Andhra sets food production target of 20 million tonnes
By IANS,
Hyderabad : Andhra Pradesh has targeted a 12 percent growth in agriculture and production of 20 million tonnes of foodgrains in 2008-09.
The targets were outlined in the agriculture action plan for the new crop season, released Wednesday by Chief Minister Y.S. Rajasekhara Reddy.
The state recorded an eight percent growth in agriculture last year, compared to the national rate of 4.5 percent.
The state's foodgrain production was 19.1 million tonnes, while national production during 2007-08 is believed to have crossed 227 million tonnes.
Indian company makes chopper airframes for US
By Vishnu Makhijani, IANS,
New Delhi : The first India-made airframe of the Sikorsky S-92 medium-lift helicopter will be handed over to the US firm in November and there is the distinct possibility of the entire chopper being manufactured in this country at some stage - the first time that a major aviation actitivity is being done in the private sector.
The airframes will be manufactured at the Tata Advanced Systems Limited (TASL) facility in Hyderabad with three being produced this year and the number gradually rising to 38-48 annually.
Dhaka, Delhi may sign trade pact
By IANS,
Dhaka : Bangladesh and India may sign two key agreements on bilateral trade and investment promotion and protection during next month's visit by Indian External Affairs Minister Pranab Mukherjee, a diplomat said.
The trade pact in particular needs renewal as it is due to expire in March, Indian envoy here Pinak Ranjan Chakravarty told the media Wednesday after meeting Bangladeshi Foreign Minister Dipu Moni, The Daily Star reported Thursday.
Sensex ends flat, gains 0.98 percent during week
By IANS,
Mumbai : A benchmark index for Indian equities closed flat in lacklustre trade while the world eagerly waited for the results of the stress test of 91 European banks due later in the day.
The 30-scrip sensitive index (Sensex) of the Bombay stock Exchange (BSE), which opened at 18,132.29 points Friday, closed at 18,130.98 points, 17.83 points or 0.1 percent up from its previous close at 18,113.15 points.
The Sensex gained 0.98 percent during the week. It had closed last week at 17,955.82 points
Mittal’s South Africa company risks higher fine if it appeals
By Fakir Hassen, IANS
Johannesburg : Steel giant Mittal SA has been advised to reconsider its decision to possibly appeal a record fine of nearly R700 million (over $95 million) imposed by the Competition Tribunal here, as a group of local steel users may institute a class action that could see damages of R20 billion being claimed.
Canada’s economy grows slightly
By IANS,
Vancouver: Canada's real gross domestic product grew 0.3 percent in April, after edging up 0.1 percent in March, according to official statistics.
Bharti to launch medium-sized retail store next month
By IANS,
New Delhi : Bharti Enterprises, one of the leading business groups in the country which has interests in telecom, insurance and retail, Monday said it will launch its first medium-sized retail store in Punjab next month.
“We will start with Ludhiana as our first destination for the medium-sized format and then move on to other cities next year,” Bharti Enterprises managing director Rajan Bharti Mittal told reporters here on the sidelines of a conference.
The company currently has 12 convenience stores, christened as Bharti EasyDay, in the country.
NTPC envisages 3,300 MW capacity addition this fiscal
By IANS,
New Delhi : State-owned power generation major NTPC will generate an additional 3,300 MW in 2009-10, but only about 2,000 MW of this will be available for commercial use this fiscal, a top official said here Wednesday.
NTPC has planned a capacity addition of 22,430 MW by 2012.
"This year, we will add about 3,300 MW to our capacity. About 2,000 MW of this will be commercially available, similar to 2008-09," said chairman and managing director R.S. Sharma while announcing the company's annual results.
NTPC's total installed capacity stood at 30,144 MW till March 31.
Cicil bodies urge Ghana govt not to sign interim agreements with EU
By NNN-GNA
Accra : Civil society organizatons working on Economic Partnership Agreements (EPAs) in Ghana have called on government to stand by its position not to sign the interim partnership agreements even in the face of pressure from the European Commission.
They say this is important in order to avoid the dangerous implications of the so-called interim EPAs. The EPAs will replace the current Cotonou Agreement under which Africa, Carribean and Pacific (ACP) countries have enjoyed duty- and quota-free access to the European Union market.
India, China nowhere in top league of networked economies
By Dipankar De Sarkar, IANS
London : Despite its status as a world leader in information technology, India does not figure among the top 20 of the world's most networked economies.
In fact it has slipped four places to rank 50 in the Global Information Technology Report for 2007-2008 published by the Geneva-based World Economic Forum (WEF).
China, the hub of global IT manufacturing, lags a shocking seven places behind India in the overall ratings for 127 countries published Wednesday.
British pound falls to new record low against euro
By DPA,
London : Britain's pound sterling Thursday hit a fresh record low against the euro amid speculation of further interest rate cuts by the Bank of England to help stimulate the economy.
The pound fell to 1.059 euros on the foreign exchange market, but strengthened slightly against the dollar, rising to $1.55 .
The dollar also weakened against the euro, two days after the US Federal Reserve cut its key interest rate to a range of between zero and 0.25 percent.
Customs duty on LCD TVs slashed to 5 percent
By IANS,
New Delhi : The government has reduced the customs duty on liquid crystal display (LCD) television sets from 10 percent to 5 percent, Finance Minister Pranab Mukherjee said here Monday.
Presenting the union budget for 2009-10, the minister also said a nominal 5 percent customs duty has been imposed on set-top boxes (STB) as the production of the devices has picked up in the country.
A set-top box is a device that enables a television set to receive and decode digital television broadcasts.
Growing Uncertainty in US Economy
Washington, Jan 8 (Prensa Latina) Uncertainty about the US economy has increased due to market turbulences, although a minimum growth is expected over the next few months, Federal Reserve Chairman Dennos Lockhart said on Monday.
The negative elements in our economy would be gaining ground. I think these circumstances demand that officials be ready to respond pragmatically to the developments that may emerge, Lockhart said in a speech.
Bulls rule the roost, Sensex up 5 percent
By IANS,
Mumbai : Bulls had a free run at Indian equities markets Friday as investors took heart from the strong gains posted by world markets. A key index shut shop almost 5 percent higher than its previous close.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 8,480.74 points, rose 412.86 points or 4.95 percent to end at 8,756.61 points.
Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 3.89 percent from its last close to end at 2,719.25 points.
Reliance Energy to consider buyback of shares
By IANS
Mumbai : Anil Ambani promoted Reliance Energy Tuesday said its board will consider buying back the company's shares at a meeting to be held March 5.
"A meeting of the board of directors of the company will be held March 5 to consider buyback of equity shares of the company," Reliance Energy said in a communiqué to the Bombay Stock Exchange.
Buyback means repurchase of outstanding shares by a company in order to reduce the number of shares available for open trading in the market, thus increasing the proportion of shares the company owns.
Water resources information system gets government nod
By IANS,
New Delhi : The Indian government Thursday approved of a Rs.34 billion scheme to develop a water resources information system over the next three years.
"The objective of the scheme is to collect the necessary information from various sources, ensure observation of important data and to develop an information system on water resources," Finance Minister P. Chidambaram told reporters after a meeting of the cabinet committee on economic affairs chaired by Prime Minister Manmohan Singh.
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.
Ministry seeks power to sanction private air strips
By IANS
New Delhi : The civil aviation ministry has urged the government to empower it to sanction licensing for private air strips, instead of going to the Cabinet for approval, a government official said Wednesday.
Speaking at the Indo-US Aviation Cooperation here Wednesday, K.N. Srivastava, joint secretary at the civil aviation ministry, said there is a growing demand for licenses to acquire private jets.
Markets go bullish on New Year’s day
By IANS,
Mumbai : Indian equities markets turned bullish on the first day of the New Year, with a key index gaining 2.66 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) closed in the green Thursday at 9,903.46 points, a rise of 256.15 points or 2.66 percent from its previous close of 9,647.31 points.
The markets were largely positive with 2001 stocks advancing against 493 declining. Sixty-six stocks remained unchanged.
Women ask for gender sensitive budget
By IANS
New Delhi : A delegation led by Women And Child Development Minister Renuka Chowdhury has met Finance Minister P. Chidambaram demanding the 2008-09 budget be gender sensitive with special focus on health and women empowerment.
Incentives to insurance companies for special schemes for elderly women and widows, easy availability of loans for women, increased allocation of funds for family and health welfare, with special focus on maternal health, are some of the recommendations put forth before the finance minister who will table the budget before the Indian parliament Feb 29.
HPCL to set up Rs.4 bn jatropha farm in Chhattisgarh
By IANS,
Raipur : Hindustan Petroleum Corp Ltd (HPCL) will pump in Rs.4 billion in Chhattisgarh during the next three years for undertaking massive jatropha plantations, a rich source of bio-fuel. The company would also set up a bio-diesel plant in the state.
The public sector company signed a tri-partite agreement in this regard Monday with the Chhattisgarh government and the state-owned Chhattisgarh Renewable Energy Development Agency (CREDA) to form a joint venture company to undertake the project in the state.
52 projects, but industrialisation eludes Jharkhand
By IANS
Ranchi : The Jharkhand government has signed memorandums of understanding (MoUs) with 52 companies in the past four years - but most projects have failed to take off.
In the past three years, only seven companies started their first phase of operation.
The MoUs were signed mainly in the steel and power sectors. The total proposed investment was more than Rs.2 trillion. The major companies included Tata Steel, Arcelor Mittal, Essar Steel and Tata Power.
Hero Honda sales rise 20 percent in January 2011
By IANS,
New Delhi : India's motorcycle maker Hero Honda Tuesday said that its sales increased 20 percent at 466,524 units during January 2011 as against 389,802 during the same period of 2010.
Coaching IIT aspirants a Rs.100 bn business: study
By IANS,
New Delhi : Private academies that train students for entrance exams of the Indian Institutes of Technology and other prestigious engineering colleges mint Rs.100 billion ($2.30 billion) a year - an amount that can fund 30 to 40 new IITs, shows a study by an industry body.
The Associated Chambers of Commerce and Industry of India (Assocham) study, released Wednesday, said private academies who train 600,000 students every year for these exams make Rs.100 billion a year.
Extreme Networks looks at new avenues in India
By IANS
Chennai : The US-headquartered Ethernet company Extreme Networks Inc is looking at new avenues in India, said a top company official here Tuesday.
"We are looking at areas like web development and, service operations in India. In addition, software for new product protocol will be developed in Chennai," Mark Canepa, president & CEO, told mediapersons here.
Extreme Networks, with annual $350 million turnover, has two software development centres in Chennai, employing about 100 people.
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.
Montek optimistic about power situation in 11th plan
By IANS
New Delhi : Improving the financial health of state electricity boards (SEBs) will be crucial to adding generation capacity in tandem with the country's fast-growing electricity demand, Planning Commission Deputy Chairman Montek Singh Ahluwalia said Wednesday.
He was briefing mediapersons on the deliberations in the meeting of the National Development Council (NDC) to approve the central government's 11th Five-Year Plan (2007-2012) document.
Cairn gets government nod for pipeline
By IANS
Jaipur : The central government has agreed to Cairn India laying a pipeline for transporting crude oil from Mangala oil field in Rajasthan to a location in coastal Gujarat.
The Indian subsidiary of the Britain-based company in a statement Tuesday said the government had granted a 'right of use' permission to the company and the Oil and Natural Gas Corp (ONGC) to acquire land for laying a pipeline from Mangala oil field in Barmer district to a coastal location in Gujarat.
Nano project incurs Rs.3 bn cost overrun
By IANS,
Kolkata : Tata Motors' small car project in Singur in West Bengal has incurred a cost overrun of Rs.3 billion ($71.4 million), the company's managing director Ravi Kant said Saturday.
"The entire project had been reworked and we are investing Rs.20 billion in Singur now, which was earlier estimated at Rs.17 billion," Kant said after meeting West Bengal Chief Minister Buddhadeb Bhattacharjee at the state secretariat at Writers Building here.
Britain faces recession, India, China can’t help: Deloitte
By Dipankar De Sarkar, IANS
London : The global financial crisis is set to affect the British economy, which is about to enter its weakest period of growth in 15 years without any prospect of a bailout by the US, China or India, Deloitte said Monday.
Britain also faces the risk of a recession in the next two years, the Deloitte Economic Review warns, adding that that the housing market would be at the heart of the downturn, with prices falling by about five percent this year and eight percent in 2009.
Atul Auto to allot preferential shares
By IANS,
Rajkot : Rajkot-based Atul Auto Ltd, a manufacturer of goods and passenger carriers, has decided to allot half a million equity shares of Rs.10 each at a premium on preferential basis to part finance its diversification plans.
The company will manufacture rear-engine three-wheelers at an estimated cost of Rs.2,700 million.
In a statement filed before the Bombay Stock Exchange, it said the premium will be decided according to the Securities and Exchange Board of India (SEBI) guidelines on the matter.
US economy facing ‘numerous difficulties’, says Fed chief
By Xinhua,
Washington : The US economy continues to face "numerous difficulties", including persistent strains in financial markets, declining house prices and rising prices of oil and food, Federal Reserve chairman Ben Bernanke said Tuesday.
"The US economy and financial system have confronted some significant challenges thus far in 2008," said Bernanke in a written testimony to the Senate Banking Committee.
Hotel body urges better infrastructure for Madhya Pradesh
Bhopal, Sep 17 (IANS) The Indian Heritage Hotel Association (IHHA) has urged that the Madhya Pradesh government strengthen the state's basic infrastructure to develop it as a tourism hub.
Describing Madhya Pradesh as a state with tremendous potential in heritage tourism, IHHA and Welcome Heritage Company (Jodhpur) Chairman and former royal Gajraj Singh said here Sunday that the state had all the ingredients required to make it a successful heritage tourism model.
IHHA is a 140-member national body of heritage hoteliers.
Key index closes on a high note
By IANS
Mumbai : The bulls staged a rally on Indian stock markets Monday, with the benchmark index registering a gain of over 3.5 percent.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange closed at 19,855.12 points, up 691.55 points or 3.61 percent, after hitting the day's high of 19,879.
The broader 50-share S&P CNX Nifty index of the National Stock Exchange provisionally ended up 218.00 points or 3.79 percent at 5,985.10.
Karnataka mops up Rs.1.33 lakh crore at investors’ meet
Bengaluru: In contrast to its high expectations, Karnataka has managed to get only Rs.1.33 lakh crore of investments at the fourth edition of its...
Look at branding, PM tells textile industry
By IANS
New Delhi : Prime Minister Manmohan Singh Saturday asked the textile industry to look at the future and not at the next season to ensure their global competitiveness and provide a cushion against short-term aberrations.
Addressing a textile seminar here, he also asked the domestic industry to climb from being low-cost vendors to high-end, high-volume vendors with globally known brand names and international footprint.
Equity markets slip into red early afternoon
By IANS,
Mumbai : Indian equity markets continued to trade flat early Monday afternoon after a volatile session. There was buying interest in technology, FMCG and capital goods stocks while metal, oil and gas and auto stock were under selling pressure.
At 12:40 p.m., the 30-share benchmark in dexo iof the Bombay Stock Exchange (BSE), the Sensex, was down by 42.34 points or 0.29 percent at 14,681.84. It had touched a low of 14,602.12 earlier Monday.
Microsoft rules out new takeover bid for Yahoo
By DPA,
San Francisco : Microsoft CEO Steve Ballmer Wednesday ruled out a new takeover bid for troubled web portal Yahoo, but stressed that the software giant was still interested in partnering with Yahoo on search-related products.
Equities markets open at a loss again
By IANS,
Mumbai : The Indian equities markets opened in the negative zone Friday, tracking weak markets elsewhere in Asia.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a loss of 57.16 points at 17,020.79.
The S&P Nifty index of the National Stock Exchange opened at 5,070.85 points with a loss of nearly 11 points.
BGR Energy to complete building Andhra Pradesh power plant
By IANS
Mumbai : Thermal and nuclear plants equipment manufacturer BGR Energy Systems Ltd has bagged a contract for completing pending work at Kothagudem thermal power plant in Andhra Pradesh.
According to its statement to the Bombay Stock Exchange (BSE) Wednesday, BGR Energy said it has secured the Rs.7.93-billion contract from Andhra Pradesh Power Generation Ltd (Apgenco) for the execution of the remaining work on the for the 500-MW power plant project.
Chhattisgarh sponge iron units face closure
By IANS,
Raipur : About 40 sponge iron units in Chhattisgarh will stop production this month following a severe iron ore shortage, a top official of the industry's lobby group here said Tuesday.
"Most of the units are left with raw material stock of just 12 to 15 days," Anil Nachrani, president of the Chhattisgarh Sponge Iron Manufacturing Association, told IANS.
"If the crisis continues, about 40 units will start suspending operations from this month," he added.
Arvind joint venture launches formal suits
Bangalore : Arvind Goodhill Suit Manufacturing Ltd., a joint venture of Arvind Ltd. and Goodhill Corporation of Japan, Wednesday launched formal suits produced at...
India’s inflation rises, still minus 0.21 percent
By IANS,
New Delhi : India's annual rate of inflation was minus 0.21 percent for the week ended Aug 22, up from minus 0.95 percent the week before, according to official data released Thursday.
The rate turned negative for the week ended June 6 for the first time since the new wholesale price index (WPI) series started in 1995.
The inflation rate had last turned negative in 1977. Negative inflation implies that the average wholesale price level was lower during a given week, than it was in the corresponding week a year ago. It does not necessarily reflect retail prices.
India seeks Kuwaiti funds in infrastructure, signs three pacts
By Manish Chand, IANS,
Kuwait : With recession hitting its ambitious plans to expand infrastructure, India Tuesday turned to the oil-rich Kuwait for investments in projects ranging from petrochemicals and power to the construction of ports and airports.
The two countries also sought to give a 21st century complexion to their multi-faceted ties by signing three pacts in areas of culture, education and science and technology.
Government may set up social development zones
By IANS
New Delhi : Given the social unrest triggered by the special economic zones (SEZs) as in West Bengal's Nandigram, the government Wednesday told the Lok Sabha about moves to set up social development zones (SDZs) in the country.
Minister of State for Planning M.V. Rajasekharan informed parliament in a written reply: "The preliminary discussions to explore the feasibility of setting up SDZs have been held."
His statement was in response to queries from Asaduddin Owaisi of the All India Majlis-E-Ittehadul Muslimmen (AIMIM) and M. Jagannath of the Telgu Desam Party (TDP).
Exporters may get more relief in coming months: Minister
By IANS
New Delhi : Commerce and Industry Minister Kamal Nath Tuesday hinted that the government would provide more concessions to the exporters who have been adversely affected by the rupee appreciation in the last one-year.
The relief measures, that include some new schemes, might be announced in the upcoming foreign trade policy for 2008-09, which would be released early next month.
"We are looking at measures which are WTO (World Trade Organisation) compatible and can neutralise levies which are not being refunded at the moment," said the minister.
Indians confident of keeping jobs this year: Survey
By IANS,
New Dehi : Sixty-two percent Indians feel they will be able to hold on to their jobs in 2009, notwithstanding the economic slowdown, says a survey released here Wednesday by leading global human resource consulting firms.
"Optimism runs high and the Indian employees show resilience,” says the survey conducted across Asia-Pacific by TNS, a market research and business analysis firm, with Gallup International, a global human resource consulting firm.
Reserve Bank to announce more steps for liquidity: Chidambaram
By IANS,
New Delhi : Reserve Bank of India Governor D. Subbarao is expected to announce more measures to ease the liquidity conditions in the economy after a review meeting with Prime Minister Manmohan Singh late Tuesday.
Finance Minister P. Chidambaram, who was also present at the meeting, told reporters here Wednesday that it was also agreed at the meeting that credit to borrowers must be ensured at least to the extent of sanctioned amounts.
Key comments of Manmohan Singh at meeting with industrialists
By IANS,
New Delhi : Following are some key comments by Prime Minister Manmohan Singh during a meeting with leading industrialists here Monday on the global financial crisis and its impact on the Indian economy:
"We are meeting at a time when the world economy is going through an unprecedented crisis which started in the financial sector in the US but has now spread globally.”
“The financial crisis has exacerbated a global downturn that was expected earlier but is now likely to be more severe and prolonged.”
Iraq’s Majnoon oil refinery near completion, production expected to increase
By NNN-KUNA
Baghdad : Iraq will increase crude oil production from the giant Majnoon oil field in the south of the country to 100,000 barrels a day, the Iraqi Oil Ministry said in a statement.
An Iraqi source from the oil ministry said a company working for the ministry is near the end of developing the second stage of the southern oil refinery project.
The statement Thursday said the first stage of the project was completed in 2003 when output production levels reached around 50,000-60,000 barrels.
Singapore, Gulf Cooperation Council agree on free trade
By DPA
Singapore : The Singapore government said Thursday it has substantively concluded negotiations with the six-nation Gulf Cooperation Council (GCC) for a free trade agreement (FTA).
The final round of talks, held from Jan 28 through Thursday, was the last of four that started in January 2007.
The GCC includes Bahrain, Saudi Arabia, Oman, Qatar, the United Arab Emirates and Kuwait.
Officials on both sides will begin legal scrutiny of the agreement, "which is expected to conclude shortly," a joint statement said.
No work at Nano factory for second consecutive day
By IANS,
Kolkata : Tata Motors' plans to roll out the world's cheapest car Nano from Singur in West Bengal continued to face trouble, with its workers not attending work at the factory for the second day running Saturday.
"Our workers are not attending work today (Saturday)," Tata Motors said in a statement here, as Trinamool Congress chief Mamata Banerjee's indefinite protest at the Nano factory site in Singur entered the seventh day.
There was no work at the small car factory, about 40 km from here, on Friday too as the company expressed concern about the safety of its employees.
Indian equities open strong on sentiments
By IANS
New Delhi : Indian equities opened strong for the second successive day Thursday as sentiments turned positive on account of US interest rate cuts and pep talk by authorities on the strong fundamentals of the Indian economy.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher by 326.91 points at 17,920.98 points, against the previous day's close at 17,594.07 points and rose higher to 18,096.31 points within minutes.
Bosch to supply fuel-injection, brake system for Tata’s Nano
By DPA
Stuttgart (Germany) : German car components firm Bosch said it would provide fuel-injection technology for the Tata Nano, billed as the world's cheapest car that was unveiled in India Thursday.
The Stuttgart-based company said it would also supply the braking systems and part of the car electrics for the diesel and petrol-driven versions of the 2,500-dollar vehicle.
A Bosch spokesman said the modern fuel injection technology would enable the five-seater to meet emissions standards comparable with the Euro-IV norm expected to take effect in India in 2010.
Major sop being mulled for Bharat Heavy Electricals
By Noor Mohd, IANS
New Delhi : In what could emerge as a windfall for Bharat Heavy Electricals Ltd. (BHEL), the government is looking at a proposal to remove some major conditions on developers who want to avail themselves of fiscal sops for building mega power projects.
Under the policy governing mega power projects, state-run and private players have to resort to international competitive bidding while awarding contracts to suppliers of equipment such as boilers and turbines for obtaining fiscal sops.
Traders’ strike shuts commerce in Lucknow, Agra
By IANS
Lucknow/Agra : The traders' strike in Uttar Pradesh to protest the Mayawati government's decision to implement the value-added tax (VAT) regime has brought business and commerce in Lucknow and Agra to a standstill.
All major shops and commercial establishments in the two cities remained shut. Similar reports were received from other parts of the state.
China’s inflation eases, but target still elusive
By Xinhua,
Beijing : Inflationary pressure in China continues to ease, thanks to falling farm prices, but the target of containing inflation to 4.8 percent looks elusive, market analysts said Sunday.
The consumer price index (CPI), which hit 8.7 percent for February and 8.3 percent for March, would probably be around 8 percent for April over the same month last year, said Chen Jijun, an analyst with state-owned investment company Citic Securities.
World Bank rural finance scheme to help Indian farmers
By Arun Kumar, IANS,
Washington : With a $20 million Bill & Melinda Gates Foundation contribution, the World Bank will establish an Agriculture Finance Support Facility to support the expansion of rural finance in the developing world including India.
In a time of tight credit, the Facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the bank announced Monday.
Bangladesh bans export of non-aromatic rice for six months
By Xinhua,
Dhaka : The Bangladesh caretaker government Tuesday imposed ban on export of rice for six months except aromatic varieties to lower prices of rice in the local market, said a senior official here.
"Export of all kinds of rice except aromatic varieties have been banned today," a spokesman of the Commerce Ministry said Tuesday.
Largest ever Cuban trade team in India, eyes Nano
By Pranay Sharma, IANS,
New Delhi : A large Cuban trade delegation has arrived in India looking for cooperation in cars, pharmaceuticals, tourism and more. Of course, armed with its famous rum and cigars, the hardline communist state that is gradually opening up its economy to outsiders also has a lot on offer.
"Indian cars like the Nano and Maruti have a potential market in Cuba," Miguel Angel Ramirez Ramos, Cuba's ambassador to India, told IANS ahead of the arrival of a large trade delegation to New Delhi from Havana.
Modi regime’s first budget gives tax sops, promises growth
By Arvind Padmanabhan,
New Delhi : Tax payers could save on their salaries and consumer goods like TVs, soap, footwear, processed food and computers will...
Environment ministry halts chemical hub plan in Bengal
By Soudhriti Bhabani, IANS
Kolkata : The union Ministry of Environment and Forests (MoEF) has effectively halted the West Bengal government's proposal to set up a chemical hub in Nayachar after the fiasco in Nandigram, where it was originally planned, saying the island was in an ecologically fragile area.
Exporters’ lobby requests Patil to award entrepreneurs
By IANS,
New Delhi : A Federation of Indian Exporters Organisation (FIEO) delegation called on President Pratiba Patil to request her to confer annual awards to exporters this year.
In a press statement issued Friday, the FIEO said it has apprised the President about its activities to promote Indian goods overseas, including international exposure to small and medium segments of industry with particular emphasis on women entrepreneurs.
Association president Ganesh Kumar Gupta requested Patil to give away the annual awards "Niryat Shree" and "Niryat Bandhu".
Punjab and Orient Express plan to run tourism train
By IANS
Chandigarh : The Punjab government Tuesday gave "in principle" approval to the RS.400 million ($10 million) train tourism project to be implemented in collaboration with the Singapore-based Orient Express Hotels Ltd (OEHL).
The approval came at a meeting between Chief Minister Parkash Singh Badal and an official team of OEHL, led by Tom Evers Swindell, the company's Asia regional director.
The train will be on the lines of the Palace on Wheels run in Rajasthan.
BEML displays new technology driven products at DEFEXPO 2008
By IANS
New Delhi : Land and ground support equipments major Bharat Earth Movers Limited (BEML) has displayed an array of technology-driven products at the Defence Exposition (DEFEXPO) 2008 here.
From its wide range of products, the company displayed a command post vehicle, BEML-Tatra driving simulator, armoured recovery vehicle, aircraft-towing tractor and weapon loading system (BHIMA) at the Feb 16-19 DEFEXPO at Pragati Maidan.
Myanmar, India finalising river transportation project
By Xinhua
Yangon : Myanmar and India are in the process of finalising a river transportation project mooted during former Indian president A.P.J. Abdul Kalam's state visit in March last year, local media reported Tuesday.
The Kaladam multi-modal river transportation project, which also involves the building of the Paletwa border road, will involve India extending a US $10 million line of credit.
The Kaladam project will cover upgrading of waterways along the Kaladam River and Sittway port in Western Myanmar's Rakhine state, the Flower News said.
Yemen to launch US$13.7 billion investments programme
By NNN-SABA
Sana'a : Yemen plans to launch a programme of $13.7 billion investments in areas of agriculture and tourism during 2008-2010, the London-based alhayat daily reported on Tuesday.
The newspaper quoted sources at the Ministry of Planning and International Cooperation as saying that the government would undertake about 43% of the total programme's sum and about 37% was provided from the Gulf states and donors.
Slowdown-hit India Inc has wish list ready for next government
By Pupul Dutta, IANS,
New Delhi : Hit by a demand slowdown and meltdown in the global economy, India Inc has its wish list ready for the next government, with sector-specific policy reforms and tax sops on top of the agenda to tide over the crisis.
The ailing export sector, which in October witnessed a decline for the first time in a decade due to the contraction in global trade, has sought an exemption from paying income tax for some five years to deal with the turmoil.
GM in last-ditch talks to avoid bankruptcy as deadline looms
By Xinhua,
Chicago : General Motors (GM) has reached a tentative labour agreement with the United Auto Workers (UAW) union in a bid to remove one of the major obstacles in its restructuring.
According to Detroit News, GM autoworkers are to vote soon on the deal, as the company moves toward a government-imposed June 1 deadline to restructure or file for bankruptcy.
The US automaker still has much ground to cover to avoid bankruptcy and dispel fears shared by the investors, suppliers and dealers, the report said.
Rs.3,577 crore for Bangalore infrastructure development
By IANS,
Bangalore : The Karnataka budget for 2014-15 proposes to invest Rs.3,577 crore for the infrastructure development of Bangalore, including roads, flyovers, underpasses and...
Chinese firms get 169,000 patents in 2010
By IANS,
Beijing ; China's top 500 research and development firms have got 169,000 patents for their innovations in 2010, up 13.3 percent from last year, the China Enterprise Confederation (CEC) has said.
Among the top 500 companies, 41 had more than 1,000 patents, while 36 companies owned more than 200 patents for innovations, Xinhua reported citing the CEC report.
Each of the firms allocated, on average, 775 million yuan ($113.93 million) into research and development, an increase of 14.4 percent from 2009 and accounting for 1.4 percent of their total revenues, the CEC said.
Powergrid forms JV for Teesta power project
By IANS,
New Delhi : The state-owned Power Grid Corporation of India Limited (PGCIL) has set up a joint venture for evacuation of electricity from the power plant being constructed in Teesta basin in north Sikkim.
PGCIL or Powergrid Wednesday announced that it would be entering into a shareholder's agreement with Teesta Urja Limited (TUL) to form joint venture firm Teestavalley Power Transmission Limited or TPTL.
NTPC’s FPO proposal rejected
By IANS,
New Delhi : The government has rejected National Thermal Power Corporation (NTPC) Limited's proposal to raise about Rs.60 billion through a follow-on public offer.
"NTPC had sent a proposal to the finance ministry to approach the capital market but the ministry rejected it last week," Jairam Ramesh, minister of state for power and commerce, said on the sidelines of an Indo-German symposium on energy efficiency here Thursday.
Gilead’s AIDS drug awaits patent in India
By Murali Krishnan
IANSNew Delhi : American bio-pharmaceutical major Gilead, which has entered into generic licensing deals with 10 Indian pharma firms to distribute its HIV drug Viread, is hoping to get a patent in India soon.
TVS Motor logs 30 percent sales growth in May
By IANS,
Chennai : Two-wheeler maker TVS Motor Company said Tuesday it has logged 30 percent sales growth in May compared to the corresponding period in 2009.
Last month the company sold 154,667 units, up from 118,574 units sold in May 2009.
In the domestic market, TVS Motor logged 27 percent growth, selling 136,621 two-wheelers last month as against 107,439 units sold in May 2009.
The company increased its two-wheeler exports by 62 percent last month, shipping out 18,046 units.
Hyundai India monthly sales up 6.8 percent
By IANS,
New Delhi : India's second largest car maker Hyundai Motor India Tuesday said sales during November stood at 55,265 units, a growth of 6.8 percent over October, while exports increased 15.65 percent.
The company sold 28,162 units in the domestic market in November, a 92.8 percent jump over the like month last year when the automobile sector was facing a demand crunch owing to the global slowdown.
Total cumulative sales for November were 55,265 units, including exports of 27,103 units.
Key points made by RBI governor in monetary policy review
By IANS,
Mumbai : Following are some key points made by Reserve Bank of India (RBI) Governor D. Subbarao in his quarterly monetary policy review before the chief executives of commercial banks here Tuesday:
- This quarterly review is set in the context of a deteriorating global economic outlook and heightened uncertainty about the global financial sector.
- The initial hope that the crisis could be contained in the financial sector has been belied.
- There is now distinct evidence of further slowdown as a consequence of the global downturn.
Sensex ends 143 points lower as global bourses take a fall
By IANS,
Mumbai: A benchmark index for Indian equities Wednesday closed 143 points lower, with energy, banking and metal stocks coming under selling pressure, while global bourses were pulled down over renewed concern over the economic recovery.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,623.66 points, closed at 17,471.03 points, 143.45 points or 0.81 percent down from its previous close at 17,614.48 points.
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...
USD 33 billion Middle East seaport expansion underway
By NNN-WAM,
Dubai : Massive economic growth is driving major seaport expansion in the Middle East with ongoing projects worth in excess of USD 33 billion to handle record volumes of containers and bulk cargoes, say leading maritime industry observers.
"The emergence of strong and diversified maritime companies and operators is making the Middle East, and the Arabian Gulf in particular, one of the most dynamic and vibrant international maritime centres in the world," said Christopher Hayman, managing director of Seatrade, organisers of Seatrade Middle East Maritime 2008.
Canadian government, media bat for BlackBerry
By IANS,
Toronto : The Canadian government and the media Thursday came out in support of embattled BlackBerry maker Research In Motion (RIM), which is facing a ban in the United Arab Emirates (UAE), Saudi Arabia, Indonesia and possible restrictions in India.
International Trade Minister Peter Van Loan said Thursday that his government will stand by RIM in its fight against foreign governments seeking access to its secure technology.
Airtel ready to share telecom infrastructure
By IANS
New Delhi : Bharti Airtel, India's leading mobile telecom services firm, Thursday said it was ready to share its active infrastructure with other operators.
At present Indian telecom operators are allowed to share passive infrastructure, such as towers, buildings and power backup facilities.
Active infrastructure includes antennae, ports, nods, transmission systems, feeder cables and repeaters.
States asked to cut jet fuel taxes
By IANS
New Delhi : The centre Friday urged state governments to lower taxes on air turbine fuel to encourage more air operators to fly in their states.
"This would not only help them create aviation and tourism infrastructure, but also create jobs and higher income as well," Civil Aviation Minister Praful Patel told the first ever National Civil Aviation Conference being held in the national capital.
Coal India Q2 net jumps 16 percent on higher sales
Kolkata: State miner Coal India Ltd (CIL) on Friday said it posted a 16 percent rise in consolidated net profit at Rs.2,543.80 crore for...
Indian equity markets continue falling
By IANS
Mumbai : Indian equity markets Monday continued their downward inclination mirroring the weak global cues and ended the day in red.
The markets started with a sharp fall and continued the downward trend, which witnessed heavy selling across key sectors in the early trade.
However, there was a smart recovery, led by PSU bank, metal, oil stocks towards the end of the day.
Malaysian Airlines told to pay for mishandling luggage
By IANS,
New Delhi : Holding Malaysian Airlines responsible for mishandling a passenger's baggage, a consumer court here has asked it to pay Rs.315,000 - the price of the damaged luggage - alongwith with the cost of litigation.
The Delhi State Consumer Disputes Redressal Commission headed by Justice J.D. Kapoor earlier this week upheld a District Consumer Forum order asking the airlines to compensate Rakesh Bawa, a resident of Gurgaon, for his damaged baggage.
The airlines had filed an appeal in the state consumer commission, challenging the 2007 district forum order.
Organic cotton farming more profitable, says report
By IANS,
Hyderabad : Organically grown cotton is more profitable for farmers than Bt cotton, a new Greenpeace report said here Tuesday.
"In the year 2009-10, farmers cultivating cotton through organic practices earned 200 percent more net income than farmers who grew genetically engineered cotton (Bt cotton)," the report said.
The report 'Picking Cotton - The choice between organic and genetically-engineered cotton for farmers in South India' is a comparative analysis of the two methods of agriculture among cotton farmers in Andhra Pradesh.
Canadian markets at five-year low
By IANS,
Toronto : Canadian markets plunged to their lowest level in five years Monday with financial and energy sectors diving sharply on the Toronto Stock Exchange (TSX) on the first day of the week.
The third biggest stock exchange in North America saw the TSX composite index retreat by 302.32 points to close at 7,647.67.
This is the lowest point to which the market has sunk since October 2003.
Monday's plunge also took the index almost half-way to its historic high of 15,000 points recorded last June.
Punjab Chemicals profit rises 276.56 percent
By IANS,
Mumbai : Punjab Chemicals and Crop Protection Ltd Monday announced a consolidated profit after tax (PAT) of Rs.265 million during fiscal 2007-08 compared to Rs.70 million the previous year, recording a growth of 276.56 percent.
The company said that its net sales also rose by 61.36 percent at Rs.5.62 billion from Rs.3.48 billion while earnings per Share (EPS) on annualised basis stood at Rs.37.75 for the year ending March 31, 2008.
Malaysian firm bids for monorail projects in Iran, Vitnam, Saudi Arabia
By NNN-Bernama
Kuala Lumpur : A Malaysian company, Scomi Engineering Berhad, has submitted bids worth billions of USD for monorail projects in Iran, Vietnam and Saudi Arabia as well as in the northenr Malaysian city of Penang, a company official says.
Senior Vice-Ppresident Hilmy Zaini Zainal said Thursday that the company's bids included those for a project in Iran worth 2.5 billion Ringgit (one USD = about 3.4 Ringgit), in Vietnam at 1.2 billion Ringgit, in Madinah, Saudi Arabia at 500 million USD and in Penang at about 1.2 billion Ringgit.
IITF-2008 kicks off in New Delhi with Iran’s participation
By NNN-IRNA,
New Delhi : The 28th edition of India International Trade Fair (IITF) 2008 kicked off Friday at Pragati Maidan (Exhibiton Ground), the venue of Asia's largest trade fair in New Delhi with the participation of around twenty companies from the Islamic Republic of Iran.
Vice President of India, M Hamid Ansari inaugurated the IITF'08, while Union Minister of State for Commerce and Power, Jairam Ramesh is presiding over the inaugural function.
Chinese shares surge to new high
By Xinhua
Beijing : China's benchmark Shanghai Composite Index closed at a new high of 5692.76 points Monday, the first trading day after the weeklong national holiday.
The bullish performance, a rise of 2.53 percent, or 140.45 points, from the previous close, came on the heels of the rises in neighbouring markets that occurred from Oct 1 to 7.
The index started higher at 5,683.31 points and at one point hit 5,724.36 points in the morning session.
KSE price index still green at 12,199.8 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange maintained its surge Sunday and was still green at 11:25 a.m. at 12,199.8 points, which is a good 147.8 points hike.
The weighted index gained ground as well at 702.28 points and a hike of 11.
53 points.
The session so far saw 5,039 trades worth KD 82,265,040 in which 148,864, 000 shares changed hands.
The KSE started today's session in green, having been down 179 points at last closing, Thursday.
Larsen and Toubro scales down investment for Chennai shipyard
By IANS,
Chennai: Hit by the economic slowdown, engineering and construction major Larsen and Toubro (L&T) has scaled down its investment plan for the upcoming Chennai shipyard, a senior company official said here Thursday.
"Initially we planned to make commercial ships at an outlay of Rs.2,500 crore. With the global economy going down, we later decided to make only defence vessels and investment will now be lower by Rs.1,500 crore," J.P. Nayak, a member of the company board, told reporters.
Price rise, food insecurity mar UPA II’s 100 days
(100 days of UPA government - II)
By Manish Chand, IANS,
New Delhi : Prime Minister Manmohan Singh's second stint may be bristling with plans to mitigate poverty, disease and illiteracy, but most Indians remain unimpressed. Spiralling food prices, along with the handling of the swine flu pandemic, have offset gains like the enactment of a landmark right to education bill.
India gets first medical equipment manufacturing park
By IANS,
Sriperumbudur (Tamil Nadu) : India Monday got its first high-end medical technology park here as the diagnostic and clinical equipment major Trivitron group joined hands with foreign collaborators to manufacture high-quality, cost-effective products suited to the need of developing countries.
Stock market heading towards recovering Tuesday’s loss
By IANS
Mumbai : India's benchmark stock market index opened on a positive note Wednesday and was headed towards recovering the heavy losses of the past couple of sessions.
The Bombay Stock Exchange (BSE) 30-share index Sensex opened with a huge gain of 175.75 points at 19,255.39 Wednesday against the previous close of 19,079.64.
The 50-share wide-based National Stock Exchange (NSE) index Nifty opened up 100 points at 5730.35 against the previous close of 5830.15.
Brazil’s 2009 trade surplus smallest in seven years
By IANS/EFE,
Rio de Janeiro : Brazil registered a trade surplus last year of $24.62 billion, the smallest since 2002's positive balance of $13.09 billion, authorities said.
The 2009 surplus was 1.4 percent lower than in 2008 and was far below the 2007 figure of $40 billion and the record $46.46 billion surplus registered in 2006.
Last year's surplus was the net of $152.25 billion in exports and $127.64 billion worth of imports, the Development, Industry and Trade Ministry said Monday.
India, Mauritius to cooperate on welfare of old and disabled
By IANS
New Delhi : India and Mauritius will sign a memorandum of understanding (MoU) for cooperation in the fields of welfare of old persons, persons with disabilities, drug abuse prevention and community development.
The MoU will be signed during the visit of India's Minister of Social Justice and Empowerment Meira Kumar to Mauritius Thursday.
Kerala state buses to ferry Infosys employees
By Sanu George, IANS,
Thiruvananthapuram : The Kerala State Road Transport Corporation (KSRTC) has agreed to ferry on a daily basis the 2,000 professionals employed at the campus here of information technology (IT) major Infosys.
KSRTC's managing director T.P. Senkumar told IANS that talks with Infosys on this arrangement have almost concluded and KSRTC has agreed to operate its buses to carry Infosys employees on a daily basis.
"Initially we will operate five buses in the morning and evening and it would begin this month itself," said Senkumar, who is also a senior IPS official.
Reliance seeks land, tax breaks to promote Jharkhand’s ‘haats’
By IANS
Ranchi : India's private sector behemoth Reliance Industries has sought land and tax benefits to expand its retail business and promote the rural "haat" market of Jharkhand.
Argentina to open consulate in Mumbai
By IANS
Buenos Aires : India and Argentina are set to enhance their growing business ties with Buenos Aires announcing the opening of its consulate in Mumbai soon.
In a sign of new chemistry between the two countries, separated by vast distances, a new office of the Indian embassy was opened Wednesday in the Argentine capital during the three-day visit of Minister of State for External Affairs Anand Sharma.
Argentine Foreign Minister Jorge Enrique Taiana went beyond protocol and attended the inauguration ceremony along with Sharma.
Top Piramal executive may have been kidnapped
By IANS
Bhopal : Ashwani Bhat, a senior executive of the pharmaceutical major Nicholas Piramal India Ltd who went missing two days ago, is suspected to have been kidnapped, the police said Sunday.
Bhat had gone to Gwalior to attend the Madhya Pradesh Exportech meet 2008. He gave a presentation at the meet close to noon Friday and has not been seen after that.
Before leaving Gwalior by road for Indore in his Toyota Corolla, he reportedly told his family that he would reach home at night.
Government invites striking truckers for talks
By IANS,
New Delhi : Transport Minister T.R. Baalu Saturday urged leaders of truckers across the country to come for talks and to end their six-day-old strike that has hit the economy hard.
"We want ot impress upon the strikers to kindly call off the strike, come forward (for talks). We are ready to discuss (their demands)," the minister told reporters here.
He said the government had been making the appeal every day. "Even now I am requesting through you (media)."
Religare, two other Indian companies vying for London stockbrokers
By IANS,
London : Three Indian companies, including Religare, are bidding to acquire city stockbrokers Arden Partners, the Financial Times reported.
Arden, which Friday ended talks with the larger Cenkos Securities, said it has received preliminary approaches from other parties, “which may nor may not lead to an offer being made for the company”.
The newspaper identified the bidders as New Delhi-based Religare Enterprises - controlled by Ranbaxy director Malvinder Singh and his brother Shivinder, Mumbai-based broker JM Financial and an Indian investment bank.
Brown to talk oil price with producers
By DPA,
London : British Prime Minister Gordon Brown is planning to travel to the Middle East later this month to discuss ways of tackling the soaring price of oil, he said Thursday.
Brown, speaking at a news conference in London, said he would be attending a meeting of leading oil producers and consumers in Jeddah, Saudi Arabia, where he would "help to broker a deal" on oil prices.
Brown said he was "working closely" with the Saudi government to ease the supply pressures.
Police say more bank staff involved in fake currency scam
By IANS,
Lucknow : The Special Investigation Team (SIT) of Uttar Pradesh Tuesday took State Bank of India (SBI) Domariyaganj branch cashier Sudhakar Tripathi on three days of police remand even as interrogation of the accused revealed the involvement of one more bank employee in the fake currency racket.
The co-accused in the racket, Abid Sheikh, has also been taken on two days' remand.
Tripathi was arrested July 29 and during interrogation confessed to exchanging fake currency notes with a nominal value of Rs.15 million with original ones from the bank's currency chest.
Singapore trade body opens India office as business booms
By Nirmala George, IANS,
Singapore : With business between India and Singapore touching new heights, the Singapore Indian Chamber of Commerce and Industry (SICCI) has opened an office in India to facilitate deeper trade ties between the two countries.
The SICCI office in New Delhi will function as a "hand-holding" facility for Singapore firms, helping them to navigate the Indian market, according to SICCI chairman Vijay Iyengar.
The new facility would also serve as a platform for Indian companies looking to do business in Singapore and the region, he said.
Air India considering fare cut, Jet to slash salaries
By IANS,
New Delhi : State-owned carrier Air India is considering a fare cut and is likely to make an announcement soon, but private airlines Jet Airways and Kingfisher are in no mood to follow suit, with Jet even working out on a salary cut of its pilots.
With recession eating into its bottomline, Jet Airways is likely to announce a 20 percent cut in the salaries of its pilots, engineers and some other staff. An announcement to this effect is expected soon.
Markets slump on insipid interim budget
By IANS,
Mumbai : Indian equities closed in the red Monday as the interim budget presented by the government failed to shower any sops and boost investor confidence, leading to a key index ending 3.42 percent below its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange closed at 9,305.45 points, down 3.42 percent or 329.29 points from its 9,634.74 points close Friday.
The BSE midcap index was down 2.93 percent while the BSE smallcap ended 2.1 percent lower.
Stock Holding Corporation launches e-stamping facility
By IANS,
New Delhi : Stock Holding Corporation of India Ltd (SHCIL), India's largest custodian and depository participant, launched its state-of-the-art electronic stamping (e-stamping) facility here Wednesday.
The facility, inaugurated by Chief Minister Sheila Dikshit, will be available to the public at authorized collection centres - SHCIL branches and Corporation Bank branches - in the capital.
Said R.C Razdan, chairman and managing director of Stock Holding Corporation of India: "The e-stamping system has been designed to prevent paper and process-related fraudulent practices."
World’s poorest economies meet to talk trade issues
By Xinhua,
Phnom Penh : Trade and industry ministers from the poorest countries have arrived in Siem Reap to explore ways and means of integrating their economies into the global trading system, said a press release here Tuesday.
The ministers will be joined in the coming two days by donors and development agencies active in trade at the regional and global levels, said the release from the United Nations Industrial Development Organization (UNIDO) and the World Trade Organization (WTO).
Steel industry conclave to discuss expansion
By IANS
Kolkata : A three-day international conference and exhibition on steel scheduled Feb 27-29 at Jamshedpur in Jharkhand will discuss targeted development and employment generation in the industry.
The conference, Steelrise 2008, is being organised against the backdrop of the target Indian policymakers and industry have set themselves to expand annual steel production to 180 million tonnes by 2020.
Thousands of office goers hit as local trains stop
By IANS,
New Delhi : Thousands of people on their way to work Tuesday morning found themselves stranded when at least four local trains were stuck due to a technical snag near the Tilak Bridge station in central Delhi.
The trains were headed towards New Delhi railway station from the national capital's suburbs. The trains stopped abruptly, leaving several thousand people stuck inside, a passenger said.
With 6.5 percent growth, infrastructure sectors signal recovery
By IANS,
New Delhi : Signalling a recovery for Indian industry, the output of six core infrastructure sectors expanded 6.5 percent in June against 2.8 percent in the previous month, official data showed Thursday.
The six core infrastructures industries, comprising crude oil, refined petroleum fuels, coal, electricity, cement and finished steel, with a collective weight of 26.7 percent in the industrial production index, had grown by 5.1 percent in June last year.
India’s Economic Survey to be tabled Thursday
By IANS
New Delhi : A report on the state of India's economy with suggested policy prescriptions in areas ranging from government finances to external trade will be tabled in parliament Thursday by Finance Minister P. Chidambaram.
The Economic Survey for 2007-08, authored by the Chief Economic Advisor Arvind Virmani, comes against the backdrop of India's growth slowing down this fiscal after posting a 9.6 percent expansion in 2006-07 and fears of US recession.
No unusual activity in markets, says regulator
By IANS,
Mumbai : Securities and Exchange Board of India (Sebi) chairman C. B. Bhave Friday said there was "no unusual" activity in the stock market, which plunged nearly 10 percent Friday.
"There has been no shorting by institutions in our cash markets," the chief of the Indian securities market regulator told a private television channel.
"We also have confirmation from both stock exchanges (National Stock Exchange and the Bombay Stock Exchange) that there is no unusual trading," he added.
Greater clarity on meltdown making investors jittery
By Arjun Sen, IANS,
New Delhi : Investors around the world are getting increasingly jittery each passing day as they are gaining greater clarity on the repercussions and side effects of the financial tsunami that began in the US and has now engulfed almost every economy in the world.
"Each passing day investors are gaining clarity on the side-effects of the financial tsunami and they are getting more and more nervous," analyst Jagannadham Thunuguntla told the IANS.
Sensex plummets in morning trade
By IANS,
Mumbai : A benchmark index for Indian equities Monday fell 350 points within the first 30 minutes after the opening bell, amid depressed global cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,961.92 points, was ruling at 16,643.62 points, 350.98 points or 2.07 percent down from its previous close at 16,994.6 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling at 4,995.9 points, down 1.92 percent from its previous close.
Chinese software industry sees opportunity in Microsoft’s anti-piracy move
By Cheng Zhiliang and Quan Xiaoshu, Xinhua,
Beijing : When Microsoft noticed "misunderstandings" among the Chinese public over its "black screen" move to crack down on piracy, the country's domestic software industry saw opportunity and couldn't wait to embrace it.
A Kingsoft public relations manager said there were currently up to 120,000 daily Internet downloads of "WPS Office," the "Microsoft Office"-like software developed by Kingsoft Corporation Limited, compared with 50,000 to 60,000 downloads before the controversial Microsoft move.
Canada firm eyes Delhi Metro, bus terminals to install CCTV
By IANS,
New Delhi : March Networks, a Canada-based closed circuit television (CCTV) video systems provider, is in discussions with two transport corporations here to install CCTV cameras at their terminals.
"We are in advanced discussions with DMRC (Delhi Metro Rail Corp) and DTC (Delhi Transport Corp) for putting up CCTV cameras in the stations, trains and bus terminals," March Networks president and chief executive Peter Strom told IANS.
The development comes in the backdrop of a series of bomb blasts in the national capital in the past few weeks.
Sujana Metal acquires three steel units
By IANS,
Hyderabad : Sujana Metal Products Ltd (SMPL), part of Rs.30 billion Sujana Group of Companies, Friday announced the acquisition of three steel units.
The acquired units - Saritha Steels, Glade Steels and Sree Ganga Steels - are located at Visakhapatnam, Hyderabad and Chennai respectively.
Sujana Group director V.S.R. Murthy told a news conference that SMPL has invested Rs.1.8 billion for these acquisitions and also for modernisation and expansion of their capacities.
Britain’s Hardy in talks to buy out RIL stake in Gujarat offshore block
New Delhi: British firm Hardy Oil and Gas is in talks to acquire Reliance Industries Ltd's complete 90 percent stake in a gas discovery...
Woolworths may expand into India
By IANS,
Sydney : Retailing giant Woolworths Ltd may soon be planning to expand into India, according to a report in the Fairfax newspaper published Tuesday.
To maintain its profit growth, Woolworths must look overseas for acquisitions and considers India as a possible market for expansion, Citi analyst Craig Woolford told the Fairfax group, publishers of the Sydney Morning Herald and The Age.
Markets holding firm on IT stocks rally at afternoon trade
By IANS,
Mumbai : The Indian equities market extended its gains in afternoon trade on the back of rally in IT stocks. Metal and realty stocks also led the gaining rally.
Positive cues from global markets boosted domestic bourses Wednesday. Other Asian markets that opened before the Indian markets, were trading higher.
At 1:20 p.m., the 30-share sensitive index of the Bombay Stock Exchange (BSE) was up by 149.68 points or 0.93 to 16,303.34. It had gained 260.14 points when it hit the day's high of 16,413.80 in early trade.
Sensex nudges up 69 points at close
By IANS,
Mumbai : A benchmark index of the Indian equities markets inched upwards Thursday to end about 69 points higher than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,525.71 points, ended trade at 17,578.92 points (provisional), up 69.12 points or 0.39 percent from its previous close at 17,509.8 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,259.4 points, against the previous close at 5,233.95 points, a gain of 0.49 percent.
Maritime industry forecast to grow in Asia-Pacific region
By DPA
Singapore : The Asia-Pacific region accounts for 42 percent of the global market for maritime port operations and services, with growth forecast to reach 44 percent by 2010, a survey said Thursday.
"The main areas of growth in ports and terminals are expected in China, India and (South) Korea," said a report by Fusion Consulting Asia.
The 42 percent, or $43 million, is expected to grow to $54 billion.
US India thinktank scholar Dr Abulsaleh Sharif’s book on Constitutional Rights released, Roundtable discussions...
By TCN News
North America is home to more than 29% thinktanks in the world and a bulk of them is located in Washington, DC. While these think tanks are focused on a wide variety of issues, they play a vital role in shaping policy at the national and international level.
India’s inflation hits 14-year high of 11.42 percent
By IANS,
New Delhi : Squeezing household budgets even further, India's annual rate of inflation shot up to a 14-year high of 11.42 percent for the week ended June 14, against 11.05 percent for the week before.
The alarming data was released Friday against the backdrop of global crude oil prices topping the $140 a barrel mark and several Indian banks revising their interest rates upward to make loans for areas like housing and consumer goods costlier.