Economy

By IANS, Bhubaneswar : The day-long shutdown called by the Left parties to protest the central government's fuel price hikes hit normal life in Orissa Friday with transport and rail services being partially affected, an official said. The impact of the shutdown has been felt in cities where the Left parties are active, said an official of the state intelligence department.

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By IANS, Mumbai : The Essel Group-promoted gaming company Playwin Games is hopeful of generating a turnover of around Rs.50 billion ($1.16 billion) this fiscal, a top official said here Saturday. "There is a major boom in this sector with growth in Internet mobile technology," Amar Sinha, CEO of Pan India Network Infravest Ltd, which runs Playwin, told IANS. With ever increasing growth, Playwin is planning to introduce 'Jackpot at lotto games' all over the country with a prize money of around Rs.20 million. These games would be launched in January next year, he said.

By IANS, Shimla : The Himachal Pradesh government has asked a liquor unit, set up by the British and now owned by an Indian firm, to stop production due to violation of environment norms, an official said here Saturday. "Liquor company Mohan Meakin has been issued a notice for discharging sewage into the vicinity of the facility. It has been asked to stop production immediately," Pollution Control Board Member-Secretary Nagin Nanda told IANS. He said the company was discharging effluents into the nearby fields without treating it.

By Xinhua, Beijing : The global credit crisis freezing up the world's finances may be a blessing in disguise for China as it aims to modify its economic structure after three decades of breakneck growth. With its banks shielded from the worst effects of the crisis by its capital account control, plenty of liquidity and limited exposure to sophisticated derivatives, China still faces the effects of recession on its main export markets, the United States and Europe.

By Varada Bhat, IANS Mumbai : After Maybachs and RollsRoyces, the swish set in India is now displaying a fondness for luxury flying machines even if it means shelling out an astounding $80 million to buy one! In the past one month, sensing a big business opportunity, three international business jet firms have entered India to tap the fast-growing market in the country. US-based Aerion, which is developing a high-end supersonic business jet (SSBJ), has received pre-delivery orders from five Indian customers. The deliveries are to begin from the last quarter of 2014.

By IANS, New Delhi : Ahead of Monday's opening bell in the beleaguered Indian equities markets, Finance Minister P. Chidamaram sought to lift the mood of investors, saying there was "no reason at all" for people to "act in haste or give room to panic". Pointing out that the Australian and two of the east Asian markets had opened on a positive note Monday, Chidambaram hoped the Indian equities markets would do the same.

By IANS, New Delhi : The decision to increase railway freight charges will lead to higher prices of essential commodities adding to the burden of inflation on the people, the Communist Party of India-Marxist (CPI-M) said here Friday. The railways have decided to increase freight rate for loading of foodgrains, pulses and fertilisers by 8.33 percent. The new rate will come into effect Feb 1.

By IANS, Chandigarh : Markfed Punjab signed an agreement with Syngenta a world's leading agri-business company here Friday. "This collaboration will facilitate the exchange of technical knowledge, educational camps for Punjab's farmers for safe use of agro chemicals, availability of better seeds, fertilisers and pesticides," said G.S. Grewal, managing director, Markfed Punjab. Grewal said the state government with Syngenta's help will market agri-products in the state. It would open sales-cum-service centres in Punjab, three of them this year.

By IANS New York : Indian American jeweller Raman Handa, who runs a chain of upmarket stores in Boston, Massachusetts, has allegedly fled to India amid rumours of financial problems and unpaid debts. Hnada, who built Alpha Omega as a leading jewellery and watches brand in the New England region since 1980, is said to have boarded a plane for India Saturday with his son and daughter who are also involved in the family-owned business.

By IANS Ranchi : ArcelorMittal has short-listed three places in Jharkhand -- Torpa, Saraikela and Galudih -- and will name the site of its proposed greenfield steel plant in a month, said a top company official. Malay Chatterjee, board member of ArcelorMittal, arrived here Thursday to participate in a trade fair organised by the state government on the eve of the seventh foundation day of the state. "We have scrutinised three places and will announce the name of the site in a month," Chatterjee told reporters here.

By Maitreyee Boruah, IANS, Bangalore : The growing number of shopping malls, coffee outlets and pubs-cum-restaurants in India's tech hub is creating a huge demand for smart, English speaking youths who can serve as shop assistants. With a mall or multiplex opening or being planned in Bangalore every few months and also dozens of high-end coffee outlets and pubs dotting the city's popular hangouts, the retail sector estimates that around 100,000 shop assistants would be needed in the coming years.

By IANS/WAM, Abu Dhabi: UAE's foreign trade will grow by 10 to 15 percent in 2012, Foreign Trade Minister Sheikha Lubna Al Qasimi has said.

By KUNA Kuwait : The latest technologies used in Kuwait to combat money laundering and financing of terrorism were reviewed Sunday at the Regional Conference for Anti-Money Laundering and Combating the Financing of Terrorism by an official at the Central Bank of Kuwait (CBK). In his paper, Deputy Director of the civil monitoring department at CBK Talal Al-Sayegh said money laundering is a process whereby the origin of funds generated by illegal means such as drug trafficking, gun smuggling, and corruption is concealed.

By IANS Chennai : Following price cuts by Maran brothers' Sun Network, Tata Sky went into publicity overdrive and hinted it might consider reducing its basic rate. Speaking to reporters here Monday, Vikram Kaushik, CEO and managing director, Tata Sky, said: "Ours is the best service at the price we are quoting but we cannot rule out anything. Globally, whenever set-top-boxes services were offered at a throwaway price or free, consumers took them but later opted out, like for instance in Brazil.

By IANS, Shimla : Food products major Nestle India has got the approval to set up a Rs.250-crore food and beverages manufacturing facility in Himachal Pradesh. "Nestle's proposal to set up a food processing unit in Una district has been approved. The unit will provide direct employment to 650 people," said industries director Manoj Kumar. The state's single-window clearance committee and monitoring authority also gave approval to another 16 industrial proposals Saturday evening, Kumar said.

By Pervez Bari, TwoCircles.net, Bhopal: Madhya Pradesh Chief Minister Shivraj Singh Chouhan has claimed that state's progress is unthinkable without development of trade and industry. He said that Madhya Pradesh is the only state in the country which is devoid of political narrow-mindedness. Here people of all the sections are united so far as development is concerned.

By IANS, Mumbai : Finance Minister P. Chidambaram Friday kicked off currency futures at the National Stock Exchange (NSE) here in a move that is particularly expected to help small- and mid-sized companies to hedge their risks while dealing in foreign exchange. The first deal at the exchange-traded futures began at 8:45 a.m. with a lot size of $1,000 each, and within three hours, as many as 19,871 contracts had been executed, data with the stock exchange showed.

By IANS, Thiruvananthapuram : Kerala Chief Minister V.S. Achuthanandan Friday asked the central government to help the large number of the state's diaspora who have lost their jobs in the Middle East. "All these years it was these people who had sent precious foreign currency into the country and the entire benefit of that was taken by the centre... now when these people are in trouble, it is the responsibility of the centre to help them," said Achuthanandan, addressing the MPs from the state ahead of the forthcoming parliament session.

By IANS, Muscat : Around 35 Indian companies are participating in the three-day Indian Realty Expo 2008, which concludes here Saturday. Organised by the Maharashtra Chamber of Housing Industry (MCHI), the exhibition is showcasing some of India's prestigious properties including some high-end properties targeted at high net worth individuals and NRIs. Indian Consul to Dubai Partha Ray said a number of NRIs and people of Indian origin, especially professionals, in the Gulf and other countries are being attracted by the rapidly growing economy of India.

By IANS, Mumbai : Thousands of Mumbaikars will come out on the streets Sunday morning to take part in the Standard Chartered Mumbai Marathon (SCMM) 2009. So far, the event has attracted over 43,000 entries in various categories for the four-hour test of endurance for the final prize totalling to $250,000 (Rs.1.2 billion), a spokesman for the SCMM said here Saturday afternoon. The race will begin and end near the Chhatrapati Shivaji Terminus - one of the sites targeted by the terrorists in the Nov 26 attacks.

By IANS, New Delhi : An expert panel under Finance Secretary Arun Ramanathan meets here Monday to find solutions to help India weather the global financial turmoil, which has led stocks to crash and industrial growth trip to its lowest in a decade. The panel, which has to submit a report to Finance Minister P. Chidambaram in a week's time, will also visit Mumbai to hold deliberations with financial sector regulators, including the central bank and the market watchdog, officials said.

By IANS, Mumbai : The main index of the Bombay Stock Exchange (BSE) recovered its morning loss and was trading in the green early Friday afternoon. Oil and gas and banking stocks led the recovery. However, the main index of the National Stock Exchange (NSE) stayed in the red. At 1:30 p.m., the 30-share benchmark index of the BSE, the Sensex, was at 14,328.99 points, up 85.26 points or 0.60 percent from its closing figure Thursday. It had touched a high of 14,377.79 points earlier.

By IANS, Mumbai : A benchmark index for Indian equities closed 2.09 percent higher Tuesday, backed by gains in auto and metal stocks. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,438.45 points, closed at 16,772.56 points, 343.01 points or 2.09 percent higher than its previous close at 16,429.55 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended trade at 5,017 points against the previous close at 4,922.3 points, a gain of 1.92 percent or 94.7 points.

By IANS, New Delhi : The World Bank has approved a loan of $330 million to strengthen power transmission and distribution system in Haryana. The World Bank has allocated the money under the Haryana Power System Improvement Project that aims to improve the availability, efficiency, and accountability of power electricity supply in the state by strengthening of transmission and distribution systems.

By IANS Mumbai : Godrej Consumer Products Ltd (GCPL) Tuesday said the company has acquired 100 percent stake of South Africa-based hair company Kinky Group at Rs.13.25 billion ($331.8 million). Commenting on the acquisition, Adi Godrej, chairman and managing director of GCPL, said: "The acquisition gives us the opportunity to enter a new line of business and diversify our hair product portfolio."

By Arjun Sen, IANS, Hyderabad : Global defence and aviation major, the $21.3-billion Raytheon of the US, sees a $1 billion business potential in the Indian civilian sector alone over the next 5-10 years. The company is currently leading the race to bag a $196-million contract to supply technology for India's first satellite-based global aviation navigation system, called Gagan.

By IANS, New Delhi : India's private carrier Kingfisher Airlines is planning to launch flights on eight international routes this year, it said Saturday. "We have planned a roadmap for the next phase of international routes. We will start flying on the Mumbai-Hong Kong, Mumbai-Singapore sector Sep 16," said an airline spokesperson. The six other routes on which Kingfisher intends to launch services are Delhi-Bangkok, Delhi-Dubai, Delhi-London, Mumbai-Bangkok, Mumbai-Colombo and Mumbai-Dubai.

By IANS Mumbai : FLAG Telecom Group Ltd, a subsidiary of Anil Ambani-owned Reliance Communications Ltd, Friday inked a deal with US-based GlassHouse Technologies to offer digital storage space management services. The firm said GlassHouse Technologies, an independent IT infrastructure consulting and services firm providing managed IT services directly to enterprise customers, will be expanding their infrastructure operation centre (IOC) to include the FLAG campus in India.

By IANS, Chennai : During an economic slowdown, companies should stick to basics, quickly grab market share, cut costs, conserve cash, go in for acquisitions financed by long-term borrowings and bring down output prices to boost demand, a management meet attended by top managers concluded here Thursday.

By IANS/EFE, Acapulco (Mexico) : Mexico's economy, which contracted by 6.5 percent in 2009, will grow 5 percent this year, thanks to the solid recovery that is underway, a bankers' association said in a report. The drop in the value of the peso against the dollar and other currencies in 2009, combined with higher transportation costs and an increase in the cost of skilled labour, "have caused a large number of automakers and auto parts companies to reassign production of these products from other countries to Mexico", the Mexican Bankers Association, or ABM, said.

Mumbai : The Reserve Bank of India (RBI) will not hold interest rates high longer than necessary, and will have room to cut rates...

By IANS, Mumbai : India will have a new companies act next year to replace the existing law passed in 1956, union Corporate Affairs Minister Veerappa Moily said here Monday.

By IANS, New Delhi : Nine telecom operators, including market leaders Bharti Airtel and Reliance Communications, have applied for radio frequency spectrum to provide third generation (3G) telephony. "Nine companies have applied for 3G," a department of telecommunications (DoT) official said here Friday, the last day for submitting applications. For broadband services, the department has received applications from 11 companies, including Bharti Airtel, Qualcomm, Tata Communications, Tikona and Vodafone.

By Sudeshna Sarkar, IANS Kathmandu : Scuttling along on three-wheels and derisively overtaken by powerful cars and motorcycles, the humble auto-rickshaw of South Asia has been given a new image by a 28-year-old ingenious Briton. It is now the symbol of adventure in India and Nepal, and poised to canter through Bangladesh and perhaps Pakistan in the future. "People in the West need a bit of adventure," says Thomas Morgan, a fine arts student who left sculpture and filmmaking to embrace adventure tourism.

By Xinhua Yangjiang, Guangdong : An 800-year-old merchant boat loaded with precious trading goods anchored at a port here Thursday morning after it was hoisted from the bottom of the sea four days ago. With the help of a crane, workers managed to drag the 5,000-ton Nanhai (South China Sea) No. 1 aboard 16 huge air bags to a temporary port at about 1 a.m. after more than three hours of hard work overnight.

By IANS, Dhaka : A Bangladeshi car battery maker is targeting export of a million pieces to Australia and Europe by next summer after covering markets across South Asia, including India, and Africa. Rahimafrooz Globatt Ltd exported 175,000 pieces of car batteries worth $5.5 million during October-June period last fiscal. India and other South Asian countries except Pakistan are among its major markets. The other countries are Singapore, Kuwait, Qatar, United Arab Emirates, Tanzania, Angola and Namibia.

By Paras Ramoutar, IANS Port of Spain, Feb 26 (IANS) ArcelorMittal's plant in Trinidad and Tobago has run into trouble with many companies in the multi-billion industrial estates at Point Lisas accusing the steel major of violating environmental laws. According to reports, the Point Lisas Industrial Port Development Corp Ltd (Plipdeco) has filed a formal complaint with the Environmental Management Authority (EMA).

By IANS Dubai : India's leading private airline Jet Airways will launch daily flights between the Qatari capital of Doha and Kochi in Kerala effective April 19. Jet Airways general manager for Qatar K. Prasad told the Gulf Times that the airline has already sought the permission of the Qatar Civil Aviation Authority to introduce special introductory fares. Jet Airways Flight 9W555 will depart Doha at 1.50 a.m. local time and reach Kochi at 8.50 a.m. IST. The return flight 9W556 will leave Kochi at 10 p.m. IST and reach Doha at 12.20 a.m. local time.

By IANS, Thiruvananthapuram : Harrison Malayalam Ltd (HML), a plantation company that was in the news for allegedly holding excess land, Tuesday said it was prepared to cooperate with any agency for an enquiry or survey.

By IANS, Hyderabad : Ericsson, a leading provider of technology and services to telecom operators, Thursday unveiled its new energy-efficient and less expensive radio base station site concept, Ericsson tower tube, for the Indian telecom market. The tower tube is designed to reduce the total cost of ownership for customers and provide a sustainable, energy-efficient and cost-effective means of communications.

By IANS New Delhi : The Planning Commission Tuesday approved Rs.17.37 billion as plan outlay for Goa for 2008-09 during a meeting with Chief Minister Digambar Kamat. After the meeting, attended by Planning Commission Deputy Chairperson Montek Singh Ahluwalia, Kamat said the funds would help his state in capacity building in the social sector with "increased participation from the private sector". "It will be the thrust area in 11th Five-Year Plan (2007-12)," he told reporters, adding that he would try to achieve the growth rate of 12.1 percent during the 11th Plan.

By DPA, Tokyo : Toyota Motor Corp Tuesday said it would pay a record $32.4 million in additional fines under an agreement with the US Transportation Department.

By IANS, New Delhi : In a bid to reduce the increasing backlog of cases relating to dishonoured cheques, Chief Justice of India (CJI) K.G. Balakrishnan inaugurated three evening courts in the capital Wednesday. Balakrishnan expressed concern over the large number of such cases in Delhi and hoped that the concept of evening courts would help address the problem. “These petty cases pose a great hurdle in justice delivery system. It is disappointing to have a pendency of over 500,000 such cases in Delhi alone,” he said while inaugurating the evening courts here.

By Aroonim Bhuyan, IANS, Doha : Qatar is likely to increase cooking gas supplies to India following a meeting between Prime Minister Manmohan Singh and his Qatari counterpart Sheikh Hamad Bin Jasim Bin Jabir Al Thani here. "Qatar is one of our principal suppliers of LNG (liquefied natural gas). There are expectations that, after due discussions, the supply of gas might be increased subject to mutual agreement,” said secretary (east) N. Ravi while briefing the media here Monday about the meeting between the two leaders after Manmohan Singh’s arrival here Sunday evening.

By Sujeet Kumar, IANS, Raipur : Rice politics is being played out in poll-bound Chhattisgarh as the ruling Bharatiya Janata Party (BJP) and the opposition Congress try to outdo each other, promising heavily subsidised rice as their last bait to woo voters. Chhattisgarh, with a population of 20.08 million, has about 50 percent people living below the poverty line (BPL). The Congress, desperate to stage a comeback, promised in its manifesto released Nov 7 to provide 35 kg rice to all sections, except for income tax payers, at just Rs.2 per kg if voted to power.

By DPA, New York : Bolivia's President Evo Morales carried his national reform plans to the United Nations Monday, telling a meeting of world indigenous peoples to be wary of transnational corporations and industrialists. Bolivia's first elected indigenous leader denounced such companies as "exploiters" of his country's natural resources, which he said belong to Bolivians. Since his election in 2006 as the country's first indigenous leader, Morales has been battling opponents of his plan to take state control over Bolivia's oil and gas industry.

By IANS, New Delhi : Taiwanese handset major HTC Corp, in collaboration with Bharti Airtel, Tuesday launched HTC Magic, India's first smartphone that will run on Google's Android operating system. The device is priced at Rs.29,900 and will be available in Airtel relationship centres and authorised HTC resellers in 17 cities. Android is an open-source platform running on the Linux operating system, which will provide users with a broad spectrum of mobile applications and services.

By IANS, Mumbai : Taking its cue from the state-owned Air India, the country's largest private carrier Jet Airways has hiked fuel surcharge by Rs.300-Rs.550, effective from Tuesday. The surcharge for travel distance up to 750 km (short-haul) would go up by Rs.300, while for the travel beyond 750 km, it would be Rs.550. Now a passenger travelling with Jet would be charged Rs.2,250 as fuel surcharge for short-haul routes and for beyond 750 km, it would be Rs.2,900, said a company spokesperson.

By IANS, New Delhi : India's annual food inflation, based on wholesale prices, moved up to 13.68 percent for the week ended Oct 31 from 13.39 percent for the week before, as per official data released Thursday. The 52-week average prices of onions were higher by as much as 33.4 percent and potatoes became costlier by 27.9 percent, according to the limited data on wholesale price index released by the commerce ministry.

Chennai : Linear alkyl benzene (LAB) maker Tamil Nadu Petroproducts Ltd on Tuesday said it closed last fiscal with lower revenue and higher net...

By IANS, Mumbai : The Life Insurance Corporation of India (LIC) has tied up with Corporation Bank to enable the bank's debit card holders pay the LIC policy premium using a mobile phone. Corporation Bank has been offering the LIC premium payment facility through ATMs and net banking since 2003. Corporation Bank customers wishing to avail the new facility can register their mobile phone numbers through the bank's ATMs. The new facility was launched here Thursday in the presence of LIC chairman T.S. Vijayan and Corporation Bank chairman-cum-managing director B. Sambamurthy.

By Anil Sharma, IANS Jaipur : Now you can bring heritage liquor from Rajasthan as souvenirs. The state-owned Ganganagar Sugar Mills (GSM) has launched these spiced liquors, once prepared in erstwhile royal households, in miniature bottles. "The miniature bottles are being launched on the Palace on Wheels (a luxury tourist train), after which we plan to launch them in the market," O.P. Yadav, general manager, GSM, told IANS.

By Xinhua, Manila : The Asian Development Bank (ADB) on Thursday said it is helping upgrade India's capability to prevent severe flooding in one of its poorest states. ADB is extending a $150,000 technical assistance grant to help lay the groundwork for a project designed to improve Assam's shields against flooding. The project also aims to strengthen the state's policy, planning, and institutional framework to address the problems with a long-term strategy, the regional lender said in a press release.

By IANS, Kolkata : The Tata Nano will roll out from Singur, after all. West Bengal Chief Minister Buddhadeb Bhattacharjee and Trinamool Congress chief Mamata Banerjee met for nearly two hours at Raj Bhavan, Governor Gopalkrishna Gandhi's official residence, to cobble together "an acceptable formula" on the Singur imbroglio. "An acceptable formula has been found, but some more discussions are still needed," Communist Party of India-Marxist (CPI-M) central committee Shyamal Chahraborty told reporters after the meeting.

By IANS, Bangalore : Recovering from a worst economic slump, a resilient Infosys Technologies Ltd Tuesday proposed to pay a final dividend of Rs.15 per share or 300 percent on par value of Rs.5 per share for fiscal 2009-10. In a regulatory filing, the IT bellwether said its board of directors had recommended a final dividend of Rs.15 per share for the fiscal under review (FY 2010). The blue chip firm paid an interim divided of Rs. 10 or 200 percent on par value of Rs.5 per share in October 2009 at the end of first six months (April-September).

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By IRNA, Islamabad : A recent poll shows that 32% of Pakistanis say they have reduced food consumption due to price hike in food items. The Pakistani study was carried out by Pakistan Institute of Public Opinion, the Pakistani affiliate of Gallup International, among a sample of 1732 men and women in rural and urban areas of the country during 3 & 4 August 2008. Around 56 per cent say that the rising cost of food, fuel and electricity, has affected them and their family 'a great deal'. Pakistan does only slightly better than India when it comes to reduced food consumption.

By IANS, Mumbai : A benchmark index for Indian equities Friday was ruling 0.48 percent higher than its previous close during opening trade. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,503.47 points, was ruling at 17,587.02 points, 83.55 points or 0.48 percent higher than its previous close at 17,503.47 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,276.85 points, a gain of 0.43 percent from its previous close at 5,254.15 points.

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By IANS, New Delhi : The government Monday gave the go ahead to Delhi Transport Corporation (DTC) to purchase 1,000 semi-low floor buses. "The cabinet has given its nod for purchase of 1,000 semi-low floor buses to DTC to enable it to strengthen its city fleet. This is in addition to the earlier permission granted for purchase of 2,500 low-floor air-conditioned and non air-conditioned buses," Delhi Chief Minister Sheila Dikshit told reporters after the cabinet meeting. "Low-floor and semi-low floor buses have same features except floor height from the ground," she said.

By IANS, Islamabad : Pakistan is in talks with India to import electricity, Power Minister Naveed Qamar has said.

By IANS, New Delhi : The government has approved a new employment generation programme with an outlay of Rs.47.35 billion to create around 4 million jobs during 2008-12. The Cabinet Committee on Economic Affairs (CCEA) meeting Thursday chaired by Prime Minister Manmohan Singh approved the scheme called Prime Minister's Employment Generation Programme (PMEGP).

By IANS Bangalore : World's leading chipmaker Intel designed the smallest processor with tiny transistors for low-cost personal computers (PCs) and mobile internet devices (MIDs), the company said here Monday. Known as Intel Atom processor, the new chip is built on a micro-architecture for small devices and low power. Its design can support multiple threads for better performance and quick system response.

By Nayanima Basu, IANS

New Delhi : India needs stricter regulations on food products and effective mechanisms to check compliance to standards in order to avoid large-scale rejection of its exports in key markets like the US, experts maintain.

During the first six months of this year, 1,763 food shipments from India were rejected by the US. The products ranged from spices and seeds to shrimps and drugs since they allegedly contained salmonella and other hazardous material.

New Delhi: The All India Motor Transport Congress (AIMTC) on Friday announced it will go on a nationwide indefinite strike from October 1 after...

By IANS, New Delhi : Infrastructure development continues to be a priority area for the United Progressive Alliance (UPA) government with Finance Minister Pranab Mukherjee increasing public investment in this sector. "The investment in infrastructure for the growth of economy is critical. I have urged my colleagues in the central and state governments to remove policy, regulatory and institutional bottlenecks for speedy implementation of infrastructure projects," Mukherjee said while presenting annual budget for 2009-10 in parliament Monday.

By IANS, Chennai : In an attempt to boost sales in a depressed market, Ford India Wednesday slashed prices of its Fiesta models by up to Rs.91,000. The company said in a statement that the price of its Fiesta EXI petrol would go down by Rs.91,000 to Rs.529,000, while diesel variant would be cheaper by Rs.51,000 at Rs.659,000. The discounted price is only for 10 days from Wednesday at select dealerships, it said. The Ford Fiesta model range includes three petrol variants and three turbodiesel variants.

By KUNA, Kuwait : The Meeting of Chairmen and Presidents of Islamic Chamber of Commerce with Business Leaders, held under the auspices of the Islamic Chamber of Commerce and Industry (ICCI) on Monday, will constitute a new phase of cooperation between commerce chambers in Muslim states based on realistic standards. The meeting, which will take place at Kuwait Chamber of Commerce and Industry on the sidelines of the Fourth World Islamic Economic Forum (WIEF) hosted by Kuwait, will bring together prominent businesspeople from the Muslim world, representing the Islamic economic powers.

Jaipur(IANS) : The Rajasthan government has inked 20 memorandums of understanding (MoUs) worth over Rs.600 billion ($15 billion) at the Resurgent Rajasthan Partnership Summit 2007 currently underway here. The two-day summit has been organised to showcase investment opportunities in the state. Attended by over 700 delegates, the event is partnered by the Federation of Indian Chambers of Commerce and Industry (Ficci). Cairn India Ltd signed an MoU worth Rs.100 billion to build upstream oil and gas development facilities and related power plant in Barmer district of the state.

By P.Vijian, NNN-Bernama, New Delhi : India is hosting an international aviation exhibition next month which the country hopes will spur its domestic airline industry which has suffered sluggish growth last year following the global economic downturn. The Indian Aviation 2010 exhibition in Hyderadab from March 3 to 7 -- the second edition of the show -- is expected to draw 115 international exhibitors, including aerospace giants like Airbus, Boeing, Eurocopter, GE Aviation and Hawker Beechcraft.

By IANS, Hyderabad : Satyam Computer Services founder B. Ramalinga Raju, his brother B. Rama Raju and former chief financial officer Vadlamani Srinivas were Friday sent back to jail for one more week by a court here, which, however, turned down a plea by the Securities and Exchange Board of India (SEBI) to record their statements. On the day of hectic developments, the plea of the Serious Fraud Investigation Office (SFIO), seeking permission to question the accused, was not admitted by the court on the ground that it was not filed under relevant provisions.

By IANS, Hyderabad : Market watchdog Securities and Exchange Board of India (Sebi) Friday served Satyam's disgraced chief B. Ramalinga Raju with summons, asking him to appear for hearing in connection with a Rs.70-billion accounting fraud. A team of Sebi officials served the summons at Raju's residence in the upmarket Jubilee Hills. Raju or his family members were not available. Raju's lawyer S. Bharat Kumar confirmed to IANS that summons were served and said he would represent Raju at the hearing.

By Xinhua Beijing : China's largest oilfield Daqing said Thursday its international business had surpassed 2 billion yuan ($278.2 million) for the first time in 2007. The China National Petroleum Corporation (CNPC), parent company of Daqing and the country's largest oil producer, released the figures but did not give comparative information for 2006. The average profit margin for Daqing's overseas projects was 12.65 percent in 2007, said the CNPC on its website.

By DPA, Tokyo : Japan's stock market ended six percent lower Thursday as renewed economic concerns wiped away gains brought a day earlier by Senator Barack Obama's victory in the US presidential election. The Nikkei 225 Stock Average plunged 622.1 points, or 6.53 percent, to close at 8,899.14. The broader Topix index of all first-section issues also lost 57.61 points, or 5.96 percent, to 909.3. On currency markets at midday (0300 GMT), the dollar traded at 98.07-12 yen, down from Wednesday's 5 p.m. quote of 99.37-38 yen.

By IANS, New Delhi : The India Formula 1 story continues. The scarlet Ferrari, raced by the legendary Michael Schumacher in his racing days, will for the first time feature the logo of an Indian company - Tata Consultancy Services (TCS), the Bangalore-based software major announced Thursday. "Building on our existing long-term relationship of over three years, Tata Consultancy Services has entered into an historic agreement with Ferrari for an enhanced technology and marketing partnership," TCS said in a statement.

By IANS, New Delhi : Protesting against price rise and the decision to privatise profit making public sector undertakings (PSUs), trade unions affiliated to major political parties, including the ruling Congress, Thursday called for a nationwide strike on Sep 7. "It will be like a nationwide shutdown Sep 7. The workers in the country are anguished over certain policies of the central government," said R. Chandrasekharan, national secretary of the trade union arm of the Congress party, Indian National Trade Union Congress (INTUC).

By IANS, Bangalore : State-run Canara Bank posted a net profit of Rs.15.65 billion ($391 million) for 2007-08 against Rs.14.21 billion of the previous fiscal, registering a 10 percent year-on-year (YoY) growth. Net profit for the fourth quarter (January-March) of the fiscal, however, dipped by eight percent to Rs.4.64 billion from Rs.5.05 billion of the same quarter of previous fiscal (2006-07), the bank said in a statement here Saturday.

By IANS, Thiruvananthapuram : State-owned Tourist Resorts Kerala Limited (TRKL) will set up an urban recreation-cum-commercial centre in the city through public-private partnership to boost tourism in the state further. TRKL head T.K. Manzoor told IANS that the centre would come up at a cost of Rs.1,500 million on a 20-acre plot overlooking the Veli Lake. "The project is being implemented by TRKL. Twenty-one major players, including experienced groups such as Tata Infrastructure Limited, Oberoi Constructions, Chalet Hotels (Raheja Group), have shown interest," said Manzoor.

By IANS Mumbai : The Power Grid Corp of India Ltd (Powergrid) has signed a loan agreement with the Manila-based Asian Development Bank (ADB) for $400 million, the firm said Monday. Powergrid chairman and managing director R.P. Singh and ADB, India Resident Mission country director Tadashi Kondo signed the 25-year term loan agreement Friday, a statement said here.

Bhubaneswar : The Odisha assembly's house committee on railways on Wednesday presented a memorandum to Railway Minister Suresh Prabhu requesting him to grant Rs.5,000...

By IANS Mumbai : It was a buoyant week for the Indian equities market which registered its second biggest single day rally in points and ended on a firm note, shrugging off the high inflation data announced Friday. The Bombay Stock Exchange (BSE) rose in three out of five sessions in the week. The BSE bellwether index, the Sensex, surged 1,376.46 points or 9.18 percent to 16,371.29 by Friday. The S&P CNX Nifty rose 368.05 points or 8.04 percent to 4,942.

By Dipankar De Sarkar, IANS, London : Indian-born Arun Sarin stunned the world of business Tuesday by announcing he is stepping down as chief executive of Vodafone after leading the world's largest mobile phone company to record profits. Vodafone said the Indian-born Sarin, 53, who organised the single largest deal in the Indian telecom industry by helping his group acquire majority stake in the erstwhile Hutch-Essar, will quit in July after five years at the helm.

By IANS, Bangalore : Global search engine and web services provider Yahoo! laid off 45 people from its India operations as part of its worldwide firing policy due to global meltdown, a company spokesman confirmed here Thursday. "Around three percent (45 people) of our India headcount, which is 1,500, has been asked to go Wednesday as per the directive from our headquarters at Sunnyvale in the US," a spokesman of Yahoo! India subsidiary told IANS here.

By IANS, New Delhi/Glasgow : After month-long speculation and secrecy, S. Kumar Nationwide Ltd, a leading textile and apparel company promoted by the Mumbai-based Kasliwals, has now emerged as the mystery buyer of Scottish fashion chain Internacionale. "S. Kumars acquired the Scotland based Internacionale in early May," Shrikant Hazare, president for marketing and communication with the group, confirmed to IANS, but declined to divulge any further details, financial or otherwise.

By Bernama, Abu Dhabi : Abu Dhabi, riding a wave of unprecedented growth and expansion in line with the government's vision of making tourism a key contributor to the emirate's burgeoning and rapidly- diversifying economy, Emirates news agency (WAM) reported Wednesday quoting the Harvard Business Review, as saying.

By IANS, New Delhi : At a time when many companies go for downsizing their workforce due to the financial crisis, the US-based IT services provider Computer Science Corp (CSC) Wednesday said it will add 2,000 people to its India tally in next six months. "In the next six months, we will add another 2,000 employees in India," CSC (India) president Rajendra B. Vattikuti told reporters on the sidelines of a conference here. In the next three years, we will recruit at the industry average, he added.

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By Arun Kumar, IANS, Washington : India's purchase of $6.7 billion worth of gold from the International Monetary Fund (IMF) is a pointer that New Delhi sees a dim future for the dollar and is making a bullish call on the precious metal, according to the Forbes magazine. "The move is already profitable as the Indians bought their gold at prices averaging around $1,000 an ounce. Gold closed at a record $1,085 an ounce Tuesday in New York," Robert Lenzner, National Editor of the leading US business magazine, noted in a commentary Wednesday.

By IANS, Mumbai : Indian equities markets were volatile since opening trade Thursday, with a key index struggling to stay in the green around noon. Around 12.30 p.m., it was ruling 53 points above its last closing figure, after having dipped more than 187 points in the morning session. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 14,503.05 points was ruling at 14,568.47 points, 45.63 points or 0.31 percent above Wednesday's close.

By IANS New Delhi : Indian telecom officials and the makers of BlackBerry will meet again April 15 to discuss security concerns raised here over the services provided by the company, an official said Thursday. The Department of Telecommunications (DoT) official said after Thursday's meeting lasting several hours that "the talks turned out to be somewhat successful and all the stakeholders have decided to meet again" next week.

By IANS Mumbai : A key stock market index closed in the negative territory Friday following heavy selling pressure in blue-chip stocks. In mid-session, the market slipped deeper into the red as profit booking intensified. But it recovered with some buying support and closed marginally below previous close. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed 10 points or 0.05 percent down at 20,206.95 points against the previous close of 20,216.72.

By IANS, New Delhi : India's proposal to cut its emissions intensity by 20-25 percent by 2020 has put the pressure back on industrialised countries to come up with emission cuts, says international NGO Greenpeace. Welcoming the proposal announced by Environment Minister Jairam Ramesh in parliament, Greenpeace International Climate Policy Director Martin Kaiser said: "This target puts pressure squarely back on industrialised country leaders like Obama, Merkel, Brown and Sarkozy. These leaders have no excuse now to not have ambitious emission reduction targets."

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By IANS, London : Automobile giant Toyota Thursday announced a recall of around 12,000 vehicles in Britain because of a steering problem.

By IANS Mumbai : It was a yet another historic day for Indian stock markets as the benchmark index breached previous highs to set a new peak amidst robust buying across the board. The markets opened the new series of derivatives on a robust note as the bulls rushed the markets to a new zenith. The benchmark sensitive index (Sensex) of the Bombay Stock Exchange closed at a record high of 19,252, gaining 481.46 points or 2.56 percent. The broader S&P CNX Nifty of the National Stock Exchange ended up by 139.20 points or 2.50 percent notching at 5,708.

Moscow, Sep 18 (RIA Novosti) Russian tractor major Traktornye Zavody is going to set up a production facility in India to assemble small industrial track-type tractors. According to Traktornye Zavody president and owner Mikhail Bolotin, the production unit will cost between $1 million and $1.5 million to build. The plant will assemble 150-200 vehicles every year from 2009.

By DPA, Bangkok : In one of the first blows to be felt from the "Hamburger Crisis" in Thailand, General Motors Thursday announced plans to close its Thailand plant for two months, paying employees 75 percent of their wages. "If we don't close down we will have an oversupply," said GM spokesman Chartchai Suwannasevok, confirming the US giant's plan to close its plant in Rayong province for the months of December and January.

By DPA, New York : After two days of major declines, US stocks rose Friday despite a sharp hike in unemployment and massive losses reported from major automakers. The Wall Street rally was attributed to speculation that the Federal Reserve would lower interest rates next month to combat a surging unemployment rate. The US Labour Department reported Friday that unemployment climbed to 6.5 percent in October, after another 240,000 jobs were lost in a worsening sign for the economy.

By IANS

Bangalore : Britannia Industries Ltd, India's leading FMCG firm in food business, has selected Hewlett-Packard India (HP) to manage its entire IT requirements, including infrastructure solutions, consulting and outsourced services.