Economy News - Page 10

Govt committee to look into pensions of ex-servicemen

The government has formed a committee under the Cabinet Secretary to look into pay-related issues of the armed forces and the long-pending demand of 'One Rank-One Pension' of the ex-servicemen.

RBI asks banks to follow guidelines for MSME credit

RBI has asked banks and financial institutions to follow the "guidelines in letter and spirit" for providing credit to the MSME sector.

One in every 3 Indians leave jobs in 2 years

Commitment levels among employees in India have declined sharply in comparison to the global average, as about 33 percent of them plan to leave their jobs in less than two years, says a survey.

Bengal urges financial institutions to set up offices in Kolkata

The Urban Development Ministry and the West Bengal government today urged leading financial institutions to set up their offices in the newly planned International Financial Hub in New Town, Kolkata.

Factory output in May likely to have risen to 1.8%: Survey

A poll of economists predicts that India's industrial output picked up to 1.8 percent from 0.1 percent in April signalling that the overall demand environment is still weak.

How Indo-Bangla border led to fall in pineapple cultivation in Tripura

The erection of barbed wire fencing in Tripura along the 865-km-long border with Bangladesh has enhanced security, but has led to the decline of age-old pineapple cultivation in the state.

India firms raised $3.37 bn from overseas markets in May

<br /><br /> Man Industries and Surana Power raised $55 million each for redemption of FCCBs and import of capital goods.

Crude below $100 as stimulus fails to allay investor concerns

Brent had slipped 79 cents to $99.91 per barrel by 11:15 this morning, while U.S. crude shed 89 cents to $86.33 a barrel, though both remained on track for a second straight week of gains.

Rupee weakens to 55.4, ECB fails to lift investor spirit

The Indian rupee was lower in opening trade on Friday, in line with the weak euro.

Gopalan doesn't give time frame on retail FDI

Economic Affairs Secretary R Gopalan has said that the Government will take a decision on FDI when it feels that the time is right and did not commit to any timeline.

Exploration of 54 allocated mines to begin in two months

The detailed exploration of 54 coal mines to be allocated will begin in the next two months. A maximum of 16 have been earmarked for the power sector, 12 for the steel sector have been earmarked.

Foreign client complaints rise at Swiss banks: Ombudsman

Swiss banks recorded an increase in the number of complaints from their foreign customers in 2011, although the number of their total customer complaints declined, Switzerland's banking ombudsman said today.

States to raise Rs 40,000 cr from market this quarter: RBI

RBI has said that the state governments will be raising Rs 36,000-40,000 crore from market for the July-September quarter

Our stand is very clear, we are opposing FDI in retail: Kerala CM

Congress-led Kerala government is opposed to foreign investment in multi-brand retail saying that it will hurt small traders.

German-Swiss taxation treaty good guide for black money: HSBC India head

HSBC India Head Naina Lal Kidwai has said India can look at Germany-Switzerland type taxation treaty whereby taxes on secret Swiss bank accounts are shared without disclosing the identity of the offender.

New Silk Route likely to raise new money next year

"We definitely will look into doing a second fund. Probably some time next year, we will raise a fund," NSR partner Darius Pandole told PTI in Mumbai

India's forex reserves down to $288 bn

India's foreign exchange reserves fell by $0.76 billion to $288.62 billion as the RBI is believed to have been selling dollars during the week to curb the slide in the rupee's value.

Commerce ministry to investigate core sector data goof up

Commerce and Industry Ministry said that it will to find out the reasons behind the goof up in the eight core sector growth data for May, which was revised within hours of the release.

RBI launches e-payment for NREGA workers in Orissa

RBI announced that payments from the MGNREGA scheme will be made electronically to the beneficiaries and the first state for implementation is Orissa.

PMO wants to fast-track environmental clearances for CIL

To address the acute fuel shortages, the government plans to approach the Environment Ministry asking to do away with the mandatory public hearing for according clearances needed for Coal India

India's gold imports may rise on steady prices

Experts say that India's gold imports are likely to rise in the next six months if local prices steady around 30,000 rupees for 10 grams.

RBI promotes electronic payments for 'less-cash' economy

In a move to switch to a 'less-cash' economy, the RBI proposed to proactively promote electronic transactions and make them safe, efficient, interoperable.

RBI asks urban co-operative banks to stop pre-payment penalty

RBI in its monetary policy for 2012-13 had proposed that banks should not be permitted to levy such charges. <br /><br />

Equity and foreign investment needed to raise exports: SBI Chairman

SBI Chairman Pratip Choudhary said that there is a need to enhance equity and foreign investment in the country, besides taking measures for raising exports.

After disappointing measures, RBI resorts to selling dollars

RBI may sell dollars via state-run banks starting at around 56.90 rupees to prevent a further slide in rupee after measures announced to boost the economy could not do much.

Germany, 9 other EU nations to go ahead with mkt transaction tax

The finance ministers of the 27-nation EU, who met in Luxembourg on Friday, came to the conclusion that an agreement to impose the tax across the bloc will not be possible in the foreseeable future

RBI is allowing rupee to weaken gradually: HSBC

Banking major HSBC said it sticks to its dollar-rupee end-year target at 57 but warned of rising risk cross may overshoot in the near-term. It also said that a weaker rupee will help address the wide current account deficit.

'One-size-fits-all remedy will not work for global economy'

Industry body ASSOCHAM said that the G20 leaders must take into account problems for different economies before coming up with a blanket solution.