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JP Morgan in pact with Yes Bank to launch global travel card!Financial services major, J P Morgan is set to launch its first pre-paid travel card in India.Source: Zee News : Business | 7 Sep 2008 | 11:55 am Indian auto industry to be a global leader by 2020: IBM!Come 2020, the Indian automobile industry will be a leader on global stage with the likes of Tatas leading innovation with breakthrough product like Nano, according to IT and consultancy giant IBM.Source: Zee News : Business | 7 Sep 2008 | 11:55 am Porsche-VW tussle, ahead of takeover!Time is running out and tension is growing: the takeover of Volkswagen by Porsche has sparked union anger and possibly raised tempers within both companies.Source: Zee News : Business | 7 Sep 2008 | 11:55 am Q2 growth rate likely to be 8.5%: Barclays!The Indian economy is expected to perform better in the second quarter (July-September 2008) and is likely to record a growth rate of 8.5 percent, up from 7.9 percent witnessed in the first quarter, according to an international investment banker.Source: Zee News : Business | 7 Sep 2008 | 11:55 am HAL plans maintenance base in Ecuador!Upbeat over the encouraging export orders of Advance Light Helicopter - Dhruv, aerospace major Hindustan Aeronautics Limited (HAL) has decided to set up a maintenance base for the chopper in Ecuador.Source: Zee News : Business | 7 Sep 2008 | 11:55 am Sony top brand for tech-crazy Asians - Economic Times
Source: Google News India - Business | 7 Sep 2008 | 11:36 am Bangladesh's United Airways to fly to IndiaDHAKA (Reuters) - Bangladesh's private airline United Airways said on Sunday it would open its first international route with a daily flight between Dhaka and India's Kolkata from Sept. 24.Source: Reuters: Money News | 7 Sep 2008 | 11:34 am Singur row: Mamata meets Governor, CM joins in - Times of India
Source: Google News India - Business | 7 Sep 2008 | 11:29 am Taj group opens new five-star hotel in Kerala MondayThe Taj group will open its eighth luxury hotel in Kerala, Taj Residency-Thiruvananthapuram, Monday.Source: IndiaeNews.com: Business News | 7 Sep 2008 | 11:00 am DoT may allow spectrum sharingPTI New Delhi: In a major development, the government is considering allowing spectrum sharing between two mobile operators, a move that could prove to be a win-win situation for both existing as well as new telecom players. New telecom players may find it difficult to roll out services with only 4.4 MHz of spectrum and compete with existing players who have been allocated 10-12 MHz of scarce spectrum. Spectrum is radio frequency required by cellular operators to offer wireless mobile services. If allowed, two new players may join hands to combine the initial spectrum taking it to 8.8 MHz and this would not only help in reducing the infrastructure costs but also result in better quality of services with less number of subscribers and more spectrum. Minister of State for Communication and IT, Jyotiraditya Scindia, has convened a crucial meeting of senior officials in the Department of Telecom (DoT) on 8 September to consider the proposal of sharing of spectrum among other things. According to sources, the proposal would also help the existing mobile operators who have been seeking additional spectrum with the increase in number of subscribers but are unable to get due to its scarcity. Spectrum trading Asked whether DoT may also consider trading in spectrum as allowed in some of the developed countries, sources close to development said since the initial 4.4 MHz of spectrum is given free of cost with the licence, it may not be possible immediately to go for trading. New telecom players like Datacom, Unitech, Shyam-Sistema, Loop Telecom and Swan Telecom have been alloted 4.4 MHz of spectrum in six circles so far and the companies are in the process to roll out network. One of the new operators said that sharing of spectrum, if allowed, will help the player to compete with existing service providers to some extent and asked the government to rationalise termination charges which have not been revised for last many years. Operators charge up to 30 paise for each call terminated on their network, the new operator said, adding the telecom regulator TRAI should have reviewed it long ago to arrive at cost-based termination charge. According to some of the exiting operators also, the termination charge should be less than 10 paise a minute but the existing players have been charging 30 paise, three times the cost based tariff. This would be a major issue for the new telecom players to survive in the market, one of the new telco said, adding along with sharing of spectrum, government must ask TRAI to immediately review termination charge regime and recommend cost based charges. Source: Home - Livemint.com | 7 Sep 2008 | 10:06 am India to take up controversial letter on nuclear deal with USNew Delhi: “India and the US are elated that their nuclear deal has received endorsement from the NSG but New Delhi is taking up with the Bush Administration the State Department’s controversial letter to US Congress which stated that it would be denied fuel supplies if it conducted a nuclear test,” highly placed sources said here today. The 26-page letter, released in Washington on the eve of the crucial NSG meeting in Vienna, created a furore in India and led to complications in deliberations of the 45-nation Nuclear Suppliers Group (NSG) which, however, subsequently granted the coveted waiver to New Delhi. BJP and Left parties seized on the letter and accused the government of hiding ‘facts’ and demanded an urgent session of Parliament to discuss the issue. In the controversial disclosures before the NSG meeting, the US had made it clear that it would stop fuel supplies and other nuclear cooperation if India conducted a nuclear test. The US position in the letter appeared at variance with New Delhi’s interpretation of some key clauses of the Indo-US nuclear deal. According to the sources, the letter contained certain issues which India will take up with the US, New Delhi has made it clear where it stands. They said that the 123 Agreement with the US is awaiting signature and now that the NSG waiver is through they will go through the signature procedure. The stoppage of nuclear cooperation in certain circumstances if India conducts an atomic test figures in the 123 bilateral agreement but impression so far has been that the US would ensure uninterrupted fuel supplies from other countries. However, the letter released by a well-known opponent of the deal, Howard Berman, Chairman of the House Foreign Affairs Committee, contained an assertion by the Bush Administration that its assurances of nuclear supplies to India were not meant to insulate it against the consequences of a nuclear test. Berman made public the State Department’s responses to 45 questions on the deal posed by his predecessor Tom Lantos way back in October last year. The answers were given on 16 January but for nearly nine months the document was kept under wraps at the request of the State Department. After the disclosures, the BJP attacked the government accusing Prime Minister Manmohan Singh of misleading the country on the issue and demanded an immediate session of Parliament to move a breach of privilege motion against him. CPI(M) too joined BJP in attacking the government, accusing Singh of lying to people and Parliament on Indo-US nuclear deal and demanded his resignation. It said it would join hands with other parties to bring a no-confidence motion against his government. Source: Home - Livemint.com | 7 Sep 2008 | 9:44 am IDBI Bank mulls merger of home loan subsidiaryPTI Mumbai: With a view to consolidate its home loan finance business, IDBI Bank is mulling the merger or sale of its wholly-owned subsidiary, IDBI Homefinance (IHFL), by end-this fiscal, a top official of the bank said. “It doesn’t make sense for both the bank and its subsidiary to sell the same products. We plan to either merge or sell IHFL,” a highly-placed IDBI Bank official told PTI. “The bank’s board is likely to take a decision on the matter by the end of March next year,” the official said. IDBI Bank took over the erstwhile Tata Home Finance in September 2003 and renamed it as IHFL, solely meant for selling home loan products. IHFL, at present, has a home loan portfolio of above Rs2,700 crore with a presence in 18 centres across the country and 150 employees. In the event of a merger, the biggest challenge IDBI Bank would have to face will be on the human resources side as the pay-scales of IHFL employees and the bank are different. “This has to be looked into during the integration process,” the official said. However, IDBI Bank, which has a home loan portfolio of around Rs12,000 crore, would lose the customer base of IHFL in case of a sale and this factor too would weigh with the management when it makes its decision. If a merger is effected, the bank’s home loan portfolio would increase to around Rs14,000-15,000 crore, catapulting it to a top player in the housing finance business. For a merger, Reserve Bank approval needs to be sought, the official said. “Getting regulatory approval for the merger of the bank and its subsidiary will not be a major task as IHFL is wholly-owned by the bank. The merger would be just a technical procedure,” the official noted. For the year ended March 2008, IDBI Capital posted a net profit of Rs30 crore. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 9:21 am Aviva Life to expand networkPTI Mumbai: In a bid to enhance its footprint in the country, Aviva Life Insurance India plans to add around 60 more branches by next year, taking its network strength to 280, a top official of the company said. “We will be increasing our branch strength to 280 from the current 219 by the next calender year which would help us to enhance our presence in the country,” Aviva India Managing Director and CEO Bert Paterson told PTI. “The company was aiming to up its marketshare and having a bigger all-India presence would help it in its endeavour,” Paterson said. “In the current year, the company has already launched around six new products,” he said adding that a few more products were in the pipeline which would be launched after obtaining regulatory approvals. “We have already lined up some new products for launch in the market. We have applied to the IRDA and are now awaiting its approval,” Paterson said. “Till date, we have recorded a growth of over 53% and are aiming for an aggressive growth this year,” he said. “The company would concentrate on its core business of life insurance and has no short-term or mid-term plan to enter the general insurance segment,” he said. Source: Home - Livemint.com | 7 Sep 2008 | 9:10 am Boeing machinists walk off the job as talks failNEW YORK/EVERETT, Washington (Reuters) - Boeing Co's 27,000-strong machinists' union walked off the job on Saturday after the plane maker failed to improve its contract offer following two days of emergency talks.Source: Reuters: Money News | 7 Sep 2008 | 9:05 am Infy, Wipro, Satyam among Buffett-fit stocks: S&P - Hindu
Source: Google News India - Business | 7 Sep 2008 | 8:32 am Reliance Money aims at Rs50,000 cr AUMPTI New Delhi: Financial services arm of the ADAG Group Reliance Money which forayed into wealth management business two months ago, is aiming at Asset Under Management (AUM) size of about Rs50,000 crore by the end of next year on the back of new products. “We are targeting AUM size of about Rs50,000 crore by the end of December 2009 for our wealth management business,” Reliance Money CEO Sudip Bandyopadhyay told PTI. The company has introduced two innovative products, he said, adding that there will be some more which will generate a good business. The wealth management entity is currently managing assets of about Rs1,000 crore. “At the same time, the facility would be extended to 50 cities by December 2008 from the existing 21 cities now,” he said. “Number of advisors for the business would be more than doubled to 365 from 165 at present,” he added. The wealth management platform with a host of unique features, Bandyopadhyay said, is available to high networth individuals having investible surplus of over Rs25 lakh. “Services like tax planning and assessment, real estate, art advisory, investment in art fund and estate planning are part of the advisory,” he said, adding, “we also have a separate module which caters to the financial planning needs of senior citizens”. “Currently, High Networth population of the country is about 1.3 million which is set to grow to 2 million in the next three years,” he stated. According to industry studies, the population of high networth individuals (HNIs) in the country is expected to grow to over two million wealthy individuals in India, holding over $510 billion in liquid assets by 2011. Source: Home - Livemint.com | 7 Sep 2008 | 8:20 am Cairn to invest $9.5m in Bangladesh gas fieldReuters Dhaka: UK-based Cairn Energy Plc plans to invest nearly $9.5 million to try to find more natural gas at Bangladesh’s only offshore field at Sangu, which may be commercially exhausted by the end of next year, a senior energy official said on Sunday. “The firm has submitted a proposal to us to allow them to spend up to $9.5 million for continuing gas production from the offshore till 2011,” said Mohammad Muqtadir Ali, a director of state-run oil, gas and mineral corporation Petrobangla. “So far, Cairn has invested about $1 billion in Bangladesh, including nearly $600 million in Sangu, which began producing gas in 1998,” officials said. Last month the oil company informed Petrobangla the field was now left with a recoverable gas reserve of just 14 billion cubic feet (bcf) which would be exhausted by September 2009. “The company will spend money to perforate two wells and install two compressors produce 9.30 bcf more gas,” Muqtadir told Reuters. A Cairn official said the firm might receive a decision from Petrobangla early next week after a joint management panel meeting. “We have to take a decision quickly, as hundreds of manufacturing factories in Chittagong (port city area) depend on gas supplies from Sangu,” the official said. Production from the field at the beginning was around 200 million cubic feet a day (mmcfd) and has now slumped to below 50 mmcfd, resulting in a severe gas shortage in the region. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 8:19 am Microsoft seeks India patent for data snapshot generatorPTI New Delhi: World’s largest software firm Microsoft Corp is seeking an exclusive patent in India for an electronic data snapshot generator, which has been co-invented by an Indian associated with the company. Microsoft has filed its patent application before the Controller General of Patents, Designs and Trade Marks, following which the authorities has issued a public notice. According to the company, which has filed the application on 22 February, electronic data snapshot generator would be used to provide information about a file at a specific point in time. “A snapshot of electronic data is generated to provide information about a file at a specific point in time. The snapshot may be shared between several users,” the latest patent journal published by the authorities quoted Microsoft as saying. The concept of the generator has been developed by Ramakrishnan Natarajan, an Indian associated with Microsoft along with Daniel C Battagin. The US-based software company has already registered this invention with the World Intellectual Property Organization (WIPO). “The interactive snapshot is generated by saving static data associated with the file, but any links or references to dynamic file data are maintained. The published item snapshot includes specific file objects and static data associated with the specified objects”, it said. “However, the static snapshot is generated by saving only static data associated with the file,” Microsoft added. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 8:19 am Microsoft seeks India patent for data snapshot generatorPTI New Delhi: World’s largest software firm Microsoft Corp is seeking an exclusive patent in India for an electronic data snapshot generator, which has been co-invented by an Indian associated with the company. Microsoft has filed its patent application before the Controller General of Patents, Designs and Trade Marks, following which the authorities has issued a public notice. According to the company, which has filed the application on 22 February, electronic data snapshot generator would be used to provide information about a file at a specific point in time. “A snapshot of electronic data is generated to provide information about a file at a specific point in time. The snapshot may be shared between several users,” the latest patent journal published by the authorities quoted Microsoft as saying. The concept of the generator has been developed by Ramakrishnan Natarajan, an Indian associated with Microsoft along with Daniel C Battagin. The US-based software company has already registered this invention with the World Intellectual Property Organization (WIPO). “The interactive snapshot is generated by saving static data associated with the file, but any links or references to dynamic file data are maintained. The published item snapshot includes specific file objects and static data associated with the specified objects”, it said. “However, the static snapshot is generated by saving only static data associated with the file,” Microsoft added. Source: Tech News - Livemint.com | 7 Sep 2008 | 8:19 am Kamal Nath to lead SME delegation to GermanyNew Delhi: A delegation of Small and Medium Enterprises (SME) led by Commerce and Industry Minister Kamal Nath will visit Germany to strengthen economic and bilateral relations and explore business opportunities there. Accdording to a statement issued by CII: “During the two-day visit starting 8 September, the minister would meet key German officials, representatives of industry associations and SMEs as well as investors.” The minister would also deliver the inaugural address on ‘India- partner for medium-sized businesses in Germany´at the annual Handelsblatt conference. “The 90-member delegation would visit Daimler Factory in Stuttgart and training centre of the Chamber of Koblenz to learn more about German vocational training,” said CII. The Indian delegation consists of representatives from several sectors such as automotive, chemicals, electronic, electrical, ayurveda, leather and renewable energy. Nath would also lead the delegation to Czech Republic on 10 September, to evaluate the opportunities and challenges for Indian companies in the European nation with a view to strengthen trade and economic relations. In Czech Republic, the delegation would visit Skoda Power and Skoda Auto factory amongst other industry visits. In the last five fiscal years, bilateral trade between India and Czech Republic has witnessed growth of 17.24% and crossed the $450 million mark. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 8:10 am Finnair now looks at Bangalore, Chennai to expand reachBuoyed by the success of flying to India, Nordic carrier Finnair proposes to start flights to Chennai and Bangalore to tap the market that has resulted from the growing bilateral business ties and expanding air travel to Europe.Source: IndiaeNews.com: Business News | 7 Sep 2008 | 8:01 am India begins process to auction 3G airwaves MondayThe Indian government is set to begin here Monday the process to e-auction radio frequencies for telecom operators to start third-generation (3G) mobile services across the country and fetch the exchequer over Rs.400 billion ($10 billion).Source: IndiaeNews.com: Business News | 7 Sep 2008 | 8:01 am Services sector to grow over 9.5% this year: CIIPTI New Delhi: Indian service sector is likely to witness a growth of over 9.5% in the current year, driven by huge investments, despite a slowdown in economic growth, a CEOs survey says. In a snap poll conducted by Confederation of Indian Industry (CII), majority of the CEOs from services sector felt that expansion in the sector would continue during the current year with more money to be pumped in, resulting in creation of more job opportunities. “Both investment and employment is expected to increase in the services sector despite pressure on profitability during the current year,” CII Director General Chandrajit Banerjee said. CEOs also expect employment to increase during the year, particularly in the healthcare sector, followed by retail, tourism, IT and ITeS and financial services. The survey revealed profits would be under pressure due to high interest rates, stiff domestic competition and increase in staff cost. Major impediments to the sector’s growth were global economic slowdown, deceleration in the economy and shortage of talent and skills, it said. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 7:59 am ICICI Lombard to offer product for natural calamitiesNew Delhi: Private insurer ICICI Lombard has said that it is in the process of developing a product for natural calamities like the floods in Bihar. “For the situations like Bihar floods, we will soon be offering catastrophe products. We are in the process of developing the same,” Pranav Prashad, Head-Rural Vertical, ICICI Lombard said. He said: “For the farmers, we do offer products like Weather Insurance, Cattle Insurance and Health Insurance”. These policies cover a certain amount of financial losses suffered by the subscriber. On the market size of the rural insurance sector and the share of ICICI Lombard, Prashad said: “We are pioneers in offering insurance products for the rural masses in India. This is part of the company’s focus of financial inclusion and reaching out to the socio-economically challenged as well as those located in the remote areas of the country.” He further said that general insurance contributes only 0.6% of the country’s GDP. “This effectively means that the benefits of insurance services are yet to reach the majority of the country’s population. As India’s leading private sector general insurance company, our effort is to raise its GDP contribution to over 1%,” he added. On the exposure of rural economy to fundamental risks, Prashad said that it had limited access to appropriate risk mitigating solutions. “ICICI Lombard is committed to driving the penetration of general insurance in the rural markets by building a cost-effective distribution model with relevant products at the right price and a customer support footprint that is able to service a geographically dispersed customer base,” he informed. On rural health insurance sector, he said it was a key focus area for ICICI Lombard given the labour-intensive nature of the agrarian economy. “The distribution of biometric health insurance smart cards as part of our health scheme has set the foundation for wider financial inclusion and an efficient distribution network to enable the rural populace to avail of other financial services in future. ICICI Lombard holds a market share of 12-13% in the rural insurance sector,” he added. Asked about the number of states where the company is offering its products in rural areas, he said that ICICI Lombard offered insurance products in rural areas of Rajasthan, Punjab, Haryana, Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, Orissa, West Bengal, Uttar Pradesh and Madhya Pradesh. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 7:52 am No issue with DoT on 3G: Trai chairmanPTI New Delhi: Trai Chairman Nripendra Misra has dismissed rumours of differences with the DoT over the 3G issue, saying the role of regulator and power of the Department are well-defined. “When it comes to a certain decision, if we find through detail reading that DoT has overlooked some aspects, then we bring it to their notice through letter. It is up to DoT to heed it or not. We know our responsibility and the power of DoT. We are here to complement them,” he told PTI. With regards to 3G, the Trai Chairman had earlier written to DoT that if new licences are issued to foreign players then as per TRAI Act, DoT has to turn to TRAI for working out the consultation and recommendations before issuing new licences. In the guidelines, DoT had said new 3G bidders will have to pay Rs1,651 crore to acquire a modified UASL, in addition to the bidding amount, which begins at Rs2,020 crore. Reading it as a modified UASL licence, Misra wrote to DoT Secretary saying: “If the DoT makes any attempt to amend the UASL or even proposes a new 3G licence, it is obliged by law to seek our recommendations.” In its reply, the telecom ministry had earlier last month said: “The UAS licensees are authorized to provide triple play services. 3G service providers are not new category of licensees and they shall be offering 3G services under terms and conditions of UASL. This will include 3G spectrum allocation. After the exchange of series of letters and responses between DoT and TRAI over 3G, Misra said: “Licenses can be issued to new players. There is a new license only if government says that they have to issue new licences. Currently, there is only one licence Unified Access Service and if an UASL is issued to an auction winner for 3G with the same terms and conditions as has been issued to mobile voice operators in circles, then it is not a new licence.” “Government is competent to decide what will be the fee for licence or entry fee. That is not license per se. It is a revenue aspect. Auction of spectrum is not term and condition. It is implicit that certain bands are already mentioned in the UASL licence... and the 3G bands are new for which auction will take place has already been agreed between DoT and TRAI. “DoT is competent to take a decision on the matter and it does not have to depend on TRAI. As long these two conditions (auction and issuance of UASL to a 3G winner with same terms and conditions) are there there is no new licence,” he said. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 7:40 am India-assisted Ethiopian sugar factory project hits road blockNew Delhi: The proposal to set up a $200 million sugar factory in Ethiopia with line of credit from India’s Exim Bank has hit a road block with one of the bidders moving the court over dispute among contractors. The bank has informed the Mumbai High Court that it would not disburse any money at this stage. The Court in an interim order on a petition filed by a Delhi-based contractor Uttam Sucrotech International pointed out that Exim Bank has agreed to maintain ‘status quo’ and would not disburse the amount. The dispute over construction of Tendaho Sugar Factory arose when the Ethiopian company appointed another bidder Overseas Infrastructure Alliance (OIA) an single Engineering, Procurement and Construction (EPC) contractor to oversee the entire project which was awarded to different parties. Exim Bank will be providing a line of credit for construction of the sugar factor to be set up under an agreement signed between the governments of India and Ethiopia in 2007. One of the Exim Bank official was of the viewpoint that since the Tendaho project has not yet achieved requisite milestones the question of disbursing loans does not arise. “Once the project achieves certain milestones. We are convinced that all guidelines have been followed and then we will disburse the loan”, he added. The official further pointed out that Exim Bank has already disbursed money for another transmission line construction project in Ethiopia and Africa would continue to a priority area for the bank in tandem with the policy of the government. Source: Home - Livemint.com | 7 Sep 2008 | 7:34 am RBI may agree on release of inflation data on monthly basisNew Delhi: Reserve Bank of India (RBI) is expected to give up its opposition to the proposal of a monthly compilation and release of inflation data, with D Subbarao moving to the central bank from the Finance Ministry, which was open to the idea of a shift in the time table of the Wholesale Price Index. RBI had opposed the release of inflation data on monthly instead of weekly basis whereas most of the other ministries and departments had supported the shift. The Finance Ministry was also initially not too keen on the move because of the resistance from the RBI. “Subbarao, as Secretary in the Finance Ministry, has been supportive of the monthly release of inflation data. Now that he is the RBI Governor, the central bank is expected to agree,” a senior official said. With most of the departments, including the Planning Commission, clearing the proposal the Department of Industrial Policy and Promotion (DIPP) is expecting to move to the monthly release of the price rise data which is now keenly watched every Thursday. The rate of price rise is expected to be released on a monthly basis by October-end or mid-November. The base year for the proposed new series would be 2004-05 and the index calculation would be based on 1,100 items instead of the present 440. In manufacturing too, the number of items would triple to about 800-900. However, the price fluctuation in agricultural commodities would continue to be released weekly as is the practice now. The DIPP has completed the test run for agricultural items and would be undertaking the trial for manufacturing in the next one week. “The quality of data would improve significantly once inflation is released monthly. It will also reflect the true price situation rather than a partial picture that a weekly data shows,” the official added. Source: Home - Livemint.com | 7 Sep 2008 | 7:29 am India-EU trade talks to resume ahead of Paris summitPTI New Delhi: After clinching a deal with ASEAN on a Free Trade Agreement, negotiations will resume this week for a market-opening pact between India and EU, ahead of Prime Minister Manmohan Singh and French President Nicolas Sarkozy holding their summit talks in Paris later this month. A team of negotiators from the Commerce Ministry, led by Additional Secretary Rahul Khullar would reach Brussels tomorrow for talks with the EU officials. “We will discuss legal texts on trade in goods, services, investment and Intellectual Property Rights,” a senior official said. The two sides have already exchanged their lists of tariff lines for study. The officials would also take stock of the progress made in negotiations since it began in June 2007 in Brussels. It would then be reported to the summit. The annual India-EU summit is scheduled to be held in Paris on 29-30 September. The EU will be represented by France which holds the presidency of the 27-nation bloc. While the deadline for the ambitious FTA with EU has already surpassed and is unlikely to be met by the year-end, officials would strive to speed up the process. “It looks as if it would take at least another year for the negotiations to be wrapped up,” he said. The two sides have already held four rounds of talks. India has already concluded negotiations for a FTA with the 10-nation Association of South East Asian Nations (ASEAN). The agreement will be signed in December this year. EU is India’s largest economic partner with trade doubling from $40.81 billion in 2003 to $78.48 billion in 2007. The bloc exported goods worth $37.38 billion to India in 2007 while imports were $41.95 billion. Services exports to India in 2007 was $9.56 billion while exports to EU were $7.85 billion. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 7:13 am BPO exports grow 21.4 percentIndia's third party business process outsourcing (BPO) services exports in 2007-08 grew 21.4 percent to Rs.264.23 billion, up from Rs.217.60 billion in the previous fiscal, according to a new study.Source: IndiaeNews.com: Business News | 7 Sep 2008 | 7:01 am Housing demand in small towns falls by 25 percentSlowdown in the housing sector in metros seems to have spilled over to small towns, where housing demand fell by 25 percent during February-July 2008 period because of higher cost of borrowing, according to an industry lobby report.Source: IndiaeNews.com: Business News | 7 Sep 2008 | 7:00 am BHEL to invest Rs 1400 cr in castings & forgings facility - Hindu
Source: Google News India - Business | 7 Sep 2008 | 7:00 am Bulls pin hope on N-Deal boosterPTI Mumbai: Dalal Street may turn bullish next week on the weekend-development of India getting a crucial waiver in the nuclear deal with the US, but cues from global stock markets would remain a key driver, analysts believe. “With the much-touted Indo-US nuclear deal getting the green signal from the 45-member Nuclear Suppliers Group (NSG) for the waiver, domestic markets are expected to start next week on a strong note,” they said. “The nuclear waiver is a positive thing for the market. The Indian markets were holding back because the investors were apprehensive about the NSG decision,” domestic brokerage firm SMC Global’s Vice President Rajesh Jain said. The waiver would enable India to carry out civil nuclear commerce, ending 34 years of isolation enforced in the wake of the 1974 Pokharan nuclear tests. “Markets are likely to open strong on Monday and can look forward for a better week,” Jain said. “After a strong opening driven by positive sentiments created by nuclear deal waiver, the Indian markets could take cues from the global market, but a positive sentiment should prevail,” he added. However, the continuing stalemate over Tata’s Nano plant at Singur in West Bengal could turn out to be detrimental for the domestic bourses, some other brokers said. Opec meeting Domestic markets would also be keenly watching the meeting of the Organisation of Petroleum Exporting Countries next week. Opec is scheduled to meet on 9 September in Vienna, where a decision is expected on whether to cut down oil production or leave it unchanged. The 13 Opec countries account for 40% of world’s oil production and crude oil prices have always been a key factor for the stock market movements. “The FIIs are not investing in any of the Asian markets as the positive sentiments are not there. Till the time the global markets do not come out of bearishness, any rally would be short lived,” Jain said. Having sold shares worth a total of close to Rs28,000 crore so far this year, FIIs bought shares worth over Rs500 crore in first week of September. “Political uncertainty in Singur could also act as a dampener for the foreign investors. Further, the OPEC meet will be decisive factor for the market movement with investors closely watching the decision,” Jain noted. Inflation concerns On the positive side, inflation has declined for the second week in a row. As on 23 August, inflation stood at 12.34% with prices of many food items including fruits and vegetables falling during the period. However, Reserve Bank of India’s new Governor D Subbarao, who took charge on Friday, has indicated the apex bank would continue to pursue policies to contain inflation to seven per cent by the end of current fiscal. “The immediate priority for me as the Governor of RBI will be to manage inflation and anchor inflationary expectations,” Subbarao has said. The new RBI governor’s moves are also likely to be closely watched by the markets. Meanwhile, recessionary fears in the US economy is persisting with the country witnessing job losses for the eight straight month till August. According to the US Labor Department, payrolls shrank by 84,000 last month, higher than the 51,000 jobs lost in July. The benchmark 30-share BSE Sensex lost 80.70 points or 0.55% to 14,483.83, while wide-based Nifty lost 7.70 points or 0.17% to 4352.30 in the week ended 5 September. The market declined in three out of four trading sessions in the truncated week. Source: Home - Livemint.com | 7 Sep 2008 | 6:59 am Bhel to invest Rs1,400 cr in castings facilityPTI New Delhi: State-run Bharat Heavy Electricals (Bhel) has said that it will invest Rs1,400 crore to build a manufacturing facility for castings and forgings, key components for power equipment. “We are planning to invest Rs1,400 crore to build a castings and forgings factory,” Bhel CMD K Ravi Kumar told PTI. The company has also formed a 50:50 joint venture company with Heavy Engineering Corporation (HEC) to cater to the needs of castings and forgings. The new JV company would manufacture some of the castings and forgings required by the two units of HEC, Heavy Machine Building Plant (HMBP) and Heavy Machine Tools Plant (HMTP). HEC’s contribution to the investment of the JV will be in the form of transfer of the plant and equipment and Bhel will invest same amount towards the equity capital of the company. However, the amount has not been disclosed yet. Bhel will also provide the necessary technological support and guidance required by the JV, a company statement said on Saturday. “Business will be given on a preferential basis on a benchmark price to the JV both by Bhel and HEC,” it added. Bhel is already investing a significant amount in manufacturing stainless steel tube plant, as a part of its casting and forging business. “Meanwhile, the company has shortlisted a couple of firms for forming more joint ventures, one of them would be in place by next month and the second one by December this year,” Kumar said. “It will invest $2.5 billion (over Rs10,000 crore) in the next four years to ramp up capacity to meeting the growing electricity needs,” he informed. Overseas expansion On the overseas expansion, the company is looking for acquisitions and is likely to appoint global consultants to advise them. “Bhel recently bagged a Rs1,155 crore order from GVK Power for supplying and installing equipments at a power project in Punjab,” Kumar said. The scope of work in the project includes design, engineering, manufacture, supply, erection and commissioning of steam turbines, generators, boilers and associated auxiliaries. It has enhanced its manufacturing capacity to 10,000 MW per annum, which is being further increased to 15,000 MW per annum in the next two years at a total investment of Rs4,200 crore. Source: Home - Livemint.com | 7 Sep 2008 | 6:40 am Dow Chemicals to pump in billions of dollars in IndiaBy New Delhi: US chemical giant Dow, fighting to overcome the dubious legacy inherited from Union Carbide said that it could pump in billions of dollars in India, as it looks to expand operations in the country. The company, which currently imports most of its products to India, plans to eventually have a manufacturing operation in the country, particularly for specialty chemicals. “The country is attractive enough from the investment point of view and it could be large,” Dow Chemical International President and CEO Ramesh Ramachandran said. “For us, large could be billions of dollars,” he said when asked to specify. “At some point we have to start manufacturing here, particularly for specialty chemicals,” he said. The company has kept its options open on the modalities of setting up manufacturing operations. “In some case we will look for partners and in some we will go on our own for technical reasons,” Ramachandran said, adding tying up with a local firm would depend on what the potential partner could offer. Dow had signed a joint venture (JV) agreement with Gujarat Chemicals and Alkalis earlier this year. He said that the setting up of a specialty chemicals manufacturing plant typically requires about $4100-200 million and 2-3 years to become fully operational. Ramachandran said that Dow would be focusing on its basic, specialty as well as licensing business in India. The company has so far invested about $200 million in India with two manufacturing sites and three centres of excellence employing around 950 people. The company has so far registered sales of 550 million dollars in India and is aiming for a three-fold increase in sales by 2010. “Dow would also focus on developing natural-based plastics in India through its research centre located at Pune,” said Ramachandran. “In Brazil we have the world’s largest green-plastic plant which uses sugarcane, India can match it with other natural products such as soyabean polymers,” he added. “Aware of strong sentiments against the company due to the acquisition of Union Carbide (UC) in 2001, Dow Chemicals was actively engaging people to clear its position,” he added. Dow has been maintaining that it was not accountable for the Bhopal Gas tragedy, although it had acquired UC. “UC India was sold in 1991 to Eveready and the plant was taken over by Madhya Pradesh government. When we acquired the operations of UC globally, except India in 2001, its entity in the country was no longer existent,” he said. He futher said that the company has undertaken corporate social responsibilities actively in the country to come out of the shadows of the legacy left by UC in India. Dow Chemical had donated Rs1 crore this year to the famous Jaipur foot venture by Bhagwan Mahaveer Viklang Sahayata Samiti to supply free artificial limbs. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 6:38 am Anant Raj to invest Rs4,300 cr to develop propertiesNew Delhi: Realty firm Anant Raj Industries plans to invest about Rs4,300 crore in the next three years to develop various properties across north India as it aims to earn Rs2 crore rental everyday by 2010. “We want to build and lease. Our focus area is to develop IT park, IT Special Economic Zones and hospitality projects,” Anant Raj Industries Executive Director Amit Sar said. Sarin said that the company has planned to develop four SEZs, two service apartments and one IT park across various locations in northern states. The estimated cost to develop these projects is about Rs4,300 crore, he said, adding the constructions would be completed within next three years. On the back of its soon to be completed projects, the company is expecting a rental Rs1 crore by the end of this year. “After many of our projects get operationalised, we are hoping our daily rentals to touch Rs2 crore by mid 2010,” Sarin said. Asked about the funding of projects, he said: “We are a zero debt company and have strong cash reserve of Rs800 crore. Mostly it will be funded through internal accruals with very little debt, besides joint ventures (JV).” Sarin noted that company has not been affected by the current slowdown in the real estate sector as the firm is “location driven, but not destination driven”. Giving detail about the projects, Sarin said that the company would develop three IT SEZs at Rai, Dhumaspur and Manesar in Haryana, while one would come up at Greater Noida in Uttar Pradesh. The sizes of the proposed SEZs would vary between 25 acres and 108 acres. The four SEZs would entail an investment of Rs3,750 crore, which would be developed by 2010. It has also planned to develop an IT park, spread over 1.6 million sq ft, at Panchkula in a joint venture with the US-based private equity fund Monsoon Capital. “We have formed a 51:49 JV with the PE firm for the IT park, which will be developed at a cost of Rs360 crore in the next two years,” Sarin said. Besides, the company would also develop two service apartments in the national capital comprising a total of 260 units. “The apartments will be completed by next year and these will be developed at a total project cost of Rs170 crore,” Sarin said. Anant Raj Industries currently has a land bank of about 982 acres, of which 120 acres are under construction. The company had posted a consolidated income of Rs633.09 crore during last fiscal with a net profit of Rs436.80 crore. Source: Home - Livemint.com | 7 Sep 2008 | 6:24 am Kotak plans majority stake in Ahmedabad comexPTI New Delhi: After Anil Ambani group and Indiabulls, financial services major Kotak group is set to become the third leading corporate house to enter commodity bourse arena with plans for a majority stake in Ahmedabad Commodity Exchange. The regional stock exchange has sought clearance from the commodity market regulator Forward Markets Commission for selling a majority stake to the Kotak group, sources said. “The Ahmedabad Commodity Exchange, which deals in castor seeds futures, has an average daily trading volume of about 5,000 tonnes,” exchange officials said. However, Kotak group’s plans would depend to a large extent on the release of FMC guidelines for the regional exchanges. “We are waiting for the guidelines from FMC and accordingly Kotak group will buy the stakes,” an exchange official said. Though Kotak is seeking to buy 51% stake in the exchange, it is ready to go for a smaller equity if FMC fixes a lower cap on the promoter holding. In its guidelines for national-level exchanges, FMC recently fixed a maximum limit of 40% for stake to be held by a promoter. The Ahmedabad Commodity Exchange has 212 members and the shares in the company will be distributed among them after the guidelines for regional exchanges come out, officials said. Sources said Kotak has plans to convert the regional exchange to a national one after getting approval of the market regulator. Kotak group officials could not be contacted. Kotak group Chief Uday Kotak met senior officials in the Consumer Affairs Ministry in August last week. Stake acquisition While the officials in the ministry as well as the corporate group were tight-lipped about the meeting, there have been speculations in the past that Kotak is planning to enter commodity exchange business through acquisition of stake in an existing regional exchange. The Kotak Mahindra group, with a net worth of over Rs5,824 crore, is one of the leading players in the financial services sector having presence in banking, life insurance, stock broking, mutual funds and investment banking. In the recent past, two major corporate house, Anil Ambani group and Indiabulls group, have entered this business, which has grown to over Rs40,00,000 crore and is estimated to double in about less than two years. In India, there are three national level exchanges MCX, NCDEX ans NMCE and 19 regional bourses. MCX is promoted by Financial Technologies, while Reliance Money has become the anchor investor in NMCE. In NCDEX, there are a number of share holders with NSE playing the role of a leading investor. Indiabulls will float its exchange in partnership with public sector company MMTC. Source: Home - Livemint.com | 7 Sep 2008 | 6:19 am Service sector expected to grow more than 9.5 percentDespite an economic slowdown, India's services sector is expected to grow at more than 9.5 percent this year, according to the Confederation of Indian Industry (CII).Source: IndiaeNews.com: Business News | 7 Sep 2008 | 6:02 am RIL in world’s 100 most respected companies: WSJNew York: The much touted BRIC pack accounts for less than 10% of the world’s 100 most respected countries, whereas the US and UK are home to nearly half of them, according to their latest rankings compiled by the American business daily Wall Street Journal (WSJ). While billionaire Mukesh Ambani-led Reliance Industries (RIL) is the only Indian company on the list, there are four firms from Russia and two each from China and Brazil. The US has the largest representation of 38 companies, followed by 11 from the UK. The list has been topped by US-based global healthcare products major Johnson and Johnson, which is followed by another American FMCG giant Procter & Gamble, Japanese auto maker Toyota Motor, legendary investor Warren Buffett-led Berkshire Hathaway and technology giant Apple in top five. Besides, Google (6th), Wal-Mart (7th), Coca-Cola (8th), PepsiCo (9th) and Nestle (10th) also figure among the top- ranked companies. n the top 10 itself, eight are from the US, except for Toyota and Switzerland’s Nestle. However, the Indian entry RIL at its 83rd position has outranked two American giants Citigroup (99th) and American International Group or AIG (95th). Citigroup and AIG have slipped from their 53rd and 30th positions in the previous year’s rankings. RIL was not on the list in 2007. RIL has also been ranked ahead of big global names like Mitsubishi UFJ Financial of Japan, Suez and France Telecom and BNP Paribas from France, British American Tobacco from the UK. The two Chinese companies Cnooc (93) and China Construction Bank (94) and four Russian companies Sberbank Rossia (96th), Rosneft (97th), Lukoil Holdings (98th) and Gazprom(100th), are ranked below RIL. However, the two Brazilian entities - Petroleo Brasileiro at 52nd and Companhia Vale do Rio Doce (CVRD) at 59th place are better placed than the Indian entity. The list includes three entities led by Indian-origin people - food and beverages major PepsiCo headed by Indra Nooyi (9th), Vikram Pandit-led Citigroup and steel tycoon Lakshmi Mittal-led ArcelorMittal (60th). Besides, the 11 UK firms on the list also include telecom major Vodafone, which was led by India-born businessman Arun Sarin till earlier this year. Among the top-ranked companies, Buffett-led Berkshire Hathaway has slipped from its first position last year, while J&J has moved up from its second place in 2007 list. Toyota has retained its third place, while Apple and P&G have improved on their previous year rankings. As part of the fourth annual survey, Wall Street Journal asked money managers to indicate the degree to which they respect or don’t the 100 largest publicly traded companies, as measured by total market value. According to the survey, 74% respondents said that they ‘highly respect’ J&J, 23% said they ‘respect’, 3% per cent said ‘respect somewhat´ and none said they ‘don’t respect´ the company making it top-ranked company. About RIL, 4% considered the company as ‘highly respected’, 17% said they ‘respect´ it, 46% responded saying they ‘respect somewhat´, while 11% said they ‘don’t respect´ the firm. WSJ said it has assigned a point each to the four categories to determine mean scores, using the percentage of highly respect to break ties. Last year’s top four winners reappear at the top this year, but in different order,” WSJ said. Source: World Business - Livemint.com | 7 Sep 2008 | 6:01 am RIL in world’s 100 most respected companies: WSJNew York: The much touted BRIC pack accounts for less than 10% of the world’s 100 most respected countries, whereas the US and UK are home to nearly half of them, according to their latest rankings compiled by the American business daily Wall Street Journal (WSJ). While billionaire Mukesh Ambani-led Reliance Industries (RIL) is the only Indian company on the list, there are four firms from Russia and two each from China and Brazil. The US has the largest representation of 38 companies, followed by 11 from the UK. The list has been topped by US-based global healthcare products major Johnson and Johnson, which is followed by another American FMCG giant Procter & Gamble, Japanese auto maker Toyota Motor, legendary investor Warren Buffett-led Berkshire Hathaway and technology giant Apple in top five. Besides, Google (6th), Wal-Mart (7th), Coca-Cola (8th), PepsiCo (9th) and Nestle (10th) also figure among the top- ranked companies. n the top 10 itself, eight are from the US, except for Toyota and Switzerland’s Nestle. However, the Indian entry RIL at its 83rd position has outranked two American giants Citigroup (99th) and American International Group or AIG (95th). Citigroup and AIG have slipped from their 53rd and 30th positions in the previous year’s rankings. RIL was not on the list in 2007. RIL has also been ranked ahead of big global names like Mitsubishi UFJ Financial of Japan, Suez and France Telecom and BNP Paribas from France, British American Tobacco from the UK. The two Chinese companies Cnooc (93) and China Construction Bank (94) and four Russian companies Sberbank Rossia (96th), Rosneft (97th), Lukoil Holdings (98th) and Gazprom(100th), are ranked below RIL. However, the two Brazilian entities - Petroleo Brasileiro at 52nd and Companhia Vale do Rio Doce (CVRD) at 59th place are better placed than the Indian entity. The list includes three entities led by Indian-origin people - food and beverages major PepsiCo headed by Indra Nooyi (9th), Vikram Pandit-led Citigroup and steel tycoon Lakshmi Mittal-led ArcelorMittal (60th). Besides, the 11 UK firms on the list also include telecom major Vodafone, which was led by India-born businessman Arun Sarin till earlier this year. Among the top-ranked companies, Buffett-led Berkshire Hathaway has slipped from its first position last year, while J&J has moved up from its second place in 2007 list. Toyota has retained its third place, while Apple and P&G have improved on their previous year rankings. As part of the fourth annual survey, Wall Street Journal asked money managers to indicate the degree to which they respect or don’t the 100 largest publicly traded companies, as measured by total market value. According to the survey, 74% respondents said that they ‘highly respect’ J&J, 23% said they ‘respect’, 3% per cent said ‘respect somewhat´ and none said they ‘don’t respect´ the company making it top-ranked company. About RIL, 4% considered the company as ‘highly respected’, 17% said they ‘respect´ it, 46% responded saying they ‘respect somewhat´, while 11% said they ‘don’t respect´ the firm. WSJ said it has assigned a point each to the four categories to determine mean scores, using the percentage of highly respect to break ties. Last year’s top four winners reappear at the top this year, but in different order,” WSJ said. Source: LatestNews-Home - Livemint.com | 7 Sep 2008 | 6:01 am 'India needs 161 GW additional power generation'India's growth story may derail if urgent steps are not initiated to wipe out the electricity demand deficit of 13 percent and energy shortage of six percent, an industry lobby study said.Source: IndiaeNews.com: Business News | 7 Sep 2008 | 6:00 am Review: 10th generation Corolla Altis - Economic Times
Source: Google News India - Business | 7 Sep 2008 | 5:43 am BHEL, GMR in talks with global cos for nuclear biz - Sify
Source: Google News India - Business | 7 Sep 2008 | 5:21 am Eight injured in ONGC fire - Times of India
Source: Google News India - Business | 7 Sep 2008 | 4:43 am U.S. plan for Fannie, Freddie to hit shareholdersWASHINGTON (Reuters) - The U.S. government plans to take over Fannie Mae and Freddie Mac and all shareholders of the two mortgage giants will take a hit, an influential lawmaker said on Saturday.Source: Reuters: Money News | 7 Sep 2008 | 4:02 am Centre’s decision of not including PUSA 1121 in basmati annoys farmers - TopNews
Source: Google News India - Business | 7 Sep 2008 | 4:01 am Indian designers still wary of managers and accountantsFashion designers in India have been wary of corporate alliances and of seeking expert financial advice. This, industry sources say, has been hampering the growth of the industry and preventing young designers from making their mark in the international arena.Source: IndiaeNews.com: Business News | 7 Sep 2008 | 3:30 am PM Expresses Deep Concern Over Steep Price-Rises - TopNews
Source: Google News India - Business | 7 Sep 2008 | 3:07 am Godrej eyes 10 % share in CTV market - TopNews
Source: Google News India - Business | 7 Sep 2008 | 3:02 am What does it mean for pvt sector?Chennai, Sept. 6 Two months ago as he flew to Japan for meetings with leaders of eight of the world’s developed nations, the Prime Minister, Dr Manmohan Singh, was not forthcoming on whether the government would allow the private sector ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am India hopes to leverage edge in reactors, thorium technologyNew Delhi, Sept. 6 India’s entry into the global civilian nuclear fraternity is unlikely to be just a one-way street in terms of technology flows and business opportunities. India, which has established global leadership in research ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am Corporates upbeat on nuclear biz prospectsMumbai, Sept. 6 As the 45-nation Nuclear Suppliers Group (NSG) on Saturday took the landmark decision to adopt a US initiative to lift the 34-year old embargo on nuclear trade with India, domestic corporate houses that had been planning forays ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am Weekly News Round upIn a major success for India's nuclear ambitions, the Nuclear Suppliers Group on Saturday granted it a crucial waiver that will enable it to carry out nuclear commerce, ending 34 years of isolation enforced in the wake of the 1974 Pokharan ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am FIIs turning positive on Indian marketsMumbai, Sept. 6 The investment pattern of foreign institutional investors (FIIs) in Indian equities over the last three months indicates an easing of selling pressure on ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am Global reactor biggies hope for Indian nuke businessUranium suppliers also looking to fuel supply contracts. New Delhi, Sept. 6 With investment opportunities pegged at $100 billion over the next 20 years, the opening up of the Indian nuclear space spells big ticket business for global nuclear ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am Singur issue: Bengal Governor hopeful of outcome by MondayBuddhadeb to meet Governor today. Kolkata, Sept. 6 A solution to the vexed issue of land acquisition in Singur for the Tata small car project may well lie in a “land-based rehabilitation scheme in and around the Singur project ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am ‘Waiver will trigger short-term market euphoria’Capital goods, power sectors likely to benefit. Chennai, Sept. 6 The Nuclear Supplier Group waiver granted to India in Vienna on Saturday, after many a hiccup over the last couple of days, will definitely act as a “mood enhancer” ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am Ranbaxy foot-soldiers set to change ‘sales pitch’Mumbai, Sept. 6 Foot-soldiers of Ranbaxy, some of whom have been with the company for over 20 years, are set to change the “sales pitch” they make when promoting the company’s medicines to doctors across the country. ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am India crosses a nuclear hurdle with NSG waiver34-year nuclear trade embargo ends; momentous decision: PM. Vienna/New Delhi, Sept. 6 The 45-member Nuclear Suppliers Group on Saturday agreed to lift a 34-year old nuclear trade embargo on India, helping it to resume nuclear commerce with the ...Source: Business Line - Home Page | 7 Sep 2008 | 12:00 am Hope floats on KG basin gasFertiliser, power plants plan expansion in anticipation??Three companies with a combined investment of Rs 1,26,000 crore ($30 billion) are at the centre of Indias effort to wipe out its gasSource: Business Standard | Front Page Headlines | 6 Sep 2008 | 11:22 pm Singur deal looks all but doneThe meeting between the West Bengal government and the Mamata Banerjee-led Opposition in the presence of Governor Gopal Krishna Gandhi today appeared to have achieved success with the state acceptingSource: Business Standard | Front Page Headlines | 6 Sep 2008 | 11:21 pm Nuclear deal through with NSG waiverIndia became a class of one and won a major victory in Vienna today when delegates at the 45-nation Nuclear Suppliers Group (or NSG) finally reached a consensus and approved the Indo-US CivilSource: Business Standard | Front Page Headlines | 6 Sep 2008 | 11:20 pm NSG Waiver: India Inc reactsThe 45nation Nuclear Suppliers Group (NSG) has approved a US plan to engage in nuclear trade with India. Following the green signal by the NSG that will cement the IndoUS Civil Nuclear Deal, India has finally come out of the 34year old nuclear apartheid.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 7:57 pm India's key officials behind n-deal, waiverA group of key officials worked behind the scene to ensure that doors of global civil nuclear commerce were re-opened for India. They are:Source: IndiaeNews.com: Business News | 6 Sep 2008 | 5:01 pm Well closed after fire at ONGC rig, five injuredFive crew members were injured when a fire broke out at a rig of Oil and Natural Gas Corp (ONGC) at Mumbai High, a company release said Saturday.Source: IndiaeNews.com: Business News | 6 Sep 2008 | 5:00 pm Want to scuba dive: Go Bangalore!If you\'re planning to head to the coral reefs for some scuba diving, it might be a good idea to stop by Bangalore on your way out. Planet Scuba India, a diving training school has now started India\'s first inland diving classes in the city.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 2:23 pm RPG group calls for retailers' forumCalling for an end to the conflict between organised and traditional retailers, RPG Group of Companies on Saturday said there should be a forum comprising both the segments.Source: Daily News & Analysis: Money News | 6 Sep 2008 | 2:07 pm Hyderabad\'s religious cuisine gets costly due to inflationCome the holy month of Ramzaan, every nook and corner of Hyderabad bustles with makeshift stalls serving delicious Haleem. But, this year inflation had its bearing on Haleem as well. The largest Haleem maker, Pista House increased the prices by over 15%.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 2:00 pm West Bengal Governor, TMC fail to break Singur stalemateThe meeting between the West Bengal Governor and Trinamool Congress has ended. However, no solution was reached on the Singur issue. The next meeting will be held tomorrow at 11 am. Earlier in the day, West Bengal Governor has said that there is a need to facilitate an atmosphere conducive to dialogue.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 1:30 pm SC\'s redevelopment move may change Mumbai foreverThe Supreme Court has given the green light for the redevelopment of old residential buildings in Mumbai. The SCs move could change the face of Mumbai. With about 19,000 buildings to be redeveloped and a FSI of 2.5 and more, about 200 million square feet of residential space is expected to be created in Mumbai, over the next few years.Source: Moneycontrol Top Headlines | 6 Sep 2008 | 1:22 pm India Inc hails NSG waiver, sees $40 bn potentialAs many as 400 Indian and foreign firms are seen as the beneficiaries of the far-reaching verdict in Vienna.Source: Daily News & Analysis: Money News | 6 Sep 2008 | 12:51 pm ArcelorMittal, RIL in respected companies listPepsiCo, headed by India-born Indra Nooyi, is the ninth most respected company in the world.Source: Daily News & Analysis: Money News | 6 Sep 2008 | 12:44 pm
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