HSBC to cut 330 jobs in Britain
By IANS,
London : Global banking giant HSBC will cut 330 jobs in Britain due to "the very challenging economic environment".
Economic storm over, devastation remains: Obama
By DPA,
Washington: US President Barack Obama has credited his economic policies with pulling the country out of its worst recession in decades but promised a renewed focus on restarting job growth that has lagged behind the economic recovery.
"One year later, the worst of the storm has passed," Obama said Wednesday in his first official State of the Union speech to a joint session of Congress. "But the devastation remains."
Spice chairman, managing director quit board
By IANS,
Mumbai : Spice Communications chairman B.K. Modi and managing director Dilip Modi resigned from the board hours after Idea Cellular's announcement that it picked up a 40.8 percent stake in the company.
As per the announcement this afternoon, Idea Cellular also said that it would merge with Spice Communications through a share swap arrangement, under which Spice shareholders would get 49 Idea shares for every 100 shares they hold.
India for greater trade ties with Finland
By IANS
New Delhi : Even as India works towards an India-European Union economic partnership pact, bilateral relations with Finland need to be strengthened with greater contact between people of the two countries, Commerce and Trade Minister Kamal Nath said here Monday.
Sarkozy to address nation on economic crisis
By KUNA,
PARIS : French President Nicolas Sarkozy will address the nation Thursday to explain his policies in view of the growing economic and financial crisis affecting the world economy.
The French President will explain his national strategy to try to save jobs and prop up Frances banking system and also to inject 26 billion Euros (1 Euro = USD 1.28) into the economy here, mainly in measures to help small and medium-size industries.
Essential Services Act advocated to tackle oil sector strike
By IANS,
New Delhi : The petroleum ministry has asked states to invoke the Essential Services Maintenance Act (ESMA) or the National Security Act (NSA) against employees of public sector oil companies if they go ahead with the proposed strike from Jan 7.
"I appealed to the employees to reconsider their decision to go on strike in the light of the difficult time the economy is going through," Petroleum Minister Murli Deora said.
Markets shed early gains, end on flat note
By IANS,
Mumbai : Indian equities markets drew to a tame close Wednesday in spite of investors buying stocks to cover their positions before futures and options contract expire Thursday.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange, which opened at 8,913.44 points, closed at 8,902.56 points, up 80.5 points or only 0.91 percent.
The S&P CNX Nifty of the National Stock Exchange (NSE) ended at 2,762.5 points, 1.05 percent up from its last close at 2,733.9 points.
Stars that will roll out at the Frankfurt Motor Show
By Martin Bensley, DPA
Frankfurt : There are more major debuts than ever at this year's biennial Frankfurt Motor Show, ranging from high-performance super cars to estates, drop heads and thrifty runabouts which utilise the latest in fuel-saving technology.
Here is a run-down of the top 10 models likely to steal the show when the crowds descend on Frankfurt for 11 days in September.
Allianz Insurance unit sets up third facility in Kerala
By IANS,
Thiruvananthapuram : ACIS, a wholly-owned subsidiary of Allianz Insurance Plc of the UK, opened its third facility at the Technopark information technology (IT) campus here Tuesday.
British Deputy High Commissioner in southern India Mike Nithavrianakis and Allianz Insurance chief executive Andrew Torrance inaugurated the new facility, which is spread over 40,000 square feet.
The first phase of the facility will seat 250 and be primarily used for global application development and maintenance projects for Allianz.
The facility will seat 600 when complete.
Manipur hit by shortage of essentials, life saving drugs
By IANS,
Imphal : The price of petrol soared to Rs.150 a litre while most hospitals were running out of life-saving drugs and oxygen in Manipur Sunday following an indefinite economic blockade launched by various Naga tribal groups Thursday to protest the state government's decision to prevent separatist leader Thuingaleng Muivah from visiting his birthplace.
"Maybe by Monday we would be forced to stop all routine operations with stocks of oxygen and other live-saving drugs drying up," said Y. Mohen, superintendent of the Regional Institute of Medical Sciences (RIMS) Sunday.
Villagers vow to fight Posco in Orissa
By IANS
Bhubaneswar : Hundreds of villagers, including children, Wednesday took oath in Orissa's Jagatsinghpur district to protest against the setting up of a $12 billion steel plant there by South Korean company Posco.
Prasant Paikray, spokesperson of the anti-steel mill Posco Pratirodh Sangram Samiti (PPSS), told IANS that at least 207 families of Gobindpur, one of the villages affected by the coming up of the plant, took oath to protest against the setting up of the factory.
Idea Cellular booked for not keeping records of GPRS users
By IANS,
Chandigarh : Telecom company Idea Cellular has been booked for not keeping records of customers using its GPRS service after a woman accused an unidentified client of creating an objectionable profile of her and posting it on the net, police said Sunday.
The firm was providing GPRS connections to various clients through a single Internet Protocol (IP) address.
Britain imposes $48.2 mn fine on JP Morgan
By DPA,
London : Investment bank JP Morgan in London has been given a record fine of 33.3 million pounds ($48.2 million) by Britain's Financial Services Authority (FSA)for failing to protect clients' money, the City regulator said Thursday.
The penalty was imposed after JP Morgan Securities failed to segregate client cash from its own money over a period of seven years, the FSA said.
Margaret Cole, FSA director of enforcement and financial crime, called the error a "serious breach" of FSA rules aimed at protecting clients from losses in the event of insolvency.
Now book online taxi service from Howrah
Kolkata : The taxi service from the bustling Howrah station in West Bengal has been made easy by installing radio-frequency identification devices and allowing...
Bells finally ring louder for Indian telecom in 2007
By Arvind Padmanabhan, IANS
New Delhi : With seven-eight million new subscribers joining the network each month, 2007 saw India emerge as one of the fastest growing telecom markets in the world, attracting not just global service providers like Britain-based Vodafone but also forcing handset makers like Nokia to hike production capacities within 18 months of setting up their operations in the country.
Rs.344 billion earmarked for education sector
By IANS
New Delhi : Finance Minister P. Chidambaram Friday announced a budget allocation of Rs. 344 billion for the education sector. This represents a 20 percent increase over the figure for the current fiscal.
Of the total outlay for education, Rs. 131 billion and Rs. 80 billion will go for the government's flagship programmes Sarva Shiksha Abhiyan and Mid Day Meal (MDM) scheme.
Chidambaram also announced Rs. 45.54 billion for the Secondary education (SE) sector. The funds for SE would be provided out of the total outlay.
Delhi’s Appu Ghar may have second life
By IANS
New Delhi : Appu Ghar, the capital's popular amusement park for children that closed down Sunday after more than two decades, may have a second life as the Supreme Court Tuesday asked the government if it could allocate a new site for it at market prices.
Appu Ghar, adjoining the exposition grounds of the Pragati Maidan near the Supreme Court in the heart of Delhi, was closed down to make way for the construction of an administrative block of the apex court.
Wipro projects $1.11 billion earning from IT services in third quarter
By IANS,
Bangalore : Wipro Ltd Tuesday projected an earning of $1.11 billion from IT services for third quarter (October-December) of this fiscal (2009-10), as revenue for second quarter (July-September) at $1.06 billion was higher than the guidance of $1.03 billion.
"We expect revenues from our IT services business to be in the range of $1.09-1.11 billion in the third quarter, as we see more stability in volumes and pricing," Wipro chairman Azim Premji said in a statement here.
Indian Finance Minister cautions investors against volatile stock market
By NNN-PTI
New Delhi : Finance Minister P Chidambaram Friday cautioned investors against high volatility in the stock markets, which extended gains for the ninth consecutive trading session Friday.
"My advice to investors is that they should do their homework. And if they cannot do their homework they should trust those (mutual funds) who do their home work. And for speculators, I have no advice," Chidambaram said.
Pandit’s Citi to raise $5.5 bn with stock conversion
By Arun Kumar, IANS,
Washington : Ailing US banking giant Citigroup led by Indian American CEO Vikram Pandit plans to raise $5.5 billion by converting more preferred stock to common shares as prescribed by government stress tests.
"The government's stress test was a rigorous process that assessed our capital and confirms our view that Citi's plans and actions will give it the financial strength to weather an adverse stress scenario," Pandit said in a statement Thursday.
Mobile booths outside schools to offer healthy milk products
By IANS,
Lucknow : Lucknow Milk Producers Co-operative Union (LMPCU), Uttar Pradesh's largest dairy organisation, will offer "healthy milk products" to children by opening mobile booths outside schools and educational institutions.
The organisation aims to provide children a healthier alternative to carbonated cold drinks and fast food.
"The objective behind launching mobile booths is to attract school-goers, college students towards healthy milk-based products," LMPCU general manager S.K. Prasad told reporters here Wednesday.
Private airlines owe Rs.304.65 crore to Airport Authority
By IANS,
New Delhi : Private airlines owe Rs.304.65 crore to the state-run Airports Authority of India (AAI) as on 30 June, 2010, Civil Aviation Minister Praful Patel said in the Lok Sabha Thursday.
"Airports Authority of India (AAI) is in constant touch with the airlines for realization of the dues," Patel said.
Kingfisher Airlines owes the maximum Rs.184.87 crore, followed by Jet Airways (Rs.36.33 crore), Jet Lite (Rs.14.66 crore) and Indigo (Rs.11.19 crore).
Wipro net up 25 percent in first quarter
By IANS,
Bangalore : Wipro Ltd posted net profit of Rs.9.08 billion for the first quarter (April-June) of this fiscal (2008-09), registering 25 percent growth over the same period last fiscal under the Indian accounting standards.
In a notification to the stock exchanges Friday, the IT bellwether said consolidated revenue increased to Rs.59.67 billion during the quarter under review (Q1), posting 43 percent year-on-year (YoY) growth.
Samsung forays into Notebook, Netbook space
By IANS,
New Delhi : Digital technology major Samsung India Friday announced its foray in the portable personal computer (PC) segment with a lineup of Notebooks and Netbooks.
Netbooks are ultra-compact laptops that have come into the mainstream in the past two years followed by the success of Asus EE PC.
The products are priced between Rs.28,000 and Rs.115,014.
Tata Indicom adopts white tiger, panther
By IANS,
Bhopal : Private telecom player Tata Indicom has adopted a white tiger and a panther at the Van Vihar National Park here under the park's 'Adopt an Animal Scheme', park officials said Wednesday.
"Earlier, the company had adopted a lion at the park. The duration of adoption for all animals is one year. Tata Indicom was the first private sector enterprise to adopt an animal at the park," Van Vihar National Park director S.S. Rajput told IANS.
BJP, CPI-M want strong action against Satyam culprits
By IANS,
New Delhi : The Bharatiya Janata Party (BJP) and the Communist Party of India-Marxist (CPI-M) Thursday urged the government to take strong and immediate action against those behind the financial fraud at leading IT firm Satyam Computers.
The two parties described the over Rs.70 billion (Rs.7,000 crore) scam as the biggest corporate fraud in the country and said the entire episode raised serious concerns about the very legitimacy of Indian market.
Food processing projects to get major sop
By IANS,
New Delhi : The government will refund 50 percent of the project cost in the food processing sector to the promoter, minister of state for food processing Subodh Kant Sahay said here Tuesday.
"The food processing sector is a tax free sector, where the government provides tax holidays to investors," Sahay said at a seminar on food safety and quality in kitchen organised by industry lobby Confederation of Indian Industry.
"We will refund 50 percent of the entire cost of the project to facilitate growth," he added.
New Zealand for deeper trade ties with India
By Neena Bhandari, IANS
Sydney : New Zealand Natural Ice Cream and Kiwi wines might have been a big hit with Indians but the country's Trade Minister Philip Goff says agriculture has been the missing link in the growing India-New Zealand bilateral trade and economic relationship.
"A free trade agreement with India would clearly and significantly enhance our trade and economic relationship," Goff said while addressing the India-New Zealand Joint Business Council meeting in Auckland Wednesday.
US stocks fall as quarterly earnings reports filed
By DPA,
Washington : Wall Street indices continued their decline in midday trading Wednesday, adding to the gloomy mood on European markets as US investors reacted to depressed earnings reports.
Wall Street opened down 2.5 percent and stocks slid in Asia, Europe's blue-chip Stoxx 50 index dropped 5 percent to 2235 in late trading as concerns set in about the outlook for the global economy and profits.
Flying academies tie up with Canadian firm
By IANS
New Delhi : A Canada-based aviation firm, CAE, Thursday signed contracts with Indira Gandhi Rashtriya Udaan Academy (IGRUA) and Rajiv Gandhi National Flying Training Institute (RGNFTI) to train pilots expeditiously to steer the burgeoning air traffic.
The Canadian firm has promised to churn out 100 pilots per annum to begin with. The training capacity would be enhanced to 200 pilots every year in three years' time at the government-run flying school. IGRUA presently trains only 40 pilots a year.
NSBL all set to enter Kerala in a big way
By IANS
Thiruvananthapuram : The Mumbai headquartered financial services provider Networth Stock Broking Limited (NSBL) is all set to enter the Kerala market in a big way.
NSBL, which began operations in 1993, now has 154 branches across the country. The 155th branch will be opened here in the second week of September.
Speaking to IANS, Shaji P. Mani, the Kerala head of NSBL, said that their prime area of interest in the state would be to help those who invest with them to make intelligent investment decisions.
OPEC crude price hovers above $120 mark
By DPA,
Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has declined slightly, according to a data released by OPEC Tuesday.
One barrel (159 litres) of OPEC-produced crude stood at $120.80 Monday, 28 cents lower than the $121.08 recorded the previous day.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
HLL forays into herbal healthcare
By IANS,
Thiruvananthapuram : Public Sector Undertaking Hindustan Latex Ltd (HLL) and ayurvedic firm Kottakkal Arya Vaidya Sala (AVS) have joined hands to introduce various herbal healthcare products.
The firms will launch products in the area of women healthcare, health generics, symptomatic relief, neutraceutical and personal healthcare in India.
It will take these newly launched products to the international markets and focus on the merits and efficacy of traditional ayurveda system that originated from India.
Lok Sabha passes all four GST Bills
New Delhi, (IANS): India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its...
Dollar slides to fresh euro low
By IRNA
New York : The dollar fell to a new record low against the euro on Monday amid continued fears over the state of the US economy and worsening credit conditions.
The US Federal Reserve has cut its emergency lending rate, but the move failed to buoy investor confidence.
At one stage on Monday morning it took $1.5904 to buy a euro.
With giant investment bank Bear Stearns needing emergency funding investors are concerned other banks may follow suit, as the credit crunch claims casualties.
On Sunday the US Central Bank lowered the interbank rate to 3.25% from 3.5%.
Sensex dull, but market breadth holding up
By IANS,
Mumbai : A key index for Indian equities Wednesday was trading flat tracking depressed Asian markets as investors turned risk averse doubting the strength of the global economic recovery after US home sales data showed a dip in May.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,694.87 points, was ruling at 17,714.79 points, 34.9 points or 0.2 percent down from its previous close at 17,749.69 points.
National Mineral Development Corp to mine coal in West Bengal
By IANS,
Kolkata : The state-owned National Mineral Development Corp (NMDC) will invest Rs.10 billion to explore, develop and mine coal blocks in West Bengal, a top company official said here Tuesday.
"We already have two coal blocks in Madhya Pradesh, and this is the third one," NMDC chairman and managing director Rana Som told reporters.
Through the public-public partnership, the two companies will explore the Deocha-Pachami coal block in the state's Birbhum district.
The initial investment will go into land acquisition and purchase of high-duty machineries, Som said.
‘Global Investors Summit to be landmark event in history of MP’s industrial development’
By Pervez Bari, TwoCircles.net
Bhopal: The preparations are underway on a war-footing for the Global Investors Summit to be held at Indore on October 26 and 27.
The preparations were reviewed during a meeting by the Bharatiya Janata Party ruled Madhya Pradesh Chief Minister Shivraj Singh Chouhan at Indore.
According to sources the upcoming Global Investors Meet of the State Government got a boost with around 340 investors giving the nod to attend the meet. Of them, 90 investors would be from abroad.
Great loss to West Bengal if Tatas leave Singur: Pranab
By IANS,
Kolkata : It would be a "great loss" to West Bengal if Tata Motors shifts its Nano unit out of Singur, External Affairs Minister Pranab Mukherjee said here Sunday.
"It will be a very unfortunate incident if Tata Motors leaves our state. It'll be a great loss to West Bengal," Mukherjee told reporters at Baharampur town in Murshidabad district, about 220 km from here.
He said: "There's no conflict between agriculture and industrial reforms. Both can go hand in hand."
Mittal loses 16.7 bn pounds to credit crunch: report
By IANS,
London : Lakshmi Niwas Mittal and Anil Agarwal head a league of British super-rich who have seen their collective fortunes nosedive by more than 200 billion pounds in the economic downturn, a report here said Sunday.
According to research to be published by the Sunday Times Rich List next year, the fortunes of the richest 1,000 people in Britain have fallen from 412.8 billion pounds in the 2008 List to 200 billion pounds.
Government, Tata Consultancy to start energy exchange
By IANS,
New Delhi : The government and information technology major Tata Consultancy Services (TCS) have incorporated a joint venture company to set up an energy exchange.
The company, to be called National Power Exchange Ltd, will operate the power exchange at the national level. The government will be represented by three state-owned power sector companies - National Thermal Power Corp (NTPC), National Hydel POwer Corp (NHPC) and Power Finance Corp (PFC).
‘Economic, cultural power shifting from West to India, Africa’
By Paras Ramoutar, IANS,
Port of Spain (Trinidad) : Ghana's President John Agyekum Kufuor says power - both economic and cultural - is shifting from the developed nations of the West to developing lands like Africa and India, which had earlier suffered under colonial rule.
"Power is shifting around the globe. Whether it is economic or cultural. China is waking up, India is waking up and Africa too is waking up. We need to free our minds. Education is key and we must ensure that it sinks right down to the grass-root level," Kufuor said at the National Emancipation Day celebrations here.
Markets surge on early trade
By IANS
Mumbai : Indian markets opened on a firm note Monday with all the scrips starting the day in the green. A key index was up nearly 450 points in early trade as global cues from peers were strong and most Asian markets were trading higher.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened 253.45 higher at 18,496.03 points, and soon rose to 18,801.56 points, to register a gain of 558.98 over the previous day's close at 18,242.58.
Britain announces $87 bn bailout plan for banks
By DPA,
London : The British government Wednesday announced a major rescue package for leading banks of 50 billion pounds ($87 billion) to stabilize the banking system, according to a statement to the London Stock Exchange.
Chancellor of the Exchequer Alistair Darling, detailing the plan in a written statement to the London stock market Wednesday, has said it was aimed at placing the banking industry on a long term "sound footing."
A government spokesman said the plan was aimed at securing the "substantial restructuring of banking."
Chinese shares slump heavily on weak overseas market
By Xinhua,
Beijing : Weak overseas market sent Chinese shares plummeting with the Shanghai and Shenzhen bourses shedding more than five percent of their values.
The benchmark Shanghai Composite Index trimmed 153.42 points, or 5.29 percent, to close at 2,748.43 points. The Shenzhen Component Index dropped 563.45 points or 5.63 percent to 9,436.21.
Combined turnover on the two bourses shrank to 97.2 billion yuan (around $14.17 billion) from 108.6 billion yuan on the previous trading day.
Reksha in New Delhi combines old style and new tech
By Falah al-Fadhli, KUNA,
New Delhi : Over the past ten years, the Indian capital, New Delhi, has developed considerably in view of opening up to international markets and entry of foreign capital.
The active investment movement in New Delhi has stimulated and spurred migration from the countryside to the capital in pursuit of work, making it one of the most overpopulated and chaotic cities.
In spite of recent changes in the city, three-wheeled green-yellow Reksha hiring cars or Tok Tok are still favored by many commuters thanks to its old style, new technology and cheap fare.
Sify gets new brand identity
By IANS
Chennai : Sify Technologies Ltd, a leader in consumer Internet and enterprise services in India, Monday unveiled a new logo.
The new logo is a reflection of Sify's outlook and nature of business, "a fresh, vibrant and eco-friendly green signalling a new, paper-free world, counterpoised by a business-like, dependable grey," the company said here.
$4.3-bn World Bank loan for India
By IANS,
New Delhi : The World Bank has approved $4.3 billion in loans for India to help finance infrastructure projects and support its economic stimulus programme.
"This money will be directed towards four projects," World Bank country director for India Roberto Zagha told reporters in a video conference Wednesday morning, adding: "This is a crucial time to support Indian economic recovery."
Indian govt may decide on open market wheat sale Thursday
By NNN-PTI,
New Delhi : The government is likely to take a decision Thursday to sell up to six million tons of wheat in the open market for bringing down prices of the food grain in the country.
"I am going to take a decision tomorrow to enter in open market because I have kept about six million tons exclusively (for this purpose)," Agriculture and Food Minister Sharad Pawar said on the sidelines of the Indian Council of Agricultural Research foundation day function here.
Pawar pointed out that wheat prices have increased marginally in some pockets.
Equities recover on short covering, still end red
By IANS,
Mumbai : In a volatile day of trading, Indian equities markets recovered somewhat late afternoon Monday to end marginally down with a key index losing just 1 percent from its previous close last Friday after going below the psychologically important 9,000 mark mid-afternoon.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 9,291.01, down 94.41 points or 1.01 percent from its previous close last Friday at 9,385.42 points.
Development of capital goods needed in oil and gas sector: minister
By IANS
Mumbai : The Indian petrochemicals sector still lags behind in the manufacturing of capital goods required for the exploration and production of refined gas, said Union Petroleum Minister Murli Deora.
Speaking at a seminar here, Saturday, the minister asked the foreign companies specializing in technology in these fields to set up their manufacturing base in India either individually or in collaboration with Indian companies.
Satyam has Rs.373 crore bank balance
By IANS,
Mumbai: India's fraud-hit IT giant Satyam Computer Services Tuesday said it had a bank balance of Rs.373 crore (about $75 million) at the end of March 2009, but at the same time, it also had a Rs.460-crore loan outstanding.
At the beginning of the year, the IT giant's outstanding loan stood at Rs.200 crore. The company later repaid Rs.100 crore before raising Rs.369 crore in fresh loans in the first quarter, Satyam said in a regulatory statement.
Canadian economy expands
By IANS,
Ottawa: Canada's real gross domestic product (GDP) grew just 0.1 percent in the third quarter this year, 0.6 percent at an annual pace, Statistics Canada announced.
Bangalore air traffic to go sky-high soon
By Fakir Balaji, IANS
Bangalore : With the new international airport set to open March 30 in India's silicon city, domestic and foreign airlines are waiting in the wings to launch new services and increase frequencies from this southern hub to new and existing destinations both in India and abroad.
"We are getting a lot of enquiries from leading carriers operating in the domestic and international circuits," said Marcel Hunger Buehler, the chief executive for Bangalore International Airport Ltd.
US adventure footwear brand hits Indian market
By IANS,
New Delhi : The Indian footwear market, growing at an estimated 20 percent annually, has just made room for another reputed international brand.
The Michigan-based lifestyle footwear giant, Wolverine Worldwide Inc, has launched its niche outdoor brand of shoes, Merrell, in collaboration with M and B Footwear Pvt. Ltd, one of India's leading distributors and retailers of international footwear brands in the country.
Merrell will add to M and B's impressive retail and distribution kitty that already boasts of brands such as Lee Cooper, iD, Provogue, Rider, Firangi and Geox.
Chhattisgarh to get Rs.11.5-bn cement plant
By IANS
Raipur : Electrosteel Castings Ltd (ECL), a Kolkata-based pig iron major, signed a memorandum of understanding (MoU) with the Chhattisgarh government Thursday for setting up a three-million tonne per annum (MTA) cement production unit worth nearly Rs.11.5 billion.
P. Joy Oommen, additional chief secretary, industry and commerce, inked the deal on behalf of the Chhattisgarh government with H.K. Modi, executive director, ECL, in the presence of Chief Minister Raman Singh and state Industry Minister Rajesh Munat here.
Mumbai visa office `must’ for trade, Canada PM urged
By Gurmukh Singh, IANS,
Toronto : With Canada under threat from the economic crash in its biggest trading partner - the US, the Canada-India Business Council (C-IBC) has sought diversification of the nation's trade to countries like India to survive in a global economy.
It has written to Canadian Prime Minister Stephen Harper to open a new visa office in Mumbai at the earliest to boost trade with India.
Obama announces new team to tackle economic crisis
By IANS,
Chicago : US President-elect Barack Obama Monday named his team of economic advisers who would infuse "fresh thinking" to tackle the economic downturn.
Timothy Geithner, the president of the New York Federal Reserve, is to be the next US treasury secretary. Lawrence Summers, a former treasury secretary, will be the new head of the White House's national economic council.
Sensex down in choppy trade
By IANS,
Mumba: In choppy trade Tuesday, a benchmark index of Indian equities was down after recording five days of gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,744.93 points, was ruling at 17,719.35 points, 25.93 points or 0.15 percent lower than its previous close at 17,745.28 points.
It earlier crawled into the green to 17,769.25 points, after a weak opening.
India’s public relations industry to touch $6 bn mark by 2010
By IANS
New Delhi : India's public relations (PR) industry is poised to double itself to $6 billion by 2010 from current $3 billion due to increasing competition among companies to build brands resulting in more sales, said an industry chamber.
The PR industry, which has undergone a major paradigm change in the last decade, is also witnessing large-scale attrition level of up to 40 percent, said the Associated Chambers of Commerce and Industry of India (Assocham) in a survey conducted over 400 PR professionals.
Microsoft signs $500-mn IPTV deal with Reliance
Mumbai, Nov 5 (IANS) Microsoft has entered into a $500-million (Rs.19.7 billion) pact here Monday with Reliance Anil D. Ambani Group (RADAG) to launch Internet protocol television (IPTV) and allied services in India.
The IPTV service will be launched in Mumbai and Delhi by March 2008, to be followed by other metros gradually.
"Reliance will enjoy exclusive deployment rights for the Microsoft platform in India," said RADAG chairman Anil Ambani.
India to raise HSMP changes in trade talks with Britain
By Dipankar De Sarkar, IANS
London : A powerful Indian delegation led by Commerce and Industry Minister Kamal Nath is expected to argue that sudden changes made by Britain to its Highly Skilled Migrant Programme (HSMP) visa is a protectionist barrier that severely disadvantages thousands of Indians who are already living and working in Britain.
India, China must fight global warming together: Pachauri
New Delhi, (IANS) India and China must enlarge their cooperation to fight global warming as its coastal cities of Kolkata and Shanghai were among the most vulnerable to climate change, says R.K. Pachauri, chairman, Intergovernmental Panel on Climate Change (IPCC).
"If the Himalayan glaciers start melting at a faster pace, these cities could face serious flooding due to a rise in the sea level," Pachauri, who heads the panel that has been named for this year's Nobel Peace Prize, said here Monday.
Wockhardt acquires US firm Morton Grove
By IANS
Mumbai : Pharmaceutical and biotechnology major Wockhardt Ltd today announced the acquisition of Morton Grove Pharmaceuticals Inc, a leading healthcare company in the US with sales revenue of $52 million (Rs.2 billion).
"Morton Grove is a strategic acquisition for Wockhardt. It provides an entry into the US generic market with a portfolio of 31 products, 13 of which occupy number one market position," said Habil Khorakiwala, chairman, Wockhardt.
"Wockhardt now has a strong position in the liquid medicine market in the US and the UK," he added.
India to EU: be more flexible in free trade talks
By Dipankar De Sarkar, IANS
Brussels : The fourth round of India-Europe talks aimed at reaching a free trade agreement has ended here with India's chief negotiator warning that Europe must "also give" if the deal were to be concluded within an agreed deadline.
The negotiators, working under a strict mandate to wrap up the agreement by the end of 2008, began the latest round last week with the 27-nation European Union making initial offers in trade in goods, said India's chief negotiator Rahul Khullar.
Tourism Malaysia offers ‘live-it-up @ KL’ package for festive season
By IANS,
New Delhi : Offering the glitzy cosmopolitan attractions of Kuala Lumpur, Tourism Malaysia is reaching out to Indian travellers with its "live-it-up @ KL" to coincide with the upcoming festival season.
"The package offers a sojourn through the bustling KL city streets full of life, culture and energy," a Tourism Malaysia statement said Thursday.
Currency Corner: Indian equities should remain uptrend despite Iraq oil crisis
By Vatsal Srivastava,
Militant insurgency and violence in Iraq have put the brakes on the great Indian rally. Investors are weighing in the potential impact of higher energy prices as the possibility of a supply disruption from the world's sixth biggest oil exporter is priced in global oil benchmarks. Both WTI crude and Brent crude are trading at 10 month highs with the spread between these two benchmarks having widened to $7 per barrel. India is the world's fourth largest importer of oil and imports nearly 75 percent of its demand.
Defence business not hit by financial crisis: Thales
By IANS,
Abu Dhabi : Defence and security businesses have not been impacted by the global financial crisis, Alexandre de Juniac, executive vice president of French defence systems company Thales, has said here.
"We are not affected by the economic crisis in our main businesses, because we are heavily relying on government spending and the defence spending has not been reduced at this stage everywhere in the world," de Juniac said Monday.
NXP eyes Indian e-passports order
By IANS
Bangalore : The world's leading microchips maker NXP Semiconductors is pitching for a multi-million dollar order from the Indian government to supply chips for electronic passports (e-passport), according to official sources.
General Motors posts quarterly loss of $6 bn
By DPA,
Detroit : Threatened US carmaker General Motors posted a quarterly net loss of $6 billion Thursday, its eighth quarterly loss in a row.
GM's loss figure for the same period in 2008 was $3.3 billion. Analysts had feared even worse quarterly news this year.
Revenue dropped by 47 percent, to $22.4 billion. GM, the mother company of similarly struggling European manufacturer Opel, is operating under a US federal bail-out plan.
Tata assures British workers, says India has changed
By IANS
London : Tata Group Chairman Ratan Tata has said his Indian multinational does not "create a trauma" when it takes over companies amid media speculation that he may have to close down either the Jaguar or Land Rover plant if he succeeds in buying the British automakers.
In comments published Thursday, Tata for the first time also hit back at American critics of his group's takeover bids, suggesting they held outdated and stereotypical views of India as a "land of tigers, jungles and cobras".
Rural economy takes top slot in 9 pillars of Jaitley’s budget
New Delhi : Finance Minister Arun Jaitley presented India's national budget for 2016-17 in the Lok Sabha on Monday, saying the country was a...
Sensex gains 218 points; realty, banking stocks climb
By IANS,
Mumbai : A benchmark index of Indian equities markets rose 218 points Wednesday, led by good buying support in banking, realty and metal stocks.
Tata plant: Karunanidhi to go by ‘public opinion’
By IANS
Chennai : Tamil Nadu Chief Minister M. Karunanidhi Monday said he would decide on Tata Steel's Rs.25 billion titanium dioxide project in the state "after getting public opinion" as the opposition mounted pressure against the proposed plant.
"Some people were attempting to create an impression that the public was against the project," Karunanidhi said in a statement here.
He was referring to the loud criticism of the project from the opposition parties like the AIADMK as well as allies like the PMK.
Chennai : Tamil Nadu Chief Minister M. Karunanidhi Monday said he would decide on Tata Steel's Rs.25 billion titanium dioxide project in the state "after getting public opinion" as the opposition mounted pressure against the proposed plant.
"Some people were attempting to create an impression that the public was against the project," Karunanidhi said in a statement here.
He was referring to the loud criticism of the project from the opposition parties like the AIADMK as well as allies like the PMK.
Kerala legislator demands high-speed rail corridor
By IANS
Thiruvananthapuram : Kerala legislator P.J. Joseph Friday reiterated the demand for a high-speed rail passenger corridor between Mumbai and Kanyakumari for the development of the entire western coastal region.
Philips mulls buy back of non-promoters’ shares
By IANS,
Kolkata : Philips Electronics India Ltd, which got delisted from the stock exchanges, is planning to buy back minority share holdings of 3.5 percent for Rs.1,800 million, the company said here Friday.
"We will send letters of offer to the shareholders ... it is absolutely their discretion whether they will accept the offer or reject it," Philips Electronics India Ltd chairman S.M.Datta said on the sidelines of the firm's annual general meeting.
Treat frost-hit crops as ‘national calamity’: MPs
By IANS
New Delhi : A group of MPs, cutting across party lines, demanded in the Lok Sabha Tuesday that frost-affected crops be treated as 'national calamity' and that distressed farmers be given appropriate compensation.
The MPs, led by Hannan Mollah of the Communist Party of India-Marxist (CPI-M) and Girdhari Lal Bhargava of the Bharatiya Janata Party (BJP), raised the issue of cold wave and frost destroying crops in various parts of the country.
Kotak Mahindra’s profit up 84 percent
By IANS,
Mumbai : Kotak Mahindra Bank has announced a consolidated profit after tax (PAT) of $247.80 million (Rs.9.912 billion) during the fiscal year 2008 compared to $134.55 million for the previous year, recording a growth of 84 percent.
The total income increased to $1.88 billion for the year ended March 31, 2008 from $1.07 billion in the corresponding period a year ago, an increase of 76 percent.
For the latest quarter ending March, the company has posted profit after tax (PAT) of $60.02 million compared to $42.58 million for the corresponding quarter last year.
Sensex recovers after court verdict, falls again
By IANS,
Mumbai : A benchmark index for Indian equities, which recovered after the Supreme Court ruled that the government had sole rights on pricing and utilisation of national resources, slipped back into the red and was ruling 229 points lower during noon trade Friday.
The apex court in its verdict said the memorandum of understanding between brothers Mukesh and Anil Ambani was not binding in pricing and supply of gas from the Krishna Godavari basin and asked both to re-negotiate the terms of the agreement within six weeks.
S Korea to seek countermeasures against regional economic slump in ASEAN+3
By Xinhua,
SEOUL : South Korean Finance Minister Yoon Jeung-hyun would seek cooperation and countermeasures against the regional economic slump during the upcoming ASEAN+3 meeting next week, South Korean government said Wednesday.
The meeting will deal with various issues, such as regional economic situation, policy measures against economic slowdown and regional financial cooperation," said a statement by the Finance Ministry.
Cargill Asia-Pacific president elected to USIBC board
By IANS,
Washington : The US-India Business Council (USIBC) Monday announced the election of Paul Conway, senior vice president of Cargill Inc. and president, Cargill Asia Pacific Holdings, to its Board of Directors.
Cargill with reported 2007 sales of $88 billion has been doing business in India for over 20 years and currently employs over 1,100 people across India.
New mobile phone service in UAE targets expat labour force
By IANS,
Dubai : A new mobile phone service especially targeting primarily the large expatriate labour force of Indians and other Asians in the United Arab Emirates (UAE) has been launched here.
The Permanent Committee of Labour Affairs in Dubai and leading UAE telecom service provider Du have announced the launch of 'alo', a unique 'pay as you go' mobile service, specially developed for the large expatriate labour workforce in the UAE.
Suns offers one-year contract to Marks
By Xinhua
Washington : The Phoenix Suns has signed New Zealand centre Sean Marks to a one-year contract, insisting that unlike last season he will get a chance to play.
The 2.08-meter (6-foot-10) veteran of eight NBA years was with the Suns all last season but played in only three games. He scored six points and grabbed three rebounds in 17 minutes.
Markets close in green
By IANS,
Mumbai : Indian equities markets closed in the green Wednesday, with a key index ending trade 1.27 percent higher than its previous close, but below the psychologically important 9,000-mark.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,956.3 points, closed at 8,976.68 points, a rise of 112.86 points or 1.27 percent.
The Sensex had crossed 9,000 in the afternoon trade, but went below the important mark before the close.
Indian shares move up on Fed rate cut amid volatility
By IANS
New Delhi : Amid high volatility, Indian shares moved up Wednesday after opening higher as the US Federal Reserve stepped in to cushion the global financial crisis with a cut in interest rates, triggering positive reactions in stock markets across the globe.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 17,415.26 points, with a gain of 685.32 points, over the previous day's close at 16,729.94 points.
United India achieves Rs.5,000-cr premium mark in 2009-10
By IANS,
Chennai: Government owned non-life insurer United India Insurance Company is likely to close last fiscal with a premium income of Rs.5,100 crore up from Rs.4,277 crore earned in 2008-09.
"We have crossed the Rs.5,000 crore premium mark last fiscal. For the first time in our history we have crossed this magic figure," a United India official told IANS Thursday on the condition of anonymity.
The city-based United India is the second non-life insurer in the country to cross this mark after New India Assurance Company Ltd.
Sensex climbs 171 points on positive global cues
By IANS,
Mumbai : A benchmark index of Indian equities closed 171 points higher Tuesday on renewed buying support in banking and realty stocks, taking cues from the rally in global markets.
Top Goldman Sachs executives forego their bonuses
By IANS,
New York : Seven top executives of Goldman Sachs, a top Wall Street investment banking firm, have decided to forego their bonuses, running into millions of dollars, media reports said Monday.
The development could be a trend-setter among other top US executives on Wall Street, who in the midst of a deep financial crisis, are being accused of taking away hefty perks and bonuses several times their base salaries, while their company is going down the drain.
Indian markets trying to understand Wall Street changes
By Arjun Sen, IANS,
New Delhi : Indian investors are still trying to evaluate the full implications of the biggest financial restructuring in the US since the Great Depression of 1929, analysts said here Monday.
"What is happening today is similar to what happened after the Great Depression of 1929 when the US federal government set up the Reconstruction Finance Corporation to provide credit to credit crunch-hit companies," said analyst Jagannadham Thunuguntla.
Thunuguntla is the head of capital markets of India's fourth largest share brokerage firm, the Delhi-based SMC Group.
Iran and Pakistan have not signed pipeline agreement: India
By IANS
New Delhi : India today disputed reports about Iran and Pakistan inking a final agreement on the tri-nation pipeline minus India.
Speaking at the Economic Editors Conference Tuesday, Indian Petroleum Secretary M.R. Srinivasan noted that there had been bilateral talks between Iran and Pakistan in Teheran. "But contrary to media reports.... they reread all the provisions of the contract and agreed on most of the contents," he said.
Asia, India financially stable: Asian Development Bank chief
By IANS,
New Delhi : Despite the global slowdown, the financial outlook in Asia and India is still very strong, a top executive of an international development finance institution said here Sunday.
"The Asian and Indian financial markets are in good shape as the non-performing loans are low and market capitalisation is good," Asian Development Bank managing director general Rajat M. Nag told reporters on the sidelines of a World Economic Forum meet.
TVS Motor posts Rs.9.24 bn revenue
By IANS,
Chennai : City-based two-wheeler manufacturer TVS Motor Co Ltd has reported revenue of Rs.9.24 billion ($220 million) for the first quarter of 2008-09 compared to Rs.8.01 billion over the corresponding period last year.
The profit before tax (PBT) and profit after tax (PAT) during the quarter under review stood at Rs.100.2 million and Rs.70.2 million, respectively, against Rs.109 million and Rs.75.5 million, respectively, of the year-ago period, the company announced Monday.
Honda setting up new facility in Rajasthan
By IANS
Jaipur : Automobile major Honda Siel Cars India Ltd. (HSCI) Thursday unveiled a long-term plan to set up a new compact car manufacturing facility in Alwar in Rajasthan with an initial investment of over Rs.10 billion ($230 million).
A Memorandum of Understanding was signed between HSCI and the Rajasthan government for setting up the much-awaited plant, the second in India.
Rains in Punjab Haryana raise fears of damage to wheat crop
By IANS
Chandigarh : Most parts of Punjab and Haryana experienced widespread rainfall Saturday raising concerns among the farming community and agriculture experts about the threat to the ripe wheat crop.
Even though there were no reports of major damage to the standing wheat crop from both states due to the light to moderate rainfall in the last 48 hours, farmers are hoping that the rains stop and the situation does not aggravate.
Tokyo stocks end higher on bargain-hunting
By DPA,
Tokyo : Tokyo stocks closed modestly higher Wednesday as investors bought back previous day's battered-shares, but gains were limited due to lingering economic worries.
The Nikkei 225 Stock Average was slightly up 24.54 points, or 0.3 percent, at 8,438.45.
The broader Topix index of all First Section issues also rose 5.27 points, or 0.65 percent, to 819.39.
Stocks lost more than 4 percent the previous day on the stronger yen and Sony Corp's expected operating loss.
But as investors bought back mainly export-oriented issues, the market closed slightly higher Wednesday.
United Bank reduces lending rate by 50 bps
By IANS,
Kolkata : The United Bank of India (UBI) has reduced its prime lending rate by 50 basis points to 13 percent effective from Jan 12, it said here Tuesday.
"With this, the existing floating rate in all corporate and retail categories borrowers such as SME (small and medium enterprises), agriculture, housing, auto and vehicle loans, as well as potential borrowers will get the benefit of reduced rate of interest," a bank statement said.
Paswan says he will assist Posco’s steel project
By IANS
New Delhi : The Indian government will facilitate South Korean steel major Posco's $12 billion project in Orissa, Steel Minister Ram Vilas Paswan Tuesday assured the country's ambassador to India, Paek Young Sun.
The government has set up an inter-ministerial group headed by the secretary for steel to expedite the implementation of large steel projects, Paswan told Paek when the latter called on him.
Ambani battle over gas cries for consistent government policy
By Sushma Ramachandran, IANS,
The feud between the two Ambani brothers - Mukesh and Anil - seems to be an unending saga on the lines of television soap operas, with the story becoming increasingly complex by the day and the number of characters involved in each episode rising rapidly.
US stocks fall amid concerns over delayed economic recovery
By DPA,
New York: US stocks fell Wednesday amid a rise in commodity prices, which sparked concerns that higher interest rates and inflation would delay economic recovery.
Pricing worries erased any relief brought by Chrysler's deal with the Fiat Group, giving the Italian carmaker control of its best assets and pulling the US icon out of bankruptcy less than two months after it sought court protection.
BMW may look at MINI production in India
By IANS,
Hyderabad : Luxury car-maker BMW Wednesday said it may look at manufacturing its MINI brand in India but that would depend on the market potential for the premium small car.
India launch of Microsoft Windows Phone 7 this year
By IANS,
Hyderabad : Microsoft plans to launch its Windows Phone 7 and search engine Bing in the Indian market this year, an official said here Wednesday.
Tata Motors, Hindustan Unilever add to Sensex slump
By IANS,
Mumbai : A key index of the Indian equities markets closed flat Thursday, a marginal 15.77 points up, as heavyweights Tata Motors and Hindustan Unilever came under selling pressure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 17,199.64 points, ended at 17,185.68 points, up 15.77 points or 0.09 percent from its last close at 17,169.91.
‘Tata deal nearly sealed on Jaguar, Land Rover’
By IANS
London : Tata Motors is set to be named by the US Ford Group as the preferred buyer for its luxury Jaguar and Land Rover cars, a newspaper reported Sunday quoting sources close to the negotiations.
A Ford spokesman, speaking to IANS, said an announcement was expected in the New Year.
"There is tremendous speculation going on at the moment, and I don't expect much to happen during Christmas," he said.
Indian becomes director of BAE systems
By IANS
Mumbai : British aerospace and defence major BAE Systems has appointed ABB Ltd President Ravi Uppal as a non-executive director.
Welcoming Uppal, who will join the board April 2, BAE Systems' Dick Clever said: "Ravi has first-hand experience of managing engineering and technology businesses in Europe, the Middle East and Southeast Asia."
Uppal currently is in charge of the ABB Ltd's global markets operations for the power and automation technology. He is also a member of the group's executive committee.
Japan’s Nikkei index falls nearly three percent
By IANS,
Tokyo : Japan markets continued their losing streak Friday with the key Nikkei index dropping nearly three percent.
In the first 15 minutes of trading, the benchmark Nikkei 225 Stock Average lost 232.45 points, or 2.75 percent, to 8,228.53.
The broader Topix index of all first-section issues was down 24 points, or 2.75 percent, to 847.7.
On currency markets at 9 a.m., the dollar was quoted at 97.58-63 yen, down from Thursday's quote of 97.68-70 yen.
Sebi not to ban P-notes, but wants transparency: Damodaran
By IANS
Mumbai : The Indian stock market watchdog Monday cleared the doubts of all foreign institutional investors. Securities and Exchange Board of India (Sebi) Chairman M. Damodaran told a televised videoconference that steps to curb issuance of participatory notes were not aimed at curbing capital inflows.
Sebi Monday approved 16 applications of foreign institutional investors and invited overseas investors to register as FIIs.
Japan’s consumer price index drops in February
By DPA,
Tokyo : Japan's key consumer price index (CPI) fell 1.2 percent in February year on year, making it the 12th consecutive month of decline, the ministry of internal affairs and communications said Friday.
The CPI, which excludes volatile fresh food prices, stood at 99.2 against the base of 100 for 2005, the ministry said in a preliminary report.
The falling prices have been a major concern for the world's second largest economy, suggesting persistent deflationary pressure in Japan.
CII signs pact with Mexican business council
By IANS
New Delhi : Ahead of Mexican President Felipe Calderon Hinojosa's visit here, the Confederation of Indian Industry (CII) has signed a pact with an industry lobby of the Latin American country to push bilateral trade and investment ties.
The memorandum of understanding with the Mexican Business Council for Foreign Trade, Investment and Technology aims to strengthen the growing business ties between the two major emerging economies, a CII statement said.
U.S. Economic Slowdown Will Not Affect Asia Badly
SINGAPORE, Feb 17 (Bernama) – The slowing down of the United States economy in the first half of this year would not hurt Asia badly, Singapore Minister Mentor Lee Kuan Yew said.
"If the US catches cold, Asia will not catch influenza," he told an aviation leadership summit here tonight held in conjunction with the Singapore Airshow beginning Tuesday.
He said if about 40 per cent of the intra-Asian current trade with the US were reduced to half, Asia would not widely be at a disadvantage.
Kerala firm’s system to run cargo terminal in Tokyo
By IANS,
Thiruvananthapuram : Technopark headquartered IBS Group has signed a deal with Tokyo International Air Cargo Terminal Ltd (TIACT) for implementation of the Cargo Terminal Operations (CTO) module of iCargo, a new-generation cargo management system.
The IBS system will manage the new cargo terminal at Tokyo International Airport, also known as Haneda Airport that is ranked among the world's busiest passenger airports.
The airport is currently undergoing a major expansion in terms of capacity and technology and is scheduled to be fully functional by October 2010.
ICICI Prudential to consolidate business in Kerala
By IANS,
Thiruvananthapuram : Private life insurer ICICI Prudential Life is focussing on consolidating business in Kerala rather than going for major expansion, a top official said here Wednesday.
In the first 11 months this fiscal, the company's business has crossed Rs.4.05 billion (Rs.405 crore), ICICI Prudential vice-president K.S. Mahesh told reporters.
"This fiscal, we did not open any new branch in the state and instead we were consolidating our business. We have succeeded in that and this will continue," said Mahesh.
L.N. Mittal concludes India summit with 700 top executives
By IANS,
New Delhi : With $30 billion lined up for investments in his native country by steel tycoon Lakshmi Niwas Mittal, the Indian capital was host to Arcelor-Mittal group's second leadership summit where 700 top executives from 60 countries brainstormed over three days over global strategies.
Sun TV to invest Rs.100 crore in 2010-11
By IANS,
Chennai : Media conglomerate Sun TV Network will invest around Rs.100 crore this fiscal to upgrade infrastructure and acquire content, a top company official said Friday.
"We will invest around Rs.100 crore across our different business lines this year. Our focus this year will be on monetising all our existing assets," Chief Operating Officer Ajay Vidyasagar told reporters here while declaring the annual results for the 2009-10 financial year.
US stocks mixed on last day of 2010
By DPA,
New York: US stocks were mixed as markets closed on the year's last day of trading Friday, but were up for all of 2010.
Sensex ends 269 points higher
By IANS,
Mumbai : A benchmark index for Indian equities Tuesday closed 269 points higher than its last close, though telecom heavyweight Bharti Airtel lost 4.36 percent.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,042.18 points, shut shop at 16,307.39 points (provisional), up 269.04 points or 1.68 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,877.1 points, against the previous close at 4,801.95 points, a gain of 1.56 percent or 75.15 points.
Bharti Airtel first quarter net up 22 percent
By IANS,
New Delhi : Telecom major Bharti Airtel has posted a net profit of Rs.2,647.95 crore (Rs.26.48 billion/$547 million) in the first quarter of 2009-10, a 22.2 percent year-on-year increase.
The company's total income during the period under review rose 22 percent to Rs.10,448.69 crore from Rs.8,567.8 crore in the corresponding period a year ago, the company said in a regulatory statement.
The increase in profits was also because of a Rs.250-crore gain that accrued after payouts on its foreign currency loans fell due to rupee appreciation.
Indian agri-exports to EU up, says new report
By IANS
Brussels : India exported 1.4 billion euro worth of agri-food products to the European Union in 2006, up from just over 1 billion euro in 2003, according to the latest Monitoring Agri-trade Policy (MAP) report published by the European Commission Wednesday.
The volume is equivalent to two percent of the EU's global agri-food imports and is just half the value of the EU's imports from China. India ranks the 12th most important EU supplier. Cashew nuts, coffee, rice, castor oil and tea account for 43 percent of the value of the EU's imports from India.
Left, Reliance keep mum on retail row in West Bengal
By IANS
Kolkata : Reliance Retail officials as well as the Forward Bloc (FB), one of the ruling Left Front partners in West Bengal that is opposed to Reliance Fresh outlets, chose to keep mum Wednesday, a day after the state government assured security to the firm's retail stores.
"I don't want to add anything to the controversy now. We are holding a meeting with state government officials," Reliance Retail Ltd (RRL) regional head Kalyan Sarangi told IANS after apprehensions that the firm might walk out of the state or put its plans on hold.
Drop ‘Buy American’ clause, Congress told
By Arun Kumar, IANS,
Washington : Nine international business organisations, including the Confederation of Indian Industry (CII), have urged the US Congress to drop the "Buy American" clause in the over $800 billion stimulus bill.
Commending the call of 15 major US business associations to avoid trade-restrictive mandates in the American Recovery and Reinvestment Act (ARRA), the group in a letter to Congressional leaders Monday hoped "you will listen to their powerful arguments".
Clean energy cess on coal produced in India
By IANS,
New Delhi : Announcing the establishment of a National Clean Energy Fund (NCEF) for funding research and innovative projects in clean technologies, Finance Minister Pranab Mukherjee Friday proposed to levy clean energy cess on coal produced in India as also imported.
Apple prices soar as Himachal attracts buyers from other states
By Vishal Gulati, IANS,
Shimla : The arrival of buyers from places as far away as Gujarat, Maharashtra and even Nepal have sent the prices of apples soaring in Himachal Pradesh.
A large number of apple traders have been camping in various wholesale fruit markets in the hill state for the past week.
Partap Singh Kairon, president of the fruit market association, told IANS local markets at Dhalli, Narkanda, Rohru, Solan and Parwanoo towns have attracted the most buyers from outside the state.
SAIL net profit up 98.6 percent
By IANS,
Mumbai : State-run Steel Authority of India (SAIL) Wednesday reported a 98.6 percent rise in net profits at Rs.1,675.55 crore for the quarter ended Dec 31, compared to Rs.843.34 crore in the year-ago period.
Total income of the steel major also grew at 12.3 percent to Rs.9,878.68 crore during the quarter under review, against Rs.8,792.72 crore in the third quarter of last fiscal, the company said in a regulatory filing.
However, the figures were not comparable as another state-owned firm Bharat Refractories Ltd. (BRL) was merged with SAIL.
Overseas firm to take Indian real estate investors abroad
By Aparajita Gupta, IANS,
Kolkata : Real estate investors in India have reasons to be happy as very soon they can invest in properties abroad with the help of a consultant.
Castlewood Investment Properties, one of the largest real estate developers in Europe and the US, in partnership with the Singapore-based Home Place International and its exclusive Indian associate Land Solutions, is all set for entry into India by showcasing a bouquet of international real estate properties in New Delhi.
Contempt notice issued to Central Bank managing director
By IANS,
New Delhi : The Delhi High Court Monday issued a contempt notice against the managing director of the Central Bank of India for taking action against an official despite its stay order.
Justice S.N. Agrawal passed the order after the bank's general manager, Abhijit Ghosh, told the court that a fresh chargesheet was filed against him in an alleged misconduct matter despite the court staying all proceeding against him.
Ghosh was suspended from his job on Sep 24 after a chargesheet was filed against him on a charge of misconduct.
Industry lobby retracts report on 25 percent job cuts
By IANS,
New Delhi : After invoking considerable concern and anxiety among millions of working Indians, a leading industry lobby Friday retracted its earlier analysis that the country's corporate sector in seven major industries was proposing 25 percent job cuts over the next 10 days.
"Assocham withdraws its report of 25 percent job cuts, clarifying that it was not representative of the industrial segment in its totality," the Associated Chambers of Commerce and Industry said in a statement.
Empee lines up Rs.15-bn investment for new projects, expansion
By Venkatachari Jagannathan, IANS,
Chennai : The city-based Rs.10-billion Empee group, with business interests in liquor, sugar, hotels and real estate, is on an expansion overdrive on an outlay of Rs.15 billion.
To be funded through a mix of internal accruals and debt, the new projects are expected to treble the group size once these go on stream, senior company officials said.
Major sop being mulled for Bharat Heavy Electricals
By Noor Mohd, IANS
New Delhi : In what could emerge as a windfall for Bharat Heavy Electricals Ltd. (BHEL), the government is looking at a proposal to remove some major conditions on developers who want to avail themselves of fiscal sops for building mega power projects.
Under the policy governing mega power projects, state-run and private players have to resort to international competitive bidding while awarding contracts to suppliers of equipment such as boilers and turbines for obtaining fiscal sops.
India upbeat about tea exports this fiscal
By IANS,
Kolkata : Even in a worsening economic scenario, India is expected to export over 200 million kg tea this fiscal, up from last year's 179 million kg, a union minister said here Wednesday.
"It's too early to predict. Even under most pessimistic situation, net tea export will be over 200 million kg," Minister of State for Commerce and Power Jairam Ramesh told reporters after inaugurating electronic auction (e-auction) of tea.
Sensex breaches 25,000-mark as BJP leads in vote count
Mumbai : Indian stocks were virtually on fire leading a key index to breach 25,000 points mark, as Narendra Modi-led Bharatiya Janata Party took...
US calling card firm to tap Indians in North America, Gulf
By Himank Sharma, IANS,
New Delhi : US-based calling card company Aryty - a slang for "all righty" or "no worries" - is setting up operations in India to tap the growing market for remitting prepaid phone minutes among the Indian diaspora in the US, Canada and the Gulf.
"Sending just a few dollars of prepaid mobile phone credit to your family and friends in India will allow them to call you whenever they want to talk to you," said Harbinder Narula, vice president for India and the Middle East for Aryty.
Sensex closes below 18,000 on modest industrial data
By IANS,
Mumbai : A benchmark index for Indian equities Monday ended trade with a 103-point gain at 17,937 points, after breaching the psychologically important 18,000-mark.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,875.97 points, closed at 17,937.2 points, 103.66 points or 0.58 percent up from its previous close at 17,833.54 points.
Chandigarh’s top brass fight over multi-million rupee land deals
By Jaideep Sarin, IANS,
Chandigarh : Touted as the greenest and most liveable city in India, Chandigarh is these days witnessing a major confrontation in its government as the union territory's administrator and top bureaucrat trade charges over land deals.
There are sharp differences between Chandigarh's Administrator S.F. Rodrigues, who is also the governor of Punjab, and Pradip Mehra, the seniormost bureaucrat of the city and adviser to the administrator, over prime real estate acquired for ambitious projects. These land deals run into billions of rupees.
Sensex closes over 300 points up
By IANS,
Mumbai : The Indian equity markets closed in the green Tuesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,388.36 points and touched a high of 15,732.75 before closing at 15,696.90. It went up by 301.08 points or 1.96 percent compared to its closing figure Monday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,572.50 points, closed at 4,653.00. It went up by 80.50 points or 1.76 percent.
Indian equities make a weak start
By IANS,
Mumbai : Indian equities markets started in negative terrain Thursday with a key index falling at the opening bell.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,559.03 points, lower than its 9,618.54 point close Wednesday. About 10 minutes into trade, it was at 9,552.37 points, 0.69 percent or 66.17 points lower than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,915.65 points, 0.34 percent lower than its previous close of 2,925.7.
Haryana moves against oil strike with ESMA
By IANS,
Chandigarh : Haryana Friday imposed the Essential Services Maintenance Act (ESMA) to declare the strike by public sector oil company officials illegal, moving to control the scarcity of petrol, diesel and cooking gas caused by the three-day-old stir.
The imposition of ESMA prohibits the strike by all officers who are under the employment of public sector oil companies of the government of India for a period of six months in Haryana, an official spokesman said here Friday. The state borders the Indian capital.
South Indian Bank net profit up by 20 percent
By IANS,
Thrissur (Kerala) : Kerala-based South Indian Bank (SIB) posted net profit of Rs.233.76 crore in the last fiscal -- a rise of 20.03 percent over the previous year (2008-09).
The total business of the bank increased by 29.40 percent to Rs.39,127 crore and the deposits grew to Rs.23,012 crore from Rs.18,092 crore in the previous fiscal, SIB said in a release.
The bank earned a total income of Rs.2,144.18 crore during the year as against Rs.1,851.19 crore in 2008-09.
Pay a ‘voluntary carbon market’, ease your green conscience!
By Joydeep Gupta, IANS,
New Delhi : Flying from Delhi to Mumbai and worried that you are adding to climate change? Just pay Rs.90 to the 'voluntary carbon market' that will use the money in green schemes.
The voluntary carbon market is a concept that is catching on in developed countries and now Sushil Kumar, a teacher at the Indian Institute of Management-Lucknow, has calculated exactly how much ordinary Indians and even big corporates should contribute to it to ease their green conscience.
NYSE Euronext CFO on US-India Business Council board
By IANS
Washington : The US-India Business Council (USIBC) representing 250 of the largest American companies investing in India has appointed Nelson Chai, executive vice president and chief financial officer of NYSE Euronext, to its board of directors.
NYSE Euronext, the holding company created by the combination of NYSE Group, Inc. and Euronext N.V., was launched Apr 4 this year. NYSE Euronext operates the world's largest and most liquid exchange group and offers the most diverse array of financial products and services.
Advani promises pragmatic measures to revive agriculture
By IANS,
New Delhi : The relief package for farmers announced by the United Progressive Alliance (UPA) had not worked, Bharatiya Janata Party (BJP) leader L.K. Advani said Tuesday, promising a more "far-reaching" agricultural policy if his party came to power.
"If elected to office, a future BJP-led government will take the most far-reaching policy and pragmatic measures to revive Indian agriculture," Advani told farmers at an interaction held at his residence.