New York, August 03: Top US administration officials said that economic growth is highly likely to resume in the second half of the year, but warned of “hard choices” to contain rising deficits once recovery is assured.
Treasury Secretary Timothy Geithner would not rule out higher taxes in the future, telling ABC television, “We’re going to have to do what is necessary.”
New Delhi, August 03: Even as private airlines called off their planned August 18 strike on Sunday night, the government stood firm and ruled out any financial bailout for the aviation sector.
Talking to reporters, Civil Aviation Minister Praful Patel said, “There is no question of a financial bailout of private airlines.” Reasoning the decision, Patel said that “we are not even bailing out Air India which is owned by the government”.
New Delhi, August 03: Facing the threat of stern government action, private airlines which carry about one lakh domestic passengers each day tonight called of their strike on August 18 giving relief to air travellers after two more carriers pulled out of the planned unprecedented stoppage.
The Federation of Indian Airlines(FIA) which gave the strike call last Friday announced the decision in view of the “agitating public sentiments” and the potential inconvenience to thousands of passengers and the government’s “willingness” to enter into a dialogue.
London, August 03: An NRI businessman, who allegedly masterminded £80-million fraud investment operation, has been arrested for duping around 600 people, including celebrities like former England cricketer Darren Gough, actress Francis de la Tour and singer Jerome Flynn.
Chelsea-based Indian entrepreneur Nandan Pruthi and his business partners Kenneth Peacock and John Anderson were arrested after a series of raids by London police, the Guardian reported Sunday.
New Delhi, August 02: Terming NTPC as an “innocent victim” of Mukesh Ambani-led RIL’s corporate greed, Anil Ambani today warned that the power PSU could lose up to Rs 30,000 crore if it did not get gas at the committed rate of USD 2.34 per mmbtu.
Offering every possible cooperation to NTPC, Anil sought a meeting with Power Minister Sushil Kumar Shinde to clarify that his group company RNRL was not at all attempting to scuttle the PSU’s chance of getting 12 mmscmd gas, contrary to “speculative media reports and misinformation campaign by vested interests”.
New Delhi, August 02: The face of telecom India, Sunil Mittal, who was once keen on joining politics but left his ambition behind to create the largest private teleco, feels it is time for greater business-politics ties on the lines of Nandan Nilekani heading a prestigious government programme.
“I think the country is moving towards the next generation of leadership and this formation will really determine whether business people or professionals have a role in politics,” Mittal, who led Bharti Airtel to become Asia’s leading mobile operator, told a private channel in an interview.
New Delh, August 02: The government is believed to have decided to amend its petition in the Supreme Court on the Ambani brothers’ gas dispute and is expected to move the apex court with the changes sometime next week.
The amendments in the petition filed by the Petroleum Ministry last month pertain to the part of the MoU that deals with gas supply and will seek to delink Production Sharing Contract between the government and Mukesh Ambani-led RIL from the Ambani family settlement.
New Delhi, August 02: A day after private airlines threatened to go on a day’s strike on August 18, the Centre has decided to act tough.
The Directorate-General of Civil Aviation (DGCA), the regulatory body of airlines in the country, on Saturday asked private airlines to formally inform it of the reasons behind their decision.
Johannesburg, August 02: A $250 billion financial package to revive a global trading system crippled by the credit crisis is starting to bear fruit, especially in Asia, the head of the World Trade Organisation (WTO) said on Saturday.
“Oil is (returning) to the various mechanisms of world trade,” WTO Director-General Pascal Lamy said in South Africa.
“My sense — but it’s a qualitative feeling at this stage — is that notably in regions like Asia, because countries like China stepped in very vigorously, things are picking up,” he said.
New Delhi, August 02: Government on Saturday virtually ruled out any bail-out for the bleeding private airlines and warned them of “appropriate action” if flight schedules were disrupted. The pressure seems to be working with budget carrier IndiGo backing out of the strike and others saying they would reconsider their protest decision if their difficulties are addressed.
“The government understands the difficulties being faced by aviation sector. However, the government does not support any move that will inconvenience the traveling public of the country,” Patel said in a statement.
New Delhi, August 01: Civil Aviation Minister Praful Patel Saturday asked private airlines withdraw their proposal to suspend operations Aug 18 and asked them come to the table for discussions rather than inconvenience passengers.
‘The government understands the difficulties being faced by aviation sector. However, the government does not support any move that will inconvenience the travelling public of the country,’ Patel said in a statement.
New Delhi, August 01: Realty major Unitech Ltd’s first quarter profit fell 63 percent from Rs 4.23 billion to Rs 1.58 billion due to the sluggish demand for housing.
Net income fell to Rs 1.58 billion (USD 33 million) for the quarter ended June 30, from Rs 4.23 billion, the developer said in a statement.
Sales halved to Rs 5.15 billion during the quarter, from Rs 10.3 billion a year earlier.
Unitech raised Rs 54 billion from sale of shares and other properties in the quarter ended June 30 to pay debt and smooth financing of pending projects.
Washington, August 01: The American economy may be heading out of the woods with new government numbers showing signs of easing recession laying the groundwork for growth in the months ahead. But the job market still remains weak with working people haunted by fear of layoffs.
A Commerce Department report on gross domestic product (GDP) Friday shows America’s steep economic downturn eased in the spring, with economic output shrinking at a 1 percent annual rate in the April-through-June period.
New Delhi, August 01: Maruti had sold 58,543 vehicles in the same month last year.
The country’s largest car maker, Maruti Suzuki India Ltd, reported a 33.36 per cent jump in sales at 78,074 units in July.
It had sold 58,543 vehicles in the same month last year. Sales in the domestic market grew by 27.63 per cent to 67,528 units in July from 52,911 units in the same month last year. Exports rose by 87.25 per cent to 10,546 units compared to 5,632 units in the year-ago period, Maruti Suzuki India (MSI) said in a statement.
New Delhi, August 01: Real estate firm Unitech on Friday reported a 63 per cent decline in consolidated net profit at Rs 157.77 crore for the first quarter ended June 30, 2009.
In the year-ago period, the firm had a consolidated net profit of Rs 423.31 crore, Unitech said in a statement.
The country’s second-largest realty firm raked in a total income of Rs 548.22 crore in the latest quarter as compared to Rs 1,054.37 crore in the corresponding period a year ago.
New Delhi, August 01: Desperate for funds, major Indian private airlines have threatened to strike work if the government does not provide them a bailout in the form of measures like ATF tax cut etc.
In a press conference organised by Federation of Indian Aviation, the private owners like Jet Airway’s Naresh Goyal, Kingfisher’s Vijay Mallya expressed their disillusionment with the Government in not extending help to the grieving sector.
New Delhi, August 01: Desperate for funds, major Indian private airlines have threatened to strike work if the government does not provide them a bailout in the form of measures like ATF tax cut etc.
In a press conference organised by Federation of Indian Aviation, the private owners like Jet Airway’s Naresh Goyal, Kingfisher’s Vijay Mallya expressed their disillusionment with the Government in not extending help to the grieving sector.
Tokyo, August 01: Summer bonuses at Japan’s leading companies saw the largest year-on-year fall this fiscal with a record 17.15 percent decline from a year ago, according to Japan Business Federation.
The current drop is the sharpest on record for both summer and winter bonuses since 1959 when the nation’s most influential business lobby known as Nippon Keidanren began compiling relevant data.
As per Keidanren’s survey, the average summer bonus declined for the second straight year amid the global economic downturn.
Mumbai, August 01: Kingfisher Airlines owner Vijay Mallya, whose company will join the private airlines strike on August 18, claims the Government is taxing the business to “death”.
Mallya said the Federation of Indian Airlines (FIA), which comprises five of the country’s biggest private airlines, found running operations unsustainable because of losses and taxes.
Mumbai, July 31: Strong corporate earnings and encouraging cues from Asian markets prompted investors to come back to the buying table at Indian equities markets Friday as a key index closed 282 points up from its last closing figure.
The 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 15,449.47 points, shut shop at 15,670.31 points — 282.35 points or 1.83 percent higher than Thursday’s closing figure.
Friday’s close is the highest for the Sensex in 2009.
New Delhi, July 31: After witnessing a steep fall in the past two straight sessions, gold today regained some of its sheen to close higher by Rs 80 at Rs 14,950 per ten gram on emergence of buying by stockists and ornament makers ahead of the festival and marriage season amid firming trend overseas.
Silver too staged a comeback and recorded a hefty rise of Rs 400 to Rs 22,500 per kg.
Trading sentiment turned bullish after gold rose by 2.10 dollar to 936.50 dollar an ounce in London as dollar weakened against major currencies, boosting demand for the precious metal.
Bangalore, July 31: World’s leading car manufacturer Toyota on Friday launched the new variant of its luxury sedan ‘New Camry’ in India.
The company has aimed yearly sales of 500 units of New Camry.
The latest version of luxury sedan would be available in four variants. The New Camry is priced between Rs 21.26 lakh and Rs 23.40 lakh.
According to Toyota’s Indian unit, Toyota Kirloskar Motor, the sales of existing Camry (the earlier version) went down by more than 75 per cent in the April-June quarter, it sold 44 units as compared to 182 in the year-ago period.
—Agencies
Bangalore, July 31: With corporate establishments coming under terror radar, software giant Infosys here today became the first private setup to get the cover of the Central Industrial Security Force (CISF) which usually guards only government installations.
“This is the first time, since its creation in 1969, that the CISF will be providing security cover to a corporate organisation in India,” CISF IG R K Mishra said formally deploying the force personnel at Infosys facility at a function in Electronics city.
A total of 101 CISF personnel were inducted at the facility.
Washington, July 31: Trust in business is recovering significantly in some of the world’s largest markets with India and China most positive about business and the US rebounding from 10-year lows, according to a new survey.
The Edelman Trust Barometer found that at 75 percent, India recorded the highest level of trust in business of any of the six countries surveyed. China followed with 60 percent respondents saying they trust business to do what is right.
Mumbai, July 31: A key index of the Indian equities markets opened in the green Friday taking cues from its Asian peers and a good showing by the US markets Thursday. It was ruling 255 points up about five minutes into trade.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 15,449.47 points, as against Thursday’s close at 15,387.96 points, and then moved further up to 15,643.74 points, 255 points or 1.66 percent up.