Economy

By IANS, Chennai : The future of the titanium dioxide project promoted by Tata Steel in Tamil Nadu lies with the state government, said a top official of the company here Friday. "The project is in limbo. It is for the state government to take action for the project to proceed further," Tata Steel managing director B. Muthuraman told reporters on the sidelines of PanIIT 2008 conference. The Rs.25-billion (Rs.2,500-crore) project got stuck as the steel major was not able to acquire the needed land - around 10,000 acres - at Sattankulam in Tirunelvelli district.

By IANS, Hyderabad : The seventh Routes Asia 2009, a premier event for the airlines and airports, will be held here March 29-31. GMR Hyderabad International Airport Ltd (GHIAL) is hosting the event aimed at sustaining and developing air services. At Routes Asia, airports and airlines meet and do business, focusing especially on the Asia Pacific market. New air services can be discussed, but in these difficult times, "route recovery" strategies are expected to be high on the agenda, said a statement from GHIAL.

By IANS, Bangalore :Infosys Technologies Ltd has acquired British SAP consulting company Axon Group Plc in an all cash deal for Rs.33 billion ($753 million), Infosys CEO Kris Gopalakrishnan announced here Monday.

By Robin Bansal, IANS, New Delhi : At a time when channels are cutting costs due to the economic slump, Germany's international broadcaster Deutsche Welle (DW) has launched two channels in Asia, including an India-centric lifestyle channel. "There's no perfect time to launch a channel whether it's recession or no recession. DW-TV was keen to focus on Asia and within Asia certain regions like India and so they decided to go ahead with the new channel DW-TV Asia+," Amrita Cheema, a spokersperson for DW-TV, told IANS in an interview.

By IANS, New Delhi : Railways Minister Lalu Prasad is set to present the country's interim rail budget for the next fiscal in parliament Friday, with an expectation that he would once again spare the average citizen from fare hikes and introduce some new trains. The minister had presented all the five previous rail budgets for the United Progressive Alliance (UPA) government since 2004, during which he set a record of sorts in terms of generating revenues despite lowering fares.

By IANS, Mumbai : Indian equity markets, which opened with a gain Monday, stayed in the green zone in early trade, though they did turn volatile. The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 146.73 points at 13,782.13. Ten minutes into trading, it had fallen to 13,679.33, still with a gain of 43.93 points or 0.32 percent from its closing figure last Friday. At the same time, the S&P CNX Nifty index of the National Stock Exchange was trading at 4,119.45 points with a gain of 27.20 points or 0.66 percent from its last close.

By IANS, Kolkata/Singur : The Left Front-ruled West Bengal government is planning to give alternate land to the farmers of Singur who are demanding return of their 400 acres taken for the Tata Motors' small car factory project, Left Front chairman Biman Bose said Sunday. "The West Bengal government is planning to arrange alternate land for the unwilling farmers whose 400 acre was acquired for setting up ancillary industries for the Tata Motors factory at Singur. But first we have to find out actually how many unwilling farmers are there," Bose told reporters Sunday evening.

By EFE, Havana : The Cuban economy grew by only 1.4 percent in 2009, far from an initial forecast of 6 percent, the economy and planning minister told parliament. Marino Murillo told lawmakers that Cuba's exports fell by 22.9 percent this year, while imports were down 37.4 percent. The minister added that in 2009, workers' productivity declined by 1.1 percent, wages rose 2.9 percent and investments dropped by 16 percent.

By Muhammad Najeeb, IANS, Islamabad : With only nine days to go for Eid, the markets are empty and so are the restaurants with dread clamping down on the festive spirit. But in the proverbial Phoenix that will rise from the ashes of Pakistan's worst terror attack, the Marriott Hotel was Tuesday already beginning the process of getting back on its feet. In a never say die spirit, Sadruddin Hashwani, owner of the hotel that was reduced to a burnt shell after Saturday's suicide bombing that killed 53 people, has promised that the Marriott would be ready in less than four months.

By Anuradha Shukla, IANS, New Delhi : The five-year boom in India's realty industry came to a crashing halt in 2008, following an acute liquidity crunch, falling sales and rising interest rates. The year, though, started on a positive note. The Dubai-based Emaar MGF raised $1.64 from the primary market in late January, and two motnhs later, Delhi-based realtor BPTP registered the country's largest land deal, shelling out over Rs.50 billion ($1 billion) for 94 acres of land in Noida, on the outskirts of the national capital.

By IANS, New Delhi : India's health budget has gone up by nearly Rs.4,000 crore to Rs.21,113.33 crore ($4.35 billion) with Finance Minister Pranab Mukherjee Monday giving special emphasis to the rural healthcare. The National Rural Health Mission (NRHM) that aims to provide quality healthcare to villagers Monday saw its budget allocation increase by Rs.2,057 crore.

New Delhi : Prime Minister Narendra Modi on Tuesday announced drastic measures to curtail black money, declaring Rs 500 and Rs 1,000 currency notes...

By IANS Mumbai : The key Indian stock index opened on a positive note Tuesday with a 78-point gain after the victory dance of the bears in the previous trading session, which recorded the index's second largest fall on a single day. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange opened at 19,339.14 point against the previous close of 19,261.35. The broader 50-share S&P CNX Nifty of the National Stock Exchange (NSE) index opened flat at 5,777.60 points, against the previous close of 5,777.00 points.

By IANS,

By DPA Islamabad : Pakistan's stock market closed at a record high Thursday, buoyed by a sense of political stability in the country after a new prime minister was inaugurated. Banking, oil and cement stocks led the Karachi Stock Exchange 100 Index to hit 15,307 by mid-morning, then went down slightly to close at 15,275, an increase of 0.5 percent, or 77 points, from Wednesday's close of 15,198. "On the political side, things are moving in the right direction," JS Global Capital director Mohd Sohail said. "Stability is on the cards."

By IANS, Helsinki : Nordic carrier Finnair's traffic grew in 2008 by 10 percent compared with the previous year, with Asian traffic alone growing by 16.5 percent, the airline said. The average revenue per passenger kilometre, however, fell last year by more than four percent due to lower airfares. "Finnair's Asian flights carried a total of 1.3 million passengers last year, a new record. Our successful Asian strategy will be an essential part of our scheduled traffic also in the future," Finnair senior vice-president (communications) Christer Haglund said in a statement.

By IANS,

New Delhi : The annual rate of wholesale price inflation (WPI) decelerated further to its lowest in six months at (-)2.65 percent for April...

By IANS,

By Emmanuel Kola, NNN-KBC Nairobi : Corruption, bribery and asset misappropriation are the most prevalent types of fraud perpetrated in corporate, private and public institutions in Kenya, the PriceWaterCoopers fourth biennial Economic Crime Survey 2007 has revealed. The report indicates that 68 per cent of businesses in Kenya have experienced economic crimes in the past two years, with each company losing an average 19 million shillings (one USD = about 64 shillings) during the same period.

By IANS, London : Advances in sensing technology will help reduce food wastage, causing a loss of 10 billion pounds ($20 billion) annually in Britain alone, according to a report. Sensors can detect early indications of food spoilage before visual signs are apparent, identify toxins and monitor water and nutrient concentration within the soil to improve irrigation efficiency.

By Arun Kumar, IANS,

By IANS, New Delhi : Japanese automotive manufacturer Honda Friday launched its new 1,200 cc super bike, VFR1200F, hoping to start a new era of sports riding in India. Priced at a whoping Rs.17.5 lakh (ex-showroom Delhi), this is Honda Motorcycle and Scooter India's third offering in the sports biking segment after CB1000R and CBR1000RR Fireblade, which are 1000 cc bikes. The super bike will be available in the Indian market after August 16 and will give a mileage of 15.9 km a litre if driven on the fuel efficient mode called mode-D.

By IANS, Mumbai : Indian equities markets were trading in the negative terrain Friday afternoon, with a key index ruling 213 points lower than its previous close about an hour before the end of trade. The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened higher at 15,446.82 points, was trading at 15,198 points - 213.47 points or 1.39 percent lower than Thursday's close. Like the Sensex, the S&P CNX Nifty of the National Stock Exchange (NSE) too fell, shedding 1.29 percent from its last close to stand at 4,577.8 points.

By IANS/WAM, Abu Dhabi: A campaign was launched to conserve fish stocks in the United Arab Emirates (UAE). Conservation groups say rising demand for seafood has resulted in 80 percent decline of fish stocks in the UAE over the last three decades. The Emirates Wildlife Society (EWS) and World Wide Fund for Nature (WWF) launched the "Choose Wisely" campaign to create awareness on the status of fish stocks in the UAE.

By IANS, Mumbai : State-run Rural Electrification Corp (REC) Wednesday reported a 48.7 percent rise in net profit to Rs.474 crore for the quarter ended Dec 31, compared to Rs.318.6 crore in the same period last fiscal. The company's total income grew 33.7 percent to Rs.1,706.1 crore in the quarter under review against Rs.1275.4 crore in the like period in 2008-09. REC is among the four state-owned companies, in which the government plans to divest its stake. REC's public offer is expected to hit the market before the budget.

By IANS Mumbai : Delta Air Lines will introduce a new Boeing 777-200LR aircraft on its daily Mumbai-New York direct service from April 2008. According to Jason Phillips, Delta India's commercial director, Indian passengers will be the first in the world to benefit from enhanced onboard comforts, products and services with the proposed new service. "In the BusinessElite cabin, customers will enjoy the comforts of fully horizontal seats, plus an array of international cuisine," he said.

By IANS New Delhi : Commercial banks cannot be compelled under the Right to Information (RTI) Act to divulge the operational details of their ATMs installed across cities, the Central Information Commission (CIC) has ruled. "Information pertaining to operation of ATMs is really a matter of commercial confidence. As a matter of fact, a lot of security is involved in such a procedure and such information cannot be given to any outsider," CIC's Information Commissioner Padma Balasubramanian held in a ruling on Jan 29.

By IANS Dhaka : Bangladesh will sign a memorandum of understanding (MoU) with India for duty-free export of eight million pieces of readymade garments. The offer had been made during the 14th summit of the South Asian Association for Regional Cooperation (SAARC) in New Delhi and was firmed up during a subsequent visit of External Affairs Minister Pranab Mukherjee to Dhaka. Chaired by Bangladesh Chief Adviser Fakhruddin Ahmed, a meeting of the Council of Advisers Tuesday approved the MoU proposal for duty-free import by the Indian government.

By IANS, Chennai : The state chapter of industry lobby Confederation of Indian Industry, CII-Tamil Nadu (CII-TN), wants a state-level council to be chaired by the chief minister, it said here Thursday. "The state is ahead in manufacturing as compared to many other Indian states. However, the government is not clear as to what the manufacturing sector needs - incentives or infrastructure (physical and social) - to be competitive," said CII-TN chairman Manikam Ramaswami.

By IANS New Delhi : Crompton Greaves Monday announced its formal alliances with two Europe-based electrical giants in a bid to enter the light emitting diodes (LED) market. Sudhir Trehan, managing director of Crompton, told reporters that its alliance with the Netherlands-based Lemnis Lighting and Italy-based Fael Luce Lighting would provide them a platform for entering into the LED segment. The LED bulbs would replace the present compact fluorescent lamps (CFL) and general lighting service (GLS), he said.

Shimla, Sep 27 (IANS) The World Bank has approved a $200-million loan to Himachal Pradesh to carry out fiscal reforms and promote environmentally sustainable development. A state government official said here Thursday: "The loan is designed to create fiscal space to support the state's development vision and promote environmentally sustainable development. It aims to enhance growth and employment, especially in the private sector, besides improving governance and public administration."

By IANS, Shimla : The 1,500-megawatt (MW) Nathpa Jhakri Hydropower project in Kinnaur district of Himachal Pradesh Monday resumed power generation after remaining closed for more than 36 hours, a senior official said. The closure had affected the electricity supply to many states in north India, including Punjab, Haryana and New Delhi.

By IANS,

By IANS, Bangalore : India's second largest IT bellwether Wipro Technologies Tuesday announced acquisition of Citi Technology Services, the India-based captive provider of IT services and solutions to Citigroup entities worldwide, for $127 million in an all-cash deal. As part of the deal, Wipro and Citi will sign a Master Services Agreement for delivery of technology infrastructure services and application development and maintenance services for six years, which is projected to accrue $500 million during the contract.

By DPA Hanover : Germany's trade fairs are increasingly moving overseas, especially to India and China, as domestic demand stagnates and emerging economies attract more investors. The Hanover-based Deutsche Messe AG, operators of big-name events like the Hanover Fair and CeBIT information technology exhibition, has up to now concentrated its overseas activities in China and Turkey. But India has become "a very interesting" market, according to Messe AG board chairman Sepp Heckmann.

By IANS, Bhubaneswar : Iron ore shipments through Orissa's Paradip port rose 13.24 percent to 16.16 million tonnes in 2009-10 from 14.27 million tonnes in 2008-09, a senior port official said Thursday. The port's Deputy Chairman Biplav Kumar told IANS that all the iron ore was exported to China. Rungta Mines Ltd was using the port the most for exports, followed by Essel Mining & Industries Ltd.

By IANS New York : Indian American Shantanu Narayen has been appointed president and CEO of Adobe Systems Incorporated from Dec 1. He is to also to join the board of directors of the software company known for popular products such as Photoshop, Pagemaker and Acrobat Reader. The Hyderabad-born, Osmania University graduate in electronics engineering is currently president and COO of the San Jose, California based company. Narayen, 43, replaces Bruce Chizen, 52, who will continue in a strategic capacity till the end of fiscal year 2008.

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

By IANS, Mumbai : A benchmark index for the Indian equities markets closed 202 points higher Wednesday, rallying for the second day on positive cues from other Asian and European bourses.

By IANS New Delhi : With the Indian economy growing at over nine percent, led mainly by the services and manufacturing sectors, the tax administration has reason to cheer as direct tax collections were up 42 percent in the first five months of the current fiscal. India's net tax collections stood at Rs.610.30 billion (approx $15 billion) for April-August period, up 42 percent over Rs.429.80 billion in the like period of last fiscal, official data showed Thursday.

By IANS, New Delhi : ICICI Bank, India's largest private sector bank, believes interest rates would come down further. "The interest rate is a subject of demand and supply, it will take a little time but a rate cut is there in the offing," ICICI Bank managing director and chief executive officer K.V. Kamath told reporters Tuesday at the World Economic Forum's India Economic Summit here.

By IANS Mumbai : The Union Bank of India (UBI) will install an anti-money laundering software provided by IT solutions company 3i Infotech, it was announced Wednesday. Declining to reveal the cost of the deal, a 3i Infotech spokesperson said: "It is a non-disclosure agreement." Anirudh Prabhakara, CEO of 3i Infotech, said that banks nowadays have heightened awareness on matter relating to money laundering. Most of the banks have started focusing on the anti-money laundering systems, he added.

By IANS, New Delhi : Despite political opposition, the government Wednesday allowed a 9.5-11 percent increase in prices of cooking and transport fuels, but cut customs and excise duties on crude and petroleum products to ease the financial burden on state-run oil firms, reeling under high global oil prices. This has been the highest hike allowed so far in fuel prices in the country - a move that has invited disapproval from both the opposition Bharatiya Janata Party (BJP) and the Left parties that prop the ruling United Progressive Alliance (UPA) coalition.

By IANS Hyderabad : Indian IT solutions firm Sierra Atlantic Wednesday announced it had acquired ArrAy, Inc., a Boston-based software engineering services company with global delivery centres in China. The combined entity after the firms assimilate operations will have over 1,500 employees worldwide, a company statement said here. ArrAy has global delivery centres in Guangzhou and Shanghai in China. This will enable Sierra Atlantic to meet the increasing demands of its customers, providing offshore delivery from both India and China.

By IANS,

By IANS, Bhubaneswar : State-run telecom operator Bharat Sanchar Nigam Ltd (BSNL) will expand its third-generation (3G) network across Orissa by the year-end, a senior company official said Sunday. BSNL launched 3G services, a mobile communications system that enhances performance of multimedia applications, high speed mobile broadband and Internet access, in the state March 25. Currently, the service is available in 33 urban centres in the state, said BSNL chief general manager for Orissa A.N. Ray.

By IANS/WAM, Dubai : Dubai has recorded direct exports worth 52.4 billion UAE dirhams (over $14 billion) in 2009, up by 22.9 percent compared to 2008, while imports and re-exports declined by 27.9 and 8.6 percent, respectively. The statistics were published in the Dubai Export Monitor 2010 by Dubai Export Development Corporation (EDC) Monday. Dubai's exports to 12 out of 27 countries increased and value of exports of nearly 50 percent of EDC's target products such as sugar, cocoa, precious stones and aluminium have also increased.

By IANS Mumbai : The markets ended in the red before Diwali, amid profit booking and taking cues from its battered global peers. The benchmark sensitive index (Sensex) was provisionally down by 230.90 points or 1.20 percent at 19,058.93 and the broader S&P CNX Nifty was provisionally down by 83.60 points or 1.45 percent at 5,698.75. The southbound trend in the market is likely to continue on the back of weak global indices.

By IANS, New Delhi: India Tuesday concluded 122 rounds of an auction to award spectrum for third generation (3G) telecom services in the country, with the provisional winning price for a nationwide licence touching Rs.10,749.16 crore mark. The provisional winning price was 207.12 percent up from the Rs.3,500 crore reserve price at the end of the 21st day of the auction, which began April 9. The government's provisional revenue from the sale of airwaves stood at Rs.43,372.36 crore, more than what it expected.

By IANS,

By IANS, New Delhi: Bharti Airtel, one of India's leading telecom service providers, has been adjudged the best service provider in the Asia-Pacific region by telecom research and consultancy firm Frost and Sullivan. The company has bagged top honours for overall service quality and has been adjudged the service provider of the year in the "Best of the Best" category, Airtel said in a statement Tuesday.

By IANS,

By IANS Agra : Transporters in Uttar Pradesh have decided to launch a state-wide protest from Dec 31 against inclusion of the transport sector under the Value Added Tax (VAT) system. The transporters - along with the state traders' association - held a meeting in Agra Friday and declared their resolve to fight against VAT.

New Delhi : With inflation still high, the Reserve Bank at its fourth bi-monthly policy review Tuesday is unlikely to cut interest rates, Care...

By DPA, Washingto: Consumer confidence in the US recovered in March after a sharp drop the previous month, a private research group reported Tuesday. The New York-based Conference Board's monthly index of consumer confidence climbed to 52.5 from 46.4 in February. The index stood at 56.5 in January. The higher figures were spurred by some optimism over employment prospects in the coming months as the economy recovers from a deep recession.

By NNN-PTI New Delhi : Days before the Budget, Planning Commission Deputy Chairman Montek Singh Ahluwalia today made out a strong case for cut in taxes on petrol and diesel, while indicating there would be a substantial increase in social sector allocations. "We have said in the Integrated Energy policy...Please decide on a rational tax policy and once you have a rational tax policy in place, on a medium term basis, under-recoveries of petroleum companies are not feasible," he told PTI. He said the consumers would have to bear the burden of the increasing crude oil prices.

By IANS New Delhi : Trade between India and Russia has the potential to touch $10 billion by 2010 and $20 billion by 2015 if issues such as high credit risk and procedural hassles are addressed, said an industry survey. Both countries would need to work hard at removing obstacles that hamper trade such as insurance cover, Russia's ban on bulk import of farm items, slow registration process for Indian pharmaceutical products, and low safeguards for investments, said a survey by the Federation of Indian Chambers of Commerce and Industry (Ficci).

By RIA Novosti Moscow : Russia's gold and foreign currency reserves decreased by $3.5 billion, to $481 billion, in the week of February 1-8, the Central Bank of Russia said on Thursday.

By IANS, New Delhi : India's largest private oil major, Reliance Industries Ltd (RIL), has started production of oil from the Krishna-Godavari (K-G) basin, its chairman Mukesh D. Ambani said Sunday. The initial production will be 5,000 barrels of oil a day, which will be ramped up to 550,000 barrels a day in the next six quarters. This will increase India's domestic oil production by 40 percent. According to Ambani, the company plans to become the largest deepwater developer in the world.

By RIA Novosti Bishkek : Kyrgyzstan's state debt exceeded $2.28 billion, or 57.9% of GDP as of late 2007, the Finance Ministry said on Tuesday. The ministry said almost 12% of budget spending this year will go to paying off foreign debt, which exceeds $2 billion, and the $203 million internal debt. The 2008 budget of the ex-Soviet republic envisages a nominal GDP of $4.4 billion, with GDP growth and inflation forecasts at 6.7% and 12%, respectively.

By IANS, Toronto : Canada, which banks on the US for about 85 percent of its global trade, is turning to Europe to lessen the impact of the economic crisis in its big neighbour down south. Prime Minister Stephen Harper Friday announced that Canada and the European Union (EU) have agreed to work towards a "historic, comprehensive economic agreement".

By IANS Mumbai : A subsidiary of engineering construction firm Punj Lloyd Ltd, Sembawang Engineers and Constructors Ltd (SE&C), has bagged a contract to set up a resort in Singapore from Asia's leading resorts developer Las Vegas Sands Corp's affiliate Marina Bay Sands Ltd. The $282.3-million (400 million Singapore dollars) contract envisages the construction and building of the north podium of Marina Bay Sands' integrated resort comprising a casino, theatres and retail arcades in Singapore.

By IANS, Mumbai : The Indian media and entertainment business that grew 15 percent annually since 2006 into a $11.68-billion (Rs.584 billion) industry in 2008 is seen to top $21 billion over the next five years, says a joint study by a leading chamber and a consultancy released Tuesday. But the growth projection for the industry for 2009-13 has been lowered to 12.5 percent per annum from 18 percent predicted earlier for 2008-12, due to current economic meltdown, adds the study by the Federation of Indian Chambers of Commerce and Industry (FICCI) and KPMG.

By IANS New Delhi : The aviation industry has welcomed the government's move to raise foreign equity limit in cargo and non-scheduled operations but opinion is divided on the ban on foreign carriers from holding stakes. "The revision in equity limit was very much required for the growth of India's aviation sector," said Kapil Kaul, the chief executive for the India chapter of industry think tank, Centre of Asia Pacific Aviation.

By IANS, New Delhi : The government will come out with a "stimulus like package" by the end of this month to help the country's corporate sector tide over the impact of the current global financial crisis, Commerce Secretary G.K. Pillai said Thursday. "I don't think it would be a stimulus package like we had earlier but will be like that," Pillai said here on the sidelines of the International Plastic Conference, referring to two packages announced since December to pump-prime the economy.

By IANS, Mumbai: July sales of auto major Tata Motors grew 18 percent to 48,054 vehicles as against 40,729 units sold in the year-ago period, the company said Monday. In a regulatory statement, it said domestic sales of both commercial and passenger vehicles grew 23 percent to 45,599 units as compared to the 37,033 units sold a year ago. However, Tata's cumulative sales including exports fell one percent for 2008-09 to 171,168 units, from 172,462 vehicles the previous fiscal.

By Xinhua, Jakarta : At least 20 new basins of oil and gas have been found in eastern Indonesia, according to media report Thursday. Geologists have discovered at least 20 new basins, the Indonesian Business daily quoted secretary general of Indonesian Geologists' Association Ridwan Djamaludin as saying. According to a 1985 mapping, the country has 67 oil and gas basins. "Hopefully, the new mapping of basin can be used by the government and companies for references before an exploration on gas and oil," he said.

By IANS, Kolkata : The Mukesh Ambani-owned food mart Reliance Fresh, which left West Bengal last year following stringent political resistance, has re-started business here under police security. Reliance Fresh opened three stores in the city - at New Town, Budge Budge and heritage park Swabhumi - quietly and without any fanfare Aug 1. But employees at the Swabhumi store told IANS that they still feared resistance from Left parties.

By IANS

Kolkata : The West Bengal government Wednesday announced an incentive scheme for micro and small-scale enterprises to encourage their growth and promote employment generation.