Srinagar, July 02: De-weeding operation in Dal and Nigeen lakes is progressing as planned and 7,000 channels have been cleared so far, a government spokesman said.
Against the target of removing weed from over 2.25 lakh square meters of the Dal lake this fiscal, a marginal 1.2 square meters have been cleared so far in the initial days.
The project is undertaken as part of measures to develop and restore the originality of these world famous water bodies.
New Delhi, July 02: The Air India management Thursday backtracked on its commitment to the employees’ union to pay staff salaries by July 3, pushing employees to threaten again that they would go on strike from Friday.
Yielding to pressure from its employees, the cash-strapped national carrier had June 29 said it would pay the June salaries July 3, instead of July 15 as had been decided earlier.
Undeterred by the strike threat, Air India has said it would deal with the situation. ‘We are working it out. We cannot be held at ransom,’ a spokesperson told IANS.
New Delhi, July 02: Gold prices gained to recover part of its previous losses in the bullion market today on emergence of stockists buying influenced by a firming global trend and jewellers buying.
The precious metal gained Rs 50 at Rs 14,730 per ten gram and silver by Rs 50 to Rs 22,000per kg after reports the bullion prices in overseas markets as weaker dollar spur demand. In previous day’s trading, the gold had lost Rs 120 per ten gram and silver by Rs 700 per kg.
Kolkata, July 02: State-owned Power Finance Corp Ltd (PFC) may cut its lending rate by 25 basis points to 11.5 percent keeping in view the fall of interest rates, a company official said here Thursday.
“We may reduce our rates and align it with present market levels,” said M.K. Goel, director PFC (institution development and administration). He was speaking on the sidelines of an energy conference organised by an industry body.
At present, the lending rate of PFC is 11.75 percent. However, Goel did not divulge when this rate cut is likely to happen.
Lucknow, July 02:Samsung Electronic Company Ltd, one of the leading mobile phone providers, today launched its first outdoor mobile phone ‘Samsung Marine B 2100’, priced at Rupees 7.030.
Speaking at the launch of the new mobile phone, Sunil Dutt, company Country Head told reporters that the company is seeking to create a new segment in the country’s mobile phone market with this launch.
The ‘Samsung Marine B2100’ mobile phone being the water-proof, shock-proof, dust-proof and bump-proof will be the perfect outdoor mobile experience for the consumers, claimed Mr Dutt.
New Delhi, July 02: India’s second largest two-wheeler maker Bajaj Auto Thursday said its sales dipped 5 percent last month to 168,471 units, comparing to 177,112 units sold in June 2008.
However, the company’s three-wheeler sales rose 26 percent to 24,731 units last month from 19,629 units in the like period last year.
“Domestic commercial vehicle sales have begun to grow on the back of marketing initiatives focused on the in-city segment,” a company statement said.
Mumbai, July 02: The BSE Sensex ended down 0.16 percent in volatile trade on Thursday as investors awaited the government’s budget next week.
The 30-share BSE Index provisionally closed down 22.95 points at 14,622.52 points.
The 50-share NSE index provisionally dropped 0.03 percent to 4,339.40.
—Agencies
Kolkata, July 02: With ‘Didi’ Mamata Banerjee in charge of the Railways ministry again, business leaders and commoners in West Bengal are expecting a series of sops for the state when she presents her budget in parliament Friday.
Trinamool Congress chief Banerjee, who has returned as Railways minister after eight years, has left very few in doubt that West Bengal will be a focal area in her budget proposals.
Geneva, July 02: The World Trade Organisation warned of rising protectionism amid the economic crisis as it sharply cut its forecast for trade volumes of developed and developing economies this year.
Making its latest assessment of the global economic situation, the WTO also observed that the sharp contraction of the global economy registered in the first quarter this year “appears to be slowing down.”
Washington, July 02: The International Monetary Fund (IMF) said Wednesday it will issue bonds for the first time in its 60-year history in an effort to win contributions from emerging economies like China, Brazil and Russia.
The new money-making scheme comes as the IMF has dramatically boosted its role as an emergency lender during the global financial crisis, which has tipped the world into its first recession since World War II.
Washington, July 02: The World Bank Wednesday said it spent a record $58.8 billion on loans, grants, guarantees and social projects over the last year to help poor countries steer through a dramatic global recession.
The development bank said its budget jumped 54 percent between July 2008 and June 30 from a year earlier and is now at the highest level in its 60-year history.
The money keeps developing countries from cutting back on social programmes, and World Bank President Robert Zoellick said he expected the demand to remain high as the economic crisis continues through 2010.
New York, July 02: US stocks climbed higher Wednesday on slightly rosier prospects for manufacturing and housing, a day after investors celebrated the best quarter on Wall Street since 2003.
The stock market was buoyed by figures showing the manufacturing sector shrank at its slowest pace in 10 months, the latest sign that the US economy is stabilizing.
The Institute for Supply Management’s index climbed in June to 44.8. Any figure below 50 indicates a contraction.
Washington, July 02: The World Bank Wednesday said it spent a record $58.8 billion on loans, grants, guarantees and social projects over the last year to help poor countries steer through a dramatic global recession.
The development bank said its budget jumped 54 percent between July 2008 and June 30 from a year earlier and is now at the highest level in its 60-year history.
The money keeps developing countries from cutting back on social programmes, and World Bank President Robert Zoellick said he expected the demand to remain high as the economic crisis continues through 2010.
New York, July 02: US stocks climbed higher Wednesday on slightly rosier prospects for manufacturing and housing, a day after investors celebrated the best quarter on Wall Street since 2003.
The stock market was buoyed by figures showing the manufacturing sector shrank at its slowest pace in 10 months, the latest sign that the US economy is stabilizing.
The Institute for Supply Management’s index climbed in June to 44.8. Any figure below 50 indicates a contraction.
New Delhi, July 01: Lashing out on China for blocking ADB loan worth USD 2.9 bn to India, Minister of State for External Affairs Shashi Tharoor termed the China’s move as outrageous.
India reacted sharply on China’s move to block a loan worth USD 2.9 bn to India as a part of it was for an Arunachal Pradesh project.
In an interview to private news channel, Tharoor said, “We value our ties with China but blocking the loan at Asian Development Bank (ADB) was outrageous.”
New Delhi, July 01: Telecom tribunal TDSAT today granted six weeks more to the Department of Telecom to implement recommendations of the committee appointed by it on allocation and pricing of 2G spectrum.
Admitting a prayer of the DoT, the Telecom Disputes Settlement and Appellate Tribunal bench headed by Justice Arun Kumar, granted six weeks more time to implement the report of the spectrum review committee.
In its application filed before the tribunal, the DoT submitted that although the report was submitted to it on May 13, some procedural works are yet to be done.
Chennai, July 01: Automobile manufacturer Mahindra and Mahindra (M&M) Wednesday said its tractor sales jumped 52 percent last month to 18,243 units from 12,008 units sold in the like period last year.
The company’s domestic sales went up from 11,054 tractors in June 2008 to 17,811 last month, while exports fell from 954 units to 432, it said in a statement.
New Delhi, July 01: The United Progressive Alliance Government raised fuel prices on Wednesday with Petroleum Minister Murli Deora taking the decision after meeting Prime Minister Manmohan Singh in New Delhi.
Petrol price was hiked by Rs 4 a litre while diesel got costlier by Rs 2 per litre. The prices will come into effect at 12 hrs IST on Thursday.
“The prices of kerosene and cooking gas are not being changed,” Deora said, adding the government will continue to incur a subsidy of Rs 15.26 per litre and Rs 92.96 per cylinder on these two fuels, respectively.
Mumbai, July 01: SBI Life Insurance, today launched a new unit linked insurance plan–SBI Life Maha Anand for middle and low-income segments.
The product would be available at a premium starting from Rs 500 per month, the company said in a statement here.
“Available at a low premium entry level, Maha Anand offers an opportunity to large sections of society to participate in the entry markets and benefit by systematically investing over a long-term horizon,” SBI Life Managing Director and CEO, U S Roy, said.
Hyderabad, July 01: In a significant development, Mahindra Satyam today announced a series of organizational changes and initiatives aimed at sustaining the recovery and positioning of the company for long term growth.
Key aspects of the new Organization Design include integrating sales and delivery into a two-in-a-box collaborative model, strengthening industry verticals, regional focus, competency groups, aligning business consulting capabilities and rationalizing support functions into logical groups, a company release said.
New Delhi, July 01: In the wake of a meeting on Wednesday between the Prime Minister and Petroleum Minister Murli Deora, the govt decided to hike petrol and diesel prices by Rs 4 and Rs 2 respectively.
However, the LPG and kerosene prices were left untouched.
Petroleum Minister Murli Deora told reporters at a hurriedly convened press conference here that the new prices take effect from the midnight of Wednesday.
Mumbai, July 01: Real estate body, CREDAI, focused strongly on slum eradication, slum prevention and providing affordable housing, during its meeting with President Pratibha Patil here.
“During our meeting, CREDAI presented a paper to the President, giving its ideas on the three key issues,” Confederation of Real Estate Developers Association of India’s Vice-President, Dharmesh Jain, told PTI here today.
Chennai, July 01: TVS Motor Co has seen its June sales of two-wheelers increasing six percent over that registered in the corresponding month last year, the company said Wednesday.
In a statement, TVS said last month’s two-wheeler sales totalled 115,448 units as against 109,082 units sold in June 2008.
However, this was lower than its May sales, when it sold 118,574 units.
During the period under review, domestic sales totalled 105,361 units showing a 12 percent increase over sales logged in June 2008.
New Delhi, July 01: Extending its losing streak for the fourth straight session, gold prices today fell by Rs 120 at Rs 14,680 per 10 gram in the bullion market here on aggressive selling by stockists, triggered by a weakening trend in the US market.
Meanwhile, silver also declined by Rs 700 to Rs 22,050 per kg.
Marketmen said trading sentiment turned bearish as gold prices in the US market, which normally sets price trend here, fell to 922.10 dollar an ounce last evening as dollar rebound, reducing demand for the precious metal as an alternate investment
New Delhi, July 01: Prime Minister Manmohan Singh has asked cash-crunch Air India to improve its business plan and submit a new strategy within 30 days in this regard.
The Prime Minister has also asked the officials to close offices in the countries it doesn’t fly to save the expenses that is being spent uselessly.
He also asked country’s leading civil aviation company to review all technical and commercial agreements and put a check on the financial plan which has been ignored by the consultants.
–Agencies