HAL to make 57 more jet trainers for IAF, navy
By IANS,
Bangalore : The Indian defence acquisition council has approved procurement of 57 additional Hawks, the advanced jet trainers (AJTs), for the Indian Air Force (IAF) and the navy from the state-run Hindustan Aeronautics Ltd (HAL), Air Chief Marshal F.H. Major said here Thursday.
Of the 57 additional Hawks, to be manufactured by the HAL aircraft division in its Bangalore complex, the air force will induct 40 and the navy 17 of the naval variant in phases.
Sensex extends gains on positive Asian cues
By IANS,
Mumbai : A benchmark index for Indian equities extended its gains Thursday on positive cues from other major Asian bourses.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,410.88 points, was ruling at 16,546.28 points, 158.44 points or 0.97 percent up from its previous close at 16,387.84 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,965.65 points, up 0.98 percent from its previous close.
European leaders to meet ahead of financial summit
By Tejinder Singh, IANS,
Brussels : European leaders are set to gather in Brussels Nov 7 to try and agree to a consensus ahead of a global financial summit to address reforms to international financial institutions.
France, which holds the rotating European Union presidency this year, said in a brief statement Friday that the informal meeting of EU heads of state and government will prepare the EU's 27 member-states for an upcoming financial summit Nov 15 in Washington on the global financial crisis.
Auto parts maker FMG India re-jigs top management
New Delhi, Sep 25 (IANS) Auto parts manufacturer Federal-Mogul Goetze (FMG) India has appointed Rustin Murdock as managing director and chief financial officer.
A company press release issued Tuesday stated that Murdock, who was previously FMG director of finance, would also serve as board member.
Mohan Narayanan has been appointed FMG corporate vice president, in addition to his current responsibility as executive director, sales and marketing.
The company has also approved the replacement of Arun Anand as vice-chairman and managing director.
With Nokia mobiles, Delhiites discover ‘Soul of the Night’
By IANS
New Delhi : It was a car rally with a difference as a group of Delhiites followed clues received on high-end Nokia cell phones to discover the city's "Soul of the Night", with the winners receiving an all-expenses-paid trip to Las Vegas.
Run over the weekend, the Nokia N82 Wireless Adventure saw 10 two-man teams utilise the gizmo to navigate through the streets of Delhi to discover the best hangout venues, nightspots and hidden landmarks that symbolize the spirit of the city's nightlife.
Chennai Petroleum plans capex of Rs.760 crore this fiscal
By IANS,
Chennai : Oil refining company Chennai Petroleum Corporation Ltd (CPCL) plans a capital expenditure of Rs.760 crore this fiscal on various projects, said a top company official.
$300mn UAE aid to Morocco to tackle rising energy prices
By IANS,
Casablanca (Morocco) : United Arab Emirates (UAE) will give Morocco $300 million in aid to help the northwest African kingdom tackle the impact of rising energy costs, WAM news agency reported Sunday.
UAE President Sheikh Khalifa bin Zayed Al Nahyan has granted the aid to help ease the impact of rising energy prices, Morocco's ministry of foreign affairs and cooperation said in a statement Saturday.
US mortgage rates fall to lowest level in decades
By DPA,
Washington : Mortgage rates for 30-year-fixed home loans in the US fell for the ninth straight week and to their lowest level in 37 years, according to a report released Wednesday by financier Freddie Mac.
The rate dropped in the final week of December to 5.10, down from the 5.14 rate the previous week, Freddie Mac said. For the same period in 2007, the rate was at 6.07 percent.
The mortgage rate has not been this low since Freddie Mac began the survey in 1971.
Every citizen should help calm tensions in Kashmir: Ambika Soni
By Kavita Bajeli-Datt, IANS,
New Delhi : Till a few weeks ago, hotels were booked up as were the famed houseboats and the stars were back being filmed against the mountains. But spiralling strife in Jammu and Kashmir has busted the boom, says a "hurt and disappointed" Tourism Minister Ambika Soni asking each individual to contribute to calming "pent up tensions".
Indian stock markets continue to rise
By IANS
Mumbai : Continuing the march towards new heights, a key Indian financial market index opened with a gain of 108 points Thursday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,301.05 points against the previous close of 20,192.52.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) opened flat at 6,069.00 points against the previous close of 6,070.75 points.
The market opened on a firm note with buying in blue-chip stocks. There was strong demand for energy, telecom and auto heavyweights.
News, political ads…lot in store for FM radio
By Radhika Bhirani, IANS,
New Delhi : For long private radio stations have blared out only music and other entertainment programmes, but now they will also broadcast news. This is among the many new chapters that the Rs.6.2 billion Indian radio industry will write in 2009.
"Broadcasting news would also attract a diverse listener base and FM radio will be taken even more seriously," Harrish M. Bhatia, COO, 94.3 MY FM, told IANS.
He believes the addition of news and current affairs would enhance the content of radio, "lending it credibility and authenticity".
‘BHEL not facing any constraint in timely equipment supply’
By IANS
New Delhi : State-owned Bharat Heavy Electricals Ltd (BHEL) was not facing constraints in timely equipment delivery to hydropower projects, Minister of State for Heavy Industries Kanti Singh said here Tuesday.
"There is no constraint in timely supply of turbines by BHEL to hydel projects," she said in reply to a question in Rajya Sabha, the upper house of Indian parliament.
She cited the findings of Central Electricity Authority's (CEA) study report to support her assertion.
India to showcase booming aviation industry
By IANS
New Delhi : Over 150 top aviation firms and airlines, including Air India, GVK, GMR, Kingfisher and Jet Airways, are set to take part in a three-day international exhibition on airport infrastructure, security and services beginning here Thursday.
Titled `Aerodrome India-2008', the expo would showcase India's growing aviation industry, besides offering business opportunities for the companies.
The event will help the civil aviation sector bring airlines, vendors and government bodies under one roof, said Pradeep Devaiah, chairman of PDA Trade Fairs, one of the organisers.
Tamil Nadu fuel crisis spells losses for fishermen, rice growers
By IANS,
Chennai : Tamil Nadu's transporters, fishermen, cold storage operators and vegetable and food grain growers could lose at least Rs.250 million a day because of an acute diesel crisis triggered by an unending electricity shortage.
While green and dry grocers said their cumulative losses would cross at least Rs.100 million, transporters pointed to bigger shortfalls in income.
Transporters from various parts of Tamil Nadu and neighbouring Andhra Pradesh and Karnataka told IANS they would wait for the shortage wave to ebb before sending goods to Chennai.
Railways rent out over 1,000 hectares for commerce
By IANS
New Delhi : The Indian Railways are renting out over 1,000 hectares of land across the country for commercial activities like constructing malls, hotels and motels, said Minister of State for Railways R. Velu.
A Rail Land Development Authority (RLDA) has been constituted to identify and commercially exploit the vast expanses of railway land all over the country, Velu said while replying to a starred question in the Rajya Sabha from member Shahid Siddiqui Monday.
Petrol, diesel prices hiked in Delhi
By IANS
New Delhi : The Delhi government Wednesday increased petrol prices by 67 paise and diesel by 22 paise a litre to "stop recurring revenue loss".
Tring Tring! Over 218 mn phones ringing in India
By IANS
New Delhi : India's roaring telecom industry is growing by leaps and bounds as the country boasts of 218.06 million telephone connections that pushed up the teledensity to 19.25 percent in May, official data said here Tuesday.
Reliance Capital net profit down 55 percent
By IANS,
Mumbai : The Anil Ambani-led Reliance Capital Friday reported a 55.6 percent fall in net profit to Rs.153.29 crore for the quarter ended June 30 as against Rs.345.3 crore in the like period last year.
The company's total income for the first quarter stood at Rs.1,468.12 crore, down 3.05 percent from Rs.1,514.40 crore in the corresponding quarter the previous fiscal.
Reliance Capital has interests in asset management, mutual funds, life and general insurance, private equity and proprietary investments among other financial services.
Court adjourns hearing on SEBI plea on Satyam fraud
By IANS,
Hyderabad : The Andhra Pradesh High Court Thursday adjourned to Friday hearing on a petition by the market regulator Securities and Exchange Board of India (SEBI) seeking permission to record statements of disgraced Satyam Computer founder B. Ramalinga Raju and his brother B. Rama Raju in the Rs.70 billion fraud.
Justice Seshasayana Reddy heard brief arguments from Solicitor General of India G. Vahanvati and later adjourned the case.
Fairs planned to boost horticulture exports to Gulf
By IANS,
Bangalore : Fairs will be organised in the Gulf as part of the efforts to increase exports of Indian horticulture produce to the region, a central minister said here Saturday.
"There is a huge scope to export horticulture produce to the Gulf region," Minister of State for Agriculture K.V. Thomas told reporters on the margins of a horticulture fair.
Thomas inaugurated a four-day "Orange Festival", where 11 states are displaying oranges, mosambi, kinnow, acid lime and other citrus fruits. Grapes, pomegranates, dry fruits and spices are also on show.
India mulls duty cut on several items to tame inflation
By IANS
New Delhi : India is considering a further import duty cut on essential commodities, especially food items, and reducing duties on important food products to zero, Commerce and Industry minister Kamal Nath said.
The cabinet committee on prices will discuss these possibilities at a meet scheduled Monday evening.
The government had been taking several steps for the last two weeks in order to check rising prices leading the inflation rate to hit a 14-month high of 6.68 percent for the week ending March 15 as against 5.92 percent in the preceding week.
Equities markets turn choppy in early trade
By IANS,
Mumbai : The Indian equities markets, that had a mixed opening Wednesday, turned choppy in early trade due to selling pressure in capital goods, power, metals and technology scrips.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 30.34 points at 15,992.90. Barely 15 minutes into trading, it slipped into the red before making a marginal gain to reach 15,964.53 with a gain of 1.97 points or 0.01 percent from its closing figure Tuesday.
ADB irked by halting of corruption probe in Pakistan
By IANS,
Islamabad : The Asian Development Bank (ADB) is unhappy with Pakistan for suspending a probe into the alleged misappropriation of Rs.4 billion ($51 million) in a flood protection programme without fixing any responsibility, a media report Wednesday said.
"The issue has triggered a serious debate within the ADB management and its auditors because the bank has failed (to) keep oversight over a project to which it has contributed about $100 million," Dawn said.
Ranbaxy posts Rs.1.6 bn profit in second quarter
By IANS,
New Delhi : India's largest drug maker Ranbaxy Laboratories has posted a consolidated net profit of Rs.1.61 billion ($39 million) in the second quarter ending June 30, almost unchanged from Rs.1.6 billion ($39 million) earned in the comparable period last year, the company said Tuesday. Ranbaxy starts its fiscal year in January.
ITC fourth quarter profit up by 13 percent
By IANS,
Kolkata : ITC registered a profit of nearly 13 percent as its profit after tax (PAT) rose to Rs.7.35 billion for the quarter ended March 31, the company said Friday.
Total income has increased from Rs.34.74 billion for the quarter ended March 31, 2007 to Rs.40.98 billion for same period in 2008.
The company has has posted a consolidated net profit of Rs.31.57 billion for the year 2008 compared to Rs.27.55 billion last year.
Indian equities up on government’s divestment plan
By IANS,
Mumbai : Indian equities opened decisively higher at all bourses Friday with sentiment lifted by the government's decision a day before to ensure at least 10 percent divestment in all profitable state-run enterprises and their subsequent listing.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 16,137.42 points, as against the previous day's close at 16,063.90 points, and soon shot up to a high of 16,280.24 points.
BoB to offer wealth management services in Gulf
By IANS,
Dubai : Indian public sector Bank of Baroda (BoB) has announced that it would be offering wealth management services in the United Arab Emirates (UAE), and its joining hands with Reliance Mutual Fund (RMF) marked the beginning of this process.
“This is only the beginning. It is our first step towards offering wealth management services,” BoB chief executive for the UAE and Gulf Cooperation Council (GCC) region Ashok Gupta said in a statement here.
Radio frequencies may get dearer, telecom operators angry
By IANS
New Delhi : Radio frequencies required to operate mobile phone services in India are expected to become dearer, with the finance ministry wanting a huge price tag of over Rs.50 billion.
The move - still in the discussion stage - has already invited sharp criticism from both new and existing operators as it will add to their infrastructure costs.
The new pricing methodology recommended by the ministry wants new operators such as Datacom and Unitech to pay Rs.58 billion ($1.5 billion) for getting start-up spectrum, officials said.
Raju diverted Rs.74 bn for personal gain: Prosecutor
By IANS,
Hyderabad : Disgraced Satyam Computer Services founder B. Ramalinga Raju and former chief financial officer Vadlamani Srinivas will remain police custody till Friday evening, a court ruled Thursday, as prosecutors said Raju had diverted Rs.74 billion (Rs.7,400 crore/$1.48 billion) from his company for personal wealth.
The crime investigation department (CID) of Andhra Pradesh police had sought extension of custody of Raju and Srinivas, which ended Thursday, for two more days.
Syria, France to sign agreements on sidelines of Sarkozy’s visit Sept 3-4
By NNN-KUNA,
Damascus : Agreements in the field of oil exploration, electrical power generation, transport, training and rehabilitation are expected to be signed between Syria and France on the sidelines of the visit by President Nicolas Sarkozy to Damascus on September 3-4, according to a daily on Saturday.
The government-owned "Tishreen" newspaper, confirming the visit which was officially announced in Paris a few days ago, said Sarkozy and his Syrian counterpart Bashar Al-Assad would be discussing bilateral relations and regional issues.
Vodafone launches handset at Rs.809 in Delhi
By IANS,
New Delhi : Cellular services provider Vodafone Essar Monday said it has launched here a low-cost handset at Rs.809 to make mobile phones accessible to the rural millions.
The company said it would roll out the phone, Vodafone 150 (VF 150), in other parts of India over the next few days.
"The cost of the handset can be a significant barrier for people in accessing and benefiting from the mobile revolution. At the price point of VF 150, many more people will become part of the connected world," said Sanjay Warke, the company's chief executive officer.
Chinese petrol far below global levels even after price hike
By Andreas Landwehr, DPA,
Beijing : "Did you fill up before midnight?" one Beijing taxi driver called out to another Thursday night, making sure they all hit the Chinese capital's petrol stations before the clock struck 12.
The taxi drivers are affected by a 16-percent increase in petrol prices, in force since Friday, and can only hope that their companies will pick at least part of the increased tab.
But in the end, many may face earning losses from 10 to 20 percent.
"Can't be helped," one driver said, shaking his head. "It always hits us small fish."
Budget evokes mixed reaction from Uttar Pradesh industry
By IANS
Lucknow : The union budget for 2008-09 has evoked mixed reactions from the Uttar Pradesh industry. Many industry leaders expressed their disagreement with the budget over several vital issues, but the proposal to set up "mega clusters" in Varanasi and Moradabad regions drew appreciation.
According to Amitabh Nangia, chairman of Confederation of Indian Industry (CII), Uttar Pradesh, the budget offers no solution to harassment of the tax-payers from tax enforcement authorities.
Blueprint finalised for Arab common market
By DPA,
Cairo : The Council of Arab Economic Unity has finalised a blueprint to set up a customs union that will lead to the establishment of an Arab common market, the official MENA news agency reported Wednesday.
According to the three-stage plan, which will be presented at the first Arab economic summit next January in Kuwait, the statute of the Arab customs union would be formed by the end of 2019.
Nano will move out of Singur if violence persists: Tata
By IANS,
Kolkata : The Tata group chairman Ratan Tata Friday warned that his group will not hesitate to move its small car project out of Singur in Communist-ruled West Bengal if violence persisted.
"It is for Calcutta (Kolkata) to decide if we want to be an unwanted resident or a good corporate citizen of West Bengal," Tata told reporters here after a series of meetings with top officials and ministers in the state government.
New airlines for business travel launched in UAE
By Xinhua
Abu Dhabi : A private jet aviation company providing business charter flights was launched in the United Arab Emirates (UAE), Gulf News reported Monday.
30 flights cancelled in Delhi due to fog
By IANS,
New Delhi : At least 30 flights were cancelled and six delayed as dense fog engulfed Delhi Monday, an official said.
An Air India flight from Muscat was diverted to Jaipur early morning as visibility at the runway here dropped to less than 100 metres, an official at Delhi's Indira Gandhi International Airport (IGIA) said.
The Delhi International Airport Ltd, the company that has developed and manages the international airport in the capital, said in a statement that the visibility at the new runway was 75 metres, while it was 100 metres at the main runway at midnight.
Meat traders deplore government apathy
By IANS
New Delhi : The Jamiat-ul-Quresh, a representative body of livestock and meat traders, Sunday deplored the apathy of the central and state governments towards the meat industry at a meeting held here.
Almost 10,000 members of the organisation participated in its 75th annual meeting and discussed issues pertaining to their industry.
The president of the Jamiat, Sirajuddin Qureshi, told IANS that the meat industry in India has an annual turnover of Rs.333 billion out of which the exports account for nearly Rs.40 billion.
Gold a safe harbour, investment advisors tell clients
By Aparajita Gupta, IANS,
Kolkata : With prices of gold expected to shoot up during the Indian marriage season beginning November, portfolio strategists have begun to advise clients to invest in gold as most other asset classes are in trouble following the global financial meltdown.
Every year, prices of gold shoot up in India during the marriage season, which starts in November, immediately after the end of the festival season.
ArcelorMittal to boost steel production capacity in Brazil
By IANS,
Luxembourg : ArcelorMittal, the world's leading steel company, is to invest $1.6 billion in its long carbon steel operations in Brazil.
The investments are in addition to the $1.2 billion of investments previously announced in respect of the expansion of the Monlevade plant in Minas Gerais, the company announced Thursday.
These investments will expand ArcelorMittal's crude steel production capacity in the long carbon sector in Brazil by an additional 2.6 million tonnes, representing an increase from 3.9 million tonnes per year to 6.5 million.
Sonia, Rahul, Lalu to visit Rae Bareli Oct 14
By IANS,
Lucknow : United Progressive Alliance (UPA) chairperson Sonia Gandhi, her son and Congress general secretary Rahul Gandhi and Railway Minister Lalu Prasad will attend a function at a railways coach factory being constructed in Rae Bareli Oct 14, an official said Thursday.
The leaders will be there to perform the "Bhoomi Poojan" of the factory.
Sonia Gandhi and Lalu Prasad had in February last year laid the foundation stone of the factory, to be spread over 1,200 acres in Rae Bareli's Lalganj locality.
General Motors repays government loan
By DPA,
Washington : General Motors has repaid $4.7 billion in government loans issued last year, clearing its remaining debt under the Treasury Department's rescue plan to contain the fallout from the economic downturn.
The Treasury Department said Wednesday that General Motors had completed repaying its total government debt of $6.7 billion five years ahead of the loan's maturity date and ahead of the company's own accelerated plan for returning the money.
India signs $850 mn-worth loan agreements with ADB
By IANS,
New Delhi : In a bid to boost infrastructure development and give an impetus to rural employment, India Tuesday signed agreements for $850 million-worth loans from the Asian Development Bank (ADB).
The first loan of $700 million is the second in a series of infrastructure loans by the ADB to India Infrastructure Finance Company Limited (IIFCL), said a statement from the finance ministry.
America’s dollar stores get hot in recession
By IANS,
Washington : America's dollar stores, those once-dowdy chains that lures shoppers by selling some or all of their merchandise for just $1 or rock-bottom prices, have become suddenly hot in a recession-hit economy.
"They are busily opening new stores, outfitting existing stores with refrigerators and freezers, and sprucing up their aisles with better lighting, fresh paint and new signs," the New York Times reported.
Sansui to enter mobile handset business
By IANS,
New Delhi : Japanese audio and video equipment maker Sansui said it will enter the mobile phone business in India, launching 10 handsets by the end of this year, as part of an expansion plan.
The company Monday launched its new range of slim, LCD televisions and digital video disc players.
"We have launched our new range of LCDs with a plan to target a 5 percent share in the Indian LCD market by the end of the current financial year. We also plan to increase our market share in television to 12 percent," said Jaideep Rathore, chief marketing officer, Sansui.
Andhra minister’s brother protests against transport authorities
By IANS,
Hyderabad : The crackdown by transport authorities in Andhra Pradesh on private bus operators violating rules has evoked strong protest from the brother of a minister.
J.C. Prabhakar Reddy, a private bus operator and brother of minister K.C. Diwakar Reddy, and his followers staged a sit-in at the office of the Road Transport Authority (RTA) here Monday to protest "attempts by certain officials to target" the travel company owned by him.
Wipro admits to World Bank barring it from securing contracts
By IANS,
Bangalore : Global software major Wipro Technologies Monday admitted that the World Bank had barred it from securing its contracts from 2007 to 2011.
“The World Bank determined in June 2007 that Wipro would be ineligible to contest direct contracts from 2007-2011,” the IT bellwether said in a notification to the stock exchanges.
Cement, manufacturing sectors picking up
By IANS,
New Delhi : India's cement and manufacturing sectors, hit hard by the slowdown last year, are now seeing a turnaround, said a senior government official Tuesday, hoping that it would have a positive impact on other sectors as well.
"The cement and manufacturing sectors are showing improvement. This will have multiple effect on other sectors," Ajay Shankar, secretary at the Department of Industrial Policy and Promotion, told reporters here on the sidelines of a seminar here.
"We expect these sectors to improve further," said Shankar.
Specifications of Tata Nano that made its commercial debut Monday
By IANS,
New Delhi : Following are the specifications of Nano, the small car of the Tata group, which chairman Ratan Tata said would roll out from July this year:
- Variants: Standard, Deluxe and Luxury
- Air-conditioning: Only with Deluxe and Luxury models
- Length: 3.1 metres
- Width: 1.5 metres
- Height: 1.6 metres
- All aluminium engine
- Engine: at the rear
- Capacity: 33 bhp, 623 cubic centimetres
- Multi-point fuel injection petrol engine
- Access: Four doors with high seating position
Real estate company founded with capital at KD one million
By KUNA
Kuwait : A new real estate company was founded with capital set at one million Kuwaiti dinar under the name "Dar Al-Dhabi Real Estate", reported Al-Kuwait Al-Yaowm, the state gazette, Monday.
The gazette said the company was co-founded by Bunyan Real Estate Company, Bayan Investment Company, rawdatain international services, Batraa Holding, Al-Safwa International Consulting Company, and deera company for trade and contracting.
Hyundai February sales rise over 45 percent
By IANS,
New Delhi : Hyundai Motor India's domestic sales soared by over 45 percent in February compared to its sales the same month last fiscal, the company said Monday, but added that times were still challenging and nothing should be read into increased sales.
Cumulative sales increased by about 32 percent and exports by over 18 percent, a company statement said.
Low cost airlines now insure against flight delays, baggage loss
By Varada Bhat, IANS
Mumbai : After earning ancillary revenues from freight and sale of food, drinks and gifts on board, more and more low cost carriers (LCCs) are teaming up with insurance companies to offer travel insurance to passengers against flight delay, trip cancellation and baggage loss.
First to jump on the bandwagon was Delhi-based LCC SpiceJet, which has tied up with TATA AIG general insurance to cover travel related risks of domestic passengers.
Fall in inflation fails to cheer up markets
By IANS,
Mumbai : Despite a further ease in inflation, Indian equities markets continued their downward trend Friday, with a key index shedding about 240 points over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed at 9,328.92 points, down 239.8 points or 2.51 percent from its previous close of 9,568.72 points.
Earlier in the day, government data showed that India's annual rate of inflation dipped to 6.61 percent for the week ended Dec 13 from 6.84 percent the week before.
Six world records takes Rome total to 35
By DPA,
Rome : Six world records in the evening session at the world championships in the Foro Italico here took the total for the meet to 35.
At the last world championships in Melbourne in 2007, 15 world records were broken in total and with two days of competition remaining, this number has already been more than doubled.
Prices of essential commodities reducing: Pawar
By IANS,
New Delhi : Agriculture Minister Sharad Pawar Thursday said prices of essential commodities, including sugar, were coming down.
"The situation is definitely changing and it is a good sign," Pawar told reporters here after inaugurating the National Conference for Kharif Campaign that is aimed at improving productivity during the upcoming sowing season.
Glenmark launches skin drugs in the US
By IANS
Mumbai : Indian pharma major Glenmark Pharmaceuticals Ltd has started marketing its drugs for skin disorders in the US.
Informing the Bombay Stock Exchange (BSE) about this Monday, the company said the marketing was being done by its US-based wholly owned subsidiary Glenmark Pharmaceutical Inc (GPI).
The company had acquired marketing rights after a green signal from the US Food and Drugs Administration (USFDA) for a line of Clobetasol Propionate products in the form of cream, ointment, gel and topical solutions.
Bangladesh exports to India up 21 percent
Dhaka, Sep 17 (IANS) Bangladesh's exports to India have registered a 21 percent increase, crossing $2.5 billion this year, said Indian High Commissioner Pinak Ranjan Chakravarty.
In the last five years, the export of goods to India from Bangladesh has gone up 480 percent, whereas Bangladesh's overall exports have gone up only 104 percent in the same period.
Chakravarty pointed this out at a ceremony where Bangladesh and India signed a memorandum of understanding (MoU) on procedural arrangements for duty-free entry of eight million pieces of Bangladeshi apparel to India annually.
Indian equities market ends in the green
By IANS
Mumbai : The Indian equities market ended in the green Wednesday, outperforming other Asian markets, which lost ground. Banking and power stocks led the rally here.
With weak cues from other Asian markets, the Indian equities market started the day with a negative gap but moved into the positive zone in the afternoon before surging in late trade.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,512.70 points and touched a high of 15,829.59 before closing at 15,790.5. It went up by 202.89 or 1.30 percent compared to Tuesday's close.
APEC nations back Russia’s WTO bid
By RIA Novosti
Sydney : Russia's envoy to a 21-nation Pacific Rim economic alliance said Australia and other countries in the region support Moscow's bid to join the World Trade Organisation (WTO).
Vasily Dobrovolsky's comments came after a meeting with senior officials of the Asia-Pacific Economic Cooperation (APEC) as part of the eight-day forum of the organisation, which opened in Sydney Sunday.
Fortified wheat flour for Jaipur open market
By IANS,
Jaipur : Jaipur witnessed one of the biggest-ever food fortification drives in the open market with the Tuesday launch of wheat flour fortified with iron, Vitamin B12 and folic acid.
Air New Zealand to try bio fuel in plane
Wellington, Sep 28 (DPA) Air New Zealand will make the world's first test flight in a commercial airliner using bio fuel under an agreement with Boeing and Rolls Royce, chief executive Rob Fyfe announced Friday.
He said the airline would use a bio fuel and kerosene mix in one Rolls Royce engine of a Boeing 747 jumbo jet on a yet-to-be decided long-haul route from its home base in Auckland late next year or in early 2009.
The other three engines on the flight, which will not carry passengers, will be powered by regular aviation fuel.
‘Indian firms must gear up to tackle climate change’
By IANS,
New Delhi : Indian firms must combat climate change by measuring their carbon footprints now and in the foreseeable future, and take preventive steps, says a report by the KPMG and CII released here Wednesday.
Indian firms should also avail business opportunities arising out of climate change, says the report, "Climate change: The impact and opportunities for Indian industry", brought out jointly by the consultancy firm KPMG and the Confederation of Indian Industry (CII).
India’s forex reserves down by $274 million
Mumbai : India's foreign exchange (forex) reserves declined by $273.8 million to $312.38 billion for the week ended May 30, led by a sharp...
India: railways freight revenue goes up by 21.91 per cent
By NNN-PTI,
New Delhi : Sustaining the growth in the recent past, railways have generated Rs 4393.19 crore from freight traffic in April this year as compared to Rs 3603.72 crore during the corresponding period last year, registering an increase of 21.91 per cent. (One Crore: ten million)
Railways carried 67.69 million tonnes of freight traffic during April as compared to 61.05 million tonnes during the corresponding period last year, recording an increase of 10.88 per cent.
Amway to invest Rs.550 mn in its Himachal plant
By IANS,
Shimla : Amway India Enterprises will invest Rs.55 crore (Rs.550 million) to treble capacity at its Himachal Pradesh manufacturing unit by the end of this year, a senior company official said here Friday.
"We have plans to treble the capacity of our Baddi manufacturing plant by December-end," Amway India Managing Director and Chief Executive Officer William S. Pinckney told IANS.
"We are adding four new product lines to the existing five lines at Sarvotham Care's plant (at Baddi). This will involve an outlay of around Rs.55 crore," he said.
Madhya Pradesh villagers first to get residential land rights
By IANS
Bhopal : Madhya Pradesh will Jan 26 become the first state in the country to provide villagers with ownership rights of their houses and residential plots, officials said.
"Villagers do not have ownership rights of their residential plots as their urban counterparts. The government's move to give them the rights will benefit residents of 53,000 villages who would cumulatively become owners of about 12 million residential plots," a revenue department official told IANS.
Canadian firm defends use of Indian steel for oil pipeline to US
By Arun Kumar, IANS,
Washington : A Canadian pipeline company has defended the use of India-made steel for an oil pipeline project in President Barack Obama's home state of Illinois after a protest rally by hundreds of steel workers.
TransCanada said Wednesday that it was necessary to look to India for a large share of the pipe that is being used for the project that will transport Canadian oil to the US as an idled Illinois steel mill couldn't have supplied the pipe needed for it.
Tata Tea makes $523 mn profit in Coke deal
By Arun Kumar
IANSWashington : India's Tata Tea is all set to make a cool profit of $523 million with the Coca-Cola company buying its 30 per cent stake in Vitaminwater maker Glaceau for 1.2 billion.
Reliance Power to start work on Sasan power project
By IANS
Bhopal : Reliance Anil Dhirubhai Ambani Group (RADAG) chairman Anil Ambani has said here Tuesday that work on the Rs.200-billion, 4,000-MW Sasan power project by will begin in three months. The plant will start generating power in four to five years, he said.
RADAG-promoted Reliance Power Ltd is implanting the Sasan project. Ambani met Madhya Pradesh Chief Minister Shivraj Singh Chouhan Tuesday.
Three arrested for realtor-BSP leader’s murder
By IANS,
New Delhi : Delhi Police Monday said three people have been arrested in connection with the murder of BSP leader and business tycoon Deepak Bhardwaj here last week.
India is way down 124th in economic freedom
By Arun Kumar, IANS,
Washington : With an economic freedom score of 53.8, India has been rated the 124th freest economy in the world, according to the 16th annual Index of Economic Freedom, released by The Heritage Foundation and The Wall Street Journal.
India's score is 0.6 point lower than last year as a result of declines in freedom from corruption, business freedom, and monetary freedom. India is ranked 24th out of 41 countries in the Asia-Pacific region, and its overall score is below the world average of 59.4 on a scale of 100.
Almost all good news: 100 days of Windows 7
By Sven Appel, DPA,
Munich : Unlike politicians, operating systems (OS) don't get a honeymoon with the general public. Windows 7 has been on the market for almost 100 days now, so - as in politics - it's a good time to review how the software has performed so far. The results are largely positive.
China’s 2007 GDP growth rate to be 11.3 percent: World Bank
By Xinhua
Beijing : China's gross domestic product (GDP) is expected to grow by 11.3 percent in 2007, the World Bank (WB) said in its quarterly report released Wednesday.
China's GDP grew by 11.5 percent in the first half of 2007.
The WB had previously revised its projection for China's GDP growth rate from 9.6 percent to 10.4 percent in its quarterly report released in May.
World Bank approves $4.3-bn 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 is the crucial time to support Indian economic recovery," said World Bank country director for India Roberto Zagha.
"This money will be directed towards four projects," Zagha told reporters in a video conference Wednesday morning.
Of the total loan, World Bank said it would provide $2 billion to India's banking sector designed to expand the volume of credit available to firms.
Pakistan’s mobile phones import go up
By IANS,
Islamabad : Pakistan, where the mobile telecommunications sector is seeing very large year-to-year growth, has witnessed an increase in mobile phone imports.
Fresh economic stimulus if required: Pranab
By IANS,
New Delhi : The government is open to a fresh economic package if it was required to cope with the global financial crisis, acting finance minister Pranab Mukherjee said Thursday, but cautioned against pressing the panic button as the full impact of the meltdown on India was yet to be gauged.
"After consulting the RBI (Reserve Bank of India), I am not making any commitment, if the situation requires, we may be in a position to do more," Mukherjee said during question hour in the Rajya Sabha.
Bank says it gave loan, man says no
By IANS,
Lucknow : A man has issued a legal notice to a private bank in Uttar Pradesh's Bulandshahr district after the bank claimed that his uncle, who migrated to Pakistan in 1947, has been given a loan. However, the nephew says his uncle never received the loan.
Firoz has alleged that the bank employees have forged documents to sanction a loan to his uncle Hamid, who is a Pakistani national.
Indian equities end tad higher after volatile session
By IANS,
Mumbai : Indian equities managed to end marginally higher Tuesday after a bout of heavy volatility, which saw a key index swing in a range of nearly 200 points, as investors rushed to book profits on the gains made the previous day.
The sensitive index (Sensex) of the Bombay Stock Exchange, which opened a tad higher at 17,036.23 points against the previous close at 17,032.51 points, reached the day's low of 16,882.98 points, some two hours before close.
BJP welcomes PM’s nudge to banks to give poor preference
New Delhi : The Bharatiya Janata Party (BJP) on Sunday welcomed Prime Minister Narendra Modi's appeal to banks to give preference to the needs of...
State Bank plans to raise Rs.20,000 crore
By IANS,
Kolkata : State Bank of India (SBI), the country's largest lender, wants to raise Rs.20,000 crore in the current fiscal, a top company official said here Friday.
"SBI wants to raise Rs.20,000 crore this fiscal. Rights issue is an option," bank chairman O.P. Bhatt told reporters on the sidelines of a book launch.
Though there are many ways to raise capital, Bhatt said he preferred to do it through a rights issue.
OPEC crude price at new record high
By DPA
Vienna : The price for crude produced by the Organization of the Petroleum Exporting Countries (OPEC) peaked at $103.74 Thursday, OPEC said Friday.
The price hike comes despite remarks from International Energy Agency (IEA) officials who expected demand to soften, which would translate into lower prices, analysts said.
IEA Executive Director Nobuo Tanaka said producers should keep their output steady and the inventories from consumer countries should then rise gradually.
Haryana Raj Bhawan buildings to get solar power plants
By IANS,
Chandigarh : The Haryana government has drawn up a Rs.2 crore (Rs.20 million) plan to set up solar power plants at the Haryana Raj Bhawan here and collectorate offices in 10 of the state's districts.
Financial Commissioner and Principal Secretary of Renewable Energy Madhusudan Prasad said Tuesday that a 45 kilowatt (KW) solar power plant will be installed at Haryana Raj Bhawan located in state capital Chandigarh.
Doubts over Sunday meeting with Tata Motors
By IANS,
Kolkata : Doubts emerged late Friday night over Sunday's scheduled meeting between Tata Motors and the West Bengal government on the Nano deadlock with sources in the Communist Party of India-Marxist (CPI-M) saying the parleys "may or may not take place".
The sources said: "Tata Group chairman Ratan Tata is out of town, and so the meeting is doubtful."
Earlier in the day, state chief secretary Amit Kiran Deb said the meeting would be held Sunday to discuss the Singur imbroglio.
Ansal Properties enters JV with Malaysia-based UEM
By IANS,
New Delhi : Ansal Properties and Infrastructure Ltd (APIL) announced Friday that it has entered a joint venture (JV) with UEM Builders, a subsidiary of Malaysia-based UEM Group.
The JV company - UEM Builders-Ansal API Contracts Pvt Ltd - will carry out building, construction and engineering activities for APIL's projects across the country.
The new firm will initially have an authorised capital of Rs.10 million ($250,000), divided into 1 million ordinary shares of Rs.10 each and a paid-up capital of Rs.5 million.
Left Front hopeful of Metro Cash & Carry solution
By IANS,
Kolkata : West Bengal's ruling Left Front was Saturday hopeful of resolving the differences between two of its constituents over renewing the licence of German wholesale major Metro Cash & Carry.
"We are hopeful of finding a solution through a process of dialogue in the Left Front. It's unfortunate that FB (Forward Bloc) has already taken a decision to opt out of the state cabinet if the state government doesn't comply with its demand," Communist Party of India (CPI) state secretary Manju Kumar Manjumdar told IANS.
Russia to expand commercial space services
By IANS/RIA Novosti,
Moscow: Russia will expand its commercial space services and push the US and the European Union out of that market, a minister has said.
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.
Tripura power project revived, gets ONGC gas supply
By IANS,
Agartala : After a six-year uncertainty, the Oil and Natural Gas Corp (ONGC) has finally agreed to provide natural gas for the 104 MW capacity Monarchak thermal power plant in Tripura, officials said Friday.
ONGC signed an agreement with The state-owned North Eastern Electric Power Corp (NEEPCO) in New Delhi Thursday, for supplying 0.5 million cubic metres gas per day for 15 years.
GST, land acquisition laws needed to remove poverty: Jaitley
New Delhi : Reacting to a grim picture of rural India projected by the Socio-Economic and Caste Census 2011, Finance Minister Arun Jaitley...
Sensex crosses 17,000 points, Nifty breaches 5,000-mark
By IANS,
Mumbai : Buoyed by the positive weekend numbers on industrial output and cues from the government on its divestment plans, a key index of Indian equities markets Monday rose 163 points to close above the 17,000-mark.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 16,893.11 points against Friday's close at 16,848.83 points and rose 162.84 points to close at 17,011.67 points (provisional).
The index saw an intra-day high of 17,083.2 points, but shed some gains in the last 30 minutes' trade.
Public banks’ policies saved India from financial blushes: Chidambaram
By IANS,
Puducherry : Home Minister P. Chidambaram paid rich tributes to India's public sector banks here Saturday while speaking at a university function.
"India was saved from serious blushes from the global economic slowdown due to our (nationalised) banks' diligent policies and vigilance," Chidambaram said.
The former finance minister also expressed optimism about India's unscathed emergence from the effects of the worldwide financial morass.
CPI-M seeks regulation for corporate entry into retail
By IANS
Kolkata : No corporate company would be allowed to enter the organised retail sector without regulations, Prakash Karat, Communist Party of India-Marxist (CPI-M) general secretary, said here Monday.
"For organised sector retailing, our party wants regulations. We are trying to bring in regulation and licensing of not only foreign companies but all corporate organisations before entering in the retail sector," Karat told a press conference at the conclusion of the party's three-day central committee meeting.
BJP, CPI-M oppose any hike in petrol, diesel prices
By IANS,
New Delhi : Ahead of the empowered group of ministers' (eGOM) meeting Monday to consider pricing policy on petrol and diesel, the Bharatiya Janata Party (BJP) and the Communist Party of India-Marxist (CPI-M) opposed any move by the government to hike prices of petroleum products.
The BJP said any hike in prices of petrol and diesel will further increase prices of essential commodities.
The CPI-M politburo in a statement Sunday described the likely hike in the petroleum products as "unwarranted".
Wills Lifestyle again partners FDCI for India Fashion Week
By IANS,
New Delhi : Ending weeks of speculation, the Fashion Design Council of India (FDCI) announced Saturday that ITC's Wills Lifestyle brand will continue to sponsor its premier India Fashion Week business-to-business event. Hence, the event will continue to be called the Wills Lifestyle India Fashion Week (WIFW).
"The partnership, built on a pact inked in 2006, will continue for another three years," FDCI president Sunil Sethi told IANS.
State power firms to start energy efficiency company
By IANS,
New Delhi : Four state-run power firms will make equal contributions to float a new company, Energy Efficiency Services Ltd (EESL), to promote energy saving projects in the country, Power Minister Sushilkumar Shinde said Wednesday.
The four equal equity promoters of the new company are NTPC, Power Finance Corp, Rural Electrificaion Corp and Power Grid Corp.
"The equity of EESL will be Rs.190 crore. The company would be able to leverage a total investment of Rs.700-800 crore," Shinde said at the annual Economic Editors' Conference here.
Markets trading with gain at afternoon trade
By IANS,
Mumbai : The Indian equities market was trading with a gain in the afternoon trade Wednesday. Heavy buying was seen in realty, banking and capital goods stocks.
At 12:30 p.m., the 30-share BSE Sensex was up by 451.38 points or 3.38 percent at 13,801.03. At the day's high, it touched 13,931.01.
At the same time, the broader-based S&P CNX Nifty was up by 117.45 points or 2.94 percent at 4,106.00
The market breadth was positive. On BSE, 1943 shares advanced compared to 469 that declined and 53 that remained unchanged.
Oman-India gas pipeline a most promising option
By H.S. Ramakrishna,
Natural gas, a very highly consumed commodity in India, is at present supplied from two sources: domestic production and imported liquefied natural gas (LNG). Energy demand and supply projections indicate that by 2021-22, due to rising demand, India will also need to start sourcing natural gas from cross-border pipelines to fill the gap between demand and availability. In such a situation, India will have to examine its options carefully to minimise the cost of imports and consider appropriate sources of natural gas to keep the import bills under check.
Larsen and Toubro to raise stake in Satyam
By IANS,
New Delhi : Engineering and infrastructure major Larsen and Toubro (L&T) Tuesday said it might further raise its stake in the scam-tainted Satyam Computers.
"Overall, we are only trying to improve our situation," company chairman A.M. Naik told a news channel. "If nothing else, to really make L&T Infotech bigger by our stake in Satyam," Naik said.
Incidentally, L&T Infotech's revenues are expected to touch $500 million (Rs.25 billion) this fiscal.
B.K. Birla to continue as Kesoram chairman
By IANS,
Kolkata : The diversified Kesoram Industries Ltd will not be split for the time being, company chairman Basant Kumar Birla said Thursday.
"The whole company will remain one," Birla said during the company's annual general meeting here.
Kesoram Industries will ultimately go to Kumar Mangalam Birla, while Manjushree Khaitan would continue to remain on the board.
"In my absence, the future of the company will be decided by Kumar Mangalam Birla and Manjushree Khaitan," Birla said.
PMK pushes for caste-based census
By IANS,
New Delhi : The PMK, a Tamil Nadu-based political party, Monday urged the central government to make the population census of 2011 based on caste, which it said, would provide data on the literacy, health and economic status of each community.
At a national seminar, 'The Need for Caste wise Census in India from 2011' here, the PMK said it was necessary to collect household data on caste basis so that the government can have a fair idea of the size of population of each community of India.
India to increase advertising expenses by 2010: Assocham
By IANS
New Delhi : India is likely to increase its advertising expenses to 0.55 percent of its gross domestic product (GDP) from the current 0.52 percent within the next three years, says an industry lobby.
India second largest receiver of non-oil Omani exports
By IANS,
Dubai : India was the second biggest receiver of non-oil exports from Oman in 2008, new figures have revealed.
India imported 182 million Omani riyals (around $472.7 million) worth of non-oil commodities from that Gulf nation in the first eight months of 2008, according to statistics released by Oman's Ministry of National Economy.
The United Arab Emirates (UAE) topped the list having imported 431.7 million Omani riyals (around $1.1 billion) worth of commodities during the same period.
Italian brand Diesel finally comes to India
By IANS,
New Delhi : Italian lifestyle brand Diesel is finally set to make an entry in the Indian market with two stores in Mumbai this month.
Diesel has partnered with Reliance Brands Ltd, a part of the Reliance Industries group, and plans to expand over the next few months by startting one each store in Bangalore, Delhi and Hyderabad.
World Economic Forum calls for business innovation
By IANS,
Davos: Participants at the annual World Economic Forum here Wednesday urged the companies to focus on innovation to remain in business.
Global carriers get VAT exemption on ATF in Odisha
Bhubaneswar: In a bid to attract international flight operators in Odisha, the state cabinet on Thursday approved a proposal to exempt international air carriers...
Wipro, Misys target Middle East to drive growth
By IANS
Bangalore : India's third largest IT bellwether Wipro Ltd and Misys plc, a London-based IT firm in healthcare and financial services segments, have entered into a tie-up to drive growth in the Middle East market.
According to a statement Friday, Wipro will set up a centre of excellence around Misys Opics Plus, a solution developed by the Misys, to expand the distribution network and accelerate the delivery of such products in the Gulf region.
Sensex subdued in afternoon trade
By IANS,
Mumbai : A benchmark index of the Indian equities market Thursday was ruling 94 points down in afternoon trade amid mixed cues from Asian markets.
Reddy group to source iron ore from Indonesia mines
By IANS,
Bangalore : Mining and steel major Gala Janardhan Reddy (GJR) group has entered into a strategic alliance with PT Earthstone Resources of Indonesia to source iron ore from Sumatra mines for its greenfield integrated steel plant in Andhra Pradesh and export markets, said a top official here Monday.
The GJR group, headed by Karnataka Minister for Infrastructure and Tourism G. Janardhan Reddy as its chairman and managing director, will invest $30 million in mining the iron ore with 64 percent ferric content and shipping part of it for captive consumption.
BCCL to seek higher coking coal price from SAIL
By IANS
Kolkata : Bharat Coking Coal Ltd (BCCL), a subsidiary of Coal India Ltd, will ask for a 40 percent hike in coking coal prices supplied to Steel Authority of India Ltd (SAIL) from 2008-09, BCCL said Wednesday.
"Keeping in mind the coking coal price increase in the international market, we have decided to seek a price of Rs.6,300 per tonne from SAIL. At present we are selling coking coal to SAIL at a price of Rs.4,500 per tonne," BCCL chairman and managing director A.K. Paul said at a press conference here.
Sensex down 237 points in afternoon trade
By IANS,
Mumbai : Indian equities markets were ruling in the red Thursday afternoon with a key index trading 237 points lower than its previous close.
At 2.50 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,881.47 points, was ruling 237.74 points or 1.49 percent down at 15,666.09 points.
The Nifty of the National Stock Exchange (NSE), too, was ruling in the red at 4,625.45 points, down 1.46 percent from the previous close.
Asian women’s wealth comes mainly from entrepreneurship: report
By DPA
Singapore : Asian women generate more wealth from entrepreneurship than their counterparts in Europe and North America, a report said Tuesday.
Colgate net up 18 percent
By IANS,
Mumbai : Personal care product manufacturer Colgate Palmolive India has registered a net profit of $17.98 million (Rs.719.20 million) in the first quarter this fiscal, compared to $15.22 million (Rs.608.8 million) netted in the same period last fiscal, the company announced Thursday.
The jump reflected a growth of 18 percent.
For the latest quarter ending June 30, total revenues increased to $109.69 million (Rs.4.3 billion), compared to $92.91 million (Rs.3.71 billion) earned in the corresponding quarter last year.
Enforce entry load waiver, consumer body tells SEBI
Ahmedabad, Sep 13 (IANS) Consumer Education and Research Centre (CERC) has urged SEBI here Wednesday to enforce its pro-investor proposal to waive the entry load for direct applications to mutual funds.
It requested the market regulator to ignore opposition to the move by fund houses.
"The proposed move will offer a huge saving to direct investors. The practice of paying large fees and distributing goodies to distributors is always at the investors' collective cost," CERC said in a statement.
Honda Civic given a facelift
By IANS,
New Delhi : Auto manufacturer Honda Siel Cars Tuesday launched a refurbished Honda Civic sedan with alternations in its design, such as a five-point metallic front grille and a new bumper.
The new Civic is available in three variants that will come in two models - Elegance and Inspire. The car is priced in the range of Rs.11.8 lakh to Rs.14.13 lakh at showrooms in Delhi.
The company has also introduced dark smokey headlights and crystalline octagonal tail lights in the car to give it a "contemporary look".
Cosmos Brands to expand operations in India
By IANS
New Delhi : Mumbai-based Cosmos Brands Distributors Pvt Ltd, one of the major distributors of international perfumes in India, is planning to set up 18 hair salons and 27 perfumeries across the country in the next three years, said a top official.
The company currently distributes, markets and manages brands like Roberto Cavalli, Loewe, Morgan de Toi, Gian Franco Ferre, Salvador Dali, Trussardi, Jessica McClintock, Lalique, Charriol and Aigner among others.
Move to protect agro products from patenting abroad
By IANS,
New Delhi : The government Thursday decided to protect Indian agro products from foreign patenting through an amendment in the Agricultural and Processed Food Products Export Development Authority Act (APEDA).
The amendment, approved during a meeting of the central cabinet chaired by Prime Minister Manmohan Singh, will enable the agency to register products like basmati rice for protection against foreign patenting using the mechanism of Geographical Indications (GIs).
China, Bangladesh to improve bilateral economic relations
By Xinhua
Dhaka : China and Bangladesh have committed to promote bilateral economic relations, narrow the trade imbalance and to encourage investment between the two countries.
Chinese Assistant Minister of Commerce Wang Chao and Bangladeshi Finance and Commerce Advisor Azizul Islam expressed their desire to encourage bilateral relations during a meeting here Sunday.
Islam said the two countries had achieved a breakthrough in trade relations with a rapid growth of mutual trade.
Iraq, Iran may ink oil deal: minister
By IANS,
Baghdad : Iraq’s Oil Minister Hussein al-Shahristani has said that the Iran-Iraq talks on joint oilfields were going ahead well and an oil deal was expected to be signed by March 20, IRNA reported.
The agreement is to be inked in line with Iraq’ efforts to develop its oilfields and increase oil and gas exports, Shahristani said.
Spokesperson for Iraqi oil ministry Asem Jahad said that his country intends to develop its oilfields based on a five-year plan and increase its oil export to four million barrels a day from 1,700,000.
Wall Street falls as housing sector tumbles
By Xinhua,
New York: The Wall Street opened lower Tuesday as the record plunge of the housing sector in April overshadowed the better-than-expected earnings of the Home Depot.
The US Commerce Department said the construction of new homes and apartments fell 12.8 percent in April to a seasonally adjusted annual rate of 458,000 units. Economists had expected the construction sector to post a modest increase in April.
Economy to grow by 6 percent, inflation to rise too: RBI
By IANS,
Mumbai : India's economy will grow by six percent this fiscal while inflation would rise to around four percent, the central bank said here Tuesday while announcing a 25 basis points cut in key rates in its annual economic policy review.
"With the assumption of normal monsoon, real GDP growth for 2009-10 is placed at around 6.0 percent," said Reserve Bank of India Governor D. Subbarao.
GDP growth for 2008-09 was 7.1 percent.
Oil price hike unlikely this week
By IANS,
New Delhi : While countries across Asia have hiked their domestic fuel prices in tune with the record global oil surge, the Indian government is unlikely to take the politically sensitive decision this week.
A senior oil ministry official Monday indicated that there was "no political consensus" on raising fuel prices.
"Ministries are ready but politicians are not (prepared to raise prices)," he added.
The oil companies have been clamouring for a price increase, as they have to face the brunt of the subsidized rate at which the government sells transport fuel.
Chidambaram mixes prudence with sops in election budget
By Arvind Padmanabhan and Gyanendra Kumar Keshri, IANS,
New Delhi : With general elections around the corner, Finance Minister P. Chidambaram presented the interim budget...
Wal-Mart finally enters India riding on Bharti
By IANS
New Delhi : Wal-Mart, the world's largest retailer with presence in 13 countries, is finally entering India but only as a wholesaler.
India's Bharti Enterprises, that has interests from telecom to retail, and Wal-Mart Stores, Inc. Monday announced the establishment of their joint venture Bharti Wal-Mart Private Ltd. for wholesale cash-and-carry and back-end supply chain management operations in India.
Thales eyes more joint ventures with Indian companies
By Vishnu Makhijani, IANS
New Delhi : French defence and electronics major Thales is eyeing more joint ventures (JV) with Indian companies as it seeks to deepen its engagement with this country where it first established a footprint half a century ago.
"We want to create permanent joint ventures with Indian companies in the private and public sectors," Thales chairman and CEO Denis Ranque said.
Petrol stations in Gaza forced to close as Israel cuts fuel supply
By Xinhua
Gaza : Almost all petrol stations in Gaza were shut down on Sunday as Israel continued to cut the oil supply to the Hamas-controlled region.
Continued oil shortages will pose a threat to hospital generators and ambulances in Gaza, said Muawiya Hassanin, the region's head of emergency services.
The move "will affect all aspects of civilian life and threatens to delay and to paralyse transport, ambulances and factories, thus putting hundreds of people in danger," Hamas government spokesman Taher al-Nono said in a statement.
British Asian businesses warned about economic climate
By IANS,
London : Asian business leaders in Britain have been warned to prepare for the worst economic crisis in living memory.
Ashfaq Hussain, vice chair of the West Midlands Minority Ethnic Business Forum, told more than 300 Asian business leaders at a dinner this week that they must meet the challenges posed by the global economy.
“We are going through one of the most challenging economic climates that most of us can remember,” he said at the annual dinner and awards evening of the Black Country Asian Business Association.
Nathpa Jhakri power plant shutdown continues
By IANS,
Shimla : The 1,500 MW Nathpa Jhakri hydel power project in Himachal Pradesh's Kinnaur district, which also supplies electricity to other states in north India, remained closed for the third consecutive day Friday due to high silt level in the Sutlej river.
The plant has been closed since Wednesday after the silt content in the river increased to 7,500 parts per million (ppm). The permissible limit is 4,000 ppm.
"However, it has reduced to 5,500 ppm," Vijay Kumar Verma, deputy general manager of the Sutlej Jal Vidyut Nigam, told IANS Friday.
Nestle wins EU approval to buy Novartis nutrition business
By Xinhua
Brussels : The world's biggest food and beverage company Nestlé has won conditional approval from the European Union (EU) to buy the nutrition business of pharmaceutical giant Novartis.
European Union-India trade flow shows upward trend
By IANS,
Brussels: The 27-member European Union (EU) exported three billion euro worth of goods to India during January 2011, an increase of 42 percent from 2.1 billion euro in January 2010.
Foreign financial companies keen to fund China’s energy market
By Xinhua,
Beijing : Foreign financial companies are eager to play a role in China's coal industry as the country looks to diversified sources to finance the fast-expanding industry.
As the world's fastest growing economy, China's energy need is huge and most of it comes from coal.