Economy

By IANS, Mumbai : A benchmark index of Indian equities Wednesday morning opened in the green and was ruling 55 points higher in early trade.

By RIA Novosti Hong Kong : A flawless 6.04 carat blue diamond has been sold for $7.98 million at a Sotheby's auction in Hong Kong, making it the world's most expensive precious gemstone per carat. A spokesman for Sotheby's said the diamond, which sold for $1.32 million per carat, broke the previous record held by a red diamond, the Hancock Red, which went for around $900,000 per carat in 1987. The diamond was bought by Moussaieff Jewellers to add to their already large collection of rare gemstones. The seller was a private Asian collector.

By DPA, San Francisco : A day after Google announced a media event for its Android mobile phone system next week, new details leaked out Wednesday about the first ever phone to be sold directly by the web search giant. According to technology blog Gizmodo the Nexus One will be sold unlocked on a Google website for $530. The phone will work on GSM cellphone networks and will be offered at a subsidised price of $180 in the US by fourth-ranked carrier T-Mobile with a two-year talk and data contract costing $80 a month.

By IANS, New Delhi : A proposal from global hospitality major Accor to set up budget hotels in India is among the 28 foreign direct investment (FDI) proposals worth Rs.6.16 billion (Rs.616.08 crore/$119 million) cleared by the government, an official statement said Wednesday. Accor, which has 4,000 hotels across the world from economy to upscale, has made an investment of Rs.3.66 billion to develop and manage budget hotels under the name 'Formule 1'. Accor will invest up to 100 percent in an Indian company by subscribing to equity or fully convertible preference shares.

By IANS, Islamabad : Pakistan's per capita income has risen to $1,027 in fiscal 2007-08 against $878 in the last financial year. The total size of Pakistan's economy went up to $170.8 billion in the fiscal that ends June 30 against $143.9 billion in the previous fiscal to register a growth of $26.9 billion, says a paper forwarded by the National Accounts Committee (NAC) to the Annual Plan Coordination Committee (APCC).

By IANS Hyderabad : Pressmart Media, India's premier digital delivery service provider for publishers, Tuesday said it has forged an alliance with the $1.5 billion American magazine distribution major Curtis Circulation Co. This alliance opens a big e-publishing business opportunity for Pressmart and will add significant strength to its US magazine digital publishing market expansion initiatives, said a statement issued by the company.

By IANS, Mumbai : Maharashtra is ready to offer 'red carpet' treatment to the Tata Group if it wants to shift to the state its plant to manufacture Nano, the much-awaited Rs.100,000 family car, Chief Minister Vilasrao Deshmukh said Saturday. In a hurriedly convened media briefing at his residence Varsha Saturday morning, Deshmukh pointed out that the Tatas were facing problems at their plant in Singur, West Bengal, from where the Nano was expected to roll out.

By IANS Chennai : The American Association of Blood Banks (AABB) has accredited LifeCell, a stem cell banking, research and therapy service provided in India by Asia CRYO-CELL Private Ltd. This global standard award strengthens India's position in the international healthcare services industry. The accreditation has been granted to the Chennai-based LifeCell, following an intensive onsite assessment of medical, technical and administrative performance within the facility.

By IANS, Lucknow : Nearly 2,000 oil sector employees struck work in Uttar Pradesh Thursday, the second day of the nationwide strike called by officers of public sector oil companies. Fuel supplies to major oil terminals and depots of Indian Oil Corp and Bharat Petroleum Corp have been hit in many cities in the state, including Lucknow, Allahabad and Varanasi, traders said. The Oil Sector Officers Association (OSOA), representing nearly 45,000 employees in 14 organisations across the country, called for the strike, demanding higher wages.

By IANS Chennai : A team of senior British scientists is touring south India to meet R&D and private sector institutions and highlight their expertise in life sciences and stem cell research. The team has showcased Britain as an investment destination for hi-tech research and explored opportunities for collaboration and commercialisation of biotechnology with Indian companies.

By SPA Singapore : Oil prices fell Wednesday as traders overlooked Venezuela's halt of crude sales to Exxon Mobil and instead focused on forecasts for rising U.S. supplies and falling global demand, AP reported The state-run Petroleos de Venezuela SA, or PDVSA, said Tuesday it has halted crude sales to Exxon Mobil Corp., the world's biggest oil company, in response to its court bid to freeze billions of dollars in Venezuelan assets.

By IANS, New Delhi : India's oil marketing companies will improve their grievance redressal systems by Oct 2 and commission toll-free numbers for filing complaints, it was decided Tuesday at the review meeting called by Petroleum Secretary R.S. Pandey. The meeting, a follow-up of the one chaired by Petroleum Minister Murli Deora Aug 19, was attended by IndianOil Corporation chairman Sarthak Behuria, petroleum ministry additional secretary S. Sundareshan, and the marketing directors and senior officers of the ministry.

By DPA Seoul : Looking to improve sales, South Korean car sellers are adding amenities that will appeal to women - the purchasers of more than half of all new cars in the country. By marketing safety and convenience, the automakers are also often influencing the decision-maker when a couple ventures into a car dealership. "When a couple walks in for a new family car, we pay attention more to the wife, because we know the wife will make the final decision," said Park Joong-Woo, a salesman at a Honda dealer in Seoul.

By IANS, Kolkata : City-based tyre manufacturer Dunlop India Ltd is planning a 10 MW captive power plant at its manufacturing unit at Shahgunj in West Bengal, a top company official said here Tuesday. "We are planning to set up a 10 MW power plant at the Shahgunj factory site on an approximate investment of Rs.500 million within the next one to one-and-a-half years," said Dunlop chairman Pawan Kumar Ruia during the company's annual general meeting. Ruia ventured into the tyre manufacturing in 2005 with the acquisition of Dunlop India Ltd and Falcon Tyres Ltd.

By IANS/EFE, Madrid : The unemployment rate in Spain will rise to 19.4 percent this year and 19.7 percent in 2011, the country's central bank has said. Job creation will not start until the "final quarters" of 2011, the Banco de Espana said Tuesday in a report on the economic outlook for the country. The central bank's job creation forecast, however, differs from the one issued by the government, which expects news jobs to be created between late 2010 and early 2011.

By DPA Beijing : With millions of readers offering a growing market for books, China's importance will not be overlooked at the Oct 10-14 Frankfurt Book Fair, which is set to have 160 Chinese exhibitors this year. When the English version of the latest Harry Potter story was released worldwide in July, Chinese bookshops were included in the global jamboree for the first time, reflecting the emergence of China as a major book market.

By IANS Chennai : The contract labourers' strike at Neyveli Lignite Corp Ltd (NLC) is set to enter fourth day as no breakthrough was achieved at the conciliation meeting held at the regional labour commissioner's office here Monday afternoon. According to officials at the labour commissioner's office, the contractors' union and striking contract labour union, All India Trade Union Congress (AITUC), did not turn up for the meeting though the NLC management was present.

By IANS, Mumbai : A benchmark index of Indian equities was ruling dull in highly range-bound trade Friday afternoon, although buying was seen in broader markets.

BY IANS New Delhi : The first India-Africa Summit began Tuesday with a call from Prime Minister Manmohan Singh to work closely with Africa to build a "more equitable global economy and polity" and his announcement of preferential market access for least developed countries, 34 of which are in Africa. Under the duty free tariff preference scheme, India will unilaterally provide preferential market access for exports to all the 50 least developed countries. In addition, India has also decided to increase the line of credit to Africa from $2.15 billion to $9.7 billion.

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By IANS Chennai : India's second largest non-life insurer, United India Insurance Co Ltd, has chosen a Hewlett Packard-led consortium to implement a core insurance software solution and install necessary hardware. The project is worth Rs.1 billion ($25.3 million). "The new solution is expected to change the way in which we transact business. We will also connect all our 1,300 branches," said G. Srinivasan, chairman-cum-managing director of the company.

By IANS, Mumbai : Indian equities markets made a steady beginning Thursday, with a key index starting trade about 52 points higher than its last closing figure. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 11,358.06 points, higher than its 11,284.73-point close Wednesday. After about 10 minutes of trading, it was at 11,336.77 points, 0.46 percent or 52.04 points higher than its previous close. At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 3,506.85 points, 0.65 percent higher than its previous close of 3,484.15.

By IANS, Kolkata : Putting aside their differences, the constituents of West Bengal's ruling Left Front Sunday decided to renew the licence of German firm Metro Cash and Carry while the Forward Bloc withdrew its threat of boycotting the state secretariat on the issue. "We discussed the issue threadbare and openly. We have arrived at the unanimous decision that the state Agricultural Marketing Board will renew the licence of Metro Cash & Carry on Oct 10, but there will be some conditions attached," Left Front chairman Biman Bose said after the three-hour deliberations.

By IANS Ahmedabad : Vadodara-based Apar Industries Ltd will acquire 42 percent stake in publicly listed Uniflex Cables Ltd that has manufacturing plants in Gujarat. The deal, which would make Apar Industries the single largest shareholder in Uniflex, was approved at a board meeting of the company, Apar Industries informed the Bombay Stock Exchange Monday. This apart, the company will subscribe to 4 million warrants, which will increase its stake to 49 percent, making the deal worth above Rs.700 million. Uniflex Cables has been valued at an enterprise value of over Rs.1.6 billion.

By IANS Bangalore : Aerospace major Hindustan Aeronautics Limited (HAL) has climbed 11 places to reach the 34th position in the list of top 100 defence companies in the world. The list, released by US-based Defence News magazine, saw HAL improving its position from 45th with Lockheed Martin, Boeing, BAe Systems, Northrop Grumman and Raytheon occupying the top five slots in that order. The ratings are based on a company's sales and turnover, and HAL's leap forward is being attributed to a series of upgrade programmes and new projects.

By IANS, Mumbai : A benchmark index for Indian equities closed almost flat Friday in volatile but range-bound trade. Broader markets, however, continued to see robust buys. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,238.03 points, closed at 18,221.43 points, 16.88 points or 0.09 percent down from its previous close at 18,238.31 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.12 percent lower at 5,479.4 points.

By IANS, Lucknow : Diesel dealers in Uttar Pradesh Saturday threatened to stop business if the state government did not withdraw an entry tax, imposed on them in September. The government imposed the entry tax ranging between Rs.1.81 and Rs.1.90 per litre (depending on the quality of the diesel) with effect from Sep 30. However, the dealers say they cannot afford to pay the tax since it is way beyond their profit margin.

By IANS Mumbai : Supermarket chain Subhiksha Friday said it was entering Kerala with an outlay of Rs.500 million ($12 million) to start some 70 stores in the state. The decision follows successful operations in Delhi, Tamil Nadu, Karnataka, Andhra Pradesh, Gujarat, Maharashtra, Punjab, Haryana and Uttar Pradesh, Subhiksha said in a statement.

Gandhinagar: RBI Governor Urjit Patel on Wednesday fled from an army of journalists waiting to question him on demonetisation. Patel was at the Mahatma Mandir,...

By IANS, New Delhi : Public sector lender Punjab National Bank (PNB) has lowered interest rates for car loans by 50 basis points, effective from Sunday. "The interest rate on car loan would come down from 11-11.5 percent to 10.5-11 percent, with effect from March 1," PNB said in a statement Saturday. Earlier this month, the country's largest lender State Bank of India (SBI) announced that it would freeze interest rates for one year at 10 percent on car loans taken between Feb 23 and May 31.

By IANS, Mumbai/New Delhi : Surprised bankers, analysts and industry welcomed the central bank's cutting the repo rate by 100 basis points Monday, saying it was a positive step to bring financial stability in the system. The move, which takes immediate effect, came ahead of a monetary policy review Friday. "This is totally unexpected," said Development Credit Bank managing director and CEO, Gautam Vir. "I was expecting a cut of 50 bps in repo rate during the credit policy review this week."

By IANS, New Delhi : Oil sector strike seems set to go ahead from Wednesday, with both the government and employees of the public sector oil companies staying adamant on their respective positions. The Oil Sectors Officers Association (OSOA), representing around 45,000 public sector employees in 14 organisations, called for an indefinite strike from Wednesday demanding higher wages. The petroleum ministry has taken a tough stand, pointing out that various high courts have deemed a strike in the sector as "illegal".

By IANS, Chennai : City-based engineering and infrastructure firm BGR Energy Systems has posted a net profit of Rs.20.23 crore for the quarter ended June 30 as against Rs.17.23 crore reported in the like period last year, a growth of 17 percent. The company's turnover during the period stood at Rs.311 crore as compared to Rs.306 crore in the April-June quarter last fiscal, BGR said in a statement. The company's order book position stands at Rs.10,881 crore comprising Rs.10,378 crore from the power sector, Rs.434 crore from oil and gas sector and Rs.69 crore of equipment business.

By Vatsal Srivastava, RBI governor Raghuram Rajan has been constantly urging major central banks, particularly the US Federal Reserve, to keep in mind the spillover effects of their ultra loose monetary policies on emerging economies such as India. This column agrees that in a highly integrated global economy, the zero interest rate policy (ZIRP) era and Quantitative Easing (QE) measures undertaken my major central banks has affected India to a great extent. For example, apart from geopolitical tensions, QE has been a major factor which has held crude prices so high after the financial crisis. Thus, to some extent, importing higher energy costs can be attributed to India’s inflation woes in recent years.

By IANS, Hyderabad : Beleaguered former Satyam Computer founder-chairman B. Ramalinga Raju is in this city and has no intention to avoid the process of law, his lawyer S. Bharat Kumar claimed Thursday. “My client B. Ramalinga Raju is very much available in Hyderabad. He denies reports appearing in a section of media that he is absconding or has fled from the country,” Kumar said in a statement. Kumar said Raju engaged his services to represent him in the legal matters pertaining to his statement to the Satyam board Wednesday.

By Gurmukh Singh, IANS, Toronto : Canada should reduce wait times for business visas from countries like India, China and Russia to boost trade with emerging economies, said a business report here Monday. In fact, imposition of visa requirements for foreign business people and delays in issuing them are hurting Canadian business prospects very badly, said the report by the independent think-tank Conference Board of Canada.

By IANS New Delhi : The friendship train between India and Bangladesh, called Maitree Express and linking Kolkata and Dhaka, will commence its run from the Bengali New Year Day April 14, Railway minister Lalu Prasad announced here Tuesday. "The Maitree Express will start operating between Kolkata and Dhaka to improve friendly relations between India and Bangaldesh," lalu prasad announced in the Lok Sabha, the lower house of parliament, while replying to the debate on the railway budget he presented last month.

By IANS New Delhi : Planning Commission Deputy Chairman Montek Singh Ahluwalia has favoured giving scholarships to students rather than funding universities. "I would favour switching over to scholarships to the students rather than funding universities and colleges. It can be done easily, and there would be very few defaulters," Ahluwalia said here Friday. He was speaking at the annual general meeting of the Federation of Indian Chambers of Commerce and Industry (Ficci).

By IANS, New Delhi : Amid a worldwide economic downturn, Indians have emerged as the most optimistic lot as people who think that their country will climb out of recession in the next 12 months, a survey said. "Despite the global economic recession, about 51 percent Indians, the highest in the world, seem to be quite confident of the economy picking up in the near future," said Sonia Pall, Executive Director in Consumer Research at The Nielsen Company, which conducted the survey.

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By IANS, New Delhi : Tata Motors is doing everything possible to roll out the Nano as per schedule, company chairman Ratan Tata said during an automobile conclave here Thursday. However, Tata did not specify whether the Nano would roll out from the beleaguered Singur plant, or any of its other facilities elsewhere. The car is scheduled to roll out by October. When asked about by reporters whether customers could expect to buy a Nano from Singur in October, Tata said: "I am not the right person to comment on this. Ask others." He did not clarify who the "others" were.

By IANS New Delhi : A factsheet on the Tata group, India's largest private sector business conglomerate, founded by Jamsetji Tata in the mid 19th century: Past titans: Jamsetji Tata, Sir Dorab Tata, Sir Ratan Tata, J.R.D. Tata, Naval Tata Chief Executive: Ratan Naval Tata, 70 Headquarters: The landmark Bombay House in downtown Mumbai Promoter companies: Tata Sons and Tata Industries Shareholding: About 66 percent of equity capital of Tata Sons held by philanthropic trusts endowed by members of the Tata family

By IANS, Mumbai : Despite opening strong, Indian equities markets shed values once again Friday on weak global cues and a key index finished with losses of more than 150 points. Overnight US markets closed in the green but a key index of the New York Stock Exchange actually went even below Oct lows before bouncing back on short covering. Asian markets too were showing gains Friday morning when Indian markets opened.

By IANS, Kolkata : Trinamool Congress chief Mamata Banerjee would not be stopped from joining her party's indefinite sit-in demonstration in Singur Sunday against land acquisition for Tata Motors there, a top West Bengal official said here Saturday, even as security around the factory site was strengthened. "The Trinamool Congress chief will not be stopped on the way as she has promised to stage a peaceful demonstration in Singur. We hope she will keep her word and carry out her programme democratically," West Bengal Home Secretary Ashok Mohon Chakraborty told reporters.

By Xinhua Los Angeles : Faced with growing competition, Microsoft has kicked off its online services aimed at businesses with more than 5,000 employees. The programme launched Monday includes a web-based version of Outlook e-mail that is administered by Microsoft, which declined to provide prices. The move came as the threats to Microsoft's franchises multiply, market analysts said.

By IANS, Mumbai : Boosted by the better than expected industrial growth data, the Indian equities market closed with a gain for the second consecutive day. The market started with a sharp cut due to weak global cues and the repo rate hike the central bank announced after trading hours Wednesday. It, however, staged a sharp recovery by the early afternoon due to the better Index of Industrial Production (IIP) data and continued to trade in positive zone till the end of the trading session.

By IANSNew Delhi : Darryl Green has resigned as CEO of Tata Teleservices Ltd (TTSL), one of India's leading CDMA technology telecom service providers,...

By IANS, Bangalor: State-run Syndicate Bank reported net profit of Rs.206 crore for the third quarter of fiscal 2009-10 against Rs.356 crore in the same period last year, a dip of 42 percent over the last 12 months. In a regulatory filing Saturday, the Manipal-based bank said its total income for the quarter under review also declined marginally by three percent year-on-year (YoY) to Rs.2,677 crore from Rs.2,759 crore in the same period a year ago.

By Aroonim Bhuyan, IANS

Dubai : Emaar MGF, the joint venture between the Dubai-based Emaar Properties and Delhi-based MGF, has committed $12 billion investment in India for residential and commercial projects and drawn up plans for what it claims will be the country's largest mall.