Economy

By IANS New Delhi : Indian bourses performed best among emerging economies with a market capitalisation of $1,683 billion, the Economic Survey for 2007-08 said Thursday, while cautioning investors against "herd mentality" and "panic". "Individual investors need to take informed decisions and remain cautious," said the annual report card on the Indian economy, which was tabled in the Lok Sabha by Finance Minister P. Chidambaram.

By IANS, Sanand/Ahmedabad : The Tata's are mulling more investments in Gujarat, group Chairman Ratan Tata indicated here Wednesday. He said Gujarat Chief Minister Narendra Modi had asked him about his future plans for Gujarat. "I told him that it will be a surprise." Tata was speaking at the inaugural function of Tata Motors' new Nano plant here.

By NNN-KUNA Islamabad, Pakistan : The new Kuwaiti ambassador in Islamabad has resumed his mission with the aim to further enhance bilateral cooperation between the two brotherly Muslim countries in various sectors, particular economic and trade. "I have special instructions of the His Highness the Amir of Kuwait and the Crown Prince to further strengthen already cordial relations between the two countries," said Ambassador Aziz Al-Dehani while talking to KUNA.

By IANS, New Delhi : The Supreme Court will Tuesday hear the market regulator's plea to allow it to interrogate Satyam Computer Services' tainted chief B. Ramalinga Raju about the Rs.70-billion accounting fraud in the firm. Appearing for the Securities and Exchange Board of India (SEBI), Solicitor General Goolam E. Vahanvati apprised a bench of Chief Justice K.G. Balakrishnan of the market regulator's lawsuit filed in the apex court registry and sought an early and urgent hearing on it.

By IANS, New Delhi : The global economic turmoil poses a grave threat to developing nations even though their contribution to the cause of the crisis is negligible, External Affairs Minister Pranab Mukherjee said here Tuesday. “Given the magnitude of the global financial and economic crisis today, the developing countries may become its worst victims even though they were not the cause of the crisis,” Mukherjee said while delivering his address at the general session of the Afro-Asian Rural Development Organisation (AARDO).

By Prensa Latina Santo Domingo : The Dominican Republic and European Union Free Trade Agreement will be operational in 2008, according to officials here. The implementation of the trade pact between the Latin American country and the EU would streamline bilateral commercial exchange, said Dominican Foreign Minister Carlos Morales. The official said the foreign ministry would meet the association of industries to request its views on the terms of the accord to be signed in mid-October this year.

By IANS Ahmedabad : The Union Textile Minister Shankersinh Vaghela has asked the textile industry to focus on many growth opportunities that are available instead of getting bogged down by erosion in export earnings due to appreciation of the rupee.`

By IANS New Delhi : India's leading wind power equipment manufacturer Suzlon Energy Ltd has reported consolidated revenues of Rs.31.7 billion ($806 million) in the third quarter (Oct-Dec) of the current financial year, showing a 66 percent growth over the corresponding period of last fiscal. "The company's overseas business contributed around 54 percent of the total revenues," the company said in a statement Tuesday. "The company posted profit after tax (PAT) of Rs.1.43 billion in this quarter," the statement said.

By IANS, New Delhi : With drought declared in half of India, the government Thursday decided to increase the minimum support prices of cereals and pulses to help farmers who have been hit by the poor monsoon. The support price for paddy has been hiked by Rs.100 per quintal, while that for pulses is up Rs.300 per quintal, Home Minister P. Chidambaram told reporters here after a cabinet meeting presided over by Prime Minister Manmohan Singh.

By IANS, Hyderabad : With its huge gas reserves the Krishna-Godavari basin would be the next North Sea and transform the economy of Andhra Pradesh and possibly the economy of India, the US-India Business Council (USIBC) president Ron Somers said here Thursday. Somers was addressing a session on India-US Economic Cooperation organised by Confederation of Indian Industry (CII) on the occasion of the visit of USIBC executive mission.

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By SPA, Beijing : A Chinese government official says the estimated economic loss suffered by state-owned enterprises in the earthquake was 30 billion Yuan (US$4.29 billion; ¤2.74 billion). Li Rongrong said Wednesday that the figure was a preliminary one after the May 12 earthquake that has killed more than 41,000 people. Li is chairman of the state body that oversees state-owned enterprises, the Associated Press reported.

By IANS, New Delhi : Doha-based Qatar Airways was Tuesday invited to join the Oneworld Group.

By IANS, Chennai: The government has decided to increase the targets for direct and indirect tax collections for this financial year (2010-11), Finance Minister Pranab Mukherjee said Sunday.

By IANS, New Delhi : If Iraqi crude oil begins to flow into the market it can have a positive impact on the global economy that is already showing signs of retardation, External Affairs Minister Pranab Mukherjee said here Wednesday. He cautioned that oil prices are threatening to touch $150 per barrel and according to some experts could even reach $200 per barrel. "It is important that the people of Iraq freely determine their political future and exercise control over their natural resources. Once this happens, perhaps an easing of the price burden could be expected," he said.

By Mohita Nagpal, IANS,

New Delhi : To develop and preserve textiles, the government will set up six textile clusters, Finance Minister Arun Jaitley said Thursday. "The government will...

By IANS Bangalore : Al Batterjee group, a $200-million Saudi Arabian business group, plans to set up a $25-million manufacturing plant in India to produce its Nunu range of baby-care products. The group was focusing on India as a major outlet for its healthcare products, a top company executive said in a statement here Wednesday. Nunu, meaning newborn in Arabic, is sold across 37 countries worldwide. The baby-care products are currently shipped into the Indian market from Jeddah in Saudi Arabia.

By IANS New Delhi : India has a young demography, but the union budget 2008-09 presented Friday morning didn't seem to have made much difference to youngsters in college corridors and elsewhere. Tulika Sharma, an undergraduate student based in Guwahati, Assam, said the budget wouldn't affect her at all. "I had a clue that the budget would be presented today, but frankly I wasn't really bothered about it," Sharma told IANS over telephone.

By IANS, London : Boardrooms across Britain are keeping their doors firmly shut to black and Asian managers, preventing them from stepping into top executive jobs, according to research published Thursday. Although a high proportion of 17 percent of students in universities are from ethnic minorities, they appear to face a stubborn exclusion later in life in boardrooms in both public and private sectors, said the charity Business in the Community (BITC).

By DPA, Singapore : Investor sentiment took a dive in the Asia-Pacific region during the first quarter of the year, with Japanese the least optimistic followed by investors in Taiwan and Singapore, a survey said Wednesday. Banking group ING Asia-Pacific said that the findings reinforce the reality that the region is not insulated from global market uncertainties. The sub-prime crisis and credit crunch remain key areas of concern in this part of the world, said the survey of investor beliefs and outlook in 13 markets.

By IANS, New Delhi : Two senior officials of telecom service provider Bharti Airtel have sold shares of the company worth Rs.4.6 crore through open market transactions, the company said Tuesday.

By IANS, Mumbai : A benchmark index of Indian equities was ruling 130 points higher in Monday morning trade compared to its previous close.

By EuAsiaNews, Brussels : The number of dangerous products removed from the European Union market rose by 53% in 2007 compared to 2006, according to the European Commission's annual report on the Rapid Alert System (RAPEX) to spot risky goods . This rise from 1.051 notifications in 2006 to 1.605 last year shows that EU member states' surveillance capacities are improving year on year, and that European consumers are better protected today than ever before, said the EU's executive body in a statement Thursday.

By Fakir Hassen, IANS Johannesburg : South Africa, Namibia and India Tuesday became the first countries to sign a memorandum of understanding in an Engineering Export Promotion Council (EEPC) plan for greater cooperation with SADEC (Southern African Development Community). "We are in discussion with the other countries in the region (Angola, Botswana, Lesotho, Malawi, Mozambique, Swaziland, Tanzania, Zambia and Zimbabwe) and hope to have discussions concluded with them soon," said P.K. Shah, chairman of the EEPC subcommittee on trade with Africa.

By Joydeep Gupta, IANS Bali : Over 10,000 delegates from 187 countries are attending the UN conference on climate change here to discuss ways to tackle global warming. What will happen if they do nothing, either now or later? What will be the effect of climate change on India, with nearly 700 million people directly dependent on climate-sensitive sectors such as agriculture, forests and fisheries for their livelihoods? The answer is simple - disaster.

By Arun Kumar, IANS Washington : The significant contributions made by Indian companies to the US economy will be showcased in a new initiative to be unveiled next week by India's Commerce and Industry Minister Kamal Nath in Chicago. The featured companies include the Tata Group, Ranbaxy Laboratories, HCL Technologies, Mahindra USA, Satyam Computer Systems, Essar Group, Wockhardt USA, Thermax, ITC Group, Bharat Forge America, Kotak Mahindra, and Jet Airways.

By IANS, New Delhi : Prime Minister Manmohan Singh Friday hoped that inflation would moderate further, though Finance Minister P. Chidamabram asked people not to expect "any miracle" to counter the price rise. "I hope so," Manmohan Singh responded when reporters asked him if the inflation rate will come down further. He was speaking on the sidelines of a function to release a commemorative coin to mark the 150th anniversary of India's First War of Independence in 1857.

By IANS Lahore : Pakistan stands to lose Rs.10 billion this year after exporting wheat to India and elsewhere at low prices and now having to import to meet domestic needs. Bungling by the civil bureaucracy that decided on exports, despite warnings of a shortage in the local market, and the role of "seasonal exporters" who procured wheat directly from farmers to get rich are the reasons being attributed for this.

By IANS, Mumbai : Iron ore exporter Sesa Goa Ltd, a subsidiary of Vedanta Resources, has announced a net profit of $385.37 million (Rs.15.41 billion) during 2007-08 compared to $161.52 million of the previous fiscal. The total income increased to $974.2 million for the fiscal from $565.7 million of 2006-07. For the fourth quarter (January-March) of the year under review, the company posted a profit after tax (PAT) of $373 million compared to $151.6 million of the year-ago period.

By IANS, Dubai : Dubai Gold and Commodities Exchange (DGCX), Middle East's leading derivatives exchange, has announced the launch of West Texas Intermediate Light Sweet Crude (DWTI) and Brent Crude oil (DBRC) futures trading from May 27. The launch of WTI and Brent Crude Oil futures on DGCX makes the world's two most significant crude oil benchmarks available to market participants in Dubai, WAM news agency reported Wednesday.

By IANS, Mumbai : Hours before the crucial trust vote in parliament that will decide the fate of India's ruling United Progressive Alliance , equity markets - often seen as a barometer of investor confidence in the government - opened in the green and stayed there in initial trade. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 12.40 points at 13,837.64. Ten minutes into trading, it had risen to 13,942.68 points, a gain of 92.64 points or 0.67 percent from its closing figure Monday.

By IANS New Delhi : Want to know the status of your stocks? You can check it through your mobile phone if you are a Reliance Money customer with the help of "Mobile Financial Portal" launched by the company here Friday. Anil Ambani-promoted Reliance Money, one of India's leading financial services firms, launched "Mobile Financial Portal", a first-of-its-kind portal offering a range of financial services and information to its investors on their mobile phones across all telecom operators in the country.

By IANS, Pune : With Fabia establishing itself in the Indian car market, ScodaIndia Friday unveiled yet another version of its popular hatch-back model, Fabia 1.2 petrol version, in three variants - Active, Classic and Ambiente. This new version has been competitively priced between Rs.486,795 and Rs.580,174 (ex-showroom). The new Fabia model comes with 1,198 cc petrol engine and with high torque performance (HTP), expected to enhance fuel economy and ensure low emissions. It sports a 1.2 litre engine with 4 valves per cylinder and a double overhead cam (DOHC).

By IANS, New Delhi : Faced with shrinking global and domestic demand and a crippling cash crunch, an Indian textile industry lobby has urged the government to release Rs.20 billion that is pending under the technology modernization fund besides providing other support to tide over the present crisis. The chairman of the industry lobby, Confederation of Indian Textile Industry (CITI), R.K. Dalmiya, said in a statement here Wednesday that the textile industry is in deep trouble with capacity utilisation dropping to as low as 75 percent leading to loss of jobs.

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By IANS, Kolkata : Officers of the State Bank of India (SBI), the country's largest bank, Tuesday called for a day's nationwide strike June 6 to protest against various management policies and to demand resolution of pending issues. S.K. Haldar, general secretary, State Bank of India Officers' Association (Bengal Circle) said: "We are forced to go for this agitation. We are sorry for the inconvenience the customers' would have to face due to this strike. If our demands are not addressed after this strike, we will call for another strike June 10-11."

By IANS, New Delhi: India's telecom density has risen to 51.05 percent after 18.76 million new phone connections were added in February this year, the telecom regulator said here Monday. In January, the teledensity was 49.50 percent. The Telecom Regulatory Authority of India (TRAI) said in the statement that the number of telephone connections reached 600.69 million in February from 581.97 million a month before. "With this, the overall tele-density in India reached 51.05 percent," TRAI said.

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By IANS, Gurgaon : Gurgaon requires an apex development agency on the lines of the New Okhla Industrial Development Authority (Noida) and a committee has been formed to look into it, says a central minister who is an MP from the region. Rao Inderjeet Singh, the minister of state for defence production who is an MP from the Mahendragarh constituency of which Gurgaon is a part, said the suburb requires an apex development agency on the lines of Noida.

By IANS New Delhi : A delegation of leather shoe manufacturers from Agra Saturday met Congress general secretary Rahul Gandhi to press for their demand to withdraw Value Added Tax (VAT) on traditional hand made shoes. The young Amethi MP had written to Uttar Pradesh Chief Minister Mayawati asking her to withdraw VAT. The delegation, led by Rajkumar Sama, president of the Agra Shoe Factories Federation, said Gandhi had assured that he would soon visit Agra to draw the state government's attention on the issue.

By IANS, Mumbai : Sterlite Technologies Ltd, manufacturers of power transmission conductors and optical fibre and telecom cables, has bagged two contracts worth Rs.1.07 billion ($26.7 million) from the state-owned telecom major BSNL. Announcing this here, a spokesperson of the Maharashtra-based Sterlite Monday said the first contract is for fibre optic cables that BSNL (Bharat Sanchar Nigam Ltd) intends to install in about 900 urban centres across the country.

By IANS, Mumbai : A key index of the Indian equities markets fell back into negative terrain Monday afternoon amid volatile trading. At 1.50 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,287.14 points, was at 15,111.12 points, down 49.12 points or 0.32 percent. Similarly, the Nifty of the National Stock Exchange (NSE), too, was trading in the red at 4,467.3 points, down 0.31 percent.

By IANS, Mumbai : Indian equities markets slipped at opening bell Wednesday, with a key index trading about 1.08 percent below its last closing figure. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 10,805.14 points, lower than its 10,967.22 point close Monday. About 10 minutes into trade, it was at 10,848.99 points, 1.08 percent or 118.23 points lower than its previous close. The S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,349.6 points, 0.98 percent lower than its last close of 3,382.6.

By IANS, New Delhi : Reliance Energy, and the Tatas and Larsen & Toubro are among the bidders short-listed Wednesday for upgrading the Amritsar and Udaipur airports. The bidders short-listed for the Amritsar airport are Reliance Energy, Fraport AG Frankfurt Airport Services, Tata-Changi consortium, Lanco Infratech-Genting (Singapore) consortium, and L&T IDPL-Unique consortium, the civil aviation ministry said in a statement.

By Nirmala George, IANS, Singapore : India's growth as an economic powerhouse will leave less of an ecological footprint as it can opt for newer and cleaner technologies, leapfrogging traditional methods that have contributed to global warming, the country's Science and Technology Minister Kapil Sibal said here. "We don't have to go the way that the West has, or the way China did. We can choose a whole new innovative way to develop our cities and industries," Sibal said Wednesday, adding that India will have the advantage of modern clean technologies while pushing for economic growth.

Mumbai: India-based global pharmaceutical major Cipla on Friday said its Britain arm - Cipla EU - has entered into definitive agreements to completely acquire...

By IANS, Hyderabad : Maytas Properties Ltd, a leading property development company, Thursday launched its first special economic zone (SEZ) for IT and IT enabled services (ITES) here. The company will invest Rs.25 billion ($595 million) in the SEZ, which will be part of its flagship integrated township, Maytas Hill County, coming up on 376 acres. Spread over 74 acres, the SEZ will have a built-up area of eight million square feet.

By IANS, Kolkata : The city's business community is upbeat following the resolution of the dispute Sunday over land allotted for Tata Motors' Nano project at Singur in West Bengal. "We are back in business. This is a victory for Bengal," Indian Chamber of Commerce president and Patton Group managing director Sanjay Budhia told IANS. The entire world is watching the developments at Singur, 40 kilometres from here, where global automobiles major Tata Motors is building a factory that will produce the world's cheapest car.

By IANS, New Delhi : Sanjeev Kumar Saxena is the new chief executive officer of Bharti Airtel's mobile operations in Delhi and National Capital Region. "Delhi & NCR is a highly competitive and dynamic market where my goal would be to sustain our leadership position and to lead the launch of 3G services for our customers into this market," said Saxena, commenting on his appointment.

By IANS New Delhi : India's economic ties with Africa are set to get a boost at a three-day conclave starting March 19 in which ministers and business people from over 20 African countries will participate. The India-Africa Project Partnership conclave, organized jointly by the commerce and external affairs ministries, the EXIM bank and the Confederation of Indian Industry (CII), is aimed at accelerating trade and investment with an increased involvement of the private sector from both sides.

By IANS, Mumbai : The Indian equities market opened in red Tuesday, tracking weak Asian market cues. The IT stocks were under selling pressure in the early trade. The leading blue chips IT stocks registered decline at the initial trade. The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 66.07 points at 16,673.16. Ten minutes into the trade, the Sensex was trading at 16,702.18 with a loss of 37.15 points or 0.22 percent.

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New Delhi : The Anil Ambani-owned Reliance Energy Ltd's engineering, procurement and construction arm is all set to build a 1,200 MW thermal power plant near Barwala in Hisar district of Haryana. Prime Minister Manmohan Singh laid the foundation stone for the project Saturday.