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Centre to raise Rs 50k cr in Jan, FebThe government plans to raise Rs 50,000 crore in January and February this year, higher by Rs 15,000 crore announced earlier in December, as per the new calendar for sale of government securities released by the finance ministry on Tuesday.
Total excise waiver on green petrolThis won't result in reduced prices, but is aimed at encouraging oil cos to start 10% ethanol blending
Market-wary analysts look at poor Q3, Q4 resultsTopline of Sensex constituents expected to grow 3.8% on y-o-y basis during the quarter while net profit likely to decline 4%
UP stares at darkness as power projects stay on drawing boardDespite ambitious plans and promises, the Uttar Pradesh government may not be able to fulfill its target of capacity additions in the power sector to the tune of 10,000 mw by the end of the 11th Five Year Plan.
FE Editorial : Bond with the bestFor 20 years now, there has been talk about bond market development in India. But by and large, the outcomes are unsatisfactory.
PEs inject into cleantech despite downturnThere's a bright side to the dip in private equity and venture capital investments in Indian companies in 2008; investments in the clean technology sector saw an increase, thanks to global interest in alternative and green energy.
Truckers stir hits beleagured poultry sectorThe country's poultry industry, recovering after a fresh attack of bird flu in Assam, has again plunged into gloom due to the indefinite nationwide strike called by trucker operators.
Real estate sector raises the pitch for further rate cutsEven as the Reserve Bank of India and the Centre have announced second stimulus packages, the crisis ridden realty and housing sector has demanded more sops.
Diagnosing depressionThe word "depression" is popping up more often than at any time in the past 60 years, but what exactly does it mean? The popular rule of thumb for a recession is two consecutive quarters of falling GDP.
SBI launches New ParivartanMoving swiftly to capitalise on the recent gains in terms of enhanced market share, the country's largest bank State Bank of India...
Corus to weigh Tata downThe Tata Group, which posted revenues of Rs 2,51,543 crore in financial year 2007-08, of which over 60% accrued from its international operations, is likely to take a hit of more than 20% on its net profit in 2008-09. This, despite the relatively good performance of Tata Steel, whose year-on-year net profit grew by 121% for the first half of the fiscal. Tata Steel along with UK arm Corus Plc accounts for as much as 68% of the Tata group's global revenues.
I was sold after first dateEven after hearing a lot of buzz about a "hot-shot, young, first-year law student from Harvard" in the Sidley and Austin law firm in Chicago, where she was an intern then, Michelle hesitated to go on a date with Barack as she was assigned to be his mentor.
European inflation drops to lowest in 2 yearsEurope's inflation rate fell to the lowest in more than two years in December as oil prices plunged and consumer spending slumped, increasing the scope for the European Central Bank to reduce borrowing costs further.
Pak using terrorism as state policy: PMRubbishing Islamabad's contention that non-state actors might have been involved in the Mumbai attacks, Prime Minister Manmohan Singh on Tuesday accused Pakistan of using terror as an instrument of state policy and asserted that the world community must compel it to abandon such tactics.
Haryana earmarks Rs 200 crore for horticultureIn a move that would give impetus to cultivation of horticultural crops in the state Haryana chief minister Bhupinder Singh Hooda on Tuesday said a food processing unit at a cost of Rs 67 crore is being set up at Dabwali in Sirsa district and a cold chain at a cost of Rs 8 crore will come up shortly in Rohtak.
Turning global crisis into an opportunityIn the wake of global economic recession, most of the countries seek to minimise the impact of the crisis on them. Republic of Korea export-oriented economy is considered to be more prone to be get affected by the crisis.
Slowdown fails to make any impact on Nokia salesAt a time when global sales of mobile phones are showing signs of decline, handest manufacturing giant Nokia's sales have not been affected by slowdown, according to Vineet Taneja, head of marketing in India. "We have not seen any significant impact on sales here," he said.
Inflation fears back as truckers strike continuesEven as the country's premier think tank National Council for Applied Economic Research warned that continuation of the truckers' strike...
Exporters seek full exemption from Rs 2,000-crore derivatives lossesExporters seek full exemption from the over Rs 2,000-crore losses incurred on derivative products, even as the government is talking to banks to enable equal sharing of the losses.
RCom moves TDSAT against DoT refusal on GSM spectrumAnil Ambani-led Reliance Communications has moved telecom tribunal TDSAT against the government over non-allotment of GSM start-up spectrum in six states, where a subsidiary of the company was already offering GSM services.
Column : No safety in financeOne surprising thing about the period of extreme financial markets turbulence in September 2008 was the speed and extent with which it translated into an economic slowdown.
Stimulus measures will not aid CV demandIndustry experts believe that recent government measures aimed at diluting the liquidity crunch will not help in boosting the ailing commercial vehicles market.
LME grows 22% in 2008; posts 4th consecutive year of record volumesThe London Metal Exchange has achieved another record year in 2008 with over 113 million lots traded, representing a year-on-year increase of nearly 22%.
PNB, Syndicate Bank & ONGC Videsh raise fundsThe country's second largest public sector lender, Punjab National Bank, may raise up to Rs 300 crore from bonds issue that will open on Wednesday for private placement.
Taro rejects Suns settlement offersIsrael's Taro Pharma has rejected Sun Pharma's two proposals for an out-of-court settlement saying it was 'financially inadequate' and has put across a counter-proposal instead.
Gorgeous Jhumpa among thinking mans sex symbolsIndian descent writer Jhumpa Lahiri, with her 'hypnotic eyes', has been placed among the top in the list of 'Thinking Man's Sex Symbols' for 2008 that is headed by Serbian tennis player Ana Ivanovic.
Economists see jobless surge, deeper housing hole in USThe worst financial crisis in more than a half century is going to get even worse, putting further pressure on US home prices and driving the unemployment rate above 11 %, according to two prominent academic economists.
Maha seeks federal coastal watchdog for fishing vesselsMaharashtra government on Tuesday pitched for a Central Act under which all fishing vessels, dhows, yachts and pleasure craft and all seagoing craft are required to be registered under Central Coastal Security Authority.
As rice demand comes down, exporters seek government aidThe rice exporters are grappling with steadily decreasing orders. With exports clocking negative growth in a row and prospects for the coming months appearing bleak, the rice exporters are angling for help from the government.
Building world-class infrastructure for competitivenessWorld-class infrastructure is not only the key to a globally competitive economy but is also critical for improving productivity across all sectors. Inadequate and poor infrastructure is the foremost constraint in India's economic growth.
Follow the feedersA week after Bernard Madoff's vast alleged Ponzi scheme came to light in mid-December, a thief made off with a $10,000 copper statue from his Florida estate. Since then, dozens of Madoff-related items have appeared for sale on eBay, a website, including a disaster-recovery kit for employees of his securities firm and opera glasses emblazoned with its logo.
OERC now free to take steps against Reliance distcosThe Orissa Electricity Regulatory Commission is now free to initiate proceedings against the Reliance Energy-owned distribution companies...
Export slump eases in Dec; steps assuredAfter two consecutive months of double-digit contraction, preliminary estimates for December suggest that the decline in exports is levelling off. Outbound shipments in December 2008 were worth $11.8 billion, only 4% less than December 2007's $12.3 billion, a senior government official said.
IFC to support emerging mkts in troubled timesIFC's board, on Tuesday approved a package of crisis response initiatives to support emerging markets in the private sector...
Truckers stay adamantReacting to the government stand on the strike, Gurinder Pal Singh, chairman, All India Motor Transport Congress said, "We are ready to submit our permits.
Experience shows that each GI registration is unique in itselfAnand and Anand, an intellectual property law firm, has successfully taken up many cases relating to geographical indication...
Govt accuses Big 3 tel cos of impeding competitionThe government on Tuesday accused the 'Big Three' GSM mobile players - Airtel, Vodafone and Idea - of adopting tactics to stop the entry of new operators and hoard spectrum beyond their contractual obligations.
Column : Strike one, strike two...The road transport operators have started off yet another strike just about six months after calling off the previous one in July 2008.
Auto lenders set to revise interest ratesLeading auto financiers are set to revise interest rates on auto loans, following the reduction in cash reserve ratio, repo rate and reverse repo rate by the Reserve Bank of India on January 2.
Soymeal exports up 53% in three quarters of FY09India's soymeal exports rose sharply by more than 53% during the first three quarters of 2008-09, Indore-based body, the Soyabean Processors Association, said on Tuesday.
Fed focuses on consumer, corporate rate spreadsFederal Reserve officials are focused on driving down the spreads between US treasury yields and consumer and corporate loans, after the main interest rate cut to almost zero failed to revive lending.
Rajus holding in Satyam dips againDealing a blow to the Satyam episode, Ramalinga Raju's family holding in Satyam Computer Services has fallen to 3.6% from 5.1% after institutional lenders sold the stock through SRSR Holdings. The promoters had pledged their equity with SRSR in view of the declining market.
For political cartoonists, bad news is good newsPolitical cartoonists differ over how to react to the world economic recession and they worry that it may affect the media and their own impact on readers. Worse still, many say that their freedom of expression is being eroded.
Obama favours $775 bn for stimulus packagePresident-elect Barack Obama told House Speaker Nancy Pelosi he favours a price tag of about $775 billion for the US economic stimulus plan, a Democratic aide said.
Shekhawats fancy for LS seat jolts BJPFormer Vice-President Bhairon Singh Shekhawat on Tuesday created flutters in the Bharatiya Janata Party when he said that he would contest the upcoming Lok Sabha elections if his health permits.
Irrigation programme for rabi season announcedThe Irrigation Department in Punjab has announced the rotational programme for irrigation for the rabi season through canal water from January one, 2009 to January 15,2009.
China sees threat from abnormal capital flowsChina's central bank and foreign- exchange regulator warned of rising risks to the nation from 'abnormal' capital flows caused by the worst financial crisis since the Great Depression.
Return to wealthUBS was one of the first to feel the effects of America's subprime meltdown. That had some advantages. The Swiss bank started raising capital while private money was still available.
SMP seeks Rs 626 crore AIBP fund from CentreSubarnarekha Multipurpose Project has urged the Centre for Rs 626 crore under the accelerated irrigation benefits programme...
Kampani case: no escape under law, says ministerMinister for company affairs Prem Chand Gupta has said independent directors on company boards will have difficulty escaping liability for any negligence by managements, as the Company's Act of 1956 does not define their status.
Credit Suisse infuses Rs 800-cr capital to fund its Indian NBFCSwiss major Credit Suisse on Tuesday announced that it has injected Rs 794 crore of capital for its Indian arm-Credit Suisse Finance (India) Private Limited- to fund the operation of its nonbanking financial company in India.
High Court stays GAIL officers going on strikeThe Delhi High Court has restrained executives of state-run gas utility GAIL (India) Ltd from going on indefinite strike from Wednesday for higher wages.
Astronomers seek Rs 300-cr assistanceAstronomers have urged the government for an assistance of Rs 300 crore to strengthen India's participation in the global astronomical and space programmes and to develop domestic capabilities.
FE Editorial : Wheels within wheelsIndia's truckers and the government are engaged in a who-blinks-first war of attrition. The truckers have refused to back off from their strike despite some nominal government concessions and the government is threatening the truckers with the cancellation of their licenses.
Canon to invest $5-10 m in 2009Canon India, a leading consumer durables and IT hardware company, has laid out a budget of $5-10 million for consumer financing, as the liquidity crunch in the country is affecting the company's sales.
Bio-tech finds use for nano particles of gold, silverPrecious metals like gold and silver are being in used for purposes other than in jewellery. Research has revealed that sub-nanoclusters of these precious metals can be used as capsules to deliver drugs to the target points in the human body and also help in diagnosis of diseases.
Bonds down, rupee flatThe country's benchmark bonds completed their biggest two-day decline since September on speculation yields near all-time low deterred buyers.
Porsche takes majority stake in VWGerman luxury sports car maker Porsche has taken over Volkswagen, the biggest European car maker, by purchasing more than 50% of its shares.
Royal bath uncovered in Shalimar GardenA royal bath, believed to be of the Mughal era has been uncovered in the Shalimar Garden on the banks of Dal Lake. Located 15 kms from here, the oriental seven-room bath was found by gardeners while shifting soil from one area to another last week, Sheikh Shabir Ahmad, in-charge of Shalimar Garden said.
Porsche takes over VolkswagenThe German luxury sports car maker Porsche has taken over Volkswagen, the biggest European car maker, by purchasing more than 50% of its shares.
India shares 26/11 proof with envoys, CouncilIndia has briefed envoys across the world on the links between the Mumbai carnage and Pakistan in which Prime Minister Manmohan Singh says Islamabad is complicit.
ObamavilleDelmar Boulevard is an arterial road running through some of the poorest and richest, and most racially divided, neighbourhoods of St Louis, Missouri. Some city aldermen are now trying to rename the street after Barack Obama before he takes office.
Tata Steel Q3 sales dip 14%Tata Steel's hot metal production at 1.70 million tonne and crude steel production at 1.50m tonne for the third quarter to December 2008 have been higher by 23% and 17%, respectively, over the corresponding figures of the third quarter of last fiscal.
Pyramid co-founder Kotecha sells 10% stakeNirmal Kotecha, one of the founder-promoters of Chennai-based entertainment chain Pyramid Saimira Theatre Ltd, has sold close to 10% stake in the company.
ICICI Bank seeks shareholder nod for CEO pay hikeIn a notice pursuant to section 19A (2) of the Companies Act 1956 to the bank's shareholders, ICICI Bank has sought an approval to hike the bank's MD & CEO...
NTPC executives support oil sector strikeSupporting the call for indefinite strike by the Oil Sector Officers' Association, the NTPC Executives' Federation of India...
Chennai port to raise container terminal capacity to 7 m TEUsChennai port will have container terminals to handle seven million TEUs a year by 2017, when the proposed 5 million TEU-capacity 'mega terminal' becomes operational.
Whys cell tower business booming?On surpassing the 600m subscribers mark by mid-2008, China became the world's largest mobile market. At the time, India had some 296m subscribers.
Decline in retail rentals forces deferral of mall supply to 2009Slack demand from the retail sector of realty has cooled down retail rentals significantly in the current financial year. Going forward, rentals are expected to fall even further, according to the annual retail report issued by Cushman & Wakefield.
India may buy less raw sugar than forecastSugar mills in Maharashtra may import less raw sugar than forecast in December as the government is yet to take a decision on allowing them to buy the commodity duty free for sale domestically.
Currency movements to impact IT cos Q3 incomeThe not so favourable business environment for IT companies is expected to bring about a growth of 6-12% in the third quarter of 2008, feel industry analysts.
RSP in pact with BOC for high-pressure gas supplyRourkela Steel Plant has signed a contract with BOC (India) Ltd, a member of Linde AG of Germany, for supply of air gases under high pressure for 15 years. This is part of the RSP's expansion plan.
Reva unveils new electric carBangalore-based Reva Electric Car Company on Tuesday unveiled the advance technology next generation Reva cars to join the nationwide Indian Climate Solutions Road Tour in Bangalore.
Letters to the editor : Bad precedentAs argued in FE, corporate governance reforms in India have been pushed back by the lookout notice served against Nimesh Kampani.
Branded luggage companies hike ad spend to lift demandBranded luggage majors, VIP Industries and Samsonite India, are pumping in more money into their business to counter sluggish growth.
Imax to make movie experience in India more enthrallingImax Corporation, one of the world's leading entertainment technology companies, would remaster Bollywood films once the country has at least 10 Imax theatres.
Steel prices may dip after JuneThe domestic steel prices may fall by up to Rs 3,000 a tonne after June, if the rates if coking coal decline in the global market, steel secretary PK Rastogi said on Tuesday.
PEX seeks long-term trading contractsNSE-NCDEX promoted Power Exchange India, which is currently involved in trading on a day ahead basis, in a petition before the Central Electricity Regulatory Commission...
Maytas Infra bags rlys projectMaytas Infra Limited, a leading city based construction and infrastructure development company has bagged Rs 110 crore...
No more sops for auto firmsThe government on Tuesday said the automobile sector has been given a "very strong" package indicating the industry should not expect more.
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