ADB to help make Himachal Pradesh ‘hydropower state’
By Xinhua,
Manila : The Asian Development Bank (ADB) will provide India with a loan of $800 million to make Himachal Pradesh the country's "hydropower state", the lender said Thursday.
The eight-year loan package will help finance the construction of several run-of-river hydropower generating plants that will bring in combined capacity of 808 MW for the small mountainous state, ADB said in a statement.
Recession-hit IT sector seeks extension of fiscal benefits
By IANS,
Bangalore: Battered by the global meltdown, the Indian IT industry is looking up to the new government for extension of fiscal benefits and relief from multiplicity of taxes.
"Extension of fiscal benefits like 10A/10B sections for the tech industry under the Software Technology Parks of India (STPI) scheme is imperative to sustain the growth momentum and compete in the global market," Pramod Bhasin, chairman of the National Association of Software and Services Companies (Nasscom), told reporters here Tuesday.
Israel slams South Africa over Palestinian territory label
By IANS,
By RIA Novosti,
Tel Aviv: Israel has condemned the South African government's decision to label goods produced in the occupied Palestinian territories.
Maruti launches hatchback Ritz, its 12th compact car
By IANS,
New Delhi : India's largest carmaker Maruti Suzuki Friday rolled out its 12th compact model Ritz, a hatchback, priced between Rs.390,000 and Rs.480,000 for the petrol version.
The diesel variant will cost between Rs.465,000 and Rs.499,000 in the national capital, top officials of the company said here.
Russia, Iran, Qatar consider gas production, liquefying JV
By RIA Novosti,
Moscow : Russia, Iran and Qatar, leading natural gas producers that are set to meet on Wednesday for cooperation talks, plan to set up a joint venture to produce, liquefy and sell gas, a Russian business daily said on Tuesday.
Kommersant cited a Russian government official as saying the "gas troika" would build a pipeline to pump gas from Iran's South Pars deposit, the world's largest with reserves estimated at 14 trillion cubic meters, to an LNG plant in Qatar. Analysts expect the project to be worth at least $4 billion.
Sensex closes 67 points lower
By IANS,
Mumbai : A benchmark index for Indian equities markets Friday managed to pull back from the day's lows to end 67 points lower in its seventh straight negative closing.
Indian shares under pressure amid depressed global cues
By IANS,
Mumbai : Indian equities markets continued to be depressed in afternoon trade Monday, after falling sharply in the morning, taking cues from a global sell-off triggered by fears that the Euro zone financial woes could derail economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, was ruling at 16,642.15 points, 352.45 points or 2.07 percent down from its previous close at 16,994.6 points.
Theft is cancer for power sector: Manmohan Singh
By IANS
New Delhi : Calling for a determined campaign against the cancer of power theft, Prime Minister Manmohan Singh Monday said a breakthrough in raising electricity output remained elusive and was seriously affecting economic growth.
Insurance companies on roll, target Rs.500 bn in premium
By IANS,
Kolkata : With the gross direct premium up by nearly Rs.200 billion during years 2002-08 and expected to reach Rs.500 billion in next five years, the insurance industry is on a high in the country.
Speaking at an Insurance Conclave here Thursday, M. Ramadoss, chairman and managing director of the Oriental Insurance Company, said: "This underlines the huge expansion of the market after liberalisation."
There are 27 private players in the insurance sector and the industry received Rs.21.7 billion investments in the last fiscal, he added.
Mamata Banerjee presents rail budget for 2009-10
By IANS,
New Delhi : Railway Minister Mamata Banerjee began presenting her ministry's budget for the current fiscal shortly after noon Friday with the promise of addressing the concerns of average passengers.
"People all over the country have high expectations from the railway budget," Banerjee told the Lok Sabha, the lower house of parliament, switching between English and Hindi.
Noida: a tale of shut factories
By Pupul Dutta, IANS,
Noida : Once advertised as the business hub of Uttar Pradesh and a source of a major chunk of the state's revenues, this suburban town of Delhi that had witnessed a real estate boom has been reduced to an industrial wasteland of shut factories - as many as 67 percent of them.
Spread across 203 square km and housing some 9,000 industrial units, has only 2,700 of them functioning. Almost 6,300 units have shut shop owing to poor infrastructure and lack of tax benefits, their owners complain.
Profit booking pulls Sensex down 203 points
By IANS,
Mumbai : Profit booking and a crash at the Chinese bourses pulled down a key index of Indian equities markets 203 points and into the red Wednesday.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,293.19 points, shut shop at 15,128.06 points -- 203.88 points or 1.33 percent lower than Tuesday's closing figure.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) closed in negative terrain, 1.4 percent down at 4,500.2 points.
Carbon credit advisory firm raises Rs.400 mn
By IANS
Mumbai : India's leading carbon credit advisory firm Emergent Ventures India (EVI) Monday said it has raised Rs.400 million from Infrastructure Development Finance Company private equity (IDFC PE) fund II.
According to a release issued here, EVI, which provides solutions under the United Nations Clean Development Mechanism (CDM) programme, will now pursue its expansion programme and also enhance its existing business in both south and Southeast Asia.
Oil prices reach highest-ever in UK
By IRNA,
London : Petrol prices have hit an all-time high average of £1.20 ($1.80) per litre in the UK and predictions are that they could go even higher this summer as much as £1.50p.
The record average price, which comes within days of a 1p a litre hike in fuel duty, breaks £1.19 per litre reached in the summer of 2008 when oil price soared to over $145 per barrel before falling back.
The government has faced a series of protests in recent years mainly from hauliers and farmers and including blockades of refining plants and distribution centres.
Markets extend gains, Sensex rises four percent
By IANS,
Mumbai : Indian equities rose further Friday afternoon, with a key index ruling almost four percent higher about 90 minutes before the closing bell.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,480.74 points, was at 8,671.78 points - a rise of 325.95 points or 3.91 percent from its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) gained 2.99 percent from its last close to rule at 2,695.65 points.
Mini-laptop market to shrink by 40 mn in 2012
By IANS,
Taipei : Tablet computers will eat into the miniature laptop market by 40 million units in 2012, the head of a Taiwanese research institute has said.
Delhi-Lahore bus fare hiked
New Delhi : The Delhi Transport Corporation (DTC) has sharply hiked the cost of travelling on its Delhi-Lahore Bus service from Rs.1,500 to Rs.2,400,...
Nepal PM lures Indian investment, assures security
By IANS,
New Delhi : Promising to push the peace process in Nepal, Prime Minister Madhav Kumar Nepal Wednesday unveiled a slew of initiatives, including an industrial security plan, to attract Indian investment to his country.
Making a strong pitch for a revised trade treaty between Nepal and India, Nepal's prime minister stressed that attracting foreign investment topped priority of his government and assuaged anxieties of Indian investors wishing to invest in his country.
World Bank to provide financial aid to Nepal
By Xinhua,
Kathmandu : The World Bank has said it will provide Nepal aid worth $127 million seeking to ensure success of the ongoing peace process in the Himalayan country, nepalnews.com reported Wednesday.
Talking to mediapersons at the end of a four-day visit to Nepal Tuesday, Michel Mordasini, executive director of the World Bank, said the bank's assistance to the country would depend on the "level of implementation" and continuation of peace process.
Markets off to a quiet start
By IANS,
Mumbai : Trading at Indian equities markets was sluggish Friday with a key index ruling just below its last closing figure after opening higher in the morning.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 12,092.97 points higher than its previous close. About 15 minutes into trade, it was ruling at 12,100.79 points, 16.15 points or 0.13 percent lower than its previous close.
At the National Stock Exchange (NSE), the broader S&P CNX Nifty index was still in the positive terrain, rising 0.06 percent to rule at 3,686.2 points.
Sustainable agriculture can be the back-bone of Indian economy
By Amit Dwivedi,
"Who said agriculture is a business of loss. I am saving more than Rs 80,000/- (about USD 1,750) every year and providing bread & butter to my 11 family members who are dependent on me," said Prabhavati Devi, who lives in Sardar Nagar block of Gorakhpur district. She has one and half acres land in which she is producing more than 86 types of crops annually. Prabhavati Devi is doing organic farming, which is a very reliable method of sustainable agriculture resulting in high production at low cost.
Markets shut shop in the red
By IANS,
Mumbai : Indian markets closed in the red Friday, with a key index shutting shop 240.51 points (provisional) lower than its last closing figure as investors booked profits.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,092.97 points, fell 240.51 points or 1.98 percent from the previous close to end trade at 11,876.43 points (provisional).
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE), lost 1.76 percent to close at 3,619.2 points.
Telecom operators bank on value-added services for 3G revenues
By Pupul Dutta, IANS,
New Delhi : With third generation (3G) mobile services set to roll out early next year in India, service providers are banking on the value-added services (VAS) segment to ring in additional revenues, with many new features like personalised radio, mobile blogging and social networking.
The VAS market, currently valued at Rs.65 billion ($1.35 billion), constitutes about 9-10 percent of the total revenues for telecom operators in India with short messaging service (SMS) alone accounting for 44 percent of that share.
India’s ‘manmade’ water crisis can incite more conflicts: Assocham
By Rajeev Ranjan Roy, IANS,
New Delhi : The water crisis staring at India is manmade, could get more complex and lead to more interstate conflicts if prompt measures are not taken to tackle the problem, warns a study by a leading industry lobby.
"Conflicts over water mirror are the most vexing changes country is facing," said D.S. Rawat, secretary-general of the Associated Chambers of Commerce and Industry (Assocham), which prepared the report.
Sensex range bound, RIL drags, auto stocks gain
By IANS,
Mumbai : A key Indian equities index was ruling flat Monday afternoon, with heavyweight stock Reliance Industries (RIL) acting as a major drag on the index, though select auto stocks were on the rise along with broader indices.
At 1.32 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,473.45 points, was ruling at 17,523.89 points, up 59.08 points or 0.33 percent from its previous close at 17,464.81 points.
Market trading with loss in afternoon trade
By IANS,
Mumbai : The Indian equities market extended its loss in afternoon trade Tuesday.
At 12:30 p.m., the 30-share BSE Sensex was down by 312.69 points or 2.31 percent at 13,213.30. At the day's low, it touched 13,049.96.
At the same time, the broader-based S&P CNX Nifty was down by 63.20 points or 1.57 percent at 3,966.80.
The market breadth was negative. On BSE, 686 shares advanced compared to 1670 that declined and 59 that remained unchanged.
Agri-machinery maker Same Deutz-Fahr to invest Rs.24 crore
By IANS,
Ranipet (Tamil Nadu): Agricultural machinery manufacturer Same Deutz-Fahr India will invest Rs.24 crore in its operations in the country to meet domestic and global market needs, the company said here Saturday.
"This is nearly 10 percent of our global investment plans. The four million euro investment will be to increase our productivity to 15,000 tractors from the current annual capacity of 6,000 units in three years time," Group General Manager Lodovico Bussolati told reporters.
‘Left’s exit will not affect West Bengal industry’
By IANS,
Kolkata : The Left parties' decision to withdraw support to the United Progressive Alliance (UPA) government would have no bearing on the state's industrial prospects, say business barons and chambers in the Left citadel of West Bengal.
SREI Infrastructure Finance Ltd chairman-cum-managing director Hemant Kanoria told IANS that industry always wanted stability in government.
But he said he was not surprised at the development.
US stocks fall on earnings fears despite China stimulus
By DPA,
New York : US stock indices posted losses Monday after fresh earnings concerns arose for some of the country's top companies, outweighing a $588-billion Chinese economic stimulus package that had spurred gains on other stock exchanges around the world.
Goldman Sachs Group Inc, technology giant Google Inc and automaker General Motors Corp all suffered downgraded outlooks. Goldman, despite having weathered the financial storm better than other major US investment banks, may post its first quarterly loss since going public nine years ago, according to Barclays Plc.
Sensex snaps six-day rally on profit booking
By IANS,
Mumbai : A benchmark index for Indian equities markets Friday closed 83 points lower on profit booking, snapping a six-day rally.
US names India and China as blockers of the Doha Development Round
By KUNA,
Geneva : A US official David Shark nbbsp;named today by name two countries India and China for blocking the current negotiations to reach a conclusion to the Doha Development Round . "One major emerging economy (India) immediately rejected the package, and subsequently another major emerging economy (China) walked away from it. Their actions have thrown the entire Doha Round - the Doha Development Round into tthe gravest jeopardy of its nearly seven year life," he stressed.
Exporters meet Mukherjee, ask for Rs.5,000-crore fund
By IANS,
New Delhi : Representatives of the ailing export sector sought a slew of sops including a Rs.5,000-crore market development fund when they met Finance Minister Pranab Mukherjee and top officials Tuesday as part of pre-budget consultations.
The exporters' wish-list, apart from the bailout package in the form of a market development fund, also includes elimination of the fringe benefit tax, income tax exemption, reduction of interest rates, and speedier insurance and service tax refunds.
Sensex 191 points up early afternoon
By IANS,
Mumbai : Buoyed by the positive weekend numbers on industrial output and cues from the government on its divestment plans, Indian equities continued to trade in the green Monday afternoon, with a key index ruling 191.24 points above its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 16,893.11 points, against Friday's close at 16,848.83 points, and soon shot up to a high of 17,055.44 points within 15 minutes into the trading session.
BlackBerry Bold 9900 launched in India
By IANS,
New Delhi : Canada's BlackBerry maker Research in Motion (RIM) Thursday launched its touch and type smartphone -- BlackBerry Bold 9900 with BlackBerry 7 operating system -- in India.
Thuraya to develop high-speed satellite broadband solution
By IANS,
Abu Dhabi : Thuraya is to develop a high-speed broadband terminal for the maritime industry in partnership with Comtech, WAM news agency reported Thursday.
The new terminal, which is designed and built incorporating leading market technology, is set for launch in September.
Brazil has world’s largest biofuel plant
By IANS
Sao Paulo : The world's largest biofuel plant, capable of producing 110 million litres (29 million gallons) of fuel annually from animal fat, has been inaugurated in the Brazilian capital, the Spanish news agency EFE said.
The plant, owned by the Bertin group and based in the city of Lins, in the interior of Sao Paulo state was inaugurated Tuesday in the presence of Brazilian President Luiz Inacio Lula da Silva.
Government’s stand in gas row dishonest: Anil Ambani Group
By IANS,
New Delhi : The Anil Ambani group Tuesday opposed a move initiated by the government to become a party to the dispute over natural gas with Mukesh Ambani's Reliance Industries and termed the attempt "dishonest and collusive".
"Reliance Natural Resources objects to the leave to appeal to be granted to the ministry of petroleum and natural gas," the group said in an affidavit filed in the Supreme Court to counter the government's petition.
Focus on non-conventional energy: GAIL chief
By IANS,
Gandhinagar : India is witnessing a robust 5 percent growth in the oil and gas sector, yet it continues to be a major importer of energy, Gas Authority of India Limited (GAIL) Chairman and Managing Director U.D. Choubey said here Monday.
"When the world average is 2.5 percent ours is double at 5 percent," he said.
Premji among 30 greatest entrepreneurs of all time
By IANS
New York : Wipro group's Azim Premji has been named by BusinessWeek magazine as one of the 30 greatest entrepreneurs of all time, joining legendary personalities like Andrew Carnegie, John D. Rockefeller and Thomas Edison.
Over three million tonnes of paddy procured in Haryana
By IANS,
Chandigarh : Over three million tonnes of paddy have been procured in Haryana this season since Oct 1, officials said here Tuesday.
The 30.88 lakh tonnes sold in the state is higher than the 30.72 lakh tonnes that arrived in the state's grain markets in the corresponding period last year.
A food and supplies department spokesman said the paddy had been purchased either by government procuring agencies or by rice millers and dealers.
Over 23 lakh tonnes of paddy were purchased by the government. The procurement season this year will go on till mid-December.
Now shopping for branded products just a remote-click away
By IANS,
New Delhi : Tired of trawling the streets under the scorching sun for your shopping? Help is at hand -- a 24-hour television shopping channel is coming to your rescue to enable you shop for branded items with the button of your TV remote.
Star CJ Network India has launched a 24-hour shopping channel "Star CJ Alive" which brings brands like Satya Paul, Biba, Reebok, Adidas, Samsung, LG Electronics, Tanishq, and D'damas, among others, together for a fruitful shopping experience.
Afghan opium production declines 10 percent in 2009: UN report
By DPA,
Kabul : Opium production is down by 10 percent while the area under poppy cultivation in Afghanistan fell 22 percent in 2009, a new UN report said Wednesday.
However, the war-shattered Afghanistan still remains the world's largest supplier of the drug, producing 6,900 tonnes of opium, from which heroin is derived.
"World demand for opium remains stable (at around 5,000 tonnes per year), which is several thousand tonnes lower than what Afghanistan produces every year," a report from the UN Office on Drugs and Crime (UNODC), released in Kabul Wednesday said.
Rays Power bags Rs.240 crore orders
Hyderabad : Rays power Infra Pvt. Ltd., one of the biggest solar Engineering, procurement & Construction (EPC) companies in India, has bagged 37 megawatt...
India shares fall slightly in choppy trade
By IANS
Mumbai : Shaky trades in auto and banking stocks and some hammering of heavyweight stocks weakened Indian shares Wednesday, with a key index falling 0.62 percent.
Panel to look at pricing of hydrocarbon fuels
By IANS,
New Delhi : A high-powered panel on pricing of hydrocarbon fuels was announced by Finance Minister Pranab Mukherjee with crude oil prices once again surging in global markets.
Mukherjee said the finer points of the panel's terms of reference will be announced by Petroleum Minister Murli Deora.
The government last week had permitted oil retailing companies to raise the prices of transport fuels by Rs.4 per litre for petrol and Rs.2 per litre for diesel, while keeping pricing of cooking fuels untouched.
Microfinance firm Grama Vidiyal gets equity funding
By IANS,
Chennai : Tamil Nadu-based micro finance company Grama Vidiyal Microfinance Pvt Ltd (GVM) has got $3.7 million (Rs.147 million) funding from Unitus Equity Fund L.P. and Vinod Khosla, a venture capitalist.
Announcing this here Thursday, GVM chairman and managing director S. Devaraj said: "The funding is key to our transformation and an impetus to our plans to serve one million poor families by 2010."
He was referring to the growth of the company which started as a charitable trust in 1986 and grew as a major non banking finance company in the state.
Pakistan accepts IMF conditions for financial aid: report
By Xinhua,
Islamabad : Pakistan has accepted most of the conditions of the International Monetary Fund (IMF) for aid to overcome its balance of payment crisis.
The IMF had proposed 16 conditions for financial assistance to Pakistan during the talks in Dubai last month, and "11 of them have been accepted with slight changes," The News daily Sunday quoted a finance official as saying.
Bangladesh urges G-8 countries to grant trade benefits
By Xinhua
Dhaka : The caretaker government of Bangladesh has urged the Group of Eight (G-8) highly industrialised economies to grant access to their markets for all products from least developed nations.
Chief Adviser to the government Fakhruddin Ahmed made the request in a letter to G-8 leaders who are preparing to hold a summit of the grouping in Tokyo in July, UNB news agency reported Tuesday.
Infrastructure output grows 3.4 percent in October
By IANS,
New Delhi : India's infrastructure sector grew 3.4 percent in October this year over the year-ago period, while the growth rate in September was 4.8 percent, government data showed Thursday.
The infrastructure sector accounts for 26.68 percent of the total industrial output.
The infrastructure growth in October 2007 was 4.6 percent while its annual growth rate last fiscal stood at 5.6.
Markets close on a high, short-covering helps
By IANS,
Mumbai : Indian equity markets Wednesday broke the downtrend since the middle of last week, with investors deciding to take profits by short-covering their positions, and a key index ending trade about 3.3 percent above its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shut shop 3.3 percent or 299.13 points higher than its previous close Tuesday ending trade at 9,370.49 points.
The Sensex opened at 9,207.52 Wednesday, higher than Tuesday's close of 9,071.36.
Investors’ meet begins at Jabalpur Friday
By IANS
Bhopal : As many as 309 investors have agreed to participate in the two-day Investors' Meet, slated to be inaugurated at Jabalpur Feb 15 by Madhya Pradesh Chief Minister Shivraj Singh Chouhan.
"The state government has invited over 700 industrialists from within and outside the country. Of them, 309 have confirmed their participation," Health Minister Ajay Vishnoi said.
Markets pull down shutters in red
By IANS,
Mumbai : Indian equities markets closed in the red Monday, with a key index ending trade almost 2 percent below its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,259.22 points, ended at 8,160.4 points - a fall of 165.42 points or 1.99 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 1.62 percent from its last close to shut shop at 2,577.75 points.
The BSE midcap index closed 1.27 percent lower, while the BSE smallcap index was down 1.55 percent.
China asks India not to discriminate against its companies
By IANS,
Beijing : China Monday asked India not to discriminate against Chinese companies and ensure a fair and transparent investment environment to all.
"We hope that (Indian) policies to be launched should be fair to all enterprises and should not discriminate against Chinese enterprises," commerce ministry spokesman Yao Jian told a news conference here when asked about the reported ban by the Indian government on import of Chinese telecom equipment to the country.
Himachal dam project to provide water to Delhi next year
By IANS,
Shimla : There is promise of water for Delhi from a thermal power project being commissioned in Himachal Pradesh next year.
The Rs.22.13 billion (Rs. 2,213 crore) 40 MW Renuka Dam Power Project is to be constructed on the Yamuna river in Sirmaur district of Himachal Pradesh.
World Bank asks India, China, US to find Doha solution
By Arun Kumar, IANS,
Washington : World Bank Group President Robert B. Zoellick wants the United States, India, and China to work with WTO Director General Pascal Lamy to come up with a compromise on the Doha round of world trade talks
Brazil, a developing country that is both a major agricultural exporter and home to many poor farmers, can help, he said in a statement Monday. Indonesia and Australia may be in a position to contribute to a solution too.
‘Natural gas prices may be revised soon’
By IANS,
New Delhi : Prices of natural gas from fields of state-run ONGC and Oil India may be revised soon, Petroleum Secretary S. Sundereshan said here Monday.
"The minister (for petroleum and natural gas, Murli Deora) just now told me that it is in the final stages of decision making in the government. So the decision could be there very soon," he told reporters at the sixth Asia Gas Partnership Summit.
The petroleum ministry had proposed the hiking of price of the gas under administered pricing mechanism from $1.79 per million British thermal unit to $2.32 per mmBtu.
TRAI to release consultation paper on 4G in 10 days
By IANS,
New Delhi : The Telecom Regularity Authority of India (TRAI) will release within 10 days a consultation paper on the fourth generation (4G) technology and expects to make public the recommendations in the next few months, chairman J.S. Sarma said Friday.
"We will bring out consultation paper on 4G in next one week or 10 days. We will speed up the process and expect to come out with recommendations in the next few months," Sarma said during a conference here on "The Road to Broadband - Investment & Innovation".
Indian equities market opens in green
By IANS,
Mumbai : The Indian equities market Thursday opened with a positive gap tracking strong Asian cues.
The 30-share benchmark sensitive index of Bombay Stock Exchange (BSE) opened with a gain of 90.35 points at 16,288.76.
At the same time, the S&P Nifty of the National Stock Exchange (NSE) opened at 4,890.60 with a marginal gain of three points compared to its previous close.
Reliance Globalcom ties up with UAE’s Du
By IANS
Dubai : Du, one of the two telecom service providers in the United Arab Emirates (UAE), has tied up with India's Reliance Globalcom to provide a variety of data services in this Gulf nation.
"We are pleased to expand our services by connecting UAE on Reliance Globalcom network, via a strong regional partner such as Du," Reliance Globalcom president Punit Garg said here.
Text of PM’s address to nation after fuel price hike
By IANS,
New Delhi : Following is the text of Prime Minister Manmohan Singh's televised address to the nation after his government Wednesday approved a hike in prices of transport and cooking gas prices:
Tamil Nadu to sell toor dal at cost price
By IANS,
Chennai : With the retail prices of toor dal or arhar dal touching the sky, the Tamil Nadu government Saturday decided to procure the pulse, a vital requirement in sambar, directly and sell it at cost price through the cooperative stores.
The state government will from Wednesday sell toor dal - first and second quality - and also lentils imported from Canada at cost price through the 200-odd cooperative stores and department stores like Amudham.
Myanmar firm to export organic medicines to Israel
By IANS,
Yangon : A pharmaceutical firm in Myanmar is planning to export organic medicines to Israel, Xinhua reported Wednesday.
To conduct a market research before the export by Fame, experts from company will visit Israel next month.
In addition to Israel, the company is also planning to expand its market to the European and Middle East countries.
Fame is Myanmar's first private pharmaceutical company.
SpiceJet among top 10 budget carriers in Asia: Poll
By IANS,
New Delhi : An online travel magazine tracking Asia's hotels, spas and airlines has ranked India's low-cost carrier SpiceJet among the top 10 budget airlines in the continent.
The magazine, Smart Travel Asia, based its finding on a survey between May and July on low-cost carriers (LCC), SpiceJet said in a press statement Monday.
The survey also said the airline has made its mark by maintaining schedules, competent service and extensive route network and access.
Automaker Mahindra to start rolling in the US
By Parveen Chopra, IANS
New York : Indian automaker Mahindra & Mahindra plans to export sports utility vehicles (SUVs) and pickups to the US by next year, becoming the first Indian company to enter the world's biggest auto market.
The Mumbai-based company has signed an agreement with Global Vehicles USA Inc of Atlanta in Georgia, which will import and distribute Mahindra vehicles.
Sensex ends choppy day 120 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday ended 120 points lower as profit booking kicking in during what was a very choppy day of trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,042.18 points, closed at 15,922.17 points, down 120.01 points or 0.75 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop at 4,757.2 points against the previous close at 4,792.65 points, a loss of 0.74 percent or 35.45 points.
Broader markets indices closed flat.
India should not betray farmers at WTO: ActionAid
By IANS,
New Delhi : International NGO ActionAid has appreciated the strong stand taken by India at the WTO talks in Geneva to protect farmers in developing countries, and has condemned "the strong pressure from international forces" on India "to accept a bad deal".
WTO chief Pascal Lamy made a last-minute proposal to save the WTO Doha round of talks Friday. The proposal does not "protect the lives and livelihoods of poor farmers", said an ActionAid spokesperson over e-mail Monday.
No rollback of tax cuts announced in stimulus packages
By IANS,
New Delhi : The government Wednesday ruled out rollback of tax cuts offered to various sectors as part of the fiscal stimuli announced earlier and said it intends to bridge the fiscal deficit largely through internal resource mobilisation.
"The economy is slowly reviving. There are offshoots of recovery but we do not intend to roll back tax cuts given as part of fiscal stimuli in December last year," said Finance secretary Ashok Chawla at a post-budget interactive session organised by the Confederation of Indian Industry (CII) here.
Spain and Libya to expand cooperation
By IANS
Madrid : Spain and Libya have agreed to promote bilateral cooperation in economic sector that would open large areas to Spanish investment in the north African country, EFE news agency reported Wednesday.
The agreements signed at the end of Libyan leader Muammar al Ghaddafi's first state visit to Madrid also include pacts on immigration and an understanding on joint anti-terror campaign.
Fuel price hike decision by May 31; PM reviews oil situation
By NNN-PTI,
New Delhi : A decision on raising retail fuel prices and partly compensating revenue losses of oil firms will be taken by Saturday, even as Prime Minister Manmohan Singh today assessed the problems caused by the spike in crude prices.
"Hopefully, by day after tomorrow, we will have a solution," Petroleum Minister Murli Deora told reporters after a meeting with the Prime Minister and key ministers here.
A meeting of the Cabinet, which was to have taken up the matter today, has been postponed, he said.
Eaton Power on an acquisition prowl
By IANS,
Chennai : The Pune-based Eaton Power Quality Pvt. Ltd, the country arm of the $13 billion Eaton Corp of the US, wants to expand in India through acquisition, a top company official said here Wednesday.
"If there is a strong business case, we are even open for a joint venture with an Indian company, with us owning the controlling stake," Deepak Sharma, managing director and general manager for SAARC and South East Asia region, told IANS.
Indian shares continue to trade firm
By IANS
Mumbai : Indian shares Monday opened the new week on firm ground with a benchmark index gaining 0.68 percent. Drug and banking stocks led the surge.
The 30-share Sensitive Index ('Sensex') of the Bombay Stock Exchange (BSE) gained ground in intra-day trade, hovering between 15,323 and 15,426 to close 103.45 points or 0.68 percent up at 15,422.05. Twenty-one of its components traded in the green.
The broader 50-issue National Stock Exchange (NSE) index, Nifty, too traded marginally in the green to close 10.75 points or 0.24 percent up at 4,474.75 levels.
Markets start year’s last week with a bang
By IANS,
Mumbai : Indian equities markets started the last week of 2008 with handsome gains, with a key index rising 2.19 percent Monday from its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed trade at 9,533.52 points Monday, up 204.6 points or 2.19 percent from its previous close of 9,328.92 points.
However, some analysts remained hesitant to term Monday's rally as an end to last week's dismal string of lows.
Tata Motors acquires Italian car design firm
By IANS,
Mumbai: Tata Motors announced Monday that it has acquired 80 percent stake in Trilix Srl, Turin, an Italian design and engineering company, for 1.85 million euros.
Sensex falls 155 points, first weekly loss in 2012
By IANS,
Mumbai : A benchmark for Indian equities markets Friday closed 155 points lower, below the 18,000-mark as selling pressure pulled down the index to its first weekly loss.
City Union Bank expects 30 percent deposit, credit growth
By IANS,
Kolkata : Tamil Nadu-based City Union Bank is expecting 30 percent growth in credit and deposit this fiscal, a top bank official said here Monday.
The bank has set a business target of Rs.23,000 crore in 2010-11.
"We are expecting 30 percent growth in deposit and credit in this fiscal," S. Balasubramanian, managing director and chief executive officer of the bank told reporters on the sidelines of a banking summit organised by the Indian Chamber of Commerce.
The bank has registered 26 percent growth in deposit and 22 percent growth in advances in 2009-10.
Holocaust is not of Iran’s business: Larijani
By DPA,
Tehran : The speaker of the Iranian parliament, Ali Larijani, has distanced himself from previous remarks made by President Mahmoud Ahmadinejad and said that the Holocaust was "not of Iran's business", the Etemad Melli newspaper reported Sunday.
Since his presidency began in August 2005, Ahmadinejad has publicly doubted the historic dimensions of the Holocaust and hoped for eradication of Israel from the Middle East - causing widespread international condemnation.
Markets trading flat, capital goods in focus
By IANS
Mumbai : The Indian stock markets witnessed choppy trades and traded flat since opening Thursday, as investors were cautious ahead of the market regulator's decision on participatory notes later in the day.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) swung over 500 points during intra-day trades and gained 0.11 percent at close on Wednesday because of across-the-board selling pressure. At around noon Thursday, Sensex was up by 156.29 points or 0.84 percent, trading at 18,669.20.
Indian equities end lower on weak global cues
By IANS,
New Delhi : A key Indian share market index ended with a loss of 127 points during the trading week ended Friday but analysts expect the mood to turn positive following a fiscal stimulus from the government and rate cuts by the central bank.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had ended the previous week at 9,092.72 points, fell lower to 8,965.20 points, as markets closed for the week after five days of trading.
Sensex rises 94 points to end above 16,000
By IANS,
Mumbai : A benchmark index of Indian equities Tuesday shut shop 94 points higher than its last close to close above the 16,000-mark.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,940.73 points, closed at 16,029.95 points (provisional), up 94.34 points or 0.59 percent from its previous close at 15,935.61 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,786.45 points, against the previous close at 4,760.4 points, a gain of 0.55 percent or 26.05 points.
Market rally continues, Sensex up 77 points
By IANS,
Mumbai : Indian equities continued their rally for the fifth consecutive session Wednesday, with a key index ending 77 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher on strong Asian cues at 15,763.09 points, ended at 15,765.65 points (provisional), up 77.18 points or 0.49 percent.
Around noon, the index had slipped to a low of 15,695.94 points, but recouped losses and touched an intra day high of 15,831.49 points.
Japanese firms, Kazakhstan prepare uranium production from 2010
By RIA Novosti
Tokyo : Japanese companies are set for cooperation with the Kazakh government to launch nuclear fuel production in Kazakhstan in 2010, the Japanese economics ministry said on Wednesday.
The Ministry of Economy, Trade and Industry said Kansai Electric Power Company and trading company Sumitomo Corporation were expected to sign a long-term agreement on the project with Kazakh state-run Kazatomprom in Astana, the former Kazakh capital, on Wednesday.
Indian equities end higher for third straight week
By IANS
Mumbai : Indian equities ended higher for the third straight week Friday on the back of major buying by foreign funds and investor interest in some heavyweight stocks.
Hero Electric launches three new models
By IANS,
New Delhi : Hero Electric Tuesday launched three new electric vehicles priced between Rs.17,900 and Rs.32,796 at the 10th Auto Expo here.
The models, called E-Sprint, Optima Plus and Zippy, are priced at Rs.32,470, Rs.32,796 and Rs.17,900 respectively, all ex-showroom.
The company also plans to install rapid charging points to enable customers to fully charge the vehicles in an hour.
NTPC net profit up 5.6 percent
By IANS,
New Delhi : State-run power generation firm NTPC Ltd Wednesday reported 5.6 percent increase in its provisional net profit for 2008-09.
NTPC, formerly known as National Thermal Power Corp, posted Rs.7,827.4 crore ($1.5 billion) as profit for 2008-09, compared to Rs.7,414.8 crore the year before, the company said in a statement.
Net sales of the company rose to Rs.42,182.4 crore last fiscal from Rs.36,946.2 crore in 2007-08.
SAP unsure of meltdown impact on its operations
By IANS,
Bangalore : Global enterprise software major SAP AG Wednesday said it was yet to assess the impact of global economic slowdown and financial crisis in the US on its operations worldwide as it was still on a "wait-and-watch" mode.
“Certainly the financial meltdown will affect us as much as the global economy. To what extent nobody knows. If slowdown continues, it will impact our operations,” SAP executive board member Peter Zencke told reporters here.
‘ICT the DNA of modern warfare’
By IANS,
New Delhi : Information and communications technology has become the DNA of modern day warfare, making the development of appropriate technology to ensure information dominance over the adversary a very pertinent issue for India's armed forces, Minister of State for Defence M.M. Pallam Raju said here Tuesday.
How to restore faith in a failed economic system
By Ben Nimmo, DPA,
Brussels : The trouble with telling nervous customers you have solved their problem is that you first have to admit there is one. That is the dilemma facing the world's banks, governments and financial institutions as they desperately try to restore faith in an economic system which millions of customers now believe has failed.
‘Tea coin’ from Assam the latest fad in Canada
By Syed Zarir Hussain, IANS
Guwahati : Tea coin is the latest fad in Canada - dip the coin in hot water and drink your steaming cup of tea, that too without any fears of pesticide residues.
The latest value addition to the beverage is the tea coin - two grams of garden fresh organic tea packed in coin shape and then marketed in Canada.
RNRL signs gas pact with RIL
By IANS,
Mumbai : The Anil Ambani-promoted Reliance Natural Resources (RNRL) said Friday it has signed a revised gas supply agreement with the Mukesh Ambani-led Reliance Industries (RIL).
The agreement follows the Supreme Court ruling asking both sides to renegotiate and finalise a new gas sales deal as per the rules set by the government and subsequent assurance given by the elder Ambani to supply gas to the younger brother's company.
Jharkhand to backtrack on compulsory liquor purchase
By IANS
Ranchi : The Jharkhand government is likely to withdraw an excise department circular that made it mandatory for bar and restaurants to buy a fixed minimum quantity of liquor every year.
"The impractical circular cannot be imposed. We will soon convene a meeting of bars and restaurants owners and discuss the issue," said Kamlesh Singh, the state's excise and prohibition minister.
The excise department had on Dec 10 issued a circular that made it mandatory for various categories of liquor licence holders to buy a minimum quantity of liquor.
Indian equities open in the green
By IANS
Mumbai : The Indian equities market opened in the green Monday. The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 47.03 points at 15,390.15.
The S&P Nifty of the National Stock Exchange opened at 4631.35 points with a loss of 15.65 points from its previous close.
Other Asian markets were trading firm.
European shares rebound strongly
By DPA,
Frankfurt : European stocks rebounded strongly Monday from last week's dramatic sell off after a recovery in shares across the Asian-Pacific region and stepped up political action to shore up investor confidence.
After European equities plunged last week by about 20 percent last week, Europe's blue-chip Stoxx 50 climbed more than 4.0 percent to 2182 in early trading.
Leading the rebound in European shares were banking stocks which chalked up gains of about 20 percent in early Monday trading.
India eyes Rs.269 bn export of agri, processed foods
By IANS,
New Delhi : India's official agency to monitor exports Wednesday denied any adverse impact on basmati rice export, while setting Rs.269 billion export target for agricultural and processed food products in 2008-09 against Rs.243.84 billion in the last fiscal.
“As per our assessment, there is no adverse impact on the export of basmati rice,” said Asit Tripathy, chairman, Agricultural and Processed Food Products Export Development Authority (Apeda), here.
Markets go quiet, Sensex still down
By IANS,
Mumbai : Indian equities markets were trading quiet around noon Wednesday, with a key index hovering marginally below its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 12,100.69 points, was ruling at 12,105.67 points, 27.50 points or 0.23 percent lower than its previous close.
However, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,666.75 points, 0.13 percent higher than its last close.
India Inc’s business confidence sinks to seven-year low
By IANS,
New Delhi : Hit by the global economic meltdown, lack of funds and falling exports, corporate India's business confidence has sunk to a seven-year low, says the latest survey by an industry lobby.
The FICCI Business Confidence Survey for the second quarter of 2008-09 said there has been a significant deterioration at three levels - economy, industry and organisation.
Bank of Rajasthan to issue bonus shares
By IANS,
New Delhi : The Bank of Rajasthan will issue over 26.8 million bonus shares in the ratio of one bonus share for every five shares held, the company announced Monday.
In a regulatory statement, the bank also said it has posted a net profit of Rs.309 million in the first quarter of the current fiscal.
Additionally, it has declared a dividend of 5 percent for the financial year ended March 31.
India asks rich nations to heal financial markets
By Arun Kumar, IANS
Washington : India wants world's rich nations to quickly restore normalcy in financial markets because they face more uncertainty in 2008 with turbulence spreading from its epicentre in the US to Europe.
While "China and India continue to remain the engines of global growth" the downside risks have increased with market turbulence spreading to Europe, Finance Minister P. Chidambaram said here Monday.
Meet Manjuwara Mullah from Assam’s riverine sandbank who is leading Muslim women to social,...
Manjuwara Mullah from the north-eastern state of Assam is a social activist whose initiative Amrapari has changed the lives of many women in the...
India’s insurance watchdog examining Tata AIG’s solvency
By Arvind Padmanabhan, IANS,
New Delhi : India's insurance watchdog Tuesday said it was probing the impact of the crisis being faced by the US-based financial services giant American Insurance Group (AIG) on its two Indian ventures with the Tata group.
"We are looking at what impact the developments overseas will have on both the life and non-life business of AIG in India," said R. Kannan, member-actuary with the Insurance Regulatory and Development Authority of India (IRDA).
Mamata rains sops on West Bengal in her Railway budget
By IANS,
Kolkata : Railways Minister Mamata Banerjee rolled out her "please all" budget Friday, making a large number of proposals ahead of the 2011 assembly elections in West Bengal.
People in the two biggest stations of the state - Howrah and Sealdah - are all smiles. Jubilant crowds were seen everywhere.
"I am very happy because she wants to introduce a non-stop train connecting Kolkata-Mumbai. This will be very helpful for the people who to travel between the two cities often," Krishanu Das, 25, an engineer from the state now working in Mumbai, told IANS over phone.
Britain’s RBS bank unveils record write-downs and cash plans
By DPA,
London : The Royal Bank of Scotland (RBS) Tuesday asked shareholders for a record 12 billion pounds ($24 billion) of new capital as it revealed fresh write-downs of 5.9 billion pounds resulting from the current credit crunch.
Britain's second biggest banking group said it would raise the capital by issuing shares at a 43.6-percent discount to Monday's closing price in what analysts said was one of the biggest rights issues in British corporate history.
Azerbaijan minister attending Energy Charter conference
By IRNA-AzerTAc
Baku : Minister of Industry and Energy of Azerbaijan Natig Aliyev is attending the annual Meeting of the Energy Charter Conference in Istanbul, Turkey, the Ministry said. The meeting discusses energy security in member countries and transparent distribution of oil and gas revenues.
The Charter was signed at a summit of the European Union in Hague on December 17, 1991.
In 1994, 30 states became members for the Charter in Lisbon.
The agreement to set up the conference was signed in 1998, and today, the Charter has 51 member states.
ICICI Bank’s Q1 profit up 25 percent
By IANS
New Delhi : India's largest private sector lender ICICI Bank Ltd Saturday posted a net profit of Rs.7.75 billion ($190 million) in the first quarter of the current fiscal (2007-08), a 25 percent rise from Rs.6.20 billion in the same period last fiscal.
The bank, at its board meeting, also reported an increase of 51 percent in its operating profit at Rs.15.24 billion during the period as against Rs.9.65 billion in the corresponding period last year, it said a statement.
Reliance hits new milestone in turnover
By IANS
New Delhi : For the first time ever, Mukesh Ambani-promoted Reliance Industries Ltd's (RIL) three quarter turnover exceeded Rs.1,000 billion, the company said in a statement Thursday.
The company declared turnover of Rs.358 billion for the third quarter of the current financial year.
The company had reported turnover of Rs.334 billion and Rs.297 billion in the first and the second quarters of this financial year.
The company also reported a record 26 percent growth in quarterly growth on year-on-year basis.
Middle East telecom giants will eye Asian, European markets
By IANS
Dubai : Telecom giants in the Middle East will seek to acquire small stakes in large players in southeast and central Asia and southern and eastern Europe, according to a new report.
This comes in the wake of consolidation in the Middle East and Africa (MEA) region last year, the report by Dubai-based telecoms advisory and investment firm Delta Partners said.
Air India salaries to be delayed next month
By IANS,
New Delhi : About 31,000 employees of flag carrier Air India will receive their June salaries only in mid-July as the national carrier attempts to overcome its losses, which were over Rs.4,000 crore (Rs.40 billion/$8.4 billion) during last fiscal, a top official said Sunday.
The July salaries could be delayed by over two weeks, said a senior civil aviation ministry official.
The move comes when Air India plans to seek Rs.5,000 crore in equity capital, Rs.7,000 crore as a five-year soft loan and a special grant of Rs.2,000 crore, the official added.
Make potato crisps that are not potato – and save tax
By IANS,
London : Potato crisps that can save millions in taxes? Yes, but only if they contain less potato.
The next time you want potato crisps don't reach out for Pringles -- a British court has ruled that the famous potato crisps are not really potato at all. As a result, Pringles are now exempt from value added tax (VAT), which can save its manufacturer Proctor & Gamble (P&G) millions of pounds. Customers will have to pay less too.
Indian firm to build sugar mill in Ethiopia
By Groum Abate, IANS,
Addis Ababa : An Indian company is planning to build a new sugar mill in Ethiopia, the east African nation that is attracting a lot of Indian investment and attention.
Increase compensation for lost baggage, death of air travellers: MPs
By IANS,
New Delhi : MPs from all parties Wednesday demanded more compensation for loss or damage to baggage or death or injury of air travellers in accordance with the Montreal Convention, an international law governing civil aviation.
During a discussion over Carriage by Air (Amendment) Bill, 2007, in the Lok Sabha, moved by Civil Aviation Minister Praful Patel, MPs sought a better compensation package for air travellers as per the Convention.
Prime minister’s economic council projects 6.5 percent growth
By IANS,
New Delhi : The Prime Minister's Economic Advisory Council has projected a lower growth of 6.5 percent for the Indian economy during the current fiscal year, due mainly to a two-percent decline anticipated in farm output over the previous year.
While industrial output, the council said Wednesday, will rise 8.2 percent, as against 3.9 percent growth in the previous fiscal, services will also register a lower growth of 8.2 percent against 9.7 percent in 2008-09.
Dow Corning reports strong profit in second quarter
By Xinhua
New York : Dow Corning Corp., a U.S. leading company on silicon-based technology, reported Friday strong profit in the second quarter.
It reported consolidated adjusted net income of 176.7 million dollars for the second quarter of 2007, an increase of 26 percent from adjusted net income of 140.7 million dollars reported in the same quarter of 2006.
Sensex ends over 117 points down
By IANS,
Mumbai : The Indian equities markets closed in the red Tuesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex opened at 17,441.41 points and touched a high of 17,502.15 before closing at 17,373.01. At the day's close, it went down by 117.89 points or 0.67 percent compared to the closing figure Monday.
The National Stock Exchange (NSE) S&P Nifty, which opened at 5,192.35 points, closed at 5,144.65, going down by 47.60 points or 0.92 percent from its previous close.
Government bans edible oil exports for one year
By IANS
Rajkot (Gujarat) : The central government Tuesday banned export of all edible oils for one year with immediate effect to check the rise of domestic prices.
Under a notification by the director general of foreign trade (DGFT), the department of commerce banned the export of all edible oils falling under Chapter 15 of Schedule 1.
The ban is enforced with immediate effect from March 17, 2008 and will be in force for one year from the date of the issue.
The notification has been signed by DGFT R.S. Gujral.
Chandigarh gearing up for eRevolution 2008
By IANS,
Chandigarh : Leading young entrepreneurs and businessmen of the country will converge in Chandigarh Aug 7-8 to participate in the two-day mega IT event, eRevolution 2008.
"Some of the famous young personalities, who recently made a big success in their business, will be sharing their experience and discussing future potential of IT growth in the city during this event," a Chandigarh administration spokesman said Saturday.
L&T secures Rs.3.44 billion project from Power Grid
By IANS,
Mumbai : Engineering and construction major Larsen & Toubro Limited (L&T) has bagged orders worth Rs.3.44 billion from the Power Grid Corporation of India for the construction of transmission lines in Maharashtra.
The project, to be executed by L&T's Engineering, Construction & Contracts Division (ECC), involves survey, fabrication and supply of towers and erection of 400 kv direct current transmission lines in Maharashtra, said a press release.
The project will be completed within 30 months.
Manufacturing industries log double-digit growth in Q1: CII
By IANS,
New Delhi: Majority of the country's manufacturing industries registered double-digit growth in the first quarter of this fiscal, a survey conducted by the Confederation of Indian Industry (CII) and ASCON said.
According to the report, out of the 110 industries covered, 30 recorded growth rates of more than 27.3 percent as compared to 10 industries which registered a growth of 9 percent during the like period last fiscal.
Steel prices to come down in a month
By IANS
New Delhi : India is considering reducing steel prices by 10-20 percent within a month to check the soaring inflation, Commerce and Industry Secretary G.K. Pillai has said.
"The government is expected to lower steel prices by 10-20 percent," Pillai told reporters after his meeting with iron ore producers here Tuesday.
The meeting with India's leading iron ore producers was held at the commerce and industry ministry in an effort to work out a package of measures that would lower its prices and thereby steel prices in return.
Egypt offers to set up free economic zone for Indian firms
By IANS,
New Delhi : Egypt Wednesday invited Indian investments in the country, and said it also proposes to establish a free economic zone for Indian companies.
Sensex ends gaining streak, loses 292 points
By IANS,
Mumbai : Indian equity markets ended their five-day gaining streak and closed with a deep cut following disappointing index for industrial production (IIP) numbers and weak European markets.
India's industrial growth was a mere 5.4 percent in June, down from 8.9 percent in the same month last year.
Banking, metal and information technology shares dragged the market down.
The markets started on a positive note but slipped into the red by afternoon, witnessed a bout of volatility in the last hour of trade, and ended the day in the negative.
Budget session of parliament starts with two stops
By IANS,
New Delhi : The budget session of parliament began on a stormy note Thursday with opposition members staging angry protests over the hike in petrol and diesel prices, forcing the speaker to adjourn the Lok Sabha twice.
Minutes after the house assembled, almost all the opposition members led by the Left parties were on their feet, demanding that the hike in petrol and diesel prices be withdrawn immediately.
It all began soon after Speaker Meira Kumar concluded reading obituary references to two former members after the house assembled at 11 a.m..
Saudi Company for Technology launches largest Web Site
By SPA
Riyadh : The Saudi National Group for Technology, one of biggest technology firms in the Arab World, specialized in financial markets services, has launched its web-site entitled " www.Mubasher.info " .
The Web Site is the largest of its kind in money markets at the Arab World level.
The site covers the activities in financial Arab markets that help investors to get all information they need through distinguished financial news and Information services.
Jai Balaji to set up integrated steel plant in Bengal
By IANS
Kolkata : Jai Balaji Industries Ltd, the largest steel group in West Bengal, Thursday signed a memorandum of agreement with West Bengal Industrial Development Corporation to set up a five million tonnes capacity steel plant and 1,215 MW power plant at Raghunathpur in Purulia district.
The company will invest Rs.160 billion to set up the integrated steel plant, along with a captive power plant and a cement plant in the same complex.
Bihar’s surplus budget focuses on agriculture, infrastructure
By IANS
Patna : Bihar Finance Minister Sushil Kumar Modi Monday presented the budget for 2008-09 showing a surplus of Rs.4,613 crore (Rs.46.13 billion), with emphasis on agriculture, poverty alleviation, job creation, infrastructure development and irrigation.
After presenting the budget amid a boycott by the entire opposition, Modi said the steps taken by the Nitish Kumar government for controlling wasteful expenditure had improved the state's financial performance.
China’s export growth picks up
By IANS,
Beijing: China's exports rose 9.9 percent year on year to $186.35 billion in September, official data showed Saturday.
British government to become main shareholder in two banks
By DPA,
London, Oct 12 (DPA) With the implementation of its 500 billion pound ($850 billion) rescue package, the British government will on Monday become the biggest shareholder in two of the country's largest banks, a report said Sunday.
The government was due to launch a rescue plan Monday for Britain's two largest banks, which need a collective 35 billion-pound injection.
Indian firms try new way to enter Nepal hydel sector
By Sudeshna Sarkar, IANS
Kathmandu : Repeatedly blocked by Nepal's political parties, Indian companies are now trying a different tack to enter the kingdom's potentially lucrative hydropower sector by forming joint ventures with Nepali counterparts.
One of the most high-profile ventures is by Karnataka's GMR Group that despite being approved as the best bidder for two new hydropower projects by a committee was put on hold due to Nepal's unstable political environment. The committee was set up by the Nepal government to assess the contending companies.
Budget: Air India to get Rs.1,200 crore fresh equity
By IANS,
New Delhi : National carrier Air India, reeling under a financial crisis, will now get an additional equity of Rs.1,200 crore ($250 million).
India finally allows FDI in multi-brand retail, aviation
By IANS,
New Delhi : The UPA government Friday allowed 51 percent in foreign direct investment (FDI) in multi-brand retail, triggering outrage among some of its allies as well as the opposition.
World Bank gives Tajikistan $38 mn
By IANS/RIA Novosti,
Dushanbe: The World Bank will give Tajikistan $38 million in two grants to plug budget gaps and help improve the tax system.
Energy security will be major factor for global power play: PM
By IANS,
New Delhi : With global crude prices spiralling to $135 per barrel, Prime Minister Manmohan Singh Wednesday said energy security will determine the future power play among nations and that China had made major inroads in this area.
"The world is not able to grapple with the crises it faces," the prime minister told the probationary officers with the Indian Foreign Service (IFS) here, referring to the crisis which India, like other energy deficient nations, faces.
China forex reserve exceed $1.9 trillion
By Xinhua,
Beijing : China's central bank said Tuesday the country's foreign exchange reserve surged to $1.9 trillion by the end of September this year.
The latest figure represented an increase of 32.92 percent from the same period last year, the People's Bank of China said on its web site.
A total of $377.3 billion was added to the country's foreign exchange reserve in the first three quarters, said the central bank.
The country's forex reserve was reported at $1.53 trillion by the end of 2007, up 47.7 percent over a year earlier.
© TwoCircles.net