Business booms at China’s tourist sites
By IANS,
Beijing : China's tourist destinations experienced a boom in business in the first week of October, during the National Day celebrations.
Indian economy recovering, deficit inevitable: Mukherjee
By IANS,
New Delhi : Finance Minister Pranab Mukherjee Tuesday said the Indian economy was showing signs of recovery even as he defended the government's high fiscal deficit and borrowing programme as necessary to fund welfare schemes and spur growth.
Replying to the debate on the national budget in the Lok Sabha, the lower house, he also categorically said the United Progressive Alliance (UPA) government remained committed to divesting stakes in state-run firms without diluting their public sector character.
Equity markets start in the red
By IANS,
Mumbai : Indian equity markets, which opened lower Tuesday, stayed in the red in early trade. Oil and gas, PSU, realty, power and metal stocks were under selling pressure.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 92.77 points at 14,852.20. Fifteen minutes into trading, it was at 14,813.88 points, 131.09 points or 0.88 percent below its closing figure Monday.
Punjab imposes tax on ‘dhabas’
By IANS,
Chandigarh : Looking at the roaring business roadside dhabas do all over Punjab, the state government Wednesday imposed a "lump sum" tax on them.
Dhabas having an annual turnover of Rs.500,000 to Rs.1.5 mn will pay a tax of Rs.10,000 annually. Those earning Rs.1.5-3 million will cough up Rs.22,500.
Dhabas having a turnover of Rs.3-5 million will pay Rs.40,000 and those earning upto Rs.10 million Rs.75,000, an official spokesman said.
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.
Sensex opens weak, down 212 points in morning trade
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday fell deep into the red soon after opening, and was ruling 212 points lower than its previous close about an hour later.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,802.39 points, was ruling at 16,663.01 points, 212.75 points or 1.26 percent down from its previous close at 16,875.76 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,997.7 points, down 1.35 percent from its previous close.
Tata Steel commissions 120 MW gas-based plant
By IANS,
Jamshedpur : Industrial Energy Ltd (IEL), a joint venture between Tata Steel and Tata Power, Wednesday commissioned a 120-MW power plant that will run on waste gas produced by the steel major.
The plant, built at an investment of Rs.490 crore, will supply the entire generated power to Tata Steel to help the company meet its growing power requirements in its Jamshedpur unit, an official statement said.
Sonia Gandhi praises PM for farm loan waiver
By IANS
New Delhi : Congress president Sonia Gandhi Saturday praised Prime Minister Manmohan Singh for waiving off farmers' loans to the tune of Rs.600 billion, saying the decision will bring smiles to the faces of the beneficiaries.
Gandhi, while giving away the Stree Shakti Puraskar awards here, said: "If a farmer commits suicide, the entire family is destroyed and it is the women who suffer most. Therefore, I thank and express gratitude to Prime Minister Manmohan Singh for the relief given to 40 million farmers."
OPEC oil price rises above $46 to a barrel
By DPA,
Vienna : The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) continued to rise Tuesday, climbing to $46.27, the Vienna-based cartel announced Wednesday.
One barrel (159 litres) of OPEC-produced oil rose by $2.41 from Monday.
OPEC's basket price moved upwards for the seventh day of trading in a row. It has gained $12.91 since Dec 24 of last year.
The current spat between Russia and the Ukraine over natural gas, which has affected European gas supplies, contributed to rising oil prices, Vienna-based analysts JBC Energy said.
Arcelor-Mittal proposal for foreign investment among 13 cleared
By IANS,
New Delhi : A proposal from global steel-maker Arcelor-Mittal to set up a holding company in India for various projects was among 13 proposals on foreign direct investment worth Rs.15.27 billion ($380 million) cleared by Finance Minister P. Chidambaram.
According to an official statement Friday, the proposals had been earlier recommended by the Foreign Investment Promotion Board (FIPB).
US stocks fall amid economic worries
By Xinhua,
New York : The US stocks closed lower with Dow losing for a fifth consecutive session Tuesday as a gloomy economic outlook and worrying home sales added to investors' concern about recession.
The US Commerce Department reported Tuesday that the third-quarter gross domestic product (GDP) declined at an annual rate of 0.5 percent, the same as the government estimate one month ago. But investors are concerned that the readings for current and future quarters will get worse, with some projecting as much as a six-percent drop in the October-December quarter.
Bangladesh fears export trouble amid global financial meltdown
By DPA,
Dhaka : Businesses and policymakers in Bangladesh said Saturday they fear that the global financial crisis might cause a slump in the country's export earnings as its major export destinations are severely hit by the meltdown.
Businessmen said their buyers in Europe and the US have already started delaying new orders, and economists predict a higher fiscal deficit because of lower foreign capital inflow and external funding to the impoverished South Asian country.
MNCs keenly watching Vodaphone tax case in Mumbai court
By IANS,
London : Multinationals in the UK, and Europe in general, looking to invest in India, will keenly watch the Vodaphone tax case that comes up for a consecutive five-day hearing in a Mumbai court from Monday.
The Mumbai High Court is to decide whether Vodaphone owes the Indian government nearly £1 billion for its takeover of Hutchison Essar, one of the country's major mobile networks. Vodaphone bought a controlling stake in the last year and advisors to the UK group said no tax is owed to India as the deal was between two foreign companies.
Tata Motors gearing up for Nano rollout, Trinamool plays spoilsport
By Sirshendu Panth and Aparajita Gupta, IANS,
Singur (West Bengal) : Tata Motors is gearing up to roll out the world's cheapest car Nano from its factory here in October. It has roped in engineers from Pune to groom professionals in the plant, which is buzzing with activity. But West Bengal's resurgent opposition Trinamool Congress could play the spoilsport.
The company, India's largest, has also brought in around four-five of the Rs.100,000 ($2,500) Nano cars to the plant, a 40-km drive from Kolkata, for demonstration and training of local engineers, a Tata Motors spokesman told IANS.
States should monitor chit fund firms, says SEBI
Kolkata: Market regulator Securities and Exchange Board of India (SEBI) on Thursday said the state governments need to play a pivotal role to control...
Sensex opens firm, up 112 points in early trade
By IANS,
Mumbai : A benchmark index for Indian equities opened on a firm note Friday and was ruling 112 points higher, about 40 minutes into trade.
At 9.37 a.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,988.29 points, was ruling at 17,083.85 points, 112.15 points or 0.66 percent higher than its previous close at 16,971.7 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,115.35 points against the previous close at 5,080.25 points, a gain of 0.69 percent.
Obama urges Congress to approve economic package without delay
By KUNA,
WASHINGTON : In his first prime-time television address as US President, Barack Obama on Monday night urged all members of the US Congress to act without delay in the coming week to resolve their differences and pass the proposed 827-billion-dollar US economic package.
The most important part of the plan is that it will save or create up to 4 million jobs, "because that is what America needs most right now," the President said.
Food crisis may reverse improvements in Africa: Unicef
By DPA,
Tokyo : The United Nations Children Fund (Unicef) Wednesday warned that rising food prices in Africa would reverse some of the improvements the continent has made in decreasing child mortality and providing education to children.
News Corp strikes deal with Dow Jones
By DPA
New York : Rupert Murdoch's News Corp has reached a tentative deal to buy Dow Jones, the owner of the Wall Street Journal for $5 billion.
The deal was reached between Murdoch and Dow Jones CEO Richard Zannino but still must be approved by the Bancroft family, which controls 64 percent of Dow Jones voting stock, the Wall Street Journal reported.
Taiwan allows company to build stainless steel plant in China
By SPA
Taipei : Taiwan has given approval to the Formosa Plastics Group to build a stainless steel plant in China, dpa quoted newspaper reports as saying Saturday.
The China Times said the Economics Ministry approved Formosa Plastics' application to invest in the China plant on Friday. Taiwan still bans direct trade with China and firms must seek Taipei's
approval to invest.
Formosa Plastics plans to team up with the Fuxin Special Iron & Steel Co in Fujian Province, China, with Formosa Plastics and Fuxin each investing 100 million dollars.
GST, land acquisition laws needed to remove poverty: Jaitley
New Delhi : Reacting to a grim picture of rural India projected by the Socio-Economic and Caste Census 2011, Finance Minister Arun Jaitley...
Anil Ambani and my company have come together for mutual benefit: Amitabh
By Subhash K. Jha, IANS,
Mumbai : Bollywood icon Amitabh Bachchan's AB Corp has inked a Rs.15 billion ($375 million) deal with Anil Ambani's Reliance Big Entertainment for making films and serials. The Big B says this collaboration is the result of a synergy of their professions and that both will benefit from it.
"The synergy of both our professions brought it on. They are in the business of making content and we have been in the business of giving content its creativity. The two have now come together for mutual benefit," Amitabh told IANS in an interview.
Late selling pulls Sensex down 345 points
By IANS,
Mumbai : A benchmark index of Indian equities markets Friday plunged sharply in late selling, ending trade 345 points lower and touching a two-month low.
US trade team heads to India, eyes $150 bn nuclear pie
By Arun Kumar, IANS,
Washington : With the India-US civil nuclear deal in place, Washington is sending its largest ever nuclear trade mission to India with an eye on a major share in its projected $150 billion nuclear business.
Visiting India Dec 2-9, the team of commercial nuclear executives will be led by Jack Fuller, CEO of GE-Hitachi, a world-leading provider of advanced reactors, nuclear fuel and nuclear services.
It will also have senior executives from Westinghouse Electric Company, the other world leader in commercial reactors.
Bangalore air traffic to go sky-high soon
By Fakir Balaji, IANS
Bangalore : With the new international airport set to open March 30 in India's silicon city, domestic and foreign airlines are waiting in the wings to launch new services and increase frequencies from this southern hub to new and existing destinations both in India and abroad.
"We are getting a lot of enquiries from leading carriers operating in the domestic and international circuits," said Marcel Hunger Buehler, the chief executive for Bangalore International Airport Ltd.
No sign of US slowdown impacting Wipro’s growth
By IANS
Bangalore : Wipro Technologies' global IT services and products business is yet to feel the impact of slowdown in the US economy or the fallout of sub-prime crisis gripping global financial markets, a top company official said here Friday.
"We have not seen any impact on our business so far though a few segments such as application, development and maintenance are a cause for concern in terms of continuity," Wipro Chairman Azim H. Premji told reporters at a briefing on the company's performance in the third quarter (October-December) of fiscal 2007-08.
Winning bid lifts Tech Mahindra shares, Satyam up too
By IANS,
Mumbai : Shares of Tech Mahindra, the IT arm of automobile major Mahindra and Mahindra shot up over 12 percent Monday after Satyam's board announced it had emerged as the highest bidder to take over a strategic 31 percent stake in Satyam.
Tech Mahindra's bid would infuse Rs.1,756 crore ($351 million) into Satyam's equity base.
At the Bombay Stock Exchange, shares of Tech Mahindra soared 12.31 percent to close at Rs.359.45, after having risen almost 25 percent to touch an intra-day high of Rs.400.
Rubber body seeks government help for upgradation
By IANS
Kolkata : The All India Rubber Industries Association (AIRIA), the apex body of the sector, will seek central help for setting up a technological upgradation fund with an initial corpus of Rs.5 billion.
Investors desert Australian stocks on global cues
By IANS,
Sydney : Australian stocks lost ground Monday following the heavy selloff last week on Wall Street.
The benchmark ASX 200 gave up 155 points, or 3.3 percent, to close at 4,540. The rout took the index back to where it was in December 2005.
Shares fell across the board, with mining stocks hit hardest because the financial crisis is slowing economies around the world and crimping demand for raw materials.
A drop in commodity prices has had a knock-on effect on the Australian dollar, which on the cross rates has fallen to a two-year low of 75 US cents.
Intas Biopharma to market cancer drug
By IANS,
Ahmedabad : Ahmedabad-based Intas Biopharmaceuticals Ltd is set to market its lung cancer drug Gefitinib under brand name Geffy in the Indian market.
The new drug is a class of anti-cancer medications called epidermal growth factor receptor (EGFR) tyrosine kinase inhibitors. It works by blocking the action of a certain naturally occurring substance that may be needed to help cancer cells multiply.
Finnair to fly from Chennai, plans to add Bangalore
By IANS
Mumbai : Buoyed by success in Indian sectors, Finnair proposes to start flights from Chennai later this year.
"With the mobile phone giant Nokia setting up its manufacturing facility in Chennai, it is becoming an important destination for Finland," Sakari Romu, vice-president of Finnnair, told IANS here Sunday.
The flag carrier of the Nordic nation is also looking at Bangalore as a possible destination with growth in relations between India and Finnish software companies.
Key Indian market index breaches 19,000
Mumbai, (IANS) Taking barely four trading sessions to scale 1,000 points, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) touched an all-time high of 19,000 points during intra-day trading Monday.
This was the fastest jump of 1,000 points for the 30-share representative index. It was led by continuing buying interest from foreign institutional investors (FIIs), said analysts.
GAIL’s Q1 profit surges to Rs.6.85 billion
By IANS
New Delhi : The state-run Gas Authority of India Ltd. (GAIL) Friday posted a net profit of Rs.6.85 billion in the first quarter of 2007-08 as against Rs.5.92 billion last year, an increase of 16 percent.
The company's turnover increased to Rs.42.46 billion compared to Rs.40.78 billion in the first quarter of 2006-07, said a company statement.
Revenues from its petrochemicals business surged by 41 percent to Rs.7.78 billion during the first quarter from Rs.5.50 billion in the corresponding period last year.
New Delhi : The state-run Gas Authority of India Ltd. (GAIL) Friday posted a net profit of Rs.6.85 billion in the first quarter of 2007-08 as against Rs.5.92 billion last year, an increase of 16 percent.
The company's turnover increased to Rs.42.46 billion compared to Rs.40.78 billion in the first quarter of 2006-07, said a company statement.
Revenues from its petrochemicals business surged by 41 percent to Rs.7.78 billion during the first quarter from Rs.5.50 billion in the corresponding period last year.
IPCA gets green signal from US for blood pressure drug
By IANS,
Mumbai : Medical formulations production major Indian Pharmaceuticals Combine Association (IPCA) has received its first approval from US authorities for its blood pressure medicine.
Announcing this in a regulatory intimation Wednesday, the company said the US Food and Drugs Administration (USFDA) has given the go-ahead for the manufacturing of Propranolol Hydrochloride tablets.
The total annual sales of this drug, which is also popular among those affected with migraine, last year, touched $24.1 million.
Jordan, Morocco to regular flights
By NNN-Petra,
Amman : Jordan and Morocco have agreed to operate three weekly regular air flights between the two countries to facilitate movement and boost tourism between them.
Minister of Transport Alaa Batayneh also agreed during talks with his Moroccan counterpart Karim Ghallab Tuesday to open a maritime line between Casablanca and Aqaba to facilitate the flow of goods between the two countries.
Andrew Yule expects to report profit
By IANS
Kolkata : Riding a boom in the infrastructure sector, Kolkata-based state-run giant Andrew Yule & Co Ltd plans to spin off its electrical and engineering businesses and expects to report a profit this financial year.
Andrew Yule chairman and managing director Kallol Datta Wednesday said the company would form separate wholly owned subsidiaries - Yule Electrical Ltd and Yule Engineering Ltd - by 2009 to run the two businesses.
"We will look for joint venture partners to run the two businesses or may hive those off in future," he said.
Aavin’s toned milk to cost more
By IANS
Chennai : The state government has decided to increase the price of Tamil Nadu Cooperative Milk Producers' Federation's (Aavin) toned milk by Rs.2 per litre from Monday.
Consequently, the selling price of toned milk will go up to Rs.15.75 per litre.
The price increase follows a hike in the procurement price of buffalo milk by Rs.4 per litre and of cow milk by Rs.2 per litre.
The government has also toned down the procurement quality parameters along with the price revision.
Telecom tribunal defers spectrum decision March 12
By IANS
New Delhi : The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) Tuesday deferred till Mar 12 the decision to allocate radio frequencies or spectrum to telecom operators Idea Cellular and Spice Communications.
Both Idea and Spice had received letters of intent (LoIs) from the Department of Telecommunications (DoT) Jan 10.
"The additional solicitor general appearing for the government apprised the tribunal that in most circles there is adequate spectrum available for allocation, and therefore the petitioners should have no worry," said an industry source.
G7 ministers pledge to stimulate recovery of global economy
By DPA,
Rome : Finance ministers and central bankers from the Group of Seven (G7) most-industrialized nations ended talks Saturday with a pledge to re-establish confidence in the stricken global financial system and to stimulate a worldwide economic recovery.
A concluding statement after the gathering in Rome also renewed a commitment to avoid protectionist measures.
"An open system of global trade and investment is indispensable for global prosperity," the statement said.
Uttar Pradesh plans designer khadi malls
By IANS,
Lucknow : The state Khadi and Village Industries Commission (KVIC) plans to set up malls - designed and operated on the lines of upmarket shopping outlets - exclusively to promote designer khadi products across Uttar Pradesh, an official said here Tuesday.
"The reason behind setting up the malls is obvious: promoting and popularising khadi products as being trendy," KVIC state director R.S. Pandey told IANS.
Bangalore phobia will only hurt Western economies
By Sanjiv Kataria, IANS,
The Indian information and communication technology (ICT) industry and Indian software professionals have earned global kudos for exceptional technical prowess, meticulous software development skills and quality processes for over two decades.
Economy will grow at 7 percent, no job cuts: Chidambaram
By IANS,
New Delhi : The Indian economy would grow at 7 percent despite the global economic meltdown but this would not mean a reduction in existing job levels, Finance P. Chidambaram said Friday.
"The RBI (Reserve Bank of India) estimates that growth (in fiscal 2008-09) would be at 7 percent. I think it would be at 7.5 percent but definitely would not be lower than 7 percent," Chidambaram told reporters here.
Markets open weak, go into free fall
By IANS,
Mumbai : Indian equities markets opened weak Wednesday and slid deep into red half an hour into trading on reports that multilateral funding agency International Monetary Fund (IMF) considers India vulnerable to the global financial meltdown.
Half an hour into trading, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 11,029.03, down 666.21 points or 5.70 percent against its previous close at 11,695.24 points.
Talks on Iran-Pakistan-India gas pipeline project by month end
By NNN-PTI
Coimbatore : India and Pakistan are likely to resolve the contentious issue of transit fee for the India- Pakistan-Iran gas pipeline during the ministerial level talks by this month end or early next month, Petroleum Secretary M S Srinivasan said Saturday.
"All the major issues have been resolved. Only fixing of transit fee remains to be solved," Srinivasan told a press conference here.
Autorickshaws strike hits Mumbai hard
Mumbai: Over a million commuters, office-goers and students were hit badly as around 20,000 autorickshaws went off the roads Wednesday in Mumbai, Thane and...
Stone India at final bid stage for European firm
By IANS,
Kolkata : Stone India Ltd, a G.P. Goenka group-company, is in the "final bidding stage" of acquiring a European railway equipment maker, said a top company official here Monday.
"The European company we are targeting is privately held and its turnover is bigger than ours," managing director Amitava Mandal said at a press meet.
Stone India, which registered a turnover of Rs.920 million last fiscal, is a multi-product engineering company located in Kolkata, and has been serving the Indian railroad industry for over seven decades.
Environmental group calls for ‘green’ electronic products
By Xinhua,
Las Vegas : Environmental group Greenpeace has called for more efforts to produce "the greenest consumer electronic products".
Consumer electronic products have "a smaller environmental footprint than those sold a year ago" but the industry as a whole still has plenty of room for improvement, Greenpeace said in a new survey released Friday at the ongoing Consumer Electronic Show (CES) in Las Vegas, Nevada, which is the world's largest trade show for consumer technology.
Bolivia wants natural resources to be shared by all
By NNN0-PRENSA LATINA
La Paz : Defending the country's natural resources, a patrimony belonging to all Bolivians, is one of the key pragmatic axis of the Evo Morales government.
Morales, who spoke on Saturday at an event to commemorate 144th annivesary of Ancoraimes municipality, said the Constituent Assembly, established on August 6 last year in Sucre, must endorse the principle in the draft Constitution and must be submitted in two months.
He insisted that energy and mineral resources do not belong to a particular region of the counry.
Ghana to stage ‘money show’ for financial services sector in June
By NNN-GNA,
Accra : A forum that will bring together key industry stakeholders and provide a platform for the discussion and dissemination of crucial business information will be held at the Accra International Conference Centre from June 20 to 22, 2007.
Dubbed the “Money Show�, it targets Ghana’s fast growing banking, insurance and financial services sector, according to a statement issued in Accra Monday by the organizers, EXPO Promotions.
Market regulator grills Raju brothers in jail
By IANS,
Hyderabad : India's market regulator Wednesday grilled Satyam Computer Services founder B. Ramalinga Raju and his brother B. Rama Raju in Chanchalguda Central Jail here over the Rs.70-billion (Rs.7,000-crore/$1.43-billion) accounting fraud in the company.
A three-member team of the Securities and Exchange Board of India (SEBI), led by general manager and investigating authority Sunil Kumar, left the prison in the evening after the first day's questioning of the Raju brothers.
The team entered the jail around 10 a.m.
iPhone 4S launched in India starting Rs.44,500
By IANS,
New Delhi : TheApple iPhone 4S was Friday launched in the Indian market by leading telecom operators Bharti Airtel and Aircel at a starting price of Rs.44,500 for the 16-GB model.
CII signs pact with Mexican business council
By IANS
New Delhi : Ahead of Mexican President Felipe Calderon Hinojosa's visit here, the Confederation of Indian Industry (CII) has signed a pact with an industry lobby of the Latin American country to push bilateral trade and investment ties.
The memorandum of understanding with the Mexican Business Council for Foreign Trade, Investment and Technology aims to strengthen the growing business ties between the two major emerging economies, a CII statement said.
Rail passenger fares up 14.2 percent
New Delhi : The government Friday raised the railway passenger fares by 14.2 percent in all classes and freight charge by 6.5 percent.
The new...
London auctions prove that art is now for the super-rich
By Anna Tomforde, DPA,
London : If proof were needed that the international art market has become a playground for the super-rich, it was delivered by record-breaking auctions in London this week.
Just over 40 million pounds ($80 million) for a Monet water lily painting, a record-smashing 15 million pounds for Italian futurist Gino Severini, four million for a Henry Moore sculpture and 5.5 million for a work by fashionable Russian modernist Natalia.
Goncharova were among the highlights of the annual impressionist and modern art auctions at Christie's and Sotheby's.
Brandhouse announces joint venture with Italy’s Oviesse
By IANS,
New Delhi : Textile major Brandhouse Retails has signed a joint venture agreement with Italy's leading apparel brand Oviesse to open 190 stores in India at an investment of Rs.1.61 billion (Rs.161 crore) over a period of five years, it was announced Tuesday.
Brandhouse will hold 62.5 percent stake in the joint venture, while Oviesse will own the balance 37.5 percent. Oviesse is part of Gruppo Coin, which manages high fashion department stores in Italy under the brand name COIN.
The store rollout is expected to commence later this year.
Sensex closes lower, oil companies gain
By IANS,
Mumbai : A benchmark index for Indian equities Friday closed 153 points lower, even as state-run oil companies gained after the government announced the deregulation of fuel prices.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,705.11 points, closed at 17,576.74 points, 153.5 points or 0.87 percent down from its previous close at 17,730.24 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop at 5,266.7 points, down 1.01 percent from its previous close at 5,320.6 points.
Emirates NBD bank net up 13 percent
By IANS,
Dubai : Emirates NBD, one of the largest banking groups in the Middle East, has posted net profits of 1.02 billion dirhams ($277.4 million) in the third quarter of 2008.
The figure marked 13 percent rise from the corresponding period last year, according to an Emirates NBD statement released Wednesday.
During the period ending Sep 30, the company's total income rose 1,985 million dirhams ($540.4 million), a rise of 18 percent from the third quarter of 2007.
Mittal reaffirms commitment to Orissa steel project
By IANS
Bhubaneswar : London-based global steel magnate Lakshmi N. Mittal Thursday reaffirmed his commitment to set up a 12 million tonne steel project in Orissa during his whirlwind visit of the state.
"We have made a detailed review of the proposed project and satisfied over the progress," Mittal told mediapersons after holding discussion with Chief Minister Naveen Patnaik at the state Secretariat for about two hours.
Indian equities end lower on weak Asian cues
By IANS
Mumbai : Indian equities faced the brunt of weak Asian and European markets Wednesday, resulting in a lower ending, with consumer durables, metals, information technology and auto stocks coming under selling pressures.
The 30-share sensitive (Sensex) of the Bombay Stock Exchange, ended at 18,139.49 points, down 523.67 points, or 2.81 percent, after hitting a high of 18,274.15 in mid-morning trades.
Even at the day's high, the key index scaled was down 389.01 points, while at a low of 17,936.01 in the initial trades, it was down as much as 727.15 points.
ICICI financial position sound: KV Kamath
Mumbai, Sep 30 (IANS) India's largest private sector lender ICICI Bank Tuesday denied its financial position was weak.
"These rumours are baseless and malicious. We have a strong capital position with net profit of over $10 billion and total assets over $105 billion," according to ICICI Bank CEO and managing director K.V. Kamath.
ICICI Bank UK Plc, the wholly-owned subsidiary of the bank, has zero exposure to US sub-prime credit crisis and zero non-performing loans, Kamath said in a statement.
Railways not to ferry grains for private contractors
By IANS,
New Delhi : Goods trains will not ferry food grains for private contractors to foil any bid for hoarding them, Railway Minister Lalu Prasad told the Lok Sabha Thursday.
"Except the food grains meant for the Food Corporation of India (FCI) or the state food corporations, the railways will not ferry the grains of private contractors," Prasad said amid thumping of benches from the ruling members.
The food grains procured by the FCI are distributed through the public distribution outlets at highly subsidised rates. FCI is a central government agency.
Emerging East Asian economy to maintain strong growth — ADB
TOKYO, Dec 13 (KUNA) -- Economic growth in emerging East Asia will slow to 8.0 percent in 2008 from 8.5 percent this year as expansion in key industrialized nations moderates amid volatility in financial markets and rising oil prices, the Asian Development Bank (ADB) said Thursday.
"Even though growth slows in emerging East Asia, inflation is rearing its head in many economies and that price pressures are likely to remain in 2008," the Manila-based bank said in its latest Asia Economic Monitor report.
Tata AIG set to open 120 branches across India
By IANS
Kolkata : Eyeing the huge insurance market, Tata AIG Life is set to open 120 new branches in India by the end of 2007. This will increase company's distribution network to 200 branches across 102 locations in India.
Canada looks for Indian investment in oil sands
By IANS,
New Delhi : The global economic downturn has affected the development of oil sands in Canada, according to a Canadian minister who said the country was looking for Indian investment in the energy sector.
Canada has one of the highest reserves of crude in the world and most of the oil sands, which are in the western Canadian province of Alberta, have a proven reserve of 173 billion barrels - the highest after Saudi Arabia.
Ranbaxy to launch anti-diabetic drug Actos by 2012
By IANS,
Mumbai : Pharma major Ranbaxy Laboratories Friday said it will launch anti-diabetic drug Actos in the US by 2012.
Ranbaxy, majority owned by Japan's Daiichi Sankyo, said it has settled litigation with the country's Takeda Pharmaceutical over a generic equivalent version of the medicine and received a non-exclusive royalty free licence for its US patents covering Actos.
Sensex slips from day’s high, still ends 276 points up
By IANS,
Mumbai : A key index of the Indian equities markets closed lower than the day's highs Friday, shutting shop 276 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,425.86 points, ended at 15,674.88 points (provisional), up 276.55 points or 1.8 percent.
It had closed Thursday at 15,398.33 points.
The broader-based Nifty of the National Stock Exchange (NSE) followed the Sensex to end at 4,679.2 points, up 1.86 percent.
Airtel looking at expanding to other SAARC countries
By IANS,
New Delhi: Leading mobile service provider Bharti Airtel Wednesday said it was looking at expanding its base in various SAARC (South Asian Association for Regional Cooperation) countries and would start with Bangladesh.
"We have always expressed our interest to expand in the SAARC region. We have been interested in Bangladesh and other SAARC countries," Akhil Gupta, the deputy group chief executive officer of the Bharti Enterprises, told reporters here.
The SAARC includes eight countries -- India, Bangladesh, Pakistan, Sri Lanka, Afghanistan, Nepal, Bhutan and Maldives.
Reliance Power demands stock market inquiry
By IANS
Mumbai : Reliance Power Ltd (RPL), promoted by the Reliance Anil Dhirubhai Ambani Group (RADAG), has sought an inquiry by the markets regulator into the factors that resulted in a steep decline in the company's stock prices on its debut Feb 11.
In a communiqué Monday to the Bombay Stock Exchange (BSE), RPL said the slide was compounded by "a vicious and orchestrated campaign of market manipulation and market abuse, unleashed by unscrupulous rival corporate interests, to hammer down all RADAG stocks".
Markets open in the green
By IANS,
Mumbai : Indian equities markets opened in the green Tuesday, with a key index trading about 123.45 points or 1.29 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,633.21 points, higher than its 9,568.14 point close Monday. About 10 minutes into trade, it was at 9,691.59 points, 1.29 percent or 123.45 points above its previous close.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,016.6 points, 1.29 percent higher than its last close of 2,978.15.
Tax raids on Uflex, Himachal Futuristic called off
By Arvind PadmanabhanIANSNew Delhi : Tax authorities Friday called off the raids on the premises of Uflex and Himachal Futuristic Communication as soon as...
‘India’s energy sector needs $150-billion investment’
By IANS
New Delhi : India's energy sector requires investment to the tune of $120-150 billion over the next five years to build increased capabilities and upgrade technology, says an industry report.
The sector can realise its full potential only when developmental strategies are built on a sound public-private partnership model, said the report entitled "India Energy Inc - Emerging Opportunities and Challenges" brought out jointly by the Confederation of Indian Industry (CII) and KPMG, a global consulting firm.
‘Avoid snowbound highway from November’
By IANS,
Shimla : Motorists have been advised not to travel on the highway that connects tourist destinations Manali and Leh after Oct 31, an official said Wednesday.
The 475-km Manali-Leh highway passes through Himachal Pradesh and Jammu and Kashmir.
"A brief spell of snowfall could close Rohtang and Baralacha passes any time by the end of this month. We (BRO) would not be in a position to carry out snow-clearance operation and evacuation of the people in case of any accident after Oct 31," BRO Chief Engineer Brig J.K. Narang told IANS.
Markets open in the green
By IANS,
Mumbai : Indian equities markets opened in the green Monday, with a key index ruling 0.19 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,793.89 points, higher than its 8,756.61 point close Friday. About 15 minutes into trade, it was at 8,772.70 points, 0.19 percent or 16.38 points higher than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,723.25 points, 0.15 percent up from its last close of 2,719.25.
India’s economic growth dips to 7.9 percent
By IANS,
New Delhi : India's economic growth slipped to 7.9 percent during the first quarter of this fiscal from 9.2 percent for the like period of the previous year amid industry's concerns over the impact of central bank's tight monetary policy.
The growth during the first quarter was the lowest in three-and-a-half years and much below the 8.8 percent expansion registered in the previous quarter, showed data released by the Central Statistical Organisation (CSO) Friday.
Sensex slips further, energy, banking scrips under presssure
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday was ruling 106 points lower in noon trade, slipping further from its morning lows, with energy, banking and metal stocks coming under selling pressure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,623.66 points, was ruling at 17,508.44 points, 106.14 points or 0.6 percent down from its previous close at 17,614.48 points.
India woos Qatar for investment in infrastructure
By IANS,
Doha : India is looking at investment opportunities in Qatar's financial centres and special economic zones (SEZs) even as it opens up its infrastructure sector for investment from this gas-rich Gulf nation.
"In this period of global turmoil, I feel that the complementarities between our two economies provide an opportunity for counter-cyclical strategies for growth in both the countries," Prime Minister Manmohan Singh said in an interview to the Qatar Tribune newspaper published Monday.
‘Kingfisher Airlines asked to pay Rs.60 crore service tax’
By IANS,
New Delhi : Cash-strapped Kingfisher Airlines has been asked to pay Rs.60 crore which it owes as service tax, a senior fianance ministry official said Wednesday.
Market gives thumbs up to UPA government, gains 640 points
By IANS,
Mumbai : Despite some losses on profit booking during the last two days of the week, the Indian equities market closed Friday posting its third consecutive weekly gain on the back of the Congress-led United Progressive Alliance (UPA) victory in the trust vote Tuesday.
The stock market gave a thumbs up to the Manmohan Singh government by registering Wednesday its biggest single day gain of the year.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, gained 639.54 points or 4.69 percent to move to 14,274.94 popints in the week ended Friday.
Boeing, SpiceJet ink $4.4 bn deal
Hyderabad : Boeing and SpiceJet Wednesday signed $4.4 billion (Rs.26,000 crore) deal for 42 aircraft.
The mega deal was signed at the inauguration of India...
Prime minister announces major projects in Arunachal
By Syed Zarir Hussain, IANS
Itanagar : Prime Minister Manmohan Singh Thursday announced a Rs.11 billion development package for Arunachal Pradesh, including Rs.5.5 billion for taking electricity to villages along the Indo-China border.
Addressing a rally attended by about 20,000 people at the Indira Gandhi park in the state capital here, Manmohan Singh said the central government would provide Arunachal Pradesh with Rs.5 billion to build flood protection infrastructure.
Sri Lankan biscuit maker withdraws product, melamine reported
By IANS,
Colombo : A leading biscuit producing company in Sri Lanka has decided "to temporarily withdraw Munchee Lemon Puff biscuits from the market", a couple of days after the Switzerland Health Ministry claimed that it has traced melamine in it.
The Ceylon Biscuits Limited, which has been producing a variety of biscuits for the past 40 years and covering over 40 overseas markets including India, said in a news release that the temporary decision was taken as part of its "action to eliminate doubts regarding the product in the interest of consumers".
EU seeks to boost film cooperation with India
By EuAsiaNews,
Brussels : India is among a group of countries with which the European Union (EU) would like to expand cooperation in the film industry.
The market share of EU films in third countries across the world is only between 2 and 5 percent. As a comparison, the market share of American films in the EU accounts for 63.6 percent, Martin Selmayr, European Commission (EC) spokesperson for information society and media told a news conference here Tuesday.
He noted that the film market share of other third countries, besides the US, in the EU at the moment is 3.3 percent.
Malaysian Indian enterprises need 100,000 foreign workers
By IANS,
Kuala Lumpur : Projecting a requirement of 100,000 foreign workers, a Malaysian Indian trade body wants a dialogue with Prime Minister Najib Tun Razak over the prevailing shortage of foreign labour in the country.
Malaysian Associated Indian Chamber of Commerce of Industry (Maicci) president K.K. Eswaran said various trade associations had sought the chamber's help to resolve their labour shortage.
"We have compiled a memorandum detailing the needs of the various associations to present to Najib," Eswaran said.
Sensex ends above 17,000-mark
By IANS,
Mumbai : A late rally by banking and energy stocks Friday helped a benchmark index close above the 17,000-mark, up 1.47 percent, after languishing in the negative terrain for most part of the day.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) -- which opened at 16,772.75 points against Thursday's close at 16,785.65 points -- shut shop at 17,032.25 points (provisional), closing 246.6 points or 1.47 percent higher.
Sensex holds firm in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities markets continued to hold on to early gains and was ruling about 198 points in afternoon trade Wednesday.
Bank of Baroda increasing focus on non-Indians abroad
By Aroonim Bhuyan, IANS,
Dubai : Bank of Baroda (BoB), the Indian public sector bank with the largest international presence, is now focusing on non-Indian customers even as it plans to open 10 overseas branches in 2008-09.
The bank, which has 72 offices in 25 countries, is planning forays in even those parts of the world where the expatriate Indian population is not dominant.
Boeing in $1 bn manufacturing pact with India’s HAL
By IANS
New Delhi : US aerospace major Boeing has upped the ante for aircraft sales to the Indian armed forces by inking a $1 billion pact with state-owned Hindustan Aeronautics Limited (HAL) to bring new manufacturing work here over the next decade.
Under the pact signed here Thursday, Boeing and HAL will explore opportunities to shift work packages to India with an initial value of $10-$20 million per annum and increase this as business prospects develop, top officials of the two companies separately said.
No hike in tariff: MTNL
By IANS,
New Delhi : State-owned Mahanagar Telephone Nigam Ltd (MTNL) Wednesday said it will not raise its call rates even though leading telecom operators hiked their tariffs last week.
Climate change may reduce South Asia GDP 4-5 percent: World Bank
By Joydeep Gupta, IANS,
New Delhi : A global warming of two degrees Celsius -- the minimum the world is likely to experience -- could result in permanent GDP reductions of four-five percent for South Asia, warns a new World Bank report.
But if developed countries act now, a 'climate-smart' world is feasible, and the costs for getting there will be high but still manageable, says the report, adding that high-income countries also need to act quickly to reduce their carbon footprints and boost development of alternative energy sources to help tackle the problem of climate change.
Electrotherm to make batteries for electric vehicles in India
Ahmedabad(IANS) : India's first Lithium ion polymer batteries will be manufactured in Gujarat. City-based Electrotherm (India) Ltd has inked a memorandum of understanding with Canadian firm Electrovaya to form a joint venture for this purpose.
The joint venture (JV) will set up an advanced Lithium super polymer battery plant with a capacity of up to 10 MW hours a month. The batteries will be sold in the zero-emission electric vehicle market in India and overseas.
Jet Airways to launch Mumbai-Riyadh flight Aug 6
By IANS,
Mumbai: Private carrier Jet Airways will launch flight from Mumbai to Saudi Arabian capital Riyadh from Aug 6, the airline said Wednesday.
"The airline will launch four services a week on the Mumbai-Riyadh sector - on Mondays, Tuesdays, Thursdays and Saturdays," Jet said in a statement.
Riyadh will be Jet's second destination in Saudi Arabia as it has already launched services to Jeddah. Jet flies to six other cities in the Gulf.
The airline would fly the state-of-the-art Boeing 737-800 aircraft on the Mumbai-Riyadh route.
Norwegian fund excludes Vedanta on ethical grounds
By IANS
New Delhi : Citing ethical reasons, Norway has directed its government pension fund to sell shares of metals and minerals major Vedanta Resources Plc, owned by an Indian-born, and not to invest in it further.
The ministry has also decided to exclude Vedanta's two listed subsidiaries, Sterlite Industries Ltd and Madras Aluminium Co, from the investment universe.
Industrial production growth slowed to three percent in March
By IANS,
New Delhi : India's industrial production growth slowed to just three percent in March 2008, compared to a 14.8 percent growth in March 2007, according to government data released here Monday.
The Central Statistical Organisation (CSO) released the index for industrial production (IIP) for the month of March 2008, and for the period April-March 2007-08, depicting a major slowdown in industrial production growth.
As per the CSO data, the overall industrial production growth in fiscal 2007-08 was 8.1 percent, compared to an 11.6 percent growth in 2006-07.
Highlights of developments in Indian economy
By IANS,
New Delhi : Some key developments in the Indian economy in 2010:
-GDP up 8.6 percent, 8.8 percent and 8.9 percent in first three quarters
Ford upbeat about Indian market, says expansion plans on track
By IANS,
Chennai : The Indian arm of the US automobile giant Ford Motor Co. has said the financial problems faced by the parent company have not eroded Ford's brand equity in the country, and its $500-million expansion plans are on track.
"We haven't heard any prospective car buyer in India saying no to a Ford car just because the parent company is facing some financial problems," Ford India executive director (marketing, sales and service) Nigel E. Wark told IANS.
युवाओं में निराशा और हताशा बढ़ा रही है बेरोजगारी, दलित-मुस्लिम बहुल गांव से ग्राउंड...
आस मोहम्मद कैफ़
मोदी सरकार के कार्यकाल के दौरान बेरोज़गारी एक गंभीर समस्या बनकर उभरी है। बेरोज़गारी की इस समस्या का ग्रामीण भारत पर क्या...
Anil Ambani group seeks to join NTPC-Reliance Industries row
By IANS,
New Delhi : The Anil Ambani group Monday moved the Supreme Court, seeking to intervene in the dispute between state-run power utility NTPC and the Mukesh Ambani-led Reliance Industries over natural gas supplies from the Krishna-Godavari basin.
The petition said both Reliance Natural Resources of the Anil Ambani group and NTPC have common issues in their disputes with Reliance Industries over supplies of natural gas from the said fields at $2.34 per unit for a period of 17 years.
Tata Consultancy, government pact on new passport service
By IANS,
New Delhi : A new passport in three days - that's the dream being peddled by the external affairs ministry and software giant Tata Consultancy Services as they Monday announced a major passport services initiative in the country.
TCS and the government Monday signed the master services agreement for the Passport Seva project, perhaps the largest ever e-governance project valued at Rs.1 billion.
Russia must develop ways to influence world oil prices: Putin
By RIA Novosti,
Moscow : Russian Prime Minister Vladimir Putin has said Moscow must develop a set of measures to influence world oil prices.
"As a major exporter and producer of crude and oil products, Russia cannot remain on the sidelines with regard to the formulation of world pricing for crude," Putin said Monday while meeting heads of Russia's top oil companies to discuss crude export duty cuts amid the ongoing global financial crisis.
"We must develop an entire range of measures that would allow us to actively influence the market situation," Putin said.
Tata Motors to offer complete vehicles for civic bodies
By IANS,
Mumbai : After the Nano small car, Tata Motors has launched a complete range of ready-to-use municipal application vehicles catering to various civic services, the company announced here Monday.
The fully-built vehicles would cater to requirements relating to areas such as health and sanitation, solid waste collection and transportation, town maintenance and water supplies -- basic functions of any civic body from the village level to giants like Mumbai's municipal corporation.
Maharashtra, Delhi have largest number of inactive companies
By IANS,
New Delhi : Maharashtra, Delhi and Andhra Pradesh topped a list of states that are home to inactive companies, according to data available with the corporate affairs ministry.
Maharashtra, home to the country's commercial capital Mumbai, has 48,419 defunct companies. Delhi has 39,831 such firms, while Andhra Pradesh has 26,414.
Tamil Nadu (24,110), Gujarat (15,942) and Karnataka (10,954) are next on the list of inactive companies as per information with the registers of the government, Corporate Affairs Minister Salman Khurshid told the Lok Sabha.
India and China new pharma R&D hubs: study
By IANS,
New York : India and China are the new pharmaceutical research and development (R&D) hubs, with India having an edge in the race, a industry study released Wednesday said.
It said India was more mature in chemistry and drug-discovery activities than China. Chinese firms were more prevalent in less lucrative segments such as pre-clinical testing, animal experimentation and manufacturing.
ONGC subsidiary to acquire UK firm for $1.4 bn
By IANS,
New Delhi : ONGC Videsh Ltd (OVL), the overseas arm of India's state-owned oil and gas exploration company Oil and Natural Gas Corp, Tuesday signed a pact with UK's Imperial Energy to acquire the London stock exchange-listed firm.
The board of Imperial Energy, a FTSE 250 oil and exploration company, has approved the recommended pre-conditional cash offers for the entire issued and to-be-issued ordinary share capital and outstanding convertible bonds, valued at 1.4 billion pounds ($2.5 billion or Rs.100 billion).
Russia builds reconnaissance ship for India
By RIA Novosti
Moscow : A research ship for India's Oil & Natural Gas Corporation (ONGC), built at the Amur Shipyard in Komsomolsk-on-Amur, has been floated off in the Russian far east.
The ship can conduct seismic reconnaissance and locate oil and gas deposits at a depth of up to 4,000 metres.
Amur Shipyard managers said the ship, with a length of 94 metres and a 19-metre beam, had been built to a Norwegian design.
The ship, undergoing sea trials in the Primorye (Maritime) territory, will be delivered to India this year.
Qatar Airways to join Oneworld alliance
By IANS,
New Delhi : Doha-based Qatar Airways was Tuesday invited to join the Oneworld Group.
World Bank to provide Rs.1,000 crore loan to West Bengal
By IANS,
Kolkata: The World Bank will provide a soft loan of Rs.1,000 crore to the West Bengal government for strengthening the state's panchayat system.
A memorandum of understanding in this regard was signed by the representatives of the central government, state government and the World Bank at the state secretariat here Thursday.
The panchayat and rural development department will avail the funds under a project called "Institutional Strengthening of Gram Panchayats".
Mamata to lay siege at Dunlop factory in West Bengal
By IANS,
Sahaganj (West Bengal) : Trinamool Congress chief Mamata Banerjee Wednesday said that her party would lay an indefinite siege in front of Dunlop India's factory here, demanding immediate reopening of the tyre manufacturing facility in Hooghly district.
"We demand the factory be reopened immediately through a tripartite agreement among the state government, factory owner and the factory workers," Banerjee told a public gathering here, about 50 km from capital Kolkata.
Basmati exports to Saudi Arabia set to rise
By IANS
Ahmedabad : India's exports of basmati rice to Saudi Arabia are set to rise substantially this year following the kingdom's decision to cut import duty on the commodity.
Saudi Arabia is the largest importer of Indian basmati rice. Of India's total export of 1.1 million tonnes of basmati rice, Saudi Arabia alone accounts for 50 percent, an official of Agricultural and Processed Food Products Export Development Authority (APEDA) told IANS Tuesday.
Emaar MGF, Leighton join hands for $ 2.5 billion projects
By IANS
New Delhi : Emaar MGF, one of India's leading real estate firms Monday announced its joint venture (JV) with Australian construction major Leighton Asia Southern for developing projects worth $2.5 billion in India.
State Bank of India opens branch in Chinese city
By IANS,
Beijing : State Bank of India (SBI), the largest commercial bank in India, has opened its second branch in China to cater to the growing trade between the two countries.
Brazil auto industry to invest $11.2 bn by 2012
By IANS/EFE,
Sao Paulo : The Brazilian automotive industry will invest $11.2 billion during the three-year period between 2010 and 2012, an amount that tops the $8.1 billion of the three preceding years, local media said.
The new president of Brazil's National Automotive Vehicles Association, or Anfavea, Cledorvino Bellini, said Saturday in a statement on the Internet portal Valor Online that the amount "means that business owners believe in this country and in its automotive industry".
Indian Oil, National Aluminium to fund nuclear projects
By IANS,
New Delhi : With private companies barred from the country's atomic energy generation industry, the state-run Nuclear Power Corp is signing pacts with two other government firms to fund its new projects, a top company official said Friday.
"We are going in for public partnership. We will sign a memorandum of understanding with Indian Oil Corp and Nalco (National Aluminium Corp)," said Nuclear Power Corp chairman and managing director S.K. Jain.
Indian government exits Maruti car venture with Suzuki
By IANS
New Delhi : The Indian government Thursday approved the sale of its residual stake of 10.27 percent in the country's largest carmaker Maruti Udyog Ltd. (MUL) in which Japanese carmaker Suzuki Motor Co. has a majority stake.
India’s budget: NRIs wake up and smell the coffee
By Kul Bhushan, IANS,
India's budget yet again demonstrates to NRIs that investing in their homeland is probably the best option right now. The West is still struggling to climb out of one of its deepest recessions and provides low returns, while India's growth story promises healthy returns. Surely, it's time to wake up and smell the Indian coffee.
Vedanta’s new buy shows India Inc’s growing reach: WSJ
By IANS,
New York : Vedanta Resources' purchase of the bankrupt US copper miner Asarco for $2.6 billion in cash has highlighted the growing global clout of companies from emerging markets like India, the Wall Street Journal (WSJ) has said.
The deal announced Saturday by Sterlite Industries, a unit of Vedanta, is the latest in a string of foreign deals by Indian companies, the business daily said in a story headlined "Copper deal in US shows Indian firms' growing reach".
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.
Business dries up for Orissa’s dry fish producers
By Hemant Kumar Rout, IANS
Bhubaneswar : Thousands of fishermen in Orissa who once had a flourishing business in dry fish - considered a delicacy in some parts of India - have now fallen upon bad times.
For around 30 years more than 100,000 people from around 50,000 families in the five districts of Balasore, Bhadrak, Jajpur, Jagatsinghpur and Kendrapara were involved in the dry fish business.
EU investments in Canada rise sharply
By KUNA,
Brussels : European Union exports of goods to Canada grew from 21.1 billion euro to 25.9 bn, while imports from Canada to the EU rose from 19.0 bn to 23.3 bn between 2000 and 2007. As a result the EU surplus in trade with Canada increased slightly from 2.1 bn in 2000 to 2.6 bn in 2007. Canada accounted for 2.1 percent of EU exports and 1.6 percent of EU imports, and was the EU's eleventh most important trading partner.
US stocks back in positive territory
By DPA,
New York : All three major US stock indices ended Friday in positive territory on increased commodity demand and improving consumer sentiment.
Two measures of US manufacturing and consumer confidence in April surprised analysts by jumping to the highest levels since the credit crisis exploded in September, Bloomberg financial news reported.
Ranbaxy shares fall again on US probe fears
By IANS,
New Delhi/Mumbai : Top Indian drug maker Ranbaxy Laboratories and Japan's Daiichi Sankyo Thursday once again said their consolidation deal struck last month was "binding and final" but the company's scrip fell 4.40 percent on the Bombay Stock Exchange (BSE) on fears of US probe into quality of Ranbaxy drugs.
The two companies said the agreement struck by Daiichi Sankyo to buy the entire stake of Ranbaxy's promoters, Malvinder Mohan Singh and family, in the Indian company was binding despite the intense media speculation over the past few days.
Satyam to build software development centre in Australia
By Neena Bhandari, IANS,
Sydney : India's IT major Satyam Computer Services will build a new software development and training campus, creating 2,000 jobs, in the cosmopolitan town of Geelong in Australia's Victoria state.
Speaking at the future site of the development at Deakin University's Geelong campus Monday, Satyam founder and chairman Ramalinga Raju said: "We are delighted to be able to announce Geelong as the location of the new Satyam Technology and Learning Centre and we look forward to cultivating new friendships with Victoria and Australia."
India’s forex reserves rise by $673.4 mn
By IANS,
Mumbai : India's foreign exchange reserves increased by $673.4 million to $293.93 billion for the week ended Jan 27, Reserve Bank of India data showed.
Tata Motors hikes prices of its vehicles
By IANS,
Kolkata : Global auto major Tata Motors Friday increased prices of some of its vehicles due to increase in input costs, a company statement said here.
60 years after 1948 war, India-Pakistan on trade highway to peace
By Muhammad Najeeb, F. Ahmed and Binoo Joshi, IANS,
Muzaffarabad/Salamabad/Rangar : Bridging a six-decade divide, India and Pakistan Tuesday moved ahead on the road to peace as the first trade convoys trundled across the Line of Control (LoC) that separates the two Kashmirs to the sound of drumbeats and loud cheers.
As cross-LoC trade on the Srinagar-Muzaffarabad and Poonch-Rawlakote routes began for the first time since 1948, when commercial ties snapped following the India-Pakistan war a year after the bloody partition of the subcontinent, excitement ran high on both sides.
Britain denies mulling the Zimbabwe solution for economy
By IANS,
London : The British government Thursday denied reports it was considering printing more money to kick start credit, amid speculation that interests rates were set to fall to a three-century-low.
The Bank of England's Monetary Policy Committee was Thursday expected to reduce the base rate of interest by at least 0.5 percent, which would bring it down to 1.5 percent - the lowest rate since the Bank of England was founded in 1694.
In the bank's 315-year history, interest rates have never fallen below two percent.
Tripura power projects capacity to be augmented
Agartala : The generation capacity of three power plants in Tripura will be augmented by 62 MW without increasing fuel consumption, an official said...
Investment-friendly budget to spur real estate growth
By Vinod Behl,
The 2014-15 budget is both positive and promising that focuses on reviving the sentiment of property buyers and investors and promoting investment with a view to give fillip to construction and housing sector, a significant contributor to GDP.
US stocks rally as GMAC gets financing
By Xinhua,
New York : Wall Street staged a big leap Tuesday after the US government announced a $6 billion bailout-package for General Motors' financing arm GMAC.
As per the agreement, the US Treasury will purchase a $5 billion stake in GMAC and lend $1 billion to General Motors. Investors felt further alleviated after the government made additional effort to keep the largest US automaker out of bankruptcy.
‘Increasing negative growth in manufacture sector alarming’
By IANS,
New Delhi : Even though almost half of the manufacturing sectors are in the excellent growth and high growth category, the sectors reporting negative growth have increased due to high input costs, said a survey by an industry body.
The survey carried out by the Confederation of Indian Industry (CII), said the increase in the interest rates was likely to impact the overall manufacturing growth.
Out of a total of 100 sectors reporting production, seven sectors reported excellent growth rate of more than 20 percent and 40 sectors recorded high growth rate of 10-20 percent.
Sujana Towers to issue global bonds
By IANS
Mumbai : Sujana Towers Ltd, which makes galvanised steel towers for power and telecom industries, informed the Bombay Stock Exchange that its board would meet to consider and approve a proposal to issue global bonds.
These would include foreign currency convertible bonds, global depositary receipts and American depository receipts. The company's board will meet Feb 23.
‘OPEC ready to pump more oil to keep market stable’
By IANS
Abu Dhabi : The Organisation of the Petroleum Exporting Countries (OPEC) would take every necessary measure to maintain market stability, including pumping more oil, OPEC member United Arab Emirates' energy minister said Thursday.
Mohammed bin Dhaen Al Hamli made the comments before travelling to Vienna for the extraordinary OPEC meeting that will open Friday, WAM news agency reported.
He said world oil prices might remain volatile due to the current state of the global economy that has been exacerbated by the sub-prime mortgage crisis in the US.
New mobile phone service in UAE targets expat labour force
By IANS,
Dubai : A new mobile phone service especially targeting primarily the large expatriate labour force of Indians and other Asians in the United Arab Emirates (UAE) has been launched here.
The Permanent Committee of Labour Affairs in Dubai and leading UAE telecom service provider Du have announced the launch of 'alo', a unique 'pay as you go' mobile service, specially developed for the large expatriate labour workforce in the UAE.
India set to grow by 8.8 percent in 2010, predicts IMF
By Arun Kumar, IANS,
Washington : Predicting an 8.8 percent growth for India this year, the International Monetary Fund (IMF) says strong domestic demand will support the recovery in both India and China as the total world output goes up by 4.2 percent.
In projecting India's growth of 8.8 percent in 2010, 3.1 percentage points more than the 5.7 percent growth in 2009, and 8.4 percent in 2011, the IMF has in the April 2010 World Economic Outlook (WEO) raised its own estimates in January by 1.1 points for 2010 and 0.6 points for 2011.
India slips in global peace index to 129th position
By IANS,
Sydney : India has slipped seven notches to 129th position among the 149 countries in this year's Global Peace Index compiled by leading think-tanks, although it fares better than Pakistan at 145th position and the 133rd-ranked Sri Lanka.
The index, created jointly by the Australia-based Institute for Economics and Peace and the Economic Intelligence Unit, places the country's other immediate neighbours in a relatively better position - 87th for Bangladesh, 82nd for Nepal and 36th for Bhutan.
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