Indian equities soar, following US markets
By IANS,
Mumbai : Indian equities opened higher Friday and soared further on the back of a sharp upswing in the US markets a day earlier following the cuts in interest rates by the US Federal Reserve.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened significantly higher at 9,361.66 points, against the previous close at 9,044.51 points, and soon surged ahead to 9,802.76 points.
Some 45 minutes into trading, the key index was ruling at 9,736.40 points, with a gain of 691.89 points, or 7.65 percent, over the previous close.
SR 400 Million “Iwan” International Housing Company Approved
By SPA
Riyadh : Minister of Commerce and Industry Dr Hashim Yamani has approved the establishment of 'Iwan' International Housing Company as a limited stock company with a capital of SR 400 million.
The capital of the Company is split into 40 million shares and the nominal value of each share is SR 10.
The Founders have subscribed for the entire shares and have already paid up 25 percent of the total capital (SR 100 million).
Indian equities make a weak start
By IANS,
Mumbai : Indian equities markets started in negative terrain Thursday with a key index falling at the opening bell.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,559.03 points, lower than its 9,618.54 point close Wednesday. About 10 minutes into trade, it was at 9,552.37 points, 0.69 percent or 66.17 points lower than its previous close.
At the same time, the S&P CNX Nifty index of the National Stock Exchange (NSE) was at 2,915.65 points, 0.34 percent lower than its previous close of 2,925.7.
Air India IPO likely in second half of 2008
By IANS
New Delhi : The government is considering divesting its stake in national carrier Air India through an initial public offering (IPO) in the second half of 2008.
This was stated by Civil Aviation Minister Praful Patel Friday on the sidelines of a press conference to launch India's first civil aviation exhibition, India Aviation 2008.
"We may consider issuing an IPO in the second half of this year," he told reporters, noting the divestment may be in the range of 10-15 percent of the shareholding.
Raghuram Rajan’s call for coordinated global monetary policy a distant dream
By Vatsal Srivastava,
RBI governor Raghuram Rajan has been constantly urging major central banks, particularly the US Federal Reserve, to keep in mind the spillover effects of their ultra loose monetary policies on emerging economies such as India. This column agrees that in a highly integrated global economy, the zero interest rate policy (ZIRP) era and Quantitative Easing (QE) measures undertaken my major central banks has affected India to a great extent. For example, apart from geopolitical tensions, QE has been a major factor which has held crude prices so high after the financial crisis. Thus, to some extent, importing higher energy costs can be attributed to India’s inflation woes in recent years.
Nirma shareholders vote for delisting
By IANS,
Mumbai: Shareholders of detergent manufacturer Nirma Monday voted for delisting the company from the stock exchanges.
Malaysian Felda may take controlling stake in US oleochemical company
By NNN-Bernama
Boston : Felda Holdings Bhd may take a controlling stake in Twin Rivers Technologies, which is one of the largest and fastest growing oleochemical producers in North America.
Twin Rivers focuses on the manufacturing and distribution of premium quality oleochemicals.
Its capabilities and expertise include the manufacturing and distribution of fatty acids and glycerin, world-class food grade specialty esters and biofuels, according to a statement issued at the BIO International Convention 2007 which begins here today.
Bihar clears investment proposals worth Rs.910 bn in three years
By IANS,
Patna : In a clear sign of the "changing economic environment" in the state, the Bihar government has cleared 156 investment proposals worth Rs.910 billion in the last three years, Industries Minister Dinesh Chandra said Wednesday.
"It's a positive news for the state that all these proposals were approved by the State Investment Promotion Board (SIPB)," Chandra told IANS.
According to him, Chief Minister Nitish Kumar's efforts to make Bihar an investment-friendly state has proved to be a success with more investors now approaching the state for setting up their units.
Indian bourses show great recovery
By IANS
Mumbai : Indian stock markets showed a phenomenal recovery from initial losses Monday with robust buying seen across sectors. The bourses ended the day with moderate losses, outperforming all Asian peers.
The pullback was seen in the final hour of trade that allowed the benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) to close at 18,737 points, giving up 170.33 points or 0.90 percent from the previous close.
The broader S&P CNX Nifty ended at 5,617.10 points, marginally down by 46.15 points or 0.81 percent.
FICCI suggestions on Pakistan ‘irresponsible’: Kashmir business lobby
By IANS,
Srinagar/New Delhi : India's top industry lobby recommending hard military and economic counter-actions against Pakistan has drawn flak from a business body in Jammu and Kashmir which says its recommendations are "irresponsible and immature".
Head of GM Europe may join Tata motors: Report
By DPA,
Frankfurt : The European chief of General Motors (GM), Carl-Peter Forster, may switch to Indian car manufacturer Tata, German media reported Saturday.
Forster, 55, is quitting GM after strongly criticising the Detroit-based car giant's surprise U-turn in deciding not to sell European subsidiary Opel.
Tata is reportedly eyeing the GM manager to take charge of its global sales division. A decision was due shortly, sources told German Focus news magazine.
The role would involve launching Tata's budget Nano car in Europe, due in 2011.
ONGC, Uranium Corp sign exploration pact
By IANS,
New Delhi : Oil and Natural Gas Corp (ONGC) and Uranium Corp of India Tuesday signed an agreement for cooperation in exploration and development.
The deal was signed between ONGC chairman R.S. Sharma and UCIL chairman Ramendra Gupta in the presence of Department of Atomic Energy secretary Anil Kakodkar.
According to an ONGC statement, the initiative is based "on complementary expertise of the two public enterprises".
"The cross-fertilization of ideas and technologies are bound to synergise the new endeavour of uranium prospecting and mining," it added.
British government for “good relations” with the Tatas
By Venkata Vemuri, IANS,
London : The new British government wants "good relations" with the Tata Group, which owns the Jaguar Land Rover, and the steel giant Corus, even as it has warned of an end to direct state support to carmakers.
Business secretary Vince Cable, who will soon visit India to boost industry-level ties, said he recently met Tata Group chairman Ratan Tata to discuss the latter's plans for the luxury cars that his company produces in Britain.
Indian Oil gets Rs.200 bn cash injection
By IANS,
New Delhi : The state-owned Indian Oil Corp (IOC) has got a temporary cash injection with the Reserve Bank of India (RBI) raising its credit limit by Rs.200 billion.
IOC, along with other oil marketing companies Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), has been facing a severe liquidity crisis due to high crude prices and huge subsidy burden.
After the oil prices started to slide down over the past few weeks, RBI Governor Y.V. Reddy announced last month that the central bank would stop the special scheme to buy bonds from the oil companies.
Tea Board to launch online auction service
By IANS
Kolkata : The Tea Board of India Thursday inked an agreement with the National Stock Exchange's (NSE) IT subsidiary, NSE-IT, to launch an e-auctioning system for the tea industry in India.
"The e-auction service will be operational by November 2008. The new system would be transparent and be developed by NSE-IT," union Minister of State for Commerce Jairam Ramesh told a press conference here Thursday.
He said the service would ensure reduced payment period and better-price-discovery mechanism for the tea industry in India.
Tokyo stocks close lower on economic global recession
By Xinhua,
Tokyo : Tokyo stocks closed lower Tuesday with the key Nikkei index dropping 2.28 percent amid investors' anxieties about the ongoing global economic recession.
The benchmark Nikkei 225 Average shed 194.17 points to 8,328.41.
The Topix index on the Tokyo Stock Exchange lost 15.05 points, or 1.77 percent, to 835.44.
On the First Section, declining issues outnumbered advancing ones 846 to 745, with 117 others remaining unchanged.
Finance minister sees banks reduce lending rates
By IANS,
New Delhi : Finance minister P. Chidambaram Tuesday said private sector banks would have to reduce lending rates after state-owned banks cut interest rates earlier this month.
"After the public sector banks slashed lending rates, I have no doubt that they (private banks) will get a tough competition and will have to reduce lending rates sooner than later," Chidambaram told reporters here.
United India achieves Rs.5,000-cr premium mark in 2009-10
By IANS,
Chennai: Government owned non-life insurer United India Insurance Company is likely to close last fiscal with a premium income of Rs.5,100 crore up from Rs.4,277 crore earned in 2008-09.
"We have crossed the Rs.5,000 crore premium mark last fiscal. For the first time in our history we have crossed this magic figure," a United India official told IANS Thursday on the condition of anonymity.
The city-based United India is the second non-life insurer in the country to cross this mark after New India Assurance Company Ltd.
Gujarat’s Samana set to become wind power hub
By IANS,
Ahmedabad : Samana in Gujarat's Rajkot district is set to become a major hub of wind power energy in the country as energy companies like China Light Power (CLP) and Tata Power have pledged to invest up to Rs.8.15 billion ($189.5 million) in different projects in the area.
CLP, through its India subsidiary CLP India, is investing close to Rs.5 billion for installing 126 wind turbines in Samana that will generate 100.8 MW power.
Tata Power has installed wind turbines in the same area for generating 50 MW power at a cost of Rs.3.15 billion.
Higher sugar production likely this year
By IANS,
New Delhi : Sugar production is expected to be around 18.5 million tonnes in the current market year (October-September), higher than an estimated 17 million tonnes, an industry official said Wednesday.
"The higher output expected this year is due to delayed rains which helped to improve sugar yields," Vinay Kumar, managing director of the National Federation of Cooperative Sugar Factories, told reporters here after meeting Agriculture Minister Sharad Pawar.
Reliance Energy allowed to bid for Mumbai project
By IANS
New Delhi : The Supreme Court Tuesday allowed a consortium of Anil Ambani's Reliance Energy Ltd (REL) and South Korean Hyundai Engineering and Constructions Company (HDEC) Limited to bid for the ambitious Rs.26 billion ($644 million) Mumbai Trans Harbour Link Project (MTHL).
India’s food inflation now at 17.58 percent
By IANS,
New Delhi : India's annual food inflation based on wholesale prices fell to 17.58 percent for the week ended Feb 13 from 17.97 the week before, as per official data released Thursday.
Prices of essential items continued to move up, with vegetables dearer by 13.57 percent, potatoes by 30.4 percent, pulses by 35.74 percent and fruits by 12.08 percent over the 52-week period, official data released by the commerce and industry ministry showed.
Global economic downturn putting migrants at risk: Ban
By IANS,
United Nations : UN Secretary-General Ban Ki-moon has stressed that migrants were highly vulnerable to the global economic crisis.
"The world's more than 200 million migrants are especially vulnerable to the financial downturn shaking the global economy," Ban said on the occasion of the International Migrants day.
Sensex up 4 percent despite profit booking
By IANS,
Mumbai : Indian equities markets rallied this week thanks to a handsome rise Monday, holding on to gains in spite of investors booking profits. However, analysts are keeping their fingers crossed for the election results due May 16.
A key index rose 4.15 percent till end of trade Friday from its previous weekly close.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 11,876.43 points, a gain of 4.15 percent or 473.18 points, over the previous week's close of 11,403.25 points.
Deora to meet Chidambaram over oil company losses
By IANS,
New Delhi : Petroleum Minister Murli Deora will meet Finance Minister P. Chidambaram later this week, seeking compensation for oil companies for revenue losses due to the high prices of fuel in the international market and also reinstatement of seven-year tax holiday for the hydrocarbon exploration and production segment.
"The minister (Deora) will meet finance minister by the end of this week, probably Friday or Saturday," said a senior petroleum ministry official.
International passengers can exchange banned notes up to Rs 5,000
New Delhi : Passengers arriving or departing from international airports will be allowed to exchange the banned Rs 500/Rs 1,000 notes up to Rs...
India’s small IT firms to shift focus from US to new markets
By Aroonim Bhuyan, IANS,
Dubai : With the financial crisis hitting the US economy badly, the Middle East is emerging as a key market for the small and medium enterprises (SMEs) of India's IT sector as they seek to reduce their dependence on the US market.
"The US accounts for almost 76 percent of India's total IT exports, but with the slowdown in the US economy, it is very important that we look at alternatives to the US market to diversify the basket," Sunil Vachani, vice-chairman of the Electronics and Computer Software Export Promotion Council (ESC) of India, told IANS here.
Beetel launches Rs.9,999 tablet in India
By IANS,
New Delhi : Bharti Enterprises group firm Beetel Teletech Wednesday launched its Beetel Magiq, an android 2.2 tablet worth Rs.9,999 for the Indian market.
Takeover by Indian firms increased jobs in UK: British lawyer
Chennai, Feb 18 (IANS) Acquisition of British companies by Indian corporate majors has benefited the former and has led to creation of more jobs, a top British lawyer said here Monday.
Teja Picton Howell, partner of the London-based commercial law firm Picton Howell LLP, said contrary to the general belief of job cuts, there was an increase in jobs when an Indian company took over a British firm.
Indian company makes chopper airframes for US
By Vishnu Makhijani, IANS,
New Delhi : The first India-made airframe of the Sikorsky S-92 medium-lift helicopter will be handed over to the US firm in November and there is the distinct possibility of the entire chopper being manufactured in this country at some stage - the first time that a major aviation actitivity is being done in the private sector.
The airframes will be manufactured at the Tata Advanced Systems Limited (TASL) facility in Hyderabad with three being produced this year and the number gradually rising to 38-48 annually.
Installation, digital art join mainstream
By Madhusree Chatterjee, IANS,
New Delhi : Indian art buyers and aficionados are developing an interest in solid three-dimensional art. The exhibits and the sales trend at the just concluded India Art Summit 2008 were proof that installation art and sculptures were acquiring a toehold in the mosaic of mainstream art.
At the end of the three-day art summit Sunday, art promoters and auction houses admitted that curiosity and awareness about installations and sculptures - the mainstays of contemporary art across the world - were rising in India.
Have faith in India, PM tells Japan’s investors
By Murali Krishnan, IANS,
Tokyo : Exhorting Japanese investors not to worry about the difficulties thrown up by the international financial crisis, visiting Prime Minister Manmohan Singh Wednesday urged the country's industrialists to have faith in India's financial system.
"A vibrant democracy often presents new challenges. I urge you to have faith in our system and our resolve. We are committed to creating a congenial climate for private initiative, risk-taking and enterprise," Manmohan Singh said at a business luncheon by Nippon Keidanren in the Japanese capital.
India’s industrial production surges 17.6 percent
By IANS,
New Delhi : India's industrial output rose for the seventh straight month in April at 17.6 percent from a year earlier due to higher spending on infrastructure and improved exports, official data released Friday showed.
This is the sharpest rise since December 2009, when the index for industrial production (IIP) grew at 17.7 percent.
Manufacturing, the largest constituent in the index, rose 19.4 percent in April compared to the same month last fiscal, while mining output was up 11.4 percent and power generation increased 6 percent.
New government’s economic drive moves, but in fits and starts
(100 days of UPA government - III)
By Anuradha Shukla and Sanjay Singh, IANS,
New Delhi : The first 100 days of the second edition of United Progressive Alliance (UPA) government have had their share of hits and misses in steering the Indian economy, with some ministries able to drive their agenda forward and others yet to draw clear roadmaps, analysts maintain.
Daiichi says terms of open offer for Ranbaxy may change
By IANS,
New Delhi : Japanese drug maker Daiichi Sankyo Saturday said its open offer to acquire 92.5 million shares of Rs.5 each of Ranbaxy Laboratories, representing 20 percent of its paid-up capital, might under go a change.
The company told a filing with stock exchanges that its draft letter to markets watchdog Securities and Exchange Board of India (SEBI) was submitted June 27 but the observations were still awaited.
"Hence, the schedule of activities as per the disclosure in the public announcement will undergo a change," the filing said.
Surge in Indian equities
By IANS
Mumbai : Indian shares Tuesday continued the upward surge buoyed by buying in select banking stocks and blue-chip shares with a key index rising 0.24 percent.
Andhra Pradesh calls for easing cement import conditions
By IANS
Hyderabad : Concerned over the rising cement prices and their impact on various projects, Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Friday urged the central government to facilitate import of cement immediately without any conditions.
Dye making units face deceleration in exports
By IANS,
Ahmedabad : Celebration time is over for India's dyestuff industry.
Dyestuff units had made big profits in the last six months following a temporary absence of the commodity from China in the global market, thanks to production curbs imposed in that country.
However, with Chinese players back in the business after Beijing lifted the production curbs last month, local units are now facing a deceleration in exports.
The production curbs were imposed to ensure clean air during the August Olympic meet.
Evening courts launched to clear bounced cheques’ cases
By IANS,
New Delhi : In a bid to reduce the increasing backlog of cases relating to dishonoured cheques, Chief Justice of India (CJI) K.G. Balakrishnan inaugurated three evening courts in the capital Wednesday.
Balakrishnan expressed concern over the large number of such cases in Delhi and hoped that the concept of evening courts would help address the problem.
“These petty cases pose a great hurdle in justice delivery system. It is disappointing to have a pendency of over 500,000 such cases in Delhi alone,” he said while inaugurating the evening courts here.
UAE launches social welfare fund campaign
By IANS,
Dubai : The United Arab Emirates (UAE) has launched a novel campaign encouraging contributions of as little as one dirham ($0.27) to raise funds for social care and development projects.
Called 'Dirham Wa Bas' (One dirham only), the campaign was launched Wednesday under the Social Responsibility Fund of the Ministry of Social Affairs and is supported by the Dubai International Financial Centre (DIFC), the official Emirates news agency WAM said.
India’s forex reserves rise by $1.38 billion
Mumbai: India's foreign exchange (forex) reserves rose by $1.38 billion to $314.92 billion for the week ended June 20, led by a sharp jump...
India’s inflation rate rises marginally
By IANS,
New Delhi : India's annual rate of inflation rose 0.6 percent for the week ended June 13, official data released here Thursday.
The rate of inflation for the week stood at minus 1.14 percent as against minus 1.61 percent for the week ended June 6.
The index for primary articles rose 0.1 percent, that for fuel and power by 0.4 percent and of manufactured products by 1 percent.
For the first time since the new wholesale price index (WPI) series started in 1995, India's annual rate of inflation turned negative for the week ended June 6.
Tatas in exploratory talks with Saudi conglomerate
By IANS,
Mumbai : A high-power team from India's largest industrial house, the Tata group, led by chairman Ratan Tata, met the top brass of Kingdom Holding, controlled by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, in Riyadh to forge investment ties between the two sides.
According to Tata officials here, the visit was exploratory in nature to discuss all the potential investment opportunities that exist between the $25-billion Kingdom Holding and the $70-billion Tata group.
Delhi government to buy 6,600 buses before Commonwealth Games
By IANS,
New Delhi : The Delhi government will purchase 6,600 new buses before the 2010 Commonwealth Games to provide a better public transport system during the Games, Lieutenant Governor Tejedra Khanna said Monday.
Addressing the Delhi assembly at the start of the budget session Monday, Khanna said: "3,800 new buses are proposed to be purchased in time for the Commonwealth Games 2010. It will be augmented to a fleet of 6,600 buses, to meet the requirements of Delhiites."
APEC officials want the Doha Round to move forward
By Xinhua
Sydney : Senior officials from the Asia Pacific Economic Cooperation (APEC) member economies have suggested during their annual meeting here that all-round efforts be made to move the Doha Round process forward.
The APEC members hold that it is important for the World Trade Organisation (WTO) to conclude the Doha Round negotiation early, David Spencer, Australia's ambassador to APEC and chair of the APEC Concluding Senior Officials Meeting, said here Monday.
India seeks higher duty-free access to EU market
By NNN-PTI,
New Delhi : India is willing to phase out duty on imports of 90 per cent of goods and services from the European Union, but demanded that the world's largest trading bloc should in return offer duty-free access to 95 per cent of the outward trade from the country.
However, the EU is not ready to give more concessions to India than it receives under the free-trade agreement (FTA) being negotiated by the two sides, an official said.
Negotiators from the two sides began intensive three-day deliberations here today on reaching the market opening pact.
Canadian firm to tap educational tools market in India
By IANS
Thiruvananthapuram : Canada's Smart Technologies, leaders in making educational tools, is eyeing India as a potential market for its interactive whiteboards, multimedia furniture and related products, a top company official said.
"The market potential is huge in India and it is practically untapped. From now on, India would be in our scheme of things and we would vigorously promote our products," Jimmy Kokaji, international marketing specialist of the company, told IANS here.
Proposed bank strike unnecessary – Finance Minister
By NNN-PTI,
Sivaganga (India) : Indian Finance Minister P Chidambaram has termed the proposed nation-wide strike by bank employees on Sept 24 as 'unnecessary' and said the Centre was ready to hold talks with bank unions.
"The strike is not necessary. The government is ready to hold talks with bank unions," he said after inaugurating a Bank of India branch here Sunday night.
Referring to the collapse of some financial institutions in the US, he said banks in India were insulated from the crisis and their financial position was quite strong.
ADB to aid Chinese province for farm development
By Xinhua
Manila : The Asian Development Bank (ADB) Tuesday announced it would provide financial support to help poor farmers in central China's Henan province adopt advanced cultivation practices to grow fruits and vegetable.
In a statement, the regional lender said it would provide $66.7 million in loans and $400,000 in grants for a $135.6-million project that creates value for poor farmers, local agro-enterprises and consumers. The project will cover 215 villages, and about 250,000 farmers in Sanmenxia city of the Henan province, the report said.
Sundaram Brake to raise Rs.150 mn from rights issue
By IANS,
Chennai : Automobile brake lining manufacturer and part of TVS Group, the Rs.1.87-billion Sundaram Brake Linings, has decided to tap its shareholders for working capital needs.
The company's board Friday decided to go for a rights issue to raise Rs.150 million at a price which will be not less than Rs.120 per share having a face value of Rs.10. The ratio will be decided later.
The company's board also accepted the resignation of Krishna Mahesh, its executive director and son of K. Mahesh, the company's chairman and managing director.
Singur imbrolgio resolved, Trinamool withdraws agitation
By IANS,
Kolkata : The deadlock following the farmers' agitation against Tata Motors' Nano small car project in Singur was resolved late Sunday night as the West Bengal government agreed to form a committee to look into the demand and the opposition Trinamool Congress suspended its campaign against it.
Governor Gopalkrishna Gandhi, who mediated the talks between the Left Front government and the Trinamool, told reporters after several rounds of talks and some twists that the imbroglio was resolved.
Equities markets maintain small gain in early trade
By IANS,
Mumbai : The Indian equities markets, which opened with a marginal gain Thursday, saw choppy trading early in the day, while they just about maintained their position in the green.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 35.14 points at 15,479.65. Ten minutes into trading, it had reached 15,586.41, a gain of 71.62 points or 0.46 percent from its closing figure Wednesday.
India, Africa to beef up business ties
By IANS,
New Delhi : Over 400 delegates from African countries are participating in a three-day India-Africa business conclave that started here Sunday, seeking ways to boost bilateral economic ties, an industry lobby said.
The major focus of the fifth CII-EXIM Bank Conclave on India-Africa Project Partnership is infrastructure development in Africa, and both sides are also seeking enhanced ties to beat the effect of the slowdown, the Confederation of Indian Industry (CII), one of the organisers of the event, said.
‘Nurture entrepreneurship to eradicate poverty’
By IANS
Chennai : Only through entrepreneurship and not doles can a country alleviate poverty, said C.K. Prahalad, India-born global management guru.
Speaking at the launch of T.S. Srinivasan Chair Professorship of Entrepreneurship at city-based Great Lakes Institute of Management for Entrepreneurship by TVS Capital Funds Ltd here Wednesday, Prahalad said: "Entrepreneurship in India could be divided into three phases.
Steel use up 5 percent in first quarter
By IANS,
New Delhi : In what may be seen as an early sign of economic recovery, use of steel in the country rose 5.2 percent to 12.83 million tonnes in the first quarter of this fiscal from 12.2 million tonnes in the same period a year ago.
Steel production increased 3.4 percent to 13.98 million tonnes during Arpil-May 2009, compared to 13.53 million tonnes in the same period the previous fiscal.
BPO exports grow 21.4 percent
By IANS,
New Delhi : India's third party business process outsourcing (BPO) services exports in 2007-08 grew 21.4 percent to Rs.264.23 billion, up from Rs.217.60 billion in the previous fiscal, according to a new study.
In dollar terms, the growth was even more impressive at 36.6 percent to $6.6 billion, up from $4.8 billion last fiscal, said the study by Dataquest, the flagship publication of the CyberMedia group.
Sensex closes 88 points down in volatile trading
By IANS,
Mumbai : A key index of Indian equities markets closed 88 points lower Friday amid volatile trading conditions.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 16,679.99 points, shut shop at 16,693 points, 88.43 points or 0.53 percent lower than Thursday's close of 16,781.43 points.
The S&P CNX Nifty of the National Stock Exchange (NSE), too, closed in the negative terrain at 4,958.95 points, down 0.55 percent.
Gujarat venture fund raises Rs.600 mn for small firms
By IANS
Ahmedabad : Gujarat Venture Fund Limited (GVFL) has raised Rs.600 million for its SME (small and medium enterprises) Technology Venture Fund.
"The fund would be used for investing in various projects of both small and medium technology companies. GVFL plans to invest this entire fund in six to eight projects in a time period of one year with an approximate investment amount per project anywhere between Rs.5 and 15 crore (Rs.50 million to 150 million)," said Vishnu Varshney, CEO of GVFL, in a statement here Friday.
Nano project incurs Rs.3 bn cost overrun
By IANS,
Kolkata : Tata Motors' small car project in Singur in West Bengal has incurred a cost overrun of Rs.3 billion ($71.4 million), the company's managing director Ravi Kant said Saturday.
"The entire project had been reworked and we are investing Rs.20 billion in Singur now, which was earlier estimated at Rs.17 billion," Kant said after meeting West Bengal Chief Minister Buddhadeb Bhattacharjee at the state secretariat at Writers Building here.
Bigger airlines lose passengers as rising fuel costs push up fares
By Varada Bhat and Sanjay Singh, IANS,
Mumbai/New Delhi : Bigger airliners are losing passengers to smaller players after soaring aviation fuel costs forced carriers across board to hike fares over the past year.
Airfares, which have gone up by over 18 percent this year, are likely to rise further after fuel prices were hiked by about 19 percent Saturday. According to industry sources, fuel prices have risen between 30 to 43 percent in the past year, and now costs Rs.71,759.06 ($1,685) in Mumbai and Rs.69,227.08 ($1,625) in New Delhi.
And that is hitting the more expensive carriers.
Financial imbalance major cause of meltdown: Lord Desai
By IANS,
Noida: The financial imbalance in the world economy is one of the major causes of the current global meltdown, according to noted economist Lord Meghnad Desai.
The message of Desai, Professor emeritus of London School of Economics, was read out at the brainstorming session organised by the Global Economic Forum (GEF) here Monday on After-effects of financial meltdown: World economy five years ahead.
Desai was to attend the event and sum up the discussions in which a number of experts participated but could not.
Reliance to set footprint across India with global brands
By IANS
Bangalore : Mukesh Ambani's Reliance Industries Ltd. (RIL) is set to make a mark in the footwear industry by retailing national and global brands across the country through a novel format christened Reliance Footprint.
As part of its $6-billion (Rs.240 billion) retail foray to hard-sell a range of products and services through different formats, the $27-billion group's Reliance Retail Ltd. (RRL) will set up 50 exclusive stores over the next 12-18 months.
Google profit jumps 19 percent
By DPA,
San Francisco : Web search giant Google reported a 19-percent increase in profits as cost cutting made up for a decline in online ad spending due to the recession.
Profits rose 19 per cent to $1.48 billion from $1.25 billion a year ago. Revenue rose just 2.9 percent, down from 6.2-percent growth in the first quarter. Excluding sales passed on to partner sites, second-quarter revenue rose to $4.07 billion from $3.9 billion.
"Google had a very good quarter, especially given the continued macro-economic downturn," chief executive Eric Schmidt said in a statement.
Indian businessman critical after shooting in Trinidad
By Paras Ramoutar
Port-of-Spain (Trinidad)(IANS) : Kapil Khanna, a 21-year-old businessman from New Delhi, is stated to be in critical condition following a shootout at his hotel room in St.Helena Thursday evening.
According to a Piarco Police Station officer, Khanna, who operated a business booth at the Indian Trade Fair at the Centre of Excellence, Macoya, was shot in his right leg when he resisted three men who held him and snatched thousands of dollars, a cell phone and jewellery.
Essel Group to develop 800 acre entertainment zone near Mumbai
By IANS,
Chennai : Media and entertainment group Essel is planning to develop an 800 acre entertainment and tourism zone near Mumbai, a senior company official said Thursday.
"We are setting up an entertainment and tourism development zone near Mumbai. It will be an 800 acre theme park. The details of the project are yet to be finalised," Essel group chairman Subhash Chandra told reporters here.
According to him, the project will be implemented by a new company which will be incorporated over a period of time and the outlay is also yet to be finalised.
Industrial output to remain steady in 2010-11
By IANS,
New Delhi : India's industrial production will register double-digit growth in the 2010-11 financial year, according to the government.
"Inspite of a calibrated withdrawal in the shape of a partial rollback of incentives, with a view to rein in inflation through fiscal and monetary measures, the performance in the industrial sector is expected to remain steady in 2010-11," says an official note on industrial production.
Sarkozy to address nation on economic crisis
By KUNA,
PARIS : French President Nicolas Sarkozy will address the nation Thursday to explain his policies in view of the growing economic and financial crisis affecting the world economy.
The French President will explain his national strategy to try to save jobs and prop up Frances banking system and also to inject 26 billion Euros (1 Euro = USD 1.28) into the economy here, mainly in measures to help small and medium-size industries.
Rs.100 bn investment in Ghaziabad’s infrastructure
By IANS
Ghaziabad : The Ghaziabad Development Authority (GDA) plans to invest Rs.100 billion to strengthen the suburban city's infrastructure before the Commonwealth Games in 2010 in New Delhi.
Captain S.K. Dwivedi, vice chairman of GDA, said out of Rs.100 billion, Rs.44 billion is to improve the surface transport infrastructure including Metro rail service and better roads in Sahibabad, Indirapuram, Vaishali, Vasundhara and Vijay Nagar area.
Better diets in China, India contribute to world food crisis: US
By Arun Kumar, IANS,
Washington : US Secretary of State Condoleezza Rice considers apparent improvement in the diets of people in China and India and resultant export caps among the reasons for the skyrocketing prices of grain worldwide.
She also believes a successful Doha round of world trade talks, "which would help to bring down agricultural subsidies by developed countries and give farmers, particularly subsistence farmers, greater access to market", would help solve the problem.
Withdrawing Rs 500, Rs 1,000 notes surgical strike on black money: FinMin
New Delhi : The Union Finance Ministry on Tuesday said the move to withdraw Rs 500, Rs 1,000 currency notes is the biggest "surgical...
Sensex still in the red, down 63 points
By IANS,
Mumbai : Indian equities markets continued to be under selling pressure Tuesday with a key index ruling 63 points down about a little over an hour before the closing bell Tuesday.
Around 2.17 p.m., the benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened at 14,147.87 points, was trading at 14,262.9 points - 63.32 points or 0.44 percent lower than Monday's close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 0.19 percent to stand at 4,227.2 points.
‘Gandhigiri’ wins over encroachers in Punjab
By IANS,
Mohali (Punjab) : What hefty fines and coercion could not achieve, flowers have done. Shopkeepers in a market in this Punjab town, 10 km from Chandigarh, have realised that going the 'Gandhigiri' way was more appropriate to get encroachments removed from their market.
Adopting a unique initiative of giving flowers to encroachers last week, shopkeepers of the Phase 5 market here ensured that the encroachers did not return this weekend.
Water, power issues to dominate in Saurashtra
By Rajeev Khanna, IANS
Rajkot : In the vast farmer-dominated belt of Saurashtra, water and power shortages will dominate the Gujarat assembly elections.
An area predominantly rural, Saurashtra is a region known as the groundnut bowl of India. In addition, it is a major producer of cotton.
It is a region that is drought-prone, not because there is no rainfall but because of its inverted pan topography, marked by impermeable rock structure.
Himachal apples arrive in markets
By IANS,
Shimla : Early varieties of apples of Himachal Pradesh have arrived in the market, attracting buyers from across the country.
"The season has started well. The demand is high and the fresh arrivals always sell better than the later crop," Horticulture Director Gurdev Singh told IANS.
He said varieties like Red Gold, Red June and Tydeman's Early Worcester have reached the markets. "This year the crop harvesting is 15 to 20 days in advance."
Reliance windfall enthuses Maharashtra strawberry farmers
By Shyam Pandharipande, IANS
Pune : It's boom time for strawberry cultivators in western Maharashtra - a bumper harvest and the entry of Reliance in the market with a promise to buy the fruit in bulk at high rates till the season's end.
Strawberry cultivators in Mahabaleshwar, Pachgani and Wai areas in Satara district of Maharashtra have been assured by a cooperative society in Bhilar near Mahabaleshwar that it would buy the fruit from them at a sustained rate till end March, sources said.
Himachal Pradesh to introduce helicopter taxis
By IANS,
Shimla : The Himachal Pradesh government is introducing heli-taxi services in tribal areas of the state to tap high-spending adventure tourists.
"The tourism department will invite technical and financial bids for the introduction of tourist helicopter services in various tourist resorts," Tourism Secretary Manisha Nanda told IANS Thursday.
"The decision to start heli-taxi service in the state was taken at a cabinet meeting Wednesday. Of course, this will attract adventure tourists, both domestic and foreigners," she added.
Merck, Cognizant sign multimillion dollar deal
By IANS
New Delhi : US-based Cognizant, a leading IT firm, Tuesday announced a three-year multimillion dollar partnership deal with Merck & Co, a global research-driven pharmaceutical company.
Cognizant will be providing services such as applications outsourcing, IT infrastructure management and business process outsourcing services to Merck.
MTN bid speculation incorrect, says Bharti Airtel
By IANS,
New Delhi : India's Bharti Airtel Tuesday denied any move for takeover of South African mobile network company MTN, terming media speculation on the matter as "incorrect and misleading".
"Bharti would like to clarify that it has not made any offer to acquire the whole or part of MTN. Therefore, the speculation around a bid by Bharti in a section of the media is incorrect and misleading," Airtel said in a statement here Tuesday.
Airtel joins global top 10 in telecom
By IANS
New Delhi : Bharti Airtel Monday said its customer base has crossed the 50-million mark to make it the 10th largest player in the global telecom industry.
It also announced its foray into direct-to-home (DTH) business by yearend.
"Our next target is to reach the 100-million mark by 2010," the company's chief executive Manoj Kohli said at a press conference here, adding that the wireless segment contributed 96 percent of the total base with 47.99 million customers.
Can South African market accommodate both Mittals and Tatas?
By Fakir Hassen
Johannesburg, Sep 13 (IANS) The South African government is talking of setting up a steel plant in collaboration with India's Tata Group to take on market leader Mittal SA. Analysts here however feel that the market is not big enough for two large players.
IPhone: The super brand of the decade
By Prasanto K. Roy, IANS,
It's the coolest design on the planet. It's the super brand of the decade. And it has come to India - at midnight. The iPhone, like so many things Mac, defies logic.
Apple products, pulled out of Steve Jobs' jeans at Macworld expos, tend to get fans screaming and queuing up, cash in hand, a day before launch. Experts point out missing features and flaws, but they don't care.
They must have one.
At over Rs.31,000, the iPhone will sell in India at over three times its US price of $199. If you list the features, you can get them at less than half the price.
Mangalore refinery to open depot in Kerala
By IANS
Thiruvananthapuram : The Mangalore Refinery and Petrochemicals Ltd (MRPL), a subsidiary of the Oil and Natural Gas Corp (ONGC), is setting up petroleum stock point at Kasargod in Kerala.
A 750-kilolitre depot, built with an investment of Rs.50 million, would be commissioned shortly, said Deepak Prabhakar, maintenance manager of the MRPL, while speaking to reporters here Thursday.
"The depot will be supplying petrol, diesel and bitumen to the Kerala market. We will also open retail fuel filling stations under the brand name HiQ in Kerala," said Prabhakar.
India’s IT hub wants new government to reboot Bangalore
By Fakir Balaji, IANS,
Bangalore : The booming knowledge industry in India's IT hub is relieved that the people of Karnataka have voted for stability and good governance.
As after every election, the industry's expectations from the new government are high , especially in the case of Bangalore's infrastructure, which has crumbled under the weight of disparity between growth and development pace over the last four years.
WTO chief to visit China as trade talks enter crunch time
By Xinhua
Geneva : World Trade Organization (WTO) Director-General Pascal Lamy will be in China next week to discuss issues related to the Doha Round multilateral trade talks.
Petrol rates cut by 85 paise a litre from Tuesday
By IANS,
New Delhi : State-run Indian Oil Corp (IOC) said it will cut the price of petrol by 85 paise a litre effective midnight Monday.
India’s British sterling success story
By T.S.V. Hari, IANS,
Chennai : Indian businesses have created at least 19,000 new jobs in Britain in the past 12 months and helped save some 14,000 existing ones, British Deputy High Commissioner Mike Connor says.
The 14,000 jobs saved were at the ailing Jaguar and Land Rover unit that Tata Motors acquired in Britain earlier this year, Connor told IANS in a chat here.
Ratan Tata wins ‘Automotive Man of the Year’ award
By IANS,
New Delhi : Tata Motors chairman Ratan Tata was named Saturday 'The Automotive Man of the Year 2009', an award sponsored by news channel NDTV Profit to honour industrialists in the auto sector.
Speaking of his selection for the honour, Tata said: "This is a tremendous boost to my morale."
"I hope we can sustain ourselves through this difficult period and thereafter, looking back, people could say an Indian group nurtured the British brand," he said with reference to Tata Motors' acquisition of British luxury car brands Jaguar and Land Rover.
India, Iran, Pakistan to discuss gas pipeline in July
By IANS,
New Delhi : India, Pakistan and Iran will meet next month to finalise the $7.4 billion tri-nation gas pipeline project, petroleum secretary M.S. Srinivasan said here Monday.
“The trilateral meeting of oil ministers of the three countries is most likely to take place in Tehran next month," Srinivasan told reporters.
He said transit issues with Pakistan were settled in April when Petroleum Minister Murli Deora visited Islamabad. “But there are a few issues with Iran, which our government wants to settle at the trilateral meeting in Tehran,” he added.
Libya, UAE sign $500 mn deal
By IANS
Tripoli : Libya and the United Arab Emirates (UAE) have signed an agreement for a $500 million joint venture for development projects in the African country, WAM news agency reported Sunday.
The agreement was signed here Saturday between the Libyan Social and Economic Development Fund (SEDF) and the Abu Dhabi-based Al Mibar International for Investments in the presence of Mansour bin Zayed Al Nahyan, UAE's minister of presidential affairs.
Al Nahyan is on a working visit to Libya.
Alliance to invest Rs.1 bn in Real Estate TV
By IANS,
Mumbai : Chennai's Alliance Group, which launched "Real Estate Television", the country's first 24x7 english news channel dedicated to the realty sector in July this year, now plans to invest Rs.1 billion in next two years.
"We had launched the channel with an initial investment of Rs.500 million. Now we plan to invest Rs.1 billion in the next two years. Also, we will foray in the markets of Middle East, US, Canada and Australia by February next year," channel's CEO Prem Kumar Menon told IANS.
Dhaka to import diesel from Assam refinery
By IANS
Agartala : Bangladesh has decided to import diesel from the Numaligarh Refinery in Assam following acute shortage of fuel, officials said Tuesday.
Indian govt hikes petrol, diesel prices by Rs 5, 3 a litre
By NNN-PTI,
New Delhi : The government today hiked petrol and diesel prices by Rs 5 and 3 a litre and that of LPG by Rs 50 a cylinder, while sparing poor man's cooking medium kerosene from any increase.
The Union Cabinet chaired by Prime Minister Manmohan Singh took a slew of measures to offset the surging global oil prices that had put the national oil companies under acute pressure. The increase in prices would be effective from midnight tonight, Petroleum Minister Murli Deora said.
The price hike would help oil companies to earn Rs 21,123 crore more. One Crore: ten million.
Bharti Telesoft signs deal with Telecom Italia
By IANS,
New Delhi : Bharti Telesoft, part of the Bharati group, has tied up with Telecom Italia Sparkle (TIS) to offer a new service that will enable prepaid users to recharge their accounts while roaming on a third party operator's network.
The prepaid roaming hub value-added solution also provides an international airtime transfer service, which enables migrant workers to top up the talk time of friends and family back home, a company statement said here Tuesday.
The airtime transfer service would be helpful for around 200 million migrant workers worldwide.
Will check rupee fall: RBI
By IANS,
Kolkata: Expressing concern over the recent rupee depreciation, the country's apex bank Thursday said it will take whatever measures were needed to check the fall of the currency.
Indian banks must face foreign challenge: minister
By IANS
Mumbai : The Indian banking sector has to explore alternate ways of generating income to meet challenges thrown up by the entry of foreign banks in the country, Minister of State for Finance Pawan Kumar Bansal said here Monday.
"Foreign banks have advanced technology, better skilled personnel, better audit and accounting practices and are armed with large capital bases. They are emerging to pose significant challenges to the Indian banking sector," Bansal said at Bancon 2007, the annual bankers' gathering in Mumbai.
Singur breathes easy, wants Nano plant to start operation
By Soudhriti Bhabani,
Singur : A few scattered bamboo structures, dumped tarpaulin, and trucks filled with decorators' cloth for covering podiums were all that remained Monday at the the Tata Motors Nano project site here after days of sit-in protest by Trinamool Congress chief Mamata Banerjee.
Ground zero breathed easy as protest podiums were dismantled after a solution to the Singur land row was reached between the ruling Left Front government and the opposition, which wanted 400 acres inside the factory site, acquired for the project from farmers, to be returned.
West Bengal expects 35 percent growth in farm loan
By IANS,
Kolkata : West Bengal expects to achieve a growth of 35 percent in loans to farm and small scale sectors in the current fiscal, state Finance Minister Asim Dasgupta said here Wednesday.
"We recently met officials of commercial banks. They have assured us that a growth of 35 percent is achievable during the current financial year," Dasgupta told reporters on the sidelines of a seminar on state credit.
Fashion industry becoming more responsive towards aspirants
By IANS
New Delhi : The sponsor of Wills Lifestyle India Fashion Week (WIFW), the ITC group, has joined hands with two new fashion institutes to hone budding talents and offer them jobs.
"It is very important to nurture young designers as today's aspirants are creative experts of tomorrow," Atul Chand, vice president (marketing) of ITC's Lifestyle Retailing, told IANS.
Chand said the country's fashion industry is maturing and with every passing year it is becoming more responsive towards budding talents, welcoming them with open arms.
Industrial joints maker to expand Chennai plant
By IANS
Chennai : Industrial equipment maker KE Burgmann Flexibles India Pvt Ltd said Thursday that it would increase capacity of its Chennai plant by investing about $1.5 million.
"The Chennai plant capacity will be expanded to 165 joints per month from 100 joints per month," Dipankar Lahiri, managing director of the company, told newsmen here.
The company manufactures expansion joints that are flexible connections in ducts and piping systems in various industries that prevent plant failure owing to variations in temperature, pressure and mechanical vibrations.
BHEL bags Rs.20.3 bn equipment supply contract
By IANS
New Delhi : State-owned power equipment manufacturer Bharat Heavy Electricals Ltd (BHEL) will supply equipment worth Rs.20.3 billion ($507.5 million) to the envisaged 1,000 MW Nabinagar thermal power project in Bihar.
"The order has been placed on BHEL by Bhartiya Rail Bijlee Co Ltd, a joint venture formed by central utility National Thermal Power Corp (NTPC) and Indian Railways to implement the project," BHEL said in a statement.
"The company has won the project in an international competitive bidding," it added.
Trent inks franchise pact with Britain’s largest retailer
By IANS,
Mumbai : Trent, the retail arm of the Tata Group, has entered into a franchise agreement with Tesco PLC, Britain's largest retailer, it was announced here Tuesday.
Under the franchise agreement, Trent will get access to Tesco's retail expertise, technical capabilities, IT systems, business processes and functions which will boost its hypermarket business, Star Bazaar.
Star Bazaar is presently operating two stores in Mumbai and one each in Ahmedabad and Bangalore with plans to launch 50 more stores all over the country in the next five years.
Indian Oil net profit drops 57 percent
By IANS,
New Delhi : State-run oil marketing company Indian Oil Corp (IOC) Friday recorded a 57 percent fall in its net profit for 2008-09 from the year before.
The company said in a statement that its annual profit stood at Rs.2,949 crore as against Rs.6,962 crore recorded in 2007-08.
The total turnover of IOC, however, increased 17 percent from Rs.224,405 crore in 2007-8 to Rs.262,654 crore last fiscal.
The fourth quarter results showed an upswing, with the company posting a net profit of Rs.660 crore, comparing to a net loss of Rs.410 crore in the like period of 2008.
Rs.160 bn for rural jobs, Rs.68.66 bn for urban infrastructure
By IANS
New Delhi : The government will provide Rs.160 billion for rolling out its flagship National Rural Employment Guarantee Scheme (NREGS) in all 596 rural districts and Rs.68.66 billion for improving urban infrastructure, Finance Minister P. Chidambaram said Friday.
Unveiling the national budget in the Lok Sabha Friday amid disruption from opposition members, Chidambaram said more funds would be made available to the NREGS if needed.
BSNL launches BlackBerry services
By IANS,
Chandigarh : State-run telecom major Bharat Sanchar Nigam Ltd (BSNL) Friday launched BlackBerry services in the country.
"BlackBerry services bring together smart phones and software services to provide customers with easy wireless access to email, phone, web and multimedia applications," BSNL chairman-cum-managing director Kuldeep Goyal told reporters here after the launch.
At present, four telecom operators - Reliance Communications, Airtel, Vodafone and Tata Teleservices - are providing BlackBerry services.
California Software planning expansion in Britain
By IANS,
Chennai : Chennai-based software firm California Software Co Ltd (Calsoft) is planning acquisitions to ensure faster growth of its Oracle and Microsoft-based services in Britain.
The Rs.2.36 billion company earns 32 percent of its revenues from enterprise solutions business in Britain.
Calsoft has already identified a $60-million company operating in the Oracle space with a workforce of 300.
"We are in talks with that company. However, we are yet to give our intent in writing to that firm," Calsoft president and chief executive Sam Santhosh told IANS.
Indian companies invest $10 bn in US, create 30,000 jobs
By Mayank Chhaya, IANS
Chicago : Indian companies, with an investment of over $10 billion, were introduced to America as a growing and influential force employing tens of thousands of Americans.
India's Commerce and Industry Minister Kamal Nath launched a road show here Tuesday around the theme "Investing in America: The Indian Story" under the joint leadership of the US-India Business Council and the Federation of Indian Chambers of Commerce and Industry (Ficci).
Indian-origin hotelier and former banker admits to defrauding investor of $500,000
New York : A hotelier and former banker of Indian origin has admitted in a federal court to defrauding an investor of $500,000...
Sensex further up in afternoon trade
By IANS,
Mumbai : A benchmark index for Indian equities Friday built on its morning gains and was ruling 112 points higher than its previous close, about 90 minutes before the end of trade.
Auto stocks were among the chief gainers. Buying interest in these stocks has been fuelled by hopes of better-than-expected sales for the quarter ending March.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,558.85 points, was ruling at 17,670.58 points, 111.73 points or 0.64 percent higher than its previous close.
Reva to roll out two new electric cars soon
By Fakir Balaji, IANS,
Bangalore : The maker of India's sole battery-run car, Reva Electric Car Co., is setting up a second plant in the country's tech hub to roll out two new models next year for domestic and export markets, a top company official has said.
"We are investing Rs.300 million (Rs.30 crore) in the second plant that will eventually have an installed capacity of 30,000 units per annum," Reva co-founder and deputy chairman Chetan Kumar Maini told IANS.
Flight disruptions cause $50 mn loss to Emirates
By IANS/WAM,
Dubai : Disruption of flights across Europe due to volcanic ash clouds emanating from Iceland has cost Emirates Airlines around $50 million, the airlines has said.
Emirates is very closely monitoring the evolving situation across Europe, and the flight cancellations caused by the volcanic ash clouds has cost the airline almost $50 million, Emirates Airlines said Monday.
At least 30 aircraft from the Emirates' fleet remain on the ground hotel accommodation in Dubai has been provided to thousands of passengers who were in transit when the disruption began, it said.
Ban exports to control food prices: Maneka Gandhi
By IANS,
New Delhi : Bharatiya Janata Party (BJP) MP Maneka Gandhi Wednesday said the country should stop exports of vegetables, rice and other essential items to control rise in food prices.
Visa cut will force US firms to outsource, says think tank
By IANS,
New Delhi : The US decision to cut visas to skilled manpower from countries like India would not protect American jobs, but goad American companies to opt for outsourcing, a leading think tank has warned.
In a report released Wednesday, RAND Corp., a non-profit global policy think tank, said curbing the inflow of foreign science and engineering workers would force US firms to outsource research and development or locate new facilities overseas.
India to reopen Stilwell Road to expand business with SE Asia
By Dipanjan Roy Chaudhury, KUNA
New Delhi : With India vigourously pursuing its "Look East Policy" for expanding economic ties with Southeast and East Asia, plans are afoot to re-open the historic "Stilwell Road," linking the country's northeastern region to China via Myanmar.
India is working to re-open the 1,726-km Stillwell Road from the northeastern Indian state of Assam to China's Yunnan province, as connectivity is vital for greater pan-Asian integration and engaging with the 10-member Association of South East Asian Nations (ASEAN).
Bengal’s GDP more than doubled since 2010-2011: Mamata
Kolkata : West Bengal Chief Minister Mamata Banerjee on Saturday claimed the state's gross domestic product has more than doubled since 2010.
"You will...
Insurance sector staff strike work in West Bengal
By IANS,
Kolkata : Around 99 percent of Kolkata-based National Insurance Corp and 76 percent of General Insurance Corp non-management staff stayed away from work Tuesday in support of a nationwide insurance sector strike.
Employees unions claimed 98 percent of Life Insurance Corp's non-management staff in the eastern region also participated in the strike.
Rupee slides below 56 against dollar
By IANS,
Mumbai : The Indian rupee breached another psychological level of 56 against a dollar Wednesday, hitting a new low for the sixth session in a row.
Inflation in UAE touched 11.1 percent in 2007
By IANS,
Abu Dhabi : The rate of inflation in the United Arab Emirates (UAE), home to around 1.5 million expatriate Indians, touched 11.1 percent in 2007, UAE's Minister for Economy Sultan Bin Saeed Al Mansouri said Tuesday.
The figure reflected increase in prices of goods and services last year and was calculated by measuring the percentage change in prices of a representative basket of goods and services consumed by the average UAE household throughout the country, the state-run Emirates News Agency (WAM) quoted the minister as saying.
Hearing on Reliance gas dispute adjourned to Sep 1
By IANS,
New Delhi : The Supreme Court Monday adjourned till Sep 1 its hearing on a row between Mukesh Ambani's Reliance Industries and his brother Anil's Reliance Natural Resources over natural gas supplies and asked the two parties to reply to the government stand on the matter.
Commencing the hearing on the petition filed by Reliance Industries that challenges the verdict of the Bombay High Court last month on gas supplies from Krishna-Godavari Basin, off the Andhra Pradesh coast, the apex court declined to pass any interim order.
Indian firm loses bid to run Britain’s national lottery
By IANS
London : Indian lottery major Sugal and Damani Tuesday narrowly missed securing the licence to run Britain's multi-billion pound National Lottery for a period of 10 years from February 2009.
The contract has been awarded by the National Lottery Commission to Camelot, the company that currently runs the lottery. It has run the lottery since its launch in 1994. Its current licence runs for seven years and expires on Jan 31, 2009.
Boao conference begins with focus on financial crisis
By Xinhua,
Boao (China): The annual conference of the Boao Forum for Asia (BFA) opened in this scenic town of China's southern Hainan Province Saturday, focusing on the cooperation of Asian countries amid the global financial crisis.
Chinese Premier Wen Jiabao is to deliver a keynote speech at the opening plenary meeting.
More than 1,600 political leaders, business people and academic scholars gathered in the island resort for the conference, which will conclude Sunday.
Qatar Airways signs pact with Wipro for IT solutions
By IANS,
Doha/New Delhi : Qatar Airways Wednesday said it has inked a long-term partnership with leading Indian IT company Wipro to develop new technological solutions.
India’s economic revival will be fast: Chanda Kochhar
By IANS,
New Delhi : The Indian economy will recover "quick and fast", though sectors such as realty and auto will take some to revive, according to ICICI Bank joint managing director Chanda Kochhar.
"India is in a much better economic position than many countries. We have a very strong domestic market, driven by strong consumer base. So the outlook is very positive," Kochhar told IANS on the sidelines of a business meet.
NCDHR expresses alarm at NITI Aayog’s claims of not being able to monitor Schedule...
By Twocircles.net Staff Reporter
New Delhi: The National Campaign on Dalit Human Rights has expressed disappointment at a recent news item which...
More alternate energy vehicles in future: General Motors chief
By IANS,
New Delhi : Current environmental and price concerns will lead to more alternate energy vehicles coming into the market, General Motors (GM) chief operating officer Fritz Henderson said here Thursday.
“In the last 100 years, the dependence of the industry on petrol has not changed. But oil alone will not be able to meet the world's energy needs," he said in his address at the annual convention of the Society of Indian Automobile Manufacturers.
SBI to expand branch network in Bengal Circle
By IANS,
Kolkata : India's largest banker State Bank of India (SBI) will strengthen its network in the Bengal Circle by adding 142 branches by the next financial year, a senior bank official said here Saturday.
"We've set a target to add 142 branches in the Bengal Circle that includes West Bengal, neighbouring Sikkim and Andaman," SBI chief general manager (Bengal Circle) Jayanta K. Sinha told reporters at a programme here Saturday.
He said: "102 of the proposed branches will be opened in semi-urban and rural areas, considering the growing banking operations in these two sectors."
Zimbabwe civil servants to get salary in foreign currency
By Xinhua,
Harare : Zimbabwe's new Prime Minister Morgan Tsvangirai has said that starting this month all civil servants would be paid in foreign currency.
"By the end of this month all civil servants will start receiving their salaries in foreign currency until a situation where we are able to sustain ourselves," he said.
Zimbabwe has the world's highest official inflation. Last week, Zimbabwe's central bank released a new 50-billion note in the country's currency. It was worth only $1.25 on the black market.
India, Africa to build economic ties
By IRNA
New Delhi : India and African countries today explored the scope to start partnerships in emerging areas like capacity building, infrastructure development and food processing for mutual benefit.
Seeking to enhance their relationship, at an international conference on "Africa-India Partnership in the 21st Century", representatives from India and many African nations gathered here to prepare an action plan for launching joint ventures in new areas.
Celebrate this Christmas with yummy homemade cakes
By Shilpa Raina, IANS,
New Delhi : They are soft, spongy and so yummy that you are left with no option but to experience the goodness of these homemade cakes that are becoming popular this Christmas due to their freshness and quality.
"Homemade cakes are a relief from the cakes available in the pastry shops as they are fresh, hot and of better quality. You know the people who make it, so you can trust them and the quality of these cakes," homemaker Clara Lakra said.
TVS Motor logs 31 percent sales growth in February
BY IANS,
Chennai: Two-wheeler major TVS Motor Co has clocked a 31 percent increase in sales in February compared to the corresponding period in 2009.
The company logged a total two-wheeler sales of 140,544 units (domestic 121,403 units, exports 19,141 units) last month as against 107,301 units (domestic 90,718 units, exports 16,583 units) in February 2009.
The cumulative growth for the period April 2009 to February 2010 stood at 1,375,176 units against 1,207,754 units in the comparable period of the previous year, a growth of 14 percent.
Audit of Reliance Industries’ books not done: CAG
By IANS,
New Delhi : India's official auditor has said his office was yet to ratify the Rs.45,000-crore ($9-billion) capital expenditure claimed by Mukesh Ambani-led Reliance Industries for tapping natural gas from the Krishna-Godavari basin.
"We are still to complete the audit of Reliance Industries' books. We don't have the mandate to audit the books of a private company. That is why the books were not made available to us," Vinod Rai, Comptroller and Auditor General (CAG) of India, told IANS.
Reliance Communications’ R World to break language barrier
By IANS,
Mumbai : Reliance Communications Tuesday announced plans to launch a next generation mobile portal (R World) with multi-lingual capabilities to break the language barrier.
India’s GDP growth will stay at 8.5 percent: central bank
By IANS
Mumbai : The Reserve Bank of India reposed confidence in the Indian growth story by retaining its GDP growth forecast at 8.5 percent during fiscal 2007-08 in the mid-term review of the monetary policy presented here Tuesday. The central bank has kept all key rates unchanged.
The central bank said India's gross domestic product (GDP) would continue to grow at 8.5 percent for the rest of the financial year provided there was no further escalation in international crude oil prices and barring domestic or external shocks.
British port eyes Indian shipping market
By IANS,
London : A British ports company is targeting the Indian shipping market as part of its sea trade expansion plans.
PD Ports has recently appointed an agent - Faredeal Shipping Agencies Pvt Ltd - to be based in Mumbai and act on its behalf to raise the company's profile among Indian shipping companies.
PD Ports owns and operates the Ports of Tees and Hartlepool (Teesport), a major deep sea complex located on the northeast coast of Britain, at the heart of the industrial Tees Valley. For the year ended March 2005, Teesport was Britain's second largest port by tonnage.
Hindustan Motors, SBI tie-up for vehicle financing
By IANS,
Kolkata : C.K. Birla Group flagship company Hindustan Motors Limited (HML) Monday entered into a tie up with the State Bank of India (SBI) under which the public sector lender will provide retail finance for the company's products.
A company statement here said SBI will provide finances to individual buyers of HML's new 2.3-tonne mini truck, HM-Shifeng Winner, and the Ambassador car.
HML has also teamed up with the Intraco Group of Bangladesh for distribution of the CNG (compressed natural gas) version of the mini truck in Bangladesh.
BHEL Bhopal’s profit up by 21 percent
By IANS,
Bhopal: Bharat Heavy Electricals Limited (BHEL) Bhopal has achieved a turnover of Rs.3,708 crore in fiscal 2009-2010 as against Rs.3,308 crore in the previous year, registering an increase of 12 percent, said an official Saturday.
Executive Director M.K. Dube told media persons that the unit also earned an amount of Rs.602 crore as profit before tax, which is 21 percent more than the previous year's profit of Rs.498 crore.
New Companies Act to give independent directors protection
By IANS,
New Delhi : The new Companies Act proposed by the government will provide greater levels of protection to independent directors, provided they are not accomplices to wrong-doings by promoter-directors or other executives of the company, Corporate Affairs Minister P.C. Gupta said here Thursday.
"Independent directors will be responsible for the actions of the company only if the (illegal) act is done with their knowledge," he said.
India’s car sales up 33 percent in February
By IANS,
New Delhi: Anticipation of a price hike after the budget pushed car sales in India in February this year.
A total of 153,845 vehicles were sold as their sales went up by 33 percent in February, according to data released by the Society of Indian Automobile Manufacturers (SIAM) Monday. Car manufacturers sold 115,505 units in the year-ago period.
Sale of commercial vehicles, a key indicator of economic activity, rose a whopping 87 percent during the month at 58,024 units.