Business Fwire News - Page 23

Tamil Nadu windmill makers accused of faulty pricing

The Tamil Nadu Spinning Mills Association approached the Competition Commission of India if the windmill makers failed to provide the capital expenditure break-up of a project. Users say that Chinese equipment will be cheaper by 20 percent.

Brent at $98 as OPEC maintains output target

Brent futures rose towards $98 on Friday, after OPEC agreed to keep its output target unchanged for the second half of the year. Oil is also drawing support from news that major central banks stand ready to take steps to stabilize financial markets.

Rupee gains on positive global cues

The rupee rose on Friday by 14 paise to the dollar helped by positive global cues helping the BSE Sensex to also recover by 124.20 points.

Central banks brace for Greek elections, ensure liquidity

Central banks of most economies are bracing themselves for the eventful weekend with the Greek elections and polls in Egypt and France. Banks will ensure there is enough liquidity.

India exempts rupee payment for Iran oil from hefty tax: sources

India and Iran in January agreed to settle 45 percent of oil trade in rupees.

SC reserves verdict on Sahara group plea

The apex court bench of Justice KS Radhakrishnan and Justice JS Khehar reserved the order.

West Bengal asks Centre to restore STP benefits for IT cos

Although Infosys was given 50 acre at Rajarhat for setting up its first development centre in West Bengal, the firm was insisting on getting SEZ status, which the state was not keen to consider due to political reasons.

Rupee spike to hurt European carmakers: Mercedes

Luxury car maker Mercedes Benz said that the rupee depreciation and increased import duties will hurt the profitability of the<br /><br /> company forcing it to rise the prices of its cars

Barclays ropes in HSBC's Vivek Gupta as trade finance head

Banking major Barclays appointed Vivek Gupta as the country head of trade finance. Gupta comes from HSBC he was heading the business development team working out of Singapore.

Aditya Birla to buy stake in Colombian mines for $1bn

Aditya Birla Group might acquire significant stake in coal miner Drummond Company to buy a "significant stake" in its coal mines in Colombia for $1 billion. It wants to strengthen its coal business with this.

Walmart tightens anti-corruption practices in India

Walmart said it is tightening anti-corruption practices in India, amidst reports of US lawmakers asking the retail giant to review its operations in the country along with those in four other nations.

ITDC looking to open smaller hotels in North East: Vaghela

At present ITDC has two properties in the North East -- one each in Guwahati and Itanagar.

European stocks inch up ahead of Greek election

European stocks were up as the euro was flat on Wednesday following Spain's rising borrowing costs. Riskier assets fluctuated as optimism and disappointment gripped financial markets.

Brent slips below $97 ahead of OPEC meeting

Even as investors are watching the OPEC's output policy and waiting for the Greek elections on 17 June, Brent crude fell below $97 which was its fifth straight day in its biggest losing streak in a year.

JSW gains, company's steel production up 25%

JSW Steel's production in May this year grew by 25 percent compared to last year. For the current fiscal, company has<br /><br /> kept a target of producing 8.75 MT of crude steel.

Essar sets up power plant in Gujarat to reduce its power cost

Essar Steel has commissioned a heat recovery power plant at Hazira in Gujarat of 19 MW which is likely to reduce the power cost of the company.

Oneworld reluctant to give timeline on Kingfisher membership

Global airline alliance Oneworld has not set any time line for the entry of India's troubled Kingfisher Airlines into its fold after putting on hold its membership earlier this year.

Rupee gains ahead of Spain bail out

The rupee gained following the Asian stocks gain in the light of eurozone agreeing to bail out Spanish banks.

Marks & Spencer to offer in-store banking service

The store plans to open 50 such branches in the next two years across the UK and expects to create 500 new jobs by end of 2013, it said in a statement.

India's commodity exchanges grow 4% despite fall in bullion trade

The turnover of the commodities exchange marginally by around 4 per cent to Rs 26.90 lakh crore in the first two months of the current fiscal generated largely due to farm commodities and metals and energy items like crude oil.

Goldman CEO says Gupta not authorised to divulge board discussions

Goldman CEO said Gupta was not authorised to disclose information either of the board's audit committee in March 2007 or other meetings where the firm discussed quarterly results before it was made public.

Diesel tax may create uncertainty on investments in India

Ford India today said the government's proposal to impose additional tax on diesel vehicles will create an uncertainty on future investments in the country.

RIL finalising plans to roll out pan-India internet services

Mukesh Ambani did not give a launch date of its much-anticipated service but said that he is currently finalising plans to offer services on a nation-wide basis and will be happy to report our progress in the coming years.

GE to invest Rs 300 cr in R&D, tech centre in Bangalore

It would include research and engineering in cancer treatment, radiochemistry and other technology applications in healthcare, locomotive engines, heavy earth moving equipment and equipment for the energy sector.