Himachal government asked to file fresh affidavit on Brakel
By IANS,
Shimla : The Himachal Pradesh High Court Wednesday asked the state government to file a detailed affidavit regarding its show-cause notice to the Dutch company Brakel Corporation over two proposed hydropower plants.
As the matter came up for the resumed hearing, a division bench comprising Chief Justice Jagdish Bhalla and Justice Rajiv Sharma directed the state counsel to file the affidavit within 10 days.
The government July 7 issued a show-cause notice to Brakel, asking why its contract for two hydropower projects should not be cancelled.
Zero-deficit Kashmir budget promises jobs
By IANS,
Jammu: Announcing job-generation schemes, Jammu and Kashmir Finance Minister Abdul Rahim Rather Monday presented a zero-deficit budget for fiscal 2011-12 in the state assembly.
Tokyo stocks close sharply lower
By Xinhua,
Tokyo : Tokyo stocks closed sharply lower Tuesday with the key Nikkei index briefly dipping below the 10,000 mark for the first time since December 2003.
The benchmark Nikkei-225 Stock Average lost 317.19 points, or 3. 03 percent, from Monday to 10,155.90 at its close.
In the afternoon Nikkei trimmed some losses after hitting a new low of 9,916.21 in nearly five years in the morning, down 556.88 points, or 5.32 percent.
The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 21.44 points, or 2.15 percent, to 977.61.
Iron ore export through Orissa port drops
By IANS,
Jagatsinghpur (Orissa) : The export of iron ore from Orissa through Paradeep port has dropped to 50 percent in the past two months, port officials said Tuesday.
Every month, at least one million tonnes of iron ore were being exported through the port in Jagatsinghpur district before the economy was hit by a downturn.
"But the quantity of iron ore export has dropped to 50 percent during September and October," port traffic manager Saroj Mishra told IANS.
Japanese shares surge on US gains, easing concerns over Egypt
By DPA,
Tokyo : Japanese stocks soared in Wednesday morning, bolstered by an overnight rally on Wall Street and by signs of a possible resolution of the tensions in Egypt.
Bharat Petroleum to invest Rs.6 billion in retail
By IANS
Mumbai : In a bid to expand its presence in the expanding Indian retail market, the state-run oil major Bharat Petroleum Corp Ltd (BPCL) Wednesday said that the company will invest Rs.6 billion in retail over the next five years.
The BPCL plans to set up about 250 retail outlets called "Ghar" to sell its fuel products. These outlets would also offer customers non-fuel facilities like shopping, entertainment and eateries.
The outlets will initially be opened along major highways in urban areas, a senior official told reporters Wednesday.
Rajan panel report on financial reforms by September
By Rajeev Ranjan Roy, IANS,
New Delhi : The high-power Raghuram G. Rajan panel on financial reforms, framing a series of suggestions to make India a financial powerhouse over the next five years, will present its final report to Prime Minister Manmohan Singh by September.
The panel, headed by former chief economist of the International Monetary Fund (IMF) Raghuram G. Rajan, met at the Planning Commission here Tuesday to discuss the draft recommendations presented two months ago.
Golden Leaf India awards for south Indian teas presented
By Aroonim Bhuyan, IANS
Dubai : Tea gardens under the Kanan Devan Hill Produce (KDHP) cooperative society of Kerala swept all awards in the high range category at the Golden Leaf Awards 2008 ceremony for south Indian teas here.
While Chundavurrai tea estate bagged the award for the best high range orthodox leaf, Madupatty tea estate received the awards for the best high range CTC leaf, fannings and dust at the presentation ceremony here Wednesday, the concluding day of the 2nd Global Dubai Tea Forum 2008.
Indian PM asks SAARC to seek global response to oil price hike
By NNN-PTI,
Colombo : India asked SAARC, a grouping of south Asian countries including itself, to work for an effective global response to the record rally in oil and food prices, which can jeopardise development gains in the region.
"SAARC must make its voice heard in the councils of the world to ensure that there is an effective global response that protects the interests of oil consuming countries," Prime Minister Manmohan Singh said at the 15th SAARC Summit here on Saturday.
India and Sri Lanka to discuss trade
By IANS
Chennai : Sri Lankan Minister for International Trade G.L. Peiris will inaugurate a two-day conference on "India-Sri Lanka: Trade and Investments" here Monday.
The conference, organised by Observer Research Foundation in association with Confederation of Indian Industries and the Sri Lankan deputy high commission, will focus on industrial and investment climate and trade related issues.
It will also have one-to-one sessions among traders for developing bilateral contacts and relations of shared, long-term interests.
Pakistan pumps in $6 mn to hold sliding rupee
By Xinhua,
Islamabad : Pakistan's central bank said Wednesday it has pumped $6 million in the market through the exchange companies in a bid to hold the sinking rupee.
Syed Wasimuddin, spokesman of the State Bank of Pakistan (SBP), said that $6 million were provided to the 24 'A' class exchange companies Monday and Tuesday.
The Pakistani rupee fell 1.6 percent Wednesday to a record low and has now depreciated 7.9 percent since the beginning of the year.
The rupee closed at 66.45/55 to the dollar.
Assocham wants ‘equalisation levy’ as part of Income Tax Act
New Delhi : The government must introduce the 'equalisation levy' as part of the Income Tax Act itself and not as a separate chapter...
Canada beckons Indian exporters to its Atlantic gateway
By IANS
New Delhi : Positioning its east coast as the quickest gateway to North American markets, Canada Monday forcefully urged Indian exporters to utilise this Atlantic gateway to further their business interests.
"Ports on Canada's east coast are 36 hours closer from the Suez Canal than New York. What this means is that goods that are offloaded at an Atlantic Gateway port will have reached the US Midwest before your competitor's ship would have docked at New York," Peter MacKay, Minister of the Atlantic Canada Opportunities Agency (ACOA), said here.
Kerala minister denies irregularities in titanium plant deal
By IANS,
Thiruvananthapuram : Denying irregularities in the deal with a Russian company to build a 10,000-tonne titanium sponge plant at Kollam, Kerala Industries Minister Elamaram Kareem Tuesday said the cost of the project had exceeded initial estimates since the cost of land was being included in the total amount.
The opposition Congress party said the project was conceived by its 2001-06 government and it was then estimated to cost Rs.10 billion. It alleged that cost has gone up to Rs.15 billion since the present government was corrupt.
Heritage Meet in Bhopal on Dec. 17
By Pervez Bari, TwoCircles.net
Bhopal: The novel and unique meeting between investors and owners of palatial buildings named as 'Heritage Meet' would be held at Bhopal on Monday, December 17. All the preparations of this meet have been completed.
Delhi starts single point clearance for new industries
By IANS,
New Delhi: No need to run from one department to another to obtain clearances - entrepreneurs interested in setting up units in the national capital can now approach the business facilitation council (BFC) for single-point clearance.
"The Business Facilitation Council will facilitate the entrepreneurs in obtaining clearances from various departments/agencies for setting up of enterprises in a time bound manner," Chetan Sanghi, commissioner of industries in Delhi, announced here Sunday.
Advanced Micro Devices sells off manufacturing units to UAE firm
By IANS,
Dubai : Leading American chip maker Advanced Micro Devices (AMD) has spun off its manufacturing facilities to a United Arab Emirates (UAE)-based company to create a new semiconductor manufacturing firm.
Advanced Technology Investment Co (ATIC) of Abu Dhabi and AMD Tuesday announced the creation of a new US-headquartered company, temporarily named The Foundry Co (TFC), to meet demand for independent and leading-edge foundry production capabilities.
‘Mittal loses 16 billion pounds in credit crunch’
By IANS,
London : More than 16 billion pounds have been wiped off the fortune of India-born steel magnate Lakshmi Niwas Mittal, making him Britain's biggest loser from the global credit crunch, a newspaper reported Sunday.
Mittal is among 10 super-rich Britons who have lost 23 billion pounds between them, the Sunday Times reported.
Mittal, Britain's wealthiest man and head of the world's largest steel company ArcelorMittal, remains a multi-billionaire, the paper said.
Bhilai Steel posts best-ever April-December performance
By IANS,
Raipur : Bhilai Steel Plant concluded April-December with the best-ever performance as its production touched 4.04 million tonnes (MT) of hot metal, 3.87 MT of crude steel and 3.31 MT of saleable steel, a company official said Friday.
The plant, located some 30 km west of Chhattisgarh's capital Raipur, is the flagship unit of the state-owned Steel Authority of India (SAIL). It has registered an overall growth of 4.1 percent, 3.7 percent and 2.2 percent respectively, in the three segments over the corresponding period last year.
Pakistan forfeits $500,000 from Chinese firm
By IANS
Islamabad : A Chinese firm that was prevented by Beijing from supplying 300 railway bogies that Pakistan had contracted for has lost the Rs.30 million (about $50,000) guarantee money it had paid toward the Rs.1.6 billion contract after Islamabad forfeited the deposit.
Pakistan railway ministry officials were "shocked" to learn that the firm that had been awarded the contract "was forcibly stopped by the Chinese government from delivering the consignment", The News said Wednesday.
Kewra water, once a royal favourite, now for common man
By Anil Sharma, IANS
Jaipur : Scented kewra water that used to be served at parties by erstwhile royal families in India would be made available in the market for the common man from March next year.
Ganganagar Sugar Mills (GSM), a Rajasthan government enterprise, is all set to launch packaged kewra water. Kewra is derived from the flowers of pandanus odoratissimus (known as ketaka), a plant that grows in different parts of India .
Equity markets continue free fall
By IANS,
Mumbai : Indian equity markets continued their free fall Monday morning on the back of news that Lehman Bros of the US had decided to file for bankruptcy and due to terror attacks in New Delhi.
A little after noon, the 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, fell further to 13,250.89, down 749.92 points or 5.36 percent to its previous close.
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, says a study released here Tuesday.
Of this, $175 billion is expected from exports and the remaining from domestic sources, says the study by global consultancy Mckinsey and IT industry body National Association of Software and Services Companies (Nasscom).
Fiji woos Indian tourists
By IANS
New Delhi : A high-level delegation from Fiji is currently in India to promote the south Pacific Ocean island as a preferred destination for Indian tourists, promising Fiji "has so much more".
Air India enters price warfare
New Delhi : Air India Wednesday joined the price war, launching a short-term sales promotion scheme.
According to Air India, the tickets under the scheme...
Government approves six projects worth Rs.3.73 bn
By IANS
New Delhi : The central government has approved six projects worth Rs.3.73 billion ($92 million), including a central grant of Rs.2.47 billion under the Industrial Infrastructure Upgradation Scheme (IIUS).
The projects were approved in an IIUS meeting here March 11, under the chairmanship of the Commerce and Industry Minister Kamal Nath, a press note by the ministry said Thursday.
Infosys bags Boeing excellence award
By IANS
Bangalore : India's leading IT firm Infosys Technologies has bagged the performance excellence award from global aerospace major Boeing for 2007.
"The Boeing award reflects our insight and approach to global clients across verticals. The recognition testifies the values with which we deliver integrated services to clients in manufacturing industries," Infosys global head for automotive and aerospace sectors Franco Gonsalves said in a statement Wednesday.
Infosys is among 50 firms to receive the gold level performance award from Boeing's 10,000 suppliers worldwide.
Sensex ends in the red for fourth straight day
By IANS,
Mumbai : A benchmark index for Indian equities Friday closed in the red for the fourth straight day Friday, down 0.27 percent from its previous close, amid negative cues from other Asian markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,645.91 points, closed at 17,591.18 points, 48.08 points or 0.27 percent lower than its previous close at 17,639.26 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,262.6 points, a loss of 0.21 percent from its previous close.
Dhaka firm seeks $7 mn Indian credit to buy CNG buses
By IANS,
Dhaka : The state-run Bangladesh Road Transport Corporation has sought a Taka 500 million ($7 million) credit from India to purchase 100 compressed natural gas (CNG)-run buses to replace its ageing transport fleet.
Bangladesh Communications Minister Syed Abul Hossain confirmed Saturday that the government has taken initiatives to purchase 500 more buses with financial assistance from India.
‘Fresh monetary steps will soften interest rates’
By IANS,
Bangalore : Interest rates will soften in the coming weeks and liquidity will improve in the banking system following sudden cuts in key rates by the Reserve Bank of India (RBI) Saturday, a leading banking consultant said.
"In the current scenario, maintaining stability of the financial market should be the top priority. In this context, the latest monetary measures can be viewed as the RBI's big bang strategy to have a positive impact on the banking system and the financial markets," World Bank consultant and former Corporation Bank chairman B.R. Ramamurthy told IANS here.
HCL’s Shiv Nadar receives Padma Bhushan
By IANS,
New Delhi : Shiv Nadar, founder of $4.5 billion HCL, one of India's leading IT firms, was presented the Padma Bhushan, the country's third highest civilian honour, by President Pratibha Patil Monday.
“It is an honour to receive the award from the president. It is recognition of the efforts of every HCL employee who has supported and contributed to the growth of the company and in its journey from a barsaati (terrace room) to a global enterprise,” Nadar said in a statement.
HSBC sees possibility of second quarter economic recovery in Asia
By DPA,
Singapore : Asia's economy might recover from the recession as early as the second quarter of this year, supported by the governments' policy responses to the downturn and the sharp drop in commodity prices, a news report said Wednesday.
"The cavalry is on its way in the form of one of the most significant policy responses ever," the Straits Times quoted HSBC senior Asian economist Robert Prior-Wandesforde as saying.
"The policy easing and sharp falls in commodity prices should lead to strong domestic demand, thus generating recovery in Asia," he said.
Sensex 102 points in the red
By IANS,
Mumbai : A key index of the Indian equities markets was 102 points in the red about 90 minutes after opening bell Tuesday.
At 11.04 a.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,428.5 points, was at 15,272.57 points -- 102.47 points or 0.67 percent lower than Monday's closing figure.
The S&P CNX Nifty of the National Stock Exchange (NSE) too was trading in the negative terrain at 4,541.1 points, down 068 percent.
Demand for international airport at Agra grows
By Brij Khandelwal, IANS
Agra : From a city that is home to the Taj Mahal and gets around 12,000 tourists a day comes the growing demand for an international airport. Tourism industry leaders, in fact, are crying foul that such a facility is coming up in the relatively unknown area of Jewar nearby.
They say for one reason or the other, political decision makers have been ignoring or deliberately shelving Agra's claim for an international airport.
Sonia’s constituency will have a NIFT
By IANS
New Delhi : A National Institute of Fashion Technology (NIFT) will come up at Rae Bareli, Congress president Sonia Gandhi's constituency in Uttar Pradesh, the cabinet Thursday decided.
"The union cabinet today gave its approval to set up a centre of NIFT at Rae Bareli as a full fledged centre like seven other NIFTs already functioning in the country," Finance Minister P. Chidambaram told reporters.
India has seven NIFTs at New Delhi, Kolkata, Bangalore, Hyderabad, Gandhinagar, Chennai and Mumbai.
Asian stocks hit on US recession fears
By DPA
Tokyo : Asian stocks plunged Wednesday after a drop in a US service-sector index prompted speculation that the world's largest economy might have already entered a recession.
The region's biggest drop was seen in Hong Kong, where the Hang Seng Index fell 5.4 percent to 23,469.46 in a half-day of trading ahead of the Chinese Lunar New Year, which begins Thursday.
New Bangalore airport finally takes off Friday
By IANS,
Bangalore : The much awaited Bengaluru international airport at Devanahalli, about 40 km from this IT hub, will become functional from early friday morning.
State-run Air-India will fly the first aircraft to Singapore a minute into Friday (00:01 hours IST of May 23).
Britain’s economy facing biggest threat in 20 years: Official
By Xinhua,
London : The Bank of England governor has said that Britain's economy is facing the biggest threat in 20 years, giving a grim picture of the country's financial future, a media report said Thursday.
Speaking at the annual dinner for bankers and merchants here Wednesday, Mervyn King said that consumers could expect sharp rises in the gas and electricity prices.
And with no likely pay rise in the near future, there may be a steep fall in the purchasing power, Sky News reported.
Qatar sovereign wealth fund to buy shares of country’s banks
By IANS,
Dubai : With Gulf bourses rebounding Monday after a week of mayhem triggered by the global credit crunch, Qatar's sovereign wealth fund has announced that it would buy up to 20 percent of Qatari banks' shares.
Khalid Bin Rashid Al Khater, director of the Economic Policies Department at Qatar Central Bank (QCB), said that the Qatar Investment Authority (QIA) was buying up to 20 percent shares of Qatari banks to support the banks' capitals and improve their financial situation.
Fiat India launches two new premium models
By IANS
Pune : Fiat India Friday launched two top-of-the-line models called Fiat 500 Cinquecento and Bravo.
"These two models should be seen as resurgence of the Fiat brand in India," said Fiat India Automobiles Pvt Ltd's CEO Rajeev Kapoor.
Fiat India is a joint venture between Fiat and Tata Motors.
The company will be importing the two models. The first lot is expected to arrive May this year. The cars will be fully customised.
Industrial production grows 16.7 percent in January
By IANS,
New Delhi : India's industrial production rose 16.7 percent in January from one percent a year earlier, official data showed Friday.
The output was a better-than-expected 16.8 percent in December 2009. In January 2009, the figure stood at just 1 percent.
The index of industrial production (IIP), which measures the country's factory output, stood at 9.6 percent during the first 10 months (April-January 2009-10) this fiscal as against 3.3 percent in the like period of 2009, data released by the Central Statistical Organisation showed.
Normalcy returns to Nokia India’s plant
By IANS,
Chennai: Production at Nokia India's plant near here resumed as usual Saturday after the four day worker's strike was called off Friday night.
"Workers have reported to duty this (Saturday) morning. The company assured us during the conciliation process that suspended workers would be taken back," Nokia India Employees Progressive Union (NIEPU) joint general secretary P. Suresh told IANS.
The worker's union is affiliated to Labour Progressive Front (LPF), the labour wing of ruling DMK. The strike began Tuesday over the transfer of an employee.
Petroleum company to invests US$20.71 million in oil, gas exploration in Pakistan
By NNN-APP
Islamabad : The Pakistani Government on Tuesday granted three Petroleum Exploration Licences to Petroleum Exploration (Pvt) Limited (PEL) to explore for oil and gas in the Sanghar, Mirpur Khas and Kaloi regions covering a total area of 5,177.53 square kilometers.
Sanghar East block lies in Sanghar and Khairpur districts, Mirpur Khas West block in Hyderabad and Dadu districts, whereas Kaloi falls in Badin and Mithi districts of Sindh. All these blocks are in Zone-Ill.
BEML displays new technology driven products at DEFEXPO 2008
By IANS
New Delhi : Land and ground support equipments major Bharat Earth Movers Limited (BEML) has displayed an array of technology-driven products at the Defence Exposition (DEFEXPO) 2008 here.
From its wide range of products, the company displayed a command post vehicle, BEML-Tatra driving simulator, armoured recovery vehicle, aircraft-towing tractor and weapon loading system (BHIMA) at the Feb 16-19 DEFEXPO at Pragati Maidan.
Don’t sell in panic, Chidambaram to investors
By IANS,
New Delhi : As Indian equities fell once again on weak global cues, Finance Minister P. Chidambaram Thursday asked investors not to sell in panic, and to believe in the country's strong economic fundamentals.
"Nobody should sell in panic," the minister told reporters, as a key Indian equities index fell nearly four percent on fears of US recession and overall global slowdown.
"There is no reason for the Indian market to go down just because Eastern markets are down," he said outside parliament.
ONGC profit up by seven percent
By IANS,
New Delhi : Oil and Natural Gas Corp (ONGC) has posted its highest ever net profit of Rs.167.02 billion ($4 billion) for 2007-08 against Rs.156.42 billion óf previous fiscal, registering a growth of seven percent.
Announcing the financial results for the last fiscal here Wednesday, ONGC chairman and managing director R.S. Sharma said the company has recommended the highest ever dividend of 320 percent amounting to Rs.68.44 billion, compared to 310 percent dividend in 2006-07.
Equities markets flat in early trade (Lead)
By IANS,
Mumbai : The Indian equities markets which opened with a loss Tuesday were trading flat soon after. Auto, IT and realty sectors were under selling pressure in early trade.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 65.75 points at 17,444.41. Ten minutes into trading, it went down further to 17,423.78 with a loss of 67.12 points or 0.38 percent compared to Monday's close.
At the same time, the S&P Nifty of the National Stock Exchange was trading at 5,190.60 points, with a loss of 1.65 points or 0.3 percent.
Rattha Group to invest Rs.17.5 bn in Chennai IT SEZ
By IANS,
Chennai : City-based Rattha Group will promote an IT special economic zone (SEZ) in Porur, west Chennai, at an investment of Rs.17.5 billion ($437.5 million).
"The IT SEZ will come up on 26 acres in Porur. It will have a built-up area of 4.5 million square feet, consisting of four blocks," group chairman H.S. Rattha told reporters Thursday.
The SEZ is designed by US-based architect firm HOK. The first phase is expected to be ready by 2009 and the whole project by 2012.
Emaar MGF set to win bid for Games Village: DDA
By IANS
New Delhi : Emaar MGF, the joint venture between Dubai-based Emaar Properties and India's MGF group, is set to win the bid for building the Commonwealth Games village, says the Delhi Development Authority (DDA).
Industry body ‘disappointed’ by railway budget
By IANS,
Lucknow : The Indian Industries Association (IIA) Friday expressed disappointment over the interim rail budget presented by railways minister Lalu Prasad.
"We are disappointed that no freight cuts have been announced which would have benefited the industrial sector," said IIA president Praveen Sadana.
However, the two percent reduction in fare for AC class travellers, improved connectivity and increased capacity of goods trains are welcome moves, he added.
India’s exports to US fall nearly 12 percent: FICCI
By IANS,
New Delhi : India's exports to the US have fallen by 11.5 percent in the five-month period since last October, said the Federation of Indian Chambers of Commerce and Industry (FICCI), adding that this was a "matter of deep concern".
"The sharp decline in our exports to the US that accounts for 13 percent of our global exports is a matter of deep concern," FICCI president Harshpati Singhania said in a statement Thursday.
India to provide $2 bn to Bangladesh, 22 agreements inked
Dhaka : Prime Minister Narendra Modi on Saturday said India will provide Bangladesh a Line of Credit worth $2 billion as he held talks...
Torrent to take over power distribution in Agra
By IANS,
Agra : Power in this Taj city, which suffers erratic and inadequate power supply, will now be supplied by private player Torrent Power Limited.
The company will take over power distribution within the city limits from the state-owned Dakshinanchal Vidhyut Nigam Limited (DVNL) at midnight Wednesday.
Torrent Chief Executive Officer (CEO) Deepak Thakkar told IANS: "All is set and we are in full gear to take over from zero hour tonight. Arrangements are in place and we are confident of giving our best services to the consumers in the Taj city."
OPEC oil price sheds nearly $1
By DPA,
Vienna : The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) stayed above the $50 mark Tuesday, but still fell by nearly $1, the oil cartel said Wednesday.
One barrel (159 litres) of OPEC crude stood at $50.96 Tuesday, $0.94 less than on the previous day.
The Vienna-based cartel calculates a basket price based on 12 brands produced by its members.
Efforts on for release of Indian workers in Nigeria: minister
By IANS
Chennai : Union Minister for Overseas Indian Affairs Vayalar Ravi has said that all efforts are on to ensure that the four Indians abducted in Nigeria are released soon.
Militants abducted four Indians working for Italian oil company Saipem in Nigeria Oct 26. Three of them are from Tamil Nadu and one from Maharashtra.
"Although we have received some information about the militants involved in the abduction, we are not in a position to divulge any more details for security reasons," the minister said Monday.
Bucking trend, Infosys net up 30 percent in second quarter
By IANS,
Bangalore : Undeterred by the global meltdown and currency volatility, India's second largest IT bellwether Infosys Technologies Friday reported net profit of Rs.14.32 billion for the second quarter (July-September) of this fiscal, up by 30 percent year-on-year and 10 percent sequentially under the Indian accounting system.
Beating its guidance for the quarter under review, the global software major posted a revenue of Rs.54.18 billion, registering a 32 percent year-on-year growth and 11.6 percent sequentially (quarter-on-quarter) under the Indian accounting system.
Satyam hails government move to appoint new board
By IANS,
Hyderabad : Scam-tainted IT bellwether Satyam Computer Services Ltd late Friday welcomed the central government's move to appoint 10 nominees as directors to replace the current board.
“We welcome this decision which will ensure uninterrupted operations and restore the confidence of all employees, customers and shareholders across the globe,” the Hyderabad-based company said in a statement.
Manmohan Singh approves interim budget for presentation Monday
By IANS,
New Delhi : Prime Minister Manmohan Singh Sunday went through the documents related with the interim budget that will be presented to parliament Monday, and after the approval of the house forwarded to President Pratibha Patil for her assent, as per convention.
The prime minister also formally approved the speech of External Affairs Minister Pranab Mukherjee, who will be presenting the interim budget to the Lok Sabha, said official sources.
India is hot property for retail: Swedish firm
By Nayanima Basu, IANS
New Delhi : Swedish packaging paper firm Billerud AB wants to cash in on India's growth in retail and medical packaging sectors, says the company's CEO Per Lindberg.
"India is now becoming hot property for retail. This industry is going to throw up a host of opportunities for us in terms of high-quality packaging. We do not intend to make greenfield investments here. We are looking to tie up with the top players," Lindberg told IANS.
National Mineral Development Corp to mine coal in West Bengal
By IANS,
Kolkata : The state-owned National Mineral Development Corp (NMDC) will invest Rs.10 billion to explore, develop and mine coal blocks in West Bengal, a top company official said here Tuesday.
"We already have two coal blocks in Madhya Pradesh, and this is the third one," NMDC chairman and managing director Rana Som told reporters.
Through the public-public partnership, the two companies will explore the Deocha-Pachami coal block in the state's Birbhum district.
The initial investment will go into land acquisition and purchase of high-duty machineries, Som said.
Canara HSBC Life charts new path to quick profits
By Venkatachari Jagannathan, IANS,
Chennai: Upbeat after earning Rs.374 million in just three months from only two insurance products with average premium of Rs.111,144 per policy, private life insurer Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited (Canara HSBC Life) is expanding its product portfolio.
"We will soon launch term, pension, group and health insurance products as they are ideal products to be sold through banks," Harpal Karlcut, chief executive officer told IANS.
Rise in EU imports from developing countries
By EuAsiaNews,
Brussels : Will a free trade agreement (FTA) help India increase its exports to the 27-nation European Union (EU)? Both Mexico and South Africa have concluded FTAs with the EU.
There was a "healthy rise" in EU imports from these two countries between 2005 and 2006: imports from South Africa rose by 10 percent, and from Mexico by 15 percent.
Hong Kong gallery brings Giclee prints to India
By IANS,
New Delhi : As art prices spiral beyond the reach of common buyers, dealers are improvising on trade practices and artistic tools to stay afloat. One such attempt is being made by a Hong Kong-based online art gallery that is entering the Indian market with Giclee or ink jet-prints of art works.
On Wednesday, the Fuschia Tree tree art gallery will make its debut with a show titled "The Mint Green" at the Attic in Connaught Place in the heart of the national capital.
London Stock Market ends week on front foot
By KUNA
London : Shares on the London Stock Market ended the week on the front foot after strong gains for miners and beleaguered financial stocks Friday.
The recovery was helped by the absence of dealing in New York, with traders away from their desks for the Thanksgiving holiday yesterday, traders here said.
Speculation about merger and acquisition activity also boosted sentiment, with the Financial Times Index of the top 100 company shares 59.8 points higher at 6215.1 in the first hour of trading.
IVRCL Group bags orders worth Rs.4,081 crore
By IANS,
Mumbai : IVRCL Group Monday said it had bagged orders worth Rs.4,081 crore in buildings, transportation and thermal power plant segments.
Two-wheeler majors log lower sales
By IANS,
Chennai : The stimulus shot of 4 percent cut in excise duty will take some more time to rejuvenate the two-wheeler manufacturer. Even after offering discounts, major players have reported lower sales last month as compared to December 2007.
The three major two-wheeler manufacturers - Hero Honda, Bajaj Auto, and TVS Motor - saw their sales going down in December 2008, as compared to sales in the corresponding month the previous year.
Central bank’s third quarterly monetary review Friday
By IANS,
Mumbai: Reserve Bank of India (RBI) Governor D. Subbarao will conduct the third quarterly review of the monetary policy for this fiscal Friday amid fears that the cash reserve ratio (CRR) may be hiked to suck excess liquidity and tame inflation.
The review also comes against the backdrop of policy makers contemplating the roll back of fiscal stimuli announced since December 2008 to help the Indian economy face one of the sharpest downturns in the global economy in eight decades and the financial crisis.
Obama signs $787 bn economic stimulus bill into law
By Xinhua,
Washington : US President Barack Obama Tuesday signed the the $787-billion economic stimulus bill into law in Denver, Colorado, calling it the first step to pave way for long-term growth.
The sweeping economic rescue package, the American Recovery and Reinvestment Act, is designed to jolt the ailing US economy by providing government spending and tax cuts for both individuals and businesses.
Obama signed the bill at the Denver Museum of Nature & Science. He will then take a tour of the museum's installation of solar panels, according to a White House press release.
Peerless scouts for foreign partner for mutual fund arm
By IANS,
Kolkata : Peerless Funds Management Company Ltd (PFMCL) is scouting for a foreign partner to further strengthen the business, a company official said here Tuesday.
PFMCL, wholly owned subsidiary of Kolkata-based Peerless General Finance and Investment Company (PGFIC), was in talks with foreign entities to divest stake in its recently launched mutual fund arm.
"We will induct a foreign partner who suits the strategic blueprint of the company," Peerless General Finance and Investment Company director (financial products distribution) Jayanta Roy said.
Jaitley proposes corporate tax, customs duty cuts, service tax hike
New Delhi : Finance Minister Arun Jaitley Saturday proposed to cut the corporate tax rate by five percent to 25 percent over next four...
India needs economists to manage economic affairs
By Syed Zahid Ahmad,
It is better to see Dr. C. Rangarajan resigning as chief of Prime Minister’s Economic Advisory Council (EAC). He might be eying a bright career as consultant for new growing business of financial inclusion. This way he might have escaped from facing the utter failure of UPA government on economic front.
Immediate action needed to counter credit crisis: IMF
By DPA
Washington : Banks should disclose all looming writedowns and new risk management strategies as soon as possible to quell market fears amid an ongoing crisis in the global financial sector, the International Monetary Fund said Tuesday.
The IMF said the credit crisis - sparked by a record number of defaults by subprime mortgage holders in the US - was the result of an antiquated system of financial regulation and a "collective failure to appreciate the extent of leverage taken on by a wide range of institutions".
China’s economic confidence continues to drop in Q3
By Xinhua,
Beijing : China's entrepreneur confidence index plunged to 123.8 points in the third quarter this year down 11 points from the previous quarter, the National Bureau of Statistics (NBS) said Friday.
The confidence index, a gauge of the understanding, views and projections of the business community, has been declining all year, NBS said and added that in the second quarter it was 5.8 points lower than the first quarter.
ADB to make first foray into China’s airport business
By Xinhua
Manila : The Asian Development Bank (ADB) is making its first foray into the airport business in China, said the Manila-based lender.
The project will involve a $50 million equity investment from ADB in HNA Airport Holding (Group) Co. Ltd., a private company primarily invests in airports and airport operations.
ADB is co-investing in HNA Airport Group with funds managed by Pacific Alliance, including ARC Capital Holdings Ltd. and Pacific Alliance Asia Opportunity Fund Ltd., said the multilateral development finance institution in a press release Friday.
Bharti, Vodafone join hands for services in Channel Islands
By IANS, New Delhi : Bharti Enterprises, India's leading private telecom service provider, Tuesday announced a partnership with British telecom giant Vodafone Plc. to provide telecom services in the Channel Islands - Jersey and Guernsey.
Jersey and Guernsey are a group of British dependent islands comprising a population of over 170,000.
An agreement was also signed between Bharti's wholly owned subsidiaries - Jersey Airtel Ltd. and Guernsey Airtel Ltd. and Vodafone.
PM panel pitches for separate manufacturing policy
By IANS,
New Delhi : A top panel set up by Prime Minister Manmohan Singh has sought a separate policy for the manufacturing sector, currently growing sluggishly. The panel, which submitted the report Saturday, has justified the need for a manufacturing policy, saying it will accelerate industrial growth.
“The policy will ensure focussed attention by the government to various aspects to achieve the goals of manufacturing and employment generation,” said a senior official in the prime minister's office (PMO).
Economists doubt Bihar’s tall claims
By Imran Khan, IANS
Patna : The Bihar government's tall claims of economic achievements have drawn flak from many economists in the state who questioned the very rationale of the state's Economic Survey for 2006-07.
According to the survey, released by Deputy Chief Minister Sushil Kumar Modi Feb 22, the state's Gross Domestic Product (GDP) growth rate is 16 percent, almost double the national average growth rate.
Airlines miss deadline to appoint ombudsmen
By Sanjay Singh, IANS,
New Delhi : The Indian government's missive to all carriers to name an ombudsman by Aug 1 to address the grievances of air passengers has been given a miss.
No airline - including the National Aviation Company of India, which runs Air India - has heeded to the government's request, despite being given two months to do so, a senior official in the civil aviation ministry said.
ICICI Bank quarterly net profit up 44 percent
By IANS,
Mumbai : The country's second largest lender ICICI Bank Thursday reported a 44 percent increase in net profit for the quarter ended March 31 at Rs.1,452 crore ($ 326 million).
Ahmedabad runway renovation hits flights
By IANS,
Ahmedabad : A three-day renovation work initiated at the Sardar Vallabhbhai Patel international airport here has left fliers of bigger aircraft fuming after an Air India flight to London was axed.
National carrier Air India Thursday cancelled its Ahmedabad-London flight (AI 133), leaving passengers who had reported for boarding stranded at the airport.
Many passengers protested vocally saying they were not warned about the cancellation in advance.
Landing and takeoff of bigger aircraft have been affected after work on the runway renovation began Wednesday.
Bangladesh’s Grameen bank can raise funds from market
By IANS
Dhaka : Bangladesh's pioneering rural banking network Grameen has been given government approval to open branches in cities and raise money from the market through bonds and debentures but it would have to stick to distributing rural credit.
Financial risks, food insecurity new threats in 2008: Report
By DPA
Geneva : Global financial risks along with food and energy insecurity top the list of major potential threats to the world economy this year, according to a report published by the World Economic Forum (WEF) Wednesday.
The Global Risks 2008 report said the prospect of a US recession provoked by the US subprime mortgage crisis demonstrated the need for new thinking in response to revolutionary changes in the financial markets in the past two decades. It called for a new framework to manage the risks.
Gazprom Neft to boost crude output to 586 mln bbls by 2020
By RIA Novosti
Moscow : Gazprom Neft, the oil producing arm of Russian energy giant Gazprom [RTS: GAZP], said on Monday it intends to boost crude output to 80-90 million metric tons (586-660 million barrels) per year by 2020.
Gazprom Neft, which is yet to publish its production figures for 2007, produced 32.7 million metric tons (240 million barrels) of oil in 2006.
Sensex nudges up in early trade
By IANS,
Mumbai: It was another quiet start for the benchmark index of Indian equities markets, which nudged up slightly Friday.
Markets start in the red, Sensex below 9,000
By IANS,
Mumbai : Indian equities markets were off to a weak start Friday with a key index opening lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,943.78 points, lower than its 9,042.63 point close Thursday. About 10 minutes into trade, it was at 8,922.28 points, 1.33 percent or 120.35 points lower higher than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,754.35 points, 1.25 percent down from its last close of 2,789.35.
Chinese yuan weakens
Beijing : The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 13 basis points to 6.1149 against the...
Thailand’s NESDB upbeat about economic growth
By NNN-TNA
Bangkok : The Thai economy is expected to grow at least 4.5 per cent this year and 4-5 per cent next year, boosted by a recovery in household spending and private investment, according to the National Economic and Social Development Board.
UBI gets Rs.300 crore infusion from government
By IANS,
Kolkata: City-based United Bank of India has informed the Bombay Stock Exchange that it has got capital infusion of Rs.300 crore from the central government.
"This capital infusion is a part of the government's initial sanction to the proposal to infuse a total of Rs.800 crore in the bank through PNCPS (Perpetual Non-Cumulative Preference Shares). The first instalment of Rs.250 crore was received on March 31, 2009," the bank said.
Fact file on fuel prices
By IANS,
New Delhi : The following are the revised prices in rupees of petrol and diesel in the four metros effective midnight. Prevailing prices (Rs./litre) are in parenthesis.
PETROL
Delhi: 45.62 (50.62)
Kolkata: 47.52 (52.20)
Mumbai: 50.04 (55.04)
Chennai: 50.07 (55.07)
DIESEL
Delhi: 32.86 (34.86)
Kolkata: 33.81 (35.81)
Mumbai: 36.93 (38.93)
Chennai: 35.13 (37.13)
Consolidated Railway Budget Highlights
New Delhi : The following are the highlights of the Railway Budget for 2015-16 presented by Railway Minister Suresh Prabhu in the Lok Sabha...
European central banks slash rates to ward off recession
By DPA,
London/Frankfurt : Faced with a looming recession and rapidly falling inflation, the European Central Bank (ECB) cut rates by 50 points Thursday as monetary authorities around the world step up efforts to cut the cost of money.
The ECB's move followed the Bank of England's (BoE) dramatic announcement that it was slashing rates by 1.5 percentage points to 3 percent.
The BoE's more-than-forecast cut underscored the speed of the economic deterioration threatening Britain with the most aggressive forecasts for the British central bank to cut by 100-basis-points.
‘Indians to spend 10-15 bn pounds in buying British homes’
By IANS,
London : Indians are expected to spend between 10 and 15 billion pounds over the next decade in buying homes in Britain, a leading British estate agent was quoted saying Monday.
Jones Lang LaSalle (JLL) director Simon Halfhide told the Times newspaper that by 2025 nearly 600 million Indians will have sufficient financial means to invest in British residential property.
India is home to around 125,000 dollar-millionaires and the estate agent estimates that Indians will buy between 20,000 and 30,000 British residential properties over the next decade.
9.39 crore Jan Dhan accounts seeded with Aadhaar
New Delhi : The government has seeded 9.39 crore Jan Dhan accounts with the Aadhaar unique identity number, Minister of State for Finance Jayant...
23 lakh LPG connections given under PM Ujjwala Yojana
Kolkata : Petroleum Minister Dharmendra Pradhan on Saturday said 23 lakh liquified petroleum gas (LPG) connections were given to below poverty line women households...
Indian equities soar to new peaks
By IANS
New Delhi : Key Indian share market indices scaled new peaks Friday with buying interest across sectors and the mood positive on account of a major public offering proposed by Reliance Power.
The sensitive index (Sensex) of the Bombay Stock Exchange opened on a positive note at 20,367.94 points and touched an all-time high of 20,607 points after an hour of trading.
The 30-share key index was trading at 20,545.41 points at noon, with a gain of 198.28 points, or 0.97 percent, over the previous close at 20,345.20 points.
Tax officials knock at Reliance’s Jamnagar unit
By IANS
New Delhi : Officials of the Directorate of Revenue Intelligence were dispatched to the Jamnagar unit of Mukesh Ambani-led Reliance Industries Ltd Monday to "examine" some books of accounts, an official spokesperson said.
Divestment can raise Rs.80,000 crore: Assocham
By IANS,
New Delhi : The government can raise about Rs.80,000 crore ($16.6 billion) by divesting stake in public sector units, says an industry lobby report.
"Dilution of stake in leading public sector units alone could fetch at least Rs.80,000 crore," the report by Associated Chambers of Commerce and Industry (Assocham) said, adding that this amount could be used to bring down the fiscal deficit burden.
To overcome the immediate deficit, the government may have to borrow Rs.2.4 trillion crore from the market by September, it added.
UAE’s bank to open 50 branches in Egypt
By IANS/WAM,
Abu Dhabi/Cairo : The National Bank of Abu Dhabi (NBAD), a leading bank in the United Arab Emirates (UAE), is planning to open 50 branches in Egypt over the next few years.
As part of its expansion plan, the bank opened its 28th branch in Egypt Thursday in Helioplis area in Cairo.
"NBAD opened its first overseas branch in Cairo in 1975. Since then, Egypt remains an important and critical market for us as can be witnessed by our growth and future plans for the country," said Qamber Ali Al Mulla, senior general manager of NBAD's international banking division.
US exports to UAE rose to $12 bn in 2009
By IANS/WAM,
Washington : Trade between the US and UAE remains robust despite economic recession, says a report. US exports to the UAE rose from $3.6 billion in 2002 to $12.1 billion in 2009, representing a 237-percent increase.
The report, released by the US-UAE Business Council Thursday, cites an increasingly diversified UAE economy as a source of the dynamic bilateral trade and investment relationship.
Volatile trade keeps markets on a see-saw
By IANS,
Mumbai : It was a see-saw week at the Indian equities markets, which kept investors guessing as to how to cope with such volatile conditions. A key index closed 0.88 percent down Friday, a little below its close of the previous week.
Analysts believe that a crisis of confidence, more than finances, is making Indian equities act in such haphazard manner, tumbling one day and rising the next.
Satyam scrip plunges though it calls off Maytas deal
By IANS,
Hyderabad/Mumbai : Shares of Satyam Computer fell sharply by over 26.53 percent though it called off the proposed acquisition of promoter group companies Maytas Properties and Maytas Infra at a cost of $1.6 billion. The scrip was trading at Rs.166.40 around two hours after opening Wednesday, having closed at Rs.226.50 Tuesday.
Market closes 655 points down
By IANS,
Mumbai : The Indian equities market closed deep in the red Tuesday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 13,067.08 points, touched a low of 12,605.00 before closing at 12,676.19 points. It went down by 654.32 points or 4.91 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4,039.30 points, closed at 3,861.10 points. It went down by 178.60 points or 4.42 percent.
Former Siemens boss Pierer linked to illicit payments: reports
By DPA,
Berlin : A senior manager at German electrical engineering concern Siemens has linked former chief Heinrich von Pierer to suspicious payments in connection with a large government project in Argentina, German media reports said Saturday.
The reports, in the Munich-based daily Sueddeutsche Zeitung and the online service of Der Spiegel news magazine, put the payments at $10 million.
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.
IIP data disappointing, may affect growth: Pranab
By IANS,
New Delhi: The slower growth in industrial production in August is disappointing and it may affect economic growth, Finance Minister Pranab Mukherjee said Tuesday.
‘Poor infrastructure driving up operating costs for India Inc’
By IANS,
New Delhi : Infrastructure inefficiencies like poor roads and inadequate power generation are the major factors that drive up India Inc's operating costs, a survey said Thursday.
According to the survey conducted jointly by global consulting major KPMG and Economist Intelligence Unit, around 95 percent of Indian top executives feel infrastructure investment was insufficient in the country to support the long-term growth of their organisations.
India among top diamond trading partners for Dubai in 2008
By IANS,
Dubai : India, along with Angola, the European Commission (EC) and China, were the top diamond trading partners for Dubai in the first six months of 2008, jointly accounting for around 85 percent of total trade volumes.
Over 87 percent of Dubai's rough diamond exports were to India and the countries of the EC, while Dubai's exports to China increased by 950 percent, according to a statement issued by the Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre (DMMC).
Robust start for Indian equities in New Year
By IANS
Mumbai : Trading in Indian equities began on a positive note in the New Year with a key market index closing on a record high during the week ended Friday, backed by strong purchases by foreign funds and the buzz created by Reliance Power's upcoming $2.75 billion public offer.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) scaled new peaks during the week and ended at a record closing of 20,686.89 points, after topping an all-time high of 20,762.80 points during intra-day trading Friday.
Cooking gas dealers to sell home appliances
Chennai, (IANS) New Delhi-based kitchen appliances company Maharaja Appliances Ltd has signed up with two public sector oil marketing companies to sell its products through their dealer networks.
According to the deal, cooking gas dealers of Hindustan Petroleum Corp Ltd (HP) and Bharat Petroleum Corp Ltd (BP) would sell Maharaja kitchen appliances.
"With this tie-up, the Maharaja Appliances will add 9,900 new retailers (5,200 cooking gas dealers of HP and 4,700 of BP) to its existing 16,000 retailers," Pawan Chadha, general manager, Maharaja Appliances, told IANS here.
Abhishek seeks 15 percent copier paper market share
By IANS,
Gandhinagar : Abhishek Industries, the flagship company of the Trident group, is targeting a 15 percent share in the Rs.1,800-crore copier paper market, a company official said Thursday.
Abhishek is the world's largest producer of wheat straw based paper.
Rajinder Gupta, chief executive officer, said the company would increase its revenue by 116 percent over the next year by introducing eco-friendly branded copier paper products across middle and premium segments.
Abhishek has lined up resources to take the copier paper sales to
35 years after Idi Amin, Indians again flocking to Uganda
By M.R. Narayan Swamy, IANS
Kampala : Thirty-five years after former dictator Idi Amin booted them out lock, stock and barrel, Indians are again returning to Uganda in large numbers and helping to rebuild an economy that was shattered following their exodus.
The capital Kampala is again dotted with Indian-run stores and businesses, and Indian faces are a familiar sight on the streets. A Bank of Baroda billboard stands proudly in the city centre, with a beaming face of Mahatma Gandhi.
Inflation in India at 13-month high
By IANS
New Delhi : India's annual rate of inflation, based on wholesale prices, rose sharply to a 13-month high of 6.68 percent for the week ended March 15, exerting pressure on the central bank that has targeted to keep it below 5 percent.
This is the highest level since the 6.69 percent rate Jan 27 last year. The inflation, computed from the Wholesale Price Index, was ruling at 5.92 percent for the week ended March 8, official data showed Friday.
Indian banking sector untainted by current financial crisis: Bhatt
By EuAsiaNews,
Antwerp, Belgium : The head of India's largest commercial bank, State Bank of India (SBI), has said that the global financial meltdown has not effected the Indian banking sector and that the Indian economy will continue to grow, at the most pessimistic forecast, at 7 percent plus.
"The Indian financial system including both the public and private sector banks in India including the foreign banks operating in India is one of the soundest banking system in the world today," Om Prakash Bhatt, SBI Chairman told EuAsiaNews in an exclusive interview.
Lalu Prasad to present his fifth rail budget Tuesday
By IANS
New Delhi : Railway Minister Lalu Prasad will present his ministry's budget for the next fiscal in the Lok Sabha Tuesday where the focus is expected to be on bringing new areas into the network without hiking passenger fares.
This will be the fifth straight rail budget, both for Lalu Prasad and the United Progressive Alliance (UPA) government, after the financial transformation that was initiated on the previous four occasions.
India to invest $10 billion in IMF: Pranab
By Dipankar De Sarkar, IANS,
London : India is to invest up to $10 billion in the International Monetary Fund as part of a major thrust to wrest a greater say in the running of international financial institutions, Finance Minister Pranab Mukherjee announced Friday.
"India has decided to invest up to $10 bn of its reserves in notes issued by the IMF," Mukherjee said after a meeting of the finance ministers of Brazil, Russia, India and China (BRIC) in London.
Zoom Developers to build four budget hotels
By IANS,
New Delhi : Mumbai-based Zoom Developers announced Monday that it has won a contract from Indian Railway Catering and Tourism Corp (IRCTC) to develop four budget hotels at a proposed investment of Rs.1 billion ($23.8 million).
These hotels, part of the Rail Ratna Project, will come up in Mangalore, Puducherry, Chennai (Egmore) and Coimbatore. Earlier, IRCTC awarded bids for 24 hotels across the country.
"We have won the bid for all four locations to develop budget hotels with a proposed investment of around Rs.1 billion," said Zoom CEO Rumneek Bawa.
IBS solution for Nippon Cargo Airlines
By IANS,
Thiruvananthapuram : IBS Software Services, providers of IT solutions to the travel, transportation and logistics industry, Wednesday said its next-generation Cargo Management System, iCargo, has gone live with Japan's Nippon Cargo Airlines (NCA).
According to an IBS press release issued here, iCargo will optimise the inventory of NCA's flights and allow them to plan airfreight capacity, track goods, manage customers, terminal operations, handle mail and unit load devices (ULD).
Reliance Power to raise Rs.20,000 crore this fiscal
By IANS,
New Delhi : The Anil Ambani-promoted Reliance Power is planning to raise Rs.20,000 crore ($4 billion) this fiscal to finance various power projects, the company chairman said Tuesday.
"In all, we raised about Rs.200 billion of debt for various generation projects. We are on course to raise Rs.20,000 crore of debt this fiscal," Anil Ambani told shareholders at the company's annual general meeting.
Reliance Power plans to add 3,000 MW of electricity generation capacity by 2012-end.
Tata Motors rights issue later this month
By IANS,
New Delhi : Tata Motors Tuesday said its proposed rights issue to raise Rs.42 billion will open this month-end.
The right issues is aimed at part funding the short-term bridge loan taken for financing the acquisition of Jaguar-Land Rover from the Ford.
In a regulatory statement, the Mumbai-based auto major said it will offer one ordinary share for every six shares held at Rs.340 per share, with a face value of Rs.10, totalling Rs.21.86 billion.
Malaysia critical of Islamic countries’ role in oil crisis
By IANS,
Kuala Lumpur : Malaysia Monday criticised oil-producing Islamic nations, saying they were not interested in helping people deal with the current international oil crisis and were more inclined to follow what the Organisation of Petroleum Exporting Countries (OPEC) said.
Foreign Minister Rais Yatim said Malaysia would discuss the issue of escalating fuel prices at the next Organisation of Islamic Conference (OIC) meeting in Kampala, Uganda from June 18-20.
He stressed that Islamic countries must address the issue immediately because oil is produced largely by them.
Colombia budgeting on Indian software
By Devirupa Mitra, IANS
(Attn Editors: Repeating Saturday's story for all needing)Bogotá, Dec 16 (IANS) Colombia will soon have a sophisticated software programme to prepare, implement and monitor its national budget, thanks to an Indian software company.
From his office inside the finance ministry building opposite the Colombian Presidential Palace in Bogota, Subramanian Ravishankar is leading a global team of 350 Tata Consultancy Services (TCS) employees working exclusively on this major government project.
PM Manmohan to hold talks with Gulf nations on sourcing natural gas
By NNN-PTI,
New Delhi : Prime Minister Manmohan Singh's maiden three-day visit to energy-rich Gulf nations from on Saturday is expected to feature discussions on sourcing natural gas to address India's food and energy security needs.
Singh's discussions with the heads of state in Oman and Qatar are likely to be on sourcing feedstock for the joint venture fertiliser company in Oman as also liquefied natural gas for use back home, officials said.
Budget allocation for culture drops marginally
By IANS,
New Delhi : Culture seems to fallen a step behind on the government's list of priority with the total budgetary allocation for 2010-2011 dropping to Rs.1,238 crore from Rs. 1,254 crore for 2009-2010.
However, the plan outlay has increased to Rs.735 crore in 2010-2011 from Rs.630 crore in the present fiscal.
Euro falls against dollar to $1.4268
By SPA,
Frankfurt, Germany : The euro fell against the dollar Friday after the European Central Bank said it would enact measures to encourage more lending between banks.
The 15-nation euro bought $1.4268 in early European trading, down from $1.4313 late Thursday in New York. The euro had peaked at $1.4719 in Wednesday overnight trading,
its highest point since late September, and dropped as low as $1.4182 Thursday afternoon _ a massive 5.4-cent swing.
Gaza power plant to shut down Wednesday for fuel shortage
By Xinhua,
Gaza : The only power station in the Gaza Strip will stop functioning by Wednesday evening due to the lack of fuel, a Palestinian energy official said on Tuesday. "The stored industrial diesel will run out in the evening tomorrow and the station will stop," said Kan'an Obaid, deputy director of the Palestinian Energy Authority.
"The total of shortage will be 35 percent while in Gaza Cityalone will be 50 percent," he said, adding that Gaza City's 800,000 people will be affected.
EU says India main source of counterfeit medicines seized in Europe
By INEPNTEXT
Brussels: India is the number one source of counterfeit medicines seized in the European Union in 2006, according to an EU statistics released in Brussels Thursday.
31% of all fake medicines seized in the EU last year came from India, followed by the UAE (31 %) and China (8%). The three countries are responsible for more than 80% of all counterfeit medicines, noted the report.
Nine Nanos begin countrywide drive from Sanand
By IANS,
Sanand (Gujarat) : A fleet of nine Nanos driven by prospective customers who participated in an online contest, began a countrywide drive from here Wednesday to mark the inauguration of Tata's Motors' facility to roll out the world's least expensive car.
Called the Nano Superdrive, the nine-Nano rally was flagged off Tata Group chairman Ratan Tata, a company official said.
Sensex up 112 points in afternoon trade
By IANS,
Mumbai : Indian equities were trading in the green Wednesday afternoon, with a key index ruling 112 points higher than its previous close about 40 minutes before the closing bell.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher on strong Asian cues at 15,763.09 points, was trading at 15,800.22 points, up 111.75 points or 0.71 percent.
The broader-based Nifty of the National Stock Exchange (NSE) was also ruling in the green at 4,686.95 points, up 0.59 percent.
Pakistan woos UAE investors for housing
By IANS,
Dubai : Pakistan has invited investors from the United Arab Emirates (UAE) to invest in its low-cost housing project announced by its Prime Minister Yousaf Raza Gillani last month.
"There is an annual demand of 850,000 housing units in Pakistan while the maximum production is about 350,000 units," reports quoted Pakistan's Minister for Housing and Works Rehmatullah Kakar as telling the Pakistan Business Council here.
Foreign trade policy to cut duties, generate employment
By IANS
New Delhi : The annual review of the foreign trade policy (FTP) for 2008-09 would seek to further reduce import duties on essential items and generate employment, Commerce and Industry Minister Kamal Nath said Monday.
"We are looking at sectors (in the FTP) where there can be a quantum jump. The FTP would also seek to generate employment," Kamal Nath said on the sidelines of a book launch here.
Himachal Pradesh seeks Rs.69.377 bn from central government
By IANS,
Shimla : Himachal Pradesh Friday sought Rs.69.377 billion ($1.65 billion) in central allocation for meeting the revenue deficit and for various development programmes.
The state government raised this issue at a meeting here with the members of the 13th Finance Commission, headed by its chairman Vijay L. Kelkar.
"We have sought higher allocation of funds for infrastructure development and public services because the cost of infrastructure is much higher in the hills than in the plains," Chief Minister Prem Kumar Dhumal told reporters.
Gas pricing formula of Reliance Industries accepted
By IANS
New Delhi : The ministerial panel led by External Affairs Minister Pranab Mukherjee Wednesday decided to accept with some minor modifications the pricing formula proposed by Reliance Industries for gas found in the Krishna-Godavari basin.
"The sanctity of signed, legally binding contracts should be maintained," said an official statement issued Wednesday evening, after the empowered group of ministers (EGoM) under Mukherjee met here for the third time.