Commonwealth Games give impetus to Agra’s growth
By IANS,
Agra : The Agra-Mathura region is witnessing a slew of developmental projects aimed at upgrading the civic infrastructure. These will be completed within the next two years in time for the forthcoming Commonwealth Games in 2010, officials say.
Uttar Pradesh Chief Minister Mayawati had announced several schemes April 15 last year. Concrete shape is being given to some of these projects for which deadlines have been fixed not only for their completion but also probable dates for inauguration.
Himachal hydro project gets World Bank loan
By IANS
Shimla : The world bank has approved a $400-million loan to build the 412 MW Rampur hydroelectric project in Himachal Pradesh. The Rampur project will be built by Sutlej Jal Vidyut Nigam Ltd (SJVNL), officials said here Saturday.
"The project will provide renewable energy to the northern electricity grid," said H.K. Sharma, chairman and managing director, SJVNL.
The Rampur project is a cascade hydroelectric project immediately downstream of the 1,500 MW Nathpa-Jhakri project on the Sutlej River in Shimla district, about 140 km from here.
Kochi to host Kerala Travel Mart in September
By IANS
Thiruvananthapuram : The fifth edition of the Kerala Travel Mart (KTM) will be held Sep 20-23 in Kochi, state Tourism Minister Kodiyeri Balakrishnan told reporters here, Friday.
Over the years, KTM has become a synergy between the public and private sectors, promoting tourism in the sate.
Now, KTM has become the largest gathering in the state that has been designed to facilitate meetings between buyers, sellers, media people, government agencies and other relevant stakeholders.
KTM-2008, like the previous gatherings, would have seminars and cultural evenings.
Madhya Pradesh hikes bus fare by 10 percent
By IANS,
Bhopal : Bowing to a demand of private bus operators, the Madhya Pradesh government has hiked bus fares by ten percent, official sources here said Thursday.
The hike has been declared following a recommendation to this effect by a cabinet sub-committee which assessed the increases in operational costs.
There has been a substantial increase in the prices of petrol and diesel, as well as spare parts and wages.
British government unveils new economic aid package
By DPA,
London : The British government announced a new aid package Wednesday to unlock the credit squeeze by offering loan guarantees to small and medium-sized businesses.
The measures, worth 20 billion pounds ($29.6 billion), are aimed at reducing the risks of banks lending to companies struggling in the current economic downturn.
Publication of the aid package coincided with a continuation of job losses in the finance sector and in the car industry, with Barclays bank and luxury carmaker Jaguar Land Rover announcing major job cuts.
International trade treaties should be ratified by parliament: BJP
By IANS,
New Delhi: Opposition Bharatiya Janata Party Thursday demanded a legislation to make ratification of international trade agreements subject to parliamentary approval.
At Rs.246,727 crore, India’s defence spend hiked 7 percent
New Delhi : At Rs.246,727 crore ($40 billion), India's defence spend was Saturday hiked a modest 7.74 percent, with Finance Minister Arun Jaitley declaring...
The day Chidambaram held the nation in thrall
By Monobina Gupta, IANS
New Delhi : P. Chidambaram is a smart man who blends his Tamil sartorial taste with an appetite for economic reforms. As he presented his fifth and last budget of the United Progressive Alliance (UPA) government, he was, just for the whole of this day, what Shah Rukh Khan is to the people of India the rest of the year.
Economic regulatory body for airports soon
By IANS,
New Delhi : India will soon have an economic regulatory body to regulate tariff structure for aeronautical services and fuel supply infrastructure at airports.
The government Friday approved amendments in the Airports Economic Regulatory Authority of India Bill, 2007.
The cabinet meeting, chaired by Prime Minister Manmohan Singh, approved the amendments following the recommendations of a parliamentary committee.
Sensex closes 112 points lower
By IANS,
Mumbai : A benchmark index for Indian equities markets Wednesday closed 112 points lower as selling intensified in the last hour of trade.
Chennai Petroleum plans capex of Rs.760 crore this fiscal
By IANS,
Chennai : Oil refining company Chennai Petroleum Corporation Ltd (CPCL) plans a capital expenditure of Rs.760 crore this fiscal on various projects, said a top company official.
Solanki’s newspaper group acquires British Asian tabloid
By IANS,
London : Eastern Eye, a tabloid catering to the Asian market, has been sold to Britain’s oldest Indian-owned newspaper group amid praise for the buyer’s business acumen, it was announced Thursday.
Asian Media and Marketing Group (AMG), which publishes Garavi Gujarat newspaper, GG2 Life Magazine, Asian Trader and several other titles, bought the tabloid for an undisclosed sum.
KSE price index ends day with gain of 75.5 points to 13,336 points
By KUNA
Kuwait : The price index at Kuwait Stock Exchange made up for losses earlier in the day and even put on an additional 75.5 points by closing Wednesday, registering 13,336 points.
The weighted index meanwhile came up 1.99 points to read 761.02 points.
Volume for the day was 387,793,000 shares traded in 9,932 transactions worth KD 190,306,985.
All sector indices but real estate were up as well, with biggest gain of 145.9 points seen in the non-Kuwaitis sector.
Sensex closes with 196 points gain
By IANS,
Mumbai : A benchmark index for Indian equities advanced for the third straight day Friday, gaining 196 points, as
global markets climbed after China said it had no plans to sell its European bonds.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,692.66 points, closed at 16,863.06 points, 196.66 points or 1.18 percent up from its previous close at 16,666.4 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,066.55 points, up 1.27 percent from its previous close at 5,003.1 points.
Pakistan’s GDP to grow 4.5 percent in 2010-11: Report
By IANS,
Karachi : Pakistan's economy is set to grow at 4.5 percent in fiscal 2010-11 beginning July 1 against the 4.1 percent during the current fiscal, a media report said Tuesday.
Agriculture growth in the next fiscal is targeted at 3.8 percent, manufacturing growth at 5.6 percent and service sector growth at 4.7 percent, The News reported on its website ahead of the June 5 presentation of the budget for 2010-11.
Inflation for 2010-11 is targeted at 8 percent, compared with the central bank's forecast of between 11 percent and 12 percent for the current fiscal.
Thai spa products maker to start retail operations in India
By IANS,
New Delhi : Thai spa body product manufacturer Spa Siam will soon be setting shop in India in association with Franchise India Holding Ltd (FIHL).
The deal marks the entry of FIHL - which traditionally has interests in providing franchise networking solutions for entrepreneurs and businesses - in the retail sector.
"After franchising, the time has come for us to take the next big step and expand into specialty retailing," FIHL president Gaurav Marya said.
ONGC to start drilling wells in Gulf of Khambhat
By IANS,
Surat : Oil and Natural Gas Corp (ONGC) will soon start drilling three exploration wells at a depth of 2,500 to 4,500 metres in the Gulf of Khambhat off northwest Gujarat, officials said.
The company has got the clearance from the ministry of environment and forests Feb 22 to start drilling the wells in the CB-ONN-2004/1/2 blocks, they said.
The Gulf of Khambhat, formerly known as Gulf of Cambay, is known for its high currents and high tides round the year, which require extreme care in drilling operations.
Iran proposes OPEC to consider another oil cut
By Xinhua,
Tehran : Iran Saturday proposed the Organisation of the Petroleum Exporting Countries (OPEC) to again consider an output cut of one to 1.5 million barrels per day (bpd) to help maintain a balance between oil supply and demand, the state television IRIB reported.
"It is better for a decision to be made for another cut of one million to 1.5 million barrels per day," Iran's OPEC representative Mohammad Ali Khatibi was quoted as saying.
"So that a balance between supply and demand is reached," he added.
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.
Old bourse to play new role in Gujarat’s finance hub
Ahmedabad, Jan 25 (IANS) The Ahmedabad Stock Exchange (ASE) - the second oldest bourse in India - is getting ready to play a significant role, once a financial hub being built on the lines of similar hubs in Shanghai and Paris gets going on the outskirts of this city.
Indicating this here, Mukesh Patel, the new chairman of ASE, told IANS that discussions within the exchange's board of directors have begun to configure a new role, which would put the exchange in the limelight again.
Pakistani senator questions coal sales to India
By IANS,
Islamabad : At a time the government and industry lobbies are batting for increased trade with India as a means of improving ties, an opposition senator in Pakistan has questioned a proposal to sell coal to India.
"Are these reports correct? The government should come up with a rebuttal if these are not correct," Tariq Azeem of the opposition Pakistan Muslim League-Quaid (PML-Q) asked during a Senate debate Tuesday on the external threats to the country.
Ultratech second quarter net up 53 percent
By IANS,
Mumbai: Cement major Ultratech Friday said its profit after tax had gone up 53 percent to Rs.251 crore for the quarter ended Sep 30, while net sales grew by 10 percent to Rs.1,541 crore.
"Though the results reflect an improvement over second quarter of previous fiscal, lower demand particularly in the markets of southern India, coupled with surplus capacity adversely affected the company's performance sequentially," said Ultratech in a communication to the Bombay Stock Exchange.
Reliance Communications, MTN talks off
By IANS,
New Delhi : The consolidation talks between Anil Ambani-led Reliance Communications, India's second largest private telecom company, and South Africa's MTN were called off late Friday.
Citing "legal and regulatory issues", the two companies said late Friday they have allowed their exclusive period of negotiations to lapse.
"Owing to certain legal and regulatory issues, the parties are presently unable to conclude a transaction. Accordingly, it has been mutually decided to allow the exclusivity agreement to lapse," a Reliance Communications statement said.
India gets $7 bn FDI in first quarter
By IANS,
Kolkata: India received $7 billion in foreign direct investment (FDI) during the first quarter of the current fiscal, a senior official said here Friday.
"For the April-June period there was an approximate $2 billion FDI inflow every month," Gopal Krishna, joint secretary to the Department of Industrial Policy and Promotion, said during an interactive session organised by Indian Chamber of Commerce.
He described the $7 billion received so far as a satisfactory amount.
NALCO stops operation at bauxite mine as lease expires
By IANS,
Bhubaneswar : National Aluminium Ltd. (NALCO) Monday said it has suspended operations at its only bauxite mine in Odisha's Koraput district as its mining lease has expired.
Sibling rivalry spurs Anil Ambani to merge his firm with MTN: WSJ
By IANS,
New York, May 30 (IANS) Anil Ambani's interest in merging his Reliance Communications with South African cellphone operator MTN Group is spurred by his fierce business rivalry with his older brother Mukesh, The Wall Street Journal wrote here Friday.
The proposed merger will give Anil first bragging rights to a major international deal in the latest round of him and Mukesh vying to outdo each other since their father's death left them in control of one of India's biggest companies, the WSJ said.
Mukesh Ambani commits Rs.250,000 crore for ‘Digital India’
New Delhi : Reliance Industries Chairman Mukesh Ambani on Wednesday committed an investment of Rs.250,000 crore on "Digital India" and said he expected the...
India’s Essar Group acquires Zimbabwe’s iron and steel corporation
By DPA,
Harare: India's Essar Group has signed a $750-million-deal for the takeover of the long ailing Zimbabwe Iron and Steel Corporation (Zisco), local media reported Thursday.
Finance Ministers to discuss challenges to Asia’s financial integration
By NNN,
Kuala Lumpur : The challenges standing in the way of Asia's financial integration will be one of the key issues which Asian finance ministers will discuss at the 40th annual meeting of the Asian Development Bank (ADB) beginning on Friday.
According to a statement from the manila-headquartered ADB, other topics likely to be the focus of attention will be where Asia stands a decade after the Asian financial crisis and how developing Asian economies will adapt to vast changes underway in the region.
Cheap call rates eat into Bharti Airtel profits
By IANS,
Mumbai : The net profit of Bharti Airtel, the country's largest mobile service provider, dropped eight percent to Rs.2,055 crore for the quarter ended March compared to Rs.2,239 crore in the year-ago period.
Stiff competition among existing and new entrants has seen players slash call rates and introduce schemes like per second billing, which has eaten into the margins of telecom players across the industry.
Total revenues during January-March, however, rose a modest two percent to Rs.10,055.7 crore. During the quarter, Bharti added 8.8 million mobile users.
India bans imports of Chinese dairy products
By IANS,
New Delhi : As a fall-out of the tainted baby milk scandal in China that has affected nearly 50,000 children, India has banned all imports of dairy products from China for the next three months.
The commerce ministry's Director General of Foreign Trade issued the notification Tuesday prohibiting the import of Chinese dairy products with immediate effect.
According to the World Health Organisation (WHO), so far three deaths have been confirmed in China due to contamination of infant formula with melamine, while over 40,000 children have sought medical treatment.
Hindustan Construction to buy majority stake in Swiss firm
By IANS,
Mumbai : Hindustan Construction Co Friday said it will acquire 66-percent stake in Karl Steiner AG, the second largest integrated services contractor in the Swiss realty market, for nearly $33 million.
The acquisition will not only give Hindustan Construction access to the European market but also help its entry into the $16.5 billion integrated building construction industry in India, the company said.
Equity markets at a loss in early trade
By IANS,
Mumbai : Indian equity markets, which opened at a loss Friday following weak global cues, stayed in the red in early trade. There was selling pressure on realty, banking and select technology stocks.
The 30-share benchmark index of the Bombay Stock Exchange (BSE), the Sensex, opened with a loss of 291.49 points at 14,064.26. Ten minutes into trading, it had recovered somewhat to 14,153.92, which was still 201.83 points or 1.41 percent below its closing figure Thursday.
Sensex slips from morning high
By IANS,
Mumbai : A benchmark index for Indian equities was ruling on a quiet note Tuesday, having slipped from opening highs.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,049.19 points, was at 18,034.78 points, 16 points or 0.09 percent down from its previous close at 18,050.78 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was ruling 0.06 percent down at 5,414.85 points.
Tamil Nadu employees pay hike to cut revenue surplus
By IANS
Chennai : The likely increase in the Tamil Nadu government's salary and pension bill from next fiscal is expected to eat into the revenue surplus, said Finance Minister K. Anbazhagan here Thursday.
Anbazhagan presented the Medium Term Fiscal Plan (MTFP) for Tamil Nadu along with the state's annual budget.
His budgetary proposals showed a revenue surplus of Rs.840 million for the year 2008-09, but the projected figure for 2009-10 is Rs.650 million owing to the increase in salary and pension bill.
Prime Minister reviews economy with industrialists
By IANS
New Delhi : Prime Minister Manmohan Singh Tuesday chaired a high-level meeting to review the performance of Indian economy and assess the impact of global slowdown and rising rupee on the country's growth.
"Our policy must be tuned to sustain nine percent growth even if world growth slows down and global food and fuel prices continue to remain under pressure," the prime minister told the meeting of the Council on Trade and Industry.
ArcelorMittal to cut 9,000 jobs worldwide
By IANS,
Luxembourg : Steel-making giant ArcelorMittal might slash up to 9,000 jobs across the globe, approximately three percent of its total workforce, through voluntary redundancies, the company said in a statement Thursday.
India’s economy to grow 8 percent by 2011-12: World Bank
By IANS,
New Delhi : India's economy will grow at 7.5 percent in the 2010-11 fiscal beginning April 1 and will increase by 8 percent in the year after that, a World Bank report released Monday said.
According to Hans Timmer, director of the World Bank's Development Prospects Group, the projections are based on growth during the first quarter of fiscal 2009-10.
India's import volumes are likely to expand and could outpace the recovery in exports, Timmer added.
Sensex trading flat, down 20 points
By IANS,
Mumbai : Indian equities markets continued to languish Wednesday as trading remained dull about an hour before closing bell, with a key index ruling 20 points down from its previous close.
At 2.31 p.m., the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,482.05 points, was trading at 15,531.13 points, down 20.06 points or 0.13 percent below Tuesday's close at 15,551.19 points.
Around the same time, the Nifty of the National Stock Exchange (NSE) was ruling flat at 4,626.95 points, up only 0.03 percent.
Jivox closes $10.7 million Series A financing
By IANS,
Mumbai : California headquartered Jivox, an online video advertising platform, Monday reported here it has closed a $10.7 million Series A round of financing.
The Series A round was led by Opus Capital and an India-focussed venture fund, Helion Venture Partners, along with Jivox's existing investors.
A spokesperson of Jivox said that the funds will be used to continue the development of the online video advertising platform to enable smaller and local businesses to use it.
Indian equities open on positive note after Diwali cheer
By IANS,
Mumbai : Indian equities opened on a positive note Wednesday, after posting one of its steepest gains in recent years the day before during the traditional one-hour trading on Diwali when investors also worship the goddess of wealth.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 9,297.76 points, against the previous close at 9,008.08, and was ruling at 9,227.56 points some 20 minutes into trading.
At that level, the 30-share index was higher by 219.48 points, or 2.44 percent, over the previous close.
Sensex ends 120 points higher
By IANS,
Mumbai : A benchmark index for Indian equities Friday closed 120 points higher on steady global cues.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,994.07 points, shut shop at 17,042.28 points (provisional), 120.2 points or 0.71 percent up from its previous close at 16,922.08 points.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,114.2 points, up 0.7 percent from its previous close at 5,078.6 points.
State power firms to start energy efficiency company
By IANS,
New Delhi : Four state-run power firms will make equal contributions to float a new company, Energy Efficiency Services Ltd (EESL), to promote energy saving projects in the country, Power Minister Sushilkumar Shinde said Wednesday.
The four equal equity promoters of the new company are NTPC, Power Finance Corp, Rural Electrificaion Corp and Power Grid Corp.
"The equity of EESL will be Rs.190 crore. The company would be able to leverage a total investment of Rs.700-800 crore," Shinde said at the annual Economic Editors' Conference here.
Satyam scrip pounded once again
By IANS,
Mumbai : The pounding of Satyam Computers scrip continued Monday with the stock losing 6 percent in the day's trade amid concerns that the recent Maytas deal fiasco could hit the company's new business prospects.
At closing bell, the scrip price had crashed Rs.10.65 or 6 percent to end the day's trade at Rs.166.90 with over 11 million shares changing hands.
Bharti to start Sri Lankan operations by year-end
By IANS,
New Delhi : Telecom service provider Bharti Airtel Thursday said it would start operations in Sri Lanka by the end of this calendar year.
“Bharti Airtel is already in talks with the Sri Lankan government and plans to roll out the services by the end of this year,” Manoj Kohli, company president and chief operating officer, told reporters on the sidelines of a business meet.
The announcement comes a day after Sri Lankan mobile operators lashed out against Bharti president for mobility Sanjay Kapoor for accusing them of cartelisation.
UAE to have new international logistics city
By IANS,
Dubai : The United Arab Emirates (UAE) will have a new 700,000-square-metre logistics city when a new logistics company is launched this year.
Momentum Logistics, a new third party logistics (3PL) company, will be launched in the fourth quarter of 2008, according to a statement issued by its parent firm Gulftainer Co, an international port management company with transport and logistics expertise.
The new state-of-the-art International Logistics City in the emirate of Sharjah would be Momentum's flagship project, the statement said.
Airtel to sell $1 billion stake in tower business
By IANS
New Delhi : Bharti Airtel, Indian's largest mobile services operator, Friday said as many as seven global investors have expressed interest in buying about 9 percent stake in its tower business, Bharti Infratel, for $1 billion.
Some of the leading investors who have agreed to buy the stake include Temasek Holdings, The Investment Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners (IEP).
Pakistan woos UAE investors for housing
By IANS,
Dubai : Pakistan has invited investors from the United Arab Emirates (UAE) to invest in its low-cost housing project announced by its Prime Minister Yousaf Raza Gillani last month.
"There is an annual demand of 850,000 housing units in Pakistan while the maximum production is about 350,000 units," reports quoted Pakistan's Minister for Housing and Works Rehmatullah Kakar as telling the Pakistan Business Council here.
States must be brought on board for visionary e-NAM initiative
By Amit Kapoor
Agriculture is a critical sector of the Indian economy. This is because, in spite of its relatively low and declining contribution to...
India to invest in $1-billion fertiliser plant in Oman
By IANS
Dubai : India is planning to invest in a new $1-billion fertiliser plant in Oman to produce urea.
"India and Oman have agreed to build another fertiliser project. In terms of capacity, it will be similar to the existing joint venture," India's Ambassador to Oman Anil Wadhwa was quoted as saying in local media reports.
"The capital expenditure (of the proposed project) is envisaged at $1 billion. The Indian government has agreed to invest in the project," he said while interacting with the media at the Indian Pavilion of a trade exhibition in Muscat.
$150 mn investment in Indian organic farming: minister
By IANS
New Delhi : Organic farming in India is set to get a major boost with investments of over $150 million coming into the sector, Food Processing Industries Minister Subodh Kant Sahai has said.
"There is a plan to develop organic farming in India with investments going up to 100 million euros in 23 states with partial support from the government," Sahai said at the Indian pavilion at Biofach 2008, the event that highlights immense potential in the organic food sector, in Germany.
Sensex has another tame end, closes 60 points up
By IANS,
New Delhi : A benchmark index of Indian equities ended Tuesday tamely, rising a modest 60 points higher from its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,213.14 points, closed at 16,297.18 points, up 60.13 points or 0.37 percent from its previous close.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty shut shop at 4,875.75 points, against the previous close at 4,856.4 points, a gain of 0.4 percent or 19.35 points.
Sun Pharma asks Taro shareholders to vote against board
By IANS,
Mumbai : Drug maker Sun Pharma Friday asked shareholders of Israel's Taro Pharmaceuticals, with which it is locked in a bitter takeover battle, to vote against the current board's re-election at the upcoming annual general meeting.
In a letter to Taro's shareholders, Sun Pharma chairman and managing director Dilip Sanghvi said the Israeli company's board was keeping the public shareholders in the dark, having not produced audited financial results between 2006 and 2008.
Aircel to launch 3G service in 40-60 days
By IANS,
Kolkata : Telecom service provider Aircel plans to formally launch its 3G services in the market in the next 40-60 days, a senior official of the company said.
‘India not to ease environmental norms for hydropower projects’
By IANS
New Delhi : The government has no plans to give preferential treatment to hydroelectric projects while simplifying procedures for issuing environment clearances, said a top official of the ministry of forests and environment (MoEF).
"Although an exercise is presently on to simplify procedures for evaluating projects for environment clearance, no special consideration is being accorded to the hydropower sector," said MoEF Secretary Meena Gupta.
Notable milestones in Indian telecom industry
By IANS
New Delhi : Following are some important milestones in the Indian telecom industry during 2007, which saw the country emerge as the fastest growing market with seven-eight million subscribers being added to the network each month:
February: Vodafone says it is buying 67-percent of Hutch-Essar for $11.1 billion
March: Foreign investment cap in telecom services hiked from 49 to 74 percent
June: Indian telecom users account for highest talk time in Asia-Pacific
July: Bharti awards $2 billion contract to Sweden's Ericsson for expansion
Reliance Industries donates Rs.11 crore to flood-hit Andhra
By IANS,
Hyderabad: Mukesh Ambani-owned Reliance Industries Tuesday donated Rs.11.11 crore to flood-hit Andhra Pradesh to help it undertake relief and rehabilitation programmes.
Company executive director M.S. Prasad and its Andhra Pradesh coordinator P.V.L. Madhava Rao handed over a cheque for the amount to Chief Minister K. Rosaiah at his office.
"Relief and rehabilitation measures pose a challenge that can be effectively met only with support from all sections of the society. We welcome the generous gesture from Reliance Industries," the chief minister said.
Revenues from 3G auction may touch Rs.45,000 crore: Raja
By IANS,
New Delhi : The government hopes to net around Rs.45,000 crore from the ongoing auctions to award radio frequency spectrum for third generation (3G) telecom services and for rolling out broadband wireless internet services, Communications Minister A. Raja said Tuesday.
"The auction of 3G and Broadband Wireless Access (BWA) spectrum put together is likely to fetch Rs.44,000-45,000 crore for the government," Raja said on the sidelines of an event organised by an association of telecom operators.
West Bengal government ready to give Satyam more land
By IANS,
Kolkata : West Bengal government will give 25 acres land to scam-tainted IT company Satyam Computers in the state if they want it, Information Technology (IT) Minister Debesh Das said here Friday.
"If they want it, we will definitely give it. Why should we pull out? Let us see what happens to the company," Das told reporters on the sidelines of the launch of a new mobile handset by Kolkata-based Gee Pee Infotech Pvt Ltd.
US stocks drop on worsening outlook for banks, industry
By DPA
New York : US stocks declined Wednesday amid increasingly gloomy forecasts on bank profits and a drop in demand for durable goods.
Financial stocks retreated after an Oppenheimer & Co analyst said commercial bank Citigroup's first-quarter loss would be four times worse than expected, according to Bloomberg News.
SpiceJet announces order for 30 new Boeing aircraft
By IANS,
New Delhi : A little over a month after announcing a change of management in favour of Sun TV's Kalanithi Maran, private budget carrier SpiceJet Tuesday said it will order 30 Boeing 737-800 aircraft to take its fleet size to 58 planes.
The deliveries for the new set of Boeing 737-800s will begin from 2014, while it is also expecting another seven to be dispatched till 2012, all adding to the current fleet size of 21 aircraft.
US stocks down as Oracle and Google tumble
By DPA
New York : Major US stock indices were led lower Thursday by earnings worries at banks hit by the mortgage crisis and at technology giants Oracle and Google.
Oracle, the third largest software firm, reported disappointing third-quarter results late Wednesday, causing its shares to fall by the most since November. Internet search firm Google's stock price declined after a researcher said clicks on its advertising sponsored links fell last month.
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.
Rs.10 trillion investment in food processing by 2015: Sahay
By IANS,
Kolkata : The central government plans an investment of Rs.1 lakh crore (Rs.10 trillion), including from the private sector, in the food processing sector by 2015, union Food Processing Minister Subodh Kant Sahay said Friday.
"We have an investment plan of Rs.1 lakh crore by 2015. We are looking at it to happen through private participation," he said on the sidelines of a business summit on the North-East here.
In the last five years, food processing in India has grown nearly 10 per cent, he said, adding it aims to register a growth of around 20 percent by 2015.
Piramal Healthcare acquires US firm for $40 mn
By IANS,
Mumbai : Indian pharma major Piramal Healthcare will acquire Minrad Inernational Inc of the US for approximately $40 million, a top company official said here Tuesday.
"This alliance will give us immediate entry into the US market for sevoflurane, the largest selling inhalation anaesthetic in that country and access to key IPR for manufacture of inhalation anaesthetics, including sevoflurane and desflurane," said Piramal group chairman Ajay Piramal.
Eastern India focal point of my development plan: Modi
Balasore (Odisha) : Prime Minister Narendra Modi on Thursday said eastern India has remained economically backward but his government has focussed its development plan...
Recessionary impact, lower exports loom over planters’ meet
By Fakir Balaji, IANS,
Coonoor (Tamil Nadu) : Plantation owners from south India will deliberate on the effects of global recession on the exports of tea, coffee and spices among other issues during their annual jamboree beginning Monday in this small town atop the Nilgiri hills.
Organised by the United Planters' Association of Southern India (UPASI), the two-day conference will also discuss labour shortage in coffee and rubber plantations.
UAE bank to acquire Royal Bank of Scotland’s retail business
By IANS/WAM,
Abu Dhabi : The Abu Dhabi Commercial Bank (ADCB) has signed a deal to acquire the Royal Bank of Scotland's (RBS) retail banking business in the United Arab Emirates (UAE).
The agreement was signed Wednesday and the acquisition is subject to approval by UAE Central Bank.
This would be the first acquisition of an international bank's retail banking franchise in the UAE by a local bank.
Nestle to invest Rs.250 crore in Himachal Pradesh
By IANS,
Shimla : Food products major Nestle India has got the approval to set up a Rs.250-crore food and beverages manufacturing facility in Himachal Pradesh.
"Nestle's proposal to set up a food processing unit in Una district has been approved. The unit will provide direct employment to 650 people," said industries director Manoj Kumar.
The state's single-window clearance committee and monitoring authority also gave approval to another 16 industrial proposals Saturday evening, Kumar said.
Uppal Housing announces housing project in Faridabad
By IANS,
New Delhi : City-based property developer Uppal Housing Ltd has launched Uppal's Jade, a group housing project, in Faridabad.
The project, located in Sector 86, Faridabad, will be spread over 14 acres, the company announced Friday. The project will be developed at an estimated investment of Rs.2.5 billion ($59.5 million).
Uppal Group managing director Manish Uppal said: “Faridabad is on the fast track of becoming one of the emerging and happening cities near Delhi.”
GMR project halted in Nepal
By Sudeshna Sarkar, IANS,
Kathmandu : A year after it broke the ice in Nepal's politically charged hydropower sector by becoming the first Indian company to win a major power project, GMR Energy is now facing the pricks experienced by other foreign investors with work obstructed by villagers in remote western Nepal.
GMR Energy's associate vice-president (hydro business) Harvinder Manocha flew down to Kathmandu from New Delhi Tuesday to firefight the obstruction to the 300-MW Upper Karnali hydropower project that spans three remote districts.
Rubber price crash hits land deals in Kerala
By Jeevan Mathew Kurian, IANS,
Kozhikode : Rubber plantations, once the most sought after farmland in Kerala, now find no takers because of the plummeting price of natural rubber in the last two months.
The price touched an all-time high of Rs.142 per kg on Aug 28 but lost around Rs.60 a kg in 45 days to touch Rs.81.50 on Oct 13. The price now hovers around Rs.90 per kg.
The natural rubber price has trailed the crude oil price as synthetic rubber is a crude oil derivative.
New high for Indian shares as Sensex crosses 16,000
By IANS
Mumbai : Indian shares jumped to a new high Wednesday with the key Sensex index surging past the 16,000 mark, buoyed by a positive global trend.
The 30-share benchmark sensitive index of the Bombay Stock exchange rose 429.85 points or 2.74 percent within minutes in opening trade, crossing the 16,000 mark. It hovered around 16,098.97, bettering its all time high of 15,868.85 on July 24.
It took 53 sessions for the Sensex to cross from the 15,000 mark to 16,000.
At 10.30 a.m. the Sensex was up 425.01 points or 2.71 percent at 16,094.13.
Planters seek relief from free trade pact with ASEAN
By Fakir Balaji, IANS,
Coonoor (Tamil Nadu) : Planters of tea, coffee and spices in southern India are seeking financial support from the government to counter cheaper imports under the Free Trade Agreement (FTA) India signed Aug 13 with the Association of South-East Asian Nations (ASEAN).
Under the pact that comes into force Jan 1, import tariff on tea and coffee will be reduced to 45 percent from 100 percent, and to 50 percent from 70 percent on pepper over the next 10 years.
Planters say this will pose a threat to them because they have higher production and social costs.
Affordable hybrids are Japan’s answer to record oil prices
By Lars Nicolaysen, IANS,
Tokyo : Japanese car manufacturers aim to counter the twin challenges of climate change and spiralling oil prices with a range of affordable hybrid cars, which run on both petrol and electricity.
Although Toyota has sold over one million of its groundbreaking Prius hybrid, the car remains a high-tech niche model: Now Japan's second-largest maker Honda, plans to market an entry-level hybrid model of its own with the roll-out planned for next year.
Reliance groups’ stocks up after brothers call truce
By IANS,
Mumbai : The stock markets Monday gave the thumbs up to the truce between the Ambani brothers with traders vying for scrips of the two Reliance groups on hopes that their businesses would grow.
The two Reliance groups led by Mukesh and Anil Ambani announced Sunday that they are ending non-compete agreements, other than gas-based power generation, in a step that would lead to cooperation between the two groups.
Orissa power project faces trouble for Maytas link
By IANS,
Bhubaneswar : A proposed power project in Orissa has run into trouble over the promoter company's links with Maytas Infra, a senior official said Wednesday.
The state government has put on hold the process of land acquisition and water allotment for the project and asked the company, KVK Nilachal, a subsidiary of Hyderabad-based KVK Energy, to furnish details of its link with Maytas Infra - controlled by one of the sons of scam-tainted Satyam Computer founder B. Ramalinga Raju.
Himachal’s Kangra tea awaits EU patent
By IANS,
Shimla : The sinking Kangra tea market in Himachal Pradesh is awaiting a patent by the European Union (EU), which could pave the way for its entry into the European market, besides reviving the nearly 150-year-old plantations.
"We have applied for patenting and registration as a (geographical indicator) of the Kangra tea in the EU. We are hopeful permission will be granted, paving the way for Kangra tea to find its way into the lucrative EU market," S.S. Chandel, coordinator of the Himachal Pradesh Patent Cell, said here Monday.
Sensex closes 335 points down
By IANS,
Mumbai : A benchmark Indian equities index Friday slipped further as selling pressure mounted towards the closing bell, ending trade 335 points lower than its previous close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,267.25 points, ended at 16,930.42 points (provisional), 335.45 points or 1.94 percent down from its previous close at 17,265.87 points.
RIL, Infosys and SBI led the Sensex's fall.
India’s June inflation rises to 10.55 percent
By IANS,
New Delhi : The recent fuel price hike drove India's annual food inflation further up to 10.55 percent, from 10.16 percent in May, edging the Reserve bank of India closer to another hike in interest rates.
During June, prices of fuel rose 14.32 percent, reflecting the government's decision to increase prices of petrol, diesel, kerosene and cooking gas in the last week of the month.
Prices of kerosene went up nine percent, lubricants six percent, liquefied petroleum gas three percent, petrol two percent and high speed diesel oil one percent.
India’s central bank hikes cash reserve ratio
By IANS,
Mumbai : India's central bank hiked the cash reserve ratio (CRR) for banks by another 25 basis points Tuesday in a bid to contract money supply and contain price rise, but kept all other key rates unchanged.
Announcing the annual monetary and credit policy for the current fiscal, the Reserve Bank of India (RBI) Governor Y.V. Reddy said the CRR was being further hiked to 8.25 percent, after a 50 basis points hike announced earlier.
Markets open in the green
By IANS,
Mumbai : Indian equities markets opened in the green Tuesday, with a key index trading about 123.45 points or 1.29 percent higher than its last closing figure.
The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) opened at 9,633.21 points, higher than its 9,568.14 point close Monday. About 10 minutes into trade, it was at 9,691.59 points, 1.29 percent or 123.45 points above its previous close.
The S&P CNX Nifty of the National Stock Exchange (NSE) was at 3,016.6 points, 1.29 percent higher than its last close of 2,978.15.
New generation needs to take over from master weavers
By P.S. Anantharaman, IANS,
Ahmedabad : One of the major challenges the Indian handloom industry faces in the era of globalisation is the "reluctance" of the new generation to take the baton from ageing master weavers, according to an expert.
D. Narasimha Reddy, a coordinator in the Centre for Handloom Information and Policy Advocacy (CHIP), a Chirala (Andhra Pradesh)-based NGO, told IANS in an interview: "Most master weavers have today reached their age and are ready to hand over the reins to the next generation."
India’s inflation now at 11.91 percent
By IANS,
New Delhi : India's annual rate of inflation inched closer to the 12-percent mark at 11.91 percent for the week ended July 5 from 11.89 percent for the week before, official data said Thursday.
At this level, the inflation rate based on the official wholesale price index (WPI) was at its highest level in 13 years and comes as a further blow to the central government facing a crucial trust vote in parliament next Tuesday.
Satyam scam isolated, not a slur on corporate India: Kamal Nath
By IANS,
Mumbai : The Rs.70 billion ($1.4 billion) financial scam in Satyam Computer Services is an isolated case and does not tarnish the image of the Indian corporate sector in any way, Commerce Minister Kamal Nath said here Saturday.
"India Inc has established its credentials. One delinquency cannot be taken as a slur on the entire Indian corporate sector," the minister said during the opening panel discussion of the Economic Times Awards at the Trident Hotel here.
India’s $111 Billion Remittance Inflow: Triumph or Symptom of Economic Challenges?
Shriya Sharma, TwoCircles.net
New Delhi: The landmark World Migration Report 2024, released by the International Organization for Migration (IOM) on May 10, 2024 and corroborated by data...
Rs.12 bn subsidy for tobacco growers
By IANS
New Delhi : The government is working out a Rs.12 billion subsidy on fertilisers to help tobacco growers, Minister of State for Commerce and Industry Jairam Ramesh told the Lok Sabha Tuesday.
The subsidy package, which follows close on the heels of the Rs.600 billion farm loan waiver, is likely to help tobacco growers in Karnataka and Andhra Pradesh, the country's main tobacco growing states.
"There will be a subsidy of Rs.5 per kg on potassium sulphate," Ramesh said.
Is sheen returning to gold markets?
By Vatsal Srivastava, IANS,
Gold has had the best start to a year since 1983, rallying about 10 percent year to date. Maybe it is...
Grasim Industries Q1 net profit down 8 percent
BY IANS,
New Delhi: The Aditya Birla-promoted Grasim Industries Limited Saturday reported an 8 percent decline in net profit at Rs.685 crore for the first quarter of 2010-11 as against Rs.744 crore in the like period of 2009-10.
According to the company, this was due to the demerger of the cement business into Samruddhi Cement Limited (SCL) and the allotment of SCL equity shares to Grasim shareholders.
Sensex up 239 points in morning trade
By IANS,
Mumbai : Aided by a 9.15 percent gain in auto heavyweight Tata Motors, a benchmark index for Indian equities was ruling 239 points higher a couple of hours into trade Tuesday.
At 11.06 a.m. the 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,438.45 points, was ruling at 16,669.01 points, 239.46 points or 1.46 percent higher than its previous close at 16,429.55 points.
South Africa sees record trade deficit
By IANS,
Johannesburg: South Africa has registered a record trade deficit of 21.2 billion rand ($2.4 billion) in October, authorities said.
Price index data release must be monthly: Economic adviser
New Delhi, Sep 14 (IANS) India cannot be "unique" and release the wholesale price index (WPI) - which reflects the rate of inflation - on a weekly basis, says a noted economist with the government.
“We cannot be unique in data generation. There must be some reason why 90 percent or more countries release this data on a monthly basis,” said Arvind Virmani, chief economic adviser in the finance ministry, in an interview to IANS.
Flight disruptions cause $50 mn loss to Emirates
By IANS/WAM,
Dubai : Disruption of flights across Europe due to volcanic ash clouds emanating from Iceland has cost Emirates Airlines around $50 million, the airlines has said.
Emirates is very closely monitoring the evolving situation across Europe, and the flight cancellations caused by the volcanic ash clouds has cost the airline almost $50 million, Emirates Airlines said Monday.
At least 30 aircraft from the Emirates' fleet remain on the ground hotel accommodation in Dubai has been provided to thousands of passengers who were in transit when the disruption began, it said.
Peru’s silver output up 30 percent
By IANS/EFE,
Lima : Silver output in Peru, the world's leading producer of the precious metal, totalled 17,000 metric tonnes between 2005 and 2009, and showed a 30 percent increase over the previous five-year period.
Peru led the world's silver production in 2009 with 18 percent of the global output, followed by China, Mexico, Chile, Australia and Bolivia, Peru's National Mining, Petroleum and Energy Society (SNMPE) said in a statement Thursday.
Bharti Airtel’s accounts come under watchdog scanner
By Pupul Dutta, IANS,
New Delhi : The Department of Telecommunications has proposed a special audit into the accounts of leading telecom operator Bharti Airtel as the regulator has raised doubts that the company may be shifting revenues from one source to another, resulting in lower fee to the government.
The matter was brought to light by the Telecom Regulatory Authority of India (TRAI) that said while revenues from long-distance telephony for Bharti had shown "exceptional growth", the same was not true in the case of mobile telephony segment.
SAIL annual net profit up 21.52 percent
By IANS,
New Delhi : Public sector major Steel Authority of India Ltd (SAIL) made a net profit of Rs.75.37 billion in financial year 2007-08, marking an increase of 21.52 percent from the previous fiscal, the company said here after the release of its annual financial results Friday.
The company reported gross annual sales of Rs 455.55 billion for fiscal 2007-08.
SAIL's fourth quarter net profit in 2007-08 rose nearly 25 percent to Rs.23.76 billion from Rs.19.02 billion in the same period of the previous financial year.
World Bank to provide financial aid to Nepal
By Xinhua,
Kathmandu : The World Bank has said it will provide Nepal aid worth $127 million seeking to ensure success of the ongoing peace process in the Himalayan country, nepalnews.com reported Wednesday.
Talking to mediapersons at the end of a four-day visit to Nepal Tuesday, Michel Mordasini, executive director of the World Bank, said the bank's assistance to the country would depend on the "level of implementation" and continuation of peace process.
India’s telecom subscriber base crosses 479 mn
By IANS,
New Delhi : India's telecom subscriber base increased to 479.07 million at the end of July from 464.82 million a month before, according to official data released here Thursday.
The data released by the sectoral watchdog, Telecom Regulatory Authority of India (TRAI), said the overall teledensity in the country reached 41.08 percent in the period under review.
Wireless subscriber base increased from 427.28 million to 441.66 million, registering a growth of 3.36 percent, while wireless teledensity stood at 37.87.
Japan’s key Nikkei index falls after US market dips
By DPA,
Tokyo : Japan's key Nikkei index fell two percent Wednesday, tracking the US market's overnight losses.
In the first 10 minutes of trading Wednesday, the Nikkei 225 Stock Average dropped 186.67 points to 9,119.58 after ending Tuesday's session up more than three percent.
On currency markets at 9 a.m. (0000 GMT), the dollar was quoted at 100.20-25 yen, down from Tuesday's 5 p.m. quote of 101.20-22 yen.
The euro was quoted at $1.3005-10, down from Tuesday's 5 p.m. quote of $1.3260-62, and at 130.39-44 yen, down from 134.19-23 yen.
Nicholas Piramal India changes name to Piramal Healthcare ltd
By IANS
Mumbai : Nicholas Piramal India Ltd will now be known as Piramal Healthcare ltd.
The company in a statement issued to the Bombay Stock Exchange (BSE) Tuesday said that all formalities including the nod from shareholders and central government have been taken for the name change.
According to the company, the group of companies like NPIL Laboratories and Diagnostics Pvt. Ltd has been clumped together into Piramal Diagnostic Services Pvt. Ltd, while another company Gujarat Glass Ltd has been renamed Piramal Glass Ltd.
Discounts attracting young to online shopping
By Shilpa Raina, IANS,
New Delhi : Gen X Indians are getting used to shopping online for gifts and flowers. But clothes? Something that you touch and feel and then take into the trial room? Now huge discounts are tempting many to do all this virtually too.
Online portals like 99labels.com and fashionandyou.com are offering up to 70 percent discounts on clothes and accessories from many top-notch Indian and international brands, tempting people to go for online shopping.
Toyota recalls 420,000 cars in US
By IANS,
Washington : Automobile giant Toyota Motor Corp. has said it was recalling about 550,000 vehicles worldwide, including 420,000 in the US, for a potential steering problem.
Production of indigenous Arjun tanks to continue: official
By IANS,
New Delhi : The production of the indigenously built main battle tank (MBT) Arjun will continue, with an additional 77 tanks to be supplied to the Indian Army by March 2010, an official said Monday amid concerns about the project.
There was apprehension among Defence Research and Development Organisation (DRDO) scientists that the production would have to halt as the army had put its foot down and declined to buy more than 124 tanks as contracted earlier.
India Inc sets eyes on $40-bn nuclear energy market
By IANS,
New Delhi : Eyeing the $50 billion (approximately Rs.2,000 billion) potential seen in India's nuclear energy sector over the next 10-15 years, apex industry chambers have begun to lobby with the government to permit private sector entry in the industry, two days after a historic global decision to end the country's decades-old nuclear isolation.
Bangladesh heading for ‘silent famine’, say experts
By IANS
Dhaka : Hit thrice by disaster this year, Bangladesh could be heading for a "silent famine", economists and politicians have said, echoing the Asian Development Bank's (ADB) assessment that this is the "worst year" for the country since it became free in 1971.
Cyclone Sidr, which hit the country on Nov 15, could have a cumulative effect after two rounds of floods, taking a severe toll on crops, and threatening agriculture and income-generating activities, experts interviewed by the New Age daily said.
China’s GDP expands 8.7 percent in 2009
By IANS,
Beijing : China's economy expanded 8.7 percent in 2009 from a year earlier, indicating that China has achieved its full-year growth target of 8 percent for 2009, according to official data.
The gross domestic product (GDP) reached 33.54 trillion yuan ($4.91 trillion) in 2009, Ma Jiantang, director of the National Bureau of Statistics (NBS), said Thursday.
United Bank reduces lending rate by 50 bps
By IANS,
Kolkata : The United Bank of India (UBI) has reduced its prime lending rate by 50 basis points to 13 percent effective from Jan 12, it said here Tuesday.
"With this, the existing floating rate in all corporate and retail categories borrowers such as SME (small and medium enterprises), agriculture, housing, auto and vehicle loans, as well as potential borrowers will get the benefit of reduced rate of interest," a bank statement said.
Indian sport gets Rs.11 bn, 2010 Games Rs.6.24 bn in budget
By IANS
New Delhi : Finance Minister P. Chidambaram Friday allocated Rs.1,111.81 crore (Rs.11.12 billion/$280 million) as the total sports budget for 2008-09, with a special provision of Rs.624 crore (Rs.6.24 billion/$156 million) for preparations for the 2010 Commonwealth Games.
This year's sports budget, which includes Rs.890 crore (Rs.8.90 billion) as plan outlay and Rs.221.81 crore (Rs.2.21 billion) as non-plan allocation, witnesses a raise of Rs.254.34 crore (Rs.2.54 billion) over last year.
Indian telecom sector received Rs.48,220 crore FDI
By IANS,
New Delhi : India's telecom sector received foreign direct investment (FDI) of Rs.48,220 crore in the last 11 years - 8 percent of the total FDI the country received.
Lumax to invest Rs.200 crore to set up two plants
By IANS,
New Delhi : Automotive lighting solutions provider Lumax Industries Thursday said it will invest Rs.200 crore to set up two plants in the next two years.
"We will be setting up two plants in the coming two years with an estimated cost of Rs.200 crore for Tata Nano and Toyota Etios," said Anmol Jain, senior executive director, on the sidelines of an auto-component conference here.
Uttar Pradesh sugar output up despite adversities
By Sharat Pradhan, IANS,
Lucknow : Adversities and low output in other parts of the country notwithstanding, the sugar output has gone up in Uttar Pradesh and the state remains India's second highest producer of the sweetener after Maharashtra.
"According to an assessment we made on Feb 17, the state's sugar production was expected to touch 41.60 lakh (4.16 million) tonnes this year as against 40.64 lakh tonnes in 2009," state Cane Commissioner Sudhir Bobde told IANS.
India, China will cross $30 bn trade this year: Envoy
By IANS
New Delhi : India and China are set to surpass $30 billion in bilateral trade this year, Chinese ambassador Sun Yuxi said here Wednesday.
"Bilateral trade has already crossed $27 billion. We will easily cross $30 billion trade this year," he told reporters while stressing that the two countries would achieve the 2010 target of $40 billion much before that date.
The Chinese envoy, however, sounded ambivalent about Beijing's position on the India-US nuclear deal in the 45-nation Nuclear Suppliers Group (NSG).
Depressed investors haunted by one query: When will mayhem end?
By Anik Basu, IANS,
New Delhi : Where is the Indian equity market headed and when will the current mayhem end? This is the question an estimated 20 million investors in the country were asking Sunday as they nervously hoped for solutions to tackle the global financial meltdown that has pulled Indian equities down over 16 percent last week and tripped industrial growth to its lowest in a decade.
Minister approves Company’s conversion into capital stock company
By SPA
Riyadh : Minister of Commerce and Industry Dr. Hashim bin Abdullah Yamani has endorsed the conversion of the Company of Mohamed Abdulaziz Al-Rajhi &Sons For Industry, Commerce and Agriculture to a Limited Capital Stock Company of SR. 800 Million.
The Riyadh-based Company will have a total of 80 Million shares, with each share valued at SR.10.
The duration of the Company will be 99 Gregorian years, effective from the issuance of the conversion under a Ministerial decision.
Indian oil company trying to evacuate staff from Libya
By IRNA,
New Delhi : State-owned Oil India Ltd (OIL) is trying to evacuate its personnel from the strife-torn Libya, where death toll in anti-government protests has crossed 300.
Tata Motors may return Singur land, won’t block development
By IANS,
Kolkata : Auto major Tata Motors, which pulled out its small car Nano project from Singur in West Bengal last October amid controversies, Tuesday said it would return the factory land to the state government if it was paid the money it had spent to set up the now-abandoned plant.
At the same time, it emphasised it would not stand in the way of any development on the land, the acquisition of which sparked off violent protests by a section of local farmers led by the main opposition party of the state, the Trinamool Congress.
Reliance Infrastructure signs pact for $2.2-bn Mumbai Metro-II
By IANS,
Mumbai : A consortium led by Reliance Infrastructure, a part of the Anil Dhirubhai Ambani Group, has signed an agreement with the Maharashtra government for the $2.2-billion second Metro Rail project (Mumbai Metro-II) in this India's commercial capital.
The project has been awarded to the consortium, which includes Reliance Communication and SNC Lavalin of Canada, based on international competitive bidding under the public-private partnership framework.
Bharucha to guide Satyam board on strategic investor
By IANS,
Hyderabad : Former Supreme Court chief justice S.P. Bharucha will guide the Satyam Computer Services board in selecting the strategic investor from the Indian and overseas bidders, the scam-hit company said Friday.
"Justice Bharucha has agreed to oversee and guide the board in selecting the strategic investor," the IT bellwether said in a statement after the board met here to discuss the expressions of interest (EoI), submitted by four bidders till Thursday.
General Motors files for bankruptcy
By DPA,
New York : Storied carmaker General Motors (GM) filed for bankruptcy Monday, becoming the largest-ever US manufacturer to enter the court process and marking the latest dark chapter for a struggling US auto industry.
The carmaker goes into an uncertain bankruptcy with the backing of the US government, its chief labour union and the majority of its creditors. But many smaller investors feel they are getting a poor deal and have promised to fight GM's reorganisation plans in court.
Agri-products perish before reaching consumers, admits government
By IANS,
New Delhi : Even as the prices of fruits and vegetables soar daily, the central government has admitted large volumes of agricultural produce perish before reaching consumers because of poor preservation facilities.
A study conducted by an expert committee constituted by the agriculture ministry says the post-harvest losses of horticulture produce in the country is almost 25 to 30 percent of the total production.
Contaminated cooking oil found in five EU states
By IRNA,
Madrid : Contaminated sunflower oil from Ukraine has been found in at least five European countries.
In Spain, sunflower oil has been taken off the shelves and consumers are being warned not to buy or use it.
IRNA reporter in Madrid said that the oil has been discovered in Britain, France, Spain, Italy and the Netherlands.
Early tests show the oil contains hydrocarbons, although not apparently at dangerous levels.
Spanish chef Antonio Gonzalez said authorities have told him to remove the oil but he is not sure why or which ones.
US Fed sees recovery as interest rates kept at 0 percent
By DPA,
Washington : The US Federal Reserve kept interest rates at near 0 percent Wednesday and showed no signs of changing course as it said the US may be emerging from a 20-month recession.
The central bank in a statement said US economic activity was "levelling out" and the financial sector had "continued to improve" in the last few weeks. Household spending, which accounts for about two-thirds of economic output, was also "stabilizing."
Kerala to study impact of global financial crisis
By IANS,
Thiruvananthapuram : The Kerala government has instituted a study into the adverse effect of the global economic crisis on the state.
Addressing reporters here after a cabinet meeting Wednesday, Chief Minister V.S. Achuthanandan said: "The Centre for Development Studies (CDS) has been asked to conduct the study and give an interim report in 15 days."
The CDS is a Thiruvananthapuram-based social science research institute.
FAQs on the oil strike
By IANS,
Frequently asked questions on the oil employees' strike:
Q: Who all are involved?
A: Employees of 13 public sector energy companies, including majors such as Indian Oil Corp, Bharat Petroleum, Oil and Natural Gas Corp and GAIL India (previously Gas Authority of India Ltd).
The Oil Sector Officers Association (OSOA) - the umbrella organisation representing 45,000 officers in 14 public sector oil and gas companies - called the strike from 6 a.m. Wednesday.
11,000 Hindustan Petroleum Corp officers have not joined the strike.
Process begins for licences to new mobile telecom firms
By IANS
New Delhi : The Indian government Wednesday began issuing licences to nine new applicants for mobile phone services in the country after clearance from Communications and IT Minister A. Raja.
"We have started issuing the licences. We hope to complete the process in a day or two," a senior official in the ministry told IANS. "But frequency allotment is a different process and may take some more time," the official said.
Tourist flow 17 percent up in Himachal
By IANS,
Shimla : Himachal Pradesh, known for its picturesque tourist spots, registered an increase of 17 percent in the inflow of tourists last year compared to the previous year, an official said Sunday.
"The state attracted 11,437,155 tourists, including 400,583 foreigners, last year (2009)," Tourism Director Arun Sharma told IANS.
As many as 9,749,433 tourists, including 376,736 from overseas, visited the state in 2008, he said.
Tatas want to go, but Buddhadeb will make one last try: minister
By IANS,
Kolkata : Admitting that there was "almost no possibility" of the Nano car rolling out of Singur, a senior West Bengal minister Thursday said Chief Minister Buddhadeb Bhattacharjee would make a final request to Tata Motors to restart operations in the facility.
United Spirits net rises 54 percent
BY IANS,
Mumbai: Liquor major United Spirits has posted a 54 percent hike in net profit at Rs.179.06 crore in the quarter ended June 30 as against Rs.115.93 crore in the like period last year.
The total revenue stood at Rs.1,248.06 crore in the quarter, up 17 percent from Rs.1,067.12 crore reported in the year-ago period.
The company attributed the increase in sales to first time consumers, who had attained a legal drinking age.
"These first time consumers are now entering at mid price points as against low price points," it said in a regulatory statement.
Technopark firm renamed UST Global
By IANS
Thiruvananthapuram : US Technology International Pvt Ltd, a California-based IT firm that has its Indian headquarters in Technopark here, will now be known as UST Global.
In a statement to the press issued here Monday by Dan Gupta, chairman and CEO of UST Global, the company said that this reflects the company's mission to bring new standards of best offshore IT sourcing and delivery services to enterprises throughout the global marketplace.
Cobra beer bets high on India
By IANS
New Delhi : Indian-born entrepreneur Karan Bilimoria has signed yet another licensing agreement, taking the number of Cobra beer breweries in India to seven. He expects sales would grow exponentially in the next few years.
"I recently signed another agreement which will take the number of breweries in India to seven, apart from the project that we are setting up in Punjab," Bilimoria told IANS by phone from Hyderabad Saturday.
Delhi airport gets third, and India’s longest, runway
By IANS,
New Delhi : A third runway at the Indira Gandhi International Airport was inaugurated here Thursday, with fire tenders extending a traditional water cannon salute to an Air India Boeing-777 aircraft - the first to land on the 4,430-metre strip, also the longest in India.
The 75-metre-wide runway, which the developers GRM Group says has been readied some six months ahead of schedule, is christened “11-29” and is also among the longest in Asia, with the capacity to handle new generation aircraft like the Airbus A380.
Industry body spells out growth agenda for Rajasthan
By IANS
Jaipur : The Confederation of Indian Industry (CII) presented a wish list to the state government Wednesday in its pre-budget memorandum.
The memorandum includes, among other things, suggestions to improve the state's fiscal health.
"The pre-budget memorandum, in effect, lays the roadmap for development of the state," R.K. Poddar, head, CII Rajasthan, told IANS here Wednesday.
CII recommended amendments in Rajasthan value-added tax (VAT) act such as including definitions of manufacturing and capital goods.