Sony may suffer first operating loss in 14 years
By Xinhua,
Tokyo : Japanese electronics giant Sony is expected to suffer an operating loss of about 100 billion yen ($1.12 billion) in the fiscal year ending March 31, 2009, its first loss since 1995, media reports said Tuesday.
The projected loss, apparently because of a strong yen and sluggish sales of flat-screen televisions and other products, marks a major turnaround from a projection last October of an operating profit of 200 billion yen, Kyodo News reported citing sources.
US carbon trading market to be $1 trillion by 2020
By Xinhua
Washington : The US carbon trading market will be $1 trillion by 2020 if its federal and state policymakers continue on their current path towards a comprehensive "cap-and-trade" programme, according to a new study.
The study was released Thursday by New Carbon Finance, a division of New Energy Finance, the world's leading provider of information and analysis in the renewable energy and low-carbon sectors.
Hike defence R&D expenditure, Antony urges Indian industry
By IANS
New Delhi : India's defence industry in the public and private sectors should drastically ramp up their R&D expenditure if their products are to become globally competitive, Defence Minister A.K. Antony said Tuesday.
"You say you are spending 3 to 4 percent (of your outlays) on R&D. I am sorry to say this just not enough. I am not happy with this," he said while inaugurating a national seminar here on 'Defence R&D and Technology Management'.
The Society of Defence Technologists (SODET) has organised the two-day event.
Global recovery has begun, says Bank of Canada
By IANS,
Toronto : The Bank of Canada, the central bank of the most robust of the G8 economies, has said that global recovery from the financial crisis has begun.
In its economic outlook report released Tuesday, the bank said: "There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system.
"However, the recovery is nascent. Effective and resolute policy implementation remains critical to sustained global growth."
Hyundai seeking tax concessions in Tamil Nadu
By IANS
Chennai : India's second largest car manufacturer Hyundai Motor India Ltd. is in talks with the Tamil Nadu government for getting investment concessions.
Earlier this year, the state government announced its Ultra Mega Integrated Automobile Projects policy.
Under the policy, vehicle manufacturers investing over Rs.40 billion over a period of seven years from the date they sign a Memorandum of Understanding (MOU) with the Tamil Nadu government or any other date specified by the government are eligible for incentives.
India has procured over 10 mn tonnes of paddy so far
By IANS,
New Delhi : The government Friday said it had procured over 10 million tonnes of paddy during the current kharif marketing season (KMS), starting Oct 1 this year.
The Ministry of Consumer Affairs, Food and Public Distribution said a total of 10,673,000 tonnes (10.6 million tonnes) of paddy has been procured till Oct 27 as against 9,893,000 tonnes (9.8 million tonnes) procured in the corresponding period last season.
India, Japan to sign energy pact Monday
By IANS
New Delhi : India and Japan are set to bolster their growing ties by signing a pact on intensifying energy cooperation between them Monday.
‘States need to abolish VAT on edible oils to check prices’
By IANS
Ahmedabad : States need to abolish value-added tax (VAT) on edible oils to control the spiralling prices, according to Solvent Extractors' Association of India (SEAI).
"The centre has done its bit in regard to VAT. Now the states must abolish VAT so that the edible oil price rise could be kept under check," B.V. Mehta, secretary of SEAI, told IANS.
The SEAI, in its pre-budget memorandum to union Finance Minister P. Chidambaram said: "It is observed that there are differences in the percentage rates and rules from state to state under VAT for oilseeds, oilcakes and oils."
KSE price index still shy in green, reads 13,694.3 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange was up a modest 9 points by 11:20 a.m. Sunday after a hesitant up earlier into the session and is now at 13,694.3 points.
The weighted index is meanwhile at 790.02 points, a drop of 1.64 points.
So far into trading, 7,576 trades worth KD 142,662,080 saw trading of 89, 447,500 shares.
Interim budget neglected northeast India: Tripura government
By IANS,
Agartala : Terming the interim budget of the central government a "poll lollipop", the Left Front government in Tripura Tuesday said it largely neglected the northeastern region.
The budget is "a political agenda ahead of the general elections and no programme to deal with the crucial economic issues of the northeastern region in view of the slowdown", Tripura Finance Minister Badal Chowdhury told reporters.
"For the first time in many years, no additional allocation was made in the interim budget for the backward northeastern region," he said.
Thousands queue up for train tickets to Dhaka
By IANS
Kolkata : Thousands of people queued up here Friday as ticket sales began for the India-Bangladesh Moitree (friendship) Express that will resume services after 43 years on Bengali New Year's Day Monday.
Yahoo co-founder, chief Yang to step down
By DPA,
San Francisco : Jerry Yang, who helped kick start the internet revolution as co-founder of web portal Yahoo, is stepping down as the company's chief executive.
The announcement by the ailing internet giant came after months of falling revenue, fierce proxy battles and a series of botched negotiations that scuttled what now seems to have been an exceedingly generous buyout offer from Microsoft.
Yahoo said that the search for a successor had already started and that Yang will leave after his replacement is found.
Indian equities market opens flat
By IANS
Mumbai : The Indian equities market opened with a marginal positive gap Tuesday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 13.08 points at 15,770.16.
The S&P Nifty of National Stock Exchange opened at 4,760.65 points with a marginal loss of a single point from its previous close.
Mindteck acquires US firm, plans to buy three more
By IANS
Bangalore : Mindteck (India) Ltd, a global technology and IT services company, has acquired the US-based Infotech Consulting and plans to acquire three more companies in the US, Europe and Asia by end of March, a top company official said Wednesday.
The Pennsylvania-headquartered Infotech Consulting is a small company with around 200 staff and valued at $21 million by the leading consulting firm Ernst & Young.
The acquisition is through cash and share swap, Mindteck marketing manager Jaideep Sikdar told IANS.
Infotech Consulting has revenue earnings of $ 31 million.
India reacts sharply to US charge of spurring food crisis
By IANS,
New Delhi : The Indian government Sunday reacted sharply to US President George W Bush's contention that growing demand for foodgrains in India was the reason for spiralling global food prices.
Defence Minister A K Antony termed it as a "cruel joke". "Instead, the policies of US were responsible for the foodgrain shortage",he told reporters in Thiruvananthapuram.
S Kumars brings luxury brand Dunhill to India
By IANS
New Delhi : British luxury goods major Alfred Dunhill marked its foray into the Indian retail market with the launch of its first store in the capital Saturday and said it will launch four more stores in the next two years in the country.
Bank employees to strike work Aug 6-7
By IANS,
New Delhi : Employees of state-run banks have decided to go ahead with their proposed strike Thursday and Friday following failure of talks with the government over hike in wages and other demands.
"Our talks were inconclusive. We are meeting again on Tuesday. But as of now we are going ahead with the strike based on the notice we served July 21," said N.S. Virk, vice president All India Bank Officers' Association (AIBOA).
Japan’s current-account surplus rose 76.9 percent in November
By DPA,
Tokyo : Japan's current-account surplus climbed 76.9 percent in November from a year earlier to 1.1 trillion yen ($12 billion), due to a steady rise in exports to other Asian countries, the finance ministry said Tuesday.
The trade surplus stood at 490.6 billion yen, compared with a deficit of 92.2 billion yen a year earlier.
The balance of trade in goods and services bounced back to a surplus of 439.5 billion yen, from a deficit of 142.0 billion yen a year before, the ministry's preliminary report said.
Union Bank installs software to curb money laundering
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.
Sensex ends a dull day with 38 points gain
By IANS,
Mumbai : A benchmark index for Indian equities closed a rather lacklustre day with a 38-point gain over its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,149.9 points Tuesday, closed at 18,119.7 points (provisional), 38.49 points or 0.21 percent up from its previous close at 18,081.21 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended 0.15 percent up at 5,440.05 points.
Bajaj Auto sales jump 22 percent in February
By IANS,
New Delhi: Two and three-wheeler maker Bajaj Auto Monday reported 22 percent rise in its sales at 326,874 units in February against 266,678 units in the like period of the previous year.
Bankers expect Mexico’s economy to grow 5 percent
By IANS/EFE,
Acapulco (Mexico) : Mexico's economy, which contracted by 6.5 percent in 2009, will grow 5 percent this year, thanks to the solid recovery that is underway, a bankers' association said in a report.
The drop in the value of the peso against the dollar and other currencies in 2009, combined with higher transportation costs and an increase in the cost of skilled labour, "have caused a large number of automakers and auto parts companies to reassign production of these products from other countries to Mexico", the Mexican Bankers Association, or ABM, said.
Government to supply edible oil at subsidised rates
By IANS,
New Delhi : The government will spend Rs.15 billion on supplying edible oil at subsidised rate through the public distribution system in 15 states from next month.
One million tonnes of imported edible oil will be made available at a subsidised rate of Rs.15 per kg, and each ration card holder woyuld be entitled to buying one kg per month, an official release said here Friday.
Vaghela weaves yarns of hope for textile sector
By IANS,
Bangalore : Textiles Minister Shankarsinh Vaghela Saturday sought to dispel the gloom engulfing the Indian textile sector, reeling under global economic downturn, slump in export orders and liquidity crunch.
"These are hard times. If the West sneezes, we have a habit of catching cold. The prevailing uncertainty due to global recession is bound to impact us. In such challenging times, we must focus on the domestic market, which is still insulated from the financial meltdown," Vaghela said, inaugurating the eighth India international textile machinery exhibition here.
Industry bodies give inputs on mineral policy
By IANS
New Delhi : Industry lobbies Monday made presentations before the Group of Ministers (GoM) on the National Mineral Policy headed by Home Minister Shivraj Patil, providing inputs on the improvement of the mining sector in the country.
World Bank comes to Nepal Maoist guerrilla army’s aid
By Sudeshna Sarkar, IANS,
Kathmandu : The World Bank has come to the aid of Nepal's endangered peace process, offering a bounty of Nepali Rs.3.350 billion for the upkeep of the Maoists' once dreaded guerrilla army as well as the rehabilitation of the thousands of people affected by the 10-year communist uprising.
Nepal's peace and reconstruction ministry Tuesday said the World Bank aid would be utilised for the nearly 19,000-strong People's Liberation Army (PLA) of the Maoists, who this month threatened to revolt if the government did not immediately release funds for them.
Qatar to have second highest per capita income: report
By IANS,
Dubai : The Gulf nation of Qatar will have the second highest per capita income in the world by 2009, next only to Luxembourg, according to a new report.
Per capita income in Qatar will cross $100,000 a year, according to the Bahrain-based investment bank Gulf Finance House’s (GFH) Gulf Cooperation Council (GCC) Economic Outlook for the third quarter of 2008.
The report attributed the reason for this rise in income to increased oil and gas revenues.
Ambuja Cements sales up by nearly 8 percent
By IANS,
New Delhi : Ambuja Cements Ltd Tuesday said its sales grew 7.7 percent in August to 1.24 million tonnes, as compared to 1.15 million tonnes in the corresponding month last year.
The company's cement production zoomed nine percent to 1.2 million tonnes last month from 1.13 million tonnes the previous corresponding period, a company statement said.
For the period January to August 2008, the company sold 11.82 million tonnes as compared to 11.25 million tonnes in the corresponding period last year, a growth of 5.1 percent.
Airlines cut flights to contain losses
By IANS,
New Delhi : Rising fuel prices, high operational costs and decreasing passenger loads have forced major airlines to reduce flights on domestic routes.
An Air India (AI) official said it has cancelled over 32 flights on account of high operational costs and high aviation fuel charges. The decision was taken at a meeting in Mumbai recently.
"There has been no formal announcement on flight cancellation as yet. But it's a fact flights are being cancelled to minimise operational losses," the official said.
Raffles hotels in Cambodia bought
By Xinhua
Phnom Penh : Kingdom Hotel Investments (KHI) in the Middle East has purchased the historic Raffles Hotel Le Royal in the Cambodian capital and Raffles Grand Hotel d'Angkor in Siem Reap for a total of $35 million, the media said Wednesday.
The two landmark hotels, built more than 70 years ago, will retain their names and continue to be managed by Raffles Hotels and Resorts, Beddy Suryana, the front office manager, was quoted by the Cambodia Daily as saying.
Dai-ichi to invest $100 mn in India’s insurance sector
By IANS
New Delhi : Japan's Dai-ichi Mutual Life Insurance Company will invest $100 million in India's insurance sector, the company said here Wednesday.
"We are planning to invest $100 million in India's insurance sector," Tomijiro Morita, chairperson of the board of Dai-ichi Mutual Life Insurance Company, told IANS on the sidelines of the India-Japan Business Leadership Forum.
"This is a growing market and the insurance segment is emerging fast here than anywhere," Morita, who is also the vice-chairperson of the Japan Business Federation, added.
Citigroup posts $18 billion writedowns amid subprime fallout
By DPA
New York : The US's largest financial institution, Citigroup announced Tuesday record writedowns of $18.1 billion in the fallout of the subprime mortgage crisis.
The New York-based company reported a net loss of $9.83 billion or 1.99 dollars per share in the fourth quarter of 2007.
Full-year 2007 revenues fell nine percent to just under $81.7 billion, while net income plunged 83 percent to $3.62 billion, Citigroup said.
‘EU to suffer moderate recession in first half of 2012’
By IANS,
Brussels: There might be a moderate economic recession across Europe in the first half of 2012, a senior European Union (EU) official said Tuesday.
World Bank okays Rs.1,332 crore loan for Uttar Pradesh
By IANS,
Lucknow: The World Bank has given its nod to a whopping Rs.1,332 crore (Rs.13.32 billion) soft loan for reclamation of sodic land in Uttar Pradesh - a move that will help an estimated 250,000 farmers.
Making the announcement at a press conference here Sunday, Uttar Pradesh Cabinet Secretary Shashank Shekhar Singh said, "The scheme would help reclaim a huge chunk of about 130,000 hectares of sodic land in the state."
The scheme, an extension of two previous phases of a similar exercise undertaken in the state, will benefit an estimated 250,000 farmers, he said.
Indian firm offers to sell rice to Bangladesh
By IANS
Dhaka : A corporation run by the West Bengal government is bidding for export of 500,000 tonnes of rice to Bangladesh to help the country tide over its food shortage following last November's cyclone.
The West Bengal Essential Commodities Supply Corporation (ECSC) has submitted a bid to Bangladesh's Ministry of Food and Disaster Management, United News of Bangladesh (UNB) news agency said Wednesday.
Dow Jones index sheds five percent
By DPA,
New York : US stocks continued dropping through Wednesday, hit by the largest drop of retail sales in three years, growing worry over a US recession and a record federal budget deficit.
The three major US indices shed more than 5 percent each by 1845 GMT, with the negative momentum dragging down Europe's markets, where Europe's blue-chip Stoxx50 closed 5 percent down.
US Federal Reserve chief Ben Bernanke warned that the emergency action taken by the Bush administration in response to the financial crisis is unlikely to produce a swift economic recovery.
Increased production key to resolve food crisis: UN
By DPA
Manila : A UN official Friday called for more investment in agriculture to boost global food supply amid a food crisis that is triggering unrest in many countries.
Kevin Cleaver, assistant president for programme management of the UN International Fund for Agricultural Development, blamed the current problem on the neglect of agriculture in many countries around the world.
"We've been predicting a problem as much as two years ago, but most of the world has been complacent," he told reporters after a meeting with Philippine President Gloria Macapagal Arroyo in Manila.
UAE seeks to boost economic, energy ties with India
By IANS,
New Delhi: In the first visit here by a foreign minister since the formation of the new government in India, United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan Friday called for scaling up economic and energy ties and sought New Delhi's help to develop renewable energy.
The UAE's foreign minister, who ended his two-day visit to India Friday, met his Indian counterpart S.M. Krishna and discussed a further expansion of multi-faceted bilateral relations.
More Highlights of Indian budget (Part 14)
By IANS
No income tax on annual earnings of Rs.150,000
Rs.4,000 minimum relief for all tax assesees
10 percent tax on income between Rs.150,000 to Rs.300,000
20 percent tax on income between Rs.300,000 to Rs.500,000
30 percent tax on income over Rs.500,000
No income tax for women with annual income up to Rs.180,000
No income tax for senior citizens with annual income up to Rs.225,000
Indian IT industry to help in US economic recovery
By Arun Kumar, IANS,
Washington : India's information technology industry should start hiring in the US to help in its economic recovery as the US is always going to be its biggest market, the industry association's head has suggested.
The restrictions on H1B visas in the US "absolutely is a concern," Pramod Bhasin, president and chief executive of outsourcing firm Genpact and the new chairman of the National Association of Software and Services Companies (Nasscom), said in an interview with Forbes Asia.
Left to protest against price rise Thursday
By IANS,
New Delhi : Demanding immediate steps to curb price rise and raising various other issues, the four Left parties will organise mass picketing and courting arrest programmes across the country Thursday.
Twenty-five lakh people will participate in mass picketing to be held in all district headquarters and in courting arrest programmes which will be held outside central government offices across the country, Left party leaders said.
Tata Steel, Wipro among world’s most ethical: Survey
By IANS,
Mumbai : Tata Steel and Wipro have been named among the world's most ethical companies by the American think tank, Ethisphere Institute, company officials said.
`India witnessing high growth in tourism’
By IANS,
New Delhi : India is attracting more foreign travellers and is witnessing a consistently high growth in the tourism sector for the past three years, the Rajya Sabha was informed Tuesday.
Minister of Tourism Ambika Soni, however, said Singapore received more tourists than India last year.
Quoting the United Nations World Tourism Organization (UNWTO), she said there were about 7.59 million international tourist arrivals in Singapore in 2006 as compared to 4.45 million foreign tourist arrivals in India.
Government mulling entry of foreign funds into railways: Kharge
By IANS,
New Delhi : Railway Minister Mallikarjun Kharge Wednesday said the government is considering a proposal to allow the entry of foreign direct investment...
Sensex bounces back in early afternoon trade
By IANS,
Mumbai : The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, bounced back in early afternoon trade Monday and moved to positive zone on the back of sustained buying in realty and capital goods stocks. The market had opened in the green and but slipped into the red in early trade.
At 1.00 p.m., the Sensex was up 66.86 points or 0.38 percent to 17,667.00. It had hit a high of 17,735.70 in early trade. At the day's low it touched 17,553.72.
Promoters of 440 companies pledged shares worth $10 billion
By James Jose, IANS,
New Delhi : The decision by India's markets watchdog to tighten the disclosure norms for the promoters of listed companies after the Rs.73-billion ($1.5-billion) Satyam Computer Services scam appears to have made an impact.
Promoters of as many as 440 companies have disclosed over the past two months that they had pledged shares worth a whopping Rs.50,474 crore (Rs.504.74 billion, or over $10 billion), says a new study.
SJVNL declares Rs.388.84 crore dividend
By IANS,
Shimla: Power utility Satluj Jal Vidyut Nigam Ltd (SJVNL) has declared a Rs.388.84 crore dividend for the last fiscal, the company said here Tuesday.
Record oil prices put pressure on markets worldwide
By DPA,
New York/London : Record oil prices sent bourses worldwide into a tailspin Friday, with indices in Asia falling by as much as 5 percent.
After an all-time high the previous night, the price per barrel of West Texas Intermediate US light crude for August rose to $141.71, a $1.70 more than at the previous day's close.
North Sea Brent crude rose to a high of $141.98 per barrel, which is also a record.
Accelerating oil prices had devastating effects on bourses.
Greater Noida airport plan to be referred to legal experts
By IANS
New Delhi : A Group of Ministers (GoM) headed by Finance Minister P. Chidambaram Thursday called for wider consultations on the legal aspects of a proposed international airport at Greater Noida, near the capital.
The GoM examined the legal aspects of the proposed airport, but the meeting remained inconclusive, aviation ministry officials said.
In the meeting, Law Minister H.R. Bhardwaj and Civil Aviation Minister Praful Patel discussed the legal aspects of the case and asked a legal panel to hold wider consultations.
Imports from China surge 35 percent
By IANS,
New Delhi : Imports from China rose 35 percent to Rs.147,605 crore ($31.8 billion) in 2008-09 from Rs.109,116 crore ($23.5 billion) the previous year, said Minister of State for Commerce and Industry Jyotiraditya M. Scindia Wednesday.
Imports stood at Rs.79,008 crore ($17 billion) in 2006-07, he said in a written reply in the Rajya Sabha.
India imports mainly electrical machinery, organic chemicals, organic chemicals, iron and steel from China.
Equity markets in the red in early trade
By IANS,
Mumbai : Indian equity markets, which opened marginally higher Thursday, slipped into the red within the first ten minutes. There was selling pressure on banking, FMCG and technology stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 72.27 points at 14,359.48 points. But ten minutes into trading, it slipped into the red and was at 14,206.54 points with a loss of 80.67 points or 0.56 percent from its closing figure Wednesday.
Indsil Electromets, GoodEarth to operate Indonesian mine
By IANS
Mumbai : Coimbatore-based mining firm Indsil Electrosmelts Ltd has inked a joint venture agreement with Nagpur-based manufacturer GoodEarth to jointly operate a manganese ore mine in Indonesia.
According to a company statement, the mine is spread across 5,000 hectares and reportedly has rich resources of high-grade manganese ore.
It is estimated that the manganese ore resources in this mine would be around three million tonnes of medium and high-grade variety. The firms are carrying out detailed geological surveys to assess the ore potential.
An Indian now owns East India Company: Creating a new brand for India
By Dipankar De Sarkar, IANS,
London: With just around a month to go for the re-launch of the East India Company - the world's first multinational whose forces once ruled much of the globe - its new Indian owner says he is overwhelmed by "a huge feeling of redemption". It's been a long, emotional and personal journey for Sanjiv Mehta, a Mumbai-born entrepreneur who completed the process of buying the East India Company (EIC) in 2005 from the "30 or 40" people who owned it.
GE merges healthcare units with Wipro joint venture
By IANS,
Bangalore : Medical technologies and services major GE Healthcare has integrated its business units and manufacturing plants in India with its joint venture Wipro GE Healthcare to drive growth, the company said Friday.
"The strategic move is aimed at effective management and optimal utilisation of resources to help accelerate growth in regions where demand for healthcare is growing," GE Healthcare chief executive John Dineen said in a statement released here.
The joint venture distributes about 85 percent of the $17-billion GE Healthcare's products and solutions in India.
India’s social sector spending lowest among BRIC nations
By IANS,
New Delhi : Despite strong growth, India lags far behind other BRIC countries in social sector achievements, spending lowest on education and health, according to a study by the Associated Chambers of Commerce and Industry of India (Assocham).
Brazil, Russia, India and China are collectively known as the BRIC economies.
The Assocham Eco Pulse (AEP) study showed that India's public expenditure on health and education stood at five percent and 9.2 percent of gross domestic product (GDP) respectively in 2005-06 fiscal.
Fire-hit Bhilai Steel Plant still to resume production
By IANS,
Raipur : Bhilai Steel Plant, a key unit of the public sector Steel Authority of India Ltd (SAIL), is expected to resume production by late Tuesday, a company statement said.
Fire broke out early Monday at the plant in Chhattisgarh, severely hitting hot metal production.
"The production process is expected to gradually resume by end of the day," the statement said.
The unit that had seen a record production in fiscal year 2008-09 with 5.4 million tonnes of hot metal, is based in Chhattisgarh's Durg district, some 30 km west of state capital Raipur.
S Tel achieves financial closure
By IANS,
Chennai : S Tel, one of the new entrants in the Indian mobile telephony space, Friday said it has achieved financial closure for its Rs.2,000-crore project and that it would start rolling out services this year.
In a statement, S Tel said an eight-bank consortium led by IDBI has agreed to lend Rs.953 crore for nine years.
The two promoters of the company -- India's Siva group and Bahrain Telecommunications Co -- have brought in Rs.1,253 crore as equity.
India’s anti-monopoly body watching Jet, Kingfisher deal
By Sanjay Singh, IANS,
New Delhi : Action will be initiated against Kingfisher Airlines and Jet Airways under India's anti-trust laws if they hike fares in tandem after their recent strategic and operational alliance, a top official of a quasi-judicial watchdog said here Wednesday.
"We cannot rule out the possibility of cartelisation following the alliance between two major Indian private air carriers," said I.S. Sain, joint director with the Monopolies and Restrictive Trade Practices Commission (MRTPC).
Air services pacts not harming Indian carriers: Patel
By IANS,
New Delhi : Bilateral air services pacts do not benefit foreign airlines at the cost of Indian carriers, Civil Aviation Minister Praful Patel said Tuesday.
"It's wrong to say routes are given away to foreign airlines. It is a two-way agreement. Both Indian and foreign carriers benefit from such agreements and it is an ongoing process," Patel said in Rajya Sabha.
Maintaining that people wanted more connectivity, the minister asked: "If some foreign airline wants to start services from Bangalore or any other city, what is the harm in that?"
Union bosses hear Tata bid for Jaguar, Land Rover
By Dipankar De Sarkar, IANS
London : The three main bidders for the British cars Jaguar and Land Rover, including India's Tata Motors and Mahindra & Mahindra, made their presentations to union officials Tuesday as the unions declared they will oppose any outsourcing of jobs after the sale.
The sell-off by owners Ford Motors has generated much interest in Britain, particularly because the two British iconic brands account for up to 40,000 jobs. Apart from the two Indian bidders, also in the running is One Equity, a private group owned by a former Ford chief executive.
Govt to review target of USD 200 bn
By NNN-PTI,
New Delhi : Not sure whether the export momentum could be sustained in the face of the global slowdown, the government today said it will review the USD 200 billion target set for the current fiscal.
"I am going to review this; the global economic slowdown is impacting exports," Commerce and Industry Minister Kamal Nath told reporters at the India Economic Summit here.
Kalyani Group in strategic tie-up with First Reserve Corp
By IANS
Mumbai : Auto component major Kalyani Group has made US-based energy-focussed private equity firm First Reserve Corp a strategic (FRC) investor in its wind energy business.
Announcing this here, the Pune-based $2.1 billion Kalyani Group said FRC would invest in its newly formed wind energy company, Kenersys.
Kenersys' prime focus would be on designing, assembling and marketing wind turbine generators, said an official statement.
HCL Infosystem to acquire companies in emerging markets
By IANS,
New Delhi : India's HCL Infosystem Thursday said it is planning to acquire companies worth $50 to $100 million in emerging markets, including Africa, to expand its business.
Tata Motors borrows $3 bn to buy Jaguar, Land Rover
By IANS
London : Tata Motors has secured a $3 billion loan from Citigroup and J.P. Morgan Chase to finance its intended purchase of the British marques Jaguar and Land Rover from their American owner Ford Motors, according to media reports Tuesday.
The Wall Street Journal (WSJ) quoted a person familiar with the deal as saying Tata had secured a one-year bridging loan from the two banks.
Tata Motors are thought to have made an offer of around $2 billion to purchase the two luxury brands, and the deal is now expected to go through sometime next week, the paper said.
Sensex closes 81 points higher
By IANS,
Mumbai : A benchmark index for Indian equities Wednesday closed 81 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,873.92 points, closed at 17,959.13 points (provisional), 80.99 points or 0.45 percent up from its previous close at 17,878.14 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,395.3 points, up 0.51 percent from its previous close at 5,368 points.
Toonz to animate tales of Lord Shiva
By IANS,
Thiruvananthapuram : Toonz Animation India Pvt Ltd, the makers of animation classics like "The Adventures of Tenali Rama" and "Return of Hanuman", is now all set present tales of Lord Shiva.
In a press release issued here Tuesday, the Technopark-headquartered firm said this is the first of its kind, conceived, designed and directed entirely at Toonz and tells the stories of the Hindu god in various forms.
Nasscom to work with Obama for mutual benefit
By IANS,
Bangalore : Indian software industry body Nasscom Wednesday said it looked forward to working with the US president-elect Barack Obama and his administration on mutually beneficial policies to boost the economies of the two nations.
Hailing Obama's historic victory, Nasscom said with the global economy stressed, it was more important than ever that India and the US find ways to partner together to spur innovation, foster economic growth, and develop an educated and skilled workforce to create jobs for modern global market place.
Markets move higher, Sensex up 4.42 percent
By IANS,
Mumbai : Indian equities markets continued to climb Thursday as investors lapped up stocks in key sectors. The Sensex was up 4.42 percent a little before noon.
The Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,107.25 points, was trading at 10,339.65 points - 4.42 percent or 437.66 points higher than its previous close at 9,901.99 points.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,196.75 points, 4.46 percent up from its last close of 3,060.35 points.
Birla Tyres shuts production at Orissa unit
By IANS,
Bhubaneswar : Birla Tyres, a unit of B.K. Birla group company Kesoram Industries, Wednesday shut down its plant in Orissa's Balasore district due to falling demand for tyres, a government official said.
"The company has shut down the plant from today (Wednesday)," district collector Alekh Chandra Padhiary told IANS. "The company told us the shutdown will continue till December 31."
Kamal Nath urges states to help control inflation
By IANS,
New Delhi : Commerce and Industry Minister Kamal Nath Tuesday asked state governments to become more "proactive" in controlling inflation by taking action against hoarding to tame rising prices of food items and commodities.
"We would like to see the state governments ensure that there is no hoarding, there's no profiteering. The state governments have the mechanism and they must ensure that the supply lines are not dropped," Kamal Nath said on the sidelines of a meeting here.
City Union Bank plans to raise Rs.1,000 crore
By IANS,
Chennai : Private sector City Union Bank has started discussions with institutional investors to raise Rs.1,000 crore for its business growth, a top bank official said Wednesday.
"As per our plans we need around Rs.1,000 crore incremental capital over the next two or three years. We are in discussion with various institutional investors. We will go with the investors whose risk appetite is similar to ours," Executive Director N. Kamakoti told reporters here.
He said the bank will get the shareholders approval for the issue at the ensuing annual general meeting.
Bhilai Steel Plant achieves highest production so far
By IANS,
Raipur : Bhilai Steel Plant (BSP), the flagship unit of the state-run Steel Authority of India (SAIL), has ended the 2008-09 financial year with its best production figures so far, the company said in a statement Friday.
"The year 2008-09 ended with the Bhilai plant recording best-ever production of hot metal, crude steel, saleable steel, rails, merchant products, wire rods, rolled billets and finished steel," the company said.
Chidambaram asks bankers to revisit interest rates
By IANS
New Delhi : In a bid to give some respite to corporate India and stimulate demand and growth in the festive season, Finance Minister P. Chidambaram Friday asked bankers to take another look at their lending rates.
He also asked industrialists to price their products properly so that there was no let up in demand during the busy season. He wanted them to devise attractive financing options for customers in cooperation with banks.
Punjab farmers suffer from ‘labour pains’
By Jaideep Sarin, IANS,
Hoshiarpur/Ludhiana (Punjab) : Young city-bred agriculturist Kultar Singh of Hoshiarpur was under severe stress due to non-availability of labour to harvest his golden wheat crop.
Had it not been for Kultar's last-minute decision to go in for a 'walking tractor' - a mechanised harvester costing Rs.125,000 - his crop would not have been reaped on time.
Kultar's story of not getting adequate labour for agriculture is no different from that of hundreds of other farmers in Punjab.
General Motors cuts 1,000 more jobs in Canada
By IANS,
Toronto : With its high dollar making Canada the world's most expensive place to manufacture vehicles, General Motors (GM) has decided to cut production at its Oshawa plant near here and lay off about 1,000 workers.
"With rising fuel prices, a softening economy and a downward trend on current and future market demand for full-size trucks, a significant adjustment was needed to align our production with market realities," the company said in a statement issued here.
Pranab Mukherjee asks Arab countries to invest in India
By IRNA,
New Delhi : India Friday asked Arab countries to invest in India to meet out its challenges in the field of enhancing agricultural productivity, guaranteeing energy security and education and skill building among young generation.
Addressing India-Arab Investment Project conclave in New Delhi today the External Affairs Minister Pranab Mukherjee underlined the most important micro-economic challenges facing India. He said that increasing yield and productivity in agriculture sector through appropriate technological imput is India's primary aim.
British, Indian varsities to start angel investment network
By Prashant K. Nanda, IANS
New Delhi : Many technological innovations and research findings by Indian and British varsities will no longer remain confined to laboratories and will find their way to the market thanks to monetary help and advice from the UK India Business Council (UKIBC).
British Prime Minister Gordon Brown, who arrives in India Sunday, will unveil a unique angel investment network during his visit.
Jaipur designers in wedding wear exhibition
By IANS
Jaipur : Leading designers and jewellers from Jaipur are all set to showcase their creations at the 8th Bride & Groom Exhibition in Delhi starting Aug 18.
The participants from the Rajasthan capital, which has played host to several celebrity weddings, include Jusra International, Manmandir Sarees, Sunil Jewellers, Taparia Exports and Vaibhav Collections.
Organised by International Trade & Exhibition (ITE) Group India Pvt Ltd, the lifestyle show will be held Aug 18-20.
4G service to speed up British mobile internet by 16 times
By IANS,
London : Mobile phone networks in Britain will be able to provide internet speeds up to 16 times faster than current technologies after Ofcom unveiled plans for 4G coverage.
Pakistan and China to enhance their cooperation
By SPA
Islamabad : Pakistan and China have resolved to further strengthen their cooperative partnership in defence, economic, commercial, cultural, education, scientific and technical fields.
Visiting Chinese Senior Vice Foreign Minister and special envoy of the Chinese government Wang Yi held meetings with Foreign Minister Inam ul Haque and Foreign Secretary Riaz Mohammad Khan, said an official statement.
Calcutta Telephones plans Rs.5 bn investment
By IANS,
Kolkata : Calcutta Telephones, the Kolkata circle of the state-owned telecom operator Bharat Sanchar Nigam Ltd, will invest Rs.4.99 billion in 2008-09 for technology upgrade of its network, said a top company official here Monday.
"We plan to launch data card in October," said Calcutta Telephones chief general manager S.K. Chakravarty at a press meet.
India to host global conference on farm industries
By IANS
New Delhi : India will host the first global conference on farm industries being organised by various UN organisations here April 8-11, to promote the sector as the major means to end poverty and push development.
Some 500 senior experts from the agro-industry, governments, civil society, UN agencies and funding institutions will discuss the potential of agro-industries and the challenges they face in the future, the organisers said.
Deora in Pakistan to talk on TAPI and IPI pipelines
By IANS,
New Delhi : Indian petroleum minister Murli Deora will hold talks in Pakistan on two important gas pipeline projects - Iran-Pakistan-India (IPI) and Turkmenistan-Afghanistan-Pakistan-India (TAPI) - over the next three days.
“We have been invited by Asian Development Bank to attend the steering committee meeting of the TAPI project, which we will be joining,” Deora told reporters Tuesday a few hours before he left for Islamabad.
Deora will take part in the two-day-long deliberations of the steering committee sponsored by the Asian Development Bank Wednesday and Thursday.
Nissan, Ford post higher sales in March
By IANS,
Chennai : The Indian subsidiary of Japanese auto major Nissan Motor Company closed March with a sales of 2,101 units up from 89 units sold during the comparable month the previous year.
SEBI for ban on buying, selling tips
By IANS
Mumbai : In a move to guard insider trading, market regulator Securities Exchange Board of India (SEBI) Monday proposed to ban brokers from recommending shares to investors based on subjective and arbitrary information.
"Trading members shall not recommend to their clients securities or derivative contracts on such securities in a concentrated manner, which represents a subjective or arbitrary supply of information," said SEBI's draft policy for improvement in sales practice by the members of stock exchanges.
India approves duty free access to garments from Sri Lanks, Bangladesh
By NNN-NewsLK
Colombo : India agrees to allow duty-free market access for garments from Sri Lanka and accordingly up to six million pieces will be allowed into the Indian market free of duty.
For an additional two million pieces, exporters will have to pay concessional duties.
Similarly, the Indian Union Cabinet has given its approval to allow duty-free market access to India for eight million pieces of garments per calendar year from Bangladesh without any sourcing conditions.
Stiff resistance to liberalising agro-trade in Karnataka
By IANS
Bangalore : Karnataka's move to allow contract farming and the entry of major players into agricultural produce trading is facing stiff resistance from trade bodies and farmers associations.
"We are opposed to contract farming and we do not want private market yards for trading in agricultural produce," said Ramesh Chandra Lahoti of the Federation of Karnataka Chambers of Commerce and Industry, affiliated to the Federation of Indian Chambers of Commerce and Industry (FICCI).
Indian shares inching closer to 18,000-mark
By IANS
Mumbai : Skyrocketing stock markets and a surging Indian rupee saw a key index setting records on 10 of the last 11 working days. It also nearly kissed the 18,000 mark before closing a little lower down 0.02 percent Friday.
Rising inflation affecting lives in Pakistan
By Muhammad Najeeb, IANS,
Islamabad : Unprecedented inflation in Pakistan has hit common people very hard with petrol having risen by 46 percent in the last three months, food items by 30-50 percent and rice by more than 100 percent. While the government has launched schemes to help the poor, many people have committed suicide in despair.
The inflation rate in Pakistan has increased by 19 percent since the new coalition government led by the Pakistan Peoples Party (PPP) took over power in March this year -
Cuba seeks Indian investment in energy, tourism sectors
By IANS,
New Delhi : Cuba is hoping for Indian investments in its burgeoning energy and tourism sectors, officials from the country said here Tuesday.
"Indian companies have a huge opportunity in the energy sector as we need investments in the areas of renewable energy, especially wind energy, as also in the hydro energy, oil and gas sectors," Eduardo Escandell Amador, Cuba's deputy minister for foreign trade, said during a business meet organised by the Confederation of Indian Industries (CII).
Indian pharma firms face competition from Pakistan in Nigeria
By Francis Kokutse,
Accra : As Indian pharmaceutical companies prepare to increase the volume of their trade in Nigeria, it is becoming clear that they...
BJP for subsidised food grains to poor
By IANS,
Bhopal : The Bharatiya Janata Party Saturday called upon the central government to provide subsidised food grains to the poor across the country since the 'have nots' are reeling from ever increasing prices of essential commodities.
Addressing a huge gathering on the launch of the Mukhya Mantri Annapurna Yojana (Chief Minister's subsidised food scheme), senior BJP leader Venkaiah Naidu said that it was a boon for the poor families and the other states as well as the central government should introduce this scheme in the entire country by amending the constitution.
Realty sector disappointed with ‘lacklustre’ interim budget
By IANS,
New Delhi : The Indian realty sector, which is reeling under a severe fund crunch, Monday expressed disappointment over the "lacklustre" interim budget for 2009-10 and said the government has done nothing to provide relief to the industry.
"The budget has failed to meet the expectations at this time of global downturn," said Navin M. Raheja, managing director of the Delhi-based Raheja Developers.
"The government has taken no initiatives towards reviving the sector, which is under serious recession and employs larger proportion of the workforce," he added.
Waqf Board schemes paid little attention under NDA rule
By A Mirsab, TwoCircles.net,
Information provided by The Ministry of Minority Affairs in Lok Sabha has revealed that Waqf Board schemes have found no...
Gujarat Heavy Chemicals shareholders gather against promoters
By IANS,
New Delhi : Minority shareholders of soda ash manufacturer Gujarat Heavy Chemicals Ltd (GHCL) Thursday said they would form a forum to protect their interests and "avoid being cheated by the promoters".
GHCL has been mired in a controversy after a Securities and Exchange Board of India (SEBI) order barred chairman Sanjay Dalmia, managing director Ravi Shanker Jalan and company secretary Bhuwneshwar Mishra from trading in equities markets, saying the company had inflated its shareholding in its quarterly filings.
Hit by recession, working Britons turn to food charities
By IANS,
London : Many working class people in recession-hit Britain are now turning to food charities to feed their families.
Charity houses opened a free food centre in Salisbury, England last week. More centres are to open at Plymouth, Exeter, Lincoln, Ebbw Vale, Okehampton and Haverhill in the coming weeks.
Set up by a Christian charity, the Trussell Trust, in 2004, the food banks are staffed by volunteers from nearby businesses. They are supplied entirely by donations.
Indian equities recover as investors’ confidence returns
By IANS
Mumbai : Indian stock markets ended in the green Wednesday following strong global cues, indicating a return of investors' confidence in the wake of the US Fed's discount rate cut.
The markets that opened higher with a huge upsurge of almost 500 points in a benchmark index in the morning could not maintain the tempo and closed weak, below the 15,000 level.
Realty, consumer durables and power scrips continued to be battered though capital goods, IT and automobile scrips gained.
Satyam brass questioned, three new board members named
By Sanjay Singh and Mohammed Shafeeq, IANS,
New Delhi/Hyderabad : A three-member new board was named Sunday to bring back financial order to the fraud-hit Satyam Computer Services and restore confidence of employees, investors and clients into the firm's future operations, even as its top brass was questioned regarding the financial fraud.
Indian stocks decline on weak global cues
By IANS
New Delhi : Despite a $150 billion package announced by the US last week to avert a recession and encouraging statements from Indian policymakers, equity markets in the country closed on a weak note Monday, a day ahead of the monetary policy review by the central bank.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened lower at 18,011.89 points, and after moving in a range of 796.92 points during the first two hours of trading, it closed with a loss of 208.88 points, or 1.14 percent.
Loan waiver move leaves opposition shell-shocked
By IANS
New Delhi : In one deft stroke, Finance Minister Palaniappan Chidambaram took the wind out of the opposition's sails by announcing farm loan waiver worth Rs. 600 billion (Rs. 60,000 crore), which some MPs said was as good as "falling short of announcing the election date."
The opposition, which has been berating the government on the issue of farm loans and the unending agrarian suicides, was literally left speechless at Chidambaram's "landmark" announcement.
Markets to hold special Diwali trading session Wednesday
By IANS,
Mumbai : Indian equities markets will hold a special 'muhurat' trading on Diwali evening Wednesday to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity.
Indian markets end week on hefty gains
By IANS
Mumbai : Indian bourses rose in late trade to end their four-day losing streak, with the benchmark index rising over 3 percent on the back of buying in blue-chip scrips led by IT, metal, auto and oil and gas shares.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) vaulted 593.87 points or 3.36 percent to close at 18,242.58.
The Sensex hit a high of 18,312.40 in late trade. At the day's high, it gained 663.69 points and hit a low of 17,534.96 in early afternoon trade. At the day's low, the Sensex lost 113.75 points.
Old Gorshkov to cost 60 percent more than new warship: CAG
By IANS,
New Delhi : The Indian Navy's purchase of the Russian-built aircraft carrier Admiral Gorshkov, already mired in controversy, has been criticised by the Comptroller and Audit General (CAG) as the "second-hand" warhorse will be 60 percent costlier than a new one and there is a risk of further delay in its delivery.
"The objective of inducting an aircraft carrier in time to fill the gap in Indian Navy has not been achieved," the CAG said in its annual report released Friday.
Markets subdued as financial year draws to a close(Lead)
By IANS
Mumbai : As the current financial year draws to a close, Indian stock markets Thursday remained subdued with the key market index, Sensex, closing in the red, in tune with mixed global cues.
The markets that opened flat on international cues failed to pick up in the latter half of the day. Sectors like IT, banking, capital goods, oil and gas and automobiles were out of investors' favour, though realty and metals bounced back firmly into reckoning.
Lanco, Sembawang sign pact for Hyderabad IT park tower
By IANS
Mumbai : Lanco Hills Technology Park Monday signed an agreement with Sembawang Infrastructure India for constructing a tower for in Hyderabad's sprawling IT park.
Lanco Hills CEO S. Pochendar and Sembawang Managing Director J.D. Stuart Macaskie signed the Rs.500-million project to execute the structural work of the tower for the Software Economic Zone (SEZ) IT park.
100 million Jatropha saplings planted in Chhattisgarh
By IANS,
Raipur : About 100 million Jatropha saplings, a bio-fuel source, have been planted during the past three years in Chhattisgarh, the state assembly was told Wednesday.
"The forest department had planted about 100 million jatropha saplings in about 40,000 hectares of land in various districts to help the state emerge as a leading bio-fuel states of the country," Forest Minister Vikram Usendi told the house.
He said the state government had spent Rs.74 crore (Rs.740 million) on the plantation drive during the past three years.
NTPC, Nuclear Power Corp ink joint venture pact
By IANS,
New Delhi : The country's leading power producer NTPC Ltd Saturday signed a memorandum of understanding (MoU) with Nuclear Power Corp of India Ltd (NPCIL) to jointly produce nuclear power plants.
As per the proposal, the power majors will set up a joint venture company in which NPCIL will hold 51 percent stake and NTPC will own the rest, a government statement said.
This would be the first joint venture in nuclear power generation in the country. NPCIL is currently the sole agency generating nuclear power in the country with a capacity of about 4,120 MW.
‘Establish common court, bank in South Asia’
By IANS,
Kandy (Sri Lanka) : South Asia should have a common court and a common development bank, says the newly-formed Imagine a New South Asia (INSA) policy forum that has asked leaders gathering for the Aug 2-3 Saarc summit in this country to establish these institutions.
Sensex closes 134 points up
By IANS,
Mumbai : The Indian equity markets closed in green Wednesday.
The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,610.57 points, touched a high of 14,746.20 points before closing at 14,678.23 points. It went up by 134.50 points or 0.92 percent at the day's close.
The National Stock Exchange (NSE) S & P Nifty, which opened at 4,365.45 points, closed at 4,415.75 points. It went up by 47.50 points or 1.09 percent.
Markets try to crawl back, Sensex still down
By IANS,
Mumbai : Indian equities markets were trying to crawl back into the green Tuesday with a key index ruling just 0.15 percent below its last closing figure, about 90 minutes before end of trade.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,583.06 points, was at 8,587.12 points, a fall of 12.84 points or 0.15 percent from its previous close.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) lost 0.06 percent from its last close to rule at 2,676.3 points.
Maharashtra Hybrid Seed signs license deal with US firm
By IANS,
Mumbai : India's leading seed company Maharashtra Hybrid Seed Co (Mahyco) has signed a multi-crop, multi-technology research and commercial license agreement with California-based agricultural technology firm Arcadia Biosciences.
Announcing the agreement Monday, the Mahyco said the deal envisages the use of Arcadia's nitrogen use efficiency (NUE) and salt tolerance technologies.
According to the Mahyco, the signing of the deal comes at a juncture when the country is in dire straits vis-à-vis the agricultural production.
Operators want 3G spectrum auctions deferred: Government
By IANS,
New Delhi : Telecom operators have requested the government to defer the upcoming third generation (3G) radio frequency auctions, according to a senior official.
“Quite a few operators have asked us to postpone the spectrum auction due to holidays,” telecom secretary Siddhartha Behura told reporters here on the sidelines of the Federation of Indian Chambers of Commerce (Ficci) Telecom Summit 2008.
Earlier, telecom operator Vodafone had requested the Department of Telecom (DoT) for postponing of the 3G auctions.
Exide plans Rs.1.8 bn investment this year
By IANS,
Kolkata : The country's largest lead acid battery manufacturer, Exide Industries Ltd, plans to invest Rs.1.8 billion in the current fiscal in the automotive and industrial segments, a top company official said here Friday.
"We will invest Rs.1.8 billion in this fiscal, out of which Rs.900 million will be in the automotive segment and Rs.600 million in the industrial segment," Exide managing director and chief executive T.V. Ramanathan told reporters on the sidelines of the company's annual general meeting.
Exide posted a net profit of Rs.2.5 billion last fiscal.
Indian equities stagnant in afternoon trade
By IANS,
Mumbai : Indian stocks remained dull Wednesday with a key index trading over 80 points lower than its previous close at 2.45 p.m.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which slid over 100 points in the morning trade, was trading at 9,604.96 points an hour before close, a fall of 81.79 points or 0.84 percent from its previous close of 9,686.75 points.
Broader S&P CNX Nifty of the National Stock Exchange (NSE) followed a similar trend and was ruling at 2,933.9 points, about 34 points or 1.15 percent lower than its previous close.
Fuel price hike led to double digit inflation: Chidambaram
By IANS,
New Delhi : The finance ministry had cautioned the cabinet about the effect of raising fuel prices on India's inflation, Finance Minister P. Chidambaram said here Friday soon after inflation reached 11.05 percent. He also hinted at stronger monetary measures.
As inflation for the week ended June 7 hit a 13-year high, Chidamabaram told reporters: "The increase in petroleum product prices has contributed 94 percent to the inflation recorded."
The central government had on June 4 raised petrol prices by Rs.5 a litre, diesel by Rs.3 and cooking gas by Rs.50 a cylinder.
Sensex bounces back, closes 153 points higher
By IANS,
Mumbai : A benchmark index of Indian equities closed 153 points higher Monday on the back of last hour buying support in banking and auto stocks.
Sensex, Nifty plummets over 3.5 percent following global meltdown
By IANS
Mumbai : A day after the Reserve Bank of India (RBI) announced its credit policy for 2007-08 the Indian stock market Wednesday plummeted by over 3.5 percent in the morning trade following a plunge in the global market.
While the Sensex fell by over 500 points, Nifty was down by 150 points. Some of the major losers that experienced a bloodbath are Bharti Airtel, Wipro, ITC, SAIL, ACC, HCL Tech, Hexaware, Pantaloon, Reliance Communications across a number of verticals.
France, Kenya ink $10 mn agreement
By IANS,
Nairobi: France and Kenya have inked an 8.4-million euro (about $10 million) deal to support radio network and coffee development in this African nation.
Bond markets key funds source for Asian economies: ADB
By Xinhua,
Manila : Asia's local currency bond markets have shown great resilience to global credit turmoil and can be a key source of funds for the continent's finance expansionary fiscal policies, the Asian Development Bank (ADB) said Tuesday.
The risks in the emerging Asian economies have tilted towards slower growth, and inflation has eased and monetary policy become more accommodative, the Manila-based bank said its Asia Bond Monitor report.
Malnutrition downplaying India’s economic growth: UN
By IANS,
New Delhi : India is progressing well in education and showing consistency in economic growth but its progress is getting downplayed due to poor child health conditions, a new UN report has said.
“In recent years, India has made impressive progress towards enrolment in primary schools. Progress in child health indicators is less impressive. Bangladesh and Nepal with lower levels of income and economic growth, have outperformed India on this indicator,” said the Education for All (EFA) Global Monitoring Report of the Unesco.
Delhi earned over Rs.8,300 crore in taxes
By IANS,
New Delhi: The Delhi government earned Rs.8,394 crore from various taxes in the last eight months, an official statement said Thursday.
Delhi Chief Minister Sheila Dikshit reviewed the progress of tax revenue collection in 2009-2010. The meeting was also attended by state Finance Minister A.K. Walia and senior officials.
"A discussion took place to compare revenue collection during eight months of 2009-10 and eight months of financial year 2008-09. It was observed that there has been an overall increase of 3.4 percent in revenue collection," said the official communique.
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.
Sensex starts on a high
By IANS,
Mumbai : The benchmark index of the Indian stock markets started on a high Thursday, opening above its previous close and moving up further in the first few minutes.
The 30-share Sensex of the Bombay Stock Exchange opened at 16,686.38 points, above its closing figure of 16,677.04 points Wednesday. Within the first 15 minutes, it had risen further to 16,782.36 points, 105.32 points or 0.63 percent above its previous close.
Toonz celebrates World Animation Day
By IANS,
Thiruvananthapuram : Toonz Animation, the training division of the city-based Toonz Animation India Pvt Ltd, Tuesday celebrated the seventh International Animation Day (IAD) with the children of Trivandrum International School here.
Toonz Animation director (special projects) Prosenjith Ganguly led a two-hour interactive workshop with the children, aimed at familiarising them with the world of animation.
"Animation is more of fun and therefore when you teach animation, you need to bank on the fun element," Ganguly said.
UAE plans strategic food reserves(Gulf Business Capsule)
By IANS,
Dubai : The United Arab Emirates (UAE) is working on a national strategy to build substantial food reserves to cope with rising food prices across the world.
As part of this move, the Ministry of Economy has signed agreements with major retailers in the country to maintain the prices of 2007 for basic commodities.
Kamal Nath to lead Indian delegation to Davos summit
By IANS,
New Delhi : Commerce Minister Kamal Nath will head this year's Indian delegation to the World Economic Forum's (WEF) five-day annual meeting at Davos in Switzerland from Jan 28 that comes against the backdrop of one of the worst global financial crises in decades.
The event, in the Alpine settings of the snow-clad ski resort, will see the participation of some 2,500 delegates from 96 countries, who will also get a chance to hear nearly 40 heads of states and government.
US markets plunge, S&P 500 sinks to 11-year low
By DPA,
Washington : US stocks plunged Thursday, with the broadbased Standard & Poor's 500 Index losing 6.7 percent to close at its lowest point since 1997 and economic indicators signalling a recession.
The S&P 500 has dropped 49 percent this year and is poised for its worst annual decline in its 80-year history.
India: gold rises for fourth day on increased “Akshay Tritiya” seasonal demand
By NNN-PTI,
New Delhi : Gold prices today rose by Rs 35 to Rs 11,855 per 10 gram for the fourth straight day in the bullion market here today on scattered buying by retail customers.
Marketmen said, trading sentiment remained firm following small buying activities for the festival of 'Akshay Tritiya', an auspicious occasion in Hindu mythology for buying bullion. The gold in the last four trading sessions gained Rs 370 per 10 gram.
The market even discounted reports of a steep fall in gold prices in the overseas markets, which normally set price band in domestic markets, they added.
Jaitley set to present national budget for 2016-17
New Delhi : Finance Minister Arun Jaitley was set to present India's national budget for the next fiscal in the Lok Sabha on Monday...
Gulf no longer an el dorado for Indian workers?
By IANS
Dubai : India's economic boom has made the Gulf less of an el dorado for its workers who used to earlier flock there for jobs, say company heads in the region.
At a function in Qatar's capital Doha to celebrate the 60th anniversary of India's independence, employers said that though they were extremely happy for India the economic expansion did pose a problem in getting skilled workers, the Gulf Times said in a report.
Global carbon market grows 80 percent
By Joydeep Gupta, IANS
New Delhi : The global carbon market grew by 80 percent in 2007, says a report by Point Carbon, a firm that analyses the international trade that has developed in an effort to address climate change. India has become the largest beneficiary of the trend since 2006.
Government unlikely to ban futures trading in food items
By IANS,
New Delhi : Agriculture Minister Sharad Pawar Wednesday hinted that the government was unlikely to "ban or discourage" futures trading in food commodities in the country.
"It was a conscious decision of the previous government to have futures trading, and should be strengthened. It is being maintained even in the current regime," said Pawar.
Asked if the government was considering withdrawal of the ban on futures trading in commodities like soya oil and potatoes, Pawar said there was currently no move in that direction.
Wipro goes green with eco-friendly desktops, laptops
By IANS
Bangalore : Wipro Infotech, the IT business unit of India's Wipro Ltd with presence in the Middle East and Asia-Pacific, Thursday rolled out an eco-friendly range of desktops and laptops that aim at reducing the e-waste in the environment.
GDP numbers help Sensex pares losses
By IANS,
Mumbai : A benchmark index for Indian equities recouped some of its intra-day losses to close 61 points lower on a day when bourses globally saw a sell-off.
Investor confidence dipped on the state of the economic recovery in the US and other developed economies. India too was not far behind, tracking the global selling spree.
Positive growth data, however, helped soothe sentiments. As per official data, the country's gross domestic product expanded 8.8 percent in the April-June quarter, helped by domestic demand.
Jharkhand denies BJP MP’s claim on power project
Ranchi : The Jharkhand government on Monday denied Bharatiya Janata Party MP Nishikant Dubey's claim that the Adani GHroup had decided to withdraw from...
Reliance and Tata to buy Himachal peaches
By IANS
Shimla : Private sector companies are showing interest in buying fruits directly from farmers in Himachal Pradesh. After the Adani group, Reliance Retail and Tata Chemicals will also buy peaches grown in the Rajgarh region of the state.
Company sources of Reliance Retail and Tata Chemicals say they have sent teams of experts and officials to carry out surveys in the "peach valley", which falls in the Rajgarh region of Solan district.
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