India holds talks with different countries for oil cooperation
By IRNA,
New Delhi : Energy hungry India holds talks with Kuwait, Mexico, Indonesia and US for cooperation in oil sector.
Indian delegation led by Murli Deora, Minister of Petroleum and Natural Gas had a series of bilateral meetings with the delegations of different countries on the sidelines of the the 12th International Energy Forum (IEF) meeting at Cancun in Mexico late Tuesday, said an official statement issued here today.
Sensex ends a dull day with 38 points gain
By IANS,
Mumbai : A benchmark index for Indian equities closed a rather lacklustre day with a 38-point gain over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points Tuesday, closed at 18,119.7 points (provisional), 38.49 points or 0.21 percent up from its previous close at 18,081.21 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 0.15 percent up at 5,440.05 points.
Sensex up 192 points in early trade
By IANS,
Mumbai : A benchmark index of Indian equities rose sharply at the opening bell Monday and was ruling about 192 points higher ten minutes into trade.
At 9.10 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,191.32 points, was at 16,384.41 points, up 192.78 points or 1.19 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,906.35 points, against the previous close at 4,844.9 points, a gain of 1.27 percent or 61.45 points.
ASEAN members ‘tiny blips’ compared to India, China: Singapore PM
By IANS,
Singapore : Members of the Association of South-East Asian Nations (ASEAN) are only "tiny blips" on investors' radar screens compared to China and India, Singapore Prime Minister Lee Hsien Loong said Wednesday.
Opening the 29th ASEAN Inter-Parliamentary Assembly (AIPA) session, Lee said the 10-member group has to struggle to get its share of investments, jobs and growth.
CyberMedia acquires US-based TDA Group
By IANS
Mumbai : Speciality media house CyberMedia India Ltd Thursday announced that it has acquired all assets of California based marketing communications company and publishing firm TDA Group Inc.
The company informed the Bombay Stock Exchange (BSE) that the move is in synchronisation with its strategic plan to expand the service base.
Jet Airways to launch daily Muscat-Mumbai flights
By IANS
Dubai : India's leading private airline Jet Airways will launch daily flights between Oman's capital Muscat and Mumbai effective April 22.
Jet's Oman country manager Jay David told the Oman Tribune that the airline would operate Boeing 737-800 aircraft on the sector with 24 seats in business class and 120 in economy.
Flights will depart Muscat at 50 minutes after midnight and arrive in Mumbai at 5:05 a.m. IST.
The return flight will depart Mumbai at 10:30 p.m. IST and arrive in Muscat a minute before midnight, according to the report.
Chinese growth may decline in 2015: economist
By IANS,
Beijing : After about 30 years of fast growth, Chinese economic growth rate may see a visible declines in 2015, said an economist.
Barbie company to get $100 mn in Bratz case
By DPA,
Los Angeles : Barbie doll maker Mattel has been awarded $100 million in damages by a jury after it concluded that the designer of the rival Bratz dolls created the popular figures while employed at Mattel.
The decision was seen as a disappointment for Mattel, which had sought up to $2 billion in punitive damages. The company's sales of Barbie have plunged some 21 percent since the large-headed, multi-ethnic Bratz line became a hit.
RBI announces new measures to ease transient pressures
By IANS,
Mumbai : The Reserve Bank of India (RBI) announced Tuesday evening that it would alleviate transient pressures on the local market by temporarily relaxing rules on securities used for liquidity operations.
According to a statement released by RBI, "The recent extraordinary global developments triggered by the bankruptcy, sell-out and restructuring of some of the world's largest financial institutions have resulted in severe disruptions of international money markets, sharp declines in stock markets across the globe and extreme investor aversion.
Indian shares recover from last week’s carnage
By IANS
Mumbai : Indian shares Monday staged a smart recovery after last week's carnage, with a key index settling two percent up, led by banking stocks even as a rally in the Asian markets smoothed global trends.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) hit a high of 14,680-points in intra-day trading before closing 286.03 points or 2.02 percent up at 14,427.55 points.
Twenty-one of the Sensex components traded in the positive territory Monday.
Indonesia eyes better economic cooperation with India
By IANS,
Kolkata : In a bid to strengthen bilateral economic cooperation, Indonesia plans to sign free trade and investment guarantee agreements with India by next year, the country's envoy said here Thursday.
"We're hopeful to sign an investment guarantee agreement (IGA) by 2009 and are also working out the pros and cons of a free trade agreement (FTA) with India," Indonesian Ambassador to India Andi M. Ghalib said here at an interactive session organised by the Indian Chamber of Commerce (ICC).
TCS to open global engineering centre in Pune
By IANS
Mumbai : IT major Tata Consultancy Services Ltd (TCS) will set up a global engineering centre in Pune to provide product services to US-based company ArvinMeritor, an auto component supplier.
TCS has signed a five-year multi-million-dollar contract with ArvinMeritor. However, company officials refused to divulge the exact amount.
According to the deal, TCS will support the localisation and globalisation efforts of ArvinMeritor's engineering capabilities including product development and support for specific product lines in the Asia Pacific region.
Oman Air to fly to Kozhikode
By IANS,
Dubai : Oman's national carrier Oman Air has announced it will commence daily operations to Kozhikode in Kerala from Thursday.
"The addition of Kozhikode demonstrates our long-term commitment to India. We look forward to developing our network further across India as we explore new opportunities," Darwish Bin Ismail Al Balushi, secretary-general in Oman's finance ministry and a member of Oman Air's board of directors, said in a statement.
A large number of the 500,000-strong expatriate Indian community in Oman hails from Kerala.
Pyramid Saimira plans to raise funds through stake sale
By IANS,
Chennai : City-based entertainment group Pyramid Saimira has said it will raise funds by divesting equity up to 40 percent in its group firms.
"We are open to divest up to 40 percent in the group companies which would give the much needed cash for operations in the short-term," P.S. Saminathan, group managing director of Pyramid Saimira, told reporters.
The group is now looking for investors interested to buy stake in the wholly-owned subsidiaries of the cash-starved Pyramid Saimira Theatres.
IPCA gets green signal from US for blood pressure drug
By IANS,
Mumbai : Medical formulations production major Indian Pharmaceuticals Combine Association (IPCA) has received its first approval from US authorities for its blood pressure medicine.
Announcing this in a regulatory intimation Wednesday, the company said the US Food and Drugs Administration (USFDA) has given the go-ahead for the manufacturing of Propranolol Hydrochloride tablets.
The total annual sales of this drug, which is also popular among those affected with migraine, last year, touched $24.1 million.
Gujarat potato plus McCain Foods is McDonald’s Indian French fry
By IANS
Ahmedabad : Millions of consumers in India munch McDonald's French fry, also called Mac Fry, every day. But many of them might not be knowing that the potato they relish comes from Gujarat, thanks to an initiative by the Indian subsidiary of US multinational McCain Foods.
McCain Foods India (MFI) processes and supplies frozen potato products from its swanky $14.6 million plant on the National Highway number 8 that connects Delhi and Mumbai. The plant is located 60 km away from Ahmedabad, enroute to Mehsana.
India’s economic upturn to begin October: Chidambaram
By IANS,
New Delhi : India's economic downturn is "temporary" and the upturn will begin from October as the country's economy and business are resilient enough to adapt to the changing times of global meltdown, said Home Minister P.Chidamabaram Tuesday.
"India stood out as a shining example of resilient economy and we owe this to the resilience of the Indian businesses and Indian economy, which quickly adjusted to the changing times. This (meltdown) is a temporary phase," said Chidambaram while giving away the annual National Tourism Awards.
Punjab, Haryana procure over 8.5 mn tonnes of paddy
By IANS,
Chandigarh: Over 8.5 million tonnes of paddy has been procured by Punjab and Haryana in the first 25 days of the procurement process, officials said here Monday.
ITC garments factory in Nepal shuts down after labour trouble
By Sudeshna Sarkar, IANS,
Kathmandu : Indian tobacco major ITC's NRS 250 million, state of the art garments factory in southern Nepal has been shut down indefinitely due to security concerns after disputes with a Maoist labour union.
Ravi K.C., corporate general manager at Surya Nepal Pvt Ltd, a joint venture in which ITC owns majority shares with the rest held by British American Tobacco and private Nepali investors, told IANS that talks have begun Friday to resolve the problem.
Cruise tourism can grow three-fold by 2010, says study
By IANS,
New Delhi : Cruise tourism industry can grow three-fold in the country provided the government focuses more on developing physical infrastructure and streamlining immigration and custom checks process, a study has said.
India will remain second-fastest growing economy: Chidambaram
By IANS,
New Delhi : India faces a difficult situation because of the global financial crisis and may even witness a slowdown, but its economy was nowhere near a recession, Finance Minister P. Chidambaram said here Monday.
"A recession is defined as two successive quarters of contraction of GDP (gross domestic product). I wish to emphasise that India is nowhere near a recession," Chidambaram told the annual Economic Editor's Conference.
Agra shoemakers on warpath against new tax
By IANS
Agra : The famous shoemakers of Agra, mostly Dalits, are on the warpath against the decision of the Mayawati government in Uttar Pradesh to bring the leather goods sector under the value-added tax (VAT) regime.
On the second day of a total strike, thousands of shutters were down as over a dozen unions and traders' associations, manufacturers and workers joined the strike.
If the provisions are enforced, shoemakers will have to shell out an additional 12.5 percent on sales.
Sensex up 112 points in afternoon trade
By IANS,
Mumbai : Indian equities were trading in the green Wednesday afternoon, with a key index ruling 112 points higher than its previous close about 40 minutes before the closing bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher on strong Asian cues at 15,763.09 points, was trading at 15,800.22 points, up 111.75 points or 0.71 percent.
The broader-based Nifty of the National Stock Exchange (NSE) was also ruling in the green at 4,686.95 points, up 0.59 percent.
Talks underway to fix price for Peace Pipeline gas: Hosseini
By IRNA
Tehran : Foreign Ministry spokesman, Mohammad-Ali Hosseini said Sunday talks are underway between Iran, India and pakistan to fix the price for the Peace Pipeline gas.
Hosseini's remarks came during a televised interview with Channel One of the Islamic Republic of Iran Broadcasting (IRIB) when he was asked if Iran had offered any discounts to the other sides in the project.
Markets close lower
By IANS,
Mumbai : Indian equities markets closed in the red Thursday, with a key index shedding 1.21 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 9,241.56 points, lost 110.97 points (provisional) or 1.21 percent from the previous close to end trade at 9,090.88 points.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) shed 0.82 percent to close at 2,780.05 points.
The BSE midcap index was down 0.65 percent, while the BSE smallcap index lost 0.85 percent over its previous close.
Ashok Leyland’s new firm to develop eco-friendly engines
By IANS,
Chennai/Mumbai : Hinduja Group flagship and the country's second largest commercial vehicle manufacturer Ashok Leyland Thursday announced the formation of a new company - Albonair in Dortmund, Germany - that would focus specifically on environment-friendly auto engines.
The new facility will focus on the development, production and sales of environment-friendly diesel engines, technically called 'exhaust after-treatment systems.'
Though the company had announced the strategic investment earlier, the formation of a company took place here Thursday.
ArcelorMittal quarter three profits up, but cuts production
By IANS,
London : ArcelorMittal, the world’s leading steel company, Wednesday reported a 29 percent rise in third quarter profits but said it will cut back production until the economic scenario brightens.
“The current period of de-stocking requires that we make appropriate production cuts to seek to rebalance supply and demand, and we are also accelerating efforts to pay down debt,” ArcelorMittal chairman Lakshmi Niwas Mittal said.
Hong Kong shares surge on stimulus moves
By DPA,
Hong Kong : The benchmark Hang Seng index surged 8.66 percent Monday to its highest level in seven weeks amid investor confidence of stimulus moves by China and the United States.
Turnover topped 63.87 billion Hong Kong dollars ($8.19 billion), following Friday's turnover of 37.3 billion Hong Kong dollars.
Among the biggest gainers was Cosco Pacific, the Chinese ports operator, which surged 22.8 percent to close at 7 Hong Kong dollars.
Local property company Henderson Land closed at 28 Hong Kong dollars, a 16.18 percent increase on the day.
Indian insurance industry to have stable profitable growth
By IANS,
New Delhi : The Indian life insurance industry is at the threshold of having a stable profitable growth, says a study.
India, Bangladesh to sign investment pact
By IANS,
New Delhi : India and Bangladesh are likely to sign an agreement to protect and promote bilateral investment during External Affairs Minister Pranab Mukherjee's proposed visit to Dhaka next month.
Mukherjee's visit, likely to be around Feb 7-8, will be the first by an Indian leader to the neighbouring country after the new government in Dhaka took over.
Societe Generale to consolidate stake in top Russian bank Feb. 11
By RIA Novosti
Moscow : France's Societe Generale plans to complete a deal to consolidate a controlling stake in a leading Russian bank on February 11, the president of the bank's Russian subsidiary said on Monday.
"The purchase of Rosbank will most likely proceed according to schedule, and on February 11 30% of shares will be transferred to the parent structure, to Societe Generale. We already own 20% of Rosbank's shares and we will, in this way, possess 50% plus one share in mid-February," Mark-Emmanuel Vives, president of Societe Generale Vostok, said.
Bihar presents gender sensitive budget
By IANS
Patna : The Bihar government Thursday presented a gender sensitive budget in the assembly for 2008-09, with special focus on the socio-economic development of women.
Deputy Chief Minister Sushil Kumar Modi presented the budget in which the state government has earmarked special funds for various women empowerment schemes and educational scholarships.
Modi, who holds the charge of finance minister, said 15 percent of the total budgetary allocations for 10 departments was earmarked for the empowerment of women in the state.
China, India buying power less than estimated: World Bank
By Xinhua
Washington : The economies of China and India are much smaller than previously estimated when measured by buying power in dollars, the World Bank has said.
The preliminary global report on "purchasing power parity" (PPP) provides estimates of internationally comparable price levels and the relative purchasing power of currencies for 146 economies, said a World Bank statement released Monday.
Inflation will moderate in six to nine months: Chidambaram
By IANS,
New Delhi : Finance Minister P. Chidambaram Wednesday told a gathering of Congress spokespersons here that inflation would take a minimum six to nine months to moderate.
Speaking at the closed-door orientation programme, Chidambaram expressed confidence that the monetary measures undertaken by the government would yield results, but it would take some time, sources told IANS.
The minister also said the nine percent economic growth has had positive as well as negative impacts on the common people.
Where there was good governance, there were positive effects, he said.
Gulf stock markets fall as Libyan crisis deepens
By IANS,
Dubai : Gulf Arab stock markets have been declining since last week despite the surging oil prices that normally support the regional stock indices, Xinhua reported.
Jindal’s 1,000 mw power plant set to begin generation
By IANS
Raipur : Jindal Power Ltd. will formally begin phase-wise commissioning of its much-awaited 1,000 mw Tumnar power plant in Chhattisgarh in July, a company official said Monday.
IDFC signs deal to build thermal, solar plants in Gujarat
By IANS,
New Delhi : The infrastructure development arm of a leading finance company in the infrastructure space Tuesday announced that it had signed two memorandums of understanding (MoUs) with Gujarat state government to build a thermal and solar power plant.
A statement from Infrastructure Development Finance Company Ltd. (IDFC) said that IDFC Projects - a 100 percent subsidiary - had signed two MoUs with the Gujarat government Tuesday at the Vibrant Gujarat Summit - an investor summit being organised by the state government, in
Reliance BIG buys ‘Karzzz’ for Rs.350 mn
By IANS,
Mumbai : After investing $1 billion in Hollywood projects, Reliance BIG Entertainment (RBE) is expanding its footprint in India as well. It has acquired theatrical and other rights of T. Series' much talked about film "Karzzz" for Rs.350 million.
RBE has bought the world theatrical, satellite and Internet rights for the film. This is apparently the highest price the movie starring composer-turned-actor Himesh Reshammiya has got so far.
Sensex closes 362 points higher
By IANS,
Mumbai : A benchmark index of Indian equities Thursday rallied 362 points, snapping a two-day losing streak.
ADB lowers growth forecast for India
By Xinhua,
Manila : India's economy will experience a marked slowdown in the 2008 and 2009 financial years, ending its run of five consecutive years of very high growth, the Asian Development Bank (ADB) said Tuesday.
In its latest report "The Asian Development Outlook 2008 Update", ADB forecast India's growth rate to decrease to 7.4 percent in fiscal 2008 and decelerate further to 7.0 percent in fiscal 2009.
Exempt city buses from excise duties: Jaipal Reddy
By IANS,
New Delhi : Urban Development Minister Jaipal Reddy Wednesday aid excise duty on public buses should be abolished to revive the public transport system in India.
“There should be full exemption of the excise duty on the buses and the state government should also follow suit. At present there is a 12 percent excise duty, which was reduced from 16 percent," the minister said at a business meet here.
“We have submitted a proposal for reducing the excise duty on buses meant for public transportation to zero level to the finance ministry,” he said.
Malaysian company to launch “Public Islamic Asia Leaders Equity Fund”
By KUNA,
Kuala Lumpur : A Malaysian company will launch Tuesday the Public Islamic Asia Leaders Equity Fund (PIALEF) which focuses on mid to large caps Shariah compliant companies, trading in both domestic and regional markets.
Public Mutual company said, Monday, that the fund allows investors to capitalize on the growth potential of mid to large caps Shariah compliant companies.
These companies are positioned to benefit from the anticipated recovery in Asian markets due to their financial strength and dominance, Public Mutual chief executive officer Yeoh Kim Hong said.
‘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.
Ranbaxy sales may double by 2011 on Pfizer settlement
By Arjun Sen, IANS,
New Delhi : India's largest drug maker Ranbaxy Laboratories could see its global sales double by 2011 following the settlement of a patent dispute with Pfizer Inc involving the world's most-prescribed cholesterol-lowering medicine, a top company official said here Tuesday.
The drug Atorvastatin (Lipitor), manufactured by Ranbaxy, is the world's largest selling drug with worldwide sales of $12.7 billion in 2007. But Pfizer contended it held the patent to it.
Young Indian artists close in on masters at Christie’s sale
By IANS,
New Delhi : The gap in prices and stature of works between leading Indian contemporary artists and modern masters is narrowing.
A preview of 20 exclusive art works, held here Wednesday by global auction house Christie's, showed that contemporary artist Subodh Gupta was at par with master modernist Tyeb Mehta in terms of prices, along with bulk of the contemporary artists on the sale list.
Indian Petrolium Minister seeks oil bonds to compensate refineries
By NNN-PTI
New Delhi : The Petroleum Ministry is seeking Rs 19,000 crore worth of oil bonds to partly compensate refiners who are selling fuel below the cost.
The total under-recovery on sale of petrol, diesel, domestic LPG and kerosene is expected to be above Rs 55,000 crore this fiscal, to mitigate which the ministry is seeking issuance of the bonds.
Petroleum Minister Murli Deora will meet Finance Minister P Chidambaram on July 13 to make a case for issue of oil bonds, Petroleum Secretary M S Srinivasan said today.
Bosch to supply fuel-injection, brake system for Tata’s Nano
By DPA
Stuttgart (Germany) : German car components firm Bosch said it would provide fuel-injection technology for the Tata Nano, billed as the world's cheapest car that was unveiled in India Thursday.
The Stuttgart-based company said it would also supply the braking systems and part of the car electrics for the diesel and petrol-driven versions of the 2,500-dollar vehicle.
A Bosch spokesman said the modern fuel injection technology would enable the five-seater to meet emissions standards comparable with the Euro-IV norm expected to take effect in India in 2010.
GE India in strategic tie-up with Titagarh Wagons
By IANS
New Delhi : GE Equipment Services, part of GE India, Monday announced a strategic tie-up with Indian wagon-maker Titagarh Wagons Ltd. (TWL) to develop and upgrade India's railway infrastructure.
GE Equipment Services, which picked up 15 percent equity in Kolkata-based TWL, would also become its preferred provider of vendor financing.
With Left gone, ICICI’s Kamath says it’s time for reforms
By IANS,
London : India's most powerful private sector banker says the coalition United Progressive Alliance (UPA) government, now without the support of Left parties, should seize the opportunity and roll out the second tranche of economic reforms.
“A lot of people are saying that the government has this unique opportunity now to press on with the remaining economic reforms,” ICICI Bank chairman K.V. Kamath said on the sidelines of an awards ceremony here Tuesday.
“I am sure once the prime minister is back he will begin to look at the economic reforms agenda,” he told IANS.
Syndicate Bank net profit zooms 198 percent
By IANS,
Bangalore: State-run Syndicate Bank posted a net profit of Rs.262 crore for the first quarter this fiscal, registering a whopping growth of 198 percent year-on-year from Rs.88 crore in the like period last year.
"We have nearly trebled our net profit in the first quarter on a healthy 16.4 percent growth in net interest income (NII) to Rs.586 crore from Rs.503 crore a year ago and better management of treasury operations," bank executive director V.K. Nagar told reporters here Friday.
US will back Mumbai as global financial centre
By IANS
Mumbai : The US Treasury Department would support strengthening of India's financial system so that Mumbai develops into an international financial centre (IFC), said US Secretary of Treasury Henry M. Paulson Jr. Monday here.
Paulson said that expansion of the financial sector through the development of Mumbai as an IFC would spell enormous opportunities for India.
"With Mumbai as an internationally competitive financial centre, the world can invest in India and India can invest in the world," he observed.
Wipro projects $1.33 bn from IT business in Q3
By IANS,
Bangalore : Wipro Ltd Friday projected $1.33 billion from its global IT services business in the third quarter (October-December) of fiscal 2010-11.
Azim Premji among greatest entrepreneurs of all time: BusinessWeek
By IANS
New Delhi : Azim Premji, the chairman of Indian IT bellwether Wipro Technologies, has been voted among the "Greatest Entrepreneurs of All Time" by BusinessWeek magazine.
Petrol price to be cut if global crude prices slip further: Minister
By IANS,
New Delhi : Petroleum Minister S. Jaipal Reddy said Tuesday that if global crude oil prices continue to slip further, petrol price would be lowered.
Swaminathan hopes budget marks ‘end of farmer suicides’
By Papri Sri Raman, IANS
Chennai : Eminent farm scientist M.S. Swaminathan has called the 2008-09 budget "forward looking" and hoped that the Rs.600 billion loan waiver would "mark the beginning of the end of the era of farmer suicides".
"(Finance Minister P.) Chidambaram has addressed the major problems faced by our farmers as outlined in the Economic Survey 2007-08," Swaminathan said.
Unitech sells 50 percent stake in Mumbai project
By IANS,
New Delhi : Real estate major Unitech Ltd, faced with cash crunch, has for $175 million sold 50 percent stake in the initial phase of its Santa Cruz project in Mumbai to Lehman Brothers Real Estate Partners, it said in a regulatory statement Thursday.
The company June 16 announced it would sell 50 percent stake in the project to the real estate arm of Lehman Brothers for $175 million (Rs.7 billion).
Montek to brief PM on Delhi airport expansion
By IANS,
New Delhi : Planning Commission Deputy Chairman Montek Singh Ahluwalia will brief Prime Minister Manmohan Singh on the expansion of the Indira Gandhi International Airport (IGIA) here, plan panel sources said Tuesday.
“Ahluwalia will write to the prime minister, giving details of his talks with the Delhi International Airport Limited (DIAL) officials and measures that are being taken to decongest the airport,” an official said.
युवाओं में निराशा और हताशा बढ़ा रही है बेरोजगारी, दलित-मुस्लिम बहुल गांव से ग्राउंड...
आस मोहम्मद कैफ़
मोदी सरकार के कार्यकाल के दौरान बेरोज़गारी एक गंभीर समस्या बनकर उभरी है। बेरोज़गारी की इस समस्या का ग्रामीण भारत पर क्या...
Malaysian property firm sets sight on India and Vietnam by Q1’09
By NNN-Bernama,
Kuala Lumpur : Property firm, Golden Plus Holdings Bhd (GPlus), is set to expand its overseas ventures to Vietnam and India by the first quarter of next year where the market is less saturated and there is demand for high-end property.
Its independent non-executive director Jeyaraj Ratnaswamy said the developments in the two countries could be in the form of joint ventures but no direct negotiation has been done with any party.
IT sector to grow 4-7 percent this fiscal: Nasscom
By IANS,
New Delhi : India's IT sector will grow between 4-7 percent this fiscal and is expected to see higher growth next year, a top industry official said here Tuesday.
"I think we are already seeing changes in trends that we had anticipated. The first half has been relatively flat, but the vector is right," said Som Mittal, president of the National Association of Software and Services Companies (Nasscom).
Enterprise India expo opens in Romania
By IANS
Bucharest : The 31st edition of the Enterprise India expo opened here Tuesday with over 50 small and medium Indian companies showcasing their products to promote Indian exports to Romania.
Reva creator Maini sees power shift for automobiles
By Himank Sharma, IANS,
New Delhi : As the world rues high fuel prices, the man behind India's first battery driven car Chetan Maini says electric cars will overtake their gasoline and diesel-powered counterparts over the next 15 years.
"If the oil prices keep rising at this pace, it could even happen much earlier," Maini, who is now deputy chairman and chief technical officer of Reva Electric Car Co that makes the battery-powered cars, told IANS in an interview.
S. Kumars acquires Scottish fashion chain (Lead, changing dateline)
By IANS,
New Delhi/Glasgow : After month-long speculation and secrecy, S. Kumar Nationwide Ltd, a company promoted by the Mumbai-based Kasliwals, has now emerged as the mysterious buyer of Scottish fashion chain Internacionale.
"S. Kumars acquired the Scotland based Internacionale in early May," Shrikant Hazare, president for marketing and communication with the croup, confirmed to IANS, but declined to divulge any further details, financial or otherwise.
Myanmar mulls telecom industry’s privatisation
By IANS,
Yangon: Myanmar government has plans to privatise the telecom industry in the country.
Canadian stock markets, dollar in free fall
By IANS,
Toronto : Falling oil and commodity prices continued to hammer the Toronto Stock Exchange and the Canadian dollar Wednesday, with both falling steeply since Tuesday.
While the Toronto Stock Exchange (TSX) composite index saw a steep fall of 558.92 points as commodity stocks saw a massive sell-off, the Canadian dollar plunged below 80 cents US for the first time since June 2005.
At the close of the day, the composite index stood at 9,236.88, dropping almost six percent since Tuesday.
Profits down for Chinese commercial banks this year
By Xinhua
Beijing : Mainland commercial banks will see a lower growth rate this year after a successful 2007 when most saw big rises in net profits, experts say.
Of the 14 Chinese listed banks, eight commercial banks have estimated or reported around 50 percent profit surges in 2007, according to financial data provider Wind Info.
China's top lender, the Industrial and Commercial Bank of China (ICBC) estimated a net profit of 78 billion yuan ($10.8 billion) Friday, a rise of more than 60 percent year on year.
Learn from crisis, keep economy sound and strong: Manmohan
By M.R. Narayan Swamy, IANS,
Hua Hin (Thailand) : Indian Prime Minister Manmohan Singh Sunday urged the world to learn from the global economic crisis by keeping "the real economy strong and sound".
Addressing the East Asia Summit here, the prime minister also said that the vision of Asian economic integration among member countries could lead to a broader Asian Economic Community.
Sensex makes substantial recovery
By IANS,
Mumbai : The Indian equities markets that opened in the negative zone Wednesday managed to recover susbtantially by early afternoon. But public sector undertakings, oil and gas, power and banking scrips continued to be under selling pressure.
At 1.30 p.m., the 30-share BSE Sensex was up 179.29 points or 1.07 percent to 16,932.15, which was the day's high.
At the day's low, the Sensex touched 16,626.35.
Some inflation possible due to budget proposals: Mukherjee
By IANS,
New Delhi: The budget for 2010-11 may have some effect on the price line and add around 40 basis points to the annual inflation rate, Finance Minister Pranab Mukherjee said Saturday, a day after conducting the annual exercise.
"I do agree my tax proposals will have some inflationary ingredients. It could be around 0.41 percent," the finance minister said during a post-budget interaction with captains of Indian industry here.
Reliance Communications ties up with Microsoft
By IANS,
Mumbai : Anil Ambani-led Reliance Communications Wednesday said it has entered into a strategic alliance with Microsoft to offer Windows Mobile solution on its wireless networks.
As per the agreement, Microsoft will offer solutions like push email support, chat, photo-sharing, content back-up and other applications to Reliance customers.
Gilani seeks more access to EU markets
By IANS,
Islamabad : Prime Minister Yousuf Raza Gilani, who is in London, has urged increased trade and market access for Pakistani products in European markets, it was reported here.
Computer sales zoom in third quarter of 2006-07
By IANS, New Delhi : Sale of personal computers (PC) in India grew 28 percent in the third quarter of 2006-07 as compared to the corresponding period in the previous year with 1.3 million units sold between October-December 2006, a leading IT hardware and training body said Tuesday.
Sale of notebooks and laptops also soared during the period, registering a growth of 56 percent as against last year, while sales of desktop grew by 24 percent, said a statement by the Manufacturers' Association for Information Technology (MAIT).
Global recovery has begun, says Bank of Canada
By IANS,
Toronto : The Bank of Canada, the central bank of the most robust of the G8 economies, has said that global recovery from the financial crisis has begun.
In its economic outlook report released Tuesday, the bank said: "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.
"However, the recovery is nascent. Effective and resolute policy implementation remains critical to sustained global growth."
Kerala opposition seeks probe into port work award
By IANS,
Thiruvananthapuram : The Congress-led opposition in Kerala Thursday demanded a judicial probe into the tendering process of the proposed Rs.53.48-billion port at Vizhinjam, near the famed tourist destination of Kovalam.
Opposition legislator P.C. George sought to move an adjournment motion, saying that the government has played spoil-sport and has awarded the contract to a consortium comprising the Hyderabad-based Lanco Kondapalli Power Ltd, Malaysia-based Pembinaan Redzai Sdn Bhd and Lanco Infrastructure Ltd.
GM to close down Hummer as its sale to Chinese firm fails
By DPA,
Washington : US carmaker General Motors Corp announced Wednesday that it would start winding down its loss-making Hummer brand of sports-utility vehicles after the collapse of a deal to sell the subsidiary to a Chinese company.
GM did not say why the sale to China's Sichuan Tengzhong Heavy Machines Co Ltd, which was announced last year, had failed. The Wall Street Journal reported that the deal did not receive the approval from the Chinese regulators.
Hindustan Motors, Allahabad Bank join hands for auto financing
By IANS,
Kolkata : City-based Hindustan Motors (HM) has joined hands with Allahabad Bank to provide financing facilities to its customers.
Ashok Leyland cuts capex by Rs.13 bn, floats finance arm
By IANS,
Chennai : Commercial vehicle major Ashok Leyland is adopting a multi-pronged strategy, including cutting capital expenditure (capex), focussing on non-vehicle segment sales and floating a finance arm, to weather the tough market conditions, a top official said Friday.
"As against the budgeted capital expenditure of around Rs.33 billion (Rs.3,300 crore), we will be incurring about Rs.20 billion," Ashok Leyland executive director (finance) K. Sridharan told reporters.
Russia resumes gas flow to Europe
By DPA,
Moscow : Russia resumed supplies of gas to Europe Tuesday as observer teams began measuring gas flows through Ukraine in an effort to mediate the ongoing standoff between Moscow and Kiev.
Ukraine's Naftogaz said it had received a fax from Gazprom informing it 76 million cubic metres of gas had been sent through the pipelines "at 10 a.m. Moscow time" (0700 GMT), news agency Itar-Tass reported.
Jet hopeful China clearance will come fast
By IANS
New Delhi : A month after Prime Minister Manmohan Singh's visit to China, Beijing has yet to allow Jet Airways for flying to Shanghai and beyond, but the Indian carrier is "not unduly worried" and hopes that issues will be sorted out between the two countries to allow it to operate Mumbai-Shanghai-San Francisco flight.
"It's a matter between India and China. The Indian government has already approved it. We are waiting for the permission from China," an official of Jet Airways, who did not wish to be named, told IANS.
Fed fears ‘contraction’ in first half of 2008
By DPA
Washington : The Federal Reserve now believes a contraction of the US economy is likely in the first half of 2008, while some members fear a "more severe and protracted downturn in activity," according to the minutes of last month's board meeting released on Tuesday.
Central bank officials expected growth to pick up slightly in the second half of 2008 and through 2009. The US central bank slashed its benchmark interest rate a further 0.75 percentage points to 2.25 per cent at the March 18 meeting.
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.
Market gives thumbs up to UPA government, gains 640 points
By IANS,
Mumbai : Despite some losses on profit booking during the last two days of the week, the Indian equities market closed Friday posting its third consecutive weekly gain on the back of the Congress-led United Progressive Alliance (UPA) victory in the trust vote Tuesday.
The stock market gave a thumbs up to the Manmohan Singh government by registering Wednesday its biggest single day gain of the year.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, gained 639.54 points or 4.69 percent to move to 14,274.94 popints in the week ended Friday.
Marriott to build luxury hotel near new Bangalore airport
By IANS
Bangalore : Global hospitality major Marriott International will build a luxury resort hotel near the Bengaluru international airport at Devanahalli, about 40 km from the centre of this city.
The $13-billion Marriott has tied up with Bangalore-based leading property developer Prestige Group to set up the 300-room hotel on a 275-acre plot on the fringes of the picturesque Nandi Hills.
Infrastructure deficit can India’s derail growth: Rangarajan
By Fakir Balaji, IANS,
Bangalore : Sluggish infrastructure development could derail India's growth rate and pose serious challenges to development, says C. Rangarajan, chairman of the Prime Minister's Economic Advisory Council.
"In the current scenario, infrastructure deficit is posing a serious challenge to maintaining a GDP (gross domestic product) growth rate of 8-9 percent," Rangarajan told IANS in an exclusive interview.
South Korea’s economy may slow down in 2012
By IANS,
Seoul : South Korea's economic growth was expected to slow down next year due to growing uncertainties such as Europe's debt crisis, the Korean finance ministry said Monday.
Tata Capital signs pact with Japanese bank
By IANS,
Mumbai : Tata Capital, a wholly-owned subsidiary of Tata Sons Ltd, has entered into an alliance with the Tokyo-based Mizuho Corporate Bank Ltd for cooperation in various business areas, it said here Tuesday.
In a regulatory statement, the company said the agreement aims to enhance cross-market capabilities and helping each other in gaining a deeper understanding of the Indian and Japanese markets.
The pact will also strive to strengthen cooperation in areas such as project and infrastructure financing and treasury products.
Exporters look for alternatives as rupee appreciates: survey
By IANS
New Delhi : With the rupee appreciating day by day and putting consequent pressure on companies' bottomlines, Indian exporters are gradually shifting their focus in doing business with euro-denominated trade opportunities, says an export survey.
Anil Ambani group launches direct-to-home TV service
By IANS,
Mumbai : The Anil Dhirubhai Ambani Group launched its direct-to-home (DTH) television broadcasting service here Tuesday under the "Reliance Big TV" banner with a bouquet of 202 channels for customers across India.
The service, starting Rs.1,490, which includes a three-month subscription, will be available from some 100,000 outlets in 6,500 towns in the country. The group has also set up a customer service cell that can handle over 50,000 calls a day.
Citigroup may sell $12 bn worth bad loans: US media
By DPA
New York : US banking firm Citigroup is in negotiations to sell $12 billion worth of bad loans to a group of financial institutions in an effort to reduce the effects of the US credit crisis on its balance sheet, US media reported Wednesday.
According to an unnamed source quoted by the Bloomberg news agency, the sale of the loans to Apollo Management LP, Blackstone Group LP and TPG Inc are to shield the bank from further losses.
The group of private equity firms are said to be paying around $7.6 billion for the Citibank loans, according to the Wall Street Journal.
Indian equities market hit by rising oil price
By IANS,
Mumbai : Rising price of crude oil and spiralling inflation weighed heavily on the Indian equities market, which slumped more than 750 points this week. Of the four trading sessions, three ended in negative.
Inflation based on the wholesale price index rose 7.82 percent in the year through May 10, 2008, marginally lower than the 7.83 percent rise in the previous week, government data released Friday.
The Bombay Stock Exchange (BSE) sensitive index (Sensex) slumped 785.30 points or 4.50 percent to 16,649.64 in the week ended Friday.
Pakistan’s economic scenario grim: survey
By IANS,
Islamabad : Pakistan has missed all its macroeconomic targets during the outgoing fiscal due to domestic and external shocks, the economic survey for the year says.
GDP growth fell to 5.8 percent against the target of 7.2 percent, while fiscal deficit surged to 7 percent due to higher petroleum and food prices against the target of 4 percent, the survey stated.
US recession unlikely, IMF downgrades growth outlook
By DPA
Washington : Despite signs of a sluggish US economy, the International Monetary Fund (IMF) Friday said a US recession was unlikely, although it gave an even gloomier projection for the current year than the White House's estimate earlier this month.
Markets close above day’s low
By IANS,
Mumbai : A key index of the Indian equities markets managed to close off the day's low Wednesday, but still ended in the red.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,968.6 points, fell 80.57 points or 0.74 percent from the previous close to end trade at 10,817.54 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) shed 0.9 percent to close at 3,334.95 points.
Broader market indices also lost, with the BSE midcap index shedding 1.15 percent, while the BSE smallcap index was down 1.62 percent.
Curry in the land of the British queen
By Cynthia Chandran, IANS,
London : Steaming hot biryani, mouth watering tikkas and kebabs, delicious south Indian dosa, laced Kerala appam and stew are now part of the British palate through the thousands of Indian curry houses that are doing roaring business in Britain.
Britons' love affair with Indian cuisine can be traced to the early 1980s when celebrated food writer and television presenter Madhur Jaffrey made Indian cooking popular across the US and Europe with her simple and easy recipes.
Atlas Pharma plans new product range
By IANS,
Agra : The Atlas group of companies, a well-known name in the domestic bicycle market that has now diversified into the pharmaceutical sector, will launch new products, a top official said here Thursday.
The new venture, Atlas Laboratories and Pharmaceuticals Ltd, which set up its plant at Haridwar last year, will also ramp up its marketing strategy, executive director of the Gwalior-based Atlas Group, Ashwin Kapur, told IANS.
"Already 15 products are in the market, 15 more will be added within a month. Our aim is to go for quality products at affordable rates," Kapur said.
Crude oil price slides below $90 a barrel
By Xinhua,
New York : The crude oil price Monday tumbled below $90 a barrel for the first time in eight months as worries over falling demand exacerbated by the spread of financial turmoil.
The Light, sweet crude for November delivery dropped by $4.22 to $89.66 a barrel as of 1450 GMT on the New York Mercantile Exchange. Futures fell to as low as $88.89 a barrel in the early morning pre-session trading.
CPI-M wants mineral policy to restrict mining
By IANS
New Delhi : The Communist Party of India-Marxist (CPI-M) Wednesday sought a national mineral policy to regularise the supply of minerals, especially iron ore.
The CPI-M, which opposed a draft mineral policy prepared by a Group of Ministers (GoM), said the iron ore mining sector would face a serious crisis if the government did not come out with a mineral policy soon.
Realty sector excited by budget
Mumbai : The realty sector has patted union Finance Minister Arun Jaitley for giving an impetus to the sluggish construction sector in the budget...
Foreign investors tie up for solar wafer unit in Bengal
By IANS
Kolkata : An eight-member team from South Korea, Taiwan and Singapore formalised an agreement with the West Bengal government and Kolkata-based Synergy Renewable Energy Private Ltd (SREPL) here Saturday to set up a $400 million solar wafer manufacturing unit in the state.
The company, Kits Solar, will be a 100 percent export-oriented unit and will have its facility at Durgapur in Burdwan distict, around 100 km from here.
Usha Martin net falls to Rs.14.65 crore
By IANS,
Kolkata : Speciality steel and wire rope manufacturer Usha Martin posted a net profit of Rs.14.65 crore in the second quarter this financial year, down from the Rs.41.85 crore it earned in the corresponding period last fiscal.
"The slow and uncertain process of global economic recovery and volatility in raw material prices continue to affect product volumes and margins," said company managing director Rajeev Jhawar here Wednesday.
"Standalone sales realisations were down 26 percent," Jhawar told reporters.
UNDP releases report on insurance
By IANS
New Delhi : The United Nations Development Programme (UNDP) Wednesday released a report which highlights the fact that nearly 90 percent of India's population is excluded from the insurance market.
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.
Reliance to set up 800 MW power plant in Karnataka
By IANS
Bangalore : The Karnataka government late Tuesday allowed the Mukesh Ambani-led Reliance Industries Ltd (RIL) to build a 800 MW gas-based power plant in Bidar district at a cost of Rs.24 billion.
"The state high-level committee on investments, headed by Chief Minister H.D. Kumaraswamy, approved the Reliance proposal to set up the power plant at an estimated cost of Rs.24 billion," state Industries Minister Katta Subramanya Naidu told reporters after the meeting.
Farmers vandalise sugar mill offices over sugarcane pricing
By IANS,
Lucknow : Agitated over the government's sugarcane pricing policy, several groups of farmers Thursday resorted to arson and vandalism at sugar mill offices in Uttar Pradesh's Muzaffarnagar district, police said.
Irate farmers barged into offices of sugar mills in Sisauli, Tetana, Bhaurakala and other localities in Muzaffarnagar district, some 350 km from Lucknow, and damaged the furniture and set fire to documents and records.
In a few places in the district, some farmers also clashed with police officials who tried to intervene.
Markets head south despite Reliance Power bonus offer
By IANS
Mumbai : The Indian equities market declined marginally Monday in choppy trades despite starting the day on a positive note on back of an announcement of bonus share offer by Reliance Power Ltd.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 18,228.21 points and notched a high of 18,256.82. It lost 67.08 points at the day's close to 18,048.17, down 0.37 percent.
Two Anil Ambani group firms propose $11 bn merger deal
By IANS,
Mumbai : The boards of two energy firms belonging to the Reliance Anil Dhirubhai Ambani Group (ADAG) -- one in the business of generating power and the other that trades and transports oil and gas -- Sunday approved their merger in a $11-billion all-stock deal.
"The board of directors of Reliance Power and Reliance Natural Resources today approved a scheme of amalgamation of the two companies in an over Rs.50,000 crore ($11 billion) all stock deal," said an ADAG statement.
Equity markets end in the red
By IANS,
Mumbai : Indian equity markets closed in the red Monday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,594.64 points, touched a low of 14,503.51 before closing at 14,577.87. It went down by 78.82 points or 0.54 percent compared to its closing figure last Friday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,426.10 points, closed at 4,395.35. It went down by 18.20 points or 0.41 percent from its previous close.
Rao retires as insurance regulatory body chief
By IANS,
Chennai : "A fair and firm regulator" is the how insurance industry officials describe Chellapilla Satyanarayana Rao, chairman, Insurance Regulatory and Development Authority (IRDA) who lay down office Wednesday.
Officials of the life insurance industry cite Rao's firm decision to ban the actuarial funded products while giving time for companies to mend their ways and join the main stream.
The other instance relates to the issue of Life Insurance Corporation of India (LIC) not being able to meet the higher solvency norm stipulated by IRDA through an administrative order.
Samsung India plans 40 percent turnover growth to clock $5 bn
By IANS,
Kolkata : Digital technology major Samsung Electronics plans a turnover growth of 40 percent for 2011 to clock $5 billion in India this year, a top company executive said Friday.
Achuthanandan leads team, takes back Tata land in Munnar
By IANS
Munnar (Kerala) : Kerala Chief Minister Tuesday arrived here with a team that took back 1,300 acres of excess land from Tata Tea in this hill town famous for tourist resorts, though a company official said the land did not belong to it at all.
Help for distressed Indian globetrotter now a phone call away
By James Jose, IANS,
New Delhi : Whether it is a businessman who wants to know if it is safe to visit certain cities in Mexico or a tourist in Tokyo who suspects he has fractured his ankle, help is not far thanks to a service available to the Indian globe trotter.
The London and Singapore-based International SOS says its medical and security service promises corporates and tourists an emergency helpline service like the 911 in the US even in those parts of the globe where such assistance is tardy and hard to comy by.
Security advisories are part of the deal.
Indonesian parliament approves withdrawal from OPEC
By Xinhua,
Jakarata : The lower house of Indonesia's parliament Wednesday approved the withdrawal of the country's membership from the Organisation of the Petroleum Exporting Countries (OPEC)
At a meeting at its headquarters in Vienna of Austria Tuesday, the OPEC officially announced that Indonesia will cease to be a member of the oil cartel from 2009.
"Having become a net oil importer, it is not proper for Indonesia to remain in OPEC," house committee chairman Airlangga Hartanto said.
Sensex closes 129 points down on weak European cues
By IANS,
Mumbai: A benchmark index of Indian equities markets Wednesday closed 129 points lower on profit booking and weak European cues. Auto, FMCG and realty stocks came under selling pressure.
Global crisis to hit Gulf economies on three fronts: report
By IANS,
Dubai : The global financial crisis is about to hit the economies of the Gulf nations on three critical fronts, slowing the region's pace of growth, according to a new report.
Lower crude oil prices, the drying up of foreign capital flows and declining demand for the region's energy-intensive industrial and building materials will slow down the growth of the Gulf Cooperation Council (GCC) states, according to the GCC Economics and Strategy Report for the fourth quarter of 2008, released by leading Islamic investment bank Gulf Finance House (GFH).
OPEC crude price close to $107
By DPA,
Vienna : The price for crude produced by the Organization of the Petroleum Exporting Countries (OPEC) rose again to close to $107 by the end of the week, OPEC said Monday.
One barrel (159 litres) from OPEC's 13-brand reference basket stood at $106.99 Friday, up $1 from the previous day.
OPEC calculates an average basket price based on 13 brands produced by cartel members.
London fully under fibre broadband by next spring
By IANS,
London : Most Londoners will benefit from fibre broadband by spring 2011, British Telecom has announced in a statement.
The communications giant has announced it will be rolling out the technology to 87 per cent of the Greater London area.
Following BT's proposals earlier this year to add 114 exchanges to the few already on the schedule, the firm now says it hopes to complete by March next year. That means around 2 million homes and businesses will be able to use Fibre-to-the-Cabinet (FTTC) or Fibre-to-the-Home (FTTC) technology.
Bangladesh waives import duty on poultry items
By Xinhua
Dhaka : Bangladesh has withdrawn import duty and the mandatory pre-shipment inspection (PSI) from all kinds of poultry items in view of the heavy financial losses caused to the farmers due to bird flu.
Bangladesh's National Board of Revenue has issued an order to wave the import duty from poultry feed items and all kinds of machinery used in poultry farms, officials said Sunday.
Bangladesh poultry farmers import around 500,000 tonnes of poultry feed annually from India, China, Thailand and Myanmar.
Over nine million phone connections added in July
By IANS,
New Delhi : More than nine million phone connections were added last month, taking the number of phone users in the country to some 333.84 million, the telecom watchdog said Monday.
According to a release issued by the Telecom Regulatory Authority of India (Trai), the overall tele-density in the country was 29.08 percent at the end of July, as against 28.33 percent a month before.
It said the total wireless subscriber base including GSM, CDMA and cordless users stood at 296.08 million at the end of July.
Rane group approves de-merger of two companies
By IANS
Chennai : The Chennai-based Rane Group, which manufactures safety critical auto components, Monday approved the de-merger of the manufacturing operations of two of its group companies, which would be listed in the bourses.
The boards of Rane Brake Linings Limited and Rane Engine Valves Limited - both listed in NSE and BSE - approved the de-merger. The non-manufacturing activities - mainly investments and cross holdings in Rane Group outfits - will be merged with Rane Holdings Limited.
NTPC inks Rs.10,000 crore loan agreement with SBI
By IANS,
New Delhi : State-run power utility major NTPC Friday entered into an agreement with the State Bank of India (SBI) for a loan of Rs.10,000 crore for its capacity expansion plans.
Assam hopes for record rice, jute production
By IANS,
Guwahati : Despite floods affecting about 10,000 hectares of cropland, Assam hopes to register a record paddy and jute production this year.
Jet fuel in India costlier than Singapore, Hong Kong
By NNN-PTI,
New Delhi : Airlines in India pay the most for fuel when compared with other Asia Pacific hubs like Singapore, Hong Kong and Colombo, mainly on account of higher tax rates.
Aviation Turbine Fuel or jet fuel in Delhi, the city that houses the nation's second busiest airport, costs USD 1,291 per kilolitre while the same in Singapore is sold at USD 1,067 per kl. It costs USD 1,100 per kl in Hong Kong and USD 1,113 in Colombo.
PepsiCo partners waste management project in Tamil Nadu
By IANS
Tenkasi : Soft drink giant PepsiCo India Sunday set up a waste management plant in the Tamil Nadu town of Tenkasi in partnership with Exnora International, an environment NGO, aiming to make it garbage-free.
The Tenkasi project is the third of its kind in south India and will benefit 1,550 houses in three wards of the small town, about 900 km south of Chennai.
The total grant for such projects in south India is over Rs.9.9 million, the company said.
‘India’s business deals unaffected by economic slowdown’
By IANS,
New Delhi : Despite the economic slowdown that hit merger and acquisition (M&A) deals at global level in the first half of 2008, India has seen "a steady flow of transactions", said a report.
Consultancy major KPMG's Global M&A Predictor said Tuesday that the focus of Indian companies has changed from aggressive growth to "consolidation and rationalisation".
Obama denies G20 split, sets new foreign policy aims
By DPA,
London : US President Barack Obama rejected Wednesday talk of deep divisions between the world's big economic powers gathering in London for a summit on the global economic crisis, while he also laid out new foreign policy directions for his administration.
The differences between world leaders attending the Group of 20 (G20) meeting of the leading industrialised nations and emerging economies had been "vastly overstated", Obama said at a joint press conference with G20 host, British Prime Minister Gordon Brown.
Embattled Indian telecom firm loses $70 million in Nepal
By Sudeshna Sarkar, IANS
Kathmandu : Indian joint venture United Telecom Ltd (UTL), the first foreign player to have entered Nepal's telecom sector, has run up a loss of 4.54 billion Nepali rupees ($70 million or Rs.2.85 billion) due to government policies and an ongoing labour standoff.
UTL headquarters in Kathmandu and its service centres in the valley have remained closed since Feb 6 due to an indefinite strike called by a labour union affiliated to Nepal prime minister Girija Prasad Koirala's Nepali Congress party.
Talks with ONGC on refinery positive: Rajasthan
By IANS
Jaipur : The first round of talks between the Oil & Natural Gas Corporation (ONGC) and the Rajasthan government on setting up of a refinery in Barmer district have ended on a positive note, the state government said Wednesday.
India sees women as agents of socio-economic growth
By IANS,
New York : India has shifted focus from mere empowerment of women to recognising them as agents of sustained socio-economic growth and change, a member of an Indian delegation told the UN during a discussion on Advancement of Women.
India’s first field gene bank for litchis set up in Bihar
Patna: Aiming to conserve and improve the quality of litchis, the sweet and juicy summer fruit has acquired its first field gene bank in...
India, Nepal finalise draft to develop 900 MW project
By Anil Giri,
Kathmandu : The Investment Board Nepal (IBN) and India's Satluj Jal Vidyut Nigam Ltd. (SJVN) have concluded negotiations for the project development...
Special IT regions on the anvil
By IANS
Hyderabad : With infrastructure in metro cities already overloaded, the central government proposes to develop new information technology investment regions with world-class infrastructure.
With the same benefits as special economic zones (SEZs), these regions will offer the best infrastructure to IT companies outside the tier-I cities.
Jainder Singh, secretary, department of information technology in the central government, said the central and the state governments would jointly developed infrastructure in the proposed IT investment regions.
Germany’s trade fairs eyeing India
By DPA
Hanover : Germany's trade fairs are increasingly moving overseas, especially to India and China, as domestic demand stagnates and emerging economies attract more investors.
The Hanover-based Deutsche Messe AG, operators of big-name events like the Hanover Fair and CeBIT information technology exhibition, has up to now concentrated its overseas activities in China and Turkey. But India has become "a very interesting" market, according to Messe AG board chairman Sepp Heckmann.
Railway budget highlights
New Delhi : Highlights of the railway budget presented by Railway Minister D.V. Sadananda Gowda in the Lok Sabha Tuesday:
* Would require Rs.5 lakh...
First Gulf Bank earns record profit of $547 mn
By IANS
Abu Dhabi : The First Gulf Bank (FGB), one of the leading financial institutions of the United Arab Emirates (UAE), has announced a record profit of 2 billion dirham ($547 million) for 2007, WAM news agency reported Wednesday.
According to the FGB board of directors, the figure was up by 31 percent from last year's profit.
The bank's consistent growth coupled with healthy profitability, efficiency, and liquidity and capital adequacy ratios with return on average equity at 21 percent demonstrates strong financial performance, the bank said.
Volkswagen plans to invest $1 bn in Mexico
By IANS/EFE,
Mexico City : German auto giant Volkswagen is planning to invest $1 billion in Mexico over the next three years.
Volkswagen executive Jochem Heizmann made the announcement Wednesday during a ceremony to inaugurate a new section of the Volkswagen plant in Mexico's Puebla city.
Heizmann said the company will announce its final decision shortly.
The Puebla plant, some 125 km from the Mexican capital, will manufacture a special version of the company's Jetta model.
Economy outlook brightens, tax collection up 17 percent
By IANS,
New Delhi : In yet another sign of the economy clawing back, direct tax collection in May rose to Rs.11,919 crore compared to the Rs.10,198 crore raised in the year-ago period when the global meltdown was still to hit India.
This rise of about 16.88 percent is also in sharp contrast to the 3.19 percent negative growth witnessed in April.
Official data released Thursday showed net direct tax collections in the first two months this fiscal stood at Rs.24,158 crore, up 5.77 percent from the Rs.22,840 crore raised in the corresponding period in 2008-09.
Indian govt hikes petrol, diesel prices by Rs 5, 3 a litre
By NNN-PTI,
New Delhi : The government today hiked petrol and diesel prices by Rs 5 and 3 a litre and that of LPG by Rs 50 a cylinder, while sparing poor man's cooking medium kerosene from any increase.
The Union Cabinet chaired by Prime Minister Manmohan Singh took a slew of measures to offset the surging global oil prices that had put the national oil companies under acute pressure. The increase in prices would be effective from midnight tonight, Petroleum Minister Murli Deora said.
The price hike would help oil companies to earn Rs 21,123 crore more. One Crore: ten million.
Tata Tele crosses 77 million subscribers mark
By IANS,
New Delhi : Tata Teleservices Monday said it has crossed the 77 million wireless subscribers mark by adding 2.1 million new subscribers in August.
Chidambaram leads strong Indian team to a sombre Davos
By Dipankar De Sarkar, IANS
Geneva : The great and the good from the world of business - including a substantial delegation from India - begin meeting in the Swiss mountain resort of Davos Wednesday, but the mood at this year's World Economic Forum (WEF) is set to be sombre.
With the US credit market crunch casting a shadow over the annual business summit, the 27 heads of state or government and 1,370 business leaders will take time off from striking deals to come up with some urgent solutions to ensure that the global economy is able to cope and grow.
No hike of LPG, kerosene prices: Ministry
New Delhi : Petroleum Minister Dharmendra Pradhan said Friday there is no proposal to increase rates of subsidised LPG, kerosene and diesel.
"There is no...
‘India’s transformation more rapid, successful than China’s’
By IANS
New Delhi : The reform process that has taken India's economy to new heights has taken place more rapidly and in a more successful manner than in China, said a study.
The study, called Transformation Index, was conducted by German NGO Bertelsmann Foundation. It has ranked 125 countries on the basis of development, management and market economy.
India has been ranked 25, just behind Singapore, Brazil and South Africa, in terms of development as compared to China, which obtained 85th rank.
World Bank provides $600 million for India’s elementary education plan
By Arun Kumar, IANS,
Washington : The World Bank has approved a $600 million credit to support to India's Sarva Shiksha Abhiyan (SSA), a nationwide centrally sponsored programme designed to provide education to all children aged 6 to 14.
The credit to finance the Second Elementary Education Project (SSA II) approved Thursday will be provided by the International Development Association (IDA), the World Bank's concessionary lending arm and has 35 years to maturity and a 10-year grace period.