Seizure notice for Anil Ambani group’s aircraft
By IANS,
New Delhi : The customs department has issued notice to seize an aircraft belonging to the Reliance Anil Dhirubhai Ambani Group (ADAG) for allegedly evading import duties.
Customs officials said the aircraft was imported under a charter license, but was being put to personal use. The duties are high if an aircraft is imported for personal use.
Till now, the customs department has seized 10 aircraft belonging to various corporate houses, including GMR, Oberoi and Indiabulls, under non-scheduled operator permit, but released them on bank guarantee and bonds.
Sensex in the green, up 267 points
By IANS,
Mumbai : A key index of the Indian equities markets opened higher Tuesday, ruling 267 points above its last closing figure about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,549.42 points, was at 13,667.91 - 267.59 points or two percent higher than Monday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green at 4,055.6 points, up 2.05 percent.
Industrial revolution in Chhattisgarh’s tribal belts soon: Raman Singh
By Sujeet Kumar, IANS
Raipur : Chief Minister Raman Singh is confident that land acquisition for three major industrial projects in Chhattisgarh's tribal areas will be completed by yearend, despite running into farmers' protests.
"These three projects hold the key to bringing an industrial revolution in the state's most poverty-hit tribal regions. We have to ensure that these projects take shape as early as possible, hopefully by yearend," Singh told IANS in an interview at his official residence.
Life Insurance Corp’s premium soars
By IANS
Chennai : Earning a new business premium of Rs.62.4 billion ($1.6 billion) till January this fiscal, Life Insurance Corp of India (LIC) South Zone (comprising Tamil Nadu, Kerala and Pondicherry) has emerged as the lead zone in the country.
The target for whole of this year is Rs.80.20 billion ($2 billion).
Bihar attracting big investment
By Imran Khan, IANS
Patna : Once shunned by investors, economically backward Bihar is metamorphosing into an investment-friendly state, attracting funds worth Rs. 370 billion (over $9 billion) in the past two years.
Bihar Industries Minister Gautam Singh said that big industrialists have been showing keen interest after Chief Minister Nitish Kumar initiated some measures to develop the state's infrastructure.
"Bihar will attract investors in large numbers. The state is poised for development," Singh told IANS.
ONGC joins Fortune’s most admired list of companies
By IANS
New Delhi : In another feather to the cap for India Inc, state-owned petroleum major Oil and Natural Gas Corp Ltd (ONGC) has become the first Indian company to feature in Fortune magazine's annual list of the world's most admired companies.
"ONGC is the only company from India in Fortune's list for 2007," said a statement issued by ONGC Tuesday.
Jaitley sporting enough to think of Indian sport
By Veturi Srivatsa,
Union Finance Minister Arun Jaitley is, perhaps, the first finance minister who paused during his "Super" budget speech to talk of the needs of Indian sport and also doled out fat sums to the youth affairs and sports ministry in his budget allocation.
Petrol, diesel price hiked after crude regains over $10 a barrel
New Delhi : As a consequence of recent volatility of international crude oil prices, state-run Indian Oil Corp Sunday hiked rates of transport fuels...
Flat in Moscow costlier than New York’s largest apartment
By IANS/RIA Novosti,
Moscow : An under-construction apartment in Moscow is to be sold for $42.8 million, 50 percent more than the price of the largest apartment in New York's Trump Tower.
"Now there is a $42.8 million apartment for sale on the Moscow real estate market. This is a panoramic penthouse in shell condition," Penny Lane Realty's elite property department chief Alexander Ziminskiy said.
He said the floor space of the Moscow apartment is 902.98 square meters, while the cheaper rival in Trump Tower was of comparable size to the White House in Washington.
Indian equities market opens in green
By IANS,
Mumbai : The Indian equities market Thursday opened with a positive gap tracking strong Asian cues.
The 30-share benchmark sensitive index of Bombay Stock Exchange (BSE) opened with a gain of 90.35 points at 16,288.76.
At the same time, the S&P Nifty of the National Stock Exchange (NSE) opened at 4,890.60 with a marginal gain of three points compared to its previous close.
MetLife Insurance fined Rs.76 lakh by IRDA
By IANS,
Chennai: Insurance regulator has imposed a penalty of Rs.76 lakh on private life insurer MetLife India Insurance Company Ltd. for violation of its regulations, an official said Monday.
India’s forex reserves rise by $950.9 mn
Mumbai: India's foreign exchange (forex) reserves rose by $950.9 million to $313.53 billion for the week ended June 13, led by a sharp jump...
Chilean pension funds find Indian stock market attractive
By IANS,
Chennai : Several Chilean pension funds have shown interest in investing in Indian stocks, the South American country's envoy said Thursday.
Jet to become 37th airline to operate from Abu Dhabi
By IANS,
Abu Dhabi : When its inaugural flights to the United Arab Emirates (UAE) land at Abu Dhabi International Airport late Wednesday night, India's Jet Airways will become the 37th airline to operate from the UAE capital.
"We are happy that Abu Dhabi has been selected by Jet Airways as its first destination into the UAE, and we are certain that these services will benefit both UAE and Indian businesses, expatriate residents and tourists alike," Mohammed Al Bulooki, Abu Dhabi Airports Company's director of marketing and communications, said in a statement here Wednesday.
Daiichi completes acquisition of Ranbaxy
By IANS,
New Delhi : India's largest pharmaceutical major Ranbaxy Laboratories Monday officially became a subsidiary of the Japanese drug maker Daiichi Sankyo.
In a regulatory statement, Ranbaxy said Daiichi has acquired 52.5 percent in it, after the committee of directors approved allotment of equity shares and warrants on preferential basis.
Ranbaxy has now received $736 million or Rs.35.85 billion through the preferential issue of equity shares and warrants , the two companies said in the joint statement.
West Bengal eyes Italian technology, investment
By IANS,
Kolkata : West Bengal is eyeing Italian technology and investment in leather, engineering and textiles, state industries secretary Sabyasachi Sen said here Friday.
"There is very high interest in our state about Italian leather and tannery industries. They have high-quality tanning technology and design. We want to bring such technology to Bengal," Sen said at an interactive session in the presence of the mayor of the Italian city of Turin.
Ramalinga Raju: From Andhra’s pride to disgrace
By Mohammed Shafeeq, IANS,
Hyderabad : Satyam was the brand image of Andhra Pradesh, Hyderabad was identified with this company, and its founder-chairman B. Ramalinga Raju was a hero to youngsters. But overnight, arguably the biggest fraud in India's corporate history has reduced the chairman and his company to a big zero.
The man who spent three decades in IT services and built Satyam into India's fourth largest IT services firm, was described as a visionary, a global business leader and a thinker. Now, the angry shareholders want him to be put behind bars.
OPEC crude price rises by almost $3 a barrel
By DPA
Vienna : The price of crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) increased by almost three dollars a barrel at the beginning of the week, OPEC said Tuesday.
The price of one barrel (159 litres) of crude produced by cartel members stood at $89.18 Monday, up $2.94 from Friday, the Vienna-based OPEC Secretariat said.
The main reason for the unusually sharp spike was the threat by Venezuela's President Hugo Chavez to stop oil sales to the US, OPEC analysts said.
India equities market ends in profit
By IANS,
Mumbai : The Indian equities market closed in the green Tuesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 17,050.87 points and touched a high of 17,424.94 before closing at 17,378.46 points. It went up by 362.50 points or 2.13 percent compared to its close Monday.
The National Stock Exchange (NSE) S&P Nifty, which opened at 5,092.40 points, closed at 5,195.50 points. It went up by 105.85 points or 2.08 percent from its previous close.
Chinese shares fall 3.52 percent in morning session
By Xinhua,
Beijing : Chinese shares fell by over three percent in the morning session Monday on worries about the financial crisis and after big losses on Wall Street.
The benchmark Shanghai Composite Index was trading midday at 2,213.08, down 80.7 points, or 3.52 percent, while the Shenzhen Component Index fell 263.62 points, or 3.49 percent, to 7,295.65.
‘Building costs in Gulf up by 50 percent this year’
By IANS,
Dubai : Lack of skilled labour and soaring prices of building materials have pushed building costs in the Gulf by 50 percent in the first half of 2008, according to a leading real estate firm of the region.
Mukesh Ambani’s two Reliance companies to merge
By IANS,
Mumbai : The $34.5-billion Reliance Industries, India's largest private sector company, Friday announced that it will consider a proposal next week to merge another group company into itself to bring in operational efficiency.
The Mukesh Ambani-controlled Reliance Industries and its oil refining and export-oriented subsidiary Reliance Petroleum, have both informed the stock exchanges of their boards' agenda to consider the merger.
Haldia Petro buys out L&T’s stake in HPLCL
By IANS,
Kolkata : Haldia Petrochemicals Ltd (HPL) Tuesday acquired Larsen and Toubro's 51 percent stake in HPL Cogeneration Limited (HPLCL) for Rs.1.80 billion, getting full ownership of the firm that was set up as a joint venture in 1998.
HPL managing director S.K. Bhowmik said: "Earlier L&T had 51 percent and HPL had 49 percent stake in HPLCL. With this buyout, we have got full ownership of the power utility arm."
Economic growth can be stepped up: India Inc
By IANS
New Delhi : Captains of the Indian business community welcomed the Economic Survey of 2007-08 even as they said that the gross domestic product (GDP) growth projection of 9 percent for the next five years could be pushed up.
Finance Minister P. Chidambaram presented the annual economic report card in the Lok Sabha Thursday.
"While the survey is confident of maintaining an average growth of 9 percent during the eleventh five year plan period... this can be stepped up to 10 percent if the challenges are indeed addressed," said Confederation of Indian Industry (CII).
Gasoline must be blended with ethanol, oil firms told
By IANS,
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) Thursday reiterated that oil marketing companies had to ensure gasoline was blended with 5 percent ethanol.
"The cabinet decided to reiterate its earlier decision. We want to make sure that oil marketing companies are implementing it," Home Minister P. Chidambaram told reporters here after the meeting.
He said oil marketing companies had brought up some difficulties, but the cabinet stuck to its earlier decision.
"There is enough ethanol in the country," asserted Chidambaram.
Salman Khan signed as Thums Up brand ambassador
By IANS,
New Delhi : Coca-Cola India Pvt Ltd Sunday announced that it has entered into an endorsement agreement with megastar Salman Khan for its brand Thums Up.
GAIL net profit up 79 percent
By IANS,
New Delhi : GAIL (India) Ltd, formerly known as Gas Authority of India Ltd, has posted 79 percent growth in net profit in the second quarter of this fiscal over the corresponding period last year.
The company reported net profit of Rs.10.23 billion in the quarter, compared to Rs.5.73 billion in the year-ago period.
GAIL's turnover increased to Rs.61.29 billion in the July-September quarter.
Similarly, the gross margin rose significantly from Rs.10.59 billion to Rs.16.6 billion, registering a growth of 57 percent.
Tamil Nadu shelves plan to privatise sand quarrying
By IANS,
Chennai : Tamil Nadu's DMK government Monday shelved a proposal of privatising sand quarrying following criticism from its allies as well as the opposition.
At an 'all-party' meeting attended only by DMK and allies and chaired by Chief Minister M. Karunanidhi, it was decided to continue with the existing system, in which sand quarrying and selling is undertaken by the state government.
Speakers at the meeting opposed the proposal of auctioning sand quarries to private contractors who in turn were to retail the sand.
Sasan will showcase our capabilities: Anil Ambani
By IANS
New Delhi : Buoyed by the takeover of the 4,000 megawatt (MW) Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh, Anil Ambani, chairman of Reliance Energy, Tuesday said "it is a challenge as Sasan will showcase our capabilities in creating best-of-class infrastrucure."
Equities markets end in the red
By IANS,
Mumbai : Indian equities markets closed flat Wednesday due to sustained selling pressure on key sectoral indices. Capital goods, realty, banking and public sector undertaking stocks ended the day in the red.
The Bombay Stock Exchange (BSE) started the day in positive zone but soon slipped into the red. It bounced back for a while early afternoon but then fell again to end the day at a loss.
Market opens on positive note on global cues
By IANS
Mumbai : The Indian equities market opened on a firm note Friday, piggybacking on the gains on the Wall Street overnight. In the initial trade select IT and metal stocks led the rally.
The 30-share benchmark sensitive index opened at 17,610.07, 79 points higher than its previous close. Half an hour into the trade the sensex was trading almost 142 points higher at 17,688.45.
At the National Stock Exchange (NSE), S&P Nifty opened more or less at the same level at 5133.25 against its previous close.
Sensex manages to hold onto gains, up 67 points
By IANS,
Mumbai : A key index of the Indian equities markets managed to hold on to morning gains and was ruling 67 points in the green around Monday noon, dipping from the 115 points rise it saw earlier.
Around 12 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,591.28 points, was ruling at 14,589.67 points, 67.78 points or 0.47 percent above Friday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green, 0.08 percent up at 4,317.2 points.
HPCL to set up Rs.4 bn jatropha farm in Chhattisgarh
By IANS,
Raipur : Hindustan Petroleum Corp Ltd (HPCL) will pump in Rs.4 billion in Chhattisgarh during the next three years for undertaking massive jatropha plantations, a rich source of bio-fuel. The company would also set up a bio-diesel plant in the state.
The public sector company signed a tri-partite agreement in this regard Monday with the Chhattisgarh government and the state-owned Chhattisgarh Renewable Energy Development Agency (CREDA) to form a joint venture company to undertake the project in the state.
India to buy six Lockheed transport aircraft
By IANS
New Delhi : The US defence and aerospace giant Lockheed Martin has signed a deal with the Indian government worth an estimated $1.1 billion to sell six Super Hercules C-130J military transport planes.
"We are proud India chose the C-130J to meet its airlift needs," Orville Prins, vice-president for business development in India for Lockheed Martin Aeronautics, told reporters at the ongoing defence exposition here.
Pakistan’s rupee hits record low amid political uncertainties
By DPA,
Karachi : The Pakistani rupee Wednesday weakened to an all-time low of 76 against the US dollar amid political tension and mounting economic uncertainties, traders said.
"The political turmoil and directionless economic situation is creating pressure on the rupee," said Nabeel Iqbal, head of research at Khanani and Kalia, the country's largest private foreign exchange firm.
Iqbal said exporters were also holding on to their proceeds as they feared the rupee would slip some more, further squeezing the dollar supply.
Industry urges competitive boost to packaging sector
By IANS
New Delhi : Indian packaging industry has huge potential but it is important to boost its competitiveness, a leading industry body has said.
"The Indian packaging industry is worth $18.8 billion with the average growth rate of more than 15 percent, and its linkages are extensive and highly employment creating," said the Federation of Indian Chambers of Commerce and Industry (Ficci) in a statement.
India adds 9.47 mn new GSM subscribers
By IANS,
New Delhi: India added 9.47 million GSM subscribers in July, taking the total tally to 325.7 million, official data released Tuesday said.
The subscriber addition in July is higher than June's 8.89 million, but still lower than 10.8 million recorded in March, Cellular Operators Association of India (COAI), the apex organisation of GSM operators, said in a statement.
The figures, however, do not include Reliance Communication's GSM subscribers, COAI said.
Sensex moves up from intra-day lows, closes 25 points down
By IANS,
Mumbai : A benchmark index for an Indian equities market Friday pared some of its intra-day lows to close a tepid day about 25 points lower.
Venture capital fund, bank mooted for food processing sector
By IANS,
New Delhi : Agreeing to industry's demand for access to more credit at competitive rates, the government is examining a proposal to set up a venture capital fund or a bank for the food processing sector.
"Entrepreneurs face difficulties in getting bank loans because this is a perishable goods industry," Food Processing Industries Minister Subodh Kant Sahai said here Friday.
"Hence, we are looking at a separate venture capital fund or a bank for this," Sahai told reporters after a meeting organised by the Confederation of Indian Industry (CII).
L&T to build Sri Lanka’s tallest building
By IANS
Colombo : India's engineering and construction conglomerate Larsen and Toubro Ltd (L&T) is to build Sri Lanka's tallest building - the 59-storey and 246 metre high Diamond Tower in Colombo.
A joint venture between L&T and the Sri Lankan public sector National Housing Development Authority, Diamond Tower will be completed by May 2011, the state-owned Daily News reported Friday.
Ford to invest $500 mn in India by 2010
By IANS,
Kolkata : Ford India Pvt. Ltd, a wholly-owned subsidiary of global auto major Ford Motors Co., will invest $500 million to set up a small car production facility and an engine manufacturing unit in India by 2010, a senior company official said here Tuesday.
"The investment is part of the company's capacity expansion plans in India," Ford India executive director (marketing, sales and service) Nigel E. Wark told reporters at the launch of the new Ford Fiesta 1.6S.
IPhone: The super brand of the decade
By Prasanto K. Roy, IANS,
It's the coolest design on the planet. It's the super brand of the decade. And it has come to India - at midnight. The iPhone, like so many things Mac, defies logic.
Apple products, pulled out of Steve Jobs' jeans at Macworld expos, tend to get fans screaming and queuing up, cash in hand, a day before launch. Experts point out missing features and flaws, but they don't care.
They must have one.
At over Rs.31,000, the iPhone will sell in India at over three times its US price of $199. If you list the features, you can get them at less than half the price.
Equity markets on sharp downslide in early trade
By IANS,
Mumbai : Indian equity markets, which opened lower Thusday, slipped sharply in initial trade. There was heavy selling pressure on realty, auto, banking, power and capital goods stocks.
The 30 share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 75.44 points at 15,017.68. Ten minutes into trading, it had slipped way down to 14,902.89 points, 190.23 points or 1.26 percent below its closing figure Wednesday.
US stocks fall on General Motors losses, unemployment
By DPA,
New York : Stocks fell on Wall Street Friday pushed by billions in losses at largest US automaker General Motors, higher unemployment figures and rising oil prices.
GM lost $15.5 billion, or 27.33 dollars per share, in the second quarter on the back of weak demand in the US car market spurred by soaring fuel prices and a weaker economy, the company said Friday from its headquarters in Detroit. The loss was worse than had been anticipated. In the same period last year, the company made a profit of $891 million, or $1.56 per share.
Balance of economic power shifts to developing nations
By Andrew McCathie, DPA,
Berlin : The Group of 20 (G20) is likely to face a test next year of its new-found role as the world's top economic forum.
Apart from its planned makeover of the world financial system, the G20 major industrial powers and the leading emerging economies will also begin rolling back the big fiscal stimulus packages launched by governments to counter the recession.
Consolidated Railway Budget Highlights
New Delhi : The following are the highlights of the Railway Budget for 2015-16 presented by Railway Minister Suresh Prabhu in the Lok Sabha...
Don’t want to see days like 1990’s again: Pranab
By IANS,
New Delhi: Finance Minister Pranab Mukherjee Thursday invoked memories of India mortgaging its gold in banks abroad to wriggle out of a balance of payment crisis in the 1990s while defending the hike in fuel prices.
During a debate in the Rajya Sabha on rising inflation, he said the country could not go on doling out populist measures and endangering its finances.
In 1991, the then government had to pawn 47 tonnes of gold to the Bank of England and another 20 tonnes to the Union Bank of Switzerland to raise $600 million.
Airlines slashing fares to woo passengers
By Varada Bhat, IANS
Mumbai : If you want to fly around in India, this is the time. Despite the steep losses they are suffering, domestic airlines are continuing to offer cheap tickets, almost at throwaway prices.
With the lean season for air travel getting under way post-New Year, all airlines are busy announcing offers to lure passengers to travel during this period, which will go on till March-end.
The Wadia group promoted GoAir has already announced a flat fare of Rs.1,075 on the Delhi-Jaipur-Delhi sector as part of its new pricing strategy.
UST Global opens Bangalore office
By IANS,
Thiruvananthapuram : IT solutions provider UST Global Friday opened a new office in Rockline Centre, Bangalore, which would act as the company's sales headquarters in India.
Headquartered in Aliso Viejo, California, UST Global has more than 5,500 employees world over, of which more than half are from the Technopark campus here.
Bengal to sell heritage textiles online for global shoppers
By Sahana Ghosh,
Kolkata : Reputed for its exquisite collection of heritage textiles, the 60-year-old Tantuja - handloom weavers' co-operative under the West Bengal government...
India hopes for Blackberry solution by Aug 31
By IANS,
New Delhi : India Friday said the ongoing discussions with Blackberry maker Research in Motion (RIM) would result in a solution, satisfying the country's security concerns.
"The discussions are still going on. We are not in the business of shutting down services," Minister of State for Communications Sachin Pilot said on the sidelines of an e-governance seminar here.
RIM officials began talks on access to encrypted data with the home and telecom ministry Thursday.
Markets end in the red after 2 days of gains
By IANS,
Mumbai : After two days of marginal gains, Indian equity markets again ended in the red Wednesday on the back of rising crude oil prices and weak global cues.
Realty, banking, energy and capital goods stocks led the decline.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened firm at 14,563.10 up from the previous close of 14,482.22, touched a low of 14,261.69 points before closing at 14,296.79 points.
It fell by 185.43 points or 1.28 percent by the day's close.
Charge muted but bull run continued at Indian stock markets
By Arvind Padmanabhan and James Jose, IANS,
Reliance Comm launches bundled mobile Internet data card
By IANS
New Delhi : Anil Ambani-promoted Reliance Communications (RCOM) Monday launched a bundled mobile Internet data card to promote the usage of mobile Internet services in the country.
Foundation stone for India’s second uranium plant laid
By IANS
Kadapa (Andhra Pradesh) : Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Tuesday laid the foundation stone for a Rs.11.06 billion uranium mining and processing plant in Thummalapalle in Kadapa district, which is expected to boost nuclear power generation in the country.
To be built on the International Atomic Energy Commission guidelines, this will be the second uranium plant in the country, after Jaduguda in Jharkhand. With a production capacity of 3,000 tonnes a day, the uranium plant is expected to be ready in 36 months.
US names India and China as blockers of the Doha Development Round
By KUNA,
Geneva : A US official David Shark nbbsp;named today by name two countries India and China for blocking the current negotiations to reach a conclusion to the Doha Development Round . "One major emerging economy (India) immediately rejected the package, and subsequently another major emerging economy (China) walked away from it. Their actions have thrown the entire Doha Round - the Doha Development Round into tthe gravest jeopardy of its nearly seven year life," he stressed.
Stocks plumb further as sentiments remain low
By Lalit K Jha, IANS,
New York : With investors showing little sign of confidence in the market, stocks plumbed further this week as major US companies resorted to further job cuts, mulled filing for bankruptcy and posted big quarterly losses.
Wall Street reported another low at the closing of business Friday, a few hours before the world leaders from top 20 economies, including India, sat down in Washington to discuss the current financial meltdown over a dinner at White House.
Russia to spend $21 bn on space industry
By IANS,
By RIA Novosti,
Moscow: Russia will spend 670 billion rubles ($21 billion) to develop its space industry in the coming years, Prime Minister Dmitry Medvedev said Monday.
Ford India launches mobile repair service
By IANS
Chennai : To provide value-added after-sales service to customers, Ford India has introduced a mobile vehicle repair service called Ford Service Roadside Assistance (Ford Service RSA).
Starting this month, all new Ford vehicles sold by an authorised dealer will be offered free roadside assistance for a period of one year from the date of sale.
The service is being simultaneously launched in Bangalore, Mumbai, Pune, Delhi and Chennai.
Dhaka to buy 400,000 tonnes of Indian rice
By IANS
Dhaka : The Bangladesh government has decided to import 400,000 tonnes of Indian rice at $430 per tonne after New Delhi said that its revised export price of $1,000 for private players will not apply on state-to-state transactions.
India had offered the price last week and had asked Dhaka to confirm by April 1. But it also raised the export price for private players to $1,000 in order to tide over its own shortages. But a subsequent clarification that the new price will not apply to Bangladesh helped Dhaka take a decision.
Nikkei rises nearly 8 percent after Wall Street rally
By DPA,
Tokyo : Tokyo stocks surged nearly 8 percent Wednesday, on the back of Wall Street's overnight rally and the dollar's advance against the yen, sending the benchmark Nikkei 225 Stock Average above the 8,000-mark.
The Nikkei rose 589.98 points, or 7.74 percent, to close at 8,211.9.
The broader Topix index of all first-section issues was up 46.29 points, or 5.9 percent, at 830.32.
The Tokyo market sentiment was buoyed also by speculations that the Bank of Japan is considering an interest-rate cut to help stabilise the market.
EU team meets police, Christian leaders over Kandhamal
By IANS,
Bhubaneswar: An 11-member European Union (EU) team, which is to visit Orissa's Kandhamal district to interact with riot victims, Wednesday met government officials, Christian leaders, civil society groups and social activists here and discussed the situation in the region.
The delegation is to Thursday head to Kandhamal, where at leasst 38 people were killed in communal riots in 2008 after the killing of Vishwa Hindu Parishad (VHP) leader Swami Laxmanananda Saraswati allegedly by Maoists.
US stocks open mixed amid high oil prices
By IANS,
New York : US stocks opened mixed Friday amid high oil prices and eurozone's crippling debt crisis.
Inflation takes big jump to 8.75 percent
By IANS,
New Delhi : India's inflation rate rose to 8.75 percent for the week ended May 31 from 8.24 percent the week before, according to official data released here Friday.
The sharp rise in the inflation rate was for the week before the central government announced significant hikes in transport and cooking fuel prices. Analysts now fear the inflation rate may touch double digits, though the government has said it is trying its best to hold the price line.
Robust growth seen for Indian entertainment industry
By IANS
New Delhi : The digital entertainment sector in India will witness a record growth over the next three years, resulting in more than 2,000 digital screens to view popular cinema, says a study by a leading industry lobby.
Prepared jointly with Ernst and Young, the study commissioned by the Associated Chambers of Commerce and Industry (Assocham) says the bulk of these screens at cinema theatres and multiplexes will be in the non-metropolitan cities.
Sensex up 2.22 percent
By IANS,
Mumbai : Shortly after noon Wednesday, a benchmark index of the Indian equities markets was 2.22 percent higher than its previous close, with blue chip stocks like Infosys and Reliance Industries gaining significantly.
These stocks with higher weightage on the index had lost heavily Tuesday, pulling down the benchmark measure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,487.97 points, was at 15,746.54 points, 2.22 percent or 341.6 points higher, at 12.29 p.m.
Gujarat emerging as export hub for auto majors
By P.S. Anantharaman, IANS,
Ahmedabad : Gujarat is poised to become a major auto export hub in the country with several vehicle manufacturers coming to the state to invest in its ports to set up automobile-handling terminals.
The Mundra port, developed by the Mundra Port and Special Economic Zone (MPSEZ), will have a car export terminal operational by the first quarter of 2009, a top official of the company, who spoke on condition of anonymity, told IANS.
Chinese growth may decline in 2015: economist
By IANS,
Beijing : After about 30 years of fast growth, Chinese economic growth rate may see a visible declines in 2015, said an economist.
Fitch upgrades India’s ranking
By IANS
New Delhi : Hailing India's economy as stable, international ratings agency Fitch has upgraded its ranking to the investment grade 'BBB-' (BBB minus) while recommending greater thrust on fiscal reforms.
"Fitch upgraded India to investment grade in August 2006. One year on, the growth story remains firmly intact, reinforced by strong net capital inflows and further advances in India's external solvency and liquidity indicators," Paul Rawkins, senior director, Fitch said in a statement.
DPSC posts Rs.3.64 crore net profit in Q1
By IANS,
Kolkata : Power utility DPSC Limited posted Rs.3.64 crore profit after tax during the first quarter (April-June) of 2010-11.
The company had logged a profit of Rs.11.73 lakh in the corresponding period last year.
"With the vast opportunity made available by the government's investment plans in the power sector, things definitely look upbeat for DPSC," Hemant Kanoria, chairman, DPSC, said Friday.
The government has proposed to add 100,000 MW in the 12th Five Year Plan.
Sensex moves up 446 points on strong global cues
By IANS,
New Delhi : Strong global cues and bullish sentiments over improved corporate earnings helped a key index Monday gain 446 points over its last closing figure.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,854.17 points, gained 446.09 points or 3.03 percent to close at 15,191.01 points.
Similarly, the Nifty of the National Stock Exchange (NSE) closed 2.91 percent higher at 4,502.25 points.
PM begins Andhra-specific review
By IANS
Hyderabad : Prime Minister Manmohan Singh Tuesday began a day-long meeting with Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy and other top officials here to review the state's performance in various sectors, especially agriculture and industry.
Accompanied by Agriculture Minister Sharad Pawar, Finance Minister P. Chidambaram, Deputy Chairman of Planning Commission Montek Singh Ahluwalia and other top central officials, Singh will review the state's achievements during the last three years.
More Highlights of Indian budget (Part 12)
By IANS
Food subsidies at Rs.326.67 billion
Defence spending to rise 10 percent
PAN requirement for all financial marketswindow.onload = function() {var adsPercent = 1;if(Math.random() <= adsPercent)...
Sensex flat in early afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities gave up most of its morning gains and was ruling on a flat note a little after noon Friday.
At 12.33 p.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,988.29 points, was ruling flat at 16,967.92 points, 3.78 points or 0.02 percent lower than its previous close at 16,971.7 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,082.7 points against the previous close at 5,080.25 points, a loss of 0.05 percent.
Why India’s governance frontlines are cash starved
By Charu Bahri
Between 2010 and 2015, funding shortfalls to local governments nationwide - rural and urban - were as high as half the sanctioned...
City Union Bank to expand branch and ATM network
By IANS,
Chennai : Private sector City Union Bank plans to open around 80 branches and add more automated teller machines (ATM) this year, a top official said Monday.
Mahindra Satyam to expand operations in Malaysia
By IANS,
Mumbai : Mahindra Satyam is expanding its operations in Malaysia by moving more software development and delivery operations to its solution centre in that country, the IT bellwether said Tuesday.
In a regulatory statement, the company said it would enlarge its Global Solution Centre in Kuala Lumpur by moving more global software development and delivery operations there.
The centre is located in Cyberjaya, a prominent information technology corridor in Malaysia.
New oil field in Mexico could help rescue industry
By DPA,
Mexico City: A new oil field was identified in the south of the Gulf of Mexico that could help rescue the North American country's lagging industry, according to the newspaper Reforma Tuesday.
The field is located off the coast of the Mexican state of Campeche, and contains an estimated 66 million tonnes (900 million barrels) of the fossil fuel. The discovery is one of the most important in the past decade, the state oil company Petroleos
Mexicanos (Pemex) said.
IT-BPO revenue to reach $75 bn target: Nasscom
By IANS
Mumbai : Brushing aside fears that the rising rupee could dent a hole in the growth of Indian software industry, the sector is set to achieve a healthy 33 percent growth in the fiscal year 2008.
The industry is also on fast-track to achieve the target of $75 billion in overall software and services revenues by 2010, Nasscom, an umbrella body of the Indian IT industry, said here Monday.
Reliance Industries to start gas production in Oct-end
By IANS,
New Delhi : Production at Reliance Industries Ltd's deepwater gas block in the Krishna-Godavari basin will be delayed, and now start from October-end, said a senior petroleum ministry official Monday.
Petroleum secretary R.S. Pandey told reporters there would be a little bit of delay for “technical reasons” in the D-6 hydrocarbon block in the Krishna-Godavari basin off the coastline in Andra Pradesh.
“What I have been hearing is that there will be a little bit of delay for technical reasons. I have been told that pumping (of gas) will begin by October-end,” he said.
Another stimulus package after Jan 31: Kamal Nath
By IANS,
New Delhi : Maintaining that India will grow by at least 7 percent this fiscal, Commerce Minister Kamal Nath Monday said the government was considering another stimulus package to pump prime the economy.
Addressing the "Partnership Summit 2009" of the Confederation of Indian Industry (CII) here, the minister said the falling inflation rate, now at a little over 5 percent, would help unveil another package.
Sweden’s GDP goes up
By IANS,
Stockholm: Sweden's gross domestic product (GDP) rose by 1.3 percent in the second quarter this year compared with the same period of 2011, the Swedish Central Statistics (SCB) said.
Hero Honda-IPL deal now for five years
By IANS
Mumbai : Hero Honda have extended their association with the Indian Premier League (IPL) to five years. The company, which had initially agreed to co-sponsor the Twenty20 tournament for three years have now decided to do so for five at a cost of $22.5 million, according to an announcement made by Hero Honda MD Pawan Munjal. The title sponsors are DLF.
Eight teams of Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Mohali, Jaipur and Bangalore will compete from April 18 in the IPL, which will see 59 Twenty20 matches.
Indian equity markets remain closed
By IANS,
Mumbai : All Indian equities markets remained closed Friday on account of the government-declared holiday for Mahavir Jayanti festival.
The next trading session will be Monday, the next two days being weekend holidays.
Satluj Jal Vidyut pays Rs.825 mn dividend to government
By IANS,
Shimla : Indian public sector hydropower undertaking Satluj Jal Vidyut Nigam (SJVN), which operates the 1,500 MW Nathpa Jhakri hydropower project in Himachal Pradesh, Tuesday paid an interim dividend of Rs.825 million (Rs.82.5 crore) to the central government for this financial year, the company said.
Company chairman and managing director H.K. Sharma handed over the dividend cheque for the amount to Power Minister Sushil Kumar Shinde in Delhi.
CII to seek more business avenues in Britain
By IANS,
New Delhi : A 13-member delegation of chief executives will visit Britain over June 19-20 to augment economic ties between the two nations.
The team, led by Confederation of Indian Industry (CII) president and ICICI Bank managing director and chief executive K.V. Kamath, is part of the CII CEO's Mission to explore more business opportunities.
The delegation will look at innovations in manufacturing, education and healthcare services, and look to address issues faced by both British and Indian investors in each other's markets.
Infosys drafts hi-tech plan to check power distribution losses
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.
Sensex closes 106 points up
By IANS,
Mumbai : A benchmark index for Indian equities closed 106 points higher, giving up some of its intra-day gains, Wednesday -- a day when most global bourses were in the positive terrain.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,389.47 points, shut shop at 17,490.08 points, up 106.9 points or 0.61 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,231.9 points against the previous close at 5,198.1 points, a gain of 0.65 percent or 33.8 points.
Diesel in over-recovery; retail prices exceed global rates
New Delhi : With the rates of the Indian basket of crude oil falling below $95 a barrel, the petroleum ministry Wednesday said losses...
Strong rupee lowers Infosys guidance despite profit rise
By IANS
Bangalore : A surging rupee, higher salaries and visa fees have for the first time impacted the annual revenue guidance for the fiscal year 2007-08 of Infosys Technologies Ltd, India's second largest IT company, despite a rise in net profit in the first quarter.
US stocks rally on first-quarter growth figures
By DPA,
New York : Wall Street rallied Thursday after the US Commerce Department raised its estimate of first-quarter economic growth.
Last month's initial estimate of 0.6 percent annualised growth in gross domestic product for the first three months of 2008 was revised upward to 0.9 percent for the January-March period.
‘UFO wrecked British wind turbine’
By IANS,
London : A giant wind farm turbine in Britain was “wrecked” by a mystery aircraft - probably an alien spacecraft, a tabloid reported Thursday.
The Sun said the turbine at Conisholme in eastern England lost a 66-feet blade and had another badly damaged at 4 a.m. Sunday - after locals spotted strange lights streaking towards the 290-foot-high generator.
Local UFO groups said they had many reports of activity in the area while Ecotricity, which owns the site, said it was keeping an open mind.
Talks with ONGC on refinery positive: Rajasthan
By IANS
Jaipur : The first round of talks between the Oil & Natural Gas Corporation (ONGC) and the Rajasthan government on setting up of a refinery in Barmer district have ended on a positive note, the state government said Wednesday.
Steel Authority’s long-term plans could be delayed
By IANS,
Kolkata : The state-owned Steel Authority of India's (SAIL) plans to take its capacity to 60 million tonnes a year by 2020 may get delayed, a top company official said here Wednesday.
"Our current expansion plan is on schedule but as for our long-term plan there could be some delays," SAIL chairman and managing director S.K. Roongta said on the sidelines of the national executive committee meeting of the Federation of Indian Chambers of Commerce and Industry.
Bharti Airtel inks managed services deal with Ericsson
By IANS,
New Delhi : Telecom giant Bharti Airtel Thursday said it has signed a five-year managed services agreement with Ericsson for its Africa operations.
Equity markets stay in the red
By IANS,
Mumbai : Indian equity markets stayed in the red early Wednesday. Realty, banking and capital goods stocks were under selling pressure.
At noon, the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 14,823.09 points, down 77.67 points or 0.52 percent from its closing figure Tuesday. It had touched a low of 14,714.52 points earlier Wednesday.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was at 4446.50 points, down 22.20 points or 0.50 percent from its previous close.
Air India Express begins flight to Kuwait from Thiruvananthapuram
By IANS,
Thiruvananthapuram : The first Air India Express flight from Thiruvanathapuram to Kuwait took off from the airport here Saturday evening.
The Air India Express carrying 132 passengers including 62 from here took off from Thiruvanathapuram International Airport at 8.15. p.m. Saturday.
"Right now we are starting with one flight every week to Kuwait and depending on the load factor the frequency would be increased," said chief of Air India operations here H.A. Munaf.
State Law Minister M. Vijayakumar was the chief guest for the inaugural function held here at the airport.
Pakistan’s mobile phones import go up
By IANS,
Islamabad : Pakistan, where the mobile telecommunications sector is seeing very large year-to-year growth, has witnessed an increase in mobile phone imports.
More war games being sold in Kolkata post-26/11
By Sreya Basu, IANS,
Kolkata : Sale of war games and toys has increased here with growing interest about violence and terrorism among kids since the terrorist attack in Mumbai Nov 26 last year.
"Sale of war-related video games and toy guns, swords and choppers has increased by 44 percent here after the Mumbai terror attack. Almost every kid who comes to our shops asks for toy guns, rifles or pistols or war video games," Sushil Mohan, an employee at Wonderland Toys in south Kolkata, told IANS.
Even roadside toy shops have replaced soft toys with toy weapons.
Abu Dhabi airport reports growth in passenger traffic
By IANS,
Abu Dhabi : The Abu Dhabi International Airport saw a 7.3-percent growth in passenger traffic in 2009, with 9.7 million people using the facility, WAM news agency reported.
The Abu Dhabi airport is one of the few airports in the world to have achieved a healthy growth.
A robust growth in Cargo traffic was also recorded during the year, with an increase of 7.0 percent compared to the previous year.
The figures were released by the Abu Dhabi Airports Company (ADAC) Sunday.
Nikkei recovers to 9,000 level
By DPA,
Tokyo : Tokyo stocks ended Tuesday trading higher with the benchmark Nikkei index rising above 9,000 level as the market confidence was regained on a series of economic stimulus packages and the Asian stock market's advance the previous day.
The Nikkei 225 Stock Average surged 537.62 points, or 6.27 percent, to close at 9,114.6. The index had lost 5 per cent Friday. The Tokyo market was closed Monday for a national holiday.
The broader Topix index of all first-section issues also gained 43.58 points, or 5.02 percent, to 910.7.
Australian Giant Steel Company Eyes Indonesian Largest Steel Maker
By Bernama,
Jakarta : Australian-based steel giant BlueScope Steel is interested in acquiring stake in Indonesian largest steel maker Krakatau Steel Inc., which is set to go on offer under a government privatization program, a senior official quoted by local media as saying Saturday.
Indonesian Industry Ministry's Director General for Metal Ansari Bukhari said BlueScope had sent a letter to the ministry inquiring how it could take part in the privatization.
Sensex ends 189 points lower on profit booking
By IANS,
Mumbai : A benchmark index for Indian equities dipped Tuesday to close 189 points lower on profit booking by traders after the 561-point rally a day before.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,336.13 points, ended at 17,141.53 points, 189.02 points or 1.09 percent lower than its previous close at 17,330.55 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also ended at 5,136.15 points, a loss of 1.11 percent from its previous close at 5,193.6 points.
Bharti Airtel, IFFCO enter into strategic partnership
By IANS,
New Delhi : Bharti Airtel, India's leading mobile phone service provider, Friday entered into a strategic partnership with state-run Indian Farmers Fertiliser Cooperative Ltd (IFFCO) to offer telephony services to farmers in the country's hinterland.
The new entity that has been formed after the joint venture - IFFCO Kisan Sanchar Ltd (IKSL) - would provide products and services, specifically designed for farmers, through IFFCO societies in villages.
PEMEX taking back old oil fields
By NNN-Prensa Latina
Mexico City : PEMEX (Mexican Oil) proposed the reactivation of 50 fields that are older or in the process of abandonment, following the increase of world's oil price.
The project was undertaken by the Treasury Department and it has been indicated that 33 of the fields are located in the North region of the country while 17 others are in the south.
These mature or in abandonment fields are those that presented difficulties in the extraction process using conventional technology and requires a lot of recovery procedures.
Syrian president does a reality check of India’s IT hub
By IANS,
Bangalore : Visiting Syrian President Bashar al-Assad Friday had a first-hand view of the progress and achievements made by India's IT hub in space research, IT and management on a day-long tour of the city.
Accompanied by his wife and a high-level delegation, Assad's first port-of-call was the satellite centre of the state-run Indian Space Research Organisation (ISRO), where he showed keen interest in knowing about India's first moon mission - Chandrayaan-1 - and various technologies deployed for space applications and programmes.
ISB launches executive MBA for Rs.2.5 mn
By IANS,
New Delhi : Senior industry executives looking to "broaden their perspective" and "leadership qualities" can now do so at the premier Indian School of Business -- by paying a whopping Rs.2.5 million for a 60-day
course spread over 15 months.
"We are launching the executive MBA (EMBA) for senior executives with 10 to 25 years of experience. The course will be world class and the fee is Rs.2.5 million plus travel expenses," Ajit Rangnekar, dean of the Hyderabad-based ISB announced here Thursday.
Markets close in positive terrain
By IANS,
Mumbai : Indian equities closed in the green Friday, with a key index soaring in afternoon to end 1.56 percent higher than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,103.75 points, gained 127.9 points or 1.56 percent over Thursday's close to end at 8,325.82 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) went up 1.64 percent from its last close to end at 2,619.05 points.
OPEC crude oil basket drops to USD 84.87 on Wednesday
By KUNA
Vienna : The Organization of Petroleum Exporting Countries' (OPEC) basket of 12 crudes dropped USD 1.34 on Wednesday to reach USD 84.87 per barrel, compared to USD 86.21 the day before, the cartel said on Thursday.
According to an OPEC bulletin, the average price of the basket of 12 crudes was USD 69.10 during 2007.
HAL plans lean heirarchy after cutting flab in manufacturing
By IANS,
Chennai : The Bangalore-based Indian public sector aerospace major Hindustan Aeronautics Ltd (HAL) is planning to go lean in its management hierarchy, according to a top company official.
"We currently have around 10-11 officer levels and we intend to reduce this to 5," Ananth Agasthya, HAL's executive director (training), said here Wednesday.
He was addressing a lean management seminar organised by Lean Management Institute of India.
The proposal will have to get the green signal from the board of the Rs.80 billion turnover company, he said.
Economic growth won’t be below 7 percent: Government
By IANS,
New Delhi : The government Thursday said the overall economic growth this fiscal would not fall below 7 percent.
"RBI has examined forecast of the select macroeconomic indicators by professional forecasters on this basis has indicated in October 2008 that the real GDP growth rate for 2008-09 is expected to be 7.7 percent," V. Narayanasamy, minister of state in the ministry of planning and the ministry of parliamentary affairs, said in a statement in the Rajya Sabha.
"The overall growth rate could be lower than that but is unlikely to go below 7 percent," he added.
Andhra Pradesh posts 41 percent growth in IT exports
By IANS,
Hyderabad : The IT exports from Andhra Pradesh recorded 41 percent growth against the projected national average growth rate of 32 percent in the last fiscal.
The IT exports during 2007-08 were Rs.261.22 billion ($6.2 billion) against Rs.185.82 billion of 2006-07.
Andhra Pradesh, which stands fourth in the country in IT exports, contributed 15 percent to the national exports of Rs.1,777 billion (tentative figures) from software technology park (STP) units.
Sensex down 73 points in afternoon trade
By IANS,
Mumbai : A benchmark index of Indian equities was ruling weak in afternoon trade Wednesday. Broader markets too saw some selling amid dull cues from other Asian bourses.
Kerala budget offers little to expatriates
By IANS
Thiruvananthapuram : The third straight budget presented by Kerala's Finance Minister Thomas Isaac has nothing much for the nearly two million overseas Keralites who provide the backbone of the state's economy by remitting more than Rs.200 billion ($5 billion) every year.
The total amount that has been set aside for the diaspora in the state's budget presented in the Kerala legislative assembly Thursday was a mere Rs.34.5 million.
Of this, Rs.30 million will be spent on setting up a welfare fund.
Vegetable prices soar in Jharkhand due to rain
By IANS
Ranchi : Soaring prices of vegetables due to incessant rain here has put housewives in trouble as they struggle to manage their budgets.
Price of green vegetables and onions have jumped more than 50 percent in the past fortnight. Jharkhand has been witnessing non-stop rain for the past two weeks, badly affecting transportation of vegetables.
Markets slip at opening bell
By IANS,
Mumbai : Indian equities markets started the week in the red Monday, with a key index ruling 0.96 percent below its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,259.22 points, lower than its 8,325.82 point close Friday. About 10 minutes into trade, it was at 8,246.21 points, 0.96 percent or 79.61 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,592.25 points, 1.05 percent down from its last close of 2,620.15.
Court notice over toll on Delhi-Gurgaon expressway
By IANS
New Delhi : The Delhi High Court Wednesday issued notices to two government agencies on a petition seeking exemption from toll tax on the New Delhi-Gurgaon Expressway for daily commuters.
Chief Justice M.K. Sharma and Justice Reva Khetarpal asked the National Highway Authority of India (NHAI) and the Haryana Urban Development Authority (HUDA) to file their responses by Feb 20, the next date of hearing.
Punj Lloyd wins Rs.5.9-billion OIL contract
New Delhi(IANS) : Energy and infrastructure service firm Punj Lloyd Ltd (PLL) will build two process units at state-owned Oil India Corp's (OIL) Vadodara refinery in Gujarat for Rs.5.90 billion, a company statement said here Wednesday.
The work will be completed in 28 months from the date a letter of award is issued to it.
This project assumes strategic importance for Punj Lloyd as other refineries are also expected to take up similar projects in the coming years, the statement added.
All pharma firms to reduce medicine prices
By IANS,
New Delhi : India will reduce prices of all drugs by nearly five percent and develop injections for combating life threatening infections, the pharmaceutical advisory forum said here Wednesday.
"As a result of reduction in excise duty from 16 percent to 8 percent, all drug companies should reduce prices of their medicines by 4.58 percent," said Minister for Chemicals and Fertilisers Ram Vilas Paswan, who heads the forum.
Government to review fuel prices Dec 14
By IANS
New Delhi : A group of Indian ministers will meet Dec 14 to discuss retail prices of transport and cooking fuels, said an official here Monday.
"The petroleum ministry will put up before the group of ministers (GoM) the latest update on accumulating under-recoveries of oil marketing companies," petroleum secretary M.S. Srinivasan said after inaugurating a conference of the Oil Industry Safety Directorate (OISD) here.
Finance minister advises calm amid market distress
By IANS
New Delhi/Mumbai : Investors should stay calm in the face of steep falls in stock markets because the fundamentals of the country's economy remained strong, India's Finance Minister P. Chidambaram said Tuesday, even as distressed investors crowded the street outside the Bombay Stock Exchange.
"The crash does not affect long-term sentiment and enough liquidity will be provided. We should not be bothered by the West's economy," Chidramabaram told reporters after trading was suspended for an hour at the Bombay Stock Exchange.
‘Economic impact of inadequate sanitation is Rs 2.44 tn’
By IANS,
New Delhi: The country is paying a heavy price for inadequate sanitation, with its impact on the economy estimated at Rs.2.44 trillion a year, parliament was informed Tuesday.
Samsung chairperson resigns after indictment
By DPA,
Seoul : Samsung Group chairperson Lee Kun Hee Tuesday announced his resignation, less than a week after he was indicted for tax invasion and breach of trust.
Lee, 66, apologised for the distress that the three-month investigation of South Korea's largest conglomerate had caused and took full responsibility, "both legally and morally", for the scandal.
"I pledged to make Samsung as a top-class company about 20 years ago, but I'm really sorry for not living up to the promise," Lee said at a nationally televised news conference.
India-born US cop gets $1.65 million for racial bias
By IANS,
New York : An India-born former police officer in Washington has won $1.65 million in an out-of-court settlement in his racial bias lawsuit in which he claimed he was called a "sandnigger" by a superior, received racially explicit voicemails and was dispatched alone to confront an armed man.
In his suit, Navin Sharma, 52, who worked for the police department in Vancouver city in the US for nine years, said he was subjected to seven years of racial harassment, which began when he testified against senior members of the department in a 1998 internal affairs investigation.
Country’s first food expo to be held In Mumbai
By IANS,
Mumbai : Over a thousand delegates from around the world will take part in the first ever food exhibition in the country, which opens here Tuesday.
Executives and experts in food supplies and support system from various countries will discuss the future development of food and beverages, both in the national as well as the international market, and also the ways to make India a food rich country.
EU clears acquisition of Brazilian firm by Mittal and Gonvarri
By EuAsiaNews,
Brussels : ArcelorMittal is well aware by now of the long arm of the European Union (EU), especially when it comes to vetting mergers and acquisitions, in order to make sure they do not restrict competition within the 27-nation EU market.
The European Commission, the EU's executive arm, Thursday cleared the joint control by ArcelorMittal and the Spanish firm Gonvarri of Gonvarri Produtos Siderúrgicos SA (SSC Brazil) of Brazil.
ArcelorMittal manufactures and sells, among other products, a wide range of carbon steels and stainless steels.
Rail Budget: Slew of passenger amenities announced
New Delhi : Railway Minister Suresh Prabhu Thursday announced a slew of passenger facilities in his maiden budget including user-friendly ladders to mount upper...
Multi-Commodity Exchange launches new futures series
By IANS,
Ahmedabad : The National Multi-Commodity Exchange (NMCE) has launched new series for futures contract in non-ferrous metals, menthol crystal and raw jute. All the contracts can be traded on NMCE e-platforms from May 2.
The new contracts in the six non-ferrous metals - aluminium ingot, nickel prime, copper, zinc, lead and tin - will mature July 31, 2008. The new contract in menthol crystal will expire Aug 30 and that in raw jute Sep 30, 2008.
Sensex opens with nearly 100-point loss
By IANS,
Mumbai : The Indian equities markets opened in the red Monday, tracking mixed cues from other Asian markets.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a loss of 97.62 points at 16,641.45.
The S&P Nifty indexd of the National Stock Exchange opened at 4,981 points with a loss of 10.75 points.
Other Asian markets barring the one in Japan were trading lower.
GST and India’s Competitiveness
By Amit Kapoor,
Over the past few weeks, there has been a growing interest among media in Inddia's indirect tax regime.
On the one side are...
Britain nationalises ailing mortgage lender B&B to avert run
By DPA,
London : The British government Monday is to nationalise mortgage lender Bradford & Bingley (B&B), the second bank this year to be taken into public ownership.
The move came amid fears that B&B, Britain's eight-biggest mortgage lender, could be targeted by angry depositors and borrowers in a repetition of the run on Northern Rock a year ago.
The government said that Spanish banking giant Santander is to take over the savings and deposits business of B&B, worth 20 billion pounds ($36.4 billion), a statement said.
Over nine million phone connections added in July
By IANS,
New Delhi : More than nine million phone connections were added last month, taking the number of phone users in the country to some 333.84 million, the telecom watchdog said Monday.
According to a release issued by the Telecom Regulatory Authority of India (Trai), the overall tele-density in the country was 29.08 percent at the end of July, as against 28.33 percent a month before.
It said the total wireless subscriber base including GSM, CDMA and cordless users stood at 296.08 million at the end of July.
Air India, SpiceJet hike airfares
By IANS,
Mumbai : State-owned Air India and budget airline SpiceJet have announced a hike in fares by at least Rs.300 per ticket, effective Thursday midnight, following a revision in the cost of aviation turbine fuel (ATF).
Air India decided to hike the minimum fares to Rs.1,000 for routes up to 750 km late Thursday evening. For distances between 750-1,000 km, the hike will be Rs.2,250, and for over 1,000 km the rise will be Rs.1,000.
Himachal to sell power to Delhi, Punjab
By IANS
Shimla : Power surplus Himachal Pradesh is to sell 700 million units of electricity to deficit states of Delhi and Punjab this summer for Rs.2 billion.
Rupee pushes out dollar at the Taj
By IANS
Agra : Foreign tourists will now have to pay in Indian rupees instead of US dollars to gain entry to the Taj Mahal, according to a tourism ministry directive.
The decision will also be applicable at 120 other monuments maintained by the Archaeological Survey of India (ASI) across India.
The ruing follows concerns over falling revenues from overseas tourists on the back of a weakening dollar against the rupee. The rupee has appreciated more than 12 percent against the dollar in the past six months.
World Bank approves $13 mn loan to Philippines
By Xinhua
Washington : The World Bank has approved a $12.94 million loan for the Philippines to help build electricity transmission infrastructure in its southern Bicol region, which was damaged by two super typhoons in 2006.
The emergency support would finance most of the electricity transmission infrastructure that the National Transmission Corporation (Transco) needed to build in the region after Typhoon Reming devastated the area in November 2006, a statement released by the World Bank said Thursday.
Fears of protectionism as India’s exports dip: World Bank
By Arun Kumar, IANS,
Washington : With exports from India declining in October for the first time in a decade due to negative growth in world trade in the last quarter of 2008, fears have surfaced over protectionist backlash, says a new World Bank report.
Fall in global trade has been underway for some time, said the bank in a paper for the meeting of the Group of 20 finance ministers and central bank governors scheduled next Saturday.