Economy

By IANS, New Delhi : Private telecom major Tata Commununications Thursday announced that it will invest around $430 million (Rs.21 billion/Rs.2,100 crore) in the Asia Pacific region to expand its operations. The investments will be used for developing its internet data centre Tata Communications Exchange (TCE) and for the completion of the main segment of its TGN-Intra Asia Cable system, a company statement said. These investments are part of the company's $2-billion expansion plan worldwide, it added.

By IANS, New Delhi : Finance Minister P. Chidambaram Wednesday told a gathering of Congress spokespersons here that inflation would take a minimum six to nine months to moderate. Speaking at the closed-door orientation programme, Chidambaram expressed confidence that the monetary measures undertaken by the government would yield results, but it would take some time, sources told IANS. The minister also said the nine percent economic growth has had positive as well as negative impacts on the common people. Where there was good governance, there were positive effects, he said.

By IANS, Hyderabad : The government-appointed directors of fraud-hit Satyam Computer Services Wednesday extended its meeting by a day. The board, which is meeting for the fifth time in three weeks, will continue its meeting Thursday. A spokesperson of Satyam said the company would release a statement after the meeting concludes Thursday.

By IANS, Mumbai : A benchmark index of Indian equities tumbled 2.25 percent Thursday on last-hour panic selling.

By IANS, Mumbai: July sales of auto major Tata Motors grew 18 percent to 48,054 vehicles as against 40,729 units sold in the year-ago period, the company said Monday. In a regulatory statement, it said domestic sales of both commercial and passenger vehicles grew 23 percent to 45,599 units as compared to the 37,033 units sold a year ago. However, Tata's cumulative sales including exports fell one percent for 2008-09 to 171,168 units, from 172,462 vehicles the previous fiscal.

Describes budget pro-people, development-oriented By News Agency of Kashmir

Jammu : Comparing the spending on development profile during last five years of the coalition government with previous decade, the Finance Minister Mr. Tariq Hamid Karra told Legislative Assembly that expenditure by the end of next fiscal would be over Rs. 87000 crore and the raising to Rs. 80000 crore.

By IANS New Delhi : The illegal re-routing of international calls through local lines have caused a revenue loss of Rs.2.94 billion (around $70 million) in the last three years, Minister of State for Communication and Information Technology Shakeel Ahmad told parliament Thursday. A total of 299 cases of the illegal re-routing were filed between the 2005 and 2007. The revenue loss was highest in 2005 (183 cases) resulting in revenue loss of Rs.1.98 billion, the minister informed the Rajya Sabha.

By IANS, New Delhi : India and Norway will expand cooperation by signing an agreement on the development of the fisheries sector, Science and Technology Minister Kapil Sibal said here Friday. “The cabinet today gave its approval for the signing of a memorandum of understanding on bilateral cooperation in the field of fisheries between India and Norway,” Sibal told reporters after the meeting chaired by Prime Minister Manmohan Singh.

By IANS, Mumbai : A benchmark index for Indian equities opened strong Wednesday and after 35 minutes of trade was ruling 203 points higher than its previous close. At 9.36 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,228.91 points, was at 16,430.32 points, up 203.64 points or 1.25 percent from its previous close. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,916.3 points, against the previous close at 4,855.75 points, a gain of 1.25 percent or 60.55 points.

By IANS, New Delhi : Haji Hassanal Bolkiah, the Sultan of oil-rich Brunei Darussalam, arrived here Tuesday evening on a four-day visit during which the two countries will ink four agreements on deepening their economic and cultural links. The sultan arrived here in a special Boeing 747 on his first visit to India in over a decade. After a ceremonial reception at the forecourt of the Rashtrapati Bhavan presidential palace Wednesday morning, the sultan will head for Prime Minister Manmohan Singh's official 7 Race Course Road residence for a luncheon meeting.

By IINA,

By Arun Kumar, IANS, Washington : India's Commerce and Industry Minister Kamal Nath arrives here Wednesday to further boost commercial ties that have seen a three-fold growth in bilateral trade - to nearly $42 billion - in seven years. During his two-day visit, the minister would be meeting US Commerce Secretary Carlos M. Gutierrez, Secretary of Agriculture Ed Schafer and Secretary of Treasury Henry M. Paulson.

By IANS,

By IANS, New Delhi : India Inc lauded the rail budget tabled in parliament Friday, but said Railway Minister Lalu Prasad has not responded to the prevailing slowdown in the country's economy that could have been somewhat cushioned by a cut in freight rates. "The Railway Minister has presented a mixed budget," said Harsh Pati Singhania, president of the Federation of Indian Chambers of Commerce and Industry (FICCI). "The minister has refused to respond to the current slowdown by not cutting freight rates and helping Indian industry and economy in the midst of a slowdown," he added.

By IANS, Mumbai : A benchmark index for Indian equities Tuesday was ruling on a quiet note, though cues remained firm from most other Asian bourses. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points, was trading at 18,114.64 points, 33.43 points or 0.18 percent up from its previous close at 18,081.21 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.13 percent up at 5,438.45 points.

By Dr. M. Iqbal Siddiqui,

“Islamic system of banking can surely be a boon for our country as it is for the whole mankind”, said H. Abdul Raqeeb, National Convener of the Islamic Banking Committee and member of Jamaat-e-Islami Hind’s (JIH) Central Advisory Council. He was addressing media persons in Jaipur.

By Anuradha Shukla, IANS, New Delhi : Chanda Deepak Kochhar, set to take over as managing director and chief executive of ICICI Bank, India's largest in the private sector, firmly believes women make better bankers, even if a lot also depends on how they use the opportunities that come their way. "So far as the financial sector is concerned, I feel women are always better with managing finance," says the 47-year-old banker who takes charge Friday at the landmark ICICI Bank Towers in Bandra-Kurla Complex in suburban Mumbai.

By IANS,

By IANS, New Delhi: Canada-based Niko Resources has said it has found natural gas in the offshore Mahanadi basin block that it is jointly exploring with Reliance Industries Limited (RIL). "At NEC-25, the AJ2 well discovered gas," Niko announced in its quarterly report for the period ending June 30. There is, however, no confirmation from RIL, which has so far reported eight gas discoveries at NEC-25 with the Director General of Hydrocarbons. Niko Resources hold a minority stake in Block NEC-25, where RIL is the operator.

New Delhi : Handset maker BlackBerry Monday launched its flagship smartphone BlackBerry Passport in India for Rs.49,990. "Passport symbolises mobility. The size of this mobile...

By IANS, New York : In a sign of growing entrepreneurship and an expanding corporate sector, India created millionaires at the fastest pace in the world in 2007, according to a new report. India added 23,000 millionaires in dollar terms last year to its 2006 total of 100,000, according to an annual Merrill Lynch Capgemini report that compiles such financial data for its wealth and asset management purposes.

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 Chennai : The US based voice and data communication product manufacturer Patton Electronics has partnered with the Chennai based Microsense Pvt Ltd to set up a distribution joint venture in India, said a top company official Tuesday.

By IANS New Delhi : The government is taking steps to prevent cartelisation of ordinance factories' suppliers, who had garnered orders worth Rs.4.72 billion last year, parliament was informed Wednesday. "Measures to break cartel formation are reviewed and fine-tuned on regular basis," Minister of State for Defence Production Rao Inderjit Singh said in a written reply in the Rajya Sabha.

By DPA, Tokyo : Sony Corp suffered its first annual net loss in 14 years as the yen's rise against the dollar and harsh price competition amid the global economic downturn drove consumers away, the company said Thursday. Sony reported 98.9 billion yen ($1.03 billion) in net loss for the fiscal 2008 year against a 369.4-billion-yen net profit the year before. The Japanese electronics giant incurred an operating loss of 227.8 billion yen for the business year that ended March 31, a turnaround from a profit of 475.3 billion yen the year before.

By IANS, New Delhi : MAN Infraprojects, subsidiary of Britain-based MAN Group, Friday announced plans to invest Rs.10 billion in seven realty projects in the country over the next three years. The company plans projects in Mumbai, Navi Mumbai and Indore, with a total built-up area of 10 million square feet and once completed would be worth over Rs.40 billion. “Our endeavour would be to target customers who love leading five-star life at all times,” says Nikhil Mansukhani, director of MAN Infraprojects Ltd.

New Delhi : Aggregate deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore as on the eighth day after the announcement of...

By IANS, Mumbai : A benchmark index of Indian equities was ruling 130 points higher in Monday morning trade compared to its previous close.

By IANS Ranchi : The benefits of modern industrial growth do not necessarily percolate to the poor regions from where the industries get their minerals, water and energy, says the Centre for Science and Environment (CSE) in a book released here Friday. The book, titled "Rich Lands, Poor People - Is Sustainable Mining Possible?", says mineral industries are flocking to Jharkhand, lured by the state government's sops.

By IANS Bangalore : CDC Software, a wholly owned subsidiary of CDC Corp and a provider of industry-specific enterprise software applications and business services, plans strategic acquisitions in India to expand its presence and scale up its client base, a senior company official said here Wednesday.

By Xinhua, London : The Bank of England governor has said that Britain's economy is facing the biggest threat in 20 years, giving a grim picture of the country's financial future, a media report said Thursday. Speaking at the annual dinner for bankers and merchants here Wednesday, Mervyn King said that consumers could expect sharp rises in the gas and electricity prices. And with no likely pay rise in the near future, there may be a steep fall in the purchasing power, Sky News reported.

By DPA, Tokyo : Stocks in Japan dropped in early trading Friday, dragged down by opposition to the US car industry bail-out plan by conservative lawmakers in the US Senate. The benchmark Nikkei 225 Stock Average was down 110.31 points, or 1.27 percent, to 8,610 at mid-trading, also affected by the yen strengthening against the dollar. The broader Topix index of all first-section issues declined by 6.06 points, or 0.71 percent, to 843,19. On currency markets at 9 a.m. (0000 GMT), the dollar was quoted at 91.49-54 yen, down from Thursday's 5 p.m. quote of 92.50-53 yen.

By Sushma Ramachandran, IANS, The government has bit the bullet and the cost of living has just shot up for people all over India. But there were few options before Prime Minister Manmohan Singh. With world oil prices having reached astronomical levels, the state-run oil companies could not have continued subsidizing supplies of petroleum products to the nation. If left unchecked, the present situation would have led to oil companies going deep into the red - and that would have been an even worse disaster for the country.

By IANS Jaipur : The government in Rajasthan has imposed a new property tax in urban areas of the state. In a notification issued here late Wednesday evening the state government imposed urban development tax with immediate effect. The urban development tax is being levied as an alternate to house tax, which was abolished in January. Abolition of house tax was one of the promises made in the Bharatiya Janata Party manifesto released at the time of the assembly elections in 2003.

By IANS/EFE, Madrid : Spain has presented a 590-million euro ($789 million) budget to promote electric vehicles in the country and is set to register more than 70,000 all-electric and hybrid cars by 2012. The aim is a total registration of 250,000 units by 2014, Prime Minister Jose Luis Rodriguez Zapatero said Tuesday. Subsidies of up to 6,000 euro ($8,000) per vehicle for individual users was announced by the prime minister to make it more economical for the users to acquire such vehicles.

By IANS London : Spurred by reports of rivals John Lewis considering an Indian expansion, British retailer Marks and Spencer (M&S)are in talks with Reliance Industries Ltd about selling its food range in India, a newspaper reported Tuesday. The Times in a report from Mumbai quoted a source close to Reliance Industries as saying the Indian group had discussed possible joint ventures with several western brands, including M&S.

By DPA, New York : Major US stock indices posted gains Tuesday amid improving housing figures, but financial stocks fell amid some new share offerings by top Wall Street firms. Sales of existing homes jumped 6.7 percent in April from the month before, according to the National Association of Realtors, as record low mortgage rates and home prices are slowly driving buyers back into the market.

By IANS, Bangalore : The Communist Party of India (CPI) has urged the central government to adopt a massive public investment programme in the agrarian sector to enhance foodgrain production and ensure food security. "The government should take steps to strengthen farm infrastructure, including irrigation and power through a special package and implement the recommendations of the national commission on farmers," CPI general secretary A.B. Bardhan told reporters Wednesday after the party's national council met here Dec 27-29.

By IANS, New Delhi : Petroleum and Natural Gas Minister Murli Deora Wednesday called for deploying new technologies to efficiently utilize and conserve the country's hydrocarbon resources. Speaking at the launch of a joint venture company to manufacture specialised products for Indian roads here Wednesday, the minister pointed out that better roads not only improved connectivity, but also contributed towards reduction in fuel consumption.

By IANS, Thiruvananthapuram : Travancore Titanium Products Ltd (TTP), promoted by the Kerala government, is planning to source sulphur from the Kuwait Petroleum Corp. (KPC) at rates lower than that reigning in India, a top official said. The government plans to get into a long-term agreement with KPC, industries department principal secretary P.H. Kurian told IANS. "When there is a long-term agreement, rates would be lower than sulphur available in the domestic market."

By IANS Bangalore : IT bellwether Infosys Technologies Tuesday announced its decision to tie up with a US-based body to institute an annual award with a cash prize of $150,000 (Rs.6 million) for young scientists and system developers in the field of computing sciences. The award will be managed jointly with the Association for Computing Machinery (ACM), a US-based educational and scientific society. Infosys Foundation, the philanthropic arm of the IT major will fund the award.

By IANS Raipur : Mining officials Monday said they have found massive fresh stocks of iron ore, coal and bauxite in Chhattisgarh. A survey conducted by the directorate of geology and mining found an estimated 40 million tonne coal reserves in Raigarh district and about 20 million iron ore reserves of the finest quality in the state's southern hilly region of Dantewada and Kanker districts.

By DPA, Toyota City (Japan) : Toyota Motor Corp launched an offensive to improve the quality of its vehicles after recalls of millions of cars that severely damaged the company's reputation, the world's largest carmaker said Tuesday. "We want to newly examine all quality processes," Toyota chief Akio Toyoda said at the first meeting of the global quality control task force at the company headquarters in Toyota City west of Tokyo. "We want to win back our consumers' trust," said the chairman of the quality committee, which has 50 members from around the world.

By IANS, New Delhi : Finance Minister Pranab Mukherjee Wednesday unveiled a draft of the new Direct Tax Code to replace the five-decade-old Income Tax Act with easy-to-comprehend provisions for average taxpayers, freeing them from the clutches of lawyers and experts. The finance minister also placed on the ministry's website a discussion paper on the subject to invite opinion from the public before going to parliament with a proper bill for the legislative changes.

By Biswajit Choudhury, New Delhi:Even as the entire list of black money account holders is due to be submitted Wednesday it is unclear if the...

By IANS, New Delhi : Private provident and other retirement funds will be allowed to directly invest up to 15 percent of their investible funds in the capital market, giving fund managers a greater degree of flexibility. A finance ministry notification Thursday also announced easing of other existing norms. These investment pattern norms were last revised Jan 24, 2005. The new norms will come into force from the next fiscal starting April 1, 2009, it said.

By DPA Manila : Saudi Arabia's leading oil producer Aramco is selling its 40 percent stake in Petron Corp, the largest oil refiner in the Philippines, to London-based Ashmore investment group, President Gloria Macapagal Arroyo said Friday. Arroyo said the decision of Aramco Overseas Corp (AOC) to sell its stake in Petron Corp was due to a change in the oil firm's "business focus". Petron disclosed that Ashmore offered to buy Saudi Aramco's shares for $550 million.

By IANS, New Delhi : The second generation (2G) spectrum auction in 900 MHz and 1,800 MHz airwaves ended Thursday after 68 rounds of bidding...

By IANS Abu Dhabi : World oil demand is set to rise to 118 million barrels a day by 2030, according to UAE Energy Minister Mohammed bin Dhaen Al Hamli, WAM news agency reported Monday. In a keynote speech at the World Future Energy Summit 2008 (WFES), which started here Monday, Al Hamli said that the world's oil resources are sufficient to meet the forecasted heavy increase in demand for decades to come.

By IANS, New Delhi : The government will infuse Rs.11,200 crore capital in public sector banks in the financial year 2014-15, Finance Minister P. Chidambaram...

By IANS, New Delhi : The Delhi government Monday announced increase in the price of LPG cylinders by Rs.40 each, a move that many Delhiites will find hard to digest in the face of soaring inflation in food prices. While presenting the annual budget for the national capital in the assembly, Finance Minister A.K. Walia proposed withdrawing the subsidy on LPG (Liquefied Petroleum Gas) in the state. Chief Minister Sheila Dikshit said the subsidy was given for LPG when the inflation rate was very high.

By IANS Mumbai : Bangladesh-based GMG Airlines is working on an aggressive expansion plan in India by introducing flights between Dhaka and Mumbai, Chennai and Guwahati. "We aim to start flying to Guwahati from May and services to Mumbai and Chennai will be operational by July and December," Shahab Sattar, managing director of GMG Airlines, told IANS.

By IANS, New York : At the first Citigroup shareholders meeting here with Vikram Pandit as chief executive, the board of directors was re-elected but was taken to task for the company's stock losing half its value, high salaries to its executives and the accountability of the board. India-born Pandit told shareholders Tuesday that last year was a year of disappointments for the US's biggest financial institution, as bad investments in mortgages and other types of loans forced a write down of the value of its assets by $38 billion over the last three quarters.

New Delhi : Prime Minister Narendra Modi Saturday begins a five-day visit to Japan, hoping to boost ties in infrastructure, trade, defence and civil...

By IANS New Delhi : There are now 250 million telephone subscribers in India, the Telecom Regulatory Authority of India (TRAI) said here Monday. This number has been achieved ahead of the scheduled target date of end December. The tele-density in the country has risen to 21.85 percent in September compared with 21.20 percent in August.

By IANS, New Delhi : Leading telecom services provider Tata Teleservices Ltd (TTSL) Tuesday announced it has launched CDMA services in Assam with an initial investment of Rs.1 billion. “To expand its national footprint, Tata Teleservices has invested over Rs.100 crore (Rs.1 billion) in the Assam circle, establishing a pan-India network with 20 circles,” a company statement said. During the current stage of launch, TTSL will provide seamless coverage in 31 towns of Assam and will shortly launch services in the northeast region," it added.

By IANS, Panaji: India's claim for an extended maritime economic zone in the Arabian sea and the Bay of Bengal is pending before a United Nations agency, Union Minister for Science and Technology Prithviraj Chauhan said Monday. Speaking at the National Institute of Oceanography (NIO) near Panaji, Chauhan said that "it was only a matter of time" before the claim would be validated. "We have laid claim to 0.6 million sq km of the sea bed beyond the exclusive economic zones both in the Arabian sea and the Bay of Bengal," Chauhan, who is on a one-day visit to Goa said.

By IANS, Mumbai : In its worst performance in recent weeks, a key index of the Indian equities markets ended trade Monday nearly 870 points down from its last closing figure, as investors blamed lack of policy announcements and increase in minimum alternate tax on corporates for the negative reaction. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,962.12 points, closed at 14,043.4 points - 869.65 points or 5.83 percent lower than Friday's close. At one point, it had slipped by more than 900 points.

By IANS,

By IANS, New Delhi: Poor awareness, mammoth size, diversity and insularity are challenges India must overcome to ensure fair trade practices in grassroots businesses, World Fair Trade Organisation (WFTO) president Paul Myers, himself a leading economist, said in the capital Friday. WFTO, a global representative forum of more than 350 organisations established in 1989, tries to ensure fair deals for small-scale producers at the grassroots the worldover and correct trade imbalances, while factoring in ecological concerns and participation by all segments of industry.

By DPA, Washington: General Motors Co posted a net loss of $4.3 billion from July to December, the US carmaker said Wednesday in its first earnings report since exiting bankruptcy. Nearly all of the loss came in North America, where the car market struggled through much of last year. GM reported global revenue of $57.5 billion over the July-December period.

By NNN-PTI New Delhi : With India emerging as a top buyer of military equipment, UK-based global defence and aerospace major BAE systems is finalising several joint ventures with Indian manufacturers to get a bigger share of the lucrative defence market. The company is also eyeing a deal to grab an additional contract to supply 40 more Hawk advanced jet trainers for the Indian Air Force in addition to 66 already contracted under the Rs 8,000-crore deal signed in March 2004.

By IANS, Chennai : Two- wheeler manufacturer TVS Motors will launch two new limited edition scooters coinciding with the Wimbledon tennis tournament this month, company officials said. The company has signed a one-year agreement with the All England Lawn Tennis Club as the official licensee for Wimbledon Tournaments and the new scooters will be named "Wimbledon Class" and "Wimbledon Xtreme".

By IRNA-AzerTAc Baku : Minister of Industry and Energy of Azerbaijan Natig Aliyev is attending the annual Meeting of the Energy Charter Conference in Istanbul, Turkey, the Ministry said. The meeting discusses energy security in member countries and transparent distribution of oil and gas revenues. The Charter was signed at a summit of the European Union in Hague on December 17, 1991. In 1994, 30 states became members for the Charter in Lisbon. The agreement to set up the conference was signed in 1998, and today, the Charter has 51 member states.

By IANS,

By IANS, New Delhi : Reliance Infrastructure, part of the Anil Dhirubhai Ambani Group, Sunday said it has commissioned a 600 MW unit at the Rajiv Gandhi Khedar Thermal Power Plant (RGKTPP) at Hisar in Haryana. The company said this was the country's largest thermal power generating unit. The Rs.3,800-crore project, with a total capacity of 1,200 MW, is being set up by the state government-run Haryana Power Generation Corp and executed by Reliance Infrastructure.

By IANS, New Delhi : India's six core sectors grew 3.5 percent in October compared to the same month last year, according to data released by the commerce and industry ministry Friday. The six sectors have a weightage of 26.7 percent in the index of industrial production (IIP) -- the barometer statistic which gauges the growth rate of Indian industry. While petroleum refinery production registered a growth of 7.2 percent, cement production grew by 5.3 percent, coal by 5 percent, and electricity by 4.7 percent in October.

By IANS, New Delhi : The government Wednesday approved proposals for 23 special economic zones (SEZs) that would come up in Maharashtra, Gujarat, Uttar Pradesh, Haryana, Andhra Pradesh and Karnataka. The board of approvals (BoA), which met here, cleared the 27 proposals including four proposals for conversion of in-principle approval to formal approval , an official statement said. The newly notified SEZs will provide employment to 97,993 people.

By DPA, Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) continued falling last Friday, when it dropped to $42.56, the cartel reported Monday. That was a drop of $1.50 per barrel (159 litres) of OPEC crude at the end of the week, versus $44.06 on Thursday. OPEC calculates an average price based on 13 important brands produced by its members.

By Dipankar De Sarkar, IANS Davos : India will catch up with the West and take its place alongside "the best" in the world but it's not going to happen overnight, India's Finance Minister P. Chidambaram told an audience of young people at the World Economic Forum. "I see a shift but I don't think it's going to be a dramatic shift or over a short time. China and India have some way to go before we catch up, but we will catch up and we will take our place," Chidambaram said at panel discussion televised live by BBC Television in this Swiss town.

By DPA, New York: US stocks fell Wednesday, the result of worse-than-expected company earnings and an earlier drop in European shares. The decline came after two straight days of strong gains. Pharmaceutical giant Pfizer, insurer Metlife, and truck-leasing company Ryder all posted disappointing results. The Dow Jones Industrial Average fell 26.3 points, or 0.26 percent, closing at 10,270.55. The broader Standard & Poor's 500 Index dropped 6.04 points, or 0.55 percent, to 1,097.28.

By DPA, Shanghai : Crowds poured into the World Expo 2010 site in Shanghai Saturday as the six-month event opened to the public following a spectacular opening ceremony Friday night. Tens of thousands of people were queuing before the gates opened, many arriving more than one hour early. The organisers aim to attract an average of around 400,000 visitors daily, or 70 million by the time the Expo closes Oct 31. More than 20 heads of state and government attended Friday's spectacular opening of the Expo, which featured fireworks and music and dance performances.

By IANS,

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.

By DPA Washington : Developing countries are well placed to weather the current economic crisis despite growth in the US coming to a virtual halt, according to a report by the International Monetary Fund (IMF) Thursday. The IMF also said industrial nations with more developed mortgage and financial markets have been struck harder by a correction in housing prices than poorer countries, where fewer people have access to credit.

By IRNA, Islamabad : A recent poll shows that 32% of Pakistanis say they have reduced food consumption due to price hike in food items. The Pakistani study was carried out by Pakistan Institute of Public Opinion, the Pakistani affiliate of Gallup International, among a sample of 1732 men and women in rural and urban areas of the country during 3 & 4 August 2008. Around 56 per cent say that the rising cost of food, fuel and electricity, has affected them and their family 'a great deal'. Pakistan does only slightly better than India when it comes to reduced food consumption.

By Lars Nicolaysen, IANS, Tokyo : Japanese car manufacturers aim to counter the twin challenges of climate change and spiralling oil prices with a range of affordable hybrid cars, which run on both petrol and electricity. Although Toyota has sold over one million of its groundbreaking Prius hybrid, the car remains a high-tech niche model: Now Japan's second-largest maker Honda, plans to market an entry-level hybrid model of its own with the roll-out planned for next year.

By IANS, New Delhi : State-run gas major GAIL India will invest Rs.7,500 crore ($1.5 billion) to develop two major pipelines in southern India, the company said Friday. Of this investment, Rs.4,500 crore would be spent on the 1,389-km Dabhol-Bangalore pipeline, which would have a capacity of 16 million standard cubic metres a day (mmscmd), a company statement said. The second project - Kochi to Mangalore - will cost Rs.3,000 crore, and this too would have a capacity for 16 mmscmd.

Bhubaneswar : Rice production in Odisha may climb to 97 million tonnes, an all time high in the state in the 2014-15 financial year...

By IANS, Bangalore : IT major Infosys Technologies Ltd has drawn a road map to transform power distribution and check losses across India. The hi-tech plan, commissioned by the power ministry, has been drafted in association with the Bangalore-based Centre for Study of Science, Technology and Policy (CSTEP) to bring about radical changes in power distribution for rapid economic growth and meeting societal needs. Its focus is on checking aggregate technical and commercial (AT&C) losses in electricity distribution.

By IANS, Mumbai : After panic selling throughout the morning, Indian equity markets witnessed a smart recovery but still ended in the red Monday. At the close of trading, the 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, had recovered by nearly 300 points to end the day at 13,531.27, still down 469.54 points or 3.35 percent from its closing figure Friday. Earlier in the day it had fallen by over 750 points or about 5.4 percent.

By IANS, Chandigarh : Government employees in Haryana will get revised pay scales on the lines of the Sixth Pay Commission shortly, Chief Minister Bhupinder Singh Hooda said Saturday. Hooda said the revised scales, according to the recommendations of the Sixth Pay Commission, to all state government employees would be implemented with retrospective effect from January 2006. The chief minister said the government had made a provision of Rs.15 billion in the annual budget for this financial year to give the revised scales.

By IANS, New Delhi : The state-owned telecom operator Mahanagar Telephone Nigam Ltd (MTNL) will conduct trials of third generation (3G) services by the end of this month in Delhi and launch commercially in December, the government announced Thursday. MTNL's 3G trials will be conducted in and around the capital's Connaught Place area. “Indoor trial of 3G in Delhi has already been completed,” an official statement said. “The launch will give people a feel of high speed data, video streaming etc which come as part of the 3G services,” the statement further added.

By IANS, Hyderabad : Three names have been shortlisted for the posts of chief executive officer and chief financial officer in fraud-hit Satyam Computer Services, the new board announced Friday. The selections will be taken next week. In a communication to the Bombay Stock Exchange (BSE), the board said that funding arrangements for Satyam, hit by a Rs.70 billion ($1.43 billion) scam, is in final stages and will be announced before Jan 28. The new board told the BSE that the new CEO will be a leader of global standing and recognition.

By DPA, Paris : As the world economy slides deeper into recession, global oil demand will shrink in 2008 for the first time in 25 years, the International Energy Agency (IEA) said Thursday. "Global oil demand has been revised down in both 2008 and 2009, given a much starker contraction in the OECD than expected, and early signs of weakness in non-OECD countries, notably in Asia," the IEA said in its Monthly Oil Report, issued in Paris.

By IANS,

By IANS, Mumbai : Indian bankers will wait for the monetary policy before announcing any change in the prime lending rate (PLR) in the wake of the hike in cash reserve ratio (CRR), announced by the apex bank Thursday. M.V. Nair, chairman and managing director of Union bank of India, told IANS: "We will wait for the announcement of the monetary policy and take a decision on the revision of PLR rates."

By DPA, Rome : UN Secretary-General Ban Ki-moon urged world leaders attending a summit in Rome Tuesday, to lift trade restrictions, taxes and other price controls that have helped spur food prices to their highest levels in 30 years. "You all know the severity of the global food crisis... I have seen it for myself. In Liberia recently, I met people who normally would buy rice by the bag. Today, they buy it by the cup," Ban said.

By IANS, New York : India has been ranked 64th in a global list of best countries to do business in, dropping from 51st place last year. While India has dropped 13 places, China is down two notches to No 79. In the new Forbes study that compared business climate from various angles in 121 countries, Denmark tops the list, having displaced the US, last year's leader. Ireland and Finland follow at No 2 and No 3 spots. US is at No 4 now, followed by UK.

By IANS, Mumbai : The Sahara Group has said that it is not liable to pay a service charge of $25 million (Rs.1 billion) on Jetlite, formerly Air Sahara. The company made the statement after Jet Airways, current promoters of Jetlite, said the service tax liability on the low-cost airlines would rest with Sahara, its previous owners. "As per the provisions of the agreements, the liability, if any, for the tax demands in respect of which the investigations are currently in progress rests with the earlier owners of the Sahara Airlines," Jet Airways said in a statement.

By IANS, Kolkata : Steel major Tata Steel is hopeful of saving 600 million pounds ($831 million) between October 2008 and March 2009 from its Corus operations, a top official said here Tuesday. Last year, the company had launched a cost-cutting programme to save this amount to tide over the economic crisis.

By IANS New Delhi : Global consultancy Accenture will soon give its report on the formal merger and route rationalisation in domestic and overseas sectors for Air Deccan and Kingfisher Airlines. The airline has already applied to fly to San Francisco and New York in the US apart from a host of international destinations, Kingfisher Airlines Vijay Mallya told reporters Monday at the India Economic Summit of the World Economic Forum.

By IANS, Dubai : The United Arab Emirates (UAE)-based Mubadala Petroleum Services Company (MPSC) and global oil and gas facilities service provider Petrofac announced Monday their plans to establish a new joint venture company. To be called Petrofac Emirates, the new company will provide a full range of engineering, design, procurement and construction services for onshore oil and gas, refining and petrochemical projects throughout the UAE, according to a statement from MPSC. MPSC is a wholly owned subsidiary of the Abu Dhabi government's Mubadala Development Company.

By IANS New Delhi : Besides buying curtains, soaps, utensils, groceries, cosmetics, spices, you can now actually drive away a bike from your nearby Reliance Mart. Mukesh Ambani-promoted Reliance Retail has entered into an exclusive distribution agreement with Britain's light electric vehicle major Ultra Motor for selling its electric bicycles and scooters co-branded as Hero Electric in association with its Indian partner Hero Cycles.

Mumbai, July 31 (IANS) India's key interest rates were kept unchanged as the country's central bank reviewed its monetary and credit policy for the current fiscal in the backdrop of some control over inflation. This was the first quarterly review of the policy that was announced by Reserve Bank of India (RBI) Governor Y.V. Reddy in April. The reserve bank also kept unaltered its forecasts for economic growth at 8.5 percent for 2007-08 and inflation rate at under five percent.

By IANS, Mumbai : Three months after launching Nano, the world's most inexpensive family vehicle at the Rs.1 lakh, Tata Motors Sunday launched here the iconic Jaguar and Land Rover cars, to cost between Rs.63 lakh and Rs.92 lakh in India. Tata Motors chairman Ratan Tata said initially, three Jaguar and two Land Rover models would be available in the country. While Jaguar models will be available in the price band of Rs.63-92 lakh, the Land Rover will be in the Rs.63-89 lakh range. They will be available in five-six cities after checking out the response in Mumbai.

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By Rohit Vaid, New Delhi : India is firming up plans for a $1.6-trillion financing institution that will fund highway projects across the country with...

By IANS, Highlights of the Delhi budget for 2013-14 presented Wednesday by Chief Minister Sheila Dikshit:

By IANS, Hyderabad : A consortium led by Navabharat Ventures is all set to bag the order to build and operate the elevated metro rail system here, a top metro rail official said Monday. A three member committee constituted by the government to chose the bidder has recommended that the Navabharat-led consortium be awarded the Build, Operate and Transfer (BOT) contract for the Rs.121 billion project, N.V.S. Reddy, managing director, Hyderabad Metro Rail Limited, told reporters here.

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By IANS, New Delhi : The All India Institute of Medical Sciences (AIIMS), the premier research and education body here that also caters to 8,000 patients every day, topped the list of medical institutes benefiting from the union budget announced Monday. India's health budget has gone up by nearly Rs.4,000 crore to Rs.21,113.33 crore ($4.35 billion) with Finance Minister Pranab Mukherjee giving special emphasis to rural healthcare. Of the total health budget, AIIMS got a major chunk as it was allocated Rs.677 crore, up from last fiscal's Rs.573.42 crore.

By Xinhua Mumbai : The Indian Cabinet, headed by Prime Minister Manmohan Singh, is likely to meet on Monday to discuss raising petrol and diesel prices because of surge in international crude oil prices. "As of now, the Cabinet is scheduled to meet at 4 p.m. on Monday," a senior Government official said.

By IANS, New Delhi : With global crude prices spiralling to $135 per barrel, Prime Minister Manmohan Singh Wednesday said energy security will determine the future power play among nations and that China had made major inroads in this area. "The world is not able to grapple with the crises it faces," the prime minister told the probationary officers with the Indian Foreign Service (IFS) here, referring to the crisis which India, like other energy deficient nations, faces.

By IANS, Mumbai : A benchmark index for Indian equities markets Thursday continued to languish in the afternoon trade even as broader markets extended their gains.

By IANS Hyderabad : Gameshastra, India's largest game services provider, Monday announced that it had been short-listed as one of the top 200 contenders for the Red Herring 100 Asia 2007 awards. "It is an honour to achieve this recognition in just over two years of our operations," Prakash Ahuja, CEO of Gameshastra, said in a statement. "Our goal as a company is to deliver significant value to our customer's business by constantly delivering cutting edge technology services in game development, game testing, game art and animation."

New Delhi : Reacting to the controversy over the petroleum ministry seeking a tenure extension for Oil and Natural Gas Corp. (ONGC) chairman Sudhir...

By Lalit K. Jha, IANS, New York : On the eve of the crucial G-20 summit on the current financial crisis, US President George Bush acknowledged Thursday that the global economic meltdown can't be solved overnight and called for decisive action from governments around the world. "This crisis did not develop overnight, and it will not be solved overnight. But our actions are having an impact," Bush said while addressing the prestigious Manhattan Institute in New York on 'Financial Markets and the World Economy'.

By IANS, Mumbai : A benchmark index of Indian stocks market rebounded after government figures showed Wednesday that industrial output had fallen to an 18-month low.

By IANS, Mumbai : A benchmark index for Indian equities Tuesday fell 372 points from its previous close amid heavy selling on weak global cues that ended a four-day upside move. All the 13 sectoral indices on the Bombay Stock Exchange ended the day in red. Metal, realty, banking and energy scrips faced bulk of the selling pressure. The 30-scrip sensitive index (Sensex) of the BSE, which opened at 16,942.82 points, shut shop at 16,572.03 points, 372.6 points or 2.2 percent down from its previous close at 16,944.63 points.

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By IANS, Kolkata : Fiat India plans to launch its first compressed natural gas (CNG)-run car for the domestic market in the April-June quarter of 2010, a top company official said here Tuesday. "We are working on a few CNG models. The first one will be rolled out in the second quarter next year," the company's president and chief executive Rajeev Kapoor said at a press meet. However, Kapoor declined to divulge any details on the models under consideration.

By Venkatachari Jagannathan, IANS, Chennai : With prices of pulses skyrocketing in India, China's Saskatchewan province is offering a much cheaper version of the humble 'dal', which also promises not to compromise hugely on the taste and texture of some time-tested recipes. So the next time you have dosas, idlis, vada, dhokla, laddu, pongal, mysorepak or any other traditional Indian delicacy, don't be surprised if the basic ingredient is imported from Canada.

By Vishal Gulati, IANS, Shimla : Satluj Jal Vidyut Nigam Ltd (SJVN), the hydro-power generation company promoted by the Centre and the Himachal Pradesh government, plans to spread its wings abroad, a top official said. SJVN has signed a pact with the Nepal government to set up a 402 megawatt power project there, and is currently testing waters in Georgia and Bhutan, its chairman and managing director H.K. Sharma told IANS. Sharma said SJVN has been invited by a Georgian company to execute a 765 megawatt hydro-power project.

By IANS, Mumbai : A benchmark index for Indian equities Friday rose to its intra-day high in noon trade Friday with Asian cues remaining steady. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 18,080.29 points and was ruling 18,220.65 points, 146.75 points or 0.81 percent up from its previous close at 18,073.9 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was trading 0.9 percent higher at 5,465.4 points.

By IANS, Bhubaneswar : Maytas Infra, the infrastructure company linked to scam-tainted Satyam Computer Services, has lost a contract from Vedanta Alumina to develop an integrated township in Orissa, Vedanta said here Monday. "We have terminated the contract. A final settlement with the company will be done in a day or two," Vedanta spokesperson Shashanka Pattnaik said.

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By IANS, Kolkata : Exide Industries, the country's largest lead acid storage battery manufacturer, saw its net profit rise 132 percent to Rs.130 crore in the third quarter this fiscal, the company said in a statement Monday. It had posted a profit of Rs.56.15 crore in the corresponding quarter in 2008-09.

By IANS, New Delhi : Passenger car leader Maruti Suzuki Ltd Thursday launched its multipurpose vehicle (MPV) Eeco at an introductory price of Rs.2.59 lakh. The MPV has been designed especially for Indian roads, the company said.

By IANS, Following are key milestones and timeline of developments in India's telecom sector in 2008, when the country's network emerged as the second largest in the world after China's, displacing that of the US: Jan 1: Telecom watchdog issues status paper to ensure Internet service providers adhere to minimum prescribed speeds for broadband connectivity Jan 3: Delhi High Court issues notice to the government, regulator, Reliance Communications and Tata Teleservices on a petition challenging allocation of radio spectrum

By Mehru Jaffer, IANS, Vienna : At the age of 75, all that Frank Biribauer, a retired Austrian actor, wants is a small cup of espresso coffee served to him with a smile. The combination of good coffee and friendly faces is a good enough reason for Biribauer to return to Café Coffee Day regularly ever since India's largest coffee conglomerate opened its first outlet in the heart of the coffee capital, Vienna, in 2005.

By IANS, Shimla : Apple growers, particularly in the Shimla district, are up in arms against the Himachal Pradesh government for its failure to clear landslides on various highways during the past few days, resulting in financial losses to them. "Hundreds of apple-laden trucks are standing in the upper Shimla area as numerous landslides blocked almost all major roads," Ram Negi, a fruit grower, told IANS Monday. He said Rohru, Chopal and Narkanda were some of the worst affected areas.

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By IANS, Kolkata : The city is poised to get what probably is its first green housing complex, to be developed by real estate major Siddha Group, with guidance from a state government agency. The project, Xanadu, will have "energy efficient equipment", as suggested by the West Bengal Green Energy Development Corp, a government enterprise set up to promote environment-friendly projects.

By IANS New Delhi : India's markets watchdog is probing alleged insider trading in the shares of the Jamnagar, Gujarat-based Reliance Petroleum, which belongs to the Mukesh Ambani group, parliament was informed Tuesday. "SEBI (Securities and Exchange Board of India) has informed that it has initiated an examination in the matter," Minister of State for Finance Pawan Kumar Bansal said in a one-line written reply to the Rajya Sabha.

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By IANS, New Delhi : Following are the prominent highlights of the railway budget for 2012-13 presented in the Lok Sabha Wednesday by Railway Minister Dinesh Trivedi:

By APP Islamabad : The Liquified Petroleum Gas (LPG) sector has so far attracted an investment of Rs.11 billion as result of government’s prudent policies and efficient regulation. According to the Oil and Gas Regulatory Authority (OGRA), the investment is expected to increase substantially in future, with introduction of LPG in the automotive sector. At the end of last financial year, there were 10 LPG producing companies and 60 LPG marketing companies operating in the country while 61 licenses for the construction of storage and filling facilities have been issued.

By IANS, Mumbai : Indian equities continued to trade in the red, mirroring the bearish sentiment in other bourses as Europe's debt crisis and rising US jobless claims fuelled investor risk aversion across the globe. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,317.94 points, ruled at 16,342.6 points, 177.08 points or 1.07 percent down from its previous close at 16,519.68, in afternoon trade.

By IANS, s New York : Crude futures surged and set a new record as the crude oil prices reached nearly $140 a barrel Monday on a weak dollar. Light, sweet crude for July delivery rose $5.03 to hit $139.89 a barrel on the New York Mercantile Exchange.

By IANS, New Delhi : Infrastructure developer GMR Wednesday announced it has acquired a 50 percent stake in Dutch power utility InterGen NV for $1.1 billion. Describing it as "the most competitive acquisition", GMR said it will pay $360,000 per megawatt to buy eight plants operated by InterGen located in five countries. In a regulatory statement, the company said InterGen's total generating capacity is 12,766 megawatt in the UK, the Netherlands, Mexico, Australia, and the Philippines.

By IANS, New Delhi : Ahead of a likely meeting of the Nuclear Suppliers Group (NSG) next month, India Friday said it was hopeful of getting China's support in its quest for global nuclear cooperation. “The prime minister had discussed (the issue) with President Hu Jintao. We also had some discussion with my colleague Yang Jiechi on different occasions," Mukherjee told Times Now TV channel. “Let us see what happens, but we are hopeful,” he added.

By DPA, London : Investment bank JP Morgan in London has been given a record fine of 33.3 million pounds ($48.2 million) by Britain's Financial Services Authority (FSA)for failing to protect clients' money, the City regulator said Thursday. The penalty was imposed after JP Morgan Securities failed to segregate client cash from its own money over a period of seven years, the FSA said. Margaret Cole, FSA director of enforcement and financial crime, called the error a "serious breach" of FSA rules aimed at protecting clients from losses in the event of insolvency.

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By IANS

Agartala : Bangladesh has decided to import diesel from the Numaligarh Refinery in Assam following acute shortage of fuel, officials said Tuesday.