Business

Singapore, September 09:Oil prices hovered near USD 71 a barrel today in Asia after a weakening US dollar sent crude soaring overnight.

Benchmark crude for October delivery was up 2 cents at USD 71.12 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

Yesterday, the contract gained USD 3.08 to settle at USD 71.10 as the dollar fell to a low for the year against the euro and gold prices surpassed USD 1,000 an ounce for the first time since February.

Mumbai, September 09: The Indian rupee today fell by 8 paise to 48.55 against the US currency in early trade breaking its five-day gaining streak on expectations of fresh capital outflows as the stock markets may open lower in line with other weak Asian markets.

The demand for the dollar from importers also put some pressure on the Indian rupee.

At the Interbank Foreign Exchange (Forex) market, the domestic unit slipped from a two-week high to trade 8 paise down at 48.55 a dollar. Yesterday, the rupee had ended 18 paise higher at 48.47/48 against the US currency.

Mumbai, September 09: A key index of the Indian equities markets crawled up into the green Wednesday after opening weak. It was ruling a marginal 27 points in the positive terrain about 10 minutes into trade.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower at 16,111.09 points, rose to 16,150.83 points, 27.16 points or 0.17 percent higher than its previous close, about 10 minutes into trade.

It had closed Tuesday at 16,123.67 points.

Madrid, September 09: Industrial production in Spain fell 17.4 percent in July compared with the same month in 2008, the National Statistics Institute has said.

The 12-month decline in July – the 15th straight month of falling industrial output – was worse than the 16 percent drop registered in June.

Production of capital goods plunged 26.7 percent in July from 12 months earlier, while output of intermediate goods was down 20.8 percent and that of consumer products, 10.7 percent.

Output of consumer durables dropped 31.7 percent from the levels of July 2008, the institute said.

Washington, September 09: The global economic crisis has encouraged a rash of government reforms that should make it easier to start, run and close businesses around the world, according to a World Bank report released Tuesday night.

The annual “Doing Business” survey recorded more regulatory business reforms in more countries than any time since the report began in 2004. In total, 287 reforms were adopted in 131 countries from June 2008 to May 2009.

Hong Kong, Sep 9 (DPA) A bank Wednesday marked its 150th anniversary in Hong Kong by launching what it claimed to be the world’s first 150-dollar bank notes.

Standard Chartered Plc, one of three note-issuing banks in the wealthy city of seven million, has printed 1 million of the 150-Hong-Kong-dollar notes, worth $19.35 each.

It invited people to apply for the new notes from Wednesday, offering them as collectors items with prices of 280 Hong Kong dollars each and up.

New Delhi, September 09: Air India has come to the rescue of the Indian cricket team scheduled to go to Colombo tomorrow for the tri-nation one-day series which began there today.

They were supposed to fly by the Jet Airways whose services have been hit by the ongoing strike by its pilots, an Air India spokesman said.

Mumbai, September 09: Bharat Petroleum Corporation (BPCL) today said Kingfisher Airlines owes it Rs 314 crore in dues for purchase of jet fuel and said it would take legal action against the private carrier over non-payment of the said amount.

The PSU refiner, which recently dragged the Vijay Mallya-led airline to the Bombay High Court, said it has stopped supplies of aviation turbine fuel (ATF) since February this year.

“We stopped supplies to Kingfisher in February. They currently owe us Rs 314 crore,” BPCL Chairman and Managing Director Ashok Sinha told reporters here.

New York, September 09: Major Wall Street indices gained Tuesday as price increases for oil and metals including gold fuelled a rally in commodity and energy shares.

The dollar hit a 2009 low against the euro, helping the commodity price hikes. The US currency dropped to 69.03 euro cents and 92.31 Japanese yen.

The price of crude oil climbed 4.5 percent to $71.1 per barrel, and gold futures climbed above $1,000 per ounce. Copper jumped more than three percent.

Shares of Alcoa, Chevron and Exxon Mobil climbed more than two percent.

Washington, September 09: Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.

Economists expect consumers will continue to spend less, save more and trim debt to get household finances decimated by the recession into better shape. However, such action is a recipe for a lethargic revival, as consumer spending accounts for 70 percent of economic activity.

New York, September 08: A gauge of the strength of the U.S. job market fell slightly in August and pointed to a flat employment market for the rest of the year, a research group said on Tuesday.

The Conference Board, a private research group, said its Employment Trends Index inched lower to 88.1 in August from a revised 88.2 in July, originally reported at 88.3.

The index is now down 18.5 percent from a year ago, the Conference Board added.

Mumbai, September 07: TATA communication has developed itself and had done a lot for its users too but this time Tata is providing a new offer with their broadband services which is named as More4Sure offer.

According to this offer user would be hanged with the loads of a lots of additional benefits on the advance payment of the broadband connection.

If the user is interested to take the benefits of the company then he has to pay his Tata Indicom Broadband bill in advance.

London, September 08: Fast bowler Graham Onions has replaced injured Andrew Flintoff in the England squad for the ICC Champions Trophy to be held in South Africa from September 22 to October 5.

The England and Wales Cricket Board yesterday said the ICC has conveyed to it that the Champions Trophy event technical committee has approved 26-year-old Onions as Flintoff’s replacement.

Flintoff, who retired from Test cricket after England’s recent Ashes success, was initially named in England’s 15-member Champions Trophy squad but was later ruled out due to a knee injury.

Tokyo, September 08: Asian shares touched their highest level in a year on Tuesday, while gold futures hit USD 1,000 an ounce for the first time in six months on investor concerns about the sustainability of the global economic recovery.

With no direction from US markets due to Monday’s Labour Day holiday, it was a mixed start for Asian markets, with Australian shares climbing as a flurry of deals lifted hopes for a pick-up in merger activity, while Shanghai stocks were dampened by profit-taking.

Mumbai, September 08: IT firm Mahindra Satyam, on Tuesday said its board has approved the allotment of 1,02,566 equity shares under the company’s stock option plans.

The board of directors of the company has allotted 1,02,566 equity shares under stock option plans, Mahindra Satyam (earlier known as Satyam Computer Services) said in a filing to the Bombay Stock Exchange.

Earlier on July 13, the company’s board had allotted 45,222 equity shares under stock option plans of the company.

–Agencies

New Delhi, September 08: The government may complete its record Rs 4.51 trillion borrowing plan for FY10 by the end of February, a Finance Ministry official said on Tuesday.

The government may reduce the size of its weekly auctions to an initial Rs 100 billion in the second half of the current fiscal year ending March 2010, the official, who did not wish to named, told reporters.

The government’s cash position is satisfactory now and there is no need to issue cash management bills in the near future, the official said.

New Delhi, September 08: India has again emerged as the most bullish country in terms of hiring plans, with 25 per cent of the employers intending to recruit people in the next three months.

Wholesale and retail trade along with finance, insurance and real estate sectors are among the most optimistic when it comes to hiring intentions.

Global staffing services firm Manpower has said India has a net employment outlook — a measure of recruiting plans — of 25 per cent for the fourth quarter of 2009, the highest among 35 countries surveyed.

New Delhi, September 08: Imports of milk and milk products saw a huge jump of 316.2 per cent and that of refined edible oil 168.2 per cent in April-June, pushing the inbound shipment of sensitive items up by over 40 per cent during the period.

Edible oil, milk and milk products fall in the sensitive items category and their imports are monitored by the government to ensure they are not causing any adverse impact on domestic firms, particularly small and medium.

Vienna, September 08: The oil market is “very stable and healthy” and the current is price “good for everybody,” Saudi Oil Minister Ali al-Naimi said on arriving in Vienna on Tuesday ahead of a meeting of the OPEC crude cartel.

“The market is in very good shape, very well-supplied,” Naimi told reporters. “The price is good for everybody, consumer (and) producer,” hovering recently between 68 and 73 dollars per barrel, he added.

Paris, September 08: Failed Slovakian low-cost carrier SkyEurope could be just the first casualty among the smaller airlines finding it difficult to survive one of the worst slumps on record, analysts said.

“End of summer, early autumn, is a likely time for airlines to shut down. There are going to be more,” said Nick Cunningham of Evolution Securities.

“This winter is going to be very hard with very weak traffic and even weaker yields,” Cunningham said.

“If you think an airline is not going to be viable, then you shut it down. There is no point” in continuing to run it, he added.

Singapore, September 08: Oil extended its rise in Asian trade on Tuesday, lifted in part by improved investor
sentiment about the global economy’s recovery prospects, analysts said.

Comments by oil kingpin Saudi Arabia that the market was “very stable and healthy” were also seen providing support to prices, they said.

New York’s main contract, light sweet crude for October delivery firmed 20 cents to USD 68.22 a barrel.

Brent North Sea crude for October delivery put on 37 cents to USD 66.90.

Mumbai, September 08: A case has been registered by the city police against company India Info Line Limited for allegedly cheating another company Ensemble Infrastructure Limited to a tune of Rs four crore.

An FIR has been lodged against India Info Line, including its Chairman Nirmal Jain and Director Mukesh Kumar Singh, under various sections of the Indian Penal Code for criminal breach of trust, cheating and fraud following an order from the Dadar metropolitan magistrate on September 2, police said.

New Delhi, September 08: Luxury car maker, Honda Siel Cars India today said it is set to start the export of engine components to Japan from October. The company, which is a joint venture between the Japanese auto giant Honda and the Siel Group, will be exporting 54,000 sets of crank-shafts and connecting rods from its plant at Tapukara in Rajasthan to the Honda Motor company in Japan over the next six months.

Mumbai, September 08: The wide-based National Stock index Nifty crossed 4,800-points level for the first time in almost 15 months, while the BSE benchmark Sensex surged by over 122 points in opening trade on Tuesday on increased inflow of foreign funds driven by firming trends in other Asian markets.

The broader-based National Stock Exchange index, Nifty, rose by 38.40 points to 4,821.30 points- a level last seen on 2nd June 2008.

Mumbai, September 08: The BSE Sensex rose 0.7 percent in early Tuesday trade, tracking gains elsewhere in Asia, to a level double its 2009 lows seen in early March.

At 9:55 a.m. (0425 GMT), the 30-share BSE index was up 0.73 percent at 16,133.86 points, with 28 stocks gaining.

It rose over 100 percent from its 2009 lows of 8,047.17 seen on March 6.

The 50-share NSE index was up 0.7.x percent at 4,815.70.

—Agencies