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Business News
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).
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Source :
Punjab Mail Online
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News Date :
September
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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.
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Source :
Punjab Mail Online
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News Date :
September
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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.
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Source :
Punjab Mail Online
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News Date :
September
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Mumbai September 2:
The BSE benchmark Sensex closed with a minor gain of over 32 points on Thursday as investors refrained from buying riskier assets ahead of the release of key economic data by the US.
Gaining strength from an overnight rally on Wall Street and supported by firm Asian bourses, the markets started the day on a strong note, but were unable to maintain the gains as investors booked profit after every rise, brokers said. The 30-share barometer of the Bombay Stock Exchange ended higher by 32.44 points, or 0.18 per cent, at 18,238.31. During the session, the index jumped about 150 points to hit a high of 18,355.84.
The National Stock Exchange's wide-based 50-share Nifty index finished at 5,486.15, up 0.26 per cent. "Investors don't want to miss a single opportunity to book profit and market is trading in a broader range. In early hour, global cues were in favor, but as the session passed, sentiment was subdued and market ended almost flat," Ashika Stock Brokers Research Head Paras Bothra said.
Analysts said investors were cautio us ahead of the release of key economic data by the US. Jobless claims, non- farm productivity and home sales data are due from the world's largest economy. Buoyed by a 51 per cent rise in cement sales during August, Jaiprakash Associates climbed 4.32 per cent and was the best performer in the Sensex pack. Consumer durables, FMCG, banking and auto stocks were in demand, while IT, technology and energy stocks were among the worst hit.
HDFC rose 1.5 per cent, HDFC Bank 1.46 per cent and ICICI Bank 0.83 per cent. Tata Power moved up 1.67 per cent, ITC 1.2 per cent and HUL 0.86 per cent. Reliance Industries, which holds the maximum weight in the Sensex, ended 0.07 per cent higher at Rs 937.15. The sentiment on Dalal Street was also upbeat after Finance Minister Pranab Mukherjee said overall direct taxes growth so far in the current fiscal is "satisfactory".
April-July direct tax revenue grew by 15.75 per cent in comparison to the year-ago period. While corporate tax revenue was up 20.9 per cent, personal income tax revenue rose by 8.51 per cent during the period. Higher tax collections fuel speculation that earnings may rise, an analyst said. Sterlite advanced 2.59 per cent as global copper prices rebounded, while L&T gained 0.49 per cent.
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Source :
Punjab Mail Online
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News Date :
September
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New Delhi September 2:
Making a case for freeing the sugar sector from government controls, Food and Agriculture Minister Sharad Pawar today met the Prime Minister to apprise him about the proposed move to give freedom to mills for sale of the sweetener.
At present, the government controls the sugar industry by fixing the quantity of the sweetener that mills would sell in the open market as well as through ration shops each month.
With expectations of bumper production from next season starting October, the Ministry is planning to decontrol the sector. According to sources, Pawar made a presentation to Prime Minister Manmohan Singh about the way the Food Ministry is planning to ease controls on the sugar industry.
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Source :
Punjab Mail Online
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News Date :
September
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Beijing September 2:
India and China today held high- level comprehensive dialogue on a host of financial issues to identify areas of convergence to step up their cooperation in the international and bilateral economic spheres.
The talks between the delegations headed by India's Finance Secretary Ashok Chawla and Chinese Vice Finance Minister Zhu Guangyao were held in the backdrop of tense stand off between the two countries over denial of visa to Indian Army's Northern Command Chief, Lt General BS Jaswal, to join the military delegation for talks with defence officials here.
The Chinese move prompted India to put on hold all defence exchanges between the two countries. Today dialogue on financial issues is the fourth round. It is being held every year as part of new diplomatic architecture to enhance strategic cooperation on trust between the two countries.
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Source :
Punjab Mail Online
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News Date :
September
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Mumbai September 2:
Finance Minister Pranab Mukherjee has asked Life Insurance Corporation (LIC) to increase its contribution to the GDP to 2 percent from the present 1.84 percent, as the state-run insurance behemoth enters its 55th year of operations.
The life major enjoyed a whopping 71.33 percent of new business premiums as of July 31, 2010, and 71.68 percent in terms of overall policies, according to data from insurance regulator IRDA. In the overall life market, LIC had a 66 percent market share as of end-June, a full 11 percent jump in comparison to the same period last year. LIC was created on September 1, 1956, by nationalising 245 private insurers through an Act of Parliament.
Even after a decade of operations, the 22 private operators together have a market share of slightly above 29 percent, Mukherjee noted and said he expects LIC to increase its contribution to 2 percent of GDP from the present 1.84 percent. The corporation has already registered over 1 crore new policies in the current fiscal (as of August 14), with a first-year premium income of Rs 15,917 crore, translating into an impressive 96.17 per cent growth, said corporation chairman TS Vijayan.
Inaugurating the week-long anniversary celebrations of LIC by cutting a ceremonial cake at the insurance meet organised by Assocham, Mukherjee extended his best wishes to the corporation and noted that opening up of the market has only pushed LIC to newer heights in terms of business and service to customers. Mukherjee also asked insurers to introduce more affordable products to help the government extend its financial inclusion drive to the masses, reduce the premiums and increase the visibility of different policies and products through the print and electronic media, seminars and discussions.
When LIC began operations on September 1, 1956, it had assets worth only Rs 348.68 crore and the same has now risen to a mammoth Rs 11,52,057 crore, said Vijayan. Total premium income for FY'10 stood at Rs 1,85,986 crore, while gross total income stood at Rs 2,98,721 crore during the same period. In 2009-10, the corporation settled 2.11 crore claims amounting to Rs 53,954 crore. The corporation has 2,048 branch offices, 1,042 satellite offices, an employee force of 1,15,000 and over 14 lakh agents servicing over 37 crore individual policies and over 8 crore group and social sector policies, Vijayan said.
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Source :
Punjab Mail Online
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News Date :
September
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New Delhi September 1:
Exports grew by 13.2 per cent to USD 16.24 billion in July compared to the same period last fiscal, posting growth for the ninth month in a row.
Imports too jumped by 34.3 per cent to USD 29.17 billion in July compared to the same month last fiscal, according to the official data released on Wednesday. During April-July this fiscal, exports posted a growth rate of 30 per cent to USD 68.62 billion on year-on-year basis. Imports during the April-July period grew by 33.3 per cent to USD 112.2 billion.
Oil imports in July grew by 4.4 per cent to USD 7.6 billion, while non-oil imports jumped by 49.6 per cent to USD 21.5 billion. The country's trade deficit widened to USD 12.93 billion in July compared to the year-ago period.
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Source :
Punjab Mail Online
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News Date :
September
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Srinagar September 1:
The 80-day period of shutdowns and curfews in the valley has dented the economy of Jammu and Kashmir by a whopping Rs 21,000-crore as the separatist sponsored agitation has affected every sector including tourism, handicrafts and the nascent industries.
Several established and upstarting manufacturing companies, hotels and restaurants have laid off staff due to prolonged agitation which is showing no signs of ending. "We do not have the exact data but lay offs have taken place mostly in the hotel and restaurant sector and the travel trade," President of Kashmir Chamber of Commerce and Industry (KCCI) Nazir Ahmad Dar told reporters.
Dar said although reducing the number of employees in the hotel industry was a common practice during the winters due to lean tourist arrivals, this year the lay offs have started at the peak of the tourism season in July.
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Source :
Punjab Mail Online
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News Date :
September
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New Delhi September 1:
India has insisted for complete access to BlackBerry data as security is more important than privacy, Union Home minister P Chidambaram said on Wednesday.
India wants complete access to the BlackBerry data. The government feels that security is more important than privacy, Chidambaram told reporters during the monthly briefing of his ministry. "If RIM can offer data access to other countries, who not India", he questioned.
He said the government will keep a watch on the progress made in the two months bought by the BlackBerry maker Research in Motion (RIM) to address India's security concerns. Asking RIM to act fast on the issue, the Union minister said, "Two months isn't a long time considering the intensity of the problem." Fearing a possible ban on its business in India, the Canadian firm RIM had on Monday (August 30) offered the Indian government some solutions to access its data.
RIM has made certain proposals for lawful access by legal enforcement agencies and these would be operationalised immediately. The feasibility of the solutions offered would be assessed thereafter. The Indian government said that it would review the situation and that the Department of Telecommunications would submit its report within the next two months.
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Source :
Punjab Mail Online
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News Date :
September
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New Delhi September 1:
Gold today climbed to an all-time of Rs. 19,405 per 10 grams in the bullion market here after frantic buying stockists to meet the rising demand during the ongoing festival season.
The precious metal mirrored the gains in global markets, the trend setter on the domestic front, marketmen said. Gold rose to two-month high levels in the global markets following a fall in the dollar. Gold prices spurted by Rs. 215 to trade at a record high of Rs. 19,405 per 10 grams, surpassing the previous record level of Rs. 19,220 set on June 8.
Silver recorded a handsome gain of Rs. 525 to trade at Rs. 30,950 per kg on increased offtake by industrial units and jewellery fabricators. Marketmen said that a sharp rise in demand from jewellers and stockists to meet the ensuing festival season demand boosted the uptrend. Gold of 99.5 per cent purity shot up by Rs. 215 to Rs. 19,305 per 10 grams. Sovereigns also rose by Rs. 100 to all-time high of Rs. 15,000 per piece of eight grams.
Silver ready gained Rs. 525 to trade at Rs. 30,950 per kg and weekly-based delivery spurted by Rs. 640 to Rs. 30,920 per kg. Silver coins were also gained Rs. 200 to Rs. 34,900 for buying and Rs. 35,000 for selling of 100 pieces.
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Source :
Punjab Mail Online
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News Date :
September
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Mumbai September 1:
The Bombay Stock Exchange benchmark Sensex gained 235 points to reach a one-month high today on heavy buying by funds influenced by strong GDP growth of the Indian economy and rising exports amid firming global cues.
The Sensex shot up by 234.75 points, or 1.31 per cent, to 18,205.87, translating into its highest gain in 10 weeks to a level last seen on August 4, led by a rise in stocks of raw material producers as investors speculated that economic expansion will boost profitability and demand. The Sensex had lost 60.99 points yesterday.
Similarly, the broad-based National Stock Exhange index Nifty rose by 69.45 points, or 1.29 per cent, to 5,471.85. Renewed buying by foreign funds, a rise in exports for the ninth straight month in July, strong auto sales, impressive 8.8 per cent GDP growth, a rebound in China's manufacturing activity and smart growth in Australia's economy in Q2 also helped the Sensex post impressive gains.
Index heavyweight Reliance Industries snapped its seven- day losing streak and gained Rs 17.60 to Rs 936.45, while the second most valuable scrip on the BSE, Infosys Technologies, rose by Rs 68.65 to Rs 2,775.75. The metal sector index gained the most, rising 3.02 per cent to 15,429.53 after Sterlite Industries, the largest copper producer, gained Rs 5.40 to Rs 156.55 on the back of a surge in metal prices in international markets.
Similarly, Tata Steel rose by Rs 15.35 to Rs 537.75, its highest close since August 10. From the BSE-30 component, 27 counters ended with gains while only three finished with losses. All the sectoral indices ended in the green, higher by between 3.02 per cent and 0.28 per cent. Among the major gainers, RCom spurted by 4.94 per cent, Hindalco by 4.48 per cent, Bharti Airtel by 3.10 per cent, DLF by 2.57 per cent and R-Infra by 2.10 per cent.
Amongst sectoral indices, the BSE-Realty index jumped by 99.15 points, or 2.98 per cent, the BSE-Tech index by 75.93 points, or 2.25 per cent, and the BSE-IT index by 107.72 points, or 2.00 per cent. Auto stocks initially were in keen demand on higher sales growth, a major part of the gains were pared on late profit-booking. Barring China which finished down by 0.50 per cent, other Asian stocks ended higher today.
Key indices from Hong Kong, Japan, Singapore, South Korea and Taiwan closed up by about 0.43 per cent and 1.26 per cent. European markets were trading higher in their late morning deals. The CAC was up by 1.50 per cent, the DAX by 0.43 per cent and the FTSE by 1.09 per cent. US stock index futures, too, indicated a firm opening on Wall Street today.
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Source :
Punjab Mail Online
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News Date :
September
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New Delhi September 1:
Economy grew by an impressive 8.8 per cent during the quarter ended June on the back of robust manufacturing growth.
However, certain sectors like financial services restrained the growth in economy, which had recorded 6 per cent growth rate in April-June 2009-10. Agriculture and allied activities grew by 2.8 per cent, higher than 1.9 per cent in the year-ago period, but it is nowhere between the target of four per cent pegged by the government in the medium term.
Manufacturing expanded by strong 12.4 per cent in April-June, 2010 against a mere 3.8 per cent growth rate in the same period last year. Construction too grew by 7.5 per cent compared to 4.6 per cent. Among services, financial, insurance and real estate services expanded by just 8 per cent, against a growth rate of 11.
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Source :
Punjab Mail Online
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News Date :
September
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New York September 1:
The US-based 3M today said it will acquire Israeli firm Attenti Holdings SA in a cash deal worth USD 230 million, making it the technology major's second deal within two days.
Yesterday, 3M had announced the takeover of biometric solutions provider Cogent Inc in a deal valued at USD 943 million. The company said in a statement today that it has entered into a definitive agreement to acquire Attenti Holdings from an investor group led by Francisco Partners, for a purchase price of USD 230 million in cash. The acquisitions of the two security technology related firms would help 3M in enhancing its product offerings.
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Source :
Punjab Mail Online
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News Date :
September
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Dubai August 31:
Qatar Airways will be expanding its operations from India to the Gulf nation with a 20 per cent increase in the frequnecy of its flights from Delhi, Cochin and Amritsar this September, the airlines has said.
Beginning September 1, the airline will increase the freqency of its flight to Amritsar from four-a-week to daily. "The expansion comes less than a year since Qatar Airways launched flights to Amritsar," Qatar Airways said in a statement.
Also Cochin, which currently is begin served by a daily flight, the airline will be launching additional four flights a week - two starting from September 1 while the other two from November 5. With the launch of new additional flights, each of the 11 Indian destinations would be served daily non-stop, except Delhi and Cochin, which would have a double daily service and 11 flights-a-week, respectively.
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Source :
Punjab Mail Online
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News Date :
August 31,
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New Delhi August 31:
Targeting fast growing dual SIM handset market, Nokia launched two devices and announced plans to introduce more such models in various price ranges.
The entry-level C1 model is priced at Rs.1,999 and comes with flashlight and FM radio. It will have a ‘call divert' feature to ensure that users do not miss a call from either of the two SIMs. However, the handset can only be used for voice and SMS.
Similarly, C2 model, which will be available later this year, will allow users to access services such as Ovi Life Tools and Ovi Mail. It will also have a music player and support micro-SD cards of up to 32 GB capacity.
“As per our deep consumer insights, entry-level consumers need dual SIMs for various reasons. To address these consumer requirements, Nokia has launched these two devices that offer multiple SIM capabilities with a balanced feature set and ‘relevant innovations' at affordable price points,” Nokia Executive Vice-President (Mobile Phones) Mary McDowell told journalists here.
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Source :
Punjab Mail Online
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News Date :
August 31,
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Mumbai August 31:
Prithvi Raj Singh Oberoi has found his white knight in Mukesh Ambani. Reliance Industries (RIL) acquired a strategic stake of 14.12% in EIH — the company that owns and runs Oberoi Hotels and Resorts — for Rs 1,021 crore, staving off a potential takeover threat that EIH faces from ITC.
ITC, the tobacco-to-hotels major, is already sitting on the fence with a 14.98% stake in EIH. With RIL matching ITC's holding in EIH and having the critical advantage of the promoters' blessing, the possibility of ITC making a hostile bid for the Rs 1,038-crore hotel chain has dimmed considerably.
The stake has been acquired by RIL's wholly-owned subsidiary, Reliance Industries Industries Investment and Holding, from Oberoi Hotels and certain promoters of EIH. As per EIH's shareholding pattern (June 30, 2010), the promoter holding stood at 46.43%. With the transfer of a 14.12% stake to RIL, the holding would come down to 32.31%.
The move marks RIL's entry into the hospitality sector with experts saying that the deal reflects the enormous potential of the hotels sector, particularly with Reliance buying EIH shares at a substantial premium. RIL bought the stake in EIH at Rs 184 per share, which is a 22% premium on EIH's closing price of Rs 151 on Monday on the BSE. EIH shares rose more than 11% over its Friday's close. RIL's shares fell 0.2% to Rs 947 and ITC declined 1.24% to Rs 159.
There will not be a change in the management or the operations of the company with both staying with EIH. RIL and Oberoi were categorical that this was a ''strategic investment''. EIH chairman Oberoi said, ''Reliance Industries desired to make a long-term financial investment in the luxury hospitality industry and we were happy to encourage their investment in EIH. There is no change to the control, management or operation of EIH.''
Reliance, too, stressed this when it said, ''RIL's investment in EIH has been made as the Oberoi family had developed the Oberoi Hotels brand into a premier international brand in the luxury hospitality sector and as a result EIH has excellent future prospects. RIL has full faith in and would support the management of EIH and there is no change of management, operation or control of EIH.''
An industry expert, who did not wish to be quoted, said that with RIL's entry, ITC would not launch a takeover bid for EIH as its position has been weakened. The expert said that RIL's move to come in as a strategic investor could enable the Oberoi group promoters to step up shareholding so that the combined shareholding (along with RIL) goes up to over 51%.
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Source :
Punjab Mail Online
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News Date :
August 31,
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New Delhi August 30:
The Government today tabled the much-awaited Direct Taxes Code bill (DTC) in the Lok Sabha which proposed to raise the exemption limit on income tax from the current Rs 1.6 lakh to Rs. 2 lakh.
The bill, introduced by Finance Minister Pranab Mukherjee, seeks to widen income tax slabs to levy 10 per cent rate on income between Rs. 2 lakh to 5 lakh, 20 per cent on between Rs. 5-10 lakh and 30 per cent above Rs. 10 lakh. For senior citizens, tax exemption is sought to be raised to Rs. 2.5 lakh from Rs. 2.40 lakh.
Currently, income between Rs. 1.6 - 5 lakh attracts 10 per cent tax; between Rs. 5 - 8 lakh, 20 per cent and beyond Rs. 8 lakh, 30 per cent. The proposed tax slabs are much lower than originally suggested in the draft DTC bill - 10 per cent for Rs. 1.6 lakh to Rs. 10 lakh, 20 per cent between Rs. 10 - 25 lakh and 30 per cent for income above Rs. 30 lakh.
The bill seeks to fix corporate tax at the current 30 per cent but without surcharge and cess. With surcharge and cess, the current tax liability on corporates comes to over 33 per cent. The legislation also proposes to increase MAT from 18 per cent to 20 per cent of book profit of a company. It seeks to levy dividend distribution tax at 15 per cent. When enacted, DTC will replace archaic Income Tax Act.
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Source :
Punjab Mail Online
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News Date :
August 30,
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New Delhi August 30:
Gold prices fell marginally by Rs 11, or 0.06 per cent, to Rs 18,886 per ten gram in futures trade today, as speculators reduced their holdings on the back weakening global trend.
At the Multi Commodity Exchange counter, gold for delivery in October-month fell Rs 11, or 0.06 per cent to Rs 18,886 per ten gram, with an open interest of 19,701 lots. Similarly, the metal for delivery in December lost Rs 7, or 0.04 per cent, to Rs 19,001 per ten gram, with an open interest of 3,687 lots.
Market experts said fresh off-loading by speculators amid weakening global trend mainly led to a fall in gold prices at futures trade. Meanwhile, gold fell by USD 3.10 to USD 1,235 an ounce in Asian region.
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Source :
Punjab Mail Online
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News Date :
August 30,
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New Delhi August 29:
India's BlackBerry users are holding their breath as they wait to see if the government carries out a threat this week to ban encrypted messages sent on the phones due to fears of misuse by militants.
The government, worried that militants could use BlackBerry's heavily encrypted services to plan attacks, warned earlier this month it would start blocking emails and instant messages sent on the smartphones unless the company comes up with a way for security agencies to decode the traffic by August 31.
There were indications late last week the deadline might be pushed back beyond Tuesday's deadline as BlackBerry's Canadian makers, Research in Motion (RIM), scrambled to satisfy the authorities. Minister of state for communications Sachin Pilot said he was "hopeful" a plan could be worked out with RIM.
The government -- keen to project India as a fast-growing, investor-friendly economy -- is "not in the business of shutting down services", Pilot said, but stressed New Delhi was also not ready to sacrifice its security interests. "These concerns have been addressed in other parts of the world. I see no reason why the government and (security) agencies should take any risk at all as far as technology (is concerned)."
Analysts have noted other security-conscious nations such as China and Russia appear to be satisfied over their intelligence agencies' level of access to BlackBerry communications. GK Pillai, the top bureaucrat in the home ministry, was due to hold a department meeting Monday to take a call on India's next step. Officials have suggested RIM might be given a one or two-month extension of the deadline.
BlackBerry users said they hoped a shutdown could be averted. "It’s as essential as food, water and shelter. A BlackBerry is a necessity for all the corporate guys, and the government can't afford to do that (a ban), that’s for sure," said marketing manager Amit Deshmukh. But the government has already told cellular operators to be prepared to shut off BlackBerry's corporate messaging services. Non-corporate emails are less heavily encrypted and can already be accessed by Indian security agencies.
For RIM, whose shares closed at a 52-week low on Friday of 45.99 dollars in New York, striking a deal with India is crucial and would help ensure the company is not shut out of the world's fastest-growing cellular market. India, which has 1.1 million BlackBerry users, would be the first country to curb its services. But RIM is also facing a threatened ban by the United Arab Emirates and is negotiating with Saudi Arabia on security issues.
In a bid to head off a showdown, RIM offered Thursday to set up an "industry forum" to look at how to prevent misuse of the encrypted service while safeguarding corporate privacy. RIM and analysts insist the company is unable to comply with demands to hand over codes allowing interception by security agencies. RIM says it has no "master key" to unlock encryption codes of clients which are set at the user level and argues the issue is an industry-wide concern.
"The industry forum would work closely with the Indian government and focus on developing recommendations for policies and processes aimed at preventing the misuse of strong encryption technologies," RIM said. "Banning one solution, such as the BlackBerry solution, would be ineffective" and also "severely limit the effectiveness and productivity of India’s corporations," RIM added.
"They are essentially trying to educate the government so it can stay ahead of the technology -- militants are not going to be going around using corporate emails, there are more sophisticated methods," Kunal Bajaj, director India of telecom consulting firm Analysys Mason, told a news agency. "I honestly do not think India will shut BlackBerry services down, it's just taking a bit of time to see what are the options and how to get what they're looking for," he added.
Nareshchandra Singh, principal research analyst at Gartner global consultancy, said there "could be some extension, but ultimately if the government doesn't get what it wants it could come to a ban."
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Source :
Punjab Mail Online
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News Date :
August 29,
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Mumbai August 29:
Gold prices are all set to touch Rs 19,500-20,000 per 10 grams by Diwali due to rising investor interest, a top industry official said.
"We expect gold prices to cross Rs 19,500-Rs 20,000 per 10 grams by Diwali this year after some correction in prices," Bombay Bullion Associations (BBA) President Suresh Hundia told reporters here.
Standard gold (99.5 purity) closed at Rs 18,910 and pure gold (99.9 purity) at Rs 19,000 per 10 grams in the Mumbai bullion market last week. In New York, gold for December delivery is hovering at USD 1,237.90 an ounce on the Comex division of the NYMEX.
Gold may reach at least USD 1,350 an ounce this year as investors seek a shield against financial turmoil, weak currencies and inflation, analysts said. Indian households are the largest gold consumers in the world.
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Source :
Punjab Mail Online
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News Date :
August 29,
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New Delhi August 29:
Toyota, the world’s largest car maker, is set to double its production capacity in India as its new plant in Bangalore, with an investment of nearly $680 million, will be operational by the end of this year.
“The new plant will have an annual production capacity of 70,000 units. It will double our production capacity in India,” Mitsuhiro Sonoda, Toyota Motor President for Asia-Pacific, told reporters.
Mr. Sonoda said Toyota planned to introduce new models in India in hybrid and small car segments. The company plans to launch Etios in India in both sedan and hatchback versions by the end of this year. The Japanese car maker operates in India through a joint venture with the Kirloskar Group.
Talking to reporters, Managing Coordinator of Toyota Kirloskar Motor Toshiaki Ozawa said the company was working on several new models that would be specifically suited for the Indian market. “We are working on India specific models because Indian market is different... It is more price sensitive,” said Mr. Ozawa, adding most of its upcoming models would be priced at around Rs.10 lakh.
Toyota currently sells utility vehicle ‘Innova’, premium sedan ‘Corolla Altis’ and sports utility vehicle ‘Fortuner’ All these models are produced at its plant in Bangalore. The company also sell premium sports utility vehicle ‘Prado’ and luxury sedan ‘Camry’ in Indian market. These models are imported from Japan.
Mr. Ozawa said because of high duties the company finds it difficult to sell imported premium SUVs and sedans in Indian market. India levies up to 60 per cent duties on imports of certain models of car. “Toyota last year sold more than 55,000 cars in India,” Ozawa said, adding the company expected a sharp jump in the number this year.
In 2011, the company’s total production capacity will increase to 140,000 cars. Toyota Kirloskar Motor’s existing facility, which is also located in Bangalore, has the capacity to produce 70,000 units annually. Ozawa said the company was confident to sell all the cars that it would produce as demand was likely to remain strong in India on the back of high economic growth and favourable interest rates regime.
Car sales in India is estimated to increase by nearly 30 per cent this year. In April-July quarter car sales rose 35 per cent to 592,405 units. According to Society of Indian Automobile Manufacturers, annual car sales in India is likely to reach 3 million by 2015. Passenger-car sales jumped 38 percent to a record 158,764 in July. Global majors like Toyota, General Motors, Ford, Honda and Volkswagen are increasing their presence in one of the world’s fastest growing car markets.
Maruti Suzuki, which controls nearly half the Indian car market in terms of sales, is also planning to build a new factory at Manesar, near New Delhi, to cater to the increasing demand of cars in the country. Maruti Suzuki currently has the capacity to produce over 1 million vehicles a year from its four existing production facilities. From the fifth plant the company targets to produce nearly 300,000 more vehicles.
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Source :
Punjab Mail Online
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News Date :
August 29,
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New York August 29:
A company owned by billionaire Microsoft co-founder Paul Allen has slapped lawsuit against Google, Apple, Facebook and eight other American technology majors for patent infringement.
Interval Licensing Llc has sued these entities for violating patents, most of which are related to a technology that displays information about products to users on the screen. The company has alleged patent violations against Google, Apple, Facebook, AOL, eBay, Netflix, Office Depot, OfficeMax, Staples, Yahoo! and YouTube.
The lawsuit, which alleges infringement of four patents, was filed with a Seattle Federal Court on Friday. According to the complaint, companies such as Apple and AOL are liable for infringing a particular patent "by making, using, offering, providing, and encouraging customers to use products that display information in a way that occupies the peripheral attention of the user as claimed in the patent".
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Source :
Punjab Mail Online
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News Date :
August 29,
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New Delhi August 29:
Finance Minister Pranab Mukherjee exuded confidence that the economy would grow by more than 8.5 per cent this fiscal, despite partial roll back of stimulus measures.
Addressing heads of Indian Missions here, Mukherjee said the economy is likely to continue the high growth trajectory in the coming years as well. Mukherjee said fundamentals of the Indian economy are strong and explained to the heads of Indian Missions how India coped with economic challenges.
Indian economic growth slowed down to 6.7 per cent during 2008-09 from nine per cent in the previous three years after the deepening global financial crisis hit the economy. To blunt the impact of global crisis, the Government provided stimulus to the economy by cutting taxes and stepping up public expenditure. This catapulted economic growth to 7.4 per cent last fiscal, despite just 0.
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Source :
Punjab Mail Online
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News Date :
August 29,
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Mumbai August 28:
The BSE benchmark sensex snapped its last three-week gains by slipping sharply by 403 points on fresh all-round selling by operators and investors in view of completion of August contract and global economic worries.
Markets across the globe were gripped under selling pressure on worries about the pace of the economic recovery in the US, the world's biggest economy. The BSE sensex fell below the 18,000 mark while the S&P CNX Nifty retraced from 31-month high.
Volatility was high during the week as traders rolled positions in the derivatives segment from the August 2010 series to September 2010 series. Approval of net set of direct tax rules by the Union Cabinet also affected the market sentiment. As per the new rules, income tax exemption limit rises from 1.6 lakh to 2 lakh, leaving more money in the hands of individuals, and a lower tax rate for companies.
However, the government proposes to raise the minimum alternate tax (MAT) on book profits to 20 percent from current 18 percent. Inflation in the Food Articles group declined to 10.05 percent for the week ended 14 August 2010 from 10.35 percent in the previous week. The government also announced a bagful of stimulus measures in the latest review of the Foreign Trade Policy to spur exports.
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Source :
Punjab Mail Online
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News Date :
August 28,
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Bangalore August 28:
The Governor of Reserve Bank of India D. Subbarao said that a “calibrated exit” from an expansionary monetary policy poses “policy dilemmas” to the central bank while addressing the three main economic priorities — economic growth, price stability and financial stability.
Delivering the M. Chidambaram Chettiyar Memorial Lecture at the Indian Institute of Science, Dr. Subbarao said the RBI had adopted festina lente — make haste slowly — as its guiding principle while charting its exit route. Speaking on the subject, “Economic crisis and crisis in economics,” Dr. Subbarao said, “People felt let down by economics and economists soon after the onset of the global financial crisis.”
The profession was “discredited and the reputation of the professionals was dented.” “The economic crisis then became a crisis in economics,” Dr. Subbarao said. The profession suffered a “hard landing” after enjoying a prolonged period of “impressive clout and popularity.”
The prolonged period of macroeconomic stability had lulled economists into complacency that they could “manage risk” with great accuracy and efficiency, said Dr. Subbarao. He said one of the “big defects lay in positioning economics as an exact science.” Dr. Subbarao said economists “designed sophisticated theories, based on sophisticated mathematics and impressive quantitative finesse, deluding themselves and the rest of the world that their models have more exactitude than they actually did.”
The Governor observed that many governments and even central banks adopted risk assessment models that “were flawed in many ways.” “They even failed to factor in low-probability high-risk factors into their models.” Dr. Subbarao urged economists to “stop pretending that they are dealing with an exact science.”
Although there are similarities between the disciplines of physics and economics, there are also substantial differences between the two fields, he said. While physics is governed by immutable laws that are beyond the pale of human behaviour, economics is a social science whose laws are influenced by human behaviour.” “For good economic policy you need good economics, but you need good judgment because no economic theory can capture the capriciousness of the real world,” he said.
Dr. Subbarao said the central bank faced “dilemmas” in assessing when, how and by how much to tighten monetary policy when faced by the threat of inflation. “Even today we are not sure that the global economy is on the road to recovery, and some people are even talking about the possibility of a double-dip recession,” he said. He pointed out that monetary policy was not very effective in tackling inflation that is caused by supply-side factors.
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Source :
Punjab Mail Online
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News Date :
August 28,
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