Economy

By IANS, New Delhi : Finance Minister P. Chidambaram is unimpressed by his predecessor's advice for deeper tax cuts, saying the move would fuel inflation. In reply to the suggestion of "deeper tax cuts" by Yashwant Sinha, who was finance minister in the previous Bharatiya Janata Party (BJP) government, Chidambaram said that his government had already cut taxes and sacrificed revenue.

By Vivian Fernandes, Kanhaiyyalal Patel, 52, cannot hide his disappointment as he contemplates a cheque for Rs.76,154 given to him by Saksham Industries for 1,800 kg of cotton. A farmer of Tunda village, in Mehsana's Unjha taluk in Gujarat, renowned for the wholesale market for cumin, flaxseed and fennel, Patel's cheer at getting a better rate at another mandi a stone's throw away, is clouded by a feeling of relative deprivation.

By IANS, New Delhi : A cabinet panel Thursday sanctioned Rs.4.2 billion ($80 million) for developing handloom and powerloom clusters in six cities across the country to "meet the discerning and changing market demands both at domestic and at the international level and raise living standards of weavers and artisans". Each cluster would receive Rs.700 million, Minister of State in the Prime Minister's Office Prithviraj Chavan told reporters here after a meeting of the cabinet committee on economic affairs presided over by Prime Minister Manmohan Singh.

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By Anil Giri , Kathmandu, July 5 (IANS) A major Indian economic aid package is expected to be announced during the visit of Indian Prime...

By IANS, New Delhi : In the run up to the budget 2009-10, the Confederation of Indian Industry (CII) Friday called for changes in the tax deduction method, Tax Deducted at Source (TDS), to make it more people friendly. CII recommended to the government to allow employers to adjust short or excess deduction of income tax in a financial year and hence obviate the need for employees to make claim for refund. If the recommendation was approved by the government it would certainly help tax payers avoid the hardships of applying for a refund every year.

By IANS, New Delhi : Telecom operator Airtel Tuesday announced the launch of its direct-to-home (DTH) satellite television service. The service will be available in 62 cities from Oct 9, a senior company official said here. “This is a right time for Airtel to enter the market. We are very clear at Airtel and will take over as a leader of the sector as soon as possible,” Airtel chief executive officer and managing director Manoj Kohli said.

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

New Delhi : The government has increased the entry fee at 116 centrally-protected monuments under the Archaeological Survey of India (ASI). The revised rates...

By IANS New Delhi : South Korea's Posco, the world's fourth largest steel maker, and the state-run Steel Authority of India Ltd (SAIL) Thursday forged an alliance to cooperate in areas like corporate planning, marketing and exchange of engineers, technicians and other professionals. The two companies will also use each other's existing marketing and warehousing network, coordinate in procuring coking coal, nickel and alloys and cooperate in research and development projects, an official statement said.

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

By Gurmukh Singh, IANS, Toronto : Nano, Tatas' small car with a price tag of just $2,500, is already being viewed as a threat to the North America auto market even before its launch in India. With BRIC (Brazil, Russia, India and China) nations set to overtake them in production this year, North American auto giants may soon face challenge from cheap cars from India and China.

By IANS, Chandigarh : Power generation agencies of Haryana and Delhi Friday signed an agreement to develop a coal mine in Madhya Pradesh to meet the respective electricity requirements of the two states. The Haryana Power Generation Corp and Indraprastha Power Generation Corp of Delhi signed the agreement for the formation of a joint venture, Yamuna Coal Co, for developing a coal block at Singrauli in Madhya Pradesh.

By IANS, Mumbai : Indian equities markets bounced back at close Friday with a key index moving in the green to end near the day's highs. It had dipped into the red about 30 minutes of closing bell. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,321.98 points, ended trade at 14,524.7 points (provisional) - 259.17 points or 1.82 percent higher than Thursday's close. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) shut shop 1.45 percent up at 4,313.1 points.

By IANS, Abu Dhabi: The National Bank of Abu Dhabi (NBAD) Wednesday signed a key partnership agreement with Britain's ifs School of Finance to deliver diploma courses in banking and finance for its employees, WAM news agency reported. The partnership with the ifs School of Finance, one of the world's leading providers of professional banking and financial services qualifications, will enable NBAD's employees to benefit from an excellent foundation in banking and from which to progress their careers, said Michael Tomalin, the chief executive of the UAE bank.

By IANS, Guwahati : India's External Affairs Minister Pranab Mukerjee Sunday stressed the need for improving connectivity with the South Asian neighbours and strengthening bilateral relations with them to boost business and attract investments. "Economic development in the northeast will depend on how quickly we can build up connectivity with the Asean (Association of South East Asian Nations) and other neighbouring countries," Mukherjee said while inaugurating a branch secretariat of the Ministry of External Affairs (MEA) in Assam's main city of Guwahati.

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By IANS Mumbai : Stock markets in India started on a firm note but pared gains during mid-session and ended flat Tuesday. The 30-share sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed up 13.72 points or 0.07 percent at 20,300.71, against the previous close of 20,286.99 points. The broader 50-shares S&P CNX Nifty index of the National Stock Exchange (NSE) closed 5.75 points up at 6,144.35 points, against the previous close of 6,138.60 points.

By KUNA Kuwait : The price index at Kuwait Stock Exchange was down 24.8 points in pre-midday operations on Wednesday reaching 12,014.2 points. Volume of traded shares reached 167.6 million, valued at some 70 million dinars for 4,000 spot transactions.

By IANS, Kolkata : A solution to the 28-month dispute over the land allotted to Tata Motors' Nano project at Singur in West Bengal seemed to be in sight after the first round of mediatory talks initiated by Governor Gopalkrishna Gandhi here Friday. Both warring sides - the West Bengal government ruled by a Left coalition and the state's principal opposition Trinamool Congress-led farmers' group - came out with positive statements after the first round of talks here Friday. The talks are to continue Saturday at the same venue - the governor's residence, Raj Bhavan.

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

By IANS, Mumbai : A benchmark index for Indian equities Monday was trading in a zig-zag manner in morning trade. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,872.17 points, was ruling at 16,875.98 points, 12.92 points or 0.08 percent up from its previous close at 16,863.06 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 5,061.45 points, down 0.1 percent from its previous close.

By Neelam Mathews, IANS Bangkok : With demand soaring and seats overbooked between the Thai capital and New Delhi, Thai International Airways is increasing its frequency to 10 flights a week from the summer of 2008, advancing the timeline by six months. The carrier has applied to India's Director General of Civil Aviation (DGCA) for additional frequencies and, if approved, it will be seeking temporary permission to expedite its case, said the airline's vice president Pridi Boonsue.

By IANS, Thiruvananthapuram : If skyrocketing prices were not enough to dampen the Onam festivities Wednesday, heavy rain lashing Kerala since Tuesday evening also played a spoilsport to the most important festival of the year for the Malayalis. "The rains have been quite heavy since last night and our customary visit to the temple early morning on Thiru Onam day turned out to be a wet one. The children are upset because their new dresses all got sullied," said Manju Nair, a housewife.

By IANS, New Delhi : The government Friday decided to decontrol petrol prices and also hiked the rates for diesel, kerosene and cooking gas to ameliorate the loss of thousands of crores of rupees incurred by the oil marketing companies. Petroleum Secretary S. Sundareshan told reporters that the Empowered Group of Ministers headed by Finance Minister Pranab Mukherjee has decided that petrol prices will be "market determined". This means that the price is likely to be hiked by Rs.3.50 per litre.

By IANS, Bangalore : Deccan 360, the cargo airline founded by low-cost aviation pioneer G.R. Gopinath, has roped in Germany-based Lufthansa Technik for maintaining its Airbus A-310 freighter aircraft fleet and warehousing requirements, including components, the company said Tuesday. The Bangalore-based cargo airline currently operates a freighter to Hong Kong and Dubai and plans to induct two more freighters by early 2010 for carrying 35-tonnes of cargo per aircraft from 35 cities across the country.

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By IANS, New Delhi : The business confidence of India Inc. has improved in the wake of the economic revival, says a survey by the Confederation of Indian Industry (CII). Howevcr, slack consumer demand remains a concern. According to the CII Business Outlook Survey, business confidence has surged by 7.4 points to 66.1 for for October-March as compared to a 2.4 points increase during the first half of the fiscal.

By IANS, Mumbai : Net profits of fast moving consumer goods (FMCG) giant Hindustan Unilever dipped 2.68 percent to Rs.5,431.9 crore in the first quarter this fiscal from Rs.5,581.8 crore in the same period a year ago. The total income of the company increased 7.5 percent to Rs.44,758.8 crore in the first quarter of current fiscal from Rs.41,628.4 crore in the year-ago period. While sale of FMCG products in the period under review grew by nearly 13 percent, that of health and personal care goods increased almost 12 percent.

By IANS, Hyderabad : A court here Monday adjourned the hearing on the bail petition of the disgraced former top brass of Satyam Computer Services to Friday. The court also adjourned the hearing on the petition of the Criminal Investigation Department (CID) seeking their custody and another petition by market regulator Securities and Exchange Board of India (SEBI) seeking permission to question them in connection with a Rs.70 billion ($1.43 billion) fraud.

By DPA, Washington : US stocks fell sharply again Tuesday as investors remained unconvinced that new lending avenues created by the Federal Reserve would unblock credit to the struggling US economy. The three major stock indices each fell more than 5 percent. The Dow Jones Industrial Average fell more than 500 points and the broader S&P 500 dropped below 1,000 points for the first time in five years.

By IANS, Shimla : Manoj Kumar, the divisional commissioner of Kangra, has been posted as the director of industries in Himachal Pradesh. In a minor bureaucratic reshuffle Tuesday, Jyoti Ram Gazta will replace Manoj Kumar. Anil Khachi has been made secretary, food and civil supplies. Earlier, he was the director of industries. Manisha Shridhar, presently on deputation with the central government, has been posted as secretary of the department of cooperatives.

By Syed Zarir HussainIANSGuwahati : The Brahmaputra river is expected to once again come alive with vessels carrying fuel sailing to Bangladesh. India's decision...

By IANS New York : A majority of Americans are more likely to buy Indian products than Chinese ones, according to a recent survey by Fortune magazine. After major recalls of products sourced from China by some US companies, including toy maker Mattel, due to high lead content, nearly 57 percent of Americans said they were "less likely to buy a product if it is made in China". In comparison, as many as 52 percent of the respondents said such an incident would not affect their buying decision if the product was made in India.

By IANS, New Delhi : India and France here Wednesday signed a Memorandum of Understanding (MoU) to promote bilateral cooperation in the Railways sector. The MoU was signed by R.K. Goel, Additional Member (Planning) in the Indian Railway Board, and Jean-Pierre Loubinoux, chairman and managing director of SNFC International (French Railways). The agreement was signed in the presence of Minister of State for Railways Naranbhai Rathwa and visiting French Minister of State for Transport Dominique Bussereau.

By IANS, Gurgaon : Gurgaon requires an apex development agency on the lines of the New Okhla Industrial Development Authority (Noida) and a committee has been formed to look into it, says a central minister who is an MP from the region. Rao Inderjeet Singh, the minister of state for defence production who is an MP from the Mahendragarh constituency of which Gurgaon is a part, said the suburb requires an apex development agency on the lines of Noida.

By IANS New Delhi : Kanz Kids, a leading kids wear brand from Europe, Thursday announced its entry into India by signing a licensing agreement with Prateek Apparel. Prateek's first outlet in association with Kanz was inaugurated at Noida, adjacent to Delhi. The firm will open nearly 100 outlets in 40 cities in India within the first year of its operation. "We have been observing the Indian market for more than two years now. And now we think that it is the right time to enter the market," said Ozgur Bender, managing director of Kanz, Germany.

By Reino Gevers, DPA Frankfurt : Carmakers are presenting a flurry of new drive concepts at the 62nd International Motor Show (IAA) in Frankfurt Sep 13-23 aimed at making cars of the future cleaner and safer. Japanese, European and American car engineers are in a fierce competition on the best drive solution of the future as oil resources dwindle and the global number of vehicles are estimated to increase from 850 million to 1.2 billion in the next 15 years.

By IANS, Kolkata: Birla Corporation Limited, the flagship company of the M.P. Birla Group, posted net profit of Rs.137.50 crore during the last quarter (January-March) 2009-10 against Rs.90.61 crore in the previous corresponding period. The company stated improvement in demand for cement arising out of higher order inflow from government-led infrastructural and rural housing projects as one of the key reasons for this growth in net profit.

By IANS New Delhi : Fujitsu Consulting launched its fourth development centre at Noida, just outside the national capital, Monday at an investment of $10 million. It also announced plans to mirror this facility in 12 months. John T. Rose, president and chief executive officer of Fujitsu India, said the company expected a huge demand for offshore development in the country for which it will make strategic acquisitions with a focus on mid-tier firms.

By IANS/WAM, Abu Dhabi : The National Bank of Abu Dhabi (NBAD) has been named the best bank in the UAE by Global Finance, a prestigious financial magazine.

By IANS, Mumbai: One of the leading stock exchanges in the country, the Bombay Stock Exchange (BSE), halted trading Monday due to a technical glitch and said trading would resume by 2.30 p.m.

By IANS, New Delhi : India's official auditor has said his office was yet to ratify the Rs.45,000-crore ($9-billion) capital expenditure claimed by Mukesh Ambani-led Reliance Industries for tapping natural gas from the Krishna-Godavari basin. "We are still to complete the audit of Reliance Industries' books. We don't have the mandate to audit the books of a private company. That is why the books were not made available to us," Vinod Rai, Comptroller and Auditor General (CAG) of India, told IANS.

By Xinhua Beijing : China's tax revenues are expected to surpass 4.9 trillion yuan ($668.8 billion) in 2007, up 30 percent year on year, the country's top tax official said here Tuesday. Addressing a national conference on taxation, Xiao Jie, Director of the State Administration of Taxation, said the figure represented one of the highest annual tax growth rates since the country adopted reforms in 1978. He attributed the robust increase to stable economic growth and a rapid increase in industrial enterprise profits.

By IANS, Washington : A flexible new approach on production of alternative fuels from solid and agricultural wastes could supply a fifth of fuels required in transportation in US annually, says a new study. The method offers a potential solution to problems that might be created by increasing production of ethanol with conventional methods, which use corn grain as a feedstock. Boosting ethanol output with conventional methods would require additional crops and heavy fertiliser use, increasing runoff into waterways and threatening ecosystems, said a Purdue University press release.

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By Xinhua, Beijing : The global financial chill is freezing the employment market for Chinese college graduates with some 1.5 million fresh graduates looking for jobs, a think tank said Tuesday. The country could see an even tougher employment situation in 2009 as 500,000 more graduates will turn up, a survey by the Chinese Academy of Social Sciences (CASS) said. Chen Guangjin, vice director of the CASS sociological research centre, attributed the bleak bleak job market primarily to the global financial crisis.

By IANS, Mumbai : Sentiments at Indian equity markets remained damp this week though a key index rose 290 points Friday, after four consecutive losing days. Chinese markets -- which fell 6.74 percent at the beginning of the week -- primarily contributed to the investor's apprehension, sending bourses across the world southwards. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) fell 233.22 points or 1.46 percent over previous Friday's close and ended trade at 15,689.12 points.

By IANS, Mumbai : Banking sector stocks, led by the heavyweight ICICI Bank, skidded on the Bombay Stock Exchange (BSE) Friday following frantic offloading by overseas investors and nervous selling by retail investors. "Banks are proxy of our nation's economy. Any crisis in the banking sector will be reflected in the entire industry," said Religare Securities president Amitabh Chakraborty.

New Delhi, June 26 (IANS) India and Thailand have stepped up negotiations to conclude a landmark free trade agreement (FTA) by 2010, Thai Prime Minister Surayud Chulanont Tuesday told top businessmen here as he sought a greater role for India in "bridging the digital divide in Asia." Allaying apprehensions of investors after a military-led government took over power last September, the Thai leader assured that the country's economy was in top form and full democracy would be restored after elections, to be held before the year-end.

By Pervez Bari, TwoCircles.net
 
Bhopal : The Asian Development Bank, (ADB), has approved a loan of Rs. 12,850 million for the construction of 22 roads in Madhya Pradesh
    
Madhya Pradesh Road Development Corporation, (MPRDC), Managing Director Mohammed Sulaiman has informed that an agreement to this effect was signed in New Delhi recently and the roads would be built by MPRDC in the State.
    

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By DPA, Jeddah : Kuwait will raise its oil output if the market needs it, its oil minister told reporters Sunday in the Saudi Red Sea port of Jeddah where a global summit is set to discuss soaring oil prices. Kuwait is one of few members of the Organization of the Petroleum Exporting Countries (OPEC) that have the capacity to increase output.

By IANS, RIA Novosti, Moscow: Russia is better prepared for a second global financial crisis, President Vladimir Putin has said.

Bhubaneswar : Odisha Chief Minister Naveen Patnaik on Saturday expressed concern over districts not matching up to the needs of the rural masses for...

By IANS, Beijing: China's trade surplus widened in October as growth of exports accelerated while that of imports remaining steady, data from the country's customs showed Saturday.

By IANS, New Delhi : Minister for Textiles Shankersinh Vaghela will attend a meeting of leading designers and other fashion industry stakeholders here Monday to discuss ways to nurture emerging talent. “In recent years, the Indian fashion industry has evolved and carved a niche for itself in a highly demanding global fashion industry,” the ministry said in a statement Sunday.

By IANS New Delhi : The government will meet the power generation capacity addition target envisaged for the 11th Five-Year Plan (2007-12), Power Minister Sushilkumar Shinde said Thursday. He was briefing reporters on the progress of the government's 11th Plan power generation capacity addition programme. The power ministry envisages a capacity addition of 78,577 MW in the current Plan, he said.

By IANS, New Delhi : Following are the reactions from some prominent industrialists and economists to the interim budget presented by acting finance minister Pranab Mukherjee here Monday: Deepak Parekh, chairman, HDFC Bank: Not a disappointment, I did not expect anything in the interim budget. It was never meant to be a giveaway. Interim budget is only an exercise of stating accounts. Pradeep Jain, chairman of Parasvnath Developers: It's a non-event for the corporate world. The interim budget is merely a populist budget.

By DPA, San Francisco : Yahoo! reported an 18 percent drop in second-quarter profits Tuesday putting more pressure on the company in the aftermath of a shareholder revolt and the controversy over Microsoft's aborted attempt to buy the company. The Silicon Valley internet services company said it earned $131.2 million, or 9 cents a share, compared to $161 million , or 11 cents a share a year ago. Revenue for the three months ended June 30 was $1.8 billion, compared with $1.7 billion in the same quarter a year earlier.

By RIA Novosti Moscow : Russian energy giant Gazprom [RTS: GAZP] said on Wednesday it had raised its stake in Belarus's natural gas pipeline operator Beltransgaz to 25%, in line with previously reached accords. In mid-May 2007, Gazprom signed a deal to purchase a 50% stake in Beltransgaz for $2.5 billion. Gazprom will make equal payments in four stages from 2007 to 2010, acquiring a 12.5% stake in Beltransgaz at each stage, giving the Russian gas monopoly greater control over supplies to Central and Western European consumers.

By IANS, New Delhi : India's food grain production at 230.67 million tonnes in 2007-08 will help in moderating food prices, a senior government official said Wednesday. "There has been only 5 to 7 percent increase in food prices, while in other countries prices of farm articles have shot up to 80 percent. Good crops will certainly help in moderating prices," agriculture secretary P.K. Mishra told reporters. India's headline inflation has been maintaining an upward swing for several months, and touched a 13-year high at 11.63 percent for the week ended June 21.

By IANS, New Delhi : India must increase its share in the global agricultural exports and for this it should invest in right technology and human resource development, Commerce and Industry Minister Anand Sharma said here Tuesday. "Agricultural exports comprise only 12 percent of our total exports," Sharma said while delivering the valedictory address at a national workshop on "Achieving Exponential Growth in Agro Exports", organised by the Agricultural and Processed Food Products Export Development Authority (APEDA).

By IANS, Mumbai : Indian equities markets Tuesday ended trade in the green, with a key index gaining 3.86 percent over its previous close. The sensitive index of the Bombay Stock Exchange (Sensex) closed at 9,008.83 points, 3.86 percent (provisional) or 334.48 points higher than its close Friday. At the same time, the S&P CNX Nifty index of the National Stock Exchange was at 2,771.35 points, 3.46 percent higher than its previous close of 2,678.55.

By Fakir Hassen, IANS, Johannesburg : Although Cipla India has come out in strong support of the bid by South African pharmaceutical company Adcock Ingram to take over Cipla Medpro South Africa, a number of shareholders are resisting the deal, citing that the offer price is too low. Cipla India does not have any equity stake in Cipla Medpro SA, but shareholders said an agreement between the two should make the price being offered much higher.

By IANS, Mumbai : India's central bank, the Reserve Bank of India (RBI), Thursday said Rs.500 and Rs.1,000 notes featuring old designs will be phased out, though no timeframe has been set. These notes from the 1996 and 2000 series will be replaced with new ones with additional security features, RBI spokesperson Alpana Kilawala said. “This is nothing unusual, it's a regular exercise. Central banks all over the world keep introducing notes with higher security features,” she said. Kilawala said the exercise was not on account of any fake currency note problem.

By IANS, New Delhi: Commerce Minister Anand Sharma Tuesday said India's merchandise exports will be over $170 billion in 2009-10. "There will certainly be shortfall (compared to previous year) in exports due to the global meltdown. We expect the exports to be over $170 billion in 2009-10," he told reporters here on the sidelines of an event organised by the Federation of Indian Chambers of Commerce and Industry. India's exports in fiscal 2008-09 stood around $185 billion.

By IANS, Bangalore : A Malaysian garment firm made hay Saturday at Aero India international air-show by selling designer T-shirts, caps, fighter aircraft models and a variety of novelties to celebrate Valentine's Day in a special way. "We are giving one product free for every purchase made to celebrate Valentine's Day in our own way. The response has been overwhelming, with lots of couples and teenagers snapping up our attractive offering," V-GRO Marketing official M.O. Yap told IANS at the Yelahanka air force base, about 20 km from this tech hub.