Himachal Pradesh favours agency to develop Himalayan states

By IANS, Shimla : Himachal Pradesh Chief Minister Prem Kumar Dhumal wants an agency that will ensure development of states in the Himalayan region. "The Himalayan region is facing complex problems - from Naxalism and terrorism to global warming - and these need a joint mechanism and united efforts to be solved," Dhumal told the state-owned All India Radio in an interview that will be broadcast Thursday.

Developing world could beat economic crisis: IMF

By DPA Washington : Developing countries are well placed to weather the current economic crisis despite growth in the US coming to a virtual halt, according to a report by the International Monetary Fund (IMF) Thursday. The IMF also said industrial nations with more developed mortgage and financial markets have been struck harder by a correction in housing prices than poorer countries, where fewer people have access to credit.

Unregulated arms trade diverts development resources: Oxfam

By DPA, New York : Many poor countries are saddled with defence debts that obstruct efforts to develop their economies and end poverty, Britain's largest aid charity Oxfam International has said. In a report released at United Nations headquarters in New York, the group cited South Africa as a typical case, as it has to pay $530 million a year until 2011 on defence expenditures related to weapon purchases. At the same time, South Africa would need $425 million a year to pay for free water for its population.

Government urged to take steps against fall of rupee

By IANS, Kolkata : The central government should not allow the rupee to fall further and go below the level it has reached now, a top official of a Delhi-based economic think-tank, said here Tuesday. "The government should take indirect measures to arrest further fall (of rupee)," Rajiv Kumar, director and chief executive of the Indian Council of Research in International Economic Relations (Icrier) said.

Sterlite Ind posts Rs.11.51 billion net profit

By IANS, Mumbai : Anil Agarwal promoted Sterlite Industries India Ltd has posted a consolidated net profit of Rs.11.51 billion during the first quarter this fiscal, marginally up from the Rs.11.42 billion that the company earned in the comparable period last fiscal, a company statement said Monday. For the quarter ending June, total income decreased to Rs.61.72 billion from Rs.64.89 billion in the corresponding quarter last year, the regulatory statement said.

Indian equity markets end losing streak

By IANS Mumbai : The Indian equity markets Tuesday ended their two-day losing streak, mirroring strong global cues and ended the day in green. The markets that started with a modest cut, recovered by mid session and ended the day on a gaining side. Realty, public sector undertaking (PSU) and capital goods led the upward march. The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex) opened at 15,778.27 points and notched a high of 16,168.13 before closing at 16,123.15 points. It went up by 199.43 points at the day's close or 1.25 percent.

Hyundai launches Accent model to run on cooking gas

By IANS, New Delhi : Hyundai Motors Thursday launched an LPG variant of its popular mid-sized sedan Accent, complementing the existing petrol, diesel and CNG variants already available. Dubbed the 'Accent eco', the car with a bi-fuel capability will be available for Rs.533,390 ex-showroom in Delhi, about Rs.35,000 costlier than the petrol variant. "The LPG version will only add to the appeal of the Accent, as it will not only be cheaper to run and maintain but is also eco-friendly," said managing director H.S. Lheem.

Nabard to expand farmer financing through self-help groups

By IANS, Kolkata : The National Bank for Agriculture and Rural Development (Nabard) will expand its pilot project for agricultural financing through self-help groups (SHG) this year, a top company official said here Tuesday. The pilot project would be launched in five to seven states, Nabard chairman and managing director Umesh Chandra Sarangi told reporters on the sidelines of the ongoing banking conclave in the city. It has already launched the project in Andhra Pradesh, where the SHGs are called Raitu Mitra groups.

UAE guarantees deposits for three years to insulate economy

By IANS, Dubai : In a measure to insulate its economy against the global market crisis, the United Arab Emirates (UAE) has said it will guarantee deposits in all national banks and interbank lending operations within the country for a period of three years. The guarantee of deposits in the national banks would also include foreign banks which have significant operations in the UAE, the official WAM news agency quoted a ministry of finance release as stating.

Shipping resumes from Haldia jetty after accident

By IANS, Kolkata : The main jetty at West Bengal's Haldia port - the fifth largest in India - which had been damaged as a ship collided into it last Friday, has been repaired to the extent that operations have resumed, officials said here. The Directorate General of Shipping in Mumbai has ordered a probe into the accident and the ship, Jagat Pragati, has been held up at Sagar Island on the mouth of the Ganges while port officials consider the damages it will have to pay. The probe is being carried out by the principal officer, Mercantile Marine Department, Kolkata.

Tube Investments enters electric bike segment

By IANS, Chennai : Tube Investments of India (TI), a Rs.17.82-billion multi-product company, entered the nascent electric scooter market with its subsidiary BSA Motors launching five models here Monday. "BSA Motors will invest around Rs.200 million into this business, and we hope to sell around 10,000 units this fiscal and 60,000 units the next year," Arun Alagappan, senior vice-president, told reporters at the launch function. The two-wheeler plant has the capacity to roll out 150 units a day, which can be ramped up to 300 units, Alagappan said.

Wipro projects $1.33 bn from IT business in Q3

By IANS, Bangalore : Wipro Ltd Friday projected $1.33 billion from its global IT services business in the third quarter (October-December) of fiscal 2010-11.

RBI for more open market operations

By IANS, Chennai : India's central bank is open to more open market operations to address the issue of liquidity, said a senior official Monday.

Diwali with a Chinese flavour this year

By IANS New Delhi : From Chinese crackers decorating the shelves of firecracker shops to Feng Shui stores selling idols of goddess Lakshmi and Ganesha, Diwali -- one of India's biggest Hindu festivals -- has been generously sprinkled with Chinese flavours this year. Kriti creations, a shop in south Delhi's Khan Market, is a typical Feng Shui shop. But idols of goddess Lakshmi - the Hindu goddess of wealth and prosperity who is worshipped during Diwali - sit pretty on the shelves of the store.

Japanese firm to design Dubai’s new $95-bn city

By IANS, Dubai : Japanese architectural firm Nikken Sekkei has bagged the contract to design a new 350-billion dirham ($95.3-billion) city to come up within the emirate of Dubai in the United Arab Emirates (UAE). Meraas Development, the Dubai-based developer owned by the Dubai government, awarded the contract to design the proposed Jumeira Gardens to the Japanese firm at the ongoing Cityscape 2008 real estate exhibition here.

Pakistan faces bankruptcy with $3bn forex reserves: report

By IANS, London : Pakistan's foreign exchange reserves are on the brink at a mere $3 billion - enough to buy only a month's supply of oil and food, a newspaper reported Tuesday. The Daily Telegraph said that on paper the country's central bank holds $8.14 billion of foreign currency, but if forward liabilities are included, the real reserves may be only $3 billion. It said Pakistan had $16 billion of foreign exchange nine months ago, but high oil prices "have combined with endemic corruption and mismanagement to inflict huge damage on the economy".

Key Indian market index drops on choppy trades

By IANS Mumbai : Markets in India failed to maintain the rising momentum despite opening on a firm note Monday, with the benchmark index slipping into the red at close of trade The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 20,918.23 points, up 0.45 percent and touched the high of 20,985.62, up 0.79 percent. On profit bookings at a higher level, it reacted and marked a low of 20,661.90 before ending with a fall of 99.40 points, down 0.48 percent at 20,728.05 points.

Markets stay in the red as global cues weaken

By IANS, Mumbai : Losses in the US and European markets and weak sentiments in other Asian bourses kept Indian equities markets in the red till about noon Wednesday, with a key index ruling 1.49 percent lower than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 9,503.68 points, 1.49 percent or 143.79 points lower than Tuesday's close. It had opened at 9,462.14 points, lower than its last close of 9,647.47-points.

Bhutan to export oranges to Bangladesh via northeast India

By IANS, Shillong : Bhutan will export oranges and other horticultural products to Bangladesh through India's northeastern states, officials said here Saturday. "The first consignment of oranges would be exported to Sylhet in Bangladesh soon through the Dawki land customs station in Meghalaya," a senior Meghalaya government official said. "New Delhi has recently agreed to a Bhutan government proposal to carry out the export to Bangladesh through the northeastern states."

About $27 million Japanese aid for MP oilseeds scheme

By Pervez Bari, TwoCircles.net

Bhopal: The International Cooperative Agency of Japan has sanctioned Rs 108 crore (about $27 million) special scheme for raising pulses and oilseeds productivity in Bundelkhand region of central Indian state of Madhya Pradesh.

According to Agriculture and Cooperative Minister Gopal Bhargava the five-year scheme will be implemented in 37 million hectare in Bundelkhand's six districts - Sagar, Damoh, Panna, Tikamgarh, Chhatarpur and Datia.

India now second biggest exporter to the UAE

By IANS, Dubai : India has become the second biggest exporter to the United Arab Emirates (UAE) after China, following a sharp drop in the value of the US dollar-pegged local currency, the dirham. India has come to the second position for the first time after the creation of the UAE 37 years ago, the Emirates Business 24-7 newspaper reported, citing figures issued by the government-controlled Emirates Industrial Bank (EIB).

US service sector grows in June

By IANS, Washington: The US non-manufacturing sector expanded for the 30th straight month in June, but at a slower pace, a survey revealed Thursday.

Sensex closes 50 points higher

By IANS, Mumbai : A benchmark index for Indian equities markets closed Tuesday with marginal gains on a range bound trading day.

COAI thumps DoT again on frequency allocation issue

By IANS New Delhi : Even as the Department of Telecommunications (DoT) is gearing itself to issue telecom licenses and radio frequencies or spectrum to nine operators, the GSM cellular forum has shot a strongly worded letter expressing its discontent. According to industry sources, Communications and IT Minister A. Raja is all set to sign license agreements with the nine telecom operators - Unitech, Datacom, Tatas, Idea Cellular, Spice Telecom, S Tel and Shyam Telelink - which had received the letter of intent (LoI) last month.

HCL Infosystems to sell arm to Tikona

By IANS, New Delhi : HCL Infosystems Wednesday said it will sell the entire stake of its subsidiary HCL Infinet to Tikona Digital Networks.

Government approves printing plastic notes

New Delhi, (IANS): The Reserve Bank of India (RBI) has been authorised to conduct field trials for printing plastic Rs 10 denomination notes which...

India will catch up with the best of West: Chidambaram

By Dipankar De Sarkar, IANS Davos : India will catch up with the West and take its place alongside "the best" in the world but it's not going to happen overnight, Finance Minister P. Chidambaram told an audience of young people at the World Economic Forum. "I see a shift but I don't think it's going to be a dramatic shift or over a short time. China and India have some way to go before we catch up, but we will catch up and we will take our place," Chidambaram said at panel discussion televised live by BBC Television in this Swiss town.

Acer readies notebooks with Ferrari design

By DPA

Ahrensburg (Germany) : Two new laptop series from Acer will offer customers fast performance and even a look inspired by the Ferrari racing car.

Hyundai December sales up 22.6 percent

By IANS, New Delhi : Car major Hyundai Motor sold 22.6 percent more vehicles in December 2009, compared to the like month of previous year, the company said in a statement Friday. Total sales for December stood at 47,217 units as against 38,502 units in the previous corresponding period. Sales in India alone accounted for 22,252 units as against 15,602 units in December, 2008. Exports grew 9 percent to 4,965 units in the month under review.

India’s demonetisation scheme has given rise to frustration and anger

By Amjad suri for TwoCircles.net Indian prime minister has a penchant for playing political master-stroke. His sudden impromptu decision on demonetizing old currency...

Budget gives fillip to R&D in science

By IANS, New Delhi : Research and development (R&D) programmes in science and technology were in focus in the union budget presented Monday, with special emphasis on nano technology and earth and atmospheric sciences. The government has allocated Rs.577 crore (Rs.5.77 million) for research and development programmes in emerging areas of science and technology, Finance Minister Pranab Mukherjee said in parliament. Overall, science and technology has been allocated Rs.2,133 crore.

Mumbai dabbawala shares secret of success with Dubai accountants

By Aroonim Bhuyan, IANS, Dubai : Forget about the coding system that Mumbai's dabbawalas use to transport lunch boxes from homes to offices or the six-sigma and ISO certificates they have. The men who ensure workers in India's financial capital get their food on time credit their success to simple principles: stick to time and work is worship.

Sensex closes 78 points down

By IANS, Mumbai : The Indian equities market closed in red. The 30-share benchmark of the Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 14,681.14 points, touched a low of 14,600.65 points before closing at 14,645.66 points. It went down by 78.52 points or 0.53 percent at the day's close. The National Stock Exchange (NSE) S & P Nifty, which opened at 4,430.70 points, closed at 4,393.05 points. It went down by 37.65 points or 0.85 percent.

Tata Steel sees domestic demand growth this fiscal

By IANS, Kolkata : Despite the present global economic slowdown, the country's largest steel producer Tata Steel expects 4-5 percent growth in domestic demand in 2009-10, a top company official said here Friday. "Impact of global recession is much less in India. We plan to produce and sell 20 percent more in the current year from our Indian operations," company managing director B. Muthuraman said. Tata Steel witnessed an 11 percent jump in saleable steel production to 5.3 million tonnes in 2008-09, as against 4.8 million tonnes the previous year.

Tata Steel garners Rs.20 bn through NCDs

By IANS, Mumbai : India's metal major Tata Steel Ltd has raised Rs.20 billion through private placement of redeemable non-convertible debentures (NCDs) as part of its long-term financing plans. The NCD issue opened Monday with an initial size of Rs.7.5 billion and closed the next day. The deemed date of allotment for the NCDs, each with a face value of Rs.1 million issue at par, was Wednesday.

Foograin output to be 250 million tonnes: Mukherjee

By IANS, New Delhi : India is expected to produce more than 250 million tonnes of foodgrain this fiscal, President Pranab Mukherjee said Thursday.

Consumers do not always buy what they really want

By IANS, Washington : Consumers do not end up always buying the product they really want, especially when their minds are preoccupied with other tasks, according to a new study. The research, conducted by Aimee Drolet of the University of California Los Angeles (UCLA), Mary Frances Luce (Duke University) and Itamar Simonson (Stanford University) identified two factors that can lead consumers to use shortcuts (heuristics) when they make product choices.

CII India Business Forum launched in China

By IANS, New Delhi : The Confederation of Indian Industry (CII) Thursday launched an India Business Forum (IBF) in China, a lobby to promote bilateral trade and economic cooperation between the two countries. The IBF will act as a forum for promoting India-China trade through collective and consensual approach and will also work with the Indian embassy in Beijing and others towards "building brand India", the CII said in a statement released here.

Minister wants airfares cut, airlines unwilling

By IANS, New Delhi : Civil Aviation Minister Praful Patel Saturday asked domestic airlines to cut fares as fuel prices had come down successively, but his suggestion was not well received by carriers like Jet Airways. "Now fuel prices have come down. You must match it with the perception or else you'll lose the people's sympathy," Patel told the HT Leadership Summit, flanked by Jet Airways chairman Naresh Goyal and Kingsisher Airlines chief Vijay Mallya.

Violence in Andhra as Kapus launch stir for quota

Visakhapatnam: Violence broke out in Andhra Pradesh's East Godavari district on Sunday as thousands of protestors from Kapu caste set afire a train and...

1,000 products to debut at China electronic fair

By IANS, Beijing : More than 1,000 new electronic products will be launched at the International Consumer Electronics Show (SINOCES) to be held in China July 8-11, organisers have said. Up to 500 electronic goods manufacturers, including IT giants Microsoft, Intel, and Canon, will participate in the Asia's largest technology fair. The event in the east China's Qingdao city will witness a 10 percent increase in the number of vendors as compared to last year, Xinhua reported.

Indian basmati set to enter China, Mexico

By Rajeev Ranjan Roy, IANS, New Delhi : Indian basmati rice will shortly enter the kitchens in China and Mexico. At present, basmati is exported to over 130 countries, and the government hopes to tap the huge markets of China and Mexico in a couple of years. "India's export of basmati is increasing 20 to 30 percent every year," said A.K. Gupta, advisor, Agricultural and Processed Food Products Export Development Authority (APEDA), India's official agri-product export promotion agency.

Technopark firm renamed UST Global

By IANS Thiruvananthapuram : US Technology International Pvt Ltd, a California-based IT firm that has its Indian headquarters in Technopark here, will now be known as UST Global. In a statement to the press issued here Monday by Dan Gupta, chairman and CEO of UST Global, the company said that this reflects the company's mission to bring new standards of best offshore IT sourcing and delivery services to enterprises throughout the global marketplace.

Faurecia to build car seats near Delhi

By IANS Chennai : Aiming to cash in on the explosive growth of the Indian automobile industry, Bangalore-based Faurecia Automotive Seating India Private Limited (FASI), a wholly owned subsidiary of euro 11.6 billion French auto component group Faurecia, is considering a seating mechanisms plant near New Delhi. The plant would primarily cater to the needs of Swift, SX4 and two new models of Maruti Suzuki India Limited.

Sensex opens weak, down 51 points in early trade

By IANS, Mumbai : A key Indian equities index opened weak Friday and was ruling about 51 points lower, within five minutes of trade. The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 16,855.91 points and was ruling at 16,842.72 points, down 51.53 points or 0.31 percent from its previous close at 16,894.25 points, within five minutes of trade. Around the same time, at the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,024.1 points, against the previous close at 5,041.75 points, a loss of 0.35 percent.

Economic highlights of UPA’s second tenure

By IANS, New Delhi : The following are the economic highlights of the United Progressive Alliance (UPA) government's second tenure under Prime Minister Manmohan Singh, as spelt out in the 68-page "Report to the People" released here Tuesday: - Clear signs of recovery, upturn in growth rate - Foreign investment inflows robust - New draft unveiled to replace 60-year-old income tax act - India now third largest steel producer - Record capacity created for electricity generation - New thrust to spruce road and highway infrastructure

Economy to grow at six percent at least: Kamath

By IANS, New Delhi : Although the mood of the Indian industry is gloomy due to the global downturn, the Indian economy, powered by strong domestic fundamentals, will grow at least at six percent this fiscal, ICICI Bank chairman K.V. Kamath said here Sunday. "I am the first one to concede that there is a change of mood to the other end of the spectrum," Kamath, who is also the president of Confederation of Indian Industry (CII), told reporters on the sidelines of the World Economic Forum-India Economic Summit.

Abu Dhabi to host Middle East aviation summit

By IANS Abu Dhabi : The capital of the United Arab Emirates (UAE) will host the first Middle East Aviation Outlook Summit Feb 27-28 next year, the Centre for Asia Pacific Aviation (CAPA) has announced. The summit, to be attended by more than 250 industry leaders and ministers from the Gulf countries, will discuss the growing influence of the Middle East on global aviation and tourism, WAM news agency reported Sunday.

Japan’s Mitsui to build USD 1.3 billion power and desalination plant in Kuwait

By NNN-KUNA

Tokyo : Japan's second-biggest trading house Mitsui Co has said it has won a USD 1.3 billion order from the Kuwait government to build a power and desalination plant at Shuaiba, about 50 km south of Kuwait City.

Mitsui has received an unofficial notice from Kuwait's Ministry of Electricity and Water, the firm said in a statement, adding that a formal agreement will be sealed in July, with the facility slated to go into operation as early as 2010. The project is one of Mitsui's largest infrastructure orders in the Middle East.

MTN bid speculation incorrect, says Bharti Airtel

By IANS, New Delhi : India's Bharti Airtel Tuesday denied any move for takeover of South African mobile network company MTN, terming media speculation on the matter as "incorrect and misleading". "Bharti would like to clarify that it has not made any offer to acquire the whole or part of MTN. Therefore, the speculation around a bid by Bharti in a section of the media is incorrect and misleading," Airtel said in a statement here Tuesday.

Bangladesh top denim supplier to Europe

By Xinhua Dhaka : Bangladesh emerged as the largest supplier of denim clothes to Europe, commanding 27 percent market share during the first half of 2006, local newspaper The Financial Express reported Wednesday. Among the new textile items, denim fabrics and jackets are gradually becoming the flagship products for the local exporters. Industry insiders said during the last four years, production of denim has increased from 28 million metre per year to 200 million metre in 2006.

India, Pakistan cement trade ties over tea

By IANS

New Delhi : India and Pakistan Wednesday decided to expand their trade basket to include cement and tea and to open bank branches in each other's country - key steps that are likely to help them achieve an ambitious trade target of $10 billion by 2010.

India also agreed to address trade imbalance by offering to relax its import regime for 20 Pakistani products and asked Pakistan to identify the products of export interest.

Piaggio to set up two-wheeler plant near Pune

Mumbai, Jan 22 (IANS) Italian auto major Piaggio group is planning to produce two-wheelers in India by 2010 through its wholly owned subsidiary, Piaggio India. The firm already has a unit in Baramati near Pune to produce load-carrying three and four-wheelers. It is planning to set up the two-wheeler factory nearby. "We have acquired land near our Baramati factory to set up the two-wheeler plant," said Piaggio chairman Roberto Colaninno here Tuesday. Besides, the group will invest up to 65 million euros ($94 million) for developing engines.

Advocacy group set up in Kashmir to educate people about Islamic Banking

By Raqib Hameed Naik, TwoCircles.net Srinagar: Mehboob Makhdoomi, an expert on Islamic Banking and alumnus of Harvard and Pennsylvania University, has...

Orissa rural management students beat downturn

By IANS, Bhubaneswar : Despite a virtual freeze on recruitment across industries, the city-based Xavier Institute of Management has achieved 100 percent placement of its rural management students with some top corporates like the Tatas, Monsanto and Deloitte handing them appointment letters. All the 59 students of the post-graduate diploma in rural management have been placed in various organisations even before the course ends in the middle of March, said Niraj Kumar, a member of the institute's placement committee.

Cater regional, national cuisines on trains: Banerjee

By IANS, New Delhi : Railway Minister Mamata Banerjee, presenting the rail budget for 2009-10 in parliament Friday, said all railway zones have been instructed to ensure availability of 'Janata Khana' - national and regional cuisines - on trains. "National and regional cuisines will be introduced and priority would be given to provision of good quality food, drinking water and toilet facilities and ensure cleanliness on trains and stations," Banerjee said.

OPEC ready for more output cuts to boost oil prices

By IANS, Vienna : The Organisation of the Petroleum Exporting Countries (OPEC) would further reduce output if oil prices remain low, a top official of the Vienna-based cartel has said. OPEC Secretary General Abdullah al-Badri made the remarks at the annual meeting of the World Economic Forum in Davos Friday, IRNA reported. Al-Badri expressed hope that the global oil demand would pick up by the end of this year or beginning next year.

BlackBerry dispute leaves Indian users confused

By Priyanka Sahay, IANS, New Delhi : Yamini Panth, 24, was hoping to buy a BlackBerry phone with her first salary. A part of computer major Dell's corporate communications team, she saw in the device all the services she needed -- e-mail, messenger, SMS and voice. Now she is confused like many others, after the government set Aug 31 as the deadline to access the security features of this smathphone, developed by Canadian Company Research in Motion, from those offering its services in the country.

Oil firms to review prices Feb 15

By IANS, Kolkata : State-run oil companies will review fuel prices Friday and consult on a probable price hike, Indian Oil Corporation chairman R.S. Butola said Thursday.

Global cues to guide Indian equities over the next week

By Vatsal Srivastava, Prior to the finance minister’s budget speech, Currency Corner had argued that Indian equities are all set for a short-term correction irrespective of what Arun Jaitley delivers on the reform front. Markets have had an almost parabolic up move since April and profit booking around these price levels was inevitable. Markets still look overbought as current valuations are pricing in a substantial earnings upgrade in coming quarters. However, one can look at adding quality mid-cap and small-cap names as well as PSU banks which have witnessed a deep correction due to their higher betas in the last week while the Nifty has just fallen only a couple of percentage points.

Wipro projects $955 million from IT revenue in Q4

By IANS Bangalore : Wipro Ltd. has projected $955 million revenue from its global IT services and products business for the fourth quarter (January-March) of this fiscal (2007-08) under the US accounting system (US GAAP). In a notification to the stock exchanges here Friday, the IT bellwether said the guidance for Q4 was based on the robust performance of its flagship division during the third quarter (October-December 2007) when the projected revenue of $95 million was exceeded by $5.1 million to $910 million under the US GAAP.

India’s inflation rate marginally up at 0.57 percent

By IANS, New Delhi : India's annual rate of inflation inched up to 0.57 percent for the week ended April 18 from 0.26 percent the week before, official data showed Thursday. Among the three main commodity groups, the indices for manufactured products and primary articles rose 0.3 percent and 1.7 percent, respectively. The index for fuel, power, light and lubricants rose 0.1 percent to 323 (provisional) from 322.6 (provisional) for the previous week due to higher prices of aviation turbine fuel (8 percent) and furnace oil (2 percent).

Tripura Left Front protests fuel price hike

By IANS, Agartala : Tripura Chief Minister Manik Sarkar Thursday demanded that the central government immediately withdraw the hike in petrol and diesel prices while the ruling Communist Party of India-Marxist (CPI-M) announced mass demonstrations Friday to protest the hike. Petroleum Minister Murli Deora Wednesday announced a hike of Rs.4 per litre for petrol and of Rs.2 for diesel. "Was petroleum price hike in Prime Minister Manmohan Singh's 100-day programme?" asked Sarkar, who is also a CPI-M politburo member.

Mamata demands withdrawal of fuel price hike

By IANS, Kolkata : West Bengal Chief Minister Mamata Banerjee Wednesday threatened to hit the streets if the centre did not withdraw its decision to hike petrol and diesel prices.

Sensex rebounds, closes 97 points higher

By IANS, Mumbai : A late buying spree Thursday helped a benchmark index of Indian equities end trade above the 20,000 mark and 97 points higher than its previous close.

Indian, BlackBerry officials to meet again

By IANS New Delhi : Indian telecom officials and the makers of BlackBerry will meet again April 15 to discuss security concerns raised here over the services provided by the company, an official said Thursday. The Department of Telecommunications (DoT) official said after Thursday's meeting lasting several hours that "the talks turned out to be somewhat successful and all the stakeholders have decided to meet again" next week.

Online advertising market to touch Rs.3,575 crore by March 2015: Report

New Delhi : With the rise in advertisement spending by the e-commerce, telecom, fast moving consumer goods and consumer durables sectors in India, the...

‘India will protect interests of its auto industry’

By IANS New Delhi : India must protect the interests of its auto industry from the impact of free trade pacts with other countries that allow imports at zero or reduced tariff, Heavy Industry Minister Sontosh Mohan Dev said Thursday. "We have to see that a lot of free trade agreements that are being signed by India should not stand in the growth path of our automobile industry, as it is only 15-year-old," Dev told the inaugural event of Auto Expo 2008 here.

Russia to deliver ammunition worth $1 bn to India

By IANS, Moscow: Russia will deliver ammunition, including tank and artillery shells, worth $1 billion to India, a media report said.

Andhra Pradesh ready for CBI probe into Satyam fraud: YSR

By IANS, Hyderabad : Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Wednesday wrote to Prime Minister Manmohan Singh, saying that his government had no problems with the Central Bureau of Investigation (CBI) taking over the investigations into the Rs.70 billion (Rs.7,000 crore) fraud in Satyam Computer Services. "Our government would welcome the CBI taking over the case, if deemed appropriate," the chief minister wrote in the letter, copies of which were released to the media.

Indian benchmark index rises to record high

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

Sensex slips into the red

By IANS, Mumbai : All round selling saw a benchmark index of Indian equities falling into the red Monday, although broader market indices maintained to hold on to early gains.

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.

Sundaram BNP Paribas enters Gulf market

By IANS, Dubai : Leading Indian equity fund manager Sundaram BNP Paribas Asset Management has entered the Gulf region, offering Gulf Cooperation Council (GCC) customers access to its products in the Indian market. “Thanks to our partners in India, one of the top 10 equity fund managers, Sundaram BNP Paribas Asset Management, we offer our clients unique opportunities to access the Indian market,” Muneer Fulayfil, director for Middle East and Africa of BNP Paribas Investment Partners (BNPP IP), said in a statement here Saturday.

Hospitality, travel sectors will suffer in short term: Industry

By IANS, New Delhi : The meltdown-hit travel trade and hospitality industry will have to weather another storm, thanks to the terrorists's siege of two hotels in Mumbai since Wednesday night. But industry watchers and captains predict that it will only be a short-term assault on business.

Hong Kong shares surge on stimulus moves

By DPA, Hong Kong : The benchmark Hang Seng index surged 8.66 percent Monday to its highest level in seven weeks amid investor confidence of stimulus moves by China and the United States. Turnover topped 63.87 billion Hong Kong dollars ($8.19 billion), following Friday's turnover of 37.3 billion Hong Kong dollars. Among the biggest gainers was Cosco Pacific, the Chinese ports operator, which surged 22.8 percent to close at 7 Hong Kong dollars. Local property company Henderson Land closed at 28 Hong Kong dollars, a 16.18 percent increase on the day.

China hails economic dialogue with US

By Xinhua Beijing : Chinese Vice Premier Wu Yi Thursday hailed the outcome of the third US-China Strategic Economic Dialogue (SED) as an important driver of the trade relations of the two countries. Addressing a press conference at the end of the economic meet, Wu said the dialogue was "of strategic meaning, mutually beneficial and is bound to exert important influence on future business and trade ties between China and the US". He said that agreements were reached on food safety, environment, energy and investment.

Raj Television launches Tamil news channel

By IANS, Chennai : The Rs.550-million Raj Television Network Ltd Monday launched its first Tamil news channel, called Raj News 24x7. The channel will cover stock market, business, current affairs, health, food, education and other subjects, said Raj Television director M. Raveendran. "We feel there is scope for another news channel.” The Rs.50-million free-to-air news channel will be the company's fourth after Raj TV, Raj Digital Plus and Raj Musix.

Indian shares soar on inflation drop, US rate cut

By IANS Mumbai : Bulls were on the rampage on Indian bourses during the week ended Friday, buoyed by a sharp fall in inflation rate to five-year highs and the lowering of interest rates announced by the US Fed. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) saluted the developments with a whopping 960-point rise, or as much as 6.16 percent, to close at 16,564.23 points, over previous week's close at 15,603.80 points.

ADB’s $60 mn loan to improve J&K’s urban infra

New Delhi : The government Tuesday signed an agreement with Asian Development Bank (ADB) for a $60 million loan to improve urban services, including...

Ecuador’s oil exports up almost 74 percent

By IANS/EFE, Quito : Ecuador's oil exports rose almost 74 percent in the first half of 2010 compared to the same period last year, although that increase was due entirely to higher prices, the Central Bank said. Between January and June, the value of the country's oil exports totalled almost $4.67 billion, up from $2.68 billion for the first six months of 2009, when international demand plunged amid the global recession. A total of 73,600 tonnes of oil was shipped out of Ecuador in the first six months of 2010, down 0.5 percent from the same period of last year.

Etihad voted airline with best first class

By IANS Abu Dhabi : Etihad Airways has been voted the "airline with best first class service in the world" by the readers of the monthly consumer magazine, Business Traveller USA, news agency WAM reported Monday. The magazine's "Best in Business Travel" award is based on a comprehensive survey of readers' opinion about airlines, hotels, cruise lines, car rental firms, and other travel services.

China may become world’s top exporter

By IANS, Beijing : China may overtake Germany to become the world's largest exporter though its exports in 2009 had fallen 13.9 percent from a year earlier, according to figures released Sunday by the General Administration of Customs (GAC). But Chinese experts and officials said the country was far from being a real trade power if measured by exports structure, technological innovation and industry competitiveness.

Maruti Suzuki net profit up 25 percent

By IANS, New Delhi: Automobile major Maruti Suzuki Thursday reported a 25.3 percent increase in net profits to Rs.583.5 crore for the quarter ended June 30 compared to Rs.465.9 crore it earned in the corresponding period the previous fiscal. Net sales grew 34 percent to Rs.6,340 crore in the quarter under review compared to the year-ago period. "Net profit growth was helped by an easing of commodity prices, sales mix moving in favour of higher end models and favourable foreign exchange realisations," the company said in a statement.

Bihar best for investment in agri industries: Mittal

By IANS Patna : Bihar is the best place to invest in agriculture and horticulture -based industries, said Confederation of Indian Industry (CII) president and Bharti group chairman and managing director Sunil Bharti Mittal here Wednesday. "I can say that Bihar is the best place for agriculture and horticulture based industries, there is plenty of potential for investment in this sector," Mittal said.

India’s Religare in tie-up with Bahrain bank

By IANS, Dubai : The Bank of Bahrain & Kuwait (BBK) has entered into an agreement with leading Indian financial group Religare to provide portfolio management services (PMS) to expatriate Indians in Bahrain and Kuwait. The agreement was signed between the Bahrain-based BBK and Religare at Manama, according to a BBK statement. "With Religare, we saw a window of opportunity for our NRI (non-resident Indian) relationships to be able to invest back home," said Ashish Sarkar, BBK's assistant general manager and head of PMS.

Oh dear! Lower inflation doesn’t mean lower prices

By Sanjay Singh and James Jose, IANS, New Delhi : Alpana Singh, a homemaker in north Delhi, should be rejoicing that India's annual rate of inflation has fallen to a six-year low. Instead, she is ruing that her household budget has hit the roof. If the galloping prices of groceries were not enough, she is having to face a double whammy - the fee charged by her daughter's school has been hiked by Rs.8,000 a quarter.

UN forecasts slower global growth in 2008

By Xinhua, United Nations : The world economic growth will drop steeply to 1.8 percent this year, from 3.8 percent in 2007, the UN said in a mid-year economic report. Growth in developing countries is expected to reach five percent, as compared to a robust 7.3 percent in 2007, and is projected to decline further to 4.8 percent in 2009, the report said Thursday. If monetary and fiscal stimuli recently instituted in the US take hold, the world is likely to experience only a moderate slowdown, it added.

India Inc concerned as industrial output falls again

By IANS, New Delhi : Latest data on industrial output has left India Inc worried as the official index showed a two percent drop in December, after a small recovery the previous month, indicating that a demand slowdown continued in the economy. Data on the Index of Industrial Production (IIP) released Thursday also showed that the index for manufacturing, that has the maximum weight, fell 2.5 percent, versus 8.6 percent in the similar month of previous fiscal. Among other sectors, the index for electricity expanded one percent, while that for mining was up one percent.

Sensex closes 112 points lower

By IANS, Mumbai : A benchmark index for Indian equities markets Wednesday closed 112 points lower as selling intensified in the last hour of trade.

Sensex pares early losses

By IANS, Mumbai : A benchmark index of Indian equities Wednesday moved up from opening lows, but was ruling flat about 30 minutes into trade.

Meet in Delhi against corporate retailing

By IANS New Delhi : Leaders of various political parties, including those from the Bharatiya Janata Party (BJP) and the Communist Party of India (CPI), will come together at a meeting here Wednesday to find ways to block entry of corporate houses into retail trading. The meeting will be hosted by the Confederation of All India Traders, said Praveen Khandelwal, the secretary general of the traders' body.

Focus on industrialisation of southern Tamil Nadu: Alagiri

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

Robust manufacturing spurs Indian machine tool industry growth

By Fakir Balaji, IANS Bangalore : Burgeoning growth in the manufacturing sector over the last four years has pitchforked the Indian machine tool industry into the global market. According to a study by Feedback Ventures for the Indian Machine Tool Manufacturers' Association (IMTMA), the boom in automobile and auto ancillary sectors has resulted in huge consumption of die-moulds and cutting tools, accounting for 50 percent of the total production last year.

India to log 236 mn mobile internet users by 2016: Report

New Delhi: India is projected to have 236 million mobile internet users by 2016, with the figure reaching 314 million by 2017, a report...

Indian IT industry bucks global recession to sustain growth

By IANS, New Delhi: The Indian IT industry managed to limit the impact of global recession last fiscal and maintain the growth momentum, albeit lower than that in the boom times, says tech publisher Dataquest. "Export firms did better in recession-hit developed markets than those whose business is limited to the Indian market," Dataquest editor Prasanto K. Roy said. Though the business of top 20 firms led by Indian IT bellwethers TCS, Infosys and Wipro, and multinationals such as HP and IBM, grew by an average 19 percent, seven of these posted single-digit revenue growth.

India, Qatar to ramp defence, economic, energy ties

By Aroonim Bhuyan, IANS, Doha : India and Qatar signed two deals on ramping their defence and security cooperation and discussed means to enhance their economic and energy ties during Prime Minister Manmohan Singh's visit here. The two agreements - one on security and law enforcement and another on defence cooperation - were signed Sunday evening after Singh's arrival here on the first visit by an Indian prime minister to this Gulf nation.

Andhra Pradesh mulls tax on software exports

By IANS

Hyderabad : The government of Andhra Pradesh, home to a number of software and BPO firms, is considering imposing sales tax on IT exports from the state, on the lines of neighbouring Karnataka and Tamil Nadu.

India finally allows FDI in multi-brand retail, aviation

By IANS, New Delhi : The UPA government Friday allowed 51 percent in foreign direct investment (FDI) in multi-brand retail, triggering outrage among some of its allies as well as the opposition.

India, Myanmar sign pact to avoid double taxation

By IANS New Delhi : India and Myanmar Thursday announced a double taxation avoidance agreement that will ensure both prevention of fiscal evasion by firms operating in the two countries and that incomes are taxed just once. Dividends at the five percent maximum and interest and royalties at 10 percent will be taxed both in the country of residence and in the country of source, an official statement said. But capital gains from the sale of shares would be only taxable in the country of source, the statement added.

Coimbatore gets first Adlabs cinema

By IANS, Mumbai : Adlabs Cinemas, part of the Reliance-Anil Dhirubhai Ambani Group, took over Tamil Nadu's prestigious K.G. Cinemas in Coimbatore and opened its first multi-screen property in the city. The four-screen cinema has been re-named K.G. Adlabs.

ONGC may consider stock split

By IANS New Delhi : Oil and Natural Gas Corp (ONGC) may split its stock and even consider a bonus issue to help a larger section of investors to buy its shares, company chairman R.S. Sharma said here Wednesday. "We will consider a bonus issue and also a share split at an appropriate time," Sharma told reporters here after a meeting with shareholders, who approved the highest-ever dividend of 310 percent for fiscal 2006-07.

India grows 8.6 percent in fourth quarter

By IANS, New Delhi : The Indian economy grew by 8.6 percent during the quarter ended March 31, lifting the annual gross domestic product (GDP) for 2009-10 to 7.4 percent, official data released Monday showed. And Finance Minister Pranab Mukherjee said he expected the growth momentum to continue and the economy would expand at 8.5 percent in the current financial year. The economy had registered a 6.1 percent growth in the first quarter, 7.9 percent in the second, but dropped to a modest 6 percent in the third.

Job guarantee scheme causes labour shortage in Kerala

By IANS Kozhikode : The National Rural Employment Guaranty Scheme (NREGS) has triggered scarcity of farm labourers in Wayanad district of Kerala causing consternation among farmers. The farmers say the scheme has also resulted in a steep rise in wages in the district, which is in the grip of an agrarian crisis.

Zimbabwe central bank knocks 10 zeroes off currency

By DPA, Harare : Zimbabwe's Reserve Bank governor Gideon Gono announced Wednesday the bank would knock 10 zeroes off the country's battered currency Aug 1 in a bid to prop up the nearly worthless money. "Ten billion (Zimbabwean) dollars today will be reduced to one dollar with effect from Aug 1," Gono said. Gono was flanked by President Robert Mugabe for the announcement here of the latest in a series of moves to devalue the currency in recent years by dropping zeroes.

Mixed opening for markets

By IANS, Mumbai : The Indian equities market opened mixed Monday. The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a loss of 148.24 points at 14,423.05 points. The S&P Nifty of National Stock Exchange opened at 4,351.15 points with a marginal gain of 3.60 points compared to its last close.

Amended notice to Reliance Industries on insider trading

By IANS, New Delhi : India's markets watchdog has issued an amended notice to Reliance Industries Ltd asking why it should not be barred from accessing the stock markets under rules governing fraudulent and unfair trade practices. The show cause notice has been issued in the matter relating to alleged insider trading in the shares of now defunct Reliance Petroleum, which had since merged with Reliance Industries, led by billionaire industrialist Mukesh Ambani.

‘Oral Me’ toothpaste raising eyebrows in Malaysia

By IANS Kuala Lumpur : Malaysians are debating whether Oral Me as a toothpaste brand name is sexually suggestive or not and the product is raising laughs as well as eyebrows in the country. Manufactured by a local company, Kulim, based in Kedah state, the marketing of the toothpaste has got the conservatives protesting, New Straits Times newspaper said Monday. Melissa Leong, 28, felt the brand name had a sexual connotation. "Manufacturers should think twice when naming their products," she said.

New board to monitor power projects soon: power minister

By IANS New Delhi : In an effort to ensure timely implementation of power projects in the country, a national board will be set up soon that will monitor their progress at all levels, Power Minister Sushilkumar Shinde said Thursday. "With 50,000 MW of power projects already under implementation, and the balance orders for 28,000 MW expected to be placed by year end, the target for next five years does not seem over-ambitious," Shinde told a power conference here.

Expert group’s report on fuel pricing by month-end

By IANS, New Delhi : An expert committee on fuel pricing, headed by eminent economist and former Planning Commission member Kirit Parikh, will submit its recommendations Jan 31. "I will give my report on January 31 concerning petroleum product pricing," Parikh told reporters Wednesday after a meeting of an expert group on low carbon economy, of which he is the chairman.

Nalco’s Q1 profit up by 125 percent

By IANS, Bhubaneswar : State-owned National Aluminium Company Limited (Nalco) Saturday announced a 125 percent rise in net profit at Rs.284 crore for the first quarter ending June 30. In the same quarter of the previous year, the company earned a profit of Rs.127 crore, the company said in a statement. The company has also reported a sales turnover of Rs.1,388 crore, an increase of 43 percent compared to Rs.970 crore achieved in the corresponding quarter of the previous year.

Pandit favourite for top job at Citigroup: NYT

By IANS New York : Indian American banker Vikram S. Pandit, who joined Citigroup seven months ago, appears to be emerging as the financial group's choice for a new chief executive over former Pakistan premier Shaukat Aziz, the New York Times has reported. As the group closes in on the final decision, the board appears to be leaning toward an insider, the Times said citing people briefed on the situation. And the inside candidate is Pandit, a former Morgan Stanley investment banker, they said.

Cades to build seating systems for German auto firm

By IANS Bangalore : Product design and engineering firm Cades would build seating systems for customers of C Rob Hammerstein (CRH), a leading German automotive firm, the city-based company said Friday. On Friday, both the companies signed a long-term pact at Auto Expo 2008 in New Delhi, Cades said in a statement released here. CRH makes seat structures, adjuster systems for seats, steering columns and variable interiors for global manufacturers of cars in the premium segment.

Southern African free trade zone to come up next year

By IANS Lusaka (Zambia) : The Southern African Development Community (SADC) has said that a free trade agreement (FTA) for the region will be concluded next year as scheduled. SADC Council of Ministers Chairperson Kabinga Pande said Saturday the SADC ministerial taskforce has already prepared a draft roadmap for a customs union as a first step toward establishing the free trade zone, according to the South African news agency BuaNews.

Britannia for major advertising campaign to promote brand name

By IANS, Chandigarh : After a gap of five years, leading biscuit maker Britannia is all set to launch an advertising campaign to promote its brand name on the electronic media next week. "We have not promoted Britannia brand as such in the last many years as we were only promoting our singular products like Tiger biscuits or Good Day biscuits," Britannia category director Anuradha Narasimhan told reporters here Monday evening.

Foreign trade policy to cut duties, generate employment

By IANS New Delhi : The annual review of the foreign trade policy (FTP) for 2008-09 would seek to further reduce import duties on essential items and generate employment, Commerce and Industry Minister Kamal Nath said Monday. "We are looking at sectors (in the FTP) where there can be a quantum jump. The FTP would also seek to generate employment," Kamal Nath said on the sidelines of a book launch here.

Ficci wants rich nations to cut farm subsidies

By IANS, New Delhi : Apex industry forum, Federation of Indian Chambers of Commerce and Industry (Ficci), Tuesday urged developed countries to reduce farm subsidies given to its farmers as it has pushed global agriculture trade into a crisis. The industry lobby has objected against carve-outs given to developed countries on farm trade in the latest World Trade Organisation (WTO) draft text on agriculture. At present, over 30 countries are taking part in the Doha Round of world trade talks in Geneva.

Demand for office space slows down across India

By IANS, New Delhi : After hitting the housing sector, the global meltdown is impacting office space absorption in India, with all major cities marking a slowdown in the office rental market, according to a report released here Monday. The India Office Market View report released by CB Richard Ellis, a global realty consultancy, said seven major cities showed a marked slowdown in demand during the quarter ending Sep 30, and office space leasing had moderated in the first two quarters of the year.

US oil price crosses $120 per barrel

By DPA, New York : US oil futures rose above $120 per barrel in New York for the first time Monday after a reported attack on an oil pumping station in Nigeria over the weekend. Oil futures hit $120.25 per barrel on the New York Mercantile Exchange amid supply concerns in Nigeria over the rebel attack, according to Bloomberg financial news agency. White House spokesman Scott Stanzel said President George W. Bush would raise the issue when he travels to oil producer Saudi Arabia next week.

Gandhian economics needed to overcome financial crisis: Pranab

By IANS, New Delhi : The government will initiate more measures to support labour intensive sectors with focus on Gandhian economics even as the Indian economy is set to grow by 7 percent this fiscal, External Affairs Minister Pranab Mukherjee said Friday. "When necessary, the government will take further steps to ensure that labour intensive sectors are less adversely affected," Mukherjee, who also holds the finance portfolio, told a seminar organised by a leading think tank here.

Project delays prevent over 160,000 job creations

By IANS, New Delhi : India has lost the opportunity of employing more than 160,000 people with 18 major steel, power and auto projects getting delayed over land acquisition and forest and environment clearance issues, says a study by a business chamber. According to the study by the Associated Chambers of Commerce and Industry (Assocham), "the 18 strangled projects of India Inc to the tune of Rs.244,815.5 crore (Rs.2.45 trillion) remained on papers, in the form of memorandum of understanding (MoU) and agreements over the past three-four years".

Locals block Singur road, want protests to stop

By IANS, Singur (West Bengal) : A day after Tata Motors threatened to pull out of this rural belt, some locals - backed by the state's ruling Communists - put up a road block Wednesday demanding an end to the protests against the factory that is to produce the world's cheapest car Nano. A farmer who had given land for the project is also alleged to have committed suicide Tuesday night after the Tatas signalled their readiness to withdraw from Singur.

India’s key market index tops 17,000-point mark

By IANS Mumbai : Taking barely a week to jump 1,000 points, a key Indian share market index crossed the 17,000-point level for the first time Wednesday, taking cues from global developments and buying interest among foreign funds. Amid buying interest in energy, banking and tech stocks, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) shot up to 17,073.987 points during intra-day trading - the highest ever level for the index.

High onion prices temporary: PM

By IANS New Delhi : Prime Minister Manmohan Singh Saturday said high onion prices, especially in north India, would be checked soon and the commodity would soon become affordable for the common person. "It is a temporary phenomenon," the prime minister told reporters when asked about high onion prices at an Iftar -- or fast-breaking ceremony during Ramadan -- which he hosted at his official 7, Race Course Road residence here.

Alliance Air to operate flights between Delhi, Himachal

By IANS, Shimla: Private airline Alliance Air will operate flights to Himachal Pradesh from Delhi and Punjab, an official said here Saturday. "Alliance Air will operate four flights per week from March 28 at the Bhuntar airport near Kullu to provide air connectivity with Delhi and Pathankot in Punjab," State Principal Secretary Tourism and Civil Aviation Manisha Nanda told IANS. She said the schedule of flights on the Delhi-Kullu-Delhi sector had been approved by the Director General Civil Aviation.

Government allocates Rs.12,000 crore for rural roads

By IANS, New Delhi : The government has increased its outlay for rural roads by 57 percent to Rs.12,000 crore ($2.5 billion) in the budget presented by Finance Minister Pranab Mukherjee Monday in parliament. "Rural roads have been identified as one of the six components of Bharat Nirman with the goal to provide connectivity to all villages with a population of 1,000 (500 in the case of hilly or tribal areas) with an all-weather road by 2009," said a finance ministry statement. The northeastern region and Sikkim got Rs.1,067 crore for building their rural road network.

Dairy major Hatsun enters utensils, textiles retailing

By IANS, Chennai : Encouraged by the response to its utensils retail business started April, private dairy company Hatsun Agro Products Limited has decided to expand the new business as also enter the textiles sector. "By March 2009, we will sell low-cost textiles and utensils in our 5,000 milk collection centres," Hatsun Agro chairman and managing director R.G. Chandramogan told IANS. "We are leveraging the excess space and the manpower available in our milk collection centres in rural centres," he said.

Satyam scam perpetrators will not be spared: Pranab

By IANS, New Delhi : The perpetrator of the Rs.70-billion (Rs.7,000-crore/$1.43 billion) accounting fraud at Satyam Computer Services will not go scot-free, Minister for External Affairs Pranab Mukherjee said here Thursday. "In the recent past, we have seen an unfortunate case, a failure which has attracted considerable attention," Mukherjee said in his address at the 81st annual general meeting of the Federation of Indian Chambers of Commerce and Industry (FICCI).

‘Inclusive growth not possible if agriculture ignored’

By IANS New Delhi : Arguing that the recent growth trends in Indian economy were accompanied by worsening unemployment, Kerala Chief Minister V.S. Achuthanandan said the 11th Five-Year Plan would not be able to achieve inclusive growth if agriculture is ignored.

Market regulator allows mutual funds to short sell

By IANS Mumbai : Market regulator Securities and Exchange Board of India (SEBI) has allowed mutual fund players to short sell. Short selling is a way to profit from the decline in price of a stock. To profit from the stock price going down, short sellers can borrow a stock and sell it, expecting that it will decrease in value so that they can buy it back at a lower price and keep the difference.

Farm sector must grow at 4 percent, says Mukherjee

By IANS, New Delhi : For India to achieve equitable growth, farm output will have to expand at 4 percent yearly, said Finance Minister Pranab Mukherjee here Wednesday. "Our agricultural growth should be at 4 percent so that there is a balanced growth," Mukherjee said at the 104th annual session of the PHD Chamber of Commerce and Industry. The finance minister, however, said the agriculture sector would end up growing at a slower pace due to the adverse effect of inadequate monsoons and drought earlier in the year.

Industry group questions Virgin’s mobile foray into India

By IANS New Delhi : The Cellular Operators Association of India, a group representing GSM technology of mobile service providers, Tuesday sought the government's intervention yet again over Britain's Virgin Mobile's foray into the Indian telecom market. In a letter to Department of Telecommunications' (DoT) Secretary Siddhartha Behura, COAI has cited the presentation that was shown by Virgin Mobile during the launch.

Olive Telecom in strategic alliance with Tata Tele

By IANS, Mumbai : Olive Telecommunication announced a strategic alliance with Tata Teleservices and launched two new convergence devices here Thursday. Slated to be available in the market in a week's time, the Olive Nexus V-R9 is a travel router with multiple connectivity options like EDGE, 3G, EVDO, ADSL and WiMAX. The Wi-fi buggle also allows multi users. The Olive Genie V-ME150 is a multiple-purpose device with mobile broadband access-enabled modem, FM radio, dictaphone and a digital audio player with a memory capacity up to 32 GB.

IT, ITeS sector to get Rs.16.8 billion in 2008-09

By IANS New Delhi : The Indian IT and ITeS sector has been allocated Rs.16.8 billion in 2008-09 from Rs.15 billion in the current fiscal, Finance Minister P. Chidambaram said Friday. "Government's forward looking policy is driving the growth of information technology and information technology enabled services. I propose to enhance the allocation to the Department of Information Technology from Rs.1,500 crore (Rs.15 billion) in 2007-08 to Rs.1,680 crore (Rs.16.80 billion) in 2008-09," Chidambaram said while presenting the national budget in the Lok Sabha Friday.

Rising India, the new hit

By Liz Mathew New York, Sep 25 (IANS) Indian Prime Minister Manmohan Singh and his colleagues may be facing flak from the Left parties back home, but the country's new face - young and resurgent - is a matter of pride for NRIs living outside the country and particularly in this bustling US city. "You will no longer have to sell the India brand. India is already on the market," remarked by Sam Kannappan, president of Houston-based ABI Enterprise that specialises in wastewater treatment.

Empee lines up Rs.15-bn investment for new projects, expansion

By Venkatachari Jagannathan, IANS, Chennai : The city-based Rs.10-billion Empee group, with business interests in liquor, sugar, hotels and real estate, is on an expansion overdrive on an outlay of Rs.15 billion. To be funded through a mix of internal accruals and debt, the new projects are expected to treble the group size once these go on stream, senior company officials said.

Russia’s inflation hits 2.4% in January – statistics

By RIA Novosti, MOSCOW, February : Consumer prices in Russia grew 2.4% in January, the country's top statistics body said on Thursday. Food prices grew 1.4% and non-food prices were up 0.7% while the cost of household services increased 6.3% in the reporting period, the State Statistics Service said. Sugar (11.5%) and fruit and vegetables (4.7%) demonstrated the highest price growth among foodstuffs while it was the cost of pharmaceuticals and fuel (3-3.7%) that showed the biggest rises in the non-food category, the State Statistics Service said.
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