|
|
|
|
|
Business News
New Delhi September 8:
Aimed at enabling travel agents to access any of the airlines with their inventory at a single window, an integrated E platform was today launched by Travel Agents Association of India (TAAI).
"System One is an electronic travel distribution developed using a single platform for the reach and benefit of TAAI members," Rajji Rai, president of TAAI told reporters here. While currently the system would enable air ticket bookings only, later on car rental, train reservations, hotel bookings and other hospitality services would be included for the benefit of customers and agents, Rai said.
The newly launched system has a unique dual window option to facilitate multiple operations simultaneously. The system would provide the customer flight schedule, cost and choice of airline with speed, said Rai. He claimed that the system was "highly secure".
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
New Delhi September 8:
Leading low cost carrier SpiceJet announced that it will fly to international destinations from October 7, with the first flight from New Delhi to Kathmandu.
"Driven by the confidence vested in us by our stakeholders and their encouragement over the past five years, we are now excited to begin this new chapter in the success story of SpiceJet," the company's Director and interim CEO, Kishore Gupta, said in a statement.
After Kathmandu, the airline, owned by media baron Kalanithi Maran, will also launch daily flights on the Chennai-Colombo route from October 9. However, the flights to Kathmandu will be operated 6 days a week. "We are delighted to welcome Colombo and Kathmandu as a part of our new global network and look forward to extending our hospitality to our passengers in this new phase of growth," SpiceJet's Chief Commercial Officer, Samyukth Sridharan, said.
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
Mumbai September 7:
The BSE benchmark Sensex on Tuesday rose by 85 points to touch a fresh 31-month high on sustained buying by funds in mainline stocks, particularly Reliance Industries.
The 30-share Sensex, which had gained over 338 points in the previous session, added another 85.01 points to close at 18,645.06, the highest closing since February, 2008. The broad-based National Stock Exchange index Nifty also breached 5,600-point level by rising 27.05 points to end the day at 5,604.00.
The upsurge in the market was supported by reports of higher direct tax collection by 14 per cent in the first five months of this fiscal. Trading sentiment also got a boost from reports of the US proposing to spend USD 50 billion to bolster its economy which is expected to help the domestic firms.
Market leader Reliance Industries, gained Rs 8.65 at Rs 961.85. IT stock Infosys Technologies spurted by Rs 24.05 to Rs 2,8555. In 30 BSE components, 18 stocks closed with 12 ending with losses.
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
New Delhi September 7:
Reflecting fragile recovery in world’s major economies, foreign direct investment into India dipped for the second consecutive month, by 49 per cent to $ 1.78 billion in July.
The FDI inflows in July 2009 were $ 3.51 billion. Contrary to smart recovery in the domestic economy and a rebound in exports, overseas investment show a slackening trend in the current fiscal, an official told reporters. For the April-July period of 2010-11, FDI inflows declined by 27 per cent to $ 7.59 billion compared to $ 10.53 billion in the same period last year, the official said.
According to experts, weak global economic recovery is one of the reasons for declining FDI in India. “The main reason for the decline in FDI is slump in the major western economies like the US and Europe...,” international trade expert with India’s prestigious Indian Institute of Foreign Trade (IIFT) Rakesh Mohan Joshi said. Crisil chief economist DK Joshi said: “Global economic recovery is still fragile and some impact of that would be reflected in our FDI.”
Foreign investment in June 2010 was at $ 1.38, a dip of 46 per cent over the year ago period. The sectors which attracted foreign investment, included services, telecommunication, construction activities and computer software and hardware, the official said. The country received maximum investment from countries like Mauritius, the US, the UK, Singapore, the Netherlands and Japan.
The government has recently floated discussion papers for public comments to liberalise FDI in multi-brand retail and defence sector. The foreign investment remained low-key despite a recent UNCTAD survey showing that India would remain the second most important FDI destination for transnational corporations during 2010-2012, next only to China.
In its latest ‘World Investment Prospects Survey 2010-2012’, the United Nations Conference on Trade and Development (UNCTAD) said transnational corporations remain buoyant about investment prospects in China, India and Brazil. FDI for 2009-10 at $ 25.88 billion was lower by five per cent from $ 27.33 billion in the previous fiscal.
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
New Delhi September 7:
The government has written to market regulator SEBI saying Cairn Energy Plc’s deal to sell a majority stake in its Indian arm to Vedanta Resources does not yet have its approval, a condition contingent for the $8.48 billion deal to consummate.
The Oil Ministry has also written to Cairn Energy asking the Edinburgh-based firm to make formal applications for approval of transfer of ownership in each of the 10 properties where Cairn India holds an interest through a complex maze of 31 subsidiaries, none of whom are incorporated in India.
Sources in the know said the Oil Ministry wrote to the Securities and Exchange Board of India (SEBI) soon after Cairn Energy Plc CEO Bill Gammell’s August 26 letter that painted a “rosy picture” of its transaction to sell up to 51 per cent in Cairn India to London-listed Vedanta but stopped short of saying that the deal was contingent upon government approval.
The letter to SEBI asserts the Government’s right to vet a change of ownership of a company operating fields like the giant Mangala oilfield in Rajasthan, which is at the centre of Cairn Energy’s deal with Vedanta. It further asserts that the deal will have to comply with regulations under Production Sharing Contracts (PSCs) for the 10 properties which make government or partner state-owned ONGC approval prerequisite for any stake sale, sources said.
When contacted, Oil Secretary S. Sundareshan said the government will consider Cairn’s stake sale as and when they apply for approval. He declined comments on the letter to SEBI. The ministry made no suggestions to SEBI on how it should proceed on Vedanta’s open offer for acquisition of a further 20 per cent from minority shareholders of Cairn India.
As per Vedanta’s offer document, September 7 was the last date for any company to make a counter offer to minority shareholders of Cairn India, they said adding SEBI was yet to approve of the open offer. Sources said SEBI may ask for further details of the deal and may direct Vedanta to make more disclosures so that an investor can make an informed decision when the open offer opens on October 11.
JM Financial, the sole manager of the offer on behalf of THL Aluminum Ltd and Vedanta Resources Plc, along with Sesa Goa, being a person acting in concert, may be asked to make additional disclosures as part of the public announcement. Sources said Cairn has so far stated that its deal with Vedanta was a corporate transaction involving only share transfer and there would be no change in status of Cairn India which will continue to operate as an independent firm.
But the Ministry was concerned about Vedanta’s lack of experience in highly skill based oil exploration business and wants to scrutinise how the new management would operate complex reservoirs like the Rajasthan fields. “Government has asked them to apply for formal approvals. As and when such application reaches us, we will examine it on proper merit,” Mr. Sundareshan said.
Cairn India has 30 subsidiaries, seven of which are incorporated in Australia, two in Mauritius, one each in Jersey, British Virgin Islands and Singapore and nine each in United Kindgon and the Netherlands. It also has a Sri Lankan subsidiary which holds its interest in the North West Sri Lanka offshore exploration block. Mr. Gammell, on August 26, had written to Mr. Sundareshan that the proposed sale of majority stake “will not adversely affect the performance or obligations under the various Production Sharing Contracts (signed by Cairn India) nor be contrary to the interests of India.”
Also, Vedanta has promised continuity in operations at Cairn India, which will remain independent, he wrote adding it along with Vedanta was willing to comply with any reasonable condition of the government to ensure performance of Cairn India’s contractual liabilities.
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
Mumbai September 7:
Indian banks are unlikely to be significantly affected by proposed banking regulations under the Basel III rules, which are aimed at beefing up capital and imparting liquidity, Reserve Bank of India Governor Duvvuri Subbarao said Tuesday.
"We don't expect our banking system to be significantly stretched in meeting the proposed new capital rules, both in terms of meeting the proposed new capital requirements and the quality of capital," Subbarao said in a speech at a banking summit.
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
New Delhi September 3:
Pakistan's rice exports, a major source of revenue to the government, is estimated to decline by nearly 40 per cent in 2010-11 to 2.3 million tonnes due to the floods in the country that has badly hit the crop, the US Department of Agriculture said in a report.
"Although rice is not a staple commodity in the Pakistani diet, it is a major source of revenue for the country. Rice is Pakistan's second largest export and the reduction in rice exports is expected to have implications for Pakistan's balance of payments," the USDA pointed out.
In 2009, Pakistan's rice exports totalled an estimated USD 2 billion. Typically, Pakistan exports 50 to 60 per cent of its rice production (2.8 to 3.8 million tonnes).
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
New Delhi September 3:
The Reserve Bank has allowed banks to restructure the debt of the cash-strapped aviation sector to help the beleaguered industry come out of financial turmoil, sources said today.
The RBI has sent a communication to the banks with regard to debt restructuring for airlines, banking sources said. "The RBI has allowed banks to restructure loans. We will look at the viability of aviation companies," a senior official of Bank of India told reporters.
Bank of India has an exposure of around Rs 4,000 crore to 4-5 companies in the aviation sector. Interestingly, debt restructuring of the aviation sector comes at a time when non-performing assets of public sector banks rose due to loan recasts of certain sectors like textiles, which faced a tough time due to the global financial meltdown.
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
London September 3:
As Britain's housing market continues its downward spiral due to recession, London's biggest builders are targeting cash-rich investors from India and other emerging economies to stay afloat.
A pad in London is avidly sought by upwardly mobile Indian and other foreign entrepreneurs who see the city as a safe and attractive destination. Property dealers in London have reported sales to several foreign investors, including Indians. A weak pound sterling has added to the attraction of buying houses in Britain.
Housing industry sources say foreign buyers bought more than half of the London homes that sold for more than 2 million pounds each last year. The snapping up of houses in London by cash-rich foreign investors has sparked some concern that prices will remain artificially inflated, which will make it difficult for local British buyers to enter the market.
London is said to be particularly attractive to the global super-rich because of its accessibility, stability, safety and the global standing of its financial institutions. It's seen as a magnet to the world's billionaires. Berkeley Group, London's largest volume house-builder, said of the 2,000 homes it sold last year at an average price of 263,000 pounds more than 30 per cent were to buyers in China and India.
This compares with a historic average of 10 per cent. Rob Perrins, chief executive of Berkeley, told reporters: "The demand from sophisticated investors, who want to get money offshore and into a stable investment, or want a place for their children to live in when they come here for university, has no match in the domestic market."
Another builder, Barratt Developments, is reportedly planning to sell a third of the 750 homes it will build in London this year to Asian buyers, compared with about 5 per cent in a normal market. London is already home to 23 billionaires, 11 of them of foreign origin.
|
|
Source :
Punjab Mail Online
|
|
News Date :
September
|
|
|
|
|
|