Indian garment exporters deny using child labour

By IANS, Tirupur : Garment exporters in this Tamil Nadu textile manufacturing hub Wednesday denied that they used any child labour, a day after a large British retail chain cancelled a 300,000 pound (about $586,000) order over the issue. The exporters have also charged local NGOs with "concocting" the child labour story. British retail chain Primark cancelled its order following reports that the British Broadcasting Corporation will telecast a documentary showing the use of child labour in the industry. Members of the local police force support the exporters' version.

Indian shares recover after intra-day slide

By IANS Mumbai : In a day of big sell-offs, Indian shares Monday made a partial recovery from their intra-day slide in volatile trading to close 1.5 percent down with a key index settling below the 14,000 mark. The 30-share benchmark sensitive index of the Bombay Stock Exchange (BSE) was down 235.37 points or 1.5 percent from Friday's close to settle at 14,903.03 after recovering from its intra-day low of 14,705, with late rallies by banking and pharma shares. Twenty of the Sensex components traded in the red.

Monetary steps have helped tame prices: Chidambaram

By IANS

New Delhi : As inflation dipped to a 13-month low, Finance Minister P. Chidambaram Friday said steps to tackle price rise seem to have worked but cautioned policy makers against premature exuberance.

India can and will survive global economic crisis: PM

By IANS, New Delhi : India can and will survive the global economic crisis, Prime Minister Manmohan Singh said here Friday. He was speaking at the HT Leadership Summit. Earlier, he had expressed confidence that India will be a land of free, knowledge-empowered people.

Consumer court pulls up Kingfisher airline

By Kanu Sarda, New Delhi : The national consumer redressal body has pulled up Kingfisher Airlines for adopting an unfair trade practice by misinforming passengers about the airline they were flying by. J.K. Mittal bought a Delhi-Bhubaneswar return ticket on a March 8 Kingfisher flight over the internet from the airline's website. He paid Rs.4,800 each way. When he reached the airport, he was told at the check-in counter that Kingfisher Airlines did not have a flight between Delhi and Bhubaneswar. Mittal was asked to take an Air Deccan flight instead.

Sampling best of luxury home brands under one roof

By Madhusree Chatterjee, IANS, Greater Noida : Branded luxury is scaling a new high in India. Plush living room interiors, latest bathroom fittings and modular kitchens - people can sample the best possible global products at an ongoing lifestyle expo here without compromising on environmental concerns. All that thousands of homemakers in India read in glossy coffee table volumes on eco-friendly and utility interiors and spaces are here for sampling, thanks to the mega export mart featuring 130 high-end interior décor and construction brands from India and 18 European nations.

ICCI bank pulled up for using musclemen for loan recovery

By Kanu Sarda, IANS, New Delhi : Terming the act of sending recovery agents as "uncivilized", a court here has directed ICCI Bank to pay Rs.20,000 in compensation to a consumer for sending musclemen to his home. The Delhi State Consumer Disputes Redressal Commission asked the bank to pay the compensation and Rs.2,000 as the cost of litigation to Rahul Sharma after he complained of getting threatening calls and having to face musclemen for the recovery of unpaid instalments of a house loan he had taken.

Fertiliser industry unimpressed over budget proposals

By IANS Chennai : Though the union budget has announced a number of initiatives favouring farmers, including the loan waiver of Rs.600 billion ($15 billion), the fertiliser industry, one of the links in the agriculture chain, has remained unimpressed over budget proposals. Finance Minister P. Chidambaram's announcement that the government was considering nutrient based fertiliser subsidy also seems not to have gone down well with the industry leaders.

Sensex gives up gains, closes dull

By IANS, Mumbai : A benchmark index for Indian equities markets Wednesday gave up its gains and closed on a sombre note.

Sundram Fasteners to expand international operations

By IANS Chennai : India's auto component manufacturer Sundram Fasteners Ltd, part of the city-based TVS Group, is expanding its production capacities in China, Germany and Britain, and also looking at aerospace and petrochemical sectors for accelerated growth. The Rs.15.77 billion ($397 million) revenue company operates plants in five countries - India, China, Britain, Germany and Malaysia - and makes auto components like fasteners, radiator caps, powder metal parts, cold extruded parts, hot forged parts, pumps and assemblies.

India to return to 9 percent growth trajectory: PM

By Aroonim Bhuyan, IANS, Doha : India will eventually return to a 9 percent growth trajectory despite the current global financial crisis because of its inherent strengths and size of markets, Prime Minister Manmohan Singh said here Monday evening. "The present international economic and financial situation has clouded some of the prospects of growth in the near term," Singh said while addressing a gathering of the Indian diaspora in Qatar here.

Pandit favourite for top job at Citigroup: NYT

By IANS New York : Indian American banker Vikram S. Pandit, who joined Citigroup seven months ago, appears to be emerging as the financial group's choice for a new chief executive over former Pakistan premier Shaukat Aziz, the New York Times has reported. As the group closes in on the final decision, the board appears to be leaning toward an insider, the Times said citing people briefed on the situation. And the inside candidate is Pandit, a former Morgan Stanley investment banker, they said.

Blue Star buys Naseer Electricals

By IANS Mumbai : Leading air-conditioning and commercial refrigeration company Blue Star Ltd Thursday said it has completed the strategic acquisition of the businesses of the Bangalore-headquartered electrical contracting firm Naseer Electricals Ltd. Blue Star has bought Naseer Electricals for Rs.420 million, which includes upfront payment, and debt and escrow amount payable on fulfilment of certain conditions.

Industry body finds rising rupee eroding export profits

By IANS New Delhi : Strengthening of the rupee against the US dollar is slowly and steadily eating away Indian exporters' profitability as they are being priced out of major export markets, says a survey by a leading industry chamber. The rupee has been rising since last year and the government's cooperation in helping the exporter by way of relief packages has turned out to be a complete failure, said the survey conducted by the Federation of Indian Chambers of Commerce and Industry (Ficci).

Radio crackles back to life in Kerala

By Jeevan Mathew Kurian, IANS Kozhikode (Kerala) : The advent of television in the 1980s virtually put a gag on the radio, but now its crackle is back in Kerala, especially with private FM stations reviving it in a big way. "Radios are now selling around 10 times the earlier figure. Two months ago I used to sell around two to three radios a day. Now, it has reached 25 to 30 units," P.M. Valsalan, a dealer in Philips radio sets here, told IANS.

Iceland takes over country’s largest banking group Kaupthing

By DPA, Reykjavik : Iceland's largest bank group Kaupthing was Thursday taken over by the Icelandic Financial Supervisory Authority. Kaupthing was the third of the North Atlantic nation's major banks to be taken over by the agency under provisions of special legislation adopted late Monday. Earlier this week the agency took over Landsbanki and Glitnir. Kaupthing board chairman Sigurdur Einarsson said in a statement that the bank had approached the Icelandic authorities and that the entire board of directors of the bank has resigned.

Deora in Pakistan to talk on TAPI and IPI pipelines

By IANS, New Delhi : Indian petroleum minister Murli Deora will hold talks in Pakistan on two important gas pipeline projects - Iran-Pakistan-India (IPI) and Turkmenistan-Afghanistan-Pakistan-India (TAPI) - over the next three days. “We have been invited by Asian Development Bank to attend the steering committee meeting of the TAPI project, which we will be joining,” Deora told reporters Tuesday a few hours before he left for Islamabad. Deora will take part in the two-day-long deliberations of the steering committee sponsored by the Asian Development Bank Wednesday and Thursday.

S. Korea, Russia agree on feasibility study for gas pipeline

By KUNA Tokyo : South Korea and Russia agreed on a joint feasibility study into the construction of a pipeline that can transport natural gas to Northeast Asia, the South Korean government said Wednesday. The deal reached in Moscow during the natural resources cooperation committee, would open the door for gas produced in Russia's far east and Siberia to be sent overland to South Korea, the Ministry of Commerce, Industry and Energy said, according to Yonhap News Agency.

Vedanta’s new buy shows India Inc’s growing reach: WSJ

By IANS, New York : Vedanta Resources' purchase of the bankrupt US copper miner Asarco for $2.6 billion in cash has highlighted the growing global clout of companies from emerging markets like India, the Wall Street Journal (WSJ) has said. The deal announced Saturday by Sterlite Industries, a unit of Vedanta, is the latest in a string of foreign deals by Indian companies, the business daily said in a story headlined "Copper deal in US shows Indian firms' growing reach".

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NRI deposits in Kerala banks continue to grow

By IANS, Thiruvananthapuram : Deposits by non-resident Indians (NRIs) in Kerala banks grew marginally from Rs.37,019 crore in March 2009 to Rs.37,983 crore as on June 30. These figures were released at a State Level Bankers Committee (SLBC) meeting held here Thursday. The State Bank group bagged the highest share -- 42.88 percent -- of the total NRI deposits with Rs.16,058 crore. Private sector banks, which received Rs.10,703 crore or 28.18 percent share, came second, while other nationalised banks accounted for 27.8 percent share with Rs.10,559 crore.

Larsen and Toubro bags order worth Rs.3,500 crore

By IANS, Mumbai : Larsen and Toubro Monday said it has bagged a project worth Rs.3,500 crore from Chennai-based PPN Power Generating Company for setting up a gas-based power plant in Tamil Nadu.

Foreign direct investment in insurance to be raised to 49 percent

By IANS, New Delhi : Foreign direct investment in insurance companies in the private sector will be raised to 49 percent through a bill to be tabled in parliament, it was announced here Friday. Through another bill, the equity of the state-owned Life Insurance Corporation (LIC) will be raised from Rs.50 million to Rs.1 billion, Finance Minister P. Chidambaram told reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh.

Retrenchments a minor hiccup, say aviation institutes

By IANS, New Delhi : Drop in recruitments in the aviation sector is a "minor hiccup" and "the industry will bounce back" in a few months, say leading aviation training institutes here. "The layoff will largely affect individuals. The institute will not be affected much. This is just a minor hiccup in the aviation industry," Sameer Walia, vice-president (communications) of Frankfinn Management Consultants, said Thursday.

Luxury airline Royal Jet announces new fare structure for Gulf

By IANS, Abu Dhabi : The United Arab Emirates' (UAE) international luxury executive airline Royal Jet has announced a new fare structure for the Gulf Cooperation Council (GCC) countries. Under the new structure, passengers will be charged from the point where they commence their journey rather than from the point where the aircraft originated, according to a Royal Jet statement.

Government hikes entry fee to historical monuments

New Delhi : The government has increased the entry fee at 116 centrally-protected monuments under the Archaeological Survey of India (ASI). The revised rates...

Small and medium firms’ business confidence rising: CII

By IANS, New Delhi: The confidence of small and medium enterprises(SMEs)in India is on the rise with many firms recording higher sales and increased capacity utilisation, says a survey by the Confederation of Indian Industry (CII). The overall business confidence index (BCI) compiled by CII for SMEs for the July-Sep 2010 stood at 65.6 on a scale of 0-100, the industry lobby said in a statement. The quarterly outlook, which was based on a list of 14 indicators, showed that the services segment of the SMEs have a BCI of 66.1, while that of industrial SMEs stood at 65.6.

Sensex closes highest since Feb 2008

By IANS, Mumbai : A benchmark index for Indian equities Wednesday rose sharply in late trade to close 108 points up at 18,222.98 -- the highest since February 2008. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,115.56 points, was at 18,222.98 points (provisional), 108.15 points or 0.6 percent up from its previous close at 18,114.83 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut 0.56 percent up at 5,469.9 points.

Lok Sabha passes bill to extend Metro to NCR

By IANS, New Delhi : The Lok Sabha Thursday passed a bill to help extend the Delhi Metro rail service to the national capital region (NCR), including the satellite towns of Noida and Gurgaon. Moving the Metro Railways (Amendment) Bill that was unanimously passed, Urban Development Minister S. Jaipal Reddy said it was necessary that legal cover be accorded to constructing, maintaining and operating the rail services in Noida and Gurgaon, work for which is at an advanced stage.

Food inflation jumps to 17.47 percent

By IANS, New Delhi : India's annual food inflation based on the official wholesale price index soared to 17.47 percent for the week ended Nov 21 from 15.58 percent a week ago, an official statement said Thursday. Inflation of primary articles rose to 12.53 percent during the week against 11.04 percent in the previous week. Onions price increased by over 12 percent on weekly basis, while it surged by 30.89 percent on yearly basis. Rice and wheat prices also rose over 10 percent on an year-on-year basis.

Nikon launches eight new cameras

By IANS, New Delhi : Photographic equipment manufacturer Nikon Wednesday launched eight new models of its flagship Coolpix brand of digital cameras, priced in the range of Rs.7,450-Rs.25,950. The company, which commands five percent share in the Indian compact camera market, is targeting to double it by year-end. Nikon is currently importing cameras from Japan and China, and said it did not have any immediate plans to start manufacturing units in India as the demand was still low.

Unfortunate, says India Inc. about Tata exit from Singur

New Delhi, Oct 3 (IANS) Indian industry and the government were dismayed by the Singur developments, with a cross-section of India Inc describing the situation as unfortunate. * Commerce Secretary G.K. Pillai: "It is an unfortunate development. But we should not read too much into it. This is an individual, isolated, and an exceptional case. A large number of investments are taking place." * Associated Chambers of Commerce and Industry of India: "This is the most unfortunate incident of industrial activities in the 21st century."

Mahindra to acquire Renault’s stake in Indian car venture

By IANS, Mumbai : Automobile major Mahindra and Mahindra (M&M) announced Friday it was buying out global car major Renault's 49 percent stake in their joint venture which manufactures the Logan sedan car. "M&M will buy Renualt's equity stake in Mahindra Renault Pvt. Ltd., resulting in it becoming a 100 percent Mahindra group owned company," said a company statement. Renault, however, will continue to supply M&M key components, including the engine. The joint venture was established in 2005.

NGOs received Rs.78.77 billion in 2005-06

By IANS New Delhi : Non-Governmental Organisations (NGOs) received Rs.78.77 billion as foreign contribution during 2005-06, the parliament was informed Tuesday. In a written reply, Minister of State for Home, Sriprakash Jaiswal told Lok Sabha that during this period, under the Foreign Contribution (Regulation) Act, 1976, 13,574 associations did not submit the statutory annual returns of receipt and utilisation of foreign contribution.

Himachal Pradesh fails to meet income tax target

By IANS, Shimla : Himachal Pradesh's income tax department has failed to achieve its target of collecting tax worth Rs.4.8 billion ($120 million) during 2007-08, said officials. The IT department officials said here Thursday that they were able to collect only Rs.4.1 billion during the period, Rs.700 million short of target. Although last fiscal's collection was more than the previous year it has failed to achieve the target set by the head office, said officials. Each year the head office sets an income tax target for each state.

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.

Tirupur knitwear exporters planning price hike

By IANS, Chennai : Tirupur-based knitwear exporters are planning a 15 percent price hike. The Tirupur Exporters Association (TEA) said here that it has asked its member units to hold talks with the overseas buyers and reach a decision on prices. "The cost of power, yarn has gone up. The inflation is continuing to go up. Hence we have asked our member units to ask for a price increase to the tune of 15 percent," TEA chairman A. Sakthivel told IANS.

Petrol and LPG go cheaper in Chandigarh

By IANS, Chandigarh : The Chandigarh administration Thursday announced a cut in the value added tax (VAT) on petrol and cooking gas in the city. The administration has slashed VAT on petrol by 2 percent, bringing down the price by 70 paise to Rs 50.19 per litre, and 4 percent VAT on the liquefied petroleum gas (LPG) which is used for cooking. LPG would now cost Rs.339.50, cheaper by Rs.13.50, per cylinder in the city.

Chhattisgarh to pump in Rs.19.64 bn to boost irrigation

By IANS, Raipur : The Chhattisgarh government will construct 27 irrigation projects at the cost of Rs.19.64 billion to boost agriculture production in the state. The projects will come up in paddy-rich areas of Bilaspur, Raigarh, Raipur, Rajnandgaon, Janjgir-Champa, Dhamtari and Mahasamund districts, an official statement said Saturday. The water resources department will complete the construction work by June 2010. Officials say about 70 percent of the cultivated area is entirely dependent on monsoon.

Jinx on Chandigarh luxury hotel continues

By Jaideep Sarin, IANS, Chandigarh : A five-star hotel in the heart of Chandigarh has once again fallen prey to its 'jinx'. The site of the James Plaza Hotel, where work has been in progress for 23 years, has been taken back by the government for the third time after the owners failed to ensure its completion this month.

Mexican Sen: Nafta hurts farmers

By NNN-Prensa Latina Mexico : Mexican Senator Carlos Jimenez Macias referred to damage to Mexican agriculture incurred by the North American Free Trade Agreement and disproportionate US competition. In an interview on Friday with Prensa Latina, Jimenez Macias explained that NAFTA put Mexico at a disadvantage because its farmers have to confront US agricultural and livestock business with higher technology, better resources and government subsidies.

Ten issues India Inc has to contend with in 2009

By Sushma Ramachandran, IANS, What lies ahead for the Indian economy in 2009? This is the question looming large in corridors of the country's corporate world, as India Inc hopes the economy will transition from annus horribilis that 2008 was to annus mirabilis, which it hopes the New Year will be. A look at 10 major issues which the country's corporate sector has to contend with in 2009:

United Bank of India launches home loan at 8 percent

By IANS, Kolkata : The city-based state-run United Bank of India (UBI) has launched an eight percent home loan scheme available till March 31 next year, a release said here Tuesday. The bank would charge eight percent interest on home loan for the first year and nine percent for the second to fourth years. From the fifth year onwards, it would charge interest on a floating basis, which would be two percent less than the benchmark prime lending rate (BPLR) prevailing at that time, the release said.

OPEC meet in November, crude price slides below $80

By DPA, Vienna : The Organisation of the Petroleum Exporting Countries (OPEC) has scheduled a special meeting in November, as the cartel's crude oil price remained below $80 for the second day in a row Thursday, the group announced Friday. One barrel (159 litres) of OPEC crude stood at $78.25 Thursday, rising $0.87 from $77.38 on the previous day, according to figures released by the cartel Friday.

Posco site tense after fresh violence

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

Shifting of Nano project a sad experience, says PM

By Murali Krishnan, IANS, On Board Air India One : Lamenting the circumstances in which Tata Motors had to shift its ambitious Nano car project from West Bengal to Gujarat, Prime Minister Manmohan Singh Saturday underlined the need for industrialisation as well as for remunerative land compensation to farmers.

India likely to produce over 1,000 million kg of tea

By IANS, New Delhi : India is likely to cross the 1,000-million-kg mark in tea production this financial year and exports of the commodity are expected to grow by 5-10 percent, Tea Board of India Chairman Basudeb Banerjee said here Monday. "For this financial year, we expect the production to be 1,000 million kg or it can be even more than that," Banerjee told IANS. India is the world's largest tea grower. The country produced 960 million kg of tea in 2009-10 and the exports rose to 200 million kg during the period from 190 million kg in 2008-09.

Ericsson reports drop in second-quarter sales

By DPA, Stockholm : Swedish telecommunications giant Ericsson Friday reported lower second-quarter sales and operating income due in part to "continued industry component shortages" and cautious investments from operators in some markets. Net income - after losses and restructuring charges - was up year-on-year to two billion kronor ($274 million) from 800 million kronor in 2009. Operating income, excluding restructuring charges, totalled 5.3 billion kronor, down 12 percent year-on-year but up 17 percent compared with the first quarter of 2010.

India’s fuel demand to grow at 6 percent

By IANS, New Delhi : India's demand for oil will grow at six percent, the same as last year, Petroleum Secretary R.S. Pandey said here Monday. “We are growing by six percent per annum, and I think we'll continue to grow at this rate,” Pandey told reporters on the sidelines of the inaugural function for the Oil and Gas Conservation Fortnight 2009. He said India should emulate the example of Japan to improve production of hydrocarbons. While India's efficiency in this sector is better than West Asia, it had to “move towards the standards of Japan”, he said.

India poised to become third largest economy: Chidambaram

By IANS New Delhi : With a sustained growth of around nine percent, India is well poised to eradicate poverty in 20 years and emerge as the world's third largest economy, Finance Minister P. Chidambaram has said. The country's fiscal requirement towards infrastructure stood revised to $475 billion at current prices over the next five years as against an earlier estimate of $320 billion, he told foreign diplomats attending the professional course organised by the Foreign Service Institute (FSI) at a valedictory dinner Friday evening.

Hong Kong shares fall over six percent on opening

By DPA, Hong Kong : Hong Kong's Hang Seng Index opened more than six percent lower Thursday as overnight losses on Wall Street had a heavy impact on markets across Asia. The blue-chip index, which lost five percent of its value Wednesday, was down a further 977.55 points, or 6.11 percent, at 15,020.75 within 20 minutes of the start of trading Thursday. The losses mirrored overnight drops in the US and Europe and reflected growing fears that the turmoil in the banking sector would lead to a global recession, analysts said.

SpiceJet announces order for 30 new Boeing aircraft

By IANS, New Delhi : A little over a month after announcing a change of management in favour of Sun TV's Kalanithi Maran, private budget carrier SpiceJet Tuesday said it will order 30 Boeing 737-800 aircraft to take its fleet size to 58 planes. The deliveries for the new set of Boeing 737-800s will begin from 2014, while it is also expecting another seven to be dispatched till 2012, all adding to the current fleet size of 21 aircraft.

India’s forex reserves down $471 million

By IANS, Mumbai: India's foreign exchange (forex) reserves went down up by $471.3 million to $294.50 billion for the week ended Nov 30, according to Reserve Bank of India (RBI) data.

Industry asks for fiscal package to boost growth

By IANS, New Delhi : A leading industry lobby Wednesday asked the government for a bigger fiscal package to revive various sectors of the economy. "We have urged the government to create a growth package for various sectors that have been affected due to the slowdown," Harsh Pati Singhania, senior vice-president of the Federation of Indian Chambers of Commerce and Industry (Ficci) told reporters after a meeting with senior government officials.

Latin America gets credit from OPEC

By NNN-PRENSAS LATINA Caracas : Latin America will benefit with 18 percent of the soft-credit programme approved by the Organization of Petroleum Exporting Countries (OPEC) Fund, Venezuelan Finance Minister Rodrigo Cabezas confirmed on Thursday. In a statement to Venezolana de Television by telephone from Asturias, where the 28th OPEC Finance Ministerial Meeting concluded today, Cabezas said the programme approved in that forum was supported by $1.8 billion.

India may sign free trade agreement with ASEAN

By IANS, Kuala Lumpur : India is likely to sign a free trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN) during the 14th summit of the bloc slated for February in Thailand. Thailand's Nation newspaper said that India would submit a letter to the Thai Commerce Ministry later Monday, saying it will sign the long-awaited FTA with ASEAN during next month's summit.

Health minister wants more taxes on tobacco products

By IANS New Delhi : Health Minister Anbumani Ramadoss Sunday urged Finance Minister P. Chidambaram to increase taxes on tobacco products in the budget to be presented to parliament Feb 29. "We have requested the finance minister to increase the taxes on (tobacco) products so that the alarming figures of its consumption as compared to other countries can come down," Ramadoss told reporters on the sidelines of a conference on microbicides he inaugurated.

Rajasthan offers concessions to Honda Siel

By IANS Jaipur : The Rajasthan government has offered a host of concessions to Honda Siel Cars India Ltd (HSCI), which is setting up a new manufacturing facility in Alwar district with an initial investment of over $230 million. While providing sops to the company, the state government said in various notifications that it has decided to offer a 50 percent exemption on electricity duty, a lower central sales tax of 0.05 percent with respect to the sales of cars, sub-assemblies, spare parts and components manufactured by the company in Rajasthan.

Gold prices may touch Rs.18,000 per 10 gram: Assocham

By IANS, New Delhi : Gold prices may go up further during the forthcoming festive season to touch Rs.18,000 per 10 gram, according to the Associated Chambers of Commerce and Industry of India(Assocham). Gold has seen a huge build-up in the exchange traded funds (ETF) in the last few weeks and will gain further momentum in view of festive demand and low international production, Assocham said in a report. Therefore, its prices may go up to Rs.18,000 per 10 gram by Diwali from current levels of around Rs.16,000, it said.

More incentives needed to increase exports to Africa: Ficci

By IANS New Delhi : An apex Indian business chamber Monday said that India could double the volume of its bilateral trade with Africa to $50 billion in 2012 by announcing incentives for exports and discussing improvement in business environment with African countries. The Federation of Indian Chambers of Commerce and Industry (Ficci) conducted a survey on 'Strengthening Economic Engagement between India and Africa' among 41 Indian companies which have significant business presence in the continent in diverse fields, ranging from automobiles and energy to gems and jewellery.

Tata Housing to invest Rs.1,000 crore this fiscal

By IANS, Kolkata : Tata Housing Development Company would pump in Rs.1,000 crore this fiscal to its various projects across the country, a top company official said here Friday. Sixty percent of the investment will be in the northern and western parts of the country, Managing director and Chief Executive Officer Brotin Banerjee told mediapersons here. "Out of the total amount, about Rs.400 crore will be spent on land acquisition and Rs.600 crore on the construction," Banerjee said.

Orissa okays budget

By IANS

Bhubaneswar : The Orissa cabinet has formally approved the Rs.250 billion budget for the 2007-08 financial year.

The approval came at a meeting of ministers Friday under the chairmanship of Chief Minister Naveen Patnaik.

Punjab seeks economic federalism for all states

By IANS, Chandigarh : Seeking economic federalism for all states in the country, the Punjab government Thursday urged the 13th Finance Commission that states should get at least 50 percent share from the gross central receipts and taxes collected. The plea was made during a meeting of the state's top brass, including Chief Minister Parkash Singh Badal, with the Finance Commission led by its Chairman Vijay L. Kelkar here.

Electrotherm’s electric motorbike is sputtering

By IANS Ahmedabad : The electric vehicle division of steel and engineering firm Electrotherm India Ltd, whose electric motorcycles sought to revolutionise the Indian automotive market, is currently having a bumpy ride. Financial performance of the auto division of the company for fiscal 2007-08 indicates that it has been continuously sliding. A top official of the company however told IANS that the new division would drive high on growth in the next two years.

No maize from India: Malaysian farmers chicken out

By IANS, Kuala Lumpur : India's decision to stop exporting maize has hit Malaysia's chicken farmers who have been advised to cut production or cope with higher maize prices. Maize from India form 95 percent of the chicken feed in Malaysia. India banned its export last week. "In just two days, the price of maize jumped from RM980 ($270 approx.) per tonne to RM1,200 ($370)," Lee Ah Fatt, President of the Federation of Livestock Farmers Associations of Malaysia (FLFAM) said.

Milk in Bihar dearer from February

By IANS, Patna : Denizens of Bihar will have to pay Rs.1.50 more for a litre of milk from February, an official said Sunday.

Will China come out to rescue the world?

By Alexei Yefimov, RIA Novosti, Moscow : China is a true island of stability amid the raging financial crisis. There are no chances of a large-scale crisis in the Chinese economy. An economic shock, let alone a recession, is unlikely in China because of its solid economic health and reliable protection from external risks. Given its huge international reserves at $1.9 trillion, it can maintain its own stability, but it can also help developed countries overcome the crisis. Is it ready to offer the money? And will anyone take it?

India’s food inflation drops after fresh crop arrival

By IANS, New Delhi : India's annual food inflation dropped to 16.04 percent for the week ended April 24 from 16.61 percent a week ago due to fresh arrival of the winter crop. Data on the wholesale price index (WPI) released by the commerce and industry ministry showed the index for food articles fell by 0.1 percent during the week under review. The index for non-food articles and fuel remained unchanged. Taking into account the year as a whole, the prices of pulses, milk and cereals rose during the week and that of potatoes, vegetables and onions declined.

Sensex ends 276 points higher

By IANS, Mumbai : Led by a late surge in bluechip stocks, a benchmark index for Indian equities Thursday ended 276 points higher than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,668.91 points, closed at 16,934.01 points (provisional), 276.12 points or 1.66 percent up from its previous close at 16,657.89 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,082.35 points, up 1.64 percent from its previous close.

Will Tata Motors resume work at Singur?

By IANS, Kolkata : Will Tata Motors restart work at Singur to produce their small car Nano? As its employees failed to show up for work Monday morning, that's the question being asked, a day after farmers called off their 15-day strike to demand a part of the land acquired for the project back from the government. "I do not have any comments," a spokesperson for Tata Motors said after the West Bengal government and the Trinamool Congress, that was spearheading the agitation, reached a far-reaching pact late Sunday evening to resolve the 28-month dispute.

Modinomics must address the rural economy

By Vatsal Srivastava For a government that has been voted by a historic majority on the single promise of "ache din" and "vikas", today's agrarian...

Head of shoemaking firm has over 700 pairs herself

By IANS, London : Italian shoe brand Jimmy Choo's president Tamara Mellon has confessed that she has over 700 pair of shoes. "I probably have 700 to 800 pairs as I have always loved shoes and I became particularly obsessed by them in the early nineties," vogue.co.uk reports Mellon as saying. Mellon admitted that she loves to accessorise women. "I would love to accessorise a woman completely be it fragrance, watches or scarves. There are so many things on my wish list," she said.

UAE’s Air Arabia celebrates 10 million passenger mark

By NNN-WAM, Sharjah : Air Arabia has announced that it has flown more than 10 million passengers since its launch in October 2003. The carrier passed the mark at the end of June 2008. In the first half of 2008, Air Arabia carried more than 1.6 million passengers, an increase of 33 per cent compared to 1.2 million passengers in the corresponding period last year. Passenger average load factor -- passengers carried as a proportion of available seats -- for the first half of 2008 stood at 86 per cent, a 3 per cent increase compared to the same period last year.

Nigeria Tensions Spur Oil Hikes

By Prensa Latina Caracas : Oil prices rose on international energy markets Wednesday, encouraged by tensions in Nigeria in the face of possible attacks against oil infrastructures. Analysts predict a drop of nearly 2 million barrels of oil in US commercial inventories, likely to reach their lowest level in three years. In the last seven weeks of 2007, hydrocarbon supplies on the US market significantly decreased by 25.1 million barrels.

Territorial Army may step in to break oil strike: Minister

By IANS, New Delhi : In an attempt to end the ongoing strike by officers of public sector oil firms, Petroleum Minister Murli Deora has begun conducting talks with the Territorial Army to break the impasse. Meanwhile, Home Minister P. Chidambaram said he was willing to talk to the strike leaders Friday, but appealed to them to end the strike immediately "as they are placing an intolerable burden on the people". "Strike is not the way. Strong action is being taken, I understand," he added.

Boao conference begins with focus on financial crisis

By Xinhua, Boao (China): The annual conference of the Boao Forum for Asia (BFA) opened in this scenic town of China's southern Hainan Province Saturday, focusing on the cooperation of Asian countries amid the global financial crisis. Chinese Premier Wen Jiabao is to deliver a keynote speech at the opening plenary meeting. More than 1,600 political leaders, business people and academic scholars gathered in the island resort for the conference, which will conclude Sunday.

Sowing the SEED of progress among Indian Muslims

By Mohd. Ismail Khan, TwoCircles.net, Hyderabad: India may have the third- largest concentration of Muslims around the world and 10% of total world’s Muslim population,...

IT industry lobbies for extended tax holiday

By IANS New Delhi : The Indian IT industry has put in a strong demand for the extension of tax holidays under the Software Technology Parks of India (STPI) scheme, among other things, in its list of requests to the finance ministry. The recommendations have been made by industry body National Association of Software and Service Companies (Nasscom) as part of its pre-budget demands. Under the STPI scheme, which was introduced in 1999, firms get tax holiday on profit from exports. The scheme ends March 2009.

Kerala shuts down to protest petrol price hike

By IANS, Thiruvananthapuram : A statewide shutdown was called by the Left Democratic Front (LDF) and the Bharatiya Janata Party (BJP) here Thursday to protest the huge hike in petrol prices.

India Post will have own aircraft to meet private challenge

By Joel Joseph, IANS New Delhi : State-run India Post is seeking to beat growing competition from private courier companies by acquiring its own aircraft that would carry mail by the end of this month. "All these years, the postal department was considered to be a social service unit, but now we want to make it into a business unit. Our focus will be on the business clientele," said John Samuel, general manager, India Post. The aircraft is being taken on wet lease from domestic carrier Indian.

Cairn to begin exploration in Bihar after monsoon

By IANS, Patna : Energy major Cairn India will begin the next phase of oil and natural gas exploration in Bihar after the monsoon, a company official said Thursday. The first proposed exploration well will be drilled in Darbhanga district, about 200 kilometres from Patna, with a rig contracted from American oilfield services provider Weatherford International, the official said. The Houstan-based Weatherford International develops and supplies mechanical solutions, technology applications and services for all phases of oil and gas development. It operates in over 100 countries.

Star Alliance Common IT Platform attracts more inventory migrations

By IANS, New Delhi : The Star Alliance Common IT Platform (CITP) has taken a significant step forward with the successful migration of additional member carriers to the new inventory platform, it was announced Thursday. Austrian, Adria Airways and Croatia Airlines have all switched their inventory, pricing, flight schedules, seat planning and passenger re-accommodation applications to the new inventory management module of the Amadeus Altéa solution, which forms part of the CITP, an Amadeus statement said.

Telecom spectrum allocation only after verdict: Court

By IANS New Delhi : The Delhi High Court Thursday directed the government to await its final ruling before allotting scarce radio frequency spectrum to a section of mobile telecom services providers. The high court said any decision on the matter would have to wait for the final outcome of a petition before it filed by the Cellular Operators Association of India (COAI), an industry lobby for the GSM mobile phone operators.

Parvez Damania turns passion for films into business

By Jivraj Burman, IANS Mumbai : Entrepreneur Parvez Damania shocked his friends when he went into the aviation business days after the government ended its monopoly in the sector in the mid-1990s. And once again he has surprised them by venturing into Bollywood as a producer. Watching sensible movies in his spare time had always been his way of relieving the cares of the world. But the idea of making films occurred to him rather late, but not so late as to abandon it as wishful thinking.

Railways to spend Rs.41,426 crore to modernise network, services

By IANS, New Delhi : The government planned to spend Rs.41,426 crore ($8.29 billion) to modernise the rail network and improve customer services, Railway Minister Mamata Banerjee said while presenting her ministry's budget in parliament Wednesday. Out of this, Rs.4,411 crore will be spent to lay 1,000 km of new lines and Rs.1,302 crore for improving passenger amenities. The spending would be financed through a gross budgetary support of Rs.15,875 crore, diesel cess of Rs.877 crore, internal resources of Rs,14,523 crore and extra-budgetary resources of Rs.10,151 crore.

Currency futures launched at National Stock Exchange

By IANS, Mumbai : Finance Minister P. Chidambaram Friday kicked off currency futures at the National Stock Exchange (NSE) here in a move that is particularly expected to help small- and mid-sized companies to hedge their risks while dealing in foreign exchange. The first deal at the exchange-traded futures began at 8:45 a.m. with a lot size of $1,000 each, and within three hours, as many as 19,871 contracts had been executed, data with the stock exchange showed.

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.

Youth fear loss of job scope if Tatas leave Singur

By IANS, Kolkata : The young generation here, which expected Tata Motors' Nano project at Singur in West Bengal to throw up jobs, is concerned over the political turmoil that has crippled work at the factory. "I thought if Tata Motors sets up a factory in Singur, it will provide job opportunities to many engineers of the state and they won't have to go out, but now it seems impossible," said automobile engineer Krishanu Das.

India’s short-term outlook ‘cloudy’; medium-term positive: PM Manmohan

By NNN-PTI, Tokyo : The short-term outlook for Indian economy looks "cloudy" in the face of the global financial meltdown and steps are required to prevent the credit crunch from turning into a crisis of confidence, Prime Minister Manmohan Singh said. "The short-term outlook is cloudy but I am confident that the Indian economy has the resilience to sustain its growth momentum in the medium-term... We have to prevent the liquidity crisis from becoming a crisis of confidence in the international monetary and financial system," he said.

Air Arabia profits jump despite economic crisis

By IANS, Sharjah: Air Arabia, the United Arab Emirates (UAE) based low-cost carrier, has reported a 21 percent increase in profits in the first half of 2009, the WAM news agency reported Saturday. The airline announced its financial results for the period ending June 30, 2009, reporting a profit of $52 million, an increase of 21 percent compared to the same period in 2008. The company registered a turnover of $251 million during the period.

Markets slip, recover but still end in red

By IANS, Mumbai : Indian equities markets Wednesday opened flat, fell sharply and then recovered somewhat -- but still ended in the red at close of trading. Despite good news that the US central bank had agreed to bail out insurance giant American Insurance Group (AIG), the market showed signs of continuing weakness, analysts said. At the close of trading, the 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell to 13,262.90, down 255.90 points or 1.89 percent over its previous close of 13,518.80.

New trust to help overseas Indians invest in India

By IANS

New Delhi : The government Monday launched an Overseas Indian Facilitation Centre (OIFC), a one-stop shop to help overseas Indians invest in India.

Equity markets close in green

By IANS, Mumbai : The Indian equity markets closed in green Friday. The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,153.39 points, touched a high of 14,428.52 points before closing at 14,401.49 points. It went up by 157.76 points or 1.11 percent at the day's close. The National Stock Exchange (NSE) S & P Nifty, which opened at 4,283.85 points, closed at 4,327.45 points. It went up by 43.60 points or 1.02 percent.

Sensex slips 870 points as budget disappoints

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.

Indian markets start off weak

By IANS, Mumbai : A benchmark index of Indian equities started trade on a weak note Tuesday, with selling pressure across all markets. At 9.15 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,213.14 points, was at 16,221.27 points, down 15.78 points or 0.1 percent from its previous close. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,845.95 points, against the previous close at 4,856.4 points, a loss of 0.22 percent or 10.45 points.

OPEC crude price jumps above $130

By DPA, Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped by more than $2 Monday, rising above $130 dollars for the third time this month, data released by OPEC showed Tuesday. One barrel (159 litres) of OPEC-produced crude stood at $130.70 a barrel Monday, up $2,14 dollars from $128.56 on the previous day. OPEC calculates an average basket price based on 13 important brands produced by cartel members.

Tata’s Chhattisgarh steel project still mired in controversy

By IANS Raipur : Protests over acquiring 5,098 acres continue to dog Tata Steel's proposed project in Chhattisgarh's southern Bastar region. The district's top official says the acquisition is moving forward. But protesters -- from Left parties and tribal groups - contest this.

Railways-linked stocks rise ahead of budget

Mumbai : Stocks of companies associated with the railways rose ahead of the railway budget which is slated to be present by Railway Minister...

Kolkatans feel sense of ‘colossal loss’ at Nano pullout

By IANS, Kolkata : The dismay and shock are yet to get over. For the people of Kolkata, the finality of Tata Motors' decision to shift the Nano small car project out of West Bengal is like the end of a dream for a better future for the state. A day after Tata group chairman Ratan Tata made the announcement, which had been apparent for some days, people Saturday blamed both the Communist-led state government and the opposition Trinamool Congress party for being "irresponsible" in handling the prestigious project.

BHEL Bhopal unit holds Vendor Workshop on Quality Improvement

By Pervez Bari, TwoCircles.net

Bhopal: In Bharat Heavy Electricals Limited, (BHEL), Bhopal unit, the Transportation Group organized a Vendor Workshop on Quality Improvement through process improvement – Heat Treatment Process the other day here at Narmada Bhawan. S. K. Sharma GM (TSD & Quality) inaugurated the workshop while S. Lomash GM (TPTN & CET) presided over the function.

Government looking into BlackBerry matter: Raja

By IANS, New Delhi : The government Thursday said it was looking into the security concerns surrounding BlackBerry phones and would soon come up with some solution. “We are looking into the matter,” Minister of Communications and IT A. Raja told reporters on the sidelines of a telecom summit here. Following last month's Mumbai terror attacks, the wireless planning and coordination wing of the Department of Telecom (DoT), which gives approvals for all radio equipment and devices imported to the country, raised objections to e-mails not being intercepted.

Apex court asks Tata, Reliance to pay access deficit charges

By IANS, New Delhi : Observing that Tata Teleservices' 'Walky' and Reliance Communication's 'Unlimited Cordless' telephone services fall in the category of "limited mobile telephony services", the Supreme Court Wednesday ruled that the two Indian telecom majors are liable to pay Access Deficit Charges (ADC) to Bharat Sanchar Nigam Limited.

New regulator for airports in place by March 31

By IANS, New Delhi : A new aviation regulator - the Airports Economic Regulatory Authority (AERA) - will come into effect by March 31 this year, according to a ministry official. "AERA has been notified in the gazette. It has to be in place by March 31," the official told IANS Friday. Once AERA becomes operational, Indian airports will have a tariff regulator in line with international practices. The AERA Bill 2007 received the cabinet nod in May 2007, but was cleared by parliament only in October 2008. It was given clearance by the president late last month.

Chidambaram hints at moderating tax rates

By IANS New Delhi : As he gets ready to present his seventh national budget next month, Finance Minister P. Chidambaram Tuesday said fiscal deficit targets for this year will be met and held out an assurance of moderation of taxes rates, if compliance was met. "Let me recall what I said. If voluntary compliance increases, then there is a case for moderation," Chidambaram said. "That does not mean it's been accepted. You make a case for moderation instead of writing imaginary stories."

BlackBerry posts $643 mn profit

By IANS, Toronto : BlackBerry maker Research In Motion (RIM) has reported a profit of $643 million for the first quarter of the year, compared to $518.3 million posted during the previous quarter. However, its quarterly revenue was slightly dwon at $3.42 billion from $3.46 billion in the previous quarter. But it is still up 53 percent from $2.24 billion during the same period last year. BlackBerry added about 3.8 million net new subscribers accounts during the quarter, taking its total subscriber base to nearly 28.5 million.

MP CM invites Silicon Valley investors to visit State

By Pervez Bari, TwoCircles.net Bhopal, May 17: Madhya Pradesh Chief Minister Shivraj Singh Chouhan visited Silicon Valley at San Jose during his U.S. visit on Wednesday. According to an official Press release the Bankers Club of San Francisco organized a road show and interactive meeting on investment potential in Madhya Pradesh with the cooperation of U.S.-Indo Business Council and FICCI on the occasion.

Inflation drops marginally to 8.84 percent

By IANS, New Delhi : India's annual rate of inflation dropped marginally to 8.84 percent for the week ended Nov 15 from 8.9 percent the week before, according to fresh data released Thursday. The annual inflation rate was 3.35 percent during the corresponding week the previous year. The official wholesale price index (WPI) for all commodities during the week rose 0.04 percent to 235.1 (provisional) from 235 (provisional) the previous week.

Sensex nudges up, world markets rise on European austerity

By IANS, New Delhi : A benchmark index of Indian equities Thursday tapered in the last hour of trade and ended a modest 70 points higher than its previous close. Elsewhere in Asia and Europe, stocks hit highs after new austerity measures pledged by Portugal and Spain raised hopes that Europe's debt crisis can be contained, easing investor concerns. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,323.63 points, closed at 17,265.87 points, 70.06 points or 0.41 percent up from its previous close at 17,195.81 points.

Paswan says steel prices being monitored

By IANS New Delhi : Union Steel Minister Ram Vilas Paswan Thursday said strong measures would be taken if steel producers were found to have increased prices more than the input costs. "The government must first examine the ratio of pricerise between raw materials and steel," Paswan said. "If it is found that steel makers have increased prices more than the rise in input costs, then necessary steps would be taken."

Reliance Energy wins Mumbai Trans Harbour Link bid

By IANS Mumbai : Anil Ambani's Reliance Energy Ltd (REL) has scored over his brother Mukesh Ambani-promoted Sea King Infrastructure Ltd (SKIL) in winning a bid for the prestigious Mumbai Trans Harbour Link (MTHL) project, to be built at a cost of over Rs.40 billion ($1 billion). The state government is expected to make an announcement to this effect this evening. The 22.50-km eight-lane bridge over the sea will connect the island of Mumbai from Sewri to Nhava on the mainland at Navi Mumbai.

Financial meltdown hits purchases at WIFW

By IANS, New Delhi : It's already more than halfway through India's premium business-to-business fashion event Wills Lifestyle India Fashion Week (WIFW) but, given the global financial meltdown, most international buyers are either tight lipped about their investment plans or are still looking around. Miki Kano from Saaya, a fashion store in Japan, has been a regular buyer since the last four years but this time she is finding it a bit difficult to manage trade here due to the two parallel fashion events - WIFW and Delhi Fashion Week (DFW).

US concerned over South Korea’s whaling plan

By IANS, Washington: The US Thursday expressed concern about South Korea's plan to start what it called a "scientific" whaling programme in the Pacific Ocean.

Sri Lanka’s economic downturn hits realty market

By P. Karunakharan, IANS, Colombo : Although the real estate market is up and vibrant in Sri Lanka, property developers have complained that the industry has been badly hit due to "the downturn in the economy", a media report said Tuesday. According to the state-run Daily News, the developers have said that "there has been a drop in condominium (apartment) sales" with the banks reluctant to fund the projects.

NSE to explore business opportunities with LSE

By IANS, Mumbai : India's National Stock Exchange (NSE) Wednesday inked a letter of intent with the London Stock Exchange Group (LSEG) to evaluate business opportunities, including licensing and trading of key benchmark indices on each other's exchange. "As part of the Letter, both exchanges declared their intent to explore the feasibility of an agreement whereby FTSE Group may licence the FTSE 100 Index to the NSE, and whereby the NSE may licence the S&P CNX Nifty (Nifty 50) to LSEG for the purpose of issuing and trading options and other index contracts," said a NSE statement.

Rail budget eyes polls, say BJP, Samajwadi Party

By IANS, New Delhi : The opposition Bharatiya Janata Party (BJP) along with the Samajwadi Party criticised the railway budget Friday, saying it was presented with an eye to the elections, but the ruling Congress insisted it was a developmental and pro-people package. The BJP said the budget was unrealistic. "It is far from ground realities and close to the upcoming Lok Sabha elections reality," BJP spokesperson Mukhtar Abbas Naqvi told IANS. "By reducing fares nominally, Railways Minister Lalu Prasad has tried to lure voters," he added.

LPG sector attracts Rs.11 billion investment

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.

Oil India IPO by September

By IANS, New Delhi : Oil exploration major Oil India Ltd (OIL) is likely to launch an initial public offering (IPO) in September, Petroleum Secretary R.S. Pandey said here Tuesday. He, however, ruled out disinvestment in other state-owned oil giants Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC). "There is no plan to divest stake in IOC and ONGC," Pandey told reporters, adding: "But we expect an initial public offering of Oil India by September."

National Investment Fund launched

By IANS New Delhi : The government Saturday launched the National Investment Fund (NIF) that will get the proceeds from the divestment of stakes in state-run enterprises to meet their capital expenditure and finance social projects. "All proceeds from divestment of public sector enterprises will be channelised into the NIF," an official statement said, after Finance Minister P. Chidambaram officially launched the project here.

Make potato crisps that are not potato – and save tax

By IANS, London : Potato crisps that can save millions in taxes? Yes, but only if they contain less potato. The next time you want potato crisps don't reach out for Pringles -- a British court has ruled that the famous potato crisps are not really potato at all. As a result, Pringles are now exempt from value added tax (VAT), which can save its manufacturer Proctor & Gamble (P&G) millions of pounds. Customers will have to pay less too.

Firm bags order from Japan in trade fair

By IANS, Ranchi : The biggest ongoing trade expo India International Trade Fair has proved to be a profitable investment for its participating firms. Even the global economic crisis could not dampen the high spirits. An Indian company Jharkhand Silk Textile Handicraft (Jharcraft), participating in the exposition underway at New Delhi, bagged an order worth $52,580 from a Japanese firm 100 Yen, which liked Jharcraft's handloom products in the trade fair. Now its products will hit the foreign markets soon.

Uttar Pradesh plans designer khadi malls

By IANS, Lucknow : The state Khadi and Village Industries Commission (KVIC) plans to set up malls - designed and operated on the lines of upmarket shopping outlets - exclusively to promote designer khadi products across Uttar Pradesh, an official said here Tuesday. "The reason behind setting up the malls is obvious: promoting and popularising khadi products as being trendy," KVIC state director R.S. Pandey told IANS.

Reliance Energy offers to buy back shares worth $500 mn

By IANS Mumbai : Reliance Energy Ltd (REL), a part of the Anil Dhirubhai Ambani Group, Wednesday said it was ready with funds worth Rs.20 billion ($500 million) to buy back its shares at Rs.1,600 each, at a market premium of 9.5 percent. The buyback, in two phases, is aimed to bring back lustre into the company's shares, which have seen a high of Rs.2,631.70 and a low of Rs.450.50 in the past 52 weeks.

Some 900 projects in India hit by delays; nearly $10 bn lost

By Rajeev Ranjan Roy, IANS, New Delhi : Spiralling prices, funds crunch, poor equipment and slow environmental clearances have delayed some 900 major infrastructure and other projects in India, burdening the exchequer with extra cost of over Rs.368 billion (nearly $10 billion), says an official report. "It may be seen that a number of projects require review of the sanctioned cost," says the report on central government projects, mainly covering infrastructure, prepared by the Ministry of Statistics and Programme Implementation.

Andrew Yule to re-launch packet tea during festive season

By IANS, Kolkata : Andrew Yule will re-launch its packet tea during the festive season this year and pump in Rs.600 million over the next 12 years into its tea business for modernization of its gardens, a top company official said here Tuesday. "The gardens of our company are amongst the top 50 gardens in the country. But we are facing some problems with productivity at present. We need to do some re-plantation and modernisation to increase the production," Kallol Datta, Andrew Yule chairman and managing director said on the sidelines of the company's annual general meeting.

Evening courts launched to clear bounced cheques’ cases

By IANS, New Delhi : In a bid to reduce the increasing backlog of cases relating to dishonoured cheques, Chief Justice of India (CJI) K.G. Balakrishnan inaugurated three evening courts in the capital Wednesday. Balakrishnan expressed concern over the large number of such cases in Delhi and hoped that the concept of evening courts would help address the problem. “These petty cases pose a great hurdle in justice delivery system. It is disappointing to have a pendency of over 500,000 such cases in Delhi alone,” he said while inaugurating the evening courts here.

Thailand’s NESDB upbeat about economic growth

By NNN-TNA Bangkok : The Thai economy is expected to grow at least 4.5 per cent this year and 4-5 per cent next year, boosted by a recovery in household spending and private investment, according to the National Economic and Social Development Board.

India to soon return to 9 percent growth path: PM

By IANS, New Delhi : Prime Minister Manmohan Singh Saturday expressed confidence that the Indian economy will rebound by the end of this year and once again enter a high growth path. "Going back to a 9 percent growth path is our greatest challenge. For this, we will take whatever steps that are required," the prime minister said in his Independence Day address to the nation from the majestic Red Fort.

India’s inflation rate rises marginally to 0.7 percent

By IANS, New Delhi : India's annual rate of inflation rose marginally to 0.7 percent for the week ended April 25 from 0.57 percent the week before, official data showed Friday. Among the three main commodity groups, the indices for manufactured products and primary articles rose 0.3 percent and 0.2 percent, respectively, during the week under review. The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 323 (provisional).

TNPL gets new deputy managing director

By IANS Chennai : Twelve years after joining the Rs.8.54-billion ($217 million) turnover Tamil Nadu Newsprint and Papers Ltd (TNPL) as director of finance, A. Velliangiri has been elevated as the company's deputy managing director. A fellow member of Institute of Chartered Accountants of India, Institute of Companies Secretaries of India and the Institute of Cost and Works Accountants of India, Velliangiri joined TNPL in 1995. During his tenure as director finance, Velliangiri had facilitated TNPL's capital expenditure programmes at minimal finance cost.

Strong encryption of wireless technology not unique: BlackBerry

By Gurmukh Singh, IANS, Toronto : Research in Motion (RIM) stocks sank to a 17-month low as the BlackBerry maker Thursday said that use of strong encryption in wireless technology is not unique to them and "it is unquestionably an industry wide matter". Slipping 1.9 percent, RIM stock closed at $46.84 on the Nasdaq - the lowest since April 1, 2009. The stock also dived 2.4 percent on the Toronto Stock Exchange, closing at $49.45.

Starbucks to file fresh application to enter India

By Nayanima Basu, IANS 

New Delhi : Starbucks Corp, the world's largest coffee-shop chain, is soon going to file a fresh application to enter the Indian market, top officials in the commerce and industry ministry said.

Funds for farm growth unused, but allocation raised

By IANS, New Delhi : Even as the central government increases allocation under the Rashtriya Krishi Vikas Yojana (RKVY) for the current fiscal, a major chunk of the funds allocated to states during 2009-10 remains unused. The RKVY (National Agriculture Development Scheme) was started in 2007 to raise production of crops with an outlay of Rs.25,000 crore for the 11th plan. A sum of Rs.6,755 crore has been allocated for the scheme in 2010-11, almost double of the Rs.3,806 crore allocated last year.

Ashok Leyland to roll out new truck platform

By IANS, Chennai : India's leading bus and truck maker Ashok Leyland Ltd Monday said it was developing a new range of trucks with a new engine and new cabin. "The modular platform, engine and the cabin will provide the necessary competitive edge for us and also offer good price-performance ratio for the buyers," Ashok Leyland managing director R. Seshasayee told reporters here.

Playboy perfume enters Indian market

By IANS, New Delhi : Even though America's famous magazine for men Playboy is banned in India, the brand has forayed into the Indian market Wednesday by launching their perfume range for men.

ArcelorMittal posts loss of $800 mn in second quarter

By IANS, London : Global steel giant ArcelorMittal, founded by Indian born L.N. Mittal, Wednesday reported a net loss of $800 million for the second quarter of this year but hoped for a much better performance in the ensuing months. The huge loss was largely due to an exceptional pre-tax charge of $1.2 billion. "The first six months of the year have been some of the most challenging the steel industry has ever experienced," said Mittal, chairman and chief executive of the company.

China’s 2007 GDP growth rate to be 11.3 percent: World Bank

By Xinhua Beijing : China's gross domestic product (GDP) is expected to grow by 11.3 percent in 2007, the World Bank (WB) said in its quarterly report released Wednesday. China's GDP grew by 11.5 percent in the first half of 2007. The WB had previously revised its projection for China's GDP growth rate from 9.6 percent to 10.4 percent in its quarterly report released in May.

Major food commodity prices steady: Government

By IANS, New Delhi : The prices of wheat, rice and sugar have remained steady at the weekend at most of the reporting centres where rates are monitored by the consumer affairs department, the government said Friday. "Prices of wheat decreased in Chennai, Dindigul and Guwahati, and remained steady at all the reporting centres except for an increase at Vijayawada, whereas prices of rice decreased in Delhi and Dindigul, and remained steady at most of other reporting centres," said the ministry of consumer affairs, food and public distribution in a statement.

Bush Urges Passage of Stimulus Plan

By SPA Washington : U.S. President George W. Bush on Wednesday urged the U.S. Senate to approve a billion-dollar economic stimulus bill and addressed the state of global trade initiatives. Speaking at the Robinson Helicopter Company in Torrance, California, Bush again pushed the Democratically-controlled Congress to pass the $145 billion dollar stimulus bill into law.

TGY launches automotive batteries, eyes global market

By IANS

Kolkata : Tata AutoComp GY Batteries Pvt Ltd (TGY), a 50:50 joint venture between Tata AutoComp Systems Ltd (TACO) and GS Yuasa International (GYIN), Japan, launched a range of eco-friendly two-wheeler and four-wheeler batteries here Monday.

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