Tough life ahead for life insurers in 2009
By Venkatachari Jagannathan, IANS,
Chennai : After growing at a break-neck speed in the past eight years, India's private life insurers are likely to face a tough time in the coming two years thanks to the weak stock markets and the global economic slowdown, say experts.
"Insurers will have to face reduced fee income, increased expenditure, capital scarcity and the possibility of policy persistency falling. The breakeven point of many private life insurers has been extended by a few more years," an industry official, who did not want to be identified, told IANS.
Relief for textile exporters soon: minister
By IANS
New Delhi : The ministries of textile and labour will soon launch a relief package for textile exporters hit severely by the rising rupee against the US dollar.
"The proposed package would be worked out in the next few weeks," Labour Minister Oscar Fernandes said at an event organised by the Confederation of India Industry (CII) here Thursday.
He also said the relief package would be brought out mainly for those textile exporters who are based in northern and western India.
Sensex crashes by over 650 points in afternoon trade
By IANS
Mumbai : Indian equity markets continued to trade deep in the red Thursday and slumped by over 650 points in afternoon trade. There was heavy selling across all major sectors.
At 2.15 p.m., Mumbai's main 30-share index, the Sensex, was down 685.63 points or 4.25 percent at 15,442.35.
At the same time, the Nifty of the National stock Exchange was down 204.00 points or 4.19 percent at 4,668.00.
About 532 shares advanced, 2,467 declined, and 55 remained unchanged.
Off-roader maker eyeing Goa market
By IANS,
Panaji : The world's leading off-roader and all-terrain vehicle (ATV) manufacturer Polaris is eyeing Goa and four other states for a potential market, a company official said.
$6 billion in new funding for global food crisis, says UN Aid chief
B IRNA,
Tehran : The top United Nations relief official said that $6 billion in new funding to tackle the global food crisis has been pledged following the food security summit that concluded in Rome.
UN Information Center said that Under-Secretary-General for Humanitarian Affairs John Holmes announced the new funding when he briefed reporters in New York this weekend on a comprehensive plan to meet the crisis.
"We need to focus both on the immediate needs and on the longer-term issues starting right now and the focus is on the smallholder farmers in developing countries," he said.
IMF expects India’s growth to slow markedly in 2009
By IANS,
Washington: With the global economic crisis hitting Asia hard, the International Monetary Fund (IMF) expects India's growth to slow markedly in 2009 before starting to rebound toward year end.
"The spillovers from the global crisis have impacted Asia with unexpected speed and force," according to the IMF Regional Economic Outlook (REO) for Asia and Pacific which was released in Singapore Wednesday.
Mitsubishi looks at ASEAN trade pact for hub in India
By Arjun Sen and Himank Sharma, IANS,
New Delhi : Mitsubishi Motors of Japan is looking forward to a free trade pact between India and the 10-nation Association of South-East Asian Nations (ASEAN) to start production in the country and make it an export hub, a top official has said.
"We still do not have enough volumes to set up a manufacturing base in India," said Tetsuro Aikawa, Mitsubishi's managing director in charge of product strategy and development, at the group's headquarters.
Japan’s GDP plummets 12.7 percent amid record export drop
By DPA,
Tokyo : Japan's economy contracted at an annual pace of 12.7 percent in the October-to-December quarter, its worst drop since the oil crisis 35 years ago, amid a record decline in exports, the government said Monday.
The contraction in the world's second-largest economy was larger than economists had expected and came amid a 13.9 percent drop in exports, due to recessions in the US and Europe that cut demand for Japanese cars and electronics.
Goldman Sachs could be sued for helping hide Greece’s debts: Report
Athens : If Greece follows the advice of a former Goldman Sachs banker, the global investment banking firm could face legal action for...
Speciality restaurant group to add 22 outlets this year
By IANS,
Kolkata : The Rs.200-crore Speciality Restaurants, the holding company of Oh! Calcutta restaurant that handled the catering for the dinner Prime Minister Manmohan Singh hosted for outgoing Lok Sabha speaker Somnath Chatterjee earlier this week, will roll out another 22 restaurants this fiscal, a top company official said here Friday.
"We will roll out 22 new restaurants this year in the tier-II cities. Of these, 50-60 percent will be franchisee-owned," company managing director Anjan Chatterjee said at a press briefing.
India confronts global crisis from a position of strength: IMF
By Arun Kumar, IANS,
Washington : Commending India's strong economic performance in recent years, the International Monetary Fund (IMF) has said "India confronts the current global economic and financial crisis from a position of strength."
India's strong economic performance in recent years "reflected sound macroeconomic policies and continued progress with structural reform, the IMF Executive Directors said in their assessment after their annual Article IV Consultation with New Delhi.
Global rally prompts Indian bulls, Sensex up 5.17 percent
By IANS,
Mumbai : Indian equities markets raced to keep up with a global rally after a two-day break as bulls overshadowed the sceptics, pushing a key index up 5.17 percent from its close the previous week.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended trade Friday at 8,756.61 points, a gain of 430.79 points or 5.17 percent from its previous weekly close.
The broader S&P CNX Nifty index of the National Stock Exchange (NSE) shut shop at 2,719 points, about 3.8 percent higher than last week's close.
India-Bangladesh trade snapped as traders stage protest
By IANS,
Agartala : Bilateral trade between India and Bangladesh through the northeast remained suspended for the sixth day Thursday with traders continuing a strike to demand improvement in infrastructure.
"Despite repeated demands and governments' decisions to upgrade the necessary infrastructure, including roads, Dhaka remained reluctant to take any steps," said Habul Biswas, general secretary of the Indo-Bangla exporters-importers association.
Dubai firm bags 400 mn pound deal to build new British port
By IANS,
Dubai : The United Arab Emirates (UAE)-based leader in maritime terminal operations and development DP World has bagged a £400-million ($744 million) contract to build the first phase of a new container port near London.
London Gateway is going to be the most technically advanced container port in the world integrated with Europe's largest logistics park, according to a DP World statement.
This is the first major contract to be awarded in the £1.5 billion project, scheduled to be built over the next 10 to 15 years.
Boat ride on Sabarmati river from next year
By IANS,
Ahmedabad : People of Ahmedabad as well as tourists would be able to enjoy a boat ride on the Sabarmati river from next year, as a firm plans to invest Rs.7.5 million (Rs.75 lakh) to start the service.
Akshar Travels Pvt Ltd, an Ahmedabad-based travel firm, has signed a memorandum of understanding (MoU) with the Gujarat government to introduce river cruises and to develop tourism infrastructure along the river.
In the first phase of the project, the company would launch five cruises with a capacity to carry 300 tourists each.
Pakistan’s exports show a hike of 17.37 percent
By SPA,
Islamabad : Pakistan's exports during the current fiscal year (2008) totaled (Pakistani) Rs.1, 208,118 million as against Rs.1, 029,312 million during the previous financial year (2007, showing an increase of 17.37 percent.
The exports from Pakistan during June, 2008 amounted to Rs.138, 118 million as against Rs.131, 572 million in May 2008 and Rs.93, 615 million during June 2007, showing an increase of 4.98 percent and 47.54 percent respectively, according to figures released by Federal Bureau of Statistics and quoted by the Associated Press of Pakistan (APP).
Heritage Meet in Bhopal on Dec. 17
By Pervez Bari, TwoCircles.net
Bhopal: The novel and unique meeting between investors and owners of palatial buildings named as 'Heritage Meet' would be held at Bhopal on Monday, December 17. All the preparations of this meet have been completed.
India will grow at 6.3 percent: Manmohan Singh
By Arvind Padmanabhan, IANS,
Pittsburgh : Prime Minister Manmohan Singh Friday predicted a 6.3 percent growth for India during the current fiscal even though he saw a dip in the economic expansion of developing countries as a whole to 1.5 percent.
"Despite a drought, which will affect agricultural production, we expect to grow by around 6.3 percent in 2009-10," the prime minister told the plenary session of the G20 Summit here.
He also said the economy will stage a recovery the next year to 7-7.5 percent.
Abu Dhabi posts more than eight percent annual growth
By IANS,
Abu Dhabi : Propelled by privatization and diversification, Abu Dhabi, the largest emirate of the United Arab Emirates (UAE), posted an annual growth of more than eight percent, WAM reported Thursday quoting official records.
A report released Wednesday by the emirate's Department of Planning and Economy (DPE) said the economy "continued to perform strongly throughout 2007, thanks to the judicious privatization policies and diversification programme”.
Exchange of old notes to continue at RBI counters
Mumbai : The Reserve Bank of India (RBI) on Friday said the facility to exchange old Rs 500 and Rs 1,000 notes will continue...
Inflation rate up marginally, touches 10.72 percent
By IANS,
New Delhi : India's annual rate of inflation, which had been easing for five consecutive weeks, rose slightly to 10.72 percent for the week ended Oct 25, from 10.68 percent the week before, government data released Thursday showed.
The wholesale price index (WPI) for all commodities released by the ministry of commerce and industry showed an increase of 0.1 percent, with the index for primary articles having gone up 0.4 percent. The index for food articles rose 0.4 percent due to the higher prices of rice (3 percent), and urad and tea (2 percent each).
GM cutting 10,000 jobs; Nike another 1,400
By Arun Kumar, IANS,
Washington : Troubled automaker General Motors is cutting 10,000 workers or 14 percent of its salaried jobs worldwide, with a third of layoffs coming in the US. Nike Inc, the world's largest athletic shoe and clothing maker, is also planning to slash 1,400 jobs out of about 35,000 globally.
GM, which is preparing to present a long-term viability plan to the US Treasury Department next week, said Tuesday that the cutbacks are part of the restructuring plan it submitted to Congress Dec 2 when it first asked Washington for federal assistance.
Indian economy will grow at 7 percent this fiscal: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Tuesday said India will achieve an economic growth of at least 7 percent this fiscal and promised more resources for areas like infrastructure and public services.
"In last one year our economy was affected and our growth rate declined to about 7 percent," the prime minister told the Lok Sabha, replying to the motion of thanks on President Pratibha Patil's address to both houses of parliament.
Etisalat acquires stake in Indonesian mobile major
By IANS
Abu Dhabi : United Arab Emirates (UAE)-based telecommunications services company, Etisalat has announced the acquisition of a 15.97 percent stake in the third largest mobile operator in Indonesia, Excelcomindo, WAM news agency reported Wednesday.
The $438 million deal values Excelcomindo at $2.742 billion.
This investment represents an important step for Etisalat's expansion strategy in Asia, the company's chairman Mohammad Hassan Omran said.
D Subba Rao to be next RBI governor
By IANS,
New Delhi : Finance Secretary D. Subba Rao will take charge Sep 5 as the next Reserve Bank of India Governor, Finance Minister...
Equity markets stay in the red early afternoon
By IANS,
Mumbai : Indian equity markets continued to trade in the red early Friday afternoon. Realty, banking and IT stocks were under selling pressure.
At 1:00 p.m., the 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, at 14,180.32 points, down 143.97 points or 1.01 percent from its closing figure Thursday. It had touched a low of 14,046.42 points earlier Friday.
At the same time the broader based S&P CNX Nifty index of the National Stock Exchange was at 4,268.10 points, down 22.20 points or 0.52 percent from its previous close.
Ranbaxy, Daiichi Sankyo will dominate Japanese market: Malvinder
By IANS,
London : Ranbaxy CEO Malvinder Mohan Singh said Thursday his company, together with the merged Daiichi Sankyo of Japan, will dominate the Japanese generics medicine market in the “next few years”.
“This combination provides Ranbaxy with a very substantial edge and advantage as the Japanese generic market opens up, which is the second largest pharmaceutical market in the world," Singh told a meeting organised in London by the Confederation of Indian Industry (CII).
‘Industry should focus on wealth distribution’
By IANS,
Ahmedabad : Creating wealth for a few should not be the major goal of the industry, rather it should focus on distributing wealth among the masses, a top industry leader said here Thursday.
Speaking at the inauguration of Indian Institute of Management (IIM)-Ahmedabad's Confluence-2008, Satish Pradhan, executive vice-president (human resources) of Tata Sons, said: "The purpose of doing business is not to garner wealth for a few. It has much wider and deeper implication."
Indian equities open in the green
By IANS
Mumbai : The Indian equities market opened in the green Monday. The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 47.03 points at 15,390.15.
The S&P Nifty of the National Stock Exchange opened at 4631.35 points with a loss of 15.65 points from its previous close.
Other Asian markets were trading firm.
Clear mandate will help in tackling economic crisis: Congress
By IANS,
New Delhi: The clear mandate won by the UPA in the Lok Sabha polls would help the new government under Prime Minister Manmohan Singh continue its policies on various flagship programmes as well as tackle the economic crisis, the Congress said Sunday.
The United Progressive Alliance (UPA) has won 262 seats in the new Lok Sabha, just 10 short of the halfway mark.
China’s manufacturing activity slows
By IANS,
Beijing: China's manufacturing activity further slid in August with the purchasing managers index (PMI) standing at 49.2 percent, the lowest pace in nine months.
GM 2010 sales grow by 59 percent
By IANS,
New Delhi: General Motors India Saturday reported 59 percent growth in sales for 2010, which stood at 110,804 units as against 69,579 units in 2009.
Kamal Nath to raise export concerns with prime minister
By IANS
New Delhi : In the wake of Indian exporters losing conventional markets to their competitors such as Brazil and China due to a strong rupee, Commerce and Industry Minister Kamal Nath will meet Prime Minister Manmohan Singh to discuss their concerns.
"With the rupee appreciation, Indian exporters are feeling concerned about lack of competitiveness in global market. We are concerned about the sector, especially about the labour-intensive sectors," Kamal Nath told reporters on the sidelines of a conference here Tuesday.
Expert panel on financial crisis to meet Monday afternoon
By IANS,
New Delhi : An expert panel under Finance Secretary Arun Ramanathan meets here later Monday to find solutions to help India weather the impact of the global financial storm that has sent stocks crashing and industrial growth dip to the lowest in a decade.
Finance Minister P. Chidambaram, who constituted the panel last Friday, said the members of the expert panel would meet at 3.30 p.m. and that measures to address the situation would be announced "shortly".
New trade policy to focus on untapped markets: Minister
By IANS,
New Delhi: India's new foreign trade policy will be unveiled next month and will focus on diversifying the country's merchandise exports to untapped markets, Commerce Minister Anand Sharma said Saturday.
"We will look at diversification," Sharma told reporters here, after a meeting with representatives of the Confederation of Indian Industry (CII), kicking off the deliberations with stakeholders ahead of formulating the new foreign trade policy.
Government departments to make e-payments for amounts above Rs 5,000
New Delhi : In order to give a boost to the digital payment system, all government departments have now been directed to make e-payments...
Russian gas deliveries to Turkey, Balkan states halted
By RIA Novosti,
Moscow : Russian gas supplies through Ukraine to Turkey have stopped, the Turkish minister of energy and natural resources said Tuesday.
Mehmet Hilmi Guler said Turkey was trying to compensate for the loss with supplies from elsewhere.
Gas deliveries to Bulgaria, Greece, Macedonia, and Romania were halted Monday night.
Ukraine's state-run Naftogaz said earlier Tuesday Gazprom had reduced deliveries of natural gas for transit through Ukraine to a third of their normal rate, which would affect Western European customers.
CBI files charge sheet in IPO scam
By IANS
New Delhi : A charge sheet has been filed in a Mumbai court against 22 accused in the multimillion rupees primary market scam which was reported by the Securities and Exchange Board of India (Sebi) in February 2006, the Central Bureau of Investigation (CBI) said Tuesday.
"The charge sheet in the initial public offer (IPO) scam, which involved using thousands of benami demat accounts to corner shares allotted in the retail segment, was filed in a Mumbai court Saturday," the CBI said here in a press statement.
Equity markets up in early trade
By IANS,
Mumbai : Indian equity markets gained ground early Wednesday following strong cues from other Asian markets. There was buying interest in capital goods, technology, banking and select metal stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a gain of 64.59 points at 12,740.78. Ten minutes into trading, it was at 12,762.80 points, a gain of 86.61 points or 0.68 percent from its closing figure Tuesday.
ICICI Bank buys back bonds worth $50 mn
By IANS
Mumbai : ICICI Bank Monday said it had bought back and retired bonds with a face value of $50 million out of the $750 million bonds that were due to mature in 2012, its second such transaction in March.
The bonds, which had a 5.75 percent coupon, were issued by the bank's Bahrain branch, the bank said in a statement.
The bank March 8 said it has bought back and extinguished $50 million of bonds with a 6.625 percent coupon that were due to mature in 2012 and were also issued by its Bahrain branch.
Pakistan offers India tips on tackling high oil price
By IANS,
New Delhi : Pakistan, struggling with a 12 percent annual inflation rate, Tuesday shared with India the "steps" it has taken to tackle high fuel price, and measures to shield the poor against inflation.
"Inflation and rise in oil prices are not India- and Pakistan-centric problem. It is a global phenomenon," Pakistan's Planning Commission deputy chairman Salman Faruqui told reporters here after he met his Indian counterpart Montek Singh Ahluwalia.
Stunning Indian gift for British workers as investors fly in
By Dipankar De Sarkar, IANS
London : In a textbook example of globalisation in action, soaring demand in India has helped a British multinational company make a stunning gift of a thousand pound (nearly $2,000) bonus for each of its Britain-based employees.
The Christmas bonus for the entire workforce of digger makers JCB was one of the big financial stories of the festive season in Britain, and now one of its senior executives confirmed just before flying to New Delhi that India had everything to do with it.
Special IT regions on the anvil
By IANS
Hyderabad : With infrastructure in metro cities already overloaded, the central government proposes to develop new information technology investment regions with world-class infrastructure.
With the same benefits as special economic zones (SEZs), these regions will offer the best infrastructure to IT companies outside the tier-I cities.
Jainder Singh, secretary, department of information technology in the central government, said the central and the state governments would jointly developed infrastructure in the proposed IT investment regions.
US stocks drop on financial fears, record oil price
By DPA
New York : US stock indices were down Wednesday following weak earnings reports and warnings from financial firms that more of their assets may be vulnerable to writedowns.
United Parcel Service, the world's largest package delivery service, said first-quarter profits would be hurt by the wider economic slowdown and surging petrol prices.
Crude oil reached a record $112.12 per barrel in New York trading, also bringing down shares in retailers.
Infosys buys British consulting firm for $753 mn
By IANS,
Bangalore : IT bellwether Infosys Technologies Ltd Monday announced acquisition of the British-based leading SAP consulting firm Axon Group plc for $753 million (Rs.33 billion) in an all-cash deal.
The acquisition process is expected to be completed by November.
"The strategic combination of our groups will accelerate the realisation of our common aspiration - that of becoming the most respected provider of business transformational services in the global market place," Infosys CEO Kris Gopalakrishnan told reporters at a hurriedly convened media conference here.
Credit rating firms now target small enterprises
By Venkatachari Jagannathan, IANS,
Chennai : As the economic downturn bites and banks become more reluctant to lend to firms that do not have credit ratings, credit rating agencies are aggressively expanding to provide ratings for at least some of India's 12.8 million small and medium enterprises (SMEs).
It is estimated that only about two percent of SMEs in India get financing from banks.
RCom, MTN extend exclusive talk period till July 21
By IANS,
Mumbai : The Anil Ambani-controlled Reliance Communication (RCom) and South African telecom major MTN have extended the period of exclusive talks for a possible merger till July 21, RCom said in a statement Wednesday.
"RCOM and MTN have agreed to continue their negotiations in relation to such potential business combination, and have extended the period of exclusivity until July 21, 2008," the statement said.
Tata Power consortium wins Indonesian geothermal power project
By IANS,
Mumbai : Tata Power Thursday said a consortium it belongs to has won a bid for a 240 MW geothermal power project in Indonesia.
The consortium, in which Tata Power holds a 47.5 percent stake, will undertake a detailed exploration of the Sorik Marapi geothermal project in northern Sumatra, the company said in a regulatory filing to the Bombay Stock Exchange.
"The expected commercial operation date for the project is June 2015," said the company.
India aims 124 mn tonnes steel output by 2012
By IANS,
New Delhi : India's annual steel production will touch 124 million tonnes by 2012 with a planned investment of Rs.2.76 trillion ($64.46 billion), up from 109.17 million tonnes in 2007-08, Minister of Steel Ram Vilas Paswan said here Friday.
Paswan released his ministry's four-year report card "Forging New Frontiers", detailing headway made by the steel industry in the four years of the United Progressive Alliance (UPA) rule.
India, EU agree to double trade to 100 bn euros
By Manish Chand, IANS,
Marseilles : India and the 27-nation European Union took their multifaceted ties to new heights by agreeing to double the bilateral trade to 100 billion euros (around $145 billion) in another five years and to clinch a landmark free trade agreement (FTA) by next year.
"We have accelerated negotiations for a bilateral free trade agreement," French President Nicolas Sarkozy told reporters at a joint press conference with Prime Minister Manmohan Singh and president of the European Commission Jose Manuel Barroso.
Indian R&D of US giant achieves micro-chip breakthrough
By IANS,
Mumbai : The Indian research arm of global semi-conductor manufacturing leader Texas Instruments has achieved a breakthrough: enhancing the processing and memory power of ultra-low power micro-controllers.
The breakthrough generation of the ultra-low power micro-controllers can aid thousands of applications in fields as diverse as medicine, security, home automation and consumer goods, the company said Monday.
HDIL acquires 51 percent stake in Sri Adhikari Brothers
By IANS,
New Delhi : Realty major Housing Development and Infrastructure Ltd (HDIL) is making foray into broadcasting by acquiring 51 percent holding Sri Adhikari Brothers Media Limited (SABML), the company announced Tuesday.
The company is also buying 51 percent shareholding in Broadcast Initiative Limited (BIL) and 51 percent in Technocraft Media Private Limited (TMPL).
HDIL Group will acquire 51 percent in BIL through a mix of preferential issue of shares. The transaction was unanimously approved by the Board of Directors of BIL at a meeting held in Mumbai Tuesday.
Turkmen government puts an end to rock-bottom gasoline prices
By RIA Novosti
Moscow : Turkmenistan's government has moved to end ten years of virtually free gasoline in the impoverished Central Asian state, raising the price eightfold on Monday from a mere 2 cents per liter.
Cheap fuel was one of the social subsidies introduced by the ex-Soviet republic's late autocratic leader Saparmurat Niyazov, along with free water, natural gas and salt, which remain free to Turkmen citizens.
Satyam Computer to retain recruitment rate
By IANS,
Chennai : Satyam Computer Services Ltd said Tuesday that it will retain its last year's recruitment rate this year also, a significant move at a time when many global IT companies are planning layoffs.
"The (economic) slowdown is not as bad as it is made out to be. We are still talking about double digit growth. We will be hiring around 15,000 people this year against 16,600 last year," S.V. Krishnan, global head-human resources, told reporters here.
Highlights of monetary policy review by India’s central bank
By IANS,
Mumbai : Following are the highlights of the quarterly monetary policy review conducted by the Reserve Bank of India (RBI) here Friday in which some key rates were left unchanged and the country's growth targeted was lowered for this fiscal:
- Bank rate kept unchanged at 6 percent.
- Repo rate has been kept unchanged at 5.5 percent.
- Reverse repo rate kept unchanged at 4 percent.
- Cash reserve ratio (CRR) kept unchanged at 5 percent.
- Statutory liquidity ratio (SLR) kept unchanged at 24 percent.
Youth fear loss of job scope if Tatas leave Singur
By IANS,
Kolkata : The young generation here, which expected Tata Motors' Nano project at Singur in West Bengal to throw up jobs, is concerned over the political turmoil that has crippled work at the factory.
"I thought if Tata Motors sets up a factory in Singur, it will provide job opportunities to many engineers of the state and they won't have to go out, but now it seems impossible," said automobile engineer Krishanu Das.
CII welcomes cash reserve ratio cut
By IANS,
New Delhi : The Confederation of Indian Industry (CII) has welcomed the cut in the cash reserve ratio (CRR) by 100 basis points to 6.5 percent, but urged the central bank to reduce it further to five percent.
The Reserve Bank of India (RBI) Wednesday cut the CRR to release Rs.400 billion into the system.
"The CRR cut by 100 bps was very much needed to infuse additional liquidity into the system and in fact, the CII would like the CRR to go back to five percent level,” CII director general Chandrajit Banerjee said in a statement.
Indian Oil gets Rs.200 bn cash injection
By IANS,
New Delhi : The state-owned Indian Oil Corp (IOC) has got a temporary cash injection with the Reserve Bank of India (RBI) raising its credit limit by Rs.200 billion.
IOC, along with other oil marketing companies Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), has been facing a severe liquidity crisis due to high crude prices and huge subsidy burden.
After the oil prices started to slide down over the past few weeks, RBI Governor Y.V. Reddy announced last month that the central bank would stop the special scheme to buy bonds from the oil companies.
Gujarat is new home for Tatas’ small car Nano
By IANS,
Ahmedabad : Nano, the small car of Tata Motors, will now roll out of Gujarat. Group chairman Ratan Tata made the announcement in state capital Gandhinagar Tuesday along with Chief Minister Narendra Modi, on the day he completed seven years in office.
The site chosen is Sanand, 30 km from the state's commercial capital Ahmedabad, on an area of some 1,100 acres.
A memorandum of understanding to this effect was signed between Tata Motors and the Gujarat government Tuesday. "Welcome Nano," read a poster behind the podium where the two sides signed the agreement.
Emami plans big foray into Africa in cash crops, power
By Lakshmi Krishnakumar, IANS,
Kolkata : Indian personal care and ayurvedic medicines major, the $165- million Emami group, is making a big foray into Africa not just in their traditional lines of businesses but also in contract farming and power generation, a top official has said.
"In Ethiopia, Emami Biotech has been allotted 100,000 acres of land by the Investment Commission. We will cultivate edible and non-edible oil seeds and cereals like gram, maize, sunflower, soya and jatropha," said the company's director Aditya V. Agarwal.
Tyres major Yokohama to invest Rs.9 bn in Haryana plant
By IANS
Chandigarh : Japanese tyre manufacturer Yokohama Rubber Company will set up a new tyre manufacturing plant in Haryana worth over Rs.9 billion (around $200 million), the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) announced Tuesday.
The company has been allotted a 25-acre plot by the HSIIDC at Bahadurgarh industrial estate on the newly developed Rohtak-Jhajjar industrial belt in Delhi's national capital region (NCR).
The new industrial estate is being developed along National Highway (NH) 10 on an area of 755 acres.
CCEA approves SAIL’s disinvestment proposal
By IANS,
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) Thursday approved a proposal of the Steel Authority of India Ltd (SAIL) to raise additional capital through sale of the government's stake in the company and issue of fresh equity in two tranches.
"Both the tranches will include a fresh issue of 5 percent pre-issue paid up equity of the company and offer of sale of 5 percent of government equity in SAIL," said Home Minister P. Chidambaram, briefing reporters about the CCEA's decision.
OPEC oil price crosses $90 threshold
By DPA
Vienna : The price of crude oil produced by the Organisation of Petroleum Exporting Countries (OPEC) crossed $90 for the first time Wednesday, according to a statement by the OPEC secretariat here Thursday.
One barrel (159 litres) of crude produced in the 12 OPEC member states cost $90.71 Wednesday, the secretariat said, a marked increase from $89.13 the previous day.
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.
Markets close marginally up, Sensex gains 0.5 percent
By IANS,
Mumbai : Indian equities markets closed marginally in the green Thursday, with a key index ending trade about 0.57 percent higher than its previous close.
Bleak economic numbers did not have much of an impact on the markets as government data showed that industrial production in February fell 1.2 percent over the same period last year.
The 30-scrip Bombay Stock Exchange (BSE) sensitive index (Sensex), which opened at 10,876.15 points, higher than its Wednesday close, rose 61.52 points or 0.57 percent to close at 10,803.86 points.
Turmoil in Assam’s tea heartland hits workers
By Syed Zarir Hussain, IANS
Margherita (Assam) : As simmering tension and violence continues in Assam's tea heartland, hundreds of plantation workers are in the grip of hunger.
More than a million tea workers are hit hard by the violence and not getting their daily wages because the gardens have shut down following frequent protests and general strikes.
"The worst sufferers are the workers. Staging a strike or protest means the gardens are closed and they do not get paid," Madhusudan Khandait, leader of the Assam Chah Mazdoor Sangha (ACMS), told IANS.
Anil Ambani group gets land for Madhya Pradesh cement unit
By IANS
Bhopal : The Reliance Anil Dhirubhai Ambani group is setting up a cement unit in Madhya Pradesh for which 1,306 acres of land has been allotted by the state government in Satna, some 375 km from here.
Madhya Pradesh Industry Minister Jayant Malaiya informed the state assembly Tuesday that apart from providing land at Raghuraj Nagar in Satna district, the group has also been given the prospecting license for the unit.
Karnataka to get over Rs.1,000 crore for railway projects
By IANS,
Bangalore : The railway ministry has earmarked Rs.1,026 crore ($214.5 million) for various projects in Karnataka for the current fiscal, up from Rs.680 crore in 2008-09, Minister of State for Railways K.H. Muniyappa said here Saturday.
"This is the first time in a decade that the ministry has allocated over Rs.1,000 crore in a fiscal for various projects in Karnataka. The state government is also giving a budgetary support of Rs.243 crore for the ongoing projects," Muniyappa said a day after his senior minister Mamata Banjeree presented the budget in parliament.
Morning after sharp fall, equities market opens flat
By IANS
Mumbai : The Indian equities market opened flat Tuesday after the year's second-sharpest fall Monday. Cues from other Asian markets were mixed. Consumer goods and realty stocks registered modest buying in initial trade here.
The 30-share benchmark sensitive index of Bombay Stock Exchange opened with a gain of 64.32 points at 16,742.20. Twenty minutes after the start of trading, the Sensex was at 16,700.93, a marginal gain of 23.05 points compared to its close Monday.
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.
India registers slight slowdown in new telecom connections
By IANS,
New Delhi : India's telecom operators managed to add 13.42 million new subscribers to the network in February, which was lower than the 15.26 million new connections during the previous month, official data showed Thursday.
With this, the total number of telephone connections in the country under both the wireless and wireline segments has gone up to 413.47 million, the sector's watchdog, the Telecom Regulatory Authority of India, said in a statement.
Indian Oil posts Rs.284.4 crore profit in second quarter
By IANS,
Mumbai : State-run Indian Oil Corp Friday said it posted a net profit of Rs.284.4 crore for the second quarter, as against a net loss of Rs.7,047.1 crore for the quarter ended Sep 30, 2008.
Total income for the quarter under review stood at Rs.61,817.8 crore, compared to Rs.86,987.4 crore for the quarter ended Sep 30, 2008.
The company said the comparative figures for the half-year ended Sep 30, 2008 did not include the figures of Bongaigaon Refinery and Petrochemicals, which was merged with Indian Oil March 25, 2009.
Satyam’s Raju brothers, former CFO in police custody for four days
By IANS,
Hyderabad : Disgraced Satyam Computer Services founder B. Ramalinga Raju, his brother B. Rama Raju and the IT major's former chief financial officer Vadlamani Srinivas will be in the custody of the Andhra Pradesh police Jan 18-22, a court here ruled Saturday.
The three are now in judicial custody and lodged in Chanchalaguda jail.
Handing them over to the custody of police will enable the criminal investigation department (CID) to interrogate the three on the massive financial fraud of Rs.70 billion (Rs.7,000 crores/$1.43 billion) admitted to by Ramalinga Raju.
Punjab National Bank net up 31 percent
By IANS,
Mumbai : State-run banking major Punjab National Bank (PNB) has posted a 31.09 percent increase in its net profit at Rs.926.96 crore for the quarter ended Sep 30 as compared to Rs.707.09 crore reported in the like period last year.
The bank's total income grew 14.35 percent to Rs.6,075.86 crore during the quarter under review as against Rs.5,313.18 crore for the quarter ended Sep 30, 2008.
Gross non-performing assets (NPAs) stood at 1.58 percent in the quarter under review, down from 2.18 percent a year earlier.
Apollo Hospital to provide healthcare at Delhi airport
By IANS
New Delhi : The Indraprastha Apollo Hospital (IAH) will set up medical units, provide emergency ambulance service and run a round-the-clock pharmacy at the Indira Gandhi International (IGI) airport here.
The Delhi International Airport Ltd (DIAL) Saturday said it tied up with Apollo for facilities like medical emergencies, aviation medicine consultancy services and routine care at the IGI airport.
"IAH has been awarded the licence to operate and manage medical facilities at all passenger and cargo terminals of the airport," a DIAL spokesman said.
India will weather economic storm, sustain 8 percent growth: PM
By IANS,
New Delhi : Prime Minister Manmohan Singh Friday exuded confidence that India “can and will survive” the current global financial crisis to sustain an eight percent economic growth and promised every possible measure to promote development and entrepreneurship.
"We cannot pretend that we are not affected by the global economic crisis. We are all affected by it," the prime minister told the Hindustan Times Leadership Summit at the Taj Palace hotel here.
New Year brings cheers to investors
By IANS
Mumbai : The first trading session of 2008 on Indian stock markets started on an optimistic note, with a key index opening with a gain of 38 points Tuesday.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened 38 points up at 20,287 points.
The broader 50-share S&P CNX Nifty Index of the National Stock Exchange (NSE) opened 11 points up at 6,150 points, against the previous close of 6,139.
The market opened on a firm note with buying in blue-chip stocks. There was a strong demand for small-cap stocks.
West Bengal budget: Rs 570 Cr for minority welfare
Rs 570 Cr for minority welfar is not even 1% of the total budget amount while Muslims account 25% of the state population
By Zaidul Haque, TwoCircles.net,
Chidambaram asks India Inc to cut prices, not production
By IANS,
New Delhi : Finance Minister P. Chidambaram Tuesday asked the Indian industry to cut prices and maintain production levels in a bid to address demand slowdown, while exuding confidence that the economy will bounce back next year.
"The classic response to demand slowdown is to cut prices for the short-term," the finance minister said on the concluding day of the Davos-based World Economic Forum's (WEF's) India Economic Summit that began here Sunday.
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.
Romantic Taj Mahal attracts maximum visitors in India
By IANS,
New Delhi : If ticket sales are anything to go by, the luminous 17th century Taj Mahal in Agra is the most popular monument in India, attracting over 2.5 million visitors a year.
The marble monument to love built by Mughal emperor Shah Jahan that is listed among the seven wonders of the world was visited by an estimated 2,048,120 domestic and 491,351 foreign tourists in 2006.
These findings were put out by the ministry of tourism's annual publication, "India Tourism Statistics", based on figures collected from the Archaeological Survey of India (ASI).
Bangalore realty software firm bags Dubai order
By IANS
Bangalore : In4velocity Systems, a Bangalore-based real estate and property development software firm, has bagged a lucrative deal valued at Rs.30 million from Omniyat Properties of Dubai.
As part of the Omniyat Holdings group, Omniyat Properties is a privately held real estate investment and development firm in the UAE.
Modi government spent over Rs 4,300cr in publicity, reveals RTI
Mumbai (IANS): The government of Prime Minister Narendra Modi has so far splurged a whopping Rs 4,343.26 crore only for advertisements and publicity through...
GMR launches security services training academy
By IANS,
Hyderabad : In a bid to generate job opportunities in villages, infrastructure major GMR Group Thursday launched a security services training academy in Anantapur district of Andhra Pradesh.
The academy has come up on a 100-acre plot at Kodikonda on the Bangalore-Hyderabad national highway with an initial investment of Rs.350 million.
The academy was inaugurated by GMR Group chairman G.M. Rao at Kodikonda.
Groundnut oil price likely to go up in Gujarat
By IANS
Rajkot (Gujarat) : A shortage of groundnut oil is anticipated during the next 45 days in Gujarat as Rabi output of groundnut is expected to arrive in the markets only after that, market sources said.
According to Purvang Vohra, a groundnut exporter, farmers in Saurashtra are holding about 250,000 to 300,000 tonnes of groundnut with them.
Currently, only 25,000-30,000 tonnes of groundnut reach the market yards of Saurashtra daily. Of this, 50 percent is bought by traders and the rest is taken by crushing mills. This is not enough for the mills to operate in full capacity.
Tata threatens to pull out of Singur if violence persists
By NNN-PTI,
Kolkata, India : Tata Motors Chairman Ratan Tata today threatened to exit West Bengal if there was no let up in violence at Singur, where the company is building a factory to make the world's cheapest car 'Nano'.
"We are deeply concerned at the violence and disruption and at the safety of our employees, equipment and investments at the project site at Singur," Tata told reporters on the sidelines of the Tata Tea annual general meeting.
He said: "Ut is for the people of West Bengal and Kolkata to decide whether we are unwanted or accept us as a good corporate citizen.
Sensex flat as RIL drags
By IANS,
Mumbai : Indian equities markets were in for another listless day of trade Wednesday with a key index ruling flat at noon and heavyweight stock Reliance Industries dragging the market.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,077.85 points, was trading at 18,071.26 points, 6.35 points or 0.04 percent down from its previous close at 18,077.61 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was also ruling flat at 5,430.6 points.
Tata Motors launches eco-friendly Indica model
By IANS,
Mumbai : Tata Motors Friday launched a new dual fuel, eco-friendly model of its Indica range of vehicles.
The new model, Indica V2 Xeta LPG, is equipped with a dual fuel (petrol and LPG) engine that will reduce carbon dioxide emissions by about 10 percent and has high fuel efficiency both in the city and on highways.
Certified for BS III emission norms, it can be upgraded to comply with Euro-IV norms, the company announced here.
Service tax revenue to be flat in 2009-10
By IANS,
New Delhi : India's service tax revenue is estimated to be flat at Rs.65,000 crore ($13.4 billion) this fiscal, Finance Minister Pranab Mukherjee said Monday while presenting the budget for 2009-10 in the Lok Sabha.
The revised estimates of the service tax revenue for 2008-09 stands at Rs.65,000, while the government earned Rs.51,301 crore from the tax in 2007-08.
While Mukherjee brought the law firms/lawyers offering advice to non-individuals under the service tax net, relief has been provided to exporters.
Internet bites into US newspaper pie
By Parveen Chopra
IANSNew York : Media czar Rupert Murdoch's surprise $5 billion bid for Dow Jones & Co, which publishes the Wall Street Journal (WSJ), comes at a time when circulations of major newspapers in the US have been plunging because readers and advertisers are increasingly migrating to the Internet.
Equities markets open on an upswing again
By IANS,
Mumbai : The Indian equities markets opened with a positive gap Thursday.
The 30-share benchmark index of the Bombay Stock Exchange, the Sensex, opened with a gain of 140.66 points at 16,666.03.
The S&P Nifty index of the National Stock Exchange opened at 4,926.30 points with a marginal gain of 7.98 compared to its previous close.
UTV Communication’s operating revenue soars 183 percent
By IANS
Mumbai : UTV Software Communications Ltd, one of the leading Bollywood production houses, has reported a growth of 183 percent in the operating revenue at Rs.1.2 billion ($30 million) for the quarter ended Dec 31, 2007.
Operating revenues and operating income of the company for the nine months ended Dec 31, 2007 reported a growth of 86 percent and 435 percent at Rs.2.5 billion ($63 million) and Rs.503 million ($12 million), respectively as compared to the same period last fiscal.
Infosys hires 3,538 people in first quarter
By IANS,
Bangalore : Undeterred by the impact of the global meltdown on its revenue and profits, IT bellwether Infosys Technologies and its subsidiaries hired 3,538 people in the first quarter of this fiscal.
With retention remaining high, the company and its subsidiaries saw a net decline of 995 employees during the quarter under review as against a net addition of 1,772 in the previous quarter and 3,192 in the year-ago period.
India-Germany trade to reach $27 bn by 2012: Kamal Nath
By IANS,
New Delhi : India's annual bilateral trade with Germany will reach the target of 20 billion euros ($27 billion) by 2012, Commerce and Industry Minister Kamal Nath said here Monday.
"The State of Lower Saxony (Germany) could be an important trading partner of India in sectors like agriculture, mining, crude oil, manufacturing, aviation, shipbuilding, biotechnology, steel, tourism and telecommunication," Kamal Nath said during an interaction with Lower Saxony Minister-President Christian Wulff.
National Dairy Development Board proposes Rs.173 bn plan
By IANS,
Anand (Gujarat) : India's leading dairy development agency, the National Dairy Development Board (NDDB), has proposed a Rs.173 billion draft National Dairy Plan to increase the country's milk production from the current 102 million tonnes to meet the projected demand of 180 million tonnes by 2021-22.
NDDB proposed the draft plan in its annual report for 2007-08, a NDDB press release said here Tuesday. NDDB has its headquarters here, also known as the milk capital of India, some 65 km from Ahmedabad, the principal city of Gujarat.
The National Dairy Plan focuses on:
Rains cheer Himachal’s apple growers
By Vishal Gulati, IANS,
Shimla : Apple growers in Himachal Pradesh, India's major fruit basket, are hoping for a good crop this year because of favourable weather following rains in the last few days that have brought the temperature down and added moisture to the soil.
"The weather has been really good this time and my estimation is that the apple crop would be good as compared to the previous year," horticulture director Gurdev Singh told IANS.
Minnesota governor visits Wipro facility in Banglore
By IANS
Bangalore : Tim Pawlenty, governor of Minnesota, one of the states in the US, visited the Wipro facility here Friday along with a 30-member business delegation.
In the absence of Wipro chairman Azim H Premji in the city, Sudip Banerjee, President, Enterprise Solutions, received Pawlenty and conducted a tour of the campus in the electronics city.
According to a company statement, a presentation on the IT major's global operations was made to the delegation that is on a trade mission to India.
Sensex closes 370 points in red
By IANS,
Mumbai : Indian equities were down in the dumps Tuesday, with a key index losing 370 points over its previous close as investors booked profits across sectors.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 11,371.34 points, fell 370 points or 3.25 percent from the previous close to end trade at 11,001.75 points.
However, the S&P CNX Nifty of the National Stock Exchange (NSE) shed 3.17 percent to close at 3,360.1 points.
Insurance companies on roll, target Rs.500 bn in premium
By IANS,
Kolkata : With the gross direct premium up by nearly Rs.200 billion during years 2002-08 and expected to reach Rs.500 billion in next five years, the insurance industry is on a high in the country.
Speaking at an Insurance Conclave here Thursday, M. Ramadoss, chairman and managing director of the Oriental Insurance Company, said: "This underlines the huge expansion of the market after liberalisation."
There are 27 private players in the insurance sector and the industry received Rs.21.7 billion investments in the last fiscal, he added.
Kerala to involve small investors in infrastructure development
By IANS,
Thiruvananthapuram : Kerala Finance Minister Thomas Isaac Sunday said the state will adopt a new business model where savings of small investors as well as cash-rich non-resident Keralites (NRK) could be used to build infrastructure.
This would be different from the already tested build-operate-transfer (BRT) model, he told reporters here.
"What we are trying to work out is a private-public partnership where investments from small investors could be used to build new bus stands, government buildings and other infrastructure," Isaac said.
Iraq signs first major oil deal with China
By IANS,
Baghdad : Iraq has signed its first major oil deal with a foreign company since the fall of Saddam Hussein's regime, a spokesman for the Iraqi oil ministry said, IRNA news agency reported Sunday.
Iraq's oil fields currently produce about 2.5 million barrels a day.
It was the first time in more than 35 years that Iraq has allowed foreign oil companies to do business inside its borders.
The contract with the China National Petroleum Corporation (CNPC) could be worth up to $3 billion.
Falling dollar, credit losses send Asian stocks down
By SPA
Tokyo : Asian stocks plummeted Thursday on worries about the dollar's weakness, rising credit-related losses and record oil prices, according to dpa. The biggest losses were seen in India and in Hong Kong, where the Hang Seng Index fell 4.79 per cent to 22,301.64 as a flu outbreak that prompted the closure of primary schools and kindergartens added to investor pessimism.
Stocks in Tokyo hit their lowest levels since August 2005 as the dollar fell below 100 yen for the first time in more than 12 years, hitting export-oriented shares.
Spain woos niche Indian tourists
By IANS
New Delhi : With cartoonist Mario Miranda as its brand ambassador, Spain, a nation of 43 million that attracted 58 million tourists last year, hopes for an annual 10 percent rise in Indian inflows from the current 50,000.
"We are the second most visited country in the world, a niche destination for the discerning traveller. We hope to increase arrivals from India by 10 percent annually," Enrique Ruiz e Lera, director of the Spain Tourism Board for India, Southeast Asia, Australia and New Zealand, said at a media presentation here Thursday.
Reining in inflation without hurting growth, India’s key challenge
By Arun Kumar, IANS,
Washington : India's current challenges are to rein in inflation without hurting the growth momentum, preserve financial stability and move more vigorously on fiscal consolidation, according to Finance Minister P. Chidambaram.
"With a real GDP growth at 9 percent during 2007-08, the Indian economy continued to perform well," he told the International Monetary and Financial Committee meeting here Saturday noting that it was the third year in succession when the Indian economy achieved a growth rate of 9 percent and above.
Britain’s Lloyds TSB Bank confirms takeover of HBOS
By DPA,
London : Britain's Lloyds TSB Bank Thursday confirmed it has agreed to take over mortgage lender Halifax Bank of Scotland (HBOS) in a deal worth 12.2 billion pounds ($21.3 billion).
The deal, which creates biggest largest retail bank, was hammered out during a day of hasty talks after a sharp drop in HBOS' share price on the stock exchange in the turmoil on markets this week.
Lloyds paid 232 pence per HBOS share, which was worth 147.1 pence at market close Wednesday.
Stronger rupee dampens Indian film exports
By Jivraj Burman, IANS
Mumbai : A decrease in the value of the US dollar and the ever growing menace of piracy have forced Indian movie exporters to be cautious about the once lucrative overseas market.
Until recently, Indian film exporters vied with each other to acquire the overseas rights of Bollywood films because the returns were handsome in terms of Indian rupees. But now the prospects of films in the domestic market are looking up.
Statements by Ambani brothers nudge shares up
By IANS,
Mumbai : The shares of companies in the respective stables of the two feuding Ambani brothers closed higher Monday, a day after an olive branch from younger Anil, that was welcomed as a "positive indicator" by Mukesh.
Reliance Natural Resources, the energy arm of Anil Ambani group that is fighting a legal battle on gas supplies with the Mukesh-led group, shut shop at Rs.87.40 with a gain of 5.3 percent from Friday's closing figure. It had touched an intra-day high of Rs.88.40.
Bahrain firm denies it will deport striking workers
By IANS
Dubai : A Bahraini construction company has dismissed as untrue allegations that it will start deporting around 1,800 overseas workers who have been on strike for nearly a week now demanding better wages.
The G.P. Zachariades Contracting Com told the Gulf Daily News that neither was it going to deport the striking workers nor were its officials trying to drag the strikers back to work.
Indian equities open higher in morning trade
Mumbai : A benchmark index for Indian equities, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE), on Wednesday opened higher and was...
India ready for big business push in Africa
By IANS
New Delhi : Undeterred by China's growing presence in Africa, Indian business is planning a major push in the continent with its win-win formula of low-cost technologies and mutual empowerment at a conclave next week that will be attended by the largest-ever business delegations from 33 African countries.
Africa's economic resurgence, with many of its oil-rich economies notching up double-digit growth spurred by stability and vigorous reforms, has spurred Indian businessmen to take a fresh look at burgeoning business opportunities in the continent.
ICICI Bank to strenghten ties with Rajasthan
By IANS,
Jaipur : ICICI Bank Wednesday announced a series of initiatives to strengthen its association with Rajasthan post its integration with Bank of Rajasthan.
Barbie company to get $100 mn in Bratz case
By DPA,
Los Angeles : Barbie doll maker Mattel has been awarded $100 million in damages by a jury after it concluded that the designer of the rival Bratz dolls created the popular figures while employed at Mattel.
The decision was seen as a disappointment for Mattel, which had sought up to $2 billion in punitive damages. The company's sales of Barbie have plunged some 21 percent since the large-headed, multi-ethnic Bratz line became a hit.
War of words among two Reliance groups continues
By IANS,
Mumbai : The war of words between the Anil Dhirubhai Ambani Group (ADAG) and Reliance Industries over the proposed consolidation talks with South African telecom giant MTN continued Thursday - this time over an arbitration notice.
A statement issued by ADAG, which is discussing a possible consolidation between Reliance Communications and MTN, said another letter issued to the South African firm by Reliance Industries had established its mala fide intentions.
Global crisis led to record number of reforms: World Bank
By DPA,
Washington : The global economic crisis has encouraged a rash of government reforms that should make it easier to start, run and close businesses around the world, according to a World Bank report released Tuesday night.
The annual "Doing Business" survey recorded more regulatory business reforms in more countries than any time since the report began in 2004. In total, 287 reforms were adopted in 131 countries from June 2008 to May 2009.
RBI defers introduction of credit derivatives
By IANS,
Mumbai : The Reserve Bank of India (RBI) has decided to defer introduction of credit derivatives following adverse developments in international financial and credit markets.
Announcing this here Thursday evening in an official communiqué, RBI categorically stated it has been decided "to keep in abeyance the issuance of the final guidelines on the introduction of credit derivatives in India".
It did not give any time-frame.
Ranbaxy hires former NYC mayor Giuliani for advice
By IANS,
New Delhi : Ranbaxy Laboratories Thursday said it had retained the services of former New York City mayor Rudy Giuliani to extend advice on the US regulator's decision to ban some 30 medicines produced at its two Indian plants.
Giuliani and his firm Giuliani Partners will advice and review the compliance issues related to the recent United States Food and Drug Administration (FDA) letters and import advisory, the company said in a statement.
US pressure robs chopper order from Hindustan Aeronautics
By Liz Mathew, IANS,
Santiago : India's state-owned Hindustan Aeronautics Ltd (HAL) has lost out on an ambitious deal to sell its Advanced Light Helicopter (ALH) Dhruv to Chile due to "arm twisting" by the US, Indian officials here allege.
Chile, was keen to purchase the Dhruv, but overrode India's offer despite the best price offered and finalised the deal with Bell, a US-Canada joint venture, said the officials. The Chilean government was apparently under severe pressure from the US to go for Bell, diplomatic sources said.
Two wheeler industry to grow at 19.4 percent in FY10-11: CARE
By IANS,
Mumbai: Ratings company Credit Analysis and Research (CARE) Wednesday said the two wheeler industry is expected to grow at 19.4 percent this fiscal.
Punj Llyod bags engineering contract from Saudi oil firm
By IANS,
Mumbai : Infrastructure major Punj Lloyd has secured an engineering and procurement contract from Saudi Arabian state-run oil company Saudi Aramco.
India, Germany to sign pact to push economic ties
By IANS,
New Delhi : India and Germany will sign a pact Thursday to enhance technical and financial cooperation, essentially in infrastructure, even as they discuss new projects to be funded by Berlin this year.
The talks to push economic ties will be held under the aegis of the annual Indo-Germany Consultation Meeting here where the two sides are proposed to tie up the committed German assistance to India worth $325 million, officials said.
Indian exporters hail measures taken by commerce ministry
By IANS
New Delhi : Indian exporters Friday cheered the commerce ministry's move to enhance the rate at which exporters make up the costs of local duties, called duty entitlement passbook (DEPB) rates in exporting parlance.
Indian exporters had been facing huge difficulties ever since the rupee's appreciation against the US dollar started. The sectors worst hit by this appreciation are IT and IT-enabled services, textiles, leather, sugar and pharmaceuticals.
Kejriwal moves poll panel on Reliance gas price hike
New Delhi : AAP leader Arvind Kejriwal Thursday asked the Election Commission to direct the central government to shelve its decision of hiking the...
Indian equities slip after strong opening
By IANS,
Mumbai : Indian equities slipped into the red in early hours of trading Tuesday after opening on a strong note following interventions by the markets watchdog and a cut in minimum cash balance for banks against deposits announced by the central bank a day earlier.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened strong at 12,068.11 points, against the previous close at 11,801.70 points, and soon shot up to 12,181.43 points.
Tourism cooperation agreements signed between Iran and foreign countries
By IRNA
Tehran : An official from Cultural Heritage, Handicrafts and Tourism Organization (CHHTO) said on Monday that 60 cooperation agreements on tourism development have been signed between Iran and foreign countries so far.
Tehran : An official from Cultural Heritage, Handicrafts and Tourism Organization (CHHTO) said on Monday that 60 cooperation agreements on tourism development have been signed between Iran and foreign countries so far.
IFCI open for seat on Maytas Infra board
By IANS,
Chennai : As the government moves to reconstitute the board of Maytas Infra Ltd, an associate firm of fraud-hit Satyam Computer Services, financial institution IFCI Limited says it is ready to accept a seat on it.
"It is right on the part of the Indian government to approach the Company Law Board (CLB) to reconstitute the Maytas Infra board. Maytas Infra has to severe its connections with the Satyam Computers so that it does not suffer from a crisis of confidence," IFCI chairman and managing director Atul Kumar Rai told reporters Thursday.
Bajaj Auto will continue to operate Akurdi unit
By IANS
Pune : Rajiv Bajaj, managing director of Bajaj Auto Ltd (BAL), said here Wednesday that the company is not fully closing down its Akurdi plant near Pune. He clarified that only production of two-wheelers has ceased at the unit.
He said the Akurdi unit would be utilised for research and development (R&D), including for the Bajaj-Renault alliance.
Bengaluru garment workers protest change in PF law
Bengaluru : About 15,000 women garment workers on Monday staged a massive demonstration on the outskirts of Bengaluru, protesting change in the Provident Fund...
Markets extend gains during midday trade
By IANS,
Mumbai : Indian equities markets, which opened higher Wednesday, rose further by midday, with several stocks looking attractive at current valuations, and a key index gaining 2.99 percent over Tuesday's close just before noon.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up 271.2 points or 2.99 percent little before noon Tuesday and was trading at 9,342.56 points Wednesday.
The Sensex opened at 9,207.52 Wednesday, higher than its previous close of 9,071.36.
‘Discontinuing Maulana Azad fellowship blow to students from minority community,’ say experts
The objective of the now scrapped scheme was to provide integrated five-year fellowships in the form of financial assistance to students from minority...
India projects 7.2 percent economic growth for this fiscal
By IANS,
New Delhi : Spurred by a turnaround in factory output, India Monday forecast its economic growth for this fiscal at 7.2 percent, against 6.7 percent achieved in the previous fiscal, despite a 0.2 percent decline predicted in the farm output.
The advance estimates of the country's gross domestic product released by the Central Statistical Organisation (CSO) forecasts a growth of 9.9 percent in services and 8.9 percent in manufacturing -- the highest among the eight broader economic activities.
Googlephone is coming next week for $530
By DPA,
San Francisco : A day after Google announced a media event for its Android mobile phone system next week, new details leaked out Wednesday about the first ever phone to be sold directly by the web search giant.
According to technology blog Gizmodo the Nexus One will be sold unlocked on a Google website for $530. The phone will work on GSM cellphone networks and will be offered at a subsidised price of $180 in the US by fourth-ranked carrier T-Mobile with a two-year talk and data contract costing $80 a month.
India’s exports top 20 percent in April, May
By IANS
New Delhi : India's merchandise exports were up 20.37 percent in the first two months of the current fiscal even as the government feared a dip in the growth due to a rising rupee that make exports dearer in dollar terms.
L&T bags Rs.376 crore order from ONGC
By IANS,
New Delhi : Engineering and construction major Larsen and Turbo (L&T) Wednesday said it has won an offshore rig refurbishment contract worth Rs.376 crore from state-run Oil and Natural Gas Corporation.
Floating System Business Unit, a newly formed division of L&T which offers single-point responsibility for execution of offshore drilling rigs and floating production units in both domestic and international markets, bagged the contract in an international bidding.
India, China block UN climate deal
By DPA
Bali : India and China blocked a last minute deal at the world climate conference here Saturday, derailing an attempt to reach an agreement for a pact to fight global warming after the Kyoto Protocol expires in 2012.
Negotiators from more than 180 countries were trying to iron out a compromise on whether guidelines for negotiations to create a post-2012 global climate agreement by the end of 2009 should mention scientific evidence of the need for emissions cuts in the range of 25 to 40 percent below 1990 levels by 2020.
Indian Silk Industry Hit By Chinese ‘quake’
By Bernama,
New Delhi : Indian silk industry with an annual business of over Rs.100 billion has been hit hard by last month's earthquake in China with hundreds of factories being closed down, said Press Trust of India (PTI).
The industry claimed that hundreds of manufacturing units in Varanasi, Bangalore, Madurai, Coimbatore and Bhagalpur were shut down as the raw material costs of silk went up by up to 40 percent and over 1,00,000 persons engaged in the sector have lost their jobs after the earthquake in Sichuan province of China.
GAIL’s net profit declines 6.6 percent
By IANS
New Delhi : State-owned gas marketer GAIL India Ltd's net profit declined 6.6 percent in the Oct-Dec quarter of fiscal 2006-07 compared with the same period of last fiscal.
The company's total income also decreased marginally.
"The company has posted a net profit of Rs.6.21 billion for the quarter ended December 31, 2007 as compared to Rs.6.65 billion for the quarter ended December 31, 2006," GAIL said Thursday.