Sensex makes unsteady start

By IANS, Mumbai : A benchmark index for Indian equities Wednesday was slightly up than its previous close in early trade. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,141.53 points, was ruling at 17,162.05 points, 20.52 points or 0.12 percent up from its previous close. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,141.8 points, a gain of 0.11 percent from its previous close.

Jet Airways plans hub at Shanghai

By IANS Mumbai : After selecting Brussels as its hub for Europe and US east coast cities, Jet Airways is now planning to choose Shanghai as the hub for its destinations to US' west coast, said a top company official. "We are finalising our route network to San Francisco and Los Angeles with Shanghai as hub. It is much shorter and cost effective to fly from China to the US west coast than from Singapore," said Saroj K. Dutta, executive director of Jet Airways.

World Bank gives go ahead to new climate funds

By DPA, Washington : The World Bank Tuesday approved the creation of multi-billion-dollar global funds to help poor countries tackle global warming and boost investment in renewable technologies. The Clean Technology Fund is expected to receive at least $5 billion in pledges and will provide a combination of loans and grants to projects that reduce greenhouse-gas emissions blamed for global warming. A separate and smaller Climate Investment Fund will conduct pilot projects to help developing countries deal with the likely impacts of climate change around the world.

India, Brazil set trade of $10 bn by 2010

By IANS

New Delhi : Brazil has emerged as India's largest trading partner in Latin America and the two sides have set a target of $10 billion in bilateral trade by 2010, Commerce Minister Kamal Nath said here Monday.

America for sale: Boost or bust for US economy?

By Andy Goldberg, DPA, San Francisco : It was a perfect American scene: a couple of buddies happily knocking back beers while watching a baseball game on a balmy summer's evening. Except for the fact that the beer they were gulping, the country's best-selling All-American Budweiser beer, is soon to be Belgian following the acceptance by Anheuser-Busch of a $52-billion takeover bid from Flemish brewing giant InBev.

Kuldeep Goyal is the new BSNL chairman and managing director

By IANS New Delhi : Kuldeep Goyal Wednesday took over charge as the new chairman and managing director of state-run telecom giant Bharat Sanchar Nigam Ltd. (BSNL) for the next five years. Goyal, an Indian Telecom Service officer of the 1972 batch, was earlier heading the public sector unit's planning division. Before that, he was in charge of its Maharashtra circle.

Hindujas to expand hospital business

By IANS Chennai : The Hinduja group intends to grow its hospital business manifold. The group has signed an agreement with Limitless LLC, part of the Dubai World group, to promote hospitals within and outside India, said officials here Monday. In India, the group is looking at cities that include Delhi, Hyderabad, Mumbai and Bangalore for this. The Hindujas intend to have around 5,000 hospital beds under its fold. Presently, the group runs the 351-bed Hinduja Hospital in Mumbai.

Kingfisher Airlines cuts fuel surcharge

By IANS, New Delhi : Following in the footsteps of state-owned Air India and Jet Airways, Kingfisher Airlines Saturday decided to cut fuel surcharge by up to Rs.400 for its low-cost and full service carriers "with immediate effect". "We have dropped the fuel surcharge with immediate effect," an airline spokesperson said. The fuel surcharge for Kingfisher Red (low-cost carrier) flights would now come down to Rs.1,950 from Rs.2,250 on sectors less than 750 km and to Rs.2,700 from Rs.2,900 on sectors beyond 750 km in India, the spokesperson said.

Austrian crane maker enters Indian market

By IANS Chennai : Austrian crane manufacturer Palfinger AG has commenced Indian operations by partnering with Dubai-based Western Auto LLC, a vehicle dealership company and part of the ETA Star group. Investing around euro 1.2 million (Rs.67.9 million), the duo has floated a joint venture company, Star Palfinger Equipments India Pvt Ltd, in which Western Auto controls 74 percent. The euro 585.2-million Palfinger holds the rest.

AirAsia to connect Malaysia with India for $125

By IANS, Kuala Lumpur : Budget airline AirAsia will fly daily to Trichy in South India from Kuala Lumpur effective October, offering a two-way flight for RM400 (Rs.5,000 or nearly $125) inclusive of airport tax. AirAsia chief executive officer Tony Fernandez told Tamil daily Makkal Osai in an interview published Wednesday that the flights would provide more opportunities for budget travellers to fly to India.

Sensex flat, Asian bourses holding up

By IANS, Mumbai : A benchmark index for Indian equities Tuesday was ruling on a quiet note, though cues remained firm from most other Asian bourses. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points, was trading at 18,114.64 points, 33.43 points or 0.18 percent up from its previous close at 18,081.21 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.13 percent up at 5,438.45 points.

Chidambaram asks industry to help inclusive growth

By IANS, New Delhi : Advising against cartelisation, Finance Minister P. Chidambaram Friday called upon the industry players to contribute towards sustaining the country's inclusive growth. "Economic growth can be sustained by good economy and policy, while inclusive growth can be sustained only through good conscience," Chidamabaram said at the corporate social responsibility award function of the Federation of Indian Chambers of Commerce and Industry (Ficci) here Friday.

Jaitley announces new schemes for disabled

New Delhi : Finance Minister Arun Jaitley Thursday announced some new schemes for disabled people. Tabling the union budget 2014-15 in parliament, Jaitley said: "Fifteen...

Maruti Suzuki sales up 22.6 percent in June

By IANS, New Delhi : Passenger car market leader Maruti Suzuki Wednesday reported a 22.6 percent surge in its sales in June, compared to the same month a year ago. The company sold 75,109 units, including export of 13,336 units, this June as compared to 61,247 in the same month last year, it said in a statement. This is also Maruti's highest-ever monthly export volume with overseas sales increasing more than 175 percent, the company said.

West Bengal eyes Italian technology, investment

By IANS, Kolkata : West Bengal is eyeing Italian technology and investment in leather, engineering and textiles, state industries secretary Sabyasachi Sen said here Friday. "There is very high interest in our state about Italian leather and tannery industries. They have high-quality tanning technology and design. We want to bring such technology to Bengal," Sen said at an interactive session in the presence of the mayor of the Italian city of Turin.

Daiichi to pay Rs.737 per Ranbaxy share in open offer

By IANS, Tokyo : Japanese drug major Daiichi Sankyo Company Ltd will pay Rs.737 per share to shareholders of Ranbaxy Laboratories in its open offer beginning Aug 16, the Japanese company said in a regulatory statement here Monday. On India's equities market, the Bombay Stock Exchange, Ranbaxy's share price was quoting at Rs.510.70 in late afternoon trade, up Rs.5.75 or 1.14 percent from its previous close Friday at Rs.504.95.

Kingfisher Airlines to launch Vadodara-Bangalore flight

By IANS, Mumbai : The United Breweries-promoted Kingfisher Airlines will launch daily direct flight between Vadodara and Bangalore from June 1, a company official said Friday. "The launch of a daily direct flight from Vadodara to Bangalore will offer travellers from Gujarat excellent connectivity with south India," said Siva Ramachandran, vice president (global sales), Kingfisher Airlines. An Airbus A-320 will be deployed on this route.

Rs.1.4 mn disappear from two SBI ATMs in West Bengal

By IANS, Kolkata : The mysterious disappearance of Rs.1.4 million from two ATMs of the State Bank of India (SBI) in West Bengal's Malda district has put bank officials in a tizzy. After futile attempts by an expert team to solve the puzzle, the SBI officials Sunday lodged a complaint at the Englishbazar police station. "They have filed a complaint saying Rs.1.1 million were missing from one ATM and Rs.300,000 from the other," an officer at the police station told IANS by phone. Locals said the two ATMs had been closed from Jan 28 with "Out of Order" notices pasted on them.

Increase taxes on tobacco to deter youngsters: NGO

Kolkata : In order to deter youngsters from taking to tobacco, an NGO Saturday urged the West Bengal and central government to increase tobacco...

Nabard to expand farmer financing through self-help groups

By IANS, Kolkata : The National Bank for Agriculture and Rural Development (Nabard) will expand its pilot project for agricultural financing through self-help groups (SHG) this year, a top company official said here Tuesday. The pilot project would be launched in five to seven states, Nabard chairman and managing director Umesh Chandra Sarangi told reporters on the sidelines of the ongoing banking conclave in the city. It has already launched the project in Andhra Pradesh, where the SHGs are called Raitu Mitra groups.

Defence expenditure hiked to Rs.1.41 trillion

By IANS, New Delhi : India's defence expenditure for 2009-10 has been hiked to Rs.1.41 trillion, acting Finance Minister Pranab Mukherjee said Monday in the Lok Sabha while presenting the interim budget for the fiscal beginning April 1. The allocation for 2008-09 was Rs.1.05 trillion.

Satyam’s Rajus sent back to jail till Jan 31

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 also heard that the elder Raju had bought land not only in India but in other countries also. An unshaven Ramalinga Raju and Srinivas were present in the court of Sixth Additional Chief Metropolitan Magistrate D. Ramakrishna to hear extension of their judicial custody till Jan 31.

Ford plans job cuts, offers golden handshake

By DPA, New York : US carmaker Ford Motor plans further cuts in its factory workforce, a company spokeswoman said. The company is to offer incentive packages to 41,000 of its workers, offering payouts of up to $75,000, for them to quit their jobs. Ford still has an overhang of workers and the company was cooperating with the United Auto Workers union to solve the issue, Ford spokeswoman Marcey Evans said Monday. She declined to detail the full scale of the planned cuts. The offer was valid until Jan 22, she said.

Rs.46 billion power project for Rajasthan

By IANS

Jaipur : A 1,000 megawatt power plant at an estimated cost of Rs 46 billion will soon come up in Rajasthan Chief Minister Vasundhara Raje's home district of Jhalawar to augment power generation in the state.

Assam tea growers seek irrigation subsidy

Guwahati : Hit by a severe drought-like situation and erratic rainfall, the tea growers' organisations in Assam have asked the government to launch a...

Fortified wheat flour for Jaipur open market

By IANS, Jaipur : Jaipur witnessed one of the biggest-ever food fortification drives in the open market with the Tuesday launch of wheat flour fortified with iron, Vitamin B12 and folic acid.

Madhya Pradesh is great for food industry, says Chauhan

By IANS Bhopal : Madhya Pradesh provides many advantages for the country's food processing industry, Chief Minister Shivraj Singh Chouhan says. "There is no match to the sharbati variety of wheat produced in the state and the basmati rice produced is not only getting popular but is exported," Chouhan told a gathering of industrialists in Mumbai late Friday. "As much as 65 percent of the country's soyabean production is from the state. Madhya Pradesh also leads in pulses and wheat production. Hence, the food processing industry hold tremendous scope," he said.

CPI-M demands withdrawal of higher licence fee for BSNL

By IANS, New Delhi : The Communist Party of India-Marxist Wednesday asked the government to let state-run telecom company Bharat Sanchar Nigam Limited (BSNL) pay the licence fee for 3G spectrum at par with private operators. The party termed the department of telecommunications order asking BSNL to pay a higher licence fee than the private operators as "unjust" and "discriminatory", and demanded its withdrawal.

Middle East sees strong growth amid record oil prices

By DPA Washington : Middle Eastern economies are growing stronger despite a global economic slowdown, thanks in large part to surging oil prices that are helping boost exports, the International Monetary Fund (IMF) said Wednesday. The Middle East is forecast to grow an average of 6.1 percent in both 2008 and 2009, up from 5.8 percent in the previous two years, according to the IMF's semi-annual World Economic Outlook report.

Focus on price rise, export push in India’s trade policy

By IANS New Delhi : With a twin focus of curbing price rise and boosting trade, Commerce Minister Kamal Nath recast India's foreign trade policy Friday, that bans export of primary steel and extends fiscal sops to a range of industries. The Foreign Trade Policy for 2004-09, which was reviewed before representatives of trade promotion organisations, also sets an export target of $200 billion for this fiscal, against an estimated $155 billion achieved last fiscal.

3G auction: Delhi attracts highest bid at over Rs.3000 cr

By IANS, New Delhi : India Saturday concluded 172 rounds of an auction to award spectrum for third generation (3G) telecom services in the country, with the government's provisional revenue from the sale of airwaves reaching Rs.63,885.45 crore and Delhi attracting the highest bid at over Rs.3,000 crore. At the end of the 31st day of the auction, which began April 9, the pan-India 3G licence price stood at Rs.15,814.15 crore, which is 352 percent higher than the Rs.3,500 crore reserve price.

Dabur Nepal will not move out: Minister

By Rajeev Ranjan Roy, IANS, New Delhi : The Nepal government is making all "possible efforts" to iron out differences between the management of Dabur Nepal and its employees over payment of of bonus, the country's Commerce and Supply Minister Rajendra Mahato said here. "There are some complications, and the government is working out modalities acceptable to the employees and the Dabur Nepal management. It is being done on a priority basis," Mahato told IANS on the sidelines of a business summit here.

‘Indian rupee can appreciate further against dollar’

By IANS New Delhi : The Indian currency can appreciate further from around Rs.39 to a US dollar but policymakers must worry more about the country's infrastructure, the top economist of a global commercial bank said Sunday. "Instead of talking about it, politicians must act on it," Gerard Lyons, chief economist and group head for global research at Standard Chartered bank, told the India Economic Summit of the World Economic Forum (WEF) here Sunday.

ONGC net falls 5.7 percent in second quarter

By IANS, New Delhi : Oil and Natural Gas Corp (ONGC), India's largest oil producer, has posted a profit after tax (PAT) of Rs.48.08 billion (about $1.07 billion) in the second quarter this fiscal, down 5.7 percent from Rs.50.98 billion (about $1.13 billion) registered in the corresponding quarter last fiscal, it said here Thursday. According to company sources, the fall in profit was primarily due to subsidy burden and falling prices of crude.

Ruia Group eyes European rubber sealing firm for takeover

By Aparajita Gupta, IANS, Kolkata : The city-based Ruia Group is planning to acquire another European rubber sealing systems company and its chairman Pawan Kumar Ruia is in Europe to ink the deal, industry and banking sources familiar with the development said Thursday. "The Ruia group has identified its next takeover target. This company is also into rubber sealing systems in Germany," said one source, who was involved in a similar takeover deal last year, requesting anonymity.

Government raises pulse buffer stock limit, mulls more ways to check price

New Delhi : Unnerved by the growing prices of essential commodities and pulses, the central government on Wednesday decided to enhance pulses' buffer stock...

Chinese come to India on business visas to execute projects

By IANS, New Delhi : There has been a rise in the number of Chinese workers, including those semi-skilled, coming to India on business visas to implement or execute various projects, parliament was informed Tuesday. Minister of State for Home Ajay Maken informed the Lok Sabha that 69,084 Chinese were issued business visas in 2008 against 58,406 in 2007. And at least 32,700 Chinese have already been issued business visas this year till June.

LIC posts huge jump in December premium collection

By IANS, Chennai : State-owned Life Insurance Corp (LIC) posted new business income last December worth Rs.69.61 billion (Rs.6,961 crore), selling over 4.65 million policies. According to figures released by Insurance Regulatory and Development Authority (IRDA) Friday, it was a huge jump that LIC registered when compared to the collection in November: Rs.33.46 billion (Rs.3,346 crore) from selling 2.58 million policies.

McDonald’s posts loss of over $711 mn

By Xinhua

New York : McDonald's Corporation, the world's biggest fast-food chain, has said it lost over $711 million in the second quarter in 2007.

For the quarter, the loss was 60 cents per share, compared to $834.1 million earnings or 67 cents per share in the same period last year.

"McDonald's results reflect the financial impact of the previously announced developmental licence transaction in Latin America," said McDonald's Chief Executive Officer Jim Skinner.

Chinese exports fall

BY Xinhua, Beijing : China's exports fell 25.7 percent year-on-year in February, the fourth straight monthly decline, as global demand shrank, the General Administration of Customs said Wednesday. The exports contracted to $64.90 billion while imports slumped 24.1 percent to $60.05 billion. The sharp declines reflect weakening external demand, which would persist throughout the year as the global recession deepens, said Zhang Junsheng, an economics professor at the University of International Business and Economics.

Production hit at Hyundai plant as workers strike

By IANS, Chennai : Production has been hit at Hyundai Motor India's two plants near here as a workers' strike entered the third day Saturday. Around 1,000 workers, belonging to the Hyundai Motor India Employees Union (HMIEU), struck work Thursday evening protesting against a wage agreement signed between the management and the Workers' Committee. Rajiv Mitra, corporate communications head of Hyundai Motor, said the plants were still working, but nearly 20 percent of the output had been affected.

Raj TV to start 24-hour Tamil news channel

By IANS Chennai : Television broadcaster Raj Television Network Ltd has decided to start a 24-hour Tamil news channel from Nov 14. According to the company's filing to the Bombay Stock Exchange Monday, the news channel has got the approval from the ministry of information and broadcasting. The only other 24-hour Tamil news channel is Sun News from the Sun Network. According to industry sources, Jaya TV is also planning to start a 24-hour news channel in January 2008.

Further fuel price cut to reduce operating profits: HPCL

By IANS, New Delhi : Hindustan Petroleum Corporation Ltd (HPCL) Tuesday said it is opposed to further cut in fuel prices by the government as it will lead to a reduction in the company's operating profit. "We do not want any further cut in fuel price by the government as any more cuts will reduce the company's operating profit," HPCL chairman and managing director Arun Balakrishnan told reporters on the sidelines of Petrotech 2009 conference. Balakrishnan also said the outlook for crude price will rise to $70-100 in next eight months.

BHEL to build two power plants

By IANS Raipur : The Chhattisgarh State Electricity Board (CSEB) has issued an order to the Bharat Heavy Electricals Ltd (BHEL) to install two thermal power plants in the state. "CSEB chairman Rajib Ranjan issued an order to BHEL for construction of coal-fired 500 MW Korba West power plant in Korba district and another 1,000 MW (500 MW x 2) at Madwa in Janjgir district," CSEB spokesman Vijay Mishra told IANS. He said the deal with BHEL was clinched after meetings with officials of the company after they agreed to charge the lowest ever construction rate of Rs.19.6 million per MW.

Kuwait, Pakistan discuss investment potential in petroleum sector

By NNN-KUNA Islamabad : Chief Executive of "Bakri Energy Management System of Kuwait," Hussain Al-Shama, Wednesday called on Pakistani Caretaker Minister for Petroleum and Natural Resources Ahsan Ullah Khan to discuss potential Kuwaiti investment in Pakistan's petroleum sector. The Minister briefed the Kuwaiti businessman on steps being taken by the Pakistani government for promoting the petroleum sector to meet the growing energy requirement of the country, said a press statement.

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).

Wipro hires ex-TCS executive as COO

Bengaluru : Global software major Wipro Ltd on Monday appointed former TCS honcho Abid Ali Neemuchwala as its group president and chief operating officer...

Citigroup to pay out billions in bond scandal

By DPA, New York : Citigroup has reached a multibillion-dollar settlement with regulators and governments on claims it improperly urged customers to buy a type of bond that fell apart in conjunction with the subprime mortgage crisis. Citigroup will buy back from customers $7.5 billion worth of auction-rate securities - a type of bond the interest rate of which are set at periodic auctions, according to Thursday's settlement.

Government considering amendments to boost SEZ

By IANS, Mumbai: The government is considering steps to ensure that SEZs remain attractive destinations for investment, Commerce and Industry Minister Anand Sharma said Thursday.

Kolkata’s landmark Old Silver Mint to be re-incarnated

By Aparajita Gupta, IANS, Kolkata : Eight developers have bid for a Rs.1.5-billion project that will see the Old Silver Mint, a fine piece of Grecian architecture on Strand Road here, developed into a museum, hotel and food court, an official associated with the project said.

Kerala tour operator to conduct Bridge tournament

By IANS, Thiruvananthapuram : The Great India Tour Co Ltd, a premier tour operating firm in Kerala, has announced it will conduct an International Prize Money Bridge Tournament in Kumarakom of Kottayam district to promote tourism. A company spokesperson told IANS that it has the authorisation of the Bridge Federation of India to conduct the tournament. "The event would be held next year at a plush hotel near the popular tourist destination of Kumarakom and also on moving houseboats that would ply on the Vembanad Lake at Kottayam," the spokesperson said.

Coca-Cola sees 33 percent growth in India

By IANS, New Delhi : Coca-Cola has registered a 33 percent growth in sales in India during the second quarter ended July 3, the soft drink major said Tuesday. Supported by the high growth in India as well as China, the company also saw its revenues increase to $2.04 billion, or 88 cents per share, in the quarter under review, as against $1.42 billion, or 61 cents per share, earned in the year-ago period. The total volume of beverages sold worldwide rose four percent, with international sales going up by five percent. Sales rose 33 percent in India and by 14 percent in China.

High Court stays RBI ban on Sahara accepting deposits

By IANS, Lucknow : The Lucknow bench of the Allahabad High Court Thursday evening stayed a directive by the Reserve Bank of India (RBI) to Sahara India Financial Corp Ltd (SIFCI) not to accept any deposit. A division bench comprising Justice Shabihul Hasnain and Justice V.K. Dhawan in response to a petition by the Lucknow-based company stayed the ban and fixed the next hearing for July-end. The company is owned by industrialist Subrata Roy.

Sun Direct ties up with IBM India

By IANS, Chennai : Direct-to-home (DTH) service provider Sun Direct has tied up with software major IBM India to implement and manage customer relationship management services, it was announced Tuesday. "As we continue our aggressive growth plans, we will rely on IBM to help us tackle key issues surrounding billing and customer relationship management, as well as develop ways to get better insights to customer behaviour," Tony D'Silva, chief operating officer of Sun Direct, said. Earlier, Sun Microsystems was providing these services to Sun Direct.

New $2-bn Arab fund to help small enterprises in region

By IANS, Dubai : Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced Monday a new $2-billion joint Arab initiative to provide and sustain financial resources for small and medium enterprises (SMEs) in the region. Making the announcement at the opening session of the two-day Arab Economic, Development and Social Summit, which got underway in Kuwait Monday, Sheikh Sabah said that Kuwait would donate $500 million as capital to the new fund.

Massive Dharavi makeover project on anvil

By IANS Mumbai : In one of the biggest re-development programmes planned for India's financial capital, residents of Dharavi, Asia's biggest slum, will be provided better homes and civic amenities like schools and health facilities in a public-private partnership. The Rs.92.50 billion (Rs.9,250 crore) redevelopment project would rehabilitate nearly 57,000 families squeezed into 535 acres in Dharavi. The project is slated to be completed within seven years of its initiation.

Markets slide into red after green start

By IANS, Mumbai : Indian equities markets around Monday noon slipped just below the last closing figure, with a key index falling 26 points lower than its previous close as profit booking kicked in. The 30 scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which had opened at 11,997.37 points, was ruling at 11,849.57 points, 26.86 points or 0.23 percent lower than its previous close last Friday. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,611.75 points, 8.95 points lower than its last close.

Delhi realtor to invest Rs.1,200 crore in integrated townships

By IANS, Chandigarh : Developer AIPL Ambuja, a joint venture between Delhi-based Advance India Projects Ltd and Ambuja Realty of Kolkata, is planning to invest Rs.1,200 crore in northern India to develop integrated townships across the region. "We will set up ultra-modern integrated townships, including flats, malls, commercial establishments and healthcare and hospitality facilities. We have planned to invest Rs.1,200 crore over the next three years on this project," AIPL Ambuja chief executive Gurpreet Singh told reporters here Thursday.

Launch of SBI Sharia-compliant MFs deferred

By M Reyaz, TwoCircles.net, New Delhi: The much awaited Sharia-compliant SBI mutual fund that was to be launched on Monday, December 1, has been deferred without giving any reasons. “Investors are hereby informed that it has been decided to defer the launch of the New Fund Offer of Sharia Equity Fund,” a brief public notice put up on the website of SBI Mutual Fund said.

Recessionary impact, lower exports loom over planters’ meet

By Fakir Balaji, IANS, Coonoor (Tamil Nadu) : Plantation owners from south India will deliberate on the effects of global recession on the exports of tea, coffee and spices among other issues during their annual jamboree beginning Monday in this small town atop the Nilgiri hills. Organised by the United Planters' Association of Southern India (UPASI), the two-day conference will also discuss labour shortage in coffee and rubber plantations.

Markets start year’s last week with a bang

By IANS, Mumbai : Indian equities markets started the last week of 2008 with handsome gains, with a key index rising 2.19 percent Monday from its previous close. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed trade at 9,533.52 points Monday, up 204.6 points or 2.19 percent from its previous close of 9,328.92 points. However, some analysts remained hesitant to term Monday's rally as an end to last week's dismal string of lows.

India, Russia sign two pacts, discuss n-energy

By IANS New Delhi : India and Russia Tuesday signed two pacts to bolster economic and cultural ties between them and also discussed several crucial issues, including civil nuclear cooperation. Russian Prime Minister Victor A. Zubkov, who arrived here Tuesday morning on a two-day official visit, held talks with his Indian counterpart Manmohan Singh on an entire range of bilateral, regional and global issues.

Himachal to sell power to Delhi, Punjab

By IANS

Shimla : Power surplus Himachal Pradesh is to sell 700 million units of electricity to deficit states of Delhi and Punjab this summer for Rs.2 billion.

NCDEX to resume futures trade in four items in September

By IANS, Chennai : The National Commodity and Derivatives Exchange Ltd (NCDEX) will resume futures trade in four banned items - soya oil, potato, channa and rubber - in September, said a top official. "The four-month futures trading ban on these four items issued May 7 this year automatically ceases Sept 6. We would allow futures trade in these four commodities," R. Ramaseshan, managing director and CEO of NCDEX, told reporters here Saturday. However he said the earlier ban on food commodities like wheat and rice would stay as it was not restricted to any specific time period.

India is a fast-growing market for consumer goods: Amway

By Arun Kumar, IANS, Washington : A rapidly expanding middle class with high aspirations and a growing appetite for quality goods make India an attractive investment destination for consumer goods companies, says Amway chairman Steve Van Andel. "The sheer size of the market, its relatively young population and economic and social stability all work in India's favour," Andel, who has been running America's leading $8.2 billion direct selling company since 1995, told IANS in an e-mail interview.

National Aluminium profits take a hit

By IANS, Bhubaneswar : State-owned National Aluminium Co (NALCO) Wednesday said its third quarter net profit was down 33.38 percent to Rs.2.19 billion (Rs.219 crore), and attributed it to the falling prices of its products in the international market. In the same period last fiscal, NALCO had posted profits of Rs.3.29 billion (Rs.329 crore). "The fall in the product price in the international market has eroded our profit," NALCO chairman C.R. Pradhan told IANS.

Renewable energy to get cheaper, says India’s minister

By IANS, New Delhi: The cost of generating clean energy should be brought down to make it "affordable" for developing countries, Minister for New and Renewable Energy Farooq Abdullah said Friday after his interaction with the visiting UAE foreign affairs minister. The minister, during his interaction with Abdullah Bin Zayad Al-Nahayan, the minister for foreign affairs of the United Arab Emirates (UAE), said the developing countries were more in need of renewable energy.

Exhibitors from India in Dubai gem show

By IANS, Dubai : Exhibitors from India are among those from 20 countries participating in a global gem show taking place in Dubai. Over 100 exhibitors from the coloured stones industry have gathered here for the International Gem Show Dubai 2008 that started Monday. The three-day exhibition, under the patronage of the Dubai Multi Commodities Centre (DMCC), is being organised by the International Coloured Gemstone Association (ICA) and supported by the Middle East GemBureau.

3G auction won’t be delayed by global meltdown: minister

By IANS, New Delhi : Auction of third generation (3G) spectrum for telecom operators is on schedule and will not be delayed on account of a funds crunch following the global meltdown, Communication and IT Minister A. Raja said here Wednesday. “We are not delaying the 3G auction process as of now,” Raja told reporters on the sidelines of a conference. “We are looking at the liquidity crunch in the market, we will discuss the matter with the finance minister.” Emphasising that “no changes have been planned", Raja added: “The timeline remains the same”.

Markets slip into red after positive start

By IANS, Mumbai : Indian equities markets slipped marginally into red shortly before noon Monday, after positive global bourses had helped a key index start trade in the green. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,793.89 points, higher than its 8,756.61 point close Friday, was at 8,737.93 points late in the morning, 0.21 percent or 16.48 points lower than its previous close. At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,714.85 points, 0.16 percent down from its last close of 2,719.25.

101-carat diamond sells for record $46.2 million

By DPA, Hong Kong : A 101-carat colourless diamond the size of a squash ball sold for a record $46.2 million at Christie's auction in here, a radio report said Thursday. The gem, the biggest colourless diamond ever sold in Asia and one of only three colourless diamonds over 100 carats sold to date, was bought by a private buyer Wednesday. Government-run radio station RTHK said Thursday the buyer's identity was not being revealed but he would have the option to name the diamond, the most expensive single piece of jewellery sold in Asia.

Venezuela cuts electricity sales to Brazil

By IANS/EFE, Rio de Janeiro : Venezuela, which has implemented a nationwide power-rationing plan, has cut sales of electricity to Brazil by 20 percent, Brazilian officials said. Venezuela cut electricity sales Tuesday to Roraima state, which depends on the neighbouring country for nearly all its power since it is not connected to Brazil's national grid, from 100 MW to 80 MW, a spokesman for the state-owned Eletronorte utility told EFE.

India’s exports up 31.5 percent in April

By IANS, New Delhi : Fiscal 2008-09 began on a positive note for India's merchandise exports, growing 31.5 percent in April to $14.4 billion, against $10.95 billion for April 2007, latest trade data showed Monday. Imports, on the other hand, were valued at $24.27 billion, to register a growth of 36.6 percent over $17.77 billion during April 2007, as per data released by the Directorate General of Commercial Intelligence and Statistics.

‘Banks in developed world should take lessons from India’

By IANS, Ahmedabad : Banks in developed nations have many things to learn from the Indian banking institutions that have remained insulated from the mortgage crisis, Gujarat Health Minister Jaynarayan Vyas said here Saturday. Speaking at the inaugural function of the 31st All India Accounting Conference, Vyas said: "In the present scenario, banks of the developed nations ought to take lessons from Indian banking institutions, which have avoided the pitfall arising out of the mortgage crisis."

Chhattisgarh third in India’s mineral production

By IANS Raipur : Chhattisgarh stood third in overall production of mineral wealth in India during the fiscal year that ended March 2007, an official statement said Thursday. The state earned revenue of Rs.8.32 billion during the fiscal year from the production of iron ore, coal and bauxite, the statement from state's Mines and Geology department said. It said the main focus during 2007-08 would be on finding new deposits of coal, iron ore, bauxite and limestone.

Central bank pegs India’s growth at 8-8.5 percent

By IANS, Mumbai : The Reserve Bank of India (RBI) Tuesday projected the country's economic growth in the range of 8-8.5 percent for the current fiscal year and said its estimate was realistic and consistent with global developments. Announcing the monetary policy for the current fiscal, the apex bank said the growth in aggregate deposits would be around 17 percent or Rs.55 billion, consistent with the projected money supply growth.

Markets stabilise after opening fall, but still way down

By IANS, Mumbai : Indian equities markets opened with a steep crash Thursday, following similar precipituous slides in other east Asian markets and a major fall in New York. The major indices had stablised in the first 10 minutes, but were still way down. The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened at 10,284.90 points, way below Wednesday's closing figure of 10,809.12. Then it slid further to 10,150.54 points before starting to stabilise just before 10 a.m., when it was at 10,165.88 points, still down 643.24 points or 5.95 percent.

Inflation no reason to increase rent, rules court

By IANS, New Delhi : The Delhi High Court has ruled that the landlords governed by the rent control act can't approach civil courts to raise rents in line with the inflation or cost price index.

Kerala seeks JVs with public sector for its sick units

By IANS Kozhikode : With a majority of government-owned industries in Kerala sick, the state is trying to form joint ventures (JV) with central public sector companies for their revival. "The companies under the central government have got good technology and financial strength. The companies here have out-of-date machineries. We need huge sums to revive these units," Kerala Industries Minister Elamaram Kareem told reporters Thursday.

Sensex rides high after budget, gains 3.44 percent

By IANS, Mumbai: Buying interest returned to Indian stock markets this week, with a benchmark index rising 3.44 percent from its previous weekly close and foreign investors pumping in almost $1 billion during the truncated four-day trading week. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) moved up 564.94 points or 3.44 percent to end Friday at 16,994.49 points. The broader S&P CNX Nifty of the National Stock Exchange (NSE) too posted gains to end the week at 5,088.7 points, up 166 points or 3.38 percent.

Asian Granito posts 26.27 percent growth in earnings

By IANS, Ahmedabad : Vitrified tile maker Asian Granito India Ltd (AGIL) has marked an impressive performance in 2007-08 fiscal. The company posted a growth of 26.27 percent in its total earnings of Rs.2.4 billion ($60 million) in the period, said the unaudited figures released Monday. The ánnual growth is close to 30 percent, forecast by the Ceramic World Review for the next five years. AGIL also expressed the hope that the turnover would increase to Rs.4 billion in 2008-09, as new marble projects will be operational from September this year.

World Bank directs $6.6 bn to South Asia; $400 mn to India

By IANS, Washington : The World Bank Group committed US$6.6 billion in fiscal year ended June 30 to South Asia, where India is the largest borrower, much of it focused on helping the countries there cope with the impact of the global economic crisis. Key to the Bank's strategy in South Asia is scaling up existing programmes that are delivering results, the group said Thursday.

Bankers to strike work Nov 12

Chennai : With failure of the wage talks in the banking sector, around one million bank employees will go on strike Nov 12 bringing...

Urban consumers apathetic to retail prices: survey

New Delhi, Dec 13 (IANS) Less than five percent of an estimated Indian urban population of 350 million takes more than a cursory look at the maximum retail price (MRP) printed on goods, says an industry survey. "There is a total lack of awareness even amongst urban customers about the maximum retail price of food, grocery, toiletry, cosmetics and other FMCG (fast-moving consumer goods) products before buying them," the survey conducted by the Associated Chambers of Commerce and Industry of India (Assocham) said.

More than 500,000 jobs added in second quarter: Economic Survey

By IANS, New Delhi : The job market in India made a significant recovery during the second quarter of this fiscal with employment up by 500,000 against a cut of 131,000 in the country's employed workforce between April and June 2009, says the Economic Survey tabled Thursday. The survey covered eight sectors such as textiles, leather, metals, automobiles, gems and jewellery, transport, IT and business process outsourcing and handloom and powerloom with the information being collected from 2,873 units from 21 centres spread across 11 states.

Industrial production up 10.3 percent in October

By IANS, New Delhi : In another sign of robust recovery in the Indian economy, the country's industrial output is projected to have expanded 10.3 percent in October, as per the latest official data released Friday. The significant growth in the index for industrial production has come on the back of a 9.6 percent expansion in September and 10.4 percent the month before, shows the new data released by the Central Statistical Organisation.

IDBI to enter mutual funds business

By IANS, Kolkata : The IDBI Bank Ltd is planning to enter the mutual fund business, a top bank official said here Friday. Talking on the sidelines of a Banking Conclave here, Yogesh Agarwal, the bank's chairman and managing director, said: "We are talking to a few foreign companies for setting up an asset management company, where we would have the majority holding." It is expected that the bank would post a 25 percent credit growth in the current fiscal.

Survey done for monorail project

By IANS, Patna : An initial survey has been conducted to study the possibility of introducing monorail service in Patna, for the first in the country. It is a dream project of Railway Minister Lalu Prasad. On the minister's directions, the consultancy arm of Indian Railways, RITES, conducted the survey, said A.K. Chandra, chief public relations officer of East Central Railway. Chandra said the monorail will be a part of a larger railway project in Patna.

Biocon drugs in pre-filled syringes for kidney, cancer patients

By IANS, Bangalore : India's leading biotechnology firm Biocon Ltd has introduced a new drug delivery system with two of its life-saving products in pre-filled syringes for kidney and cancer patients. "We have tied-up with the US-based Safety Syringes to market Erypro Safe for treating renal failures and Nufil Safe for cancer treatment in pre-filled syringes, which are less painful and safe to be self-injected by patients," Biocon chairperson Kiran Mazumdar-Shaw told reporters here Wednesday at a preview of the product.

Markets in red, Sensex sheds 167 points

By IANS, Mumbai : Indian equities markets closed in the red Wednesday, with a key index ending trade 167 points lower than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 12,100.69 points, lost 167.47 points or 1.38 percent from the previous close to end trade at 11,963.61 points. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 0.95 percent to close at 3,627.25 points.

Carpooling website helps reduce fuel expenses

By IANS, New Delhi : Thinking of how to battle escalating fuel prices? www.Indimoto.com, a carpool website and probably the first of its kind in India, offers an opportunity to commuters to find suitable carpool partners and in the process reduce their fuel expenses. The website, which has been functioning the since past two years, offers its services in 130 cities across the country, including Mumbai, Bangalore, Delhi and its neighbouring areas. According to Udit Bhandari, founder and CEO of the website, the free-of-charge services have helped over 1,500 commuters till date.

Sowing the SEED of progress among Indian Muslims

By Mohd. Ismail Khan, TwoCircles.net, Hyderabad: India may have the third- largest concentration of Muslims around the world and 10% of total world’s Muslim population,...

Financial crisis yet to peak: Russia

By RIA Novosti, Washington : The global financial crisis has yet to peak and individual governments must now take appropriate measures to deal with its effects, Russia's finance minister Alexei Kudrin has warned. Kudrin led the Russian delegation in Washington at the Oct 10-13 meetings of world finance leaders. The Group of Seven (G7) industrial countries comprising the US, Britain, France, Germany, Italy, Japan and Canada, met Friday before participating Saturday in a meeting of the Group of 20, a wider group of developing-emerging markets that includes Russia.

Japan unveils $256 bn economic stimulus plan

By Xinhua, Tokyo : Japanese Prime Minister Taro Aso Friday unveiled a new 23 trillion yen ($256 billion) package to stimulate economy amid global recession, bringing the government's total stimulus package to more than $550 billion. Aso said the new package involves 10 trillion yen of fiscal measures, including 1 trillion yen for housing and other support for temporary workers who have lost accommodation provided by their previous employers. The government will also add 1 trillion yen to the local allocation tax to facilitate local governments create new job opportunities.

IDFC PE invests Rs.4 bn in Suzlon subsidiary

By IANS, New Delhi : IDFC Private Equity has picked up 17 percent stake in SE Forge Ltd, a subsidiary of Suzlon Energy Ltd (SEL), for Rs.4 billion, the company announced Monday. The fund would be utilised for capacity expansion and operational expenses for two SEL facilities - a 120,000 million tonne foundry in Coimbatore and a 42,000 rings per annum ring-rolling foundry unit in Vadodara. Both the units are already commissioned and commercial production is expected to start from November 2008.

Prabhu likens railways to ICU patient, blames years of neglect

Kolkata: Attributing "years of neglect" and "lack of investments" for the railways poor performance, Railways Minister Suresh Prabhu on Friday compared the national carrier...

Seattle: A boom town risen from the ashes

By Arun Kumar, IANS Seattle : Home to international industrial giants Boeing and Microsoft, as also to Starbucks, the world's largest coffee chain, the boom town of Seattle is preparing to celebrate the anniversary of a great fire that burnt it down completely 118 years ago. Thursday June 6, 1889 may have been a catastrophic day for its 20,000 residents when a fire started by an overturned glue pot in a carpentry shop that hot afternoon destroyed almost the entire business district, all railway terminals, and most of the wharves. But today it's a day of celebration.

Japan to fund south Asia road, rail links

By Xinhua Dhaka : Japan will provide $1 million, under an Asian Development Bank (ADB) lending programme, to design road and rail networks that will connect Bangladesh to India and Nepal, The Financial Express daily reported Tuesday. The move is aimed at bringing the three south Asian countries closer in trade and services, the newspaper quoted a statement of the Asian Development Bank (ADB) as saying. Japan is the largest shareholder of the bank.

Yummy news: Nirula’s to woo small cities

By Shweta Thakur, IANS New Delhi : Long before McDonald's or Pizza Hut, they popularised pizzas, burgers and ice cream sundaes in the Indian capital. And now restaurant chain Nirula's Group is spreading its branches to smaller cities. People in Meerut, Pathankot, Ludhiana and Moradabad are among those who can now look forward to Nirula's food in their home ground.

Pakistan stocks rise on stability measures

By DPA, Karachi : Pakistani stocks maintained an upward momentum Wednesday, mainly due to strong measures the government introduced to stem a prolonged sharp slide, traders said. The benchmark KSE-100 Index leaped by another 2.5 percent, or 307 points, to close at 12,430 after rising an historic 8.6 percent Tuesday, following emergency stability actions taken by the state watchdog, the Securities and Exchange Commission of Pakistan (SECP).

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.

US stocks gain on financial firms

By DPA, New York : Major US stock indices posted mild gains Tuesday, led by troubled financial firms bailed out by the US government in the past year. Boeing, General Electric, AT&T and United Technologies also saw their shares rise during the trading day. Boeing's gains came after rivals EADS and Northrop Grumman late Monday pulled out of a bid for a lucrative Air Force contract to build aerial refuellers.

GM Jain visits BHEL Bhopal unit, suggests improvements

By Pervez Bari, TwoCircles.net Bhopal: A.K. Jain, GM (Corporate Quality), Bharat Heavy Electricals Limited, (BHEL), visited various shop floors of BHEL Bhopal unit and suggested improvements.

Tata Steel to spend Rs.2,000 crore on environment in Chhattisgarh

By IANS, Raipur : India's largest private sector steel maker, Tata Steel, will invest Rs.2,000 crore on environment conservation at its Rs.19,500-crore plant coming up in Chhattisgarh's militancy-hit Bastar district. "Tata Steel officials made a presentation at a public hearing on Monday for environmental clearance and committed to invest Rs.2,000 crore on environment conservation," Bastar district collector M.S. Paraste, who presided over the meeting, told IANS.

Allahabad Bank net profit dips 45 percent

By IANS, Kolkata : State-run Allahabad Bank Thursday reported a 44.46 percent dip in net profit to Rs.311 crore for the quarter ended Dec 31, 2012.

Budget highlights 2013-14

By IANS, New Delhi : Highlights of the budget for 2013-14 presented by Finance Minister P. Chidambaram in the Lok Sabha on Thursday:

Russia diamond producer Alrosa posts 38% net profit drop in Q1

By RIA Novosti, Moscow : Russia's largest diamond producer Alrosa [RTS: ALRS] said on Tuesday its net profit calculated to Russian Accounting Standards fell 37.5%, year-on-year, in the first quarter to 1.156 billion rubles ($49 million). Alrosa, which accounts for 97% of Russian and 25% of global diamond output, attributed its first-quarter net profit decline to planned decreases in sales, the sharp depreciation of the U.S. dollar to the ruble, traditionally low demand for crude diamonds at the beginning of the year and increased production costs due to rising inflation.

Audi starts car production in India

By DPA Ingolstadt (Germany) : German luxury carmaker Audi said Thursday it has started production of its A6 family saloon in India. Some 300 vehicles are expected to be assembled at the plant at Aurangabad in the western state of Maharashtra this year, with the number increasing to 2,000 by 2015, the company said. Audi said it plans to start producing a new version of its best-selling A4 model in India at the end of 2008. The company plans to invest more than 30 million euros ($44 million) in its Indian operation by 2015.

Madras Management Association’s convention from Feb 15

By IANS Chennai : The Madras Management Association (MMA) is set to hold its annual convention here Feb 15-16 that would discuss issues like the talent crunch faced by India Inc and the rupee appreciation against the dollar. The two-day event will also deliberate on issues like cost competitiveness of Indian companies, innovation and entrepreneurship, S. Gopal, MMA president and deputy managing director of Chemplast Sanmar Ltd told reporters here Wednesday.

Sixth D-8 summit ends on high note

By KUNA, Kuala Lumpur : The Group of Eight Islamic Developing Countries (D-8) summit concluded here late Tuesday on a high note with leaders agreeing to practical projects in efforts to increase trade and investment. Malaysian Prime Minister Abdullah Ahmad Badawi said to this end, the private sector must be deeply involved in the programmes outlined in the roadmap agreed to by the leaders for the next 10 years (2008-2018).

Intel designs new chips for low-cost computers

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.

Orissa bus owners demand hike in fares

By IANS, Bhubaneswar : Private bus owners in Orissa Wednesday said they want the government to hike the fares by four to seven paise per kilometre in view of the recent increase in fuel prices. Prakash Mishra, president of the bus owner's association, told IANS: "The state has around 6,000 private buses that run on four categories - ordinary, express, deluxe and super deluxe. The present fares per kilometre are 41, 43, 56 and 69 paise, respectively. We have sent a letter to the chief minister demanding that the prices be correspondingly revised to 45, 47, 61 and 76 paise."

‘Software exports from Chandigarh to touch Rs.11 bn’

By IANS, Chandigarh : Software and services exports from Chandigarh and its surrounding towns of Panchkula and Mohali are expected to grow by 32 percent in 2008-09 fiscal, according to the Software Technology Parks of India (STPI). "In 2008-09, we have projected combined software exports of Rs.11 billion ($262 million) with Rs.9 billion from STPI units and Rs.2 billion from special economic zones (SEZs)," STPI joint director Ajay Srivastava said.

American wine auctioneer to mark Asian foray

By IANS Hong Kong : Acker Merrall & Condit, a well-known wine shop and auctioneer in the US, will be holding its first-ever wine auction here worth $5 million, marking its foray into Asia. The auction will be held in Hong Kong's swish Island Shangri-La Hotel May 31. It will be the city's first wine auction in 10 years. The vintage wines on display will include Chateau Lafite, Imperial of 1982, Haut Brion, Latour, Margaux and Mouton Rothschild, Chateaux Petrus, Cheval Blanc and Domaine de la Romanee-Conti Wines.

And now, every fourth Indian is connected

By IANS, Bangalore/New Delhi : Every one in four Indians has a phone now, thanks to the scorching pace at which the burgeoning telecom services sector grew in the last fiscal, says an annual survey . With the total wireless subscriber base crossing 261 million as on March 31, wireless connectivity forms 22 percent of the total tele-density at 25 percent across the country, the survey adds. The annual survey by Voice and Data of CyberMedia group revealed that the Indian telecom subscriber base zoomed by 66 percent year-on-year (YoY) in the fiscal under review over the previous year.

Another British company acquired by Indian unit

By IANS

London : In yet another Indian acquisition of a British company, the Swindon-based engineering company Sauer-Danfoss has been purchased by the Bangalore-based Dynamatic Technologies Ltd.

Government approves 10 foreign investment proposals

By IANS, New Delhi : The government Tuesday cleared 10 foreign direct investment (FDI) proposals worth Rs.1,123 crore ($230.5 billion), including one by DishTV to raise Rs.750 crore through convertible bonds. Vijay Mallya-promoted United Breweries' proposal to issue convertible warrants worth Rs.219 crore also got the Foreign Investment Promotion Board's (FIPB) approval. However, nine proposals have been deferred, including those of two telecom companies - Unitech Wireles and ByCell Telecommunication -- on security concerns.

Insurance employees’ body demands 40 pc pay hike

By IANS Chennai : Forty percent pay hike and merger of four public sector non life insurers, are the key discussion points at the 21st general conference of the All India Insurance Employees' Association (AIIEA) that began at Kanpur Saturday. Justifying the whopping 40 percent wage hike demand at a time when the four government owned insurers are unable to meet the management expense limits, J. Gurumurthy, secretary, AIIEA, told IANS: "Talented people are leaving for the private sector that is offering better pay scales. This has to be arrested."

Religare Finvest to finance commercial vehicles

By IANS, Chennai : Religare Finvest Ltd (RFL), a non-banking finance company, has signed a strategic agreement with the Pune-based three-wheeler manufacturer Kumar Motors Private Ltd for financing commercial vehicles. According to the agreement, RFL, a 100 percent subsidiary of Religare Enterprises Ltd, would finance the vehicles made by Kumar Motors. "The first year target is around 10,000 three wheelers," Sachindra Nath, chief operating officer of Religare Enterprises, told reporters here Thursday. "We may go for funding second hand truck purchases," he added.

Fed bails out troubled AIG with $85 bn loan

By DPA, Washington : The US central bank has agreed to bail out the insurance giant American International Group (AIG) with a $85-billion loan in an unprecedented move aimed at propping up a company with worldwide tentacles in the finance industry. Fearing a possible second major Wall Street bankruptcy this week, the Federal Reserve Board engineered an AIG rescue through a two-year loan that gives the government a stake of 79.9 percent in the conglomerate.

SBI denies takeover report of South African bank

By Fakir Hassen, IANS Johannesburg : The State Bank of India (SBI) here has denied reports about its takeover bid of South Africa's Capitec Bank. The Economic Times in New Delhi had earlier published a story about the proposed takeover bid, sparking strong market speculation that saw Capitec's share price rocket, but both banks have strongly denied the claims.

Petrol, diesel rates cut by Rs.2 a litre

New Delhi: Oil marketer Indian Oil Corp on Wednesday cut petrol and diesel prices each by Rs 2.per litre effective midnight, following a fall...

Tata Steel posts rise in hot metal, crude steel production

By IANS, Kolkata : Tata Steel Tuesday reported an increase in hot metal and crude steel production but near flat sales from its domestic operations in the April-June quarter compared with the same period last fiscal. The company posted an 8.24 percent rise in hot metal production at 1.824 million tonne and 8.25 percent increase in crude steel production at 1.627 million tonne for the first quarter of 2010-11, the company said in a statement here. The saleable steel production at 1.591 million tonne registered an increase of 3.17 percent.

Rajasthan power project attracts overseas bids

By IANS Jaipur : Companies from France, China and South Korea have submitted technical bids to set up an Rs.46-billion ($1.2 billion), 1,200 MW power plant at Kali Sindh in Rajasthan. Officials said the bids had come from two Chinese companies besides a French and a South Korean firm each. Four Indian companies are also in the running. "Bids from foreign companies were invited for the first time. Four foreign companies along with four Indian ones have qualified for the bidding," a Rajasthan Rajya Vidyut Utpadan Nigam (RRVUN) official told IANS.

Private companies to generate 18,000 MW in Tamil Nadu

By IANS Chennai : The Tamil Nadu government has approved production of nearly 18,000 MW of electricity by private parties, state Electricity Minister Arcot N. Veerasamy told the state assembly Thursday. He also told the house that the Russia-aided Koodankulam nuclear power plant would begin generation by December this year. The government has issued guidelines to merchant power plants (private stations) on tariffs at which they will be allowed to sell power to the state electricity board - Tamil Nadu Electricity Board (TNEB), the minister added.

Chidambaram leads strong Indian team to a sombre Davos

By Dipankar De Sarkar, IANS Geneva : The great and the good from the world of business - including a substantial delegation from India - begin meeting in the Swiss mountain resort of Davos Wednesday, but the mood at this year's World Economic Forum (WEF) is set to be sombre. With the US credit market crunch casting a shadow over the annual business summit, the 27 heads of state or government and 1,370 business leaders will take time off from striking deals to come up with some urgent solutions to ensure that the global economy is able to cope and grow.

Save Nano Committee to prevent transfer of equipment

By IANS, Singur (West Bengal): Though Tata Motors has decided to shift its Nano plant to Sanand in Gujarat, many people in this rural pocket are yet to come to terms with reality - and say they will prevent the transfer of equipment to the new site.

Steel industry to grow this fiscal: Minister

By IANS, New : The steel industry, supported by domestic demand and the government's increased infrastructure spending, will witness a growth this fiscal, Steel Minister Virbhadra Singh said here Wednesday. "The industry will see a major recovery this year and will grow at six-eight percent," Singh said at a conference organised by the Associated Chamber of Commerce and Industry of India (Assocham).

Technical issues snag Jet Airways’ Mumbai-Shanghai flight

By IANS New Delhi : China has no "in-principle objection" to give clearance to Jet Airways to operate Mumbai-Shanghai-San Francisco flight, but certain technical issues need to be first resolved, Chinese ambassador to India Zhang Yan said here Wednesday. "There are some technical issues and we hope they can be addressed soon," Zhang told reporters.

Government approves merger of State Bank of Saurashtra with SBI

By IANS, New Delhi : The government Thursday approved the merger of the State Bank of Saurashtra with the State Bank of India (SBI) to enable it effectively face competition arising out of globalisation. The merger will be effected through the State Bank of India (Subsidiary Banks Amendment) Bill, 2008 to be tabled in parliament, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after a cabinet meeting presided over by Prime Minister Manmohan Singh. The merger will enable SBI "to up-scale in terms of footprint, manpower and other resources," Dasmunsi said.

Rising prices not government failure: Pranab Mukherjee

By IANS, New Delhi : Finance Minister Pranab Mukherjee Wednesday welcomed a debate on the rising prices which, he said, was not a government failure and could be discussed but not voted on. Unless the central government "fails to discharge its duties enjoined by the constitution of the law", the matter could not be discussed under the adjournment motion, which entails voting, Mukherjee said in the Lok Sabha.

Indian bourses show great recovery

By IANS Mumbai : Indian stock markets showed a phenomenal recovery from initial losses Monday with robust buying seen across sectors. The bourses ended the day with moderate losses, outperforming all Asian peers. The pullback was seen in the final hour of trade that allowed the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) to close at 18,737 points, giving up 170.33 points or 0.90 percent from the previous close. The broader S&P CNX Nifty ended at 5,617.10 points, marginally down by 46.15 points or 0.81 percent.

Farm waste can produce 18,000 MW a year

By IANS, New Delhi : Use of farm waste can lead to generation of 18,000 MW of electricity every year, the Bangalore-based Indian Institute of Science has estimated. The National Biomass Resource Atlas recently prepared by the institute estimates that there are 120-150 million tonnes farm waste that can be used for this purpose every year, Minister for New and Renewable Energy Farooq Abdullah informed the Rajya Sabha Monday.

Kerala port sees protests over palm oil import

By IANS Kozhikode (Kerala) : The Kerala port town of Beypore witnessed a protest by various political parties and farmers' organisations over the import of palm oil as an Indonesian ship, Global Triton, arrived Monday to unload 3,000 tonnes of oil. The police used force to remove protestors of Yuva Janata Dal, the youth wing of Janata Dal (Secular), who tried to block entry to the port. Kozhikode-based Parison's Food Pvt Ltd is importing the oil.

Delhi Metro ridership jumps 25 percent, revenue 32 percent

By IANS, New Delhi : With over 700,000 passengers every day, Delhi Metro has registered a 25 percent rise in ridership and around 32 percent jump in revenue in the last one year, Delhi Metro Rail Corporation (DMRC) said Tuesday. “The rise in ridership comes in the wake of the opening of Shahdara-Dilshad Garden line of Phase II, admissions in the Delhi University and spread of Metro feeder bus services,” said Anuj Dayal, DMRC spokesman. The Shahdara-Dilshad Garden line opened to the public June 4 this year. DMRC is also operating 97 feeder buses on 16 routes.

India’s insurance penetration lower than world average: Report

By IANS, New Delhi: Despite achieving a healthy 16 percent annual growth rate, India's general insurance business accounts for just 0.6 percent of the gross domestic product (GDP), compared to the world average of 2.14 percent, says a report released here Tuesday. "The penetration of general insurance in India remains low on account of low consumer preference, largely untapped rural markets and constrained distribution channels," said the report jointly prepared by Crisil and the Associated Chambers of Commerce and Industry of India (Assocham).
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