After Nano, Tata launches luxury Jaguar, Land Rover
By IANS,
Mumbai : Three months after launching Nano, the world's most inexpensive family vehicle at the Rs.1 lakh, Tata Motors Sunday launched here the iconic Jaguar and Land Rover cars, to cost between Rs.63 lakh and Rs.92 lakh in India.
Tata Motors chairman Ratan Tata said initially, three Jaguar and two Land Rover models would be available in the country.
While Jaguar models will be available in the price band of Rs.63-92 lakh, the Land Rover will be in the Rs.63-89 lakh range. They will be available in five-six cities after checking out the response in Mumbai.
Emerging East Asian economy to maintain strong growth — ADB
TOKYO, Dec 13 (KUNA) -- Economic growth in emerging East Asia will slow to 8.0 percent in 2008 from 8.5 percent this year as expansion in key industrialized nations moderates amid volatility in financial markets and rising oil prices, the Asian Development Bank (ADB) said Thursday.
"Even though growth slows in emerging East Asia, inflation is rearing its head in many economies and that price pressures are likely to remain in 2008," the Manila-based bank said in its latest Asia Economic Monitor report.
TVS logs 23 percent sales increase in November
By IANS,
Chennai : The country's third largest two-wheeler company TVS Motor registered sales of 120,844 units last month, an increase of 23 percent over the 98,402 units sold in November last year.
In the domestic market, the company sold 106,836 units as against 77,491 units in the like month in 2008, it said in a statement Tuesday.
TVS logged most of its volume growth from moped sales -- 36,641 units as against 14,005 units in November 2008.
Its scooter sales stood at 25,115, an increase of 6,905 units over that of November 2008 sales.
IBSA aims for free trade, agrees to promote n-energy
By Manish Chand, IANS
Pretoria : India, Brazil and South Africa joined hands to promote peaceful uses of nuclear energy, UN reforms and a free trade area among them as they ended their second summit with an ambitious agenda of trans-national cooperation revolving around energy security and people-centric social development.
L&T bags $315-million ONGC project
By IANS
Mumbai : Engineering and construction conglomerate Larsen and Toubro Ltd (L&T) has won a Rs.12.5 billion ($315 million) turnkey project from state-owned Oil and Natural Gas Corp (ONGC) for construction and installation of offshore platforms at Mumbai High.
According to an L&T statement, the project will be completed by the end of April 2009. The firm says it will build three well platforms, sub-sea interconnecting pipelines, sub-sea cables and topside modifications for the Mumbai High South oilfield.
Gandhian economics needed to overcome financial crisis: Pranab
By IANS,
New Delhi : The government will initiate more measures to support labour intensive sectors with focus on Gandhian economics even as the Indian economy is set to grow by 7 percent this fiscal, External Affairs Minister Pranab Mukherjee said Friday.
"When necessary, the government will take further steps to ensure that labour intensive sectors are less adversely affected," Mukherjee, who also holds the finance portfolio, told a seminar organised by a leading think tank here.
Indian business models to benefit South Africa telecom
By Fakir Hassen, IANS
Johannesburg : Business models used in India to cut telecom costs by up to a sixteenth of what they were initially will benefit South Africans when the VSNL-led consortium Neotel starts providing services early next year.
Neotel, licensed last year after long delays as South Africa's second network operator, will compete with the former state-owned monopoly Telkom. Consumers will only benefit from this competition next year when products currently under test here and in Pretoria are rolled out nationally.
Australian firm wins $900 mn coal mine contracts in India
By Neena Bhandari, IANS
Sydney : Australia's largest construction company, Leighton Holdings' subsidiary Thiess Pty Ltd, has won two contracts worth a total of Australian $1 billion ($900 million) over 20 years to develop and operate an open cut coal mine in India's Jharkhand state.
Leighton subsidiary Thiess will build the infrastructure, then operate the Chitarpur coal project in Jharkhand for 20 years, the company said in a statement to the Australian stock exchange Thursday.
German cos join hands to set up packaging machinery unit in Gujarat
By IANS,
Vadodara : German global packaging majors Haver & Boecker and IBAU, have teamed up to set up a Rs.200 million plant near here to make high-speed packaging machinery, company officials said.
The plant will be set up by the Indian arm of the two German companies, Haver IBAU India (HIN), said HIN's managing director, Wilhelm A. Dyckerhoff, Wednesday. The plant will commence production by October this year, he said.
US, India technology majors meet in Washington
By IANS
Washington : More than 70 technology companies, including leaders like IBM, Infosys and Tata Consultancy Services, participated in one of the year's biggest summits held to bring industry and the government together on a common platform.
Nationalisation helped Indian banks withstand crisis: Sonia Gandhi
By IANS,
New Delhi : Taking a dig at Western societies, Congress president Sonia Gandhi Friday said the same countries that had denounced the nationalisation of banks by then prime minister Indira Gandhi long ago were resorting to similar steps now to bail out their financial sector.
“Our prudence has been most marked in the case of the financial sector... Let me take you back to Indira Gandhi's much reviled bank nationalisation of 40 years ago,” Gandhi said at the Hindustan Times Leadership Summit.
UNDP releases report on insurance
By IANS
New Delhi : The United Nations Development Programme (UNDP) Wednesday released a report which highlights the fact that nearly 90 percent of India's population is excluded from the insurance market.
Lalu, Sonia to visit Rae Bareli coach factory next week
By IANS,
New Delhi : With hurdles in setting up a rail coach factory in Rae Bareli finally removed, Railway Minister Lalu Prasad, Congress president Sonia Gandhi and her son Rahul will visit the Uttar Pradesh town next Tuesday to launch the Rs.20 billion ($408 million) project in the party chief's constituency.
"As the obstacles for the proposed rail coach factory have been cleared, Sonia Gandhi along with Rahul and the railway minister will visit the place to restart the work Jan 27," a highly placed railway ministry source told IANS.
BPL’s eco-friendly study lamp wins German award
By IANS,
Bangalore : A eco-friendly light-emitting diode (LED) study lamp, designed and produced by consumer durables company BPL, has won the Red Dot product design award in Germany, the company said Monday.
The only Indian product to win the coveted award, BPL Studylite was chosen from 4,252 entries of 1,635 firms from 57 countries.
The award will be presented to the Bangalore-based BPL at Essen in Germany July 5 in recognition of "the product's innovation, functionality, quality, ergonomics, durability and symbolic and emotional content", the company said in a statement here.
Private players outperform state firms in oil production
By IANS
New Delhi : Private petroleum companies exceeded their crude oil production target for November by 16.5 percent even as crude production in the country fell below expectation, according to official statistics released Wednesday.
The privet companies together produced 403,000 tonnes of crude oil against their month's target of 346,000 tonnes.
Indian crude oil production in November was 1.1 percent below the target mainly because of disruption in production in Assam due to local agitations.
Nuclear Power Corp, BHEL sign deal with GE-Hitachi
By IANS,
Mumbai : Nuclear Power Corp of India Ltd (NPCIL) and Bharat Heavy Electricals Ltd (BHEL) Monday inked two separate deals with GE-Hitachi to build nuclear reactors for power generation in India.
GE-Hitachi is a joint venture between the General Electric Co of the US and the Japan-based Hitachi Ltd.
Under the agreement, GE-Hitachi along with the Indian companies will begin planning for the necessary resources in manufacturing and construction management for a potential multiple-unit advanced boiling water reactor (ABWR) nuclear power station.
Banks will waive farm loans by June 30: Chidambaram
By IANS,
Bangalore : Union Finance Minister P. Chidambaram Monday said state-run banks would waive farm loans by June 30, as outlined in his budget speech Feb 29.
"Yes, they (banks) will implement the farm loan waiver scheme by this month-end. The process is on. The scheme is under implementation by the public sector, regional rural and cooperative banks. The beneficiaries have been identified," Chidambaram told IANS on the sidelines of a bank event here.
Reliance Power awarded Sasan mega power project
By IANS
New Delhi : The 4,000 megawatt (MW) Sasan Ultra Mega Power Project (UMPP) in Madhya Pradesh, that will supply power to seven states including Delhi, was formally handed over to Anil Dhirubhai Ambani-owned Reliance Power Limited (RPL) Tuesday by Power Minister Sushilkumar Shinde at a function here.
Kerala firm to animate BBC mega series
By IANS
London : The British Broadcasting Corp (BBC) has teamed up with a Kerala-based firm for an animation series with a budget of more than 10 million pounds ($20 million).
The animation, called Freefonix, is co-produced by Britain-based Cinnamon Entertainment and the BBC, and has been made in Thiruvananthapuram in Kerala.
Described as a high-energy adventure series following three musical renegades, the scripts for Freefonix were written in Los Angeles and New York, voices recorded in Ireland and the animation modelled by Cinnamon on the Isle of Man.
India most acquisitive of emerging economies: KPMG
By Prasun Sonwalkar
London, Sep 13 (IANS) India has emerged as the most acquisitive of emerging nations as the global spread of Indian enterprise in recent years led to the takeover of several major western and other companies, according to a new study.
Experts believe that the spate of mergers and acquisitions by Indian companies can be likened to the 'hunted fast becoming hunters' in the corporate boardrooms of global capital.
Exhibitors from India in Dubai gem show
By IANS,
Dubai : Exhibitors from India are among those from 20 countries participating in a global gem show taking place in Dubai.
Over 100 exhibitors from the coloured stones industry have gathered here for the International Gem Show Dubai 2008 that started Monday.
The three-day exhibition, under the patronage of the Dubai Multi Commodities Centre (DMCC), is being organised by the International Coloured Gemstone Association (ICA) and supported by the Middle East GemBureau.
Maruti sales up 32 percent in October
By IANS,
Mumbai : India's leading car maker, Maruti Suzuki, Monday said it sold 85,415 vehicles in October as against 64,490 units in the corresponding month last year, registering a growth of over 32 percent.
While its domestic sales grew 21 percent to 71,551 units last month from 59,127 units sold in October last year, exports increased nearly 160 percent to 13,864 units from 5,363 units in the year-ago period, Maruti said in a regulatory filing.
The company's passenger car sales rose 22 percent to 71,383 units last month compared to 58,515 units in October 2008.
Tata Consultancy Services signs contract with Chrysler
By IANS
Mumbai : Tata Consultancy Services (TCS) has signed a multi-year contract with the American automobile manufacturer Chrysler LLC to provide IT services.
According to the contract, TCS will deliver application, maintenance and support services to Chrysler. The IT services will also encompass a portion of the functional areas within Chrysler, such as Sales, marketing and shared services.
India’s seafood exports to rise
By IANS,
Kochi : Seafood exports are set to rise this fiscal due to favourable policies of the central government and the industry's expansion to new markets in China and Southeast Asia, according to the Seafood Exporters Association of India (SEAI).
SEAI secretary Sandu Joseph told IANS that seafood exports till the end of January had registered a growth of 4.13 percent over the corresponding 10-month figure in 2009.
"In value terms, it has grown 11.13 percent and in dollar terms 4.18 percent," he said.
24th Quality Circles convention begins at BHEL Bhopal unit
By Pervez Bari, TwoCircles.net
Bhopal: The 24th convention of Quality Circles commenced at Bharat Heavy Electricals Limited, (BHEL), Bhopal unit here today.
Energy efficient CFLs not as bright as claimed
By IANS,
Sydney : You are probably right if you suspect that your new compact fluorescent lamp (CFL) is not as bright as the old bulb that it replaced.
Most new CFLs fail to live up to manufacturers' claims that they emit as much light as
a 75-watt incandescent lamp, as tests by a team of University of New South Wales (UNSW) optics researchers have shown.
Most performed poorly regardless of retail price. Only one in four meets the minimum standard required in other countries to justify a claim of equivalence to an incandescent wattage for light emission.
CPI-M demands withdrawal of higher licence fee for BSNL
By IANS,
New Delhi : The Communist Party of India-Marxist Wednesday asked the government to let state-run telecom company Bharat Sanchar Nigam Limited (BSNL) pay the licence fee for 3G spectrum at par with private operators.
The party termed the department of telecommunications order asking BSNL to pay a higher licence fee than the private operators as "unjust" and "discriminatory", and demanded its withdrawal.
Malaysia: GE sees incresing interest in renewable energy in Asia
By NNN-Bernama
Kuala Lumpur : Global technology powerhouse General Electric (GE) sees a lot of interest in renewable energy in Asia with high oil prices and concerns about the environment.
Its president for Southeast Asia, Stuart L. Dean, emphasised that while thermal fuel sources like oil, gas and coal will remain dominant for a very long time, the energy market is moving towards increased use of renewables.
India’s mobile phone users grow to 729.57 million
By IANS,
New Delhi : India added 22.88 million mobile phone subscribers in November, taking the total number of cellular users to 729.57 million till Nov 30, 2010, official data revealed Tuesday.
Loan waiver could have been handled better: Plan panel member
By Rajeev Ranjan Roy, IANS,
New Delhi : The government's Rs.710-billion farm loan waiver could have been done in a "better manner", says Planning Commission member Abhijit Sen.
Drawing a distinction between a situation-specific loan write-off with mass debt waiver, Sen told IANS: "My preference has always been for assessing why a loan should be waived, and not for general waiver."
Microfinance non-banking finance companies for financial inclusion
By IANS,
Chennai : There should be a separate category of micro-finance non-banking finance companies (MFNBFC) to act as correspondent banks for larger banks and help financial inclusion, the Prime Minister's Economic Advisory Council Chairman, C. Rangarajan, said Friday.
Inaugurating a conference organised by Union Bank of India and the Great Lakes Institute of Management near here, he said financial inclusion is a compulsion and not an option.
‘Telecom regulator competent to police broadcast services’
By IANS
New Delhi : The Supreme Court Wednesday dismissed private broadcaster Star India's petition questioning the power of the Telecom Regulatory Authority of India (TRAI) to regulate broadcasting services in the country.
A bench of Justice H.K. Sema and Justice Markandey Katju dismissed the petition, saying there was "no conflict" in the law enacted by the parliament and the rules framed under the provisions of the act, which allows the telecom regulator to regulate broadcasting services.
Sensex continues rise, gains 3 percent
By IANS,
Mumbai : The benchmark index of the Indian equities markets continued on a rising trajectory and extended gains to 3 percent during afternoon trade Wednesday.
AT 2.13 p.m., the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,723.96 points, was ruling at 17,188.14 points, up 496.14 points or 2.97 percent from its previous close at 16,692 points at noon.
Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,129.05 points, against the previous close at 4,985.85 points, a gain of 2.87 percent.
Mercedes Benz India registers 47 percent growth in car sales
By IANS,
Kolkata : Mercedes Benz India, the Indian arm of global automobile major Daimler AG of Germany, has bucked the trend to sell 3,141 luxury cars in India in the first 10 months of the current calendar year, registering a year-on-year growth of 47 percent, company officials said here Saturday.
With car financing drying up due to the current credit crunch following the global financial meltdown, most automobile makers in India are struggling to maintain car sales. But not so Mercedes Benz India.
Apple stock reaches all-time high, Google within striking distance
By IANS,
New York : With a huge Christmas-eve surge in its stock Thursday, Apple Inc. has almost reached market parity with Google and Wal-Mart.
The 3.4 percent or $6.94 rise in Apple's stock during the day took its market value to $188 billion. The Apple stock sold for $209.04, surpassing the previous high of $207 last month.
The stock surge brought Apple within striking distance of Google Inc. ($196 billion) and Wal-Mart ($204 billion).
Repco Infra eyes Rs.100-crore projects in Tamil Nadu
By IANS,
Chennai : City-based Repco Infrastructure Development Co is in talks with the Tamil Nadu government to develop vacant land on build-operate-transfer (BOT) basis.
"We are discussing various BOT projects with the Tamil Nadu government, the total value of which is around Rs.100 crore," M. Balasubramanian, managing director of the Repatriates Cooperative Finance and Development Bank (Repco Bank), told IANS.
The Rs.20-crore equity of Repco Infrastructure is shared equally between Repco Bank and and its subsidiary Repco Home Finance.
‘Centre will not interfere in Singur, till asked’
By IANS,
New Delhi : Even as protests over Tata Motors Nano factory in Singur in West Bengal continued Wednesday, the central government once again ruled out any suo moto intervention, saying “it is none of our business”.
“It is none of our business to intervene," Heavy Industries Minister Sontosh Mohan Dev told reporters here on the margins of the annual convention of the Automotive Component Manufacturers' Association (ACMA) here.
BHEL mulls Rs.480 crore third phase expansion
By IANS,
Tiruchirappalli (Tamil Nadu) : The Rs.27,500-crore power equipment major Bharat Heavy Electricals (BHEL) plans to further expand its boiler plant facility here on an outlay of Rs.480 crore, a top company official said Friday.
The state-run company has already spent Rs.190 crore in the first phase of expansion and the Rs.732-crore second phase is now under implementation.
US recession not to hit Asia badly: Lee
By DPA
Singapore : Buoyed by bustling growth in China and India, Asia will not be "unduly disadvantaged" if recession hits the US, Singapore's first prime minister Lee Kuan Yew has said.
"I believe this may be the first time where the US economy catches a flu and we are not going to catch influenza - I hope," the city-state's founding prime minister said Sunday at a Singapore Airshow leadership dialogue.
OPEC daily basket price closes lower
Vienna: The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $59.96 a barrel on Friday compared to...
Himachal budget session starts Tuesday
By IANS
Shimla : The budget session of the Himachal Pradesh legislative assembly begins Tuesday.
It will be the first budget session of the Bharatiya Janata Party (BJP) government, which swept to power a little over two months ago.
There will be 23 sittings in all and the budget will be presented by Chief Minister Prem Kumar Dhumal March 7. It will be passed March 27, a spokesman of the state legislative assembly said Monday.
There will be an eight-day recess March 15-23.
Indian telecom-media group sets up headquarters in Singapore
By DPA,
Singapore : An India-based group with interests in the information-communication technology sector is setting up its global headquarters in Singapore, news reports said Friday.
The city state was picked because of its proximity to the fast-growing "Israel-to-Indonesia" market, The Business Times quoted Spice Corp. chief B.K. Modi as saying.
The region contains nearly half the world's population and has an overall mobile phone penetration rate of 35 percent, presenting a large market for growth.
Bharti calls off merger talks with South Africa’s MTN
By IANS,
New Delhi : The talks between India's leading telecom company Bharti Airtel and South Africa's MTN to create the world's sixth-largest mobile phone company in a deal said to be worth $45 billion has been called off, it was announced Saturday.
"Discussions were on till late last night without a breakthrough. Accordingly, Bharti has decided to disengage from the ongoing talks and has conveyed the same to MTN," the company, promoted by billionaire-entrepreneur Sunil Bharti Mittal, said in a statement.
Tata AIG Life inks pact with India Post
By IANS
Pune : Tata AIG Life Insurance entered into a partnership with India Post Wednesday that will enable its customers pay premium at 5,000 post offices across the country.
The post offices will set up a premium acceptance counter. The company will also integrate back office operations for smooth and secure payments.
This is the first time an insurance company has entered into an agreement with India Post for such an initiative.
India is third fastest growing investor in the US: Study
By IANS,
Washington : With an investment of over $7 billion in 2009, India is emerging as the third-fastest-growing foreign investor in the recession-hit US economy, according to a senior US official.
Citing a soon-to-be-published report by India-US World Affairs Institute and the University of Maryland, Holly Vineyard, deputy assistant secretary of commerce for Africa, the Middle East and South Asia acknowledged the positive Indian contribution.
Bharat Heavy Electricals mulls power plant at Singur
By IANS,
Singur (West Bengal) : Top officials of state-run Bharat Heavy Electricals Ltd (BHEL) Thursday inspected the abandoned site of Tata Motors here, initially intended for a factory to produce the small car Nano, to consider a power generation plant.
The team was led by BHEL general manager S.C. Mittal.
"We came here to inspect the site. BHEL general manager is with us," said West Bengal Power Development Corp managing director Debashis Sen after visiting the spot, some 40 km from Kolkata.
SJVNL’s net sales up by seven percent
By IANS,
Shimla : Hydropower major Satluj Jal Vidyut Nigam Ltd (SJVNL) has achieved more than seven percent growth in its net sales during the first quarter of this fiscal from its maiden project in Himachal Pradesh, a company's top official said Friday.
"During the first quarter of this financial year, we have recorded more than 7 percent growth in the net sales from the operation of 1500-MW Nathpa Jhakri hydropower station over the corresponding period of last year," H.K. Sharma, chairman and managing director of SJVNL, told IANS.
49 percent FDI in defence sector on need basis: Antony
By IANS,
New Delhi : After doing away with the license requirement for private players for manufacturing military hardware, Defence Minister A.K. Antony Saturday said the government would consider foreign investment of upto 49 percent in the sector on a “case-to-case-basis”.
"We will stick to the policy of allowing 26 percent FDI (foreign direct investment) in the Indian defence sector. We will consider allowing 49 percent FDI only on a case-to-case basis, if the industry is able to convince us (about the need for this)," Antony told a seminar here on Defence Procurement Policy.
Himachal Pradesh growth rate pegged at 7.7 percent
By IANS,
Shimla : The economy of Himachal Pradesh is expected to grow at 7.7 percent this fiscal, higher than the national estimate of 7.1 percent, according to the state's economic survey report.
"The growth rate of the hill state has been estimated at 7.7 percent, whereas the growth at the national level is 7.1 percent," said the report, which was tabled in the state assembly Friday.
However, the estimated growth rate is lower than last year's 8.6 percent.
Bush reassures Americans on economy, banks
By DPA,
Washington : After days of US financial turmoil that have sent worldwide markets plunging, US President George W. Bush Tuesday assured Americans that their bank accounts were safe and defended his administration's decision to shore up two troubled mortgage firms.
Bush said the government acted over the weekend to protect the mortgage firms - known as Fannie Mae and Freddie Mac - because they are vital to the economy. The two companies finance or buy half of all home mortgages - estimated at a total of $12 trillion.
Top Indian switchgear maker plans J-V in Malaysia
By Kristy Inus, Bernama
Kuala Lumpur : India's leading electrical switchgears and compact fluorescent lamps manufacturer, Indo Asian Fusegear Ltd, is keen to form a joint venture company in Malaysia and set up a plant here.
The Indian company is currently talking to a potential local partner which it has been collaborating with for the past seven years regarding the joint venture, says Indo Asian Fusegear Executive Director Vimal Mahendru.
Regulator’s move on telemarketing calls unfair: operators
By IANS
New Delhi : Indian telecom operators Tuesday decried the industry regulator's move to impose monetary penalties for unsolicited telemarketing calls and SMSs made to the subscriber.
The Telecom Regulatory Authority of India (TRAI) Monday announced the amendment of the Telecom Unsolicited Commercial Communications (UCC) Regulations.
‘Globalisation good for India’
By Parveen Chopra, IANS
New York : Globalisation is good not only for India's growth but also to curb poverty, eminent economist Jagdish Bhagwati has said, calling fears of anti-reformers as unjustified.
Bhagwati, Senior Fellow in international economics at the Council on Foreign Relations and professor at Columbia University, was speaking on "Globalisation and India" at the Indian Consulate here.
Sensex snaps out of three-week rally on profit booking
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.
Sensex slips in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities markets slipped Thursday afternoon with selling spreading across the market-breadth.
300 mn Indians untouched by economic growth: Kamal Nath
By Aroonim Bhuyan, IANS,
Dubai : Around 300 million people in India have not benefited from the country's tremendous economic growth, according to Commerce and Industry Minister Kamal Nath.
“Around 300 million people have not been touched by the tremendous economic growth India has attained,” Kamal Nath said while delivering a lecture on 'India's Economy and its Future Prospects' organized by the Emirates Bankers' Forum here Thursday.
“Around 300 million people in India are earning less than $1 a day,” he said.
Foreign car importers place high hopes on Frankfurt Show
By Reino Gevers, DPA
Frankfurt : Foreign car importers serve mainly a niche segment in the German car market. Japanese and French manufacturers are placing high hopes on the Frankfurt Motor Show (IAA) this month with a trend toward smaller and more economical cars.
Importers have been battling to increase their market share of Europe's largest car market. Domestic new car registrations have been lacklustre with German manufacturers relying mainly on the booming export market.
Rupee fall, festivals lead to surge in remittances from Gulf
By Aroonim Bhuyan, IANS,
Dubai : The fall in the value of the rupee against the dollar has led to a surge in remittances from expatriate Indians in the Gulf in the last couple of weeks, especially as the festival season is on back home.
Exchange houses and banks in the region have reported that the fall in the value of the rupee, coupled with the ongoing Islamic holy month of Ramadan and Kerala's harvest festival Onam, have contributed to the increase in remittances to India by around 25 percent.
HCL Infosystem to acquire companies in emerging markets
By IANS,
New Delhi : India's HCL Infosystem Thursday said it is planning to acquire companies worth $50 to $100 million in emerging markets, including Africa, to expand its business.
69 tons of saffron exported
By IRNA,
Tehran : Some 69 tons of saffron worth dlrs 91.6 million were exported during March 2008-March 2009.
The figure indicates a 9-percent decrease compared to the previous year.
The Iranian comodity was exported to Spain, the United Arab Emirates, Italy, Saudi Arabia, Sweden, France, India and Japan.
Iran produces 96 percent of the world's saffron and has the highest quality across the globe.
Saffron, botanical name crocus sativus, is the most expensive spice in the world.
Gold hits record above $900 an ounce 11 014
By SPA
Washington : Gold futures rose briefly above $900 an ounce (28.35 grams) for the first time as high oil prices, a weak U.S. dollar, and fears of a U.S. recession led nervous investors to continue to buy the precious metal.
One ounce of gold for February delivery on the New York Mercantile Exchange jumped $6.50 to $900.10 in yesterday morning trading, a record high and a psychologically important milestone. Gold later fell to just below $899 on ounce on profit-taking but remained in record territory.
233 state-run firms found violating Companies Act: Minister
By IANS,
New Delhi : The government Thursday said 233 state-run firms had violated the Companies Act by not appointing a whole-time company secretary.
"Every company having a paid-up share capital of Rs.5 crore or more is required to appoint a whole-time company secretary," Minister for Corporate Affairs Salman Khurshid told the Lok Sabha.
"Normally, PSUs (public sector undertakings) are unable to appoint company secretary due to their financial position and non-availability of suitable company secretaries," the minister said in a written reply.
China to curb use of plastic bags
By Xinhua
Beijing : China will impose limits on the use of plastic bags starting June 1, as part of its dual campaign to protect the environment and save energy.
In a circular on the government web site Tuesday, the General Office of the State Council ordered a ban on the production, sale and use of ultra-thin bags (defined as less than 0.025 mm thick) from June 1. Supermarkets and shops will be banned from giving free plastic bags to customers from that date.
ICT academy to come up in Tamil Nadu
By IANS
Chennai : The union and state governments, along with a few private firms, intend to set up an Indoermation and Communications Technologies (ICT) Academy of Tamil Nadu (ICTACT) shortly.
In order to attract industry participation, a non-profit company registered under Section 25 of the Indian Companies Act, will own the proposed academy.
A professional chief executive officer would head the academy, C. Chandramouli, IT secretary, Tamil Nadu, told the media here Monday.
No BDT-US dollar adjustment now: Bangladesh Bank
By Ferdous Ahmad Bhuiyan, NAK,
Dhaka : Bangladesh Bank Governor Dr. Salehuddin Ahmed said Friday the central bank was not thinking of readjusting the Bangladesh Taka (BDT) against the US Dollar.
Bangladesh Bank Governor Speaking to reporters at Dhaka Zia International Airport, on Friday on his returning from the annual general meeting of WB-IMF in Washington, said the Bangladesh government did not want to affect export earnings by readjustment of the Taka against the US currency dollar.
Atul Auto to allot preferential shares
By IANS,
Rajkot : Rajkot-based Atul Auto Ltd, a manufacturer of goods and passenger carriers, has decided to allot half a million equity shares of Rs.10 each at a premium on preferential basis to part finance its diversification plans.
The company will manufacture rear-engine three-wheelers at an estimated cost of Rs.2,700 million.
In a statement filed before the Bombay Stock Exchange, it said the premium will be decided according to the Securities and Exchange Board of India (SEBI) guidelines on the matter.
Petroleum institute bill secures parliamentary nod
By IANS
New Delhi : The Rs.4.3-billion Rajiv Gandhi Institute for Petroleum Technology secured parliamentary approval, with the Lok Sabha Monday passing the bill amid opposition protests. The Rajya Sabha has already approved the bill.
The proposed petroleum institute will be set up in Rae Bareli in Uttar Pradesh, the constituency of Congress party chief Sonia Gandhi.
Heavy Engineering Corp net profit up 286 percent
By IANS,
Ranchi : State-run Heavy Engineering Corp (HEC) Saturday reported a 286.33 percent jump in its net profit last fiscal.
"During 2008-09, the company has posted a profit of Rs.16.11 crore, compared to Rs.4.17 crore in 2007-08," HEC Chairman-cum-Managing Director G.K. Pillai told reporters.
This is the third consecutive year HEC is clocking net profit, a "considerable improvement" given the fact that the company was on the verge of closure in 2004 because of bad performance.
Demand for international airport at Agra grows
By Brij Khandelwal, IANS
Agra : From a city that is home to the Taj Mahal and gets around 12,000 tourists a day comes the growing demand for an international airport. Tourism industry leaders, in fact, are crying foul that such a facility is coming up in the relatively unknown area of Jewar nearby.
They say for one reason or the other, political decision makers have been ignoring or deliberately shelving Agra's claim for an international airport.
Kenya mobile firms switch off 1.5mn fake handsets
By IANS,
Nairobi : Kenyan mobile phone firms have said they have switched off 1.5 million fake handsets.
Sesa Goa net profit more than double
By IANS,
Mumbai : Iron ore exporter Sesa Goa Ltd, a subsidiary of Vedanta Resources, has announced a net profit of $385.37 million (Rs.15.41 billion) during 2007-08 compared to $161.52 million of the previous fiscal.
The total income increased to $974.2 million for the fiscal from $565.7 million of 2006-07.
For the fourth quarter (January-March) of the year under review, the company posted a profit after tax (PAT) of $373 million compared to $151.6 million of the year-ago period.
Indian IT firms lag in regulatory compliance
By IANS
Bangalore : A recent technology survey has found regulatory compliance by Indian IT firms is far behind their counterparts in the Asia-Pacific region despite a majority of them acknowledging the business benefits of such a initiative.
The survey, conducted by MarketShare for Serena Software Inc., a leading global IT firm engaged in application lifecycle management (ALM), has observed that though 68 percent of Indian firms favoured regulatory compliance, only 18 percent of them had implemented the programmes so far.
Single-window clearance for tourism projects in Himachal
By IANS,
Shimla : All mega tourism projects involving an investment of over Rs.500 million will go through a single-window clearance authority in Himachal Pradesh, an official said Thursday.
A government spokesman said Thursday that this was being done to reduce red tape in the clearance of the projects.
Earlier, single-window clearance was for industrial projects only.
Several tourism projects had not made any headway due to procedural delays, official sources said.
Power to cost more in Bihar from April
Patna : Power would be costlier in Bihar from April 1 as the state's power regulator on Monday announced a 2.5 percent increase in...
TBM Consulting launches lean energy practice in India
By Venkatachari Jagannathan, IANS,
Chennai : With more and more Indian companies adopting lean practices to cut energy costs, consulting major TBM Consulting Group Inc has launched lean energy practice as a separate vertical in India.
"The one focused manner of cutting energy costs and conserving natural resources is to apply lean manufacturing concepts," Anand Sharma, president and CEO, TBM Consulting Group Inc, told IANS.
The $51 million (Rs.2 billion) revenue company monitors energy flows and holds kaizen events to spot waste and change processes to cut energy costs, Sharma said.
Accessories display the foreign brand best
By Radhika Bhirani, IANS
New Delhi : International luxury brands might have carved a profitable niche for their products in India, but experts here believe their growth in the apparel industry is still a distant dream. For now, their sales of accessories are on an unprecedented high.
"It will take a minimum seven to eight years for branded foreign luxury apparels to make their presence felt here, but the accessories market is booming," Rajiv Grover, associate vice president, Genesis Colors, told IANS.
Britain’s inflation rate drops
By IANS,
London: Britain's inflation rate slowed down to 2.2 percent in September from 2.5 percent in the previous month, official data showed Tuesday.
India predicts economic growth at 7.2 percent for 2009-10
By IANS,
New Delhi : India Monday forecast its economic growth for this fiscal at 7.2 percent, as against 6.7 percent achieved in the previous fiscal, despite a 0.2 percent declined predicted in farm output.
The advance estimates of the country's gross domestic product released by the Central Statistical Organisation (CSO) forecasts a growth of 9.9 percent in services and 8.9 percent in manufacturing -- the highest among the eight broader economic activities.
Sensex recovers partially, ends 78 points down
By IANS,
Mumbai : A benchmark index for Indian equities recouped some of the intra-day losses and ended trade 0.48 percent lower than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,317.94 points, closed at 16,441.17 points (provisional), 78.51 points or 0.48 percent down from its previous close at 16,519.68.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,932 points, down 0.32 percent from its previous close.
Jaitley allocates Rs.400 crore for Indian sports
New Delhi : Finance Minister Arun Jaitley Thursday allocated Rs.400 crore for the development of Indian sports, including upgradation of sports infrastructure in Jammu...
Goa gets Rs.17.37 bn for development
By IANS
New Delhi : The Planning Commission Tuesday approved Rs.17.37 billion as plan outlay for Goa for 2008-09 during a meeting with Chief Minister Digambar Kamat.
After the meeting, attended by Planning Commission Deputy Chairperson Montek Singh Ahluwalia, Kamat said the funds would help his state in capacity building in the social sector with "increased participation from the private sector".
"It will be the thrust area in 11th Five-Year Plan (2007-12)," he told reporters, adding that he would try to achieve the growth rate of 12.1 percent during the 11th Plan.
Banks cut interest rates on some home loans
By IANS,
Mumbai : State-run commercial banks Monday cut interest rates on home loans up to Rs.2 million (Rs.20 lakh/$40,000), with several other benefits like nil processing fee and free life insurance.
Home loans of up to Rs.500,000 will invite an interest rate of 8.5 percent and those up to Rs.2 million will attract an interest rate of 9.25 percent, State Bank of India (SBI) chairman O.P. Bhatt told a press conference here.
The incentives, being offered by all public sector banks, will be available till June 30, 2009, he added.
Price rise makes Delhi cringe, veggies become luxury for poor
By Azera Rahman, IANS,
New Delhi : No tomatoes, no cauliflower. Saraswati Devi, a domestic help, has struck off quite a number of vegetables from her kitchen shelf. Earning roughly Rs.5,000 per month, Devi says she can no longer afford such "luxuries" and has to make do with the humble radish and other greens only.
"My pay has not increased since last year. But the price of every commodity - food items, even milk - has risen. Therefore, I have no option but to cut down here and there to make ends meet," Devi told IANS.
Sensex up 117 points in morning trade
By IANS,
Mumbai : A benchmark index of Indian equities Monday was ruling 117 points higher in morning trade.
SEZs availed over Rs.83,000 crore tax concessions in six years: CAG
New Delhi : The Special Economic Zones (SEZ) in India had availed tax concessions to the tune of Rs.83,104.76 crore between 2006-07 and 2012-13,...
Cautious Indian central bank holds interest rates
By IANS
Mumbai : Focusing mainly on keeping headline inflation close to five percent, the Reserve Bank of India (RBI) Tuesday left key rates unchanged and projected a growth of 8.5 percent for the economy during the current fiscal.
"The policy endeavour would be to contain inflation close to five percent in 2007-08 while conditioning expectations in the range of 4-4.5 percent," the Reserve Bank of India said in its quarterly review of the bank's current monetary policy.
New mineral policy to attract foreign investments cleared
By IANS
New Delhi : The cabinet Thursday cleared a new mineral policy that is expected to attract foreign investment to the tune of $250 million a year in the mining sector.
"An amendment bill will be introduced during the budget session of parliament to bring about a suitable amendment in the Mines and Minerals (Development and regulation Act 1957), the Mineral Concession Rules, 1960 and Mineral Conservation and Development Rules, 1988, to give effect to the new National Mineral Policy 2008," Principal Information Officer Deepak Sandhu told reporters after the cabinet meeting.
GAIL, Coal India sign pact for coal gasification project
By IANS
New Delhi : State-owned gas transportation and marketing company GAIL India Ltd and public sector coal major Coal India Ltd (CIL) will set up a Rs.24-billion surface coal gasification project. The new plant will produce synthesis gas for use as feedstock to produce fertilisers.
Gasification converts coal, petroleum or biomass into carbon monoxide, hydrogen and oxygen. The resulting gaseous mixture is synthesis gas or syngas, which can be used as a fuel.
Tata Motors’ global sales up 14 percent in February
By IANS,
Mumbai: Tata Motors Group Tuesday reported an increase of 14 percent in its international sales, which stood at 102,411 units, for the month of February.
Obama will move immediately on economic crisis
By DPA,
Washington : US president-elect Barack Obama has pledged to move toward resolving the country's financial woes "immediately" after taking office in January, saying the nation was facing its worst economic crisis in a lifetime.
Speaking to reporters in Chicago in his first public appearance since winning Tuesday's election, Obama sought to reassure Americans that he was ready to address the country's urgent challenges.
Inflation to be eased within two months: minister
By IANS,
New Delhi : Inflation, currently at over 7.5 percent, should ease in the next two months as steps are being taken to bring down prices, the government assured Thursday.
Union Minister of State for Industry Ashwani Kumar told reporters that except for iron and steel, all other commodities have witnessed a decline in prices.
“We also have the support of the industry. We have been trying to persuade steel producers to slash prices. Iron ore, steel and cement would continue to remain under the government scanner,” said Kumar.
Indian markets plummet as global cues weaken
By IANS,
Mumbai : Indian equities markets were south-bound around noon Monday as global markets weakened further and investor confidence dampened, with a key index 2.11 percent below its last closing figure.
The 30-scrip Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 8,762.88 points, was at 8,704.18 points, 2.11 percent or 187.43 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,700.05 points, 2.3 percent down from its last close of 2,763.65.
Guru Nair connects Austrians to phone company
By Mehru Jaffer, IANS,
Vienna : When 33-year-old Ramesh Nair talks, Austrians listen, because the choreographer and actor and new mascot of Telering has the answer to all their problems.
Whether on the golf course or at a supermarket, when in doubt Austrians are told to ask the Indian for a solution in all Telering advertisements playing on the radio and television round the clock these days.
TAPI pipeline will take five years: Afghan president
New Delhi : The construction of the $10-billion four-nation TAPI (Turkmenistan-Afghanistan-Pakistan-India) gas pipeline project will be completed in the next five years, Afghanistan President...
India third most popular country for sourcing talent
By IANS,
New Delhi : India is the third most popular country for sourcing foreign talent after China and the US, a survey by global recruiting firm Manpower Inc released Tuesday said.
The Borderless Workforce Survey conducted in 27 countries also showed India received the highest remittances ($27 billion) from nationals working abroad.
It is closely followed by China ($25.7 billion), Mexico ($25 billion) and the Philippines ($17 billion).
Sri Lanka tops in petrol price in South Asia
By IANS,
Colombo : Although the global petroleum costs have dropped by $100 a barrel, Sri Lanka's retail price of petrol remains the highest in South Asia, a media report said Sunday.
This is despite the fact that the government of President Mahinda Rajapaksa has slashed the price of (90 octane) petrol by Rs.35 per litre in the past two months.
Canadian firm bags Delhi Metro order worth $590 mn
By IANS
New Delhi : Bombardier Transportation, a global major based in Canada, has bagged a contract worth $590 million for supplying 340 coaches for the second phase of Delhi Metro operations.
The company will start delivering the world-class coaches to Delhi Metro Rail Corporation (DMRC) from the last quarter of 2008 with completion in 2010 "to provide effective public transport during the Commonwealth Games".
Help for distressed Indian globetrotter now a phone call away
By James Jose, IANS,
New Delhi : Whether it is a businessman who wants to know if it is safe to visit certain cities in Mexico or a tourist in Tokyo who suspects he has fractured his ankle, help is not far thanks to a service available to the Indian globe trotter.
The London and Singapore-based International SOS says its medical and security service promises corporates and tourists an emergency helpline service like the 911 in the US even in those parts of the globe where such assistance is tardy and hard to comy by.
Security advisories are part of the deal.
From uranium to naan, India-Australia business links growing
By Neena Bhandari, IANS
Adelaide : While dining at the plush Oberoi Hotel in the Indian capital New Delhi, you probably didn't know the hot tandoori chicken and naan on your platter was from an Australian-made oven. But Brisbane-based Beech Ovens that has been selling tandoori ovens to India is just one example of the growing economic ties between the two countries.
Reserve Bank reduces cash reserve ratio to 8.5 percent
By IANS,
New Delhi : The Reserve Bank of India (RBI) Monday reduced the cash reserve ratio by 50 basis points to 8.5 percent, bringing cheer to financial circles.
The central bank said the decision was taken after a “review of current liquidity situation in the context of global and domestic developments”.
The change will be come into effect Oct 11.
According to the RBI's statement, this measure will lead to an injection of about Rs.20,000 crore (Rs.200 billion) into the financial system.
Global meet on urban infrastructure in Toronto
By IANS,
Toronto : City planners from around the world will gather here for a two-day conference to discuss funding for infrastructure in the face of the global economic crisis.
To be held in collaboration with the Organization for Economic Cooperation and Development (OECD) Dec 8-9, the Toronto Forum for Global Cities will discuss issues in the areas of urban infrastructure, investment, energy and transport.
China combats price rise, speculation as snow wreaks havoc
By Xinhua
Beijing : Besides battling the worst winter in five decades, Chinese authorities find themselves fighting hoarding, price rise and speculations to maintain market order.
The extreme winter, which has hit 19 Chinese localities, has driven up costs of essential supplies, but the worst is still not over and the situation is compounded by elements seeking to harvest some quick bucks from the crisis.
Dubai firm asks Kerala goverment to abide by agreement
By IANS,
Kochi: Smart City Dubai, which is to build an IT park in Kochi, Thursday said it had not asked for anything outside the framework agreement signed with the Kerala government.
The Dubai-based builder was responding to Chief Minister V.S. Achuthanandan's statement earlier this month blaming the firm for the delay in the proposed Rs.1,500-crore Smart City Kochi project.
India’s growth to fall further: Economist Group
By IANS,
New Delhi : The Economist Intelligence Unit (EIU) has predicted a 5.6 percent economic growth for India, much lower than the 7 percent expansion forecast by the government and policymakers.
“We expect India's GDP (gross domestic product) to grow by only 5.6 percent in 2008-09, compared to 9 percent last year," said Manoj Vohra, director of research at EIU, a think tank of the Economist Group.
"India is not alone, China too appears to be heading for a sharp slowdown.”
Less food imports, more political stability: Hasina assures US
By IANS,
Dhaka : Bangladesh would strive to depend less on food imports, resuscitate the economy, ensure political stability and fight terrorism, former prime minister Sheikh Hasina, who hopes to return to power in the Dec 29 poll, has told the US.
Hasina took time off from her hectic campaign Monday to have a two-hour meeting with US Ambassador James F. Moriarty to discuss a host of issues, including religious militancy, which is high among the US concerns, The Daily Star reported.
German dishwasher firm rides on India’s economic boom
By Fakir Balaji, IANS
Bangalore : Meiko Maschinenbau GmbH, the 200-million euro global leader in commercial dishwashing machines and systems, is witnessing rapid growth in the Indian market thanks to increasing demand for its range of products from across industries.
The 80-year-old German firm, which specialises in cleaning technology for industrial canteens, star hotels, airline caterers and corporate hospitals, has spread its tentacles to the emerging knowledge sector.
BSNL renews US firm’s contract for infrastructure expansion
By IANS,
New Delhi : State-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) has extended the contract of California-based networking solutions provider UTStarcom for building its infrastructure network, the US company said Monday.
BSNL has introduced Internet Protocol Television (IPTV) with video-on-demand (VoD) capabilities over its broadband infrastructure as part of its multi-play package.
UTStarcom deployed 1.3 million broadband lines in the first phase and now plans to increase the number to 2.4 million.
Companies owe over Rs.65,000 crore to Indian exchequer
By IANS,
New Delhi : A whopping Rs.75,509 crore ($16.77 billion) was the amount of tax outstanding against companies in India as on April 1, 2009 of which Rs.9,748 crore ($2.16 billion) was recovered last fiscal, parliament was informed Friday.
The amount includes money locked up due to appeals before tribunals and courts, some of which cannot be collected due to stay orders, liquidation, inadequate assets and cases before special courts, Minister of State for Finance S.S. Palanimanickam said.
L&T Q4 net up 44 percent
By IANS,
Mumbai : Engineering and construction major Larsen & Toubro (L&T) Monday said its net profit grew by 44 percent to Rs.1,438.10 crore for January-March quarter of 2009-10 from Rs.998.52 crore in the same period a year ago.
The company's total income increased 28.4 percent to Rs.13,914.94 crore from Rs.10,840.54 crore in the same quarter of the last fiscal.
Its profit after tax for 2009-10 stood at Rs.4,375.52 crore as compared to Rs.3,481.66 crore in previous fiscal, registering a jump of 25.7 percent.
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.
Indian benchmark index hits new high
By IANS
Mumbai : The market regulator's decision on participatory notes has gone down well with overseas investors, who led the benchmark sensitive index (Sensex) of the Bombay Stock Exchange to a new high of 19,234 Friday morning.
At around noon, the Sensex was up by 446.22 points or 2.38 percent, plotting at 19,217.
The broader S&P CNX Nifty of the National Stock Exchange was up by 126.70 points or 2.28 percent at 5,700.
All key BSE indices were trading in the green. The market breadth was positive and trade volumes were also impressive.
Airlines losses to reach $4.7 bn
By DPA,
Geneva : Airlines will suffer losses of $4.7 billion in 2009, the International Air Transport Association (IATA) said Tuesday, downgrading a previous forecast.
"The state of the airline industry today is grim," Giovanni Bisignani, the head of the IATA, said.
A forecast at the end of last year had predicted a $2.5 billion loss.
The IATA also revised its estimate losses for 2008 from $5 billion to $8.5 billion, citing a particularly bad fourth quarter.
All villages to be broadband-enabled by 2012
By IANS,
New Delhi : In a bid to improve governance at the grass roots level, the government has decide to extend broadband connectivity to all villages by 2012, Minister of State for Communications and IT Gurudas Kamat said Friday.
"Out of about 2.5 lakh gram (village) panchayats across the country, 30,000 have been provided with broadband connectivity," Kamat said in a written reply in the Rajya Sabha.
"It has been planned to provide broadband connectivity to all gram panchayats in a progressive manner by the end of 2012."
Sensex crawls into green in post-noon trade
By IANS,
Mumbai : A key index of the Indian equities markets crept back into the green and was ruling 57 points higher than its previous close, about 90 minutes before the closing bell Tuesday.
At 1.53 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,350.89 points before slipping into the red in the morning session, was ruling at 15,438.24 points -- 63.2 points or 0.41 percent higher than Monday's closing figure.
Indian Finance Minister hopes worst is over on inflation
By NNN-PTI,
New Delhi : Hoping that the worst is over on inflation, Finance Minister P Chidambaram said India must banish the thought of recession even though the overall outlook for the economy continues to be of "cautious optimism" in the face of global turbulence.
"I hope the worst is over," Chidambaram said on inflation, inaugurating the annual Economic Editors Conference here on Monday. The rate of price rise has declined to 8.90 per cent for second week of November after touching 12.91 in early August.
Oil sector employees go on strike
By IANS,
New Delhi : A majority of employees of oil firms stayed away from work at processing plants and refineries across the country Wednesday following a strike call given by their union.
The 45,000-strong oil sector officers association, covering 14 organisations, had called for a strike from 6 a.m. Wednesday over pay revision packages.
According to a senior Indian Oil (IOC) official, all IOC refineries have been impacted to various degrees. “Our workers and officers above deputy general manger levels have not gone on strike,” he said.
Highlights of interim railway budget
By IANS,
New Delhi : Following are the highlights of the interim rail budget for next fiscal presented by Railway Minister Lalu Prasad in Lok Sabha Friday:
* Railways will create record surplus of Rs.900 billion (Rs.90,000 crore) this fiscal
* In past five years, no burden imposed on train passengers
* Railways managed 8 percent growth in freight loading
* Drop in train accidents, railway safety enhanced
Stray violence in Maharashtra as farmers begin indefinite strike
Mumbai, (IANS): Minor incidents of violence marred the start of an unprecedented 'indefinite strike' by over half a million farmers in Maharashtra in support...
Fifth fuel shipment from Russia arrives in Iran
By IANS
Tehran : The fifth nuclear fuel shipment from Russia for Iran's Bushehr nuclear power plant arrived here Tuesday morning, officials said, IRNA news agency reported Tuesday.
The Iran Atomic Energy Production and Development Company announced the shipment has been forwarded to Bushehr nuclear power plant, which has been the focus of international attention over fears that Iran is developing nuclear weapons.
No new taxes proposed in Kashmir budget
By IANS,
Jammu : Jammu and Kashmir Finance Minister Abdul Rahim Rather Thursday presented "tax-free" and "pro-people" budget for 2014-2015, terming it one which reflected...
APEC officials want the Doha Round to move forward
By Xinhua
Sydney : Senior officials from the Asia Pacific Economic Cooperation (APEC) member economies have suggested during their annual meeting here that all-round efforts be made to move the Doha Round process forward.
The APEC members hold that it is important for the World Trade Organisation (WTO) to conclude the Doha Round negotiation early, David Spencer, Australia's ambassador to APEC and chair of the APEC Concluding Senior Officials Meeting, said here Monday.
India, Mexico mean business, sign three pacts
By IANS
New Delhi : India and Mexico, the fast growing Latin American country that can be a gateway to the North American markets, Monday signed an extradition treaty and two other accords designed to combat terrorism and scale up trade and investment.
Prime Minister Manmohan Singh and Mexican President Felipe Calderon Hinojosa, now here on a four-day visit, held talks on a broad spectrum of bilateral and global issues as the two countries took a fresh look at lucrative opportunities offered by their growing economies.
Mid, smallcap scrips drive Sensex recovery
By IANS,
Mumbai : A key index of the Indian equities markets bounced back Wednesday owing to buying interest in power, capital goods and healthcare stocks. The index, which was flat in earlier sessions shut shop 98 points higher than its previous close.
The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,376.82 points, ended trade at 14,422.73 points - 98.72 points or 0.69 percent lower than Tuesday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) ended the day 1.08 percent up at 4,292.95 points.
Government spends Rs.49 cr to increase tea production
By IANS,
New Delhi : The government Monday said it has spent about Rs.49 crore from the special purpose tea fund set up to increase productivity through replantation and rejuvenation of old bushes.
The government launched the fund April 1, 2007, to be spent till the end of the 12th Five-Year Plan period ending 2017.
During the 11th Five-Year Plan period (2007-12) -- the first phase, the estimated expenditure has been pegged at Rs.800 crore, with the government contributing Rs.291 crore.
Of this, it has spent Rs.48.69 crore between April 1, 2007 and Nov 30, 2009.
Delhi Stock Exchange to start online trading
By IANS,
Mumbai : Delhi Stock Exchange (DSE) has received 110 membership applications from brokers for deposit-based trading and plans to launch an online trading platform, said a top official here Friday.
One of India's premier demutualised stock exchanges, DSE will become operational soon and trading is expected to commence by Diwali festival as part of a revival strategy, said DSE executive director H.S. Sidhu.
Bharati Shipyard to acquire Tebma Shipyard
By IANS,
New Delhi : Bharati Shipyard plans to acquire 51 percent equity stake and management control in south India-based Tebma Shipyards for Rs.75.75 crore, the company said Tuesday.
ICICI Prudential implements Intense’s suite
By IANS,
Hyderabad : Enterprise agility software products company Intense Technologies Monday announced that ICICI Prudential Life Insurance has implemented its intelligent Enterprise Customer Communication Management (iECCM) suite for cost-effective, multi-modal delivery of branded customer documents.
With iECCM, enterprises can provide customers with a higher degree of empowerment and a qualitatively superior service experience while crafting the customer intimacy that helps in customer retention, said a statement by Intense Technologies here.
Chidambaram to launch equity savings scheme Saturday
By IANS,
Mumbai: Union Finance Minister P. Chidambaram will launch the Rajiv Gandhi Equity Savings Scheme (RGESS) here Saturday, an official statement said.
General Electric chief ‘paranoid’ over economic downturn
By IANS,
New Delhi : US giant General Electric's chief executive Jeffrey Immelt says he is “paranoid” about the economic downturn, and plans to lower the company's exposure in the financial sector.
“What we've learnt is that making us feel like that (that the worst is yet to come) is dangerous. I am paranoid and we are ready for whatever eventuality that might take place,” the head of the 130-year-old organization, which has interests in financial services, electronics and television networks, said in an interview to news channel NDTV at GE's headquarters in Connecticut.
Inflation in Gulf to touch 8 percent in 2008: IMF
By IANS
Dubai : The inflation rate across the Gulf nations is likely to touch 8 percent this year, up from 7 percent in 2007, according to the International Monetary Fund (IMF).
"The factors driving inflation in the Gulf Cooperation Council (GCC), especially in Qatar and the UAE (United Arab Emirates), are housing rents, and a substantial increase in food prices," the Khaleej Times Wednesday quoted Mohsin S. Khan, IMF director of the Middle East and Central Asia, as saying at a conference organised by the Emirates Centre for Strategic Studies and Research (ECSSR) in Abu Dhabi.
Jharkhand, Orissa steel plants ‘progressing’: Mittal
By IANS
New Delhi : Lakshmi Niwas Mittal, chief of the world's largest steel producer Arcelor Mittal, Wednesday said work on both the firm's steel plants in Jharkhand and Orissa were "progressing".
"I would be meeting the chief ministers of both Jharkhand and Orissa to reaffirm and re-emphasise our commitment to build the steel plants and we look forward to their support and cooperation," Mittal told reporters here.
"Our both the projects are progressing and in Orissa we are moving faster than Posco," he added.
Growth of millionaires in India fastest in world
By IANS,
New York : In a sign of growing entrepreneurship and an expanding corporate sector, India created millionaires at the fastest pace in the world in 2007, according to a new report.
India added 23,000 millionaires in dollar terms last year to its 2006 total of 100,000, according to an annual Merrill Lynch Capgemini report that compiles such financial data for its wealth and asset management purposes.
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.
Coimbatore gets first Adlabs cinema
By IANS,
Mumbai : Adlabs Cinemas, part of the Reliance-Anil Dhirubhai Ambani Group, took over Tamil Nadu's prestigious K.G. Cinemas in Coimbatore and opened its first multi-screen property in the city.
The four-screen cinema has been re-named K.G. Adlabs.
Mexico’s economy contracts 6.2 percent in third quarter
By EFE,
Mexico City : Mexico's gross domestic product fell by 6.2 percent in the third quarter relative to the same period of 2008, beating analysts' expectations, authorities said.
Inegi statistics institute said Friday that, excluding seasonal factors, the country's GDP rose 2.93 percent in the July-September period compared to the previous quarter, indicating an end to the recession.
On a year-on-year basis, services fell by 6.5 percent, industrial production was down 6.6 percent and "primary" activities (agriculture and livestock) were off by 1.1 percent.
‘Regulation insulated India from economic crisis’
By IANS,
New Delhi : The current global financial crisis, the worst in six decades, is expected to bottom out from the end of this year even as India has managed to emerge largely unscathed, former central bank governor Y.V. Reddy has said.
"India has been largely protected because of the decisions we took," Reddy said at the launch of his new book - "India and the Global Financial Crisis: Managing Money and Finance" at the India Habitat Centre here.
Equities markets end in red on profit booking
By IANS,
Mumbai : Indian equities markets opened strong Wednesday but finished in the red as investors booked profits on the gains of the past three successive trading sessions.
The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished at 10,120.01, down 511.11 points or 4.81 percent from its previous close Tuesday at 10,631.12 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) also opened strong but closed at 2,994.95, down 147.15 points or 4.68 percent from its previous close at 3,142.10 points.
Bhutan’s Tala power project exceeds generation forecast
By IANS
New Delhi : The 1,020 MW Tala hydroelectric project in western Bhutan, the biggest joint project between India and the Druk kingdom, has already exceeded the power generation forecast for 2006-07, a year ahead of its official commissioning.
$4 bn pledged for Nepal’s rebuilding; India tops with $1 bn
By Anil Giri
Kathmandu : Nepal was on Thursday pledged $4 billion by the international community for its reconstruction following a devastating quake two...
India for multi-pronged response to financial turmoil
By Arun Kumar, IANS,
Washington : Seeking a global response to the financial crisis, Indian Prime Minister Manmohan Singh Saturday called for a multi-pronged response to arrest the deepening recession and avoid another one in future.
"Since the crisis is global, it calls for a coordinated global response and this summit is, therefore, timely," he said as world leaders from the Group of 20 (G20) leading economies met for the second day in a summit here.
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