Tata Steel sees domestic demand growth this fiscal

By IANS, Kolkata : Despite the present global economic slowdown, the country's largest steel producer Tata Steel expects 4-5 percent growth in domestic demand in 2009-10, a top company official said here Friday. "Impact of global recession is much less in India. We plan to produce and sell 20 percent more in the current year from our Indian operations," company managing director B. Muthuraman said. Tata Steel witnessed an 11 percent jump in saleable steel production to 5.3 million tonnes in 2008-09, as against 4.8 million tonnes the previous year.

Panel to look at pricing of hydrocarbon fuels

By IANS, New Delhi : A high-powered panel on pricing of hydrocarbon fuels was announced by Finance Minister Pranab Mukherjee with crude oil prices once again surging in global markets. Mukherjee said the finer points of the panel's terms of reference will be announced by Petroleum Minister Murli Deora. The government last week had permitted oil retailing companies to raise the prices of transport fuels by Rs.4 per litre for petrol and Rs.2 per litre for diesel, while keeping pricing of cooking fuels untouched.

India upbeat about tea exports this fiscal

By IANS, Kolkata : Even in a worsening economic scenario, India is expected to export over 200 million kg tea this fiscal, up from last year's 179 million kg, a union minister said here Wednesday. "It's too early to predict. Even under most pessimistic situation, net tea export will be over 200 million kg," Minister of State for Commerce and Power Jairam Ramesh told reporters after inaugurating electronic auction (e-auction) of tea.

Disappointed by railway budget: Nitish

Patna : Bihar Chief Minister Nitish Kumar Thursday said that he was disappointed by the "incomplete" railway budget for 2015-16 as there was nothing...

Indian mission in South Africa to outsource visa services

By Fakir Hassen, IANS, Pretoria : The Indian mission in South Africa will soon begin outsourcing visa services to prevent "annonying" delays for tourists, India's Tourism and Culture Minister Ambika Soni said here. "Tourism between India and South Africa is growing, but I want it to grow faster," Soni told IANS during her two-day visit to South Africa.

Sensex ends 538 points down; Bank stocks crash

Mumbai : A benchmark index of Indian equities markets closed Tuesday's trade down 538 points tracking the SGX Nifty and most of the Asian...

60 years after 1948 war, India-Pakistan on trade highway to peace

By Muhammad Najeeb, F. Ahmed and Binoo Joshi, IANS, Muzaffarabad/Salamabad/Rangar : Bridging a six-decade divide, India and Pakistan Tuesday moved ahead on the road to peace as the first trade convoys trundled across the Line of Control (LoC) that separates the two Kashmirs to the sound of drumbeats and loud cheers. As cross-LoC trade on the Srinagar-Muzaffarabad and Poonch-Rawlakote routes began for the first time since 1948, when commercial ties snapped following the India-Pakistan war a year after the bloody partition of the subcontinent, excitement ran high on both sides.

UAE to set up a council to improve investment climate

By Aroonim Bhuyan, IANS Dubai : The United Arab Emirates will soon establish an Emirates National Competitiveness Council which will recommend policies to boost competitiveness in economic and social areas of the country. "We are soon going to establish the Emirates Business National Competitiveness Council which will be a public-private sector initiative with government representation from both federal and local levels," UAE's Minister for Cabinet Affairs Mohammed Al Gergawi said at an advisory workshop for Doing Business 2008 here Wednesday.

VAT likely to be implemented in UAE in early 2009

By IANS, Dubai : The United Arab Emirates (UAE) is likely to introduce a value added tax (VAT) system by early 2009, according to a senior official of Dubai Customs. "Having spent two years studying VAT around the world to ensure that what is proposed for the UAE and the GCC (Gulf Cooperation Council) is best practice, we are now in phase two, which is looking at how to successfully implement VAT," reports quoted Dubai Customs executive director Abdul Rahman Al Saleh as saying in a seminar during the Arabian Travel Market tourism event here.

India a talent house for German corpo giants: book

By IANS

New Delhi : From electrical giant Siemens to SAP, Deutsche Bank, Bosch and many more, German firms are zooming in on Indian talent to design and develop products that meet global standards.

Markets open in the green

By IANS, Mumbai : Indian equities markets opened in positive terrain Wednesday, with a key index trading 196.3 points above its last closing figure. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 11,091.56 points, higher than its 11,001.75 points close Tuesday. After about 20 minutes of trading, it was at 11,198.05 points, 1.78 percent or 196.3 points higher than its previous close. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,414.85 points, 1.57 percent higher than its previous close.

McDonald’s plans 15 new outlets in Kolkata

By IANS, Kolkata : McDonald's India plans to spend Rs.1 billion to open 15 more restaurants here over the next three to five years. Vikram Bakshi, managing director of Connaught Plaza Restaurants Pvt. Ltd., a partner of McDonald's India (north and east region), said two restaurants would be opened this year. It opened a 3,700 square feet restaurant Wednesday at Mani Square on the Eastern Metropolitan Bypass, close to the city's IT hub.

World Bank comes to Nepal Maoist guerrilla army’s aid

By Sudeshna Sarkar, IANS, Kathmandu : The World Bank has come to the aid of Nepal's endangered peace process, offering a bounty of Nepali Rs.3.350 billion for the upkeep of the Maoists' once dreaded guerrilla army as well as the rehabilitation of the thousands of people affected by the 10-year communist uprising. Nepal's peace and reconstruction ministry Tuesday said the World Bank aid would be utilised for the nearly 19,000-strong People's Liberation Army (PLA) of the Maoists, who this month threatened to revolt if the government did not immediately release funds for them.

Tripura to get rice from Andhra Pradesh via Bangladesh Thursday

By Sujit Chakraborty, Agartala : Rice from southern India to Tripura via Bangladesh is likely to reach here Thursday, bringing to fruition a three-year-long diplomatic...

Bajaj Auto two-wheeler sales down 33 percent

By IANS, New Delhi : Bajaj Auto Ltd Thursday reported 33 percent dip in its last month's two-wheeler sales. The company sold 119,215 two-wheelers in December 2008 as against 177,249 units a year earlier, said an official statement. Bajaj's motorcycle sales also slumped 33 percent last month to 118,510 units from 176,441 units in December 2007, it added. However, the three-wheeler sales during the month grew 3 percent to 22,948 units from 22,221 units a year earlier.

Apollo Hospital joint venture targets Mumbai

By IANS, Chennai : The Western Hospital Corp - a 51:49 joint venture between Apollo Hospitals Enterprises and Eleanor Holdings of Mauritius - will build three hospitals in Mumbai by 2012, said a top Apollo official here Friday.

Finnish industries to boost presence in the Gulf

By IANS, Helsinki : Finnish companies are keen to boost bilateral trade with the United Arab Emirates (UAE) and expand into new areas like energy and petrochemicals, WAM news agency has reported. "The UAE is the biggest importer of Finnish products and 50 percent of Finland's $65 billion of exports are transited through the UAE," chief policy adviser of the Confederation of Finnish Industries Simo Karetie said Friday.

Morning after sharp fall, equities market opens flat

By IANS Mumbai : The Indian equities market opened flat Tuesday after the year's second-sharpest fall Monday. Cues from other Asian markets were mixed. Consumer goods and realty stocks registered modest buying in initial trade here. The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a gain of 64.32 points at 16,742.20. Twenty minutes after the start of trading, the Sensex was at 16,700.93, a marginal gain of 23.05 points compared to its close Monday.

SBI reduces educational loan rates by up to 1 percent

By IANS, New Delhi : India's largest lender, State Bank of India (SBI) Monday said it has reduced the interest rate on educational loans by up to one percent across different segments.

Iran, Yemen study expansion of economic, commercial ties

By IRNA Tehran : Iran's Ambassador to San'a Hossein Kamalian conferred on Sunday with Yemeni Minister of Trade and Industries Yahya Al-Mutawakel on expansion of commercial and economic cooperation between the two countries. At the meeting, the two sides reviewed the latest status of economic ties between the two countries and underlined the need for active role of the both sides' private sectors in this respect.

Himachal’s Kangra tea awaits EU patent

By IANS, Shimla : The sinking Kangra tea market in Himachal Pradesh is awaiting a patent by the European Union (EU), which could pave the way for its entry into the European market, besides reviving the nearly 150-year-old plantations. "We have applied for patenting and registration as a (geographical indicator) of the Kangra tea in the EU. We are hopeful permission will be granted, paving the way for Kangra tea to find its way into the lucrative EU market," S.S. Chandel, coordinator of the Himachal Pradesh Patent Cell, said here Monday.

Recession-hit IT sector seeks extension of fiscal benefits

By IANS, Bangalore: Battered by the global meltdown, the Indian IT industry is looking up to the new government for extension of fiscal benefits and relief from multiplicity of taxes. "Extension of fiscal benefits like 10A/10B sections for the tech industry under the Software Technology Parks of India (STPI) scheme is imperative to sustain the growth momentum and compete in the global market," Pramod Bhasin, chairman of the National Association of Software and Services Companies (Nasscom), told reporters here Tuesday.

Equity markets stay flat in early trade

By IANS, Mumbai : The Indian equity markets stayed flat in early trade Tuesday, after the Sensex opened with a marginal loss. The Sensex, the 30-share benchmark index of the Bombay Stock Exchange (BSE), opened with a loss of 7.46 points at 15,388.36. Ten minutes into trading, it had reached 15,413.69, a gain of 17.87 points or 0.12 percent from its closing figure Monday. At the same time the S&P Nifty index of the National Stock Exchange was trading at 4,575.10 points with a marginal gain of 1.40 points or 0.06 percent from its last close.

Hardening rupee hits Indian exports

By IANS New Delhi : The rising value of the Indian rupee continued to impact the country's merchandise exports as growth was a mere 4.31 percent in rupee terms in August, slightly higher than 3.1 growth in June, trade data showed Monday. In dollar terms, however, the export growth was higher at 18.91 percent and was valued at $12.69 billion, against $10.67 billion in August 2006, according to data released by the commerce ministry. In dollar terms, the growth was 18.52 percent in June.

Wipro inks outsourcing contract with Pantaloon

By IANS Mumbai : IT giant Wipro Ltd has signed an outsourcing contract with India's leading retailer Pantaloon Retail Ltd, which wants to increase its outlets from the existing 1,000 to 2,500 in the next five years. Wipro in the comprehensive outsourcing contract will streamline the IT operations comprising infrastructure management, application support services, managed security services and data centre hosting. Pantaloon at present is planning to bring about changes in its retailing formats and differentiated private labels.

160 buyers for Wills Lifestyle India Fashion Week

By IANS, New Delhi : Indicative of the pre-eminent position the Wills Lifestyle India Fashion Week (WIFW) as the country's premier business-to-business event for the style industry, 160 buyers, including 70 from abroad, will attend the spring/summer edition of the Oct 15-19 event that is expected to generate business in the region of Rs.800 million ($16.5 million). "This is the largest number of buyers that will be attending the fashion week," Sunil Sethi, president of event organiser, Fashion Design Council of India (FDCI), told IANS.

Global slowdown to affect China’s external trade

By Xinhua, Beijing : China's external trade expansion is likely to be hampered by the global economic slowdown, rising prices of raw materials on the international market and a rapidly appreciating Yuan. The impact of the US credit crisis has spread from financial markets to consumption and investment fields. The slowdown of the US economy will shrink China's exports to that country, according to a commerce ministry report Wednesday.

China to register moderate growth: ADB

By Xinhua, Manila : China's economy will grow moderately this year and in the next but it will still remain one of the world's fastest growing economies, the Asian Development Bank (ADB) said Tuesday. In a report, the ADB projected a 10 percent growth this year that will further ease to 9.5 percent in 2009. The cool down is a result of the combining effects of a reduced trade surplus, slower growth in investment and the global economic downturn, the report entitled Asian Development Outlook 2008 Update said.

Pakistan asks for quick action on IPI pipeline, India hopeful

By IANS, New Delhi : India Friday said it was hopeful of resolving all issues blocking the tri-nation gas pipeline that also involves Pakistan and Iran as Islamabad urged New Delhi to decide quickly on what it called “the pipeline of peace and new bonding”. “I also urged him to take quick action on the IPI pipeline. This pipeline could be a pipeline of peace and new bonding,” Pakistan's Foreign Minister Shah Mehmood Qureshi said at a joint press conference here after talks with his Indian counterpart Pranab Mukherjee.

First Indian businessman in Malaysian Batik-making competition

By IANS, Kuala Lumpur : Indian origin businessman Ramesh Chugani is an unusual entrant to a Malaysian Batik-making competition, Piala Seri Iman, as the first Indian and a non-Malay in a preserve of the ethnic Malays. Chugani, 57, had spent a major part of his life selling batik work and garments, but took to designing them a decade back. He hopes to win a prize at the prestigious national design competition this year being held at Kuala Terengganu.

India’s Sensex ends 2008 with 52-percent annualised loss

By James Jose, IANS, New Delhi : The dramatic start for Indian equities market in 2008, which saw a key index scale an all-time high, ended in a whimper, with the global economic meltdown pulling the bellwether down by 52 percent - its worst ever performance. As trading drew to a close Wednesday, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended at 9,647.31 points, down 10,639.68 points, or 52.45 percent, over the previous year's close at 20,286.99 points.

Saudi investors rue central bank inaction

By IANS, Dubai : Saudi Arabian investors are feeling let down by what they say was inaction on the part of their central bank as the Saudi bourse went into a free fall in the wake of the global credit crunch. Reopening Monday after the Eid-ul-Fitr holidays, a day after the rest of the Gulf market opened, 10 percent of the key Saudi stock index Tadawul's value was wiped off.

India labs to play key role in SAP global strategy

By IANS Bangalore : SAP AG, the world's leading provider of business software products and solutions, is betting on its India operations to play a critical role in more than doubling its global customer base and driving its growth

Highlights of Maharashtra budget for 2011-12

By IANS, Mumbai: Highlights of Maharashtra's budget for 2011-12 presented by Deputy Chief Minister and Finance Minister Ajit Pawar Wednesday: Taxes and duties:

Railways looking to enhance exports to developing countries

By Anuradha Shukla, IANS, Varanasi : Diesel Locomotive Works (DLW), an Indian Railways production unit here, is all set to become a hub for exports to developing nations, especially in Africa and the Middle East. "Africa is a potential market and we are looking Tanzania, Mozambique and Sudan as these countries use diesel locomotive engines," DLW general manager S.M. Bhardwaj said. Vietnam is another country that DLW is targeting.

Inflation to dominate rest of budget session

By IANS New Delhi : The concluding part of the budget session beginning Tuesday is set to be stormy with the Bharatiya Janata Party (BJP) and Left parties preparing to put the Congress party on the mat over inflation. The Congress will face flak not only from the main opposition party but also its own allies in the United Progressive Alliance (UPA), especially its Left Front partners, who are uneasy with the increasing prices of essential commodities. "Price rise will dominate this session," said Communist Party of India-Marxist (CPI-M) MP Roopchand Pal.

Bangladesh carrier to expand in India

By IANS Mumbai : Bangladesh-based GMG Airlines is working on an aggressive expansion plan in India by introducing flights between Dhaka and Mumbai, Chennai and Guwahati. "We aim to start flying to Guwahati from May and services to Mumbai and Chennai will be operational by July and December," Shahab Sattar, managing director of GMG Airlines, told IANS.

Jet Airways seeks hub in South East Asia

By DPA Singapore : Indian private carrier Jet Airways is seeking a hub for its Southeast Asian and North Asian operations out of Bangkok, Kuala Lumpur or Singapore, its executive vice-president said in a published report Tuesday. The decision will hinge on where the airline finds a suitable code-share and feed partner, said Sudheer Raghavan. Code sharing refers to a practice where a flight operated by an airline is jointly marketed as a flight for one or more other airlines.

Markets end with a decent gain mid-week

By IANS, Mumbai : For the second consecutive day, the Indian equities market notched a decent gains Wednesday with IT stocks leading the gaining rally. Positive cues from the global markets boosted the domestic bourses in the early trade. The market, after trading in a narrow range through the day, eased from early highs and ended with gains during mid-week.

Protest-hit Essar Steel project moves ahead

By Sujeet Kumar, IANS

Raipur : An ambitious project by Essar Steel in mineral-rich Chhattisgarh seems to be back on track after almost a two-year-long wait that saw major protests by tribals over land acquisition.

RNRL signs gas pact with RIL

By IANS, Mumbai : The Anil Ambani-promoted Reliance Natural Resources (RNRL) said Friday it has signed a revised gas supply agreement with the Mukesh Ambani-led Reliance Industries (RIL). The agreement follows the Supreme Court ruling asking both sides to renegotiate and finalise a new gas sales deal as per the rules set by the government and subsequent assurance given by the elder Ambani to supply gas to the younger brother's company.

India mulls oil price rise as global prices spiral

By IANS New Delhi : As international oil prices touched record levels, India's Petroleum Minister Murli Deora met with Finance minister P. Chidambaram Thursday to find ways of cushioning the consumer from what could be another inevitable rise in fuel prices. "We came here to discuss solutions," said Deora to reporters after the meeting, as crude oil reached $96 a barrel Thursday in the international market. Deora later was slated to meet with Prime Minister Manmohan Singh later Wednesday as part of the meeting of the Committee on Infrastructure.

New Zealand, China to sign free trade agreement in April

By Xinhua Wellington : New Zealand and China plan to sign a Free Trade Agreement (FTA) in early April, New Zealand Trade Minister Phil Goff announced Tuesday. "Being the first developed country to negotiate a comprehensive FTA with China will present New Zealand with a unique platform for profiling our businesses in China and for strengthening commercial relationships," he said in a press release. "Finalising this FTA will be a significant achievement for New Zealand. We must make sure we take full advantage of the opportunities it will open up in China," he added.

Nano will certainly be brought to Africa: Tata Africa head

By Devirupa Mitra, IANS, Lusaka (Zambia) : India's 'people's car' will certainly drive down the roads of Africa, with the Tata group conducting research on the rules and regulations of the different markets in this vast continent. "(Tata) Nano is definitely the future in Africa," Raman Dhawan, managing director of Tata Africa Holdings Ltd, told IANS in an interview here. Tata Africa Holding is the main promoter company for the Indian conglomerate Tata Group's businesses in Africa, where it has a presence in 10 countries.

Chhattisgarh clocks over nine percent growth

By IANS Raipur : The gross domestic product (GDP) of Chhattisgarh has grown 9.41 percent and its per capita income stands at Rs.25,321 in 2007-08, up 12.43 percent over the previous year, official data released here Friday has shown. Chief Minister Raman Singh, who also holds the portfolio of finance, Friday tabled the economic survey of Chhattisgarh for 2007-08 in the state assembly, a day ahead of presenting the state's annual budget.

Equity markets continue downslide

By IANS, Mumbai : Indian equity markets continued their losing streak and closed in the red for the fifth day running, on the back of weak global cues. Selling pressure was witnessed by all the sectors. Except power and banking, all the sectoral indices ended the day at a loss. The market started on a downslide and continued to fall till afternoon. It recovered somewhat in the last hour of trading.

Mahindra Lifespace, BE Billimoria bag Nagpur project

By IANS, Mumbai : The Mahindra group's real estate and infrastructure development arm Mahindra Lifespace Developers in collaboration with BE Billimoria and Co will develop a residential project for the upcoming multi-modal internal hub airport at Nagpur (MIHAN). The residential project in the scheduled land near a special economic zone (SEZ) and MIHAN, which is expected to attract $8 billion in investment, comprises 25 acres.

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.

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.

Gujarat firm to set up plasma isolation facility

By IANS, Ahmedabad : Celestial Biologicals Ltd (CBL), an associated company of Intas Biopharmaceuticals, and GE Healthcare, the $17-billion healthcare business of General Electric Co, will set up India's first plasma fractionation facility here, Intas said Thursday. The two companies signed the agreement at the Vibrant Gujarat Global Investors Summit 2009, and the facility will be fully functional by early 2010, said Intas managing director Urmish Chudgar.

Oil companies asked to improve demand management

By IANS, New Delhi : The ministry of petroleum and natural gas will focus on demand management of fuel in the country and address shortages by improving consumption efficiency and strengthening distribution networks, a senior official said here Tuesday. "It was decided to address the demand-supply issues and improve demand management by targeting inefficiencies in diverse areas of uses," Petroleum Secretary R.S. Pandey told reporters after a meeting of state-run oil majors.

Budget evokes mixed reactions from Andhra Pradesh industry

By IANS Hyderabad : The union budget for 2008-09 has evoked mixed reactions from the industry in Andhra Pradesh. Information technology, biotechnology, textiles and tourism sectors have termed it as "disappointing" while some other sectors have described it as a balanced budget. However, the industry has hailed the proposal for skill development mission, saying it would go a long way in improving the competitiveness of India Inc.

Tax exemption limit raised by Rs.50,000

New Delhi : Finance Minister Arun Jaitley Thursday raised the exemption limits for all individual tax payers by Rs.50,000 while keeping the rates untouched...

Loan waiver to benefit half a million Chhattisgarh farmers

By IANS Raipur : About half a million small farmers of Chattisgarh are expected to benefit from loan waiver for the farming community in the 2008-09 budget. Officials said at least half a million farmers of the state, mostly from Raipur, Durg, Dhamtari, Mahasamund, Bilaspur and Rajnandgaon districts, have outstanding loans for paddy cultivation worth Rs.48.1 million from various cooperative banks. The loan waiver for Chhattisgarh farmers will be part of Chidambaram's budget proposals to waive loan of nearly 30 million farmers across the country.

Falling OPEC crude price nears $120 mark

By DPA, Vienna : The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) fell by almost a dollar Wednesday but stayed above $120 a barrel, OPEC said Thursday. One barrel (159 litres) of OPEC-produced crude stood at $120.88 Wednesday, $0.85 less than $121.73 on the previous day. OPEC calculates an average basket price based on 13 important brands produced by cartel members.

Indian carmakers register record sales

By IANS' New Delhi/Chennai : India's auto market reflected a booming economy in 2007-08 as three leading carmakers Tuesday announced record sales figures, with Maruti Suzuki India Limited registering a sales growth of 13.3 percent. The country's largest car maker, Maruti Suzuki sold 764,842 vehicles - 711,818 units in the domestic market and 53,024 units abroad - in 2007-08, the highest ever in the history of the company.

India to import natural gas from Algeria

By IANS

Noida : India will import 1.25 million tonnes of liquefied natural gas (LNG) from Algeria annually, Petroleum Secretary M.S. Srinivasan said here Wednesday.

Sensex up 55 points in early trade

By IANS, Mumbai : A benchmark index of Indian equities Wednesday morning opened in the green and was ruling 55 points higher in early trade.

Blue diamond sets new world record in price per carat

By RIA Novosti Hong Kong : A flawless 6.04 carat blue diamond has been sold for $7.98 million at a Sotheby's auction in Hong Kong, making it the world's most expensive precious gemstone per carat. A spokesman for Sotheby's said the diamond, which sold for $1.32 million per carat, broke the previous record held by a red diamond, the Hancock Red, which went for around $900,000 per carat in 1987. The diamond was bought by Moussaieff Jewellers to add to their already large collection of rare gemstones. The seller was a private Asian collector.

Googlephone is coming next week for $530

By DPA, San Francisco : A day after Google announced a media event for its Android mobile phone system next week, new details leaked out Wednesday about the first ever phone to be sold directly by the web search giant. According to technology blog Gizmodo the Nexus One will be sold unlocked on a Google website for $530. The phone will work on GSM cellphone networks and will be offered at a subsidised price of $180 in the US by fourth-ranked carrier T-Mobile with a two-year talk and data contract costing $80 a month.

Foreign investment proposals worth Rs.6.16 bn cleared

By IANS, New Delhi : A proposal from global hospitality major Accor to set up budget hotels in India is among the 28 foreign direct investment (FDI) proposals worth Rs.6.16 billion (Rs.616.08 crore/$119 million) cleared by the government, an official statement said Wednesday. Accor, which has 4,000 hotels across the world from economy to upscale, has made an investment of Rs.3.66 billion to develop and manage budget hotels under the name 'Formule 1'. Accor will invest up to 100 percent in an Indian company by subscribing to equity or fully convertible preference shares.

Pakistan’s per capita income rises to $1,027

By IANS, Islamabad : Pakistan's per capita income has risen to $1,027 in fiscal 2007-08 against $878 in the last financial year. The total size of Pakistan's economy went up to $170.8 billion in the fiscal that ends June 30 against $143.9 billion in the previous fiscal to register a growth of $26.9 billion, says a paper forwarded by the National Accounts Committee (NAC) to the Annual Plan Coordination Committee (APCC).

Pressmart forges alliance with Curtis Circulation

By IANS Hyderabad : Pressmart Media, India's premier digital delivery service provider for publishers, Tuesday said it has forged an alliance with the $1.5 billion American magazine distribution major Curtis Circulation Co. This alliance opens a big e-publishing business opportunity for Pressmart and will add significant strength to its US magazine digital publishing market expansion initiatives, said a statement issued by the company.

Maharashtra offers Tatas red carpet for Nano plant

By IANS, Mumbai : Maharashtra is ready to offer 'red carpet' treatment to the Tata Group if it wants to shift to the state its plant to manufacture Nano, the much-awaited Rs.100,000 family car, Chief Minister Vilasrao Deshmukh said Saturday. In a hurriedly convened media briefing at his residence Varsha Saturday morning, Deshmukh pointed out that the Tatas were facing problems at their plant in Singur, West Bengal, from where the Nano was expected to roll out.

India’s stem cell banking gets world approval

By IANS Chennai : The American Association of Blood Banks (AABB) has accredited LifeCell, a stem cell banking, research and therapy service provided in India by Asia CRYO-CELL Private Ltd. This global standard award strengthens India's position in the international healthcare services industry. The accreditation has been granted to the Chennai-based LifeCell, following an intensive onsite assessment of medical, technical and administrative performance within the facility.

Fuel supplies hit in Uttar Pradesh as 2,000 officers join strike

By IANS, Lucknow : Nearly 2,000 oil sector employees struck work in Uttar Pradesh Thursday, the second day of the nationwide strike called by officers of public sector oil companies. Fuel supplies to major oil terminals and depots of Indian Oil Corp and Bharat Petroleum Corp have been hit in many cities in the state, including Lucknow, Allahabad and Varanasi, traders said. The Oil Sector Officers Association (OSOA), representing nearly 45,000 employees in 14 organisations across the country, called for the strike, demanding higher wages.

Britain woos India as biotech research partner

By IANS Chennai : A team of senior British scientists is touring south India to meet R&D and private sector institutions and highlight their expertise in life sciences and stem cell research. The team has showcased Britain as an investment destination for hi-tech research and explored opportunities for collaboration and commercialisation of biotechnology with Indian companies.

Oil prices falling below US$93 on supply outlook; Venezuela disruption not seen as significant

By SPA Singapore : Oil prices fell Wednesday as traders overlooked Venezuela's halt of crude sales to Exxon Mobil and instead focused on forecasts for rising U.S. supplies and falling global demand, AP reported The state-run Petroleos de Venezuela SA, or PDVSA, said Tuesday it has halted crude sales to Exxon Mobil Corp., the world's biggest oil company, in response to its court bid to freeze billions of dollars in Venezuelan assets.

Oil marketing firms to upgrade grievance cells by Oct 2

By IANS, New Delhi : India's oil marketing companies will improve their grievance redressal systems by Oct 2 and commission toll-free numbers for filing complaints, it was decided Tuesday at the review meeting called by Petroleum Secretary R.S. Pandey. The meeting, a follow-up of the one chaired by Petroleum Minister Murli Deora Aug 19, was attended by IndianOil Corporation chairman Sarthak Behuria, petroleum ministry additional secretary S. Sundareshan, and the marketing directors and senior officers of the ministry.

Women driving car sales in South Korea

By DPA Seoul : Looking to improve sales, South Korean car sellers are adding amenities that will appeal to women - the purchasers of more than half of all new cars in the country. By marketing safety and convenience, the automakers are also often influencing the decision-maker when a couple ventures into a car dealership. "When a couple walks in for a new family car, we pay attention more to the wife, because we know the wife will make the final decision," said Park Joong-Woo, a salesman at a Honda dealer in Seoul.

Dunlop plans 10 MW captive power plant at Shahgunj

By IANS, Kolkata : City-based tyre manufacturer Dunlop India Ltd is planning a 10 MW captive power plant at its manufacturing unit at Shahgunj in West Bengal, a top company official said here Tuesday. "We are planning to set up a 10 MW power plant at the Shahgunj factory site on an approximate investment of Rs.500 million within the next one to one-and-a-half years," said Dunlop chairman Pawan Kumar Ruia during the company's annual general meeting. Ruia ventured into the tyre manufacturing in 2005 with the acquisition of Dunlop India Ltd and Falcon Tyres Ltd.

Joblessness in Spain will rise to 19.4 percent in 2010

By IANS/EFE, Madrid : The unemployment rate in Spain will rise to 19.4 percent this year and 19.7 percent in 2011, the country's central bank has said. Job creation will not start until the "final quarters" of 2011, the Banco de Espana said Tuesday in a report on the economic outlook for the country. The central bank's job creation forecast, however, differs from the one issued by the government, which expects news jobs to be created between late 2010 and early 2011.

From Mao to Potter: publishers vie for China’s new market

By DPA Beijing : With millions of readers offering a growing market for books, China's importance will not be overlooked at the Oct 10-14 Frankfurt Book Fair, which is set to have 160 Chinese exhibitors this year. When the English version of the latest Harry Potter story was released worldwide in July, Chinese bookshops were included in the global jamboree for the first time, reflecting the emergence of China as a major book market.

NLC contract workers’ strike to enter 4th day

By IANS Chennai : The contract labourers' strike at Neyveli Lignite Corp Ltd (NLC) is set to enter fourth day as no breakthrough was achieved at the conciliation meeting held at the regional labour commissioner's office here Monday afternoon. According to officials at the labour commissioner's office, the contractors' union and striking contract labour union, All India Trade Union Congress (AITUC), did not turn up for the meeting though the NLC management was present.

Sensex languishes in afternoon trade

By IANS, Mumbai : A benchmark index of Indian equities was ruling dull in highly range-bound trade Friday afternoon, although buying was seen in broader markets.

India, Africa should build ‘equitable global economy’: PM

BY IANS New Delhi : The first India-Africa Summit began Tuesday with a call from Prime Minister Manmohan Singh to work closely with Africa to build a "more equitable global economy and polity" and his announcement of preferential market access for least developed countries, 34 of which are in Africa. Under the duty free tariff preference scheme, India will unilaterally provide preferential market access for exports to all the 50 least developed countries. In addition, India has also decided to increase the line of credit to Africa from $2.15 billion to $9.7 billion.

United India Insurance to upgrade IT infrastructure

By IANS Chennai : India's second largest non-life insurer, United India Insurance Co Ltd, has chosen a Hewlett Packard-led consortium to implement a core insurance software solution and install necessary hardware. The project is worth Rs.1 billion ($25.3 million). "The new solution is expected to change the way in which we transact business. We will also connect all our 1,300 branches," said G. Srinivasan, chairman-cum-managing director of the company.

Indian markets open in the green

By IANS, Mumbai : Indian equities markets made a steady beginning Thursday, with a key index starting trade about 52 points higher than its last closing figure. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 11,358.06 points, higher than its 11,284.73-point close Wednesday. After about 10 minutes of trading, it was at 11,336.77 points, 0.46 percent or 52.04 points higher than its previous close. At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 3,506.85 points, 0.65 percent higher than its previous close of 3,484.15.

West Bengal Left Front crisis blows over

By IANS, Kolkata : Putting aside their differences, the constituents of West Bengal's ruling Left Front Sunday decided to renew the licence of German firm Metro Cash and Carry while the Forward Bloc withdrew its threat of boycotting the state secretariat on the issue. "We discussed the issue threadbare and openly. We have arrived at the unanimous decision that the state Agricultural Marketing Board will renew the licence of Metro Cash & Carry on Oct 10, but there will be some conditions attached," Left Front chairman Biman Bose said after the three-hour deliberations.

Apar Industries to buy Uniflex Cable

By IANS Ahmedabad : Vadodara-based Apar Industries Ltd will acquire 42 percent stake in publicly listed Uniflex Cables Ltd that has manufacturing plants in Gujarat. The deal, which would make Apar Industries the single largest shareholder in Uniflex, was approved at a board meeting of the company, Apar Industries informed the Bombay Stock Exchange Monday. This apart, the company will subscribe to 4 million warrants, which will increase its stake to 49 percent, making the deal worth above Rs.700 million. Uniflex Cables has been valued at an enterprise value of over Rs.1.6 billion.

HAL 34th among top 100 global defence firms

By IANS Bangalore : Aerospace major Hindustan Aeronautics Limited (HAL) has climbed 11 places to reach the 34th position in the list of top 100 defence companies in the world. The list, released by US-based Defence News magazine, saw HAL improving its position from 45th with Lockheed Martin, Boeing, BAe Systems, Northrop Grumman and Raytheon occupying the top five slots in that order. The ratings are based on a company's sales and turnover, and HAL's leap forward is being attributed to a series of upgrade programmes and new projects.

Sensex ends flat, broader markets outperform

By IANS, Mumbai : A benchmark index for Indian equities closed almost flat Friday in volatile but range-bound trade. Broader markets, however, continued to see robust buys. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,238.03 points, closed at 18,221.43 points, 16.88 points or 0.09 percent down from its previous close at 18,238.31 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.12 percent lower at 5,479.4 points.

Uttar Pradesh diesel dealers threaten to stop business

By IANS, Lucknow : Diesel dealers in Uttar Pradesh Saturday threatened to stop business if the state government did not withdraw an entry tax, imposed on them in September. The government imposed the entry tax ranging between Rs.1.81 and Rs.1.90 per litre (depending on the quality of the diesel) with effect from Sep 30. However, the dealers say they cannot afford to pay the tax since it is way beyond their profit margin.

Subhiksha targets 70 retail stores in Kerala

By IANS Mumbai : Supermarket chain Subhiksha Friday said it was entering Kerala with an outlay of Rs.500 million ($12 million) to start some 70 stores in the state. The decision follows successful operations in Delhi, Tamil Nadu, Karnataka, Andhra Pradesh, Gujarat, Maharashtra, Punjab, Haryana and Uttar Pradesh, Subhiksha said in a statement.

RBI Governor runs away from reporters

Gandhinagar: RBI Governor Urjit Patel on Wednesday fled from an army of journalists waiting to question him on demonetisation. Patel was at the Mahatma Mandir,...

Punjab National Bank cuts car loan rates by 50 basis points

By IANS, New Delhi : Public sector lender Punjab National Bank (PNB) has lowered interest rates for car loans by 50 basis points, effective from Sunday. "The interest rate on car loan would come down from 11-11.5 percent to 10.5-11 percent, with effect from March 1," PNB said in a statement Saturday. Earlier this month, the country's largest lender State Bank of India (SBI) announced that it would freeze interest rates for one year at 10 percent on car loans taken between Feb 23 and May 31.

Bankers, analysts surprised but welcome repo rate cut

By IANS, Mumbai/New Delhi : Surprised bankers, analysts and industry welcomed the central bank's cutting the repo rate by 100 basis points Monday, saying it was a positive step to bring financial stability in the system. The move, which takes immediate effect, came ahead of a monetary policy review Friday. "This is totally unexpected," said Development Credit Bank managing director and CEO, Gautam Vir. "I was expecting a cut of 50 bps in repo rate during the credit policy review this week."

Oil sector employees to go ahead with strike

By IANS, New Delhi : Oil sector strike seems set to go ahead from Wednesday, with both the government and employees of the public sector oil companies staying adamant on their respective positions. The Oil Sectors Officers Association (OSOA), representing around 45,000 public sector employees in 14 organisations, called for an indefinite strike from Wednesday demanding higher wages. The petroleum ministry has taken a tough stand, pointing out that various high courts have deemed a strike in the sector as "illegal".

BGR Energy Systems net profit up 17 percent

By IANS, Chennai : City-based engineering and infrastructure firm BGR Energy Systems has posted a net profit of Rs.20.23 crore for the quarter ended June 30 as against Rs.17.23 crore reported in the like period last year, a growth of 17 percent. The company's turnover during the period stood at Rs.311 crore as compared to Rs.306 crore in the April-June quarter last fiscal, BGR said in a statement. The company's order book position stands at Rs.10,881 crore comprising Rs.10,378 crore from the power sector, Rs.434 crore from oil and gas sector and Rs.69 crore of equipment business.

Raghuram Rajan’s call for coordinated global monetary policy a distant dream

By Vatsal Srivastava, RBI governor Raghuram Rajan has been constantly urging major central banks, particularly the US Federal Reserve, to keep in mind the spillover effects of their ultra loose monetary policies on emerging economies such as India. This column agrees that in a highly integrated global economy, the zero interest rate policy (ZIRP) era and Quantitative Easing (QE) measures undertaken my major central banks has affected India to a great extent. For example, apart from geopolitical tensions, QE has been a major factor which has held crude prices so high after the financial crisis. Thus, to some extent, importing higher energy costs can be attributed to India’s inflation woes in recent years.

Ramalinga Raju in Hyderabad, claims his lawyer

By IANS, Hyderabad : Beleaguered former Satyam Computer founder-chairman B. Ramalinga Raju is in this city and has no intention to avoid the process of law, his lawyer S. Bharat Kumar claimed Thursday. “My client B. Ramalinga Raju is very much available in Hyderabad. He denies reports appearing in a section of media that he is absconding or has fled from the country,” Kumar said in a statement. Kumar said Raju engaged his services to represent him in the legal matters pertaining to his statement to the Satyam board Wednesday.

Canada urged to ease business visas from India, China

By Gurmukh Singh, IANS, Toronto : Canada should reduce wait times for business visas from countries like India, China and Russia to boost trade with emerging economies, said a business report here Monday. In fact, imposition of visa requirements for foreign business people and delays in issuing them are hurting Canadian business prospects very badly, said the report by the independent think-tank Conference Board of Canada.

India-Bangladesh friendship train from next month

By IANS New Delhi : The friendship train between India and Bangladesh, called Maitree Express and linking Kolkata and Dhaka, will commence its run from the Bengali New Year Day April 14, Railway minister Lalu Prasad announced here Tuesday. "The Maitree Express will start operating between Kolkata and Dhaka to improve friendly relations between India and Bangaldesh," lalu prasad announced in the Lok Sabha, the lower house of parliament, while replying to the debate on the railway budget he presented last month.

Montek favours loans to students over university funding

By IANS New Delhi : Planning Commission Deputy Chairman Montek Singh Ahluwalia has favoured giving scholarships to students rather than funding universities. "I would favour switching over to scholarships to the students rather than funding universities and colleges. It can be done easily, and there would be very few defaulters," Ahluwalia said here Friday. He was speaking at the annual general meeting of the Federation of Indian Chambers of Commerce and Industry (Ficci).

Indians most optimistic about economy: Survey

By IANS, New Delhi : Amid a worldwide economic downturn, Indians have emerged as the most optimistic lot as people who think that their country will climb out of recession in the next 12 months, a survey said. "Despite the global economic recession, about 51 percent Indians, the highest in the world, seem to be quite confident of the economy picking up in the near future," said Sonia Pall, Executive Director in Consumer Research at The Nielsen Company, which conducted the survey.

Ratan Tata says efforts on to roll out Nano on schedule

By IANS, New Delhi : Tata Motors is doing everything possible to roll out the Nano as per schedule, company chairman Ratan Tata said during an automobile conclave here Thursday. However, Tata did not specify whether the Nano would roll out from the beleaguered Singur plant, or any of its other facilities elsewhere. The car is scheduled to roll out by October. When asked about by reporters whether customers could expect to buy a Nano from Singur in October, Tata said: "I am not the right person to comment on this. Ask others." He did not clarify who the "others" were.

Factsheet on the Tata group

By IANS New Delhi : A factsheet on the Tata group, India's largest private sector business conglomerate, founded by Jamsetji Tata in the mid 19th century: Past titans: Jamsetji Tata, Sir Dorab Tata, Sir Ratan Tata, J.R.D. Tata, Naval Tata Chief Executive: Ratan Naval Tata, 70 Headquarters: The landmark Bombay House in downtown Mumbai Promoter companies: Tata Sons and Tata Industries Shareholding: About 66 percent of equity capital of Tata Sons held by philanthropic trusts endowed by members of the Tata family

Equities end red, key index down 150 points

By IANS, Mumbai : Despite opening strong, Indian equities markets shed values once again Friday on weak global cues and a key index finished with losses of more than 150 points. Overnight US markets closed in the green but a key index of the New York Stock Exchange actually went even below Oct lows before bouncing back on short covering. Asian markets too were showing gains Friday morning when Indian markets opened.

Mamata will not be stopped, security up in Singur

By IANS, Kolkata : Trinamool Congress chief Mamata Banerjee would not be stopped from joining her party's indefinite sit-in demonstration in Singur Sunday against land acquisition for Tata Motors there, a top West Bengal official said here Saturday, even as security around the factory site was strengthened. "The Trinamool Congress chief will not be stopped on the way as she has promised to stage a peaceful demonstration in Singur. We hope she will keep her word and carry out her programme democratically," West Bengal Home Secretary Ashok Mohon Chakraborty told reporters.

Microsoft kicks off online services

By Xinhua Los Angeles : Faced with growing competition, Microsoft has kicked off its online services aimed at businesses with more than 5,000 employees. The programme launched Monday includes a web-based version of Outlook e-mail that is administered by Microsoft, which declined to provide prices. The move came as the threats to Microsoft's franchises multiply, market analysts said.

Indian equity market ends with marginal gains

By IANS, Mumbai : Boosted by the better than expected industrial growth data, the Indian equities market closed with a gain for the second consecutive day. The market started with a sharp cut due to weak global cues and the repo rate hike the central bank announced after trading hours Wednesday. It, however, staged a sharp recovery by the early afternoon due to the better Index of Industrial Production (IIP) data and continued to trade in positive zone till the end of the trading session.

Tata Teleservices CEO resigns

By IANSNew Delhi : Darryl Green has resigned as CEO of Tata Teleservices Ltd (TTSL), one of India's leading CDMA technology telecom service providers,...

Syndicate Bank net plunges 42 percent in Q3

By IANS, Bangalor: State-run Syndicate Bank reported net profit of Rs.206 crore for the third quarter of fiscal 2009-10 against Rs.356 crore in the same period last year, a dip of 42 percent over the last 12 months. In a regulatory filing Saturday, the Manipal-based bank said its total income for the quarter under review also declined marginally by three percent year-on-year (YoY) to Rs.2,677 crore from Rs.2,759 crore in the same period a year ago.

Emaar MGF plans India’s largest mall, Armani Hotel

By Aroonim Bhuyan, IANS

Dubai : Emaar MGF, the joint venture between the Dubai-based Emaar Properties and Delhi-based MGF, has committed $12 billion investment in India for residential and commercial projects and drawn up plans for what it claims will be the country's largest mall.

Pakistan government hikes petrol prices again

By Muhammad Najeeb, IANS, Islamabad : Pakistan's new government Thursday hiked petrol and diesel prices, for the second time since it took over March 30, triggering angry reactions from the people who said it would lead to a major increase in prices of commodities. The government increased prices of petroleum products by Rs.3 a litre for the next 15 days following a surge in international prices.

Haryana wants minimum support price for paddy hiked

By IANS, Chandigarh : Haryana Chief Minister Bhupinder Singh Hooda Saturday urged Prime Minister Manmohan Singh to hike the minimum support price (MSP) for paddy to at least Rs.1,200 per quintal from the already announced rate of Rs.850. In a letter to the prime minister, Hooda said the MSP for coarse variety of paddy should be RS.1,200 per quintal, Rs.1,300 for fine quality and Rs.1,400 for the super fine quality.

Gold breaches Rs.19,000 per 10 gm mark in India

By IANS, New Delhi : The retail price of gold for jewellery breached the Rs.19,000 mark for 10 gm for the first time ever in the national capital Tuesday on account of the surge in global spot and futures markets, but settled eventually at Rs.18,700. Even in the futures market, the yellow metal touched Rs.18,750 for July 10 delivery, up nearly 2 percent, as global investors made a beeline for bullion in the wake of the euro crisis that has made investments in sovereign securities risky, analysts said.

India’s engineers get a glimpse of factories of the future

By Papri Sri Raman, IANS Chennai : An international conference here explored how India's young engineers and scientists can team up to use latest technology advances and futuristic trends in manufacturing and set up what are seen as 'factories of the future'.

Promoters raise stake in Tube Investments

By IANS, Chennai : Promoters of the city-based Murugappa Group have increased their stake in their flagship company, the Rs.17.62-billion Tube Investments of India Ltd (TI), to a controlling 51.64 percent. The recently de-listed group outfit Parry Agro Industries also acquired TI shares in the open market to take its stake to 34.67 percent.

India second largest receiver of non-oil Omani exports

By IANS, Dubai : India was the second biggest receiver of non-oil exports from Oman in 2008, new figures have revealed. India imported 182 million Omani riyals (around $472.7 million) worth of non-oil commodities from that Gulf nation in the first eight months of 2008, according to statistics released by Oman's Ministry of National Economy. The United Arab Emirates (UAE) topped the list having imported 431.7 million Omani riyals (around $1.1 billion) worth of commodities during the same period.

FAQs on the oil strike

By IANS, Frequently asked questions on the oil employees' strike: Q: Who all are involved? A: Employees of 13 public sector energy companies, including majors such as Indian Oil Corp, Bharat Petroleum, Oil and Natural Gas Corp and GAIL India (previously Gas Authority of India Ltd). The Oil Sector Officers Association (OSOA) - the umbrella organisation representing 45,000 officers in 14 public sector oil and gas companies - called the strike from 6 a.m. Wednesday. 11,000 Hindustan Petroleum Corp officers have not joined the strike.

Sensex closes 119 points down

By IANS, Mumbai : Indian equity markets closed in the red Wednesday. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 15,030.21 points, touched a low of 15,013.06 before closing at 15,093.12. It went down by 119.01 points or 0.78 percent compared to its closingf figure Tuesday. The S&P CNX Nifty index of the National Stock Exchange, which opened at 4,548.05 points, closed at 4,529.05. It went down by 23.20 points or 0.51 percent from its previous close.

EU leaders agree to relax rules for banks to recover

By DPA, Paris : To help prop up their banking systems, European Union (EU) leaders have agreed to relax the requirements of the Stability and Growth Pact, which imposes rules on member states regarding their public spending. French President Nicolas Sarkozy, German Chancellor Angela Merkel, British Prime Minister Gordon Brown and Italian Prime Minister Silvio Berlusconi also called for an international conference of the 14 largest industrial nations to "rebuild the international finance system," as Sarkozy phrased it.

Gas from new Reliance fields from April: Deora

By IANS, New Delhi : Natural gas supplies from the Krishna-Godavari basin, off the Andhra Pradesh coast and awarded to Reliance Industries, will start from April with 40 million metric standard cubic metres per day, Petroleum Minister Murli Deora said Wednesday. Addressing the members of the parliamentary consultative committee attached to the oil ministry, Deora said the production will significantly address the country's demand for fuel, especially for domestic and transport sectors.

Obama announces new team to tackle economic crisis

By IANS, Chicago : US President-elect Barack Obama Monday named his team of economic advisers who would infuse "fresh thinking" to tackle the economic downturn. Timothy Geithner, the president of the New York Federal Reserve, is to be the next US treasury secretary. Lawrence Summers, a former treasury secretary, will be the new head of the White House's national economic council.

‘Occupy UGC’ movement in Delhi sees students detained, lathicharged

By Raqib Hameed Naik, TwoCircles.net New Delhi: The 'Occupy UGC' movement over the scrapping of non-National Eligibility Test (NET) fellowship...

IMF speeds emergency loans for cash-strapped governments

By DPA, Washington : The International Monetary Fund (IMF) Wednesday approved a new programme to provide emergency loans to countries facing serious cash shortages in the wake of the ongoing financial crisis. Countries with a "track record" of solid economic policies can now apply for three-month loans without the usual conditions attached, IMF Managing Director Dominique Strauss-Kahn said.

Tata Steel unveils new product targeted at SMEs

By IANS, New Delhi : Tata Steel Monday unveiled a new brand of its hot rolled products called "Tata Astrum" to meet demands in small and medium enterprises (SMEs).

Fuel price hike minimal burden on common man: Government

By IANS, New Delhi : The government Tuesday said the recent increase in fuel prices has translated into an additional burden of less than a rupee on cooking gas and 50 paisa on kerosene per day as an united opposition stalled parliament proceedings over the rising food inflation.

Indian government exits Maruti car venture with Suzuki

By IANS

New Delhi : The Indian government Thursday approved the sale of its residual stake of 10.27 percent in the country's largest carmaker Maruti Udyog Ltd. (MUL) in which Japanese carmaker Suzuki Motor Co. has a majority stake.

Reliance Globalcom enters into alliance with US firm

By IANS, Mumbai : The Anil Dhirubhai Ambani Group's Reliance Globalcom has entered into an alliance with New York-based Stealth Communications for expanding their voice-over-Internet protocol (VOIP) network across 50 countries. This agreement will allow Stealth Communications' voice peering fabric (VPF) to use Reliance Globalcom's 65,000-kilometre IP-enabled optic fibre network to carry its VOIP traffic.

Foreign direct investment rises 40.37 percent in August

By IANS, Mumbai : Despite a slowdown in the economy, India saw an impressive 40.37 percent jump in the flow of foreign direct investment (FDI) into the country in August over the same month last fiscal, latest data released by the central bank Tuesday showed. FDI inflow, which includes equity, project approvals by the government and the Reserve Bank of India, as well as reinvested earnings, was $3.27 billion in August compared to $2.33 billion in the like month last fiscal.

New board to monitor power projects soon: power minister

By IANS New Delhi : In an effort to ensure timely implementation of power projects in the country, a national board will be set up soon that will monitor their progress at all levels, Power Minister Sushilkumar Shinde said Thursday. "With 50,000 MW of power projects already under implementation, and the balance orders for 28,000 MW expected to be placed by year end, the target for next five years does not seem over-ambitious," Shinde told a power conference here.

Profit booking pulls down Sensex 249 points

By IANS, Mumbai : Profit booking further pulled down a key index of the Indian equities markets Monday afternoon, with the index ruling 249 points lower about an hour before the closing bell. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,153.21 points, was trading at 14,854.35 points - 249.2 points or 1.65 percent lower than Friday's close. Like the Sensex, the S&P CNX Nifty of the National Stock Exchange (NSE) too fell, shedding 2.39 percent from its last close to stand at 4,477.2 points.

Sensex falls 0.22 percent; Nifty slips below 6,000-points mark

By IANS, Mumbai : Indian equities market benchmark indices closed marginally down in a volatile session Wednesday due to last-hour profit booking in auto, oil and gas and banking stocks.

Lalu Prasad to present his fifth rail budget Tuesday

By IANS New Delhi : Railway Minister Lalu Prasad will present his ministry's budget for the next fiscal in the Lok Sabha Tuesday where the focus is expected to be on bringing new areas into the network without hiking passenger fares. This will be the fifth straight rail budget, both for Lalu Prasad and the United Progressive Alliance (UPA) government, after the financial transformation that was initiated on the previous four occasions.

Farmers gather in New Delhi to protest sugarcane prices

By IANS, New Delhi : Holding sugarcane stems and shouting slogans, hordes of farmers from Uttar Pradesh arrived in Delhi Thursday to voice their protest against the new sugarcane pricing policy announced by the central and state governments. The farmers rally, including protesters from the Rashtriya Lok Dal (RLD), Bhartiya Kisan Union Tikait and Rashtriya Kisan Mazdoor Sangathan, started at the Ramlila ground and will culminate at Jantar Mantar in central Delhi.

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.

Tension over Posco steel plant mounts in Orissa

By Jatindra Dash, IANS Bhubaneswar : The ongoing tussle between supporters and protestors of the proposed steel plant in Orissa by Posco-India, a subsidiary of South Korea's Pohang Iron and Steel Co, has taken a serious turn with the state government announcing that the project will be set up with police assistance. The world's fourth largest steel maker had signed a deal with the state government in June 2005 to build a $12-billion plant near Paradeep port in the coastal district of Jagatsinghpur, some 100 km from here, by 2016.

‘Hunger in Madhya Pradesh comparable to Ethiopia, Chad’

By IANS, New Delhi : A number of Indian states have "alarming" levels of hunger while the situation is "extremely alarming" in Madhya Pradesh, comparable to the African countries of Ethiopia and Chad, says a new report. According to the first-ever India State Hunger Index (ISHI), Madhya Pradesh has the most severe level of hunger in the country, followed by Jharkhand and Bihar. Punjab and Kerala scored the best on the index.

Allahabad Bank joins hands with Suzuki Motorcycle

By IANS, Kolkata : City-based public sector lender Allahabad Bank Monday signed an agreement with two-wheeler maker Suzuki Motorcycle India for financing of Suzuki two-wheelers under 'AllBank Mobike' scheme. Under the scheme, the bank will provide loans to two-wheeler buyers at discounted rates, Allahabad Bank chairman and managing director K.R. Kamath said. "This association with Suzuki Motorcycle will create enormous scope for the bank in the area of financing of motorcycles, increasing bank's retail credit portfolio and client base," he added.

Gold prices likely to restrict at Rs 17000 per 10 grams: Report

By IRNA, New Delhi : The Gold prices in India are expected to touch Rs 17,000 per 10 grams by August 2009, in the same way, silver prices would also climb to Rs 24,000 a kg by the same time. Since property, stocks, mutual funds, government securities and bonds are hardly offering attractive returns to investors due to meltdown in economy, investments in gold and silver would continue to grow and restrict at Rs.17,000 per 10 gm and Rs.24,000 a KG respectively by August 2009.

Kingfisher airlines cuts 300 jobs; to return surplus aircrafts

By NNN-PTI, New Delhi : In an effort to tide over rough weather that has gripped the aviation industry, Vijay Mallya-promoted Kingfisher Airlines is cutting 300 jobs, besides returning surplus aircrafts. "As part of a concerted company-wide effort aimed at minimising the impact of the ongoing turbulence faced by the aviation industry, Kingfisher Airlines has, over the last six months, embarked on a series of restructuring measures designed to achieve cost savings and rationalisation and operational efficiencies," a company spokesperson said.
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