Wall Street gains as GMAC gets government funds
By DPA,
New York : US stocks gained after the Treasury Department said it would commit $6 billion to support GMAC LLC, the financing arm of General Motors Corp, to save the ailing car giant from bankruptcy.
The Treasury said late Monday it would buy a $5 billion stake in GMAC and also lend General Motors an additional $1 billion so that the largest US carmaker can contribute to the financier's reorganisation as a bank holding company.
The carmaker gained 5.6 percent in trading Tuesday to close at $3.80 per share.
Low oil prices putting ONGC margins under pressure
By IANS,
New Delhi : India's largest oil explorer, Oil and Natural Gas Corp (ONGC), is finding it difficult to make ends meet because of the low ruling global oil prices, the company said here Monday.
"We are not comfortable with the current prices, our margins are under pressure," ONGC chairman R.S. Sharma told reporters on the sidelines of the contract signing ceremony of blocks awarded to companies under the seventh round of hydrocarbon block auctions.
Oil was ruling at $44 a barrel Monday, down from more than $140 in July when it reached its peak.
Global slowdown, reason for lowering growth projection: RBI
By IANS,
Mumbai : The Reserve Bank of India (RBI) lowered the growth estimates for fiscal 2011-12 to 7.6 percent citing a slowdown in the global economy and moderating domestic demand.
US stocks rebound on Fed’s economic assessment
By IANS,
New York: US stocks secured gains after fluctuating most of the session Wednesday as Fed's latest assessment on economy boosted market sentiment.
Fed decided to keep the key interest rates unchanged, in line with market's anticipation, when it concluded its two-day policy meeting, Xinhua reported.
Investors were more encouraged after Fed said "economic activity has continued to strengthen" since its last policy meeting in December.
Fed's brighter tone helped stocks pared early losses after a negative housing data.
Markets close flat as traders await monetary policy
By IANS,
Mumbai: Indian equities markets closed on a dull note Monday as traders mostly kept on the sidelines ahead of the monetary policy review by the Reserve Bank of India.
Nationwide truck strike from October 1: AIMTC
New Delhi: The All India Motor Transport Congress (AIMTC) on Friday announced it will go on a nationwide indefinite strike from October 1 after...
Tata engineering firm acquires British company
By IANS,
Mumbai: Engineering solutions firm TRF Ltd, a Tata group company, announced Monday it was acquiring UK-based firm Hewitt Robins International for approximately $4.5 million.
"The board of directors of the company at its meeting held on March 22 approved the acquisition of Hewitt Robins International Ltd of United Kingdom at a total consideration of 3 million pounds," said the company in a regulatory filing.
Hewitt Robins is engaged in design, manufacturing of screens, mobile crushing and related products in the quarrying, mining, recycling, iron and steel industries.
RBI moves apex court against Sahara
By IANS,
New Delhi : The Reserve Bank of India (RBI) Friday moved the Supreme Court seeking enforcement of its order to the Sahara group's para-banking arm to stop taking fresh deposits from investors.
Pakistan wants more EU market access for its products
By IANS,
Islamabad : Pakistan wants more market access to European markets through Turkey for its products, a minister said.
India hopes to double trade with US by 2009
By Arun Kumar, IANS
Washington : India hopes to double its two-way trade with the US by 2009 and will continue to engage its largest trading partner to successfully conclude the current round of global trade talks, Commerce Minister Kamal Nath said here Thursday.
India, Syria to perk up trade ties
By IANS
New Delhi : India and Syria Thursday identified areas to boost their bilateral trade relations and enhance cooperation in sectors of mutual benefit.
"Syria and India have a longstanding relationship both politically and economically. We want to enhance the trade between the countries and encourage investments," Commerce and Industry Minister Kamal Nath told reporters.
Fraud-hit Satyam gets three new board members
By IANS,
New Delhi : Three new board members were named Sunday to bring back financial order to the fraud-hit Satyam Computer Services and restore employee, investor and clients confidence into the IT firm's future operations.
The new board comprises former chief of the National Association of Software and Service Companies (Nasscom) Kiran Karnik, chairman of Housing Development Finance Corp Deepak Parikh and former member of markets watchdog Securities and Exchange Board of India (SEBI) C. Achuthan.
Puja tourism feels the pinch of liquidity crunch
By Aparajita Gupta,IANS,
Kolkata : The global economic crisis and liquidity crunch in the country are taking a toll on tourism in West Bengal, with private operators and hoteliers complaining of a sharp drop in bookings for the coming festive season in the state.
"Foreigners are not booking in bulk. Local bookings are also not up to the mark. The liquidity crunch is taking its toll on the tourism industry," said Anil Punjabi, east zone chairman of the Travel Agents Federation of India.
Indian IT to clock $50 bn revenues this fiscal: Nasscom
By IANS
Bangalore/New Delhi : The Indian IT sector, registering a rip-roaring growth, is expected to clock $50 billion revenues in 2007-08 with companies like TCS, Infosys and Wipro retaining the top slots, says a leading industry body.
Avoid use of agricultural land for SEZs: Moily panel
By IANS
New Delhi : The present approach of allowing use of prime agricultural land for establishing Special Economic Zones (SEZs) should be avoided, Administrative Reforms Commission (ARC) chairperson M. Veerappa Moily said Monday.
"In establishing SEZs, use of prime agricultural land should be avoided. There is a need to amend the present approach to SEZs in this regard," Moily told reporters.
Taj Mahal polluter turns over new leaf
By Brij Khandelwal, IANS
Mathura : Once considered the chief pollution threat to the Taj Mahal, Indian Oil Corp's Mathura Oil Refinery now presents a new profile as the cleanest and greenest crude oil processing unit in the country, winning several awards and a coveted certification by an international agency.
Visa cut will force US firms to outsource, says think tank
By IANS,
New Delhi : The US decision to cut visas to skilled manpower from countries like India would not protect American jobs, but goad American companies to opt for outsourcing, a leading think tank has warned.
In a report released Wednesday, RAND Corp., a non-profit global policy think tank, said curbing the inflow of foreign science and engineering workers would force US firms to outsource research and development or locate new facilities overseas.
Return of ‘feel good factor’ for Indian economy
(One Year of Modi gvernment)
By Biswajit Choudhury and Aparajita Gupta,
New Delhi : Recent reviews of global institutions and the prevailing investor confidence suggest...
France buys Casanova manuscript for record $9.5 mn
By DPA,
Paris/Frankfurt: The French government bought the manuscript of the autobiography of the legendary Italian womaniser and adventurer Giacamo Casanova for a record price, art advisor Christoph Graf Douglas told DPA Thursday.
Douglas said that France paid the German Brockhaus publishing family more than 7 million euros ($9.5 million), a world's record for a written manuscript.
The previous record for such a purchase was the 3.6 million euros, including fees and commissions, that was paid for the manuscript of Andre Breton's Manifesto of Surrealism in 2008.
NLC Tamilnadu Power to foreclose REC loan, mulls ECB
By IANS,
Chennai : To reduce its interest burden, NLC Tamilnadu Power Limited (NTPL) has decided to foreclose its loan account with Rural Electrification Corporation (REC) and go in for a mix of bank loan, external commercial borrowing (ECB) and bond issue.
The NTPL, a 89:11 joint venture between Neyveli Lignite Corporation Limited (NLC) and Tamil Nadu Electricity Board (TNEB), is setting up a 1,000 MW thermal power project in Tuticorin, around 600 km from here. The Rs.4900-crore project, to be commissioned during 2012-13, has a 70:30 debt-equity mix.
Will India achieve export target? Ministers differ
By IANS
New Delhi : Will India achieve the export target of $160 billion for the current fiscal despite the rupee appreciation? While Commerce and Industry Minister Kamal Nath is optimistic, his deputy Jairam Ramesh is not.
"We are very close to the export target despite all the problems posed by the appreciation of the rupee. The credit goes to our exporters and we may be able to achieve the target (of $160 billion)," Kamal Nath said on the sidelines of a conclave here organised by the Confederation of Indian Industry (CII).
OPEC crude price gains ground
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) has risen, after dropping $4.89 over the course of last week, OPEC said Tuesday.
One barrel (159 litres) of OPEC-produced crude stood at $122.10 Monday, compared with $121.68 the previous Friday.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
Bank interest rates may dip soon
By IANS
Mumbai : The Indian banking industry expects a decline in interest rates during the first quarter of next financial year(2008-09), Deepak Parekh, chairman of Housing Development Finance Corp (HDFC), said here Friday.
This, however, would happen only if the central bank, Reserve Bank of India (RBI), did not hike the cash reserve ratio (CRR), he added.
"Interest rates could go down by 25 basis point if RBI does not hike the CRR," Parekh said, addressing a global trade conference organised by Indian Merchants Chamber (IMC) as part of its centenary celebrations.
World Bank gives $50 mn loan for training minority youth
New Delhi : The World Bank on Friday signed a credit agreement of $50 million with India for education and skill training for minorities...
Declining oil prices will not lower inflation: Report
By IANS,
New Delhi : The recent decline in global oil prices will not lower India's rate of inflation, which will remain "stubbornly strong" in the coming days despite monetary tightening by the central bank, said economic analysis provider Moody's Economy.com Tuesday.
“The recent decline in global oil prices will not help cool consumer price inflation in India because energy prices - subsidised by the government - are still well below international market levels,” Sherman Chan, an economist with Moody's Economy.com said in a report.
Deccan opens first hangar in Chennai
By IANS
Mumbai : Low-cost carrier Air Deccan launched its first fully owned hangar for the maintenance and repair of its fleet at Chennai airport. The Rs.111.5 million hangar stretches over 6,503 sq metres, large enough to hold one Airbus aircraft or two ATR propeller aircraft.
Budget evokes mixed reactions from Andhra Pradesh industry
By IANS
Hyderabad : The union budget for 2008-09 has evoked mixed reactions from the industry in Andhra Pradesh. Information technology, biotechnology, textiles and tourism sectors have termed it as "disappointing" while some other sectors have described it as a balanced budget.
However, the industry has hailed the proposal for skill development mission, saying it would go a long way in improving the competitiveness of India Inc.
India’s Sensex down 322 points on dismal global cues
By IANS,
Mumbai : Indian equities markets ended deep in the red once again Thursday, with a key index dipping by more than 322 points to finish below the 8,500 mark on very dismal global cues.
“The minutes of the US Federal Open Market Committee (FOMC) released Wednesday reveal a very negative outlook,” Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the SMC Group told IANS.
RIL invests in Gopinath’s freight carrier Deccan 360
By IANS,
New Delhi : Mukesh Ambani-promoted Reliance Industries Ltd (RIL) Friday announced its investment in freight carrier Deccan 360.
In a regulatory filing, the RIL said the investment was being made by a wholly owned subsidiary of RIL. The investment, it said, would help Deccan 360 to increase its air and surface network coverage of the country.
RIL did not reveal any investment details.
Reliance gas price was not fixed at dinner table: Anil Ambani
By IANS,
Mumbai : Reliance Natural Resources chairman Anil Ambani Tuesday accused the petroleum ministry of being biased in the legal dispute with brother Mukesh Ambani-led Reliance Industries over the price of natural gas from the Krishna-Godavari basin.
Addressing shareholders of the company, he also said the government would not lose a single rupee even if the gas from the fields off the Andhra Pradesh coast were to be supplied to his company at the originally contracted price of $2.34 per unit.
More Highlights of Indian budget (Part 6)
By IANS
Complete loan waivers for farms up to 2 hectares
Weather based crop insurance scheme to continue
Rs.400 million for special tea fund
Rs.200 billion for irrigationwindow.onload...
Markets soar at opening bell
By IANS,
Mumbai : Indian equities markets resumed trade in the green Thursday after a two-day break, with a key index ruling 2.32 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,274.78 points, higher than its 8,160.40 point close Monday. About 10 minutes into trade, it was at 8,349.67 points, 2.32 percent or 189.27 points higher than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,619.15 points, 1.79 percent up from its last close of 2,573.15.
US government to control 36 percent of Citi; Pandit keeps his job
By Arun Kumar, IANS,
Washington : The US government Friday announced a deal with Citigroup that will give it control over as much as 36 percent of its common stock and replace a majority of its independent directors. But Indian American CEO Vikram Pandit and Chairman Richard Parsons will retain their positions at one of America's three largest bank holding companies.
In a call with investors, Pandit said the decision was difficult because of what it would do to current investors, but that the bank had little choice.
Iran to become large Aromatic, Ethylene producer by March 2015
By IRNA
Tehran : Iran will turn out to be a large producer of aromatic, ethylene, and methanol products by the end of Iranian calendar year of 1393 (March 20, 2015), according to predictions.
Based on initial estimates, Iran has the capacity to produce 98 million tons of petrochemicals per annum, of which 75 million tons are saleable, reported PIN.
The country has produced 3.141 million tons of different types of petrochemical products from March 21 to May 21, 2007.
OPEC crude price falls to $57.77
By DPA,
Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell to $57.77 Tuesday, the oil cartel said Wednesday.
One barrel (159 litres) of OPEC crude fell by $1.26 Tuesday from $59.03 Monday.
OPEC calculates an average basket price based on 13 important brands produced by its members.
‘Designers will always be together’
By IANS,
New Delhi : At a time when the fashion industry is witnessing fragmentation, designer duo Rohit Gandhi and Rahul Khanna of label Cue said here that there is no rift amongst designers, and that they will always be together.
On the third day of the ongoing Wills Lifestyle Fashion Week (WIFW), designer Rohit Bal, who is a part of parallel event - Delhi Fashion Week, came to watch the designer duo's show.
Little Christmas cheer for Indian tourism
By Paloma Ganguly, IANS,
New Delhi : Vipin Sharma, a Delhi-based travel agent, says he has lost over Rs.2 million worth of business this season. The Mumbai terror attacks and global economic recession almost seem to have pushed India off the tourism map.
"December is peak season. But almost all bookings - at least 70 percent of them by foreigners - have been cancelled," a despairing Sharma told IANS, echoing the concerns of hotel owners and tour operators across the country.
State Trading Corp looking at overseas contract farming
By IANS,
New Delhi : State Trading Corp (STC), India's official agency for import of various commodities, plans to enter new areas of business, including contract farming overseas for pulses, to step up its turnover to $4.6 billion this year.
"The company also targets a 40-percent increase in net profit. These increases have been projected in all the three segments of trade which include exports, imports and domestic trade," STC said in a statemrnt Tuesday.
Greenpeace gives good grades to Apple, Nokia, Sony-Ericsson
By DPA,
Las Vegas : From sinner to saviour: After years of heat from Greenpeace about its environmental record, Apple has become the example par excellence in the eyes of the ecology group after it studied the issue.
At the Consumer Electronics Show (CES) in Las Vegas on Thursday, Greenpeace heaped praise not only on Apple but also cell-phone makers Nokia and Sony Ericsson for their products and information technology guidelines.
At the bottom of the list in the Greenpeace study were Samsung, Dell, Lenovo and LG Eletronics.
Equities end green on lending rate cut hint
By IANS,
Mumbai : Despite opening weak on profit booking, Indian equities markets surged late afternoon after Finance Minister P. Chidambaram hinted that banks would reduce lending rates and finished Tuesday in the green.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 10,631.12, up 293.44 points or 2.84 percent from its previous close Monday at 10,337.68 points.
Malabar Gold to glitter soon in Gulf
By Fakir Balaji, IANS
Bangalore : Malabar Gold, the flagship division of the Kerala-based Malabar group of companies, has set its sights on the Gulf region to promote and hard-sell its range of jewellery, diamonds and designer watches.
In the run up to opening its exclusive outlets in Doha (Qatar) Manama (Bahrain), Muscat (Oman), Abu Dhabi (UAE), Riyadh (Saudi Arabia) and Kuwait, the company's overseas jewellery wing - Malabar Crystals and Diamonds, has set up an administrative office and wholesale division in Dubai last week to identify market locations and prepare the ground.
Mexican steelmaker to cut 12,000 jobs
By IANS,
Mexico City : Mexican steel giant Altos Hornos has said it would cut 12,000 jobs as part of "austerity measures" in the wake of the global recession, EFE reported Wednesday.
The firm said an upgradation project worth $287 million of its iron mines has been postponed indefinitely. The plan was expected to boost the company's annual production capacity by 40 percent to 4.6 million tonnes of liquid steel.
The firm said further retrenchment was possible if the economic situation did not improve.
BSE launches Sensex Futures in the US
By IANS
Chicago : The Bombay Stock Exchange (BSE) Friday launched trading of Sensitive Index-based Futures on the US Futures Exchange (USFE) here amid what was described as a "lot of excitement" among emerging market hedge fund managers and other US investors.
The electronic trading began without any formal ceremony at 9 a.m., signalling the beginning of an era of global integration for the BSE.
Sharma to reveal states which supported FDI in retail
By IANS,
New Delhi: Commerce Minister Anand Sharma Saturday said he would disclose in parliament the states which supported the decision to allow foreign capital in the multi-brand retail sector.
Government to spend Rs.8.5 bn on Madhya Pradesh airports
By IANS,
Bhopal : The central government will spend Rs.8.5 billion ($202 million) on the expansion of airports and extension of air services in Madhya Pradesh, Civil Aviation Minister Praful Patel said here Friday.
"Expansion of air services will not be affected by the rise in international oil prices. The government will spend Rs.8.5 billion on the expansion of airports in Bhopal, Indore, Jabalpur and Khajuraho. Gwalior's military airbase will also be taken care of," said Patel, who was here to attend a meeting of the Nationalist Congress Party (NCP).
Amara Raja Batteries enters two-wheeler segment
By IANS,
Chennai : Amara Raja Batteries Ltd Monday launched its two-wheeler batteries here and targets to sell around 750,000 units this fiscal, said a top company official.
Launching the two-wheeler battery branded as Amaron Pro Bike Rider here, managing director Jayadev Galla told the media: "We have created a capacity to make one million batteries at an outlay of Rs.250 million. We hope to make 75 percent of that for two-wheelers and the balance for uninterrupted power systems (UPS)."
Nestle wins EU approval to buy Novartis nutrition business
By Xinhua
Brussels : The world's biggest food and beverage company Nestlé has won conditional approval from the European Union (EU) to buy the nutrition business of pharmaceutical giant Novartis.
One of world’s largest malls set for October opening in Dubai
By Aroonim Bhuyan, IANS,
Dubai : Come Oct 30 and tourists across the world will have another reason to visit this desert oasis city as one of the world's largest malls will open its doors to the public.
Emaar Malls Group, a subsidiary of the United Arab Emirates (UAE)-based real estate major Emaar Properties, has finalized the date for the inauguration of The Dubai Mall, it was announced here.
India’s annual inflation rises 7.31 percent in December
By IANS,
New Delhi : India's annual rate of inflation, based on wholesale prices index, rose sharply to 7.31 percent in December from 4.78 percent in the previous month mainly on account of increasing food prices, official data released Thursday showed.
The annual inflation rate was 6.15 percent in December 2008.
The latest data released by the commerce ministry showed prices of food articles jumped 19.17 percent last month, while those for primary articles rose 14.88 percent, and fuel, power, light and lubricants by 4.29 percent.
We will maintain growth, tame inflation: Chidambaram
By IANS
New Delhi : The government will take all possible steps to ensure momentum of high growth is maintained and inflation is kept under check, Finance Minister P. Chidambaram said Monday.
"We will make every effort to maintain growth rate at well over 8 percent and close to 9 percent," Chidambaram told parliament, amid worries of slowdown that resulted in the second-steepest fall in a key share market index.
IT giant Satyam ties up with Faritec in S. Africa
By Fakir Hassen, IANS
Johannesburg : A partnership between Indian IT giant Satyam and South African listed company Faritec is expected to boost employment and create new opportunities in the African telecommunications market.
The strategic partnership follows the recent appointment of Satyam to support the 2009 FIFA Confederations Cup and the 2010 Soccer World Cup in South Africa. The contract is worth millions of dollars.
Japanese carmakers increasingly eye foreign markets
By Lars Nicolaysen, DPA
Tokyo : Japan's automotive industry is increasingly pushing into overseas markets like China and India as sales turnovers at home are declining slowly, but steadily and stimulating growth abroad is seen as a way to offset this development.
Toyota in particular seems intent on fortifying its overseas business this year and in the process unseating US competitor General Motors as the world's largest car seller.
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).
GSPC gets eco-clearance for 16 more wells in KG basin
By IANS,
Gandhinagar : The state-owned Gujarat State Petroleum Corporation (GSPC) has acquired environmental clearance for 16 of its additional wells to be drilled in its Deendayal gas field in the Krishna-Godavari (KG) basin on the eastern coast of India, a state official said here Monday.
The industry department official said the 16 additional wells in the Block KG-OSN-2001/3 received clearance from the environment and forests ministry for exploration after the firm submitted a pre-feasibility report a month back.
Court orders website owner not to use Anil Ambani name
By IANS
New Delhi : The Delhi High Court Monday restrained a person from using the website domain name of Anil Ambani following a complaint by the industrialist that someone was spreading false and misleading information about his group.
The court restrained the squatter from using a website with the domain name www.anilambani.com, saying it was a deliberate attempt to harm Ambani's business interests and transferred the domain name to him.
BlackBerry makers to set up innovation zone in Kochi
By IANS,
Kochi : The manufacturers of BlackBerry, Research in Motion (RIM), will Thursday open an innovation zone for BlackBerry technologies with a view to motivating young Indian entrepreneurs.
Cisco to invest $16 bn in China
By Xinhua
Beijing : Cisco will expand its investment in China to $16 billion during the next five years, according to a post on Cisco's website Thursday.
The multi-year investment includes material procurements, venture capital, vocational education and other areas.
Cisco signed a memorandum of understanding (MoU) with Alibaba Group, China's biggest online business-to-business company, Thursday that would provide "IT solutions to small and medium enterprises at affordable prices".
RIL’s Maha Mumbai SEZ proposal to get a year’s extension
By IANS
New Delhi : Reliance Industries' proposal to establish a multi-product special economic zone (SEZ) in Maha Mumbai is to get an extension by a year from the government to enable it to reduce its size to 5,000 hectares to comply with new SEZ rules.
"We would extend the Maha Mumbai SEZ for one year with the reduced size to 5,000 hectares ... The file is currently under process in the ministry," Commerce Secretary G.K. Pillai told reporters here Wednesday.
Global gold jewellery demand reaches record $14.5 bn
By IANS
Dubai : Global demand for gold jewellery in the second quarter of 2007 has reached a record $14.5 bn mark, 37 percent more than the corresponding period of 2006, according to figures released by the World Gold Council (WGC) here.
According to WGC, identifiable demand of gold has made a substantial recovery from the impact of the volatile prices experienced in 2006, WAM news agency reported.
Total demand has reached 922.0 tonnes, indicating 19 percent increase in tonnage terms as compared to the second quarter of 2006.
World bank clears $200-million Himachal loan
Shimla, Sep 27 (IANS) The World Bank has approved a $200-million loan to Himachal Pradesh to carry out fiscal reforms and promote environmentally sustainable development.
A state government official said here Thursday: "The loan is designed to create fiscal space to support the state's development vision and promote environmentally sustainable development. It aims to enhance growth and employment, especially in the private sector, besides improving governance and public administration."
Tamil Nadu trawler fishermen seek other work
By IANS
Chennai : A UN-supported workshop on fishing in Tamil Nadu's over-exploited 1,000-km coastline found that nearly a quarter of the trawler fishermen of the Palk Bay are ready to take up alternative work.
Participants, including government officials, international experts, NGOs and fishing community leaders, voiced concern that "inefficient and destructive fishing is on the rise" and said there was urgent need for regulations.
SC gives centre six weeks to appoint three central information commissioners
New Delhi : The Supreme Court on Friday asked the Centre to appoint three information commissioners, within six weeks, from among the applicants who...
UAE to generate 70 per cent of GDP from non-oil sector by 2010
By NNN-WAM
Dubai : The UAE will have 70 per cent of its gross domestic product generated from non-hydrocarbon sectors such as construction, real estate and financial services by 2010, making it attractive to foreign businesses wanting to set up operations overseas.
The country will lead Saudi Arabia, Qatar and the rest of the Gulf Cooperation Council members in terms of moving away from too much dependence on the oil and gas industry, according to NCB Capital, the asset management and investment arm of Saudi Arabia-based National Commercial Bank.
Bleak start to the week for equities markets
By IANS,
Mumbai : Indian equities markets made a disappointing start to the week as a key index fell more than 140 points by around noon Monday.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading at 9,185.95 points, a fall of 145.09 points or 1.56 percent from its previous close of 9,328.92 points.
Analysts feel that the markets are still in a correction mode given the bleak economic outlook across the globe.
Top gainers at the Sensex were Satyam Computer and Ranbaxy Laboratories.
Chavez buys a million laptops from Portugal
By IANS,
Lisbon : Venezuelan President Hugo Chavez has signed an agreement to buy one million laptop computers from Portugal during a visit to the Iberian nation, the EFE news agency reported Sunday.
The agreement was signed at a function Saturday following a meeting between Portuguese Prime Minister Jose Socrates and Chavez, who praised his country's bilateral relations with Portugal.
Government invites striking truckers for talks
By IANS,
New Delhi : Transport Minister T.R. Baalu Saturday urged leaders of truckers across the country to come for talks and to end their six-day-old strike that has hit the economy hard.
"We want ot impress upon the strikers to kindly call off the strike, come forward (for talks). We are ready to discuss (their demands)," the minister told reporters here.
He said the government had been making the appeal every day. "Even now I am requesting through you (media)."
Tata Motors posts Rs.2,505 crore loss
By IANS,
Mumbai : Leading vehicle maker Tata Motors has posted a huge loss of Rs.2,505.25 crore ($520 million) in 2008-09 as against a profit of Rs.2,167.7 crore recorded the year before, thanks to the global slowdown and losses made by its British unit.
Its turnover, however, almost doubled to Rs.70,938.85 crore last year from Rs.35,660.07 crore in 2007-08, the company said in a statement.
India may grow still faster; inflation a ‘big worry’: RBI chief
By Arun Kumar, IANS,
Washington: India's economic growth this year may be "slightly higher" than the currently estimated 7.2 percent but faster inflation is a "big worry", according to Reserve Bank of India Governor Duvvuri Subbarao.
Speaking at the Peterson Institute for International Economics think tank in Washington Monday, Subbarao did not suggest an exact number, but in a speech to the steering committee of the International Monetary Fund here he had given an estimate of at least 8 percent in the 2010-11 fiscal year.
Cabinet approves rail line electrification
By IANS
New Delhi : The 809-km Barauni-Katihar-Guwahati section of the East Central and North East Frontier Railways will be electrified soon, the government announced Thursday.
The Cabinet Committee on Economic Affairs (CCEA) presided over by Prime Minister Manmohan Singh approved the railway ministry proposal, Finance Minister P. Chidambaram said.
"The electrification of Barauni-Katihar-Guwahati rail track will facilitate long distance freight and passenger trains, including Rajdhani and Garib Rath Express," Chidambaram told reporters after the meeting.
Krishna-Godavari gas output being kept low: Anil Ambani firm
By IANS,
New Delhi: Anil Ambani-led Reliance Natural Resources Ltd (RNRL) Tuesday once again said production at the D6 block in the Krishna Godavari (KG) hydrocarbon basin was being artificially curbed.
Raipur airport to be upgradeed with Rs.1.36 bn investment
By IANS,
Raipur : The Airports Authority of India (AAI) will invest Rs.1.36 billion for construction of a new integrated terminal at the Raipur airport, Civil Aviation Minister Praful Patel said here Friday.
"The AAI will be investing Rs.136 crore (Rs.1.36 billion) for a new integrated terminal at Raipur airport to make it an international-standard airport," Patel said here at a function to lay the foundation stone for the new terminal building.
Fresh dearness allowance instalment for government employees
By IANS
New Delhi : The cabinet Thursday approved release of an additional instalment of dearness allowance (DA) and dearness relief (DR) to central government employees and pensioners, retrospectively from July 1 - entailing a burden of Rs.32.84 billion on the exchequer.
"The rate of DA from July 1, 2007 will be 41 percent for all central government employees, constituting an increase of six percent over the existing 35 percent," Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.
EU approves proposed acquisition of Novalis by Hindalco
By IANS
Brussels : Now why should the takeover by an Indian company of an American company attract the attention of the European authorities in Brussels?
Biocon sells unit to Danish firm for $115 mn
By IANS
Bangalore : Biocon Ltd, India's leading biotechnology firm, has decided to divest its enzymes business vertical to Novozymes A/S of Denmark for $115 million (Rs.4.7 billion) in an all-cash deal.
A top Biocon official told IANS here Wednesday that the Danish firm would pay $102 million (Rs.4.13 billion) by October this year and the balance over a period of 10 years.
Funding for regional rural banks approved
By IANS
New Delhi : The 27 financially-stressed regional rural banks, whose net worth has turned negative, will now get funds from the central government to induct fresh capital and revive their operations, it was announced Wednesday.
In a decision taken by the union cabinet, the central government will contribute 50 percent towards fresh capital of these banks, estimated at Rs.8.97 billion ($228 million). The re-capitalisation needed by the banks is assessed at Rs.17.95 billion.
Reliance Power to invest $28 billion in 13 projects
By IANS
Hyderabad : Reliance Power Ltd, part of the Reliance Anil Dhirubhai Ambani Group (RADAG), will generate over 28,000 MW of electricity by building 13 projects in the next 6-7 years with an investment of $28 billion.
Lalit Jalan, director, Reliance Power, told a news conference here Monday that the Indian electricity sector offered huge opportunities as the demand for energy was expected to grow by eight percent during the 11th plan period (2007-12) and by nine percent during 12th year plan period (2012-17).
Bank of India’s net profit up 76 percent
By IANS,
Mumbai : Bank of India Friday announced a consolidated net profit of Rs.19.59 billion ($489.96 million) during the fiscal year 2008 compared to Rs.11.08 billion ($277 million) for the year ended March 31, 2007.
The total income increased to Rs.145.28 billion ($3.63 billion) for the year ended March 31, 2008, from Rs.105.07 billion ($2.62 billion) in the year-ago period.
Indian equity markets open cautiously after terror strikes
By IANS,
Mumbai : The investor mood was clearly sombre as a key Indian stock market index opened with a loss of 137.54 points when trading resumed for the first time Friday since the terror attacks here in the country's commercial capital but quickly went into the green.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 8,889.18 points, against the previous close at points 9,026.72. But it quickly climbed to 9,049.95 points - a marginal gain of 23.23 points, or 0.26 percent.
Status quo on tax rates in India’s high-deficit mini-budget
By Arvind Padmanabhan, IANS,
New Delhi : In an exercise that has disappointed India Inc and the average citizen alike, External Affairs Minister Pranab Mukherjee Monday tabled a Rs.953,231-crore (Rs.9.53 trillion/$190.6 billion) interim budget for 2009-10 that keeps tax rates unaltered and steps up social sector spending, while giving a skip to fiscal prudence in times of "extraordinary" circumstances.
Mamata kicks off indefinite protest at Singur
By IANS,
Kolkata : Opposition Trinamool Congress chief Mamata Banerjee Sunday kicked off an indefinite protest by thousands near the Tata Motors small car factory site in Singur in West Bengal to demand return of 400 acres of farmland acquired for the project.
The Trinamool chief reached Singur at 2 p.m., accompanied by Samajwadi Party leader Amar Singh, social activist Medha Patkar, former Congress leader Soumen Mitra, Krishi Jami Jiban Jibika Raksha Committee (Save Farmland Committee) Convenor Purnendu Bose and other political and social activists.
Luxury gem tanzanite to be promoted in India
By IANS
Jaipur : The rich and famous in the US are flaunting their tanzanite jewellery. Film stars like Salma Hayek, Elle MacPherson and Teri Hatcher are wearing it. Indians, too, will soon have their chance to buy this rare gem if trade bodies are able to successfully promote it in the country.
The Tanzanite Foundation and Jaipur jewellery Show (JJS) have decided to work together to promote tanzanite in the next two years at trade shows, as well as through collaborations with some of India's leading jewellery designers and brands.
Continental Group to buy Modi Tyres
By IANS,
Mumbai : The world's fourth largest tyre company, Germany based Continental Group, has signed an agreement to buy the tyre unit of Modi Rubber.
France, Germany find little common ground on economy
By IRNA,
Paris : President Nicolas Sarkozy and Chancellor Angela Merkel met on Monday to work out a coordinated response to Europe's deepening recession.
But when it came to specifics, they agreed only on what they did not want: to follow Britain's lead and cut the sales tax.
With consumer prices receding in the euro zone, cutting consumer taxes "is not the right answer for France and Germany," Sarkozy said at a joint news conference with Merkel at the Elysee Palace.
Key Indian market index slips by over 600 points
By IANS
Mumbai : The Indian equities market extended its losses in afternoon trade Monday on fresh selling in index pivotals.
Market sentiment was also dampened on reports that the Institute of Chartered Accountants of India (ICAI) has asked companies to disclose losses reflecting its current value from the current fiscal.
The BSE Sensex dipped below the 16,000 mark early Monday afternoon, as 28 stocks from the 30-member Sensex pack declined. IT pivotals extended their early fall on fresh selling pressure.
Despite the sharp fall, the market breadth was positive.
Market ends with hefty gain, surges 312 points
By IANS,
Mumbai : The Indian equities market ended the last day of the trading session of the week with a hefty gain Friday. The banking and realty sectors led the gaining rally. Except metal, all sectoral indices ended the day in green.
With strong cues emerging from global markets, the markets started the day on positive zone and by mid afternoon extended their gains and continued the gaining rally till the close of the trading session.
Eurozone economic sentiment hits 32-month high
By DPA,
Berlin : The 16-member eurozone's economic recovery gained further traction in April with a key business sentiment survey released Thursday hitting a 32-month high.
The London-based economics research group Markit's preliminary composite purchasing managers' index (PMI) rose more than forecast from 55.9 in March to 57.3 points in April to record its ninth consecutive monthly increase.
Sensex soars 348 points, closes above 19,000 points
By IANS,
Mumbai : After two consecutive days of subdued trading, a benchmark index for Indian equities markets Thursday soared over 348 points to close above the 19,000 mark.
Toonz Animation short-listed for Global Tech Showcase
By IANS,
Thiruvananthapuram : The city-based Toonz Animation India Ltd, one of the premier animation studios in Asia, has been short-listed for the Global Tech Showcase 2008 (GTS-2008), an international business event that will be held in La Brule, France, in June this year.
The show will offer opportunities for companies from around the world to launch and accelerate their businesses in Europe.
Hundreds of corporate and political leaders as well as government officials and ministers from Europe will attend the event.
“We celebrated abrogation of Article 370 but we didn’t know Jammu will be its...
Two years after the BJP government abrogated Article 370 of the erstwhile state of Jammu and Kashmir, the region where it promised the abrogation...
Sensex slips from day’s highs
By IANS,
Mumbai : A benchmark index for Indian equities Friday slipped from the morning highs and was ruling 66 points higher than its previous close in afternoon trade.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,533.88 points, was ruling at 17,640.59 points, 66.6 points or 0.38 percent higher than its previous close at 17,573.99 points.
In the morning trade, the Sensex touched 17,725.88 points - a rise of 150 points.
Intel to roll out portable PCs in Indian schools
By Fakir Balaji, IANS
Jaipur : Global chipmaker Intel Corp is all set to roll out its Classmate PC, a portable mini-notebook, in Indian schools from August to digitally enhance the existing teaching format.
The Indian subsidiary of the $39-billion silicon firm has tied up with HCL Infosystems to hard sell the novel educational tool in thousands of schools across India for empowering students and teachers with computer literacy.
Sensex manages to hold onto gains, up 67 points
By IANS,
Mumbai : A key index of the Indian equities markets managed to hold on to morning gains and was ruling 67 points in the green around Monday noon, dipping from the 115 points rise it saw earlier.
Around 12 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,591.28 points, was ruling at 14,589.67 points, 67.78 points or 0.47 percent above Friday's closing figure.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) too was ruling in the green, 0.08 percent up at 4,317.2 points.
Manmohan Singh lands in Colombo for SAARC Summit
By IANS,
Colombo : Indian Prime Minister Manmohan Singh arrived in Sri Lanka Friday afternoon to attend the 15th summit of the South Asian Association for Regional Cooperation (SAARC) that groups eight countries from the world's most populous region.
Manmohan Singh joins leaders from Afghanistan, Nepal, Bhutan, Bangladesh, Pakistan and the Maldives besides host Sri Lanka during the two-day summit in the very heart of Colombo from Saturday.
India will hand over the chairmanship of SAARC to Sri Lanka in Colombo.
Kerala launches coconut procurement scheme
Kozhikode (Kerala)(IANS) : In a bid to ensure a fair price for the farmers in the state, the Kerala government Saturday launched a scheme to buy nearly 40 million coconuts from farmers.
The government will procure de-husked and split coconuts at a rate of Rs.11 per kg from farmers in the districts of Kozhikode, Kannur, Malappuram, Alappuzha and Kollam.
Coconut is an important component of Kerala's agrarian economy. Coconut farmers numbering around 3 million have been facing a severe crash in prices.
CII welcomes cash reserve ratio cut
By IANS,
New Delhi : The Confederation of Indian Industry (CII) has welcomed the cut in the cash reserve ratio (CRR) by 100 basis points to 6.5 percent, but urged the central bank to reduce it further to five percent.
The Reserve Bank of India (RBI) Wednesday cut the CRR to release Rs.400 billion into the system.
"The CRR cut by 100 bps was very much needed to infuse additional liquidity into the system and in fact, the CII would like the CRR to go back to five percent level,” CII director general Chandrajit Banerjee said in a statement.
World Trade Organization talks collapse
By DPA,
Geneva : World Trade Organization (WTO) talks on the conclusion of the Doha round broke off Tuesday after nine days amid differences over opening of agriculture markets pitting the US on one side and India and China on the other.
Delegation members said the talks could be renewed in the autumn after some 40 ministers were unable tie up a compromise package aimed at liberalising global trade after China, India and the US failed to agree on the farm import rules.
Drop in EU-India trade flows: Report
By IANS,
Brussels: The European Union (EU) exports to India between January and April stood at 8.3 billion euros (about $11 billion), while the figure in the same period last year was 10.3 billion euros (about $14 billion), the EuAsiaNews said Friday.
The Eurostat, statistical bureau of the EU, said the trade flow of the 27-member European block with all its major partners, including India, fell in the first four months of this year.
Make monsoon forecast accurate for farmers: Chidambaram
By IANS
New Delhi : Finance Minister P. Chidambaram Friday asked meteorologists to give an accurate monsoon forecast to help farmers in sowing crops.
"Agriculture production in India is largely dependent on monsoon and we must do accurate forecast. It will help our farmers in sowing crop in right time and reduce cost of production," Chidambaram said.
He was speaking at the first anniversary celebrations of the formation of the Ministry of Earth Sciences.
New Delhi : Finance Minister P. Chidambaram Friday asked meteorologists to give an accurate monsoon forecast to help farmers in sowing crops.
"Agriculture production in India is largely dependent on monsoon and we must do accurate forecast. It will help our farmers in sowing crop in right time and reduce cost of production," Chidambaram said.
He was speaking at the first anniversary celebrations of the formation of the Ministry of Earth Sciences.
Euro falls against US dollar
By SPA
Berlin : The euro fell against the U.S. dollar on Wednesday, as traders anticipated the release of new economic data from the U.S. later today, including on inflation.
According to Ap, in morning European trading, the euro bought US$1.4717, down from the US$1.4732 it bought late Tuesday in New York trading.
The US data, which is expected to give a better idea of how the American economy is faring, will include housing starts and the January consumer price index.
Indias annual budget for 2008-09 presented; focus on defence and social sectors
By KUNA
New Delhi : Indias annual budget for the 2008-09 was announced Friday with major amount of money being allocated to the countrys defence, education, health and agriculture sectors.
Announcing the budget in the Indian Parliament here today, Finance Minister P Chidambaram said defence budget was increased by 10 per cent to 26.5 bn usd and added that more money would be provided if required.
Malaysia to adopt nuclear route to augment energy sources
By IANS,
Kuala Lumpur : Malaysia is to go in for nuclear energy as an alternative source of power generation by 2020 and a paper identifying sites for installing nuclear plants would be submitted to the cabinet by the year end, it was announced Monday.
The paper would identify the criteria and sites suitable for the location of nuclear plants in the country, said Deputy Science, Technology and Innovation Minister Fadillah Yusof.
He said the paper was being worked out by members of his ministry and the Energy, Water and Communications Ministry.
Punjab Chemicals profit rises 276.56 percent
By IANS,
Mumbai : Punjab Chemicals and Crop Protection Ltd Monday announced a consolidated profit after tax (PAT) of Rs.265 million during fiscal 2007-08 compared to Rs.70 million the previous year, recording a growth of 276.56 percent.
The company said that its net sales also rose by 61.36 percent at Rs.5.62 billion from Rs.3.48 billion while earnings per Share (EPS) on annualised basis stood at Rs.37.75 for the year ending March 31, 2008.
Strike hits international air passengers in Kerala
By IANS,
Thiruvananthapuram : The nation-wide strike Wednesday called by Left trade unions is taking a heavy toll on both arriving and departing passengers at the three international airports in Kerala.
Chief of Air India H.A.Munaf told IANS that even though their flight operations were on schedule, passengers were finding it difficult to cope with the situation.
"Many had arrived quite early to the airport and some are caught up at the airports because public transport is off the road causing a lot of hardships," said Munaf.
Foreign funds investment crosses $3-bn mark
By IANS,
Mumbai : Foreign inflow of money into Indian equities markets has crossed the $3-billion mark since January, with as much as $2 billion coming in the last five trading sessions, data with the market regulator shows.
Securities and Exchange Board of India (SEBI) data showed foreign funds infused about $3.15 billion ($3,153.9 million) between January 1 and May 21.
The last five trading sessions starting May 14 brought in over $2.03 billion ($2,033.9 million) with the biggest infusion made May 20 ($1,062.3 million) and May 14 ($828 million).
‘Central bank measures will not affect credit flow’
By IANS
New Delhi : Finance Minister P. Chidambaram Wednesday said the hike in the cash reserve ratio (CRR) announced by the central bank a day earlier will not affect the flow of credit from commercial banks.
"The Reserve Bank of India is concerned with excess liquidity," Chidambaram told reporters here after a meeting with the chief executives of commercial banks, a day after the central bank reviewed the monetary and credit policy for 2007-08.
New Delhi : Finance Minister P. Chidambaram Wednesday said the hike in the cash reserve ratio (CRR) announced by the central bank a day earlier will not affect the flow of credit from commercial banks.
"The Reserve Bank of India is concerned with excess liquidity," Chidambaram told reporters here after a meeting with the chief executives of commercial banks, a day after the central bank reviewed the monetary and credit policy for 2007-08.
Vaghela weaves yarns of hope for textile sector
By IANS,
Bangalore : Textiles Minister Shankarsinh Vaghela Saturday sought to dispel the gloom engulfing the Indian textile sector, reeling under global economic downturn, slump in export orders and liquidity crunch.
"These are hard times. If the West sneezes, we have a habit of catching cold. The prevailing uncertainty due to global recession is bound to impact us. In such challenging times, we must focus on the domestic market, which is still insulated from the financial meltdown," Vaghela said, inaugurating the eighth India international textile machinery exhibition here.
Iran, Pakistan, India aim to sign pipeline pact in July
By Xinhua
Tehran : Iran, Pakistan and India are striving to sign an agreement in July to export natural gas from Iran to the two nations, the official IRNA news agency reported Sunday quoting an Iranian minister.
India will protect intellectual property: Modi
New York: Prime Minister Narendra Modi has assured the global innovative industry that India not just values intellectual property but will also protect...
Tamil Nadu tells MRF to settle labour dispute in a week
By IANS
Chennai : The Tamil Nadu government Wednesday told tyre maker MRF Ltd that it would take over its plant if the company did not reopen the unit in north Chennai within a week.
MRF's tyre making factory in Tiruvottiyur has been padlocked since December 2007.
The company has accused its employees of "indiscipline and being unable to meet productivity norms".
"The MRF management should find a solution to the labour problem in its units within a week's time," Electricity Minister Arcot N. Veerasamy told the state legislative assembly.
Gujarat business community’s thumbs up to Modi
By IANS
Ahmedabad : Gujarat's business community Sunday congratulated Chief Minister Narendra Modi for winning the assembly elections, calling it as a vote for development.
"Modi's victory is a vote for development by the 55 million Gujaratis who are satisfied with his concept of development," said Parul Jayakrishna, president of the Gujarat Chamber of Commerce and Industry.
"It is also a vote for 'Vibrant Gujarat' (a series of investor meets organised by Modi) and sets the pace for moving forward towards a 'Golden Gujarat'," she said.
US stocks up for third week in a row
By DPA,
New York : US stocks closed higher Friday, capping a third straight week of gains for the first time since October on better-than expected jobless figures.
The Labour Department reported that 20,000 jobs were lost in April but the unemployment rate fell to five percent. It was the fourth consecutive month of job losses but well below the 81,000 lost in March.
Energy shares gained but retail stocks declined as crude oil climbed more than 3 dollars to $116.30 per barrel. Chevron, the second-largest US oil company, reported a 10-percent increase in profits to $5.2 billion.
Equities markets open weak, slide into red
By IANS,
Mumbai : Indian equities markets opened weak Friday and continued to slide half an hour into trading on weak global cues, especially in the Asian markets, analysts said.
Although US Congressmen have announced a tentative bipartisan agreement on the $700 billion bailout plan, the specifics have still not been announced.
Indian Petroleum Minister to visit Pakistan
By SPA
Islamabad : Indian Petroleum Minister Murli Deora is likely to visit Islamabad in the first week of February for talks with Pakistan to resolve issues pertaining to $7 billion Iran-Pakistan-India (IPI) Gas Pipeline project, particularly the issue of transit fee, officials said.
Pakistan s (former) Minister for Petroleum and Natural Resources Amanullah Khan Jadoon had invited Deora to visit Pakistan during their meeting in London.
Markets quiet, still in the red
By IANS,
Mumbai : Indian equities markets continued to trade below their last closing figure, with a key index ruling about 0.39 percent below it previous close, a little before noon Wednesday.
The Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 9,745.77 points, stood at 9,670.39 points, 0.39 percent or 38.11 points below its previous close at 9,708.5 points Tuesday.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 2,994.2 points, 0.89 percent down than its last close of 3,020.95.
World’s oldest brokerage vanishes under globalising Indian umbrella
By Dipankar De Sarkar, IANS,
London : The world's oldest brokerage firm has faded into history after its famous name was scratched out by its Indian owners as part of ambitious plans to establish a global financial services umbrella.
Indian financial services giant Religare, which acquired the 200-year-old British firm Hichens Harrison in 2008 to be known as Religare Hichens Harrison in London, renamed itself Religare Capital Markets at an event Wednesday.
General Motors to shut down Thailand plant for two months
By DPA,
Bangkok : In one of the first blows to be felt from the "Hamburger Crisis" in Thailand, General Motors Thursday announced plans to close its Thailand plant for two months, paying employees 75 percent of their wages.
"If we don't close down we will have an oversupply," said GM spokesman Chartchai Suwannasevok, confirming the US giant's plan to close its plant in Rayong province for the months of December and January.
Around 1.15 million expats in Kuwait’s private sector
By IANS,
Dubai : Around 1.15 million expatriates worked in Kuwait’s private sector till June this year, according to new figures.
The figures, released by Kuwait’s central census department, showed that males made up 93.5 percent of these expatriate workers, according to the state-run Kuwait News Agency (KUNA).
The report, however, did not give a break-up of the nationalities of these workers.
According to the census figures, around 67.7 percent of the expatriates got salaries lower than 180 Kuwaiti dinars ($673).
Bajaj launches new Pulsar, says it is fastest
By IANS,
New Delhi : India's second largest two-wheeler manufacturer Bajaj Motors Tuesday launched a new variant of its popular bike Pulsar, priced at Rs.70,000 (ex-showroom Delhi).
"We have been continuously evolving our Pulsar range to provide our customers state-of-the-art product with unmatched performance and technology," Bajaj Auto chief executive (two-wheelers) S. Sridhar told reporters here.
"The new edition of Pulsar-220 has further raised the bar in the performance segment by becoming India's fastest bike," he added.
Siemens PLM plans to ramp up business
By IANS,
Kolkata : Global provider of product lifecycle management (PLM) software and services Siemens PLM Software is planning to scale up its business in India by upgrading products and adding new customers, a top company official said here Saturday.
"We have a two-fold strategy to scale up our business in India. Firstly, we will have to upgrade and add new products to cater to the needs of existing customers and secondly, we have to add new customers," Siemens director-marketing Vivek Marwaha told reporters.
Indo-Russian trade should reach $10 bn by 2010: PM
By Manish Chand, IANS
Moscow : Calling for more Russian investment in India, Prime Minister Manmohan Singh Monday set a target for bilateral trade to increase to $10 billion by 2010.
India and Russia set up a joint task force to explore ways to take concrete steps to accelerate trade and investment ties on the basis of a report at a joint study group.
At a meeting of Indian and Russian businessmen, Singh stressed the need for increased contacts between the business communities of the two countries that have been hobbled by visa problems.
After ITC unit, Hindustan Lever faces lockout in Nepal
By Sudeshna Sarkar, IANS
Kathmandu : After the closure of the tobacco factory of ITC's subsidiary in Nepal, another multinational now faces an indefinite lockout in the labour trouble-torn Himalayan nation.
Nepal Lever, Hindustan Lever's subsidiary in Nepal, has had its factory in Basmadi village in central Makwanpur district padlocked since Sunday.
The closure was called by a group of youths who are asking the management to give priority to locals during employment.
HCL eyes significant growth, opens Greater Noida facility
By IANS
Noida : Indian IT bellwether HCL Technologies Ltd. Thursday said it is aiming to achieve 30 percent sales growth every year over a period of five years.
HCL Tecnologies, part of $4.4 billion HCL Enterprise, is also targeting software exports to the tune of $1 billion within the next five years from its new facility in Greater Noida, near New Delhi, which was inaugurated Thursday.
"We are targeting 30 percent growth in revenues in the next five years," Shiv Nadar, founder of HCL, told reporters here.
British, Indian varsities to start angel investment network
By Prashant K. Nanda, IANS
New Delhi : Many technological innovations and research findings by Indian and British varsities will no longer remain confined to laboratories and will find their way to the market thanks to monetary help and advice from the UK India Business Council (UKIBC).
British Prime Minister Gordon Brown, who arrives in India Sunday, will unveil a unique angel investment network during his visit.
Fuel price hike in India to hit Nepal hard
By Sudeshna Sarkar, IANS,
Kathmandu : India's decision Wednesday to hike fuel prices will hit its northern neighbour hard, causing Nepal's state-run sole oil importing agency a loss of billions of rupees per month and escalating an already grave fuel crisis in the country.
Nepal Oil Corporation, which imports fuel from India's Indian Oil Corporation, is currently smarting under a Nepali Rs.2.70 billion ($42 million) loss per month following a hike in global fuel prices in May.
Sensex ends deep in red, down 322 points
By IANS,
Mumbai : Indian equities markets ended deep in the red once again Thursday, with a key index dipping by more than 322 points to finish below the 8,500 mark.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 8,451.01, down 322.77 points or 3.68 percent from its previous close at 8,773.78.
The Sensex opened very weak at 8,400.88, down 372.9 points or 4.25 percent from its previous close Wednesday and hit an intra-day low of 8,316.39 before recovering a little to its final closing value.
Barrett to push Intel programmes in India, Bangladesh
By IANS
Bangalore : Intel Corporation chairman Craig R. Barrett is visiting India and Bangladesh from Monday to strengthen the chip-maker's education and healthcare programmes aimed at using technology for empowering the common folk.
On his ninth trip to India and first to Bangladesh, the techno evangelist will interact with governments and local industries on the benefits of Intel's World Ahead Programme (WAP) in training teachers and students in digital technology.
Satyam an ‘isolated’ case in Indian corporate world: Pranab
By IANS,
Kolkata : The Rs.70 billion (Rs.7,000-crore/$1.43 billion) Satyam Computer Services scam is an "isolated" case in the corporate sector of India, External Affairs Minister Pranab Mukherjee said here Saturday.
"The Satyam scam has undoubtedly impacted our securities market. (But) Satyam is an isolated issue," Mukherjee said at the fourth international convention organised by the Association of NSE Members of India.
Dollar nears 100 yen
By SPA
Hong Kong : The dollar teetered on the brink of the 100 yen mark on Thursday as doubts set in about the U.S. Federal Reserve's latest bid to support credit markets, sending stocks tumbling and keeping oil close to $110 a barrel, Reuters reported.
The Fed's offer to accept mortgage bonds as collateral had sparked the biggest daily gains for five years on the Dow Jones industrial average and Nasdaq on Tuesday, but worries about the U.S. economy flooded back on Thursday.
G7 ministers agree on new wave of financial regulations
By DPA
Washington : Finance ministers and central bank heads from the world's seven leading industrial nations Friday agreed to a series of new measures to combat a now "entrenched" crisis in the financial sector and to more closely monitor the practices of investment banks.
The G7 ministers' proposals included an "international college of supervisors" that would keep an eye on each of the world's largest financial institutions, and promised to boost cooperation among central banks and government agencies to catch threats earlier in the future.
Big retail’s time has come in India
By Sushma Ramachandran, IANS
India's United Progressive Alliance (UPA) government seems determined to go ahead and gradually liberalise the retail sector despite continuing opposition from the Left parties.
Delhi starts single point clearance for new industries
By IANS,
New Delhi: No need to run from one department to another to obtain clearances - entrepreneurs interested in setting up units in the national capital can now approach the business facilitation council (BFC) for single-point clearance.
"The Business Facilitation Council will facilitate the entrepreneurs in obtaining clearances from various departments/agencies for setting up of enterprises in a time bound manner," Chetan Sanghi, commissioner of industries in Delhi, announced here Sunday.
Interest rates, fuel price hike dampen automobile sector
By IANS,
New Delhi/Chennai: Interest rates and fuel price hikes seem to have dampened automobile sales in May, with leading players like Maruti Suzuki and Hyundai reporting only marginal growth.
Is Bitcoin Shariah Compliant?
By Mansoor Durrani
Islamic finance is not just a business. It is, essentially, a system to ensure economic justice followed by economic growth. This is achieved...
Infosys to form strategic alliance with Japan’s Nihon
By IANS
Mumbai : Infosys Technologies Ltd, India's leading software exporter, has signed a memorandum of understanding (MoU) with Japan-based Nihon Unisys to form an alliance of strategic business deployment and joint development for sales and solutions services.
The alliance will explore mutually beneficial areas where the global delivery model can be leveraged to jointly go to the market, Infosys said in a statement.
They would focus on areas such as joint solution, product development and application development maintenance.
Airtel to start Sri Lanka operations by early 2008
By P.K. Balachandran, IANS
Colombo : Come 2008 and the burgeoning Sri Lankan mobile phone sector will be seeing a prominent fifth player - the Indian telecom giant Bharti Airtel.
With an investment of $200 million, Bharti Airtel Lanka Pvt Ltd would begin its service in the island "early next year", its CEO Amali Nanayakkara told IANS.
"We are in the process of setting up the network, and getting the necessary approvals from the regulatory authorities. The process, which began in the middle of the current year, should be competed by early 2008," Nanayakkara said.
Tata Motors launches fuel-efficient buses
By IANS,
Mumbai : Tata Motors, the world's second-largest bus and fourth-largest truck manufacturer, is introducing a new range of fuel-efficient Super Milo buses with a starting price of Rs.850,000.
Available in two variants, City and Highway, they will have customized parameters, are powered with superior fuel efficient and eco-friendly engines which will result in better pick-up and mileage, the company's executive director for commercial vehicles business unit P.M. Telang said here Tuesday.
Markets on a roll, Sensex breaches 12,000-mark
By IANS,
Mumbai : A key index of the Indian equities markets crossed the 12,000-mark about 90 minutes before closing bell Monday with investors lapping up stocks with renewed enthusiasm.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 11,635.24 points, rose 656.93 points or 5.76 percent from its previous close to rule at 12,060.18 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 166 points from the previous close to trade at 3,640.25 points.
Kochi Metro Rail gets government nod
By IANS,
Thiruvananthapuram : The Kerala government Tuesday approved the proposed Rs.3,048-crore (Rs.30.48-billion) Kochi Metro Rail project and sanctioned Rs.5 million to set up an office at Kochi.
"Th project will be on similar lines to the Delhi Metro Rail Corporation. It will be a joint venture between the state and the centre," Chief Minister V.S. Achuthanandan told reporters after the weekly cabinet meeting.
India Inc rings caution as inflation hits three-year high
By IANS
New Delhi : Leading Indian industrialists and businessmen have called for caution as the annual rate of inflation shot up to a three-year high of seven percent for the week ended March 22, causing prices of essential commodities to rise.
Corporate India has also expressed hope over the government's recent fiscal measures to control the prices of important products such as food items.
India set to grow faster than China at 7.5 percent: IMF
By Arun Kumar
Washington : Keeping its projections for India and China unchanged, the International Monetary Fund on Thursday forecast that India will grow...
UAE non-oil trade grows to $87 bn
By IANS/WAM,
Abu Dhabi: The UAE's non-oil foreign trade rose by 17.3 billion dirhams to 320.3 billion dirhams (about $87 billion) in the first four months of this year.
Oil sector strike starts, refineries closed
By IANS,
New Delhi : Several refineries, processing plants and installations remained closed Wednesday, the first day of the indefinite strike called by officers of public sector oil firms, even as the Delhi government arrested an employee under the Essential Services Maintenance Act (ESMA).
The 45,000-strong Oil Sector Officers Association (OSOA), representing 14 organisations, called for the strike from 6 a.m. Wednesday, demanding higher wages.
Railways to set up cold storages, run fruit-vegetable trains
By IANS,
New Delhi : The Indian Railways have decided to run special trains for perishables and set up cold storages and temperature-controlled cargo centres in an effort to eliminate food wastage and contribute to India's second green revolution.
"Railways will encourage creation of facilities of setting up cold storage and temperature-controlled perishable cargo centres and its transportation through public-private partnership mode," Railways Minister Mamata Banerjee said while presenting the rail budget in the Lok Sabha Friday.
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