Lakshmi Mittal tops South Africa billionaire list
By Fakir Hassen, IANS
Johannesburg : London-based steel magnate Lakshmi Mittal has topped the South African billionaires' list for the third consecutive year.
Mittal's 27.3 billion rand ($4 billion) listing in the annual Rich List, released here by the weekly Sunday Times, takes into consideration his South African investments only.
The Indian-born businessman has much more interest in steel plants across the world, especially after the recent merger of Mittal Steel and Arcelor.
India’s services revenues seen at $225 bn by 2020
By IANS,
New Delhi : India's technology and services industry can earn $225 billion in revenues by 2020 despite the current global economic crisis, said a study released here Tuesday.
Of this, $175 billion is expected from exports and the remaining from domestic sources, said the study by global consultancy Mckinsey and IT industry body National Association of Software and Services Companies (Nasscom).
Inflation will shoot up to 9.5 percent: Rangarajan
By IANS,
Bangalore : The steep hike in fuel prices announced by the central government June 5 will mean that inflation will shoot up to 9.5 percent this week, Prime Minister's Economic Advisory Council Chairman C. Rangarajan said here Thursday.
"The impact of the fuel price hike of June 5 will be seen in inflation rate tomorrow (Friday, when the central government releases the weekly inflation rates," Rangarajan told IANS.
"The rate may touch double digit in the coming weeks," he said after giving a lecture on "The Indian Economy: Challenges Ahead" at the Indian Institute of Science.
Murugappa Group plans Rs.13 bn investment
By IANS,
Chennai : The $2.4 billion Murugappa Group Monday announced it would invest around Rs.13 billion ($325 million) in capacity build-up in the current fiscal.
"Around Rs.7 billion of that will be in the group's sugar business run by EID Parry (India) Ltd and the proposed sugar refinery joint venture with Cargill at Kakinada," Murugappa Corporate Board vice-chairman and director of strategy A. Vellayan told reporters here.
India’s longest elevated road opens to traffic
By IANS,
Panipat : The longest flyover on India's national highway network has been opened to traffic in the industrial city of Panipat in Haryana, 100 km from the national capital.
The 10-km long overpass on the National Highway (NH)-1 (earlier called Grand Trunk road), one of the busiest highway stretches in the country, was inaugurated Wednesday by Union Minister for Road Transport, Highways and Shipping T.R. Baalu and Haryana Chief Minister Bhupinder Singh Hooda.
Mahindra Satyam to expand operations in Malaysia
By IANS,
Mumbai : Mahindra Satyam is expanding its operations in Malaysia by moving more software development and delivery operations to its solution centre in that country, the IT bellwether said Tuesday.
In a regulatory statement, the company said it would enlarge its Global Solution Centre in Kuala Lumpur by moving more global software development and delivery operations there.
The centre is located in Cyberjaya, a prominent information technology corridor in Malaysia.
China announces large rise in fuel prices
By DPA,
Beijing : China Friday announced a 16 percent hike in petrol price and 18 percent in diesel price.
Petrol will now cost 6,980 yuan ($1,015) per ton and diesel will be 6,520 yuan ($949), both up by 1,000 yuan ($145) per ton.
The price of aviation fuel will be raised by 1,500 yuan ($218) per ton to 7,450 yuan ($1,084), the government said.
The official China Daily newspaper said the government was forced to raise its subsidized oil prices for the first time in eight months "because of the soaring price of crude in the international market."
Jordan buys back $2.4 bn of debts
By DPA
Amman : The Jordanian government Sunday signed agreements with 10 member states of the Paris Club for creditor countries under which it bought back $2.4 billion of its debts at a discount rate of 11 percent.
The accords were signed with Canada, Italy, Belgium, the US, Germany, Britain, France, Spain, Switzerland and Austria.
Jordan did not sign a similar agreement with Japan because its constitution prohibits the selling of debts.
India’s inflation minus 1.30 percent now
By IANS,
New Delhi : India's annual rate of inflation fell to minus 1.30 percent for the week ended June 20, according to official data released here Thursday.
The rate of inflation for the week ended June 13 was at minus 1.14 percent.
The index for primary articles rose 0.5 percent, while that for fuel and power rose by 0.1 percent while manufactured products grew by 0.05 percent.
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.
India’s forex reserves plunges by $336 million
By IANS,
Mumbai : India's foreign exchange reserves (forex) plunged by $336.5 million to $287.62 billion in the week ended July 6, data from India's central bank showed.
OPEC crude continues record-breaking climb
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) climbed to a new high above $137 Wednesday, a statement by OPEC said Thursday.
One barrel, or 159 litres, of OPEC-produced crude stood at $137.73 Wednesday, up 0.79 dollars from $136.94 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Ideas for financial inclusion of Indian Muslims discussed at Harvard
By Kashif-ul-Huda, TwoCircles.net
Cambridge, Massachusetts: A three-day 11th Harvard University Forum on Islamic Finance began Friday afternoon on the topic of Takaful & Alternative Cooperative...
Another Indian firm poised to bag Nepal hydropower deal
By Sudeshna Sarkar, IANS
Kathmandu : India's public sector hydropower company Sutlej Jal Vidyut Nigam (SJVN) is poised to become the second Indian entrant in Himalayan neighbour Nepal's hydroelectric power sector by wrapping up a deal for a 402 MW project.
No change in Infosys revenue guidance for FY 2008
By IANS
Bangalore : Infosys Technologies Ltd has retained its revenue guidance for this fiscal (FY 2008) at Rs.167 billion, projecting year-on-year (YoY) growth of 20 percent under Indian GAAP.
In a notification to the stock exchanges here Friday, the IT bellwether said its consolidated income under Indian GAAP for this fiscal (2007-08) would be in the range of Rs.166.3-166.5 billion, reflecting YoY growth of 19.7-19.9 percent under Indian GAAP.
GE Transport, Bharat Heavy Electricals join hands for railway tender
By IANS,
New Delhi : Locomotive technology major GE Transportation (GET) and the state-run Bharat Heavy Electricals Ltd (BHEL) have joined hands to jointly bid for the 1,000 diesel locomotive tender issued by the Indian Railways.
GET was recently shortlisted by the Indian Railways to compete for this tender.
GET intends to form a joint venture company with BHEL and to supply diesel locomotives based on the company's global 'Evolution Series' platform - technologically advanced, fuel-efficient and low emissions - to Indian Railways, a GET release said here Tuesday.
Government to improve Pakistan Railways performance
By APP
Islamabad : Prime Minister Shaukat Aziz on Saturday termed railways the lifeline of logistics chain, adding the government was working to improve its productivity and performance to make Pakistan Railways a profit-making, customer oriented and modern organization.
He was chairing a meeting to review the performance of Pakistan Railways here at PM House. The Prime Minister said there was a need for massive restructuring and renovation of the entire railways system to make it a more reliable, dependable and financially viable organization.
‘US-UAE nuclear cooperation aims at low-carbon’
By IANS/WAM,
Abu Dhabi: Nuclear cooperation between the US and the United Arab Emirates aims to ultimately mitigate carbon pollution, a senior American official has said.
Low-cost carrier Deccan expands reach with Amadeus
By IANS
New Delhi : Amadeus, a leading global technology and distribution partner to the travel industry, Monday announced that Deccan, India's first and fastest-growing low-cost carrier (LCC), will now be able to market and sell all its flights on the Amadeus system.
Travel agents will have access to all Deccan availability and fare classes, a statement from Amadeus said.
Sajjan Jindal plans deep seaport in Orissa
By IANS,
Kolkata : The Jindal South West (JSW) group is planning to invest Rs.15-20 billion to set up a deep seaport in Orissa, a top company official said here Friday.
"We plan to invest Rs.15-20 billion to set up a deep seaport in Orissa, which will cater to our upcoming steel plant at Salboni [in West Bengal]," JSW Steel vice chairman and managing director Sajjan Jindal told reporters on the sidelines of a meet organised by Associated Chambers of Commerce and Industry of India (Assocham).
Power secretary calls for regulator for natural gas
By IANS
New Delhi : India needs an independent regulatory body to ensure bulk consumers like power generation and fertiliser production sectors get natural gas at competitive prices, said power secretary Anil Razdan here Thursday.
"Under the existing scenario in the country, where only a few players dominate domestic gas production and supply, free play of market forces alone cannot ensure competitive prices," Razdan said while speaking at an oil and gas seminar.
Tata Motors to bring Jaguar, Land Rover to India
By IANS,
New Delhi : Tata Motors Monday said it was looking to expand the footprint of Land Rover and Jaguar models and bring them to India.
“Land Rovers are present in small numbers in Mumbai currently. Our colleagues at JLR (Jaguar-Land Rover) have chalked out plans for expansion in the country within a one year timeframe, which will be followed by the entry of Jaguar,” Rajeev Dubey, president of passenger cars division of Tata Motors, told reporters here.
Tata acquired Jaguar and Land Rover from Ford Motors in an all-cash deal worth $2.3 billion.
China’s oil giant to invest in Chad refinery
By NNN-PTI
Beijing : China's largest oil producer firm, China National Petroleum Corporation (CNPC), will invest in a joint venture refinery in conflict-prone Chad.
The CNPC Service and Engineering Ltd, a wholly-owned subsidiary of CNPC, has signed an agreement with the Chadian government to jointly invest in a refinery coming up in north of N'Djamena, capital of the north-central African nation.
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.
Brazil’s economy still sluggish
By IANS/EFE,
Brasilia: The Brazilian government's stimulus measures have had a limited impact on Latin America's largest economy, the central bank said.
Inflation control is top priority for new central bank governor
By IANS,
New Delhi : Duvvuri Subbarao, who took over as the new governor of the Reserve Bank of India (RBI) for a three-year term Friday, has said bringing prices down would top his immediate agenda.
"The immediate priority for me as the governor of RBI will be to manage inflation and anchor inflationary expectations," Subbarao told reporters here.
Mukesh Ambani’s SEZ up for clearance Thursday
By IANS
New Delhi : The Board of Approvals (BoA) in the commerce ministry will meet Thursday to consider 41 special economic zones (SEZs), including Mukesh Ambani's multi-product SEZ in Navi Mumbai.
R-Com net up 9.5 percent
By IANS,
Mumbai : Leading telecom service provider Reliance Communications (R-Com) has reported a 9.5 percent increase in its profits for 2008-09 to Rs.5,907.55 crore after accounting for minority interest, as compared to Rs.5,792.67 crore the previous fiscal.
However, without accounting for minority interest and associates, the net profit for the year slumped 9.5 percent from Rs.6,792.67 crore in 2007-08 to Rs.6,147.48 last fiscal.
The profit in the fourth quarter fell 3.3 percent from Rs.1,503.26 crore in January-March 2008 to Rs.1,454.31 in the corresponding period this year.
Asia-Pacific stocks nosedive after Fed cut
By DPA
Tokyo : Stocks across the Asia-Pacific nosedived Monday along with the US dollar as investors worried that the credit crisis is worsening after JP Morgan Chase and Co agreed to buy US investment firm Bear Stearns and the US Federal Reserve cut its lending rate to banks.
The biggest losses were seen in India and Hong Kong, but Tokyo was close behind as an upsurge in the yen added to the downward pressure, sending the Nikkei 225 Stock Average below 12,000 and to its lowest level since August 2005.
Global trade show organizer Reed set to expand operations in India
By SPA
New Delhi : Reed Exhibitions, a global company specializing in organizing trade shows, is set to acquire a dozen new brands in India over the next three years with an investment of 50 million dollars, DPA quoted news reports as saying Sunday.
Middle East ministers to attend water technologies forum
By DPA,
Singapore : Ministers from six Gulf countries plan to meet providers of water management solutions from South-East Asia, India, China, Japan, Australia and Europe, organizers in Singapore said Thursday.
The forum on June 25 is part of the city-state's International Water Week, a global platform from June 23 to June 27.
Ministers from Kuwait, Saudi Arabia, the United Arab Emirates (UAE), Qatar, Oman and Bahrain are scheduled to attend.
Sensex closes 91 points lower
By IANS,
Mumbai : A benchmark index for Indian equities Thursday closed 91 points down on profit booking.
Buy house, don’t rent – message from the housing sector
By Anuradha Shukla, IANS,
New Delhi : The economic slowdown has hit home sales and sent prices plummeting. The flip side: home rents have shot up.
Rents went up by around 30 percent in major cities including Delhi and the national capital region (NCR) last year, as more and more consumers, hit by the slowdown, preferred living in rented houses to investing huge sums to buy properties, industry officials said.
Nothing new in budget: Ex-railway minister
New Delhi : The NDA government's railway budget for 2015-16 is a repetition of what the UPA government presented in the past, former railway...
Stir against sponge iron factory in Kerala
By IANS
Palakkad (Kerala) : Fearing pollution, local people have started an agitation against a sponge iron factory at Malampuzha, near Palakkad town close to the Kerala-Tamil Nadu border.
Kerala Sponge Iron Limited has the capacity to produce 100 tonnes of sponge iron per day. It is now on a trial run under the supervision of an advocate commission following a Kerala High Court direction.
The factory promoters approached the high court as the village council of Pudussery, where the factory is located, declined to grant license citing pollution threat.
ICICI Bank revises NRI deposit rates
By IANS,
Mumbai : The country's largest private sector lender ICICI Bank has revised its interest rates on various non-resident deposit schemes.
Interest rates on non-resident external (NRE) fixed deposit have been increased by 15 basis points for various maturities with effect from July 1.
The interest rate on one year's foreign currency non-resident (FCNR) deposits in US dollars has been increased to 2.56 percent per annum.
The Interest rate on one year's FCNR deposits in British pound has been increased to 5.7 percent, the bank said in a statement.
United Spirits net rises 54 percent
BY IANS,
Mumbai: Liquor major United Spirits has posted a 54 percent hike in net profit at Rs.179.06 crore in the quarter ended June 30 as against Rs.115.93 crore in the like period last year.
The total revenue stood at Rs.1,248.06 crore in the quarter, up 17 percent from Rs.1,067.12 crore reported in the year-ago period.
The company attributed the increase in sales to first time consumers, who had attained a legal drinking age.
"These first time consumers are now entering at mid price points as against low price points," it said in a regulatory statement.
India agrees to set up 1,320 MW power plant in Bangladesh
By IANS,
Dhaka: In a joint venture with India, a power plant will be set up in Bangladesh in three years to produce 1,320 MW.
Two coal-fired units with production capacity of 660 MW each will be built in Khulna district, 180 km southwest of Dhaka.
A bilateral document prior to signing of a Memorandum of Understanding (MoU) regarding the matter is expected to be signed later Saturday.
The two countries also agreed to establish a cross-border power grid, for which tenders will be invited this month and work order will be issued in June.
Link CEO pay to company performance, say executives
By IANS,
New Delhi : A majority of Indian firms believe that there is a need to evaluate the performance of the top management and board members and to link the salaries of chief executives to corporate performance, said a report released by auditing major KPMG Wednesday.
The report, 'The State of Corporate Governance in India: 2008', prepared on the basis of a corporate governance poll conducted by KPMG in India, said about 85 percent of the respondents said linking CEO remuneration to company performance would help improve corporate governance.
Birla Tyres to shut down Orissa unit third time
By IANS,
Bhubaneswar : Birla Tyres, a unit of the BK Birla Group company Kesoram Industries, will close down its Orissa plant temporarily for the third time in as many months from Feb 16 to Feb 28 on account of falling sales, a company official said Friday.
The unit had shut down operations for about 15 days in December and 13 days last month. It had resumed production Feb 1.
Garlands of currency: wedding party’s joy is RBI’s headache
By Azera Rahman, IANS,
New Delhi : The Reserve Bank of India (RBI) is in a fix as its directive to discourage people from using garlands made of currency notes - a common feature in north Indian weddings - seems to be falling on deaf ears.
"We issued a directive last year that currency notes should not be used in making garlands, which defaces the notes and shortens their life," Alpana Killawala, chief general manager of the public relations division of RBI, told IANS on phone from Mumbai.
Economically strong Pakistan in world’s interest: White House
By NNN-APP,
Washington : The White House said it is alive to Pakistan’s economic concerns and the United States is working with the international financial institutions to help the country come out of its current crunch phase.
“We recognize that a stronger economic situation in Pakistan will help all of us be safer,” Press Secretary Dana Perino said on Friday.
World Insurance Forum starts in Dubai
By IANS
Dubai : The 2008 World Insurance Forum has started at the International Financial Centre here Monday, WAM news agency reported.
Senior executives from leading insurers, re-insurers and brokers are discussing trends in the world insurance industry during the three-day meet.
The United Arab Emirates (UAE) is the largest insurance market in the Middle East, with total premium volumes of $2.7 billion in 2006.
Equities markets head south once more
By IANS,
Mumbai : The Indian equities markets, which oscillated between positive and negative zones through much of Thursday, went down steeply in the last hour of trade and ended a long way down.
The market started on a firm note tracking strong markets elsewhere in Asia. Trading was volatile throughout before the last hour slump.
The 30-share benchmark uindex of the Bombay Stock Exchange (BSE), the Sensex, opened at 16,666.03 points and touched a low of 16,666.03 before closing at 16,316.26, going down by 209.11 points or 1.27 percent compared to the closing figure Wednesday.
Wipro projects $1.2 billion IT revenue in first quarter
By IANS,
Bangalore : Wipro Ltd projected an average revenue guidance of $1.2 billion from its global IT services for the first quarter (April-June) of fiscal 2010-11.
In a regulatory filing Friday, the IT bellwether said with the business environment returning to normal, revenue from IT services would be in the range of $1,190-$1,215 million for the first quarter of FY 2011.
More Highlights of Indian budget (Part 11)
By IANS
Foreign Exchange Derivatives Market to be set up
Coal regulator to be set up
Textile upgrading funding to get Rs.10.9 billion
National highways to get Rs.129.7 billion
Rs.440 million to improve infrastructure at 22 Sainik schools
Mamata kicks off indefinite protest at Singur
By IANS,
Kolkata : Opposition Trinamool Congress chief Mamata Banerjee Sunday kicked off an indefinite protest by thousands near the Tata Motors small car factory site in Singur in West Bengal to demand return of 400 acres of farmland acquired for the project.
The Trinamool chief reached Singur at 2 p.m., accompanied by Samajwadi Party leader Amar Singh, social activist Medha Patkar, former Congress leader Soumen Mitra, Krishi Jami Jiban Jibika Raksha Committee (Save Farmland Committee) Convenor Purnendu Bose and other political and social activists.
It’s a visionary budget: Goa CM
Panaji : Goa Chief Minister Laxmikant Parsekar Saturday described the budget for 2015-16 as "visionary", especially lauding the move to extend the Visa on...
Some inflation possible due to budget proposals: Mukherjee
By IANS,
New Delhi: The budget for 2010-11 may have some effect on the price line and add around 40 basis points to the annual inflation rate, Finance Minister Pranab Mukherjee said Saturday, a day after conducting the annual exercise.
"I do agree my tax proposals will have some inflationary ingredients. It could be around 0.41 percent," the finance minister said during a post-budget interaction with captains of Indian industry here.
Diaspora seeks more time to exchange old notes
By Fakir Balaji
Bengaluru: The Diaspora comprising Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) has sought extension of the deadline to exchange...
China may become world’s top exporter
By IANS,
Beijing : China may overtake Germany to become the world's largest exporter though its exports in 2009 had fallen 13.9 percent from a year earlier, according to figures released Sunday by the General Administration of Customs (GAC).
But Chinese experts and officials said the country was far from being a real trade power if measured by exports structure, technological innovation and industry competitiveness.
Fearing layoffs, AEPC surveys apparel units
By IANS
Ahmedabad : Fearing layoffs and closures as exports decline with the hardening rupee, a worried Apparel Export Promotion Council (AEPC) is surveying the current status of India's garment industry.
The survey will, in particular, collect information on the current level of capacity utilisation and order books position of the units.
In a circular to all AEPC members, council chairman Rakesh Vaidh stressed the need to inform the government about the "distressed conditions" in the industry and their impact on its employment generation potential.
India’s central bank cuts key lending rates
By IANS,
Mumbai : In a bid to lower the cost of borrowings for commercial banks and help them reduce interest rates for the corporate sector, India's central bank Saturday cut two key interest rates but said a period of “painful adjustment” was inevitable for the country's economy.
Reserve Bank of India (RBI) Governor D. Subbarao told a press conference here that the repurchase rate, or the repo rate, was being cut by 100 basis points, while the reverse repo rate will be reduced by a similar amount.
The new rates take effect Monday.
US House approves $14-bn bail-out for car industry
By DPA,
Washington : The US House of Representatives Wednesday approved a $14-billion emergency loan to keep the country's car industry out of bankruptcy, sending the bill to a more skeptical Senate.
House lawmakers approved the legislation by 237-170 after weeks of negotiations. The Senate could vote on Friday, but a group of Republican senators have vowed to oppose the loan and appeared to have enough support to block the legislation.
UAE telecom operator launches remittance facility to India
By IANS
Dubai : The United Arab Emirates' (UAE) leading telecom services provider Etisalat Tuesday launched a pilot service for money remittance to India.
Etisalat will work with Mashreqbank, Tata Communications (formerly VSNL), Idea Cellular and HSBC India to roll out this new service following completion of the pilot phase, the company said in a statement here.
Reserve Bank to phase out old Rs.500, Rs.1,000 notes
By IANS,
Mumbai : India's central bank, the Reserve Bank of India (RBI), Thursday said Rs.500 and Rs.1,000 notes featuring old designs will be phased out, though no timeframe has been set.
These notes from the 1996 and 2000 series will be replaced with new ones with additional security features, RBI spokesperson Alpana Kilawala said.
“This is nothing unusual, it's a regular exercise. Central banks all over the world keep introducing notes with higher security features,” she said.
Kilawala said the exercise was not on account of any fake currency note problem.
Markets continue last week’s rally (Second Lead)
By IANS,
Mumbai : Indian equities markets closed higher Monday as news of state-run banks cutting interest rates on fresh home loans spurred a rally in many housing and infrastructure stocks in a key index.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,832.39 points, a rise of 1.47 percent or 142.32 points over its weekend close at 9,690.07 points.
Satyam directors, employees shocked over ‘fraud’ by Rajus
By IANS,
Hyderabad : Directors of the beleaguered IT major Satyam Computers Wednesday expressed shock the admission of founder-chairman B. Ramalinga Raju to committing a fraud to the tune of Rs.40 billion (Rs.4,000 crore or $823 million) before he resigned, along with Managing Director Rama Raju.
The Hyderabad-based Satyam said in a statement that the contents of Ramalinga Raju’s resignation letter had shocked the members of the board of directors, senior management and thousands of its employees.
Sensex closes over 250 points in the red
By IANS,
Mumbai : The Indian equities markets closed deep in the red Friday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 16,958.80 points and touched a high of 17,054.34 before closing at 16,649.64 points. At its close, it went down by 257.47 points or 1.52 percent compared to its closing figure Thursday.
The S&P Nifty index of the National Stock Exchange, which opened at 5,026.55 points, closed at 4,946.55. It went down by 78.90 points or 1.57 percent compared to its previous close.
Global Indians gather in Malaysia for convention
By NNN-Bernama
Kuala Lumpur : More than 1,000 people of Indian origin from all over the world gathered at the Putra World Trade Centre Saturday for the start of the three-day Ninth Global Organisation of People of Indian Origin (GOPIO) International Convention.
MIC president S. Samy Vellu who launched the meet, spoke on the achievements of Indians in 110 countries, including Malaysia.
Realty, consumer goods stocks in demand in early trade
By IANS,
Mumbai : The Indian equities market opened in green Thursday mirroring strong Asian markets which were running higher. Realty and consumer goods stocks were in demand in the initial trade.
The 30-share benchmark sensitive index of the Bombay Stock Exchange opened with a gain of 127.66 points at 16,796.26. Ten minutes into trade, the Sensex was trading at 16,785.25 with a gain of 87.21 points or 0.52 percent.
At the same time, S&P Nifty of the National Stock Exchange was trading at 5,052.75 with a gain of 29.95 points or 0.60 percent.
Ambani battle over gas cries for consistent government policy
By Sushma Ramachandran, IANS,
The feud between the two Ambani brothers - Mukesh and Anil - seems to be an unending saga on the lines of television soap operas, with the story becoming increasingly complex by the day and the number of characters involved in each episode rising rapidly.
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.
U.S. Unemployment Aid Requests Fall Unexpectedly
Washington, Jan 11, SPA -- The number of Americans applying for unemployment aid fell unexpectedly by 15,000 last week, according to government data released on Thursday.
The figure came after initial jobless claims for state unemployment insurance benefits fell to a seasonally adjusted 322,000 on the week of January 5, 2008, from a slightly revised 337,000 the week before.
Wall Street economists had anticipated a minor increase in new claims to 340,000 from the originally reported 336,000 in the week of December 29, 2007, but did not expect the fall.
Five-party meet to discuss global oil price spiral
By Xinhua,
Aomori (Japan) : Top officials from China, India, the US, Japan and South Korea gathered Saturday in this northeastern Japanese city to discuss setting up oil reserves as a way to offset the global hike in fuel prices.
India and China, whose energy demands increased with rapid economic developments, are exploring ways and means to cooperate with the International Energy Agency (IEA) to help in building oil reserves as protection against rising prices, sources told Xinhua on condition of
anonymity.
Wheat, rice cheaper in Pakistan than India
By IANS,
Islamabad : The prices of wheat, rice, chicken and garlic are lower in Pakistan than in India, Bangladesh and Sri Lanka, authorities said.
Ports, shipping need Rs.1 trillion by 2015
By IANS
New Delhi : The Indian port and shipping sector would require Rs.1 trillion ($25 billion) to reach its aim of increasing port capacity to 1,500 million tonnes by 2015, federal shipping secretary A.P.V.N. Sarma said Wednesday.
"Of the total investment requirement, the port sector would require investment worth Rs.550 billion. Shipping and inland waterways would need Rs.450 billion by 2015," he added.
Centre approves Minimum Support Price for kharif crop
New Delhi: The Cabinet Committee on Economic Affairs on Wednesday gave its approval for Minimum Support Price (MSP) for crops during this year's kharif...
Sensex closes 392 points down
By IANS,
Mumbai : A benchmark index of Indian equities Friday closed 392 points lower as profit booking built up in bluechip stocks.
India’s leaders asked to follow Infosys founder’s example
By Nirmala George, IANS,
Singapore : Singapore's Minister Mentor Lee Kuan Yew has exhorted Indian political leaders to follow the ideals cherished by Infosys founder N.R. Narayana Murthy in order to set the country on a rapid trajectory of high growth and development.
Describing Narayana Murthy as an "exceptional" entrepreneur, Lee hailed his contribution to the phenomenal success of the information technology sector in India, extolling his humility, social awareness and simple living habits as qualities to be emulated.
Look at branding, PM tells textile industry
By IANS
New Delhi : Prime Minister Manmohan Singh Saturday asked the textile industry to look at the future and not at the next season to ensure their global competitiveness and provide a cushion against short-term aberrations.
Addressing a textile seminar here, he also asked the domestic industry to climb from being low-cost vendors to high-end, high-volume vendors with globally known brand names and international footprint.
Tata Motors sales up seven percent
By IANS,
Mumbai : Tata Motors has notched a growth of seven percent in its June sales, though its export figures dipped by 37 percent.
During the month, the company sold 47,245 vehicles, a seven percent growth compared to 44,317 vehicles sold in June 2007.
Similarly, it exported 3,431 vehicles in June this year compared to 5,482 last year, a fall of 37 percent, the company announced here Tuesday evening.
However, the cumulative sales for the company at 131,733 grew by three percent.
New regulations for medical equipment industry on the anvil
By IANS,
New Delhi : The $2.17-billion Indian medical equipment industry will now work in a more structured way than it does at present, thanks to a new mechanism, a top health ministry official said Tuesday.
"Within a couple of months, the government will put some regulations for the medical devices industry that is growing in a haphazard manner," said Debasis Panda, joint secretary, Ministry of Health and Family Welfare.
JK Tyre doubles production capacity at Mysore
By IANS,
Chennai : Tyre major JK Tyre commissioned its new truck and bus radial tyre plant in Mysore Friday, and said it had doubled its annual production capacity to 800,000 units on an outlay of Rs.315 crore.
"The company is fast expanding its capacity across its manufacturing facilities. We are planning to invest Rs.1,200 crore in the next three to four years to fulfil the growth demand," said JK chairman H.S. Singhania.
JK Tyre has four plants in Rajasthan, Madhya Pradesh and Karanataka, apart from three around Mexico City.
Cheap cars not always cheaper, test finds
By DPA
Hamburg : Cheaper cars in the same market segment are not always cheaper in the long run when it comes to running costs and resale value, according to tests conducted by Germany's automobile association ADAC and ZDF television.
The biggest price difference was found in the SUV (Sports Utility Vehicle) segment where the BMW X3 was compared with the Toyota RAV.
Although the BMW was $12,843 more expensive than the RAV at a price of $54,575, total running costs over 60,000 km were just $4,378 more than the Japanese vehicle, which has a new price tag of $41,740.
NRI owned firm takes over German clothing chain store
By Manik Mehta, IANS,
Dusseldorf : German business circles were startled when a small NRI-owned textile importing company took over the financially troubled German clothing chain store Wehmeyer that is a household name for the country's lower and middle-class consumers.
The man behind the takeover of Wehmeyer is Rajive Ranjan, Techno Lifestyle GmbH's managing director, who recently signed a deal for taking over 28 of its stores in the states of North Rhine Westphalia, Rhineland Palatinate and Lower Saxony.
Bengaluru garment workers protest change in PF law
Bengaluru : About 15,000 women garment workers on Monday staged a massive demonstration on the outskirts of Bengaluru, protesting change in the Provident Fund...
Indian Oil Corporation loss widens to Rs.22,450.95 crore
By IANS,
New Delhi : The government-run oil marketing firm Indian Oil Corporation Thursday announced Rs.22,450.95 crore loss for the quarter ended June 30, 2012.
Mangalore Refinery net at Rs.259 cr in third quarter
By IANS,
Mumbai : State-owned Mangalore Refinery and Petrochemicals (MRPL) Tuesday reported a net profit of Rs.259.54 crore for the quarter ended Dec 31, compared to a net loss of Rs.285.41 crore in the like quarter last fiscal.
The company's total income in the quarter under review rose 23.7 percent to Rs.9,388 crore, from Rs.7,586 crore in the year-ago period.
Chinese come to India on business visas to execute projects
By IANS,
New Delhi : There has been a rise in the number of Chinese workers, including those semi-skilled, coming to India on business visas to implement or execute various projects, parliament was informed Tuesday.
Minister of State for Home Ajay Maken informed the Lok Sabha that 69,084 Chinese were issued business visas in 2008 against 58,406 in 2007. And at least 32,700 Chinese have already been issued business visas this year till June.
Markets rally, Sensex in the green
By IANS,
Mumbai : Indian equities markets were on the rise Wednesday, with a key index rising 228 points higher around noon, comapred to its last closing figure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 11,091.56 points, was ruling at 11,230.16 points, 2.08 percent or 228.41 points higher than its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,432.65 points, 2.09 percent higher than its last close.
Zimbabwe issues 250 bn dollar banknote to tackle price spiral
By DPA,
Harare : In a sign of the growing worthlessness of Zimbabwe's currency, the country's central bank Tuesday introduced two new banknotes - a 100 million Zimbabwe dollar note and a 250 million Zimbabwe dollar note.
The launch of the new notes, which was announced on state television Monday night, comes barely a month after the Reserve Bank launched what has been until now the largest single note - 50 million Zimbabwe dollars.
Meeting to discuss 3G spectrum price postponed
By IANS,
New Delhi : The wait for third generation (3G) telecom services in the country has got longer as the first meeting of a key ministry panel, set up to take decision on the pricing of 3G auctions, has been postponed.
The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee was scheduled to meet July 31.
The government constituted the EGoM July 13 to look into matters relating to pricing of spectrum and the number of operators to be allowed in each telecom circle.
Infosys to design informatics for US biotech company
By IANS,
Los Angeles : Infosys Technologies and San Francisco-based Elan Pharmaceuticals Thursday formally announced a partnership agreement under which the Indian software giant will design and implement a new research informatics system (RISe) for the latter.
A joint statement here said the new informatics system will help Elan Pharmaceuticals, a leading biotechnology company, accelerate its research by leveraging Infosys' intellectual property in this field.
No financial details of the deal were announced.
Markets open flat on weak global cues
By IANS
Mumbai : The Indian equities market Wednesday opened flat on weak cues from the global markets. The negative rally was led by banking stocks which saw heavy selling in the early trade.
The 30 share benchmark sensitive index of Bombay Stock Exchange, Sensex, opened with a minimal loss of 9.98 points at 16,328.91. Twenty minutes into trade, Sensex was trading at 16,409.74 with a gain of nearly 80 points compared to its previous close.
Nowheera Shaik arrested for allegedly duping investors
Hyderabad, Oct 17 (IANS) Hyderabad police on Tuesday arrested leading entrepreneur-politician Nowheera Shaik on charges of allegedly cheating the investors.
Nowheera, Managing Director of Heera...
New pension schemes for widows, disabled in interim budget
By IANS,
New Delhi : The government Monday announced two new pension schemes for widows and physically disabled in the interim budget 2009-10.
The Indira Gandhi National Widow Pension Scheme will provide a pension of Rs.200 to widows in the age group of 40-64, while the Indira Gandhi National Disability Pension Scheme aims to provide pension to "severely disabled persons", acting finance minister Pranab Mukherjee said in his budget speech in parliament.
Neyveli Lignite to outsource mining in new Rajasthan mines
By IANS,
Chennai : Integrated lignite mining and power company Neyveli Lignite Corp will outsource mining activities at Bithnok and Hudla in Rajasthan.
The Rs.3,354-crore company has decided to mine lignite at Bithnok (2.25 million tonnes a year) and Hudla (two million tonnes) to fire its proposed power plants at Barsingsar, also in Rajasthan.
The company already has a 2.1-million-tonne lignite mine at Barsingsar and has set up a 2x125 MW power project there.
OPEC crude price stable at $110.51
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell only slightly on Tuesday, OPEC announced Wednesday.
One barrel (159 litres) of OPEC-produced crude stood at $110.51 Tuesday, from $110.61 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Citigroup weighing sell-off option: WSJ
By IANS,
New York : With the stocks of Citigroup dipping a record 26 percent in a single day Thursday, its top executives are now look at various options including auctioning off its various wings or even outright sale of the company, the Wall Street Journal said Friday.
The financial giant, considered a symbol of globalisation, the Citigroup is headed by Indian American Vikram Pandit. This week alone, its stock prices have dropped by 50 percent, forcing it explore measures that would have been unthinkable a few weeks ago.
Saudi minister rules out increase in oil production
By Xinhua
Abu Dhabi : Saudi Arabian Oil Minister Ali Al Naim said here Monday his country is not planning an increase in its oil production capacity, Emirates News Agency reported.
"Saudi Arabia adheres to about nine mbd (million barrels per day)," said Naimi, who arrived in Abu Dhabi Monday to attend Wednesday's 146th meeting of the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC).
Fuel price hike correct decision, won’t aggravate inflation: Ahluwalia
By IANS,
New Delhi : Asserting that the fuel price hike will not aggravate inflation, Planning Commission deputy chairman Montek Singh Ahluwalia Thursday said economic growth would remain on track.
"It is a correct decision. The fuel price hike will not aggravate inflation compared to what would have happened had the government not hiked fuel price. Inflation will not cross double digit, and will rather be lower four months down the road," said Ahluwalia.
Sensex ends marginally up in volatile trade
By IANS,
Mumbai : A key index of Indian equities markets closed marginally higher Monday after slipping into the red in the afternoon session.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 13,988.1 points, ended at 13,913.22 points - 26.07 points or 0.19 percent above Friday's close.
The index gained 141 points around noon to touch 14,028 points, but shed the gains in the afternoon and touched a low of 13,819 points.
Price of rice climbs steeply in Kerala
By IANS
Kozhikode : The price of rice, staple diet of people in Kerala, has seen a steep rise in recent times, climbing around 40 percent in the last one year.
According to traders here, the price rise is the result of rice exports by Andhra Pradesh farmers. Kerala depends on neighbouring states for most of its rice.
Parboiled Kuruva rice is a variety preferred by the people in the Malabar region (comprising six northern districts of the state) and the market is currently facing 20 to 30 percent shortfall in supply, traders here say.
IDBI best public sector bank for SME financing: D&B
By IANS,
Mumbai : IDBI Bank has received the best public sector bank award for financing small and medium enterprises (SMEs) from global business information provider Dun and Bradstreet (D&B).
"IDBI Bank has developed a special business model to serve the SMEs in the country that has enabled the bank to develop a quality SME portfolio through a dedicated streamlined credit decision process," said T. R. Bajalia, executive director and head (SME Group), IDBI Bank.
The award was presented to IDBI Bank at the "Dun & Bradstreet - Polaris Software Banking Awards 2010" here.
German-owned firm buys Watergate for $25 mn
By DPA,
Washington : Washington's Watergate Hotel, site of the 1972 burglary that led to the downfall of a president, was sold Tuesday to a subsidiary of Deutsche Postbank after an auction failed to attract much interest.
The subsidiary, PB Capital, bought the Watergate from Monument Realty for $25 million with the only bid for the hotel, David Astrove, an attorney for PB Capital, confirmed.
Significant concerns on USAF tanker order: Boeing
By IANS
New York : The Boeing Company says "significant concerns" remain after a US Air Force (USAF) debriefing during which acquisition officials sought to explain why they selected a team of Northrop Grumman and the European Aeronautic Defence and Space Company (EADS) for a contract to replace aerial refuelling tankers.
The debriefing Friday came one week after what Boeing termed the USAF's "surprising" announcement that it had chosen the Northrop-EADS team over the Boeing KC-767 tanker offering.
Gujarat euphoric over Nano relocation
By IANS,
Ahmedabad : Farmers at Sanand village in Gujarat burst crackers and distributed sweets Tuesday evening, welcoming the Tata Motors' decision to relocate the Rs.15-billion Nano car project to the state.
Alongside, corporate Gujarat also rejoiced.
"It is a matter of great pleasure that Mr Ratan Tata's prestigious Nano car will roll out from Gujarat," said Parimal Nathwani, Reliance Industries Ltd president for corporate affairs and Rajya Sabha member.
Oberoi Udaivilas best hotel in the world: survey
By IANS
New Delhi : The Oberoi Udaivilas luxury hotel in Udaipur has been ranked the best hotel in the world with an overall score of 94.36 in the prestigious Travel + Leisure World's Best Awards 2007 readers' survey, it was announced Wednesday.
Highlights of India’s Economic Survey
By IANS,
New Delhi : Following are the highlights of India's Economic Survey for 2010-11 tabled by Finance Minister Pranab Mukherjee in the Lok Sabha:
Jamshedpur residents blame Telco for gas leakage
By IANS,
Ranchi : The residents of Jharkhand's Jamshedpur town Wednesday blamed the management of the Telco plant, run by the Tata Group, for the leakage of chlorine gas from its water purifying plant, which led to the hospitalisation of about 150 people with breathing problems.
The gas started leaking from the plant at about 11 a.m. Tuesday. By evening, residents started having respiratory problems and vomiting since the density of the gas had increased.
UAE reduces oil output
By IANS,
Abu Dhabi : The United Arab Emirates (UAE) has reduced its crude oil output in accordance with the agreement reached by the Organization Of Petroleum Countries (OPEC) Oct 24, WAM reported Monday.
The decision was announced by UAE Energy Minister Mohammed bin Dhaen Al Hamili. OPEC decided to reduce its production ceiling in the month of November by 1.5 million barrels per day.
Reliance Media World to be listed Friday
By IANS,
Mumbai : Reliance Media World, part of the Reliance Anil Dhirubhai Ambani Group, will make its debut at the National Stock Exchange and the Bombay Stock Exchange Friday, the company said in a statement.
The company runs businesses like leading radio station BIG 92.7 FM, out of home media business BIG Street, digital content provider BIG Digital, and BIG Reach -- the activation division.
"The radio division of Reliance MediaWorks Ltd has been demerged into Reliance Media World," the tatement said.
Google cuts ties with Chinese advertisers
By IANS,
Beijing : Google Inc has cut commercial ties with two of its Chinese advertising agents, raising concerns that the internet giant's recent standoff with the government may scare away more domestic advertisers.
The search engine ended partnerships Monday with the Universal Internet Media and the Xi'an Weihua Network, major advertising agents for Google in east and northwest China, Marsha Wang, spokesperson for Google China, was quoted as saying by China Daily Tuesday.
The two are among 25 of Google's authorised advertising agents in the country.
Brittle materials show flexibility in nanosize
By IANS
Washington : Silica, which is quite brittle, becomes quite flexible and easy to bend at the nano level, opening up the possibility of using it to make versatile nanomachines, says a new study.
Maryland University researchers Pradeep Namboodiri and Doo-In Kim demonstrated that, at the nano level, silica continues to deform beyond its normal breaking point - becoming ductile like gold.
The atoms of ductile substances are able to shuffle around and remain cohesive for much longer than their brittle cousins, which contain faint structural flaws.
Clean, green, rich Chandigarh just got richer!
By Jaideep Sarin, IANS,
Chandigarh : Chandigarh has managed to best its own record of being the richest among all states and union territories in the country, with its per capita income crossing the Rs.100,000 mark.
The advance quick estimates of Chandigarh reveal that its per capita income has increased to Rs.110,676 in 2007-08. The quick estimates have been prepared by the directorate of economics and statistics of the administration here.
Sayaji Hotels to hive off restaurant business
By IANS
Chennai : The Rs.440-million ($1.1 million) Sayaji Hotels Ltd has decided to hive off its Barbeque Nation restaurant chain for more focussed and accelerated growth, the hotel group's top officials have said.
"As per our plans the restaurant business would require around Rs.2.5 billion by the end of the financial year 2008-09. We are looking out for private equity to the tune of Rs.500 million," Sajid Dhanani, managing director of the hotel group, told IANS.
India can push growth to 10 percent: Manmohan Singh
By IANS
New Delhi : Despite the turmoil in the global economy, India can not only sustain its high growth momentum but also push it to 10 percent with right policies and dedication, Prime Minister Manmohan Singh said Wednesday.
"It is possible that with correct set of policies and dedicated effort by both the central and state governments, we will not only maintain this momentum of high growth but may be able to raise it to 10 percent," the prime minister said.
Japanese rating agency says India’s currency senior debts stable
By IANS,
New Delhi : Japan Credit Rating Agency Ltd (JCRA) has left unchanged its BBB+ ratings for India that reflect a stable outlook on the country's foreign and local currency long-term senior debts, the government said Thursday.
After a review Aug 19, the agency concluded that in the medium to long term, the Indian economy has high potential to grow faster than seven percent annually, a government statement said.
Infosys to open IT SEZ in Thiruvananthapuram shortly
By IANS,
Thiruvananthapuram : The IT special economic zone (SEZ) being developed by software major Infosys on a 50-acre plot adjacent to the Technopark IT campus here will open shortly.
The SEZ would have two separate buildings, one is almost ready and work on the other is progressing, said M. Vasudevan, senior business development manager of Technopark.
"Each building has a capacity to seat 1,500 professionals. The first one will open shortly, some last bit of work on common amenities and a food court remains. The other building is also nearing completion," Vasudevan told IANS.
Chhattisgarh earns Rs.8.32 billion royalty in fiscal 2006-07
By IANS
Raipur : Mineral rich Chhattisgarh state has earned a record Rs.8.32 billion in royalties during the fiscal year 2006-07, registering a Rs.940 million rise in royalty earnings compared to the fiscal year 2005-06, a senior official said Friday.
21 Indian firms among world’s top 100 BPOs
By IANS,
New York : Twenty-one Indian companies, including Infosys Technologies, Tata Consultancy Services (TCS) and Wipro, are among the top 100 BPO firms in the world, according to a new study.
Five of the Indian firms figuring among the 10 best outsourcing service providers are: Infosys (No.3), TCS (6), Wipro (7), Genpact (9) and Tech Mahindra (10), according to the study - '2008 Global Outsourcing 100' - compiled by the International Association of Outsourcing Professionals (IAOP).
Bird group launches globally accredited travel, tourism courses
By IANS,
New Delhi : Bird group, one of India's largest diversified groups in the aviation, travel and IT arena, Monday announced the launch of specialized and globally accredited aviation and hospitality courses.
To be offered at the Bird Academy, the international certification will ensure "high standards of education at par with world-renowned training institutions", a statement from the group said.
Etihad to increase Indian operations in winter schedule
By IANS,
Dubai : India is among several destinations that Etihad Airways, the national carrier of the United Arab Emirates, will increase operations to in its winter flying programme from Oct 26.
The airline’s Indian flying programme will be boosted with an increased number of flights to Kochi in Kerala from six to seven per week and Chennai from one daily to 10 per week, the airline said in a statement.
There are around 1.5 million expatriate Indians in the UAE.
UN to empower Iraqi local authorities
By IRNA-PTI
New York : The Iraqi Government and seven United Nations agencies have launched a new initiative aimed at boosting the capacities of local authorities to implement development plans in partnership with the private sector.
The programme will be carried out in Sulamaniya, Babel, and the Marshlands in a bid to stimulate local economic development and improve local infrastructure and basic services, the UN Assistance Mission in Iraq (UNAMI) said in a statement.
Oman welcomes Indian investment, joint ventures
By IANS,
New Delhi : With the easing global oil prices, Gulf countries like Oman look forward to investment from India and joint ventures with Indian firms.
“We welcome investment from Indian companies and also an arrangement where Indian companies can form join ventures with our companies,” Oman Oil and Gas Minister Mohammed Bin Hamad Al-Rumhy told reporters on the sidelines of the Petrotech 2009 conference here Monday.
Referring to the gloomy global economic outlook, he said, “it is important that in this time oil companies do not lose focus on investment".
‘India can ride out slowdown better than China’
By IANS,
New Delhi : The Indian Economy is in a better position to ride out the current slowdown, compared to China, said the head of an Indo-German trade group.
Even as Bernhard Steinruecke, Director General, Indo-German Chamber of Commerce gave this optimistic thumbs-up to the Indian economy, he admitted that exports from India to Germany may see a fall, with the retail sector in the European giant witnessing a drop in demand.
Quality control issues hit Pakistani exports
By IANS
Islamabad : Non-compliance with World Trade Organisation (WTO) regulations on quality control have severely affected Pakistan's exports, prompting the government to grant an initial Rs.437.44 million for creating a certifying laboratory at Karachi.
A national quality policy plan envisages the establishment of 100 laboratories in the country at a cost of Rs.5 billion.
Airtel bids Rs.26.5 billion for all-India spectrum
By IANS
New Delhi : Upset over the way the government intends to allocate radio frequencies to CDMA operators, India's largest mobile telephony services firm Bharti Airtel offered Rs.26.5 billion to the department of telecommunications (DoT) for a pan-India spectrum.
Plans afoot for renewable energy SEZ in India
By IANS
New Delhi : India is planning to have an exclusive special economic zone (SEZ) for manufacturing equipment that produces renewable energy - a move that is expected to give a boost to such energy.
"We have decided to set up a SEZ for the renewable energy sector. It will be constructed purely on a private-public-partnership basis," Vilas Muttenwar, the minister for new and renewable energy, said Thursday.
CPI-M wants new grain given to states at old prices
By IANS,
New Delhi : The Communist Party of India-Marxist (CPI-M) has asked the central government to ensure that the additional grain allocated to states is at the same price presently charged under the public distribution system.
The party, which has slammed the government for the spurt in food prices, has taken exception to the federal cabinet's decision to charge a higher price on the additional 10 kg allocated to each family under the targeted public distribution system.
80 percent of fake goods that enter EU come from China’
By IANS
Brussels : Trade in counterfeit goods is booming in the European Union and about 80 percent of fake goods that enter its market are from China, the EU Commission president has said.
Addressing the Global Anti-Counterfeit Summit in Brussels Monday, European Commission President Jose Manuel Barroso said that EU customs officials seized more than 128 million counterfeit and pirated goods in 2006, up 70 percent from 2005, EuAsiaNews reported.
Some 80 percent of the counterfeit goods intercepted while en route to the EU, were made in China, he stressed.
Satyam acquires Motorola software unit in Malaysia
By IANS,
Bangalore : Leading IT firm Satyam Computer Services has acquired Motorola's software development facility at Kuala Lumpur in Malaysia, the company said Monday.
"Post-acquisition, all the 128 employees of Motorola's subsidiary will shift to Satyam along with the unit's assets," the Hyderabad-based company said in a statement.
Satyam, however, did not disclose the value of the acquisition.
The Malaysian software centre at Cyberjaya is part of the global telecom major's home and networks mobility business and focuses on network management system development.
India, Brunei to deepen economic, cultural links
By IANS,
New Delhi : Haji Hassanal Bolkiah, the Sultan of oil-rich Brunei Darussalam, arrived here Tuesday evening on a four-day visit during which the two countries will ink four agreements on deepening their economic and cultural links.
The sultan arrived here in a special Boeing 747 on his first visit to India in over a decade.
After a ceremonial reception at the forecourt of the Rashtrapati Bhavan presidential palace Wednesday morning, the sultan will head for Prime Minister Manmohan Singh's official 7 Race Course Road residence for a luncheon meeting.
Yamaha Motors targeting 10 percent market share in India
By IANS,
Kolkata : World's second Largest motorcycle manufacturer Yamaha Motors has set a target to increase its market share to 10 percent in India by the next two-three years, a top official said here Tuesday.
"We're not satisfied with our present Indian market share of three percent. We are working hard in terms of technological upgradation, bringing out new variants and increasing dealership to reach the target of 10 percent," Yutaka Terada, group head (dealer development and planning and marketing activities) Yamaha Motors India Sales Ltd, told reporters.
India’s industrial output falls 1.2 percent in February
By IANS,
New Delhi : India's industrial output fell 1.2 percent in February against a growth of 9.5 percent in the like month of last fiscal, while the provisional drop reported for January has been revised now to a marginal growth of 0.39 percent.
As per data on index for industrial production (IIP) released Thursday, manufacturing output, which accounts for the bulk of the weight in the overall index, declined 1.4 percent in February, against 9.6 percent growth in the like month of last year.
Toyota’s president apologises for recall
By DPA,
Toyota : Toyota Motor Corp's president apologised for recalls of millions of his company's cars worldwide in his first public appearance since the problems began last month at the world's largest carmaker, which once had a stellar reputation for quality.
Akio Toyoda, grandson of Toyota's founder, said at a hastily convened news conference late Friday that the company would establish a quality-control committee as part of its efforts to win back its customers' trust.
Markets firm at early afternoon trade
By IANS,
Mumbai : The Indian equity markets maintained its lead in early afternoon trade Monday. Sustained buying was witnessed in banking, realty and metal stocks.
At 12.30 p.m., the 30-share BSE Sensex was up by 273.71 points or 1.80 percent at 15,463.33. At day's high, it touched 15,553.37.
The market breadth was positive. On BSE, 1,818 shares advanced compared to 592 that declined and 52 remained unchanged.
At the same time, the broader based S&P CNX Nifty was up by 70.35 points or 1.56 percent at 4,587.45.
DSIIDC achieves highest ever profit
By IANS,
New Delhi: The Delhi State Industrial and Infrastructure Development Corp (DSIIDC) said Tuesday that it achieved the highest ever profit of Rs.108 crore in fiscal 2010-11.
Meeting on affirmative action deferred
By IANS,
New Delhi : The Prime Minister's Office Monday deferred a meeting with apex chambers scheduled here Monday to discuss how the interests of workers from socially backward sections can be protected in the wake of lay-offs by the corporate sector due to economic slowdown.
No reason was assigned for deferring the meeting, scheduled against the backdrop of Labour Minister Oscar Fernandes stating that an estimated 65,000 people lost their jobs between August and October, as India Inc has been hit by the recession in key economies.
Air fares to go up as aviation fuel prices soar
By IANS
New Delhi : Public sector oil companies Tuesday raised air turbine fuel (ATF) prices by over 13 percent, a move that would force airline operators to increase air fares.
Petroleum ministry officials have confirmed the ATF price hike and said this was done to meet the rising prices in the international market.
"After the ATF price hike, airline operators will be compelled to hike air fares to meet their losses," an official with a private airline said.
According to officials, the ATF price in Delhi has gone up to Rs.53,309.30 per kilolitre from Rs.47,048.86.
Friday rally cuts week’s losses, Sensex 290 points up
By IANS,
Mumbai : A key index of the Indian equities markets soared 290 points Friday, helping to cut the week's losses after it fell for four consecutive days since Monday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,425.86 points, ended at 15,689.12 points, up 290.79 points or 1.89 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.
Pakistan raises LPG price
By IANS,
Islamabad : Pakistan has raised the price of liquefied petroleum gas (LPG) by Rs.6 per kg to Rs.95 (about $1). An LPG cylinder of about 11 kg will now cost around Rs.1,000.
GAIL to ensure greater transparency in bidding
By IANS
New Delhi : State-owned gas marketer Gail India Ltd will now include an integrity pact in tender documents to ensure better transparency, the company said Wednesday.
Integrity pact is a tool designed by international voluntary organisation Transparency International to fight corruption in public procurement.
The decision comes at a time when GAIL has projects worth Rs.145 billion ($3.7 billion) lined up for bidding.
ArcelorMittal’s third steel plant will be in Karnataka
By IANS,
New Delhi : Global steel giant ArcelorMittal will set up its third steel plant in India in Karnataka, even as the company's chairman expressed disappointment over the slow response on the other two plants from the centre and some state governments.
"We haven't signed a memorandum of understanding yet. We are still evaluating. The Karnataka government seems quite enthusiastic," ArcelorMittal chairman L.N. Mittal told reporters here Thursday after a meeting with Karnataka Chief Minister B.S. Yeddyurappa.
Sensex dull on futures expiry day
By IANS,
Mumbai : Indian equities markets closed the July future series on a dull note Thursday with a benchmark index ending a meagre 39 points up from its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,961.58 points, closed at 17,996.46 points (provisional), 39.09 points or 0.2 percent down from its previous close at 17,957.37 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed slightly higher up 0.26 percent at 5,411.7 points.