Traditional toys brace for Christmas boom in Europe
By DPA
Brussels : Six-year-old Lucas has a "Power Rangers" video game, a few robots and lots of teddy bears.
But the toy he likes best is a wooden train set made by Brio, a 123-year-old manufacturer based in Sweden.
"I like to see the train go round and round the tracks that I have made. You can't transform robots into anything else. But with the train it's different every time," says Lucas, who was born in Italy but now lives in Denmark.
The recent recall of millions of hazardous toys made in China has alarmed parents across the world.
SAIL funds road project in Chhattisgarh
By IANS,
Raipur : India's largest steel maker in the public sector, Steel Authority of India Ltd (SAIL), has contributed more than Rs.7 crore for building a road in Chhattisgarh's naxalite insurgency-hit Kanker district, an official said Friday.
"SAIL has donated Rs.7.26 crore to Chhattisgarh government for construction of a 22.60 km concrete road in Kanker district's extreme interior," the official told IANS.
Bhilai steel plant Managing Director R. Ramaraju handed over the cheque to Chief Minister Raman Singh here Thursday.
Markets try to catch up with world, Sensex rises 500 points
By IANS,
Mumbai : Indian equities markets soared soon after the opening bell as the bulls tried to make up for the loss of two trading days last week, missing out on a global rally. Indian investors also seemed to be enthused by positive signs shown by Asian markets about an hour into trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 11,635.24 points, was ruling at 11,948.81 points, 4.78 percent or 545.56 points higher than its previous close.
BlackBerry Bold home launch fails to create buzz
By Gurmukh Singh, IANS,
Toronto : Canadian wireless giant Research In Motion (RIM) quietly launched its latest BlackBerry Bold smartphone in the home country Thursday.
The BlackBerry Bold, which is considered to be RIM's response to the iPhone 3G launched here last month, didn't generate the euphoria that the Apple device created here last month.
Like the iPhone 3G, the Blackberry Bold is also supported by third-generation wireless networks.
Rogers, the country's biggest telecom service provider, will support the BlackBerry Bold service across Canada.
Economic gloom lifting in Europe, surveys show
By DPA,
Berlin : The economic gloom which descended on Europe over the last 12 months is slowly continuing to lift, with key surveys released Friday showing industry confidence gaining ground this month.
The economics research group Markit said its composite purchasing managers' index (PMI) for the 16-member eurozone showed the currency bloc's economy edging its way towards expansion this month after posting its seventh consecutive rise.
Russia, Ukraine sign new gas contract
By RIA Novosti,
Moscow : Russia's energy giant Gazprom and Ukraine's energy company Naftogaz Monday signed a new contract on Russian gas supplies to Ukraine.
Russia's Prime Minister Vladimir Putin said Moscow and Kiev had reached agreement on all issues of gas transit and supplies.
He added that there would be no intermediaries in the Russian-Ukrainian gas relations.
Putin said Gazprom had been ordered to restart full natural gas transit to Europe via Ukraine.
‘Global to local only way to fight financial crisis’
By Joydeep Gupta, IANS,
Viterbo (Italy) : The worst of the global financial crisis is not over because governments have no strategy to fight it, says Walden Bello, winner of the alternative Nobel Prize in 2003.
The solution, he says, is to move from an export-oriented globalised economy to one that produces for local and national markets.
"Only that will address overcapacity in the real economy, the root cause of the current crisis," said Bello, executive director of the Bangkok-based organisation Focus on the Global South.
Deveshwar appointed on RBI board
By IANS,
New Delhi: The government has appointed ITC chairman Y.C. Deveshwar as a director on the central board of directors of the Reserve Bank of India.
Air India gets e-mail threatening to blow up Mumbai airport
By IANS,
New Delhi : Flag carrier Air India Thursday said it has received an e-mail threatening to blow up Mumbai's Chhatrapati Shivaji International Airport (CSIA).
"The matter was reported to the police for investigation. We received the e-mail threat on a few of our mail Ids," an airline spokesperson said in New Delhi.
The e-mail, which was received Monday, was apparently sent from Rawalpindi, sources said.
"We have forwarded the e-mail to the Mumbai police for investigation," the spokesperson said, declining to share details of its contents.
Seafood exporters demand central intervention
By IANS
Kochi (Kerala) : Indian seafood exporters are clamouring for central intervention to offset the recent strengthening of the rupee, and want a mechanism to reduce their high bank-interest burden.
An industry body said that appreciation of the rupee has caused more damage than the 2004 tsunami. The rise of rupee has resulted in losses of over Rs.5 billion to exporters on existing stock.
India, Iran top carpet sales in Germany
By NNN-Bernama,
Berlin : India and Iran topped the list of carpet sales in Germany during the first 10 months in 2009, with each country selling 32.9 million euros (RM159.75 million) worth of carpets, according to Iranian national news agency (Irna) citing the Federal Statistical Office's report on its homepage Tuesday.
A total of 2.2 million square metres of carpets from all over the world, worth 119 million euros, were imported into Germany.
Rehabilitation plan for Surat Textile Mills
By IANS,
Ahmedabad : The Board for Industrial and Financial Reconstruction (BIFR), which ordered the rehabilitation of Surat Textile Mills Ltd located in Surat city, has appointed C.K. Koshi, a senior bureaucrat in the Gujarat government, as a special director of the company.
Koshi told IANS that he has begun functioning as a director.
He, however, said he has not yet attended any board meeting of the company and he was yet to get acquainted with the full details of the rehabilitation scheme proposed by BIFR.
68 percent TN rural voters want loans, jobs, power: Survey
New Delhi : Agricultural loans, employment and electricity for farming are the top priorities for 68 percent of the rural voters in Tamil Nadu,...
RPL to complete refinery project ahead of schedule
By IANS,
Mumbai : Reliance Petroleum Ltd (RPL) promoted by Mukesh Ambani expects to complete the work of its complex refinery in a Special Economic Zone (SEZ) at Jamnagar in Gujarat ahead of the December 2008 deadline.
"We have achieved 90 percent overall progress in implementation of the complex refinery coming up in an SEZ at Jamnagar," the company said in a statement Wednesday.
Based on the progress made till date in the engineering, procurement and construction activities, RPL expects to complete the project ahead of the schedule.
Crisis-ridden Kerala seafood industry seeks government help
By IANS
Kochi : Kerala's seafood industry, facing its worst crisis in more than 50 years following a steep fall in exports and decline in prices, has asked the central government for help to survive.
The Seafood Exporters Association of India (SEAI) has sought an immediate intervention of the central government to save the industry, which comprises fishing, aquaculture and its processing and export segments.
Markets move further up as bulls take charge
By IANS,
Mumbai : Markets turned bullish again Friday after a brief lapse a day earlier as a key index zoomed about 342.48 points into the green late in the morning.
Around 11.20 a.m., the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,067.71 points, was at 11,289.88 points, 3.13 percent or 342.48 points higher than its previous close Thursday.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,480.25 points, 3.29 percent up from its last close of 3,369.5 points.
Troubled Swiss bank UBS writes down further losses
By DPA
Zurich : Switzerland's biggest bank announced it would raise further capital Tuesday as a result of worse losses than expected resulting from the sub-prime mortgage crisis.
The bank predicted further losses of 12 billion francs ($11.9 billion) in the first quarter of 2008 after losses and write downs of approximately $19 billion dollars as a result of the US home loans crisis.
The bank, one of the worst hit, announced it intended to raise a further 15 billion francs and that chairman Marcel Ospel would not seek re-election at the AGM on April 23.
Sensex ends 189 points lower on profit booking
By IANS,
Mumbai : A benchmark index for Indian equities dipped Tuesday to close 189 points lower on profit booking by traders after the 561-point rally a day before.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,336.13 points, ended at 17,141.53 points, 189.02 points or 1.09 percent lower than its previous close at 17,330.55 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also ended at 5,136.15 points, a loss of 1.11 percent from its previous close at 5,193.6 points.
Reliance Money plans 10,000 outlets by March 2008
By IANS
New Delhi : Reliance Money, the financial distribution company of the Anil Dhirubhai Ambani Group, plans to open 10,000 retail outlets across India by the end of the financial year.
Sudip Badyopadhyay, CEO of Reliance Money, announced Thursday that the company would open outlets in 5,165 towns and cities. The company has tied up with Stic Travel Group, which will ensure their presence in 43 of Stic Travel's offices in the country.
‘Offset policy will leverage India’s buying power’
By IANS
New Delhi : India's offset policy for purchases of military hardware will leverage the country's buying power to upgrade technology, improve infrastructure and make it part of the global defence supply chain, a seminar here was told Wednesday.
The offset policy will also help equip the Indian armed forces with sophisticated technology and strengthen the technology base of the country's defence industry, Minister of State for Defence Production Rao Inderjit Singh said while speaking at the India Regional Offset Conference here.
Four more ultra mega power projects approved
By IANS,
New Delhi : Four more ultra mega power projects will be set up in the country apart from the nine that have already been approved, Union Power Minister Sushilkumar Shinde announced Thursday.
“These additional ultra mega power projects will be in Chhattisgarh, Orissa, Tamil Nadu and Gujarat as these states have sent their renewed requests to the union power ministry to meet their power shortage,” Shinde said.
The government has already approved nine ultra mega power projects, of which three are under execution.
Volvo launches sedan S60 in India
By IANS,
New Delhi : Global automobile giant Volvo's Indian passenger car subsidiary Friday launched the premium sedan S60 valued between Rs.27 lakh and Rs.34 lakh (ex-showroom Delhi).
Coral Soff’wares targets Rs.6 bn turnover by 2015
By IANS
Kolkata : Coral Soff'wares Ltd, a city-based software company, is eyeing a turnover of Rs.6 billion by 2015 and also planning expansion of its business in the overseas market.
MoUs worth Rs. 98,000 cr. likely to be signed at Global Investors Summit; MP...
By Pervez Bari, TwoCircles.net
Bhopal: As many as 36 Memorandums of Understanding (MoUs) worth Rs.98,000 crore are likely to be signed at the Global Investors Summit to be held on October 26-27 at Indore. A MoU for about Rs. 50,000 crore is likely to be signed by Reliance Energy on the first day of the summit.
According to an official Press release the above information was revealed at a meeting here today wherein Madhya Pradesh Chief Minister Shivraj Singh Chouhan reviewed the preparations of the summit.
OPEC crude price drops more than $3
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) dropped more than $3 Tuesday, according to data released by OPEC Wednesday.
One barrel (159 litres) of OPEC-produced crude stood at $135.21 - $3.23 lower compared with $138.44 on the previous day.
Crude oil fell more than $5 to $136.04 per barrel in New York Tuesday.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
KSE price index still shy in green, reads 13,694.3 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange was up a modest 9 points by 11:20 a.m. Sunday after a hesitant up earlier into the session and is now at 13,694.3 points.
The weighted index is meanwhile at 790.02 points, a drop of 1.64 points.
So far into trading, 7,576 trades worth KD 142,662,080 saw trading of 89, 447,500 shares.
‘India’s renewable energy capacity to grow eight-fold’
By IANS
New Delhi : India's renewable energy capacity will grow eight-fold to touch 80,000 MW by 2032 and will account for 10 percent of the country's total electricity generation capacity, Renewable Energy Minister Vilas Muttemwar said Thursday.
"We are working for facilitating the implementation of a broad spectrum programme covering the entire range of new and renewable sources," the minister said in a paper submitted at a seminar on renewable energy organised by PHD Chamber of Commerce and Industry here.
MP CM invites Karnataka industrialists for investment in IT, other industries in State
By Pervez Bari, TwoCircles.net
Bhopal: Madhya Pradesh Chief Minister Shivraj Singh Chouhan extended an invitation to the Karnataka leading industrialists to come over to the state with their ventures in key areas of industries specially in the fast emerging IT sector.
Sensex closes 1 percent lower
By IANS,
Mumbai : A key Indian equities index Monday joined its poorly performing Asian peers and closed 1.08 percent lower than the previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,584.86 points, ended trade at 17,400.68 points, down 190.5 points or 1.08 percent from its previous close at 17,591.18 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,203.6 points against the previous close at 5,262.6 points - a loss of 1.12 percent.
Zydus Cadila acquires South African firm
By IANS,
Ahmedabad : Continuing its strategy of global growth through acquisitions, city-based pharma major Zydus Cadila has acquired a 70 percent stake in South African generic drug firm Simayla Pharmaceuticals, the company announced Monday.
The acquisition was made through Zydus Healthcare SA Pty Ltd, the wholly-owned subsidiary of Zydus Cadila, the announcement said.
Tough to track billions flowing to fight AIDS
By Anindita Ramaswamy, DPA,
Washington : Billions of dollars in international funding are flowing to developing countries to help them cope with AIDS, but there is little understanding about how these vast resources are actually spent or how effective they are in controlling the epidemic.
International donor funding for AIDS has increased 30-fold from $300 million in 1996 to $8.9 billion in 2006. The aid is unprecedented in the history of global health.
But it is never enough.
Uttar Pradesh tables tax-free budget
By IANS
Lucknow : Uttar Pradesh Finance Minister Lalji Verma Tuesday presented a tax-free budget of Rs.1.12 trillion ($28 billion) for fiscal 2008-09 that begins April this year.
The main opposition Samajwadi Party and the Bharatiya Janata Party boycotted the budget speech.
The budget estimated a receipt of Rs.1,108 billion and an expenditure of Rs.1,124 billion.
Britain nationalises ailing mortgage lender B&B to avert run
By DPA,
London : The British government Monday is to nationalise mortgage lender Bradford & Bingley (B&B), the second bank this year to be taken into public ownership.
The move came amid fears that B&B, Britain's eight-biggest mortgage lender, could be targeted by angry depositors and borrowers in a repetition of the run on Northern Rock a year ago.
The government said that Spanish banking giant Santander is to take over the savings and deposits business of B&B, worth 20 billion pounds ($36.4 billion), a statement said.
Sensex closes 73 points up, realty, capital goods stocks high
By IANS,
Mumbai : A benchmark index of Indian equities market closed 73 points up in volatile trade Monday. Realty, capital goods and banking stocks were the main gainers.
A million farmers to sell paddy in Chhattisgarh
By IANS
Raipur : Billed as one of India's biggest paddy procurement exercises, about one million paddy farmers will earn over Rs.30 billion by selling an estimated four million tonnes of paddy to the Chhattisgarh government beginning Nov 1.
Chhattisgarh has set up 1,526 computerised procurement centres across all 18 districts for smooth conduct of the drive, which will end Jan 30.
India says no private sector in nuclear power industry
By IANS,
New Delhi : Hailing India as an “El Dorado” for nuclear business, the government Monday ruled out the participation of the private sector in the country's burgeoning civil nuclear industry for at least five years.
Announcing an ambitious plan to expand atomic power generation to 50,000 MW by 2040, the government also underlined that India would not only be an importer of nuclear equipment but could also be an exporter of fast-breeder and thorium-based reactors.
Burglars hit British Indians for gold amid economic downturn fears
By Dipankar De Sarkar, IANS
London : The soaring price of gold has caused a sudden spurt in crime in a London suburb with a large population of Indians - a community known to stash away gold jewellery at home.
Crime analysts reportedly spotted the trend in the suburb of Hounslow - home to a large number of Punjabis and Gujaratis - in March when the price of gold hit record levels in the backdrop of the global credit crunch and the deflating dollar.
Inside the financial tsunami: what brought it on?
New Delhi, Oct 3 (IANS) The financial tsunami now inundating global economies and markets was brought on by imprudent easing of US lending norms and extreme over-leveraging by giant US investment banks, analysts say.
The dotcom bubble burst in 2000 and the collapse of the World Trade Centre, a mighty symbol of US economic and financial prowess in 2001, made Alan Greenspan, the then chief of the US banking regulator, the Federal Reserve, believe that a US recession was a certainty and it had to be staved off.
Overseas funds pump in over $588 million in volatile trading week
By IANS,
Mumbai : Foreign institutional investors (FIIs) pumped in over $588 million at Indian equities markets in the week ended Friday as volatility saw benchmark indices close on a flat note.
OPEC crude price jumps above $130
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) jumped by more than $2 Monday, rising above $130 dollars for the third time this month, data released by OPEC showed Tuesday.
One barrel (159 litres) of OPEC-produced crude stood at $130.70 a barrel Monday, up $2,14 dollars from $128.56 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Markets recover on Chidambaram assurance, end with gains
By IANS,
Mumbai : Despite huge early losses, Indian equities markets Thursday staged a smart recovery to end the day in the green zone on strong buying by domestic institutions following assurance of adequate liquidity by the Indian finance minister.
"There was strong buying with high volumes in Reliance, State Bank of India, Larsen & Toubro and other banking stocks," said portfolio strategist and US-trained chartered financial analyst Manoj Krishnan of Delhi-based Price Investment Management and Research Services.
Max New York Life to invest $609 million in India
By IANS
Lucknow : While launching a unit-linked pension plan, Max New York Life Insurance disclosed plans to invest Rs.24 billion ($609 million) in the country over the next four years.
Max's regional manager Anil Misra told IANS: "We have drawn up a blueprint to invest Rs.24 billion in expanding our base and network across the country over the next four years."
The new scheme follows the company's success with selling over 1.9 million policies across the country through its 29,000 agents, with more than Rs.54 billion in sum assured.
ONGC to start coalbed methane production in December
By IANS,
New Delhi : Oil and Natural Gas Corp Ltd (ONGC) Monday announced it would begin its pilot production of coalbed methane (CBM) gas in Jharkhand from December.
The pilot productions will start in Parbatpur areas of Jharia block, a company statement said.
The peak commercial production would be reached in 2011 with 400,000 cubic metres per day for the next 10 years.
This announcement was made by ONGC chairman R.S. Sharma during his visit to Bokaro Saturday.
Sharma had gone to oversee the on-going hi-tech horizontal multilateral well drilling at the Parbatpur site.
Canada firm on quitting Afghanistan by 2011
By IANS,
Toronto : The Americans may have shown renewed interest in Afghanistan but Canada stays firm on its decision to end its mission in the war-torn country by 2011, says Canada's new foreign minister Lawrence Cannon.
The minister told a television channel Sunday that the tough stand by US president-elect Barack Obama on Afghanistan will have no impact on the Canadian decision to pull out of Afghanistan by 2011.
During the US presidential campaign, Obama promised to send two more US brigades to Afghanistan to go after the Al Qaeda and its leader Osama bin Laden.
Global meet on intellectual property in Mumbai
By IANS
Mumbai : The second two-day Annual Global Forum on Innovation, Creativity and Intellectual Property will be held in Mumbai Feb 26-27.
The Confederation of Indian Industry (CII) in collaboration with the US Chamber of Commerce and the US India Business Council (USIBC) along with the Indian government's Department of Industrial Policy and Promotion will host the forum.
London’s lord mayor takes business delegation to India
By IANS
London : The lord mayor of London has said India could become the most important partner of the British capital, ahead of leading a 50-strong business delegation to India beginning Friday.
"India stands at the centre of the 21st century commercial world and our two nations are already a strategic partnership of equals. But London needs to work closely with what could become our most important partner," said David Lewis, who represents the interests of the world's leading international financial services centre.
Rich content, low prices help Indian books sell big in Gulf
By Aroonim Bhuyan, IANS
Abu Dhabi : With rich content and competitive prices, Indian publishers of English books are making big inroads across the Gulf.
"India is the third largest English publication industry in the world after the US and Britain and our book exports to the Gulf are increasing every year," Anand Bhushan, joint managing director of New Delhi-based Pitambar Publishing, who is here to participate in the 18th Abu Dhabi Book Fair, told IANS in an interview.
Toyota to recall over 300,000 SUVs in US
By IANS,
New York : The Toyota Motor Corp. has announced that it will recall about 308,000 SUVs in the US to fix problems related to unwanted airbag deployment.
Weak Asian cues spoil market sentiment
By IANS
Mumbai : Indian markets opened firm but weak Asian markets overshadowed sentiments and early gains were washed out as trading progressed Tuesday.
The 30-share sensitive (Sensex) index of the Bombay Stock Exchange (BSE) opened at 20,836.47 points, up 2.24 percent and marked a high of 20,872.93, up 3.07 percent with current trades at 20,650.05 points, down 0.38 percent.
TVS Motor targets 40 percent export growth in 2008-09
By IANS,
Chennai : Two-wheeler manufacturer TVS Motor Co Ltd is hoping to achieve around 40 percent growth in exports during the current fiscal.
"Last year we exported around 137,000 units and the expectation for the current fiscal is anything between 185,000-200,000 units. We are also looking at new overseas markets," H.S. Goindi, senior vice-president - international business and three-wheelers, told IANS.
He said 85-90 percent of the exports are of motorcycles and the balance consists of mopeds.
Sensex, Nifty plummets over 3.5 percent following global meltdown
By IANS
Mumbai : A day after the Reserve Bank of India (RBI) announced its credit policy for 2007-08 the Indian stock market Wednesday plummeted by over 3.5 percent in the morning trade following a plunge in the global market.
While the Sensex fell by over 500 points, Nifty was down by 150 points. Some of the major losers that experienced a bloodbath are Bharti Airtel, Wipro, ITC, SAIL, ACC, HCL Tech, Hexaware, Pantaloon, Reliance Communications across a number of verticals.
Reveal perks of NACIL top brass: CIC
By IANS,
New Delhi : The Central Information Commission (CIC) has asked the National Aviation Company of India Limited (NACIL), which operates national carrier Air India, to reveal the details of perks, privileges and facilities enjoyed by its chairman and managing director.
The decision came on an application of Right to Information (RTI) activist Subhash Chandra Agrawal who sought information on the perks, privileges and facilities enjoyed by chairpersons, managing directors and board members either on post or after their retirement.
Paradip port handled record traffic in 2009-10
By IANS,
Bhubaneswar : Despite global meltdown and slow export and import business the Paradip port in Orissa handled record traffic of 57.01 million tonnes during 2009-10, an official said here Wednesday.
"It was a growth of 22.84 percent over the previous year's 46.41 million tonnes," the port trust chairman K. Raghuramaiah told reporters at a press conference here.
The average growth of all major ports in the country during 2009-2010 was 5.74 percent and the Paradip port has achieved the highest growth rate
amongst all the major ports, he said.
Tata Teleservices launches DIALOG
By IANS,
Kolkata : Telecom service provider Tata Teleservices Ltd. (TTSL) Thursday announced the launch of DIALOG, a product that enables customers to connect to the internet on their television set.
Customers can access the internet without a desktop or laptop, transforming the TV set into a multimedia device with the help of DIALOG.
Delhi’s per capita income rises to over Rs.2 lakh
By IANS,
New Delhi : Delhi's per capita annual income has risen by nearly 16 percent to Rs.2.01 lakh in 2012-13 over the previous fiscal, said the government's Economic Survey.
Market trading with loss in afternoon trade
By IANS,
Mumbai : The Indian equities market was trading with loss in afternoon trade amidst volatility. Banking, realty and oil and gas were under selling pressure.
At 12:30 p.m., the 30-share BSE Sensex was down by 97.14 points or 0.72 percent at 13,364.46. At the day's low, it touched 13,322.75.
At the same time, the broader-based S&P CNX Nifty was down by 30.95 points or 0.77 percent at 4,009.60.
The market breadth was negative. On BSE, 531 shares advanced compared to 1,877 that declined and 59 that remained unchanged.
Beijing gets 1,500 new cars every day
By Xinhua,
Beijing : About 1,500 cars join the already clogged roads in this Chinese capital city daily, increasing traffic pressure and safety risks, officials said Tuesday.
A total of 65,970 new vehicles have been registered in Beijing in the first 45 days of this year, with a daily increase of 1,466 vehicles, the Beijing Traffic Management Bureau said.
Beijing, ranked among the world's most polluted cities, registered 58,590 new drivers in the same period, a daily increase of 1,302, the bureau said.
Nursery admissions for poor, disadvantaged kids to be done online
New Delhi : Applications for admission to entry level classes for the economically weaker sections (EWS) and disadvantaged group (DG) will be made online,...
Macmet to form joint venture with Spanish company
By IANS
Kolkata : Macmet India Ltd (MIL), a Kolkata-headquartered bulk material handling solution major, will form a joint venture with TAIM-TFG of Spain for manufacturing products like ship loaders, unloaders, stackers, reclaimers and specialised cranes in India.
NASA mission to rejuvenate classic Assam tea
By Prantick Majumder
New Delhi: The internationally known Assam tea has got a saviour from space -- NASA's soil mission that will rejuvenate the tea...
China aims at bigger world market slice with new turboprop aircraft
By Wu Qi, Xinhua,
Beijing : China has made substantial progress in its ambition of gaining a larger share of the world's short and medium haul turboprop aircraft market after it presented a fuel-efficient aircraft last month.
China's latest turboprop passenger aircraft, the Xinzhou 600, or Modern Ark 600 (MA600), rolled off the assembly line of China Aviation Industry Corp. 1 (AVIC1) in the northwestern city of Xi'an June 29.
Sampling best of luxury home brands under one roof
By Madhusree Chatterjee, IANS,
Greater Noida : Branded luxury is scaling a new high in India. Plush living room interiors, latest bathroom fittings and modular kitchens - people can sample the best possible global products at an ongoing lifestyle expo here without compromising on environmental concerns.
All that thousands of homemakers in India read in glossy coffee table volumes on eco-friendly and utility interiors and spaces are here for sampling, thanks to the mega export mart featuring 130 high-end interior décor and construction brands from India and 18 European nations.
Indian equities open on a strong note
By IANS
New Delhi : Indian equities opened on a strong note Monday after the losses sustained last week, as investors sought to make fresh purchases at lower levels, especially in some heavyweight stocks.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened 253.45 higher at 18,496.03 points, and soon rose to 18,801.56 points, to register a gain of 558.98 points over the previous day's close at 18,242.58 points.
GMR acquires 50 percent in Dutch firm for $1 bn
By IANS,
New Delhi : Infrastructure developer GMR Wednesday announced it has acquired a 50 percent stake in Dutch power utility InterGen NV for $1.1 billion.
Describing it as "the most competitive acquisition", GMR said it will pay $360,000 per megawatt to buy eight plants operated by InterGen located in five countries.
In a regulatory statement, the company said InterGen's total generating capacity is 12,766 megawatt in the UK, the Netherlands, Mexico, Australia, and the Philippines.
BJP demands urgent cut in oil and diesel prices
By NNN-PTI,
New Delhi : BJP demanded urgent cut in the prices of petrol and diesel following the lowering of the international crude oil prices.
"Our party demands a cut in the prices of petrol and deisal by five Rupee and three rupee respectively. While the government is prompt in increasing the prices burdening the common man, it seems less interested in passing the profit of lowered crude oil prices to public," party spokesperson Prakash Javadekar told reporters here on Saturday.
Sensex slips below 20,000 points in choppy session
By IANS,
Mumbai : A benchmark index of Indian equities market slipped below 20,000 points mark in a volume session Thursday as investors stayed on the sidelines ahead of the holiday season.
Government sets up fund for Dalit entrepreneurs
By IANS,
New Delhi : With the Lok Sabha polls only months away, the government Monday announced a Rs.200 crore venture capital fund to promote...
Economic survey highlights-3
* Passage of PFRDA Act, shift of commodity futures trading into the finance ministry and the presentation of the FSLRC report were the three...
India’s forex reserves up by $3.16 billion
Mumbai: India's foreign exchange reserves grew by $3.16 billion to $319.99 billion for the week ended Dec 19, Reserve Bank of India (RBI) data...
World faces three challenges of food, fuels and fertilisers — India
By KUNA,
New Delhi : India Tuesday identified three challenges facing the world today -- food, fuels and fertilisers.
Poor countries face ‘serious’ damage from financial crisis: IMF
By DPA,
Washington : Developing countries could face the most serious damage from a prolonged global credit crisis as they have fewer resources to prevent their own banks from collapsing, the World Bank and International Monetary Fund (IMF) warned Sunday.
The IMF and World Bank promised to use their "full range of resources" to help countries that cannot manage the spreading financial crisis on their own. Countries promised to maintain aid pledges to poor countries despite the turmoil in their own backyards.
Total 102 MoUs worth about $30.135 bn signed in Global Investors’ Summit at Indore;...
By Pervez Bari, TwoCircles.net
Indore: The Global Investors' Summit here at Indore, the financial capital of central Indian state of Madhya Pradesh, concluded on Saturday on a high note after 102 Memorandum of Understandings, (MoUs), with investment proposals worth Rs. 1,20,541 crore (about $30.13525 billion) were signed during the two-day mega event.
Telecom operators worry as Dhaka plans tough law
By IANS,
Dhaka : Investors and telecom service operators in Bangladesh are worried at the government's move to bring in a stringent law that has provision of arrest without warrant, no scope for appeal and a heavy fine, to punish wrongdoers.
The government has moved to amend the telecommunication law to punish telecom operators without giving them scope for challenging the regulator's decision.
The Bangladesh Telecommunication (Amendment) Act 2010, already approved by the cabinet, will be placed in parliament to have a stringent legal framework for telecom operators.
Vedanta inks MoU to invest Rs.200 bn in Bengal
By IANS
Kolkata : Vedanta Aluminium Ltd, a unit of Vedanta Resources Plc, Wednesday said it would invest Rs.200 billion (nearly $5 billion) to set up an aluminium smelter with a capacity of 650,000 tonne annual production and a 3,000 MW power plant in West Bengal in Burdwan district.
"The aluminium complex would come up at Bidhanbag and it's expected to be completed within the next three years," Vedanta Aluminium Ltd chairman Anil Agarwal said at a press conference here.
Markets end with loss of nearly 335 points
By IANS,
Mumbai : The Indian equities market closed deep in the red Thursday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 15,250.47 points, touched a low of 15,051.66 before closing at 15,087.99 points. It went down by 334.32 points or 2.17 percent at the days close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4,582.55 points, closed at 4,504.25 points. It went down by 78.15 points or 1.71 percent.
Satyam’s Raju diverted Rs.74 bn for personal gain: Prosecutor
By IANS,
Hyderabad : Disgraced Satyam Computer Services founder B. Ramalinga Raju and former chief financial officer Vadlamani Srinivas will remain in police custody till Friday evening, a court ruled Thursday, as prosecutors said Raju had diverted Rs.74 billion (Rs.7,400 crore/$1.48 billion) from his company for personal wealth.
The crime investigation department (CID) of Andhra Pradesh police sought from the court two days' extension of custody of Raju and Srinivas, which ended Thursday.
Ranbaxy labs fined Rs.50,000 for delaying medical report
By IANS,
New Delhi : Ranbaxy laboratories was Friday asked to pay a fine of Rs.50,000 to a family for delaying a crucial medical test report of a patient needed to begin a surgery. It gave the report after the patient had died.
The Delhi State Consumer Disputes Redressal Commission asked Specialty Ranbaxy Limited to pay the money to the family of V.K. Garg.
Swedish tycoon’s firm fined for destroying Amazon rainforest
By IANS,
Rio de Janeiro : Brazilian authorities have slapped a fine of $234 million on a company owned by Swedish tycoon Johan Eliasch for illegally felling 230,000 trees in the Amazon rainforest, Spain's EFE news agency reported Sunday.
London-based Eliasch is being investigated in Brazil by the Abin state intelligence agency for allegedly illegally buying large swathes of the rainforest and grassland in order to commercially exploit it through a company known as Gethal Amazonas S.A., the news agency quoted officials as saying.
Sensex loses 132 points; oil and gas stocks tank
Mumbai: A benchmark index of Indian equities markets Thursday was trading 132.25 points or 0.52 percent down as oil and gas stocks tank.
Selling pressure...
Sensex closes 1.17 percent lower on eventful day
By IANS,
Mumbai : A benchmark index for Indian equities closed 1.17 percent lower Friday.
On what was a volatile and eventful trading day, the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,939.58 points, shut shop at 16,788.43 points (provisional) -- 199.1 points or 1.17 percent lower than its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,030 points, a loss of 1.2 percent or 60.85 points from its previous close.
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.
Sensex opens 500 points lower
By IANS
Mumbai : Indian stocks crashed by more than 500 points at the opening bell Thursday after the Independence Day holiday, in empathy with a global stock market meltdown.
The benchmark 30-share Sensex of the Bombay Stock Exchange (BSE) opened more than 500 points lower than Tuesday's close and almost immediately went down further before staging a partial recovery, all within the first half hour of trading.
Government to take up SMS tariff hike
By IANS
New Delhi : The government will take up with the telecom regulator the recent hike in SMS tariff by leading mobile phone operators, Communications and IT Minister A. Raja said here Wednesday.
"SMS is a mode of tariff and it is definitely under the ministry's control. But let the TRAI (Telecom Regulatory Authority of India) first decide what needs to be done," Raja told reporters while launching an export promotion forum.
India to invest in $1-billion fertiliser plant in Oman
By IANS
Dubai : India is planning to invest in a new $1-billion fertiliser plant in Oman to produce urea.
"India and Oman have agreed to build another fertiliser project. In terms of capacity, it will be similar to the existing joint venture," India's Ambassador to Oman Anil Wadhwa was quoted as saying in local media reports.
"The capital expenditure (of the proposed project) is envisaged at $1 billion. The Indian government has agreed to invest in the project," he said while interacting with the media at the Indian Pavilion of a trade exhibition in Muscat.
Greek parliament passes second crucial bailout bill
Athens : The Greek parliament early Thursday passed a bill on a second batch of reforms in line with an international bailout for...
Laotian minister for closer business ties with Bangladesh
By NNN-BSS
Dhaka : The visiting First Vice Foreign Minister of Laos, Phongsavath Boupha, Sunday called upon Bangladeshi businessmen to promote trade relations between the two countries.
He gave the call while exchanging views with leaders of the Dhaka Chamber of Commerce and Industry (DCCI) at Sheraton Hotel.
Ambassador of Laos Ly Bounkham, who represents his country to Bangladesh from New Delhi, and Deputy Director General of the Asia-Pacific and African Department of the Laos government Khamvone Phanouvong were also present on the occasion.
Stocks crash, but Pakistanis begin process of revival
By Muhammad Najeeb, IANS
Islamabad : Pakistan stocks crashed Monday as markets opened after three days, just as hopes of stability in the country had plummeted with the assassination of former prime minister Benazir Bhutto. But peace of sorts returned to the streets.
Long queues of vehicles were seen at petrol and gas stations that also opened Monday morning. Many vehicles were being pushed to the stations as they had run out of fuel during the three-day closure.
Indian outrage brings home Americans’ role in rising food prices
By Arun Kumar, IANS,
Washington : India's angry reaction to President George Bush's suggestion that its middle class was pushing food prices by demanding better food is bringing home the realisation that the blame lies at America's own door.
"We Americans are gluttons for energy, as well as for food," noted Dallas Morning News in an editorial Tuesday drawing attention not only to the Americans' huge intake, but also to enormous amounts of food that they waste.
Gas pipeline project can extend to Southeast Asia: Iranian minister
By Vishnu Makhijani, IANS
New Delhi : A proposed pipeline project to transport natural gas from Iran to India via Pakistan could be extended to Southeast Asian countries, an Iranian minister says, expressing the hope that the first stage of the project would take off soon.
Iran's Minister of Economic Affairs and Finance Davood Danesh Jafari was also optimistic that the contentious gas pricing issue would soon be resolved and hinted at making large investments in India rather than parking his country's huge foreign exchange reserves in foreign banks.
Cargo handling to give new boost to Amritsar airport
By Jaideep Sarin, IANS
Amritsar : International trading through this Sikh holy city promises to hold a good future, with cargo handling starting from the Rajasansi international airport here.
The cargo terminal at the airport is expected to handle up to 1,500 tonnes of cargo from the first month itself. So far, cargo handling through this airport - the fastest growing international airport in India - is a mere 200 tonnes.
Indus Entrepreneurs to honour young entrepreneurs
By IANS,
New Delhi: The Indus Entrepreneurs(TiE)Wednesday said it will organise excellence awards to honour young entrepreneurs in the country.
Kannada film industry to mark 75 years in grand style
By IANS,
Bangalore : Southern superstars like Rajnikanth, Kamal Haasan and Vishnuvardhan are set to come together as the Kannada film industry celebrates its 75-year existence with a three-day extravaganza that kicks off here Sunday.
The inaugural event at the Bangalore Palace grounds would also be attended by Karnataka Chief Minister B.S. Yeddyurappa, apart from other bigwigs of the film industry like actor-politician Ambareesh, organisers said.
Hindustan Motors looks at components business for revival
By Arjun Sen and Himank Sharma, IANS,
New Delhi : Hindustan Motors, maker of the Ambassador, for long the iconic Indian car, is moving ahead to become more of an automobile component manufacturer than developer of new models, according to a top company official.
"The key to our revival will be our components business comprising forgings, castings and stampings produced at our Uttarpara factory near Kolkata," company Chairman C.K. Birla told IANS.
McLeod Russel posts net loss of Rs.88.61 crore
By IANS,
Kolkata : Tea plantation company McLeod Russel Wednesday said its net loss has come down to Rs.88.61 crore for the fourth quarter of 2008-09.
The company had posted a loss of Rs.97.34 crore in the January-March quarter of 2007-08, an official statement said.
McLeod Russel's total income during the period, however, went up about 13 percent to Rs.217 crore from Rs.193 crore in last quarter of 2007-08.
For the 2008-09 fiscal, the company recorded a consolidated profit of Rs.83.47 crore, about 80 percent higher than Rs.46.41 crore reported the year before.
Trinamool takes anti-Nano protest to Tripura
By IANS,
Agartala : The opposition Trinamool Congress Wednesday held a demonstration here against Tata Motors' Nano project at Singur in West Bengal.
"We are with those unwilling farmers whose land had been taken forcibly to set up Tata's Nano car project," said Arun Chandra Bhowmik, chairman of the Trinamool Congress Tripura unit.
Indian equities continues their rally
By IANS,
Mumbai : The Indian equities market continued their rally during the week ended Friday and posted gains on the back of continued good corporate results from bluechip companies and strong global cues.
Out of the four trading session, two ended in the positive zone with hefty gains.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) gained 474.14 points or 2.76 percent at 17,600.12, during the week under review. The broader S&P CNX Nifty of the National Stock Exchange (NSE) also rose 116.50 points or 2.27 percent.
Economic policy of Nehru, Indira flawed: Chidambaram
By IANS,
New Delhi : Finance Minister P. Chidambaram has criticised the economic policies pursued by prime ministers Jawaharlal Nehru and Indira Gandhi for being marked by "gradualism" and "modest outcomes" in the first three decades of Congress rule in the country.
Ratan Tata plans Nano launch in Europe, US
By IANS,
Mumbai : Already making waves worldwide even before its low-priced car Nano hits the Indian roads, Tata Motors is contemplating a launch of the family car for the European and US markets, according to company chairman Ratan Tata.
However, Tata categorically said, there were no plans currently for entering the vast Chinese market. "At the moment, we are entirely concentrating on the Indian market. We already have our hands full with it," he said.
Announcing the commercial launch here Monday, Tata said the company plans to launch a European version of the Nano by 2011.
Markets close above day’s low
By IANS,
Mumbai : A key index of the Indian equities markets managed to close off the day's low Wednesday, but still ended in the red.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,968.6 points, fell 80.57 points or 0.74 percent from the previous close to end trade at 10,817.54 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) shed 0.9 percent to close at 3,334.95 points.
Broader market indices also lost, with the BSE midcap index shedding 1.15 percent, while the BSE smallcap index was down 1.62 percent.
Speakers, exhibitors from around world to attend Abu Dhabi oil meet
By IANS,
Abu Dhabi : Top industry experts and exhibitors will participate in the Abu Dhabi International Petroleum Exhibition and Conference (Adipec)-2008, to be held here Nov 3-6.
Being organised by the Abu Dhabi National Exhibition Centre, Adipec-2008's theme would be 'Working Together to Deliver Sustainable Growth: Innovative Teams and Technology Deployment', according to the official Emirates news agency WAM.
This year's event will focus on a wide range of technical categories from
Crude oil climbs by $25 a barrel
By DPA,
Washington : The price of crude oil climbed by $25 per barrel Monday, the largest jump ever over worries of a weakened dollar prompted by US government plans to buy failing mortgages from the troubled finance industry.
The Bush administration is proposing a massive $700-billion to $800-billion plan to bailout the finance industry, which has been at the heart of the flailing US economy. The buyout has increased concerns about the federal government's growing budget deficit.
The financial woes on Wall Street has boosted the appeal of commodities like oil.
Government expects just half the revenue projected from 3G auction
By IANS,
New Delhi : The communications ministry may expect the auction of scarce 3G spectrum to fetch Rs.30,000-Rs.40,000 crore ($6-8 billion), but the interim budget for 2009-10 has projected no more than Rs.20,000 crore ($4 billion) on that count.
"The budget estimates for 2009-10 include a sum of Rs.20,000 crore as the expected revenue from auction of 3G spectrum," says the receipts budget tabled Monday by External Affairs Minister Pranab Mukherjee.
“We need employment, not help,” Nagpur’s sex workers decry ban, barricading of area
Ganga Jamuna area of Nagpur in Maharashtra is the oldest Red Light area of the city and has always been bustling with people. In...
Cuba to Spain Cooperation Meeting
By Prensa Latina
Madrid : The second State Meeting of Cooperation with Cuba began in the Spanish city of Bilbao Friday, to foster collaboration between the different actors of cooperation between Spain and Cuba.
The meeting was convoked by the Euskadi-Cuba Association to discuss ways to obtain better coooperation between institutions, public organizations and non-governmental organizations of Spain with Cuban entities.
Sensex continues winning streak, ends 60 points higher
By IANS,
Mumbai : Despite weak global markets, Indian equities continued their winning streak for the fourth consecutive session Tuesday, with a key index ending 60 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower 15,573.91 points, ended at 15,688.47 points, up 59.72 points or 0.38 percent.
After opening 55 points lower on weak global cues, the index slipped to a low of 15,423.39 points, but managed to crawl back into the green on fresh buying. It touched an intra-day high of 15,735.32 points.
L&T Finance to raise Rs.400-500 crore by March
By IANS,
Kolkata : Engineering major Larsen & Toubro's financial services arm, L&T Finance Ltd, would raise another Rs.400-500 crore through debt after its current Rs.500 crore fund raising through an issue of non-convertible debentures, a company official said here Thursday.
"We have already raised Rs.3,000 crore in the current financial year and by March, we would be raising another Rs.1,000 crore," assistant vice president (Treasury) G.K. Shettigar said in a press meet.
He was here to announce the company's ongoing non-convertible debentures issue, which closes Feb 22.
FM asks banks to lend more to young and small entrepreneurs
By IANS,
Bangalore : Union Finance Minister P. Chidambaram Monday advised state-run banks to lend more to young entrepreneurs and small and medium enterprises (SMEs) to fuel economic growth, create employment and wealth and boost exports.
“Banks should shed their conservatism and come forward to lend more to entrepreneurs and SMEs with credit guarantees. Banks should be willing to take risk when entrepreneurs are ready to do so,” Chidambaram said at a bank function here.
Japan’s Nikkei plummets 5 percent on credit crunch fears
By DPA
Tokyo : Japan's benchmark Nikkei 225 Stock Average plunged more than 700 points or 5 percent Tuesday on fears of a global credit crunch caused by the US subprime home-loan crisis.
The Nikkei index lost 752.89 points or 5.65 percent to end at 12,573.05, the lowest closing since September 2005.
The broader Topix index of all first-section issues also fell 73.79 points or 5.7 percent to 1,219.95, which is the lowest closing figure since August 2005.
Highlights of mid-quarter review of RBI monetary policy
By IANS,
Mumbai : Following are the highlights of the mid-quarter review of the monetary policy by the Reserve Bank of India Thursday:
-- Repo rate hiked by 50 basis points to 7.5 percent
Arcelor Mittal to participate in Jharkhand trade fair
By IANS
Ranchi : Steel baron L.M. Mittal's firm Arcelor Mittal will participate in a trade fair organised by the Jharkhand government later this month.
"Arcelor Mittal is among the big companies that are participating in the trade fair this year," Sudhir Mahto, deputy chief minister in charge of the industries department, told reporters here Saturday.
"The other big companies that will participate are Tata Steel, VSNL, Jindal and others," he said.
Court can’t impose family pact on shareholders: RIL
By IANS,
New Delhi : Mukesh Ambani-led Reliance Industries Ltd (RIL) Tuesday argued before the Supreme Court that the judiciary cannot impose a private family pact between a company's promoters on its shareholders.
"The court has to act as an umpire rather than as a bowler or as a fielder," Rohington Nariman, counsel for RIL, told a three-member bench of the apex court that is hearing the Krishna-Godavari gas dispute.
US stocks rise on retail sales figures
By DPA
New York : US stock indices were up Thursday after retailer Wal-Mart reported higher monthly sales and analysts forecast improved technology earnings.
Wal-Mart said sales in March climbed 0.7 percent and boosted its first-quarter earnings forecast. Costco, another discount chain, also reported higher monthly sales.
Technology companies Intel and Cisco Systems were both forecast to report better-than-expected earnings in the first three months of the year.
Global financial crisis dogs Singapore Pravasi Bharatiya meet
By Nirmala George, IANS,
Singapore : The turmoil gripping world economies is dogging a global conference of overseas Indians, with leaders from Singapore and India calling for firm measures to secure the future growth prospects of the two countries and the rest of Asia.
In their inaugural speeches at the Pravasi Bharatiya Divas-Singapore Thursday, the chief guest, Singapore Prime Minister Lee Hsien Loong, and Indian Minister for Overseas Affairs Vayalar Ravi, both warned that difficult days lay ahead for Asian economies.
Tata-led Neotel in South Africa gets $741 mn funding support
By Fakir Hassen, IANS,
Johannesburg : Neotel, a Tata Group-led telecommunications consortium in South Africa, has secured 7.5 billion rands ($741 million) in funding and debt instruments as it seeks to take on the state-owned fixed line operator Telkom.
Clearly buoyed by the aggressive rollout that has seen Neotel tear up footpaths across the entire city in recent months to install wireless communications cables, a consortium of financiers Wednesday inked funding agreements with Neotel following two years of discussion.
Slowdown, inflationary pressures affect automobile sales in August
By IANS,
New Delhi/Chennai: Production losses at Maruti Suzuki, high interest rates and rising fuel prices resulted in lower sales for the auto industry in August.
UAE real estate developer plans solar-powered homes
By IANS
Dubai : United Arab Emirates (UAE)-based real estate giant Nakheel is planning to build entirely solar-powered homes on its iconic Palm Jumeirah development.
"The idea is still under study and we have to make sure it's feasible before we put in on the market. It's very difficult to give a deadline but we have a very ambitious plan," Abdulrahman Kalantar, managing director of Design and Development at Nakheel, told Emirates Business 24-7.
Palm Jumeirah is one of the three palm-tree shaped artificial islands being developed by Nakheel along the Dubai coast.
Air India to use equity infusion for everyday expenses
By IANS,
New Delhi : The latest equity infusion of Rs.5,500 crore into Air India by the government will be used for meeting day-to-day expenses,...
Velankani to invest Rs.3 bn in tech park
BY IANS,
Chennai : Velankani, an affiliate of AIG Global Real Estate, Tuesday said it will invest Rs.3 billion in the Velankani Tech Park, a notified special economic zone (SEZ), in Tamil Nadu's Sriperumbudur area.
"The proposed development of 8.5 million square feet is aimed at providing `plug-and-play' space for at least 20 electronics hardware and telecom component manufacturers and IT/ITES (IT enabled services) companies to commence operations in a seamless manner in this industrial hub," Velankani director Kiron Shah said.
Brazil-India trade volume up 29 percent in 2007
Brasilia, March 25 (Xinhua) The trade between Brazil and India totalled $3.12 billion in 2007, up 29.4 percent year-on-year, according to the ministry of development, industry and foreign trade here.
According to figures released by the ministry Monday, Brazil's exports to India rose merely two percent to $957.9 million last year while its imports surged by 46.9 percent to $2.16 billion, creating a 1.2-billion-dollar deficit, a staggering increase of 126 percent year-on-year.
‘Designers will always be together’
By IANS,
New Delhi : At a time when the fashion industry is witnessing fragmentation, designer duo Rohit Gandhi and Rahul Khanna of label Cue said here that there is no rift amongst designers, and that they will always be together.
On the third day of the ongoing Wills Lifestyle Fashion Week (WIFW), designer Rohit Bal, who is a part of parallel event - Delhi Fashion Week, came to watch the designer duo's show.
China’s 2008 GDP growth upped to 9.6 percent
By IANS,
Beijing : China has upped its gross domestic product (GDP) growth rate for 2008 to 9.6 percent from 9 percent, the National Bureau of Statistics (NBS) said Friday.
That raised GDP for 2008 to 31.4045 trillion yuan from the previous 30.067 trillion yuan, NBS director Ma Jiantang said at a press conference.
Xinhua news agency reported that the new figure amounted to about $4.59 trillion at the exchange rate on Dec 31, 2008.
The revised volume for the agriculture sector was 3.3702 trillion yuan, accounting for 10.7 percent of GDP, down from 3.4 trillion yuan.
Manufacturing sector is India’s largest employer: Census
By IANS,
New Delhi : An estimated 100.9 million people were employed in 41.8 million establishments in India, growing at 2.78 percent and 4.69 percent, respectively between 1998-2005, shows the official Economic Census for 2005.
Non-farm sector continued to be the principal source of employment, employing 90 million people, compared to 10.9 million in agriculture sector, said the census released here Thursday.
Chaturvedi panel proposals find no takers among oil majors
By IANS,
New Delhi : The petroleum ministry and state-run oil majors Tuesday made it clear they have problems with most of the recommendations of a high-powered committee on fuel pricing, from change in pricing formula to imposition of special oil tax.
At an oil companies CEOs' conclave chaired by Minister of Petroleum and Natural Gas Murli Deora, the oil majors made it clear they are "uncomfortable with switching over from state parity formula to export parity model", Petroleum Secretary R.S. Pandey told reporters after the meet.
Another weak start for Sensex
By IANS,
Mumbai : A key Indian equities index again started weak Tuesday and was ruling 47 points lower about half an hour into trade.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,831.38 points and was ruling at 17,805.14 points, down 47.86 points or 0.27 percent from its previous close at 17,853 points.
The Sensex had languished in a listless trade Monday and ended moderately in the red.
Indorama to invest Rs.4 bn in Himachal Pradesh
By Vishal Gulati, IANS,
Shimla : The Indonesia-based S.P. Lohia-promoted Indorama SPL group, with business interest in diverse fields such as power, petrochemicals and spun yarn, has decided to set up a stretch fabric manufacturing unit in Himachal Pradesh, a senior official said Thursday.
Functionaries of the group, including its managing director Amit Lohia, met senior officials of the industries department here Wednesday to finalise the modalities for investing Rs.4 billion in the hill state.
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.
Bharti, Wal-Mart form JV for retail chain
By IANS
New Delhi : India's Bharti Enterprises and US major Wal-Mart Stores Inc Monday inked a memorandum of understanding (MoU) for a 50:50 joint venture for a cash and carry and wholesale retail chain that would see its first unit by 2008 end.
The new entity - to be called Bharti Wal-Mart Private Ltd - targets the opening of 10 to 15 such facilities over the next seven years and is expected to employ over 5,000 people.
India for development packages in return for African oil
By IANS
New Delhi : India is ready to consider more private participation in development packages for African countries in return for access to their hydrocarbon reserves.
This was indicated by Petroleum Secretary M.S. Srinivasan Wednesday evening at a function to announce the 'India-Africa Hydrocarbon conference and exhibition' next week -- which could be termed India's formal coming out party in the market of African hydrocarbon riches.
India Inc seeks 100-day focus on divestment, rate cuts
By IANS,
New Delhi : India Inc has readied its 100-day wish list for the new government. It wants the policies to focus on agriculture, divestment, skill development, infrastructure and manufacturing to nurse the Indian economy back to high growth.
These, said industry lobbies including the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII), are some of the critical areas where the government's "serious action" was required.
India firm on its position at Bali: top official
By Joydeep Gupta, IANS
Bali : India is firm on its position that industrialised countries should fulfil the commitments they had made under the Kyoto Protocol and there should be quick progress on concluding negotiations for greenhouse gas emissions reductions by these countries in a post-Kyoto world, a senior member of the Indian government delegation said here Saturday. The position received support from a top UN official.
Yahoo! reports loss but beats expectations
By DPA
San Francisco : Troubled Internet pioneer Yahoo! swung to a quarterly loss Tuesday because of severance pay and write downs on its European properties.
Despite recording a $303 million loss in the fourth quarter, the company's results beat expectations as its revenues and operating profit held up well in the dire economic climate.
Paper consumption set to double in India by 2015
By IANS
New Delhi : Consumption of paper in India is set to double from the current 7 million tonnes per annum in the next eight years, according to Indian Paper Manufacturers Association (IPMA).
The industry growth, pegged now at 7-8 percent annually, will double thanks to socio-economic development, increasing literacy rates and increased government spending on education.
Mittal is first Indian to buy into an English soccer club
By IANS
London : Lakshmi N. Mittal, the richest man in Britain, has bought a 20 percent stakeholding in a lowly ranked London football club to make it - in theory - the world's richest club.
Fans of Queen's Park Rangers, based in the West London neighbourhood of Shepherd's Bush, were celebrating after the Indian-born steel magnate bought the stakeholdings from the club's owners, Formula One racing tycoons Bernie Ecclestone and Flavio Briatore.
ITC, BAT hit by duty waiver review in Nepal after nine years
By IANS
Kathmandu : Tobacco giants ITC and BAT (British American Tobacco) find themselves in a tricky situation after Nepal's apex court ordered a review of a nearly decade-old verdict that had granted a controversial duty waiver of millions of rupees to the Indo-Nepal-UK joint venture Surya Nepal.
By ordering the review Sunday, Nepal's Supreme Court revived what the local media described as "one of the most controversial" cases in Nepal's judicial history with alleged links to King Gyanendra.
Indian handlooms, making inroads in world markets
By NNN-PTI
New Delhi : Indian handlooms are going global in a big way and have found support in the designer community, with ace labels like Manish Arora, Rohit Bal and Rajesh Pratap Singh figuring among 14 designers from the country, who are set to showcase their clothes and accessories, at the upcoming London Fashion Week beginning September 15.
The initiative is spearheaded by the UK based Conran Shop, which has picked up the 14 designers, including five who specialize in textiles, to travel to Conran Shops in London, Paris, New York and Tokyo.
ONGC second quarter net up 5.8 percent
By IANS,
Mumbai : State-run upstream oil firm Thursday said its net profit for the quarter ending Sep 30 grew 5.8 percent to Rs.5,089.64 crore compared to the corresponding quarter in the previous fiscal.
The company's total income during the quarter under review, however, dipped 13.18 percent to Rs.15,191.57 crore from Rs.17,499.62 crore it earned for the quarter ending Sep 30, 2008.
Consumer not ready for personalised nutrition
By IANS,
London : In future it might be possible to customise the food to individual needs, based on his or her genetic profile. But the market is not yet ready for this so-called nutrigenomics. Many hurdles need to be overcome before such products become acceptable, warned Dutch researcher Amber Ronteltap.
Nutrigenomics is a discipline that investigates the correlation between nutrients and the human genome. This form of personalised nutrition joins the bandwagon of broader marketing trends to develop products more tailored to the individual.
Budget disappoints tourism industry
By IANS
Mumbai : The tourism and hospitality industry was disappointed with the national budget for 2008-09, saying it has ignored this booming sector completely.
"The budget failed to grant infrastructure status to the hospitality business which we have been hoping since long. Even the pending issue of depreciation on hotel buildings has remained unchanged," said S.P. Jain, managing director of Pride Group of Hotels.