South African Neotel is now Tata Communications subsidiary

By IANS, Mumbai: India's Tata Communications Tuesday said it had hiked its stake in South Africa based fixed line services operator Neotel to 61.5 percent from the earlier 49 percent.

US stocks fall on stalled European economy

By DPA, New York: Most major US stock indices fell amid signs that Europe's economic recovery was stalling. The 16-member eurozone grew less than expected in the final quarter of 2009, adding just 0.1 percent of gross domestic product (GDP), according to the European Union's statistical arm, Eurostat. Analysts had predicted a quarter-on-quarter growth rate of 0.4 percent in the eurozone, the same figure as in the third quarter.

Finnish firm to help predict weather during Commonwealth Games

By Richa Sharma, IANS, Helsinki : A Finnish company has signed a $1.4-million deal with the Indian Meteorological Department (IMD) to provide 60 hi-tech automatic weather stations (AWS) and equipment to predict weather accurately during the 2010 Commonwealth Games in Delhi. Vaisala, which has been developing environmental and industrial instruments for the past 70 years and was roped in for the Beijing Olympics last year, will provide the weather stations and equipment, said Martti Husu, the firm's vice president.

UCO Bank net profit rises over 100 percent

By IANS, Kolkata : The city-based UCO Bank has posted a net profit of Rs.1.72 billion (Rs.171.64 crore) in the quarter ended Dec 31, as against Rs.827 million (Rs.82.78 crore) in the corresponding quarter last fiscal, reflecting an increase of over 100 percent, a top company official said here Wednesday. "The net profit in this quarter jumped by 107.35 percent. The total net profit (for the nine months April-December) of the bank in the current financial year stood at Rs.455.17 crore (Rs.4.55 billion)," UCO Bank chairman and managing director S.K. Goel told reporters.

State Bank begins process to absorb associates

By IANS Mumbai : The government-owned State Bank of India (SBI) has begun the much-awaited consolidation process when its board of directors gave its nod for the merger of one of its seven subsidiaries - State Bank of Saurashtra. "The central board of the bank approved the merger of State Bank of Saurashtra with the State Bank of India, subject to the approval of the government," SBI said in a statement Monday.

Essential Services Act advocated to tackle oil sector strike

By IANS, New Delhi : The petroleum ministry has asked states to invoke the Essential Services Maintenance Act (ESMA) or the National Security Act (NSA) against employees of public sector oil companies if they go ahead with the proposed strike from Jan 7. "I appealed to the employees to reconsider their decision to go on strike in the light of the difficult time the economy is going through," Petroleum Minister Murli Deora said.

Trident group’s new paper plant commissioned in Punjab

By IANS, Ludhiana : A state-of-the-art integrated pulp and paper plant of Abhishek Industries Ltd (AIL), the flagship company of towel and textile major Trident group, was commissioned Wednesday near Barnala town in south-west Punjab. A company spokesman said the Rs.8.25 billion ($196.4 million) plant has emerged as the largest wheat-straw based paper plant in the world. The plant will produce value-added papers like the A-4 size copier varieties, map-litho varieties and pigmented papers.

No panic buying in Chennai despite oil officers’ strike

By IANS, Chennai : There are no signs of panic buying of fuel or natural gas here in the wake of the indefinite nationwide strike by over 55,000 employees of 14 public sector oil companies, vendors said Wednesday, hours after the strike started. "We have not experienced any panic buying in our petrol/diesel vending unit at least till now. As usual our clients are filling up their tanks with fuel in their vehicles," E. Shanmugham, who manages a fuel-vending unit in the centre of the city, told IANS.

Emirates Group posts 248 percent increase in profits

By IANS/WAM, Dubai : The Emirates Group's net profits increased 248 percent to 4.2 billion UAE dirhams ($1.1 billion) during the financial year 2009-10. The figures were revealed in its 2009-10 annual report released Wednesday. The Emirates Group comprises Emirates Airline, Dnata and their subsidiary firms. Group revenue remained stable at 45.4 billion dirhams, reflecting lower passenger and cargo yields offset by increased traffic. The group's profit margin improved to 9.1 percent from 2.6 percent a year earlier.

Mamata Banerjee, Lalu Prasad beg to differ on rail budget

By IANS, New Delhi : Taking a dig at her predecessor Lalu Prasad, Railway Minister Mamata Banerjee Friday termed as "unrealistically high" the targets set in his interim rail budget and even promised a white paper on the actual performance of Indian Railways during the past five years. But Prasad, who had earned praise for turning around Indian Railways during his five-year term at Rail Bhavan, said Banerjee was suffering from a "complex" and that many of her proposals, being touted as original, were actually his own and unveiled earlier.

Spice Communications plans Rs.5.2 bn IPO

By IANS

New Delhi : Spice Communications Ltd., one of India's leading private mobile service operators, Wednesday announced plans to raise Rs.5.2 billion through its maiden initial public offering (IPO).

Doubts about Maytas’ hydropower bids in Nepal

By Sudeshna Sarkar, IANS, Kathmandu : As skeletons began tumbling out of the cupboards of India's IT bellwether company Satyam and the infrastructure company associated with it, Maytas Infra, there is also growing doubt about the latter's bid to foray into Nepal's hydropower sector. Maytas Infra - whose chairman resigned this week after one of its chief promoters, Satyam chief B. Ramalinga Raju owned up to a colossal corporate fraud - has made a bid for a 110 MW hydropower project on the Budi-Gandaki Arket river in western Nepal's Gorkha district.

Oil exploration blocks to be finalised by December

By IANS, New Delhi : India will finalise exploration blocks in the eighth round of auction of hydrocarbon assets by December, Petroleum and Natural Minister Murli Deora said Tuesday. The minister was speaking at a roadshow in London where he has gone for a promotion campaign to attract foreign investors to the annual auction of oil, gas and coal-bed methane blocks. This time, the government is offering 70 explorations blocks, which include 28 in deep water.

Canada injects billions into markets to ease credit crunch

By IANS, Toronto : With credit squeeze hitting Canadian markets, the Bank of Canada Friday announced injection of billions of dollars into term lending markets even as the finance claimed that the Canadian economy was doing fine. In a statement, the nation's central bank said that beginning Sept 19 it has extended $8 billion to provide liquidity to term lending markets.

Essar Power’s investment plans approved

By IANS, New Delhi : The cabinet committee on economic affairs (CCEA) Friday approved Essar Power Ltd's (EPL) proposals to become a holding company and to infuse up to Rs.80 billion as equity. The equity will be raised by issue of additional shares and by acquisition. The committee has also approved EPL's plans to increase the foreign direct investment up to 100 percent. Besides, the government has given its nod to EPL's downstream investment plans in permitted areas like power sector and coal mining for captive consumption for power projects.

India on Bahrain telecom operator’s radar

By IANS, Dubai ; India figures prominently in Bahrain telecom operator Batelco's overseas expansion plans. Stating that the Middle East does not hold much scope for the company, Batelco chief executive Peter Kaliaropoulus Tuesday said: “The big opportunities are in Africa, or India and Asia-Pacific.” The company is planning a $4 billion overseas acquisition drive. According to Kaliaropoulus, only the Lebanese and Syrian markets in the Middle East were worth considering.

LIC overseas arm ties up with Qatar’s Doha Bank

By IANS, Dubai : Qatar's Doha Bank has tied up with LIC (International), the overseas subsidiary of India's Life Insurance Corp (LIC), to market a range of insurance, retirement and investment products in West Asia. An agreement to this effect was signed by Doha Bank chief executive R. Seetharaman and LIC (International) managing director and chief executive Sudhin Roy Chowdhury, according to a Doha Bank statement.

Pakistan suspends wheat exports due to hoarding

By IANS

Islamabad : Pakistan has suspended its wheat exports, including to India, with immediate effect following protests from flour mill owners and the provincial governments over a sudden surge in prices blamed on hoarders and speculators.

Over 2 mln Bangladeshi workers affected by soaring material prices

By NNN-Xinhua, Dhaka : More than 2 million construction workers in Bangladesh have been affected as price hike of mild steel (MS) rod, brick and cement has slowed down the pace of building work in the country. "In 2006, the Real Estate and Housing Association of Bangladesh(REHAB) members constructed 7,000 apartment units. It fell to just3,500 units in 2007 affecting more than 2 million construction workers," said Tanveerul Haque Probal, president REHAB.

India’s forex reserves down by $274 million

Mumbai : India's foreign exchange (forex) reserves declined by $273.8 million to $312.38 billion for the week ended May 30, led by a sharp...

Taiwan stocks open lower after Wall Street tumble

By DPA, Taipei : Taiwan stocks opened lower Friday following two days of sharp declines on Wall Street. Shortly after the stock market opened, the benchmark TAIEX index plunged 203.61 points, or 4.34 percent, to 4,490.51 points.

Oman to launch first bio-refinery in Gulf region

By Xinhua

Abu Dhabi : An Omani company is set to launch the first bio-refinery in the Gulf region, which will produce ethanol mainly from date palms for use in motor vehicles as a substitute for petrol and diesel, local newspaper Khaleej Times reported Friday.

Aviation fuel price cut again, by 7 percent

By IANS, New Delhi : State-run oil companies Saturday slashed aviation turbine fuel (ATF) prices by seven percent, the 11th reduction since September last year. From March 1, jet fuel price will go down Rs.2,052 per kilolitre to Rs.27,106 in Delhi, while it will cost Rs.27,861 per kilolitre in Mumbai, an official of Indian Oil Corporation (IOC) said. Similarly in Kolkata and Chennai, ATF would now cost respectively Rs.34,847 and Rs.30,317 per kilolitre. Oil companies cut ATF prices by 3.7 percent Feb 16. The jet fuel is currently priced at early 2005 levels, officials said.

No new taxes in Maharashtra’s feel-good budget

By IANS Mumbai : The Maharashtra government Wednesday presented a feel-good budget of Rs.25,000 crore (Rs.250 billion) for 2008-09, focusing on social as well as industrial sectors without imposing any additional tax burdens on the people. The budget presented by Finance Minister Jayant Patil allocated an additional Rs.1,400 crore (Rs.14 billion) for non-plan expenditure and the rest for planned expenditure. To encourage air travel in state interiors, tax rate on ATF has been slashed from 25 percent to four percent when supplied to aircraft outside Mumbai and Pune.

India to host global conference on farm industries

By IANS New Delhi : India will host the first global conference on farm industries being organised by various UN organisations here April 8-11, to promote the sector as the major means to end poverty and push development. Some 500 senior experts from the agro-industry, governments, civil society, UN agencies and funding institutions will discuss the potential of agro-industries and the challenges they face in the future, the organisers said.

Turkey offers to ship oil, gas to India via Israel

By IANS, Bangalore : Visiting Turkish Prime Minister Recep Tayyip Erdogan Monday offered to supply crude oil and liquefied natural gas (LNG) to India via Israel in a bid to boost bilateral trade between the two countries. "To meet India's growing energy requirements, we are ready to ship oil and gas via Israel. We are planning an undersea pipeline between Turkey and Israel through the Mediterranean Sea. Supertankers will be able to carry the supplies to India over the high seas from the Ashkelong port in Israel," Erdogan said at a business luncheon meeting here.

Sun Fruits to cultivate stevia in West Bengal, northeast

By IANS Kolkata : Sun Fruits Ltd, a Pune-based natural sweetener producing major, is looking at cultivating a sweet herb in northern districts of West Bengal and in the northeast states to tap the growing potential of natural sweetener market in India. "We will grow stevia rebaudiana bertoni (SRB) 128 variety by bringing about 1,000 acres of land under its cultivation. We are already in talks with tea estate owners who have huge volume of unused land in north Bengal districts and the northeast states," Sun Fruits director Shivraj Bhosle told IANS here Thursday.

Massive Dharavi makeover project on anvil

By IANS Mumbai : In one of the biggest re-development programmes planned for India's financial capital, residents of Dharavi, Asia's biggest slum, will be provided better homes and civic amenities like schools and health facilities in a public-private partnership. The Rs.92.50 billion (Rs.9,250 crore) redevelopment project would rehabilitate nearly 57,000 families squeezed into 535 acres in Dharavi. The project is slated to be completed within seven years of its initiation.

Case for interest-free banking and finance

As many as 75 countries across the world have adopted the system. The operational term in many cases is not ‘Shariah’ but “interest-free” banking. By...

Indian economy riskier, but rating stable: Moody’s

By IANS, New Delhi : Higher oil prices and insufficient government response may make the Indian economy riskier, but it will not affect its ratings, international rating agency Moody's said Monday. “While Moody's overall assessment is that the current constellation of risks is captured in the prevailing stable outlook, downside pressures could emerge,” said Aninda Mitra, senior analyst at Moody's Sovereign Risk Unit in a press statement released in Singapore. He said these pressures could be two-fold.

Indian agency to aggressively market satellite launches

By V. Jagannathan, IANS Chennai : The launch of Israeli satellite Tecsar by an Indian rocket has boosted the morale of Antrix Corp Ltd - the commercial arm of the Indian Space Research Organisation (ISRO) - which now plans to market this service more aggressively. "The latest launch reinforces the confidence that customers have in India's Polar Satellite Launch Vehicle (PSLV)," K.R. Sridhara Murthi, executive director of the Rs.6.6-billion ($167 million) Antrix, told IANS. Antrix markets satellite images, satellite transponders and rocket launch services.

Russia to cut budget spending by another 15 percent: Report

By RIA Novosti, Moscow : The Russian government has instructed ministries to cut spending by another 15 percent on top of the 15 percent budget cuts approved late last year, a business paper reported Monday. Budget cuts will affect all budget fund recipients, except courts. The biggest cut will hit the energy ministry (33 percent) and the transport ministry (30 percent), while the least affected will be the education ministry (11 percent), the State Duma (12 percent) and the foreign ministry (12 percent), Vedomosti reported.

Neyveli Lignite’s power plant to be ready this fiscal

By IANS, Chennai : Power equipment major Bharat Heavy Electricals Limited (BHEL) has announced that Neyveli Lignite Corporation Limited's (NLC) 2x250 MW Circulating Fluidised Bed Combustion (CFBC) power plant will be commissioned this fiscal. "The project will be commissioned before the end of this fiscal. We have sorted out the technical issues," P.R. Shriram, BHEL's executive director, told reporters Saturday. CFBC technology enables burning of coal and lignite having low calorific value.

Infosys acquires UK firm for $753 million

By IANS, Bangalore :Infosys Technologies Ltd has acquired British SAP consulting company Axon Group Plc in an all cash deal for Rs.33 billion ($753 million), Infosys CEO Kris Gopalakrishnan announced here Monday.

ArcelorMittal to buy Brazilian mining company

By IANS, Luxembourg : ArcelorMittal, the world's leading steel company, Wednesday said it has agreed to buy the iron ore mining company London Mining Brasil for $810 million. The transaction includes the assignment of inter-group loans from London Mining of approximately $46 million. London Mining Brasil is an iron ore miner located in the Iron Quadrangle in the state of Minas Gerais, about 65 km from the city of Belo Horizonte in Brazil. It mainly focuses on the exploration, development and production of iron ore resources in the region.

Nicholas Piramal India changes name to Piramal Healthcare ltd

By IANS Mumbai : Nicholas Piramal India Ltd will now be known as Piramal Healthcare ltd. The company in a statement issued to the Bombay Stock Exchange (BSE) Tuesday said that all formalities including the nod from shareholders and central government have been taken for the name change. According to the company, the group of companies like NPIL Laboratories and Diagnostics Pvt. Ltd has been clumped together into Piramal Diagnostic Services Pvt. Ltd, while another company Gujarat Glass Ltd has been renamed Piramal Glass Ltd.

Sterlite bags orders worth Rs.2.78 bn for power conductors

By IANS, New Delhi : Sterlite Technologies Ltd Thursday said it has bagged contracts worth Rs.278 crore (Rs.2.78 billion) from the Power Grid Corp of India Ltd, Jaypee Powergrid, Rajasthan's state electricity board, and the Ethiopian Electric Power Corp. The contracts, which are for Sterlite's moose and power conductors, would be supplied between September 2008 and December 2009, as per customers' requirements, a company statement said.

Cheap credit, tax exemption for garment exporters advocated

By IANS, New Delhi : Federation of Indian Chamber of Commerce and Industry (FICCI) has called for cheap export credit and income tax exemption for export earnings for India's garments exporters. At a meeting with Textiles Minister Dayanidhi Maran Wednesday, FICCI advocated credit for exporters at an interest rate of 7 percent, 100 percent exemption on income tax for export earnings for three years, initiation of skill development programmes, and reimbursement of duties to exporters.

Asian stocks slide as fears rise over credit crunch

By DPA Bangkok : Asia's main stock markets resumed their downward slide Friday amid growing fears over a global credit crunch brought on by the ailing home-loan market in the United States. Japan's key Nikkei stock index took the biggest hit, plummeting more than five percent to close Friday at its lowest point in a year. The broader Topix index of all first-section issues also plunged 87.07 points, or 5.55 percent, to close at 1,480.39. Since last Friday, the Nikkei has lost 8.89 percent, and Topix has fallen 9.40 percent.

Bajaj Auto January sales up three percent

By IANS, New Delhi: Two and three-wheeler major Bajaj Auto Saturday reported a three percent growth in overall sales for January 2013.

Opec oil prices rises

By DPA, Vienna : The price for oil produced by the Organization of the Petroleum Exporting Countries (Opec) continued to rise Friday, ahead of a meeting of the cartel Dec 17, at which production cuts are expected to be discussed. One barrel (159 litres) of Opec-produced crude stood at $41.32 Friday, $1.20 higher than on the previous day, the Vienna-based organization announced Monday. Opec president Chakib Khelil last week called for a "drastic cut" of oil production, ahead of the meeting of oil ministers in Oran, Algeria Wednesday.

Bangladesh: BIMAN signs accord with boeing to buy 10 new aircraft

By NNN-BSS, Dhaka : The Biman Bangladesh Airlines Limited Tuesday signed an agreement with the Boeing of the United States to purchase 10 new generation aircraft. Managing Director of the Biman Dr M A Momen and Regional Director of the Boeing Glen A Green inked the agreement on behalf of their respective sides in the auditorium of the Bangladesh Airlines Training Centre (BATC) at Kurmitola in the capital.

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.

Google’s Pac-Man logo cost $120 mn to economy

By IANS, London : Google's Pac-Man logo led to almost five million wasted hours and cost the economy about $120 million, an analyst estimated. Google apparently had about 505 million users Friday when the Pac-Man doodle went live. The game took up 4,819,352 hours of employee time and cost the economy a whopping $120,483,800, said Tony Wright, founder of Rescue Time, which is a tool that helps businesses to measure how time and attention was being spent.

Descon ties up with Spanish firm, floats web portal

By IANS, Kolkata : Descon Ltd, an IT unit promoted by Dishergarh Power Supply Co Ltd (DPSCL), has joined hands with a Spanish consultancy firm to launch a web portal disseminating information on the Indian energy sector. Keeping in mind India's need to add a whopping 78,000 MW to the existing power generation capacity during the 11th Five Year Plan (2007-12), the portal has been formed in joint venture with Kolkata-headquartered Descon Ltd and Mercados Energy Markets International (EMI), Madrid.

Budget highlights

By IANS, New Delhi : More budget highlights for 2011-12: * Revenue gain of Rs.11,000 crore from increase in indirect taxes.

Maruti’s December sales dip 10 percent

By IANS, New Delhi : Maruti Suzuki Ltd, the country's largest passenger carmaker, Thursday reported 10 percent dip in its December sales. The company sold 56,293 vehicles last month as against 62,515 units in December 2007, an official statement said. Maruti's sales volume in the domestic A3 segment that comprises SX4, Esteem and D'zire went up 98 percent from 3,291 units in December 2007 to 6,524 units last month. The company's exports rose marginally by 3.6 percent to 4,264 units from 4,114 a year ago.

Mega northeast bazaar in Thailand to woo investors

By Syed Zarir Hussain, IANS Guwahati : India will showcase its business potential in its northeastern states during a four-day mega bazaar in Thailand in October, part of a major campaign to open the region to investors in Southeast Asia. The central ministry of the Department of North Eastern Region (DoNER) in collaboration with the Indian Chamber of Commerce (ICC) is organising the North-East Investment Week in Bangkok from Oct 1 to 4.

Japan’s economy slides into recession

By DPA, Tokyo : Japan's economy shrank at an annualized rate of 0.4 percent in real terms in the July-September period, the government said Monday. The gross domestic product (GDP) fell 0.1 percent during the three months from the previous quarter, marking the second quarterly drop, the cabinet office said. Looking at the GDP for the July-September quarter, Japanese Economic and Fiscal Policy Minister Kaoru Yosano said Monday that the nation's economy is in a recession, which means that it shrank two quarters in a row.

Chennai company scouting locations for petrochemical project

By IANS, Chennai : City-based petroleum company Chennai Petroleum Corporation Limited (CPCL) is looking for locations on the southern coast for its proposed refinery-cum-petrochemical complex in Tamil Nadu, a company official said here Thursday. The company initially planned to set up the 15 million tonne per annum (TPA) facility at Ennore near Chennai and feasibility studies were done by Engineers India Limited, which identified around 3,300 acres for the project.

India, Pakistan to begin gas pipeline talks

By IANS

New Delhi : India will hold talks with Pakistan here Wednesday on the $7.4-billion gas pipeline from Iran, focussing on the issue of the transit fee payable to Islamabad for the project's passage and security, oil ministry officials said.

Markets fall after early gains

By IANS, Mumbai : Indian equities markets slackened in afternoon trade Thursday, with a key index trading 0.47 percent lower than its previous close about an hour before the closing bell. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,214.12 points, 0.47 percent or 43.35 points lower than its last close. It had opened at 9,334.47 points, higher than its Wednesday close of 9,257.47 points. At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,812.9 points, 1.28 percent lower than its previous close of 2,849.5 points.

Meltdown may cause diamond price volatility, warns India

By IANS, New Delhi : India Monday warned global diamond industry leaders that following the global slowdown, the diamond industry would be adversely impacted and there could be tremendous volatility in rough diamond prices during the next couple of years. “We must accept that in the next year or two, we will see tremendous volatility in rough diamond prices,” said Jairam Ramesh, India's Minister of State for Commerce and Power, at the four-day Kimberley Process Certification Scheme (KPCS) global summit which got underway here Monday.

Special agency for textile sector may take off soon

By IANS Ahmedabad : The central government's proposed special purpose vehicle (SPV) to help the textile industry that has been hit by the rupee appreciation is poised to take off in four months. Siddhartha Rajagopal, executive director of Cotton Textile Export Promotion Council (Texprocil), said: "There is a proposal for an SPV. But it is still in the consideration stage. It could take three to four months to conceptualise and launch it." However, the other export promotion councils, linked to the union textile ministry, do not seem to be aware of any such proposal.

World Economic Forum’s India summit starts Sunday

By IANS New Delhi : The high-profile India summit of the Davos-based World Economic Forum (WEF), the 23rd in the annual series, kicks off here Sunday to bring together some 700 business, political and civil society leaders from 36 countries. "The summit is designed to generate insight and guide action to improve the alignment of India's development, industry and global agendas in the context of this year's theme 'Building Centres of Excellence'," the forum said.

Indian equities go up and down, but stay in green

By IANS, Mumbai : The Indian equities markets opened strong, rallied for some time and again lost ground in volatile trading Monday after three successive days of losses last week that had seen a key index dip to the four-digit level for the first time in over two years. Mid-afternoon the sensitive index (Sensex) of the Bombay Stock Exchange was ruling at 10,245.48, up 270.13 points or 2.71 percent against its previous close Friday at 9,975.35 points.

Power sector needs investments worth $250 bn: CII

By IANS, New Delhi : India's power sector will require about $250 billion investments over the next eight-nine years if it wants to grow at a moderate 7.5-8 percent compound annual rate, according to a CII report. "The power markets will have to achieve consistent high growth rates to bring our per capita consumption to comparable levels of some of the other developing countries like China and Brazil," said the report, jointly prepared by the Confederation of Indian Industry and consulting firm AT Kearney.

SBI plans to raise Rs.40,000-50,000 crore in 5 years

By IANS, Baharampur (West Bengal) : Country's largest lender State Bank of India (SBI) needs to raise about Rs.40,000-50,000 crore of capital for the next five years, a senior official said here Sunday. "Capital raising depends on many factors. Firstly, the state of the market and then need for budgetary provision if the government decides to issue capital to us," SBI chairman O.P. Bhatt said at a press conference here in West Bengal's Murshidabad district. He, however, said the bank would decide on how to go about the fund raising within the next six months to one year's time.

Satyam megascam sends markets tumbling

By IANS, Mumbai : Indian equities markets, which had rallied last week and the first two days of trading this week, took a beating since Wednesday after the Satyam fraud blew up, dampening investor confidence and pushing a key index to close Friday 5.54 percent lower over last week's close.

Indian Railways to spend Rs. 19 crore to provide facilities at Attari station

By APP New Delhi : The Indian Railways will spend Rs. 19 crore to upgrade Attari international station to facilitate passengers travelling between Pakistan and India. The immigration centre is being upgraded and the centrally air-conditioned waiting rooms are coming up for passengers at the Attari railway station.

Reliance Energy, Tata Power eye Dishergarh Power Supply Corp

By IANS, Kolkata : Reliance Energy Ltd, CESC Ltd and Tata Power Ltd have expressed interest in buying 57 percent stake in Dishergarh Power Supply Corp (DPSC), said a top official of Andrew Yule Co Ltd (AYC), which has a stake in DPSC. "Reliance Energy, CESC, Tata Power and other leading power companies have responded to the expression of interest (EoI) floated by AYC for divesting its stake in DPSC," AYC chairman and managing director Kallol Datta told reporters here Thursday.

Art market boom in India, China boosts Christie’s sales

By Venkata Vemuri, IANS, London : Auction house Christie's says it has recorded a 63 percent growth entirely due to the emergence of Indian and Chinese buyers of both their own art and western art. Christie's total worldwide sales in the first half of this year amounted to 1.8 billion pounds ($3.6 billion), a rise of 10 percent on the same period last year. That includes both auction sales and private treaty sales. It sold 457 works for more than half a million pounds each, compared with 430 sold in the same period last year.

Vedanta push for Asarco hits bump in US court

By IANS, New York : Vedanta Resources' takeover bid of US copper mining giant Asarco hit a bump Friday when a judge of a bankruptcy court in Texas signalled he might give Grupo Mexico SA, Asarco's estranged corporate parent, one last chance to resume control of its US subsidiary.

Government asks companies to pay advance tax

By IANS, New Delhi: In a bid to ensure realisation of revenue targets for this fiscal, revised upward to Rs.4,000 billion ($80 billion), the government Thursday asked the corporate sector not to defer payment of advance tax and ordered a close scrutiny of collections. India's direct tax collections have been just Rs.2,500 billion in the first nine months of this fiscal, growing at 8.5 percent over the corresponding period of the previous year. In fact, personal income tax has actually seen a decline of 0.41 percent.

Lula invites Bush to go fishing in Brazil

By DPA, Brasilia : Outgoing US President George W. Bush called Brazilian President Luiz Inacio Lula da Silva to say goodbye Monday, Brazil's presidential spokesman Marcelo Baumbach said. The conversation was said to have lasted 10 minutes. Bush - who is set to hand over power to Barack Obama Tuesday - invited Lula to visit him in his home state, Texas, while Lula invited Bush to go fishing in Brazil.

Reliance Communications’ R World to break language barrier

By IANS, Mumbai : Reliance Communications Tuesday announced plans to launch a next generation mobile portal (R World) with multi-lingual capabilities to break the language barrier.

Malaysian Indian enterprises need 100,000 foreign workers

By IANS, Kuala Lumpur : Projecting a requirement of 100,000 foreign workers, a Malaysian Indian trade body wants a dialogue with Prime Minister Najib Tun Razak over the prevailing shortage of foreign labour in the country. Malaysian Associated Indian Chamber of Commerce of Industry (Maicci) president K.K. Eswaran said various trade associations had sought the chamber's help to resolve their labour shortage. "We have compiled a memorandum detailing the needs of the various associations to present to Najib," Eswaran said.

Delhi’s rate of unemployment one of lowest in country

By IANS, New Delhi : Delhi has one of the lowest unemployment rates in the country, the state government said Tuesday, pointing out the "sound and prosperous economic situation" in the national capital. Releasing a report on the employment scenario in the national capital, Delhi Finance Minister Ashok Kumar Walia said: "Out of all candidates eligible for employment, about 5.42 million are employed whereas only 227,000 are unemployed." "This means that only 1.42 percent of the total population of capital is unemployed," he said.

India seeks more ‘comforts’ on Iran gas pipeline

By IRNA, New Delhi : India has sought more 'comforts' from Iran for safe passage of natural gas through Pakistan before a pact on the 7.4 billion dollar tri-nation pipeline can be signed. Iranian President Mahmoud Ahmadinejad's six-hour visit Tuesday broke India's eight-month non-participation in Iran-Pakistan-India (IPI)talks and there is likelihood of swift movements to conclude negotiations. "We had a very good meeting. Prime Minister Manmohan Singh conveyed India's keenness to join the project," PTI reported here quoting India's Petroleum Minister Murli Deora.

India lifts ban on cement exports

By IANS, New Delhi : With a significant increase in both the production and off-take of cement in India, the government has lifted the export ban on the commodity with immediate effect, a senior commerce ministry official said Monday. "Since prices (of cement) have stabilised, it was no longer felt necessary to continue with the export ban," the official said. "The necessary notification has been issued accordingly (in the official gazette)."

Distillery by-product helps increase milk production

By IANS, Gurdaspur (Punjab) : Liquor may be bad for health but its by-product from a newly established distillery in Punjab's border district of Gurdaspur is proving a boon for farmers in the area. Wet cake, a by-product of the grain-based distillery AB Grain Spirits, is proving beneficial for farmers of Kiri Afghana village in this district, 300 km from Chandigarh, as the milk yield of the cattle has gone up.

As world faces hunger, G8 leaders feast in Japan

By IANS, London : A day after Prime Minister Gordon Brown urged Britain not to waste food, a disgusted British press dished out in great detail - with liberal servings of irony - the menu at the world's top table in Japan. World leaders gathered in Japan to discuss food shortages were Monday night served an eight-course, 19-dish dinner prepared by 25 chefs.

US tastes Indian mangoes after 18 years

By IANS, Washington : The US has received its first consignment of Indian mangoes after 18 years. At a mango festival hosted at the US-India Business Council (USIBC) headquarters here Tuesday, US Trade Representative Susan Schwab and Agriculture Secretary Mike Johanns each received from India's Ambassador Ronen Sen the first gift baskets of ripe Indian mangoes.

Banking sector crippled for second consecutive day

By IANS, New Delhi : India's banking industry was crippled for the second consecutive day Thursday as more than 800,000 bank employees and officers continued their strike in protest against privatisation, merger and acquisition of state-owned banks. The strike also affected remittance of money to Kerala from Gulf countries, where a large number of people from the state work. "This will cause a lot of difficulty for people here," said a bank official.

US stocks fall again as oil price drops further

By DPA, Washington : US stock indices continued their downward spiral at the start of a new week Monday, led by a drop in energy and metals producers. The price of oil fell to its lowest point since May 2007, sparking fresh concerns that a potential global recession will depress demand for commodities. Crude oil for December delivery dropped 1.4 percent to $63.22 ollars per barrel on the New York Mercantile Exchange.

Sensex closes flat amid weak global cues

By IANS, Mumbai : A benchmark index of the Indian equities markets ended flat Wednesday, 11 points lower, even as global markets weakened. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,486.69 points, ended at 17,474.49 points, down 11.57 points or 0.07 percent from its previous close at 17,486.06 points. ONGC and RIL were among the key stocks that pulled down the Sensex.

‘US financial crisis had little impact on India’s trade’

By IANS New Delhi : The US financial crisis may have wreaked havoc in the world's largest economy but India's business with it has not been affected much, says a survey by the Indo-American Chamber of Commerce (IACC) released Thursday. The IACC in its Indo-US Business Confidence Index (IUBCI) indicated that the US sub-prime mortgage crisis had little effect on the economic cooperation and business and entrepreneurial confidence between the two nations.

‘Chinese, Indians eating more meat, driving global grain shortage’

By Dipankar De Sarkar, IANS London : The leader of Britain's largest opposition party has told British farmers that the current global shortage of grains is partly being caused by Chinese and Indians eating more meat than before. David Cameron of the Conservative Party told farmers that Britain could feel the impact of a global "food crunch" because of changes in people's diets, climate change and the search for bio fuels.

Equity markets end with modest gains

By IANS, Mumbai : Indian equity markets ended Monday in the green on the back of modest buying in realty, power and technology stocks. The markets started on a firm note and remained positive till early afternoon trade. But they gave up most of their gains in the last hour of trading, due to sell-offs in major oil and capital goods stocks.

Indian equities markets continue to shed value

By IANS, Mumbai : With Argentina joining the growing list of countries hit by the global financial tsunami and weak global cues, Indian equities markets continued to shed value Thursday and a key equities index dipped below the psychologically important 10,000 mark mid-afternoon. Despite lower Indian inflation figures and several positive measures announced by the Indian government, central bank and the market regulator over the past few days, continued uncertainty across the globe was affecting sentiment, analysts said.

BlackBerry Passport launched in India for Rs.49,990

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

Scientists advocate new method for better rice yields

By IANS Agartala : India could meets its food grain demand of 220 million tonnes in the next five years if farmers adopt the Madagascar model of cultivation instead of the conventional method, scientists Thursday said.

Government to purchase rice at Rs.850 per quintal

By IANS, New Delhi : The government Thursday fixed an interim purchase price of Rs.850 per quintal of rice pending a final decision on the rate to be paid to farmers for the upcoming winter crop. The cabinet committee on economic affairs (CCEA) took the decision at its meeting here Thursday due to the divergence of views of the state governments on the price of Rs.745 per quintal recommended by the Commission for Agricultural Costs and Prices (CACP), Finance Minister P. Chidambaram said.

Market closes with deep cut on the week’s first day

By IANS, Mumbai : The Indian equities market ended the day with a deep cut on the back of rising concern over crude oil price and looming political uncertainity in the country. Banking, realty and auto stocks were the worst hit. The market started on a weak note and extended its loss by afternoon and in the last hour of trade started falling rapidly and closed the day in red.

BEML, SAIL join hands for equipment supply

By IANS, New Delhi : Bharat Earth Movers Ltd (BEML), a defence public sector undertaking, has signed a memorandum of understanding (MoU) with the country's largest steel producer Steel Authority of India Limited (SAIL) for supply of earthmoving equipment and spares. “Both public sector units have agreed to work on a 11-year term during which BEML shall supply equipment up to 2011 to SAIL. BEML will also undertake maintenance and repair contract for the next eight years,” an official statement said Monday.

Finland’s Outokumpu to invest 30 mn euros in India

By IANS New Delhi : Finnish stainless steel maker Outokumpu Oyj plans to invest 30 million euros (Rs.1.65 billion) over a period of two years to build a service centre in India, the firm said Sunday. "The service centre is scheduled to be in operation in the first half of 2009, at an investment cost of some euro 30 million," Juha Rantanen, CEO of Outokumpu, said in a statement.

New iPhone of AT&T to cost only $199

By IANS, New York : The much sought after Apple phone will cost as little as half the price of the original model when 3G iPhone is introduced in market late June in the US. AT&T, the iPhone sales partner with Apple for the US market, will cut the price by as much as $200, bringing it down to $199 for customers who sign two-year contracts, the Fortune magazine reported Tuesday. Apple is expected to have two versions of the new iPhone, an 8 GB memory and a 16 GB model, which otherwise would be priced at $399 and $499.

Jet posts last quarter profit, though income dips

By IANS, New Delhi: India's largest private carrier Jet Airways Monday announced a net profit of Rs.52.99 crore for the quarter ending March 31, as compared to a net loss of Rs.221 crore in the corresponding period in 2007-08. The total income of the company, however, decreased to Rs.2,566 crore in the quarter under review, as compared to Rs.2,796 crore posted in the year-ago period, the company said in a regulatory statement.

On Quit India Day, Modi-Shivraj asked to quit Narmada Valley

By TCN News Bhopal: Narmada valley reverberated with the slogan “Modi-Shivraj Go Back” – “Hamare Gaon me Hamaara Raj, Vaapis Jao Modi Shivraj”. The slogan...

GM, Chrysler vehicle buyers get government warranty in Canada

By Gurmukh Singh, IANS, Toronto : Canada Tuesday followed the US in unveiling its own package to back warranties for vehicles sold by the sinking General Motors and Chrysler in a bid to calm buyer fears. The government will spend about $185 million under the warranty plan for the auto sector which is the backbone of the Canadian economy and employees hundreds of thousands of people. General Motors, Chrysler and Ford plants in Canada account for about 20 percent of their total production. Canada has already announced a bailout worth about $4 billion for GM and Chrysler.

Ford India launches revamped Endeavour

By IANS

New Delhi : Ford India announced they would launch a diesel version of Fusion later this year even as the company unveiled the revamped premium sports utility vehicle (SUV) Endeavour here Wednesday.

EU-India trade shows renewed growth, 09-12-2010,

By EuAsiaNews, Brussels: After having more than doubled in value between 2000 and 2008, EU trade in goods with India fell in 2009.

Talks underway to fix price for Peace Pipeline gas: Hosseini

By IRNA Tehran : Foreign Ministry spokesman, Mohammad-Ali Hosseini said Sunday talks are underway between Iran, India and pakistan to fix the price for the Peace Pipeline gas. Hosseini's remarks came during a televised interview with Channel One of the Islamic Republic of Iran Broadcasting (IRIB) when he was asked if Iran had offered any discounts to the other sides in the project.

India’s central bank to review monetary policy Tuesday

By IANS, Mumbai : India's central bank will review its monetary policy for this fiscal Tuesday, against the backdrop of the country's annual rate of inflation jumping to a 13-year high and industry worried over the prospect of another interest rate hike. Reserve Bank of India (RBI) Governor Y.V. Reddy will conduct the first quarter review after hiking interest rates more than a dozen times since 2004 and asking banks to keep more money against deposits to curb liquidity and inflation which is now at 11.91 percent.

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.

Hyderabad to become a metro city

By Mohammed Shafeeq, IANS, Hyderabad : Hyderabad will join cities like Kolkata and Delhi to have a metro rail that give will further boost to connectivity in this fast-growing southern Indian hub. The Hyderabad Metro Rail, to be developed under public-private partnership at a cost of Rs.96.96 billion (approx $2.4 billion), it is one of the largest projects of its kind in the world and India's first two-track elevated transit system.

Meeting to discuss 3G spectrum price postponed

By IANS, New Delhi : The wait for third generation (3G) telecom services in the country has got longer as the first meeting of a key ministry panel, set up to take decision on the pricing of 3G auctions, has been postponed. The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee was scheduled to meet July 31. The government constituted the EGoM July 13 to look into matters relating to pricing of spectrum and the number of operators to be allowed in each telecom circle.

Chinese company gets contract for construction at Lanka port

By IANS, Colombo : The government of Sri Lanka has offered a leading Chinese company the contract to build a fuel tank farm and bunkering facility at the new harbour at Hambantota in the southern part of the country, a media report said here Thursday. "The unsolicited project proposal sent by the China Huanqiu Contracting and Engineering Corporation for building the bunkering facility and tank farm at the Hambantota harbour has been approved by the project committee and the cabinet-appointed negotiations committee," the state-run Daily News reported.

US economy in recession, does not bode well for the world

By Oleg Mityayev, RIA Novosti, Moscow : The US economy appears to be in a recession, Janet L. Yellen, chief of the San Francisco Federal Reserve Bank, has said. By admitting this, she stated the obvious: the US gross domestic product (GDP) was down 0.2 percent in the third quarter of 2008, with US economists forecasting a 0.8 percent fall in the fourth quarter.

Sensex crawls up in afternoon trade

By IANS, Mumbai : A benchmark index for Indian equities crept up in afternoon trade Thursday to rule at 76 points higher, having been range-bound in the morning session. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,194.78 points, was at 18,255.97 points, 76.33 points or 0.42 percent up from its previous close at 18,179.64 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.41 percent in the green at 5,485 points.

Independent regulator for aviation sector soon

By IANS New Delhi : An independent regulator for the aviation sector would come into affect by October this year, a top aviation official said Thursday. K.N. Srivastava, joint secretary in the civil aviation ministry, told reporters that the Airport Economic Regulatory Authority (AERA) Bill, 2007, which would provide a regulatory authority for the aviation sector, would come up for discussion and approval during the second half of the budget session of parliament, bbeginning April 15.

Tamil Nadu fuel crisis spells losses for fishermen, rice growers

By IANS, Chennai : Tamil Nadu's transporters, fishermen, cold storage operators and vegetable and food grain growers could lose at least Rs.250 million a day because of an acute diesel crisis triggered by an unending electricity shortage. While green and dry grocers said their cumulative losses would cross at least Rs.100 million, transporters pointed to bigger shortfalls in income. Transporters from various parts of Tamil Nadu and neighbouring Andhra Pradesh and Karnataka told IANS they would wait for the shortage wave to ebb before sending goods to Chennai.

Rajya Sabha adjourned twice over sugarcane prices

By IANS, New Delhi : The Rajya Sabha was adjourned twice Friday following protests by sugarcane farmers over falling prices for their crop. The trouble began immediately after the house assembled when Samajwadi Party MPs raised slogans against the government. Bharatiya Janata Party's (BJP) MP S.S. Ahluwalia prevailed upon them to let nominated member H.K. Dua take his oath of office. The MPs resumed their protest thereafter, refusing to heed to Chairman Hamid Ansari's appeals for calm. Ansari was forced to adjourn the house for 15 minutes.

Sensex ends in red after breaching 15,000-mark

By IANS, Mumbai : A key index of the Indian equities markets shut shop in the red Wednesday, slipping 30 points from its last close. It had earlier breached the 15,000-mark. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,902.62 points, ended at 14,845.56 points (provisional) - 29.35 points or 0.2 percent below Tuesday's close. The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex, ending trade at 4,520.9 points, a marginal loss of 0.1 percent.

Nathpa Jhakri power plant shut down

By IANS, Shimla : The 1,500 MW Nathpa Jhakri power plant in Himachal Pradesh that also supplies power to Punjab has been closed after the level of silt rose suddenly in the Sutlej river following heavy rains. The silt content in the river increased more than 5,500 ppm (part per million) forcing the authorities to suspend power generation in the plant in Kinnaur district, said Vijay Verma of the Sutlej Jal Vidyut Nigam. "We have no option but to close down the project as heavy silt content causes extensive damage to the turbines," Verma told IANS.

ICC confirms two-year ban on Samuels

By IANS, Dubai : The International Cricket Council (ICC) confirmed the decision of the West Indies Cricket Board (WICB)'s Disciplinary Committee banning Marlon Samuels for two years on charges of match fixing. Samuels was found guilty of offence C4 (IX) of the ICC Code of Conduct, namely that he "received any money, benefit or other reward (whether financial or otherwise) which could bring him or the game of cricket into disrepute".

Panel set up for appointment of BSNL, MTNL heads

By IANS, New Delhi : The government Thursday constituted a six-member search-cum-selection committee for the appointment of chairman-cum-managing directors of the state-run Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL). The committee will be headed by the cabinet secretary K.M. Chandrasekhar.

Government says no gas from KG-D6 going to Bangladesh

New Delhi : No gas from Reliance Industries (RIL) consortium's KG-D6 block in the eastern offshore is being supplied to Bangladesh, the government said...

Sensex starts 172 points down, slips further

By IANS, Mumbai : Indian equity markets were in the negative zone early Thursday, with selling pressure on realty, capital goods and banking stocks. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 171.84 points at 15,250.47 points. Ten minutes into trading, it was at 15,243.15 with a loss of 179.16 points or 1.16 percent from its closing figure Wednesday. At the same time the S&P CNX Nifty index of the National Stock Exchange was trading at 4,538.65 points with a loss of 43.65 points or 0.95 percent compared to its previous close.

Apollo Hospital joint venture targets Mumbai

By IANS, Chennai : The Western Hospital Corp - a 51:49 joint venture between Apollo Hospitals Enterprises and Eleanor Holdings of Mauritius - will build three hospitals in Mumbai by 2012, said a top Apollo official here Friday.

Ranbaxy, Daiichi Sankyo will dominate Japanese market: Malvinder

By IANS, London : Ranbaxy CEO Malvinder Mohan Singh said Thursday his company, together with the merged Daiichi Sankyo of Japan, will dominate the Japanese generics medicine market in the “next few years”. “This combination provides Ranbaxy with a very substantial edge and advantage as the Japanese generic market opens up, which is the second largest pharmaceutical market in the world," Singh told a meeting organised in London by the Confederation of Indian Industry (CII).

Gujarat invites Sri Lanka to develop coastal tourism

By IANS, Ahmedabad : Gujarat's tourism department has sought Sri Lanka's help in developing resorts along its coastline given the island nation's vast experience in running several resorts and spas along its beaches, an official said Friday. A tourism department official here said the Sri Lanka Tourism Development Authority has been invited to develop resorts comprising world class facilities along Gujarat's 1,600-km coastline that is dotted with beaches, whose tourism potential remains untapped.

Gold’s glitter irresistible despite high prices

By Prashant Mukherjee New Delhi(IANS) : Skyrocketing gold prices at more than Rs.10,000 per 10 gm hasn't stopped festival shoppers from buying it like never before, be it jewellery, coins or watches. "Whoever wants to buy gold will buy anyhow. I would buy the same amount even if the prices were low," said Ashish Kumar, a Noida-based businessman. "Of course, I only wear a gold ring. All the rest goes to my wife," he added. Gold prices are at a 28-year-high above Rs.10,000 per 10 gm, but merchants are still doing brisk business in the current festival season.

IMF head wants to integrate emerging nations

By DPA Paris : Newly elected International Monetary Fund (IMF) head Dominique Strauss-Kahn has said that reform of the organisation should include reducing its costs and integrating developing nations more profoundly in its workings. At a press conference in Paris, the former French finance minister said Monday that reducing IMF staff was one of the options to make it more cost-efficient. "There is no reason that this institution cannot be more efficient, more relevant and less costly," he said.

Steel price hike ruled out, cut might follow

By IANS, New Delhi : Faced with skyrocketing inflation that touched 12.63 percent for the week ended Aug 9, the government Friday ruled out any upward revision in the prices of steel products, and called for a reduction following softening of global prices. "Since global price of steel is softening, we do not see any immediate reason to go for any upward revision. Instead, the companies should think in terms of further reduction in the prices of steel," said Steel Secretary P.K. Rastogi here.

Noida market razed to make way for Metro

By IANS, Noida : A market in Noida's prime Sector 18 area was Wednesday demolished to pave the way for extending the Delhi Metro rail project to this satellite township, officials said. Authorities here razed the Rs.2 billion Kali Charan Market, which is said to be illegal. Earlier attempts to demolish the structure, which housed over 500 shops, proved futile as the developer had obtained a stay order from the Allahabad High Court.

Agra markets join shutdown against FDI in retail

By IANS, Agra : Markets in Agra wore a deserted look Thursday as shopkeepers joined the nationwide shutdown to protest Foreign Direct Investment (FDI) in the retail sector.

CPI-M opposes private management of pension fund

By IANS, New Delhi : The Communist Party of India-Marxist (CPI-M) Wednesday asked the government not to hand over pension fund management to financial companies for speculative business in the capital market, saying that it was an "anti-worker" decision. Opposing the decision of the trustees of the Employees Provident Fund Organisation to allow the asset management companies of HSBC, ICICI Prudential and Reliance Capital to manage pension funds from September, the CPI-M politburo said this marked the beginning of a process of privatisation of workers' and employees' savings.

Telecom operators welcome new terms for infrastructure sharing

By IANS New Delhi : India Tuesday unveiled new guidelines for telecom operators to share transmission systems and cables in a move to reduce call tariffs and increase rural connectivity, which have been welcomed by the leading operators. This would enable the operators to reduce the cost of rolling out telecom networks, especially in remote areas of the country.

Tripura power project revived, gets ONGC gas supply

By IANS, Agartala : After a six-year uncertainty, the Oil and Natural Gas Corp (ONGC) has finally agreed to provide natural gas for the 104 MW capacity Monarchak thermal power plant in Tripura, officials said Friday. ONGC signed an agreement with The state-owned North Eastern Electric Power Corp (NEEPCO) in New Delhi Thursday, for supplying 0.5 million cubic metres gas per day for 15 years.

Volkswagen to reduce Polo, Vento prices to boost sales

By IANS, New Delhi: German automobile major Volkswagen Tuesday said it will cut prices of the high-end variants of its Polo and Vento sedans and add a host of new features to boost sales.

SpiceJet raises fuel surcharge by Rs.400

By IANS, Mumbai : Low-cost carrier SpiceJet Thursday hiked its fuel surcharge by Rs.400 following a recent hike in aviation turbine fuel (ATF) rates. "We have increased fuel surcharge by Rs.400 on our flights with immediate effect," Samyukta Shreedharan, SpiceJet chief operating officer, told reporters here. SpiceJet's decision comes two days after leading private carriers Jet Airways and Kingfisher Airlines announced hike in their fuel surcharge. Both airlines raised fares by Rs.400 from Tuesday on all domestic sectors.

Russia to explore Cuban oil, lends $150 million

By Xinhua, Havana : Russia has provided a $150-million loan to Cuba and signed pacts with the Caribbean nation for oil exploration in the Gulf of Mexico, a media report said. The money will be provided in instalments over two years, the Itar-Tass news agency reported. The agreements signed between Cuba's state-owned firm Cubapetroleo and Russia's Zarubezhneft company will allow the firms to jointly explore crude oil off the coast of Cuba. Russian Vice President Igor Sechin and Cuban Vice President Ricardo Cabrisas participated in the signing ceremony.

Worlds oil Companies discuss in Houston rising energy prices

By KUNA, Washington : US officials and the worlds top oil executives, including from Kuwait, met on Wednesday in Houston to discuss rising energy price and opportunities to explore new ways of energy sources. Over 2,000 oil companies along with US Deputy Assistant Secretary of Energy for Oil and Gas James Slutz, US Congressman and Chairman of Energy Committee Nick Lampson, OPEC representatives, and energy experts are meeting at Reliant Park in Houston, Texas for the 2008 Offshore Technology Conference.

We will try for more access to Indian market: Obama

By IANS, Washington: The US will explore ways to reduce barriers to its exports and increase access to the Indian market, said US President Barack Obama in a signed article published Saturday.

Sensex closes 112 points lower

By IANS, Mumbai : A benchmark index for Indian equities markets Wednesday closed 112 points lower as selling intensified in the last hour of trade.

India leads South Asia’s jump in business reform

By Arun Kumar Washington, Sep 27 (IANS) Led by India, South Asia picked up the pace of regulatory reform over the last year to become the second-fastest reforming region in the world, according to the World Bank's "Doing Business 2008" report.

Oil institute to be set up in Sonia Gandhi’s constituency

New Delhi(IANS) : Legislative hurdles were cleared Friday for the Rs.4.3-billion Rajiv Gandhi Institute of Petroleum Technology at Rae Bareli, the constituency of Congress party chief Sonia Gandhi, with the upper house of Indian parliament passing the relevant bill. The Lok Sabha, the lower house of parliament, had already cleared the bill for the proposed institute, which will serve as a nursery for world-class human resources in the field of petroleum technology.

PM’s plea on petrol prices a ‘condolence speech’: Jaitely

By IANS, Lucknow : Bharatiya Janata Party (BJP) general secretary Arun Jaitely Thursday described Prime Minister Manmohan Singh's explanation on the fuel price hike as a "condolence speech." Jaitley was referring to the prime minister's address to the nation Wednesday evening where he said that the hike was inevitable but had been kept marginal. Jaitely, who is also in charge of the party's Uttar Pradesh unit, told reporters that Manmohan Singh was now an economist without any ideas. This was reflected in the soaring prices of essential commodities.

Profit booking pulls down Sensex

By IANS, Mumbai : Indian equities markets fell sharply post-noon Friday, with a key index ruling 290 points lower than its previous close about 90 minutes before the closing bell. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,092.97 points, was ruling 290.06 points or 2.39 percent lower at 11,834.2 points. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.3 percent from the previous close to trade at 3,603.5 points.

Bajaj Auto net profit jumps two-fold

By IANS, Mumbai : Two-wheeler manufacturer Bajaj Auto Tuesday reported a 189.2 percent increase in net profit to Rs.475.14 crore for the quarter ended Dec 31 against Rs.164.27 crore in the corresponding period last fiscal. The company's total income increased to Rs.3,330.68 crore during the quarter under review, compared to Rs.2,140.98 crore in the year-ago period, the company said in a regulatory statement. The total vehicle sales during October-December stood at 493,748 units, a rise of 64 percent compared to the previous period.

Currency futures to bring India closer to global trends

By IANS, New Delhi : Crrency futures trading will help bring Indian forex markets more in line with global trends, says a note prepared by MF Global, a US-based broker for exchange-traded futures and options. The note made available to IANS said currency futures trading will help to expand the market share of forex derivatives and the volume of forex markets as a whole. At present, the average daily turnover of the global forex market is estimated at around $3 trillion.

L&T bags $315-million ONGC project

By IANS Mumbai : Engineering and construction conglomerate Larsen and Toubro Ltd (L&T) has won a Rs.12.5 billion ($315 million) turnkey project from state-owned Oil and Natural Gas Corp (ONGC) for construction and installation of offshore platforms at Mumbai High. According to an L&T statement, the project will be completed by the end of April 2009. The firm says it will build three well platforms, sub-sea interconnecting pipelines, sub-sea cables and topside modifications for the Mumbai High South oilfield.

Government to connect 5,000 blocks with broadband

By IANS, New Delhi : The government Tuesday said it would connect 5,000 blocks through wireless broadband soon after the allocation of the third generation spectrum. In a statement, the Department of Telecom (DoT) said this will be done with support from DoT's Universal Service Obligation Fund (USOF) after allocation of spectrum through an auction later this year. Private players contribute five percent of their earnings to the USOF, which is aimed at promoting rural telephony.
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