Economy

Sensex ends 154 points lower

Economy

By IANS, Mumbai : A benchmark index for Indian equities Tuesday closed 154 points lower as bearish sentiments prevailed across the globe. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,760.6 points, shut shop at 16,626.61 points (provisional), 154 points or 0.92 percent down from its previous close at 16,781.07 points. It had earlier risen to 16,895.73 points and fell to an intra-day low of 16,560.64 points.

BRIC has potential to lead economic growth: PM

Economy

By IANS, New Delhi : Global economic recovery was closely linked to the success of the economies of the four BRIC countries (Brazil, Russia, India and China), Prime Minister Manmohan Singh said Monday before leaving for the Russian city of Yekaterinburg to attend a summit of the grouping.

Manufacturers in Malaysia, India see opportunity in globalisation

Economy

By DPA Singapore : Most manufacturers in Malaysia and India are bullish on globalisation making new markets accessible and offering cost savings by outsourcing, a study said Friday. Malaysia's percentage balance, the difference between the proportion of businesses indicating an opportunity rather than a threat, was 73 percent, with India right behind at 72 percent. Grant Thornton accounting firm's International Business Report 2007 ranked Singapore third at 64 percent.

China’s first privately funded railway begins operation

Economy

Hangzhou (China), Sep 28 (Xinhua) A railway linking Quzhou and Changshan in China's eastern Zhejiang Province, the first railway funded in part by private investment since 1949, began operating Friday. With a length of 41 km, the feeder railway would be used mainly for cargo transport, said Wang Feng, deputy chief of the Shanghai Railways Administration. The Quzhou-Jingdezhen-Jiujiang railway is an important link, joining major railways in China, including the Beijing-Kowloon line between the capital and Hong Kong.

Wipro seeks 50 acres near Bangalore airport for IT park

Economy

By IANS, Bangalore : Global software major Wipro has applied for 50 acres of land near the Bangalore international airport for setting up an IT park, an official said Friday. "Wipro has applied for 50 acres of land in the new industrial belt coming up near the new airport. The state high-level committee will consider it soon," state principal industry secretary V.P. Baligar told reporters here.

Russia plans to start exports of light helicopters in 2009

Economy

By RIA Novosti, Moscow : Russia will start exporting Ansat light multipurpose helicopters in 2009, a helicopter industry official said on Friday. The Ansat, a light multipurpose helicopter developed by the Kazan Helicopter Plant (KVZ), is capable of carrying a pilot and nine passengers. It has a maximum take off weight of 3.3 tons, a maximum payload of one metric ton, and a cruising speed of 250 km/h. It has been produced in Russia for the domestic market since 2005.

Crisis-hit export sector has wish list for government

Economy

By Pupul Dutta, IANS, New Delhi : Facing its worst crisis in over a decade, India's ailing export sector wants the new government to gift it a three-year income tax holiday, with experts pushing for concrete steps to protect some 20 million direct jobs in the industry. An appreciating rupee, falling global demand, the high cost of credit and protectionism by some economies like the US are the reasons why India's external trade industry is seeking such sops, after missing the export target for the previous fiscal.

60 percent Pakistanis buy just one pair of shoes

Economy

By IANS, Islamabad : Around 62 percent of Pakistanis say they purchased just one pair of shoes for personal use during the last one year, according to a survey.

Ericsson wins $1.3 billion contract to upgrade Airtel network

Economy

By IANS, New Delhi : Swedish company Ericsson said Wednesday it has bagged a $1.3 billion contract to expand and upgrade Bharti Airtel's network in 15 of India's 22 telecom circles. "The agreement will enable Airtel to put in place a converged network and expanded coverage in rural India. Airtel users will enjoy an enhanced voice quality and faster data access," Ericsson said in a statement. As part of the deal, Ericsson will supply radio base stations, circuit and packet core, microwave transmission and intelligent network.

Chhattisgarh annual budget to be presented Feb 9

Economy

By IANS, Raipur : Chhattisgarh Chief Minister Raman Singh, who holds the finance portfolio too, will present the state's annual budget Feb 9. Assembly speaker Dharamlal Kaushik told reporters Sunday that the budget session of the 90-member state assembly will begin Feb 2 and conclude Feb 20, and the annual budget to be presented Feb 9. He also said the state assembly will provide laptops to all the sitting as well as former legislators soon.

2008: Watershed year for Indian telecom

Economy

By Pupul Dutta, IANS, New Delhi : For a country that stood at the bottom of the pyramid in terms of telecom penetration a decade ago, 2008 was a watershed when India's subscriber base topped 350 million users to make its network the second largest in the world after China, displacing the US.

Merger of state-run telecom firms put on hold

Economy

By IANS, New Delhi : The government Monday said the proposed merger of the two state-run telecom operators - Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) - has been put on hold. "Since the enabling conditions for the suggested options are not appropriate enough to lead to a successful merger and considering the complexity of the issues involved, the restructuring of BSNL and MTNL has been put on hold for the time being," Minister of State for Communications and IT Gurudas Kamat told the Lok Sabha.

Satyam set for a shakeout, takeover: Research firm

Economy

By Fakir Balaji, IANS, Bangalore : Beleaguered Satyam Computer Services is heading for a major shakeout or a takeover following its bid to diversify from its core business into the realty sector, a study by global technology research firm Forrester Research Inc has said.

Himachal Pradesh favours agency to develop Himalayan states

Economy

By IANS, Shimla : Himachal Pradesh Chief Minister Prem Kumar Dhumal wants an agency that will ensure development of states in the Himalayan region. "The Himalayan region is facing complex problems - from Naxalism and terrorism to global warming - and these need a joint mechanism and united efforts to be solved," Dhumal told the state-owned All India Radio in an interview that will be broadcast Thursday.

Nortel cuts 3,200 more jobs

Economy

By IANS, Toronto : Toronto-based telephone equipment maker Nortel Networks Corp, which filed for bankruptcy protection in January, is axing 3,200 positions worldwide. The world leader in telecom has already announced the axing of 1,800 staff as it tries to climb out of bankruptcy protection granted in the US and Canada two months ago. Nortel has about 30,000 employees worldwide, including 6,000 in Canada.

India, Japan launch business leaders’ forum

Economy

By IANS New Delhi : Prime Minister Manmohan Singh along with his Japanese counterpart Shinzo Abe Tuesday launched the India-Japan Business Leaders Forum to give a new thrust to growing economic ties between the two countries. "At the end of the day, it is business leaders like you who will give meaning and substance to our joint vision of a unique economic engagement between India and Japan," Manmohan Singh told the 243-strong business delegation from Japan.

Government to expand banking, insurance services in northeast

Economy

By IANS, Kolkata: Finance Minister Pranab Mukherjee Saturday said the government will expand the banking and insurance networks in the eastern and northeastern states.

India facing famine, says BJP leader

Economy

By IANS, Kolkata : Former Union Human Resource Development Minister and senior Bhartiya Janata Party (BJP) leader Murli Manohar Joshi says India is on the brink of famine on account of an increasing mismatch between foodgrain production and consumption. At an interactive session organised by Merchants' Chamber of Commerce here Monday,Joshi said: "At present, food security is the most important thing for India. The country can fight without nuclear weapon but cannot fight without food."

Cashless economy will be successful as EVMs: Naqvi

Economy

New Delhi : Union Minister Mukhtar Abbas Naqvi on Wednesday said digital methods of payment, online and mobile banking will be as successful as...

Citi board keeps faith in Vikram Pandit

Economy

By Arun Kumar, IANS, Washington : Citigroup's board isn't losing faith in its Indian-American Chief Executive Vikram Pandit even as it is expected to report fourth quarter losses that are billions of dollars greater than previously anticipated, according to media reports. "We have confidence in the current management and leadership of Vikram," the banking giant's lead independent director Richard Parsons, a former CEO of Time Warner Inc., was quoted as saying in an interview by the Wall Street Journal.

Farmers in Himachal Pradesh turn to kiwi cultivation

Economy

By Vishal Gulati, IANS, Shimla : Fruit growers in Himachal Pradesh are increasingly taking to commercial cultivation of the exotic kiwi fruit. Horticulture experts say it's a good step towards crop diversification and fetching them good returns too. Successful cultivation of kiwi along with pomegranate, cherry and strawberry by progressive farmers in the state has encouraged the horticulture experts to promote the cultivation of this fruit crop, a shift from traditional apple cultivation.

Yahoo! reports loss but beats expectations

Economy

By DPA San Francisco : Troubled Internet pioneer Yahoo! swung to a quarterly loss Tuesday because of severance pay and write downs on its European properties. Despite recording a $303 million loss in the fourth quarter, the company's results beat expectations as its revenues and operating profit held up well in the dire economic climate.

Village job scheme to be merged into national employment programme

Economy

By IANS New Delhi : The Indian government has asked the states to merge by the end of the month a six-year-old village job scheme in those districts where the flagship National Rural Employment Guarantee Act (NREGA) scheme is being implemented. In a letter, the rural development ministry that is guiding the programme said the funds allocated for the Sampoorna Grameen Rozgar Yojana (SGRY) should be immediately transferred to the account created for NREGA works, an official statement said Monday.

Orissa Mining Corp to slash iron ore prices by 50 percent

Economy

By IANS, Kolkata : Public sector mining company Orissa Mining Corp (OMC) will shortly slash prices of iron ore by 40 to 50 percent, a top company official said here Thursday. "We have just fixed our iron ore prices, and the new rates would come into effect in the next three to four days," OMC managing director Santosh Sarangi told reporters on the sidelines of a seminar organised by the Confederation of Indian Industry. After the price cut, OMC will sell iron ore lumps at prices ranging from Rs.1,700 to Rs.2,800 a tonne, and iron ore fines at Rs.700 to Rs.800 a tonne.

Worst October in 29 years for Indian stock market: Report

Economy

By IRNA, New Delhi : Banks have gone bust, jobs have been cut and stock markets are taking a pounding the world over. And in India, this is the worst October in the 29 years that the 30-share benchmark Sensex has seen. In sheer percentage terms, this is the worst fall the Sensex has seen in a less than 30-day period - from 13,006 to 10,170 points, a drop of 21 per cent.

TCS bags $1.2 billion Neilsen contract

Economy

By IANS Mumbai : Indian IT major Tata Consultancy Services (TCS) has secured a $1.2 billion order from The Neilsen Company, a global information and media giant, to update their IT operations. The work will take 10 years to execute. "This arrangement with TCS will help us streamline and simplify our IT infrastructure, application platforms and operational practices across our business," Mitchell Habib, executive vice-president of Neilsen Global Business Services, said in a statement.

Equity markets go further in the red early afternoon

Economy

By IANS, Mumbai : Indian equity markets went further in the red early Tuesday afternoon. There was heavy selling pressure on metal, power, FMCG and capital goods stocks. All the sectoral indices were losing ground. At noon, the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 14,516.10, down 129.56 points or 0.88 percent from its closing figure Monday. It had touched a low of 14,481.13 points earlier Tuesday. At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was down by 35.70 points or 0.81 percent at 4,357.35.

Haryana government staff to get new pay scales

Economy

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

Singapore’s largest bank to cut 900 jobs

Economy

By DPA, Singapore : DBS Group, Singapore's largest bank, has announced that will cut 900 jobs after it suffered a sharp drop in third quarter profit. About half of the retrenchments, which amount to six percent of the company's total staff, will affect its Singapore operations, a report by the Straits Times newspaper said Saturday. The cuts are to be carried out before Christmas. DBS employs 7,600 staff in Singapore and 4,200 in Hong Kong, which will also be affected by the cuts.

Petrol prices cut by Rs.3 per litre

Economy

By IANS, New Delhi : Petrol prices have been slashed by Rs.3 per litre from midnight, state-owned Indian Oil Corp. announced Tuesday.

Satyam targets 75 percent growth in South Africa

Economy

By IANS

Mumbai : Satyam Computer Services Ltd., one of India's leading software services providers, Tuesday announced its plans for more than 75 percent growth of its South Africa operations.

Air Arabia Q1 net profit up 81 percent

Economy

By Aroonim Bhuyan, IANS, Dubai : The Middle East and North Africa's largest low-cost airline Air Arabia Monday announced net profit of 78 million dirhams ($21.2 million) in the first quarter of 2008, an 81 percent rise from the corresponding period last year. During the first quarter of 2008, the company posted a turnover of 383 million dirhams ($104.2 million), up 59 percent compared to 241 million dirhams ($65.6 million) during the first quarter of 2007, according to a statement issued by the Sharjah-based airline here.

Equities market slips into red

Economy

By IANS Mumbai : The benchmark index of the Indian equities market, which had opened in the green Tuesday, slipped into the red in afternoon trade, thanks to fresh selling in index pivotals. The market breadth turned negative in contrast to a strong breadth earlier in the day; 26 shares from the 30-member Sensex pack declined. Other Asian markets that had opened before the Indian market were mixed.

What about internal colonialism, Mr. Tharoor?

Economy

By Jaspal Singh Recently Shashi Tharoor, a Congress party Member of Parliament, participated in a debate on reparations for colonial rule by Britain in Oxford...

Sensex gains 230 points but falls short of 10k level

Economy

By NNN-PTI, Mumbai : The Bombay Stock Exchange bellwether Sensex gained 230 points in a choppy trade Friday, ending a two-day falling streak, on the back of encouraging global cues and a rise in infrastructure output in September, though closed the week short of 10,000-point mark. The market sentiment was also boosted by an impressive 75 basis point cut in prime lending rate by several public sector banks even as global equity markets bounced after Bank of England and European central bank Thursday slashed key rates by 1.5 per cent and 0.50 per cent, respectively.

Expectations high as Mukherjee readies for national budget

Economy

By Sushma Ramachandran, IANS, Finance Minister Pranab Mukherjee faces a tough job July 6 as he rises to present the first budget of the newly-elected United Progressive Alliance (UPA) government, during which he will have to try and keep fiscal deficit under check while meeting the many promises made by the Congress party and its coalition partners during the elections.

‘International sea trade growth faster than expected’

Economy

By IANS Mumbai : For the first time in the history of global maritime trade, the year 2007 witnessed the total world merchant fleet exceeding one billion dead weight tonnes (DWT), said experts. In a seminar on "Solving the Manning Crisis in the Maritime Industry", held here Thursday on the occasion of the 45th National Maritime Day, a research paper revealed that the growth in the international sea trade has been extremely fast.

Nabard’s Rs.15 bn fund to help women’s self-help groups

Economy

By IANS,

Sensex plummets, closes flat

Economy

By IANS, Mumbai : A key index of the Indian equities markets plummeted towards closing bell Monday, falling after rising 191 points to close just 8.22 points above its last closing figure. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,815.9 points, ended trade at 14,772.86 points (provisional) - 8.22 points or 0.06 percent higher than Friday's close. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) ended the day 0.26 percent up at 4,386.9 points.

Chicago’s Tribune Company weighing bankruptcy option

Economy

By DPA, Washington : Troubled media giant Tribune Company is consulting with bankruptcy experts to consider its options in the face of $13 billion in debt and plummeting advertising revenue, the Chicago-based firm said late Sunday. In an article on the website of its flagship newspaper, the Chicago Tribune, a spokesman spoke of an "uncertain and difficult environment." "We haven't made any decision," Tribune Company spokesman Gary Weitman said. "We're looking at all of our options."

UAE panel for keeping dirham’s peg to dollar intact

Economy

By IANS Dubai : A commission instituted by the United Arab Emirates (UAE) government has recommended maintaining the dirham's peg without any change in the country's currency exchange rate against the dollar. The commission also ruled out any revaluation of the local currency. The recommendation of the committee follows Central Bank Governor Nasser Al Suwaidi's statement Tuesday that the UAE had no plans to change its link to the dollar or revalue its currency.

Sensex slips in red; Maruti, RIL slump

Economy

By IANS, Mumbai : A benchmark index of Indian equities market closed in the red due to last-hour profit booking in auto, oil and gas and banking stocks in a lackluster session Wednesday.

Eon, XUV 500 and Brio most online searched cars: Survey

Economy

By IANS,

World’s poorest economies meet to talk trade issues

Economy

By Xinhua, Phnom Penh : Trade and industry ministers from the poorest countries have arrived in Siem Reap to explore ways and means of integrating their economies into the global trading system, said a press release here Tuesday. The ministers will be joined in the coming two days by donors and development agencies active in trade at the regional and global levels, said the release from the United Nations Industrial Development Organization (UNIDO) and the World Trade Organization (WTO).

Report: Iran, Italy in gas transfer talks

Economy

By Xinhua Tehran : Iran was in talks with Italian power company Edison about exporting gas to the European Union country, Iran's state-run TV channel Alalam reported on Sunday. "We have started negotiations... and the talks have almost been finalized," Iranian Oil Minister Gholamhossein Nozari was quoted as saying. "Their preliminary need for the end of 2008 is 1.5 billion cubic feet and it will be increased to 4.5 billion cubic feet," Nozari said, without giving details.

BP, Conoco Phillips float $30-billion Alaska pipeline plan

Economy

By DPA Washington : Oil giants BP and Conoco Phillips have stirred debate in Alaska Wednesday with their plan to invest an estimated $30 billion in an Alaska pipeline - a direct challenge to a project by TransCanada that state government is apparently on the verge of approving. The Conoco Phillips-BP project would carry natural gas down the North Slope gas fields, along the Alaska Highway into Canada and on to Chicago.

We will paint town red: Vodafone’s Sarin

Economy

By IANS Mumbai : After placing the ever-famous pug cosily inside a new red doghouse in its latest advertisement blitz for a new branding in India, Britain-based global telecom giant Vodafone is all geared to "paint the town red". "We are delighted with the way the entire brand launch has been happening and we are going to paint the town red," the group's Indian-born chief executive Arun Sarin told reporters here after its Indian joint venture's board meeting.

Cola companies contribute to dipping water table

Economy

By IANS New Delhi : Water tables in the country are dipping because of withdrawal of ground water by soft drinks and bottled drinking water companies among others, Minister of State for Water Resources Jai Prakash Narayan Yadav told the Rajya Sabha Tuesday.

Microsoft urges Singapore to be centre for innovation in Asia

Economy

By DPA

Singapore : Microsoft CEO Steve Ballmer has urged Singapore to become the "nerve centre for innovation" in Asia.

Salman invests in Yatra.com

Economy

By IANS,

$1.1 bn World Bank loan for eastern freight corridor

Economy

New Delhi: The government said Friday it had entered into an agreement with the World Bank for $1.1 billion loan for developing the Eastern...

Google to hire 300 engineers in India

Economy

By IANS,

Falling oil prices short-term phenomenon: Oil secretary

Economy

By IANS, New Delhi : Oil secretary R.S. Pandey Monday described the current drop in oil prices as a short-term phenomenon, and said prices would definitely rise. "All indicators are that the current fall in oil prices is going to be a short-term phenomenon," Pandey said at the contract signing ceremony during the seventh round of auction of hydrocarbon assets in an attempt to assure operators that their investments would reap benefits.

Plan panel, finance ministry officials divided over SEZs

Economy

By IANS, New Delhi : Agricultural land can be used for developing special economic zones (SEZs) if it was not very fertile, Planning Commission member Anwarul Hoda said here Wednesday, attracting sharp criticism from a finance ministry official. “One cannot justify agricultural land acquisition by saying that it accounts for just 0.1 percent of the total land,” R. Sekar, joint secretary, Central Board of Excise and Customs under the finance ministry, said in his address at an international conclave on SEZs, soon after Hoda's address at the same venue.

Reliance Infrastructure signs pact for $2.2-bn Mumbai Metro-II

Economy

By IANS, Mumbai : A consortium led by Reliance Infrastructure, a part of the Anil Dhirubhai Ambani Group, has signed an agreement with the Maharashtra government for the $2.2-billion second Metro Rail project (Mumbai Metro-II) in this India's commercial capital. The project has been awarded to the consortium, which includes Reliance Communication and SNC Lavalin of Canada, based on international competitive bidding under the public-private partnership framework.

RBI ticks off SBI chairman

Economy

By IANS,

KSE sinking in red, at 13,596 points in mid-session

Economy

By KUNA Kuwait : The price index at Kuwait Stock Exchange was shedding points dramatically Monday, coming to a drop of 105.8 points to 13, 596 points by 11:11 a.m. The weighted index came to 782.59 points at the time, at a drop of 7.78 points. The session so far saw 5,383 trades worth KD 91,235,350, in which 186,194, 000 shares were traded.

IndusInd Bank quarterly net profit rises 30.5 percent

Economy

By IANS,

Pandit to take $1 salary, no bonus until Citi turns corner

Economy

By Arun Kumar, IANS, Washington : Stung by criticism about use of billions of dollars in government aid, Citigroup's Indian American CEO, Vikram Pandit has vowed to take a token salary of $1 and no bonus until the ailing banking giant returns to profitability "I get the new reality and I will make sure Citi gets it as well," Pandit said Wednesday as lawmakers grilled top executives from eight of America's largest financial institutions about their apparent lack of willingness to lend despite collectively receiving $165 billion in capital.

Indian equities slip after two days of gains

Economy

By IANS, Mumbai : After two days of impressive gains, Indian equities dipped in the early hours of trading Wednesday on cues from other bourses, as investors also found that there were few takers for the central bank's proposal to help mutual funds. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened weak at 11,245.27 points, against the previous close at 11,483.40 points. An hour into trading, it dipped to 11,086.69 points, with a loss of 396.71 points of 3.45 percent.

Malaysia recruits Indians, Chinese to promote tourism

Economy

By IANS Kuala Lumpur : Malaysia plans to increase the number of its Indian and Chinese officials by 10 percent in two years to help promote the country's tourism in India and China. Chinese newspaper Sin Chew has quoted Donald Lim Siang Chai, Malaysia's Deputy Tourism Minister, as saying that only 19 Indians and nine Chinese are among the 1,300 officers working in the ministry and tourism departments.

US stocks mixed at week’s end on positive economic data

Economy

By DPA, New York: US stocks ended the week mixed as a key gauge of the US economy's performance released Friday suggested the country's recovery was beginning to gather steam.

Sensex continues to trade volatile

Economy

By IANS,

India’s external sector better, sustenance a challenge: Survey

Economy

New Delhi: India’s balance of payments improved dramatically in 2013-14 with the current account deficit reducing by more than half, the Economic Survey said...

Supreme Court to hear Reliance gas dispute from Tuesday

Economy

By IANS, New Delhi : The stage is set for the Supreme Court to start hearing from Tuesday one of the most-watched battles in India's corporate history, involving Anil Ambani-led Reliance Natural Resources and elder Mukesh Ambani's Reliance Industries. At the crux of the dispute is the supply of natural gas from the Krishna-Godavari basin, awarded for exploration and harnessing to Reliance Industries, before a split in 2005 in the group founded by legendary industrialist, the late Dhirubhai Ambani.

Sensex dull in morning trade

Economy

By IANS, Mumbai : A benchmark index of Indian equities Friday was ruling tepid in morning trade.

EU economy contracted worse-than-expected 0.3 percent in Q2

Economy

By DPA, Brussels : The European Union's economy contracted by a worse-than-expected 0.3 percent in the second quarter, according to final Eurostat estimates out Wednesday. The European statistical office had previously estimated a fall in the bloc's gross domestic product of 0.2 percent. GDP in the 16-member eurozone also contracted more than previously thought in the second quarter - by 0.2 percent instead of 0.1 percent.

EU-Latin America summit voices concern over food prices

Economy

By DPA, Lima : The European Union-Latin America-Caribbean (EU-LAC)summit stressed in its final declaration in Lima that participants were "deeply concerned by the impact of increased food prices", specifically citing troubled Haiti as an example. "We agree that immediate measures are needed to assist the most vulnerable countries and populations affected by high food prices," the Lima declaration said Friday.

BSNL India’s most preferred broadband service provider: Government

Economy

By IANS, New Delhi : Public sector telecom operator Bharat Sanchar Nigam Ltd (BSNL) remains the leader in the broadband services space with a market share of more than 54 percent, the government said here Monday. "Efficient customer satisfaction strategy is being followed due to which BSNL is presently the leading service provider with a market share of about 54 percent in broadband connections and 35 percent in Internet connections," Minister of State for Communications and Information Technology Jyotiraditya M. Scindia said in parliament today.

Inclusive growth should also cover middle class: Montek

Economy

By IANS New Delhi : Planning Commission deputy chairman Montek Singh Ahluwalia said Wednesday that inclusive economic growth also needed to address the concerns of India's middle class. "Inclusive growth goes beyond the way it has been presented. It's not only a question of poverty alleviation. It's a growth process that people feel is affecting everyone," Ahluwalia told the Fortune Global Forum here. "It is not enough to say that the poor are getting poorer (because of globalisation). There is a large population whose concerns have also to be addressed.

Fearing layoffs, AEPC surveys apparel units

Economy

By IANS Ahmedabad : Fearing layoffs and closures as exports decline with the hardening rupee, a worried Apparel Export Promotion Council (AEPC) is surveying the current status of India's garment industry. The survey will, in particular, collect information on the current level of capacity utilisation and order books position of the units. In a circular to all AEPC members, council chairman Rakesh Vaidh stressed the need to inform the government about the "distressed conditions" in the industry and their impact on its employment generation potential.

Business community not bothered about Hyderabad’s future

Economy

By Mohammed Shafeeq, IANS, Hyderabad: Will the city of Hyderabad remain with Andhra Pradesh or go to the proposed state of Telangana? The business community and industry are not bothered. But business and industry leaders are concerned over the shutdowns and violence seen in Hyderabad and other parts of the Telangana region as well as the coastal Andhra and Rayalaseema regions. The industry in general is indifferent to what happens to Hyderabad in the event of a division of the state, saying their only concern is peace, political stability and good infrastructure.

Carbon credit advisory firm raises Rs.400 mn

Economy

By IANS Mumbai : India's leading carbon credit advisory firm Emergent Ventures India (EVI) Monday said it has raised Rs.400 million from Infrastructure Development Finance Company private equity (IDFC PE) fund II. According to a release issued here, EVI, which provides solutions under the United Nations Clean Development Mechanism (CDM) programme, will now pursue its expansion programme and also enhance its existing business in both south and Southeast Asia.

Global investors to invest Rs.4.11 bn in Moser Baer unit

Economy

By IANS, New Delhi : Technology leader Moser Baer India Thursday said its wholly-owned photovoltaic subsidiary has entered into a definitive agreement with a consortium of global investors to raise Rs.4.11 billion for its expansion. The global investors include Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC Pe and IDFC. “Moser Baer plans to use the funds to expand capacity of crystalline silicon and thin film solar vertical,” Moser Baer group chief financial officer Yogesh B. Mathur told reporters here.

Food inflation slips a tad as vegetable, food prices ease

Economy

By IANS,

Technology from India makes AIDS drugs in Uganda

Economy

By Patralekha Chatterjee, IANS, Geneva : Technology transfer from Indian generic drug manufacturer Cipla to an Ugandan partner is jumpstarting the local manufacture of key antiretroviral (ARV) drugs to combat HIV/AIDS in that country. “It also points to an emerging model of South-South cooperation,” Ugandan Vice President Gilbert Bukenya said at an international conference on public health here.

Reliance refinery gives up export unit status

Economy

By IANS, Mumbai : The Mukesh Ambani-controlled Reliance Industries Ltd has surrendered the export-oriented unit (EOU) status of its refinery in Gujarat's Jamnagar to sell fuel in the domestic market. "The refinery will now operate as a non-EOU refinery to cater to increasing demand of petroleum products in the country," the company said in a statement. The Jamnagar refinery has a processing capacity of 660,000 barrels per day. Reliance Industries had earlier decided to merge its refining subsidiary Reliance Petroleum with itself to achieve operational synergies.

Kerala woos diaspora, says investments in the state safe

Economy

By IANS, Thiruvananthapuram : Kerala's Finance Minister Thomas Isaac Saturday said that the state was the "safest place" for the diaspora to invest their hard earned money. "Already many in the Middle East are looking for safe places to invest their hard earned money. The (global economic) crisis appears to have come as a boon for several projects in Kerala where we are hoping they will come forward and invest," Isaac told reporters a day after he presented the state budget in the assembly.

Burglars hit British Indians for gold amid economic downturn fears

Economy

By Dipankar De Sarkar, IANS London : The soaring price of gold has caused a sudden spurt in crime in a London suburb with a large population of Indians - a community known to stash away gold jewellery at home. Crime analysts reportedly spotted the trend in the suburb of Hounslow - home to a large number of Punjabis and Gujaratis - in March when the price of gold hit record levels in the backdrop of the global credit crunch and the deflating dollar.

Sensex ends 81 points up in choppy trade

Economy

By IANS, Mumbai : A benchmark index for Indian equities advanced for the fourth straight day Monday, ending 81 points higher than its previous close, in volatile trade. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,872.17 points, closed at 16,944.63 points, 81.57 points or 0.48 percent up from its previous close at 16,863.06 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,086.3 points, up 0.39 percent from its previous close at 5,066.55 points.

Rising cost of capital to hit manufacturing growth

Economy

By IANS,

India’s inflation falls further to 8.4 percent

Economy

By IANS, New Delhi : India's annual rate of inflation dropped further to 8.4 percent for the week ended Nov 22 from 8.84 percent the week before due to a fall in prices of petroleum fuels, according to fresh data released Thursday. The annual inflation rate was 3.11 percent during the corresponding week the previous year. The official wholesale price index (WPI) for all commodities during the week declined 0.6 percent to 233.7 from 235.1 for the previous week.

Essential for global businesses to talk

Economy

By IANS, Washington : Globally distributed businesses cannot rely entirely on technology or e-mails to overcome time and space barriers; they still need to talk, says a new study. The teams spread globally should work some overlapping hours, it stresses. Jonathon Cummings, associate professor of management at the Duke's Fuqua School of Business, developed these specifics based on a study of 108 project teams at Intel.

MindTree net plunges 53 percent in fiscal 2010-11

Economy

By IANS,

US stocks tumble on weak economic data

Economy

By Xinhua, New York : US stocks tumbled Thursday as disappointing economic data of housing and unemployment and corporate earnings report weighed on the market. Technology shares plunged as Microsoft Corp.'s quarterly profits missed analysts' expectations. Its profit fell to $4.17 billion from $4.71 billion, or 11 percent lower. Microsoft results led the Nasdaq composite index down.

India raises foreign investment caps in aviation, petroleum

Economy

By IANS New Delhi : The Indian government Wednesday allowed larger overseas investments in key sectors that include civil aviation and petroleum. Foreign direct investment norms have also been further liberalised for credit information firms and commodity exchanges. A meeting of the Cabinet Committee on Economic Affairs, presided over by Prime Minister Manmohan Singh, raised the limits as part of a liberalisation of the country's foreign investment policy, an official statement said.

India cuts petrol prices by Rs.5 a litre, diesel by Rs.2

Economy

By IANS, New Delhi : India Friday allowed its state-run fuel retailers to cut prices of gasoline and diesel for the first time in 22 months to give a boost to its slowing economy, with cushion coming from the $100 per barrel drop in global crude oil prices. Companies like Indian Oil Corp were allowed to cut prices by Rs.5 a litre on gasoline and Rs.2 a litre on diesel. The prices of cooking gas distributed to households under a subsidised system were, however, kept unchanged.

Tata Communications records Rs.983 mn net profit

Economy

By IANS, Mumbai : Tata Communications Ltd, part of the $55 billion Tata group, Wednesday announced a net profit of Rs.983 million ($23.4 million) for the first quarter of 2008-09 against Rs.1.29 billion of the year-ago period. The company's total revenue, however, increased to Rs.9.21 billion during the quarter compared to Rs.8.88 billion over the same period last year.

Noida firm to invest Rs.1,500 crore on green building project

Economy

By IANS, New Delhi: Noida-based green building developer 3C Company Thursday announced the launch of a Rs.1,550-crore green residential project in the national capital region. Called Lotus Boulevard, the project will be funded by realty private equity firm Red Fort Capital, which in return will acquire 50 percent stake in the project. Red Fort Capital has already invested Rs.150 crore ($30 million) in the project.

Indefinite strike in Bengal jute sector from Dec 14

Economy

By IANS, Kolkata : Over two lakh jute mill workers across West Bengal will go on an indefinite strike Dec 14 to press for payment of arrears and implementation of an wage agreement. "Altogether 19 trade unions are going on strike. A total of 55 jute mills will be affected," said Indian Jute Mills Association (IJMA) chairman Sanjay Kajaria. However, Kajaria told IANS, IJMA has not received any notice from the trade unions yet.

Sensex closes 335 points down

Economy

By IANS, Mumbai : A benchmark Indian equities index Friday slipped further as selling pressure mounted towards the closing bell, ending trade 335 points lower than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,267.25 points, ended at 16,930.42 points (provisional), 335.45 points or 1.94 percent down from its previous close at 17,265.87 points. RIL, Infosys and SBI led the Sensex's fall.

India’s exports rise 34.8 percent in February

Economy

By IANS, New Delhi: India's merchandise exports grew 34.8 percent to $16.09 billion for the fourth consecutive month in February following revival of economies in developed countries, official data released Thursday said. The rise for the fourth straight month in February comes after 13 successive months of decline since October 2008 due to the global meltdown.

Global crisis led to record number of reforms: World Bank

Economy

By DPA, Washington : The global economic crisis has encouraged a rash of government reforms that should make it easier to start, run and close businesses around the world, according to a World Bank report released Tuesday night. The annual "Doing Business" survey recorded more regulatory business reforms in more countries than any time since the report began in 2004. In total, 287 reforms were adopted in 131 countries from June 2008 to May 2009.

Pay up or else… a shop owner’s mantra to get back dues

Economy

By Nityanand Shukla, IANS, Ranchi : A betel shop owner here has come up with an innovative idea of getting back his dues - displaying the list of defaulters, including the names of some well-off people, and the amount they owe him. The ruse has worked. Mohhamad Riyaz, who runs the Manpasand betel shop, has put up a list of over 35 people who chewed betel leaves and sipped tea but did not pay up. Over 100 to 150 people come to the shop located near Birsa Vihar on Main Road of Ranchi. People buy betel leaves or sip tea and soft drinks. While some pay, some prefer to buy on credit.

Hero Honda’s November sales up 27.4 percent

Economy

By IANS,

Saudi economy safe from global meltdown, says top official

Economy

By IANS, Dubai : Saudi Arabia's economy and financial institutions will not be greatly affected by the global financial crisis as these have not been exposed to the international financial institutions that faced problems in recent times, a senior official was quoted here as saying. Mohammad Al-Jasser, deputy governor of Saudi Arabian Monetary Authority (SAMA), said the Saudi economy has never witnessed problems in liquidity, and that there was a 21 percent growth in the last eight months compared to 18 percent last year, the official Saudi Press Agency (SPA) reported.

Intel ropes in ILFS to take computers to rural India

Economy

By Fakir Balaji, IANS

Jaipur : World's biggest chipmaker Intel Corporation has roped in Infrastructure Leasing and Financial Services (IL&FS) Ltd to take personal computers to rural India through community service centres (CSCs) in 650,000 villages across the country, a top company official said here Friday.

New petrol prices in metros, mini-metros

Economy

By IANS,

Highlights of India’s new Foreign Trade Policy

Economy

By IANS, New Delhi : Following are the highlights of the new Foreign Trade Policy that was unveiled by Commerce Minister Anand Sharma here Thursday: -Duty entitlement passbook scheme extended till December 2010 -Extension of sops for export-oriented units till March 2011 -Export target of $200 billion set for 2010-11 -Growth target of 15 percent for next two years, 25 percent thereafter -Inter-ministerial group to address issues raised by exporters -Obligation under export promotion capital goods scheme relaxed

ADB to help poor southern Philippine farmers

Economy

By DPA, Manila : The Asian Development Bank (ADB) said Tuesday it has approved a $70-million loan for a new project to improve the lives and incomes of poor farmers in the conflict-wracked southern Philippines. The Manila-based bank said the Agrarian Reform Communities Project II will allocate $135.2 million for rural infrastructure projects and $25.2 million for agriculture and enterprise development.

Tamil Nadu employees pay hike to cut revenue surplus

Economy

By IANS Chennai : The likely increase in the Tamil Nadu government's salary and pension bill from next fiscal is expected to eat into the revenue surplus, said Finance Minister K. Anbazhagan here Thursday. Anbazhagan presented the Medium Term Fiscal Plan (MTFP) for Tamil Nadu along with the state's annual budget. His budgetary proposals showed a revenue surplus of Rs.840 million for the year 2008-09, but the projected figure for 2009-10 is Rs.650 million owing to the increase in salary and pension bill.

3G mobile services by mid-2008: telecom minister

Economy

By IANS New Delhi : Mobile telephony users across the country will be able to enjoy third generation (3G) cell phone technology by the middle of next year, Communications and IT Minister A. Raja said Thursday. Raja said it was crucial for telecom operators to have spectrum or radio waves available to roll out 3G services. "The government is cognizant of the fact that a key hurdle to the rollout of 3G services is availability of spectrum," Raja said at a telecom summit here.

Daimler close to truck joint venture in India

Economy

By IANS Washington : Automaker Daimler AG is close to announcing a joint venture with an Indian firm to manufacture trucks for the Indian market. "In India we are very close to an announcement," Andreas Renschler, a member of the Daimler board, said at an event in Detroit to launch a new heavy-duty diesel engine. "We have found a partner," he said. Daimler is planning to expand its commercial vehicle division in India and Russia, media reports said.

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