Indian youth for first BRICS, SCO youth forums in Russia
Moscow : Youths from Brazil, Russia, India, China and South Africa and member countries of the Shanghai Cooperation Organisation are set to meet...
UAE, EU discuss economic cooperation
By IANS/WAM,
Dubai: The United Arab Emirates (UAE) and European Union (EU) have discussed prospects of promoting bilateral economic cooperation.
Supreme Court refuses putting roadblock against Nano rollout
By IANS,
New Delhi : The Supreme Court Tuesday refused to put any roadblock before the world's cheapest car Nano's planned rollout by the year-end though it issued notices to its producer Tata Motors and the West Bengal government following a petition challenging land acquisition.
A bench of Chief Justice K.G. Balakrishnan, Justice R.V. Raveendran and Justice M.K. Sharma said it will not order any status quo on the issue of land acquisition for the car's plant in Singur in West Bengal.
Indian American jeweller ‘flees’ to India
By IANS
New York : Indian American jeweller Raman Handa, who runs a chain of upmarket stores in Boston, Massachusetts, has allegedly fled to India amid rumours of financial problems and unpaid debts.
Hnada, who built Alpha Omega as a leading jewellery and watches brand in the New England region since 1980, is said to have boarded a plane for India Saturday with his son and daughter who are also involved in the family-owned business.
Moser Bayer, Gammon to set up power plants in Himachal Pradesh
By IANS,
Shimla : The Himachal Pradesh government Monday gave its nod to the 144 MW Gondhla and 261 MW Yangthang hydro power projects to be developed by Moser Bayer India Ltd and Gammon India Ltd respectively.
The companies bid for the highest upfront premium of Rs.1.93 billion for these projects.
While Gondhla project is located in Lahaul and Spiti district, Yangthang project is in Kinnaur district.
The state cabinet also decided to re-advertise the Bardang (114 MW), Tandi (150 MW) and Rashil (150 MW) hydro projects, officials told IANS.
Coal India gears up to acquire mines abroad
By IANS,
Kolkata : The country's leading coal producer Coal India Ltd (CIL) is planning to acquire coal mines abroad, a top official said here Monday.
"The issue was discussed at the International Coal Ventures Ltd (ICVL) meeting recently," CIL chairman Partha S. Bhattacharyya told reporters without giving details of the acquisition plan.
ICVL is a special purpose vehicle floated by five public sector units for identifying and acquiring overseas coal properties.
CIL, part of the consortium, is searching for coal mines in the US, Canada, Australia and Indonesia.
VGuard targets 25 percent growth this fiscal
By IANS,
Hyderabad : Leading consumer electrical and electronics firm V-Guard Industries is targeting 25 percent growth during the current financial year, a company official said Friday.
India will rein in runaway cement prices: minister
By IANS
New Delhi : The government will not allow cartelisation of cement prices and will take necessary measures to control them, Minister of State for Industries Ashwani Kumar said Tuesday.
"We will take all necessary steps to bring down cement prices. The government is importing more cement. The prices are high due to strong demand from the construction sector," Ashwani Kumar told reporters on the sidelines of the World Economic Forum's India Economic Summit here.
Uttarakhand: Muslim area residents protest court order for demolition of over 4000 houses, demand...
The High Court ordered the authorities to evict unauthorised occupants of the railway land adjacent to Haldwani Railway Station, known as Gaffur Basti,...
Festa Italiana exhibition showcases the best of Italy
By IANS
Mumbai : A month-long Festa Italiana 2007 (Italian Festival), showcasing many unknown facets of Italy in the field of construction, metals, environment, information technology, innovation technology, nano-technology, education, fine arts and cuisine has opened in Mumbai.
Jayshree Chemicals plans power projects
By IANS,
Kolkata : S.K. Bangur Group company Jayshree Chemicals Limited is planning to set up three hydro power projects for Rs.220 crore in Gajapati district of Orissa, a top company official said here Monday.
"We are planning to do three power projects -- two of six megawatts each and one of 20 megawatts -- for an investment of around Rs.220 crore. This project will be executed by one of the subsidiaries of Jayshree Chemicals," D.K. Maheshwari, executive director of the company, told reporters at a press meet.
Helping steel majors set up units top priority: Virbhadra Singh
By IANS,
Shimla : The priority of his ministry would be to help steel majors set up their stalled projects, Steel Minister Virbhadra Singh said here Sunday.
"The priority of our government is to enable steel majors like Mittal Steel, Essar Steel, the Jindal group and Posco set up their units in the country," Singh told IANS in an informal interaction at his residence.
At the same time, the minister said, efforts would be made to ensure that the expansion of state-run units to double their production was completed on time.
Railway Budget: Quality of bed linen to be improved
New Delhi : The Railways will launch within the next six months a programme to improve the design, quality and cleanliness of bed linen,...
Daimler close to truck joint venture in India
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.
Government committed to reviving plantation sector: minister
By IANS
Thiruvananthapuram : Minister of State for Commerce Jairam Ramesh Friday said the central government has earmarked Rs.70 billion for schemes to revive tea, coffee, pepper, cardamom and tobacco plantations.
Speaking to reporters here at the Centre for Development Studies (CDS), Ramesh said re-plantation programme for tea, coffee, pepper, cardamom and tobacco is currently underway.
The minister said the sum would be spent over next 10-15 years for implementing different innovative programmes for the sector.
Japan’s economy is in recession
By IRNA,
Tokyo : Japan, the world's second-largest economy, has officially slipped into recession, hurt by weak export growth and steep cuts in corporate spending amid the worsening global slowdown.
Japan's gross domestic product shrank at an annual rate of 0.4 percent from July to September after declining a revised 3.7 percent in the previous quarter, the government said Monday.
It was the first time since 2001 that Japan's economy has contracted for two consecutive quarters, the definition of a recession.
Congress wants Parrikar to cut diesel price
By IANS,
Panaji : The Congress in Goa now wants Chief Minister Manohar Parrikar to extend his petrol price slashing formula to diesel.
Industrial production up 10.3 percent in October
By IANS,
New Delhi : In another sign of robust recovery in the Indian economy, the country's industrial output is projected to have expanded 10.3 percent in October, as per the latest official data released Friday.
The significant growth in the index for industrial production has come on the back of a 9.6 percent expansion in September and 10.4 percent the month before, shows the new data released by the Central Statistical Organisation.
February domestic air passenger traffic up 14.8 percent in India
New Delhi : The International Air Transport Association (IATA) reported on Thursday that India's domestic passenger traffic increased by 14.8 percent in February, 2015.
"India's...
Markets continue in the red
By IANS,
Mumbai : Indian equities were trading in the red Monday afternoon as investors continued to offload stocks across sectors. About 90 minutes before close, a key index was ruling about 2.1 percent lower than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,259.22 points, was at 8,150.81 points - a fall of 175 points or 2.1 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 1.98 percent from its last close to rule at 2,568.15 points.
Markets in the green after weak start
By IANS,
Mumbai : Indian equities were in the green Wednesday with a key index ruling a marginal 0.3 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,939.38 points, lower than its 9,035 point close Tuesday. About 10 minutes into trade, it was at 9,062.47 points, 0.3 percent or 27.47 points higher than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,782.85 points, 0.45 percent up from its last close of 2,770.5.
MoUs worth $11,850 m. signed on first day of Global Investors’ Summit at Indore
By Pervez Bari, TwoCircles.net
Indore: The Global Investors’ Summit here at Indore, the business capital of Madhya Pradesh, got a fabulous start when in the inaugural function four Memorandum of Understandings (MoUs) worth Rs. 57,400 crores (about $11,850 million US dollars) were signed in the presence of the Chief Minister Shivraj Singh Chohan on the opening day of the mega event.
Issue mobile user card with every phone connection: CII
By IANS,
New Delhi : The government should issue mobile user card to every customer through post offices to avoid the misuse of phone connections by terrorists and other miscreants, an industry lobby said Wednesday.
India, being the second largest telecom market in the world, adds eight million customers every month on an average, which makes it difficult to keep a track on the identity of customers, the Confederation of Indian Industry (CII) said in the letter to the Department of Telecom (DoT).
Bank of America posts $2.2 bn loss
By DPA,
New York: Bailed-out financial firm Bank of America Friday reported a massive $2.2 billion loss in the third quarter due to fresh credit losses.
The loss was higher than expected and comes after rivals Goldman Sachs and JP Morgan Chase returned to billions of dollars in profits earlier this week. Citigroup also posted a loss Thursday, but said it had earnings of $101 million excluding one-time costs.
Hefty gains in equity markets by early afternoon
By IANS,
Mumbai : Indian equity markets were trading with a hefty gain early Wednesday afternoon, buoyed since morning by the government's victory in the trust vote the evening before. There was buying interest in banking, capital goods, metal, oil and gas stocks.
At 1:30 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 14,777.53 points, up 673.33 points or 4.77 percent from its closing figure Tuesday. Earlier in the day, it had touched a high of 14,840.80.
India, Russia create task force for greater business
By IANS
New Delhi : India and Russia Wednesday announced the setting up of a joint task force to ensure greater and smoother flow of trade and investment between the countries.
The task force, which will be headed by the trade ministers of both countries, will also seek to remove several issues that act as deterrent in bilateral trade.
Nirma on track to acquire Shree Rama Multi-Tech
By IANS
Ahmedabad : Detergent maker Nirma is on track to gain control of the city-based packing industry major Shree Rama Multi Tech Ltd (SRMTL), said officials. Nirma has already acquired a stake of 24 percent in the packaging company.
Full takeover of the company by Nirma has become a distinct possibility following two crucial decisions taken by SRMTL's board March 15.
AIIMS top gainer from budget, Safdarjung hospital loses out
By IANS,
New Delhi : The All India Institute of Medical Sciences (AIIMS), the premier research and education body here that also caters to 8,000 patients every day, topped the list of medical institutes benefiting from the union budget announced Monday.
India's health budget has gone up by nearly Rs.4,000 crore to Rs.21,113.33 crore ($4.35 billion) with Finance Minister Pranab Mukherjee giving special emphasis to rural healthcare.
Of the total health budget, AIIMS got a major chunk as it was allocated Rs.677 crore, up from last fiscal's Rs.573.42 crore.
Sensex down 2.08 percent after morning trade
By IANS,
Mumbai : Weak markets elsewhere in Asia pushed down Indian equities by noon Monday, with a key index ruling 2.08 percent below its previous close.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,259.22 points, was at 8,152.86 points, 2.08 percent or 172.96 points lower than its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,564.95 points, 2.11 percent down from its last close of 2,620.15 points.
The BSE midcap index was 1.02 percent lower, while the BSE smallcap index was down 0.98 percent.
BJP, CPI-M oppose any hike in petrol, diesel prices
By IANS,
New Delhi : Ahead of the empowered group of ministers' (eGOM) meeting Monday to consider pricing policy on petrol and diesel, the Bharatiya Janata Party (BJP) and the Communist Party of India-Marxist (CPI-M) opposed any move by the government to hike prices of petroleum products.
The BJP said any hike in prices of petrol and diesel will further increase prices of essential commodities.
The CPI-M politburo in a statement Sunday described the likely hike in the petroleum products as "unwarranted".
Tata Power to help develop hydel project in Bhutan
By IANS,
New Delhi : Tata Power, India's largest private power utility, announced Monday it will develop a hydro-power project in Bhutan in partnership with the Bhutanese government, and purchase the entire power generated.
In a regulatory statement, Tata Power said it has acquired 26 percent in a 114 megawatt hydro-electric power plant over river Dagacchu, through the Bhutan government-owned Druk Green Power Corp Ltd (DGPC).
‘India emerging most favoured investment destination’
By IANS,
Chennai : US Consul General Aileen Crowe Nandi Monday paid glowing tributes to Indian economy, saying the nation was emerging as the most favoured destination for overseas investment.
"India is emerging as the most favoured destination for overseas investment and an important trading partner for the US," Nandi said.
She was addressing a symposium on 'Doing Business with USA', organised by the Confederation of Indian Industry (CII).
Now drive away bikes, scooters from Reliance Mart
By IANS
New Delhi : Besides buying curtains, soaps, utensils, groceries, cosmetics, spices, you can now actually drive away a bike from your nearby Reliance Mart.
Mukesh Ambani-promoted Reliance Retail has entered into an exclusive distribution agreement with Britain's light electric vehicle major Ultra Motor for selling its electric bicycles and scooters co-branded as Hero Electric in association with its Indian partner Hero Cycles.
Himachal electricity board generates record power
Shimla, Sep 18 (IANS) The state run Himachal Pradesh State Electricity Board (HPSEB) has generated a record 640 million units of power during the last one year and sold most of this to neighbouring states, officials said Tuesday.
Officials of the firm attribute it to good water discharge in the several Himalayan rivers that flow through the hill state and run 14 HPSEB hydel projects.
Tax reforms to be expedited, says Mukherjee
By IANS,
New Delhi : A new direct tax code will be introduced in 45 days and bring changes in the indirect tax structures, Finance Minister Pranab Mukherjee Monday said while presenting the union budget for 2009-10 in the Lok Sabha Monday.
Reiterating his commitment to expedite tax reforms, Mukherjee also said he would aim to introduce the goods and services tax by the initial deadline of April 10, 2010.
‘ICT the DNA of modern warfare’
By IANS,
New Delhi : Information and communications technology has become the DNA of modern day warfare, making the development of appropriate technology to ensure information dominance over the adversary a very pertinent issue for India's armed forces, Minister of State for Defence M.M. Pallam Raju said here Tuesday.
‘Challenges ahead for India’s mortgage-backed security sector’
By IANS,
New Delhi : India has made progress in the field of loans backed by non-residential property, but some challenges still exist, according to a report released by global rating agency Moody's Thursday.
The report 'Real Estate Securitisation in India and Factors Favoring CMBS' said "environment for the development of a CMBS (commercial mortgage-backed securities) market in India is challenging, but at the same time some progress has been made.
Let the sea rise, say the Dutch
By Joydeep Gupta, IANS,
Salzburg (Austria) : Seventy percent of the Netherlands is below the sea, making it more vulnerable than any other country to climate change-triggered rising sea levels. The Dutch plan to deal with this national threat in a unique way - by adapting to the rise rather than trying to halt it.
Compensation must if insured cargo is damaged: court
By IANS
New Delhi : Shipping companies engaged in transporting cargo to India from abroad are entitled to claim compensation from insurance firms if the cargo is damaged or destroyed before it is supplied to the importer, the Supreme Court has held.
However, for coverage beyond the port area, shipping concerns must have extended insurance, the apex court ruled in a judgement last week.
Sensex holding on to morning gains
By IANS,
Mumbai : A key index for Indian equities Monday was holding on to morning gains even as cues from Asian markets were quiet.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,577.66 points, was ruling at 17,661.99 points, 87.46 points or 0.5 percent up from its previous close at 17,574.53 points.
The Sensex had climbed over 126 points in morning trade to 17,701.21 points.
Blue-chip stocks lead rally in Indian stocks
By IANS
Mumbai : Buoyed by leading pharmaceutical stocks and market heavyweights, a key index of the Indian stock market gained 0.76 percent Tuesday, keeping the upward trend for the second consecutive day.
Malaysian, Indian firms to tie up for housing project
By IANS,
Kuala Lumpur : Malaysia's Emkay Group and Bangalore-based Embassy Group are planning to build low-cost houses in southern India, adding to their joint ventures in both countries.
The first venture abroad for Emkay, headed by businessman Tan Sri Mustapha Kamal, was in 1993 when it built houses in Namibia.
Embassy Group chairman Jitu Virwani said the company wants to build low-cost houses in Bangalore, Chennai, Hyderabad and Pune with Emkay to fast-track developments and meet demand.
Troubled Yahoo names Bartz new CEO
By DPA,
San Francisco : Struggling web pioneer Yahoo has named Carol Bartz, the former head of software company Autodesk, as its new chief executive.
The appointment follows a two-month search for a replacement for company founder Jerry Yang, who was widely blamed for botching merger talks with Microsoft that would have proved highly lucrative to many shareholders.
High investor confidence drives markets upwards
By IANS,
Mumbai : Indian equities markets made quite a comeback this week. A key index ended 6.75 percent higher than last week's close.
Investor mood remained upbeat throughout the week as announcement of the second stimulus package drew closer.
"Markets usually trade in anticipation, and that's why we have seen the markets surge in hope of a second stimulus package," said Jagannadham Thunuguntla, head of the capital markets arm and director of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
More Highlights of Indian budget (Part 6)
By IANS
Complete loan waivers for farms up to 2 hectares
Weather based crop insurance scheme to continue
Rs.400 million for special tea fund
Rs.200 billion for irrigationwindow.onload...
Battered Indian equities markets end week in green
By IANS,
Mumbai : With Indian equities markets worshipping Lakshmi, the goddess of wealth, during Diwali this week, some wealth returned to the battered markets with a key share index ending with a gain of 12.5 percent after losing more than 35 percent in the first three weeks of October.
The benchmark 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week Friday at 9,788.06, up 1,086.99 points or 12.5 percent from its close the previous Friday at 8,701.07.
Mahindra to launch passenger cars on Gio platform
By IANS,
Chennai : Automobile maker Mahindra and Mahindra Ltd (M&M) plans to roll out a passenger vehicle using its half-tonne cargo carrier Gio platform.
"At M&M, we look at developing vehicle platforms on which different kinds of vehicles can be built," said Vivek Nayer, senior vice president of the company's automotive sector here Thursday.
"A CNG (compressed natural gas) powered cargo variant is also planned," Nayer told reporters at the launch of Gio in Tamil Nadu.
Bata to focus on tier II, III cities, rural markets
By IANS,
Kolkata : Bata India, the leading manufacturers of footwear in India, will focus on tier II, tier III cities and rural markets for its future growth, a top executive said Tuesday.
Tatas now acquire British Salt for $144.6 million
By IANS,
Mumbai : Now half of Britain will be using Tata salt. The group has acquired the dominant salt-maker company which has the 50 percent share of the British market.
Equities end marginally in green after volatile trading
By IANS,
Mumbai : After a day of volatile trading, Indian equities markets finished nearly flat with a key index closing just 8 points or 0.09 percent higher than its previous close Tuesday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 8,747.43, up 8.19 points or 0.09 percent from its previous close Tuesday at 8,739.24 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), however, finished marginally in the red at 2,656.45, down 1.35 points or 0.05 percent from its previous close Tuesday at 2,657.80 points.
Canadian digital firm to invest $25 mn in India
By IANS
Kolkata : Canadian digital company Elevator News Network (ENN), in association with global business-class data broadcasting solution major Helius Inc, plans to consolidate its presence in India introducing 1,000 digital signage at selected office properties, shopping malls and leading housing complexes across the country in next one year.
Mining of titanium bearing minerals to be allowed
By IANS
New Delhi : Even as the Indian government grapples with the complexities of the civilian nuclear deal with the US, the cabinet is all set to approve the mining of titanium bearing minerals, officials said.
The proposal is to permit, with prior government permission, up to 100 percent foreign equity in mining and mineral separation of titanium bearing minerals and ores, value addition and certain integrated activities.
Revenue, job loss stare Karnataka in face
By IANS,
Bangalore : Karnataka will celebrate its 53rd Formation Day Saturday amid fear of revenue loss to government in the wake of global financial meltdown and warning of job loss because of non-friendly investment policies.
The meltdown has hit the real estate sector, which means lesser revenue to the government from stamps and registration, a top state official said. Every land and building deal has to be registered with the state government after paying a fee for the stamp paper.
India eyes organic food exports of $1 bn
By IANS,
New Delhi : India has set a target of exporting organic food worth $1 billion in the next five years with its produce receiving wide acceptence in many mature markets of the US and Europe, a top official said Saturday.
"Through more capacity building and bilateral agreements, India's organic exports can be enhanced to $1 billion in the next five years," said Asit Tripathy, chairman of the Agricultural and Processed Food Export Development Authority (Apeda).
At 9.7 percent, US unemployment rate highest in 26 years
By DPA,
Washington : The US unemployment rate jumped to 9.7 percent in August, as employers slashed an additional 216,000 jobs, the Bureau of Labour Statistics reported Friday.
While employers cut fewer jobs in August than in July - when 276,000 jobs were lost - the unemployment rate soared to a 26-year high.
The rate is up from 9.4 percent in July. The number of unemployed people increased by 466,000 to 14.9 million, the government said.
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.
Sensex opens in the green
By IANS,
Mumbai : A key index of the Indian equities markets opened higher Thursday, ruling 75 points above its last closing figure, about five minutes into trading.
The 30-scrip index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 13,796.19 points, was at 13,844.96 -- 75.81 points or 0.55 percent higher than Wednesday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was ruling in the green at 4,107.95 points, up 0.71 percent.
UAE-Vietnam discuss economic relations
By IANS,
By WAM,
Dubai: The United Arab Emirates (UAE) and Vietnam Thursday discussed their relations and ways to strengthen economic cooperation and coordination.
US eases import limits on Myanmar goods
By IANS,
Washington: The US Friday eased decade-old import restrictions on Myanmar goods just days before President Barack Obama sets foot on the Southeast Asian nation.
Royal Orchids to start firm with Parsvnath
By IANS
Mumbai : Bangalore-based Royal Orchid Hotels Ltd (ROHL) Wednesday said it will set up a Rs.50-million joint venture firm with Parvsnath Hotels to develop new properties.
The company informed the Bombay Stock Exchange that Parvsnath Hotels, which is a wholly owned subsidiary of realty firm Parvsnath Developers, will hold majority stakes in the venture named Parvsnath Royal Orchid Hotels Pvt Ltd.
The joint venture will develop 10 hotels, including five-star and four-star hotels, ROHL's Company Secretary A. Someswara Rao told IANS.
Thailand hopes trade with India will touch $10 bn by 2010
By IANS,
Kolkata : Bilateral trade between India and Thailand is expected to grow to $10 billion by 2010 from $6 billion last year, an official from Thailand said here Monday.
"India has increasingly become an important economic partner for Thailand. Last year, the average value of our bilateral trade has been around $6 billion and it has constantly expanded at the rate of about 28.97 percent in previous years," said Kiat Sittheeamorn, president of the Thailand Trade Representative (TTR).
TTR is a government body, set up to promote trade between Thailand and other countries.
‘Investment in Pakistan risky’
By IANS
Islamabad : Investments in countries like Pakistan may face "increased risk" during 2008, according to a report by a British consultancy firm.
In its report, Control Risks rates 57 percent of emerging markets at medium political risk or above, indicating significant threats to foreign investment, The News reported Saturday.
The report, titled RiskMap-2008, has identified a trend in these countries towards economic nationalism - the promotion of national interests in economic policy.
Qatar to launch US$5.6 billion aluminium project
By NNN-KUNA
Doha : Qatari Minister of Industry and Energy Abdullah Al-Attiah is due to lay the corner stone of a US$ 5.6 billion aluminum plant in the industrial zone of Msayeed south of the capital later on Monday.
Hassan Ali Al-Rashed, the deputy chief executive of the project, told a news conference that construction of the USD 5.6 million complex would begin later this month, and that the construction would last for three years.
The plant is projected to produce, in the first phase, 600,000 tons per year, and up to 1.2 million tons eventually.
Developed India by 2020? Here’s a reality check
By K.S. Jayaraman, IANS
Bangalore : Former president A.P.J. Abdul Kalam used to dream of a developed India by 2020. But a comparison of the country's growth path with Japan and South Korea shows it may remain just that - a dream.
Pradosh Nath, an analyst at the National Institute of Science, Technology and Development Studies in New Delhi has listed 13 reasons why it will be difficult for India to catch up with developed countries.
Lawsuit pits Andhra sanctuary against SEZ
By Rana Ajit, IANS,
New Delhi: An environmental activist is set against a Special Economic Zone (SEZ) coming up near the Pulicat Lake bird sanctuary in Andhra Pradesh. And he has now turned to the Supreme Court to protect the wildlife habitat.
Hyderabad-based activist K.L. Vyas, who earlier headed a legal battle in the Andhra Pradesh High Court to save over 100 lakes of the state from destruction, has now come to the apex court to save the second largest brackish-water lagoon in India after Orissa's Chilika Lake.
Bangladeshi businessmen urge Dhaka to provide transit facilities to India
By IANS,
Agartala : Bangladeshi trade and industry bodies Friday urged Dhaka to provide transit facilities to India and develop border infrastructure to increase trade and economic activities with the northeast.
"If Bangladesh government provides transit facilities to India and allows Chittagong and other ports to ferry essential and heavy cargo between northeastern states and rest of India via Bangladesh, the latter would be benefited in terms of revenue and other ways," said Abdul Matlub Ahmad, president of the India-Bangladesh Chamber of Commerce and Industry (IBCCI).
India Foreign Exchange Reserves exceed $ 266 billion
New Delhi, Feb 10th,2008 (WAM) -- India?s foreign exchange reserves have grown to an all-time high of US$ 266.55 billion in December 2007, strengthening the Indian Rupee further.
According to a Finance Ministry report, the Rupee appreciated against the Euro, Pound Sterling and the Japanese Yen but depreciated against the Dollar slightly.
Tax yields have steadily been growing higher due to liberal economic policies of Prime Minister Manmohan Singh?s government, recording a 24.5 per cent growth compared to the corresponding period in 2006.
Haryana wakes up to traffic chaos in Gurgaon
By IANS,
Gurgaon (Haryana) : Taking stock of the chaotic state of the traffic here, the Haryana government has engaged a private consultant to make a plan to smoothen the traffic flow in this showpiece township adjoining New Delhi.
The consultant, Urban Mass Transit Company Limited, Saturday gave a presentation to senior officers after conducting a traffic survey here.
Haryana's town and country planning director S.S. Dhillon asked officials after the presentation to make suggestions regarding managing traffic here by Nov 10 so that the final plan could be put in place.
Nokia introduces microfinance schemes to push sales
By IANS,
New Delhi : Nokia India Wednesday said it will roll out microfinancing schemes in 12 states in an effort to push its mobile phone penetration in the country.
"India is second in terms of the company's revenue. We have tied up with a host of stakeholders to deliver this service to our customers," said Olli-Pekka Kallasvuo, president and chief executive of Nokia Corp.
"We aim to remove the affordability barrier," Kallasvuo told reporters here.
Canara Bank net zooms 83 percent in first quarter
By IANS,
Bangalore: State-run Canara Bank reported net profit of Rs.1,013 crore for the first quarter (April-June) of this fiscal (2010-11) as against Rs.555 crore in the like period of the previous fiscal (2009-10), registering a whopping 83 percent year-on-year (YoY) growth.
"We have posted a record net profit in the first quarter owing to nine-fold jump in income from treasury operations and net interest income (NII) growing by 34 percent YoY to Rs.1,728 crore from Rs.1,291 crore year ago," Canara Bank chairman and managing director A.C. Mahajan told reporters here.
Karnataka approves Rs.943-bn investment projects
By IANS,
Bangalore: Karnataka Monday approved in-principle 34 projects, ranging from electrical switchgears to aerospace components, with total investment of over Rs.943 billion (Rs.94,300 crore).
The projects, for which memorandum of understanding will be signed at the June global investors meet in Bangalore, will create employment opportunity for over 98,000 people, Chief Minister B.S. Yeddyurappa told reporters.
Development is answer to all problems in UP: Modi
Allahabad : Development is the answer to all woes and problems facing Uttar Pradesh, Prime Minister Narendra Modi said on Monday.
"The state is afflicted...
Kerala woos diaspora, says investments in the state safe
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.
Hyatt Corp, Lanco group sign accord on Hyatt Hyderabad
By IANS,
Mumbai : Global Hyatt Corp Monday entered into an agreement with Lanco Hills Technology Park Ltd, part of the Lanco Group, for the management of the 400-room Grand Hyatt Hyderabad.
The Grand Hyatt Hyderabad is set to open in early 2011. It will be Hyatt's second hotel in Hyderabad, following Park Hyatt Hyderabad, which is scheduled to open in early 2010.
The hotel is part of a 100-acre township being developed by Lanco Hills in Manikonda. The project is located nearly 15 km away from the new international airport at Shamshabad.
Sensex loses 442 points over the week
By IANS,
Mumbai : A benchmark index of Indian equities lost 442 points during an extended week ending Saturday as selling pressure built up across the markets, especially on the last two trading days.
Fears of rising sovereign debt in some European countries and poor US job data spooked global bourses, which was reflected in Indian stock markets as well. Trading at two major exchanges continued Saturday to test the upgraded systems.
Vietnam Forbids Rice Speculation
By Bernama,
Hanoi : Vietnam has forbidden paddy and rice speculation after rice fever in the country's southern region, and assured sufficient supplies for local consumption and export, local media reported Monday.
The government has strictly banned organizations and individuals without function of food trade from buying paddy and rice for speculation, the Vietnam news agency (VNA) reported Monday quoting Prime Minister Nguyen Tan Dung as saying in a recent official message.
POSCO seeks Orissa government help in land acquisition
By IANS,
Bhubaneswar: South Korean steel major POSCO, which proposes to set up a $12 billion steel plant in Orissa, has sought the state government's help in acquiring land for its proposed project.
A POSCO delegation met officials Thursday to help it in acquiring 4,004 acres of land after villagers rejected a rehabilitation package announced by the company.
OPEC crude price climbs up $2.22
By DPA
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped by $2.22, the OPEC said Thursday.
On Wednesday, one barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at $98.42, compared with $96.20 the previous day, the OPEC said.
The 13-member cartel produces about 40 percent of the global crude output.
Extension of Arab gas pipeline to link to European gas pipeline
By NNN-SANA,
Cairo : Oil and Energy Ministers of Syria, Egypt, Jordan and Lebanon have agreed to start promotion and extension of the Arab gas pipeline to link it to the European gas pipeline after the completion of the four stages of the projects which extends from Egypt to Syria and Jordan.
Building the networks for carrying the gas from Syria to Turkey is underway as part of the first Arab regional gas grid that links up to the European network to help diversify the sources of energy in Europe.
Torrent Cables to amalgamate with Torrent Gujarat Biotech
By IANS
Ahmedabad : Torrent Cables Ltd, part of the Ahmedabad-based Rs.29 billion Torrent group, will be amalgamated with Torrent Gujarat Biotech Ltd.
The amalgamation will be effective from July 1, 2006.
The shareholders of the two companies at meetings April 5 approved the proposal for amalgamation.
The scheme will now be presented to the Gujarat High Court after reorganization and consolidation of the capital structure of Gujarat Biotech Ltd.
Edgy week for Indian equity markets
By IANS
Mumbai : The volatile trend in the Indian equities market continued as mixed cues from global markets over the week kept the Indian market barometer climbing up and down.
Out of the five trading sessions, three ended negative. Selling pressure on index pivotals continued.
The BSE 30-share index of Bombay Stock Exchange lost 766.18 points or 4.26 percent to end at 17,349.07 89 Friday.
The S&P CNX Nifty lost 192.15 points or 3.62 percent to 5,110.75.
The BSE Small-Cap index lost 25.72 points or 0.27 percent to 9,595.41.
Hyundai’s September sales jumps 14.2 percent, highest ever
By IANS,
New Delhi : Country's second largest car manufacturer Hyundai Motor India Limited (HMIL) posted its highest ever domestic sales in September, a 14.2 percent jump to 31,751 units.
Reliance Asset Management starts Dubai operations
By IANS,
Dubai : Reliance Asset Management (UK) Plc commenced operations from the Dubai International Financial Centre (DIFC) here Sunday to offer a full range of wealth and investment advisory services to investors and international clients in the Arabian Gulf region.
According to a spokesperson, the operations have commenced following a licence issued by the Dubai Financial Services Authority (DFSA).
Emirates’ double-decker to make maiden flight from Dubai to Birmingham
By IANS,
Dubai : An Emirates' super-jumbo double-decker is to make its maiden flight from Dubai to Birmingham in September. The plane will have the world's first on board shower spas, the WAM news agency reported Thursday.
The super-jumbo A380 will serve the passenger in the sector just for a single day - Sep 9, 2009 - in what is likely to be one of Emirates' briefest commercial deployments, as part of the Birmingham International Airport's 70th anniversary celebrations.
CII against compulsory pre-merger notifications
By IANS
New Delhi : The Confederation of Indian Industry (CII) Tuesday urged the government not to make mandatory issuance of notifications prior to any merger, saying it would cause inordinate procedural delays and increase the project cost for the enterprises.
Cement price in Himachal reduced
By IANS,
Shimla : Three cement majors Thursday reduced the price of cement by Rs.25 per bag in Himachal Pradesh, said Chief Minister Prem Kumar Dhumal.
Equities end green on rate cuts, Manmohan’s assurance
By IANS,
Mumbai : Indian equities finished in the green Monday following weekend measures by the central bank to reduce interest rates and boost liquidity and Prime Minister Manmohan Singh's assurance to industry leaders that the government will take all necessary steps to protect the economy from the global financial turmoil.
The markets opened strong with a key equity index more than 400 points higher than its previous close Friday and stayed in positive territory throughout the day indicating some return of investor confidence, analysts said.
Finnair’s Asian traffic continues to grow
By IANS,
New Delhi : Despite the global meltdown, Nordic carrier Finnair's Asian traffic grew 18.1 percent compared to October of the previous year - though business travel declined, the airline said Thursday.
The number of passengers carried on Finnair's Asian flights in October was 124,289, for a load factor of 82.9 percent or 1.3 percentage points up, an airline statement said.
"Finnair increased its capacity and succeeded to fill the aircraft in a quiet market situation, but due to the world's financial crisis the amount of business travel decreased," the statement added.
Bihar to set up film city with Bollywood actors’ help
By IANS,
Patna : Bihar will seek the help of Bollywood actors and filmmakers hailing from the state to set up a film city on public-private partnership basis.
Chief minister Nitish Kumar said here Tuesday that the government plans to establish a film city as "part of Bihar's development agenda to attract investments".
He said the government will revive the State Film Corporation to give concrete shape to the plan, adding that officials have been asked to identify places in Patna, Gaya and Rajgir in Nalanda district.
WTO rules against India on wine duties: US
By Arun Kumar, IANS,
Washington : The US says the World Trade Organization (WTO) Appellate Body has ruled in its favour in its challenge against India's additional and extra-additional duties on wine, spirits and other agricultural and manufactured products.
The Appellate Body has reversed a panel's finding that any import charge offsetting an internal tax need only "serve the same function" as the internal tax and need not be equivalent in amount to that internal tax, US Trade Representative (USTR) Susan C. Schwab announced Thursday.
Jet, Kingfisher shares up on merger rumours
By IANS,
Mumbai/New Delhi : The shares of India's two biggest airlines, Jet Airways and Kingfisher Airlines, were up Monday on rumours of a possible merger to trigger yet another consolidation bid in the country's aviation space.
The shares of Vijay Mallya-promoted Kingfisher were up a whopping 32.35 percent at Rs.51.35, while that of Jet, founded by London-based Naresh Goyal, moved up by 11.12 percent at Rs.291.80, as per data with the Bombay Stock Exchange.
No retrenchment in Air India, says aviation minister
By IANS,
Hyderabad/New Delhi : There will be no retrenchment of employees by state-owned carrier Air India, civil aviation minister Praful Patel said in Hyderabad Thursday. The statement came minutes after his ministry spokesman said in New Delhi that the airline would offer three to four years' leave without pay to about 15,000 employees instead.
"There will be no retrenchment in Air India," Patel told reporters on the sidelines of a conference organised as part of India's first civil aviation show India Aviation 2008.
Petrol pumps owners observe strike in West Bengal
By IANS,
Kolkata : Vehicle owners and public transport operators had a difficult time in West Bengal Friday as petrol pump owners went on a day-long strike, demanding an increase in commission in the wake of recent fuel price hike.
"The fuel prices have increased a lot. In current scenario if our commission is not increased then it is next to impossible for us to run the petrol pumps," said Tushar Sen, president, West Bengal petroleum dealers association.
Spurious pesticide unit unearthed in Madhya Pradesh
By IANS,
Bhopal : A factory engaged in manufacturing spurious pesticide has been unearthed in the Mandideep Industrial Area in neighbouring Raisen district, police said Monday.
The factory was unearthed during a joint raid by officials of the agriculture department and the police.
"More than 500 sacks of pesticide ready for being transported to Bareilly town were seized," said Mandideep's sub-divisional officer of police D.P.S. Rajput.
"We have been receiving complaints of spurious and substandard pesticide being manufactured at the factory," Rajput told IANS over phone.
Tax incentives announced for poll-bound Bihar
New Delhi : A day after a Rs.1.25 lakh crore financial package was announced for poll-bound Bihar, the Finance Ministry on Wednesday declared...
India, EFTA to conclude free trade pact in one year
By IANS,
New Delhi : India and the European Free Trade Association (EFTA), comprising Switzerland, Norway, Liechtenstein and Iceland, have decided to conclude a free trade agreement within next one year, Commerce and Industry Minister Kamal Nath said Tuesday.
$13.6 bn pumped into UAE banking sector
By IANS,
Abu Dhabi : In a bid to shield the United Arab Emirates' (UAE) banking industry from the current liquidity in the global financial markets, the country's central bank has decided to set up a 50-billion dirham ($13.6 billion) fund which banks here can avail of.
The UAE Central Bank Monday announced it was setting up the new facility after its board of directors discussed the position of inter-bank deposits, which was affected by the liquidity constraints in international money markets, the official Emirates News Agency (WAM) reported.
Gujarat asks Reserve Bank for state-specific credit policy
By IANS,
Gandhinagar : Gujarat Chief Minister Narendra Modi Thursday called for state-specific funding programmes and special packages for the state's ailing industries, including the diamond processing sector.
Modi made the observations during a meeting with Reserve Bank of India (RBI) Governor D. Subbarao here while expectations were high over another stimulus package from the central government.
Finance firm to advise Uttar Pradesh on township development project
By IANS,
Kolkata : Non-banking finance company SREI Infrastructure Finance Ltd has bagged a contract from the Uttar Pradesh government to advise it on an integrated urban development project, to be developed on public-private-partnership model, a top company official said here Saturday.
"We have got the advisory role for the integrated Uttar Pradesh township development project," SREI chairman and managing director Hemand Kanoria told reporters on the sidelines of the company annual general meting.
India’s economy to grow by 7 percent: Minister
By IANS,
New Delhi : India's economy is expected to grow at around 7 percent this fiscal, Minister of State for Finance Namo Narain Meena said in the Rajya Sabha Tuesday.
"As per the Economic Survey for 2008-09 and assuming the monsoon would be normal, India's gross domestic product (GDP) is expected to grow at around 7 percent in the fiscal 2009-10," Meena said.
The minister added that the government had taken several steps to ensure high growth rate.
Videocon Telecom hopes to make profit in two years
By IANS,
Chennai : Aiming at the third slot in the Indian mobile telephony services sector with a subscriber base of 100 million and investing Rs.14,000 crore, Videocon Telecommunications hopes to make profits in two years time.
"As we add subscribers and roll out value added services (VAS), the company will make profits. By 2013, the company revenue will be $3.4 billion (Rs.1,420 crore)," Videocon Group Chairman Venugopal N. Dhoot told reporters here Thursday.
Now Rs.1,000 notes with rupee symbol
By IANS,
Mumbai : The Reserve Bank of India (RBI) said Tuesday it will soon issue Rs.1,000 denomination notes with the rupee symbol and improved security features.
Chinese IT firm sues Microsoft for IP rights violation
By Xinhua
Beijing : China's Zhongyi Electronic Ltd., which is a high-tech provider of major Chinese font and input method, has sued Microsoft for intellectual property rights (IPR) violations, a claim that Microsoft disputes.
The Beijing No.1 Intermediate People's Court, where the complaint has been filed, hasn't yet set a date for hearing.
The case filed by the Beijing-based company involves Microsoft's use of Zhengma, a Chinese input method (IME) that allows Internet users to type in Chinese in Roman alphabet, which is then transcribed into Chinese characters.
Goa bans Maggi until further orders
Panaji: Maggi noodles will be banned in Goa from Monday, as it was not proper to take risks with people's lives, Chief Minister Laxmikant...
US firms look beyond India, China as offshoring surges
By Arun Kumar, IANS,
Washington : US companies are increasingly turning to offshoring their functions to achieve cost savings with small companies looking for new talent clusters beyond India, China and Eastern Europe, according to a new survey.
The number of US companies with a corporate offshoring strategy in place more than doubled from 2005 to 2008, according to the fifth annual report on offshoring trends, published by Duke University in collaboration with the Conference Board, a nonprofit business research organisation Monday.
Madrasas welcome railway budget
By RINA,
New Delhi: Though Union Railway Minister Mamta Banerjee’s budget has not created any common euphoria in the country, it has certainly pleased madrasa students for giving them railways concessions at par with college students. The move is also admired by community leaders.
Fall in inflation fails to cheer up markets
By IANS,
Mumbai : Despite a further ease in inflation, Indian equities markets continued their downward trend Friday, with a key index shedding about 240 points over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,328.92 points, down 239.8 points or 2.51 percent from its previous close of 9,568.72 points.
Earlier in the day, government data showed that India's annual rate of inflation dipped to 6.61 percent for the week ended Dec 13 from 6.84 percent the week before.
At 9.3 percent, India sustains robust growth
By IANS
New Delhi : India continued to log a robust economic growth with an expansion of 9.3 percent in the first quarter of this fiscal, after rising by an impressive 9.4 percent in 2006-07, official data showed Friday.
Manufacturing and services sectors once again propped up the expansion with an average growth of between 11-12 percent, while the farm sector also showed some improvement over the same period last year, the data revealed.
Navabharat-led consortia to build Hyderabad metro project
By IANS,
Hyderabad : A consortium led by Navabharat Ventures is all set to bag the order to build and operate the elevated metro rail system here, a top metro rail official said Monday.
A three member committee constituted by the government to chose the bidder has recommended that the Navabharat-led consortium be awarded the Build, Operate and Transfer (BOT) contract for the Rs.121 billion project, N.V.S. Reddy, managing director, Hyderabad Metro Rail Limited, told reporters here.
Hyundai to unveil electric version of i10
By IANS,
New Delhi : With most automobile majors planning to enter the clean fuel-driven vehicle segment, India's second largest car manufacturer, Hyundai Motor, Monday said it would unveil an electric variant of the popular i10 model next month.
"Expected to be unveiled during the forthcoming New Delhi Auto Expo in January 2010, the new i10 Electric represents Hyundai's growing expertise to conceive and develop environmentally friendly vehicles," the company said in a statement.
Spot exchange starts mock trading, to go live Aug 8
By IANS,
Mumbai : National Spot Exchange Ltd (NSEL), India’s first online spot trading platform that is scheduled to go live Aug 8, commenced mock trading on a pan-India basis in agriculture commodities here Wednesday.
According to an announcement, NSEL has received license to commence online trading from the governments of Maharashtra, Gujarat and Karnataka.
It has also signed Memoranda of Understanding (MoUs) with the governments of Rajasthan and Madhya Pradesh.
RBI unlikely to lower rates as inflation soars: India Inc
By IANS
New Delhi : Indian businessmen have voiced concern that the Reserve Bank of India (RBI) is unlikely lower interest rates as inflation rate soared to a nine-month high of 5.11 percent.
According to a survey by the Associated Chambers of Commerce and Industry of India (Assocham), though the economy started showing early signs of a possible slowdown, the RBI would abstain from cutting the interest rate.
US encouraged by Narendra Modi’s pro-business reforms
By Arun Kumar
Washington : Expressing support for "pro-business reforms" undertaken by Prime Minister Narendra Modi and his commitment to fighting corruption, the...
Want a day’s vacation? Try flexi-holidays
By Madhusree Chatterjee, IANS
New Delhi : Young, upwardly mobile professionals in India are hard-pressed for time, but that shouldn't stop them from indulging in "flexi-holidays" - short breaks that last for a day or even half and customised by tour operators.
"Executives look forward to weekends wherein they can attach Fridays or Mondays to rush off for short holidays. They look forward to refreshing themselves during these short stays," said Jahangir J. Ghadiali, managing director of International Travel House (ITH), a leading Delhi-based tour operator, told IANS.
Sical Logistics posts Rs.502 mn net profit
By IANS,
Chennai : Integrated multi modal logistics company Sical Logistics Ltd has closed fiscal 2008 with a turnover of Rs.7.1 billion and a net profit of Rs.502 million as against Rs.10.5 billion turnover and Rs.426.3 million profit posted during fiscal 2007.
While the net profit is up during the period under review as compared to FY07, the dip in the net sales is attributed to the demerger of non logistics business.
According to company officials, the consolidated net sales of Sical's core logistics business was Rs.6.8 billion, up from 6.7 billion a year ago.
Yechury urges uniform land acquisition act for SEZs
By IANS,
Kolkata : There should be a uniform act on acquiring land for setting up special economic zones (SEZs) in the country, Communist Party of India-Marxist (CPI-M) politburo member Sitaram Yechury said Monday.
"A modern law needs to be drafted for acquiring land for SEZs. Though land acquisition is a state subject, the government should have an all-India law for this," Yechury said at an interactive session on Industrialisation, Agricultural Growth and Employment organised by the Merchants' Chamber of Commerce (MCC) here.
India indirectly affected by global cash crisis: Chidambaram
By IANS,
New Delhi : Indian financial markets would be “indirectly” affected by the global cash crunch, though it would be limited, Finance Minister P. Chidambaram said here Monday.
Describing the situation as “one of the most difficult ones in modern history”, Chidambaram said the global crisis will not impact the country directly as India's financial system had “sound fundamentals” and the country had a transparent, efficient market.
Indian markets on downslide as oil price hits new high (Lead)
By IANS,
Mumbai : The Indian equities markets, which opened in the red Thursday, soon slipped sharply with selling pressure all around, especially in IT, banking, realty, capital goods, public sector undertakings, metals and the oil and gas sectors.
Oil touched $122 a barrel in the international market Wednesday, hitting market sentiment here. Equities here were also hit hard by the results of UBS Switzerland, which made a provision for sub-prime losses of $17 billion. The fact that other Asian markets were trading weak did not help either.
ADB forecasts 7.6 percent growth for developing Asian economies
By Xinhua
Manila : The Asian Development Bank (ADB) Wednesday said developing Asian economies would register a 7.6 percent growth in 2008 despite a slowdown in major industrial economies.
The Manila-based bank said in its annual publication Asian Development Outlook 2008 (ADO), that economies would expand by 7.6 percent in 2008 and 7.8 percent in 2009.
This follows the highest growth in almost two decades in developing Asian economies in 2007 when they registered 8.7 percent.
Sensex closes 134 points up
By IANS,
Mumbai : The Indian equity markets closed in green Wednesday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,610.57 points, touched a high of 14,746.20 points before closing at 14,678.23 points. It went up by 134.50 points or 0.92 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4,365.45 points, closed at 4,415.75 points. It went up by 47.50 points or 1.09 percent.
IMF officials conclude first round of talks to bail out Pakistan
By DPA,
Islamabad : The International Monetary Fund (IMF) has concluded the first round of technical talks in Dubai with Pakistani officials about creating a system to save the south Asian nation from economic collapse, officials said.
Pakistan's government is facing a tightening balance of payments. Its financing gap stands at around $7 billion for the current fiscal year, which ends June 30, 2009.
"There are one or two points on which both sides could not evolve consensus," said a senior official, who was part of the returning Pakistani delegation Thursday.
Visiting Saudi governor invites Indian investment
By IANS,
New Delhi: Saudi Arabia's Prince Salman bin Abdul Aziz Al-Saud, who is on a five-day visit to India, Monday invited Indian businesses to invest in his country to boost "excellent" bilateral ties.
Prince Salman, who belongs to the Saudi royal family and is governor of the Saudi capital Riyadh, arrived here Sunday. He met President Pratibha Patil and Vice President Hamid Ansari here Monday.
Little Christmas cheer for Indian tourism
By Paloma Ganguly, IANS,
New Delhi : Vipin Sharma, a Delhi-based travel agent, says he has lost over Rs.2 million worth of business this season. The Mumbai terror attacks and global economic recession almost seem to have pushed India off the tourism map.
"December is peak season. But almost all bookings - at least 70 percent of them by foreigners - have been cancelled," a despairing Sharma told IANS, echoing the concerns of hotel owners and tour operators across the country.
Assam tea growers seek irrigation subsidy
Guwahati : Hit by a severe drought-like situation and erratic rainfall, the tea growers' organisations in Assam have asked the government to launch a...
ADB sanctions $800-mn loan for Himachal Pradesh
By IANS,
Shimla : The Asian Development Bank (ADB) and the Himachal Pradesh government Monday entered into an agreement under which the bank sanctioned a loan of $800 million to strengthen its hydropower potential, the state government said.
The loan package will help finance the construction of four medium to large run-of-river hydropower generating plants that will bring in combined capacity of 808 MW for the hill state, the government said in a statement.
The loan has been sanctioned under Himachal Pradesh Clean Energy Development Investment Programme.
Himachal hotels are booked for long weekend
By IANS,
Shimla : Himachal Pradesh\'s hospitality industry is welcoming thousands of tourists, mainly from the north Indian plains, for the Christmas weekend.
Most hotels and guest houses in tourist destinations across the state are totally booked ahead of the three-day extended weekend that starts with Christmas Friday.
Target set by Lalu Prasad unrealistically high: Banerjee
By IANS,
New Delhi : Taking a dig at her predecessor Lalu Prasad, Railways Minister Mamata Banerjee Friday said the target set by him for the railways in the interim budget was "unrealistically high".
"Based on the reviews, it is very clear that the unrealistically high targets set in the interim budget are not sustainable and warrant a mid course correction," Banerjee said while presenting her ministry's budget for the current fiscal in the Lok Sabha.
Sensex builds on morning gains, Asian cues positive
By IANS,
Mumbai : A benchmark index for Indian equitie Friday built on its early gains amid positive cues from Asian markets. Broader markets too were on the rise.