Webdunia News

Birlas to foray into hotel industry

Sun, 08 Nov 2009 02:35:28 GMT

For the first time in their close to 100-year history, the Birlas are entering the hospitality arena. The Birla Group - a part of corporate folklore in the country, along with the Tatas - is going to set up its first hotel on a closed mill plot in Mumbai.Although the Birla empire - spread across the various family groupings (BK, AVB, KK, CK, SK, Yash and MP Birla groups) - pretty much covers the entire

China offers Africa more trade and investment

Sun, 08 Nov 2009 01:54:07 GMT

China is offering to abolishimport duties on some commodities from Africa and make sureChinese exports to the continent are safe as part of a packageto boost already thriving economic ties, China's commerceminister said in an article published today.The proposals outlined by Chinese Commerce MinisterChen Deming come ahead of a summit tomorrow and Monday betweenChinese and African leaders in the Red

Lanka accelerating return of displaced: UN

Sun, 08 Nov 2009 02:49:40 GMT

About 90,000 internally displaced persons have returned home in Sri Lanka's north and eastern parts during the past three months, the United Nations refugee agency has said.'During the last two weeks alone, some 39,000 people have returned as part of the government's efforts to accelerate the process,' Andrej Mahecic, United Nations High Commissioner for Refugees (UNHCR) spokesperson, told journalists.The

Volatile Sensex ends higher; midcaps outperform

Sun, 08 Nov 2009 02:17:17 GMT

Bombay Stock Exchange benchmark Sensex today pared a big chunk of gains posted in early trade but still managed to end the higher by 94 points to extend the winning streak for the third consecutive day. The 30-share index closed at 16,158.28 points, higher by 94.38 points. The wide-based National Stock Exchange index Nifty gained 30.60 points to settle at 4,796.15 points. PSU stocks, led by MMTC, were

Rosaiah meets Sonia, says no fixed tenure for CMs

Sun, 08 Nov 2009 01:53:15 GMT

Andhra Pradesh Chief Minister KRosaiah, who took over the stewardship of the state amid acampaign by supporters by late Y S Rajasekhara Reddy'ssupporters to give his son the top post, today said a meetingof Congress Legislature Party would be held before year-end.The meeting of CLP is considered important becauseRosaiah is yet to be formally elected its leader since he tookover as Chief Minister following

Tata Motors to shut Pune plant for 3 days

Sun, 08 Nov 2009 03:12:37 GMT

Tata Motors, India’s largest auto manufacturer, will shut down manufacturing operations at its Pune’s commercial vehicle (CV) unit for three days.The shutdown was due to disruption of supply of automotive parts from one of its suppliers, an executive from the company said today.The auto parts vendor was hit after its manufacturing facility was damaged in the Indian Oil Corporation fire in Jaipur on

Wildlife racket busted; tiger, otter skins seized

Sun, 08 Nov 2009 03:15:33 GMT

NEW DELHI: With the arrest of seven persons from Maharashtra and Delhi, the country's premier investigating agencies claimed to have busted a wildlife racket and seized tiger and otter skins besides tiger bones from their possession. The CBI and Wildlife Crime Control Bureau (WCCB) in a joint operation carried out simultaneous raids in some places in Nagpur and Majnu ka Teela in Central Delhi and arrested

CSE index slumps 1,262 points in weekly trade

Sun, 08 Nov 2009 01:54:07 GMT

Calcutta Stock Exchangebenchmark index lost further 1,262 points during the week involatile trading.The index had opened at 7141.11 and dropped to 6924.87in the two trading session. On Thursday the index recovered to7007.97.However, the market failed to hold to its gains and inthe last trading session the index slumps to 5879.11 to finishthe week.Amclukie Investment was at Rs 294.10. ONGC finished

Rift over exit, banking reforms dominate G-20 talks

Sun, 08 Nov 2009 01:54:07 GMT

Differences over exiting economicstimuli, reforming banking system and fighting climate changeare threatening to derail efforts of Finance Minister PranabMukherjee and his G-20 counterparts as they met today inScotland to pursue an agenda of sustainable economic growth.Host Britain, still in the grip of recession, is keen tocontinue global effort to support recovery. Others, includingthe US, Japan

IMF warns G20 on cutting economic support

Sun, 08 Nov 2009 01:49:19 GMT

WASHINGTON: The global economic recovery is uneven and the timing of any exit strategies should err toward supporting demand, according to an International Monetary Fund paper prepared for the G20.In the document prepared for a meeting of Group of 20 finance ministers and central bankers in Scotland, the IMF stressed the fragility of the global recovery, saying it was largely dependent on special government

Index falls below 9000 level on selling

Sun, 08 Nov 2009 01:49:19 GMT

Mounting selling pressure trimmed values at Karachi Stock Exchange (KSE) Friday as 100-Index plunged by 175.62 points to close at 8,936, dealers said.A dealer said that market was opened on a positive note, but slipped on selling pressure in the first session.The selling pressure continued in the second session till the close of trading, he added.The turnover volume was the lowest at 97.120 million

DIAL prepares for upcoming fog season

Sun, 08 Nov 2009 01:54:07 GMT

fog season not far away,the operator of the IGI airport here has taken variousmeasures to minimise inconvenience to passengers due tofog-related flight delays.The new domestic departure terminal (T1D), which canhandle about 26 million passengers per annum, has spaciouscheck-in concourse, in-line baggage handling system andcapacious security hold area, a spokesperson for DelhiInternational Airport Limited

Rajasthan govt encourages farmers to grow mustard

Sun, 08 Nov 2009 01:54:07 GMT

Following bad monsoon and a loweringwater table in various parts of Rajasthan, the stategovernment is encouraging farmers to grow mustard rather thanwheat.The Rajasthan government is encouraging farmers to sowmustard as the crop needs only two rounds of irrigation. Themoisture content and temperature is ideal for its cultivationdue to delayed monsoon.The state government is also providing mustard seeds

GMR global, Maldivian govt sign MoU to upgrade airport

Sun, 08 Nov 2009 01:54:07 GMT

GMR Infrastructure GlobalLimited, a subsidiary of GMR Infrastructure limited, hassigned a Memorandum of Understanding (MoU) with MaldivianGovernment to upgrade an airport there to international level.The airport is located at Hanimaadhoo in the Upper NorthProvince of Maldives and 287 kilo meters from the nationalcapital Male.According to a GMR official, the company would firstundertake a feasible study

Ahmedabad, Mumbai freight rates down

Sun, 08 Nov 2009 01:54:07 GMT

Freight rates for the ten metrictonne load section for Ahmedabad and Mumbai fell by Rs 500in the local truck transport markets today on restrictedcargo movements against easy availability of trucks.Transporters said restricted cargo movements againsteasy availability of trucks led to decline in Ahmedabad andMumbai freight rates.Freight rates from Delhi to Ahmedabad and Mumbaiwas enquired lower by Rs

Gold prices close in Rs 17K per 10 gram level

Sun, 08 Nov 2009 01:54:07 GMT

Gold prices today spiked to a newhigh of Rs 16,900 per 10 gram in the bullion market here onstrong marriage season demand amid firmimg global trends.Gold gained Rs 75 to close at Rs 16,900 per 10 gram, alevel never seen before. The precious metal in the US marketsscaled a new high of 1,099 dollar an ounce.Marketmen said fresh buying by stockists and jewelleryfabricators to meet the demand during the

India may not achieve 9 pc growth during 11th Five Year Plan

Sun, 08 Nov 2009 00:34:05 GMT

MUMBAI: India may not achieve its growth target of nine per cent during the 11th Five Year Plan period as the economic slowdown and drought would likely take their toll, a senior Planning Commission member said. "We set a growth target of 9-10 per cent for the 11th Plan. Though we began well in the first year (2007-08), the global meltdown impacted the growth rate in the second year and a drought this

Gold funds beat ETFs in returns

Sat, 07 Nov 2009 14:06:02 GMT

size="2">YOGESH MEHENDALE

Mumbai

Nov. 6: Though, the gold ETF’s have given returns of 43 per cent in the past one year, the investors who preferred the world gold funds that invest in the stocks of the gold mining companies have earned more than double — in the range of 87 to 104 per cent in one year.

According to a gold expert the gold mining stocks

The Case for Concentrated Funds

Sat, 07 Nov 2009 21:13:16 GMT

famous volatility of concentrated stock funds is paying off big time, at least for now. So far this year, stock funds with fewer than 40 holdings have made a strong rebound. With an average return of 25 percent, they are beating funds with more than 40 stocks, which had returned an average of 21 percent as of October 31, according to Morningstar.Over the long run, however, there is no clear winner

Labour pangs likely to hold up India-EU free-trade agreement

Sat, 07 Nov 2009 10:56:24 GMT

NEW DELHI: The fate of the India-EU trade and investment agreement—which seeks to further open up bilateral markets for goods, investments and services—may hang in balance as India and the EU lock horns over including labour standards in the pact. EU trade commissioner Catherine Ashton, however, conceded the issue of tackling climate change was outside the agreement. “At the beginning of the discussions,

BSNL may talk directly to Zain for stake acquisition

Sat, 07 Nov 2009 12:18:08 GMT

State-run BSNL today said it maydirectly talk to Zain Telecom to acquire a controlling stakeafter the exclusive talks period between the consortium Vavasiand the Kuwaiti firm ends."Once the exclusivity period ends, we would like to lookat it alone", BSNL chairman Kuldeep Goyal said today.Goyal said, "We have asked certain information from theVavasi. As and when the information is received, we willproceed

SBI extends 8% home loan scheme!

Sat, 07 Nov 2009 18:13:40 GMT

Encouraged by a good marketresponse, country's largest lender, State Bank of India hasextended its 8 per cent special home loan scheme till March31, 2010.The bank, which offers the special scheme under 'MyHome Campaign', offers 8 per cent fixed interest rate for 5years for loans upto Rs 5-lakh, with a maximum tenure of10-years.For loans above Rs 5-lakh and upto Rs 50 lakh,interest rate has been fixed

Dr Reddy's files for marketing Lipitor generic

Sat, 07 Nov 2009 18:44:28 GMT

MUMBAI: Dr Reddy's Laboratories has filed for marketing a generic version of Pfizer's cholesterol-lowering drug Lipitor in the US, the company said on Saturday. "We have filed an ANDA (abbreviated new drug filing) for atrovastatin and notified Pfizer accordingly," Dr Reddy's told news agency in response to an email query. Earlier on Saturday, the Business Standard newspaper reported that Dr Reddy's

BSNL talking to vendors for expansion; fresh bids option open

Sat, 07 Nov 2009 19:46:01 GMT

State-owned BSNL said that it was negotiating hard with telecom equipment suppliers Ericsson and Huawei for its Rs 32,000 crore project to expand GSM network by 93 million lines, but has kept open the option for re-inviting bids if the talks lead nowhere."We are negotiating with the vendors on a fast track (and) hope to finalise it within a week or two," BSNL CMD Kuldeep Goyal told.Asked whether the

GM in talks to bring Chinese cars to India

Sat, 07 Nov 2009 19:55:58 GMT

NEW DELHI: US auto giant General Motors is in advanced talks with its Chinese partners on a proposal to bring their vehicles to India, the Press Trust of India reported on Saturday. GM began talks with its partners Shanghai Automotive Industry Corp (SAIC) and Wuling eight months ago to explore possibilities of bringing their light commercial vehicles to India. "Now we know what can work in India and

Birla Sun Life MF Declares Dividend for Fixed Term Plan - Series BI

Sat, 07 Nov 2009 05:30:00 GMT

declaration of dividend on the face value of Rs. 10 per unit under dividend option of Birla Sun Life Fixed Term Plan - Series BI. The record date for dividend has been fixed as 11 November 2009.The quantum of dividend will be 100% of distributable surplus as on the record date. The NAV for institutional plan was at Rs. 10.5059 per unit and Rs. 10.4582 per unit for retail plan as on 5 November 2009.Birla

Mortgage lender Fannie Mae posts nearly $19 bn loss

Sat, 07 Nov 2009 18:54:17 GMT

mortgage lender Fannie Mae said Thursday that it would seek $15 billion in federal aid, after posting its ninth consecutive quarterly loss.Fannie Mae reported a net loss of $18.9 billion in the third quarter of 2009, compared with a loss of $14.8 billion in the second quarter of 2009.It said the latest loss was attributed to $22 billion in credit-related expenses, which also included charges on mortgages

Earnings may boost China stocks 15 per cent in 3 months

Sat, 07 Nov 2009 21:53:10 GMT

SHANGHAI: Unexpectedly strong earnings at listed Chinese companies have spurred analysts to raise their profit forecasts, creating room for about a 15 percent rise in Shanghai's benchmark stock index over the next three months. The upbeat earnings, fed by China's steady economic recovery, are restoring optimism in the stock market after last quarter's gloom, but the rally could be derailed if the government

World leaders needed at talks to cut climate deal

Sat, 07 Nov 2009 22:14:36 GMT

BARCELONA, Spain: After two years of tough UN climate talks often pitting the world's rich against the poor, negotiators say a new global agreement now rides on industrial nations pledging profound emissions cuts next month in Copenhagen. Negotiators from industrial nations, including the United States, said eleventh-hour promises are possible and a global warming pact can be reached. But developing

Climate warming and loss of ice unprecedented in last 14,000 years

Sat, 07 Nov 2009 22:14:56 GMT

WASHINGTON: A new analysis has revealed that the period of climate warming and loss of ice being witnessed currently in the Antarctic Peninsula has been never been seen in the last 14,000 years. "At no time during the last 14 thousand years was there a period of climate warming and loss of ice as large and regionally synchronous as that we are now witnessing in the Antarctic Peninsula," said team member

Nepal, India to step up vigil to check fake currency smuggling

Sat, 07 Nov 2009 22:15:12 GMT

KATHMANDU: As India raised concerns over large scale smuggling of counterfeit currency from Nepal, the two countries on Saturday agreed to step up vigilance on the border what would also help combat terrorist activities and human trafficking. At the home secretary-level talks concluding here today, Nepal and India also inched closer to an extradition treaty. At the the two-day meeting between the Indian

Air India to cut down routes to lower losses

Sat, 07 Nov 2009 21:39:04 GMT

Soon the Air India Maharaja could witness a significant cut down of his total operation area. As per the directive of the group of ministers (GoM), the AI-IA combine is asked to stop operating in all the loss-making routes including the daily non-stop flights to New York from Delhi and Mumbai.Such a directive was issued when AI's management admitted before the GoM that it loses about Rs 3,000 crore

British treasury chief urges climate agreement

Sat, 07 Nov 2009 22:14:35 GMT

ST. ANDREWS, Scotland: British treasury chief Alistair Darling urged the world's top finance officials on Saturday to reach an agreement on bearing the cost of fighting climate change before a UN summit on global warming next month. Addressing finance ministers and central bankers from the Group of 20 rich and developing nations at the start of roundtable talks in Scotland, Darling said officials need

Survey Shows Investment Advisers Feel Closest to American Funds

Sat, 07 Nov 2009 21:13:16 GMT

closest.Overall, the survey showed that mutual fund providers contact their clients in the investment advisory world an average of seven times per month. American clocked in at five times, while Blackrock and Evergreen registered at 16. In terms of effectiveness, 24 percent of advisers indicated that of the funds they sell, their closest personal connection was with American; Franklin Templeton garnered

October Jobs Report: A True Witches' Brew

Sat, 07 Nov 2009 21:13:16 GMT

what will no doubt boost skepticism over the Obama administration's message of stimulus success, the unemployment rate in October rocketed to 10.2 percent, a figure much higher than economists had expected and just 0.6 percentage points away from the post-World War II high seen in 1982. While unemployment snapped back down swiftly in the early-1980s recession, it is widely expected that job creation

Health Buzz: Newborn's Cries Mimic Mom's Language and Other Health News

Sat, 07 Nov 2009 21:13:16 GMT

new study suggests that babies begin to learn language in the womb and can mimic their parents' patterns of tone and pitch soon after birth,. Researchers studied the cries of 60 newborns, half of them with German-speaking parents and the other half with French-speakers. Analyzing differences in pitch, they found a marked difference between the cries of the two groups. When compared with pitch changes

Expanded First-Time Home Buyer Tax Credit Becomes Law

Sat, 07 Nov 2009 21:13:16 GMT

In addition, the new law makes most current homeowners eligible for a tax credit of up to $6,500 when they purchase their next primary residence. Under the terms of the legislation, current homeowners must have lived in their home for five consecutive years over the previous eight to be eligible. Qualified home buyers can obtain the credit on homes purchased between Nov. 7 and the end of April 2010.

Health Insurance: Your Health Plan After Reform

Sat, 07 Nov 2009 21:13:16 GMT

future points to health insurance plans that provide solid coverage for just about every AmericanThis may feel like just another open enrollment season, one more anxious check of the coverage offered by your employer to see how much benefits have been trimmed and the financial pain heightened. [For help, consult.] But before long, at least the worry that vital coverage will be lopped off could end.

401(k) Savings Limits Stay the Same in 2010

Sat, 07 Nov 2009 21:13:16 GMT

maximum contribution limit for 401(k)s and other retirement accounts will stay the same next year, the IRS recently announced. The contribution ceiling will remain $16,500 in 2010. Workers age 50 and older will be able to make catch-up contributions of an additional $5,500 next year, also unchanged from 2009.Annual 401(k) contribution limits are tied to the Consumer Price Index for urban consumers,

Restaurants On a Roll

Sat, 07 Nov 2009 21:13:16 GMT

Wings seem to be hot in any economy, and "B-Dubs" tosses in 14 sauces, funky drinks, and nonstop sports. The recipe has driven profits up by 34 percent this year, and the company plans to open another 60 new restaurants in 2010.A weekly insider's guide to politics and policy — in a multimedia, digital format. 52 issues for $19.95!Presidents don't run the country alone. Get to know the people who make

Restaurants on the Ropes

Sat, 07 Nov 2009 21:13:16 GMT

Americans get stressed out, one thing they do is eat. But apparently not enough.The dismal economy has punished retailers, with companies like Circuit City and Linens ’n Things going extinct and dozens of others losing money. Now it’s hitting their cousins in the restaurant industry, too. The Bennigan’s and Steak Ale chains were early casualties, going belly up last summer. This year, with Americans

Chandrayaan-II mission to be completed by 2012-13: Annadurai

Sat, 07 Nov 2009 21:24:34 GMT

Chandrayaan-II moon mission, which will help in analysis of mineral composition and undertake terrain mapping of the moon, will be completed by 2012-13, Project Director of Chandrayaan Dr M Annadurai said today."The Rs 425 crore project will be completed by 2012-13. As opposed to Chandrayaan-1 which was a moon orbiter, in Chandrayaan-2, the two moon rovers will actually land on the moon surface," he

Sensex regains 16K in style

Sat, 07 Nov 2009 12:41:17 GMT

A sudden spurt of buying towards the fag end of trading, sparked by the government's decision today to divest 10 per cent in all listed companies, pushed the benchmark Sensex up by more than 150 points to regain the 16,000-level after three days. Markets turned bearish in early trade after yesterday's rebound rally on weak cues from Asia and plunged to 15,564 points. Sentiment, however, turned bullish

Direct tax kitty grows nearly 4% in Apr-Oct

Sat, 07 Nov 2009 12:41:17 GMT

Direct tax collections grew by 3.92 per cent to Rs 1,73,447 crore for the first seven months of current fiscal, around Rs 2 lakh crore short of the target for the mop-up this financial year. The growth in net direct tax collections for the period is lower due to higher tax refunds given by the government, which rose by about about 64 per cent to Rs 33,137 crore compared to last year, the Central Board

FBT shadow hangs over your salary slip

Sat, 07 Nov 2009 12:50:01 GMT

NEWDELHI: Employees

FBT shadow hangs over your salary slip

Sat, 07 Nov 2009 12:50:01 GMT

Employees enjoying perks such as chauffeur-driven cars, rent-freeaccommodation, club memberships, credit cards and meal vouchers could find thenext four months a little too harsh on their wallets as they may have to coughup the entire annual tax on such benefits during this period.Thegovernment is set to announce the norms for taxation of fringe benefits thathave become taxable in the hands of employees

Tea exports decline 13%

Sat, 07 Nov 2009 13:43:35 GMT

exports dropped 13 per cent during the first nine months of 2009 because of a shortfall in production.Exports during the January-September period stood at 131.2 million kg, against 150.3 million kg a year ago, the latest statistics published by the Tea Board of India and the Indian Tea Association showed.India exports the CTC (crush-tear-curl) variety mainly to Egypt, Pakistan and the UK and the premium

Insurance bill tweak on agenda

Sat, 07 Nov 2009 13:43:35 GMT

may rework the insurance reform bill, now before Parliament, to make it more acceptable to both the allies and the opposition parties, whose support is necessary to pass the bill in the Upper House.A bone of contention is the proposal to raise FDI in insurance to 49 per cent from the present 26 per cent.After the global meltdown, many political parties, including some of the Congress’s allies, opposed

Gayatri to tap power sector

Sat, 07 Nov 2009 14:02:01 GMT

Hyderabad-based Gayatri Projects Ltd plans to operationalise its Rs 7,900-crore Krishnapatnam power plant in middle of 2013.

quot;We have got land and coal linkages and achieved all government clearances for the 1,320 MW Krishnapatnam power plant. Now we are in the advanced stage of financial closure. We will start the initial site work in January 2010 and after four years in 2013, the first

MCX-SE for delivery system

Sat, 07 Nov 2009 14:09:02 GMT

class="c1">Olga Tellis

Mumbai

Nov. 6: The MCX stock exchange (MCX-SE) which is awaiting Sebi's nod for equity trading, will introduce a delivery-based system in the derivatives market.

This will be a landmark development for the Indian stock markets, because the present cash settlement in the derivatives market was supposed to be a temporary arrangement but

Commerce Ministry to Introduce New Price Index

Sat, 07 Nov 2009 14:21:17 GMT

Commerce Ministry plans to unveil a new price index taking the base year as 2004-2005.The Commerce Ministry plans to unveil a new price index taking the base year as 2004-2005. As for the Wholesale Price Index (WPI) for October, the base year will be according to the old base year of 1993-1994.“We will have WPI with 2004-2005 as the base year soon. We have already released the monthly data for commodities,”

GERMANY/US: GM readying Opel plan

Sat, 07 Nov 2009 14:25:18 GMT

article.General Motors has said it was readying a plan to restructure Opel and could pay off debt due this month as German workers went on strike to protest the automakers decision to keep the European unit.Becoming

FRANCE: Renault allocates new EV to Spanish plant

Sat, 07 Nov 2009 14:25:18 GMT

, which already produces its Mégane hatchback and estate and Modus lines exclusively in Spain, has decided to make the future electric vehicle (EV) based on the Twizy ZE Concept at its Valladolid plant, 150 km north west of Madrid.Valladolid was selected for its expertise and performance in compact car production, the automaker said.Renault announced last month that Valladolid would be allocated production

This is our moment, says team

Sat, 07 Nov 2009 14:29:05 GMT

size="2">Manuja Veerappa

Bengaluru

Nov. 6: After the final hoot that signalled the end of the match between India and Korea in the women’s Asia Cup hockey championship at Queen Sikirit Sports Centre in Bangkok on Friday, the gritty Indian girls were in tears. Those were not tears of anguish, instead it marked the joy and celebration of a team who had just

US markets end positive despite disappointing job data

Sat, 07 Nov 2009 15:37:54 GMT

US stocks added 3% for the week after ending Friday's session slightly higher, shrugging off government data showing the unemployment rate hit 10.2% - the highest in 26-1/2 years.The Dow Jones industrial average gained 17 points to end at 10,023. The Nasdaq Composite Index added seven points to close at 2,112.The Indian ADRs ended on a flat note. MTNL slipped 1% to $36.01.Wipro added 1% at $18.04 and

Colombo wary of Kosovo-type fate: official

Sat, 07 Nov 2009 17:13:51 GMT

Wary of a Kosovo-type fate, Colombo wants to adopt a cautious approach to the issue of political settlement of Tamils, a senior Sri Lankan official told“We need to move forward on the process of empowerment. But one problem with federalism in a small country is that it is more subject to splitting. Take Kosovo. They [The West] said give autonomy and we will guarantee unity. But two years later they

IVRCL bags Rs. 1,145-crore orders

Sat, 07 Nov 2009 17:14:49 GMT

IVRCL infrastructures and Projects has bagged orders worth Rs. 1,145.88 crore in joint venture with Unity Infraprojects in international competitive bidding. The company bagged orders for the construction of tunnel from Kapurbawadi to Bhandup complex and IVRCL would hold 50 per cent share. The project completion period is 60 months, says a

BEML secures Rs. 185 crore order

Sat, 07 Nov 2009 17:14:49 GMT

BEML has bagged the order for supply of walking draglines to the Northern Coalfields Limited (NCL), valued at Rs.185 crore. The order includes consumable spares for three years. Draglines are used in opencast mines. The equipment is to be manufactured at BEML’s facility at Kolar Gold Fields and is due to be commissioned in July 2011. —Special

Panel on annuity products constituted

Sat, 07 Nov 2009 17:14:49 GMT

Insurance Regulatory and Development Authority (IRDA) has constituted a group to advise it on introducing new annuity products which will have exposure to stock markets and give variable income.Annuity is a product in which a subscriber invests a lumpsum amount and gets returns on regular interval.At present, annuity provides fixed income at regular intervals, but the proposed new products could provide

Marrybrown to expand India operations

Sat, 07 Nov 2009 17:14:49 GMT

Marrybrown, a fast food restaurant chain based in Malaysia, is planning to increase its footprint in India. It has presence in 13 countries with more than 300 outlets. It had entered India ten years ago and had put up 30 outlets through its master franchisor for South, MGM Entertainments. MGM Anand, Managing Director, MGM group of companies has stated that the plan was to add 12 more outlets.

Matrix’s success in third party verification

Sat, 07 Nov 2009 17:14:49 GMT

periods of rapid growth of an industry, organisations end up recruiting a large number of employees. The IT, ITeS segment is a classic example. Companies find the traditional methods of recruitment to be found wanting. The employers have hence started using specialised services and one such is third party verification.Matrix Business Services India Pvt Ltd, a third party verification company, offers

Vigilance awareness week at HPF

Sat, 07 Nov 2009 17:17:37 GMT

observance of vigilance awareness week at the Hindustan Photo Films (HPF) manufacturing company, near here, concluded on Friday.Delivering the valedictory address P. Jagadeeswaran, chairman-cum-managing director, HPF, said that transparency was high in the list of priorities of the company. Such vigilance related programmes should be organised frequently. Chief vigilance officer A. Gnanasekaran welcomed

Song written true

Sat, 07 Nov 2009 17:25:02 GMT

Subrat Sinha, lyricist of the film, has his fingers in all pies; he can be scriptwriter, lyricist and director.Filmmaking traits he honed at the Hindu College Drama Society ‘Ibteda’ with good friend director Imtiaz Ali for company. Delhi boy Subrat, incidentally, was also Sinha’s assistant in various productions both in TV as well as films. He’s written the lyrics for many films likeSubrat, “after

Evergreen songs

Sat, 07 Nov 2009 17:25:45 GMT

R.S. Puram Ladies Club celebrates an evening of evergreen melodies by Ganesh and Anuradha Bhat from Bangalore. The duo will sing old favourites from Hindi films. Entry is priced at Rs.150. For details, call 9894712054 or

Traffic restrictions near Parliament

Sat, 07 Nov 2009 17:27:32 GMT

The traffic police have announced several restrictions in the New Delhi area from this coming Sunday in view of the upcoming winter session of Parliament.Only one-way traffic will be allowed on Rafi Marg from Sunheri Masjid roundabout to Rail Bhavan. Similarly, only one-way traffic will be allowed on Raisina Road from Rail Bhavan to Vijay Chowk. Entry to Rajendra Prasad Road from Kirshi Bhavan roundabout

For a smooth poll

Sat, 07 Nov 2009 17:28:04 GMT

examine polling material at St. Michael’s Anglo-Indian High School in Kannur on Friday before leaving for polling stations in the Assembly constituency.

Aerial attack plan on Maoists flayed

Sat, 07 Nov 2009 17:28:04 GMT

group of human rights activists, writers and intellectuals from across the country has condemned the Union government’s “offensive against Adivasis in the jungles of Chhattisgarh and Jharkhand, codenamed ‘Operation Green Hunt,’ in the name of wiping out threats from the Maoists.”In a joint statement, 31 signatories decried the government’s move for aerial attacks on the Maoists by the Air Force.“This

16 IAS officers to retire next year

Sat, 07 Nov 2009 17:33:32 GMT

many as 16 Indian Administrative Service (IAS) officers belonging to the State cadre will retire from service next year on attaining the age of superannuation.They are: P.V. Bhide, R.S.Goel, D.K.Panwar, M.Veerabhadraiah, Priyadarshi Dash, H.S. Brahma, P. Sundara Kumar, R. Subba Rao, G. Ramnarayana Reddy, Ashok Kumar Goel, Birsingh Parsheera, K. Sujatha Rao, Rachel Chatterjee, Ashok Kumar Tigdi, M.V.P.C.Shastry

RBI platinum jubilee fete

Sat, 07 Nov 2009 17:33:32 GMT

Soiled notes exchange mela and distribution of coins to be held at Adilabad main branchADILABAD: The Reserve Bank of India (RBI) Regional Director N. Krishna Mohan and State Bank of Hyderabad (SBH) Managing Director Renu Challu are among top bankers who will visit Adilabad on November 7 to participate in various programmes connected with the RBI platinum jubilee celebrations here.This is the first

Bangladesh to import diesel from Egypt

Sat, 07 Nov 2009 17:43:00 GMT

State-owned Bangladesh Petroleum Corporation (BPC) will buy 60,000 tonnes of diesel from a supplier in Egypt for consumption during January-June period of next year, a senior energy official said on Saturday."The BPC will import the diesel from Egypt-based Middle East Oil Refineries (MIDOR) to diversify sources of fuel as the demand is rising sharply," the official said.He said MIDOR had approved Bangladesh''s

Apple's Steve Jobs named CEO of the decade

Sat, 07 Nov 2009 17:57:40 GMT

U-TURN MAN: From bankruptcy, Steve Jobs has made Apple a 34,000 strong Co valued at over $170 bn.Copyright

Fortune crowns Apple`s Steve Jobs CEO of Decade!

Sat, 07 Nov 2009 18:13:40 GMT

San Francisco: Fortune Magazine crowned Apple top dog Steve Jobs "CEO of the Decade" in its newest edition."The past decade in business belongs to Jobs," Fortune editor-at-large Adam Lashinsky wrote in an article extolling the 'imperious, brilliant' chief executive. "He is the rare businessman with legitimate worldwide celebrity."Fortune traced "the decade of Steve" back to 1997, when Jobs returned

US highway safety body raps Toyota for giving misleading info!

Sat, 07 Nov 2009 18:13:40 GMT

Washington/Tokyo: In an unusual reprimand,the US highway safety body has rapped Toyota Motor Corp., theworld's largest automaker, for giving out "inaccurate andmisleading information" over a massive safety recall involving3.8 million of its vehicles in the country.The US National Highway Traffic Safety Administration(NHTSA) took issue with a press release by Toyota earlier thisweek that stated the

Nifty may remain above 4800 next week

Sat, 07 Nov 2009 18:44:00 GMT

MUMBAI: Equities bounced back smartly later this week after the Indian government announced plans to raise funds through the divestment route. But that over, the market will now eye details on the companies in which the government would divest its stake. Other than this trigger, traders only have overseas markets to look at. Earlier on Friday, Royal Bank of Scotland, Britain’s biggest government-controlled

Two hot Goa night clubs to be demolished

Sat, 07 Nov 2009 18:54:17 GMT

Goa coastal zone management authority (GCZMA) has ordered the partial demolition of arguably the state's most popular night spots -- Club Tito's and Mambos -- for violating coastal regulatory zone (CRZ) norms.According to an order issued by the secretary of the GCZMA Michael D'Souza, structures built on the property measuring 547.82 sq metres, on which both clubs are built, are illegal. The GCZMA order

Ghulam Nabi Azad calls for higher investment in health sector

Sat, 07 Nov 2009 18:54:17 GMT

Union Health Minister Ghulam Nabi Azad on Friday underlined the need for higher investment in health sector.Azad said that the present health care system put a heavy burden on poor people who had to incur substantial out-of-pocket expenses for their treatment.Chairing the meeting of the Parliamentary Consultative Committee on Health Ministry, Azad said the National Rural Health Mission has made serious

Delta received BSNL award for best telecom equipment manufacturer

Sat, 07 Nov 2009 18:54:17 GMT

Bangalore, Nov 6 (ANI/Business Wire India): Delta Group has received the BSNL's "Best Telecom Equipment Manufacturer" at an award reception held at Bangalore.The award category was for being the Best Telecom Equipment Manufacturer in the Switch Mode Power Supply Category for the year 2008-09.Delta Group was recognized for its leadership in DC Power systems for outstanding product quality, manufacturing

New price index shortly, says commerce ministry

Sat, 07 Nov 2009 18:54:17 GMT

wholesale price index (WPI) for October will be according to the old base year of 1993-94 and the WPI new series with base year 2004-05 will be released shortly, according to a senior commerce ministry official.We will have WPI with 2004-05 as the base year soon. We have already released the monthly data for commodities," said Industrial Policy and Promotion Secretary Ajay Shankar."The change in WPI

Marriott Courtyard opens in Gurgaon, group in expansion mode

Sat, 07 Nov 2009 18:54:17 GMT

Global hospitality major Marriott International has opened one of its flagship hotels -- Courtyard -- in Gurgaon, near here, and said it was planning an expansion spree in the country.The Gurgaon Courtyard is a 199-room four-star deluxe hotel and will commence operations Nov 25. It is among three Courtyard hotels that will be opened in the country this year.Marriott, which only manages hotels and doesn't

Superspeciality Cardiac Hospital installs state of Art PACS from Medsynaptic

Sat, 07 Nov 2009 18:54:17 GMT

Pune, Nov 6 (ANI/Business Wire India): Trichur Heart Hospital, the leading Cardiac Superspeciality hospital in Kerala has installed a State of the Art PACS from Medsynaptic Pvt Ltd, Pune.Medsynapse PACS (Picture Archiving and Communications System) has connected all modalities like Digital X Ray, CT, Cathlab etc in the hospital to a central server allowing distribution of images and reports within

Gurgaon administration intervenes to settle Ricco dispute

Sat, 07 Nov 2009 18:54:17 GMT

ongoing dispute between workers and management of Ricco Auto Industries here, which had even turned violent last month and left one person dead, has been resolved after the intervention of the Gurgaon district administration, officials said here Friday.An agreement was signed between representatives of both sides late Thursday night, ending the strike in the industrial unit that had been on since Sep

Ghodawat group, Percept ink multi-crore entertainment deal

Sat, 07 Nov 2009 18:54:17 GMT

Sanjay Ghodawat group, which has business interests in diverse spheres such as realty, education and textiles, has entered the entertainment sector through an agreement with Bollywood production house Percept Picture.As part of the deal, the group will invest around Rs.100 crore over the next three years in the entertainment space, Percept said in a statement Friday.The first film to be released after

Storm-triggered landslide kills 13 in

Sat, 07 Nov 2009 19:45:43 GMT

following storms and flooding that have now left almost 130 people dead, officials said on Saturday.The 13 people were killed and another person was seriously injured in the early hours on Friday in the coastal province of QuangThe landslide, triggered by rains that have lashed the country since Tropical Storm Mirinae hit on Monday, dumped thousands of tonnes of earth and mud on a group of gold miners,

Primary inflation declines 0.1 pc; new monthly index next week

Sat, 07 Nov 2009 19:46:01 GMT

has introduced a new mechanism for monitoring the wholesale price movement under which the inflation for primary articles, including foodgrain, pulses and vegetables, declined 0.11 pc during the week ending 24th Oct.As per the new system, the weekly wholesale price index data would cover only primary articles and commodities in the broad group -- fuel, power, light and lubricants, an official statement

Jail: Movie Review

Sat, 07 Nov 2009 19:57:57 GMT

Jail is a shocking movie, which brings out the reality of life and various aspects of Indian society. The movie's theme is based on an innocent jail inmate and his experiences as an innocent under-trial, who gets caught in a vicious legal system.MADHUR BHANDARKAR, the national award winning filmmaker has yet again delievered what was expected of him. His latest movie Jail hit the screens today and

T Rowe Price pays Rs 700 cr for 26% in UTI

Sun, 08 Nov 2009 03:36:58 GMT

The four sponsors of UTI Asset Management Company today signed an agreement with T Rowe Price, the US-based fund house, to offload 26 per cent stake for around Rs 700 crore.State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda will divest 6.5 per cent each in the company. Subsequent to the sale, they will hold 18.5 per cent each in the country’s fourth-largest

Birla Sun Life MF Announces Change in Exit Load Provisions for Switch-out

Sat, 07 Nov 2009 05:30:00 GMT

that for switch out (s) made from Birla Sun Life Income Fund and / or Birla Sun Life Income Plus to any other scheme of the fund house, exit load as applicable to the respective scheme shall be charged. The changes will be effective from 11 November 2009.No exit load shall be charged for switch-out(s) made from various plans/options under Birla Sun Life Income Plus, an open ended income scheme and

RBI may’ve sold US T-bills to buy gold

Sat, 07 Nov 2009 10:56:18 GMT

MUMBAI: The Reserve Bank of India (RBI) may have sold US Treasuries to fund its gold purchase from the International Monetary Fund. Last week, RBI purchased 200 tonnes of IMF gold for $6.7 billion, increasing the share of gold in its reserves by 250 basis points. “This purchase suggests that the Indian monetary authorities are seeking to change the composition of their foreign reserve holdings, most

I-banks back, IIMs act pricey again

Sat, 07 Nov 2009 11:46:02 GMT

KOLKATA/NEWDELHI: WHEN officials from Philips India walked into the IIM-Calcutta campus inNovember last year for pre-placement talks, gratitude was in the air. The globalfinancial meltdown and consequent economic slowdown in India that had set in twomonths ago had dampened placement hopes in this elite institution. Investmentbanks, the most coveted at B-school campuses, had all but disappeared from

TVS Capital Funds invests in Landmark

Sat, 07 Nov 2009 13:21:31 GMT

Shriram Growth Fund I being managed by TVS Capital Funds Ltd has invested Rs 65 crore in Landmark Ltd by taking a a significant minority equity stake.Landmark is a one of the top book and music retail chain with a subsidiary called Trent Ltd. At present, the company runs over 20 stores many of which are large format outlets across leading cities in India with over two lakh square feet of retail space.

US markets end positive despite disappointing job data

Sat, 07 Nov 2009 15:40:00 GMT

stocks added 3% for the week after ending Friday's session slightly higher, shrugging off government data showing the unemployment rate hit 10.2% - the highest in 26-1/2 years.

Koda put in Rs 61 cr in 1 month in Mumbai bank

Sat, 07 Nov 2009 16:58:05 GMT

ingenuity of Madhu Koda and his associates continue to surpriseinvestigators probing what is being referred to as the Great Jharkhand Robbery.For all his claim to be a humble tribal, Koda and his men not only had thesmarts to acquire mines in Liberia and Thailand, they also knew how to spiritaway the money they allegedly made by handing over mining leases to differentcorporates to banks in Switzerland.Officials

Weekly market update: Volatility reigns supreme

Sat, 07 Nov 2009 16:58:12 GMT

The past 4 days have been a roller-coaster ride for the markets. The Sensex swung in a broad range of almost 1,000 points before closing up 1.65 per cent or 262 points at 16,158.28 and the Nifty ended up 1.79 per cent or 84.45 points at 4,796.15.Taking off from the recent weakness, the markets began the week on a bleak note. The Sensex tumbled 500 points on Tuesday (Monday was a holiday on account

IRDA, SEBI discuss rules for IPO

Sat, 07 Nov 2009 17:14:49 GMT

The Insurance Regulatory and Development Authority (IRDA) is in discussion with the Securities and Exchange Board of India (SEBI) regarding guidelines to be followed for the initial public offer (IPO) by an insurance company, IRDA Chairman J. Hari Narayan said here on Friday.Speaking to media persons on the sidelines of a graduation ceremony of the second batch of the executive programme in insurance

32 shops near Central station demolished

Sat, 07 Nov 2009 17:17:37 GMT

demolition of the shops near the Victoria Public Hall in progress on Friday. —CHENNAI: Following a Madras High Court order, the Chennai Corporation on Friday demolished 32 shops located on land belonging to the Victoria Public Hall near the Chennai Central railway station. Several of the shop owners, however, claimed that the demolition was illegal as the authorities did not have proper eviction orders.The

Jackson film crosses $100 million internationally

Sat, 07 Nov 2009 17:26:04 GMT

IsIt."Outside of North America, the biggest theatrical markets throughThursday night were: Japan with $18.2 million, Britain with $11.1 million andGermany with $8.9 million."This Is It," distributed by SonyCorp-owned Columbia Pictures, was produced from footage of Jackson rehearsingfor a series of comeback concerts in London in the final weeks before his June25 death from an overdose of powerful medication.The

Negative list has no approval: Achutanandan

Sat, 07 Nov 2009 17:28:04 GMT

Chief Minister V.S. Achuthanandan reiterated here on Friday that the negative list cited by the Union government as applicable to the ASEAN Free Trade Agreement did not have the approval of the other signatories of the agreement.The Chief Minister acknowledged that he had received the list of 489 items from the Union Commerce Minister Anand Sharma.However, there was no point in speaking about a negative

Workshop on digital library software

Sat, 07 Nov 2009 17:28:04 GMT

KOZHIKODE: An international workshop on UNESCO’s open source ‘Greenstone’ digital library software will be held at the Indian Institute of Management, Kozhikode (IIM-K) from November 23 to 28.IIM-K Director Debashis Chatterjee will inaugurate the workshop. Padma Vibhushan V. Rajaraman, formerly Professor, popularly known as the father of computer science in India, will deliver the keynote address.

Affordable housing project to be extended to more cities!

Sat, 07 Nov 2009 18:13:40 GMT

Munnar (Kerala): The affordable housing projectslaunched by Tatas in Mumbai would be extended to more citiessince the concept had evinced keen interest from all parts ofthe country, Tata group Chairman Ratan Tata has said.The group was looking for housing projects in Kolkata andBangalore in the next phase, Ratan Tata, who was here toattend silver jubilee of High Range School run by the companyhere,

Travellers give thumbs up to India as a global brand!

Sat, 07 Nov 2009 18:14:10 GMT

It's not just arts and culture orhistory that makes India popular, but also its way of doingbusiness.The FutureBrand's latest Country Brand Index (CBI) hasranked India among the top five countries for value for money,authenticity, history, best brand for art and culture andbusiness.India has also made it to the list of this year's "risingstars" -- the places which are likely to become major touristdestinations