- More reforms in remaining term, says FM Finance minister Palaniappan Chidambaram said the government would push for more reforms in its remaining term and stressed that a government with a "working majority" was vital to pursue effective reforms.
- Human beings wiped out neanderthal cavemen! Researchers in Germany have based their findings on an analysis of the complete sequence of DNA present in tiny biological powerhouses, mitochondria of a 38,000-year-old fossilised leg bone of a Neanderthal.
- UPA tackles terror, national security better than NDA: Patil Ahead of an all-party delegation to Jammu and Kashmir to try and defuse the situation in the wake of the Amarnath land row, union home minister Shivraj Patil had claimed that the UPA's performance in tackling terror and security-related issues in the country has been better than that of the NDA.
- O! What a bumpy ride High interest rates have pushed passenger cars to a slow and bumpy lane this year. To steer ahead, auto majors have launched new models, and stepped up efforts to bring still newer offerings.
- FE Editorial BSNL, engaged The disinvestment of BSNL, opposed by the Left as long as they supported the UPA government, has run into a new hurdle: its own employees' union, which represents 3,20,506 employees at the public sector telecom giant.
- SC clears Posco, Vedanta projects Posco and Vedanta joined ArcelorMittal in obtaining vital clearances to jumpstart their mega mining projects in India, which had been stalled for at least two years. The combined value of the investment in Orissa is expected at $33 billion. A Supreme Court committee approved Poscos plans to clear forests to produce 12 million tonne of steel a year at Paradip, while in another order, the court allowed Vedanta Resources to mine bauxite at Niyamgiri forest to feed its 1.4- mt alumina plant at Lanjigarh.
- Multi-product SEZ at Nellore Call it a welcome coincidence of growth and development path, the multi-product SEZ at the Nellore district of Andhra Pradesh, about 55 km from Chennai, promises a lot in terms of development towards the growth and development between the two cities and the coastal areas of the neighbouring states.
- Tax sops likely for less polluting cars: Subhas The West Bengal transport department is looking into the possibility of reducing tax burden for vehicles abiding by the polution standards.
- Kingfisher readies for overseas flight While it is still unclear when Vijay Mallya's Kingfisher Airlines will fly abroad, the third largest carrier by market share is wasting no time in getting all the infrastructure ready at the overseas destinations it plans to fly to.
- Bengal tea workers to go on strike over wage revision North Bengal's famed tea industry will be shut for one-day on August 11 as the tripartite meeting between tea workers, planters and the state labour department on wage revision of garden workers remained inconclusive.
- ED appointments in PSBs gain momentum After filling up four posts of chiefs in state-owned banks last week, the ministry of fianance has now initiated moves to appoint executive directors of some public sector banks.
- A day after CEO quits, business as usual at BSE The drama that started at the Bombay Stock Exchange in June with the resignations of two directors – Shekhar Datta and Jamshyd Godrej - culminated with Rajnikant Patel deciding to step down from the post of managing director and chief executive officer of the bourse.
- FIIs can take long position in interest rate futures: RBI The Reserve Bank of India has said FIIs may be allowed to take long position in the interest rate futures market, subject to the condition that the total gross exposure in the cash and the IRF market does not exceed the extent maximum permissible cash market exposure limit, which is currently $4.7 billion.
- English Lord puts life up for sale on eBay An eccentric British millionaire has put his entire life up for sale on the Internet- including his title of Lord of the Manor of Warleigh in the hope of converting his assets into cash.
- Inflation worst failure of UPA; pushing country into stagflation The BJP has once again grabbed the opportunity to flog the UPA government on rising inflation which crossed 12% on Friday.
- Bharti Wal-Mart JV to take off from Punjab The joint venture Bharti Wal-Mart Private Limited is set to open 10-15 wholesale cash-and-carry facilities which will employ approximately 5,000 people over the next seven years.
- Big-ticket M&As may skip the second half The global credit crunch and the US economic downturn could restrict big-ticket financial buyer activity in the second half of this year, says a PricewaterhouseCoopers report.
- Column PFs bittersweet month It's been a bittersweet month for the Employee Provident Fund Organisation. On one hand it held a spectacularly successful competitive bidding for fund management that gives them good names at an unbeatable price of 0.01% of assets.
- Finmin: fiscal options to fight inflation are limited In an unusually long-22-page-note on inflation, symptomatic of the fact that political tempers are running rather high due to this vote-threatening issue, the finance ministry has reiterated that price rises are a global phenomenon.
- AP bars free rice movement In a bid to hold the surging rice prices in the State, the Andhra Pradesh government has decided to impose stringent norms on rice millers and traders.
- GM to choose location of $200 m facility soon General Motors India will soon decide on the location for its $200 million power train facility being planned in the country. The company is considering various locations, including Maharashtra and Pune to establish the facility.
- Rising poultry feed prices bleed industry Prices of poultry feed has risen significantly, owing to recent rains that have impacted the supply of maize. Supply of maize from key maize producing states like Bihar and Uttar Pradesh has been disrupted in a major way.
- RBS sells off $208 billion assets after getting too big Royal Bank of Scotland Group Plc sold about $208 billion of investment-banking assets this year because it got "too big" and reported the first loss since going public 40 years ago.
- Castrol India: speeding ahead Strong performance despite soaring costs of inputs and competition in the industry, higher volumes and improved price realisations and pan-India presence of its BikeZone network.
- Asean, India agree on FTA; to create EU-like market India and South Asian trading block Asean have reached a free trade deal in goods, ending three years of talks aimed at creating a European Union-style single market, only much larger in terms of population- over 1.5 billion.
- Now, party in your office dress Planning to attend a party after work? You can save time by becoming evening glamorous without going home to primp -- thanks to scientists who have designed a dress that transforms between office wear to party outfit.
- Impeaching Mush may not be a cakewalk for ruling coalition Pakistan's ruling coalition's bid to impeach President Pervez Musharraf could boil down to a close number game in Parliament, where the PPP and its allies are short of the two-thirds majority needed to oust him.
- Punjab to explore IT potential in tier II, III cities Punjab would soon explore the IT potential of tier II and III cities like Ludhiana, Amritsar, Jalandhar and Bathinda as a long term strategy after witnessing IT sector's impressive growth as a cluster in Mohali in recent years.
- Picking up speed New launches have shored up the fortunes of India Yamaha Motor Pvt Ltd. Its marketshare has doubled in seven months. The company, which launched a new Gladiator model in March and the 150cc YZF-R15 in May, now has a 2.6% share of the domestic motorcycle industry against 1.3% in January.
- Column A window of opportunity Following recent political events, there is widespread expectation that key reform measures will now be fast tracked. The finance minister has declared his intention to push through the pending reforms in the financial sector.
- Deshmukh defends land pricing for Videocon Maharashtra chief minister Vilasrao Deshmukh on Friday defended the Cabinet decision to allot 100 hectares to Videocon Industries in Navi Mumbai. Deshmukh has been under attack from his arch-rival and revenue minister Narayan Rane for allotting the land at a "throwaway price."
- Multi-product SEZ at Nellore Call it a welcome coincidence of growth and development path, the multi-product SEZ at the Nellore district of Andhra Pradesh, about 55 km from Chennai, promises a lot in terms of development towards the growth and development between the two cities and the coastal areas of the neighbouring states.
- Absolutdata in talks with PEs for expansion Absolutdata Research and Analytics, a US centric global consulting, market research and analytics firm is in talks with private equity players to fund its future expansion plans.
- India to turn a major sugar importer India, a large exporter of sugar this year, will turn a big importer of the sweetner after October 2009 as the crop shrinks and demand rises, a leading producer said on Friday.
- Outsourcing not cause for bank job cuts in Europe Offshoring to low-cost places like India may have been perceived as the key reason for job losses in the western world, but it is mostly internal restructuring that is behind the falling employment rate at European banks, a new report has said.
- Lower margin rate in calendar spread till expiry Much to the advantage of the investors using calendar spread as a tool to hedge their investments, the capital market regulator, Securities and Exchange Board of India, on Friday decided to extend calendar spread treatment till expiry of the near-month contract.
- Drug regulator keen on USFDA tie-up for trials, medical-devices National health watchdog Drug Controller General of India is seeking co-operation from US Food and Drug Administrator for effective regulation, particularly for medical devices and clinical trials in the country.
- Your best friend can help you regain vision The man's best friend could soon help him regain vision, for a new study has revealed that a genetic mutation in dachshunds might help uncover the roots of some inherited forms of blindness in humans.
- Soren eyes CMs chair As JMM's Cabinet entry is delayed further, its chief Shibu Soren seems to be working keen on capturing the chief minister's chair in Jharkhand.
- FE Editorial Right on, RBI RBI staff is going on strike on August 20 to protest against the outsourcing of some of the central bank's functions, and demanding more recruitment.
- Tata Steel seeks shareholders' nod to double its borrowing capacity Tata Steel is planning to double its borrowing capacity from Rs 20,000 crore to Rs 40,000 crore to meet its project costs, according to the company's annual report.
- Rangarajan: N Block to Sansad Marg? Triggering speculations of a series of last-mile changes in the government, Chakravarti Rangarajan has stepped down as chairman of the Prime Ministers Economic Advisory Council (EAC). Suresh Tendulkar, EAC member and chairman of the National Statistical Commission, will head the council now.
- Markets end positive for fifth week Volatility rules the roost at the equity bourses as indices, following alternate bouts of buying and selling, ended on a flat note on Friday.
- Maize, groundnut, cotton sowing down Sowing of main kharif cash crops continued to lag despite revival of monsoon over peninsular India. According to an official statement, as on Aug 7, maize has been sown in 61.7 lakh hectares, down from 68.7 lakh hectares last year.
- Foreign reserves fall $1.13 bn to $305.5 bn The country's foreign-exchange reserves fell $1.13 billion to $305.5 billion in the week ended Aug 1. Foreign-currency assets declined $1.65 billion to $295.2 billion during the week, the Reserve Bank of India said in its statistical weekly supplement in Mumbai.
- Business houses feel inflation heat An FE study of these large industrial houses, with diversified business presence, shows that the net earnings growth rate is low at 7.3% in the first quarter of FY09, as compared to double digit growth rates recorded in previous quarters.
- Focus on nanotech, biotech to reduce green gas emissions: Prez Scientists and researchers need to work on breakthrough technologies like nanotechnology and biotechnology in order to lower the levels of green gas emissions, President Pratibha Patil said on Friday.
- Belaruss sausage way to attract athletes A meat producer in Belarus has found what it says is the perfect way to motivate the ex-Soviet state's athletes at the Beijing Olympics-offer gold medallists a lifetime supply of sausage.
- No question of going back to party, says Somnath In the eye of storm over his refusal to quit, Lok Sabha Speaker Somnath Chatterjee on Friday said he will retire at the end of his term and was not keen on rejoining CPI(M) which expelled him recently.
- Blog cafe A new vista? A study recruited 140 Mac and PC users who thought Microsoft's latest operating system was slow, that it crashed constantly, that it was incompatible with various devices, and that installing it would be a pain.
- UTV acquires 75% stake in UGBL Media and entertainment conglomerate UTV informed the Bombay Stock Exchange on Friday that UTV Software Communications has acquired 75% stake in its broadcasting arm - UTV Global Broadcasting Ltd for Rs 240 crore.
- CACP submits MSP proposals for six rabi crops The commission for agriculture costs and prices has submitted to the government its recommendations on the minimum support price of six crops grown during the coming rabi season.
- CitiFins NCD issue given negative rating Citigroup provides strong management and operational support to CitiFinancial. The ratings are also driven by CitiFinancial's strong credit appraisal and risk management mechanism, healthy capital position, high but declining profitability margins, and comfortable resource profile.
- RComm to launch DTH services from August 15 Cable and DTH viewers are set to get a wider choice, with Anil Ambani Group firm Reliance Communications expected to start nationwide commercial operations of its DTH service from August 15.
- Letters to the editor The lack of wisdom shows The ongoing agitation against the canel order of the land allotted to the Shri Amarnathji Shrine Board in Jammu & Kashmir is lacking wisdom and principle.
- Office rentals go up in central biz districts As far as the impact of inflation and slowdown of economy on office rentals is concerned, no clear trend in the real estate sector is emerging. While in the central business districts the rentals are moving up, in most micro markets they have stabilised.
- India may ship record soybean meal India, Asia's biggest shipper of soybean meal, may have record exports next year after rains spurred planting, curbing gains in world prices, a processors group said.
- Bond yields ease on lower oil prices, Re flat On Friday, bond yields ended lower as easing oil prices on world markets calmed inflation concerns and lower cut-off yields in a government bond auction bolstered sentiment.
- Cabinet defers sugar decontrol proposal Sugar millers in India might have to wait a little longer for unshackling their industry from government controls as the Cabinet on Friday deferred a decision to decontrol the sugar industry by amending the Sugar Control and Regulation Order.
- Sebi launches criminal prosecution against Kapoor Securities and Exchange Board of India is tightening the noose around erring market participants. The capital market regulator has filed a criminal complaint against Rajeev Kapoor, the Delhi-based proprietor of Imax Equity Research, for violating regulatory norms.
- New urea policy calls for international price-parity formula In a bid to deal with shortfall in urea production in the country, the government on Friday announced a new pricing policy for attracting investment in the sector.
- Centre to restructure PSB capital to enable listing The government on Friday decided to restructure the capital of state owned Punjab & Sind Bank for improving the financial health of the bank. The restructuring would enable the bank getting premium while accessing the capital market.
- Right to Education Bill referred to GoM The Union Cabinet referred the Right to Education Bill 2005 to the group of ministers. The bill, once approved by the GoM, is expected to be taken up during the monsoon session of parliament.
- Steel firms to hold prices, want check on input costs Steel companies have agreed to hold prices at current levels, steel secretary Pramod Rastogi said after a self-imposed three-month freeze on rates expired on Thursday.
- Power policy pitches for relaxed norms In a major policy shift, the power ministry has proposed tariff-based bidding for 60% stake sale in hydro power projects and 85% for thermal projects.
- ICAI bites Big Apple to fulfill CAs US dream In what will help thousands of chartered accountants and aspiring CAs in the country pursue their American dream, the Institute of Chartered Accountants of India has started a new chapter in New York.
- Commission seeks ban on child labour in farm sector Concerned over the exploitation of children as labourers in the agriculture sector, the National Commission for Protection of Child Rights has sought a ban on their employment in the sector and changes in the legislations to prevent child labour in the country.
- Plan to increase traffic speed limit hits hurdles The government's decision to raise the speed limit for transport and other vehicles from 60 kilometres per hour to 70 kmph in general and over 100 kmph on expressways, has come under attack from experts.
- Govt not in favour of windfall tax on oil & gas cos profits Endorsing the stand taken by countries such as Britain, the government is not in favour of imposing a "windfall tax" on the profits of oil and gas companies-be it the producers or the refiners.
- Plan panel wants framework for all PPP projects to bring in more clarity The Planning Commission wants all private-public-partnership projects to come under a regulatory framework so that there is more transparency at various stages of implementation.
- SAIL seeks more blocks for coal-to-liquid projects Steel Authority of India Limited has called upon the coal ministry to allocate coal blocks for coal-to-Liquid projects.
- Group M, Lintas, other agencies ramp up operations As media major Group M India, part of WPP Group Plc is strengthening its offerings in the ambient media and sponsorships sector, Lintas Media Group is driving digital capability and technology up gradation to gain a competitive edge in the Indian media buying industry.
- Input cost, freeze on prices to hit JSW steel JSW Steel, India's third largest steel producer,will see significant pressures on its bottomlines due to increase in input costs and freeze on steel prices since May 7.
- Sri city to become Chennais richer cousin Call it a welcome coincidence of growth and development path, the multi-product SEZ at the Nellore district of neighbouring district of Andhra Pradesh close to border of Tamil Nadu and about 55 km from Chennai.
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