Economy

By IANS, New Delhi : FirstRand, one of South Africa's largest insurance, banking and financial companies, will soon open its first Indian branch in Mumbai to promote linkages between African and Indian businesses. The information was given Thursday by Johann Rupert, executive chairman of Reinet Investments, at a seminar on Indo-South Africa Business Opportunities organised by Associated Chambers of Commerce and Industry (Assocham) here Thursday.

By IANS, Mumbai : In its fourth global acquisition, electrical equipment major Crompton Greaves Limited has bought French power transformers repairing leader Societe Nouvelle de Maintenance Transformateurs (Sonomatra) for 1.30 million euros (Rs.85 million or $2.01 million). Crompton Greaves in a regulatory filing said the acquisition would help its capabilities in the services segment of its transmission and distribution business. Sonomatra is engaged in providing on-site maintenance, repair of power transformers, on-load tap changers, oil analysis, oil treatment and retrofilling.

By IANS,

By DPA, Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has reached a new all time high, OPEC said Wednesday. One barrel (159 litres) of OPEC-produced crude stood at $121.02 Tuesday, up $1.78 from the previous day, jumping above $120 for the first time. Record prices were reached despite the absence of real bullish fundamentals, analysts said. OPEC member Iraq said that owing to recent seismic surveys it would upgrade its reserves estimates to 350 billion barrels, more than what Saudi Arabia produces.

By NNN-PTI New Delhi : If car manufacturers are flooding the market with luxury brands, why should the poor cousin, the common man's bicycle lag behind? After catering to the common man for years, bicycle companies are now focusing their attention on the urban Indian market, especially youth and children and are looking to expand India's base of biking enthusiasts in the professional and adventure categories.

By Arun Kumar, IANS, Washington : A large number of foreign students, particularly from India and China, are planning to return home as they fear that they will not be able to find a job in the US upon graduation, according to a new study. Another key impetus behind students' intentions to depart is their growing belief that the US economy will lag global growth rates in the near future, according to the study by Duke University professor and Harvard researcher Vivek Wadhwa for Kauffman Foundation. Key Findings:

By IANS Abu Dhabi : The economic boom in the United Arab Emirates (UAE) will continue to drive the growth of banking sector in the Arab federation, according to a study. The study released Sunday by the National Investor (TNI), one of the leading investment houses in the region, said a favourable macroeconomic backdrop, along with increased government and private spending on infrastructure projects, has underpinned the strong growth of the UAE banking sector.

By IANS, Mumbai : A key index of the Indian equities markets fell back into negative terrain Monday afternoon amid volatile trading. At 1.50 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,287.14 points, was at 15,111.12 points, down 49.12 points or 0.32 percent. Similarly, the Nifty of the National Stock Exchange (NSE), too, was trading in the red at 4,467.3 points, down 0.31 percent.

By IANS Mumbai : The Indian equities market Wednesday opened flat on weak cues from the global markets. The negative rally was led by banking stocks which saw heavy selling in the early trade. The 30 share benchmark sensitive index of Bombay Stock Exchange, Sensex, opened with a minimal loss of 9.98 points at 16,328.91. Twenty minutes into trade, Sensex was trading at 16,409.74 with a gain of nearly 80 points compared to its previous close.

By IANS, Mumbai : Indian equities markets, which opened firm Thursday, failed to keep the momentum throughout the day. A key index ended trade 0.28 percent higher than its previous close. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 8,803.69 (provisional), up 24.52 points or 0.28 percent over Wednesday's close. Similarly, the broader S&P CNX Nifty index of the National Stock Exchange also closed higher at 2,720.85 points, 0.54 percent higher than its previous close.

By IANS,

By Sanu George, IANS Kochi : Sri Lanka wants builders of Cochin International Airport to construct an airport in that country. Talks on the proposal will begin in Colombo Jan 28. The Cochin airport is India's first airport built under public-private partnership. Kerala government and several NRIs hold stakes in the Cochin International Airport Ltd (CIAL), which built the airport and still operates it.

By IANS, Dubai : The Gulf nation of Qatar will have the second highest per capita income in the world by 2009, next only to Luxembourg, according to a new report. Per capita income in Qatar will cross $100,000 a year, according to the Bahrain-based investment bank Gulf Finance House’s (GFH) Gulf Cooperation Council (GCC) Economic Outlook for the third quarter of 2008. The report attributed the reason for this rise in income to increased oil and gas revenues.

By IANS, Chennai : The US-based heating, ventilation and air-conditioning (HVAC) firm Trane Inc launched its global design centre here to support the company's Indian market as well as its global research and development (R&D) wing, said a top official. The Chennai centre will also have validation and verification capabilities. Located in Ascendas IT Park, the centre will initially focus on controls embedded and application software, Trane's global engineering and technology vice-president Prakash Bedapudi told reporters here Wednesday.

By IANS, New Delhi : India's annual inflation rate touched a 13-year high of 11.05 percent for the week ended June 7, the same week during which the central government had announced large hikes in prices of petrol, diesel and cooking gas. The rate crossed into double digits from the 8.5 percent inflation rate for the previous week. The wholesale price index (WPI) for the fuel, power, light and lubricants group showed a 7.8 percent rise and accounted in a big way for the high inflation rate, though the WPI for food articles actually declined 1.1 percent during the week.

By IANS,

By KUNA, Kuwait : Delegates of the Fourth World Islamic Economic Forum (WIEF) applauded Thursday "the generous commitment" of USD 100 million by His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for the establishment of a food security fund to assist the poorest within the Muslim.

By IANS, Agra : Minister of state for Commerce Jairam Ramesh has announced a Rs.1.6-billion (Rs.160-crore) package to boost the local shoe industry, but for this the state government, led by a chief minister opposed to his Congress party, has to cooperate. Ramesh made the announcement Saturday when inaugurating an international fair on leather, footwear components and technology at the Kalakriti Grounds near the Taj Mahal.

By IANS,

By Shilpa Raina, New Delhi : Political tension between India and Pakistan automatically derails the process of getting a visa. This is what has affected...

By Arun Kumar, Washington : The United States has reiterated its priority right now is to bring into fruition the India-US nuclear deal and that's where its policy was focused presently. "...With regard to civil nuclear cooperation, as I said a few days ago, the priority for the administration right now is to try to bring into fruition the 123 Agreement with India," US state department deputy spokesman, Robert Wood, told reporters Thursday. "And that civil nuclear cooperation agreement, that's where our focus is right now," he added.

By IANS Bangalore : Final flight trials were conducted Friday at the new international airport here that begins commercial operations March 30. Kingfisher Airlines, Air Deccan and Indian Air Force (IAF) participated in the trials to test the operational readiness of the greenfield airport at Devanahalli, around 37 km from the city. The first flight to land on schedule at 10 a.m. was Kingfisher's Airbus from Mumbai with guests and media personnel onboard. An IAF service aircraft and Deccan's Airbus followed, which flew from the city airport on a 15-minute flight.

By Aparajita Gupta, IANS, Singur (West Bengal) : A large group of peasants held protests at the Tata Motor's factory here in West Bengal Friday, demanding that the firm give them jobs or return the lands acquired for its small car project. As protesters brought down a portion of the factory wall, violence erupted.

By IANS,

By DPA, Tokyo : Asian stocks, led by financial issues, made major gains early trading Monday, reacting to a US decision to take control of the two largest US mortgage lenders and guarantors, Fannie Mae and Freddie Mac. In Japan, the benchmark Nikkei 225 Stock Average jumped 438.04 points, or 3.59 percent, in morning trading to 12,650,27 on investor confidence that the US government move would calm turmoil in global financial markets. The broader Topix index of all first-section issues also rose 46.49 points, or 3.97 percent, to 1,217.33.

By IANS, Chennai : Tata Steel Ltd is confident of saving at least Rs.100 crore annually once the Dhamra port in Orissa is fully operational, a company official said here Tuesday.

By IANS, New Delhi : Despite political opposition, the government Wednesday allowed a 9.5-11 percent increase in prices of cooking and transport fuels, but cut customs and excise duties on crude and petroleum products to ease the financial burden on state-run oil firms, reeling under high global oil prices. This has been the highest hike allowed so far in fuel prices in the country - a move that has invited disapproval from both the opposition Bharatiya Janata Party (BJP) and the Left parties that prop the ruling United Progressive Alliance (UPA) coalition.

By IANS,

By IANS, Washington : The US corporate world has slammed the Congressional cap on H-1B visas and asked the government to allow markets to determine the number of skilled foreign workers, including those from India, eligible to work in the country.

By IANS, New Delhi : After three successive weeks of decline, India's annual rate of inflation moved up marginally to 12.14 percent for the week ended Sep 6 from to 12.1 percent for the week before, fresh data showed Thursday. The inflation rate, based on the official wholesale price index (WPI), stood at 3.51 percent for the corresponding week last year. The WPI data released by the ministry of commerce and industry showed an increase of one percent in the index for primary articles such as fruits and groundnut seeds over the past week.

By Radha Venkatesan, IANS Coimbatore : Tamil Nadu is reeling under one of the worst power shortages in recent years that is causing unprecedented production snags and losses to its vibrant industry. The State Electricity Board has been resorting to frequent, unannounced cuts ranging between two hours and eight hours daily over the past one month. While the state government admits to only a half-hour power outage, long spells of shutdowns have now become an everyday nightmare in the state, which is one of the most industrialised and urbanised in the country.

By IANS New Delhi : ArcelorMittal has joined hands with two other metal industry giants to open a metal cladding company. The joint venture is coming-up with an automobile spare unit spread over 225,000 square metres at Indore in Madhya Pradesh. ArcelorMittal Stainless and Nickel Alloys, Auerhammer (Dnick Holdings Company) and Shivalik Bimetal Controls have formed a new venture called Innovative Clad Solutions, S.S. Sandhu, chairman of the Shivalik Bimetal Controls Ltd told reporters here Thursday.

By DPA, New York : US stocks surged Thursday after a steep dive a day earlier amid ongoing fears of a global recession. The blue-chip Dow Jones Industrial Average gained 401.35 points, or 4.68 percent, to 8,979.26 in a late rally, partly on the back of falling oil prices. In a sign of the uncertain times, the index dipped and rose during the day over a span of more than 700 points for the sixth straight day, according to Bloomberg News.

By IANS, Ahmedabad : US-based outsourcing company Etech Inc has acquired the IT tower-IV at Infocity in Gandhinagar as part of its business expansion in India, a top official said here Monday. "When we started our operations in Gujarat in 2003, we had 22 employees. Today we have 2,000. This expansion will lead to creation of additional 5,000 jobs," Etech vice-president of global development Jim Iyoob told reporters.

By IANS, New Delhi : Representatives of the ailing export sector sought a slew of sops including a Rs.5,000-crore market development fund when they met Finance Minister Pranab Mukherjee and top officials Tuesday as part of pre-budget consultations. The exporters' wish-list, apart from the bailout package in the form of a market development fund, also includes elimination of the fringe benefit tax, income tax exemption, reduction of interest rates, and speedier insurance and service tax refunds.

By IANS,

By IANS, New Delhi : The drop in oil prices will help the global economy to recover, said Saudi Arabian petroleum minister Ali Al-Naimi here Wednesday. "The price of oil has declined in recent months by more than 70 percent since reaching their highest level in July, a drop that will play a major role in aiding economic recovery," said Al-Naimi in his speech at the Petrotech international oil and gas conferece. At the same time, he asserted, this drop would also hit the oil sector. "At lower oil prices, we may find it difficult to explore new oilfields," Al-Naimi warned.

By Xinhua, Beijing : Chinese equities staged a big rally Wednesday, with the key Shanghai index rising more than four percent, which was led by gains for big banks and oils. The benchmark Shanghai Composite Index, which covers both A and B shares, closed at 1965.41 points, up 4.01 percent or 75.78 points. The smaller Shenzhen Component Index added 245.26 points, or 3.61 percent, to close at 7041.07 points. Gainers outnumbered losers by 860 to 6 in Shanghai and by 739 to 3 in Shenzhen. Combined turnover was up to 132.78 billion yuan ($19.4 billion).

By IANS, Mumbai : Pharma major Zydus Cadila has acquired a 100 percent stake in Spanish pharmaceutical firm Laboratories Combix, the company announced Friday. The acquisition paves the way for the Ahmedabad based Zydus Cadila to enter the $1.7 billion Spanish market, reportedly growing at 21.5 percent. Giving details about the Spanish pharmaceutical firm, the company stated that the two-year-old Laboratories Combix has a pure generics focus and a range of products pending launches.

Chennai, Nov 29 (IANS) Technology operations management company Cybernet Slash Support Corp is entering the European market, the company said Thursday. Its first stop is in the Netherlands, where it is partnering $19.5-million Bergler ICT. It would offer infrastructure management services to the Bergler's clients. As per the deal, Cybernet would manage the infrastructure of Bergler's European clients and also offer technology support from its Chennai operations, Shiva Ramani, co-founder and CEO, Cybernet, told reporters here.

By IANS, Bangalore : Tata Motors Ltd would decide in a week on relocating the Nano manufacturing plant at Dharwad in north Karnataka from Singur in West Bengal after studying similar location offers in other states, Karnataka state industries minister Murugesh Nirani said late Sunday. Tata Motors managing director G. Ravi Kant, who inspected two sites adjacent to the company's existing facility near Dharwad, about 420 km from here, told Chief Minister B.S. Yeddyurappa that he would get back in a week and arrange a meeting with group chairman Ratan Tata.

By Nirmala George, IANS, Singapore : Flush from his exhilarating ride on a Japanese high-speed train, Indian Railway Minister Lalu Prasad said Saturday that he plans to introduce bullet trains to link major metropolitan cities in India. "Such bullet trains can link city to city. Very soon we shall be inviting global tenders for pre-feasibility studies and I plan to place the proposal before parliament," Lalu Prasad said. The minister was addressing a jam-packed auditorium at Singapore's prestigious Lee Kuan Yew School of Public Policy.

By NNN-PTI New Delhi : Allaying fears of overheating of economy, the Government today exuded optimism that growth story would continue in 2008-09 too, notwithstanding the weak global trends. Finance Minister P Chidambaram, in his post-Budget interaction with industry chamber Assocham, drew parallels with neighbouring China and referred to its Prime Minister Wen Jibao's speech to drive home the point that the growth story must be intact.

By IANS, Chandigarh : Haryana Chief Minister Bhupinder Singh Hooda Wednesday offered to provide a host of incentives for Tata Motors to set up its Nano small car project in the state. Hooda's remarks came a day after Tata Motors' announcement that it was looking for other manufacturing options and would pull out from Singur in West Bengal in the wake of protests led by Trinamool Congress leader Mamata Banerjee against the plant.

By IANS,

By Xinhua, Baghdad : Iraq slashed its 2009 budget to $67 billion from the proposed $80 billion as a result of falling global oil prices. "We have a budget of $80 billion as had been proposed for the year 2009, but later the budget was lowered to $67 billion after meeting the International Monetary Fund (IMF) because of the falling oil prices," Finance Minister Bayan Jabr Solagh Saturday told the US-Iraqi investment conference.

By IANS, New Delhi : The government Monday announced two new pension schemes for widows and physically disabled in the interim budget 2009-10. The Indira Gandhi National Widow Pension Scheme will provide a pension of Rs.200 to widows in the age group of 40-64, while the Indira Gandhi National Disability Pension Scheme aims to provide pension to "severely disabled persons", acting finance minister Pranab Mukherjee said in his budget speech in parliament.

By IANS, New Delhi : Projecting India's growth at over 8.25 percent next fiscal and at double-digit rates by 2015, the country's Economic Survey conveyed its concern over rising prices and called for urgent steps to lower the government's fiscal deficit. "It is entirely possible for India to move into the rarefied domain of double-digit growth and even don the mantle of the fastest-growing economy in the world within the next four years," said the survey.

By IANS/EFE, Bogota : Colombia's coffee production was the lowest in three decades last year due to adverse weather conditions and low fertiliser use, the National Federation of Coffee Growers (FNC) said. Annual coffee production fell from 11.5 million 60-kg bags in 2008 to 7.8 million bags last year, a drop of close to 32 percent, FNC said in a statement Thursday. Last year's coffee output - a marked departure from mid-decade, when production was relatively stable at roughly 11 million bags annually - stood at its lowest level since the end of the 1970s.

By IANS, Thiruvananthapuram : The city-based Toonz Animation India Ltd, one of the premier animation studios in Asia, has been short-listed for the Global Tech Showcase 2008 (GTS-2008), an international business event that will be held in La Brule, France, in June this year. The show will offer opportunities for companies from around the world to launch and accelerate their businesses in Europe. Hundreds of corporate and political leaders as well as government officials and ministers from Europe will attend the event.

By IANS, Mumbai : The Indian equities markets, which opened with a loss Wednesday, were flat in early trade. Capital goods, banking, power and gas sector stocks were under selling pressure. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 204.07 points at 17,065.61. Ten minutes into trading, it was at 17,089.06 with a loss 141.12 points or 0.82 percent from Tuesday's close. At the same time the S&P Nifty index of the National Stock Exchange was trading at 5,061.45 points with a loss of 43.50 points or 0.85 percent.

By Gyanendra Kumar Keshri, IANS,

By Quaid Najmi, IANS Mumbai : The Tata group's awesome reputation for excellent human resources management was one of the critical factors that helped it clinch the deal with Ford Motor Co. for acquiring the Jaguar and Land Rover brands, says a business relations expert. "The manner in which the Tata group handled the Corus Steel deal in late 2006 created a major positive impression among the unions and the employees at large. Finally, it was one of the key factors that led to a successful completion of the Jaguar and Land Rover deal," said Chandrika Shah.

By IANS Mumbai : Union Finance Minister P. Chidambaram Friday hinted that interest rate may go up in the coming days in order to curb the inflation rate. Speaking at the valedictory function of the Indian Merchants' Chamber (IMC) centenary celebrations, the minister said the central bank has been asked to look into the modalities of the monetary policy. "I have already started looking into the fiscal aspect of it," he added.

By IANS,

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

By Fakir Balaji, IANS, Coonoor (Tamil Nadu) : Tea, coffee, rubber and spice planters in South India Tuesday called for drastic amendments to the various acts pertaining to land, labour and wages so that they could be globally competitive. "There is an urgent need to overhaul the Plantations Act, the Land Reforms Act and the Minimum Wages Act to become competitive in a global market," United Planters' Association of Southern India (UPASI) president D.P. Maheshwari said here.

By Neena Bhandari, IANS, Sydney : From Australia's iconic vegemite to virgin olive oils, snack foods to gourmet sauces, and wines to fresh juices, quality Australian food and beverages are coming to Indian supermarkets this festive season. Three Indian supermarket chains - SPAR, Hypercity and Nature's Basket - and Indian import and distribution company Epicure Foods, have spent 10 days in Melbourne, Tasmania and Sydney to source quality Australian products for their fast-growing stores. Cookies, confectionery, cereals, canned vegetables, juices and other products from

By IANS, Mumbai: A benchmark index of Indian equities Monday soared in opening trade.

By RIA Novosti Bratislava : Slovakia, who wants to retrieve 49% of its shares in pipeline operator Transpetrol, could subsequently transfer the stake to Russia, a Russian delegate said. Slovak Prime Minister Robert Fico announced on Thursday the country planned to buy the stake back from Netherlands-based Yukos Finance B.V., a former overseas asset of bankrupt Russian oil company Yukos. "Slovakia is buying the stake, which could be transferred to the Russian side on certain conditions. The conditions are being drafted," the Russian delegation source said.

By IANS, Mumbai : Indian equities markets stayed in the green around noon Friday but remained within a narrow range, with a key index trading just about 0.36 percent up from its previous close. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 0.36 percent or 35.25 points and was ruling at 9,938.71 points after opening higher than its previous close of 9,903.46. Analysts were of the view that markets were finding it difficult to take a specific direction in the absence of international and domestic cues.

By TCN Staff Reporter,

By IANS

Toronto : An Indian Canadian couple has been accused by Canadian market regulator of making nearly $1 million through illegal insider trading.

The Ontario Securities Commission (OSC) has alleged that Shane Bashir Suman, who worked as an IT employee, had access to secret internal emails about a pending takeover involving his company, MDS Sciex, a Mississauga-based life sciences company.

The commission filed insider-trading charges against Suman and his wife Wednesday, reported the online edition of The Star newspaper.

By IANS, Chennai : The Rs.65-billion ($1.4-billion) Sterling Infotech Group, which has interests in renewable energy and biofuel among other business interests, is going slow on its ambitious ethanol production plans in the US and India, thanks to the global credit crunch and high corn prices. "Corn prices have gone up while the crush margin has come down. Further, after the sub-prime crisis, debt is not available. We had hoped to raise $150-million debt funds for our projects," said V. Srinivasan, chief executive and director of Siva Ventures Ltd, the group's holding company.

By IANS New Delhi : A delegation led by Women And Child Development Minister Renuka Chowdhury has met Finance Minister P. Chidambaram demanding the 2008-09 budget be gender sensitive with special focus on health and women empowerment. Incentives to insurance companies for special schemes for elderly women and widows, easy availability of loans for women, increased allocation of funds for family and health welfare, with special focus on maternal health, are some of the recommendations put forth before the finance minister who will table the budget before the Indian parliament Feb 29.

By IANS Mumbai : The Anil Dhirubhai Ambani Group's Reliance Communications, India's second-largest mobile telecom company, Thursday reported a 48.5-percent jump in its net profits for the quarter ended Dec 31. The jump in net profit to Rs.13.728 billion ($345 million) from Rs.9.244 billion ($230 million) in the last fiscal beat forecasts, and the growth in profits was higher than the 42 percent jump reported by rival Bharti Airtel.

By DPA, Sydney : Australia is set to join other countries struggling to maintain investor confidence by raising the level at which it guarantees bank deposits. The proposed threshold was 20,000 Australian dollars ($13,200) but the government is expected to raise this to 100,000 Australian dollars. Prime Minister Kevin Rudd has said previously that local banks had the resilience to withstand any runs against them, but he has since come round to the view that Australia needs to keep in step with guarantees offered for bank deposits in the US and Europe.

By IANS, New Delhi : Realty major Unitech's net profit dipped 28 percent to about Rs.740 crore for 2008-09 from nearly Rs.1,031 crore posted the previous year, the company said Thursday. Its total income in the year under review decreased to Rs.2,455 crore from Rs.2,970 crore earned in 2007-08, it said in a regulatory statement. The group's consolidated profit was around Rs.1,198 crore, as compared to Rs.1,662 crore in the previous year, a fall of 27.92 percent. The total income decreased from Rs.4,280 crore in 2007-08 to Rs.3,316 crore last fiscal.

Jaipur(IANS) : Real estate company Ashiana group is building a retirement resort called "Ashiana Utsav" here, expected to cost Rs.1 billion, said a company official. The company is developing the project in association with Jaipur-based real estate developers Manglam Builders. Besides the retirement resort, it also plans houses and flats for the general category of buyers. Vishal Gupta, joint managing director of the company, told IANS the primary intention of the project was to enable senior citizens a life of comfort and dignity during their post-retirement years.

By IANS,

By Neena Bhandari, IANS Melbourne : India based global integrated technology and operations company iGATE Global Solutions Ltd. will be investing $1.8 million and creating up to 40 new jobs in the picturesque and affluent historic gold mining city of Ballarat in Australia. Ballarat, only 70 minutes drive from Melbourne, has not only been seeking Indian students and migrants, but also investment from Indian companies.

By IANS, Kuala Lumpur : Malaysia will not turn back on its decision to reduce subsidies on fuel, but there would be no further reduction, a minister said as the government, bracing opposition protests, announced austerity measures, as elsewhere across the world, following rise in fuel prices. Prime Minister Abdullah Ahmad Badawi's government has prepared a four-point relief package, including 'cash back', for needy Malaysians as public protests marked last Thursday's fuel hike.

By IANS,

By Arun Kumar, IANS Washington : Indian firms are not just taking up outsourcing any more, but have in fact invested a whopping $6 billion in the United States and created 40,000 jobs with quite a few of them going to the Americans. If a Janaki posing as Janet at call centres in India has been servicing customers in the US, many a Jane and John employed by India Inc. in the US is now helping travellers worldwide book a flight or send flowers and gifts to loved ones in America.

New Delhi: The All India Motor Transport Congress (AIMTC) on Friday announced it will go on a nationwide indefinite strike from October 1 after...

By IANS, Mumbai : A good start by European bourses coupled with news that the Obama administration was planning to buy $1 trillion worth of toxic assets sent Indian equities markets spiralling, with a key index Monday closing 5.1 percent above its previous close. The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,040.3 points, shut shop at 9,424.02 points - a rise of 457.34 points or 5.1 percent. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 4.73 percent from its last close to end trade at 2,939.9 points.

By IANS, Bangalore : Finance Minister P. Chidamabram Friday said fiscal and monetary steps taken by the government and the Reserve Bank of India (RBI) would check rising prices and tame inflation, which peaked to a record 42-month high of 7.57 percent for the week ended April 19. “We have taken a number of fiscal and monetary measures to check rising prices and bring down the inflation rate. Efforts are on to first bring down prices of essential commodities, including food prices,” Chidambaram told reporters here on the sidelines of a function.

By IANS Mumbai : As uncertainty and fear gripped global equity markets during the week ended Friday, Indian shares too came under their spell with a major index ending in the red after wild fluctuations. Looking ahead, analysts do not foresee any major forward movement and expect the sentiments to be largely ruled by the signals emerging from the US market, where stocks have fallen due to an uncertain mortgage market.

By IANS,

By IANS, New Delhi : India will maintain its exports at $160 billion for this current fiscal, as steps will be unveiled in the upcoming budget and the trade policy review to help the sector, Commerce and Industry Minister Anand Sharma said here Friday. He also said that India was ready to ink a host of pacts, including a free trade agreement with the Association of Southeast Asian Nations (ASEAN) and economic cooperation agreements with South Korea and Nepal.

By IANS, Mumbai : A benchmark index at Indian equities markets Tuesday managed to make up for intra-day losses to close almost flat. Broader markets, however, ended the day with gains.

By Anik Basu, IANS, New Delhi : Where is the Indian securities market headed -- where will the current mayhem end? This is the million-rupee question that an estimated 20 million investors in the country were asking Sunday as they nervously hoped for positive signals from the government following the recent global financial meltdown that saw the Indian equities markets suffering the worst-ever mauling in recent times Friday, and the Sensex, a key index, falling 16 percent during the week.

By IANS, Mumbai : Hindustan Motors Ltd, part of the CK Birla group, has posted a net loss of $3.6 million for the second quarter this fiscal, compared to $62,000 in the year-ago period. "Rising input costs, foreign exchange rates and paucity of retail finance have impacted the quarter's performance," a company statement said Tuesday. The automobile industry in India experienced a slowdown in the past few months, and it grew 2.8 percent (year-on-year) in September after a two-month drop.

By IANS, New Delhi : The slowdown in property market will see developers focusing more on mid-range and affordable housing with a considerable correction in prices of existing residential projects, says a recent survey by an industry lobby. The Federation of Indian Chamber of Commerce and Industries' (Ficci) survey on 'Impact of Global Financial Crisis on Indian Real Estate Market' says while scarcity of funds has affected the supply side, high interest rates have led to demand dwindling.

By IANS, New Delhi : Nestle India will double its investments in India from Rs.3 billion this fiscal to Rs.6 billion next fiscal, Nestle S.A. chairman Peter Brabeck-Letmathe said here Friday. "We are very impressed by the growth of Nestle India and the talent pool available here. We have decided to give Nestle India all the resources needed to sustain this growth and there will be no limit," Brabeck-Letmathe said at a press meet here. Nestle India has built from scratch a plant in Uttarakhand in 2006 that produces items priced within Rs.10.

By IANS, Mumbai: Indian equities markets closed on a dull note Monday as traders mostly kept on the sidelines ahead of the monetary policy review by the Reserve Bank of India.

By IANS, Mumbai : A key index of the Indian equities markets fell sharply about 90 minutes before the closing bell Wednesday to rule 91 points lower than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,902.62 points, was ruling at 14,782.97 points - 91.94 points or 0.62 percent below Tuesday's close. It had ruled above the 15,000-mark in earlier sessions. The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the red, falling 0.73 percent to 4,492.35 points.

By IANS Bintulu (Malaysia) : Malaysia has allocated $1.5 billion for the development of renewable energy under the Sarawak Corridor of Renewable Energy (Score) project, WAM news agency reported Tuesday. Prime Minister Abdullah Ahmad Badawi made the announcement Monday. The projects are part of the Ninth Malaysia Plan. The projects would be developed in the central region of the eastern Malysia's Sarawak state and would cover 70,700 sq km in the Bintulu, Kapit, Sibu, Mukah and Sarikei divisions.

By IANS, Chennai : As the government moves to reconstitute the board of Maytas Infra Ltd, an associate firm of fraud-hit Satyam Computer Services, financial institution IFCI Limited says it is ready to accept a seat on it. "It is right on the part of the Indian government to approach the Company Law Board (CLB) to reconstitute the Maytas Infra board. Maytas Infra has to severe its connections with the Satyam Computers so that it does not suffer from a crisis of confidence," IFCI chairman and managing director Atul Kumar Rai told reporters Thursday.

By IANS Brussels : The Tea Board of India filed an application here Monday to register Darjeeling as a Geographical Indication (GI) in the European Union (EU). GI is a sign used on products, which have a specific geographical origin. The use of a GI often acts as a certification that the product possesses certain qualities, or enjoys a certain reputation, due to its geographical origin. Darjeeling was the first GI to be registered in India and is the first application for registration of a tea in Europe.

By IANS, Washington : The World Bank Group committed US$6.6 billion in fiscal year ended June 30 to South Asia, where India is the largest borrower, much of it focused on helping the countries there cope with the impact of the global economic crisis. Key to the Bank's strategy in South Asia is scaling up existing programmes that are delivering results, the group said Thursday.

By Fakir Balaji, IANS, Bangalore : Turbulence in the civil aviation sector has forced the state-run Hindustan Aeronautics Ltd (HAL) to put on hold plans to build an aerospace MRO (maintenance, repair and overhauling) facility at its airport here. "We have delayed our plans to foray into the MRO business due to recession in the civil aviation industry. We are watching the situation. We will invest in the new facility when the sector revives and business becomes viable," HAL chairman Ashok K. Baweja told IANS.

By DPA, Munich : Hypo Real Estate (HRE), the German company caught up in the wave of western bank failures, said Saturday a government-backed bail-out it was seeking had collapsed. The mortgage lender said assurances of loans from several other financial institutions had expired. Newspaper reports said leading German banks had discovered that HRE's troubles were more serious than first thought. HRE, which mainly lends to commercial projects and to build public facilities, is the first German casualty of the crisis that has spread from New York in the past month.

By IANS New Delhi : Despite a $150 billion package announced by the US last week to avert a recession and encouraging statements from Indian policy-makers, equity markets in the country opened on a weak note Monday, a day ahead of the credit policy review by the central bank. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 18,011.89 points, down 349.77 points, over Friday's close at 18,361.66 points, when it registered one of the steepest intra-day gains ever.

By IANS, Mumbai : Indian equities advanced this week, recouping earlier losses, even as uncertainty about global economic recovery persisted as the euro-zone deficit crisis spread to Hungary and the US reported a lower-than-forecast jobs growth in May. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose 1.5 percent or 254.63 points to end at 17,117.69 points Friday. The broader S&P CNX Nifty of the National Stock Exchange (NSE) too ended the week on a high at 5,304.1 points, up 68.95 points or 1.36 percent.

By IANS, New Delhi : As the Indian economy continues to grow at an enviable pace, there is no other choice in addressing the mounting energy needs than nuclear power, External Affairs Minister Pranab Mukherjee said during an impassioned speech in parliament Monday. Participating in the debate following a confidence motion moved by Prime Minister Manmohan Singh in the Lok Sabha, Mukherjee said only nuclear energy had the potential to bridge the energy deficit in the country - expected to touch a staggering 150,000 megawatt by 2030 and 412,000 megawatt by 2050.

New Delhi, Jan 23 (IANS) Indian shares opened higher Wednesday as the US Federal Reserve stepped in to cushion the global financial crisis with a cut in interest rates, triggering positive reactions in stock markets across the globe. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 17,415.26 points, with a gain of 685.32 points, over the previous day's close at 16,729.94 points.

By IANS, Ahmedabad : The latest fuel price hikes will result in a Rs.18.45 billion burden on Gujarat, apart from taking inflation to double digits, the Gujarat Chamber of Commerce & Industry has said. Senior chamber official Bipin Patel told IANS here Thursday that taxes on fuel - at 26 percent on petrol and 24 percent on diesel - were already high in Gujarat. Petrol would now cost Rs.6.50 more, touching nearly Rs.57 per litre.

By IANS, Mumbai : The Satyam scrip recovered somewhat Thursday after Wednesday's rout at the Indian stock markets following its management's decision to take over two group companies, a decision it had to revoke within hours. The scrip of Maytas Infra - one of the group companies Satyam was hoping to acquire - kept falling Thursday for the second day in succession.

Mumbai: After five consecutive weeks of falls, India's foreign exchange reserves grew by $1.30 billion to $312.73 billion for the week ended Oct 10,...

By IANS Bhubaneswar : Tension prevails at the site of a proposed steel plant by Posco-India, a subsidiary of South Korean steel major Pohang Iron and Steel Co, in Orissa following fresh violence. At least 17 people, including five women, were injured after two groups described by the police as supporters and protestors of the project clashed Thursday evening at Balitutha, some 120 km here.

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By IANS, Mumbai : The primary stock markets of the country, Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will conduct a special 90-minute trading session Saturday for the NSE to be able to test its upgraded systems. "A special live trading session shall be held on Saturday, February 6 for the Securities Lending and Borrowing scheme," said a statement on the NSE. The markets will open at 11 a.m. and close at 12.30 p.m., both the bourses said in separate statements.