Dhumal presents tax-free budget in Himachal Pradesh
By IANS
Shimla : The Bharatiya Janata Party (BJP) government in Himachal Pradesh led by Prem Kumar Dhumal presented a tax-free budget Friday, some two months after taking over power.
Eyeing on early Lok Sabha polls, the budget has proposed 18,000 jobs of government teachers.
The budget has also promised a five percent interim relief for the state government employees and pensioners at a total estimated liability of more than Rs.3 billion ($74.7 million).
Godrej plans to produce cooking appliances
By IANS,
Kolkata : Home appliances manufacturer Godrej & Boyce is planning to expand its portfolio by manufacturing cooking ranges and water purifiers, a company official said here Thursday.
"We have identified other areas where we can get into, like cooking products and water products," George Menezes, chief operating officer of Godrej Appliances, told reporters at the launch of the company's Eon range of LED Televisions.
He said the company is already into the water products segment in a small way and would be looking into cooking appliances like chimney in the future.
Indian IT exports projected to grow in single digit
By IANS,
Bangalore : The Indian IT industry is set to witness a single-digit growth in software and services exports in 2009-10 because of global recession and lower technology spending in the US and Europe, a top industry body official said Wednesday.
ADB pledges billions of dollars to tackle food crisis
By DPA,
Manila : The Asian Development Bank said Wednesday that it was allocating $500 million to tackle skyrocketing food costs in the region.
The Manila-based bank also pledged to double lending to $2 billion for agriculture in 2009.
President Haruhiko Kuroda announced the financial support during the bank's annual meeting in Madrid.
Rajasthan to launch rural tourism
By IANS
Jaipur : To cash in on booming tourism, the Rajasthan government's cooperative department is entering the sector by launching a rural tourism project.
The department would take tourists on visits to small villages and offer them local cuisine.
"Initially, we have decided to start the project from two villages. We have identified 26 villages in 15 districts for this, and these villages would be named as tourist 'dhanis'," Rajasthan's cooperative minister Prabhulal Saini told IANS here Monday.
Hyundai Motor sells 44,710 units in August
By IANS,
Chennai : Leading car manufacturer Hyundai Motor India Ltd sold 44,710 units in August 2008 against 28,394 units sold in the corresponding period last year, a top official said Monday.
The company exported 23,100 units while domestic sales stood at 21,610 during the period.
"The Hyundai products starting right from the Santro and i10 to Accent have done exceedingly well. We hope that in the coming months the economic conditions will improve so the industry stabilises," Hyundai's senior vice president-marketing and sales Arvind Saxena said.
EU finance chiefs repeat call to open IMF leadership
By DPA
Porto (Portugal) : The European Union's finance ministers have called for a strengthened role for low-income and developing countries in the International Monetary Fund (IMF).
"We confirmed our statement that the representation of low-income countries should be enhanced (and) agreed that there should be greater involvement for emerging countries in the Fund, in line with their increasing responsibility for the world's economy," Portuguese Finance Minister Teixeira dos Santos said Friday.
Coal India gears up to acquire mines abroad
By IANS,
Kolkata : The country's leading coal producer Coal India Ltd (CIL) is planning to acquire coal mines abroad, a top official said here Monday.
"The issue was discussed at the International Coal Ventures Ltd (ICVL) meeting recently," CIL chairman Partha S. Bhattacharyya told reporters without giving details of the acquisition plan.
ICVL is a special purpose vehicle floated by five public sector units for identifying and acquiring overseas coal properties.
CIL, part of the consortium, is searching for coal mines in the US, Canada, Australia and Indonesia.
Equity markets end in green
By IANS,
Mumbai : The Indian equity markets closed in the green Wednesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,018.68 points and touched a high of 15,225.81 before closing at 15,185.32 points.
It went up by 296.07 points or 1.99 percent compared to its closing figure Tuesday.
The S&P Nifty index of the National Stock Exchange (NSE), which opened at 4,469.65 points, closed at 4,523.60. It went up by 73.80 points or 1.66 percent from its previous close.
India’s inflation now at 11.91 percent
By IANS,
New Delhi : India's annual rate of inflation inched closer to the 12-percent mark at 11.91 percent for the week ended July 5 from 11.89 percent for the week before, official data said Thursday.
At this level, the inflation rate based on the official wholesale price index (WPI) was at its highest level in 13 years and comes as a further blow to the central government facing a crucial trust vote in parliament next Tuesday.
Chhattisgarh presents Rs.222.11 bn tax-free budget
By IANS,
Raipur : Chhattisgarh's Bharatiya Janata Party government Monday presented a Rs.222.11 billion budget which levies no new taxes for the fiscal 2009-10. The budget has a deficit component of Rs.11.85 billion.
Government urged to take steps against fall of rupee
By IANS,
Kolkata : The central government should not allow the rupee to fall further and go below the level it has reached now, a top official of a Delhi-based economic think-tank, said here Tuesday.
"The government should take indirect measures to arrest further fall (of rupee)," Rajiv Kumar, director and chief executive of the Indian Council of Research in International Economic Relations (Icrier) said.
Chennai to host exhibition on hospital needs
By IANS,
Chennai : Medicall, the Indian organisation that organises medical exhibitions, will organise its next three-day exhibition on hospital needs here from August 1 onwards.
Addressing the media here Wednesday, Dr. Manivannan, CEO, Medicall said: "Around 200 manufacturers of medical equipment are expected to display their products. More than 5,000 hospital owners are expected to visit the exhibition."
The ensuing event will be Medicall's third edition and this time a seminar on hospital infrastructure will also be organised where leading architects are expected to participate.
Soros fund acquires stake in Gujarat Ambuja Exports
By IANS
Ahmedabad : The George Soros Quantum Fund of the Soros Fund Management Llc, a foreign institutional investor, has acquired seven percent stake in city-based agro-processing firm Gujarat Ambuja Exports Ltd (GAEL).
Founded by George Soros, a Hungarian-born stock investor with a net worth of $8.5 billion, the fund says the GAEL has excellent growth potential.
Wipro showcases network solution at Dubai fair
By IANS
Bangalore : Indian IT bellwether Wipro Ltd is showcasing its integrated solution for network inventory management at TeleManagement World trade show being held in Dubai this week, the company said here Wednesday.
TeleManagament (TM) Forum is the world's leading trade association focused on the world of communications, information and entertainment services.
India, Russia to energise business ties Tuesday
By IANS
New Delhi : Business titans of India and Russia will hold a two-day meeting of their trade and investment forum starting Tuesday that is expected to take business ties between the two strategic partners to a new level.
The two-day forum will be inaugurated by Russian Prime Minister Victor A. Zubkov, who will be accompanied by Minister of Economic Development and Trade E.S Nabiullina and some 125-odd Russian business officials and tycoons like Vladimir Yevtushenko, head of the Sistema Group.
Reliance, South Africa’s MTN confirm merger talks
By IANS,
Mumbai/Johannesburg : The Reliance Anil Dhirubhai Ambani Group and telecom services giant MTN announced their consolidation talks Monday, two days after the Bharti group called off its negotiations with the South African company.
"Reliance Communications and the MTN group have agreed to enter into exclusive negotiations with respect to a potential combination of their businesses," the Mumbai-based group's telecommunications arm said in a statement.
Iran unveils Dena luxury car
By IANS,
Tehran : Iran's leading automaker - Iran Khodro Company (IKCO) - has come out with a luxury car, Dena, that will soon hit the markets.
Bajaj Allianz crosses 3 mn policies in current fiscal
By IANS
Mumbai : Bajaj Allianz Life Insurance, one of the leading private life insurance companies in India, has issued more than 3 million individual policies in the current fiscal.
With this achievement, the company has become the first private sector life insurance provider to cross this milestone in a financial year.
"Our wide range of value for money, flexible products and services that suit the needs of the emerging middle class have helped us win confidence of the masses," said Kamesh Goyal, Bajaj Allianz's chief executive officer and country manager.
‘India Inc. should focus on investment, not trade’
By IANS,
New Delhi : Indian Inc. needs to shift its focus from trade to investment in order to compete with China, Minister of State for Commerce and Power Jairam Ramesh said here Monday.
In his address at the India-Africa business summit, Ramesh said India cannot compete with China in terms of lines of credit to increase trade, and should hence become more aggressive by creating value-addition of African products through enhanced investment.
Online advertising market to touch Rs.3,575 crore by March 2015: Report
New Delhi : With the rise in advertisement spending by the e-commerce, telecom, fast moving consumer goods and consumer durables sectors in India, the...
WTO draft texts form basis for talks: India
By IANS
New Delhi : The new draft texts on agriculture and industrial goods form the basis to push forward the stalled global trade talks, India's Commerce and Industry Minister Kamal Nath said Saturday.
"Both new texts produced by the chairmen of the committees of agriculture and industrial goods form the basis of some negotiations," Kamal Nath said while addressing the 80th annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI) here.
Chinese yuan weakens
Beijing : The central parity rate of the Chinese currency renminbi, or the yuan, weakened by 13 basis points to 6.1149 against the...
IT sector layoffs unrelated to economic slowdown: CEOs
By IANS
Mumbai : IT companies worldwide have institutionalised the tradition of weeding out inefficiencies and non-performance and there was nothing new with layoffs in this key sector in India, top IT CEOs have said.
However, the slowdown in the US and the rising rupee have turned the spotlight on layoffs in software services companies, they said.
This view emerged on the issue of layoffs hitting the Indian IT sector in recent months at the Nasscom Leadership Summit 2008 currently underway here.
RBI likely to hold rates in Tuesday’s policy review
Mumbai : In a bid to control inflationary pressures, the apex bank is likely to keep key interest rates unchanged in its second bi-monthly...
Sensex closes with a loss of nearly 100 points
By IANS
Mumbai : A volatile Indian equities market closed in the red amidst choppy trade Thursday due to selling in key sector scrips, though global cues were mixed.
The market that opened in the red as per international cues went flat and failed to recover in the second half. While banking scrips went down, energy scrips were strong.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened with a loss of 35.64 points at 15,574.87 and notched a high of 15,953.54 before closing at 15,695.10. It lost 95.41 points or 0.60 percent compared to Wednesday's close.
No maize from India: Malaysian farmers chicken out
By IANS,
Kuala Lumpur : India's decision to stop exporting maize has hit Malaysia's chicken farmers who have been advised to cut production or cope with higher maize prices.
Maize from India form 95 percent of the chicken feed in Malaysia. India banned its export last week.
"In just two days, the price of maize jumped from RM980 ($270 approx.) per tonne to RM1,200 ($370)," Lee Ah Fatt, President of the Federation of Livestock Farmers Associations of Malaysia (FLFAM) said.
India-Arab trade fell in 2008-09: Scindia
By IANS,
New Delhi: India's trade with the Arab countries dropped to Rs.6 trillion ($120 billion) during 2008-09 from Rs.7.9 trillion in the previous year, parliament was informed Wednesday.
"So far, no pacts have been signed with the Arab world. It is a constant endeavour of the government to enhance trade with all the countries for mutual benefit," Minister of State for Commerce and Industry Jyotiraditya Scindia told the Rajya Sabha.
Fiserv to increase headcount in India by 2009
By IANS, New Delhi : US-based IT major Fiserv Inc. Tuesday announced its plans to increase its headcount to 5,000 in India within the next two years.
The company's wholly owned Indian subsidiary Fiserv India, which was established in 2005 as part of the company's global expansion strategy, has recruited 1,000 employees so far.
IBM to double computing, keep energy use same
By Joydeep Gupta, IANS,
Singapore : Global IT major IBM will double its computing power by 2010 but keep its energy use the same as today, says the head of its global industry division.
This would be done through two measures, said Michael Valocchi, partner and global industry leader of IBM's energy and utilities division in global business services.
The first was "better utilisation of server technology and moving computing capacity around", Valocchi told IANS on the sidelines of the B4E (Business for the Environment) summit here this week.
Indian markets lose more than 4 per cent on panic selling
By SPA
New Delhi : Indian markets witnessed a major downswing on Thursday with the Bombay Stock Exchange's benchmark 30-share Sensex at one point touching a six-month low due to panic selling fuelled by reports of a steep fall in industrial growth and possible recession in the United States, according to dpa. The weak US dollar and rising crude prices added to the fall.
Railway earnings up 6.65 percent in first half
By IANS,
New Delhi : Despite the economic slowdown, Indian Railways saw its earnings rise 6.65 percent to Rs. 40,910 crore during the first half year of this fiscal ended Sep 30 from Rs.38,358 crore in the like period of last fiscal.
Total income from freight movement went up 5.84 percent to Rs.27,631 crore during April-September 2009 from Rs.26,106.68 crore it clocked during the like period a year ago, as per a statement issued Wednesday.
Himachal seals Rangar breweries plant
By IANS
Shimla : The Himachal Pradesh government has sealed the plant of Rangar Breweries Ltd owned by Uttar Pradesh politician and businessman D.P. Yadav after seizure of 12,000 litres of spirit, officials said Tuesday
The spirit was allegedly being smuggled out of the state for processing illicit liquor.
The brewery is located in Una district's industrial belt of Mehatpur. It produced Indian made foreign liquor (IMFL) and country liquor.
Chhattisgarh’s income from minerals royalty rises 20 percent
By IANS,
Raipur : The Chhattisgarh government Monday said its royalty earnings from minerals rose 20 percent in 2008-09 to Rs.1,237 crore.
"The state had made earnings of Rs.1,237.29 crore from minerals in 2008-09, comparing to Rs.1,028.38 crore in 2007-08, registering an overall 20 percent increase," an official statement said.
The mineral-rich state, which has massive coal deposits in its northern region and iron ore deposits in southern Bastar region had earned Rs.832.35 crore in 2006-07 and Rs.737.85 crore in 2005-06 as mineral royalty.
India, Japan trade to touch $15 bn by 2010
By IANS
New Delhi : Trade between India and Japan is poised to double by 2010 from the current $7.5 billion, according to the Confederation of Indian Industry (CII).
This could be achieved if both the countries look at raising the number of items that India exports to Japan under the Comprehensive Economic Partnership Agreement (CEPA), which is currently under negotiation, CII said in its study.
Modi asks officials to speed-up housing, digital India schemes
New Delhi: Prime Minister Narendra Modi on Saturday directed officials to expedite implementation of the government's promise for housing for all as also to...
Global oil market oversupplied: Iran
By Xinhua,
Tehran : The global oil market is oversupplied by two million barrels per day (bpd), Iran's oil minister said here Sunday.
"Market assessments indicate that the market has around two million barrels per day of oversupply," Gholam Hossein Nozari was quoted by Iran's Press TV as saying.
The Organisation of the Petroleum Exporting Countries (OPEC) announced in Cairo Saturday that it would maintain the current crude oil output until next month's meeting in Algeria.
Spain unveils economic stimulus plan
By IANS,
Madrid : The Spanish government is working on a $14-billion rescue package aimed at generating jobs and stimulating the economy.
Prime Minister Jose Luis Rodriguez Zapatero told parliament Thursday the new "urgent" measures were intended to mitigate the effects of the global financial crisis and create up to 300,000 new jobs, EFE reported Friday.
BGR Energy’s profit jumps 54 percent
By IANS,
Chennai: City-based power sector engineering, procurement and construction company BGR Energy Systems Ltd has announced a 54 percent jump in net profit for the third quarter of 2009-10 ended Dec 31 and a 34 percent growth in turnover over the comparable period the previous year.
According to BGR Energy, the company closed the third quarter with a turnover of Rs.635.14 crore and a net profit of Rs.41.91 crore as against Rs.472.43 crore and Rs.27.20 crore posted in this period last year.
It’s good business for Pakistani publishers at book fair
By Prashant K. Nanda, IANS
New Delhi : Pakistani publishers and exhibitors at the World Book Fair here are a happy lot as business this time has soared in comparison to earlier years. Works on literature and the Urdu language are doing especially well.
"I have been participating in the New Delhi World Book Fair since 1982. I can tell you that it's growing business that is pulling me here every time," said Ahmad Ali Sheikh, a publisher from Lahore, Pakistan.
"There is certainly good business this time and you can see the number of customers at my stall," Sheikh said.
Noida: a tale of shut factories
By Pupul Dutta, IANS,
Noida : Once advertised as the business hub of Uttar Pradesh and a source of a major chunk of the state's revenues, this suburban town of Delhi that had witnessed a real estate boom has been reduced to an industrial wasteland of shut factories - as many as 67 percent of them.
Spread across 203 square km and housing some 9,000 industrial units, has only 2,700 of them functioning. Almost 6,300 units have shut shop owing to poor infrastructure and lack of tax benefits, their owners complain.
Russia’s Sollers and Italy’s Fiat to establish joint venture
By RIA Novosti,
St. Petersburg : Russian automaker Sollers, previously known as Severstal-Avto, and Italy's Fiat Group will set up a joint venture to produce C class cars, a Sollers spokesman said Saturday.
The joint venture, with a capacity of up to 50,000 cars annually, will be launched in late 2008.
The joint venture will also undertake the distribution of other vehicles produced at Sollers plants - Russian and Korean crossovers, Fiat cars and light-duty trucks.
Minimum support price for wheat raised
By IANS,
New Delhi : In a bid to boost procurement of grains and provide competitive prices to farmers, the minimum support price (MSP) for rabi crop for the 2008-09 season has been raised, the government said here Thursday.
The MSP of wheat, which earlier was Rs.1,000 per quintal for the 2008-09 marketing season, has been raised by Rs.80 to Rs.1,080 per quintal.
Government hikes minimum sugarcane price by 32 percent
By IANS,
New Delhi : Sugar mills will have to pay more to cane growers after the government Thursday increased the statutory minimum price for sugarcane by over 32 percent to Rs.107.76 per quintal for the 2009-10 season.
It was Rs.81.18 per quintal in the previous October-September season.
Above this guaranteed price, farmers will also get a premium for additional recovery above 9.5 percent.
Indian entertainment industry to grow over 16 percent a year
Mumbai, March 25 (IANS) Indian entertainment and media (E&M) industry is poised to grow at an annual rate of 16.7 percent by 2011, faster than its counterparts in Brazil, Russia and China, according to a report.
In the other BRIC (Brazil, Russia, China, India) countries, the E&M industry is expected to grow at an annual rate of 13 percent in China, 8.3 percent in Russia and 7.7 percent in Brazil, said the report by Federation of Indian Chambers of Commerce and Industry of India (Ficci) and PricewaterhouseCoopers (PWC) released here Tuesday at Ficci-Frames 2008.
The Indian economy needs a dovish Raghuram Rajan
By Vatsal Srivastava,
The global economy is still very much in the zero interest rate policy (ZIRP) era with the exception of the US Federal Reserve which is widely expected to raise rates this year.
Sixteen of 18 industrialized nations have seen their inflation reading run below expectations as deflationary forces continue to exert pressure on the global economy. After many years, inflation has cooled off to a level where India can aggressively begin an interest rate easing cycle to jumpstart the much talked about cyclical recovery.
6.3 percent of Goa’s GDP comes from foreign remittance: Study
By IANS,
Panaji : Goa received foreign remittances to the tune of Rs.700 crore in 2008, which accounted for 6.3 percent of the state gross domestic product (SGDP) during the period, a study released here Tuesday said.
The study, 'Goa Migration Survey 2008', was released by the Goa non-resident Indians (NRI) commissioner Eduardo Faleiro.
Kerala-based Centre for Development Studies (CDS) conducted the survey across nearly 600 households in the state.
Abu Dhabi to host healthcare investment meet
By IANS,
Abu Dhabi : To boost private sector investment and ownership of healthcare infrastructure in the emirate of Abu Dhabi in the United Arab Emirates (UAE), a new healthcare investor meet will be held here Monday.
The First Abu Dhabi Healthcare Investor Conference will bring together a diverse group of top decision makers from the local, regional and international investment community with healthcare business executives and regulators to discuss investment opportunities in the healthcare sector in Abu Dhabi, the official Emirates News Agency (WAM) reported.
Hearing on Raju’s bail petition adjourned to Friday
By IANS,
Hyderabad : A court here Monday adjourned the hearing on the bail petition of the disgraced former top brass of Satyam Computer Services to Friday.
The court also adjourned the hearing on the petition of the Criminal Investigation Department (CID) seeking their custody and another petition by market regulator Securities and Exchange Board of India (SEBI) seeking permission to question them in connection with a Rs.70 billion ($1.43 billion) fraud.
Hong Kong’s first long-haul budget airline rumoured closing
By DPA
Hong Kong : Hong Kong's first long-haul budget airline, Oasis, was Wednesday rumoured to be about to shut down operations just 18 months after its launch.
The award-winning airline, which offers fares of as little as 1,000 Hong Kong dollars ($128) between London and Hong Kong, was said to be preparing to release a statement about its future.
A spokeswoman for Oasis told DPA Wednesday she was unable to confirm or deny the rumours and said she expected to have more information from the airline later in the day.
In Gujarat, corner shop finds new way to fight big retail
By P.S. Anantharaman, IANS
Ahmedabad : In what could turn into a big movement, a band of small shopkeepers and traders here are learning to adopt modern business practices to hold their own against aggressive competition from retail giants.
Their efforts are in sharp contrast to traders and street vendors in other parts of the country, who are fighting retail big business with a 'quit retail' campaign.
US stocks drop on poor earnings from Bank of America, GE
By DPA,
New York: US stocks ended the week lower Friday after disappointing earnings from the bellwether firm General Electric and financial giant Bank of America.
The decline pushed the Dow Jones Industrial Average back below 10,000 points, two days after it had breached the symbolic mark for the first time in more than a year.
General Electric's profits were down 42 percent to $2.5 billion in the third quarter, a signal that consumer demand has yet to recover.
Tata Steel hits back at JSCA on Keenan’s availability
By IANS,
New Delhi : Tata Steel, which owns the Keenan Stadium in Jamshedpur, criticised the Jharkhand State Cricket Association (JSCA) for wrongly informing the Indian cricket board that the stadium wouldn't be available for a one-day match in November.
Jamshedpur was allotted a one-day match between India and England slated for Nov 23 and media reports suggested that JSCA informed the Board of Control for Cricket in India (BCCI) that the city can't host the match because the stadium was not being made available by Tata Steel.
PCs, cellphones, now hotels: Cuba relaxes rules
By Silvia Ayuso, DPA
Havana : Entering a luxury hotel, checking in and making the most of all the facilities and services it offers - what seems like a normal option in many countries has caused a stir in Cuba.
Since midnight Monday, following prohibition lasting over a decade, Cubans may now lodge in top-notch hotels with no restrictions other than their cost.
They can also rent a car or join tours that were until now only for foreign tourists.
Gaza needs 5,000 tons of wheat to mitigate bread shortage
By Xinhua,
Gaza : Palestinian people on Monday waited in queues outside bakeries in the Gaza Strip which is running out of flour due to Israeli blockade.
To overcome the crisis, Abdel Dayem Awad, owner of al-Salam grinder, said Israel must provide Gaza Strip with 5,000 tons of wheat every day to enable most of the bakeries and the mills to run.
The crisis started as six flour mills announced they have shut down since last Thursday.
China’s fiscal revenue in March down 0.3 percent
By Xinhua,
Beijing : China's fiscal revenue in March 2009 was 440.22 billion yuan ($64.43 billion), 0.3 percent less than the figure in March 2008, the ministry of finance said Monday.
First-quarter fiscal revenue fell 8.3 percent to 1.46 trillion yuan, the ministry said on its website, while tax revenue shrank 10.3 percent to 1.3 trillion yuan.
Fiscal revenue includes taxes as well as administrative fees and other government income, such as fines and income from government-owned assets.
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.
Reliance Power plummets on market listing
By IANS
Mumbai : Reliance Power Ltd (RPL), which last month made a record initial public offer (IPO) of about $3 billion, slid sharply by more than 17 percent Monday despite listing at Rs.547.80 at the Bombay Stock Exchange (BSE), a premium of more than 20 percent over its offer price of Rs.450.
TRAI initiates discussion on FDI limits in broadcasting
By IANS
New Delhi : The Telecom Regulatory Authority of India (TRAI) Monday initiated a dialogue among industry stakeholders to examine foreign direct investment (FDI) limits for the broadcasting sector.
"Foreign investments have an important role in the economic development as an important source of funding. Foreign investments have other benefits also such as bringing in new technology, international best practices and access to export markets," TRAI said in a statement.
A rush of public issues to lure investors
By Prashant Mukherjee, IANS
New Delhi : The strong performance of the Indian capital markets is prompting hundreds of companies to consider initial public offerings (IPOs) and join the 83 others which have raised around Rs.300 billion ($7.6 billion) in the year so far.
But unlike in the past years, companies are devoting much more attention to matters such as transparency, investor relations and competitive pricing, though primary market operations are buoyant and markets have ample liquidity, analysts said.
Tata Sons joins global firms against corruption
By IANS,
United Nations : Chief executives from some of the world's leading companies, including Tata Sons of India, have thrown their support behind a United Nations treaty aimed at combating corruption.
In a letter addressed to UN Secretary-General Ban Ki-moon, the CEOs noted that the UN Convention against Corruption - signed by 140 countries and ratified by 136 to date - holds "the promise of curbing corruption and creates a level playing field for all participants in the global economy."
Integrity makes Tatas an outstanding business house: Chidambaram
By IANS,
New Delhi : One of India's top business conglomerates, the Tata Group, stands out from any other business group in the world due to their intellectual, moral and financial integrity, according to Finance Minister P.Chidambaram.
"The essence of the Tatas is their intellectual, moral and financial integrity and that is what makes them stand out from any other business in the world," Chidambaram told a select gathering of dignitaries here Friday.
General Motors sales jump by 43 percent in June
By IANS
New Delhi : Banking on the success of the Chevrolet brand, General Motors (GM) India registered a growth of 43 percent in sales in June as compared to the corresponding period last year.
Hillary Clinton meets Indian business leaders
BY IANS,
Mumbai, July 18 (IANS) US Secretary of State Hillary Clinton met Indian business leaders here Saturday, the first full day of her visit to the country.
Clinton discussed an array of issues over breakfast with around 10 of India's top corporate names, including Mukesh Ambani, Swati Piramal, Jamshyd Godrej and Chanda Kochhar, at the Taj Mahal Palace and Tower Hotel.
Banking Regulation Act does not oppose Islamic Banking: Ex-Director, RBI
By Rehan Ansari,
Mumbai: “Unless there are amendments in the Banking Regulation Act of India, 1949, Islamic Banking system can be introduced in India,” said Abdul Hasib, former Director, Reserve Bank of India. The Islamic Banking system will be helpful for underprivileged and marginalized people, he said.
Booming gambling industry makes Macau richest place in Asia
By DPA
Hong Kong : Surging gambling revenue and investments in luxury hotels and the entertainment industry has made the former Portuguese enclave of Macau Asia's richest territory, a media report said Saturday.
Macau has overtaken other locations such as Singapore, Brunei and Japan to take the top spot after gross domestic product (GDP) per capita surged 27 percent to $36,357 last year, according to Macau government figures.
Nano creates big stir in car country
By Parveen Chopra, IANS
New York : Widely reporting the unveiling Thursday of the Nano in India, the US media has generally admired the Tatas' technical feat in producing the world's cheapest car and speculated on its impact on the auto world while raising concerns over the environmental effect of the inexpensive cars crowding Indian roads.
The launch of the car by Ratan Tata at the Delhi auto expo made news in almost all the newspapers here, was featured on evening network news watched by over 30 million viewers, and had the Internet abuzz.
‘Índia may ban trading in food futures’
By IANS,
London : India is considering shutting down on trading in food futures, the Financial Times Tuesday quoted Finance Minister P. Chidambaram as saying.
Chidambaram made the proposal on the sidelines of Asian Development Bank's annual meeting in Madrid, the newspaper said.
It said the proposal highlights growing concerns in Asia over the role of hedge funds and financial market traders in the recent surge in commodities prices.
Chidambaram also lambasted the conversion of crops into biofuel as "the single biggest reason why we are facing this (food) crisis".
China’s biggest brokerage firm reports 101 percent profit
By Xinhua,
Beijing : Citic Securities, China's biggest brokerage firm, has reported a net profit of 2.522 billion yuan ($360.34 million) in the first quarter, up 101 percent year on year, said Monday's Shanghai Securities News (SSN).
Total assets of the brokerage rose to 219.25 billion yuan ($31.27 billion) up 15.60 percent from the end of last year. Net earning per share was 0.76 yuan, up 81 percent year on year, SSN said.
Markets end in the red after 2 days of gains
By IANS,
Mumbai : After two days of marginal gains, Indian equity markets again ended in the red Wednesday on the back of rising crude oil prices and weak global cues.
Realty, banking, energy and capital goods stocks led the decline.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened firm at 14,563.10 up from the previous close of 14,482.22, touched a low of 14,261.69 points before closing at 14,296.79 points.
It fell by 185.43 points or 1.28 percent by the day's close.
Quippo buys 49 percent in Tata Teleservices subsidiary
By IANS,
New Delhi : Quippo Telecom Infrastructure Ltd (QTIL) has picked up a 49 percent stake in Wireless Tata Telecom Infrastructure (WTTL), Tata Teleservices' tower arm, a company official said Monday.
Despite a minority stake, Kolkata-based QTIL will have management control in the firm, the official said on condition of anonymity.
This is to ensure that the company functions as an independent tower company with non-discriminatory infrastructure access to all mobile service providers, he said. The firm puts up and maintains telecom towers essential for mobile telephony.
Infosys projects flat growth rate this fiscal year
By IANS,
Bangalore : Infosys Technologies Tuesday projected a flat growth rate of 19-21 percent for this fiscal, the same as the 20 percent year-on-year (YoY) revenue growth achieved in 2007-08.
"There could be short-term challenges due to global economic uncertainties. In the medium and long-term, however, we see significant growth opportunities," Infosys CEO and managing director S. Gopalakrishnan said in a statement here.
Ratan Tata wins ‘Automotive Man of the Year’ award
By IANS,
New Delhi : Tata Motors chairman Ratan Tata was named Saturday 'The Automotive Man of the Year 2009', an award sponsored by news channel NDTV Profit to honour industrialists in the auto sector.
Speaking of his selection for the honour, Tata said: "This is a tremendous boost to my morale."
"I hope we can sustain ourselves through this difficult period and thereafter, looking back, people could say an Indian group nurtured the British brand," he said with reference to Tata Motors' acquisition of British luxury car brands Jaguar and Land Rover.
SA calls for change in world financial order
By Irna
Pretoria : The G-20 faces many challenges, including that members' support for global initiatives have only had a modest effect on their behavior, President Thabo Mbeki of South Africa said on Sunday.
Speaking at the G-20 conference in the southern Cape coastal town of Kleinmond, he said South Africa supported the call for substantial changes in the governance structures of the so-called Bretton Woods institutions, including the IMF and World Bank.
Hyundai to unveil electric version of i10
By IANS,
New Delhi : With most automobile majors planning to enter the clean fuel-driven vehicle segment, India's second largest car manufacturer, Hyundai Motor, Monday said it would unveil an electric variant of the popular i10 model next month.
"Expected to be unveiled during the forthcoming New Delhi Auto Expo in January 2010, the new i10 Electric represents Hyundai's growing expertise to conceive and develop environmentally friendly vehicles," the company said in a statement.
BSES joins hands with WWF to observe Earth Hour
By IANS,
New Delhi: Private power company BSES Thursday said it has joined hands with the World Wide Fund for Nature (WWF) to observe Earth Hour Saturday when all lights in its offices will be turned out in an attempt to battle climate change.
A huge success last year, the observance of Earth Hour in 2009 saw Delhi save 750 megawatts of power.
Reliance Communications acquires Ugandan telecom firm
By IANS
Mumbai : Anil Ambani-led Reliance Communications Ltd (RCL) Thursday announced it has acquired Ugandan telecom service firm Anupam Global Soft Ltd (AGSL).
AGSL holds a public infrastructure provider licence and a public service provider licence issued by Uganda Communications Commission, RCL said.
According to a statement to the Bombay Stock Exchange, RCL said that under the existing licences, it targets to offer mobile, fixed line, Internet and national and international long distance services, in addition to WiMax and Wi-fi services in Uganda.
Maggi ban lifted, fresh tests ordered
Mumbai: The Bombay High Court on Thursday lifted the ban on Nestle's flagship instant noodle brand Maggi and called for fresh tests within six...
Japan’s key Nikkei index falls almost 5 percent
By DPA,
Tokyo : Japan markets continued their losing streak Friday with the key Nikkei index dropping more than 4 percent.
In mid-morning traiding the Nikkei 225 Stock Average lost 413.99 points, or 4.89 percent, to 8,046.99.
The broader Topix index of all first-section issues fell 37.92 points, or 4.35 percent, to 833.78.
On currency markets at 9 a.m., the dollar was quoted at 97.58-63 yen, down from Thursday's quote of 97.68-70 yen.
The euro was quoted at $1.2897-2902, up from Thursday's 5 p.m. quote of $1.2819-20, and at 125.90-95 yen, up from 125.22-26 yen.
Sensex closes over 300 points up
By IANS,
Mumbai : The Indian equity markets closed in the green Tuesday.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened at 15,388.36 points and touched a high of 15,732.75 before closing at 15,696.90. It went up by 301.08 points or 1.96 percent compared to its closing figure Monday.
The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,572.50 points, closed at 4,653.00. It went up by 80.50 points or 1.76 percent.
Indian firm-led consortium bags Oman e-tender contract
By IANS,
Dubai : Oman has awarded a 2.1 million-Omani riyal ($5.4-million) contract to a consortium comprising Indian IT firm C1 India and Oman's Industrial Management Technology and Contracting (Imtac) to launch an online tendering system covering 55 government departments.
Tender Board, Oman's official regulator for tendering processes across various government departments, has signed an agreement with the two companies in its bid to fully automate the tendering and company registration processes in that Gulf nation.
Lower industrial output, weak global cues pull down Sensex
By IANS,
Mumbai: A benchmark index of Indian equities Tuesday closed 149 points lower on across the board selling as lower-than-expected industrial data and weak global cues dampened sentiments.
Battered Indian equities markets end week in green
By IANS,
Mumbai : With Indian equities markets worshipping Lakshmi, the goddess of wealth, during Diwali this week, some wealth returned to the battered markets with a key share index ending with a gain of 12.5 percent after losing more than 35 percent in the first three weeks of October.
The benchmark 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week Friday at 9,788.06, up 1,086.99 points or 12.5 percent from its close the previous Friday at 8,701.07.
New Dubai firm to provide advisory services
By IANS,
Dubai : The Dubai government has launched a new independent company, The Consulting Office (TCO), which will provide advisory services to public sector organisations in the region.
TCO will provide "top-tier advisory services to public sector organisations in Dubai, other emirates and the MENA (Middle East and Northern Africa) region", according to a statement issued by the Dubai Executive Council (DEC).
India’s industrial production falls 2 percent in December
By IANS,
New Delhi : After a marginal recovery in November, India's industrial production fell 2 percent the next month with no signs of abatement in the impact of the global meltdown on the country's economy.
Data on the Index of Industrial Production (IIP) released Thursday also showed that the index for manufacturing, that has the maximum weight, fell 2.5 percent, versus 8.6 percent in the like month of previous fiscal.
TCS to revamp its global operations
By IANS
Mumbai : India's leading software services company Tata Consultancy Services Ltd is planning to organise its global operations into integrated, customer centric units to enhance customer focus, drive operational agility and address new growth opportunities in the market.
"As we scale up to over 100,000 employees, TCS needs a structure that allows us to build a nimble organisation to capture new growth opportunities," said S. Ramadorai, CEO and managing director of the company.
Yahoo unveils new search engine, but can anyone catch Google?
By DPA
San Francisco : Yahoo Inc. has unveiled a new internet search technology in a bid to close the gap on search leader Google, but executives at Yahoo admitted that the best they could hope for was to "chip away" at their rival's lead.
The new Yahoo Search, previously codenamed Panama, was launched Tuesday and introduces features like 'universal search', which automatically includes different content types in search results.
Confidence Petroleum acquires petro logistics firm
By IANS
Mumbai : Nagpur-based petro marketing major Confidence Petroleum India Ltd will take over Mumbai-based petro logistics company Agwan Coach Ltd to get logistics support for its operations.
The company told the Bombay Stock Exchange (BSE) Thursday that it has signed a memorandum of understanding (MoU) with the petro logistics company sealing the acquisition.
Confidence Petroleum's primary aim in the takeover, according to the company, "is to get logistics support from Agwan Coach for the distribution of oil and gas".
Amar Singh wants export unit status for Reliance refinery denied
By IANS,
New Delhi : Samajwadi Party general secretary Amar Singh Wednesday asked Finance Minister P. Chidambaram to withdraw export-oriented unit status for the new Jamnagar refinery of Mukesh Ambani-led Reliance Industries, saying the exchequer will stand to lose revenues otherwise.
"I am surprised a domestic refinery was overnight converted into an SEZ by a designated authority," Amar Singh told reporters here after meeting the finance minister, referring to the unit that will have the capacity to process 580,000 barrels of crude oil per day.
Exports from special economic zone zoomed 121 percent
By IANS,
New Delhi : In sharp contrast to the slowdown in India's external trade last fiscal, exports from special economic zones (SEZs) grew by a whopping 121.4 percent, the commerce ministry said Wednesday.
Exports from SEZs during 2009-10 stood at Rs.2,20,711.39 crore ($49 billion). India's total exports during the same period was down 4.7 percent at $176.5 billion.
During the first quarter of the current fiscal, SEZ exports have touched Rs.58,685.46 crore, an over 68 percent growth compared to corresponding period of the previous fiscal.
Haldia Petrochemicals wants excise cut on plastic units
By IANS
Kolkata : An official of West Bengal's showpiece Haldia Petrochemicals Limited (HPL) has said a reduction in the excise duty for plastic units in the forthcoming budget will boost the industry.
"There would be unprecedented growth in the industry if the excise duty is halved," HPL Managing Director Swapan Bhowmick said here Friday evening.
Himachal non-manufacturing units to pay excise tax
By IANS
Shimla : Himachal Pradesh government is preparing a list of non-manufacturing industrial units in the state as the centre has decided to end their excise tax holiday.
The union finance ministry has decided to withdraw the excise exemptions for units in Himachal Pradesh and neighbouring Uttarakhand, which are not manufacturing goods but only carrying out cleaning operations, packing, repacking, labelling and sorting.
The latest notification issued Jan 18 would mainly hit the booming pharmaceutical industry, many of which are involved in non-manufacturing activities.
German brothel offers discounts to green clients
By RIA Novosti,
Berlin : A green-friendly brothel in Berlin is offering discounts to clients who arrive by bicycle or public transport.
The Maison d'Envie said on its website the unique "environmental discount" comes in a bid to reward visitors' "green commitment" amid the difficult financial situation.
The discount is five euros ($7) off for a 45-minute visit, which normally costs 70 euros ($100).
The brothel's owner said the offer had attracted up to five new customers daily and eased parking congestion in the neighbourhood.
Expect at least 8.5 percent growth rate: PM
By Manish Chand, IANS,
On Board Air India One: Prime Minister Manmohan Singh Saturday expressed confidence that the Indian economy will be able to sustain a growth rate of at least 8.5 percent.
UK firm to advice Uttar Pradesh on industrial institutes
By IANS,
Lucknow : The Uttar Pradesh government has sought suggestions from a British consultancy agency to help it in establishing Industrial Training Institutes (ITIs) through public-private partnership (PPP), an official said Tuesday.
"We have roped in the Grand Thorton and Co. for guidance to set up ITIs involving private players in various blocks of the state," the state's Technical Education Additional Director Rahul Dev told IANS.
Reliance, TCS among questionable contributors to Obama aide
By IANS,
New York : Two Indian companies were among global organisations that paid thousands of dollars as speaking fee or for advice to a top aide of US President Barack Obama, with possible conflicts of interest now with government programmes, says a leading Internet newspaper.
Mukesh Ambani's Reliance Industries and top IT firm Tata Consultancy Services (TCS) are among the firms that gave the money to Obama's chief economic advisor Larry Summers, says Huffington Post.
Hike in educational budget welcome step: IIM-Lucknow
By IANS
New Delhi : Increasing educational budget by 20 percent is a "forward looking measure" and the earmarked fund should be spent on setting up high schools, Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), Devi Singh, director of IIM-Lucknow, said Friday.
"Hiking the education outlay by 20 percent is a very forward looking measure and now we need to ensure that the funds earmarked are used judiciously for the purpose they are meant for," Singh told IANS though email.
Oil price hike shuts down 100,000 Mexican firms
By Xinhua,
Mexico City : At least 100,000 small companies have been shut down in Mexico due to the soaring oil prices and new tax laws, the Latin American Organization of Small and Medium Companies (Alampyme) has said.
Other factors that contributed to the closer of the small firms included disloyal competition and underground and unfair trade practice, the Alampyme said at a press conference here Thursday.
German firm to build new Tamil Nadu assembly
By IANS
Chennai : The Tamil Nadu government has given the German firm GMP International the contract to build a new legislative assembly building, a government statement said here Saturday.
The project will cost Rs.2 billion and work on the project will begin in six months. The complex will have a built-up area of about 75,000 square metres and will be at the Omandurar estate, in the heart of Chennai city.
GMP International was selected from seven companies through a global selection process, the release added.
Mahindra FirstChoice mulls listing in 2013
By IANS,
Chennai : Multi-brand, pre-owned car seller Mahindra FirstChoice Wheels may go public in 2013 when its turnover reaches around Rs.2,000 crore, a top company official said.
"Our plan is to go public in five years from the time we got the private equity funding. We got the private equity fund in 2008. We will start planning about public issue in 2013," Rajeev Dubey, president (Human Resource, After Market and Corporate Services), told reporters here Wednesday.
SAIL to form venture with Shipping Corporation
By IANS,
New Delhi : Steel Authority of India Ltd (SAIL) will form a joint venture company (JVC) with the Shipping Corporation of India (SCI) that will cater to the growing raw material import needs of the steel maker.
"SAIL is keenly focused on ensuring its long-term raw material security and will continue to give thrust on logistics facilities and creation of infrastructure for smooth flow of raw materials and movement of finished products," the company's Chairman S.K. Roongta said.
Markets up on strong global cues
By IANS,
Mumbai : Buoyed by the good show put up by its global peers, Indian equities markets were in the green Tuesday morning, with a key index ruling 2.39 percent above its previous close and above a psychologically important mark around noon.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened higher at 8,956.3 points, was ruling above the psychologically important 9,000 mark, at 9,072.64 points, 2.36 percent or 208.82 points higher than its previous close.
Lalu’s rail budget is an election gimmick: Mamata Banerjee
By IANS,
Kolkata : Former railways minister and chief of West Bengal's principal opposition party Trinamool Congress Mamata Banerjee Friday termed the railway budget as an election gimmick.
"This budget is just a gimmick before the forthcoming Lok Sabha elections. It will have no justification as soon as the new government takes over," Banerjee told reporters here.
PetroChina is world’s first $1 trillion firm
Shanghai, Nov 5 (DPA) State-run oil and gas giant PetroChina Monday became the world's largest listed company at about $1 trillion market value.
Shares of the company shot up by 163 percent on the Shanghai bourse - China's largest stock market - giving the firm the world's highest market capitalisation.
PetroChina shares opened at 48.6 yuan ($6.5), up 191 percent from their initial public offering price of 16.7 yuan ($2.2), before slipping back to 43.96 yuan ($5.9) at the close.
Developed India by 2020? Here’s a reality check
By K.S. Jayaraman, IANS
Bangalore : Former president A.P.J. Abdul Kalam used to dream of a developed India by 2020. But a comparison of the country's growth path with Japan and South Korea shows it may remain just that - a dream.
Pradosh Nath, an analyst at the National Institute of Science, Technology and Development Studies in New Delhi has listed 13 reasons why it will be difficult for India to catch up with developed countries.
Sensex 102 points in the red
By IANS,
Mumbai : A key index of the Indian equities markets was 102 points in the red about 90 minutes after opening bell Tuesday.
At 11.04 a.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,428.5 points, was at 15,272.57 points -- 102.47 points or 0.67 percent lower than Monday's closing figure.
The S&P CNX Nifty of the National Stock Exchange (NSE) too was trading in the negative terrain at 4,541.1 points, down 068 percent.
India grows 8.6 percent in fourth quarter
By IANS,
New Delhi : The Indian economy grew by 8.6 percent during the quarter ended March 31, lifting the annual gross domestic product (GDP) for 2009-10 to 7.4 percent, official data released Monday showed.
And Finance Minister Pranab Mukherjee said he expected the growth momentum to continue and the economy would expand at 8.5 percent in the current financial year.
The economy had registered a 6.1 percent growth in the first quarter, 7.9 percent in the second, but dropped to a modest 6 percent in the third.
Biocon to invest $25 mn on research and development
By IANS
New Delhi : Indian biotechnology firm Biocon Ltd Wednesday said they would spend Rs.1 billion ($25.4 million) in the current fiscal ending March 2008 towards strengthening its research and development.
"We plan to invest Rs.1 billion and it has already crossed the halfway mark," Kiran Mazumdar-Shaw, managing director, told reporters here on the sidelines of Fortune Global Forum meet here.
Time is right for luxury watches in India, but no place
By Manpreet Kaur, IANS,
New Delhi : Luxury watch brands like Rolex, Bvlgari, Omega, Tissot and Longines are eyeing the booming market in India, but they say expanding business is a tough task because of lack of right retail locations and high rents.
"India is one of the largest consumers of luxury watches and the market is booming here. As we know the market value that India offers, we have great expansion plans. But the greatest challenge that one faces in the Indian market is infrastructure and logistics," Ivana Perovick, CEO of Guess, told IANS.
Wall Street soars as US plans $250 bn injection for banks
By Arun Kumar, IANS,
Washington : Rebounding from its worst week in history, Wall Street has soared again with the US government outlining several steps to combat the financial crisis, including a likely $250 billion injection to help struggling banks.
Monday's massive rally saw the Dow Jones industrial average propelled to its largest daily point gain ever and the largest percentage increase since the depths of the Depression. Standard & Poor's 500-stock index too posted its best gain in nearly 70 years.
EU proposes drastic cuts on mobile roaming charges
By DPA,
Brussels : Europe's 500 million citizens may soon find it much cheaper to use their mobile phones while travelling abroad, according to proposals agreed Tuesday by the European Commission.
The proposed measures include a price cap of 0.11 euros ($0.16) - excluding VAT - per text message sent by customers when in another European Union (EU) member state.
This compares with a current EU average price of 0.29 euros. The 60 percent reduction would come into effect on July 1, 2009, subject to approval by EU governments and the European Parliament.
Indian equities open lower again on weak global cues
By IANS,
Mumbai : Indian equities opened sharply lower once again Thursday on weak global cues, notwithstanding some measures announced by the central bank a day earlier to help the corporate sector raise more funds from overseas.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened well below the 10,000-point mark at 9,683.41 points, against the previous close at 10,169.90, and moved up to 9,826.15 points some 20 minutes into trading.
Soon after, the key index dropped to 9,813.84 points, with a loss of 356.06 points, or 3.50 percent over the previous close.
Kuwait plans to develop media city
By IANS,
Dubai : Kuwait is planning to develop a media city as part of its five-year 50-billion Kuwaiti dinars ($186.6 billion) overall development plan.
Kuwait's Minister for Information Sheikh Sabah Al-Khalid Al-Sabah said that the media city would be where all cultural and media and information venues would be located, and interact to better represent and serve the state's advancement and accomplishments, the official Kuwait News Agency (KUNA) reported.
The minister added 95 percent of the land on which the city is to be developed is state property.
Food prices to decline after winter crop: Sharad Pawar
By IANS,
Bangalore : Food prices will decline after the rabi crop as production of wheat, rice, pulses, oil seeds and sugarcane during the winter is expected to be higher than in the drought-hit kharif season, union Agriculture Minister Sharad Pawar said Saturday.
"Cultivation of foodgrains and other essential commodities like pulses in the rabi season is expected to be good, leading to reduction in food prices early next year," Pawar told reporters on the margins of a function here.
"Shortage of sugar and pulses is a temporary phase due to lower production in kharif season."
Latest farming techniques for India advocated
By IANS,
Chennai : Increasing farm productivity through latest farming methods, new storage technologies and manufacturing value-added food products should be focus areas for India, speakers at a food conference said here Friday.
"The government and the Indian private sector should come together to unify the agriculture market supported by suitable food safety law incorporating international best practices," said US Chamber of Commerce chairman Bob Milligan.
Business dries up for Orissa’s dry fish producers
By Hemant Kumar Rout, IANS
Bhubaneswar : Thousands of fishermen in Orissa who once had a flourishing business in dry fish - considered a delicacy in some parts of India - have now fallen upon bad times.
For around 30 years more than 100,000 people from around 50,000 families in the five districts of Balasore, Bhadrak, Jajpur, Jagatsinghpur and Kendrapara were involved in the dry fish business.
Russia may resume importing Indian sesame seeds
By IANS
Ahmedabad : The Indian government is trying to resume sesame seed exports to Russia, halted in May due to quality concerns, officials said.
The ice between India and Russia was broken by the Shellac and Forest Products Export Promotion Council (Shefexil) through the union commerce ministry. Russia has agreed to dispatch a team from its quality certifying agency - the Federal Service for Veterinary and Phyto-sanitary Surveillance (FSVPS) - in October to study rice, sesame seed and groundnut cultivation and their processing.
Lufthansa airlines reduces fuel surcharge
By IANS,
New Delhi : Passengers flying from India to the US or Canada on Lufthansa aircraft can save up to $100 on each round-trip ticket as the carrier has reduced fuel surcharges on these routes.
The company announced that the fuel surcharge, which was $420 for a round-trip ticket from India to any LH destination (low-traffic high destination) in the US or Canada, would now come down to $320, effective from Sep 8.
This benefit can be availed of by passengers from any of the seven Lufthansa gateways in India.
Bharat Heavy Electricals wins Rs.40-billion contracts
By IANS
New Delhi : State-owned power equipment maker Bharat Heavy Electricals Ltd (BHEL) will supply equipment worth Rs.40 billion ($1 billion) to power utility major NTPC Ltd's projects in Assam and Maharashtra.
NTPC's board of directors granted both the contracts to BHEL at agreed prices during their meeting Monday, a well-placed source in NTPC told IANS.
"BHEL emerged as the single bidder for both the projects in the international competitive tendering held earlier."
Low oil prices putting ONGC margins under pressure
By IANS,
New Delhi : India's largest oil explorer, Oil and Natural Gas Corp (ONGC), is finding it difficult to make ends meet because of the low ruling global oil prices, the company said here Monday.
"We are not comfortable with the current prices, our margins are under pressure," ONGC chairman R.S. Sharma told reporters on the sidelines of the contract signing ceremony of blocks awarded to companies under the seventh round of hydrocarbon block auctions.
Oil was ruling at $44 a barrel Monday, down from more than $140 in July when it reached its peak.
Iranian trade unions to reopen markets Saturday
By IANS,
Tehran : Iranian trade unions Thursday agreed to reopen Tehran's grand bazaar a day after a series of protests led to closure of shops and business centres.
Over 100 million mobile broadband users by 2015
By IANS,
New Delhi : India will have more than 100 million third generation (3G) mobile broadband users, generating about Rs.940 billion in revenues by the end of 2015, according to global advisory firm PricewaterhouseCoopers (PwC).
The number of mobile connections will cross the one billion mark by 2014, it said.
A PwC study said reduced cost of 3G/high speed packet access (HSPA) enabled handsets will be the key driver for mobile broadband in India.
Indian equities end tad lower amid weak sentiments
By IANS,
Mumbai : Indian equities which remained weak during most of Tuesday made a slight recovery as trading drew helping a key index to end the day with a marginal loss of 0.31 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was down 0.31 percent or 28.02 points at 9,082.03 points at closing bell. The index had opened lower at 9,042.36 points, compared with Monday's close of 9,110.05 points.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also slipped into the red to end trade at 2,744 points, or 1.02 percent lower.
Zero-deficit Kashmir budget promises jobs
By IANS,
Jammu: Announcing job-generation schemes, Jammu and Kashmir Finance Minister Abdul Rahim Rather Monday presented a zero-deficit budget for fiscal 2011-12 in the state assembly.
LIC to soon provide health cover
By IANS
Chennai : Life Insurance Corp of India (LIC) will soon cross swords with domestic non-life insurers by launching a health insurance policy.
T.S. Vijayan, chairman, LIC, said the corporation would launch the product by this yearend. He was speaking to reporters here Thursday at the launch of a critical illness rider for group insurance policies.
He said LIC has filed the health cover product with the Insurance Regulatory and Development Authority (IRDA) and expects a green signal anytime now.
Pranab Mukherjee asks Arab countries to invest in India
By IRNA,
New Delhi : India Friday asked Arab countries to invest in India to meet out its challenges in the field of enhancing agricultural productivity, guaranteeing energy security and education and skill building among young generation.
Addressing India-Arab Investment Project conclave in New Delhi today the External Affairs Minister Pranab Mukherjee underlined the most important micro-economic challenges facing India. He said that increasing yield and productivity in agriculture sector through appropriate technological imput is India's primary aim.
Chinese households open up for Olympic guests
By Lou Chen and Ji Shaoting, Xinhua,
Beijing : Zhu Baohua beamed proudly as he showed a group of American visitors a century-old wooden bed in his house. Zhu, in his 50s, is the owner of a 'siheyuan', a traditional home with a courtyard in downtown Beijing.
He is among 598 Beijing homeowners selected as Olympic hosts by the tourism administration.
The administration initiated the homestay programme in April, offering overseas visitors a chance to experience the Chinese lifestyle and get to the heart of the Beijing life.
IMF lowers 2008 global growth forecast
Washington, Jan 30, SPA -- The International Monetary Fund (IMF) on Tuesday lowered its 2008 global growth forecast, citing a U.S. slowdown and financial-market turmoil that have put emerging economies at risk.
Despite predicting that world economic growth will slow significantly, the IMF said in an update to its twice-yearly World Economic Outlook that the United States will avoid recession.
16 shops burgled in Delhi market
By IANS,
New Delhi : At least 16 shops have been burgled in Delhi's Sadar Bazaar, one of the largest wholesale markets of household items in the capital, police said Tuesday.
"We got to know at about 9 a.m. Tuesday that 16 shops in Sadar Bazaar were burgled Monday night," a police officer said.
The officer said all the shops were located in the same shopping complex "from the ground to the third floor of the building". The burglaries appear to have taken place in the night after the shop owners had left for the day, he added.