Top Indian industrialists to tee off in Kashmir
By IANS
Srinagar : A delegation of 100 top Indian industrialists will visit Srinagar in September and play golf to send the message that Jammu and Kashmir is now safe for investors too.
The delegation organised by the Associated Chambers of Commerce and Industry of India (Assocham) will be led by Venugopal N. Dhoot, president of the trade body and head of the Videocon group.
Prepared to cooperate in land holding probe: Kerala firm
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.
Unregulated arms trade diverts development resources: Oxfam
By DPA,
New York : Many poor countries are saddled with defence debts that obstruct efforts to develop their economies and end poverty, Britain's largest aid charity Oxfam International has said.
In a report released at United Nations headquarters in New York, the group cited South Africa as a typical case, as it has to pay $530 million a year until 2011 on defence expenditures related to weapon purchases.
At the same time, South Africa would need $425 million a year to pay for free water for its population.
Satyam’s Raju diverted Rs.74 bn for personal gain: Prosecutor
By IANS,
Hyderabad : Disgraced Satyam Computer Services founder B. Ramalinga Raju and former chief financial officer Vadlamani Srinivas will remain in police custody till Friday evening, a court ruled Thursday, as prosecutors said Raju had diverted Rs.74 billion (Rs.7,400 crore/$1.48 billion) from his company for personal wealth.
The crime investigation department (CID) of Andhra Pradesh police sought from the court two days' extension of custody of Raju and Srinivas, which ended Thursday.
Airtel has unfair advantage, say Dhaka operators
By IANS,
Dhaka : Indian telecom major Bharti Airtel has an "unfair market advantage" over its competitors in Bangladesh, a report said here Sunday.
Reliance Communications bags Rs.150 crore government orders
By IANS,
New Delhi : Reliance Communications Thursday said it has bagged multiple orders worth Rs.150 crore from the central and state governments, including the municipal corporation of Mumbai.
BBC to produce next season of ‘Jhalak Dikhhla Jaa’
By IANS,
New Delhi : The third season of the dance reality TV show “Jhalak Dikhhla Jaa” will now be produced by its original format owner BBC.
“Yes, it's true, if there is another season of 'Jhalak...', BBC will be producing it themselves as they have set up their own production office in Mumbai, and this time around they would not like to outsource it to a third party,” said Siddhartha Basu, head of Synergy Adlabs that produced the previous seasons of the show.
Mankind Pharma to set up second unit in Himachal
By IANS,
Shimla : Pharmaceutical firm Mankind Pharma has got the Himachal Pradesh government's approval to set up one more facility in the state, a senior official said Tuesday.
The government allowed Mankind to set up the second unit at Paonta Sahib in Sirmaur district, where its first manufacturing unit is located, industries director Manoj Kumar told IANS.
The unit would be set up on an investment of Rs.39 crore, Kumar said.
Police say more bank staff involved in fake currency scam
By IANS,
Lucknow : The Special Investigation Team (SIT) of Uttar Pradesh Tuesday took State Bank of India (SBI) Domariyaganj branch cashier Sudhakar Tripathi on three days of police remand even as interrogation of the accused revealed the involvement of one more bank employee in the fake currency racket.
The co-accused in the racket, Abid Sheikh, has also been taken on two days' remand.
Tripathi was arrested July 29 and during interrogation confessed to exchanging fake currency notes with a nominal value of Rs.15 million with original ones from the bank's currency chest.
Euro spikes to new record at Frankfurt stock market
By KUNA
Berlin : The euro shot to another record high against the dollar in trading at Frankfurt's stock market on Friday, reaching USD 1.5283, traders told the media here.
The euro has been rising steadily since the start of the current year, bringing the value of the dollar down to 0.6572 euro, said market traders who attributed the dollar retreat to a slowing of the American economy and an increase in the price of oil and energy products.
Agenda for India: Agriculture
By Charu Bahri, TwoCircles.net
It has been more than a month since UPA government came back to power but still they are hashing out the 100-day agenda of the government. Before any government makes any policy decision or sets the nation on to a course for the future, it should take into account hopes and aspirations of the people.
Business as usual in Ahmedabad’s diamond polishing units
By IANS,
Ahmedabad : It is business as usual in diamond processing units in Rakiyal and Bapunagar in eastern Ahmedabad, which were the targets of Saturday's bomb blasts in which at least 39 people were killed.
Units processing diamonds opened Sunday and workers were going about their job of cutting and polishing diamonds. Bapunagar is now the hub of city's diamond cutting and polishing business.
India leads South Asia’s jump in business reform
By Arun Kumar
Washington, Sep 27 (IANS) Led by India, South Asia picked up the pace of regulatory reform over the last year to become the second-fastest reforming region in the world, according to the World Bank's "Doing Business 2008" report.
Governor suggests mediator on Singur issue: Mamata
By IANS,
Kolkata : West Bengal Governor Gopal Krishna Gandhi has suggested selecting a mediator between the state government and the Trinamool Congress for discussions over the Singur issue, party chief Mamata Banerjee said Sunday evening at Singur.
"The governor has sent me a letter and requested me to read it out to all who are present at the agitation dais. He has suggested me to select a mediator between the government and us, if only the party wants, to sort out the Singur issue," Banerjee said at Singur, 40 km from here.
Those settled in Sikkim to pay taxes: Chidambaram
By IANS,
New Delhi : Those people who are not natives of Sikkim but have settled there will not be exempted from taxes any longer, Finance Minister P. Chidambaram told the Lok Sabha Tuesday.
"Since the late 1980s, income tax was to be levied on Sikkim (but was opposed). After intensive discussions for the last 18 years by successive governments, it has been decided that only those in the Sikkim subject register will be exempt," said Chidambaram.
Nifty ends at 14-month high
By IANS,
Mumbai : The Nifty, a key index of the Indian National Stock Exchange (NSE), rose smartly towards closing bell Monday to shut shop at a 14-month high.
A buoyant opening at key European bourses also helped Indian markets to move higher.
The Nifty ended trade at 4,722.25 points (provisional), up 1.85 percent from Friday's closing figure of 4,636.45. At this level, it ended highest since June 6, 2008.
Auto, realty and metal stocks led the rally with heavy weight scrips ending with handsome gains.
Pascal Lamy wants second term as WTO chief
By IANS,
Geneva : World Trade Organisation director-general Pascal Lamy will seek a second term in office when his current term expires in 2009, a key official told WTO members Tuesday.
WTO General Council chairperson Bruce Gosper said to WTO members he had received a letter from Lamy telling him about the decision.
Haryana clears industrial investments worth $578 mn
By IANS
Chandigarh : A high-level allotment committee of the Haryana government Wednesday cleared 51 industrial projects involving an investment of Rs.23 billion ($578 million), an official spokesman said here.
The projects, for which nearly 230 acres have been allotted, will come up in industrial estates at Bawal in Gurgaon district, Barhi in Sonepat district and Saha in Ambala district.
Over 5,000 people will get employment in the new projects, Haryana State Industrial and Infrastructure Development Corp (HSIIDC) Managing Director Rajeev Arora said here.
Singur meeting postponed on West Bengal government’s request
By IANS,
Kolkata : With the standoff over the Tata Motors' factory in Singur still stalling work, talks between the West Bengal government and the opposition Trinamool Congress-led farmers body to resolve the issue was deferred till 4 p.m. Friday following a request by the state's ruling alliance.
The ruling Left Front led by Industries Minister Nirupam Sen and the Trinamool Congress delegation led by Partha Chattopadhyaya, who is the leader of the opposition in the state assembly, met Governor Gopalkrishna Gandhi, who will chair the meeting at the Council Chamber of the Raj Bhavan.
50,000 tonnes of Indian rice for Bangladesh
By IANS
Dhaka : Bangladesh has decided to import 50,000 tonnes of rice from India to supplement its rice stocks.
An advisor's committee meeting on purchase chaired by Financial Advisor Mirza Azizul Islam gave the approval for rice import to help Bangladesh meet its procurement targets and keep the prices of the principal staple commodity down.
Two banks cut housing loan rates
By IANS
Mumbai : Two public sector banks, Allahabad Bank and Central Bank of India, have decided to reduce interest rates on housing loans by 25 basis points.
Allahabad Bank in its statement to the Bombay Stock Exchange (BSE) said rates for both floating and fixed term loans up to Rs.2 million will be reduced, as the bank has been able to reduce the cost of incremental deposits.
The reduction will be effective from April 1 on all fresh sanctions.
Government to lift ban on cotton exports
By IANS,
New Delhi : The government Sunday decided to lift the ban on cotton exports following wide-spread opposition to the move.
Tender for Kerala’s Vizhinjam port finalised
By IANS,
Thiruvananthapuram : The proposed Rs.53.48 billion port at Vizhinjam near here will be built by a consortium, led by Hyderabad-based Lanco Kondapalli Power Private Ltd.
The implementation of the project is structured in a public private partnership format and Build Operate Transfer basis in which the state government would have a 24 percent stake.
The other members of the consortium include Malaysia-based Pembinaan Redzai Sdn. Bhd and Lanco Infrastructure Limited.
Singapore firm plans hotel in Kolkata
By IANS
Kolkata : Singapore-based real estate major Far East Organisation (FEO) is planning to convert a heritage building in Kolkata into a five-star hotel.
"We are now in talks with a private party who owns the heritage property in Kolkata. The location will be in the heart of the city, somewhere near Ho-Chi-Minh Sarani. If everything goes well, it would be a 150-200 room sophisticated five-star heritage hotel," Chia Boon Kuah, chief operational officer of FEO, told IANS on the sidelines of a programme here Saturday.
Amar Singh wants export unit status for Reliance refinery denied
By IANS,
New Delhi : Samajwadi Party general secretary Amar Singh Wednesday asked Finance Minister P. Chidambaram to withdraw export-oriented unit status for the new Jamnagar refinery of Mukesh Ambani-led Reliance Industries, saying the exchequer will stand to lose revenues otherwise.
"I am surprised a domestic refinery was overnight converted into an SEZ by a designated authority," Amar Singh told reporters here after meeting the finance minister, referring to the unit that will have the capacity to process 580,000 barrels of crude oil per day.
Haryana industry development firm earns Rs.60 cr
By IANS,
Chandigarh : The Haryana State Industrial and Infrastructure Development Corp posted an earning of over Rs.60 crore in 2008-09, Chief Minister Bhupinder Singh Hooda announced here Monday.
This was 38 percent over the previous year, when it registered revenues of Rs.43 crore, Hooda said here.
The corporation allotted 647 plots to entrepreneurs who have committed investments of Rs.9,225 crore.
These included a 700-acre plot to Maruti Suzuki for setting up a Rs.1,000-crore research and development facility at Rohtak.
IMF asks Pakistan to raise revenue target
By IANS,
Islamabad : The International Monetary Fund (IMF) has asked Pakistan to raise its tax collection target of Rs.1,250 billion ($16 billion) during the current fiscal, but no figure has been specified.
"Due to depreciation of the rupee by 24 percent against the dollar and higher inflationary pressure in the range of 20 to 25 percent, (the IMF says) the tax collection target should be fixed on the higher side of earlier target of Rs.1,250 billion," The News Friday quoted official sources as saying.
Bolivia seizes controlling stake in pipeline company
By IANS,
La Paz : Bolivian President Evo Morales has expropriated US-based company Ashmore's 50 percent stake in gas pipeline company Transredes, which transports Bolivia's natural gas to neighbouring Brazil and Argentina, EFE reported Tuesday.
Morales signed a decree Monday nationalizing all assets of Transredes, saying the foreign companies that owned half of it had been too slow in negotiating.
Delhi FOSS event gets growing attention
By IANS
New Delhi : India's free and open source software (FOSS) thrust is growing bigger. Its annual event, freed.in, has just concluded. And it drew some prominent speakers and serious support from industry.
This year's "community event promoting freedom in technology, software and related fields and personal privacy" was held over the past week at the School of Information Technology (SIT) at Jawaharlal Nehru University.
Delhi airport congestion to ease by June end, say officials
By IANS,
New Delhi : After intervention of the Planning Commission, the Delhi International Airport Limited (DIAL) Monday assured the government that the congestion at the airport here would be eased by June-end though it sought more employees to supervise security and immigration checks.
DIAL authorities, who met Planning Commission Deputy Chairman Montek Singh Ahluwalia, also gave a presentation on the new infrastructure coming up at the Indira Gandhi International (IGI) Airport, including a terminal and parking places, which it said would be functional by June-end.
OPEC crude price slides below $80
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) dropped by $5.57 to reach $72.67 last Friday, as financial markets plunged across the globe, OPEC said Monday.
One barrel (159 litres) of OPEC crude stood at $72.67 Friday, down from $78.24 on the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
World Bank fears sharper contraction, IMF predicts faster recovery
By Arun Kumar, IANS,
Washington : The World Bank estimates the global economy will contract in 2009 by "close to three percent", a far bleaker assessment than its March estimate of a 1.7 percent contraction. But the International Monetary Fund (IMF) differed, predicting a global recovery in 2010 may expand at a 2.4 percent clip.
The world economy is set to contract this year by more than previously estimated and poor countries will continue to be hit hard by multiple waves of economic stress, World Bank President Robert Zoellick said Thursday.
India’s annual inflation rises to 8.56 percent in January
By IANS,
New Delhi : India's annual rate of inflation, based on the wholesale prices index, rose to 8.56 percent in January from 7.31 percent in the previous month, driven by increasing food prices, official data released Monday showed.
The annual inflation rate was 4.95 percent in January 2009.
The latest data released by the commerce ministry showed prices of food articles jumped 17.4 percent last month, while those for primary articles rose 14.5 percent, and manufactured products was up 6.55 percent.
Thirumalai Chemicals restarts operations
By IANS,
Chennai : The Rs.5.87-billion Thirumalai Chemicals Ltd Monday restarted production of phthalic anhydride, an industrial chemical used to make paints, at its Ranipet plant near here after nearly two months.
In October the company stopped production of the chemical owing to surge in imports of the commodity from South Korea, Indonesia, Taiwan and Israel that resulted in a price fall.
Apple sells million iPads
By IANS,
Washington : The Apple iPad has hit another major milestone with the sale of the one millionth iPad after a little less than a month of retail availability.
The milestone was reached Friday the same day the company released its 3G version of the much-hyped device, as sales of the tablet continued to build, Apple said Monday.
"One million iPads in 28 days-that's less than half of the 74 days it took to achieve this milestone with iPhone," Apple Chief Executive Steve Jobs said.
No winners in West Bengal; losers are its people
By Amulya Ganguli, IANS,
Venal and irresponsible politicians, acting in concert with anti-social elements masquerading as cadres, have ensured that the faint hopes of reviving West Bengal's industrial sector have again been dashed.
First, the state government had to scrap its plans for a chemical complex in Nandigram because of stiff resistance to the acquisition of agricultural land led by Trinamool Congress leader Mamata Banerjee. Then the Tatas abandoned their Nano project in Singur as Banerjee's agitational tactics scaled new heights.
ICICI Bank opens branch in New York
By IANS
New York : ICICI Bank, India's largest private sector bank, has entered the US by opening its first branch in New York.
K.V. Kamath, managing director and chief executive officer, and Sonjoy Chatterjee, executive director of the bank, announced here Friday that the branch will start operating from Monday at midtown Manhattan.
On the occasion, Kamath rang the closing bell at the New York Stock Exchange, where it is listed.
Haryana wants minimum support price for paddy hiked
By IANS,
Chandigarh : Haryana Chief Minister Bhupinder Singh Hooda Saturday urged Prime Minister Manmohan Singh to hike the minimum support price (MSP) for paddy to at least Rs.1,200 per quintal from the already announced rate of Rs.850.
In a letter to the prime minister, Hooda said the MSP for coarse variety of paddy should be RS.1,200 per quintal, Rs.1,300 for fine quality and Rs.1,400 for the super fine quality.
Shutdown to protest fuel price hikes hits life in Orissa
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.
Heirs of dead vehicle owner can get insurance claim, says Supreme Court
By NNN-PTI,
New Delhi : A motor insurance company cannot deny compensation to the legal heirs of a vehicle owner merely because the death of the original policy taker was not disclosed to the firm, the Supreme Court has ruled.
A bench of Justices S B Sinha and Cyriac Joseph has held that the insurance company cannot on the one hand keep accepting premium amounts from the insured party and then repudiate a claim on the ground that the death of the original policy taker was not disclosed.
US stocks jump, led by health industry
By DPA,
New York : US stocks posted strong gains Tuesday on the back of health and pharmaceutical companies that are hoping a special election in Massachusetts will derail major reforms of the health-insurance system.
The Dow Jones Industrial Average hit a 15-month high. An index of health companies climbed two percent as Massachusetts voters were at the polls Tuesday to replace the late senator Edward Kennedy.
Sensex closes 838 points up
By IANS,
Mumbai : Indian equity markets closed with huge gains Wednesday, riding on the government victory in Tuesday's trust vote and a fall in international oil prices.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,568.22 points, touched a high of 14,979.90 before closing at 14,942.28. It went up by 838.08 points or 5.94 percent compared to its closing figure Tuesday.
Orissa’s iron and steel industry performance dips
By IANS,
Bhubaneswar : The iron and steel industry in Orissa has recorded negative trends in its performance parameters between October 2008 and March 2009, compared to the previous two quarters of 2008-09, an industry report released Sunday said.
"There has been a decline in the industry's production by 10-12 percent," the first bi-annual industry monitor report by the regional chapter of the Confederation of Indian Industry (CII) said.
Thai delegation in Bengal to explore investment options
By IANS,
Kolkata : A Thai business delegation, in West Bengal to explore investment opportunities, Monday met officials to understand business potential of the state and the neighbouring areas.
"Board of Investment has arranged for this trip. The delegates from Thailand will explore and understand the investment potential of West Bengal and neighbouring areas. This is part of the Look East policy of our country," M.K. Saharia, chairman of Indian Chamber of Commerce's Northeast Council, said.
China, India talk on regional trade pact
By Xinhua
Beijing : China and India are confident that their joint feasibility research on a regional trade agreement will be completed on schedule, according to China's commerce ministry.
US House of Representatives approves economic package
By DPA
Washington : The US House of Representatives overwhelmingly approved an emergency economic stimulus package that includes more than $146 billion in tax relief designed to encourage spending and investment.
The legislation passed 385-35 and is designed to temporarily boost the economy as it undergoes an expected slowdown this year caused by the crisis in the housing market and high energy prices.
After price surge, trading in Indian bourses reaches record volumes
By IANS,
Mumbai : A day after Indian equities markets were caught in a frenzy that saw key indices shoot up over 17 percent, Tuesday saw traders lapping up stocks leading to volumes touching record highs.
About 1,57,000 shares were traded with more than 100,000 being in the futures and options space. Over 40,000 scrips changed hands on the Bombay Stock Exchange (BSE), while the number of shares traded on the National Stock Exchange (NSE) crossed 11,760.
Airtel’s third quarter profit zooms over 40 percent
By IANS
New Delhi : Bharti Airtel Ltd, India's largest mobile service provider, Wednesday posted a profit of Rs.17.22 billion ($437 million) for the third quarter (Oct-Dec 2007) of the current fiscal, an increase of 42 percent from the same period last year.
The company, which has a customer base of 57.34 million as of Dec 2007, posted consolidated revenues of Rs.69.64 billion, an increase of 42 percent against Rs.49.13 billion in the corresponding period of fiscal 2006-07.
Bharti to start Sri Lankan operations by year-end
By IANS,
New Delhi : Telecom service provider Bharti Airtel Thursday said it would start operations in Sri Lanka by the end of this calendar year.
“Bharti Airtel is already in talks with the Sri Lankan government and plans to roll out the services by the end of this year,” Manoj Kohli, company president and chief operating officer, told reporters on the sidelines of a business meet.
The announcement comes a day after Sri Lankan mobile operators lashed out against Bharti president for mobility Sanjay Kapoor for accusing them of cartelisation.
Canada’s economy grows slightly
By IANS,
Vancouver: Canada's real gross domestic product grew 0.3 percent in April, after edging up 0.1 percent in March, according to official statistics.
Delhi Stock Exchange to start online trading
By IANS,
Mumbai : Delhi Stock Exchange (DSE) has received 110 membership applications from brokers for deposit-based trading and plans to launch an online trading platform, said a top official here Friday.
One of India's premier demutualised stock exchanges, DSE will become operational soon and trading is expected to commence by Diwali festival as part of a revival strategy, said DSE executive director H.S. Sidhu.
FAO food price index hits new record low
By IANS,
Rome: The UN Food and Agriculture Organization (FAO) food price index fell to its lowest level since 2010, the Rome-based UN agency said in a statement.
Two British banks merge in wake of credit crunch
By DPA,
London : Two of Britain's biggest customer-owned banks are to merge to create a new business in a streamlining effort resulting from the credit crunch, it was announced Wednesday.
Co-operative Financial Services (CFS) and Britannia building society said they agreed a deal that would create a business with assets of 70 billion pounds ($97 billion), nine million customers and more than 12,000 employees at 300 branches.
The new business would provide a "unique, ethical alternative to shareholder - and government -owned banks", a joint statement said.
Russian bourse suspends trading
By Xinhua,
Moscow : The Russian stock market suspended trading Wednesday morning as stocks plunged more than 10 percent.
The Moscow Interbank Currency Exchange (MICEX) suspended trading until Friday as MICEX index dropped over 10 percent.
The Russian Trading System (RTS) suspended trading for an hour at 0705 GMT as the RTS index plunged below 800 points.
Idea Cellular clocks net profit of Rs.10.42 bn
By IANS,
Mumbai : India's leading GSM mobile operator Idea Cellular has posted a net profit of Rs.10.42 billion ($260.5 million) for 2007-08 as compared to Rs.5 billion of the previous fiscal.
Total revenue has increased from Rs.43.87 billion of 2006-08 to Rs.67.37 billion for the last fiscal, the company announced Thursday in a statement.
The group has posted a net profit of Rs.2.7 billon for the quarter ended March 31, 2008 as compared to Rs.1.9 billion of the same period of 2006-07.
Indian American convenience store owners ponder crisis-survival
By Lalit K. Jha, IANS,
Tampa (Florida) : Indian American businessmen owning or running convenience stores in the US gathered here Saturday to discuss ways to survive the current financial turmoil as their businesses dropped 20 percent on average in recent months.
Organised by the Asian American Convenience Stores Association (AACSA), Indian American businessmen running convenience stores and gas stations shared their experiences and gave tips to each other on how to avoid closure or being run out of business in this period of crisis.
Demonetisation most important economic reform, needs support: Ratan Tata
New Delhi : Industrial conglomerate Tata Sons Interim Chairman Ratan Tata on Saturday said the government's demonetisation programme is among the "three most important...
Modinomics must address the rural economy
By Vatsal Srivastava
For a government that has been voted by a historic majority on the single promise of "ache din" and "vikas", today's agrarian...
Indian govt may decide on open market wheat sale Thursday
By NNN-PTI,
New Delhi : The government is likely to take a decision Thursday to sell up to six million tons of wheat in the open market for bringing down prices of the food grain in the country.
"I am going to take a decision tomorrow to enter in open market because I have kept about six million tons exclusively (for this purpose)," Agriculture and Food Minister Sharad Pawar said on the sidelines of the Indian Council of Agricultural Research foundation day function here.
Pawar pointed out that wheat prices have increased marginally in some pockets.
SBI slashes deposit rates by 50 basis points
By IANS,
Mumbai : State Bank of India (SBI), the country's largest lender, slashed deposit rates by 50 basis points on various maturities Wednesday.
The new interest rate will be effective from May 18, the bank said in a regulatory statement.
The rate for deposits of 15-45 days will be 3.25 percent, while that for deposits up to 180 days will be 5.5 percent. Five-year deposits will earn an interest rate of 7.5 percent, SBI said.
Interest rates for deposits of over five and less than 10 years will remain unchanged.
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.
Zimbabwe issues 250 bn dollar banknote to tackle price spiral
By DPA,
Harare : In a sign of the growing worthlessness of Zimbabwe's currency, the country's central bank Tuesday introduced two new banknotes - a 100 million Zimbabwe dollar note and a 250 million Zimbabwe dollar note.
The launch of the new notes, which was announced on state television Monday night, comes barely a month after the Reserve Bank launched what has been until now the largest single note - 50 million Zimbabwe dollars.
Rane group approves de-merger of two companies
By IANS
Chennai : The Chennai-based Rane Group, which manufactures safety critical auto components, Monday approved the de-merger of the manufacturing operations of two of its group companies, which would be listed in the bourses.
The boards of Rane Brake Linings Limited and Rane Engine Valves Limited - both listed in NSE and BSE - approved the de-merger. The non-manufacturing activities - mainly investments and cross holdings in Rane Group outfits - will be merged with Rane Holdings Limited.
Sensex posts gains; bank, capital goods stocks rally
By IANS,
Mumbai: A benchmark index for Indian equities markets rose 207 points Thursday, as interest rate-sensitive banking, capital goods and oil and gas stocks rallied.
Latin America expects 4.9 percent growth in 2008
By DPA
Santiago : The economy of Latin America as a whole is to grow by 4.9 percent in 2008, which would complete its sixth consecutive year of economic expansion and will have pulled some 30 million people out of poverty, the Economic Commission for Latin America and the Caribbean (ECLAC) has said.
Panama is expected to lead the pack with a growth rate of 8.5 percent, ahead of Argentina (6.5 percent), Peru (6.5 percent), Uruguay (6.5 percent) and Venezuela (6.0 percent).
‘Focus on pedestrians, interconnectivity to improve Delhi transport’
By IANS,
New Delhi : Even as the national capital is changing its face for the 2010 Commonwealth Games, planners and experts here have expressed concern about flawed planning and delay in implementing an interconnected transport system.
One of the main flaws in the capital's road plan, according to experts at a conference here on the "Challenges and Possibilities in Mega Cities", is that it ignored pedestrians.
West Bengal shelves Dankuni township project
By IANS,
Kolkata : Following setbacks in the recent panchayat polls, West Bengal's Left Front (LF) government has shelved a Rs.330 billion ($7.8 billion) mega township project of DLF group to escape further backlash on land acquisition related issues.
The fate of the project now looks uncertain with the state government scrapping the procurement committee set up to negotiate with the land owners for acquiring land for the township that would be spread over 4,840 acres in Dankuni, 20 km from Kolkata.
China to import Pakistani products at zero duty
By IANS
Islamabad : China is to import at zero duty Pakistani products that will be manufactured in China-specific Special Economic Zones (SEZs) in Pakistan.
About 250 companies have expressed their willingness to invest in the SEZs that will be established in various parts of the country, with the first of them coming up at Kalashah Kaku near Lahore.
"Pakistan will be able to have the biggest market of one billion people of China by exporting products to be manufactured in the SEZs at zero duty," The News reported Sunday.
Himachal Pradesh seeks more power from central pool
By IANS,
Shimla : The Himachal Pradesh government has sought more power allocation from the central pool as the hydropower generation in the state has dipped by around 25 percent after several water channels froze at high altitudes.
Chief Minister Prem Kumar Dhumal has recently written a letter to Prime Minister Manmohan Singh, urging him to allocate 400 MW power to the state on a regular basis, which would help the hill state meet the soaring power demand during winter, a government statement said.
Swraj Paul faces black flag demonstration at Singur
By IANS
Kolkata : London-based industrialist Swraj Paul was shown black flags by villagers protesting farmland acquisition when he visited the Tata Motors' factory site meant to build the world's cheapest car Nano in Singur near here Tuesday.
"A section of villagers staged agitations near the factory site in Singur when Swraj Paul's convoy entered the area. There has been no major incident so far," West Bengal Inspector General (Law and Order) Raj Kanojia told IANS.
Admit India to make APEC inclusive: Malaysian expert
By IANS
Kuala Lumpur : India should be among the nations admitted to the Asia Pacific Economic Cooperation (APEC) to make the regional grouping "truly inclusive", says former Malaysian diplomat Deva Mohammed Ridzam.
Next week's APEC Leaders' Summit in Sydney should also admit Cambodia, Laos and others through a selective process to synergise cooperation among the nations of the Asian region, Ridzam, who has been Malaysia envoy to the EU, wrote Friday in The New Straits Times.
Seven out of 11 members of the regional grouping have recommended India's inclusion.
India gains as Pakistan loses Iranian rice market
By IANS
Karachi : Pakistani rice exporters are up in arms against the government, as India has emerged as the preferred exporter of the commodity to Iran due to heavy tariff on imports through land routes.
Pakistani exporters of the cash crop are blaming Islamabad's lack of coordination, weak foreign policy and apathy of their apex body, the Rice Exporters' Association of Pakistan, for the predicament.
At least six big US banks need capital: Report
By DPA,
New York : At least six of the 19 largest US banks need more capital to remain healthy through the recession, according to leaked information from the two-month stress test carried out by the nation's bank regulators, media reports said Wednesday.
The infusions could come from extra cash injections from the government, but more likely from converting preferred shares to common equity, Bloomberg reported, citing people close to the situation.
Global giants make foray into Indian advertising industry
By Sushma Ramachandran, IANS
The advertising scenario in the country came into sharp focus with the visit of Martin Sorrell, head of one of the world's largest advertising agencies, WPP. His agency also has a large footprint in India, having bought a stake in the major agencies like Rediffusion DY&R, Grey, and Ogilvy and Mather. During his visit, he made it clear that emerging markets like India and China are becoming increasingly important for multinational giants.
Mid-life crisis hits Karnataka politics but state moves ahead
By V.S. Karnic
Bangalore, Nov 5 (IANS) Karnataka turned 51 on Nov 1 with the state politics and administration in a state of paralysis. But all other aspects of life are on track, some even on fast track.
Unperturbed by the mid-life crisis that has hit the state's political parties and placed the administration in a limbo, Airbus president and chief executive Thomas Enders and Cisco chairman and CEO John Chambers were in the IT hub announcing major plans for India and its IT capital Bangalore.
Reliance Communications on a roll on stake sale buzz
By IANS,
Mumbai : Reliance Communications saw its scrip soar further Thursday after the company said it was evaluating various offers from global telecom firms to acquire a strategic stake in the firm.
The scrip closed at 164.45, up 6.37 percent, data with the Bombay Stock Exchange (BSE) showed. It had touched an intra-day high of 165.50.
The stock had jumped 11.02 percent the day before.
The shares of the Anil Dhirubhai Ambani Group company had risen Wednesday after reports that the UAE-based Etisalat was in talks to buy a 25 percent stake in the company.
Singapore Airlines to operate two new flights from New Delhi
By IANS
Mumbai : As part of its aggressive expansion plan in India, Singapore Airlines (SIA) has decided to operate two new flights from New Delhi March 30 onwards, the airline said Thursday.
With this, the airline will now operate nine flights a week from the national capital, using the Boeing 777-200 aircraft with a three-class configuration.
These new flights have been called Sunrise services. The two morning flights will be operated Friday and Sunday from New Delhi to Singapore.
Sensex rises for 13 consecutive weeks, adds 478 points
By IANS,
Mumbai : The bulls kept on going for the 13th consecutive week - the longest rally since August 2005 - with a key index adding 3.27 percent from last week amid expectations that the government would push through key reforms.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) rose for the 13th consecutive week, adding 3.27 percent or 478.3 points over the previous Friday's close and ended trade at 15,103.55.
Lalu lays foundation stone of rail wheel factory in Chapra
By IANS,
Patna : Railways Minister Lalu Prasad Tuesday laid the foundation stone of his dream project, a Rs.14.17 billion rail wheel factory, at Bela in Chapra district of Bihar.
After laying the foundation stone, Lalu Prasad announced that the much awaited construction work would start soon at Chapra, which falls in his parliamentary constituency.
The factory is expected to go into production in 2010.
“Modi talks about self-sufficient India but in Kashmir, they are doing opposite,” 15000 engineers...
By Shakir Mir
Srinagar: Hilal Rasool (now 45) was a young engineering graduate in 2003 when Kashmir was starting to emerge out of a decade...
Infosys hires over 6,000 people in second quarter
By IANS,
Bangalore : Infosys Technologies Ltd, including its subsidiaries, hired 6,069 people during the second quarter (July-Sep) of this fiscal (2009-10), increasing the total headcount to 105,453 employees, the IT bellwether said Friday.
With the exit of 4,521 employees in the quarter under review (Q2), the net addition is 1,548 as against 5,927 in the same quarter year ago.
Tatas to sell stake in Energy Brands for $1.2 billion
By IANS
New Delhi : Tata Sons, India's largest private sector group, Friday said it was selling the 30 percent stake it held in the US-based Energy Brands Inc. for $1.2 billion and thereby make a neat profit of $523 million.
Sri Lanka gets negative economic rating from S&P
By P.K. Balachandran, IANS
Colombo : Standard and Poor's rating services downgraded Sri Lanka's economy from "stable" to "negative", citing poor revenue collection, high deficits, runaway inflation and heavy indebtedness.
The growth in spending had outstripped growth in revenue, and expenditures, especially on defence and interest servicing, were higher than planned, S&P said in a statement Friday.
The target set by the Sri Lankan government to reduce the fiscal deficit was vague, it complained.
TRAI invites comments on green telecom
By IANS,
New Delhi : The telecom regulator has invited stakeholders' views on "green telecom" by June 14 to prepare a consultation paper on the subject as the government is committed to the use of eco-friendly equipment in the information and communications technology (ICT) sector.
"Telecom Regulatory Authority of India (TRAI) is contemplating to come up with a consultation paper on Green Telecom. Stakeholders views are invited
at pre-consultation stage," it said in a statement Friday.
US encouraged by Narendra Modi’s pro-business reforms
By Arun Kumar
Washington : Expressing support for "pro-business reforms" undertaken by Prime Minister Narendra Modi and his commitment to fighting corruption, the...
IRDA fines two Bharti Axa insurance companies
By IANS,
Chennai : The Insurance Regulatory and Development Authority (IRDA) Thursday fined the life and non-life insurance companies promoted by Bharti Axa combine for violation licensing norms after changes in the ownership pattern of the promoting companies.
The insurers - Bharti Axa Life Insurance Company and Bharti Axa General Insurance Company - have been fined Rs.1 million each by IRDA.
Both the insurers are 74:26 joint venture between India's Bharti group and French insurance group Axa.
Kerala legislators trade charges over failed crop
By IANS
Thiruvananthapuram : Unexpected summer showers have ruined paddy harvest in Kuttanad region in Kerala but the political parties are busy trading charges with one another.
The issue rocked the state assembly Monday when the speaker refused to let an adjournment motion be tabled when Congress member Babu Prasad raised the issue of failed crop.
Several opposition members were seen waving bunches of paddy plants as both treasury and opposition benches traded charges with one another.
Power tariff goes up in Punjab
By IANS
Chandigarh : On a day when Punjab Chief Minister Parkash Singh Badal urged industrialists to invest in the state and promised to make Punjab a power surplus state in five years, his government increased the power tariff.
The increased power tariff, announced by Punjab State Electricity Regulatory Commission Chairman Jai Singh Gill Wednesday, is 8-12 percent more than the existing rates for various categories.
Oxford business graduates eye India Inc
By IANS,
London : Bright students from the top business school at Oxford University are offering their services to Indian companies, hoping to be snapped up for high-flying international careers.
Saïd Business School has joined forces with key global companies to launch an Oxford-India Recruitment Fair in Mumbai July 30-31 - an event designed to offer Indian recruiters the chance to meet and pick up outstanding postgraduate students from the school, said Simon Tankard, Head of Careers at Saïd.
Bajaj Auto January sales down 31 percent
By IANS,
New Delhi : Two and three-wheeler maker Bajaj Auto Monday reported 34 percent year-on-year decline in its domestic sales in January.
The company sold 132,348 two and three-wheelers last month, down from 192,193 units in January 2008.
"On the back of domestic motorcycle retail improving significantly and launch of new model XCD 135 DTS-Si, domestic motorcycle billing will improve significantly here onwards," Bajaj Auto managing director Rajiv Bajaj said in a statement.
A national interest-free microfinance society formed
By TCN News,
New Delhi: While the talks and demand for interest-free Islamic banking system is gaining momentum with Muslim clerics and groups holding conferences on the subject in different parts of the country, an all-India level microfinance society called Sahulat Microfinance Society was formed yesterday in New Delhi after marathon discussion among 21 eminent scholars, economists, professionals and social activists drawn from across the country.
Sensex trades firm in afternoon
By IANS,
Mumbai : Indian equities were trading in the green Wednesday afternoon, with a key index ruling 140 points higher than its previous close.
At 1.31 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 16,498.59 points, was up 140.54 points or 0.85 percent at 16,594.99 points.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) was also in the positive terrain at 4,932.85, up 0.83 percent.
Sensex in red despite recovering 300 points from day’s low
By IANS,
Mumbai : After panic selling throughout the morning, Indian equity markets witnessed a smart recovery but still ended in the red Monday.
At the close of trading, the 30-share benchmark sensitive index of the Bombay Stock Exchange, the Sensex, had recovered by nearly 300 points to end the day at 13,531.27, still down 469.54 points or 3.35 percent from its closing figure Friday.
Earlier in the day it had fallen by over 750 points or about 5.4 percent.
India is fastest growing market for Bell Helicopter
By Arjun Sen, IANS,
Hyderabad : After taking 52 years to sell its first 100 choppers in India, Bell Helicopter expects to sell its next 100 in less than five years as the country has emerged as an important market for the US company, a top official said.
"India is our fastest growing market in the whole world," said Bell's director of communications Greg Hubbard, who was here for the civil aviation show last week.
"When we started our India office in 1995 we had only four percent of the market share; today we enjoy 52 percent market share," Hubbard told IANS.
Poor global demand leaves thousands jobless in Surat diamond units
By IANS,
Surat : Poor overseas demand due to the global economic meltdown has left thousands jobless in this Gujarat city, India's diamond cutting and polishing hub.
Surat has about 6,000 units that provided jobs to 5.5 million people, most of them from the Saurashtra region of Gujarat, who cut and polish almost 70 percent of the world's rough diamonds.
However, the current slump in global demand for cut and polished diamonds has forced units to lay off about 25 percent of the workforce in the past one month.
Forum proposed for cooperation in natural gas in Asia
By IANS,
New Delhi : A forum has been proposed to forge cooperation among Asian countries in the area of natural gas to ensure a smoother transition into this relatively cleaner energy source.
"I believe that the potential of an economically integrated Asia is immense and there is no better time than now to drive an initiative for regional cooperation in energy trade and investment," said Gas Authority of India (GAIL) chairman U.D. Choubey.
India woos Qatar for investment in infrastructure
By IANS,
Doha : India is looking at investment opportunities in Qatar's financial centres and special economic zones (SEZs) even as it opens up its infrastructure sector for investment from this gas-rich Gulf nation.
"In this period of global turmoil, I feel that the complementarities between our two economies provide an opportunity for counter-cyclical strategies for growth in both the countries," Prime Minister Manmohan Singh said in an interview to the Qatar Tribune newspaper published Monday.
Obama must say if he endorses G20 view on slowdown: Chidambaram
By IANS,
New Delhi : Finance Minister P. Chidambaram Tuesday said India and other like-minded nations would like to know if the incoming Barack Obama administration in the US endorses the views expressed at the G20 Summit on financial crisis last weekend.
"It would be reassuring," the finance minister said, referring to the summit hosted by US President George W. Bush in Washington but to which his soon-to-be successor Obama had declined an invitation, saying there could be only one US president at a time.
Mamata to meet chambers of commerce representatives Aug 19
By IANS,
Kolkata : Trinamool Congress chief Mamata Banerjee will meet the representatives of Bengal Chamber of Commerce and Industry (BCCI) Aug 19 to discuss issues related to industrialisation in the state, a top chamber official said here Saturday.
"On Tuesday, we are organising a meeting with Trinamool Congress chief Mamata Banerjee. The purpose of the meeting is to discuss industrial growth of the state and how to make it happen without people being affected," BCCI president S. Radhakrishnan told IANS.
Private security industry to thrive post-Mumbai attacks
By IANS,
New Delhi : Many businesses may have been hard hit by the Nov 26 Mumbai terror attacks, but the private security industry is expected to grow to Rs.500 billion from the current Rs.220 billion in the next four years, according to an industry lobby report.
"The security industry, which has been growing at 25 percent in the past 5-7 years, will grow over 125 percent by 2012 and touch a size of Rs.500 billion," an Associated Chambers of Commerce ad Industry (Assocham) report on Wednesday said.
Cut interest rates to prevent currency crisis: Unctad economist
By Someshwar Singh, IANS
Geneva : Lowering interest rates is the only practicable option for a country like India to tide over a looming financial crisis because of a rise in the value of its currency, says a senior economist at a UN trade and development body.
"India has a special problem because it has not only the dollar fall, but faces international speculation due to high interest rates," said Heiner Flassbeck, a director with the United Nations Conference on Trade and Development (Unctad).
Sensex ends 118 points down
By IANS,
Mumbai : A key indian equities index ended trade 118 points in the red Monday as heavyweight stocks came under selling pressure.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that opened at 17,106.74 points closed at 16,983.14 points, down 118.4 points or 0.69 percent from Friday's closing at 17,101.54 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,066.70 points, against the previous close at 5,108.9 points, a loss of 0.83 percent.
Bharti, South Africa’s MTN extend pact talks to Sep 30
By IANS,
Mumbai : Bharti Airtel and South Africa's MTN Thursday said they were extending their talks for a proposed $23-billion financial alliance till Sep 30, with no final pact in sight even as the revised deadline of Aug 31 approaches.
"Discussions between the parties regarding the potential transaction continue to progress satisfactorily and the parties have accordingly agreed to extend the exclusivity period until September 30, 2009," Bharti Airtel said in a regulatory statement to the Bombay Stock Exchange (BSE).
India hikes defence expenditure 10 percent to Rs.1,056 bn
By IANS
New Delhi : India Friday hiked its defence expenditure for fiscal 2008-09 by 10 percent to Rs.1,056 billion ($26.5 billion), with Finance Minister P. Chidambaram saying additional resources would not be a constraint if they were needed for purchasing military hardware.
The allocation accounts for 14 percent of the government's total spending of Rs.7,508 billion during the fiscal beginning April 1.
India, Singapore boost business ties, launch CEOs forum
By IANS
New Delhi : India and Singapore Wednesday launched a CEOs forum comprising top corporate leaders as External Affairs Minister Pranab Mukherjee wrapped up a three-day visit to the city state that also saw the establishment of a strategic dialogue between the two countries.
Textile gives maximum employment after agriculture: Modi
Varanasi : The textile sector generates maximum employment after agriculture, Prime Minister Narendra Modi said here Friday.
"After agriculture, if there is a sector generating...
Bicon forays into Europe, buys stake in German firm
By IANS
Bangalore/Mumbai : India's biotechnology major Biocon Ltd has acquired 70 percent stake in German pharmaceutical company AxiCorp GmbH for about $43.66 million, paving the way for its entry into European markets.
The stake will include marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologics and other pharmaceutical products in Germany and Europe.
GM India inks pact with Gujarat to train ITI students
By IANS,
Ahmedabad : The Gujarat government Monday signed a memorandum of understanding (MoU) with General Motors India to train students of the Tarsali Industrial Training Institute (ITI) in Vadodara.
The agreement was signed by Industry Commissioner Sujith Gulati, Employment and Training Director C.V. Som and GM president and managing director Karl Slym in the presence of Minister of State for Industries Saurabh Patel.
Volatile week for Indian shares
By IANS
Mumbai : Hectic buying activity in blue-chip stocks saw the benchmark index of the Bombay Stock Exchange (BSE) gain 261 points Friday to end a volatile week of trading triggered by fear of political uncertainty.
The market sentiment was boosted on expectations that the United Progressive Alliance government and its communist allies would resolve their differences over the Indo-US civil nuclear deal.
Nokia to invest $75 million in India plant
By IANS
New Delhi : World's leading cell phone maker Nokia Wednesday announced an investment of $75 million in its manufacturing plant based in Sriperumbudur near Chennai.
The Finnish giant, for which India is the second largest market after China, has so far invested about $210 million since January last year in the plant.
Maytas Infra wins Rs.1.1-bn Railway contract
By IANS,
New Delhi : Infrastructure development company Maytas Infra, which was embroiled in a major controversy last month over its acquisition by Satyam Computer, has bagged a Rs.1.1-billion (Rs.110-crore) contract from Southern Railway, the company said Tuesday.
As per the contract, Maytas will double the broad gauge track between Chengalpattu and Villupuram, two districts in Tamil Nadu, the company said in a statement.
The project is to be executed within 18 months.
‘BHEL not facing any constraint in timely equipment supply’
By IANS
New Delhi : State-owned Bharat Heavy Electricals Ltd (BHEL) was not facing constraints in timely equipment delivery to hydropower projects, Minister of State for Heavy Industries Kanti Singh said here Tuesday.
"There is no constraint in timely supply of turbines by BHEL to hydel projects," she said in reply to a question in Rajya Sabha, the upper house of Indian parliament.
She cited the findings of Central Electricity Authority's (CEA) study report to support her assertion.
Cabinet approves 110 mw power plant in Arunachal Pradesh
By IANS,
New Delhi : The north-east region will have a new power plant, with the cabinet Thursday approving a 110 MW hydropower project in Arunachal Pradesh.
An official statement said the cabinet committee on economic affairs approved the Pare Hydro Electric Project, to be set up by North Eastern Electric Power Corp at an estimated investment of Rs.5.7 billion.
500 post offices to be upgraded
By IANS,
Bhopal : Five hundred post offices across the country will be upgraded under a special project to be launched later this month, Minister of State for IT and Communication Jyotiraditya Scindia said here Saturday.
Addressing mediapersons here, Scindia spoke about the proposed facelift of postal network under project Arrow, which would be inaugurated Aug 16-17.
He said a proposal was chalked out for modernization of the postal department.
Indian shares end higher on foreign fund support
By IANS
Mumbai : With foreign institutional investors back in the market as net buyers and economic fundamentals emerging stronger with easing of inflation and strong growth, Indian shares ended higher for the second straight week.
After opening on a strong note, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 15,590.42 points, making a net gain of 271.82 points, or 1.77 percent, for the week.
Hero Honda plans unit in Himachal at Rs.2,000 crore
By IANS,
Shimla: Two-wheeler auto major Hero Honda is keen to set up a manufacturing unit in Himachal Pradesh with an outlay of Rs.2,000 crore, an official said Tuesday.
"Hero Honda has shown keen interest in establishing its manufacturing unit in Sirmaur district. It has plans to invest about Rs.2,000 crore," Industries Commissioner Manoj Kumar told IANS.
Flood threat looms over Telangana, Andhra as Godavari swells
Hyderabad: Flood threat looms over parts of Telangana and Andhra Pradesh as heavy rains continued to lash the two Telugu states for a third...
Tata competing against Arcelor Mittal in South Africa
By DPA
Johannesburg : Indian steel giant Tata faces an uphill battle if it tries to take on the world's number one steel producer Arcelor Mittal in South Africa, according to a leading South African business newspaper Wednesday.
Business Day newspaper quoted steel analyst Dirk Kotze as saying the South African market was "too small to accommodate more than one world-class steel producer." The advantageous pricing Arcelor Mittal SA enjoys on iron ore from South African company Kumba Iron Ore gave it a significant competitive advantage, he said.
Demand for international airport at Agra grows
By Brij Khandelwal, IANS
Agra : From a city that is home to the Taj Mahal and gets around 12,000 tourists a day comes the growing demand for an international airport. Tourism industry leaders, in fact, are crying foul that such a facility is coming up in the relatively unknown area of Jewar nearby.
They say for one reason or the other, political decision makers have been ignoring or deliberately shelving Agra's claim for an international airport.
G20 summit may launch process to deal with financial crisis
By Arun Kumar, IANS,
Washington : The weekend summit here of the Group of Twenty (G20) leaders, that includes Prime Minister Manmohan Singh, may witness the launch of a process, including formulation of a set of regulatory principles, to deal with the global financial crisis, diplomatic sources suggested.
Bharat Heavy Electricals net up 6.29 percent
By IANS,
Mumbai : State-run engineering and manufacturing major Bharat Heavy Electricals Ltd (BHEL) Thursday reported 6.29 percent growth in net profit for 2008-09.
The company said in a statement that its net profit rose to Rs.3,039 crore ($607.8 million) last year from Rs.2,859 crore the year before.
The total sales of the company during the year stood at Rs.27,505 crore, up 28.52 percent from Rs.21,401 crore in 2007-08.
BHEL, however, saw a lower order value at Rs.50,270 crore last fiscal, down 18.73 percent from orders worth Rs.59,687 crore it secured in 2007-08.
International leather fair opens Jan 31 in Chennai
By IANS
Chennai : The 23rd edition of India International Leather Fair that will open Thursday here has attracted about 400 participants, including 133 overseas companies.
The largest overseas contingent is from Italy with 24 participants, followed by Germany (20 participants), Pakistan (10), Thailand (9), China (7) and Mexico (6), said Rajiv Yadav, executive director, India Trade Promotion Organisation (ITPO).
The four-day leather fair that begins Jan 31 and ends Feb 3 is being jointly organised by the Council for Leather Exports and ITPO here at Chennai Trade Centre.
Chinese stocks fall to 15-month low on unsettled market sentiment
By Xinhua,
Beijing : Chinese stocks continued thier downward spiral Friday with the main index falling to a 15-month low as investors were still nervous about the inflationary pressure and tightening policy.
The benchmark Shanghai Composite Index, which covers A and B shares, shed 3 percent to 2,868.8 points, declining for the eighth consecutive trading day. The key index has fallen nearly 53 percent from a record high in October.
China pledges on New Year to sustain economic growth
By IANS,
Beijing: Chinese are celebrating their New Year beginning Sunday with a pledge to sustain the country's economic development so as to ensure better living standards for themselves.
Leaders in China greeted people on the occasion, which coincides with the fortnight-long Spring Festival, according to the country's lunar calendar.
Kerala IT firm to organise run for social cause
By IANS
Thiruvananthapuram : A leading IT company in Kerala is organizing a mass run here Saturday to spread awareness in society on the need to empower differently-abled children.
Suntech Business Solutions, under its corporate social responsibility scheme, is organising the SunTec Run 2008 in association with the National Institute of Speech and Hearing (NISH).
Shriram General to push unique business plan
By IANS,
Chennai : At a time when the Indian general insurers are chasing top line growth focusing on the corporate segment and at the retail end of health insurance, the Jaipur-headquartered Shriram General Insurance Company Ltd is aiming to garner Rs.2 billion busines through small ticket policies.
"Unlike the life insurance players, the existing players in the non-life insurance sector have not contributed much in expanding the insurance penetration. The sector has grown along with the economy," Shriram group chairman R. Thyagarajan told reporters here Wednesday.
Russia plans $5 bn rescue plan for defence industry
By RIA Novosti,
Moscow : The Russian government has drafted a rescue package of 150 billion rubles ($5.4 billion) for the country's defence industry amid the ongoing global financial crisis, a Russian newspaper reported Monday.
State-run technology company Rostekhnologii and the United Aircraft Corporation are the main candidates for the government aid, with state companies receiving the funds through a rescue mechanism involving newly issued share purchases, Vedomosti reported.
Telecom operators welcome new terms for infrastructure sharing
By IANS
New Delhi : India Tuesday unveiled new guidelines for telecom operators to share transmission systems and cables in a move to reduce call tariffs and increase rural connectivity, which have been welcomed by the leading operators.
This would enable the operators to reduce the cost of rolling out telecom networks, especially in remote areas of the country.
US dollar is still the best choice: UAE Central Bank governor
By Rahul Dass, IANS,
Abu Dhabi: The US dollar is still the best choice for the global economy, United Arab Emirates (UAE) Central Bank Governor Sultan Bin Nasser Al Suwaidi said here Monday.
India’s inflation falls marginally
By IANS,
New Delhi : India's annual rate of inflation fell marginally to minus 1.54 percent for the week ending July 18 from minus 1.17 the week before, according to official data released here Thursday.
The rate turned negative for the week ended June 6 for the first time since the new wholesale price index (WPI) series started in 1995.
The inflation rate had last turned negative in 1977. Negative inflation implies that the average wholesale price level was lower during a given week, than it was in the corresponding week a year ago. It does not necessarily reflect retail prices.
Gem and jewellery sector disappointed with budget
By IANS
Mumbai : The gem and jewellery industry Friday was disappointed with the union budget, saying it would not bring relief to the industry which is saddled by rupee appreciation.
Finance Minister P. Chidambaram's decision to reduce duty on zircons and corals, and halve duty to five percent on polished cubic zirconia and rough coral would not provide the much-needed boost to the industry, industry representatives said.
GM recalls 1.5 million cars for fire danger
By DPA,
New York : General Motors announced a recall of 1.5 million vehicles Tuesday over a possible fire danger posed by the wind shield wiper fluid heating system.
More than a dozen models from 2006 to 2009 are impacted by the recall, including the Buick Lucerne, several Cadillac models and the Hummer H2 SUV.
The carmaker said technicians would remove the heater and redirect the fluid system. Owners will also receive 100 dollars to compensate them because the feature will be disabled, GM said.
Wockhardt targets $600 million revenue in 2007
By IANS
Kolkata : Wockhardt Ltd, an Indian pharmaceutical, bio-pesticides and agro-based products manufacturing major, has set a target to earn $600 million revenue by 2007.
"We have set a target to earn $600 million revenue by the end of 2007 calendar year. We are trying to generate about 50 percent of the company's total revenue from our operation in Europe," Wockhardt Ltd chairman Habil Khorakiwala told reporters on the sidelines of a seminar organised by Federation of Indian Chambers of Commerce and Industry (FICCI) here Friday.