Jet-Kingfisher announce mega alliance
By IANS,
Mumbai : India's biggest private carriers Jet Airways and Kingfisher Airlines late Monday night announced an alliance of wide-ranging proportions that will help both carriers reduce costs, synergise operations and improve services.
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.
Don’t put money in foreign banks: West Bengal minister
By IANS,
Kolkata : In the backdrop of the global financial crisis, West Bengal Finance Minister Asim Dasgupta Wednesday urged people not to keep their money in foreign banks and even in banks having significant foreign equity holdings.
"Please, don't put money in foreign banks and even in Indian banks having significant holding of equity by foreign institutions, whose names I would not like to take," Dasgupta said while inaugurating a branch of a rural bank at Barasat near Kolkata.
Sensex slips almost 5 percent, global markets in red
By IANS,
Mumbai : Indian equities markets turned southwards Monday, aping their global peers, and marked an end to last week's rally that saw a key index breach the psychologically important 10,000-mark and gain over 12 percent.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,036.8 points Monday, ended at 9,568.14 - a fall of 480.35 points or 4.78 percent from its previous close Friday.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 4.2 percent from its last close to rule at 2,978.15 points.
PM says no to bio-fuel production out of foodgrains
By Liz Mathew, IANS
On Board Air India Special Aircraft : India may be engaging in serious discussion with Brazil over the bio-fuel production that would support its fuel sustainability. But Prime Minister Manmohan Singh is very particular that the country would not follow Brazil to use sugar for bio-fuel production.
Top economic advisor questions subsidy on vehicle purchase
By IANS,
Chennai : The central and state governments should not subsidise purchase of vehicles like cars and two-wheelers, according to the top economic advisor to the finance ministry.
"It is not right for the government to offer subsidies for purchase of personal transport vehicles," Arvind Virmani, chief economic advisor, department of economic affairs of the finance ministry, told the media on the sidelines of a seminar organised by the Confederation of Indian Industry (CII) here Thursday.
Taj hotel premises handed back to Tata group
By IANS,
Mumbai : Indian Hotels, owners of the terror-struck-and-ravaged Taj Mahal Palace and Towers Hotel here, began the risk assessment of their property after taking over its control from security agencies Monday.
"In the early hours of Dec 1st, the security authorities handed control of the Taj Mahal Palace and Towers back to the Taj group," said a statement issued by the company, a part of the Tata group, India's largest industrial house.
Apollo Hospital joint venture targets Mumbai
By IANS,
Chennai : The Western Hospital Corp - a 51:49 joint venture between Apollo Hospitals Enterprises and Eleanor Holdings of Mauritius - will build three hospitals in Mumbai by 2012, said a top Apollo official here Friday.
Further fuel price cut to reduce operating profits: HPCL
By IANS,
New Delhi : Hindustan Petroleum Corporation Ltd (HPCL) Tuesday said it is opposed to further cut in fuel prices by the government as it will lead to a reduction in the company's operating profit.
"We do not want any further cut in fuel price by the government as any more cuts will reduce the company's operating profit," HPCL chairman and managing director Arun Balakrishnan told reporters on the sidelines of Petrotech 2009 conference.
Balakrishnan also said the outlook for crude price will rise to $70-100 in next eight months.
Indian industry against regulation of mergers
By IANS
New Delhi : The amendment of the Competition Commission Act - which aims to regulate mergers, amalgamations and acquisitions of Indian enterprises - will adversely affect the growth of industry, says a leading business chamber.
"M&A (merger and acquisition) activity in today's context is an engine for economic growth. Any law that restricts the present status will result in loss of transactions, deny the opportunities for absorption of advanced technologies and impede growth," the Confederation of Indian Industry (CII) said in a statement.
‘Unlearning’ vital for success in business: study
By IANS,
Sydney : Unlearning practices associated with an old workplace is just as good as picking up new ones to impact a company's productivity, according to new research.
“Unlearning” implies discarding prior knowledge to make room for new information that would be useful when applied to major change affecting such an organisation.
Karen Becker of Queensland University of Technology has been studying unlearning and said it was an important, but often overlooked, way of dealing with workplace changes.
Anand Jain’s Jai Corp shares hit lower circuit on tax raid reports
By IANS,
Mumbai : The shares of Jai Corp hit the lower circuit filter at the Bombay Stock Exchange (BSE) Thursday to close with a loss of 4.94 percent, on news that the income tax authorities were conducting raids on the premises of its non-executive chairman Anand Jain.
The company's shares, which opened at Rs.79 at the BSE, eventually closed at Rs.74.15 - the lower circuit for the Jai Corp scrip on the BSE - data with the bourse showed.
Drop in crude oil prices pulls equity markets up
By IANS,
Mumbai : Despite a shaky start, the Indian equities market ended the day Tuesday with a gain on the back of a sharp fall in crude oil prices and firm european markets. The S&P Nifty surged past the 4,500 mark in late trade.
Crude Futures hit a low of US$118 per barrel -- the lowest level since May 5 this year.
Realty, banking, and auto stocks led the gaining rally on the domestic bourses.
The market started on a negative note and continued to trade with extreme volatility oscillating between positive and negative zones till afternoon and surged in the last hour of trade
Iran opposes Caspian oil pipeline project
By Xinhua,
Tehran : Iran has objected to the construction of an undersea oil pipeline linking Kazakhstan and Azerbaijan through the Caspian Sea, because it threatened the marine ecosystem, a media report said Saturday.
Iran's deputy oil minister for international affairs, Hossein Noqrekar-Shirazi, said the undersea pipeline for supplying Kazakh oil to Azerbaijan poses threat to the Caspian ecosystem, Press TV reported.
Equities markets holding on to gains
By IANS,
Mumbai : Indian equities markets, which started on a firm footing Thursday morning, dipped a bit as investors booked profits. But around noon, a key index was still ruling 1.13 percent higher than its last closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 12,064.51 points, was ruling at 12,088.19 points, 135.44 points or 1.13 percent higher than its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,662.7 points, 1.04 percent higher than its last close.
No auction of 2G spectrum: telecom minister
By IANS
New Delhi : Radio waves or spectrum required to roll out existing second generation (2G) mobile telephony services would not be auctioned, Communications and IT Minister A. Raja said Thursday.
"We will follow the existing norms for allocation of spectrum. As recommended by TRAI (Telecom Regulatory Authority of India), there will be no auction of 2G (spectrum)," Raja told reporters on the sidelines of an event here.
Black money: Deposits belie expectations of large windfall
New Delhi : The main reason given by the government for demonetising high denomination notes was to curb black money. Various estimates have been...
Jaguar, Land Rover acting CEO to head new Tata-JLR
By IANS,
Mumbai : The Tata group, India's largest business conglomerate, Monday said they had formally acquired British marques Jaguar and Land Rover (JLR) from Ford Motor Company. The business was acquired at a function in Gaydon, Britain.
JLR's acting chief executive officer (CEO) David Smith will be the new CEO of the business, Tata Motors announced here.
The business has been acquired for $2.3 billion March 26 in an all-cash transaction. Ford has contributed around $600 million in the JLR pension plans, the announcement said.
Hong Kong stocks slide on China Mobile gloom
By DPA,
Hong Kong : Hong Kong shares fell back through the 15,000-point barrier Monday, shedding more than three percent in their second straight day of losses.
The blue-chip Hang Seng Index lost 505.12 points, or 3.34 percent, to end the day at 14,622.39. Turnover was a light 36.49 billion Hong Kong dollars ($4.7 billion).
The losses were led by Hong Kong-listed China Mobile, the world's largest wireless carrier, after it announced a drop in its rate of new subscriptions in November.
Why WhatsApp is so big in India
By Prasanto K. Roy, IANS,
While much of India slept Thursday morning, one news of a big-time sale spread in minutes through the country, on...
Indian media growing at the cost of ethics: Raju Narisetti
By Ashok Easwaran, IANS,
Evanston (Illinois) : The rapid growth in Indian media has come at the cost of ethics, an Indian newspaper editor said here, even as the leading executive of another said the job of a newspaper like his was to “purvey optimism” and not “gloom and doom".
Uttarakhand hydroelectric project delayed
By IANS
New Delhi : The Central Electricity Authority (CEA) has stayed the approval of the Rs.43-billion ($1.1 billion) Lakhwar Vyasi hydroelectric project on Yamuna River in the hill state of Uttarakhand on technical grounds.
CEA declined to appraise the detailed project report (DPR) submitted for the 420-MW project, saying the agreement signed by Uttarakhand government and proposed developer National Hydroelectric Power Corp (NHPC) for implementing the project has expired, a senior CEA official said.
Food inflation continues in the negative
By IANS,
New Delhi:India's annual food inflation continued to be in the negative for the week ending Dec 31, official data showed Thursday on lower prices of vegetables, especially onions.
Ford to make small car for India
By IANS
Chennai : Automaker Ford India Pvt Ltd will soon roll out a small car for the Indian market and produce engines for the Asia-Pacific market by investing $500 million, said a top official.
"Ford India will invest $500 million on these two projects. The funding will be a mix of equity from Ford Motor Co of the US and debt from Indian banks," Arvind Mathew, managing director and president of the company, told the media here Tuesday.
Usha Martin’s third quarter profit dips 17.6 percent
By IANS,
Kolkata : Speciality steel and wire rope producer Usha Martin posted a standalone profit of Rs.267.4 million (Rs.26.74 crore/$5.5 million) for the quarter ended Dec 31, an official statement said here Thursday.
The profit after tax declined 17.6 percent to Rs.267.4 million from Rs.324.5 million in the corresponding period last fiscal.
"Slowdown in auto sector has affected the steel volume and margins," the statement said.
Karnataka mops up Rs.1.33 lakh crore at investors’ meet
Bengaluru: In contrast to its high expectations, Karnataka has managed to get only Rs.1.33 lakh crore of investments at the fourth edition of its...
Kerala inks deal for Rs.50 bn Hitech City in Kochi
By IANS
Thiruvananthapuram : Billed as the single biggest project in Kerala ever, the state government Monday inked a memorandum of understanding with Bangalore-based Sobha Developers for setting up a Rs.50 billion (Rs.5,000 crore) Hitech City at Kochi.
"This is certainly the biggest ever project in Kerala and the state government would only act as a facilitator, and we have not given any freebies at all. Sobha Developers will bring in the entire investment," said Industries Minister Elamaram Kareem before the signing of the project.
Stage set for world telecom meet in Hyderabad
By IANS,
Hyderabad : A meeting here, beginning Monday, of global telecom experts will adopt the Hyderabad Action Plan that will set the agenda for development of telecommunication and information and communication technologies (ICT) over the next four years.
Over 700 delegates from across the world will attend the fifth world telecommunication development conference being organised by the International Telecommunication Union (ITU), a leading United Nations agency for ICT issues.
High EMIs on loans to remain as RBI keeps lending rates intact
Mumbai : High interest rates on automobile and house loans will continue as the Reserve Bank of India (RBI) Tuesday decided to keep key...
Malabar Gold to glitter soon in Gulf
By Fakir Balaji, IANS
Bangalore : Malabar Gold, the flagship division of the Kerala-based Malabar group of companies, has set its sights on the Gulf region to promote and hard-sell its range of jewellery, diamonds and designer watches.
In the run up to opening its exclusive outlets in Doha (Qatar) Manama (Bahrain), Muscat (Oman), Abu Dhabi (UAE), Riyadh (Saudi Arabia) and Kuwait, the company's overseas jewellery wing - Malabar Crystals and Diamonds, has set up an administrative office and wholesale division in Dubai last week to identify market locations and prepare the ground.
Tamil Nadu traders’ federation chief held for forcing shutdown
By IANS,
Chennai : Vellaiyyan, the president of a federation of traders' associations, was arrested here Friday for forcing establishments to down their shutters in the state to seek the central government's intervention to end attacks on Tamil civilians in Sri Lanka, police said.
A top police official said that the federation was forcing the closure of shops and eateries with the help of pro-LTTE political parties, leading to Vellaiyyan's arrest.
Sensex further up in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities Friday built on its morning gains and was ruling 112 points higher than its previous close, about 90 minutes before the end of trade.
Auto stocks were among the chief gainers. Buying interest in these stocks has been fuelled by hopes of better-than-expected sales for the quarter ending March.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,558.85 points, was ruling at 17,670.58 points, 111.73 points or 0.64 percent higher than its previous close.
Sensex plummets by over 400 points
By IANS,
Mumbai : Indian equities markets plummeted sharply Friday, with heavy selling in key sector scrips, mirroring international market trends.
The markets opened in the red following international cues and failed to really pick up anytime during the day.
While all sectoral indices closed with losses, important sectors like oil and gas, realty, banking, capital goods and power took a drubbing.
Indian markets move down in morning trade
By IANS,
Mumbai : Indian equities were trading in the red late Thursday morning despite US and European markets ending in the green Wednesday. A key index was ruling 1.68 percent below its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,535.03 points, was at 8,304.41 points, 1.68 percent or 142.087 points lower than its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,609.85 points, 1.34 percent below its last close of 2,645.2.
Sensex gives up opening highs
By IANS,
Mumbai : A benchmark index of Indian equities Friday slipped from its opening highs to rule about 202 points lower after about 90 minutes of beginning of trade.
Farmers gather in New Delhi to protest sugarcane prices
By IANS,
New Delhi : Holding sugarcane stems and shouting slogans, hordes of farmers from Uttar Pradesh arrived in Delhi Thursday to voice their protest against the new sugarcane pricing policy announced by the central and state governments.
The farmers rally, including protesters from the Rashtriya Lok Dal (RLD), Bhartiya Kisan Union Tikait and Rashtriya Kisan Mazdoor Sangathan, started at the Ramlila ground and will culminate at Jantar Mantar in central Delhi.
RBI will act responsibly on rate cut: Jaitley
Hong Kong : Indian Finance Minister Arun Jaitley on Sunday said monetary policy plays an important role in economic growth and hoped the Reserve...
India’s British sterling success story
By T.S.V. Hari, IANS,
Chennai : Indian businesses have created at least 19,000 new jobs in Britain in the past 12 months and helped save some 14,000 existing ones, British Deputy High Commissioner Mike Connor says.
The 14,000 jobs saved were at the ailing Jaguar and Land Rover unit that Tata Motors acquired in Britain earlier this year, Connor told IANS in a chat here.
Anti-Corruption Helps Vietnam Economy
By Prensa Latina,
Hanoi : Vietnamese Prime Minister Nguyen Tan Dung said the struggle against corruption contributed to economic growth, social benefits and stopping inflation in 2008.
In a session of the Central Board of Prevention of Struggle held Sunday official sources reported Monday that progress has been considerable in this field and will remain.
They reaffirmed society's decision in this battle to improve the mechanisms and administrative procedures on the base of public accountability in land, investments, expenses of the state sector and attorney's offices.
India, Japan review bilateral trade
By IRNA
New Delhi : India's Union Minister of Commerce and Industry, Kamal Nath has stated that bilateral trade talks between India and Japan are more likely to be pragmatic and any negotiations between the two countries are likely to be more sustainable since both appreciate and understand each other's sensitivities better and have a larger perspective on issues of mutual interest.
Nath stated this while welcoming Masahoru Kohno, Japaan's Deputy Minister of Foreign Affairs, here Wednesday evening.
Indian shares dip over sharp sell-off
By IANS
Mumbai : Hit by a sharp sell-off, Indian shares Wednesday slipped with a key index falling 1.92 percent amid worries of a global market correction.
Cooperative industries can boost growth: Punjab minister
By IANS,
Chandigarh : Cooperative industries can play a major role in the overall development of Punjab, a state which has been witnessing slow economic growth in the past few years, Cooperation Minister Kanwaljit Singh said here Thursday.
"Punjab's economic growth is going at a very low pace in the last several years. Cooperative industries have a pivotal role to play in the state's economic development if we channel them properly. The state needs to work along with the such industries to generate more profits," he told reporters.
Chinese stocks rise as investor confidence returns
By Xinhua
Beijing : Chinese stock markets rose Monday as investors displayed increasing confidence. The benchmark Shanghai Composite Index rose 70.16 points, or 1.38 percent, to close at 5,161.92 points.
The Shenzhen Component Index on the smaller Shenzhen Stock Exchange closed at 17,096.51 points, up 346.09 points, or 2.07 percent.
Gains outnumbered losses by 774 to 46 in Shanghai, and by 597 to 41 in Shenzhen.
The combined turnover of the bourses increased to 163.80 billion yuan ($22.1 billion) from 107.98 billion yuan the previous trading day.
‘US, Europe job markets to remain weak until 2011’
By DPA,
Paris : Although much of the world appears to be emerging from the economic crisis, joblessness is expected to remain high in the US and Europe at least until 2011, the Organisation for Economic Cooperation and Development (OECD) said Thursday.
According to the OECD: "The Indian economy has weathered the global downturn relatively well."
Although poor monsoon rainfall will "modestly hamper" India's recovery, economic growth is projected to reach over 7 percent in 2010 and 7.5 percent in 2011.
Indian equities recover some ground after crash
By IANS,
Mumbai : Marked by volatile trading, Indian equities opened sharply lower and dipped further Thursday, on growing fears of a recession in the US, but staged a recovery led by realty stocks before the closing bell to salvage a better part of the losses.
The upturn, however, was not strong enough to prevent the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) from ending with a loss of 227.63 points, or 2.11 percent, at 10,581.49 points, against the previous close at 10,809.12 points.
Bahrain holds road shows to attract Indian investment
By IANS,
Mumbai : A high-level business delegation from Bahrain arrived here Tuesday on a fortnight's visit to some key Indian cities to showcase the kingdom as an ideal gateway to the trillion-dollar Gulf market.
"For international companies -- including those from India -- Bahrain offers an ideal location to access the growing markets of the Gulf Cooperation Council (GCC) and wider Middle East," said Kamal Ahmed, a member of the delegation.
China reduces credit interest rate
By Xinhua,
Beijing : China's central bank said Monday it will reduce the benchmark loan interest rate and the reserve requirement ratio for commercial banks to ensure a steady and rapid economic growth.
The benchmark interest rate for one-year yuan-denominated loans will be adjusted down 0.27 percentage points from Tuesday, while the ratio of deposit that lenders are required to set aside will be down one percentage points from Sep 25, said the People's Bank of China.
However, the country's major lenders will be exempt from the reserve requirement ratio adjustment.
Bush confident of stimulus package amid sharp job losses
By DPA
Washington : US President George W. Bush defended the actions his administration has taken to bolster the lagging US economy amid a report Friday of a sharp loss of jobs in February.
Bush insisted the $150-billion stimulus package passed by Congress and signed last month would boost consumer spending and help create jobs.
The Labour Department Friday said the US shed 63,000 jobs in February, the most in five years and fuelling speculation that the world's largest economy may have already entered a recession.
Robust trade relations encourage Indonesia to invest in Make in India
Jakarta : Robust trade relations between India and Indonesia encourage Indonesian companies to invest in India under the ‘Make in India’ initiative, an Indian...
PM concerned about Maharashtra’s incomplete irrigation
By IANS
Mumbai : Expressing concern at the small size of crop area under irrigation and incomplete irrigation projects in Maharashtra, Prime Minister Manmohan Singh Friday urged the state government to start thinking about how to generate the money needed to complete the projects.
A sum of Rs.400 billion (Rs.40,000 crore) would be needed to complete the projects to provide relief to farmers, he said.
Indian official: immediate cooperation between India, China key to handling food prices
By NNN-Xinhua
Boao, China : An Indian official on Friday called for immediate cooperation between India and China on agriculture to fight soaring food prices, which are pressing problems for both populous countries.
"It is the right time for India and China to collaborate in agricultural research, agricultural extension and agricultural technologies when food prices are going up and inflation is happening, said Amit Mitra, secretary general of the Chambers of Commerce and Industry of India, who's here to attend this year's Boao Forum for Asia (BFA) slated for April 11-13.
Lenovo wants to do a China in India
By IANS,
New Delhi : Personal computer (PC) manufacturer Lenovo, struggling at the fifth position among PC makers in India, is looking at emulating its China success in other emerging markets including India, a top official said Tuesday.
"We have restructured our global business and have divided markets into the emerging and developed market categories. Our thrust remains on the emerging market because of the tremendous potential, and we will bring in the best practices from China to these markets," Lenovo India managing director Amar Babu said.
Bharti Airtel in final stages of merger talks with MTN(Lead)
By IANS,
London/New Delhi : Bharti Airtel, India's largest telecom firm, Wednesday entered into final stages of merger talks with South Africa's largest telecom operator MTN in a deal that is estimated to be worth nearly $45 billion, according to highly placed sources.
Airtel's chief Sunil Bharti Mittal, along with the firm's top brass, is said to be currently locked in talks with MTN chief Phuthuma Nhleko and its top management team in London to thrash out the final details of the deal.
Deccan teams up with Periyar Tiger Reserve
By IANS,
Thiruvananthapuram : India's low cost airline Deccan has decided to promote eco-tourism in the Periyar Tiger Reserve in Thekkady, Kerala in an attempt to help preserve its tiger population and biodiversity.
Deccan has teamed up with the Kerala forest department and the Periyar Tiger Reserve to offer 'Simplifly Periyar', a unique eco-tourism initiative aimed at promoting responsible and sustainable tourism in the region.
The partnership would provide convenient access to Periyar, Deccan said in a statement Monday.
Post-budget expectations, RBI rate cut, clued FPIs interest in India
New Delhi: Foreign Portfolio Investors (FPIs) continued to stay invested in the Indian equities market for the week ended March 5 on the back...
Sesa Goa plans to invest Rs.4 bn on new mines
By IANS,
Kolkata : India's largest exporter of iron ore in the private sector, Sesa Goa Ltd, plans to invest about Rs.4 billion in the next 12 to 18 months to develop new mines, especially overseas, a top company official said here Thursday.
"We are looking at acquiring iron ore mines abroad as prices of mines globally have fallen significantly over the past few months," P.K. Mukherjee, managing director of the flagship company of the Sesa Group, told reporters on the sidelines of a mining summit.
Sensex slips from intra-day highs
By IANS,
Mumbai : After gaining more than 200 points during the day on the back of robust industrial output data, a benchmark index for Indian equities slipped from its intra-day highs and was ruling 123 points higher than its previous close in afternoon trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,994.07 points, was ruling at 17,045.51 points, 123.43 points or 0.73 percent up from its previous close at 16,922.08 points.
Sensex down 287 points, Nifty slips below 6,200-point mark
By IANS,
Mumbai : Benchmark indices of Indian equities markets plunged Thursday on last-hour sell-off in oil and gas, realty and capital goods stocks.
Sensex, Nifty plummets over 3.5 percent following global meltdown
By IANS
Mumbai : A day after the Reserve Bank of India (RBI) announced its credit policy for 2007-08 the Indian stock market Wednesday plummeted by over 3.5 percent in the morning trade following a plunge in the global market.
While the Sensex fell by over 500 points, Nifty was down by 150 points. Some of the major losers that experienced a bloodbath are Bharti Airtel, Wipro, ITC, SAIL, ACC, HCL Tech, Hexaware, Pantaloon, Reliance Communications across a number of verticals.
US lawmakers want RIL assistance stopped on Iran ties
By Lalit K. Jha, IANS,
New York : Eight American lawmakers have demanded that the Export-Import Bank of the US immediately suspend all financial assistance to Reliance Industries Ltd (RIL) until it agrees to stop selling gasoline to Iran.
The Export Import Bank, or Ex-Im as it is popularly known, has provided two separate loan guarantees worth $900 million, including a $400-million loan by JP Morgan in August. The loan will fund RIL's expansion programmes.
Sensex dull, but market breadth holding up
By IANS,
Mumbai : A key index for Indian equities Wednesday was trading flat tracking depressed Asian markets as investors turned risk averse doubting the strength of the global economic recovery after US home sales data showed a dip in May.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,694.87 points, was ruling at 17,714.79 points, 34.9 points or 0.2 percent down from its previous close at 17,749.69 points.
Manmohan Singh forms ministerial panel on Reliance gas
By IANS,
New Delhi : Prime Minister Manmohan Singh has constituted a four-member ministerial group to look into the dispute over natural gas from the fields of Mukesh Ambani-led Reliance Industries in the Krishna-Godavari basin and help in formulating the government's position on the matter before the courts.
Finance Minister Pranab Mukherjee will head the group, which includes Petroleum Minister Murli Deora, Power Minister Sushilkumar Shinde and Law and Justice Minister Veerappa Moily.
‘How can there be no fuel?’
By IANS,
New Delhi : "How can there be a no fuel?!" Raju, the driver of a minivan, incredulously asked an attendant sitting idle on a drum at an Indian Oil petrol station at Chanakyapuri in South Delhi. The attendant casually waved to a sign -"Closed, thank you for visiting, come again."
Raju was finally forced to park his vehicle behind the trailing queue at an HP pump, the only one not closed and not dry in the vicinity.
Maharashtra chief minister woos investors across USA
By IANS
New York : Maharashtra Chief Minister Vilasrao Deshmukh has been doing a hardsell of the state as an investment destination to American investors during his current four-city trip during which he has promised to clean up Mumbai and make it more attractive to stay and do business in.
Mumbai brokers oppose extension of trading hours: Survey
By IANS,
Mumbai: An overwhelming majority of brokers of the Bombay Stock Exchange (BSE) are opposed to any extension of trading hours, according to a survey report released here Tuesday.
The survey, conducted among 418 trading members by the BSE Brokers' Forum, showed that 79 percent of stock brokers do not favour any change in the current trading hours of the BSE.
Among the proponents for the change, five percent were in favour of extending the hours in the evening session and seven percent wanted it extended in the morning session.
West Bengal government to sell potatoes
By IANS,
Kolkata : Following a steep rise in prices of potatoes, the West Bengal government Thursday announced that it will now sell the tubers at Rs.13 per kg in the markets in and around Kolkata.
"The government will directly buy potatoes from the cold storages in the state and will sell them at Rs.13 per kilogram in 12 different vegetable markets in and around Kolkata," Finance Minister Asim Dasgupta said.
He said the service will be introduced from July 11 keeping in mind the growing potato crisis and rise in its prices.
Jharkhand: For last 56 days, Adivasis are on hunger-strike against ‘illegal’ mining; govt unmoved
While the government of India makes claims of Sab Ka Vikaas (Development for everyone)—the concerns and voices of Dalits and Adivasis are often...
‘Chinese, Indians eating more meat, driving global grain shortage’
By Dipankar De Sarkar, IANS
London : The leader of Britain's largest opposition party has told British farmers that the current global shortage of grains is partly being caused by Chinese and Indians eating more meat than before.
David Cameron of the Conservative Party told farmers that Britain could feel the impact of a global "food crunch" because of changes in people's diets, climate change and the search for bio fuels.
Banking operations hit in TN due to strike
By IANS,
Chennai : Banking in Tamil Nadu came to a standstill Monday due to the two-day nationwide strike call given by the United Forum...
Japan’s auto output went up in October
By IANS,
Tokyo : Japanese automobile production climbed 20.3 percent in October from a year earlier, the Japan Automobile Manufacturers Association (JAMA) said Wednesday.
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.
Pakistan permits Indian cotton imports
By IANS
Islamabad : Pakistan has permitted the import of Indian cotton via the land route to meet a shortfall of three million bales the domestic textile industry faces.xz
Imports from China surge 35 percent
By IANS,
New Delhi : Imports from China rose 35 percent to Rs.147,605 crore ($31.8 billion) in 2008-09 from Rs.109,116 crore ($23.5 billion) the previous year, said Minister of State for Commerce and Industry Jyotiraditya M. Scindia Wednesday.
Imports stood at Rs.79,008 crore ($17 billion) in 2006-07, he said in a written reply in the Rajya Sabha.
India imports mainly electrical machinery, organic chemicals, organic chemicals, iron and steel from China.
Dunlop says all its shares can now be traded
By IANS,
Kolkata : Dunlop India Tuesday said the Bombay Stock Exchange (BSE) has allowed trading of 2.7 crore shares of the company issued on rights basis to the shareholders.
Dunlop India said the BSE in a notification May 31 has allowed trading of these shares.
This follows a Delhi High Court order in February vacating a stay on trading of these shares issued in 2007.
The stay order was imposed in November 2008 following a special leave petition by the Securities and Exchange Board of India challenging the rights issue.
PM begins state visits to rejuvenate agriculture
By IANS
Hyderabad : With an objective of rejuvenating agriculture in the country, Prime Minister Manmohan Singh Tuesday began state reviews of the sector with a visit to Andhra Pradesh. He will visit a few other states in the coming days.
"Agriculture is a national priority and we need to work hard to ensure that this sector grows in tandem with the rest of the economy," Singh told a meeting held to review the performance of the state in various sectors, especially agriculture and industry.
Hyderabad : With an objective of rejuvenating agriculture in the country, Prime Minister Manmohan Singh Tuesday began state reviews of the sector with a visit to Andhra Pradesh. He will visit a few other states in the coming days.
"Agriculture is a national priority and we need to work hard to ensure that this sector grows in tandem with the rest of the economy," Singh told a meeting held to review the performance of the state in various sectors, especially agriculture and industry.
American Express chief executive seen as Vikram Pandit’s replacement
By IANS,
New York : American Express chief executive Kenneth Chenault is among those being considered to replace Vikram Pandit, the Indian American chief of Citigroup Inc - the banking giant that Sunday received a massive bailout package from the US government.
Federal officials did not "push" for the immediate ouster of Pandit as part of the pact with Citigroup but the Wall Street Journal indicated in a front page report that he was not insulated completely and that several names were being touted as his replacement.
Asian nations endorse $120 bn emergency fund
By DPA,
Bali : Asian nations Sunday agreed on the make-up of a $120-billion regional liquidity fund designed to counter the global economic crisis.
Finance ministers from the 10-member Association of South-East Asian Nations (ASEAN), Japan, China and South Korea approved the key components of the scheme, including individual country contributions, Indonesian Finance Minister Mulyani Indrawati said.
Japan and China each committed $38.4 billion, or 32 percent, to the fund, while South Korea would provide $19.2 billion, the ministers said in a statement.
ITC Nepal factory lockout lifted after three weeks
By Sudeshna Sarkar, IANS
Kathmandu : ITC's tobacco factory in Nepal reopened Tuesday after a nearly three-week strike by a trade union that caused the firm a loss of millions of rupees.
Surya Nepal, ITC's joint venture in which the Indian company holds 59 percent share, had its tobacco factory in Simra village of Bara district in south Nepal padlocked by the newly formed Multinational Company Workers' Union from Jan 23.
Bus fare-hike: Andhra government says not party; opposition protests
By IANS,
Hyderabad : Bus fares in Andhra Pradesh were increased by a steep 20 to 25 percent, evoking strong protest by opposition parties Thursday even as the state government claimed the move was taken without its knowledge.
The state, which is already facing protests over the Telangana issue, witnessed another demonstration Thursday as the main opposition Telugu Desam Party (TDP) along with the BJP and the two communist parties demanded immediate rollback of the increase in fare, announced by the Andhra Pradesh State Road Transport Corporation (APSRTC) late Wednesday.
24 percent hike in allotment for women and child schemes
By IANS
New Delhi : Declaring that women were entitled to an "equal share and equal say" in all programmes, Finance Minister P. Chidambaram Friday raised the allocation for women and children by 24 percent to Rs.72 billion in the union budget for 2008-09.
"I confess that policymakers often tend to forget that one-half of the population is constituted by women and they are entitled to an equal share and an equal say in all programmes and schemes," Chidambaram said in his budget speech.
Singur residents request Bengal governor to get Nano back
By IANS,
Kolkata : Residents of Singur in West Bengal, where global auto major Tata Motors was constructing the factory to manufacture the world's least expensive car Nano, met the state's governor here Monday and urged him to request the auto major to resume work.
"The meeting was good. He listened to us patiently and attentively and we talked for long. He told us that he will convey our demands to the state government," Kushal Saha, 41, a resident of Beraberi in Singur supporting the Nano project, told IANS.
China’s growth powers world economy: vice premier
By IANS,
Beijing : Chinese Vice Premier Zhang Gaoli said Sunday that China's development will provide more opportunities and stronger impetus for the world economy.
Kerala bank to open office in Dubai
By IANS,
Thiruvananthapuram : Kerala's State Bank of Travancore (SBT) is to open a representative office in Dubai in three months' time, according to a company official.
This would offer personalized services to the non-resident Indians in the United Arab Emirates (UAE) who maintain accounts with the bank, SBT managing dierctor M. Ramaswamy told reporters Wednesday night.
"This would be a link between them and their home state and will facilitate further increase in inward remittances," he said.
World Bank, Indian-American group condemn Bhutto killing
By DPA
Washington : An Indian-American lobbying group, the World Bank, the International Monetary Fund and US presidential candidates joined the world's outpouring of condemnation over the assassination of Pakistan opposition leader Benazir Bhutto.
World Bank president Robert Zoellick said Thursday he was "shocked and saddened", adding: "This tragedy will only hinder Pakistan's critical agenda of meeting the urgent needs of its many citizens".
Late rally pushes Sensex 113 points up
By IANS,
Mumbai : Helped by a late buying surge, a benchmark index for Indian equities Thursday closed 110 points higher than its previous close.
The late rally came as it was the closing of the March series of futures and options contracts.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,458.51 points, closed at 17,561.48 points (provisonal), 110.46 points or 0.6 percent higher than its previous close at 17,451.02 points.
Sensex extends gains, up 386 points
By IANS,
Mumbai : A benchmark index for Indian equities extended its gains during afternoon trade Wednesday and was ruling 386 points higher than its previous close.
Around 1.27 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,210.25 points, was trading at 16,549.68 points, up 386.9 points or 2.39 percent over its previous close at 16,163.44 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,948.75 points against the previous close at 4,830.1 points, a gain of 2.46 percent or 118.65 points.
Cheap credit, tax exemption for garment exporters advocated
By IANS,
New Delhi : Federation of Indian Chamber of Commerce and Industry (FICCI) has called for cheap export credit and income tax exemption for export earnings for India's garments exporters.
At a meeting with Textiles Minister Dayanidhi Maran Wednesday, FICCI advocated credit for exporters at an interest rate of 7 percent, 100 percent exemption on income tax for export earnings for three years, initiation of skill development programmes, and reimbursement of duties to exporters.
Industry critical of hike in repo rate, CRR
By IANS,
New Delhi : Industry lobbies have criticised the Reserve Bank of India's (RBI) move Tuesday to increase the repo rate and cash reserve ratio.
In a statement issued Wednesday, the Confederation of Indian Industry (CII) said it hoped the growth imperative would not be lost in the RBI's effort at inflation containment.
"While fully appreciating the threat posed by high inflation, CII believes that action is required at the global level to deal with the current phase of price pressure, which is largely global supply-led," said the CII statement.
Politics pip Indian firm’s hydropower bid in Nepal
By Sudeshna Sarkar,
IANS
Kathmandu : India's GMR Group, a prominent private sector organisation with prime interests in infrastructure and agro business, has had its bid for a 300 MW hydropower project in Nepal blocked by a parliamentary committee.
The group, which already operates three power plants in Mangalore, Chennai and Andhra Pradesh, was among 14 foreign companies bidding for three hydel projects in Nepal.
UnitedLex to raise $6 mn from venture funds for expansion
By IANS,
New Delhi : The US-based legal outsourcing firm UnitedLex, which is planning a major expansion in India, announced Wednesday that it will raise $6 million from global venture capital majors Canaan Partners and Helion Venture Partners.
UnitedLex added that it would open a second delivery centre in Gurgaon, Haryana, later this quarter to strengthen its global delivery network.
Signature campaign for industrialisation in West Bengal
By IANS,
Kolkata : Kolkata will experience a different kind of gathering Sunday, when a group of professionals will come out on the streets in support of industrialisation.
The group, comprising engineers, IT professionals and teachers, would gather at Dharamtalla junction in the heart of the city at 4 p.m. to read out a memorandum in favour of industrialisation to the audience and take their views on it.
‘Was forced to change name of restaurant & menu, fire Muslim staff, and hire...
In the temple city of Mathura in Uttar Pradesh, a Muslim hotelier claimed to change the name of his restaurant from Hotel Taj to...
‘Indian wheat capable resisting stem rust attack’
By IANS,
New Delhi : A state-owned agriculture research body Saturday claimed Indian variety of wheat was capable of effectively resisting any attack of the Ugandan stem rust called Ug99.
"With the help of genes, we have been able to minimise the loss caused by the fungus Ug99. The genes in Indian wheat prevent the fungus from causing any harm," the Indian Council of Agricultural Research (ICAR) said Saturday in a statement.
Generate your own power, use it and sell it too
By Joydeep Gupta, IANS,
Salzburg : The Indian government has placed solar energy development at the centre of its strategy for energy security and combating climate change. There is a town in Germany where most new buildings have solar power roofs that not only cater to all the energy requirements of homes, but also allow residents to sell power to the grid.
New industrial complex coming up in eastern Saudi Arabia
By IANS,
Dubai : A new industrial complex spread over 600,000 sq mts is going to come up in Dammam, the capital and largest city of Saudi Arabia's Eastern Province.
Building and construction materials manufacturer Construction Products Holding Company (CPC) has announced that its new integrated complex at the Dammam Industrial Zone will include an electric cables factory, a construction steel factory, float glass factory, ready-mix concrete plant, precast concrete plant, transportation company, warehouses and housing and office facilities.
Hindustan Motors to report to BIFR
By IANS,
Kolkata : After losing more than 50 percent of its net worth, automobile manufacturer Hindustan Motors has decided to report to the Board for Industrial and Financial Reconstruction (BIFR) under the sick industrial companies act.
"We would also like to inform that the accumulated losses of the company at the end of financial year March 31, 2010, have resulted in erosion of more than 50 percent of its peak net worth during the immediately preceding four financial years," the company informed the National Stock Exchange.
Madhya Pradesh gets investments worth Rs.1.14 trillion
By IANS
Indore : Madhya Pradesh reaped a rich harvest at the two-day Global Investors' Summit, which concluded here Saturday, with 96 memorandums Of understanding (MoUs) worth Rs.1.14 trillion (nearly $29 billion) signed in various sectors.
"Marketing of the state done by our teams both inside and outside the country has borne fruit. The meet has been successful beyond expectations and it would now be seen that the projects now turn into reality," said Chief Minister Shivraj Singh Chouhan.
SJVNL declares Rs.388.84 crore dividend
By IANS,
Shimla: Power utility Satluj Jal Vidyut Nigam Ltd (SJVNL) has declared a Rs.388.84 crore dividend for the last fiscal, the company said here Tuesday.
Motorola still keen to participate in BSNL tender
By IANS
New Delhi : US-based telecom giant Motorola, which was earlier disqualified from state-run Bharat Sanchar Nigam Ltd's (BSNL) tender for 45.5 million GSM lines, is still keen to participate if fresh bids are invited.
"Yes, we would like to participate in the bid in case BSNL floats another tender," Malcolm Dawe, vice president & general manager, Motorola India Mobile Devices, said on the sidelines of the launch of Moto Razr 2 Thursday evening.
Indian shares end with marginal gains amid volatility
By IANS
Mumbai : Despite a strong rally Thursday that saw a key market index gain close to 1.5 percent, Indian equities ended with only marginal gains during the week ended Friday with trading marked by high volatility.
Finance Minister hopeful of removal of ban on rice export
By NNN-PTI,
Gurgaon (India) : Describing restrictions imposed on export of certain kinds of rice as temporary, Finance Minister P Chidambaram Monday expressed hope that they will be removed as early as possible.
"I know that we were forced to put temporary constraints on certain kinds of rice...Hopefully these restrictions can be removed as early as possible," he said after inaugurating the new facility of rice exporting firm Tilda Riceland here.
Sensex closes 106 points higher, ends above 16,000
By IANS,
Mumbai : A benchmark index of Indian equities Tuesday shut shop 106 points higher and above the psychologically important 16,000-mark, pushed up primarily by IT and healthcare stocks.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,940.73 points, closed at 16,042.18 points, up 106.57 points or 0.67 percent from its previous close at 15,935.61 points.
Myanmar signs oil exploration agreement with Indian firm
By NNN-MNA
Nay Pyi Taw : The Myanmar Oil and Gas Enterprise (MOGE) of the Ministry of Energy and ONGC Videsh Limited of India have signed production sharing contracts at the ministry here for off-shore exploration of oil and natural gas in Rakhine State.
Under the agreements signed here on Sept 23, they will drill oil and natural gas wells in blocks AD-2, AD-3 and AD-9 off the Rakhine coast.
Kerala capital to get Rs.8.05 billion convention centre
By IANS,
Thiruvananthapuram : An international convention centre will be set up here by the Kerala government in collaboration with Mumbai-based Chalet Hotels at a cost of Rs.8.05 billion, an official said Monday.
The foundation stone for the centre, in which the government will have a 26 percent share, would be laid Wednesday by Chief Minister V.S. Achuthanandan.
Diwali gives designers a season to smile
By Devapriyo Bhattacharjee, IANS,
Mumbai : Diwali is not the season when people only buy firecrackers, sweets and jewellery. It is when they like to dress in their best. Designer clothes stores record the most of their sales during this festive season.
The demand for clothes is evident from the huge crowd around various stores in the market. The designers, who provide the best outfits, opine that nearly 50-80 percent of their sales stretch during the five months around Diwali.
India’s industrial production growth slows again
By IANS,
New Delhi : Disappointing news for India Inc continued Thursday, as the latest data on industrial production showed a slower growth of seven percent for April, against 11.3 percent in the same month of last fiscal, due to sluggish expansion in the manufacturing sector.
The growth in manufacturing was just 7.5 percent in April, as opposed to 12.4 percent in the corresponding month of 2007, as per data on Index of Industrial Production (IIP), released at the Planning Commission here.
WIFW gets bigger with 10 commercial partners, 79 designers
By IANS,
New Delhi : For the first time in its 10-year history, the premier Wills Lifestyle India Fashion Week (WIFW) that focuses strongly on promoting business-to-business contacts will have as many as 10 commercial partners, 79 designers, 53 models and 36 shows as the event gets bigger and better with each passing year.
India’s inflation hits 14-year high of 11.42 percent
By IANS,
New Delhi : Squeezing household budgets even further, India's annual rate of inflation shot up to a 14-year high of 11.42 percent for the week ended June 14, against 11.05 percent for the week before.
The alarming data was released Friday against the backdrop of global crude oil prices topping the $140 a barrel mark and several Indian banks revising their interest rates upward to make loans for areas like housing and consumer goods costlier.
States asked to push infrastructure schemes to spur growth
By IANS,
New Delhi : With two fiscal stimulus packages in the backdrop, the central government Saturday urged states to hasten the implementation of all public expenditure programmes, especially for infrastructure, to cushion the impact of global meltdown on the Indian economy.
Cabinet Secretary K.M. Chandrasekhar, along with chief secretaries of state governments and top officials of key economic ministries, took stock of the progress being made in executing various measures announced over the past two months.
US recession not to hit Asia badly: Lee
By DPA
Singapore : Buoyed by bustling growth in China and India, Asia will not be "unduly disadvantaged" if recession hits the US, Singapore's first prime minister Lee Kuan Yew has said.
"I believe this may be the first time where the US economy catches a flu and we are not going to catch influenza - I hope," the city-state's founding prime minister said Sunday at a Singapore Airshow leadership dialogue.
Arab economic growth hits 5.5 per cent, GDP to USD 1.27 trillion
By NNN-KUNA
Cairo : The growth rate of the Arab economies rose to 5.5 per cent in 2006 as the Arab GDP reached USD 1.27 trillion, compared to an annual average of USD 600 million in 2002, an Arab economist said.
The Arab economy has been remarkably improving over the past five years despite the unfavourable political conditions in the region, Secretary-General of the Council of Arab Economic Unity (CAEU) Ahmed Goweilli said Thursday.
Markets trading in red in afternoon trade
By IANS,
Mumbai : Indian equity markets continued to trade in the red at afternoon trade. Realty, oil and gas and metal stocks were under selling pressure.
At 1:00 p.m., the 30-share BSE Sensex was down by 88.49 points or 0.59 percent at 14,961.37. At the day's low, it touched 14,766.01 points.
At the same time, the broader-based S&P CNX Nifty was down by 34.85 points or 0.77 percent at 4469.15.
The market breadth was positive. On BSE, 1,235 shares advanced, 1,107 declined and 92 remained unchanged.
Thales-Samtel JV to make global products in avionics
By Vishnu Makhijani, IANS,
New Delhi : French defence and aerospace major Thales says its joint venture with city-based electronic giant Samtel will enable India become part of the global supply chain for civil and military avionics.
"We will design and manufacture global products to make the joint venture a part of the global supply chain," Pierre-Eric Pommellet, senior vice-president of Thales' aerospace division, told IANS here.
Frasers looking at India, China for expansion
By DPA,
Singapore : Driven by rising corporate demand, Asia's second biggest serviced-apartment operator, Frasers Hospitality (Frasers) is looking at India, China and Vietnam as areas of expansion, the firm said Friday.
The firm expects to add 5,000 apartments under the Frasers brand in the next two years, boosting the total to 8,500 by 2010.
Frasers, the hospitality arm of Frasers Centrepoint, is looking at more collaborations with private equity funds to acquire serviced apartments, The Business Times said.
Funds worth Rs.5 bn allowed for cotton farmers
By IANS,
New Delhi : The government Thursday approved allocation of funds to the tune of Rs.5 billion (Rs.500 crore) for cotton growers as "reimbursement of losses".
"The cabinet today (Thursday) approved allocation of Rs.5 billion in the current fiscal, as cotton prices fell below the minimum support price (MSP) in domestic markets to meet an earlier commitment it made to cotton farmers," an official statement said.
Toyota’s president apologises for recall
By DPA,
Toyota : Toyota Motor Corp's president apologised for recalls of millions of his company's cars worldwide in his first public appearance since the problems began last month at the world's largest carmaker, which once had a stellar reputation for quality.
Akio Toyoda, grandson of Toyota's founder, said at a hastily convened news conference late Friday that the company would establish a quality-control committee as part of its efforts to win back its customers' trust.
No hike in steel price till August first week
By IANS,
New Delhi : There would be no increase in steel prices till the first week of August as per an agreement between Prime Minister Manmohan Singh and steel manufacturers, union Steel Minister Ram Vilas Paswan said Friday.
“For three months beginning May 7 there will be no increase in steel prices, though there is a considerable hike in the international market. India's steel prices will remain unchanged for three months ending Aug 7,” Paswan said while releasing his ministry's four-year report card 'Forging New Frontiers'.
Sensex down 1.05 percent at 17,192.02 points
By IANS,
Mumbai : A benchmark index for Indian equities markets was trading 181.82 points or 1.05 percent down Monday, amidst a choppy session ruled by major selling pressure.
Bharat Petroleum in talks for Reliance gas
By IANS,
New Delhi : State-run Bharat Petroleum Company Limited (BPCL) Tuesday said it was negotiating with Mukesh Ambani-led Reliance Industries for allocation of gas from the Krishna-Godavari basin, off the Andhra Pradesh coast.
"The government has already given out who will be given priority in the sector," Ashok Sinha, the chairman of BPCL said on the sidelines of the 8th International Oil and Gas Conference here Tuesday.
He said the BPCL would sell one million tonnes of crude oil.
Nokia Siemens Networks to trim jobs
By DPA,
Helsinki : The 50:50 joint venture Nokia Siemens Networks said Tuesday it planned to cut some 1,250 jobs in Finland and Germany as part of cost-cutting measures.
The group - launched last year between Nokia and Germany's Siemens - estimated the move would impact 750 employees in Finland and about 500 employees in Munich, Germany.
The cuts in Germany were to take effect at the latest.
After earlier cuts, transfers and voluntary severance resignations, Nokia Siemens Networks said it expected to employ 7,000 people in Finland down from some 9,200.
Andhra farmers elated with loan waiver
By IANS
Hyderabad : Many farmers in Andhra Pradesh feel relieved as Finance Minister P. Chidambaram's budget announcement of farm loan waiver will remove a "big burden" from their shoulders.
"This announcement has brought happiness to us. This will remove a big burden," said Kumarri Mallaiah, in Kalanpak village of Nalgonda district. He had taken a loan of Rs.30,000 three years ago and was worried over its repayment.
World Bank $600 million loan to Power Grid
By IANS
New Delhi : The World Bank said Wednesday it will lend $600 million to the Power Grid Corp to fund a project aimed at strengthening India's electricity transmission network.
"The Bank approved a $600 million loan to Power Grid to strengthen the electricity transmission system in order to increase reliable power exchange between regions and states," it said in a statement.
"Repayment of the proposed loan will be guaranteed by the government of India," it added.
Indo-Asian News Service
Rehabilitation, microfinance bill likely in budget session
By IANS
New Delhi : The Indian government will introduce a bill to make available more credit to members of rural self-help groups in the coming budget session of parliament.
Rural Development Minister Raghuvansh Prasad Singh said Tuesday that a Land Acquisition (Amendment) Bill and a Rehabilitation and Settlement Bill may also be moved for easier take over of farmland for industry and to provide better rehabilitation of those who lose land.
Rural Development Minister Raghuvansh Prasad Singh Tuesday said the last two bills were in an advanced stage of preparation.
Landmark to open six stores this year
By IANS,
Hyderabad : The Rs.200-crore book and music retailer Landmark plans to open five to six new stores in various Indian cities this fiscal on an investment of Rs.30 crore.
Announcing the launch of its first store in Hyderabad Tuesday, Landmark chief operating officer Himanshu Chakrawarti said the company planned to expand operations by opening more stores in Mumbai and Chennai.
Landmark, which commenced its operations in 1987 with its first store in Chennai, currently has 10 stores in Chennai, Bangalore, Ahmedabad, Mumbai, Vadodara, Gurgaon, Pune and Lucknow.
No replacement for US dollar: Indian PM
By NNN-PTI,
Washington : Praising the entrepreneurial spirit of the American enterprise, Prime Minister Manmohan Singh has said that there can be no substitution for the US dollar.
"As far as I can see right now there is no substitute for the dollar," the Prime Minister said in an interview to CNN.
Responding to questions about the economic crisis in the United States, the Prime Minister said: "There is a temporary setback and temporary questioning, about relevance of the American model, but I have seen these things much before."
Bharat Heavy Electricals net profit up 39 percent
By IANS,
Mumbai : State-run heavy electrical equipment maker Bharat Heavy Electricals Ltd (BHEL) has posted a 39 percent increase in net profit for the quarter ended Sep 30 at Rs.858 crore, compared to Rs.616 crore in the corresponding quarter last fiscal.
The company's total income increased from Rs.5,650 crore for the quarter ended Sep 30, 2008 to Rs. 6,923 crore, the company said in a regulatory statement.
Tata Teleservices’ loss increased in 2008-09
By IANS,
New Delhi : Telecom operator Tata Teleservices Maharashtra Monday reported a net loss of Rs.1.6 billion for fiscal 2008-09 ended March 31 against a net loss of Rs.1.25 billion in the previous year.
The total income, however, increased to Rs.20.53 billion from Rs.17.89 billion in the previous year, a company statement said.
Tata Teleservices Maharashtra, is the listed unit of Tata Teleservices in which Japan's telecom major NTT Docomo has a 26 percent stake.
Coca-Cola sees 33 percent growth in India
By IANS,
New Delhi : Coca-Cola has registered a 33 percent growth in sales in India during the second quarter ended July 3, the soft drink major said Tuesday.
Supported by the high growth in India as well as China, the company also saw its revenues increase to $2.04 billion, or 88 cents per share, in the quarter under review, as against $1.42 billion, or 61 cents per share, earned in the year-ago period.
The total volume of beverages sold worldwide rose four percent, with international sales going up by five percent. Sales rose 33 percent in India and by 14 percent in China.
PM counsels ‘sobriety in corporate lifestyles’ to tackle inflation
By Arvind Padmanabhan and Prabhat Sharan, KUNA,
New Delhi/Mumbai : In an attempt to check rising prices that have become a major worry for the ruling coalition going into an election year, the Indian government Tuesday unveiled a slew of measures, both administrative and monetary, to tackle runaway inflation amid a call to industry by Prime Minister Manmohan Singh for "tightening of belts".
Indian-origin hotelier and former banker admits to defrauding investor of $500,000
New York : A hotelier and former banker of Indian origin has admitted in a federal court to defrauding an investor of $500,000...
Sensex opens on a quiet note
By IANS,
Mumbai : A benchmark index of Indian equities Thursday was ruling quiet in early trade.
Yahsat to raise $1.2 bn to finance satellite communications system
By IANS,
Abu Dhabi : United Arab Emirates (UAE) based satellite operator Al Yah Satellite Communications Company (Yahsat) plans to raise $1.2 billion to finance its satellite communications system, WAM news agency reported Wednesday.
The 14-year non-recourse financing would raise $1 billion in term loans, $100 million in stand-by term loans and $85 million in debt service reserve letter of credit.
Yahsat intends to close the financing deal with a club of 15 banks by August 2008 and has appointed BNP Paribas as the financial advisor to manage the financing process.
IMF granted new powers to raise income through investments
By DPA,
Washington : Members of the International Monetary Fund have approved a broad expansion of investment practices as part of an overhaul of how the crisis lender acquires income.
The IMF Board of Governors voted Tuesday for the new investment strategy, which includes creating an endowment from the sale of more than 400 tonnes of gold reserves, worth more than $11 billion. The US Congress must still approve the transaction.
Malaysian Felda may take controlling stake in US oleochemical company
By NNN-Bernama
Boston : Felda Holdings Bhd may take a controlling stake in Twin Rivers Technologies, which is one of the largest and fastest growing oleochemical producers in North America.
Twin Rivers focuses on the manufacturing and distribution of premium quality oleochemicals.
Its capabilities and expertise include the manufacturing and distribution of fatty acids and glycerin, world-class food grade specialty esters and biofuels, according to a statement issued at the BIO International Convention 2007 which begins here today.
Raju financed business of chief minister’s son, alleges Naidu
By IANS,
Hyderabad : The Satyam Computer Services fraud rocked the Andhra Pradesh assembly Monday with Leader of Opposition N. Chandrababu Naidu alleging that IT firm's former chairman B. Ramalinga Raju financed the business of Chief Minister Y.S. Rajasekhara Reddy's (YSR) son.
However, the ruling Congress party hit back by accusing Naidu of receiving money from Raju, including for the education of his son in the US.
Nestle India sales up 16 percent
By IANS,
New Delhi : Nestle India Thursday reported 16 percent jump in sales during January-March this year at Rs.1,265.85 crore from Rs.1,091 crore in the like period last year.
The company's domestic sales saw 18.7 percent rise during the quarter, while exports plummeted 15.1 percent, Nestle said in a statement.
The decline in exports is mainly due to a demand slump in Russia, one of the major overseas markets of the company.
The net profit during the first quarter of 2009 rose 23.2 percent to Rs.197.3 crore from Rs.160.15 crore in the corresponding quarter last year.
Two planes can get closer from June
By IANS,
Mumbai : The Directorate General of Civil Aviation will be implementing performance based navigation system by June, reducing the horizontal distance between two approaching aircrafts from the current range of over 5-7 nautical miles (8-11 km) to three nautical miles (5 km).
Directorate General of Civil Aviation chief Kanu Gohain said: "This procedure is followed by all congested airports like JFK in New York and Heathrow in London. Once this system is in place, India will become one of the front running countries in aviation."