It has been a string of bad news for the common man: surging inflation, rising EMIs and falling returns from mutual funds and shares. For the aged and the retired, the plight is worse as small savings give no more than 8% even as inflation eats away 11.5%. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 8:10 pm
Two of the world\'s largest and struggling automobile giants General Motors and Ford may have been considering a merger, reports CNBCTV18. According to reports, the merger was discussed at a recent General Motors management meeting. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 8:01 pm
State Bank of India has raised deposit rates by 1575 bps, reports CNBCTV18. The rate hike is effective June 30. Similarly, Punjab National Bank has raised deposit rates by 2550 bps. It has hiked its primelending rate by 50 bps to 13%. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 6:56 pm
Kishore Biyani of Future Group pointed out India\'s retail potential to the world and he is now discovering opportunity in inflationary India. As fears increase that higher interest rates will slowdown consumer spending, Kishore Biyani\'s retail lending company Future Capital sees an opportunity to lend to customers. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 6:33 pm
Announcing its plans to invest Rs 4,000 crore in hospitality business in the next 5 years, Unitech Ltd said it would also raise Rs 4,000 crore from private equity players. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 2:47 pm
Reliance Mutual Fund on Friday launched Reliance SIP (Systematic Investment Plan) Insure- an add on feature of free life insurance cover. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 2:31 pm
A rigid and condensed airspace for civilian aircrafts coupled with increasing aviation fuel prices are contributing to the losses of the Indian aviation industry. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 2:25 pm
It's finally happened. Thursday was Bill Gates' last day as full-time Microsoft employee. It is not, of course, a shock. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 2:23 pm
MUMBAI (Reuters) - Indian steel companies are likely to raise prices in August because of high iron ore and coke prices, but may not be able fully pass on their costs due to competition and government efforts to fight double-digit inflation.
MUMBAI (Reuters) - The Reserve Bank of India said it can be constrained in articulating its policy if directions and signals from the finance ministry diverge from its own signals.
MTN is concerned that the Ambani feud may derail their deal with Reliance Communications reports CNBCTV18 quoting sources. Meanwhile, MTN did not comment on the speculation. They have made no definitive statement beyond the cautionary announcement. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 1:54 pm
NEW DELHI (Reuters) - Punjab National Bank has raised its benchmark prime lending rate by 50 basis points to 13 percent, effective from July 1, Chairman K.C. Chakrabarty said on Friday.
NEW YORK (Reuters) - U.S. stocks inched higher at the open on Friday as a muted reading in a key inflation gauge and signs that consumer spending held up in May tempered worries about record oil and the health of banks.
The world's largest software company said that it was not planning any public events to observe the transition, though the change would be marked by internal events. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 1:25 pm
India has slipped 13 places to 64th rank in a global list that measured business climate in 121 countries Source: Daily News & Analysis: Money News | 27 Jun 2008 | 1:18 pm
India`s wholesale price index rose 11.42 percent in the 12 months to June 14, above the previous week`s annual rise of 11.05 percent, government data showed on Friday. Source: Zee News : Business | 27 Jun 2008 | 1:11 pm
Toyota Motor Corp said on Friday it may need to consider raising the prices of its passenger vehicles in the future due to surging raw materials costs, though fierce global competition would make such a move difficult. Source: Zee News : Business | 27 Jun 2008 | 1:11 pm
Bank of America Corp on Thursday said it expects to eliminate about 7,500 jobs over the next two years after it completes its acquisition of Countrywide Financial Corp, the largest US mortgage lender. Source: Zee News : Business | 27 Jun 2008 | 1:11 pm
Oil eased on Friday on profit taking after a near 4 percent surge the previous session to a record above USD 140, as US lawmakers approved legislation aimed at curbing energy market speculation. Source: Zee News : Business | 27 Jun 2008 | 1:11 pm
Sensing the start of a personal computer revolution, Bill Gates dropped out of Harvard University in 1975 to start Microsoft Corp and pursue a vision of a computer on every desk and in every home. Source: Zee News : Business | 27 Jun 2008 | 1:11 pm
Yahoo Inc unveiled on Thursday the third phase of an extended reorganization, bolstering the operational control of president Sue Decker, as the company hones its independent strategy after rebuffing Microsoft Corp. Source: Zee News : Business | 27 Jun 2008 | 1:11 pm
Japan said Friday core inflation accelerated to the fastest pace in a decade on soaring oil costs while consumer spending tumbled, fanning jitters about the outlook for Asia`s largest economy. Source: Zee News : Business | 27 Jun 2008 | 1:11 pm
The consolidated net profit of realty major Unitech has dipped by 50 percent for the quarter ended March 31, 2008, going down to Rs.3.6 billion from Rs.7.48 billion in the corresponding quarter last year, the company announced Friday. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 1:02 pm
MUMBAI (Reuters) - The Indian rupee fell on Friday, as record high global oil prices pumped up dollar demand from oil refiners and a sharp fall in share prices raised concerns foreigners could further trim local equity holdings.
Leading shipbuilder ABG Shipyard has bagged orders worth $136.65 million (Rs.5.85 billion) from the Singapore-based Toisa Ltd for the construction of three sub-sea multi-purpose vessels. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 12:31 pm
Bears took full control of the Indian bourses as the equities market plunged after crude oil prices set an all-time record and inflation touched a new higher level. The two factors depressed the market sentiment causing investors to keep on selling across the sectors. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 12:31 pm
The country's first-ever power exchange, the Indian Energy Exchange Ltd (IEX), commenced operations Friday. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 12:30 pm
Squeezing the household budgets even further, India's annual rate of inflation shot up to a 14-year high of 11.42 percent for the week ended June 14, against 11.05 percent for the week before. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 12:30 pm
As prices in India have hit the roof and inflation is ruling at over 13-year high, average citizens in India are ruing the squeeze in their already-hit household budgets, forcing tough measures on some issues but leaving them helpless regarding others. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 12:30 pm
Birla Cotsyn (India) Ltd (BCIL), a Yash Birla Group company engaged in textile manufcturing, is entering the capital market with a Rs 144.18- crore initial public offering (IPO). Source: Daily News & Analysis: Money News | 27 Jun 2008 | 11:56 am
MUMBAI (Reuters) - India's agricultural growth has slowed down since the economic reforms of 1991 on stagnating public investment, slowing irrigation expansion and fragmented farm holding, according to a central bank study.
MUMBAI (Reuters) - The Reserve Bank of India may raise its key lending rate and banks' cash reserve requirements by a percentage point each by end 2008 to check inflationary pressures, HSBC said in a note on Friday.
BANGALORE (Reuters) - Indian shares tumbled 4.3 percent on Friday, their biggest drop in three months, as record world oil prices kept the focus firmly on inflation and raised the spectre of more monetary tightening in coming months.
Vellayan, Chairman of Coromandel Fertilisers feels that the new policy on phosphatics gives more possibility for greater investment. According to him, it is market related, longterm, realistic and farmerfriendly. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 11:13 am
Finance Minister P Chidambaram said the government aimed to achieve financial inclusion in the next five years and exhorted banks to scale up their rural footprint. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 10:58 am
NEW DELHI (Reuter) - India's inflation rate jumped to 11.42 percent in mid-June, its highest in more than 13 years, and analysts said the central bank could follow up two rate increases this month with more policy tightening as prices climb.
Claiming to be quicker and cheaper than private operators, Bharat Sanchar Nigam Ltd (BSNL) launched its EVDO (evolution data only) system. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 10:26 am
Public sector banks have finally taken the Reserve Bank of Indias cue and have raised interest rates. OP Bhatt of SBI said, \"What we have done today is merely to restore our PLR to where it was in January.\" WHile Chanda Kochhar od ICICI Bk feels the need to look at rates across the board. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 10:19 am
The Gujarat government and the Federation of Kutch Industries Association (FOKIA) have formed a joint venture distribute water for industries in Kutch. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 10:00 am
The Kerala government Friday implemented its decision of cutting electricity supply for 30 minutes everyday even as the opposition accused the administration of having mishandled the situation. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 10:00 am
Double digit inflation will linger on for some more time even if prices stabilise, and the government should not be expected to take action just because inflation is growing. Source: Daily News & Analysis: Money News | 27 Jun 2008 | 9:36 am
Construction work at the site of a proposed titanium dioxide plant in Orissa's Ganjam district has been stopped following clashes between villagers over employment opportunities at the plant, police said Friday. Source: IndiaeNews.com: Business News | 27 Jun 2008 | 9:01 am
In Andhra Pradesh, the demand of bullet proof vehicles for politicians has surged ahead of the upcoming general elections. So much so that Mahindra and Mahindra has set up a devoted unit for these customised SUVs. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 8:59 am
The ban on the export of nonbasmati rice and imposition of an export duty has forced exporters to think out of the box. Companies are looking at acquiring mills in Pakistan and are tying up with retailers like Pantaloon to package cheaper varieties of rice. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 8:59 am
Bill Gates\' retirement from Microsoft today marks the end of an era, thrusting CEO Steve Ballmer into the spotlight. Source: Moneycontrol Top Headlines | 27 Jun 2008 | 8:56 am
Mumbai, June 26 Essar Group has lost out to the Russian steel maker Severstal in its bid to acquire the US steel company, Esmark.According to information, Severstal offered Esmark a price of $19.25 per share, outbidding Essar’s ... Source: Business Line - Home Page | 27 Jun 2008 | 12:00 am
The stock is pausing at around Rs 700 levels. Avoid initiating buy or sell position in this counter for the session. Infosys Sell the stock in rallies with tight stop-loss at Rs 1,800. ... Source: Business Line - Home Page | 27 Jun 2008 | 12:00 am
Chennai, June 26 Central banks all over the world had kept their interest rates too low for too long, according to Mr Gerard Lyons, Chief Economist and Group Head of Research, Standard Chartered Bank. And so when the reversal happens, ... Source: Business Line - Home Page | 27 Jun 2008 | 12:00 am
Forty-year-old Kewal Krishan is a ‘commission agent’ or an ‘arhatiya’ at the Moga grain mandi in Punjab. As farmers like Sukhdev Singh from nearby Dagru village bring their wheat to the mandi, it is Kewal Krishan who has ... Source: Business Line - Home Page | 27 Jun 2008 | 12:00 am
Thiruvananthapuram, June 26 Wednesday’s upper air cyclonic circulation over North Bay of Bengal off the north Orissa and West Bengal coasts persisted on Thursday amid indications that the winds might pick up in strength during the next ... Source: Business Line - Home Page | 27 Jun 2008 | 12:00 am
Kolkata, June 26 ICICI Bank’s ‘high networth individuals’ segment — comprising both global private clients and wealth management — is set to witness a growth of 50 per cent in 2008-09, according to Mr Vivek ... Source: Business Line - Home Page | 27 Jun 2008 | 12:00 am
Strong protest from leading Indian carriers today forced the Directorate General of Civil Aviation (DGCA) to withdraw a circular that would have raised the cost of flying abroad substantially. Source: Business Standard | Front Page Headlines | 26 Jun 2008 | 7:03 pm
There is no end in sight to the Centre's inflation woes. The wholesale price index-based inflation is expected to rise to 11.42 per cent for the week ended June 14, data for which will be released on Friday. Source: Business Standard | Front Page Headlines | 26 Jun 2008 | 7:01 pm
Essar Steel today bowed out of the race for American steel maker Esmark after its Russian rival, OAO Severstal, came up with a higher bid. Source: Business Standard | Front Page Headlines | 26 Jun 2008 | 7:00 pm
Setting the stage for an increase in lending rates across the board, the State Bank of India (SBI) today increased its prime lending rate by 50 basis points to 12.75 per cent, making both corporate as well as retail loans ? auto, home and personal ? more expensive. Source: Business Standard | Front Page Headlines | 26 Jun 2008 | 6:58 pm
Sun Pharmaceutical Industries today upped the ante in its takeover bid for Taro Pharmaceuticals of Israel, saying it will seek to force the controlling shareholders to sell their stake, after a merger agreement collapsed. Source: Business Standard | Front Page Headlines | 26 Jun 2008 | 6:57 pm
