Economy

By IANS, Chennai : The alumni of the seven Indian Institutes of Technology (IITs) now in senior positions in industry and government across the world have a total budgetary responsibility of $885 billion, states a study. "In terms of incremental economic value creation, the IIT graduates have been associated with over $450 billion across the sectors and have also been involved in the creation of over 20 million new jobs," Rajan Srikanth, chairman and managing director of S2K2 Advisory, told the media here Monday.

By IANS New Delhi : Even as India works towards an India-European Union economic partnership pact, bilateral relations with Finland need to be strengthened with greater contact between people of the two countries, Commerce and Trade Minister Kamal Nath said here Monday.

By IANS, Mumbai : A benchmark index for Indian equities markets closed 74 points down Monday due to selling pressure in auto, realty and metal stocks.

By IANS Mumbai : Bangalore-based Royal Orchid Hotels Ltd (ROHL) Wednesday said it will set up a Rs.50-million joint venture firm with Parvsnath Hotels to develop new properties. The company informed the Bombay Stock Exchange that Parvsnath Hotels, which is a wholly owned subsidiary of realty firm Parvsnath Developers, will hold majority stakes in the venture named Parvsnath Royal Orchid Hotels Pvt Ltd. The joint venture will develop 10 hotels, including five-star and four-star hotels, ROHL's Company Secretary A. Someswara Rao told IANS.

By IANS,

By IANS New Delhi : India's annual rate of inflation climbed to a three-year high of seven percent for the week ended March 22, from 6.68 percent for the week before, due to higher prices of essential commodities. The inflation rate based on wholesale price index was ruling at a 13-month high during the previous week, as per data released by the commerce and industry ministry Friday.

By IANS, Mumbai : A benchmark index of the Indian equities market Thursday closed 138 points lower with realty, capital goods and auto stocks leading the losers' side.

By IANS Chennai : One of Asia's largest perishable goods markets, Koyambedu, located on the western suburbs of Chennai, remained closed Tuesday as merchants held protests against Karnataka's opposition to the Hogenekkal drinking water project. "This is the first time in its 11-year history that the market remained closed for a whole day," N. Srinivasan, an office-bearer of the merchants association that controls the perishables' trade in southern metropolis, told IANS.

By IANS, New Delhi : Despite the government's best efforts to talk it down, India's annual food inflation shot up to 16.55 percent for the week ended May 22, owing to high prices of pulses, milk and fruits, official data released Thursday showed. The food inflation was 16.23 percent during the previous week. Data on the wholesale price index (WPI) released by the commerce and industry ministry showed that food index rose 0.5 percent and non-food index increased by 0.41 percent during the week under review.

By DPA, New York : Bank of America Corp. said Monday it would almost double its stake in China Construction Bank Corp, ending speculation that it would dump its investment as a result of the widening global financial crisis. The US bank is increasing its stake to 19.1 percent, or 44.7 billion shares, from 10.8 percent. The shares cannot be sold until August 29, 2011, without the Chinese bank's consent.

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By DPA Singapore : China, India and Vietnam are ranked as the top three hot property growth markets in the Asia-Pacific region for the next five years, a survey said Thursday. Senior property, finance and business experts are confident that the region's real estate investment trust (REIT) market will remain strong, said the Asia-Pacific REIT Survey undertaken for financial services provider Trust Company and law firm Allens Arthur Robinson.

By Venkatachari Jagannathan, IANS, Chennai : With more and more Indian companies adopting lean practices to cut energy costs, consulting major TBM Consulting Group Inc has launched lean energy practice as a separate vertical in India. "The one focused manner of cutting energy costs and conserving natural resources is to apply lean manufacturing concepts," Anand Sharma, president and CEO, TBM Consulting Group Inc, told IANS. The $51 million (Rs.2 billion) revenue company monitors energy flows and holds kaizen events to spot waste and change processes to cut energy costs, Sharma said.

By Manik Mehta, IANS, Dusseldorf : German business circles were startled when a small NRI-owned textile importing company took over the financially troubled German clothing chain store Wehmeyer that is a household name for the country's lower and middle-class consumers. The man behind the takeover of Wehmeyer is Rajive Ranjan, Techno Lifestyle GmbH's managing director, who recently signed a deal for taking over 28 of its stores in the states of North Rhine Westphalia, Rhineland Palatinate and Lower Saxony.

By Shweta Thakur, IANS New Delhi : Global hairdressing brand Toni & Guy is set to give India's hairstyling institutes a run for their money with its decision to set up four academies in the country by the end of March 2009. "We want to convert hairstyling into a career option. Hence, we are planning to open four Toni & Guy hairdressing academies in the country," says Rohit Sood, director, sales and marketing, Brushman India Limited. The Delhi-based company distributes, markets and promotes the UK based brand Toni & Guy.

By IANS, New Delhi : Engineering and construction major Larsen and Toubro (L&T) will expand its Mysore-based medical equipment business, it said Monday. “The management has decided to retain the medical equipment business,” president of operations and board member R.N. Mukhija said in a regulatory statement. “L&T will continue to bring in suitable products in the interest of the nation to provide better healthcare. L&T wishes to reaffirm its commitment for the growth of its business," Mukhija added.

By IANS, New Delhi : The truckers' strike to protest rising taxes and fuel costs will further increase inflation and has caused industry to lose Rs.20 billion Wednesday, the first day of the agitation, industry lobbies here said. Urging transporters to sort out the issue with the authorities and resume services, the Federation of Indian Chambers of Commerce and Industry (Ficci) said the strike would push up inflation further. "It will also result in large-scale disruption in industrial activity following the suspension of cargo handling and transportation activities," it said.

By IANS, Lucknow: The World Bank has given its nod to a whopping Rs.1,332 crore (Rs.13.32 billion) soft loan for reclamation of sodic land in Uttar Pradesh - a move that will help an estimated 250,000 farmers. Making the announcement at a press conference here Sunday, Uttar Pradesh Cabinet Secretary Shashank Shekhar Singh said, "The scheme would help reclaim a huge chunk of about 130,000 hectares of sodic land in the state." The scheme, an extension of two previous phases of a similar exercise undertaken in the state, will benefit an estimated 250,000 farmers, he said.

By IANS, Mumbai : A benchmark index of Indian equities markets was trading flat - 33 points at 1.00 p.m. Monday after Finance Minister P....

By Sudeshna Sarkar, IANS

Istanbul : India's GMR Group, which is restructuring the Delhi international airport, has bagged a prestigious airport deal in Turkey as part of a consortium.