China’s middle class set to push spending growth
By Xinhua,
Hong Kong : China's emerging middle class is set to generate significant spending growth in the coming years, as more and more people in both mega cities like Shanghai and Beijing as well as numerous satellite towns and second-tier cities want to buy "affordable luxuries".
Detroit auto show to open with hopes of brighter 2010
By DPA,
Detroit : North America's biggest annual auto show was to get underway later Monday as the beleaguered US car industry hopes to gain some momentum for 2010 with an emphasis on smaller, greener vehicles.
General Motors (GM) and Ford, as well as foreign rivals Toyota, Honda, Mercedes and others were set to unveil new 2010 models and concept cars on the first of a two-day press preview of the North American International Auto Show.
Tata Motors hikes prices of its vehicles
By IANS,
Kolkata : Global auto major Tata Motors Friday increased prices of some of its vehicles due to increase in input costs, a company statement said here.
Jharkhand clears Rs.8 bn package for ailing PSU
By IANS
Ranchi : The Jharkhand government has cleared a Rs.8.06 billion package to revive the ailing state-owned Heavy Engineering Corporation (HEC).
The package was approved by the state cabinet Friday night. It includes waiving Rs.5 billion electricity bill of HEC, which owes the same amount to the Jharkhand State Electricity Board (JSEB).
The government will give JSEB Rs.5 billion in different phases.
PM talks inclusive growth while banks shut door on minorities
By TCN News,
New Delhi: Within days of disclosure by the National Commission for Minorities about discrimination by government banks against minorities – whether to open new account or taking loan – Prime Minister Dr Manmohan Singh today reiterated his dream inclusive growth.
Addressing 55th National Development Council meeting in New Delhi today the PM said the objective of Five-Year plan must be inclusive growth, not just growth.
Photo by PIB
Photo by PIBMarkets reverse losses, Sensex up 1.3 percent
By IANS,
Mumbai : Indian equities markets, which had opened in the red and were trading in negative terrain till around 2 p.m., climbed back into the green about 40 minutes before closing bell Wednesday. A key index was ruling 1.33 percent above its last closing figure.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,283.58 points, was trading at 10,674.49 points - a rise of 139.62 points or 1.33 percent from Monday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 1.92 percent to rule at 3,320.9 points.
Qatar signs contract for biggest power, water desalination project
By NNN-KUNA
Doha : Qatar has signed a USD 3.8 billion contract for the constructing the biggest power and water desalination project in the world.
Qatar's Deputy Prime Minister and Minister of Energy and Industry Abdullah bin Hamad Al-Attiyah said that the Ras Laffan (J) project was the largest energy project in the world.
He indicated that the deal would allow the Ras Qurtas Energy Company to develop the project at the cost of USD 3.8 billion.
Should sugar continue as essential commodity, asks KPMG study
By IANS
New Delhi : There is a strong need to examine whether sugar should be considered an essential commodity as most of it is consumed by the industrial and small business segments, says a report.
‘Global meltdown, Mumbai attacks reduced foreign tourist arrivals’
By IANS,
New Delhi : The global meltdown, coupled with the Mumbai terror attacks, considerably impacted the foreign tourist arrivals in India and their number rose only 5.56 percent last year against the expected growth of 14.56 percent, the Rajya Sabha was informed Tuesday.
"The global meltdown has affected those countries that are our primary source of tourist arrivals. There have been cancellations but I would like to point out that a growth rate of 5.56 percent is way above the global average of two percent," Tourism Minister Ambika Soni said during question hour.
Union Bank plans major overseas expansion
By IANS,
Dubai : The state-owned Union Bank of India (UBI) is planning a major overseas expansion after opening representative offices in Abu Dhabi in the United Arab Emirates (UAE) and Shanghai in China last year, a newspaper report said.
"We have applied for permission to open offices in 10 more locations abroad, including in areas like Sydney and Canada," the Khaleej Times daily quoted UBI chairman and managing director M.V. Nair as saying.
"We have already opened our representative offices in Shanghai and Abu Dhabi last year," he said.
“We celebrated abrogation of Article 370 but we didn’t know Jammu will be its...
Two years after the BJP government abrogated Article 370 of the erstwhile state of Jammu and Kashmir, the region where it promised the abrogation...
Indian equities plummet as central bank tightens policy
By IANS,
Mumbai : Indian stock markets fell sharply Tuesday after the central bank said it has hiked the statutory liquidity ratio for commercial banks and will change its stance on the accomodative policy for housing and finance companies.
The market sentiments were hit after the Reserve Bank of India (RBI) hiked the statutory liquidity ratio for commercial banks by 100 basis points while keeping key policy rates intact. The move will suck away some liquid cash from the financial system.
Sensex falls 0.22 percent; Nifty slips below 6,000-points mark
By IANS,
Mumbai : Indian equities market benchmark indices closed marginally down in a volatile session Wednesday due to last-hour profit booking in auto, oil and gas and banking stocks.
BSNL launches wireless broadband in Gujarat
By IANS,
New Delhi : State-run telecom major Bharat Sanchar Nigam Ltd (BSNL), in association with US-based WiMax solutions provider SOMA networks, Thursday launched wireless broadband services in Gujarat.
A BSNL statement said the wireless broadband initiative would spread the expansion of broadband connections in the country.
The government has set a target of installing 20 million connections by 2010.
Gujarat Industrial Development Corp (GIDC) is the first enterprise to benefit from this service in the state, the statement said.
HDFC hikes lending rate
By IANS,
Mumbai : Private sector bank HDFC has increased its benchmark prime lending rate (PLR) by 25 basis points.
According to a HDFC spokesperson, the bank has increased its PLR to 15.25 percent. "This is effective from June 18, 2008," he said.
The bank had earlier raised its PLR from 14 percent to 15 percent in April.
HDFC's latest hike comes a week after the Reserve Bank of India (RBI) raised repo rates by 0.25 percent to 8 percent June 11.
US stocks down on weaker consumer confidence, housing prices
By DPA,
New York : Major US stock market indices edged lower Tuesday as consumer confidence fell to its lowest level in 16 years and housing prices plummetted on the month.
The private New York-based Conference Board said its consumer confidence index declined to 50.4 in June from an adjusted 58.1 in May.
Home prices in the 20 largest US cities fell 15.3 percent in April from a year earlier, according to the S&P/Case-Shiller index, as the US housing slump appears to be showing few signs of letting up.
Northeastern states demand increased share of central taxes
By IANS,
Agartala : The northeastern states have urged the finance commission to double their share in the funds from the central taxes to 10 percent, a senior Tripura minister said.
"The northeastern states as per recommendations of the 12th finance commission has been getting 5.437 percent of the share of central taxes and we have proposed the tax share be increased to 10 percent," Tripura Finance Minister Badal Chowdhury said.
Google’s exit a plot, says China Daily
By IANS,
Beijing : Google's exit from China is a "deliberate plot", a Chinese daily said Thursday, adding that Google's services in India and some other countries were also "under scrutiny".
An article in China Daily stressed that the US company's withdrawal "from the Chinese mainland is a deliberate plot".
"Google's withdrawal is not a purely commercial act. The incident has from the beginning been implicated in Washington's political games with China."
Dying handloom industry in Azamgarh
By Salman Sultan, TwoCircles.net Special Correspondent,
Varanasi: Mr. Imam Ali s/o Mr. Muzammil Husain originally belongs to Mohalla Pura Diwan of Mubarakpur (District Azamgarh). He migrated to Varanasi in November 2000 after prolonged sectarian violence in Mubarakpur. He is involved in manufacturing Banarasi Silk Sarees and has continued this business in Varanasi.
Punjab targeting Rs.100 bn VAT collection
By IANS,
Chandigarh: Claiming that the state had registered the highest growth in value added tax (VAT) collection in the country, Punjab Deputy Chief Minister Sukhbir Singh Badal Thursday said Punjab would be targeting a Rs.100 billion (Rs.10,000 crore) VAT collection mark next year.
Badal told mediapersons at Kauli village, 35 km from here: "Resurgent Punjab has beaten the worldwide recession by recording highest ever VAT collection growth in the country."
Taiwan, China to sign four pacts on expanding ties
By DPA,
Taipei : Negotiators met Tuesday to prepare for the signing of four pacts on expanding trade ties across the Taiwan Strait, in the first high-level talks with China held on Taiwan since 1949.
China's chief negotiator Chen Yunlin and his Taiwan counterpart Chiang Ping-kun, who met at the Grand Hotel in Taipei, are expected to sign the agreements Tuesday afternoon.
They cover direct sea links, the expansion of weekend charter flights between the China and Taiwan to daily charter flights, direct postal services and food safety.
Sensex loses 132 points; oil and gas stocks tank
Mumbai: A benchmark index of Indian equities markets Thursday was trading 132.25 points or 0.52 percent down as oil and gas stocks tank.
Selling pressure...
British award for magazine for Indian professionals
By IANS,
London : A magazine aimed at the lucrative highly skilled expatriate Indian market has been honoured by one of Britain's largest media forums.
How-Do media network selected Asian Lite, published by New Asian Media Ltd and edited by Buddhdev Pandya, MBE, as one of the eight best magazines in the Manchester region.
The award was presented at a function at the Manchester United Stadium at Old Trafford Thursday.
World Bank ups Russia GDP growth
By IANS,
Moscow : Russia's gross domestic product (GDP) will grow by 3.8 percent and 4.2 percent in 2012 and 2013 respectively, the World Bank said Wednesday.
UAE airline sees jump in passenger numbers
By IANS,
Abu Dhabi : Over 616,000 people travelled by Etihad Airways, an airline of UAE in July, a nine percent increase in passenger numbers compared to the same period last year, WAM news agency reported Wednesday.
On July 31, 21,640 passengers flew by Etihad, making it the airline's busiest day in its five year history. The last week of July saw an average of more than 20,500 passengers fly aboard its planes each day.
Swiss insulin pen injectors for Indian market
By IANS
Geneva : A Swiss medical company, Ypsomed, is planning to tap the growing market for insulin pen injectors in India, according to a report by Swiss news agency ATS.
The medical technologies companies, based in the Bern region, has already set up a subsidiary in New Delhi.
The number of diabetes patients in India is expected to double in 20 years to 75 million. The company estimates that the market for insulin is expected to grow from 88 millions Swiss francs (about $80 million) in 2005 to 1221 million Swiss francs in 2010.
Reliance not to transfer stake in gas block to subsidiary
By IANS,
New Delhi : Reliance Industries Ltd Monday announced it has discarded plans to transfer a majority stake in a deepwater gas block in the Krishna Godavari basin to a fully-owned subsidiary.
In a statement, RIL said it had earlier applied to assign part of its interest in the D6 block in the Krishna Godavari basin to a 100 percent owned subsidiary “in order to retain flexibility for raising finances for the project”.
But, RIL now says, it has withdrawn this plan as it has raised the necessary finances.
Gulf economies remain sound, says GCC
By ANS,
Dubai : The economies of Gulf countries remain strong amid the global financial crisis, according to the Gulf Cooperation Council (GCC).
In a statement issued out of Riyadh in Saudi Arabia Monday, GCC secretary general Abdurrahman Al-Atiyyah asserted that the economies of the Gulf states enjoy a remarkable economic growth, and added that the commercial Gulf banks have a high rate of liquidity and a distinguished financial status, the state-run Saudi Press Agency reported.
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) comprise the GCC.
Ennore Foundries plans Rs.3 billion expansion
By IANS
Chennai : Hinduja group company Ennore Foundries Ltd has further expansion plans, even while commencing trial production at its Rs.2 billion, 50,000-tonne per annum (tpa) foundry unit at Sipcot Industrial Estate in Sriperumbudur, near Chennai.
The company intends to increase its castings capacity to 230,000 tpa from around 150,000 tpa at an outlay of Rs.3 billion.
Addressing the media here Monday, Dheeraj Hinduja, president, Hinduja group, said the expansion would take place over 36 months from now.
BHEL to invest Rs.5,803 crore on expansion
By IANS,
New Delhi : The state-owned Bharat Heavy Electricals Ltd (BHEL) will invest Rs.5,803 crore to double its power plant equipment manufacturing capacity by the end of 2011, the government said Thursday.
"BHEL had augmented its manufacturing capacity for power plant equipment from 6,000 MW to 10,000 MW annually by December 2007," said Arun Yadav, Minister of State for Heavy Industries and Public Enterprises, in the Lok Sabha.
Ashok Leyland July sales, unsold stock goes up
By IANS,
Chennai : India's second largest commercial vehicle manufacturer Ashok Leyland Ltd, which sold more than 6,000 vehicles in July this year, is planning to enter construction equipment manufacturing.
The company is contemplating rolling out backhoe loaders, excavators apart from dumpers.
Ashok Leyland sold 6,202 vehicles (domestic 5,502 units, exports 700 units) during July this year, as against 5,574 units (domestic 5,034 units, exports 540 units) during the corresponding month last year.
Hindustan Construction net profit dips 72 percent
By IANS,
Mumbai : Engineering and construction major Hindustan Construction Co (HCC) Friday said its net profit for the quarter ended Sep 30 fell 72.3 percent to Rs.5.51 crore from Rs.19.94 crore in the like period last fiscal.
The net profit figures were, however, not comparable with the previous period as the company had booked a one-time loss on the sale of capital assets during the second quarter, HCC said in a regulatory statement.
Mutual funds should penetrate rural areas: Rangarajan
By IANS
Mumbai : The mutual fund industry should penetrate rural and lower income groups in the hinterland, says C. Rangarajan, chairperson of the Economic Advisory Council to the prime minister, extending the recommendations made in the financial inclusion committee report.
Giving the keynote address at the Fifth Annual ICRA Mutual Fund Awards function here Tuesday, Rangarajan expressed concern over the limited reach of mutual funds in rural areas.
National Aviation to get $214 mn loan to buy aircraft
By IANS,
Mumbai : The state-owned National Aviation Co of India (NACIL), which runs Air India, announced Tuesday that it has signed a pre-delivery finance loan facility for $214.12 million for purchase of eight aircraft.
The three Boeing 777-200LRs and five Boeing 777-300ERs will be delivered in 2009 and 2010 respectively, said a statement issued by NACIL.
"The lead arrangers of the facility are Bank of Scotland and Deutsche Bank whereas the co-arrangers are ING Bank and Natixis Transport Finance," the statement said.
Indian markets open in the red
By IANS,
Mumbai : Indian equities markets dipped marginally at the opening bell Tuesday with a key index 0.62 percent lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 8,583.06 points, lower than its 8,607.08 point close Monday. About 10 minutes into trade, it was at 8,553.91 points, 0.62 percent or 53.17 points lower than its previous close.
Similarly, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,664.4 points, 0.38 percent down from its last close of 2,674.6.
Bihar gets increased budget for minority welfare, observers raise questions on implementation
After Bihar chief minister Nitish Kumar recently announced an increase in the budget allocation for minority welfare in the state, observers from the...
India must cut greenhouse gases after 2012: UN expert
By Joydeep Gupta, IANS
Manesar (Haryana) : India must make mandatory cuts in its greenhouse gas emissions after 2012, and make a commitment to this effect at the next summit of the United Nations Framework Convention on Climate Change (UNFCCC) at Bali this December, a senior United Nations expert on climate change said here Monday.
The existing Kyoto Protocol on reducing greenhouse gas emissions to combat global warming comes to an end in 2012, and major greenhouse gas (GHG) emitting countries around the world are being asked to commit themselves to cutting emissions.
Huge growth potential for animation in India: British expert
By IANS
Kolkata : Animation in India is still in the nascent stage but with huge growth potential in the domestic market the discipline has a good future in the country, British author and animation studies teacher Chris Webster has said.
"In India, animation is still in its infancy. There is a lot of scope here, but growth will take time. India needs to make serious efforts in terms of education and setting up of infrastructure," Webster told IANS Thursday.
He appreciated the work going on in India in the field of animation but felt India has a long way to go.
Americans spend big on Obama souvenirs
By Andy Goldberg, DPA,
San Francisco/Los Angeles : The US economy may be deep in the doldrums, but there's one sector where enterprising entrepreneurs are still making a fortune.
Since last week's victory by Barack Obama, souvenirs of the president-elect are selling like the crash never happened, as his supporters and foreign tourists rush to get their hands on almost anything that commemorates the election of the first African-American president.
There are some limits, of course.
Government allocates Rs.12,000 crore for rural roads
By IANS,
New Delhi : The government has increased its outlay for rural roads by 57 percent to Rs.12,000 crore ($2.5 billion) in the budget presented by Finance Minister Pranab Mukherjee Monday in parliament.
"Rural roads have been identified as one of the six components of Bharat Nirman with the goal to provide connectivity to all villages with a population of 1,000 (500 in the case of hilly or tribal areas) with an all-weather road by 2009," said a finance ministry statement.
The northeastern region and Sikkim got Rs.1,067 crore for building their rural road network.
Reliance launches greenfield power project in Haryana
By IANS
Yamunanagar (Haryana) : The first phase of the greenfield power project set up by Reliance Energy in Haryana was inaugurated Thursday by Haryana Chief Minister Bhupinder Singh Hooda.
The first phase of the 600-megawatt Deen Bandhu Chhotu Ram Thermal Power Project was completed in a record time of 27-months. In the first phase it will generate about 300-megawatt electricity.
The commissioning of the first phase also coincided with the day when the Haryana state was created nearly four decades ago, Nov 1, 1966.
Gaza power plant to shut down Wednesday for fuel shortage
By Xinhua,
Gaza : The only power station in the Gaza Strip will stop functioning by Wednesday evening due to the lack of fuel, a Palestinian energy official said on Tuesday. "The stored industrial diesel will run out in the evening tomorrow and the station will stop," said Kan'an Obaid, deputy director of the Palestinian Energy Authority.
"The total of shortage will be 35 percent while in Gaza Cityalone will be 50 percent," he said, adding that Gaza City's 800,000 people will be affected.
Tata deal shows ‘India has arrived’: Sunil Mittal
By Dipankar De Sarkar, IANS
London : Tata Motors' acquisition of the prestigious Jaguar and Land Rover car brands shows that "India has arrived" on the world scene - something American politicians now need to wake up to, Indian industrialist Sunil Bharti Mittal said Wednesday.
He spoke after meeting British Prime Minister Gordon Brown. He was leading a delegation of the Confederation of Indian Industry (CII).
SEBI bans 14 insurance companies from selling ULIPs
By IANS,
Mumbai: Market regulator Security and Exchange Board of India (SEBI) has banned 14 insurance companies from selling Unit-Linked Insurance Products (ULIPs).
The companies are Aegon Religare, Aviva, Bajaj Allianz, Bharti AXA, Birla Sun, HDFC Standard, ICICI Prudential, ING Vyasa, Kotak Mahindra, Max New York, Metlife India, Reliance Life Insurance, SBI Life Insurance and TATA AIG.
US jobless claims surge to highest in 26 years
By Arun Kumar, IANS,
Washington : The number of Americans filing for first-time unemployment benefits last week topped 600,000, a level not seen since October 1982, according to a government report released Thursday.
The number of initial jobless claims jumped to a much-higher-than-expected 626,000 in the week ended Jan 31, according to the US Labour Department. That's up from a revised 591,000 in the previous week and the highest level since the last week of October 1982, when jobless claims reached 637,000.
Dow Corning reports strong profit in second quarter
By Xinhua
New York : Dow Corning Corp., a U.S. leading company on silicon-based technology, reported Friday strong profit in the second quarter.
It reported consolidated adjusted net income of 176.7 million dollars for the second quarter of 2007, an increase of 26 percent from adjusted net income of 140.7 million dollars reported in the same quarter of 2006.
Plan panel for uniform tax on aviation fuel
By IANS
New Delhi : With state governments reluctant to bring down their levies on aviation turbine fuel (ATF), the Planning Commission's high level group on the services sector Wednesday recommended that the commodity be classified as a declared good, which would facilitate a uniform nationwide tax.
The group, headed by Planning Commission member Anwarul Hoda, Wednesday submitted its report on the services sector to Deputy Chairman Montek Singh Ahluwalia.
India opens air space for ASEAN countries
By IANS,
New Delhi : India has opened its air space for the Association of Southeast Asian Nations (ASEAN) member-states under an open-sky regime, the government said Friday.
With this, designated airlines from ASEAN members can now to fly into any Indian city, while Indian carriers too can fly to these countries after modalities are worked out. As of now, airlines from these countries can operate only on approved routes within India.
We’ve rescued our economy from catastrophe: Obama
By Arun Kumar, IANS,
Washington : Amid signs of recession nearing an end with job losses tapering off and unemployment falling for the first time in more than a year, President Barack Obama took credit for rescuing the US economy from "catastrophe."
"Today we're pointed in the right direction," he said shortly after the Labour Department Friday reported a net loss of 247,000 jobs in July, the fewest job losses since August 2008 with the unemployment rate surprisingly inching down to 9.4 percent.
Chandigarh to launch project to popularise CFLs
By IANS,
Chandigarh : The administration here will soon launch a Bachat Lamp Yojana (Save Lamp Plan, BLY) to reduce domestic energy consumption, an official said Wednesday.
Under BLY, incandescent bulbs in Chandigarh homes will be replaced by Compact Fluorescent Lamps (CFLs) at a price similar to that of the bulbs.
"Domestic consumers will get good quality CFLs at subsidised prices. The implementation of the scheme would certainly reduce the energy consumption of Chandigarh," Finance Secretary Sanjay Kumar said.
Indian Oil looks at posting profits on petrol sale
By IANS,
New Delhi : The Indian Oil Corp (IOC) will make profits from its petrol sales from Saturday, even as it continues to post losses from other transport fuels and cooking gas, a top official said here Friday.
“Petrol margins will turn positive from tomorrow,” Indian Oil chairman Sarthak Behuria told reporters, while announcing the second quarter results for the state-run oil marketing company.
IOC, incidentally, has posted a loss of Rs.70.4 billion for the second quarter of this fiscal.
Eight power firms may lose coal blocks in Chhattisgarh
By IANS
Raipur : Chhattisgarh plans to recommend to the central government cancellation of coal mining lease of at least eight power firms that seem reluctant to set up thermal plants despite signing the deals with the state.
"The state government is surprised that several companies which inked deals with the government in past two years seem reluctant to set up power plants in the state and their actual motive was to bag coal blocks," a senior official of the industry department told IANS.
CEO pay in US drops with economic meltdown
By IANS,
New York : Even as India-born Sanjay Jha of Motorola took home a staggering $104.4 million pay package, the average compensation for top CEOs in the US dropped for the first time in five years with the economic meltdown.
The average compensation for 200 chief executives at America's largest public companies fell 5.1 percent last year to $10.8 million, according to a survey published Sunday by the New York Times and research firm Equilar.
The decline marked the first time in five years that top executives' pay packages shrank compared to the year before.
Sensex tumbles 260 points but lesser scrips excel
By IANS,
Mumbai : While benchmark indices at the equities markets slipped into the red at the closing bell Wednesday with a key index falling 241 points below its last close, mid- and small-sized firms outperformed blue-chip companies.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,230.73 points, ended at 14,060.66 points - 241.37 points or 1.69 percent - below Tuesday's close.
The S&P CNX Nifty of the National Stock Exchange (NSE) followed the Sensex to end in the negative terrain, slipping 1.36 percent to 4,259.7 points.
Man bids $40,000 for a dozen Australian mangoes
By IANS,
Sydney : A box of 12 Australian mangoes received a record bid price of $40,000 at a fundraiser here.
The Age reported that Sydney Markets staged its 19th annual charity auction Wednesday to mark the official start of the mango season and raise money for the Westmead Children's Hospital and the Prostate Cancer Foundation of Australia.
The season's first tray of 12 Blush Packing House mangoes, grown in the Northern Territory, attracted four bidders.
"We are absolutely overwhelmed with that result," auction spokeswoman Retina Hong was quoted as saying.
Agitations hamper Jindal steel plant production
By IANS
Jajpur (Orissa) : Production at the Jindal Stainless Limited steel plant in the Kalinga Nagar industrial complex, the steel hub of Orissa, was hampered Thursday following an agitation by a group of labourers, police said.
One platoon of armed police force was deployed to avoid any untoward incident, Jajpur district police chief D.S. Kuttey told IANS.
Jajpur (Orissa) : Production at the Jindal Stainless Limited steel plant in the Kalinga Nagar industrial complex, the steel hub of Orissa, was hampered Thursday following an agitation by a group of labourers, police said.
One platoon of armed police force was deployed to avoid any untoward incident, Jajpur district police chief D.S. Kuttey told IANS.
Markets soar during afternoon trade
By IANS,
Mumbai : Indian equities markets rose smartly during Thursday afternoon trade with a key index touching an intra-day high of 10,015.18 points.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 10,009.24 points around 2:10 p.m., a rise of 3.03 percent or 293.95 points over its close Wednesday at 9,715.29 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE) was ruling at 3,028.00 points, rising 2.5 percent over its previous close .
PetroChina is world’s first $1 trillion firm
Shanghai, Nov 5 (DPA) State-run oil and gas giant PetroChina Monday became the world's largest listed company at about $1 trillion market value.
Shares of the company shot up by 163 percent on the Shanghai bourse - China's largest stock market - giving the firm the world's highest market capitalisation.
PetroChina shares opened at 48.6 yuan ($6.5), up 191 percent from their initial public offering price of 16.7 yuan ($2.2), before slipping back to 43.96 yuan ($5.9) at the close.
Oil prices ease after Venezuela, Colombia agree to settle dispute
By KUNA
Kuala Lumpur : Oil prices went down on Monday from last week's record amid easing tension between oil producers Venezuela and Colombia over the weekend.
Crude contracts had risen above USD 106 a barrel on Friday after a US jobs report that fueled hopes the Federal Reserve would continue cutting interest rates, local media said Venezuela said it was restoring full diplomatic ties with Colombia after they were broken off following a cross-border Colombian attack on a leftist rebel camp in Ecuador.
Emirates Airline to increase flights to Angola, South Africa
By IANS,
Dubai : Emirates Airline, the national carrier of the United Arab Emirates (UAE), plans to increase its flights to Angola and South Africa later this year and will organise promotional activities in both the countries ahead of the launch, the WAM news agency reported.
Flights to the South African city of Durban will start Oct 1, while new services to the Angolan capital of Luanda will begin Oct 25, the airline said in a statement Thursday.
The launch of flights to Durban will supplement the daily services to Cape Town and Johannesburg, it said.
Sensex recoups losses, ends 523 points up
By IANS,
Mumbai : A benchmark index of the Indian equities markets rallied smartly to end 523 points higher Wednesday, recouping more than the previous day's losses.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened higher at 15,487.97 points, shut shop at 15,928.08 points (provisional), 523.93 points or 3.4 percent above Tuesday's close at 15,404.94 points.
Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE), too, was in positive terrain at 4,716.85 points, up 3.35 percent or 152.95 points from its last close.
Dow Jones Dharma Indexes for faith-based investment
By IANS
Mumbai : Dow Jones Indexes has tied up with Dharma Investments, a leading private investment firm pioneering the development of faith-based investment, to launch the Dow Jones Dharma Indexes Tuesday.
"The new indexes will measure the performance of companies selected according to the value systems and principles of Dharmic religions, especially Hinduism and Buddhism. Our goal is to provide the investment community with the most comprehensive benchmarks that comply with these principles," Michael A. Petronella, president of Dow Jones Indexes, said here.
Petrol pumps owners observe strike in West Bengal
By IANS,
Kolkata : Vehicle owners and public transport operators had a difficult time in West Bengal Friday as petrol pump owners went on a day-long strike, demanding an increase in commission in the wake of recent fuel price hike.
"The fuel prices have increased a lot. In current scenario if our commission is not increased then it is next to impossible for us to run the petrol pumps," said Tushar Sen, president, West Bengal petroleum dealers association.
Scarcity greatly boosts value of products, items, time
By IANS,
Washington : Scarcity of goods, services and also time greatly boost their value, according to the latest findings.
Psychologist Jaime L. Kurtz from Pomona College probed how our behaviour and attitude change when there is limited time for an activity.
A group of college seniors who participated in the study, six weeks prior to graduation, were to write about their college experiences, daily for two weeks.
The experiment was so designed that some students were to think about graduation as a far-off event and some were told to see it approaching very soon.
Chopper service to ferry the rich between new Bangalore airport and city
By Fakir Balaji, IANS,
Bangalore : Deccan Aviation, India's leading private charter firm, will launch a helicopter service this month to ferry passengers between the new Bengaluru airport and Bangalore city, about 40 km away.
The service will help the "well-heeled" save on time as its takes from 90 to 120 minutes to travel by road to the city. The helicopter will take 15-20 minutes and will operate from three locations in the city.
US inflation drops on decreased fuel costs
By DPA,
Washington : US inflation retreated in August from a 17-year high as consumer prices rose 5.4 percent year-on-year, drawn down by waning energy costs, the Department of Labor reported Tuesday.
The news marked a retreat from the 5.6 percent inflation rate in July.
The cost of living index dropped 0.1 percent from July to August on a seasonally adjusted basis, after an 0.8 percent increase in July.
The decrease reflected lower energy prices, which declined by 4.2 percent from July but were still 35.6 percent higher than August 2007.
Indian IT giants look at Bhutan for investment
By NNN-KUENSEL,
Thimpu : Around 30 leading Information Technology giants from the global IT capital of Bangalore who are in Thimphu to hold their annual strategy meeting are also looking at ‘investment possibilities’ in Bhutan.
The IT leaders said that Bhutan could play host to an array of possibilities like Data Centers Operation, Disaster Recovery Center, Business Process Outsourcing, Software Development Center.
Nigeria’s little known film industry springs a surprise
By Arpana, IANS
New Delhi : You've heard of Hollywood and Bollywood. But Nollywood? Well, Nigeria's $500-million film industry that is the world's third largest, will make an impact globally this year, says a top US ad agency.
JWT, one of the largest advertising agencies in the US, ranks 'Nollywood' high for 2008 in its just-published report.
"These people, products, places, services and shifts will help define 2008," Ann Mack, director of trend spotting at JWT, was quoted as saying.
GAIL to lay Dabhol-Bangalore gas pipeline by March 2012
By IANS,
Bangalore : State-run Gas Authority of India Ltd (GAIL) will lay its 1,400-km gas pipeline from Dabhol in Maharashtra to Bangalore in Karnataka by March 2012, a senior company official said Thursday.
"The Rs.5,000-crore (Rs.50-billion) pipeline will supply gas to fertilizer and power plants coming up near Bangalore and Mangalore in Karnataka and Goa," GAIL chairman and managing director B.C. Tripathi told reporters here.
The pipelines will have an installed capacity to supply about 30 million metric standard cubic metre of gas daily.
Canadians see danger in trade reliance on US
By IANS,
Toronto : As resource-rich Canada seeks closer trade ties with Europe, over a third of its citizens blame their country's overdependence on the US for its current economic troubles.
In a survey by the global parcel delivery giant United Parcel Service (UPS), 36 percent Canadians blamed the current crisis on their overdependence on the US which accounts for 85 percent of its trade.
US stocks fall as quarterly earnings reports filed
By DPA,
Washington : Wall Street indices continued their decline in midday trading Wednesday, adding to the gloomy mood on European markets as US investors reacted to depressed earnings reports.
Wall Street opened down 2.5 percent and stocks slid in Asia, Europe's blue-chip Stoxx 50 index dropped 5 percent to 2235 in late trading as concerns set in about the outlook for the global economy and profits.
Shankar Singh: From a tout to an activist
By Dr Sandeep Pandey,
Shankar Singh was a tout at the Road Transport Office earlier and used to get people's work done by paying bribes to the officials and take his own cut. Today he is a right to information activist working with a team in Kanpur to check corruption not just at the road transport office but also at other offices.
Fiscal deficit to reduce to 5.5 percent next financial year
By IANS,
New Delhi : The fiscal deficit will come down to 5.5 percent in the next fiscal from the estimated 6.8 percent in this financial year, Finance Minister Pranab Mukherjee said in his budget speech Wednesday.
He said the fiscal deficit would come down further in 2011-12.
The deficit during 2010-11 would be 5.5 percent which would work out to Rs.381,408 crore (Rs.3.81 trillion/$82.29 billion) and the government would need to borrow about Rs.345,010 crore to fund expenses, Mukherjee said.
‘Indian banking system stable but challenges remain’
By IANS,
New Delhi : The fundamental credit outlook of the Indian banking system is stable even as the sector continues to face challenges in raising fresh capital, according to a report by Moody's Investors Service.
The report, released Wednesday night, said India's banks have benefited from the strong economic cycle driving a surge in loans and providing considerable growth potential.
Zambia invites Indian firms to set up tax-free zone
By Devirupa Mitra, IANS
New Delhi : After giving China a tax free zone, the southern African nation of Zambia wants to create a similar exclusive economic zone for Indian companies to bring "value-addition" to its mining industry.
"We have had a long partnership in India, with investments in several areas. But what has been lacking was visibility. This zone will help in improving India's profile (in Zambia)," visiting Zambian Minister for Commerce, Trade and Industry Felix Mutati told IANS.
Bangladesh considering India’s proposal to use Chittagong port
By IANS
Agartala : Bangladesh is considering an Indian proposal to allow the Chittagong international port to ferry men and materials to and from India's northeast, Indian officials said here Friday.
Chittagong, southeastern commercial town and an important international port in Bangladesh, is only 75 km from Tripura's border town Sabroom, which is 175 km south of state capital Agartala.
Pakistan’s 2009-10 budget summary sent to PM for approval
By IANS,
Islamabad : A summary of Pakistan's budget for fiscal 2009-10 has been sent for approval to Prime Minister Yousuf Raza Gilani ahead of its expected presentation in parliament June 6.
"It is up to the prime minister to approve June 6 or any other date for the announcement of the national budget in parliament," APP news agency Wednesday quoted a top finance ministry official as saying.
He said the ministry had received budgetary proposals and suggestions from various stakeholders and these had been forwarded to the Federal Board of Revenue (FBR) for finalisation by May 31.
China retail sales growth slows
By Xinhua,
Beijing : China's retail sales grew at a slower annual rate of 22 percent in October due to weak consumption sentiment amid a slowing economy.
Sales reached one trillion yuan ($148 billion) last month, the National Bureau of Statistics (NBS) said Wednesday. The pace was down from 23.2 percent in both September and August and 23.3 percent in July.
Retail sales till October rose 22 percent annually to 8.8 trillion yuan, according to the NBS.
Many consumers cut on spending in a slowing economy, grim corporate outlook, and plunge in the stock market, the report said.
Naveen Patnaik writes to PM, seeks petrol price cut
By IANS,
Bhubaneswar : Orissa Chief Minister Naveen Patnaik Saturday wrote to Prime Minister Manmohan Singh seeking a roll-back of the recent petrol price hike.
Yahoo-Microsoft talks no longer active
By NNN-PTI
Silicon Valley : Talks between Microsoft and Yahoo on a merger are no longer active even as possiblities of mutal cooperation still remain between the two.
Though merger talks were no longer active, the door was still open for them to cooperate, potentially as part of a partnership or joint venture in which Microsoft would spin off some of its online properties to Yahoo, a report in the Wall Street Journal said.
Rich Indians eyeing second homes abroad
By Anuradha Shukla, IANS,
New Delhi : The realty industry is one of the worst-hit sectors globally following the financial meltdown, but for the well-heeled in India, this is excellent tiding. With real estate prices at an all-time low across borders, buying property abroad is suddenly making sense to affluent Indians.
Bureaucracy must focus on excellence: Economic Survey
By IANS
New Delhi : Coming down heavily on bureaucrats for their inability to deliver high quality services, the Economic Survey for 2007-08 Thursday said they should shed activities that were best left to the private sector.
In the chapter titled "Challenges, Policy Response and Medium-term Prospects", the annual report card on the Indian economy said the bureaucracy needed to focus on excellence to meet the aspirations of the people.
Most Indians working in the Gulf stay poor: report
By IANS
Dubai : Indians go to work in Gulf countries dreaming of huge salaries that will solve all their financial worries, but a majority of them stay poor, a survey has found.
Indians arrive in countries of the Gulf Cooperation Council (GCC) after paying a huge sum to recruitment agents. Many agents make false promises of high salaries, a good working environment and free accommodation to attract the workers.
US recession fears trigger huge dip in Asian stocks
Tokyo, Jan 22 (DPA) Hong Kong stocks fell 8.6 percent and Tokyo lost more than 5 percent Tuesday while the Seoul exchange suspended trading amid lingering fears about US economic woes.
Hong Kong's Hang Seng index continued its downward spiral along with the rest of Asia, dropping another 2,061 points, or 8.6 percent, to close a roller coaster day of trading at 21,757. Turnover was 155.6 billion Hong Kong dollars ($19.9 billion).
Why are tribals from Jammu and Kashmir protesting inclusion of Paharis in ST list?
Members of the Gujjar Bakarwal community in Jammu and Kashmir are on a protest march from Kupwara to Jammu against the government of India's...
Infosys ups revenue guidance for this fiscal
By IANS,
Bangalore : Buoyed by higher than projected growth in the first quarter, Infosys Technologies Ltd revised its revenue forecast for this fiscal upwards on greater demand for its software services from its marquee clients.
"While the global economic environment remains uncertain, we continue to see greater demand for services from our clients," Infosys chief executive S. Gopalakrishnan said Tuesday.
IIP data disappointing, may affect growth: Pranab
By IANS,
New Delhi: The slower growth in industrial production in August is disappointing and it may affect economic growth, Finance Minister Pranab Mukherjee said Tuesday.
Markets close in the red
By IANS,
Mumbai : Indian equities markets closed in the red Tuesday, with a key index shutting shop 2.09 percent lower.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,583.06 points, closed at 8,427.29 points (provisional), a fall of 179.79 points or 2.09 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 2.08 percent from its last close to end at 2,619.05 points.
The BSE midcap index was 1.62 percent lower, while the BSE smallcap index was down 1.3 percent.
India should invest more in Fiji: Mahendra Pal Chaudhry
By Nayanima Basu
IANS
New Delhi : India should increase its investment in key industries in Fiji and garment companies in particular would be more than welcome to sell Indian dresses there, says Mahendra Pal Chaudhry, finance minister and a former prime minister of the South Pacific islands.
Tech Mahindra gets control of Satyam Computer Services
By IANS,
Mumbai : Tech Mahindra, the IT arm of Mahindra and Mahindra (M&M), will be the new owner of the fraud-hit Satyam Computer Services with a controlling stake through its subsidiary Venturbay Consultants.
In a regulatory filing to the Bombay Stock Exchange (BSE) Monday, India's fourth largest software major said Venturbay had emerged as the highest bidder by offering to purchase 302,764,327 Satyam shares or 31 percent of its total shareholding for Rs.1,756 crore (Rs.17.56 billion/$351 million) at Rs.58 per share.
India seeks a stop to diversion of food to fuel
By Arun Kumar, IANS,
Washington : India has demanded an immediate stop to diversion of food crops, particularly corn in the United States, for producing biofuels to check a rise in food prices in the short term.
"The long term solution to this problem is to increase the supply of food grains; immediately, however, we should avoid wastage and diversion of food to fuel," Indian Finance Minister P. Chidambaram told a meeting of world financial leaders here Sunday.
Tata assures British workers, says India has changed
By IANS
London : Tata Group Chairman Ratan Tata has said his Indian multinational does not "create a trauma" when it takes over companies amid media speculation that he may have to close down either the Jaguar or Land Rover plant if he succeeds in buying the British automakers.
In comments published Thursday, Tata for the first time also hit back at American critics of his group's takeover bids, suggesting they held outdated and stereotypical views of India as a "land of tigers, jungles and cobras".
Heal yourself in 20 weeks – here’s how
By M.R. Narayanswamy, IANS,
Book: "Perfect Health In 20 Weeks"; Author: Amar Chandel; Publisher: Konark Publishers Pvt Ltd, New Delhi; Pages: 146; Price: Rs.195
Considering the proliferation of health guide books in the market, one may well ask what this slim volume has to offer. In what has been described as a step-by-step guide to 100 percent natural healing, the author comes up with a simple, easy-to-practise regimen that he promises will rejuvenate you in just 20 weeks.
Global crises threaten progress on MDGs
By IANS,
New Delhi : Progress made in earlier years to achieve the millennium development goals (MDGs) in the fields of health, education, sanitation and women empowerment in India and South Asia was endangered by global economic and food crises, the United Nations said Tuesday.
"More than halfway to the 2015 deadline to achieve the MDGs, major advances in the fight against poverty and hunger have begun to slow or even reverse as a result of the global economic and food crisis," the UN's MDG report said.
Jet Airways plans hub at Shanghai
By IANS
Mumbai : After selecting Brussels as its hub for Europe and US east coast cities, Jet Airways is now planning to choose Shanghai as the hub for its destinations to US' west coast, said a top company official.
"We are finalising our route network to San Francisco and Los Angeles with Shanghai as hub. It is much shorter and cost effective to fly from China to the US west coast than from Singapore," said Saroj K. Dutta, executive director of Jet Airways.
Insurance watchdog’s latest move will ensure informed decisions
By IANS
Chennai : The Insurance Regulatory and Development Authority's (IRDA) recent move to make life insurers disclose the charges levied on their unit-linked policies (Ulips) would enable policyholders to make informed decisions, said a top official.
On Jan 1, the regulator issued a circular to all life insurers to clearly spell out the charges levied under their Ulips and the amount available for investment for each policy year.
The regulator has also stipulated that life insurers should spell out the guaranteed and non-guaranteed returns separately.
India’s telecom density now 18.7 percent
By IANS
New Delhi : With a net addition of 4.9 million telecom subscribers into the network last month, India's telephone density has touched 18.7 percent, even though the number of fixed-line phones declined by 230,000 connections.
Markets’ upward trajectory to continue through positive sentiment
By Rohit Vaid,
Mumbai : The positive sentiment in the Indian equities will continue as experts point to supportive factors like encouraging industrial growth data,...
India’s FlockPod stretches social networking horizon
By V. Vijayalakshmi, IANS
Pune : If you thought social networking sites like MySpace, Orkut and Facebook were the ultimate places to interact with people, think again. An Indian company has gone a step further with FlockPod, an innovative social networking application.
The Harbinger Group, which created the FlockPod, says it is the world's first social interaction pod - a small place on any web page where people get together and interact on the spot while staying on the page.
Tokyo stocks close higher in final trading session
By Xinhua,
Tokyo : Tokyo stocks closed higher Tuesday in the year's final half-day trading session.
The 225-issue Nikkei Stock Average advanced 112.39 points, or 1. 28 percent to 8,859.56. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 4.47 points, or 0.52 percent, to 859. 24.
However, the Nikkei plunged about 40 percent in a year marked by financial turmoil and economic recession.
No FTA with India for now, says US
By NNN-PTI
Chicago : Not willing to tread the path taken by EU and ASEAN for market-opening trade pacts with India, the US today said it is not ready for a free trade deal with the world's second-fastest growing economy as it cannot fully open agricultural imports from American farmers.
Agartala to be India’s first green city
By IANS,
Agartala : Tripura Sunday announced plans to make all public and private vehicles in Agartala run on compressed natural gas (CNG) by 2013, thus making the capital "India's first green city".
Tripura Natural Gas Co Ltd (TNGCL), a joint venture of the Gas Authority of India Ltd (GAIL) and the Tripura and Assam governments, has undertaken a project to supply CNG to all private and government vehicles.
CNG will also be available to those now using electricity, petrol and diesel to run various machineries.
Indian shares rise 0.5 percent in choppy trade
By IANS
Mumbai : The rally in Indian shares continued Wednesday in a choppy trade, with a key index gaining 0.50 percent at close after touching a new intra-session high led by cement stocks and private sector lender ICICI Bank.
Vatican faces $5.2 mn financial loss
By IANS,
Vatican City : The Vatican is facing a major financial loss with a 4.1 million euro ($5.2 million) deficit recorded in 2009.
It saw revenues of 250.2 million euros against expenses of 254.3 million euros.
The Vatican is facing losses for the third consecutive year. In 2008, it lost 900,000 euros and 2007 saw a 9.1 million euro deficit, the BBC reported.
But annual donations from churches worldwide were up by about nine percent in 2009.
Emaar MGF withdraws IPO
By IANS
New Delhi : EmaarMGF Land Ltd, a joint venture between Dubai's Emaar Properties and India's MGF Developments, Friday announced that it had withdrawn and postponed its initial public offering (IPO) to a later date.
The company did not mention when it would consider floating its shares again.
"Emaar MGF Land Limited has withdrawn and postponed its initial public issue to an appropriate time," the company said in a communiqué.
Markets trading flat at afternoon trade
By IANS,
Mumbai : The Indian equities market was hovering between positive and negative zones in afternoon trade. The market, which opened in the red, bounced back in early afternoon trade and again slipped into red.
IT stocks declined for the second straight day as India's top software services exporter TCS was downgraded by foreign brokerages after its earnings disappointed.
The market breadth was positive.
At 12.30 p.m., the 30-share benchmark sensitive index of the Bombay Stock Exchange was trading at 16,722.05 with a loss of 17.28 points.
Pakistan asks for quick action on IPI pipeline, India hopeful
By IANS,
New Delhi : India Friday said it was hopeful of resolving all issues blocking the tri-nation gas pipeline that also involves Pakistan and Iran as Islamabad urged New Delhi to decide quickly on what it called “the pipeline of peace and new bonding”.
“I also urged him to take quick action on the IPI pipeline. This pipeline could be a pipeline of peace and new bonding,” Pakistan's Foreign Minister Shah Mehmood Qureshi said at a joint press conference here after talks with his Indian counterpart Pranab Mukherjee.
Wipro buys part of Yardley cosmetic business for $45 mn
By IANS,
Bangalore : Consumer care arm of IT bellwether Wipro Thursday announced it had acquired part of Yardley cosmetic products business from the British-based Lornamead group for $45 million (Rs.2.14 billion/Rs.214 crore).
"The acquisition value of Yardley business in Asia, the Middle East, Australasia and some African markets from Lornamead is based on $24 million (Rs.1.13 billion/Rs.113 crore) revenue guidance for this fiscal," the company said in a regulatory filing.
The overseas deal is expected to be completed by December.
Nokia unveils GPS-enabled mobile device for navigation
By IANS,
Bangalore : Global telecom major Nokia Monday unveiled its first global positioning system (GPS)-enabled mobile device for the Indian market to navigate and map a location of choice.
Priced at Rs.18,000, the Nokia 6210 navigator comes with its Maps 2.0 version that offers real-time voice and visual guidance using in-built GPS support. The device also has an integrated in-map compass for pedestrian guidance.
India, Sri Lanka targets trade pact by October
New Delhi, Aug 2 (IANS) India and Sri Lanka have decided to sign a Comprehensive Economic Partnership Agreement (CEPA) by October this year for augmenting mutual trade and investment, Minister of State for Commerce Jairam Ramesh said here Thursday.
"Both India and Sri Lanka can thrash out the differences and early conclusion of the CEPA would ensure the sustained interest of all the stake holders," Ramesh said during his meeting with Sri Lankan Minister for Investment Promotion Navin Dissanayake.
Report: Iran, Italy in gas transfer talks
By Xinhua
Tehran : Iran was in talks with Italian power company Edison about exporting gas to the European Union country, Iran's state-run TV channel Alalam reported on Sunday.
"We have started negotiations... and the talks have almost been finalized," Iranian Oil Minister Gholamhossein Nozari was quoted as saying.
"Their preliminary need for the end of 2008 is 1.5 billion cubic feet and it will be increased to 4.5 billion cubic feet," Nozari said, without giving details.
Probe sought on official who handled Reliance gas
By IANS,
New Delhi: Prime Minister Manmohan Singh has been urged to order a probe into the antecedents of a former oil ministry official who scrutinised the price of gas from the Krishna-Godavari basin agreed between the companies led by the two Ambani brothers.
Samajwadi Party Rajya Sabha member Virendra Bhatia, in his letter to the prime minister, said Sunjoy Joshi, who handled the contentious decision in 2006 as a joint secretary in the oil ministry, subsequently joined an organisation promoted by Reliance Industries.
N-deal to boost uranium supplies for power generation: minister
By IANS,
Bangalore : Power generation from nuclear reactors in India is set to increase manifold with more uranium supplies commencing soon in the wake of the civilian nuclear deal with the US, Union Minister of State for Power Jairam Ramesh said here Thursday.
"As a direct and immediate benefit of the Indo-US nuclear deal, our atomic reactors will start getting more uranium fuel to increase power generation by 2,500 MW (mega watts) over the next three-four months," Ramesh told reporters on the sidelines of a function here.
US stocks rebound after wild trading day
By DPA,
New York/Washington : US stocks made strong gains after a wild day of trading Tuesday, pulling back from the worst day on Wall Street since the September 2001 terrorist attacks.
The Dow Jones Industrial Average rose 1.3 percent, largely on investors' hopes that the government would come to the rescue of American International Group Inc (AIG), the largest US insurer. The broader Standard & Poor's 500 Index surged 1.75 percent.
Italian electrical accessories major enters India
Kolkata : Electrical switchmaker GreatWhite Global (GWG) Friday said it has entered into a strategic partnership with Italy-based electrical accessories and automation maker Vimar...
Gas utility GAIL scales down capital expenditure
By IANS,
New Delhi : State-run gas utility GAIL India has scaled down its capital expenditure to Rs.55 billion (Rs.5,500 crore) for 2009-10 after the Planning Commission objected to the higher estimate prepared earlier, the company said here Thursday.
"Our capex was originally Rs.7,000 crore (Rs.70 billion), which we submitted to the Planning Commission for approval. But after its objection, this has been revised to Rs.55 billion," GAIL director (finance) R.K. Goel told reporters.
Tokyo stocks gain on hopes for US rebound
By DPA,
Tokyo : Japan markets opened stronger Monday, with stocks driven up by hope for the US economy to recover as president-elect Barack Obama Saturday pledged a large-scale spending plan.
The benchmark Nikkei 225 Stock Average was up 203.2 points, or 2.57 percent, to 8,120.71 by mid-trading, carrying over Friday's positive sentiment at Wall Street.
The broader Topix index of all first-section issues rose 11.34 points, or 1.44 percent to 797.36.
On currency markets at 9 am (0000 GMT), the dollar was quoted at 92.75-80 yen, up from Friday's 5 p.m. quote of 92.23-25 yen.
Brazilian economy growing at eight percent
By EFE,
Rio de Janeiro : Brazil's economy grew at an annualised rate of eight percent in the third quarter and the result for the final three months of the year will be roughly equivalent, Finance Minister Guido Mantega has said.
After growing 1.9 percent in the second quarter, real gross domestic product growth in the third quarter relative to the previous three months came in at two percent, or eight percent in annualised terms, he said Wednesday at a meeting of the Council for Economic and Social Development.
Karnataka too bans manufacture, sale of Maggi
Bengaluru: Karnataka on Sunday became the latest state to ban manufacture and sale of Nestle's Maggi noodles following a central food watchdog directive.
"The Food...
BPO exports grow 21.4 percent
By IANS,
New Delhi : India's third party business process outsourcing (BPO) services exports in 2007-08 grew 21.4 percent to Rs.264.23 billion, up from Rs.217.60 billion in the previous fiscal, according to a new study.
In dollar terms, the growth was even more impressive at 36.6 percent to $6.6 billion, up from $4.8 billion last fiscal, said the study by Dataquest, the flagship publication of the CyberMedia group.
Why are minorities disappointed with Union Budget 2023?
Slashing the budget for minority affairs from Rs 5020 crore last year to Rs 3079 crore this year has led some to question...
Dubai to host 17th International Electronics Forum
By IANS,
Dubai : Leaders of global electronic industry are set to discuss the current trend and future of the sector when they meet here at the 17th International Electronic Forum (IEF) Thursday, WAM news agency reported Wednesday.
The three-day global conference will be inaugurated at the Madinat Jumeirah by Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai Silicon Oasis Authority.
Al Maktoum will deliver his keynote address highlighting the importance of the forum, being held for the first time in the Middle East, as a proven business catalyst.
Voltas to marginally hike AC prices this month
Kolkata : Tata group-owned cooling company Voltas Moday said it is marginally hiking its prices of air conditioners by two to three percent in...
Flying time for Indian kite makers as Chinese strings banned
By Azera Rahman, IANS,
Ahmedabad : Goods made in China dominate the Indian market with their USP of variety combined with low pricing, so much so that even kite strings imported from there boast a huge customer base here. That's why a recent ban on Chinese kite strings in Gujarat has been so heartily welcomed by local kite makers.
Until recently, almost 50 percent of the kite strings or manjha, as it is more popularly known, available in markets here were made in China. However, a recent ban on these by the Gujarat government has come as welcome news for local kite makers.
Pak economy facing serious threat
By IRNA,
Islamabad : Despite promises and commitments of international financial agencies, economy of Pakistan is facing serious threats.
Pakistan is reportedly discussing a $10 billion to $15 billion support package with the IMF and other bodies at Dubai.
The IMF, it is said, would provide the package if satisfied with the steps taken by the government of Pakistan to stabilize its economy.
Equity markets make huge gains in early trade
By IANS,
Mumbai : Indian equity markets opened with an upswing Wednesday on news that global oil prices had fallen and the US Federal Reserve had kept interest rates steady. Then the markets made huge gains in early trade.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 302.58 points at 15,263.65. Twenty minutes into trading, it had climbed to 15,399.11, a gain of 438.04 points or 2.93 percent from its closing figure Tuesday.
Markets slip deep into the red
By IANS,
Mumbai : Indian equities markets slipped deep into the red in the early morning session Monday, with a key index trading about 250 points or 2.56 percent lower than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,902.35 points, lower than its 10,048.49 point close Friday. About 30 minutes into trade, it was at 9,790.81 points, 2.56 percent or 257.68 points below its previous close.
The S&P CNX Nifty index of the National Stock Exchange (NSE) was at 3,037.8 points, 2.28 percent down from its last close of 3,108.65.
British consumers victims of credit card fraud in India
By Prasun Sonwalkar, IANS
London : For the second time in six months, hundreds of British citizens have become victims of international gangs who manage to clone credit card details here and withdraw money from their accounts in India, Philippines, Australia and Canada.
In the latest instance, hundreds of villagers of Houghton on the Hill in Leicestershire have fallen victims. Their card details were reportedly cloned at a petrol station in the village, and soon found money being withdrawn from their accounts world-wide.
Brazil’s Petrobras studying oil extraction project in US
By IANS,
Rio de Janeiro : Brazil's state-owned energy giant Petrobras would conduct a feasibility study to extract oil from oil shale in the US using technology developed by a Brazilian firm, EFE reported Tuesday.
The oil major announced Monday it had struck a deal with Oil Shale Exploration Company, which will give the technology, and Japan's Mitsui group to conduct the study on extracting oil from oil shale in Utah.
"Petrobras will conduct a technical, economic and environmental feasibility study testing the Petrosix process," said the Brazilian firm in a communique.
Muslim presidents agree on importance of WIEF
By KUNA,
Kuwait : Jordan's King Abdullah II said Tuesday that the Fourth World Islamic Economic Forum (WIEF) was one that would discuss important issues that affected the Muslim world.
Speaking at the inauguration of the forum, he said that this was not an ordinary international meeting, and that the efforts that were exerted were aimed at achieving economic goals, including development, growth, and creating opportunities for youth.
Finnair Asian traffic grew 32.6 percent in 2007
By IANS
Helsinki : Finnair's total traffic measured in passenger kilometres grew 16.2 percent in 2007, with Asian traffic up by a staggering 32.6 percent, Finland's national carrier said Tuesday.
Finnair's Asian flights carried more than 1.1 million passengers, of the 8.6 million passengers transported by the airline during the year.
The passenger load factor was at 75.5 percent, with nine percent of all Finnair long-haul passengers travelling in business class, the airline said.
Markets to hold special Diwali trading session Wednesday
By IANS,
Mumbai : Indian equities markets will hold a special 'muhurat' trading on Diwali evening Wednesday to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity.
Indian real estate products showcased in Dubai
By IANS,
Muscat : Around 35 Indian companies are participating in the three-day Indian Realty Expo 2008, which concludes here Saturday.
Organised by the Maharashtra Chamber of Housing Industry (MCHI), the exhibition is showcasing some of India's prestigious properties including some high-end properties targeted at high net worth individuals and NRIs.
Indian Consul to Dubai Partha Ray said a number of NRIs and people of Indian origin, especially professionals, in the Gulf and other countries are being attracted by the rapidly growing economy of India.
Reliance Capital revenues up to Rs.681 crore
By IANS,
Mumbai : Financial services company Reliance Capital, part of the Anil Dhirubhai Ambani Group, Friday said its revenues for the quarter ended Sep 30 grew 1.47 percent to Rs.681 crore from Rs.671 crore in the corresponding quarter last fiscal.
The company's net profit for the quarter, however, fell 44 percent to Rs.109 crore from Rs.195 crore in the like quarter in the previous fiscal.
Revenues from core operations such as investments and consumer finance rose to Rs.681 crore in the quarter under review from Rs.671 crore in the previous corresponding period.
Sensex ends flat, consumer durables gain
By IANS,
Mumbai : A benchmark index for Indian equities ended flat in a day of volatile trading Monday.
FMCG stocks weighed the markets down, while consumer durables shot up handsomely and PSU scrips made robust gains.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,400.33 points, closed at 18,398.91 points, almost unchanged from its previous close at 18,401.82 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop 0.19 percent higher at 5,540.9 points.
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