US economy shrinks one percent in second quarter

By DPA, Washington: The US economy shrank at a one-percent annual rate in the second quarter of 2009, according to a preliminary estimate Friday by the US Commerce Department. The figure was better than economists expected and signals that the longest US recession since the Great Depression of the 1930s has slowed dramatically. But first-quarter gross domestic product (GDP) was revised down sharply to a 6.4-percent contraction, the worst three-month stretch in 27 years, from a 5.5-percent drop reported last month by the department's Bureau of Economic Analysis.

Niho to construct mall in Gujarat town

By IANS

Mumbai : Niho Construction Ltd, a real estate major from Delhi, will enter the western Indian market with the launch of a hospitality and retail mall in Jamnagar city of Gujarat.

Two mn litres of fuel to be available in Tamil Nadu

By IANS, Chennai : Two million litres of fuel will be supplied across Tamil Nadu to overcome the acute shortage of petrol and diesel in the state, a government official said Tuesday. The government said it was reviewing the shortage with the oil companies. Chief secretary L.K. Tripathy said two million litres of petrol and diesel would soon be available through oil stations in the state.

Bankers expect Mexico’s economy to grow 5 percent

By IANS/EFE, Acapulco (Mexico) : Mexico's economy, which contracted by 6.5 percent in 2009, will grow 5 percent this year, thanks to the solid recovery that is underway, a bankers' association said in a report. The drop in the value of the peso against the dollar and other currencies in 2009, combined with higher transportation costs and an increase in the cost of skilled labour, "have caused a large number of automakers and auto parts companies to reassign production of these products from other countries to Mexico", the Mexican Bankers Association, or ABM, said.

Maruti April sales increase by 22.37 percent

By IANS, Mumbai : The country's largest small car maker Maruti Suzuki India Ltd Thursday reported a 22.37 percent increase in domestic sales in April, at 59,539 units as compared with 48,652 units during the same month last year. Overall, 62,336 units were sold in April, including 2,797 units for exports, the company said in a filing to the Bombay Stock Exchange. The sales growth was on the back of robust sales in the A2 segment comprising the Alto, Wagon R, Zen Estillo and Swift, which together clocked 43,121 units as against 33,878 units in April last year, up 97.1 percent.

Russian company to explore gold in Myanmar

By Xinhua Yangon : A Russian company will conduct gold exploration in Myanmar's northernmost Kachin state and northwestern Sagaing division with the cooperation of Myanmar's mining authorities, the state-run New Light of Myanmar newspaper reported Saturday. An agreement was signed Friday between the Victorious Glory International Pvt Ltd of the Russian Federation and the Geological Survey and Mineral Exploration Department of the Myanmar Ministry of Mines in the new capital of Nay Pyi Taw.

Captain Gopinath chronicles Air Deccan journey

By IANS, New Delhi: Captain Gopinath, the founder of low-cost carrier Air Deccan which revolutionised India's aviation sector, Tuesday launched his book titled "Simply Fly" which talks about his life and the making of the private airline. At a launch Gopinath said he went through a difficult phase when he faced corruption at all levels in the government to start the private airline. "But there were good and honest people also who helped me to make my dream possible, where everybody could afford to travel by air," he said.

Oil producers tell Modi what went wrong

By Biswajit Choudhury, New Delhi : India's top hydrocarbon producers, under the banner of the Association of Oil and Gas Operators (AOGO), have written to...

Voltas net up 63 percent

By IANS, Mumbai : Tata Group promoted Voltas Ltd has announced a consolidated net profit after tax of $21.2 million (Rs.851.30 million) during the first quarter of fiscal year 2008, recording a growth of 63 percent over the corresponding period last year. The company had recorded a figure of $13.04 million in the first quarter last year. For the latest quarter ending June, the total income increased to $258.89 million (Rs. 10.35 billion) from $208.34 million (Rs.83.33 billion) in the corresponding quarter last year, an increase of 22 percent.

Jai Balaji to set up integrated steel plant in Bengal

By IANS Kolkata : Jai Balaji Industries Ltd, the largest steel group in West Bengal, Thursday signed a memorandum of agreement with West Bengal Industrial Development Corporation to set up a five million tonnes capacity steel plant and 1,215 MW power plant at Raghunathpur in Purulia district. The company will invest Rs.160 billion to set up the integrated steel plant, along with a captive power plant and a cement plant in the same complex.

Italy’s Novellini to invest in $2.8 mn in Indian market

By IANS, Ahmedabad : Italian premium wellness brand Novellini will pump in 2 million euros (Rs.133 million/$2.8 million) over the next three years to market its product range in India, its chief executive and co-owner Marco Novellini said here Monday. Novellini has tied up with the city-based Cera Sanitaryware to market its products such as shower enclosures, steam cubicles and hydro massage bath tubs in India. The companies will jointly open exclusive showrooms across the country to sell these products, Novellini told reporters after opening such a showroom here.

Sensex ends 69 points lower

By IANS, Mumbai : A benchmark index for Indian equities ended a choppy day of trade Friday with a 69 point loss, with FMCG, IT, telecom and banking stocks declining. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,444.24 points, closed at 18,385.8 points (provisional), 69.14 points or 0.37 percent down from its previous close at 18,454.94 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.22 percent lower at 5,528.2 points.

Spain’s trade deficit decreases

By IANS, Madrid: Spain's trade deficit fell by 20.9 percent between July 2011 and July 2012, authorities said.

Tamil Nadu trawler fishermen seek other work

By IANS Chennai : A UN-supported workshop on fishing in Tamil Nadu's over-exploited 1,000-km coastline found that nearly a quarter of the trawler fishermen of the Palk Bay are ready to take up alternative work. Participants, including government officials, international experts, NGOs and fishing community leaders, voiced concern that "inefficient and destructive fishing is on the rise" and said there was urgent need for regulations.

Cuba may seek foreign investment in strategic sectors

By IANS

Havana : Cuba is considering bolstering the participation of foreign investors in sectors crucial to the island's economic development.

CPI-M wants new grain given to states at old prices

By IANS, New Delhi : The Communist Party of India-Marxist (CPI-M) has asked the central government to ensure that the additional grain allocated to states is at the same price presently charged under the public distribution system. The party, which has slammed the government for the spurt in food prices, has taken exception to the federal cabinet's decision to charge a higher price on the additional 10 kg allocated to each family under the targeted public distribution system.

Bank of Baroda to expand operations in New Zealand

By Amandeep Kaur, IANS, Hamilton (New Zealand) : Bank of Baroda is all set to expand its banking operations in New Zealand, an official said.

Equities markets turn choppy in early trade

By IANS, Mumbai : The Indian equities markets that opened with a positive gap Wednesday turned choppy in initial trade. Power, auto, metal and capital goods sectors were under selling pressure. The 30-share sensitive index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 83.03 points at 16,358.62. Fifteen minutes into trading, it was at 16,335.92 points. At the same time the S&P Nifty index of the National Stock Exchange was trading at 4,856.85 points with a loss of 2.95 points or 0.06 percent from its previous close. The Nifty had opened with a marginal gain.

Jet Airways to launch daily Muscat-Mumbai flights

By IANS Dubai : India's leading private airline Jet Airways will launch daily flights between Oman's capital Muscat and Mumbai effective April 22. Jet's Oman country manager Jay David told the Oman Tribune that the airline would operate Boeing 737-800 aircraft on the sector with 24 seats in business class and 120 in economy. Flights will depart Muscat at 50 minutes after midnight and arrive in Mumbai at 5:05 a.m. IST. The return flight will depart Mumbai at 10:30 p.m. IST and arrive in Muscat a minute before midnight, according to the report.

Air India Express expands Gulf operations

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

India’s exports up 21.7 percent in three quarters

By IANS New Delhi : India's merchandise exports were up 21.7 percent during the first three quarters of fiscal 2007-08, growing to $111.05 billion from $91.20 billion in the corresponding period of last fiscal. Official trade data released Friday, however, showed that in rupee terms the growth was significantly lower at 7.74 percent during the period under review, indicating the sharp appreciation of the Indian currency this fiscal.

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

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

Jharkhand reduces sales tax on diesel, subsidises cooking gas

By IANS, Ranchi : The Jharkhand government Saturday reduced sales tax on diesel by 3.5 percent and announced a Rs.40 subsidy per cooking gas (LPG) cylinder. The decision follows a meeting Chief Minister Madhu Koda had with deputy chief ministers Sudhir Mahto and Stephen Marandi Friday night. Diesel will be now be available at Rs.35.66 a litre instead of Rs.36.76, while one LPG cylinder will cost Rs.316.75, as against Rs.356.75 following the central government price hikes announced Wednesday.

Top Indian industrialists to tee off in Kashmir

By IANS

Srinagar : A delegation of 100 top Indian industrialists will visit Srinagar in September and play golf to send the message that Jammu and Kashmir is now safe for investors too.

The delegation organised by the Associated Chambers of Commerce and Industry of India (Assocham) will be led by Venugopal N. Dhoot, president of the trade body and head of the Videocon group.

HSBC axes 450 Hong Kong staff

By DPA, Hong Kong : Banking giant HSBC axed 450 jobs in Hong Kong Monday because of the impact of the global financial crisis, a government-run radio station reported. The bank blamed the cuts among the 20,000-strong Hong Kong workforce on the deteriorating global economy and a pessimistic outlook for 2009, according to Radio Television Hong Kong. Both front and back office staff have been affected by the job cuts, the radio station said.

Intel India builds Centrino mobile platform for global market

Bangalore, May 17 (IANS) Intel India Development Centre (IIDC) of the world's largest chipmaker, Intel Inc, has played a major role in designing, developing, testing and validating the Centrino mobile platform for the consumer and enterprise markets worldwide. "The mobility group of the IIDC was involved in the development of the Centrino mobile platform, contributing about 70-80 percent of the new processor. Our development centres in Israel and the US chipped in to fabricate the chipsets for OEMs and ODMs," Intel India mobility group director Sandeep Shah told reporters here Thursday.

TCS plans new centres in Abu Dhabi, Egypt, Oman

By IANS, Dubai : Leading Indian IT services provider Tata Consultancy Services (TCS) is planning to open new centres in the United Arab Emirates (UAE) capital Abu Dhabi, Egypt and Oman in order to focus more on the Middle East and North Africa (MENA) market. "MENA has been active in the last couple of years as the infrastructure, energy, utility and alternative sources of energy are showing strong growth and there are robust opportunities for further growth," TCS chief executive and managing director S. Ramadorai told the Gulf News newspaper.

Flawless Diamond bags Rs.380 mn export order

By IANS Mumbai : Flawless Diamond India Ltd has bagged an export order of precious stones to the tune of Rs.380 million ($9.5 million) from Madrid Impex based in Dubai's free export zone. The company had recently launched a new series of designer diamonds, under the name AUM. This new series, according to the company's communication to the Bombay Stock Exchange (BSE) Thursday, has attracted a lot of attention in overseas markets. Company secretary Prem Kumar Uppal told IANS that the export order has to be executed within a span of three months.

China to regulate online equity financing

Beijing : China's securities regulator will soon begin inspecting online equity financing platforms to address risks brought by illegal activities and help the platforms...

Indian primary market growth to fall by 50 percent

By IANS, New Delhi : The growth of the Indian primary market will halve from the 20 percent registered during 2007-08, to 8-10 percent in the remaining period of the current fiscal because of adverse market sentiments, an industry lobby said Monday. According to the Associated Chambers of Commerce and Industry of India (Assocham), both retail investors and financial institutions including foreign institutions (FIIs), are gradually withdrawing from initial public offerings (IPOs).

Bengal to ask Tata Motors to return Singur land

By IANS, Kolkata: The West Bengal government is in talks with Tata Motors for getting back the land leased to the automobile major for its Nano small car project in Hooghly district's Singur, officials said Saturday. "They have taken the land on lease from us for a specific project, but as it will not come up over there, we have to think of alternate projects on the plot," state Chief Secretary Ashok Mohan Chakraborty told reporters at the state secretariat Writers' Buildings.

Farmers enter world of carbon trading through biogas use

By Jeevan Mathew Kurian, IANS, Kochi : Global warming has added a new commodity to the Kerala farmers' basket - a virtual commodity called carbon credit - thanks to their use of biogas. The carbon credits, earned by around 16,000 farmers for their contribution towards controlling emission of greenhouse gases, are being traded now at Chicago Climate Exchange (CCX) providing them a small amount annually. It was an NGO, Anthyodaya, which pioneered the idea of carbon credit for farmers in the state.

LPG prices fall in Pakistan

By IANS, Islamabad : The prices of liquefied petroleum gas (LPG) fell by about Rs.3 to about Rs.128 per kilogram in the country.

Bus manufacturing plant commissioned in Telangana

Hyderabad: Telangana Chief Minister K. Chandrasekhar Rao on Saturday inaugurated a Rs.300 crore bus manufacturing plant near here. Set up by Deccan Auto Limited, it...

Jet Airways gets brand new aircraft

By IANS, New Delhi : India's largest private air carrier Jet Airways took delivery of a new Airbus 330-200 Wednesday and said that it plans to employ the aircraft to fly to new destinations. Naresh Goyal, chairman of Jet Airways, in a statement here said: "The Airbus 330-200 aircraft delivered Wednesday would have 220 seats and has low operating costs." The plane is the seventh new aircraft inducted by Jet Airways in the last one year. The airlines had earlier ordered 15 new aircrafts. The company said the new fleet would be part of its expansion plan for Europe and West Asia.

Race hots up for next NTPC chairman

By IANS New Delhi : The race for the top post in power utility major NTPC Ltd is hotting up, with incumbent head T. Sankaralingam set to retire April 30 next year after the government refused to extend his tenure. The Public Enterprises Selection Board (PSEB), the government agency in charge of selecting the person for the job, is currently in the process of conducting preliminary interviews to short-list candidates.

OPEC oil price dips below $50

By DPA, Vienna : The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell to $49.94 Wednesday, reaching yet another record low for this year. One barrel (159 litres) of OPEC crude was priced $2.30 dollars lower than Tuesday, the Vienna-based cartel said Thursday. Oil prices fell as markets reacted to plans in the United States to shift some of its economic rescue package to consumer debts, away from buying up bad mortgage assets from finance firms, analysts at JBC Energy said in Vienna.

LIC policyholders likely to see their bonuses diminish

By Venkatachari Jagannathan, IANS, Chennai : Life Insurance Corp of India (LIC) policyholders have to brace up for a cut in bonuses as the insurer's surplus could take a hit of around Rs.80 billion (Rs.8,000 crore/$1.60 billion) if the Indian government hikes its share in the surplus to 10 percent. Currently, LIC divides its surplus between policyholders and the government in the ratio of 95:5, a formula once applicable to Oriental Assurance Co - a private life insurer that was nationalised in 1956.

Singur meeting postponed on West Bengal government’s request

By IANS, Kolkata : With the standoff over the Tata Motors' factory in Singur still stalling work, talks between the West Bengal government and the opposition Trinamool Congress-led farmers body to resolve the issue was deferred till 4 p.m. Friday following a request by the state's ruling alliance. The ruling Left Front led by Industries Minister Nirupam Sen and the Trinamool Congress delegation led by Partha Chattopadhyaya, who is the leader of the opposition in the state assembly, met Governor Gopalkrishna Gandhi, who will chair the meeting at the Council Chamber of the Raj Bhavan.

New trend in jewellery industry attracting Muslim consumers

By Ziaulla Nomani, India is the world's second largest single consumer of gold after China. The consumption of gold in India is about 50% in jewelry, 40% in investments, and 10% in industry.

Tripura exports tea for the first time

By Sujit Chakraborty Agartala, (IANS) The 90-year-old tea industry in Tripura has created history of sorts by exporting the beverage for the first time. "We recently exported 58,000 kg of tea named Jewel Tips to Iran and also got orders from Russia as well. This is the first time ever that Tripura's tea has been exported," said D.C. Das, manager of the Manu Valley Tea Estate. The first lot of tea exported from Tripura to Iran was grown in the Manu Valley gardens, which has seven plantations in the state.

Europe to buy groundnut oil from India

By IANS Ahmedabad : Year 2008 has dawned on a cheerful note for Gujarat's edible oil industry, with Europe again importing groundnut oil from India. The first beneficiary is city-based Gujarat Ambuja Exports Ltd (GAEL), an agro-process company, which celebrated the new year with fresh export orders worth Rs.2 billion ($50 million) for groundnut oil. This is the second time India will be exporting groundnut oil to European destinations, said Kaushik Khona, chief financial officer of the company.

Mahindra ropes in Deutsche Bank for Jaipur economic zone

By Nayanima Basu, IANS Jaipur : Mahindra and Mahindra's $3-billion special economic zone coming up near Jaipur has roped in Deutsche Bank for a 200,000 sq ft offshore facility, a top official of the company said here Friday. "Deutsche Bank is setting up their 200,000 sq ft facility at our special economic zone. They will start their operations by June 1 next year," Arun Nanda, executive director of Mahindra and Mahindra, said.

Global financial crisis creates development emergency

By Anindita Ramaswamy, DPA, Washington : The widening global financial crisis has created a development emergency, preventing many countries from achieving targets on reducing hunger, child mortality and major diseases, the International Monetary Fund (IMF)and World Bank have warned in a report. The Global Monitoring Report, released Friday on the eve of IMF and World Bank spring meetings in Washington, said it was unlikely that the eight Millennium Development Goals (MDGs), an ambitious programme adopted by governments in 2000, would be met by the target year of 2015.

Noida grows, but poor infrastructure, closure of industries haunt

By IANS, Noida : Despite being a virtual extension of India's national capital, this industrial hub, software centre and leisure destination still laments over poor power supply and roads, making the hunger for such essentials as well as the closure of industries major election planks. Close to 10,000 industrial units dot this city, technically in Uttar Pradesh but bordering New Delhi. Just a fourth of them function. Rising crime and poor infrastructure have only fanned the angst of the 250,000-strong electorate.

Buddhadeb woos farmers, harps on industry

By IANS Kolkata : Sharpening his attack on the "retrograde" opposition stymieing the progress of West Bengal, Chief Minister Buddhadeb Bhattacharya Sunday said the state still has a lot to achieve in agriculture and big industries are as important to provide employment to thousands of educated youths seeking jobs.

Singapore best for business, Azerbaijan leads reformers: World Bank

By DPA, Washington : Azerbaijan made more pro-business reforms than any other country over the last year, while Singapore remains the best place in the world to run a business, the World Bank said Wednesday. Azerbaijan helped Eastern Europe and the former Soviet republics of Central Asia make more progress than any other region - more than 90 percent of countries made improvements that made it easier to run a business. Africa was another bright spot, implementing the most regulatory reforms since the World Bank's Doing Business survey began six years ago.

Qatar, China sign several economic agreements

By NNN-KUNA, Doha : Qatar and China have signed here several economic agreements to boost cooperation in the oil and investment sectors as well relating to the employment of Chinese workers in Qatar. The deals were signed by visiting Chinese Vice President Xi Jinping and Qatar Crown Prince Sheikh Tamim bin Hamad Al-Thani Monday. China and Qatar agreed on the construction of a new oil refinery and plant to manufacture petrochemical products in China.

US stocks rally as gold surges

By DPA Washington : US stocks rallied Thursday and gold reached $1,000 per ounce as analysts predicted that write downs related to sub-prime loans were nearing an end. Financial shares were helped by a Standard and Poor's prediction that banks had nearly finished their write downs on securities tied to the loans to borrowers with poor credit that have helped push up defaults and hurt the US economy, Bloomberg financial news reported.

Sensex up 228 points in morning trade

By IANS, Mumbai : A benchmark index for Indian equities started the week in the green, rising 228 points during morning trade. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) Monday opened at 16,494.61 points, and about 90 minutes later was ruling at 16,674.27 points, 228.66 points or 1.39 percent up from its previous close at 16,445.61 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,996.45 points, up 1.32 percent from its previous close.

Venus Remedies gets nod for latest antibiotic drug

By IANS Mumbai : The Drug Controller General of India (DCGI) has given a green signal to Punjab-based Venus Remedies Ltd for the launch of its latest antibiotic drug, which it says has a $2.5-billion global market. Announcing this here, the company in its statement said that this drug is used in the life threatening infections caused in cystic fibrosis, a disease that affects the lungs and the digestive system.

NTPC to build power plant in Uttar Pradesh

By IANS New Delhi : India's power generation major NTPC Ltd and state utility Uttar Pradesh Rajya Utpadan Nigam Ltd (UPRUNL) will together set up a 1,320 MW capacity coal-based power plant at Meja near Allahabad in Uttar Pradesh, the company said Thursday. "The company and UPRVUNL have signed a joint venture (JV) agreement for implementing a 1,320 MW coal-based thermal power plant at Meja," NTPC said in a statement Thursday. Both partners will have 50 percent equity in the proposed JV, the statement said.

Value-buying sends Sensex, broader indices soaring

By IANS, Mumbai : Benchmark indices for Indian equities markets Friday shot up smartly as traders bought stocks which were battered for a majority of the week.

Yes Bank to invest Rs.5,000 crore in education infrastructure

By IANS, Kolkata : Yes Bank is planning to raise its investment in the educational infrastructure sector 10 times to Rs.5,000 crore by 2015, a top official said here Saturday.

Stock markets, rupee scale record highs

By IANS Mumbai : Indian shares jumped to a new high Wednesday with Sensex surging past the 16,000 mark buoyed by a positive global trend in the backdrop of a larger than expected interest rate cut overnight by the US federal reserve. The Indian rupee also hit a nine-year high following the rate cut, increasing investor appetite for enhancing increasing assets. The rupee closed at 40.20 per dollar.

Brazil’s coffee exports fall 15 percent

By IANS/EFE, Sao Paulo : Brazil's coffee exports fell 15 percent in volume terms in February, compared to the same month in 2009, the exporters council, known as Cecafe, said. The report released by Cecafe Monday shows that nearly 2.23 million sacks, worth $361 million, were exported last month. The figures were affected by the crop's two-year cycle, which yielded smaller production numbers than in the previous year, Cecafe said. Brazil's main export markets are Germany, which buys nearly 1 million sacks annually, and the US, which purchases just under 800,000 sacks.

Italian brand Diesel enters India with two stores

By IANS, Mumbai : After months of buzz, Italian lifestyle brand Diesel has entered the Indian market with two stores stacked with apparels, accessories, footwear, fragrances and shades here. "I have always admired Indian people, they are very passionate about what they do and they have an innate fashion taste...We are very excited to be here," said Renzo Rosso, president and founder of Diesel, at the launch of the stores Wednesday. Diesel has partnered with Reliance Brands, a part of the Reliance Industries group.

ADB To Discuss Asian Response To Economic Crisis

By Bernama, MANILA : The Asian Development Bank (ADB) on Tuesday said it will hold its 42nd annual meeting early May in the Indonesian tourist island of Bali to discuss issues such as the Asian response to the global financial crisis, climate change and regional integration, China's Xinhua news agency reported. Around 3,000 delegates including government leaders, central bank governors and finance ministers as well as representatives from academia, the media and civil society groups are expected to attend the four-day gathering starting from May 2.

Over Rs.9 bn sanctioned for leather industry development

By IANS, New Delhi : The government Thursday sanctioned over Rs.9.12 billion for implementing the Indian Leather Development Programme (ILDP). A cabinet meeting chaired by Prime Minister Manmohan Singh sanctioned the amount to be spent during the 11th Plan period or 2007-12. "The scheme will lead to the development of infrastructure for the leather sector, and will address environment concerns specific to the industry," Minister for Information and Broadcasting Priya Ranjan Dasmunsi told reporters after the meeting.

Sensex trades in tight range, broader markets gain

By IANS, Mumbai : Jan A benchmark index for an Indian equities market Wednesday was trading in a tight range even as broader markets saw moderate buying activiy.

Foograin output to be 250 million tonnes: Mukherjee

By IANS, New Delhi : India is expected to produce more than 250 million tonnes of foodgrain this fiscal, President Pranab Mukherjee said Thursday.

Murjani group to close down all Build-A-Bear Workshops

By IANS New Delhi : Mumbai-based Murjani group, a leading global brand development firm, which owns the franchise for the US-based company Build-A-Bear Workshop is set to close all its retail-entertainments stores that sell customised stuffed toys.

Courier company fined for poor service

By IANS New Delhi : A courier company has been fined Rs.150,000 for poor service after it lost a package containing share certificates of a consumer in Kerala. The National Consumer Disputes Redressal Commission fined Blaze Flash Couriers Pvt Ltd, Kozhikode, after it failed to courier the packet to the destination, causing loss to the consumer. Rohit Poladiya, partner at Mahavir Enterprises, Kozhikode, sent a package containing share certificates March 7, 1992, to be delivered at Mumbai through the courier firm.

Officials, NGOs welcome more money to save tigers

By IANS New Delhi/Nagpur : Conservationists and wildlife department officials across India have welcomed Finance Minister P. Chidambaram's announcement Friday to allocate Rs.500 million to help the critically endangered tiger. "We welcome this announcement by the minister, though the government has already committed to us Rs.6 billion in the 11th Five Year Plan (2007-2012) for tiger conservation," Rajesh Gopal, director of the National Tiger Conservation Authority (NTCA) told IANS.

Duvvuri Subbarao next Reserve Bank Governor

By IANS, New Delhi : Finance Secretary Duvvuri Subbarao has been named as the next Governor of the central Reserve Bank of India (RBI), it was announced here Monday. An alumnus of the Massachusetts Institute of Technology, Subbarao takes over from incumbent Y.V. Reddy Friday. The announcement was made by Finance Minister P. Chidambaram amidst speculation that Reddy may be given a three-year extension. The present Deputy Governor of Reserve Bank Rakesh Mohan was also a strong contender for the post.

SISL to offer technology training in Saudi Arabia

By IANS

Chennai : Sundaram Infotech Solutions Ltd (SISL), the software development and implementation arm of Sundaram Finance, has negotiated a deal with Microsoft for Axapta ERP training in Saudi Arabia.

Bangalore software firm opens subsidiary in Dubai

By IANS, Bangalore : The city-based IT solutions firm Sonata Software has set up a wholly-owned subsidiary at Dubai Internet City in the United Arab Emirates (UAE) as its regional hub for expanding its presence in the Middle East and Africa, the company said Wednesday. "Operating from the Dubai Internet City free zone, we will provide value-based IT solutions and strengthen our presence in the region by targetting market segments such as travel, tourism, hospitality and construction industry," Sonata managing director B. Ramaswamy said in a statement here.

Hyderabad metro rail project cost revised by Rs 3000 crore

By Mohammed Siddique, TwoCircles.net, Hyderabad : The central government has increased the estimated cost of the Hyderabad Metro rail project by nearly Rs 2000 crore. The union urban development minister S Jaipal Reddy said that the cost has gone up from Rs 9900 crore to Rs 11800 crores.

Haryana lures NRIs with industrial land reservation

By Jaideep Sarin, IANS Chandigarh : Having taken foreign investors into confidence, Haryana is now moving to woo NRIs to put in money in the state. Chief Minister Bhupinder Singh Hooda has announced that his government has reserved 10 percent of plots in all its industrial estates for NRIs. "We have reserved 10 percent of industrial plots in all industrial estates for allotment to NRIs and foreign direct investment (FDI) projects so that non-resident Indians can play a key role in accelerating the pace of development in the state," Hooda said here.

India for greater IMF watch on major economies

By Arun Kumar, IANS, Washington : India has asked the International Monetary Fund (IMF) to refocus and strengthen its traditional surveillance and lending functions as part of efforts to resolve the global financial crisis with the spotlight on important bigger countries. "The twin crises - in the financial markets and the commodity price increases - bring to the fore the role of the Fund," Finance Minister P. Chidambaram told the International Monetary and Financial Committee Meeting here Saturday.

Platinum gaining popularity in India, slowly but steadily

By Aparajita Gupta, IANS, Kolkata : Platinum jewellery is slowly but steadily carving a niche market among Indians, who have so far been known for their craving for gold. "For platinum, India is an established market, particularly the southern region, where Chennai and Bangalore are the two most important markets. There are around 300 stores at present in India which keep platinum jewellery," Vaishali Banerjee, Manager-India of Platinum Guild India Pvt. Ltd, told IANS.

Better global governance needed in 2009: WEF

By IANS, London : China will experience a hard landing, rich and poor nations will fight over climate change and gaps will open up in global governance in 2009, the World Economic Forum warned in a gloomy report released Tuesday. Global Risks 2009 also identifies deteriorating fiscal positions and issues relating to natural resources and climate as among pivotal risks facing the world this year. “Global risks require a multistakeholder response and cannot be appropriately tackled in isolation,” said Sheana Tambourgi, Director and Head of the Global Risk Network at the WEF.

Infosys’ ‘other income’ zooms nearly five times

By IANS, Mysore : IT bellwether Infosys Technologies Tuesday reported a record jump of 478 percent in "other income" to Rs.231 crore (Rs.2.31 billion/$51 million) in third quarter this fiscal from Rs.40 crore in the same period a year ago. As a result, the global software major's cash reserves, including investments in liquid mutual funds, has increased to Rs.14,449 crore in the quarter under review (Q3) from Rs.9,488 crore in the same quarter a year ago (FY 2008-09).

India’s inflation at 45-month high of 8.24 percent

By IANS, New Delhi : India's annual rate of inflation continued its upward climb and stood at its steepest level since August 2004 at 8.24 percent for the week ended May 24, against 8.1 percent for the previous week. Since the data on wholesale price index released Friday pertained to the week ended May 24, the inflation rate does not reflect the steep hike in prices of transport and cooking fuel announced Wednesday. This is expected to add around 100 basis points to the inflation rate.

Controlling inflation a priority: Chidambaram

By IANS New Delhi : Amid disruption from the opposition, Finance Minister P. Chidambaram said while presenting the annual budget in the Lok Sabha Friday that "checking inflation was a priority of the government". It was his fifth consecutive annual budget as the United Progressive Alliance government's finance minister, a "rare honour" he said he shared with Prime Minister Manmohan Singh.

Sensex falls 459 points

By IANS, Mumbai : A benchmark index for Indian equities plunged more than 459 points in afternoon trade, dragged by selling in the ICICI Bank stock, and in tandem with falling world bourses. Negative global cues also weighed heavily on Indian markets, after Germany announced tighter financial regulations, banning short selling government bonds and financial institutions, which fanned concern that global economic recovery may be derailed.

Fiscal committee chairman says intervention in Dubai World planned

By IANS, Dubai : Sheikh Ahmed bin Saeed Al-Maktoum, chairman of the Supreme Fiscal Committee of the Dubai government, has said that the committee's decision to intervene in Dubai World is well-thought and planned, WAM news agency reported.

US distrust triggers Pakistan stocks sell-off

By DPA, Karachi : Foreign investors and local institutions dumped Pakistani stocks Thursday, prompted by strong US statements against the country's top intelligence agency for its alleged support to Islamic militants, traders said. The benchmark KSE-100 Index of the Karachi Stock Exchange dropped by around 2.5 percent or 269 points to close at 10,583, as nervous foreign investors sold portfolios worth more than $8.7 million and domestic institutions also adopted a cautious approach.

Revise specific duties on textiles: Economic Survey

By IANS, New Delhi : India's Economic Survey for 2008-09, tabled in parliament Thursday, called for revising specific custom duties on the textiles sector to ensure that they match ad valorem tax rates. "Specific duties are intrinsically more opaque than ad valorem tariffs, tending to conceal high ad valorem equivalents. Reduce these gradually so that they do not exceed 30 percent ad valorem," the survey said. Ad-valorem tax rates are a proportion of the value of product and hence rises automatically when the value of a product goes up.

Turkey to offer full stake to foreign companies

By IANS Mumbai : Turkey is planning to introduce investment-friendly structural changes in its policies that will allow foreign companies to operate as local companies with full control. "Presently, the television news industry is the only sector in which the limit has been capped at 25 percent for foreign holdings. However, in most sectors we will bring about a total change, permitting foreign companies to operate as local companies," Turkey's Foreign Minister Ali Babacan told IANS here late Wednesday night.

World Bank reluctant to involve India in helping Africa

By IANS New Delhi : The World Bank appears reluctant to involve India in the International Development Association (IDA) in helping out countries like Libera in Africa. "On the one hand I welcome the participation of developing countries like India. But then there are nearly the same number of poor people in Africa as in India," World Bank President Robert B. Zoellick told reporters after meeting Prime Minister Manmohan Singh Saturday. He had been asked about India's role in helping out poorer nations of Africa.

Government will borrow Rs.460 bn by late March

By IANS, New Delhi : With the economic crisis taking a toll on the Indian economy, the government plans to borrow Rs.460 billion (about $9.45 billion) by late March from the market, a senior finance ministry official said Tuesday. "We already had discussions with the Reserve Bank of India (RBI). The borrowing will be between Feb 20 and March 20 to the order of Rs.46,000 crore," Department of Economic Affairs Secretary Ashok Chawla told reporters after meeting RBI Deputy Governor Shyamala Gopinath. He said the extra borrowing would be done in four tranches.

IVRCL Infrastructures bags orders worth Rs.7.5 bn

By IANS, New Delhi : Hyderabad-based IVRCL Infrastructures and Projects Ltd (IVRCL) Tuesday said its buildings and industrial structures division has bagged construction orders worth Rs.7.46-billion (Rs.746.26 crore) from various companies. In a statement, the company said it has received a turnkey order valued at Rs.5.50 billion (Rs.550.28 crore) to develop group housing from Hyderabad-based A.P. Cine Workers Co-operative Society.

SEZ Act not justified, says eco activist

New Delhi, Nov 5 (IANS) The Special Economic Zone (SEZ) Act of 2005 has no justification, as developed countries such as the US and Japan achieved growth without resorting to the growth of SEZs, environmental campaigner Vandana Shiva said here Monday. "There is no justification for the SEZ Act. Western European countries, the US, Japan and many other developing countries achieved growth without such a draconian, thoughtless and pro-corporate-capital legislation," Shiva said.

Nano’s ancillary units stand to lose Rs.5 bn

By IANS, Kolkata : Ancillary industries scheduled to come up adjacent to the Tata Motors' Nano plant in Singur stand to lose around Rs.5 billion (Rs.500 crore) that they have invested for the project, a source close to the development said. "There are 56 ancillary units. The approximate investment in all those units will be around Rs.5 billion," the source said. These units stand to lose this investment if the auto major went along with its threat to move out of the state, following protests at the plant over land acquired for the project.

Scientists designing battery that only takes seconds to recharge

By IANS, Washington : A new device that takes only seconds to recharge mobile phone or laptop batteries is being designed and is expected to hit the markets in two or three years. The MIT breakthrough could also permit an electric car to be recharged as quickly as it takes to refill a car tank with petrol thus eliminating a virtually insurmountable hurdle to green, clean motoring.

India seeks more Saudi investment in infrastructure, oil sectors

By Aroonim Bhuyan, IANS, Riyadh : India will seek more Saudi participation in developing its infrastructure sector besides changing its current buyer-seller relationship with the Gulf nation in the petroleum sector to a more participatory one, according to India's External Affairs Minister Pranab Mukherjee. "Our economy is growing at 8 percent and we require huge investments," Mukherjee said, briefing newsmen after an audience with Saudi Arabia's King Abdullah Bin Abdul Aziz here Saturday, the first day of his two-day visit.

IBM starts operations in Lucknow

By IANS

Lucknow : Global IT major IBM Saturday announced the commencement of its operations in Lucknow, adding that it would expand its business across Uttar Pradesh over the coming months.

Malaysia proposes to India for JV in palm oil downstream projects

By NNN-Bernama, Mumbai : To stem the declining trend of palm oil exports to India, Malaysia has proposed to Indian investors to jointly focus on palm oil downstream activities, rather than merely importing the commodity. Malaysia is the second largest palm oil producer in the world, with 15.82 million tonnes last year, while India is becoming a major buyer of the commodity, with imports swelling from 1.46 million tonnes a decade ago to 3.69 million tonnes last year.

UCO Bank’s net profit up marginally

By IANS, Kolkata : City-based UCO Bank posted a marginal increase of 0.42 percent in net profit during the first quarter of the current fiscal at Rs.1.33 billion, against Rs.1.32 billion over the same period last year. Announcing the first quarter results Saturday, bank chairman-cum-managing director S.K. Goel said: "Deposits increased by 24.07 percent and advances by 29.26 percent. The total business of the bank stood at Rs.1.34 trillion with deposits at Rs.782.35 billion and advances at Rs.557.25 billion at the end of June, 2008."

Food inflation eases to 16.23 percent

By IANS, New Delhi : India's annual food inflation dipped to 16.23 percent for the week ended May 22 from 16.49 percent in the previous week, official data released Thursday showed. Data on the wholesale price index (WPI) released by the commerce and industry ministry showed both food and non-food index dropped 0.1 percent each during the week under review. Fuel prices slowed 12.08 percent during the week against a 12.33 percent increase in the last week. The primary articles index was up 15.9 percent, compared to a rise of 16.19 percent during the previous week.

India mulling stakes for foreign carriers: Patel

By IANS, Mumbai : The government is examining a proposal to allow foreign carriers to pick up stakes in domestic airlines, which are facing a crisis on account of economic slowdown, Civil Aviation Minister Praful Patel said here Friday. "The consultation process is on," Patel said at the groundbreaking function for a new integrated terminal at the Chhatrapati Shivaji International Airport here to be built by a consortium led by the Hyderabad-based GVK group.

Indian suppliers ready for more players in nuclear industry

By IANS, New Delhi : India's energy equipment manufacturers are ready to supply to a burgeoning nuclear power industry once the India-US nuclear deal is approved, a senior industry leader said here Wednesday. “Only the approvals are required, but we have the capacity to be the major suppliers (for equipment)," said P.V. Kannan, managing director of Micromax Systems, which supplies control and instrumentation equipment for power plants.

Economic, not politics can unite Muslims – Islamic Chamber of Commerce Chief

By NNN-KUNA, Kuwait : Chairman of the Islamic Chamber of Commerce and Industry (ICCI) Saleh Kamel has said that economy has to be adopted as a means to unite Muslim countries instead of politics. Speaking to reporters on the sidelines of the Fourth World Islamic Economic Forum's (WIEF) Meeting of chairmen and presidents of Islamic Chambers of Commerce with business leaders Monday, he said: "For many years, politics did not succeed in bringing together Muslim countries, but now, economy can shorten the distance and save time, allowing us to achieve this goal."

Japan’s Matsushita unveils world’s largest plasma TV

By Xinhua Tokyo : Japan's Matsushita Electric Industrial Co. officially unveiled its newly developed 150-inch plasma display television, the world's largest, at the start of the Consumer Electronics Show in Las Vegas Tuesday. The new television, whose high-definition screen is 1.87 meters high and 3.31 meters wide, is to be launched into markets by 2009 if results of market research permit, company officials said, adding that the potential customers would be commercial facilities.

Sensex down 1.13 percent amid negative Asian cues

By IANS, Mumbai : A benchmark index for Indian equities Wednesday was ruling 1.13 percent lower than its previous close, a couple of hours into trade amid weak Asian cues. Global bourses are supposed to tread with caution in the coming days, after reports that the economies of more European countries could find it difficult to repay their debts. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,103.95 points, was ruling at 16,944.16 points, 192.98 points or 1.13 percent lower than its previous close at 17,137.14 points.

Revised farm growth does not impress experts

By Rajeev Ranjan Roy, IANS, New Delhi : India's farm growth of 4.5 percent in 2007-08 against 3.8 percent in the previous fiscal has not impressed experts, who claimed that the benefits of growth did not percolate down to farmers. "The growth has nothing to do with the well-being of farmers. There has been no change in their status in the past few years," said P. Chengal Reddy, secretary general, Consortium of Indian Farmers Association (CIFA).

Pranab skips two paras of budget speech, apologises

By IANS, New Delhi : Finance Minister Pranab Mukherjee was left red faced while presenting the budget for 2009-10 in the Lok Sabha Monday when he skipped two key paragraphs relating to the allocations for the minorities. He realised this only after a note written on a piece of yellow paper was placed on the lectern before him. After glancing through the note, Mukherjee apologised and sought Speaker Meira Kumar's permission to re-visit the paragraphs he had skipped.

British holding to buy Russian car retailer Musa Motors

By RIA Novosti Moscow : Britain's Inchcape Plc, the world's leading car retailer, is negotiating the acquisition of a 100% stake in Russian car dealer Musa Motors, estimated at $400-450 million, a Russian business daily said on Monday. Inchcape UK, already sells Toyota, Lexus, Peugeot and Audi cars in Russia, and the new acquisition will enable the British company to increase the stake on the country's car dealership market, estimated at $41-44 billion, to 3%, Kommersant said.

Airtel starts mobile service in remote Himalayan valley

By IANS Shimla : The Bharti Airtel Ltd launched its mobile services Wednesday in the remote Lahaul and Spiti district in the Himalayan state of Himachal Pradesh, company officials said. The Lahaul Valley bordering Tibet remains cut off from the rest of the country for over half a year due to heavy snowfall in the high mountain ranges and passes. "Airtel services will now be available in and around Udaipur, besides Keylong, the only town in the district," said R.V.S. Bhullar, CEO, Bharti Airtel Ltd, Himachal Pradesh Circle.

Reliance Industries raises Rs.2,675 cr from share sale

By IANS, Mumbai : Reliance Industries (RIL) Monday raised Rs.2,675 crore through the sale of about 2.58 crore equity shares. The stock was sold by Petroleum Trust -- a promoter unit of RIL -- at Rs.1,035 per share, and the money will accrue to Reliance Industrial Investments and Holdings, a wholly-owned RIL subsidiary, the company said in a regulatory statement. "The financial impact will be reflected in the consolidated financial statements of the company," the statement added.

Arab bank takes part in arranging and leading a $1.35B syndicated term loan facility...

By NNN-Petra Amman : Arab Bank, among several of its elite regional and international peers, has signed a bank consortium agreement to arrange a $1.35bn loan facility for the benefit of Agility (The Public Warehousing Company KSC).

Steel industry conclave to discuss expansion

By IANS Kolkata : A three-day international conference and exhibition on steel scheduled Feb 27-29 at Jamshedpur in Jharkhand will discuss targeted development and employment generation in the industry. The conference, Steelrise 2008, is being organised against the backdrop of the target Indian policymakers and industry have set themselves to expand annual steel production to 180 million tonnes by 2020.

Singapore, Gulf Cooperation Council agree on free trade

By DPA Singapore : The Singapore government said Thursday it has substantively concluded negotiations with the six-nation Gulf Cooperation Council (GCC) for a free trade agreement (FTA). The final round of talks, held from Jan 28 through Thursday, was the last of four that started in January 2007. The GCC includes Bahrain, Saudi Arabia, Oman, Qatar, the United Arab Emirates and Kuwait. Officials on both sides will begin legal scrutiny of the agreement, "which is expected to conclude shortly," a joint statement said.

Firstsource Solutions bags outsourcing partnership

By IANS Mumbai : Mumbai-based offshore BPO firm Firstsource Solutions Ltd (FSL) has signed a five-year $80 million outsourcing partnership with financial services provider Barclays PLC for credit card business in the US. Providing this information to the Bombay Stock Exchange (BSE) Friday, FSL said under the terms of the agreement it will manage and operate Barclays' operations centre in Colorado Springs and provide customer care and collections support to Barclays US cardholders.

India’s biotech exports reach $1.2 bn in 2006-07: survey

By IANS

New Delhi : Revenues from India's biotech industry exports grew by 47 percent to reach $1.2 billion in the financial year ending March 2007, according to a survey.

Allahabad Bank’s Q1 profit zooms 224 percent

By IANS, Kolkata: State-run Allahabad Bank posted a net profit of Rs.302.86 crore (Rs.3.02 billion) for the first quarter of 2009 as compared to Rs.93.36 crore for the same period last year, a top company official said here Saturday. The net profit was up by 224 percent due to higher investment trading profit of Rs.214 crore, up from Rs.32.2 crore a year ago. "A volatile money market offers opportunity to make treasury profits," Chairman and Managing Director K.R. Kamath told reporters.

US stocks fall on General Motors losses, unemployment

By DPA, New York : Stocks fell on Wall Street Friday pushed by billions in losses at largest US automaker General Motors, higher unemployment figures and rising oil prices. GM lost $15.5 billion, or 27.33 dollars per share, in the second quarter on the back of weak demand in the US car market spurred by soaring fuel prices and a weaker economy, the company said Friday from its headquarters in Detroit. The loss was worse than had been anticipated. In the same period last year, the company made a profit of $891 million, or $1.56 per share.

DLF seeks lower interest rates, defers projects

By IANS, New Delhi : Hit by liquidity crunch, India's leading real estate firm DLF Ltd has deferred some projects and urged the government to slash interest rates by three percent to stimulate growth, a top official said here Tuesday. Some projects in the residential hotel and commercial sector have been deferred due to the current situation and the company has also fired some employees, DLF Group chairman K.P. Singh told reporters here on the sidelines of the World Economic Forum-India Economic Summit. However, he did not give any number of the job cuts.

India’s key market index breaches 17,000 level

By IANS Mumbai : With tech stocks catching investors' fancy and the overall mood upbeat on global developments, a key Indian share market index breached the 17,000-point mark for the first time during intra-day trading Wednesday. Amid heavy purchases by foreign funds, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shot up to 17,019.44 points in the early hours of trading - the highest ever level for the index.

Cambodia to get cheap electricity

By Xinhua

Phnom Penh : Cambodia is to get a World Bank grant to construct a trans border transmission line to Vietnam and Laos to reduce high electricity fees in remote provinces.

No special favours to Mahindra Satyam: Minister

By IANS, New Delhi: Corporate Affairs Minister Salman Khurshid Thursday said his ministry had granted no special favours to Mahindra Sataym in giving it extra time to state its book of accounts. "No special favour is being shown to anyone. No rigidity will be shown either. I think the best that can be done for the stakeholders is being done by them. Whatever assistance they have asked, we have given," Khurshid told reporters here.

India is too complex to be measured: Kamal Nath

By IANS New Delhi : India is a country with complex paradoxes where prosperity and poverty coexist, hence it is not possible to evaluate it under any yardstick, Commerce and Industry Minister Kamal Nath said Tuesday. "India is a complex country with far reaching paradoxes. It is a country which on the one hand is growing at 9 percent, and on the other hand there are about 300 million people who are surviving on less than a dollar a day," Kamal Nath told a conference while releasing the 'Economic Freedom of the World Report 2007'.

Bihar to set up 720 mini dairies

By IANS, Patna : The Bihar government has decided to set up 720 mini-dairies to promote the industry in the state. An official Thursday said the state cabinet has approved the setting up of the dairies across the state. "The government has decided to open 600 mini-dairies with four-five cattle and 120 with 10 cattle," the official said. The state government would provide 20 percent subsidy to people interested in setting up the dairy units. "By providing financial assistance, the government is aiming to increase milk production in the state," the official added.

Airlines miss deadline to appoint ombudsmen

By Sanjay Singh, IANS, New Delhi : The Indian government's missive to all carriers to name an ombudsman by Aug 1 to address the grievances of air passengers has been given a miss. No airline - including the National Aviation Company of India, which runs Air India - has heeded to the government's request, despite being given two months to do so, a senior official in the civil aviation ministry said.

Sensex trading over 320 points down early afternoon

By IANS, Mumbai : Indian equity markets extended their loss in early afternoon trade Thursday. Banking, realty and capital goods stocks were the worst hit. At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 15,101.40, down 320.91 points or 2.08 percent from its closing figure Wednesday. At the day's low it had touched 15,075.14 points. The market breadth was negative. On BSE 708 shares advanced, 1,699 declined and 83 remained unchanged.

ABB India’s Q2 net declines 54.17 percent

By IANS, New Delhi : Private sector power and automation company ABB India Friday reported a 54.17 percent decline in net profit at Rs.38.31 crore in its second quarter of 2010 as against Rs.83.60 crore in the like period of 2009. "The results of the company were adversely impacted in the second quarter on account of continued costs on the exit from rural electrification business and increasing price pressure in the market," it said in a statement. The total revenue fell by 3.88 percent at Rs.1,446.6 crore from Rs.1,505 crore in the like period of previous year.

Global downturn makes India 75th best for business

By Arun Kumar, IANS, Washington, March 19 (IANS) The global economic downturn has pulled India down by 11 places to the 75th in the Forbes 'Best Countries For Business' list with Denmark and the US rated the top two nations "better equipped to bounce back". India's ranking among the world's 127 economies slipped as it lost ground in areas like trade freedom (125), technology (64), corporate tax rate (118) and corruption (71), according to the list compiled by the US magazine.

UN global warming talks weighed down by financial crisis

By DPA, Poznan (Poland) : Negotiators from nearly 200 countries are seeking a new push to combat global warming at a UN climate change conference due to start Monday, overshadowed by the world's economic downturn and rising greenhouse-gas emissions in rich and emerging nations. The two-week UN climate conference in Poznan, Poland, is meant to put governments on track for a new global deal to save the climate that leaders can approve in Denmark in a year's time.

Execution of Nano car project to begin next month

By P.S. Anantharaman, IANS, Ahmedabad : The foundation stone for the Tata's Nano car project at Sanand near Ahmedabad will be laid Nov 3. Though there is no word yet from the Tata group on the subject, vendors associated with the project say preparations have begun to prepare for the traditional religious rites on the fifth day after Diwali. In Gujarat, all new businesses, plans and projects, traditionally begin on this day. Chief Minister Narendra Modi is also keen that the project is formally launched Nov 3.

Technical snag hits BSE, trading halted till 2.30 p.m

By IANS, Mumbai: One of the leading stock exchanges in the country, the Bombay Stock Exchange (BSE), halted trading Monday due to a technical glitch and said trading would resume by 2.30 p.m.

Nooyi inaugurates first USIBC office in India

By IANS, New Delhi : Indra K. Nooyi, global chairman and chief executive of beverage giant PepsiCo, Wednesday inaugurated the first permanent office of the US-India Business Council (USIBC) here. The 33-year-old trade advocacy group's office is located at Fulbright House in central Delhi, the premises being leased from the US-India Educational Foundation.

Bookings for Tata Nano begin Thursday

By IANS, New Delhi : Tata Motors were set to accept the application forms for the world's cheapest car, the 624-cc jelly-bean shaped Nano, from Thursday in what will be the steepest booking fee charged in India for an automobile. Over the next 17 days, prospective buyers can buy application forms for Rs.300 each and apply with an upfront payment of around Rs.95,000 - or Rs.2,999, if they wish to get it financed, company officials said.

BMW India’s record sales in October

By IANS, Kolkata : BMW India, a subsidiary of German luxury car maker BMW, has sold a record 753 cars in October, the company president said here Saturday.

British minister pitches for more business with India

By IANS Gurgaon : Ahead of British Prime Minister Gordon Brown's visit to India, his Trade and Investment Minister Digby Jones Wednesday called for more trade and investment between the two countries and stressed on pro-development conclusion of the Doha round of global trade negotiations. "British companies want to enter into partnerships with Indian companies to push globalisation and technological progress," Jones said at a business conclave in the National Capital Region.

Bank of Baroda lauded in South Africa

By Fakir Hassen, IANS Johannesburg : The Bank of Baroda has been lauded by a South African minister for being the only institution of its kind willing to open offices in many developing nations in Africa. Minister in the Office of the Presidency Essop Pahad was speaking at the official opening banquet of the Johannesburg branch of the Bank of Baroda Tuesday evening. The bank, which has been operating an office in the port city of Durban for the past decade, decided to open a branch in the commercial hub of the country as well.

India’s forex reserves rise by $673.4 mn

By IANS, Mumbai : India's foreign exchange reserves increased by $673.4 million to $293.93 billion for the week ended Jan 27, Reserve Bank of India data showed.

Smart City should not be delayed any further: Infosys chief

By IANS, Thiruvananthapuram : Infosys Technologies chief executive Kris Gopalakrishnan Friday asked the Kerala government to take quick steps to solve the hurdles that stand in the way of the Rs.1,500-crore ($316 million) Smart City IT project, to come up in Kochi. His statement comes days after Smart City Dubai, the developer of the project, gave an ultimatum to the state government to sort out the land dispute surrounding it before the end of the year.

Apex court refuses Ketan Parekh more time to pay dues

By IANS, New Delhi : The Supreme Court Tuesday dismissed high-profile stock broker Ketan Parekh's plea to grant him more time to repay a sum of Rs.260 million he had siphoned from the Madhavpura Mercantile Co-operative Bank (MMCB) in a financial scam. As a bench of Justice Ashok Bhan and Justice V.S. Sirpurkar dismissed the stock broker's plea, he can be arrested by the Central Bureau of Investigation (CBI) for his alleged role in the 2000-01 scam.

Software sector hails tax holiday extension

By IANS, Bangalore : India's software sector Monday welcomed the extension of tax holiday on export profits to 2010-11 from this fiscal, rationalisation of multiplicity of taxes on packaged software and abolition of fringe benefit tax (FBT). According to National Association of Software and Services Companies (Nasscom), the industry's lobby, the budget had recognised the contribution of the IT-BPO (information technology and business process outsourcing) industry to the country's economic progress and had provided measures to boost it.

Interim rail budget a big disappointment: Patnaik

By IANS, Bhubaneswar : Odisha Chief Minister Naveen Patnaik Wednesday termed the interim railway budget 2014-15 as a big disappointment. "The vote-on-account railway budget for the...
Send this to a friend