Economy

Indonesian stocks fall by over four percent

Economy

By DPA, Jakarta : Indonesian stocks dropped by more than four percent Tuesday, counter to the rebound experienced by most Asian markets, while the country's currency fell sharply to reach its lowest since July 2001. The Jakarta Composite Index fell to a new low, closing at 1,111.39, down 55.02 points, or 4.72 percent. Indonesia's President Susilo Bamband Yudhoyono said that he might outline steps to help the embattled rupiah later Tuesday.

Sensex closes 144 points up

Economy

By IANS,

Growth no indication that Indian economy is strong: CPI-M

Economy

By IANS, Kolkata : The Communist Party of India-Marxist (CPI-M) Monday conceded that the country's annual growth rate of 6.7 percent has raised hope but cautioned that it did not indicate the Indian economy was strong. "The (United Progressive Alliance) government had repeatedly said that the economic growth will be 7.1 percent. Prime Minister Manmohan Singh, and the finance minister had also said that the growth figure will be 7 percent. But in reality the figure is 6.7 percent. Without doubt it has raised hope," the party's Bengali mouthpiece Ganashakti said in an editorial Monday.

SCI adds 81,000-tonne oil tanker to its fleet

Economy

By IANS,

India arrives in India, to meet PM Tuesday

Economy

By IANS New Delhi : German Chancellor Angela Merkel arrived here Monday evening on her first visit to India aimed at invigorating strategic and economic ties between one of Asia's growing economies and Europe's industrial giant. Minister for Social Justice and Empowerment Meira Kumar received Merkel at the Air Force station of Palam airport.

Wheat procurement crosses 22 mn tonnes

Economy

By IANS, New Delhi : India's wheat procurement has touched 22.02 million tonnes, almost double of last year's 11.13 million tonnes, it was announced Friday. A statement from the ministry of consumer affairs, food and public distribution said this figure was reached June 12. The procurement by the state-run Food Corp of India (FCI) and other government agencies was 7 million tonnes more than the government's target of 15 million tonnes.

Bengal’s GDP more than doubled since 2010-2011: Mamata

Economy

Kolkata : West Bengal Chief Minister Mamata Banerjee on Saturday claimed the state's gross domestic product has more than doubled since 2010. "You will...

Rate hike, fuel cost hit car sales

Economy

By IANS,

Minister cautious on new texts to push WTO talks

Economy

By IANS New Delhi : Commerce and Industry Minister Kamal Nath Tuesday cautiously welcomed the new global trade texts meant to push the stalled Doha talks. Officials of the World Trade Organisation (WTO) last week issued the revised drafts for agriculture and industry. "Significant and effective reduction of trade distorting subsidies of the developed countries is an issue on which there can be no compromise because they impact adversely upon the livelihood of millions of our poor farmers," Kamal Nath said in a statement.

Belgian king’s discovery of India begins Monday

Economy

By IANS, New Delhi : India and Belgium, a founding member of the EU and a hub of the global diamond trade, are set to intensify their political and economic ties during King Albert II's 10-day state visit that begins Monday. The Belgian monarch will be accompanied by Queen Paola, Foreign Minister Karel De Gucht and a delegation of top business leaders and academics, the external affairs ministry announced Saturday.

Arab League denounces Israeli plan to build new settlements in East Jerusalem

Economy

By NNN-KUNA Cairo : Arab League Secretary-General Amr Moussa has condemned the recently-announced Israeli plan to build 307 new Jewish settlements on Jebel Ghoneim (known in Hebrew as Har Homa) in southeast Jerusalem. "The decision of the Israeli government is a flagrant violation of the understandings reached at the recent Annapolis conference," Moussa said in a press release here Sunday. "It also runs counter to the international law and the UN resolutions declaring East Jerusalem and the West Bank occupied territories," he said.

India’s central bank to review monetary policy Thursday

Economy

By IANS,

Developing nations may be worst victims of economic crisis: Pranab

Economy

By IANS, New Delhi : The global economic turmoil poses a grave threat to developing nations even though their contribution to the cause of the crisis is negligible, External Affairs Minister Pranab Mukherjee said here Tuesday. “Given the magnitude of the global financial and economic crisis today, the developing countries may become its worst victims even though they were not the cause of the crisis,” Mukherjee said while delivering his address at the general session of the Afro-Asian Rural Development Organisation (AARDO).

Don’t disinvest in HAL, says CPI-M

Economy

By IANS,

‘India could benefit from global economic meltdown’

Economy

By Lalit K Jha, IANS, New York : Even though India is feeling the pinch of the financial crisis, a leading US expert has said India could benefit the most from this economic meltdown as this offers new opportunities to it. "There is a sense that the international institutions will be remade to reflect the current balance of power, and that India may be able to turn this crisis into a permanent place at a new high table," said Adam Segal, Maurice R. Greenberg Senior Fellow for China Studies at the Council on Foreign Relations, a New York-based think tank.

Australia moves to increase guarantees for bank deposits

Economy

By DPA, Sydney : Australia is set to join other countries struggling to maintain investor confidence by raising the level at which it guarantees bank deposits. The proposed threshold was 20,000 Australian dollars ($13,200) but the government is expected to raise this to 100,000 Australian dollars. Prime Minister Kevin Rudd has said previously that local banks had the resilience to withstand any runs against them, but he has since come round to the view that Australia needs to keep in step with guarantees offered for bank deposits in the US and Europe.

New price war in air as SpiceJet eyes Nepal

Economy

By Sudeshna Sarkar, IANS, Kathmandu : A new price war is in the offing with India's national carrier Air India and private-sector Jet Airways keeping their fingers crossed as low-cost Indian airline SpiceJet announced its plans to start flights to Kathmandu from 2010. The Delhi-based airline, India's second-largest low-cost airline in terms of market share, has plans to start flights from Delhi and Bangalore to Kathmandu when it completes five years in May 2010 and is eligible to get the nod from India's aviation authorities to begin international flights.

1.8 mn Americans lost jobs in worst slashing spree in 34 years

Economy

By Arun Kumar, IANS, Washington : Americans have lost 1.8 million jobs in just the last three months with employers slashing 598,000 more jobs in January, taking the unemployment rate up to 7.6 percent, the country's worst in 34 years. According to a government report released Friday, the latest job loss is the worst since December 1974, and brings job losses to 1.8 million in just the last three months, or half of the 3.6 million jobs that have been lost since the beginning of 2008.

BSNL Kerala to launch mobile tracking facility

Economy

By IANS Thiruvananthapuram : The Kerala circle of Bharat Sanchar Nigam Limited (BSNL) is going to launch a unique service whereby people using BSNL mobile phones can be tracked by calling their mobile phones. "This is going to be useful for parents to track where their children are. This activation would have a charge and would be billed instantly to the user who owns a post-paid connection of BSNL," said K.S. Sreenivasan, chief general manager of Kerala Telecom Circle, here Saturday.

Indian equities tank seven percent in day-long mayhem

Economy

By IANS, Mumbai : As fears over the impact of the global financial crisis on the Indian economy escalated Friday, a key Indian equities index closed with one of its steepest losses in recent months, with interventions by the government, the central bank and the markets watchdog having little impact to lift the battered sentiments. The sensitive index (Sensex) of the Bombay Stock Exchange, which at one point was down 1,088.60 points, made a marginal recovery to end at 10,527.85 points - but still down 800.51 points, or 7.07 percent, over the previous close.

National Multi-Commodity Exchange gets new chiefs

Economy

By IANS Ahmedabad : The National Multi-Commodity Exchange (NMCE) has announced its new CEO and chief operating officer (COO) Friday. Anil Mishra, winner of Bharat Udyog Ratna Award 2003 and Best Coffee Exporter Award 2006, will become NMCE's new CEO and S.S. Vyas, former chief general manager of Bombay Stock Exchange (BSE), will take charge as the COO.

Tax authorities hopeful of meeting revenue targets

Economy

By IANS, Chennai : The Central Board of Excise and Customs (CBEC) is hopeful of achieving its revenue estimates from excise, customs and service taxes this fiscal, a top official said here Thursday. "Our revised estimate is Rs.280,000 crore (Rs.2,800 billion). We are hopeful of achieving that target as some sectors have already started picking up after the introduction of stimulus package," CBEC member V. Sridhar told reporters.

Balrampur Chini posts Rs.42.7 crore profit

Economy

By IANS, Kolkata : Sugar maker Balrampur Chini Mills has posted a net profit of Rs.42.73 crore for the quarter ended Sep 30, as compared to Rs.14.58 crore earned in the year-ago period. "Total income has decreased from Rs.4,170.6 million (Rs.417 crore) for the quarter ended September 30, 2008 to Rs.3,807.2 million for the quarter ended September 30, 2009," the company said in a regulatory statement Wednesday. For the year ended Sep 30, 2009, its net profit rose to Rs.226.5 crore, as compared to Rs.97 crore logged in the previous corresponding period, the statement said.

Job portals to lose business if economic slowdown continues

Economy

By Venkatachari Jagannathan, IANS, Chennai : If India did not overcome the present economic slowdown soon, some of the country's job portal players may have to look for other business options as the industry would be hit badly. The job portal industry, dependent on economic boom that increased job opportunities, is already under pressure as the IT companies slowed their campus placement, said industry leaders.

Indian core sector growth declines to 3.6 percent

Economy

By IANS, New Delhi : After a slowdown in industrial production, the growth in the output of six core sectors, including crude oil refining, coal and electricity, has also registered a steep fall in April, latest official data showed Wednesday. The growth of these six industries - crude oil, petroleum refining, coal, electricity, cement and finished steel - declined to 3.6 percent in April, against 5.9 percent in the like month of last year, the statistics showed. The six core infrastructure industries had registered a 9.6 percent growth in March.

Energy saving to be key issue at Hanover Fair

Economy

By Jean-Baptiste Piggin, DPA, Hanover (Germany) : When the Hanover Fair, the world's principal exhibition for industrial machinery, opens next week, one of the principal talking points will be ways to save scarce energy. Machinery that thumps metal, extrudes plastic or pumps air through pipes consumes vast amounts of electricity, and engineers are looking for ways to both cut factory power bills and help fight global warming.

Bharti Airtel first quarter net up 22 percent

Economy

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.

Inflation eases to 5.2 percent on food, fuel prices

Economy

New Delhi: Helped by slower increase in food and fuel prices, India's wholesale price-based inflation fell to 5.2 percent in April from 5.7 percent...

Sensex closes 144 points higher

Economy

By IANS,

Sensex slips back into red, down 49 points

Economy

By IANS, Mumbai : A key index of the Indian equities markets fell back into negative terrain Monday afternoon amid volatile trading. At 1.50 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,287.14 points, was at 15,111.12 points, down 49.12 points or 0.32 percent. Similarly, the Nifty of the National Stock Exchange (NSE), too, was trading in the red at 4,467.3 points, down 0.31 percent.

Kerala IT firm provides solution to Axis Bank

Economy

By IANS Thiruvananthapuram : Axis Bank (formerly UTI Bank) has accepted a pricing and billing software solution prepared by Kerala's leading IT solutions company SunTec. SunTec in a statement Monday said it was happy that it could meet Axis Bank's expectations in time. "With an ever-growing customer base like that of Axis Bank, it gets more challenging by the day to deliver consistent and personalised customer experience," said Nanda Kumar, CEO of SunTec.

China marks 30th anniversary of economic reform

Economy

By Xinhua, Beijing : China Thursday marked the 30th anniversary of the start of its economic reforms and opening-up drive, with President Hu Jintao calling for continuing the process that turned the once poverty-stricken country into one of the world's largest economies. "China's significant changes over the past 30 years have proved that the direction and path of reform and opening-up are completely correct," Hu said in a speech during a ceremony at the Great Hall of the People here.

Highway blockade threatens Kashmir fruit industry

Economy

By F. Ahmed, IANS, Srinagar : The Valley's fruit industry faces a serious crisis with agitators blocking the Srinagar-Jammu highway in the Jammu region in protest against the revocation of forest land allotment to the Shri Amarnath Shrine Board. “Ripe fruit worth Rs.600 million will rot unless immediate arrangements are made for its transportation to markets outside the Valley,” Bashir Ahmad Beg, president of the North Kashmir Fruit Growers' Association, told IANS here Friday. Kashmir has no cold storage facility, which aggravated the problem, he said.

Sensex snaps out of three-week rally on profit booking

Economy

By IANS, Mumbai: Benchmark indices of Indian equities markets snapped a three-week rally to end over a percent lower this week as traders booked profits across the market breadth.

Essar group to acquire US steel maker for $1 bn

Economy

By IANS, New Delhi : The Ruia-controlled Essar Steel Holdings Thursday disclosed it is acquiring the US-based steel producer Esmark Inc for an estimated $1 billion. "The proposed tender offer was unanimously accepted by the board of Esmark Inc and is subject to customary approvals, including those of the US government and united steel workers," the group said in a statement. Esmark is a steel production and distribution company with an annual capacity of 2.4 million tonnes and distribution centres across the US. A definitive pact is to be entered into in 52 days, the group said.

Defining moment expected for corporate mergers, takeovers

Economy

By Jagannadham Thunuguntla, IANS, There is widespread anticipation regarding possible revision of the threshold limit for mandatory open offers for the purpose of takeovers from current level of 15 percent to 25 percent. If that eventually happens, interesting shareholders' activity can be expected in several listed companies.

India’s egg production may cross 9,500 crore by 2015: Assocham

Economy

By IANS, Bhubaneswar : Egg production in India is likely to surge from the current level of about 7,500 crore to about 9,500 crore by 2015, an industry body said Friday.

Under fire from investors, Satyam calls off Maytas deal

Economy

By IANS, Hyderabad : Bowing to pressure from shareholders, Satyam Computer Services Limited Wednesday called off the deal to acquire Maytas Properties and take 51 percent stake in Maytas Infra for $1.5 billion. India's fourth largest software services provider said it reversed the decision in deference to the wishes of investors. The management said they were surprised by the market reaction. The company in a statement said it has decided not to go ahead with the deal in the light of feedback received from the investor community.

Indian stock markets volatile in afternoon trade

Economy

By IANS, Mumbai : Benchmark indices for Indian equities turned volatile in afternoon trade Wednesday amid lingering fears about the European debt crisis and negative sentiments at other global bourses. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,574.79 points, was ruling at 16,640.09 points, 68.06 points or 0.41 percent up from its previous close at 16,572.03 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,987.25 points, up 0.34 percent from its previous close at 4,970.2 points.

Reliance Energy raises $2 bn from convertible warrants

Economy

By IANS Mumbai : Reliance Energy Ltd has allotted 43 million warrants convertible into equity shares to group company AAA Project Ventures Pvt Ltd, thereby raising Rs.78.35 billion ($1.98 billion). The company has already received the amount payable towards allotment, REL announced here Monday. REL will raise an amount of about Rs.78.35 billion from this issue, which will increase its net worth from Rs.103.2 billion to Rs.181.5 billion. The promoters' equity stake in REL will increase from 34.7 percent to 44.4 percent, it was stated.

Fertiliser industry urges government to release subsidy soon

Economy

By IANS, Chandigarh : The Indian fertiliser industry has urged the government to immediately release some funds under the subsidy account to ensure its survival, a top industry official has said. "For the year 2008-09, the fertiliser industry is facing a huge deficit of Rs.890 billion as the government has allocated only Rs.310 billion as fertiliser subsidy to the industry against a total subsidy requirement of Rs.1.2 trillion," Satish Chander, director general of the Fertiliser Association of India (FAI) told the media here Tuesday.

Zoellick hopes fresh proposals can lead to world trade deal

Economy

By Xinhua

Washington : World Bank President Robert Zoellick has said that all economies would benefit if the draft texts released this week eventually become the basis of a world trade deal.

"It is particularly important for poor farmers and workers in developing countries to have greater opportunities to sell their products in the global marketplace and benefit from lower prices," Zoellick said in a statement Friday.

South Indian Bank largest service provider for pension scheme

Economy

By IANS, Thrissur (Kerala) : Kerala-headquartered South Indian Bank (SIB) has emerged as the largest service provider for the "New Pension System" (NPS), launched by the central government. With 134 of its branches authorised to offer the service, SIB became the largest service provider among the 21 banks and financial institutions operating this pension and investment scheme, the bank said Monday. "This scheme will empower subscribers to plan their retirement and pension. This is a good investment tool," said V.A. Joseph, managing director and chief executive of the bank.

Tamil Nadu to offer sops on investment in southern districts

Economy

By IANS, Madurai : The Tamil Nadu government will shortly come out with a separate incentives package to attract investments to the southern districts in the state, said a senior government official here Friday. "The main need of these districts is job-led industrial development. The state government will announce a structured incentive package for companies investing here and in other parts of the state excepting Chennai, Kancheepuram and Thiruvallur," said Industries Department Principal Secretary M.F. Farooqui.

Indian markets start off weak

Economy

By IANS, Mumbai : A benchmark index of Indian equities started trade on a weak note Tuesday, with selling pressure across all markets. At 9.15 a.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,213.14 points, was at 16,221.27 points, down 15.78 points or 0.1 percent from its previous close. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 4,845.95 points, against the previous close at 4,856.4 points, a loss of 0.22 percent or 10.45 points.

Thermal power plant in Haryana becomes operational

Economy

By IANS, Chandigarh : The first 600 MW unit of the Rajiv Gandhi Thermal Power Project (RGTPP) at Khedar in Hisar district of Haryana became operational Tuesday, an official said. "The unit will be operated at a load of around 40 to 50 MW for a few hours during which all the leakages and problem areas will be noted for corrective action," said Chief Minister Bhupinder Singh Hooda here Tuesday.

Agra builder pays Rs.367 mn income tax after raid

Economy

By IANS, Agra : A builder from Agra has paid Rs.367 million in income tax after a raid revealed his undeclared assets worth Rs.100 million, officials said Thursday. The income tax officials confirmed a cheque of Rs.367 million or Rs.3.67 crores had been received from Nikhil Estates after a search and seizure survey Tuesday evening that continued till late Wednesday. They said this was one of the biggest catches in this region. The Nikhil group, active in the hospitality sector here, is engaged in developing townships and also runs an engineering college.

German brothel offers discounts to green clients

Economy

By RIA Novosti, Berlin : A green-friendly brothel in Berlin is offering discounts to clients who arrive by bicycle or public transport. The Maison d'Envie said on its website the unique "environmental discount" comes in a bid to reward visitors' "green commitment" amid the difficult financial situation. The discount is five euros ($7) off for a 45-minute visit, which normally costs 70 euros ($100). The brothel's owner said the offer had attracted up to five new customers daily and eased parking congestion in the neighbourhood.

India to sign gas pipeline deal with Iran

Economy

By SPA, New Delhi : India is all set to sign an agreement on a 7.5-billion-dollar gas pipeline with Iran and Pakistan in the coming weeks, DPA quoted media reports as saying on Monday. In an interview with the NDTV network, India's Petroleum Minister Murli Deora said an agreement on the Iran-Pakistan-India (IPI) gas pipeline was likely within the next four to five weeks. "There were some minor problems which have been sorted out... Very soon we should be able to sign the agreement with Iran and Pakistan," he told the news channel on the margins of the Jeddah Energy Meeting (JEM).

Companies finding rural markets increasingly attractive: Assocham

Economy

By IANS, New Delhi : Demand in India's urban areas may be dwindling, but a leading industry group says the hinterland is becoming increasingly attractive for manufacturers of consumer products and automobiles, as well as organised retail businesses. The Associated Chambers of Commerce and Industry of India (Assocham), in a report titled "The Rise of Rural India" released Tuesday, said companies in the fast moving consumer goods (FMCG) sector have recorded higher growth in rural market, which has contributed substantially to their bottomlines.

Insurers to speed up health policy claims

Economy

By V. Jagannathan, IANS Chennai : Policy holders of healthcare insurance will no longer have to wait a long time for their claims to be settled once measures taken by state-owned non-life insurance companies come into effect. These companies are involving commercial banks to prevent misuse and diversion of healthcare claim funds by third party administrators (TPAs), say officials of leading insurers.

Golden Temple in Punjab gets value added tax exemption

Economy

By IANS, Chandigarh : The holiest of Sikh shrines 'Harmandar Sahib' (Golden Temple) in Amritsar has been given value added tax (VAT) exemption by the Punjab government Wednesday. At its meeting here Wednesday, the Punjab cabinet decided to exempt VAT on all raw materials and consumables procured by or sold to the Sikh shrine. The state government also lowered the VAT rate for energy efficient Compact Flourescent Lamps (CFLs) from 12.5 to 4 percent to encourage people to buy these.

India’s Exim Bank gets $150 mn to push India-Africa trade

Economy

By Arun Kumar, IANS,

India at last mile of Doha round: Kamal Nath

Economy

By IANS New Delhi : India is fast nearing a conclusion in the Doha round of global trade talks, Commerce and Industry Minister Kamal Nath said Tuesday. "We are closer than ever before in closing the (Doha) round. I think we are in the last mile and if we can win it we are there," Kamal Nath said at the 10th Fortune Global Forum organised in India. The global trade talks under the aegis of the WTO were launched in Doha, Qatar in 2001 with an aim to lower trade barriers, boost the global economy and help poor countries develop fast.

Rasna plans major expansion in foreign markets

Economy

By IANS, New Delhi : Popular fruit drinks concentrate maker Rasna, which has presence in 40 countries, is planning to expand its operations to Africa and CIS countries. Speaking on the sidelines of a business meet here, Rasna chairman and managing director Piruz Khambatta said the company would set up joint ventures with local firms to penetrate these markets. "We are now aiming to enter new markets in the former Soviet region, including Uzbekistan, Kazakhistan, Kyrghyzstan and are also looking for expansion in African continent," Khambatta said.

Sensex slips 136 points, consumer durables, banking stocks lose

Economy

By IANS,

Infosys ups fiscal guidance on robust growth

Economy

By IANS,

India, South Africa to play major global role: Anand Sharma

Economy

By Fakir Hassen

IANS

Johannesburg : India and South Africa were set to play a "major role" in the world and both policymakers and industry should work together to outdo the target of doubling bilateral trade, India's Minister of State for External Affairs Anand Sharma said Monday.

Increasing steel output top priority: Virbhadra Singh

Economy

By IANS, New Delhi : Steel Minister Virbhadra Singh Friday said ensuring the timely completion of the expansion projects drawn up by state-run steel units to increase the production of the commodity was among his top priorities. "There is also the need restructure the small steel public sector undertakings and attempt to merge them to bring about more synergies among them," Singh told reporters here after taking charge his new portfolio.

Peerless scouts for foreign partner for mutual fund arm

Economy

By IANS, Kolkata : Peerless Funds Management Company Ltd (PFMCL) is scouting for a foreign partner to further strengthen the business, a company official said here Tuesday. PFMCL, wholly owned subsidiary of Kolkata-based Peerless General Finance and Investment Company (PGFIC), was in talks with foreign entities to divest stake in its recently launched mutual fund arm. "We will induct a foreign partner who suits the strategic blueprint of the company," Peerless General Finance and Investment Company director (financial products distribution) Jayanta Roy said.

Reliance Communications reports 78 percent jump in net profit

Economy

By IANS,

EU demands end to Ukraine-Russia gas row

Economy

By DPA, Moscow/Brussels : Russian natural gas deliveries fell substantially in downstream markets Saturday, drawing a sharp European Union (EU) demand that the Kremlin and Ukraine end a row over energy. Russian natural gas volumes pumped via Ukrainian pipelines to Romania, Hungary, Poland, Slovakia and Romania were all down, with Romania registering a 33 percent cut in deliveries. Russia Thursday halted natural gas deliveries to Ukraine because of a delivery contract dispute. Fuel volumes moving onward to Europe fell marginally Friday.

Manmohan Singh sets $30 bn foreign investment target

Economy

By IANS New Delhi : Commerce Minister Kamal Nath has received a pat on his back from Prime Minister Manmohan Singh for enhanced foreign direct investment inflow into the country, even as he set a target of $30 billion for this fiscal. In a letter complimenting Kamal Nath and the Department of Industrial Policy and Promotion (DIPP) the prime minister hoped every effort would be made to cross the $30 billion mark in foreign investment inflows during 2007-08.

Emirates to freeze hiring of non-operational staff

Economy

By IANS, Dubai : The United Arab Emirates' (UAE) national carrier Emirates Airline will freeze recruitment of non-operational staff because of spiralling global oil prices, a top official at the carrier has said in an interview. "The fact is that fuel prices are very high so we are always looking at our costs," Emirates chairman and chief executive Sheikh Ahmed bin Saeed Al-Maktoum said in an interview to be published in Arabian Business magazine's Aug 3 issue.

North Indian carrier looks for partner in south

Economy

By IANS Mumbai : Gurgaon-based MDLR Airlines, flying regional routes in north India, is looking to partner an airline based in the southern part of the country to boost connectivity. Confirming the development, Koustav Dhar, executive director of marketing and planning, said: "Yes, we are looking for a partner in the south. By the end of the year we will decide on the partner." However, Dhar refused to disclose to name the south-based carriers MDLR is in talks with.

Growth, inclusion, social uplift are focus of India’s budget

Economy

By Arvind Padmanabhan, IANS, New Delhi : Promising to reinstate India's high economic growth, Finance Minister Pranab Mukherjee Monday presented a $204-billion annual budget with more funds for welfare schemes and infrastructure, along with a declared "vision" to reach the fruits of progress to each of the country's 1.17 billion people.

Naveen Patnaik writes to PM, seeks petrol price cut

Economy

By IANS, Bhubaneswar : Orissa Chief Minister Naveen Patnaik Saturday wrote to Prime Minister Manmohan Singh seeking a roll-back of the recent petrol price hike.

Railway budget highlights 4

Economy

By IANS, * Focus during next five years on five areas: tracks, bridges, signalling, rolling stock and stations. * Signalling to be improved over 19,000 km.

Jaitley signals urgent need for RBI rate cut

Economy

New Delhi : Sending a clear signal to the Reserve Bank of India (RBI) to cut interest rates in view of industrial output slipping...

Diesel up by 45 paise, petrol down by 25 paise

Economy

By IANS,

Fuel prices revised countrywide

Economy

By IANS,

Special economic zones of Ambani brothers among 36 cleared

Economy

By IANS

New Delhi : Three applications from the Mukesh Ambani-led Reliance Industries and another from his brother Anil's group for special economic zones were among the 36 that were given formal approvals Friday.

Maruti sales down 10 percent in December

Economy

By IANS, New Delhi : The government's move to reduce the Cenvat duty as part of the stimulus package announced early December does not seem to have brought cheers to the auto industry, with India's largest auto firm, Maruti Suzuki, registering a 10 percent negative growth in December. Data released by the company Thursday showed Maruti sold 56,293 vehicles last month, compared to 62,515 units sold in the same month in 2007.

Sensex closes 536 points up

Economy

By IANS, Mumbai : Indian equity markets closed with a huge gain Thursday. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 12,909.57 points, touched a high of 13,150.35 before closing at 13,111.85. It went up by 536.05 points or 4.26 percent compared to its closing figure Wednesday. The S&P CNX Nifty index of the National Stock Exchange, which opened at 3,823.15 points, closed at 3,947.20. It went up by 130.50 points or 3.42 percent from its previous close.

Small towns hold big promise for India’s housing boom

Economy

By Anuradha Shukla, IANS, New Delhi : For two years, Ratnesh Gupta, a software engineer with IT major Birla Soft, has been trying to fulfil his dream of buying a house of his own, either in the national capital or in Chandigarh. But his budget of Rs.2.5 million (Rs.25 lakh) was making it beyond reach. Now, he has finally zeroed in on his dream house, though he has settled for Rudrapur, a small town in Uttarakhand. In the process, he has joined thousands of house hunters who are buying properties in smaller cities, fuelling a housing boom in them.

‘India may lift rice export ban in four-five months’

Economy

By IANS, New Delhi : Anticipating a record harvest and procurement of paddy in the coming season, a top official Tuesday said the current ban on export of rice may be relaxed over the next four-five months. "October-November is the time when the government may think of lifting the ban on the export of rice," Commerce Secretary G.K. Pillai told reporters here, on the margins of an international conference on diamond trade.

Company for Financial Mediation Established

Economy

By SPA Riyadh : Minister of Commerce and Industry Dr Hashim Yamani has approved the establishment of the first company for financial mediation as a limited stock venture with a capital of SR 400 million. The shares of the company are split into 40 million shares and the nominal value of each share is SR 10. The founders have subscribed for the entire shares and paid 25 percent of the total capital (SR 100 million).

Food inflation rises to 17.65 percent

Economy

By IANS, New Delhi : India's annual food inflation rose to 17.65 percent for the week ended April 10 from 17.22 percent a week ago as prices of milk, fruits and lentils went up during the period under review, official data showed Thursday. Data on the wholesale price index (WPI) released by the commerce and industry ministry showed the index for food articles rose 0.7 percent during the week under review. The index for non-food articles rose 0.5 percent.

Sensex dull as traders take breather after Thursday rally

Economy

By IANS,

Agra handicrafts workers strike work to protest tax

Economy

By IANS, Agra : Thousands of craftsmen, skilled artisans, handicrafts manufacturers and emporia owners held a sit-in and went on a day-long strike here Friday to protest the imposition of tax on handicraft items. The protesters held the sit-in at the Shaheed Smarak in the busy Sanjay Place commercial complex Friday to protest the imposition of 4 percent tax on handicraft items. "In no other Indian state is there a tax on handicrafts," Abhinav Jain, a leading exporter of marble products, told IANS.

Air India Express expands Gulf operations

Economy

By NNN-PTI Dubai : Air India Express, the budget airline operated by national carrier Air India, is expanding its operations in Gulf by connecting more Indian destinations with the Middle East. Close on the heels of introducing a direct flight from Dubai to Nagpur on September 24, Air India Express is adding two more Indian destinations to its schedule, Jaipur and Lucknow, said Freddie Vaz, regional Director of Air India. The airline may soon add Goa by the year-end or next year, he added.

Faurecia to build car seats near Delhi

Economy

By IANS Chennai : Aiming to cash in on the explosive growth of the Indian automobile industry, Bangalore-based Faurecia Automotive Seating India Private Limited (FASI), a wholly owned subsidiary of euro 11.6 billion French auto component group Faurecia, is considering a seating mechanisms plant near New Delhi. The plant would primarily cater to the needs of Swift, SX4 and two new models of Maruti Suzuki India Limited.

Food inflation drops further to 12.85 percent

Economy

By IANS,

iGate net up 80 percent, top-line revenue flat

Economy

By IANS Bangalore : One of the leading technology firms, iGATE Global Solutions, has posted net profit of Rs.290 million during the third quarter (October-December) of this fiscal (2007-08). The firm has registered year-on-year growth of 80 percent over the same period last fiscal (2006-07) at Rs.160 million. In a statement here Wednesday, iGate said top-line revenue, however, dipped marginally to Rs 2.09 billion in this quarter (Q3) from Rs 2.1 billion in the same period of last fiscal, posting a flat growth year on year.

NIIT Tech’s Q1 profit up 61 percent

Economy

By IANS

New Delhi : Global IT solutions major NIIT Technologies Ltd. Friday registered a robust net profit of Rs.351 million against last year's Rs.218 million, up by 61 percent in the first quarter of the current fiscal (2007-08).

The Delhi-based firm's consolidated revenues stood at Rs.2.29 billion, an increase of 20 percent compared to Rs.1.91 billion in the first quarter of 2006-07.

Dr.Reddy’s Lab net profit rises 116.52 percent

Economy

By IANS, Hyderabad : Pharma major Dr. Reddy's Laboratories Friday said its net profit for the quarter ended Sep 30 grew 116.52 percent to Rs.197 crore from Rs.91 crore in the like quarter last fiscal. Total income of the company increased 19.24 percent to Rs.1,139 crore for the second quarter this fiscal from Rs.955.18 crore in the corresponding period in 2008-09. Dr. Reddy's logged a forex gain of Rs.32.9 crore for the quarter ended Sep 30, compared to a forex loss of Rs.47.2 crore in the like quarter a year ago.

Indian Oil ready to partner rural retailing

Economy

By IANS Ahmedabad : Indian Oil Corp is ready to forge partnerships with business houses that want to venture into rural retailing. "We are willing to enter into an memorandum of understanding if a prospective participant so desired," Sandeep Sharma, chief manager, retail sales, Indian Oil Corp (IOC) said here at a retail meet organised by Confederation of Indian Industry (CII).

Comprehensive book on cashew industry released

Economy

By IANS Thiruvananthapuram : Billed as the first comprehensive book on cashew, "The World Cashew Industry - An Indian Perspective", is due to hit the stands soon. Written by an eminent cashew industrialist, J. Rajmohan Pillai, and his mother-in-law, P. Santha, an agriculture scientist who retired as principal scientist from Indian Council of Agricultural Research, the book looks deep into all the facets of cashew, which has been described as the poor man's crop but a rich man's food. Former diplomat B.M.C. Nair released the book here Sunday night.

Rs.10,000 cr power plant proposal for Tamil Nadu

Economy

By IANS, Chennai : The Indian Oil Corporation and the Tamil Nadu Industrial Development Corporation have submitted a proposal to the Tamil Nadu government for jointly setting up a liquefied natural gas (LNG) terminal and a power plant near here at a cost of Rs.10,000 crore. "The state government has responded positively saying that it would study the project," Union Petroleum and Natural Gas Minister Murli Deora told reporters here Monday.

Finnair names new chief for India operations

Economy

By IANS, New Delhi : Nordic carrier Finnair has named Kari Stolbow as the new chief for its operations in India - a market that has been the prime driver of its global operations in the past two years. A Finnair veteran, Stolbow will be the director for the Indian subcontinent, based out of Gurgaon on the outskirts of the national capital, the airline said in a statement. The new director, who has been on the airline's rolls for more than 27 years, has spent 20 of them outside of Finland - in markets including the Russia, countries of the former Soviet Union, China and the Baltics.

Tata Motors acquires majority stake in Norwegian firm

Economy

By IANS, New Delhi : Tata Motors Tuesday said its UK subsidiary Tata Motors European Technical Centre Plc has acquired majority stake in Norwegian electric vehicle firm Miljo Grenland Innovasjon, with which it is developing the electric car Indica in the country. The company has acquired 50.3 percent holding in Miljo for 12 million krone (Rs.20 million), a company statement said. "Miljo will produce electric vehicles based on Tata Motors' products, besides manufacturing state-of-the-art super polymer lithium ion batteries and the development of related technologies," it said.

British Prime Minister wants oil prices to come down

Economy

By KUNA London : British Prime Minister Gordon Brown said Monday that he wanted to see a greater supply of oil and a better match between supply and demand. In answer to a question during his regular monthly press conference in Downing Street, the Prime Minister said this match would make it possible for oil prices to come down. Meanwhile, he praised the cooperation between Britain and the GCC states, saying "We work very closely with them". In addition, Brown said one of the worrying financial problems in the world today is the higher oil prices.

Indian designers in exclusive New Jersey mall

Economy

By IANS Edison, New Jersey : The first US mall exclusively for Indian designers has opened in Edison - and is doing brisk business. Ritu Kumar, Satya Paul, Manish Malhotra, Payal Singhal and Deepika Gehani are among the Indian labels represented at The Mall on the Oak Tree Road. The road touches both Edison and Iselin, and a mile long stretch is known as 'Little India' because it is choc-a-bloc with Indian supermarkets, eateries and jewellery outlets.

GMR seeks to widen portfolio in Nepal

Economy

By Sudeshna Sarkar, IANS, Kathmandu : The GMR Group, India's upcoming infrastructure company, is seeking to widen its portfolio with four hydropower projects in neighbouring Nepal. The group's GMR Energy division became the first private Indian company to enter Nepal's thorny hydropower sector with the acquisition of the licence for the 302 MW Upper Karnali hydel project in May 2008.

Wall Street up as oil price spike spurs energy shares

Economy

By IANS, New York : Major US stock indices rose Wednesday after a surge in oil prices led energy companies to their largest gains in six years, while the Federal Reserve said it would extend borrowing to investment banks. Crude oil jumped $4.58 to $126.77 per barrel in New York trading as petrol inventories declined, sending an energy sector index up 5.6 percent. Financial shares were helped by the Fed's decision to extend until January an unprecedented lending programme for investment banks, which have struggled to raise capital amid an ongoing credit crisis in the US.

India capable of 10 percent growth

Economy

By IANS, New Delhi: India can deliver a 10 percent growth provided the farm output touches four percent annually and industry and services grow in double digits, top bureaucrats said here Tuesday at a meeting with industry captains. "Sustained double digit gross domestic product (GDP) growth is largely contingent on the farm sector achieving sustained four percent GDP growth over the coming years," said Cabinet Secretary K.M. Chandrasekhar. He laid emphasis on creating and meeting the rural demand to achieve sustained and inclusive growth.

SAIL expects sales to grow despite slowdown

Economy

By IANS, New Delhi : The state-run Steel Authority India (SAIL) expects its sales to grow in March despite the current slowdown, saying it would be close to the month before. "In February we grew by 9-10 percent. We expect the growth in March to be close to that," SAIL chairman S.K. Roongta told reporters on the sidelines of an annual conference organised by the Confederation of Indian Industry (CII). This growth will be led by demand from the automobile and construction sector, Roongta said.

India, Indonesia MoUs focus on infrastructure development

Economy

By IANS,

‘Building costs in Gulf up by 50 percent this year’

Economy

By IANS, Dubai : Lack of skilled labour and soaring prices of building materials have pushed building costs in the Gulf by 50 percent in the first half of 2008, according to a leading real estate firm of the region.

Left to protest price hike

Economy

By IANS, New Delhi : Threatening to launch a nationwide agitation against "unbearable" increase in prices of essential commodities, Left parties Saturday said the "callous decision" of the United Progressive Alliance (UPA) government of hiking fuel prices has led to the sky-rocketing of prices in the country. In joint statement by its top leaders, the communists urged the government to revoke the petrol and diesel price increase and prohibit futures trading in all food related items.

Budget for growth, savings, industrial development, middle class: Corporate India

Economy

New Delhi : Perceiving the union Budget 2015-16 as progressive, one which provides an enabling business environment for foreign investment, Corporate India feels it...

Carpooling website helps reduce fuel expenses

Economy

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

Gazprom signs oil, gas deal with Iran

Economy

By NNN-IRNA Moscow : Russia's state gas monopoly OAO Gazprom has said it has reached an agreement to drill and produce oil and gas in Iran. Gazprom said in a statement that the deal was signed Tuesday after meetings by its executive director, Alexei Miller, with Iranian Oil Minister Gholam Hossein Nozari. "The two sides agreed on the joint participation in the development of two or three blocs in the South Pars field as well as on the participation by GazpromNeft in an oil production project in Iran," the company said.

London Stock Market ends week on front foot

Economy

By KUNA London : Shares on the London Stock Market ended the week on the front foot after strong gains for miners and beleaguered financial stocks Friday. The recovery was helped by the absence of dealing in New York, with traders away from their desks for the Thanksgiving holiday yesterday, traders here said. Speculation about merger and acquisition activity also boosted sentiment, with the Financial Times Index of the top 100 company shares 59.8 points higher at 6215.1 in the first hour of trading.

India gives 3-P mantra to diaspora on economic engagement

Economy

By Gurmukh Singh, AISN, Toronto: India Friday promised to remove irritants hindering the engagement of its 27 million-strong global diaspora with their parent country.

Suzlon to replace defective equipment worth $25 million

Economy

By IANS New Delhi : In what implies a Rs.1 billion ($25 million) hit on its balance sheet for the current quarter, leading wind power equipment-maker Suzlon Energy will refit wind turbine blades for a project in the US, the company said Monday. "The company will do a retrofit programme to resolve blade-cracking issues discovered during the operations of some of its S88 turbines in the US," the company informed the Bombay Stock Exchange Monday.

Banks to be held responsible for fake notes in ATMs

Economy

By IANS,

Volatile trade on markets, Sensex inches up 20 points

Economy

By IANS, Mumbai : Indian equities closed marginally in the green Wednesday after alternate buying and selling led a key index to hover around the dotted line. The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,473.25 points, closed at 8,446.49 points, a rise of 19.2 points or 0.23 percent from its previous close. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 0.87 percent from its last close to end at 2,645.2 points.

India’s seafood exports hit by rising rupee

Economy

By IANS

Kochi (Kerala) : India's profit-making seafood industry has suffered a loss of over Rs.5 billion on its exports after the recent surge of the rupee.

GM lost $4.3 bn since leaving bankruptcy in July

Economy

By DPA, Washington: General Motors Co posted a net loss of $4.3 billion from July to December, the US carmaker said Wednesday in its first earnings report since exiting bankruptcy. Nearly all of the loss came in North America, where the car market struggled through much of last year. GM reported global revenue of $57.5 billion over the July-December period.

Mamata was in cabinet when petrol decontrolled: CPI-M

Economy

By IANS,

EU-India air passenger traffic growing fast

Economy

By EuAsiaNews, Brussels : Air passenger traffic between the European Union and India grew by 57.2% in 2006 compared to the year 2004. It increased by 25.6% in 2006 compared with 2005. Traffic between the EU and China rose by 38.3% in 2006 compared with 2004. The fastest growing region in 2006 was the Indian sub-continent recording a growth of 21.5% compared with 2005, according to figures released by Eurostat, the EU's statistical bureau, this week. This was followed by East Africa with 12.6% growth and the Near and Middle East with 9.1% growth.

Dikshit launches ‘Ladli’, gives Rs.10,000 to newborn girl

Economy

By IANS New Delhi : Delhi Chief Minister Sheila Dikshit launched the 'Ladli' scheme on the eve of International Women's Day Friday, handing over a cheque worth Rs.10,000 to the parents of Prachi, a newborn girl. Under the scheme, the state government intends to deposit Rs.100,000 in the account of every girl child by the time she attains the age of 18. Only those girls whose parents' annual income does not exceed Rs.100,000 a year will be covered under the scheme.

Couture misinterpreted in India: Designer Suneet Verma

Economy

By Shilpa Raina, IANS, Mumbai : Designer Sunnet Verma, who specialises in cocktail and bridal wear, feels that the term couture is broadly misinterpreted in India. "Couture means luxury but unfortunately in India, luxury in terms of apparel is only related to bridal wear. Marriages are the only time when people spend lavishly on their clothes.

FDI in retail will help Indian economy: Nobel laureate

Economy

By IANS,

Taj Group acquires Sea Rock Hotel for Rs.680 crore

Economy

By IANS, Mumbai : Indian Hotels Co, which owns the Taj Group of hotels, has acquired Sea Rock Hotel, one of suburban Mumbai's oldest five-star properties, for Rs.680 crore ($143 million). The Tata-owned Taj Group announced late Friday that it has acquired 85 percent stake in ELEL Hotels and Investments, which owns the property on which Sea Rock Hotel is built in southern Bandra.

India will maintain export volumes at $160 bn: Anand Sharma

Economy

By IANS, New Delhi : India will maintain its exports at $160 billion for this current fiscal, as steps will be unveiled in the upcoming budget and the trade policy review to help the sector, Commerce and Industry Minister Anand Sharma said here Friday. He also said that India was ready to ink a host of pacts, including a free trade agreement with the Association of Southeast Asian Nations (ASEAN) and economic cooperation agreements with South Korea and Nepal.

Stocks slump on fuel price hike worries

Economy

By IANS, Mumbai : Worried about an imminent fuel price hike, the Indian equities markets ended the day with a huge cut. A late selloff by investors saw the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, losing over 350 points, a few hours after Prime Minister Manmohan Singh told an Indian industry group that there was no option but to hike fuel prices.

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