Don’t sell in panic, Chidambaram to investors

By IANS, New Delhi : As Indian equities fell once again on weak global cues, Finance Minister P. Chidambaram Thursday asked investors not to sell in panic, and to believe in the country's strong economic fundamentals. "Nobody should sell in panic," the minister told reporters, as a key Indian equities index fell nearly four percent on fears of US recession and overall global slowdown. "There is no reason for the Indian market to go down just because Eastern markets are down," he said outside parliament.

Short covering helps Sensex close 252 points higher

By IANS, Mumbai: A benchmark index for Indian equities Thursday closed 252 points higher on a spurt of short covering by traders. Gainers were led by auto, IT and banking stocks.

Poor monsoon prompts selling, Sensex slides

By IANS, Mumbai : Fears of deficient monsoon rains hampering India's economic turnaround prompted investors to push the sell button at the equities markets Monday, forcing a key index to move down one percent below its last closing figure. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,287.14 points, ended trade at 15,009.77 points, down 150.47 points or 0.99 percent from its last closing figure. Similarly, the Nifty of the National Stock Exchange (NSE) shut shop in the red at 4,437.65 points, down 0.98 percent.

Political parties slam hike in fuel prices

By IANS, New Delhi : The Left, which supports Prime Minister Manmohan Singh's government, and the main opposition Bharatiya Janata Party (BJP) Wednesday took the lead in condemning the hike in fuel prices. "This is an economic terror unleashed on the country. By increasing prices, the prime minister has put another burden on the people," said BJP spokesman Rajiv Pratap Rudy. "This will cause an upheaval," he said. "It is a black day for the country."

Equity markets start with a loss

By IANS, Mumbai : Indian equity markets started with a loss Thursday, mirroring weak global markets. Power, realty and capital goods stocks were under selling pressure in initial trade. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 133.94 points at 13,530.68 points. Ten minutes into trading, it fell further to 13,290.97, a loss of 373.65 points or 2.73 percent from its closing figure Wednesday.

Sensex slips back into red, down 49 points

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.

Apple, Google, RIM neck-and-neck in smart phone market

By Gurmukh Singh, IANS, New York : Apple, Google, Research In Motion (RIM) are neck and neck in the cut-throat smart phone market in the US, according to a Nielsen survey Thursday.

‘Poor awareness stalls fair trade practices in India’

By IANS, New Delhi: Poor awareness, mammoth size, diversity and insularity are challenges India must overcome to ensure fair trade practices in grassroots businesses, World Fair Trade Organisation (WFTO) president Paul Myers, himself a leading economist, said in the capital Friday. WFTO, a global representative forum of more than 350 organisations established in 1989, tries to ensure fair deals for small-scale producers at the grassroots the worldover and correct trade imbalances, while factoring in ecological concerns and participation by all segments of industry.

Centre to fund Rs.1,000-crore projects under Capital Goods Scheme

Mumbai : In a bid to reduce imports of capital goods, the department of heavy industries at the Centre will fund projects worth...

Markets end in green, boosted by low inflation numbers

By IANS, Mumbai : The Indian equity markets continued their gaining rally Thursday and ended with a decent gain which was boosted by the slight decline in inflation. IT and banking stocks were in demand throughout the session. Realty and metal stocks picked up momentum in the last hour of trade. Positive cues from the global markets also boosted the domestic bourses in the early trade.

Experts agree with PM on inflation but with riders

By Rajeev Ranjan Roy, IANS, New Delhi : Prime Minister Manmohan Singh's assessment that inflation will ease in India by September has found favour with experts who also feel the government must monitor the situation and chip in with more steps as and when required. "Prime Minister Singh has made an appropriate assessment, which is well integrated with ground realities. Inflation will certainly moderate if we have a good monsoon," Shriram Khanna, professor of economics at Delhi University, told IANS. "But the situation will worsen if the monsoon turns out to be bad," Khanna said.

Court ruling on Morgan Stanley to ‘reassure’ MNCs: Nasscom

By IANS

New Delhi : A verdict given by India's apex court Monday on the tax issues relating to global investment major Morgan Stanley's BPO unit has given "reassurance" to other multinationals running similar operations in the country, a leading IT industry body said Tuesday.

PepsiCo chief Nooyi wants a role in Washington

By IANS New York : Indra Nooyi, India-born chief of the global soft drinks and snacks giant PepsiCo, wants a role in the US government a few years later, she has told Fortune magazine in a cover story on her in its latest issue. "After PepsiCo, I do want to go to Washington," she said when asked whether she had ever thought about a role in the government.

Markets hold on to gains

By IANS, Mumbai : Indian equities markets were trading firmly Tuesday, with a key index trading 3.42 percent higher than its previous close nearly an hour before the closing bell. The sensitive index of the Bombay Stock Exchange (Sensex) was at 8,971 points, 3.42 percent or 296.554 points higher than Monday's close. At the same time, the S&P CNX Nifty index of the National Stock Exchange was at 2,769.55 points, 3.4 percent higher than its previous close of 2,678.55.

Australia-India CEOs forum to enhance business links

By Neena Bhandari, IANS, Canberra : An Australia-India CEOs Forum will be created to enhance business links between the two countries, ensuring that the expanding economic relationship was underpinned by closer business ties at the highest level. This was announced in a joint statement issued Monday following the fifth Australia-India Foreign Ministers Framework Dialogue held here. Foreign Minister Stephen Smith and India's External Affairs Minister Pranab Mukherjee underlined the strength of the bilateral economic relationship, especially in the resources and energy sector.

Commercial vehicle sales worst hit in December

By IANS, New Delhi : The struggling auto industry continued to tumble for the fourth consecutive month with the commercial vehicle (CV) sales for December dipping 58.2 percent and overall sales declining 18.2 percent year-on-year, data released Monday showed According to the data released by the Society of Indian Automobile Manufacturers (Siam), auto-makers sold 17,920 commercial vehicles in December 2008 as against 42,961 units the year before marking a 58.2 percent dip in sales, the worst in 11 years.

Lakshmi Mittal joins Goldman Sachs’ board

By IANS, New York : Lakshmi N. Mittal, world steel tycoon based in England, has joined the board of directors of Goldman Sachs Group Inc, one of the oldest and largest investment banking firms headquartered here. Mittal, the chairman and chief executive of the world's largest steelmaker ArcelorMittal, joined Goldman's 12-member board Saturday as an independent director, the Wall Street firm said in a press release Sunday. Goldman Sachs's board announced that Mittal will serve on the audit, compensation, corporate governance and nominating committees of the board.

Shopping spree begins in capital as Eid nears

By Nabeel A. Khan, IANS, New Delhi : Jamia Nagar is dazzling with lights. Roads are lined with kurtas, as shopkeepers try to lure customers. Hawkers are busy selling vermicelli and dry fruits. Markets here have been hit by a heavy rush of customers who are on a buying spree as the festival of Eid is barely a week away.

Shipping shortcut poses environmental risks

By C.P. Rajendran, IANS The Sethusamudram ship channel project is deepening a 75-km section of the 152-km passage in the shallow sea between India and Sri Lanka. On the face of it, the idea is excellent as it cuts out the need for ships to circumnavigate Sri Lanka, shortening the journey by about 335 nautical miles between India's east and the west coasts. The Rs.24.28- billion ($609-million) project is already forging ahead.

Australian Company B&B to buy stake in Thai Tollway Company

By NNN-Bernama Melbourne : Investment firm Babcock & Brown Ltd (B&B) plans to acquire a large stake in an unlisted tollroad operator in Thailand for up to A$130 million, it is reported. B&B has entered into an agreement to buy a 28 percent to 33 percent in Don Muang Tollway plc (DMT), pending a tender of existing shares and a private placement of new shares, the Australian Associated Press said. "The acquisition ... will represent an investment of approximately $110 million to $130 million," B&B said.

Equity markets start in the green

By IANS, Mumbai : Indian equity markets, which opened higher Wednesday in line with other Asian peers, were in the green in early trade. There was buying interest in realty, metal and capital goods stocks. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 66.84 points at 14,610.57. Five minutes into trading, it was at 14,687.04, 143.31 points or 0.99 percent above its closing figure Tuesday.

Inflation affected PC sales in Q1 of 2012 in India: Gartner

By IANS, New Delhi : High inflation and increased prices during the first quarter of 2012 affected sale of personal computers in India, research firm Gartner Inc said Friday.

Toyota eyes 10 percent market share in India by 2015

By IANS, Hyderabad : Leading car maker Toyota Kirloskar Motor is aiming to increase its market share in India from the current three percent to 10 percent by 2015. The company, which unveiled concept model of its compact car Etios at Auto Show South 2010, plans to launch the product in the first quarter of 2011. Sailesh Shetty, general manager, sales, Toyota Kirloskar Motor, told reporters that the company was planning to improve the manufacturing capacity to 1.5 lakh vehicles this year. The car maker sold 80,000 vehicles last year and is aiming to add 70,000 to it this year.

BT to return 2,750 Indian call-centre jobs to Britain: report

By IANS, London : British Telecom will bring back at least 2,000 call-centre jobs from India to Britain as it prepares to close about half its customer service operation in the subcontinent, a newspaper reported Thursday. BT chief executive Ian Livingston disclosed the move in response to a question by a shareholder at its annual general meeting in London Wednesday, The Times reported. The paper said the eventual number of customer service positions that will be repatriated is likely to be closer to 2,750, representing half the group's 5,500 call-centre staff in India.

Indian carmakers ready to enter Russian market

ST. PETERSBURG, March 14 (RIA Novosti) The Indian automotive industry is ready to enter the Russian market, and soon Russians will also see other industrial goods from India, Rakesh Shah, chairman of the Engineering Export Promotion Council of India, told RIA Novosti in an interview. Mr Shah led a delegation of Indian businessmen to a St. Petersburg technology show.

Equity markets stay in the red early afternoon

By IANS, Mumbai : Indian equity markets continued to trade in the red early Friday afternoon. Realty, banking and IT stocks were under selling pressure. At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, at 14,180.32 points, down 143.97 points or 1.01 percent from its closing figure Thursday. It had touched a low of 14,046.42 points earlier Friday. At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was at 4,268.10 points, down 22.20 points or 0.52 percent from its previous close.

Make potato crisps that are not potato – and save tax

By IANS, London : Potato crisps that can save millions in taxes? Yes, but only if they contain less potato. The next time you want potato crisps don't reach out for Pringles -- a British court has ruled that the famous potato crisps are not really potato at all. As a result, Pringles are now exempt from value added tax (VAT), which can save its manufacturer Proctor & Gamble (P&G) millions of pounds. Customers will have to pay less too.

Bill Gates is unforgettable for many Chinese

By Xinhua, Beijing : To many Chinese, Bill Gates, who stepped down as Microsoft's executive chairman Friday, is more than a billionaire. For them he represents an age and a spirit. Chinese became familiar with his name some 15 years ago when the computer became a common household necessity. According to an online survey at QQ.com, 48 percent of the 218,550 votes listed Gates' most impressive title as "one of the world's richest" people.

Andhra chief minister seeks CBI probe into Satyam fraud

By IANS, Hyderabad : Under fire from the opposition, Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy has written to Prime Minister Manmohan Singh seeking a Central Bureau of Investigation (CBI) probe into the Satyam Computer Services fraud. In a letter sent late Monday, the chief minister said it would be appropriate if the CBI takes over the investigations so that coordination with various investigation agencies, including Satyam's overseas operations, can be better achieved.

Maruti sales down 10 percent in December

By IANS, New Delhi : The government's move to reduce the Cenvat duty as part of the stimulus package announced early December does not seem to have brought cheers to the auto industry, with India's largest auto firm, Maruti Suzuki, registering a 10 percent negative growth in December. Data released by the company Thursday showed Maruti sold 56,293 vehicles last month, compared to 62,515 units sold in the same month in 2007.

India’s economic growth to slip to 5 percent: UN agency

By IANS, New Delhi : India's economic growth is forecast to slip to 5 percent in 2009 from 7 percent during the previous calendar year, even as the world output is slated to decline by 2.7 percent, said a report released by a UN agency Monday. "Since domestic demand accounts for a large and increasing share of total demand, South Asia, particularly India, is expected to see continued growth in 2009," said the annual Trade and Development Report of the United Nations Conference on Trade and Development (Unctad).

Detailed price of Nano variants in Mumbai, Delhi

By IANS, Mumbai : The following is the price list of Tata Nano variants in Delhi and Mumbai: Nano Standard - Non-AC (BS-III) Ex-showroom Delhi: Rs.123,360 Ex-showroom Mumbai: Rs.134,250 Nano CX - Solid Paint/AC (BS-III) Ex-showroom Delhi: Rs.148,360 Ex-showroom Mumbai: Rs.160,320 Nano CX - Metallic Paint/AC (BS-III) Ex-showroom Delhi: Rs.151,360 Ex-showroom Mumbai: Rs.163,320 Nano LX - Metallic Paint/AC (BS-III) Ex-showroom Delhi: Rs.172,360 Ex-showroom Mumbai: Rs.185,375

Sundram Fasteners to expand international operations

By IANS Chennai : India's auto component manufacturer Sundram Fasteners Ltd, part of the city-based TVS Group, is expanding its production capacities in China, Germany and Britain, and also looking at aerospace and petrochemical sectors for accelerated growth. The Rs.15.77 billion ($397 million) revenue company operates plants in five countries - India, China, Britain, Germany and Malaysia - and makes auto components like fasteners, radiator caps, powder metal parts, cold extruded parts, hot forged parts, pumps and assemblies.

Shares tumble worldwide after US car bailout fails

By DPA, Frankfurt : European shares nose-dived Friday after the failure of the US car industry bail-out sent stocks tumbling in Asia and on Wall Street. Shares on European bourses remained under pressure as the trading week came to a close after Wall Street's Dow Jones index slumped by about 2.5 percent at its opening Friday. Amid fears about the fallout for the world economy as a result of the collapse of the US car industry rescue package, Europe's blue-chip Stoxx 50 was ending the week down about 4 percent at 2,389.91 points.

ICICI allots shares under Employees Stock Option Scheme

By IANS Mumbai : India's biggest private lender ICICI Bank has allotted 7,525 equity shares of face value of Rs.10 each under the Employees Stock Option Scheme, 2000 (ESOS). The bank registered a 35.18 percent growth in net profit to Rs.12.3 billion ($30 million) for the quarter ended December 2007 as compared to Rs.9.1 billion for the corresponding quarter of last year.

Iraq’s revival boosted as oil production rises to 2.4 million barrels a day

By NNN-KUNA London : Oil production in Iraq is at its highest level since the US-led invasion of 2003, reaching 2.4 million barrels a day, thanks largely to improved security measures in the north, The Times newspaper reported Friday. The country's Oil Ministry will shortly invite international oil companies to bid for contracts to help Iraq to boost output at its investment-starved "super-giant" oilfields, it said.

Strong Indian star cast for SAIL Open

By IANS, New Delhi : A strong Indian contingent will try and stop world record holder Chapchai Nirat of Thailand from extending his lease over the SAIL Open 2010 golf next week. The Steel Authority of India Limited (SAIL) along with Asian Tour and Professional Golf Tour of India (PGTI) Thursday announced a strong line-up for the event, now in its third year. The SAIL Open this year will be held at the Delhi Golf Club March 30-April 2 and carry a total prize money purse of $300,000 and will boast of 156 world-class players from across the globe.

Drought an important factor in food price rise: Expert

By IANS, Kolkata : The principal cause for the price rise of essentials is not futures trading of agricultural commodities like food grains, but the drought in large parts of the country, according to Suman K. Bery, director general of think-tank National Council of Applied Economic Research (NCAER). "My instinct is 'no'," Bery told reporters here Monday when asked whether the futures trading was leading to price rise of the domestic agricultural produces.

Power sector to miss 11th Plan targets

By IANS, New Delhi : The government may miss its power capacity addition target set for the 11th Five-Year Plan due to rising cost of cement, steel and other materials used in building power plants, said an industry lobby Thursday. According to a study by the Associated Chambers of Commerce and Industry of India (Assocham), the key input requirements like cement, steel, aluminium, copper and zinc have seen an increase of 25 percent over the last two years.

Wilbur Ross to infuse $100 mn in Spicejet

By IANS, Mumbai/Delhi : Global private equity firm and leveraged buyout specialist WL Ross and Co. LLC will infuse $100 million (Rs.4.2 billion) in Indian low-cost carrier SpiceJet Ltd, a Spicejet statement said Monday.

Sterlite bags orders worth Rs.2.78 bn for power conductors

By IANS, New Delhi : Sterlite Technologies Ltd Thursday said it has bagged contracts worth Rs.278 crore (Rs.2.78 billion) from the Power Grid Corp of India Ltd, Jaypee Powergrid, Rajasthan's state electricity board, and the Ethiopian Electric Power Corp. The contracts, which are for Sterlite's moose and power conductors, would be supplied between September 2008 and December 2009, as per customers' requirements, a company statement said.

India”s telecom subscriber base for 2007 increased – India regulatory body

By KUNA New Delhi : India has achieved a total telecom subscriber base of 272.87 million till last year, according to data released on Friday by Telecom Regulatory Authority of India (TRAI). Till December 2007, India had registered 272.87 million telecom subscribers, TRAI said. India also recorded 233.62 million subscribers in the wireless segment till December last year, according to the data. The number of broadband subscribers till December 2007 was 3.13 million, TRAI said. The Indian government has set a target of 500 million telecom connections by 2010.

FDA allows sale of Ranbaxy tablets in the US

By IANS Mumbai : Leading drug maker Ranbaxy's US subsidiary Ohm Laboratories Monday said that it has received the US Food and Drug Administration's (FDA) permission to market Metformin Hydrochloride tablets that are used for treating diabetes. The Florida-based Ranbaxy Pharmaceuticals, which is a wholly-owned subsidy of Ranbaxy Laboratories, informed the Bombay Stock Exchange (BSE) Monday that it was given the approval to market Metformin Hydrochloride tablets in multiple strengths of 500 mg, 850 mg and 1,000 mg in the US market through Ohm Laboratories.

Increase in manufacturing a sign of improving economy: Obama

By DPA, Washington : US President Barack Obama Tuesday said a report released showing that manufacturing is on the rise is a sign that the economy is improving. "The steps we are taking to bring our economy back from the brink are working," Obama said. The Institute of Supply Management released its report showing that production expanded for the first time in 19 months. Manufacturing had it's biggest two-month gain by rising by 52.9 percent in August.

Seattle: A boom town risen from the ashes

By Arun Kumar, IANS Seattle : Home to international industrial giants Boeing and Microsoft, as also to Starbucks, the world's largest coffee chain, the boom town of Seattle is preparing to celebrate the anniversary of a great fire that burnt it down completely 118 years ago. Thursday June 6, 1889 may have been a catastrophic day for its 20,000 residents when a fire started by an overturned glue pot in a carpentry shop that hot afternoon destroyed almost the entire business district, all railway terminals, and most of the wharves. But today it's a day of celebration.

Market trading with loss in afternoon trade

By IANS, Mumbai : The Indian equities market was trading with loss in afternoon trade Monday amidst volatility. Banking, realty and capital goods were under selling pressure. At 12:30 p.m., the 30-share BSE Sensex was down by 178.61 points or 1.29 percent at 13,623.61. At the day's low, it touched 13,586.98. At the same time, the broader-based S&P CNX Nifty was down by 35.37 points or 0.86 percent at 4,100.90 The market breadth was negative. On BSE, 697 shares advanced compared to 1,688 that declined and 54 that remained unchanged.

Economic reforms: The unfinished agenda

By IANS, New Delhi : Following are some of the key components of economic reforms, which the United Progressive Alliance (UPA) government was unable to push ahead, primarily because of opposition from Left parties: - Divestment of government equity in public sector undertakings - Privatisation of state-run companies - Liberal labour policies for corporate sector - Foreign equity in multi-brand retailing - Higher equity for foreign companies in single-brand retailing - Higher foreign equity for foreign companies in insurance sector

Iran offers India n-energy, hopeful on gas pipeline

By IANS New Delhi : Iran plans to supply electricity to India using nuclear technology even as a visiting Iranian minister Thursday sounded optimistic about the proposed India-Pakistan-Iran (IPI) gas pipeline. "Iran intends to generate 20,000 MW of electricity from nuclear plants and can supply surplus electricity to India via Pakistan," said Danesh Jafri, Iranian minister for economic affairs and finance. Jafri was speaking at an interactive meeting organised by the trade body Federation of Indian Chambers of Commerce and Industry (Ficci) here.

French government to look into bank’s $804-mn loss

By DPA, Paris : French Finance Minister Christine Lagarde has asked the government's bank oversight authority to look into the country's second-largest banking group, Caisse d'Epargne, after it announced a loss of 600 million euros ($804 million) in a derivatives trade, French radio reported Friday. The loss, which the bank described as a "market incident", occurred during the first week of October, when the Paris Bourse's CAC 40 index lost 22 percent of its value.

Focus on industrialisation of southern Tamil Nadu: Alagiri

By IANS, Chennai : The Tamil Nadu government should take steps to promote industrialisation in the southern districts of the state instead of staying focused only on Chennai and its surroundings, union Minister for Chemicals and Fertilisers M.K. Alagiri said here Monday. "The chief minister should show the way for industrial development in the southern districts," Alagiri said after laying the foundation stone for a high learning centre at the Central Institute of Plastics Engineering and Technology.

Godrej plans to produce cooking appliances

By IANS, Kolkata : Home appliances manufacturer Godrej & Boyce is planning to expand its portfolio by manufacturing cooking ranges and water purifiers, a company official said here Thursday. "We have identified other areas where we can get into, like cooking products and water products," George Menezes, chief operating officer of Godrej Appliances, told reporters at the launch of the company's Eon range of LED Televisions. He said the company is already into the water products segment in a small way and would be looking into cooking appliances like chimney in the future.

Orissa neglected in interim railway budget: Patnaik

By IANS, Bhubaneswar : Orissa has been neglected in interim railway budget presented by Railways Minister Lalu Prasad in Parliament Friday, Orissa Chief Minister Naveen Patnaik said here. "I am disappointed as Orissa has been neglected," Patnaik told reporters here, adding that only one new express train was proposed to be introduced in the state in 2009-2010. "Frequencies of only two trains have been increased, and no new train originating from Orissa has been extended," he said.

‘Global demand for lighting to exceed $94 bn by 2010’

By IANS, Dubai : The global demand for lighting fixtures will exceed $94 billion by 2010, according to a forecast by the organisers of the Light Middle East exhibition here, WAM news agency reported Friday. Epoc Messe Frankfurt GmbH, the organisers of the exhibition that will be held May 25-27, said that the growth would be spurred primarily by end-users in the construction and industrial development sectors.

Tata Motors acquires Italian car design firm

By IANS, Mumbai: Tata Motors announced Monday that it has acquired 80 percent stake in Trilix Srl, Turin, an Italian design and engineering company, for 1.85 million euros.

G7 ministers pledge to stimulate recovery of global economy

By DPA, Rome : Finance ministers and central bankers from the Group of Seven (G7) most-industrialized nations ended talks Saturday with a pledge to re-establish confidence in the stricken global financial system and to stimulate a worldwide economic recovery. A concluding statement after the gathering in Rome also renewed a commitment to avoid protectionist measures. "An open system of global trade and investment is indispensable for global prosperity," the statement said.

Banks in UAE remain financially strong: central bank governor

By IANS, Abu Dhabi : National and foreign banks in the United Arab Emirates (UAE) continue to enjoy a strong financial position, according to the governor of the country’s central bank. In a statement Saturday, Sultan Bin Nasser Al Suwaidi, governor of the UAE Central Bank, said the ownership of deposits was distributed in such a way that the citizens own 75 percent of the deposits, while Arab nationals and the other expatriate residents own eight percent and 17 percent respectively, the state-run Emirates News Agency (WAM) said.

Punjab-based towel manufacturer commissions new unit

By IANS, Chandigarh : Punjab-based towel manufacturer Abhishek Industries Limited (AIL) with its Trident brand of towel range, exported extensively overseas, Sunday commissioned a new towel unit in Barnala district of Punjab, a company official said. "This new unit is part of expansion programme of AIL's terry towel division. With completion of this expansion, the total production capacity of our terry towel division has increased to 374 looms," said an official spokesperson of AIL here Sunday evening.

Telemarketers asked to get registration

By IANS

New Delhi : The Department of Telecommunications (DoT) Wednesday ordered telemarketers to register with the government - a day after the Telecom Regulatory Authority of India (TRAI) announced stringent regulations to provide mobile phone users relief from unsolicited commercial calls (UCC).

Trading flat at Indian markets

By IANS, Mumbai : Trading at Indian equities markets was lacklustre, with a key index hovering around its last closing figure, a little after Wednesday noon. Around 12.28 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 14,376.82 points was ruling at 14,346.53 points, 22.52 points or a mere 0.16 percent above Tuesday's close. Around the same time, the S&P CNX Nifty of the National Stock Exchange (NSE) was ruling in the green, 0.37 percent up at 4,262.9 points.

India’s inflation rate rises marginally to 0.7 percent

By IANS, New Delhi : India's annual rate of inflation rose marginally to 0.7 percent for the week ended April 25 from 0.57 percent the week before, official data showed Friday. Among the three main commodity groups, the indices for manufactured products and primary articles rose 0.3 percent and 0.2 percent, respectively, during the week under review. The index for fuel, power, light and lubricants remained unchanged at its previous week's level of 323 (provisional).

Microchip to invest $65 mn in India

By IANS, Bangalore : Leading provider of microcontrollers and analog chip maker Microchip Technology will invest $65 million (Rs.2.85 billion) in its India development centre over the next five years and hire about 300 more engineers, the company said here. "We have set up a new facility to work on integrated circuit (IC) development, microcontroller development tools and corporate information systems," Microchip vice-president Ganesh Moorthy said in a statement issued here late Friday.

Kamal Nath urges states to help control inflation

By IANS, New Delhi : Commerce and Industry Minister Kamal Nath Tuesday asked state governments to become more "proactive" in controlling inflation by taking action against hoarding to tame rising prices of food items and commodities. "We would like to see the state governments ensure that there is no hoarding, there's no profiteering. The state governments have the mechanism and they must ensure that the supply lines are not dropped," Kamal Nath said on the sidelines of a meeting here.

Tata Group heads sustainable development effort in India: report

By IANS, New Delhi : The Tata Group has emerged as the "top corporate leader" in sustainable development among Indian companies, according to the Sustainable Development Index that was launched here Tuesday by UK telecommunication major British Telecom. The new index, developed by GlobeScan, an independent Canadian company that provides public opinion and stakeholder information for clients, is a measure of performance of business houses in sustainable development. The survey is based on the feedback from top business leaders across India.

Sify Technologies to provide submarine cable landing station

By IANS, Chennai : The city-based, Nasdaq listed consumer Internet company Sify Technologies Limited has agreed to provide the Qatar-based Gulf Bridge International, a submarine cable landing station in Mumbai. Gulf Bridge is the Middle East's first privately owned submarine cable operator. The company's cable system, which will connect all the countries of the Gulf region to each other, will provide onward connectivity to India and beyond with the help of the landing station.

NIOC: Oil production to increase to 88m bpd in 2008

By IRNA, Ahvaz : Managing Director of the National Iranian Oil Company (NIOC) Seyfollah Jashnsaz said here Wednesday that given the growing trend of global demand for oil, it is predicted that the oil production would increase to 88 million barrels per day in 2008. Jashnsaz, who is also deputy oil minister, made the remark in the inaugural ceremony of the National Congress on Iran's Excavation Industry in Ahvaz, adding that the constant increase of oil prices in international markets as a result of an increase in global demand will cause further growth in prices.

India set for oil hunt in Canadian oilsands

By IANS, Toronto : India may soon sign a multi-billion-dollar deal with Canada to scour for oil in the oilsands of its Alberta province. Quoting Indian Petroleum Secretary MS Srinivasan, Canada's Canwest News Service reported that India planned to sign the deal to hunt for oil in Alberta's oilsands this year. ``Indeed, we are going to get more actively engaged in the Canadian tar sands in the next six months, we are looking at opportunities,'' the news agency quoted Srinivasan as saying at the World Petroleum Congress in Madrid Thursday.

India to appeal imposition of tax for New York property

By IANS New York : India will appeal the decision of a US court that upheld imposition of $42.4 million tax on its property in New York. The appeal will be filed in a higher court within the stipulated one month's time, a spokesperson of Permanent Mission of India (PMI) to United Nations told IANS Thursday. The PMI building across the United Nations headquarters in mid Manhattan is being put to both official and diplomats' residential use.

Equity infusion, soft loan likely for Air India

By IANS, New Delhi : The government may infuse equity and soft loans to support Air India's ambitious expansion plans, and believes this would bail the carrier out of its financial mess, a senior aviation ministry official said Wednesday. "This will not be a bailout. Air India (AI) is working out how to rationalise routes. It will not fly on non-profitable routes and adopt other cost-cut measures to recoup losses," the official said at an interaction with reporters. By doing this, AI expects to save Rs.10 billion by the end of this fiscal, said the official, requesting anonymity.

Apple season almost over in Himachal

By IANS, Shimla : The apple season in Himachal Pradesh is almost over with more than four crore boxes sold to markets across the country, an official said here Wednesday.

Karnataka approves Rs.943-bn investment projects

By IANS, Bangalore: Karnataka Monday approved in-principle 34 projects, ranging from electrical switchgears to aerospace components, with total investment of over Rs.943 billion (Rs.94,300 crore). The projects, for which memorandum of understanding will be signed at the June global investors meet in Bangalore, will create employment opportunity for over 98,000 people, Chief Minister B.S. Yeddyurappa told reporters.

US to host summit with ASEAN in February in California

Washington : US President Barack Obama will hold talks with leaders from the Association of Southeast Asian Nations (ASEAN) in California on February 15-16,...

No regulation of air fares: Patel

By IANS, New Delhi : Civil Aviation Minister Praful Patel Saturday said the government was not considering any regulatory mechanism for fixing air fares, which would remain "totally deregulated". "You all (existing private airlines) are born owing to deregulation of the pricing mechanism. Air fares will be totally deregulated," the minister said at the HT Leadership Summit.

Quotes from India Inc that wants strong anti-terror measures

By IANS, New Delhi : The following are some quotes from captains of Indian industry who have condemned the terror attack in Mumbai since Wednesday night and called for strong anti-terror mechanism and laws: Ratan N. Tata, chairman, Tata Group: "We must show that we cannot be disabled or destroyed, but that such heinous act will only make us stronger. It is important that we do not allow divisive forces to weaken us." K.V. Kamath, president, Confederation of Indian Industry: "This is a new type of attack and I am sure the city has to adjust to this attack."

Iran’s central bank chief replaced amid differences over economic management

By IANS, Tehran : In what looks like widening differences with officials over his economic policies, Iranian President Mahmoud Ahmadinejad has sacked the country's central bank chief Tahamasseb Mazahari, replacing him with his deputy Mahmoud Bahmani, the official IRNA news agency reported Wednesday. The replacement of Mazahari, who took office from his predecessor Ebrahim Shehbani last year, is the second change of guard at the central bank owing to differences between the president and his economic advisers over the management of the country's troubled economy.

Pantaloon net profit rises to Rs.1.25 bn

By IANS, Mumbai : Pantaloon Retail India Ltd has announced a consolidated net profit of Rs.1.25 billion during the fiscal 2008 compared to Rs.1.19 billion the previous year. The total income increased to Rs.50.52 billion for the year ended June 30, 2008 from Rs.33.28 million in the last financial year. For the latest quarter ending June, the company has posted net profit of Rs.325.30 million compared to Rs.186.70 million for the corresponding quarter last year.

Goldman Sachs considering online bank: Report

By DPA, New York : New York-based bank Goldman Sachs is considering launching an online bank, The Wall Street Journal reported Wednesday. The name of the bank and the details of the plans are still unknown, sources told the daily. Goldman Sachs already has about $20 billion in deposits, and attracting even more deposits would make it more stable, a valuable asset during the world financial crisis. Even though it is doing better than most of its rivals, Goldman Sachs is expected to report a net loss of about $2 billion later this month.

Bangladesh workers want ban on raw jute exports

Dhaka, Aug 19 (IANS) Workers in Bangladesh have asked the government to totally ban raw jute exports to India and Pakistan saying the two importers have gained commercial advantage. Four trade union leaders Saturday demanded the ban in a joint statement, saying Bangladesh should export only valued added jute items, providing 15,000 to 20,000 more jobs. "Raw jute export has been causing harms to national industry for long. Some 25,000 workers have already lost their jobs and remaining jobs in the jute industry are also threatened," said the statement.

India’s Sensex down 322 points on dismal global cues

By IANS, Mumbai : Indian equities markets ended deep in the red once again Thursday, with a key index dipping by more than 322 points to finish below the 8,500 mark on very dismal global cues. “The minutes of the US Federal Open Market Committee (FOMC) released Wednesday reveal a very negative outlook,” Jagannadham Thunuguntla, head of the capital markets arm of India's fourth largest share brokerage firm, the SMC Group told IANS.

Sensex closes 450 points lower

By IANS, Mumbai : A key benchmark index for Indian equities Friday shut shop 2.78 percent lower amid heavy selling. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,222.56 points, closed at 15,774.18 points (provisional), down 450.77 points or 2.78 percent from its previous close at 16,224.95 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 4,714.75 points, against the previous close at 4,845.35 points, a loss of 2.7 percent or 130.6 points.

UAE bans bird imports from Germany, fearing bird flu

By IANS Dubai : The United Arab Emirates (UAE) Tuesday banned import of birds from Germany's Brandenburg state after the H5N1 avian influenza virus was detected there. The ban issued by the ministry of environment and water covered "all living domestic and wild birds and their products", WAM news agency reported. The ministry also instructed its animal wealth department to coordinate efforts with other related authorities to enforce the ban.

India”s foreign exchange reserves exceed USD 275 billion

By KUNA New Delhi : India's foreign exchange reserves increased by USD 2.837 billion for the week-ending December 28, 2007, to reach USD 275.559 billion. The reserves had earlier decreased by USD 232 million for the week ending December 21,'08 and by USD 599 million for the week ending December 14,'08 according to data released Saturday by India's central bank "Reserve Bank of India (RBI)." Foreign Currency Assets (FCAs) increased by USD 2.833 billion to USD 266.

Mehbooba Mufti seeks RBI support for youth empowerment

Jammu : Jammu and Kashmir Chief Minister Mehbooba Mufti on Saturday sought Reserve Bank of India's (RBI) support for youth empowerment in the state,...

Nadars hope to regain control of Tamilnad Mercantile Bank

By IANS Chennai : The powerful Nadar community hopes to get back control of the private sector Tamil Nadu Mercantile Bank by fielding 10 candidates for the post of directors in the upcoming annual general meeting. The Nadar Mahajana Sangam and the Nadar Mahajana Bank Share Investors Forum will field the candidates at the meeting in April, and they are confident of unseating the existing members, said Tamil Arasu, a former director of the bank. "The time has come for the bank to have a professional board," Arasu told reporters here Tuesday.

Sensex moves up 2 percent in afternoon trade

By IANS, Mumbai : A benchmark index for Indian equities further built on its morning gains and was ruling over two percent higher about an hour before end of trade. Auto stocks were among the key drivers of this rally with many such companies posting handsome February sales figures. At 2.18 p.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,438.45 points, was ruling at 16,764.97 points, 335.42 points or 2.04 percent higher than its previous close at 16,429.55 points.

US consumer prices up but inflation hits lowest since 1955

By Arun Kumar, IANS, Washington : For the first time since July, consumer prices in the US rose in January even as the year-over-year inflation rate hit its lowest level in more than a half-century, according to official figures released Friday. The Consumer Price Index, the key measure of prices at the retail level, was up 0.3 percent in January, in line with the consensus forecast of economists surveyed by Briefing.com.

Indian markets end in red amid mixed global cues

By IANS Mumbai : A key Indian equity market index ended in the red Wednesday due to confusing global cues, though the markets appeared to be consolidating a day after a record close. The markets that opened in the red Wednesday as per international trends, went flat and could not manage to pick up in the second half. Important sectors like oil and gas, capital goods, banking and public sector units' scrips were offloaded.

Madrasas welcome railway budget

By RINA, New Delhi: Though Union Railway Minister Mamta Banerjee’s budget has not created any common euphoria in the country, it has certainly pleased madrasa students for giving them railways concessions at par with college students. The move is also admired by community leaders.

Don’t support bankers helping currency hoarders: Bank union

Chennai : A major bank union on Wednesday said it does not support unscrupulous bankers who do not follow the prescribed procedures and who...

Indian equities markets open with a loss

By IANS, Mumbai : The Indian equities markets opened in the negative zone Wednesday, tracking weak markets elsewhere in Asia. The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a loss of 204.07 points at 17,366.05. The S&P Nifty index of the National Stock Exchange opened at 5,105.70 points.

Bush reassures Americans on economy, banks

By DPA, Washington : After days of US financial turmoil that have sent worldwide markets plunging, US President George W. Bush Tuesday assured Americans that their bank accounts were safe and defended his administration's decision to shore up two troubled mortgage firms. Bush said the government acted over the weekend to protect the mortgage firms - known as Fannie Mae and Freddie Mac - because they are vital to the economy. The two companies finance or buy half of all home mortgages - estimated at a total of $12 trillion.

Britain’ debt reaches one trillion pounds

By IANS, London: Britain's debt mountain has risen to one trillion pounds (over $1.5 trillion) for the first time, The Sun reported Wednesday.

Raj TV launches four music channels

By IANS Chennai : Tamil Nadu's regional broadcaster Raj Television Network Ltd Monday announced the launch of four new music channels - collectively to be called Raj Musix. The bouquet of channels will telecast in four languages - Tamil, Telugu, Kannada and Malayalam. However, they will include music programmes in English and Hindi as well.

AIG losses sink Canadian markets to lowest levels

By Gurmukh Singh, IANS, Toronto : The record-breaking $61.7 billion quarterly loss reported by the failed American International Group (AIG) Monday sent Canadian markets to their lowest level in five years. The Toronto Stock Exchange (TSX) composite index followed the Dow Jones industrial average (which tumbled below 7,000 for the first time in 11 years) to sink to the levels not seen since 2003.

Spice Mobiles wins innovation award

By IANS New Delhi : Private sector mobile handset company Spice Mobiles Ltd has won the prestigious Golden Peacock Innovative Product and Service Award 2007, said a company official here Friday. The company will receive the award Sunday, said Anuj Nangia, head of the company's product development division. The company has been chosen for this award because of its D-88 handset, which has in-built facilities to operate both GSM and CDMA networks at the same time, said Nangia.

Infrastructure projects worth Rs.79.46 bn approved

By IANS, New Delhi : The Public Private Partnership Appraisal Committee (PPPAC) has granted fresh approval to 13 infrastructure development projects worth Rs.79.46 billion ($1.98 billion) under the public private partnership model. The approval was granted in the 14th PPPAC meeting, chaired by the finance secretary, April 30. The projects are located in 10 states. Of the 13 projects, 10 are national highway projects developed in Assam, Uttar Pradesh, Orissa, Tamil Nadu, Punjab, Rajasthan, Andhra pradesh and Karnataka.

India to project ‘soft power’ with greater vigour

By IANS New Delhi : India will project its "soft power" through greater use of its films, music, dance, art and cuisine in 2008-09 with an allocation of Rs. 750 million (nearly $10 million) coming from Finance Minister P. Chidambaram's budget.

Karnataka offers 1,000 acres for Nano

By IANS, Bangalore : The Karnataka government Thursday offered 1,000 acres of land to Tatas if they plan to shift the Nano car project from troubled Singur in West Bengal. Chief Minister B.S. Yeddyurappa told Tata Motors managing director G. Ravi Kant that the goverment would also provide several other facilities for the small car project. "We have offered the Tatas 1,000 acres and promised other facilities," Yeddyurappa told reporters after his meeting with Kant.

UAE firm to launch Shariah compliant hotels

By IANS, Dubai : The United Arab Emirates-based hotel management company Landmark Hotel Management LLC plans to launch ten Shariah compliant hotels and serviced apartments in the UAE and Saudi Arabia by the end of 2010, WAM news agency reported Wednesday. The move would cater to the increasing demand for Shariah-compliant hotels in the Middle East. Six of the planned hotels would be launched in Dubai, two in Abu Dhabi and one each in in Fujairah and Jeddah, Saudi Arabia. All the hotels would be alcohol-free, serve halal food and provide a percentage of the profit to charity.

Canara Bank net zooms 83 percent in first quarter

By IANS, Bangalore: State-run Canara Bank reported net profit of Rs.1,013 crore for the first quarter (April-June) of this fiscal (2010-11) as against Rs.555 crore in the like period of the previous fiscal (2009-10), registering a whopping 83 percent year-on-year (YoY) growth. "We have posted a record net profit in the first quarter owing to nine-fold jump in income from treasury operations and net interest income (NII) growing by 34 percent YoY to Rs.1,728 crore from Rs.1,291 crore year ago," Canara Bank chairman and managing director A.C. Mahajan told reporters here.

Indian Muslim chambers of commerce floats AP unit

By Mohammed Siddique, TwoCircles.net,

Hyderabad : Soon the Muslim industrialist, entrepreneurs and the traders of Andhra Pradesh will have their own organization to provide guidance and help in expanding their business and trade activities. The body to be called Andhra Pradesh Muslim Chambers and Commerce and Industry (APMCCI) is being floated by the Indian Muslims Chambers of Commerce based in Nagpur since 2007.

India retains top slot as retail destination: study

By IANS

New Delhi : India with its billion-plus consumer market has once again snatched the number one slot as the most preferred destination for global retail investors in 2006-07, surpassing Russia and China, says a study released Thursday.

Economic slowdown left 20 mn jobless: China

By Xinhua, Beijing : About 20 million of China's migrant workers have returned home after losing their jobs as the global financial crisis takes a toll on the economy, an official said here Monday. "Due to the economic downturn, about 20 million rural migrant workers have either lost their jobs or have not yet found employment and have gone home to the countryside," said Chen Xiwen, a senior rural planning official.

Gati signs strategic agreement with European courier firm

By IANS Mumbai : Indian courier firm Gati announced Monday that it has signed an agreement with European parcel service major General Logistics Systems (GLS) to form a strategic alliance. GLS, one of the three largest courier services in Europe, will act as a strategic partner for Gati in Europe, providing easy access for its customers and enabling it to capture a significant market share in Europe, said Gati in a filing with the Bombay Stock Exchange (BSE).

Brakes India to expand Oman foundry facility

By IANS, Chennai : Brakes India Ltd, a leading manufacturer of braking systems and ductile castings, will invest $16 million to expand the production capacity of its foundry facility in Oman, a top official said. "We intend to double the capacity to 36,000 tonnes per annum (tpa) at an outlay of $16 million to be funded with a mix of debt and internal accruals," Brakes India executive director V. Narasimhan told IANS. According to him, the expansion is warranted as the plant that started commercial production this April is already working at 70 percent capacity.

Equity market still in red early afternoon

By IANS, Mumbai : Indian equity markets continued to trade in the red Thursday afternoon. Realty, banking and capital goods stocks were under selling pressure. At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, was at 14,337.76 points, down 324.85 points or 2.22 percent from its closing figure Wednesday. It had touched a low of 14,287.54 points earlier Wednesday. At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was down by 111.90 points or 2.54 percent at 4,288.35.

Bank of China profits up 10 percent

By IANS, Beijing: The Bank of China's net profits rose by 10.37 percent to 106.36 billion yuan (about $16 billion) in the first three quarters of the year.

‘Establish common court, bank in South Asia’

By IANS, Kandy (Sri Lanka) : South Asia should have a common court and a common development bank, says the newly-formed Imagine a New South Asia (INSA) policy forum that has asked leaders gathering for the Aug 2-3 Saarc summit in this country to establish these institutions.

Magma Fincorp to give Rs.532 crore in loans in Punjab, Haryana

By IANS, Kolkata: Asset financing company Magma Fincorp Monday said it would disburse Rs.532 crore in retail loans in Punjab and Haryana in the 2010-11 fiscal. "By penetrating deeper, we will focus on providing asset finance to the economically disenfranchised in the state," Sanjeev Chandhok, regional sales manager said in a statement. Construction equipment and tractor finance have been the major growth drivers this year for Magma in Punjab & Haryana. Magma has 11 branch offices in Punjab and five in Haryana.

Jaitley sporting enough to think of Indian sport

By Veturi Srivatsa, Union Finance Minister Arun Jaitley is, perhaps, the first finance minister who paused during his "Super" budget speech to talk of the needs of Indian sport and also doled out fat sums to the youth affairs and sports ministry in his budget allocation.

BlackBerry stock loses $2.7billion as Indonesia joins ban demand

By IANS, Toronto : Problems continued to mount for BlackBerry maker Research In Motion (RIM) Wednesday as its stock sank more than four percent further after dropping by a similar margin Tuesday. With the new BlackBerry Torch 9800 not getting a great response and Indonesia joining the UAE and Saudi Arabia to seek a ban on BlackBerry, RIM shares were hammered on the markets, losing $2.7 billion in just two days.

Telecom regulator issues guidelines for mobile TV

By IANS New Delhi : The Telecom Regulatory Authority of India (TRAI) Wednesday recommended guidelines for rolling out mobile television services to the Information and Broadcasting Ministry on various issues related to licensing and technology. TRAI has suggested that the choice of broadcasting technology should be left to the service providers but should be recognised by an authorised body.

German inflation drops sharply in November

By DPA, Berlin : German inflation dropped sharply in November to 1.5 percent, the country's statistics office said Wednesday, as falling oil prices and a slowdown in economic growth helped to ease inflationary pressures in Europe's biggest economy. This month fall in annual inflation from 2.5 percent in October is likely to help pave the way for the European Central Bank to cut interest rates at its meeting next week.

Markets reel as Lehman collapse sends Russian markets crashing

By IANS, Mumbai : Indian equities markets continued to reel Wednesday from the effects of the US financial tsunami as the Lehman Bros. collapse led to the biggest crisis in the Russian financial markets in a decade. Trading on the rouble-denominated Micex Stock Exchange was suspended indefinitely at 12:10 p.m. Wednesday for the second consecutive day after its index plunged by 10 percent within an hour into trading after wiping out a 7.6 percent gain at the opening.

China announces multi-billion-dollar infrastructure projects

By Xinhua, Beijing : China Wednesday announced a slew of measures, including upgrading infrastructure and a further rise in export rebates, in a wide-ranging attempt to stimulate the economy and stave off the effects of the global financial crisis. The State Council, or cabinet, approved projects with a combined investment of more than 200 billion yuan ($29 billion), designed to help in boosting domestic demand and offset slowing exports.

US stocks rise on banking rally

By DPA New York : Winners outnumbered losers Tuesday on Wall Street amid a broad-based rally led by the battered banking and financial services sectors. The rally came as two financial services companies, UBS AG and Lehman Brothers Holdings Inc, announced that they would raise a combined $19 billion in fresh capital, sparking optimism about the resolution of the now months-long crisis in credit markets. Tuesday was the first day of the second quarter, with the session's gains partially erasing steep first-quarter losses on major US stock indices.r

Sinosteel signs MoU with JP Morgan

By Xinhua

Beijing : China's Sinosteel Corp has signed a memorandum of understanding with US financial service provider JP Morgan Chase - a move designed to boost company's capital management in the international market.

Chidambaram gives ex-servicemen a helping hand

By IANS New Delhi : Finance Minister P. Chidambaram Friday extended a huge helping hand to millions of ex-servicemen across the country by giving them employment opportunities in the banking sector. "I would urge all regional rural banks to open at least 250 new accounts every year. Ex-servicemen and retired bank employees can play a major role in this by serving as facilitators," the finance minister said.

Car-makers to raise prices after excise duty hike

By IANS, New Delhi/Chennai : Car-makers Friday said they will hike prices of their cars by up to Rs.25,000 following a two percent hike in excise duty on all non-oil products and also by two percent on large cars and SUVs in the general budget presented Friday. "Hike in excise duty by two percent on all car segmnets is on expected lines. This will result in hike of cars," said the director general of Society of Indian Automobile Manufacturers (SIAM), an apex industry body representing 44 leading vehicle and vehicular engine manufacturers in India.

Indian equities fall sharply, with losses across sectors

By IANS, Mumbai : Indian equities markets, which opened lower Tuesday compared to their previous closing figures, fell further as the morning progressed. A key index was trading almost two percent down around noon. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened the day at 9,821.57 points, against Monday's close at 9,928.35 points. It dropped further to rule at 9,743.13 points around two hours into trading.

Kolkata Metro to venture under the Ganges

By IANS, New Delhi : It was a dream come true for Kolkatans with the central government Thursday approving a Rs.46.76 billion, 13.77 km east-west corridor for the Kolkata Metro, a part of which will run under the Ganges river. "I am very happy because now one can go straight from Howrah to Salt Lake to watch football," a beaming Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after a meeting of the cabinet here presided over by Prime Minister Manmohan Singh.

Dai-ichi to invest $100 mn in India’s insurance sector

By IANS New Delhi : Japan's Dai-ichi Mutual Life Insurance Company will invest $100 million in India's insurance sector, the company said here Wednesday. "We are planning to invest $100 million in India's insurance sector," Tomijiro Morita, chairperson of the board of Dai-ichi Mutual Life Insurance Company, told IANS on the sidelines of the India-Japan Business Leadership Forum. "This is a growing market and the insurance segment is emerging fast here than anywhere," Morita, who is also the vice-chairperson of the Japan Business Federation, added.

High fiscal deficit inevitable, says government

By IANS, New Delhi : The government Monday said high fiscal deficit was inevitable given the global economic scenario and increasing public expenditure. External Affairs Minister Pranab Mukherjee in his interim budget speech pegged the current fiscal's deficit at 6 percent of the gross domestic product (GDP), but hoped that it would come down to 5.5 percent in next financial year.

Japanese bank to fund roads for Bihar’s Buddhist circuit

By IANS, Patna : The Japan Bank for International Cooperation (JBIC) has agreed to fund the construction of 481.20 km of four-lane roads for Bihar's Buddhist tourism circuit, officials said Monday. "JBIC has finally agreed to fund the construction of four-lane roads in the Buddhist circuit," said R.K. Singh, principal secretary of the road construction department.

Food to Be Further Rationed in Iraq

By Prensa Latina Baghdad : Iraqi authorities will reduce food rations in 2008, due to a shortage of funds, Trade Minister Abdul Falah al Sudany said on Thursday. The minister commented that of the seven billion dollars requested as next year's budget, the central government only delivered three billion, so only five basic food items instead of ten, as was planned, would be distributed.

Income tax exemption limit increased, corporate tax rate unchanged

By IANS, New Delhi : Finance Minister Pranab Mukherjee Monday proposed to increase the income tax exemption limit for senior citizens by Rs.15,000, for women and others by Rs.10,000 each, while keeping the corporate tax rate unchanged. The exemption limit will now be Rs.240,000 for senior citizens, Rs.190,000 for women and Rs.160,000 for others.

Iran to cut Europe imports

By IANS, Tehran : Iran is plannig to cut imports from 100 European companies in response to Western sanctions against its oil exports, a media report said Wednesday.

Venu Srinivasan is new CII president

By IANS, New Delhi : TVS Motor chairman and managing director Venu Srinivasan has been elected the new Confederation of Indian Industry (CII) president for 2009-10. He succeeds in that post ICICI Bank chairman K.V. Kamath. Srinivasan, who is also the managing director of Sundaram-Clayton, assumed office Friday. An engineer with a Masters' degree in management from Purdue University of the US, Srinivasan is the honorary Consul General of South Korea in Chennai, besides being a member of the Prime Minister's Council on trade and industry.

ADB to help make Himachal Pradesh ‘hydropower state’

By Xinhua, Manila : The Asian Development Bank (ADB) will provide India with a loan of $800 million to make Himachal Pradesh the country's "hydropower state", the lender said Thursday. The eight-year loan package will help finance the construction of several run-of-river hydropower generating plants that will bring in combined capacity of 808 MW for the small mountainous state, ADB said in a statement.

Aegon Religare targeting Rs.500 crore premium in 2010-11

by IANS, Chennai : Adopting a multi-pronged strategy, Aegon Religare Life Insurance Company is targeting a total premium of Rs.500 crore this fiscal.

Apollo Hospitals to invest Rs.1,800 crore in two years

By IANS, New Delhi: The Apollo Hospitals chain will invest Rs.1,800 crore to expand its base from a current 46 hospitals to 70 hospitals in two years. "We have now planned an investment of Rs.1,800 crore over the next 24 months and expect to have bed strength of around 13,500 across 70 operational hospitals in India and overseas markets," Prathap Reddy, chairman of Apollo Hospitals Group, said Friday.

Srei Equipment Finance plans to disburse Rs.7,500 crore

By IANS, Kolkata : City-based non-banking financial company Srei Equipment Finance hopes its loan disbursement would grow to Rs.7,500 crore this fiscal from Rs.5,500 crore in 2008-09 as the construction equipment industry is picking up. "We are targeting Rs.7,500 crore disbursement in the current year. Till September we have disbursed Rs.3,000-3,500 crore. Last year we disbursed Rs.5,500 crore," D.K. Vyas, chief executive of the company, told reporters here on the sidelines of a seminar.

US think tank wants H1B cap raised to 195,000

By Arun Kumar, IANS, Washington : Debunking the myth that H-1B visas steal American jobs, a US think tank has asked the Congress to instead raise the cap on them to promote economic growth and generate much needed tax revenue. Congress must raise the cap on H-1B visas coveted by Indian techies back to 195,000 visas per year - the maximum allowed as recently as 2001 - from the current 65,000, The Heritage Foundation analysts Jena Baker McNeill and Diem Nguyen said Tuesday.

Cisco to invest $16 bn in China

By Xinhua Beijing : Cisco will expand its investment in China to $16 billion during the next five years, according to a post on Cisco's website Thursday. The multi-year investment includes material procurements, venture capital, vocational education and other areas. Cisco signed a memorandum of understanding (MoU) with Alibaba Group, China's biggest online business-to-business company, Thursday that would provide "IT solutions to small and medium enterprises at affordable prices".

Sensex tanks 327 points after Bihar poll verdict

Mumbai: A day after the BJP-led NDA was defeated in Bihar assembly polls, a benchmark index of Indian equities markets, the 30-scrip Sensitive Index...

Murugappa to buy out DBS stake in Chola DBS Finance

By IANS, Chennai : City-based Murugappa group has decided to buy out DBS Bank's 37.48 percent stake in Cholamandalam DBS Finance Ltd (Chola DBS), a non-banking finance company (NBFC). Two Murugappa group companies - Tube Investments of India Ltd (TI) and New Ambadi Estates Pvt Ltd - have entered into a share purchase agreement (SPA) with DBS Bank, Singapore, for the purchase of 2,48,88,473 equity shares of Rs.10 each of Chola DBS at Rs.91 per share. The purchase price is 1.2 percent premium to Monday's closing price of Chola DBS share in the Bombay Stock Exchange.

Dubai’s non-oil trade surges to $156 bn in 2010

By IANS/WAM, Dubai: Dubai's non-oil trade rose by 18 percent to 576 billion UAE dirhams (about $156 billion) in 2010, it was announced Monday.

India’s economic growth will top 9 percent: Chidambaram

By IANS New Delhi : Riding on an investment boom and swift policy action, the Indian economy will grow at 9 percent during the current fiscal despite the global financial turbulence, Finance Minister P. Chidambaram said here Friday. "We are confident that if we keep firm hands on the wheel, the Indian economy will sail through turbulent waters," the finance minister told reporters here, even as the estimate of India's growth last fiscal was raised to 9.6 percent.

Idea slams DoT again over radio frequency allocation

By IANS New Delhi : Idea Cellular Ltd, a leading telecom firm, Tuesday criticised the Department of Telecommunications (DoT) once again for not allocating radio frequencies or spectrum according to seniority. In its letter addressed to Siddhartha Behura, secretary of DoT and chairman of Telecom Commission, Idea cited an order by the Delhi High Court that had asked DoT to "take into account the seniority of the petitioner in respect of the application dated 24.08.2007, for grant of UAS (unified access service) license."
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