Vodafone slapped Rs.5 mn fine for prize scheme
New Delhi | May 17, 2008 6:45:13 PM IST
Terming its prize scheme on more talk-time usage a case of "corporate greed", a consumer court has imposed a fine of Rs.5 million on leading mobile service provider Vodafone Essar.

 Inflation hits FMCG sector hard
New Delhi | May 17, 2008 6:45:05 PM IST
Manufacturers of fast moving consumer goods (FMCG) are reeling from high inflation as their input costs have gone up while their sales have stagnated, says a leading industry group.

 Britain slammed for demanding repayment of climate aid
London | May 17, 2008 5:45:07 PM IST
Almost all of the 800 million pounds ($1.6 billion) offered by Britain to help developing countries cope with the effects of climate change will have to paid back with interest, a newspaper reported Saturday. The revelation drew criticism from developing country diplomats and NGOs.

 Kerala to start new company to attract NRI investment
Thiruvananthapuram | May 17, 2008 5:45:07 PM IST
Kerala Chief Minister V.S. Achuthanandan Saturday announced that the government would soon start a new company in which non-resident Indians from Kerala can invest.

 Religare, two other Indian companies vying for London stockbrokers
London | May 17, 2008 4:45:13 PM IST
Three Indian companies, including Religare, are bidding to acquire city stockbrokers Arden Partners, the Financial Times reported.

 Aamir launches third PVR multiplex in Mumbai
Mumbai | May 17, 2008 4:45:07 PM IST
Bollywood star Aamir Khan, who usually stays away from public functions, and director Rakeysh Mehra inaugurated PVR Cinemas' third multiplex in the city that boasts of state-of-the-art facilities.

 Indian American owned advertising agency on fast track
New York | May 17, 2008 4:45:07 PM IST
Direct Agents, an interactive advertising agency owned by Indian Americans, has been named one of the 50 "fastest growing Asian American businesses" by the US Pan Asian-American Chamber of Commerce Education Foundation (USPACC).

 Eros and Jaman announce international licensing partnership
San Mateo/ Mumbai | May 17, 2008 3:12:36 PM IST
San Mateo/ Mumbai, May 17 (ANI/Business Wire India): Eros International, the leading global studio of Indian filmed entertainment and Jaman.com, the premier online destination for international and independent films, announced a multi-year international partnership.

 Earthquake not to dampen China corporate profit: JPMorgan Chase
Beijing | May 17, 2008 3:45:13 PM IST
Profit for China's listed companies may grow 20 percent this year despite the strong quake that shook southwestern China, according to a senior official with JPMorgan Chase.

 Oil prices surge Friday
New York | May 17, 2008 12:01:13 AM IST
A week of falling crude oil prices ended abruptly Friday as speculator interest caused prices to surge on the New York Mercantile Exchange.

 Market moves ahead shrugging off inflation, rising crude (Weekly Market Review)
Mumbai | May 17, 2008 11:45:12 AM IST
The Indian equities market shrugged off high inflation and rising crude oil prices and surged ahead this week.

 GRUH Finance expands its reach
Ahmedabad | May 17, 2008 11:45:12 AM IST
GRUH Finance Limited, a housing finance company and a subsidiary of HDFC Ltd, has expanded its reach to two more states and is aiming to achieve disbursement of Rs.10 billion by 2009-2010.

 Behind Cannes fest glitz, Bollywood does brisk business
Mumbai | May 17, 2008 11:45:06 AM IST
Behind the glitz and glamour of the Cannes film festival, it is hard business for the Indian filmmakers and entertainment houses camping there. Deals are being inked and announcements of tie ups made during the prestigious festival that began Wednesday.

 Turkish Petroleum Company plans exploration work in the Mediterranean
Nicosia | May 17, 2008 9:43:34 AM IST
The Turkish Petroleum Corporation (TPAO) which produces most of Turkey's crude oil output and operates more than 45 oilfields has recently announced that it will expand its exploration in the eastern Mediterranean Sea to include deepwater areas west of the island of Cyprus.

 European Union to close tax havens
Brussels | May 17, 2008 12:01:13 AM IST
Finance ministers from the European Union have agreed to rewrite rules on savings tax in an effort to curtail tax havens, EU's tax commissioner said Friday.

 'Old Merc' says bye to old digs
Chicago | May 17, 2008 12:01:13 AM IST
The Chicago Mercantile Exchange closed its doors at the close of the day Friday and traders move on to new digs Monday with many memories, traders said.

 United cuts back on frequent flier rewards
Chicago | May 17, 2008 12:01:13 AM IST
United Airlines is cutting back on its frequent flier program starting in July, the company announced Friday.

 U.S. markets closed mixed
New York | May 17, 2008 12:01:13 AM IST
U.S. market indexes closed mixed Friday as a wavering afternoon rally could not bring the Dow Jones index out of the doldrums.

 Paulson: Markets beginning to stabilize
Washington | May 17, 2008 12:01:13 AM IST
U.S. Treasury Secretary Henry Paulson said Friday he believes the nation's financial crisis may be coming to an end, but warned a recovery may take time.

 Strike closes five Norwegian airports
Oslo, Norway | May 17, 2008 12:01:13 AM IST
A strike at five airports in Norway left thousands of travelers stranded Friday, officials said.

 GM reaches pact with union in Delta strike
Detroit | May 17, 2008 12:01:13 AM IST
General Motors Corp. has reached a tentative agreement with a United Auto Workers local that has been on strike for more than a month, the U.S. automaker said.

 Canadian autoworkers reach labor deals
Detroit | May 17, 2008 12:01:13 AM IST
New contracts between the Canadian Auto Workers and U.S. automakers might threaten the future of Canada's auto industry, analysts say.

 Ambitious programme for poor in India's northeast
Agartala | May 17, 2008 10:25:10 AM IST
A 14-point action plan to eradicate poverty from India's eight northeastern states promises to improve the condition of the estimated 7.9 million poor people in the region.

 Pakistan's poor go hungry amid food shortages
Karachi | May 17, 2008 9:45:05 AM IST
Sukena, a middle-aged mother of two girls, argued with a shopkeeper as she reached her hands into the pockets of her burqa and counted money. All she had was Rs.25 (35 cents), barely enough to buy bread but no milk in the port city of Karachi.

 Rajasthan chamber urges members to donate for victims
Jaipur | May 17, 2008 9:45:05 AM IST
Eager to provide relief to those injured in the serial terror blasts here that also killed over 60 people, the Rajasthan Chamber of Commerce and Industry has asked its over 10,000 members to donate funds.

 Computer takes on CA's job, at least for filing returns
New Delhi | May 17, 2008 8:45:13 AM IST
Can the computer replace your chartered accountant? Yes, says a software firm, which is aiming its only product at the small-time taxpayer who can't afford the hassles of finding a person to help file tax returns.

 UTV goes to Hollywood, launches first American production
Mumbai | May 17, 2008 8:45:13 AM IST
Bollywood corporate houses are venturing into co-production in association with American and European studios. But UTV has gone a step further by producing its first Hollywood film, which is being shot in Texas.

 Corporate honchos oppose Bangalore airport closure
Bangalore | May 16, 2008 10:45:12 PM IST
Top corporate heads Friday strongly opposed the closure of Bangalore city airport May 23 when the new international airport is set to commence operations from Devanahalli, about 40 km from India's silicon hub.

 Otsuka Chemical launches new pharma plant in Rajasthan
Jaipur | May 16, 2008 9:45:12 PM IST
Japan's Otsuka Chemical Friday announced the commencement of its Rs.1.5 billion pharma-based chemical unit manufacturing facility near here.

 India to develop Bhutan's hydro potential, import 10,000 MW (Roundup)
Thimpu | May 16, 2008 9:45:06 PM IST
In this celebratory year of monarchic Bhutan's transition to the world's youngest democracy, India Friday made a significant move to broaden its energy basket by pledging to import 10,000 MW of electricity by 2020 from a country with one of the world's largest hydropower potential.

 Use rural job scheme to end poverty by 2015: minister
New Delhi | May 16, 2008 9:45:06 PM IST
Rural Development Minister Raghuvansh Prasad Singh Friday called for using the centre flagship rural job scheme as a tool to eradicate poverty from the country by 2015.

 Chidambaram blames Inflation on soaring global oil prices
New Delhi | May 16, 2008 8:13:48 PM IST
Union Finance Minister P. Chidambaram today blamed the rising prices of global crude oil for inflation in the country. He hoped the annual inflation rate to moderate, once the impact of lower steel and cement prices is felt.

 Foreign investment proposals worth Rs.18.2 bn cleared
New Delhi | May 16, 2008 8:45:14 PM IST
Finance Minister P. Chidambaram, on the recommendation of Foreign Investment Promotion Board (FIPB), Friday approved 18 FDI proposals totalling Rs.18.20 billion, a ministry statement here said.

 India, China to cooperate in financial sector
New Delhi | May 16, 2008 8:45:07 PM IST
India and China Friday took another step to expand their economic ties by agreeing to cooperate in the financial sector through government agencies, private institutions and banks.

 Reliance Big Entertainment to spend $1 bn on films
Cannes | May 16, 2008 7:45:12 PM IST
Reliance BIG Entertainment, the media and entertainment arm of the $75 billion Reliance Anil Dhirubhai Ambani group, Friday announced that it would spend $1 billion on the Indian film and entertainment business over the next 12-15 months.

 Chidamabaram asks industry to help inclusive growth
New Delhi | May 16, 2008 7:45:12 PM IST
Advising against cartelisation, Finance Minister P. Chidambaram Friday called upon the industry players to contribute towards sustaining the country's inclusive growth.

 Inflation surges to 7.83 percent, Chidambaram urges patience (Roundup)
New Delhi | May 16, 2008 7:45:06 PM IST
India's annual inflation rate rose to a three-and-a-half-year high of 7.83 percent for the week ended May 3, up from 7.61 percent in the week before. Finance Minister P. Chidambaram admitted the development was "worrying" but counselled patience.

 SAIL annual net profit up 21.52 percent (Lead)
New Delhi | May 16, 2008 6:45:12 PM IST
Public sector major Steel Authority of India Ltd (SAIL) made a net profit of Rs.75.37 billion in financial year 2007-08, marking an increase of 21.52 percent from the previous fiscal, the company said here after the release of its annual financial results Friday.

 Export cargo to now get transit insurance cover
Chennai | May 16, 2008 6:45:12 PM IST
With some general insurance companies already offering to exporters risk coverage for both credit and transit of goods, the Export Credit Guarantee Corporation of India (ECGC) has joined hands with an ally to protect its turf.

 New Omani governate to encourage Indian investments
Dubai | May 16, 2008 6:45:06 PM IST
Indian firms will be encouraged to invest in the governorate of Buraimi in Oman, said India's Ambassador to Oman Anil Wadhwa.

 Jaipur blasts led to Rs.20 bn losses in turnover
Jaipur | May 16, 2008 6:45:06 PM IST
The two-day shutdown in the walled city areas, following the serial terror blasts in Jaipur that claimed 61 lives, has hit businesses hard, leading to an estimated loss of Rs.20 billion, the industry said Friday.

 Metso to make Rs.1.12 bn machine for Essar Steel
Mumbai | May 16, 2008 6:45:06 PM IST
Leading mining solutions provider Metso Minerals Friday said that it will supply a Rs.1.12 billion iron ore machine to Essar Steel Holdings Ltd.

 Inflation hits new high, worries Chidambaram (Second Lead)
New Delhi | May 16, 2008 5:45:14 PM IST
With India's wholesale inflation, the weekly measure of price trends, rising to 7.83 percent for the week ended May 3, the government may take more steps to control prices.

 US, UAE to sign pact on education cooperation
Abu Dhabi | May 16, 2008 5:45:07 PM IST
United Arab Emirates (UAE) will sign an agreement with the US to boost cooperation in the education sector, WAM news agency reported.

 No increase in steel price for next three months: SAIL
New Delhi | May 16, 2008 5:45:07 PM IST
Public sector major Steel Authority Of India Ltd (SAIL) has ruled out any increase in the prices of its products in the next three months, its chairman said Friday.

 Inflation figures worrisome, matter of concern: Chidambaram
New Delhi | May 16, 2008 5:45:07 PM IST
Finance Minister P. Chidambaram has expressed concern as India's wholesale inflation hit a whopping 7.83 percent for the week ended May 3 compared to 7.61 percent in the week preceding it.

 Indian equities bounce back to end week on upswing (Roundup)
Mumbai | May 16, 2008 5:45:07 PM IST
After a day of ups and downs, Indian equities markets managed to close the week in the green Friday. The good news of a depreciating rupee outweighed the bad news of record inflation.

 'Doha Round success hinges on ensuring livelihood of poor'
New Delhi | May 16, 2008 4:45:37 PM IST
Success of the Doha Round of world trade talks depends on both developed and developing nations and cannot be achieved if the livelihood of the poor is not secured, Commerce and Industry Minister Kamal Nath said Friday.

 Lloyds TSB to transfer 250 jobs to India: British union
London | May 16, 2008 4:45:29 PM IST
Britain's largest workers' union says a decision by Lloyds TSB (LTSB) bank to transfer work from cities across Britain to India will result in the loss of up to 445 jobs by the end of 2008.

 Grains open low, but corn and wheat rally
Chicago | May 16, 2008 12:01:13 AM IST
Grains opened lower on the Chicago Board of Trade Thursday, but corn and wheat rallied, while soybeans traded lower at the close.

 Japan economic growth better than expected
Tokyo | May 16, 2008 12:01:13 AM IST
Japan's economic growth in the first quarter of 2008 came in better than expected, spurred by exports, the government said Friday.

 Outsource Partners International inaugurates newest shared service center in Bangalore
Bangalore | May 16, 2008 3:26:25 PM IST
Bangalore, May 16 (ANI/Business Wire India): Outsource Partners International, Inc. (OPI), a leading provider of finance, accounting, and tax business process outsourcing (BPO) as well as related services, announced the opening of its new, 280,000 square feet Shared Service Center in Bangalore.

 Inflation at a 7.83% high for week ended May 3
New Delhi | May 16, 2008 3:13:02 PM IST
The annual inflation rose to 7.83 percent for the week ended May 3 from 7.61 percent for the previous week. The data for the week ended March 8 has been revised to 7.78 percent versus 5.92 percent (provisional).

 Bank of India's net profit up 76 percent
Mumbai | May 16, 2008 3:46:06 PM IST
Bank of India Friday announced a consolidated net profit of Rs.19.59 billion ($489.96 million) during the fiscal year 2008 compared to Rs.11.08 billion ($277 million) for the year ended March 31, 2007.

 John Laing to set up first India office, bid for roads
London | May 16, 2008 3:46:04 PM IST
British construction and maintenance giant John Laing is to open its first India office in order to beef up its presence in Asia.

 UN forecasts slower global growth in 2008
United Nations | May 16, 2008 3:46:04 PM IST
The world economic growth will drop steeply to 1.8 percent this year, from 3.8 percent in 2007, the UN said in a mid-year economic report.

 SAIL Q4 net profit rises almost 25 percent
New Delhi | May 16, 2008 3:45:44 PM IST
The profit after tax (PAT) of public sector giant Steel Authority of India Limited (SAIL) was Rs.23.77 billion in the last quarter of fiscal 2007-08, a rise of 24.97 percent from the corresponding quarter in the previous fiscal.

 People living above mine fires refuse to move
Ranchi | May 16, 2008 2:40:38 PM IST
The residents of Jharia in Jharkhand's Dhanbad district, who are living on top of coal mine fires that have been raging for 92 years, have refused to accept a rehabilitation package prepared by the state government and Coal India Ltd (CIL).

 India's wholesale inflation soars to 7.83 percent (Lead)
New Delhi | May 16, 2008 2:40:38 PM IST
India's wholesale inflation, the weekly measure of price trends, rose to a three-and-a-half-year high of 7.83 percent for the week ended May 3, up from 7.61 percent in the week preceding it.

 Edelweiss Q4 profit up 121 percent
| May 16, 2008 2:40:38 PM IST
Domestic investment banking company Edelweiss Capital Ltd Friday reported a high net profit both for the last quarter and full year 2007-08, thanks to a strong growth of fee and commission revenues in the last quarter.

 Indian equities enter choppy zone in afternoon trade (Second Lead)
Mumbai | May 16, 2008 2:40:31 PM IST
the record high inflation figure of 7.83 percent announced by the Indian government Friday created turbulence in the stock markets of the country in the afternoon.

 Christie's Hong Kong sale to feature 27 Indian works
Hong Kong | May 16, 2008 2:40:31 PM IST
Christie's spring 2008 sales of Asian contemporary art in Hong Kong May 24-25 will feature a selection of 27 significant works by Indian artists along with those of their counterparts from China, Japan and South Korea.

 Inflation climbs to new high
New Delhi | May 16, 2008 2:40:14 PM IST
Inflation climbed to a new high of 7.83 percent for the week ending May 3, according to government data released Friday.

 PM arrives in Bhutan (Lead)
Thimphu | May 16, 2008 2:40:00 PM IST
Manmohan Singh arrived in Bhutan on a two-day visit Friday, the first trip by an Indian prime minister after the Himalayan nation became the youngest democracy in South Asia. He was received by his Bhutanese counterpart Jigne Thinley at the airport.

 Sensex goes down after positive opening (Lead)
Mumbai | May 16, 2008 2:39:52 PM IST
Major Indian equities markets went down Friday soon after opening in the green, despite strong initial buying interest in power, banking, capital goods, automobiles and IT stocks.

 Indian equities markets open with an upswing
| May 16, 2008 2:39:44 PM IST
Indian equities markets opened in the green zone Friday, taking off from the positive close overnight and mirroring strong cues from global markets.

 Adieu to another book lover's haunt in Delhi
New Delhi | May 16, 2008 2:39:44 PM IST
The quintessential bookshop jammed from the ceiling to the floor with books - the last refuge of a loner and a book junkie - is a genre fast dying out in the capital.

 China eyes stake in world's largest mining firm
Sydney | May 16, 2008 2:39:44 PM IST
China has approached Australian companies to team up for a billion-dollar share raid on giant miner BHP Billiton, news reports said Friday.

 Icahn fights Yahoo board to spur Microsoft deal
San Francisco | May 16, 2008 2:39:44 PM IST
Billionaire investor Carl Icahn officially launched a proxy fight to oust the Yahoo board in a bid to revive Microsoft's spurned deal for the Internet powerhouse.

 Indian art attracts over $1.7 mn in Sotheby's spring auctions (Lead)
New York | May 16, 2008 2:39:37 PM IST
Works by Indian artists Subodh Gupta, Anish Kapoor, T.V. Santosh, Chintan Upadhyay, Riyas Komu, Raqib Shaw and Bose Krishnamachari attracted high prices at Sotheby's spring series of contemporary art auctions here, exceeding expectations with the total sale amounting to $1,748,500.

 Why Chandigarh hotels just love cricket!
Chandigarh | May 16, 2008 2:39:36 PM IST
Top-end hotels in Chandigarh just love the new T20 format of cricket. Be it the ongoing Indian Premier League (IPL) or the rebel Indian Cricket League (ICL), it has meant a windfall for these hotels.

 Yahoo! India's Glue Pages bring new search experience
Bangalore | May 16, 2008 2:39:29 PM IST
Searching the net might become quite a different experience thanks to an experiment from Yahoo! India called Glue that yields results with visual information.

 Nuclear companies jostle for Vietnamese reactor business
Hanoi | May 16, 2008 2:39:29 PM IST
A French nuclear power export consortium has made its case for Vietnam to turn to France for the two nuclear power plants it plans to build in the next decade as firms from five countries gathered at a nuclear power trade fair in Hanoi to promote their wares.

 World Bank provides $600 million for India's elementary education plan
Washington | May 16, 2008 2:39:18 PM IST
The World Bank has approved a $600 million credit to support to India's Sarva Shiksha Abhiyan (SSA), a nationwide centrally sponsored programme designed to provide education to all children aged 6 to 14.

 L&T, GE Energy to jointly focus on power generation
Mumbai | May 16, 2008 2:38:48 PM IST
Engineering and construction major Larsen & Toubro (L&T) Friday said it will explore the potential of the Indian power generation market along with Atlanta headquartered GE Energy.

 OPEC crude price inches up towards $119 mark
Vienna | May 16, 2008 2:38:48 PM IST
The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) climbed 18 cents Thursday, OPEC said Friday.

 Metso Minerals bags order worth EUR 17 million from Essar Steel Ltd
New Delhi | May 16, 2008 12:22:25 PM IST
New Delhi, May 16 (ANI/Business Wire India): Metso Minerals, a leading global supplier of equipment, service and process solutions for rock and minerals processing, today announced that it will supply an iron ore induration machine to Global Supplies Ltd, a member of the Essar Group.