Business News

Economic census begins in Delhi

New Delhi, Feb 21 (IANS) Delhi's sixth economic census began Thursday with enumerators visiting the official residence of Chief Minister Sheila Dikshit for collecting information about her household.

Faith, beliefs cannot stall green clearance to projects, SC told

New Delhi, Feb 21 (IANS) The Odisha Mining Corporation (OMC) Thursday told the Supreme Court that if beliefs and faiths were allowed to weigh on the statutory and environmental clearances for big ticket projects, then there would be no development.

Strike cripples industrial areas, hits transport

New Delhi, Feb 21 (IANS) The final day of a two-day all-India industrial strike crippled industrial and financial sectors here and hit hard public transport Thursday, inconveniencing tens of thousands.

Government taking steps to raise coal supply: President

New Delhi, Feb 21 (IANS) Outlining the major steps taken to improve fuel availability for power generation, President Pranab Mukherjee Thursday said the government is in the process of allocating 17 coal blocks to state-run companies.

30 percent Noida industrial units resume work

Noida, Feb 21 (IANS) A day after violence rocked this suburb of the national capital, 400 of the 1,200 industrial units resumed work Thursday on the second day of a nationwide strike called by major trade unions to check inflation, ensure jobs and enforce labour laws, an official said.

Over one lakh workers join strike in Gurgaon

Gurgaon, Feb 21 (IANS) More than one lakh workers joined the all-India industrial strike in the sprawling industrial belt here Thursday, with all four Maruti Suzuki plants closing down.

Sensex slips 317 points; bank scrips hit

Mumbai, Feb 21 (IANS) A benchmark index for Indian equities markets fell more than 300 points or 1.62 percent Thursday, ahead of the union budget and a day after data showed decline in loan growth and on weakness in global bourses. Bank, metal, capital goods, automobile and oil and gas stocks were the hardest hit.

Russia bets on transport investment to boost growth

Moscow, Feb 21 (IANS/RIA Novosti) Massive spending on transport infrastructure combined with measures to lure more foreign direct investment and improve the business climate could help boost Russia's flagging economic growth, First Deputy Prime Minister Igor Shuvalov said Thursday.

SC sets up team to scan Radia tapes

New Delhi, Feb 21 (IANS) The Supreme Court Thursday set up a six-member team to scan the transcripts of former corporate lobbyist Niira Radia's telephone intercepts to determine if there was any conversation that violated the law and warranted prosecution and asked it to submit its report in four months.

New policy for capital goods on the anvil: Secretary

New Delhi, Feb 21 (IANS) The government will come out with a new policy on the capital goods manufacturing sector, heavy industry secretary M.F. Farooqui said Thursday.

US defense budget cuts could 'hollow' military: Pentagon

Washington, Feb 21 (IANS/RIA Novosti) The US military is bracing for a looming wave of across-the-board budget cuts known as the "sequestration" that Pentagon officials say would dangerously erode the United States' defences.

Assocham seeks security for factories

New Delhi, Feb 21 (IANS) Condemning the violence in Noida, Assocham secretary general D.S. Rawat Thursday pressed Uttar Pradesh Chief Minister Akhilesh Yadav to immediately tighten security in the city.

People in Kerala getting weary of strike

Thiruvananthapuram, Feb 21 (IANS) Patience of people in Kerala is apparently wearing thin as the two-day nationwide strike called by major trade unions continued Thursday.

TVS Logistics acquires Rico Logistics of Britain

Chennai, Feb 21 (IANS) TVS Logistics Services has acquired Britain-based Rico Logistics paying about Rs.100 crore and will buy out a couple of more firms, a top company official said Thursday.

'Difficult decisions' needed to revive growth: President

New Delhi, Feb 21 (IANS) India will need to take "difficult decisions" to revive economic growth that slumped to a decade-low of 5.4 percent in the first half of the current financial year, President Pranab Mukherjee said Thursday.

CAG to audit Oberoi's Wildflower Hall in Shimla

Shimla, Feb 21 (IANS) Oberoi Group's Wildflower Hall, a luxury spa on the outskirts of this popular hill resort, has been caught in spot again, as the state government has decided in favour of the audit of the hotel by the Comptroller and Auditor General (CAG) of India, say officials.

Chhattisgarh iron ore, coal output take a hit

Raipur, Feb 21 (IANS) The second consecutive day of trade union strike Thursday took a heavy toll on iron ore and coal mine output in Chhattisgarh as workers stayed away, officials said.

Strike cripples Tripura for second day

Agartala, Feb 21 (IANS) A two-day nationwide strike called by major trade unions crippled life in Left-ruled Tripura for a second day Thursday.

Sensex down nearly one percent; metal, bank stocks plummet

Mumbai, Feb 21 (IANS) A benchmark index for Indian equities markets was trading lower by nearly one percent in mid-afternoon trade session Thursday, as metal, bank and capital goods stocks plummeted.

Ericsson to open plant in New Zealand

Wellington, Feb 21 (IANS) Telecommunications giant Ericsson is to build its second fiber ducting plant in New Zealand, the New Zealand government announced Thursday.

Bonjour India, Namaste France

Cultural and scholarly fascination has ensured that India and France remain deeply engaged as societies. Relations between them as states have proved enduring since Charles de Gaulle's era due to a fundamental affinity born of common values and a shared passion for independence in foreign affairs. This vital relationship, showcased astutely during President Francois Hollande's recent visit to India, is characterized by three Ss - Synergy, Sovereignty and Stability. A concise 21-paragraph joint statement reflects the two governments' faith in independence, strategic autonomy and strengthened multilateralism.

Spending cuts `greatest challenge' to foreign policy: Kerry

Washington, Feb 21 (IANS) US Secretary of State John Kerry has called the looming spending cuts as the "greatest challenge" to America's foreign policy.

Brazil's economy grew in 2012

Brasilia, Feb 21 (IANS) Brazil's economy grew 1.35 percent in 2012, well above the market forecast of 1 percent, estimated the country's central bank.

Delhi commuters face tough time on Day Two of strike

New Delhi, Feb 21 (IANS) Commuters in Delhi faced a tough time Thursday as autos and taxis remained off the roads and metro trains and buses were packed to capacity with the two-day Bharat bandh called by 11 major trade unions entering its last day.

Normal life hit on second day of Bengal strike

Kolkata, Feb 21 (IANS) Normal life was partially affected in West Bengal Thursday on the final day of a two-day nationwide strike called by central trade unions.

Odisha remains paralysed on Day Two of strike

Bhubaneswar, Feb 21 (IANS) Road traffic remained disrupted across Odisha Thursday, the second day of the two-day countrywide strike called by major trade unions against central government economic policies, police said.

US wholesale prices go up

Washington, Feb 21 (IANS) US wholesale prices posted a slight monthly gain in January due to an increase of food prices, the Labor Department reported.

Volvo Car to cut 1,000 jobs

Stockholm, Feb 21 (IANS) Volvo Car Company announced that it will lay off 1,000 employees by the end of this year to help implement its saving plan of 1.5 billion Swedish kronor ($238 million).

Mumbai peaceful on second day of shutdown

Mumbai, Feb 21 (IANS) The city remained peaceful with business as usual for private establishments Thursday, the second day of the nationwide shutdown called by major trade unions.

Government has responded to economic slowdown: Mukherjee

New Delhi, Feb 21 (IANS) Acknowledging that the past year was difficult on the economic front, President Pranab Mukherjee Thursday said the government responded by taking measures to revive the investment climate.

Foograin output to be 250 million tonnes: Mukherjee

New Delhi, Feb 21 (IANS) India is expected to produce more than 250 million tonnes of foodgrain this fiscal, President Pranab Mukherjee said Thursday.

South Africa to push African agenda at BRICS summit

Cape Town, Feb 21 (IANS) The South African government has said it will push the African agenda at the 5th BRICS summit to be held in Durban March 26-27.

Costa Rica, Mexico look to bolster trade

San Jose, Feb 21 (IANS/EFE) Costa Rican President Laura Chinchilla and her Mexican counterpart, Enrique Pena Nieto, agreed to bolster bilateral relations, emphasizing trade, cooperation and investment, while maintaining a regional focus.

Colombia has enough oil for eight years

Bogota, Feb 21 (IANS/EFE) Colombia only has enough oil to last another eight years and must urgently step up exploration efforts to locate more reserves, Finance Minister Mauricio Cardenas said.

Brazil, Russia aim to double bilateral trade

Brasilia, Feb 21 (IANS/EFE) Brazil and Russia signed a series of agreements Wednesday aimed at increasing annual trade flows between two of the world's largest emerging economies from $5.9 billion to at least $10 billion in the coming years.

'Same ills challenge agriculture in South Asia, Africa'

Washington, Feb 21 (IANS) One solution may not fit all, but challenges to agriculture and food security are similar in South Asia and Sub-Saharan Africa requiring action by governments to grassroots, experts said here Thursday.

Exports buoy French fashion industry

Paris, Feb 21 (IANS/EFE) France's exports of ready-to-wear clothing rose 3.4 percent in 2012, compared to the previous year, with market share growing in the US and Asia, while sales continued to decline domestically and across Europe, media reports said.

Panel to probe Noida violence

Lucknow, Feb 21 (IANS) A two-member panel has been formed to probe the violence in Noida that broke out on the first day of the two-day countrywide shutdown, leaving many people injured and property worth crores gutted, said authorities.

Spain's budget deficit less than 7 percent of GDP: PM

Madrid, Feb 21 (IANS/EFE) Spain's budget deficit came in below 7 percent of the gross domestic product last year, while the target agreed to with the European Commission was 6.3 percent, Prime Minister Mariano Rajoy said.

Strike leads to chaos in Delhi Metro

New Delhi, Feb 20 (IANS) The Delhi Metro saw a huge rush of commuters during office hours Wednesday due to the nationwide strike, leading to delays and chaos.

Strike partially affects life in Karnataka

Bangalore, Feb 20 (IANS) Normal life was partially affected from dawn-to-dusk across Karnataka Wednesday on the first day of the two-day nationwide strike called by central trade unions.

HC asks DDA to probe illegal land deals

New Delhi, Feb 20 (IANS) The Delhi High Court Wednesday directed Delhi Development Authority (DDA) to decide the matter of illegal sale and purchase of residential plots under the scheme of large scale acquisition, development and disposal of land.

Strike cripples financial sector, transport across India

New Delhi/Mumbai, Feb 20 (IANS) India's financial sector was crippled and transport hit as large parts of the country ground to a halt Wednesday in response to trade unions calling a two-day strike demanding measures to check inflation, ensure jobs and enforce labour laws.

Cabinet clears NTPC power project in Jharkhand

New Delhi, Feb 20 (IANS) The Cabinet Committee on Investment (CCI) Wednesday approved the setting up of the 1,980 MW North Karanpura Super Thermal Power Plant in Jharkhand by the National Thermal Power Corporation (NTPC).

Mixed response to nationwide strike in Mumbai

Mumbai, Feb 20 (IANS) The nationwide shutdown call by trade unions evoked a mixed response in Maharashtra, crippling the financial sector and most industrial units. However, private establishments and other services remained unaffected.

Central team to assess Maharashtra drought

Mumbai, Feb 20 (IANS) A team of experts and officials from New Delhi will tour drought-hit regions of Maharashtra to assess the situation next week, officials said here Wednesday.

Extended holidays, tax sops for defying strike in Bengal

Kolkata, Feb 20 (IANS) To reward government employees, transporters and traders who defied the shutdown call by unions, West Bengal Chief Minister Mamata Banerjee Wednesday announced longer Durga Puja holidays and tax sops for them.

Nationwide strike hits life in Odisha

Bhubaneswar, Feb 20 (IANS) A two-day nationwide strike called by major trade unions hit normal life across Odisha on the first day of the stir Wednesday, disrupting road and rail traffic, officials said.

Jammu and Kashmir seeks coal blocks for power plant

Jammu, Feb 20 (IANS) Jammu and Kashmir has sought allocation of coal blocks from the central government to set up a pithead thermal power plant of 1,000 MW capacity to meet its energy needs, an official said Wednesday.

Centre 'completely against' mining in Niyamgiri

New Delhi, Feb 20 (IANS) The central government Wednesday told the Supreme Court that it would not blink and grant permission to Orissa Mining Corporation (OMC) to mine Niyamgiri hills to source bauxite for the Vedanta Aluminium refinery.


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