dinner tables
By Radha Venkatesan, IANS
Namakkal (Tamil Nadu) : The Tamil Nadu poultry industry is reeling under the impact of bird flu in far away West Bengal. Eggs worth over Rs.22 million ($560,000) that were being exported from the state to the Gulf countries are lying stranded in the sea.
Indian economy to grow nine percent this financial year — PM
By KUNA
New Delhi : Indian Prime Minister Manmohan Singh expressed hope on Friday that the country's economy would continue to grow at a fast rate and attain a nine percent growth this financial year.
"I do not see any reason why we cannot sustain a nine-percent growth even in the face of a global slowdown," the premier said in his address at the 80th annual session of the Federation of Indian Chambers of Commerce and Industry.
Maruti plans to double exports, expand rural presence
By IANS,
Chennai/Kolkata : India's largest car maker Maruti Suzuki, with a turnover of almost Rs.20,500 crore, is hoping to nearly double its exports this fiscal and expand its footprint in the rural belt, officials said Tuesday.
"Our export target for the current year is 130,000 units that will include A-Star, Maruti 800, Estilo, and Swift models," marketing and sales executive officer Mayank Pareek told reporters at the launch of the company's hatchback model Ritz in Chennai.
India heading towards free trade agreement with EU
By IANS
New Delhi : Although India and the European Union (EU) are facing major differences at the World Trade Organisation (WTO), they might "head" towards concluding a free trade agreement (FTA) by end of 2008, said Indian Industry and Commerce Minister Kamal Nath.
The EU and India are currently in discussion to conclude the FTA, the main objective of which is to do away with import duties and other tariffs on certain items of trade.
Indian shares under pressure amid depressed global cues
By IANS,
Mumbai : Indian equities markets continued to be depressed in afternoon trade Monday, after falling sharply in the morning, taking cues from a global sell-off triggered by fears that the Euro zone financial woes could derail economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, was ruling at 16,642.15 points, 352.45 points or 2.07 percent down from its previous close at 16,994.6 points.
Indian economic leadership theme of IIM-A event
By IANS
Ahmedabad : The Indian Institute of Management at Ahmedabad (IIM-A) has chosen "India Towards Economic Leadership" as the theme for its "Confluence 2007" event. The theme will attempt to capture the essence of India's transformation from an agrarian economy to a leading global economy.
The four-day event, which is being held in partnership with the Tata group, will begin Nov 22 at the IIM-A complex here. Influential thinkers, policy makers and reputed management practitioners are expected to participate.
Madhya Pradesh fisheries federation nets ISO certificate
By IANS
Bhopal : Madhya Pradesh Fisheries Federation (MPFF) has bagged the country's first ISO certificate for fisheries, awarded by Surewin Quality Certification, Minister of State for Fisheries Moti Kashyap said.
"The federation has been assessed and found to be in conformance to the requirements of the quality management standard," the minister said in an official statement here Thursday.
Dubai realtors woo buyers with tempting finance schemes
By Aroonim Bhuyan, IANS,
Dubai : With banks curbing loans in the face of the global financial crisis and real estate agents finding it difficult to get customers, property developers in this West Asian metropolis are wooing potential home buyers with lucrative payment options.
Majors like Emaar, Union Properties (UP) and ETA Star are offering innovative payment schemes like rent-to-own to long-term payment plan after handover even as a new survey found that over 50 percent of real estate agents in Dubai could not conclude a single deal in the last one month.
Ericsson reports drop in second-quarter sales
By DPA,
Stockholm : Swedish telecommunications giant Ericsson Friday reported lower second-quarter sales and operating income due in part to "continued industry component shortages" and cautious investments from operators in some markets.
Net income - after losses and restructuring charges - was up year-on-year to two billion kronor ($274 million) from 800 million kronor in 2009.
Operating income, excluding restructuring charges, totalled 5.3 billion kronor, down 12 percent year-on-year but up 17 percent compared with the first quarter of 2010.
Top Kerala cop suspended for corruption
By IANS
Thiruvananthapuram : Tomin J. Thachankary, Kerala's inspector general of police, was suspended from service Tuesday for corruption.
No fresh taxes in Maharashtra budget
By IANS
Mumbai : Maharashtra Finance Minister Jayant Patil, in his record 10th consecutive budget presented Wednesday, focused on social as well as industrial sectors without imposing any additional tax.
In his budget, Patil announced some major proposals, which range from construction of a Haj House in Nagpur to a package for modernization of the state police force.
The new Haj House, which was sanctioned four years ago, will be constructed this year at Nagpur at an estimated cost of Rs.90 million to help Haj pilgrims.