India, Qatar sign 7 agreements; want ties ties beyond trading
Doha : India and Qatar on Sunday signed seven agreements, including on investment and tourism promotion, as the two sides discussed ways to take...
Plan panel urges tax holiday extension for IT firms
By IANS
New Delhi : India's small and medium IT firms would be adversely affected if the government discontinues their tax benefits, a Planning Commission report said Wednesday.
Under the tax benefit scheme, called the Software Technology Parks of India (STPI), which was introduced in 1999, firms get tax holiday on profits from exports. The scheme is scheduled to end in March 2009.
Sensex slips 75 points, Infosys, ICICI bank drag
By IANS,
Mumbai : A benchmark index of the Indian equities markets closed 75 points down with bluechip stocks such as Infosys, HDFC and ICICI bank acting as drag.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,603.87 points and ended at 17,540.29 points, closed 75.43 points or 0.43 percent down from its previous close at 17,615.72 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,244.75 points, against the previous close at 5,263.1 points, a loss of 0.35 percent.
Rs.100 bn investment in Ghaziabad’s infrastructure
By IANS
Ghaziabad : The Ghaziabad Development Authority (GDA) plans to invest Rs.100 billion to strengthen the suburban city's infrastructure before the Commonwealth Games in 2010 in New Delhi.
Captain S.K. Dwivedi, vice chairman of GDA, said out of Rs.100 billion, Rs.44 billion is to improve the surface transport infrastructure including Metro rail service and better roads in Sahibabad, Indirapuram, Vaishali, Vasundhara and Vijay Nagar area.
Business community in Kolkata upbeat on Singur decision
By IANS,
Kolkata : The city's business community is upbeat following the resolution of the dispute Sunday over land allotted for Tata Motors' Nano project at Singur in West Bengal.
"We are back in business. This is a victory for Bengal," Indian Chamber of Commerce president and Patton Group managing director Sanjay Budhia told IANS.
The entire world is watching the developments at Singur, 40 kilometres from here, where global automobiles major Tata Motors is building a factory that will produce the world's cheapest car.
Bharat Sanchar Nigam awaiting state nod for divestment
By IANS,
New Delhi : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) Tuesday said it was awaiting approval from the government for its maiden initial public offering (IPO).
BSNL chairman and managing director Kuldeep Goyal told reporters here that the company would initiate its valuation process and start talks with labour unions after getting the government's go-ahead.
"If the government decides we have to go for IPO, then we will talk to the unions and evaluate the company," Goyal said.
Auto component manufactures appeal to government for relief
By IANS,
New Delhi : Automotive Components Association of India (ACMA), the industry forum of automotive parts makers and ancillary units, has appealed to the government to provide a relief package in the form of a 'bridge policy' to help the sector cope with the current economic slowdown.
"The association feels the need for an immediate redressal package comprising of a two-three year 'bridge policy' to enable the industry survive the current economic crises," ACMA president J.S. Chopra said in a statement.
Sensex in topsy-turvy trade, up 135 points
By IANS,
Mumbai: A benchmark index of the Indian equities markets was ruling volatile Thursday about an hour before closing bell, ruling 135 points higher than its previous close.
At 2.34 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,317.16 points, was at 16,425.19 points, up 135.37 points or 0.83 percent from its previous close at 16,289.82 points.
It had plunged 107 points to 16,182.14 points after rising almost 236 points from the previous close during the day.
India to review Foreign Trade Policy Friday
By IANS
New Delhi : Commerce Minister Kamal Nath will conduct the annual review of the country's Foreign Trade Policy here Friday with the objective of pushing India's merchandise exports in the backdrop of a global slowdown.
The review, which will be conducted with the representatives of several export promotion organisations and leading industry lobbies, would also set the India's export target for the current fiscal.
What is the Reliance gas dispute all about?
By IANS,
New Delhi : The raging dispute being heard in the Supreme Court between the companies belonging to the two Ambani brothers, Mukesh and Anil, mainly concerns the supply and pricing of natural gas from the Krishna Godavari basin.
At the core of the dispute is how valid is a family pact reached between the two brothers, brokered by their mother Kokilaben when the Reliance empire was split a few years ago, in deciding the price of gas in which the government, too, has claimed a share.
Britain targeting Punjabi investment
By IANS
Chandigarh : Eager to cash in on the entrepreneurial spirit of Punjabi businessmen, Britain is eyeing investment from Punjab.
To boost its business relations with the business community in Punjab, the British high commission and the UK Trade and Investment are holding meets with the business community in the cities of Chandigarh and Ludhiana on Aug 29 and 30.
Jamuna Auto eyes Chennai, Jamshedpur for R&D centre
By IANS
Chennai : The Rs.3.2-billion Jamuna Auto Industries Ltd is going to choose between Chennai and Jamshedpur to locate its research and development (R&D) centre.
Planned at an outlay of Rs.150 million, the R&D centre would employ over 50 engineers.
According to Jamuna Auto CEO Randeep Jauhar, the company would need around 10 acres for the proposed centre.
"Getting land allotted near Chennai is very difficult," he told the media here Wednesday.
Karra presents Rs. 18443 cr financial statement for next fiscal
Describes budget pro-people, development-oriented
By News Agency of Kashmir
Jammu : Comparing the spending on development profile during last five years of the coalition government with previous decade, the Finance Minister Mr. Tariq Hamid Karra told Legislative Assembly that expenditure by the end of next fiscal would be over Rs. 87000 crore and the raising to Rs. 80000 crore.
‘Budget should tweak policy to boost electronics industry growth’
Bengaluru : Hoping to get an equal attention as the software industry does from the government, the electronics industry wants the budget 2016-17 to...
India’s inflation rate falls to single digit
By IANS,
New Delhi : In a development that should bring cheer to the United Progressive Alliance (UPA) government ahead of the ensuing state elections, India's annual rate of inflation fell sharply to 8.98 percent for the week ended Nov 1 from 10.72 percent for the week before.
The sharp fall in the inflation rate was the result of a 1.3 percent drop in the official wholesale price index in a matter of just one week, notably due to a 3.4 percent decline in the index for fuels and 0.7 percent in manufactured products.
German automotive major sets up shop in India
By IANS,
Bangalore : German automotive major Continental AG has set up a greenfield plant in India's IT hub to manufacture electronic components for the burgeoning automobile market in the sub-continent.
Thai PM visits India to boost trade and investment cooperation
By NNN-TNA
Bangkok : Thailand's Deputy Prime Minister and Industry Minister Kosit Panpiemras is leading a delegation of senior officials and business executives to India, hoping to expand trade and investment opportunities between the two countries.
India’s largest consumer mobile expo opens Friday
By IANS
New Delhi : The capital is gearing up for India's largest consumer exhibition on mobile phones and accessories - Mobile Asia 2008 - to be held at Pragati Maidan from Feb 29 to March 3.
Organised by the Indian Cellular Association (ICA), the four-day exhibition will also highlight the latest technological developments in the Indian mobile market with several domestic as well as global companies showcasing a slew of their latest products and offering.
Mayawati’s ‘booster shot’ for Agra’s dying shoe industry
By Brij Khandelwal, IANS,
Agra : A booster dose at the right time - that is how the footwear industry in Agra describes Uttar Pradesh Chief Minister Mayawati's move to waive off all taxes on shoes up to Rs.300.
For the past two years, shoemakers in Agra have been reeling under pressure from the rising cost of raw material, imposition of value added tax (VAT), lack of facilities and a wholesale market to buy raw material and sell their products.
Equity markets keep going up early afternoon
By IANS,
Mumbai : Indian equity markets continued to trade with hefty gains early Monday afternoon, after opening in the green and moving upwards in initial trade following the NSG waiver to the India-US nuclear deal. Realty, banking and capital goods stocks were in demand.
At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 15,067.78 points, up 583.95 points or 4.03 percent from its clsoing figure Friday. It had touched a high of 15,107.01 points earlier Monday.
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...
Tata Group scraps $3 bn Bangladesh investment plan
By IANS,
New Delhi : The Tata Group Thursday announced that it has abandoned its $3 billion investment plan for Bangladesh after it failed to win commitments from the Bangladesh government for natural gas supply to the four projects it proposed to build.
“It is clear that the government will not be in a position, in the foreseeable future, to grant the projects the natural gas commitment they would require. Consequently, there is no prospect of taking these projects further,” the group said in a statement posted on its website.
Markets open on a dull note
By IANS,
Mumbai : Indian markets opened flat Thursday, with a key index starting trade marginally higher than its last closing figure.
The Sensex started at 9,241.56 points, higher than its 9,201.85-point close Wednesday. After about 10 minutes of trading, it was at 9,207.93 points, 0.07 percent or 6.08 points higher than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange was at 2,807.35 points, 0.15 percent higher than its previous close of 2,803.05.
More money to clean rivers, lakes
By IANS,
New Delhi : The government will raise the the allocation for cleaning India's rivers and lakes to Rs.562 crore ($110 million) in fiscal 2009-10 from Rs.335 crore last fiscal, Finance Minister Pranab Mukherjee announced Monday while presenting the union budget in parliament.
Mentioning that the government had unveiled its National Action Plan on Climate Change last year and that eight national missions under it were being finalised, Mukherjee committed that the government would provide "necessary funds" for all the missions.
Airtel adjudged best brand, best mobile operator
By IANS
New Delhi : Bharti Airtel, India's largest mobile service operator, has been adjudged the best brand and best mobile operator by the World Communication Awards 2007.
The awards were announced Nov 28 at an event in London that was attended by some of the world's leading brands in the communications industry.
In the Best Mobile Operator category, the other global operators in the final short-list were 3, Orange, T-Mobile UK and Telstra.
Altogether there were more than 200 entries across categories for the awards.
India to grow 7.5 percent this fiscal: President
By IANS,
New Delhi : President Pratibha Patil Monday kicked off the budget session of parliament on a positive note, saying the country not only faced the global financial crisis with strong policies but was also poised to grow at 7.5 percent this fiscal.
"At a time when industrialised countries have experienced negative growth, India has continued to grow at an impressive rate," the president said in her customary speech in the central hall of parliament.
Highlights of Pranab Mukherjee’s budget for 2011-12
By IANS,
New Delhi : Highlights of the budget for 2011-12 presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday:
Asia Pacific Breweries launches new beer
By IANS
New Delhi : Asia Pacific Breweries (APB) Wednesday launched its strong beer called Baron that will be priced at Rs.50 ($1.25).
Vivek Chabra, regional director of APB, told reporters that strong beers contributed to over 70 percent of beer sales in India.
"We are looking ahead to roll out our new premium beers aggressively across the country and few other south Asian countries. Baron's strong beer has a strong European heritage and its premium quality stems from the brewing heritage as well as its imported ingredients," Chabra said.
M&M, ICICI Venture consortium to acquire Italian firm
By IANS
Mumbai : Auto major Mahindra & Mahindra in collaboration with ICICI Venture Funds Management Ltd has decided to acquire 100 percent stake in leading Italian gear manufacturer Metalcastello Spa, it was announced Wednesday.
The two firms have formed a consortium for the acquisition and have signed a deal, whereby the proposed acquisition of Metalcastello will help Mahindra Forgings (MFL) in enhancing the Mahindra Systems and Technologies (Mahindra Systech), the firm said in a statement here.
Indian economy growth to taper to 5 percent: UN unit
By IANS,
New Delhi : The Indian economy could grow by 5 percent this year even as the world output is slated to decline by 2.7 percent, a report said Monday.
"Since domestic demand accounts for a large and increasing share of total demand, South Asia, particularly India, is expected to see continued growth in 2009," said the trade and development report, 2009, of the United Nations Conference on Trade and Development (UNCTAD).
Indian viewers need regulation of media content: Dasmunsi
By Arpana, IANS
New Delhi : Indian viewers certainly need regulation of media and entertainment content and it would help matters if industry itself comes up with a code, says Information and Broadcasting Minister Priya Ranjan Dasmunsi.
"I will not say anything now on implementation of the regulation to control the industry. But my experience says that the viewers of the country want regulation and the sensible matured leadership also wants regulation," Dasmunsi said.
Services sector props Karnataka amid slowdown
By IANS,
Bangalore : The services sector in IT-savvy Karnataka has weathered the onslaught of global meltdown and slowdown in the country to stem the impact of negative growth in industrial and agriculture sectors, the state's economic survey for the 2008-09 financial year said.
"The services sector continues to dominate the state's economy and is projected to grow by 9.2 percent year-on-year (YoY) this fiscal though less by 1.5 percent from 10.7 percent last fiscal (2007-08)," the survey report, which was tabled in the state legislative assembly late Thursday, said.
Mobile virtual network operators not viable in India: Mittal
By IANS
New Delhi : The concept of mobile virtual network operator (MVNO) is not viable in the Indian telecom space due to cheap call tariffs, Bharti Airtel chief Sunil B. Mittal said Monday.
"I don't think MVNOs can succeed at the current rates," Mittal, Bharti Group chairman and managing director, told reporters on the sidelines of a conference here by the Confederation of Indian Industry (CII).
He also said that the Telecommunications Regulatory Authority of India (TRAI) should initiate a consultation process for allowing MVNOs in India.
Government hikes minimum sugarcane price by 32 percent
By IANS,
New Delhi : Sugar mills will have to pay more to cane growers after the government Thursday increased the statutory minimum price for sugarcane by over 32 percent to Rs.107.76 per quintal for the 2009-10 season.
It was Rs.81.18 per quintal in the previous October-September season.
Above this guaranteed price, farmers will also get a premium for additional recovery above 9.5 percent.
Make quick ‘possible’ proposals for renegotiation: EU
Brussels : The European Union urged the Greek government to make "meaningful" and "possible" proposals in coming hours for renegotiation, following early results which...
RBI to come out with guidelines for e-commerce
Mumbai : The Reserve Bank of India (RBI) will soon issue guidelines on electronic commerce (e-commerce) transactions, a senior official said here Wednesday.
Not elaborating...
OPEC Secretary General speaks on oil production target by 2012
By SPA,
Rome : OPEC's Secretary-General says there are plans to boost oil production target capacity by 5 million barrels a day by 2012, the Associated Press reported.
Abdalla Salem el-Badri was speaking to reporters in Rome on Tuesday about targeted extra capacity.
El-Badri in separate comments in an interview with Dow Jones Newswires on the sidelines of a Rome energy forum has said that members of the Organization of Petroleum Exporting Countries are planning to spend US$160 billion (some ¤100 billion) over the next four years to boost production capacity.
Wilbur Ross to invest $80 mn in SpiceJet
By IANS,
Mumbai : American billionaire investor Wilbur Ross, known for turning around bankrupt companies, will invest $80 million (Rs.3.45 billion) in the Gurgaon-based low cost carrier SpiceJet, it was announced Tuesday.
"We believe in the long-term validity of the low-cost airline model in India and that fuel prices eventually will stabilise,'' Ross said in a statement.
WL Ross and Co. will make the investment and Ross will join SpiceJet's board, the statement said.
Sensex opens 500 points lower
By IANS
Mumbai : Indian stocks crashed by more than 500 points at the opening bell Thursday after the Independence Day holiday, in empathy with a global stock market meltdown.
The benchmark 30-share Sensex of the Bombay Stock Exchange (BSE) opened more than 500 points lower than Tuesday's close and almost immediately went down further before staging a partial recovery, all within the first half hour of trading.
Bharat Heavy Electricals wins Rs.40-billion contracts
By IANS
New Delhi : State-owned power equipment maker Bharat Heavy Electricals Ltd (BHEL) will supply equipment worth Rs.40 billion ($1 billion) to power utility major NTPC Ltd's projects in Assam and Maharashtra.
NTPC's board of directors granted both the contracts to BHEL at agreed prices during their meeting Monday, a well-placed source in NTPC told IANS.
"BHEL emerged as the single bidder for both the projects in the international competitive tendering held earlier."
Reliance slashes roaming rates by 70 percent
By IANS
New Delhi : Reliance Communications (RCOM) Tuesday announced 70 percent reduction of roaming rates for its mobile subscribers.
Diageo to revamp historic Guinness site in Dublin
By Stephan Balling, DPA,
Dublin : For two-and-a-half centuries St. James's Gate has been the home of Guinness. Diageo, the famed Irish stout's British-based parent company and the world's largest producer of alcoholic drinks, brews a billion pints a year of the "black Stuff".
Recent weeks were abuzz with press speculation that Diageo would sell the world brand's historic birthplace and build a new brewery outside the city. Irish Guinness drinkers had taken it hard.
Amul to bring smile back to vanilla farmers
By IANS
Kozhikode : Amul ice-creams may bring the smile back on the face of vanilla farmers in Kerala as its producer, the Gujarat Cooperative Milk Marketing Federation (GCMMF), has decided to use natural vanilla to flavour its products in place of synthetic ones.
For procuring vanilla, GCMMF, which markets dairy products under brand name Amul, has entered into an agreement with Vanilla India Producer Company Limited (Vanilco), based in Kochi.
Chhattisgarh clocks over nine percent growth
By IANS
Raipur : The gross domestic product (GDP) of Chhattisgarh has grown 9.41 percent and its per capita income stands at Rs.25,321 in 2007-08, up 12.43 percent over the previous year, official data released here Friday has shown.
Chief Minister Raman Singh, who also holds the portfolio of finance, Friday tabled the economic survey of Chhattisgarh for 2007-08 in the state assembly, a day ahead of presenting the state's annual budget.
Oil falls below $87 after Friday’s record $90
By Xinhua
New York : Oil fell almost $2 to drop below $87 a barrel Monday as financial markets tumbled on growing concerns over the health of the US economy, triggering a correction from recent record highs.
US light, sweet crude fell $1.90 to $86.70 at 4.14 p.m. GMT after reaching $90.07 all-time high Friday.
US oil has rallied more than 10 percent since Oct 8, climbing towards the inflation-adjusted high of $101.70 dollars, hit in April 1980, a year after the Iranian revolution.
Inflation in India declines to 6-year low
By IRNA,
New Delhi : Inflation in India dips for the sixth consecutive week, to 2.43 per cent, the lowest in over six years, as prices of food items like pulses, dairy products and edible oil softened further in the last week of February.
Even the prices of manufactured items, including iron and steel, textiles, chemicals and batteries, declined during the week ended February 28.
Inflation is now at a level seen in June 2002, by falling 0.6 percentage points from 3.03 per cent a week ago. It was 6.21 per cent during the corresponding week a year ago.
Finland could import Nokia mobiles from India!
By Vishnu Makhijani
IANSHelsinki : Finland, the land of Nokia, could soon import mobile phones from India.
Controversies will deter investments in Kerala: minister
By IANS
Kozhikode : Businesspeople would be discouraged to invest in Kerala due to raging controversies over industrial projects, a minister of the state, who is at the centre of a row over sale of government land to a private firm in Kochi, said here Thursday.
"Those who like to invest in a project won't wait for the end of the controversies here to go ahead with their plan," Industries Minister Elamaram Kareem said at a veterinary hospital's inauguration here.
Hike in defence budget misleading: Experts
By IANS,
New Delhi : The 34 percent hike in the defence budget for 2009-10 is driven more by the increased salaries granted to government employees on a pay panel's recommendations than by the armed forces' need for capacity building, experts say.
"The hike of 34 percent over last year is misleading. This is principally meant to pay for the increased salaries recommended by the Sixth Pay Commission," Commodore (retd) Uday Bhaskar, the director of the National Maritime Foundation, told IANS.
Indian markets open on robust note
By IANS
Mumbai : The Indian stock markets opened higher Monday on the back of strong cues from US markets. Early trades saw buying across sectors.
Just after the opening bell, the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 270 points at 19,971.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) was up by 71 points at 5,968.
Asian markets mostly rose Monday, boosted by a high close on Wall Street.
Indian firms, Clinton Foundation sign deal on malaria drugs
By IANS,
New York : Four Indian and two Chinese companies will cut the price of a key malaria drug and control rates of a vital ingredient following a pact signed Thursday with the US-based Clinton Foundation, which works towards finding solutions to issues such as poverty and healthcare.
The Indian companies are generic drug firms Cipla and IPCA Laboratories, which manufacture malaria drugs called Artemisinin-based Combination Therapy (ACT), and Calyx and Mangalam Drugs, which turn the artemisinin plant extract into an active pharmaceutical ingredient.
CPI warns of gas price hike
By IANS,
Mumbai : The Communist Party of India (CPI) Tuesday warned that close on the heels of the recent petrol price hike, people may soon be hit by an increase in the cooking gas price.
Government may recast rural self-employment scheme
By IANS
New Delhi : The government is considering a recast of the Swarna Jayanti Gram Swarozgar Yojana (SGSY), which provides self-employment opportunities to the rural poor, for the 11th five year plan (2007-12).
Presiding over a meeting to review the implementation of SGSY and Sampoorna Grameen Rojgar Yojana (SGRY), Rural Development Minister Raghuvansh Prasad Singh Friday stressed on paying extra attention to below-poverty-line (BPL) rural masses for effective implementation of the SGRY and SGSY.
Sensex ends 1.6 percent higher
By IANS,
Mumbai : A benchmark index for Indian equities Thursday ended 1.6 percent higher than its previous close, tracking positive global markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,786.28 points, ended at 17,017.12 points, 275.28 points or 1.64 percent up from its previous close at 16,741.84 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ruled at 5,106.65 points, up 1.73 percent from its previous close at 5,019.85 points.
Chinese planners to discuss strategy to fight global slowdown
By Xinhua,
Beijing : China's economic planners gathered here Monday to work out strategies to address the impact of global slowdown on its economy and maintain a stable growth.
Analysts said the country's economic growth would be maintained at nine percent for the whole of next year, compared with an 11.4 percent expansion in 2007.
Chinese President Hu Jintao Nov 28 said the top priority of the country's 2009 economic agenda is to maintain a "stable and relatively fast growth".
NYSE Euronext CFO on US-India Business Council board
By IANS
Washington : The US-India Business Council (USIBC) representing 250 of the largest American companies investing in India has appointed Nelson Chai, executive vice president and chief financial officer of NYSE Euronext, to its board of directors.
NYSE Euronext, the holding company created by the combination of NYSE Group, Inc. and Euronext N.V., was launched Apr 4 this year. NYSE Euronext operates the world's largest and most liquid exchange group and offers the most diverse array of financial products and services.
Indian media, entertainment business valued at $11.68 bn
By IANS,
Mumbai : The Indian media and entertainment industry was a $11.68 billion (Rs.584 billion) business in 2008, growing at 15 percent annually since 2006, says the annual joint study of a leading chamber and a consultancy released here Tuesday.
But the growth projection for the industry for 2009-13 has been lowered to 12.5 percent per annum from 18 percent for 2008-12, says the joint study by the Federation of Indian Chambers of Commerce and Industry (FICCI) and KPMG.
Jharkhand, Tata Steel cross swords over Jamshedpur
By IANS
Ranchi : The government of Jharkhand and Tata Steel are crossing swords over the issue of 'millennium city' status to Jamshedpur - the steel city Tatas gave to the state.
While state Chief Minister Madhu Koda wants the city to be given the millennium city status, the Tata Steel demands industrial town status for the city.
Cement price in Himachal reduced
By IANS,
Shimla : Three cement majors Thursday reduced the price of cement by Rs.25 per bag in Himachal Pradesh, said Chief Minister Prem Kumar Dhumal.
Indian equities stage smart recovery, close in green
By IANS,
Mumbai : Indian equity markets that opened in the red Monday morning witnessed a choppy trade but managed a smart recovery in the second half of trading and closed in the green.
The markets opened lower following international cues but later a benchmark index recovered more than 300 points from the day's low.
However, important sectoral indices like realty, automobiles, capitals goods and public sector undertakings remained in the red though those of metals and capital goods recovered.
Japan’s key Nikkei index falls almost 5 percent
By DPA,
Tokyo : Japan markets continued their losing streak Friday with the key Nikkei index dropping more than 4 percent.
In mid-morning traiding the Nikkei 225 Stock Average lost 413.99 points, or 4.89 percent, to 8,046.99.
The broader Topix index of all first-section issues fell 37.92 points, or 4.35 percent, to 833.78.
On currency markets at 9 a.m., the dollar was quoted at 97.58-63 yen, down from Thursday's quote of 97.68-70 yen.
The euro was quoted at $1.2897-2902, up from Thursday's 5 p.m. quote of $1.2819-20, and at 125.90-95 yen, up from 125.22-26 yen.
India to have 230 mn 3G subscribers by 2013
By IANS,
New Delhi : With prices of third generation (3G)-enabled mobile phone handsets coming down to $50 (Rs.2,000) levels, India should have around 230 million 3G subscribers by 2013, a top industry representative said here Friday.
"The cost of 3G handsets have come down from $200 levels to $50 levels and our projection is that there will be 230 million 3G subscribers in India by 2013," Irwin Jacobs, chairman of wireless and data products major Qualcomm Inc., said while delivering the theme address at a seminar.
Russia to spend $21 bn on space industry
By IANS,
By RIA Novosti,
Moscow: Russia will spend 670 billion rubles ($21 billion) to develop its space industry in the coming years, Prime Minister Dmitry Medvedev said Monday.
Petrol pumps in West Bengal to shut down for three days
By IANS,
Kolkata : Petrol pumps across the state will stay closed for three days from June 30 to July 2 with the West Bengal Petroleum Dealers Association calling a shutdown to protest pressure from Indian Oil officials to purchase branded fuel.
"We have decided to go for a shutdown from June 30 to July 2 as a protest against the Indian Oil officials who are pressurising us to purchase branded petrol and diesel. If buying branded oil is forcibly made compulsory, then we will have to pay Rs.4 per litre extra for petrol and Rs.3 per litre for diesel.
No cap on number of 3G operators in a service area: Raja
By IANS,
New Delhi : With the state-run Mahanagar Telephone Nigam Ltd (MTNL) Thursday launching the third generation (3G) mobile services called 'Jadu' in Delhi, the government said there would be no restriction on the number of operators/providers in a service area.
“The policy of 'no cap' on number of service providers in a service area has been adopted, as per the recommendations of TRAI (Telecom Regulatory Authority of India),” Communications and IT Minister A. Raja told reporters after the Prime Minister Manmohan Singh launched the 3G services.
BSNL to provide 3G telecom services at affordable prices
By IANS,
New Delhi : State-run Bharat Sanchar Nigam Ltd (BSNL) will provide third generation (3G) telecom services at affordable rates and bridge the rural-urban digital divide, company chairman and managing director Kuldeep Goyal said.
3G services facilitate faster connectivity and enable applications such as Internet TV, video-on-demand, audio-video calls and high-speed data exchange.
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.
CII to name ombudsmen on affirmative action soon: Mittal
By Arvind Padmanabhan and Nayanima Basu
IANSNew Delhi : Maintaining that Prime Minister Manmohan Singh's remark on corporate salaries had been taken well by India Inc, Sunil Bharti Mittal, the new president of the Confederation of Indian Industry (CII), said the lobby group will soon appoint ombudsmen to monitor progress on affirmative action.
Reliance to sign pact with Peru’s state oil firm
By IANS,
Lima : Peru's state-owned petroleum company Petroperu has announced a pact with Indian conglomerate Reliance Industries Limited (RIL) to explore oil and gas in the Andean nation, Spain's EFE news agency reported Tuesday.
"We'll formalise the agreements that were adopted over the past few weeks and in the coming days will provide details on this association, in order to explore blocks that potentially contain gas or petroleum," Petroperu President Cesar Gutierrez said Monday.
US stocks fall on retail, bank concerns
By DPA
New York : Major US stock indices were led lower Friday by banks and retailers amidst the worst quarterly slump since 2002.
Concern grew that the already beleaguered credit scene would get tighter because of anticipation of further writedowns.
JC Penney, the third-largest US department-store chain, dropped to a two-month low after it expressed worry that lower consumer spending would hurt its first quarter earnings.
Sensex closes dull, IT, metal stocks lose
By IANS,
Mumbai: A benchmark index for Indian equities markets Wednesday closed on a dull note amid selling in IT and metal stocks.
European shares jump after Wall Street gains
By DPA
Frankfurt : A convincing close to Wall Street combined with a strong showing by shares across Asia helped to spark a big rebound in European bourses Thursday.
By late morning, Europe's blue-chip Stoxx 50 had climbed by more 5 percent to 3249 points, essentially reversing the losses of the previous day.
Thursday's rise was even more pronounced on several national bourses with Frankfurt's DAX index charging ahead by more than 6 percent after a particularly torrid trading week on fears that the global share meltdown would trigger an economic crisis.
KLM opts for Kerala firm’s crew management solution
By IANS,
Thiruvananthapuram : IBS Software Services, a provider of information technology (IT) solutions to the travel, transportation and logistics industry, has signed an agreement with KLM Royal Dutch Airlines for providing a crew management solution.
The company said here Thursday the airline will gradually replace the existing mainframe system with IBS crew management solution AvientCrew.
AvientCrew will help KLM manage all aspects of their crew operations - from planning vacations and roster systems, to tracking performance.
Sensex manages some gains, ends 0.37 percent up
By IANS,
Mumbai : A key index of the Indian equities markets Thursday managed to end with some gains backed by capital goods and banking stocks, closing 0.37 points above its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that opened at 17,107 points closed at 17,166.73 points, up 64.09 points or 0.37 percent from Wednesday's close at 17,125.22 points.
It had hit an intra-day high of 17,231.05 in the afternoon but shed some gains towards close.
21 workers injured in Adani power plant accident
Ahmedabad : At least 21 workers sustained burn injuries on Wednesday in an accident in one of the nine units of the 4,600 MW...
Saudi Aramco may boost Japan’s Showa Shell stake
By NNN-KUNA
Tokyo : The state-run Saudi Arabian Oil Co., or Saudi Aramco, may increase its stake in Showa Shell Sekiyu KK if the Japanese oil distributor decides to broaden the scope of its business, a major business daily here reported, citing Vice President Adil Al-Tubayyeb.
"We are extremely happy with our affiliation with Showa Shell," Al-Tubayyeb said in an interview with the Nikkei Shimbun this week. "We are a long-term investor. We don't look at short results," Al-Tubayyeb was quoted as saying.
Indian F&B industry poised for exponential growth
By IANS
New Delhi : India's food and beverages (F&B) industry is likely to touch Rs.4,660 billion (about $110 billion) with a growth rate of nine percent by March 2008, according to a survey by the Federation of Indian Chambers of Commerce and Industry (FICCI).
The segments that have indicated high growth potential of 10-20 percent in the survey are branded flour, bakery items, biscuits, fruit juices, sauces, chocolates, beer, butter, country liquor, branded milk products and malted food among others.
With malls, multiplexes, Ghaziabad is the new boomtown
By Rajeev Ranjan Roy, IANS
Ghaziabad : A new world of malls, multi-screen theatres, multi-starred hotels and corporate hubs, all in a radius of four to five kilometres, has come up in Ghaziabad, the new boomtown bordering east Delhi.
Vasundhara, Vaishali, Kaushambi and Indirapuram (VVKI) are where all the real estate activity is now concentrated.
The area is slated to have 40 new malls before the Commonwealth Games in 2010.
Finance Ministers to discuss challenges to Asia’s financial integration
By NNN,
Kuala Lumpur : The challenges standing in the way of Asia's financial integration will be one of the key issues which Asian finance ministers will discuss at the 40th annual meeting of the Asian Development Bank (ADB) beginning on Friday.
According to a statement from the manila-headquartered ADB, other topics likely to be the focus of attention will be where Asia stands a decade after the Asian financial crisis and how developing Asian economies will adapt to vast changes underway in the region.
Germany to continue development aid to India
By IANS
New Delhi : Germany will continue with its development assistance to India despite the robust growth of its economy, German Ambassador to India Bernd Mutzelburg said here Thursday.
"A question being asked is why Germany should continue to give millions of euros as development assistance when the Indian economy is growing at a high rate of 9 percent," the ambassador said.
Public oil firms to spend Rs.6 bn on social projects
By IANS,
New Delhi : Public sector oil companies will set aside over Rs.6 billion (Rs.600 crore), or at least two percent of their profits, for corporate social responsibility (CSR) projects, it was announced here Monday.
This was decided at a meeting called by Petroleum Minister Murli Deora of public sector oil companies' heads. Petroleum Secretary R.S. Pandey also attended the meeting.
“It is expected that more than Rs.6 billion will be made available by Oil PSUs (public sector undertakings) for CSR activities every year,” an official statement said.
NTPC plans to hedge foreign currency loans
By IANS,
Chennai: With India's electricty regulator permitting power generators to pass on the cost of hedging foreign currency loans to their customers, the National Thermal Power Corporation (NTPC) is working on a comprehensive hedging policy, a top company official said.
Bangladesh may resume hilsa exports to India
By IANS
Dhaka : Bangladesh is reviewing a ban on export of the much-sought-after hilsa fish to India to obviate a retaliatory ban on export of rice from India.
After recession, world economy to grow by 3 percent in 2010: IMF
By Arun Kumar, IANS,
Washington : As the world economy comes out of a deep global recession, global activity is forecast to expand by about 3 percent in 2010 after contracting by about 1 percent in 2009, according to the International Monetary Fund (IMF) projections.
Though well below the rates achieved before the crisis, these projections in the October 2009 World Economic Outlook (WEO) reflect modest upward revisions to those in the July 2009 WEO Update.
The WEO was released Thursday in Istanbul where the IMF-World Bank group is holding its annual meeting this year.
Sensex ends 74 points up
By IANS,
Mumbai : A benchmark index of Indian equities Thursday tapered in the last hour of trade and ended 74 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,323.63 points, closed at 17,270.66 points (provisional), 74.85 points or 0.44 percent up from its previous close at 17,195.81 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 5,179.25 points with a gain of 0.44 percent from its previous close at 5,156.65 points.
Mercedes Benz India registers 47 percent growth in car sales
By IANS,
Kolkata : Mercedes Benz India, the Indian arm of global automobile major Daimler AG of Germany, has bucked the trend to sell 3,141 luxury cars in India in the first 10 months of the current calendar year, registering a year-on-year growth of 47 percent, company officials said here Saturday.
With car financing drying up due to the current credit crunch following the global financial meltdown, most automobile makers in India are struggling to maintain car sales. But not so Mercedes Benz India.
Himachal to set up another apple juice concentrate plant
By IANS,
Shimla : To help apple growers, the Himachal Pradesh government has decided to set up another apple juice concentrate facility in the state, according to Horticulture Minister Narender Bragta.
"We have decided to set up another apple juice concentrate plant at Gumma in Shimla district. This is in addition to the Parwanoo plant (in Solan district)," Bragta told IANS here Wednesday.
The unit will be set up on an outlay of Rs.23 crore, the minister said.
India finally allows FDI in multi-brand retail, aviation
By IANS,
New Delhi : The UPA government Friday allowed 51 percent in foreign direct investment (FDI) in multi-brand retail, triggering outrage among some of its allies as well as the opposition.
Modi’s moves fail to revive diamond polishing units
By IANS,
Surat : Gujarat Chief Minister Narendra Modi's Dec 26 assurance that diamond workers' livelihood would be secured has not instilled confidence among them. Not all closed diamond polishing units have resumed operations, and eight workers have committed suicide in less than a week since then.
‘Oil sector crisis to improve by Monday’
By IANS,
New Delhi : The oil sector crisis is expected to improve over the weekend as some striking officers have started returning to work, a senior industry official said here Friday.
“The situation is coming back to normal and things will improve over the weekend. Normalcy in supplies should happen by Monday,” Indian Oil Corp (IOC) chairman Sarthak Behuria said at a press conference.
“Some officials in south India are already back,” he added.
Fuel supplies hit in Uttar Pradesh as 2,000 officers join strike
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.
UCO Bank reports higher net profit
By IANS,
Kolkata : State-owned UCO Bank posted a net profit of Rs.178.85 crore for the quarter ended June 30, compared to Rs.133.44 crore for the first quarter of the previous year.
"Total income has increased from Rs.19,991.60 million (Rs.1,999.16 crore) for the quarter ended June 30, 2008 to Rs.25,836.80 million (Rs.2,583.68 crore) for the quarter ended June 30, 2009," the bank said in a statement Thursday.
Tata Steel’s Tamil Nadu project faces opposition
By IANS
Chennai : Tata Steel's move to set up a titanium dioxide plant in Tamil Nadu faces criticism from opposition parties barely a month after the company entered into an agreement with the state government for the second time.
On Sunday, AIADMK leader J. Jayalalitha threatened to demonstrate against the project.
Last month, the Tatas had announced that they would set up the plant to make titanium dioxide - used as a base for paints - from ilmenite, mined from the beach sands of Tuticorin and Tirunelveli districts in southern Tamil Nadu.
Steel Authority net slips 27 percent
By IANS,
New Delhi : State-run steel major Steel Authority of India Ltd (SAIL) Thursday reported 27.7 percent fall in its net profit to Rs.1,326 crore ($274 million) for the quarter ended June 30, as compared to Rs.1,835.1 crore in the like period last year.
The total income too decreased 13.6 percent to Rs.9,692.7 crore from Rs.11,228.2 crore, SAIL said in a regulatory statement.
"Our thrust in this quarter and in the coming quarters would be on operational efficiency," SAIL chairman S.K. Roongta said.
India may open nuclear sector for private players soon
By IANS,
New Delhi : The government will consider opening up the nuclear sector for private players once it completes bilateral civil nuclear cooperation pacts with other countries, Science and Technology Minister Kapil Sibal said here Saturday.
Speaking at the 14th Technology Summit and Technology Platform, organised by the Department of Science and Technology and the Confederation of Indian Industry (CII), Sibal said: “Once negotiations with Russia and other countries are over, the government will look at opening up the sector for private players to participate.”
Slowdown, competition bring down hotel room rents by 25 percent
By Venkatachari Jagannathan, IANS,
Chennai : A steep fall in occupancy ratio in the wake of the global slowdown and tight competition among hotel operators in a shrinking market have brought down hotel room rents drastically across the country, say industry officials.
"The average occupancy ratio across the country is around 50 percent, which has brought down the room rent by 25 percent. The hotels may revise their printed rates this September-October," M.P. Purushothaman, president of the Federation of Indian Hotels and Restaurants Association of India (FHRAI), told IANS.
Dhaka’s dependence on foreign aid to continue
By IANS,
Dhaka : Bangladesh will remain dependent on foreign aid to finance its development projects for at least three more years, according to both official and independent reports.
Besides slow development and charges of mismanagement of development funds, the country has to face a volatile global commodity market, fuel price hike, natural calamities and climate change prospects that cause food shortages.
The recent per capita debt is $151, or more than 10,000 taka, the Equity and Justice Working Group, an NGO, said its recent study titled "Drowning with Debt or Development".
US economic downturn losing steam
By IANS,
Washington : It might be too early to celebrate but the severest recession in the US economy, impacting the world, is showing signs of losing steam with encouraging signs on various fronts this week.
Among positive indicators, the number of first-time jobless claims fell sharply and bargain-hungry shoppers gave a boost to April sales for discount retailers, and a report showed the pace of decline in the service sector slowing, the Washington Post reported Friday.
Ford workers seek government intervention
By IANS,
Chennai : The newly-formed employees union at Ford India has sought the government's intervention in making the car company start negotiations with it.
"We have sent a letter to the Deputy Commissioner of Labour requesting him to take necessary action so that Ford India starts negotiations with our union," Ford India Employees Union general secretary A. Satish Kumar told IANS.
Kumar said the union was formed nearly a month ago and the company was informed about it through post.
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.
Indian oil major wins two exploration blocks in Brazil
By IANS
New Delhi : ONGC Videsh Ltd (OVL) has won rights to explore two oil blocks in Brazil through international bidding, both in highly prospective basins of the country, the company said in a statement.
The first block, ES 470, is located in Espirito Santo basin, while the other is a shallow water block, SM 1413, in another highly prospective Santos basin, the statement noted.
For block ES 470, OVL beat competition from a consortium led by Petrobras and another consortium led by Perenco, while it outbid a combine of Petrobras and Ecopetrol for the other.
US cuts fewer jobs in May, a sign recession is easing
By DPA,
Washington : US companies shed only 345,000 jobs in May, the smallest drop in eight months and a sign that the US recession may be easing, but the unemployment rate still jumped half a percentage point to 9.4 percent, the Labour Department reported Friday.
The US has now lost six million jobs since a deep recession began in December 2007, but the monthly data was far better than economists had predicted. A survey by Bloomberg News had predicted 520,000 jobs would be cut on the month.
Japan looking at lucrative nuke business in India
By NNN-PTI,
New Delhi : Even though it says it is yet to firm up its position with regard to NSG waiver for India, Japan is eyeing the business potential in the lucrative nuclear energy sector in this country if exemptions are granted to New Delhi.
A top official of Japan's Foreign Ministry said Japanese industries have "cutting edge technologies" in the nuclear power sector and would be interested in the Indian market if the Indo-US nuclear deal goes through.
Prime Minister reviews economy with industrialists
By IANS
New Delhi : Prime Minister Manmohan Singh Tuesday chaired a high-level meeting to review the performance of Indian economy and assess the impact of global slowdown and rising rupee on the country's growth.
"Our policy must be tuned to sustain nine percent growth even if world growth slows down and global food and fuel prices continue to remain under pressure," the prime minister told the meeting of the Council on Trade and Industry.
Teledensity in India touches 51.05 percent
By IANS,
New Delhi: India's telecom density has risen to 51.05 percent after 18.76 million new phone connections were added in February this year, the telecom regulator said here Monday.
In January, the teledensity was 49.50 percent.
The Telecom Regulatory Authority of India (TRAI) said in the statement that the number of telephone connections reached 600.69 million in February from 581.97 million a month before.
"With this, the overall tele-density in India reached 51.05 percent," TRAI said.
Rupee rises to 10-month high of 58.61 against dollar
Mumbai : The Indian rupee strengthened to 58.61 against a dollar Friday, the strongest position in over 10 months, on huge foreign capital inflow...
High gas prices close most of India’s tile-making units
By P.S. Anantharaman, IANS,
Ahmedabad : The tile industry in Gujarat's Morbi town, which accounts for about 70 percent of all tiles made in India, is on the verge of collapse due to high fuel prices. About 80 percent of the 200-odd manufacturers have already downed shutters.
The tile kilns are fired by natural gas. The industry is now seeking the state government's immediate intervention to make gas available at reasonable prices.
Indo-British bilateral trade up 30 percent
By IANS
Kolkata : The bilateral trade between India and Britain has grown by 30 percent in the last two years, British Deputy High Commissioner Simon Wilson said here Monday.
"India now ranks third in terms of the number of investment projects in the UK, after the US and Japan. The bilateral trade in goods and services between the two countries had exceeded $10 billion last year," Wilson told reporters during an interactive business session on the Indo-British trade partnership organised by the Bengal Chamber of Commerce and Industry (BCCI).
Offer subsidies to exports sector: Assocham
By IANS,
New Delhi : The government should announce subsidies to the crisis-hit exporters in the forthcoming foreign trade policy to make India's exports sector more competitive, the Associated Chambers of Commerce and Industry (Assocham) has said.
"Subsidies need to be extended to Indian exporters by substantially reducing excise and local levies and other export duties," Assocham president Sajjan Jindal said in a paper submitted to Commerce and Industry Minister Anand Sharma.
The government will announce the foreign trade policy for the next five years Aug 27.
Tata Docomo completes south India rollout
By IANS,
Hyderabad : Tata Docomo, joint venture between Tata Teleservices and NTT Docomo of Japan, completed the rollout of its GSM operations in south India with the formal launch in Andhra Pradesh Thursday.
Andhra Pradesh is the sixth circle where Tata Docomo has launched its GSM telephony operations.
Tata Teleservices managing director Anil Sardana told a news conference here that the pan-India rollout would be completed by October, for which the company has earmarked an investment of $2 billion.
Rising rupee a concern: Kamal Nath
By IANS
Mumbai : Commerce and Industry Minister Kamal Nath Tuesday expressed concern over appreciation of the Indian rupee against the US dollar and said the government was taking steps to control it.
"We are discussing with the export council on the way forward. The rupee's rise is a concern and the ministry of trade and commerce is discussing the issue with RBI also," the minister said at a two-day India-Gulf Cooperation Council (GCC) meeting.
Sundram Fasteners to build IPR portfolio
By IANS
Chennai : Sundaram Fasteners, the Rs.15.75-billion auto component major, will focus on research and development to drive its future growth with an emphasis on holding a host of patented technologies, a top official has said.
The focus to ramp up the company's intellectual property will be on both product and process innovations, while seeking collaborations with leading universities, said S. Ramasubramanian, who is with the firm's business strategy and systems group.
Israeli water management firm to explore Indian projects
By IANS
Mumbai : Israel's national water management company Mekorot will explore potential projects in water supply systems and reclamation projects in India in collaboration with water infrastructure and agrarian instrumentation developer Jain Irrigation Systems Ltd (JISL).
The two companies have signed a memorandum of understanding (MoU) where Mekorot will contribute and provide design capabilities and technologies required for water projects. JISL will focus on the procurement of equipment and execution of plants.
PM wants Indo-Russian trade to hit $10 bn by 2010
By Manish Chand, IANS
Moscow : Indian Prime Minister Manmohan Singh Monday made a strong case for scaling up bilateral trade to $10 billion by 2010 and called for more Russian investment in the country during a two-day visit here.
At a meeting of Indian and Russian businessmen, Singh stressed the need for increased contacts between the business communities of the two countries that have been hobbled by visa problems.
India needs second green revolution: Economic Survey
By IANS
New Delhi : A second green revolution is necessary, particularly in rain-fed areas, to provide sustainable incomes to the country's distressed farmers, the Economic Survey for 2007-08 said.
"A second Green Revolution, particularly in the areas which are rain-fed, maybe necessary to improve the income of the persons dependent on the agriculture sector," said the government's annual economic report card.
14 textile units raided in Surat
By IANS,
Surat : The Income Tax department continued search and seizure operations for the second day Wednesday, raiding 14 more textile units in this south Gujarat city to unearth unaccounted income.
On Tuesday, the department had targeted 40 textile and paint manufacturing units.
A senior official of the investigative wing of the department told IANS that unaccounted income of Rs.3.5 million had been unearthed so far.
Tamil Nadu postpones fiscal responsibility by two years
By IANS,
Chennai : The Tamil Nadu government has postponed the target date for eliminating revenue deficit and capping the fiscal deficit at three percent of the gross state domestic product (GSDP) to fiscal 2010-11 from 2008-09.
The Tamil Nadu Fiscal Responsibility Act 2003 has been amended for the purpose.
The government cited the global economic recession and the resultant fall in tax revenues, as well as implementation of Sixth Pay Commission recommendations as the causes for the revenue deficit in 2009-10.
‘Demand for affordable housing still strong’
By IANS,
New Delhi : Demand for "affordable housing" is still strong in India and first-time home buyers would continue to drive the realty segment, a top industry official said here Monday.
"Affordable housing market has a huge demand with consumers just sitting on the fence and waiting to get a clearer picture of the ongoing financial crisis," Arun Nanda, executive director (infrastructure development sector) of Mahindra and Mahindra, told reporters on the sidelines of the World Economic Forum-India Economic Summit.
Corporate leaders pledge to make work places smoke free
By IANS,
Mumbai : Corporate leaders from 60 companies came together here Monday, not for a business meet, but to pledge to make work places smoking free.
At least 19 companies signed a commitment to make their work places smoking free in the presence of union Health Minister Anbumani Ramadoss at the 14th World Conference on Tobacco or Health here.
The corporate leaders also participated in a symposium on 'Corporate Leaders Meet on Worksite Wellness Initiatives: Promoting Smoke Free Workplaces in India'.
MP CM holds one-to-one meeting with 18 prominent industrialists in Mumbai
By Pervez Bari, TwoCircles.net
Bhopal: Encouraged by the overwhelming response from India's leading industrialists in the interactive session in Mumbai on Friday, the Madhya Pradesh Chief Minister Shivraj Singh Chouhan extended his Mumbai visit.
During the extended period of his visit, Chouhan met as many as 18 prominent industrialists so as to facilitate investments in industrial sector and other potential areas of development in Madhya Pradesh, an official Press release said.
Bank employees to strike work Aug 6-7
By IANS,
New Delhi : Employees of state-run banks have decided to go ahead with their proposed strike Thursday and Friday following failure of talks with the government over hike in wages and other demands.
"Our talks were inconclusive. We are meeting again on Tuesday. But as of now we are going ahead with the strike based on the notice we served July 21," said N.S. Virk, vice president All India Bank Officers' Association (AIBOA).
India’s inflation rate slips into negative zone
By IANS,
New Delhi : For the first time since the new wholesale price index (WPI) series started in 1995, India's annual rate of inflation has turned negative, falling to minus 1.61 percent for the week ended June 6, leading to fears that this would lead to hoarding of food articles.
The inflation rate, which was 0.13 percent in the previous week, had last turned negative in 1977.
Sensex closes 118 points up
By IANS,
Mumbai : A benchmark index of Indian equities Wednesday closed with a 118-point gain even as mid and small cap stocks saw better buying interest.
Sensex recovers to end moderately lower
By IANS,
Mumbai : Indian equities markets closed Tuesday on a dull note after a benchmark index managed to move up from its intra-days lows, having slipped substantially during the day.
Uttar Pradesh to enter bus service agreement with Delhi
By IANS,
Lucknow : Uttar Pradesh and Delhi are set to enter an agreement for plying buses in each other's territories, an official said Wednesday.
After the agreement, Delhi buses will ply 150,000 km a day ín Uttar Pradesh while Uttar Pradesh buses will ply 40,000 km in Delhi. To compensate for the difference in the distance, Delhi will allow Uttar Pradesh buses to pick up and drop passengers at 10 places in its territory, said an Uttar Pradesh Road Transport Corporation (UPSRTC) official.
India, Japan to give final shape to Delhi-Mumbai corridor
By IANS
New Delhi : Indian and Japanese officials will meet in Tokyo next week to finalise the financing of the $9 billion Delhi-Mumbai Industrial Corridor Project (DMIC) to be jointly built by both governments, a senior official said.
"Both the countries would have a joint task force meeting in the coming Monday and Tuesday in Tokyo to finalise the project development fund that would finance the DMIC," Ajay Dua, secretary, Department of Industrial Policy and Promotion (DIPP), told reporters here on the sidelines of an event.
Trai issues fresh regulations for unsolicited calls
By IANS,
New Delhi : The Telecom Regulatory Authority of India (Trai), the telecom watchdog of the country, Tuesday said it has issued fresh regulations for unsolicited commercial calls.
The Telecom Unsolicited Commercial Communications (Second Amendment) Regulations-2008, will come into force from the date of its publication in the gazette notification, Trai said in a statement.
The regulator had formulated the Telecom Unsolicited Commercial Communications Regulations in June 2007 and the first amendment came into force in March this year to improve their effectiveness.
Shrinking global economy headed for slow recovery next year: IMF
By Arun Kumar, IANS,
Washington : With the world in the grip of the most severe recession since World War II, the global economy is projected to shrink by 1.3 percent in 2009, with a slow recovery expected next year, according to the International Monetary Fund (IMF).
While the rate of contraction should moderate from the second quarter of 2009 onward, output per capita is projected to decline in countries representing three-quarters of the global economy, the IMF said in its April World Economic Outlook (WEO).
India’s anti-monopoly body watching Jet, Kingfisher deal
By Sanjay Singh, IANS,
New Delhi : Action will be initiated against Kingfisher Airlines and Jet Airways under India's anti-trust laws if they hike fares in tandem after their recent strategic and operational alliance, a top official of a quasi-judicial watchdog said here Wednesday.
"We cannot rule out the possibility of cartelisation following the alliance between two major Indian private air carriers," said I.S. Sain, joint director with the Monopolies and Restrictive Trade Practices Commission (MRTPC).
Vijay Mallya in talks with European firm for business jets
By Neelam Mathews, IANS,
Berlin : Vijay Mallya, chairman of the spirits-to-airline major UB Group, has initiated talks with France-based EADS Socata, a leading aircraft manufacturer, to invest some $200 million to co-develop business jets for which India has now emerged as a hot market.
"We want to look at a global organisation that has service centres in place with tools to market in the country," EADS Socata spokesman Phillipe de Segovia told IANS, confirming that the group was in talks with Mallya and other international companies.
Infotech Enterprises acquires US firm Wellsco
By IANS,
Hyderabad : Infotech Enterprises Tuesday announced it has acquired US-based network engineering and management firm Wellsco Inc in an all-cash deal to raise its business from the telecom sector.
The Hyderabad-based technology solutions provider, however, did not disclose the amount it paid for the acquisition.
The company in a statement said its wholly owned subsidiary Infotech Enterprises America Inc.(IEAI) acquired Wellsco.
Petrol, diesel prices cut
New Delhi : With international crude oil prices continuing to rule below $50 per barrel, the three state-run oil marketing companies (OMCs) Tuesday decided...
India’s key market index closes 47 percent up
By Arvind Padmanabhan, IANS
New Delhi : Fuelled by a robust performance of Indian stock markets in 2007, which sent a key stock index soaring over 47 percent, Indian companies mobilised a record amount from public offerings during the year, estimated at $8.3 billion.
As many as 95 companies came out with initial public offerings in the first 11 months of the year to raise that amount, compared with 78 public offers worth $7.23 billion in 2006, says Ernst and Young in a study earlier this week.