Economy

Synaptris forays into Australian solutions market

Economy

By IANS

Chennai : Synaptris, the software products arm of CSS (Cybernet-SlashSupport) that offers flexible reporting solutions, Thursday announced its expansion plans for the Australian market.

Vijaya Bank net up nine percent from last fiscal

Economy

By IANS, Bangalore : State-run Vijaya Bank posted a net profit of Rs.3.6 billion for fiscal 2007-08 as against Rs.3.3 billion in the previous fiscal (2006-07), registering a nine percent year-on-year (YoY) growth. In a notification to the stock exchanges Saturday, the listed bank said its total income increased to Rs.44.20 billion for the fiscal under review (FY 2008) from Rs.30.87 billion in fiscal 2007, posting a 43.2 percent YoY growth. The bank has recommended a final dividend of 20 percent for last fiscal.

Moserbaer deposits first payment for Himachal project

Economy

By IANS, Shimla : Technology company Moserbaer Projects Pvt Ltd Wednesday paid the Himachal Pradesh government a part of the premium for executing the 144 MW Gondhla hydro power project in the state. Company's chief executive officer Awadh B. Giri presented Chief Minister Prem Kumar Dhumal with a draft for Rs.43.92 crore (Rs.439 million) as 50 percent of the total premium, an official statement said. The project will be set up in the Lahaul Valley on the Chandra river, a tributary of the Chenab.

RITES’ Mozambique railway project to help meet India’s coal needs

Economy

By Fakir Hassen, IANS Johannesburg : A huge railway project in Mozambique undertaken by Indian government-owned RITES Ltd is expected to help meet demands for coal in India. "Besides the best known coal reserves in the world being in Mozambique, there are also a large number of Indian companies who are showing interest in mining coal in (neighbouring) Zimbabwe because India is in dire need of coal," RITES managing director V.K. Agarwal told IANS during a brief stopover on his way to Mozambique.

Mahindra & Mahindra may co-finance Pan Nalin’s ‘Buddha’

Economy

By IANS, Mumbai : Automobile major Mahindra & Mahindra, which recently created a media fund, may co-finance Indian origin filmmaker Pan Nalin's next movie "Buddha". "Nalin told a select gathering at the ongoing Cannes Film Festival that the film on Buddha would be financed by Mahindra & Mahindra in partnership with a North America-based distribution firm," a friend said. The company, however, has not made any formal announcement regarding its association with the Gujarat-born director's latest venture.

Markets rise as buying continues

Economy

By IANS, Mumbai : Indian equities markets started the week on a bullish note Monday with a key index rising about 146 points by a little before noon. The Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 11,065.10 points, was at 11,169.13 points, 1.32 percent or 146.04 points higher than its previous close Friday. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,427.25 points, 1.27 percent up from its last close of 3,384.4 points.

Indian fertiliser units can shift to gas, fresh equity for banks

Economy

By IANS, New Delhi : India's cabinet Wednesday allowed the heavily regulated fertiliser industry to switch from naphtha and fuel oil to natural gas, a more efficient and cleaner feed stock, and decided to infuse Rs.38 billion (Rs.3,800 crore) into three state-run banks. Home Minister P. Chidambaram, who briefed reporters on the decisions taken by the cabinet, said United Commercial Bank, Central Bank and Vijaya Bank will get the capital in two instalments spread over the current and the next fiscal.

Raw deal for Karnataka in rail budget: Chief minister

Economy

By IANS, Bangalore : The rail budget for the current fiscal has failed to benefit Karnataka as sufficient funds were not allocated for the ongoing projects in the state, Chief Minister B.S. Yeddyurappa said Friday. "There is not much in the railway budget for the state barring introduction of eight trains, extension of four trains and upgrading of three stations, including Bangalore," Yeddyurappa said in a statement here.

Orissa plans ministry for smaller enterprises

Economy

By IANS, Bhubaneswar: Orissa is planning to form a separate ministry that would exclusively focus on the problems of the micro, small and medium enterprises (MSME) and work for their growth, the state's top official said Thursday. "Chief Minister Naveen Patnaik has formed a committee which will meet and consider the various aspects of the proposed ministry," Chief Secretary T.K. Mishra, who is heading the committee, said here at an entrepreneurs' meet.

Global recovery has begun, says Bank of Canada

Economy

By IANS, Toronto : The Bank of Canada, the central bank of the most robust of the G8 economies, has said that global recovery from the financial crisis has begun. In its economic outlook report released Tuesday, the bank said: "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system. "However, the recovery is nascent. Effective and resolute policy implementation remains critical to sustained global growth."

Gift economy: Experiments in radical generosity

Economy

By Azera Parveen Rahman, IANS,

Women entrepreneurs establish over 3000 industries in MP

Economy

By Pervez Bari, TwoCircles.net Bhopal: Between April, 2005 to 2007, a period of approximately two and half years, 3175 women have set up industries in Madhya Pradesh. Besides, women have also started 364 other services businesses during eight months of the year 2007-08 till the month of November. The above information was given by Commerce, Industry, Employment and Housing the Environment Minister Jayant Malaiya while reviewing activities related to industrial development in the state.

Virtual ban on fresh recruitments: Assocham

Economy

By IANS, New Delhi : Hit by the economic slowdown, India Inc has virtually stopped fresh recruitments to cut costs, an industry lobby said. Around 90 percent of over 150 human resource (HR) officials, participating in an internal seminar organised by the Associated Chambers of Commerce and Industry of India (Assocham) said there was a "virtual ban on fresh recruitments in private sector as attrition rate has subsided in almost all sectors".

Nearly 1,000 jobs a week lost in Hong Kong

Economy

By DPA, Hong Kong : Jobs are being lost at a rate of nearly 1,000 a week in Hong Kong as the global economic slump rocks the wealthy former British colony, a survey claimed Monday. Nearly 6,000 jobs have been lost in the last six weeks, and another 4,600 job losses have already been announced for the weeks and months ahead, according to the study by the South China Morning Post. The sector hardest hit by the slump is the financial sector, where 1,780 jobs have been lost already, the newspaper said in a study of job losses across the city of 6.9 million people.

GAIL approves pipeline projects worth $1.6 bn

Economy

By IANS, New Delhi : State-run gas transmission and marketing company GAIL India has approved pipeline projects worth more than Rs.8,000 crore (Rs.80 billion/$1.6 billion) to transport hydrocarbons, including an over-2,000 km line from Uttar Pradesh to West Bengal. U.D. Choubey, the outgoing chairman of GAIL, formerly Gas Authority of India, told reporters Monday that the company's board has approved the outlay to enhance the current pipeline network of 7,100 km to ferry 155 million metric standard cubic metres of gas per day.

High credit and raw material costs affecting small firms: CII

Economy

By IANS, New Delhi : High costs of credit and procurement of raw materials are the major factors inhibiting the growth of small and medium enterprises, a survey has found. The Confederation of Indian Industry (CII) said 79 percent of the micro, small and medium enterprises (MSMEs) surveyed said high cost of credit was a problem. For 64 percent of respondents, it was the high cost of raw materials. Lack of credit and delayed payment were the factors affecting their growth, said 55 percent.

Inflation drops marginally to 8.84 percent

Economy

By IANS, New Delhi : India's annual rate of inflation dropped marginally to 8.84 percent for the week ended Nov 15 from 8.9 percent the week before, according to fresh data released Thursday. The annual inflation rate was 3.35 percent during the corresponding week the previous year. The official wholesale price index (WPI) for all commodities during the week rose 0.04 percent to 235.1 (provisional) from 235 (provisional) the previous week.

RIM launches new BlackBerry smartphone in India

Economy

By IANS, Mumbai : Research In Motion (RIM) Thursday launched BlackBerry Torch 9800, the first BlackBerry smartphone with the new BlackBerry 6 operating system.

Market declines on high inflation rate at afternoon trade

Economy

By IANS, Mumbai : The Indian equities market plunged in the afternoon trade Friday following further rise in inflation. India's soaring inflation rate zoomed further to 11.89 percent for the week ended June 28, against 11.68 percent the week before. At 1:20 p.m., the 30-share BSE Sensex was down by 298.74 points or 2.15 percent at 13,627.50. At the day's low, it touched 13,582.76 At the same time, the broader-based S&P CNX Nifty was down by 88.95 points or 2.14 percent at 4,073.25

Treat frost-hit crops as ‘national calamity’: MPs

Economy

By IANS New Delhi : A group of MPs, cutting across party lines, demanded in the Lok Sabha Tuesday that frost-affected crops be treated as 'national calamity' and that distressed farmers be given appropriate compensation. The MPs, led by Hannan Mollah of the Communist Party of India-Marxist (CPI-M) and Girdhari Lal Bhargava of the Bharatiya Janata Party (BJP), raised the issue of cold wave and frost destroying crops in various parts of the country.

Sical Logistics posts Rs.502 mn net profit

Economy

By IANS, Chennai : Integrated multi modal logistics company Sical Logistics Ltd has closed fiscal 2008 with a turnover of Rs.7.1 billion and a net profit of Rs.502 million as against Rs.10.5 billion turnover and Rs.426.3 million profit posted during fiscal 2007. While the net profit is up during the period under review as compared to FY07, the dip in the net sales is attributed to the demerger of non logistics business. According to company officials, the consolidated net sales of Sical's core logistics business was Rs.6.8 billion, up from 6.7 billion a year ago.

Crude up as US oil stocks fall

Economy

By IRNA,

India, Canada agree to strengthen business ties

Economy

By IANS, New Delhi : India and Canada have decided to strengthen business and trade ties that will open fresh opportunities "for our respective business communities", Commerce and Industry Minister Kamal Nath said Wednesday after holding talks with Canada's Minister for the Asia-Pacific Gateway Stockwell Day here. The two leaders also agreed to take forward talks for the proposed comprehensive economic partnership agreement. Both sides have stressed the need to strengthen investment in sectors like infrastructure, agriculture and Industrial goods.

Worst-ever year for IPOs in Canadian markets

Economy

By IANS, Toronto : With the global meltdown gripping developed and developing economies, 2008 proved to be the worst year for initial public offerings (IPOs) in Canadian markets, says a PricewaterhouseCoopers (PwC) survey. In fact, there was not a single IPO on the Toronto Stock Exchange (TSX) - the third largest in North America and the world leader in energy company listings - in the last six month of the year, the annual report said Tuesday.

Andhra inks MoUs for Rs.6.5 lakh crore investment

Economy

By IANS,

IMF to talk to Sri Lanka on $1.9 bn loan

Economy

By IANS, Colombo : An International Monetary Fund (IMF) team is to hold talks with Sri Lanka Sunday and finalise its request for a $1.9 billion standby loan to prop up the country's dwindling foreign exchange reserves, media reports here said. Responding to reports that conditions may be attached to the IMF loan, a Central Bank official said that there had "so far been no talks on conditions".

Spanish capital Madrid seeks to deepen ties with Indian metros

Economy

By IANS, New Delhi : Eyeing business opportunities and increased tourism, the Spanish capital of Madrid is seeking to deepen its engagement with Indian metros, particularly New Delhi, by showcasing its expertise in the area of efficient and sustainable development of cities.

NGO coalition demands Saarc food bank

Economy

By IANS, Kandy (Sri Lanka) : The number of hungry people in south Asia will rise to over 588 million by 2009, says a coalition of NGOs and academics from the region, due to "the failure of Saarc leaders to control rising food prices, protect small farmers, ensure right to and control over land for women, resist genetically modified organisms and stop biofuels".

Sensex closes 100 points higher

Economy

By IANS, Mumbai : A benchmark index for Indian equities markets Monday ended trade with almost a 100-point gain, with realty and IT stocks finding favour among buyers. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,875.97 points, closed at 17,933.17 points (provisional), 99.63 points or 0.56 percent up from its previous close at 17,833.54 points.

Market for cookbooks booms in India

Economy

By Madhusree Chatterjee, IANS, New Delhi : The Indian palate generates good business. With kitchens becoming hi-tech in cities and the television beaming more than a dozen cookery capsules every week, the market for cookbooks is booming. "The market for cookbooks has grown by at least 40 percent and is moving very fast because people are constantly looking for fast food, easy recipes that they can rustle up at home in their designer kitchens. People are also buying cook books for their coffee table collections," Rajiv Sharma, marketing in-charge of Roli Books, told IANS.

Indian economy to slowdown in 2007-08: survey

Economy

By IANS New Delhi : The Indian economy is expected to slow down further in 2007-08 due to surging interest rates, appreciating rupee and poor infrastructure, says a survey. During the fourth quarter of 2006-07 ending in March 2007 the economy grew at 9.4 percent compared to 10 percent in the same quarter of 2005-06. The GDP is now pegged at 9.2 percent. So even though positive growth is expected for sectors such as agriculture, industry and services, the economy would face a downward pull, CII said in its survey - State of the Economy.

Life insurers disappointed with budget

Economy

By IANS, Chennai : The union budget for 2009-10 presented by Finance Minister Pranab Mukherjee Monday has disappointed the domestic life insurance sector. "There is no major announcement on tax sops. It is also disappointing to note the government's silence on Exempt Exempt Tax (EET) committee's report," a top official of a private life insurance company told IANS, requesting anonymity. EET is imposed on tax-free savings when they are finally withdrawn.

Madhya Pradesh seeks 41,000 tonnes of sugar from federal government

Economy

By IANS, Bhopal : Madhya Pradesh Chief Minister Shivraj Singh Chouhan has asked the agriculture ministry to make available 41,000 tonnes of sugar to meet the shortfall during the festive season. "The Government of India should import sugar in order to make it available to the common people at fair price," Chouhan wrote in a letter to Agriculture Minister Sharad Pawar late Tuesday. "The sugar mills in Maharashtra have so far not made available 41,000 tonnes levy sugar to the state," he said.

Airport employees protest privatisation

Economy

By IANS Mumbai : More than 21,000 airport employees across the country launched a day's "relay fast" to protest against privatisation of airports. "We are protesting the privatising of airports being implemented by the Airport Authority of India (AAI) and also in support of other pending demands," Dilip Gujjar, national assistant general secretary of the Airport Authority Employees Union (AAEU), told IANS.

Bihar: Hopes and hurdles for minority communities in much-hyped caste census

Lead Story

The ongoing caste-based census in Bihar is considered a possible game-changer in policy-making for all the backward castes of the state. Muslims too...

US stocks gain on economic optimism

Economy

By DPA, New York : Major US stock indices advanced Wednesday after a slew of positive economic data from the US. The Federal Reserve is slightly more optimistic about the pace of recovery, according to the minutes of its last rate-setting meeting, leading some members to ponder raising interest rates from a record low and shrinking the central bank's massive balance sheet in the near future. Earlier Wednesday, government data showed that industrial production and new home construction rose more than expected in January, both signs that the world's largest economy is gaining steam.

India awaits monsoon to decide on Malaysia’s rice request

Economy

By P. Vijian, NNN-Bernama, Mumbai : India, the world's second largest rice producer, will wait until its summer crop is harvested before deciding on Malaysia's request for purchase of rice to build up its grains stockpile. Millions of Indian farmers plant the summer crop in June and July when the monsoon sets in and harvest in October -- yielding nearly 90 million tonnes during the season. "We will consider your request after three months but now you can take our Basmati rice. We have a gap of three million tonnes (of normal rice).

Wall Street slumps as US cuts 100,000 jobs in a week

Economy

By IANS, New York : The Wall Street slumped to its worst January ever as investors eyed abysmal reports on economic growth and several companies across various industries announced more than 100,000 job cuts in a brutal week. The Dow Jones industrial average ended Friday down 148 points, or 1.8 percent. The Standard & Poor's 500 index lost 19 points, or 2.3 percent. The Nasdaq composite lost 31 points, or 2 percent.

French PM threatens to nationalise loan-wary banks

Economy

By DPA, Paris : French Prime Minister Francois Fillon has threatened to nationalise any French bank receiving emergency government aid that does not extend loans to businesses, the online edition of the daily Le Figaro reported Monday. Interviewed for a television programme to be broadcast late Monday, Fillon said, "If we feel that the banks are not doing the necessary work, we will take back the credits we have given them." Without this government aid, Fillon said, the banks will find themselves in difficulty.

Markets in green as global bourses make steady gains

Economy

By IANS, Mumbai : Indian equities markets were ruling in the green Thursday as most bourses around the world displayed positive sentiments on signs that demand in the key US sectors like housing had picked up. About an hour after opening bell, a key index was trading 1.47 percent above its last closing figure. The Bombay Stock Exchange (BSE) Sensitive Index (Sensex), which opened at 9,739.93 points, higher than its 9,667.9-point close Thursday, was at 9,810.36 points, 1.47 percent or 142.46 points higher than its previous close.

Chidambaram claims economy back on track under him

Economy

New Delhi: Finance Minister P. Chidambaram Saturday claimed that the economy is well on the path to recovery due to steps initiated by him...

India’s fuel subsidies don’t help poor, says expert

Economy

By IANS, Washington : India's fuel subsidies don't actually help poor households but instead benefit those who can afford to own vehicles and electrical appliances, according to a leading expert. "When the price of crude oil jumped a few years ago, the Indian government was stuck paying the difference between the regulated price to consumers and the actual price of oil on international markets," said David Victor, professor of political science with University of California San Diego's (UCSD) School of International Relations and Pacific Studies.

Markets make good Tuesday’s losses

Economy

By IANS Mumbai : Indian stock markets opened strong Wednesday after Tuesday's beating on the back of good buying seen in telecom, power, capital goods and auto stocks. This was despite discouraging cues from Asian markets. The markets traded in range and ended in the green with moderate gains. The sensitive index (Sensex) of the Bombay Stock Exchange ended the day with a moderate gain of 61.34 points or 0.31 percent at 19,845 points. The broader S&P CNX Nifty of the National Stock Exchange closed at 5,908, gaining 39.65 points or 0.68 percent.

Tata Motors sales up by nine percent

Economy

By IANS, Mumbai : Tata Motors reported a total sale of 46,339 vehicles (including exports) for the month of May 2008 against 42,558 in the year-ago period, recording a growth of nine percent. The company said its domestic sales increased by 15 percent during the month at 23,682 units, against 20,675 units in May 2007. Its M&HCV and LCV sales recorded a growth respectively of 12 percent and 17 percent over May 2007. In the domestic market, passenger vehicle business achieved a total sales of 19,234 units as compared to 17,580 units sold in May 2007.

Tata-led Neotel launches consumer range in South Africa

Economy

By Fakir Hassen, IANS, Johannesburg : The Tata-led consortium Neotel Friday made available a range of telecommunication products and services that gives consumers here a choice for the first time after decades of dependence on former state-owned fixed line provider Telkom. Neotel was granted a licence as the Second National Operator (SNO) by the South African authorities several years ago and their services have eagerly been awaited, especially with the expectation of decreased costs.

Indian benchmark index rises to record high

Economy

By IANS Mumbai : India's key stock market index Tuesday posted a record closing high as investors hoped a US Federal Reserve rate cut would lead to more capital inflows into the country's markets. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange closed at 20,290.89 points, gaining 360.21 points or 1.81 percent. The broader 50-stock CNX Nifty index on the National Stock Exchange rose 136.65 points, or 2.29 percent, to close at 6,097.25 points.

Markets on uptrend in afternoon trade

Economy

By IANS, Mumbai : Indian equities markets continued to be on an uptrend Thursday afternoon, with a key index trading 206 points higher than its previous close nearly 70 minutes before the closing bell. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,112.04 points, was ruling 206 points or 1.46 percent higher at 14,316.22 points. Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE), gained 1.02 percent from its previous close and was trading at 4,319.65 points.

Government approves six-laning of nine highways

Economy

By IANS, New Delhi : The Cabinet Committee on Economic Affairs has approved a Rs.182.38-billion (Rs.18,238-crore) project for the six-laning of nine existing four-lane national highways. The project will cover a total length of 1,409.93 km, said an official statement Thursday. The National Highways Authority of India (NHAI) will develop the highways under the public-private partnership (PPP) model. The private developer will be selected by NHAI following a two-stage bidding process, the statement said.

Colombia announces major oil discovery

Economy

By IANS, Bogota : In what could be its most important hydrocarbons find in 10 years, Colombia has announced the discovery of a huge oil reserve in the eastern plain region, EFE news agency reported Wednesday. British firm Emerald discovered the the petroleum deposit in the eastern plains region which is home to a number of oil rigs and natural gas extraction plants, Energy Minister Hernan Martinez announced Tuesday. He told Caracol Radio that the field located in Meta province, 200 km east of Bogota, could contain reserves of about 100 million barrels of heavy crude.

Tube Investments closes first quarter with Rs.50 crore net

Economy

By IANS,

CPI asks PM to spike Vedanta, Posco projects in Orissa

Economy

By IANS, New Delhi : The communist Party of India (CPI) has asked Prime Minister Manmohan Singh to "immediately intervene" to cancel the "in-principle clearance" given to two projects in the tribal dominated areas of Jagatsinghpur and Lanjigarh in Orissa. "Handing over people's resources without complying with the Forest Rights Act first, and respecting their rights under it, is simply government-facilitated robbery on a grand scale," said CPI national secretary D. Raja in a letter to the prime minister.

Thailand’s organic rice farmers enjoy health benefits

Economy

By Peter Janssen, DPA, Chachoengsao(Thailand) : Thailand's rice farmers are happy this year. Rice prices have more than doubled on both the domestic and international markets, so paddy in the field means money in the bank, or at least fewer debts to pay off. Organic rice farmers have even more to smile about. Although organic rice farming is still miniscule in Thailand, where most farmers remain attached to their chemical fertilizers and industrial pesticides, those who have taken the green plunge are reaping double rewards this year.

PepsiCo to invest $500 mn in India

Economy

By IANS, Gurgaon : Beverage major PepsiCo will invest $500 million in India over the next three years, its chairman and chief executive officer Indra...

ITC Infotech’s revenue growth may dip in second half

Economy

By IANS, Kolkata : The revenue growth of ITC Infotech Ltd, a wholly-owned subsidiary of ITC Ltd, may dip in the second half this fiscal due to the economic meltdown in the US, a top official said here Tuesday. "We grew by 50 percent in 2007-08 and we maintained the trend in the first half of the current year. But the growth rate could dampen in the second half," ITC Infotech managing director Sanjiv Puri told reporters on the sidelines of a chief executives' summit, organised by the National Association of Software and Services Companies (Nasscom).

Obama, Romney spar over economy during debate

Economy

By Arun Kumar, By IANS,

Edrington Group to launch more whisky brands in India

Economy

By IANS, New Delhi : Unperturbed by the economic slowdown, the Edrington Group, maker Famous Grouse whisky, is planning to launch more brands in India and step up promotional campaigns, a senior official said Tuesday. "We will be launching the Snow Grouse and Black Grouse in the coming fiscal, both priced tentatively around Rs.1,700," group area director (Southeast Asia, Africa and Indian subcontinent) Geoff Kirk told IANS. Explaining the company's decision to go ahead with the investment plans despite the slowdown, Kirk said India was still a "growing market".

Core sector growth in August falls to 2.1 percent

Economy

By IANS,

Text of Chidambaram’s statement on financial crisis

Economy

By IANS, New Delhi : Following is the text of Finance Minister P. Chidambaram's statement here Monday, minutes ahead of the opening bell for stock markets, that sent key indices soaring after the gloom last week: This is a time of uncertainty. Yet, even in a time of uncertainty there are some facts that cannot be - and ought not to be - ignored. The Indian economy continues to grow at a satisfactory rate.

Banks in UAE remain financially strong: central bank governor

Economy

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.

Markets off to a negative start

Economy

By IANS, Mumbai : Indian equities markets opened on a negative note Monday with a key index losing more than 139 points in about five minutes of trade. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,195.83 points was ruling at 15,114.96 points, 122.98 points or 0.81 percent below Friday's close. The S&P CNX Nifty of the National Stock Exchange (NSE) too slipped, moving down 1.24 percent to rule at 4,526.45 points around the same time.

Nissan, Renault consider joint holding company: Report

Economy

By DPA, Tokyo : Japan's Nissan Motor Co and French carmaker Renault SA are considering establishing a joint holding company, a media report said Thursday.

China, India and Vietnam top property growth markets

Economy

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

Ecuador’s oil exports rise 43 percent

Economy

By IANS/EFE,

Markets to hold special Diwali trading session Saturday

Economy

By IANS, Mumbai : The Bombay Stock Exchange (BSE) will hold a special Diwali trading session over 60 minutes from 6:15 p.m. Saturday to pay obeisance to Lakshmi -- the Hindu goddess of wealth and prosperity. The other major bourse, the National Stock Exchange, will hold a similar session -- also called muhurat -- during the same time to also mark the New Year for traders as per the Hindu lunar calendar, or Samwat 2066.

New petrol prices in metros, mini-metros

Economy

By IANS,

Thales, Samtel form joint venture for avionics

Economy

By IANS, New Delhi : French defence and aerospace major Thales and the city-based Samtel group Wednesday announced a joint venture to design, manufacture and sell avionics systems in the Indian market. Samtel and Thales will hold 74:26 in the venture that was started with a capital of $12.5 million with more investments to be pumped in as the joint development efforts progress, officials of the two firms said at a press conference here.

Kerala public sector workers to get higher bonus

Economy

By IANS, Thiruvananthapuram : Close to 20,000 employees of the 48 public sector undertakings (PSUs) under the Kerala Industries Department will get higher bonus during this Onam season. Industry Minister Elamaram Kareem told reporters here Tuesday that the decision to pay higher bonus was taken considering the good performance of these employees. Most of the employees in Kerala get either an ex-gratia allowance or bonus during the Onam season. Keralites will celebrate Onam Sep 12 this year.

Mad cow fear raised in largest US meat recall ever

Economy

By DPA Washington : The US Department of Agriculture has mandated one of the largest meat recalls in US history - a record 65 million kg of beef - after it determined a California slaughter house had pushed cows with poor health into the food chain. US Secretary of Agriculture Ed Schafer Sunday said the Hallmark/Westland Meat Packing Company had slaughtered cattle "unfit for human food". The meat was sold to schools, emergency food recipients and Indian reservations.

Angry workers demonstrate at Dunlop’s West Bengal factory

Economy

By IANS, Kolkata : A day after tyre major Dunlop suspended production at its Sahaganj unit in West Bengal, angry workers Tuesday staged a demonstration and threatened to enter the factory by breaking open the gates. Led by the state's main opposition party, the Trinamool Congress, several hundred workers gathered near the gates and raised slogans against company chairman Pawan Kumar Ruia. A large posse of police personnel were posted around the factory, though some workers tried to enter the factory forcibly.

Reliance Industries scrip falls over problems in gas drilling

Economy

By IANS, Mumbai : Shares of petrochemicals-to-retail major Reliance Industries took a tumble Friday afternoon after its foreign partner in the D9 block of Krishna Godavari basin, Hardy Oil and Gas, said it had encountered problems at the gas find. The Reliance Industries scrip fell almost 4 percent around 2 p.m. to Rs.2,050 from its previous closing figure of Rs.2,133.55, though it crawled up marginally to Rs.2,058.95 about an hour before close -- still 3.5 percent below Thursday's close.

Swedish firms to raise investment, tap new sectors

Economy

By IANS,

Labour crunch makes Kerala fancy rubber instead of paddy

Economy

By Jeevan Mathew Kurian, IANS, Kozhikode : Muthoran is a 70-year-old farmer. He used to grow rice paddy in about three acres of his land, but he disposed it of two years ago. The reason, he says, is shortage of labourers. "No one is ready to work in the paddy fields. You need around 12 people for transplanting paddy and eight to harvest. How can I cultivate the land?" asks Muthoran, whose land is located 20 km from here. He reflects the sentiments of a large number of farmers in Kerala.

Market closes 177 points down

Economy

By IANS, Mumbai : The Indian equities market closed in the red, once again. The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 13,292.80 points, touched a low of 13,049.96 before closing at 13,349.65 points. It went down by 176.34 points or 1.30 percent at the day's close. The National Stock Exchange (NSE) S & P Nifty, which opened at 4028.70 points, closed at 3988.55 points. It went down by 41.45 points or 1.03 percent.

Sunil Dutt appointed RIM managing director for India

Economy

By IANS,

Tanla Mobile inks pact with European mobile major Mliven

Economy

By IANS Mumbai : Hyderabad-based wireless application solutions major Tanla Mobile has inked an agreement with European mobile services company Mliven for advanced mobile software solutions. Announcing this to the Bombay Stock Exchange Thursday, Tanla said Mliven was planning to launch mobile gaming portals. Tanla will be involved in wireless application development, mobile billing and messaging solutions for its partner, the company said.

Onion prices will come down soon, says Sheila Dikshit

Economy

By IANS, New Delhi : Delhi Chief Minister Sheila Dikshit Thursday said the prices of onion will come down soon following a series of measures taken by the central and the city governments.

Electricity regulator approves power tariff hike in Mumbai

Economy

By IANS, Mumbai : The Maharashtra Electricity Regulatory Commission (MERC) Thursday approved a power tariff hike ranging from six to 17 percent for the 2.6 million residential and commercial consumers of Reliance Energy Ltd (REL) in Mumbai. In the case of Tata Power's consumers, the MERC has approved a tariff hike ranging from 0.6 percent for residential consumers, 16 percent for railways and 5.1 percent for the government and public institutions. For other bulk consumers of Tata Power, the regulatory body has brought about a reduction in the tariff rate.

Sensex moves up from intra-day lows, closes 25 points down

Economy

By IANS, Mumbai : A benchmark index for an Indian equities market Friday pared some of its intra-day lows to close a tepid day about 25 points lower.

‘Northeast can be holidayer’s paradise if private sector invests’

Economy

By Azera Rahman, IANS, New Delhi : Northeast India's tourism potential has not been exploited as much as it should have been and the private sector needs to invest and do more to market the picturesque region as a holidayers' paradise, says former tourism secretary M.P. Bezbaruah. "Tourism is always private- sector driven. There is too much dependence on the government's role in boosting the northeast region's tourism scenario," Bezbaruah, who himself hails from the region, told IANS. Of course, the government too needs to pitch in.

With better roads, buses, Delhi set for transport makeover

Economy

By Rajeev Ranjan Roy, IANS New Delhi : Modern and comfortable buses, wider roads and solar powered bus shelters are in the offing in the Indian capital ahead of the Commonwealth Games in 2010. The roads are being upgraded. New bus shelters are being put in place. As many as 1,600 out of 2,500 shelters will be illuminated with solar power, while over 1,000 of them will be equipped with water harvesting facilities.

Equities end red, key index down 300 points

Economy

By IANS, Mumbai : After a sea-saw battle between bulls and bears Wednesday, bears prevailed ultimately and Indian equities markets ended in the red with a key index shedding more than 300 points to remain well below the psychologically important 10,000 mark. The 30-share benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended at 9,536.33, down 303.36 points or 3.08 percent from its previous close Tuesday at 9,839.69 points.

Explore oil in India, minister asks London investors

Economy

By IANS New Delhi : India's Petroleum Minister Murli Deora made a strong pitch in London Thursday for investment in the 57 exploration acreages currently on offer by the Indian government for bidding, said an official statement. The government recently launched the seventh round of bidding for exploration licenses under the National Exploration Licensing Policy (NELP) regime. British Gas, British Petroleum, Cairn Energy, Premier Oil and Hardy Exploration were key international oil and gas companies that participated in the London road show.

Tokyo stocks lose 4 percent on Sony’s expected operating loss

Economy

By DPA, Tokyo : Stocks lost more than 4 percent in Tokyo Tuesday as market sentiment was dampened by media reports on speculation that Sony Corp would incur an operating loss for the fiscal year. The Nikkei 225 Stock Average tumbled 380.32 points, or 4.3 percent, to end the morning session at 8,456.48. The broader Topix index of all First Section issues was also down 37.33 points, or 4.37 percent, to 817.69.

Under huge financial strain: Oil marketing companies

Economy

By IANS,

Japan, US mull climate summit next year

Economy

By Xinhua Tokyo : Japan and the US are planning to hold a summit of major carbon emitters shortly before the Group of Eight (G8) summit scheduled next July in Japan, Kyodo News said Monday. Tokyo and Washington have started working-level talks on the plan to convene the "Environment and Energy Summit" of G8 leaders and their partners from other carbon emitters ahead of the G8 summit to be held July 7-9 in northern Japan's Hokkaido, the report said, citing Japanese government sources.

Jet Airways to fly to Berlin, Barcelona and Lyon

Economy

By IANS New Delhi : Jet Airways Wednesday announced expansion of its code share agreement with Brussels Airlines to include Berlin, Lyon and Barcelona as its new destinations. Jet Airways in its press statement Wednesday said from March 30 its passengers travelling from Delhi, Mumbai and Chennai to Berlin, Lyon and Barcelona will be able to avail of code share travel through check-in and other benefits as well as interline e-ticketing.

Abu Dhabi posts more than eight percent annual growth

Economy

By IANS, Abu Dhabi : Propelled by privatization and diversification, Abu Dhabi, the largest emirate of the United Arab Emirates (UAE), posted an annual growth of more than eight percent, WAM reported Thursday quoting official records. A report released Wednesday by the emirate's Department of Planning and Economy (DPE) said the economy "continued to perform strongly throughout 2007, thanks to the judicious privatization policies and diversification programme”.

Chidambaram backs ‘standstill’ approach of credit policy review

Economy

By IANS New Delhi : Finance Minister P. Chidambaram Tuesday described the quarterly review of the credit policy as a "standstill" approach that will give India's central bank the flexibility to move either ways based on domestic and global developments. "I endorse the stand taken by the Reserve Bank of India (RBI) in the monetary and credit policy review," Chidambaram told reporters here. "The policy should be interpreted as one where the RBI has reserved the flexibility to move either ways depending on the situation," the minister said.

IDB launches 2020 vision for human dignity — president

Economy

By KUNA, Kuwait : President of the Islamic Development Bank (IDB) Dr. Ahmad Mohammad Ali has announced the bank's 2020 vision for human dignity, aimed at boosting social and economic development. In a report published by "Kuwait Fund Magazine" of Kuwait Fund for Arab Economic Development, he said the vision aimed to alleviate poverty and elevate standards of living through human development.

Reserve Bank cuts key rates once again

Economy

By IANS, New Delhi : With the economic growth rate for the third quarter falling to 5.3 percent - the lowest since 2003 - the Reserve Bank of India (RBI) Wednesday evening announced monetary stimulus in the form of reductions in the repo rate and the reverse repo rate by 50 basis points each. The repo rate (rate at which banks borrow money from RBI), which was last revised Jan 2, will now come down to 5 percent, while the reverse repo rate (rate at which RBI borrows from the banks) has come down to 3.5 percent. In January, the RBI reduced both the rates by 100 basis points each.

India proposes dialogue with Iran on IPI gas pipeline

Economy

By IRNA, New Delhi : India on Wednesday proposed dialogue with Iran to discuss impediments in implementation of the Iran-Pakistan-India (IPI) gas pipeline project. Petroleum Minister Murli Deora met Iran's Deputy Minister for International Affairs Noghrehkar Shirazi on the sidelines of the 12th International Energy Forum in Cancun to propose bilateral talks in May.

Apple season almost over in Himachal

Economy

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.

Hard landing feared for China’s economy after Olympics

Economy

By Till Faehnders, DPA, Beijing : The year of the Beijing Olympics could decide whether China's economic boom is bound to last. "Clouds are now forming over China's economy," warned Stephen Green, chief economist at Standard Chartered Bank in Shanghai. Inflation is on the rise, and rapid growth is threatening to overheat the economy.

Unitech allotted spectrum for three service areas

Economy

By IANS, New Delhi : Real estate major Unitech has been allotted 4.4 MHz of spectrum in three service areas, the company said Monday. “The Department of Telecommunications (DoT) has issued the letter to the company`s telecom subsidiaries for allotment of 4.4 MHz of spectrum in 1800 MHz GSM band in respect of Haryana, Himachal Pradesh and Kolkata service areas,” a company statement said. With this, the company has been allotted initial spectrum in 16 service areas out of the total 22 service areas.

Indian steel PSUs in London on $9 bn takeover hunt

Economy

By Dipankar De Sarkar, IANS London : A clutch of public sector giants led by Steel Minister Ram Vilas Paswan are in London sniffing out opportunities to invest into mines producing a kind of coal needed to manufacture steel and develop Indian infrastructure. A high-level delegation of a dozen public sector leaders and senior government officials have held a series of meetings with global merchant bankers in London over the last week and told them of India's interest in investing in coking coal - a key ingredient in steel.

Sensex closes above 19,000-mark on hopes of more reforms

Economy

By IANS, Mumbai: A benchmark index of Indian equities markets Thursday closed above the 19,000-mark on hopes of more economic reforms to be announced by the government.

India has potential for 10 percent growth: UN agency

Economy

By IANS New Delhi : India has entered a new phase of high growth with a forecast for nine percent expansion for the current fiscal, thanks to higher savings and investment, a UN agency said in a report Thursday. "India could achieve and sustain a 10 percent growth rate by further improving the country's business environment, by developing its physical infrastructure and human capital," said the United Nations Economic and Social Commission for Asia and the Pacific (Escap).

BOC India posts Rs.23.83 crore net profit

Economy

By IANS, Kolkata : Gas and petrochemicals service provider BOC India posted Rs.23.83 crore net profit in the first quarter (January-March) of 2010 against Rs.5.04 crore realised during the corresponding period a year ago. "The company reported turnover of Rs.264.82 crore for the quarter, reflecting an overall increase of over 60 percent compared to the corresponding quarter in 2009," a company statement said here Wednesday.

‘India emerging most favoured investment destination’

Economy

By IANS, Chennai : US Consul General Aileen Crowe Nandi Monday paid glowing tributes to Indian economy, saying the nation was emerging as the most favoured destination for overseas investment. "India is emerging as the most favoured destination for overseas investment and an important trading partner for the US," Nandi said. She was addressing a symposium on 'Doing Business with USA', organised by the Confederation of Indian Industry (CII).

Sensex slips 1 percent

Economy

By IANS, Mumbai : A benchmark index for Indian equities Monday closed almost a percent lower, ending four consecutive sessions of gains. The markets had begun the day with a negative bias after the Reserve Bank of India Friday hiked key policy rates by 25 basis points. Interest-sensitive sectors such as realty and auto suffered the most. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,481.96 points, shut shop at 17,410.57 points, 167.66 points or 0.95 percent lower than its previous close at 17,578.23 points.

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